The Manual of statistics : railroads, grain and produce, cotton, petroleum, mining dividends and production

Name: The Manual of statistics : railroads, grain and produce, cotton, petroleum, mining dividends and production
Author: Financial News Association (New York , Charles M. Goodsell , Henry E. Wallace

Financial News Association (New York , Charles M. Goodsell , Henry E. Wallace

The Manual of statistics : railroads, grain and produce, cotton, petroleum, mining dividends and production

Financial News Association (New York , Charles M. Goodsell , Henry E. Wallace · 1908 · Historical

Bell Telephone Co. of Pennsylvania. . 407. Bell Telephone Co. of Philadelphia ... 407 Bell Telephone Co. of Pennsylvania. . 407. Bell Telephone Co.

Overview

The Manual of statistics : railroads, grain and produce, cotton, petroleum, mining dividends and production is a 1908 historical mining reference by Financial News Association (New York , Charles M. Goodsell , Henry E. Wallace, preserved in the Mountain Man Mining research library.

This 1908 document, The Manual of statistics : railroads, grain and produce, cotton, petroleum, mining dividends and production, is preserved in the Mountain Man Mining Library for research and reference. Original source: archive.org.

at| : . com/

The Manual Of Statistics

Stock Exchange Hand-Book

Thirtieth Annual Issue

RAILROAD SECURITIES INDUSTRIAL SECURITIES GOVERNMENT SECURITIES STOCK EXCHANGE QUOTATIONS MINING GRAIN AND PROVISIONS COTTON MONEY BANK AND TRUST COMPANIES

Price Five Dollars

The Manual Of Statistics Company

Copyright, 1008, by

The Manual Of Statistics Company

New York

Index

Page

Abilene & Northern io8

Acker, MerraU & ConditCo 343

Acreage and Cereal Produaion 960

Adams Express Co 343

Addison Railroad 280

Adirondack Railroad 116

Adirondack Lakes Traction Co 139

Adventure Consolidated Copper. Co. . 344

Ahmeek Mining Co 344

Akron & Barberton Belt aS* 101

Alabama & Vicksburg: 25

Alabama Central 301

Alabama Consolidated Coal & Iron Co. 345

Alabama Great Southern a6, 46, 299

Alabama Midland 38

Alabama, New Orleans, Texas & Pacific Junction 25, 2x2

Alabama Steel & Shipbuilding Co. . . . 758

Alamagordo & Sacramento Mountain . 130

Alaska Central 27

Alaska Copper Co 345

Alaska Packers Association 346

Albany & Hudson Railroad Co 346

Albany & Northern 27

Albany & Susquehanna. 28, 116

Albany, N. Y., Banks & Trust Cos. . . ioiq

Albany Railway Co 812

Albemarle & Chesapeake Canal Co . . . 347

Alberta Railway & Coal Co 61

Albuquerque Eastern 290

Algoma Central & Hudson Bay 587

Allegheny & Western 54

Allegheny County Light Co 692

Allegheny, Pa., Banks & Trust Cos. . . 1019

Allegheny Terminal Co 54

Allegheny Valley 28, 248

Alliance Realty Co 348

AlUs-Chalmers Co: 348

Allouez Mining Co 349, 433

Altoona & Lo0in Valley Electric Ry. 375

Altoona, Pa., Banks & Trust Cos. 1020

Aluminum Co. of America 349

Amalgamated Copper Co 349, 416

Amalgamated Sugar Co 350

Page

American Agricultural Chemical Co. . . 351

American & British Mfg. Co 566

American Bank Note Co 782

American Beet Sugar Co 352

American Bell Telephone Co 383

American Bicycle Co 705

American Biscuit & Manufacturing Co. 637

American Book Co 352

American Brake Shoe & Foundry Co . 353

American Brass Co 353

American Bridge Co 805

American Can Co 353

American Caramel Co 354

American Car & Foundry Co 355

American Cement Co. . 355

American Cereal Co 714

American Chicle Co 356

American Cigar Co 357, 386

American Cities Railway & Light Co.

American Coal Co 358

American Cotton Oil Co 358

American District Telegraph Co 380

American DistrictTelegraph Co.of N.J. 360

American Dock & Improvement Co. . '70

American Ebtpress Co 361

American Felt Co 361

American Fire Engine Co 368

American Gas & Electric Co 361

American Gas Co ,

American Glue Co ' 363

American Graphophone Co 364

American Grass Twine Co 365

American Hide & Leather Co 365

American Ice Co 366

American Ice Securities Co 366

American Iron & Steel Mfg. Co. 367

American- La France Fire Engine Co. 368

American Light & Traction Co. . 368, 472, 491,

American Linseed Co 369

American Locomotive Co 370

American Malt Coiporation 371

American Malting Co 371

Index

Page

American Pig: Iron Storage War. Co. . 371

American Pipe Manufacturing Co. . . . 372

American Pneumatic Service Co 37a

American Press Association 373

American Radiator Co 374

American Railways Co 374

American Screw Co 376

American Sewer Pipe Co 376

American Sheet Steel Co 805

American Shipbuilding Co 377

American Smelters Securities Co 378, 538

American Smelting & Refining C0.378, 518, 569

American Snuff Co 379, 386

American Soda Fountain Co 380

American Spirits Manufacturing Co.. . 496

American Steamship Co 807

American Steel & wire Co 805

American Steel Foundries 380

American Steel Hoop Co 805

American Stogie Co 386

American Straw Board Co 783

American Sugar Refining Co 381

American Telegraph & Cable Co 383

American Telephone & Telegraph Co. 383, 405,

American Thread Co 384

American Tin Plate Co 805

American Tobacco Co 385, 357, 379, 544

American Type Founders Co 387

American Window Glass Co 388

American Window Glass Mach. Co. . 388

American Woolen Co 388

American Writing Paper Co 389

American Zinc, Lead & Smelting Co. . 390

Amoskeag Manufacturing Co 390

Amsterdam Street Railway Co 139

Anaconda Copper Mining Co 391, 349

Anacostia & Potomac Railway Co 824

Androscoggin Mills. 391

Ann Arbor Railroad 39, 125

Anthracite Coal Trade 948

Anthracite Shipments 946, 947

Arcadian Copper Co 393

Arizona & California 391

Arizona & Utah 31

Arkansas Valley & Western 383

Arkansas Western 170

Ariington Mills 39a

Armour & Co . 39a

Arnold Mining Co 39a

Aroostook & Northern 44

Aroostook County Railroad 44

Ash Bed Mining Co 393

Ashland Emery & Corundum Co 393

Ashley River Railroad 38

Asphalt Company of America 533

Associated Merchants' Co 393, 459

Atchison & Eastern Bridge Co 395

Atchison & Nebraska 84

Atchison, Colorado & Pacific 64

Atchison, Jewell County & Western. . 64

Atchison, Topeka & Santa Fe 30, 76, 8a,

108, 38a, 390, 396, 398, 317, 337

Atlanta & Birmingham Air Line . 39 c

Atlanta, Birmingham & Atlantic. 34

Page

Atlanta 8t Charlotte Air Line 301

Atlanta & West Point 33, 144

Atlanta Cons. Street Railway Co 538

Atlanta Gas Light Co 395, 528

Atlanta, Ga., Banks & Trust Cos loao

Atlanta, Knoxville & Northern z86

Atlanta Northern Railway Co . . 538

Atlanta Street Railroad Co 538

Atlanta Water & Electric Power Co. . 395, 528

Atlantic & Birmingham 34

Atlantic & Danville 35, 301

Atlantic & North Carolina. 35, 330

Atlantic & Northwest 60

Atlantic & Pacific 30, 083

Atlantic & Yadkin 301

Atlantic Avenue Railroad Co 435

Atlantic City Railroad 367

Atlantic Coast Electric Railway Co. .. 396

Atlantic Coast Line Co 37i Ti i44

Atlantic Coast Line 37, 144, 186, 371, 337, 331 Atlantic Coast Line of South Carolina. 37

Atlantic Mining Co 390

Atlantic Shore Line Railway 397

Atlantic, Tennessee & Ohio 301

Atlantic Transport Co 563

Atlantic, Valdosta & Western 145

Atlas Portland Cement Co 397

Auer Incandescent Light Mfg. Co. Lt(< 398

Augusta & Savannah 66

Augusta, Ga., Banks io3o

Augusta Southern 399

Augusta Railway Terminal 7a

Aurora, Elgin & Chicago Railway Co. 398

Austin & Northwestern 157

Austin, Tex., Banks & Trust Cos zoai

Average Prices of English Wheat 973

Baker, Walter, & Co., Limited 399

Balakalula Copper Co 399

Bald Ele Valley 349, 351

Baltimore & Annapolis Short Line. . . 793

Baltimore & Cumberkind Valley 338

Baltimore & Harrisburg 338

Baltimore & Lehigh 191

Baltimore & New York 41

Baltimore & Ohio 39, 54, 88, 94, 105, zo6,

Baltimore & Potomac 349, 357

Baltimore, Chesapeake & Atlantic. .43, 193, 248

Baltimore City Passenger Ry. Co 793

Baltimore, Md., Banks & Trust Cos. .. 1031

Baltimore Securities 849-53

Baltimore, Sparrow's Point & Chesapeake Railway Co 793

Baltimore Steam Packet Co 393

Baltimore Traction Co 793

Bamberger-De Lamar Gold Mines.. . . 400

Bangor & Aroostook 43

Bangor & Piscataquis 43

Banks & Trust Cos Z019-X080

Bank Clearings zoo4-*ioo6

Bank Statement, New York 1003

Barber Asphalt Paving Co 533

Barney & Smith Car Co. 401

Index

Page

Barnard Manufacturing Co 400

Barrett Manufacturing Co 4<'i

Betopilas Mining Co 403

Battle Creek & Sturgis 197

Bay Cities Water Co 403

Bay City & Battle Creek 197

Bay State Gas Co 403

Beaver Valley Traction Co 404, 692

Beech Creek Railroad 45, 55, 216

Beech Creek Extension Railroad 44, 3x6

Belfast & Moosehead Lake 190

Belleville & Carondelet 160

Belleville & Ekiorado 160

Bellevue Water, Fuel & Gas Light Co. 457 Bellingham Bay & British Columbia. 45

Bell Telephone Co. of Buffalo 405

Bell Telephone Co. of Canada 406

Bell Telephone Co. of Missouri 406

Bell Telephone Co. of Pennsylvania. . 407. Bell Telephone Co. of Philadelphia ... 407

Bells Gap Railroad .. 351

Belt of Chattanooga 46, 36

Belt of Chicago. 83

Belvidere Delaware 46, 348

Bennington & Rutland 379

Bergen County Railroad 133

Berener & Engle Brewing Co 408

Berkshire Street Railway Co 649

Bessemer & Lake Erie 47, 356, 360

Bessemer Coke Co 408

Best Manufacturing Co 409

Bethlehem Consolidated Gas Co 409

Bethlehem Steel Corporation 409

Carpet Co 4x1

Big Sandy Railway 74

Bingham Con. Mining & Smelting Co. 4X i

Binghamton Gas Worla 413

Binghamton, N. Y., Banks & Tr. Cos. 1023

Binghamton Railway Co 413

Birmingham, Ala., Banks & Trust Cos 1033

Birmingham Belt Railroad 168, 382

Birmingham Ry., Light & Power Co. 413, 357

Birmingham Realty Co 4x4

Birmingham Southern 300

Bleecker Street & Fulton Ferry Railroad Co 618

Bliss, E. W., Co 4x4

Bloomfield Street Railway Co 478

Blossburg Coal Co 133

Bluff Point Land & Improvement Co. 117 Bonds, Interest Yielding Capacity. . . XOXX-10X7

Boonville Bridge Co 201

Borden, Richani, Manufacturing Co. . 4x5

Borden's Condensed Milk Co 4x5

Border City Manufacturing Co 415

Boston & Albany 47, 2x4, 316, 430

Boston & Lowell 48, 308

Boston & Maine 48, xii,

1X3, X37, X90, 308, 333, 380, 337 Boston & Montana Consolidated Copper & Silver Mining Co 4x6, 349

Boston & New York Air Line 333

Boston & Northern Street Railway Co. 609 Boston & Phikuielphia Steamship Co. 332

Boston & Providence 50, 333, 343, 364

Bdston & Worcester Electric Cos 4x6

Page

Boston Belting Co 4x7

Boston, Clinton, Fitchburg & New

Bedford 343

Boston, Concord & Montreal in

Boston Consolidated Copper & Gold

Mining Co., Limited 4x7

Boston Electric Light Co 500

Boston Elevated Railway Co 4x7, 838

Boston, Hoosac Tunnel & Western ... 138

Boston, Mass., Banks & Trust Cos. . . 1093

Boston, Revere Beach & Lynn 50

Boston Securities 853-860

Boston Steamship Co 4x8

Boston Suburban Electric Cos 419

Boston Terminal Co 430, 47, 333

Boston Towboat Co 430

Boston United Gas Co 404

Boston Wharf Co 4xx

Boston Woven Hose & Rubber Co 431

Boyer Vail Railway 8x

Branford Lighting & Water Co 336

Breakwater & Franklin x30

Bridgeport, Conn., Banks & Trust Cos 1034

Bridgeport Hydraulic Co 43X

Bridgeport Steamboat Co 322

Bridgeport Traction Co: 469

British Columbia Copper Co., Ltd. . . 422

British Columbia Yukon 333

British Yukon 333

British Yukon Navigation Co., Ltd. . . 333

Broadway & Seventh Avenue R. R.Co. 617

Broadway Building Co 422

Broadway Realty Co 423

Broadway Surface Railroad Co 617

Brockville, Westport & Northwestern 5X

Brookline Railroad 137

Brookline & Milford . . X37

Brookline & Pepperell X37

Brookline Gas Light Co 613

Brooklyn & Montauk X83

Brooklyn & New York Ferry Co 433

Brooklyn Boroueh Gas Co 433

Brooklyn, Bath & West End R.R. Co. 435

Brooklyn City & Newtown R.K. Co.. 468

Brooklyn City Railroad Co 424

Brooklyn Crosstown Railroad Co 425

Brooklyn Ferry Co. of New York. . . . 423

Brooklyn Heights Railroad Co 424

Brooklyn, N. Y., Banks & Trust Cos. 1035 Brooklyn, Queens County & Suburban

Railroad Co 434

Brooklyn Rapid Transit Co 424, 183

Brooklyn Union Elevated Railroad Co. 434

Brooklyn Union Gas Co 436

Brooklyn Wharf & Warehouse Co. . . 660

Brookville & Mahoning 363

Brown Hoisting Machine Co., Inc. . . 437

Brunswick & Western 38

Brunswick & City Improve't Co. 437

Bruton & Pineora Railway 66

Buffalo & Lockport Railway Co 570

Buffalo&Niagara Falls Electric Ry.Co. 570

Buffalo & Southwestern X33

Buffalo & Susquehanna Coal & Coke

Co S3

Buffalo & Susquehanna Iron Co 438, 53

Index

Buffalo & Susquehanna Railroad 5a

Buffalo & Susquehanna Railway 53, 438

Buffalo, Bellevue & Lancaster Ry. Co. 570

Buffalo City Gas Co 428

Buffalo Creek Railroad 53

Buffalo East Side Railway Co 570

Buf&lo Gas Co 438

Buffalo General Electric Co 439

Buffalo Mines Limited 439

Buffalo, New York & Erie 133

Buffalo, N. Y., Banks & Trust Cos. . . 1035

Buffalo Railway Co 570

Buffalo, Rochester & Pittsburg 54t

Buffalo Terminal Anociation 335

Buffalo, Tonawanda & Niagara Falls

Electric Railway Co 570

Buffalo Traction Co 570

Bullock Electric Manufacturing Co... 348

Burlington & Missouri River 84

Burlington, Cedar Rapids & Northern. 165, 376

Burlington, la.. Banks 1035

Burliion, N. J., Gas Light Co 710

Bush Terminal Co 430

Busk Tunnel 109

Butler Equipment Trust 361

Butte, Anaconda & Pacific 391

Butte & Boston Cons. Mining Co 350

Butte Coalition Mining Co 431, 785

Butte Copper & Zinc 431

Butte, Mont., Banks & Trust Cos 1035

Butterick Co 431

Cahaba Coal Mining Co 758

Calgary & Edmonton 56,61

California Gas & Electric Corp 683

California Northwestern 30, 340

California Pacific 398

California Wine Association 433

Call Loans, Rates for 998, 999

Calumet & Arizona Mining Co 433

Calumet & Chicago Canal & Dock Co. 433

Calumet & Hecla Mininp; Co 433

Calumet & Pittsburg Mming Co 753

Calumet Gas Co. . . 691

Cambria & Clearfield 351

Cambria Steel Co 434, 349

Cambridge, Mass. , Banks & Trust Cos. 1036

Camden & Atlantic 331

Camden & Burlington County 351

Camden & Suburban Railway Co 710

Camden & Trenton. 434

Camden, N. J., Banks & Trust Cos. . io36

Canada Atlantic 56, 148

Canada Central 61

Canada Cycle & Motor Co., Limited . . 435

Canada Southern 57, 196

CanadianColoredCotton MillsCo. , Ltd. 435 Canadian General Electric Co., Ltd. . 435

Canadian Niagara Power Co 063

Canadian Northern 58, X38, 335

Canadian Northern Ontario Railway. 58, 59 Canadian Northern Quebec Railway. . 58, 59 Canadian Pacific 60, 56,138, 173, 198, 300,

Canadian Westinghouse Co., Ltd. . . .

Page

Cananea Central Copper Co 536

Cane Belt Railroad 31

Canton-Akron Railway 670

Canton Co 437

Cape Breton Electric Co., Limited. . . 437

Capital Traction Co 438

Carbondale & Shawneetown xoo

Carnegie Co, a6o, 805

Carolina & Northwestern 64

Carolina Central 99

Carter-<:rume Co. , Limited 438

Carthage & Adirondack 316

Casein Co. of America 439

Cass Avenue & Fair Grounds Ry . Co. . 704

Cataract Power & Conduit Co 439, 663

Catawissa Railroad 367

Cayadutta Electric Railroad Co 139

Cecelia Branch i59

Cedar Rapids & Missouri River 81

Cedar Rapids, la., Banks & Tr. Cos. . 1036 Cedar Rapids, Iowa Falls & Northwestern 376

Celluloid Co 44©

Centennial Copper Mining Co 440, 433

Central & South America Telegraph

Co 440

Central Branch Railway 64, 303

Central Branch Union Pacific 64

Central Coal & Coke Co 44

Central Crosstown Railway Co 617

Central District & Printing Telegraph

Co 44a

Central Electric Co

Central Electric Railway Co . 576

Central Fireworks Co 444

Central Foundry Co 445

Centralia & Chester 163

Central Indiana 65, 103, 347

Central Leather Co 445

Central Massachusetts 48

Central New York Telephone & Telegraph Co 444

Central New England 65, 333

Central of Georgia 66, 144, 159, 331

Central of N. J 69, 39, 177, 367, 300, 591

Central of Pennsylvania

Central of South Carolina 37

Central Ohio 40

Central Oil Co 445

Central Pacific 68, 396

Central Park, N. & E. River R.R. Co. 617

Central Passenger Railway Co 600

Central Railroad & Banking Co. of

Georgia. 66, 300

Central Railway Co. , Baltimore 793

Central Texas & Northwestern 157

Central Traction Co., Pittsburg 478

Central Union Gas Co. , New York. . . 473

Central Union Telephone Co 445

Cereal Production of United States. . . 96a

Champion Copper Co 483, 731

Charleston & vannah 38

Charleston & Western Carolina. 73, 37

Charleston Con. Ry., Gas & Elec. Co. 446

Index

Page

Charleston, S. C. , Banks 8c Trust Cos. 1037

Charleston Union Starion 37

Charlotte, Columbia & Augusta joi

Charlottesnlle & Rapidan 301

Chartiers Railway a6i

Chartiers Valley Water Co 446

Chateaiigay & Lake Pladd 116

Cbateaugay & Northern 58

Chateaugs Ore & Iron Co 447, 117

Chatham & Lebanon Valley 279

Chattahoochee & Gulf... 66

Chattanooga Electric Railway Co 447

Chattanooga Railways Co 447

Chattanooga, Rome & Southern 66

Chattanooga, Tenn., Banks & Trust

Companies... 1007

Chesapeake & Delaware Canal Co.. . . 448

Chesapeake & Ohio 73, 155, 217, 349,

27>. 3271 448 Chesapeake & Ohio Grain Elevator Co. . 448, 74 Chesapeake & Ohio Steamship Co. . . 73

Chesapeake & Potomac Telephone Co. 407

Chesapeake Beach Railway 75

Chesapeake Western Railway 75

Chesapeake, Ohio & Southwestern 158

Chesapeake Transit Co 230

Chesebrough Manufacturing Co., Con. 449

Cheshire Railroad 138

Chester & Lenoir 64

Chestnut Hill Railroad 967

Chicago & Alton.. A 254, 274, 307. 3i3 V7

Chicago & Atlantic Terminal 133

Chicago & Cincinnati 85

Chicago St Eastern Illinois 78, 82, 136,

Chicago & Erie 82, 132

Chicago & Grand Trunk 148

Chicago & Great Western 94

Chicago 8t Indiana Coal Railway 79

Chicago & Jefferson Transit Co 451

Chicago & Milwaukee Electric Ry. Co. 449

Chicago & Northern Pacific 94

Chicago & North Michigan 256

Chicago & North Western 80, 254, 3x7

Chicago & Rock Island Elevator Co. . 277

Chicago & St. Louis 31

Chicago & Texas 159

Chicago & Western Indiana.82, 78, 88, 132, 325

Chicago & West Michigan 255, 256

Chicago, Burlington & Northern. ... 83

Chicago, Burlington & Quincy 83, 40, 94,

12}, 150, 235, 338, 347, 354, 307, 313 Chicago, Cincinnati & Louisville. . .85, 96, 355

Chkago City Railway Co. 450

Chicago Consolidated Traction Co. ...450, 453

Chicago Dock Co 554

Chicago Edison Co 467

Chkago Electric Transit Co. 451

Chicago Gas Light & Coke Co 691

Chicaigo Great Western 86, 94, 133

Chicago, Hammond & Western 94

Chicago, IlL, Banks & Trust Cos 1037

Chicago, Indiana & Southern 87, 174,

176, 196, 317 Chicago, Indianapolis & Louisville.. . . 88, 83

Paob

Chicago, Indianapolis & St. Louis

Short Line 103

Chicago Junction Railways & Union

Stodc Yards Co 45

Chicago, Milwaukee & St. Paul. . .90, 133, 317

Chicago North Shore Railway Co 45

Chicago Passenger Railway Co 455

Chicago, Peoria & St. Louis. 93, 354

Chicago Pneumatic Tool Co 45

Chicago Railways Co 4&3 45

Chicago, Rock Island & Pacific. .376, 108, X33,

Chicago, St. Louis & New Orleans... . 159

Chicago, St. Louis & Pittsburg 361

Chicago, St. Paul 8t Minneapolis. . . 93

Chicago, St. Paul, Minneapolis &

Omaha 93> 80

Chicago, Santa Fe & California 31

Chicago Securities 861, 863

Chicago Southern 395

Chicago Subway Co 455, 554

Chicago Telephone Co 456

Chicago Terminal Transfer. ... 94, 40, 77, 356

Chicago Union Traction Co 451, 453

Chicago West Division Railway Co. . . 455 Chicago, Wisconsin & Minnesota. 336.

Chihuahua & Pacific 95, 169

. Choctaw & Memphis 377

Choctaw, Oklahoma & Gulf 183, 376

Christopher & Tenth Street Ry. Co. . 617 Cicero & Proviso Street Railway Co. 451

Cincinnati & Indiana Western 85

Cincinnati & Muskingum Valley. . .96, 347, 361

Cincinnati & Richmond 361

Cincinnati & Springfield 104

Cincinnati & Suburban Bell Telep. Co. 456

Cincinnati, Dayton & Chicago 96

Cincinnati, Dayton & Ironton 96

Cincinnati, Findlay & Fort Wa3me. . . 97

Cincinnati Gas & Electric Co 457, 777

Cincinnati, Hamilton & Dayton . . .96, 36, 85,

Cincinnati, Hamilton & Indianapolis. . 97, 98 Cincinnati, Indianapolis & St. Louis

Short Line 104

Cincinnati, Indianapolis, St. Louis

& Chicago 103

Cincinnati, Indianapolis & Western. . . 98, 97

Cincinnati, Lebanon & Northern 347

Cincinnati, Newport & Covington

Light & Traction Co 457

Cincinnati, New Orleans & Texas

Pacific 99,36,97,399

Cincinnati Northern 100, 103, 317

Cincinnati, O., Banks & Trust Cos.. . . 1039

Cincinnati, Portsmouth & Virginia... 333

Cincinnati, Richmond & Fort Wayne. 146

Cincinnati, Richmond & Muncie 85

Cincinnati, Saginaw & Mackinaw 148

Cincinnati, Sandusky & Cleveland... zo

Cincinnati Securities

Cincinnati Southern

Cincinnati Street Connecting i8z

Cincinnati Street Railway Co 458

Cincinnati Traction Co 458

Cincinnati Union Stock Yards Co. . . . 459

Index

Page

Citizens* Passenfier Railway Co 780

Citizens' Traction Co 478

City Electric Railway, Port Huron. . . 403

City & Suburban Railway Co 793, 824

City Gas Co. of Norfolk, Va 459

Claflin, H. B., Co 459. J94

Clairton Steel Co 485, 805

ClarksburfT Fuel Co 516

Clearfield & Jefferson 251

Clearfield & Mahoning: 54

Clearfield Bituminous Coal Co 45

Cleveland, Akron & Columbus loi, 347

Cleveland & Mahoning Valley 133

Cleveland & Marietta loi, 346

Cleveland & Pittsburg xoa, 246

Cleveland, Canton & Southern 332

Cleveland, Cin., Chi. & St. Louis.. 103, 65, 73,

Cleveland City Cable Railway Co. . . . 461

Cleveland City Railway Co 461

Cleveland, Columbus, Cincinnati &

Indianapolis 103

Cleveland Electric Illuminating Co. . . 460

Cleveland Electric Railway Co 461

Cleveland, Lorain & Wheeling Z05, 39

Cleveland, O., Banks & Trust Cos.. . . 1029 Cleveland, Painesville & Eastern Railroad Co 461

Cleveland Securities 867-868

Cleveland Terminal & Valley 106, 39

Coahuila & Pacific 193

Coal & Coke Railway 106

Coal & Iron Railway 328

Coal Co. of Fuhon County 139

Coal River Railway '. 74

Coal Statistics 946-948

Cobalt Lorain Min. & Dev. Co., Ltd. 462

Cocheco Manufacturing Co 462

Colchester Railroad 222

Colonial Sugars Co 462

Colorado & Northwestern 107

Colorado & Southern 107, no, 140

Colorado & Wyoming Railway Co.. . . 463

Colorado Fuel & Iron Co 463

Colorado Fuel Co 463

Colorado Industrial Co 463

Colorado Midland 109, xo8, 120

Colorado Southern, New Orleans &

Pacific 283

Colorado Springs & Cripple Creek

District Railway no, 107

Colorado Springs, Col., Banks &

Trust Cos 1031

Columbia & Greenville 301

Columbia & Kootenay 61

Columbia & St. Louis 325

Columbia & Port Deposit 251, 257

Columbia & Western 61

Columbia, Newbernr & Laurens in

Columbia Railway Co H23

Columbus & Hocking Coal & Iron Co. 465

Columbus & Hocking Valley 155

Columbus & Indiana Central 263

Columbus & Ninth Ave. RaihxMul Co . . 6x8

Columbus & Toledo 155

Columbus & Xenia x8i

Page

Columbus Connecting & Terminal 232 Columbus Consolidated St. R. R. Co. 466

Columbus Edison Co 466

Columbus Electric Co 4C6

Columbus Gas ft Fuel Co 466

Columbus, Hocking Valley & Toledo. X55

Columbus, O.. Banks & Trust Cos.. . . xoi

Columbus Railway ft Light Co 466

Columbus Railway Co 466

Columbus, Sandusky ft Hocking 247, 3x4

Columbus Street Railway Co M

Commercial Cable Co 600

Commonwealth- Edison Co 467

Commonwealth Electric Co 467

Comparative Freight Traffic and Rates 338-339 Comparative Monthly Anth. Shipm'ts. 947 Compton Heights Union Depot &

Merchants' Terminal Ry. Co 794

Comstock Tunnel Co 468

Concord ft Montreal xxx, 48

Concord & Portsmouth xxx

Concord Railroad 48

Concord Street Railway xxx

Condition of Crops in United States. 969 Coney Island & Brooklyn Railroad Co. 468

Conneaut Equipment Trust 261

Connecticut & Fassumpsic 48

Connecticut Railway & Lighting Co. . 469,

Connecticut River Railroad X12, 48

Connecting Railroad 249, 251

Consolidated Car Heating Co 470

Coxisolidated Cotton Duck Co 471

Consolidated Gas Co. of Baltimore. . . 474

Consolidated Gas Co., Pittsburg 692

Consolidated Gas Co. of New Jersey. .472, 369 Consolidated Gas Co. of New York . . . 472,

785, 827 Consolidated Gas, Electric Light &

Power Co., Baltimore 474

Consolidated Ice Co 475

Consolidated Indiana Coal Co 2 77

Consolidated Lake Superior Co 587

Consolidated Mercur uold Mines Co. . 475 Consolidated Mining and Smelting

Co., of Canada, Limited 476

Consolidated Paper & Milling Co 608

Consolidated Railway, Electric Light

ft Exiuipment Co 476

Consolidated Railway Co 225, 222

Consolidated Railway, Lighting ft

Refrigerating Co 476

Consolidated Rubber Tire Co. 477

Consolidated Telephone Cot. of Pa. . . 477

Consolidated Tobacco Co 385

Consolidated Traction Co. of N. J 7x0

Consolidated Traction Co., Pittsburg.. 478, 692

Consolidation Coal Co 478,. 40, 516, 742

Consumers' Gas Co. , Chicago 691

Consumers' Gas Co. of Toronto. 479

Consumers' Light, Heat ft Power Co. 7x0

Continental Oxd Co 480, 156, 753

Continental Coke Co 807

Continental Cotton Oil Co 480

Continental Gin Co 481

Continental Passenger Railway Co. . 780

Indbx

Page

Continental Tobacco Co 35

Continental Zinc Co 4S1

Cooperstown & Susquehanna Valley . . x 16 Copper, Donaestic Exports and European Stocks. , 941

Copper Production and Prices 943

Copper Range Consolidated Co 481, 731

Copper Ranee Railroad 483

Copper Statistics. 941-94'

Com, Acreage and Production 960

Com, Condition of Crops in U. S. . . . 969

Cora Crops of the United States 963

Com, Exports, Weekly 975

Com in Farmers* Hands. 979

Com in Store at Chicago 968

Com, Options at Chicago 950

Com, Prices in Chicaeo 954

Com, Prices in New York 958

Com, Primary Market Receipts 967

Com Products Co 483

Com Products Refining Co 483

Com, Visible Supplies 965

Comwall & Lebanon 113, 585

Comwall Bridge Co 315

Cotton, Acreage of the United States. 994

Cotton, Am. Crop and its Distribution 993

Cotton, American Crop Movement. . . 988

Cotton, Fall River Mill 99s

Cotton, Fractional Differences. 995

Cotton, Futures at New York 963-986

Cotton, New York Prices 981

Cotton, Port Receipts United States.. 990, 991

Cotton Statistics 9S1-99S

Cotton, Stocks at New York 993

Cotton, Stocks at U. S. Ports 991

Cotton, World's Visible Supply, Weekly 987

Cotton, World's Consumption 994

Cotton, World's Spindles 994

Cotton, Yearly Production in U. S. . . 981

Council Bluffs, la.. Banks 1Q31

Covington, Ky.. Banks & Cos. 1033

Coxe Brothers & Co., Incorporated. . . 179

Craig Valley Railway 73

Cramp, William, & Sons' Ship and

Engine Building Co 483

Cripple Creek Central 1x3

Crocker-Wheeler Co 484

Crosstown Street Ry. Co., Buffalo 570

Crosstown Street Ry . Co. , Columbus, O. 466 Crow's Nest Pass Coal Co., Limited. . 484, 338

Crow's Nest Southern 150

Cradble Steel Co. of America 485, 805

Cuban-American Sugar Co. 764

Cuba Eastem 1x3

Cuba Hardwood Co 114

8 uba Railroad 114

umberland-Ely Copper Co 486

Cumberland & Pennsylvania 478

Cumberland Telephone & Teleg. Co.. 486 Cumberland Valley Railroad. ...; x 15, 348

Current River Railroad 168

Dakota & Great Northem 150

Dakota & Great Southern 91

Dallas&Waco. 301

Page

Dallas, Clebume & Southwestem soi

Dallas, Tex., Banks & Trust Cos 133

Daly Mining Co 487

Daly West Mining Co 487

Danbury & Norwalk 233

Danville & Grape Creek 79

Danville & Indiana Harbor 87*

Darby, Media & Chestor 696

Davenport, la.. Banks & Cos. . . 1033

Davis Coal & Coke Co

Davis-Daly Estate Copper Co 488

Dawson Railway 130

Dayton & Michigan 97

Dayton & Union 97

Dayton & Westem i8x

Dayton, O., Banks & Trust Cos 1033

De Bardeleben Coal & Iron Co 759

Delano Land Co x8o

Delaware Railroad 357

Delaware & Atlantic Telegraph &

Telephone Co 407

Delaware & Bound Brook 1x5, 367

Delaware & Hudson Co 1x5, 38, 365, 371,

Delaware & Raritan Canal 248, 390

Delaware, Lackawanna & Westem ... 118,

Delaware, Maryland & Virginia X19, 357

Delaware River Railroad & Bridge Co.X30, 351

Delaware Securities Co 488

Delaware, Susquehanna & Schuylkill. . x 79

De Long Hook & Eye Co 488

Delta Lumber Co 441

Denison, Bonham & New Orleans. ... 3ox Denver & Northwestern Railway Co. 489

Denver & Rio Grande i3o, 107. 109, 303,

Denver & Southwestem 1x3

Denver, Col. , Banks & Trust Cos. X033

Denver Consolidated Electric Co 490

Denver Consolidated Tramway Co. . . 489

Denver Gas & Electric Co 490

Denver, Northwestern & Pacific 133

Denver City Tramway Co 489

Denver Union Water Co 490

Derby Street Railway Co 469

Des Moines & Fort Dodf e 122, 198, 376

Des Moines, la., Banks & Cos.. X033 Des Moines, Iowa Falls & Northern. . . 133

Des Moines Union X33

Detroit & Bay City 196

Detroit & Chicago 174

Detroit & Flint Railway Co 493

Detroit & Lake St. Clair Railway Co. 494

Detroit & Lima Northem X36

Detroit & Mackinac 124,

Detroit & Northwestern Railway Co.. 493

Detroit & Pontiac Railway Co 493

Detroit & Port Huron Shore Line

Railway Co 493

Detroit & Toledo Shore Line 148, 3x3

Detroit City Gas Co 491

Detroit Edison Co 493, 666

Detroit Electric Railway Co 493

Detroit, Fort Wayne & Belle Isle Railway Co 493

INDl

Page

Detroit, Grand Haven & Milwaukee. . 125, 148 Detroit, Grand Rapids & Western 255, 356

Detroit, Hillsdale & Southwestern 174

Detroit, Mackinac & Marquette Railroad Land Grant 493

Detroit. Mich., Banks & Trust Cos... . 1034

Detroit, Monroe & Toledo 174, 493

Detroit River Tunnel Co 197

Detroit, Rochester, Romeo & Lake

Orion Railway Co 494

Detroit Southern 135

Detroit, Toledo & Ironton 135, 39

Detroit, Toledo & Milwaukee 174, 196, 3x6

Detroit United Railway 493

Detroit Union Railroad Depot & Su-

tion Co 493

Detroit, Ypsilanti, Ann & Jackson Railway Co 494

Dexter & Piscataquis 190

Dexter & Newport 190

Diamond Match Co 495

Diamond State Steel Co 496

Diamond State Telephone Co 407

Dickson Manufaauring: Co 370

Distillers Securities Corporation 496

Dolores, Limited 497

Dominion Atlantic 126

Dominion Coal Co., Limited 498

Dominion Copper Co., Limited 499

Dominion Iron 8t Steel Co., Limited. 499 Dominion Power & Transmission Co.,

Limited 500

Dominion Securities Co 63

Dominion Teleeraph Co 501

Dominion TezUle Co., Limited 500

Dou£:las Copper Co 503

Douglas, W. L., Shoe Co 503

Doylestown & Willow Grove Ry. Co. 696 Dry Dock, East Broadway & Battery

Railroad Co 503, 763

Dubuque & Sioux City 159

Dubuque, la.. Banks & Trust Cos 1034

Duluth & Iron Range 137, 805

Duluth, Minn., Banks 1035

Duluth, Missabe & Northern 127, 805

Duluth, Rainy Lake & Winnipeg 128

Duluth Short Line 336

Duluth, South Shore & Atlantic... 128, 60, 198

Duluth, Superior & Western 150

Duluth-Superior Traction Co 504

Duluth Terminal 150

Duluth, Watertown & Pacific 149

Dunham, James H., & Co 50A

Dunkirk, Allegheny VaL & Pittsburg. 316 Du Pont, E. I., De Nemours Powder

Co 505

Du Pont International Powder Co. . . .505, 568

Duquesne Traction Co 478

Dutchess County Railroad 65

Dwight Manufacturing Co 506

Eagle & Phenix Mills 506

East & West of Alabama 391

East Boston Co 507

East Cleveland Railroad Co 461

Page

Eastern Equipment Co 356

Eastern Exploration Co 507

Eastern Mame 190

Eastern of Minnesou 149

Eastern of New Mexico 30

Eastern Railroad 48

Elastem Railroad in New Hampshire.. 48

Eastern Shore Steamboat Co 43

Eastern Wisconsin Ry. & Light Co. . 507

Eastman Kodak Co 508

Easton&Amboy 179

Easton & Northern 180

East Pennsylvania Railroad 367

East St. Louis & Carondelet 307

East Tennessee, Virginia & Georgia. . . 99, 300

Eatonton Branch 67

Edison Electric Co., Los Angeles. . . 508

Edison Electric III. Co. of Boston 509

Edison Electric IlL Co. of Brockton. . 516 Edison Electric 111. Co. of Brooklyn . . 581 Edison Electric 111. Co. of New York . . 473 Edison Light & Power of San Francisco 684

Edison Electric Light & Power Co.,

Amsterdam. N. Y 139

Eel River & Eureka 240

Eel River 347

Eighth Avenue Railroad Co 6x7

Electrical Bond & Share Co 535

Electrical Securities Corporation 5x1

Electric Boat Co 51 x

Electric Storage Battexy Co 513

Electric Traction Co., Philadelphia. . . 69X, 780

Electric Vehicle Co 5x3

Elgin, Joliet & Eastern X39, 82, i6x, 805

Elgin National Watch Co 513

Eluabeth, N. J., Banks & Trust Cos.. 1035 Elisabeth, Plainfield & Central Jersey

Railway Co 710

Elizabethtown, Lex. & Big Sandy 73

Elkhart & Western X74

Ellenville & Kingston 337

EUwood Short Lme 4X

Elmira, Courtland & Northern x8o

Elmira, N. Y., Banks & Trust Cos... 1035

Elmira Water, Light & Railroad Co. . 5x3

Elm River Copper Co 5x4

El Paso & Northeastern Co X30

Ei Paso & Rock Island 130

El Paso& Southwestern 131,130

El Paso Southern 373

El Paso Terminal 131

Ellwood Short Line 41

Ely Consolidated Copper Co 5x4

Empire Passenger Railway Co 781

Empire Steel & Iron Co 5x§

Equitable Gas Light Co. of New York. 473 Illuminating Gas Light Co.

of Philadelphia 5x5

Erie 133, 35, 53, 96, 155,

X78, 314, 339

Erie & Jersey 13a

Erie & Pittsburg X31, 346

Erie & Western Transportation Co. . . 249

Erie, Pa., Banks & Trust Cos 1035

Erie Telegraph & Telephone Co 829

Indbz

Page

Essex & Hudson Gas Co 7x0

European & North American 190

European Copper Stocks 941

Evanston Electric Railway Co 451

Evansville & Indianapolis 135, 136, aS3

Evansville & Richmond. 395

Evansville & Terre Haute . 136, 78, 135, 374, 383 EvansWUe, Mt. Carmel & Northern. . . 103 Evansville, Henderson & Nashville. . . 187 Evansville, Ind., Banks & Trust Cos. 1036 Evansville, Terre Haute & Chicago. . . 79

Exports and Imports, Merchandise and

Dry Goods, Port of New York 1009

Exports and Imports of United States. 1008

Exports, Grain and Provisions 977

Exports of Copper from United States. 941 Exports of Com from United States. . 975 Ebcfwrts of Grain from United States. . 977 Exports of Wheat from United States.974, 976

Fair Haven & Westville Railroad Co.. 332, 335

Fairmont Coal Co 516, 479

Fairmount Park & Haddington Passenger Railway Co 781

Fall Brook Railway 316

Fall River, Mass., Banks & Trust Cos. 1036

Fargo & Southern 91

Fay, J. A., & Egan Co 517

Fayette County Gas Co 518

Federal Contracting Co 651

Federal Mining & Smelting Co 518

Federal Steel Co 137, 129, 805

Federal Street & Pleasant Vail. Ry.Co. 813

Federal Sugar Refining Co 519

Perries & Cliff House Railway Co 79a

FerrocarrUes Nacionalese Mexico. . . 845

Findlay. Fort Wayne & Western 97

First National Copper Co 400

Firth-Sterling Steel Co 519

Fiske Wharf & Warehouse Trust 614

Fitchburg Railroad. 137, 48

Fitchburg, Mass., Banks & Trust Cos. 1036

Flint & Pere Marquette 355

Florida Central & Peninsular 391

Florida East Coast 138

Florida Southern 37

Florida West Shore Ry 391

Fonda, Johnstown & Gloversville ijg

Foreign Grain Quotations 973

Fort Collins Development Railway. . . 107

Fort Pitt Gas Co 6c6

Fort Pitt Traction Co 478

Fort Scott Equipment Co 168

Fort Smith & Van Buren Bridge Co. . 383

Fort Smith & Western 139

Fort Street Union Depot Co 519

Fort Wayne & Jackson 174

Fort Wayne Gas Co 674

Fort Wayne, Ind. , Banks 8t Trust Cos. 1037

Fort Worth & Denver City 140, 107

Fort Worth & New Orleans. 157

Fort Worth & Rio Grande 382, 384

Fort Worth, Tex. , Banks & Trust Cos. 1037 Forty-second Street & Grand Street Ferry Railroad Co 617,761

Page

Fortv-second St., Manhattanville & St.

Nicholas Ave. Railway Co 530

Foster Cobalt Mining Co. Limited 530

Francisco Sum- Co 530

Frankford & South wark Ry. Co 780

Franklin & Tilton xii

Franklin Mining Co 531

Frederick, Md., Banks. 1037

Freehold & Jamesburg Ag. R. R 351

Freight Traffic and Rates 338, 339

Fremont, Elkhom & Missouri Valley.. 80

Frick, H. C, Coke Co 807

Fries Manufacturing & Power Co 531

Fuller, George A., Co Sox

Fulton County Gas & Electric Co 533

Fulton Street Raihoad Co 617

Galveston, Harrisbur& San Antonio. 141, 396 Galveston, Houston & Henderson. 143, 163, 301

Galveston, Houston & Northern 141

Gas & Electric Co. of Bergen County. 523, 710

General Asphalt Co 533

General Carriage Co 605

General Cheimcal Co 534

General Electric Co 535

General Railroad Statistics 340-34

General Railway Signal Co 537

Genessee & Wyoming 143

Genesee Valley Tennmal 351

Georges Creek & Cumberland 328, 358

Georgia & Alabama 397

Georgia & Florida 143

Georgia, Carolina & Northern 393

Georgia Central & Gulf 66

Georgia Electric Light Co 528

Georgia, Florida & Alabama 143

Georgia Midland 399

Georgia Padfic 300

Georgia Railroad & Banking Co 144* 34>

Georgia Railway & Electric Co 537, 395

Georgia Southern & Florida 145, 399

Germantown Passenger Railway Co. . 780

Gettysburg & Harrisburg 367

Gila Valley, Globe & Northern 145, 396

Gilchrist Transportation Co 528

Girard Point Storage Co 351

Giroux Consolidated Mines Co 539

Gtobe Street Railway Co 610

Gloversville & Broadalbin 139

Glucose Sugar Refining Co 483

Gold & Stock Telegraph Co 539, 831

Goldfield Consolidated Mines Co 530

Gold, Imports and Exports looo-ioox

Gorham Manufacturing Co 530

Gottlieb-Bauemschmidt-Straus Brew-

Gouvemeur & Oswegatchie 318

Government Securities 843-848

Grain Exports 977

Grain in Store in Chica 968

Grain Receipts at Chicago 969

Granby Consolidated Mining, Smelting & Power Co., Limited 531, 484

Grand Avenue Railway Co 576

Index

Grand Canyon Railroad 30

Grand Rapids & Indiana. 146, 247, 249

Grand Rapids, Belding & Saginaw.. . . 256

Grand Rapids Gas Liht Co 533

Grand Rapids, Grand Haven & Mus-ke

|>:on Railway Co 533

Grand Rapids, Mich. , Banks & Tr. Cos. 1Q38

Grand Rapids Railway Co 533

Grand River Coal & Coke Co 464

Grand River Valley 196

Grand Trunk of Canada. 148, 56,

Grand Trunk Paafic 147, 148

Grand Trunk Western 82, 148

Gray*s Point Terminal 287

Great Lakes Towing Co 533

Great Northern Ry 149, 83, 235, 238, 317,

Great Northern of Canada. 58

Great Northern Rv. Iron Ore Properties 534, 150, 3'7

Great Northwest Central 61

Great Western Cereal Co 534

Great Western Mining Co 534, 805

Great Western of Canada 148

Green Bay & Western 153

Green Bay, Winona & St. Paul 153

Greenbrier Railway 73

Greenbrier & New River 73

Greene Cananea Copper Co 535

Greene & Coates StreeU Railway Co.. 780

Greene Consolidated Copper Co 536, 273

Greene Consolidated Gold Co 537

Greene Gold-Silver Co 537

Greenpoint & Lorimer Street Ry. Co. 425

Greenville Equipment Trust 261

Greenville & Newnan 67

Greenwich Tramway Co 226

Guanajuato Con. Mining & Milling Co. 537

Guelph Junction Railway 61

Guegenheim Exploration Co 538, 486

Gulf & Chicago 206

Gulf & Ship Island 154

Gulf, Beaumont & Great Northern.. . 30

Gulf, Beaumont & Kansas City 31

Gulf, Colorado & SanU Fe 30, 108

Gulf Terminal Co 206

Gulf, Western Texas & Pacific 141

Guyandotte Valley 73

Hackensack Meadows Co 651

Hackensack Water Co 538

Halifax, Canada, Banks 1078

Halifax Electric Tramway Co., Ltd. . . 539

Hall Signal Co. 539

Hamilton, Canada, Banks 1078

Hamilton Cataract Power, Light &

Traction Co., Limited 501

Hamilton & Dundas Street Ry. Co. . . 501

Hamihon Street Railway Co 501

Hannibal & St. Joseph 83

Hannis Distilling Co 496

Harbison- Walker Refractories Co 540

Hargraves Mills 541

Harlem River & Port Chester 222

Page

Harper & Brothers 541

Harrisburg, Pa., Banks & Trust Cos... 1038 Harrisburg, Portsmouth, Mount Joy &

Lancaster 251

Harrison Bros. & Co., Incorporated. . 542

Hartford & Connecticut Valley 22a

Hartford & Connecticut Western 65

Hartford & N. V. Transportation Co. 224 Hartford & Springfield Street Railway

Co 54a

Hartford, Conn., Banks & Trust Cos. 1039 Hartford, Manchester & Rockville.. . . 226

Hartford Street Railway Co 226

Havana Commercial Co. 543

Havana Electric Railway Co 543

Havana Tobacco Co 543*

Haverhill, Mass., Banks & Trust Cos. 1039 Hawaiian Commercial & Sugar Co. . . 544

Helena Water Works Co 545

Henderson Bridge Co. . . . : 187

Hereford Railway 190

Henring-Hall-Marvin Safe Co 545

HestonviUe, Mantua & Fairmount Railway Co 780

Heywood Bros, and Wakefield Co.. . . 545

Higgins Oil & Fuel Co 549

Highland Bey Gold Mining Co 815

Hillside Coal & Iron Co ' 232

Hoboken Ferry Co 1x8, 654

Hoboken Land & Improvement Co. . . 546 Hoboken, N. J., Banks & Trust Cos. . 1039

Hocking Valley Railway 155, 40i 73. 03.

166, 17s, 217, 247, 311, 752 Hoboken & Manhattan Co.. 549

Holyoke, Mass., Banks 1040

Holyoke Street Railway Co 546

Home Avenue Railroad 97

Homestake Mining Co 547

Honesdale Branch 133

Horn Silver Mining Co 547

Hostetter-Connellsville Coke Co 807

Houghton County Street Railway Co. 548

Housatonic Railroad 222

Houston & Shreveport 157, 296

Houston & Texas Central 156, 296, 310

Houston, East & West Texas 157, 296

Houston Lighting & Power Co 548, 357

Houston Oil Co. of Texas 5491 582

Houston, Tex., Banks & Trust Cos. . . 1040 Hudson & Manhattan Raihtnd Co. . . 549

Hudson Companies 550, 549

Hudson County Gas Co 7x0

Hudson River Electric Co 551, 812

Hudson River Electric Power Co 551

Hudson River Telephone Co 552

Hudson River Water Power Co 551

H udson Valley Railway Co 552, x 16

Humboldt Copper M inmg Co 553

Huntington & Big Sandy 40141

Huntingdon & Broad Top Mountain . . 158 Hutchinson & Southern 30

Iberia & Vermilion 296

Illinois Brick Co 553

Indbx

Illinois Central 158, 67, 196, 354, 300, jo6,

Illinois, Indiana & Gary x6i

IlUnob, Iowa & Minnesota 161

Illinois Southern 162

Illinois Steel Co 807

Illinois Tunnel Co 554, 455

Income Yielding Capacity of Stocks. . 1010

Indiana Block Coal Railroad 79

Indiana, Bloomington & Western 104, 353

Indiana, Decatur & Western 97i 98

Indiana, Illinois & Iowa. 87, 174, 317

Indiana Harbor Railroad 87, 3x7

Indiana Natural & Illumin. Gas Co.. 674

Indiana Natural Gas & Oil Co 554, 691

Indiana Steel Co 805

Indiana Stone Railroad 88

Indianapolis & Louisville 88

Indianapolis & St. Louis 103

Indianapolis & Vincennes 347, 96a, 331

Indianapolis, Columbus & Southern

Traction Co 555

Indianapolis, Ind., Banks & Trust Cos. 1040

Indianapolis Street Railroad Co 555

Indianapolis Southern 159

Indianapolis Traction & Terminal Co. 556, 555

Industrial Securities. 343-843

IngersoU-Rand Co 556

Interborough-Metropolitan Co 557, 559

Interborough Rapid Transit Co 559, 557,

604, 656, 659 Intercolonial Coal Mining Co., Ltd. . . 561

Intercolonial Railway 136

Interest Laws in United States xox8

Interest Yielding Capacity of Bonds.xoii-1017 International Acheson Graphite Co. . . 561 International & Great Nortnem. . 163, 143, 3ox International Button-Hole Sewing Ma*

chine Co 56X

International Elevating Co 563

International' Fire Engine Co 368

International Harvester Co 563

International Mercantile Marine Co. . 563

International Navigation Co 563

International Nickel Co 564

International Ocean Telegraph Co. . . 831

International Paper Co 565

International Power Co 566, 345

International Salt Co 567, 733

International Silver Co 567

International Smokeless Powder &

Chemical Co 568, 505, 608

International Steam Pump Co 569

International Traction Co.. . . . . . . . 570

Interooeank of Menoo 163

Interstate Railways Co 571, 790

Interurban Railifray & Terminal Co.. . 573

Inverness Railway & Coal X64

Iowa & St. Louis 83

Iowa Central 165, 354

Iowa FaUs & Sioux City 160

Iowa, Minnesota & Northwestern 8x

Iron Steamboat Co. of New Jersey. . . 57a Isle Royak Copper Co 573

Jackson Gas Co..

Page

Jackson, Lansing A Ssnaw 196

Jacksonville & St. Louis 83

Jacksonville & Southwestern 37

Jacksonville Electric Co 573

Jacksonville, Fla., Bank & Trust Cos. X041

Jamaica & Brooklyn Raihoad Co . . 45

Jamestown & Franklin 174

Jefferson & Clearfield Coal & Iron Co. 574

Jefferson Railroad 133

Jeffersonville, Madison & Indianapolis. 361

Jersey City & Bergen Railroad Co 7x0

Jersey City, Hoboken & Paterson Street

Railway Co 7o

Jers City. N. J., Banks & Trust Cos. 1041

Jim Butler Tonopah Mining Co 575

Johnsonburg Railroad 351

Johnson Co. of Pennsvlvania 807

Johnstown, Gloversville & Kingsboro. 139

Joliet & Chkago 77

Joliet & North Indiana X96

Jones & Laughlin Steel Co 575

Junction Raihoad 351, 357

KaaterskilL y6

Kalamasoo, Allegan & Grand Rapids. 174

Kalamasoo & South Haven X96

Kalamazoo & White Pigeon 174

Kanawha & Hocking C. & C. Co. . 156, 3x3, 753

Kanawha & Michigan 166, X55, 3x1

Kansas & Arkansas Valley 303

Kansas & Missouri x68

Kansas & Texas Coal Co 441

Kan. City & Memphis Ry. & Bridge Co. x68

Kansas City & Northwestern 303

Kansas City & Pacific 30x

Kansas City & Southwestern 383

Kansas City Belt Railway 168

Kansas City Cable Co 57

Kansas City, Clinton & Springfield. ... 167

Kansas City Electric Light Co 576

Kansas City Elevated Railway Co. . . . 576

Kansas City, Fort Scott & Gulf x68

Kansas City, Fort Scott & Memphis. . 167, 168,

Kansas City-Leavenworth X71

Kansas City, Memphis & Birm. ..x68, X67, 383 Kansas City, Mexico & Orient. . . . 169, 95* 170 Kansas City, Mo. , Banks & Trust Cos. 1041

Kansas City, Missouri, Gas Co 575

Kansas City, Outer Belt & Electric . .170, 169

Kansas City, Peoria & Chicago 83

Kansas City, Pittsburg & Gulf 170

Kansas City Railway & Light Co. . . . 576 Kansas City, St. Louis & Chicago. ... 77

Kansas City Southern X70, X39

Kansas City, Springfield & Memphis.. x68 Kansas City Stock Yards Co. of Mo . . . 577 Kansas Citv Viaduct St Terminal

Railway Co 577, 171

Kansas City, Watkins & Gulf 388

Kansas City-Western 171

Kansas Midland 384

Kansas Southwestern 30,383

Kennebunk & Kennebunkport 49

Kennett & Osceola 384

Indbx

Paob

Kentucky&IndiaiiaBridge&R.R.Co. 578, 88

Kentucky Central. 187

Kentud DistiUeries & Warehouse Co. 496

Keokuk & Des Moines t . . . 173, 276

Keokuk & Hamilton Bridge Co 578

Kerr Lake Mining Co 579

Kersey Mining Co 363

Keweenaw Copper Co 579

Keystone Telephone Co 579

Keystone Watch Case Co 580

Kineon Coal Co. 73

Kings Co. Electric Light & Power Co . 581 Kings County Elevated Railway Co . . 424

Kingston & Pembroke 173

Kirbv Lumber Co 583, 549

Knickerbocker Ice Co 583

Knox & Lincoln 190

Knozville & Ohk>. 301

Knoxville Railway & Light Co 583, 357

KnoxviUe, Tenn., Banks & Trust Cos. Z043 Kodak, Limited 508

Lackawanna & Wyoming Valley

Rapid Transit Co 584

Lackawanna Steel Co 584, ixs

Laclede Gaslight Co 585, 666

Lacombe Electric Co 490

Lachine Rapids Hydraulic & Land Co. 632

La Dicha & Pacific 639

Lafayette Gas Co 674

Lake Erie & Detroit River 356

Lake Gas & Light Co 691

Lake Erie & Westeni 173, 174, 317, 354

Lake Erie, Alliance & Wheeling 176, 316

Lake Manitoba Railway & Canal Co. 60

Lake Roland Elevated Railroad Co . . . 793

Lake Shore & Michigan Southern 174, 39,

Lake Shore Electric Railway Co 586

Lake Superior & Pittsburg Mining Co. 753

Lake Superior Co., Limited 150, 534

Lake Superior Cons. Iron Mines 137, 805

Lake Superior Corporation 587

Lancaster Countv Railway & Light Co. 588

Lamson Cons. Store Service Co 373

Lancaster, Pa., Banks & Trust Cos. . 1043

Lanston Monotype Machine Co 589

Laramie, Hahns Peak & Pacific 177

Lard, Options at Chicago 953

Lard, Prices in Chicago 957

La Salle Copper Co 433

Latrobe Steel Co., Limited 718

Laurentide Paper Co., Limited 590

Lawrence Manufacturing Co 590

Lawrence, Mass., Banks 1043

Leamington & St. Clair 57, 197

Leavenworth, Kansas & Western 317

Leavenworth & Topeka 30

Lehigh & Delaware 178

Lehigh & Hudson River 177, 70

Lehigh & Lackawanna 178

Lehigh & Lake Erie 179

Lehigh & New England 178

Lehigh & New York 179

Paob

Lehigh & Susquehanna. 69, 591

Lehigh & Wilkes-Barre Coal Co 590, 70

Lehigh Coal & Navigation Co. 591, 70, 177, 178

Lehigh Traction Co 838

Lehigh Valley Coal Co. 179

Lehigh Valley Railroad 179, 53, 176, 335

Lehigh Valley Terminal 179

Lehigh Valley Transit Co 593

Leroy & Caney Valley 203

Lewistown Connecting Bridge 570

Lexington & Eastern 181

Lexington Ave. & Pavonia Ferry Rv.Co. 618 Lexington, Ky., Banks & Trust Cos. . . 1043 Lincoln Electric Light & Power Co . . . 501

Linoohi & Northwestern 84

Lindell Railway Co 794

Lindsay, Bobcaygeon & Pontypool. . . Ox

Lit Brothers 593

Little Kanawha 259

Little Miami 181, 361

Little Rock & Hot Spring Western. . x8a Little Rock, Ark., Banks & Trust Cos. 1043

Little Rock Bridge Co 377

Little Rock, Hot Springs & Texas. . . 183

Little Rock Junction 303

Little Rock Railway & Electric Co. . .593, 357

Little Schuylkill Raihoad 367

Lockport & Olcott Railway Co 570

Lockport Gas & Electric Light Co.. . 594 Lockport Light, Heat & Power Co. . . 594 Locomotive & Machine Co., of Montreal, Limited 370

Logansport & Toledo 347, 331

Logansport & Wabash Valley Gas Co. 674

London, Canada, Trust Cos 1078

London Electric Co., Limited 594

London Street Railway Co 595

Long Acre Electric Light & Power Co. 604

Long Dock Co 133

Long Island Railroad 182, 216, 348, 650

Long Island City & Flushing 183

Long Island Consolidated Elec. Co*s. .183, 656

Long Island Electric Co 559

Lord & Taylor of New York City 595

LoriUard, P., Co S96. 386

Los Angeles, Cal., Banks & Trust Cos. X043

Los Angeles Gas & Electric Co 596

Los Angeles Railway Co 596

Los Angeles Terminal Railway 390

Louisiana & Arkansas 184

Louisiana & Missouri River 77

Louisiana & Northwest 185

Louisiana Railway & Navigation Co.. 185

Louisiana Western x86, 396

Louisville & Jeffersonville Bridge Co.. 597, 74

Louisville & Nashville 186, 37, 73, 88,

Louisville Bridge Co 597

Louisville, Cincinnati & Lexington. . . 187, 347

Louisville Cotton Mills Co 598

Louisville, Evansville & St. Louis. . . . 300

Louisville Gas Co 598

Louisville Heating Co 598

Louisville, Henderson & St. Louis. . . . 189, x86

Louisville Home Telephone Co 599

Louisville, Ky., Banks & Trust Cos. . . 1044

Indbx

Page

Louisville, New Albany & Chicago. . . 88

Louisville, New Orleans & Texas. ... 159

Louisville Railway Co 509

Louisville, St. Louis & Texas. 189

Louisville Traction Co 599

Lowell & Andover 4u

Lowell & Suburban Street Railway Co. 610

Lowell, Brass., Banks & Trust Cos 1045

Lucin Cut-off 68

Lykens Valley 334, 249

Lyman Mills 600

Lynchbut & EKirham 333

& Boston Street Railway Co. . 610

Lyno, Mass., Banks & Trust Cos. 1045

Mackay Companies 600

Mackinac Transportation Co 146

Macon & Northern 67

Macon, Dublin & Savannah 189, 391

Macon, Ga., Banks & Trust Cos 1045

Madison Gas & Electric Co 601

Bfadison Square Garden Co 601

Magnus Metal Co 643

Mahoning & Shenango Ry.& Light Co. 603

Mahoning Coal Railroad 175

Mahoning Investment Co 54

Mahoning Valley 54

Mahoning Valley Southeastern 603

Maine Central 190, 481 61

Maine Shore Line 190

Maine Steamship Co 323

Mammoth Vein Coal & Iron Co 603

Manchester & Keene 48, xxi

Manchester & Lawrence 49, xi3

Manchester, N. H., Banks 1045

Manchester Traction, Light & P. Co. 603

Manhattan Beach Estates 603

Manhattan Beach Hotel & Land Co.,

Limited 603

Manhattan Railway Co 604, 557

Manhattan Transit Co 605

Manitoba & Northwestern 61

Manitoba Southwestern Colonization. 61

Manitoulin & North Shore Ry. Co . . . . 587

Manor Real Estate & Trust Co 351

Manufactured Rubber Co 606

Manufacturers Light & Heat Co 606

Marconi Wireless Telegraph Co. of

America. 607

Marconi Wireless Telegraph Co. of

Canada, Limited 607

Marginal Railroad 346

Mancopa & Phoenix 396

Market Street Elevated Railway Co. . . 695

Market Street Railway Co 793

Marquette & Bessemer Dock & Navigation Co 256, s6i

Marquette Equipment Co 356

Marquette, Houghton & Ontonagon. . 139

Maryland & Pennsylvania 191

Maryland Brewing Co 531

Maryland Coal Co 608

Maryland Electric Railway Co 793

Maryland, Delaware & Vuginia 193, 43

Page

Maryland Steel Co 689

Mason City & Fort Dodge 86

Masonic Fraternity Temple Association

of Illinois 609

Massachusetts Electric Cos 609

Massachusetts Gas Cos 611

Massachusetts Liehting Cos 613

Mass Coosolidatea Minmg Co 6x3

Massillon & Cleveland 346

Mayflower Mining Co 613

Mckeesport & Belle Vernon 359

McKinley-Darrah-Savage Mines 613

Mechanics* Mills 613

Memphis & Charleston 300

Memphis, Kansas & Colorado x68

Memphis Street Railway Co 614, 357

Memphis, Tenn., Banks & Trust Cos.. X046

Merchants' Bridge Co 307

Merchants' & Miners' Trans. Co 333

Merchants' Warehouse Co 6x4

Mei|:enthaler Linotype Co 615

Meriden Electric Co 335

Meriden Horse Railroad 336

Meriden, Southington & Compounce. 336

Merrimack Manufacturing Co 6x5

Metropolitan Crosstown Railway Co.. 6x8

Metropolitan Elevated Railway Co 604

Metropolitan R. R. Co., Washington.. 834

Metropolitan Securities Co 6x6, 576, 557

Metropolitan St. R. R. Co., Denver. . . 489

Metropolitan St. Ry. Co., Kan. City.. 171 Metropolitan St. Ry. Co., New York.. 616, 315

Metropolitan West Side Elev. Ry. Co. 619

Mexican Central, Limited 193, 3x0, g45

Mexican Cent. Ry. Securities Co., Ltd. 194

Mexican Eastern X63

Mexican Electric Light Co 631

Mexican International X94, 3x0

Mexican Light & Power Co., Limited. (no

Mexican National 3xa

Mexican Northern X95

Mexican Railway Co., Limited. 195, 333

Mexican Telegraph Co 63x

Mexican Telephone & Telegraph Co.. 621

Mexican Union X93

Mexico Cons. Mining & Smelting Co. 633

Mexico, Cuemavaca & Pacific 19

Michigan Central X96, 57, 88, X74, 3x6, 356

Michigan Copper Mining Co 633

Michigan Southern & North Indiana.. 175

Michigan State Telephone Co 623

Michigan Telephone Co 633

Middle Georgia & Atlantic 66

Middlesex & Somerset Traction Co. . . 7x1

Middlesex Company 633

Middlesex Valley 180

Middletown Horse Railroad Co 336

Middleton, Meriden & Waterbury. . . . 332

Middle States Construction Co X55

Midland of New Jersey 229

Midland Railway 149

Midland Termixial 1x3

Milford, Franklin & Providence 334

Milford & Uxbridge Street Ry. Co.. . . 624

Index

Paob

Milford & Woonsocket 334

Milwaukee & Chicago Breweries, Ltd.. 624

MUwaukee & Lake Winnebago 336

MUwaukeeft Northern 90

Milwaukee City Railroad Co 63

Milwaukee Electric Ry. & Lieht Co. . .635, 696 Milwaukee, Lake Shore & Western ... 601, 81 Milwaukee Light, Heat &Trac. Co.. .696, 635

Milwaukee, Rockf ord & Eastern 161

Milwaukee. Wis. , Banks & Trust Cos. 1046

Mine Hill & Schuylkill Haven 367

Mines Co. of America 637, 497

Mineral RaihxMtd & Mining Co . 349

Mineral Range Raihtiad 198

Mining Statistics. 933f 94

Mining Stocks, Boston 935

Mining Stocks, Colorado Springs 938

Mining Stocks, New York 933

Mining Stocks, Salt Lake City 937

Minneapolis & Pacific 3oo

Minneapolis & St. Louis 198, 133, 133, 376

Minneapolis & St. Paul City Ry. Co.. 773

Minneapolis & South DakoU 81

Minneapolis Gas Light Co 637

Minneapolis General Electric Co 637

M minneapolis, Minn. , Banks & Trust Cos 1047 Minneapolis, St. Paul & S. Ste. Marie. 30o, 60

Minneapolb Street Railway Co 773

Minneapolis Union 150

Minneapolis Western 150

Mineral Railroad & Mining Co 349

Minnesou & Great Northern 150

Minnesota & International 335

Minnesou & Iowa 81

Minnesou & South DakoU 8x

Minnesota, DakoU & Pacific 198

Minnesou Valley Railroad 80

Mississippi River Bridge Co 77

Missouri & Kansas Telephone Co. 638

Missouri & Western 383

Missouri, Kansas & Eastern 3ox

Missouri, Kansas & Oklahoma 3ox

Missouri, Kansas & Texas 3oi, 143, 163

Missouri Pacific 303, x3o, 64, 163, 301,

Mitchell Mining Co 609

Mobile, Ala., Banks & Trust Cos. . . . X047

Mobile & Bay Shore 305

Mobile & Birmingham 304, 399

Mobile & Girard 67

Mobile & Montgomery 187

Mobile & Ohio 305, 399

Mobile, Jackson & Kansas City 306

Mohawk & Malone 3x6

Mohawk Mhiing Co 639

Mohawk Railroad 198

Mohawk Valley Co 3x7

Money Markets 998-X018

MonongaheU River Railroad 4X

Monongahela 35X, 359

Monongahela RiverCon.Coal&CokeCo.63o,699

Monongahela Street Railway Co 478, 699

Monongahela Water Co 631

Montana Central 149

Page

Montana Coal & Coke Co

Montana Consolidated Coal&Coke Co. 631

Monuna Great Northern xso

Montana Ore Purdiasing Co 7S5

Montana Raihoad 90

Monterey & Mexican Gulf 193

Montgomery, Ala. , Banks & Trust Cos. 1047

Montgomery & Eufaula 67

Montgomery-Shoshone Con. MiningCo 63X

Montpelier, Vt., Banks & Trust Cos. . 1048

Montreal & Atlantic 61

Montreal & OtUwa 6k

Montreal & Province Line 71

Montreal & Western 6x

Montreal, Canada, Banks & Trust Cos. X079

Montreal Cotton Co 633

Montreal Gas Co 633

Montreal Light, Heat St Power Co.. . . 633

Montreal Securities 939-930

Montreal Street Railway Co 633

Montreal Telegraph Co 634

Montreal Warehousing Co X49

Montville Street Railway Co 336

Morgan's Louisiana & Texas Railroad

& Steamship Co 307, 396

Morris & Essex 3o8, 118

Morris Canal Co 179

Mount Morris Electric Light Co 473

Mt. Vemon-WoodberrvCotton Duck Co 47 1

Moftntville Street Railway 336

Municipal Gas Co 634

Municipal UUUties Co 634

Muskogee City Bridge Co 383

Muskegon, Grand Rapids & Indiana. . X40

Muskegon Traction & Lighting Co. . . 635

Mutual Fuel Gas Co 691

Mutual Gas Co 472

Mutual Union Telegraph Co. 83X

Nacorari Railroad X31

Narragansett Electric Lighting Co 635

Nashua & Lowell 3o8, 48

NashvUle & Clarksville 306

Nashville & Decatur X87

Nashville & Knoxville 306

Nashville, Chattanooga & St. Loub..309, x86

Nashville, Florence & Sheffield 187

Nashville Railway ft Light Co 636

Nashville, Tenn., Banks & Trust Cos. 1048

Nashville Terminal 3cx>, 306

Nassau Electric Railroad Co 434

National Asphalt Co 533

National Biscuit Co 637

National Candy Co 637

National Carbon Co 638

National Car Wheel Co 638

National Cash Register Co 639

National Enameling ft Stamping Co.. 639

National Fire Proofing Co 640

National Glass Co 640

National Lead Co 64a

National Licorice Co 643

National Light, Heat ft Power Co. . . 643

National Mining Co 644

National Railroad of Mexico 3x0, X63, xoa,

Index

Page

National Railways of Mexico 19a, 845

National Rice Milling Co 644

National Salt Co 507

National Starch Co 48a

National Steel Co 805

National Sugar Refining Co. of N. J . . 644

National Tube Co 805

Natural Food Co . . 645

Naugatuck Railroad aaa

Naumkeag Steam Cotton Co 645

Naumkeag Street Railway Co 610

Nautla Rmlway 163

Nebraska Telephone Co 645

Netherlands Tramways Corporation. . 646

Nevada & California 396

Nevada-Califomia-Oron 31 x

Nevada Consolidated Copper Co 646

Nevada Smelting & Mines Corporation 647

Nevada- Utah Mines & Smelters Corp. 647

New Amsterdam Gas Co 47a

Newark Consolidated Gas Co 7x1

Newark Gas Co 71X

Newark, N. J., Banks & Trust Cos. . . X048

Newark Passenger Railway Co 711

New Bedford, Mass., Banks & Tr. Cos 1049

New Brunswick Light, Heat & P. Co . . 710

New Brunswick Railway 61

Newburg & New Yoric 133

Newburgh, Dutchess & Connecticut.. 65, 222

New Castle & Shenango Valley 133

New Cential Coal Co 648

New England & Savannah S. S. Co. . . 66

New England Cotton Yam Co 648

New England Elevator Co 149

New England Gas & Coke Co 611

New England Investment & Security

Co 648, aaa

New England Navigation Co aas

New England Railway aaa

New England Telephone & Tel. Co. . 649

New Haven & Centreville 396

New Haven & Centreville St. Ry. Co 326

New Haven & Derby 222

New Haven & Northampton 332

New Haven, Conn., Banks &Tr. Cos. Z049

New Haven Iron & Steel Co 650

New Haven Steamboat Co 322

New Haven Street Railway Co 226

New Haven Water Co 65X

Newhottse Mines & Smelters Co 651

New Jeney & New York. 132

New Jersey Junction 216

New Jersey Southern 69

New Jersey Terminal Dock & Imp't Co. 65 x

New Jersev Zinc Co 653

New London Northern 313, 71

New London Steamboat Co 322

New London Street Railway Co 336

New Mexico & Arisona 30, 396

New Mexico Ry. & Coal Co zjo, 376

New Milford Power Co 326

New Orleans & Mobile 187

New Orleans & Northeastern:... 213, 3x3,314

New Orleans Belt & Terminal Co 3x4

New Orleans Great Northern . . 3x3, 3x3

New Orleans, La., Banks & Trust Cos. 1049

Page

New Orleans Railway & Light Co.. . . 653

New Orleans Railways Co 653

New Orleans Securities. 86973

New Orleans Terminal Co. .3x3, 3x2, 383, 399

Newport & Cincinnati Bridge Co 187

Newport & Dayton Street Ry. Co 458

Newport News Shipbuilding & Dry

Dock Co 653

Newport, R. I., Banks X050

New Trinidad Lake Asphalt Co.. Ltd. 533 New Williamsburg & FLatb'h R. R. Co. 435

New York Air Brake Co 654

New York & Brooklyn Bridge Railroad 434 New York & B'klyn Tunnel R. R. Co. 605

New York & Canada 1x6

New York & Coney Island X83

New York & East River Gas Co 473

New York & Erie 133

New York & Flushing 183

New York & Greenwood Lake 3x4, X33

New York & Harlem 314, 3x6, 333

New York & Hoboken Ferry Co 654

New York & Honduras Rosario M. Co. 655

New York & Jersey Railroad Co 549

New York & Kentucky Co 655

New York & Long Branch 35X

New York & Long Island Railroad ... 69

New York & Long Island Traction Co. 656

New York & Manhattan Beach 3x6

New York & New England 323

New York & New Jersey Ferry Co.. . . 654 New York & N. J. Telephone Co. . . . 656

New York & Northern 317

New York & Ottawa 3x5, 3x6

New York & Penn. Tel. & Tel. Co. . . . 657

New York & Putnam 310

New York & Queens County Ry. Co. . 658 New York & Queens Electric Light &

Power Co. . .- 658

New York & Richmond Gas Co 659

New York & Rockaway Beach x83

New York & Stamford Railway Co. . . 336

New York & Suburban Gas Co 473

New York & Westchester Lighting C0.464, 473,

New York & Wilkes-Bane Coal Co. . 339

New York Bank Sutement X003

New York Biscuit Co 637

New York, Brooklyn & Man. Beach.. 3x6, X83

New York Central & Hudson River. . . 316, 44

4S 47. 6x, 73, 103, xx6, X39, 174. 196, 3x4,

New York City Interborough Ry. Co. 659

New York City Railway Co 6x6, 557

New York, Chicago & St. Louis 220, X74,

2x6, 260 New York Clearing House Averages . . X002

New York Connecting X83, 249

New York Consol. Exchange, Sales. . . X007

New York Dock Co 660

New York Elevated Railroad Co 604

New York Gas & Electric Light, Heat

& Power Co 472

New York Glucose Co 482

New York, Lackawanna & Western. . . 22X, 1 18 New York, Lake Erie & Western 133

Index

New York, New Haven and Hartford.. 322, 49,

New York, N. Y., Banks & Trust Cos. 1050

New York, Ontario & Western 227, 117,

New York, Pennsylvania & Ohio 132

New York-Philadelphia Co 435

New York, Philadelphia &NorfoIk. . . 228 New York, Providence & Boston 222

New York Securities .873-912

New York Shipbuilding; Co 661

New York Stock Exchange, Sales. . . . 1006 New York, Susquehanna & Western 229,

New York Telephone Co 661

New York, Texas & Mexican 141

New York Transportation Co 662

New York, Westchester & Connecticut Railway Co 616

Niagara Falls Suspension Bridge Co.. 570

Niagara Falls Park & River Ry. Co. . 570

Niagara Falls Power Co 662

Niagara Falls Whirlpool & Northern

Railway Co 571

Niagara, St. Cath. & Toronto Ry. Co. 663

Nicholson File Co 664

Niles-Bement-Pond Co 664

Ninth Avenue Railroad Co 617

Nipissing Mines Co 665

Nodaway Valley 84

Norfolk & Carolina. 37

Norfolk & Southern 230, 35

Norfolk & Washington Steamboat Co. 666

Norfolk & Western 231, 249, 223, 704

Norfolk Terminal & Transp*t*n Co. . . 74

Norfolk, Va., Banks & Trust Cos 1054

Norfolk, Vireinia Beach & Southern.. . 230

North American Co 666, 492, 586, 626, 776

Northampton Railroad 178

Northampton Street Railway Co 667

North Brookfield Railroad 47

North Butte Mining Co 668

North Carolina Railroad 233, 301

North Chicago City Railway Co 453

North Chicago Electric Ry. Co 451

North Chicago Street Railroad Co. . . . 453

Northeastern of Georgia 300

Northeastern of South Carolina 38

Northeastern Pennsylvania 207

Northern Alabama 299

Northern Alabama Coal, I ron & Ry.Co. 668

Nprthem California 298

Northern Central 234, 248, 257

Northern Central Michigan 174

Northern Coal & Iron Co xi6

Northern Commercial Co 669

Northern Illinob Railroad 81

Northern Maine Seaport Railroad 43

Northern Navigation Co. of Ontario. . 669

Northern of Costa Rica 787

Northern of New Jersey 132

Northern Ohio 173

Northern Ohio Traction & Light Co. . 670 Northern Pacific..23S, 59, 83, 150, 237, 238, 317

Northern Pacific Terminal Co 237

Page

Northern Railway 998

Northern Railway, Canada 149

Northern Securities Co.. 238, 150, 235, 245, 3x7

Northern Steamship Co 150

Northern Union Gas Co 473

North Hudson County Railway Co.. . . 711

North Hudson Light, Heat & Power. . 71 1

North Jersev Street Railway Co 7x0

North Pacific Coast 240

North Pennsylvania 239, 267

North Shore Railroad 30, 240

North Side Electric Street Railway Co. 45 1

North Star Mines Co 671

J4orth Star Mining Co., Limited 671

Northwestern CcmlI Railroad 699

Northwestern Elevated Railroad Co . . 672

Northwestern Fuel Co 672

Northwestern Gas Light & Coke Co. . 691

Northwestern Mining & Exchange Co. X32

Northwestern Pacific , 240, 30

Northwestern of South Carolina 37

Northwestern Telegraph Co 83X

Northwestern Terminal Co 122

Northwestern Union Railroad 80

North Wisconsin 93

Norwich & New York Trans. Co 222

Norwich & Worcester 241, 222

Norwich Street Railway Co 226

Norwood & Montreal 278

Nova Scotia Steel & Coal Co., Ltd. . . 673

Nypano Railroad 132 '

Oakland, Cal. , Banks & Trust Cos 1054

Oats, Acreage and Production 960

Oats, Condition of Crops in U. S. . . . 969

Oats, Crops of the United States 963

Oats in Store at Chicago 968

Oats, Options at Chicago 951

Oats, Prices in Chicago 955

Oats, Prices in New York 959

Ocean Steamship Co 66

Oconee Division 67

Ogden Gas Co 691

Ogdensburg & Lake Champlain 279

Ogdensburg Terminal Co 279

Ogden Street Railway Co 451

Ogden, Utah, Banks X054

Ogilvie Flour Mills Co., Limited 674

Ohio & Indiana Consolidated Natural '

& Illuminating Gas Co 674

Ohio & Indiana Gas Co 674

Ohio & Little Kanawha 39

Ohio & West Virginia 155

Ohio Copper Co 4x1

Ohio, Indiana & Western X04, 253

Ohio River Railroad 241, 39

Ohio Southern 125

Ohio Steel Co 807

Ohio Traction Co... 675, 458

Ohio Valley Railroad 158

Ohio Valley Telephone Co 486

Oklahoma, Okla., Banks & Trust Cos. X055

Old Colony Copper Co 675

Old Colony Railroad 242, 50, aaa

Oki Colony Steamboat Co 2aa

Index

Page

Old Colony Street Railway Co 418, 609

Old Dominion Co 676

Old Dominion Copper Min.&Smelt. Co 676

Old Dominion Steamship Co 676, 292

Old Hundred Mining Co 676

Omaha & Council Bluffs St. Ry. Co. . 677

Omaha & Grant Smelting Co 379

Omaha Gas Co 677

Omaha, Neb. , Banks & Trust Cos 1055

Omaha Street Railway Co 677

Omnibus Cable Co 79a

Onondaga LightingCo 755

Ontario & Quebec 61

Ontario, Carbondale & Scranton 373

Ontario Power Co 678

Ontario Silver Mining Co 679

Opelousas, Gulf & Northeastern 3x0

Orange & Passaic Valley Railway Co. 710

Orange County Railroad 177

Oregon & California. 343, 337, 296

Oregon & Southeastern 343

Oregon R.R. & Navigation Co. ..343, 337, 317

Oron Short Line 344, 343, 390, 317

Oregon Short Line & Utah Northern. 344

Osceola Consolidated Mining Co 679, 433

Oswego & Rome 378

Oswego Bridge Co 378

Otis Co 680

Otis Elevator Co 680

Ottawa & New York 315

Ottawa, Canada, Banks 1079

Ottawa, Northern & Western 61

Ottumwa, Cedar Falls & St. Paul 80

Ozark & Cherokee Central 383

Ozark Equipment Co 166

PadficCoast Co 681

Pacific Gas 8t Electric Co 682

Pacific Mail Steamship Co. .685, 245, 396, 3x7

Pacific of Missouri 303

Paducah, Tennessee & Alabama x86, 309

Page Woven Wire Fence Co 686

Paint Creek Branch 74

Panama Railroad 345

Panama Canal Co 345

Paris & Great Northern 383

Park Steel Co 485

Parrot Silver & Copper Co 349

Passaic & Newark Elect Tract. Co... 7x1

Passaic & New York. 330

Passenger & Belt Railway 74

Paterson & Passaic Gas & Electric Co. 710

Paterson, N. J., Banks 1055

Paterson Railway Co 7x1

Peck, Stow & WUcox Co 686

Pecos River Railroad 30

Pecos Valley & Northeastern 30

Peekskill LighUng & Railroad Co 686

Pemigewasset Valley iix

Penobscot Shore Line . too

Pensacola & Atlantic 187

Penn-Mary Coal Co

Penn Street Passenger Railway Co. . . 4:

Pennsylvania. . . .348, 38, 39, 43, 46, 73, 96, 103, XX5, Z19, I30, 146, i8x, x83, 317, 339, 334, 346, 357, 361, 363, 371, 391, 313,

330, 331, 329, 351, 689 Pennsylvania, Beech Creek & Extern

Coal Co 687

Pennsylvania & Mahoning Val. Ry . Co. 602 Pennsylvania & N. Y. Omal & R. R. 179

Pennsylvania & Northwestern 351

Pennsylvania Canal Co 349, 351

Pennsylvania Central Brewing Co 668

Pennsylvania Coal & Coke Co 687

Pennsylvania Coal Co 133

Pennsylvania Co 346, 65, 96, xoi, X03,

X31, 146, 348, 361, 314 Pennsylvania, New Jersey & N. Y. . . 349 Pennsylvania, N. Y. & Long Island... 349 Pennsylvania, Pouehkeepsie & Boston 178 Pennsylvania Salt Manufacturing Co.. 689 Pennsylvania, Slatington & New Eng. X78

Pennsylvania Steel Co 689, xx3, 349

Pennsylvania Telephone Co 407

People's Gas & Electric Co. of Oswego. 690

People's Gas Light St Coke Co 690

People's Traction Co., New York 616

People's Traction Co., Philadelphia.. 691, 780

Peoria 8t Eastern 353, 103, 354

Peoria & Northwestern 81

Peoria & Pekin Union 254, 92

Peoria, Decatur & Evansville. 159

Peoria, III. , Banks & Trust Cos 1055

Pere Marquette R.R 255, 85, 94, 96, itz

Perkiomen Railroad 367

Perth Amboy & Woodbridge 351

Petersburg Railroad 37

Petroleum Statistics 97-907

Philadelphia & Baltimore Central. ... 357

Philadelphia & Chester Valley 367

Philadelphia & Darby Passenger Ry. . 781

Philadelphia & Delaware County 357

Philadelphia & Erie 334, 349, 350

Phila. & Gray's Ferry Pas. Ry. Co.. . . 780

Philadelphia & Long Branch 351

Philadelphia & Reading 367, 39, 115,

Philadelphia & Reading C. & I. Co! . 367 Philadelphia &WiUow Grove Trac. Co. 696 Philadelphia, Bait. &Wash. 357, XX9, 348,337 Philadelphia City Passenger Ry. Co.. 780 Philadelphia Company.. 690, 404, 478, 703, 795

aSi

Philadelphia Electric Co. Philadelphia, Germantown & Chestnut Hill

Philadelphia, Germantown & Norris-town

367

Philadelphia, Marlton & Medford 331

Philadelphia, Newtown & New York . . 367 Philadelphia, Pa., Banks & Trust Cos. 1056

Philadelphia Railway 358

Philadelphia Rapid Transit Co 695, 780

Philadelphia, Reading & New England 65

Philadelphia Securities 0x3-930

Philadelphia Traction Co 691, 780

Philadelphia, Wilmington&Baltimore . 349, 357

Philippine Railway 358

Phcenlx Consolidated Copper Co. ... . 697

Index

Page

Piedmont & Cumberland 328

Pie Iron Production of United States. 948 PiSsbury-Washbum Flour Mills Co. Ltd 697

Pine Creek Railway 316

Piqua & Troy 97

Pitcaim & Wilmerding Street Ry. Co. 478 Pittsburg:, Allegheny St Manchester

Traction Co 813

PittsbuYg & Birmingham Traction C0.679,

Pittsburg & Connewille 40

Pittsburg & Duluth Mining Co 753

Pittsburg & Lake Erie 359, 174,316,247

Pittsburg & Western 39

Pittsburg, Bessemer & Lake Erie.. 260, 47, 805

Pittsburg Brewing Co

Pittsburg, Came & Western 334, 325

Pittsburg, Chartiers & Yough. . . . 347, 359, 361

Pittsburg, Cincinnati & St. Louis 361

Pittsburg, Cincinnati, Chicago & St.

Louis 361, 155, x8x, 346, 348

Pittsburg, Cleveland & Toledo 41

Pittsburg Coal Co 699, 334, 630

Pittsburg Dry Goods Co 701

Pittsburg, Ft. Wayne & C..262, 102, 346, 348

Pittsburg Junction Railroad 40

Pittsburg, McKeesport & C. Ry. Co. . 835

Pittsburg, McKeesport & YoughV 359

Pittsburg, New Castle & Lake Erie. . . 41

Pittsburg, Ohio Valley ft Cincinnati.. 346

Pittsburg Oil ft Gas Co 701

Pittsburg, Pa. , Banks ft Trust Cos. . . . 1058

Pittsburgh Plate Glass Co 703

Pittsburg Railways Co 702, 692

Pittsburg Reduction Co 349

Pittsburg Securities 92X-924

Pittsburg, Shawmut & Northern 263

Pittsburg, Shenango & Lake Erie 260

Pittsburg Steamship Co 807

Pittsburg Terminal & Coal. . 264,

324, 699 Pittsbure Terminal Warehouse &

Transfer Co 703

Pittsburg Traction Co. 692

Pittsburg Valve, Foundry ft Con. Co. 703

Pittsburg, Virginia & Charleston 249-250

Pittsburg, Wheeling ft Lake Erie Coal. 332

Pittsburg, Wheeling ft Kentucky 261

Pittsburg, Youngstown ft Ashtabula. . 246

Pittsfield ft North Adams 47

Plainfield Street Railway Co 711

Plainview Railroad 8z

Planters* Compress Co 704

Pleasant Valley Coal Co i2r

Pocahontas Coal & Coke Co 704, 23a

Pocasset Manufacturing Co 705

Pope Manufacturing Co 705

Pork, Lard and TaUow, at New York. 959

Pork, Options at Chicago 951

Pork, Prices in Chicago 956

mal ft Dock "

Port Arthur Canal i

:Co.

Port Huron. St. Clair & Marine City

Railway Co

PoTtJerv,Monticello & Summitville..

Portland ft Ogdensburg

Portland ft Rochester

Portland & Rumford Falls

Page

Portland Consolidated Steamship Co. 334

Portland Gold Mining Co 706

Portland, Me., Banks & Trust Cos 1061

Portland, Ore., Banks ft Trust Cos. . . 1061

Portland, Saco ft Portsmouth 48

Portland Street Railway Co 236

Portland Union 190

Port Reading Railroad 367

Port Townsend Southern, 335

Portsmouth & Dover 48

Portsmouth, Great Falls & Conway. . . 48

Postal Telegraph Cable Co 600

Potomac Valley 338

Potter Ore Co 759

Potts Creek Branch 74

Poughkeepsie & Eastern 65

Poughkeepsie Bridge Railroad 65

Powell Street Railway Co 793

PowhaUn Coal ft Coke Co 5a

Prescott & Eastern 31

Pressed Steel Car Co 706

Preston Coal & Improvement Co 707

Prices of Bar Silver in London 945

Prices of Grain ft Provisions at Chicago 949

Prices of Stock Exchange Seats 1007

Primary Market Receipts of Com 9S7

Primary Market Receipts of Wheat ... 966

Princeton & Northwestern 81

Procter & Gamble Co 708

Produce Sutistics 949-

Production of Coal 946, 948

Production of Gold and SUver in the

United States 943, 944

Production of Gold and Silver in the

World 943

Prospect Park ft Coney Isld. R.R. Co.. 183, 434

Prospect Park ft South Brooklyn 181

Providence ft Burrville Ry. Co 336

Provklence Gas Co 708

Providence, R. L, Banks ft Trust Cos. 1061

Providence ft Springfield 333

Providence&Stonington Steamship Co 333

Providence ft Worcester 264

Providence Securities Co 709, 33a, 811

Providence Telephone Co 709

Providence Terminal Co 334

Provisions, Exports 977, 978

Provisions, Prices at Chicago 949

Provisions, Stocks of 079

Public Debt of the United Sutes 848

Public Service Corporation of N. J.690, 709, 533

Public Service Railway Co 710

Pueblo ft Suburban Trac. ft Light. Co. 7 la

Pueblo, Col., Banks X063

Pueblo Traction ft Lighting Co 713

Puget Sound Electric Railway 713

PuUman Co

Br Oats Co 74

>u'Appelle, Long Lake ft Saskiewan. 59

Bbec Bridge ft Railway Co 71$

jebec, Canada, Banks 1079

lebec Central

ibeo-Jacques Cartier ElcUic Co . 715

Indbx

Page

uebec, Montreal & Southern 116, 365

tiebec. New Brunswick & Nova Scotia 58

Quebec Southern 116, 965, 279

Quicksilver Mining Co 710

uincj Mining Co 716

quotations. Stock Exchanges 849-933

Radne Gas Light Co 717

Railroad Companies 35-337

Railroad Construction 340

Railroad Freight SUtistics 338-339

Railroad Foreclosure Sales 340, 341

Railroad Receiverships. 341, 349

Railroad Securities 5-337

Railroad Securities Co 717, 317

Railways Company General 717

Railway Steel Spring Co 718

Raleigh & Augusta 393

Raleigh & Charleston 966

Raleigh & Gaston 392

Raleigh & Pamlico 331

Raleigh, N. C, Banks & Trust Cos. . . 1063

Rapid Railway, Detroit 494

Rapid Transit Subway Con. Co 559

Rapkl Transit Street Railway Co 71 z

Ravenwood, Spencer & Glendale 3?i

Reading & Columbia 300, 267

Reading Company.367, 39, 69, 175, 177, 317, 689

Reading Iron Co 7x9

Reading, Pa., Banks & Trust Cos 1062

Reece Button-Hole Machine Co 719

Rensselaer & Saratoga 371, 116

Republic Iron & Steel Co 730

Republican VaUey S4

Retsof Mining Co 733

Rhode Island & Massachusetts 333

Rhode Island Co 709

Rhode Island Copper Co 733

Rhode Island Perlcms Horse Shoe Co. 733

Rhode Island Securities Co 709

Rhode Island Suburban St. Ry. Co. . . 811 Richelieu & Ontario Navigation Co. . . . 733

Richmond & Allegheny 73

Richmond & Danville 399

Richmond & Mecklenburg 301

Richmond & Petersburg 37, 373

Richmond & West Point Terminal

Railway & Warehouse Co 99i 99

Richmond, Fredericksburg &Potomac.37 1, 273 Richmond Locomotive & Mach. W'ks 370 Richmond Passenger & Power Co. ... 831 Richmond, Va., Banks & Trust Cos. X063 Richmond-Washington Co 373, 37,

40 73. 371. 291. 299. 327 Richmond, York River & Chesapeake 300 Ridge Avenue Passenger Railway Co. 780

Ridgway & Clearfield 351

Rio Grande & El Paso 30

Rio Grande Junction xo9i x3o

Rio Grande Railroad 286

Rio Grande, Sierra Madre & Pacific. . .373, 536

Rio Grande Southern 373, xso

Rio Grande Western. . . ., . . .xo3, 130, 303, 330

Ripleyft Mill Creek 40, 341

River Front Railroad 350

Roanoke & Southern

Rochester & Eastern Rapid Railroad.

Rochester & Northern Miimesota

Rochester & Pittsburg Coal & Iron Co.

Rochester & Suburban

Rochester Gas & Electric Co

Rochester Railway & Light Co

Rochester Railway Co

Rochester Telephone Co

Rochester, N. Y., Banks & Trust Cos.

Rockford Belt Ry

Rockford, IIL, Banks & Trust Cos. . .

Rock Island & Peoria

Rock Island Co 374, 76, 283,

Rockville Railroad

Rocky Mountain Bell Telephone Co. .

Rocky Mountain Coal & Iron Co

Rogers Locomotive Works.

Rogers, William A., Limited

Rome & Clinton

Rome City Street Railway Co

Rome, Watertown & Ogaensburg. . ..

Roxbury Central Wharf.

Royal Baking Powder Co

Royal Electnc Co

Rovster, F. S., Guano Co

Rubber Goods Manufacturing Co

Rumford Falls & Rangely Lakes

Rutland-Canadian

Rutland Railroad

Rutland Transit Co

Rutland, Vt., Banks & Trust Cos

Page

1x6, 397

Sacramento, Cal., Banks

Sacramento Electric, Gas & Ry. Co Safety Car Heating & Lighting Co. . . 798

Sagtoaw," Tuscola & Huron 956

St. Clair Furnace Co 485, 807

St, Clair Steel Co 485, 807

St. Clair Water Co 447

St. John, Canada, Banks 1079

St. Johnsbury & Lake Champlain. . . . 980, 48

St. Joseph & Grand Island 981

St. Joseph Gas Co 799

St. Joseph. Mo., Banks & Trust Cos. 1064 St. Joseph Ry . , Light, Heat &Power Co 799

St. Joseph Stock Yards Co 730

St. Lawrence & Adirondack 981, 916

St. Lawrence & Ottawa. 60

St. Louis, Alton & Terre Haute 159

St. Louis St Cairo 205

St. Louis & Gulf 383

St. Louis & Northern Short Line 77

St Louis & San Francisco . .389, 78, X36, 167,

St. Louis & Suburban Railway Co. . . . 794

St. Louis, Arkansas & Texas 387

St. Louis Belt & Terminal 307

St. Louis Brewing Association 730

St. Louis, Brownsville & Mexico 386

St. Louis Bridge Co 307

St. Louis, Council Bluffs and Omaha. 335 St. Louis, Iron Mountain & Southern. 303, 388,

307, 310 St. Louis, Kansas & Northwestern . .. 347

Index

Page

St. Louis, Kansas City & Colorado. . . 276

St. Louis, Kansas City & Northern . . 335

St. Louis, Memphis & Southeastern.. 382

St. Louis, Mo., Banks & Trust Cos. . . X065

St. Louis, Peoria & Northern 76, 159

St. Louis Railroad Co 79

St. Louis, Rocky Mountain & Pacific. 386

St. Louis, San Francisco & Texas. ... 383

St. Louis Securities 935-936

St. Louis Southern 160

St. Louis Southwestern 387

St. Louis Terminal Cupples Station &

Property Co 731

St. Louis Transit Co 794

St. Louis, Vandalia & Terre Haute. ..347, tsi

St. Louis, Watkins & Gulf 388

St. Louis, Wichita & Western 383

St. Mary's Canal Mineral Land Co. . . 483

St. Marv's Mineral Land Co 731

St. Paul & Duluth 335

St. Paul & Northern Pacific 336

St. Paul & Sioux City 93

St. Paul City Railway Co 773

St, Paul Gas Light Co 733

St. Paul, Minneapolis & Manitoba 149

St. Paul, Minn., Banks & Trust Cos.. 1066

St. Paul Union Stock Yards Co 733

Salem, Mass., Banks & Trust Cos 1066

Salt Lake City. Utah, Banks & Tr. Cos. 1066

San Antonio Aransks Pass 389

San Antonio & Gulf 141

San Antonio, Tex., Banks & Tr. Cos. . 1067 Sandwich, Windsor & Amherstburg

Railway Co 493

Sandusky, Mansfield & Newark 40

Sanford & St Petersburg 37

San Francisco & North Pacific 30, 340

San Francisco & Northwestern 30, 340

San Francisco & San Joamiin Valley. 30

San Frandsco,CaL,Bank8 & Trust Cop. X0&7

San Francisco Gas & Electric Co 684, 683

San Jose, Cal. , Banks & Trust Cos. . . 1068 San Pedro, Los Angeles & Salt

Lake a90, 244, 3x7

Santa Fe Central 390

Santa Fe Gokl & Copper Mining Co. . 733

Santa Fe Land Improvement Co 30

SanUFe Pacific 30

Santa Fe, Prescott & Phcenix 390, 30

Sao Paulo Tramway, Light & P. Co. 733

Sault Ste. Marie & South West 93

Sault Ste. Marie Bridge Co 734

Savannah & Atlantic 67

Savannah & Statesboro 391

Savannah & Western 67

Savannah Electric Co 734

Savannah, Florida & Western 37

Savannah, Ga., Banks & Trust Cos. . 1068 Savannah, Thunderbolt & Isle of

Hope Railway Co 735

Schenectady & Duanesburg 1x7

Schenectady Railway Co 735, 116, 317

Schuylkill & Lehigh Valley 179

Schuylkill Railway Co 736

Schuylkill River, East Side Railroad. . 4X

Schuylkill River Railway Co 780

Schuylkill Traction Co

Schuylkill Valley Traction Co. . Scioto Valley & New England.

Scranton Coal Co

Scranton, Pa., Banks & Trust Cos.. .

Page

Scranton Railway Co 737, 375

Scranton Traction Co 737

Sea Beach Railroad 434

Seaboard Air Line 391, 66, X89, 371,

Seaboard & Roanoke 393

Seaboard Co 393, 393

Sears, Roebuck & Co 738

Seattle Electric Co 739

Seattle & Montana 149

Seattle Railway Co 739

Seattle-Tacoma Interuiban Ry. Co. . . 7x3

Seattle, Wash. , Banks & Trust Cos. . . X069

Second & Third St. Passenger Ry. Co. 780

Second Avenue Railway Co 617

Second Avenue Traction Co 8x3

Shannon Copper Co 739

Sharon & New Castle Railway Co. . . 603

Sharon Coke Co 807

Sharon Railway 133

Sharon Steel Co 805

Shawmut Mining Co 363

Shelby Steel Tube Co 805

Shenandoah Valley Railroad 333

Shenango Exjuipment Trust 36x

Sherman, Shreveport & Southern 3ox

Shore Line Railroad 333

Shreveport & Red River Valley 185

Shreveport, La., Banks 8t Trust Cos.. X069

Shuswap & Okanagon 6x

Sierra Madre & Pacific 373

Sierra Railway Co. of California 394

Sierra Valley 3xx

Silver King Coalition Mines 740

SOver Prices in London 944-945

Silver Springs, Ocala & Gulf. 38

Simmons Hardware Co .740

Singer Manufacturing Co ' 74X

Sioux City & Pacific 80

Sioux City, la., Banks & Trust Cos. . . X070

Sixth Avenue Railway Co 617

Sloss Sheffield Steel & Iron Co 74X

Snow Shoe Railroad xoo

Somerset Coal Co 743, 479

Somerset P X90

Somerset, & Middlesex Lighting Co 7x0

Sonora Railway 30, 396

South & North Alabama. 187

South Bound Railroad 393

South Carolina & Georgia. 399

South Chester Railroad 357

South Chicago & Southern 346

South Chicago City Railway Co 743

South Covington & Cinn.Street Ry. Co. 458

South Ferry Raihxd Co 618

South Ferry Railroad Co 6x7

Southern Railway 399, 36, 35, 67, 73, 88.

97 99. MSi 159. ao4, aos, 3x3, 333,

37X, 383, 306, 307, 3a3f 3a7 8ao

Southern & Atlantic Telegraph Co. . . 831

Indbx

Page

Southern Cotton Oil Co 8i8

Southern Electric Railway Co 794

Southern 111. & Missouri Bridge Co. . 387

Southern Indiana Coal Co 295

Southern Indiana Railway 295

Southern Kansas 30

Southern Light & Traction Co 743

Southern Missouri Railway m

Southern Missouri & Arkansas 384

Southern New England Telephone Co. 743

Southern Pacific Railroad 298, 396, 337

Southern Pacific Co 395, 68, 141, 145, 157,

x86, 307, 337, 243, 389, 398, 309, 317, 68s

Southern Pacific of Arizona 398

Southern Pacific of California 398

Southern Pacific of New Mexico 398

Southern Vermont 138

South Jersey Gas, Electric & Trac. Co. 710

South Padnc Coast 396

South Platte Canal & Reservoir Co. . . 49T

South Shore Railway 116, 265

South Side Elevated Railroad Co 744

Southwestern Construction Co 36, 99

Southwestern Coal & Improvem*t Co. 301

Southwestern of Georgia. 66

South West Pennsylvania Railway. . . 350

Spartanburg, Union & Columbia 301

Spokane FaUs & Northern 150

Spokane, Wash., Banks & Trust Cos. 1070

Spring Brook Water Supply Co 745

Springfield, Mass. , Banks & Trust Cos . 1070

Spuvten Duyvil & Port Morris. . ? 3x6

Squire, John P., & Co 745

Standard Chain Co 746

Standard Cordage Co 746

Standard Distilling & Distributing Co. 496

Standard Gas Light Co 473

Standard Milling Co 747

Standard Oil Co 748

Standard Rope & Twine Co 746

Sundard Sanitary Manufacturing Co. 748

Standard Screw Co 749

Standard Steel Car Co 75©

Standard Underground Cable Co 750

SUten Island Railway 303, 39

Staten Island Rapid Transit 304 39

Steinway Railway Co 658

Stetson, John B., Co 750

Steubenville & Indiana. 363

Stewart Mining Co ,j . 751

Stock Exchange Quotations . /wx,V' . . 849-933

Stock Exchange Seats, Prices ot 1007

Stocks, Income-Yielding Capacity. . . . loio

Street's Western Stable Car Line Co . . 75 1

Sturgis, Goshen & St. Louis 174

Suburban Gas Co. of Phila 753

Suburban Railroad Co., Chicago 94

Suburban Rapid Transit St. Ry. Co. . 693

Suffolk & Carolina. 330

Sullivan County Railroad 48, 1x2

Summit Branch 349

Sumter & Wateree 301

Sunbury & Lewisburg 350

Sunbury, Hazelton & Wilkes-Barre. . . 350

Suncook Valley xxi

Sunday Creek Co 753

Page

Superior & Pittsburg Copper Co 753

Superior Water, Light & Power Co. . . 753 Surplus Reserve of New York Banks. . 1003

Susquehanna & New York 304

Susquehanna, Bloomsburg & Berwick. 305

Susquehanna Coal Co 754, 349, 351

Sulro Tunnel Co 468

Sutter Street Railway Co 793

Sweetwater Coal Mining Co 44X

Swift and Company 754

Sydney & Louisbourg Railway 498

Syracuse, Binghamton & New York.. 305, 118

Syracuse Gas Co 755

Syracuse, Geneva & Corning 316

Syracuse Lighting Co 737, 755

Syracuse, N. Y., Banks & Trust Cos. 1071

Syracuse, Phoenix & Oswego 378

Syracuse Rapid Transit Railway Co.. 756, 317

Tacoma Railway & Power Co 7x3

Tacoma, Wash . , Banks & Trust Cos . . 1071

Tamarack Mining Co 757

Tarkio Valley 84

Tarry town W. P. & M. Railway Co.. 763, 778 Taunton, Mass., Banks & Trust Cos. . 1071

Taylor Avenue Railway Co 794

Taylor's Falls & Lake Superior 336

Tecumseh Copper Co 433

Teft- Weller Co 757

Tehuantepec National Railway 333

Temiscouata Railway 306

Temple Iron Co 758

Tennessee Central 306, X59, 300

Tennessee Coal, Iron & R. R. Co. 758, 300, 805

Tennessee Copper Co 760

Tennessee Midland 186,309

Tenth & Twenty-third St. Ferry Co. . 433 Terminal Railway Ass'n of St. Louis . . 307

Terminal Railway Co. of Buffalo 176

Terminal Warehouse Co 760

Terre Haute & Indianapolis 347, 308,331

Terre Haute & Logansport 347, 33X

Terre Haute & Peoria 308, 347, 32X

Terre Haute & Southeastern 136

Terre Haute, Ind., Banks & Trust Cos. 107 x

Texas & New Orleans 309, 396

Texas & Oklahoma 201

Texas & Pacific 309, 203, 761

Texas & Pacific Coal Co 760

Texas Central 310

Texas Midland 310

Texas Pacific Land Trust 761, 310

Texas Trunk Railroad 309

Third Avenue R. R. 00.761,503, 520, 617, 778 Thirteenth & Fifteenth Sts. Ry. Co.. 780 Thirty-fourth St. Crosstown Ry. Co.. 617

Thomas Iron Co 763

Thomdike Co 763

Tidewater Oil Co 763

Tidewater Steel Co 763

Tinguaro Sugar Co 764

Tioga Railroad 133

Tivoli Hollow Railroad 216

Toledo & Ohio Central 31 1, 155, 166

Toledo & Western Railway Co 764

Indbx

Page

Toledo, Ann Arbor & Noxth Michigan 29

Toledo Belt Railway 33a

Toledo, Canada Southern & Detroit.. 197

Toledo, Fremont & Norwalk R. R. Co. 587

Toledo, O., Banks & Trust Cos 1072

Toledo, Peoria and Western 312, 247, 254

Toledo Railway & Terminal 97

Toledo Railways & Light Co 764

Toledo, St. Louis St Kansas City 313

Toledo, St. Louis & Western 3x3, 76,

Toledo, Saginaw & Muskegon 148

Toledo, Walhonding Valley & Ohio. . 314, 246

Tonopah & Goldfield 315

Tonopah Extension Mining Co 765

Tonopah Mining Co. of Nevada 765

Tonopah Railroad 315

Topdca, Kan., Banks & Trust Cos. . . . 1072

Toronto, Canada, Banks & Trust Cos. xoSo

Toronto Electric Light Co., Limited.. 766

Toronto, Grey & Bruce 61

Toronto, Hamilton & Buffalo 3x5, 61, 216

Toronto Railway Co 766

Toronto Securities 93-93

Torrington & Winchester 226

Torrington Co 767

Trade Dollar Consol. Mining Co 768

Transylvania Railroad 301

Traverse City RaiU-oad 146

Tremont Coal Co 768

Trenton & New Brunswick Ry. Co. . 768

Trenton Gas & Electric Ca 71X

Trenton, N. J., Baivks & Trust Cos. . X073

Trenton Passenger Railway Co 791

Trenton Potteries Co 769

Trenton Street Railway Co 791

Trethewey Silver-Cobalt Co 769

Trinity & Braxos Valley xo8

Trinity Copper Co 770

Tri-City Railway & Light Co 770

Tri-Sute Gas Co 771

Trow Directory, Printing & Bookbinding Co 77X

Troy & Boston 138

Troy & Greenbush 216

Troy & Greenfield 138

Troy City Railway Co 8x2

Troy Gas Co 77X

Troy, N.Y., Banks & Trust Cos 1073

Troy Steel Products Co 805

Trust Companies 1019-X080

Tunnel Coal Co 66

Tunnel Railroad of St. Louis 307

Turner, J. Spencer, Co 47X

Twenty-third Street Railway Co 617

Twenty-eighth & Twenty-ninth Streeto

Crosstown Ry. Co 617

Twin City Rapid Transit Co 77a

Twin Sute Gas & Electric Co 643

Tyrone & Clearfield 251

Ulster & Delaware 316

Underground Electric Railways Co.,

of London, Limited 773

Union Bag & Paper Co 774

Page

Union Carbide Co 775

Union Copper, Land & Mining Co. . . 775

Union Electric Co., Dubuque, la 775

Union Electric Light & Power Co. of

St. Louis. 7A 66

Union Elevated Railroad Co 67a

Union Ferry Co. 776

Union Gas & Electric Co., Cincinnati 777

Union Light, Heat & Power Co 458

Union Natural Gas Corporation 777

Union Pacific.. 3x7, 39, 76, 107, 243, 244, 28X,

Union Pacific, Denver & Gulf X07

Union Passenger Rjulway Co 780

Union Railroad 807

Union Railway Co. of New York 778, 76a

Union Railway, Pittsburg 260

Union Steamboat Co X32

Unton Steel Co 85

Union Storage Co. 779

Union Switch & Signal Co 779

Union Termmal Railway 251

Union Traction Co., Philadelphia 780, 69s

Union Typewriter Co 782

United Bank Note Corporation 782

United Box Board & Paper Co 783

United Breweries Co 784

United Cigar Manufaaurers Co 784

United Copper Co 785

United Electric Co. of New Jersey 710

United Electric Light & Power Co.,

Baltimore 474

United Electric Light & Power Co.,

New York 785. 472

United Electric Light Co 786

United Electric Securities Co 786

United Factories, Limited 786

United FruitCo 787

United Gas & Electric Co 788

United Gas Improvement Co 789, 515

United Lead Co 642

United Kingdom, National Debt 846

United New Jersey Railroad & Canal . 320,

46, 248, 331 United Power & Transportation Co.. 790, 571

United Railroads of San Francisco 792, 795

United Railways & Elec. Co. of Bait. . 793

United Railways Co. of St. Louis 794, 666

United RaUways Investment Co 795, 792

United Shoe Machinery Co 796

United States Cast Iron Pipe & Foundry Co 797

United SUtes Coal & Oil Co 797

United Sutes Cotton Duck Corp'n 471

United Sutes Envelope Co 798

United States Express Co 799

United States Glass Co 799

United Sutes Government Bonds. . . . 843

United Sutes Gypsum Co 800

United Sutes Leather Co 443

United States Playing Card Co 800

United Sutes Printing Co 800

United States Realty & Construe. Co.. 8ox United Sutes Realty & Improve't Co. 8ox United Sutes Reduc*n & Refining Co. 80a United States Rubber Co 80a, 727

Indbx

United States Shipbuilding Co 409

United States Silver Corporation 567

United States Smelting, Refining &

Mining Co 804

United States Steel Corporation. ..805, 47, 137,

United States Sugar Refining Co 483

United Tnc. & Elec. Co. , Providence . 81 1

United Traction Co., Albanv 812, 1x6

United Traction Co. of Pittsburg. 8 13, 692, 698

United Verde Copper Co 814

Universal Portlana Cement Co 805

Upper Cahaba Branch 67

Upper Coos 190

U. S. Bobbinft Shuttle Co 814

Utah & Northern 344

Utah Apex Mining Co 815

Utah Central 121

Utah Copper Co 815

Utah Consolidated Mining Co 8x5

Utah Fuel Co X2x

Utica & Black River 278

Utica & Mohawk VaUev Railway C0..816, 3x7 Utica Belt Line Street Railroad Co. . . 816

Utica, Clinton & Binehamton 1x6, 337

Utica Electric Light & Power Co 817

Utica Gas & Electric Co 817

Utica, N. Y., Banks & Trust Cos. . . . X073

Valley of Virginia

Vandalia R.R 321, 136, 247, 249, 354, 307, '

Vera Crus & Pacific 323, i

Verdigris Valley j

Vermont Valley Railroad

Vicksburg, Shreveport & Pacific

Victoria Copper Mining Co I

Victoria Rolling Stock Co I

Virginia & Carolina Coast Railroad. . i

Virginia & Southwestern 333, 299, 1

Virginia-Carolina Chemkal Co I

Virginia Hot Springs Co I

Virginia Iron, Coal & Coke Co 820, -

Virginia Mkiland -

Virginia Passenger St Power Co

Vitible Com Supplies

Visible Wheat Supplies

Vulcan Detinning Co I

Terminal -24, 364,

Wabash, St. Louis St Pacific ". . . .

Waco & Northwestern

Walker Co j

Walkin Valley RaUroad

Waltham Watch Co I

War Eagle Con. Mining & Dev. Co. . Ware River Railroad.

Warm Springs Valley Railway. Warren Raikoad.

Warwick Iron & Steel Co

Warwkk Valley Railroad

Washington & Canonsbuxg Ry. Co. . Washington St Columbia River

Page

Washington St Franklin 38

Washington Central 336

Washington Copper Mining Co 823

Washington County Railway 190

Washington, D. C, Banks & Tr. Cos. 1073

Washington, Ohio & Western 301

Washington RaUwav St Electric Co. . 833

Washington Securities.

Washington Southern 73, 37X, 373

Washington Terminal Co 37

Washhigton Water Power Co 834

Walerbury Co. of New Jersey 835

Waterbury, Conn., Banks & Tr. Cos. 1074 Waterloo, Cedar Falls & Northern. . 86

Watertown & Rome 378

Watervliet Turnpike & Railroad Co.. 813

Waycroes Air Lme. 34

Waynesburg & Washington 347 361

Weatherford, Mineral Wells & North

Western 310

Wellington, Grey & Bruce 149

Welsbach Co 836

West Chester Railroad 350

Westchester Electric Railroad Co. . . . 778

Westchester LieitingCo 837, 473

West Chicago Railroad Tunnel Co. . . 455

West Chicago Street Railway Co 453

Westcott Express Co '. 837

West End Street Railway Co 838, 418

Western & Atlantic 309

Western Arizona Railway 31

Western Electric Co 383

Western Equipment Co 356

Western Gas Co 838

Western Ice Co 583

Western Maryland 328, 335, 358

Western New York ftPenn'a. 339, 39, 346, 348

Western North Carolina 31

Western of Alabama 331, X44

Western Pacific 33°, lao

Western Pennsylvania 350

Western Pocahontas Corporation 74

Western Stone Co 839

Western Telephone & Telegraph Co. . 839

Western Transit Co 317

Western Union Telegraph Co 830,

Westinghouse Air Brake Co 833, 43O

Westinghouse Electric & Mfg. C0.833, 436, 584

Wesdnghouse Machine Co 834

West Jersey 33

West Jersey St Seashore 331, 348

West Kentucky Coal Co. 666

Westmoreland Coal Co 835

West Penn Railways 835

West Philadelphia Passenger Ry. Co. 780

West River 7i ax3

West Shore Railroad *3x6, 337

West Side Belt 364, 34

West Side Street Railway Co 635

West St. Louis Water & Light Co. . . 836

West Virginia & Pittsburg 4i

West Virginia Central St Pittsburg. . ..325.

Wheat, Acreage and Production

Wheat and Com in Farmers* Hands. . 979

Indbx

Page

Wheat, Average English Prices 973

Wheat, Condition of Crops in U. S. . 969

Wheat Crops of the United Sutes 961

Wheat, Exports, Weekly 974

Wheat, Exports with Destinations.. . . 976

Wheat, Options at Chicago 950

Wheat, Prices in Chicago 953

Wheat, Prices at New York 958

Wheat, Primary Market Receipts 966

Wheat, Visible Supplies 964

Wheat, World's Shipments 970

Wheat, World's Supply 971, 972

Wheeling & Lake Erie 33a, 324, 325

Wheeling Gas Co 607

Wheeling Terminal Railway 247

Wheeling, W. Va. , Banks & Trust Cos. 1074

White Knob Copper & Dev. Co., Ltd.. 836

White Pass & Yukon 33

Whitney Co 837

Wichiu Falls & Oklahoma 108

Wichita Falls Railway 901

Wichiu VaUey Raib-oad xo8

Wilkes-Barre & Eastern 239

Wilkes-Barre & Hazelton Railroad Co. 837 Wilkes-Barre & Wyoming Valley

Transit Co 791

Wilkes-Barre Gas & Electric Co 838

Wilkes-Barre, Pa., Banks & Trust Cos. 1075

Wilkinsburg & E. Pittsburg St. Ry. Co. 478

Wilkinsburg & Verona Street Ry. Co. 478

Williamsport & North Branch 334

WiUiamsport, Pa. , Banks St Trust Cos. 1075

Wilmar& Sioux Falls 149

Wilmington & Chester Traction Co. . 791

Wilmington & New Bern 38

Wilmington & Northern .-335, 267, 269

Wilmington & Weldon 37

Wilmington City Railway Co 791

Wilmington, Columbia & Augusta. . . 38

Wihnington, Del., Banks & Tr. Cos.. 1075

Wilmington Gas & Electric Co. 839

Winchester Avenue Railway Co 226

Wind Gap & Delaware 178

. Winnipeg Electric Railway Co 839

Page

Winona & St. Peter. 80

Winona Copper Co 840

Wisconsin & Michigan 335

Wisconsin Central 336

Wisconsin, Minnesota & Pacific 86

Wisconsin Valley Railroad 91

Wolverine Copper Mming Co 840

Wood, W. Dewees, Co 807

Wood Worsted Mill Corporation 388

Woodstown & Swedesboro 339

Woonsocket Street Railway 326

Woonsocket & Pascoag 222

Woonsocket, R. I., Banks 1076

Worcester & Conn. Eastern Ry. Co. . 226

Worcester Gas Light Co 840

Worcester, Mass., Banks & Trust Cos. 1076

Worcester, Nashua & Rochester 337, 48

World's Harvest by Months 980

World's Shipments of Wheat 970

World's Wheat Supply 971, 972

Worthmgton, Hennr R., Co 841, 569

Wyandot Copper Co 841

Wyandotte & Detroit River Ry. Co.. 493

Yale & Towne Manufacturing Co. .. . 841

Yarmouth Steamship Co 126

Yazoo & Mississippi Valley '. . . 159

Yonkers Railroaa Co 762, 778

York and Peach Bottom 191

York County Traction Co 84a

York Harbor & Beach Raihioad 48

York, Pa., Banks & Trust Cos 1076

York Railways Co 84a

York Southern 191

Yosemite Short Line 994

Yosemite Valley Railroad 337

Youngstown Sheet & Tube Co 482

Youngstown, O., Banks & Trust Cos. 1077

Youngstown-Sharon Ry. & Light Co. 6oa

Zanesville & Western . Zanesville Terminal. . ,

Index To Maps

WAon

Baltimore & Ohio Railroad 39

Bangor & Aroostook Railroad 43

Buffalo & Susquehanna Railroad 53

Buffalo, Rochester & Pittsburg Railway 54

Chicago, Burlington & Quincy Railway 83

DOUGLAS COPPER CO 50a

Hudson & Manhattan Railroad 549

Kansas City, Mexico & Orient 169

Kansas City Viaduct & Terminal Railway 577

Kansas City-Western Railway 171

Louisville & Nashville Railroad 186

MINNEAPOLIS St ST. LOUIS RAILROAD 198

Nashville, Chattanooga & St. Louis Railway 209

New Orleans Great Northern Railroad 213

Pacific Gas & Electric Co 682

St. Louis, Rocky Mountain & Pacific Co 286

Southern Pacific Company 398

Union Pacific Railroad 317

aA

Railroad Securities

The Principal Railroad Companies of the United States, Canada

and Mexico, with Details of Their Organization, flilease.

Capital Stock, Funded Debt and Earnings

Comprising: all American Steam Railroad Corporations whose Securitiea

are Quoted in the Leading Stock Markets. Concise Information

Regarding Them, with Detailed Accounts. Names of

Officers and Directors and the Location of

Oeneral and Financial Offices

Akrom & Barbertom Belt Railroad Co.

A corporation formed under the laws of Ohio, May 6, looa. The company is a consolidation of roads constituting a belt line around Barberton, O., with hues to Akron and Fairlawn, O. Road owned, 40 miles. The company was organized in the interest of the Cleveland, Akron & Columbus Railway Co. (Pennsylvania Company), Lake Shore & Michigan Southern Railroad Co., Erie Railroad Co. and Baltimore & Ohio Railroad Co., which corporations own all the stock. Stock Par $zoo Authorised $100,000 Issued, $100,000

Stock is transferred by the Secretary of the company, Pittsburg.

Funded Debt ist mort., 4 per cent., due June, 1943, June and Dec $x,05a,ooo

The ist mortgage is for $1,500,000, the unissued balance being reserved for improvements. There is a sinking fund of i per cent, per annum, and the bonds can be drawn at 105 and interest. Trustee of the mortgage and agent for the payment of interest. United States Mortgage & Trust Co., New York.

President, Edward B. Taylor, Pittsburg. Secretary, S. B. Liggett, Pittsburg. Treasurer, Robert R. Reed, Pittsburg.

Directors — W. C. Brown, New York. James McCrea, Philadelphia. Oscar G. Murray, Baltimore. Edward B. Taylor, Pittsburg. F. D. Underwood, New York.

Main office, Barberton, O. Annual meeting, second Tuesday in April, at Akron, O.

Alabama A Vicksburb Railway Co.

(Controlled by Alabama, New Orleans, Texas & Pacific Junction Railways Co., Limited)

Road owned, Vicksburg to Meridian, Mids., 143 miles. Locomotives, 99; passenger cars, 35; freight cars, 1,307.

This company is controlled by the Alabama, New Orleans, Texas & Pacific Junction Railways Co., Limited, an English corporation. Stock Par $100 Authorised, $1,050,000 Issued, $1,050,000

Stock is transferred by the Secretary of the company. New Orleans. Registrar, Central Trust Co., New York.

The company paid dividends of 3 per cent, in 1890, 1891, 1892 and 1896, and 5 per cent, in being 6 per cent, regular and 3 per cent, extra, and in 1904, 1905, 1906 and 1907,7 per cent. Dividends are yearly, about August 31.

Funded Debt

Vicksbui & Meridian ist mort., 6 per cent, due April, 1991, April and Oct $1,000,000

Ala. & >acks. consoL ist mort., 5 per cent., due April, 1931, April and Oct 588,800

ad mort, income (non-cumulative), 5 per cent, due April, 1921, April and Oct 464,000

Total $3,053,800

Thb Manual Op Statistics

The coinpany was formed in March, 1889, by the ad mortgage bondholders of the Vicksburg & Meridian Kailroad, who purchased the property of that company at foreclosure sale, retaining the Vickurg ft Meridian ist mortgage as a continuing obligation. Of the consolidated $z,ooo,ooo additional axe reserved to retire the Vicksburg &' Meridian . The company has a land grant, of which 10,445 acres were unsold June 30, 1907.

Earnivob Year ending June 30

GfOM Net Chaiges SuTplus

1897-98. $682,053 $ap3,5a3 $"3,136 $80,386

igocyoi 9*0,669 235,340 131,384 103.956

1901-02. 1,0x9,843 354,382 108,024 146,258

1906-07 x,577,oi2 339,381 168,077 191,304

In 1905.06, after the dividend payment and $65,496 for new cars, the surplus was $68,945. In 1906-07 $82,510 was charged for new cars, and the final surplus was $97,804.

nieddent, D. D. Curran, New Orleans. Vice-President and Comptroller, Lars A. Jones, New Orleans. Secretary and Treasurer, Henry W. Wenham, New Orleans.

Directors — George T. Bonner, New York. D. D. Curran, New Orleans. Lars A. Jones, New Orleans. T. A. McWillie, Jackson, Miss. John F. Wlnslow, Cincinnati.

Main office. New Orleans. Annual meeting, first Monday in November, at Jackson, Miss.

ALABAKi 6REAT SOUTHER H RAILROAD CO.

(Controlled by Southern Railway Co.)

A corporation formed in 1877, being a reorganisation of the Alabama & Chattanooga Railroad Co., which was foreclosed in that year. Road owned, Wauhatchie, Tenn., to Meridian, Miss., 201 miles; trackage, Attalla to Gadsden, Ala. ,6 miles; Wauhatchie to Chattanooga, 5 miles; Woodstock to Blocton, Ala., 8 miles, total operated, 309 mfles. Locomotives, 75; passenger cars, 43 ; freight cars, 6,253 service cars, 9.

The entire capital stock was owned by an English corporation, the Alabama Great Southern Railway Co., Limited. Control of this company was held by the Southern RaUway Co. and the road operated as part of the Southern Railway system, but under its own organization. In 1906, the English (mpany was wound up, its shares being exchanged for those m. the American company.

in 1895 this company leased for fifty years the Belt Railway of Chattanooga and acquired all of its $300,000 capital stock, guaranteeing sufficient revenue to the Belt Line to meet its fixed charges. See separate statement of that company.

In May, 1805, an agreement was made between the Cincinnati, Hamilton & Dasrton Railway Co. and the Southern Railway Co., regarding control of this road. This company owns $833,300 stock of the Southwestern Construction Co.,. which controls the Cincinnati, New Orleans ft Texas Pacific Railway Co.

stock.. ..P.r$so Au0.orid];.'7.83.ooo| Issued J; '37; [ $.i.o,35o

. The preferred stock is entitled to a preference of 6 per cent, which was inade*cumulative, for 6 years.

During the fiscal year 1902-3, there were paid on the preferred shares of the American company 6 per cent, out of earnings and 4 per cent, from profit and loss, the latter being on account of unpaid arrears of dividends. In 1903-04, 6 per cent, and 3 per cent additional on account of arrears was paid on the preferred. In 1904-05, 6 per cent, regular and 3 per cent, extra was also paid; in 1905-06, 6 per cent, regular, and 3 per cent, extra, and in 1906-07, 6 per cent. The dividends are semi-annual February and August.

Funded Debt

ist mort, extended 5 per cent bonds, due Dec. 1927, Jan. and July. $1,750,000

General mort, sterling, 5 per cent, due Dec., 1927, June and Dec. 3,907,600

The $1,750,000 first mortgage 6 per cent, bonds matured January i, 1908, and were extended at 5 per cent.

RAILROAD SECURITIES a;

There were also on June jo, 1907, outstanding car trust obligations for $3,155,000, as well as $3x9,573 of certificates of funded arrears of dividends on preferred stock created in connection with the liquidation of the English company, the same being payable to the extent of 10 per cent, every six months from August i, 1906, to February i, 1911. The original amount of these certificates was $399,4

Earnings

Year ending June 30

GroM Net Fixed Charges Suiplun

9P3-<H 3fO90i445 ©44,903 324,a90 3ao,6i3

1905-06 3,774.6ao 766,06a 367.597 398,464

In 1903-03, the 6 per cent dividends on the preferred were $185,437 ; net surplus, $195,693, out of which $133,634 was paid as 4 per cent. lor arrears of dividends on the preferred. In 1903041 dividends, $185,437; surplus, $135, '75- 1° 1904-05, dividends, $i8<,437>. surplus, $139,547. In 1905-06, dividends, $195,053; surplus, $303,411. In 1906-07, dividends, $303,831; surplus, $310,856.

President, W. W. Finley, New York. Vice-Presidents, A. B. Andrews, Raleigh, N. C. W. J. Murphy, Cincinnati. Thomas C. Powell, Cincinnati. Secretary, R. D. Lankford, New York. Treasurer, H. C. Ansley, Washington, D. C. Comptroller, M. F. Molloy, Cincinnati.

Directors— A. B. Andrews, Raleigh, N. C. W. W. Finley, Washington. Fairfax Harrison, Washington. C. C. Harvey, London, Eng. William C. Lane, New York. R. D. Lankford, New York. W. J. Murphy, Cincinnati. Walter G. Oakman, New York. John H. Prentice, New York. Charles Steele, New York.

Main office, Birmingham, Ala. Operating ofifice, Cincinnati. New York office, 80 Broadway. Annuid meeting, first Wednesday in October, at Birmingham.

Alaska Cemtral Bailway Co.

A corporation formed under the laws of Washington, March i, 1903. Road building from Seward, Alaska, to the Tanana River, about 460 miles, of which 46 miles north from Seward was - in operation in July, 1906, and 60 miles additional under construction, contract having been let for the first 185 miles. Locomotives, 4 ; freight cars, 40.

The preferred stock is 5 per cent., non-cumulative. Stock is transferred at the office of the company, Chicago. Transfer Agent, Western Trust & Savings Bank, Chicago.

Funded Debt. ist mort., 5 per cent., due April, 1935, April and Oct $3,500,000

The issue of first mortgage bonds is $30,000,000 authorized, of which $3,500,000 is issuable for constructing and equipping the first 46 miles of road and for labor and material up to March 31, 1906. Residue to be issued for completing and equipping the road, including branches. Trustee, Western Trust & Savings Bank, Chicago.

President, Albert C. Frost, Cnioigo. Vice-President, Henry C. Osborne, Toronto. Secretary, James A. Haight, Seattle, Wash. Treasurer, Gwyn L. Francis, Toronto. Assistant Secretary, Pierre G. Beach, Chicago.

Directors — George A. Ball, Muncie, Ind. Frank Brown, Seattle. Gwyn L. Francis, Toronto. Albert C. Frost, Chicago. James A. Haight, Seattle. F. Aug. Heinze, Butte. James A. Moore, Seattle. Henry <C. Osborne, Toronto. George Turner, Spokane.

Main office, Denny Building, Seattle, Wash. Executive office, 108 La Salle Street, Chicago. Annual meeting, first Tuesday in March, at Seattle.

ALBAKr A KORTHERH RAILWAY CO.

A corporation formed under the laws of Georgia, November i, 1895. The company was organized to take over the property of the Albany, Florida & Northern Railway Co., which was sokl under foreclosure. May 17, 1895.

Road owned, Albany, Ga., to Cordele, Ga., 35 miles. Locomotives, 6 ; passenger cars, 6 freight cars, 83. Stock Par $100 Authorized, $350,000 Issued, $350,000

Transfer Agent and Registrar, Frank S. Hambleton, Baltimore.

a8 THE MANUAL OP STATISTICS

Funded Debt

Prior lien mort., 5 per cent., due Jan., 1946, Jan. and July $50,000

ist mort., 5 per cent., due Jan., 1946, Jan. and July SSPtOoo

Total $400,000

The prior lien and the ist mortgage bonds are secured by the same instrument. Trustees of the mortgage, Frank S. Hambleton, Baltimore, and Henry P, Talmadge, New York.

Earnings

Year ending June 30 GroM Net

President, Frank S. Hambleton, Baltimore. Vice-President and Treasurer, J. S. Crews, Albany, Ga. Secretary, N. H. Johnson, Baltimore.

Directors— S. B. Brown, Albany. T. M. Carter, Albany. J. S. Crews, Albany. Frank S. Hambleton, Baltimore. J. M. Nelson, Baltimore. W. A. Stokes, Albany. Henry P. Talmadge, New York. Morris Weslosky, Albany. J. R. Whitehead, Albany.

Main office, Albany, Ga. Annual meeting is held at the call of the directors.

Albany A Susquehakka Railroad Co.

(Leased to The Delaware & Hudaon Co.)

Road owned, main line, Albany, N. Y., to Binghamton, 143 miles. The property is operated as part of the Susquehanna Division of The Ddaware & Hudson Co.'s railroad system.

In 1870 this road was leased to The Delaware & Hudson Co. for the term of its charter, lessee guaranteeing as rental, interest on bonds and 7 per cent, on the stock, which was increased to 9 per cent, in 1903 as stated below. The Delaware & Hudson Co. owns $450,000 of this company's stock. Stock Par $100 Authorized, $3,500,000 Issued, $3S0OiOoo

Stock is transferred at the office of The Delaware & Hudson Co., New York. Registrar, National Bank of Commerce, New York.

Dividends are payable half-yearly, January i and July i. The first dividend at the new semi-annual rate of per cent, was paid January i, 1903.

Funded Debt Refunding mort., bonds gold, guar. conv. p. c, due April, 1946, April and Oct. $6,634,000

The refunding mortgage is for $10,000,000 and was authorized in 1905 to retire $3,000,000 consolidated 7 per cent, and $7,000,000 consolidated 6 per cent, which matured April i, 19061 The new bonds are guaranteed, principal and interest, by The Delaware & Hudson Co., and are convertible prior to April i, xoi6, into Delaware & Hudson stock at $30o per share. The Delaware & Hudson's stockholders in June, 1905, had the privilege of subscribing for these bonds at par. $3,354ooo of the bonds have been converted into Delaware and Hudson stock.

The lease stipulated that after the payment of a loan of $z, 000,000 from the dty of Albany, the dividends on the stock should be increBised to 9 per cent, per annum. This increase became effective from July x, 1903.

Earnings are included in those of the lessee.

President, George P. Butler, New York. Secretary and Treasurer, William L. M. Phelps, Albany, N. Y.

Main office, Albany, N. Y. Annual meeting, third Tuesday in October at Albany.

MLLE6HEIir ¥ALLEr RAILWAY CO.

(Leased to Pennsylvania Raihnoad Co.)

Road owned. River Division, Pittsburg, Pa., to Oil City, 133 miles; branches, 8 miles; Low Grade Division, Red Bank to Driftwood, xio miles; branches, 13 miles ; total, 363 miles. Locomotives, 87; passenger cars, 64 ; freight cars, 3,403.

This company is a reorganization, March, 1893, under title of the Allegheny Valler Railway Co., of the Allegheny Valley Raihoad Co. The road was placed in the hands of a Receiver 'April,

Railroad Securities

1884. Sold under foreclosure December, 1891, and reorfanised under plan by which $18,000,000 preferred and $ia,ooo,ooo common stock were authorised to be exchanged for income bonds, overdue coupons and other securities.

In July, Z900, the Pennsylvania Railroad Co. leased this property from August i, 1900. A portion of the western New York & Pennsylvania Railroad is operated in connection with the road, forming the Bufihlo & Allegheny Valley Dividon of the Pennsylvania Railroad Co. The Pennsylvania Railroad Co. on December 31, 1907, owned $16,927,351 of the preferred and $10,335,150 of the common stock. In March, 1906, the Pennsylvania Railroad Co.'s stockholders authorised the purchase of this road, but the merger had not been completed at the end of 1907'

The preferred stock is 3 per cent, cumulative. Transfer agency and Registrar, company's office, Broad Street Station, Philadelphia.

Funded Debt

ist mort. (Low Grade Div.), 7 per cent., due April, 1910, April and Oct $9,998,000

ad mort (Low Grade Div.), to State of Pa., 5 per cent., payable $100,000 yearly, Jan. 100,000 General mort. gold, 4 per cent., due March, 1942, March and Sept 7,350,000

Total $17,348,000

The zst mortgage 7 per cent, bonds, due 1910, are guaranteed by the Pennsylvania Railroad Co. The generafmortgage was authorised in the reorganisation and is for $20,000,000, and is guaranteed by the Pennsylvania Railroad Co. Of this, $17,000,000 was reserved to take up prior liens. Trustee of the mortgage. Fidelity Trust Co., Philadelphia. Interest is payable at the office of the Treasurer of the Pennlvania Railroad Co., Philadelphia.

Earnings are included in those of the lessee.

President, William H. Barnes, Philadelphia. Vice-President, Samuel Rea, Philadelphia. Secretary, A. C. Heston, Philadelphia. Treasurer, Henry Tatnall, Philadelphia.

Main office, Pittsbui. Annual meeting, first Monday in April, at Philadelphia.

The Amk Arbor Railroad Co.

Road owned, Toledo, O., to Frankfort, Mich., 291.90 miles, trackage, 8.90 miles ; toul, 300.80 miles. Locomotives, 46 ; passenger cars, 35 ; freight cars, 2,140. Also 4 steam transfers, operated on Lake Michigan, between Frankford and Kewaunee, Wis., and Menominee, Gladstone, ,and Manistique, Mich.

This company is a reorganisation, September ai, 1895, of the Toledo, Ann Arbor & North Michigan Railway Co.

In 1909 control of the company was acquired by interests idendfied with the Wabash Railrocul Co., but in 1905 other interests acquired the property and it is now controlled and operated in connection with the Detroit, Toledo & Ironton Railway Co., which owns $3,102,400 preferred and $3,190,000 common stock of this company.

The preferred stock is 5 per cent., non-cumulative. Common and preferred have equal voting rits.

Transfer agency, 15 Wall street, New York. Registrar, Metropolitan Trust Co., New York.

Funded Debt ist mort., 4 per cent, gold, due July, 1995, quarterly, Jan., April, July, Oct $7,000,000

Earnings Year ending June 30

Gross Net Charges Surplus

1901-oa 1,893,4x0 520,354 332,497 187,857

I9C!3-G4 1,979,047 515,808 339,955 175,853

The Manual Op Statistics

The net for 1901-02 is given after deducting $150,434, expended for improvements. 1903-3 $1 19,709 was applied to the same purpose. Taxes are included in the charges.

In

Freight Traffic Statistics

Average Mileage 190X-02 393 19093 29a 1903-04... 393 1904-05. .. 393 1905-06. . . . 393 1906-07 393

Total Tonnage

i,373o83 1.775.518 3,009,460

Tom Carried

One Mile 300,364,691 304,510,839 183,343,703 193,318,603 375,700,908 394,164,560

Freight Density 685,837 700,379 634,118 661,673 944,505 993,424

Rate per Ton per Mile

Earnings per Train Mile

Average Ton* per Train

i.gx

President, Eugene Zimmerman, Detroit. Vice-Presidents, Bernard J. Burke, New York. Frank A. Durban, Zanesville, O, George K. Lowell, Detroit. Secretary and Treasurer, G. Caspar Niles, New York. Auditor, W. D. Gray, Detroit.

Directors— Bernard J. Burke, New York. Prank A. Durban, Zanesville, O. Rafael R. Covin, New York. Rudolph Kleybolte, New York. John H. Scoville, New York. M. L. Sternberger, Jackson, O. James E. Tolfree, New York. Benjamin S. Warren, Detroit. George E. Watson, New York. Eugene Zimmerman, Detroit.

Main office, Penobscot Building, Detroit. Secretary's office, 15 Wall street, New York. Annual meeting, third Saturday in September, at Durand, Mich.

The Atchisok. Torek A A Sakta Fe Railway Co.

A corporation formed under the laws of Kansas, December 13, 1895. The company acquired the propoly of the Atchison, Topc & Santa Fe Railroad sold under foreclosure December 10, 1895, and took possession January i, 1896.

The original company was reorganised without foreclosure in 1889. Receivers were appointed in December, 1893, and a reorganization plan was issued in March, 1895. The plan is gven in detail in the Manual for 1901.

This company's system of lines extends from Chicago via Kansas City to San Francisco and San Diego, CaL, with branches to Galveston, Tex., Denver, Col., and El Paso, Tez., beskles local eztensionsin Kansas, Texas, California and other States.

Road operated, June 30, 1907, 9,350.38 miles, comprising the following, which includes leaded lines and trackage :

Miles Miles

Atchison, Topeka & Santa Fe Ry. .. . . 7,035.37 Eastern Railway of New Mexico Ry. . 331.47

Gulf, Colorado & Santa Fe Railway. . 1,490.81 Pecos & Northern Texas Ry 151.80

Rio Grande 6S: El Paso Railroad 30.17 Pecos River Railroad 54-37

Southern Kansas Railway of Texas. . . 139.17 Santa Fe, Prescott & Phoenix Ry 357.33

In addition, the company on June 30, 1907, had under construction, nearly completed, 488.43 miles of road. It also control through stock or bond ownership 140.83 miles and is jointly interested in 540.93 miles.

The controlled companies include The Grand Canyon Railway, 66.45 miles; Kansas Southwestern Railway, 59.35 miles; Northwestern Pacific Railway, 404.17 miles, and Leavenworth & Topeka Railway, 44.60 miles.

The company owns the New Mexico & Arizona Railroad, 87.78 miles, and the Sonora Railway, 363.61 miles, which are operated by the Southern Padfic Co.

In 1903 this company, through a subsidiary organisation, the Santa Fe Land Improvement Co., acquired control of the San Francisco & Northwestern Railway Co., Eureka, Cal., to Pepperwood, Cal., and Areata, Cal., a total of 51.03 miles. In January, 1907, that property, the California Northwestern Railway Co., the San Francisco & North Pacific Railroad Co., the North Shore Railroad Co., and other companies were consolidated under the title of the Northwestern Pacific Railroad Co., the Atchison, Topeka & SanU Fe Railway Co., anc the Southern Pacific Co., each owing one-half of the $35,000,000 stock. See separate statement of the Northwestern Pacific Railroad Co.

In October, 1898, this company acquired control of the San Francisco & San Joaquin Valley Railroad, Stockton, Cal., to Bakersfiekl, Cal., 335 miles, and branch, 69 miles, and in i899-i90o constructed an extension of 70 miles, from Stockton to Point Richmond, on San Francisco Bay. Also in 1899 acquired trackage over the Southern Pacific from Bakersfiekl, Cal., to Mojave, Cal., 68 miles. From Point Richmond to Market street, San Francisco, the company has a ferry, 73 miles.

The Santa Fe Pacific, formerly the Atlantic & Pacific, Western Division, Isleta, N. M., to The Needles, Cal., 563 miles, was acquired and reorganised in 1897, being taken over by the Atchison, Topeka & Santa Fe Railway in 1903-03.

In November, 1899, the company acquired the Hutchinson & Southern Railway, Hutchinson, Kan., to Cross, O. T., 143 miles. In July, 1900, purchased control of the Gulf, Beaumont &

Railroad Sbcurities 31

Kansas City and Gulf, Beaumont & Great Northern Railway, 77 miles. In Januaiy, looi, a controIUng interest in the Pecos VaUey & Northeastern, 370 miles, was acquired. In November, 1903, control of the Cane Belt Railroad, 105 miles, was acquired. In 2905 the Arisona & Utah Railway, 25 'miles, was also acquired, and a new company, known as the Western Arizona Railway, was formed to take over the property.

Locomotives, 1,791 ; passenger cars, 1,135; freight cars, 49,770; service cars, aai ; floating equipment, 9.

Tlie preferred stock is 5 per cent., non-cumulative. The unissued preferred stock, $17,3x2,370, is held in special trusts for the acquisition of auxiliary lines and for improvements and extensions.

The authorized common stock was increased from $ioa,ooo,ooo to $152,000,000 at a roedal meeting held January 24, 1905, in order to provide for the conversion of the $50,000,000 of convertible bonds authorized at the same time. Another special meeting was held January 30, 1907, at which a further increase in the common to $250,000,000 was authorized for the conversion of $98,000,000 of similiar bonds.

Transfer agencies, 5 Nassau street. New York ; Boston Safe Deposit & Trust Co., Boston. Registrars, Guaranty Trust Co., New York ; Old Colony Trust Co., Boston.

The first dividend on the preferred stock of the present company was declared in December,

1898. It was I per cent., payable January 26, 1899. Another dividend of per cent, on the preferred was paud July 20, 1899, and a semi-annual dividend of per cent, was declared payable February x, 1900. A semi-annual dividend of per cent, on the preferred was paid August I, 1900, and another of the same amount February z, 1901, thus putting the preferred on a 5 per cent, basis. The preferred dividends are now per cent, semi-annual, February i and August!.

The first divklend on the common stock was ij4 per cent, semi-annual, paid June 18, 1901. On December 2, 1901, 2 per cent, semi-annual was paid on the common, and dividends of the same amount were subsequently paid until December i, 1906, when the semi-annual rate was increased to per cent. In June, 1907, it was again increased to 3 per cent., placing the common stock on a o per cent, dividend basis. The dividend periods for the common are semiannual, June (i) and December.

Funded Debt

General mort., 4 per cent., due Oct., 1095, April and Oct $146,,500

Adjustment bonds, 4 per cent., due July, 1995, annual, Nov 24,079,50c

Adjustment bonds, 4 per cent., due July, 1995, May and Nov 27,648,500

Serial debentures, stamped, £ to L, 4 per cent., due Feb., 1907-14, Feb. and Aug. . 17,235,000

Convertible bonds, 4 per cent., due June, 1955, June and Dec 47,7x4,000

Convertible bonds, 5 per cent., due 1917, June and Dec 26,056,000

Eastern Oklahoma Div., xst mort., 4 per cent., due March, 1928, March and Sept. 6,128,000

Chicago & St Louis, xst mort, 6 per cent., due March, X9X5, March and Sept 1,500,000

Chic, Santa Fe & California, xst mort., 5 per cent, due Jan., 1937, Jan. and July. 560,000

Hutchinson Southern, xst mort, 5 per cent., due Jan., x, Jan. and Jul x92,ooo

San Fran. & San Joaquin Val., xst mort, 5 per cent, due Oct., X940, April and Oct 6,000,000 Santa Fe, Prescott & Phoenix, ist mort., 5 percent, due Sept., 1942, March and Sept. 4,940,000 Santa Fe, Prescott & Phoenix, 2d mort., 5 per cent, due July, 1943, Jan. and July. . . 2,964,000 Prescott & Eastern, xst mort., guar. 5 per cent., due April, 1928, April and Oct. . . 234,000

Total $31.885,500

Interest on all classes of bonds is paid at the company's office, 5 Nassau street. New York. The 4 per cent, adjustment income bonds were non-cumulative until July x, X900, and cumulative thereafter. Interest on these bonds was payable November x, out of net earnings of each fiscal vear up to 4 per cent., the rate to be determined in October each year. In 1899 at request of holders of a large amount of these bonds an agreement was formulated, dated September 14,

1899, by which semi-axmual payments. May and November, are made on bonds whose holders accept the agreement, the same being stamped on assenting bonds and semi-annual coupon sheets attached. A charge of x per cent, was at first made for such stamping, but the company in 190X axmounoed that hoUers of adjustment bonds could assent and have meir bonds stamped without expense.

The social bonds were issued February x, X902, and fall due — $2,500,000— on Februaxy i of each year from im to X9X4. Thev were issued to pay for properties acquired and to provide for improvements and additional equipment.

There were $x8,50o,ooo new general 4s reserved to retire old underlying bonds, guarantee fund notes and car trusts, $20,000,000 to acquire certain auxiliary properties and $30,000,000 for improvements at rate of $3,000,000 a year.

The convertible mortgage 4 per cent, bonds were authorized in January, 1905, to provide for extensions, additional equipment, etc. The authorized issue is $50,000,000. Trustee, Morton

The Manual Op Statistics

Trust Co., New York, These bonds can be converted into common stock at the option of the holder on and after June i, 1906, and prior to June i, 1918. Stockholders of record Februaiy 35i 1905, received the right to subscribe at par for these bonds to the extent of 15 per cent, of their holdmg, subscriptions being payable, 35 per cent, between April 3 and April 8, 1905, 37 per cent, on or before July 5, 1905, and 37 H per cent, on or before September 30, 1905. Bonds may be called at no and interest at any interest period, but without affecting the right of conversion while it exists. In February, 1906, the stockholders had the right to subscribe for $17,996,000 additional of the convertible bonds. At a s[>ecial meeting held January 30, 1907, additional of convertible bonds to the amount of $,000,000 were audiorized, and an issue of $30,000,000 10-year 5 per cent, bonds created thereunder. Of this amount $16,113,000 was sold and $9,943,000 subscribed at par by the stockholders in July, 1907, payable 30 per cent, on subscription ; 35 per cent, between Jan. 5 and 10, 1908, and 35 percent, between June 5 and xo, 1908, or in full at any of these dates. The bonds up to June x, 1913, can be converted into common stock at par at the holder's option, and can be called at 1 10 on any interest day, but without affecting the right of conversion while it exists.

There were held in the treasury of the company June 30, 190, $7,018,800 estimated value of its own securities.

The |;eneral mortgage 4s and the adjustment mortgage 4s of this company are both issued in denommations of $500 and $1,000.

Earnings

Year ending June 30

Per Cent. Oper. Exp. $73.69

x;

X9oa-03 '905-06

Div.. Per Cent.

1901-03. . 190Sh03.. 1903-04.. 1904-05.. X905-06. . X9C6-07 .

Com.

Pref.

Net $8,883,573

",439,969 X7,o84,47i

Dividends $9,786,910 9,786,910 9,786,910 9,786,910 9,786,910 ",363.733

Charges

",487,934

Charges Against Surplus $3,832,943 3,385,174 3,339.518 1,403,947 4,718,984 9,791,235

Surplus $3,890,434 6,341,837 9,739,304 13,474,539 15.564,536 13.898,329 15,359,771 ",743,346 17,733.309 31,168,733

Balance to

Profit

and Ijom

Receipts from investments and miscellaneous sources included in the net earnings for 1901-02 were $1,140,858; in 19033, $i,3i7.993; in 1903-04, $1,348,775; in 1904-05, $13,903; 1905-06, $1,346,401; 1906-07, $733,167.

The charges against surplus in 1903-04 include $3,000,000 written off for betterments, equipment and discount on bonds, and appropriated to fuel reserve fund. In 1904-05, $1,083,11 was written off and $319,635 charged to fuel reserve account. In 1905-6, $4,500,000 was written-off and $318,984 charged to fuel reserve. In 190&07 these items were $9,600,000 and $191,335 respectively.

Balance Sheet, June 30, 1907

Liabilities

Common stock $103,956,500

Preferred stock 114,173,730

Funded debt 284,171,550

Balance carried down 1 1,007,068

Assets Railroads and other property. . . . $490,638,929 Construction and equipment during current year 15,320,147

I investments, new acquisitions. . . 6, 349, 770

Total $512,308,848

Balance from capital account $11 ,007,068

Other investments 6,695,281

Material and supplies. 10,681,682

Prepaid insurance 102, 105

Fuel reserve fund 578,945

Accounts receivable 7,085,626

Total $513,308,848

Rolling stock replacement fund. $"5,037

Rail renewal fund 873,426

Tie renewal fund 733,613

Bridge renewal fund 234,443

Fuel reserve fund 578,945

Accrued taxes 1,117,044

Railroad Securities

Balance Sheet, June 30, iqorjContinued Assets Liabilities

Cash 8,315,431 Interests accrued on funded debt. 4tOi3i5S9

Pay-rolls, vouchers, traffic balances, etc. 13,666,899

Prior accounts m liquidation SiOoo

Dividends accrued 3,877,387

Profit and loss surplus. 30,066,874

Total , $44,366,133

Total $44,366,133

Freight Traffic Statistics

Freight Rate per Ton Earnings per Average Tons per

Total Tons Carried

Mileage Tonnage One Mile Density

'!9Z" 936 9,979.509 3,779,555,349 400,166

'903-04 8,17913,195,597 4,683,369,811 573,266

In 1898-99 and subsequent years all company's statistics.

Gross and Net Earnings by Months for Three Years

per Mile

freight is

Train IlHe Train Mile

a. 75 370

Gross January $5,407, 74 1

February..

March

April

May

Tune

July

August September. October . . . November.. December..

Net $1,568,410 1,107,188 3,015,915 3,118,854 1,774,913 1,692,810 1,933,146 3,071,574 2,605,664

3,787,5" 3,888,182 3,633,391

Grm

Net

Gross

$7,695,353 7,353,347 8,379,637 8.439,356 8,393,8x7 7,865,593 7,939.555 7,988,890 8,077,118 8,572,456 8,031,125 8,140,483

Net

Totals $73,361,538 $35,186,458 $84,767,749 $33,312,198 $96,855,518 $31,463,456

Ave.permonth 6,030,138 3,098,871 7,063,979 3,693,683 8,071,393 3,631,871

Chairman Executive Committee, Victor Morawetz, New York. President, Edward P. Ripley, Chicago. 3d Vice-President, J. W. Kendrick, Chicago. 3d Vice-President, George T. Nicholson, Chicago. 4th Vice-President, William B. Jansen, Chicago. Assistant to President, A. H. Payson, San Francisco. Secretary and Treasurer, Edward L. Copeland, Topeka, Kan. Comptroller, D. L. Gallup, New York. Deputy Comptroller, A. E. Waterhouse, New York. Assistant Secretary, L. C. Deming, New York. Assistant Treasurer, H. W. Gardiner, New York.

Directors — Edward J. Berwind, New York. Benjamin P. Cheney. Boston. H. Rieman Duval, New York. Thomas P. Fowler, New York. Henry C. Frick, Pittsburg. Charles S. Gleed, Topeka. Andrew C. Jobes, Wichita, Kan. Howel Jones, Topeka. John G. McCullough, Bennington, Vt. Victor Morawets, New York. Edward P. Ripley, Chicago. Henry H. Rogers, New York. Byron L. Smith, Chicago. Charles Steele, New York.

Main office, Topeka, Kan. New York office, 5 Nassau street. Chicago office, 9 Jackson Boulevard. Annual meeting, fourth Thursday in October, at Topeka. Books dose about thirty days before.

Atlmmta A West Point Railroad Co.

Road owned, Atlanta to West Point, Ga., 86 miles. The company also leases and operates the Atlanta Belt Line, 5 miles*. Locomotives, 16 ; passenger cars, 38 ; freight cars, 670. Stock Par $100 Authorised, $1,233,300 Issued, $1,333,300

Stock is transferred by the Secretary of the company, Atlanta, Ga.

Dividends of 6 per cent, per annum are paid on the stock, the dividend periods being January and July. In October, 1899, the company paid an extra dividend of 35 per cent.

Funded Debt

Debenture certificates, redeemable at company's option, 6 per cent., Jan. and July... . $1,333,300 The Georgia Railroad owns $547,300 of the stock of this company and $388,900 of the debenture certificates.

Earnings

Year ending June 30 Giosi Net

i90i-<a :. $78637 $3I7.8M

President, Charles A. Wickersham, Atlanta, Ga. Secretary and Treasurer, F. H. Hill, Atlanta.

Directors— J. W. English, Atlanta. H. C. Fisher, Newman, Ga. John F. Hanson, Macon, Ga. A. R. Lawton, Atlanta. Milton H. Smith, Louisville. Henry Walters, Baltimore. Charles A. Wickersham, Atlanta.

Main office. Atlanta, Ga. Annual meeting, third Tuesday in October, at Atlanta.

Atlmmta. Biiihiii6Hak A Atlahtic Railroad Co.

A corporation formed under the laws of Georgia, April 31, 1905, to build esctension of the Atlantic & Birmingham Railway Co. to Birmingham, Ala., and Atlanta. In 1906 this company purchased the Atlantic & Blrminghdm Railway and a consolidation of the two roads became effective- April 13, 1906. The Atlmtic & Birmingham Railway Co. was formed under the laws of Georgia, December 3, 1903, and was a consolidation of the railroad company of the same title with the Tifton, Thomasville & Gulf Railway Co. and the Tifton& Northeastern Railroad Co. The old Atlantic & Birmingham Railroad Co. was formerly the Waycross Air Line Railroad Co. The Brunswick & Birmingham Railroad Co. was acquired and consolidated with it April I, X904. The company controls the Georgia Terminal Co., The Alabama Terminal Co., The Birmingham Coal & Iron Co. and The Brunswick Steamship Co. The latter has five steamers in operation between Brunswick, Ga. and New York.

Road owned, Brunswick to Wadley, Ga., 326 miles; Sessoms to Waycross, Ga., 26 miles; Fitsgerald to Thomasville, Ga., 81 miles ; Talladega. Ala., to Ashland, Ala., 33 miles ; branch, 33 miles ; total, 498 miles. Under construction in latter part of 1907, extension to Birmingham, Ala., and to Atlanta, approximately 206 miles, making on completion a total mileage of 651 miles. Locomotives, 53; passenger cars, 65; freight cars, 3,709.

The preferred stock is 5 per cent., non-cumulative. Stock is authorised to be issued at the rate of $30,000 of common and $10,000 of preferred per mile for completed road.

Funded Debt

ist mort., Atl. & Birm. Ry., 5 percent., due Jan., 1934, Jan. and July $4,090,000

Atlanta, Birm. & Atl., ist mort., 5 per cent, due Jan., 1936, Jan. and July 7i 173*000

Col. Trust, joint notes, 5 per cent., due May, 1910, May and Nov 8,000,000

Total $19,363,000

There are also $1,720,000 of 5 per cent, equipment obligations.

Trustee of the Atlantic & Birmingham Railway Co.'s xst mortgage and agent for the payment of interest, Old Colony Trust Co., Boston.

The Atlanta, Birmingham & Atlantic ist mortgage, created in 1906, is $30,000,000, authorised. Of the outstanding amount, $1,970,000, issued to retire the old company's preferred stock, bear interest for three years. Trustee and agent for further payment of interest, Old Colony Trust Co., Boston.

The Collateral Trust 5 per cent, notes were created in May, 1906, and are a joint obligation of this company and the Atlantic & Birmingham Construction Co. They are secured by $6,000,000 of the first mortgage bonds (to be deposited as earned), and by $10,000,000 common and $4,000,000 preferred stock, as well as by the stocks and bonds of the Brunswick Steamship Co. and the stocks of the Birmingham Coal Co. and Birmingham Iron Co. Trustee and agent for the payment of interest, Trust Co. of America, New York.

Railroad Securities 35

Earninos— Year ending June jo

Gross Net Charges* Surplus

1903-04... (320 miles) $679,238 $3io,8oa $io8, $107,866

1904-05 <337 ) 1,007.46a 3a7.033 a46.44i 80,59a

1905-06 (333 " ) x.138,396 344940 27.o8a 73,858

President, Henry M. Atkinson, Atlanta, Ga. ist Vice-President, P. S. Arkvrright, Atlanta. 2d Vice-President, George Dole Wadley, Atlanta. Secretary, R. E. CuUinane, AtlanU. Treasurer, H. M. Milam, AtlanU. Auditor, W. J. Swain, AtlanU.

Directors— Gordon Abbott, Boston. P. S. Arkwright, AtlanU. Henry M. Atkinson, AtlanU. Morris Brandon, Atlanta. G. W. Brine, Atlanta. Cecil Brown, Talladega, Ala. R. E. Cullinane, Atlanta. F. L. Eldridge, New York. W. A. Handtey. Birmingham, Ala. R. F. Maddox, Atlanta. H. M. Milan, AtlanU. Percy R. Pyne, New York. Archibald D. Russell, New York. F. M. Sisk, AtlanU. W. B. Stovall, AtlanU. George Dole Wadley, AtlanU.

Main office, Atlanta. Annual meeting, first Monday in August, at Waycross.

The Atlaktic A Dakville Railway

(Leased to Southern Railway Co.)

A corporation formed under the laws of Virginia, August a, 1894. Succeeded the Atlantic & Danville Railway Co., which was foreclosed and reorganised by its bondholders.

Road owned, West Norfolk, Va., to Danville, Va., 303.46 miles; branch, James River Junction .0 Claremont, Va. (narrow gauge), 51 miles ; other branches, ai.99 miles; total owned, 375.45 miles.

In 1899, the Southern Railway Co. leased the road from September 1, 1899, to July i, Stock Par $100 Authorised,' $3,500,000 Issued, $3,180,000

The company had $3,099,300 of preferred stock which was retired and canceled in 1904.

Stock is transferred by the Secretary of company, Norfolk, Va.

Funded Debt

ist mort., 4 per cent., due July, 1948, Jan. and July $3t925tO0o

2d mort., 4 per cent., due 1948, Jan. and July 775ooo

Total $4,700,000

The xst mortgage 4s were issued in 1900 in conformity with the lease to the Southern Railway, and the old 5 per cent, bondtf, which were $1,338,000, and the $3,090,300 of 5 per cent, preferred stock were retired with the same, the retirement of the preferred to extend over a series of years. The issue of ist 4s authorized is $4,425,000, of which $500,000 may be used for improvements. Trustee of mortgage and fiscal agent. Mercantile Trust Co., New York.

The 3d mortgage is $1,535,000, authorized. Trustee, Trust Co. of America, New York. The unissued $750,000 of these bonds will be issuable in 1909. The outstanding bonds were sold in 1904 to retire the remainder of the company's preferred stock.

The Southern Railway paid under lease a rental of $137,000 per annum until 1901; then $157,000 until July i, 1904. It now pays $188,000 per annum until 190 ; and $318,000 until the end of the lease. Rental is to be increased if additional bonds are issued. The lessee is to pay the same dividends on the common stock of the leased company that it may pay on its own common stock.

Earnings are included in those of the lessee.

President, B. Newgass, London, Eng. Secretary and Treasurer, Adam Tredwell, Norfolk, Va.

Main office, Norfolk, Va. Annual meeting, thud Tuesday in November, at Norfolk.

Mtlamtic A Morth Carolihm Railroad Co.

(Leased to Norfolk & Southern Railway Co.)

A corporation chartered by the SUte of North Carolina in 1853. On September i, 1904, the road was leased to the Atlantic & North Carolina Co. until January i, 1996. For terms of lease see below. The validity of the lease was upheld by the Supreme Court of North Carolina in December, 1906. In 1906 the lease was transferred to the Norfolk & Southern Railway Co. See statement of that company. The company purchased the Atlantic Hotel at Morehead City in 1903.

Road owned, Morehead City to Goldsboro, N. C, 95 miles. Locomotives, 13 ; passenger can, 30 ; freight care, 350. Stock Par $100 Authorised, $1,800,000 Issued, $1,797,300

The Manual Op Statistics

The State of North Carolina owns $i,a66,6oo of the stock of the company, and the Counties of Craven, Lenoir and Pamlico, N. C, also have interests in the stock.

Stock is transferred at the office of the company, New Bern, N. C.

Dividends of a per cent, per annum were formerly paid, but were suspended in 1899. Under the lease dividends of 3 per cent, per annum are guaranteed for the first twenty years, 2H cent, for the next ten years, 4 per cent, for the next ten years, per cent, for the next ten years, 5 per cent, for following ten years and 6 per cent, thereafter. Dividends are payable semiannually, January (i) and July.

Funded Debt ist. mort., 6 per cent., due July, 1917, Jan. and July $335iOoo

Trustee of mortgage, Mercantile Trust and Deposit Co., Baltimore. Interest' on the bonds is paid at the National Mechanics' Bank, Baltimore.

Under the lease the lessee became responsible for interest, but not principal of the 6 percent, bonds.

President, J. W. Grainger, New Bern, N. C. Secretary and Treasurer, D. J. Broadhurst Goldsboro. Auditor, M. L. Willis, New Bern, N. C.

Main office, New Bern, N. C. Annual meeting, last Thursday in September, at New Bern.

The Mtlmhtic Coast Like Co.

A corporation formed under the laws of Connecticut, May 99, 1889. It owns a majority of (he capital stock of the Atlantic Coast Line Railroad Co. See statement of the latter company below.

Stock Par $100 Authorised, $jo,ooo,ooo Issued, $ia,6oo,<ioo

Certificates of indebtedness, 5 per cent, currency, irredeemable, June and Dec. $5,000,000

Certificates of indebtedness of 1900, 4 percent., redeemable after 1990, Jan. and July. 5,000,000 Certificates of indebtedness of 1905, 4 per ct. ,due Jan. , 1935, alfter Jan. igxo. 3,000,000

In X903, $500,000 of additional stock was sold to the stockholders at $350 per share. On November i, 1898, a stock dividend of xoo per cent, was declared and issued to stockholders of record at that date. In 1906 $3,100,000 new stock was sold to the stockholders at par, payments for the same being made, 50 per cent. May xo, 1906 and 50 per cent. September 10, 1906, making the outstanding stock $13,600,000.

The 5 per cent, certificates of indebtedness were authorised in 1897, $6,000,000 in amount. The $5,000,000 outstanding were issued to reduce the capital stock from $xo,ooo,ooo to $5,000,000.

The4percent. certificates of indebtedness, of which $7,5oo,oooare authorised, were created in X900, and were distributed as a dividend to Uie stockholders in January, X90X. The dividend was xoo per cent., and included the $7,500,000 of this company's per cent, certificates and $3,500,000 of Atlantic Coast Line Railroad Co.'s certificates held in this company's treasury. In 1901 the company purchased and retired $3,500,000 of the 4 per cent, certificates. The certificates are redeemable at X05 after twenty vears from the date of issue.

The 4 per cent, debenture certificates of indebtedness due January i, 1935, are redeemable at par and mterest at any interest date after January x, 1910, the authorised issue being $5,000,000. Interest upon this issue is a fixed charge. There are deposited with the Safe Deposit & Trust Co. of Baltimore, trustee, as security for the principal of the 5 per cent, certificates and 4 per cent, certificates (old issue), bonds and certificates of indebtedness of the par value of $x 1,500,000.

No mortgage or deed of trust can be made upon the company property without the consent of two-thirds in amount of all issues of certificates of indoiitedness outstanding, and if such mortgage should be authorised, certificate holders have the right to take bonds at par.

A dividend of per cent, was paid in October, X895. In X896 paid 3 per cent., in 1807 per cent., in X898 4 per cent., and xoo per cent, in stock. In X899 pakr4> per cent. In 1900 paid 5 per cent, in two half-yearly dividends, March (15) and September. A half-yearly dividend of 3 per cent, was paid March ix, X901, and per cent, each was paid September x6, xooi, and March 10, X903. The dividend paid September xo, X903, was a per cent., quarterly, which continued to be the rate paid quarterly in March, June, September and December, until Septenaber, X905, when the quarterly dividend was increased to per cent, which has continued to be the rate.

Chairman, Henry Walters, Baltimore. President, Michael Jenkins, Baltimore. Vice-President, Waldo Newcomer, Baltimore. Secretary, R. D. Cronly, Baltimore. Assistant Secretarj, Goodwin Stoddard, Bridgeport, Conn. Treasurer and Assistant Secretary, J. J. NeUigan, Baltimore. Assistant Treasurer, J. B. Kirby, Baltimore.

Directors — William J. Brennan, New London. Warren Delano, Jr., New York. Alexander Hamilton, Petersburg, Va. N. W. James, Baltimore. Michael Jenkins, Baltimore. Waldo Newcomer, Baltimore. Henry Walters, Baltimore.

Main office, Bridgeport, Conn. Chairman's office, 55 South street, Baltimore.

Railroad Securities 37

iTLAKTIC COAST LIME RAILROAD CO.

(Controlled by The Atlantic Coast Line Co.)

A corporation chartered in Viriginia in 1836 as the Richmond & Petersburg: Railroad Co. The name was changed to the Atlantic Coast Line Raihoad Co. of Virginia, in 1898. when the Petersburg Raihoad Co. was consolidated with the Richmond & Petersburg Rauroad Co. On April az, xgoo, the said company consolidated with the Wilmington & Weldon Railroad Co., the Norfolk & CaroUna Raikoad Co. and the Atlantic Coast Line Railroad Co. of South Carolina, and the name was changed to Atlantic Coast Line Railroad Co.

In July, Z902. the company consolidated with the Savannah, Florida & Western Railway Co., known as the Plant system, which company owned a majority of the stock of the Florida Southern and the Sanford ft St. Petersburg Railways, which were also merged with the Atlantic Coast Line Railroad Co. April z, 1903, together with other branch lines. In 1904-05 the Jacksonville & Southwestern Railroad was acquired.

In October, 1902, the company acquired ownership of a majority of the stock of the Louisville & Nashville Railroad Co., which system is operated separately.

Road owned 4,397.66 miles, leased lines and trackage 140.31 miles ; total, 4,367.97. Owned, but not operated hf the company, 7.05 miles. Mileage operated June 30, 1907, 4.360.93 miles. The company's lines extend from Richmond and Norfolk, Va., to Wilmington, N. C, Charleston, S. Cf., Augusta, Ga., Savannah, Jacksonville, Fla., Tampa, Montgomery, Ala., etc. The leased lines include the Central of South Carolina, 40.20 miles. Locomotives, 641; passenger cars, 563 ; freight cars, 33,009; service cars, 595 ; floating equipment, 15 tugs, transfer floats, etc.

This company also owns one-sixth interest in the Richmond- Washmgton Co., Richmond to Washington, 115 miles. It has a one-half interest in the lease of the Georgia Railroad and dependencies, 571 miles. It owns all the stock of the Washington & Vandemere Railroad Co., 40 miles, and has an interest in the Charleston Union Station Co., the Jacksonville Terminal Co., the Augusta Union Station Co. and the Savannah Union Station Co. The Louisville & Nashville Railroad and dependencies, 6,891 miles, as well as the Charleston & Western Carolina, 341 miles, and the Northwestern Railroad of South Carolina, 71 miles, are affiliated with the Atlantic Coast Line Railroad Co.'s system, aggregating over x3,3oo miles.

Stock. . . . Par $100. . .Authorised, $100,000,000. . . Issued Class A, 1,000,000 v $50, 134,200

Certificates of indebtedness Told), 4 per cent., Jan. and July $500

" " (new), 4 per cent, irredeemable, May and Nov 31,566,600

A majority of the stock is held by the Atlantic Coast Line Co. of Connecticut. See sUtement of that company.

The preferred stock is entitled to 5 per cent, dividends. It was originally $x8,85o,ocx), and was issued in exchange for stocks of the constituent companies. The preferred stock is exchangeable at 135 for the 4 per cent, irredeemable certificates of indebtedness.

The company assumed the tax-exempt A stock of the Richmond & Petersbui Railroad, which is $z,ooo,ooo and which is given above as the common stock. Class A, of this company.

On March 8, 1906, an increase in the common stock to $6o,ocx>,ooo was authorized by the stockholders. On the same date the directors voted that stockholders of record March 19, 1906, should have the privilm of subscribing at par to the extent of xo per cent, of their holdings for the new stock, up to May xo, 1906, sulcriptions to be payable at the office of J. P. Morgan & Co., New York, or at the Safe Deposit & Trust Co. of Baltimore, in two instalments, one of 50 per cent., not later than May 10, 1006, and 50 per cent, on or before September xo, X906.

Transfer Agent for common stock, J. P. Morgan ft Co., New York. For preferred stock. Safe Deposit ft Trust Co., Baltimore.

The first dividend pakl on the preferred stock was per cent, semi-annual, November 10, rooo. Preferred dividends axe now paid semi-annually, per cent each, in May (10) and November. An initial dividend of x per cent, on the common stock was paid January 10, 1901 ; per cent, was paid on the common July xo, 1901, and a similar amount January xo, loos. In July, 1909, 3 per cent, was paid ; on January 10, X903, per cent, was paid, which thereafter was the regular semi-annual rate on the common stock. In November, 1904, the regular January dividend of per cent, on the common was supplemented by an extra dividend of 35 per cent., payable so per cent, in common stock scrip ana 5 per cent, in The Atlantic Coast Line Co. certificates of faideotedness, the amount of the latter, which was $1,834,000, being taken from the certificates held in the company's treasury. In January, 1906, half yearly dividend on the common was increased to 3 per cent, putting the stock on a 6 per cent, basis. In December, 1907, the half-yearly dividend payable January 10, 1908, was declared at the rate of 3 per cent., but was in 5 per cent, certificates of indebtedness of which the company had $3,835,000 in its treasury.

The Manual Op Statistics

Funded Debt

itt cons, mort., 4 per cent., due July, 1952, Maixh and Sept

CoUateral trust, L. & N. stock, 4 per cent., due Oct., 195a, May and Nov

A. C. L., J'ck'ville & S'w'n, ist pur. mon. m., 4 p. c, due Dec. 1954, June and Dec. Atlantic Coast Line of S. C. gen. ist mort., gold 4 percent., due July, 1948, Jan. & JiUy.

Equipment trust bonds, 4 per cent., due 1Q08-17, March and Sept

Three year coupon notes, 5 per cent, due March, 1910, March and Sept

Richmond A Petersburg, ist mort., 7 per cent., due May, 1915, May and Nov.

ist mort., 6 per cent., due May, 1915, May and Nov.. cons, mort., per cent., due April, 1940, April and Petersburg R. R., mort. " A," 5 per cent., due July, 1936, Jan. and July

mort. B," 6 per cent., due Oct., 1936, April and Oct

Norfolk & Carolina, ist mort., 5 per cent., due April, 1939, April and Oct

ad mort., 5 per cent., due July, 1946, Jan. and July

Wilmington & Weldon, general mort., s per cent., due July, 1935, Jan. and July

" " general mort., 4 per cent, due July, 1935, Jan. and July

Wilmington & New Bern, ist. mort., 4 per cent., due Aue., 1947, Feb. and Aug. . . .

WiL, Col. & Aug. ist mort. 6 per cent., due' June, 1910, June and Dec

Northeastern R. R. cons, mort., 6 per cent., due Jan., 1933, Jan. and July

Savannah, Florida & Western, ist mort., 6 per cent., due April, 1934, April and Oct.

" ist mort., 5 per cent., due April, 1934, April and Oct.

Charleston & Savannah, ist mort, 7 per cent., due Jan., 1936, Jan. and July

Brunswick & Western, ist mort, 4 per cent, due Jan., 1938, Jan. and July

Alabama Midland, ist mort., 5 per cent, due Nov., 1938, May and Nov

Silver Springs, Ocala & Gulf, ist mort, 4 per cent, due Jan., 1918. Jan. and July. . .

Ashlev River R. R., ist mort, 8 per cent, due Jan., 1915, Jan. and July

Sandford & St Petersburg ist mort., 4 per cent, due Jan., 1904, Jan. and July

Florida Southern ist mort, 4 per cent, due Jan. 1945, Jan. and July

Total.

3,o6a,ooo

a75,ooc

a,4i8,ooo

The ist consolidated mortgage is $80,000,000 authorized and is a first lien on 958 miles of road. The issue was created in 1902. Of the total amount $35,102,000 was reserved to retire prior liens and $13,864,000 for improvements, etc. $31,031,750 of the bonds outstanding were sued to retire Savannah, Florida & Western 4 per cent, consols and to retire the Atlantic Coast Line 4 per cent certificates of indebtedness and the 6 and 7 per cent, irredeemable certificates of indebtedness of the Wilmington & Weldon ; also for the purchase of the SavannaJi, Florida & Western Railroad and alhed railroad properties, known as the Plant System. Trustee and agent for the payment of interest. United States Trust Co., New York.

Prior to the issue of the ist consolidated mortgage 4 per cent. this company had '$3,000,000 4 per cent, irredeemable income certificates of indebtedness issued to retire the preferred stock of the Atlantic Coast Line Railroad Co. of South Carolina. There were also $2,500,000 7 per cent, and $380,000 6 per cent, certificates of indebtedness of the Wilmington & Weldon which this company assumed, and of which $1,000 of the 7 per cents, were outstanding June 30, 1907.

The collateral trust 4 per cent, mortgage, secured by $30,600,000 stock of the Louisville & NashviUe Railroad, was created in November, 1903, to carry out the plan for the acquisition of a majority of that company's stock. The arrangement included also the payment of $10,000,000 in cash, $5,000,000 in Atlanta: Coast Line Railroad common stock and $35,000,000 of the collateral trust bonds, the Atlantic Coast Line Railroad Co. obtaining 306,000 shares out of the toul 600,000 shaies of Louisville & Nashville stock outstanding. Interest on the collateral trust bonds is paid at the office of J. P. Morgan & Co., New York.

The three year 5 per cent coupon notes were issued m March, 1907, to provide for improvements.

Gross $7,586,746 7,95.099 8,549.526 19,682,455 ,544t975 22,222,903 34,868.448 36,771,538

Earnings

Year ending June 30

Per Cnt. Opr. Exp.

Income

$996,548 i,235,5a8 ,a35.4Sa 5.330.043 5,549,553 5,640,171 5,725,a40 5,884,973

Surplus $2,152,407 .76s,6s8 3,276,713 4,M3,48a 4,669,71a 4*816,942

OcTtlT&ijt!

It J

,WlllUuii*l*ort

Railroad Securities 39

The earnings of iqoi-oq are those of the old Atlantic Coast Line roads alone, the figures for 1003-03 including the operations for the entire consolidated system. Miscellaneous income included in the net was, in iQox-oa, $61,625 ; in 19003, $1,152,953; in 1903-04} $3,115,154; in 2904-05, $3,376,748 ; in 1905-06, $3,565,934, and in 190&07, $3,673,437. tn 1903-03, the surplus over dividends was $1,378,953 ; in 1903-04, $3,364,647 ; in 1904-051 $2.567,637 ; in 1905-06, $3,098,3x3, and in 1906-07, $135,869.

Freight Traffic Statistics

Averajce Total Tons Carried Freight Rate per Ton Eaminn per At. Tons

Mileage Tonnage One Mile Density per Mile Train Mile -per Train

X9a-q3... 4,139 7,674,371 1,068,377,14 358,108 1.314c. $3.xo 159

"903-04... 4ii9a 7.781,043 J,075.58,468 356,463 x.333 3.09 157

1904-05... 4.306 8,365.Ma T,x7x,86o,073 373,087 1.3x3 3.07 158

1905-06... 4,337 9.39a,aox i,344.548.34i 1.393 3.16 167

1906-07... 4,346 xo,n7,555 1,495.919.551 343.683 1.335 3.30 X78

Chairman, Henry Walters, New York. President, T. M. Emerson, Wilmington. N. C. zst Vice-President, Alexander Hamilton, Petersburg, Va. ad Vice-President, C. S. Gadsden, Charleston, S. C. 3d Vice-President, J. R. Kenly, Wilmington. SecreUry, Herbert L. Borden, New York. Treasurer, James P. Post, Wilmington. Assistant Secretary, R. D. Cronly, Petersburg. Assistant Treasurer, W. R. Jones, Richmond. Assistant Treasurer, J. B. Kirfoy, Baltmiore. Assistant Treasurer, J. J. Nelliean, Baltimore. Assistant Treasurer, C. C. Olney, Charleston. Assistant Treasurer, J. Moultrie Lee, Savannah. Assistant to President, W. R. Sullivan, Wilmington. Comptroller, H. C. Prince, Wilmington. General Counsel, Alexander Hamilton, Petersburg.

Directors— E. B. Borden, Goldsboro, N. C. Warren Delano, Jr., New York. Alexander Hamilton, Petersburg. Michael Jenkins, Baltimore. J. J. Lucas, Sodetv Hill, S. C. William W. Mackall, Savannah. Donald MacRae, Wihnington. Waldo Newcomer, Baltimore. Morton F. Plant, Groton, Conn. F. W. Scott, Richmond. H. B. Short, Lake Waccamaw, N. C. Hennr Walters, Baltimore.

Main office, Wihnington, N. C. New York office, 7X Broadway. Axmual meeting, third Tuesday m November, at Richmond, Va..

Baltikore Ohio Railroad Co.

A corporation chartered by the Sute of Maiyland, by act approved February a8, x8a7, and chartered by the Commonwealth of Virginia, March 8, X837.

Receivers were appointed for the company and its auxiliary roads in 1896, and the company was reorganized without foreclosure in 1899, the property being returned to the stockholders. The Peimsylvania Railroad Co. acquired a large stock mterest in the company in X90&01, but in September, 1906, sold a large block thereof, which was acquired by the Union Pacific Railroad Co.

The lines of the company extend from Baltimore and Philadelphia via Pittsburg and Wheeling, W. Va., to Chicago, Cincinnati and St. Louis. It obtains an entrance to New York by trackage over the lines of the Reading and Central Railroad of New Jersey systems. The property is operated under the following grand divisions :

Miles Included in the total are the following roads

New York Division 5.38 operated separately :

Main stem and branches x,xo9.67 Miles

Wheeling System x , 146.33 Ravenwood, Spencer 8t Glen ville Ry. . 33.40

Pittsburg System 932.5X Valley Railroad of Virginia. 63.X3

Chicago Division. 383.47 Cleveland, Lorain & 'Steeling Railway X94.38

Baltimore & Ohio Southwestern Cleveland Terminal & Valley Railroad 93.73

Division 985.75 Ohio & Little Kanawha Railroad 74.36,

Total 4,463.xo Total, operated separately 455.78

Mileage of roads whose earnings are included in the accounts of the Baltimore & Ohio

Railroad Co., June 30, 1907 4,006.33

In addition to the above the company controls through stock ownership the Staten Island Rapid Transit Railway Co., xx miles, and the Staten Island Railway Co., 13 miles.

The company in X96X acquired the majority of the stock of the Cleveland, Lorain & Wheeling Railway Co. It also acquired complete control of the Ohio River Railroad Co. and the Pittsburgh & Western Railway Co. In X903 this company, in conjunction with the Lake Shore & Michigan Southern Railway Co., acquired large holdings of the stocks of the Reading Company, but in 1904, each company sold part of the same. On- June 30, 1907, the Baltimore and Ohio owned the amounts of stocks of the Reading Company : ist preferred, $6,065,000; ad preferred, $x4,a65,ooo, and common stock, $10,003,500. In 1903 one-sixth

interest in the Hocking Valley Railway's common stock was purchased. The company also owns a one-sixth interest in the Richmond- Washington Co. The company owned $5353faoo of the $10,350,000 stock of the Consolidation Coal Co., but sold the same in 1906.

The company used at Chicago the terminals of the Chicago Terminal Transfer Co. under rental. In 1907 arrangements were made for the acquisition of that company and for the joint use of its property by this company and the Chicago, Burlington & Quincy Railroad Co. The company has a running arrangement with the Philadelphia & Reading and Central Railroad of New Jersey between Philadelphia and New York.

Locomotives, 1,949; passenger cars, 1,176; freight cars, 8,350; service cars, 2,964. Floating equipment, 142 steamers, tugs and barges. The above includes the equipment of the auziliaiy companies.

The preferred stock is 4 per cent. , non-cumulative. Question having been raised as to whether the preferred was entitled to only 4 per cent, per annum or should share with common in the surplus over that amount, a suit was brought in November, 1900, to test the question, and it was headed that only 4 per cent, could be claimed by the preferred. Both classes of stock were held in a voting trust, which was dissolved in 1901.

The amount of preferred stock originally authorised was $40,000,000, which was subsequently increased to $60,000,000. The common stock was originally $45,000,000, authorised, which was increased to $60,000,000 in February, 1901, to provide for the redemption of the convertible debentures. In November, 1901, it was increased to $100,000,000 to acquire the stocks of auxiliary roads and for improvements. In 1902 it was again increased to $125,000,000. In April, 1900, the common stodcholders had the right to new common stock at 80 to the extent of one share for each six sluues they held. In December, 1901, the stockholders subscribed for $22,537,200 new common at par, and in September, 1902, the stockholders subscribed at par for 30 pr cent, of their holdings in new common stoic, adding about $42,500,000 to the amount of the latter outstanding. In April, 1906, $27,750,000 additional common was authorized and offered to stocJcholders at par, the new stock to participate in dividends after September i, 1006.

The first dividend after the reoiWanisation was 2 per cent, on the preferred, paid April i, xooo. Since that time semi-annual dividends on the preferred have been regularly paid on March i and September i. A dividend of 4 per cent, on the common stock out of the earnings of the fiscal year ending June 30, 1900, was declared payable, 3 per cent. September 4, 1900, and 3 per cent. March x, 1901, and the common dividends were on the same basis with payments semi-annually in March and September, until September z, 1905, when the semi-annual rate was increased to per cent. In March, 1906, per cent was also paid, but the September, 1906 dividend was increased to 3 per cent., putting the common stock on a 6 per cent, annual basis.

Transfer agency, 2 Wall street, New York. Registrar, Mercantile Trust Co., New York.

Funded Debt

Prior lien mort., per cent., due July, 1925, Jan. and July (Reg. Quart. Jan.) ... $75,000,000

ist mort., 4 per cent., due July, 1948, April and Oct. (Reg. Quart. Jan.) 73,000,000

Convertible debentures, 4 per cent., due March, 19x1, March and Sept X4o,ooo

Pitts. June. & Mid. Div., per cent., due Nov., 1925, May and Nov 6, x 75,480

Southwestern Div. xst mort., per cent., gold, due July, 1925, Jan. and July 45,000,000

Pitts., L. E. & W. Va. refunding mort., 4 per cent., due Nov., 1941, May and Nov 37.339iOOo

New York Div. & Terminal ist mort., 4 percent., due June, 1948, June and Dec... 5,000,000

B. & O. Loan of X853, extended, 4 per cent., due Oct., 1935, April and Oct 1x2,500

Total. $24x,766,9So

Underlying Bonds ok Bonds of Other Companies in System

Pittsburg & Connellsville, xst mort. ext., 4 per cent, due July, 1946, Jan. and July.. $58,000

Staten Island Rapid Transit, xst mort., 6 per cent., due Jan., 1913, April and Oct. . 1,000,000

Staten Island Ry., ist mort., per cent., due June, 1943, June and Dec 5x1,000

Cent. Ohio, xst mort., per cent., due Sept., 1930, May and Sept 1,009,000

Sand. Man. & Newark, xst mort., 7 per cent., due Jan., 1909, Jan. and July 638,000

Ohio River R. R., xst mort., 5 per cent., due June, 1936, June and Dec 2,000,000

gen. mort., 5 per cent., due April, 1937, April and Oct 2,94X,ooo

Huntington & Big Sandy, xst mort., 6 per cent., due July, 1922, Jan. and July. . . . 400,000

Ripley & Mill Creek, xst mort., 6 per cent., due Aug., 1908, Feb. and Aug

Clev., Lorain & Wheel., cons, now, xst mort., 5 p. c, due Oct., 1933, April and Oct. 5,000,000

gen. mort., 5 per cent., due June, June and Dec. . . . 890,000

" " " cons. . mort., p. c, due Jan., 1930, Jan. and July. 950,000

Cleveland Terminal & Valley, xst mort., 4 per cent., due Nov., 1995, May and Nov. 3,302,000

Pittsburg Junction, xst mort., 6 per cent., due July, 1923, Jan. and July 1,440,000

2d mort., 5 per cent., due July, X9a2, Jan. and July 300,000

Railroad Seguritibs

Bait. & N. Y. R. R., ist mort., 5 per cent., due May, 1939, May and Nov $50,000

Sch. River, E. Side R. R., ist mort, guar. 4 per cent., due June, 1935, June and Dec. 5,000,000

Mononeahela River R. R. zst mort., 5 per cent., due Feb., 1919, Feb. and Aug 700,000

Pitts., Clev. & Toledo, ist mort., 6 per cent., due Oct., 1923, April and Oct 3,400,000

Pitts., Newcastle & L. £., ist mort. ezt., 4 per cent., due June, 191 7, June and Dec. . 319,000

Pittsbuni: & Western, ist con. mort., 4 per cent., due July, 191 7, Jan. and July. . . . 9,700,000

Ellwood Short .Line, ist mort., 5 per cent., due Jan., 1920, Feb. and Au|: 300,000

West Va. & Pittsburg, ist mort., reduced 4 per cent., due April, 1990, April and Oct. 4,000,000

Ohio & Little Kanawha Ry., ist mort., 5 per cent., due March, 1950, March and Sept. 338,000

There are outstanding $128,900 of old bonds and stocks which were not deposited under the reorganisation plan. Also $1,103,380 of real estate obligations, and $164,000 of car trusts.

interest on the various bonds of the parent company is paid at its New York office, 3 Wall street.

The prior lien per cent, mortgage is a first lien on the main line and Pittsburg Division aggregating: 1,017 miles. The ist mortgage 4s are a lien on the Philadelphia and the Chicago & Akron divisions and branches, altogether 570 miles. Trustee of the mortgage. Mercantile Trust Co., New York.

The ist mortgage 4 per cent, mortgage is $165,000,000 authorized, $75,000,000 being reserved to PCtiie the prior Hen 3? per cent, bonds. Trustee of the mortgage. United States Trus Co. New York, and John A. Stewart, New York.

The 4 per cent, convertible debentures, of which there were $15,000,000, were created in February, 1901. On March i, 1903, or any subsequent interest date, on thirty days* notice in writing, these bonds were convertible, at the holder's option, into common stock. Tne company may on any interest day after March i, 1903, retire these debentures at par and interest. Holders of the common and preferred stocks of record on February 31, 1901, were given the right of subscribing for the convertible debentures at par in the proportion of $1,000 of the same tor each 70 shares of stock held. In July, 1907, all but $140,000 of the debentures had been exchanged for stock. Trustee of the convertible debentures. Standard Trust Co., New York.

The Pittsburg, Lake Erie & West Virginia refunding 4 per cent, mortgage was created in February, 1903, in connection with the reorganization of the Pittsburg: & Western and the practical consolidation of it and other lines belonging to the system with this company.

The $10,000,000 of per cent, collateral trust notes' secured by the company's holdings Reading preferred stocks which were sold in 1904, due May, 1907, were retired at maturity with part of the proceeds of the $37,750,000 of new common stock sold at that time.

The New York Division and Terminal 4 per cent, ist mortgage was created in 1905, and is $10,000,000 authorized. It is secured by bonds and stocks of the Staten Island Rapid Transit Railway, and the Baltimore and New York Railway Companies.

An account of the capitalization of the company prior to the reorganization under the plan of June, 1898, with full details of the receivership and reorganization, was given in the Manual for 1903.

Earkinos Year ending June 30

Com. Pref. Gron Op. Exp. Net Charges Dividends Surplus

1900-01... 4 4 47.iMt4T> 65.89 16,756,636 9,119,017 3,300,000 4.337i6o9

1904-05... 4 67,689,997 66.05 a5,956,39x 13,382,390 7,992.04a 4,290,354

1905-06... sK 4 77,39a,050 63.98 3i,343.ac7 13,278,907 9,25477 4.037,430

The earnings of the entire system for include the operations of the Baltimore & Ohio Southwestern. From the surplus of $3,833,595 shown for the year there is to be deducted $393,305 for discount and commissions on securities sold, leaving a net surplus of $3,540,230, which was appropriated for additions and improvements. The net earnings, $15,468,414, include $995,139 representing miscellaneous income. In 1900-01 the net includes $856,793 for miscellaneous receipts, and $3,948,637 was charged to improvements, etc., leaving a surplus for the year of $1,3,5. In 1901-03 the miscellaneous income was $3,390,107, and the amount charged to improvements was $3,500,000. In 1903-03 miscellaneous income was $1,609,850 ; in 1903-04, $2,648,597, in 1004-05, $3,976,998, in 1905-06, $3,466,371, and in 1906-07, $3,487,808.

In 1901-03 $3,500,000 was deducted from the surplus for improvements and $i,:y33,939 for discounts and miscellaneous items, making the net surplus for the year $1,081,096. In 1902-03 the appropriation for improvements was $3,500,000 and discount and other items charged to income were $1,109,853, leaving a net surplus of $5,432,922. In 1903-04 the appropriation for improvements was $2,000,000, in 1904-05 $2,500,000, in 1905-06, $3,000,000, and in 190607, $3,000,000.

The Manual Op Statistics

Earnings, Affiliated Lines— Year ending June ja

'904-05 4,849.449

I90Shd6 5,116,663

Average Mileage 1,046

Total Tonnage i8,7i6;665 21,986,220 a5.057,!7?

Freight Traffic Statistics

Tons Carried

One Mile 3i499i07S.76o 4,369,3

Freight Density

a, 144,0 3,510,932 3,984,294 7;i4o;897;o6o 2,217,669

",330,133,482 2,828,065

The number of tons of soft coal transported in 1901-02 was 16,440,661 ; in 1902-03, 17,16983 tons; in 1903-04, 18,652,756; in 1904-05, 20,125,5x4; in 1905-06, 23,006,181, and in 1906-07, 22,906,520 tons. Balance Sheet, June 30, 1907

Rate per Ton perMUe 0.4S5

Earnings per TradnWae $1.97

Net $1,761,103 1,559,00* 829,735 1,120,257 3.836,698 9,157,066

Iverage Tom

33s

Assets

Cost of road, $319,672,193

Rolling: stock and marine equipment 48,314,152

Gas and electric plants 7ii,947

Real estate 7,462,337

Securities owned 55,845,148

Insurance fund 884,278

Materials on hand 6,371,071

Securities to retire old bonds, etc 248,425

Current asseU 55,918,657

Liabilities

Preferred stock $60,000,000

Common stock 152,174,829

Funded debt 249,290,430

Capital liabilities assumed 11 ,095, i8x

Current liabilities 23, 128,230

Profit and loss, surplus 19,739,549

Total.

Gross and Net Earnings by Months for Three Years

January February...

March

April

May

June

July

August

Seiember. .

October

November. . December..

Gross

Net

Gross $6,573,465 5,802.508 6,711,095

Net $9,447,906 1,874,317 2,488,817 2,237,444 2,289,112 9,351,500 2,196,859 2,672,612 9,665,935 9,635,771 9,449,004 2,322,91 1

Gross $6,365,559 5,939,393 6,493,268 7,107,670 7,370.849 7,196,085 7,351,903 7.794,307 7,465,051 7.790,677 6,998,553 5.654,653

Net $2,000,434 1,462,326 1,619,379 9.438.745 3,451,609 2,448,246 2,304.588 2,664,127 3,439,13s 3,493,393 2,004,456

Total $71,755,673 $24,267,026 $80,552,845 $28,632,188 $83,357,868 $25,412,081 Aver, per month 5,979.639 3,022,252 6,712,737 2,386,015 6,946,489 2,117,673

President, Oscar G. Murray, Baltimore, ist Vice-President, Georg:e F. Randolph, Baltimore. 2d Vice-President and General Counsel, Hugh L. Bond, Jr., Baltimore, id Vice-President, George L. Potter, Baltimore. 4th Vice-President and Treasurer, J. V. McNeal, Baltimore. Secretary, Custis W. Woolford, Baltimore.

Directors— Edward R. Bacon, New York. Joseph R. Foard, Baltimore. John P. Green, Philadelphia. Edward H. Harriman, New York. R. Brent Keyser, Baltimore. George F. Randolph, Baltimore. Samuel Rea, Philadelphia. Norman B. Ream, Chicago. James Speyer, New York. Charles Steele, New York. James Stillman, New York.

Main office, Baltimore. Annual meeting, third Monday in November, at Baltimore.

tf-'

H'

I

r

Railroad Securities 43

Bmltimore, Chesapeake A Atlahtic Railway Co.

(Controlled by Pennsylvania Railroad Co.)

Road owned, Claiborne to Ocean City, Md., 87 miles ; branch, x mile ; total 88 miles. In addition company operates a steam feny between Baltimore and Claiborne 45 miles and other steamboat routes on Chesapeake Bay and its aflSuents aggregating 1,130 miles. Locomotives, 10; passenger can, aa ; freight cars, 76. Floating equipment comprises 90 steamboat.

Company is a reorganization in 1894 of the Baltimore & Eastern Shore Railroad, sold under foreclosure, and acquired by purchase aU the property of the Eastern Shore Steamboat Co., Maryland Steamboat Co., and Choptank Steamboat Co. In Januaiv, 1005, the company aoQuired a majority interest in the Queen Anne*s Railway, reorganised as the Maryland, Delaware & Vireinia Railway Co.

The Pennsylvania Railroad Co. owns $276,377 preferred and $250,000 common stock and the company is operated as part of the Pennsylvania system.

The preferred stock is 5 per cent., cumulative. Stock is transferred at the office of the company, Philadelphia. Ristrar, Girard Trust Co., Philadelphia.

The company paid dividends of a per cent, on the preferred stock, March i, I905, and 3 per cent. March 15, 1906.

FuNDKO Debt ist mort., 5 per cent., due Sept., 1934, March and Sept $1,350,000

Trustee of the mortgage. Metropolitan Trust Co., New York.

The company guarantees the principal and interest of $3,000,000 xst mortgage 5 per cent, bonds of the Maryland, Delaware & Virginia Railway Co.

Earnings

Gross Net Charges Surplus

1904 $8",S40 $"5,943 $7a.47a $43i47i

President, Charles E. Pugh, Philadelphia. Vice-President and General Manager, Willard Thompson, Baltimore. Secretary, Lewis Neilson, Philadelphia. Treasurer, Henry Tatnall, Philadelphia.

Main office, Baltimore. Annual meeting, first Wednesday in November, at Salisbury, Md.

BMKeOR A MROOSTOOK RAILBOMD CO.

A corporation chartered bv the State of Maine March 5, 1891. In 1903 various controlled and leased roads were consolidated with this company.

Road owned, BrownviUe, Me., to Caribou, Me., 154 miles ; Oldtown to Greenville, 76 miles; Ashland Junction to Ashland, 43 miles ; Caribou to Van Buren, 33 miles ; Ashland to Fort Kent, Me., 51 miles; branches, 48 miles; Northern Maine Seaport Railroad, South La Grange to Scarsport, 92 miles; total operated, 513 miles; spurs to industries, etc., 10 miles; total track, 426 miles. The Northern Maine Seaport Raihtkad Co. was organised in 1904 to build 70 miles of extensions in this company's interest. Locomotives, 93 ; passenger cars, 80 ; freight ca, 5,372; service cars, 93. Stock Par $xoo Authorised, $2,5x0,000 Issued, $3,5x0,000

The company had $x, 338,000 of preferred stock, 5 per cent., non-cumulative, which has been retired. Stock is transferred by the Treasurer of the company, Bangor, Me.

In X907, the stock was increased from $1,550,000 to $3,510,000 to acquire the Northern Maine Seaport Railroad and for other purposes.

In December, 1003, the first dividend of per cent, semi-annual was declared on the common stock, payable January x, X904 ; a second dividend of the same amount, making 3 per cent, for the year, being paid July x, 1904. In July, 1904, and January, 1905, 1% per cent, was also paid, but the July dividend was 3 per cent., which has since been the regular rate.

Funded Debt

1st mort., 5 per cent., due Jan., 1943, Jan. and July $3,360,000

3d mort., 5 per cent., due July, X945, Jan. and July xx3,ooo

Consolidated refunding mort., 4 per cent., due July, 195X, Jan. and July 6,441,000

Funded — Continued

Piscataquis Div. ist mort., 5 per cent., due Jan., 1943, Jan. and July $1,500,000

Van Buren Ext., ist mort., 5 per cent., due Jan., 1943, April and Oct 500,000

Aroostook & Nor., ist mort., 5 per cent., due Oct., 1947, April and Oct 335,000

Aroostook County mort., g:uar. per cent., due Sept., 1913, March and 500,000

per cent., due July, 19x5, Jan. and July 338,000

Nor. Maine, Seaport, ist mort. & term, guar., 5 per cent., due April, 1935, Apl. & Oct. 4,350,000

Medford Extension ist mort., 5 per cent., due May, 1937, May and Nov 998,000

Car Trusts, series A to D, 5 per cent., due 1910 to 191 7 . 1,860,000

Total $30,074,000

The second mortgage was created in 1805 to provide for cost of road in excess of ist mortgage bonds and preferred stoic subscriptions, and has been mainly retired with part of the consolidated refunding bonds.

In August, 1901, the consolidated 4 per cent, mortgage for $30,000,000 was created to retire the outstanding bonds and preferred stock and provide for improvements, $13,500,000 being reserved to retu*e old bonds and preferred stock, $3,000,000 was to be used for improvements, and $4,500,000 for additional mileage. Interest on the consolidated refunding bonds is paid at the offices of Brown Bros. & Co., New York, and Lee, Higginson & Co., Boston.

In 1898 this company acquired control of the Bangor & Piscataquis Railroad and sold $1,500,000 5 per cent, bonds to retire $600,000 6 per cent, and $335,000 7 per cent City of mortgages on the Bangor & Piscataquis maturing April, 1899, $300,000 Greenville extension 58 due 1913, the balance of issue to be used for improvements. These bonds are secured I7 a first mortgSLge of the Bangor & Piscataquis road, now the Piscataquis Division.

The Northern Maine Seaport Railroad Co., ist and terminal mortgage is $5,000,000 authorised. The issue is niaranteed, principal and interest, by the parent company. Trustee of mortgage. United States Mortgage & Trust Co., New York. Agents for payment of interest. Brown Bros. & Co., New York.

Earnings Year ending June 30

Gross Net

Charges aod

Betterments

Surplus

'S:Si2

'm

I9Q4-Oc 3,159,073 781,903

Included in the charges were the following amounts for betterments : In 1899-00, $79,000 in $80,000; in 1001-03, $118,741 ; in 1903-03, $57,063; in 1903-04, $79,500; in 1904-05, $io5j5XX) ; in 1905-06, $164,842 ; in 1906-07, $99,625.

President, Franklin W. Cram, Bangor, Me. Vice-President, Percy R. Todd, Banir. Secretary, F. H. Appleton, Bangor. Treasurer, Exlward Stetson, Bangor. General Auditor F. C. Plaisted, Bangor. Cashier, W. A. Danforth, Bangor.

Directors— F. H. Appleton, Bangor, Me. John Crosby Brown, New York. A. A. Burleigh Houlton, Me. Franklin W. Cram, Bangor. C. A. Gibson, Bangor. Eklward Stetson, Bangor. Percy R. Todd, Bangor.

Main office, Bangor, Me. Annual meeting, third Tuesday in October, at Bangor.

Beech Creek Extemsiom Railroad Co.

(Leased to New York Central & Hudson River Railroad Co.)

A corporation formed under the laws of Pennsylvania, March 31, 1905, as a consolidation of a company of the same uame with several other short lines. Road oned, Keating to Clearfield, Pa., 53 miles; Curwensville to Curry, Pa., 16 miles; Uimeling to Irvona, Pa., 37 miles; MahafTey to Arcadia, Pa., 13 miles; branches, 30 miles.

The New York Central & Hudson River Railroad Co. owns all the stock and in June, 1905, leased the road for 999 years. Stock Par $100 Authorized $10,000,000 Issued $5,179,000

Railroad Sbouritibs 45

Funded Debt.

it mort., 3K per cent., due April, 1951, April and Oct

Consolidated mort., 4 per cent., due April, 1955, April and Oct SiWiOOO

Total $7.464.

The New York Central g:guarantees, principal and interest by endorsement on both the 1st and consolidated mortgagee bonds. Trustee of both mortgaf, Guaranty Trust Co., New York. Interest on both issues is paid by the Treasurer of the New York Central, Grand Central Station, New York.

Earnings are included in those of the New York Central.

President, M. E. Olmsted, Harrisburg, Pa. Vice-President, William H. Newman, New York. Secretary, Dwight W. Pardee, New York. Treasurer, Edward V. W. Rossiter, New York. H. ,

Corporate office, Philadelphia. Annual meeting, second Monday in January, at Philadelphia.

Beech Creek Railroad Co.

(Leased to New York Central & Hudson River Railroad Co.)

Road owned, Jersey Shore to Mahaffey Junction, Pa., zia miles; branches, 53 miles; toul, 165 miles.

The road is leased to the New York Central for 999 years from October i, 1890.

Stock Par $50. Authorized, $6,000,000 Issued, $6,000,000

Stock is transferred at the office of the company. New York. Registrar, Union Trust Co., NewYoric.

Dividends of 4 per cent, per annum are paid on the stock under the lease, in quarterly payments of 1 per cent, each, in January, April, July and October. These dividends are guaranteed by the New York Central.

Funded Debt

ist mort, 4 per cent., due July, 1936, Jan. and July $5,000,000

ad mort., 5 per cent., due July, 1936, Jan. and July x,ooo,ooo

Total $6,000,000

The bonds of both issues are guaranteed, principal and interest, by endorsement by the New York Central & Hudson River Railroad Co. This company guarantees the interest on $732,0004 per cent, xst mortgage bonds of the Clearfield Bituminous Coal Co., due January, 1940, interest payable January and July.

Earnings are included in those of the New York Central

President, M. E. Olmsted, Harrisburg, Pa. Vice-President, William H. Newman, New York. Secretary, Dwight W. Pardee, New York. Treasurer. Edward L. Rossiter, New York.

Directors— George F. Baer, Reading, Pa. W. D. Kelly, Philadelphia. James Kerr, Qearfield, Pa. Charles Miller, Franklin, Pa. M. E. Olmsted, Harrisburg, Pa. William K. Vanderbilt, New York.

Main office, Philadelphia. Annual meeting, first Friday after first Wednesday in May, at Philadelphia.

BELLI MGH Aim BAY A BRITISH COLUMBIA RAILROAD CO.

A corporation formed under the laws of California in May, 1883. Road owned, Bellingham, Wash., to Glacier, Wash.,. 44.16 miles; Hampton to Lynden, Wash., 5.31 miles; spurs, xo.i6 miles ; total, 59.63 miles. Locomotives, 8 ; passenger cars, 7 ; freight cars, 189.

Stock Par $100 Authorized, $1,000,000 Issued, $x,ooo,ooo

Funded Debt ist mort., 5 per cent., due Dec., 193a, June and Dec $659,000

The authorised amount of the ist mortgage is $1,000,000. Trustee, Mercantile Trust Co., San Francisco, which pays coupons on the bonds, the latter being also payable at the United States Mortga & Trust Co., New York. A sinking fund of 3 per cent of the amount of the bonds begins m 19x1, but bonds cannot be called for payment.

Earnings

Year ending: June 30

Gross Net Charges Surplus

"903-04 $M9i7i $83,393 $54024 $39,367

President, H. H. Taylor, San Francisco. Vice-President, John L. Howard, San Francisco. Secretary, John S. Drum, San Francisco. Treasurer, F. G. Drum, San Francisco.

Directors— W. J. Dingee, San Frandsco. F. G. Drum. San Francisco. John L. Howard, San Francisco. Garret W. McEnemey, San Francisco. Parius O. Mills, New York. H. H. Taylor, San Francisco.

Main office, 832 Octavia street, San Francisco. Annual meeting, third Tuesday in January at San Francisco.

Belt Railway Co. Of Chattanooga

(Leased to Alabama Great Southern Railroad Co.)

Road owned, 25 miles, extending around the city of Chattanooga, Tenn. The company's tracks altogether comprise about 46 miles.

The company's stock is owned by the Alabama Great Southern Railway Co., which leases the property until July i, 1945. Stock Par $zoo Authorized, $300,000 Issued, $300,000

Funded Debt

ist mort., 5 per cent., due July, 1945, Jan. and July $375,000

The ist mortgage bonds bore 3 per cent, until July, 1897, 4 per cent, for two succeeding years and 5 per cent, thereafter. There are also $24,000 4 per cent, income bonds, non-cumulative, for the first eight years, from July 1, 1895, maturing 19451 but subject to call at par from . July I, 1903.

The Alabama Great Southern guarantees as rental interest on bonds and sufficient for taxes and maintenance. Interest is payable at Mercantile Trust & Deposit Co., Baltimore, trustee of mortgage

President, H. S. Chamberlam, Chattanooga, Tenn. Secretary, R. D. Lankford, New York. Treasurer, H. C. Ansley, Washington, D. C.

Main office, Chattanooga, Tenn. Annual meeting, first Tuesday in September, at Chatunooga.

Bel¥Idere Delaware Railroad Co.

(Leased to Pennsylvania Railroad Co.)

Road owned, Trenton to Manunka Chunk, N. J., 67 miles ; branches, 15 miles ; total, 82 miles. A majority of the stock is owned by the United New Jersey Railroad & Canal Co. The property is leased to the Pennsylvania Railroad Co., the rental being the net earnings. Stock Par $50 Authorised, $4,000,000 Issued, $i,a53,ooc'

Transfer agency, Camden, N. J.

Dividends for a number of years have been 5 per cent, per annum, paid annually in Fruaxy.

Funded Debt

Consolidated mort, 4 per cent., due Sept., 1925, March and Sept $500,000

Consolidated mort, 4 per cent, due Feb., 1937, Feb. and Aug. 749.000

Consolidated mort., 4 per cent, due Jan., 1933, Jan. and July 500,000

Consolidated mort, per cent., due Jan., 1943, Jan. and July 1,000,000

The A per cent consolidated bonds, due 1935 and 1937, are guaranteed by United New Jersey Railroad St Canal Co. The 4s, due 1933, are not guaranteed.

The 3H per cent bonds due 1943 are guaranteed by the United New Jersey Railroad & Canal Co. and the Pennsylvania Raihoad Co. Interest on all the bonds is paid at the office of the Pennsylvania Railroad Company, Broad Street Station, Philadelphia.

President, John P. Green, Philadelphia. Vice-President, Samuel Rea. Philadelphia. SecletaiT, F. W. Schwars, Philadelphia. Treasurer, John M. PhUadelphia.

Main office. Broad Street Station, Philadelphia. Annual meeting, third Monday in Febniaiy, at Camden, N. J.

Railroad Securities 47

Bessemer Uke Erie Railroad Co.

(Omtrolled by United States Steel Corporation)

Road owned, Osgood, Pa., to Kremis,Pa., 8.87 miles; leased, Pittsbure, Bessemer & Lake Erie Railroad and branches, aoi.zS miles; Meadville, Conneaut Lake & Linesville Railxoad, 33.79 miles; trackage, 13.90 miles; total operated, 3x0.05 miles. Locomotives 113; passenger cars, 53 ; freight cars, 9,513. Stock Par $xoo Authorised; $500,000 Issued, $500,000

This corporation, of which all the stock is owned by the Carnegie Company, one of the constituent companies of the United States Steel Corporation, leased for 909 years, from April x, 1901 the entire property of the Pittsburi, Bessemer & Lake Erie Railroad Co. The lease provides for the payment as rental of all charges of the leased company, 6 per cent, dividends on its preferred stoic and 3 per cent, per annum on the common stock. The lease is guaranteed by the Carnegie Company. For further details see statement of the Pittsburg, Bessemer & Lake Erfc Railroad Co. ,

The company has car and equipment trust obligations outstanding for about $3,530,000.

President, James H. Reed, Pittsburg. Vice-President, E. H. Utley, Pittsburg. Secretary and Treasurer, George W. Kepler, Pittsbur|[.

Directors— L. C. Bihler, Pittsburg. W. W. Blackburn, Pittsburg. D. M. Clemson, Pittsburg. R. A Franks, Hoboken, N. J. Elbert H. Gary, New York. George W. Kepler, Pittsburg. D. G. Kerr, Pittsburg. James H. Reed, Pittsburg. E. H. UUey, Pittsburg.

Main office, 434 Fifth avenue, Pittsburg.

Bostoh A Albamy Railroad Co.

(Leased to New York Central & Hudson River Raih-oad Co.) Road owned, Boston to Albany, soo miles ; branches owned, 104 miles ; leased, Pittsfield &

North Adams Raih-oad, Ware River Raih-oad and North Brookfield Raihroad, in all 88 miles ;

total, 393 miles.

Stock Par $100 Authorized, $30,000,000 Issued, $35,000,000

Stock is transferred at the office of the company, Boston.

Dividends of 8 per cent, have been paid for many years in quarterly payments of 3 per cent.

each in March (31), June, September and December. The December 30, 1900, dividend, was,

however, 9j per cent., the additional per cent, beine derived from the income of the $5,500,-

3M PCf bonds received from the New Yo Central in payment for surplus assets.

Since 1900 the company has paid extra dividends of per cent, in each June and X

each December, making the annual rate per cent.

Funded Debt

Loan of 190a, per cent., due April, 1953, April and Oct $3,858,000

Loan of 1893, 4 per cent., due Oct., 1913, April and Oct. 3,637,000

Loan of 1901, per cent, currency, due Jan., 1951, Jan. and July 1,000,000

Total $8,485,000

The bonds are not secured by mortgage, being plain obligations. Interest is paid at the company's office. South Terminal Station, Boston.

The company also guarantees 5 per cent, dividends on $450,000 stock of Pittsfield & North Adams Railroad and 7 per cent, on $750,000 stock of the Ware River Railroad.

Company has an Interest m Boston Terminal Railroad Ca and uses the South Terminal Station in Boston.

In 1899-1900 a plan was ratified for the leasing of this road to the New York Central & Hudson River Railroad Co. for 99 years. The lease fixed the amount the New York Central was to pay for the reserved assets amounting to $5,500,000 in 33 per cent, bonds. The income from this fungi adds of i per cent, to the 8 per cent, guaranteed dividend, as stated above. It was provided that $3,500,000 should be expended in the improvement of the terminals in Boston harbor, this expense to extend over ten years' time. The lease was ratified by the stockholders, and, having, been authorised by an act of the Massachusetts Legislature, the New York Central assumed the operation of the road July i, 1900.

The earnings are now included in those of the lessee.

President, (vacancy). Vice-President and Secretary, Edward D. Hayden, Boston. Treasurer, Frank H. Ratcli£fe, Boston.

Directors— Augustus G. Bullock, Worcester, Mass. Zenas Crane, Dalton, Mass. Edward L. Davis, Worcester. Eben S. Draper, Hopedale, Mass. Reginald Foster, Manchester, Mass. Edward D. Hayden, Wobum, Mass. James A. Rumrill, Springfield, Mass. Charles S. Sargent, Brookline, Mass.

Main office. South Terminal Station, Boston. Annual meeting, fourth Wednesday in September at Boston.

The Manual Op Statistics

Bostoh A Lowell Bailroad

(Leased to Boston & Maine Railroad)

Road owned, Boston to Lowell and branches, 1 11.37 miles, including one-half the mileage of the Manchester & Keene, 30 miles, which is owned jointly with the Concord Railroad ; leased, Central Massachusetts, 104 miles; Connecticut & Passumpsic, 147 miles; total, 380 miles.

In 1887 this company's property was leased by the Boston & Maine for 99 years, the latter guaranteeing all charges and 7 per cent, per year on Boston & Lowell stock for the first ten years and 8 per cent, thereafter, payable semi-annually. The leasee has assumed the leases of nearly all the auxiliary roads.

Stock Par $100 Authorised, $6,599,400 Issued, $6,599,400

Stock is transferred at the office of the company, Boston. Registrar, American Trust Co., Boston.

The 8 per cent, dividends on the tock under the lease are paid semi-annually, 4 per cent, each in January and July.

Funded Debt

4 per cent bonds, due April, 193a', April uid Oct. $1,000,000

4 per cent, bonds, due 1909, April 350,000

4 per cent, bonds, due Feb., 1913, Feb. and Aug. t,ooo,ooo

4 per cent, bonds, due March, 1915 , March and Sept 500,000

4 per cent, bonds, due July, 1916, Jan. and July 750,000

4 per cent, bonds, due Oct., 1917-18, April and Oct 4X4iOoo

per cent bonds, due 1919, Jan. and July 690,000

3K cent bonds, due 1931, Jan. and July 3Z9i000

per cent bonds, due May, 1923, May and Nov 350,000

4 per cent, bonds, due July, 1937, Jan. and July 335,000

M per cent, bonds, due Sept, 1935, March and Sept $500,000

4 per cent, bonds, due Nov., 1926, May and Nov 500,000

Total $6,538,000

The bonds are plain bonds, not secured by mortgage, but are guaranteed as to the interest payments by the Boston & Maine Railroad for the term of the lease.

Earnings are included in those of the lessee.

President, Walter C. Baylies, Boston. Treasurer and Clerk, Henry B. Cabot, Boston.

Main office. North Union Station, Boston. Annual meeting, first Wednesday in January, at Boston.

BOSTON it MMIHE RMILROAD

This company is a consolidation, May 9, 1890, of the Boston & Maine Railroad, the Eastern Railroad Co. and the Portsmouth, Great Falls & Conway Railroad Co. In 1899 it absorbed the Eastern Railroad in New Hampshire, and the Portsmouth & Dover Railroad, the Portland, Saco & Portsmouth Railroad, and the Portland & Rochester Railroad in 1900. The Central Massachusetts Railroad was consolidated with this company April i, 1901.

Road operated, Terminal Division at Boston and vicinity, 13.76 miles; Western Division, Boston to Portland, Me., and branches, 354.84 miles ; Eastern Division, Boston to Portland, and branches, 389.71 miles; Worcester, Nashua & Portland Division, Worcester, Mass., to Portland, Me., and branches, 330.15 miles; Southern Division, Boston to Concord, N. H., and branches. 365.60 miles; White Mountain Division, Concord to Groveton, N. H., and branches, 346.86 miles; Concord Division, Concord to White River Junction, Vt., 30o.3o miles; Connecticut & Passumpsic Division, Springfield, Mass., to Sherbrook, P. Q., 339.60 miles; Fitchburg Division fFitchburg Railroad), Boston to Rotterdam, N. Y., and branches, 457.36 miles; The Concord 8t Manchester Electric Branch, 37.88 miles, is included in the mileage of the Concord Division and the Portsmouth Electric Street Railway, 18.10 miles, is included in the mileage of the Eastern Division. Total operated, 3,288.08 miles, of which 648.53 miles are owned, and 1,639.55 miles leased.

The leased roads include the Fitchburg Railroad, 458 miles ; Worcester, Nashua & Rochester Railroad, 94 miles ; Nashua & Lowell Railroad, 15 miles ; Connecticut River and branches, 80 miles ; Concord & Montreal and branches, 477 miles ; Boston & Lowell Railroad and branches, 469 miles ; other branches leased, 46 miles.

This company also controls the Maine Central, 931 miles ; St Johnsbury & Lake Champlain, 131 miles ; Vermont Valley Raih-oad, 34 miles ; Sullivan County Railroad, 36 miles ; York Haibor & Beach Railroad, xi miles.

Railroad Securities 49

Locomotives, 1,073; passenger cars, 1,719; freight cars, :io,782; service cars, 537.

In June, 1907, the New York, New Haven & Hartford Railroad Co. acquired $10,994,800 of the company's stock, giving its own stock, share for share, for the same, it being proposed to merge the two companies. The State of Massachusetts, however, passed an act prohibiting such merger prior to July i, 1908, and further exchanges of stock ceased while the merger was held in abeyance, awaiting the final decision of Massachusetts as to permitting or prohibiting it altogether.

The Boston & Lowell was leased in 1887 for 99 years for all charges and 7 per cent, on that company's stock until Januair i, 1897, and 8 per cent, per annum thereafter. The Concord & Montreal Railroad was leased in June, 1895, for its charges and 7 per cent, upon its capital stock for 91 years. On January i, 1803, the Connecticut River Railroad was leased for 99 years for charges and 10 per cent, per annum on its stock. The Boston & Maine leased the Fitchburg Railroad for 99 years from July x, 1900, having purchased all the outside holdings of the common stock of that company, amounting to $5,454,000, with the proceeds of an issue of 3 per cent, collateral trust bonds. The lesCte provides for dividends of 5 per cent, on the Fitchburg preferred and i per cent, on its common stock. In the same year an arrangement was proposed for the purchase of the stock of the Central Massachusetts Railroad Co., this plan being delayed by litigation, a final decision being reached in Februarv, 1901, that this company should pay $65 per share for the Central Massadiusetts preferred and $ai for its common, and nearly all the stock of that company was acquired.

The preferred stock is 6 per cent., non-cumulative. The 6 per cent, dividends on the preferred stock are paid semi-annually, 3 per cent, each, in March (x) and September. On the common stock 6 per cent, was paid from X894 to X898, both inclusive. The October, 1899, dividend was increased, making the annual rate 7 per cent., which has since been paid. Dividends 00 the common are per cent, quarterly, January (i), April, July and October.

Thecommon stock was increased by $4,641,400 in X89X and by $865,300 in x89a, to provide for the purchase of leased roads. In 1900 the common stock was increased $2,683,508 to provide for merger of Portsmouth & Dover, Portland, Saoo & Portsmouth and Portland & Rochester. In Febraaiy, 1901, an increase of $i,735,aoo was authorized to provide for purchase of the stock of the Centxul Massachusetts, the new stock to be offered to stockholders at 190. In October, X902, an increase of $1,000,000 in the common stock was authorized, and in October, 1905, $4,203,700 was again authorised. In August, 1906, stockholders were given the right to subscribe for $3*633,700 of new common at 165, therefor to be either in full by September i, 1906, or in four instalments on September x, X906, June 29, X907, August 31, 1907, and December 3X, 1907, making the issued common stock $28, 27 x, 790, there being also about $2,800,000 of stock available for sale. Of the new stock $x, 852,000 was paid in full.

Transfer Agent and Registrar, Old Colony Trust Co., Boston.

Funded Debt

Improvement bonds (plain), 4 per cent., due Feb., X937, Feb. and Aug $1,919,000

Plain bonds, per cent., due Nov., J93X, May and Nov x,ooo,ooo

Plain bonds, $1 per cent., due Jan., 1923, Jan. and July 2,000,000

Plain bonds, per cent., due Feb., 1925, Feb. and Aug 500,000

Plain bonds, 4 per cent, due Aug., 1942, Feb. and Aug 2,500,000

Plain bonds, 4M per cent., due Jan., X944, Jan. and July 6,000,000

Plain bonds, Fitchburg collateral, 3 per cent, due July, X950, Jan. and July 5t454t000

Plain bonds, currency 4 per cent, due Sept., X926, March and Sept xo,ooo,ooo

Ports. G. F. & Conway, xst mort., per cent, due June, 1937, June and Dec x, 000,000

One year notes, 6 per cent, due Oct. 1908, quarterly, Jan 4,xoo,ooo

Total $34.473iO0O

Interest on the bonds is paid at the office of the company, Boston.

This company is a joint guarantor of $300,000 4 per cent Portland Union Railway Station Co. bonds.

The 3 per cent, bonds were created in X900, and were given in exchange for the Fitchburg common stock owned by the State of Massachusetts and other hoklers.

For other bonds of system, see septate statements of the Fitchburg Railroad, Boston & Lowell Railroad, Concord & Montreal, etc.

Rentals of various leased roads and dividend rates on their stocks are as follows : Kennebunk St Kennebunkport, $2,925, or 45 per cent on $65,000 ; Lowell & Andover, $52,500 per year ; Worcester, Nashua & Rochester, $250,000. Dover & Winnipiseogee was purchased in 1892 and West Amesbury branch in 1893. Manchester & Lawrence leased for 50 years, from June X887, foi" charges, and xo per cent, on stock.

The Manual. Op. Statistics

Earnin08

Yar endlne June 30 Interest, Taxes,

Dividend Rentals and

on Common Gross Net Sinking Fund Surplus

'57-98 6 $19,743,945 $6,759,475 $5,496,051 $1,063,434

900-01 7 30,406,906 9.8S6.835 8,166,422 1,690,413

'904- 7 36,213,345 10,181,094 8,397,531 1,883,572

'9Q5-06 7 39,214,203 10,483,919 8.430.999 2,o5i,99

In 1900-01 the surplus over dividends was $45,413. The net earnings for 1901-03 indude $589,901 of miscellaneous income. The dividends paid in that year were $1,764,359, and the surplus over the same, $33,367. In 1903-03 the miscellaneous income included in the net was $537,634; the dividends paid, $1,771,733, and the surplus after the same was $33,1869 In 1903-04, miscellaneous income, $576,884 ; dividends paid, $1,779,000 ; net surplus, $70,456. In 1904-05, miscellaneous income, $587,588; dividends, $1,806,646; net surplus, $76,936. In 1905-06, miscellaneous income, $i&3,o85 ; dividends, $1,834,646; net surplus, $317,373. In 1906-07 miscellaneous income, $704,358 ; surplus dividends, $1,9732333 ; net surplus, $635,863.

President, Lucius Tuttle, Boston. 3d Vice-President, William FV Berry, Boston. 3d Vice- President, Frank Barr, Boston. 4th Vice-President and General Auditor, William J. Hobbs, Boston. Assistant General Auditor, Stuart K. Mcintosh, Boston. Treasurer, Herbert E. Fisher, Boston. Clerk, William B. Lawrence, Boston.

Directors— Samuel H. Aldrich, Boston. Thomas P. Beal, Boston. Alexander Cochrane, Boston. Henry F. Dimock, New York. Walter Hunnewell, Wellesley, Mass. Samuel C Lawrence, Medford, Mass. Richard Obiey, Boston. Alvah W. SuUoway, Franklin, N. H. Ludua Tuttle, Boston. Joseph H. White, Biookline, Mass. William Whiting, Holyoke, Man. Moses Williams, Boston.

Main ofiSoe, North Station, Boston. Annual meeting, second Wednesday in October at Lawrence, Mass.

BOSTOt A PROVIDEKCE RAILROMD CO.

(Leased to New York, New Haven & Hartford Railroad Co.)

Road owned, Boston to Providence, 41.89 miles ; branches, 31.14 miles ; total, 63.03 miks.

In April, 1888, this road was leased to the Old Colony Railroad for 99 years, with a guarantee of 10 per cent, yearly on the stock and all charges. This lease was transferred to the New York, New Haven & Hartford when that company leased the Old Colony. In June, 1907, the Massachusetts Legislature passed a bill authorising the sale of this company's property and franchise to the Old Colony Railroad, subject to ratification of the terms by two-thirds of the stockholders and the approval of the Railroad Commissioners. Stock Par $100. Authorised, $4,000,000 Issued, $4,000,000

Stock is transferred at the office of the company, Boston. Registrar, Old Colony Trust Co., Boston.

Dividends are paid quarterly, 9% per cent, each, in January (3), April, July and October.

Funded Plaid bonds, coupon 4 per cent., due July, 1918, Jan. and July $3,170,000

President, Philip Dexter, Boston. Treasurer and Clerk, George B. Phippen, Boston. Main office. South Terminal Station, Boston. Annual meeting, second Wednesday io October, at Boston.

Bostom, Re¥Ere Beach Jymii Railroao Co.

Road owned (3-feet gauge). East Boston to Lynn, Mass., 9 miles ; East Boston to Winthrop, Mass., miles; total, miles. Also operates a ferry between Boston and the terminal at Et Boston. Locomotives, 31 ; passenger cars, 98 ; ferryboats, 4. Stock Par $100 Authorised, $1,135,000 Issued, $850,000

Stock is transferred by the Treasurer of the company, Boston.

Railroad Securities 51

Prior to 1801-93 the company paid 7 percent, dividends, payments being aemi-annual, January and July. In the following year rate was reduced to per cent., and to 5 per cent, in 1893-93. In 1893-94 4K cent, was paid ; in 1894-5, 4 per cent.; in 1895-96, 3 per cent. From June, i8q7, indusive, the yearly rate was 3 per cent., the dividends being r per cent, each in January and July, but in January and July, 1906, 3 per cent, was paid. In 1907 paid 3 per cent, in January, and 2 per cent, in July. In January, 1908, 3 per cent, was also paid.

Funded Debt ist mort., per cent, due July 15, 1937, Jan. and July $850,000

The ist mortgage is for $1,000,000. Sufficient of the issue was reserved to retire the Boston, Winthrop & Shore 5 per cent, ist morteige bonds which matured September i, 1906. Coupons are paid at the State Street Trust Co., Barton.

Earnings Year ending June 30

Gross Net Charges Surplus

In 1901-03 dividends were $17,000; net surplus, $603. In 1902-03, dividends, $17,000; net surplus, $593. In 1903-04 surplus over dividends, $448 ; in 1904-05, $1,060 ; in 1905-06, $3,018, and in 1906-07, $1,378.

President, Melvin O. Adams, Boston. Treasurer, John A. Fenno, Boston.

Directors — Karl Adams, Boston. Melvin O. Adams, Boston. Henry V. Cunningham, Boston. John A. Fenno, Newtown, Mass. Henry F. Hurlburt, Boston. William S. Spaulding, Beverly, Mass.

Main office, 350 Atlantic avenue, Boston. Annual meeting, third Thursday in November, at Boston.

Biiock¥Ille. Westport Korthwesterk Railway Co.

A corporation chartered by the Dominion of Canada, October 34, 1903. The company on November 33, 193. took over the property of the Brockville, Westport & Sault Ste. Marie Railway Co., which was foreclosed and reorganized in 1903. The present company has the right to extend its line from Westport, Ont, the present termmus, in a northwesterly direction 450 miles, and proposes to construct an extension of 30 miles to Sharbut Lake, Ont.

For an account of the reorganization of the former company, the Brockville, Westfwrt & Sault Ste. Marie Railroad Ca, see statement of the Brockville & Northwestern in the Manual for iqp:

Road owned, Brockville, Ont., to Westport, 45 miles. Locomotives, 4 ; passenger cars, 8 ; freight cars, 33.

The preferred stock is 6 per cent., non-cumulative. Stock is transferred at the office of the company, New York. Registrar, Knickerbocker Trust Co., New York.

Funded Debt ist mort., 4 per cent., due 1933, June and Dec $450,000

The auth6rized amount of the ist mortgage is $450,000. Trustee of the mortgage and agent for the payment of interest, Knickerbocker Trust Co., New York.

Earnings Year ending June 30 Grots Net

President, Edward R. Thomas, New York, ist Vice-President, John Gerken, New York. Secretary, Carsten Hdlshom, New York. Treasurer, Frederick T. Lewis, New York. Assistant Secretary and Assistant Treasurer, A. P. Van Tuyl, New York.

The Manual Of Statistics

Directora— Robert Bowie, Brockville, Out. W. S. Buell, Brockville. William H. Comstock, Brockville. James Cummines, Lyn, Ont. W. J. Curie, Brockville. William C. Fredenburgh, Westport. John Gerken, New York. Carsten Heilshom, New Vork. Frederick T. Lewis, New Yoric Edward R. Thomas, New York. Orlando F. Thomas, New York.

Main office, Brockville, Ont. New York office, 35 Nassau Street. Annual meeting fourth Monday in October, at Brockville.

Buffalo A Susquehamma Railway Co.

Buffalo & Susquehanna Railroad Co.

A corporation formed under the laws of New York, September 22, 190a. The company owns 86 miles of railroad extending from Buffalo to Wellsville, N. Y., where connection is made with the lines of the Buffalo & Susquehanna Railroad Co.

The Buffalo & Susquehanna Railway Co. leases and operates the line of the Buffalo & Susquehanna Railroad (see that company), for rental of interest on bonds and 4 per cent, dividends on preferred stock of latter company. The common stock of the Railroad company is owned by the Railway company. The Railway Company operates a total of 366 miles, extending from Siagamore, Pa., 60 miles north of Pittsburg, to Buffalo. Extensive terminals have been acquired at Buffalo, located on Lake Erie immediately adjacent to the furnaces of the Buffalo & Susquehanna Iron Co. Here a ship canal has been buUt jointly by the Buffalo & Susouehanna Railway Co., the Pennsylvania Railroad, the Buffalo & Susquehanna Iron Co., and the Lackawanna Steel Co.

Tributary to the lines of the system are the mines and ovens of the Buffalo & Susquehanna Coal & Coke Co. and of the Powhattan Coal & Coke Co., which have extensive coal properties in Elk, Jefferson, Clearfield, Armstrong and Indiana Counties, Pennsylvania, containing about zjo,ooo,ooo tons of steam and coking coal.

Stock Par $100 Authori2ed, $10,000,000 Issued, $io,ooo,coo

Transfer Agents, Fisk & Robinson, New York. Registrar, Standard Trust Co., New York

Funded Debt ist morL, per cent., due 1953, May and Nov 1 $6,000,000

The xst mortgage is for $6,000,000 authorised. The bonds are secured by the line from Wellsville to Buffalo and the Buffalo terminals, together with certain equipment ; additionally secured by deposit with the United States Trust Co., Trustee, of the entire common stock of the Buffalo & Susquehanna Railroad Company, $4,656,900.

The company had outstanding on April i, 1908, four series of equipment trust bonds totalling $3,365,000, of which $261,000 mature annually.

Prnident, Charles W. Goodyear, Buffalo, ist Vice-President, Anson C. Goodyear, Buffala ad Vice-President and General Manager, C. Peter Clark, Buffalo. Secretary and Treasurer, F. A. Lehr, Buffalo. Comptroller, W. H. Baumes, Buffalo. Auditor, T. J. Elmer, Buffalo.

Directors — Ganson Uepew, Buffalo. Joseph P. Dudley, Buffalo. Anson C. Goodyear, Buffalo. Charles W. Goodyear, Buffalo. John H. Lascelles, Buffalo. F. A. Lehr, Buffalo. Frank S. McGraw, Buffalo. G. M. Sicard Buffalo.

Main office, 950 Ellioott Square, Buffalo. Annual meeting, first Tuesday in October, at Buffala Fiscal Argents, Fisk & Robinson, 35 Cedar street, New York.

BUFFALO & SUSQUEHANNA RAILROAD CO.— Road operated. Sagamore, Pa., to Wellsville, N. Y., an$l branches, 280.39 miles, of which 34).6i miles is owned; is84 miles leased, and 16.94 miles is trackage.

The line of the Railroad Company is leased by the Buffalo & Susquehanna Railway Company for rental of interest on bonds and 4 per cent, dividends on preferred stock of the Railroad Company. See statement of the Railway Company above. ,

The Railroad has a twenty year contract with the Buffalo, Rochester & Pittsburg Railway Co. for the joint use of the latter's track from Stanley, Pa., 16 miles, to Juneau, Pa., beyond which point, ai miles of owned road gives access to the largest single coal holdings of the Buffalo & Susquehanna Coal & Coke Co. at Sagamore, Pa., where the company has established a plant with a maximum tipple capacity of 1,500 tons of coal per hour.

Located on the une of the railroad are the mines and ovens of the Buffalo & Susquehanna Coal & Coke Co. and the Powhattan Coal & Coke Co., at Tyler, Du Bois, Sykesville, Troutville, Onondaga and Sagamore, Pa., containing about 130,000,000 tons of bituminous coal. Shipments of over 1,000,000 tons of coal and coke were made in the fiscal year 1907. The output is being increased as rapidly as development of the mines permits.

Railroad Securities

Transfer agents for the preferred stock, Fisk & Robinson, New York. Re|>:istrar of preferred stock. New York Trust Co.

The preferred stock is 4 per cent., non-cumulative. $4,000,000 was authorized in 190a, and is now outstanding. Dividends on the preferred are quarterly, z per cent each in September (i), December, March and June.

In 1895 a dividend of 4 per cent, was paid on the common stock, and from 1896 to fiscal year 1908, dividends of 5 per cent, were paid ; since, i per cent, quarterly. The dividends on the common were paid yearly, in January, up to 1901. In April of that year the company paid a

Quarterly dividend of per cent., and quarterly dividends have been since regularly paid in anuary, April, July and October.

The common stock of the company is owned by the Buffalo & Susquehanna Railway Co. and deposited with the United States Trust Co., New York, as collateral security for its bonds.

Funded Debt

ist mort., 5 per cent., due Oct., 19x3, April and Oct $132,000

i8t refunding mort., 4 per cent., due April, 1951, Jan. and July 9,462,000

Total $9,594,5a>

The xst mortgage refunding 4 per cent, bonds are a lien upon all the property of the Railroad Co., subject only to $132,000 first 5s, which are in process of refunding.

Earnings Year ending June 30

Gross Net Charles Surplus

x89-Q9 767,319 248,035 I70i98 77,837

190X-02 835,748 394,941 £49.735 345.2x6

1902-Q3 1,000,752 533,794 147.904 384.890

The net for 1902-03 includes $100,335 of miscellaneous Income ; in 1903-04 this item was $173,894 ; in 1904-05 miscellaneous income was $190,861 ; in 1905-06, miscellaneous income, $137,612; in X906-07, miscellaneous income, $189,393.

Freight Traffic Statistics

Average Mileage 1902-03 173 1903-04 173 1904-05 172 1905-06 243 1906-07 256

Total Tonnage 1,339.™ 1,327,809 1,643,252 2,080,056 2,527,820

Tons Carried

Freight

Rate per Ton

Earnings per Trainlle

Avg. Tons

One Mile

Density

per Mile

per Train

"5

President, M. E. Olmsted, Harrisburg, Pa. 1st Vice-President and Chairman, C. W. Goodyear, Buffalo. 2d Vice-President, Anson £. Goodyear, Buffalo. General Manager, C. Peter Clarlc, Buffalo. Secretary and Treasurer, F. A. Lehr, Buffalo. ComptroIlerTw. H. Banmes, Buffalo.

Directors— Daniel Collins, Austin, Pa. C. W. Goodyear, Buffalo. W. I. Lewis, Coudersport, Pa. M. J. McMahon, DuBois, Pa. N. N. Metcalf, Austin, Pa. M.E. Ohnsted, Harrisburg. W. C. Park, DuBois, Pa. C. R. Williams, Galeton, Pa.

Corporate office, Galeton', Pa. Main office, 950 EUicott Square, Buffalo. Annual meeting, econd Monday in January, at Galeton. Fiscal Agents, Fisk & Robinson, 35 Cedar stxet, New York.

Buffalo Creek Railroad Co.

(Leased to Erie Railroad Co. and Lehigh Valley Railroad Co.)

Road owned, 6 miles, including branches, the property being a terminal road at Buffalo, N. Y.; total track, including sidings, etc., 22 miles.

The Erie Railroad Co. and the Lehigh Valley Railroad Co. in 1889, jointly leased the road antili969.

Stock Par $ioo Authorized, $350,000 Issued, $250,000

Stock is transferred by the Secretary and Treasurer of the company. New York. Dividends of 7 per cent, per annum are paid on the stock under the lease.

Funded Debt Consolidated mort., 5 per cent, due Jan., 1941, Jan. and July $1,000,000

Triistee of the consolidated mortgage, E. P. Wilbur Trust Co., South Bethlehem, Pa. Interest is paid by the Farmers Loan & Trust Co., New York.

The lease provides as rental for the payment of interest on the funded debt and 7 per cent, dividends on the stock.

President, Edward T. Stotesbury, Philadelphia. Secretary and Treasurer, William H. Sayre, New York.

Main office, 143 Liberty street. New York. Annual meeting, third Wednesday in June, at New York.

Buffalo, Rochester A Pittsbur6 Railway Co.

A corporation formed March 11, 1887, as successor to the Rochester and Pittsburg Railroad, which was foreclosed in 1885.

Road owned, Buffalo, N. Y., to Mount Jewett, Pa., 100.40 miles; Rochester, N. Y., to Ashford, 93.70 miles; Clarion Junction to Lindsey, Pa., 60.43 miles ; Lincoln Park, N. Y., to Charlotte, N. Y., 10.30 mfles; Indiana Junction to Pennsylvania Railroad Junction, Pa., 4A.60 miles ; Creekside to Iselin, Pa., 18.43 miles ; branches, 90.ox miles ; total owned, 347.86 miles; leased Clearfield & Mahoning Railway, 35.87 miles ; Allheny & Western Railway, Punxsutawney. Pa., to Butler, Pa., and branch, 66. X3 miles; Allegheny Terminal Co., a is miles; Mahoning Valley Railroad, 1.89 miles ; trackage, 136.66 miles ; total operated, 568.53 miles. It has trackage on the Baltimore & Ohio Railroad into Pittsburg. Locomotives, 390 ; passenger cars, I03 ; freight cars, 13,508 ; service cars, 487.

In the Allegheny & Western Railway, Punzsutawney to Butler, Pa., 60 miles, was built in interest of this company.

This company controlled the Rochester & Pittsburg Coal and Iron Co., which has large coal, coke and iron properties in the territory tributary to its system of lines. In 1906, these and other coal mining interests were transferred to the Mahoning Investment Co., the consideration therefor being $4, 125,000 of the latter's $4,300,000 capital stock. Stockholders of the railway company of record December 30, 1906, received on December 37, 1906, a dividend of 35 per cent., in the stock of the Mahoning Investment Co.

The preferred stock is 6 per cent., non-cumulative. After the common has also received 6 per cent., both classes of share pro rata in any further distribution of surplus earnings. In September, 1904, the authorised common stock was increased from $9,000,000 to $13,000,000, and in January, 1905, both preferred and common stockholders were given the right to subscribe at par for $1,500,000 additional common stock in the proportion of xo per cent, of their holdings.

Stock is transferred at the office of the company, New York. Registrar, Union Trust Co., New York.

Dividend payments on the preferred began in February, 1893, at the rate of per cent, quarterly, but were suspended after February, '??3* August, X897, i per cent, was again paid on the preferred. In 1898 3 per cent, was paid on the preferred in semi-annual payments of x per cent, each in February and August, and in 1899 i per cent, was again paid in February and August. On February 15, i9C, 3 per cent, was paid on the preferred, and the dividends have since been on that basis or 6 per cent, per annum, the payments being semi-annual in February and August. The first dividend on the common stock was 3 per cent., paid February 15, 190X. Similar dividends on the common were then regularly paid August X5 and Feibruary 15, but the February, 1903, dividend was increased to a% per cent and in August, 1903, a further increase to 3 per cent, was made, which remained the regular semi-aimual dividend rate on the common stock until August, 1907, when only per cent, was paid. The Mahoning Investment Co.. however, paid a dividend of 3 per cent, in August, 1907.

Funded Debt

ist mort., R. & P. 6 Mr cent., due Feb., 1931, Feb. and Aug $1,300,000

Income mort., R. & P. 6 per cent., Feb 5,000

ConsoUdated xst mort., 6 per cent., due Dec, 1933, June and Dec 3,917,000

ist general mort., gold B. R. & P. Ry., 5 per cent., due Sept., 1937, March and Sept. 4,437,000

Railroad Securities

Funded T>%vt'—Continu$d '

New cons, mort., per cent., due May, 1957, May and Nov $1,552,000

One yeir loan, due March, 1908 ; 365*000

Car trust bonds, 5 per cent., 1908, June 37,000

Impt. & construction i;old notes. per cent., due Au|., 1009, Feb. and Aug 1,400,000

Equipment bonds. Series A, per cent., due May, 1919, May and Nov 500,000

" Series B, per cent., due May, 1990, May and Nov 1,000,000

Series C, per cent., due May, 1901, May and Nov 1,000,000

Series D, 43 per cent., due May, 1919, May and Nov 1,599,000

Series £, 4H per cent, due May, 1903, May and Nov %2PS%xx>

Series F, per cent., due April, 1927, April, and Oct 3,274,000

; and per cent., various.

& C, 5 per cent., due Jan., 1039, Jan. and July 350,000

Clearfield & Mahoning, zst mort. guar., 5 per cent., oue Jan., 1943, Jan. and July. . . 650,000

Allegheny & Western zst mort. guar., 4 per cent., due Oct., 19, April and Oct. . . . 3,000,000

Realestate

ist mort. Lincoln

Total $33,905,000

Interest on all bonds of this company (except the real estate mortgages) and on the Clearfield & Mahoning ist mortgage and Allheny & Western ist mortgage, is paid at the office of A. laelin & Co., Wall street. New York. The interest on the real estate mortgages is paid by the Treasurer of the company at Rochester, N. Y.

In 1893-93 the company built a line under title of the Clearfield & Mahoning Railway, 36 miles, from Du Bois, Pa., to Clearfield, connecting there with the Beech Creek RailxxMd. This company guarantees the bonds of Clearfield & Mahoning Railroad and 6 per cent, dividends (semi-annual 3 per cent., January and July) on $750,000 of the latter's stock.

In 1897, debenture bonds for $3,000,000 were authorised, running 50 years at 6 per cent, with right to retire same at 105 at any interest period on twelve weeks* notice. $1,000,000 debentures were sold to pay loans incurred for construction and for equipment. The interest rate on the debentures was reduced from 6 to 4 per cent, and the bonds marie convertible into stock, and were all retired in 1903.

\Ci.The new consolidated mortgage, created in 1907, is for $35,000,000, of which $18,145,000 is to be reserved to retire underlying obligations. Trustee of the mortgage. Central Trust Co., New York.

In connection with the construction of the AUheny & Western Railway, in 1898, stockholders of this company were given the privilege of subscribing at par for 4 shares of Allegheny & Western stock for each 35 shares of Buffalo, Rochester & Pittsburg. This company guarantees 6 per cent, dividends on $:3oo,ooo Allegheny & Western stock (of which an additional $300,000 was issued and sold in 190-06), and interest and principal of its $3,000,000 4 per cent, loo-year bonds. The Allegheny & Western bond issue is $3,500,000 authorised, $500,000 being reserved for an extension Butler Junction, Pa., to New Castle, Pa.

EaRNINOS Year ending June 30

Gtom $3,347,376

Nt

a,5S3.44i 3,681,341 3,330,339

Chaifes $843,850

1,7x4,995 1,759,694 1,985,033

Surplus

In 1900-01 improvements were charged with $530, 134, dividends paid were $480,000, and the surplus was $305,304. In 1901-03 improvements $803,833, dividends $600,000, received from investments $103,050, deficit $36,518. In 1903-93 improvements $950,749, dividends $673,000. In addition $600,076 was received from investments, makmg the total surplus $757,933. In 1903-04 improvements, etc, $1,086,518, sundry adjustments $5,103, dividends $858,000, receipts from investments, etc., $,173, deficit $116,184. In 1904-05 improvements $413,516, dividends $900,000, received from mvestments $130,411, balance surplus $104,166. In 1905-06, improvements $394,141, dividends $990,000, surplus $136,503. In 1906-07, improvements $3,747, discount on bonds, etc., $57,303, dividends in cash $990,000, in Mahoning Investment slock $i/)03,670, deficit $830,517.

The Manual Of Statistics

-Freight Traffic Statistics

Average Total Tons Carried Frehc Rate per ton Earainflrs per At. Toa$

Mileage Tonnage One Mile Density per Mile Train Mue per Traio

1903-04. 499 7,619,349 i,a6,374,754 3,357,363 0.54 439

1904-Os 538 9,366,733 1,336,063,753 3,464,800 0.51 507

1906-07 569 9,548,796 i,39.6o2,709 2,467,610 0.49 543

In 1901-03, the company's coal tonnage was 4,655,783 tons ; coke, 615,370 tons. In 1900-03, coal, 5,136,314 tons; coke, 795,307 tons. In 1903-04, coal, 4,907;543 tons ; coke, 671,750 tons. In 1904-05, coal, 6,3.V4,36o tons ; coke, 700,359 tons ; in 1905-06, coal, 5,204,437 tons ; coke, tons. In 1906-07, coal, 6,184,159 tons ; coke, 620,154 tons.

President, Arthur G. Yates, Rochester, N. Y. Vice-President, Adrian Iselin, Jr., New York. Vice-President, W. Emlen Roosevelt, New York. Treasurer and Auditor, John F. Dinkey, Rochester. Secretaiy and Assistant Treasurer. John H. Hocart, New York..

Directors— Henry G. Barbey, New York. Oscar Grisch, New York. John H. Hocart, New York. Adrian Iselin, Jr., New York. C. O'D. Iselin, New York. Ernest IseUn. New Yort. William E. Iselin, New York. A. Lanfear Norrie, New York. Walter G. Oakman, New York. John L. Riker, Npw York. W. Emlen Roosevelt, New York. Samuel Woolverton, New York. Arthur G. Yates, Rochester.

Main office, Rochester, N. Y. New York office, 36 Wall street. Annual meeting:, third Monday in November, at New York.

Calgary A Edmohtok Railway Co.

(Leased to Canadian Pacific Railway Co.)

A corporation formed under the laws of the Dominion of Canada in 1890. Caleaiy to Edmonton, Alberta, 191 miles ; Calgary to Fort McLeod, Alberta, 1Q5 miles ; total, 396 miles.

Until 1903 the road was operated for account of its owners by the Canadian Pacific Rallwaj Co. On July i, 1903 be property was leased for 99 years to the Canadian Pacific, the lessee guaranteeing; 4 per ceui.. per annum on the company's new consolidated debentures as rental. Stock Par $100 Authorized, $x,ooo,ooo Issued, $1,000,000

All of the company's is owned by the Canadian Pacific Railway Co.

Funded Debt

Consolidated debenture stock, 4 per cent., due July, 3003, Jan. and July ji, 131,700

Brar .h line bonds, 4 per cent., due 1935, Jan. and July 11,040,000

The company had ;i,i2i,70o, or $5,474,5x3, of ist mortgage 6 per cent, bonds. Under the arrangements made for the lease to the Canadian Pacific Railway in 1903 the ist mortgage 6s were retired by an exchange for an equal amount of 4 per cent, consolidated debenture stoic, the Canadian Pacific guaranteeing interest on the same and the principal at the expiration of thr lease.

The branch line bonds were authorized in September, 1904, for the construction of 100 miles of extensions.

The company has a subsidy of $80,000 per annum from the Canadian Government until July X, 19x1, for hauling government traffic up to that amount. It also received a land grant A 1,888,000 acres.

President, David M. Nicol, Montreal. Secretary and Treasurer, H. Campbell Oswald, Montreal.

Main office, Montreal. Annual meeting, in October, at Toronto.

Canada Atlaktic Railway Co.

(Controlled by Grand Trunk Railway Co.)

A Canadian corporation formed in 1879 and amalgamated in August, 1899, with the Ottawa, Amprior &. Parry Sound Railway. Road owned. Depot Harbor, Ont, to the Vermont boundary, via Ottawa, 396 miles ; branches leased, 63 miles ; trackage, 7 miles ; total operated, 466 mileL The company has the use of the Grand Trunk tracks, Coteau to Montreal, 37 miles. The Atlantic Transit Co. is owned by the Canada Atlantic Railway Co., and is operated as a poctiaa of the Grand Trunk Railway System, consisting of a line of four steamers, operating betwe

Railroad Sbguritibs 57

Depot Harbor, the western terminus of the Canada Atlantic Railway, and the upper lake cities of Port Arthur, Fort Williams, Duluth, Milwaukee, Chicago, etc. Locomotives, oa ; passenger cars, 41 ; freight cars, 2,524.

On October x, 1905, control was acquired by the Grand Trunk Railway Ca

Thepreferred stock is entitled to 4 per cent., non-cumulative dividends. Stock is transferred at the office of the company, Ottawa.

Funded Debt

xst morL, 5 per cent., due Jan., 1909, Jan. and July $2,908,000

Consolidated xst mort., 4 per cent., due Jan., 1955, Jan. and July X3,o9j,ooo

Total $16,000,000

The agreement bv which the property was acquired by the Grand Trunk Railway Co. included the guaranty by the latter of the consolidate ist mortgage, which is for $16,000,000 and is designed to replace all other indebtedness. Trustee of the mortgage. Royal Trust Co., Montreal.

This company leases the Central Counties Railway and guarantees as rental the interest upon the latter's $380,000 of 5 per cent, ist mortgage bonds. In 1904 the Central Counties Railway applied for authority to extend its line and issue bonds on such extension.

Earnings

Year ending June 30 Gross Net

The net for 1901-02 includes $31,422, the earnings of the company's barges and lake steamers. In 1902-03 taxes and rentals were reported as $28,200, and net earnings of barges and lake steamers $9,450, making the net revenue for the year $700,540. In 1903-04 the returns from the same sources were '$35,523. In 1904-05 the loss on barges and Uifee steamers was $37,995. In 1905-06 the profit from this source was $9,3.

President, Charles M. Hays, Montreal. Vice-President, £. H. Fitzhugh, Montreal. Secretary and Treasurer, Frank Scott, Montreal. General Auditor, N. J. Power, Montreal.

Directors— W. H. Biggar, Montreal. E. H. Fitshugh, Montreal. Charles M. Hays, Montreal. Joseph Hobson, MoptreaL J. W. Loud, Montreal. F. H. McGuigan, Montreal. Frank Scott, Montreal.

Main office, MontreaL Annual meeting, last Tuesday in September, at Ottawa.

Camaoa South Erm Railway Co.

(Operated by Michigan Central Railroad Co.)

Road owned. Suspension Bridge, Niagara, to Windsor, Ont., and branches, 380.04 miles, including Canada Southern bridge, 4 miles.

Stock Par $100 Authorized, $15,000,000 Issued, $15,000,000

Stock is transferred at the office of the company, New York. Registrar, Union Trust Co., New York.

Dividends have been as follows : In 1890, per cent. ; in 1801, per cent. ; in 1892, 1893 and 1894. 3 per cent.; in 1895 and 1896, 2K per cent; in 1897 and to 1900, inclusive, 2 per cent. Dividends are semi-annual, February x and August i. In 1901, paid per cent, and in X902, 2 per cent. In 1903, 25 per cent, was declared out of the year's revenues, percent, being paid in February and i per cent. August i, 1903. In February, 1904, pr cent, was paid. The first dividend under the new lease was 1% per cent., August i, 1904, which has since been the *egular semi-annual rate.

Funded Debt

ist morti, 5 per cent., extended at six per cent., due Jan., 19x3, Jan. and July $14,000,000

ad mort., 5 per cent., due March, 19x3, March and Sept 6,000,000

Leamington & St. Clair xst mort., 4 per cent., due Oct., X945, April and Oct xjo,ooo

Total $2o,x3o,ooo

The $14,000,000 of 5 per cent, ist mortgage bonds matured January i, 1908, and the issue was extended for five meant at 6 per cent.

By an agreement for working the property by the Michigan Central, the latter was to operate the road from January x, 13, for ai years, applying the joint earnings to payment of working, expenses and fixed charges of both rosuis, the surplus over these payments to be divided, two-thirds to the Michigan Central and one-third to the Canada Southern. In 1892, a reapportionment of earnings between the two companies was effected for the 5 years beginning January i, 1893. By this arrangement the Canada Southern Railway Co. was allowed in each year 40 i3er cent, of the first $1,000,000 and per cent, of any excess above $1,000,000 of earnings, after paying operating expenses and the fixed charges of both companies.

In June, 1903, a new lease of the company's road to the Michigan Central for 999 yean was made, to take effect January i, 1904, under which the Michigan Ctral guarantees diiddends of per cent, per annum on the Canada Southern stock until 19x0, after which 3 per cent, is guaranteed.

President, William H. Newman, New York. Vice-President, Henry B. Ledyard, Detroit. Treasurer, Charles F. Cox, New York. Secretary, Nicol Kingsmill, Toronto. Assistant Secretary, Dwight W. Pardee, New York.

Directors— Samuel F. Barger, New York. Joseph E. Brovm, New York. Chauncey M. Depew, New York. Henry B. Ledyard, Detroit. William H. Newman, New York. Hamilton McK. Twombly, New York. Frederick W. Vanderbm, New York. William K. Vanderbilt, New York. Edward A. Wickes, New York.

Main office, St. Thomas, Ont. Annual meeting, first Wednesday in June, at St. Thomas.

Cakadiam Kortherh Ontario Railway Co.

A corporation formed under the lars of Ontario, in X895, as the James Bay Railway Co., the name being changed to the present style in June, 1906. Road owned, Toronto to Panj Sound, Ont., 150 miles; extensions to Ottawa and a connection with the Canadian Northern Railway and the Canadian Northern Quebec Railway are planned. Locomotives, xy; passenger cars, 13; freight cars, 438.

The company is controlled by the Canadian Northern Railway Co., which owns all the stock. Stock Par $xoo Authorized $1,000,000 Issued $250,000

Funded Debt. Debenture stock, per cent., due July 10, 1936, March 31 and Sept. 30 $x, 101,370

The debenture stock is authorized at the rate of $ao,ooo per mile. Principal and interest an guaranteed by the Canadian Government. Trustees for debentures, British Empire Trust Co., London, Eng., and National Trust Co., Toronto.

The company was granted a subsidy of $884,000 by the Canadian Government.

President, William Mackenzie, Toronto. Vice-President, Donald D. Mann, Torooto. Vice-President, D. B. Hanna, Toronto.

Main office, Toronto.

Cahadiam North Err Over Ec Railway Co.

A corporation formed under the laws of the Dominion of Canada, July 24, 1906. The company was a consolidation of the Great Northern Railway Co., of Canada; the Chateaugay & Northern Railway Co. and the Quebec, New Brunswick & Nova Scotia Railway Co. A controlling interest is owned by the Canadian Northern Railway Co., and in October, 1906, it was stated that application would be made to the Canadian Parliament for authority whereby this company miht be leased to the Canadian Northern or to the Canadian Northern Ontario Railway Co. which is also controlled by the Canadian Northern Railway Co. A statement of the Great Northern Railway Co., of Canada, was given in the Manual for 1906.

Road owned. Riviere a Pierre, Que. (on the line of the Quebec & Lake St. John RaUway) to Hawkesbury, Ont., 169 miles ; Joliette, Que. to Montreal, 37 miles ; branches 59 miles ; total, 365 miles. Extensions from Quebec to Gameau, on the main line, 90 miles and from Mootfoit Junction to St. Jerome, 20 miles, were under construction in 1907. The Quebec, New Brunswick & Nova Scotia Railway which was included in the merger was projected to extend from Quebec to Moncton, N. B., and thence to a junction with existing lines in Nova Scotia. The company owns extensive terminal properties at Quebec with docks, elevators, etc.

Railroad Sbguritibs 59

Funded Debt

Perpetual debenture stock, guar. 4 per cent., irred. June (30) and Dec ;i,ooo,ooo

Great Northern cons, mort., 4 per cent., due April, 1935, April and Oct

The authorised amount of the perpetual debenture stock is limited to the sum required to retire the bonds of the companies merged in this company, and to additional issues for new construction at the rate of ;4,ooo or $20,000 per mile. It is guaranteed as to principal and interest by the Canadian Northern Railway Co. Trustees of mortgage, British Empire Trust Co., Limited, London, and National Trust Co., Limited, Toronto. Interest is payable by warrant in London, the first half-yearly payment being .due June 30, 2907. In October, 1906, ji,ooo,ooo of the perpetual debenture stock was offered for subscription m London at 98 per ceni.

The Great Northern of Canada, 4 per cent, consolidated mortgage was created in 1905, the authorized amount being $7,962,000. Trustee of the mortgage. Central Trust Co., New York. The Canadian Northern Railway Co. guarantee principal and mterest of $4,962,000 of the issue, being the amount thereof required to retire the company's old 5 per cents, and terminal bonds. It was stated in October, 1906, that there were $5,462,000 of the bonds outstanding, but that the present company had arranged for the retirement of $1,5x4,500 of the same.

President, D. B. Hanna, Toronto, ist Vice-President. Frederic Nicholls, Toronto. 2d Vice-President, H. H. Melville, Boston. Secretary, W. H. Moore, Toronto.

Mam Office, Toronto.

Canadian Northern Railway Co.

A corporation formed under the laws of the Dominion of Canada in 1899. company is a consolidation, in 1898, of the Winnipeg Great Northern Railway, the Lake Manitoba Railway and Canal Co., and other companies. In 1901 this company sub-leased from the Province of Manitoba the lines in that Province owned by the Northern Pacific and which the Province leased from that company with an option to purchase the same for $7,000,000.

Road owned, June 30, 1907, Port Arthur, Ontario to Winnipeg, 438.6 miles; Stanley Junction to Gunflint, 66.9 miles; Emerson Junction to South Junction, 72.7 miles; Central Division, Portage Junction to International Boundary and branches, 498.7 miles ; Northern Division, Winnipeg to Kamsack and branches, 961.9 miles; Western Division, Kamsack to Edmonton, Alberta, 6oa6 miles ; total, 2,639.4 miles. The mileage is located as follows : In Ontario, 353.7 miles; Manitoba, 1,427.2 miles: Saskatchewan, 600.6 miles; Alberta, 214.2 miles; Minnesota, 43.7 miles. Further extensions are planned, including lines to the Pacific Coast and to Fort Churchill on Hudson Bay.

In 1906 this company acquired the Qu'Appelle, Long Lake & Saskatchewan Railroad & Steamboat Co., Regina to Prince Albert, 249 miles, the lease of which property to the Canadian Pacific Railway Co. expired July x, 1907. Locomotives, 190 : passenger cars, X9X ; freight cars, 6,868.

The Canadian Northern Ontario Railway Co. (formerly the James Bay Railway Co.) Toronto to Sudbury, Ont., 208 miles, is controlled in the interest of this company. See separate statement of that company. Extensions of the line in question to Ottawa and to a connection with the main system are planned.

The company controls the Great Northern Quebec Railway Co. See separate statement of that company, the lines of which are (o afford the Canadian Northern system an entrance to Montreal and Quebec, and alternately to the Maritime Provinces.

A land-grant subsidy was granted to the company in aid of the construction of certain of the lines in Manitoba and the Territories, being at the rate of 6,400 acres per mile in Manitoba and X2,8oo acres per mile in the Territories. Cash subsidies have been paid as follows by the Dominion Government, in aid of the Ontario Division, at the rate of $6,400 [per mile for 2x2 miles, and $3,200 per mile for about 55 miles. A further cash subsidy at the rate of $4,000 per mile was paid by the Ontario Government on about 268 miles of the Ontario Division.

Stock Far $100 ; . .Authorized, $30,750,000 Issued, $30,750,000

Funded Debt

1st. mort. cons, debentures, 4 per cent., due June 30, 1930, June (30) and Dec ;a,o39,7oo

ist. mort, Ontario Div. debentures, 4 per cent., due June 30, X904, June (30) and Dec. ;fx, 804, 500

xst. mort. debenture stock, 3 per cent., due July xo, 1953, March (31) and Sept £"1,923,287

Perpetual cons, debenture stock, 4 per cent., irred., June (30) and Sept £"2,240,000

ist. land grant mort., 4 per cent., due Feb. 1919, Feb. and Aug $2,000,000

Gunflint Branch mort., per cent., due June 30, 1930 $669,000

Erwood Ext. mort., per cent., due June 30, X930, June (30) and Dec $693,000

Imperial Rolling Stock equip, mort. bonds, Series A to L, and 5 per cent. , various. . $7,555,148

6o THB MANUAXi OF STATISTICS

Funded Debt to Retire Which Portions of Above Bonds are Reserved.

Lake Manitoba Railway & Canal mort., 4 per cent., due Aug., 1906 £S'itoo

Canadian Northern & Manitoba Div. , mort., 4 per cent., due Feb., 1999. j6395i&x>

Gilbert Plains Branch mort., 4 per cent., due fo▼. 19J0 £s*oo

Manitoba branch lines, ist. mort., 4 per cent., due June 30, 1930 $iox,ooo

" " 2d. mort., due June 30, 1930 $354,000

Manitoba Prov. bonds, 4 per cent., due 1930 $349,000

Qu*AppeUe, L. L. St Sas. debenture stock, 4 per cent., due 1936, Jan. and July

Of the ist. mortgage consolidated debenture 4's, ;558,300 are reserved for the retirement of the outstanding LiQce Manitoba Railway & Canal 4's, the Canadian Northern & Manitoba 4's, the Gilbert Plains branch 4's and the Manitoba branch lines xst. and and. mortgage bonds. All of these latter bonds are guaranteed as to principal and interest by the Province of Manitoba.

The xst. mortgage consolidated debenture 4's are guaranteed as to principal and interest by the Province of Manitoba, the guaranty being limited, however, $10,000 of the bonds per mile of road. Trustee of mortgage, National Trust Co., Limited, Toronto. Interest is payable at the Canadian Bank of Commerce in Toronto, New York and London.

The ist. mortgage, Ontario Division, debenture 4's are also guaranteed as to principal and interest by the Province of Manitoba. Trustee of mortgage. National Trust Co., Limited, Toronto. Interest is payable at the Canadian Bank of Commerce In Toronto and London.

The Government of the Dominion of Canada guarantees the principal and interest of the xst. mortgage, 3 per cent, debenture stock. Trustees of mortgage, British Empire Trust Co.. Limited, London, and the National Trust Co., Limited, Toronto. Interest is payable in London by warrant. Transfer agent, Canadian Bank of Commerce, 60 Lombard street, E. C, London.

The 4 per cent, perpetual debenture stock is secured by a mortgage to the Briti Empire Trust Co., Limited, London, and the National Trust Co., Limited, Toronto. Interest is paid in London by warrant. Transfer agent, Canadian Baiik of Commerce, 60 Lombard street, E. C, London.

The 4 per cent, land grant bonds are secured by 133,33 acres of the land grant subsidy from the Dominion of Canada. Interest on the bonds is provided for by half-yearly payments of $40,000 each, made until the maturity of the bonds, by the Dominion Government to the com* pany under contracts for the transportation of mails, etc., over certain portions of the company's lines.

Earnings— Year ending June 30 Per Cent. Gross Op. Exp. Net Charges Surplot

X9093 $2,449,579 64.88 $860,386

1903-04 3ta4a,703 65.40 i,iax,930 $805,528

X904-05 4,x9o.a 63.X2 x,54S.48a 1,138,770 416,703

X905-06 S903i755 62.24 3,229,022 i,509448

X906-07... . 8,35o,x98 64.96 2,926,034 1,882,489 1,043.545

Freight Traffic Statistics

Average Total Tons Carried Freight Rate per ton Eaminn per At. Tob

Mileage Tonnage One Mile Density per Mile Train Mile per Tnla

I903-<H 1,349 1,109.585 294.498,675 2x8,308 0.8x9c. $2.29

1904-05 x,586 1,368,896 385,834,234 243,275 0.793 2.04 358

X905-06 2,064 1,727,002 535,298,197 259,349 0.8x0 2.22 374

X900-07 2,509 1,822,330 657,437,305 262,031 0.873 2.54

President, William Mackenzie, Toronto. Vice-President, Donald D. Mann, Toronto. 3d Vice-President, D. B. Hanna, Toronto. SecreUry, W. H. Moore, Toronto. Local Secretary, H. W. Harding, London, Eng.

Directors — R. M. Horne-Pajme, London, Eng. Z. A. Lash, Toronto. William Madcenxie, Toronto. Donald D. Mann, Toronto. Frederic Nicholls, Toronto.

Main office. King and Toronto streets, Toronto. London office, Bond Court, Walbrook, London, E. C.

CA Hi DIMM PACIFIC RAILWAY CO.

Incorporated February 17, x88x, under a charter from the Dominion of Canada. The company witn iu charter received from the Government $25,000,000 in cash as a subsidy, and 25,000,000 acres of land. The Government also conveyed, to the company, free of all cost, 713 miles of rcMui, including 435 miles from Winnipeg, Manitoba, to Lake Superior.

Mileage, June 30, 1907, 10,339 miles, comprising 9, 153 miles included m the company's traffic returns ; 262 miles of other lines operated, and 833 miles under construction. Total oi system, including the Minneapolis, St. Paul & Sault Ste. Marie Railway Co., 2,283 miles, and the Duluth, South Shore & Atlantic Railway Co., 593 miles, X3,xx3 miles.

Included hi the leased lines are the St. Lawrence & OtUwa, 58 miles ; Atlantic & Northwest,

RAILROAD SBOURITIBS 6x

346 miles ; Ontario & Quebec Railway, 865 miles ; New Brunswick Railway, 410 miles ; Manitoba & Southwestern Colonixation Railway, 315 miles ; Montreal & OtUwa Railway, 93 miles ; Guelph Junction Railway, 15 miles ; Columbia & Kootenay, 59 miles ; Shuswap & Okanagon, 50 miles ; Montreal & Western Railway, 90 miles ; Ottawa Northern & Western Railway, 158 miles ; Manitoba & Northwestern Railway, 33a miles; Great Northwest Central Railway, xii miles; Calgary & Edmonton Railway, 494 miles ; Columbia & Western Railway, 159 miles ; and other small branches. The portion of the Alberta Railway & Coal Co/s railway from Dunmore to Leithbridge, Alberta, 107 miles, was sold to this company in 1893. company is jointly interested with the New York Central & Hudson River Railroad Co. in the ownership of the Toronto, Hamilton ft Buffalo Railway Co., 88 miles. The Calgary St Edmonton Railway, 396 miles, which had been worked for the owners, was leased in 1903. The company has ninnine rights over 56 miles of Maine Central from Vanceboro to Mattawamkeag. The principal road worked for owners under arrangement is the Montreal & Atlantic Railway, 184 miles, the returns of which are not included in the Canadian Pacific earnings.

Locomotives, 1,396; passenger cars, 1,466 ; freight cars, 41,137; service cars, a,xo8. Steamships and steamboats, 55.

See separate statements of the Calgary ft Edmonton, Duluth, South Shore ft Atlantic and the Minneapolis, St. Paul ft Sault Ste. Marie roads. The company owns and operates a line of steamships on the Pacific from Vancouver to China and Japan and one on the Atlantic from Canadian ports to Europe.

The company had on June 30, 1907, 13,335,496 acres in its land grants. In 1905-06, it sold i."S,743acres for $6,513,453 and in 1906-07, 994,840 acres for $5,887,377.

The preferred stock is 4 per cent., non-cumulative. It was authorized by the Canadian Parliament in 189a to provide for additions and betterments. The preferred is limited to onehalf the amount of the common stock.

In March, 1906, the authorized common stock was increased from $110,000,000 to $150000,- 000 and $30,380,000 of the new stock was allotted to the stockholders for subscriptions at par in the proportion of 30 per cent, of their holdings.

Stockholders of record January 13, 1908, received the right to subscribe at par for $34,336,-

000 new stock to the extent of ao per cent, of their holdings. Subscriptions are payable 30 per cent FebruaiT 19, 1908, ao per cent. April 31, 30 per cent. June 19, ao per cent. August 19 and ao per cent. October 19, 1908. The new stock when paid in full on the last date will participate in the dividend for the half-year ending 31, 1908. Shareholders paying in full on any instalment date are allowed 5 per cent, interest on the amount paid in ; when this stock is issued the common will be $146,0x6,000 in amount.

Stock is transferred at the office of the Secretary, Montreal. Transfer Agent in New York, the Bank of Montreal, 31 Pine street. London transfer agency, 6a Charing Cross.

Dividends of 4 per cent, on the preferred stock are , a per cent, half-yearly, April i and October x.

On the common 4 per cent, was paid in 1885 ; in x886, 1887, 1888 and 1889 3 per cent, was paid ; in 1894, 5 per cent.; in 1895, none ; in 1896 and 1897, per cent.; in 1898, per cent.; m 1899, 4 per cent. In 1900 3 per cent was paid in April and per cent, in October. The April, looi, dividend was also per cent., which was the regular rate until the October, iajt dividend which was increased to 3 per cent., putting the common stock on a 6 per cent. buis. Dividends on the common are half-yearly, April (i) and October.

At the bi-annual meeting, October 3, 1906, it was announced that in 1907, x per cent, extra woukl be paid on the common stock in addition to the regular dividends, the same to be derived from interest received in land contracts, and to be paid per cent. April x and per cent, on October 30, X907, respectively.

Funded Consolidated perpetual debenture stock 4 per cent., Jan. and Julv $xo6,q45,axi

1 St mort. debentures, 5 per cent., due July, X9X5, Jan. and July, A 7, 191,500. 34,998,633

Canada Central, ad mort, 6 per cent., due Nov., 19x0, May andNov 973,333

Algoma Branch, ist mort., 5 per cent.,*due July, 1937, Jan. and July, ;75o,ooo. 3,650,000

TotoL $i4S,67,377

Bonds op Leased Lines Manitoba ft S. W. Colonisation Ry., xst mort., 5 per cent., due 1934, June and Dec $3,544,000

Atlantic ft N. W. xst mort. 5 per cent., due X937, Jan. and July jf i,33o,ooo

St. Lawrence ft Ottawa xst mort., reduced to 4 per cent., due X9X0, June and Dec.. . . ;3oo,ooo

Ontario ft Quebec debentures, irredeemable, 5 per cent., June and Dec ;4i007,38x

Toronto, Grey ft Bruce xst mort., 4 per cent., due 3883, Jan. and July £yjg,€X30

New Brunswick Ry. ist mort. 5 per cent., due X934, Feb. and Aug a6oo,ooo

" " perpetual debentures, 4 per cent., Jan. and July j6904533

Lindsay, B. ft P. xst mort., 4 per cent., due July, 3003, Jan. and July $500,000

The Manual Op Statistics

The common stock authorized vras originaUy fixed at the sum of $ioo,ooo,ooa In 1883 the company purchased from the Dominion Government an annuity of 3 per cent, per annum for ten years, 1884 to 1893, on $,000,000 of the stock outstanding ; and the remaining $35,000,000 of stock was deposited with the Government, to be withdrawn by the company as the completion of its road called for it, and issued with the same guarantee. The Government modified the agreement February, 1884, and loaned the company $23,500,000, taking a lien on the company's property subject to the prior liens. In May, 1885, it was agreed to cancel the $35,000,000 of stock deposited as above, and issue instead mortgage bonds to an equivalent amount, of which $30,000,000 were to be held by the Government.

In February, igos, an increase of $30,000,000 in the common stock was authorised, and the stockholders were given the right to subscribe for $19,500,000 of the new stock at par to the extent of 30 per cent, of their holdings, and payments to be made in four instalments, June 37, August 37, October 37, and December 37, 1903. This increased the issue of common stock to 4,- 500,000. In October, 1904, the authorized common stock was increased to $110,000,000 and stockholders of record October 27 were given the right to subscribe at par for 30 per cent, of their holdings, or $16,900,000 of new stock, making the amount outstanding $101,400,000.

In May, 1888, the company surrendered its exclusive right to operate lines in Manitoba, the Government as considerauon agreeing to guarantee $15,000,000 per cent, new land grant bonds. The company, in 1905-06, deposited proceeds of land sales with the government to the amount of $13,500,000 against the above boncfs, leaving a balance due on account of this mortgage of $1,500,000, there being to offset the same on June 30, 1906, deferred payments on account of land sales of $16,383,823. It was stated in the latter part of 1906 that provision had also been made for the balance of the issue. The company guarantees 4 per cent, on the ist mortgage bonds of the Minneapolis, Sault Ste. Marie & Atlantic and the Minneapolis & Pacific roads.

This company guarantees 6 per cent, dividends in perpetuity upon $3,000,000 stock of the Ontario & Quebec Railway. It guarantees 4 per cent, per annum as rental on ;i, 131,700 stock of the Calgary & Ekimonton Railway Co.

Earnings— Year ending June 30

Diys., Per Cent. Per Cent.

' Gross

Com. Pref.

Op. Exp.

Net $15,044,739 1 7, "3.658 15,904,373 i7,oS9.75 24,942,760

Charges $7,334,825 7.052,197 7,586,096 7,954.065 8.350,544

Surplus

I per cent, additional was also paid on the common from interest on land funds.

Surplus

Deductions $150,000 150,000 330,000 330,000 580,000 780,000

Dividends $4,446,840 5,947,500 6,373.406 7,091,133 7.744.133 9,037,028

Balance Sheet, Assets

Cost of railway and equipment

Ocean, lake and river steamships.

Acquired securities held at cost. .

Properties held in trust for company

Deferred payments on land sales.

Advances to Duluth, South Shore & Atlantic Railway

Material and supplies on hand. . .

Station and tragic balances

Due for mail transportation

Cash in hand 31,394,951

Advances to lines under construction 6,703,045

June 30, 1907

Liabilities

Capital stock

Four per cent, preference stock. .

Four per cent, consolidated debenture stock

Mortgage bonds.

Current accounts, pay-rolls and traffic balances

Interest on funded debt and rentals, accrued

Equipment replacement fund. . . .

Equipment obligations

Appropriation for additions and improvements

Land grant sales

Steamship replacement fund

Surplus

Balance $3,263,073 3.973.960 1,666,303 1.784,55a 4,430.348

Total $389,339,381

Railroad Securities

Freight Traffic Statistics

Rate Earnings Average

Average Total Tons Carried Freight Per Ton Per Tons

Mileage Tonnage One Mile Densitv Per Mile Train Mile Per Train

1901-09 7,583 8,769,934 3,118,414,94s 4",6o8 0.752 $1.76 233

x902-<3 7,748 10,180,847 3,72x,877,i9o 4871284 0.743 1.88 252

1904-05 8.568 11,892,204 4,i5Sas6,309 473,43a 0.760 1.93

Gross and Net Earnings by Months for Three Years

Gross Net Gross Net Gross Net

January $3,252,502 $422,669 $4,422,690 $1,267,234 $4,205,527 $548,328

Febnivy 3,056,094 302,172 4,224,452 1,205,744 ,268,206 '621,988

March 4,132,961 , 1,182,827 5,093,286 1,844,664 6,132,910 2,241,736

April 4,229,144 i,538o6 5,491,000 2,342,559 6,391,561 2,366,926

May 4,229,131 1,387,935 5.579,003 2,187,663 6,937,135 2,519,358

June 4,430,026 1,502,933 5,477.351 1,938,049 6.817,712 2,415,106

July 4,629,175 1,637,778 5,967,968 2,371,811 7,008,174 2,506,853

August 4,796,734 1,79646 6,170,452 2,462,579 7,010,177 2,570,275

September 4,872,575 1,776,010 6,153,767 2,437,932 6,423,452 2,151,353

October 5,722,767 2,274,071 6,946,605 2,784,827 7,071,07 2,680,318

November 5,74i,543 2,361,311 6,234,583 2,263,123 6,953,967 2,445,034

December 5,619,182 2,346,583 5,992,098 2,265,594 6,418,576 2,077,189

Totals $54,711,834 $18,517,741 $67,752,255 $25,371,779 $75,638,444 $25,148,464

Ave.permonth 4,559.3i9 i,543,i45 5,646,021 2,114,315 6,303,203 2,095,705

Chairman, Sir William C. Van Home, Montreal. President, Sir Thomas G. Shaughnessy, Montreal, ist Vice-President, David McNicoU, Montreal. 2d Vice-President, William Whyte, Winnipeg. 3d Vice-President, I. G. Ogden, Montreal. 4th Vice-President, George M. Bosworth, Montreal. Secretaxy, Walter R. Baker, Montreal. Senior Assistant to the President. Charles Drinkwater, Montreal. Deputy Secretary, R. D. Morrison, London. Treasurer, W. Sutherland Taylor, Montreal. '

Directors — Richard B. Angus, Montreal. Sir George A. Drummond, Montreal. Sir Sandford Fleming, Ottawa. L. J. Forget, Montreal. Charles R. Hosmer, Montreal. Clarence H. Mackav, New York. Robert Mackay, Montreal. Wilmot D. Matthews, Toronto. David McNicoIl, Montreal Edmund B. Osier, Toronto. Sir Robert G. Reid, Montreal. Sir Thomas G. Shaughnes, Montreal. Thomas Skinner, London, Eng. Lord Strathcona and Mount Royal, London. Sir William C. Van Home, Montreal.

Main office, Windsor and Osborn streets, MontreaL London office, 62 Charing Cross. Annual meeting, first Wednesday in October, at Montreal. Books close not less than two weeks previous.

The Cape Bretok Railway Co., Li Kited

A corporation formed under a roecial charter granted by the Province of Nova Scotia, March 30, 1899, its original title being the Cape Breton Railway Extension Co. In July, 1901, the company was reorganised and the name changed to the present style. The company in 1902 began the construction of a line from Sydney and Louisbourg, Cape Breton Island, to Port Hawkesbury. In 1903, 31 miles. Port Tupper to St. Peters, was completed. The line was built by the Dominion Securities Co., whidi formerly controlled the road. See statement of the last named company in the Industrial Section of the Manual. In January, 1905, the finances of the company were rearranged, the plan involving an exchange of the $550,000 of 5 per cent, for stock at 85 for the latter, claims for about $300,000 being also adjusted in stock on the same basis. Locomotives, 3 ; passenger cars, 4 ; freight cars, 50. Stock Par $100 Authorized, $1,000,000 Issued, $1,000,000

Stock is transferred at the office of the company. New York.

It was stated that the company has a subsidy of $6,400 per mile of road from the Dominion of Canada, of which in 1905 $182,400 had been paid in.

In the year ending June 30, 1906, the company reported gross earnings, $8,144 ; deficit,

President, (vacancy) New York. Vice-President, H. M. Wolfe, New York. Secretary and General Manager, George E. Johnson, St. Peters, Cape Breton Island. Treasurer, Henry F. Ballantyne, New York. Auditor, J. W. Doyle, St. Peters.

The Manual Op Statistics

Directoxs— H. F. Ballantyne, New York. Horace C. Canon, New York. £. W. Davenport, New York. M. J. Guerin, Montreal. George E. Johnson, St Peters, Cape Breton Island. F. K. Lister, New York. William C. White, New York. H. M. Wolfe, New York.

Main office. New York Life Insurance Co. Building; Montreal. New York office, aa Pine street. Annual meeting, second Monday in January, at Montreal.

Carouka 1 Korthwesterm Railway Co.

This company was formed February 38, 1890, and in January, 1897, acquired and consolidated with the Chester & Lenoir Railroadi which was sold under foreclosure.

Road owned, Chester, S. C, to Lenoir, N. C, zio miles. Line was narrow gauee, but the present company in 1902-03 changed it to standard gauge. An extension of the rul from Free- .land, S. C, to a point 45 miles westward was also projected. Locomotives, 9 ; passenger cars, 14 ; freight cars, 13a.

The preferred stock is 4 per cent., non-cumulative. Stock is transferred by the Secretary of the company, Chester, S. C.

Funded Debt ist mort, 5 per cent., due July, 1953, Jan. and July $1,500,000

Trustee of the mortgage, Standard Trust Co. , New York. The company retired the $1 ,500,000 of old general mortgage bonds with the new ists, of which $1,000,000 additional are available for improvements and extensions.

In the year ending November 30, 1901, the gross earnings were $145,737; net, $42,730; charm, $19,350; balance, surplus, $23,470. In 1901-02, gross, $167,773; net, $67,920; charges, $26,641; balance, surplus, $3,279. In 1902-03, gross, $192,261 ; net, $01,834; charges, $23,776; surplus, $38,058. In 1903-04, gross, $241,040; net, $66,125. In 1904-05, gross, $268,527; net, $106,539. In 1905-06, gross, $326,821 ; net. $132,557 charges, $75,000 ; surplus, $96,409. In 1906-07, gross, $357,509; net, 112,663; charges and taxes, $84,493; surplus, $28,169; total surplus June 30, 1907, $124,570.

President, William A. Barber, New York. Secretary, J. J. McLure, Chester, S. C. Treasurer, F. Wolfe, Chester.

Directors— G. A. Gray, Gastonia, N. C. J. F. Love, Gastonia, N. C. J. H. Marion, Chester, S. C. J. A. Martin, Hickory, N. C. J. F. WaUace, YorkviUe, S. C. T. H. White, Chester.

Main office, Chester, S. C. New York office, 5 Nassau street. Annual meeting, second Thursday in September, at Chester.

The Cemtrml Branch Railway Co.

(Controlled by Missouri Pacific {Lailway Co.)

A corporation formed under the laws of Kansas, July 7, 1899, in pursuance of a reomnisalion of the Central Branch Union Pacific Railway Co., the Atchison, Jewell County & Western and the Atchison, Colorado & Pacific roads, which, though owned by the Union Pacific Railway Co., had been leased to and operated by the Missouri Pacific, the latter having purchased in 1898 the Union Pacific interests in the property, reorganized it under the present title, acquired title through a foreclosure sale. May 33, 1898, and owns all the stock of the present company.

Road owned, Atchison to Lenora, Kan., 393 miles; branches, 95 miles; toul, 388 miles. Stock Par $100 Authorised, $7,585,000 Issued, $7,585,000

Stock is transferred at the office of the company. New York. In a dividend of 3 per cent, was paid.

Funded Debt

Central Branch Union Pac. Ry. ist mort., 4 per cent., due June, 1948, June and Dec . . $3,500,000 Central Branch Ry. ist mort., 4 per cent, due Feb., 1919, Feb. and Aug 3459iOoo

Total $5,959,000

Earninos

GroM Net Chaiiw Surplus

1905-06 (year endfaig June 30) i,8A943 801,408 358.463 44,945

Railroad Securities 65

In 1906-07, the 2 per cent, dividend on stock was $151,700, leaving a net surplus of $32,894.

President, Charles S. Clark, St. Louis. Vice-President, Henry B. Henson, New York. Secretary and Treasurer, Amos H. Calef, New York. Assistant Secretary, W. P. Waggener, Atchison, Kan. Assistant Treasurer, F. M. Hickman, New York.

Main office, Atchison, Kan. New York office, 195 Broadway. Annual meeting, third Tuesday in March, at Atchison.

CEKTRAL I M Dim A RAILWAY CO.

A corporation formed under the laws of Indiana, March 9, 1903. The company succeeded to and acqubed the property of the Chicago & Southeastern Railway Co., which was foreclosed in February, 1903. The reorganization was effected in the interest of the Cleveland, Cincinnati, Chicago & St. Louis Railway Co., and of the Pennsylvania Co., which jointly control tne new company.

Road owned, Brazil, Ind., to Muncie, Ind., 117 miles, trackage 10 miles; total operated 137 miles. Iocomotives, 14 ; passenger cars, 4 ; freight cars, 268. Stock Par $ioa Authorized, $120,000 Issued, $120,000

Stock is transferred by the Secretary of the company, Anderson, Ind.

Funded Debt ist mortgage, 4 per cent., due May, 1953, May and Nov $1,500,000

The authorized amount of the ist mortgage is $4,000,000, bonds to be issued at the rate of $30,000 per mile. In November, 1903, the Cleveland, Cincinnati, Chicago & St. Louis Railway Co. guaranteed the principal and interest on the bonds. Trustee of the mortgage and agent for payment of interest, Central Trust Co., New York.

In 106 the company reported gross earnings, $161,778 ; deficit, after expenses, $30,970.

President and Treasurer, Joseph Robinson, Anderson, Ind. Secretary, W. S. Parkhurst, Anderson.

Director*— William C. Brown, New York. William H. Newman, New York. Joseph Robinson, Anderson, Ind. C. E. Schaff, Cincinnati. Edward B. Taylor, Pittsburg. J. J. Turner, Pittsburg. Joseph Wood, Pittsburg.

Main office, Anderson, Ind. Annual meeting, second Thursday in May, at Anderson.

Central Mew Ehglmmd Railway Co.

(Controlled by New York, New Haven & Hartford Railroad Co.)

A company formed in January, 1809, as the successor of the Philadelphia, Reading & New England Railroad Co., foreclosed in Olctober, 1898, and reorganized.

Road owned, from Campbell Hall, N. Y., to Silvemails, N. Y., 58 miles, including the Poughkeepsle Bridge, 3 miles ; Poughkeepsie to Hopewell, N. Y., 12 mUes ; Dutchess Junction, N. Y., to State Line, 59 miles ; Poughkeepsie to Boston Comers, 35 mUes ; total owned 164 miles; leased Hartford & Connecticut Western Railroad Co. ; Hartford, Conn., to Rhinecliff, N. Y., 109 miles, and Tariffville, Conn., to Springfield, Mass., ia miles; total operated, 256 miles. company owns a majority of the stock of Hartford cl Connecticut Western and leases it. Locomotives, 58 ; passenger cars, 54 ; freight cars, 358 ; service cars, 87.

In June, 1907, the Newburgh, Dutchess & Connecticut Railroad Co. and the Dutchess County Railroad Co., which had oeen leased, were with this co'pany, together the Poughkeepsie Bridge Railroad Co. and the Poughkeepsie & Eastern Railroad Co.

In 1904, the New York, New Haven & Hartford Railroad Co. acquired control of the company. On June 30, 1907, it owned $4,394,795 common and $3,382,876 preferred stock, as well $6,318,123, general income bonds, $190,000 ist mortgage bonds, $216,000 Newburgh, Dutchess & Connecticut Railroad collateral trust bonds, $500,000 ist mortgage bonds of the Poughkeepsie & Easterm Railroad Co. and $1,156,500 Newburgh, Dutchess & Connecticut income bonds.

The preferred stock is 4 per cent., non-cumulative. Both classes of stock were placed in a voting trust for ten years, or until 4 per cent, interest had been paid on the general mortgage bonds for two consecutive years. Voting trustees — J. Pierpont Morgan, Charles Lanier, William Rockefeller, Charles F. Choate and Charles F. Brooker.

Stock is transferred by the Secretary of the company. New Haven, Conn. Registrar, Fidelity Trust Ca, Philadelphia.

Funded Debt

i8t mort, 5 per cenL, due Feb., 1919, Feb. and Aue $1,350,000

General mort. income, 5 per cent., due Feb., 1949, OcL 7,250,000

Dutchess Co. R.R. xat mort,, g:uar., per cent., due June i, 1940, June and Dec. . 350,000

Newburgh, Dutchess & Conn, collat. 5 per cent., due March, 1931, May and Nov.. ai6,ooo

income bonds 6 per cent., due 1977 1,164.500

Hartford & Conn. West., ext*d., xst mort., 5 percent., due July, 1933, Jan. and July. 700,000

Poughkeesie & EUistem ist mort., 5 per cent, due 1931 500,000

Total $11,730,500

The lease of the Hartford & Connecticut Western is for 50 years from 1890 at a per cent, per annum on stock, $3,965,500, and interest on its bonds. The $700,000 of ist morta 5s of that cdknpany matured in 1903 and were extended for twenty years at the rate of per cent.

The 5 per cent ist mortgage is for $1,350,000, of which $618,000 were issuable for asses> ments and balance reserved for Springfield extension and for improvements. The general 5 per cent, income mortgage is $8,500,000, of which $1,350,000 were reserved to retire the ist mortgage bonds.

Earnings Year ending June 30

GroM Nel Charges Deficit

1906-07 2,153,367 Def. 380,499 367,070 Def. 647,569

Included in the net for 1901-03 is $10,137 income from miscellaneous sources ; in 1903-03, $7,566 ; in 1903-04, $35,358 ; in 1904-05, $88,534 in 1905-06, $25,513, and in 1906-07, $50,548 for the same item.

President, Charles S. Mellen, New Haven, Conn. Vice-Presidents, Edwin Milner, Moosup, Conn. H. M. Kochersperger, New Haven. Secretary, John G. Parker, New Haven. Treasurer, A. S. May, New Haven.

Directors— D, Newton Barney, Farmington, Conn. George J. Brush, New Haven. Frank W. Cheney, South Manchester, Conn. Charles S. Mellen, New Haven. George MaccuUoch Miller, New York. Edwin Milner, Moosup, Conn. J. Pierpont Morgan, New York. William Rockefeller, New York. William Skinner, Holyoke, Mass. Hamilton McK. Twombly, New York. John H. Whittemore, Naugatuck, Conn.

Main office, New Haven, Conn. Annual meeting, first Wednesday in November, at Poug4)- keepsie, N. Y.

Cemtral Of Georgia Railway Co.

A corporation chartered by the State of Georgia, October 17, 1895. Road owned, Savannah, Ga., to AUanta,'394.73 miles ; Macon Junction, Ga., to Athens, ua., 101.78 miles ; Columbus, Ga., to Birmingham, Ala., 156.34 miles ; Columbus, Ga., to Andalusia, Ala., 137.96 mUes ; CarroUton, Ga., to Chattanooga, Tenn., 137.57 miles; Montgomery to Eufaula, Ala., 79*65 miles; other branches owned, 407.37 miles ; total owned, 1,435.40 miles ; leased, Augusta & Savannah Railroad, 5:.31 miles; Southwestern Railroad of Georgia, 333.61 miles; Chattahoochee & Gulf. 91.47 miles; trackage, 0.73 miles ; total operated, 1,9x3.41 miles. In 1906, the Georgia Central & Gulf Railway Co. was mcorporated in the interest of this company to build a line from Albany, Ga., to Apalachicola, Fla., 157 miles. In 1905 the company bought from the Tunnel Coal Co. a large coal property in St.Clair County, Ala., The line from Meldrim, Ga., to Lyons, Ga., 58 miles, is leased to Seaboard Air Line Railway. Also controls the Oceui Steamship Co., operating between New York and Savannah and the New England & Savannah Steamship Co., Savannah and Boston line, with 9 steel steamships.

In January, 1897, this company purchased the Middle Georgia & Atlantic Railway, Milledgeville to Covington, Ga., 64 miles. In 1898 purchased the Bruton & Pineora Railway, 58 miles, and in 1901 extended it 9 miles to Statesboro, Ga. In 1901 purchased the Dover & Statesboro Railroad, 10 miles; the Chattanooga & Durham, 18 miles, and the Chattanooga, Rome & Southern, 138 miles, which have all been merged with this company.

Locomotives, 393 ; passenger cars, 339 ; freight cars, 10,318 ; service cars, 480.

The present company is a reorganization in 1895 of the Central Railroad & Banking Co. of Georgia, which was chartered in 1835, and for many years paid regular dividends on its stock. See the Manual for 1903 for a detailed account of the old company and the reorganisation.

The entire capital stock of this company was held by the reorganization committee of the Richmond & West Point Terminal Railroad & Warehouse Co., it being provided that the

Railroad Securities

Southern Railway Co. should receive the benefit from any sale thereof. In June, 1907, the stock was sold to Oakleigh Thome, New York, and Marsden J. Perry, Providence, who agreed to retain voting control for at least two years. The price paid was reported to be about $3,500,000. In November, 1907, these gentlemen transferred the stock to William Nelson Cromwell and John W. Castles, New York. In March, 1908, it was announced that the purchase of the slock had been made for Edward H. Harriman, and that his intention was to transfer the same at cost to the Illinois Central Railroad Co.

Stock Par $100 Authorised, $5,000,000 Issued, $5,000,000

Funded Debt

ist morf., J per cent., due Nov., 1945, Feb. and Aug $7,000,000

Consolidated mort., 5 per cent., due Nov., 1945, Mav and Nov z8,aoo,ooo

Mobile Div., ist mort., 5 per cent., due Jan., 1946, Jan. and July 1,000,000

Macon & Nor. Div., ist mort., 5 per cent., due Jan., 1946, Jan. and July 840,000

Middle Ga. & Atlantic, ist mort., 5 per cent., due Jan., 1947, Jan. and July 413,000

Eatonton Br. , ist mort., 5 per cent. , aue June, 1936, June and Dec 168,000

Chattanooga Div., purchase money mort., 4 percent., due June, 1951, June and Dec. 2,057,000 Chattanooga, Rome & Southern, ist mort., 5 per cent., due July, 1947, Jan. and July. 343.ooo

Oconee Div., ist mort., 5 per cent., due Dec., 1945, June and Dec 469,000

Cent. Railroad & Banking collateral trust, 5 per cent., due May, 1937, May and Nov. 4,880,000

Cent, of Ga. Ry., ist pfd. ificomes, 5 per cent., due November, 1945, Oct 4,000,000

Cent, of Ga, Ry., ad pfd. incomes, 5 per cent., due November, 1945, Oct 7,000,000

Cent, of Ga. Ry., pfd. incomes, 5 per cent., due November, 1945, Oct 4,000,000

Chattahoochee & Gulf, ist mort., 5 per cent., due July, 1930, Jan. and July 358,000

Ocean S.S. Co., ist mort., guar. 5 per cent., due July, 1920, Jan. and Julv 1,000,000

Upper Cahaba Branch pur. money mort., 4 per cent., due Feb., 1907, to Aug., 1925,

Feb. and Aug 540,000

Greenville & Newnan pur. mon. mort. c, due Mar.,i907,to Sept., 1925, Mar. & Sept. , 540,000

Total $52,801,000

On June 30, 1907, the company had outstanding car trust notes for $4,570,527. .

In 1903-04 the company issued $966,000 serial bonds, 5 per cent., January to Julv, maturing in fourteen equal semi-annual payments, to provide for deferred payments on three new steamships for the Ocean Steamship Co. The latter endorsed the bonds and has assumed the payment of the installments thereof as they severally mature. There are $510,000 of these bonds outstanding.

The Mobile Division ist mortgage covers the former Mobile & Girard road, and the Macon & Northern Division firsts are a lien on the former Macon & Northern road, Macon Junction, Ga., to Athens, 102 miles. The company guarantees 5 per cent, dividends on $1,022,900 Augusta & Savannah stock, and the same on $5,191, 100 of Southwestern Railroad stock, and 6 per cent, on $843,400 stock and bonds of the Chattahoochee & Gulf Railroad Co.

The consolidated mortgage is a first lien on 600 miles, comprising the old Savannah & Western, Montgomery & Eufaula and Savannah & Atlantic roads, and a second lien on the main and certain other lines. The issue may be increased to a maximum of $18,500,000, at the rate oi not more than $500,000 a year, for additions and improvements.

The Chattanooga Division 4 per cent, bonds were issued in 1901 to acquire the Chattanooga, Rome & Southern Railway and the Chattanooga & Durham Railroad. The mortgage is for $2,400,000, there being $343,000 of the bonds reserved to retire the Chattanooga, Rome & Southern 5s. The Upper Cahaba branch 4 per cent, bonds were created in 1905 to provide for the acquisition of coal lands in St. Clair County, Ala., and the building of a lo-mile branch thereto. The Chattahoochee & Gulf 5s are not an obligation of the Central of Georgia Railway Co.

The three classes of preferred income bonds are in order of priority entitled to 5 per cent, each when earned, non-cumulative.

In October, 1896, company paid per cent, on ist preference incomes; on October i, 1897, paid per cent.; on October x, 1898, 2 per cent.; October i, 1899, 2 per cent.; October i, 900i 3H cent.; October i, 1901, 5 per cent.; October i, 1902, 3 per cent.; October i, 1903, 5 per cent., and October i, 1904, 5 per cent. On October i. 1904, an initial payment of 2 per cent. was also made on the second income bonds. On October i, 1905, 5 per cent, was paid on all three classes of the income bonds, the payment being the initial one on the third incomes. On October, 1906, 5 per cent, was again paid in all three classes. In October, 1907, the payments were 5 per cent, on the ist and 3.729 per cent, on the 2d incomes, and none on the 3d incomes.

In September, 1905, it was announced that the company had made arrangements whereby holders 01 the income bonds could on depositing them with the Guaranty Trust Co., New York, and paying 50 cents per bond have coupon sheets for the interest attached to same.

In September, 1907. certain holders of the 2d and 3d incomes formed a protective committee, Charles Altschul, New York, Chairman, and Joseph S. Dale, Secretary. Deposits were requested

The Manual Op Statistics

by the committee of the ads with the Central Trust Co., New York, and of the jds with the Manhattan Trust Co., New York.

Earnings

Year ending June 30 Per Cent,

Grow Op. Exp. Net Net Income Chaises Surplus

|97-98 $5i507o69 65.55 $1,897,160 $2,007,435 $i.934.a9a

1901-02 7,750,691 74.84 i,950,x8i 2,151,855 2,028,915 132,940

In 1902-03 5 per cent, paid on the first income bonds, or $200,000, leaving a net surplus of $3,506 for the year. In 1903-04 5 per cent, on the first and 2 per cent, paid on the second incomes amounted to $340,000, leaving a defidt of $1,533 for the year. In 1904-05 5 per cent, was paid on all three classes of incomes, amounting to $750,000, and leaving a net surplus for the year of $104,517. In 15-06, surplus over 5 per cent, on all incomes $500,671. In 190607, the above payment on the comes was $461,030, showing a defidt after the same of $12,)04.

The net earnings are from the railroad lines only ; the net income indudes miscellaneous receipts.

Freight Traffic Statistics Average Total Tons Carried Freight Rate per Ton Eamingi per Average Toot Mileage Tonnage One Mile Density per Mile Mile per Train

1897-98.'. 1,524 2,036,616 325,621,615 213,703 1.145c $1.7* 141

President, John F. Hanson, Macon, Ga. 1st Vice-President, Alexander R. Lawton, Savannah. 2d Vice-President, W. A. Winbum, Savannah. Secretary, C. C. Williams, Macon. Treasurer, W. C. Askew, Savannah. ConaptroUer, W. D. Beymer, Savannah.

Director-W. C. Bradley. Columbus, Ga. John W. Castles, New York. WiUiam Nelson Cromwell, New York. J. W. English, Atlanta, Ga. John F. Hanson, Macon, Ga. Joseph Hull, Savannah. C. E. James, Chattanooga. Stewart R. Knott, New York. Samuel R. Jaques, Macon. Alexander R. Lawton, Savannah. G. B. McCormick, Birmingham, Ala. George J. Mills, Savannah. J. G. Oglesby, Atlanta. Robert £. Steiner, Montgomery, Ala. W. A. Winbum, Savannah.

Main office. Savannah, Ga. Annual meeting, second Monday in October, at Savannah.

Central Pacific Railway Co.

A corporation formed under the laws of Utah, July 29, 1899, as successor to the Central Padfic Railroad Co., the capital of which was in the above year readjusted. The stock of the company is practically owned by the Southern Padfic Co.

Road owned, San Francisco, Cal., to Ogden, Utah, 871 miles; Umbria, Utah, to Cedl, Utah (Ludn cut-off), 103 miles ; Roseville, Cal., to Oregon State Line, 296 miles ; Lathrop to Goshen, CaL, 146 miles; branches, 31 miles; total owned, 1,449 miles; trackage, 39 miles; grand total, 1,489 miles. Locomotives, 410; passenger cars, 391 ; freight cars, 8,858 ; floating equipment, 4 ferryboats, 3 river steamers, 1 tug, 3 car transfer steamer, 2 barges, etc.

In 1903-04 the company completed the construction of the Ludn cut-off, 103 miles, from Umbria, Utah, to Cecil. Utah, across Great Salt Lake, and reducing materially the distance by the main line between Ogden and San Frandsco.

Issued $67,375,500!

Stock Par $100

Railroad Sbcuritibs 69

The preferred stock is 4 per cent., cumulative. Of the preferred $13,000,000 was delivered to Southern Pacific Co. in consideration of an equal amount of its 4 per cent collateral bonds. The balance can only be used to provide, if necessary, for meeting notes to the United States Government, and after th are all paid only for improvements at the rate of $300,000 per annum.

Stock is transferred at the office of the company. New York.

FiWDED Debt

ist refunding mort., 4 per ceift., due 1949, Feb. and Aug $79,343,000

New per cent, mort., due 1939, Jan. and Dec 10,743,500

Through Short Line xst mort., 4 per cent., due 1954 9, 199,000

Notea to United States Government, 3 per cent., due 1908-09 5,881,373

Total $111,065,773

The Southern Pacific Co. endorsed the new bond issues, principal and interest. The xst refunding 4s are $100,000,000 authorized, of which $17,644,000 were held as collateral for notes to United States Government, and the bonds thus held are released as the maturing notes are paid. $51,340,000 of the refunding 4s were used in exchange for old bonds, $1,690,500 purchased by reorganization syndicate and $13,500 were sold for cash. The per cent, mortgage is a second lien on property covered by ist refunding 4s. The 3 per cent, notes issued to the Government in settlement for its claims under subsidy were $58,813,714, payable in half-yearly instalments, February and August to February, 1909, of $3,940,635 and were secured by the deposit of refunding 48. The syndicate paid the notes maturing from August i, 1899, February i, 1901, inclusive. The company has paid the notes since maturing.

Details regarding the Government subsidy bonds of the old company, its relations to the Government and the Tease of the road to the Southern Pacific Co. and so forth are given in full in the Manual for 1904, as well as the readjustment of the company's finances under the plan ol February 18, 1899.

Earnings Year ending June 30

Gross Net Charges Surplus

X89900 $19,483,430 $7,37Si9iS $4*548,590 $3,837,335

1903-Q3 31,121,671 9*346,038 5,2A5i3 4,069,535

The net is given after deductmg taxes.

President, Edward H. Harriman, New York. Vice-President, E. E. Calvin, San Francisco. 3nd Vice-President, C. C. Tegethoff, New York. Secretary, Joseph L. VVillcutt, San Frandsco. Treasurer, A. K. Van Deventer, New York.

Directors— George M. Downey, Salt Lake City. Thomas Fitzgerald, Ogden, Utah. D. R. Gray, Salt Lake City. Edward H. Harriman, New York. H. E. Huntington, San Frandsco. F. J. Kersel, Ogden. E. C. Manson, Ogden. Thomas Marshall, San Frandsco. J. C. Royle, San Frandsco.

Main office. Salt Lake City. New York office, i30 Broadway. Bonds registered at the company's New York office. Annual meeting, first Tuesday in April, at Salt Lake City.

The Central Railroad Co. Of Mew Jersey

Road owned, main line, Jeney City to Phillipsburg, 73 miles; branches, 84 miles; controlled, 361 miles; leased, 313 miles; trackage, 18 miles ; total operated, 648 miles. The controlled and leased lines include the New Jersey Southern, Lehigh s. Susquehanna Division and branches, and New York & Long Branch Railroad.

The company also has a feny between New York and Jersey City, and operates steamboats between New York and Atlantic Highlands, and has tugs and barges operating in New York harbor and between that city and Eastern points. Locomotives, 481 ; passenger cars, 571 ; freight can, 31,537. company has floating equipment, induding 4 steamboats, 8 ferryboats, 13 steam tugs and 39 floats and coal barges. Stock Par $100. Authorised, $30,000,000 Issued, $37,436,800

To The Manual. Op Statistics

Stock is transferred at the office of the company, New York. Regbtrar, Central Trust Co., New York.

The February i, iqoo, quarterly dividend was increased from i per cent, to i V per cent., and 5 pet cent, was paid in the year 1900. The February, 1902, dividend was increased to a per cent., placing the stock on an 8 per cent, basis, this having since been the regular rate. The dividends are paid quarterly, February (i). May, August and November.

In January, 1901, the Reading Co. acquired a majority interest in the stock of this company, paying $160 per share. Minority stockholders were given an option to seQ one-half of their hold* mgs to the Reading Co. at the same price, the option expiring January ai, 190Z. Under this arrangement the Reading acquired in all $14,500,000 of this company's stoic, which amount is deposited as security for the Reading Co.*s collateral trust 4 per cent, mortgage bonds.

Funded Debt

Debentures 6 per cent, due May, 1908, May and. Nov $39,000

General mort., 5 per cent, due July, 1987, Jan. and July 45,091,000

Equipment mort., 4 per cent, 1908-1917, June and Dec 9,140,000

Total $54,a6o,ooo

, Guaranteed Funded Debt of Oter Companies

N. Y. & Long Branch, gen. mort, 4 per cent, due Sept., 1941, March and Sept $1,699,000

N. Y. & L. B., gen. mort., 5 per cent, due Sept., 1941, March and Sept 190,000

Amer. Dock & Imp*t Co., ist mort., gold, 5 per cent., due July, 1931, Jan. and July.. 4,987,000

Lehigh & Wilkes- Barre Coal, cons, mort., guar. 45 p. c, due June, 19x0, Quar. Mar 12,175,000

Lehigh & Hudson, gen. mort., guar, jointly, 5 per cent., due July, 1920, Jan. and July 1,060,000

The Lehigh & Wilkes-Barre Coal Co. consolidated mortgage extended per cent bonds, $13,175,000, issued in 1900, are guaranteed, principal and interest, by this company. This company is joint guarantor with the Lehigh Coal & Navigation Co. of $1,063,000 Lehigh & Hudson River 5 per cent, ist mortgage bonds. Of the equipment bonds $5,450,000 are in the Company's treasury.

For history of the company see the Manual for xgoa.

Earnings

Dividends Gross Net Charges Surplus

'898. 4 $'3,187,371 $5,715,484 $4,582,749 $1,132,734

1899 4U 15,591,198 6,904,537 4,843,188 3,063,348

90i SU 17,306,931 9,364,587 6,11,104 3,223.484

1901-03 (year endmg June 30) 16,647,193 8,034,333 5,364,300 3,660,133

1903-03 ( " " "J 8 18,420,387 7,850,139 5,715,343 2,134.796

1903-04 ( " " ) 8 20,738,778 8,408,493 5,747,436 3,661,058

In 1901-0 the dividends called for $1,985,648, and the surplus over the same was $674,475. In 1903-03, dividends $3,193,364, net deficit for the year $58,468. In 1903-04 $665,146 was appropriated for insurance reserve fund and $1,000,000 for renewal and improvement fund, the dividend payments being $3,193,464, leaving a net surplus for the year of $467,593. In 1904-05 renewals and equipment were charged with $3,697,701, and dividends were $3,193,704 and the net surplus $141,016. In 190506, dividends, $3,194,434; net surplus $91,481. In the same year $3,373,798 from earnings, was charged for improvements. In 1906-07, dividends, $3,194,844 ; surplus, $75,973 ; improvements charged against income, $3,513,061.

President, George F. Baer, Philadelphia. Chairman Executive Committee, J, Rogers Maxwell, New York. Vice-President and General Counsel, Robert W. De Forest, New York. Vice-President and General Manager, W. G. Besler, New York. Secretary and Treasurer, G. O. Waterman. New York. Assistant Secretary, F. T. Dickerson, New York. Assistant Treasurer, J. F. Pritchard, New York. General Auditor, J. A. Taylor, Philadelphia.

Directors— George F. Baer, Reading, Pa. George F. Baker, New York. Robert W. De Forest, New York. Harris C. Fahnestock, New York. Joseph S. Harris, Philadelphia. J. Rogers Maxwell, Brooklyn, N. Y. Charles Steele, New York, Eben B. Thomas, New York. Hamilton McK. Twombly, New York.

Main office, 143 Liberty street. New York. Annual meeting, Friday following the third Monday in September, at Jersey City.

Railroad Sbcuritibs

Cemtral Railroad Co. Of Pehhsylvahia

A corporation formed under the laws of Pennsylvania in 1891.

Road owned, Bellefonte, Pa., to Mill Hill, Pa.', 27 miles ; branch, 3.7 miles ; total operated, 3a 7 miles. Locomotives, 3; passenger cars, 6; freight cars, 10. Stock Par $50 Authorized, $1,900,000 Issued, $1,200,000

Stock is transferred by the Secretary and Treasurer of the company, Philadelphia.

Funded Debt fst mort., 6 per cent., due May, 1908, May and Nov $600,000

The authorized amount of the ist mortgage is $1,200,000. Trustee of the mortga and agent for the payment of interest. Fidelity Insurance Trust & Safe Deposit Co., Philadelphia.

In the year ending June 30, 1901, the company reported gross earnings $68,572, net $20,190. In 1901-02, gross $82,919, net $29,572. In ioGo-03, gross $89,669, net $18,989. In 1903-04, gross $89,672, net $17,393' In I904-o5i |Toss $8i,773. net $20,956. In 1905-06, gross $101,249, net $36,292. In 2906-07, gross $91,261, net $29,863.

President, Charles M. Clement, Bellefonte, Pa. Vice-President, Edward L. Welsh, Philadelphia. Pa. SecreUry and Treasurer, William J. McHugh, Philadelphia.

Main office, 304 Walnut street, Philadelphia. Annual meeting, second Monday in January, at Philadelphia.

Cemtral Verkomt Railway Co.

A company incorporated under special charter by the State of Vermont in November, 1898, to reorganize the railroad company of the same title.

Road owned, Windsor, Vt., to St. Johns, P. Q., 177 miles ; Essex Junction to Burlington, 8 miles ; Rouses Point to Swan ton Junction, 18 miles ; branches, St. Lambert to Frelighsburg, 50 miles; St. Albans to Richford, Vt., 28 miles; Essex Junction to Cambridge, Vt., 26 miles; other branches, dg miles ; total owned, 376 miles ; leased. New London & Northern, 123 miles ; West River Raiu-oad, Brattleboro to South Londonderry, Vt. (narrow gauge), 36 miles ; total of system, 536 nles. Locomotives, 102; passenger cars, 113; freight cars, 3,146.

The Centra] Vermont Railroad, formed in 1892, was a consolidation of the Vermont & Canada, Central Vermont and Montpelier and White River Railroad Companies.

Under the reorganization of 1898 several of the leased branches of tne old company were acquired and consolidated with this company.

In March, 1899, the road was sold under foreclosure and acquired by the present company. The Grand Trunk Railway Co. has a controlling interest in this company through ownership of $2,185,100 of the capital stock. Stock Par $100 Authorized, $3,000,000 Issued, $3,000,000

Transfer Agent and Registrar, American Trust Co., Boston.

Funded Debt

ist mort., Central Vermont Ry., 4 per cent., due May, 1920, quar., Feb $xj ,000,000

Montreal & Province Line, ist mort., guar., 4 per cent., due Oct., 1950, April and Oct . 200,000

Total $11,200,000

For details concerning the capitalization of the old company, see the Manual for 1901. The plan of reorganization is given in full in the Manual for 1903.

The auUiorized issue of the 21-year ist mortgage 4 per cent. |;old bonds of the company is $12,000,000, of which $1,000,000 are held in the treasury to be issued under restrictions for improvements, etc. Trustee and agent for the payment of interest, American Trust Co., Boston. The mortgage is a first lien on all the property of the company. The interest is guaranteed bv the Grand Trunk Railway Co. under a traffic contract, by the terms of which the Grand Trunk Railway Co. agrees to pay in any one year a sum not exceeding 30 per cent, of the gross business interchanged by the Grand Trunk Railway Co. and the Central Vermont Railway Co. This gross business has averaged from $1,200,000 to $1,500,000 per year. By the terms of mortgage the ist mortgage bondholders name three directors in the new company, one of whom shall always be a meml of the executive committee.

Earnings — Year ending June 30

Gross Net Charges Surplus

i899< 3,383,734 794,385 665,435 128,849

The Manual Op Statistics

Grou Net Charges Surplus

i905-6 3,836,976 700,468 695,952 4.56

The miscellaneous income included in the net in 1901-02 was $10,560; in i9o-03 this item was $10,840 ; in 1903-04, $10,840 ; in 1904-05, $10,840 ; 1905-06, $13,840, and in 1906H07, $i3,84au The extraordinary expenditure for new bridges, etc., included in the operating expenses in 1901-02 were $139,378 ; in 1902-03, $153,436; in 1903-04, $133,169; in 1904-05, $203,074; in i905-<i6, $341,947 ; and in 1906-07, $200,962.

Freight Traffic Statistics .

Rate EaraluKt Average

Average Total . Tons Carried Freight Per Ton Per Tons

Mileage Tonnage One Mile Densitv Per Mile Traia Mile Per Train

President, Charles M. Hays, Montreal. Vice-President,- E. H. Fitshugh, MontreaL General Manager, Georee C. Jones, St. Albans, Vt. Clerk and Treasurer, W. H. Chaffee, St. Albans. Auditor, W. G. Crabbe, St. Albans.

Directors— Ezra H. Baker, Boston. Henry B. Day, Boston. E. H. Fitshugh, Montreal. Charles M. Hays, Montreal. George C. Jones, St. Albans, Vt. Samuel E. Kilner, New York. John G. McCuUough, Bennington, Vt. Edgat L. Marston, New York. Charles P. Smith, Burlington, Vt. E. C. Smith, St. Albans. John W. Stewart, Middlebuiy, Vt. Albert Tuttle, Fair Haven, Vt. W. Sewaid Webb, Shelbume, Vt.

Main office, Sl Albans, Vt. Annual meeting, second Tuesday in October,- at St. Albana.

Charlestom A Westerm Carolima Railway Co.

(Controlled by The Atlantic Coast Line Co.)

This company, formed in 1896, is a reorganization of the Port Royal & Augusta and Port Royal & Western Carolina Railways, for the history of which see Manual for 1896.

Road owned, Port Royal, S. C, to Augusta, Ga., 112 miles;. City of AugusU, 3 miles; Augusta to Spartanburg, S. C, 133 miles; McCormick to Anderson, 58 miles; Laurens to Greenville, 36 miles ; total, 341 miles. Locomotives, 39 ; passenger cars, 31 ; freight cars, 1 ,134.

In January, 1898, a majority of the stock and part of the income bonds were acquired by the Atlantic Coast Line Co. Stock Par $100 Authorised, $1,200,000 ..Issued, $i,aoo,ooo

Tomsfer agency, 13 South street, Baltimore.

Funded Debt

ist mort., 5 per cent., due Oct., 1946, April and Oct. $2,790,000

Income morL, 5 per cent., non-cumulative, due Oct., 1946, Oct 9,380,000

Augusta Railway Terminal, 1st mort., 6 per cent., due April, 1947, April and Oct.. 600,000

Total $5,7oOiOoo

The firat mortgage is $8,000 per mile, authorised. The income mortgage is $7,000 per mile. This company guarantees by indorsement the principal and interest of the $000,000 Augusta Railway Terminal 1st mortgage bonds.

Earnings Year ending June 30 Grow Nee

Railroad Securities 73

President, J. B. Cleveland, Spartanburg, S. C. ist Vice-President, Henry Walters, Baltimore, ad Vice-President, T. M. Emerson, Wilmington, N. C. Secretary, R. D. Cronly, Petersburg, Va. Treasurer, J. F. Post, Wilmington, N. C. General Auditor, H. C. Prince, Wilmington.

Geiral office, Wilmington, N. C. Annual meeting, first Wednesday after third Tuesday in November, at Charleston, S. C.

Chesapeake A Ohio Railway Co.

A corporation formed under the laws of Virginia in z868. The property was foreclosed and the company reorganised under the present title July i, 1878. In 1888 it was again reorganised without foreclosure.

The system extends from Fort Monroe, Va., to Cincinnati, O., and Louisville, Ky., includine the James River Division, formerly the Richmond & Allegheny Railroad, Fulton, Va., to Clifton Forge, Va.

The road operated June 30, 1907, consisted of the following :

Miles Miles

Owned 'ii74*9 Leased 35.0

Controlled 433-6

Trackage 199.3 Total. 1,831.7

Included in the road leased or operated jointly is Orange, Va., to Alexandria (Southern 'Rajl- 76 miles ; Alexandria to Wasnington (Washington Southern Railway), 7 miles ; Lexington, Ky., to Louisville, Ky. (Louisville & Nashville Railroad), 84 miles.

This company has one-sixth interest in the Richmond-Washington Co., controlling the Washington Southern Railway Co.

In I9P3 this company purchased an interest in the common stock of the Hocking Valley Railway Co. See statement of that company. It had an mterest in the Chesapeake and Ohio Steamship Company, but sold the same in 1905-06.

Locomotives, 670; passenger cars, 301 ; freight cars, 31,593. Floating equipment consists of Qo passenger steamboats, tugs, ferryboats, floats, etc.

In August, 1888, this company absorbed the Richmond & Alleghany Railroad. The EUsabethtown, Lexington & Big Sandv was acquired in 1893 by purchase of its stock. In 1903 the Greenbrier Railway Co. and the Guyandot Valley Railroad Co. were absorbed.

In XQOO the Pennsylvania Railroad Co., the New York Central & Hudson River Railroad Co. and the Cleveland, Cincinnati, Chicago & St. Louis Railway Co. obtained a large interest in this company's stock, with representation m the directory, but in December, 1906, the Pennsylvania sold its stock holdings, and those of the New York Central and the Cleveland, Cincinnati, Chicago & St Louis were understood to have been reduced. Stock Par $100 Authorized, $63,360,300 Issued, $63,779,100

There was outstanding June 30, 1907, $7,700 of old ist preferred and $700 of 3d preferred 9UM:k convertible into bonds. Under the reorganisation in x888 the stock issued was $46,000,000 common, $13,000,000 ist preferred and $13,000,000 3d preferred. In 1893 a proposition was submitted to preferred stockholders for conversion of their holdinsfs, xst preferred to receive two-thirds of its face value in per cent, general mortgage bonds and one-third in common stock, and 3d preferred to receive one-third in 4; per cent, bonds and two-thirds in common stock.

Transfer Agents, J. P. Morgan & Co., New York. Registrar, Central Trust Co., New York.

On October 35, 1899, the company paid a dividend of i per cent, on its stock, being the first in its history. In 1900 a second dividend of i per cent, was declared, payable November s6, 1900, and similar dividends of x per cent, were also paid November 37, 1901, November 26, 1903, November 37, 1903, November 30, 1904, November 39, 1905, November 30, 1906, and December la, 1907.

Funded Debt

fst mort. Peninsula extension bonds, 6 per cent., due June, 191 x, April and Oct $3,000,000

Terminal xst mort. bonds, 6 per cent., due June, 1933, June and Dec 143,000

xst mort. " A " and B " bonds, 6 per cent., due July, 1908, April and Oct 3,013,354

xst con. mort., gold, 5 per cent, bonds, due May, 1939, May and Nov 35,858,000

General mort., 4M per cent., due March, X993, March and Sept 43i573tOoo

Richmond & Alleghany div., xst mort., 4 per cent., due Jan., 1989, Jan. and July.. . . 6,000,000

R. & A. div., ad mort., 4 per cent., due Jan., 1989, Jan. and July x,ooo,ooo

Warm Springs Val., xst mort., 5 per cent., due March, 1941, March and Sept 400,000

Craig Vsd., xst mort., 5 per cent., due July, 1940, Jan. and July 650,000

Kineon Coal Co., xst mort., 5 per cent., due Oct., 191 5, April and Oct aoo,ooo

Greenbrier & New River R.R., xst mort., 5 per cent., due Aug., 1943, Feb. and Aug. 339,000 Grenbrier Railway, xst mort., 4 per cent., due Nov., 1940, May and Nov 1,980,000

The Manual Op Statistics

Funded Ikbt— Continued

Paint Creek Branch, ist mort., 4 per cent., due March, 1925, March anci Sept $535ooo

Big Sandy Railway, xst mort., 4 per cent., due June, 19441 June and Dec 4,771,000

Potts Creek Branch, ist mort. . 4 per cent., due July, 1946, Jan. and July 600,000

Col. trust notes, 6 per cent., due July, 1910, Jan. and July 5,000,000

Equipment notes and car trusts, various 16,430,000

Total $111,481,554

Guaranteed Bonds Norfolk Term. & 'Trans. Co., ist mort., 5 per cent., due Feb., 1948, Feb. and Aug... $500,000 C. & O. Grain Elevator Co., xst mort., 4 per cent., due Oct., 1938, April and Oct. . . 8ao,ooo

C. & O. G. El. Co., ad mort. (not g;uar.), income 4 per cent., due Oct., 1988, Oct. . . 450,500

Passenger & Belt Ry., Lexington. Ky., ist mort., 5 per cent., due Jan., 1906 150,000

L. & Jeffersonville Bridge, xst mort., 4 per cent., due March, 1945, March and Sept. 4,500,000

Coal River Ry., xst mort., 4 per cent., due June, 1945, June and Dec x,iSoo,ooo

Western Pocahontas Corp., xst mort., per cent., due Aug., 1945, Feb. and Aug. 750,000

Western Pocahontas Corp., extension mort. No. x v 1 14,000

Western Pocahontas Corp., extension mort. No. 3

Interest on the company's bonds is paid at the office of J. P. Morgan & Co., New York.

The general per cent, mortgage, created in 1893, is for $70,000,000. Of this $15,000,000 was devoted to retiring preferred stocks and $33,700,000 reserved for prior liens, balance to be sold at the rate of $3,000,000 per annum, for additions to property, etc. In January, 1898, $3,387,000 additional consolidated mortgage 5s were issued to retire a like amount of purchase money 6 per cents, maturing July x, 1898.

In July, X907, general improvement and equipment mortgage 5 per cent, bonds for $10,000,000 were authorized, and $5,000,000 6 per cent, three-year notes were issued and sold, secured by $6,500,000 of the bonds.

This company, with the Cleveland, Cincinnati, Chicago &St. Louis Railway Co., controls the Louisville & Jeffersonville Bridge Co., and is joint guarantor (to extent of one-third) of $3,000,000 4 per cent, bonds of that company.

This company is one of the joint guarantors of the bonds pf the Richmond- Washington Co. and has a one-sixth interest in that company. See separate statement of the Richmond- Washington Co.

Earnings— Year endmg June 30

Per Cent. Gross Operadng Exp. Net

, „ ",009,839 63.70 4,351,777

In 1903-03 $591,0x3 were charged for extraordinary expenditures for improvements and equipment, and $605,399 for the dividend of x per cent, paid November 39, 1903, leaving a balance to profit and loss of $73,394. In 1903-04 extraordinary improvements and car trust payments on Account of principal were charged with $1,311 ,366, and dividends were $637,904: balance surplus, $5,34X. In 1904-05 the above payments were $1,953,476, and dividends, $627,904; balance surplus, $39x,358. In 1905-06 improvements, etc., $a,552,7;j9 ; dividends, $637,907; ' In 1906-7 improvements, $3,704,031 ; dividends, $637,907 ; balance

Charaea 3,645,646 3,538,703 3,803,764 4,065.477 4,389,375 4,569,834

4,831,57' 5,i36,xx6 5,753,556

Surplus $618,509

balance surplus, $1,426,576. surplus, $61,070.

Freight Traffic Statistics

Averase

Total

Mileage

8,x30,66x

xo,X3S,497

X90X-03..

IX, 550,0x7

x6,366,88o i6,fe6,865

Tons Carried One Mile

3,506,145,85a 3,946,894,104 3,051, X 75,643 3,194.336,608 3,63 X, 397,190 3,166,958,166 3,754,388,306 4,619,480,470 4,617,608,676

Freight Density 1,847,956 1,734,363 1,996,540 3,036,0x7 X, 974,350 1,606,899 1,917,741 3,244,776 3,575,.'93 3,526,874

Rate per Ton

per Mile

Averase Tom per Train

:s

Railroad Securities

In 1900-03 the -niimber of tons of coal and coke carried was 4,335,731 tons. In 1903-04, 6,434t3o tons. In 1904-05, 8,109,845 tons. In 1905-06, 9,884,873 tons. In 1906-07, 10,378,592 tons.

Gross and Net Earnings by Months for Three Years

Gtom Net Gna Net GroM Net

January $if65a,559 $2,335,816 $883,664 $3,000,288 $613,401

February i,447i2SX 440,616 1,967.089 780,481 i,93i,iJ9 -582,169

March 1,843.344 658,963 2,146,559 853,090 2,250,793 7231926

April 1,673,776 555.336 2,005,871 74i.aii 3,309,621 743.825

May 1,802,480 658,665 3,196,343 843.590 a.390,938 844,969

July 1,775,613 675,531 1,927,9*0 719,596 3,390,153 853,301

August 1,967,381 804,533 3,301,093 847,5 3,667,359 1,060,805

September 3,000,385 806,470 3,144,476 . 8x3,610 3,541,338 948,515

October. 3,039,665 817,965 3,147,033 818,048 2,777,100 1,001,367

November 3,033,482 813,398 2,111,236 796,753 2,458,019 811,691

December 2,047,828 808,488 3,051,651 735.083 2,143,139 573.795

Totals $33,130,119 $8,353,230 $25,322,229 $9,737,519 $28,189,556 $9,665,474

Ave. per month.. 1,844,176 7,769 2,110,185 811,459 3,349,139 805,456

President, George W. Stevens, Richmond, Va. Vice-President, Decatur Axtell, Richmond. Secretary, C. E. WeUford, Richmond. Treasurer, C. E. Potts, Richmond. Comptroller, L. F. Sullivan, Richmond.

Directors — Decatur Axtell, Richmond. Martin Erdmann, New York. Thomas P. Fowler, New York. John P. 'Green, Philadelphia. Walter G. Oakman, New York. Samuel Rea, Philadelphia. George W. Stevens, Richmond. Hamilton McK. Twombly, New York. Henry T. Wickham, Richmond.

General ofifioe, 805 East Main street, Richmond, Va. Annual meeting, Tuesday preceding last Tuesday in October, at Richmond.

Chesapeake Beach Railway Co.

A corporation formed in z8o6, which took over the property of the Washington & Chesapeake Beach Railway Co., which was foreclosed.

Road owned, Washington to Chesapeake Beach, Md., 30 miles ; trackage, 4 miles ; total operated, 34 miles. Locomotives, 4 ; passenger cars, 33; freight cars, 8.

Stock Par $100 Authorised, $1,000,000 Issued, $1,000,000

Stock is transferred by the Secretary of the company, Washington, D. C.

Funded Debt 1st morL, 5 per cent., due Jan., 1933, Jan. and July $1,000,000

President, W. F. Jones, Denver. Vice-President, A. C. Rldgway, Denver. Secretary and Treasurer, Paul Y. Waters, Washington, O. C.

Directors— Thomas Bradley, Washington. W. F. Jones, Denver. F. D. McKenney, Washington. A. C. Ridgway, Denver. Paul Y. Waters, Washington.

Main office, 1416 New York avenue, Washington, D. C. Annual meeting, first Saturday in June, at Washington.

Chesapeake Western Railway

Road owned, Bridgewater, Va., to North River Gap, 14 miles ; leased Chesapeake & Westem Railroad, Elkton, Va., to BridgeNtater, 37 miles; total operated, 41 miles. Extensions to tidewater and westward to the West Virginia coal regions are planned. The company is controlled by the Chesapeake Western Co., which constructed the road and holds its securities. Locomotives, 4 ; passenger cars, 8 ; freight cars, 70.

Stock Par $xoo Authorised, $50,000,000 Issued 608400 $*,4i9,6oo

The preferred stock is 4 per cent., non-cumulative. Stock is tiansf erred at the office of the company, New York. Registrar, Bowling Green Trust Co., New York.

The stockholders have power, when stock shall be issued, to determine the character of the stock, whether it shall be common or preferred, or what proportion of each.

The Manual Of Statistics

Funded Debt

ist moit., new, 4 per cent., due Oct., 1951, April and Oct $1,419,000

Chesapeake & Western R. R., ist mort., 5 per cent., due Aug. 1945, Feb. and Aug. 666.000

Total $a,o8s,ooo

The Bowling Green Trust Co., New York, is trustee of the new mortgage. The Chespeake & Western Railroad Co. has $535,500 common and $31,300 preferred stock.

In the year ending January 30, 1902, the earnings of 41 miles completed road were $37,x95t net $6,138. In the year ending June 30, 1903, gross $48,629. In 1903-04* gross $57,665, net $5,230. In IQ04-05, gross $58,094, net $14,663. In 1905-06, gross $70,369, net $20,508. In 1906-07, gross $79,650, net $23,402.

President, Robert McM. Gillespie, New York. Vice-President, Jules J. Vatable, New Ycwk Secretary and Treasurer, William H. Hall, New York.

Directors— G. F. Burnett, Montclair, N. J. L. L. GUlespie, New York. Robert lIcM. GUlespie, New York. WUliam H, Hall, New York. Jules J. Vatable, New York.

Main ofifice, Harrisonburg, Va. New York ofifice, 100 Broadway. Annual meeting, fins Tuesday in March, at Richmond, Va.

The Chicago A Altok Railroad Co.

A corporation formed under the laws of Illinois, March 14, 1906, as a consolidation of tiM Chicago & Alton Railway Co. and the Chicago & Alton Co. The Chicago & Alton Railway Co. was formed under the. laws of Illinois, April 2, 1900, and on Apnl 30, 19001, leased for 99 years the property of the Chicago & Alton Railroad Co. acquiring or controlUng all the latter's stock.

In 1904 the Rock Island Co. acquired a controlling interest in this company consisting of $14,420,000 common and $10,343,100 preferred stock, but in Augnst, 1907, the stock was sold to the Toledo, St. Louis & Western Railroad Co. The Union Pacific Railroad Co. in 1904 also acquired $10,343, loopreferred stock.

Road operated, Chicago to East St. Louis, 279.95 miles ; Bloomington, 111., to Kansas City, Mo., 361.58 miles ; Dwight, IIL, to Lacon, 111., 80.77 miles; Mexico, Mo., to Cedar City, Mol 50.12 miles; Grove, IIL, to Sherman, IIL, 50.66 miles; Springfield to Murraysville, 111., 34 miles ; branches, 123.32 miles ; total 980.40 miles ; trackage, 23.93 miles ; total operated, 1,004.33 miles. In addition, this company and the Cleveland, Cincinnati, Chicago & St. Louis Riaalwaj Co. jointly operate the line between Wann, 111., and East St. Louis, 17.78 miles, as a double track line, each company owning one track. From Joliet to Pequot, 111., 10.74 miles is also operated jointly with the Atchison, Topeka & Sante Fe Railway Co. The Chicago & Alton Railway Co. acquired in fee the portion of the St. Louis, Peoria & Northern Railway between Sprinekl, IIL, and Grove, 111. Locomotives, 249; passenger cars, 205; freight cars, 10,548; service caia

The plan of consolidation for the Chicago & Alton Railway Co. and the old railroad company dated February 19, 1906, stated that all the latter stock, except $7,300 preferred and $U8 700 common, was owned by the railway company. It proposed to exchange thecomnion and 4 per cent, non-cumulative preferred stocks of the railway company for equal amounts of similar stocks of the consolidated company. Holders of the outstanding preferred stock of the old railroad com|>any were offered $3 par value of new 4 per cent, cumulative, participating and prior lien stock for each $1 of the old preferred, and holders of the outstanding old company's common were offered $2 in the participating stock for $1 of the old. The plan also provided that the total share capital of the consolidated company should be limited to $40,000,000 of all claiues of stock, $899,300 of the railway company's shares held in its treasury being cancelled for this purpose. The plan was ratified at special meetings of both the railroad and railway Goni* panics held March 8, 1906.

f com., $19,542,800' pref., 19,544,000 Issued A parti. & I prior lien ipref. ... 899,300 J

r com., $19,542,800

I pref., 19,557,900 Stock . . Par $100 . . .Authorised parti. &

I prior lien.

I pref 899,300

The preferred stock is 4 per cent., non-cumulative. The participating and prior lien stock is 4 per cent, cumulative, having a priority as to dividends over the preferred stock, and is entitled to receive additional dividends equal in amount to any which are paid on the common stock of the consolidated company. Transfer agency, 60 Wall Street, New York. Registrar. United Sutes Trust Co., New York.

The first dividends on both the preferred and the participating: and prior lien stocks w( each 2 per cent, semi-annually, beginning July 2, 1906, and similar dividends have been paid January and July.

Railroad Securities 77

The shaie capital of the Chicago & Alton Railway Co. was as follows: Authorized, 190,000,000 each of common and 4 per cent, non-cumulative preferred. Issued $19,543,800 of common and $19,543,800 of preferred.

The first dividend on the preferred stock of the Chicago & Alton Railway Co. was 3 per cent, semi-annual, paid January 10, 1901, and dividends on the preferred were paid at the full rate of 4 per cent, per annum, the payments being made semi-annually, 3 per cent, each, January |i) and July until January, 1906, inclusive.

The stock of the old Chicago & Alton Railroad Co. consisted of $3,479,500 7 per cent, noncumulative preferred and $18,751,100 common. See below for details regarding the purchase of this stock by the sjmdicate which organized the railway company.

The old railroad company paid from 1885 to 1896, inclusive, 8 per cent, on both classes of its siock; in 1897 paid per cent.; in 1898 and 1899, 7 per cent. In May, 1900, 30 per cent, was paid on the old stock to represent distribution of old companys surplus. Regular quarterly dividends of per cent, each were paid in March and June, 1900, on the preferred, and in March, 1000, on the common. The dividend period on old stock was changed to half-yearly, June ana December, and the dividends on each class of that stock made at the rate of 7 per cent. per annum.

Funded Debt Chicago & Alton Ry., ist lien, per cent, bonds, due July, 1950, Jan. and July... $33,000,000 " R. R., refund'g mort., cur., 3 per cent., due Oct., 1949, April and Oct. 37.350*000

collat. notes of 1907, 5 per cent., due Jan., 1913, Jan. and July. 6,000,000

" joint equipment notes with Mobile and Ohio Railroad 104,500

equipment notes, various 4,346,000

Mississippi River Bridge, ist mort., 6 per cent., due Oct., 1913, April and Oct x86,ooo

Total $67,986,500

:ks of Leased Lines

Joliet & Chicago stock, guar. 7 per cent., quar., Jan $1,500,000

Kansas City, St Louis & Chicago, common stock, 7 per cent (contingent). 1 14,300

" " guar, preferred stock, 6 per cent, quar., Feb. . . . 1,750,000

Louisiana & Missouri River, guar, preferred stock, 7 per cent, Feb. and Aug. 339,000

In February, 1899, a syndicate represented by Ekiward H. Harriman, George J. Gould, Jacob H. Schiff and James StiUman of New York made an offer of $300 per share for the preferred and $175 per share for the common stock of the old company. All but a small amount of the stock passed into the hands of the syndicate.

In May, 1809, the syndicate acquired the St. Louis, Peoria & Northern (St. Louis & Northern Short Line) road. A contract by the St. Louis, Peoria & Northern with the Chicago Terminal Transfer, for the use of the latter's terminal at Chicago, was also assumed, but this contract was cancelled in 1903-03.

The 3 per cent, funding mortgage of the old Railroad Company was created in October, 1809. The bonds authorized are $40,000,000. Of this amount the proceeds of $15,000,000 were reserved to retire prior liens. The company offered the stockholders the right to subscribe for 80 per cent, of the issue at 65, and $33,000,000 of the bonds were sold, including the $15,000,000 referred to above.

The railway company in April, 1900, created a 1st lien mortgage for $33,000,000 at per eent , secured on the 57 miles of the St. Louis, Peoria & Northern Railway acquired by the company, also by the lease of the Chicago & Alton Railroad and the further deposit of 34,733 shares of preferred and 183,334 shares of common stock of the railroad company. The purpose of this issue was to pay for the acquisition of the lin from Springfield to Grove and for the shares of the railroad company deposited as additional security for the mortgage.

The collateral trust 5 percent, notes are secured by $8,ooo,ocoof refunding 3 per cent bonds, and part thereof were used to retire $5,000,000 4 per cent, notes which matured July i, 1907. The joint equipment notes were issued in 1903 in conjunction with the Mobile & Ohio Railroad Co. for the purchase of 500 freight cars and are due $9,500 semi-annually.

Earnings Year ending June 30

Gross Net Charges Surplus

f Qoo-oi (919 miles) $9,036,655 $4,973,368 $4, 133,460 $848,907

) 9iM5.739 4,739,958 3,9M,6f7 835,341

" ) 10,071,093 5,315,967 4,364,96 851,041

" ) 11,435,853 5,667,536 4,597,963 1.069,563

1904-05 (95 " ) ",797,313 5,988,789 5,055,633 933,167

" ) 11,586,094 3,4x3,173 3,4P3,i93 1,009,980

Tons

Rate

Earnings

Average

Total

Carried

Freight DenMty

Per Ton

Per

Tons

Tonnage

One Mile

Per Mile

Train Mile

Per 1 rain

In 1900-01 tlie surplus over the dividends of 4 per cent, on the preferred stock was $67,14? ; 1901-03 the net includes $1,528,139 for dividend and interest received on stocks and bonds owned. In 1902-03 the same items amounted to $1,770,070; in 1903-04 to $1,766,273, and in 1904-05 to $1,794,138.

The surplus over the 4 per cent, dividends on the preferred stock, which are $781,760, per annum was $67,148 in 1900-01; $43,582 in 1901-02; $69,280 in 1902-03; $287,83 in 1903-04, and $151,407 in 1904-05. In 1903-04, $163,895 was charged against the surplus on account of damage to the company's property in 1903 occasioned by the flood in the Mississippi River. Owing to the consolidation in March, 1906, this income account for 1905-06 is stated in a different form from preceding years and no real comparison can be drawn. Dividends paid in the year were $815,006, and net surplus $194,974. In 1906-07, dividends $817,333; surplus $1,010,228.

Freight Traffic Statistics

Average

Mileage 1901-02 919 1903-03 915

>903-04 915

Chairman of Board, Thomas H. Hubbard, New York. President and Chairman of Executive Committee, Theodore P. Shonts, New York. Vice-President, George H. Ross, Toledo. Vice- President, Edwin Hawley, New York. Secretary, James Stewart MacKie, New York. AssisUnt Secretary, Horace E. R. Wood, Chicago. Treasurer, F. H. Davis, New York. General Counsel, Robert Mather, Chicago.

Directors— William G. Beale, New York. F. H. Davis, New York. Samuel M. Foo. Chicago. Edwin Hawley, New York. Thomas H. Hubbard, New York. Henry E. Huntington, New York. John J. Mitchell, Chicago. Joy Morton, Chicago. Norman B. Ream, Chicago. George H. Ross, Toledo. Theodore P. Shonts, New York.

Main office, Railway Exchange Building, Chicago. New York office, 60 Wall St. Annua meeting, first Tuesday in October, at Chicago.

Chicago A Easterk Illikois Railroad Co.

(Controlled by St. Louis & San Francisco Railroad Co.)

Road owned, Dolton, III., to Danville, 111., 107 miles; Momence Junction, 111., to Brazil, Ind., 130 miles; Danville Junction, III., to Thebes, 111., and Joppa, III., 392 miles; Danville Junction to Brazil, 61 miles ; Villa Grove cut-off, 63 miles ; Findley to Pana, 111., 3o miles; branches owned, 154 miles ; total owned, 817 miles ; trackage, Chicago & Western Indiana, Dolton to Chicago, 17 miles; Evansville & Terre Haute, Otter Creek to Terre Haute, 6 miles; Pana to East Sl Louis, 83 miles ; other trackage 35 miles ; total operated, 958 miles. Locomotives, 331 ; passenger cars, 145; freight cars, 18,300; service equipment, 324; floating equipment, 11.

In October, 1902, the St. Louis & San Francisco Railroad Co. acquired a majority of the common and pre/erred stocks of this company, giving in exchange its stock trust certificates as described below. In 1903 an extension to Pana, 111., was commenced and contracts were effected for trackage over the Cleveland, Cincinnati, Chicago & St. Louis, from Pdna to East St. Louis, connecting this company's lines and those of the St. Louis '& San Francisco Railroad Co.

In 1Q03 control of the Evansville & Terre Haute Railroad Co. was acquired by the interests identified with this company.

The preferred stock is 6 per cent., non-cumulative. In 1887 the old common $3,000,000 was exchanged for $3,000,000 preferred and $3,000,000 common. The company in June, 1906, had in its treasury $6,408,300 of common and $161,300 of preferred stock, additional to the outstanding stoic given above.

Transfer Agent, Metropolitan Trust Co., New York. Registrar, Central Trust Co., New York.

For dividends each year see below in earnings. The 6 per cent, dividends on the preferred are paid quarterly, 1% per cent, each January (i), April, July and October. The first diTidend on the common was per cent. July, 1898, the common dividends being semi-annual, January (3) and July. In January, 1899, paid iji cent, on the common and 3 per cent, in July. In January, 1900, paid 3 per cent, on the common and in July paid per cent., making per

Railroad Securities

cent, for the calendar year. The January 3, 1901, dividend on common was a per cent, and per cent, extra. In 1903 and 1903, 6 per cent, was paid on the common, and in 1904, 3 per cent, was paid in January, and 5 cent, in July. In 1905-06, 8 per cent, was paid on the common, and in 1906-07, 10 per cent, was paid.

Stock Trust Certificates Common stock trust ., St. L. & S. F., 10 per cent., due July, 1943, Jan. and July.. $7,365,600 Preferred stock trust ., St. L. & S. F., 6 per cent., due July, 1943, quar., Jan 6,311,700

The stock trust certificates were created in November, 1903, and were issued at par against the amounts of Chicago & Extern Illinois common and preferred respectively acquired by the St. Louis & San Francisco Railroad Co. That company obligates itself to retire the same on or before July i, 1943, at 350 for the common and 150 for the preferred trust certificates. The first payment of 5 per cent, semi-annual on the common and of per cent, quarterly on the preferred certificates was made January 3, 1903. These payments have since been regularly made in January and July on the common, except in July, 1905, and quarterly in January, April, July and October on the preferred stock certificates.

In 1905 the greater part of the common stock trust certificates were exchanged for the St. Louis & San Francisco Railroad Co.*s. certificates of $1,000 each, representing four shares of the stock for each certificate, the same being payable at their face value July i, 1943, with interest at 4 percent, per annum, payable January and July.

Funded Debt

Indiana Block Coal R. R., ist mort., 7 per cent., due 1908, Jan. and July $150,000

ist consolidated mort., 6 per cent., due Oct., 1934, April and Oct 3,736,000

Collateral trust, 6 per cent., due Feb., 1913, Feb. and Aug 37,000

Extension zst mort., 6 per cent., due Dec., 1931, June and Dec 91*000

Danville & Grape Creek, ist mort., 6 per cent., due May, 1930, May and Nov 97iOOO

General consolidated mort., 5 per cent., due Nov., 1937, May and Nov x9i73.SiO0o

Refunding and improvement mort., 4 per cent., due Julv, 1955, Jan. and July 10,107,000

Chic. & Ind. Coal Ry. consolidated xst mort., 5 per cent., due Jan., 19, Jan. and July. 4,636,000

Evansville, Terre Haute & Chic, 6 per cent, incomes, due May, 1920, May and Nov.. 150,000

Exuipment bonds and notes, 5 and per cent., various 8,057,934

Total $45,776,934

The first consolidated mortgage ($6,000,000 authorised) was created in May, 1884, of which $4,500,000 were to be exchanged for other issues. The general consolidated mortgage, for $30,000,000, created in 1887, is a first lien on property acquired since consolidation. In 1893, the Chicago & Indiana Coal Railway was leased in perpetuity and interest on its bonds guaranteed. The company uses the Chicago terminal of the Chicago & Western Indiana, for freight service, and owns $1,000,000 of the latter's stock. It uses the terminals of the Rock Islandf and Lake Shore roads for passenger service.

In July, 19, the stockholders authorised a new 50-year refunding and improvement mortgage. Bankers Trust Co., New York, trustee, for $55,000,000, to. bear not exceeding 4 per cent., of which $5,000,000 were sold to provide for the company's investment in other properties, and for additions and improvements. $15,374,000 are issuable for additions and improvements, and $34,636,000 reserved to retire the general consolidated mortgages, the Chicago & Indiana Coal Railway 5s and other bonds.

Earnings Year ending June 30

Per Cent.

Oper. Exp.

Dividends Com. Pref.

Gross Oper. Exp. Net Charges

189900 4H 6 5,148,897 55.53 a,300,i59 1,309,787

190001 5K 6 5,659,446 57.35 9,407,21s 1,339,949

i909-<0 6 6 7,793,848 55.83 3.544,558 1,439,847

Surplus

In 1898-09, 6 per cent, on the preferred and per cent, on the common were paid, leaving a surplus of $300,598, out of which $100,000 was charged to additional equipment. In 1899-1900, dividends 'paid amounted to $638,743, leaving a surplus balance of $361,639, out of $199,905 was charged to additions and improvements. In 1900-01, dividends paid were $750,791, and $950,453 expended for betterments, the surplus of $66,793 being charged off for

8o THE MANUAL OP STATISTICS

depreciation of equipment. In xQoi-oa, dividends were $841,710, balance $607,171, all of which was charged to improvements and new equipment. In 1902-03, surplus over dividends, $1,961,- 801, out of which $920,646 was charged to construction and improvements, leaving $541,155 carried to credit of profit and loss. In 190.-04, new construction, $400,121 ; dividends, $987,266; balance surplus, $357,831. In 1904*05, dividends were $860,732 ; balance deficit, In 1905-06, dividends, $1,107,266; balance surplus, $37,699. In 1906-07, dividends, $1,951,622; balance surplus, $418,545.

President, H. I. Miller, Chicago. ist Vice-Piesident, Robert Mather, New York. Vice-President, Oliver S. Lyford. Chicago. Vice-President, W. B. Biddle, Chicago.

Vice-President and Treasurer, Charles W. HtUard, New York. General Manager, W. J. Jackson, Chicago. Secretary and Auditor, Joseph S. Ford, Chicago. Assistant Auditor, H. J. Cronin, Chicago. Assistant Auditor, T. D. Hed , New York. Assistant Secretary and Assistant Treasurer, J. P. Reeves, Chicago. General Counsel, W, H. Lyford, Chicago.

Directors— George T. Boggs, York. James Campbell, St. Louis. Charles W. HiUard, New York. Francis L. Hine, New York. Robert Mather, Chicago. H. I. Miller, Chicago. J. Hobart Moore, Chicago. William H. Moore, New York. Henry H. Porter, Jr., Chicago. Daniel G. Reid, New York. Benjamin F. Yoakum, New York.

Main office. La Salle Street Station. Chicago. New York office, 115 Broadway. Annual meeting, first Wednesday in June, at Chicago.

Chicago A Morth W Ester K Railway Co.

A corporation formed June 6, 1859, to acquire the Chicago, St. Paul & Fond du Lac Railroad, sold under foreclosure.

Road owned, 7,407.71 miles; leased, 186.47 miles; trackage, 38.23 miles; road operated June 30, 1907, 7,622.91 miles. In 190 1 the company purchased the Sioux City & Pacific by an arrangement with the United States Government, the road being sold under the subsidy debt. The Chicago, St. Paul, Minneapolis & Omaha, is controlled, comprising 1,538 miles. The Fremont, Elkhom & Missouri Valley, 1,362 miles, which this company controlled, was absorbed in February, 1903, and is now operated as part of the system. In 1905 the company began the construction of an extension from Casper, Wyo., to Lander, Wyo., 148 miles. At the end of 1907 the company also had other branch lines and extensions in progress.

Locomotives, 1,422 ; passenger cars, 1,260 ; freight cars, 58,130 ; service cars, 558. '

The preferred stock is 7 per cent., non-cumulative. The preferred has a right to receive 3 per cent, additional after common stock has received 7 per cenL

In October, 1906, the common stock was increased to $177,604,800, making the authorized share capital $200,000,000. Stockholders of record February 2, 1907, had the right to subscribe at par to the extent of 25 per cent, of their holdings for $24,401,625 new common, subscriptions being payable March 16, 1907. On June 30, 1907, the company owned $3,834 of preferred stock and scrip, and $2,336,867 of common stock and scrip, in addition to amounts issued given above.

Stock is transferred at the office of the company. New York. Registrar, Farmers Loan ft Trust Co., New York.

Dividends on the preferred stock are paid quarterly, January, April, July and October. For many years 7 per cent, per annum was paid on the preferred. The July, 1902, dividend was, however, iper cent, and i per cent, extra, and the quarterly dividends on the preferred have since been 2 per cent, each or 8 per cent, per annum.

In January, 1900, the dividend on the common stock was increased from to 3 per cent. semi-annuaL The July, 1909, dividend was 4 per cent. In January, 1903, M per cent, was paid on the common, which has since been the regular rate. The dividends on the common are paid in January and July, usually about the ist of the month.

Funded Debt

Refunding mort. of 1897, per cent., due Nov., 1987, May and Nov $20,971,000

Consolidated sinking fund currency mort., 7 per cent, due Feb., 1915, quar., Feb. . . 19,839,000

Madison Extension, 7 per cent., due April, 1911, April and Oct 3977t50O

Menominee Extension, 7 per cent., due June, 191 1, June and Dec 3,546,500

Winona & St. Peter, Extension, 7 per cent., due Dec., 1916, June and Dec 4,038,500

Northwestern Union, 7 (>er cent., due June, 191 7, March and Sept 33tO00

Minnesota Valley, 7 per cent., due Oct., 1908, April and Oct 150,000

Rochester & Northern Minnesota, 7 per cent., due Sept., 1908, Mardi and SepL aoo,ooo

Sinking fund bonds of 1879, 6 per cent., due Oct., 1999, April and Oct 5,488,000

" 5 per cent, due Oct., 1999, April and Oct 6,99,000

Debentures for C, St. P., M. & O. stock, 5 per cent, due May, 1933, Mar and Nov. . . 9,098,000

Ottumwa, C. F. & St P., ist mort., 5 per cent, due March, 1909, March and Sept.. 1,600,000

Railroad Sbouritibs

Funded Hevt Continued Cedar Rapids & Minouii River, xst mort., 7 per cent., due May, 1916, May and Nov.. mort. of 1884, 7 per cent. , due June, 1909, June and Dec. .

Twenty-five-year debenture bonds, 5 per cent., due Nov., 1909, May and Nov. Northern Illinois, ist mort., 5 per cent., due March, 1910, Marc'

darch and Sept

C & N. W. extension bonds 4 per cent., due Aug., 1936, Feb. and Aug

Thirty-jear debentures, 5 per cent., due April 15, 1931, April and Oct

Minn. & la. R. R., ist mort., per cent., due June, 1934, June and Dec

Boyer Valley Ry., 1st morL, 354 per cent., due Dec., 1923, June and Dec

Sioux City & Pac., ist mort, per cent., due Aue., i, Feb. and Aug

Princeton & N. Wn., xst mort., 3! per cent., due Jan., 1936, Jan. and July

Peoria & Northwestern, xst mort., per cent., due March, 1906, March and Sept. .

Minn. & South Dakota, xst mort., per cent., due Jan., 1935, Jan. and July

Fremont, Elkhom & Mo. Valley, com. mort., 6 per cent., due Oct., 1933, April & Oct.

Iowa, Minn. & N. W., xst mort. , per cent., due Jan., X935, Jan. and July

Plainview R. R. , ist mort. , 7 per cent., due Sept. , 1908

Mil., L. S. & Wn. income bonds, 6 per cent., due May, 19x1, May and Nov

cons., xst mort., 6 per cent., due May, inax, May and Nov.

" Marshfield, xst mort., 5 per cent., due Oct., 1933, April and Oct..

Mich. Div., xst mort, 6 per cent, due July, 1934, Jan. and July . .

" Ash. Div.. xst mort, 6 per cent, due March, 1935, Mar. and Sept.

Ext and Impt, mort, 5 per cent, due Feb., 1939, Feb. and Aug. .

5jOoo,ooo

X, 000,000

Total $142,935,500

In 1807 a new mortgage for $165,000,000, running 90 years, to refund existing bonds, was authorised. Bonds under this mortgage bear such mterest, not pver 5 per cent., as may be deemed advisable at time of issue. A sufificient amount was reserved to retire $131 ,645,000 of underlying obligations, and the remainder was to be used for additions and improvements, the company receiving $1,000,000 per annum thereafter for betterments. The first inue, in 1897, of $30,000,000 of the new bonds bore per cent interest

In x88a this company acquired a controlling interest of 93,300 common shares and 53,800 preferred shares in the stock of Chicago, St Paul, Minneapolis & Omaha Railroad (see statement of that company), and issued the 5 per cent debenture bonds of 1933 in payment for same.

On June 30, 1907, the company had in its treasury bonds of its own issues to the amount of $13,093,000.

In December, 1891, the company acquired control of the Milwaukee, Lake Shore & Western, purchasing the entire stock of the latter company in exchange for its own common stock. On September x, 1893, the Milwaukee, Lake Shore & Western was merged with the Chicago & Northwestern and became the Ashland Division of the latter.

x90x-oa

Dividends Com. Pref.

Earnings Year ending May 31

Gross $36,050,1

381016,313 43,950,805 43.098,587 46,644,131 49,843,781 53,334,634 55,745,a75 63,481,577 68,878,931

Dividends $4,539,466 4,852,0x4 5,174,924 5,174,924 6,433.913 7,910,177

respective fiscal

Net

Charges $6,548,939 6,039,003 5.895,263 6,047,301 6,o,65A 6,193,406

Improvements $4,697,055 5,013,418 4,000,000 4,600,000 6,000,000

X90-O3

Surplus over dividends in the — — — . —

$3,335,332 ; in 1890, $3,635,366. In $4,542,041 was appropriated for construction and improvements, and dividends paid were $3,914,394 ; surplus, $1,605,119. In 1900-01, appropriated for construction and improvements, $4,169,596; dividends, $3,914,394 surplus ; $1,737,367.

Surplus $5,755,145

Surplus

year has been as follows : in 1898,

The Manual Op Statistics

The char|:es for iQoz-02 are given after deducting $577,080 income from investments and $843,600 dividends received on the company's holdings of Chicago, St. Paul, Minneapolis & Omaha stock. In 1902-03 the charges represent a deduction of $577,080 on account of miscellaneous income, and $935,800 for dividends on Omaha stock. In 1903-04 the Omaha divklends were $935,800, and miscellaneous income, $553,435. In 1904-05, Omaha dividends, $082,400 ; other miscellaneous income, $553,435. In 1905-06, Omaha dividends, $1,029,000 ; miscdlaneous income, $577,080. In 1906-07, Omaha dividends, $1,029,000; miscellaneous income, $70i,58a

I90I-02..

i905-<36. . 1906-07..

Averaee MUeage 5,070 5,077 5,507 5,759 6,33a

Freight Traffic Statistics Total Tons Carried

Tonnage One Mile

Freight Rate per Ton Earnings per Tons to Density per MUe Train Mile Train Mik

a85

'J:g

S

a3a

2.Q3

2!

a.34

President, Marvin Hughitt, Chicago. Vice-President and Secretary, Eugene E. Osbom, New York. Vice-Preskient, Marshall M. Kirkman, Chicago. Vice-President, Hiram R. McCullough, Chicago. Vice-President, John M. Whitman, Chicago. Vice-President, William A. Gardner, Chicago. Treasurer and Assistant SecreUry, Richard H. Williams, New York. Assistant Treasurer and 2d Assistant Secretarv, M. B. Van Zandt, New York. Auditor and Assistant Secretary, Joseph B. Redfield, Chicago.

Directors-Oliver Ames, Boston. Samuel F. Barger, New York. Zenas Crane, Daltoa Mass. Chauncey M. Depew, New York. James C. Fargo, New York. Henry C. Frick, Pittsburg. Marvin Hughitt, Chicago. Chauncey Keep, Chicago. David P. Kimball, Boston. Cyrus H. McConnick, Chicago. Eugene E. Osborne, New York. Byron L. Smith, Chicago. James StiUman, New York. Hamilton McK. Twombly, New York. Fiederick W. VandexbUt, New York. William K. VanderbUt, New York. Frank Work, New York.

Main office, 215 Jackson Boulevard, Chicago. New York office, 11 1 Broadway. Annual meeting, third Thursday in October, at Chicago.

Chica60 Westerh Imdimka Railroad Co.

A corporation formed under the laws of Illinois, June 5, 1879. Road owned, Dolton, m., to Chicago, 17 miles ; also a branch to Hammond and a belt line around the dty of Chicago 25.31 miles, the total mileage being 48.58 miles, with numerous spurs to factories, lumber yards, etc., making with sidings 266.34 miles of track in all. The company owns about 1,000 acres of land, with stations, elevator, etc., and leases 75 miles of track to the Belt Railway Co. of Chicago, which it controls. Locomotives, 75; passenger cars, 30 ; freight cars, 767.

The stock is owned by the Chicago & Erie Railroad Co., the Chicago & Eastern Illinois Railroad Co., the Grand Trunk Western Railway Co., the Chicago, Indianapolis & Louisville Railway Co., and the Wabash Railroad Co., and the road is used as the Chicago entrance and terminus of those Unes ; also by the Atchison, Topeka & Santa Fe, Elgin, Joliet & Eastern Railway Companies and the Belt Railway Co. of Chicago. Stock Par $100. Authorised, $5,000,000 Issued, $5,000,000

Stock is transferred by the Secretary of the company, Chicago.

Dividends of 6 per cent, per annum have been paid on the stock except in 189c, when 7K cent was paid. The dividends are quarterly, iH per cent, each January (1), April, July and October.

Funded -Debt

General mort, 6 per cent, due 1932, quar., March. $8,499,667

Consolidated mort., 4 Pr cent, due 1952, Jan. and June 18,995,000

Three-year gold notes, 5 per cent, due Feb., 1910, Feb. and Aug 8,000,000

Total $35,494,667

The general mortgage bonds can be drawn at 105 by the sinking fund, which will retire the

issue by its maturity. . ,

The consolidated mortgage was created m 1902 and is for $50,000,000, of which $8,500,000

are held to retire the prior bonds, $5,869,000 were issued to repay the tenant companies the par

Railroad Securities 83

value of bonds of prior issues heretofore cancelled by the respective payments into the sinking fund, and $13,126,000 have been issued for additional property and enlargements. Trustee of the mortgage, Illinois Trust & Savings Bank, Chicago.

The three-year 5 per cent, gold notes are dated February i, 1907, and are secured by $10,000,000 consolidated 4 per cent, bonds. Trustee, Illinois Trust & Savings Bank, Chicago.

The company has no earnings in the ordinary sense, its income being derived entirely from rentals paid by the companies using it These rentals now amount to about $2,500,000 yearly.

The leases to the tenant companies are for 999 years, and provide for rentals covering all expeaaes charges on the bonds and at least ao per cent, in excess of charges. They also contain a guaranty of interest and principal of the consolidated mortgage bonds.

Earnings

Gross Charjes Dividend, etc. Surplus

'909 $iiOS3,340 $733t8o7 $315,672 $3.86i

'903- 1,315,581 976,685 17.468

'904. X.434.003 1,031,665 380,947 ai,390

'905. 1,620,715 i,i43t50o 430,459 46,756

'906. 1,721,647 .349,233 300,000 - 27,413

President and General Manager, Benjamin Thomas, Chicago. Vice-President and General Solicitor, W. J. Henley, Chicago. Treasurer, John E. Murphy, Chicago. Secretary and Auditor, Michael J. Clark, Chicago.

Directors— Frederic A. Delano. . Chicago. Charles M. Hays, Montreal. W. O. Johnson, Chkago. W. H. Lyford, New York. W. H. McDoel, Chicago. E. P. Ripley, Chicago.

Main office, Station, Chicago. Annual meeting, first Tuesday in June, at Chicago.

Chicago, Burukgtoii A Quihcy Railroad Co.

(Controlled by Great Northern Railway Co. and Northern Pacific Railway Co.)

A corporation originally chartered in Illinois in 1849, name being changed to the present style in 1855. In 1901 the Great Northern Railway and Northern Paafic Railway Companies acquired nearly all of the stock of the company, and a new company was formed under title of the Chicago, Burhngtonft Quincy Railway Co., to which the lines of the railroad company were leased, the Great Northern and Northern Pacific each owning one-half the railway company's stock. This lease was, however, cancelled in 1907, and the old company resumed possession July 1, 1907.

Road operated, June 30, 1907, 8,660 miles, including 215 miles leased or operated jointly with other companies. The principal lines extend from Chicago to Council Bluffs, Nebraska City to Denver, Omaha to Hastings, Rock Island to Elast St. Louis, Oregon, 111., to St. Paul, Minn.; also extensions to Cheyenne, Wyo., Billings, Mont., and Deadwood, S. D. The mileage includes 73 miles of narrow gauge road.

In 1809 the Chicago, Burlington & Northern, which had hitherto been operated separately, was consolidated with the railroad company. In November, 1900, a number of controlled lines, indudiiii: the Hannibal & St. Joseph Railroad, were formally merged with the parent company. In 1902 the company purchased the Kansas City, Peoria & Chicago Railway, and in the same year acquired the Jacksonville & St. Louis Railroad Co., which was leased in 1904. In 1903 the company purchased the Iowa & St. Louis Railroad, 52 miles.

Locomotives, 1,604 ; passenger cars, 1,219 ; freight cars, 51,662 ; work cars, 6,866.

Stock Par $100 Authorized, $111,200,000 Issued $110,839,100

In January, 1901, the outstanding stock was $98,511,700. In that month it was increased to $109,206,400, and the stockholders of record February 7, 1901, were offered rights to subscribe at par for 10 per cent, of their holdings.

In June, 1901, the Great Northern and the Northern Pacific jointly offered the hold of the stock of the Chicago, Burlington & Quincy Railroad Co. $200 per share for their stock, payable in joint ao-year 4 per cent, bonds, issued by the Great Northern and Northern Pacific Companies, said bonds to be secured by a deposit of the stock thus acquired. In pursuance of this offer a large majority of the old company's stock was exchanged for the bonds, the total amount being in 1907, $107,613,000.

Transfer Agents of railroad company, National Bank of Commerce, New York ; Edward B. O'Connor, Boston. Registrars, Union Trust Co., New York; National Bank of Commerce, Boston.

For dividends paid in successive years, see below in earnings. In September, 1898. the quarterly pajrment was increased to per cent. Dividends were declared and paid quarterly, March (15), June, September and December. In June, 1901, 2 per cent, was paid for the four

The Manual Op Statistics

months ending July i, 1901. Under the lease to the railway company the dividends were at the rate of 7 per cent, per annum, payable .quarterly, in January (i), April, July and October. CM October i, 1907, the old company paid 2 per cent, quarterly and 6 per cent extra.

Funded Debt (Including Contingent Liabiutibs for Branch Lines)

Trust mort, Iowa lines, 5 per cent, due Oct., 1919, April and Oct $3,388,000

Trust mort, Iowa lines, 4 per cent, due Oct., 1919, April and Oct 7*51*000

Bonds secured by Denver hne bonds, 4 per cent, due Feb., 1933, Feb. and Aug. 7,968,000

Bonds issued for Bur. & Southwestern, 4 per cent, due Sept., 1931, March and Sept 4,300.000

Deben. bonds for Hannibal & St J. stock, 5 per cent, due May, 1913, May and Nov.. 9,ooaoQO

Bur. & Missouri River, in Nebraska, cons. 6 per cent, due July, 1918, Jan. and July. 13,705.(0

Burlington & Missouri River bonds, 4 per cent, due Jan., 1910, Jan. and July 3347o°o

Illinois Div. mort., 35 per cent mort., due July, 1949, Jan. and July 50,835,000

" 4 per cent, due July, 1949, Jan. and July 34,165,000

Republican Valley bonds, 6 per cent, due July, 1919, Jan. and July 1,078,000

Atchison & Nebraska, 7 per cent, due March, i9c, March and Sept i, 135,000

Lincohi & N. W., 7 per cent, due Jan., 1910, Jan. and July 600,000

Nebraska extension sf. fund, 4 per cent, due May, 1927, May and Nov 34,505,000

Hannibal & St Joe, mort., 6 per cent, due March, 1911, March and Sept 8,000,000

Tarldo Valley, mort., 7 per cent, due June, 1930, June and Dec X33ooo

Nodaway Valley, ist. mort., 7 per cent., due June, 1930, June and Dec 1x8.000

Total $168,960,000

In April, 1899, the company created the Illinois Division mortgage, due 1949, covering lines east of the Mississippi. The issue is limited to $85,000,000. This mortgage covers the company's properties east of the Mississippi, and became a first lien on payment of the $31,699,300 consolidated mortgage bonds, due 1903, and the $3,330,000 Chicago & Iowa 5s, due 1905. To retire the bonds of Uie Chicago, Burlington & Northern and the Ottawa, Oswego St Fox River Valley 8 per cents., due 1900, and to provide for improvements, the company, in April, 1899 issued $xo, 166,000 of the Illinois Division bonds, bearing per cent, interest, and offered same to stockholders at 75, together with $4,041,000 of new stock at par. In November, 1904, the company sold to J. r. Morgan & Co., New York, $19,689,000 of Illinois Division 4s., to refund the extended consols due 1905.

The Nebraska extension bonds are a mortgage on 397 miles of road, and are secured bf deposit of Nebraska branch ist mortgage bonds at $30,000 per mile.

There has been paid into and accumulated in the various sinking funds $37,590,564. Sinkioc funds, exclusive of canceled securities, on June 30, 1907, amounted to $17,363,788.

Earnings

Year ending June 30

Div. Paid

6M

Gross

53.795.a45 62,638,379 65,338,191

Net

$'5,523,437 15.741,781 '6,495,273 16,363,878

ia.74a.43P

The company's income from dividends or interest on securities owned and similar sources s included in the net earnings and was as follows: In 1899-1900, $2,077,746; in 1900-01. $82,431 ; in 1901-02, $340,805 ; in 1902-03, $346,540, and in 1903-04, a deficit of $304,116 ; m 1904-05, surplus $302,202 ; in 1905-06, $410,683. In 1897-98, surplus over per cent, dividends was $3,393,666, out of which $1,000,000 was credited to renewal fund. In 1898-99, surplus over dividend&, 6 per cent., was $1,489,938. In i99-i90o, surplus over dividends, $3,099,083 ; in I9ck> 01, surplus, $1,473,849; in 190103, $1,363,389; in 1902-03, $4,491,538; in 1903-04, $3,980,168. and in 1904-05, $4,9169,925; in 1905-06, $3,907,572, and in 190607, $4,320,333-

The dividends on stock not deposited with the Northern Pacific and the Great Northern m 1901-03 was $313,603 ; in 1903-03, $227,818, and in 1903-04, $226,667. 1° 1901-03 the interest paid on the Northern Pacific-Great Northern joint 4 per cent, bonds, with Burlington stock as collateral, was $8,606,130; in 1902-03, $8,606,753; in 1903-04, $8,608,083; in $8.6o8.Qia( in 1905-06, $8,608,968 ; and in 1906-07, $8,609,040.

Railroad Sbcurities

Freight Traffic Statistics

Freight Desdty

Average

Total

Tons Carried

Mileage

Tonnage

One Mile

I899K30...

zgoi-ca...

igc-p3...

I9P3-04...

a5,53o,63X

5ca,65i 499,243 568,881

Rate per

Ton per Mile

tu

a86

Eaminfr*

per Train

Mile

$1,640 a.031 a.038

Average

Tons per

Train

aoi

Presideot, Geom B. Harris, Chicago, ist Vice-President, Darius Miller, Chicago. 2d Vice- President, Daniel Willard, Chicago. 3d Vice-President, Secretary and Treasurer, Thomas S. Howland, Chicago. Assistant Seoetary, Harry E. Jarvis, Burlington, la. Assistant Secretary, Henry W. Weiss, Chicago. Assistant Secretaiy, George H. Earl, New York. Cashier, Edward B. O'Connor, Boston. General Auditor, Charles I. Sturgis, Chicago.

Directors— George F. Baker, Iew York. George C. Clark, New York. William P. Clough, New York. George B. Harris, Chicago. James J. Hill, St. Paul. James N. Hill, New York. Darius Miller, Chicago. John J. Mitchell, Chicago. Norman B. Ream, New York. John F. Talma, New York. Samuel Thome, New York.

Main office, 209 Adams street, Chicago. Boston office, 199 Washington street Annual ouseting, first Wednesday in November, at Chicago, la.

The Chi0A60, Ci Mci Mm Ati A Louis¥Ille Rmilroad Co.

A corporation formed under the laws of Indiana and Ohio, June 4, 1003, being a consolidation of the Cincinnati & Indiana Western Railroad Co. and the Cincinnati, Richmond & Muncie Railroad Co. See statement of the latter company in the Manual for 1903.

Road owned, Cincinnati to Louisville Junction, Ind., 265 miles. Trackage to Chicago, 18 miles ; total operated, 283 miles. Locomotives, 41 ; passenger cars, 25 ; freight can, 610.

Id June, 1904, control was acquired by the same interests which acquired the Cincinnati, Hamilton & Dayton and the Pere Marquette Railroad Co.'s and the stock of this company was deposited among the collateral securities for the joint bonds of those conipanies. On January I, 1907, possession of the property was surrendered by the Receiver of the (cincinnati, Hamilton & Dayton Railway, to its former owners.

Stock Par $100 Authorised, $4,350,000 Issued, $4,206,000

Funded Debt

Cancinnati, Rich. & Muncie ist mort., 5 per cent., due Oct., 1950, Apr. and Oct. $1,804,000

Chicago & Cinn. ist mort., 5 per cent., due Feb., 1952, Feb. and Aug 750,000

Cincinnati & Ind. Western ist mort., 5 per cent., due June, 1952, June and Dec 600,000 Chicago, Cinn. & Louisville refdg. mort., per cent., due July, 1953, Jan. and July 2,796,000 Equipment bonds 430,000

Total $6,380,000

The refunding per cent, mortgage of the new conapany was .created July 1, 1903. Trustees of the mortgage, American Trust Co., Boston, and Union Trust Co., Indianapolis. Sufficient of the bonds were reserved to retire all the prior lien mortgages, including equipment bonds. The interest on these bonds until July i, 1914, was guaranteed by the Cincinnati, Hamilton & Dayton Railway Co. and the Pere Marquette Railroad Co. until July 1, 1914. In connection with the receivership of the two companies in question the Receiver did not pay the interest on these bonds, due January i, 1906, but funds were provided otherwise and the interest thereon was met.

The Cincinnati, Richmond & Muncie ist mortgage 5s are subject to call at no after 1910. Both the Chicago & Cincinnati ist 5s and Cincinnati & Indiana Western ist 5s are subject to call at no after 1912.

President, William A. Bradford, Chicago. Vice-President, H. C. Starr, Chicago. Assistant Secretary and Assistant Treasurer, John A. S. Graves, Chicago. Auditor, F. D. Hodgson, Chicago.

Main office, Ellsworth Building, Chicago. Annual meetmg, first Monday in May, at Clndnnatj.

Chicago 6Reat Wester K Railway Co.

A corporation formed under the laws of Illinois, January 5, 189a. The companj was created for the purpose of reorganizing the Chicago, St. Paul & Kansas City Railway Co. on a stock basis.

Road owned, Chicago to St Paul, 401.59 miles; Oelwein, la., to St. Joseph, Mo., 389.58 miles ; Bee Creek to Beverley, 23 miles ; branches, ao.86 miles ; trackage 83.33 miles ; total operated, 8x8.36 miles. Controlled and operated under agreement, Mason City & Fort Dodge Railroad, Oelwein, la., to Council Bluffs, 359.83 miles ; Clarion, la., to Hadfield, Minn., 9971 miles ; branches, 18.59 miles. Wisconsin, Minnesota & Pacific Railway, Mankato, Minn., to Osage, la., via Red Wing, Minn., 213.9 miles; branches, 57.1 miles. Total, x,467.49 miles, of which 21.94 miles is leased to the Waterloo, Cedar Falls & Northern Railway Co., leaving the net mileage of the system, 1,474 miles. Locomotives, jcx); passenger cars, 178; freight cars, 10,083 ; service cars, 380.

This company owns all the stock of the Mason City & Fort Dodge Railway and of the Wisconsin, Minnesota & Pacific Railway, and operates them under contracts for 100 years from April X, 1901.

On January 8, 1908, Receivers were appointed for the company. This action, it was stated, was taken with a view to the protection of the property pending the formulation of a plan for financing its requirements for retiring the 5 per cent, gold notes maturing between 1908 and 1912, and providing for improvements, etc.

r com. , $50,000,000 '

com., $44,465.95l

,4p. c. deb., 38,127,080 J

The 4 per cent, debenture stock has voting rights at all meetings and is cumulative with interest payable in gold in January and July. The authorized amount was increased from $15,000,000 to $30,000,000 in X898.

The holders of the 4 per cent, debenture stock and preferred A stock appoint the company's finance committee, which has large powers over its affairs. The preferred stock A has voting powers at the company's meetings, and is entitled to receive 5 per cent, per annum, lative, if earned, and if any question should arise about the amount of earnings applicable to such dividends, the decision of the finance committee is final.

The preferred stock B has voting powers and is entitled to 4 per cent, per annum, noncumulative, in preference over the common stock.

In FebruaiT, X903, the authorized common stock was increased from $30,000,000 to $50,000,- 000 to provide for the acquisition of the Mason City & Fort Dodge Railxoad, and in September, 1905, the preferred B stock was increased from $10,000,000 to $24,000,000, for the same purpose.

Transfer office, 31 Nassau street. New York. Registrar, Manhattan Trust Co., New York.

Dividends of 2 per cent, semi-annual are regularly paid, January 15 and July 15, on the 4 per cent, debenture stock, such payments being made to European holders at the office of Robert Benson & Co., London, England. In December, 1898, the first dividend on preferred A was declared of 2 per cent., payable January 31, 1899. July 3X, 1899, oeai. on preferred A, and January 31, 1900, per cent., thus putting the preferred A on a 5 per cent. baas. Similar dividends of a% per cent, serai-annual were paid on the preferred A on February 28 and August 3X of each year, until February, 1904, inclusive, the August, 1904, dividend having been paed, and none were paid until April, X906, when per cent, was again paid. On October i, 1906, 2H per cent, was paid and 2j- per cent, on April 1, 1907, but no dividend was paid in October, 1907.

Obligations

Gold notes, 5 per cent., due 1908-12 $8,491,848

Equipment lease warrants 5 per cent 437t9

Total ." $8,939,774

The Wisconsin, Minnesota & Pacific Railroad Co. has $5,811,000 of ist mortgage 4 per cent, bonds outstanding, due October, 1950, interest April and

The Mason City & Fort Dodge Railroad Co. has $12,000,000 of 4 per cent, xst mortga bonds, due June, 1955, interest June and December.

Earnings Year ending June 30

Per Cent. Charges

Grr/M of Cost Net and Rentals Surplns

1897 f9a9 miles) $5,386,043 70. 13 $1,608,671 $873,833 $7.14838

" ) 6,721,037 66.81 2,026,814 745.759 *i8i,os5

X900-Ox (939 " ) 7,013,861 68.88 1,978,246 6,223 1,340,134

Railroad Securities

Earnings — Continued

" ) 8.022,673 73.59 1,903.631 7i4,993 1.1871638

" ) 7,377,710 69.44 2,038,618 802,242 1,336,376

" 8,573*148 67.86 2,539,495 799.188 1,740,304

Net, after all charges. $1,601,934 $1,187,6313 $1,236,376 $1,740,304

4 per cent, on debenture stock. 1,025,693 1,044,976 1,044,976 1,044,978 1,044,984

Balance $576,241 $142,662 $191,400 $695,336 $414,025

Dividends on preferred A 568,620 (2284,310

Surplus $7,631 Def.$X4i,648 $191,400 $411,904 $130,603

The dividend of per cent, paid on the preferred A stock on October 1, 1906, was charg:ed to the surplus— $419,979 of the previous year, reducing; it to $136,557. The similar dividend on the preferred A shares paid April i, 1907, was taken from the surplus earnings from the fiscal year 1906-07.

Earnings Entire System Year ending June 30

Miles GroB Net

i90<-o6 1,467 10,030,355 3,596,301

The foregoing figures include the gross and net of the Chicago Great Western Railway Co., the Mason City & Fort Dodge Railroad Co., and the Wisconsin, Minnesota & Pacific Railroad Co.

Freight Traffic Statistics

Average Miles Total Tons Carried Freight Rate per Ton Eaminn per Average Tons

Operated Tonnage One Mile Density per Mile Train Mile per Train Mile

I9003.. 939 3,768,307 759,916,612 817,545 0.74c $2.05 277

Receivers— A. B. Stickney, St. Paul. C. H. F. Smith, St. Paul.

President, A. B. Stickner, St. Paul, ist Vice-President, Ansel Oppenheim, St. Paul. 2d Vice-President and General Manager, Samuel C. Stickney, St. Paul, icl Vice-President, L. S. Cass, St. Paul. Secretary, R, C. Wight, St. Paul. Treasurer, R. O. Barnard, St. Paul. Auditor, C. O. Kalman, St. Paul.

Directors— H. E. Fletcher, Minneapolis. C. O. Kalman, St. Paul. J. W. Lusk, St. Paul. Ansel Oppenheim, St. Paul. A. B. Stickney, St. Paul. Samuel C. Stickney, St. Paul. Fredcrick Weyerhaeuser, St. Paul. T. H. Wheeler, New York. R. C. Wight, St. Paul.

Finance Committee — Chairman, Walter Cunliffe, London, Eng. Sir Edward P. Tennant, London. Alander F. Wallace, London. Edwin Waterhouse, London. Auditor for Committee, Stephen Little, New York.

Main office. Metropolitan Opera House Building, St. Paul, Minn. Chicago office, 115 Adams street. Annual meeting, first Thursday after first Tuesday in September, at Chicago. Books close thirty days previous. The annual meeting of the holders of the 4 per cent, debenture stock and the preferred stock A is held in London, Eng., on the first Wednesday in March.

Chida6O, Indiaha A Southern Railroad Do.

A corporation formed under the laws of Indiana and Illinois, April 9, 1906. The company is a consolidation of the Indiana. Illinois & Iowa Railroad Co., the Indiana Harbor Railroad Co., and the Danville & Indiana Harbor Railroad Co. Road owned, South Bend, Ind., to Seatonville, 111., 191.82 miles; Indiana Harbor, Ind., to Danville, 111.. 109.09 miles; branches, 11.14 miles; trackage on Lake Shore & Michigan Southern Railway from Indiana Harbor to Chicago, 19.30 miles ; other trackage, 8.72 miles ; total operated, 340.24 miles. In addition to the above mileage the company ovms 17.32 miles of branches which are leased to and operated by other companies. Locomotives, 116; passenger cars, 17; freight cars, 5,190.

,

This companj is controlled by the Lake Shore & Michigan Southern Railway Co., and the Michigan Central Railroad Co., the Lake Shore owning 85 percent, of the stock and the Michigan Central the remaining 15 per cent. The Indiana, Illinois & Iowa Railroad Co. was formed in 1898, and was a consolidation of a corporation of the same name with the Indiana, Illinob & Iowa Railroad Co., of Indiana. Its lines extended from South Bend, Ind., to Seatonville, III., 192 miles, with branches, 1 1 miles. In 190a a controlling interest in it was acquired by the Lake Shore & Michigan Southern Railway Co. The Indiana Harbor Railroad and the Danville & Indiana Harbor Railroad Com(>anies, whose lines extend from Indiana Harbor to Danville, were organized to afford the Lake Shore, Michigan Central and other properties affiliated with the New York Central System an entrance to the coal regions of Southern Illinois. The line was completed in 1905-06 and a consolidation with the Indiana, Illinois & Iowa Railroad Co. followed as stated above.

The preferred stock is 4 per cent, cumulative. All the stock is owned by the Lake Shore or the Michigan Central Companies. See above.

Funded Debt

Indiana, Illinois & Iowa, xst mort., 4 per cent., due July, 1950, Jan. and Julv $4,850,000

Chicago, Indiana & Southern ist mort., 4 per cent., due Jan., 1950, Jan. anci July. . . 14,540,000

Total $19,390000

The Indiana, Illinois & Iowa ist mortage is for $ia,ooo,ooo and was created in 190a With the proceeds of part of the issue that company's $3,000,000 of old 5 per cent, bonds were called and retired February i, 190X. Trustees of mortgage, Illinois Trust & Savings Bank, Chicago, and Joseph D. Oliver. Interest is paid at the office of the Treasurer, Grand Central Station, New York.

The Manual for 1906 gives a full account of the Indiana, Illinois & Iowa Railroad Co., which paid dividends at the rate of 4 per cent, per annum on its $5,000,000 of outstanding stock from January, 1900, to February, inclusive. Its earnings for the year 1905 were : gross, $1,812,460; net, $447,098; charges, $245,875; dividends, $aoo,ooo; surplus, $2,123.

President, William H. Newman, New York. Vice-Presidents, William C. Brown, New York. Edward V. W. Rossiter, New York. Charles F. Daly, New York. Albert H. Harris, New York. John Carstensen, New York. Charles E. Schaff, Chicago. Secretary, Dwight W. Pardee, New York. Assistant Secretary. E. T. Henson, Chicago. Treasurer, Charles F. Cox, New York. Assistant Treasurer, Harry G. Snelling, New York.

Directors— John S. Field, Chicago. William H. Newman, New York. Charles E. Schaff, Chicago. Hamilton McK. Twombly, New York. William K. Vanderbilt, New Yoric. Bertrand Walker, Chicago.

Main office, Chicago. New York office, Grand Central Station. Annual meeting, first Tuesday in October, at Chicago.

CHICAGO. mOIMKAPOLIS A LOUISVILLE RAILWAY CO.

(Controlled jointly by the Louisville & Nashville and Southern Railway Companies.)

A corporation formed under the laws of Indiana, March 31, 1897. The. company was created in pursuance of a plan to reorganize the Louisville, New Albany & Chicago Railway, the property of which was sold under foredosure March 10, 1897, and transferred to this company, wuGh took possession July i, 1897.

Road owned. New Albany, Ind., to Michigan City, 288.86 miles; State Line, Ind., to Indiuiapolis, 161.94 miles ; Bedford to Switz City, 40.29 miles ; Orleans to French Lick Springs, 17.70 miles ; total, 508.79 miles. Leased, 81.75 miles, including track and bridge from New Afinnj to Louisville, 6 42 miles ; Chicago & Western Indiana, Hammond to Chicago, 19.86 miles ; Junction to Switz City, 35.40 miles ; Indiana Stone Railroad, Harrodsburg to Clear Creek, Ind., 9.32 miles ; other leased lines, ao.07 miles ; total operated, 599.76 miles. The company owns onefifth of the Chicago & Western Indiana. In 1900 the company obtained joint ownership with the Baltimore & Ohio Southwestern and the Southern Railway Co. in the Kentucky & Indiuia Bridge and terminals at Louisville. In 1906, the Indianapolis & Louisville Railway was organized to build from Indianapolis to Evansville. Ind.. of which about 54 miles were completed in 1907. The company owns the entire stock and guarantees the bonds of the Indianapolis & Louisville. Locomotives, up: passenger cars, 99; freight cars, 5,428 ; service cars, 21a.

In July, 1902, the Louisville & Nashville and the Southern Railway acquired control of this company, the stockholders of which were offered $78 per share for the common and $90 per share for the preferred stock, payable in 50-year collateral trust 4 per cent, joint bonds of the two purchasing companies, 60 per of the price being payable in cash, if desired, Under this

Railroad Securities

arrangement a laree majority of the stock was acquired, but the road is operated independently for the benefit of the two purchasing companies.

The preferred stock is 4 per cent., non-cumulative. Transfer office, 80 Broadway, New York Registnur. Central Trust Co., New York.

The first dividend on the preferred stock was i per cent., paid March 30, i9qg. No further dividend was, however, paid until October 15, 1900, when a semi-annual dividend of a per cent, was paid on the preferred, and similar semi-annual dividends of 2 per cent, on the preferred have since been regularly paid. The dividend periods for the preferred were formerly April (15) and October, but are now June (o) and December. In March, 1902, i per cent, was paid on the common stock and per cent, on January 99, 1903 ; June, 1903, and thereafter in June and December until June, 1905, when the semi-annual dividend was increased to per cent., which has since been the regular rate.

Funded Debt

L., New Albany & C, ist mort., main line, 6 per cent., due July, 1910, Jan. and July. . $3,000,000

" " " C. & I. Div., percent., due Aug., 1911, Feb. and Aug. 3,300,000

Chic, Ind. & Louisville refunding mort., 5 per cent., due July, 1947, Jan. and July.. 5,000,000

" " " 6 per cent., due July, 1947, Jan. and July.. 4,700,000

Total $15,000,000

The authorized issue of refunding bonds is $15,000,000, of which the $4,700,000 bearing 6 per cent, were created in the reorganization to retire an equal amount of old company's 6 per cent, consols. Refunding bonds may be issued for additions and improvements to the extent of not over $300,000 in any year. There have been $a,o;,ooo of the refunding 5s issued for such purposes, of which $1,500,000 are still in the treasury of the company.

This company guaranteed $43,000 6 per cent, bonds of the Consolidated Stone Co., and in 1906 guaranteed $6,000,000 ist mortgage, 4 per cent., bonds of the Indianapolis & Louisville Railway Co., due January i, 1956, January and July, of which $1,500,000 are outstanding. This company owns all the stock of the two companies in question.

Earnings Year ending June 30

Gross Net Charges Surplus

189&-99. 3,501,121 x,a3a,857 958,109 a74f747

4,i77888 1,659,470 972,789 686,681

Miscellaneous income is included in the surplus, the amount of this item being in 1901-02 $139,447 ; in 1903-03, $155.751 ; in 1903-04, $257,051, in 1904-05. $160,432 ; in 1905-06, $249,475; and in 190607, $333,188.

In 19021-03 dividends were $462,500, surplus $636,731. In 1903-04, dividends $462,500, surplus $656,882. In 1904-05, dividends $488,750, surplus $626,198. In 1905-06, dividends, $515,000; surplus, $682,6. In 1906-07, dividends, $515,000 ; surplus, $480,026.

Freight Traffic Statistics

Rate Per Earnings Average

Average Toul Tons Carried Freieht Ton per Tons

Mileage Tonnage One Mile Density per Mile Train Mile per Train

President, William H. McDoel. Chicago. Vice-President, Morton F. Plant, New York. Seoretarr and Assistant Treasurer. John A. Hilton. New York. Treasurer and Assistant Secretary,

Byron Cassell, Chicago. General Manager, B. E. Taylor, Chicago. Auditor, J. L. Doher, Chicago.

Directors— Temple Bowdoin, New York. E. C. Field, Chicago. Amos T. French, New York. Robert M. Gallaway. New York. A. H. GiUard, New York. Thomas W. Joyce, New York. William H. McDoel, Chicago. James Murdock, Lafayette, Ind. Lewis W. Parker, Chicago. Morton F. Plant, New York. Charles Steele New York.

Main office, 198 Custom House place, Chicago. New York office, 80 Broadway. Annual meeting, third Wednesday in September, at Indianapolis.

Ohicmgo. Milwaukee Ast. Paul Railway Co.

A corporation organized under the laws of Wisconsin in 1863 as the Milwaukee & St. Paul Railway Co., the present title being adopted February xi, 1874.

. Road owned, June 30, 1907, 7,158.60 miles; owned jointly, 28.09 miles; used under tracts, 334.13 miles; total operated, 1,731.75 miles. An extension from Chamberlain, S. D., to Rapid City, 350 miles, was completed in the latter part of 1903, which is not included in the foregoing mileage.

The Milwaukee & Northern, North Milwaukee, Wis., to Champion, Mich., and branches, 3163 miles, was acquired in 18 and absorbed by this company. This company also purchased in 18 and controls the Des Momes, Northern & Western, 147 miles.

In December, 1905, it was announced that an extension of the company*s system from Evarts. S. D., to Seattle and Tacoma, Wash., a distance of about 1,500 miles, had been determined on and work thereon was in progress during 1907. The company acquired the Montana Railroad Co., T57 miles, which will form part of the new line.

Locomotives, 1,016 ; passenger can, 1,034 ; freight cars, 39,439 ; service cars, 784.

The preferred stock is 7 per cent., non-cumulative. The preferred and common stocks share equally in any further division after 7 per cent, has been paid on both dasaes. The authorised amount of common stock was increased from $58,183,900 to $83,183,900 in October, 1909. In October, 1906, the authorized common stock was increased to $158,183,900 and the authorized preferred from $75,000,000 to $124,654,400.

Various classes of the company's bonds were convertible into preferred stock, and the amoont of the latter was increased from $12,274,483 to the amount outstanding -mainly by such conversions. On June 30, 2907, only $350,000 of bonds available for conversion remained outstanding, viz., the Iowa & Dakota Division extension, ist mortgage 7s., due July, 1908.

In August, 1906, stockholders were given the right to subscribe at par for $25,000,000 new common stock, increasing the amount of common outstanding from $58,183,900 to $83,183,900

In December, 1906, it was decided to give stockholders the right to subscribe at par for $33,164,300 new common and $66,328,500 new preferred stock, or in the proportion of as per cent, of their holdings in common and 50 per cent, in preferred. Payments in subscription for the new stock were to be made in instalments as follows: on December, 31, 1906, 10 per cent.; June I, 1907, 15 per cent.; December i, 1907, 20 per cent.; June i, 1908, 20 per cent.; December I, 1908, 3o per cent, and March i, 1900, 15 per cent., at which time the preferred and common stocks, respectively, will be increased by the amounts in question. The subscription was to furnish funds for the building of the Pacific extension.

Transfer agency, 42 Broadway, New York. Registrar, Union Trust Co., New York.

Dividends paid on the preferred stock are at the rate of 7 per cent, per annum, in half-yearly payments of per cent, in April and October, about the 2ckh of each month.

Dividends on the common stock are also paid semi-annually in April and October. The October, 1888, dividend on the common was paned and none was paid until October, 1899. In April, 1895, the dividend on the common stock was reduced to i per cent, for the half year. In April, 1896, October, 1896, and April, 1897, 2 per cent, was paid. In October, 1897, 3 per cent, was paid, including a per cent, regular and i pier cent, extra. In April, 1898, the dividend was a per cent, regular and per cent extra. The October, 1898, dividend was per cent. regular, putting the common stock on a 5 per cent, basis. Regular payments were made at the same rate until the dividend paid April 35, 1901, which was increased to 3 per cent., which rate was maintained until the October, 1903, dividend, which was 2H Pf cent., with per cent, extra, making 7 per cent, on the common for the year, and subsequent dividends on the coaunoo have since boen per cent, semi-annually.

Funded Debt

Iowa & Dakota Div. Extension, ist mort., 7 per cent, due July, 1908, Jan. and July.

La Crosse & Davenport Division, 5 per cent., due July, 1919, Jan. and July 3,500,000

Southwestern Division, ist mort., 6 per cent., due Julv, 1909, Jan. and July 4,000,000

Chicago and Pacific Division, ist mort., 6 per cent., due Jan., 1910, Jan. and July. . 3,000,000

Southern Minnesota Division, ist mort, 6 per cent., due Jan., 1910, Jan. and July.. 7,433,000

Hastings 8t Dakota Div. Exten. , ist mort. , 7 per cent. , due Jan. , 1910, Jan. and July . , ,(Hq,ooo

Railroad Securities

Funded Be.w— Continued Hastings & Dakota Div. Exten., zst mort., 5 per cent., due Jan., 1910, Jan. and July. .

Dubuque Division, 1st mort., 6 pef cent, due July, 1920, Jan. and July

Wisconsin Valley Division, 1st mort, 6 per cent., due July, 1920, Jan. and July

Wisconsin Valley R. R., old bonds, 7 per cent., due Jan., 1909, Jan. and July

Mineral Point Division, ist mort., 5 per cent., due July, 1910, Jan. and July

Chicago & Lake Superior Div., ist mort, 5 percent., due July, 1921, Jan. and July. . Chicago & Pacific Western Div., ist mort., s percent., due Jan., 1931. Jan. and July. Wisconsin & Minnesota Div., xst mort., 5 per cent., due July, 1991, Jan. and July. .

Terminal mort., 5 per cent., due July, 1914, Jan. and July

Fargo & Southern Ry., ist mort., 6 per cent., due Jan., 1934, Jan. and July,

Dakota & Great Southern Ry., ist mort, 5 per cent, due Jan., 1916, Jan. and July.. Chicago & Missouri River Div., ist mort., 5 per cent, due Julv, 1026, Jan. and July. .

General mort., 4 per cent. Series A, due May, 1989, Jan. and July

General mort. Series B, per cent, due May, 1989, Jan. and July

Milwaukee & Northern R. R., ist mort., 6 per cent., due June, 1910, June and Dec. . Milwaukee & Northern R. R., cons, mort, 0 per cent, due June, 1913, June and Dec.

$990,000 5,300,000 a,oo3,ooo 1,106,500 3,840,000 1,360,000

25.340.000 4.7S5.000 4,748,000 1,350,000 3,856,000 3,083,000

31,038,000 8,950,000 a, 155,000 5,093,000

Total $135,817,500

Included in the bonds outstanding are $8,276,000 which, on June 30, 1907, were in the treasury of th company, or due from trustees.

During 1889 this company created a new issue of $150,000,000 general mortgage xoo-year gold bonds, due May i, 1989, to take up all outstanding issues and provide other funds as needed. Amount reserved to retire prior liens was $92,398,000. Trustee of the mortgage. United States Trust Co., New York.

The Iowa & Dakota extension 7s can be converted into preferred stock.

Earnings— Year ending June 30

Dividends Paid Com. Pref.

1896 (6,154 189900 (6,347 190001 (6.347 1901-03 (6,604 1902-03 (6,646 9P3-04 (6,839 1904-05 (6,908 1905-06 (6,961 190607 (7,049

7

Surplus

90i-03 $9,640,458

I905K36 131323.230

>906-O7 13.988.644

Gross $34,189,663 38,310,633 41,884,693 43,369,013 45,613,134 47,663,734 48,330,334 49,884,113 55.423.052 60,548,554

Common Dividends $4,073,873 4,073 873 4,073,841 4,072,873 4.072,873 4,938,386

Net $13,119,115 14,465,306 13,608,610 14,566,193 15.850,544 16,574.593 16,770,175 17,830,870 19,337,080 19.930.783

Preferred

Dividends

Charges $7,190,431 6,890,130 6,63,170 6,383.035 6,310,086 6,101,335 6,051,775 5,963,645 5.913.850 5.942,140

Surplus

Total Dividends $7,308,161 7,423,261 7,441,330 7,506,751 7.535,766 8,417,349

Balance to Profit and Loss $3,333,397 3,050,998 3,377,181 4,352,075 5,787,464 5,511,304

Income from investments and miscellaneous sources included in the net earnings for 1901-03 $434,315- In 1902-Q3 this item was $510,031 ; in 190304, $316,430 ; in 1904-05, $330,797 ; in 190506, $358,359, and in 1906-07, $1,068,736.

Freight Traffic Statistics

Total Tonnage

Tons Carried

Freight

Rate per Ton

One Mile

Density

per Mile

t.

Eaminga per Train Mile

Average Tons

per Train Mile

Chairman, RosweU MiUcr, New York. Presideat, Albert J. Earling, Chicago, ad Vice- President, E. W. McKenna, Chicago. 3d Vice-President, J. H. Hiland, Chicago. Secretarj, E. W. Adams, MUwaukee. Assistant Secretary, T. C. Sherman, Milwaukee. Assistant Secretary, C. B. Ferry, New York. Assistant Secretary, J. M. McKinley, New York. Assistant Secretary, W. J. Geddes, New York. Treasurer. Frederic G. Ranney, Chicago. Assistant Treasurer, John McNab, Chicago. General Auditor, W. N. D. Winne. Chicago.

Directors— J. Ogden Armour, Chicago. Walter P. Bliss, New York. Frank S. Bond, New York. Albert J. Earling, Chicago. Peter Geddes, New York. Charles W. Harkness, New York. Frederick Layton, MUwaukee. Roswell Miller, New York. Louis J. Petit, Milwaukee. Percy A. Rockefeller, New York. William Rockefeller, New York. Henry H. Rogers, New York. John A. Stewart, New York.

Main office, Railway Exchange Building, Chicago. New York office, 43 Broadway. Annual meeting, in September, on day the directors may appoint.

Chicago, Peorim A St. Louis Railway Co. Of Illihois

A reorganization, in January, 1900, of the Railroad Company of same name, with which the St Louis, Chicago & St. Paul Railway of Illinois, was subsequently consolidated.

Road owned, Pekin, 111., to Granite City, 111., 180 miles ; Granite City to Madison, a miles; Madison to Bridge Junction, 3 miles; Havana, 111., to Jacksonville, 111., 43 miles; Grafton Branch, 8 miles ; total owned, 335 miles ; trackage, Peoria & Pekin Union Railway, 10 miles ; other trackage, i3 miles; total operated, 255 miles. Locomotives, 44; passenger cars, 34; freight care, 2,733.

The preferred stock is 5 per cent., non-cumulative. Stock is transferred at the office of the company. New York. Registrar, Trust Company of America, New York.

Funded Debt

Prior lien mort., per cent., due March, 1930, March and Sept $1,800,000

Consolidated mort., 5 per cent., due July, 1930, Jan. and July 2,000,000

Income mort., 5 per cent., due July, 1930, Jan., if earned 2,000,000

Total $5,800,000

The payment of the July x, 1906, coupon on the consolidated mortgage 5 per cent, bonds was postponed, but the same was paid December 18, 1906. The January, 1907, coupon was paid in June, 1907, the July, 1907, coupon was paid in December, 1907, and the January, 1908, coupon was deferred.

The authorized issue of prior lien per cent, bonds is $2,000,000.

The company owns one-quarter interest, or 2,500 shares, in the Peoria & Pekin Unioo Railway Co.

Earnings Year ending June 30 Gross

The charges in 1901-03 and 1902-03 included expenditures for betterments and taxes. The deficit in 1903-04 was caused by the flood at East St. Louis in June, 1903, the of which was over $100,000, all of which was charged to operating expenses.

President, (vacancy). Vice-President and General Manager, John P. Ramsey, St. Louis. Secretary, Assistant Treasurer and Auditor, H. W. Berger, Springfield, IlL Treasurer and Assistant Secretary, C. M. Gleason, New York.

Directors— George F. Baker, Jr., New York. H. W. Berger, Springfield. Thomas Carmichael, New York. Curtiss Millard, Peoria, III. John P. Ramsey, St. Louis. Charks H. Warren, New York. Bluford Wilson, Springfield.

Main office, Springfield, 111. New York office, 52 William street. Annual meeting, secood Monday in December, at Springfield.

Net

Charges

Surplus

w. . **5,3M

Def. 135,908

" 78,a73

Sur. 30373

Railroad Securities 93

Chicago, St. Paul, Kihiieapous Okaha Railway Co.

Road owned, Elipy, Wis., to St Paul, 593 miles ; St. Paul to Omaha, 566 miles ; branches and extensions, 998 miles ; leased, 69 miles ; total of system, 1,711 miles. Locomotives, 316; passenger can, 257 ; freight cars, 11,589 ; service cars, 183.

The preferred stock is 7 per cent., non-cumulative, but the common shall not receive more than the preferred out of the earnings of any year.

Stock is transferred at the office of the company. New York. Registrar, Central Trust Co., New York.

In addition to the above the company owns $3,844,340 of the common and $x, 386,921 of the preferred stock.

Dividends of 7 per cent, per annum, half-yearly, per cent. February 20 and August 20, have been regularly paid on the preferred. A 2 per cent, annual dividend, the first in company's history, was paid on the common stock February 20, 1897. In 1899 the annual February dividend on common was increased to per cent., and Februaij 30, t9cx>, 5 per cent, was paid on the common, which was also the rate in February, 1901, and February, 190a. In August, xgpa, 3 per cent semi-annual was paid on the common and the same rate was maintained until February, 1905, when the dividend on the common was increased to per cent., which has since been the half-yearly rate. The dividends on the common are semi-annual, in February (30) and August.

Funded Debt

Sault Ste. Marie & S. W., xst mort, 5 per cent, due Nov., 19x5, May and Nov $350,000

Chicago, St Paul & Min'apolis, xst mort., 6 per cent, due May, X918, May and Nov.. x, 449,000

St Paul & Sioux City, 6 per cent , due April, X919, April and Oct 6,070,000

North Wisconsin, 6 per cent, due Jan., xgoo, Jan. and July 64x,ooo

Consolidated mort., 6 per cent, due June, x93o, June and Dec. 15,123,000

" int reduced to per cent, due June, 1930, June and Dec. . . . 3,695,000

Total : $27,328,000

In addition to the above the company on June 3, X907, held $749,709 of bonds in its treasury.

The consolidated mortgage is for $30,000,000. It is intended to retire aU prior bonds. In 1904 $2,x59,ooo of these boncu held in the treasury of the company were sold, the interest on the same being reduced to 3K per cent. The Chicago, St Paul & Minneapolis te and North Wisconsin 6s are exchangeaole for consols at the holders' option.

Earninos

Dividends,

Com. Pref. Gross

of Exp.

Net

Chaii:es

Surplus

x,454,72i

x,42i,344

il6i4!665

In X904 the fiscal year of the company was changed to end June 30 instead of December 31 , and an interim repxirt for the six months ending June 30, 1904, was issued.

Net receipts from land sales were: In 1897, $33,909; in 1898, $30,360; in 1899, $63,737; in 1900, $71,011 ; in 1901, $1x0,906; in 1902, $123,656; in 1903, $x 18,046; in X904-05, $92,208 ; in 1905-06, $76,X43 ; in X906H07, $67,379.

In 1898 the company appropriated $420,173 out of the surplus to improvement. The surplus after this payment and dividend for the year was $X36,62X. In X89Q $500,000 was appropriated for improvements, the surplus over the same and dividends being $275,628. In 1900, improvements, $500,000 ; dividends, $1,7x5,726; surplus, $182,399. In X901, improvements, $600,000 ; dividends, $1,7x5,726; surplus, $4x3,524. In xqo2, improvements, $600,000; dividends, $1,901,276; surplus, $427,060. In 1903, improvements, $500,000; dividends, $1,901,291; surplus, $350,4. In X904-05, improvements, $400,000 ; dividends, $2,o86,86x ; balance surplus, $154,268. In X905-o6, improvements, $600,000; dividends, $2,086,861 ; surplus, $3.31,2.! In 1906-07, dividends, $2,086,893 ; surplus, $75634i* :

The Manual Op Statistics

The present company was formed in 1880 by consolidation of the Chicago, St. Paal & Hinne* apolis, the North Wisconsin and the St. Paul & Sioux City. Of the stock, 93,200 shares of common and 53,800 of the preferred are now owned by the Chicaeo & Northwestern, and the road is operated in the interest of that company, although the organization is distinct. The Chicago ft Northwestern paid $104.04 per share for the preferred and $48 40 per share for the oonunon, the total cost being $10,503,959.

Average

Mileairc

Total Ton nacre 4,337,958 4,79,950 4,707,105 5,073,440 5,359,509 5,617,260 5,466,373 5.613.851 6,435.925 7,352,604

Freight Tons Carried One Mile

894,138.473 845,658,.\li 875,412,053 940,081,837 1,063,924,828

Traffic Statistics

Frrieht

Rate per Ton

Earnings per

Density 490, 7M

per MUe

Train MUe

a. 26

Averaffe Tons

per Train

24a

a3

Chairman, Marvin Hughitt, Chicago. President, William A. Gardner, Chicago. Vice- President and Assistant Secretary, Eugene E. Osbom, New York. 2d Vice-President, James T. Clark, St. Paul. Secretary, Thomas A. Polleys, Hudson, Wis. Treasurer and ad Assistant Secretary, Richard H. Williams, New York. Assistant Treasurer and 3d Assistant Secretary, M. B. Van Zandt, New York. Comptroller, L. A. Robinson, St. Paul.

Directors— 2nas Crane, Dalton, Mass. Chauncey M. Depew, New York. William A. Gardner, Chtcago. Marvin Hughitt, Chicago. John A. Humbird, St. Paul. David P. Kimball, Boston. Eugene E. Osbom, New York. Byron L. Smith, Chicago. Hamiltao McK. Twombly, New York. Frederick W. Vanderbilt, New York. WiUiam K. VandeiiNlt, New York. John M. Whitman, Chicago. Thomas Wilson. St. Paul.

Principal office. Fourth and Rosabel streets, St. Paul, Minn. Chicago office, ai5 Jackson Boulevard. New York office, 11 1 Broadway. Annual meeting, first Friday after third Tlianday in October, at Hudson, Wis.

Chicago Termikal Trahsfer Railroad Co.

A corporation formed under the laws of Illinois, June 4, 1897, pursuance of a reorgvuxation of the Chicago & Northern Pacific and Chicago & Calumet Tenninal Railway Co.'s.

The company owns extensive terminals in and about Chicago, comprising 760 acres, of which 50 acres are in the centre of the business district, with 84 miles of road owned and zy mfles leased, second track spurs making the total tracks 277 miles. The company owns the Grand Central Passenger Station and 7,500 feet of docks on the Chicago river. Nearly all its land, including that on which tracks have been built, is owned in fee. Locomotives, 43; passenger cars, 43 ; freight cars, 480.

The company's tenants, leasing terminal facilities from it, June 30, 1907, included the Baltimore & Ohio Railroad Co., Chicago Great Western Railway Co., Pere Marquette Railroad Co., Chicago, Hammond & Western Railway Co., and the Suburban Railroad Co.

In September, 1904, a protective committee of security-holders was formed which obtained representation in the Board of Directors at the annual meeting in October, 1904. In April, 1906, a Receiver was appointed for the company.

In 1907, the Baltimore & Ohio Railroad Co. obtained a large interest in the stock and plans were contemplated whereby that company and the Chicago, Burlington & Quincy Railroad Col were to jointly use the property. Litigation and an opposition by minority stockholders have delayed the matter. See below.

The preferred stock is 4 per cent., non-aimulative. Of the stock authorised and outstanding as given above $10,800 common is in the treasury of the company.

Stock is transferred at the office of the company. New York. Registrar, Mercantile Trust Co., New York.

Funded Debt

Chicago & Great Western, ist mort., 5 per cent., due June, 1936, June and Dec $994,000 Purchase Money mort. to City of Chicago, 5 per cent., due May, 1938, May and Nov.. 650000

Chicago Terminal Trans., ist mort., 4 pcr cent., due July, 1947, Jan. and July 15,140,000

Total.

$i6t84,c

lUlLIlOAD SECURITIES 95

The ist mortgage is for $16,500,000, of which $1,305,000 was reserved to retire underlying bonds and $3,195,000 to provide for new property, as provided in the mortgage. On June 30, 1907, the company had $55,000 of the ist mortgage bonds in its treasury. The January, 1905, coupons on the ist mortgage bonds were purchased by the Guaranty Trust Co., New York, The July, 1905, interest was not paid when due and a foreclosure was instituted. In April, 1907, the Baltimore & Ohio obtained permission from the court to take up the ist mortgage, 4 per cent, bonds. A committee representing minority stockholders, George I. Malcolm, New York, Chairman, intervened in the matter and offered an option to the Baltimore & Ohio on 45,000 shares of the preferred stock at $35 per share, but in January, 1908, the option had not been exercised.

In May, 1906, the Receiver obtained permission to issue not exceeding $3,500,000 of 5 per cent. Recdvers certifi9ate3, which are to have a lien prior to that of the general mortgage 4 per cent, bonds. The purpose of this issue was to meet the cost of track elevation in Chicago.

Earnings Year ending June 30

Rentals and trackage $651,502 $667,588 $737.6a6 $74a877

Traffic 9i9a63 873,534 1,034,206 9736i3

Total earnings. . . $1,570,765 $i,540"3 $1,761,833 $1,716,90

Operating expenses and taxes 1,143,306 1,051,658 1,383,704 1,153,606

Balance $427,459 $48,454 $478,ia8 $569,864

Less interest charges 639,400 657,500 657,800 657,898

Surplus earnings Def. $201,941 Def. $169,045 Def. $179,671 Def. $95,034

President and Receiver, John N. Faithom, Chicago. Secretary and Assistant Treasurer. W. T. Wisner, 3d, New York. Treasurer and Assistant Secretary, Herbert H. Hall, Chicago. Comptroller, F. B. Huntington, Chicago.

Directors— Jesse B. Barton, Chicago. W. B. Barr, Chicago. T. M. Butters, Chicago. A. C. Emery, Chicago. John N. Faithom, Chicago. A. H. Gillard, New York. Mackay Koyne, Chicaigo. H. H. Hall, Chicago. F. B. Huntington, Chicago. Clarence A. Knight, Chicago. E. N. Layfield, Chicago. W. W. Miller, New York. WiUiam T. Nelson, Chicago. Silas H. Strawn, Chicago. W. V, S. Thome, New York.

Main ofiSce, Grand Central Passenger Station, Chicago. New York ofifice, 30 Broad street. Annual meeting, second Wednesday in October, at Chicago.

Chihuahua A Pacific Railroad Co.

A corporation formed under the laws of New Jersey, December 13, 1897.

Road owned, Chihuahua, Mex., to Minaca, Mex., 135 miles ; £1 Carpio to Temosachic, 55 miles; total, 180 miles. The Kansas City Mexico & Orient Railway Co. has a traffic contract for the use of the part of the line of this company between Chihuahua and Minaca. Loconiotives, I3 ; passenger cars, 13 ; freight cars, 334.

Stock Par $100 Authorized, $4,500,000 Issued, $76o,coa

Stock is transferred by the Secretary of the company. New York. Registrar, Manhattan Trust Co., New York.

F.UNDED Debt

1st mort., 5 per cent., due Jan., 1955, Jan. and July $3,360,000

Interest on the bonds is payable at the office of the company. New York.

President, Grant B. Schley, New York. Vice-President, Enrique C. Creel, Chihuahua, Mex. Secretary, Thomas J. Brennan, New York. Treasurer, Charles L. E. de Gaugue, New York. General Manager, H. C. Ferris, Chihuahua.

Directors — Thomas J. Brennan, New York. Enrique C. Creel, Chihuahua. Charles L. E. de Gaugue, New York. Oliver H. Payne, New York. Grant B. Schley, New York. Kenneth B. Schley, Far Hills, N. J. Herbert L. Terrell, New York.

Corporate office, Jersey City. Main office, 80 Broadway, New York. Annual meeting, iecond Tuesday in April, at Jersey City. - '

The Manual Of Statistics

Cimcimhati A Musk/Kgum Valley Rmilroad Co.

(Controlled by the Pennsylvania Company)

A corporation formed under the laws of Ohio, June 8, 1898. The company took over the property of the railway company of the same title, which was sold under foreclosure.

Road owned, Trinway, O., to Morrow, O., 148 miles. The company has a half interest in the Zanesville Terminal Railroad Co. Locomotives, 33; passenger cars, 19; freight cars, 57&.

The Is controlled by the Pennsylvania Company through ownership of the stock, and the Pennsylvania Railroad Co. owns $1,318,000 of the ist mortgage 4 per cent, bonds The road, though operated through its own organization, forms part of the Pennsylvania's Western system. Stock Par $xoo. Authorized, $3,000,000 Issued, $a,ooo.oao

Stock is transferred by the Secretary of the company, Pittsburg.

Dividends on the stock have been paid as follows : June 35, 1900, 3 per cent. ; December 31, 1900, 4 per cent; December, 1901, 3 per cent.; December, 1903, 3 percent.; December, 1903, a per cent. ; December, 1904, 3 per cent. ; December, 1905, 3 per cent. ; December, 1906, a per cent. In 1907, paid 4 per cent.

Funded Debi' ist mort., 4 per cent., due Aug., 1948, Feb. and Aug $1,750,000

The ist mortgage is $3,000,000, authorized. There is a sinking fund of i per centjper annum, bonds to be purcha at par or under, but they cannot be drawn for redemption. Trustee and agent for the payment of interest. Farmers' Loan & Trust Co., New York.

Earnings

Gross Net Charges Dividends Surplus

I9Q3 $746,638 $170,773 $133,063 $40,000 Def. $1,390

"904 704,371 i37,6ai 77,156 40,000 335'*

'906 845,396 194,375 85,835 40,000 45,835

The charges include sums expended for additions and improvements.

President, Joseph Wood, Pittsburg. Vice-President, Edward B. Taylor, Pittsburg. Secretary, S. B. Liggett, Pittsburg. Treasurer, T. H. B, McKnight, Pittsburg. Auditor. John W. Renner, Pittsburg.

Directors — James Buckingham, Zanesville, O. F. A. Durbin, Zanesville. L. L. Gilbert, Salem, O. John Hoge, Zanesville. James McCrea, Pittsburg. J. J. Turner, Pittsburg. Joseph Wood, Pittsburg.

Main office. Union Station, Pittsburg. Annual meeting, fourth Thursday in March, at Zanesville, O.

Ci Mci Ii K Ati. Hamiltom A Daytok Railway Co.

A corporation formed under the laws of Ohio in 1895, being a consolidation of the railroad company of same name with the Cincinnati, Dayton & Ironton Railroad Co. and the Cincinnati, Dayton & Chicago Railway Co.

In July, 1904, control of the Fere Marquette Railroad Co. was acquired through the purchase of $13,854,500 out of the $16,000,000 01 the latter*s common , and the Chicago, Cincinnati & Louisville Railway was also acquired jointly with the Pere Marquette. In Januaiy, 1905, a lease of the Pere Marquette was authorized, this company guaranteeing 5 per cent, on that company's common stock. At the same time a lease of the part of the Chicago, Cincinnati & Louisville Railway within the State of Ohio was authorized. See below for further details.

In September, 1905. a controlling interest in the company's common stock was acquired by J. P. Morgan & Co., New York, for a price stated to be $160 per share, and that the firm in question had at once resold said control to the Erie Railroad Co. A management representing the Erie Railroad Co. was installed, and it was stated that the Cincinnati, Hamilton & Dayton Railway, its leased property the Pere Marquette, and their auxiliary properties would be operated as part of the Erie system. In November, 1905, the Erie Railroad Co. 's directors voted to accept the offer of J. P. Morgan & Co. to resume the control and relieve the Erie Company from responsibility or contracts in connection with the matter.

On December 4, 1905, Judson Harmon, Cincinnati, was appointed Receiver of the Cincinnati, Hamilton & Dayton Railway and the Pere Marquette Railroad on a petition alleging insolvency Jind the existence of rental obligations beyond its power to carry.

In December, 1905, the directors of the Cincinnati. Hamilton & Dayton passed resolutions to

Railroad Securities 97

annul the lease of the Pere Marquette and the acquisition of an interest in the Chicago, Cincinnati & Louisville Railway Co. as being beyond the powers of the company. At the annual meeting: in October, 1907, the lease was formally abrogated. On January i, 1907, the Chicago, Cincinnati and Louisville Railway was returned to its former owners.

Road owned, Cincinnati to Dayton, O., 60 miles ; Dayton to Deans, O., 176 miles ; Dayton to Delphos, O.. 98 miles ; total owned, 320.23 miles ; leased, Dayton & Michigan, Dayton to Toledo, 143 miles; Cincinnati, Findlay & Fort Wayne Railway, 80 miles; total leased, 144-97 miles; controlled, Cincinnati, Indianapolis & Western, Hamilton to Springfield, 111., 379 miles ; other branches, 132 miles; total controlled, 511.07 miles; trackage, 61.53 miles; total, 1,037.80 miles.

Including the Pere Marquette Railroad, 2,396 miles, and the Chicago, Cincinnati & Louisville Railway, 264 miles, the system prior to December, 1904, comprised 3,675 miles of railway.

The company has a joint interest in the Dayton & Union, 47 miles, which is operated by the Cleveland, Cincinnati, Chicago & St. Louis. In 1904 the company aouired in perpetuity traffic rights and the use of the terminals of the Toledo Railway & Termmal Co., m connection with the Pere Marquette Railroad Co. In December, 1895, control of the Indiana, Decatur & Western Railway was acquired. In 1901, acquired the Findlay, Fort Wayne & Western Railway, which was reorganized as the Cinncinati, h indlay & Fort Wayne Railway and leased by this company in 1903. The company has a joint interest with the Southern Railway in the control of the Cincinnati, New Orleans & Texas Pacific Railway, 338 miles. In August, 1902, the Cincinnati, Hamilton & Indianapolis was consolidated with the Indiana, Decatur & Western, under the title of the Cincinnati, Indianapolis & Western Railway Co., all the stock of the latter being owned by this company. See statement of the latter company. Locomotives, 234 ; passenger cars, 315 ; freight cars, 13,563.

Stock. Par $ioo.Au'ized-( pref.,4 p. c, 1,074,500 V Issued pref., 4 p. c, 1,074,500 V $16,000,000 I " 5 " 6,925,500! ( " 5 " 6.935,500)

The $1,074,500 of old preferred stock is 4 per cent, cumulative and can be called at par. The new preferred is 5 per cent, non-cumulative. Old preferred shares, 4 per cent, cumulative, had an option of exchange share for share for new, or of remaining undisturbed.

In July, 1904, the company offered the holders of its own 4 per cent, preferred $100 per share, and those of the 5 per cent, preferred $110 per share for their stock, it being proposed to retire the preferred stocks. Under this arrangement all the $1,074,500 4 per cent, preferred and the greater part of the 5 per cent, preferred stocks were acquired. Of the preferred stocks thus acquired by the company $7,574,500 were deposited as part of the collateral for the $15,000,000 of per cent, collateral gold notes issued by the company in 1905.

Stock is transferred by the Secretary of the company. Cincinnati. Registrar of preferred stock. Central Trust A fe Depomt Co., Cincinnati. Registrar of common stock. Providence Savings Bank & Trust Co., Cincinnati.

The company from 1895 regularly paid 5 per cent, per annum on the new preferred stock in quarterly payments of per cent, each in Februaiy, May, August and November, but the divideiid due in February, 1905, was made payable in March of that year. On the old preferred, 4 per cent, was paid in quarterly payments of i per cent, each on $612,100 of said stock in January, April, July and October, and on $462,400 in March, June, September and December. The last dividend on the preferred was in August, 1905. The only dividend on the common stock was 2 per cent., paid December 24, 1903.

Funded Debt

2d (now ist) mort. bonds, per cent., due Jan., 1937, Jan. and July $2,000,000

General mort., 5 per cent., aue June, 1942, June and Dec 3,000,000

Refunding mort., 4 per cent., due July, 1954, Jan. and July 11,307,000

Gold collateral notes, per cent., due Sept., 1908, March and Sept 15,000,000

Gin., Davton & Ironton ist mort., 5 per cent., due May, 1941, May and Nov 3,500,000

Dayton & Mich., con. mort., 5 per cent, guar., due Jan, 191 1, Jan. and July 2,728,000

Cin., Dayton & Chicago, ist mort., 4 per cent., due April, 1942, April and Oct 1,200,000

Cincinnati, Findlay & Ft. Wayne, ist mort. guar., 4 p.c, due Nov., 1923, May and Nov. 1,150,000

Piqua & Troy Branch Railroad, ist mort., 4 per cent., due Nov. , 1939, May and Nov. 225,000

Ind., Decatur & Western, ist. mort., 5 per cent., due Jan., 1935, Jan. and Dec 4,672,000

Cin., Ind. & Western, 1st. and ref. mort., 4 per cent., due Jan., 1953, Jan. and July. 4,722,000

Equipment Notes, 4 and per cent., due 1911-1916, various 2,466,000

Total $50,410,000

On June 30, 1907, receiver's certificates for $1,023,660 were outstanding.

The company also guarantees 8 per cent, on the $1,211,250, preferred stock, and per cent.

on $2,401,950 of the common stock of the Dayton & Michigan and 5 per cent, on $100,000

of Home Avenue Railroad common. In 1891 leased the Cinannati, Dayton & Ironton, one of

the divisions of the former Dayton, Fort Wayne 8c Chicago, and guarantee its bonds. ThU

company guarantees principal and interest of $93,000 of the Indiana, Decatur & Western 5 pacent, ist mortgage bonds, and also guarantees prmcipal and interest of the Cincinnati, Indianapolis & Western 4 per cent, first refunding mortgage bonds. See statement of the last named company.

The refunding mortgage created in 1904. is for $35,000,000. Of the authorized amount of bonds, $15,033,000 are reserved to retire the underlying mortgages, and $1,477,000 were to be devoted to improvements,' etc., $8,950,000 being issued, in exchange for the Pere Marquette common stock acquired by this company. Trustee of the mortgage, United States Mortgage & Trust Co., New York. Agents for the payment of interest, J. P. Morgan & Co., New York.

In January, 1905, a new per cent. 50-year consolidated mortgage was authorized for $50,000,000, due January, 1955, January and July, of which $35,000,000 was reserved to retire existing bonds at or before maturity.

The gold collateral trust per cent, notes, due 1908, for $15,000,000, were created .and sold in 1905. The notes were secured by the deposit of $15,000,000 of the new per cent, consols described in the preceding paragraph, together with $7,574,030 of the company's preferred stocks (acquired in 1904, as referred to above), $375,000 bonds of constituent companies, and $750,100 shares of the Southwestern Construction uo.'s stock, the latter being the company by joint ownership of which this company and the Southern Railway Co. control the Cincinnati, New Orleans and Texas Pacific Railway Co. Trustee for the notes, Central Trust Co., New York. The interest due March i, 1906, upon the per cent, notes was not paid at that date.

In December, 1904, a committee, James N. Wallace, New York, Chairman ; F. C. Randall, Secretary, 54 Wall street. New York, was formed for the protection of the refunding 4 per cent, bonds, and requested deposits of the same with the Central Trust Co., New York.

In December, 1904, a committee, James N. Wallace, Chairman ; P. C. Randall, Secretary, 54 Wall street, was also formed for the protection of the per cent, collateral trust notes, and requested deposits of the same with the Central Trust Co., New York.

In January, 1908, it was proposed to issue $14,386,000 of 4 per cent, cohateral trust notes to mature July, 19 13, of which $11,558,000 were to be exchanged for the same amount of refunding 4 per cent, bonds due 1954.

Earnings— Year ending June 30

Dividends Pref. Stocks Gross Net Charges Surplus

1897-98 4 and 5 $4,908,563 $1,487,315 $1,037,937 $4S9.a7

1898-99 4 and 5 5.241,503 1,582,096 1,031,396 SSQ*700

J899-00 4 and 5 5,735,530 1.728,848 1,031,186 697,699

1900-0Z 4 and 5 5.837,915 1.806,003 1,049,637 756064

I90Z-O3 4 and 5 6,353,164 3,018,108 1,070,844 97263

4 and 5 7.997.233 3,401,688 1,055,571 1,346,117

1903-04 4 and 5 8,373, 151 3,310,435 1,068,608 1,141,819

In 1896-97, after payment of dividends, $383,033, there was a deficit of $13,131. In i8979a, surplus over dividends, $73,937. In 1898-99, surplus, $170,360. In 1899-1900, surplus, $310,554. In 190001, surplus, $367,153. In 1901-03, surplus, $558,038. In 1903-03, surplus, $771,933. In 1903-04, surplus, $399,303. Miscellaneous come included in net was $97,339 in 1904-0, $130,735 1905-06, and $101,924 in 1906-07.

Receiver, Judson Harmon, Cincinnati.

Chairman, George W. Perkins, New York. President, F. D. Underwood, New York. Vice-President, George F. Brownell, New York. Secretary, Thomas J. Walsh, Cincinnati. Assistant Secretary, David Bosman, New York. Treasurer, F. M. Carter, Cincinnati. Assistant Treasurer, D. W. Bigoney, New York. Comptroller, J. L. Cramer, Cincinnati.

Directors— George F. Baker, New York. George F. Brownell, New York. J. H. Clarke, Cleveland. J. L. Cramer, Cincinnati. W. L. Dechant, Middletown, O. Nicholas Monsarrmtt, Columbus, O. George W. Perkins, New York. Norman B. Ream, New York. R. R. Rhodes, Cleveland. Henry F. Shoemaker, New York. Charles Steele, New York. F. D. Underwood, New York. George W. Young, New York.

Main ofiKce, Carew Building, Cincinnati. Annual meeting, second Tuesday in October, at Cincinnati.

CIHCmKATI. IKDIAMAPOLIS A WESTERM RAILWAY CO.

(Controlled by Cincinnati, Hamilton & Dayton Railway Co.) A corporation formed in August, 1903, as a consolidation of the Cincmnati, Hamilton & Indianapolis Railroad Co. and the Indiana, Decatur & Western Railroad Co. Both of these corporations were controlled by the Cincinnati, Hamilton & Dayton Railway Co. whidi owns all the stock of the present company.

Railroad Securities 99

Road owned, HamUton, O., to Sprinrfeld, 111., 296 miles ; SideU, lU., to West Liberty, 111. 78 miles ; trackage, 8 miles ; total, j8a miles. Stock Par $100 Authorised, $8,aoo,ooo Issued, $7,115,800

The. outstanding stock was issued in exchange for the stocks of the two constituent companies. Stock is transferred by the Secretary of the company, Cincinnati.

Funded Debt

Ind., Decatur & West, ist mort., guar. 5 per cent., due Jan., 1935, Jan. and July . . . . $933tOoo

ist mort. not guar., 5 per cent., due Jan., 1935, Jan. and July. 3,339,000

Cin., Ind. & West, ist refunding mort guar., 4 percent, due Jan., 1953, Jan. and July 4,673,000

Total $7,834,000

The company had car trust obligations amounting, June 30, 1907, to $114,000.

The 4 per cent refunding mortgage is $8,300,000 authorized, and was created in 1903. Trustee of the mortgage, Tnist Co. of America, New Ydrk. Agents for payment of interest, J. P. Morgan & Co., New York. Part of the bonds were issued to take up and retire the $1,800,- 000 7 per cent, ist mortgage bonds of the Cincinnati, Hamilton & Indianapolis Railroad which matured January i, I9p3. The Cincinnati, Hamilton & Dayton Railway Co. guarantees the bonds as to both principal and interest by indorsement.

The Indianapolis, Decatur & Western ist 5 per cent, bonds are redeemable at no on eight weeks' notice, bonds to be drawn by lot. The Cincinnati, Hamilton & Dayton Railway Co. guarantees principal and interest of $933,000 of the issue.

President, Judson Harmon, Cmcinnati. Secretary, Thomas J. Walsh, Cincinnati. Treasurer, F. M. Carter, Cincinnati.

Main office, Cincinnati. Annual meeting, second Thursday in October, at Indianapolis.

CmCIKHATI. HEW ORLEAKS i TEXAS PACIFIC RAILWAY CO.

This company owns no road, but leases the Cincinnati Southern Railway, Cincinnati to Chattanooga, Tenn., 335.93 miles, from the city of Cincinnati; trackage, 1.81 miles ; total operated, 337.73 miles. The original lease dated from October is, 1881, until October 13, 1906. A new lease was negotiated in 1901 and submitted to the voters of the city of Cincinnati in November, iQOi, the same to run for 60 years from expiration of old lease. The lease having been approved was executed June 7, 1903. Locomotives, 174; passenger cars, 86; freight cars, ii,3oi; service cars, 65.

A controlling interest in the company was acquired in 1890 by the Et Tennessee, Virginia & Georgia system. In November, 1893, it was, however, announced that the property had been surrendered by the East Tennessee to the original owners, who were identified with the so-called ErUnger syndicate of English capitalists, and in January, 1894, it was stated that the property would not hie included in the proposed reorganization of the Richmond Terminal and East Tennessee systems. In 1894 a controlling interest in the English company owning the stock was secured by the Cincinnati, Hamilton & Dayton. The Southern Railway, representing the minority, however, opposed the carrying out of this plan, and in May, 1895, arrangement was concluded by which Uie two companies agreed to a joint control of this hne, a majority interest being vested in the Southwestern Construction Co., a corporation formed to carry out this purpose.

The preferred stock is 5 per cent, cumulative. This stock was created in 1903, and $3,000,000 sold to the holders of the common stock at par, the proceeds being used for improvements.

Stock is transferred at the ofifice of the company, Cincinnati. Registrar, Central Trust & Safe Deposit Co., Cincinnati.

The dividends on the preferred stock are paid quarterly, i) per cent, each in March, June, September and December. The first quarterly payment was on September i, 1903.

The first dividend on the common stock since October, 1891, was 3 per cent., paid December!, 1903. On September I, 1904, also paid 3 per cent; on June 15, 1905, 3 per cent; on December 15, 1905, 3 per cent; on June 35, 1906, 3 cent; on December 30, 1906, per cent.; on June 34, 1907, pei cent., and on December 23, 1907, per cent.

Funded Debt Gold notes, 5 per cent., due Oct. 1906, to April 1,1911 - $1, 150,000

Ihe goM notes dated April i, 1906, mature in ten equal instalments, each six months, from October, 1906, to April, 191 1.

ThWe on June 30, 1907, $2,483,366 car trust obligations,

The Manual Of Statistics

Earnings Year ending June 30

Gross Net Charges Surplus

"897-98 $4,ia8.ii8 $1,389,683 $1,115,404 $a74.a78

1900-01 5,045,595 i,3ao,50i 1,141,369 179,133

9o6-07 8,763,774 1,867,485 1,533,840 334,644

The rental under the old contract was $813,000 yearly until 1886; then it was $913,000 until 1891 ; then $1,013,000 until 1896; then $1,102,000 until 1901 ; then $1,363,000 yearly until expiration of the lease in 1906. The new lease provides for a yearly rental of $1,050,000 for the first twenty years, $i;ioo,ooo for the second twenty years and $1,300,000 for the last twenty years. The city was to provide $3,500,000 for improving: the property, the company paying interest on the bonds issued for this purpose, while the company was to increase its stock to $5,000,000 and expend the proceeds of the additional $3,000,000 of stock on improvements. There are $2,500,000 of the terminal bonds outstanding:, bearing interest at the rate of per cent.

President, William W. Finley, Washington. Vice-President, W. J. Murphy, Cincinnati. Vice-President, Thomas C. Powell, Cincinnati. Secretary, R. D. lnkford, New York. Anstant Secretary, A. Telford. Cincinnati. Treasurer, Charles Patton, Cincinnati. Comptroller, M. F. Molloy, Cincinnati.

Directors— George F. Brownell, New York. Briggs S. Cunningham, Cincinnati. William W. Finley, Washigton. C. A. Hinsch, Cincinnati. Melville E. Ingalls, Cincinnati. E. W. Kittredge, Cindnnati. Lawrence Maxwell, Jr., Cincinnati. W. J. Murphy, Cincinnati. F. D. Underwood, New York.

Main office. Fourth and Vine streets, Cincinnati. Annual meeting, third Tuesday in November, at Cincinnati.

CmCIMIIATI MORTHERH RMILROAD CO.

(Controlled by Cleveland, Cindnnati, Chicago & St. Louis Railway Co.)

Road owned, Jackson, Mich., to Franklin Junction, O., 305 miles; branches, 3 miles; trackage over Cleveland, Cindnnati, Chicago and St. Louis, Franklin, O., to Cindnnati, 39 miles ; on Lake Shore & Michigan Southern, at Jackson, Mich., i mile ; total, 348 miles. Locomotives, 34 ; passenger cars, 33 ; freight cars, 3,006.

In 1901 control of the company was acquired by the Cleveland, Cincinnati, Chicago and St. Louis Railway Co. Stock Par $100 Authorised, $3,000,000 Issued, $3,000,000

Stock is transferred at the office of the Treasurer, New York. Registrar, Guaranty Trust Co., New York.

Funded Debt ist mort., 4 per cent., due July, 1951, Jan. and July $1,000,000

The ist mortgage was authorized in 1901 and is for $3,000,000. Trustee of the mortgage, and agent for the payment of interest, Guaranty Trust Co., New York.

Earnings

Gross Net Charges Surplus

and TaxeH

President, William H. Newman, New York. Vice-President, William C. Brown, New York. Vice-President, Charles E. Schaff, Chicago. Secretary, Dwight W. Pardee, New York. Assistant Secretary, E. F. Osbom, Cincinnati. Treasurer, Charles F. Cox, New York.

Directors — William C. Brown. New York. Melville E. Ingalls, Cincinnati. WQliam H. Newman, New York. Charles E. Schaff, Cindnnati. George R. Sheldon, New York.

Main office, Central Union Depot, Cincinnati. New York office. Grand Central Station* Annual meeting, fourth Tuesday in January, at Cindnnati.

Railroad Sbcttrities

THE CLE¥ELAHO. AKROK i COLUMBUS RAILWAY CO.

(Controlled by the Pennsylvania Company)

Road owned, Columbus to Hudson, O., 144 miles; Killbuck to Trinway, O., 33 miles; branches, la miles ; trackage, Trinway to Zanesville, 17 miles ; total, 906 miles. The company also has a one-quarter interest in the Akron & Barberton Belt Railroad Co. Locomotives, 48 ; passenger cars, 40 ; freight cars, 2,607 ; service cars, 173.

A reorganization, January, 1886, the road having been sold under foreclosure. In June, 1899, the Pennsylvania Company purchased a controlling interest in the stock, holding $2,237,500 of same. Stock Par $100 Authorized, $4,000,000 Issued, $4,000,000

Stock is transferred by the Secretary of the company, Pittsburg.

In September, 1901, 2 per cent, was paid on the stock. In 1903, 1903, 1904 and 1905 semiannual dividends of x per cent, each were paid in March and September, respectively. In 1906, pakl per cent, each, and in 1907, paid per cent, in March, and 2 per cent in September.

I>*UNDED Debt

General mort, now xst, 5 per cent., due March, 1927, March and Sept $1,800,000

1st consolidated mort., 4 per cent., due Aug., 1940, Feb. and Aug 1,7x2,000

Total $3,512,000

The consolidated 4 per cent, mortgage is for $4,000,000, and was created in xooo. Of the total amount $1,800,000 is reserved to retire the general xst mortgage bonds. The Pennsylvania Company guaranteed $1,023,000 of these bonds by indorsement. Amount outstanding was issued to retire car trusts old equipment and 2d mortgage bonds and the floating debt.

Earnings Year ending December 31. Gross

President, Joseph Wood, Pittsburg. Vice-President, S. S. B. Liggett, Pittsburg. Treasurer, T. H. B. McKnight, Pittsburg.

Directors— James McCrea, Pittsburg. John F. Miller, Akron. S. C. Scott, Pittsburg. Andrew Squire, Cleveland. Edward B. Taylor, Pittsburg. J. J. Turner, Pittsburg. Joseph Wood, Pittsburg.

Main office, Qeveland. Annual meeting, third Thursday in March, at Cleveland.

Clevelamd A Marietta Railway Co.

(Controlled by the Pennsylvania Company)

The company was originally the Marietta & Pittsburg Railroad. Name changed to Marietta, Cleveland ft Pittsburg Railway. The road was sold under foreclosure in 1877 and again May 5, 1886. The present company was formed by the old bondholders July 12, x886. In X893 a controlling interest in the stock, $1,786,100, was acquired by the Pennsylvania Company.

Road owned. Marietta, O., to Canal Dover, O., xq3 miles; leased. Canal Dover to Valley Junction, O., 8 miles; total operated, iix miles. Locomotives, 25; passenger cars, X7; freight cars, 935- Stock Par $xoo. Authorised, $3,000,000 Issued, $2,000,000

Transfer Agent, Farmers* Loan ft Trust Co., New York. Registrar, Metropolitan Trust Co., He York.

In 1906, dividends of 3 per cent, were paid on the company's stock.

Funded Debt ist mort., per cent, due May, X935, May and Nov $1,250,000

The ist mortgage was created in 1895, and is for $2,000,000. Principal and interest of the $1,250,000 issued is guaranteed by the Pennsylvania Company. Coupons are paid at the Farmers' Loan ft Trust Co., New York.

Net

Charges

Surplus

$4x1,270

20X,720

S. C. Scott,

Akron, O.

Secretary,

The Manual Of Statistics

Earnings

Gross Net Sarplm

9o6 967,631 255,581 62,177 i93403

President, Joseph Wood, Pittsburgh. SecreUty, S. B. Liggett, Pittsburg. Treasurer, T. H. B. McKnight, Pittsburg. Auditor, John W. Renner, Pittsburg.

Directors— L. L. Gilbert, Salem, O. E. D. Matthews, Jr., Cambridge, O. Edward B. Taylor, Pittsburg. J. J. Turner, Pittsburg. Joseph Wood, Pittsburg.

Main office, Cambridge, O. Annual meeting, third Thursday in April, at Cambridge.

Cle¥Elaiid A Pittsburg Railroad Co.

(Leased to Pennsylvania Railroad Co.)

Road owned, Rochester, Pa., to Cleveland, O., 124 miles; Bellaire to Yellow Creek, O., 43 miles ; branches, 35 miles ; total, 202 miles. Leases use of Pittsburg, Fort Wayne & Chicago track, Rochester, Pa., to Pittsburg, 26 miles. Total operated, 228 miles. iJocomotives. 157 ; passenger cars, 74 ; freight cars, 5,201.

The property was leased to the Pennsylvania Railroad Co. October 25, 1871, for 999 yean from December i, 1 871, the terms being that the lessee shall pay a rental fund of $786,795 per annum, applicable for a dividend at the rate of 7 per cent, per annum on the capital stock as existing at the date of said lease, interest on the lessor's bonds, and $10,000 yearly for organicatioo expenses.

Stock. . . . Par $so Authorized, $22,000,000. . . . Issued 2Sl.'8;io [ $'9.53i.64a

Transfer Agents, Winslow, Lanier & Co., New York ; T. H. B. McKnight, Pittsbui|. Registrars, Farmers' Loan & Trust Co., New York; National Bank of Western Pennsylvania, Pittsburg.

The 7 per cent, dividends on the old or common stock under the lease arc pakl quarterly, per cent, each, in March (i), June, September and December.

In May, 1904, a proposition was approved to increase the authorized stock from $11,261,865 to $22,000,000. The additional $10,738,135, entitled special guaranteed betterment stock," which is subordinate to the original stock to the extent that it will not participate in the annual rental fund above referred to, is to be issued from time to time for improvements, and dividends thereon at the rate of 4 per cent, per annum, payable quarterly on the first days of March, June, September and December, are aranteed by the Pennsylvania Railroad Co. In 1904 to 1907, inclusive, $8,274,050 of this stock was issued to cover the cost of improvements made the lessee and for new equipment.

Funded Debt

General mortgage, Series A, per cent., due Jan., 1942, Jan. and July $3,000,000

" B, per cent., due Oct., 1942, April and Oct 1,561,000

" " B, per cent., due Oct., 1942, April and Oct 439,000

" " C, percent., due Nov. 1948, May and Nov 2,994,000

" " D, 3J4 " " Aug., 1950, Feb. and Aug 1,975,000

Total $9,969,000

The amount of the general mortgage authorised in 1891 is $10,000,000, and the issue is guaranteed prinapal and interest by Pennsylvania Railroad. Series A, issued in 1892, was used to retire old 4th mortgage prior lien bonds for $1,104,000, and $z,oio,ooo construction 7s. The Series C bonds were issued to retire the 7 per cent consolidated bonds which matured November x, 1900. The Series D bonds were issued for improvements, etc Of the original $2,000,000 of these bonds, $31,000 have been retired by the sinking fund. Interest on au the bonds is paid at the office of Winslow, Lanier & Co., New York.

Gross Net Rental Profit to 1

I9P3 $7,470,844 $a,59i377 $1,262,417 $i,39S,<M9

1904 7.2i7,93 3,433,752 i,323.o55 1,110,697

1905 8,648,053 3,"6,904 1,533,685 i,589

1907 H.518.997 .1,50.929 1,510,845 2,i4o,o4

President, R. F. Smith, Cleveland. Vice-President, E. R. Perkins, Cleveland. Secreiaiy and Treasurer, John E Kloss, Cleveland.

RAILROAD SECURITIES toj

DirectorsH. Darlington, Pittsburg. William C. Egleston, New York. John P. Green, Philadelphia. Frank J. Jones, Cincinnati. John S. Kennedy, New York. Charles Lanier, New York. William G. Mather, Cleveland. E. R. Perkins, Cleveland. H. C. Ranney, Cleveland. R, F. Smith, Cleveland. Andrew Squire, Cleveland. Worcester R. Warner, Cleveland.

Principal office, 93 Public Square, Cleveland. Annual meeting, Thursday following third "Wednesday in May, at Cleveland.

Clevelahd, Ci Mci Mm Ati. Chicago A St. Louis Railway Co.

A consolidation, June 37, 1889, of the Cincinnati, Indianapolis, St Louis & Chicago Railway, the Cleveland, Columbus, Cincinnati & Indianapolis Railway and the Indianapolis & St. Louis Railway.

In 1000 and 190X the New York Central and the Lake Shore & Michigan Southern acquired a controlling interest in the stock of the company.

The toul mileage owned and operated by company December 31, 1906, was 1,983.28 miles, which includes main lines 1,679.91 miles ; branches, 168.75 miles and trackage, 134*63 miles. The system extends from Cleveland and Sandusky, O., to Columbus, O., Cincinnati, Indianapolis, Chicago, St. Louis, Cairo, 111., etc. The company also controls and operates the Peoria & Eastern Railway, Springfield, O., to Peoria, 111., J51.61 miles, the earnings of which are reported separately ; and the Cincinnati Northern, 347.59 miles, which is operated separately. It also controls the Evansville, Mount Carmel & Northern Railway Co., which in 1907 built a line 30 miles from Mount Carmel, III., to Evansville, Ind.

Locomotives, 648 ; passenger cars, 498 ; freight cars, 33,857.

In 1903 this company obtained a one-sixth interest in the majority of the common stock of the Hoclung Valley Railway Co. It also, in i9(, in conjunction with Pennsylvania Company, acquired control of the Central Indiana Railway Co., 137 miles, together with an interest in the Chicago, Indianapolis & St. Louis Short Line Railway Co.

Stock.. .Par

The preferred stock is 5 percent, non-cumulative. Transfer Agents, J. P. Morgan & Co., New York. Registrar, Central Trust Co., New York.

In June, 1905, the authorised amount of common stock was increased from $38,700,000 to $40,000,000. Of the additional stock $3,873,100 was subscribed for at par by the stockholders and $4,773,900 sold. The new issue was for the purpose of providing for improvements, etc. In October, 1906, the authorised common stock was increased to $50,000,000.. In 1907, $4,806,580 new common was subscribed for at 90, and $3,349,730 was also sold in September, 1907.

Dividends of 5 per cent, per annum have been paid on the preferred stock since 1890, except in 1897, when only 35 per cent, was paid. The preferred dividends are paid quarterly, i K per cent, each, in January (30), April, July and October. On the common stock 4 per cent, was paid in 1890 ; 3 per cent, in 1891, 1893 and 1893. No dividends were paid from 1894 to 1899, inclusive, but in March, 19CX), they were resumed by a payment of per cent., semi-annual, another dividend of lyi per cent, being paid September i, i9cx>, making 3 per cent, on the common for xoc. The March, 1901, dividend on the common was also 1% per cent., but the September dividend on the common was 3 per cent., and the same rate, or 4 per cent, per annum, was the regular rate paid on the common half-yearly in March (i) and September, until September, 1907, inclusive. The March, 1908, dividend was reduced to i per cent.

Funded Debt

Ctn., Ind., St. L. & Chicago, xst mort., 4 per cent., due Aug., 1936, July and Feb. . . $7,466,000

" " ist con., 6 per cent., due May, 1930, May and Nov 644,000

Cleve., Col., Cin. & Ind., xst con. mort., 7 or 6, due June, 1914, June and Dec 4,138,000

" " gen. mort., 6 per cent., due Jan., 1934, Jan. and July 3905,000

Indianapolis & St. Louis, ist mort., 7 per cent., due July, 19x9, various 3,000,000

" " ist mort. , 6 per cent. , due Nov. , 1913, May and Nov 500,000

Cairo Division xst mort., 4 per cent., due Jan., X939, Jan. and July 5,000,000

C, C, C. & St. L. coll. t. (St. L. Div.), 4 per cent., due Nov., 1990, May and Nov., xo,ooo,ooo

Spring. & Col.) ist mort., 4 per cent., due Sept., 1940, March and Sept. . if 103,730

(Whitewater Div.) xst mort., 4 per cent., due July, 1940, Jan. and July. . . 650,000

" " Too-year general mort., 4 per cent., due June, 1993, June and Dec 33,903,000

Cin.,Wab. & Mich. Div. xst mort., 4per cent., due July, 1991, Jan. smd July. 4,000,000

Gold notes, 5 per cent., due June, 1911, June and Dec 5,000,000

Gin., Sand. & Cleve., xst cons, mort., 5 per cent., due Jan., 1938, Jan. and July. . . . 3,571,000

Total $69,180,730

The Manual Of Statistics

Obligations of Controlled Properties

Ind., Bloomington & Western ist mort., pref., extended, 4 per cent., Jan. and July. . $985,100

Ohio, Indiana & Western ist mort., pref., 5 per cent., due 138, July, quar 500,000

Peoria & Eastern ist cons, mort., 4 per cent., due 1940, Apnl and Oct 8,500,000

income mort., 4 per cent., due Jan., 1991, April 4,000*000

Central Indiana, ist mort., g:uar., 4 per cent., due Nov., 1953, May and Nov 1,500,000

Chic, Ind. & St. L. Short Line, ist m., guar., 4p.c., due April, 1953, April and Oct. 3,000,000

Total '. $18,45.100

The consolidation agreement provided that the consolidated company shall not Issue any evidences of funded debt or execute any lease of railway property which may entail increased fixed charges, except by the consent of a majority in interest of the holders of the preferred stock.

The main line of the St. Louis, Alton & Terre Haute was purchased in December, 1890, for $10,000,000 in 4 per cent, collateral trust bonds. In 1890 the company bought the stock of the Cincinnati, Wabash & Michigan Railway, and issued $4,000,000 4 per cent, bonds on that property. In 1890 purchased common stock of the Cincinnati, Sandusky & Cleveland, agreeing to pay 6 per cent, dividends on $438,850 preferred stock and interest on bonds of that company. AIsd acquire control of the Cincinnati & Springfield. In 1890 leased the Peoria & Eastern, acquiring one-half of its stock and guaranteeing interest, but not principal, of that road*s ist consohdated mortgage bonds. In 1901 the company sold $397,000 Peoria & Eastem ist consolidated mortgage bonds held in the treasury. In 1901 it also purchased a control of the Cincinnati Northern Railroad.

In 1890 a loo-year 4 per cent, mortgage for $50,000,000 was authorized. Of this $29,353,000 was reserved to retire existing liens, and $5,000,000 was sold for double tracking, equipment, etc., the balance, $15,748,000, to be issued only after July i, 1894, for construction and improvements at the rate of $1,000,000 per year. Additional amounts have been issued to retire maturing underlining bonds. Company guarantees jointly with Chesapeake & Ohio $3,000,000 of the Louisville & JeffersonviUe Bndge Co.'s 4 per cent, bonds.

In November, 1903, the stockholders of this company authorized a guarantee of $3,000,000 ist mortgage a per cent, bonds of the Central Indiana Railway Co.; $3,000,000 4 per cent, zst mortgage bones of the Chicago, Indianapolis & St. Louis Short Line Railway Co., and $joo,ooo bonds of the Springfield Union Depot Co.

The $5,000,000 of 5 per cent, four year gold notes were created and sold in May, 1907.

In 1904 the company's fiscal year was changed, making it end December 31 instead of June 30.

Earnings Year ending June 30 Dividends Per Cent.

Com. Pref. Gross. Oper. Exp.

3J

Gross.

Net

Charges $2,905,024 2,873.709 2,866,53 a,99,962 2,799,650 3,844,062 2,867,331 3,237,780 3,357,902 3,475,411 4,520,900

Miscl. Rets. Dividends Improvements

1902-03 152,7" 1,619.537 3",262

The earnings for 1907 are approximate, being from a preliminary statement, taxes are included in the item of charges.

Average Total

Mileage Tonnage

Freight Traffic Statistics

Tons Carried Freight Rate per Ton

One Mile Density per Mile 1,343,484,916 730,949 0.614c 1,696,221,146 922,863 0.545 1,704,824,779 927.543 0.541

Earnings per Train MUe $1.52

I.6S

$446. 7W 1,300.098 3,191,048 3,204,888 3,173,500 1,877,368 1,472,566 3,094,618 1,608,947 1,906,163 1,783,100

Balance

verage per Train

30s

Railroad Sbguritibs

Freight Traffic Statistics— Conftnued Avengti Total Tons Carried Freight Rate per Ton Faminnper Average Tons Mileage Tonnage One Mile Density per Mile Train Mile per Train

1901-oa... 1,891 13,056,981 3,01,387,493 1,064,193 0.593 1.97 33a

1903-03... 1,891 13,614,37s 3,055,117,031 1,086,788 0.644 a- 15 333

Chairman. Melville £. Inealls, Cincinnati. President, William H. Newman, New Yoric. Vice-Presidents, James D. Layng, New York. Edward V. W. Rossiter, New York. William C. Brown, New York. John Carsiensen, New York. C. E. SchafT, Chicago. Charles F. Daly, New York. Albert H. Harris, New York. Secretary, W. Pardee, New York. Assistant Secretary, E. F. Osbom, Cincinnati. Treasurer, Charles F. Cox, New York. Assistant Treasurer, Harry G. Snelling, New York. Auditor, Paul A. Hewitt, Cincinnati.

Directors— James Bamett, Cleveland. Walter P. Bliss, New York. Chauncey M. Depew, New York. Melville E. Ingalls, Cincinnati. Alexander McDonald, Cincinnati. J. Pierpont Morgan, New York. William H. Newman, New York. Hamilton McK. Twombly, New York. Frederick W. Vanderbilt, New York. WiUiam K. Vanderbat, New York.

Main office. Central Union Depot, Cincinnati. New York office. Grand Central Station. Annual meeting, last Wednesday in October, at Cincinnati.

Clevelamd, Lor M Iii A Wheelihg Railway Co.

(Controlled by Baltimore & Ohio Railroad Co.) Road owned, Lorain, O., to Bridgeport, O. (opposite Wheeling), 161 miles ; branch, Lester, O., to Lorain, 34 miles; other branches, 9 miles; total, 194 miles. Locomotives, 46; passenger cars, 33 ; freight cars, 3,806 ; service cars, 59.

The present company succeeded in 1883 by purchase under foreclosure to the Cleveland, Tuscarawas Valley & Wheeling. In 1893 a consolidation with the Cleveland & Southwestern was effected.

In February, 1901, the Baltimore & Ohio Railroad Co. acquired a controlling interest in this company's stock, and from February 1, 1903, the property has been operated as part of the Baltimore & Ohio system. In March, 1908, practically the entire minority stock was also acquired.

The preferred stock is 5 per cent., non-cumulative. After 5 per cent., has been paid on both preferred and common the two classes share equally in any further division. Transfer Agent, Continental Trust Co., New Yoik. Registrar, Central Trust Co., New York.

In 1896 3 per cent was paid on the preferred stock. No further dividends were paid until 1904, when sH per cent, was paid on the preferred stock on December 15. In March, 190, also paid per cent, on the preferred, which rate has since been paid semi-annually in April and October. The initial dividend on the common stock was per cent., paid March 3, 1908.

Funded Debt

C, L. & W., 00ns. (now ist) mort., 5 per cent., due Oct., 1933, April and Oct $5,000,000

General mort., 5 per cent, due June, 1936, June and Dec 893,000

Consolidated refunding mortgage, per cent., due Jan., 1930, Jan. and July 4,000,000

Total $9,893,000

The general mortgage was created in 1896 to provide for improvements. The consolidated refunding mortgage created in 1900 is for $10,000,000 (Colonial Trust Co., New York, Trustee), of which $5,000,000 is reserved to retire the 5 per cent, consols, and $1,000,000 to retire the general 5s. In 1906-07, $3,050,000 of the per cent refunding mortgage bonds were sold to the Baltimore & Ohio Railroad Co. in settlement of advances made by that company.

EARNINOa

Year ending June 30

Gross Net

i9cg-04. 3,839,775 454,390

Charges $435,353 339,50a 439,348 464,306 456,384

Surplus $696,540 114,888 379,090 1,343, 30

io6 THE MANUAL OP STATISTICS

In 1904-05 the 5 per cent, dividends on the preferred were $250,000; balance suits, $xoS,6ix. In 1905-06, preferred dividends, $250,000; surplus, $129,090. In 1906-07, improvements, $175,008; preferred dividends, $250,000; balance surplus, $818,122.

President, Oscar G. Murray, Baltimore. Vice-President, F. H. Goff, Cleveland. Secretary, CustisW. Woolford, Baltimore. Treasurer, J. V. McNeal, Baltimore, Auditor, J. L. Kirk, Baltimore.

Directors— A. J. Anderson, Cleveland. F. H. Goff, Cleveland. J. T. Johnson, Cleveland. J. M. Lessick, Cleveland. Oscar G. Murray, Baltimore. H. H. Porter, Jr., Chicago. John F. Whitelaw, Cleveland. Walter R. Woodford, Cleveland. Custis W. Woolford, Baltimore.

Main office, Cleveland. Annual meeting:, third Tuesday in October, at Cleveland.

CLEVELAHD TERKtHAL A ¥MLLEY RAILROAD CO.

(Controlled by Baltimore & Ohio RaUroad Co.)

Road owned, Cleveland to Valley Junction, O., 75 miles; branches, 17 miles; total, 92 miles. Locomotives, 26; passenger cars, 15 ; freight cars, 511.

This company is a reorganisation of the Valley Railway Co. of Ohio, sold under foredosure in September, 1895.

In 1889 Baltimore & Ohio obtained control by purchase of majority of stock of the Valley Railway. It owns $4,594,300 common and $949,200 preferred stock of the present company.

Transfer Agent and Registrar, Mercantile Trust Co., New York.

Funded Debt ist mort, 4 per cent, due Nov., 1995, May and Nov $6,ooo,coo

The ist mortgage bonds are guaranteed, principal and interest, by the Baltimore & Ohio Raihoad Co. The company has $84,000 5 per cent, car trusts. The company on June 30, 1907, owed the Baltimore and Ohio Railroad Co. $1,061,527, for advances and on general account.

Earnings Year ending June 30

Gross Net Charges Surplus

Taxes are included in the item of charges.

President, Oscar G. Murray, Baltimore. Vice-President, F. H. Goff, Cleveland. SecreUrr, Custis W. Woolford, Baltimore. Treasurer, J. V. McNeal, Baltimore. Auditor, J. L. Kirk, Baltimore.

Directors— A. J. Anderson, Cleveland. S. T. Everett, Cleveland. F. H. GoflF, Cleveland. J. T. Johnson, Cleveland. J. M. Lessick, Cleveland. Calvary Morris, Cleveland. Osojc G. Murray, Baltimore. Robert R. Rhodes, Cleveland. Custis W. Woolford, Baltimore.

Main office, Champlain and Water streets, Cleveland. Annual meeting, third Tuesday in October, at Cleveland.

Coal A Coke Railway Co. Of West Virgihia.

A corporation formed under the laws of West Virginia, May 14, 1902, which acquired by purchase, August 11, 1903, the Charleston, Clendennin & Sutton Railroaci Co. See statement cf the latter company in the Manual for 1903. It also acquired the Roaring Creek & Belington Railroad Co.

Road operated Elkins, W. Va., to Charleston, W. Va., 175 miles; Belington to Mable, W. Va., 17 miles; branch, 3 miles; total operated, 195 miles, including 9 miles of trackage, leaving road owned 186 miles ; extensions of 17 miles in length are contemplated.

Locomotives, 30; passenger cars, 18; freight cars, 2,151.

The company owns 100,000 acres of coal land in the territory tributary to its line.

StocW..P.r$.<..Au.hond|-™:;*-;-;-l issoed|=-;;*-;-;~| ,.8.88..aoo

Railroad Securities 07

The preferred stock is 5 per cent, non-cumulative. It was authorized at the company's annual meeting on August 13, 1907, to replace $5,000,000 of the authorized bond issue and to provide for the company's outstanding indebtedness.

Stock is transfened at the office of the company, Elkins, W. Va. Registrar, Davis Trust Co. of EDdns, W. Va.

Funded Debt ist mort., 5 per cent., due April, 1919, April and October $3,000,000

The authorized amount of the first mortgage was originally $10,000,000, which sum was reduced to $5,000,000 in August, 1907. It covers the entire road and 100,000 acres of coal lands. Trustee of the mortgage, Davis Trust Co., Elkins, W. Va.

Earnings

Year ending June 30

Grois Net

In 1905-06 the net of the coal department was $6x,oa3, making total net earnings for the year, of $901,018. In 1906-07, coal department income, $100,684 ', total, $245,278.

President, Henry G. Davis, Elkins, W. Va. Vice-Preskient, T. B. Davis, Keyser, W. Va. Secretary, C. M. Hendley, Washington, D. C. Treasurer, Arthur Lee, Elkins.

Directors— W. H. Bower, Elkins, \Y. Va. Henry G. Davis, Elkins. J. T. Davis, Elkins. T. B. Davis, Keyser, W. Va. Stephen B. Elkins, Elkins. C. M. Hendley, Washington. R. C. Kerens, Elkins. Arthur Lee, Elkins. G. E. Price, Charleston, W. Va.

Main office, Elkins, W. Va. Annual meeting, second Tuesday in August, at Elkins.

COLORiDO KORTHWESTERM RAILROMD CO.

A corporation formed under the laws of Colorado June 28, 1904. The company succeeded the railway company of the same name, whose property was sold under foreclosure in May, Road owned, Boulder to Ward, Col., a6 miles ; Sunset to Eldora, 90 miles ; total, 46 miles. The company has trackage over the Colorado & Southern Railway from Boulder, Col., to the Union Depot in Denver, the contract running until 1915. Locomotives, 6 ; passenger cars, 15 ; freight can, 63.

In June, 1907, a Receiver was appointed by the United States District Court for Colorado. Stock Par $100 Authorized, $1,000,000 Issued, $1,000,000

Transfer Agent, Bankers' Trust Co., New York. Registrar, United States Trust Co. New York,

Funded Debt ist mort., 5 per cent., due July, 1954, Jan. and July $1,000,000

The ist mortgage is for $1,000,000. The first coupon on the bonds matured July i, 1905. Trustee of the mortgage, United States Trust Co., New York.

Receiver, W. B. Hayes, Boulder, Col.

President, J. T. Odell, New York. Vice-President, Secretary and Treasurer, W. B. Hayes, Boulder.

Directors —A. S. Brooks, Denver. James Culbertson, Chicago. P. A. Hawkins, Boulder, Col. W. B. Hayes, Boulder. Charles D. Marvin, New York. Joseph McK. Speer, Pittsburg. J. T. OdeU. New York.

Main office, Boulder, Col. Annual meeting, first Monday in June, at Boulder.

COLORADO i SOUTH ERR RAILWAY CO.

A corporation formed under the laws of Colorado, December so, 1898, to take over the propertir of the Union Pacific, Denver & Gulf Railway, which was sold under foreclosure November 19, 1898, and purchased by the reorganization committee.

The company operated June 30, 1907, 1,857.67 miles, of which 385.56 is narrow gauge. It owned 1,058.74 miles, of which 703.15 miles is north and west of Denver, and 355.59 miles south of that point. Trackage on Union Pacific and Denver & Rio Grande Railroads, 59 miles ; controlled and operated Fort Collins Development Railway, 17.16 miles: Colorado Railroad, 19.46 miles ; total of Colorado & Southern Railway, 1,154.36 miles. Controlled : Fort Worth & Denver City Railway Co., 454.14 miles; Colorado Springs & Cripple Creek District Railway

io8 THE MANUAL, OP STATISTICS

Co., 74.77 miles ; Wichita Valley Railway, 174.40 ; total, 1,857.67 miles. The Trinity & Brazos Valley, 433 miles, including 1 14 miles of trackage, is also controlled, making the total mileage of the system, 2,379 miles.

Locomotives, 288 ; passenger cars, 964 ; freight cars, 10,248. These figures represent the equipment of the system, including the controlled roads.

In 1905 this company and the Rio Grande Western Railway Co. jointly purchased the stock of the Colorado Midland Railway Co., which is now jointly controlled by this company and the Denver & Rio Grande Railroad.

In 1900 this company acquired the Colorado Springs & Cripple Creek District Railway and the Fort Collins Development Railway Co. In the same year it acquired the securities of the Trinitv & Brazos Valley Railway, Cleburne, Tex., to Mezia, Tex., 79 miles, an extension of whidi road tTom Mexia to Houston, 157 miles, was begun in a half interest in 1906, the same being .sold to the company in 1907. See below, Chicago, Rock Island & Pacific Railway Co. In 1907 arrangements were made for trackage over the Gulf. Colorado & Sante Fe Railway (Atchiaon System) from Fort Worth, Tex., to Cleburne, 28 miles, and from Houston, Tex., to Galveston, S3 miles. The above constitutes a through line from Fort Worth to Galve&ton. In 155, the Colorado & Southern Railway Co. acquired the Wichita Falls & Oklahoma Railway, the WichiU Valley Railway and the Abilene & Northern Railway, aggrating 173 miles.

The mileage of the system, with the auxiliary roads, will be approximately 2,350 miles ezdusive of the company's interest in the Colorado Midland. It will also have the shortest line between the Roclcy Mountain section and tidewater at Galveston.

Stock. Par $100. Authorized ist pref., 8,500,000 Issued ist pref., 8,500,000 V $48,000,000 ( 2d pref., 8,500,000) ( 2d pref., 8,500,000)

The ist preferred stock is 4 per cent., non-cumulative, and the 2d preferred stock is 4 per cent., non-cumulative. All classes of stock were held in a voting trust for five years, from January I, 1899, or until the ist preferred would receive 4 per cent, dividends for three consecutive years. The voting trust was terminated in February, 1905.

Transfer Agents, Hallgarten & Co., 5 Nassau street. New York. Registrar, Central Trust Co., New York.

The company in January, 1900, began the payment of dividends on the ist preferred by declaring 2 per cent., payable February 14, 1900, out of the earnings of the year 1899. An annual dividend of 2 per cent, was also paid on the ist preferred February 14, 1901. On October i, 1901, a semi-annual dividend of per cent, was paid on the ist preferred, which was also the rate of the dividend paid April i, 102. The October, 1902, dividend was 2 per cent., putting the ist preferred on a 4 per cent, basis, and regular semi-annual dividends of 2 per cent, each were paid m April (i) and October, until October, 1904, when the usual dividend was passed, and none were paid until 2 per cent was paid April 2, 1906, which has since been the regular half yeaiiy rate. In 1907, 2 per cent, semi-annually was paid on the 2d preferred in April and October.

Funded Debt

ist mort., 4 per cent, gold, due Feb., 1929, Feb. and Aug $19,103,000

Refunding and Extension mort., per cent., due May, 1935, May and Nov 17,643,750

Equipment bonds, series A, 5 percent., due April, 1908-17, April and Oct 975,ooo

Total $37f7i9,75t>

The ist mortgage 4 per cent, bonds authorized are $20,000,000. Trustee of the mortgage and agent for the payment of interest. Central Trust Co., New York.

In June, 1905, the stockholders authorized the creation of the 4$ per cent, refunding and extension mortgage for $100,000,000. Of this amount $37,000,000 are reserved for refunding bonds and equipment obligations of the system, $15,000,000 are reserved for betterments and improvements at the cumulative yearly rate of $500 per mile of operated and controlled lines beguming Januaryi, 1905, $2,500,000, and $45,500,000 are available for the acquisition of additional property. The latter item embodied provision for the acquisition of the Trinity & Braaos Vall Railway and its extension to Galveston. A syndicate agreed to purchase $17,000,000 of the refunding and extension bonds and furnish $15,000,000 cash for the same. Securities of controlled roads, aggregating $9,618,536 are pledged under the mortgage for these bonds. Trustee of the mortgage and agent for the payment of interest. Central Trust Co., New Yoric

In 1905-06, an agreement was made with the Chicago, Rock Island & Pacific Railway Co. whereby the latter company took a half interest in the securities of the Trinity & Braxos Valley Railway, subject to their pledge under the Colorado & Southern's refunding and extension mortgage, and assumed one-half the requirements for interest on account of tne Trinity & Brazos Valley Railway as they accrue.

This company and the Chicago, Rock Island & Pacific Railway Co. jointly guarantee $500,000, 5 per cent, equipment bonds of the Trinity & Brazos Valley Railway Co., due soT-iy, April and October.

Railroad Securities 109

Miscellaneous

Groas Net Income Charges Surplus

miles).. $11,653,445 $3t4.T9ii38 $i57.a74 $1,830,201 $1,766,212

Earnings (Colorado and Southern Railway) Year ending: June 30

Gross Net Charges Surplus

1899 (6 months ending June 30) $1,804,506 $516,674 $392,220 $124,454

i8q9-oo 4,237,74a i,i43.34 897,969 245,344

i90S-Q3 6,142,989 1,527,383 1,030,430 496,95a

In 1901-02 the 3 per cent, dividends on the 1st preferred stock were $255,000, balance surplus $371,758. In 1902-03 dividends of 4 per cent, on the 1st preferred were $340,000, and net' surplus $156,952. In 1903-04 dividends were the same amount and the net surplus $97,841.

The company's report for 1905-06, stated earnings in an entirely new form, those of the whole system being combined, thus making a comparison with the results of former years impracticable. The dividend of 2 per cent, on the ist preferred stock was $170,000, and $375,156 was charged off for discount on bonds, etc, leaving a balance surpltis of $1,221,055. 1906-07, dividends were $410,000; written off, $253,169 ; balance surplus, $1,422,688.

Freight Traffic Statistics

Average Total Tons Carried Freight Rate per Karnines per Average Tons

Mileage Tonnage One Mile Density Ton per Mile Train Mile per Train

190X-03 1,132 3,669,861 360,607,908 484,596 1.204c. $2.26 188

Chairman, Grenville M. Dodge, New York. President, Frank Trumbull, New York. Vice- President, A. D. Parker, Denver. Secretary and Treasurer, James Steuart MacKie, New York. Assistant Secretary and Assistant Treasurer, B. F. James, Denver.

Directors — Harir Bronner, New York. Henry Budge, Hamburg, Germany. W. S. Crandall, New York. Grenville M. Dodge, New York. John J. Emery, New York. Edwin Hawley, New York. H. E. Huntington, San Francisco. Frank Trumbull, Denver. James N. Wallace, New York. , Henry Walters, Baltimore. Levi C. Weir, New York. Hans Winterfeldt, New York. Benjamin r . Yoakum, New York.

Main omoe. Seventeenth and Curtis streets, Denver. New York office, 71 Broadway. Annual meeting, third Thursday in November, at Denver.

The Colorado Hidlmiid Railway Co.

A corporation formed under the laws of Colorado, October 12, 1897, as successor to the railway of same name foreclosed and reorganized. The property was sold September 8, 1897, and the new company took possession October 31, 1897.

Road owned, Colorado Springs to New Castle, Col., 226 miles; branches, 34 miles; Busk Tunnel, 2 miles ; owned but not operated, 15 miles ; total owned, 277 miles. Leased, New Castle to Rifle Creek 14 miles, and leased jointly with Denver & Rio Grande Railroad Co., the Rio Grande Junction Railroad, 63 miles ; total operated, 344 miles. Locomotives, 60 ; passenger cars, 51 ; freight cars, 1,741.

Par?.<„ Authori,i|™;; 000,000 'jfJlfS [ $8.3A.oo

The preferred stock is 4 per cent., non-cumulative. All of the stock is held jointly by the Denver & Rio Grande Railroad Co. and the Colorado & Southern Railway Co.

Funded Debt 1st mort., 4 per cent,, due July, 1947, Jan. and July $9,179,000

The Manual Of Statistics

A 4 per cent, prior lien mortgage was provided for by reorganization plan, but no such bonds were issued. The xst mortgage is for $10,000,000, of which $3,500,000 bore 4 percent, interest, and $7,500,000 bore 3 per cent, cash until July i, 1900, and 3 per cent, cash to July i, 1903, with preferred stock scrip for balance up to 4 per cent., but bore 4 per cent, cash after last named date. In January, 1900, the bonds were all made full 4 per cent., and the right to issue $500,000 of prior lien bonds was waived, the July, 1900, coupons being paid in full in cash.

This company and the Denver & Rio Grande leased jointly the Rio Grande Junction Railway for JO per cent, of the latter*s gross earnings, and jointly and severally guaranteed $1,850,000 of its S per cent ist mortgage boncu.

Earnings Year ending June 30

Gross Net Charges Surplus

1903-03 (337 miles) $1,963,645 $381,048 $466,040 Def. $87,990

X903-O4(*' " ) 1,803,043 344,973 452,373 107,300

1904-05 f" ")... i,97S.7 385.953 457.a7 " 7i.i75

1905-06 " ) 3,133,665 645,703 533,061 Sur. 123,643

i9o6('* ") 3,455,224 643,163 456,174 " 186,988

Charges for 1899-1900 and the succeeding years include full 4 per cent, on all the ist mortgage bonds.

President, Frank Trumbull, New York. Vice-President, Charles H. Schladcs, Denver. Secretary, James Steuart MacKie, New York. Treasurer, Henry B. Henson, New York.

Directors — Harry Bronner, New York. Grenville M. Dodge, New York. Exlwin Gould, New York. George J. Gould, New York. Edwin Hawley, New York. Edward C. Henderson, New York. E. T. Jeffery, Denver. Winslow S. Pierce, New York. Charles H. Schlacks, Denver. Frank Trumbull, Denver. .

Main office, Seventeenth and Curtis streets, Denver. New York office, 71 Broadway. Annual meeting in November.

Colorado Sprimgs A Cripple Creek District Railway Co.

(Controlled by Colorado & Southern Railway Co.)

A corporation formed under the laws of Colorado, April 13, 1897, as the Cripple Creek District Railway, the name being changed November 17, 1899. In January, 1905, control of the company was acquired by the Colorado & Southern Railway Co.

Road owned, Colorado Springs to Cripple Creek, 46 miles ; Cameron to Victor, CoL, 5 miles. The company also has about 34 miles ot branches, total 75 miles, of which 13 miles in the Cripple Creek District are operated by electricity for suburban passenger traffic and as a steam road for freight, and 3 miles is purely electric. Locoinotives, is ; passenger cars, 18 ; freight cars, 308. The company also owns .3 electric power stations.

The preferred stock is 5 per cent., non-cumulative. Stock is transferred by the Secretary of the company, New York.

Funded Debt

ist mort., 5 per cent., due Jan., 1930, Jan. and July $1,775,000

3d mort., 5 per cent., due April, 1931, April and Oct 319,000

ist consolidated mort., 5 per cent., due Oct., 1943, April and Oct i.379ooo

Total $3,373*000

The consolidated mortgage was created in October, 1903, and is for $3,600,000, of which $3,977,000 is reserved to retire the ist and sd mortgage bonds. Trustee and agent for the payment of interest, Morton Trust Co., New York.

The trustee of the ist mortgage is the Central Trust Co., New York. The trustee of the 3d mortgage is the International Trust Co., Denver.

Interest on all the company's bonds is also paid at the First National Bank, Colorado Springs. CoL

Earnings are included in those of the Colorado & Southern Railway Co.

President, Frank Trumbull, New York. Vice-President, A. D.Parker, Denver. Secretary. James Steuart MacKie, New York. Assistant Secretary and Auditor, L. F. Linney, Colorado Springs, Col. Treasurer, John G. Shields, Colorado Springs.

Main office, Colorado Springs, Col. Annual meeting, second Tuesday in September, at Colorado Springs,

Railroad Securities

Charges and Taxes

Surplus

COLUMBIA, KEWBERRY LMUREKS RilLROMD CO.

A corporation formed under the laws of South Carolina, June 6, 1886. Road owned, Columbia to Laurens, S. C, 75 miles. Locomotives, 6 ; passenger cars, 7 ; freight cars, 53. Stock Par $25 Authorired, $2,000,000 Issued, $500,000

Stock is transferred by the Secretary of the company, Columbia, S. C.

Funded Debt

ist mort., 3 percent., due 1937, Jan. and July $899,000

Income bonds. 64,53

Certificates of indebtedness 359,6oo

Total $1,323,53

The trustee of the ist mortgage is the Safe Deposit & Trust Co., Baltimore.

Earnings

Year ending June

Gross Net

I90-03 $192,923 $50,654

'904-05 232,914 48,667

President and General Manager, W. G. Childs, Columbia, S. C. Vice-President, H. C. Moseley, Prosperity, S. C. Secretary and Treasurer, T. H. Gibbes, Columbia.

Directors— M. A. Carlisle, Newberry, S. C. W. G. Childs, Columbia, S. C. W. A. Clark, Columbia. T. M. Emerson Wilmington, N. C. W. A. Garrett, Norfolk, Va. J. R. Kenly, Wilmington. W. H. Lyles, Columbia. G. S. Mower, Newberrv, S. C. H. C. Moseley, Prosperity, S. C. L. Sevier, Norfolk. Henry Walters, Baltimore.

Main office, Columbia, S. C. Annual meeting, third Tuesday in October, at Columbia.

COKCORD A KOKTREAL RMtLROAD

(Leased to Boston & Maine Raikoad)

Road owned, Nashua, N. H., to Groveton Junction, i8x miles ; branches, 207 miles; total owned, 387 miles, including electric lines ; leased, Pemigewasset Valley, 23 miles ; Concord & Portsmouth, 40 miles: Suncook Valley, 17 miles; other branches leased, 5 miles ; total leased, 85 miles ; owned jointly, Manchester & Keene Railroad, 29 miles ; Franklin & Tilton, 5 miles. Total of system, 473 miles. In 1901-02 a branch from Manchester to Concord, N. H., 17 miles, was constructed and is operated with electric power as well as the Concord Street Railway Co., making total of electric branch 27.88 miles.

In June, 1895, the property of the company was leased to the Boston & Maine for 91 years, lessee to pay all charges and 7 per cent, per annum on the entire capital stock of this company.

" HL, JSitoi """A - in., 9;toh7'447,6oo " IV., 6,ooo.oooJ " IV., 5,647.600]

In December, 1903, the class IV. stock was increased by $250,000, and the additional amount sold in January, 1904, to provide for the purchase of the Concord Street Railway Co. Stock is transferred by the Treasurer of the company, Concord, N. H. The company was formed September 19, 1889, by consolidation of the Concord Railroad and the Boston, Concord & Montreal Railroad, and the various classes of stock represent the shares of these two corporations. Under the lease to the Boston & Maine the 7 per cent, dividends are paid (]uarteriy, on all four classes of stock, the payments being per cent, each, January (i), Apnl, July and October.

Funded Debt

B. C. & M. Improvement bonds, 6 per cent., due Jan., 191 1, Jan. and July $500,000

C. & M. Consolidated mortgage, 4 per cent., due June, 1920, June and Dec 5,000,000

Debentures, currency, 4 per cent., due June, 1920, June and Dec 650,000

" " 3 per cent., due June, 1920, June and Dec 400,000

3K percent., int. guar., due June, 1920, June and Dec. 473,000

Total $7,023,000

The Manual Op Statistics

The consolidated 4 per cent, mortgage is for $5,500,000 to provide for previous bond issues, improvements and floating debt. The debenture 4s were issued in 1897 to pay claim of the Manchester 8t Lawrence Railroad stockholders for $650,000. The currency debenture, per cent, was authorised in October, 1900, to pay for construction of the Milford branch. The amount of this issue was $400,000. An additional issue of $1,000,000 per cent, debentures was also authorized in 1900 to build the Hudson branch, but only $473,000 was issued and the branch built only from Concord to Manchester.

Earnings are included in those of the lessee company.

President, Benjamin A. Kimball, Concord, N. H. Treasurer, John F. Webster, Concord. Clerk, John M. Mitchell, Concord.

Main office, Concord, N. H. Annual meeting, second Tuesday in October, at Concord.

Cokkecticut Ri¥Er Railroad Co.

(Leased to Boston & Maine Railroad)

A corporation formed February 9, 1890, by the consolidation of the company of the same name with the Ashuelot Railroad Co.

Road owned, Springfield, Mass., to Keene, N. H., 74 miles ; branches, 6 miles ; Brattleboro, Vt., to Bellows Falls, Vt., 24 miles; total, 104 miles. The company also controls the SuUivan County Railroad Co., a6 miles.

On January i, 1893, the property of this company was leased for 90 years to the Boston &. Maine Railroad. Lessee pays 10 per cent, per annum on the stock, mterest on bonds, and $a,ooo per annum for organization expenses.

Stock Par Sxoo Authorised, $3,670,000 Issued, $3,1x9,000

In 1906 $1,000,000 additional stock was issued in exchange for the stock of the Vermont Valley Railroad Co.

Stock is transferred at the office of the company, Springfield, Mass.

The 10 per cent guaranteed dividends are paid semi-annually, 5 per cent, each, January (i> and July.

Funded Debt

Gold bonds, 4 per cent., due Sept., 1943, March and Sept $1,000,000

New bonds, 3K Pr cent., due Jan., 1921, Jan. and July 990,000

" " 35? per cent., due Jan., 1923, Jan. and July 969,000

Vermont Valley ist mort., 5 per cent., due Oct., 19 10, April and Oct 800,000

Total $3.o59ooo

The bonds of the Connecticut River Railroad Co. are plain bonds, in coupon or reg:istered form, not mortgage. The Vermont Valley ist mortgage bonds are additionally secured by the deposit of $500,000 stock of the Sullivan County Railroad as collateral therefor.

Eamings are now included in those of lessee.

President, William Whiting, Holyoke, Mass. Treasurer and Clerk, George R. Yerrall, Springfield, Mass.

Main office. Granite Building, Springfield, Mass. Annual meeting, third Wednesday in September, at Springfield.

Cormwall A Lebamom Railroad Co.

(Controlled by Pennsylvania Steel Co.)

Road owned, Lebanon, Pa., to Conewago, Pa., 31.66 miles; branches, 4.78 miles; total, a6.44 miles. Locomotives, ix ; passenger cars, 12 ; freight cars, 597. This company is cootrolled by the Pennsylvania Steel Co., which acquired $540,000 of the stock in 1901. The Lackawanna Steel Co. also has an interest in the stock.

Stock Par $50 Authorized, $800,000 Issued, $800,000

Stock is transferred at the office of the Treasurer of the company, Lebanon, Pa.

In February, 1901, a dividend of aj per cent, was paid ; the August, X901, dividend was

increased to 3 per cent., continued to be the semi-annual rate, January and July until 1907, when

the payments were increased to 4 per cent, or 8 per cent, annually.

Funded Debt I5t mort., refunded at 4 Pr cent., due April, i9ax, April and Oct $764900

RAILROAD SHSCURlTlfiS 113

Year ending June 30

GroM Net Charses Surplus

1909-03 $aS3859 $"3839 $47.4i5 $66,424

i903->4. 243.308 106,556 40,466 57,090

In 1903-04 the 6 per cent, dividends were $48,000 and the net surplus $9,090. In 1904-05 surplus over dividends, $35,184. In 1905-06 surplus, $140,524, of which $372991 for depreciation.

President, Allen D. Smith, Lebanon, Pa. Vice-President, Edgar C. Felton, Philadelphia. Secretary, B. Dawson Coleman, Lebanon. Treasurer, Henir W. Siegrist, Lebanon.

Directors— Quincy Bent, Lebanon, Pa. B. Dawson Coleman, Lebanon. F. B. Dutton, Lebanon. Edgar C. Fdton, Philadelphia. J. P. S. Gobin, Lebanon. C. H. McCullough, Jr., Buffalo. George F. McKay, New York. Frank C. Smink, Reading, Pa. Moses Taylor, New York.

Main office, Lebanon, Pa. Annual meeting, second Monday in January, at Lebanon.

The Cripple Creek Central Railway Co.

A corporation formed September 30, 1904, under the laws of Maine, as successor to the Denver & Southwestern Railway Co., the property of which was sold under foreclosure October 4, 1904. See below regarding details of the Denver & Southwestern reorganization.

Road owned, Divide, Col., to Cripple Creek and Florence, Col., 77 miles ; Victor to Vista Grand, Col., 6 miles; branches, spurs and extensions to mires, 46 miles; total, 198 miles, of which 48 miles are standard gauge. The Midland Terminal Railway Co., 99 miles, is included in above - mileage. Locomotives, 90 ; passenger cars, 16 ; freight cars, 518.

The preferred stock is 4 per cent., non-cumulative. Transfer Agent, Lawyers' Title Insurance & Trust Co., New York. Registrar, New York Trust Co., New York.

The first dividend on the preferred stock of the present company was 3 per cent., paid July 90, 1905, and I per cent, quarterly was regularly paid on the preferred until October, 1907, inclusive. The January, 1908, dividend was, however, passed. The dividend periods were January (90), April, Julv and October. The first dividend on the common stock was 3 per cent., October 95, 1905, out of the earnings of the fiscal, year 1904-05. On January 17, 1906, i per cent, quarterly and per cent. e3ctra were paid on the common ; m April, 1906, paid per cent, and per cent, extra; in July, 1906, 1% per cent.; in October, 1900, iH ceift., and January 91, 1007, paid per cent. Similar quarterly dividends were paid in 1907, but the January, 1908, dividend was passed.

Funded Debt Midland Terminal ist mort., 5 per cent., due Dec., 1925, June and Dec $419,000

The Midland Terminal Railway Co.*s 1st mortgage is for $1,000,000, of which $600,000 were issued. Trustee, Farmers* Loan & Trust Co., New York.

See the Manual for 1905 for details regarding the predecessor company, the Denver & Southwestern Railway Co., and of the reorganization in 1904.

In the nine months ending June 30, 1905, the system, exclusive of the Midland Terminal, reported gross $474,903, net over expenses, rentals and taxes $194,558, and The Midland Terminal Railway Co. reported gross $943,494, surplus over expenses and charges $15,070. In the same year the net income of all the companies was $149,769, general expenses $4,390, net surplus .$145,379. In 1905-06, net, all companies, $350,919; general expenses $14,164, net income $336,754. In 1906-07, net $99,845, expenses $14,774, net income $978,071.

President, Henry M. Bladcmer, New York. Secretary and Treasurer, John Gorlow, New York.

Directors — Charles F. Aver, Boston. Henry M. Blackmer, New York. John Gorlow, New York. C. C. Hamlin, Colorado Springs, Col. E. O. McNair, Buffalo, N. Y. Charles M. MacNeill, Colorado Springs. Spencer Penrose, Colorado Springs.

Corporate office, PorUand, Me. Main office, 49 Exchange Place, New York. Annual meeting, fourth Tuesday in September, at Portland.

The Cura Easterm Railroad Co.

A corporation formed under the laws of New Jersey, February 6, 1903. Road owned from Boqueron on Guantanamo Bay, Cuba, to Guantanamo, and thence northwesterly to San Pre,

ti4 THE KtANttAL OP STATISTICS

43 miles. Leased, Northeastern Cuba Railroad Co., San Pre to San Louis, 47 miles and branches, 6 miles. The company has extensive terminal facilities at Boqueron, including: doda and warehouse, tu and other marine equipment, and owns a steamer operatinfi: between Santiago. Boqueron, the Island of Jamaica and Colon.

The company has a contract for transporting timber for the Cuba Hardwood Co.; the latter company owns about 50,000 acres of forest land yielding cedar, mahogany and other hardwoods.

Stock Par $100 Authorized, $2,000,000 Issued, $3,000,000

Transfer Agent, Lincoln Trust Co., New York. Registrar, Knickerbocker Trust Co.. New York.

Funded Debt

ist mort., 6 per cent., due March, 1933, March and Sept $1,000,000

Northweastem Cuba Ry., ist mort. guar., 5 per cent., due Mar., 1955, Mar. and Sept. 3,500.000

Total $3,500,000

The bonds outstanding are the amount authorized. Trustee of the mortgage and agent for the payment of interest, Knickerbocker Trust Co., New York. The bonds are not subject to retirement prior to their maturity.

The company also guarantees $300,000, 6 per cent, first mortgage bonds, due February, 1935. February and August, of the Cuba Eastern Terminal Co.

President, Edgar Van Etten, New York. General Manager, A. V. Sims, Guantanamo. Secretary and Treasurer, H. M. De Inoie, New York.

Directors— P. C. Anderson, New York. W. S. Blakely, Chester, Pa. F. Q. Brown, New York. B. P. Cheney, Boston. G. R. Lep:hom, Boston. H.A. Leland, New York. Jose Marimon, Havana. W. H. Roome, New York. Mortimer Smith, Boston. Eldgar Van Etten, New York. C. M. Warner, New York.

Main office, so Broad street. New York. Annual meeting, third Tuesday in July.

The Cuba Railroad Co.

A corporation formed under the laws of New Jersey, May i, 1903.

Road owned, 436 miles. The main line extends from Santa Clara, Cuba, to Santiago de Cuba, 356 miles; Nipe Bay branch, 31 miles; Ponupo branch, xi miles: branch from Zasa Junction to Sancti Spintus, 8 miles ; Holguin branch, 12 miles ; other branches, 8 miles.

The preferred stock is 6 per cent., non-cumulative. Transfer Agent, Morton Trust Co., New York. Registrar, Guaranty Trust Co., New York.

Funded Debt fst mort., 5 per cent., due July, 1953, Jan. and July $6,799,000

The bonds are authorized to the amount of $30,000 per mile of completed main line track and the same for branches. The company has a deferred liability of $769,590 to the Republic of Cuba, due December, 1916, without interest.

Trustee of the mortgage and agent for the payment of interest, Morton Trust Co., New York.

Earnings Year ending June 30

Gross Net Chaijes Surplm

i90*-O4 $524*041 Def.$42,o77

190S-06 1,619,081 562.535 374,665 387,860

President, Sir William C. Van Home, Montreal. Secretary, Herbert C. Lakin, New York. Treasurei, James L Burke, New York. Manager, Domingo A. Galdos, Camaguey, Cuba. Auditor, Henry W. Snyder, Camaguey. ,

Directors— William L. Bull, New York. George Crocker, Ramsey, N. J. Gerald L. Hoyt, New York. Hermann Michaelsen, Santiago de Cuba. Sir William C. Van Home, Montreal. .

Corporate and main office, 83 Montgomery street, Jersey City. Annual meeting, third Wednesday in September, at Jersey City.

RAILROAD SBCORITIBS ttg

CUMBERLAKD ¥ALLEr RAILROAD CO.

(Controlled by Pennsylyania Railroad Co.)

A corporation formed May 31, 1865, by the consolidation of the Cumberland Valley Railroad Co. and the Franklin Railroad Co.

Road owned, Harrisbur, Pa., to West Virginia State Line, 83 miles ; Dillsburg Junction to Dillsburg, Pa., 8 miles; Waynesboro Junction to Waynesboro, Pa., 18 miles; total 108 miles. The leased properties, which are chiefly controlled, include the Cumberland Valley & Martinsbure; Railroad, Windiester, Va., to the Potomac River, 34 miles; and Southern Pennsylvama Railway & Mining Co., Marion, Pa., to Richmond, Pa., ax miles. Locomotives, 63 ; passenger cars, 74 ; freight cars, 668 ; service cars, 169.

The Pennsylvania Railroad Co. had December 31, 1906, a controlling interest, consisting of $975iSso common, $112,100 ist preferred and $125,100 2d preferred. In 1906 propositions were submitted to the holders of the minority stock to exchange it for Pennsylvania fiLailroad shares on the basis of 3 shares of Pennsylvania for x share of this company's.

Stock. Par $50. ..Authorised ist pref., 341,900 Issued 1st pref., 341*900 $1,777,850 1 2d pref., 243,000 ) 1 2d pref., 343,000 )

Stock is transferred at the office of the company, Chamberaburg, Pa.

Dividends of 8 per cent, per annum are paid on all classes of the stock. The payments are made 2 per cent., quarterly, January (1), April, July and October.

Funded Debt Debentures redeemable, 4 per cent., due April, 1925, April and Oct $282,000

Earnings

Charges Div. Paid Gross Net and Taxes Surplus

I9P3 8 $1,627,647 $398,410 $48,347 $350,063

907 8 a,S45.43i i,005,98.J 333,111 842,873

President, James McCrea, Philadelphia. Vice-President and General Superintendent, M. C. Kennedy, Chambersburg, Pa. Secretary and Treasurer, W. L. Ritchey, Chambersbuiig.

Directors — Spencer C. Gilbert, Harrisburg, Pa. John P. Green, Philadelphia. M. C. Kennedy, Chambersburg, Pa. James McCrea, Philadelphia. Edward W. Mealey, Hagerstown, Md. Charles E. Pugh, Philadelphia. Samuel Rea, Philadelphia. N. Parker Shortridge, Philadelphia. George H. Stewart, Shippensburg, Pa. J. B. Thayer, Philadelphia. Edward B. Watts, Carlisle, Pa.

Main office, Chambersburg, Pa. Annual meeting, first Monday in October, at Harrisburg, Pa.

Delaware A Boukd Brook Railroad Co.

(Leased to Philadelphia & Reading Railway Co.) Road owned, Bound Brook, N. J., to Delaware River, 27 miles;Trenton and other branches,

3 miles ; total, 30 miles. In 1879, the road was leased for 999 years to the Philadelphia &

Reading Railroad Co., Philadelphia.

Stock Par $100 Authorised, $1,800,000 Issued, $1,800,000

Stock is transferred at the office of the company, Trenton, N. J.

The rental is interest on the bonds and 8 per cent, on stock. The 8 per cent, dividends are

paid quarterly, 2 per cent, each, February (20), May, August and November.

Funded Debt ist mort., per cent., due Aug., 1955, Feb. and Aug $1,800,000

President, Edward C. Knight, Jr., Philadelphia. Vice-President, Isaac F. Richey, Philadelphia. Secretary and Treasurer, John S. Wise, Philadelphia.

Main office, 11 West State street, Trenton. Annual meeting, second Thursday in May, at Trenton.

The Delaware A Hudsor Co.

A corporation chartered bv the State of New York, April 23, 1823, as " The President, Managera and Company of the Delaware & Hudson Canal Company." This company built and operated a canal from Rondout, N. V., to Honesdale, Pa., 108 miles. By Act of the Legislature, passed

"6 The Manual Op Statistics

April 28, 1899, its title was changed to The Delaware & Hudson Company,** and the sale of Hs canal was authorized, which was effected in the following June.

Road owned, including branches, 148.89 miles. Leased and proprietary lines, 632.60 miks ; trackage, 63.27 miles ; total operated, 844.76 miles. The leased lines include the Albany & Susquehanna, 143 miles ; Rensselaer & Saratoga Railroad and branches, 19a miles ; Nortlieni Coal & Iron Co., 23 miles; Chateaugay & Lake Placid Railway, 80 miles; Coopierstown ft Susquehanna Valley Railroad, 19 miles; New York & Canada Railroad, Whitehall, N. Y., to Rouse's Point, N. Y., and branches, 151 miles. The Utica, Clinton & Binghamton and Rome & Clinton Railroads, 44 miles, are leased, but are sub-leased to the New York, Ontario & Western. The Adirondack Railway, 57 miles, was merged with this company in November, 1902, as was also the Schenectady & Duanesburg Railroad, 14 miles, in August, 191 In 1905 the Quebec Southern Railway, 89 miles, and the South Shore Railway, 55 miles, were bought at judicial sale in the interest of this company. In 1906, the Quebec, Montreal & Soutben Railway Co. was organized to take over these properties. See below. Locomotives, 409: passenger cars, 423 ; freight cars, 13,783 ; service cars, 791. The company owns a laiige onl property, and nearly 900 miles of tramways and mine roads in its mines.

In February, 1905, this company and the New York Central & Hudson River Railroad Co. jointly acquired control of the Sdienectady Railway, an electric traction property, and in November, 1905, this company acquired the stock of the United Traction Co., of Albany and Txxiy, New York. In January, 1907, the last named company acquired control of the Hudson Valley Railway Co. See sutement of the United Traction Co. in the Industrial Section of the M anuau

Statements of the leased and operated lines will be found under their respective titles. See Albany & Susquetianna, Rensselaer & Saratoga and New York & Canada.

Stock Par $100 Authorized, $57,7x1,500 Issued, $42,400,000

In 1899 the stockholders adopted a resolution establishing a sinking fund for the gradual retirement of the stock and bonds of the company contemporaneously with the mining and sale of its coal. This provides that at the end of each year there shall be credited to the skin fond a sum not less than five cents for every ton of coal mined by the company, and any addttiooal amount which the managers ma deem expedient, which same shall be invested in the secairities or stock of the company and said securities or stock forthwith retired and canceled. Pursuant thereto the company purchased and canceled 2,000 shares of its stock for 1899; for 1900, 1,4x8 more shares were thus retired ; for 1901, 1,511 shares ; for 1902, x,ooo shares ; for 1903 and 1904, 4,171 shares ; for 1905, 500 shares ; for igjoiS, 2,285 shares.

In March, 1904, an increase of $10,000,000 in the authorized stock was ratified, and the stockholders of record March 19, 1904, had the right to subscribe for $7,000,000 of the new stock at 135 in the proportion of one share of the new for each five shares held. The purpose of this issue was to retire the New York & Canada Railroad bonds maturing May x, 1904, and to pay for the reconstruction of the Chateaugay & Lake Placid Railway. This increased the outstanding stock at the time to $41,107,100.

In May, 1905, an increase of $5,000,000 in the authorized stock was ratified, and in June, 1905, the stockholders were given pro raia in the proportion of a $x,ooo bond for each 41 shares of stock, the right to sutembe at par for $10,000,000 Albany & Susquehanna 3) per cent, bonds, guarant< by this company, said bonds to be dated April i, 1906, and to be convertible up to April X, 1916, at the holders' option, into Delaware ft Hudson stock on the basis of $500 of stock for $1,000 of bonds. The purpose of this bond issue was to retire the Albany & Susquehanna xst mortgage 6 and 7 per cent, bonds, maturing April x, 1906, for $xo,ooo,ooo.

On February 19, 1906, an increase of $7,000,000 in the authorized stock was ratified to provide for the conversion of $14,000,000, 4 per cent., debentures of 1906 at the rate of $500 in stock for each $x,ooo bond.

Stock is transferred at the office of the company. New York. Registrar, National Bank of Commerce, New York.

The directors of this company in January each year declare the dividend for the year out of the earnings of preceding years. The dividends are payable quarterly on the day of Mardi, June, September and December. In January, 1897, the dividend for the year was fixed at 5 per cent., which was also the rate in 1898, 1899 and X900. In 1901, 7 per cent, was paid, which was also the annual rate decided upon for each successive year to 1906, inclusive. The rate for 1907 was, however, increased to 9 per cent., which is also the rate for 1908.

Funded Debt

xst mort., Pennsylvania Division, 7 per cent, due Sept., X917, March and SepL $5,000,000

Debentures convertible, 4 per cent., due June 15. 1916, June (15) and Dec 13*977.000

Car trust ., per cent., due 1904-09, May (x5) and Nov. (15) 300,000

Equipment debentures, 4 per cent., due 1905-1914, Jan. and July 1,100,000

Equipment xst lien bonds, per cent., due July, 1933, Jan. & July 10,000,000

Total $3O,377i00O

Railroad Securities "7

Funded — Guaranteed, Leased and Controlled Companies Albany & Susq., ist mort., gftiar. conv., 3K p. c, due April, 1946, April and Oct. . .$10,000,000

Utka, Clinton & Binghamton R.R., ist mort., 5 per cent., due July, 1939, Jan. and July. 800,000

Adirondack Ry., ist mort., per cent., due March, 1943, March and Sept 1,000,000

Chateau|;ay Ore & Iron Co. , rdfunding mort. , 4 per cent. , due Jan. , 1942, Jan. and July, i ,300,000

Bluff Pomt Land & Imp't Co., ist mort., 4 cent., due Jan., 1940, Jan. and July. . . 300,000

Hudson Coal Co. ist debentures, 4 per cent., due 1904-18, May and Nov 3,150,000

*RensseIaer & Saratoga R. R., ist mort., 7 per cent., due May, 1921, May and Nov.. 3,000,000 Schenectady & Duanesburg; ist mort., 6 per cent., due Sept., 1934, March and Sept. . . 500,000 Interest only guaranteed.

Interest on the bonds is paid at the company's office.

The Delaware & Hudson Co. guarantees dividends as follows on stock of leased roads: Albany & Susquehanna, 9 per cent, on $3,500,000 stock ; Rensselaer & Saratoga, 8 per cent. 00 $10,000,000 stock ; Rome & Clinton, per cent, on $350,000 stock; Utica, Clinton & Binghamton, 5 per cent on $300,000 stock and per cent, on $650,000 stock.

In 1899 car trust certificates for $1,500,000 at 3>§ per cent, were authorized for new equipment. These bonds are payable $150,000 per annum each May, and $300,000 are now outstanding. In 1900 the company created $3,500,000 4 per cent, debentures for equipment, payable $300,000 annually in January. $1,100,000 are now outstanding.

In 1904 the company received from the New York & Canada Railroad Co. $5,000,000 of the latter's 5 per cent, preferred stock as consideration for the payment by this company of its bonds for $5,000,000, which matured May i, 1904, and $3,000,000 preferred stock from the Chateaugay & Lake Placid Railway Co. in payment for reconstruction of its road. In 1906 the company received $1,000,000 additional preferred stock from the same company in payment for further advances to it.

In February, 1906, an issue .of $14,000,000, 10 year, 4 per cent, debentures wa4 authorized, convertible into stock at $300 per share for the latter or $500 of stock for $1,000 of the debentures, benning Jime 15, 1907, and extending until June 15, 1913, inclusive. Stockholders of record February 19. 1906, were given the privilege of subscribing, at par, for a $1,000 bond, of this issue, for each 30 Jthares of stock held, the debentures to be delivered on and after June 15, 1906. The purpose of these bonds was to finance the purchase of interests in the United Traction Co. Schenectady Railway Co. and to defray the cost of improvements and equipment.

In February, 1908, $8,000,000 of per cent, collateral trust notes were issued, payable Aug:ust 6, 1908, to take up the $6,000,000 notes, of The Quebec, Montreal & Southern Railway Co., falling due in February, igc, and for final payments for new coal lands in Schuylkill County, Pa. At the maturity of the notes the company made an issue of $6,000,000 per cent, notes, due August 6, 1908.

Income Statement op Company

Div. Paid Gross Receipts Net Receipts Charges Surphis

"899 5 10,738,551 3,990,846 350,000 3,640,846

Benning in 1900 the revenues and expenditures have been stated in a different form, the fibres being as follows :

Div. Paid Gross Net Charges Surplus

190a 7 33,370,994 5,474,996 3,977,119 3,497,876

1903 7 34t86,37o 9,300,017 3,994,860 6,305,157

1904 7 34,655,"3 8,356,404 3,999,957 5,356,447

The earnings for 1907 are from a preliminary statement.

In 1903 the railroad department of the company earned, gross, $11,050,090 ; net, $4,361,540 ; in 1903, gross, $13,643,954; net, $5,473,758; in 1904, gross, $15,071,134; net, $5,875,843; in I9P5, 'gross, $16,383,074; net, $6,189,114; in 1906, gross, $17,050,039; net, $6,379,400. In 1903 the coal department, earned, gross, $13,320,904; net, $1,113,456; in 1903, gross, $20,543,417; net, $3,736,359; in 1904, gross. $19,58,988; net, $2,380,561 ; in 1905, gross, $20,314,396; net, $a535.957 ; in 1006, gross, $18,571,343; net, $1,049,498.

In 1903 dividends were $3,450,000; balance surplus, $47,876. In 1903 $3,290,363 was charged off and dividends were $3,450,000, leaving a net surplus of $1,464,791. In 1904, amount charged off, dividends, $3,756,163; net surplus, $1,696,361. In 1005, charged off, $1,038,149; dividends, $3,869,300; net surplus, $1,810,394. In 1906, dividends, $3,867,174.

"8 The Manual Of Statistics ♦

The anthracite coal tonnage of the company was, in 1896, 5,855,621 tons ; in 1897, 5,646,85a tons ; in 1898, 5,613,000 tons ; m 1899, 6,430,000 tons; in 1900,6,614,00a tons ; in 1901, 7,571,398 tons: in 190a, 4,640,77a tons; in 1903, 5,979,311 tons; in 1904, 5,332,668 tons; in 1895, 9,354.- 366 tons.

Freight Traffic Statistics

Average Toul Tons Carried Freight Rate per Ton Earnings per Average toot

Mileage Tonnage One Mile Density per Mile Train Mile per Train

President, L. F. Loree, New York. Vice-President, Charles A. Peabody. New York, ad Vice-President, C. S. Sims, Albany, N. Y. 3d Vice-President, W. H. Williams, New York. Chairman Executive Committee, Robert M. Olyphant, New York. Secretary, F. Manray Olyphant, New York. AssisUnt Secretary, Talbot Olyphant, New York. Treasurer, Charles A. Walker, New York. ComptroUer, W. H. Davies, New York.

Managers — John Jacob Astor, New York. Dumont Clarke, New York. Chauncey M. Depew, New York. R. Suydam Grant, New York. Edward H. Harriman, New York. Jamrs A. Linen, Scranton, Pa. L. F. Loree, New York. J. Rogers Maxwell, New York. Robert M. Olyphant, New York. William S. Opdyke, New York. Charles A. Peabody, New York. Cornelius Vanderbilt, New York. George L Wilber, Oneonta, N. Y.

Main office, 33 Nassau street. New York. Annual meeting, second Tuesday in May, at Ne York. Books close ten days before.

Delaware. Lackawahma Wester H Railroad Co.

A corporation formed April 30, 1853, by the consolidation of other companies.

Road owned, Delaware River, via Scranton, Pa., to New York State line, C14 mDes; branches, 80 ; total, 194 miles. Roads leased in New Jersey : Warren Railroad, 19 miles ; Morris & Essex and branches, 157 miles ; total, 176 miles. Leased in New York : Valley Railroad, 12 miles ; Cayuga & Susquehanna, 34 miles ; Utica, Chenango & Susquehanna Valley, 97 miles; Oswego & Syracuse, 35 miles ; New York, Lackawanna & Western, 314 miles ; total, 400 miles. Controlled : Syracuse, Binghamton & New York Railroad, 81 miles ; Sussex Railroad, 31 miles; Bangor & Portland Railway, 38 miles; Erie & Central New York Railroad Co., Cortland, N. Y., to Cincinnatus, N. Y., 18 miles; Lackawanna & Montrose, Alford, Pa., to Montrose, Pa., II miles. Total leased, controlled and operated, 957 miles. In 1893 control of the Hoboken Ferry Co. was acquired. Rolling stock, all Imes, locomotives, 738 ; passenger can, 849; fruit cars, 28,565. The company also owns large coal properties.

See separate statements of the following leased and controlled properties : Morns & Essex Railroad Co.; Syracuse, Binghamton & New York Railroad Co., and New York, Ladcawansa

6 Western Railway Co.

Stock Par $50 Authorized, $26,300,000 Issued, $36,300,000

Stock is transferred at the office of the company. New York. Registrar, Farmers* Loan ft Trust Co., New York.

Dividends of 7 per cent, per annum were paid, the payments being quarterly, 191 per cent each, in January (so), April, July and October, but the April, 1905, dividend was increased to per cent., putting the stock on a 10 per cent, dividend basis, which has since been the regular nte- In December, 1904, an extra dividend of 10 per cent., or $5 per share, was declared, payable December 33, 1904. A dividend of 10 per cent, was also paid, December 10, 1905, and the same amount, December 30, 1906, and December 30, 1907.

This company guarantees 5 per cent, dividends on the $10,000,000 stock of the New York, Lackawanna Sc Western, and interest on its $13,000,000 of ist mortgage 6s, $5,000,000 of 5 per cent. 3ds and $5,000,000 of 3d mortgage terminal improvement 4 per cent, bonds. It guarantees

7 per cent, per annum on the stock of the Morris & Essex Railroad Co.

Earnings

Gross Net Chai;es Dividends Snrpliu

1905 31,951,064 17,061,967 9,"3,537 5,240,000 3,698,439

Railroad Securities

"9

In 1897, the surplus over 7 per cent, dividends was $76,300. In 1898, deficit after dividends $S09i735- In 1899, $1,403, 104 was charged off for various items and $1,854,000 paid for dividends, leaving: a surplus for the year of $1,607,173. In 1900 $13,365 was charged for advances to other companies and $1,834,000 paid for dividends, leaving a surplus of $896,333. In 1901, $119,184 was advanced to leased lines, $3,533,137 charged to lerments and $1,834,000 paid for dividends, leaving a surplus of $1, 196,054. In xpc, $3,058, 145, and in 1903, $4,319, 166 was charged to renewals and betterments, which is includea in the item of charges. In 1904, a similar amount of $3,446,719 is included in the charges, and in the same year the dividends include the regular 7 per cent, and the extra dividend of xo per cent, paid December 33, 1904. In 1905, improvements included in charges $3,587,486. In 1906, the improvements included in charges were $5,551,6x9. In 1907, this item was $3,820,088.

Freight Traffic Statistics--Merchandise.

Rate Average Total Tons Carried Freight per Ton

Mileage Tonnaee One Mile Density per Mile

i9oa.. 948 4,570,490 733,986,39a 773.19a i."ic

9C34 957 8,615,798 x,53x,x35,705 x,599*9 0.864

Freight Traffic Statistics— Coal

igo6 957 8,583,380 1,477.181,981 1,543.554 0.873

All Freight Traffic

Earnings Average Tons

per Train Mile per Train Mile

President, William H. Truesdale, New York. Vice-Presidents, Edward E. Loomis, New York. B. D. Caldwell, New York. Secretary and Treasurer, Fred F. Chambers, New York. Assistant Secretary and Assistant Treasurer, Arthur D. Chambers, New York. General Auditor, Guy E. Hustis, New York.

ManagerB—George F. Baker, New York. Harris C. Fahnestock, New York. William Fahnestock, New York. Eugene Higgins, New York. J. Rogers Maxwell, New York. 'William H. Moore, New York. M. Taylor Pyne, New York. John D. Rockefeller, Jr., New York. William RockefeUer, New York. James Stillman, New York. Henry A. C. Taylor, New York. Hamilton McK. Twombly, New York. Frederick W. Vanderbilt, New York. Frank Work, New York.

Main office, 90 West street, New York. Annual meeting, Tuesday before the last Friday in February, at New York. Books close twenty days previously.

Delaware, Karylamd A ¥Irgiiiia Railroad Co.

(Controlled by Philadelphia, Wilmington & Baltimore Railroad Co.)

Road owned, Rehoboth, Del., to Harrington, and Georgetown to Franklin City, 97 miles. The road is operated by the Philadelphia, Baltimore & Washington Raihoad Co., which supplies equipment, the road thus being part of the Pennsylvania Railn Co.'s system. Stock Par $35 Authorized, $536,758 Issued, $536,758

Stock is transferred at the office of the company, Philadelphia. The Philadelphia, Baltimore gf, ' Raih-oad P9 owns $336,300 of stock.

The Manual Op Statistics

Funded Debt ist snort., Breakwater & Franklin R. R., 3 per cent., due Jan., 1933, Jan. and July. . . . $000,000

There is a 3 per cent, ist mortgage of $185,000 on the Junction & Breakwater Railroad owned by the State of Delaware.

President. H. F. Kenney, Philadelphia. Vice-President, John P. Green, Philadelphia. Secretaiy and Treasurer, M. Hayes, Dover, Del.

Main office. Broad Street Station, Philadelphia. Annual meeting, last Wednesday in May, ax Geoigetown, DeL

Delaware Ri¥Er Railroad A Rridge Co.

(Controlled by the Pennsylvania Railroad Co.)

Road owned, Frankford Junction, Philadelphia, to Haddonfield, N. J., 10 miles, including the bridge across the Delaware River, connecting the lines of the Pennsylvania Railroad Co. in New Jersey with its Pennsylvania system. The property is operated bv that company.

All of this company's stock is owned by the Pennsylvania Railroad Co. Stock Par $50 Authorised, $1,300,000 Issued $1,300,000

In 1900 the company paid 3 per cent, on its stock, and in 1901 and succeeding years, dividends were 4 per cent, per annum, being paid semi-annually in June and December, until December, 1906, when 3 per cent, was paid tor the half year, placing the stocks on a 6 per cent, basis.

Funded Debt ist mort., old, 6 per cent., due Aug., 1936, Feb. and Aug $100,000

The authorised amount of ist mortgage bonds is outstanding. The bonds are guaranteed, principal and interest, by the Pennsylvania Railroad Co.. at the office of which company interest is paid. There is a sinking fund of i per cent, per annum, but bonds cannot be called. Trustee of the mortgage, Girard Trust Co., Philadelphia.

Earnings are included in those of the Pennsylvania Railroad Co.

President, Samuel Rea, Philadelphia. Secretary, John M. Harding, Philadelphia. Treas urer, Taber Ashton, Philadelphia.

Main office. Broad Street Station, Philadelphia. Annual meeting, first Monday in February, at Camden, N. J.

Deii¥Er A Rio Grakde Railroad Co.

(Controlled by Missouri Pacific Railway Co.)

A corporation formed under the laws of Colorado July 14, 1886, being a reorganisation in 1886 of the railway company of same name.

Road operated June 30, 1907, 3,553 miles; the chief lines being from Denver, Col., to Ogdeo, Utah, and to Leadville, Aspen, Santa Fe and Grand Junction ; Pueblo to Alamosa and San Juan and Cuchara to El Moro. Of this 1,757 miles are standard gauge and 795 miles narrow gauge. The Rio Grande Junction Railway, 63 miles, included in the above, is leased jointly to this company and the Colorado Midland, with other joint mileage, making a total of 70 miles. In 1901 this company acquired the Rio Grande Western, Grand River Junction to Ogden, and branches, 713 miles. The Rio Grande Southern Railroad, 180 miles, narrow gauge, was built and Ls operated in interest of this company, but is under a separate management Locomotives, 533 ; passenger cars, 367 ; freight cars, 14, 100 ; service cars, 144.

This companvand the Rio Grande Western Railway Co. own a majority of the stock of the Western Pacific Railway Co., which is constructing a line from Salt Lake City to San Francisco, and in 1905 agreed to guarantee the bonds of that company under a traffic contract. See statement of the Western Pacific Railway Co.

In 1901 control of this company was acquired by the Missouri Pacific Railway Co.

The preferred stock is 5 per cent., non-cumulative. Stock is transferred at the office of the company. New York. Registrar, United States Trust Co., New York.

Dividends on the preferred stock have been as follows : In 1887, per cent.; in 1888, per cent.; in 1890, 3/ per cent ; in 1891, 3J4 per cent.; in 1893, 3 per cent.; in 1896, a per cent.; in 1897, 3 percent.; m 1898, per cent.; in 1899 and 1900, 4 per cent. The January, 1901, dividend on the preferred was increased to per cent., putting the stock on a 5 per cent, baris, which has since been the established rate. Dividends on the preferT4 sxik are pas4 half-yearly, January (15) and July.

Railroad Securities

In May, 1901, arrangements were oonclnded for the purchase of the stock of the Rio Grande Western Railway Co., which had $10,000,000 common and $7,500,000 preferred stock outstanding. The common stock of that company was bought at $80 per share and the preferred exchanged for preferred stock of this company in the proportion of ten shares of the Rio Grande Western preferred for eleven shares of Denver & Rio Grande preferred.

To cany out this arrangement the preferred stock of this company was increased from $33,650,000 to $44,400,000. Of the new preferred stock $13,500,000 was taken by stockholders at 90 and the proceeds used to buy the common stock of the Rio Grande Western. Nearly all of the latter's preferred stock was exchanged on the terms above stated.

Funded Debt

Consolidated mort, 4 per cent., due Jan., 1936, Jan. and Julv $33t5Z7*CKX>

" " per cent-, due Jan-i Jan. and July 6,383,500

Improvement mort., 5 per cent., due June, igoiB, June and Dec '8,335,000

Equipment bonds, Series A, p. c, due semi-annually, 1906 to 19x3, May and Nov.. . . 9,000,000 Rio Grande Western, xst mort., 4 per cent., due July, 1939, Jan. and July 15,300,000

W

ist cons, mort., 4 per cent., due April, 1949, April and Oct. . . 14,483,000

Total t $78,816,500

Funded Debt of Auxiuary Companies Rio Grande Junction, ist mort., 5 percent guar., due Dec, 1999, June and Dec. . . . $3,000,000

Southern, ist mort., 5 per cent., due July, 1940, Jan. and July 4,510,000

Utah Fuel Co.. ist mort., 5 per cent., due March, 1931, March and Sept 810,000

Utah Central, ist mort, guar., 4 per cent., due Jan. 1917, April and Oct 1,567,000

Pleasant Valley Coal, ist mort., 5 per cent., due July, 1998, Jan. and July 1,064,000

In January, 1808, an arrangement was made to refund the 7 per cent, ist mortgage bonds into per cent, consols. By this the consolidated mortgage became a firrt lien on entue property.

This company is interested in the Rio Grande Southern Railroad, which has $4,510,000 4 per cent, xst mortgage bonds, due 1940. In 1900 the company guaranteed $3,377,000 of the same, preparatory to their sale. There are oonsecuently $3,333,000 of the total of $4,510,000 of these which are nc/ guaranteed In 1896 this company acquired the Santa Fe Southern Raihroad from Espanola to Santa Fe, 34 miles. This company, with the Colorado Midland, lease and jointly guarantee principal and interest of $3,000,000 5 per cent, bonds of the Rio Cande Junction Railway.

The consolidated mortgage is $49,000,000 authorized, and in May, 190X, authority was granted to issue $6,900,000 ot the consolidated mortgage bonds theretofore reserved for acquiring the Rio Grande Western and for other capital requirements. The improvement mortgage was authorised in June, x888, at the rate of $5,000 per mile.

The per cent equipment bonds, Series A, were created in 1903, and are payable semiannually, $75,000 each in May and November from November, 1904, to May, 1Q13.

The company on June 30, 1907. had securities in its treasury of a par vahie of $98,792,330 and a book value of $3,300,059, and a renewal fund comprising $433,812 in cash and securitla.

Earnings Year ending June 30

Per Cent. Ckaes Surplus

Div. on Pref . Grow Op. Exp. Net and Div. Over Diy.

1897 (1,666 miles) $8,343,926 60.14 $3387i730 $31130,477 $357,253

i8U.670 " ) 4 9,370,347 61.60 3,570,334 3,637,084 33,140

"J 4 10,346,080 63.30 3,873,935 3,635,623 338,3ca

1900-01 (1,733 " ) 5 11,453,403 63.30 4,439,879 3,708,957 730,933

" ) 5 17,036,828 60.64 6,871,047 6,508,22 363,635

X903K33 (3,460 " ) 5 17,304,559 61.43 6,884,436 6,698,661 185,765

" ) 5 16,446,434 61.16 6,603,336 6,367,923 234,413

1904-05 (3.420 " ) 5 17,031,507 59-71 7,054,680 6,492,338 562,453

" ) 5 19,686,114 61.49 7,844,067 6,537,238 1,306,838

(3,500 " ) 5 31,409,041 61.90 8,400,308 6,630,364 1,769.944

In 1897-98, after dividends, $591,350, $30,000 was carried to renewal fund and $30,000 to bond conversion fund, the surplus was $357,353. In 1898-99, after dividends, $946,000, $60,000 carried to renewal fund and $130,000 to bond conversion fund and $177,589 appropriated for new locomotives, the surplus was $33,140. In 1899-1900 $130,161 was paid for new equipment and $60,000 carried to renewal fund and $130,000 to bond conversion account, which amounts are included in the chams given in above table. Charges for 10001 include $140,000 carried to renewal fund, m 1901-02 this item was $130,000, and $500,000 was also charged for new equipment. In 1902-03 the renewal fund was charged with $120,000 and

The Manual Op Statistics

$456,797 was charged for betterments and depreciation of equipment. The charges for 1903-04, 1904-05 and 1905-06 each include $iao,ooo for the renewal fund. In 1906-07, $1,535,000 was charged for betterments and equipment.

Freight Traffic Statistics

ATerage Mileage a,330 3,378 a,398 3,420

a.477

Total Tonnage 5,736,063 6,507, 134 6,766,675 5,960,992 7,166,838

Tons Carried

Freight

Rate per Ton

One Mile

Density

per Mile

979,498,41s 998,010,973

i,i3i,"3,993

Earnings per Train Mile .

ao6

Chairman, George J. Gould, New York. President, Edward T. Jeffety, New York. Assistant to Vice-President, John B. Andrews, Denver. Vice-President, Charles H. Schlacks, Denver. Vice-President, A. C. Bird, Chicago. Assistant to Vice-President, J. M. Johnson, Chicago. Secretary and Comptroller, Stephen Little, New York. Treasurer, Joseph W. Gilluly, Denver. Assistant Treasurers, Jesse White, New York. R. F. Watkins, Denver. General Auditor, Ekiward R. Murphy, Denver.

Directors— Amos H. Calef, New York. Arthur Coppell, New York. Edwin Gould, New York. George J. Gould, New York. Howard Gould, New York. Edward T. Jeffeiy, New York. Winslow S. Pierce, New York. Charles H. Schlacks, Denver. Joel F. Vaile, Denver.

General offices, Equitable Building, Denver. New York office, 195 Broadway. Animal meeting, third Tuesday in October, at Denver.

Deii¥Er, Korth Wester K A Pacific Railway Co.

A corporation formed under the laws of Colorado, in July, 1903.

The hne of road is to extend about 500 miles from Denver, Col., to Salt Lake City, Utah. About 146 miles of track from Denver to Yarmony had been completed at the end of 1907. The Northwestern Terminal Co. was organized in the interest of this company to afford h terminals at Denver.

The preferred stock is 5 per cent., Transfer Agent, Equitable Trust Coui New York. Registrar, Mercantile Trust Co., New York.

Funded Debt ist mort., 4 per cent., due Sept., 1959, March and Sept $1,000,000

The ist mortgage is for $23,500,000. The amount given above is that authorized to be issued. Trustee of the mortgage, Mercantile Trust Co., New York.

The contract with the Colorado-Utah Construction Co. provides that it shall receive $40,000 in 1st mortgage bonds, $30.ooo in common and $30,000 in preferred stock, for each mile of road.

President, David H. Moffat, Denver. Vice-President, William G. Evans, Denver. Secreuury, Frank B. Gibson, Denver. Treasurer, Thomas Keely, Denver.

Directors— W. A. Deuel, Denver. William G. Evans, Denver. Frank B. Gibson, Denver. Charles J. Hughes, Jr., Denver. Thomas Keely, Denver. David H. Moffat, Denver. SaDmnel M. Perry, Denver.

Main office, Denver. Annual meeting, second Monday in July, at Denver.

Des Hoimes A Fort Dodge Railroad Co.

(Controlled by Minneafwlis & St. Louis Railroad Co.)

Road owned, Des Moines, la., to Ruthven, la., 137.62 miles ; trackage. Tan to Fort Dodec 6.07 miles ; Ruthven to Spencer, la., 12.45 miles ; at Des Moines, .58 mile ; total operated, 156.73 miles.

The road was leased for eighteen years from January i, 1887, to the Chicago, Ro lalaad & Pacific Railway Co. under an agreement providing for the Rode Islands guarantee of the company's ist mortgage bonds, the rental being 30 per cent, of the gross earnings. In 19CQ the Minneapolis & St. Louis Railroad Co. acquired a controlling interest in the conunon stock of this company and guaranteed the new 1st mortgage 4 per cent, bonds issued to retire the old

RAJLROAD SEGXJRITIBS ia3

tnoTtgaLgjeSt which matured January z, 1905, and took possession of the road on that date, when the lease to the Rock Island expired.

The preferred stock is 7 per cent., non-cumulative, and Is entitled to an equal share in anj profits after 7 per cent, has been paid on common stock.

The Minneapolis & St. Louis Railroad Co. owns $2,00,000 of the common stock.

Dividends of 6 per cent, were on the preferred from 1896 to 1898 inclusive. In 1899, 1900, xQoi, 1902 and 1903 paid 7 per cent, on preferred. In 1904, 1905 and 1906 5 per cent, was paid. The preferred dividends are paid annually, August i.

Funded Debt

New ist mort., 4 per cent., guar., due Jan., 1935, Jan. and July $3,073,000

ad mort., 5 per cent., due ApiU 1935, April and October 600,000

Total $3,673,000

The old funded debt, which matured 1905 and was retired by the new 1st mortgage bonds consisted of ist mortgage, Series A, 4 per cent., $i,ao6,ooo ; ist mortgage. Series B (reduced), a' per cent., $1,900,000, and extension bonds, 4 per cent., $673,000, aB three issues maturing January i, 1905.

The new ist mortgage was created in 1904 and is guaranteed as to principal and interest by the Minneapolis & St. Louis Railroad Co. Holders of the old bonds were given, temporarily, the privilege of exchanging them for new bonds at 97 for the latter. Trustee of the new ist mortgage. Central Trust Co., New York. The ad mortgage is for $1,000,000. The $600,000 of the bonds outstanding were used to defray cost of improvements.

President, Edwin Hawley, New York. Secretary, W. S. Crandell, New York. Treasurer, F. H.Davis, New York.

Directors— W. S. CrandeU, New York. F. H. Davis, New York. L. F. Day, Minneapolis. A. C. Doan, New York. Edwin Hawley, New York. H. E. Huntington, San Francisco. R. C. Larch, New York. John E. Searles, New York. Levi C. Weir, New York.

Mahi office, Des Moines, la. Annual meeting, first Thursday in June, at Des Moines.

DES HOIHES. lOWM FALLS 4 KORTHERM RAILWAY CO.

A corporation formed under the laws of Iowa, November 34, 1890. Road operated, 75 miles from Des Moines, la., to Iowa Falls, of which 70 miles is owned and 5 miles is traage over the Des Moines Western Railroad. An extension from Iowa Falls to Mason City, 45 miles, was in progresB during 1905-06. Locomotives, 10 ; passenger cars, 13 ; freight cars, 313. Stock Par $100 Authorised, $1,900,000 Issued, $995,000

Stock is transferred by the Secretary of the company, Iowa Falls, la. Registrar, Colonial Trust Co., New York.

Funded Debt ist mort., 5 per cent., due July, 1931, Jan. and July $1,000,000

The bonds are authorised at the rate of $14,000 per mile for completed road. Trustee of the mortgage and agent for the payment of interest. Colonial Trust Co., New York.

President, W. A. Bradford, Chicago. Vke-President, George A. FemaW, Boston. Treasurer, George A. W. Dodge, Winchester, Mass. Secretary and Auditor, W. J. Souder, Iowa Falls.

Directors— W. A. Bradford, Chicago. Geom A. W. Dodge, Winchester, Mass. George A. Femald, Boston. J. H. Funk, Iowa Falls. W. J. Souder, Iowa Falls.

Main office, Iowa Palls, la. Annual meeting, second Monday in December, at Iowa Falls.

Des Koines Uk/Ok Railway Co.

A corporation formed under the laws of Iowa, January 7, 1886. The company owns in the citT of Des Moines 35 acres of real estate, 4 miles of main track and 14 miles of second track and yard track, a brid|:e across the Des Moines River, passenger and freight depots and other buildings. Its terminal facilities at Des Moines are rented by the Chicago, Milwaukee & St. Paul Railway Co., the Wabash Railroad Co., Chicago Great Western Railway Co., Chicago, Burlington & Quincr Railway Co., Des Moines, Iowa Is & Northern Railway Co. and Minneapolis & St. Louis Railroad Co. Stock Par $100 Authorised, $3,000,000 Issued, $400,000

Stock is transferred at the office of the oompaiiy, Des Moines, la.

The Manual Op Statistics

Funded Debt ist mort., 5 per cent, bonds, due Nov., 191 7, May and Nov.

The amount of bonds authorized is $800,000. Trustee of the mortgage and agent for the payment of interest, Central Trust Co., New York.

Tlie companies using: the terminals pay as rental a sum equal to the interest on the outstanding bonds and the expenses of operation. In the year 1903-03 gross earnings were ; net, $53,910. In 1903-04, gross, $259,715 ; net, $5,219, In 1904-oS. 8TOsa $264,123: net, $541807. In Rross $256,789, net $93,453. charges $39.550. surplus $53903- 9o6- 07, gross, $339,676; net, $133,312; charges, $59,446; surplus, $63,866.

President, F. C. Hubbell, Des Moines, la. Vice-President and Treasurer, H. D. Thompson, Des Moines. Secretary, F. M. HubbeU, Des Moines.

Directors— N. T. Gumesey, Des Moines. F. C. Hubbell. Des Moines. F. M. HubbcS. Des Moines. G. C. Hubbell, Des Moines. E. W. McKenna, Chicago. E. B. Pryor, Sl Louis. H. D. Thompson, Des Moines. Charles E. Vroman, Chicago.

Main office, Des Moines, la. Annual meeting, first Thursday in January, at Des Moines.

Detroit A Mmckikac Railroad Co.

Road owned. Bay City to Cheboyn, Mich., 195 miles; branches, 149 miles; total, 344 miles. The branches indude track laid to reach lugging camps. In 1907 an extension of J6 miles was in progress. Locomotives, 32 ; passenger cars, 46 ; freight cars, 1,608 ; service cars, 37.

Originally Detroit, Bay City & Alpena, which road had several additional branches foe lumbering purposes, which have been abandoned. Default occurred on interest due Jtdy i, 1893, and, in November, 1893, Receiver was appointed for the old company, and on December 31, 1894 reorganization under present title was effected.

The preferred stock is 5 per cent., non-cumulative. It can only be issued in ezchangv for mortgage bonds. In February, 1902, $750,000 of these bonds were converted into preferred stock.

Transfer Agents, J. P. Morgan & Co., New York. Registrar, Morton Trust Co., New Yock.

The first dividend on the preferred stock was per cent., paid July i, 1903, and dividends of that amount, or 5 per cent., per annum, have since been regularly paid on the preferred, semiannually, in January (2) and July.

Funded Debt

1st lien bonds, 4 per cent, due June, 1995, June and Dec. $1,090,000

Mortgage bonds, 4 per cent., due June, 1995, June and Dec 1,250,000

Total $2,300,000

Earnings Year ending June 30

Gross Net Charges

190X-02 862,198 281,900 163,176

1906-07 i.3",374 301,182 995.949

ii8723 166480

S23S

Charges from 1902-03 on include the 5 per cent, dividends on the preferred stock. In 1906- 07, $40,000 for construction is also included.

President and General Manager, James D. Hawks, Detroit. Vice-President, Gcotge H. Crocker, Detroit. Treasurer, Charles B. Colebrook, New York.

Directors — Edward H. Bonner, New York. Walton Ferguson, Stamford, Conn. Jamo D. Hawks, Detroit. Henry K. McHarg, Stamford, Conn. Amedee D. Moran, New York.

Main office, Majestic Building, Detroit. New York office, 40 Wall street. Annual mectirs. last Tuesday in October, at Alpena, Mich.

Railroad Securities "5

DETROIT en A HO HM¥EH Ji MILWAUKEE RAILWAY CO.

A corporation chartered in the State of Michigan November 9, 1878, which acquired the property of the Detroit & Milwaukee Railroad Co., foreclosed in that year.

Road owned, Detroit to Grand Haven, Mich., 189 miles. Locomotives, 19; passenger cars, ; freight cars, 536.

The Grand Trunk Railway Co. of Canada owns the entire stock of the company and guarantees the principal and interest of the bonds. Stock Par $50 Authorised, $1,500,000 Issued, $1,500,000

Stock is transferred by the Secretary of the company, Detroit.

Funded Debt

ist mort. equipment, 6 per cent., due Nov., 1918, April and Oct $a,ooo,ooo

Consolidated mort., 6 per cent., due Nov., 1918, April and Ck:t -3,200,000

Total $5,200,000

The company has a real estate mortgage of $146,000. The Grand Trunk Railway Co. provided for deficits to December 31, igSb to the amount of $1,904,516. ,

Earnings

Gross Net Charged Deficit

President and General Manager, Charles M. Hays, Montreal. Secretary and Treasurer, G. W. Alexander, Detroit.

Directors— A. B. Atwater, Detroit. W. G. Brownlee, Montreal. F. W. Egan, Detroit. £. H. Fitzhugh, Montreal. Charles M. Hays, Montreal. Joseph Hobson, Montreal. John W. Loud, Montreal. F. H. McGuigan, Montreal. John Pridgeon, Jr., Detroit. Abram P. Sberrill, Detroit.

Main office, foot of Brush street, Detroit. Annual meeting, first Monday in October, at Detroit.

Detroit, Toledo A Irontom Railway Co.

A corporation formed under the laws of Ohio, May 2, 1905. The company is a reorganisation of the Detroit Southern Railroad Co., the property of which was sold under foreclosure May I, 1905. See below regarding plan of reorganisation and history of the Detroit Southern Co.

Road owned, Tecumseh, Mich., to Jackson, O., 270.87 miles; Delray, Mich., to Dundee, Mich., 39.60 miles ; Bloom, O., to Ironton, O., 27.90 miles ; branches, 54.03 miles; total owned, 393.40 miles ; trackage, Detroit to Delray, Mich., 6.00 miles ; Dundee to Tecumseh, Mich., 15.70 miles; Jackson, O., to Bloom, 23.90 miles; total operated, 438.00 miles. An extension from Ironton, O., to the coal regions of Eastern Kentucl is proposed.

Locomotives, 92 ; passenger cars, 32 ; freight cars, 7,023; service cars, 100.

In June, 1905, a controlling interest in the stock of the Ann Arbor Railroad Co., 292 miles, was acquired.

Interest, due February i, 1908, on the consolidated mortgage bonds having been defaulted. Receivers for the company were appointed in February, 1908.

Stock. , . Par $100. . Author'd ist pref,, 7,500,000 Issued ist pref, 7,500,000 $25,000,000 ( 2d pref., 5,000,000 ) ( 2d pref 5,000,000 )

The ist preferred stock is 4 per cent., non-cumulative, has a preference as to assets, and is convertible at holder's option into 2d preferred. The 2d preferred is 5 per cent., non-cumulative.

Transfer Agent, New York Trust Co., New York. Registrar, Trust Co. of America, New York.

Funded Debt

General lien and divl mort., 4 per cent., due Dec., 1955, June and Dec $4,253,000

Consolidated mort., 4j per cent., due Aug., 1980, Feb. and Aug 2,770,400

Collateral notes for Ann Arbor R. R., 5 per cent., due Dec., 1908, June and Dec 5,500,000

Detroit So., Ohio So. Div., xst mort., 4 per cent., due March, 1941, March and Sept. . . 4,495,000 EUiuipment notes, per cent., due 1906-1915, June and Dec 1,863,000

Total. $18,920,400

a6 THE MANUAL OP STATISTICS

The Detroit Southern's Ohio Southern Division 4 per cent, bonds were not disturbed in the reorganization. The mortgage, Central Trust Ca, New Yorlc, trustee, is a purchase-money mortgage covering the lines of the former Ohio Southern Railroad, 324 miles. The total amount of the mortgage is $4,500,000, and the issue -was redeemable at 105, with interest, prior to March 1,1906.

The Detroit, Toledo & Ironton general lien and divisional bonds outstanding are the full amount authorised, and cover all the company's property except the Toledo Terminal. Interest on the bonds accrued from December i, 1905. Trustee of the mortgage. New York Trust Co.

The consolidated mortgage is for $33,500,000, and has a first lien upon the stock of the Toledo Southern Raihroad. Interest on the bonds began August i, 1905. Trustee of the mortgage. Knickerbocker Trust Co., New York. Bonds are reserved to retire underlying liens and to provide for extensions, etc. In addition to amount outstanding, $5,000,000 of these bonds are pledged as security for the company's 5 per cent, collateral notes.

The 5 per cent, collatend notes were created in 1905 and are secured by $5,000,000 consolidated mortgage bonds of this company and by $3,190,000 common and $3,001,000 preferred stock of the Ann Arbor Railroad Co. An additional $1,500,000 of the notes can be issued to acquire the remaining stock of the Ann Arbor Railroad Co. Trustee of the mortgage. United States Mortgage & Trust Co., New York.

The Detroit Sguthern Railroad Co. was formed in May, 1901, and took over the property oC the Detroit & Lima Northern and of the Ohio Southern Railroad Co., both of whkfa were sold under foreclosure. Its capital consisted of $10,500,000 common and $6,500,000 preferred stock. Its funded debt comprised $3,866,000 ist mortgage 4 per cent bonds, due 1951, and $4,394,000 Ohio Southern Division ist mortgage 4s. The company defaulted on its la mortgage interest, due June i, 1904, and a Receiver was appointed.

Earnings. Year ending June 30

Gross Net Charges Deficit

1901-03 (381 miles) $1,339,905 $a44795 $3i8oa> $73.5

1903-04 (438 1904-05 ( " 1905-06 (435 1906-07 (438

The earnings for 1904-05 include only two months' operations by the present company. The net for that :ear is given without deducting taxes. The earnings of the system including the Ann Arbor Railroad for 1905-06 were gross, $4,090,308 ; net, $1,377,43 ; charges, $1,317,679 ; surplus, $159,763. In 1906-07, gross, $5,398,934; net, $1,349,457; charges and taxes, $1,343.- 637 ; surplus, $5,819.

Receivers— Ceorge K. Lowell, Detroit. Benjamin S. Warren, Detroit. Thomas D. Rhodes, Detroit.

President, Eugene Zimmermann, Detroit. Vke-Presidents, Bernard J. Burke, New York. F. A. Durban, Zanesville, O. George K. Lowell, Detroit. Secretary and Treasurer, G. CMSper Niles, New York. Auditor, W. D. Gray, Detroit.

Directors— Bernard J. Burke, New York. F. A. Durban, Zanesville. F. J. Lisman, New York. T. D. Rhodes, New York. J. H. Scoville, New York. Benjamin S. Warren, Detroit. George W. Young, New York. Eugene Zimmerman, Detroit.

Main office, Penobscot Building, Detroit. New York office, 15 Wall streets Annual meeting, last Monday in October, at Detroit.

DOM/ If/Oil ATLANTIC RAILWAY CO.

Road owned, Windsor to Annapolis, N. S., 84 miles ; Annapolis to Yarmouth, N. S.. 87 miles ; Windsor to Truro, N. S.. 58 miles ; total, 348 miles ; brandies, 19 miles ; operated under agreement, Windsor Branch of the Intercolonial Railway, Windsor, N. S., to Windsor Junction, T3 miles. Trackage, Windsor Junction to Halifax, N. S., 14 miles. The company acquired the Yarmouth Steamship Co. and operates lines of steamships between New York Boston, Yarmouth, N. S., St. John, N. B., Digby, N. S., and other ports In Nova Sooti*. Locomotives, 34 ; passenger cars, 53 ; freight cars, 470.

The company is a consolidation as of October i, 1894, of the Windsor & Annapolis Raflway Co. and the Yarmouth & Annapolis Railway Co.

The preference stock is 5 per cent., non-cumulative.

Railroad Securities X37

Funded Debt Debenture bonds, 4 per cent., due Oct., 1944, April and Oct $3,849,533

The authorised amount M bonds is $4,576,666, of which there has been subscribed $4,136,666, the amount given above being: that which has been paid in thereon.

Earnings Year ending June 30 Gross

i9oa-Q3 $965,446

President (vacancy). Vice-President, T. R. Ronald, Welling, Kent, Eng. Secretary, R. L. Canipbell, London. General Manager, P. Gifkins, Kentville, N. S. . Traffic Superintendent, W. Fraser, Kentville.

Directors— John Denny, Dumbarton, Scotland. T. R. Ronald, Welling, Kent, Eng.

Main office, Kentville, N. S. London office, Threadneedle House, Bishopsgate Street Within, E.G.

Duluth A Iron Range Railroad Co.

(Gontrolled by United States Steel Gorporation)

A corporation chartered by the State of Minnesota, December ai, 1874.

Road owned and controlled, Duluth, Minn., via Two Harbors, to Ely, Minn., Including branches, 230 mOes. Locomotives, 90 ; passenger cars, aa ; freight cars, 5,354. Stock Par $xbo. Authorised, $10,000,000 Issued, $3,000,000

All the company's stock was acquired by the Federal Steel Go., and passed with the property of that company to the United States Steel Gorporation in 190X.

In Z90X-03 6 per cent, was paid on the stock. In 1903-04 a dividend of 150 per cent., amounting to $4,500,000 was paid out of the compaify*s accumulated surplus. In 1905, 65 per cent, was paid, and in 1906, 40 per cent.

Funded Debt

ist mort., 5 per cent., due Oct., 1937, April and Oct $6,732,000

ad niOTt., 6 per cent, currency, due Jan., 1916, Jan. and July 4,500,000

Total $11,232,000

The United States Steel Gorporation, through a subsidiary company, holds $3,500,000 of the ad mortgage bonds. The second mortgage bonds were created in 1896 and are $5,000,000 authorized, $3,500,000 were issued to retire 0 per cent, income certificates and $1,000,000 for improvements. They are subject to call at 105.

The company had a land grant of about 506,000 acres from the State of Minnesota. The land grant mortgage bonds created in 1897 have been retired.

Earnings Year ending June 30

Net Gross Net Charges Surplus

President and General Manager, F. E. House, Duluth, Minn. Vice-President, T. F. Gole, Duluth. Secretaij, Horace Johnson, Duluth. Treasurer, F. G. Marshall, Duluth. Assistant Secretary and Assistant Treasurer, Thomas Murray, New York.

Main office, Duluth, Minn. Annual meeting, first Friday after first Wednesday in June.

Duluth, Hissade A Hortherm Railway Co,

(GontroUed by United States Steel Gorporation)

Road owned, Duluth to Mountain Iron, Minn., including branches, 160 miles. Locomotives, 02 ; poflenger cars, 28 ; freight cars, 7,218.

This road was built by the Lake Superior Gonsolidated Iron Mines, which corporation

a8 THE MANUAL. OP STATISTICS

held all the stock and $1,967,000 of the bonds. The United SUtes Steel Corporation in looi obtained control of the Lake Superior Consolidated Iron Mines, and, consequently, of this company through the ownership of its securities.

Stock Par $ioo Authorized, $5,000,000 Issued, $4,113,500

Dividends have been paid irregularly as to time and amounts. In 1903-04 a dividend of 150 per cent., was paid out of the accumulated surplus. In 1905, paid 70 per cent, and in 1906, 40 per cent.

Funded Debt

ist morL, 6 per cent., due Jan., 1933, Jan. and July $1,174,000

ist con. mort., 6 per cent., due Jan., 1923, Jan. and July 1,275,000

General mort, 5 per cent., due Jan., 1941, Jan. and July 3tSPSyOOO

Total $5954ooo

The ist consolidated mortgajie is for $3,500,000. Trustee, Central Trust Co., New York, which pays the coupons of the bonds. Trustee of the g:eneral mortgage and agent for payment of interest thereon. New York Trust Co., New York.

Earnings Year ending June 30

Net

Gross Net Charses Suiplus

i9<-03 $5,116,530 $3,235.a83 $838,627 $3,396,655

J904-05 0,333,817 3.860,309 665,101 3.i95.6

1905-06 8,368,489 S39074a 1,099,036 4,91.706

President, William J. Olcott, Duluth, Minn, ist Vice-President, W. A. McGonagle, Duluth. Secretary, E. B. Ryan, Jr., Duluth. Treasurer, Edward S. Kempton, Duluth. Assistant Secretaxy, Charles D. Eraser, New York. Assistant Treasurer, Charles E. Scheide, New YotIl.

Main office, Duluth, Minn.

Duluth. Raihy Lake A Wihhipeg Railway Co.

A corporation formed under the laws of Minnesota, in 1901, as the Duluth, Vir|:inia & Rainy Lake Co., the name being changed to the present style in 1905. Road owned, Virginia, Minn, to International Falls, 98 miles. Further extensions are planned. The road connects at Inter> national Falls with the Canadian Northern Railway Co., and affords the latter an outlet to Duluth. Locomotives, 17; passenger cars, 3; freight cars, 449.

The company is controlled by the Virginia & Rainy Lake Co., which owns all the stock. Stock. Par $100 Authorized $2,000,000 Issued $3,000,000

Stock is transferred by the Secretary of the company, Duluth.

Funded Debt. ist mort., 5 per cent., due Jan., 1916, Jan. and July $3,000,000

The ist mortgage is $3,000,000, authorised, and interest is guaranteed by the Virginia & Rainy Lake Co. There is a sinking fund, beginning March, 109, of two-thixxis the net earnings of each previous calendar year. Interest is payable at the Illinois Trust & Savings Bank, Chicago, Trustee, or at the Chase National Bank, few York.

Earnings Gross Net Charges Surplus

President, Wirt H. Cook, Duluth. Vice-President, J. C. Mullery, Duluth. Secretary, D. O. Anderson, Duluth. Treasurer, F. P. Stone, Wausau, Wis.

Directors— D. O. Anderson, Duluth. Wirt H. Cook, Duluth. J. A. Davis, Chicago. J. C. Mullery, Duluth. F. P. Stone, Wausau, Wis.

Main office, Lyceum Building, Duluth. Annual meeting, first Wednesday in February, at Duluth.

Duluth. South Shore A Atlmhtic Railway Co.

(Controlled by Canadian Pacific Railway Co.)

A corporation chartered by the State of Michigan, March 7, 1887.

Road owned, Sault Ste. Marie to Superior, Wis., 408.90 miles; **Soo" Junction to St. Ignace, 43.97 miles ; Marquette, Mich., to Winthrop Junction, 17.33 miles ; Nestoria to Houghton,

Railroad Sex3Uritibs 19

Mich., 48.34 miles; branches, 63.60 miles; total 581.04 miles; trackage, 9.64 miles; total opcraied, 590.68 miles. Locomotives, 74 ; passenger cars, 63 ; freight cars, a,88o ; service cars, xco.

The company purchased the Detroit, Mackinac & Marquette Railroad, sold in foreclosure in October, 1886. In December, 1886, it leased the Marquette, Houghton & Ontonagon, leased in perpetuity, February, 1887, but the lease was rescinded and the property of the Marquette, Houghton & Ontonagon purchased in 1890.

In 1887 a controlUng mterest in the company was aoouired by the Canadian Pacific Railway Co., which holds $6,100,000 common and $5,100,000 of the preferred stock. The Canadian Pacific also guarantees Interest on the consolidated 4 per cent, bonds of this company, and holds the entire issue of same, which are pledged among the collatend for its own debenture stock.

The preferred stock is 6 per cent., non-cumulative. Stock is transferred at the office of the company, New York. Registrar, Central Trust Co., New York.

Funded Debt.

ist mort. ($ia,ooo per mile), 5 per cent., due Jan., 1937, Jan. and July $3,8x6,000

ist con. 4 per cent, bonds, golcl, due Aug., 1990, Feb. and Aug 15,107,000

Income certificates, 4 per cent, due Dec., 1913, Dec 3,000,000

Marquette, H. & O. <st mort., 6 per cent, due 1935, April and Oct 1,077,000

Total $33,000,000

There were also car trusts outstanding on June 30, 1907, amounting to $558,311. Interest on the first mortgage, 5 per cent, bonds and on the Marquette, Houghton & Ontonagon 1st 6s. is paid at the company's office, 44 Wall street.

Earnings

Gross Nt Charges Surpliu

1901-03 (year ending June 30) 3,690,569 880,038 859,700 Sur. 30,330

1903-04 " " ) 3,534,613 786,639 1,070,091 381,451

1905-06 (" " " ) 3,057.775 1,014,851 .1,171,187 " 156,336

i9o6(" " " ) 3,311,878 1,004,674 1,060,313 " 55,535

In the figures for 1901-03 taxes are deducted from the net. In those for 1903-03 and subsequent year they are included in the charges. The company was indebted June 30, 1907, to the Canadian Padfic Railway Co. for $4,193,675 on account of the latter's advances for guaranteed interest and for $187,988 on eeneral account.

President, William F. Fitch, Marquette, Mich, ist Vice-President, Walter R. Baker, Montreal. 3d Vice-President and Assistant Treasurer, George H. Church, New York. Secretary, James Clarke, New York. Treasurer, £. W. Allen, Marquette. Auditor, A. E. Marquette.

Directors— Walter R. Baker, Montreal. Richard B. Angus, Montreal. James O. Bloss, New York. George H. Church, New York. WUliam F. Fitch, Marquette, Mich. R. Y. Hebden, New York. T. W. Pearsall, New York. E. V. Skinner, New York. John W. Sterling, New York. Sir William C. Van Home, Montreal.

Main office, Marquette, Mich. New York office, 44 Wall street. Annual meeting, third Thursday in September, at Marquette.

El6I/I, Joliet A Easter M Railway Co.

(Controlled by United States Steel Corporation)

A corporation chartered by the State of Illinois, March 10, 1887. Road owned and operated, Waukegan, IlL, to Porter, Ind., and branches, including second track, yards, etc., 380 miles. The company owns extensive terminals and wharf property on the Calumet River,, at South Chicago. Locomotives, 75 ; passenger cars, 4; freight cars, 3,385.

The lines of the company form an outer belt road around the city of Chicago, crossing and connecting with all railroads centering there.

In 1&8 the Federal Steel Co. acquued all the stock of the company. The control of the Federal Steel Co. being acquired in 1901 by the United States Steel Corporation, this property was included.

Stock Par $100 Authorised, $6,000,000 Issued, $6,000,000

Dividends of 4 per cent, were paid on the stock from 1899 to 1905, inclusive, the payments being annual, in December.

Funded Debt ist mort., 5 per cent., due May, 1941, May and Nov $8,500,000

The authorised amount of the xst mortgage is $10,000,000 ; the balance of bonds can be issued for improvement or additionalpropertv only. Trustee of the mortgage. Central Trust Co., New York. Interest is paid at the office of the United States Steel Coiporation, 71 Broadway, New York.

Earninos

Year ending June 30

Net

Gross Net Chaurges Surphis

X90X $2,196,418 $671,995 $4S5i58i $ai5,M

President, Alexander F. Banks, Chfeago. Secretary and Treasurer, Frederick D. Raymond, Chicago. General Manager, R. B. Campbell, Chicago. Auditor, F. W. Sutton, Chicago. Main office, 317 La Salle street, Chicago. Annual meeting, second Wednesday in June.

El Paso Mortheasterk Co.

A corporation formed under the laws of New Jersey, May 5, 1807, under the title of New Mexico Railway & Coal Co., the name being changed to present style December 6, 1905. The company controls through stock ownership the El Paso & Northeastern Railway, El Paao, Tex., to the Salado coal field, N. M., 165 miles; the £1 Paso & Rock Island Railway Co., Carrixosa, N. M., to Santa Rosa, 128 miles ; the Alamogordo & Sacramento Mountain Railway, Alamogordo, N. M., to Russia, 31 miles, and the Dawson Railway, Tucumari, N. M., to Dawaoii, 133 miles ; total mileage owned and controlled, 457 miles. The companjr's lines connect with those of the Chicago, Rock Island & Pacific at Santa Rosa, N. M., and there is a traffic arrangement between the two companies. Locomotives, 56 ; passenger cars, 17 ; freight cars, 875.

The company controls the New Mexico Fuel Co., which owns 3,500 acres of coal lands and operates mines thereon.

In May, 1905, Phelps, Dodge & Co., New York, acquired the entire stock of this company and of the railroad properties it controlled, the road being now operated in conjunction with the El Paso & Southwestern Railroad system, controlled by the same interests. Stock. . . . Par $100 Authorized, $13,000,000 Issued, $13,000,000

The New Mexico Railway & Coal Co. had $3,000,000 common and $x, 000,000 5 per oeot. non-cumulative preferred stock. In December, 1905, the stock was increased to $13,000,000 and arrangements made to retire the preferred.

Funded Debt New Mexico RV & Coa],ist con. and col. tr. mort. 5 p. ct., due Oct., 1951, April and Oct. $3,000,000 " Collateral trust mort., gold, 5 per cent., due Oct., 1947, April and Oct. 3,000,000 Alamogordo & Sac. Mt., ist mort. guar. 5 per cent., due April, 19, April and Oct. . 379,000 El Paso & Rock Island, ist mort. guar. 5 per cent., due Jan., 1951, Jan. and July 3,500,000 Dawson Ry. & Coal, col. trust 5 per cent, guar., due July, 1951, Jan. and July 3,000,000

Total 10,873,000

The collateral trust 5 per cent, mortgage. New York Trust Co., trustee, is for $3jOoo,ooo and is secured by the deposit of the stocks and bonds of the constituent companies. The New Mexico Railway & Coal Co. guaranteed the Alamogordo & Sacramento Mountain lat 5s, principal and interest.

The New Mexico Railway & Coal Co. had a general mortgage for $3,000,000, but the bonds have been retired.

The El Paso & Rock Island 5 per cent ist mortgage bond issue is guaranteed by this company. The company also guarantees principal and interest of the Dawson Railway & Coal Co. s per cent, collateral trust bonds. Interest on all the bonds is paid at the Trust Co. of America, New York.

In the year ending June 30, 1905, all the railroad companies earned gross $3,067,934 ; net, $334,404; charges, $214,093; balance surplus, $120,311. In 1905-06, gross $9,548,734; net, $53,376.

Railroad Sbcuritibs 131

President, James Douglas, New York. Vice-President, Arthur Curtiss James, New York. Secretary, George Notman, New York. Treasurer, Cleveland H. Dodge, New York. Auditor, William F. Crane, New York.

Directors— William F. Crane, Montdair, N. J. Cleveland H. Dodge, New York. James Douglas, New York. Arthur Curtiss James, New York. James McLean, New York. William C. Osbom, New York.

Corporate office, 15 Ejcchange place, Jersey City. Main office, 99 John street. New York. Annual meeting, second Tuesday in February, at Jersey City.

El Paso Southwesterk Railroad Co.

A corporation formed under the laws of Arixona in 1901. The company acquired a number of lines constructed by Phelps, Dodge & Co., of New York, for the purpose of affording an outlet for their various mining enterprises in the territory served by the roads. It controls the El Paso Terminal Railroad Co. The road is operated in conjunction with the lines of .the El Paso & Northeastern Co., formerly the New Mexico Railway & Coal Co.

Road owned and operated, EI Paso, Tex., to Benson, Aric, 996 miles, with branches to Deming, N. M.; Bisbee, Arix., and Tombstone, Aris., the total mileage operated being 345 miles. The Nacoxari Ralhoad, Douglas, Arix., to Nacoxari, Mex., 75 miles, is controlled by the same interests. Locomotives, 99 ; passenger cars, x8 ; freight cars, 250. Stock Par $ioa Authorixed, $7,000,000 Issued, $7,000,000

Funded Debt ist mort., 5 percent., due Jan., 1903, Jan. and July $5*055,000

The authorized amount of the xst mortgage is $7,000,000. Trustee of the mortgage. Farmers Loan ft Trust Co., New York.

President, James Douglas, New York. Vke-President, Arthur Curtiss James, New York, ad Vice-President, Walter Douglas, Bisbee, Arix. Secretary, George Notman, New York. Treasurer, Cleveland H. Dodge, New York. Comptroller, William F. Crane, New York.

Main office, 99 John street. New York. Operating office. El Paso, Tex.

Erie A Pittsburg Railroad Co.

(Leased to the Pennsylvania Company)

Road owned, Newcastle to Girard, Pa., 81 miles ; branch, 3 miles ; trackage, Girard to Erie, 17 miles ; total operated, xoi miles. Locomotives, 60 ; passenger cars, 9 ; freight cars, 1,539.

The property is leased for 999 years from March x, 1870, to the Pennsylvania Company for interest on the bonds and 7 per cent, on the old or common stock.

Transfer Agents, T. H. B. McKnight, Station, Pittsburg ; John W. Marshall, New Voik. Assistant Transfer Agent, Frank T. Sherman, New York. Registrars, Union Trust Co., New York ; National Bank of Western Pennsylvania, Pittsburg.

The guaranteed dividends under the lease are paid quarterly, per cent, each, in March (xo), Jun, September and December. The special betterment sto was authorized in X905, to provide for improvements. It is subordinate to the common stock, but is guaranteed 7 per cent. dividends by the lessee.

Funded Debt General mort, 3H per cent., due July, X940, Jan. and July $4,348,000

The 2kH cent, general mortgage bonds are guaranteed by the Pennsvlvania Railroad Co. Trustee and agent for the payment of interest. Union Trust Co., New York.

EarNIITOS Result to

Gross Net Rental Lessee

X906 3,139,948 852,527 390,330 " 462,307

President, Charles H. Strong, Erie, Pa. Vice-President, Matthew H. Taylor, Erie. Secretary and Treasurer, John P. Smart, Erie.

EHrectors— Charles S. Fairchild, New York. John P. Green, Philadelphia. Georfst R. Metcalf, Erie. Charles H. Strong, Erie. E. B. Taylor, Pittsburg. Matthew H. Tajlor, Erie. Joseph Wood, Pittsbnrg.

Main office, Scott Building, Erie, Pa. Annual meeting, second Monday in January, at Erie.

Er/E Railroad Co.

A corporation formed under the laws of New York, November 13, 1895, as successor to the New York, Lake Erie & Western Railroad Co. The latter was sold under foreclosure November 6, 1805, in accordance with the reorganization plan and the property transferred to this company, which took possession December i, 2895.

Road operated June 30, 1907, a,z68 miles, of which 1.658 miles are owned or controlled by ownership of entire capital stock, miles are controlled ttirough ownership of a majority of stock, 076 miles are leased and 76 miles are trackage. In addition the company owns or controls 5s miles which are not operated and has restricted trackage over 109 miles. Total of system, 2,333 miles. The company also controls by stock ownership the New York, Susquehanna & Wesicni Railroad, 338 miles, as well as the properties of the Hillside Coal & Iron Co., Coal Co. and Northwestern Mining & Exchange Co., representing 10,500 acres of anthracite and 53,000 acres of bituminous coal lands in fee, and 14,000 acres under mineral rights. In 1901 acquired the whole capital stock of the Pennsylvania Coal Co. and its properties, including 15 miles of railroad. Also owns the Union Steamboat Co., with fleet of lake steamers. The company also has a one-fifth ownership in the Chicago & Western Indiana Co. The Pavonia Ferry between New York and Jersey City is owned. In 1907 the Erie & Jersey Railroad Co,, was organised to build' a low grade cut off line from Highland Falls to Gaymard, N. Y., aboai 40 miles and the Genessee River Railroad Co., to build from Hunts to Cuba, N. Y., alxMit 30 miles.

Locomotives, 1,384; passenger cars, 1,096; freight cars, 51,514 ; service cars, 1,955. Also 9 ferryboats and numerous steamboats, tugs and barges. The equipment includes locomotives and cars held under car trust agreements.

The New York, Lake Erie & Western Railroad Co. leased the New York, Pennsylvania & Ohio Co. (Salamanca, N. Y., to Cleveland and Dayton,0.). It alsocontroUed the Chicago & Erie Railroad. Under the reorganisation plan the mortgages on the New York, Pennsylvania & Ohio were foreclosed and that road was reorganized as the Nypano Railroad Co., subject to $8,000,000 prior lien bonds of the old company. All the stock and bonds of the Nypano Co. were transferred to this company. The Erie also owns the entire stock of the Chicago 8t Ene. Under the reorganisation during 1896 a number of branch lines were amalgamated with this company either by merger or acquisition of their capital stock, including the Buffalo & Soathwestem Railroad, Buffalo, New York & Erie, etc. The company also controls the New Jersey & New York Railroad, 37 miles, which is operated by its own management. The New York & Greenwood Lake Rauway, 51 miles, is leased for rental equal to Its fixed diaries, and in 1899 Northern Railroad of New Jersey, 36, miles, which was operated under contract, was leased and 4 per cent, guaranteed on its $1,000,000 of stock. In January, 1898, the control o£ the New York, Susquehanna & Western system was acquired and the preferred stock of that company was exchanged at 90 for Erie ist preferred and the common stock at par for Erie consmon.

In January, 1901, the company purchased from J. P. Morgan & Co. the entire capital stock of the Pennsylvania Coal Co. The company paid for this acquisition $33,000,000 in its coUatoal trust fifty-year 4 per cent, gold bonds ana $5,000,000 in ist preferred stock.

In September, 1905, this company acquired a controlling interest in the common stock of the Cincinnati, Hamilton & Dayton Railway Co., which controlled and leased the Pere Marquette Railroad Co. In December, 1905, however, the sale to the Erie was abrogated and J. P. Morgan & Co., New York, which firm had sold the Cincinnati, Hamilton & Dayton stock to the Erie Co., repurchased it on the same terms. See statement of the Cincinnati, Hamilton & Iytoo Railway Co.

istpref., 48,000,000 V Issued ist pref., 47,899,400 176,37 1,300 3d pref., 16,000,000 ) ( 3d pref., 16,000,000 )

The ist preferred stock is 4 per cent., non-cumulative. The sd preferred is also 4 per cent., non-cumulative, subject to the prior rights of the ist preferred. Both classes of preferred can be retired at par at the company's option.

The company's entire stock was held in a voting trust for 5 years, or until the ist preferred received 4 per cent, in a year. Trustees, J. Pierpont Morgan, New York, Louis Fitzgerald. New York, and Sir Charles Tennant, Bart., London, Eng. It was proposed in February, 1904, to extend the voting trust for five years from May i, 1904, when it expired through the payment of a full year's dividend on the xst preferred stock, but a sufficient amount of the stock not haviof: assented to this the trust was dissolved.

Transfer Agents, J. P. Morgan & Co., New York. Registrar, Mercantile Trust Co., New York.

RAILROAD SECURITIES iJ3

The first dividend declared by the reorganized company was per cent, on the ist preferred stock, paid August 30, 1901. Semi-annual dividends of per cent, each were also paid on the ist preferred in February, igo2 ; August, 190a, and February, 1903. In July, 1903, the directors declared a semi-annual dividend of 3 per cent, on the zst preferred stock, payable August 31, and another of a per cent, was also paid February 29, 1904, which put the ist preferred on fi full 4 per cent, basis. Subsequent dividends on the ist preferred were at the rate of 4 per cent, per annum, paid half yearly, a per cent., the dividend dates in 1906 being February 38 and September 7. In April, 1907, a per cent, cash was again paid, but the dividend declared in September, 1907, was made payable in lo-year scrip, due October, 19x7. See below. The first dividend on the ad preferred stock was 4 per cent, annual, declared in September, 1905, and payable a per cent, in October, 1905, and a per cent. April 6, 1906. In 1906, 4 per cent, was again declared on the ad preferred, payable, a per cent. October 9, 1906, and a per cent. April 9, 1907. In September, 1907, 4 per cent, was declared payable in lo-year scrip, a per cent, thereof to stockholders of record October zo, 1907, and a per cent, those of record April 10, T908. See following paragraph.

The New York State Public Utilities Commission, Second Division, whose ratification of the issue of dividend scrip to pay the last mentioned dividends on the ist and ad preferred stock, refused its consent March 19, 1908, thereby preventing the payments in question.

FuNDKD Debt

N. Y. & Erie R. R. , ist mort. , extended in 1897, 4 per cent , due May, 1947, May and Nov. $3,482,000

" . ad mort. , eactended, 5 per cent. , due Sept. , 1919, March, and Sept. . . a, 149,000

3d mort., extended, per cent, due March, 1933, March and Sept 4,617,000

" " 4th mort., extended, 5 per cent, due Oct, 1930, April and Oct. . . . 3,936,000

5th mort., extended, 4 per cent, due June, 1938, June and Dec. . . 709,500

Buffalo Branch mort., 4 per cent., due July 1931, Jan. and July 183,400

Erie Railway Co. ist consohdated mort, 7 percent, due Sept., 1930, March and Sept. 16,891,000

N. Y., L. E. & W. R. R., zst cons, mort, 7 percent., due Sept., 1930, March and Sept. 3,699,500

Newburgh & New York Railroad mort., 5 per cent, due Jan., 1939, Jan. and July. . 350,000

Bergen County Railroad, ist mort., 6 per cent., due April, 191 1, April and Oct 300,000

N. Y., L. E. & W. Coal & R. R., ist mort., 6 per cent, due May, 1933, May and Nov. 1,100,000

Long Dock bonds, 6 per cent, due Oct., 1935, April and Oct 7,500,000

Chicago & Erie, zst mort., 5 per cent., due May, 1983, May and Nov 13,000,000

Chicago & Atlantic Terminal, zst mort., 5 per cent, due July, Z9Z8, Jan. and July. . . 300,000

New York, Pa. & Ohio, prior lien, percent, due March, Z935. March and Sept. . 8,000,000

Buffalo, New York & Ene, zst mort., 7 percent, due June, Z916, June and Dec. . . . 3,380,000

Jefferson R.R., zst mort., 5 per cent, due Jan., Z909, Jan. and July 3,800,000

N. Y., L. E. & W. Docks and Impt. mort., 6 per cent, due July, Z913, Jan. and July. 3,396,000

Buffalo & Southwestern, ist mort, 6 per cent, due July, 1908, Jan. and July 1,500,000

Tioga Railroad, zst mort., 5 per cent, due Nov., 1915, May and Nov d39i500

Honesdale Branch, ist mort., per cent., due July, 1937, Jan. and July 304,000

3d mort., 6 per cent., due Jan., Z939, Jan. and July 96,000

Erie Railroad ist con. prior lien mort , 4 per cent, due Jan., 1996, Jan. and July... . 35,000,000

ist con. gen. lien, 4 per cent, due Jan., i, Jan. and July : 44,013,000

conv. mort. series A, 4 per cent, due April, 1953, April and Oct 10,000,000

conv. mort. series B, 4 per cent., due April, 1953, April and Oct 13,000,000

Buffalo B. & S. W.,con.3d lien, 5 per cent., due July, 1908, Jan. and July. 1,000,000

Pa. Coal collateral trust mort., 4 per cent, due Oct., 1951 34,000,600

Total. $209,633,900

Funded Debt of Leased and Controlled Lines

Northern of New Jersey, 3d, now ist, mort., 6 per cent, due Jan., 1937, Jan. and July $654,000

gen. mort., guar. 4H per cent., due Jan., 1950, Jan. and July 154,000

N.Y. & Greenw*d Lake, prior lien mort., 5 percent., guar., due May, Z946, Mav and Nov. z,50o,ooo

New Jersey & New York, zst mort., 6 per cent, due May, 1910, May and >fov 400,000

" general mort., 5 per cent, due Jan., 1933, Jan. and July. . . 639,500

Cleveland & Mahoning V., con. ist mort., 5 per cent., due Jan., 1938, Jan. and July. 3,935,000

Newcastle & Shenango Valley, ist mort., 6 per cent, due July, 1917, Jan. and July. . 350,000

Sharon Ry., ist mort., per cent, due June, Z9Z9, June and Dec 164,000

Erie &-Jersey Railroad notes, 6 per cent., due Z910 3,000,000

The balance sheet, Junejo, 1907, gives car trusts as foUovrs : New company's $13,347,399 ; New York, Pennsylvania & Ohio car trusts, $353,060 ; total car trusts outstanding $13,699,459.

See Manual for 1896 for old securities retired in reorganisation, and also for 1896 and 1897 for terms of exchange and assessments for old bonds and stock under the plan.

The new first consolidated mortgage was created under the reorganization of 1895, and is for $175,000,000, divided into $35,000,000 prior lien and $140,000,000 3 to 4 per cent general lien

The Manual. Op Statistics

bonds. The latter's first coupons were payable January i, 1S97, and they bore 3 per cenL for to years and 4 per cent thereafter. Of the general lien bonds $70,918,000 are reserved for ultimate retirement of old bonds and guaranteed stocks left undistuibed, and $17,000,000 for improvements after 1897, at rate of $1,000,000 per annum.

The Northern Railroad of New Jersey in 1899 created a general mortgage of $1,000,0004 V cent., guaranteed by the Erie, of which $804,000 was reserved to retire pnor bonds, the balance to be used for improvements and construction.

The collateral trust 4 per cent, mortgage was created in Februanr, 1901, to pay for the acquisition of the Pennsylvania Coal Co. It is secured by a deposit of the majority of the latter stock and 51 per cent, of the stock of the New York, Susquehanna & Western Ralboad Co. The amount of bonds authorised is $36,ooo,ooa

The convertible 4 per cent, bonds were created in 1903, and are $50,000,000 authorised. Trustee of the mortgage, Standard Trust Company, New York. The first issue or Series A $ia- 000,000 (for which stockholders had the right to subscribe at 93 are exchangeable for commoa stock at 50 for the latter, between April i, 1905, and April i, 19 15. The purpose of this issue was to provide for improvements and betterments.

The second issue, or Series B, of the convertible bonds for $13,000,000 was authorised is September, 1905, the purpose being to provide funds to pay for the acquisition of the Cincinnati, Hamilton & Dayton and Pere Marquette properties, stockholders of record October ai, xps, being given pro rata the right to subscribe for the same at par. The series is convertible mto conmion stock at $60 per share for the latter at anv time after October i, 1907, and before OcIok ber I, 19x7. On the abrogation of the purchase of control of the Cincinnati, Hamilton & Dayton, it was announced that the proceeds would be applied to the general improvements of the Erie system, but that stockholders who objected to this change of disposition irould have their subscriptions for the bonds refunded. The issue was underwritten by a syndicate.

In April, 1007, the company issued $5,500,000 of i-year notes, payable April 8, 1908, whidi were discounted in advance, the same being to retire maturing notes.

The Erie and Jersey notes issued in June, X907, are secured by $4,000,000 of that oollatenl 4 per cent. 50-year ist mortgage bonds. At the same time a loan of $3,000,000 was made by the Genesee River Railroad Co., secured by its bonds. See above regarding those companies.

Earminos— Year ending June 30

Dividends Per Ct. Income from

sst Pref. ad Pref. Grou of Exp. Net InvestmenU Total Inc.

1897-98 $33,740,860 7539 $8,3oa,8afl $413,368 $8,7x6,x90

1898 33.75a.703 74.57 8,583,778 557.576 9.I4U.3S4

189900 38,393.031 74.a9 9.844,437 4ao,io7 10,364,534

1900-01 39,103,30a 73.65 10,695,338 1,445,931 ia,X4x,a6o

1901-oa 3 40,894,433 68.90 ia,77.833 i.945.ao8 14.663,041

35 45.830,413 65.30 x5,096,9oa 3,985,385 X5,o96,aoa

I9P3-04 4 45,301,163 73.08 13,619,325 3,406,7x8 xs,oa6,043

1904-05 4 45. 7*4. 737 7a.48 X3,58a,599 3,678,487 i5,a6i.ot7

1905-06 4 4 50,003,634 71.74 X4,X39,707 a,i77,84a 16,307,639

Income from investments in x90x-oa includes $x, 702,490 received from the ccnnpany's coal properties, including the Pennsylvania Coal Co. In 1902-03, this item was $2,670,290; in 1903-04, $1.993.911 ; in 1904-05, $2,190,439; in X905-06, $1,595,140, and in 1906-07, $i,5555ii*

The disposition of income has been as follows in the respective years :

Income Charges Sarpfaa

1901-oa X4,663,04X 10,278,364 4,384.677

1903-04 X5,026,043 10,473,991 4,553,053

In the year 1901-02, the dividends of 3 per cent, on the xst preferred were $1,436,772, aiKl the net surplus $2,947,905. In X902-03, dividends were $1,676,234, and $808,451 were charged to additions and improvements. From the surplus $1,569,404 was transferred to a further special fund for improvements, making the net balance for the fiscal year $4,379,176. In 1903-04, dividends of 4 per cent, on the ist preferred stock were $1,915,696, and $1,540,320 was expended for additions and improvements ; net balance for the year, $1,096,036. In 1904-05 the dividends on the ist preferred were $1,915,696, the 4 per cent, dividend on the 2d preferred was $640,000, and

Railroad Securities

$it3lf555 charged for improvements, the net balance for the year being: $490,344. In 1905-06, dividends, $3,555,606; improvements, $1,936,973; balance surplus, 1906-07 dividends $3,5551696 ; improvements, $1,643,038 ; balance surplus,

Freight Traffic Statistics

Average Total Tons Carried Freight Rate per Eaminnper Average Tont

Mileage Tonnage One Mile Dennty Ton per Mile Train Mue per Train

i89-99.. 3,109 34,9o,944 4,834, 775,a83 a,a9a,449 0.5x7 1.63 3x6

i899-o.. 3,109 36,947,893 5,157,955,975 3,445,688 a559 8.06 369

1901-03.. a,i53 37,697,159 4,756,339949 2,309,169 a596 a.34 376

i9O-03-- 3,153 31,645,736 5,407,350.489 3,513,709 0.613 3.48 406

'903-04.. 3,150 39,835,105 5,189,158,367 3,413,563 0.637 3.50 400

'906-07.. 3,150 39,169,617 .6,375,639,877 3,918,897 0.614 3.89 471

In X90C-OX the tonnage of general freight carried was 13,735,395 tons, and of coal 13,374,307 s. In 190X-03, general freight was 15,386,081 tons, and coal 13,411,078 tons. In 1903-03, general freight, 17,364,304 tons; coal, 14,381,433 tons. In 1903-04, general freight, 14,824,8x1 tons; coal, 15,0x0,394. In 1904-05, general freight, 15,844,439 tons ; coal, 15,717,194 tons. In 1905-06, general freight, 19,377,350 tons; coal, 16,978,033 tons. In 1906-07 general freight, 30,9x1,586 tons; coal, 18,358,031 tons.

Gross and Net Earnings by Months for Three Years

GroM Net Gross Net Gross Net

January $3,376,8n $514,404 $4,301,436 $1,053,747 $4,136,003 $931,7

February 3,713,080 160,399 3,635,419 761,746 3.750,645 7",537

March 3,603,739 584,548 4,184,060 1,036,783 4,560,961 1,135,038

April 3.816.589 935083 3,517,361 891,833 4,671,405 1,451,034

May 4,135,108 1,3x9,3x4 4,xo3,434 1,383,366 4,866,663 x,648,iq3

4,337,875 x,6qo,6oo 4,503,031 x,x45,743 4,9i3,95i 1,875,155

August 4,406,759 1,460,543 4,514,677 1,349,541 5,083,3x7 1,438,140

September 4,43i,6i3 i,47i,S8x 4,44.679 ,375.35 4,738,989 1,004,9x0

October. 4*413,628 1,3736 4,877,066 x,594,374 4,800,964 690,1x9

November. 4,4ii,33o x,330,345 4,636,335 1,418,8x6 4,394,339 449.644

December. 4,338,469 1,144.487 4,i94,530 961.500 3,771,383 373,373

Totals $47,832,x9o $13,063,939 $5i,x67,847$x4,376,376 $54,5x6,356 $X3, 1x1,093

Aver, per month... 3,,083 1,088,578 4,363,987 i,x89,689 4,543,03i x,099,59i

President, F. D. Underwood, New York. Vice-President and General Solicitor, G. F, BrowneU, New York. Vice-Presidents, G. A. Richardson, New York. H. B. Chamberlain, New York. J. M. Graham, New York. Secretary, David Bosman, New York. Assistant Secretary, J. E. Packer, New York. Treasurer, D. W. Bigoney, New York. Comptroller, M. P. Blaiivelt, New York. Assistant Comptroller, J. L. Cramer, New York.

Directors— George F. Baker, New York. James J. Goodwin New York. William Pierson Hamilton, New York. Edward H. Harriman, New York. James N. HiU, New York. WUliam C. Lane, New York. John G. McCullough, Bennington, Vt. Ogden Mills, New York. Norman B. Ream, Chicago. G. A. Richardson, New York. Louis L. Stanton, New York. Charles Steele, New York. Francis Lynde Stetson, New York. Hamilton McK. Twombly, New York. F. D. Underwood, New York.

Main office, xi Broadway, New York. Annual meeting, second Tuesday in October, at New York.

E¥Aiis¥Ille A Indian Apolis Railroad Co.

(Controlled by Evansville & Terre Haute Railroad Co.)

Road owned, Evaxisville to Terre Haute, Ind., 134.x 5 miles; leased, Saline City to Brasil, Ind., 11.80 miles ; total, 146 miles. The company is a consolidation, October, 1885, of the Evansville & Indiaxiapoiis, Terre Haute & Southeastern, and Evansville, Washington & Brasil Railroad Companies. Stock Par $100 Authorised, $3,000,000 Issued, $3,ooo,or

Funded Debt

Est mort Terre Haute & Southeastern, 7 percent., due Sept, 1909, March and Sept.. . $351,000

ist mort |;guaranteed 6 per cent., due July, 1904, Jan. and July 647,000

ist oonsohdated mort., 6 per cent, due Jan., 1926, Jan. and July i,6oa,ooo

Total $a,soOkOoo

The bonds are guaranteed br the Evansville & Terre Haute Railroad Co.

The earnings are included m those of the Evansville & Terre Haute Railroad Co. See the statement of that company.

Chairman, Benjamin F. Yoakum, New York. President, H. I. Miller, Chica. Vice- PresidenU, Robert Mather, New York ; Daniel G. Reid, New York ; W. B. Biddle, Chicaeo ; E. L. Pollock, Chicago. Secretary and Assistant Treasurer, Gilbert S. Wright, EvansviDe, Ind. Assistant Secretary, T. D. Heed, New York. Treasurer, Charles W. HiUard, New Yofk.

Main office, Evansville. Ind. New York office, 115 Broadway. Annual meeting, third Monday in October, at Evansville.

E¥MIIS¥ILLE A TEfIRE HAUTE RMILROMD CO.

Road owned, Evansville, Ind., to Terre Haute, 108.56 miles, and the Evansville & Indianapolis Railroad, which owns 134.15 miles, and leases iz.80 miles, is controlled ; branches, 74.45 miles ; total owned, 183.01 miles. The Evansville Belt Railroad, 4.45 miles, is leased ; the Rockville Branch, 23 miles, is leased to the Vandalia Railroad Co. and Chicago and Eastern Illinois Railroad Co. jointly ; total operated by the company, 164.46 miles ; total of system, 310.41 miles. Locomotives, 53 ; passenger cars, 33 ; freight cars, 5,905 ; service cars, 86.

In July, 1903, it was announced that a large interest In the common stock had been acquired by the St. Louis & San Francisco Railroad Co. The acquisition, with the stock already held by interests connected with the Chicago & Eastern Illinois Railroad Co., gave control of the £vans> ville & Terre Haute Railroad and its allied roads to the Rock Island-San Frandsco-EIaslerD Illinois system.

The preferred stock is 5 per cent., non-cumulative, and possesses no voting power. It was issued in pursuance of a compromise with the bondholders of the Evansville & Richmond Railroad.

Transfer Agent, Trust Co. of America, New York. Registrar of common stock, Banken Trust Co., New York. Registrar of preferred stock. New York Trust Co., New York.

The directors formerly acted annually in September as to dividends, though the latter are paid semi-annually on the preferred, April (15) and October. In the 6scal year etufin June 30, 1896-97, paid a per cent, on the preferred ; in the fiscal year x89ft-99, 4 per cent.; m 1 899-1000, 5 per cent on the preferred and per cent, on the common ; in 1900-01, 3 per cent, on the common ; from 1900-01 to 1906-07, mclusive, 5 per cent, on the prdTerred, the dividends being semiannual, April (15) and October. The dividends on the common were semi-annual, May and November, but after paying per cent, on the common in May, 1901, the November dividend was passed, and none were paid until November i, 1906, when 4 percent was distributed, which was also the rate paid November i, 1907.

Funded Debt

Consohdated more, 6 per cent, due July, 19x0, Jan. and July . $30,000

ist consolidated mort, 6 per cent, due July, xgoz, Jan. and July 3,000,000

xst general mort., 5 per cent, due April, 194a, April and Oct 3iX45*ooo

Mount Vernon branch, 6 per cent, due April, 1933, April and Oct 375ooa

Sullivan County branch mort, 5 per cent, due April, 1930, April and Oct 450,000

Total $7,000,000

The company also guarantees $3,500,000 bonds of the Evansville & Indianapolis.

Earnings Year ending June 30

Grou Net Charges Siuplu

1897-98 $ x,ai8,x3a $5i57Si $4P3f097 $"a,6a

x89ft-99 1,259,434 6ix,6i9 407,aai ao40

1899-00 i,39,76o 658,870 >|o8.478 350,401

I9CO-OI 1,393,943 647,556 4i5,ao9 2.3SA

RAilLROAD SBCURITIBS i37

Gross Net Charges Surplus

904-os a,050,i47 1,039,800 684,

S-o6 a, 163.630 X ,076,875 68s,

904-os 3,050,147 1,039,800 684,375 35Si4a5

S-o6 3,163.630 1,076,875 685,486 391.388

- The earnings for 190334 and 1904-05 include those of the Evansville & Indianapolis Railroad Co.

In 1897-98 deficit of $61,317 by the Evansville & Indianapolis reduced the surplus to %Sf3aS- In 1898-99, Evansville & Indianapolis, deficit, $53,320 ; net surplus, $151,077. In 1899-xooo Evansville & Indianapolis deficit, $53,768 ; net surplus, $196,653 ; dividends paid, $203,667; Old accounts charged off, $109,831 ; to income for vear, $116,865 ; total surplus June 30, 1900, $1,513,394. In 1900-OX the Evansville & Indianapolis defidt was $86,604, and after paying the dividends the surplus remaining was $85,955. In 1901-02 Evansville & Indianapolis defidt. $64,054 ; charged off tor equipment, $189,379 ; balance surplus, $74,653. In 1902-03 Evansville & Indianapolis defidt, $34,090; net surplus, $402,359. In 1904-05, dividends on preferred $64,167 ; balance surplus, $291,958. In the same year the charges include $79,286 for improvements. In 1905-06 $42,921 was charged for this item. In 190607, dividends, $223,663 ; balance surplus, $241,558.

Freight Tariff Statistics

Rate per Eiiniinn Average

Average Total Tons Carried Freight Ton per per Train Tons per

Mileage Tonnage One Mile Density Mile Mile Train

Z90&07 3x0 3,075.016 153,095,366 493,>4 1.04 3.45 336

Chairman, Benjamin F. Yoakum, New York. President, H. I. Miller, Chicago. Vice- Presidents, Daniel G. Reid, New York. Robert Mather, New York. W. B. Biddle, Chicago. E. L. Pollock, Chicago. Secretary and Assistant Treasurer, Gilbert S. Wright, Evansville, Ind. Assistant Secretary, T. D. Heed, New York. Treasurer, Charles W. Hillard, New York. Auditor, F. R. Austin, Evansville.

Directors— George S. Brewster, New York. R. K. Dunkerson, Evansville, Ind. F. S. Flower, New York. Charies W. HOlard, New York. Robert Mather, Chicago. H. I. Miller, Chicago. James H. Moore, Chicago. William H. Moore, New York. H. H. Porter, Jr., Chicago. Daniel G. Reid, New York. Henry Seibert, New York. Edwin W. Winter, Brooklyn; N. Y. Benjamin F. Yoakum. New York.

Main office, Ind. New York office, 115 Broadway. Annual meeting, third Monday in Octo, at Evansville. Books dose ten days previous.

Fitchbur6 Railroad Co.

(Leased to Boston & Maine Railroad)

Road owned, Boston to Fitchburg, 50 miles; Greenfield to Troy, N. Y., 85 miles; Vermont to Rotterdam, N. Y., 61 miles; Ashbumham Junction to Bellows Falls, Vt., 54 miles ; branches, 144 miles ; leased, Vermont & Massachusetts, Fitchburg to Greenfield, 56 miles ; other leased lines, 8 miles ; total, 458 miles.

In 1900 this company leased its property for 99 years from July i, 1900, to the Boston & Maine Railroad for interest on the and expenses and dividends of 5 per cent, per annum on the preferred stock and i per cent, per annum on the common stock. It was adso provided that the Boston & Maine should purchase the common stock ($5,000,000) held by the State of Massadiusetts, with an issue of its 3 per cent bonds, the same terms being offered with respect to the common stock in the hands of the public, and all of the common is now held by the Boston & Maine Railroad or by this company itself.

Stock is transferred at the office of the company, Boston. Registrar, State Street Trust Co., Boston.

Preferred stock was increased $360,000 in 1895 to provide for the merger of the Brookline & Pepperell Railroad. Of the common stock $5,000,000 was owned by State of Massachusetts, the Boston & Maine now holding $5,404,550 and the Fitchburg Railroad Co. itself the remaining $1,545,450 of the $7,000,000 outstanding stock of this issue. See above for treatment of common stick in the lease. The common stock has no voting power (except on questions of increases of preferred stock) until the common recdves dividends for two consecutive years of not less than 4 per cent, per annum. No dividends were paid on the common stock prior to the lease.

X38 The Manual. Op Statistics

Under the lease, dividends on the preferred stock are paid quarterly, ij per cent, each, in January (i), April, July and October. The payments on the common are also quarterly, per cent, each, m the same months, but no dividends are paid on the common stock held by the Boston & Maine RaihxMd or the Fitchburg Raib-oad Co. itself.

Funded Debt

Plain bonds, 5 per cent, due May, 1908, May and Nov $2,000,000

Plain bonds, per cent., due May, 1914, May and Nov 500,000

Plam bonds, 4 per cent, due March, 19x5, March and Sept z,-}59,ooo

Plain bonds, 4 per cent., due July, 1916, Jan. and July 500,000

Plain bonds, 4 per cent., due June, 1990, June and Dec 500,000

Plain bonds, per cent, due Oct, 1930, April and Oct 500,000

Plain bonds, per cent, due Oct., 1931, April and Oct 1,775,000

Plain bonds, 4 per cent, due May, 1935, May and Nov 3,660,000

Plain bonds, 4 per cent, due March, 1937, March and Sept 3,750,000

Plain bonds, 4 per cent., due Jan., 1938, Jan. and July 1,450,000

Plain bonds to State of Massachusetts, 4 per cent., due Feb., 1937, Feb. and Aug 5,000,000

Plain bonds, 4 per cent, due April, 1937, April and Oct 3,000,000

Notes, 6 per cent. , due Jan. 15, 1909 500,000

Troy & Boston xst mort., 7 per cent, due July, 1934, Jan. and July

Brookline & Pepperell R. R. bonds, 5 per cent, due Dec., 191 1, June and Dec. 100,000

Vermont & Mass. pkun bonds, guar., per cent., due May, 1933, May and Nor. . . 773000

Total $a3,939/

In 1887 this company purchased and absorbed the Troy St Greenfield, Troy ft Boston and Boston, Hoosac Tunnel & Western roads, including the Hoosac Tunnel and the Hoosac Tanncl Dock and Elevator property. In 1890 it acquired the Cheshire Railroad and the Southen Vermont Railroad. In 1894 the Brookline & Pepperell Railroad, the Brookline Railioad and the Brookline & Milford Railroad were consolidated with this company. The Boston, Barre & Gardner Railroad was absorbed in 1885. The Vermont & Massachusetts RaihtMul is leased for 999 years from January x, 1874, for guaranteed dividends of 6 per cent, on its $3,193,000 of stock and interest on its bonds.

Elamings are now included in those of the lessee, the Boston & Maine Railroad.

President, Moses William, Boston. Secretary and Clerk, Paul Crocker, Boston.

Main of&ce, 153 Causeway street, Boston. Annual meeting, last Wednesday in September, at Boston.

Floridm East Coast Railway Co.

A corporation formed under the laws of Florida in 1895, as successor to the Jacksonville, St Augustine & Indian River Railway Co.

Road owned, Jacksonville to Homestead, Fla., 394 miles; branches, 104 miles; total operated. J84 miles. Extensions to Key West are in progress. Locomotives, 53; passenger cars, 7a ; freight cars, 79a Stock Par $xoo Authorized, $x,ooo,ooo. ', Issued, $1,000,000

Funded Debt

ist mort $7a59.aoo

3-year notes, 6 per cent, due Aug., 1910, Feb. and Aug 35ao,ooo

Total $10,759,000

The company is owned by Henry M. Flagler, of New York, and full information about its finances is withheld. In 1903 a mortgage was executed to the Colonial Trust Co., New York, to secure $8,741,000 3d mortgage 5 per cent, bonds, due 1933, and it was stated that some $6,000,000 thereof have been issued. The 6 per cent notes were sold in July, 1907, and are secnmd by $5,000,000 of xst mortgage bonds, and are endorsed by Henry M. Flagler personally.

In the year ending June 30, 1904, the company earned gross, ,33,573; net, $833,393: charges, $738,847; surplus, $154,546. In I904-OS gross, $3,338,864; net, $733,674; duiigcs, $743,605; balance deficit, $30,931. In 1905-06, gross, $3,741,153; net, $703,505.

President, Henry M. Flagler, New York. Vice-President and General Manager, J. R. Parrott, St. Augustine, Fla. 3d Vice-President, R. W. Parsons, New York. 3d Vice-PresfdenL J. E. Ingrahara, St. Augustine. Secretary, J. C. Salter, New York. Taeasurer, W. H. Beardsley, New York.

Main office, St Augustine, Fla. New York office, 36 Broadway.

Railroad Sboiiritibs '39

FOKDA. JOHHSTOWK A 6L0¥ERS¥ILLE RMILROiD CO.

This company is a consolidation, effective as of January x, 1903, of the Fonda, Johnstown & GlovexsviUe Railroad Co., the Cayadutta Electric Railroad 0>. and the Amsterdam Street Railroad Co.

Road owned, Fonda to Northville, N. Y., a6.a miles; Gloversrille to Schenectady, N. Y., electric) 32.3 miles ; Gloversville to Fonda, N. Y., (electric) 9.34 miles ; Belt Line in Gloversville, N. Y., 3.9 miles; Amsterdam to Hagaman, N. Y., (electric) 3.6 miles ; total, 75.34 miles ; second track, ai.9 miles ; total track, 108.05 miles. Leased, Gloversville & Broadalbin Raiboad, Broadalbin Junction to Broadalbin, N. Y., 6.3 miles; Johnstown, Gloversville & Ktngsboro Horse Railroad, Gloversville to Johnstown, N. Y., (electric) 4.3 miles; total, sidings, etc., xx.7 miles. Total track, 118.67 miles ; total railroad operated, 97.47 miles.

The Johnstown, Gloversville 8l Kingsboro Horse and the lines formerlv of the Amsterdam Street Railroad Co. and of the Cayadutta Electric Railroad Co. are operated as the. Electric Division " of this raihoad.

The company owns the entire $105,000 capital stock of the Coal Company of Fulton County, and the entire $33,000 capital stock of the Edison Electric Light & Power Co. of Amsterdam, N. Y. In 1896 parties interested in the New York Central & Hudson River Raikoad entered the company's directory. In January, 1903, a two-thirds interest in Adirondack Lakes' Traction Co., Gloversville to Mountain Lake, 4 miles, was acquirexl by this company. Locomotives : steam, 8, electric, i ; passenger cars, 87 ; freight cars, 10. Stock Par $100 Authorised, $3,500,000 Issued, $3,500,000

Stock is transferred at the office of the company, Gloversville, N. Y.

Funded Debt

Consolidated mort., 6 per cent, due April, 1931, April and Oct $300,000

xst oonsolidated refunding bonds, per cent., due July, 19471 Jan. and July 500,000

General mort., 4 per cent., due July, 1950, Jan. and July 800,000

Consolidated refunding mort., per cent., \lue Nov., 1953, May and Nov 4,687,000

Cayadutta R. R., ist mort., guar. 0 per cent., due Oct., 1933, April and Oct 350,000

Total 4 $6,537.a

Of the consolidated of 1953 ($7,000,000 authorised), $1,850,000 are placed in escrow to retire the four issues of underlying bonds, and $1,400,000 were reserved for construction another capital purposes. Trustee and agent for the payment of interest. New York Trust Co.

This company guarantees $30,000 Gloversville & Broadalbin 5s, and assumes $50,000 6 per cent, bonds and guarantees $50,000 8 per cent, stock of the Johnstown, Gloversville & Kingsboro Hofse Railroad Co.

Year ending June 30

Gross . Net CharKs Surplus

1903-03 $44i,p7 $23.777 $i69,379 $44,398

I9P3-04 603,601 339.561 388,985 50,576

President and General Manager, J. Ledlie Hees, Gloversville, N. Y. Vice-Presidents, Gustav Levor, Gloversville. John G. Ferres, Gloversville. Secretary and Treasurer, ' George M. Place, Gloversville. Assistant Treasurer, Lyman K. Brown, Gloversville. Auditor. Cjeorge A. Harris, Gloversville.

Directois— James P. Argersinger, Johnstown, N. Y. John G. Ferres, Johnstown. Jacob S. Friedman, Albanv, N. Y. William Harris, NorthviUe, N. Y. J. LedUe Hees, GloversviUe. Gustav Levor, Gloversville. Robert T. McKeever, Boston. (George M. Place, Gloversville. Samuel H. Shotwell, Gloversville. Zenas B. Whitney, Gloversville. Alvah J. Zimmer, Gloversville.

Main office, Gloversville, N. Y. Annual meeting, third Wednesday in January, at Gloversville.

Fort Skith Westerm Railroad Co.

Road operated, Fort Smith and Western Junction, L T., to Guthrie, Okla., 3x6 miles, of ao miles is trackage over Kansas City Southern Railway, junction to Fort Smith. Locomotives, 14; passenger cars, 33; freight cars, x,ox7.

This road was planned to develop large coal deposits in the Indian Territory and Oklahoma.

Mo The Manual Op Statistics

Stock Par $ioo Authorixed, $5,000,000 Issued, $5,000,000

Funded ist mort., 4 per cent, due April, 1954, April and Oct $6,000,000

The zat mortgage is $7,500,000, authorised. Trustee and agent for the payment of interot. Mercantile Trust Co., New York. The issue was created in 1904 to retire $5,000,000 of old 5 per cent, bonds and provide for the company's other requirements.

In the year ending June 30, 1903, the company reported: gross earnings, $141,177; net, $76,405. In 1903-04, gross, $444. ; net, $1731849. In 1904-05, gross, $408,072 ; net, $130,669. In 1905-06, gross, $530,311 ; net, $i74i079-

President and Treasurer, Alton C. Dustin, Cleveland. Vice-President, J. H. lIcBride. Cleveland. Secretaiy, H. S. Haselton, Cleveland. Assistant Treasurer, J. D. Phelps, Fort Smith, Ark. Auditor, H. B. Herendeen, Fort Smith.

Directors— W. H. Canniflf, Cleveland. W. E. Crane, Fort Smith. Alton C. Dustin, Cleveland. Henry C. Fric, Pittsburg. H. B. Herendeen, Fort Smith. J. H. Hoyt, Cleveland. J. H. McBride, Cleveland. William G. Mather, Cleveland. George T. Snarks, Fort Smith.

Main office. Fort Smith, Aric Executive office, Superior and Water streets, Cleveland. Annual meeting, first Tuesday in February.

Fort Worth Oeh¥Er City Railway Co.

(Controlled by Colomdo & Southern Railway Co.)

Road owned, Fort Worth, Tex., to Texas SUte line, 454 miles.

The Colorado & Southern controls this company, which forms an integral part of the Cok>- rado & Southern system. In 1906 it owned $6,504,283 common and $3,244,752 of the stamped stock. '

Stock. . . . Par $100 Authorised. $10,000,000 Issued [ 375-oao

See below for details as to the stamped stock. It has a 4 per cent, non-cumulative preference.

Transfer Agent and Registrar, Central Trust Co., New York.

In March, 1898, 2 per cent, was paid on the stamped or preferred stock ; in March, 1899, a per cent. ; AprU, 190a, 2 per cent.; April, 1903, 4 per cent. ; April, 1904, 4 per cent., and Mardh ao, 1906, 4 per cent. No dividend was paid in 1905. In 1906, 4 per cent, was paid ; also on February 21, 1907.

Funded Debt

ist mort., 6 per cent, due Dec., 1921, June and Dec. $8,176,000

The bonds were entitled to only 4 per cent, up to December i, 1900, and after that date to the full 6 per cent, interest. As the company's eammgs were not sufficient to provide for such jrments, a bondholders* committee was constituted in December, 1900, Henry K. McHarr. Chairman, which invited bondholders to deposit bonds with the United States Trust Co., New York, under an agreement. In 1901 the payment of full interest at the rate of 6 per cent, on the bonds was resumed.

Earnings Year ending December 31

Grou Net Charges Sturplut

1902 (6 months ending June 30) $1,119,556 $399,381 $373*735 $'656

1902-03 (year ending June 30) 2,494,587 473f59 490,560 Def. 18,040

1903-04 ( " " " ) 3,496,617 688,579 510,487 Sur. 178,09s

1904-05 ( " " " ) 3,536,495 S69."7 ,763 6„53

Earnings are now included in those of the Colorado & Southern Railway Co.

A Receiver was appointed in 1893 by the Texas courts. Reorganisation without foreclosure was effected in 1896, and on October 31 of that year the road was taken out of the hands of the Receiver. The reorganisation plan accepted was as follows : There were five coupons of the ist mortgage in default. Interest on the bonds was reduced to 4 per cent, for five ears, December i, 1895, to December i, 1900. To the holders of the bonds, in lieu of their mterest claims, was given common stock of the company to the amount of $2,539,902 to represent the five defaulted coupons, the 2 per cent, reduction per annum in interest for fiveVears and 25 per . additional. This stock was furnished by the Union Pacific, Denver & Gulf Railway Co.. whR*h was at that time the principal stockholder of this road. It was further agreed that this stock should be stamped with an agreement on the part of the corporation to pay on same interest at

Railroad Sbgurities 141

4 per cent, each year if earned, or so much of 4 per cent, as was earned each year, in full liquidation of all claims for interest for that year.

President, Frank Trumbull, New York. Vice-President and Traffic Manager. D. B. Keeler, Fort Worth, Tex. Secretary and Treasurer, W. S. Streator, Fort Worth. Assistant Secretary, James Steuart MacKie, New York. Auditor, S. M. Hudson, Fort Worth.

MaiD> office, 5x0 Houston street, Fort Worth, Tex. New York office, 71 Broadway. Annual meeting, first Tuesday in March, at Fort Worth.

Gml¥Estok, Harrisbur6 Sah Amtokio Railway Co.

Road owned, Houston, Tez., to El Paso, 833.89 miles; Spofford to Eagle Pass, 34.64 miles ; Rosenburg to Beeville, 147.06 miles ; branches, 335.45 miles ; total owned, 1,340.04 miles ; leased trackage to Galveston, 3.67 miles ; total operated, 1,343.71 miles. In 1905, the New York, Texas & Mexican Railway, 176 miles, Gulf Western, Texas & Pacific Railway, xii miles. Galveston, Houston and Northern Railway, 50 miles, and the San Antonio & Gulf Railroad. 36 miles, were consolidated with this company. Locomotives, 376; passenger cars, 1x8; freight cars, 3,901; service cars, 6o3.

The Southern Pacific Co. is the principal owner of the capital stock, but the company is operated by its own origanixation.

Stock Par $xoo Authorised, $37,084,373 Issued, $37,084,373

Stock is transferred at the office of the company, New York.

Funded Debt

\9X mort., Eastem Division 6 per cent., due Feb., 19x0, Feb. and Aug $4,756,000

Western Division, xst mort., 5 per cent., due May, X93X, May and Nov x3,4i8,ooo

Equipment bonds. Series A, 6 per cent., due Oct., X913, April and Oct x, 558,000

N. Y., Tex. & Mexican, ist mort., guar., 4 per cent., due April, 1913, April and Oct. x,465,ooo

" " ist mort., 6 per cent., due April, X913, April and Oct 53ooo j

" xstmort.,MatagordaDiv.,6p.c., due Jan., 1934, Jan. and July 843,000 ,

Galveston, H. & Nor., xst mort., 5 per cent., due Jan., 1930, Jan. and July 800,000

Gulf Western, Texas & Pacific, xst mort., 5 per cent., due Dec., 1941, June and Dec. 3,334,000

Total $35,xx6,ooo

In X893 an agreement was made with holders of Western Division second mortgage 6 per . bonds, due 1931, by which interest thereon became payable only in case there is a surplus over prior charges. Interest, however, is to be non-cumulative.

The Southern Pacific Co. owns the entire issues of the equipment bonds. Series A., the Gulf West Texas & Pacific xst 5s., and the New York, Texas & Mexican, Matagorda Division, TSt 6s.

The New York. Texas & Mexican, ist mortgage, 4 per cent, bonds, are guaranteed by the Southern Pacific. The 53,000 of 6s of that issue are not guaranteed.

Earnings Year ending June 30

Gross Net Charget Surplus

1897-98 $5,oo3,X73 $1,387,306 $x,iX7,498 $269,708

1898-99 S.669,335 . 1,541,580 XiaS9i509 383,071

X899-00 6,393,693 i,xo9,348 1,306,854 Def- 97,606

1901-oa 71I47.834 1,338.578 1.395.838 " 43.740

1903-04 7,4i.49i 1,003,596 1,537.775 S34,i88

1904-05 7,X37,3X3 1,467,107 1,633,909 " 106,893

X905-06 9,529.306 3,906,755 1,974,252 Sur. 932,503 I

1906-07 xi,776,867 2,544,49X x,994,36o " 550,330

Taxes are deducted from the net earnings.

President, E. H. Harriman, New York. 1st VicPresident, Thomwell Fay, Houston, Tex. 2d Vice-President and Manager, W. G. Van Vleck, Houston. Secretary, G. R. Cottingham, Houston. Treasurer, B. C. Cushman, Houston. i

Main office. Houston, Tex. New York office, i3o Broadway. Annual meeting, first Tues- I

day in July, at Houston.

eALVESTOK, HOUSTOK A HEHDERSOM RAILROAD CO.

Road owned, Galveston, Tez.. to Hougton, 50 miles. LocomotiTes, 13 ; passenger caxs, 13: freight cars, 34; service can, 11. The company is jointly controlled by the International ft Great Northern Railroad Co. and the Missouri, Kansas & Texas Railway Co., which have equal rights to use the property. See the Manual for 1907 for details of the arrangement. . Stock Par $100 Authorised, $1,000,000 Issued, $z,ooo,ooc

Stock is transferred by the Secretary of the company, Galveston.

Funded Debt ist mort., 5 per cent, due April, 1913, April and Oct $2,ooo,onn

Earnings Gross Net

In 1902 the surplus over charges was $18,466; in 1903, surplus, $43,834; in 1904 $90,198 and in 1905 $55,590.

President, Frederic P. Olcott, New York. Vice-President, J. H. Hawley, Galveston. Secretary. Treasurer and Manager, J. H. Hill, Galveston. AssisUnt Secretary and Treasurer, Henry B. Henson, New York. Auditor, John E. O'Neill, Galveston.

Directors~R. B. Baer, Galveston. James A. Baker, Jr., Houston, Tex. George J. Goold, New York. J. H. Hawley, Galveston. Adrian H. Joline, New York, Frederic P. Okott, New York. N. A. Stedman, Palestine, Tex.

Main office; Galveston. Annual meeting, first Tuesday, in April at Galveston.

Gemessee A Wyomiro Railroad Co.

Road owned, Retsof, N. Y., to Pittsburg and Lehigh Junction, 11 miles; branches, 6 miles; total operated, 17 miles. Locomotives, 3 ; passenger cars, a. Stock Par $100 Authorised, $500,000 Issued, $5cx>,ooo

Stock is transferred by the Secretary of the company, New York.

The company paid dividends of 5 per cent, per annum on iu stock in half-yearly payments, April (x ) and October, but in 1903 the semi-annual rate was 4 per cent., or 8 per cent, for the year, and the same rate was paid in 1904. In 1905, and 1906, paid 4 per cent.

Funded Debt ist mort., 5 per cent., due April, 1929, April and Oct $500,000

The bonds outstanding are the full amount authorised. Trustee of the mortgage, Knickerbocker Trust Co., New York.

Earnings Year ending June 30

Gross Net Charges Sorplai

$"7,247 $89,251 $'7,503 $61,658

1906-07 ia9,oaa 45,273 37,500 23,987

President, Edward L. Fuller, Scranton, Pa. Vice-President, Milo M. Belding, Jr., New York. Secretary, Hennr D. Fuller, New York. Treasurer, Mortimer B. Fuller, Scranton.

Main office, Retsof, N. Y. New York office, a Rector street. Annual meeting:, third Tuesday in June, at New York.

Georgia A Florida Rail Wa Y Co.

A corporation formed under the laws of Georgia, August xi, 1906. The company was a consolidation of several disconnected lines in Georgia and Florida and was organised to provide for the construction of connecting lines, aggregating about 195 miles of road, thus forming a continuous line from Augusta, Ga., to Madison, Fla. The roads acquired and their completed

Railroad Securities M3

mileage were as follows: Valdosta Southern Railway, Valdosta, Ga., to Madison, Fla., 28 miles; Augusta & Florida Railway, Keysville, Ga.. to Midville, Ga., 30 miles; Atlantic & Gulf Shore Line Railroad, Midville to Swainsboro, Ga., 20 miles; Miilen & Southwestern Railroad, Millen, Ga., to Vidalia, Ga., 53 miles; Douglas, Augusta & Gulf Railway, Haclehurst, Ga., to Nashville, Ga., 75 miles, and branches 12 miles; Nashville & Sparks Railroad, Nashville to Sparks, Ga., 13 miles; total, 330 miles.

The road to be constructed comprises Augusta to Keysville, 38 miles ; Midville to Summit, Ga., 16 miles; Vidali to Hazlehurst, 28 miles; Valdosta to Nashville, a8 miles; and Summit to Statesboro, 96 miles. It was estimated that these links would be completed in 1908.

Locomotives, 18 ; passenger cars, 18 ; freight cars, 167.

The preferred stock is 4 percent., cumulative, with provision that after 4 per cent, per annum has been paid on the common it may receive 2 per cent, additional, but will have no further share in the yearly profits.

Transfer Agents for common stock, Baltimore Trust and Guarantee Co., Baltimore. Registrar, International Trust Co., Baltimore. Transfer Agent for preferred stock, International Trust Co., Baltimore. Registrar, Baltimore Trust and Guarantee Co., Baltimore.

Funded Debt Millen & Southwestern, ist mort., 5 per cent., due April, 1955, April and Oct $310,000

The Georgia & Florida Railway Co. has authorised an issue of first mortgage bonds for $12,000,000 to be issued at not more than $20,000,000 on 600 miles of road.

The company is being financed by a syndicate of which John L. Williams & Sons, Richmond, Va., Middendorf, Williams & Co., Baltimore, and the International Trust Co., Baltimore, are the managers.

President, John Skelton Williams, Richmond, Va. First Vice-President, Frank Q. Brown, New York. Second Vice-President, E. L. Bemiss, Richmond. Third Vice-President, J. M. Wilkinson, ValdosU, Ga. Secretary, C. T. Williams, Richmond. Treasurer, F. E. Nolting, Richmond.

Directors— J. M. Ashley, Douglas, Ga. James T. Both well, Augusta, Ga. Frank Q. Brown, New York. William E. Bush, Augusta, Ga. Frank R. Durden, Savannah. Douglas H. Gordon, Baltimore. George R. Lombard. Augusta, Ga. James F. McGowan, Augusta, Ga. John McLean, Douglas. J. William Middendorf, Baltimore. George C. Morrison, Baltimore. Henry C. Perkins, Washington, D. C. Samuel C. Rowland, Baltimore. J. M. Wilkinson, Valdosta, Ga. John Skelton Williams, Richmond.

Corporate and main office, Augusta, Ga. President's office, comer Ninth and Main streets, Richmond, Va. Annual meeting, second Thursday in November.

Georg/A. Florida A Alabama Railroad Co.

A corporation formed under the laws of Georgia, November 2, 1895.

Road owned, Cuthbert, Ga., to Tallahassee, Fla., 107 miles; branch, Havana to Fla., 12 miles. In April, 1904, this company acquired the Carrabelle, Tallahassee & Georgia Railroad, Tallahassee, Fla., to Carrabelle, 50 miles, leased the same and purchased it in May, 1906; total operated, 16 miles. The company proposes building an extension to Columbus, Ga., 60 miles. Locomotives, 15 ; passenger cars, 17 ; freight cars, jo6.

The name of the company was formerly the Georgia Pine Railroad Co., the name being changed to the present style in April, 1901.

Stock. . . .'. .Par $100 Authorised, $350,000 Issued, $350,000

In 1906, $1,335,000, 5 per cent, non-cumulative preferred stock was authorised, but none has been issued. Stock is transferred at the office of the Secretary of the company. Savannah.

Funded Debt ist mort., 5 per cent, due July, 1954, Jan. and July $1,732,000

The ist mortgage was created in 1904, replacing a 5 per cent, issue created in 1901, of which $550,000 was outstanding. The mortgage provides that additional bonds can be issued on extension lit the rate of $15,000 per mile. Trustee and agent for the payment of interest, Manhattan Trust Co., New York. Coupons are also payable at the Savannah Trust Co. Savannah.

Earnings Year ending June 30

Gross Net Charges Saiptei

'9P3-04 ao5.4" 64,174 46,643 17,530

904-0S 335.615 iao,Aa8 77,aa3 39,905

1905Hd6 373.330 103,671 . 93,700 9,971

President, J. P. Williams, Savannah. Secretary mnd Treasurer, J. O. Hatch, SaTannah. Auditor, W. H. Carroll, Tallahassee, Fla.

Dire:tors~J. S. Bush, Colquit, Ga. C. H. Caldwell, Bainbridge, Ga. J. W. Callahan, Bainbridge. J. O. Hatch, Savannah. T. A. Jennings, Pensacola, Fla. J. J. McDonaki, Cuthbert, Ga. W. L. Moor, Tallahassee, Fla. M. W. Munroe, Quincy, Fla. John R. Shaipe, Bainbridge. J. P. Williams, Savannah. R. L. Uzsell, Bainbridge.

Main office, Bainbridge, Ga. Executive office, Savannah. Annual meeting, third TimkUj in July, at Bainbridge.

Georgia Railroad A Bakkihg Co.

(Leased to Louisville & Nashville Co. and Atlantic Coast Railroad Line Co.)

Road owned, Augusta, Ga., to Atlanta, 171 miles ; branches, 136 miles ; total, 307 miles.

The company owns one-half interest in the Western Railroad of Alabama and 47-100 in the AtlanU & West Point Railroad.

In April, 1881, the road was leased for 99 years to W. M. Wadley, at $600,000 hourly. This lease was subsequently assigned to the Centnd of Georgia and the Louisville & Nashville jointly, the latter afterwards acquiring the other road*s interest in the lease. In 1899 the Atlantic Gout Line Railroad Co. acquired a half interest in the lease and assumed a joint obUgatioo thereunder.

Stock Par $100 Authorised, $4,200,000 Issued, $4,300,000

Stock is transferred at the office of the company, Augusta, Ga.

Dividends since 1888 have been 1 1 per cent, per annum or per cent. Quarterly in Janiuury (15), April, July and October. The property is operated by the lessees under the title of tlie Georgia Railroad.

Funded Debt

Plain bonds, 6 per cent., currency, due Jan., 1910, Jan. and July $1,000,000

Plain bonds, 6 per cent., due Jan., 1923, Jan. and July 300,000

Plain bonds, 5 per cent., due Jan., 1933, Jan. and July aooooo

Plain bonds, refunding 5 per cent. , due Jan., 1933, Jan. and July 1,000,000

Total $a,5oo,oac

Earnings OF Lessees Year ending June 30 Gross

"903-O4 3,418,283

The company in 1892 discontinued its banking department, but became the principal owner of the Georgia Railroad Bank.

President, Jacob Phinizy, Augusta, Ga. Cashier, C. G. Goodrich, Augusta. Genera! Manager (for lessees), Thomas K. Scott, Augusta. Auditor (for lessees), Carlton Hilljer, Augusta.

Directors— Thomas Barrett, Jr., Augusta. J. T. Both well, Augusta. Edwaid W. Butler, Madison, Ga. A. W. Calhoun, Atlanta, Ga. Porter Fleming, Augusta. Theodric U. Given, Washington, Ga. T. I. Hickman, Augusta. Henry B. iCing, Augusta. W. A. Latimer. Augusta. H. D. McDaniel, Monroe, Ga. J. P. Mulkerin, Augusta. Billups Phinisy Athena, Ga. Leonard Phinixy, Augusta. R. D. Spalding, Atlanta. James ToUn, Augusta. InoMa White, Athens.

Main office, Augusta, Ga. Annual meeting, second Wednesday in May, at Aogusta.

Net

Chaises

Result to If MM

Sur. $145,840 " i8a,687 " 165,760

Rajlroad Securities I45

Georgia South Erh A Florida Railway Co.

Roftd owned, Macon, Ga., to Palatka, FUu, and branches, 91.61 miles ; trackage, 3.39 miles ; total operated, miles. In 190a acquired the Atlantic, Valdosta & Western Railway, 106 miles, which b mcluded in the above mileage. Locomotives, 54 ; passenger cars, 55 ; freight can, 3,131 ; service cars, 13.

Tliis company was onginally the Georgia Southern & Florida Railroad Co., foreclosed and under its present title in 1895. The road is controlled by, and operated in harmooy with the Southern Railway Co.

upon Deposit Co., Baltimore.

Sto. . Par $100. ..Authorized -J ist pfef., ' '684iooo J- Issued ist pref.,' 684,000 V $3,768,000

Preferred stocks are entitled in their order to 5 per cent, non-cumulative dividends. The

ist preferred has a lien upon the property. Transfer Agent and Registrar, Mercantile Trust &

In 1896 4 per cent. was paid on the ist preferred. From 1897 to 1907, inclusive, s cent. has been paid on the ist preferred, dividends being semi-annual, per cent in May and November. On the ad preferred, dividends paid have been : in 1897, 3 per cent. ; in 1898 and 1899, 3 ]>er cent.; in 1900 to 1906, inclusive, 4 per cent.; in 1906-07. 5 per cent. Dividends on the 3d preferred are paid semi-annually, in May and November.

Funded Debt

ist morL, 5 per cent., due July, 1945, Jan. and July $3,801,000

ist consolidated mort., 4 per cent., due July, 1953, Jan. and July 3,000,000

Car Trusts, per cent., due 1908-1913, March and Sept 409,000

ONther equipment obligations 49i6$3

Total , $6,359,693

The ist mortgage is $4,000,000 authorised. Trustee and agent for the payment of interest. Mercantile Trust & Deposit Co., Baltimore.

The ist consolidated 4 per cent, mortgage is for $10,000,000, of which sufficient were

leaerved to retire the ist mortgage 5s and the ist preferred stock. Interest is payable at the New York Trust Co., New York.

Earnings Year ending June 30 .

Crross Net Charges Surplus

i9oa-Q3 $1,635,191 $415,581 $360,683 $154,898

190J-04 1,693.541 431,415 287,539 143,886

i904-<5 1,714.702 419,910 384,333 135.677

i9i--o6 1,944,946 443,864 383,705 160,159

In 1899-1, surplus over dividends, $68,197; in 1900-01, $34,166; in 1901-03, $41,449; $39,875.

President, William W. Ffailey, Washington, D. C. Vice-President, S. F. Parrott, Macon. Secretary and Treasurer, Ben. C. Smith, Maoon. Assistant Secretary, R. D. Lankford, New YoifE. Auditor, W. F. Buchannon, Macon.

Main office, Macon, Ga. New York office, 80 Broadway. Annual meeting, third Thursday in October, at Macon.

Gila ¥ Alley, Glore A Mortherh Railway Co.

. Road owned, Bowie, Ariz., to Globe, Ariz., 135.55 miles. Locomotives, 7 ; passenger cars, 5 ; freight cars, 4. Stock Par $100. Authorized, $3,000,000 Issued, $3,000,000

The Southern Pacific Co. is the principal owner of the company's stock.

A dividend of 4 per cent, was paid on the stock January i, 11, and 4 per cent, on January 6, looa, with none thereafter until 1905 when 30 per cent, was paid ; in 1906-07, 6 per cent was

Funded Debt ist mort., 5 per cent., due 1934, May and Nov $1,506,000

The ist mortgage is $15,000 per mile, and is guaranteed by the Southern Pacific Co. Trustee of the mortgage, Manhattan Trust Co., New York. Interest is paid at the office of the Southern Pacific Co., iso Broadway, New York.

Eaknin08

Year ending June jo

Gross Net Charges Surpias

i9t-o3 $326,825 $185,747 $75,500 $"o.a47

9PS-o6 903*359 215.090 75.400 139.690

In 1906-07 dividends paid were $iao,ooo ; balance surplus, $195,863.

President, Epes Randolph, Tucson, Ariz. Vice-President, R. H. Ingram, Los Angeki. Secretary and Treasurer, Charles E. Walker, Tucson.

Directors— F. W. Burnett, Los Angeles. R. H. Ingram, Los Angeles. Eugene S. Ives, Tucson, Aris. Epes Randolph, Tucson. Charles E. Walker, Tucson.

Main office, Tucson, Ariz. Annual meeting first Wednesday after first Monday in December, at Tucson.

6Raiid Rapids A Ihoimha Railway Co.

(Controlled by Pennsylvania Railroad Co.)

Road owned, Fort Wayne, Ind., to Mackinaw City, Mich., 366.53 miles; branches owned, 56.63 miles; total, 493.15 miles; branches operated, Cincinnati, Richmond & Fort "Wayne. .83 miles ; Traverse City Raiboad, 26 miles ; Muskegon, Grand Rapids & Indiana, 36.K5

package. 7.19 miles; total operated, 579.02 miles; with the Duluth, South Shore AtlanTic kSilway Co. and the Michigan Central Railroad Co., this company is an equal owner in the Makinac Tranrtation Co., which operates a car ferry across the Straits of Mackinac between Mackinaw City and St. Ignace, 7 miles. Locomotives, 91 ; passenger cars, 93; frag;fat cars, 3,267.

This company is successor to the railroad of the same name, foreclosed in June, 1896, aad reorpianised under the auspices of Pennsylvania Company, which owns $2,886,600 of the stock of the company, $276,000 per cent, extended guaranteed bonds, and $525,000 ist mortgage 3M per cent, bonds. The present company was incorporated under the laws of Michigan, Joh II, 1896, and those ot Indiana July 13, i89i5. It took possession of the property August i, 18961 Stock Par' $100 Authorised, $6,000,000 Issued,

Transfer Agent, Charles D. Young, Broad Street Station, Philadelphia. Registrar, S. A. Abbott, Philadelphia.

On April 16, 1900, the first dividend of i per cent, was paid on the stock of the reorganised company. In 1901 two dividends of i per cent, each were paid in April and October, respectively. From 1903, to 1907, inclusive, the semi-annual dividends were per cent, eadu

Funded Debt

ist mort., per cent, extended, due July, 1941, guar, by Pa. R. R., Jan. and July. $930,000

ist mort. extended, guar, bv Pa. R. R., per , due July, 1941, Jan. and July. 4,455,000

3d mort., 4 per cent., due Oct., 1936, April and Oct 4,400,000

Total S9775tO00

The company has real estate mortgages tor $150,000.

The Muskegon, Grand Rapids & Indiana has $750,000 5 per cent, ist mortgage bonds, doe July 1, 1926, January and July, which, however, are not a debt of this company. The July, 1903. coupon of these bonds was paid in September, 1904 ; the January, 1904, coupons in January, ; those of July, 1904, in October, 1905 ; of January, 1905, in January, 1906 ; of July, 1905, n July, 1906; of January, 1906, in December, 1906 and of July, 1906, in October, 1907.

See previous editions of the Manual for history of this company and its relations to the Pennsylvania Railroad Co. and the Pennsylvania Company. All debts to the Pennsylvania were paid off when the new company was formed.

The new 2d mortgage is for $5,000,000. It bore 2 per cent, for one year from October, 1896 : 3 per cent, for two succeeding years, and 4 per cent, thereafter. Interest is paki at the office of the Pennsylvania Railroad Co., Philadelphia.

Earnings Grou Net Interest Surpl*

1903 $34CG.529 $698,833 $533,678 $iAi56

Railroad 8Bguritibs I47

The dividends paid in 190a were $173,730 ; accounts written off, $253 ; surplus for year, In 1903 surplus over dividends and depreciation charges, $3,995. in 1004, surplus over dividends, $6,346. In 1905, surplus, $50,086. In 1906, surplus, $46,153. In 1907, deficit,

'president, Joseph Wood, Pittsbuiig. Vice-President and General Manager, J. H. P. Hufihart, Grand Rapids. Vice-President and Treasurer, W. R. Shelbv, Grand Rsids, Mich. Secretary and Auditor, R. R. Metheany, Grand Rapids. Assistant Secretary, S. B. Liggett, Pittsburg.

Directors— H. Darlington, Pittsburg. J. H. P. Hughart. Grand Rapids. D. T. McCabe, Pittsburg. W. R. Shelby, Grand Rapids. E. B. Taylor, Pittsburg. J. J. Turner, Pittsburg. Josmh Wood, Pittsbttie.

Main office. Grand Rapids, Mich. Annual meeting, first Wednesday in April, at Grand Rapids. Books close ten days previous.

Srakd Trukk Pacific Railway Co.

(Controlled by the Grand Trunk Railway Co.)

A corporation formed under a charter from the Dominion of Canada, October 24, 1903. The company was organized in pursuance of plans for an extension of the Grand Trunk Railway system to the Pacific, and the support of the Canadian Government was extended to the company in the manner hereafter described.

The main line projected is to extend from Moncton, N. B., to Quebec, thence to Winnipeg, and fr€>m that point to the Pacific at Prince Rupert, B. C, about 3,550 miles, exclusive of branches. The EUutem Division, Moncton to Winnipeg, about 1,800 miles, is to be built by the Canadian Government and to be leased on completion to the company for fifty years at a rental equivalent to 3 per cent, per annum on the cost of construction, the Government, however, agreeing if necessary to pay the interest charges for the first seven years of the lease. The Western Division, Winnipeg to the Pacific, about 1,754 miles is to be built by the company and is divided into two sections : the Prairie Section, Winnipeg to the Rocky Mountains, about 1,000 miles, and the Mountain Section, from the Rocky MounUins to the Pacific, about 745 miles. The Canadian Government agrees to guarantee principal and interest of xst mortgage bonds on the Western Division at the rate of 3 per cent, per annum for fifty years to the extent of three-fourths the cost of the line which, however, for the Prairie Section shall not exceed $13,000 per mile. The Government agrees to pay the interest on the proportion of bonds on the Mountain Section which it [guarantees for the first seven years without recourse to the company. The Grand Trunk Railway Co. is to guarantee principal and interest at the rate of 4 per cent, on the bonds issued for the remaining one fourth the cost of the Western Division. In consideration of this guarantee the Grand Trunk Railway Co. is to receive all the capital stock of this company except the shares necessary to qualify the directors.

A line known as the Lake Superior Branch is to extend from Fort William, Ont.,to a connection with the main line of the Eastern Division, about 190 miles. This branch is to be built by the company, and in aid thereof the Province of Ontario has granted a cash subsidy of $3,000 per mile and a land grant of 6,000 acres per mile.

Branches connerang the Eastern DivUon with the lines of the Grand Trunk Railway Co. are also contemplated as well as extensions to various points in the Canadian Northwest and British Columbia, and also to Dawson, Yukon Territory. During 1907, construction work on a considerable part of the line was in progress. Stodc Par $100 Authorised, $45,000,000 Issued, $35,000,000

Stock is transferred by the Treasurer of the Company, Montreal. Registrar, Royal Trust Co., Montreal.

Funded Debt Western Division ist mort.. guar, by govt., 3 per cent, due Jan., 1963, Tan. and Julv. ..14,000,000 Mountain Sec. 3d mort. , guar, by G. T. Ry. , 4 per cent. , due April, 1955, Apr. and Oct. . 3,050,000 Piairie Sec. mort., series A, guar, bv G. T. Rv. , 4 p. c , due April, 1955, Apr. and Oct. . . 1,646,000 Lake Superior Br. xst mort. , guar, by G. T. Ky. , 4 p. c. , due April, 1955, Apr. an d Oct . . i , 358,000 Debenture stock, 4 p. c, perpetual, redeemable after Mar. 1936, Mar. and Sept 1,00,000

Total ;3o,o54,ooo

The bonds included in the above table were offered for subscription in London during 1905.

The perpetual debenture 4 per cent, stock, of which £'1,000,000 was issued in February, 1907, is subject to call at 105, after March i, 1936, on the company's giving one year's notice. The total amount of the debenture stock authorised is $35,000,000, or its equivalent.

President, Charles M. Hays, Montreal. Vice-President and General Manager, Frank W.

Morae, Montreal, ad Vice-Presideiit, William Wainwright, Montreal. Secretary, Heniy Philips, MontreaL Treasurer, Frank Scott, Montreal. Auditor, N. J. Power, Montreal.

Directois—Hugh A. Allan, Montreal. W. H. Biggar, Montreal. Alfred Brunet, MontreaL George A. Cox, Toronto. Frederick Firebrace, London, Eng. £. H. Fitzhugh, MontreaL £. B. Greenshields, Montreal. Charles M. Havs, Montreal. Sir H. Mather Jackson, London. Frank W. Morse, Montreal. N. C. Rothschild, London. Sir Charles Rivers Wilson, London. Alfred W. Smithers, London. William Wainwright, Montreal. E. R. Wood, Toronto.

Main office, 94 McGill street, Montreal. Annual meeting, third Tuesday in September, at Montreal.

Gramd Trukk Railway Co. Of Car Ada

A corporation formed August 12, i88a, by the consolidation of the company of the same name with the Great Western Railway Co.

Road owned and operated, 3,535 miles, of which the principal lines are as follows : Portland, Me., via Montreal, Can., to Point Eklward, Ont., 799 miles ; Niagara Falls to Detroit (Great Western), 330 miles ; Fort Erie to Goderich, Ont., 163 miles. The Canada Atlantic Railway Co., Depot Harbor, Ont., to Swanton, Vt., 463 miles is controlled. This company also controls an extensive system of lines in the United States, including the Central Vermont Railway, Grand Trunk Western Railway, the Detroit, Grand Haven & Milwaukee Railway, the Canada Atlantic Railway, and the Toledo, Sannaw & Muskegon Railway Companies, and is joint owner of the Detroit & Toledo Shore Line Railway. Total of system, 4,765 mitesL Locomotives, 854 ; passenger cars, 828 ; freight cars, 25,880 ; service cars, 1,230.

The Chicago & Grana Trunk Railway, which this company controlled, was reorganised in 1900, being foreclosed and taken over by a new company, tne Grand Trunk Western Railway, which is controlled by the Grand Trunk Railway Co. of Canada by ownership of all its stock. The Grand Trunk guarantees $15,000,000 of 4 per cent, ist mortgage bonds of the Grand Trunk Western. The Grand Trunk Western also has an issue of $1,500,000 4 per cent, income bonds.

In 1893 the Dominion Parliament authorised the consolidation and merger with this ooakpany of a number of branch roads owned or controlled. In 1898 company leed joint use of its Ime from Windsor, Ont., opposite Detroit, to near Buffalo, N. Y., to the Wabash Raihoad for a long term. In 1898 the company took part in the reorganization of the Central of Vermont and made a traffic guarantee of the bonds of the new company, of which it owns two-thirds of the capital stock of $3,000,000. In 1901 the Cincinnati, Saginaw & Mackinaw, 53 miles, was leased to this company.

In the early part of 1903 application was made to the Dominion Parliament for a charter and franchises for the Grand Trunk Pacific Railway Co., the corporation which is to build the extension of the Grand Trunk system to the Pacific Coast. The anangements made include the control of the Grand Trunk Pacific Railway Co. by this company. See statement of the Grand Trunk Pacific Railway Co., above.

In September, 1904, the company acquired the Canada Atlantic Railway and guaranteed a $16,000,000 4 per cent, bond issue of the company. The Canada Atlantic system comprises 468 miles, extending from Depot Harbor, Georgian Bay, Ont., to Swanton, Vt. See statement of that company.

In December, 1902, the Grand Trunk Western, one of the auxiliary companies of this system, in conjunction with the Toledo, St. Louis & Western Railroad Co., acquired joint control of the Detroit & Toledo Shore Line Railroad Co., Detroit to Toledo. The two purchasing companies guaranteed $2,000,000 of 4 per cent. 50-year bonds of the Detroit & Toledo Shore Line Railroad Co., the authorised issue being $3,000,000.

Stock . . Par ;xoo Authorised

Capital Stock ordinary, ;f23,3i8,309 guaranteed, 10,000,000 ist preference, 3,420,000 ad 3,530,000

3d " 7,168,05s

Issued

ordinary, 23,475,985 guaranteed, 8,736,427 ist preference, 3,420,000 ad " a,53o,ooo

t3d " 7.168,055

jf46,436,364 ;44,330.467

The guaranteed stock is entitled to 4 per cent, per annum. The ist and 2d preference stocks are 5 per cent, and the 3d preference 4 per cent., non-cumulative.

In April. 1903, the company apphed for permission to increase its 4 per cent, guaranteed stock from ;5,22OtO0O to ;io,ooo,ooo ; ;75o,ooo of the additional stock was issued January i, 1904, £s0OyOoo in 1904, £yx>,oco in 1905, and j£* 1,360,000 in 1906. This increase in the authorised amount was to provide for future capital requirements by the issue of additional guaranteed stock, instead of by debentures.

Stock is transferred at the ofiices of the company, Montreal and London.

Railroad Securities 149

From 1894 to 1897 nothing was paid on the 4 per cent guaranteed stock. Shice 1898 the fuU 4 per cent, has been paid. The dividends on the guaranteed stock are a per cent, half yearly, in April and* Octoiser. In 1898 3 per cent, was paid on the ist preference stock, and the full dividends of 5 per cent, per annum were paid in 1899 and until 1036, inclusive, the dividend periods being March (ao) and September. The September, 1904, cuvidend was passed, but 5 per cent, was paid on the ist preference in April, 1905, and per cent, in October, 1905. In 1906 and 1907, paid 5 per cent. A dividend of per cent, on the ad preference stock for the year 1899 was paid, being the first for many years. In 1900, 3 per cent, was paid : in 190X, 4 per cent., and in 1902 and 1903 5 per cent. The semi-annual dividend of per cent, on the ad preference was paid March 33, 1904, but no dividend was paid on it in September, 1904. In April, 1905, 5 cent, was paid on the ad preference, and 9% per cent, in October, 1905, which has since oeen the regular demi-annual rate to October, 1907, inclusive. On the 3d preference stock i per cent, was paid in 1902 and a per cent, in 1903. A semi-annual dividend of a per cent, was paid March 33, 1904, and the same rate on April 30, 1906. In April, 1907, 3 per cent, was paid on the 3d preference.

Funded Debt

Canadian Government loan jf 3i"it5oo

Debenture stock, 5 per cent., irredeemable, Jan. (14) and July .' 4f370i375

Debenture stock, 4 per cent., irredeemable, quarterly, Jan

Great Western debentures, 5 per cent., irredeemable, Feb. and Aug 3,733,080

Equipment mort., 6 per cent., due July, 1919, Jan. and July 373,000

Northern Railway debentures, 4 per cent., irredeemable, Feb. and Aug 347*990

3d preference, 6 per cent., irredeemable, April and Oct 14,600

Midland Railway sectional bonds, 5 per cent., due May, 1908, May and Nov 193,300

cons, mort., 5 per cent., due Jan., 191a, Jan and July 1,0x0,500

Wellington, Grey & Bruce mort 78,300

ToUl ;£'a7,477866

The company guarantees $350,000, per cent, xst mortgage bonds of the New England Elevator Co. and there are also $1,000,000, 4 per cent, bonds of the Montreal Warehousing Co.

The company owns securities of the par value of $39,083,504 exclusive of of its own ordinary stock, the above amount including $6,000,000 Grand Trunk Western Railway stock; $693,000 International Bridge stock; $1,500,000 Detroit, Grand Haven & Milwaukee stock ; $3,185,100 Central Vermont stock ; $1,583,300 of Vermont Central 4 percent, bonds, and $7,073,- 500 Canada Atlantic common and preferred stocks.

Earnings

Mileage

Operated Gross Net Charges Dividends Surplus

i90 3i5S8 $33,907,466 $8,349,907 $1,934,405 $3,083,980 $23,531

190a 3,561 34,075,430 8,683,336 6,056,330 3,647,365 Def. 31,460

1903. 3,558 37,204,467 8,830,07X 6,004.337 3,8ix,47X 14,373

1904 3,56a 37,739,315 8,609,395 6,061,815 3,553,316 Def. 5,736

1906 3,535 30,7",349 9,677,203 6,083,493 3.552,596 42,114

President, Sir Charles Rivers Wilson, London, Eng. Vice-President, Alfred W. Smithers, London, ad Vice-President and General Manager, Charles M. Hays, Montreal. 3d Vice- Presklent, E. H. Fitahugh, Montreal. 4th Vice-President, William Wainwright, Montreal. Secretary, H. H. Norman, London. Treasurer, Frank Scott, Montreal. Genesal Auditor, N. J. Power, Montreal. Assistant to Second Vice-President, R. S. Logan, Montreal.

Directors — John Alan Clutton-Brock, Weybridge, Eng. Frederick Firebrace, London, Eng. Alexander Hubbard, London. Sir Hennr Mather Jackson, London. Nathaniel Charles Rothschild, London. Alfred W. Smithers, London. George Von Chauvin, London. Lord Welby of Allington, London. Sir Charles Rivers Wilson, London. Sir W. Lawrence Young, London.

Principal office, 94 McGUl street, Montieal. London office, 9 New Broad street, E. C. Semi-annual meetings in April and October, at London.

Great Kortherm Railway Co.

A corporation chartered by the Territory of Minnesota, March i, 1856, as the Minneapolis & St. Cloud Railroad Co., the name being changed in 1889, to the present title. It leased the St Paul) Minneapolis & Manitoba Railway for 999 years, from February i, 1890, and owns the Duluth, Watertown & Pacific, Eastern of Minnesota, Montana Central, Wilmar & Sioux Falls and others ; also the Sekttle & Montana from Seattle to South Westminster, British Columbia.

Iso The Manual Of Statistics

Milbaob

Leased or controlled : Miles Proprietary roads : Miles

St. Paul, Minneapolis & Manitoba 3,875 Wilmar & Sioux Falls Railway 4*3

Eastern Railway of MinnesoU 503 Duluth, Watertown & Pacific Railway.. 69

Duluth Terminal Railway 2 Montana Central Railway 249

Dakota & Great Northern Railway aSa Minneapolis Union Railway 3

Minnesota & Great Northern 41 Minneapolis Western Railway a

Park Rapids & Leech Lake Railway 49 Trackage 3

Seattle & Montana Railroad ax5

Montana Great Northern Railway 143 Total 760

Crows' Nest Southern Railway 53 Operated independently

Dul., Sup. & West Terminal Co 5 Spokane Falls & Northern Railway 389

Northern Railway 14a

Brandon, Sas. & Hudson Bay Ry 69

Trackage Leased 3a

Total 5,348 Total 1,140

Total operated 6,496

The company controlled the Northern Steamship Co., running between Buffalo and Dulmli, but sold its freight steamers and its elevator property at BufEalo in 1903, but retains and opentcs its passenger steamers. In 1897 the company mstituted a trans-Pacinc steamship line belween Puget Sound, China and Japan. Locomotives, 943 ; passenger cars, 668 ; freight can, 38,385 ; service can, 1,658.

This company and the Northern Pacific in looi jointly purchased the stock of the GhkagQ, Burlington & Quincy Railroad. In payment for the Burlington stock the two purchasing oompanieslssued theu: joint 4 per cent, collateral trust bonds at aoo for the old Burlington sham.

In November, 1901, the stockholden of the company were offered the right to sell their stock at 180 to the Northern Securities Co., the price being payable in the stock of the Northern Seoirities Co. See statement of the latter company.

Stock Par $100 Authorised, $aio,ooo,ooo Issued, $149,589,500

Stock is transferred at the office of the company, New York. Registrar, Central Trust Co., New York.

From 189a to 1896 inclusive 5 per cent, dividends were paid. In August. 1897, the nte was increased, making per cent, paid in 1897. In 1898 the nte was further increased to 65 per cent., and in 1899 and subsequent yean 7 per cent, was paid on the stock. Dividends are poiid quarterly, per cent, each, in February (i). May, August and November. In May, 1901, U per cent, extra, and in November, 1907, per cent, extra were paid from the earnings of the Lake Superior Co., Limited.

In 1898 the stockholden received a dividend of 50 per cent, in stock of the Seattle & Montana.

This company, through a subsidiary organization, the Lake Superior Co., Limited, aoquiied a large amount of iron ore properties. In October, 1906, arrangements were made to lease these properties to the United States Steel Corporation, to be operated bv it on royalty, and the properties and the lease were transferred to trustees to be held for the benefit of the stockhoklets ot the Great Northern Railway Co. Under date of October aa, 1006. announcement was made that stockholden of record December 6, 1906, would receive certim:ate8 of a beneficial interest in the ore properties at the rate one share ot said certificates (the same having no par value), for each share of Great Northern stock held, the total issue of the ore certificates being 1,500,000 shares. For details, see separate statement of Great Northern Iron Ore Properties in the Industrial Section of the Manuau

Orieinally, in 1890, $ao,ooo,ooo 6 per cent, preferred non-cumulative stock was issued at 50 to St. Paul, Minneapolis & Manitoba stockholders, the other 50 per cent, being paid for a transfer to this company of the St. Paul, Minneapolis & Manitoba treasuij securities when this company leased the St. Paul, Minneapolis & Manitoba and guaranteed 0 per cent, on its $aoooo,ooo of stock. The Great Nortnem common stock authorized was $ao,ooo,ooo, but none vvas issued. In 1893 $5,000,000 additional preferred was issued at par to oay for equipment, terminals, etc. In 1898 preferred stock was increased $35,000,000 ; of this $15,000,000 was sold to stockholden pro rata at par and proceeds used to retire the company's $15,000,000 of 4 per cent, collateral trust bonds and $10,000,000 was given to stockholden in ezdianee for the $12,500,000 stock of the Seattle & Montana Railroad which had been given to stocUicdders of the Great Northern as a 50 percent, dividend. By these operations the great Northern prefesied stock was raised to $50,000,000.

In November the company decided to surrender the riht to issue common stoc and to increa outstanding stock to $75,000,000, making it of uniform character and having uniform rights. The $a5,ooo,ooo of stock was ofiered to the holden of the St. Psul, Minneapolis ft

Railroad Securities 15

Manitoba's $ao,ooo,oc of stock in payment for shares at $135 each. A laree majority of the St. Paul, Minneapolis & Manitoba stockholders accepted in advance. By UUs operation the complete unification of the system was secured. On June jo, 1907, $338,000 St. Paul, Minneapolis & Manitoba stock was outstanding.

In April, 1899, the stock was increased $15,000,000, making the authorised total $90,000,000, and the increase was offered to stockholders at par, proceeds being used to acquire the bonds and stock of the Spokane FaUs & Northern and other branches, and $7,500,000 new stock of Eastern Railway of Minnesota. In January, 1900, another increase of $9,000,000 was offered to stockhoklers at par, the purpose being to acquire additional mileage. This increased the authorized stock to $99,ooo,ooa In April, 1900, a further issue of $1,000,000 stock was authorized, to be offered solely to the Great Northern Employees Investment Co., a corporation organized for the benefit of the company's employees. This increased the capital stock to $100,000,000. In March, 1901, a further increase of 5,000,000 in the stock was announced, making the total $125,000,000. Stockholders were given the right to subscribe at par for the increase in the proportion of 35 per cent, of their holdings, being credited with $90 per share on such subscriptions, thus making the price paid by them for the new stock $80 per share. In September, 1905, a further issue of $35,000,000 stock was authorized, and was subscribed for at par by the stockholders.*

Under date of December 11, 1906, the company announced a further increase in the stock of

$60,000,000, making the authorized amount $310,000,000. The stockholders of record January 4, 1907, were offered the right to subscribe for the new stock fit par to the extent of 40 per cent., of their holding. Payments for subscriptions were to be made in instalments follows : January 7, 1907, 10 per cent. ; February 7, 10 per cent. ; April 8, 10 per cent.; May 7, 5 per cent.; June 7, 5 per cent.; July 8, 5 per cent.; August 7, 5 per cent.; September 6, 5 per cent.; October 7, 5 per cent.; November 7, 5 percent.; December 6, 5 per cent.; January 7, 1908, 5 percent.; February 6, 5 per cent.; March 0, 5 per cent., and April 7, 1968, 5 per cent. Interest on amounts paid was to be allowed at the rate of 5 per cent per annum, payable semi-annually. May i and November z, beginning Mav i, i, and on completion of final payments, receipts would be exchangeable for stock which vrill rank with the old stock from May i, 1908. Owing to objections raised by the Attorney-General of Minnesota to the validity of the new stock issue uxdess it were approved by the State Railroad Commission, the closing of the transfer books for the above privilege was postponed several times as was also the time for payment of the first payment, the matter being finally decided in the company's favor.

Funded Debt (Including Leased and Proprietary Lines)

St. Paul, Minn. & Manitoba, 3d (now ist) mort., 6 per cent., due 1009, April and Oct. $6,353,000

" Dakota extension mort., 6 per cent., due 19x0, May and Nov 4,833,000

Consolidated mort., 6 per cent., due 1933, Jan. and July 13,344,000

" " 4) per cent., due 1933, Jan. and July 19,350,000

Montana extension mort., 4 per cent., due 1937, June and Dec 10,185,000

Pacific ext. sterling mort., ;jf 4,000,000, 4 per cent., due 1940, June and Dec. 19,393,939

Elastem of Mmnesota, ist mort., 5 per cent., due 1908, April and Oct 4,700,000

" Northern Div. mort., 4 per cent, due 1948, April and Oct. . . . 5,000,000

Montana Central, ist mort., 6 per cent., due 1937, Jan. and July 6.000,000

" " 5 per cent., due 1937, Jan. and July 4,000,000

Wilmar & Sioux Falls, ist mort., 5 per cent., due 1938, June and Dec 3,646,000

Minneapolis Union Railway ist mort., 6 per cent., due 1933, Jan. and July 3,150,000

" ist mort., 5 per cent., due 1933, Jan. and July 650,000

Minneapolis Western Railway, ist mort., 5 per cent., due 191 1, Jan. and July 500,000

Falls & Nor., ist mort., 6 per cent., due July, 1939, Jan. & July 333,000

Total of leased and proprietary lines $100,136,939

Twenty-year joint collateral trust bonds, secured by Chicago, Burlington & (mcy

stock, 4 per cent., gold, due July, 1931, Jan. and July $315,336,000

In 1898 the Eastern of Minnesota Northern Division 4 per cent, bonds for $5,000,000 were issued and guaranteed by this company to provide for the extension from Duluth to Fosston. The Great Northern collateral trust 4 per cent, bonds for $15,000,000 were retired in 1898 with the proceeds of $15,000,000 of this company's stock as referred to above. This released /*3,ooo,ooo of Manitoba Pacific extension sterling 4s held in trust as security for the Great Northern bonds.

The Great Northern-Northern Pacific joint collateral trust 4 per cent, bonds, due 1931, are aecared by the deposit of $107,613,600 out of a total of $111,143,800 of the Burlington stock. The bands sp subject to call at 105 after January i, 1906.

The Manual Of Statistics

Earnings, Properties Leased and operated Year ending: June 30

Gross Net Charges Surplns

1897-98 (3,854 miles) $17,639,720 $8,737,166 $7,646,863

1898-99 ( " ) 19.057,813 8,902,224 5,937,834 a.964t4O0

" ) 36,062,947 16,679,973 5,973.603 10,70637

" ) 39,356,121 . 18,816,730 7,ooi,S45 ".i5,75

In 1898-99 $1,800,000 for permanent improvements is included in the charges, and in 1899

$1,800,000 for the samq purpose. The figures for 1901-02 include the operations of the Seattle & Montana Railroad Co., and in the charges is included $2,000,000 transferred to the pennancat improvement fund. The amount for improvements included in the charges for 1909-03 $3,000,000; in 1903-04, in 1904-05, $3,000,000; in 1905-06, $5,130,910, and in 1906- 07, $4,934,976.

Revenue, Great Northern Railway Co.

Year ending June 30

Net from Other Total Dividends

Leased Lines Income Income Great Northern Siipliu

1898-99 3,964,400 2,673,825 5,638,225 f6) 3.851,033 ',T,t9i

Includes interest, $219,695, paid on the Great Northern's sterling notes, t Includes $337 483 foe

interest paid on stock subscriptions.

Earnings, Whole System

Year ending June 30

Per Cent. Gron Net Miles Gross Net Expenses Per Mile Per lIDe

Freight Traffic Statistics

Average Mileage

i903-4 5.622

Total

Tons Carried

. Freight

Tonn&ge

One Mile

Density

K

Rate per Ton per Mile

0.Q16

Eaminss

Mile

Xcn

Ti

sap

Railroad Sbcuritibs X53

Chairmaii, James J. Hill, St. PauL President, Louis W. Hill, St. Paul. 3d Vice- Prerident, Robert I. Farhngton, St. Paul. 3d Vice-President, Secretair and Assistant Treasurer,

E. T. Nichols, New York. Treasurer and Assistant Secretary, Edward Sawyer, St. Paul. Assistant Secretary and Assistant Treasurer, Nicholas Terhune, New York. Assistant Secretaiy,

F. W. Bobbett, St. PauL Comptroller, J. G. Drew, St. Paul.

Directors— William R. Begg, St. Paul. Henry W. Cannon, New York. William B. Dean, St. PauL Robert I. Farrington, St. PauL James J. Hill, St. PauL Louis W. Hill, St. PauL Edward Sawyer, St. Paul. Samuel Thome, New York. Frederick Weyerhaeuser, St. PauL

Principal oflloe. Third and Rosabel streeU, St. Paul. New York office, 33 Nassau street Annual meeting, second Thursday in October, at New York.

Greek Bmy A Westerh Railroad Co.

A corporation formed under the laws of Wisconsin June x6, 1896, which succeeded the Green BtLj, Winona & St. Paul Railroad Co., sold under foreclosure May za, 1896.

Road owned, Green Bay, Wis., to East Winona, Wis., axa] miles ; branches, la miles ; trackage on Chicago & Northern Railway, Marchland to Onalaska, Wis., 33 miles ; total, 348 miles. Locomotives, 33 ; passenger cars, 37 ; freight cars, 530. Stock Par $100 Authorised, $3,500,000 Issued, $3,500,000

Stock is transferred by the Secretary of the company. New York. Registrar, Farmers' Loan 8t Trust Co.. New York.

In the formation of the company it was proyided that after A debentures receive per cent, per annum if earned, stock shall receive up to per cent., after which the stock and A debentures share equally in surplus up to 5 per cent, each, after which B debentures are entitled to all surplus revenue.

The first dividend on the company's stock was per cent., pidd February 15, 1899, 3M per cent, was paid February i, 1900 ; 3 per cent. February i, xooi ; 4 per cent. February x, 1903 ; 4 per cent. Februarys, 1903 ; 4 per cent. February 3, 1903, and 4 percent February x, X904. The dividends paid February, X905, X906 and 1907, were 5 per cent. each.

Funded Debt

Debentures A, income, 5 per cent., non-cumulative $600,000

" B, income, non-cumulative after stock. 7,000,000

Total $7,600,000

The old company defaulted in August, 1894. Reorganisation plan was adopted in '895, by which road was foreclosed and securities exchanged for non-cumulative income debentures. Class A and Class B and stock. There are no fixed charges other than taxes, and consent of 75 per cent, of stock b necessary to sale or lease of property.

Dividends of per cent, were paid on A debentures February X5, X898; per cent. February 15, 1899 ; per cent. February x, X900 ; 3 per cent. February x, 190X ; 4 per cent. Februaiy x, X903 ; 4 per cent. February 3, X903; 4 per cent. February i, X904, and 5 per cent. February x, 195, X906, X907 and 1908.

The first payment on the B debentures was of x per cent, paid February x, 1908.

Earnings

Gross Net

In X903, in addition to dividend on stock and 4 per cent, paid on the A debentures, $00,000 was chaiged for improvements and depreciation, leaving a surplus of $47,733. In X904 dividends, $155,000; improvements, $40,000; surplus, $10,586. In 1905 dividends, $155,000; improvements, $30,000; surplus, $6,9x3. In X900, divklends, $x55,ooo; improvements, $30,000; special (back) tax fund, $35,000 ; surplus, $5,895.

President and Chairman, S. S. Pahner, New York. Vice-President and General-Manager, J. A. Jordan, Green Bay, Wis. Secretary and Treasurer, Mark T. Cox, New York. General Auditor, J. C. Thurman, Green Bay.

Directors— C. Ledyard Blair, New York. Mark T. Cox, East Orange, N. J. William J. Hunt, New York. J. A. Jordan, Green Bay. S. S. Palmer, New York.

Main MSce, Green Bay, Wis. New York office, 40 street. Annual meeting, secoic} Thunday In March, at Green Bay,

The Manual- Op Statistics

Gulf A Ship Island Railroad Co.

A corporation chartered February 33, i88a, by the State of Mississippi with a pevpetvaJ charter.

Road owned, Gulfport to Jackson, Miss., 161 miles ; Maxie to Mendenhall, Miaa., 105 mikB; Saratoga to Laurel, 41 miles ; total operated, J07 miles. Locomotives, 51 ; passenger cars, 33; freight and service cars, 1,645.

The completed line was opened for operadon in 1900. During 190a the company authorised an issue of bonds for the purpose of acquiring land and constructmg extensive terminals, vodka. etc., at Gulfport, where the company luus constructed a pier about x mile long and dredged a dnp canal, about 7 miles lone and 310 feet wide with a depth of from 33 to 34 feet. An ancfaong* basin of the depth of the main channel and one-quarter mile bv one-half mile in area adjoiniBg the main pier is in use. The country tributary to the road affords a large and increasing cotton and lumber tonnage. Shipments of lumber from Gulfport have been as follows : in ioa. in 1906, 993,135,000 feet and in 1907, 386,565,000 feet. Stock Par $100. Authorized, $6,000,000 Issued, $6,000,000

Voting trust dissolved June 39, 1905. See the Manual for 1905.

Quarterly dividends of i per cent, each have been paid on the stock since April, 1903, the dividend periods being January (15), April, July and October.

Funded Debt

ist refunding and terminal mort., 5 per oenL, due Feb., 1953, Jan. and July $4,984,000

6 per cent gold mort., due Z909-X9X1, April and Oct 1,000,000

Total $5,984,000

The ist refunding and terminal mortgage was created in X903 for the purpose of retiring tke old ist mortgage 5s, the acquisition of terminals, extensions and equipment. The authored issue is $5,000,000 and $16,000 of the bonds are reserved to retire a like amount of old 5s of 1896. There is a sinking fund of x per cent, for the bonds, beginning in 1905, the bonds being: parchaaed at no or less, but not drawn. Bonds so purchased are kept alive in the sinking fund as an investment. In accordance with this provision of the mortgage, $axo,ooo bonds had been purchased to January, 1908. If unable to buy bonds at iio or less, the trustee may invest the sinking fund in secunties legal for savings banks in the State of New Yoric.

The 6 per cent, gold mortgage was created to pay for the construction of an extension fron Mendenhall to Columbia, Miss, and for other corporate purposes. The bonds are secured on tlie company's entire property, subject to the ist refunding and terminal 5s. The bonds maivre $350,000, April I, 1909; $350,000, April x, 19x0, and $500,000, April x, 191 x. The entire iseoe n redeemable on any interest date at lox and accrued interest. The authorized issue is $x, 000,00a

Year ending June 30

Grow

Net

Soiplm

$a3S.a89 434,170

x;839;8x5

1.877.397 a,38,778 3,485,949

>79r49D

40i,7S

Earnings

The chaiiges for 1903-03 include $1,359 or miscellaneous items; surplus over diiridewlB, $333.7i7 13-04 charges include sinking fund payment, $35,000, and miscdlaneous, $10,086 ; surplus over dividends for the year, $133,313. In 1904-05, dividends, $330,000; in X90S-061 40,000 , in 190607, $340,000.

Freight Traffic Statistics

Average Toul Tons Carried Freight

Mileage Tonnage One MUe Dennty

1903-03 351 1.058,033 70,880,918 a83,394 X90304 36x i,x59.M7 80,758,993 309.431 1904-05 375 1,175,859 81,899,448 297,693 1905-06 384 1,361,094 100,600,107 353.853 X90607 307 1,449.404 107,817,374 35i.97

Preskient, Joseph T. Jones, Buffalo. 1st Vice-President, Joseph A. Jones, Buffalo, ad Vk- President, Thomas P. Hale, Gulfport, Miss. Secretary and Treasurer, R. E. Powers, BuSala Auditor, Elisha Gee, Gulfport.

Rate per Ton perfile

Eamiiunper TrainM

ATeraceToM per Tr2a Mile

ao7

94a

RAILROAD SECURITIES i55

Director— Chaiies K. Beekman, New Yoric. Thomas P. Hale, Gulfport. D. H. Jack, Bradford, Pa. Joseph A. Jones, Buffalo. Joseph T. Jones. Buffalo. J. H. Neville, Gulfport, Miss. R. M. Parker, New York. R. E. Powera, Buffalo. J. H. Thompson, Plainfield, N. J.

Main office, Gulfport, Miss. President's office. Prudential Building, Buffalo. Annual meeting*:, first Monday in January, at Gulfport. Fiscal Agents, Fisk & Robinson, 35 Cedar street. New York.

The Hockiks ¥Alley Railway Co.

A corporation formed under the laws of Ohio, February 35, 1899, to take over the property of the Columbus, Hocking Valley & Toledo Railway Co. in accordance with a reorganisation of the latter. See below for the proposed consolidation of the company with the Kanawha & Michigan Railway Co.

Road owned, Rockwell, O., to Pomeroy, O., 353 miles; Athens branch, 36 miles; other branches, 63 miles ; trackage to Toledo, 6 miles ; total, 347 miles. Locomotives, 143 ; passenger cars, 93; freight cars, 14.779*

This company owns all the $8,431,000 bonds of the Middle States Construction Co., which are secured by nearly all the stocks of the Toledo & Ohio Central Railway Co. In September, 1903, it acquired control of the Kanawha & Michigan Railway Co., 188 miles, including trackage 19 miles and xi miles operated by other companies.

In December, loos. a syndicate was formed which called for deposits of the common stock with J. P. Morgan & Co.. with power to sell the deposited stock and in June, 1903, the common stock so deposited was sold to a combination of railroad companies. The transaction involved ,934,300 of the common stock out of a total of $ix, 000,000. The purchasing companies and the interest 'acquired by each were as follows: Pittsburg, Cincinnati, Chicago & St. Louis Railway Co., two-sixths; Baltimore & Ohio Railroad Co., Chesapeake & Ohio Railroad Co., Lake Shore & Michigan Southern Railway Co., and Erie Railroad Co., oneixth each. The purchase was paid for by $7,370,4x0 three-year 5 per cent, participation certificates, due June 38, 1906, interest June siS ad December 38, secured by the stock acquired, the purchaser companies being responsible for the same to the extent of their respective interests. - Holders of the certificates for deposited stock received on July 6, 1903, IQ3 for the certificates.

In August, X906, a plan was aimounced for a consolidation with the Kanawha & Michigan Railway Co., involving the retirement of the company's preferred stock, and the creation bv the new company of a new general lien 4 per cent, mortgage for $30,000,000. The new company ft was provided should have $13,750,000 of stock all of one class. For the old Hocking Valley preferred stock, no in new bonds was offered, the old common to be exchanged share for share for new stock and the $x4,490,ooo of Kanawha & Michigan stock outstanding in the hands of the public to be exchanged for 60 per cent, of its face in new stock. Under these provisions the consolidated company would have $13,750,000 of stock and $17,000,000 of the new 4 per cent, general lien bonds in addition to the funded debts of the two constituent companies. Deposits of the old stocks under this plan were to be made with J. P. Morgan & Co., New York.

Legal proceedings having been instituted by the authorities of Ohio as to the validity of the merger, the limit of Uie time for making deposits of stocks under the plan was extended until Maich X, 190&

The preferred stock is 4 per cent., non-cumulative, but after both classes of stock receive 4 per cent. In any year they share in any further division of surplus. The company has a statutory rig:ht to retire the preferred stock at par.

Transfer Agents, J. P. Morgan & Co., New York. Registrar, Central Trust Co., New York.

The first divklend on the preferred stock was declared in November, 1899, 1% per cent., payable January xo, X900. In July, X900, 3 per cent., semi-annual, was paid on old preferred, and also 3 per cent., semi-annual, January 16, X90X. Since that time regular 3 per cent, semiannual dividends havtf been paid on the preferred in JanuaiY and July.

The first dividend on common stock was per cent, from the earnings of the year X900-OX, paid July 30, X901, and 1% per cent, semi-annual dividends, or 3 per cent, per annum, were paid on the common in January and July until July X5, X907, when the rate was increased to 3 per cent.

Funded Debt

Hoddne Valley Ry. xst cons, mort., per cent., due Jan., 1999, Jan. and July. . . . $x4,xx4,ooo

CoL & liock. VaL, extended, xst mort, 4 per cent., due Oct., X948, April and Oct. . . x,4ox,ooo

Columbus & Toledo, extended ., 4 per cent., due Aug., X955, Feb. and Aug 3,441,000

Ohio & West Virginia, xst mort., 7 per cent., due May, 19x0, May and Nov 1,584,000

ToUL $x9,54o,ooo

The Manual. Of Statistics

There are also 4] and 5 per cent, car trust obligations for $3,088,635. The three bond issues g:iven last in the above table were left undistuibed by the reor|:animation.

The zst mortgage, 7 per cent., bonds of the Columbus & Hocking Valley Railroad were extended at 4 per cent.

This company guarantees $3,000,000 5 per cent, bonds of the Kanawha & Hoddni: Coal & Coke Co., due July, 1951, January and July, an $3,750,000 5s, due February, 1953, February and August, of the Continental Coal Co. See statement of the Sunday Creek Co. m the Industrial Section of the Manual.

For details of the reorganisation plan of the Columbus, Hocking Valley & Toledo Railway Co. and terms of exchange of old securities for new see the Manual for 1900.

Earnings Year ending June 30

Com. Pref. Gross Net Chaiges

1900-0X 4 4,653.S8 3,343,056 9871878 1,354.177

After the payment of per cent, dividends on the preferred stock for the year 1899-1900 the balance to credit of profit and loss was $938,983. In 1900-01 the 4 per cent, dividends on piefeiied and per cent, on the common required $716,334. In 1901-03, after pairing 4 per cent, on the preferred and 3 per cent, on the common, the surplus was $739,734. In 1900-03 miyellaneoos come included in the net was $686,861; dividends paid, $881,334; surplus, $903,774. In 1903-04, miscellaneous income,. $550,703 ; dividends paid, $900,300 ; balance surplus, $504,593; in 1904-05, miscellaneous income, $383,330 ; dividends, $930,000 ; charged to profit and loss, $67,863; balance surplus, $429,988. In 1905-06 miscellaneous income, $309,133; dividends, $930,000; improvements, $112,333; balance surplus, $588,114. In 1906-07, miscellanecms income, $445,437 ; dividends, $985,000 ; improvements, $530,438 ; surplus, $332,057.

Freight Traffic Statistics.

Average Total Tons Carried Freig;ht Rate per Ton Earnings per Av. Tons

Mileage Tonnase One Mile Density per Mile Train Mile per Train

In 1904-05 the total tonnage included 5,111,921 tons of bituminous coal ; in 1906-07, 5,513,853 tons.

President, Nicholas Monsarrat, Columbus, O. ist Vice-President, Ralph W. Hickoz, Cleveland. 2d Vice-President, James H. Hoyt, Cleveland. Assistant to President, F. B. Shddon, Columbus. Secretary and Treasurer, W. N. Cott, Columbus. Assistant Secretary and Astant Treasurer, A. H. Gillard, New York. Auditor, Louis P. Eker, Columbus.

Directors— Charles B. Alexander, New York. S. P. Bush, Columbus. W. N. Cott, Columbus. Robert M. Gallaway, New York. A. H. Gillard, New York. Ralph W. HidcoK, Cleveland. C. G. Hickox, Cleveland. James H. Hoyt, Cleveland. P. W. Huntington, Cohiinbus. Nicholas Monsarrat, Columbus. F. B. Sheldon, Columbus. R. S.' Warner, Cohimboa.. Henry R. Wilson, New York.

Main office, 50 East Broad street, Columbus, O. Annual meeting, fint Tuesday in October, at Columbus.

Houstok Texas Cemtrml Railroad Co.

A corporation formed under the laws of Texas April 11, 1893, which succeeded the railway company of the same name, the property having been sold under foreclosure.

Road owned, Houston, Tex., to Denison, Tex., 337.98 miles ; branch, Hempstead to Austin, Tex., 115 miles; Bremond to Ross, Tex., 55.30 miles; Garrett to Fort Worth, 53.P3 miles; Mexia Junction to Nelleva, 94.06 miles; Austin to Llano, Tex., 99.68 miles; branches, 34.16

Railroad Securities 157

miles ; total owned, 789.01 miles. In 1901, under an act of the Legislature of Texas, passed in iQOi, this company acquired Uy purchase the Fort Worth & New Orleans Railway, the Central Texas & Northwestern Railroad Co. and Austin & Northwestern. Locomotives, xo6; passenger cars, 108 ; cars, 3,009 ; service cars, 130. Stock Par $iao Authorized, $10,000,000 Issued, $10,000,000

Stock is transferred at the office of the company. New York.

The stock is principally owned by the Southern Pacific Co.

Funded Debt

xst mort., land grant, 5 per cent., due July, 1937, Jan. and July $3,523,000

Consolidated mort., land grant, 6 per cent., due Oct. 1912, April and Oct 1,566,000

General mort., 4 per cent., due April, 1921, April and Oct 4,275,000

Austin & Northwestern, ist mort., 5 per cent., due July, 1941, Jan. and July 1,920,000

Waco & Northwestern Div., xst mort., 6 per cent., due May, 1930, May and Nov. . . . 1,105,000

Fort Worth & N. O., xst mort., 6 per cent., due Dec., X925, June and Dec 709,000

Central Tex. & Northwestern, xst mort., 6 per cent., due Oct., xxi, April and Oct.. x8o,ooo

Lampasas Extension, xst mort., 5 per cent., due July, X937, Apnl and Oct 450,000

Total $13,727,000

The company had a land grant from the State of Texas, of which 947,384 acres were unsold June 30, 1906. Receipts from land sales not included below. They go to redeem the xst mortge, consolidated mortgage and general mortgage bonds which may be called at xio from proceeds of land sales.

Under the reorganisation of December 20, X887, the Southern Pacific Co. guarantees the interest on the ist mortgage, consolidated mortgage and general mortgage bonds.

Earnings Year ending June 30

Grou Net

X9Q-Q3 $5,285,894 $1,320,396

Cluurga

Surplus

$m6,xi3

&rs

x85,6is

Taxes are deducted from the net earnings.

President, R. S. Lovett, New York. Vice-President, Thomwell Fay, Houston, Tex. Secretary and Treasurer, William H. Field, Houston.

Main offices, Houston, Tex. New York office, 120 Broadway. Annual meeting, first Monday in April, at Houston.

Houstok. East A West Texas Railway Co.

Road owned, Houston to Lomsport, La., 190.94 miles. The line connects at Logansport, with the Houston & Shreveport Railroad, 39.78 miles, forming a continuous road to Shreveport. La., 230.72 miles. Locomotives, x8; passenger car$, 13 ; freight cars, 528 ; service cars, 13.

In x8p9 the Legislature of Texas authorised the consolidation of this company with the Houston & Shreveport The company's stock is owned principally by the Southern Pacific Co. Stock Par $100 Authorised, $x,92o,ooo Issued, $x,920,ooo

, Funded Debt xst mort., 5 per cent., due May, 1933, May and Nov $3,000,000

The Southern Pacific Co. guarantees $2,x99,cioo of the bonds, principal and interest, the right being reserved to redeem them at 105 and interest on six months* notice.

The company was placed in the hands of a Receiver in X885 and the property foreclosed in X892. In 1896 the company was again reorganised without foreclosure under plan of August, 1896. Old xst mortgage bonds for $3,840,000 were exchanged, 55 per cent, for new 5s and 45 per cent, for new ock. The xst mortgage is for $3,000,000.

The Houston & Shreveport Railroad Co. has $150,000 of xst mortgage 6 per cent, bonds, due July, 1917, Jan. and July.

Earnings Year ending June 30

Gross Net Charges Surplus

X903-04 $824,344 $84,884 $166,439 Def. $71,555

1904-05 x,o89,633 381,820 170,766 Sur. 2x1,053

The net is gven after the deduction of taxes.

President, R. S. Lovett, New York. Vice-President, Thorawell Fay, Houston, Tex. Secretary and Treasurer, Eugene Dargan, Houston.

Main office, Houston, Tex. Annual meeting, first Tuesday in December, at Houston.

HUKTIMGDOtl A BROAD TOP KOUMTAHI RAILROAD COAL CO.

Road owned, Huntingdon, Pa., to Mount Dallas, 45 miles ; coal branches, 23.30 miles ; total, 68.30 miles. Locomotives, 24 ; passenger cars, 12 ; freight cars, 2,688.

The preferred stock is 7 per cent., non-cumulative. Stock is transferred at the office of the company, Philadelphia.

Dividends of 7 per cent, were paid on the preferred stock from 1891 to 1896, inclusive. In 1897 paid 6 per cent, on the preferred ; in 1898, 5 per cent.; m 1899, $% per cent; in 1900, 7 per cent; in 1901, 5 per cent; in 1902, 6 per cent; in 19&3, 7 per cent; m 1904, 6 per cent; in 905. per cent. ; in 1906 and in 1907, 7 per cent. Preferred dividends are half-yearly, January 25 and July 25. The July, 1904, dividend on the preferred was reduced from per cent, to 254 per cent, and the latter rate was also paid in January, 1905. In July, 1905, 3 per cent was paid on the preferred, but in January, 1906, the rate was 4 per cent, and in July, 1906, 34 per cent, which has since been the semi-annual rate to January 25, 1908, inclusive. No dividends were paid on the common stock from February, 1897, until 1903, in which year per cent, was paid in February and in July. In January, 1904, x per cent, was paid on the common, but the July, 1904, dividend was passed, and no dividend on the common was paid in January, 1905, or subsequently.

Funded Debt

ist mort., extended, 4 per cent., due Sept., 1920, April and Oct $4x6,000

ad mort., extended 4 per cent., due Feb., 1925, Feb. and Aug 367*500

Consolidated mort., extended, 5 per cent., due March 31, X925, April and Oct 1,497,000

Total $3,280,500

There are also 4 and per cent, car trust certificates for $6x4,000 outstanding.

Earnings

Dividends

Com. Pref. Gross Net Chatitest Surplus

1899 SM 624,84X 274,051 io6,x90 i67.86x

190X 5 754, 3a4963 io6,xo5 ai8,868

J9oa 6 860,246 345,609 xo6,x90

1904 I 6 677,78x 253,630 xo6,i90 X4744B

1905 5K 797,467 353,153 106,190 346,965

President, Samuel Bancroft, Jr., Wilmington, Del. Vice-President and General Managier, Carl M. Gage, Philadelphia. Secretary and Treasurer. J. P. Donaldson, Philadelphia..

Directors— Joseph Bancroft, Wilmington, DeL Charles D. Barney, Philadelphia. Edward Bringhurst, Jr., Wilmington. Harrison K. Caner, Philadelphia. Robert K. Cassatt, Philadelphia. Charles S. Famum, Philadelphia. Carl M. Gage, Philadelphia. Samuel Heilner, PhiUdelphia. James W. Paul, Jr., Philadelphia. Lewis A. Riley, Philadelphia. Williaxn H. Shallcross, Philadelphia. Morris W. Stroud, Philadelphia.

Main office, Fourth and Walnut streets, Philadelphia. Annual meeting, first Tuesday in February, at Philadelphia. Books close sixty days previous.

Ilumois Cektral Railroad Co.

Road owned June 30, X007 : Miles Memphis to Louisville, Chesapeake, If Oes

Chicago to Cairo, 111. ( Ohio & Southwestern Railroad ... . 614

Centralia to Dubuque f Ohio Valley Raihttad 139

Dubuque & Sioux City 730 Memphis to Grenada, Miss too

Springfield to East St. Louis 98 Yazoo & Mississippi Valley RailtxMd. 1,239

Railroad Sbcurities I59

Miles MUes

Peoria to EvansviUe, Ind 351 St. Louis, Alton & Terre Haute Ry. . ajg

Controlled and leased : Branches 780

Cairo to New Orleans, Chicago, St. Chicago & Texas Railroad 80

Louis & New Orleans Railroad.. . . 547 Trackage 9

Tennessee Central Railroad 85

Total system 5,617

Operated separately by Yasoo & Mississippi Valley Railroad 1,339

Total operated 4,378

The Indianapolis Southern Railway, Indianapolis to Effingham, III., 177 miles, is controlled.

An extension from Jackson, Tenn., to Birmingham, /oa., was completed early in 1908, port of the line being trackage. In March, 1908, it was announced that this company would acquire the entire stock of the Central of Georgia Railway Co. See statement of the latter company.

In 1803 the Illinois Central Railroad Co. acquired control of the Louisville, New Orleans & Texas RaUroad Co., and consolidated it with the & Mississippi Valley Railroad Co. In November, 2893, acquired the Chesapeake, Ohio & Southwestern Railway. In 1896, leased the St. Louis, Alton & Terre Haute. In 1900 completed the construction of aline from Fort Dodge, la., to Council BlufiFs, la., and Omaha, Neb., 130 miles, which is part of the Dubuque & Sioux City Railroad, owned by this company. In December, 1899, acquired 85 miles of the St. Louis, Peoria & Northern from Springfield, 111., to Mt. Carbon, with trackage, 17 miles, to St. Louis.

In 1900 took over the Peoria, Decatur & Evansville Railroad, 356 miles, having purchased ocmtrol of that road from its bondholders. In 190Z the Cecilia branch of the Louisville & Nashville, 45 miles, which the company had operated under lease, was purchased. In 1905 in conjunction with the Southern Railway Co., it acquired control of the Tennessee Central Railroad Co. and on December 31, 1905, took over the portion of the latter road from Nashville to Hopkinsville, Ky., 85 miles.

Locomotives, 1,340 ; passenger cars, 859; freight cars, 57,601 ; service cars, 3,376.

Stock Par $100 Authorised, $95,040,000 Issued, $95,040,000

Leased line stock. . Par $100 Authorised, $10,000,000 Issued, $10,000,000

The leased line stock b entitled to 4 per cent, per annum. It was issued in June, 1883, when a dividend on the stock was paid to the stockholders in the proportion of 17 shares of special for each 100 shares of stock. The leased line stock is secured by an equal amount of the stock of the Chicago, St. Louis & New Orleans Railroad Co.

In November, 1895, stock was increased $10,000,000, making total issue $60,000,000. Of increase $3,500,000 was allotted at par forthwith, and in 1899, balance, $7,500,000, was sold. In 1900 the stock was increased $6,000,000 for equipment and extensions, and in October, 1900, the authorised amount was increased to $79,300,000, part of the increase being offered to stockholders at par. A further increase of $15,840,000 was made in August, 1903. The stockholders of record, September 19, 1003, were nven the right to subscribe at par for the increase in the proportion of so per cent, of their holdings.

In March, 1908, a special meeting was called for May 18, 1908, to vote on a proposition to increase the authorized stock to $133,553,000. It was stated that if this was ratified the stockholders might be invited to subscribe at par for one-half of the increase, the remaining one-half to be the basis of an issue of convertible bonds.

Stock is transferred at the office of the company, New York. Registrar, National Park Bank, New York.

For dividends paid see table of earnings belOw. In September, 1900, the half-yearly dividend was incrued to 3 per cent., putting the stock on a 6 per cent, basis. The dividends are paid semi-annually, 3 percent, each, on March i and September i. The March, 1905, regular dividend was accompanied by an extra dividend of per cent, in commemoration of the fact that the dividend was the one hundredth consecutive semi-annual one declared and paid. In September, 1905, H extra was also paid, and subsequent dividends have been 3K per cent, or at the rate of 7 cent, per annum. Dividends on the special leased line stock are paid semi-annually, 3 per cent, each, on January i and July z.

Funded Debt

Sterling mort. bonds extended, 4 per cent., due April, 1951, April and Oct $3,500,000

Sterling mort. bonds, extended per cent., due Dec., 1950, June and Dec 1,000,000

Springneld Division, refunding, mort., per cent., due Jan., 195 1, Jan. and July.. 3,000,000

Kankakee St Southwestern mort., cur., 5 per cent., due Aug., 1931, Feb. and Aug. . . 968,000

Gold mort. extended, per cent., due April, 1951, April and Oct 3,000,000

Mortgage bonds, gold, 4 per cent, due Jan., 1951, Jan. and July 1,500,000

Mortgage bonds, gold, per cent, due Jan., 1951, Jan. and July 3,499,000

i6o

The Manual Op Statistics

Funded TfLVt-— Continued

Sterling mort bonds, per cent., due July, 1950, Jan. and July $5,366,000

Sterling loan of 1895, 3 per cent., due March, 1951, March and Sept 2,500,000

Collat trust ± per cent, gold bonds, due April, 1953, April and OcL 15,000,000

Cairo bridge bonds, 4 per cent., due Dec., 1950, June and Dec 3,000000

Collateral trust, Louisville Division, 4 per cent., due Nov., 1953, May and Nov 95,000,000

Western lines, ist mort., 4 per cent., due Aug., 1951, Feb. and Aug 5,435,000

Louisville Division & Terminal, zst mort., per cent., due July, 1953, Jan. and July. 23,888000

St Louis Division & Terminal, ist mort., 3per cent, due July, 1951, Jan. and July. 8,377,000

" mort., 3 per cent, due July, 1951, Jan. and July 4999'7S

Litchfield Division, ist mort., 3 per cent, due Jan., 1951, Jan. and July 3,235,000

Omaha Division, 3 per cent., due Aug., 1951, Feb. and Aug 5,000/100

Purchased lines, ist mort., per cent., due July, 1953, Jan. and July 14,662,000

Chicago, St. L. & New Orleans, 2d mort., 6 per cent, due Dec., 1907, June and Dec 80,000

Chicago, St. L. & New Orleans, con. mort, 5 percent, due June, 1951, June and Dec. 11,989000

Chicago, St L. & New Orleans, ref. mort., per cent, due 1951, June and Dec.. . . it3S9ooo

Memphis Division 4 per cent gold bonds, due Dec., 1951, June and Dec 3t5oo,ooo

Funded Debt, Controlled Companies

Belleville & El Dorado, ist mort., 7 per cent., due July, 1910, Jan. and July $71,000

Belleville & Carondelet, ist mort, 6 per cent., due June, 1993, June and Dec 470,000

St. Louis Southern, ist mort., 4 per cent, due Sept., 1931, March and Sept 5318.000

Carb. & Shawnee., ist guar, mort., 4 per cent, due March, 1933, March and Sept . . 341,000

Iowa Falls & Sioux City, ist mort., 7 per cent, due Oct., 1917, April and Oct 2,800,000

The company pays the State of Illinois 7 per cent, on gross earnings of the original 705 mOei in lieu of taxes.

This company guaranteed under lease per cent, dividends on St. Louis, Alton & Tcm Haute stock, but acquired nearly all the same and that of the Belleville & Southern IlUnots n exchange for Illinois Central 3 per cent, bonds. In 1897 the company created the St Lonii Division & Terminal per cent, mortgage for $15,000,000 upon the St. Louis, AlUm & Tcne Haute property.

The purchased lines per cent, mortgage was created in 1904 to acquire title to oertaia auxiliary roads and unify the system. The lines covered by the mortgage aggregate inile& The mortgage is for $30,000,000, of which $5,338,000 was reserved to retire prior liens, and $3,500,000 to acquire additional properties.

The Western lines 4 per cent mortgage, created in i8,5i is for $10,000,000, but $4,575,000 of the bonds cannot be issued until the Iowa Falls & Sioux City 7 per cent mortgage for $3,800,000 has been discharged and the property freed of the lien.

The collateral trust bonds, 4 cent., due 1952, are secured by $16,350,000 of books of the Yazoo & Mississippi Valley and other controlled rai' roads.

The Louisville Division 4 per cent, gold bonds, due 195, are secured by $35,840,000 books of the Louisville, New Orleans & Texas Railway Co , including $16,833,000 ist mortgage bonds of that road.

The Litchfield Division 3 per cent, mortgage is for $4,000,000, and was created in looo to acquire the portion of the St. Louis, Peoria & Northern from Litchfield at East St Louis.

Interest on the various bond issues is paid at the office of the company. New York.

Earnings Year ending June 30 Per Cent.

Div. Paid Grois Oper. Exp. Net Chaixet

1898-99 5 38,114,689 64.7s ",133,506 6,803,004

Charges include rents of subsidiary roads and guaranteed obligations.

Surplus 5.757.374 6,967.659 9i 790.461

io,86a339 11,687,091

Railroad Securities

z6i

Betterments, etc. Dividends Surplus

i909-( $4981,353 $5,702,400 $1,178,186

3."5.946 5.703,400 47,.S8o

Freight Traffic Statistics

Averaipe Total Tons Carried Freight Rate per Ton Eaminssper Average Ton

Mileage Tonnage One Mile Den&ity per Mile Train Mile per Train

i899<.. 3,845 16,030,835 3,435,794,698 890,986 a65o 1.44 33i

1903-03.. 4,393 31,881,870 5.iAS43,778 1,305,816 o.9i 1.70 388

19Ps06.. 4,433 35,641,146 6,330,593,529 1,408,683 0.556 1.96 353

Gross and Net Earnings by Months for Three Years

Gross Net Gross Net Gross Net

January $4,085,967 $1,105,003 $4,516,438 $1,5x3,139 $4,659,059 $1,388,113

February 3i5i3,533 665,809 4,366,911 1,389,381 4,438,661 1,301,463

March 4,355,593 1,398,423 4,0,563 1.536,971 5,076,630 1,779,957

April 3,751.193 653,55/. 4.333,913 1,091,031 4,741,386 1,303,334

May 3,831,078 657,174 4,358,971 999,069 4,862,104 1,292,916

Jane 4,110,694 1,133,275 4,300,388 1,044,187 4,882,894 1.648,940

July 3,748,999 907.117 4,343,146 1,159,398 4,648,354 1,109.300

Augiwt 4,015,835 1,181,048 4,486,251 1,214,223 4.786,501 981,306

September 3.960,057 993.558 4.647.543 337,48i 5,002,098 1,101,129

October 4,481,706 1,297,006 4.876,771 1,333,697 5308,878 1,330,644

November 4,458,061 1,613,744 4,630,897 1,342,188 4,860,763 1,386,500

December. 4,654,564 1,633,694 4,976,39o 1,644,400 4,640,579 1.335.738

Aver, per month. 4,079,773 1,103,200 4,533,098 1.300,263 4,834,813 1,304.944

President, James T. Harahan, Chicago. Assistants to President, J. F. Titus, Chicago. L. C. Fritch, Chicago. Vice-President and Secretary, Alexander G. Hackstaff, New York. Vice-President, I. G. Rawn, Chicago. Assistant Secretary, W. G. Bnien, Chicago. Assistant Secretary, D. R. Burbank, New York. Treasurer. Edmund T. H. Gibson, New York. Assistant Treasurer, J. W. Carlin, New York.

Directors — J. Oeden Armour, Chicago. John Jacob Astor, New York. John W. Auchindoes. New Yoik. Qiarles M. Beach, Hartford, Conn. J. DeW. Cutting, New York. Charles S. Deneen, Springfield, IlL Robert W. Goelet, New York. Alexander G. Hackstaff, New York. James T. Harahan, Chicago. Edward H. Harriman, New York. Walther Luttgen, New York. Charles A Peabodr, New York. Cornelius Vanderbilt, New York.

Main office. Grand Central Station, Chicago. New York office, 115 Broadway. Annual meeting, third Wednesday in October, at Chicago.

/UmO/S, IOWA A M/KHESOTA RAILWAY CO.

A corporation formed under the laws of Illinois, December 11, 1903. Road owned, Joliet to Momence, HI*, 34 miles; Rockford, 111., to Aurora, 111., 66 miles; total owned, 100 miles. Trackage over Elgin, Joliet & Eastern Railway, Aurora to Joliet, 35 miles ; total operated, 135

Two auxiuarv companies have been organized, the Illinois, Indiana & Gary Railway Co., and the Milwaukee, Rockford & Eastern Railway Co., to build extensions to Gary, Ind., and Milwaukee respectivelv, an aggregate of about 142 miles. Preliminary surveys have been made for these roads, which will give the company a belt line around Chicago of 267 miles. The Rockford Belt Railway, which is building a belt line at Rockford, 111., is also controlled. It is stated that the four corporations will be merged during 1908 into the Chicago, Milwaukee & Gary Railroad Co. Locomotives, 7 ; passenger cars, 2 ; freight cars, 353.

i63 THE MANUAL OP STATISTICS

Stock Par $zoo Authorixed, $5,000,000 Issued, $5,000,000

Stock is tnmsfeired at the office of the company, Chicago.

Funded Debt xst mort., 5 per cent., due March, 1944, March and Sept $a,890,ooo

The zst mortgage Is $5,000,000 authorized, $4,000,000 thereof being issuable at the rate of $jo,ooo per mile of completed track and the remaining $x, 000,000 reserved for the acquisition of connecting lines. Trustee of the mortgage and agent for the payment of Interest, Ilbnois & Savings Bank, Chicago.

President, H. W. Seaman, Chicago. Vice-President, J. C. Van Riper, St. Louis. Vice- President, B. H. Harris, Chicago. Secretary, F. M. Clark, Chicago. Treasurer, W. F. McSwiney, Chicago.

Directors— S. W. Fordyce, St. Louis. B. H. Harris, Chicago. William Kenefick, Chicago. H. W. Seaman, Chicago. J. C. Van Riper, St. Louis. Edwards Whitaker, St. Louis.

Main office, Rookery Building, Chicago. Annual meeting, third Monday in April, at Chicago.

The Illihois Southerk Railway Co.

This company is the successor of the Centralia & Chester Co., sold in foreclosure. May z6, 1900. The present company took possession June x, xgoo.

Road owned, Salem, 111., to Moro Landing, III., 79.31 -miles; Little Rock Landing, Mo., to Bismarck, Mo., 4:i.28 miles; Mississippi River Transfer, x mile; Missouri Junction, 111., to Chester, 111., ZO.70 miles; total owned, 133.36 miles; leased, 3.81 miles; total operated, 136.07 miles. In X9Q3 the company acquired the Southern Missouri Railway, Little Rock Landing, Mo., to Bismarck, Mo. Locomotives, 17; passenger cars, 10; freight cars, 432. The company also owns a transfer steamer.

The preferred stock is 6 per cent, cumulative. Stock is transferred by the Secretary of the company, Chicago. Registrar, The Equitable Trust Co., Chicago.

Funded Debt xst mort., 4 per cent., due Dec., X953, June and Dec $4,400,000

The xst mortgage, created in 1903, is for $5,000,000, and replaced $x,ooo,ooo oM 48, mater- 195I1 which were never issued. The company, in January, X906, had $t3x,ooo of equipment notes.

Earnings Year ending June 30

Gross Net CharKes Surpita

X909-O3 $i474ia $10,276 $37tSa8 Def. $37,552

X9Q3-04 307,130 i4x,8io X37.Soa Sur. 4,308

X904-05 368,747 190,45a 193,431 Dcf. 1,569

X905-06 335*034 xxx,3X2 2io,x8o " an

President, John W. Walsh, Chicago. Vice-President, Maurice Rosenfeld, Chicago. Secretary and Treasurer, Charles F. Weinland, Chicago. Auditor, A. F. Williams, Chicago.

Directors— W. T. Abbott, Chicago. William Burry, Chicago. Samuel InsuU, Chicaga Maurice Rosenfeld, Chicago. John R. Walsh, Chicago. John W. Walsh, Chicago. A. Walton, Chicago.

Main office, Grand Central Station, Chicago. Annual meeting, fourth Wednesday in September, at Chicago.

Ihterhatiohal 6Reat Hortherr Railroad Co.

A corporation formed under the laws of Texas, September 33, 1873, as a consolidation of the International Railroad Co. and other roads. The company was reoianised in 189a without foreclosure. Control, through ownership of stock, is vested in interests Identified with the Mis> souri Pacific. For details of the reorganization see the Manual for X900.

Road owned, Longview, Tex., to Laredo, Tex., 494 miles; Palestine to Houston, Teac. xsi miles; Fort Worth to Sperry, 278 miles ; branches, x86 miles ; total, i,xo9 miles; trackaee! Houston to Galveston, 50 miles; total operated, x,x59 miles. Company has equal rights with

Railroad Sbcuritibs 163

the Missouri, Kansas & Texas Railway Co., in the Galveston, Houston & Henderson Railroad, 50 miles, and the use of same. Locomotives, 135 ; passenger can, 95 ; freight cars, 3715*

The company bemg in default in its interest charges, Receivers were appointed by the United States Court, in Texas, on February a6, 1908. Stock Par $xoo Authorised, $35,000,000 Issued, $9,755,000

Stodc is transferred by the Secretary of the company, Palestine, Tex.

Funded Debt

ist mort., 6 per cent, due Nov., 19x9, May and Nov $11,991,000

ad mort., 5 per cent, due Sept., 1909, March and Sept 10,391,000

3d mort., 4 per cent, (income till 1897), due Sept., 1931, March and Sept 3,966,053

Colorado bridge bonds, 7 per cent, due May, 1930, May and Nov 198,000

Total $24,846,053

There are also equipment trusts for $78,650.

The coupons, due March i, 1908, on the ad mortgage bonds were not paid. A bondholders protective committee for the 2ds consists of Mark T. Cox, New York, Edgar L. Murston, New York, and John W. Hamer, Philadelphia. Depositary. Farmers* Loan & Trust Co., New York.

Earnings

GroM Net ChargcK Surplus

9cw $5,348,913 $1,394,080 $i,379569 $X4.5"

1904 5,880,119 i,397.5i 1,993,067 Def. 595,916

1906 (6 months ending June 30) 3,108,121 183,143 873,899 " 690,756

Included in the charges for i90i,is $101,470 for new equipment; in 1903, $85,130; in i9P3 $95,803, and in 1904, $316,044 for similar items.

Receivei*, J. F. Freeman, Palestine, Texas.

President George J. Gould, New York, ist Vice-President, Frank Jay Gould, New York, ad Vice-President, H. W. Clarke, Palestine, Tex. Secretary and Treasurer, A. R. Howard, Palestine. Assistant Secretary amd Assistant Treasurer, Henry B. Henson, New York. Auditor, W. L. Maury, Palestine.

Directors— H. W. Clarke, Palestine, Tex. Ira H. Evans, Austin, Tex. Edwin Gould, New York. Frank Jay Gould, New York. George J. Gould. New York. Howard Gould, New York. A. R. Howard, Palestine. W. L. Maury, Palestine. N. A. Stedman, Austin.

Main office, Palestine, Tex. New York office, 195 Broadway. Annual meeting, first Monday in November, at Palestine.

Ikteroceakic Railway Of Mexico, Likited

A corporation formed under the laws of Great Britain in 1888. It acquired concessions from the Government of Mexico for the building and operation of a railroad n-om Vera Cms to Acapuico, via the City of Mexico, the concession being for 99 years from 1883. The line from Vera Crux to the City of Mexico was completed in 1891.

Road owned, main line, Vera Cruz to the City of Mexico, 343 miles ; branches, 394 miles ; total, 736 miles.

In looi the company acquired the Nautla Railway, 79 miles, and began the construction of a cut-off of 61 miles from Virreyes to San Nicolas to reduce the distance and grades on its main line. The arrangements made in this connection include the creation of a company under the title of The Mexican EUistem Railway Co. In 1903 the Mexican Eastern Railway, 139 miles, was completed and taken over by this company.

In 1903 the National Railroad Co. of Mexico obtained from the Mexican Government considerable interests in the securities of this company and a contract was made by which that company assumed the operation of the road on behalf of the company. A consolidation of this company with the National Railroad Co. of Mexico was authorized in 1903.

Locomotives, 93 ; passenger cars, 100 ; freight cars, 1,377.

The preference share capital is 7 per cent., cumulative, but arrears are payable when and as the profits of the company will allow of such payments. In 1905-06, a dividend of 4 shillings per share was paki on account of the accumulated preferred dividends.

Stock is transferred by the Secretary of the company, London, Eng.

i64 THE MANUAL OF STATISTICS

Funded Debt

Prior lien's per cent, debentures, due 1913, Jan. and July £mso,ooo

Four per cent, debenture stock, due 1950, March and Sept 099.886

Four and one-half per cent, ad debenture stock, due 1950 June and December 1,150,000

Seven per cent. B debenture stock, income, non-cumulative, Dec 469,459

Mexican EUutem debenture stock, 5 per cent., due Jan., 1984, June (15) and Dec 400,000

Total ;3,"o,345

In 1896 the company was reorganised, the 6 per cent, debenture stock then outstanding being retired with the present Issues.

In X901 the second debenture per cent, stock was created, the toUl amount being ;x, 300,000, of which ;xso,ooo was subscribed for by the stockhoklers at 86. In 1909-03, ;x, 000,000 additional was issued, part of the proceeds being used to retire the 7 per cent, debenture A income stock.

In March, 1903, the £735*3190 of 7 per cent. A debenture income stock was called for redemption at xxo in accordance with the terms of its issue. The 7 per cent. B debentures can aU be called and retired on six months* notice at xao.

Earninos

In Mexican Currency. Year ending June 30 Grots Net

i9oa-o3. 5.324,396 849,609

X903-04. S.950M9 1,488,036

X90S-06 6,460,339 i,W5,847

X906-07 7, 192,995 1,895,466

In 1899-00 the equivalent of the net in English currency was ;£*i 15,648 ; in X900-OX, £'xox,075 ; in 190X-03. j73.3ao; in x902-03, ;65,439 ; in 1903-04, £x47,626; in 1904-05, ji38,83x; tn I905-O6, j6 '90,360, and in 1906-07, ;£*i94,8o4.

Chairman, Harrison Hodgson, London, Eng. Mexican Government Representative, Luis Camacho, London. General Manager, A. Clark, City of Mexico. Secretary, C. E. Scruby, London. Treasurer, Carlos Carral, City of Mexico.

Directors— Luis Camacho, London. Arthur Hill, London. Harrison Hodgson, London. H. T. Hodgson, London. G. W. Hoghton, London. J. Barr Robertson, London. Chandos S. Stanhope, London.

Main office. City of Mexico. London office, 9 New Broad street. New York Office, 60 Wall Street. Annual meeting in December.

tttyERKESS RAILWAY A COAL CO.

A corporation formed under a charter of the Province of Nova Scotia in X887, with subsequent legislative amendments.

Road owned, Point Tupper, Cape Breton, to Inverness, Cape Breton, 6x miles. Locomotives. 6 ; cars, 4 ; freight cars, 140.

The former title of the company was Inverness & Richmond Railway Co., Limited, which in 1901 purchased all the assets of the Inverness- Richmond Collieries & RaUway Co. of Canada, Limited, and the company's name was changed to the present title by the Legislature.

Stock Par $100 Authorised, $7,500,000 Issued, $7,500,000

Stock is transferred by the Secretary of the company, Toronto.

Funded Debt xst mort., 5 per cent., due May, 1939, May and Nov $9,115,000

The authorised amount of the xst mortgage is $3,000,000. The trustee of the mortgage is the National Trust Co., Limited, Toronto. Interest on the bonds is pa:able through the Canadian Bank of Commerce, Toronto, or at the office of that company in London. The bonds cover both the railway and coal properties of the company.

The company received subsidies from the Dominion, Province of Nova Scotia and Municipal Governments aggreting $999,000, of which $651,545 has been paid.

Railroad Sbcuritibs

6s

Earnings

Year eDding June JO Gross Net

i909-<33 $401823 Def. $1,500

Presldeiit, William Mackenzie, Toronto. Vice-President, Donald D. Mann, Toronto. General Manager, W. D. Barclay, Halifax.

Directors — Ekimund Bristol, Toronto. R. M. Home-Pasme, London, Eng. Lewis Lukes, Toronto. William Mackenzie, Toronto. Donald D. Mann, Toronto.

Main office, z Toronto street, Toronto. Operating office, Inverness, Cape Breton. Annual meeting in October, at Toronto.

Iowa Ventral Railway Co.

This company is a reorganisation in 1888 of the Central Iowa Railroad Co.

Road operated, Albia, la., to Albert Lea, Minn., 905.32 miles ; Oskalooea, la., to Peoria, IlL, 188.90 miles ; branches, 164.21 miles ; total operated, 558. miles. Of this mileage 490.23 miles are owned, 27.70 miles are owned jointly and 40.50 mues are leased. Trackage, Iowa Junction, 111. , to Peoria, IlL , 3 miles. Part of main line, ManW Junction, la. to Northwood, la. , 12 miles, is leased to the Burlington, Cedar Rapids & Northern Railway and is operated jointly with that company. Locomotives, 84 ; passenger cars 47 ; freight cars, 3,185.

In 1900 interests identified with the Minneapolis & St. Louis obtained control of this company.

The preferred stock is 5 per cent, non-cumulative, and after the common has received 5 per cent, both classes share eouaUy in further surplus.

The stocks as given above include outstanding scrip of both issues. Stock is transferred at the office of the. company. New York. Registrar, Mercantile Trust Co., New York.

In 189a z per cent, vras pud on the preferred, but no further dividend was paid until the declaration of per cent., March i, 1899. In September, 1899, per cent, was paid on the preferred, and a dmilar dividend in March, 1900. The September, 1900, preferred dividend was passed, and no dividends have been paid since.

Funded Debt

ist mort., 5 per cent, bonds, doe June, 1938, June and Dec $7,650,245

zst and refunding mort., 4 per cent., due March, Z951, March and Sept '5,340,000

Total $Z2,99o,245

Tbe refunding mortgage created in 1900 is $25,000,000, authorized. With the $2,000,000 of these bonds which werelsmied the company retired the Keithsburg Bridge Co. bonds and other maturing obligations. In February, 1904, the company made a temporary loan of $i,ooo,ooo

On June 30, 1907, the company had in its treasury $3,270,000 of the refunding 4 per cent, bonds.

Earnings Year ending June 30

Gross Net

Z900-01 2,284,123 514*1

Interest, etc. $441,401

Surplus

„" 77,073 Sur. 237,442

Def.,

Average Mileage

Total Tonnage 1,667,202 1,866,971 1,727,114

Freight Traffic Statistics

Rate per

Tons Carried

One Mile 252,497,682 296,184,406 275,682,243

Prei|;ht Rate per Earnings per Av'geTons

Density Ton per Mile Train Mile per I'rain

i66 THE MANUAL OP STATISTICS

Freight Traffic Statistics— Cn/mir/

Average Total Tons Carried Freight Rate per Ton Earnings per Aver. Tons

Mileage Tonnage One Mile Density per Mile Train Mile per Train

I90j04 558 1,822,534 290,560,446 520,317 0.640 1.25 19s

1904-Os 558 2,050,024 336,677,181 631,870 0.598 1.47 346

President, Edvrin Hawley, New York. Vice-President and Treasurer, F. H. Davis, New York. Vice-President and General Manager, L. F. Day, Minneapolis. Secretary, A. C. Doan, New York. Assistant Treasurer, W. W. Cole, Minneapolis. Auditor, L. G. Scott, Minneapolis.

Directors— E. C. Bradley, New York. W. S. Cnmdell, New York. F. H. Davis, New York. L. F. Day, Minneapolis. A. C. Doan, New York. Henry A. Gardner, Chicago, kdwin Hawley, New York. H. E. Huntington, New York. Paul Morton, New York. Charles W. Osborne, New York. John £. Searles, New York. William Shillaber, New York. Theodore P. ShonU, New York. Frank TrumbuU, New York. Levi C. Weir, New York.

Mam office, Minneapolis. New York office, 25 Broad street. Qiicago office. First National Bank Building. Annual meeting, first Friday after first Thursday in September, at Chicago.

Kamawha A Hichigak Railway Co.

(Controlled by Toledo & Ohio Central Railway Co.)

Road owned. Coming, O., to Hobson, O., 57.05 miles ; Kanauga, O., to Point Pleasant, W. Va., 2 miles; Point Pleasant to Chesapeake & Ohio Junction, W. Va., 94.09 miles; branches, 5.20 miles; total owned, 158.34 miles; trackage, 18.70 miles; total operated, 177.04 miles. Also owns Buckingham Branch, Gloucester, O., to Carrington, O., xx.z7 miles, leased to Toledo & Ohio Central. Locomotives, 59 ; passenger cars, 23 ; freight cars, 5,091.

Formerly the Kanawha & Ohio Railroad, which was successor to River Division of the Ohio Central Railroad, foreclosed 1885, and reorganized by its bondholders, the road being oontroUed in the interest of the Toledo & Ohio Central, which company guaranteed the bonds.

In August, X906, a plan was submitted for the consolidation of the company with the Hocking Valley Railway Co. Under its terms, holders of the $4,490,000 of the company's stock outstanding in the hands of the public, were asked to exchange the same for 60 per cent., of their face in the stock of the new company. The consummation of the plan was, however, interfered with by legal opposition on the part of the Ohio State authorities, and the time for making deposits of stock extended until March i, 1908. See statement of the Hocking Valley Railway Co., for details. Stock Par $100 Authorised, $10,000,000 Issued, $10,000,000

The company has in its treasury $1,000,000 of its own stock.

Transfer Agents, J. P. Morgan & Co., New York. Registrar, Central Trust Co., New York

Funded Debt tst mort., 4 per cent., due April, 1990, April and Oct $2,469,000

The company also had on June 30, 1907, car trust obligations for $1,841,650.

In connection with the plan for consolidation with the Hocking Valley Railway Co. authority was given by the stockholders in June, 1907, for the creation of second mortgage 5 per cent. bonds for $2,500,000, due July, 1927, to be used to revue floating debt and car trust, and provide for improvements.

Earnings

Year ending June 30

Gross Net Charges Surplus

1897-98 S558.342 $152,443 $138,148 $i4,a94

19P3-04 1,657,666 356,399 248,041 8,358

i905-<d6 2,152,762 536,128 35,380 300,748

In 1901-02 and following years taxes are deducted from the net earnings.

Railroad Securities 167

Chairman, Decatur Axtell, Richmond, Va. President, Nicholas Monsarrat, Columbus, O. ist Vice-President, Ralph W. Hickoz, Cleveland, ad Vice-President and Secretair, J. M. Ferris, Toledo, O. Treasurer and Assistant Secretary, L. D. Kelley, Toledo. Auditor, John Landgraf, Jr., Toledo.

Directore— Decatur Axtell, Richmond, Va. William H. Goodby, New York. Ralph W. Hickoz, Columbus. James H. Hoyt, Columbus. C. T. Lewis, Toledo. Georre D. Mackay, New Yo. Nicholas Monsarrat, Columbus. Charles H. RoberU, Oakes, N. Y. F. D. Underwood, New York.

liain office, Toledo, O. Annual meeting, first Tuesday in June, at Coming, O.

Kaksas City, Cuhtom A Sprihgfielo Railway Co.

A corporation formed under the laws of Kansas, February la, 1885. Road owned. Ash Grove, Mo., to Olathe, Kan., 154 miles; Raymond Junction, Mo., to Pleasant Hill, Mo., 8 miles; Springfield, Mo., to Arcadia, Kan., 85 miles; total, 347 miles. Locomotives, la, passenger cars, 9 ; ight cars, 16a.

The company was controlled by the Kansas City, Fort Scott & Memphis Railroad Co., which [guaranteed its bonds. On the formation of the present Kansas Citv, Fort Scott & Memphis Railway Co., the portion of the latter road from springfield, Mo., to Arcadia, Kan., 85 miles, was sold to this company, which assumed $a,ooo,ooo of Kansas City, Fort Scott & Memphis Railroad consolidated 6 per cent, bonds as part of the transaction. Stock Par $100 /.Authorised, $1,775,400 Issued, $1,775,400

Transfer Agent and Registrar, Old Colony Trust Co., Boston.

Funded Debt

ist mort., 5 per cent., due Oct., 1995, April and Oct $3,193,000

K. C, Ft. S. & Mem. R.R. cons., 6 p. c, mort. assumed, due May, 1938, May and Nov. 3,000,000

Total $5,193,000

The Kansas City, Fort Scott & Memphis Railroad Co. (old company) guaranteed the first mortgage bonds of this company, this guaranty having been assumed by me present Kansas City, Fort Scott & Memphis Railway Co.

Earnings Year ending June 30

Gross Net Chareet Deficit

1901-oa $307,374 $136,968 $973&9 $146,693

i9a-o3 356,656 1951984 97.<

i904-<>5 396,961 i55o58 309.497 154,439

President, H. S. Priest, St. Louis. Secretary and Treasurer, E. M. Smith, Springfield, Mo.

Directors— Wilbur F. Boyle, St. Louis. I. P. Dana, Kansas City, Mo. W. T. Johnson, Kansas City. John H. Lucas, iOmsas City. Edward T. Miller, St. Louis. Charles A. McCann, Springfield, Mo. C. C. Nelson, Fort Scott, Kan. H. S. Priest, Springfield. E. M. Smith, Springfield.

Main office, Springfield, Mo. Annual meeting, second Wednesday in March, at Kansas City.

Kaksas City, Fort Scott A Memphis Railway Co.

(Controlled by St. Louis & San Francisco Raiboad Co.)

A corporation formed under the laws of Kansas, June 14, 1901. The company took over the property of the Kansas Citv, Fort Scott & Memphis Raihoad Co. in the interest of the St. Louis & San Frandsco Railroad Co., which had purchased control of that property. The St. Louis & San Frandsco leased this road for 99 years from August 33, 1901, and it is operated as part of the San Francisco system.

Road owned, Kansas City, Mo., to Memphis, Tenn., 485 miles ; branches, 439 miles; total, 914 miles. Controlled, Kansas City, Memphis & Birmingham Railroad, 386 miles ; total, i,3oi miles. The mileage includes a bridge over the Mississippi at Memphis, Tenn., completed in

The Kansas City, Clinton & Springfield, 347 miles, and Kansas City, Memphis & Birmingham, aftS miles, were also controlled in the interest of the old company, which guaranteed the bonds of former and made a traffic guarantee of bonds of the latter.

i68 THE MANUAL OF STATISTICS

The Kansas Ciw, Fort Scott & Memphis RaUroad Co. was a consoUdaUon on April ao, 1888, of the Kansas City, Fort Soott & Gulf and the Kansas City, Springfield & Memphis RaibtMul Companies. The Kansas City, Fort Scott & Gulf was the successor of the Missouri River, Fort Scott & Gulf, foreclosed and reoriganixed in 1879.

In FebruaiT, 1901, it was announced that a majority of the stock of this company and of the stock and income bonds of the Kansas City, Memphis & Birmingham Railroad Co. had been sold to capitalists identified with the St. Louis & San Francisco Railroad Co. The terms of the sale were $150 per share, in cash, for the preferred stock of this company, and $75 cash and 25 per cent, in new securities for each share of common stock. All of the common stock is held by the St. Louis & San Francisco Railroad Co.

Preferred stock trust certificates, 4 per cent., guaranteed, quarterly, Jan. . . . Par $xoo. . 1510,000

The preferred stock is 4 per cent., non-cumulative.

All of the preferred stock now issued is held in trust, and $13,510,000 of preferred stock 4 per cent, trust certificates, have been issued against the same. Interest on the trust certificates is paid quarterly, in January. April, July and October, at the Mercantile Trust Co., New York. The St. Louis & San Francisco Railroad Co. guarantees the certificates and can retire them at par at anj time, and is obli£;ated to do so in twenty years, that is, in 1031. The outstanding trust certificates were offered to the St. Louis & San Francisco stockholm<(ers for subscription in June, 1901.

The terms of the lease to the St. Louis & San Francisco Railroad Co. provide for a rental equal to the interest on the company's bonds and 4 per cent, on the preferred stock.

Funded Debt

Railway Co. refunding mort., 4 per cent., due 1936, April and' Oct $90,015,000

Railroad Co. ist mort., sinking fund, 7 per cent., due June, 1908, June and Dec. . . . . 3,056,300

" oonaol. mort., 6 per cent., due May, 1928, May and Nov X3i 756,000

Memphis, Kan. & Col. Ry., ist mort, 7 per cent., due Sept., 1910, March and Sept.. 492,000

Current River, guar, ist mort, 5 per cent., due Oct., 1927, Apnl and Oct x,6o6,ooo

Fort Scott Equipment Co., ist mort, 6 per cent., due July, 1909, Jan. and July 100,000

Osark Equipment Co., ist mort., 5 per cent, due May, 1910, May and Nov 342,000

Kansas & Missouri R. R., ist mort., 5 per cent, due Aug., 1922, Feb. and Aug 390,000

Car Trusts, and 5 per cent, various 2,443,90a

Total $4i,i8o,5oa

Bonds of Auxiuary Companies K. C. & Memphis Ry. & Bridge, ist mort., 5 per cent, due Oct., 1929, April and Oct . $3,000,000

K. C. Belt Ry. ist mort, 6 per cent, guar., due July, 19 16, Jan. and Jul 534,000

Birmingham Belt R.R., ist mort., guar., 4 per cent., due Oct., 1922, April and Oct. . 1,000000

See sutement of the Kansas City, Memphis & Birmingham Railroad Co. for the funded debt of that company.

The refunding mortgage created in 1901 is for $60,000,000. Of the issue $11,650,000 was offered for subscription in June, 1901. The bonds are guaranteed, principal and interest, by the St. Louis & San Francisco Railroad Co. Trustee of the mortgage ana agent for payment of interest. Mercantile Trust Co., New York.

The Kansas City Belt Railway ist mortgage is for $2,500,000. The f.ill amount is outstanding, but the Kansas City, Fort Scott & Memphis Railway Co., has guaranteed only $534,000 of the same.

The earnings of the company since 1901 have been included in those of the St Louis & San Francisco Railroad Co.

President, A. J. Davidson, St. Louis. Secretary and Treasurer, W. A. Wykoff, Oswego, Kan.

Corporate office, Oswego, Kan. Main office, St. Louis. New York office, 115 Broadway. Annual meeting, second Monday in June, at Oswo.

Kahsas City, Memphis A Birmimgham Railroad Co.

(Controlled by Kansas City, Fort Scott & Memphis Railway Co.)

Road owned, Memphis, Tenn., to Birmingham, Ala., 266 miles ; branches, 20 miles ; total, 286 miles.

The road was buik in the interest of the Kansas City, Springfield & Memphis, which gave a traffic guarantee of 10 per cent, of gross earnings from joint traffic to meet charges and retire bonds. The Kansas City, Fort Scott & Memphis Railroad Co. owned one-half the stock.

Railroad Securities 169

Control of this company as well as of the Kansas City, Fort Scott & Memphis Railroad Co. was acquired in Februaiy, 1901, by interests connected with the St. Louis & San Francisco Railroad Co. The property is operated as part of the St. Louis & San Francisco system. Stock Par $100 Authorised, $5,976,000 Issued, $5,976,000

Funded Debt

General mort., a-4 per cent, due March, 1934, March and Sept $3i333f39o

Income bonds, 5 per cent., due March, 1954, Sept., or coupon March and Sept 5,923,380

Total $9,246,670

In 1902 the Kansas City, Fort Scott & Memphis Railway Co. guaranteed the interest and principal of all but $525,780 of the income bonds of this company, the bonds to be stamped with a provision that they uiould be subject to call at 05 and interest within 10 years from September X, 1903. All but $387,280 have been stamped and mterest is fixed, payable March and September.

Earnings since 1901 have been included in those of the St Louis & San Francisco Railroad

President, A. J. Davidson, St. Louis. Secretary and Treasurer, Frank H. Hamilton, St. Louis.

Main office, St. Louis. Annual meeting, first Wednesday in February, at Memphis.

The Kmksas City. Kexico A Oriekt Railroad Co.

A corporation formed under the laws of Kansas in 1900. Road projected from Kansas City, Mo., to Topolobampo, Mexico, on the Pacific, a total of 1,629 miles. Also a cut-off from San Angelo to Spofford Junction, Texas.

Road completed and in operation March z, 1908, about 724 miles, of which 275 miles is tiadcage over the Chihuahua & Pacific Railway, Chihuahua to Minaca, Mexico, 120 miles. The completed sections are as follows: From Wichita, Kan. to the Red River, 272 miles; from Chihoahua, Mexico, eastward to Fakmir, Mexico, 88 miles; from Minaca, Mexico, westward to Sanches, Mexico, 73 miles; from Topolobampo, eastward to Homillias, Mexico, 75 miles; total 509 miles. Controlled by interests identified with the company. The Kansas City, Mexico & Orient Railway of Texas which has completed from Sweetwater, Tex. , to Beu jamin , Tex. , 90 miles. Work is also in progress on various sections of the line, and considerable additional mileage will be completed in 1908. The company has an arrangement with the Kansas City, Outer Belt & Electric Railroad Co. for terminals at Kansas City. The Kansas Citv, Mexico & Orient Railroad Co. of Texas is chartered to build from the Red River to the Mexican boundary. It is also to acquire the Colorado Valley Railroad. Locomotives, 55 ; passenger cars, 39 ; freight cars, 1,9; service cars, 55.

Of the bonds issued $3,110,000 are in the company's treasury, $3,500,000 have been sold and the balance are held the Union and International Construction Co*s, which are under contract to complete the road from Kansas City to Topolobampo. The preferred stock is 4 per cent., non-tcomulative. Stock is held in a voting trust for ten years.

Transfer Agent, United States & Mexican Trust Co., Kansas City. Registrar, National Bank of Commerce, Kansas City.

Funded Debt ist. morL, 4 per cent.j due Feb., 1951, Feb. and Aug $12,187,000

In 1901 the company executed a mortgage to the United States & Mexican Trust Co., Kansas City, for $20,000,000, securing 4 per cent., 50-year bonds, due February, 1951. to be issued at the rate of $32,500 per mile of road. It is provided that the total amount 01 the bonds may be increased for further construction purposes. In 1905 arrangements were effected for the issue of $3,000,000 car trust bonds.

President, Arthur E. Stilwell, Kansas City. Vke-President and General Manager, Edward Dickinson, Kansas City. Vice-Presidents, Enrique C. Creel, Chihuahua, Mex. George Crocker, New York. J. S. Braithwaite, London, Eng. W. W. Sylvester, Kansas City. Secretary and Auditor, Neal S. Doran, Kansas City. Treasurer, William A. Rule, Kansas City.

Directbn— H. Clay Arnold, Kansas City. J. H. Arnold, Kansas City. Manuel Calero, City of Mexico. Lee Clark, Kansas City. Robert C. Clowry, New York. Isidio Diaz Lombardo, City of Mexkx>. Edward Dickinson, Kansas City. W. C. Edwards, Wichita, Kan. George J. GouM, New York. F. E. Grimes, Topeka, Kan. H. F. Hall, Kansas City. R. A. Long, Kansas City. J. S. Loose, Kansas City. Pablo Macedo, City of Mexico. Davkl W. Mulvane, Topeka. J. T. Odell, New York. William C. Procter, Cincinnati. William

I70 The Manual Op Statistics

A. Rule, Kansas City. Arthur £. StUwell, Kansas City. W. W. Sylvester, Kansas City. Hugh C. Ward, Kansas City. Rolla WeUs, St. Louis. W. S. Woods, Kansas City.

Main office. Eleventh street and Grand avenue, Kansas City. Annual meeting, first Tuesday in May, at Kansas City.

Kaksas City Outer Belt Electric Railroad Co.

A corporation formed under the laws of Kansas in 1902. The company was organised to build and operate a road affording an entrance to Kansas City and terminals there for the Kansas City, Mexico & Orient Railway Co. The line of road will be 8 miles, with extensive terminals and a bridge over the Missouri River. It will be operated with both steam and electricity.

The preferred stock is 4 per cent., non-cumulative. It was provided that all the stock of both classes should be held by voting trustees until 4 per cent, annually should have been paid on the preferred stock for five consecutive years.

Funded Debt ist mort, 4 per cent., due April, 1953, April and Oct $3,000,000

The authorized amount of the first mortgage is $3,000,000. Trustee, United States ft Mexican Trust Co., Kansas City.

President, Arthur E. Stilwell, Kansas City. \ce-President, Horatio L. Harmon, Kansas City. Secretary, E. E. Holmes, Kansas City. Treasurer, William A. Rule, Kansas City.

Directors — Edward Dickinson, Kansas City. John A. Eaton, Kansas City. Horatio L. Harmon, Kansas City. Ekiward E. Holmes, Kansas City. Felix L. La Force, Kansas City. David W. Mulvane, Topeka, Kan. John T. Odell, New York. Benjamin Schnierle, Kansas City. Arthur E. Stilwell, Kansas City. Marshall V. Watson, Kansas City.

Main office, Kansas Uity. Annual meeting, first Tuesday in May, at Kansas City.

Kaksms City South Ebii Railway Co.

A corporation formed under the laws of Missouri, March 9, 1900, being a reorganisation in 1900 of the Kansas City, Pittsburg & Gulf Railroad, sold in foreclosure March 19, 1900, and consolidated with other properties. For details of the reorganisation see the Manual for 19P3.

Road owned, Kansas City, Mo., to Port Arthur, Tex., and branches, 827 miles. The oompanv also owned the Port Arthur Canal & Dock Co., with a canal to Sabine Pass, 7 miles, and docks, warehouses and terminals, but in August, 1906, transferred the canal to the United States Government. In 1904 the company acquired all the securities of the Arkansas Western Railway Co., Waldron, Ark., to Heavener, I. T., 33 miles. Locomotives, 180; passenger cars, 89 ; freight cars, 7,385 ; service cars, 659.

The preferred stock is 4 per cent., non-cumulative. Stock is transferred at the office of the comoany. New York. Registrar, Mercantile Trust Co., New York.

The first dividend on the preferred stock was 4 per cent., paid July i, 1907. On October 15, 1907, I per cent, quarterly was paid, and the same amount on January 15, 1908.

Funded Debt

ist mort., 3 per cent., due April, 1950, April and Oct $30,000,000

Collateral trust notes 5 per cent, due April, 1913, Jan. and July 5,100,000

Equipment trusts per cent, due 1906-16 1,693,000

The 1st mortgage (Mercantile Trust Co., New York, trustee) is $,opo,ooo, authorised. Bonds are in denomituitions of $1 ,000. The bonds are, substantially, a first uen on all the property of the company.

In March, 1906, an issue of $10,000,000 per cent, so-year improvement bonds was authorised.

The company was originally organised as the Kansas City, Nevada & Fort Smith. Its title was changed 1893 to the Kansas City, Pituburg & Gulf Railroad Co., and the company acquired

Railroad Sbcuritibs 171

the Kinsas City, Fort Smith & Southern and Tezarkana & Fort Smith Railway Companies. Is April, 1899, Receivers were appointed. A plan was issued in November, 1899, and leorganisatioD was completed early in 190a

The voting; power of both classes of stock was vested in a trust for five years. The voting trust expired by hmitation April x, 1905.

Details of the reorganisation of the old company were given at length in the Manual for

Earnings Year ending June 30

Per Cent.

Gross Op. Exp. Net Charges Surplus

'900H01 $4,753,066 $1,384,186 $905,503 $478,684

>9oi-oa S,50o,6ai 68.70 1,873,459 957.a4 9i6,334

9-P3 6,434,477 7504 i,73t,453 ",079,083 652,370

WHH 6,678,214 1,976,794 i,xa3,77i 853,033

'904-O5 6,936,157 76.15 1,837,801 1,337,609 610,191

190 9,084,33a 60.80 3,8a3,947 1,367,608 8,455,339

Taxes are included in charges. In iooa-03, $360,135 was deducted from the surplus for flood damages and adjustment of claims. In 1903-04 the deductions for improvements and other iteou were $404,60;), leaving a net surplus of $448,43a After the 4 per cent, dividend on the preferred stock, paid in July, 1907, the surplus for 1906H07 was $1,615,339.

Freight Traffic Statistics

Average Total Toos Carried Freight Rate per Eaminn per Av*ge Tons

Mileage Tonnage One Mile ' Density Ton per Mile Train Mile per Train

1901-03 833 a,038,843 593,13,856 7x3,031 0.753 3.19 39a

X9W-< 839 3,198,646 663,747,407 796,884 0.73 1.86 355

'904-05 831 3,473,811 744,358,043 887,108 0.73 1.9c 367

1906-07 827 3,'35.7'a 997,916,369 1,306,670 a70 3.33 331

Chairman, Hermann Sielcken, New York. President, J. A. Edson, Kansas City. Vice- Presidents, H. R. Duval, New York. Edward F. Cost, Kansas City. Vice-President and Auditor, R. J. McCarty, Kansas City. Secretary, R. B. Sperry, New York. Treasurer, H. Visscher, Kansas City.

Directors— James A. Blair, New York. Hugo Blumenthal, New York. D. G. Boissevain New York. Adolphus Busch, St. Louis. G. M. Craig, Port Arthur, Texas. H. R. Duval New Yoric J. A. Edson, Kansas City. S. W. Fordyce, St. Louis. William F. Harrity, Philadelphia. Andrew J. MiUer, New York. L. F. Loree, New York. John J. Mitchell, Qucago. Walter T. Rosen, New York. Hermann Sielcken, New York. Y. Van den Berg, New York.

Main office, Kansas City. New York office, 35 Broad street. Annual meeting second Tuesday in May, at Kansas City.

The Kansas Citywesterk Railway Co.

A corporation formed under the laws of Kansas in 1905. The company acquired and on July X, 1905, assumed control and management of the properties previously owned by the Kansas City- Leaven worth Railroad Co. Road owned. Fort Leavenworth, Kan., to Kansas City, Mo., 39.33 miles, including 16 miles of electric road in the dty of Leavenworth, Kan., and 33 miles, between Leavenworth and Kansas City, Kan. Important improvements to the property have been instituted since the new management took possession. New cars have been' acquired, and old equipment overhauled and modernised. Entrance into Kansas City, Mo., is had over the Kansas City Viaduct, extending between Kansas City, Kan., and Kansas City, Mo. The company also has trackage over the Metropolitan Street Railway by which it secures second entrance to Kansas City, If o. Stock Par $100 Authorised, $3,000,000 Issued, $3,000,000

All the stock is placed in a voting trust for five years, expiring in May, 191a Voting Trustees, Charles L. Pack, Cleveland. Walton H. Holmes, Kansas City. Harvey E. Fisk, New York.

Transfer Agent and Registrar, Standard Trust Co., New York.

Funded Debt ist refunding mort., 5 per cent., due Sept., 1935, Mar. and Sept $1,650,000

7S The Manual Of Statistigb

The ut ref tuMUof mortgage is for $5,000,000. Of the total amomt oolataiidiDs, $i,40oooo wtm for the pufpow of rttvading the bonds of the oU compaaj ol vfakh $42,000 are out- Hiiwttfig, $f5D/xx> for liupiofiugnti, and $100,000 for general coipoiatepuipoaew Tberemaniing ' jo/ioo it iwoable proper tcstrictioiis for extemioiis, bettermeats, new equipment, etc iseoe as an cntlretj is fcdeemable 00 September i, 1910, or any sobnequent tntcreai date at

pnndpaJ or exchanged for fully registered bonds in denominadons of $1,000, $5,000 and $10,000, which are recooivrtible into conpoo bonds. Trustee of the mortgage. Standard Trust Co., New York. Agenu for the payment of mteiest, Fisk & Robinson, New Yoric

Earhihgs

and intcfcst. Coupon bonds are in $1,000 denominatkm and may be legiatetcd as to

190607 (year ending, June $a8i ,199 $75.3 $m405

1907-06 46 months, ending Dec. 31) I73i8i3 tt/ig3 40.341 37.797

President and General Manager, C. F. Hohnes, Kansas City, Mo. Vice-President and General Attorney, C. F. Hutchings, Kansas City, Kan. Seamry and Treasurer, S. D. Hutchings, Kansas City, Kan. Cneral Superintendent, J. W. Richardson, Leavenworth, Kan Auditor, W. M. Bonar, Leavenworth.

Directors— C. S. Gleed, Topeka, Kan. R. K. Gowanlock, derehuid. C. F. Hohnes, Kansas City, Mo. C. P. Hutchings, Kansas City, Kan. S. D. Hutchings, Kansas City, Kan. Arthur Pack, Detroit. Stuart H. Patterson, New York. J. H. Thompson, New Yoric M. H. Wilson, Clevehwd.

Main office, Leavenworth, Kan. Annual meeting, first Monday In March, at Leavenworth. Fiscal Agenu, Fisk & Robinson, 35 Cedar street. New York.

KEOKUK A OeS KOIKES RAILROAD CO.

(Leased to Chicago, Rock Island & Pacific Railway Co.)

Road owned, Keokuk, la., to Des Moines, 163 miles. The property is leased to the Rock Island for 45 yean from October i, 1878, at 35 per cent, of gross earnings, the lessee guaranteeing interest, but not principal, of the bonds. The lessee owns a majority of the stock and provides equipment.

Stock Is transferred at the office of the company, New York. Registrar, Farmers* Loan 9t Trust Co., New York.

The preferred stock is 8 per cent., non-cumulative, and shares with the common in any excess over 8 per cent, on all the company*s stock. From 1896 to 1898, inclusive, no dividends were paid ; in 1899, per cent, was paid on preferred, and in 1900, 50c per share. These dividends were paid annually on July i. On September i, 190K, x per cent, was paid; x per cent. September I, 190a ; 9 per cent. November 16, 1903, and per cent. May, X904. No dividends since.

Funded Dert ist niort., 5 per cent., due Oct., 1923, April and Oct $3,750,000

President, Robert Mather, New York. Vice-President, Daniel G. Rekl, New York. Secretary and Treasurer, George T. Boggs, New York.

Bfaln office, Chicago. New rk office, 115 Broadway. Annual meeting, first Thursday ia October, at Des Moines.

Kikgstok A Pembroke Rail Wav Co.

Road owned, Kingston, Ont., to Renfrew, Ont., X03 miles ; branches, xo miles. Total, 1x3 miles. Locomotives. 8 ; passenger cars, xo ; freight cars, 55.

The company has running rights on the Canadian Pacific from Renfrew to Pembroke and to Niplming, 175 miles.

The company is a reorganisation under authority of an Act of the Parliament of dated June 30, 1898, of a company of the same name which defaulted on its interest chaiiges in 1893, and was placed in the hands of a Receiver in X894.

In 1903-03 the Canadian Pacific Railway Co. acquired a controlling interest in the stock and now operates the road.

Stock. . . Par $50. .Authorised rst pref., x, 000,000 V Issued xst pref., 998,400 $0,613,550 ( ad 150,000 ) ( 3d " 145,150 )

RAILROAD SECURITIBS i73

The zat pzeferenoe stock is 5 per cenu non-cumulative, and the ad preference stock 3 per cent., non-cumulative. All classes of stock have equal voting power.

Stock is transferred at the office of the company, New York. Registrar, Central Trust Co., New York.

In April, 1901, a dividend of i per cent, was paid on the ist preferred stock.

Funded Debt ist moft., 3 per cent., due Jan., 191a, Jan. and July! $573,000

Under the reorganisation the old 6 per cent, bonds were exchanged for new 3 per pent, xst mortgage bonds, and received 6 per cent, interest for six and one-half veais to January i, 1899 ; the $150,000 of 3 per cent, ad preference stock being also given to the bondholders in consideration of the reduction of the interest rate on the bonds to 3 per cent, until maturity. The 1st preference stock was sold to provide for the company's indebtedness, and the old stock was exchanged for half its face value in new common. Trustee of the mortgage, R. V. Rogers, Kingston, Ont. Interest is paid at the office of Flower & Co., 49 Broadway, New York.

Earnings Gross Net

19OS 193,88a 38,786

In X003 the charges were $17,160 and the surplus over same $33,871. In 1904, surplus $9,461 ; m 1905, $ii,6a6; in 1906, $43,103; in 1907, $36,980.

President, Wilmot D. Matthews, Toronto. Vice-President and General Manager, W. R. Baker, Montreal. Secretary and Treasurer, A. McNaughton, Kingston.

Directors — W. R. Baker, Montreal. Robert Crawford, Kingston. A. R. Creelman, Montreal. William Harty, Kingston. Wilmot D. Matthews, Toronto. James Osborne, Toronto. R. V. Rogers, Kingston. H. P. Timmerman, Montreal. J. B. Walkem, Kingston.

Main office, Kingston, Ont. New York office, 61 Wall street. Annual meeting, second Wednesday in August, at Kingston.

Lake Erie Western Railroad Co.

(Controlled by Lake Shore & Michigan Southern Railroad Co.)

A coloration formed under the laws of Ohio, February 10, 1887, as successor to the Lake Erie & Western Railway Co., which was foreclosed in 1886 and reorganised.

Road owned, Sandn, O., to Peoria, 111., 413 miles ; Fort Wayne to Connorsville and branch, 104 miles; Indianapolis to Michigan Cir, Ind., 159 miles; branches, 34 miles, total, 713 miles; leased. Northern Ohio Railroad Co., Akron to Delphos, O., 163 miles; trackage, 13 miles, total operated, 886 miles ; locomotives, 150 ; passenger cars, 97 ; freight cars, 4,603.

In January, 1900, the Lake Shore & Michigan Southern Railway Co. acquired control of the road, and holds $5,940,000 of the common and $5,930,000 of the preferred stock.

The preferred stock is 6 per cent., non-cumulative. Authorized capitalisation is $10,000 per mile in bonds, and $30,ooo each in common and preferred stock.

Stock is transferred at the office of the company. New York. Registrar, Central Trust Co., New York.

The comply has paid dividends on the preferred stock as shown in the table of earnings. The preferred dividends were formerly quarterly, Febnisuy, May, August and November. The February, 1899, dividend was passed, and nothing was paici on the preferred until July, 1900, when 3 percent, was paid. The subsequent semimnual dividends were 3 per cent, each, or 4 per cent, per annum, until July 15, 1904, when only i per cent, was paid. The dividend paid January 16 1905, was 3 per cent., but only 1 per cent, was paid July 15, 1905 ; on January 15, 1906, paid 3 per cent. In July, 1906, 1 per cent, was again paid, and on January 15, 1907, 3 per cent. On July 15, 1907, paid 1 per cent., and on January 15, 1908, i per cent.

Funded Debt

fst mort., 5 per cent., due 1937, Jan. and July $7,350,000

3d moft., 5 per cent, due 1941, Jan. and July 3,635,000

Northern Ohio, ist mort., 5 per cent, guar., due Oa., 1945, April and Oct 3,500,000

Total $i3i37Sa

A Reodver for the old company, the predecessor of the present corporation, was appointed April 35, 1885, and road foreclosed December, 1886. It was feommixed February o, 1887. Purchased Indianapolis, Peru & Chica, Indianapolis to Michigan Citj, in 1887 and the Fort Wayne, Cincinnati & Louisville in 1890.

In 1896 this company guaranteed the $2,500,000 5 per cent xst mortgage bonds of the Northem Ohio Railway.

In 107, this company became one of the joint guarantors with the New York Central and other affiliated lines of $jo,ooo,ocx> 5 per cent, equipment trust bonds, due $a,ooo,ooo each from November i, 1908, to November i, 193a, inclusive. See statement of the New York CentraL

Earnings

Div. on Pref. Gross Net Charges Surplus

'899 o 3.904.177 i,553.44 648.750 904.394

1900 4 4,a84,78o i,3S9.9i8 643,750 716,1

190a 4 4.699.240 1,147.975 668,750 479,M5

1906 3 5,ax3,8i3 1,364,300 876,100 488,100

19U7 3 5,066,940 1,256,800 850,300 406,600

The figures for 1907 are partly estimated.

In 196 the company paid interest on the Northern Ohio 5 per cent, bonds amounting to $135,000, and $593,000 for 5 per cent, dividends on the preferred stock, leaving a balance of $134,389* In 1897 balance after Nortnem Ohio payment and preferred dividends was $149,647. In 1898 dividends on preferred were reduced to per cent., calling for $444,000, and $197,9! out of earnings was devoted to betterments. In 1899 the surplus was $301,144, and in 1900, after paying 4 per cent, on the preferred stock, there was a surplus of $343,568. In igoi surplus over 4 per cent, on the preferred was $31,596. In 190a, surplus, $5,635 ; in 1903, $36,087 ; m 1904, $10,688 ; in 1905, $28,313 ; in 1906, $7,869, and in 1007, $44,800.

President, William H. Newman, New York. Senior Vice-President, William C. Brown, New York. Vice-Presidents, Charles E. Schai!, Chicago. John Carstensen, New York. Edward V. W. Rosstter, New York. Charles F. Daly, New York. Albert H. Harris. New York. Secretary, Dwight W. Pardee, New York. Treasurer, Charles F. Cox, New York. Assistant Treasurer, Harry G. Snelling, New York.

Directors— George F. Baker, New York. William C. Brown, New York. Henry W. Cannon, New York. J. Pierpont Morgan, New Yoric. William H. Newman, New York. Hamilton McK. Twombly, New York. Frederick W. Vanderbilt, New York. William K. Vandertnlt, New Yoric F. W. Whitridge, New York.

Main office, Indianapolis. New York office. Grand Central station. Aimual meeting:, first Wednesday in October, at Peoria, IlL

UK£ SHORE A mCHISAH SOUTHERN RAILWAY CO.

(Controlled by New York Central & Hudson River Railroad Co.)

A corporation formed in 1869 as a consolidation of the Michigan Southern & Northern Indiana Railroad, the Cleveland & Toledo Railway, the Cleveland, Painesville & Ashtabula Railroad and the Buffalo & Erie Railroad Companies.

Road owned, Buffalo to Chicago, 540 miles ; branches, 318 miles ; proprietary roads wholly owned bv this company, Detroit, Monroe & Toledo, 54 miles ;Kalamasoo & White Pigeon, 37 miles ; Stui, Goshen & St. Louis Railroad, 36 miles ; Northern Central Michigan Railroad, 61 miles ; Detroit & Chicago Railroad, 36 miles ; Elkhart 8c Western Railroad, 11 miles ; Central Trunk Railroad, 5 miles ; total proprietary roads, 231 miles ; leased, Kalamaxoo, Allegan & Grand Rapids, 58 miles; Jamestown & Franklin, 51 miles; Mahoning Coal Railroad, 71 miles ; Detroit, Hillsdale & Southwestern. 65 miles ; Fort Wayne & Jackson Railroad, 98 miles; total leased, 343 miles ; Detroit, Toledo & Milwaukee, 66 miles; total operated, 1,530 miles. Also has a controlling interest in the stocks of the New York, Chicago & St. Louis, PitUburg & Lake Erie and the Lake Erie & Western Railroad Co*s. In 1901 purchased control of the Indiana, lUinots& Iowa Railroad Co., which in 1906 was consolidated with the Chicago, Indiana & Southern Railroad Co., the latter being controlled jointly by this company and the Michigan Central Railroad Co. The company haslarge holdings of stocks of the Cleveland, Cincinnati, Chicago St St. Louis Railway Co. In 190a this company and the Michigan Central Railroad Co. acquired the Detroit, Toledo & Milwaukee Railroad Co., 133 miles, and in 1905 the road was divided and

Railroad Sbcuritibs 75

one hall leased to each road in perpetuity. In 1903, in conjunction with the Baltimore & Ohio Railroad Co., acquired a large holding: tb stock of the Reading: Company, part of which was, however, sold in 1905-06.

In J9C3 this company also acquired a one-sixth interest in a majority of the common stock of the Hocking Valley Railway Co. Locomptives, ftix ; passenger cars, 603 ; freight cars,

The guaranteed stock is entitled to xo per cent dividends. It was issued originally by the Michigan Southern & North Indiana Railroad.

Stock is transferred at the office of the company, New York. Registrar, Union Trust Co., New York.

Dividends of xo per cent per annum on the guaranteed stock are paid regularly, 5 per cent each, in February and August. Dividends on the ordinary stock also are paid hall yearly, January 99 and July 99. The rate paid each year is shown in the table of earnings, the same having been increased to 7 per cent, per annum in X898. The January, X904, dividend was increased to 4 per cent, putting the stock on an 8 per cent, dividend basis, which continued to be the regular rate untU January, 1907, when 6 per cent, was paid for the half year, placing the stock on a 13 per cent, annual basis. The dividend paid January 29, 1908, was 6 per cent, and 3 per cent, extra.

Funded Debt

ist consolidated refunding mort., per cent., due June, 1997, June and Dec $50,000,000

Debentures, 4 per cent., due Sept, 1928, March and Sept 50,000,000

" 4 per cent., due May, 1931, May and November 35,000,000

3 year notes, 5 per cent., due Feb., 1910, Feb. and Aug 15,000,000

Kalamasoo & White Pigeon, 5 per cent., due Jan., 1940, Jan. and July 400,000

Total $150,400,000

Registrar of the per cent, bonds, United States Trust Co., New York. Registrar of the 4 per cent, gold bonds. Guaranty Trust Co., New York.

Guaranteed Bonds of Controlled and Leased Companies

Kalamasoo, Allan & Grand Rapids, 5 per cent, due Jan., 1938, Jan. and July.. . . $840,000

Mahoning Coal K. R., ist mort., 5 per cent, due July, X934, Jan. and July 1,500,000

Goshen & St Louis, xst mort., 3 per cent., due Dec., 1989, June and Dec. . . 333,000

Battle Creek & Sturgis, xst mort., 3 per cent., due Dec, 1989, June and Dec 79,ooo

The coupons of all the company's bonds are paid at the company's office. Grand Central Station, New York.

In February, 1808, the New York Central & Hudson River Railroad Co. nuuie a proposition to Lake Shore stockholders to 'give them for each $500 of stock $x,ooo in iu own Issue of per cent collateral trust bonds, secured by a deposit of the stock so acquired. It was announced that the Vanderbilt interests and other large holders had accepted this offer, ind 60 days were given for assents of other holders. At the end of X905 the New York Central had acquired $45,389,300 of Lake Shore stock under this arrangement

The new consolidated per cent, refunding mortgage of 1897 is for $50,000,000. Trustee, United States Trust Co., New York. The saving of mterest charges when the refunding was completed was about $x, 350,000 per annum.

In November, 1903, the company authorized the issue of $50,000,000 4 per. cent, gold debenture bonds, due 1938. Of the issue $40,000,000 was sold to J. P. Morgan & Co., New York, and of the proceeds of the sale $35,000,000 was used to retire the $35,000,000 of one-year notes issued by the company in January, X903, to pay for the purchase of an interest in the stocks of the Reading Company, the remaining $xo,ooo,ooo of the new debentures being reserved for future requirements, but were disposed of in 1905 to pay for interests in other lines.

The 4 per cent debentures, due May, X931, were authorized in 1906, the total amount of the tsoe being $50,000,000.

This company is a joint guarantor with the New York Central and other companies belonging to the same system of $30,000,000 5 per cent, equipment trust certificates, created in X907, and due November x, 1908 to November i, 1933. See statement of New York Central.

Detroit, HiUsdale & Southwestern is leased for $54,000 per year ; Fort Wajrne & Jackson for $136,008 per year ; Jamestown & Franklin for 30 per cent, of gross earnings ; Kalamasoo, Allegan & Grand Rapids for $103,00 per year ; Mahoning Coal Railroad for 40 per cent of gross earnings, guaranteeing that this shall yield 5 per cent, per annum on $661,850, of its preferred stock and 5 per cent per annum on $1,500,000 of xst mortgage bonds.

In 1883 a controlling interest in the New York, Chicago & St. Louis Railroad was purchased, and the Lake Shore hokis $3,503,000 of its xst preferred, $6,375,000 of its 3d preferred and

The Manual Of Statistics

$6,240,000 of its common stock. The company also has controlling interest in Pittsburg & Lake Erie, holding: $5*000, xoo of its stock. In 1900 the company acquired control of the Lake Erie & Western RaLroad Co., purchasing $5,940,000 of the common and $5,930,000 of the preferred stock of that company. It also in the same year acquired $11,324,000 of the common stock of the Qeveland, Cincinnati, Chicago & St. Louis Railway Co., and in 1905 acquired $7,528,700 of the same, making a total of $33,148,400. In 1903 acquired $5,700,000 of the stock of the Lieh Valley Railway Co. It also holds $3,000,000 stock of the Lake Erie, Alliance & Wheeling Railway Co. and $3,000,000 stock of the Lake Erie, Alliance & Wheeling Coal Co. The company also owns $500,000 stock of the Terminal Railway Co. of Buffak), and $3,367,900 stock of the MerchanU* Despatch Transportation Co. It owned $3,000,000 stock of the Indiana, Illinois & Iowa Railroad Co., which was consolidated in 1906, with other properties to form the Chicago. Indiana & Southern Railway Co. Of the latter company's $30,000,000 of stock, this company owns $17,000,000, and the Michigan Central Railway, $3,000,000. Its interests in the Reading Company comprise $6,065,000 ist preferred, $14,365,000 3d preferred and $10,002,500 stock of that corporation. The stocks and bonds of other companies owned were, on December 31, 1907, $133,313,100, of a book value of $113,050,921.

Earninos

Per Cent. Receipts from

Div. Paid Grou of Exp. Net Investmeou Total

X898 f 1,410 mUesJ 7 $30,753,683 67.1X $6,835,665 $346,810 $7,i7a,473

1899 f " " ) 7 3,615,945 67.05 778i,8oi 376,051 8,157,852

" ) 7 26,466,514 65.40 9.158,719 749030

903 (1,430 " ) 7M 34,768,683 79.70 7,056,936 3,336,869 9,393,796

1904 ( " ) 8 35,161,053 77.31 7,976,77a 3,570,970 10,547.743

" ) 8 38,600,908 81.17 7,369,303 3,518,663 10,787,965

1907 ( " ) 12 44,953.475 10,843,000 5,100,000 15.943,000

The disposition of the income was as follows :

Total Income Chaiges Surplus Dividends

1899 f 8,157,852 3,100,591 5,057.363 3.5i6.o

The figures for 1907 are from a preliminary statement and are partly estimated.

The expenses have included large amounts for new equipment as follows : in 1901, $3,589,080; in 1902, $1,433,673; in 1903, $1,788,140; in 1904, $3,776,034, and in 1905, $5,360,773. In 1902, $3,768,788 was included in the expenses for construction and improvements ; in 1903, $4,395,000 ; in 1904, $3,776,033 ; in 1905, $3,743.030.

Freight Traffic Statistics

Rate per Earnings Average

Average Total Ton* Carried Freight Ton per per Ttain Tons

Mileage Tonnage One Mile Density Mile Mile per Trmia

1904 i,4.'53 36,846,891 4.593,731,348 3.160,854 0.533 3.09 588

Chairman. Chauncer M. Depew, New York. President, William H. Newman, New Yorlt. Senior Vice-President, William C. Brown, New York. Vice-Presidents, Charles E. Schaff, Chicago. Charles F. Daly, New York. Edward V. W. Rossiter, New York. John Carstensen, New York. Albert H. Harris, New Yoik. Secretary, Dwight W. Pardee, New York. Treasurer, Charles F. Cox, New York. Assistant Treasurer, Harry G. SnelUng, New York.

Directors— George F. Baker, New York. Samuel F. Bareer, New York. WilUam C Brown, Chicago. Chauncey U. Depew. New York. Darius 0. Mills, New Yoik:. J. Piciw

Railroad Securities I77

pont Morgan, New York. William H. Newman, New Yorlc. William Rockefeller, New York. HamUton McK. Twombly, New York. Frederick W. Vanderbilt, New York. WUliam K. VanderbUt, New York. William K. VanderbUt, Jr., New York. W. Seward Webb, New York. Main office, SU Clair snd Seneca streets, Cleveland. Executive office, Grand Central Station, New York. Annual meeting, first Wednesday in May, at Cleveland.

The Larakie, Hahks Peak A Pacific Railway Co.

A corporation formed under the laws of Wyoming, February ay, igoi.

Road projected from Laramie, Wyo., to North Park, Colo., 104 miles. Road operated from Laramie to Centennial, Wo., 30 miles, which was completed in 1907. Locomotives, a ; passenger cars, a ; freight cars, 10. Stock Par $10. Authorised, $9,000,000 Issued, $9,000,000

An issue of 6 per cent., non-cumulative, $1,000,000 preferred stock has been authorised.

Transfer Agent, Federal Trust Co., Boston. Registrar, Sute Street Trust Co., Boston.

Funded Debt. ist. mort. 6 per cent., due July, 1939, Jan. and July $340,000

The ist mortgage is for $800,000, issuable at the rate of $8,000 per mile of completed road. Trustee of mortgage and agent for the payment of interest, American Loan & Trust Co., Boston.

In 1907 the company created an issue of $1,800,000 ist and refunding 6 per cent, bonds due October, 1933, April and October, of which $340,000 were reserved to retire ist mortgage bonds.

Preskient, Fred A. Miller, Laramie, Wyo. Vice-President, George M. Colby, Boston. Secretary, Arthur S. Howe, Boston. Treasurer, L. W. Thompson, Wobum, Mass.

Directors — E. J. Bell, Laramie, Wyo. George M. Colby, Lawrence, Mass. E. S. Crawley, Boston. Otto Gramm, Laramie. Arthur S. Howe, Boston. Fred A. Miller, Laramie. L. Waldo Thompson, Wobum, Mass..

Main office, Laramie, Wyo. Annual meeting, first Saturday after first Thursday in September, at Laramie.

Lehigh Hudsoh Ri¥Er Railway Co.

Road owned, Belvidere, N. J., to Mavbrook, N. Y., 74 miles ; Phillipsburg to Easton, Pa., mfle ; trackage. New York, Ontario & Western, Bumside to Campbell Hall, 0% miles ; Pennsylvania Railroad (Belvidere Division), Belvidere to PhiUipsburg, N. J., 13 miles; total operated, 9031 miles. In' 1907 the Orange County Railroad, 11 miles, which had been controlled, was merged with this company. Locomotives, 30 ; passenger cars, la ; freight cars, 1,088.

The Central Railroad Co. of New Jersey, the Reading Co. and the Lehigh Coal & Navigation Co. have large interests in this company. Stock Par $100. Authorized, $1,540,000 Issued, $1,340,000

Stock is transferred at the office of the company, Warwick, N. Y. Registrar, New York National Exchange Bank.

Funded Debt

ist mort., 5 per cent, due July, 1911, Jan. and July $800,000

ad mort., 5 per cent., due July, 1917, Jan. and July 164,000

General mort., 5 per cent., due July, 1930, Jan. and July 1,330,000

Debentures 4 per cent., due 1930, Jan. and July 939iOoo

Warwick VaL R. R. ist mort., extended, per cent., due July, 191 1, April and Oct. 145,000

" 3d mort., 6 per cent., due April, 1913, April and Oct aio,ooo

Equipment Trust, 4% per cent., due 1907-17 300,000

Total $3,308,000

The general mortgage is for $3,000,000. The Central of New Jersey and Ilehigh Coal & Navigation Co.'s jointly guarantee $1,003,000 of the issue. The debentures authorised in 1907 are for $400,000. They can be called at 105 after November i, 191 1.

Earnings Year ending June 30

Gross Net

Charges

Surplus

Gross Net Chmrftes Surplus

President, Lewis A. Riley, Philadelphia. Vice-President and General Manager, Morris Rutherfurd, Warwick, N. Y. Secretary and Treasurer, John Sayer, Warwick. Assistant Secretai

T, T. L. Hodge, PhUadelphia. Directors— Geon

_-orge F. Baer, Philadelphia. . Robert W. DeForest, New York. James May

Duane, New York. Alfred Ely, Warwick, N. Y. Thomas P. Fowler, New York. Joseph S. Harris, Philadelphia. J. Rogers MazweU, New York. Lewis A. Riley, PhiUdelphia. Morris Rutherfurd, Warwick. Eben B. Thomas, New York. John B. Thayer, Jr.. Philadelphia. W. H. Tniesdale, New York, F. D. Underwood, New York.

Main office. Warwick, N. Y. New York office, 143 Liberty street. Annual meeting, first Tuesday in December, at Jersey City.

Leh/Sh A Hew Emglakd Railroad Co.

Road operated, Slatlngton, Pa., to Hainesburg Junction, N. J., 34.4a miles; Bethlehem. Pa., to Benders Junction, ra., 19.30 miles; Swart wood, N. J., to Liberty Comers, N. J., ai.ao miles; Martins Creek to Bath, Pa., 18.10 miles; branches, 27.39 niiles; total operated, i68.ai miles ; total owned, 133.31 miles. Has trackage as follows : New York, Susquehanna & Westem, 18 miles; Erie Railroad, 17 miles ; total trackage, 35 miles. In 1003 this company absoriied the Northampton Railroad Co.. and in November, 1904, the Lehigh & Delaware Railroad Co. (formerly the Lehigh & Lackawanna Raib-oad Co. ) and the Wind Gap & Delaware Railroad. The mileage of these companies is included above. Locomotives. 33 ; passenger cars, 7 ; freight cars, ao6.

This company was originally the Pennsylvania. Slatington & New England Railroad Co. which was reorganized in 1887, as the Pennsylvania. Poughkeepsie & Boston Railroad Co. In 1894 the road was foreclosed and was reorganized under the present title in 1895. In 1904 the Ldiigh Coal & Navigation Co. acquired control of the company.

Stock Par $50. Authorized. $x,ooo,ooo Issued, $1,000,000

Stock is transferred at the office of the company, Philadelphia. Registrar, Fidelity Trust Co., Philadelphia.

Funded Debt

ist mort.. 5 per cent, due July. 1945, Jan. and July $x.ooo,ooo

Consolidated mort.. 5 per cent., due Oct.. 1953, April and Oct 1,380,000

Total $3,380,000

The underlying mortgages upon lines absorbed since the organization compriw $300,000 xst mortgage. 5 per cent, bonds, due January, 1953, January and July, of the Nortnamptoo RaUroad Co., $650,000 5 per cent., ist mortgage bonds, due July, 1954, January and July, of the Lehigh & Delaware Railroad Co., and $100,000, Lehigh & Lackawanna, 7 per cent., ist mortgage bonds, due December, 1908.

Interest on the bonds is paid at the company's office, Philadelphia. The oonaoUdated mortgage created in 1903 is for $3,000,000, of which $1,300,000 were reserved to retire the $1,000,000 ist mortgage bonds and $300,000 bonds of the Noitnampton RaihxMd Co.

Earnings Gross Net

I905-o6( " " " .") 565.109 319.671

i9oS-07( " " " ") 68677 "s.ojS

The earnings for 1903 and 1904 do not include the figures of the Lehigh & Lackawanna Railroad or those of the Wind Gap & Delaware Railroad. In 1904 the aureus over taxes and charges was $13,939; in 1904-05. surplus. $15,106; in 1905-06, surplus, $19,682; in 1906-07, surplus, $7,581.

President, W. A. Lathrop, Philadelphia. Vice-President and General Counsel, William Jay Turner, Philadelphia. Vice-President and General Manager. RolUn H. Wilbur. Philadelphia.

RAILROAD SECURITIES i79

Secretary and Treasurer, H. F. Baker, Philadelphia. Asslitant Treasurer, F. S. Fowler, Bethlehem, Pa. Auditor, Edward Hughes, Bethlehem.

Directors— Edward Walter Clark, Philadelphia. Samuel Dickson, Philadelphia. £. J. Fox, Eatton, Pa. Joseph S. Harris, Philadelphia. W. A. Lathrop, Philadelphia. Lewis A. Riley, Philadelphia. William Jay Turner, Philadelphia.

Main office, io8 South 4th street, Philadelphia. Annual meeting, first Monday in May, at Philadelphia.

Lehigh Valley Railroad Co.

A corporation organised in the commonwealth of Pennsylvania, April 2z, 1846. Road owned or controlled through ownership of the entire capital stock : main line, Jersey City to Phillipsburg, N. J., 75.07 miles ; Phillipsburg to Wilkes-Barre, Pa., 99.23 miles ; Lehigh Valley Railway of New York, Pennsylvania State Line, to Buffak>, 175.16 miles; Pennsylvania & New York Railroad, Wilkes-Barre to Pennsylvania State Line, 96.59 miles ; branches, 759.43 miles : total owned, 1,205.48 miles ; controlled by a majority ownership of stock, 157.39 miles ; leased, 27.88 miles; trackage, 49,47 miles; total sjrstem, 1,440.22 miles. Locomotives, 857 ; passenger cars, 515 ; freight cars, 41,810 ; service cars, 882 ; floating equipment, 6 lake steamers, 23 tugs and 222 barges, car floats, etc

The company owns all the stock of the Lehigh Valley Railroad Co. of New Jersey, of the Lehigh Valley Rail Way Co. . of New York and of the Pennsylvania & New York Canal & Railroad Co. as well as a majority of the stock of the Thigh & New York Railroad, and the Scfauylldll & Lehigh Valley Railroad Co. In 1903 the lines in New Jersey, extending from Jersey Ciand Perth Amboy to Phillipsburg, N. J., were consolidated under the title of the Lehigh Valley Railroad Co. of New Jersey. The company controls the Morris Canal. The company owns the $1,965,000 capital stock of the Lehigh Valley Coal Co., which controls extensive ooal properties. It also operates a fleet of steamers on the lakes.

In October, 1905, this company acquired the entire capital stock of Coxe Bros. & Co., Incorporated, which company controlled the Delaware, Susquehanna & Schuylkill Railroad Co., 48 miles, together with extensive anthracite coal mining properties.

The preferred stock is xo per cent., cumulative Stock is transferred at the office of the company. Philadelphia.

No dividends were paid on the common stock since July, 1893, or on the preferred since

preferred 5, a semi-

October, 1893, until 1904, when they were resumed, xo per cent, being paid on the preferred August X, X904, and x per cent on the common the same date. On January X4, XQ05, a semiaxmual dividend of 2 per cent, was paid on the common, which was the rate paid in January and July, until January 14, X907, when 2 per cent, and x per cent, extra were paid, which were also the rates paid on July 15, 1907, and January xi, 1908.

Funded Debt

ist mort. extended, 4 per cent., due June, X948, June and Dec $5,000,000

2d moru, 7 per cent., due Sept., X9X0, Mardi and Sept 6,000,000

Cottsolklated mort., 4H per cent., due Dec., 1923, June and Dec 4,762,000

6 per cent., due Dec., 1923, June and Dec 5,638,000

annuity, irredeemable, 6 per cent xo,o62,ooo

General consolidated mort., 4 per cent., due 2003, May and Nov. 99to39,ooo

Collateral Trust (Coxe Bros. Co.) bonds, 4 p. c, due 1907 to X926, Feb. and Aug. . X9,ooo,ooo

Equipment Trusts, and 4 per cent., series C to I, due 1907-19x6 6,564,000

Total $89,203,000

Guaranteed Securities, Subsidiary Companies

Easton & Amboy, 5 percent, due May, X920, May and Nov $6,000,000

Morris Canal, pref. stock, guar., 10 per cent 903,600

consolidated stock, guar., 4 per cent 706,700

Penn. & N. Y. Omal & R. R., per cent, bonds, due April, X939, April and Oct. x, 500,000

Lehigh & New York ist mort., 4 per cent., due Sept., X945, guar., March and Sept. 2,000,009

L. V. Ry. of N. Y., ist mort., 4J6 per cent., due July, X940, Jan. and July 15,000,000

Lehigh valley Terminal xst mort., 5 per cent., due Oct., 1941, April and Oct xo,ooo,ooo

Lehigh & Lake Erie, xst. mort., per cent, due March, 1957, March and Sept. . . 2,000,000

Lehigh Valley Coal Co., mort., 5 per cent., due Jan., 1933, Jan. and July xo,xx4,aoo

i8o

The Manual. Op Statistics

Guaranteed Securities, Subsidiary Companies~C0/iii Lehigh Valley Coal Co., ist mort. reduced 4 per cent., due Jan., 1933, Jan. and July

Delano Land Co., ist mort., 5 per cent., due Jan., 1933, Jan. and July

Easton 8t Northern, xst mort., per cent., due Nov., 1935, May and Nov.

Middlesex Valley, ist mort., 5 per cent., due Nov., 1943, Mav and Nov

Elm., Court. &N., xstpref. mort. (not guar.), 6 per cent., due Apl., 1914, Apt. and Oct.

" xst mort., 5 per cent., due April, 1914, April and Oct., (not guar.).

Snow Shoe R. R., xst mort. (not. guar.), 5 percent., due Jan., X9X0, Jan. and July.

aix.ooo

The general consolidated mortgage was authorised in 1903 and is for $x5o,ooo,ooo. Trustee of the mortgage, Girard Trust Co., Philadelphia. It was created to provide for capital requirements and to fund the various obligations of the company. Bonds issued under this mortgage may be made convertible into stock if the company so decides.

The collateral trust 4 per cent, bonds were created in 1905 to finance the purchase of Coxe Bros. <tc Co., Incorporated. They mature in semi-annual Instalments of $500,000 each from August I, 1907, to February i, 1936, inclusive, and after July 3X, X913, the compeiny can redeem bonds ui their serial order at xo3 upon 60 days' notice. The issue is secured by the deposit with the Girard Trust Co., Philadelphia, as trustee of entire capital stocks of Coze Bros. & Co., Incorporated, and of the Delaware, Susquehanna & Schuylkill Railroad Co. On June 30, 1907, the company held securities of other companies, the book value of the same being $73,750,395.

Earnings.

Total Receipts

Dividends

Pref. Com.

Gross

I90X-03... X903-03 ..

X906-07...

Charges

Improveand

Taxes

ments, etc.

X90I-03 . . .

X903-Q3...

x,366,x83

"903-04. ..

X904-05... 1905-06...

i,4Xx,55o

Per Cent.

Op. Exp.

Net Receipts $6,189,338 5,138,380 3,684,373 6,573,890

Net

$5,938,769 7,674,333 xx,oii,438 13,346,141 13,637,645 13,954,178

Char£es Surplus

5,651,574 Def. 533.194 5,763,070 3,077,797 5,998,378 Sur. 574t6x3 Total

Other Income $533,330 604,9*4 505,477 453,010 808,851 945,137

Def.

Sur.

Net Income $777,910 i.xii,589 4,355,560 5,393.888

Sur.

Coo' Cos. Net Def. $1,098,797 895,918 856,437 635,548 318,489 1x1,350

Sarplos Def. $1,876, 707 Sur. 3,007,507 5.111.997 " 6.oa8,437 " 5.770.073 " 6,x36.aQ

In 1904-05 dividends on the preferred and 3 per cent, on the common stock were $1,335,98$ In 1005-06 the dividends including 4 per cent, on the common stock were $1,634,033. In 190607, surplus over dividends, $4,108,837.

The anthracite coal produced from lands controlled by this company and its auxdliaiy organisations has been as follows : In 190x03, 5,630,873 tons ; in 190303, 593,0x6 tons ; in X90304, 7, 5 XX, 957 tons; in X90405, 7,975,310 tons ; in 190506, 7,667,665 tons ; in 190607, 8,867,- 354 tons.

Coal tonnage for a series of years has been as follows; 1896, x 1,534,854 tons; in 1897, 10,378,4x0 tons; in X898, xo,336,367 tons; in 1899, xx,375,555 tons; ui 1900, xo,458,385 tons; in 190X, 12,538,387 tons; in X903, xo,o39,649 tons; in X90303, 9,434,3x8 tons; in 1903-04, ix,694,x5x tons; in X90405, 13,5x8,369 tons ; in x905-o6, X3, 753,053 tons; in X90607, 14,374,316 tons.

Freight Traffic Statistics

Average

Total

Milease

Tonnage

X9000X —

I90X-03. . . .

X90607. . . ,

Tons Carried

One Mile 3,278,336,333 3,805,865,345 3,418,884,789 3,633,481,459 3,896,503,000 4,103,775,941 4,343,877,365 4,770,099,930

Freight Density

3,464,949 3,6xx,48x 3,8ox,736 3,944, x6o 3,038,763 3,305.133

Rate per Ton per Mile

O.63X

EarnlnKB per Train Mile $3.31

Averace

Tons per

RAILROAD SECURITIES i8i

President, Eben B. Thomas, Philadelphia, ist Vice-President, J. A. Middleton, New York, ad Vice-President, T. N. Jarvis, New York. Assistant to President, L. D. Smith, Philadelphia. Secretary, D. G. Baird, Philadelphia. Assistant Secretaxy, E. A. Albright, New York. Assistant Secreta, J. W. Robbins, Philadelphia. Treasurer, William C. Alderson, Philadelphia. Assistant Treasurer, J. M. Baxter, Philadelphia. General Auditor, G. N. Wilson, Philaddiia.

Directors— GeoKre F. Baer, Philadelphia. Georgre F. Baker, New York. Alfred C. Harrison, Philadelphia. Robert C. Lippincott, Philadelphia. George H. McFadden, Philadelphia. Abram Nesbitt, Wilkes-Barre, Pa. Edward B. Smith, Philadelphia. Irving A. Steams, Wilkes-Barre. Charles Steele, New York. Edward T. Stotesbury, Philadelphia. Hamilton McK. Twombly, New York. Simon P. Wolverton, Sunbury, Pa.

Main office, aa8 South Third street, Philadelphia. New York office, 143 Liberty street. Annual meeting, third Tuesday in January, at Philadelphia.

Lexik6Tok A Emsterk Railway Co.

A oorpoiation formed under the laws of Kentucky October 13, 1894.

Road owned, Lexington, Ky., to Jackson, Ky., 9a miles. Locomotives, 16; passenger cars, 13 ; fret cars, 54a Stock Par $100 Authorised, $500,000 Issued, $500,000

Transfer Agents, Kean, Van Cortlandt & Co. , New York. Registrar, Central Trust Co. , New Yock.

Funded Debt

ist mort., extended, 5 per cent., due July, 1911, Jan. and July $850,000

General mort., 9-5 per cent., due Feb., 1933, Feb. and Aug 1,500,000

Total $3,350,000

In a readjustment of the company's fiiunces in 1901 the old ist mortgage bonds were extended at the same rate as before, the company having a right to retire them at zos. Interest on the general mortgage bonds was waived until August i, 1901, and after that date was to be a per cent, per annum for five years, then 3 per cent, for five years, and 5 per cent, thereafter. Deferred debentoreB are issued for the balance of interest not paid in cash, these debentures being redeemable at the company's option, either in cash or in general mortgage bonds. The amount of ddientures is limited to $375,ooa

Earnings Year ending June 30.

Gross Net Charges Surplus

i9(-03 $574,788 $M5,058 $168,261 $56,797

19CM-C6 538,913 233,910 i37i9c 96,010

In 1903-04 the operations of the Ohio & Kentucky Railway, 26 miles, were included, but in July, 1904, that property was returned to its owners.

Prendent, Arthur Caiy, Lexington, Ky. Vice-President, Secretary, Treasurer and Auditor George Copland, Lesngton. General Manager, W. A. McDowell, Lexington.

directors — Arthur Cary, Lexington. George Copland, Lexington. W. A. McDowell Lezineton. J. R. Morton, Lexington. Robert £. Tod, New York.

Main office, Lexington, Ky. New York office, 45 Wall street. Annual meeting, first Tuesday in October, at Lexington.

Little Kiaki Railroad Co.

(Leased to the Pittsburg, Cincinnati, Chicago & St. Louis Railway Co.)

Rood owned, Cincinnati to Springfield, O., 84 miles ; branch, 16 mUes ; leased, Columbus & oules ; Dayton & Western, 38 miles ; branch, 4 miles ; Cincinnati Street Connect' I miles ; total, 195 miles. Locomotives, 68 : passenger cars, 56 ; freight cars, 692.

Xenia, 55 miles ; Dayton & Western, 38 miles ; branch, 4 miles ; Cincinnati Street Connection Railroad, a miles ; total, 195 miles. Locomotives, 68 : passenger cars, 56 ; freight cars, 692.

This property was leased with all its auxiliary lines for 99 years to the Pittsburg, Cincinnati- Chicago & St. Louis Railway Co., from December i, 1869, for 8 per cent, on sto<, interest on the funded debt, $5,000 per annum additional, and all the lease obligations. The contract is gaaranieed hf the Pennsylvania Railroad Co. The lease was modified in 1900.

i83 THE MANUAL. OP STATISTICS

In JanuaiT farther modifications were made in the lease and the authoriEed Ftock was increased from $8,000,000 to $10,000,000. It was also decided to sell $56,900 of stock, increasing the amount outstanding and entitled to 8 per cent, dividends under the lease $5,000,000, instead of $4,94.3,100. Furthermore it was arranged that the remaining $5,000,000 of authorized stock should be issued as needed in the form of a 'special'* stock entity to only 4 per cent, dividends but otherwise to be on the same footing as the old stock. As the **special" stock is issued the annual rental is to be increased to meet the 4 per cent, dividend thereon.

Stock is transferred at the office of the company, Cincinnati. Registrar, Central Trust & Safe Deposit Co., Cincinnati.

Dividends are paid quarterly, 3 per cent, each in March and September and a 1-5 per cent, each in June and December. The December, 1890, dividend was increased 1-5 per cent, and a similar extra amount is lu be paid semi-annually in June and December out of the invested funds of the company, making the annual dividend rate 8 a-5 per cent.

Funded Debt - Renewal mort., 5 per cent., due May, 1912, May and Nov $1,500,000

$000,000 7 per cent, bonds, convertible into stock, were authorized in 1890. These were known as the betterment bonds. In 1900 it was agreed with lessee that a new issue of $3,000,000 3K per cent, non-convertible bonds should be created to pay lessee for improvements and to redeem the 7 per cent, betterment bonds which issue has beHen retired.

Earnings are included in those of the lessee company. In X905 the loss to lessee, after the payment of the guaranteed rental, was stated to be $167,693, and in 1906, $185,303.

President, ank J. Jones, Cincinnati. Vice-President, Briggs S. Cunningham, Cincinnati. Secretary and Treasurer, Henry C. Umer, Cincinnati.

Directors — Stephen R. Burton, Cincinnati. Briggs S. Cunningham, Cincinnati. A. S. Frazer, Xenia, O. J. N. Gamble, Cincinnati. Louis J. Hanck, Cincinnati. Frank J. Jones Cincinnati. Charles Kruse, CincinnatL Charles P. Taft, Cincinnati. Henry C. Urner, Cincinnati. M. M. White, CincinnatL Joseph Wood, Pittsburg. William Woithhigtoa, Cincinnati.

Main office, Fosdick Building, Cincinnati. Annual meeting, last Tuesday in January at Cindiinati.

Uttle Rock A Hot Sprihgs Westerk Railroad Co.

Road owned. Little Rock, Ark., to Hot Springs, 53 miles, of which 33 miles from Little Rock to Benton, Ark., was leased in 1901 to the Choctaw, Oklahoma & Gulf Railroad Co. Locomotives, 5 ; passenger cais, 10 ; freight cars, 60.

This company is a reorganization of the Little Rock, Hot Springs & Texas Railroad, the property of which was sold under foreclosure in 1899. Stock Par $100 Authorised, $1,140,000 Issued, $1,140,000

All the stock of this company is owned by the St. Louis, Iron Mountain & Southern Railroad Co.

Funded Debt zst mort, 4 per cent., due July, 1939, Jan. and July $1,140,000

The bonds are guaranteed as to principal and interest by indorsement by the St. Louis, Iron Mountain & Southern Railway Co.

Earnings Gtom Net

President, W. C. Fordyce, Hot Springs, Ark. Local Treasurer, H. E. Martin, Hot Springs. Secreury and Auditor, C. E. Ratdiff, Hot Springs.

Main office, Hot Springs, Ark. Annual meeting, third Monday in March, at Hot Springs.

THE Lome ISLAND RAILROAD CO.

(Controlled by Pennsylvania Railroad Co.)

Road owned. Long Island Citv, N. Y., to Greenport, 94.74 miles; Long Island City to Montauk, 115.13 miles; branches, 106.48 miles; leased lines, 75.49 miles; total operated, 391.84 miles. This company controls the New York & Rockaway Beach Railway Co., 11.74 miles.

Railroad Securities 183

which was formerly operated separately, but was leased in July, 1904 ; also controls the ProMCt Park & Coney Island Railroad, 10 miles, but in 1899 the latter was leased to the Brooklyn Rapid Transit Co. Locomotives, 185 ; passenger cars, 575 ; freifiht can, 1,456 ; service cars, 161 ; floating equipment, yo ferryboats, tugs, etc.

In May, 1900, the Pennsylvania Railroad Co. purchased a controlling interest in the stock of this company and holds $6,797,900 of the same, plans being carried out for a connection between this mommy's lines and the Pennsylvania Railroad system by tunnels under the East River to the new Pennsylvania passenger terminal in New York City. The New York Connecting Railroad has also been formed to build a line and bridge joiningthis company's system to the New York, New Haven & Hartford Railroad north of the Harlem River. In 1905, 45 miles of the road were equipped with electric power.

The company controls or is interested in various electric traction companies. In January, 1906, these interests were transferred to the Long Island Consolidated Electrical Companies, all the stock of which is owned by the Long Island Railroad Co. Stock Par $50 Authorised, $ia,ooo,ooo Is8u6d, $12,000,000

Stock is transferred at the office of the company, New York. Registrar, Central Trust Co., New Yoric

The last dividend paid on the stock was x per cent., quarterly, November 9, 1896. The August, 1894, quarterljr dividend was reduced from to i per cent., and the February, 1897, divKSend was passed, since which time no more have been paid.

Funded Debt

ad (now ist) mort, 7 per cent., due Aug., 1918, Feb. and Aug $968,703

Consolidated mort., 5 per cent., due July, 1931, quarterly, Jan 3,610,000

" 4 per cent, due July, X93X, quarterly, Jan x,x9z,ooo

General mort., ad lien, 4 per cent., due June, 1938, June and Dec 3,000,000

Ferry mort., L. I. R. R., per cent., due March, X932, March and Sept 1,494,000

Stewart Line mort. bonds, 4 per cent., due June, 1939, June and Dec 333,ooo

Unified mort., 4 per cent., due March, 1949, March and Sept 5,660,000

Debenture bonds, 5 per cent, due June, 1934, June and Dec i,i35,oco

New ref. mort., 4 p. ct., guar, by Pa. R. R. Co., due March, 1949, March and Sept. 99,408,000

Brooklyn and Montauk, ist mort., 6 per cent., due March, 1911, March and Sept... . 950,000

" " xst mort., 5 per cent., due March, 191 x, March and Sept.. . . 750,000

9d mort., 5 per cent., due June, X938, June and Dec 600,000

L. I. City & Flushing, xst mort., 6 per cent., due May, 191X, May and Nov 600,000

" con. mort., 5 per cent., due May, X937, Mav and Nov 650,000

New York & Flushing, xst mort., 6 per cent., due March, xoao, March and Sept. . . . 195,000

Montauk Extension, xst mort., 5 per cent., due Jan., 1945, Jan. and July 315,000

New York Bay Extension, xst mort., 5 per cent., due Jan., X943, Jan. and July xoo,ooo

Real Estate mortgages i,66x,o87

Total $44,079,790

Bonds op Leased and Controlled Lines

North Shore Branch consolidated, 5 per cent., due Oct, 1939, quarterly, Jan. $1,969,000

N. Y.. B. & Man. Beach, 1st cons, mort., 5 per cent, due Oct., 1935, April and Oct. 1,796,000

New York & Rockaway Beach, xst mort., due Sept, X997, March and Sept 883,000

9d mort income, due X997 1,000,000

Prospect Park & Coney Isl., ad, now 1st, mort., percent., due X9a6, Feb. and Aug. 340,000

6 per cent., not guaranteed x6o,ooo

3a, now ad, mort., per cent, due X93X 96,000

" " 6 per cent., not guaranteed.. 104,00a

incomes, 6 per cent 950,000

Long Island Cons. Electric Co. col. tr. mort, 4 per cent, guar., due 1946 500,000

Dividends are guaranteed as rentals on the stock of leased lines as follows : New York Brooklyn & Manhatton Beach, on $650,000, 5 per cent, dividends ; Prospect Park & South Brooktyn Railroad, $50,000, percent; New York & Coney Island, $89,500, percent., and $17,500, not guaranteed, xo per cent

The company owns stock and bonds of proprietary and leased roads to the amount of $6,903,8x4. (considerable amounts from same source were also devoted to improvements. The Prospect Park & Coney Island bonds are guaranteed so far as bondholders have accepted reduction of interest to per cent., and that road has been leased to the Brooklyn Rapid Transit Co.

Jn 1903 a new refunding 4 per cent, mortgage was authorized for $45,000,000, to take the

The Manual Of Statistics

place of the unified 4 per cent, mortgage, of which no additional amounts will be issued hereafter, and $25,000,000 are reserved to retire prior lien obligations. The Pennsylvania Railroad Co. guaranteed the first issue of $10,000,000 of the new bonds, both as to principal and interest, and m 1904 $3,300,000 additional bonds were likewise guaranteed and sold.

In March, 1906, an issue of $10,000,000 4 per cent, collateral trust bonds of the Loof Island Consolidated Electrical Co*s. was authorized, the same to be guaranteed, principal and interest, by this company.

In 1905 the company's fiscal year was changed so that it ends December 31.

Earnings Year ending June 30

Grosi Net Chuxes Surplns

597-98 $4.333ti93 $1,367,834 $1,033,9 $343,874

1898-99 4,ow,474 1,370,14s i,oao,074 ascso?"

1904 f Year end. Dec. 31) 7,083,807 1,886,091 1,940,480 " 54t389

1905 ( " " " ) 7,834,986 1,975.117 1,953,588 SuT., 33,539

1906 ( " " " ) 9,595,596 3,530,941 3,549.300 Def. 38,358

The earnings for 1901-03, 1903-03 and 1903-04 include the figures of the New York & Rockaway Beach Railroad Co.

President, Ralph Peteis New York. Vice-President and Treasurer, Henry Tatnall, Philadelphia. Assistant to President, C. L. Addison, Long Island City, N. Y. Secretary, Frank E. HaS, New York. K /,

Directors— August Behnont, New York. Dumont Clarke, New York. T. De Witt Cuyler, Philadelphia. John P. Green, Philadelphia. James McCrea, Philadelphia. Walter G. Oakman, New York. Charles M. Pratt. New York. Ralph Peters, Long Island City, N. Y. Charles E. Pugh, Philadelphia. Samuel Rea Philadelphia. Henry Tatnall, Philadelphia. J. B. Thayer, Phuadevphia. ,

Offices, Long Island City, N. Y., and 138 Broadway, New York. Annual meeting, second Tuesday in April, at Long Island Cit.

Louisiaha A Arkamsms Railway Co.

A corporation formed under the laws of Arkansas, June 10, 1903, to extend the charter of the Louisiana & Arkansas Railroad, and on August 18, 1003, all of the property and assets of the latter corporation were taken over and its outstanding liabilities assumed as of June 30, 190a.

Road owned, Hope, Ark., to Tioga, 187.80 miles; with branch, Packton, La., to Jena, La., 39.86 miles, and Tioga to Pineville, 5 miles, which gives second entrance to Alexandria, La.; trackage, Tioga to Alexandria, La., 8.18 miles ; total, 330.84 miles. Contract in force with the Rock Island Co., for the joint operation of the Louisiana & Arkansas tracks between Packton, La. and Pineville, La., 36 miles. Locomotives, 38; passenger cars, 16; freight and service cars, 1,358. Stock Par $100 Authorised, $7,000,000 Issued, $3,898,000

All the stock of this company is held in a voting trust for ten years. The voting trustees are William Buchanan, Edward E. Porter, Benjamin F. Yoakum, Harver E. Fisk and Charles L. Pack. A dividend of 3 per cent, was paid in 1906, and that rate has since been maintained.

Funded Debt ist mort., 5 per cent., due Sept., 1937, March and Sept $3,390,000

The ist mortgage bonds are authorized to the amount of $7,000,000. The unissued bonds are for extensions, betterments acd additional equipment, with $1,000,000 reserved for bridges across the Black and Red Rivers. Trustee of mortgage, Standard Trust Co., New York. AgenU for the payment of interest, Fisk & Robinson, New York. The bonds are a first lien on aU the property of the com[>any now owned or hereafter acquired, and upon its equipment, franchises, etc. The entire issue, (>ut no part, are subject to redemption at 110 and accrued interest on any interest day. A sinking fund of $55,000 per annum, to be used by the trustees in the purchase of bonds at a price not to exceed no and accrued interest, became operative in 1907. so purchased are kept alive in the sinking fund.

Railroad Securities 185

Earnings Year ending June jo.

Mileage GroM Net Chanes Sttrplui

190001... 92 $316,745 $"8,47S $15,618 $102,857

i90-03 "7 533.534 178,670 70,007 108,643

I904-O5 167 844,535 343,873 141,351 30X,5aa

The net income in 1903 include other income of $17,843; in 1904, $34,186; in 1905, $30,050 ; in 1906, $30,981 ; in 1907, $33,365.

President and General Manager, William Buchanan, Tezarkana, Ark. Vice-President, F. H. Drake, Minden, La. Secretary and Treasurer, J. A. Buchanan, Stamps, Ark. Auditor, F. S. Carroll, Texarkana.

Directors — J. A. Buchanan, Stamps. Robert Buchanan, Stamps. William Buchanan, Texarkana, Ark. T. A. Brown, Stamps. W. C. Brown, SUmps. F. H. Drake, Minden, La. J. G. Ferguson, Minden, La. J. H. White. Stamps.

Main office. Stamps, Ark. President's office, Tezarkana, Ark. Annual meeting, second Saturday in February, at Stamps, Ark. Fiscal Agents, Fisk & Robinson, 35 Cedar street, New York.

Louisiaka A North West Railroad Co.

Road owned, Magnolia, Ark., to Natchitoches, La., X14.7 miles; trackage. Magnolia to McNeill, Ark., 6.4 miles; total operated, 131.1 miles. Locomotives, xx ; passenger cars, 11 ; freight cars, no. Stock Par,$ioo Authorized, $10,000,000 Issued, $3,300,000

Stock is transferred by the Secretary of the company, Homer, La.

Funded Debt

Prior lien mort., 5 per cent., due Jan., X945, Jan. and July $100,000

1st mort., 5 per cent., due April, 1935, April and Oct 1,950,000

Total $3,050,000

Trustee of the prior lien mortgage, Peoples' Trust Co., Brooklyn, N. Y. The coupons of the prior lien mortgage bonds are payable at the office of Boody, McLellan & Co., 57 Broadway, New York.

The xst mortgage is for $10,000,000, of which $150,000 is reserved to retire the prior lien bonds. Trustee of the mortgage, Mississippi Valley Trust Co., St. Louis. Coupons are paid at the office of the Treasurer 01 the company, St. Louis.

Pmident and Treasurer, George w. Hunter, St. Louis. Vice-President, John Jay Nelson, Homer, La. Secretary, John A. Richardson, Homer. Assistant Treasurer, W. H. Crouch, St Louis.

Directors— W. H. Crouch, St. Louis. George W. Hunter, St. Louis. R. R. Joslin, Homer. John Jay Nelson, Homer. John A. Richardson, Homer, La.

Main office, Homer, La. Annual meeting, first Monday in December, at Homer, La.

Louisiaka Railway A Ha ¥16 Ati Ok Co.

A corporation formed under the laws of Louisiana May 9, 1903. The company is the sueceaor of the Shreveport & Red River Valley Railroad Co., whose property was purchased June

Road operated, Shreveport to New Orleans, 305.6 miles ; Colfax to Wiimfield, La., 38 miles ; Alenndria to Tioga Junction, La., 8 miles ; total, 341 miles. The company is empowered to build south of New Orleans to the Gulf of Mexico. It owns terminal properties in New Orleans and has franchises granted by the city. Locomotives, 33 ; passenger cars, 3x ; freightcars, 730. Stock Par $100 Authorised, $13,000,000 Issued, $4,885,000

Funded Debt 1st mort., per cent., due July, 1953, Jan. and July $4,865,000

The xst mortgage bonds are authorised at the rate of $33,000 per mile of road, and to the total of $17, 500,000, there being $4,600,000 reserved for New Orleans terminals. Trustee, Farmers* Loan ft Trust Co., New York.

i86 THE MANUAL. OP STATISTICS

President, William Edenborn, New Orleans. Vice-President, W. F. Taylor, Shreveport, La. Secretary and Superintendent, H. B. Helm, Shreveport. Assistant to President and Treasurer, Clarence EUerbe, Shreveport. Auditor, J. J.Tippin, Shreveport.

Directors— William Edenborn, New Orleans. Sarah Edenbom, New Orleans. Clarence Ellerbe, ShreveporL H. B. Helm, Shreveport. August Mann, New Orleans. Otto Mann, New Orleans. W. F. Taylor, Shreveport.

Main office, Shreveport, La. President's office, Hibemia Building;, New Orleans. Annual meeting:, first Tuesday after first Monday in July, at Shreveport.

Louisiama Western Railroad Co.

(Leased to Southern Pacific Co.)

Road owned, Lafayette, La., to the Sabine River, 105.41 miles ; branches, 93.87 miles ; total, 198.28 miles. Locomotives, 37 ; passing;er cars, 43 ; freight cars, a, 188 ; service cars, 70.

Stock Par $100 Authorized, $3,360,000 Issued, $3,360,000

The company's stock is principally owned by the Southern Pacific Co. In 1906 a dividend of 10 per cent., was paid.

Funded Debt ist mort., 6 per cent., due July, 1931, Jan. and July $3,340,000

Earnings Year ending June 30

Gross Net Charset Surplus

i90>-03 1,886,413 709.568 185,387 534181

The net is given after deducting taxes.

President, Edward H. Harriman, New York. Vice-President, W. V. S. Thome, New York. Secretary and Treasurer, M. B. Bergneron, New Orleans. Auditor, T. O. Edwards, New Orleans.

Main office. New Orleans. New York office, i30 Broadway. Annual meeting, first Monday in April, at New Orleans.

Louisville A Iiash¥Ille Railroad Co.

A corporation chartered by the Commonwealth of Kentucky, March 5, 185a

Mileage, June 30, 1907

Miles Miles

Road owned and operated 3.358.07 Controlled but operated by their own

Entire capital stock owned 447*04 organizations 3,378.57

Leased "9*34 Owned but operated by other com-

Operated for account owners 314.33 panies 369.44

Trackage 303.89 —

Total mileage 6,890.57

Total 4,343.56

The company controls, by ownership of a majority of stock, the Nashville, Chattanooga & St. Louis Railway, 935.44 miles, and the Louisville, Henderson & St. Louis Railway, 186 miles, and has a joint interest with The Atlantic Coast Line in the lease of the Georgia Railroad azid dependencies, 571 miles. In 1903 it bought the majority of stock of the Atlanta, Knozville & Northern Railway. The Tennessee Midland and Paducah, Tennessee & Alabama, 354 miles, are owned but are leased to the Nashville, Chattanooga & St. Louis. Locomotives, 865 ; passenger cars, 559 ; freight cars, 39,538 ; service cars, 1,453.

In 190 1 this company and the Southern Railway Co. jointly acquired control of the Chicago, Indianapolis & Louisville Railway, issuing their joint bonds for the stock of that road.

In October, 1903, a majority interest in the stock of this company was acquired by The Atlantic Coast Line Railroad Co.

51

.Sri

' "Or

.

r-*

Railroad Sbcuritibs 187

Stock Par $100 Authorized, $60,000,000 Issued, $60,000,000

Stock is transferred at the offices of the company, Louisville and New Yoik. Registrars, National Bank of Commerce, New York ; Bank of Commerce, Louisville.

Dividends on the stock were suspended after the ftayment of a a per cent, semi-annual divi> dend Au£:ust a, 1893. In January, 1899, dividends were resumed at the rate of 3 per cent, per annum by the declaration of per cent., payable February, 1899. In August, 1899, a per cent, was paid ; in February, 1900, a per cent. ; in August, 1900, a per cent. ; on February 11, 1901, per cent, was paid, wluch continued to be the regular rate until February, 1905, when 3 per cait. was paid, putting the stock on a 6 per cent, basis, which has since been the regular rate. Dividends are semi-annual* February (10) and August.

On February 10, 1908, the stockholders received an extra dividend of x per cent, in stock of die Louisville Property Co. The latter was a corporation with a share capital of $50,000 which vas increased to $600,000. It owns coal and other properties which it operated auxilliary to the railroad company.

Funded Debt

ist moTt. branches, so-jrear gold bonds, 5 per cent., due May, 1937, May and Nov. . $1,740,000

General mort., 6 per cent. due June, 1930, June and Dec 7,058,000

Sinking fund bonds, 6 per cent., due April, 1910, April and Oct 1,874,000

Unified mort., 4 per cent., due July, 1940, Jan. and July 36,648,000

Collateral trust, a5-year bonds, 4 per cent., due April, i9o8-a3, April and Oct a3,ooo,ooo

Louisville, Cin. & Lexington, gen. mort., per cent., due Nov., 1931, May and Nov. 3,a58,ooo

Evansville, Hend. & Nash. Div. , ist mort. , 6 per cent. , due Dec. , 1919; June and Dec . z ,5a5,ooo

Pmsacola Division, xst mort., 6 per cent., due igao, March and Sept 355ooo

S. E. & St. Louis Division, xst mort., 6 per cent., due March, X9ai, March and Sept. . . 3,500,000

ad mort. , 3 per cent , due March, 1980, M arch and Sept. . . a,998,ooo

New Orleans St Mobile, ist mort., 6 per cent., due Jan., 1930, Jan. and July 5,000,000

ad mort., 6 per cent., due Jan., 1930, Jan. and July x, 000,000

Newport & Cincinnati Bridge, gen. mort., per cent., due July, 1945, Jan. and July 1,400,000

ist mort., 5 per cent., trust gold bonds, due Nov., 1931, May and Nov 4,705,000

Pensacola & Atlantic, xst mort, 6 per cent., due Aug., 1931, Feb. and Aug 1*533,000

Kentucky Central, xst mort., gold, 4 per cent., due July, 1987, Jan. and July 6,698,000

Mobile & Montgomery, ist mort., per cent., due Sept., 1945, March and Sept. . 4,000,000

Henderson Bridge, ist mort., 6 per cent., due Sept., 1931, March and Sept 1,373.000

Nash., Flor. & Sneffield, xst mort., guar. g. 5 per cent., due Aue., 1937, Feb. and Aug. 1,996,000

Atlanta, Knoxv. & Nor., xst mort., 5 per cent., due Dec. 1946, June and Dec 999,000

cons, mort., 4 per cent., due March, aooa, March and Sept. 500,000

Atlanta, Knoxv. & Cin. Division, mort. 4 percent., due May, 1955, May and Nov.. 10,000,000

L & N.-So. Ry., joint, C, Ind. & Louis., collat., 4 p.c.,due July,x95a, Jan. and July. 5,883,500

Sl Louis property, r. e., mort., 5 per cent., due March, X916, March and Sept 6x7,000

Gold notes ot X907, 5 per cent., due March, X9X0, March and Sept 6,500,000

Totol $i35.04950o

Assumed Under Leases, etc.

Nashville & Decatur, stock, guaranteed, per cent., Jan. and July

South and North Alabama consol. mort., 5 per cent., due Aug., X936, Feb. and Aug. 3,347,000

The unified mortgage ($75,000,000 authorized) was created in 1890 to retire prior issues of bonds and provide for future requirements. As security for this mortgage $39,623,606 of various Kocks and bonds were deposited with the trustee. Of the issue $41,9x7,660 was reserved to Rtire prior liens.

The collateral trust bonds created in X89S, were retired in April, X003. The Louisville & Nashville is joint mortgagee of the Mobile & Montgomery xst mortgage, due 1945.

In March, X903, the company authorised $30,000,000 of collateral trust 4 per cent, ao-year bonds, due April X, x9o8-a3, secured by $34,000,000 of unified 4s and other bonds of controlled loads. The bonds are redeemable at par on any interest date on and after April i, 1908, on 60 days* notice. Trustee of the mortgage, United States Trust Co., New York.

The amount of the 4 per cent, jomt collateral trust bonds, secured by stock of the Chicago, Indianapolis & Louisville Railway Co., created by this company and the Southern Railway Co., ii one-half of the total issue thereof, being the portion for which this company is responsible.

The Atlanta, Knoxville & Cincinnati Division 4 per cent, mortgage bonds were created in

1905, the authorised issue bein $50,000,000. Trustee of the mortgage. United States Trust Co.,

New York. Sufficient of the issue are reserved to retire underlying bonds on the divisions in

Kstion, vis. : Kentucky Central 4s, Atlanta, Knoxville & Northern ists and consolidated 4s, and

aysville & Lexington Northern 7s.

z88

The Manual Op Statistics

Earnings Year ending June 30

Per Cent

Div. Paid Gross Op. Exp. Net Charges Surplus

898-99 3H 33,759,485 66.21 8,568,543 5.941.643 2,626,900

1899-oa 4 27,742,378 67.06 9.789.017 6,169,782 3.619.334

1901-02 5 30.7",257 67.06 10,810,841 6,085,533 in75f3P7

1903-04 5 36,943.79a 68.05 '3.437,398 6,749,227 6,688,171

In 1897-98 income from investments was $353,883; losses on controlled roads, $175, loa In 1899 income from investments, $540,645 ; in 1900, $650,044 ; in 1901, $704,688 ; in 1902, $1,001,021. In 1902-03 the misceUaiieous income was $1,122,493, surplus, after payment of the 5 per cent, dividends on the stock, was $3,211,047. In 1903-4 income from investments, $1,635,154; surplus over dividends, $3,688,171; in 1904-05 income from investments, $1,627,490; dividend, $3,600,000; surplus, $3,227,030. In 1905-06, other income $1,566,776; dividends, $3,600,000; surplus, $2,748,374. In 190607," other income $1,561,755; dividends, $3,600,000 ; surplus, $2,850,521.

Freight Traffic Statistics

Average Total Tons Carried Freight Rate per ' Eaminnper Av'ge Toas

Mileage Tonnage One Mile Density Ton per Mile Train MUe per Train

1903-04 3,619 ax,429,278 3,460,354,603 9,164 0.790 1.85 234

19Q4-0C. .. 3.8a6 21,041,0003,505,899,568 916,335 0.791 1.81 329

Gross amd Nbt Earnings by Months for Years

GroM Net GroM Net Gross Net

January $3,160,135 $1,018,656 $3,749,549 $1,128,535 $4,107,323 $1,099,847

Februaiy 2,774,510 844,769 3.432,952 9i37i4 3,729.143 808,328

March 3.523.213 1,189,208 3.712,381 1.115.894 4,361,620 i.i75.3i

April 3.148,074 847,804 3,542,044 908,500 4.044,081 1.008,047

May 3.206,274 81 1,807 3.839.512 961.521 4.097.807 858,874

June 3.165,400 696,243 3,649.881 812,982 3.993.52s 834,826

July 3,307.982 917,37s 3.711.760 1,019,612 4,126,037 1,034,787

August 3,402,605 894,115 4.009,935 1,017,213 4.426,453 1056,177

September 3.547.193 i.093.59a 3.859.039 1.063,207 4.189.277 1.071.479

October 3.579.772 1.107,448 4.139.83S 1.176.247 5.308,878 1,230,644

November 3,651,805 1,105,001 4,118,887 1,164,626 3,912,611 753,063

December 3.593.321 1,116,856 4,090,990 1,194.985 358.314 379.484

Total for year. .. $40,060,384 $11,642,874 $45,856,765 $12,477,036 $49,655,069 $11,672,387 Aver, per month.. 3.338,365 970,239 3,821.397 i.o39.753 4,137.922 972699

Chairman, Henry Walters, New York. President, Milton H. Smith, Louisville.' lat Vice- President, W. L. Mapother, Louisville. 2d Vice-President, A. W. Morriss, New York. 3d Vke- President, Addison K. Smith, Louisville. 4th Vice-President, George E. Evans, Louisville. Secretary, J. H. Ellis, Louisville. Treasurer, William W. Thompson, Louisville. Assistant Secietarv and Assistant Treasurer, E. L. Smithers, New York. Assistant Secretaiy, W. H. Bruce, Louisville. Assistant Treasurer, G. W. Proctor, LouisviUe. Comptroller, Charles Haydon, Louisville.

Directors— August Belmont, New York. Attilla Cox, Louisville. Warren Delano, Jr., New York. Alexander Hamilton, Petersburg, Va. Michael Jenkins, Baltimore. D. P. Kingsl,

Railroad Securities 189

New York. GaitUner M. Lane, Boston. Winter G. Oakman, New York. W. G. Raool, Atlanta. Edward W. Sheldon, New York. Milton H. Smith, Louisville. Henry Walters, New York. John I. Waterbury, New York.

Main ofiSce, Main and Second streets, Louisville. New York office, 71 Broadway. Annual nieedng, first Wednesday in October, at Louisville. Books close ten days before.

Louisville) Hekdersok St. Louis Railway Co.

(Controlled by Loupnlle & Nashville Co.)

A corporation formed under the laws of Kentucky, May 29, 1896.

Road owned, Henderson, Ky., to Strawberry. Ky., 137.9 miles; Fordsville branch, 43.8 miles ; Strawberry to Louisville, 8.9 miles ; trackage, Henderson to Evansville, 12.9 miles ; total operated, 199.8 miles. Locomotives, 33 ; passenger cars,25 ; freight cars, 598.

This comoany is a reorganization of the Louisville, St: Louis & Texas Railway Co. In 1904 the Louisville & Nashville acquired a controlling interest in the stock, consisting of $1*318,385 common and $706,081 preferred.

The preferred stock is 5 per cent., non-cumulative. Transfer Agent, First National Bank,

New York.

Funded Debt

ist mort., 5 per cent., due Jan., 1946, Jan. and July $2,500,000

Earnings Year ending June 30

Gron Net Chaivet Surplus

I9P3-04 895,970 137,647 i-jo,ooo 7,647

905-<j6 951.859 907,363 150,000 57,3

t9o607 1,061,378 1x0,667 156,305 Def. 45,638

The net for 1902-03 represents a deduction of $42,371 for improvements, etc. In 1903-04 there was a similar deduction of $1x9,252; in 1904-05, $78,989 ; in 1905-06, $42,5; and in 1906-07, $148,890, for the same item.

Preskient, Attilla Cox, Louisville. Vice-President, W. L. Mapother, Louisville. Secretary, Ridgel Cayoe, Louisville. Treasurer, L. W. Botts, Louisville. Auditor, George H. LamUn,

Directors — W. Marshall Bullitt, Louisville. Attilla Cox, Louisville. J. H. Ellis, Loidsville. Oscar Fenley, Louisville. John L. Helm, Louisville. W. L. Mapother, Louisville. Otto Marx, Birmingham, Ala. Milton H. Smith, Louisville. H. Weissinger, Louisville.

Main office, Louisville. Annual meeting, first Tuesday in September, at Louisville.

MA con, DUBLIK A SA¥MIIIIAH RAILROAD CO.

A corporation formed under the laws of Georgia in 1885. Road owned, Macon, Ga., to Vklalia, Ga., 9a miles. In January, 1907, the Seaboard Air Line Railroad acquired the property. Locomotives, 6 ; passenger cars, 8 ; freight cars, 252. Stock Par $100 Authorized, $3,200,000 Issued, $2,040,000

Stock is transferred by the Secretary of the company, Macon, Ga.

Funded Debt ist mort., 5 per cent., 'due Jan., 1947, Jan. and July $1,240,000

The xst mortgage, created in 1907, is for $1,840,000 and is guaranteed, principal and interest, bv the Seaboard Air Line Railway Co. Trustee and agent for the payment of interest. New York Tnist Co., New York. The remaining $600,000 of the issue are reserved for improvements.

Earnings Year ending June 30 Grosn Net

'9-P3 $228,816 $53,159

President. William A. Garrett, Macon, Ga. Vice-President and General Manager, James T. Wright, Macon. Secretary, Auditor and Assistant Treasurer, C. G. Smith, Macon.

Directors— E. T. Brown, Atlanta, Ga. A. C. Felton, Jr., Macon. William A. Garrett, Norfolk, Va. J. T. Moore, Macon. T. F. Whittelsey, Norfolk.

Main office, Macon, Ga. Annual meeting, second Wednesday in March, at Macon.

Kaike Cektral Railroad Co.

Road owned, Portland to Bangor, Me., via Austa, 136.60 miles ; Cumberland Junction to Skowhegan, 91.90 miles ; Brunswick to Farmington, 69.60 miles ; Woolwich to Rockland, 47.13 miles ; Bisu* Harbor branch, 41.13 miles ; branches, 21.02 miles ; total owned, 409*68 miks. Leased, Belfast & Moosehead Lake Railroad, 33. 13 miles ; Dexter & Newport Railroad, 14.1 miles ; Eastern Maine, 19.07 miles ; Europwan & North American, 126.03 miles ; Portland & Odensburg Railroad, Portland, Me., to Lunenburg, 110.44 miles; Hereford Railway, .85 miles ; Dexter & Piscataquis Raih-oad, 16.54 miles ; Upper Coos Railroad, 55.33 miles ; Portland & Rumford Falls Railway, 65.14 miles ; Rumford Falfe & Rangeley Lakes Railroad, 38-71 miles; total operated, 931.40 miles. In 1904 the company acquired the Washington County Railway Co., 138 miles, and guarantees its bonds, but the road is operated under its own organization. In 1Q07 control of the Somerset Railway, q6 miles, was also acquired. The Portland & Rumford Falls Railway and Rumford Falls & Rangeley Lakes Railroad were leased for yean from }izy i, 1907. The company also operates steamboats in connection with its rail lines. Locomotives, 302 ; passenger cars, 278 ; freight cars, 7,174 ; service cars, 548. The Boston & Maine Railroad owns $2,516,000 of this company's stock.

Stock Par $100 Authorized, $12,000,000 Issued, $4,988,000

In 1891 stock was increased by $900,000, the new stock being subscribed pro rata by stockholders at par. Proceeds were applied to betterments and equipment. In January, 1893, $500,000 additional stock was issued for same purpose.

Stock is transferred by the Treasurer of the company, Portland, Me.

From 1884 to July, inclusive, 6 per cent, per annum was paid on the stock. From October, 1903, the annual dividend rate 7 per cent. The 'dividends are pakl quarterly, i9! per cent, each, in January (i), April, July and October. The October 1907 dividend was increased to 9 per cent.

Funded Debt

Maine Central consolidated mort., 7 per cent., due April, 19x9, April and Oct

5 per cent., due April, 1919, April and Oct 969,500

" per cent., due April, 19x9, April and Oct 1,595,000

4 per cent., due April, 1919, April and Oct 3t36s,500

col. trust, 5 per cent, due June, 1903, June and Dec 669,000

improvement bonds. A, per cent., due July, 1916, Jan. and July. . 900,000

" B, per cent, due July, 191 7, Jan. and July. . 250,000

interest scrip exchangeable tor consols 8,199

Maine Shore Line ist mort. bonds, 6 per cent, due June, 1023, June and Dec 8x,ooo

Penobscot Shore Line xst mort., assumed, 4 per cent, due Aug., looo, Feb. and Aug. 1,300,000 Knox & Lincoln 9d mort., assumed, 5 per cent, due Feb., 1921, Feb. and Aug 400,000

Total road owned .'. $11,899,199

Portland & Ogdensbui bonds, per cent., due Nov., 1908, May and Nov $800,000

5 per cent, due Nov., 1908, May and Nov i3X9iOOO

Dexter & Piscataouis, 4 per cent., due July, 1939, Jan. and July 175.000

European & Nortn American, refunding mort., 4 p. c, due Jan., 1933, Jan. and July. 1,000,000

Hereford Railway xst mort., guar., 4 per cent., due May, X930, May and Nov 800,000

Upper Coos R. R. xst mort., guar., 4 per cent, due May, 1930, May and Nov

" ext. mort., guar., per cent., due May, 1930, May and Nov. . . . 693,000

Dexter & Newport xst mort., refunded, 4 per cent., due Sept., 191 7, March and Sept 175,000

Belfast & Moosehead Lake ist mort., 4 per cent, due May 15, 1990, May and Nov. . . 90,500

Washington County Ry. ist mort., guar., per cent, due Jan., X954, Jan. and July 9,500,000

Somerset Railway xst mort., 5 per cent., due July X9X9, Jan. and July 395,000

" " cons, mort., 4 per cent, due July 2, 1950, Jan. and July iJtSPO

mort. and ref. bonds, 4 per cent., due July, X955, Jan. and July. . . 864,000

" " notes, 5 per cent., due June, 19x1 x,5oo,ooo

See separate sUteroent of the Portland & Rumford Falls Railway Co., for iU funded debt

This company guarantees jointly with Boston & Maine $300,000 Portland Union Sutkm

bonds. In X904 it guaranteed by indorsement principal and interest of $9,500,000 per cent

RAILROAD SECURITIES i9

bonds, due January, 1954, of the Washington County Railway Co. It also guarantees stock rentals as follows : 5 per cent, on $2,494,100 European & North American Railway stock, 2 per cent, on $4i393,5j8 Portland & Ogdensburg stock, 5 per cent, on $133,000 Dexter & Piscataquis stock, 4 per cent, on $800,000 Hereford Railway, 6 per cent, on $350,000 Upper Coos Railroad, per cent, on $200,000 Eastern Maine and 5 per cent, on $122,000 Dexter & Newport stock. The rental for the Portland & Rumford Falls Railway is $328,000 per annum.

The leased line bonds, with the exception of the Belfast & Moosehead Lake ists, are guaranteed by the Blaine Central.

Earnings Year ending June 30 Div. Paid Gross Net Charges Surplus

1901-oa 6 $6,194,304 $1,795,900 $1,405,863 $390,037

1905KJ6 7 7,794,745 i,859,99a 1,441,905 418,026

In 1900-OX $200,000 from earnings was charged off and 6 per cent, dividends required $298,554, leaving a surplus of $76,1x5. In 1901-02 surplus over dividends, $62,031 ; in 1902-03, $108,627, in 1903-04, $83,304. The net for 1904-05 is given after deducting $300,000 for improvements and charging off" $50,000 for uncollectible items, dividends $348,365, surplus $ 1 78,87a In 1905-06, sinking funds were charged with $x3,440, and dividends "were $348,369, the txdance surplus being $56,3x7. In 1906-07 net is given after charging $514,643 to operating expenses, for new equipment and $724,306 for betterments and additions. In that year dividends were $348,36 and surplus, $x6i,093.

President, Lucius Tuttle, Portland, Me. Vice-President and General Manager, Morris McDonald, Portland. 2d Vice-President and Comptroller, George S. Hobbs, Portland. Treasurer, George W. York, Portland. Clerk, Henry B. Cleaves, Portland.

Directors— William P. Frye, Lewiston, Me. Samuel C. Lawrence, Medford, Mass. Lewis C. Ledyard, New York. Morris McDonald, Portland. Edward P. Ricker, South Poland, Me. Alvah W. Sulloway, Franklin, N. H. Joseph W. Symonds, Portland. Lucius Tuttle, Boston. George Vamey, Bangor, Me. John Ware, Waterville, Me. Henry M. Whitney, Brookline, Mass. Franklin A. Wilson, Bangor, Me.

Main office, 238 St. John street, Portland, Me. Annual meeting, third Wednesday in October, at Portland.

Karylahd A Pemmsyl¥Aiiia Railroad Co.

Road owned, Baltimore to York, Pa., 80 miles ; branch, 4 miles ; total operated, 84 miles. Locomotives, 13 ; passenger cars, 31 ; freight cars, 116.

The company is a consolidation, February, 1901, of the Baltimore & Lehigh Railway Co., and the York Southern Railroad Co. Stock Par $100 Authorized, $3,600,000 Issued, $x,6o2,soo

Transfer Agent and Registrar, Continental Trust Co., Baltimore.

Funded Debt

ist mort., 4 per cent., due March, 1951, March and Sept $897,000

Income bonds, 4 per cent., cumulative, due April, 1951, April and Oct 900,000

Terminal mort., 5 per cent., due May, 1936, May and Nov 200,000

York & Peach Bottom R.R. xst mort., B, 5 per cent., due April, 1932, May and Nov. 202,450

Total $2,199,450

In X901 3 per cent, was paid on the income bonds. In 1902, 1903, 1904, 1905, 1906 and 1907 4 per cent, was paid.

The 1st mortgage is for $1,200,000, of which amount $203,000 is reserved to retire the York & Peach Bottom 5 per cent, bonds at maturity and $xoo,ooo bonds are reserved for future requirements.

Earnings

Gross Net Chaives Surplus

190s 323,571 100,313 77,783 24,531

i9ogi 360,550 121,909 82,002 34,160

Chaiiges for 1903 include full interest on the 4 per cent, income bonds.

President, John Wilson Brown, Baltimore. Vice-President, W. B. Brooks, Baltimore. Secretary and Treasurer, John McHenry, Baltimore.

Directors— W. B. Brooks, Baltimore. Alexander Brown, Baltimore. John Wilson Brown, Baltimore. Solomon Frank, Baltimore. B. H. Griswold, Jr., Baltimore. Geoive C. Jenkins, Baltimore. Henry C. NUes, York, Pa. W. W. Spence, Baltimore. Howard E. Young, Hanover, Pa.

Main office. North avenue and Oak street, Baltimore. Annual meeting, fourth Tuesday in January, at Baltimore.

Karylamd, Delaware A ¥Ir6Iiiia Railway Co.

(Controlled by Baltimore, Chesapeake & Atlantic Railway Co.)

A corporation formed, in 1905, to succeed the Queen Ann's Railxoad Co., which was foreclosed and reorganized.

Road owned. Love Point, Md., to Lewis, Del., 73 miles; branch, 5 miles; total owned, 78 miles; trackage, 5 miles; total operated, 83 miles. Steamboat lines operated, 1,039 miles. Locomotives, 7; passenger cars, 22; freight cars 36; floating: equipment, 14 steamboats.

The company is controlled by the Baltimore, Chesapeake & Atlantic Railway Co., which owns a majority of the stock.

The preferred stock is 4 per cent, non-cumulative.

Funded Debt xst mort., 5 per cent., due Feb., 1955, Feb. and August $2,000,000

The first mortgage bonds are guaranteed, principal and interest, by the Baltimore, Chesapeake & Atlantic Railway Co. Interest is payable at the office of the Treasurer, Broad Street Station, Philadelphia, Pa.

Earnings

Gross Net Charges Deficit

"906 $74i24i $31,353 $106,899 Def. $75,899

President, Charles E. Pugh, PhUadelphia. Vke-President and General Manager, Willard Thompson, Baltimore. Secretary, Lewis Ndlson, Philadelphia. Treasurer, Henry Tatnall, Philadelphia.

Main office, Baltimore. Annual meeting, fourth Thursday in March, at Wilmington, DeL

Hexicam Cemtral Railway Co.. Lihited

A corporation formed under the laws of Massachusetts in 1880. In 1907, a consolidation of this company with the National Railroad Company of Mexico was proposed, the new company to be called the National Railways of Mexico and to be controlled by the Mexican Government, which would acquire a majority of its stock. Securities of the new company were to be offered for those of the old companies on an agreed basis. The execution of this plan was, however, delayed by financial conditions.

Mileage. MUes MUes Main Line, City of Mexico to Ciudad Saltillo Extension, Paredon to Sal- Juarez 1,224.16 tillo 47*o6

Mexico City Belt Line 5.95 Branch to Compania Metalurgica

Santiago Branch, Mexico City to Mexicana Smelter, San Luis Potosi. 5.19

Santiago 1.40 Bar Extension, Tampico to La Barra,

Pachuca Branch, Tula to Pachuca. . . 43.81 leased 6.21

Guanajuato Branch, Silao to Maifil. . ix.56 Monterey Division, Tampico to Pare-

Guadalajara Branch, Irapuato to don 370.48

Ameca. 2x7.06 Mexican Union Railway, Rincon de

Zamora Extension, Yurecuaro to Los Romos to Cobre, leased 10.85

Reyes. 86.16 Laguna Extension, Gomes Palado

San Marcos Extension, La Vega to to San Pedro 39-78

San Marcos 39-37 Parral Extension, Jime&iezto Rosaria 95.79

Zapotlan Extension, Guadalajara to Santa Barbara Branch, Adrian to Tuxpan 1x9.68 Santa Barbara 5-47

Railroad Securities Z93

Miles Miles

Cuemavaca Division, City of Mexico Other branches 9.4

to Rio Balsas 181.35 SanLuisDiv.,ChicalotetoTampico.. 400.93

Rio Verde Branch, San Bartolo to

Rio Verde 36.47 Total 3aoa.58

San Pedro Extension, San Pedro to

Paredon 137.7a Controlled. Coahuila & Pacific Rail-

Pannco Extension 130.77 Torreon to Saltillo 3oo.ii

Total of system 3t403.69

Locomotives, 467 ; passenger cars, 373 ; freight cars, 9,786 ; floating equipment, 15 ; service

In June, 190T, control of the Monterey & Mexican Gulf Railroad was acquired in this company's interest In November, 1903, control of the Mexico, Cuemavaca & Pacific Railroad, 181 miles, was acquired. In 1905 the Coahuila & Pacific Railway was acquired, which line, it was stated, would be operated under a joint agreement by this company and the National Railroad Co. of Mexico.

The company had a subsidy from Mexican Government of $15,300 per mile, payable in certificates receivable for a portion of customs. In June, 1885, the Government stopped the payment of the subsidy, but it was resumed 1886, and in 1890 the Government agreed to pay a lump sum of about $14,900,000, Mexican currency, in liquidation of all subsidy claims. The amount was paid and applied to purchase of the priority bonds of the company. On June 30, 1907, there was a cash balance of $313 in the hands of trustees of consolidated mortgage bonds and $i,x86,- 000 priority bonds costmg $1,397,384, purchased for investment. Deficits in fixed charges can be made good from subsidy fund.

Stodc Par $xoo Authorised, $100,000,000 Issued, $59,137,100

Transfer Hanover Nati Co., Boston.

Transfer Agents, Treasurer of the company, New York ; Old Colony Trust Co., Boston ; Hanover National Bank, New York. Registrars, New York Trust Co., New York ; City Trust

Funded Debt

Priority mort 5 per cent., due July, 1939, January and July $5iS97i00o

xst mort., unassented, 4 per cent., due July, 191 1, and scrip, Jan. and July 365,063

Consol. mort., 4 per cent., due July, 19x1, Jan. and July 66,880,000

ist consol. income bonds (and scrip), 3 per cent., due Jan., 1939, non-cum., July. . . 30,569,700

3d consol. income, 3 per cent., due July, 1939, July 11,383,000

Registered income bonds, 3 per cent., not yet assented, due July, 191 1 337,300

CoOateral trust notes, 5 per cent., due Sept., 1908, March and Sept 195

Collateral trust notes, 5 per cent., due July, 19x0, Jan. and July 38,818,930

Equipment bonds, 5 per cent., due April, 19x7, April and Oct 500,000

Equipment bonds, 5 per cent., 3d series, due Oct., 19x9, April and Oct 000,000

Car Trusts, various 4,4x0,313

Total $x4o,476,389

Rstered income bonds can be exchanged for stock at par. The 3d consolidated 3 per cent, noome bonds, due 1939, can be retired at 50 per cent, of their face up to X939.

In X890 first incomes received 3 per cent., in 189X and x893 3 per cent No interest has since been paid.

The collateral trust 5 per cent, notes, due 1910, are $35,00,000 authorised and are secured by various bonds. They were created to fund maturing obligations.

In X904 the company's fiscal year was changed, making it end on June 30.

903 (3,154 " ) (18 months, ending June 30) 38,548,507 9,597,5*7

1904-05 (3,154 miles) (year ending June 30) 36,097,699 8,498,533

W-o6( " " W" " ) a8,3A8o6 8;566;i6i

The following gives the revenue of the company in American currency:

Net Earnings

U. S. Currency Charges Surplus

1902 3,SI3kJ84 3,009,786 " 496400

1903-04 (18 months, ending June 30) 4,178453 7492,294 " 3,313.843

1904-05 (year ending June 30) 4,118,173 5,3i9,558 " 1,101,385

i905-o6( " " ) 4.387,862 5,058,114 " 770,353

i9o6-o7(" " ) 4,604455 4,541,303 Sur. 63,253

The charges for the 18 months ending June 30, 1904, include $43833 for betterments, $600,000 for bond discounts and commissions, and $537434 for bond account. In i904'O5 charges include $1,351,910 for similar items; in 1905-06, $943,786, and in 1906-07, $1,669,055.

An English corporation — the Mexican Central Railway Securities Co., Limited— was organised in 1899, which accepted deposits of the 4 per cent, consols of the Mexican Central Railway, and issues against each $1,000 4 per cent, bond deposited ;io3 of A debentures and ;io3 a debentures. The office of this company is 3 Gracecnurch street, London, E. C.

Chairman, H. Clay Pierce, New York. President, Samuel M. Felton, City of Mexico. Vice-President, Eben Richards, New York. Vice-President. C. R. Hudson, City of Mexico. Vice-President, Frederick H. Prince, Boston. Secretary, James Piper. New Ybrk. Clerk, Wallace B. Donham, Boston. Assistant Clerk, F. R. Russell, New York. Treasurer, J. A. Hendry, City of Mexico. Assistant Treasurer, F. M. Souther, New York. Comptroller, W. H. Dudley, New York. General Auditor, W. A. Frost, City of Mexico.

Directors— William H. Dudley, New York. Justino Femandes, City of Mexico. Samuel M. Felton, City of Mexico. Charles R. Hudson, City of Mexico. John D. Johnson, St. Louis. B. W. Palmer, Boston. H. Clay Pierce, New York. T. F. Pierce, New York. R. E. Pierce, New Yoric. James Piper, New York. Frederick H. Prince, Boston. Eben Richards, New York. Carlos Rivas, City of Mexico. F. R. Russell, New York. Clarence D. Simpson, Scranton, Pa. F. M. Souther, New York. Frederick R. Swift, New York. W. L. Wagner, New York. M. de Zamacona e Ynclan, City of Mexico.

Main office, 35 Broad street, New York. Annual meeting, fourth Wednesday in September, at Boston.

The Kexicah Imtermatiomal Railroad Co.

(Controlled by National Railroad Co. of Mexico)

A corporation chartered by the Commonwealth of Connecticut, December 9, 1883.

Road owned, Ciudad Porfirio Dias, Mexico, to Durango, 540.44 miles ; Durango to Tepehuanes, 135 miles ; Reata to Monterey, 71.80 miles]; branches, miles ; total owned, 894.16 miles. Leased, Coahuila Coal Railway, 24.04 miles ; total operated, 918.20 miles. Locomotives, 133 ; passenger cars, 37 ; freight cars, 3,471-

The road was built under concessions from the Mexican Government exempting the company from taxation or payment of duties on material, etc., but it received no subsidy. Stock Par $100. Authorised, $35,000,000 Issued, $30,708,300

Stock is transferred by the Secretary of the company, New York.

Funded Debt

Prior lien mort., sterling, per cent., due Sept., 1947, March and Sept $5,850,

ist cons, mort., 4 per cent, due Sept., 1977, guar, stamped, March and Sept 6,501,000

ist cons, mort., 4 per cent., due Sept., 1977, not stamped, March and Sept 705,500

Income bonds, 4 per cent., no mortgage, Sept 4,499,000

Total $17,555,500

In July, 1897, a proposition was made to exchange the $15,134,000 of ist mortgage 43 fot $6,000,000 prior lien 4s, $4,635,000 ist consolidated 4s, and $4,499,000 income Consolidated 4s at the rate of $10,000 per mile were to be issued for further extensions. This proposition was accepted by bondholders. The annual fixed charges were reduced thereby from $600,000 to $448,650.

In 1903 the National Railroad Co. of Mexico agreed to stamp its guarantee on the consols, the stamped bonds being subject to call at 95 before March i, 1907. The National Railroad Co. owns all of the income bonds.

Railroad Sbguritibs 195

Earnings Gross Net

The earnings are given in Mexican currency. In 1901 net (United States currency) was $1,155,363; surplus, $595,603. In loos net, $i,ot6,6i3 ; surplus, $385861. In IQ03 net, $1,177,333; surplus, $437,319. In 1904 net, $1,380,435; surplus, In 1905-00 net, $1,584,171; charges, $731,470 ; betterments, $598,771 ; surplus, 353,939. In 1906-07 net, $1,431,764 ; charges, $73,470; betterments, $1,9902958; deficit, $1,300,663.

President, E. N. Brown, City of Mexico. Vice-President, D. P. Bennett, New York. Secretain , E. E. Bashford, New York. Treasurer, J. M. Frazer, City of Mexico.

Directors— E. N. Brown, City of Mexico. G. De Landa y Escandon, City of Mexico. Gordon Macdonald, New York. Pablo Macedo, City of Mexico. Santiago Mendes, City of Mexico. William H. Nichols, New York. Cayetano Romero, New York. Richard Schuster, New York. Henrv C. White, New Haven, Conn.

Main office, uity of Mexico. New York office, 60 Wall street. Annual meeting, third Monday in October, at New Haven, Conn.

Kexicak North Erk Railway Co.

Road owned, Elscalon, Mex., to Sierra Mojada, 83 miles. Locomotives, 7 ; passenger cars, 3 ; freight cars, 199. Stock Par $100. Authorised, $3,000,000 Issued, $3,000,000

Stock is transferred at the office of the company. New York. Registrar, Morton Trust Co.. New York.

The company paid 6 per cent, on its stock in 1894, and 4 per cent, each year from 1895 to 1899, inclusive. In 1900 paid 5 per cent, dividends and in 1901 per cent. In 1903 i per cent, was paid in March, but the next two dividends were per cent. each. Dividends were paid quarterly, m March (i), June, September and December. The December, 19P3, dividend was deferred and none has been paid since.

Funded Debt ist mort., gold, 6 per cent., due Dec., 1910, June and Dec $844,000

The authorised amount of bonds is $1,660,000, there being $816,000 in the sinking fund.

Earnings

Gross Net Charges Surplus

President and Treasurer, A. Foster Higgins, New York. Vice-President and Secretary, C. J. Nourse, New York. Vice-President, W. F. Dummer, Chicago. Assistant Secretary, R. A. Safford, New York.

Directors— W. F. Dummer, Chicago. A. Foster Higgins, New York. C. J. Peabody, New York. R. £. Safford, New York. Edward M. Shepard, New York. Robert S. Towne,' New York.

Main office. City of Mexico, Calle de Tiburcio No. 37. New York office, 83 Beaver street. Annual meeting, first Tuesday in June, at New York.

The Hexicam Railway Co., Limited

An English corporation formed in 1864 as the Imperial Mexican Railway Co., Limited. The company had a concession from the Government of Mexico with a subsidy of $560,000 per year. The Government also agreed not to subsidise any other railroad line between Vera Crus and the City of Mexico.

Road owned, Vera Crus to the City of Mexico, 364 miles ; branches, Puebla to Apizaco, 39 miles ; Ometusco to Pachuca, 38 miles ; total operated, 331 miles. 83 ; passenger can, 66 ; freight cars, 977.

ig6 THE MANUAL OF STATISTICS

Stock. Parjfio.Auth.

ordinary, ja,354,7ao' istpref., 2,554, ICO

2d pref., 1,010,960

perpetual debenture stock, 2,000,000,

(ordinary, j2,254,72o1 istpref., 3,554,100 1

2d pref., 1,011,960 V 7.820,780

perpetual deben- I

ture stock, 2,000,000 J The ist preferred stock was issued in 1874 in exchange for the old 8 per cent, bonds of the company, which were in default. It is entitled to 8 per cent, per annum out of the earnings of each half year.

The 2d preferred stock is entitled to 6 per cent, per annum, and was issued in 1874 in settle ment of past due coupons on the old bonds.

The perpetual debenture stock is entitled to 6 per cent, per annum. It was created in 1880 io order to retire outstanding bonds.

Dividends on the ist preferred stock have varied from year to year, the recent payments having been as follows : In 1898, aj per cent.; in 1899, per cent; in 1900, cent.; in X90X, 2 7-16 per cent.; in 1902, per cent.; in 1903, 2 per cent.; in 1904, 5 3-16 per cent. ; in 1905 5fi per cent ; in 1906, 7 1-16 per cent.

GroM Nt

'9P3 $5*516,861 ;£'i,a4i

Chairman, Marlborough R. Pryor, London, Eng. Secretary, John T. Deniston, General Manager, Walter Morcom, City of Mexico.

Directors — John A. Gibbs, London. Enrique Camacho - Guisasola, London. Luis A Curiel, City of Mexico. Lorenzo Elizaga, City of Mexico. Pablo Escandon, City of Mexico. Henry Goschen, London. Walter Morcom, City of Mexico. Marlborough R. Pryor, London. Charles J. C. Scott, London. Henry C. Waters, London. Vincent W. Yorke, London.

Main office, 6 Broad street place, London, Eng. Operating office, Buena Vista Station, City of Mexico. Semi-annual meetings, May and November, at London.

Kichigak Cemtral Railroad Co.

(Controlled by New York Central & Hudson River Ca)

Road owned, Detroit to Kensington, 111., 270 miles ; trackage over Illinois Central to Chicago, 14 miles ; Detroit to Bay City and branches, 176 miles; leased, Jackson to Mackinaw, 295 miles ; other lines leased, 990 miles ; total leased, 1,461 miles. The leased lines are diiefly owned and their bonds guaranteed. From January i, 1883, the Canada Southern, 368 miles of main line and branches, was operated under contract, but on January i, 1904, that rotd was leased for 909 years. Total road operated, 1,745 miles. The Detroit, Toledo & Milwaukee Railroad, Duncfee, Mich., to Allegan, Mich., 133 miles, is operated jointly by this company aod the Lake Shore & Michipan Southern Railway Co. This company uso owns $3,000,000 stock of the Chicago, Indiana & Southern Railroad, and controls this road jointly with the Lake Shore. In 1906, this company began the construction of a tunnel under the Detroit river, from Windsor, Ont., to Detroit. ' Locomotives, 523 ; passenger cars, 443 ; freight cars, [8,889. Rolling stock o( the Canada Southern Railway Co. is included. Stock Par $100 Authorised, $18,738,000 Issued, $18,738,000

Stock is transferred at the office of the company. New York. Registrar, Union Trust Co., New York.

Dividends are paid semi-annually, January (30) and July. They were for a number of years, 4 per cent., per annum, but the January, 1907, dividencl was increased from 2 to 3 per cent, putting the stock on a 6 per cent, basis. In January, 1908, paid 3 per cent, regular and 2 per cent, extra.

Funded Debt

ist mort., per cent., due May, 1952, May and Nov $14,000,000

Air Line, 4 per cent., due Jan., 1940, Jan. and July 2,600,000

Grand River Valley, xst mort., 6 per cent., due Sept., 1909, March and Sept 1,500,000

Kalamaaoo & South Haven, 1st mort., 5 per cent., due Nov., 1939, May and Nov., . . 700,000

Detroit & Bay City, 1st mort., 5 per cent., due March, 1931, March and Sept 4,000,000

Michigan Central Terminal mort., 4 per cent., due July, 1941, Jan. and July T'Si'

Jackson, Lansing & Saginaw, ist mort., per cent, extended, March and Sept. . . Joliet & Nor. Indiana, mort., i per cent., due July 10, 1957, Jan. (10) and July

Total $36,765,000

Railroad Sbcuritibs

97

Battle Creek & Sturgis, ist mort guar., 3 per cent., due Dec., 1980, June and Dec... $431,000

City and Battle Creek, ist mort., 3 per cent., due Dec., 1989, June and £>ec 350,000

Joliet & North Indiana, ist mort., 7 per cent., due July, 1907, Jan. (10) and July. . . . 800,000

Toledo, Can. So. & Detroit, xst mort., 4 per cent, due Jan., 1956, Jan. and July. . . . 3,100,000

Total $4,571,000

In 1898 holden of Michifi;an Central stock were given the privilege of exchanging the same f<"' SH xoo-year gold bonds of the New York Central & Hudson River Railroad Co. at the rate of $115 in bonds for $zoo of stock, the stock thus acquired by the New York Central to be deposited as security for bonds. At latest accounts $16,814,300 of the stock had been exchanged.

This company guarantees 5 per cent, on $491,900 Grand River Valley stock, $,000 per year 00 $a,ooo,ooo Jadcson, Lansing & Saginaw stock and $71,000 per annum to Joliet & Northern Indiana Railroad. It pays 5 per cent, on $ao,ooo,ooo Qmada Southern bonds and 4 per cent. 00 $130,000 Leamington & St. Clair bonds.

In I9P3 a new arrangement was made with the Canada Southern Railway, this company leasing the tatter's road for 099 years and guaranteeing per cent, per annum on its stock until 19x0 and 3 per cent, thereafter.

In 1900 the Detroit River Tunnel Co. executed a mortgage for $15,000,000, at not to exceed 4 per cent., the bonds to be guaranteed by the Michigan Central.

The company had, January x, 1907, ao,Q34 acres of land. Proceeds from sales go to retire bonds of Jackson, Lansing & Saginaw Railroad Co.

Earnings

Div. Paid, Gross Net Mis. Income Total Income

1898 (1,657 miles) 4 $14,046,149 $3,500,176 $44679 $3.54485S

"899 ( " " ) 4 i5,504,<3 3499,946 44,678 3,544t6a4

1900 ( " " ) 4 16,731,131 31500,641 45,094 3.545t73S

'90( " " ) 4 18,490,373 3,744,309 70,739 3,814,048

J9M (1,653 " ) 4 19,045,083 3,577,579 54,oi3 3.,59

"9t( " " ) 4 aa,55a,aoo 3,689,879 S4,93a 3,744,8ii

" " ) 4 31,493.944 4,45i,930 ,47i 4,Si5,40i

1905 ( " " ).. 4 33,383,868 4,417,95a 3*5,813 4,733,764

9o6 (1,745 " ) 5 36,373,588 4,545,334 403,004 4,94?,338

" " ) 8 38,547,"o 5,415,359 703,519 6,117,878

Charges Surplus Dividends

'898 $3,730,603 $834,533 $749,530

'901 3,83,798 983,396 749,530

>9W 3,530,946 1,110,646 749,530

9P3 3,500,039 1,344,773 749,530

'905 3,760,310 973,454 749,530

9o6 3,959,500 987,828 930,900

'907 4,388,513 1,739,365 1.499,000

Prior to the lease in 1904 the amount paid the (Canada Southern as its proportion of net moose as per agreement was, in 1895, $304,715 ; in 1896, $396,474 ; in 1897, $389,903 ; in 1898, $300,666; m 1899, $300,574; in 1900, $300,853; in 1901, $375,338; in 1903, $310,168; in 1903, $355,088. the same being included in charges.

Chairman, Henry B. Ledyard, Detroit. President, William H. Newman, New York. AssisUnt to President, E. C. Brown, Detroit. Vice-Presidents, W. C. Brown, New York. C. E. Schaff. Chicago. Charles F. Daly, New York. Edward V. W. Rossiter, New York. John Carstensen, New York, Albert H. Harris, New York. Secretary, Dwight W. Pardee, New York. Treasurer Charles F. Cox, New York. Auditor, A. Judson Burt, Detroit.

DirectOf— George F. Baker, New York. Samuel F. Barger, New York. William C. Brown, New Yoric Chaunoey M. Depew, New York. Henry B. Ledyard, Detroit. J. Pierpont Morgan, New York. WUliam H. Newman, New York. William Rockefeller, New Yrk. James StiUman, New York. Hamilton McK. Twombley, New York. Frederick W. Vandertnlt, New York. William K. Vanderbilt, New York. William K. VanderbUt, Jr., New York.

Uain office, foot of Third street, Detroit. New York office. Grand Central Station. Annual meeting, Thursday following first Wednesday in May, at Detroit. Books dose thirty days before*

Mineral Rah6E Railroad Co.

Roadownedf Houghton, Mich., to Calumet, Mich., 14 miles ; Hancock, Mich., to Mohawk, ai miles ; Keweenaw Bay to Michigan Mine, 30 miles ; branches, jo miles; total owned, 104 miles; trackag;e, 73 miles; operated under contract, Mohawk Railroad, 17 miles ; total operated, 198 miles. Locomotives, 20 ; passenger cars, 7 ; freight cars, 73a. This company is controlled by the Duluth, South Shore & Atlantic Railway Co., in the interests of the Canadian Padfic Railway Co. Stock Par $100. Authorized, $1,900,000 Issued, $1,085,000

The stock was increased to $i,aoo,ooo in 1903. Stock is transferred at office of company. New York.

Dividends have been paid on the stock as follows : in 1895, 10 per cent; in 1896, 7 per cent.; in 1897, 7 per cent.; in 1898, per cent.; none since.

Funded Debt

Consolidated mort., 5 per cent., due Jan., 1931, Jan. and July $3.?9i00o

" 4 percent., due Jan., 1931, Jan. and July 954,000

General mort., 4 per cent., due Jan., 1951, Jan. and July 1,000,000

Hancock & Calumet cons, mort., 5 per cent, due Jan., 1931, Jan. and July 335,000

Total $1,918,000

The 4 per cent, consolidated mortgage bonds are hekl by the Canadian Pacific Railway Co. The latter company guarantees the interest on the general mortgage 4 per cent bonds. There are $7,000 of the consols reserved to retire certain old bonds.

Earnings Year ending June 30

GroM Net Charges Surplus

"905-04 589799 75i959 "4,144 " 38,185

1904-0S 683,999 168,779 "4,004 54,775

President, William F. Fitch, Marquette, Mich. Vice-President, Norman W. Haire, Houghton, Mich. Secretary, A. E. Miller, Marquette. Treasurer, E. W. Allen, Marquette. Aaristant Secretary and Assistant Treasurer, George H. Church, New York.

Dhiectors--E. W. Allen, MarqueUe. William F. Fitch, Marquette, Norman W. Hair, Houghton. J. T. Reeder, Calumet, Mich. J. G. Reynolds, Marquette. Charles H. Scfaaffer, Marauette. MHlliam Veale, Calumet.

Main ofiSce, Marquette, Mich. New York office, 44 Wall street. Annual meeting, third Thursday in September, at Marquette.

Hihheapolis A St. Louis Railroad Co.

Road owned, Minneapolis, Minn., to Angus, la., 959.90 miles; Hopkins, Minn., to Watertown, S. D., 915.49 miles; Winthrop, Minn., to Storm Lake, la., 153.50 miles; branches, 9.59 miles; total owned, 631.41 miles ; trackage, 99.31 miles ; leases Des Moines & Fort Dodge Railroad, Ruthven, la., to Des Moines, 137.69 miles ; total operated, 798.94 miles. Owned, but leased to Chicago, Rock Island & Pacific Railway, 13 miles. In 1906 the Minnesota, Dakota & Padfic Railway Co. was incorporated to build an extension of this company's system from Watertown, S. D., to the Missouri River, 179.47 miles, and branch 57.13 miles, which was completed in 1907. Locomotives, 97 ; passenger cars, 94 ; freight cars, 4978.

ist preferred stock was $9,500,000, 5 per cent., cumulative; 9d preferred, .5 per cent, noncumulaave

. The ist preferred stock was subject to retirement at par and accrued dividends, and

in June, 1899, was paid off with part of proceeds of the issue of refunding 4 per cent, bonds.

This made the 9d preferred the only preferred stock.

Transfer Agent, Central Trust Co., New York. Registrar, United Sutes Mortgage St Trust

Co., New York.

In the year 1894-95 the new company paid per cent, dividend on ist preferred stock ; in

1896, paid 5 per cent on ist preferred and 3 per cent, on sd preferred ; in 1897, 3 per cent on

ist and 3 per cent, on ad preferred ; in 1898, per cent, on ist and percent on ad prefened.

I?

Railroad Sbcuritibs

'99

The July, 1898, dividend on the latter increased from to a per cent, semi-annual, and in July, 1899, to per cent, semi-annual, at which rate the semi-annual January (15) and July dividends have since been paid. In July, 1900, the first dividend of per cent, was paid on the common. On Januaiy 15, 1901, a second dividend of 2 per cent, was paid on the common and 3 per cent on July 15, 1901. The dividend on the common paid Januaiy 15, 1903, was increased to per cent., putting the common stock on a 5 per cent, basis, which was the rate on that class Of stock until January, 1904, inclusive, the July, 1904, dividend being passed, and none has since been paid.

Funded Debt

fst mort. (on 80 miles), 7 per cent., due June, 1927, June and Dec $950,000

ist moit., Iowa Extension, 7 per cent, due June, 1909, June and Dec 1,015,000

ist mort, Southwestern Extension, 7 per cent, due Dec., 1910, June and Dec 636,000

ist mort, Pacific Division, 6 per cent, due April, 1921, April and Oct 1,382,000

ist cons, s per cent gold bonds, due Nov., 1934, May ana Nov 5,282,000

xst refunding mort., 4 per cent, due March, 1949, March and Sept 10,4x3,000

Gold notes, 5 per cent., due Feb., 1911, Feb. and Aug 5,000,000

Total $24,678,000

The refunding mortgage created in 1899 is for $25,000,000, of which $10,000,000 is reserved to retire underlying bonds. Trustee and agent for the payment of interest, Central Trust Co., New York.

The 5 per cent gold notes were created in 1906 to defray cost of building the Minnesota, Dakota & Pacific Railway, and are secured by the ist mortgage bonds and stock of that company.

Earnings Year ending June 30

Gross Net

i90fxy7 3,873,668 1,609,479

Charges $707,995

Surplus $410,827 458,662 124,624 S53i76a 696,735

The net earnings for 1901-02 include $185,036 for miscellaneous income, the net for 1902-03 including $217,415 for the same account. The surplus over dividends in 190T-02 was $196,725, and in 1902-03 $11,915. In 1903-04 deficit, after dividend payments, $51,922. In 1904-05 surplus over dividends, $57,495. In 1905-06, surplus $216,029. In 1906-07 $114,434.

Freight Traffic Statistics

Average

Mileafe

Total Tonnage 1,342,286 1,535,378 1,605,383 1,766,287 1,940,268 1,836,894 1,664,541 '?67,S99 3,365,876 2,452,860

Tons Carried One Mile 140,901,750 156,379.613 174,654,187 310,799,911 304,515,108

Freiffht Density

Rate per Ton per Mile

Eamirigs per Train Mile

Average Tons per Train

President, Edwin Hawley, New York. Vice-President and General Manager, L. F. Day, Minneapolis. Treasurer, F. H. Davis, New York. Assistant Treasurer, W. W. Cole, Minneapolis. Assistant Secretary, A. C. Doan, New York. Auditor, L. G. Scott, Minneapolis.

Directors— F. H. Davis, New York. L. F. Day, Minneapolis. Edwin Hawley, New York. H. E. Huntington, New York. F. E. Pahner, New York. John E. Searles, New York. Frank Trumbull, New York. James N. Wallace, New York. Levi C. Weir, New York.

Main ofiSce, Metropolitan Life Building, Minneapolis. New York office, 25 Broad street Annual meeting, first Tuesday in October, at Minneapolis.

The Manual Of Statistics

Kihmeapolis. St. Paul A Smult Ste. Harie Railway Co.

(Controlled by Canadian Padfic Railway Co.)

A corporation formed June ii, 1888, by consolidation of the Minneapolis, Sault Ste. Marie & Atlantic ; Minneapolis & Pacific ; Aberdeen, Bismarck & Northwestern and Minneapolis & St Croix.

Road owned, Sault Ste. Marie, Mich., via Minneapolis, Minn., to Portal, N. D., 1,039 miles; Hankinson, N. D., to Bismarck, N. D., 214 miles; branches, 993.90 miles; spurs, 15 miles; total, 3,263 miles. In addition the company has 19 miles of tradcage at terminal points. An extension of the main line to Duluth, about aoo miles, was commenced in 1907. Locomotives, 35a ; passenger cars, aoo ; freight cars, 13,949 ; service cars, 176.

A controlling interest in stock was acquired in 1888 by the Canadian Pacific Railway Co., that company guaranteeing 4 per cent, on the bonds of this company.

Transfer Agent, Bank of Montreal, New York. Registrar, Central Trust Co., New York.

In August, 1903, initial dividends were declared on both the preferred and common stocks of the company out of the earnings of the fiscal year ending June 30, 190a. The dividend on the preferred stock was 7 per cent., payable October 15, 1903, and that on the conunon a per cent, also payable October 15, IQ03. In April, 1904, per cent, was paid on the preferred and a per cent on the common, the subsequent semi-annual dividends on both classes of stocks being on the same basis until April, 1908 when the rate on the common was increased to 3 per cent The dividend periods for both stocks are April (15) and October.

FuicDED Debt ist mort, Minn., Sault Ste. Marie & Atl., 5 per cent, due Jan., 1926, Jan. and July.

1938, Jan. and July '. 41,5,000

ad mort guar., 4 per cent, due Jan., 1949, Jan. and July 3,500,000

Minneapolis & Pacific, xst mort., 5 per cent, doe Jan., i, Jan. and July . Consolidated mort., 4 per cent, due July, 193

Total $53i6iS.ooo

In 1888 consolidated mortgage 5 per cent bonds for $ai, 000,000 were authorised to retire outstanding bonds and provide for additional construction. There are $1,948,000 car trust obligations outstanding. The ad mortgage is for $5,000,000, of which $3,500,000 was issued in 1899 to take up various indebtedness and provide for improvements. Interest on the bonds is payable at the Bank of Montreal, New York.

Earnings Year ending Tune 30 Grots Net

i899KX> Sii9i. a,470,aio

i9oa-03 7.a37,a64 3.517,342

Chtuges $1,538,450 1,577.565 1.718,498 1.645.085 1.924.259 2,053,844 3,208,019 2,316,934 2,585,181 3,901,931

Freight Traffic Statistics

Average Total Mileage Tonnage

1,195 2,661,344 2,750.513 3,103,344 2,973,3o 3,334,033 3.430,894 3,475,781 3,913,161 4.886,498 4,954,177

Freight Density

1,253 1,3" 1,464 1,530 3,oao

Tons Carried

One Mile 546,093,534 457.983 593,041,591 465.23 003,856,370 535.017.533 617,746,549

Rate

:r Ton Eaminj per Mile a6oac

per Mil

Train fill?'

iir

Average Toas perTn:

rnhi

Is

3M

Railroad Sbctjritibs

President, Thomas Lowry, Miniieapolis. ist Vice-President and General Manar, Edmund Pamin|;ton, Minneapolis, ad Vice-President, W. L. Martin, Minneapolis. Secretary and Treasurer, Cfiartes P. Clement, Minneapolis. Auditor, C. W. Gardner, Minneapolis.

Directors — Richard B. Angus, Montreal. Alfred H. Bright, Minneapolis. Thomas Lowrry, Minneapolis. W. L. Martin, Minneapolis. G. R. Newell, St. Paul. Edmund Pennington, Minneapolis. C. H. Petit, Minneapolis. Sir Thomas G. Shaughnessy, Montreal. Sir William C. Van Home, Montreal. W. D. Washburn, Minneapolis. E. A. Young, St. Paul.

Main office, Minneapolis. Annual meeting, third Tuesday in September, at Minneapolis.

Missouri, Kaksas A Texas Railway Co.

Road operated, June 30, 1906, 3,043 miles, comprising :

Miles Miles

MisaouTi, Kansas & Texas Railway. . . . 1,735 Denison, Bonham & New Orleans, R. R. 24

WidiiU Falls Railway 18 Dallas, Cleburne & Southwestern Ry... 10

Galveston, Houston & Henderson R. R. 50 Operated jointly 30

Miasoori, Kansas & Texas Ry. of Texas z,ai6

Total 3,073

This company owns a line from Holden, Mo., to Paolo, 54 miles, leased to Missouri Pacific- The Sherman, Shreveport & Southern, Jefferson, Tex., to McKinney, 155 miles, which was operated separately, was, under authority granted in 1890 by the State of Texas, consolidated with this company. The company formerly owned the galveston. Houston & Henderson, w mUes, which was leased to International Great Northern. In 1895, arrangement was miade with that company for joint control and use of the Galveston, Houston & Henderson.

The company was reorganised without foreclosure in 1890. The Dallas & Waco Railroad was built ancl leased to the company to connect its northern and southern divisions, and the Kansas City & Pacific was lease to afford an entrance to Kansas City. Extension to St. Louis was built by the Missouri, Kansas & Eastern Railway Co., the Missouri, Kansas & Texas owning all its stock. All the company's lines in Texas are held, in conformity with the State law, by a

ipany, the Missouri, Kansas & Texas Railway, of Texas, the stock of which, $2,990,900 is

I in trust for the security holders of parent company.

Locomotives, 470 ; passenger cars, 343 ; freight cars, 16,824 ; service cars, 869.

company held in ti

The preferred stock is 4 per cent., non-cumulative. Stock is transferred at the office of the company. New York.

The xst dividend in the prefeited stock was a per cent., paid May 10, 1906, and dividends of the same amount have since been paid semi-annually in May (10) and November.

Funded Debt

ist mort., 4 p€r oen, due June, 1990, June and Dec $40,000,000

ad mort., 4 per cent., due June, 1990, Feb. and Aug ao,ooo,ooo

General Mortgage,*4.per cent., due Jan., 1930, Jan. and July 10,000,000

ist and refunding mort., 4 per cent., due Sept. aoo4, March and Sept 5,i8a,ooo

xst mort., extension bonds, 5 per cent., due Nov., 1944, May and Nov 3,a54,ooo

M., K. & T. of Texas, ist mort., 5 per cent., due Sept., 1942, March and Sept 4,505,000

M., K. & Ea. (St. Louis ex.), ist mort., 4 percent., due April, aoox, April and Oct.. 4,000,000

St. Louis Div., ist refunding mort., 4 per cent., due April, aooi, April and.Oct i,9aa,ooo

" 2d mort., 5 per cent., due Oct., 194a, April and Oct 66,000

Kansas City 8c Pacific, ist mort., guar., 4 per cent., due Aug., 1990, Feb. and Aug. . a,5oo,ooo

Dallas & Waco, xst mort., guar., 5 per cent., due Nov., 1940, May and Nov 1,340,000

Boonville Bridge, new mort., 4 per cent., due 1951, Mav and Nov x,ooo,ooo

Sherman, Shreve. & Sa, xst mort., guar., 5 per cent., due June, 1943, June and Dec. 1,689,000

MisBoari, Kansas & Okla., xst mort., 5 per cent., due May, 1042, Mar. and Sept. . . . 5,468,000

Texas & Oklahoma, xst mort., 5 per cent., due Sept., 1943, May and Nov 2,347,000

S. W. Coal & Impt., xst mort., guar., 6 per cent., due July, 1936, Jan. and July. . . . 968,000

Total $104,241 ,000

Interest on aU the bonds is paid at the office of the company, New York.

Interest on 2d mortgage bonds until August x, 1895, was payable only if earned; after that date interest became obligatory. In 1896 common stock was increased from $47,000,000 to $53,450,000 to cany out aunalgamation of the Missouri, Kansas & Eastern and other branches with the parent company. In 1900 the common stock was again increased to $55,181,000 to provide for the acquisition of the Kansas City & Pacific and the Kansas City, Eldorado & Southern.

The Manual. Op Statistics

The St Louis Division refunding bonds are $6,000,000, authorised, sufficient being icmwed to retire the old Missouri, Kansas & eastern bonds.

The 1st mortgage extension 5 per cent, bonds are issuable at the rate of $90,000 per mile on branch lines. The Missouri, Kansas & Oklahoma 5s and the Texas & Oklahoma 5s are issued at the rate of $ao,ooo per mile. Both issues are guaranteed and have been assured. This company also assumed the Missouri, Kansas & Oklahoma extension 5s. .

In March, 1906, a new general mortgage for $ao,ooo,ooo was authorised and $10,000,000 per cent, 30-year bonds were offered to the stockholders of record, February 3, 1906, who had the privilege of subscribing for the same at to the extent of 13 per cent of their hokiings. The issue was underwritten by Speyer & Co., New York.

Earnings Year ending June 30

Gross Net Changes Surplus

897-98 (3.197 niilcs) $13,047,336 $3,933,938 $3,437,169 Sur. $506,769

" ) 15,493,083 4,368,936 3,507.157 799.96

" S 16,391,399 4,519,835 3.644.708 908.939

(3.601 " ) 17.308,193 4,759,109 3,758,758 1,099,916

" ) 17,766,505 4,768,885 4,019,339 .1,066,368

" ) 31,159,144 6,153, 4,500,547 1,653,087

" ) 36,183,959 8,685,640 5,003,338 3,683.311

Surplus for 1900-ox includes $38,136 of miscellaneous income, and in 1901-oa $33,813 from the same source. In 190303 this item was $99,565, in 190304, $316,733, and in 100405 $435,180. In 190506, the dividend of 3 percent paid on the preferred stock was $360,000 ; balance surplus, $1,393,087. In 190607, preferred dividends, $530,000; balance surplus, $3,163,311.

Freight Traffic Statistics

Average Total Tons Carried Freight Rate per Earnings per AVge Tqb

Mileage Tonnage One Mile Density Ton per Mile Train Mile perTraJm

1898-99 3,300 3,594,500 i,oo§,776,OT 457,133 0.934 1.64 176

19P3-04 3,884 5,30,1031,339,837,565 436,431 1-065

Chairman and President, Adrian H. Joline, New York. Vice-President and General Manager, A. A. Allen, St Louis. Vice-President and Treasurer, Charles G. Hedge, New York. Vice-President and Traffic Manager, C. Haile, St. Louis. Secretary, C. N. Whitehead, New York. Controller, Robert W. Maguire, St. Louis. Auditor, W. L. Seelig, St. Louis.

Directors — A. A. Allen, St Louis. Frederick N. Finney, St. Louis. John Greencnigh, New York. James Hagerman, St. Louis. C. Haile, St. Louis. Charles G. Hedge, New York. Myron T. Herrick, Cleveland. Adrian H. Joline, New York. B. P. McDonald, Fort Scott, Kan. J. G. Metcalfe, New York. Robert W. Maguire, St. Louis. H. J. de M. Oyens, Amsterdam, Holland. Alfred J. Poor, Chapman, Kan. Henry W. Poor, New York. James Brown Potter, New York. Alfred W. Smithers, London. E. B. Stevens, Parsons, Kan. James N. Wallace, New York.

Main office, Parsons, Kan. General office, 105 North Seventh street, St. Louis. Executive offices, 49 Wall street. New York. Annual meeting, third Wednesday in May, at Panons. Books close thirty days before.

TME KISSOUm PACIFIC RAILWAY CO.

A corporation formed under the laws of Missouri, October 31, 1876, being the successor company to the Pacific Railroad Co. of Missouri, which was sold under foreclosure in 1876.

Road owned, main line, St Louis to Kansas City, Mo., with extensions to Atchison, Omaha and other points in Missouri, Kansas and Nebraska, 1,55663 miles ; branches of main line leased, 383.73 "lil ; total, main line system, 1,840.36 miles ; branch line sy-stem.

Railroad Securities 203

extending to Pueblo, Col., and other points in Missouri, Kansas and Colorado, 1,651.32 miles, of which 1,499.20 miles are owned and 152.12 miles leased.

This company also controls, through ownership of stock, and operates the St. Louis, Iron Mountain & southern Railway, St. Louis, Mo., toTexarkana, Ark., and branches, 2,593.67 miles, of which 2,286.36 miles are owned and 30.31 miles leased; included iu the latter are the Kansas Sc Arkansas Valley Railway, 171 miles, and Little Rock Junction Railway, 0.59 mile. The Missouri Pacific also controls through stock ownership and operates the Central Branch Railway, 388. 19 miles.

Total of sdl lines operated by the Missouri Pacific Railway Co., 6,471.65 miles. Locomotives, 1.068 ; passenger cars, 693 ; freight cars, 37,318 ; service cars, 4,811.

The Texas St Padnc is controlled, but is operated as an independent corporation. See below for arrangement whereby the 2d mortgage bonds of that road were exchanged for Iron Mountain unified gold 4s of 1899. In 1901, control of the Denver & Rio Grande and the Rio Grande Western roads was obtained by this company. The company also has an interest in the Wabash Railroad Co.

The statements below are for the Missouri Pacific proper and the companies operated director by it ; the other lines ¥dll be found under their respective titles.

The company exchanged its stock in 1884, for that of the St. Louis, Iron Mountain & Southern at the rate of three shares for four of Iron Mountain, and owns stock of that company of the par value of $44,335,000, out of a total of $44f397373-

Stock. . . . . .Par $100. Authorised, $100,000,000 Issued, $77,817,875

Stock is transferred by the Treasurer of the company, New York. Registrar, Mercantile Trust Co., New York.

From 1883 to 1887, inclusive, dividends of 7 per cent, per annum were paid on the stock ; In 1888, per cent. ; in 1889 1890, 4 per cent. ; in 1891, 3 per cent. No dividends were paid after the quarterly one of i per cent, in July, 1891, until July 20, 1901, when a half-yearly dividend of per cent, was paid. On January 20, 1902, per cent, was paid and semi-annual dividends at per cent, have since been paid in January (20) and July.

The stock outstanding at the end of 1899, was $47,448,050. It was increased in 190X, by the conversion of $11,628,000 of collateral trust debentures, by the sale of $13,495,865 new stock to purchase control of the Denver & Rio Grande, by the issue of $2,983,500 to purchase the Kansas City & Northwestern Railway by the sale of $846,245 and by the issue of $400,000 in part payment for branch lines.

Funded Debt

Pacific Railroad of Mo. , ist mort. , 4 per cent. , extended, due Aug. , 1938, Feb. and Aug. $7,000,000

2d mort., extended in 1891, 5 per cent., due July, 1938, Jan. and July 3,573,000

Carondelet Branch, xst mort., extended, per cent., due Oct., 1938, April and Oct. 237,500

Real estate bonds, 5 per cent., extended, due May, 1938, May and Nov 800,000

3d mort., extended 4 per cent., due July, 1938, May and Nov 3,828,000

Mo. Pac. Ry., Lexixigton Div., mort., 5 per cent., due Aug., 1920, Feb. and Aug. . . . 650,000

Missouri Pac Railway consolidatedmort., 6 per cent., due Nov., 1920, May and Nov. 14,904,000

Collateral trust bonds, 5 per cent., due Jan., iqx?, March and Sept X4,376,ooo

Collateral mort., 5 per cent., due Aug., 1920, Feb. and Aug 9,636,000

Forty-year gold col. trust loan, 4 per cent., due March, 1945, March and Sept 25,000,000

Leroy & Caney Valley, ist. mort., 5 per cent., due July, it6, Jan. and July 520,000

Verdigris Valley, Ind. & W., xst mort., 5 percent., due March 1926, March and Sept 806,000

Kansas City & Northwestern, xst mort., A 5 per cent., due Jan., X933, Jan. and July x,o26,ooo

St. Louis, Iron Mt. & So., gen. cons., Ry. & 1. g., 5 p.c, due April, 1931, April and Oct. I -g. qqo

" gen. cons., Ry. & 1. g., 5 p.c. stamped guar., due April, T93X f 43.3C4.ooo

" unified and ref. mort., 4 p.c, due July, 1929, Jan. and July 30,469,000

" xst pref. inc., 7 per cent., due April, 19x4, April and Oct.. . .17,905

" " " Rio&Gulf Div.,xstmort.,4p.c.,dueMa,i933,MayandNov. 28,343,000

Little Rock Junction, xst mort. 6 per cent., due April 19x6, Apnl and Oct 435,ooo

Total $184,005,905

There were on June 30, 1907, outstanding Iron Mountain car trusts to amount of $6,608,000 and the Missouri Pacific had similar obligations for $6,078,000.

The consolidated mortgage is for $30,000,000 and is intended to include all prior bonds. The collateral trust bonds are secured by deposit of bonds of branch lines. Amount of bonds held in the trust is $17,215,000. The trust mortgage, due 1920, is secured by deposit of underlying bonds of auxiliary companies.

TIm forty-year 4 per cent collateral trust loan was created in 1905, and is for $50,000,000. The bonds outstandmg are secured by the deposit of the company's holdings of stock of the St. Louis, Iron Mountain & Southern Railway Co. Bonds may be redeemed on any interest day at xoa and interest on three months' notice. Trustee, Mercantile Trust Co., New York.

Thb Manual Op Statistics

In July, 1899, holders of the Texas, Pacific ad mortgage income bonds ($33,904,000) were offered the right to exchange them at 65 per cent, of their face value in Iron Mountain 4 per cent, unified and refunding mortgage bonds, a syndicate offering to purchase the Iron Mountain bonds, so received at 85. There were issued for this purpose $14,479,000 of the Iron Mountain unified and refunding 4s.

The Iron Mountain River & Gulf Division ist mortgage was created in 1903 and is $90,000,000, authorised, but may be increased to $50,000,000. It is a ist lien upon 677 miles of new road and on various terminal properties.

Earnings, Entire System

Div.

Gross

Net.

I9P3-

Div.

Gross $36,661,093 37,495.688 43.095,768 43.693.616 41,067,383 44.566,831 48,703.34a

argesa

Dividends

Net

$i3.<H5,579 13,453,497 13,680,765 13.887,570 13.035.390 1,384,415 16,188,373

Surplus

Income from Investments, etc

$a-473t43> 3,433, X39

3.7A96S a.937.a74 3,037,88a

3.558.9" 3,383,383

Dividend for eighteen months made necessary by change in the company's fiscal year.

Income >90X $i5.59.oio

14,874,636 17,457.730 17,334,850 16,073,373 '7.843,337 I9,47,55S

Charges and Taxes

9,87.a37 10,399,314 10,641,895 ".514,3x3 ",773.45a

Dividends $3,563,800 3,855,110 3,890,115 3,890,871 3,890,867 5,836,305 3.890,875

Average Mileaee

90i. 5,554

I9P3 5,845

ToUl Tonnage 9,431,733 10,306,910 11,136,375

ao.7A779 31,710,730

Freight Traffic Statistics

Tons Carried

One Mile 3,373,847,174 3,19,581,831 3,638,456,533 3.543,315,399 3,666,908,434 4,160,135,311

Freight Rate per Density Ton per Mile 460,377 a844C

Earnings per Train Mile $1.76

Surplus $3,914,730 3,689,513

i.54i,3o 490,709 3,8o7,2

Av*ge Tons

per Train

President, George J. Gould, New York. Vice-Presidenu, Charles S. Clarke, St. Louis. Alexander G. Cochran, St. Louis. Frank Jay Gould, New York. John M. Johnson, St. Louis. Secretary and Treasurer, Amos H. Calef, New York. Assistant Secretary, Guy Phillips, New York. Assistant Secretary, F. W. Irland, St. Louis. General Auditor, S. B. Schuyler, St. Louis.

Directors— W. K. Bizby , St. Louis. Charles S. Clarke, St. Louis. Stuyvesant Fish, New York. O. L. Garrison, St. Louis. Edwin Gould, New York. Frank Jay Gould, New York. George J. Gould, New York. Howard Gould, New York. Samuel Sloan, New York. Joieph J. Slocum, New York. S. Davies Warfield, Baltimore.

Main office, St Louis. New York office, 195 Broadway. Annual meeting, leoond Tuesday in March, at St. Louis.

Mobue A Birkikghah Railroad Co.

(Leased to Southern Railway Co.)

A corporation formed under laws of Alabama, July 3, 1895. This company is a reoiganisation, 1895, of the Mobile & Birmingham Railway Co. In 1899 the road was leased to the Southem Railway for 99 years, from March i, 1899, lessee guaranteeing a dividend of i per cent. 00 the

Railroad Sbouritibs 205

preferred stock the first year, to be increased by i per cent, each year until 4 per cent, was paid, which then became the permanent rate.

Rood owned. Mobile to Marion Junction, Ala., 149 miles. Locomotives, 13; passenger cars, la ; freight cars, 325.

Transfer Agent, R. D. Lankford, 80 Broadway, New York. All the common stock is owned by the Southern Railway Co., which has an irrevocable assignment of the voting powers on the preferred stock for the term of the lease.

The dividends under the lease are paid half-yearly, January and July.

Funded Debt

Prior lien bonds, 5 per cent., due July, 1945, Jan. and July $600,000

lit moit., 4 per cent., due July, 1945, Jan. and July x,aoo,ooo

Total $1,800,000

The prior lien mortgage is $z, 000,000 and may be increased if extension of road to the Cahaba coal district is built, xst mortgage bonds were incomes until July, 1899. and 18, a per cent, was paid on the ist mortgage income bonds. The lease to the Southern Railway provide for the payment of the full 4 per cent, interest on these bonds.

The earnings of the company are included in those of the lessee.

President, Thomas G. Bush, Birmingham, Ala. Treasurer, H. C. Ansley, Washington, D. C. Secretary, H. Hammond, Birminiam.

Main office. Mobile, Ala. Annual meeting, Wednesday after first Tuesday in April, at Birmingham.

Kobile A Ohio Railroad Co.

(Controlled by Southern Railway Co.)

A corporation chartered by the State of Alabama, February 3, 1848. Road owned. Mobile, Ala., to East Cairo, Kv., 493 miles; Montgomery Division, Columbus, Miss., to Montmery, Ala., 167 miles ; branches, 107 miles ; total owned, 767 miles ; leased, St. Louis & Cairo, 159 miles; total, 936 miles. Locomotives, 346; passenger cars, 135; freight cars, 9,660; service

Regarding the acquisition of control of this company by the Southern Railway Co., see below. This property is, however, operated independently under its own management.

Stock Par $100 Authorised, $10,000,000 Issued, $6,070,600

Southern Railway Co. stock trust ., 4 per cent., April and Oct $5,670,200

In addition to capital stock outstanding given above, $1,659,400 is held in the company's treasury.

Stock is transferred at the offices of the company. Mobile Ala., and New York. Registrar, Farmers* Loan & Trust Co., New York.

A dividend of i per cent, was paid February 38, 1898. This was the first dividend the company declared. In June, 1903, and June, 1904, dividends of a per cent.; in June, 1905, 4 per oeat; in December, 1905, a per cent., in June, 1906, 3 per cent.; in December, 1906, in June, X907 and in December, 1907, per cent. , each were paid on the stock.

The dividends on* the guaranteed stock trust certificates of the Southern Railway Co., representing the Mobile & Ohio stock deposited, are payable semi-annually in April and October, the rate paid h&ag a per cent at each period, or 4 per cent, per annum.

Funded Debt

rst mort., 6 per cent., due Dec., I9a7, June and Dec $7,000,000

1st mort. extension, 6 per cent., due July, 1937, quar., Jan 1,000,000

General mort., 4 per cent., due Sept., 1938, March and Sept 9,47a,ooo

Montgomery Div., ist mort, 5 per cent., due Feb., 1947, Feb. and Aug 4,000,000

Collateral trust mort.. 4 per cent., due May, 1930, quar., Feb 3,498,000

St Louis & Cairo, ist mort. guar., 4 per cent., due Jan. 193 1, Jan. and July 4,000,000

Mobile & Bay Shore, xst mort., 5 per cent., due May, 1949, May and Nov aoo,ooo

TotaL $a8,i70,ooo

There were also outstanding on June 30, 1907, car trusts for $4,337,600. The general mortgage bonds were issued in 1888 in part to exchange for four series of 7 per cent income debentures, total issue of which originally amounted to $8,650,00%

9o6 THE MANUAL. OP STATISTICS

In 1907 the Southern Railway Co. had acquired $8,100,000 of general mortgage 4 per cent, bonds and $5,670,200 of the stock, giving its own collateral trust 4 per cent, bonds at par for the general mortgage bonds of this company and stock trust certificates tor the stock, these certificates bearing 2 per cent, interest for the first year, 3 per cent, for the second year and 4 per cent, thereafter.

In 1907 the Company and the Southern Railway Co. agreed to jointly guarantee $700,000 4 per cent so-year bonds of the Gulf Terminal Co.

Earnings Year ending June 30

Gross Net Charges Surplus

'897-98 $4,907,319 $1,300,745 $1,074,880 $225*865

1898-99 4.53ii53 1,451.630 1,144,537 307.103

1899K10 5,996,731 1,756,273 1,418,645 337.629

90o-oi 6,139,912 1,932,012 1,555,309 366,70a

There was expended for additions to property and new equipment (not included in operating expenses); in 1897-98, $180,697; in 1898-99, $271,748; in 1899-1900, $314,990; in 190001, $389,416; in 1901-02, $417,510; in 1902-03, $334,650; in 190304, $451,799; in 1904-05, $581,933.

In 1901-02 $417,510 was deducted from the surplus for improvements, etc., leaving a net surplus of $124,051. In 1902-03 $334,650 was taken for improvements, and $107,412 for dividends of 2 per cent, on the stock, leaving a net surplus of $305,214. In 1903-04. surplus over dividends, $2x2.027. In 1904-05, additional charges against income, $581,232 ; dividends, $942,842; surplus, $165,270. In 1905-06, additional charges, $716,127; dividends, $301,090; surplus, $192,660. In 1906-07, additional charges, $6x2,654; dividends, $301,030; surplus, $420,209.

Chairman, William Butler Duncan, New York. President, William W. Finley, Washington, D. C. 1st Vice-President, A. B. Andrews, Raleigh, N. C. Vice-President, £. L. Russell, Mobile, Ala. Secretary and Treasurer, Henry Tacon, Mobile, Ala. Assistant Secretary, A. W. Mackintosh, New York. Auditor, W. S. Cooke, Mobile, Ala.

Directors— C. C. Cuyler, New York. William Butler Duncan, New York. William W. Finley, Washington, D. C. Henry Hall, Mobile. Adrian Iselin, Jr., New York. Thomas E. Jevons, New York. R. D. Lankfoid, New York. A. W. Mackintosh, New York. W. Emlen Roosevelt, New York. E. L. RusseU, Mobile. C. S. Shepard, New York. Alexander H. Stevens, New York. Samuel Woolverton, New York.

Main office. Mobile, Ala. New York office, 80 Broadway. Annual meeting, third Wednesday in February, at Mobile.

KOBILE. JACKSOK A KAKSMS CITY RMIIrOMD CO.

A corporation created under the laws of Alabama and Mississippi. Mobile to Hattiesburg, Miss., 95.9 miles ; Beaumont, Miss., to Decatur, Miss., 98 miles ; branch, 6.1 miles; total owned, 90O miles ; controlled and leased. Gulf & Chicago Railway, Pontotoc, Miss., to Middleton, TeniL, 62 miles; Decatur, Miss., to Pontotoc, 141 miles; total leased, 203 miles; total operated, 401 miles.

Sixty-two miles of narrow gauge road, Pontotoc, Miss., to Middleton, Tenn., under the name of Gulf & Chicago Railway, were purchased in 1902. The road was widened to a standard gauge, and forms part of the mam line. The road from Mobile to Merrill has been in operation since 1898 ; from Merrill to Hattiesburg since 1902 ; from Beaumont to Decatur since 1904, and the line from Decatur to Pontotoc since August, 1905. Locomotives, 34; passenger cars, 21; freight cars, 1,002.

In December, 1906, a Receiver was appointed at the instance of certain creditors. The receivership was, however, immediately vacated, and the road returned to the management.

In January, 1907, control of the company was vested in a voting trust, the Trustees being Benjamin F. Yoakum, John E. Borne and Alexander McDonakl.

In 1907, a reorganization plan was formulated under which the properties of both the Mobile, Jackson & Kansas City Railroad Co., and the Gulf & Chicago Railway Co., are to be taken over by a new company, the New Orleans, Mobile 8c Chicago Railroad Co. The new company it was provided should have $8,073,800 of common stock and $959,566 preferred stock

RAILROAD SBCURITIBS. aoy

with $9,595i3 nw 5 per cent, bonds which are to be exchanged dollar for dollar for the bonds of the old companies, the bondholders to accept preferred stock at par for the January, 1908, coupons of the old bonds and for the three first coupons (July, IQ08 and January and July, 1909) of the new bonds. A syndicate agreed to furnish $1,500,000 to liquidate the floating debt, taking new bonds and preferred stock as security.

Stock Par $100 Authorised, $4,000,000 Issued, $4,000,000

Transfer Agent, Colonial Trust Co., New York.

Funded Debt

ist consolidated mort., 5 per cent., due Jan., 1953, Jan. and July $3,964,000

Golf 8t Chicago Railway, ist mort guar., 5 per cent., due July, 1953, Jan. and July. . 4,000,000

Total $7,964,000

The ist consolidated mortgage is for $4,000,000. Trustee, Central Trust Co., New York. Agent for the payment of interest, Colonial Trust Co., New York.

The Gulf & Chicago Railway ist mortgage is for $5,000,000. The bonds are guaranteed principal and interest by the Mobile, Jackson & Kansas City Railroad Co. and are redeemable at no. Trustee of mortgage and agent for the payment of interest. Colonial Trust Co., New York. In January, 1907, coupons on these bonds were purchased by interests identified with the company.

There are also outstanding $36,000 of old 1st mortgage 5 per cent, bonds, due 1946, to retire which, an equal amount of the consols are reserved.

Earnings Year ending June 30

GrcM Net Charges

X90i-oa .; $167,239 $79,496 $54i997

Chairman, Brayton Ives, New York. President, L. S. Berg, New York. Vice-President, W. D. Stratton, New York. Secretary and Treasurer, George W. Crary, Mobile. Assistant Secretary and Assistant Treasurer, H. C. Snyder, New York. Assistant Secretary and Assistant Treasurer, Eugene Harvey, Mobile. Auditor, J. F. Ingalls, Mobile.

Director*— E. E. Jackson, New York. Alexander McDonald, Cincinnati. William H. Mcintosh, Mobile. Bird M. Robinson, New York. Wallace B. Rogers, Mobile. George B. Sheklon, New York. John W. Simpson, New York. W. D. Stratton, New York. A. P. Walker. MobUe. T. F. Whittlesey, Mobile. C. D. Willoughby, MobUe.

Main office, Mobile, Ala. New York office, 5 Nassau street. Annual meeting, in December, at Mobile.

KORGAK'S LOUISIMMM A TEXAS RAILROAD A STEAMSfllP CO.

(Leased to Southern Pacific Co.)

Road owned. New Orleans to CheneyviUe, La., 304.99 nies ; branches, 132.36 miles ; trackage, CheneyviUe to Alexandria. La., 23.60 miles; total operated, 350.95 miles. The company also operates 105 miles of nver steamboat lines. Locomotives, 48 ; passenger cars, 81 ; freigfat cars, 3,545; service cars, 257. Floating equipment, 4 river steamers, 7 tugs, i transfer steamer, others 11.

Stock Par $100 .-. . .Authorised, $15,000,000 Issued, $15,000,000

The capital stock is principally owned by the Southern Pacific Co. In 1906-07 a dividend of 10 per cent, was paid on the stock.

Funded Debt

fst mort., 7 per cent., due April, 1918, April and Oct $5,000,000

ist mort., Alexandria extension, 6 per cent., due July, 1920, Jan. and July 1,494,000

General mort., 5 per cent., due July, 1913, Jan. and July 1,000,000

Total $7,494,000

ao8 THE MANUAL OP STATISTICS

Earmivos Year ending June 30

Gross Net Charges Surpla

19OX-O0 $7,191,630 $3,007,481 $1,110,196 $i,897,at

90S-o6 5,161,954 1,833,569 655,oiA

Earnings include receipts from steamships, and the net is given after the deduction of open ing expenses only.

President, Edward H. Harriman, New York. Vice-President, Thomweli Fay, New Orlean Secretary and Treasurer, M. B. Bergeron, New Orleans.

Main office, New Orleans. Annual meeting, first Monday in April, at New Orleans.

MOR/llS A ESSEX RAILROAD CO.

(Leased to Delaware, Lackawanna & Western Railroad Co.)

Road owned, Hoboken, N. J., to PhilUpsburg, N. J., 85 miles ; branches owned and ] 72 miles ; total, 157 miles.

This road is leased in perpetuity to the Delaware, Lackawanna & Western Co., the lattc guaranteeing principal and interest of the bonds and 7 per cent, on the stock, to be increased toi pr cent should surplus amount to over 10 per cent, on stock in any year. Stock Par $50 Authorised, $15,000,000 Issued, $15,000,00

Stock is transferred at the office of the company, New York.

Dividends under the lease are per cent, semi-annually, paid regularly in January (1 and July.

Funded Debt

ist mort., 7 per cent., due May, 1914, May and Nov $5,000,00

Special real estate mort., 4% per cent., due 1912, Jan. and July 1,800,00

Consolidated mort., 7 per cent, due June, 1915, June and Dec. 11,677,00

ist refunding gold mort., 35 per cent, due Dec., aooo, June and Dec 13,600,001

Total $33,077,00

There is also $221,000 4 per cent, guaranteed stock of the Morris & Essex Extension Rati road, the dividends on which are paid in May and November.

The consolidated mortgage is for $25,000,000 and is to include all other obligations. The per cent, refunding mortgage is for $35,000,000 and was authorized in 1900 to retire the out standing bonds at matunty and provide for improvements. Interest on all the bonds of tlM company is paid at the office of the Delaware, Lackawanna & Western Railroad Co., New York

President, William H. Truesdale, New York. Secretary, A. D. Chambers, New York

Main office, 90 West street, New York. Annual meeting, last Wednesday in June, ai Hoboken, N. J.

Hashum A Lowell Railroad Co.

(Leased to Boston & Maine Railroad)

Road owned, Lowell, Mass., to Nashua, N. H., 15 miles.

The property was leased to the Boston & Lowell Railroad for 99 vears from October i, 1880, at $65,000 a year, lessee assuming bonds and interest thereon. In 1887 the lease wai transferred to the Boston & Maine Railrosid, and the annual rental was raised to $73,000, or) per cent, on the stock, and $1,000 per annum for or|;animation expenses. Stock Par $100 Authorised, $800,000 Issued, $800,000

Stock is transferred by the Treasurer of the company, Boston.

The company's bonds matured and were retired in 1900.

Dividends are paid May (1) and November, being 4% per cent, for each half vear. In Nov* ember, 1006, and in November, 1907, per cent, extra was paid from the accumulated surplus.

President, David P. Kimball, Boston. Treasurer, John Brooks, Boston* Clerk, L F. Thurber, Nashua, N. H.

Main office, 50 State street, Boston. Annual meeting, last Wednesday in May, at Nashua, N. H.

IV! AR or the

% Nashville, Ghawanooga

I Ays-

& St. Louis Railway

ll*SH¥ILLE, CHATTAHOOGM ST. LOUIS RAILWAY

Road owned, Hickman, Ky., to Chattanooga, Tenn., 320 miles ; branches, 519 miles ; total owned, 8;w miles; leased, Western & Atlantic, Atlanta, Ga., to Chattanooga, Tenn., 137 miles; Pdacah & Memphis Division, 954 miles ; total leased, 301 miles ; total operated, 1,330 miles.

In 1896 the Paducah, Tennessee & Alabama, and Tennessee Midland, controlled by Louisville & Nashville, were leased to this company and form the Paducah & Memphis Division. Locomotives, 249 ; passenger cars, 296 ; freight cars, 9,538 ; service cars, 44 ; steamboats and barges, 7. Stock Par $zoo Authorized, $10,000,000 Issued, $10,000,000

The Louisville & Nashville Railroad Co., on June 30, 1907, held $7,177,600 of the stock.

Transfer agency, office Louisville & Nashville Railroad Co., 71 Broadway, New York. Registrar, Hanover National Bank, New York.

For dividends see table of earnings below. Dividends are semi-annual, February and August. The February, 1899, dividend was paused in order to pay for additional equipment and reduce the company's floating debt. No dividends were paid until the declaration in January, 1964, of a 3 per cent, semi-annual dividend, payable February i, 1904. August i, 1904, 2 per cent, was aiin paid, but the February z, 1905, dividend was increased to per cent., which remained the regular rate until February i, 1907, when the rate was increased to 3 per cent.

Funded Debt

1st mort, 7 per cent., due July, 1913, Jan. and July $6,300,000

ist consolidated mort., 5 per cent., due April, 1928, April and Oct 7,608,000

FayetteviUeft McM. Branch ist mort., 6 per cent., due Jan., 191 7, Jan. and July 750,000

Lebanon Branch, 6 per cent, due Jan., 1917, Jan. and July 300,000

Jasper Branch extension, 6 per cent., due Jan., 1923, Jan. and July 37iooo

1st mort., Centreville Brandi, 6 per cent., due Jan., 1923, Jan. and July 3A000

ad mort. Duck River Valley Branch, 6 per cent., due Jan., 1909, May and Nov. 21,000

Tracy City Branch bonds, 6 per cent, due Jan., 1908, to 191 7, Jan. and July 279,000

Total $16,005,000

The Western & Atlantic Railroad is leased by this company from the State of Georgia for 29 yean from December, 189a

The consolidated mortgage is for $20,000,000 at the rate of $20,000 per mile, sufficient of the issue bein: reserved to retire the other classes of bonds at maturity.

Earnings Year ending June 30 Per Cent, Div. Paid Gross

1900-01 (1,195 1901-02 ( I9oa-O3l " >904-o5 (',m6 1905-06 ( " 1906-07 (1,230

Op. Exp.

Net

$2,272,911 2,53i,a55 a,,540

Charges Surplus

The net for 1901-02 includes $18,130 for income on investments, etc. In 1002-03 this item was $22,065. On June 30, 1902, the company reported a floating indebtedness of $806,452, which was reduced on June 30, 1903, to $282,041. The latter amount has been paid off and the company has no outstandmg notes or floating debt. In 1903-04 income investments included in the net was $18,297. In the same year the 4 per cent, dividends paid were $400,000, balance surplus $366,135. In 1904-05 income from investments, $18,930, dividends, $500,000, balance surplus, $242,725. In 1905-06, income from investments, $18,455, dividends, $500,000, balance surplus, $453,991. In 1906.07, income from investments, $18,399, dividends, $000,000, balance surplus.

Chairman, E. C. Lewis, Nashville. President, John W. Thomas, Jr., Nashville. Vice-President, H. F. Smith, Nashville. Secretaxy and Treasurer, J. H. Ambrose, Nashville.

Diiector-W. W. Berry. Nashville. H. W. ButtorfT, Nashville. W. R. Cole, NashviUe. N. C. Collier, Murfreesboro, Tenn. R. M. Dudley, Nashville. W. B. Earthman, Murfreesboro. J. H. Fall, Nashville. E. C. Lewis, NashviUe. J. B. Richardson, Nashville. A. H. Robinson, NashviDe. Milton H. Smith, Louisville. John W. Thomas, Jr., Nashville. E. W. Thompson, Nashville. Henry Walters, Baltimore. J. E. Washington, Cedar Hill, Tenn.

Main oCBoe, 1000 Broad street, Nashville. Annual meeting, Wednesday after the second Tuesday in September, at Nashville. Books close ninety dajrs prions.

ate THS MANUAL OF STATISTICS

Hatiokal Railroad Co. Of Mexico

A corporation formed under the laws of Utah, Februaxr 24, 190a, to take orer the property of the Mexican National Co., which was reoiganixecl without foreclosure as per plan siven below.

Plans for the consolidation of this company with the Mexican Central Railway Co., under the auspices of the Mexican Government, were formulated in 1907, but were held in abeyaiioe.

Road owned, standard gau, Nuevo Laredo to City of Mexico, 8oa miles ; branches, 556 miles; narrow |:auge lines, 373 miles ; total of system, 1,732 miles. The gauge of this system was originally 3 feet. Under the reorganization provision was made for changing the main line and certain branches to standard gauge.

In November, 1903, the company completed the standard gauge on its main line from Corpus Christi, Tex., to the City of Mexico, via the El Salto cut-off, and opened the same for traffic.

In 1901 the company acquired control of the Mexican International Railroad. See separate statement of that company.

Locomotives, 357 ; passenger cars, 197 ; freight cars, 4,444. In Mav, 1903, Speyer & Co., New York, announced that i with the Mexican Government by which the latter would acquire Urge holdings of the stock and

would transfer to this company the Government's holdings of securities of the Interoceanic Railway of Mexico, which carry the control of that road. The Interoceanic Co. it was stated would be taken over by this company or consolidated with it. A further feature of the arrangement was the conversion of the company's common stock into ad preferred and deferred stock.

Stock ... Par $100 . . Auth'd

com., $33*350.000 .adpref., 22,933,333

defd.. 11,0x5.3001 $6a,82,ga5 ist pref., 28,832,935 f 2d pref. , 22,030,600 J

The preferred stock is 4 per cent., non-cumulative, and the 2d preferred is 5 per cent., noncumulative. The deferred stock is entitled to dividends out of the earnings of any year only after the full dividends have been paid on the preferred and 2d preferred stocks.

The companjr had $33,350,000 of common stock. In connection with the arrangements described above with the Mexican Government, Spever & Co., New York, submitted a plan in May, 1903, for the exchange of the common stock into 2a preferred and deferred stock, two shares of ad preferred and one share of deferred stock to be given for three shares of the old common stock. The position of the old preferred stock was not affected by this plan. Speyer & Co. asked for deposits of the common stock, for which receipts were issued, convertible into the new stock, October 31, 1903. The proposition was accepted by a Urge majority of the holders of common stock and the plan was declared operative. The Mexican Government acquired $10,000,000 of the ist preferred, $9,343,900 of the 2d preferred, and $10,975,300 of the deferred stock.

Stock is transferred at. the office of the company, New York. Registrar, New York Trust Co., New York.

The first dividend on the preferred stock was i per cent., paid August 10, 1906, and semiannual dividends of that amount were also paid Feb. 11, 1907, and August 12, 1907.

Funded Debt

Prior lien mort., per cent., gold, due 1926, Jan. and July $33,000,000

xst consolidated mort., 4 per cent., gold, due 1951, April and Oct 24,390,000

Collateral notes, 5 per cent., due April, 1909, April and Oct 10,000,000

Total $57,390,000

See the Manual for 1904 in regard to the old company, the Mexican National Railroad Co., and the reorganisation of the same effected in 1902.

The authorized issue of prior lien per cent, bonds can be increased to retire at par the Mexican International prior lien bonds, and the ist consolidated 4 per cent, issue may also be increased to retire at par the Mexican International ist consols. A syndicate underwrote the plan and provided for cash requirements, the syndicate taking $9,221,000 prior lien I3t595i3i3 of the new consols and $2,400,000 of new preferred stock.

Earnings

/ Mexican Currency — U. S. Cumncy

Extraordinary net Applicable

Gross Net Expenses to Intcrcat

1899 7t087,675 3,410,403 259,61 1,312,814 ,

RAILROAD SSOURlTtSS

tss

I Mexican Currency/— —

Gross Net

I9o6ri,73o " ) (6 months ending June 30) 7.393,925 a,930.3i3

-American Currency-

Net from Other Total

Operations Income Net Charges Surplus

9P3 1,557,619 574,179 3,081,798 1,940,134 141.674

months, ending Jun. 30) 1,465,100 194,747 1,659,864 1,230,061

ending June 30) 3,861,415 747.637 3.609,053 3,600,968

From the surplus for 1903 there was deducted $119,937, being loss on Mexican assets owing to the depreciation of silver ; balance net surplus for year, $33,944. The miscellaneous income for 1902 includes $176,960, interest on Mexican International Income bonds, and $303,637, interest on bank balances. In 1903 the miscellaneous income included $155,998, being the gain in Mexican money assets due to the appreciation of silver. In 1904 the same items were $103,933. In 1906-07 dividends on the preferred stock, $576,658, balance surplus, $431,436.

President, E. N. Brown, City of Mexico. Vice-President, D. P. Bennett, New York. Secretary, A. Arriai City of Mexico. Treasurer, J. M. Eraser, City of Mexico.

Directors— E. N. Brown, City of Mexico. Joseph P. Cotton, Jr., New York. Cleveland H. Dodge, New York. Guillermo de Landa y Escandon, City of Mexico. A. Iselin, Jr., New York. Julio M. Limantour, City of Mexico. L. F. Loree, New York. Pablo Macedo, City of Mexico. Santiago Mendez, City of Mexico. Jose M. de Landero, City of Mexico. Gordon Maodonald, New York. Roberto Nunez, City of Mexico. M. M. Reynolds, City of Mexico. Cayetano Romero, New York. James N. Wallace, New York.

Main office, Cinco de Mayai, City of Mexico. New York office, 60 Wall street. Annual meeting, thud Monday in October, at Salt Lake City.

KEVADA-CAUFORHIM-OREeOH RAILWAY

Road owned, Reno, Nev.. to Madeline, Cal., 145 miles. An extension to Alturas, Cal., 40 miles, is in progress, of which 3o miles were completed in 1907. Controlled, but operated eparatelv. Sierra VaUey Railroad, 37 miles. Locomotives, 8 ; passenger cars, 8 ; freight cars, 99 novice cars, 39.

In 1906, 3 per cent, was paid on the preferred, and in August, 1907, 4 per cent. The preferred stock is 5 per cent., non-cumulative. Transfer Agents, Moran Brothers, 68 William street, New York.

Funded Debt xst mort., 5 per cent., due May, 1919, May and Nov $796,000

The zst mortgage is $1,500,000, authorized. In 1901 the old 6 per cent, bonds were exchanged for new 55.

Tnistee of the mortgage, Union Trust Co., New York. Interest is paid at the office of Moran Brothers, New York.

Earnings Year ending June 30

Gross Net Charges Surplus

In the surplus over improvements and 4 per cent, dividend on the preferred was

The Manual Op Statistics

President, D. Comyn Moran, New York. Vice-President and General Manager, T. F. Dunawav, Reno, Nev. Secretary and Auditor, F. R. Lewis, Reno. Treasurer, Amedee D. Moran, New York.

Directors— T. F. Dunaway, Reno. F. R. Lewis, Reno. A. H. Manning, Reno. Amedee D. Moran, New York. D. Comyn Moran, New York.

Main office, Reno, Nev. New York office, 68 William street. Annual meeting, Monday preceding the second Tuesday in September, at Reno.

Kew Lohdom Hortherm Railroad Co.

(Leased to Central Vermont Railway Co.)

Road owned, New London, Conn., to Brattleboro, Vt, xax miles; controlled. West River Railroad Co., Brattleboro to South Londonderry, Vt, 36 miles ; total, 157 miles.

This road was leased for 99 years from December, 1891, to the Consolidated Railroad of Vermont for $211,000 per year. The rental is now $213,552. Lease was assigned to Central Vermont Raihpoad and has passed to the Central Vermont Railway Co. The earnings are included in those of lessee company. Stock Par $zoo Authorised, $1,500,000 Issued, $1,500,000

Stock is transferred at the office of the company. New London, Conn.

Under the lease 9 per cent, dividends are paid in quarterly payments of PC cent., which accrue in January (3), April, July and October.

Funded Debt

Consolidated mort., 5 per cent., due July, 1910, Jan. and July $8ia,ooo

" 4 per cent., due July, 1910, Jan. and July <i88,ooo

Total. $1,500,000

This company guarantees the principal and interest of $75,000, 4 per cent, bonds of the West River Railroad Co.

President, C. H. Osgood, New London, Conn. Vice-President and Treasurer, John C. AveriU, New London. Secretary, J. A. Southard, New London.

Main office. New London, Conn. Annual meeting, second Thursday in January, at New London.

Hew Orleaks A Korthemsterk Railroad Co.

Road owned. New Orleans, La., to Meridian, Miss., 196 miles. Locomotives, 60 ; passenger cars, 56 ; freight cars, 2,240. The company has joint right to the use of the property of the New Orleans Terminal Co. It leases trackage from Slidell, La., to New Orleans to the New Orleans Great Northern Railroad Co.

This company is controlled by the Alabama, New Orleans, Tesais & Pacific Junction Railways Co., Limited. Stock Par $100. Authorized, $6,000000 Issued, $6,000,000

Stock is transferred at the office of the company. New Orleans. Registrar, Farmers* Loan & Trust Co., New York.

The first dividend on the stock of the company was 3 per cent, annual, paid November a, 1903 ; on December i, 1904, 3 per cent, was also paid. The December i, 1905, dividend /ras per cent., on December i, 1906, 5 per cent, was paid, and on September 3, 1907, 6 per cent.

Funded Debt

Prior lien, 6 per cent., due Nov., 1915, April and Oct $1,330,000

ist mort., 6 per cent., due Jan., 19x1, Jan. and July 100,000

General mort., per cent., due Jan., 195a, Jan. and July 5,482,000

Income mort., per cent., non-cum., mie July, 1952, Dec 1,500,000

Total $8,40a,ooo

In 1902 the company readjusted its bonded debt, issuing the general mortgage per cent, bonds to retire all but $100,000 of the old 6 per cent, xst mortgage bonds, of which $5,000,000 were outstanding. This reduced the annual fixed charges by $98,000. The general mortgage is for $8,000,000, $1,472,000 being reserved to retire the prior Hen and ist mortgage bonds. The income bonds issued at the same time were used to redeem old unpaid coupons and floating debt and acquire additional terminals at New Orleans.

Railroad Sbcurities 913

Earnings Year ending June 30

Grott Net Interest Surplus

90Oi 1,999,819 475,883 385.336 90,547

I9P3-04 9,416,967 644,153 389.400 954,759

X904-O5 9,563,776 671,118 406,995 964,195

The charges from 190933 to 1906-07, inclusive, include $67,500, per annum, or per cent., paid Decemb i, 1903 to 1907, inclusive, on the $1,500,000 of come bonds issued in connection with the rearrangement of the company's funded debt in 1903. In 1909-03, surplus over dividends, $73,809; in 1903-04, surplus $74,753; in 1904-05, surplus, $54,133; in 1905-06, surplus, $101,096; in Z906-07, surplus, $77,649.

President, D. D. Curran, New Orleans. Vice-President and Comptroller, Lan A. Jones, New Orleans. Secretary and Treasurer, Henry W.Wenham. New Orleans.

Directors— Henry Abraham, New Orleans. D. D. Curran, New Orleans. B. New Orleans. H. H. Hall, New Orleans. Larz A. Jones, New Orleans. J. S. Rainey, New Orleans. Alfred Shell, New Orleans. R. M. Walmsley, New Orleans. Pearl Wight, New Orleans.

Main office. New Orleans. Annual meeting, first Wednesday in November, at New Orleans.

Kenr ORLEAKS GREAT HORTHERR RAILROAD CO.

A corporation formed January 19, 1905. Purchased the East Louisiana Railroad 49 miles. As completed, will comprise a system of some 300 miles, extending from New Orleans, La., to Jackson, the capitol of Mississippi. On January i, 1908, trackage. New Orleans & Northeastern Railroad, New Orleans to Slidell, La., 39 miles; main line, Slideil northward into Mississippi, xio miles; branches, Slidell to Abita Springs, La., via Mandeville, 37 miles ; Pearl River to Folsom, La., 36 miles; Mandeville Junction to Mandeville, La., 13 miles ; Rio, La., to Tyler, Miss., 41 miles; Columbia, Miss. . branch, 3 miles, a total of 359 miles, leaving on January i, 1908, some 40 miles of main line into Jackson, Miss., stiU to be completed. The road traverses the timber area north of Lake Ponchartrain. Stodc Par $100 Issued, $4,349,300

Stock is transferred by the Treasurer of the company, Buffalo.

Funded Debt ist mort., 5 per cent., due Aug., 1955, Feb. and Aug $6,837,000

The xst mortgage, Knickerbocker Trust Co., New York, trustee. Is for $10,000,000. Of this amount $7,000,000 was sold for construction (not to exceed $30,000 per mile) and equipment, including $540,000 for the purchase of the East Louisiana Railroad. Balance reserved for the acquisition of terminals and for extensions. The bonds are both coupon and registered with the privilege of exchanging one kind for the other. Interest is payable at the office of Fisk & Robmson. New York.

President, Charles W. Goodyear, Buffalo, ist Vice-President and General Counsel, M. E. Olmsted, Harrisburg, Pa. 3d Vice-President and Secretary, Charles I. James, Baltimore. Treasurer, F. A. Lehr, Buffalo. Auditor and Assistant Treasurer, C. K. Mullings, Covington, La. General Manager, N. G. Pearsall, Covington.

Directon— Charles W. Goodyear, Buffalo. Anson C. Goodyear, Buffalo. E. H. Farrar, New Orleans. Charles I. James, Baltimore. James D. Lacey, New Orleans. M. £. Olmsted, Harrisburg. N. G. Pearsall, Covington.

Main office, Covington, La. Annual meeting, second Monday in January, at New Orleans. Fiscal Agents, Fisk & Robinson, 35 Cedar Street, New York.

Mew Orleans Terhimal Co.

(Controlled by Southern Railway Co. and St. Louis & San Francisco Railroad Co.)

A corporation formed under the laws of Louisiana in 1903 under the title of the New Orleans & San Frandaco Railway Co. In June, 1903, the name was changed to the above. The company was organized in the joint interests of the Southern Railway Co. and the St. Loui

ai4 THE MANUAL. OP STATISTICS

& San Frandsco Railroad Co., to own terminal properties and lines of road connected with the same in the city of New Orleans, and to operate the same in the joint interest of the two controlling companies. The company acquired the property of the New Orleans Belt 8t Terminal Co., which has a belt line around New Orleans connecting with all the railroads enters ing the dty. The company has terminals at Chalmette, and obtained a valuable right of way through the city of New Orleans.

In July, 1903, the company's property was leased for 99 years to the Southern Railway Co. and the St. Louis & San Francisco Railroad Co. jointly, the rental being maintenance and interest charges. The New Orleans & Northeastern RaiU-oad Co. also has rights to the use of this company's terminal property. Stock Par $100 Authorised, $2,000,000 Issued, $a,ooo,ooo

Stock is transferred by the Secretary of company, New Orleans.

The company's stock is held by the Southern Railway Co. and by the St. Louis & San Frandsco Railroad Co.

Funded Debt

ist mort., 4 per cent., guar., due July, 1953, Jan. and July $10,000,000

Gold notes, 6 per cent., due April 10, 1909, April and October 2,500,000

Total $12,500,000

The authorised issue of ist mortgage guaranteed bonds is $r5,ooo,ooo. Trustee of mortgage and agent for payment of interest. Standard Trust Co., New York. The bonds are guaranteed jointly and severally by the Southern Railway Co. and the St. Louis & San Francisco Railroad Co. The two companies in question also guarantee the 6 per cent, gold notes, issued in 1907, which are secured by $4,000,000 of the bonds.

President, D. D. Curran, New Orleans. Vice-Presidents, A. J. Davidson, St. Louis. R. D. Lankford, New York. Secretary, Ivy T. Preston, New Orleans. Treasurer, Charles W. Hillard, New York. Auditor, Larz A. Jones, New Orleans.

Directors— D. D. Curran, New Orleans. A. J. Davidson, St. Louis. E. H. Farrer, New Orleans. H. H. Hall, New Orleans. Ivy T. Preston, New Orleans. E. L. Russell, Mobile.

Main office, 241 North Rampart, New Orleans. Vice-President's office, 80 Broadway, New York. Treasurer's office, 115 Broadway, New York. Annu meeting, second Monday in February, at New Orleans.

Kew York A Greekwood Lake Railway Co.

Road owned, New York & Greenwood Junction to Greenwood Lake, N. J., 39 mfles branches, 22 miles ; total, 51 miles. Stock Par $50 Authorized, $xoo,ooo Issued, $too,ooo

Stock is transferred by the Secretary of the company, New York.

Funded Debt Prior lien mort., 5 per cent., guar., due May, 1946, May and Nov $1,500,000

This road was formerly operated by the New York, Lake Erie & Western Railroad Co. In January, 1896, it was dedded to readjust the finances of the company and lease it to the Erie Railroad Co. Old ists were converted into new prior lien bonds at 50 per cent, of face and old ads at 10 per cent, of face. Road was leased from May i, 1896, to the Erie Railroad Co. at a rental equal to fixed charges, the Erie guaranteeing the prior lien bonds. A fund was also tor necessary improvements and double tracking a portion of line.

President, Erskine Hewitt, New York. Vice-President, F. D. Underwood, New York. Secretary, David Bosman, New York. Treasurer, D. W. Bigoney, New York. ComotroOer, M. P. Blauveh, New York.

New York office, i x Broadway. Annual meeting, first Monday in May, at Jersey City.

Mew York A Harlem Railroad Co.

(Leased to New York Central & Hudson River Railroad Co.)

Road owned. New York to Chatham Four Comers, N. Y., 127 miles ; leased, use of Boston & Albany tracks, Chatham Four Comers to Albany, 24 miles. The company also owns miles of street railroad (Fourth avenue line) in New York City, which was not induded in the above

RAILROAD SBGURITIBS 3i5

lease and was operated independently, but was leased July, 1896, to the Metropolitan Street Railway Co.

Stock is transferred at the office of the company, New York. Rrar, Union Trust Co., New York.

The regular dividends, on both classes of stock, aggregating 14 per cent, per annum, are paid as follows : From New York Central lease, 5 per cent, each in January and July. From Metropolitan Street Railway lease, a per cent, each in April and October.

On October a, 1899, $3,500,000 was distributed to the stockholders from the company's surplus, making a dividend of $13.50 per share.

Funded Debt Refunding mort., 3H per cent., due May, aooo. May and Nov $13,000,000

The lease to the New York Central & Hudson River Railroad Co. is for 401 years from 1873, the rental being interest on the bonds and 8 per cent, on the stock. In connection with the refunding of the old 7 per cent, bonds into per cent, in 1900, it was agreed that the lease rental should be increased 3 per cent., making the dividends paid the New York & Harlem stockholders by the New York Central 10 per cent, per annum or 5 per cent, semi-annually, instead of 4 per cent. This increase began with the July, 1900, payment. The lease to the Metropolitan Street Railway Co. in 18 provided for yearly rental of $350,000 for five years and $400,000 thereafter, or per qent., rising to 4 per cent, on the company's stock.

It was proposed to include this company's 7 per cent, consolidated mortgage bonds, maturing May I, 1900, in refunding plan of New York Cential & Hudson River Iilroad formulated in April, 1807. Litigation on the part of stockholders was instituted, and the issue of the 3K per cent, refuncung bonds of the company was finally authorised and issued for the retirement of

the old 7s. Trustee of the per cent, refunding mortgage is the Guaranty Trust Co., New

York. Interest thereon is paid at the company's office. Grand Central Station, New York.

Earnings are included m those of the lessee company.

President, William K. VanderbUt, New York. Vice-President, Edward V. W. Roesiter New York. Secretary, Dwight W. Pardee, New York. Treasurer, Milton S. Barger,New York. I

Main office. Grand Central Station, New York. Annual meeting, third Tuesday in May, at

New York. I

new YORK A OTTAWA RAILWAY CO.

(Leased to the New York Central & Hudson River Railroad Co.)

A corporation formed under the laws of New York, January 19, 1905, to take over the property of the railroad company of the same name.

Road owned, Tupper Lake, N. Y., to Nyando, N. Y., 69.37 miles. The Ottawa & New York Railway Co., controlled by this company, owns line from Ottawa, Out., to Cornwall and bridge section across the north channel of the St. Lawrence, 57 miles ; and the Cornwall Bridge Co., also controlled by this company, owns bridge across south channel of the St Lawrence, a 17 mile. Looomodves, 9 ; passenger cars, 14 ; freight cars, 113.

The old company in 1897 acquired the Northern New York Railroad, Moira to Tupper's Lake, N. Y., 56 miles, and connecting Unes from Moira, N. Y., to the St. Lawrence, and from Ottawa to Cornwall, were built in 1897 and 1898.

At the foreclosure sale, December 33, 1904, the property was purchased by representatives of the New York Central & Hudson River Railroad Co. Stock Par $100. Authorised, $1,350,000 Issued, $1,350,000

Stock is transferred at the office of the company. New York.

Funded Debt ist mort., 4 per cent., due July, 1955, Jan. and July $1,456,000

The xst mortgage is for $3,500,000 Trustee Guaranty Trust Co., New York. Coupons are paid at the company's office.

In the year ending June 1906, the company earned gross, $160,470; net, $31,646; charges, $63,886 ; balance defeat, $31,340.

Pint, WUliam H. Newman, New York. Vice-Presidents, W. C. Brown, New York. A. H. Smith, New York. Charles F. Daly, New York. John Carstensen, New York. Edward V. W. Rofisiter, New York. Ira A. PUce, New York. Secretary, Dwight W. Pardee, New Yoric. E. L. Rotsitrf Nnf York. General Manager, Henry W. Gays, Ottawa, Ont.

ai6 THE MANUAL OP STATISTICS

Directors— Samuel F. Barger, New York. Chauncer M. Depew, New York. J. Pierpoot Morgan, New York. William H. Newman. New York. WiUiam Rockefeller, New York. James StiUman, New Yoik. HamUton McK. Twombley, New Yoik. Frederick W. Vanderbik, New York. William K. VanderbUt, New York.

Main office, Grand Central Station. New York. Annual meeting, October i, at Moira, N. V.

The Kew York, Brooklyk Mahhattam Beach Railway Co.

(Leased to Long Island Railroad Co.)

Road owned, Fresh Pond Junction to Manhattan Beach and branches, 18.32 miles. The company is a consolidation of the New York & Manhattan Beach Railway Co., New York, Baj Ridge & Jamaica Railroad Co. and Long Island City & Manhattan Beach Railroad Co.. effected in August, x88. The road was leased October x, 1885, to the Long Island Railroia Co. at a guaranteed mmimum rental of $95,980 per annum.

The preferred stock is 5 per cent., non-cumulative. Stock is transferred at the office of the company. New York.

Dividends on the preferred stock are paid semi-annually, per cent, each, in April (x) and October.

Funded Debt N. Y., Bklyn. & Man. Beach xst cons, mort., 5 p. c, due Oct., 1935, April and Oct $1,796,000

The Long Island Railroad Co. guarantees this company's bonds, principal and interest, and dividends of 5 per cent, per annum on the preferred stock.

President, Ralph Peters, Long Island City. Vice-President, C. L. Addison, Long: Island City. Secretary, Frank E. Haff, New York. Treasurer, Henry TatnaU. Philadelphia.

Main office, 198 Broadway, New York. Annual meeting, third Tuesday in December, at New York.

Mew York Central A Hudsoh Ri¥Er Railroad Co.

Road owned: Miles Mils

New York to Buffalo 4.66 Proprietary lines. 3.06

Branches 3D5.59

Total owned ', 809.34

Roads leased : Miles

West Shore Railroad 478.98 Beech Creek Extension Railroad 137.50

Rome, Watertown & Ogdensburg Rail- Walkill Valley Railroad 39.88

road and leased lines 624.41 Syracuse, Geneva & Coming Railway. . 64.99

New York & Harlem Railroad 136.51 Troy & Greenbush Railroad. 5.56

New Jersey Junction Railroad 4.77 Spuyten Duyvil & Port Morris Railroad. 5.31

Mohawk & Malone Railroad x89.i8 Tivoli Hollow Railroad 1.94

Carthage & Adirondack Railroad 45-86 Boston & Albany Raihroad 399*49

New York & Putnam Railroad 58.88 New York & Ottawa Railway 196135

Fall Brook Railway 91.51 St. Lawrence & Adirondack Railway .. . 56.37

Beech Creek Railroad 167.38 Pine Creek Railway 74.96

Total leased 9,6x8.90

Operated under contract 81.87

Trackage 979.64

Total operated 3i78i*95

The company controls through stock ownership the Lake Shore & Michigan Southern Railroad, x,454 miles, and the Michigan Central Railroad, 1,706 miles, which roads, together with the New York, Chicago & St. Louis, 533 miles, and the Lake Erie, Alliance & Wheding Railroad, 88 miles, as well as the Detroit, Toledo & Milwaukee Railway, 133 miles, controlled jointly by the Lake Shore and the Michigan Central, are operated separately. In addition the company leases the Dunkirk, Allegheny Valley & Pittsburg Railroad, 91 miles, which b opened under contract by the Lake Shore. It controls the Toronto, Hamilton & Buffalo, 9a miles, in which the Canadian Pacific Railway Co. is also interested, and the Pittsburgh Lake Erie, 19< miles, all of which report separately and are not included in the above mileage. In 1900 control

RAILROAD SECURITIES ax?

of the Lake Erie & Western, 880 miles, was acquired by the Lake Shore, and in the same year this company and the Lake Shore acquired control of the Cleveland, Cincinnati, Chicago & St. Louis, 3,aa8 miles, but this company's interest in the latter property was transferred to the Lake Shore. The Cleveland, Cincmnati, Chicago & St. Louis, controls the Cincinnati Northern Railroad, 345 miles. In 1901 the Indiana, Illinois & Iowa Railroad Co. was acquired, all of its capital stock being owned by the Lake Shore & Michigan Southern Railway Co. in March, 1906, arrangements were made to consolidate the Indiana, Illinois & Iowa Railroad with the Indiana Railroad Co., a line built and controlled jointly by the Lake Shore & Michigan Southern Railway Co., and the Michigan Central Railroad Co., extending from Michigan Harbor to Danville, 111., no miles with a belt line around Chicago about 16 miles. These properties are now the Chicago, Indiana & Southern Railroad Co. which is controlled by the Lake Shore and the Michigan Central Companies. The whole system operated and contToUed by the New York Central is about 12,000 miles.

In 1899-X900 this company and the Pennsylvania acquired interests in the Chesapeake & Ohio Railway Co. In looTthe Lake Shore & Michigan Southern Railway Co., in conjunction with the Baltimore & Ohio Railroad Co., acquired large interests in the stocks of the Reading Co. In June, 1903, the company acquired an interest m the stock of the Hocking Valley Rai way Co. See statement of that company. In December, 1904, the New York & Ottawa Rail- TtHud, 60 miles, was bought at foreclosure sale in the interest of this company. In January, 190, this company acquired control of the St. Lawrence & Adirondack Railway, 65 miles, and of the Rutland Railroad, the latter with its controlled and leased lines comprising 4x5 miles.

In 1894 this company acquired control of a majority of the securities of the New York ft Northern, which was reorganised as the New York & Putnam Railroad and leased. The acqwisiticHi of the Lake Shore and the Michigan Central roads, by an exchange of this oompanv's 3I4 per cent, collateral trust bonds for their stocks, was effected in 1809. leased the Walkill Valley Raihoad, the Fall Brook Railway, including the Pine Creek Railway and Syracnae, Geneva ft Coming Railway, and on November 15, 1899, leased the Boston & Albany, poaseasion of which was assumed July x, 1900. In 1901 acquired the Beech Creek Extension Railroad. 59 miles. The company owns all the stock, $1,000,000, of the Western Transit Co., which has a fleet of 14 vessels on the lakes, with barges, etc, and dock facilities at Buffalo. In 1904 the company acquired large interests in electric trolley properties in central New Yoric, and in 1905 the Mohawk Valley Co., which the company controls, was formed to take over the interests in question which comprise control of the Utica & Mohawk Valley Railway, the Syracuse Rapid Transit Co., the Rochester Ar Eastern Rapid Railway Co., Rochester & Suburban Raihvay Co., the Rome City Street Railway and the Rochester Railway & Light Co.,

toeeiher with a half interest in the Schenectady Railway Co. In XOQ4-5 comprehensive plans w*we made and the work befi;un for the enlargement of the Grand Coitral Stati6n and the passenger terminals at New York and the installation of electric power upon the line approaching Uie same, the last named being put in operation in 1907.

See smarate sUtemento of the New York & Harlem, Lake Shore ft Michigan Southern, Michigan Central, Rome, Watertown & Ogdensburg, Boston & Albany, Rutland, St. Lawrence ft Adnoodack, New York ft Ottawa, Beech Creek and Chicago, Indiana & Southern Raihoads for details regarding leases of those properties.

Locomotives, 2,075; passenger* cars, 2,343; freight cars, 69,070; service cats, 3,3ao. In addition the company owns 335 ferry propellers, barges and floats.

Stock Par $100 Authorised, $250,000,000 Issued,

The company's capital stock was increased in April, X893, from $89,428,300 to $xoo,ooo,ooo, stockholders being given the privilqg;e of subscribing for xo per cent of their holdings, paymenU ca subscriptions to be by instalments, to be completed July x, X894.

In November, X899, the authorised stock was increased $15,000,000 for the purpose of provkling additional equipment. The increase was allotted pro rata to stockholders for subscription at par.

In January, 1902, the stock was increased $35,000,000, making the amount $x5o,ooo,ooo. Of thte $17,250,000 was allotted to the stockholders at $125. Stockholders of record December X5, 1905, had the privilege of subscribing at par for $17,192,500 additional stock, being to the extent of 13 per cent, of their holdings, payments to be made by Januarv 31, X906.

On April 18, 1906, the stockholders ratified an increase in the authorised stQck from $x5o,- 000,000 to $250,000,000. The additional stock was to be issued in the discretion of the directors, the stockholders to have, however, a preference as to subscribing for the same. In November, 1906, stockholders subscribed for $29,839,560 new stock at par, the same to participate in dividends after January 15. X907.

Stock is transferred at the office of the Treasurer, Grand Central Station, New York. Registrar, Onion Trust Co., New York. Registrars in London, Union Bank of London ; Smiths*

For dividends paid see table of earnings below. The January, X900, dividend was increased from X to ii thus putting the company on a 5 per cent, divkiend basis and the January, X907,

ai8 THE MANUAL OF STATISTICS

dividend was per cent., increasing the annual rate to 6 per cent. The April, 1908, dividend was, however, reduced to il per cent. The dividends are paid quarterly, per cent, each, in January (15), April, July and October.

Funded Debt

Gold (refunding:) niort., due July, 1997, per cent, Jan. and July ,. . . $85,000,000

Debentures gold, 4 per cent., due May, 1934* May and Nov 30,000,000

Gold (Lake Shore coUat) bonds, 35 per cent., due Feb., 1998, Feb. and Aug 90,578,400

Gold (Mich. Cent, collat.) bonds, per cent., due Feb., 1998, Feb. and Aug 9*33/445

Debentures, per cent., due July, aooo, Jan. and July 5,500,000

Three-year gold notes, 5 per cent., due Feb., 19x0, Feb. and Aug 25,000,000

Total $355,414,845

Funded Debt of Leased Lines Guaranteed

West Shore, ist mort., 4 per cent., due Jan., 3361, Jan . and July $50,000,000

N. Y. & Putnam, cons, mort., 4 per cent., due Oct., 1993, April and Oct 4,005,000

N. Y. & Northern, ist mort., 5 per cent., due Oct., 1937, April and Oct 1,900,000

New Jersey Junction, xst mort., 4 per cent., due Feb., 1986, Feb. and Aug 1,700,000

Mohawk & Malone, ist mort., 4 per cent., due Sept., 1991, March and Sept 3,500,000

cons, mort., 2H cent., due March, 3003, March and Sept — 3,900,000

Carthage & Adirondack, ist mort, 4 per cent., due Dec., 1981, June and Dec 1,100,000

Gouvemeur & Oswegatchie, xst mort., 5 per cent., due June, 1943, June and Dec. . . 300,000

Pine Creek Ry., xst mort., 6 per cent., due Dec., 1932, June and Dec 3,500,000

Walkill Valley, xst mort., per cent., due Aug., 19x7, Jan. and July 350,000

3d mort. income, per cent., due Aug., 19x7, March and Sept 330,000

Syracuse, Gen. & Com. Ry., 3d (now ist) mort., 5 p. c, due Mar., 1909, Mar. and Sept. 600,000

Western Transit Co., xst mort., per cent., due Feb., 1923, Feb. and Aug 1,500,000

Joint Obligations of New York Central Lines N. Y. Central lines Equip. Trust ., 5 per cent., due Nov. 1908-33, May and Nov. 30,000,000

See also statements of the New York & Harlem ; Rome, Watertown & Ogdensburg Railroad Co. ; Beech Creek Railway Co., etc., for funded debts of those companies.

In 1897 the company formulated a plan for refunding its bonded debt through an issue of $100,000,000 loo-year gold bonds, due 1997 (Jan. and July), of which $15,000,000 are rejerfd for additions and improvements after 1903. The $13,000,000 7 per cent, consols of the New York & Harlem Railroad, maturing 1900, were to be included in this arrangement, but controversy with that company's stockholders caused a new arrangement by which the issue was refunded by 3% per cent, bonds of the New York & Harlem itself.

In X904 the company created an issue of $50,000,000 4 per cent, debentures, due 19: of which $30,000,000 were sold to provide for improvements, including the substitution of electnc for steam power in ooimection with New York suburban traffic and at the Grand Central terminal in New York.

On February 4, x8q8, this compaiiy authorized a $100,000,000 50-year gold bond issue to be exchanged for the stock of the Lake Shore & Michigan Southern at 3oo for the $50,000,000 of the latter. The offer, it was stated, was accepted in advance by the Vanderbilt interest, and other holders of Lake Shore were given until April 14, 1898, to accept. In December, 1903, $90,- 578,400 of the bonds had been issued in exchange for $45,389,300 of Lake Shore stock. The bonds are secured bv deposit of the Lake Shore stock acquired with the Guaranty Trust Co., New York, trustee, interest being payable at the company*s office. Grand Central Station, New York.

In February, 1898, the company authorized $31,550,000 of similar per cent, bonds to be offered in exchange for the $18,738,000 of stock of the Michigan Central Railroad at 1x5 for the latter. These bonds are secured by the Michigan Central stock acquired. In December, 1903, $19,336,445 of the bonds had been issued in exchange for $16,814,300 of Michigan Central stock which is held as collateral for the bonds by the Guaranty Trust Co., New York, trustee. Interest on th bonds is paid at the company's office. Grand Central Station, New York.

The $35,000,000 of 5 per cent, gold notes due 19x0 were sold in June, 1907.

The $,000,000 of New York Central lines 5 per cent, equipment trust bonds were created in 1907 and are secured by certain rolling stock, being jointly and severally guaranteed by the New York Central itself, the Lake Shore & Michigan Southern, the Michigan Central, the Cleveland, Cincinnati, Chicago & St. Louis and the Chicago, Indiana & Southern Railroad Companies.

In December, 1885, the West Shore Railroad was leased for 475 years, lessee guaranteeing 4 per cent, interest on $50,000,000 bonds. This company holds the entire ountal stock of the West Shore Railroad, and its earnings are included in those of the lessee. Tne Rome, Water

RAILROAD SECURITIES 2x9

town & Ogdensburg was acquired in March, 1891, under g;guarantee of 5 per cent on its stock and interest on its bonds. The Beech Creek was leased in 1890 for a guarantee of 4 per cent, on $5,000,000 ist mortgage bonds and 4 per cent, dividends on $5,000,000 stock. $1,000,000 Beech Creek ad mortgage 5 per cent, bonds are also guaranteed by this company. This company guarantees $3,500,000 per cent, ist mortgage bonds of the Beech Creek Extension Railroaa. The Dunkirk, Allegheny Valley & Pittsburg was leased 1873 for a guarantee of 7 per cent. interest on $2.goo,ooo 7 per cent, bonds and per cent, dividends on $1,300,000 stoic The New York & Harlem (which see) was leased 1873 for interest on its bonds and 8 per cent, on its stock, the dividends being increased to 10 per cent, in 1900 in consequence of the refunding of the New York & Harlem bonds at per cent.

In 1899 the company leased the Walkill Valley Railroad, 33 miles, and guaranteed per cent, on its $330,000 of stock and a like rate on $250,000 xst mortgage and $330,000 ad mortgage bonds.

In 1904 the fiscal year of the company was changed so that it would end December 31 instead of June 30. In consequence of this an interim report for the six months ending December 3X, 1904, was issued.

Earnings Year ending June 30 Per Cent.

Gros> Oper. Ex, Net

I900-01* 66,333,xii 64.20 28,275,189

Operations of Boston & Albany included.

All miscellaneous receipts are included in net earnings. In X897-98 they include $a,a5x,47i, in which are comprised dividends on the company's holdings of Lake ore and Michigan Central stocks. In 1898-99 the miscellaneous income included in net was $4,336,352 ; in 1900-01 it was $4,530,493, and in 190X-02 $4,876,023. The disposition of net earnings was as follows :

4 Dividend*—

Net Earnings Charges Profits Amount Per Ct.

1897- 19,344,331 X4,5oo,587 4,843,634 4,000,000 4

189&-99. 22,289,Txx 16,601,236 5,687,875 4,000,000 4

1899-00. a5.a28,xio 17,249,083 7,979,037 4,937,500

1900-01* 28,275, X89 30,533,006 7,743,183 5,750,000 5

Operations of Boston A Albany included.

Per Cent. Misd.

Gross Op. Exp. Net Income

1904 (6 months ending Dec. 31) 42,100,405 66.X0 x3,o56,5ix 3,x6i,228

1905 (year ending Dec. 31) 86,095,602 69.65 34,594,851 6,523,499

9o6( ;; ;; ;; ;;) 92,089,768 72.27 35,827,813 7,707,737

X907( ) 98,369,059 77.06 33,565,725 ix,476,o5X

Toui Income Charges Balance Dividends Surplus

X90i-oa $28,9x6,402 $20,899,684 $8,0x6,718 $5,961,4x1 $3,055,3

jgo3r04 27,928,141 20,512,278 7,4x5,863 6,612,500 803,363

1904 (6 mos. ending Dec. 31).. 16,217,740 ix,045,733 5,073,007 3,306,250 x,765,757

31) 3i,xi8,350 22,392,502 8,725,848 6,612,500 2,113,-548

1906 ( " " " 33i515.S50 23,567.904 10,967,646 7,833,884 3,134,763

X907( " " " ") 34,041,777 33,957,948 xx,o83,838 xo,7i7,9ao 365,908

The earnings of the Boston & Albany Railroad Co., leased, are included in the four years. The miscellaneous income comprises the dividends on the company's holdings of Lake Shore & Michigan Southern Railway, Michigan Central and other stocks, with sunday items of the same character.

From the surplus of 1902-03 $1,750,000 was charged to the special improvement fund. In 1903-04 new equipment was charged with $707,098. For the six months ending December 31, 1904, $1,758,143 was similarly charged, and in 1, $3, "5,38. In 1907, $299,370 was chaiged off for discount on the gold notes, etc

The Manual Op Statistics

Freight Traffic Statistics

Average Total Tons Carried Freight Rate per Ton Earnings per Average Tons

Mileage Tonnage One Mile Density per Mile Train Mile perTr

I900-Oi 3,333 36430,826 6,606,890,335 1,972,047 0.60 3.09 351

Boston A Albany figures included from this year onward

Monthly Earnings for Six Years

Month 3,371 Miles 3,453 Miles 3,490 Miles 3,490 MUes 3,778 Miles 3,781 Miles

January $5,401,007 $6,339,441 $5,380,746 $6,044,458 $7,185,768 $7,4"494

February 4,499,43 5,810,531 5.390,449 6,395,334 6,583,134 6,563, 1 13

March 5,483,620 6,646,920 6,460,358 7,003,396 7,534,363 7,814,163

April. 5,783,793 6,565,865 6,319,977 6,555,113 6,687,084 8,039.300

May 5,963,615 6,712,479 6,369,999 7,"37,5oa 7,350,341 8,418,605

June 5.907,731 6,724,769 6,551,374 7,053,861 7,649.645 8.684,360

July 6,036,838 6,849,465 6,443,619 7, 135,398 7,739,333 8,769,318

August 6,737,247 7,093,639 7,331,370 8,146,195 8,633,508 9,964,430

September 6,701,579 7,056,151 ' 7,aS0.540 8,106,397 8,430,337 9*035.990

October 6,799,356 7,166,76 7,176,818 8,138,376 8,593,458 9,059,633

November 6,427,977 6,600,886 7,014,335 7,.787 8,083,340 7,8A737

December 6,202,786 6,443,525 6,893,934 7,746,083 7,753,777 7,776,aoo

Totals for year... $71,944,962 $79,909,414 $78,573,309 $86,095,599 $93,089,766 $98,713,300 Aver, per month.. 5,995,4i4 6,659,118 6,547,767 7,174,633 7.674,147 8.336100

Chairman, Chauncey M. Depew, New York. President, William H. Newman, New Yoric Senior Vice-President, William C. Brown, New Yorlc. Vice-Presidents, A. H. Smith, New York. Charles F. Daly, New York. John Carstensen, New York. Edward V. W. RoKiter, New York. Ira A. Place, New York. Secretary, Dwight W. Pardee, New York. Treasurer, Edward L. Rossiter, New York. Auditor, R. A. White, New York.

Directors — George F. Baker, New York. Samuel F. Bamr, New York. Geoice S. Bowdoin, New York. Charles C. Clarke, New York. Chauncey M. Depew, New York. Darius O. MUls, New York. J. Pierpont Morgan, New York. William H. Newman, New York. William Rockefeller, New York. James Stillman, New York. HamUton McK. Twombly, New York. Frederick W. Vanderbilt, New York. William K. Vanderiiilt, New York.

General offices. Grand Central Station, New York. Fiscal Agents in London, J. S. Uotg & Co., 33 Old Broad street. Annual meeting, third Wednesday in April, at Albany, N. Y.

Books close for meeting, March 15 ; for dividends, March 15, July i, i, January 1.

new YORK, CHICAGO A ST. LOUIS RAILROMD CO.

(Controlled by Lake Shore & Michigan Southern RaOway Co.)

Road owned, Buffalo, N. Y., to Illinois State line, 494.73 miles; leased, 17.80 miles trackage, 10.50 miles ; total operated, 533.02 miles. Locomotives, 183 ; passenger cars, 74 ; freight cars, 8,933.

In October, 1882, a controlling interest was acquired by the Lake Shore & Michigan Southera Railway Co. which owns $6,240,000 of the common, $6,375,000 of the 3d preferred and $a5P3,ooo of the ist preferred stock of this company.

Stock.. Par $100.. Authorized -( 1st pref., 5,000,000 Issued -j ist pref., 5,000,000 $30,000,000 ( 2d pref., 11,000,000 ) ( 3d pref., 11,000,000 )

Stock is transferred at the office of the company, New York. Registrar, Trust Co. New York.

Railroad Securities

Net Charges

Surpluf

In 1903, dividends paid were $580,000 ; balance

balance surplus, $38,917. In 1905,

dividends

Dividends paid on 'the ist preferred stock have been as follows : In 1891, per cent. ; in 1893 and 1893, 3 per cent. ; in 1894, 4 per cent. ; in 1895, none ; in 1896, 5 per cent. ; in 1897, none ; in 1898, 3 per cent.; in 1899, none ; from 1900 to 1907, inclusive, 5 per cent. ; in 1901 a dividend of 3 per cent, was paid on the 3d preferred, and from 1901 to 1905 inclusive 3 per cent, was paid on that stock, and in 1Q06, 4 per cent., but the dividend paid March i, 1907, was increased to 4 per cent. The dividends have been annual, payable March i.

Funded Debt

ist mort., anking fund, 4 per cent., due Oct., 1937, April and Oct. ... $19,389,000

Equipment trusts 3i6.ocx>

Debentures, 4 per cent., due May, 1931, May and Nov 3,000,000

Total $33,505,000

Earnings Gross

'897 $5,815,217

tgpo 7,023,358

I9P3 8,448,320

Z900 9.903,308

The earnings are given after deducting taxes, surplus, $34,348. In 1904, dividends $580,000, $5ao,oco, balance surplus, $390,363. In i9oi5, dividends $690,000, surplus $397,703.

Chairman, Chauncev M. Depew, New York. President, William H. Canniff, Cleveland. Secretary. Dwight W. Pardee, New York. Treasurer, Charles F. Cox, New York. Assistant Treasurer, Harry G. Snelling, New York. Local Treasurer, Henry Hammersley, Cleveland. Auditor, H. V. Fountain. Cleveland.

Directors— George F. Baker, New York. William H. Canniff, Cleveland. Chauncey M. Depew, New York. Ralph W. Hickox, Cleveland. John S. Kennedy, New York. J. Pierpont Morgan, New York. WUliam H. Newman, New York. William RockefeUer, New York. James Stfllman, New York. HamUton McK. Twombly, New York. Frederick W. Vanderbilt, New York. William K. Vanderbilt, New York. W. K. Vanderbilt, Jr., New York.

Main office, 805 Euclid avenue, Cleveland. New York office, Grand Central Station. Annual meeting, first Wednesday in May, at Cleveland. Books close thirty days previous.

MEtr YORK, LACKAWAKKA WESTERN RAILWAY CO.

(Leased to Delaware, Lackawanna & Western Railroad Co.) Road owned, Binghamton, N. Y., to Buffalo and International Bridge, 314 miles.

Stock Par $zoo Authorized, $10,000.000 Issued, $10,000,000

Stock is transferred at the office of the company, New York. Registrar, Farmers' Loan &

Trust Co., New York.

Dividends on the stock, guaranteed under the lease, are paid quarterly, 15 per cent, each,

Funded Debt

ist mort., 6 per cent., due Jan., 1931, Jan. and July $13,000,000

3d mort., 5 per cent., due Aug., 1033, Feb. and Aug 5,000,000

Terminal impt, 4 per cent, due May, 1933, May and Nov 5,000,000

Total $33,000,000

This road is the Delaware, Lackawanna & Western's extension to Buffalo, and is leased to that company for 09 years from October 3, 1883, for interest on bonds and 5 per cent, on stock. The priodpal of all the bonds is guaranteed by the lessee.

Earnings are included in those of the lessee company.

President, William H. Truesdale, New York. Secretary and Treasurer, Fred F. Chambers, New York.

Main office, 90 West street. New York. Annual meeting, Tuesday preceding last Friday in February, at New York.

The Manual Op Statistics

ItEW YORK. HEW HAVEM A HARTFORD RAILROAD CO.

A corporation formed under the laws of Connecticut, August 6, 1873, as a consolidation of the New York & New Haven Railroad Co. and the Hartford & New Haven Railroad Co. It is often referred to under the popular name of the Consolidated Company or road.

Road owned : Miles Miles

Woodlawn Junction, New York City, Trackage :

to Providence 173.77 Harlem R. R. , Woodlawn Junction to

Boston to Hopewell June, New York 213.56 Grand Central Station, New York. . 12.03

Branches to Hartford, etc 650.06 Boston Terminal Co., to South Sution,

Boston 43

Total owned 1,047.39 Other trackage

Road leased and mainly controlled : Total trackage 53-94

Old Colony R. R., Boston to Newport,

R. I., and branches Total road operated 2,060.17

Boston & Providence R. R., branches 100.03

Norwich & Worcester Railroad 63.03

New Haven & Northampton R. R. Co. 126.31 Controlled and operated separately :

Harlem River & Port Chester R. R. . . 11.50 Central New England Railway Co. . . . 256.30

Other leased lines 601.56 New York, Ontario & Western Ry. Co. 545-87

Total leased lines 1,322.10 Total 802,17

The company has a four-fifths interest in the Boston Terminal Co. It controls all the stock of the New England Navigation Co., owning 30 steamboats. On May 31, 1907, this company absorbed by merger the Consolidated Railway Co., which comprised 640 miles of electric railways. It also controls the New England Navigation Co. and the New England Security & Investment Co. See statement of the Consolidated Railway Co. below and that of the New England Security & Investment Co. , in the Industrial Section of the Manual. In 1906, control of the Hartford & New York Transportation Co. was acquired. In January, 1907, it acquired the Maine Steamship Co. and one half the stock of the Merchants & Miners Transportation Co., which latter company had acquired the Boston & Philadelphia Steamship Co.

In 1893 this company leased the Old Colony Railroad, carrying with it the lease to the latter of the Boston & Providence Railroad. In 1895 this company acquired the New England Railroad Co., which was a reorganisation of the New York & New England Railroad Co., and merged the New England Railroad Co., in 1907.

In June, 1907, this company acquired $10,994,800 stock of the Boston & Maine Railroad in exchange, share for share for its own stock, and it was proposed to merge the two companies. The Massachusetts Legislature enacted a law prohibiting such a consolidation prior to July, i, 1908, and the acquisition of additional Boston & Maine stock was stopped.

AtVarious times the company has merged with it companies, which had been controlled or leased, including the Hartford & Connecticut Valley Railroad, Shore Line Railroad, New York, Providence & Boston Railroad, Housatonic Railroad, New Haven & Derby Railroad Co., Danbury & Norwalk Railroad Co., Middleton, Meriden & Waterbury Co., RockviUe Railtoad Co., Rhode Island & Massachusetu Railroad Co., Woonsocket & Pascoag Railroad Co., Providence & Springfield Railroad Co., Colchester Raihoad Co., Naugatuck Railroad and the Boston & New York Air Line Railroad Co.

The New England Navigation Co. was a merger of the following steamboat companies : Old Colony Steamboat Co., Providence & Stonington Steamship Co., Norwich & New York Transportation Co., New London Steamboat Co., New Haven Steamboat Co. and Bridgeport Steam- Doat Co. It has acquired the railroad company's interest in other steamship companies and on January x, 1907, merged with it the Providence Securities Co., controlling the street railways of Providence and its vicinity.

In February, 1904, this company purchased a controlling interest in the stock of the Central New England Railway Co., including the Poughkeepsie Bridge, and control of the Newbuigh, Dutchess & Connecticut Railroad Co. was acquired in 1905, that property being now operated as part of the Central New England system. In November, 1904, a majority ($29,102,200) of the stock of the New York, Ontario & Western Railway Co. was purchased. In 1907 it was understood that an option on the stock had been given to the New York Central & Hudson River Railroad Co. which option, however, was not exercised.

In 1904 it also acquired control of the Fair Haven & Westville Railroad Co., which owns all the street railway lines in the city of New Haven, Conn., and its environs and various other electric street railways, which with various other traction properties were held by the Consolidated Railway Co., of which the entire capital stock was owned by this company. The Consolidated Railway Co. also acquired the New England Navigatran Co. The Connecticut Railway & Lighting Co. is controlled. See its statement in the Industrial Section of the Manual, Certain of the controlled trolley properties in Massachusetts were transferred to and are held by the New

Railroad 8Bcurities 233

England InYestment & Security Co. In December, 1906, control of the Rhode Island Securities Co., which represents the trolley system of Providence and its vicinity, was acquired. The Providence Securities Co. was organized in 1906 to hold the control of the electric railways of Providence and vicinity which had been acquired in the interest of this company.

Locomotives, 1,176 ; passenger cars, 2,202 ; freight cars, 19,776 ; service cars, 1,056.

Transfer agencies, office of the company. New Haven; Old Colony Trust Co., Boston. Registrar, Farmers' Loan & Trust Co., New York.

Dividends of per cent, quarterly, or 10 per cent, per annum, were paid from 1872 until July, 1894, when the rate was reduced to 2 per cent, quarterly, or 8 per cent, per annum, and have since been paid on that basis. Dividends are paid March (30), June, September and December.

.The outstanding stock was increased in 1902-03 by the sale of $140,900 of treasury stock and by the exchange on April x, 193, of most of the $16,397,200 of convertible debentures for stock.

In November, 1905, stockholders of record December i, 1905, were given the right to subscribe at par to the extent of $37.50 for each share of stock to an issue of convertible per

vertible into stock of the company at the holder's option between January i, 1911, and Januair i, 19x6, at the rate of $150 of the certificates for $xoo of the stock. Subscriptions under the privilefife in question are payable as follows : 25 per cent. January x. zqo6 ; 25 per cent. October x, 1906 ;

25 per cent. January i, T907, and 25 per cent. April z, 1908, with an option to pay the full amount due on January x, 1906, or any other of the dates mentioned. The holders of these debentures have the right to subscribe for new stock on the same terms as stockholders.

In X907 it was proposed to give stockholders the right to subscribe for a large issue of new stock at $125 per share. In November, X907, this plan was modified, it being decided to issue $39,009,600 six per cent, debentures due January, 1948, interest payable January and July, the same bieixig convertible into stock at par after January 15, 1923. Stockholders of record December 3, 1907, were given the right to subscribe at par for these debentures on or before January X5, 1908, to the extent of $roo of the debentures for each three shares of stock held by them and holders of the 3H per cent, debentures, convertible into stock between 191 1 and 1916, were also given the right to subscribe for the new debentures at par to the extent of $100 of the latter for each $450 of the 3H per cent, debentures, including subscription warrants for the per cents. upon which the third installment had been paid. Payments on subscription for the new 6 per cent, debentures are due in four installments of 25 per cent, each on January x5, 1908, July 15, X90S, January x5, 1909 and July 15. 1909, with the right to pay in full on any of the three firstmentioned dates.

Funded Debt

Currency debentures, not convertible, 4 per cent., due March, 947, March and Sept.. $5,000,000

" percent., due March, 1947, Mar. and Sept.. 5,000,000

Debentures (for N. Y. O. & W.) 4 per cent., due July, 1955, Jan. and July 15,000,000

non-convertible, 4 per cent., due May, 1956, May and Nov 15,000,000

4 per cent., due Feb., 1014, Feb. and Aug 5,000,000

" 3H per cent., due April, 1954, April and Oct xo,ooo,ooo

Convertible debentures, per cent., due Jan. 1956, Jan. and July x 1,576,200

Warrants for convertible debentures, per cent., due Jan., 1956 x8,42i,xoo

15-year European loan (145,000,000 fr.) 4 per cent., due April, 1922, April and Oct.. . 37,985,000

Two-year debenture notes, per cent., due Oct. 20, 1908, April (20) and Oct 600,000

" " 55 cent., due Nov. 15, 1908, May (15) and Nov 1,250,000

" " 5 per cent., due Nov. 15, 1908, May (15) and Nov 500,000

sH percent., due Nov. 19, 1908, May (19) and Nov 100,000

" 5 per cent., due Nov. 32, 1908, May (22) and Nov 2,000,000

" 5 per cent., due Nov. 27, X908, May (27) and Nov 500,000

" " 5 per cent., due Dec., 1908, June and Dec 370,000

" 5 per cent., due Dec. 5, 1908, June (5) and Dec 300,000

" 5 per cent., due Dec. 7, 1908, June (7) and Dec 200,000

" per cent., due Dec. II, 1908, June (11) and Dec 50,000

" " " '5 percent., due Dec. XI, 1908, June (11) and Dec 400,000

" " 5 per cent., due Dec. 14, 1908, June (14) and Dec 400,000

" 5 per cent., due Dec. 21, 1908, June (21) and Dec 250,000

5 per cent., due Dec. 22, 1908, June (22) and Dec 200,000

"5 per cent., due Dec. 24, 1908, June (24) and Dec 250,000

" 5 per cent, due Dec. 29, 1908, June (29) and Dec 450,000

" 5 per cent., due Dec. 31, 1908, June (30) and Dec 500,000

" " " 5 per cent., due Jan. 9, 1909, Jan. (9) and July 1,500,000

Three-year debenture notes, 5 per cent. , due Jan. 9, 1910, Jan. (9) and July 3i50o,ooo

" " 5 per cent., due Jan. II, 19x0, Jan. (10) and July 50000

The Manual Op Statistics

Four-year debenture notes, 5 Five-year debenture notes, 5 ' 5

Funded 1e,vt— Continued, cent. I due Jan. 9, 191 x, Jan. (q) and July, per cent., due Jan., 1913, Jan. and July. per cent., due Jan., 9, 1919, Jan. (9) and July.,

Debentures, and 4 per cent., due Feb., 1930, Feb. and Aue. . . New York, Providence & Boston, g:. m., 4 cent., due April, 19

Housatonic, ist mort., 4 per cent., due April, 1910, April and Oct

cons, mort., 5 per cent., due Nov., 1937, May and Nov

Shore Line, ist mort., 4Kper cent., due March, 19x0, March and Sept

N. Y., N. H. & H., xst m., on H. R. & P. C, 4 p. c. due May, 1954, May and Nov. .

New Eniland R. R. cons, mort., 5 per cent., due July, 1945, Jan. and July

" Boston Terminal mort. , 4 per cent. , due April, 1930, April and Oct.

cons, mort., 4 per cent., Que July, X945, Jan. and Julyu

New Haven & cons, mort, 5 per cent., due May, 19x8, May and Nov

Naugatuck R. R., xst mort., guar., 4 per cent, due May, 1954, May and Nov

debentures, pen* cent, due Oct., xojo, April and Oct

Providence & Springfield, xst mort., 5 per cent, due July, X929, Jan. and July.

Boston & New York Air Line, mort, 4 per cent., due August, X955, Feb. and Aug. . Danbury & Norwalk, cons, mort., 6 per cent., due July, X990, Jan. and July

" cons, mort., 5 per cent, due July, X990, Jan. and July

" " gen. mort., 5 per cent, due April, X935, April and Oct

" refunding mort. 4 per cent., due June, 1055, Jan. and Dec.. .

Woonsocket & Pascoaf , xst mort., 5 per cent., due Oct., loio, April and Oct

Providence Terminal Co., xst mort., 4 per cent., due March, X950, March and Sept.

X, 000,000

xao,ooo

57S.Ooo 9,496,000 934,000 750,000

xoo.ooo 9,876,000

Total.

Funded Debt— Subsidiary Companies.

Harlem River & Port Chester,9d now xst mort ,4 per cent ,due June, X9X x , June and Dec. $635,000

New Haven & Northampton, con. s. f. mort, 6 p. c., due April, X909, April and Oct.. x,x 17,000

est mort., 5 per cent, due April, X9XX, April and Oct.. . 700,000

Milford & Woonsocket, xst mort., 5 per cnt., due Dec., X908, June and Dec 60,000

Milford, F. & Prov., xst mort., 6 per cent., due Jan., X909, Jan. and July 10,000

Hartford & N. Y. TransporUtion, mort, 4H Pr cent, May, X934, May and Nov. . . . 175,000

New London Steamboat Co., mort., 6 per cent, due Jan., X9X6, Jan. and July 13,000

Maine Steamship Co., of Maine, xst mort., 6 per cent due April, 1996, April and Oct 995,000

" " of N. J., xst lien bonds, 5 per cent., due Aug.,x93x, Feb. and Aug. 733ooo

Portland Cons. Steamship, ist mort, 5 per cent., due April, X991, April and Oct. . . 395,000

Roxbury Central Wharf, xst mort notes, 5 per cent., due Sept., X919, Mar. and Sept 990,000

See statements of the Old Colony Railroad, the Boston & Providence Railroad Co., and the Norwich & Worcester Railroad Co., for the funded debt of those companies.

The x5-year 4 per cent European loan was placed with Paris banks and bankers in February, 1907, and is for 145,000,000 francs. The bonds are issued in denominations of 500 francs or multiples thereof.

The Harlem River & Port Chester 4 per cent, xst mortgage bonds are an obfa'gation of the parent company, and were created in X904. The authorised issue is $x,ooo,ooa The $7,500,000 sold were to defray the cost of improving the Harlem River division of the road.

The lease of the Old Colony Railroad Co. began March x, X893, the lessee taking powcision of the property April x, X893, assuming the account of the lessor July x, X893. The lease agreement provided that for 6 months, from June X9, X893, xo shares of Old Colony sto could be exchanged for 9 of New Haven stock with 7 per cent annual dividends on Old Colony stock not exchanged. On June 30, 1907, this company heki 68,967 of the Old Colony stock, out of a total of 178,7x4 shares.

Earnings

Year ending June 30

Div. Paid

X909-P3 I904-Ki5

Grou $30,3M737 37.143.917 40.335. 151 40,X39,3xx 43,591,087 47,996,077 48,983,909

49.981,947 59,984,39a 55,6ox,936

Nee

$Io,Q39,Xx9

x9,x86,o84 X3,646,439 X9,646,399 X9,86o,973 X9,9o6,87i X4,oy>,X34 15.37a.376 x9.937.493 84,080,755

CharMs $6,xx9.48l 7,890, XX3 8,093,8x9 7,9M,X04 8,x8x,4X4 8,079,900

Surplus

Railroad Sbcuritibs

M5

In i897-<98 the surplus over dividends was $109,833. In 1898*99, dividends, $4,158,688; surplus, 107,383. In 1899-1900, dividends, $4,331,378; surplus, $391,335. In 1900-01, dividends, $4,a9*.738; surplus, $363*549- In 1901-03, dividends, $4,396,568; surplus, $383,390. In 1903-03, dividends, $4,618,438 ; surplus, $308,533. In i9P3<>4, dividends, $6,006,448 ; surplus, $88,307. In 1004-05, dividends, $6,400,000; surplus, $308,053.

In 1905-06, $3,336,998 for improvements was deducted from the surplus, dividends paid, $6,467,093; balance of surplus, $391,387. The company's report for 190607 was in different form from theretofore. The net includes $91,077,834 income from miscellaneous sources ; $.1*615,899 for net earnings of street railways are $(,137 for net earnings of steamship lines, the net earnings of the steam railways having been $17,751,854. In 190607 dividends paid, including those on stocks of sutidiary companies, were $6,904,988, and the final surplus,

Freight Traffic Statistics.

Total

Tons Carried

Freight

Rate per Ton

Eaminn per Train Mile

One Mile

Density

per Mile

Jt

S

'Jii

President and Chairman, Charles S. Mellen, New Haven, Conn. Vice-Chairman of Board, Charles F. Bmoker, Ansonia, Conn. Vice-President, Timothy E. Byrnes. Boston. Vice- President, H. M. Kochersperger, New Haven. Vice-President, E. H. McHenry, New Haven. Vice- President, E. G. Buckland, Providence, R. I. Vice-President, Benjamin Campbell, New Haven. Vice-Presikent, John F. Stevens, New Haven. Assistant to President, H. A. Fabian, New Haven. Secretary, John G. Parker, New Haven. Treasurer, Augustus S. May, New Haven. Assistant Treasurer, T. F. Paradise, New Haven. General Auditor, J. M. Tomlinson. New Haven.

Directors — D. Newton Barney, Farmington, Conn. Charles F. Brooker, Ansonia, Conn. Frederick F. Brewster, New Haven. George J. Brush, New Haven. Frank W. Chenev, South Manchester, Conn. Charles F. Choate, Boston. James S. Elton, Waterbury, Conn. James S. Hemingway. New Haven. Henry K. McHarg, Stamford. Conn. Charles S. Mellen, New Haven. James McCrea, Philadelphia. George Macculloch Miller, New York. Edwin Milner, Moosop, Conn. J. Pierpont Morgan, New York. William Rockefeller, New York. A. Heaton Robertson, New Haven. John G. Parker, New Haven. E. D. Robbins. New Haven. Augustus S. May. New Haven. William Skinner. Holyoke, Mass. Hamilton McK. Twombly, New York. Robert W. Taft, Providence. R. I. Nathaniel Thayer, Boston. I. De V. Warner, Bridgeport, Coon. John H. Whittemore, Waterbury, Conn.

Main office, New Haven, Conn. Annual meeting, third Wednesday in October, at New Haven. Books close ten days previous.

Con SOLIDATBD Railway Co.—This was a corporation formed under the laws of Connecticut, May, 1904, by consolidation of the Pair Haven & Westville Railroad Co., the Consolidated Railway Co., formerly the Worcester & Connecticut Eastern Railroad Co. (its name having been dianged in May, 1904), and the Meriden Electric Co. The company was organised in the interest of tlw New York, New Haven & Hartford Railroad Co. to consolidate its acquisitions of street railways. in accordance with an Act of the Connecticut Legislature, approved March 36, 1907. The company was merged with the New York, New Haven & Hartford Railroad Co. on Mav 31, 1907, its stock, all of which was owned by the New York, New Haven & Hartford, having been increased from $10,000,000 to $30,000,000. For convenience of reference the statement of the company is given herewith, though it has by the merger lost its corporate identity. The properties it acquired or leased included the following :

Bennington & Hoosick Valley Railway Co. Bennington & North Adams Street Railway

Co. Branford Lighting & Water Co. Columbian Street Railway. Connecticut Railway & Lighting Co. Danielson St Norwich Street Railway. East Hartford & Glastenbury Street Railway. Fair Haven & WestvUle Railroad Co. Greenwich Tramway Co.

Hartford, Manchester & Rockville Tramway

Co. Hartford & Middletown Street Railway Co. Hartford Street Railway Co. Hartford 8t Worcester Street Railway Co. Housatonic Power Co. Meriden Electric Raihoad. Middletown Street Railway. MontviUe Street Railway. New Haven & CenterviUe Street) Railway Co.

The Manual Op Statistics

New Haven Street Railway Co. ToiTine:ton & Winchester Street Railway

New London Street Railway. Trolley Express Co.

New Milford Power Co. Wallingford Tramway Co.

New York & Stamford Railway. Webster & Dudley Street Railway Co.

Norwich Street Railway. West Shore Railway Co.

People's Tramway Co. Willimantic Traction Co.

Putnam & Thompson Street Railway Co. Winchester Avenue Railway Co.

Stafford Springs Street Railway Co. Woonsocket Street Railway Co.

Stamford Street Railway Co. Worcester & Connecticut Eastern Railway.

Suffield Street Railway Co. Worcester & Webster Street Railway.

During 1905 the company acquired control of a number of additional properties, including the Hartford Street Railway Co. In December, 1906, it acquired the Rhode Island Securities Co., controlling the traction properties of Providence, R. I., and vicinity, which are now held by the Providence Securities Cfo., and also leased the Connecticut Railway & Lightine: Co.

A number of traction properties in Massachusetts were also owned or controlled, but the same were transferred in 1906 to the New England Investment & Security Co.

The roads owned aggregate about 640 miles of track.-

Stock Par $100 Authorized, $30,000,000 Issued, $30,000,000

All of the company's stock was owned by the New York, New Haven & Hartford Railroad Co.

Funded Debt

Consolidated Ry. debentures, 4 per cent., due July, 1954-1955, Jan. and July $6,700,000

4 per cent., due April, 1955, April and Oct 1,341,000

. 4 per cent., due Jan., 1956, Jan. and July 3,108,000

3M *°d 4 Pf cent., due Feb., 1930, Feb. and Aug.. 1,000,000

Total $11,149,000

The debentures, except those due February, 1930, could be exchanged for New York, New Haven & Hartford Railroad stock on the basis of $aoo of debentures for $100 of stock. The amount of debentures was originally $37,500,000, of which on June 30, 1907, $17,347,000 had been retired in the above manner. The outstanding debentures under the merger were assumed by the New Haven.

Funded Debt— Constituent Companies

Branford Lighting & Water ist mort. , 5 per cent., due 1937, April and Oct $63,000

2d mort., 5 per cent., due 195 1, Feb. and Aug 307,000

Greenwich Tramway ist mort., 5 per cent., due July, 1931, Jan. and July 330,000

Hartford, Man. & Rockville ist mort., 5 per cent., due Oct., 1934, April and Oct 300,000

Hartford Street Ry. xst mort., 4 per cent., due Sept., 1930, March and Sept 3,500,000

" " debenture, 4 per cent., due Jan., 1930, Jan. and July 165,000

" per cent., due Jan., 1930. Jan. and Tuly 145,000

Meriden Horse R. R. xst mort., 5 per cent., due Oct., 191 1, April and Oct 85,000

" gold mort., 5 per cent., due Jan., 1934, Jan. and July 415,000

Meriden, Southinglon & Comp. ist mort., 5 per cent., due July, 1938, Jan. and July... 175,000

Middletovm Horse R. R. ist mort., 5 per cent., due Dec., 1914 150,000

Montville St. Ry. ist mort., 5 per cent., due May, 1920, May and Nov 350,000

New Haven & Centerville ist mort., 5 per cent., due Sept., 1933, March and Sept 283,000

New Haven St. Ry. xst mort., 5 per cent., due Sept., 1913, March and Sept 600,000

pur. money mort., 5 per cent., due June, 114, June and Dec 350,000

New London St. Ry. ist mort., 5 per cent., due Oct., 1923, April and Oct 150,000

New Milford Power Co. ist mort., 5 per cent., due Aug., 1932, Feb. and Aug 1,000,000

New York & Stamford Ry. xst mort., 5 per cent., due Oct., 1931, April and Oct 413,000

Norwich St. Ry. xst mort., 5 per cent., due Oct., 1923, April and Oct 350,000

Portland St. Ry. xst mort., 5 per cent., due Nov., 1916, May and Nov

Providence & Burrville St. Ry. ist mort., 5 cent., due Jan., 1925, Jan. and July 354,000

Torrington & Wincester xst mort., 5 per cent., due Dec, 1917, June and Dec 150,000

Winchester Ave. Ry. ist mort., 5 per cent., due Nov., 191 2, May and Nov 500,000

Woonsocket St. Ry. ist mort., 5 per cent., due July, 1913, Jan. and July 160,000

Worcester & Conn. Eastern ist mort., per cent., due Jan.,' 1943, Jan. and July 1,993,000

The Worcester & Connecticut Eastern ist mortgage is for $3,100,000, of which $1,050,000 was reserved for improvemenU and extensions. Trustee and agent for payment of interest, New York Trust Co.

RAILROAD SBCURITIBS aa?

The Winchester Avenue Railway ist mortgage is a joint obligation of that company and the New Haven & West Haven Street Railway Co., both of which were absorbed by the Fair Haven & Westville Railroad Co.

The Montville Street Railway ist mortgage is for $350,000. Interest is pa3rable at the American Loan & Trust Co., Boston.

The Berkshire Street Railway ist mortgage is for $800,000. Trustee and agent for the payment of interest, Girard Trust Co., Philadelphia.

The New York & Stamford Railway ist mortgage is for $450,000. Bonds cannot be paid before maturity, there being no sinking fund. Trustee and agent for the payment of interest, New York-Trust Co., New York.

Prior to the merger in May, 1907, the officers were as follows: — President, Charles S. Mellen, New Haven, Conn, ist Vice-President, £. H. McHenry, New Haven, ad Vice-President, H. M. Kochersperger, New Haven. Secretary, John G. Parker, New Haven. Treasurer, A. S. May, New Haven.

Main office, New Haven, Conn.

JIfEW YORK, ONTARIO A WESTERN RAILWAY CO.

(Controlled by New York, New Haven & Hartford Railroad Co.)

A corporation formed under the laws of New York, January ai, 1880, in pursuance of the reorganisation of New York & Oswego Midland Railroad Co.

In November, 1904, the New York, New Haven & Hartford Railroad Co. acquired a majority, $29,102,300, of the stock of this company, and a board of directors representing that corporation was elected.

Road owned, Cornwall, N. Y., to Oswego, 273 miles; branches, 47 miles; total owned, 319 miles ; leased, Utica, Clinton & BInghamton, 31 miles ; Pecksport Connecting Railway, 4 miles; Rome & Clinton, 13 miles ; Wharton Valley, 7 miles; Ontario, Carbondale & Scranton, miles; Port Jervis, Monticello & Summitville Railroad, 39 miles; EUenville & Kingston Railroad, 27 miles ; total leased, 177 miles ; trackage on West Shore Railroad from Cornwall to Weehawken, S4 miles ; total operated, 546 miles. The company is double tracking the main line from Cornwall, N. Y., to Cadosia, N. Y., the point of junction with the Scranton branch, a distance of 107 miles, of which on June 30, 1907, ao6 miles had been completed. Locomotives. 176 ; passenger cars, 188 ; freight cars, 7,443 ; service cars, ao6. Stock Par $100 Authorised, $60,113,983 Issued, $58,113,982

Preferred stock to the amount of $2,000,000 was issued in the reorganisation, but in 1904 all but $4,000 of preferred stock had been exchanged at par for ist mortgage bonds. See below regarding voting rights of the preferred stock.

Transfer Agent, James M. Fleming, Assistant Secretary, New York. Registrar, Mercantile Trust Co., New York.

The first dividend on the stock was 3 per cent., paid Januanr 16, 1905. See below. On July 31. 1C05. a dividend of ner cent, was oaid, on July .-V), iqo6, a per cent, and on July ao, 1907, 2 per cent.

Funded Debt

Refunding: root., 4 per cent., gold, due June, 199a, March and Sept $20,000,000

General mort., 4 per cent., due June, 1955, June and Dec 3t334ooo

ToUl $a3,334,ooo

Obligations Secured by Coal Mortgages Gold notes, 5 per cent., secured by ist mort., Scranton Coal Co., due 1899-1911 $1,100,000 5 per cent., secured by ist mort., Elk Hill Coal & Iron Co., due 1900-15, June and Dec 3,525,000

There were on June 30, 1907, car trust obligations for $244,000.

The lease of the Utica, Clinton & Binghamton, and Rome & Clinton roads is for 35 years, from June t, 1886, at a minimum annual rental of $75,000.

The Ontario, Carbondale & Scranton was built to afford this company access to the Lackawanna coal region. All its securities are owned by the parent company and both its stock and bonds are deposited with the Trustee of the refunding mortgage.

The refunding mortgage ($20,000,000 authorised) was created in 1893 to retire $4,000,000 old ist mortgage 6 per cent, bonds, which were redeemable at no, and not retired with the 5 per cent, issue and the 5 per cent, consols, and to provide for future additions to property. The old 6s and 5s have been retired.

Under the charter of this company the preferred stock elected a majority of the directors until a dividend had been paid on the company's common stock. In 1903-04 certain holders of

The Manual Op Statistics

the common claimed that the policy of the management in devoting all surplus earnings to improvements was unjusL After considerable controversy a plan was ratified at the annual meeting in September, 1904* for the creation of a new mortgage for $ia,ooo,ooo and the issue of $3,000,000 of bonds thereunder, which would provide for the company's capital requirements and permit the declaration of a dividend of 3 per cent, on the stock from accumulated earnings. The dividend which was declared and paid January 16, 1905, accordingly (vested the remaining preferred stock of the right to elect a majority of the company's directors.

Earninos Year ending June 30

Gross Per Ct. of Exp. Net Chaiges Surplus

1897-98 $3i9i4i 68.68 $1,113,993 $7o,§ $400,460

J900-01 5,3M,883 68.35 1.545.746 666.514 870,331

1903-P3 6,176,517 71.36 1.619,431 758,459 860.071

Interest on investments is deducted from the charges. Tliis item was, in 1903-04, $471,647 ; in 1904-05, $451,317 ; in 1905-06, $453,316, and in 1906H07, $453,717. The surplus over dividends m 1904-05 was $409,513 ; in 1905-06, $35,305, and in 1906-07, $493,480.

Freight Traffic Statistics.

Average Total Tons Carried Freight Rate per Ton Earn'gs per Av'ice Tons

Mileage Tonnage One Mile Density per Mile Train Mile per Train

1903-03. .. 548 3.973i56i 580,406.194 1,059,135 0.855 3.33 387

President, Thomas P. Fowler, New York. Vice-President and General Counsel. John B. Kerr. New York. Vice-President and General Manager, James E. Childs, New York. Secretary and Treasurer. Richard D. Rickard, New York. Assistant Secretary, James M. Fleming, New York. Assistant Treasurer. Arthur L. Parmelee, New York.

Directors — D. Newton Barney, Farmington, Conn. Charles F. Brooker, Anaonia, Conit. Frank W. Cheney. South Manchester. Conn. James E. Childs, New York. Thomas P. Fowler, New York. John B. Kerr, New York. Charles S. Mellen, New Haven, Conn. George MaccuUoch Miller. New York. J. Pierpont Morgan, New York. William Rockefeller, New York. Grant B. Schley, New York. WUliam Skinner, Holyoke, Mass. Charles S. Whelen, Philadelphia.

Main office, 56 Beaver street, New York. Annual meeting, last Wednesday in September, at New York. Books close one month previous.

Hew York, Philadelphim Korfolk Rmilromd Co.

A corporation formed under the laws of Virginia, September 37. 1881. The company was reorganised without foreclosure in 1898-99.

Road owned, Delmar, Del., to Cape Charles, Va.. 95 miles; brandi, 17 miles; total, iis miles. Also, steam ferry from Cape Charles to Norfolk, 36 miles. Locomotives, 3a ; passoiger cars, 37 ; freight cars, 893. Floating equipment, 3 steamboats, 7 tugs. 11 floats and 3 badges. Stock Par $50 Authorised, $3,500,000 Issued, $0,500,000

In 1903 the outstanding stock was increased by $385,000, which was subscribed by the stockholders at par. In June, 1906, $500,000 stock was issued as a stock dividend of 35 per cent, on the $3,000,000 then outstanding. All the stock is held in a voting trust, Fiddity Insurance Trust Safe & Deposit Co., Philadelphia, Trustee.

Transfer Agent. Fidelity Trust Co.. Philadelphia. Registrar. Commercial Trust Co., Philadelphis.

The first dividend on the stock was 3 per cent., paid January 3, 1901 ; 9 per cent, was paid in June, 1901, and 3 per cent, in December, 1901. In 1903 the payments were %}i pv cent.

Railroad Securities 399

cash, June and December, making 5 per cent, for the year. In 1903, 6 per cent, was paid, and in 1904, 8 per cent., the December rclar dividend of 3 per cent, having been accompanied by an extra mvidend of a per cent. In 1905 paid 4 per cent, in June and 6 per cent, in December, making 10 per cent, for the year 1905. In June, 1906, paid 5 per cent, and a$ per cent, in stock, and on December i, 1906, 5 per cent, cash was paid. In 1907, 6 per cent, cash in June and December.

Funded Debt

ist mort., 4 per cenL, dne Jan., 1939, Jan. and July $a,6oo,ooo

Inoome bonds, non-cumulative 4 per cent., due Jan., 1939, May and Nov z,ooo,ooo

Total $3,600,000

Tbe authorised amount of the zst mortgage is $3,000,000, $400,000 of the bonds being reserved for improvements

In November, 1899, s per cent, was paid on the income bonds, since which time the regular aanual rate of 4 per cent, has been paid thereon.

Earnings Year ending June 30

Gross Net Charges Surplus

"898 1,106,153 314,507 139,851 184,655

i90'-w i49a,"7 400,563 350,304 150,359

'903-O4 1,969,355 598,386 454,816 143.570

19K-06 3,473,509 749,588 468,113 381,475

President, William A. Patton, Philadelphia. Assistant to President, Robert K. Cassatt, Philadelphia. Secretary, O. J. DeRousse, Philadelphia. Treasurer, J. G. Cassatt, Philadelphia. Auditor, H. C. Carlile, Philadelphia.

Dixccton— H. W. Biddle, Philadelphia. J. G. Cassatt, Philadelphia. Robert K. Cassatt, Philadelphia. Rudulph Ellis, Philadelphia. Clement A. Griscom, Philadelphia. John Lloyd, Ahoona, Pa. William A. Patton, Philadelphia.

Main office. Cape Charles, Va. Philadelphia office, 36 South Fifteenth street. Annual meedng, third Tuesday in March, at Cape Charles.

Meht York, Susquehahha A Westerk Railroad Co.

(ControUed by Erie Railroad Co.)

Road owned, Jersey City, N. J., to Gravel Place, Pa., 101 miles; Stroudsburg, Pa., to Wilkesbarre ( Wilkesbarre & Eastern Railroad), 65 miles ; branches, 54 miles ; other leased lines, 14 miles ; trackage on Pennsylvania Railroad to Jersey City, 3 miles ; total operated, 336 miles. Locomotives, 93 ; passenger cars, 86 ; freight cars, 1,735 ; service cars, 49.

This company has a large terminal property of 63 acres at Edgewater, on the Hudson, opposite iioth street. New York.

In January, 1898, the Erie Railroad Co. acquired a controlling interest in the stock of this company. In March, 1898, minority holders of this companys stock were offered $90 in Erie 1st preferred for each share of Susquehanna & Western preferred, and par in Erie common for the common. The road is operated in harmony with the Erie system, but through its own organisation. The Erie Railroad Co. owns $13,378,900 common and $13,893,400 of preferred stock.

Stock is transferred at the office of the company, New York. Registrar, Central Trust Co.,

New York.

In 1891 per cent, was paid on the preferred stock ; in 1893, 35 per cent., and in 1893,

15 per oeot. No dividends have been paid smce the last-named year.

Funded Debt

ist mort., refunding 5 per cent., due Jan., 1937, Jan. and July $3,745,ooo

Midland of New Jersey, 1st mort, 6 per cent., due April, 1910, April and Oct 3,500,000

Pateison extension bonds, 6 percent., due June, 1910, June and Dec 350,000

New 3d mort, yi per oit, due Feb., 1937, Feb. and Aug 447,000

Funded Debt— Cbiv/uvMif

General mort, 5 per oent., due Aug., 1940, Feb. and Aug $2,553,000

Terminal ist mort., 5 per cent., due May, 1943, May and Nov 3,000,000

Wilkes-Barre & Eastern, zstmort, guar. 5 per cent., due June, 1943, June and Dec.. 3,000,000

Passaic & New York R. R., ist mort., 6 per cent., due Dec., 1910, June and Dec. . . . 70,000

N. Y., Sus. & Wn. Coal Co., ist mort., 6 per cent., due March, 1913, March and Sept.. 337,000

N. Y. & Wilkes-Barre Coal Co. , ist mort. , 6 per cent. , due Nov. , 1933, May and Nov. . 450,000

Total $16,341,000

There are also $5,000 old ist mortgage 6s, due 191 1, and $44,000 Macopin Railroad ist mortgage 5s, due 1916.

The terminal mortgage covers all the new terminals at Weehawken, N. J., the tunnel and connecting tracks. The Wilkes-Barre & Eastern bonds are guaranteed, principal and interest, by this company's indorsement.

Eaiuiinos Year ending June 30

Gross Net Charges Surplus

i90i-oa 3,583,938 1,145,967 934,608 331,359

1903.Q3. 3,683,038 1,347,739 943,075 305,664

President. F. D. Underwood, New York. Vice-President and General Solicitor, G. F. Brownell, New York. Vice-Presidents, G. A. Richardson, New York. H. B. Chamberlain, New York. J. M. Graham, New York. Secretary, David Bosman, New York. Treasurer, D. W. Bigoney, New York. Comptroller, M. P. Blauvelt, New York.

Director*— G. F. Brownell, New York. William H. Corbin. Jersey City. Jamea J. Goodwin, New York. W. Pierson Hamilton, New York. Edward H. Harriman, New York. Cyrus J. Lawrence, New York. John G. McCullough, North Bennington, Vt. Norman B. Ream, Chicago. G. A. Richardson, New York. Charles Steele, New York. J. C. Stuart, New York. Frauds Lynde Stet<)n, New York. F. D. Underwood, New York.

Main office, 11 Broadway, New York. Annual meeting, first Thursday in September at Jersey City. Books dose twenty days before.

KORFOLK i SOUTH ERK RAILWAY CO.

A corporation formed, November, 33, 1906, as a consolidation of the Norfolk & Southern Railroad Co. and the Virginia & Carolina Coast Railroad Co. Road owned : Norfolk, Va., to Eenton, N. C. 76 miles; Mackey's Ferry, N. C, to Belhaven, N. C , 30 miles; Mackeys Ferry to Washington, N. C., 44 miles ; Norfolk to Virginia Beach, Va., 19 miles ; Suffolk, Va., to EUienton, 50 miles; Beckford to Elizabeth City, N. C, 35 miles; Clapham Junction to Munden*s Point, 33 miles ; Providence to Clapham Junction, 8 miles; Mackey's Ferry to Cresswell, 13 miles ; Raleigh to Zebulon, 24 miles ; also Norfolk to Lynn Haven Inlet & Virginia Beach via Cape Henry (Electric Railway). 34 miles. Leased, Atlantic & North Carolina Railway, Beaufort to Goldsboro, N.C., 96 miles; total operated, 442 miles. Also operates a ferry across Albermarlc Sound from Edenton to Mackey's Ferry, 9 miles, and various steamboat lines. Locomotives, 66; passenger cars. 136; freight cars, 2,387 ; floating equipment. 13 steamers.

Extensions of about 300 miles to different North Carolina points are planned. The company also owns the stocks and bonds of a lumber company which holds 600,000 acres of timber lands and 300,000 acres of timber rights. The company purposes bridging Albermarle Sound, thus doing away with the present ferry connecting the two sections of the road.

Originally the EUxabeth City & Norfolk Railroad Co., the name of which was changed February, 1883, to Norfolk Southern Railroad Co. The property was sold in foredosure in 1 891, and the company reorganized as the Norfolk & Southern Railroad Co. In 1899 control of the Norfolk, Virma Beach & Southern Railroad Co. was acquired, and in 1904, the Chesapeake Transit Co., operating an electric line from Norfolk to Cape Henrj', 24 miles, was acquired. Control of the Suffolk & Carolina Raihoad was secured in 1905.

Railroad Securities

The preferred stock is 5 per cent., noncumulative. Transfer agent, Trust Co. of America, New York. Registrar, Knickerbocker Trust Co., New York.

Dividends of 4 per cent, per annum were paid on the stock of the old company, the payments being from July, 189a. Dividends, quarterly, i per cent, each in January (10), April, July and October. In July, 1901, and April, 1904, extra dividends of z per cent, each were also paid. Dividends were suspended in 1904-05.

Funded Debt ist mort., Norfolk & Southern Railroad, 5 per cent., due May, 1941, May and Nov.. .. $1,655,000 istgen. mort., " " 5 per cent., due July, 1954, Jan. and July 3,390,000

Suffolk & Caroline, ist mort., 6 per cent., due April, 1951, April and Oct 90,000

" ist. cons, mort., 5 per cent., due July, 1952, Jan. and July 650,000

Raleigh & Pamlico Limited, xst mort., 5 per cent., due Jan., 1954, Jan. and July. . . . 47ooo

Norfolk & Southern Railway, ist and ref. mort., 5 per cent., due 1956 14,000,000

col. tr. notes, 6 per cent., due Nov., iQxo, May and Nov. 3,750,000

Total $31,583,000

The ist mortgage of the old company is at the rate of $10,000 per mile of road. Trustee and agent for the payment of interest, Metropolitan Trust Co., New York.

liie ist 5 per cent, general mortgage created in 1904 is for $10,000,000, of which $4,000,000 was to be available to retire the old ist mortgage bonds and to provide for acquisition of the Chesapeake Transit Co. and for improvements and electrical equipment of the lines. Trustee of the mortgage. Guaranty Trust Co., New York.

The ist and refunding mortgage of the present company was authorized in 1906, in connection with the consolidation, $14,000,000 of the bonds and $4,800,000 of preferred stock being underwritten by a syndicate. Sufficient bonds are reserved to retire prior liens and provide for extensions and improvements. The bonds are secured by all the bonds of the lumber company referred to above.

The collateral trust notes were issued in 1907 and are secured by the deposit of ist and refunding mortgage, 5s.

i8ft-99. 555,636

9P3-Q4. 950,071

Chairman, Marsden J. Perry, Providence, R. I. President, Frank S. Gannon, New York. Vice-Presidents, Morris K. King, Norfolk, Va. Charies O. Haines, Raleigh, N. C. George W. Roper, Norfolk. Secretary, Walter B. Gwyn, Norfolk. Assistant Secretary, J. Frank Case, New York. Treasurer, Mathias Manley, Norfolk.

Directors— C. B. Barbee, Raleigh. John £. Borne, New York. William L. Bull, New York. T. L. Chadboume, Jr., New York. George C. Clark, New York. Dumont Clarke, New York. Samuel P. Colt, Providence, R. I. W. Bayard Cutting, New York. Frank S. Gannon, New York. James S. Kuhn, Pittsburg. Adrian H. Larkin, New York. Marsden J. Perry, Providence. Waldo S. Reed, New York. Fergus Reid, Norfolk. George W. Roper, Norfolk. John L. Roper, Norfolk. Oakleigh Thorne, New York. Frank A. Vanderlip, New York. John I. Waterbury, New York.

Main office, Norfolk, Va, New York office, 37 Wall street. Annual meeting, first Wednesday in October, at Norfolk.

Net

Charffes

Surplus

Horfolk A Westerh Railway Co.

A corporation formed under the laws of Virginia, September 34, 1896, which acquired, October t, 1896, the property of the railroad company of same name, sold under foreclosure, in pursuance of the plan of reorganisation of March 13, 1896. For details of the reorganisation see the Manual for 1898.

Rood owned, Lambert's Point, Norfolk, Va., to Columbus, O., 704 miles; Roanoke, Va.,

to Hageratown, Md. (Shenandoah Vallej Railroad), 33$ miles ; North Carolina Junction to Fries, 44 miles'; Walton Junction, to Bristol, Va.-Tenn., 11 1 miles; Gtaham to Norton, 100 miles; Lfnchburj: to Durham, N. C, 115 miles ; Roanoke, Va., to Winston-Salem, N. C, lai miles; Vera Junction, O., to Cincinnati, 106 miles; branches, 334 miles; Columbus Connecting ft Terminal Railroad, 35 miles; total operated, 1,877 miles. Locomotives, 843; passenger cars, 383 ; freight cars, service cars, 301 ; floating equipment, 9 coal barges.

In ueoember, 1901, the company aoauired the Pocahontas Coal ft Coke Co. This company does not engage directly in mining coal but leases its lands to operating companies. See statement of the Pocahontas Coal ft Coke Co. in the Industrial Section of the Maitual.

The old company was a reorganisation of Atlantic, Mississippi & Ohio RaHroad Co. In 1890 acquired the Sdoto Valley ft New England, and in the same year purchased the Shenandoah Valley Railroad. The Clinch Valley Division, connecting the road with the Louisville ft Nashville, was completed in 1891. The Lynchburg ft Durham, Lynchbuig to Durham, N. C, and Roanoke ft Southern, Roanoke to Winston-Salem, were leased in March, 189a. These roads were foreclosed under the reorganisation plan of 1896. In January, Z901, it acquired the Cincinnati, Portsmouth ft Virginia Railroad, and absorbed that company.

The preferred stock is styled the adjustment preferred and is 4 per cent, non-cumulative, with a preference both as to dividends and the distribution of assets

The authorised common stock was increased from $66,000,000 to $100,000,000 in October, 1906, to provide for the conversion of the $34,000,000 of convertible bonds authorised at that time.

Transfer Agent, Guaranty Trust Co., New York. Registrar, Mercantile Trust Co., New York.

Dividends of i per cent, on the new preferred stock ban November 15, 1807 ; in August, 1898, a per cent, was paid on the preferred, and such semi-annual payments at the rate of a per cent, have since been regularly made in February and AugusL

An initial dividend of i per cenL was paid on the common stock June ao, 1901, and dividends of I per cent, each were paid in December, 1901, and June, looa, the dividend on the common, paid December 19, 1902, being per cent., which was the regular semi-annual rate until December, 1905, when the lialf-yearly rate was increased to a per cent. The dividend paid December ai, 1906, was further increased to per cent., which was also the rate paid in June and December, 1907.

Funded Debt

Norfolk ft Western R. R., general mort, 6 per cent., due May, 1931, May and Nov.. $7,383,000

New River Division, 6 per cent., due April, 1933, April and GK 3,000,000

and extension mort., 6 per cent., due Nov., 1934, Feb. and Aug. 5,000,000

Sdoto Val. ft N. E., 4 per cent., due Nov., 1089, May and Nov. 5,000,000

New ist consols of 1890, 4 per cent., due 199 April and Oct 40,400,500

Divisional ist lien and gen. mort, 4 per cent, due July, 1944, Jan. and July 13,000,000

Columbus Con. ft Term., ist mort., guar. 5 per cent., due Jan., 198a, Jan. and July. 600,000

Convertible bonds, 4 per cent, due June, 1933, June and Dec 14,576,000

Total $87859,Soo

Joint Obligations of this Company and the Pocahontas Coal & Coke Co. Poca. Coal & Coke Co., 4 per cent, joint guar, bonds., due Dec., 1941, June and Dec. $19,776,000

There are also equipment trusts outstanding for $10,900,000. The authorised amount of the new consolidated mortgage 4 per cent bonds is $63,500,000, bonds being reserved to retire under lying liens. Trustee of the consolidated mortgage and agent for the payment of interest, Mercanule Trust Co., New York.

The convertible bonds were authorised in October, 1906, to the amount of $34.ooo,ooa Trustee, Guaranty Trust Co., New York. They may be called for redemption at 105 and interest on any interest day after June i, 191 7, and prior to that date may be converted into common stock at the holder's option. Shareholders of record, December aa, 1906, had the privilege of subscribing at par to the extent of one-sixth of their stock for $14,576,000 of the convertibles, 40 per cent of the subscriptions to be paid between Januaiy a6 and January 31, 1907, and sixty per cent, on or before May 31, 1907, the bonds being issuable June i, 1907.

The Pocahontas Coal & Coke Co. purchase-monev 4 per cent bonds are the joint and several obligations of these corporations, but as between tne two companies the debt is to be paM by the Coal & Coke Co. and is treated as the liability of that company. Trustee, Glrar4 Trust Co., Philadelphia. Interest is payable at the Mercantile Trust Ca, New York.

Railroad Sbcuritibs

Earvinos Year ending June JO Dividtad* Per Cent.

Com. Pfd. Gron Open Exp. Net Chaiges So

"898-99 4 11,837,139 67.13 3,9",400 2,341,714 hf .

9oi-oa 3 4 17,553,304 57.75 7.490,871 2,367.777 5.123,094

1904-05 3 4 24,089,259 6a67 9.014,398 3.180,943 5,833,454

9o6o7 5 4 3i,94,38i 6a.6a 10,742,791 3,742,474 7.000.319

Betterment end

Equipment Balance to Diac't, Etc. DiYt. Pref. Divs. Com. Fund Profit and Lou

Z900K9 506,353 914,818 1,934,076 3,500,000 185,041

The item of discount in ipoi-03 includes a payment of $161,330 for deficiency in interest on the Pocahontas joint bonds ; m 1902-03, $159,175 for the same purpose ; in 1903-04, $295,594. in 1904-05, $916,000 in 1905*06, $188,000, and in 1906-07, $3t8,ooo.

Freight Trapfic Statistics

Average Total Tons Carried PMght Rate per Ton Eaminn per Average Tons Mileage Tonnage One Mile Density per Mile Train Mue per Train

189900 1.55510,78x221 2,712,536,626 1,757.258 a430 1.871 435

X90001 ... 1,560 10,836,513 3,864,370,760 1,836,135 0.461 2.135 461

X90X-03 1,67713,368,110 3,151,011,934 1,879,553 0.463 3.202 476

X9Q<?3 1,71314,110,181 3,639,684,856 2,124,743 0.485 2.36 486

I9Q4'<)5 1,79915,852,323 4.270,339.357 3,373,674 0.474 2.53 531

Coal constitutes the laif;est item in this company's tonnage. The total shipments of coal were in 1807-98, 3,664,191 tons; in 1898-99, 4,001,308 tons; in 1899-1900, 4,477,533 tons ; in X90001, 4,890,317 tons, and in 1901-03, 5,455,286 tons. Coke also supplied 767,418 tons in 1897, 1, 120,575 tons in 1898, 1,257,494 tons in 1899, 1,5121045 tons in 1899-00, 1,386,816 tons in 1900-01, 1,484,868 tons in 1001-02. In 1902-03 the company transported 7,409,897 tons of coal and 1,605,472 tons of coke. In 1903-04, coal, 6,808,624 tons, coke, 1,678,859 tons. In 1904-05, coal, 8,183,596 tons, coke, i,953,35o tons. In 1905-06, coal, 9,5x0,439 tons, coke, 2,364,861 tons. In 1906-07, coal, 0,400,433 tons, coke, 2,413,803 tons.

Chairman, Henry Fink, New Yorlc President, L. E. Johnson, Roanoke, Va. First Vice- President, William G. Macdowell, Philadelphia. Second Vice-President and General Manas:er, Nicholas D. Maher, Roanoke. Third Vice-President and Traffic Manager, Thomas S. Davant, Roanoke. Secretary and Assistant Treasurer, E. H. Alden, Philadelphia. Treasurer, Joseph B. Lacy, Roanolte. Comptroller, Joseph W. Coxe, Roanoke.

Diiectors— Joseph I. Doran, Philadelphia. Henry Fink, New York. Henry C. Frick, Pittsburg. John P. Green, Philadelphia. L. E. Johnson, Roanoke. William G. Macdowell. Philadelphia. Vkrtor Morawets, New York. Samuel Rea, Philadelphia. Walter H. Taylor, Noifolk, Va. Levi C. Weir, New York. Joseph Wood, Pittsburg.

Main oflSoe, Roanoke, Va. Executive office. Arcade Buildin, Philadelphia. New York office, 40 Exchange Place. Annual meeting, second Thursday in October, at Roanoke. Books dose two weeks previous.

Korth Carouha Railroad Co.

(Leased to Southern Railway Co.) Road owned, Goldsboro, N. C, to Charlotte, N. C, 223 miles. The property was leased to the Richmond & Iville Railroad Co., and after reorgantEation of that company to the Southern Railway Co. The present lease is for 99 years, from January i, 1896, the rental being $286,000

per annum, equivalent to 7 per cent, on the company's stock, of which the State of North

Carolina owns $3,000,000.

Stock Par $100 Authorised, $4,000,000 Issued, $4,000,000

Stock is transferred at the office of the company, BurHngton, N. C.

Dividends are paid semi-annually, 3, per cent, each, in February (i) and August.

The State of North Carolina owns $3,000,000 of the stock.

President, H. G. Chatham, Elkin, N. C. Secretary and Treasurer, A. H. EUer, Burlington,. N. C.

Main office, Burlington, N. C. Annual meeting, second Thursday in July, at Greensboro, N. C.

Mortherm Central Railway Co.

(Controlled by Pennsylvania Raikoad Co.)

Road owned, Baltimore, Md., to Sunburv, Pa., 137 miles ; branch, 9 miles ; leased, Shamokin Valley & Pottsville 38 miles; WilliamiBport, Pa., to Sodus Point and Canandaigua, N. Y., 175 miles ; Lykens Valley Railroad, ip miles ; Rockville Branch, % miles ; York, Hanover & Frederick Railroad, 56 miles; York Branch Pennsylvania Railroad, Columbia, Pa., to York, Pa., 13 miles ; total, 450 miles. Trains also use the Philadelphia & Erie track from SunlMiry to -Ayilliamsport, 40 miles, and Philadelphia & Erie trains use track of this road from Marysville to Sunbury, 40 miles. Locomotives, 219 ; passenger cars, 162; freight cars, 9,336 ; service caxs, 349.

A controlling interest is owned by the Pennsylvania Railroad Co., which holds $9,401,950 of the stock. Stock Par $50 Authorised, $20,000,000 Issued, $19,343,569

In February, 1900, the authorized stock was increased from $8,000,000 to $x3,ooo,ooo to retire the bonds maturing in that year. The increase included $2,503,983 ofifered to stockholders at $70 per share and $1,439,350 issued to acquire additional property.' In November, X903, the authorized stock was increased to $20,000,000. In June, 19041 $5,731,125 of the new stock was sold to the stockholders at par, the proceeds being used to retire $2,500,000 of maturing bonds and to provide for acquisitions, improvements, etc. In January, 1907, $2,149,175 of new stock was distributed as an extra dividend, increasing the amount issued to the figures.

Transfer office, Bioad Street Station, Philadelphuu

For dividends paid see table of earnings. The January, 1901, dividend was increased from to 4 per cent., or 8 per cent, per annum, which has since been the regular rate. Dividends are paid semi-annually, in January (15) and July. On January 15, 1907, an extra dividend of 12 per cent, in stock was paid.

Funded Debt

Maryland State loan, 6 per cent, perpetual, guar., Jan $1,500,000

Consolidated general mort., E, per cent., due April, 1925, April and Oct it757iO00

2d general mort, series A, 5 per cent, due 1926, Jan. and July 2,55,000

series B, 5 per cent, due 1926, Jan. and July 1,000,000

Total $6,8aa,ooo

The consolidated general mortgage is for $10,000,000, to include all prior liens except the Maryland Sute loan. There are also real estate obligations for $120,528.

Earnings

Div. Paid Grots Net Charges Siurplm

1899 7 7a334i7 3,483*633 i,409,555 1,074,077

1900 7 7.845.4" 3,980,067 1,682,500 1,997. V

1902 8 8,456,68s 3,937.197 1,180,651 1,746,546

1903 8 10,310,086 3..o66,55o 1,219,455 1,847,094

In IQ02 the surplus over the 8 per cent, dividends was $829,566. In 1903, $11,405 ; in 1904, $920,681 ; in 1905, $853,093; m 1906, $1,330,094 ; in 1907, $1,027,596.

President, James McCrea, Philadelphia. Vice-President, John P. Green, Philadelphia. Vice-President, Charles E. Pugh. Philadelphia. Vice-President, Samuel Rea, Philadehia. Vke-PresWcnt, John B. Thayer, Jr., Philadelphia. Vice-President, Henry Tatnall, Phlla-

Railroad Sbouritibs 35

delphia. Secretary, Stephen W. White, Philadelphia. Treasurer, Henry Tatnall, Philadelphia. Comptroller, M. Riebenack, Philadelphia.

Directors— Luther S. Bent, Baltimore. J. Donald Cameron, Harrisburg, Pa. John P. Green, Philadelphia. Norman James, Baltimore. Michael Jenldns, Baltimore. Charles E. Pogh, Philadelphia. Samuel Rea, Philadelphia. N. Parker Shortridge. Philadelphia. A. Loadon Snowden, Philadelphia. Henry Tatnall, Philadelphia. John B. Thayer, Jr., Philadelphia. Heniy Walters, Baltimore.

Ifain office, Baltimore. Annual meeting, fourth Thursday in February, at Baltimore.

KORTHERH PACIFIC RAILWAf CO.

A company incorporated by special act in Wisconsin, March 15, 1870 ; amended in 1871 and April- 15, X895. This company purchased under foreclosure sales July 35, 1896, and subsequent dates the property of the Northern Pacific Railroad Co. pursuant to a reorganisation of the latter which was dated March 16, 1896, and given in detail in the Manual for 1900.

The old Northern Pacific Railroad Co. had a charter granted by Congress July a, 1864. It was placed in the hands of Receivers in 1893.

Mileage, June 30, 1906

Operated by this Company: Miles Controlled and operated separately: Miles

St. Paul, Minn., and Ashland, Wis., Washington & Columbia River Ry 168.86

to Portland, Ore., and Tacoma, Minnesota & International Railway. . . 174.39

Wash 3,766.17 Port Townsend Southern Railway 43-3

Branches. 3,683.15

Total operated directly 5,448.33

Owned but not operated 33.31

Operated bv other Cos 8.99 — ' —

Leased to Province of Manitoba.. . . 354.65 Total of system 6,330.95

The above mileage consists as follows : Owned, 5,783.33 miles ; controlled, 386.78 miles ; leased, 48.36 miles ; owned jointly, 3.59 miles ; total, 6,320.95 miles. The company also operates 36 miles of water lines, and 137.17 miles of terminal and transfer railroad lines.

Locomotives 1,355; passenger cars, 893; freight cars, 43,330; service cars, 6,739.

The company's Unes m the Province of Manitoba, 354 miles, were leased in May, 1901, for years to tne Province, and have been sub-leased to the Gstnadian Northern Railway Co. The evince of Manitoba has the option of purchasing these lines at any time for $7,000,000.

In 1900 the stock of the St. Paul Duluth was acquired and that road, 345 miles, was merged with this company, and is operated as its Duluth Division. For details as to the St. Paul & Duluth see sutement of that company in the Manual for 1900.

In 190X this company, jointly with the Great Northern Railway Co.. acquired nearly all the stock of the Chicago, Burlington & Quincy Railroad Co. in exchange tor the joint 4 per cent. driwnture bonds of the two purchasing companies. For details see Chicago, Burhngton & Quincy Railroad Co. and Great Northern Railway Co. in this edition of the Manual. Stock Par $100 Authorised, $350,000,000 Issued, $155,000,000

Under the reorganisation the company had $80,000,000 common and $75,000,000 preferred stock. Pieferred stock was entitled to 4 per cent, non-cumulative dividends out of surplus earnings in each fiscal year. The company could retire the preferred in whole or part at psir on any ist of January prior to 1917. No additional mortgage could be placed on the property without consent of a majority of both stocks.

On November 13, 1901, the directors gave notice that the preferred stock would be retired at par on January i, 1903. The common stockholders were also given the right to subscribe for 75-80 of their holdings in 4 per cent, certificates of indebtedness at par, said certificates to be convertible into new common stock, the common stock being increased from $80,000,000 to $155,000,000 for this purpose. This arrangement was carried out on January i, 1903, the preferred stock being retuped and the common stock increased as stated. In January, 1907, the authorised stock was increased to $350,000,000.

In November, 1901, the Northern Securities Co. announced that it would exchange its shares for the common stock of the Northern Pacific at 115 for the latter, which arrangement was duly carried out on or about January x, 1903, the Northern Securities Co. acquiring $153,750,640, the stock of this company. See sutement of Northern Securities Co. regarding litigation by the United States and the subsequent litigation in regard to the method of distributing the assets of diat company. The deciskm of the United States Circuit and Supreme Courts in 1904 prohibited the Nortiiem Securities Co. from holding, voting on or drawing the dividends on the Northern Pacific or Great Northern Railway stocks held by it. And in 1905 under this decision the Northern Securities Co.'8 holdings were distributed among the owners of Northern Securities stock entitled to a beneficiary interest therein.

Provino

Stockholders of record, December 31, were offered the right to subscribe on or before Janu IU7 15, 1907, at par, to the extent of 60 per cent, of their holdings, for $93,000,000 new stock- Subsaiptions are payable at the office of J. P. Morg;an & Co., New York, as follows : 5 per. cent., February i, 1907 ; per cent., April i, 1907, and the remainder in instalmenU of xa percent, each, on July x, 1907, October i, 190J, January i, 1908, April x, 1908, July x, lyc CX:tober x, 1908, and January i, 1909. This issue, when completed, will increase the outstanding stock to $38,000,000.

Transfer Agents, J. P. Morgan & Co., New York; Deutsche Bank, Berlin. Registrar, Central Trust Co., New York.

The new company in December, 1807, declared a dividend of x per cent, on the preferred stock, payable January X5. 1898. Regular quarterly dividends on the preferred were paid at the rate of 4 per cent, per annum, being i per cent, each in March (1), June, September and December. At the time the preferred stock was retired on January x, X903, an extra diTidend of 1 per cent, was declared in addition to the regular December, 1901, dividend on the preferred. '

In December, 1898, the first dividend on the common stock was declared, being i per cent., parable February 3, 1899. In August, 1899, i per cent was paid on the common, and in December, X899, a dividend of x per cent, and i per cent, extra was declared payable February 5, 1900 In August, 1900, X per cent, was paid, and x per cent. November 30, X900, the Februarr, 190X, divulend being also x per cent., titus putting the common on a 4 per cent basis, and the dividends on the common, which are paid quarterly in February, May, August and November, were 4 per cent for 190X, per cent for x9oa, and 7 per cent, in X9a3, in which year per cent was paid quarterly with per cent, extra in February and Noveniber. The February, X904, dividend was per cent without any extra dividend, but in May, August and November, X904, per cent ana per cent extra were paid each dividend period. In X905 the quarterly dividends were per cent each or 7 per cent tor the year, which was also the rate paid in 1906 and 1907.

Funded Debt

Northem Padfic Ry., prior lien, 4 per cent, due Jan., 1997, quar., Jan $'05979Soo

gen. lien, 3 per cent, due 3046, quar., Feb 60,000,000

St P. & Nor. Pac., gen. mort., 6 per cent, due Feb., 1933, quar.. Feb 8,oax,ooD

St P. & Duluth Div. pur. mon. mort, 4 per cent, due Dec., X99D, June and Dec. . 7577,ooo

" ist mort, 5 per cent, assumed, due Aug., 193X, Feb. and Aug. . . 1,000,000

" ad mort, 5 p. c, c. bds., assumed, due Oct., 1917, April and (Sd, . . a,ooo,ooo

" con. mort, 4 per cent, assumed, due June, 1968, June and Dec. . . 1,000,000

Taylor's Falls & Lake Sup. , ist mort. , 6 p. c , assumed, due Jan. , 191, Jan. and July. axo,ooo

Duluth Short Line, xst mort, 5 per cent. , assumed, due Sept., 19x6, March and Sept . 500,000

Car Trusts, various. 36,376

Funded Debt Jointly with Great Northern Railway Northem Pac. -Great Northem, joint col. tr. mort., Chicago, Burlington & Q. stock

collateral, 4 per cent, due July, 1921, Jan. and July $3x5,996,000

Interest on the bonds is payable at the office of J. P. Morgan 8c Co., New York.

No additkmal mortgage can be placed on property acquired under reorganization except under the conditions provided m plan, nor can amount of such issues outstanding be increased except in conformity therewith.

Of the $130,000,000 prior lien 4s, $35,000,000 were reserved to be used for construction, etc., at rate of $1,500,000 per annum, and of the $60,000,000 authorised general lien bonds, $4,000,000 were reserved for a like purpose.

The St Paul & Duluth purchase-money mortgage is $90,000,000, authorised, of which $9,315,000 was issued to acquire the road, the balance being reserved to retire the St Paul & Duluth's prior bonds and provide for improvements.

There are $1,853,000 4 per cent xst mortgage bonds of the Washington Central Railway, due March, 1948, interest quarterly, March, and under the lease of that propertyto the Northern Pacific it is agreed that the rental shall be equal to the interest on said bonds. The company has also assumed the ist mortgage 4 per cent, bonds of the Washington & Columbia River Railroad Co., which are $3,408,000, due July, 195, Jan. and July.

The company had a land grant of 43,000,000 acres, of which 9,587,936 acres were imaold June 30, 1907.

Earnings— Vear ending June 30

Gross Net Int. A Rentals Surples

X89T-98 $23,679,7x8 $11,977,034 $6,079,160 $5897874

1898-99 36,048,673 i3t9SO69s 6,140,793 78oQ,9Qa

X899-00 30,O9X,3i8 15,461,690 S,9ni8ox 9,488,8x8

'901-09 41,387,380 19,793,841 6,745,609

Railroad Seguritibs

Net lot. ft Rentals Surplaa

'90OO1 $46,143,104 $ai,8oi,i29 $7,055*339 $i5i74Si889

'?3"** 61,333,475 39,,349 7.146.609 33,487,740

Dtridendt Betterments, etc. Final Surplus

I9o§-o6 10,850,000 3,081,980 8,535,760

1906-07.'. 10,850,000 5,936,733 6,697,176

In 1905-06, $3,000,000 was charged to additions and betterments out of the year's surplus. In 1906-07, $3,730,916 was charged for thU item, but was included in capital account. Prior to Jtme JO, 1906, such expenditures out of surplus revenues aggregated $18,162,597.

Freight Traffic Statistics

Average MUeaxe 1897 4,363 1898- 4,579 1899-00 4,714 1900-01 5,100 1901-09 5,019 1903-93 5.1II 5,262

Total Tonnage 4,95 '83 5,816,639 7,121,655 8,70a,885 11,080,101 12,791,717

Tons Carried

One Mile 1,618,170,284 1,830,855,264 3,205.317,271 2,440,663,665 3,300.253,137 3.815,942,943 3,685,672,000 4,359.664,301 5,245,260,080

Freight Density

370,969 399,836 467,823 478,561 657,551 746,613 700,43r 820,411 97M64

Rate per Ton per Mile

Earnings per TrainllSr

Average Tons per Train

o.8a8

President, Howard Elliott, St. Paul. Vice-President, James N. HiU, New York. 2d Vice- President, Jule M. Hannaford, St. Paul. 3d Vice-President, Charles M. Levey, St. Paul. Comptroller, Henry A. Gray, St. Paul. Secretary and Assistant Treasurer, George H. Elarl, New York. Treasurer, Charles A. Clark, St. Paul.

Directors— George F. Baker, New York. Alexander S. Cochran, New York. William P. CkNigh, New York. Howard Elliott, St. Paul. Amos T. French, New York. James N. Hill, New York. Arthur Curtiss James, New York. John S. Kennedy, New York. Lewis C. Ledyard New York. J. Pierpont Moigan, Jr., New York. George W. Perkins, New York. Grant B. Schley. New York. William Sloane, New York. Charles Steele, New York. Payne Whitney, New York.

Main office, Broadway and Prince street, St. Paul. New York office, 34 Nassau street. Annual meeting, first Tuesday in October, at New York.

The Kortherk Pacific Term I H Ml Co.. Of Oreooh

A corporation formed under the laws of Oregon, August 28, 1883. Owns terminal property in Portland, East Portland and Albina, on the Willamette River, comprising real estate, 271 acres ; trackage, 37 miles ; 39 buildings ; 7,904 feet of dock frontage, and a large Union passenger station at Portland. Stock Pv $100 Authorised, $3,000,000 Issued, $3,000,000

Stock is transferred by the Secretary of the company, Portland, Ore.

Funded Debt ist mort., 6 per cent, due July, 1933, Jan. and July

Trustee of the 1st mortgage. Farmers' Loan & Trust Co. , New York. Agent for the payment of interest, Winslow, Lanier & Co., New York.

The sinking fund of company holds $693,000 of the bonds.

The property of this company is leased for 50 years from January 1, 1883, jointly to the Northern Pacific ; Oregon Railway & Navigation, and Oregon & California Railway Co.*s, now merged with the Southern Pacific Railroad Ca The guaranteed rental is an amount sufficient

to pay interest, taxes and sinking fund (the latter from x8Q3). The first two of the above companies each ifuarantee 40 per cent, and the Oregon & California ao per cent, of the rentaL The stock is held in trust in the same proportion for these companies, to be delivered when the same shall have been paid for in cash, at par, and an equal amount of the oompanj's bonds thereby redeemed and cancelled or otherwise paid, as provided in the mortgage.

President, C. A. Dolph, Portland, Ore. Vice-President, W. V. S. Thome, New York. SecreUry, E. E. Mallory, Portland. Treasurer and Comptroller, E. L. Brown, Portland. Assistant Secretary, Georjre H. Earl, New York.

Directors—William D. Cornish, New York. C. A. Dolph, Portland. Howard Elliott, St. Paul. R. Koehler. Portland. H. C. Nutt, Taconuu Wash. J. P. O'Brien, Portland. Joseph Simon, Portland. W. V. S. Thome, New York. Tyler Woodward, Portland.

Mam ofhce. Portland, Ore. New York office, 34 Nassau street. Annual meeting, third Monday in June, at Portland.

Mortherh Securities Co.

A corporation formed under the laws of New Jersey, November 13, 1901. The company has power to acquire and hold the stock and securities of railroad and other corporations. It was organised in pursuance of plans to bring under one ownership the stocks of the Great Northern Rniiway Co. and the Northern Pacific Railway Co., which companies had acquired joint ownpi sliip of the stock of the Chicatro, Burlington & Quincy Railroad Co.

In November, 1901, the holders of the preferred stock of the Great Northern Railway, which was then $125,000,000 in amount, were offered $180 per share for their stock, payable m stock of this company.

In November, 1901, the holders of the $155,000,000 of Northern Pacific common stock were offered $11-5 per share for their stock, payable in stock of this company.

It was stated in 1902 that this company had acquired about 99 per cent, of the stock of the Northem Pacific Railway and 75 per cent, of that of the Great Northern Railway.

See below in regard to the reduction of the company's capital and the distribution of its holdings of Great Northem and Northem Pacific stock. On December 31, 1907, the company had in its treasury securities carried at $6,600,711, and comprising 14,69a shares of Chicago, Burlington & Quincy Raikoad stock, and 16,531 shares of the stock of the Crowds Nest Pass Coal Co. Stock. Par $100 Authorised, $400,000,000 Issued, $3,954,000

Transfer Agents, Hudson Co., Hoboken, N. J. ; Nicholas Terhune, a6 Liberty street, New York. Registrar, Manhattan Co., New York.

The first dividend paid on the stock of the company was i per cent, quarterly, paid February I, 1902. And similar dividends were paid in FebraaLry (x). May, Augfust and fovembH' untU Febmary, 1903, when the quarterly dividend was increased to imper cent., putting the stock 00 a per cent, basis, which rate was paid until Febmary, 1904, mclusive, when dividend payments were deferred in consequence of the decree of the United States Courts regarding dividends on the company's holdings of Northem Pacific and Great Northem stocks.

On the reduced capital stock or stubs an annual dijridend of 5 per cent, was paid January TO, 1906, out of receipts for the year ending December 31, 1905, and 5 per cent, was also paid January 10, 1907, and January 10, 1908.

It was stated that the managements of the companies whose stocks were acquired by the Northem Securities Co. would be kept separate and distinct, and that no consolidation or merger of those corporations was intended. Opposition to the plan involved in the formation of this company, however, developed in Minnesota and other Northwestern States, and in 1903 a suit was brought in the United States Circuit Court by the Attomey-General of the United States to test the legality of the company's formation and its acquisition of interests in other companies under the United States laws.

In April, 190 ), the United States Circuit Court, in the case of the United Sutes against the Northern Securities Co., its constituent railroad companies and various individual directors and officers, decided in favor of the Govemment, and declared the acquisition by the company of interests in the Great Northem Railway Co. and the Northem Pacific Railway Co. to be an illegal combination, and enjoined the payment of dividends on the stocks of the Great Northem and Northem Pacific companies to this company. An appeal from this decision to the Supreme Court of the United States was taken, prior to which the united States Circuit Court modified the decree so that pending the appeal dividends on the stocks above named held by this company might be paid to it.

On March 14, 1904, the Supreme Court of the United Sutes affirmed the decision of the United States Circuit Court referred to above, five of the justices of the court concurring and four dissenting from the decision. On March 22, 1904, a circular was issued by the company stating that the directors had decided to comply with the order of the court, and that a special stockholders' meeting had been called to ratify the following propositions :

Railroad Securities 239

First — Tbat the capital stock of the company be reduced from 3,954,000 shares to j9i54o shares, being a reduction of 99 per cent.

Second — That said 99 per cent, of the outstanding shares be called in for surrender and cancellation.

Third — That against each share of the stock of this company so to be surrendered there will be delivered $39.37 stock of the Northern Pacific Railway Co., $30.17 stock of the Great Northern Raflway Co., and proportionate amounts thereof for each fraction of a share of stock of this company so to be surrendered.

The terms of the above distribution were as follows :

Northern Securities

Co.' Holdings Entire Issue

Northern Pacific Railway stock $39.27 $i53,759i4Co $155,000,000

Great Northern Railway stock 30.17 1 18,124,200 124,109,200

For 100 shares of Northern Securities there were to be given 39.27 shares of Great Northern, which at 115 would have an exchange value of $45.16, and 30.17 shares of Great Northern at 180, having an exchange value of $54.31 ; total exchange value about $99.47.

This distribution is on approximately the same basis as that on which the stocks of the two companies were exchanged originally for Northern Securities stock, the Northern Padfic stock having been acquired at 115 and the Great Northern stock at 180.

Stockholders were to deposit their certificates at the company's New York office on and after April 23, 1904, receiving certificates for the i per cent. 01 the same to be retained, commonly called **stub8," and the proportionate amounts of the other stocks as set forth above.

This plan was ratified at a stockholders' meeting held April 21, 1904.

Interests connected with the Union Pacific Railroad Co., which had sold their holdings of Northern Padfic stock to the Northern Securities Co. for cash and slock of the Northern Securities Co. subsequent to the formation of the latter company, objected, however, to the plan and brought suit in the United States District Court in New Jersey, and obtained a preliminary injunction forbidding the Northern Securities Co. to part with the Northern Padfic stock to which they made daim, their daim being that the stock of the Northern Pacific, or of the Great Northern deposited, should be spedfically returned to the holders of the Northern Securities stock, representing the original, on the ground that the company received the stocks merely as custodian, the legal owners being the persons who originally exchanged the same for stock of the Securities Co. or their assigns. An appeal was taken by the company to United States Circuit Court of Appeals, which on January 3, reversed the original dedsion. An appeal was, however, taken by the plaintiff in this action to the Supreme Court of the United States prior to the formal dissolution of the injunction. On March 6, 1905, the Supreme Court dismissed this appeal, thus sustaining the validity of the plan of distributing the company's assets given above.

The company's income account for the calendar year, 1906, showed : Dividends received, $248,2x9; interest and exchange, $16,173; total receipts, $264,392; deduct taxes and expenses. $53,272; dividends paid (5 per cent.), $197,020; balance surplus, $14,100. In 1907, the total receipts were $358,691, payments including 5 per cent, dividends on stock, $226,080; balance surplus, $132,611 ; total surplus December 31, 1907, $2,746,135.

President, James J. Hill, St. Paul. Vice-President and General Counsel, William P.Clough, New York. Secretary and Treasurer, E. T. Nichols, New York.

Directors— George F. Baker, New York. George C. Clark, New York. William P. Clough, New York. Amos T. French, New York. James J. Hill, St. Paul. James N. Hill, New York. Arthur Curtws James, New York. John S. Kennedy, New York. E. T. Nichols, New York. George W. Perkins, New York. William Sloane, New York. Nicholas Terhune, New Ycwk. Edwin Thome, New York. Samuel Thome, New York.

Corporate office, 51 Newark street, Hoboken, N. J. New York office, 26 Liberty street. Annual meeting, second Monday in November, at Hoboken.

Korth Pehksylvamia Railroad Co,

(Leased to Philadelphia & Reading Railway Co.)

A corporation chartered by the Commonwealth of Pennsylvania, April 8, 1852. Road owned, Philadelphia to Bethlehem, 56 miles; branches, to Delaware River, etc., 30 miles ; total, 86 miles.

Stodc Par $50 Authorised, $6,000,000 Issued, $5,405,550

Stock is transferred by the Secretary of the company, Philadelphia. Registrar, Guarantee Trust & Safe Deposit Co., Philadelphia.

Dividends are paid quarterly, 2 per cent, each in February (25) May, August and November.

a40 THE MANUAL. OP STATISTICS

Funded Debt

9d, now ist, mort., extended, 4 per cent., due May, 1936, May and Nov. $1,500,000

General morL, extended, 35 per cent, due Jan., 1953, Jan. and July 4,500,000

Funding loan, 4 per cent., due Nov., 1908, May and Nov 4oa,ooo

Total $6,4oa,ooo

The lease to the Philadelphia & Reading is for 990 yean from May i, 1879. rental is interest on bonds and 8 per cent on stock.

Earnings are included in those of lessee.

President, Edward C. Knight, Jr., Philadelphia. Vice-President, Herbert M. Howe, Philadelphia. Secretary and Treasurer, John S. Wise, Philadelphia.

Main office, 340 South Third street, Philadelphia. Annual meeting, second Monday in January, at Philadelphia.

Horthwesterm Pacific Railroad Co.

A corporation formed under the laws of California, January 8, 1907. The company acquired and consolidated the following organisations: California Northwestern Railroad Co. ; the San Francisco & North Pacific Railway Co.; North Shore Railroad Co.; Fort Bragg & Southeastern Railroad Co., San Francisco & Northwestern Railway Co.; the Eureka & Klamath River Railroad Co. The companies' lines extend northerly from Tiburon, Cal., a ferry of 6 miles being operated between the latter point and San Francisco.

Road owned and operated, 373.75 miles, in addition to which the Eureka & Klamath River Railroad, 26.37 miles, is operated under lease by the Oregon & Eureka Railroad Co. An extension of about xoo miles, from Willits, Cal., to a connection with the San Francisco & Northwestern, is being constructed.

The company was organized in the interest of the Atchison, Topeka & Santa Fe Railway Co., and the Southern Pacific Co. A statement of the California Northwestern Railway Co., including its leased property, the San Francisco & North Pacific Railway Co., is in the Manual for 1907. Stock Par $100 Authorized $35,000,000 Issued $35,coo,ooo

The Atchison and the Southern Pacific Co. each hold $17,499*500 of the stock.

Funded Debt " Northwestern Pac., stand ref. mort, 4] per cent, due Mar., 1957, Mar. and Sept. $10,000,000 San Francisco & North Pac., ist mort., 5 per cent., due Jan., 1919, Jan. and July.. 3,834,000

California Northwestern, ist mort., 5 per cent., due April, 1928, April and Oct 977.000

North Pacific Coast, tst mort , 5 per cent., due Jan., 191a, Jan. and July 1,498,000

Eel River & Eureka, ist mort, 5 percent., due Oct., 1914, April and Oct 3i3tOoo

Total $16,629,000

The first and refunding per cent, mortgage is for $35,000,000, of which $6,626,000 was reserved to retire underlying bonds; $5,000,000 for improvements and equipment and 13,394.000 for branches and extensions. Of the $10,000,000 of bonds issued $4,906,000 were on June 30, 1007, in the company's treasury. Trustee of the mortgage. Farmers' Loan & Trust Co., New York. The bonds are redeemable at ixo, after March i, 191 7.

The California Northwestern first mortgage is for $a,ooo,ooo. The San Francisco & North Pacific Railway Co. guaranteed the bonds.

The San Francisco & North Pacific first mortgage is for $4,5oo,ooa There is a sinking fund of $25,000 per annum, bonds to be drawn at no. The bonds outstanding have been reduced to the present amount by the operation of the sinking fund.

Earnings Year ending June 30

Gross Net Charges Surplas

Earnings for 1906-07 comprise all the roads in the system. The net is given after deducting taxes, but includes $158,097 for rental earnings of tracks and terminals and interest received.

The Manual for 1907 gives the earnings of the California Northwestern Railway Co.. including its leased property, the San Francisco & North Pacific Railway Co. for a series oif years to 1905-06 inclusive.

President, A. H. Payson, San Francisco. Vice-President, E. E. Calvin, Saa Francisco. Secretary, J. L. Willcutt, San Francisco. Treasurer, C. H. Redingtoo, San Frandsco. Comptroller, Thomas Mellersh, San Francisco.

RAILROAD SECURITIES a4

Diracton— W. A. Bissell, San Francisco. E. E. Calvin. San Francisco. E. Chambers, San Fiandsco. F. H. Gregory, San Francisco. William F. Herrin, San Francisco. William Hood, San Francisco. Thomas Mellersh, San Francisco. A. H. Pay son, San Francisco. E. S. nUsbary, San Francisco.

Main office, Flood Buildinfc, San Francisco. Annual meeting, first Wednesday after the firtt day of January, at San Francisco.

KORWICH It WORCESTER RAILROAD CO.

(Leased to New York, New Haven & Hartford Railroad Co.)

Road owmed, Groton, Conn., to Worcester, Mass., 71.60 miles. Extension from Allyn*s Point to Groton, Conn., was completed in 1809.

The road is operated by the New York, New Haven & Hartford Railroad Co. under 99 years* lease, originally made to the New York & New England, from February, 1869, for interest on bonds and 8 per cent, on stock, which lease was assumed by the New York, New Haven & Hartford Railroad on July i, 1898.

In 1890-1900 the stock was increased by issue and sale of $9o,8oo additional preferred stock. Tranner Agent and Registrar, Second National EUmk, Boston.

The dividends on the preferred stock are paid quarterly, a per cent, each, in January (i), April, July and October. No dividends are paid on the common stock.

Funded Debt Dcbentuxtes, 4 per cent., due March, 1997, March and Sept $x,aoo,ooo

Pierident, A. G. Bullock, Worcester. Treasurer, M. Maturin Whittemore, New Haven, Conn. Main office, Woioester, Mass. Annual meeting, second Wednesday in January, at Worcester.

Ohio River Railroad Co.

(Controlled by Baltimore & Ohio Railroad Co.)

Road owned, Benwood, W. Va., to Guyandotte River, 908 miles ; trackage, Ben wood to Wheeling, 4 miles ; leased, xi miles ; total, 393 miles. The Ravenswood, Spencer & Glenville, 33 miles, and the Ripley & Mill Creek Valley, 13 miles, are operated, but their operations are not indndcd in those of this company. Locomotives, 96 ; passenger cars, 44; freight cars, 460.

Control of this company was obtained by the Baltimore & Ohio in 1901, and since August, 1901, the road has been operated as part of the Baltimore & Ohio system, $5,884,950 of the ock of this company being deposited under the Baltimore & Ohio, Pittsburg, Lake Ene & West Virginia Division xst mortgage. Stock Par $zoo Authorised, $6,000,000 Issued, $5,915,490

Stock is transferred by the Secretary of the company, Baltimore.

Funded Debt

ist mort,, 5 per cent, due June, 1936, June and Dec $9,000,000

General mort. (for ,000,000), 5 per cent., due April, 1937, April and Oct 9,941,000

Ravenswood, S. & (J., ist mort., guar. 6 per cent., due Aue., 1900, Feb. and Aug. . . . 376,000 Huntington & Big Sandy, ist mort., guar. 6 per cent., due July, 1939, Jan. and July.. 33,000 Ripley ft Mill Creek Val. xst mort., guar. 6 per cent, due Aug., 1908, Feb. and Aug. . 50,000

Total $5,670,000

Interest on the ist mortgage, general mortgage and Ravenswood, Spencer & Glenville xst mortgage bonds, is paid at Uie Central Trust Co., New York.

The Huntington ft Big Sandy Railroad Co., Huntington to Kenova, was leased in 1899. This company owns its capital stock.

.Eammgs are now included in those of the Baltimore & Ohio system.

President, Oscar G. Murray, Baltimore. Secretary, Custis W. Woolford, Baltimore. Treasurer, J. V. McNeal, Baltimore.

Main office, Baltimore. Annual meeting, second Thursday in May, at Parkersburg, W. Va.

Old Coloky Railromd Co.

(Leased to New York, New Haven & Hartford Railroad Co.)

Road owned, Boston to Plouth, Provincetown and Newport, R. I., etc., 977 miles; Fitchburg to New Bedford, 91 miles ; branches, 149 miles ; total, 518 miles, oi; which loi miles are leased.

In April, 1888, the Boston & Providence Railroad was leased for 99 years, the lease having been assumed by the New York, New Haven & Hartford Railroad Co. In 1907 authority was granted for the merger of the Boston & Providence Railroad with the company.

On February 38, z8, the road was leased for 99 years to the New York, New Haven & Hartford Raib-oad Co. at an annual rental of 7 percent, per annum, with a privilege to each stockholder to exchange ten shares of Old Colony stock for nine shares of New Haven stock. Dividends, guaranteed under the lease on the company's stock, are 7 per cent per annum. On June 30, 1907, the New York, New Haven & Hartford Railroad Co. held $6,896,700 of the company's stock.

Stock Par $100 Authorized, $ao,ooo,ooo Issued, $18,371,400

In order to provide for improvements the authorized stock was increased from $19,000,000 to $15,000,000 in 1889, and to $20,000,000 in 1895. In 1903-03 the company sold $joo,ooo additional stock for $616,000 to defray the cost of various betterments. In June, 1904, $482,500 more were sold to retire maturing bonds and liquidate floating debt and in Ma>, 1906, $500,000 additional to provide for the puroiase of the Nantasket Beach Railroad.

Stock is transferred at the office of the company, Boston. Registrar, Old Colony Trust Co., Boston.

Dividends on unexchanged stock are paid quarterly, per cent, each, in January (1), April, July and October.

Funded Debt

Bonds, not mort., 4 per cent., due Jan., 1938, Jan. and July $4,000,000

4 per cent., due Feb., 1934, Feb. and Au 3,000,000

4 per cent., due Dec., 1935, June and Dec 5,598,000

per cent., due July, 1933, Jan. and July 1,000,000

B., C, F. & N. B., mort., 5 per cent., due Jan., 1910, Jan. and July 1,913,000

Total

The per cent, bonds, due 1933, were created in 1903-03 to provide for the purchase of additional land in South Boston.

Earnings are now included in those of the lessee.

President, Fayette S. Curtis, Boston. Vice-President, Charles L. Lovering, Boston. Treasurer, George B. Phippen, Boston. Clerk, A. H. Litchfield, Boston.

Directors— Oliver Ames, Boston. Timothy £. Byrnes, Boston. Charles F. Cbostc, Southboro, Mass. Charles F. Choate. Jr., Southboro. Fayette S. Curtis Boston. Thomas Dunn, Newport, R. I. George A. Gardner, Boston. Charles L. Lovermg, Taunton, If ass. Nathaniel Thayer, Lancaster, Mass.

Main office, South Terminal SUtion, Boston. Annual meeting/ last Tuesday in September, at Boston.

Oregom Cauforkia Railromd Co.

Road owned, Portland, Ore., to State line, 366.60 miles ; branches, 398.75 miles ; trackage, .80 miles ; total, 666. 16 miles. Locomotives, 45 ; passenger cars, 63 ; :ht cars, 498 ; servioc cars, 299.

The road is leased to the Southern Pacific Co. for 40 years, from July x, 1887.

The preferred stock is 7 per cent., non-cumulative. The stock is principally owned by the Southern Pacific Co.

Transfer agency, X30 Broadway, New York.

Funded Debt ist mort., 5 per cent., due July, 1937, Jan. and July

The bonds are guaranteed, principal and interest, by the Southern Padfic Co.

The company has a land grant, of which 3,343,353 acres remained unsold June 30, 1907.

Railroad Sbcuritibs 343

Eakminos

Year ending: June 30 GroM Net

'903-04 4,308,315 i,x5S,a"

'904-P5 4,381,370 189,033

'9007 6,451,049 x,539.8ii

The net is |:iven after deducting: taxes. In 193-04 the deficit, after the pasrment of charges, was $11,755. "X 1904-05, deficit, 30,900. In 1905-06, deficit, $65,311. In 1906-07, surplus, $333,320.

President, Edward H. Harrimai New York. Vice-President, J. P. O'Brien, Portland, Ore. ad Vice-President, R. Koehler. Portland. Secretary, W. W. Cotton, Portland. Assistant Secretary, Alexander Millar, New York. Treasurer, A. K. Van Deventer, New York. Assistant Treasorer, C. H. Redington, San FrandscQ.

Directors— W. E. Coman, Portland. W. W. Cotton, Portland. William Crooks, Portland. P. F. Dunne, San Francisco. W. D. Fenton, Portland. L. R. Fields, Portland. Edward H. Harriman, New York. H. E. Huntington, San Francisco. R. Koehler, Portland. John McCiacken, Portland. J. P. O'Brien, Portland.

Main office, Portland, Ore. Annual meeting, second Tuesday in April, at Portland.

Oiie6Oh A Southemsterk Hmilroad Co.

A corporation formed under the laws of New Jersey in 190 1.

Road projected. Cottage Grove, Ore., to Warehouse, 36 miles. Completed and in operation in January, 1907, 34 miles. Locomotives, 3 ; passenger cars, 3 ; freight cars, 36.

The preferred stock is 7 per cent., cumulative. It can be redeemed within three years of date of issue at par and accrued dividends.

Stock is transferred at the office of the company, New York.

Funded Debt ist mort., 5 per cent., due April, 1933, April and Oct $300,000

The ist mortgage was created in 1903, and is $300,000, authorised. Trustee and agent for payment of interest. Trust Co. of America, New York.

President and Treasurer, G. B. Hengen, New York. Vice-President, George W. Crosby, Atlanta City, N. J. Secretary and Manager, A. B. Wood, Cottage Grove, Ore.

Directo--George W. Crosby, Atlantic City, N. J. G. B. Hengen, New York. O. F. Paxton, Portland, Ore. A. B. Wood, Cottage Grove, Ore.

Main office. Cottage Grove, Ore. New York office, 15 William street. Annual maetinir third Thursday in November.

OREGOK RAILROAD it MAVIGATIOM CO.

(Controlled by Union Pacific Railroad Co.)

A corporation formed Jul 16, 1806, under the laws of the State of Oregon, as a reorganisation of the Oregon Railway & I*vigation Co., under plan issued September 6, 1895, and amended February 5, 1896. The properties were sold under foreclosure July 9-13, 1896, this ny taking possession August 17, 1896.

company is controlled by the Union Pacific Railroad Co., and the road is operated as part of its system.

Road owned, Portland, Ore., to Huntington, Ore., 403 miles ; branches, 684 miles ; toul, 1,075 miles; leased, 183 miles; total, 1,358 mifes. Steamboat lines are operated on the Columbia, Willamette and Snake Rivers, such river mileage being 358 miles. Locomotives, 140 ; passenger cars, 100; freight cars, 3,313; service cars, 638; floating equipment, 1 steamship, 9 river steamers and 3 tugs and barges.

Stock.

The preferred stock is 4 per cent., non-cumulative.

In October, 1899, the Union Pacific Railroad Co. offered to exchange its own preferred and common stock, share for share, for the preferred and common of this company not owned by the Oregon Short Line Railroad Co. This offer was accepted by a large proportion of the holders

of both classes of stock, and a manatnent was elected representing the Union Padfic. On Jane 30, 1907, the Oregon Short Line Railroad Co. held $10,871,090 of the preferred and $33,979,300 of the common, and the company had in its treasury $soo common and $123,900 preferred, leaving $ao,90o common and $6,010 preferred in the hands of the public.

Transfer agency, zao Broadway, New York. Registrar, New York Trust Co., New Yoit Dividends on the preferred began July i, 1897, at the rate of i per cent, quarterly. In 1897 .1 per cent, was paid on the preferred ; in 1898 and subsequent years, 4 per cent. Th preferred dividends are paid half yearly, 2 per cent, each, in January (2) and July. On the common stock a dividend of x per cent, was paid July 2, 1898.

Funded Dert Oregon Railroad ft Nav. Co. cons, mort, 4 per cent., due Jtne, 1946, June and Dec.. $21,609,000

On June 30, XQ07, the company had $393,000 of the consolidated mortgage 4s in its treasury. On the same date it owned stocks of other companies .of the par value of $9,323,000, and bonds, par value. $3,922,000.

The consolidated 4 per cenL mortgage is for $24,500,000, New York Trust Co., trustee, of which $5,390,000 was reserved for the retirement of old company's xst mortgage bonds, $1,106,000 for bettoments and terminals at rate of $250,000 per annum, and $2,830,000 for new oonstmctkn at not exoeedin|: $20,000 per mile.

Earnings since 1899-00 have been included in those of the Union Pacific For earnings prior to that year see the Manual for 1904.

President, Edward H. Harriman, New York. Vke-President, William D. Comish, New York. Vice-Preskient and General Manager, J. P. O'Brien, Portland. Ore. Director of Maintenance and Operation, J. Kruttschnitt, Chicago. Secrecaiy, W. W. Cotton, Portland. Assistant Secretary, Alexander Millar, New York. Treasurer. Frederic V. S. Crosby, New York. Assistant Treasurer, John W. Newkirk, Portland. Comptroller, William Mahl, New York. Assistant Comptroller, Herbert S. Bradt, New York.

IMrectors— Ralph Blaisdell, Portland. William L. Bull, New York. H. F. Conner, Portland. William D. Cornish, New York. W. W. Cotton, Portland. William Crooks, Portland. Maxwell Evarts, New York. Edward H. Harriman, New York. W. R. Litsoibuig, Portland. Robert S. Lovett, New York. William Mahl, New York. R. B. Miller, Portland. J. P. O'Brien, Portland. W. D. Skinner, Portland. James G. Wilson, Portland.

Main office, Portland, Ore. Executive office, 120 Broadway, New York. Annual meeting, first Thursday in September, at Portland.

Oregom Short Like Railroad Co.

(Controlled by Union Pacific Railroad Co.)

A corporation formed February 9, 1897, being the successor of the Oregon Short Line ft Utah Northern Railway.

Road owned. Granger, Wyo., to Huntington, Ore., 541*49 miles ; Pocatello, Idaho, to Sflver Bow, Mont, 255.63 miles; Ogden, Utah, to McCammon, Idaho, 1x0.86 mOes; brandies, 245.74 miles; total owned, 1,163.72 miles; leased, 308.56 miles; total operated, 1,462.38 miks. The company also owned from Ogden, Utah, to Calientes, Nev., 396 miles, which in 1904 was sold to the San Pedro, Los Angeles ft Salt Lake Railroad Co., this company acquiring an interest in the last-named company. Locomotives, 142 ; passenger cars, xii ; freight cars, 4,577 ; service cars. 433*

See statement of the Union Pacific Railroad Co. for the holding of stocks of other railway corporations whidi were in the treasury of the Oregon Short Line Railroad Ca on June 30, 1907. Stock Par $100 Authorized, $27,460,100 Issued, $27,460,100

All but $10,000 of the stock is held by the Union Pacific Co., which operates the property as part of its system. In 1906 a dividend of 50 per cent, was paid on the stott.

Transfer agency, 120 Broadway, New York. Registrar, Central Trust Co., New York.

Funded Debt

ist mort, Oregon Short Line Railway, 6 per cent., due Feb., 1922, Feb. and Aug. . . $14,931,000

Utah ft Nor., xst mort., 7 per cent., due July, x9oiS, Jan. and July. 4,993,000

" oonsol. ist mort., 5 per cent., due July, 1926, Jan. and July 1,802,000

O. S. L. R. R., new cons, xst mort., 5 per cent., due July, 1946, Jan. and July 12,328,000

income, non-cum. A, 5 per cent., due July, 1946, Sept.. 344,500

" " " " " B, 3-4 per cent., due July, 1964, Oct.. 38,000

refunding col. trust mort., 4 per cent., due Dec., 1929, June and Dec. 45,000.000

Total $79,436,500

Railroad Securities 345

The 5 per cent, income bonds A were originally $,185,000 and the income B bonds $14,- 841,000. The amounts given above were those outstandmg in the bands of the public, June 30,

In December, 1898, the Union Pacific increased its own common stock by $37,,100, in order to effect an exchanp of same for the stock of this company. Minority holders of the company's were given, m Januaiy, 1899, privilege of exchanging same for Union Padiic common

on payment of $3 per share. In October, 1899, holders of A bonds were ofiiered right to eschanpie them for Union Pacific 4 per cent, bonds, and holders of B bonds to exchange them for Union Pacific preferred stock. On June 30, 1907, the Union Pacific held $4,351,000 income A bonds and $14,793,000 income B bonds and $37,40,700 stock of the company, $109,400 of the stock and $3,564,000 of the A income bonds being m the treasury of this company.

In 1903 the company created an issue of 4 per cent, and participating gold bonds, subject to call at io3>, and secured by an equal amount at par of stock of the Northern Securities Co. Besides the regular 4 per cent, per annum, holders were entitled to receive, beginning with February i, ip any amount in excess of 4 per cent, paid as dividends in the preceding year on the Northern xcttrities stock held against the bonds. In accordance with this provision the Februarr, 1904, coupon was redeemed at $35, or per cent., representing the extra per cent, paid on the stock of the Northern Securities Co. in 1903.

In November, 1904, the company called the 4 per cent, and participating bonds for payment at and accrued interest on February i, 1905. There were $36,500,000 outstanding and $45t90i,ooo in the treasury of the Union Pacific.

The rounding collateral trust 4 per cent, mortgage bonds were created in 1904 to replace the 4 per cent, and participating bonds. The authorized issue is $100,000,000, to be secured by whatever may be received in exchange for the company's holdings of Northern Securities stock at par, and by the deposit of any other securities at 80 of their cost or appraised value. The bonds are Kuannieed, principal and interest, by the Union Pacific Railroad Co., the first coupon being due June I, 1905. In November, 1904, the company sold $40,000,000 of the new bonds to Kuhn, 8c Co., New York, and that firm offered, for a limited time, to holders of 4 per cent, and participating bonds to give for each $1,000 bond with February, 1905, coupon a certificate calling for a $1,000 refunding oond, and to pay $77.50 cash on each bond upon such exchange.

The earnings since 1899-00 are included in those of the Union Pacific Railroad Co.

Interest-at the full rate of 5 per cent, per annum on the income A bonds, and at 4 per cent, on the B bonds is paid on both classes of comes remaining in the hands of the public.

President, Edward H. Harriman, New York. Vice-President, William D. Cornish, New Vork. Director of Maintenance and Operation, J. Kruttschnitt, Chicago. Secretary, Alexander Millar, New York. Assistant Secretary, Joseph Hellen, New York. Treasurer, Frederic V. S. Crosby, New York. Comptroller, William Mahl, New York. Assistant Comptroller, Herbert S. Biadt, New York.

Directors — Oliver Ames, Boston. Gordon M. Buck, New York. Samuel Carr, Boston. L. H. Cornell New York. William D. Cornish, New York. George E. Downs, New York. Maxwell Evarts, New York. Edward H. Harriman, New York. Robert S. Lovett, New York. Wmiam Mahl, New York. W. S. McComick, Salt Lake City. H. B. Taylor, New York. W. V. S. Thome, New York. P. Anderson Valentine, New York.

Main office. Salt Lake City, Utah. Executive office, i30 Broadway, New York. Annual meeting, second Wednesday in October, at Salt Lake City.

Pmmmka Railroad Co.

A corporation chartered by act of Legislature of the State of New York, April 7, 1849.

Road owned. Colon across Isthmus of Panama to Panama, Republic of Panama, 47 miles ; branch, miles; total, 50 miles. More than half the mileage has been double tracked. Locomotives, 59; passenger cars, 51 ; freight cars, 1,195; service cars, 336; also 3 steamers, 3 tu and 15 liters.

In i88x the Panama Canal Co. (the De Lesseps Co.) acquired a large majority of this company's stock. On the purchase of the new Panama Canal Co. by the United States Government 1904 the controlling interest in this company was included with the other assets and the Government now owns the entire capital stock. In X903 the company made a traffic arrangement for three years with the Pacific Mail Steamship Co. Notice was given of the discontinuance of this contract in July, 1905.

Stock. . . . . .Par $100 Authorized, $7,000,000 Issued, $7,000,000

The company formerly paid regular dividends, but none were paid from 18 until March 35, 1901, when 3 per cent, was paid on the stock. In 1903, 3 per cent, was paid in June and 3 per crat in September. In i9(, 4 per cent, was also paid, 3 per cent, each in April and October, lo January, 104, 4 per cent, was paid, in May, 1904, per cent, and February i, 1905, 5 per cent No dividends nave been paid since the last-mentioned date.

The Manual Op Statistics

Funded Debt Sinking fund subsidy bonds, 6 per cent., due Nov., 19x0, May and Nov $xj5,ooo

The company pays a subsidy to the Government of Colombia of $295,000 per annum under its concession from that Government, which arrangement has been assumed by the Government of the Republic of Panama. In 1880 an advance of $3,000,000 was made, and to meet this bonded indebtedness $235,000 annually of the Colombian Government subsidy was pledged until March 27, 1908, the same to be applied hj the com]>any : first, to the payment of the interest, and second, as a cumulative inking fund for the redemption of the prinapal ; the bonds to be drawn yearly in September to an amount equal to the then surplus of the subsidy sinking fund, the drawn bonds to be paid on November ist after each drawing, and thereby redeeming the whole issue in 1908.

The company had $2,i43,ox> of per cent, ist mortgage bonds, which were called and paid oflF October i, 1907.

Earnings

Div. Paid Gross Net Chaxses Suiplus

90i a 3.196.709 756,409 496,81a 359,590

190a 4 2,762,816 806,700 5",3i5 395,385

'905 5 3,077,611 783,449 438,200 354.348

1905-06 (year ending June 30) .. 3,9x7,840 . 815,157 509,050 306,107

In 1894 $97,000 subsidy bonds were redeemed out of net earnings ; in 1895, $102,000 ; in 1896, $107,000; in 1897, $114,240; in 1898, $121,000; in 1899, $129,000 ; in 1900, $1316,000; in 190X, $144,000; in 1902, $153,000; in 1903, $162,000; in 1904, $172,000; in 1905, $182,000; in 1906, $193,000, and in 1907, $205,000, leaving $135,000 outstanding which will be paid off in looB.

President, G. W. Goethals. Culebra, Canal Zone. Vice-President, Edward A. Drake, New York. Secretary, T. H. Rossbottom, New York. Treasurer, Sylvester Deming, New York.

Directors— J. S. C. Blackburn, Ancon, C. Z. Edward A. Drake, New York. M. T. Endi- , Washington. D. C. Oswald H. Ernst, Washington. C. R. Edwards, Washington. D. Du B. Gaillard, Culebra. G. W. Goethals, Culebra. W. C. Gorgas, Ancon. Peter C. Haina, Washington. R. R. Rogers, New York. H. H. Rousseau, Culebra. Jackson Smith, Culebra. W. L. Siebert, Culebra.

Main office, 24 State street. New York. Annual meeting, first Monday in April, at New York.

Pekksylvamia Cohpamy

This oompanv was chartered by the State of Pennsylvania, April 7, 1870, for the purpose of operating in the interest of the Pennsylvania Railroad Co. the lines leased and controlled by it west of Pittsburg.

Mileage

Operated directly by the Pennsylvania Company : Miles

Pittsburg, Fort Wayne & Chicago Railway 469.89

Massillon & Cleveland Railroad 12.23

Erie & Pittsburg Railroad 83.27

Cleveland & Pittsburg Railroad 900.91

Pittsburg, Youngstown & Ashtabula Railroad 138.91

Toledo, Walhonding Valley & Ohio Railroad 336.04

Pittsburg. Ohio Valley & Cincinnati Railroad 15.27

Marginal Raihoad, Beaver Falls, Pa. 3.51

South Chicago & Southern Railway ai.98

New Castle Branch, Western New York & Pennsylvania Railway 51.76

Cleveland & Marietta Railway Z03.13

Youngstown & Ravenna Railroad 2.31

Controlled and Operated by its own management.

Pittsburg, Cincinnati, Chicago & St. Louis Railway x.37i*98

i,37.98

Railroad Securities 247

'iiiiJEKQii—ContiHued Otherwise operated, beine controlled the Pennsylvania Railroad Co., Pennsylvania Company, Pittsburg:, Cmdnnati, Chicago & St. Louis Railway Co., or jointly with other companies : Miles

Cincinnati &Muskinfi:um Valley Railroad i48-45

Waypesburig: & Railroad 28.15

Cincinnati, Lebanon & Northern Railroad 45-75

Cleveland, Akron & Columbus Railway 193-76

Louisville Bridge Co 3.44

Pfttsbure, Chartiers & Youghiogheny Railway (controlled jointly) X9'

Wheeling Terminal Railroad 9.65

Toledo, Peoria & Western Railway (controlled jointly) 230.70

Grand Rapids & Indiana Railway 571*83

Vandalia Railroad. . . .' 656.32

Terre Haute & Peoria Railroad i45-i3

Trackage of various companies 167.93

Total of system 5.048.55

In 1901 the company acquired the Loansport & Toledo Railway, formerly the Eel River Railroad, 44 miles. In 1902 it acquired the Sandusky Division of the former Columbus, Sandusky & Hocking Railway, 109 miles, which was consolidated with the Toledo, Walhonding Valley & Ohio Railroad. In 13 this company and the Cleveland, Cincinnati, Chicago & St. Louis Railway Co. jointly acquired control of the Central Indiana Railway Co., Muncie, Ind., to Brazil, Ind., 1:7 miles. In 1903 the Pittsburg, Cincinnati, Chicago & St. Louis Railway Co. acquired a two-sixth interest in a majority of the common stock of the Hocking Valley Railway Co.

On January i, 1905, the Terre Haute & Indianapolis Railroad Co., the St. Louis, Vandalia & Terre Haute Railroad Co., the Terre Haute & Logansport Railway Co., the Logansport & Toledo Railway Co. and the Indianapolis & Vincennes Railroad Co., which were controlled, were consolidated under the name of the Vandalia Railroad Co., these including the Terre Haute & Peoria Railroad Co., the lease of which was assumed.

The Toledo, Peoria & Western Railway Co. is controlled jointly with the St. Louis, Kansas

6 Northwestern Railroad Co., one of the constituent companies of the Chicago, Burlington & Quincy Railroad Co.; the Pittsburg, Chartiers & Youghiogheny is controlled jointly with the Pittsburg & Lake Erie Railroad Co., and the Central Indiana Railway is controlled jointly with the Cleveland, Cincinnati, Chicago & St. Louis Railway Co.

Locomotives, 972 ; passenger cars, 602 ; freight cars, 53,376 ; service cars, 1,295.

Statements of the leased and controlled lines will be found under their respective heads. Stock Par $50. Authorized, $60,000,000 Issued, $60,000,000

The stock is all owned by the Pennsylvania Railroad Co. In January, 1902, the stock was increased from $21,000,000 to $40,000,000, the additional $19,000,000 being paid to the Pennsylvamia Railroad Co. as consideration for stocks of leased and controlled lines.

No dividends were declared from 1894, when 4 per cent, was paid in May, until 1901, when 3 per cent, was paid on December 30; 3 per cent, was also paid December 30, 1902. The December, 1903, dividend was 4 per cent.; in December, 1904 and 1905, 5 per cent, was paid. In 1906, the dividends wi increased to 6 per cent. In 1907 paid 3 per cent, in June and 4 per cent, in December.

Funded Debt Bonds of 1881, secured by pledge of stocks and bonds and guaranteed by Pennsylvania R.R. Co., per cent, due July, 1931, Jan. and July $19,467,000

CoL tr. ., 2H P- by Pa. R. R., due Sept., 1937, series A, Mar. and Sept. 4,708,000

" due Feb., 1 94 1, series B, Feb. and Aug.. 9,363,000

" due Dec., 1942, series C, June and Dec... 4,837,000

Trust ctlis., 35 per cent. Series D, due Dec. 1944, June and Dec 10,000,000

Gold loan ., 3K per cent., guar, by Pa. R. R., due Nov., 1916, May and Nov 12,008,000

Gold loan, guar. 4 per cent., due April, 1931, April and October 20,000,000

French francs, guar. per cent., due June 15, 1921, June and December 48,263,548

Total $128,645,548

The per cent, trust certificates, series A, B and C, are for $20,000,000. They are guaranteed tyy the Pennsylvania Railroad Co. and secured by deposit of an equal amount of guaranteed

7 per cent, stock of the Pittsburg, Fort Wayne & Chicago Railway Co. The company has car trusts outstanding amounting: to $4,490,000. The $10,000,000 of 35 per cent, trust certificates, series D, were. created in November, 1904, and are also secured by the deposit of special stock of the Pittsburg, Fort Wayne & Chicago Railway Co. and guaranteed by the Pennsylvania RaihoadCo.

Hb The Manual Op Statistics

The gold certificates due November, 1916, are $ao,ooo,ooo, and have a sinking fund provision of $1,334,000 per annum, bonds to be dnwa for the same. They were issued in 1901 to provide for the acquisition of the Pennsylvania Steel Co. and the Cambria Steel Co. Th are secured by the deposit of stocks of the Baltimore & Ohio ; Norfolk & Western ; and Pittsburg, Cincinnati, Chicago & St. Louis companies.

The French loan is for 350,000,000 francs, the bonds being in denominations of 500 francs and 2,500 francs. The bonds are redeemable after xoi8. The loan was negotiated in 1906 and is guaranteed by the Pennsylvania Railroad Co. The Girard Trust Co., Philadelphia, is the trustee. Interest is payable at the office of the Credit Lyonnaise, Paris, and its branches.

Income Gross Net Charges Surplns

'899 33,603,853 9t6o,i3P 7.oxA,i99 3,i4fiQ3i

1900 as,407i56a 9i7i7.6o6 7i598,oo4 a,ix9,6Ga

190a 33,035,648 I3,674i4a4 7.890.439 5,783,

9P3 30,602,934 X3,853i7i7 8,734,076 5,"964i

X90S 39.960.036 16,343,459 10,021,038 0,323,421

X90O 46,036,806 19,435,958 10.502.069 8,933.888

In 1907 the 7 per cent, dividends were $4,200,000 ; sinking fund and car trust paymcDts,

$1,944,956; transferred to extraordinary expenditure fund, $2,500,000; balance, surpha,

Indent, James McCrea, Philadelphia. 1st Vice-Preskient, Josmh Wood, PittsburK. 2d Vice-President. J. J. Turner. Pittsburg. 3d Vice-President, Edward B. Taylor, Pittsburg. 4th Vice-President. Daniel T. McCabe. Pittsburg. Secretary, S. B. Liggett, Pittsburg. Treasurer.T. H. B. McKnight, Pittsburg. Comptroller. John W. Renner, Pittsburg.

Directors— W. H. Barnes. Philadelphia. John P. Green, PhUadelphia. Daniel T. McCabe, Pittsburg. James McCrea, Pittsburg. Effingham B. Morris, Philadelphia. C. Stuart Patterson, Philadelphia. George F. Peck. Pittsburg. Samuel Rea, Philadelphia. N. Parker Shortridge, Philadelphia. Edward B. Taylor, Pittsburg. J. J. Turner, Pittsburg. George Wood, Philadelphia. Joseph Wood, Pittsburg.

Main office. Union Station. Pittsburg. Annual meeting, first Tuesday in June, at Pittsburg.

PEKMSYLVilllM RAILROAD CO.

A corporation chartered by the Commonwealth of Pennsylvania, April 13, 1846.

The Unes operated directly by this company are its system, December 31, 1907, oonaist of :

Miles

The Eastern Pennsylvania Division 1,248.24

The Western Pennsylvania Division 631.63

C Railroads and ferries 447.40 nules.

The Erie Division f .

The Buffalo ft Allegheny Valley Division SljaiS

Of these 3,858.29 miles, 1,705.27 are owned and. the remaining 2.153.02 are operated under lease or as agent.

The following properties east of Pittsburg and Erie are operated separately, being controlled through ownerstiio of stock : Philadelphia, Baltimore ft Washington Railroad ; West Jersey ft Seashore Railroad and branches ; Northern Central Railway ; Baltimore, Chesapeake ft Atlantic Railway, and Long Island Railroad.

Locomotives, 3,210 ; passenger cars, 2,070 ; freight cars, 128,024 ; service equipment, 3,603; floating equipment, 317.

See separate statements of the various leased and controlled companies, including the United New Jersey Railroad and Canal Co.; Northern Central Railway ; Long Island Railroad ; Philadelphia. Baltimore ft Washington Railroad ; Cumberland Valley Raihoad ; West Jersev ft Seashore Railroad; Baltimore. Chesapeake ft Atlantic Railway; Allegheny Valley RaUway; Western New York ft Pennsylvania Railway ; Belvidere Delaware Railroad ; Pittsburg:, Fort Wayne ft Chicago Railroad, etc.

The Unes owned, leased and controlled west of Pittsburg are operated through the organisations of the Pennsylvania Company, the Pittsburg. Cincinnati. Chicago ft St. Louis RaUrad

tSS

Railroad Securities 49

Co., the Grand Rapids & Indiana Railroad Co., and the Vandalia Railroad Co., and are more forty described under the statements of those companies.

The company controls a large anthracite property, ovmed by the Summit Branch, the Lykens Valley, the Mmeral Railroad & Mining and the Susquehanna Coal companies. The Pennsylvania Canal, Columbia to Nanticoke, Pa., and branches, 249 miles, is also controlled. The Philadeldelphia & Brie Railroad, which was leased, was consolidated with the company in 1907.

The Allheny VaUey Railway, which this company controlled, was leased m 1900. In March, 1906, its consolidation with this company was authorized, but this had not been consummated at the banning of 1908. In 1900 control of the Western New York & Pennsylvania Railway was acQuired and the road leased, being operated since August i, 1900, together with the Allegheny Valley Railway, as the Buffalo & Alfegheny Valley Division of the Pennsylvania Railroad Co. The Pittsburg, Virginia & Charleston Railway, which this company controlled, was merged in 1905. In 1907-08 the Bald Eagle Valley Railroad and the Connecting Railway were merged with the company.

In 1901 the company acquired the minority stock of the Philadelphia, Wilmington & Baltimore with an issue of Pennsylvania Railroad Co.'s stock, and that company and the Btimore & Potomac Railroad Co. were consolidated under the title of the Philadelphia, Baltimore & Washington Railroad Co.

in 190X this company and affiliated organizations acquired large interests in the stocks of the Pennsylvania Steel Co. and the Cambria Steel Co.

In 1899-1900 the company acquired important interests in the Baltimore & Ohio, Chesapeake & Ohio, and Norfolk & Western roads. In 1006, however, all the Chesapeake & Ohio itock was sold together with a majority of its holdings of Baltimore & Ohio and Norfolk & Western stocks, a large profit accruing to the company from these sales. In 1900, the company purchased the Erie & Western Transportation Co.

In May, 1900, control of the Long island Railroad was acquired. In the latter part of XQox the management of this company formulated comprehensive plans for a depot in New York Ci, with tunnels under the North and East Rivers, connecting the main system with the Long Island Railroad, also to construct a connection between the Long Island Railroad and New England points by a bridge over the East River at Mott Haven, N. Y. The companies to construct and operate the New York tunnels and terminal are the Pennsylvania ; New Jersey & New York Raiboad, and the Pennsylvania, New York & Long Island Railroad. The New York Connecting Railroad Co. is to furnish the connection with the New York, New Haven & Hartford Railroad system. In February, 1903, preliminary work was begun on the construction of this extension, and in March, 1904, contraas were let for the tunnels under the North and East Rivers at New York. At the begiiming of 1908 subsuntial progress had been made with the construction of the tunnels, terminal and approaches. The company in 1004 began the construction of extensive terminals and docks at Greenville, N. J., on New York Bay, which were in operation in 19061.

Included in the property owned and represented by the capital account are stocks and bonds

of other companies having a par value of $93,953,479 and costing $219,989,663. Owing to the sales referred to above of the company's mterest in Chesapeake & Ohio and other stocks in 1906 the aggregate amount of stocks and bonds owned showed a considerable reduction for that year. The aish income received from the company's holdings of securities in the form of interest and dividends during 1907 was $10,440,955. The company has also established a trust for the purchase of the securities of its leased lines, which, on December 31, '1906, held securities having a par value of $14,690,190, interest and dividends on which are paid into the trust. Stock Par $50 Authorised, $500,000,000 Issued, $3i4S94i6so

Transfer agencies. Broad Street Station, Philadelphia, and 85 Cedar street, New York. Registrars, Girard Trust Co., Philadelphia; American Exchange National Bank, New York.

The authorized capital of the company was originally $151,700,000. In January, 1901, the Commonwealth of Pennsylvania, by statute, provided for an increase of $100,000,000 in the stock, making it $351,700,000, authorized.

At the annual meeting in 1886 the directors were empowered to Issue $15,000,000 of new stock in their discretion. In June, 1887, 8 per cent, of new stock was subscribed for by the stockholders at par, and in May, 1890, 8 per cent, more was sold on the same basis. In December, 1899, the directors authorized the issue of $12,930,500 new stock to provide for construction and equipment, and gave stockholders of record December 26, 1899, the right to subscribe for the same at par to the extent of 10 per cent, of their holdings. In 1890 $20,000,000 new stock was authorized for improvements, and in 1893 directors were given power to issue $17,456,550 more stock, which completed the full authorized amount of $151,700,000. In April, 1900, $6,700,000 of new stock was issued and sold, making the stock outstanding $151,700,000, or the full amount authorized. At the annual meeting in March, 1901, the stockholders authorized the directors to issue the new stock at their discretion, but at not less than par. The increase was today for the company's recent acquisitions of other roads. In March, 1901, stockholders were offered the right to subscribe for new stock at $60 per share to the amount of 33U per cent, of their holdings. This involved the issue of $50,500,800 new stock, and increasedthe amount outstanding to $308,90o,8oo at the close of 1903.

At the annual meeting:, March lo, 1903, the stockholders ratified an increase of $198,300,000 in the authorized capital stock, raising the total amount thereof from $351,700,000 to $400,000,000. The directors were g:iven powers to issue the same as might be necessary, and it was provided that of the increased stock $50,000,000, if deemed advisable, night be in the form of convertible bonds. On March 16, 1903, stockholders of record May 9. 1903, were given the right to subscribe at $60 per share, between June 15 and June 27, 1903, for new stock to {he extent of per cent, of their respective holdings. In May, 1903, a syndicate organised by & Co. and Kuhn, Lo & Co., New York, was formed to underwrite the above issue ana subscription, the syndicate agreeing to take at $60 per share any amount of the new stock which was not subscribed for by the stockholders. At the dosing of the subscription on June 37, 1903, it was announced that the stockholders had taken all of the new issue, amounting to $75,094,750 of stock and involving an aggregate money payment of over $90,000,000, feavinfc none for the syndicate.

At the annual meeting March xa, 1907, the stockholders ratified a further increase of $100,000,000 in the authorised stock, raising the total amount thereof to $500,000,000. Authority was also given to the directors to issue the new stock at their discretion.

The company has paid dividends on its stock in every calendar vear since 1850. Dividends since 1893 are shown below in table of earnings. The dividends are payable May 31 uid

November 30. The books, of the company do not close for the half-yearly dividends. The May, 1900, dividend was per cent., but the November dividend was Pr cent, and i per cent, extra, making 6 per cent, for the year 1900. In May, 1901, per cent, was paid, but the November dividend was again per cent, and i per cent, extra, making 6 per cent, for the year 190X. In 1903, 1903, 1904 and 1905 the semi-annual dividends were 3 per cent, regular each, or 6 per cent, per annum. In May, 1906, 3 per cent, was paid, but the November, 1906, dividend was mcreased to per cent., thus placing the stock on a basis of 7 per cent, per annum., which has since been the rate to November, 1907, inclusive.

Funded Debt

General mort., 6 per cent., due July, 19x0, quar., Jan $19,997,890

Consolidated mort, 5 per cent., due Sept., 1919, June and Dec 4,998,000

4 per cent., due May, 1943, May and Nov 3,741,000

3j54 per cent,, due July, 1945, Jan. and July 4,850,000

Convertible bonds, per cent, due Nov., 1913, May and Nov i9i9935oo

per cent, due Oct, 1915, June and Dec 99,6x6,000

gold notes 5 per cent., due March 15, xoxo, March 15 and Sept 15 60,000,000 Trust . of i88x, reg.. P., W. & Bait., 4 per cent, due July, 1931, Jan. and July. . 7,616,000

Collateral trust loan, per cent, due June, 19x3, June and Dec. 9,786,000

Equipment trust loan. 4 per cent, due Sept, X914, March and Sept 3,639,000

Real Estate par money bonds, 4 per cent, due May, X933, May and Nov 3,000,000

Real estate mortsaees and ground rents, various 3,945,935

Sunbury, Has. &wilkes-B., xst mort., *'A," 5 per cent., due May, X938, May and Nov. 1,000,000

3d mort., inc., 6 per cent, due May, X938, May and Nov.. 1,349,500

Sunbury & Lewistown, ist mort., 4 per cent, due July, X936, Jan. and July 500,000

West Chester R. R. Co. xst mort., reg., 5 per cent, due bept., 19x9, Mar. and Sept. 75,ooo

Western Pa. Railroad cons, mort., 4 per cent, due June, 1938, June and Dec a,ooo,ooo

Pittsburg, Va. & Charleston xst mort, 4 per cent, due Nov., 1943, May and Nov. . 6,000,000

River Front R. R. ist mort., per cent., due May, 10x3, May and Nov ax3,ooo

South West Pa. Ry. xst mort., 7 per cent, restored due Feb., X9X7, Feb. and Aug. 863,000

Philadelphia &, Erie 6 per cent mortgage coupon, due July, i<>3o, Jan. and July. . . . 8,680,000

5 per cent, registered, due July, 1930, April and Oct

" 4 per cent registered, due July, X930, April and Oct 5,8,000

Total $a70.98S5

In March, 1903, the directors authorised the issue of $50,000,000 xo-year per cent gold bonds, due November, 19x3, with interest May and November. On May x, 1004, or any subeequent interest period, these bonds are convertible into stock at $70 per share. Beginning May x, 1904, the bonds may be called at los and interest on 90 days* notice, but if called the hder may neverthelMs convert them into stock. Stockholders were offered the right to subscribe for the bonds at par to the extent of 35 per cent of their holdings. The purpose of this issue was to provide $35,000,000 for additional cars, $20,000,000 for the construction of the New York tunnels and terminal, and $5,000,000 for general purposes. In consequence of conversions into stock the amount of these bonds outstanding had been reduced on December 31, X906, to $30,000,500.

In X90S an issue of $100,000,000 per cent xo-year convertible bonds was created and was in part subscribed for at par by the stockholders, the remainder being taken by a syndicate formed to underwrite the same. These bonds mature October, 19x5, the interest periods being June and December and are convertible after December, 1905, at any time at the holder's option into stock at $75 per share for the latter. They can be cidled for redemption oa DoQmber

Kailroad Securities

1910, or any subsequent interest dates, but if called can be converted up to 30 days before the date 01 redemption.

In February, 1907, the company sold to Kuhn, Loeb & Co., New York and a syndicate 160,000,000 of 3-year collateral trust g:old notes due March 15, 1910. The collateral for the same consisted of $45,000,000, 4 per cent., equipment certificates, $10,000,000, 4 per cent., water supply trust certificates and $8,800,000 Pennsylvania Company stock. It was stated that part of the loan would be used to retire $50,000,000 of Pennsylvania Co., per cent, notes maturing November i, 1907.

At the annual meeting; on March 12, 1907, the stockholders authorized $100,000,000 additional bonds to be issued at the discretion of the directors as to terms and amounts.

See statement of the Pennsylvania Company above for details of that company's per cent French loan of 1906 for 250,000,000 francs or $48,262,548 guaranteed by the Pennsylvania Railroad Co. Also for other Pennsylvania Company's bond and note issues and the parent company's guaranty thereof.

The company had outstanding car trusts on December 31, 1907, to the amount of $72,818,000.

BaM Eagle Valley, xst mort., 6 per cent., due July, 1910, Jan. and July $300,000

Bells Gap, cons, mort., 6 per cent., due April, 1913, April and Oct i45i00o

Cambria & Clearfield, ist mort., 5 per cent., due Jan., 1941, Jan. and July 1,279,000

gen. mort., 4 per cent., due Feb., 1955, ug 1,210,000

Camden & Burlington Co., xst mort., guar., 4 per cent., due Feb., 1927, Feb. and Aug. 350,000

Clearfield & Jefferson, ist mort, 6 per cent., due Jan., 1927, Jan. and July 1000,000

Columbia & Port Deposit, -xst mort., 4 per cent., due Aug., 1940, Feb. and Aug 1,800,000

Connecting' Railroad, gold mort., pier cent., due March 15, 1932, March and Sept. 991,000

Delaware Riv. R.R. & Bridge, xst mort., guar., 4 per ct., due Aug., 1936, Feb. and Aug. 1,300,000

Freehold & Jamesburg Ag. R.R., mort., 6 per cent., due July, 1909, Jan. and July 323,000

" " " 00ns. mort., 4 percent., due July, X909, Jan. and July. 175,000

Genesee Val. Terminal, xst mort., 6 per cent, due Nov., X932, May and Nov 500,000

Girard Point Storage, xst mort., guar., per cent, due Oct., 1940, April and Oct. . 2,150,000

Harrisb., Ports., Mt. Joy & Lane, xst mort. , ezt., 4 p. ct. , due July, X9X3, Jan. and July . 700,000

Railroad, xst mort., 6 per cent, due March, X9a9, March and Sept 200,000

Junction Railroad ist mort., guar., per cent, due July, 1907, Jan. and July 425,000

Manor R. £. & Trust mort., guar., 4 per cent, due May, xoxo. May and Nov 250,000

lionongahela Railroad xst mort, 3s, due Oct, X9X2, April and Oct 1,386,000

New York & Long Branch gen. mort., 4 per cent., due Sept., X941 x,099,ooo

" " gen. mort., 5 per cent, due Sept., X941 X92,ooo

Pennsylvania & North Western, gen. mort, 5 per cent., due Jan., X930, Jan. and July x,02i,ooo

Pennsylvania Canal gen., mort., guar., 6 per cent, due July, 19x0, Jan and July x,564,ooo

Perth Amboy & Woodbridge, mort., 4 per cent, due Feb., X9X8, Feb. and Aug 100,000

Philadelphia & Long Branch, cons, mort., 5 per cent., due Dec., i9X', June and Dec. 750.000

PhiL ,Germantown & C. H. , xst mort , guar. , per cent. , due May, X913, May and Nov. x ,000,000

Rklgway & Clearfield, xst mort., 5 per cent, due Nov., X923, May and Nov 491,000

Susquehanna Coal Co., mort., guar., 6 per cent., due Jan., X9X5, Jan. and July x,207,ooo

Tyrone & Clearfield xst mort., 5 per cent., due Jan., X912, Jan. and July x,ooo,ooo

Terminal Railway, xst mort., 6 per cent., due June, X914, June and Dec x, 000,000

See also the separate statements in this edition of the Manual of funded debts of other controlled and leased lines, including the Philadelphia & Erie ; Northern Central ; United New Jersey Railroad & Canal Co. ; Long Island ; Philadelphia, Btimore & Washington ; Allegheny Valley ; Western New York & Pennsylvania, etc.

The company's income account for five years is as follows :

Groo earnings $iox,329,795 $1x2,663,330

Operating expenses 65ia59S43 75i05i,07i

Net earnings $36,070,252 $37,612,258

Receipts from other sources 8,584,9x4 9*0391876

Gross faioome $44,655,x66 $46,652,X35

Interest, rentals, etc 22,460,836 2o,8o2,x72

Netmcome $22,X94,330 $25,849,963

Trust funds and improvements. x i ,336,658 x3,036, 528

84i773i056

$36,342,28x xx,4i4,263

Balance 8x0,857,672 $12,813,434 $14,792,931 $17,933,034

IMvidends, Sorplns,

(6) 10,857,67a (6) 12,262,491 (6) 14,792,931 (6) 17,933,034 $550,943

3S

Thb Manual Of Statistics

$j6,349a47

In 1906 the com]>any, in addition to the income, received from sales of securities and settlements of sundry accounts, $15,300,848. Of this sum $13,000,000 was applied toward construction of the New York Tunnel line and the balance, was transferred to the fund for eztiaordinary improvements.

Balance Sheet, December 31, 1907

Gross earnings $133,931,993

Operating expenses, including taxes.

Net from operation $40,531,583

Rentals to roads operated on basis of net earnings 7,663,810

Balance $33,868,771

Other income 13,036,917

GrosR income $44,905,689

Charges and rentals 14,81:,173

Net income $3o,zo3,ci6

Smking funds, car trust, etc 3t5c7

Balance $36,538,858

Extraordinary improvements, etc 8,424,881

Balance $18,1x3,977

Surplus.

Assets Cost of road, equipment and

real estate $391,061,304.43

Securities owned 333,001,184.58

Leasehold interest in Harrisburg, Portsmouth, Mt. Joy

& Lancaster R. R 1,883,550.00

Accounts receivable: Sale of

N. & W. and C. & O. stock 15,493,685.00 Securities received with the

lease of the U. N. J. R. R.

& C. Co 3,383,460.35

Loans for construction and real

estate purposes to various

controlled companies. 18,413,493.86

New York Tunnel Extension . 39, 541,414.45

Current Assets:

Due from controlled companies for advances for construction and other purposes. 6,119,165.71

Due from agents 7,690,435.69

BiUs receivable and miscellaneous assets 4,733,567.46

Materials Z5.999.934. 73

Cash 37.385.673.a7

Sinking Funds, Trust Fund and Insurance Fund

Total $673,305,375.00

The following presents the comparative freight traffic sttatistks of the lines burg and Erie :

L1Abiutie8

Capitalstock $3i4.594.6saco

Funded debt, including mortgages and ground rents.. . . . 370,974,645. 13 Guaranteed stock and bonds of

the Harrisbuxg, Portsmouth,

Mt. Joy& Tjincsster IL R.Ca i ,883,550100 Securities received with the

lease of the U. N. J. R. R.

AC Co. 3.983,46a35

Car Trust principal and taxes

charged out and awaiting

settlement 4,448,067.80

Pennsylvania Company depositaccount

3,390,897.09

Extraordin*y expenditure fund 3,500,000.00

Current Liabilities :

Pay rolls, vouchers and net traffic balances 30,703,079.93

Due controlled companies other than traffic balances. 9*461,819.43

Due Saving, Relief, and Insurance Funds, etc, 1,358,704.06

Interest accrued, matured and uncollected, and dividends uncollected 3,875,981.94

Miscellaneous liabilities. 3,49x ,07933

Sinking Funds andTnist Fund 9i8i5,955!66 Profit and kMS. 94.735.484.36

Total $673,395,375.00

Railroad Securities

aS3

Average Total Tons Carried Freight Rate per Ton Earnings per Average Tons

Mileage Tonnage One Mile Density per Mile Train Mile per Train

3f747 84,801,805 9i333i9a43S8 336i.457 0.499c $3.19 440

'900. 3,716 109,471,36611,942,657,7943,213,847 0.540 2.58 480

"9M 3,7Ps 133,944,16114,040,264,3523,855,238 0.586 3.03 518

'?5 3,839 150,533,351 16,885,485,241 4,398,316 O.S93 2.99 505

V7. 3,902 ♦133,284,51521,473,176,903 5,502,007 0.577 3-31 574

In giving tonnage for 1906 and ZQ07 all duplication was eliminated.

Gross and Net Earnings by Months for Three Years

Gross Net Gross Net Gross Net

Janoair $9,3io,774 $i,75i,934 $12,050,174 $3,185,634 $12,583,712 $2,942,399

Febnuiy 8,688,824 1,237,862 10,905,124 2,377,162 11,452,860 1,989,109

"areli 10,542,304 2,583,319 12,589,104 3,675,919 13,166,969 3,153,809

April 10,,677 3,136,579 10,249,188 2,973,856 13,370,388 3,384,156

fay 11,519,338 3,706,864 11,859,033 3,540,269 14,532,233 4,100,269

June 11,467,759 3,656,799 12,360,787 3,970,804 14,035,487 4,402,504

My 10,831,703 3,423,237 12,406,865 4,135,608 14,600,065 4,417,108

August 11,967,490 4,496,062 13,112,499 4,841,070 15,522,399 5,200,670

September 12,376,950 4,821,210 13,059,859 4,785,577 14,450,859 4,3i8,577

Ocxcbet 12,572,075 4,594,097 13,686,484 4,828,887 15,361,184 4,418,487

November 12,580,725 4,313,852 13,121,717 4,353,914 13,825,617 3,984.614

December 12,161,675 3,7,337 13,025,617 3,952,079 11,911,317 2,894,179

Totals $134,875,294 $41,485,152 $148,426,451 $46,620,779 $164,813,090 $45,205,881

Aver.permonth 12,239,607 3457,096 12,368,871 3,885,065 13.734,424 3.767,323

President, James McCrea, Philadelphia. 1st Vice-President, John P. Green, Philadelphia, ad Vice-President, Charles E. Pugh, Philadelphia. 3d Vice-President, Samuel Rea, Philadelphia. 4th Vice-President, John B. Thayer, Philadelphia. 5th Vice-President and Treasurer, Henry Tatnall, Philadelphia. Secretary, Lewis Neilson, Philadelphia. Assistant Secretaries, Kane S. Green, Philadelphia. Robert H. Gro£F, Philadelphia. J. W. Marshall, New York. Assistant Treasaren, H. P. Connor, Philadelphia. George A. Walker, Philadelphia. Comptroller, M. Riebenack, Philadelphia.

DirectorsWilliam H. Barnes, PhiladelphU. T. De Witt Cuyler, Philadelphia. Rudulph EUis, Philadelphia. Henry C. Frick, Pittsburg. Lincohi Godfrey, Philadelphia. John P. Green, Philadelphia. Clement A. Griscom, Philadelphia. Charles £. Ingersoll, Philadelphia. James McCrea, Philadelphia. Efifingham B. Morris, Philadelphia. C. Stuart Patterson, Philadelphia. Charles E. Pugh, Philadelphia. Samuel Rea, Philadelphia. Percival Roberts, Jr., Philadelphia. N. Parker Shortridge, Philadelphia. George Wood, Philadelphia.

Main office. Broad Street Station, Philadelphia. Annual meeting, second Tuesday in March, at Philadelphia. Books do not close for the meeting, but no stock can be voted for directors that has not been qualified by an ownership of sixty (uys. Directors are elected two weeks after annual meeting.

PEOttM A EASTERH RAILROAD CO.

(Leased to Cleveland, Cincinnati, Chicago & St. Louis Railway Co.)

Road owned, Springfield, O., to Pekin, IlL, 342 miles; trackage leased, Pekin to Peoria, 01., 10 miles ; total, 350 miles. Locomotives, 77 ; passenger cars, 51 ; freight cars, 1,678.

This property was formerly the Indiana, Bloomington & Western Railroad Co., which was forectosed in March, 1887, and reorganized as the Ohio, Indiana & Western Railroad. Again reorganized in 1890 under the present title. Sock Par $100 Authorized, $10,000,000 Issued, $10,000,000

Stock is transferred at the office of the company. New York. Registrar, Central Trust Co., New York.

Funded Debt

Ind., Bloom. & W., ist morL, extended April, 4 per cent., due 1940, April and OcL. $985,100

Ohio, Ind. & West, eon. ist mort., 5 per cent, due April, 1038, quar., Jan. 500,000

ist consolidated mort., 4 per cent., due April, 1940, April andOct 8,500,000

ad consolidated mort., income, 4 per cent., due April, 1990, April 4,000,000

Total $Z3,985.K

Interest on all the bonds and incomes is paid at the office of J. P. Morgan & Co., New York.

This road is leased to the Cleveland, Cincinnati, Chicago & St. Louis for 50 vears from i9gOt interest on xst consols being guaranteed. If earnings exceed fixed charges and advances made hf Cleveland, Cincinnati, Chicago & St. Louis, surplus, as determined bj the statemenU for the calendar ear, to go to ad consols and anj further surplus to the stock. The Cleveland, CincinnaU, Chicago & St Louis owns one-half the stock. The Indiana, Bloomington & Western ist mortgage preferred 7 per cent, bonds, which matured January i, looo, were refunded and extended at 4 per cent. The company owed the Cleveland, Cincinnati, Chicago & St. Louis $556,338 for advances, and turned over a large amount of its treasury assets to that company to secure the indebtedness. In March. 1901, the Courts decided that the company had the right to use a considerable amount of securities reserved at the time of the leoriganixatlon. AU indditedness to the Cleveland, Cincinnati, Chicago & St. Louis Railway Co. was paid off in 190a.

The first payment on the income bonds was 4 per cent, April i, 1903, the same rate being paid April i, 1903, 1904, 1905, 1906 and 19C7.

Earnings Year ending June jp

Gross Net Chams Surplus

89fr-99 i,9t.3X7 . 4531838 441,369 ",469

Z90Z-03 3,518,750 654,113 564,360 89,85a

1904 (year endmg Dec. 31) 3,051.199 783,989 093,839 90,150

Charges from 1901-03 onward include $160,000, being 4 per cent, paid on the income bonds

of the company out of each year's earnings.

President, William H. Newman, New York. Vice-President, William C. Brown, New York. Secretary, Dwight W. Pardee, New York. Assistant SecreUry, E. F. Osbom, Cindnnati. Treasurer, Charles F. Cox, New York. Assistant Treasurer, Harry G. Snelling, New York.

Directors— Thomas P. Bonfield, Kankakee, 111. John A. Glover, Urbana, 111. Melville £. Ingalls, Cindnnati. Edward F. Osbom, Cincinnati. John C. Tucker, Chicago.

Main office. Third and Smith streets, Cindnnati. New York office. Grand Central Station. Annual meeting, second Wednesday in February, at Danville, IlL

Peoria A Pekik Ukioh Railway Co.

Road owned, 18 miles, extending on both sides of the Illinois River at Peoria, IlL, with double track, sidings and spurs, amounting to an aggregate of about 67 miles of track. Locomotives, passenger cars, 3 ; freight cars, 319.

This company acquired the Peoria & Springfield Railroad and part of the Peoria, Pekin & Jacksonville Railway.

The stock of the company is owned jointly by the Lake Erie & Western Railroad ; Toledo, Peoria & Western Railway ; Peoria & Eastern Railroad ; Chicago, Peoria & St. Louis Railway; Chicago & Northwestern Railway, and Illinois Central Railroad. The companies using iJiis company's terminals as tenants include the Chicago & Alton Railway, the Iowa Central Railway, the Chicago, Rock Island & Pacific, the Chicago, Burlington & Quincy Railroad and the Vandalia Raih-oad. Stock Par $100 Authorised, $1,000,000 Issued, $1,000,000

Stock is transferred by the Secretary of the company, Peoria, IlL

Funded Debt

ist mort., 6 per cent., due Feb., 1931, quar., Feb $1,495,000

3d mort., per cent., due Feb., 1931, May and Nov. 1,499.000

Total $0,994,000

Railroad Securities 355

Trustee of both mortgages and agent for the payment of interest Central Trust Co., New York.

The proprietary companies pay terminal and switching charges and a yearly rental for the use of this company's facilities. The Chicago & Alton ; Rock Island ; Iowa Central and Vandalia also rent facilities from this company.

Year ending June 30 Gross Net

iQoz-oa. $809,817 $365,097

Dividends of 6 per cent, were paid on the stock each year from 1896 to 1903, inclusive. In 1903, 4 per cent, was paid and in 1905, 5 per cent.

President, H. K. Pinkney, Peoria, IlL Vice-President, E. N. Armstrong, Peoria. Secretary and Treasurer, J. F. Keifer, Peoria.

Main ofSce, Peoria, 111. Annual meeting, second Tuesday in March, at Peoiia.

Pere Karquette Railroad Co.

A corporation formed under the laws of Michigan, December 13, 1907, in pursuance of a plan to reorganize, without foreclosure, the company of the same name. The Pere Marquette Railroad of Indiana was absorbed by this company.

The old Pere Marquette Railroad Co. was formed under the laws of Michigan, November z. 1899, consolidated the Flint & I*ere Marquette Railroad Co., the Detroit, Grand Rapids & Western Railroad Co., and the Chicago & West Michigan Railway Co. Full details of the constituent companies were iven in the Manual for 19 under their respective titles. The consolidation plan of 1899 was given fully in Uie Manual for 1900.

In June, 1904, a syndicate acquired control of the old company and of the Cincinnati, Hamilton & Dayton Railway Co., together with the Chicago, Cincinnati & Louisville Railroad Co.

A lease of the system to the Cindnnati, Hamilton & Dayton Railway Co. was made for 999 years, from March x, 1905, dividends of 4 per cent, on the preferred and 5 per cent, per annum on the common stock of the Pere Marquette being guaranteed thereunder. In connection with the sale in September, 15, of a controlling interest in the Cincinnati, Hamilton & Dayton to the Erie Railroad Co., this property also became a part of the Erie system, but in December, X905, the Erie Co. gave up the purchase and returned the control to the parties from whom it had been bought. In December, 1905, Judson Harmon, Cindnnati, was appointed Receiver of both the Pere Marquette Railroad and the Cindnnatti, Hamilton & Dayton Railway and action was taken by the management of the Cincinnati, Hamilton & Dayton to annul the lease to that company.

Details of the reorganization carried out in 1907 are given below.

Mileage as per the Receiver's report of June 30, 1907, is as follows: Road owned:. Miles Controlled: Miles

State Line, Ind., to Grand Rapids, Mich. 1x7. Walkerville to St. Thomas, Ont xa6.78

Benton Harbor to Buchanan, Mich a6.oo Samia to Rondeau, Ont 73.03

Lawton to South Haven, Mich 33'83 London to Pt. Stanley, Ont. (leased by

Allegan to Pentwater, Mich xa7.x8 L. E. & D. R. Ry) 33.66

Grand Rapids to Bay View, Mich 379.32 La Crosse, Ind., to Michigan State Line 34.47

Grand Rapids to Plymouth, Mich 133.53

Grand Ledge to Big Rapids, Mich X4X.88 Total controlled 356.94

Haynor to Stanton, Mich X9.64

Elmdale to Mershon, Midi 102.86

Berry to Big Rapids, Mich 5X.60

Alexis, O. , to Saginaw, Mich 172. x6 Trackage :

Plymouth to Detroit, Mich 28.93 St. Thomas, Ont., to Black Rock and

Ssiginaw to Ludinton, Mich 2x7.40 Suspension Bridge, N. Y t35*8o

Saginaw to Bay City, Mich 23.41 Other trackage to Chicago, etc 120.63

Saginaw to Port Huron, Mich 90.X2

Port Huron to Almont, Mich 30.06 Total trackage 356.43

Saginaw to Bad Axe, Mich 66.X0 Additional business branches 64.21

Port Huron to Grindstone City, Mich. . x 25.62

Alfred, Mich., to Poster, Ind 20.68 Total 3,395,93

Branches Less leased to other companies

Total owned 1,8x8.35 Totol operated 2,362.ix

Locomotives, 429 ; passenger cars, jgo ; freight cars, 18,751 ; floating equipment, 8 river and lake car ferry steamers.

In 1903 the company acquired the Lake Erie & Detroit River Railway Co., Samia to Rondeau, Ont., and Walkerville (opposite Detroit), to St. Thomas, Ont.

In 191 arrangements were made between this company, the Lake Shore & Michigan Southern Railroad for trackagne over its lines to Chicago, and with the Michigan Central for trackage from St. Thomas to Suspension Bridge and Black Rock. The company also made a contract with the Chicago Terminal Transfer Railroad Co. for ninety-nine years for the lease of the latter*s tracks and terminals at Chicago.

In 1903 this company, in conjunction with the Bessemer & Lake Erie Railroad Co., acquired control of the Marquette & Bessemer Dock & Navigation Co., which is the successor of the United States & Ontario Steam Navigation Co.

The amount of stock of the old and new companies will be identical, but the preferred stock of the new company is to be divided into ist preferred 4 per cent., cumulative after years, and ad preferred 4 per cent., non-cumulative.

The Cincinnati, Hamilton & Dayton Railway Co., in June, 1904, acquired $11,000,000 of the common stock.

The first dividend on the preferred stock of the old company was 4 per cent., paid February II, 1901, out of theprofitsof the year 1900. On August 15, 1901, a semi-annual dividend of a per cent, was paid on the preferred, and a a per cent, dividend on February 15, 190a. Rular semiannual dividends were paid on the preferred in February and August at the same nte until February, 1905, inclusive. The xst divided() of i per cent, on the common stock was paid August 17, 1903, and I per cent, was paid December 10, 1903, i per cent. March, 1904, and i per cent, in April, 1905, after which dividends ceased.

Funded Debt

Pere Marquette R. R. cons, mort., due Jan., 1951, 4 per cent., Jan. and July $8,338tOOO

" . ' refunding mort. , 4 p. c. , guar. , due Jan. 1955 , Jan. and J uly. . 9,307,000

" col. trust, 3 to 4 per cent. , due Jan. , 1933, Jan. and J uly 3,870,000

Lake Erie & Det. Riv. Div. ist mort., per cent., due Aug., X9a, Feb. and Aug. . . 3,000,000

Pere Marquette of Ind. mort., guar., 4 per cent., due May, 1943, May and Nov 675,000

F. & P. M. new mort. 6 per cent., due Oct., 1930, April and Oct 4,000,000

" new mort., 4 per cent., due Oct., 1930, April and Oct 1,000,000

cons, mort., 5 per cent., due May, 1939, May and Nov 3,850,000

Toledo Div. ist mort., 5 per cent., due July, 1937, Jan. and July 400,000

" " Port Huron Div. ist mort., 5 per cent., due April, 1939, April and Oct. . . 3*335,000

Chicago & W. Mich. cons, mort., 5 per cent., due Dec., 1931, June and Dec 5,758,000

Chicago & N. Mich., ist mort., guar. 5 per cent., due May, 1931, May and Nov 1,667,000

Detroit, Grand Rapids & W. cons, mort., 4 per cent., due Apru, 1946, April and Oct. 5t379iOOO

Gr. Rap., Belding & Saginaw ist mort., 5 per cent., due March, 1934, Man:h and Sept. 360,000

Western Equipment Co. mort., 6 per cent., due April, 1909, April and Oct 36,000

Sag., Tuscola & Huron R. R. ist mort., 4 per cent., due Aug., 1931, Feb. and Aug... 1,000,000 Marq. & Bessemer Dock & Nav. Co., ist mort., guar. 45 percent., due April, 1933,

April and Oct 396ooo

Marquette Equipment ist mort., guar., 5 per cent., due Oct., 1910, April and Oct. . . . ,000

Eastern Equipment guar, ist mort., 5 percent., due March., 1905-08, March and Sept. 3,613,000

Equipment notes, per cent., due April, 1905-14, April and Oct 1,064,000

Series B Equipment bonds, 5 per cent., due Oct. 1908, April and Oct 13,000

Total $54,173000

Under the plan of reorganisation the new company is to create an issue of $5,000,000 fiveyear 6 per cent, debentures, to be subscribed for by the stockhoklers in order to discharge the floating debt. See below.

The Pere Marquette Railroad consolidated 4 per cent, mortgage is for $50,000,000, of which $26,656,000 was reserved to retire prior bonds. Bonds can be issued at the rate of $30,000 per mile for single and $35,000 tor double track. Trustee of the mortgage, Farmen* Loan & Trust Co., New York.

The Pere Marquette collateral trust bonds, due 1933, are secured by the entire stock of the Lake Erie & Detroit River Railway Co. The bonds are subject to call on any interest day on 60 days* notice. The bonds bear 3 per cent, per annum until July i, 1905, and 4 per cent, thereafter. Trustee, National Trust Co., Limited, Toronto.

The 4 per cent, refunding mortgage is for $60,000,000, and is guaranteed, principal and interest, by indorsement by the Cinannati, Hamilton & Dayton Railway Co. Trustee or the mortgage.

RAILROAD SBCURITIBS aS7

Central Trust Co., New York. Of the total amount, $46,505,000 was reserved to retire prior liens; is to be available for extensions, etc., but not for other improvements, at the rate of $500,000 per annum.

The authorised amount of the Pere Marquette Raih'oad Co., of Indiana, 4 per cent, mortgage is $000,000. The bonds are subject to call at 105 at the company's option, are secured by the Indiana lines and the Chicago extension, and are guaranteed, pnncipal and interest, by the parent mommy and are to be assumed by the new company.

The Lake Erie & Detroit River Division 4K per cent, bonds are secured by the deposit with the Morton Trust Co., trustee, of $3,000,000 5 per cent, bonds of the Lake Erie & Detroit River Railwa] Co., guaranteed by this company.

This company and the Bessemer & Lake Erie Raihroad Co. jointly guarantee the issue of $492,000 per cent, bonds of the Marquette & Bessemer Dock & Navigation Co.

The reorganization plan comprehended the subscription by the old stockholders for the $5,000,000 of 6 per cent, debentures at par, the old stocks taking 50 per cent, of these holdings and receiving 115 per cent, in new ist preferred and lao per cent, in new common for their holdings ; those not subscribing receiving new ad preferred or common stock to the same amount as their original holdings. Payments on subscriptions for the debentures were to be made 15 per cent., December ao, 1907 ; 10 per cent., February i, 1908 ; 15 per cent., March i ; 25 per dent., April i ; 25 per cent.. May i, and 10 per cent., June z, 1908, or if desired in full at any time.

Earnings

Gross Net CharKes Surplus

'97 $5,757,460 $1,428,926 $1,292,380 $136,546

'899 7,207,373 1,624,255 1,375,343 348,9"

90i 9,201,175 3,090,963 1,508,889 583,074

1904 (6 mos. ending June 30) 5,456,935 h i53. 159 997,4i6 155,743

1904-05 (year ending June 30} 13, 108,456 2,216,223 3,238,653 Def. 32,430

1905-06 ( " " ) 13,430,169 2,300,158 3,333,458 Def. 860,947

190607 ( " " ) 14,214,194 3,759,026 3,465,793 Sur. 433,223

In 1903 dividends paid on the old preferred stock were $420,416 ; equipment trust payments, $159,244; improvement fund, $200,000; balance surplus, $213,476. In 1903, preferred dividends, $430,238 ; equipment payments, $513,533 ; surplus, $385,600. In the months ending June 3D, 1904, preferred dividends were $210,195, extraordinary expenditures on account of floods, etc., were $300,384, net deficit $496,488. In the year 1904-05 preferred dividends, $420,440; extraordinary expenditures, $95,526; net deficit, $619,090.

Chairman, George W. Perkins, New York. President and General Manager, WilUam Cotter, Detroit. Vice-Presklent and Comptroller, J. L. Cramer, Detroit. Secretary and Treasurer, J. E. Howard, Cincinnati. Assistant Secretary and Assistant Treasurer, David Bosman, New York. General Solicitor, F. W. Stevens, Detroit,

Directors— George F. Baker, New York. William Cotter, Detroit. W. R. Cross, New York. Edward H. Harriman, New York. Walter B. Horn, New York. H. B. Ledyard, Detroit. John G. McCuUough, South Bennington, Vt. George W. Perkins, New York. Norman B. Ream, Chicago. George A. Richardson, New York. H. F. Shoemaker, New York. Charles Steele, New York. Frederick W. Stevens, Detroit, F. D. Underwood, New Yoric. George W. Young, New York.

Main office, Detroit. Annual meeting, first Wednesday in October, at Detroit.

Ph/U Delphi A, Baltimore A Washim6T0Ii Railroad Co.

(Controlled by Pennsylvania Railroad Co.)

A corporation formed November i, 1902, by consolidation of the Philadelphia, Wilmington & Baltimore Railroad Co. and the Baltimore & Potomac Railroad Co. It is controlled by the Pennsylvania Railroad Co., which, with its controlled company, the Northern Central Railway Co., owns practically the entire stock of the company.

Road owned, Philadelphia to Washington, 136 miles ; branches, 79 miles ; total, 215 miles ; leased, controlled and worked, Delaware Railroad and branches, 249 miles ; Delaware, Maryland & Virginia Railroad, 98 miles ; Philadelphia & Baltimore Central Railroad, 80 miles ; Philadelphia & Delaware County Railroad, la miles ; Columbia & Port Deposit Railway, 43 miles ; Junction Railroad, 3 miles ; South Chester Railroad, 4 miles ; total, 488 miles ; total operated, 706 miles. Locomotives, 323 ; passenger cars, 395 ; freight cars, 3,844 ; service cars, 507.

Stock Par $50 Authorised, $95,350,400 Issued, $95ii379So

Stock is transferred at the office of the company, Philadelphia.

The first dividend on the stock of the new company was a per cent, semi-annual, paid December 31, 1903, and the subsequent dividends paid in June and December have been at the same rate, or 4 per cent, per annum.

Funded Debt

Phil., Bait. & Wash, mort., 4 per cent., guar., due Nov., 1944, May and Nov $10,570,000

Phila., Wilm. & Balto. plain bonds, 5 per cent., due June, 19x0, June and Dec. 1,000,000

" plain bonds, 4 per cent., due April, 19x7, April and Oct x,ooo,ooo

" plain bonds, 4 per cent., due Nov., 193a, liar, and Nov 1,000,000

" " plain bonds, 4 per cent., due Jan., 1936, Jan. and July 99C>,ooo

" plain bonds, 4 per cent., due Oct., 1033, April and Oct 1,000,000

Baltimore & Potomac xst mort. (tunnel), 6 per cent., due July, X9X1, Jan. and July. . 1,500,000 " ist mort., 6 per cent., due April, 19XX, April and Oct 3,000,000

Total $90,000,000

The old bonds of the Philadelphia, Wilmington & Baltimore Railroad Co. are simple obligations of the company, not secured by mortgage.

The new mortgage of the present company was authorised in January, 1904. The amount is $90,000,000, the boncu being guaranteed, principal and interest, by the Peimsylvania Railroad Co.

Earninos Year ending October 31

Groa Net Chazses Surplus

1897-98 (669 miles) $9,601,563 $9,0x1,799 $1,809,079 $1,109,736

1899-00 f " " ) ii,324,53x 4,095*194 9,364,135 i.730998

1903 ri4 mos. ending Dec. 31) 14,341,899 5.336,641 9,056,071 3180,569

1904 (year " ) 13,603,863 3.34S,65o 1,995,570 1,190,079

1905 (" " ) 14,676,304 3,880,186 1,996,491 9,653,765

1906 ( " " " ) 15,941,341 4,935,037 i,45,484 9,789,55a

No full report for the year 1901-02 was issued.

In 1899-1900 the surplus over dividends paid was $903,644; in 1900-01, surplus, $1,461,388; in 1903, surplus, $3,918,798. In 1904, surplus $i,x8o,5i3, which sum was applied to extraordinary expenditures. In 1005, surplus $1,7x4,093 ; in 1906, $3,783,553.

President, James McCrea, Philadelphia. Vice-President, John P. Green, Philadelphia. Vice-Presieent, Charles £. Pugh, Philadelphia. Vice-President, Samuel Rea, Philadelphia. Vice-President, John B. Thayer, Philadelphia. Vice-President and Treasurer, Henry Tatnall, Philadelphia. Secretary, Lewis Neilson, Philadelphia.

Directors— William H. Barnes. Philadelphia. R. Dale Benson, Philadelphia. Christian C. Febiger, Philadelphia. John P. Green, Philadelphia. German H. Hunt, Easton, Md. Preston Lea, Wilmington, Del. Edward Lloyd, Easton, Md. James McCrea, Philadelphia. Charles E. Pugh, Philadelphia. John B. Ramsey, Baltimore. Samuel Rea, Philadelphia. N. Parker Shortridge, Philadelphia. Henry Tatnall, Philadelphia. John B. Thayer, Philadelphia. Douglas H. Thomas, Baltimore. Alfred D. Warner, Wilmmgton.

Main office. Broad Street Station, Philadelphia. Annual meeting, second Monday in Januaiy at Wilmington, Del.

The Philippine Railway Co.

A corporation formed under the laws of Connecticut, March 5, 1906. It received on July 13, 1906, from the Government of the Philippines, a concession to build and operate about 300 mila of railroad in the Islands of Panay, Negros and Cebu. Surveys for the greater part of the lines have been completed and work is in progress upon various secuons and 40 miles on the Island of Cebu, from the town of Cebu to Danao, and from Cebu to Carcar are completed and in operation. The concession was granted in conformity with an Act of Congress, passed in 1905, and was approved by the Secretary of War of the United States. See below for terms of guarantee of interest on the company's bond by the Philippine Government.

In lieu of taxes the company, during the Ute of its bonds, is to pay of i per cent, of its annual gross earnings.

The company was financed by a syndicate headed by William Salomon & Co., New York. Stock Par $100 Authorised $5,000,000 Issued $5,000,000

Transfer Agent and Registrar, Bankers Trust Co., New York.

RAILROAD SBCURITIBS aS9

Funded Debt ist mort, 4 per cent., gold guar., due July, 1937, Jan. and July $1,545,000

The authorised amount of the ist mortgage is $15,000,000. Trustee of the mortgage and agent for the payment of interest. Bankers Trust Co., New York.

The Government of the Philippines, under the terms of the concession, guarantees interest on the 4 per cent, ist mortgage bond of the company to be issued to the extent of 95 per cent, of the cost of constructing completed lines ; but any advances by the Government for interest becomes a cumulative lien on the road subject to that of the ist mortga|;e. The whole issue maybe retired at no and interest on any interest date. A conditional sinking fund is to begin July I, 191 1, and bonds may be drawn for same at no and interest.

Chairman, William Salomon, New York. President, Charles M. Swift, Detroit. Vice- President, Frederic H. Reed, New York. Vice-President, Clarence McK. Lewis, New York. Vice-President and Chief Engineer, William B. Poland, Manila, P. L Vice-President and Assistant Treasurer, Stewart Waller, New York. Secretary, P. H. Ashmead, New York. Treasurer, J. M. Weinberger, New York.

Directors— C. R. Edwards, Washington, D. C. Thomas H. Hubbard, New York. Clarence McK. Lewis, New York. Frank Mclntyre, Washmgton. William Barclay Parsons, New York. Alonzo Potter, New York. Frederic H. Reed, New York. William Satomon, New York. Charles M. Swift, Detroit. ComeUus Vanderbilt, New York. J. G. White, New York.

Corporate office, Hartford, Conn. New York office, 43 Exchange Place, New York. Annual meeting, first Monday in March, at Hartford.

The Pittsbur6 Lake Erie Railroad Co.

Road owned, Pittsbure to Youngstown, O., 68 miles; branch, 4 miles; total, 73 miles. Leased, the Pittsburg, McKeesport & Youghiogheny Railroad, Pittsburg to New Haven, Pa., with branches, iis miles; other leased lines, 7 miles; total operated, 191 miles. It was announced in January, 1907, that the line from Pittsburg to Youngstown would be made fourtrade Locomotives, 199 ; passenger cars, 134 ; freight cars, 15,266 ; service cars, 195.

The road is operated in harmony with the Vanderbilt system, the Lake Shore & Michigan Southern owning a controlling interest in the property. This company has an interest of 59*850 in the stock and securities of the Pittsburg, Chartiers & Youghiogheny and 7?3f93i in the stock and securities of the Monongahela Railroad. This company has a one-half interest in the railroad properties of the Little Kanawha Syndicate, which includes the Little Kanawha Railroad, Bumsville & Eastern Railroad, Buckhannon & Northern Railroad, Belington 8t Northern Raibroad, Parkersburg Bridge & Terminal Railway, Marietta, Columbus & Cleveland Railroad, and Zanesville, Marietta & Parkersburg Railroad. Also a half interest in the Green County Railroad Syndicate, owning railroad properties and franchises in Green and Washington counties, Pa. Stock Par $50 Authorised, $30,000,000 Issued, $10,000,000

The authorized stock was increased from $4,000,000 to $8,000,000 in January, 1903, to provide for building four tracks and other improvements. In June, 1903, the stock was further increased to $10,000,000, the additional $a,ooo,ooo being allotted to stockholders at par. At a meeting called for 28, 1907, stockholders are to vote on an increase of the authorised stock to $30,000,000.

Stock is transferred at the office of the company, Pittsburg. Registrar, Union Trust Co., Pittsburg.

From 189a to 1905 the company paid 10 per cent, per annum on its stock, the dividends being semi-annual, 5 per cent each, in February (i) and August. In 1906 the August dividend was 6 per cent., making ix per cent, for that year, and in 1907 12 per cent, was paid for the year.

1st mort., 6 per cent, due Jan., 1908, Jan. and July $2,000,000

ad mort, 5 per cent., series A, due Jan., 1908, April and Oct 1,000,000

series B, due Jan., i938t April and Oct 1,000,000

Securities of Pittsburo, McKeesport & Youghiogheny Railroad

Pitts., McKeesport & Youg. stock, guar., 6 per cent., Jan. and July $3t959i65o

" ist mort., guar., 6per cent., due July, 1932, Jan. and July. 2,250,000

" ad mort., guar., 6 per cent., due July, i934t Jan. and July. 1,000,000

McK. & Belle Vernon, ist mort, w/guar., 6 percent., due July, 1918, Jan. and July. . 600,000

Total $78o9,65o

96o THE MANUAL OP STATISTICS

Earnings

GrcMS Net Surplus

i8g8 (iSo miles) $5.07ii376 $1,407,6x1 $700,331 $707.a8o

1899/" ) 5,875,371 1,608,934 701,575 901,348

1900 ( " " ) 7,145,033 1,699,510 818,585 880,935

" ) 8,047,167 i,789,i7 838,539 950,643

" ) 10,098,707 3,336,473 850,575 1,385,897

" ) 11,380,139 3,494,077 863,607 1,631,470

904(*' " ) 10,035,510 3,333,685 860,795 i,47,890

1905 (" " ) 13,837,736 3,018,558 875,631 a,i4a,97

>9o6 ( " " ) 14,481,495 3,376,538 891,507 3,485.001

i907( ) 14,904,401 3,463.907 963,566 3,500.341

The operations ot the Pittsburg:, McKeesport & Youghiogheny are included with those of the Pittsburg & Lake Erie, and its rental is included in the charges of the latter company.

President, William H. Newman, New York. Vice-Presidents, J. M. Schoonmaker, Pittsbuig. Vice-President, Edward V. W. Rossiter, New York. Vice-President, John Caratensen, New York. Vice-President, Charles F. Daly, New York. Vice-President, Albert H. Harris, New York. Secretary, Dwight W. Pardee, New York. Treasurer and Assistant Secretary, John G. Robinson, Pittsburg. Auditor, E. H. Kennedy, Pittsburg.

Directors— John B. Jackson, Pittsbure. J. Pierpont Morgan. New York* William H. Newman, New York. John G. Robinson, Pittsbuiig. William Rockefeller, New York. James M. Schoonmaker, Pittsburg. Hamilton McK. Twombly, New York. Frederick W. Vanderbilt. New York. William K. Vanderbilt, New York. William K. Vanderbilt, Jr., New York. .Mark W. Watson. Pittsburg. D. Leet Wilson, Pittsburg.

Main office, New Termmal Station, Pittsburg. Annual meeting, fourth Tuesday in January, at Pittsburg.

Pittsburg, Bessemer A Lake Erie Railroad Co.

(Leased to Bessemer & Lake Erie Raikoad Co. and controlled by United Sutes Steel Corporation)

Road owned. North Bessemer, Pa., to Conneaut Harbor, O., 144.57 miles; branches, 31.97 miles ; leased, 31.74 miles ; trackage, New York, Chicago & St. Louis Railroad, Wallace to Erie, Pa., 13.90 miles; total operated, 301.18 miles. Company owns large terminals at Erie, Pa., and Conneaut, O.

This company is a consolidation, December, 1896, of the Pittsburg, Shenango & Lake Erie Railroad Co. with the Butler & Pittsburg Railroad. The main line of the Pittsbuig, Shenango & Lake Erie extended from Butler, Pa., to Wallace Junction, Pa., with branch to Conneaut Harbor, O. The Butler & Pittsburg was incorporated April, 1896, and was controlled by the Carnegie Company. Its line, completed in October, 1897, is from Butler, Pa., to Bessemer, Pa., joining there the union Railway, a belt line owned br the Carnegie Company and oonnectin its various industrial establishments along the Monongahela River.

In January, 1001, this property was leased for 999 vears, from April 1, 1901, to the Bessemer & Lake Erie Railroad Co., which was also controlled by the Carnegie Company. Under the terms of lease the lessee guaranteed 6 per cent, per annum on the preferred and 3 per cent. per annum on the common stock in the hands of the public The Carnegie Company piuarantaes the lease, and control of this property passed with the Carnegie Company to the united States Steel Corporation.

The preferred stock is 6 per cent., cumulative. The preferred stock was created in 1899 to provide for the company's floating debt, and $1,500,000 of it was issued in 189 In December, 1900, the common stockholders were given the right to subscribe for the remaining $500,000 of preferred.

Transfer Agent for common stock. United States Trust Co., New York. Registrar, United States Mortgage & Trust Co., New York. Transfer Agent for preferred stock, Union Trust Co., Pittsburg. Registrar, Fidelity Title & Trust Co., Pittsburg.

Full dividends of 6 per cent, per annum are rularly paid on the preferred stock ia semi-annual payments of 3 per cent, each, June (1) and December. The guaranteed 3 per cent, dividends on the common are paid senu-annually, per cent, each, in April and Octooer.

Funded Debt

Pitts., Shenango & L. E., ist mort., 5 per cent., due Oct., 1940, April and Oct $3,000,000

" consolidated mort., 5 per cent., due July, 1943, Jan. and July. 7,000

Pitts., Bessemer & L. E., cons, mort, 5 per cent., due Jan., 1947, Jan. and July . . . . 6,343,000

debentures, 5 percent, due June, 1919, June and Dec... a,ooo,oQo

Railroad Securities 961

Funded DExrr-Continited

Conneaut, Bessemer & Lake Erie, due 1908, 6 per cent., March and Sept $60,000

Shenan " due 1904-13, 5 per cent., April and Oct. 437,000

Greenvule due 1911-ao, 5 per cent.. May and Nov 1,000,000

ButJer 5 per cent., due April, 1921, April and Oct 2,050,000

Total $15,547,000

The Pittsburg:, Shenango & Lake Erie consolidated mortgage of 1943 is for $4,800,000, of which $3,000,000 was reserved to retire the ist mortgage bonds ; $1,350,000 was used for retirement and cancellation of indebtedness of the JBrie Terminal and Conneaut Terminal companies.

The consolidated mortgage of the Pittsburg, Bessemer & Lake Erie is for $10,000,000. Of this issue $2,400,000 was given to stockholders of the Butler & Pittsburg as part consideration for consolidation, $4,800,000 was reserved to retire mortgage indebtedness of Pittsburg, Shenango & Lake Erie at maturity and balance held for corporate purposes under terms of mortgage. The car trusts mature in yearly instalments. The 5 per cent, debentures were created in 1899 and are $9,000,000, authorised.

The Marquette & Bessemer Dock & Navigation Co., in connection with this company, operates boats to cany coal between Conneaut and Port Dover, Ont.

Earnings are now included in those of the lessee, the Bessemer & Lake Erie Co.

Pzeddent, James H. Reed, Pittsburg. Vice-President, E. H. Utley, Pittsburg. Secretary and Treasurer, Geom W. Kepler, Pittsburg.

Main office, 434 Fifth avenue, Pittsburg.- Annual meeting, first Tuesday in April, at Pittsburg.

PITTSBURe, CIHCIHHATI. CHICMBO ST. LOUIS RAILWAY CO.

(Controlled by the Pennsylvania Company)

This road is known widely as the Pan Handle System.

A corporation formed October i, x8oo, by consolidation of the Pittsburg, Cincinnati & St. Louis Railway Co., the Chicago, St. Louis & Pittsburg Railroad Co., the Jeflersonville, Madison & Indianapolis Railroad Co. and the Cincinnati & Richmond Railroad Co. Road owned and controlled, main line, 943.50 miles ; branches, 1644 miles; total owned, 1,1x3.94 miles; leased. Little Miami Railroad Co., 1986 miles ; Chartiers Railway, 33.53 miles ; Pittsburg, Wheeling & Kentucky Railroad Co., 38.03 miles; other lines, 3.56 miles; operated jointly, 56.99 miles; total operated, 1,438.97 miles. In November, 1907, the merger of the Chartiers Railway Co. with this company was ratified.

The Cincmnati & Muskingum Valley Railroad Co., 148 miles ; the Pittsburg, Chartiers & Youghiogheny Railway Co., 3i miles, and the Wa3mesburg & Washington Railroad Co., 38 miles, are controlled by the company but are operated by their own organisations.

Locomotives, 6x7 ; passenger cars, 455 ; freight cars, 33,98 ; service cars, x,ooa

This company is controUea by the Pennsylvania Railroad Co., which, with the Pennsylvania Company, $14,587,500 common and $33,470,700 preferred stock.

There are unexchanged stocks and scrip of the old companies to the amount of over

The preferred stock is non-cumulative. After the preferred stock receives 4 per cent per annum the common receives 3 per cent., then preferred i per cent, more ; but when the common shall have received 3 per cent, additional, or 5 per cent, in all, subsequent earnings are to be divided equally.

In 1911 the preferred stock of the company was increased by the issue of $4,750,000 new stock. The stockholders of the company were offered the right to subscribe at par for the new preferred stock to the extent of xo per cent, of their holdings, subscriptions to be paid in full on or before December X5, X903. In December, X907, the common stock was increased by $3,868,800, part of which was exchanged for stock of the Chartiers Railway Co. and part was given in settlement of the Pennsylvania Company's advances to this company.

Transfer Agent, Farmers* Loan & Trust Co., New York. Registrar, National Bank of Commerce, New York.

The November, X894, dividend on preferred was passed and none was paid until January, 1896, after which Uiere was another suspension of dividend payments until X899, when 3 per cent, was paid. The February, X900, dividend on preferred was increased to 3 per cent., and regularly paid in January (15) and July, being 4 per cent, per annum, until July, i9o6,when the halfyearly rate was increased to 3K per cent., or 5 per cent, per annum.

The first dividend on the common stock was x per cent., paid August x5, 190X. On February 15, 1903, per cent, was paid on the common, which was the regular rate of the sub-

a6a THE MANUAL OF STATISTICS

sequent semi-annual dividends, paid in February (15) and August, until February, 1907, when it was increased to 2 per cent., placing the common stock on a 4 per cent, basis.

Funded Dert

Consolidated mort., Series A, per cent., due Oct., 1940, April and Oct $10,000,000

" Series B, per cent., due April, 1943, April and Oct 8,786,000

" " Series C, 4j4 per cent., due Nov., 1943, May and Nov 1,379,000

Serieis D, 4 per cent., due Nov., 1945, May and Nov 4,983,000

Series £, per cent., due Aug., 1949, Feb. and Aug 8,711,000

Series F, 4 per cent., due 1953, June and Dec 10,000,000

" Series G, 4 per cent., due 1957 6,000,000

Chic, St. L. & Pitts., cons, mort., 5 per cent, due Oct., 1933, April and Oct 1,506,000

JeffersonviUe, Mad. & Ind., ad mort., 7 per cent, due July, 1910, Jan. and July. . . . 1,967,000

Steubenville & Ind., xst mort., extended, 5 per cent., due Jan., 1914, Jan. and July. . 3,000,000

Chartiers Ry., ist mort., per cent due Oct, 195 1, April and Oct 635,000

Total $56,957,000

On December 31, 1906, there were car trusts outstanding for $10,093,795.

The consolidated mortgage is for $75,000,000, of which $19,631,000 was reserved to retire underlying bonds. The six series of these bonds are all secured by the same mortgage , Fanners' Loan & Trust Co. and W. N. Jackson, Trustees. The bonds are guaranteed, principal and interest, by the Pennsylvania Co. Interest is paid at the Farmers' Loan & Trust Co., New York.

In 1899, $8,aoo,ooo of per cent consols, series D, were sold to provide for refunding $6,863,000 Pittsburg, Cincinnati & St. Louis consolidated 7s, maturing August i, 1900, and $1,400,000 Indianapolis & Vincennes 3d 6s, due May i, 1900. The $9,000,000 of 4 per cent, consols, series F, were issued and sold in 1904 to refund the Columbus & Indiana Central ist and 3d mortgage 7 per cent, bonds, which matured November x, 1904, and to provide for improvements.

Earnings Grou Net Charges Surplus

1898 ( " ) 16,33,979 4,690,793 3,524,785 X, 166,006

1899 ( " " ) 18,104,436 5,121,186 3,510,105 1,7x1,081

X90o( " ) 33,364,933 5,977,091 3,594,741 a,38,350

" ) 38,960,821 6,231,035 3795,294 2,435,743

" ) 31,051,601 7,552,959 3,472,647 4,080,311

1906 ( " " ) 34,485,500 8,180,044 3,663,457 4,517.586

Include result of operating leased roads.

President, James McCrea, Philadelphia. Vice-President, Joseph Wood, PitUburg. Vice- President, J. J. Turner, Pittsburg. Vice-President, Edward B. Taylor, Pittsburg. Vice-President, Daniel T. McCabe, Pittsbuig. Secretary, S. B. Liggett, Pittsburg. Treasurer, T. H. B. McKnight, Pittsburg. Comptroller. John W. Renner, Pittsburg.

Directors — William H. Barnes, Philadelphia. Briggs S. Cunningham, Cincinnati. Samuel S. Dennis, Newark, N. J. John P. Green, Philadebhia. Daniel T. McCabe, Pittsburg. James McCrea, Philadelphia. Effingham B. Morris, Philadelphia. G. L. Peck, CincinnaU. Samuel Rea, Philadelphia. N. Parker Shortridge, Philadelphia. Edward B. Taylor, Pittabuig. J. J. Turner, Pittsburg. Joseph Wood, Pittsburg.

Main office, Union Station, Pittsburg. Annual meeting, second Tuesday in April, at Pittsburg.

Pittsburg, Fort Wmyhe A Chicago Rmilwmy Co.

(Leased to Pennsylvania Railroad Co.)

A corporation formed in 1863 as a reorganization of a company of the same name which was foreclosed in 1861.

Road owned, Pittsburg to Chicago, 470 miles ; branches leased, 37 miles ; total, 497 miles,

The special stock has been issued to lessee from time to time in payment for imp and additions to the property, and is all held by the lessee, which has deposited security for its own bonds.

Railroad Securities 263

Tiansfer Agents, Winslow, Lanier & Co., 59 Cedar street, New York. Registrar, National Bank of Commerce, New York.

Dividends of 7 per cent, per annum, are paid on regular stock in quarterly payments of i){ per cent., on the Tuesday after the first Monday;, in January, April, July and October. The quarterly dividends on the special stock are likewise per cent, quarterly, in January, April, July and October.

Funded Debt

ist morL, 7 per cent, Series A to K due July, 191a, various. $5,250,000

ad mort., 7percent., " G to M, due July, loia, " 5,160,000

3d mort., 7 per cent, due July, 19x2, April and Oct , a,ooo,ooo

Total $xa,4io,ooo

xst mortgage bonds are in six series, A, B, C, D, £, F, of $875,000 each ; ad mortgage bonds in six series, G, H, I, K, L, M, $86oi,ooo each, the only di£ference being in the months when interest is payable. There are $3,223,500 of the xst mortgage and $3,576,000 of the ad mortgage bonds held in the sinking funds for those issues. Interest on all the bonds is paid at the office of Winslow, Lanier & Co., New York.

President, Charles Lanier, New York. Secretary and Treasurer, John B. Upham, New York.

Director*— John P. Green, Philadelphia. John S. Kennedy, New York. Charles Lanier, New York. Lewis Cass Ledvard, New York. James McCrea, Philadelphia. Charles McCoUocb, Fort Wayne, Ind. John J. Mitchell, Chicago. Samuel Rea, Philadelphia. E. B. Taylor, Pittsburg. J. J. Turner, Pittsburg. Henry C. Umer, Cincinnati. Joseph Wood, Pittsbuiig.

Main office, 10x3 Penn avenue, Pittsbure. Fiscal Agents, Winslow, Lanier & Co., New York. Aimual meeting, third Wednesday in May, at Pittsburg;.

The Pittsbur6. Shawhut A Kortherk Railroad Co.

A corporation formed under the laws of New York and Pennsylvania, August i, x. The company was a consolidation of the Bufifak), St. Mary's & Southwestern Railroad Co., Mill Creek Valley Railroad Co., Mount Jewett, Clermont & Northern Co., the Smethport & Olean Railroad Co., The Central New York & Western Railroad Co. and The Central New York & Northern Railroad Co. The company was reorganized without foreclosure in X90X.

Road owned, Wayland, N. Y., to Hydes, Pa., 134.57 miles ; branches, aa46 miles ; controlled, Clarion River Railway, xa miles ; leased, 28.86 miles ; trackage, 21.64 miles ; total, 2x7 miles. Locomotives, 34 ; passenger cars, 2a ; freight cars. 3,536.

The company owns the capital stock of the Shawmut Mining Co., which has x,8x4 acres of coal land and mineral rights in Elk Countv, Pa.; also the Kersey Mining Co., whioi has x5,ooo acres of coal and mineral rights in Elk and Je£ferson Counties, Pa.

In August, X905, a Receiver was appointed, and up to 1908 no plan of reorganization had been formulated.

An extension from Hydes, Pa., to Freeport, 6.4 miles, under the title of the Brookville & Mahoning Railway Co., was completed and leased in 1907, being controlled in the interest of this company. Stodc Par $100 Authorized, $x5,ooo,ooo Issued, $x5,ooo,ooo

Transfer Agent, New York Trust Co., New York. Registrar, Central Trust Co., New York.

Funded Debt

ist mort., 5 per cent., gold, due Feb., X9M9. Feb. and Aug $x64,ooo

New mort., 4 per cent., due Feb., X952, Feb. and Aug i4,49x,6oo

Total

Receivers* certificates for $1,300,000 were authorized in 1906, of which $802,000 bearing 5 per cent, interest, due March, 19XX, and redeemable at par, have been issued. There were car trusts outstanding, June 30, X007, for $334,000.

In February, X902, holders of the old 5 per cent, bonds were asked to deposit them with the Central Trust Co. of New York under a plan to exchange them, dollar for dollar, for bonds of a new issue of $15,000,000 4 per cent. 50-year gold bonds, interest for 2 years on the 5 per cent, books to be funded in advance in the new 4 per cent bonds. This plan was formulated and carried out in order to provide for the completion of the road, all the 5 per cent, bonds being exchanged excepting $164,000 still outstanding. The $15,000,000 morta|:e covers, in addition to the railroad, X3,8x4 acres of coal land belonging to the Shawmut Co. and about

3& The Manual Op Statistics

i5ooo acres of coal land belonging: to the Kersey Mining: Co., all the stock of which companies is owned by the railroad

Earnxnos Year ending: June jo

Gross Net Charges Deficit

'903-03 $680,796 $266,111 $341,595 $74,483

1903-04 843,ao8 167,640 391,143 133,498

Taxes are included in the charg:e8.

Receiver and Acting-President, Frank Sullivan Smith, New York. Secretary, Lewis F. Wilson, New York. Treasurer, Harry M. Goug:h, New York. Auditor and Comptroller, Henry S. Hastings, St. Mary*s, Pa.

Diractors— Crge C. Atkins, New York. Charles E. Barrett, New York. William W. Clark, Wayland, N. Y. Frank H. Davis, New York. F. W. Frost, New York. Harry M. Gough, Jersey City. NewcU C. Knight, Chicago. Frederic H. Ridgway, New York. George B. Sheppard, New York. Frank SuUivan Smith, Angelica, N.Y. Edwin E. Tait, Bradford, Pa. Lewis K Wilson, New York.

Main office, Angelica, N. Y. New York Office, 60 Wall street. Annual meeting:, aeoond Monday in January, at Angelica, N. Y.

Pittsburg Terkikal Railroad Coal Co.

(Controlled by Wabash-Pittsburg Terminal Railway Co.)

A corporation formed under the laws of Pennsylvania, April 33, 1903. The company owns about 15,000 acres of coal land and 700 acres of surface lands in Allegheny and washing:ton Counties, Pa., its mines having a daily capacity of 14,000 tons of coal.

In 1903 this company acquired all but $15,000 of the $x, 080,000 stock of the West Side Belt Railroad Co., which has a bdt railroad from Pittsburg to Clairton, Pa., 30 miles, and branch, a miles, with sidings and spurs, making over 35 miles of tracks. The West Side Belt Railroad is operated through its own management.

In September, 1904, the Wabash- Pittsburg Terminal Railvray Co. acquired this company's stock.

In November, 1904. the coal mines owned by this company were leased to the Pittsburg: Coal Co. See statement of the latter company in the Industrial Section of the Manual. Stock Par $ioa Authorised, $14,000,000 Issued, $14,000,000

Transfer Agent, Colonial Trust Co., Pittsburg. Registrar, Fanners* Deposit National Bank, Pittsburg.

Funded West Side Belt ist mort., 5 per cent, due Sept., 1937, March and Sept $383,000

The company has an authorised issue of $7,000,000 ist mortgage bonds, due July, 194a, January and July, of which $3,300,000 are deposited as security for company's consolidated 45 per cent, mortgage.

The company also has an authorized issue of $14,000,000 consolidated per cent, bonds, due 1955, of which $3,800,000 have been issued.

President, F. A. Delano, Chicago. Vice-President, B. A. Worthington, Pittsburg. Secretary and Treasurer, Henry B. Henson, New York. Assistant Secretary and Auditor, R. L. Porter, Pittsburg. Assistant Treasurer, J. D. Stidger, Pittsburg.

DirectOTs—H. J. Booth, Pittsburg. F. A. Delano, Chicago. Edwin Gould, New York. George J. Gould, New York. Edward T. Jeffery, New York. Willis F. McCook, Pittsbtti. Benjamin NicoU, New York. R. L. Porter, Pittsburg. F. H. Skekling, Pittsburg. J. G. Stidger, Pittsburg. B. A. Worthington, Pittsburg.

Main office, farmers* Bank Building, Pittsburg. Annual meeting, first Monday in May, Pittsburg.

Pro¥Ideiice Worcester Railroad Co.

(Leased to New York. New Haven & Hartford Raihnoad Co.)

Road owned, Providence, R. I., to Worcester, Mass., 44 miles; branch, 7 miles; total, 51 miles, 5 miles of which is owned jointly with Boston & Providence. Stock Par $100 Authorised, $3,500,000 Issued, $3,500000

Railroad Bbguritibs 265

Stock is transferred at the office of the company, Providence, R. I. Registrar, Rhode Island Hospital Trust Co., Providence.

Dividends under the lease or 10 per cent, per annum and are paid quarterly, per cent, eadi, in March (30), June, September and December.

Funded Debt ut mort., 4 per cent, due Oct., 1947, April and Oct $1,500,000

Agent for the payment of interest, Rhode Island Hospital Trust Co., Providence.

Leased May i, 1888, to New York, Providence & Boston. That road was accuiied in 1892 bf the New York, New Haven & Hartford, which company took a new lease of this road for 99 Tears, guaranteeing 10 per cent, per annum on stock. The 6 per cent, ist mortgage, maturing October, 1897, was refunded in 50-year 4 per cent, currency bonds.

President, Walter F. Anp:ell, Providence.R. I. Treasurer and Clerk, W. A. Leete,'Providence.

Main office, 144 Westmmster street. Providence, R. I. Annual meeting, second Wednesday in December, at Providence.

The Quebec Cektrml Railway Co.

A corporation formed under the laws of the Dominion of Canada. Road owned. Sherbrooke to Hariaka Junction, Que., 137 miles; Tring Junction to Megantic, 60 miles; branches, 24 miles ; trackage, HarLaika Junction to Levis, Que., 5 miles ; total operated, 237 miles. Locomotives, 25 ; passenger cars, 41 ; freight cars, 713. Stock Par ;25 Authorised, ;f694,8so Issued, $3,381,603

Stock is transferred by the Secretary of the company, London, Eng.

Funded Debt

New income bonds, 7 per cent., redeemable 1922, interest annual, j338,ooo $1,644,933

Debenture stock, 4 per cent., j283,i37 af335207

" 3 pw cent., redeemable after 1922, ;338,6oo, Jan. and July 1,644,933

Total $5,635,073

Interest on the bonds is payable in London, Eng.

In 1890, per cent, was paid on the new income bonds ; in 1900, per cent.; in 1901, 1% percent.; in 190a, 25 percent.; in 1903, 9% per cent; in 1904, 4 per cent.; in 1905, per cent, and in 1906, 7 per cent.

In 190Z the company created a 3 per cent. 2d debenture stock and gave holders of the income bonds the privilege of exchanging jioo of the latter for ;5o of the 2d debenture stock and ;£'5o in a new 7 per cent, income bond.

EaritinOS Groa8 Net

I9Q4- 778.969 238,596

President, Edward Dent, London, Eng. Vice-President, Frank Grundy, Sherbrooke, Can. Secretary, C. D. Brassey, London. Geral Manager, John H. Walsh, Sherbrooke.

Directors — Alexander Bremer, London. L. A. Carrier, Levis, Que. Eklward Dent, London. Frank Grundy, Sherbrooke. Thomas Lindley, London. Frederick H. Norman, London.

Main office, 5 Great Winchester street, London, Eng. Operating office, Sherbrooke, Can. Annual meeting in May, at London.

QUEBEC, MONTREAL t SOUTHERN RAILWAY CO.

(Controlled by The Delaware & Hudson Co.)

A corporation formed under the laws of the Dominion of Canada in 1906, to take over the Quebec bouthem Railway and the South Shore Railway, which were sold under judicial proceedings by order of the Canadian Exchequer Court in November, 1905, and were purchased m the interest of The Delaware & Hudson Co. See the Manual for 1906 for statement of the Quebec Southern Railway.

Road owned, Noyan Junction, Que., to St. Roberts Junction, 83 miles, and St. Lambert, Que., to Pierreville, 62 miles ; total, 145 miles. An extension of the line from Pierreville to Philomene, 48 miles, is nearing completion, and it is proposed to extend the line from St.

s66

The Manual Op Statistics

Philomene to a connection with the Quebec bridge at Chaudicre Junction, a further diftanoe of about 49 miles.

The Delaware & Hudson Co. acquired the Napierville Junction Railway, from Rouses PoiLt to St. Constant, and arrangements are under way for the consolidation of that line with the Quebec, Montreal & Southern Railway Co. Stock Par $ioo Authorized $2,000,000 Issued $z,ooo,ooo

All of the company's stock is held by The Delaware & Hudson Co.

The company has no funded debt ; but in February, 1908, $6,000,000 certificates of indebtedness, bearing 6 per cent, interest, were issued to The Delawan* & Hudson Co., to cover advances for construction, completed and under way. These certificates replaced notes for the same amount issued in February, 1907.

President, L. F. Loree, New York, ist Vice-President, C. S. Sims, Albany, N. Y. ad Vice-President, W. H. Williams, New York. Secretary, J. Beique, Montreal. Treasurer, Charles A. Walker, New York.

Main office, Montreal. Annual meeting, second Wednesday in September, at Montreal.

Raleigh Charlestok Railroad Co.

A corporation formed under the laws of North Carolina, December, 5, 1905. The company b a reorganization of the Carolina Northern Raihoad Co., which was foreclosed in 1905.

Road owned, Lamberton, N. C, to Marion, S. C, 41 mile?. Extension to Charleston, S. C, is planned. Locomotives. 4 ; passenger cars, 3 ; freight cars, 15. Stock Par $zoo Authorized $850,000 Issued $850,000

Transfer Agent and Registrar, International Trust Co., Baltimore.

Funded Debt

Prior lien mort., 4 per cent., due Feb., 1956, Feb. and August $350,000

Consolidated mort., up to 4 per cent., due Feb., 1956, Feb. and August 900,000

Total

The prior lien bonds were issued in connection with the reorganization to retire Receivers' certificates and provide for improvements. Trustee for the mortgage and agent for the payment of interest, Intematioral Trust Co., Baltimore.

The consolidated mortgage is for $1, 000,000, of which $350,000 were reserved to retire the prior lien bonds and $450,000 for improvements. Trustee for the mortgage and agent for the payment of interest, International Trust Co., Baltimore. The mortgage provides that for the first four years from February i, 1906, coupons shall be paid up to 4 per cent, in ouh if earned. Any unpaid balance to be paid in 6 per cent., ten years' scrip, subject to call at par.

An extension of the road from Marion southwestward about miles was finished in March, 1908. To provide for this work the company authorized an issue of $35,000, 8 per cent. Southern Extension ist mortage bonds, due February, 1913.

Earnings Year ending, June 30

Grow Net

President, John Skelton Williams, Richmond, Va. Vice-President, John Graham, Philadelphia. Secretary and Treasurer, C. T. Williams, Richmond. Auditor, W. R. Storrs, Richmond.

Directors— Robert L. Forrest, Philadelphia. D. H. Gordan, Baltimore. Howard S. Graham, Philadelphia. John Graham, Philadelphia. N. A. McLean, Lamberton, N. C. W. J. Montgomery, Marion, S. C. W. Suckhouse, Marion. W. E. Weber, Philadelphia. John Skelton Williams, Richmond.

Main office, Marion, S. C. President's office. Ninth and Main streets, Richmond. Annual meeting, second Monday in January, at Marion.

Readirg A Colukria Railroad Co.

(Controlled by Philadelphia & Reading Railway Co.)

Road owned, Columbia, Pa., to Sinking Spring,. 40 miles; Lancaster Branch, 8 miles- Mount Hope Branch, 6 miles ; branch leased, 6 miles ; total, 60 miles.

Stock Par $50 Authorized, $958,373 Issued, $958,373

Stock is transferred at the office of the company, Philadelphia.

Railroad Securities 267

Funded Debt

ist mort , extended, 5 per cent., due March, 1913, March and Sept $650,000

ad mort., extended, 4 per cent, due Sept., 1912, June and Dec 350,000

Debenture bonds, 6 per cent., due Dec., 1917, June and Dec. 1,000,000

Total $2,000,000

The Reading Company owns $788,200 of the stock, $9,500 ist mortgage bonds, $193,000 ads and all of the $z ,000,000 debentures.

President, George F. Baer, Philadelphia. Secretary, W. R. Taylor, Philadelphia. Treasurer, Harry E. Paisl, Philadelphia. Comptroller, George Ziegler, Philadelphia.

Main office, Reading Terminal Building, Philadelphia. Annual meeting, second Monday in January, at Philadelphia. Books dose sixty days previous.

Reading Cokpany

PHILADELPHIA & READING RAILWAY CO. PHILADELPHIA & READING COAL AND IRON CO.

The Reading Company is a corporation chartered by the PennsyWania Legislature in 187 1 as the Excelsior Enterprise Co., afterward the National Company ; name changed to Reading Company in 1896 for the purpose of carrying out the reorganization of the Philadelphia & Reading Railxtad Co. under plan of December, 1895. This company has power to hold the securities of the Philadelphia & Reading Railway Co. and of the coal companies and other properties, and to conduct the business of the entire system. It has by its charter the right to mine coal, which was confirmed the Constitution of Pennsylvania adopted in 1873.

The Philadelphia & Reading Railway Co. was organized November 17, 1896, and on November 30, 1896, took possession of the railroad lines, leaseholds and railroad property of the old Philadelphia & Reading Railroad, sold in foreclosure (under the plan of reorganization) September 93, 1896. All the stock of the railway company is owned by the Reading Company.

Road owned and operated by the Philadelphia & Reading Railway Co., Philadelphia to Mount 98 miles ; branch, Reading to Harrisburg, 54 miles ; other branches, 203 miles; total owned, 355 miles; leased, East Pennsylvania Railroad, Reading to Allentown, 35 miles ; Mine Hill & SchuylkiU Haven Railroad, 43 miles ; Little Schuylkill Railroad, 31 miles; Philadelphia, Germantown & Norristown Railroad, 39 miles; Chestnut Hill Railroad, 4 miles ; Catawissa Railroad, 193 miles ; North Pennsylvania Railroad, 87 miles ; Ddaware & Bound Brook Railroad, 34 miles ; Wilmington & Northern Railroad, 88 miles ; other branches leased, 180 miles ; total leased, 644 miles; all lines owned and leased, miles. In addition the Reading Company owns interests in and controls the following roads: Central Railroad of New Jersey, 648 miles ; Reading & Columbia Railroad, 60 miles ; Atlantic City Railroad, 168 miles ; Gettysburg & Harrisburg Railway, 34 miles ; Northeastern Pennsylvania Railroad, 26 miles ; Perkiomen Railroad, 38 miles ; Philadelphia & Chester Valley Railroad, 24 miles; Philadelphia, Newtown & New York Railroad, 22 miles; Port Reading Railroad, 21 miles; other branches controlled, 96 miles; total controlled, 1,138 miles; grand total of system, 2,137 miles, of which 863 miles are double track. Locomotives, z,ooi; passenger cars, 892 ; freight cars, 40,970 ; service cars, 813 ; floating equipment, 133.

In January, 1901, a controlling interest, $14,504,000, in the stock of the Central Railroad of New Jersey was purchased by the Reading Company.

The Philadelphia & Reading Coal and Iron Co.'s stock ($8,000,000 is owned by the Reading Company. The Coal and Iron Co. owns and leases an extensive antnracite coal property, on which it ofKrates and leases a large number of collieries. The Reading Company also has a controlling interest in the Reading Iron Co., which owns a rolling mill at Reading and several other iron works and blast furnaces. The property of the Coal and Iron Co. was sold at foreclosure September, 18, and transferred to the new organization of the same name, which is controlled by the Readmg Company.

In 1902-03 the Baltimore & Ohio Railroad Co. and the Lake Shore & Michigan Southern Railway Co. acquired large interests in the stock of this company, amounting, it was stated, to $60,000,000, principally xst and 2d preferred shares, but in 1905-06 these companies disposed of a considerable portion thereof.

The old Philadelphia & Reading Railroad Co. was twice reorganized, in 1887 and 1896, respectively. For details of the receiverships and reorganizations, see Manual for 1896 and 1900.

( com., $70,000,000 j com., $70,000,000 )

Stock. Par $50. Authorized K xst pref., 28,000,000 Issued ist pref., 28,000,000 $140,000,000 ( 2d " 42,000,000 ) ( 2d 42,000,000 )

a68 THE MANUAL OP STATISTICS

The ist preferred and ad preferred stocks are both 4 per cent, non-cumalattve. After 4 per cent, has been paid for two consecutive years on the first preferred the comjaany may convert the second preferred into one-half common and one-half first preferred stock.

All the stock was held for five years, or until full 4 per cent, had been paid on preferred for two consecutive years, in a voting trust. Trustees, J. Pierpont Moigan, Frederic P. Okott and C S. W. Packard. The above conditions having been complied with in 1903, the voting trust was dissolved and stock certificates given in exchange for those of the voting trustees after December I, 1904.

Transfer Agents, J. P. Morgan & Co., New York.

The first dividend on the ist preferred stock of the company was per cent., paid March 8, 1900 ; a second dividend of per cent, was paid September 10, 1900, and on Pebraary 6, 1901, a per cent, semi-annual was paid, since which time the regular semi-annual dividends on the ist preferred have been a per cent., March (10) and September, except the September, 190a, dividend, which was i per cent, only on account of a coal miners' strike.

The first dividend on the ad preferred stock, per cent., was paid November lo, 1903, but in May and November, 1904, the dividends were a per cent, each, making the full 4 per cent, for the year, and a per cent, has since been regularly paid in May and November.

The first dividend on the common stock was per cent., paid February i, 1905. In August, 1905, a per cent, was paid on the common, putting it on a 4 per cent, basis, whidb has been the regular rate to February x, 1908, inclusive.

Funded Debt

Reading Co. general mort., 4 per cent., due Jan., 1997, Jan. and July $73t909ooo

Jersey Central col. trust, 4 per cent., due April, 1951, April and Oct. . . . 33,000,000

Wil. & Northern collat. trust ., 4 per cent, quar., March 1,995,000

Del. Riv. terminal ex. mort., 5 per cent, due July, 194a, Jan. and July. . 809,000

" Del. Riv. terminal mort., 5 per cent, due May, 1043, May and Nov. ... 500,000

" equipment trusts, A to D, and 4 per cent., various 3,863,000

mortgage on new machine shops at Reading i,aoo,ooo

Real estate mortgages and ground rents, Reading Co

" Philadelphia subway mort., per cent, due Feb., 1957, Feb. and Aug. aja.ooo

Railway Co. mortgage loan, sterling, 6 per cent, due July, 19x0, Jan. and July 1,513,700

" mortgage loan, dollar, 6 per cent, due July, 19x0, Jan. and July 954,000

mortgage loan, convertible, per cent., due July, xoxo, Jan. and July. 79,000

mortgage loan, coupon, 5 per cent, due Oct., X933, April and Oct 3,696,000

consolidated mort, 6 per cent, due June, X9xx, June and Dec 8,163,090

consolidated mort., 7 per cent, due June, X9xx, June and Dec 10,649,000

' improvement mort. , extended, 4 per cent , due Apnl, X947, April and Oct . 9,3m,ooo

cons, mort, xst series, ex., 4 per cent., due March, X937, March and Sept. 5,760,717

term, mort., guar, by Terml. Co., 5 per cent, due May, X94X, quar., Feb. 8,500,000

Philadelphia subway mort., per cent., due x904-a3, Jan. and July.. 3,393,500

P. & R. Coal & Iron, coL tr. gold loan, 4 per cent., due Feb., 1933, Feb. and Aug... x, 360,000

Total $is6,395,6aa

A $30,000,000 purchase-money 6 per cent, mortgage loan of 1896 of the Philadelphia 8t Reading Railway Co., due 1997, is all held by the Reading Company, and is pledged as security for the Tatter's general 4 per cent, mortgage. The general mortgage is also secured by deposit of $13,766,686 bonds of other companies and $18,383,875 stocks of other companies.

The general mortgage of the Reading Company is for $x35,ooo,ooo, of which $5i,xo9,3S7 was reserved to take up underlying bonds of the railroad and coal property, and $17,000,000 is reserved to be used for improvements at rate of $1,500,000 per annum. These bonds have a sinking fund of 5 cents per ton on all coal mined in any year provided a dividend is paid on the stock, and if the aggregate of dividends exceeds that sum the sinking fund payment shall equal the dividends. Under this provision, $3,41 x, 000 of the bonds had been retired up to 1907 inclusive. On June 30, X907, the Reading Co. held $3,369,000 of the general mortgage bonds in its treasury. Trustee of the mortgage, Central Trust Co., New York. Interest is paid at the office of J. P. Morgan & Co., New York.

The Reading Company's Jersey Central collateral trust 4 percent, bonds were created in 1901 to provide for the purchase of control of the Central Railroad of New Jersey. They are secured by deposit wiih the Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia, trustee, of $14,504,000 stock of the Central Railroad Co. of New Jeraey, $1,495,000 stock of the Perkiomen Railroad Co., being all but $5,000 of that stock, and $440,000 stock of the Port Reading Railroad Co. The mortgage provides for the total issue of $45,000,000, but additional bonds can be issued only to acquire further amounts of Jersey Central stock. The bonds can be redeemed at 105 and interest after April x, 1906, on sbt months* notice.

Railroad Securities

The Reading Company's Wilmington & Northern collateral tru't certificates were created in 1900. They are secured by deposit with Girard Trust Co., Philadelphia, of practically all the $1,500*000 stock of the Wilmington & Northern Railroad Co., which road is leased to the Philadelphia & Reading Railway Co. under a guarantee of dividends of per cent, per annum on its stock. The bonds have no date of maturity, but are redeemable at X05 and interest.

The new company has reduced the rentals paid to the holders of the stocks of a number of the leased branches. Dividends on stock of Catawissa Railroad were reduced from 7 to 5 percent; Mine Hill & SchuvlkiU Haven, from 8 to 6 per cent.; Chestnut Hill from 19 to 6 per cent., and Little Schuylkill, from 7 to 5 per cent.

Earnings— PHixjiDELPHiA & Reading Railway Co. Year ending June 30

Gross Net Chaises Surplus

*f98-99 23,002,581 9.122.433 8,897.679 234,744

*899-oo 26,902,987 9.649.557 8.904,248 745.309

'901HM 29,172,83s 10,745.535 9,519.123 1,226,412

'90a-O3 32,429,791 11,836,527 9,519.011 2,317,515

'9P3-04 34,939.395 13,790,80a 9,474,537 4.316,265

*9H-Os 37,495,719 17,004,933 9,645,769 7,359,162

Included in the net for 1901-02 is $.S52,4 earnings from other sources ; in 1909-03, $721,267; in 1903-04, $688,906 ; in 1904-05, $663,648 ; in 1905-06, $905,683, and in 190607, $852,657 for the same item. Expenditures out of earnings for improvements are deducted in giving the net. This item in 1905-06 was $3,539,353 ; in 1906-07, $1,847,933.

The above statement is for the railroad company alone ; the charges include all rentals, etc.

Income Account — Reading Company Year ending June 30 Gross Net Charges Surplus

Dividend payments in 1903-04 were $2,590,000; in 1904-05, $5,250,000; fti 1905-06, $5,600,000; in T906-07, $5,600,000 On June 30, 1907, the surplus account of all three companies was $22,523,416.

Total coal mined by the company and its tenants during the years ending June 30 have been : In 1897-, 7,626,676 tons ; in 189S-99, 8,183,644 tons; in 1809-1900, 9,219,764 tons; in 1900-01, 9,35,974 tons; in 1901-02, 8,198,274 tons; in 1902-03, 7,582,979 tons; in 1903-04, 10,410,849 tons; in 1904-5, 11,057,742 tons; in 1905-06, 10,659,053 tons ; in 190607, 11,656,100 tons.

Philadelphia & Reading Coal & Iron Co.— Earnings Year ending June 30

Gross Net Charges Surplus

1901-oa $26,519,529 $1,125,107 $419,858 $705,348

i90i>-O3 23,279,240 3,730,337 377,747 2,352,579

19P3-04 35.251.173 4,542.204 317.234 4.334,980

"906-07 38,747.561 3,471.794 115,074 3,356,735

From the Coal & Iron Co.*s surplus for 1903-04 there was deducted $1,273,035 for new work at collieries ; $454,241 for the depletion of coal lands fund, and $1,582,477, being interest at the rate of 2 per cent, per annum for the company's debt to the Reading Company. In 1904-05 there were similar deductions, leaving a net surplus for the year of $167,878. In 1905-06 the deductions were $3,172,883 balance ; deficit, $130,745* In 1906-07, deductions, $3,428,202 ; deficit, $71,482.

The following gives the combined results, including the Reading Company, the Philadelphia & Reading KsiUway Co. and the Coal and Iron Co. :

The Manual Op Statistics

Gross Earaingi Net

'897-98 $45,256,624 $10,420,364

'900-01 58,755,880 12,154,842

'903-04 77,040,255 21,799,930

Frbioht Traffic Statistics

Average Total Tons Tons Carried

'897-98 9'3 9,862,641 687,213,585

'9o:-o4 1,011 16,633,230 1,155,981,454

Charges

Surplus

is

Freight Density

Rate per Ton per Mile

i.4aoc

i.305.a5'

Coal Traffic Statistics

Average Total Tons Tons Carried Freight Rate per

1898.99. 91s 13,735,315 1,468,237,195 1,604,630 a687

'901-02 1,003 15,553,041 1,710,792,217 1,705,575 0.70s

'90607 999 24,414,031 2,709,744,885 2,712,457 0.694

The railway company's report separates the statistics of general freight traffic and coal. The latter includes both anthracite and bituminous coal carried.

In 1901-02 the tons carried included 9,465,953 tons of anthracite and 6,087,088 tons of bituminous. In 19003 the figures were 7,933,891 tons of anthracite and 8,437,325 tons of bituminous. In 1903-04, 11,324,624 tons of anthracite and 8,059,243 tons of bituminous. In 1904-05, anthracite, 12,029,459 tons; bituminous, 9,184,421 tons. In 1905-06, anthradte, 11,- 856,871 tons ; bituminous, 10,487,518 tons. In 1906-07, anthracite, 13,223,780 tons ; bituminous, 11,190,250 tons.

President, George F. Baer, Philadelphia. Vice-President, Theodore Voorhees, (Railway Co.), Philadelphia. Vice-President, W. R. Taylor, Philadelphia. Vice-President, C EL Henderson, (Railway Co.), Philadelphia. Secretary, W. R. Taylor, Philadelphia. Tressurer, Harry £. Paisley, Philadelphia. Comptroller, George Zeieier, Philadelphia.

Directors (Reading Co.)— George F. Baer, Philadelphia. Samuel Dickson, Philadelphia. Henry A. du Pont, Wilmington, Del. Henry C. Frick, Pittsburg. Joseph S. Harris, Philadelphia. Henry Pratt McKean, Philadelphia. Charles Steele, New York. Edward T. Stotesbury, Philadelphia. Hamilton McK. Twombly, New York.

Directors (Philadelphia & Reading Railway Co.)— Henry A. du Pont, Wikninetoo, DeL Henry C. Frick, Pittsburg. Joseph H. Harris, Philadelphia. Charles Steele, Ntw York. Edward T. Stotesbury, Philadelphia. Hamilton McK. Twombly, New York.

Main office, Reading Terminal, Philadelphia. Annual meeting, Reading Company, first Tuesday in June; Philadelphia & Reading Railway Ck>. and Philadelphia & Reading Coal & Iron Co., second Monday in October.

RAILROAD SBCURI1TBS ayi

Rensselaer A Saratoga Railroad Co.

(Leased to The Delaware & Hudson Co.)

Road owned, Troy, N. Y., to Whitehall, 79 miles ; branches owned, 83 miles ; branches leased, 30 mUes ; total, 102 miles. The road is operated as part of the Saratoga division of The Delaware & Hudson Co.'s railroad em.

In 1871 this road was leased to The Delaware & Hudson Co. for the term of its charter, the rental being interest on bonds, 8 per cent, on stock and certain payments amounting to $67,343 per annum for sub-rentals under the lease. Stock Par $xoo Authorised, $10,000,000 Issued, $10,000,000

Stock is transferred at the office of The Delaware & Hudson Co., New York. Registrar, National Bank of Commerce, New York.

Dividends are pakl semi-annually, 4 per cent, each, January (s) and July.

Funded Debt xst mort., 7 per cent., due May, 1931, May and Nor $3,000,000

Earnings are included in those of the lessee company.

President Le Grand C. Cramer, Troy, N. Y. Vice-President, Edward C. Gale, Troy. Secretary and Treasurer, S. S. Bullions, Troy.

Main ofSoe, 17 First street, Troy, N. Y. Annual meeting, first Monday in June, at Troy.

Richhohd. Fredericksrurg A Potomac Railroad Co.

(Controlled by Richmond-Washington Co.)

Road owned, Quantioo, Va., to Richmond, 79 miles ; branch, 3 miles ; total leased ij miles ; operated, 83 miles. Locomotives, 49 ; passenger cars, 34 ; freight cars, 339.

In November, ipoi, the Richmond-Washington Co. acquired $947,200 of the common stock of this company, and the road is operated, in conjunction with the Washington Southern Railway as part of the through line between Richmond and Washington in the joint interest of the following companies, vis. : Pennsylvania Railroad, Baltimore & Ohio Railroad, The Atlantic Coast Line Railroad, Southern Railway, Chesapeake & Ohio Railway, and Seaboard Air Line Railway. Each of these companies owns one-sixth of the Richmond-Washington Co.'s stock.

Stock. Par $ioa.Au'd

com., $3,176,100'

guar., 7 per cent., 481,100

Is'd

com., $1,316,900

guar., 7 per cent, 481,100 6 per cent., 19,300 div. obligations.. 1,794,335

per cent., 19,300 div. obligations . , i ,073,000

Stock is transferred at the office of the company, Richmond, Va.

The company paid dividends of 8 per cent, per annum from 1900 to 1904, inclusive, the same rate being paid on the common and the divicfend obligations. Dividends on the common and dividend obligations are paid semi-annually in January (i) and July. On January 3, 1905, an extra dividend of per cent, was paid in addition to the regular 4 per ceqt. semi-annual dividends on the common stock and dividend obligations, and the same rate was paid July i, X905, and subsequent periods, the stock and dividend obligations being thus on a 9 per cent, bads. On the guaranteed stocks dividends are semi-annu, in May and November. A scrip dividend of 35 per cent, was declared in December, 1906, to holders of record on December 30, . payable in January, 1907, in the dividend obligations.

The guaranteed stocks are secured by a lien on the company's property. The dividend oblk;ations are entitled to receive the same rate of interest as the dividends paid on the common stock, but have no voting power. The amount outstanding was increased in January, 1907, from $1,073,000 to $Xi794f335 on account of the scrip dividend referred to above. The State of Virginia owns $375,000 of the common stock.

Funded Debt

Consolidated mort.,' per cent., due April, 1940, April and Oct $500,000

General mort., per cent., due April, 1943, April and Oct 3,680,000

Total $3,180,000

The new per cent, bonds were created in 1903, and were issued in connection with the double tracking: of the company's line. The authorized issue is $4,000,000, of which $500,000 is reserved to retire prior liens, and the outstanding bonds are all held by the Richmond-Washington Co., which has deposited them as part of the security for its own 4 per cent, collateral trust bonds.

aya THE MANUAL OP STATISTICS

The company leases the Richmond, Fredericksburg & Potomac and Richmond & Petersbufig Railroads, guaranteeing 8 per cent, per annum on the $140,000 of the company*! stock. The consolidated mortgage is for $500,000. Trustee, Central Trust Co., New Yoric

Earnings

Year ending June 30

Dividends GroM Net Chaiget Surplus

X9a>-o 8 1,066,805 398,065 109,546 988,519

i90-oa. 8 1,168,055 4575M 7i.ao7 386*381

906-O7 9 1,981,805 633,763 108,597 535,165

In 1901-03 the balance, after the payment of dividends, was $195,370, and in 1903-03, $109,343. In 1903-04, charges include $112,583 for miscellaneous payments and new equipment. The balance after dividends for the year was $96,834. In 1904-05, balance $95,338. In 1905-06, dividends. $360,037; extraordinai-v expenditures for improvements, etc., $158,717; surplus, $103,555. In 1906-07, dividends, $393,450 ; improvements, $76,000 ; balance surplus, $156715.

President, William H. White, Richmond, Va. Assistant to President, Secretary and Treasurer, W. D. Duke, Richmond. Assistant Secretary and Treasurer, D. K. Kellogg, Richmond. Auditor, J. E. Cox, Richmond.

Directors— J. Taylor EUyson, Richmdhd. Fairfax Harrison, Washington, D. C. George W. Stevens, Richmond. Henry Walters, Baltimons. W. A. Garrett, Norfolk, Va. W. J. Leake, Richmond.

Main office. Canal and Seventh streets, Richmond, Va. Annual meeting, third Monday in November, at Richmond.

Richh0Hd-Washiii6T0Ii Co.

A corporation formed under the laws of New Jersey September 5, ii. The company aouired a majority ($947,300) of the voting stock of the Richmond, Fredericksburg & Potomac Railroad Co. and the entire capital stock of the Washington Southern Railway Co., and these companies operate a continuous line of 115 miles between Washington and Richmond, Va. The Pennsylvania Railroad Co., The Atlantic Coast Line Railroad Co., the Southern Railway Co., the Chesapeake & Ohio Railway Co., the Seaboard Air Line Railway Co. and the Baltimore & Ohio Railroad Co. each owns one-sixth of the company's stock. Locomotives, 57. Stock Par $100. Authorised, $3,000,000 Issued, $3,670,000

In 1903 dividends of 3 per cent, were paid on the stock, and 4 per cent in 1903,* 1904 and

Funded Debt Collateral trust mort., 4 per cent., due June, 1943, June and Dec $9,500,000

The collateral trust mortgage, dated June i, 1903, is for $11,000,000. Trustee and agent for the payment of interest. New York Trust Co. The issue was created to provide for double tracking and otherwise improving the roads controlled by this company. The bonds are jointly and severally guaranteed as to principal and interest by all of the six railway companies which hold the stock of this company. They are secured by the deposit with the trustee of $947,300, being a majority of stock of the Richmond, Fredericksburg & Potomac Railroad Co. and $3,300,000 of the latter's per cent, general mortgage bonds, together with $3,575,000, the entire outstanding stock of the Washington Southern Railway Co. and $3,5,000 of its ist mortgage bonds, a total of $8,373,000. Additional amounts of the above securities may be added to the collateral up to $13,447,300, and further amounts of the collateral trust bonds may be issued up to $11,000,000, at not exceeding the par of the additional securities deposited. The bonds axe subject to call at 105 and interest.

President, Samuel Rea, Philadelphia. Secretary, A. J. County, Philadelphia. Assistant Secretary, J. W. Marshall, Philadelphia. Treasurer, H. P. Conner, Philadelphia.

Directors— William W. Finley, Washingt6n, D. C. W. A. Garrett, Norfolk, Va. Oscar G. Murray, Baltimore. Samuel Rea, Philadelphia. W. B. Schofield, Merchantville, N. J. George W. Stevens, Richmond, Va. Henry Walters, Baltimore.

Corporate office, 36 Exchange place, Jersey City. President's office. Broad Street Station, Philadelphia. Annual meeting, third Monday in February, at Jersey City.

RAILROAD SBCORlTiaS 873

THE RIO eaMHDE. SIERRA HMDRE PACIFIC RAILROAD CO.

A cvrporadon formed under the laws of New York in 1807.

Road owned, EI Paso, Tex., to Terrazas, Mez., 156 miles ; branch to Candelaria mine, 6 miles ; total, 162 miles. An extension of 130 miles from Terrazas to Madera is under construction. The company has terminus facilities at £1 Paso, through the £1 Paso Southern Railroad which owns tenninals at £1 Paso, Tez., and a bridge over the Rio Grande River at that city. Locomotives, 6 ; passenger can, 8 ; freight cars, aoo.

In December, 1004, all the company's stock and bonds were sold to interests identified with the Greene Consolidated Copper Co. and a new management installed. It was stated that the present company will be absorbed by a new one, the Sierra Madre & Pacific Railway, which would extend the line to Guaymas. Stock Par $100 Authorized, $90,000 per mile Issued, $3,190,000

Transfer Agent, Central Trust Co., New York.

Funded Debt ist mort., 6 per cent., due July, 1977, Jan. and July $9,000,000

The bonds are authorised at the rate of $90,000 per mile. Trustee of the mortgage, Central Trust Co.. New York.

Presiaent, Hiram R. Nickerson, New York. Vice-President, Leonard D. Baldwin, New York. Assistant to President, J. P. Hallihan, £1 Paso, Tex. Secretary, John H. Martin, New York. Treasurer, £. J. Gates, New York. Assistant Secretary, R. A. Jones, New York.

Directors— Leonard D. Baldwin, New York. Bird S. Coler, New York. George D. Cook, New York. A. B. Fall, £1 Paso, Tex. £. J. Gates, New York. William C. Greene, New York. Leonard T. Hole, New York. Edward W. Humpreys, New York. Hiiam R. Nickeison, New York. John T. Tenj, New York.

Main office, El Paso, Tex. New York office, 94 Broad street Annual meeting, second Monday in June, at New York.

Rio Grahde Southerk Railroad Co.

(Controlled by Denver ft Rio Grande Railroad Co.)

Road owned, Rldgway to Durango, CoL, 169 miles ; branches to Telluride, CoL, and coal mines, 18 miles ; total, 180 miles (j-foot gauge). Locomotives, x6; passenger cars, 13 ; freight can, 131. Stock Par $xoa Authorised, $5,000,000 Issued, $4,5x0,000

Transfer Agents, Midtland, Coppell & Co., 59 William street, New York.

Funded Debt 1st mort, reduced to 4 per cent, due July, 1940, Jan. and July $4,5x0,000

This road was built in the interest of the Denver & Rio Grande Railroad Co., which owns a majority of the stock. In August, x8gi3, a Receiver was appointed. In Febniair, 1895, the Denver & Rio Grande advanced the company $169,839 cash and endorsed $573,498 notes given for this company's floating debt under an arrangement by which all surplus earnings for three yean, from January x, 1895, were to be paid to Denver ft Rio Grande, which company also received $671,000 Rio Grsmde Southern ists. The Denver & Rio Grande held $9,977,000 of the bonds, which it has guaranteed. The remainder of the bonds, $9,933,000, are not guaranteed.

In 1895 a plan was submitted by which interest on xst mortgage bonds was reduced from 5 per cent to 3 per cent during x8 and 1897, and 4 per cent after January i, 1898, all past aue coupons oeing canceled. This arrangement was agreed to by bondholders, floating debt being rettied under arrangement of February, 1895, with Denver ft Rio Grande, and the Receiver was discharged January X5, X896.

AiDount of 1st mortgage authorised is $5,000,000, at rate of $95,000 per mile. Interest is paid at the office of MaiUand, Coppell & Co., New York.

£arkikos Year ending June 30

Gross Net Charges Surplus

$S53i554 1387,969 $914,619 $73,357

1903-04 46x,506 198,389 916,616 Def. 18,997

I9°4*5 41386 9x9,698 198,690 Sur. 14,008

W-06 560,908 346,674 214,350 33,324

1906-07 6xx,64o 337,933 319,494 35,509

President, Edward T. Jeffery, New York. Vice-President, Charles H. Schlacks, Denver. Secretary, John B. Andrews, Denver. Treasurer, Joseph W. Gilluly, Denver. General Auditor, E. R. Murphy, Denver. ,

General office. Seventeenth and Stout streets, Denver. New York office, 195 Broadway. Annual meeting, third Monday in October, at Denver.

The Rock Islamd Co.

CHICAGO. ROCK ISLAND & PACIFIC RAILROAD CO. CHICAGO. ROCK ISLAND & PACIFIC RAILWAY CO.

The Rock Island Co. is a corporation formed under the laws of New Jersey, July 31, 190a, for the purpose of carrying out the plans for the control and capitalization of the system of railroads owned by The Chicago, Rock Island 8l Pacific Railway Co. referred to below. The Rode Island Co. is a holding or investment corporation, its charter vesting it with power to acquire and hold, sell or dispose of, mortgage or pledge, the stocks or securities of other corporations, and to exercise the votmg powers whidi may attach to the same.

The company owns all of the $145,000,000 stock of the Chicago, Rock Island & Pacific Raih-oad Co., which acquired control of The Chicago, Rock Island & Pacific Railway Co. The Chicago, Rock Island & Pacific Co. also controls the St. Louis & San Francisco Railroad Co. See below for detailed statements of The Chicago, Rock Island & Pacific Railway and Railroad Companies. Also see separate sUtement of the St. Louis & San Francisco Railroad Co.

The Chicago & Eastern Illinois Railroad Co. is controlled by the St. Louis & San Frandaco Railroad Co. and acquired control in 1903 of the Evansville & Terre Haute Railroad Co.

The mileage of roads operated June 30, 1907, comprised : Rock Island Lines, 7,38.06 miles; St. Louis & San Francisco Lines, 5,064.16 miles ; Chicago & Eastern Illinois Railroad, 957.10 miles ; Evansville & Terre Haute Railroad, 310.41 miles ; grand total, 14,969.73 miks.

In 1904 The Chicago, Rock Island & Pacific Railway Co. acquired $14,30,000 common and $4,479,000 preferred stock of the Chicago & Alton Railway Co., but in August, xoo7, sold most of this stock, which carried control of the Chicago & Alton property, to the Toledo, SL Louis & Western Kailway Co.

In May, 1903, the Chkago, Rock Island & Padfic Railroad Co. offered, through J. P. Morgan & Co., New York, to the owners of $39,000,000 of the common stock of the St. Louis & San Francisco Railroad Co. to purchase their holdings on the terms stated below. In pursuance ot this offer. The Rock Island Co. has acquired $28940.300 of the St. Louis ft San Francisco common, carrying: with it control of that system. The St. Louis & San Frandsco, however, is operated under its own management, though in harmony with The Rock Island Lines.

The preferred stock is 4 per cent. , non-cumulative, from 1903 to 1909 inclusive. It then becomes entitled to 5 per cent., non-cumulative, until and including xqx6, and thereafter to 6 per cent. The preferred stock also has a preference up to the par value thereof as to assets of the company in case of a dissolution.

Stock is transferred at the office of the company. New York. Registrar, Bankers* Trust Co., New York.

The first quarterly dividend on the preferred stock was x per cent., paid Februaxr 3, 103, and regular quarterly payments at that rat were paid in Februaiy, May, August and November. In January, 1906, the directors, however, omitted the February x, xgo6, dividends, it having been dedded to suspend dividends for the present, and none had been paid up to February, xoc.

The terms for the purchase of the common stock of the St. Loiiis &San Frandsco Kailroad Co. were that for each share, par $xoo, of the latter The Rock Island Co. should give $60 in its own common stock and $60 in collateral trust 5 per cent bonds, due 19x3, of the Chicago, Rock Island & Pacific Raih-oad Co.

The stocks of The Rock Island Co. were issued in pursuance of a plan announced in August, 1903, by which holders of stock of the old Chicago, Rock Island ft Pacific Railway Co. were offered in exchange for each $xoo of the old stock the following securities :

$xoo in 4 per cent, collateral trust bonds of the Chicago, Rock Island & Pacific Railroad Co.

$100 in common stock of The Rock Island Co.

$70 m preferred stock of The Rock Island Co.

Of the $74,854,100 stock of the old railway company, $70,067,700 has been acquired by the Chicago, Rock Island & Padfic Raikoad Co.

The preferred stockholders have the right to elect a majority of the directors, or five of the nine directors provided for in the original incorporation, and should the number of directors be increased, the preferred stock shall still be entitled to choose a majority. This is aooompUshed by classifying the directors, the first class of five members of the board being those elected by the

Railroad Securities 7S

preferred stockholders. This right can only be surrendered by a two-thirds vote of the preferred stock at a special meeting called for the purpose. The number of directors has been increased to fifteen, the first class elected by the preferred stockholders being eight in number.

It is provided that there shall be a finance committee electM by the directors from their own number who shall exercise the powers of the board when the latter is not in session.

In the original formation of The Rock Island Co. its directors were given power to buy and sell the stocks of the company at their discretion for its account. This was modified by a ly-law providing that the company can only purchase its own stocks for the purpose of retiring and canceling the same. Furthermore, while the directors have power to make and alter the other bylaws, the above by-law cannot be rescinded or changed except by a vote of the stockholders at an annual or special meeting.

Iircoic&— The Rock Island Co. and Chicago, Rock Island & Pacific Railroad Co.

Year ending June 30

Dividends, etc.. Expenses Dividends

Received and Charges Balance R. I. Co. pfd. Surplus

*90-q3 $3,824,241 $2,314,004 $1,510,237 (3) $1,4541856 $55,35

'904-05 5.510,000 3,683,892 1 ,826, 108 (4) 1,950,210 Def . 124. 102

'905-06 4,413,466 3,688,448 725,018 (I) 489,504 Sur. 235,514

'906-07 3,872,417 3,717,128 155,289 (o) 155,289

Chairman, Benjamin F. Yoakum, New York. President, Robert Mather, New York. Chairman of Finance Committee, William H. Moore, New York. Vice-President, Secretary and Treasurer, George T. Boggs, New York. Vice-President and Assistant Treasurer, John J. QoinUn, New York.

Directors — George T. Boggs, New York. D. G. Boissevain, New York. R. R. Cable, Chicago. James Campbell, St. Louis. Francis L. Hine, New York. Robert Mather, Chicago. John J. Mitchell, Chicago. George G. McMurtiy, New York. Ogden Mills, New York. James H. Moore, Chicago. William H. Moore, New York. Daniel G. Reid, New York. James Speyer, New York. John F. Thompson, Summit, N. J. Benjamin F. Yoakum, New York.

Corporate office, 15 Exchange place, Jersey City. New York office, 115 Broadway. Annual meeting, first Monday after the second Thursday in October, at Jersey City.

CHICAGO, ROCK ISLAND & PACIFIC RAILROAD CO.— A corporaUon formed under the laws of Iowa, July 31, 1902. The purpose of the company's organization is explained in full above in connection with The Rock Island Co. Stock Par $100. Authorized, $145,000,000 Issued, $145,000,000

All the company's stock is owned by The Rock Island Co., having been issued and acquired under the arrangements set forth above.

Funded Debt

Collateral trust bonds, [old, 4 per cent., due Nov., 2002, May and Nov $70,067,700

Collateral trust St. Louis & San Fran., 5 per cent., due Sept., 1913, March and Sept. 17,364,180

The collateral trust 4 per cent, bonds, due 2002, were issued in exchange for the stock of the old railway company. They are secured by the deposit with the Central Trust Co., New York, under a collateral trust agreement of stock of The Chicago, Rock Island & Pacific Railway Co. equal to the amount of tlte bonds outstanding. The total amount of bonds to be issued under the agreement is limited to $75,000,000, that being the authorized amount of the old stock. This company also pledges itself to deposit with the trust company, under the said agreement, any additional amount of the old stock which it may acquire. Coupons are paid at the First National Bank, New York. Both coupon and registered bonds are provided for, and the one class may be exchanged for the other at the company's office.

The collateral trust 5 per cent, bonds, due 1913, were issued in part payment for the common stock of the St. Louis & San Francisco Railroad Co. The amount is limited to $18,500,900, and is secured by the deposit with the Central Trust Co., of New York, of the $28,940,300 St. Louis 8t San Francisco common stock acquired by this company. Trustee, Central Trust Co., New York. Coupons are paid at the First National Bank, New York.

President, Robert Mather, New York. Vice-President, O. H. Bogue, New York. Vice- President, Treasurer and Assistant Scretar, George T. Boggs, New York. Secretary and As- Bttant Treasurer, James H. Mather, Des Moines, la.

Directors— Robert Mather, Chicago. James H. Moore, Chicago. William H. Moore, New York. Daniel G. Rdd, New York. Benjamin F. Yoakum, New York.

Main office, Des Moines, la. Annual meeting, third Thursday in October, at Des Moines,

THE CHICAGO, ROCK ISLAND & PACIFIC RAILWAY CO.— A corporation formed June 4, 1880, under the laws of Illinois and Iowa, being a consolidation of the nulroad company of the same name with the Iowa Southern & Missouri Northern Railroad and other companies have been consolidated with it.

The system, including leased and controlled roads, extends from Chicago, St. Louis and Mem* phis, in the East, to Denver, Kansas City, St. Paul, Minneapolis, El Paso, Fort Worth, with numerous branches and extensions

Road operated, June 30, 1907, 7,938.06 miles ; on the same date 179.04 miles of additional road were under construction. Locomotives, 1,343 ; passenger cars, 878 ; freight cars, 4i,a6x ; service cars, 3,956.

In 1878 this company leased the Keokuk & Des Moines Railroad, and in 1887 the Des Moines & Fort Dodge Railroad was leased, but on January i, 1905, the Minneapolis & St. Louis Railroad Co. took over the Des Moines 8t Fort Dodge Railroad. Between x886 and 1890 the company built considerable new lines, extending its system into Kansas, Colorado and the Indian Territory. These extensions were mainly built under the titles of the Chicago, Kansas & Nebraska Railway. In 1891 the Chicago, Kansas & Nebraska Railway, all the securities of which were owned by this company. was amalgamated with the parent system. In xgoi it completed, in connection with its subsidiary companies, an extension of 364 miles from Liberal, Kan., to SanU Rosa, N. M., connecting with the New Mexico Railway & Coal Co.*s lines to EI Paso, this company having a cke tra£Bc contract with the New Mexico Railway & Coal Co.

In 1909 this company acquired all the capital stock of the Choctaw, Oklahoma & Gulf Railroad Co. and its affiliated lines, and on March 24, 1904, leased the same for 909 years. In igpa it also leased the Burlington, Cedar Rapids & Northern Railway and the Rock island & Peoria Railway, and in 1903 those companies were merged with the Chicago, Rock Island & Pacific Railway Co. The entire capital stock and bonds of the St. Louis, Kansas City & Cokwado Railroad were purchased in 1902, that company furnishing a line between St. Louis and Kansas City.

Stock Par $100 Authorized, $75,000,000 Issued, $74,854,100

From the formation of the present company in x88o, until 1887, amount of stock outstanding was $41,060,000, but in 1887 a 10 per cent, allotment at par was made to stockholders. From 1887 until 1898 the stock authorized and outstanding was $46,156,000. In August, 1898, a 10 per cent, divkiend in stock was paid. In July, 1901, the stock was increased from $50,000,000 to $60,000,000, and the stockholders were given the right to take the $10,000,000 of new stock at par.

the proceeds being used to build the New Mexico extension and other branches. In 190a the stock was increased to $75,000,000, the additional amount being to retire minority stock of the Burlington, Cedar Rapids & Northern Railway and the Rock Island & Peoria Railway, and

purchase the bonds ana stock of the St. Louis, Kansas City & Colorado Railroad Co. $9,116,000 was also sold to the stockholders at par.

Transfer agency, 115 Broadway, New York. Registrar, Com Exchange Bank, New York.

Commencing November, 1894, dividends were per cent, quarterly, and remained at that rate until November, 1897, when the company paid x per cent. Quarterly. In August, X898, the rate was raised to per cent., consisting of a quarterly dividend of x per cent, and per cent, extra, the latter being paid out of the Addition and Improvement account, from similar extra dividends were paid quarterly until the first Quarter of 1903, inclusive. The dividends were paid quarterly, February (x), May, August and November, at the rate of xj per cent. Under the new arrangements in xooa the dividend period was changed, and in January, 190 per cent, was paid as a regular quarterly dividend, with 3 per cent, extra as an advance payment of part of the dividends of the current year. The dividends paid in X903 aggrefed 7H pci* c°t- 1° 1904 cent, was paid, the dividends being i V pcr cent, in .tntiary, 3 per cent, in April, per cent, in July, and per cent, in October. The quarterly dividend CAid January 3, 1905, was 2 per cent. The same rate was paid in April, 1905, and per cent, in October, 1905. In December, 1905, it was, however, decided to pay per cent, on January a, 1906, the subsequent dividends being, April, X906, percent.; July, 1906, i per cent.; October, 1906. a per cent.; January, 1907, i percent.; April, per cent.; July, x per cent.; Odfrber, per cent, and January, X908, x per cent.

Debt

xst mort. bonds, 6 per cent, due July, 19x7, Jan. and Julv $13,500,000

General mort., jold, 4 per cent., due Jan., X988, Jan. and July 61,581,000

Collateral tr.. Choc., Okla. & Gulf, 4 per cent., due May, X907-X8, May and Nov. . 16,434,000

ist and Refunding mort., 4 per cent., due April, 1934, April and Oct 66,851,000

Gold coupon notes, per cent., due April, X908, April and October 6,000,000

Equipment notes, per cent., due Feb., 1908-17, Feb. and Aug 6,500,000

C. Rap., la. Falls & N. W. cons, xst mort., 5 per cent., due Oct., 1931, Apr. and Oct. 1,95,000

Bur., C. Rap. & Nor. xst cons, and col. trust, 5 per ct., due Apr., 1934, Apr. and Oct. x 1,000,000

Minn. & St. Louis ist mort., 7 percent., assumed, due June, 1927, June and Dec. . . . 150,000

Rock Island & Peoria cons, xst mort., 6 percent., due July, 1925, Jan. and July 450,000

Railroad Sbguritibs

Funded Debt — Continued Choctaw, Okla. & Gulf gen., now ist, mort., 5 per cent., due Oct., 19x0, Jan. and July. $5,500,000

Choctaw & Memphis tst mort., 5 per cent., due Jan., 1949, Jan. and July

Little Rock Brid ist mort., 6 per cent., due July, 1919, Jan. and Julv 375,00c

Choctaw, Okla. & G. cons, mort., 5 per cent., due May, 1953, May and Nov 5,411,000

II II II II equipment trust B, 5 per cent., due 1907-08 235,000

" "" " C. per cent., due 1907-10 660,000

Total $198,967,000

Guaranteed Bonds of Other Companies Rock Id. Frisco terminal ist mort., g:uar. 5 per cent, due Jan., 1937, Jan. and Feb Chic. & R. I. Elevator bonds, guar. 5 per cent., due October, 1934, April and Oct., CoDsoL Indiana cons, ist mort., int. guar. 5 per ct., due June 1935, June and Dec. .

Under date of January i, 1898, the company executed a mortgage to the Central Trust Co.. New York, and George Sherman, as trustees, to secure an issue of $100,000,000 general mortgage gold bonds, to be used in retiring all outstanding bonds and in providing: tor additions, oetterments and extensions. Interest is paid at the First National Bank, New York. In 1904 the Central Trust Co., New York, resigned as trustee, and the Bankers Trust Co., New York, was appointed successor trustee. In 1907, George Sherman, trustee, was succeeded by Benjamin Strong, Jr.

Tile collateral trust bonds created in 1903 are $34,000,000, authorised, of which $23,883,000 were issued to acquire the entire capital stock of the Choctaw, Oklahoma & Gulf Railroad Co., and are secured oy the deposit of the same. The bonds are in serial form, A to P, maturing annually, May i, and all the outstanding bonds of this issue, but not any part, may be called for redemption at lozj.

The ist and refunding mortgage was authorised March 36, 1904, the mortgage dated April I, 1904, being for $1000,000. Trustees, Central Trust Co., New York, and David R. Frands, St. Louis. Agent for the payment of interest, First National Bank, New York The purpose of the issue was to retire maturing obligations, refund the company's indebtedness at maturity and provide for its capital requirements. Of the authorised issue there are reserved the following amounts : $83,035,000 to retire bonds of the company and its auxiliary companies ; $35,000,000 when the company makes future acquisitions of property, including stocks and bonds of other companies, to an amount equal to the value of the bonds issued ; $13,500,000 to provide fund to the extent of 75 per cent of the purchase price for bonds of other companies; $27,475,000 to be available at the rate of $3,500,000 per annum for betterments, etc., and $15,000,000, Issuable April I, 1904. for general corporate purpose. The mortgage is a direct or collateral first lien on 1,151 miles of road, in addition to being a first or collateral lien on terminal property at St. Paul, Minneapolis and St. Louis, new equipment and shops at Moline, 111.

The $7,500,000 of per cent, notes due July, 1907, are secured by $11,350,000 of refunding bonds. The notes can be redeemed at 102 and interest. The $6,000,000 oi A% gold notes, due April, 1908, are secured by $7,500,000 4 per cent, bonds of the Rock Islani Louisiana Railroad Co.

Earnings— Year ending June 30 Per Cent.

Arkansas &

T900-01 5

Dtv. Paid Gron 3 $19,548,583

30,667,915 33,650,604 35.364,69s 38,385,845 44,376,620

>,338,4i9

Net

",993,399

Other inc.

Int. and Rental

I909-O3 8,4 16, 03 1

Dividends $1,384,674 1,960,389 1,999,586 1,999,693 3,247,900 5,305,556 5,985,060 4,676,693 4,677,553 4,116,738

Total Inc.

Surplus

Thb Manual Of Statistics

Tax are included in operating expenses prior to March 31, 190a; after that date tbe are included in interest and rentals. In 1905-06 the entire surplus was appropriated for special improvements and equipment. The surplus for 1906-07 was carried to profit and loss.

Freight Traffic Statistics

Rate Earnings A'

Average Total Tons Carried Freight per Ton per Train Tons

Mileage Tonnage One Mile Density per Mile Mile per Train

f97-98 3,568 6,,ifl9 1,431,433,866 398,383 0.97c $1.65 169

898-99 3,590 7,025,604 i,a,386,498 404,566 a99 1.7a 174

"900-01 3,819 7,706,535 1,789,093,549 468,471 0.99 1.80 183

1901-oa 3,910 8,345,978 1,839,137,397 470,36s 1.04 .84 178

"903-P3 6,978 13,300,898 3,987,577,497 438,116 i.oo 1.95 189

'904-05 7,231 13,515,367 3,171,456,833 438,537 0.94 3.13 338

1905-06 7,318 15,394,395 3,7i5,6ai,556 514*767 0.93 3.38 345

190&07 7,780 17,412,333 4,381,338,365 550,368 0.95 3.53 366

Chairman of Board, Daniel G. Reid; New York. Chairman Executive Committee, Benjamin

F. Yoakum, New York. President, B. L. Winchell, Chicago. Assistant to President, S. T. Fulton, Chicago. 1st Vice-President, Richard A. Jackson. Chicago. 3d Vice-President, H. U. Mudee, Chicago. 3d Vice-President, W. B. Biddle, Chicago. 4th Vice-President, Charles W. Hillard, New York. Vice-President, E. L. Pollock, Chicago. Assistant to 4th Vice-President, H. M. Sloan, New York. Secretary and Treasurer, George H. Crosby, Chicago. General Counsel, Robert Mather, New York. Assistant Secretary and Assistant Treasurer, George T. Boggs, New York. Assistant Secretary and Assistant Treasurer, C. F. Jilson, Chicago.

Directors— R. R. Cable, Chicago. James Campbell, St. Louis. Francis L. Hine, New York. Robert Mather, Chicago. George G. McMurtry, New York. Ogden Mills, New York. John J. Mitchell, Chicago. James H. Moore, Chicago. William H. Moore, New York. Daniel

G. Reid, New York. B. L. Winchell, Chicago. Benjamin F. Yoakum, New York.

Main office, 144 Van Buren street, Chicago. New York office, 115 Broadway. Annual 1 ing, second Thursday in October, at Davenport, la.

HOME, WATERTOWM A OGDEHSBURe RAILROAD CO.

(ceased to New York Central & Hudson River Railroad Co.)

Road owned. Suspension Bridge to Massena Springs, N. Y. (owned, 363. mfles ; leased, 3.40 miles), 399 miles ; Richland to Rome, own, 41 miles ; branches owned, 109.68 miles; Utica & Black River R. R., leased, 149.81 miles ; branch leased, 39.59 miles ; trackage rights to Niagara Falls and Oswego, 14 miles ; total mileage, 643.11 miles. Stock Par $100 Authorised, $10,000,000 Issued, $10,000,000

Transfer Agents, Elisha H. Goodwin and George E. Andrews, Grand Central Station, New York. Registrar, Guaranty Trust Co., New York.

Dividends on the stock are paid quarterly, per cent, each, February (15), May, August and November.

Funded Debt Watertown & Rome, 1st mort., extended, 6 per cent., due Sept., 1910, March and Sept. $417,800

Consolidated mort., 5 per cent., due July, 1933, April and Oct 9,076,000

" per cent., due July, 1933, April and Oct 500,000

ist mort. Oswego Bridge Co., 6 per cent., due Feb., 1915, Feb. and Aug 100,000

Syracuse P. & Oswego, 1st mort., 6 per cent., due Feb., 1915, Feb. and Aug 175,000

Norwood & Montreal, 1st mort., 5 per cent., due April, 1916, April and Oct 130,000

Oswego & Rome, ist mort., guar., 7 per cent., due May, 1915, May and Nov. 350,000

3d mort., guar., 5 per cent, due May, 1915, Feb. and Aug 40o,poo

R. W. & O. Terminal Co., 1st mort., guar., 5 per cent., due May, 1918, May and Nov Utica & Black River, ist mort, 4 per cent, due 1933, Jan. and July 1,9150,000

Total $13,473,800

The bonds of the Utica & Black River are guaranteed, principal and interest

Seven per cent interest is also guaranteed on $1,103,000 stock of the Utica and Black River,

$1,130,000 additional of which is owned by this company.

Of its leased roads the Niagara Falls Branch rental is per year, that of the Oswego

& Rome $44,500, and that of the Utica & Black River $338,1 10.

Railroad Securities 279

In March, 1891, the property of the company was leased in perpetuity to the New York Central & Hudson River Railroad, which guarantees debt and rentals and 5 per cent, on the stock. The stockholders received a stock dividend of ao per cent, at the same time.

Earnings are included in those of the lessee.

President, Edwin Parsons, New York. 1st Vice-President, Clarence S. Day, New York. Vice-President, Robert W. Parsons, New York. Secretary and Treasurer, William H. Piatt, New York.

Directors — Clarence S. Day, New York. Chauncey M. Depew, New York. Walton Ferguson, Stamford, Conn. Jefferson Hogan, New York. William Lummis, New York. John W. McLean, Utica, N. Y. Arthur B. Maynaid, Utica. John F. Maynard, Utica. Edwin Persons, New York. Henry Parsons, New York. Robert W. Parsons, New York. William Pierrepont White, Utica.

Main office, 15 Broad street, New York. Annual meeting, December i, at New York.

Rutland Railroad Co.

(Controlled by New York Central & Hudson River Co.)

Road owned. Bellows Falls, Vt., to Ogdensburg, N. Y., 979 miles ; Rutland, Vt., to White Creek, N. Y., 59 miles; Chatham, N. Y., to North Bennington, Vt., 57 miles; branches, ai miles; total owned, 397.11 miles; leased, 18 miles; trackage, 53 miles; total operated, 468.11 miles. The company has trackage from Noyan Junction to Montreal, 53 miles, over the Quebec Southern and the Canadian Pacific Railways. The company also owns the Rutland Transit Co., which has a fleet of vessels running froin Ogdensburg, N. Y., to ports on the lakes. See statement of that company under Industrial Securities. Locomotives, 70 ; passenger cars, 9a ; freight cars, 2,783 ; service cars, 83.

This company Is a consolidation of the Rutland Railroad, Ogdensburg & Lake Champlain Railroad, Rutland Canadian Railroad, Bennington & Rutland Railway and the Chatham & Lebanon Valley Railroad. The road was formerly leased to the Vermont Central Railroad, but has been operated independently since 1896.

In Z899 Ogdensburg & Lake Champlain Railroad was acquired, and the Rutland Canadian Railroad, between Burlington, Vt., and Rouse's Point, N. v., was built to connect the lines. The Bennington & Rutland Railroad Ca was acquired in 1900 and the Chatham ft Lebanon Valley Railroad in 1901.

In January, 1905, the New York Central & Hudson River Railroad Co. acquired a controlling interest in this company.

The preferred stock is 7 per cent., cumulative. There are about 170 per cent, of accumulated dividends thereon.

There was $3,480,600 of common stock, but on June 30, 1903, aU but the amount given above liad been exchanged for preferred on the basis of ten shares of common for one of preferred.

In November, 190X, $3,578,400 of new preferred stock was offered to the stockholders at $90 per share to provide for improvements. ,

Transfer Agent, George F. Andrews, Grand Central Station, New York. Registrar, First National Bank, New York.

Dividends paid on the preferred stock have been : in x8, 3 per cent.; in 1891, 3 percent.; in 1893, 1893, 1894 and 1895, 4 per cent.; in 1896, 3 per cent.; m 1897, i per cent.; in 1898 and 1899, a per cent.; in*x9cx>, 3 per cent. ; in 1901, 4 per cent.: in 1903, 3 per cent., and in 1903 i percent, the latter, on January 15, 1903, after which dividends were suspended until January 15, 1906, when 1% per cent, was paid, the same rate being also paid January 15, 1907, and January 15, X908. The dividend periods were January and July.

Funded Debt

Consolidated mort., per cent., due July, 1941, Jan. and July $3,494,000

Equipment trust, per cent., due Nov, 1908-13, May and Nov 347,000

Equipment trust mort., per cent., due Oct, 1908-17, April and Oct 573i000

Total $4,314,000

Rutland Canadian, xst mort., guar., 4 per cent, due July, 1940, Jan. and July $1,350,000

Ogdenab'g & Lake Champ., ist mort., guar., 4 per cent., due July, 1948, Jan. and July 4,400,000

Bennington & Rutland, xst mort., per cent, due Nov., 1937, May and Nov 500,000

" 3d mort., 5 per cent., due March, 1930, March and Sept 500,000

Chatham Sf. Leb. Valley R. R., xst mort., 5 per cent, due Nov., 1919, May and Nov.. 500,000

Ogdensburg Terminal Co., mort., 4 per cent, guar., due July, 19x6, Jan. and July, . . 90,000

a8o THE MANUAL OP STATISTICS

The per cent, consolidated mortgage is for $3,500,000 and owin| to the maturing and payment of prior liens is now a first mortgage on the property.

The Addison Railroad Co. is leased for 3 per cent, on its $500,000 of stock, of which the Rutland Railroad Co. owns $459,000. The $500,000 Chatham & Lebanon Valley 4 per cent, bonds were on January i, 1907, in the treasury of the Rutland Railway Co.

Interest on the bonds is paid at the company's office, Grand Central Station, New York, with the exception of that on the Rutland (;>anadian 4s, which is paid at the City Trust Co., Boston.

Earnings Year ending June 30

Gross Net Chaises Sarplas

igoi-03 a,i34,88a 933,0x5 659,601 a4i4

i9oa-Q3 3,3A56i 824,249 726,54 97.707

1904 (six mos. ending Dec. 31) 1,352,073 55x,978 373*5o8 178,470

1905 (vear " ) 2,562,088 895,347 704,500 190.847

1906 ( " ) 1,799,209 871,066 721,336 149,729

1907 ( " " " ) 3,058,087 889,930 746,758 I43,72

In 1901-02 dividends paid were $261,728, and the net surplus was $31,686. In i90-03 diri* dends paid, $90,576, and surplus, $7,131. In X903-04, $xo3,043 was charged for improvements, making the net surplus for the year $11,559. '95, dividends (x per cent.) were $X35,864 ; net Surplus, $54,983. In 1906, dividends (15 per cent.) $X35,864; surplus, $13,865. In X907, dxridends, per cent., $135,864 ; surplus, $7,308.

President, William H. Newman, New York. Senior Vice-President, William C. BrowI Chicago. Vice-President, Edward V. W. Rossiter. New York. Vice-President, John Caivtenaen, New York. Vice-President, Charles F. Daly, New York. Vice-President, Ira A. Place, New York. Clerk and Treasurer, Austin C. Adams, Rutland, Vt Assistant Cleric, Dwiglit W. Pardee, New York. Assistant Treasurer, E. L. Rossiter, New York.

Directors— Percival W. Clement, Rutland, Vt. Chauncey M. Depew, New York. Olin Merrill, Enosburig Falls, Vt. J. Pierpont Morgan, New York. William H. Newman, New Yoik. Robert Treat Paine, Boston. Fletcher D. Proctor, Proctor, Vt. William RodcefeUer, New York. James Stilhnan, New York. Hamilton McK. Twombly, New York. Frederick W. Van- New York. William K. VanderbUt, New York. W. Seward Webb, Shelburne, Vu

Main office, Rutland, Vt. New York office. Grand Central Station. Annual meeting in October, at Rutland.

St. Johksbury A Lake Chakplaik Railroad Co.

Road owned, Lunenburg, Vt., to Maquam Bay, Vt., X20 miles; branch, xi.50 miles; total, X3X.50 miles. Equipment is supplied by the Boston & Maine Railroad.

Reorganisation (1880) of Vermont Division of Portland & Ogdensburg. The road is 000-trolled by the Boston & Maine Railroad through its lease of the Boston & Lowell Railxoed, the latter company owning a majority of this company's stock.

Stock b transferred by the Treasurer of the company, Lyndonville, Vt

Funded Debt ist mort, 5 per cent., due March, X944, March and Sept $2,500,000

xst mortgage was issued in X894 to retire former bonds and obligations. Amount authorised is $2,500,000. The Boston and Bne Railroad guarantees $x ,328,000 of the ismie. On June 30, X907, the company had notes payable outstanding for $296,199.

Earnings Year ending June 30

Grott Net ChariEes Deficit

RAILROAD SECURITIES a8i

President and Superintendent, H. E. Folsom, Lyndonville, Vt. Vice-President, H. N. Turner, St. Johnsbury, Vt. Treasurer, Georgfe W. Cree, Ljndonville.

Directors—Hany Blodgett, St. Johnsburv. F. G. Fleetwood, Morrisville, Vt. . H. E. Folsom, Lyndonville. Samuel C. Lawrence, Ifedford, Mass. Carroll S. Page, Hyde Park, Vt. Charles H. Stevens, St. Johnsbury. Ahrah W. Sulloway, Franklin, N. H. H. N. Turner, St. Johnsbuij. Ludus Tuttle, Boston.

Main offices, Boston and Lyndonville. Annual meeting, second Thursday in September, at St. Johnsbury.

St. Joseph A Grmkd Islahd Railway Co.

Road owned, St. Joseplv, Mo., to Grand Island, Neb., 951 miles ; trackage, St. Joseph, Mo., to Kansas City, 61 miles ; total operated, 31a miles.

This company was formerlV the St Joseph & Western Raibroad. Road sold under foreclosure June II, 1885, and reorganised as the St. Joseph & Grand Island Railroad Co.

The company is a reonpanixation of the railroad of same name which was controlled br the Union Pacific Railway. The Union Pacific did not retain its interest in St. Joseph & Grand Island under the latter*s reorganization, but in 1906 it was stated that the Union Paafic held $3,900000 common, $933,900 ist preferred and $1,950,000 3d preferred stock.

Locomotives, 98 ; passenger cars, 31 ; freight cars, 1,071.

ist pref., 5,500,000 V Issued ist pref., 5,4981500 V $i3i598500 9pref., 3,500,000) (9pref., 3,500,000)

The ist preferred stock is 5 per cent, non-cumuladve, the 9d preferred being 4 per cent, non-cumulative. All the stocks were heki in a voting trust for five years until January, 1903. Transfer Agent, Central Trust Co., New York.

The company paid 5 per cent on ist preferred in 1898, 3 per cent, in 1899, 3 in 1900; in 1901, paid 5 per cent. Dividends on the ist preferred are semi-annual, Januarv and July. In January and July, per cent, was paid, but the January, 1903, dividend was passed, and no dividends have since been paid.

Funded Debt

ist mort, 4 per cent, due Jan., 1947, Jan. and July $4,000,000

There are also equipment trusts for $ 140,00a

Earnings Year ending June 30 Per Cent.

Gross Net Charges Surplus

1903-04 iOM,aao 81.93 337,575 334.473 3,i03

1904-05 ia99T033 76.69 304,034 255.93 48,098

President, W. T. Van Brunt, St. Joseph, Mo. Secretary, W. N. Purvis, St Joseph. Treasurer, Graham G. Lacy, St Joseph. Assistant Treasurer, C. C. Tegethoff, New York.

Directors— J. F. Boyle, New York. C. K. Finley, Hiawatha, Kan. W. S. Johnson, New York. Frank C. Kern, Hiawatha. Graham G. Lacy, St Joseph. J. V. Lemoine, Hiawatha. Fred C. Reighley, New York. C. C. Tegethoff, New York. W. T. Van Brunt, St Joseph.

Main office, St. Joseph, Mo. Annual meeting, third Tuesday in October, at Elwood, Kan.

The St. Lawrence A Adirondack Railway Co.

(Controlled by New York Central & Hudson River Railroad Co.)

A corporation formed under the laws of New York, November 18, 1895. The company is a consolidation of the Malone & St. Lawrence Railway Co. and the St Lawrence & Adirondack Railway Co. , a Canadian corporation which had previously absorbed the Southwestern Railway Co.

Road owned, Malone Junction, N. Y., to Valleyfield, Que., 30 miles; Adirondack Junction, N. Y., to Beauhamois, Que., 13 miles ; leased, Valleyfield to Beauhamois, 13 miles ; total operated, 56 miles. The company also has trackage over Canadian Pacific, Adirondack Junction to Montreal, 9 miles.

aSa THB MANUAL OP STATISTICS

Since June, 1898, the road has been operated by the New York Central & Hudson River Railroad Co., the latter in January, 1905, acquiring all the stock of this company. Stock Par $100: Authorised, $1,615,000 Issued, $1,615,000

In January, looa, the stock was increased from $1,300,000 to $1,615,000, the additional $315,000 being subscribed by the stockholders for the purpose of retiring $300,000 of 6 per cent, debentures created to provide equipment.

Stock is transferred at the office of the company. New York. Registrar, Colonial Trust Co., New York.

On September i, 1901, a semi-annual dividend of a% per cent, was paid on the stock ; a dividend 01 per cent, was also paid March i, 1909, and 3 per cent, was paid in Jul, 1903. There were no further dividends until December, 1905, when per cent, was paid. In December, 1906, 5 per cent, was paid, and the same amount in December, 1907.

Funded Debt

zst mort., 5 per cent., gold, due July, 1996, Jan. and July $800,000

ad mort, 6 per cent., gold, due Oct., 1996, April and Oct 400,000

Total $1,900,000

The zst mortgage, Continental Trust Co., New York, trustee, covers all the property of the company, both in New York and Canada. The ad mortgage covers the same property, subject to the lien of the ist mortgage. Trustee of the ad mortgage. Colonial Trrist Co., New York.

The New York Centr & Hudson River Railroad operated the property under agreement, paying over the earnings in excess of cost of operation and maintenance to the St. Lawrence & Adirondack Railway Co.

In the year ending June 30, 1903, the company earned gross $397,389 ; net, $166,649.

President, William H. Newman, New York. Vice-President, Eklward V. W. Rossiter, New York. Vice-President, William C. Brown, Chicago. Vice-President, John Carstensen, New York. Secretary, Dwight W. Pardee, New York. Treasurer, E. L. Rossiter, New York,

Directors— Chauncey M. Depew, New York. J. Pieipont Morgan, New York. William H. Newman, New York. William RockefeUer, New York. James Stillman, New York. Hamilton McK. Twombly, New York. William K. Vanderbilt, New York. W. Seward Webb, Shelbume, Vt.

Main office, Board of Trade Building, Montreal. New York office, Grand Central Station. Annual meeting, first Wednesday in September, at Montreal.

St. Louis A Sad Frakcisco Railroad Co.

A corporation formed under the laws of Missouri, June 29, 1896, which took possession June 30, 1896, of the property of the railroad company of same name reorganised and sold under foreclosure June ay, 1896.

In May, 1903, The Rock Island Co. acquired a controlling interest in the company through he purchase or sdl but a small part of the common stock.

Mileage June 30, 1907 : Miles

St. Louis & San Francisco Railroad, main line, St Louis to Oklahoma City 543-09

Springfield, Mo., to Kansas City 189*49

Branches a,ia9.33

St. Louis, Memphis & Southeastern Raihoad 665.30

Kansas City, Fort Scott & Memphis Railway, controlled and leased 9x3-96

Kansas City, Memphis & Birmingham Railroad 385.66

Fort Worth & Rio Grande Railway 195.88

St. Louis, San Francisco & Texas Railway 134.61

Paris & Great Northern Railroad 16.94

Birmingham Belt Railroad (35.33 miles of side tracks only)

Total 5.064.16

Controlled but operated separately : Chicago & Eastern Illinois Railroad

Total of system. 6,oai.a6

On June 30, 1907, the company had 303.95 miles of road under construction, to be mainly oompleted prior to January i, 1008.

The company owns one-half interest with the Atchison, Topeka & Sanu Fe Railway Co. in the Kansas Southwestern Railway Co., 59 miles, the road being operated separately. The Birmingham Belt Railroad Co., which has 35 miles of terminal tracks at Birmingham, Ala., is controlled, having been acquired in 1903.

Railroad Sbcurities 983

This company and the Southern Railway Co. in 1903, acquired and jointly leased the New Orleans Terminal Co., comprising: a belt line, around New Orleans and extensive terminals at that dty, the whole 24.50 miles of tracks. See separate statement of the New Orleans Terminal Co. in this edition of the Manual. In 1906, the Colorado, Southern New Orleans & Pacific Railroad, which is constnictins: a line from Baton Rouge, La., to Houston, Tex., with trackage from Baton Rouge to New Orleans, was acquired.

In July, 18, this company acquired control of the Atlantic & Pacific Railroad, Central Division, and in October, 1897, purchased the Kansas City Southwestern, 61 miles. In March, 1901, control of the Kansas City, Fort Scott & Memphis Railway and of the Kansas City, Memphis & Birmingham Railroad was acquired.

In 190a this company acquired a large majority of the common and preferred stocks of the Chicago & Elastem Illinois Railroad Co., that road being operated under its own organisation. In 1903 control of the Eyansville & Terre Haute Raih-oad Co. and its affiliated property, the Evansville & Indianapolis Railroad Co., was acquired in the interest of the Chicago & Eastern Illinois Railroad Co. See separate statements of the latter and of the Evansville & Terre Haute Railroad Co. in this edition of the Manual.

In looa this company acquired the St. Louis, Memphis & Southeastern and the St. Louis & Gulf Railroad Co. These two companies were merged and the completed road, 681 miles, was taken over by this company for operation on July x, 1004. In 1903 it acquired the Arkansas Valley & Western Raiboad, 175 miles, as well as the Osark & Cherokee Central Railroad Co., 144 miles, which were taken by this company for operation in X904.

Locomotives, 760 ; passenger cars, 457 ; freight cars, 34,386 ; service cars, 1,568. ( com., $164,000,000 ) ( com., $39,000,000 )

Stock . . Par $100. . Authorized i ist pref . , 5,000,000 V Issued i xst pref . , 5,000,000 $50,000,000 ( 3d pref., 31,000,000 ) r 3d pref., 16,000,000 )

Both preferred stocks are 4 per cent., non-cumulative. All the stock was placed in a voting trust for 5 years, from Jnly i, i£, and for as long as the ist preferred should not have received 4 per cent, cash for two consecutive years. The trust was dissolved .in 190Z. The company can redeem either or both of the preferred stocks at par in cash. The authorised common stock was increased to $164,000,000 in August, 1907.

In May, 1903, the holders of common stock of this company were offered, through a circular issued by J. P. Morgan & Co., New York, the privilege of exchanging the same for securities of the Rode Island System, the terms being that for each share of St. Louis & San Francisco common there should be given $60 par value in stock of The Rock Island Co., of New Jersey, and $60 in 5 per cent, bonds, due 1913, of the Chicago, Rock Island & Pacific Railroad Co. On June JO, 1906, $38,940,300 of the $29,000,000 of common stock had been acquired bv The Rock Island Co. The preferred stocks of the St. Louis & San Francisco were not affected by the arrangement in question.

Transfer Agent, New York Trust Co., New York. Registrar, Mercantile Trust Co., New York.

The company commenced the payment of dividends on xst preferred with a semi-annual payment of 3 per cent, in July, 1897, and 4 per cent, per annum has since been paid on that class of the stock. The first dividend of i per cent on the 3d preferred was paid July 6, 1898. In 1899 paid two dividends of i per cent, each on 3d preferred. In 1900 also paid 3 per cent, on 3d preferred. In March, 1901, per cent, was paid, and in September, 1901, began pairing quarterly dividends of x per cent, on the sd preferred, putting it on a 4 per cent, basis, which was the regular rate until February, 1906, when the dmdend was passea and none has since been paid on the sd preferred. The dividends were half-yearly, on ist preferred January and July, and on 3d preferred March and September, but were changed to Quarterly in the autumn of 1901, those on the xst preferred being in January (3), April, July ana October, and those on the 3d preferred in March (i), June, September and December.

Funded Debt

Refunding mort., 4 per cent., due July, 1951, Jan. and July $64,000,000

Missouri & Western, xst mort, 6 per cent, due Aug., 19x9, Feb. and Aug. xi9,ooo

St Louis, Wichita & Western, xst mort, 6 per cent, due Sept., X919, March and Sept. 304tOoo

Trust bonds, 6 per cent, due Aug., x9ao, Feb. and Aug X95,ooo

" " 5 per cent, due Oct., X987, April and Oct 439*ocx)

General mort, o per cent, due July, X93X, Jan. and July 3,o8x,ooo

" 5 per cent, due July, X93X, Jan. and July 5,803,000

Ft Smith 8t Van. B. Bridge, xst mort., 6 per cent, due April, X9X0, April and Oct.. . 59,000

St L. & S. F. R. R., cons, mort, 4 per cent., due July, X996, Jan. and July 1 1558,000

Southwestern Division, xst mort., 5 per cent, due Oct., 1947, April and Oct 839,000'

Cential Division, xst mort., 4 per cent., due April, 1939, April and Oct X45.000

Northwestern Div., ist mort., pur. money, 4 per cent., due April, 1930, April and Oct. 47,000

Oxark 8t Cherokee Cent Ry., xst mort., 5 p. c, guar., due Oct., 19x3, April and Oct. 2,82to,ooo ,

Muskogee City Bridge, xst mort., 5 per cent, due July, X943, Jan. and July zoo,ooq

a84 THE MANUAL OP STATISTICS

Funded DRvrComtinued

St. L., Memphis & S. E., 5 year bonds, 4% per cent, due June, 1909. June and Dec. $15,505,932

" ist mort., 4 per cent., due July, 195a, Jan. and July 389,750

Pemiscot R. R., ist mort., 6 per cent., due April, 1914, April and October S4,ooo

Kennett & Osceola Ry., ist mort, 6 per cent., due Dec., 1917, June and Dec lOoo

Southern Mo. & Ark. R. R., ist mort., 5 per cent., due Jan., 1939, Jan. and July . . . 6,000

Fort Worth & Rio Grande, zst mort., 4 per cent., due July, 1938, Jan. and July. . . 3,923,000

Collateral trust notes of 1903, per cent., due Dec., 1908, June and Dec 7,134,900

" 5 per cent., due June, 109, June and Dec 6,500,000

" " 6 per cent., due June 1908, June (a6) and Dec

Seven-year gold notes, per cent., due 1913, Feb. and Aug 4,000,000

Five-year gold notes, 5 per cent, due Jan., 191X, Jan. and July 7,500,000

Equipment bonds and car trusts, various 9,565,387

Total $i35,SM,869

Stock Trust Certificates

Trust ., Kansas City, Ft Scott & Memphis, pfd., 4 per cent, quarterly, Jan. . . . $13,5x0,000

C. & Eastern Illinois, pfd. stock, 6 per cent, due July, 1943, quar., Jan. 0,311,700

" com., 4 percent, due July, Z943, Jan. and July.. 10,416,000

com. zo per cent., due July, 1943, Jan. and July... 3,051,400

See sUtements of the Chicago & Eastern Illinots Railroad, Kansas City, Fort Scott & Memphis Railway Co. and of the Kansas City, Memphis & Birmingham Railroad Co. for the funded debt of those properties.

The refunding mortgage created in 1901 is for $85,000,000, of which $63,500,000 was reserved to retire underlying bonds. The underlying bonds, amounting to $40,6133,700, exchanged fcx* this issue were deposited in trust to secure the refunding mortgage bonds. Interest is payable at the Morton Trust Co., New York.

In 1897 the company creLted a new issue of 5 per cent bonds for $1,500,000, secured by a ist mortgage on the iis miles of the Central Division, Atlantic & Pacific to be known as the Southwestern Division of the company's system. This issue and $300,000 cash were paid for the $3,794,000 old Atlantic & Padfic , covering that property on completion of foreclosure and transfer of road to this company.

In Aust, 1907, the stockholders authorised a general lien mortgage for $115,000,000, due May, 1937, mterest not to exceed 5 per cent., redeemable at 103 on any interest day prior to May I, 1933. Of this amount $10,000,000 were to be immediately available and $61,759,000 reserved to retire other bonds and notes, the balance being for improvements, etc None of the bonds in question were outstanding in January, 1908.

This company guarantees the principal and interest of $30,015,000 of Kansas City, Fort Scott & Memphis 4 per cent, refunding bonds. See statement of the latter company.

The stock trust certificates against the common and preferred stocks of the Chicago & Eastem Illinois Railroad were created m 1903, and are secured by the deposit of the stocks of the latter company which were acquired. See statement of the Chicago & Eastern Illinois Railroad Co. for a full description of these securities and for the details as to the issue of 4 per cent certificates in exchange for part of the original 10 per cent, trust certificates for Chicago 8t Eastern Illinois common stock.

The collateral trust per cent notes of 1903 are $9,160,000, authorised. They are secured by deposit of practically all the securities of the St. Louis, San Francisco & New Orleans Railroad Co. They can be called in part or whole on thirty days' notice.

The collateral trust 7-year per cent, notes were created in 1905, and are $4,500,000 authorized. They are secured by the stock and ist mortgage bonds, $4,500,000 each, ot the Arkan* sas Valley & Western Railroad Co.

See the Manual for 1896 and prior years for full details of the old company's finances and its relations to Atlantic & Padnc and Atchison companies. Details of the reorganisation are given in the Manual for 1899.

In 1900 the Northwestern Division xst purchase money mortgage 4 per cent bonds were issued to pay for the Kansas Midland road, which the company had acquired. The authorised amount of this issue is $1,300,000.

This company and the Southern Railway Co. jointly guarantee $10,000,000 4 per cent, bonds and $3,500,000 6 per cent, notes of the New Orleans Terminal Co. See statement of that company.

Earnings— Year ending June 30

Pref. Divs.

zst ad GroM Net Charges Surplus

1897-98 4 X $6,886,467 $3,936,1x8 $3,339,673 $686,445

.1899-00 4 3 7.9831246 3i4o8,73i 3,5x3,361 896,360

Railroad Sbouritibs

a85

EARVtsoa—Ccnttnusd

it 9d Grots Net Charges Surplus

900-01 4 $10,173,697 $4,4J9i8S9 $2,810,560 $1,609,399

1901-02 4 4 3i,6ao,883 8,345,57a 6,068,094 2,377,478

9P3-04 4 4 26,896,731 10,033,591 8,681,420 1,343,171

The item of charges includes taxes, rentals and dividends on trust certificates for stocks of ooQtxoUed companies.

In 1896-97 surplus over 2 per cent, dividend on 1st preferred stock was $231,066 ; in 1897-98, surplus, after dtridends of 4 per cent, on ist preferred and i per cent on 2d preferred, $326,445 ; in i8o£i-99, surplus over dividends, $224,800 ; in 1899-1900, surplus, $376,3i5o.

The net for 1901-02 includes $197, 160 of miscellaneous income and land receipts. In 1902-03 the $ame items were $136,170, with $607,132 additional for dividends received on the companys holdings of Chicago & Eastern Illinois Railroad stock, making a total of $743,303. In 1903-04 miscellaneous income, which is included in the net earnings, was $883,112, of which $823,418 consisted of Chicago & Eastern Illinois dividends. In 1904-05, miscellaneous income, $832,113 ; in 1905-06, $1,632,659, and in 1906-07, $1,540,866.

Afterpayment of dividends the net surplus in 1901-oa was $1,472,197; in 1902-03, $634,-

EARinNos— Includiro Chicago & Eastern Illinois Railroad Year ending June 30

Mileage Gross ' Net Charges and Taxes Surplus

1904-05 S.910 38,381,617 13,605,742 12,504,439 1,101,302

TQOs-06 6.016 41,97,219 15,858,149 13,154, 181 2,503,907

In 1903-04 dividends on the St. Louis & San Frandsco preferred stocks and on the stock of the Chicago & Eastern Illinois in the hands of the public were $1,063,590; betterments, etc., $478,654; net surplus, $781,726. In 1904-05, dividends, 18a; net surplus, $104,120. In 1905-06, dividends, $676,882; surplus, $1,827,085; in 190007, dividends, $356,882; surplus, $4,377,386.

Freight Traffic Statistics

Average Total Tons Carried Freight Rate per Ton Earnings per Average Tons

Mileage Tonnage One Mile Denrity per Mile Train Mile per Train

1898-99 1,333 a,587.829 506,999,422 380,419 1019c $1.33

1901-oa 3,252 9.068,650 1,637,557,119 479,659 0.953 1.78 186

i</-q3 3,675 10,049,931 1,749,596,697 476,051 0.995 1.93 195

1903-04 4,ai6 11,114,417 1,923,003,602 456,025 0.975 1.93 197

1904-QS 5,030 12,791,074 1,999,624,091 397,504 1.005 a.oo 199

1905-06 5,068 13,848,99a 2,306,200,334 455.051 0.952 2.04 214

Chairman, Daniel G. Reid, New York. Chairman Executive Committee, Benjamin F.Yoakum, New York. President, A. J. Davidson, St. Louis. 1st Vice-President, Robert Mather, New York. 2d Vice-President, C. R. Gray, St. Louis. 3d Vice-President, W. B. Biddle, Chicago. 4th Vice-President and General Auditor, Alexander Douglas, St. Louis. Vice-President and General Manager, W. C. Nixon, St. Louis. Vice-Prendent, E. L. Pollock, St Louis. Secretary and Treasurer, Frank H. Hamilton, St. Louis. Assistant Secretary and Assistant Treasurer, T. D. Heed, New York. Assistant Secretary and Assistant Treasurer, F. W. Young, St Louis. Comptroller, Charles W. Hillard, New York.

Directors— W. K. Bixby, St. Louis. James Campbell, St. Louis. Benjamin P. Cheney, Boston. A. J. Davidson, St. Louis. Charles W. Hillard, New York. Francis L. Hine, New York. Robert Mather, Chicago. James H. Moore, Chicago. William H. Moore, New York. H. Clay Pierce, St Louis. Daniel G. Reid, New York. Nathaniel Thayer, Boston. Benjamin F. Yoakum, New York.

Main office, Frisco Buikling, St. Louis. New York office, 115 Broadway. Annual meeting, second Monday in November, at St. Louis.

Thb Manual Op Statistics

Sr. LOUIS, BROWMSVILLE A MEXICO RAILWAY CO.

A corporation formed under the laws of Texas, June, 1903. Road owned, Brownsville, Tex., to Algoa, Tex., 344 miles ; branch, Harltngen to Sam Fordyce, 55 miles; total, 309 miles. The company has trackage from Algoa to Houston and Galveston. The Rio Grande Railroad, Brownsville to Port Isabel, is controlled in the interest of this company. Locomotives, 16 ; passenger cars, 14 ; freight cars, 380.

Stock Par $100 Authorired, $3,850,000 Issued, $1,931,500

Stock is transferred by the Secretary of the company. Corpus Christi, Tex.

Funded Debt ist mort. s per cent., due Nov., 1910, May and Nov $3,000,000

The first mortgage is for $4,000,000. The bonds are issuable at the rate of $7,500 per mile for additional construction and are redeemable at par on any interest date upon 60 days notice. Trustee and agent for the payment of interest, St. Louis Union Trust Co., St. Louis.

The company ha authorised an issue of $3,000,000 5 per cent, notes. 4

President, Benjamin F. Yoakum, New York. Vice-President, Robert J. Kkberig, KingsviUe, Tex. Vice-President and General Manager, Jeff N.MiUer,KingBviUe. Secretary, H. W. Adams, Corpus Christi, Tex. Treasurer, John D. Fiiinegan, KingsvUle.

Director*— J. B. Armstrong, Katherine, Tex, S. W. Foidyce, St. Louis. J. G. Kenedy, Santa, Tex. Robert J. Kleberg, KingsviUe, Tex. Jeff N. Miller, Kingsville. J. F. Shepley. St Louis. Thomas S. West, St. Louis. Benjamin F. Yoakum, New York. F. Yturria, Brownsville, Tex.

Main office, Kingsville, Tex. President's office, 71 Broadway, New York. Annual meeting, first Tuesday in June, at Kingsville.

St. Louis, Rocky Koumtaih Pacific Co.

A corporation formed under the laws of New Mexico, July xx, 1905. The company owns i9x,895 acres of coal lands and the coal rights on 28,430 acres additional near Raton, N. Mex. The company has in operation at Koehler, Van Houten and Brilliant, N. Mex., ten drift mines, all equipped with electric haulage systems. The present capacity of these mines is about 100,000 tons of coal a month. This output will be materially increased during the calendar year 1908. There are in operation at Gardiner, N. Mex., x86 coke ovens, and at Koehler, a 10 ovens, wiUi a total capacity of some x8o,ooo tons of coke annually.

The company owns all the securities of the St. Louis, Rodrr Mountain & Padfic Railway Co., the line of which extends from Des Moines, N. Mex., to Raton, N. Mex., and thence to Ute Park, N. Mex., in the Elisabethtown mining district, 106 miles. The line connects at Des Moines with the Colorado & Southern Railway, at Raton with the Atchison, Topeka ft Sanu Fe Railway, and at Vermejo with the Dawson branch of the El Paso ft Southwestern.

In addition to the company's coal and coke operations, large areas of timber lands are directly tributary to the railway.

The preferred stock is 5 per cent., with a preference as to assets, but has no voting power. The entire common stock is held in a voting trust for ten years, or until 4 per cent, per annum has been paid on the common stock for five consecutive years. Votine trustees are Henry Koehler, Jr., Charles Springer, Frank Springer, Harvey E. Fisk, S. Stanwood Menken.

Transfer Agents, Fisk ft Robinson, New York.

Funded Debt St. L., Ry. Mtn. ft Pac. Co., ist mort. 5 per cept., due July, 1955, Jan. and July $7,000,000

The xst mortgage is for $15,000,000, Metropolitan Trust Co., New York, trustee. Of this amount $3,500,000 were issued to pay for the coal properties acquired by the company and for improvement thereon, and $3,500,000 in exchange for a like amount of xst mortgage, 5 per cent, bonds of the St. Louis, Rocky Mountain ft Pacific Railway Co., sold to pay the cost of con* stniction and equipment of xc6 miles of road. The mortgage covers the entire ooal prcmeitr and coin| plants of the company and all the securities of the St. Louis, Rocky Moantun dr Padfic Railway Co. Bonds are in coupon or registered form and are interchangeable. Interest on the bonds is payable at the office of Fisk ft Robinson, New York. A sinking fund of i cent per ton on all coAl mined begins in X91X.

I Railroad Securities 287

Earnings

Gross Net Charges Surplus

190607 (year ending June jd) $1 ,052,715 $3i3a9 $308,2 $S.o47

President, Heniy Koehler, Jr., St. Louis. Vice-President, Hugo A. Kodiler, St. Louis. Vice-President and General Manager, Jan Van Houten, Raton, N. Mex. Secretary and Auditor, A. H. Officer, Raton, N. Mex. Treasurer, Charles Springer, Cimarron, N. Mex. Assistant Treasurer, H. P. Roseberry, Raton. Assistant Secretary, A. W. Newman, New York.

Directors— Charles K. Beekman, New York. Emeraon W. Judd, New York. Henry Koehler, Jr., St. Louis. Hugo A. Koehler, St. Louis. Max Koehler, St. Louis. Charles Springer, Cimarron, N. Mex. Frank Springer, Las Vegas, N. Mex. J. H. Thompson, Plainfield, N. J. Jan Van Houten, Raton, N. Mex.

Main office, Raton, N. Mex. Executive office, Missouri Trust Building, St. Louis. Fiscal Agents, & Robinson, 35 Cedar street. New York.

St. Louis Southwestern Rmilway Co.

This company is a reorganization of the St. Louis, Arkansas & Texas Railway Co., whose property was sold under foreclosure in October, 1890. Three distinct companies were formed Januanr la, 1891, the St. Louis Southwestern Railway Co., the St. Louis Southwestern Railway Co. of Texas, and the Tyler Southeastern Railway Co. On October 6, 1899, the Tyler Southeastern Railway Co. was absorbed by the St. Louis Southwestern Railway Co. of Texas. On January 3, 1901, the company purchased at foreclosure sale the Stuttgart & Arkansas River Railroad, 34 miles.

Road owned, Delta, Mo., toTexarkana, Tex., 412.4 miles ; Little Rock branch, 44.4 miles ; Shreveport branch, 62.6 miles ; Cairo branch, 57.7 miles ; Stuttgart branch, 34.6 miles ; other branches, 6.3 miles; Illinois Division (joint trackage), Illmo, Mo., to St. Louis. 138.2 miles; Gray's Point Terminal Railway (leased), 16.5 miles; St. Louis Southwestern of Texas, Texarlcana to GatesviUe, Tex.. 305.4 miles; Sherman branch, 52.3 miles ; Fort Worth branch, 154.3 miles; Hillsboro branch, 40.2 miles; Lufkin branch, X15.4 miles; Dallas branch, 13.7 miles; total system, 1,454 miles, of which 16.5 miles is leased, and trackage 138.2 miles. The company has a one-fifth proprietary interest in the Southern Illinois & Missouri Bridge Co., which in 15 completed a bridge over the Mississippi River between Illmo, Mo., and Thebes, IlL, with approaches aggregating 4) miles.

Locomotives, 2otf ; passenger cars, 160 ; freight cars, 9i743'; service'cars, 68a

In June, 1902, the authorized amount of the common stock was increased from $16,500,000 to $,ooo,ooa

The preferred stock is 5 per cent., non-cumulative. Stock is transferred at the office of the company, New York. Registrar, Central Trust Co., New York.

Company holds in its treasury $143,900 common stock and $106,350 preferred stock.

Funded Debt

1st mort., 4 per cent., due Nov., 1989, May and Nov $20,000,000

2d mort., income, 4 per cent., due Nov., 1989, Jan. and Julv 3,260,500

xst consolidated mort., 4 per cent., due June, 1932, June and Dec 20,601,750

Gray's Point Terminal, ist mort., guar., 5 per cent., due Dec., 1947, June and Dec. 500,000 Shreveport Bridge & Ter. ist. mort., guar., 5 per cent., due Aug. 1955, Feb. & Aug. 414,000

Total $44,776,250

There were also $469,495 of car trusts outstanding June 30, 1907.

The funded debt outstanding on June 30, 1901, included $10,000,000 2d income gold 4s, due 1989. Interest on 2d mortgage Ixmds at the rate of not exceeding 4 per cent, per annum, noncumulative, is payable in October and April, if earned in the preening calendar half years, and is payable on January i or July x following the declaration. The holders of $6,719,500 of the 2d mortgage income bonds accepted exchange for their bonds for 90 per cent, of their face value in new ist consolidated mortgage gold and the bonds thus surrender have been deposited under the new ist consolidated mortgage.

On June ist, 1902, and for the purpose outlined, the company executed a mortgage to secure an issue of ist consolidated mortgage 4 per cent. 30-year gold bonds to the amount of $25,000,000. The bonds are secured upon the entire property of Uie company, subject to prior liens, and are additionally secured by deposit of the 2d mortgage income bonds, which have been already excfaaxiged. They are a ist mortgage on the property formerlv owned by the Stuttgart & Arkansas River Railroad Co., including the Ones from Stuttgart to UiUett, Ark., 34.6 miles, and will be

The Manual Op Statistics

secured on any additional lines and property acquired with their proceeds. Trustee of xst consolidated mortgage and agent for the payment of interest, Bowling Green Trust Co., New York.

The Gray's Point Terminal Railway Co. xst gold 5s of December i, 1947, are guaranteed, both as to principal and interest, by indorsement. In 1906 a $4,000,000 5 per cent, refunding and ejctension mortgage of that company was authorised, guaranteed by the St. Louis Southwestern Railway Co.

Earnings

Year ending June 30

Gross

'898-99 S.862,338

'899-00 5,908,284

'900-01 7,387,174

'901-03 7,267,259

I902-P3 7,278,574

'903-04 7,647,485

'904-05 8,860,231

'9°-07 10,553,13s

Per Cent. Op. Exp.

Net $1,114,912

1,737,707 1,847,896 2,836,477 2,183,2x1 2,205,0x3

2,3'8,357 2,823,833 2,452,706 3,564,680

$957,618 '58,030 1,577,604 x,86i,scg 1,655,022 1,640,639

Surplus

Freight Traffic Statistics

X9oo3.

Ayerafpe Mileact

',249 1,258

',275 '.293 1,291

',303 1,418

1,45' '.452

Total Tonnage 1,887,609 3,101,048 2,399.'7' 2,586,387 2,593,546 2,659,950 2,803,522 2,855,520 3,075,230

Tons Curncd

One Mile 380,660,588

Freight Rate per Ton Earnings per Average Tons Density per Mile Train Mile per Tzain $2.19

l.IOO

'79 25'

President, Edwin Gould, New York. Vice-President and General Manager, F. H. Britton, St. Louis. Assistant General Manager, C. W. Nelson, St. Louis. Vice-Preadent, William H. Taylor, New York. Vice-President, William A. Hamilton, New York. Secretary, Arthur J. Trussell, New York. Assistant Secretary, H. L. Utter, New York. Treasurer and Assistant Secretary, George K. Warner, St. Louis. General Auditor, S. C. Johnson, St. Louis.

Pirectors— F. H. Britton, St. Louis. Murray Carleton, St. Louis. Robert M. Gallaway, New York. Edwin Gould, New York. Howard Gould, New York. Edward T. Jeffery, New York. Winslow S. Pierce, New York. Tom Randolph, St. Louis. WiUiam H. Taylor, New York.

Main office, St. Louis. New York office, 195 Broadway. Annual meeting, first Tuesday in October, at St Louis.

St. Louis, Watkiks A Gulf Railway Co,

A corporation formed under the laws of Louisiana in Ma, 1902. The company is the successor of the Kansas City, Watkins & Gulf Railroad Co., which was sold under foreclosure and reor|:anised under the present title. In 1905 control of the company was acquired by the St. Louis, Iron Mountain & Southern Railway Co. (Missouri Pacific System).

Road owned. Lake Charles, La., to Alexandria, La., miles; branches, 3 miles; total operated, 101 miles. Locomotives, 7 ; passenger cars, 8 ; freight cars, 170. Stock Par $20. Authorized, $1,225,000 Issued, $933,400

Stock is transferred by the Secretary of the company, Lake Charles, La.

Funded Debt 1st mort., 5 per cent., due Jan., 1930, Jan. and July $336o

The bond issue consists of $500,000 in $500 bonds and 100, 700 in jioo sterling bonds. Trustee and agent for the payment of interest, Farmers' Loan and Trust Co., New York.

Under the plan of reorganization the bondholders of the old company received 50 per cent, of their bonds m new bonds and 50 per cent, in new stock.

Railroad Sbcuritibs 989

Earninos

Year ending June 30

Oron Net

President, George J. Gould, New York. Vice-President, Charles S. Clarke, St. Louis. Vice-President and General Manager, Henry B. Kane, Lake Charles, La. Secretary, F. W. Irland, St Louts. Assistant Secretary and Auditor, W. E. Lee, Lake Charles. Treasurer, F. If. Hickman, St. Louis.

Main office. Lake Charles, La. Annual meeting, January 10, at Lake Charles.

Sah Amtohio Arm Ms As Pass Railway Co.

Road owned, Kerrville, Tez., to Houston, Tex., 308 miles ; Kenedy, Tex., to Corpus Christi, 88 miles; Yoakum to Waco, Tex,, 171 miles; Skidmore to Alice, 43 miles; Alice to Falfurrias, 36 miles ; Rockport branch, 21 miles ; Shiner to Lockhart, 54 miles ; total, 793 miles. Locomotives, 59 ; passenger cars, 66 ; freight cars, z,66a.

The Southern Pacific Co. had a large interest in this company. In 1903 the Texas Railroad Commission ordered that the management of the company should be separated entirely from that of the Southern Pacific, and directed a reduction of the capital stock and a cancellation of of the outstanding bonds. Stock Par $xoa Authorised, $x,ooo,ooo Issued, $z,ooo,ooo

Stock is transferred by the Secretary of the company, San Antonio, Tex.

The order of the Texas Railroad Commission referred to above was that the stock of the company should be reduced from $5,000,000 to $z, 000,000.

Funded Debt ist iDort., 4 per cent., due Jan., 1943, Jan. and July $17,544,000

The company owes the Southern Pacific Co. $3,898,000 for advances and interest. In 1904-05 a settlement between the company and the Southern Pacific was effected whereby the . latter accepted notes of the company due July, 1920, and bearing 4 per cent, interest, non-cumulative, for Its advances, the interest charged in former years being waived.

Old company defaulted on interest due July i, 1890. A Receiver was appointed, and in 1893 a reorganization plan was formulated, but in December, 1893. an amended reorganisation plan was submitted involvmg the issue of $9z,6oo,ooo ist mortgage 4 per cent, bonds, guaranteed, principal and interest, by the Southern Padfic. The company was reorganized in 1893 under this plan. $3,700,000 of the new bonds were reserved for extensions, maldng the amount authorized on present mileage $18,900,000.

Earnings ' Year ending June 30

Groa Net Chariees Deficit

1898-99 a.007,998 454,"3 93.07 4S8,994

i899< a,340,783 476,257 926.437 450.170

1901-oa 3,549,040 644,993 1.021,375 3A383

iqoa-o 3,537,391 518,313 1,330,311 713,098

In 190001, $158,059 was expended for betterments and equipments : in 1901-03, $54,883 for the same purpose ; in 1903-03, $239,187, and in 1003-04, $35,315.

President, W. H. Mclntyre, New York. Vice-President, M. D. Monserrate, San Antonio, Tex. Acting General Manager, J. S. Peters, San Antonio. Secretary, J. W. Terry, San Antonio. Treasurer, E. C. Tarrant, San Antonio.

Directors — George Henermann San Antonio, Tex. A. W. Houston, San Antonio. W. H. Mclntyre, New York. M. D. Monserrate, San Antonio. J. S. Peters, San Antonio. H. H. Shear, Waco, Tex. Charles Schriner, Kerrville, Tex. F. C. Smith, San Antonio. J. W. Teny, San Antonio.

Main ofiSce, San Antonio, Tex. Annual meeting, first Wednesday in September, at San Antonio.

ago THE MANUAL OF STATISTICS

Sak Pedro. Los Amgeles A Salt Lake Railroad Co.

A corporation formed under the laws of Utah in 190X. Road owned, Salt Lake Citj to San Pedro, Cal., 806 miles ; branches, 340 miles ; total, 1,046 miles. The company acquired and absorbed the Los Anes Terminal Railway, 51 miles.

In July, 1903, this company purchased from the Union Pacific Railroad Co. that portion of the Oregon Short Line Railroad south of Salt Lake City extending to Calientes, Ner., and branches, 530 miles, which is now the northern division of this company's line, the Oregon & Short Line Railroad Co. and the Union Padfic Railroad Co. acquiring an interest in this company. This company also leased for 99 years from the Orn Short Line Railroad Co. the right to use jointly the yards and termmals of the latter at Salt Lake City, Utah. Locomotives, 108; passenger cars, 85; freight cars, 3,2x0. Stock Par $100 Authorized, $35,000,000 Issued, $35,000,000

Transfer Agent and Registrar, Equitable Trust Co., New York.

Funded Debt xst mort., 4 per cent., due July, 1953, Jan. and July $40,000,000

The ist mortgage is for $50,000,000. Trustee and agent for the payment of interest. Equitable Trust Co., New York. Of the outstanding bonds, $30,000,000 were on June jo, 1907, held in the treasury of the Oregon Short Line Railroad Co.

Earnings

Gross Net Deductions Surplus

9o6 $4,8oo,X39 $1,350,185 $i85,M4 $1,164,961

President, William A. Clark, New York, xst Vice-President, W. H. Bancroft, Salt Lake. 3d Vice-President, J. Ross Clark, Los Angeles. Secretary, W. H.Comstock, Los Angeles. Treasurer, W. H. Leete, Los Angeles. Auditor, H. I. Bettis, Los Angeles.

Directors— W. H. Bancroft, Salt Lake City. H. I. Bettis, Los Angeles. J. Ross Clark, Los Angeles. William A. Clark, Butte, Mont. W. H. Comstock, Los Angeles. W. D. Cornish, New York. Edward H. Harriman, New York. Thomas Keams, Salt Lake City. W. R. Kelly, Los Angeles. Richard C. Kerens, St. Louis. W. G. KerkhofiF, Los Angeles. T. F. Miller, Los Angeles.

Corporate office. Salt Lake Citv. Main office, Los Angeles. Annual meeting, third Monday in November, at Salt Lake City.

Sakta Fe Central Railway Co.

A corporation formed under the laws of New Mexico in July, 1901. Road owned, Santa Fe, N. Mez., to Torrance, N. Mez., xxy miles. The Albuquerque eastern Railway Co. is baUdias a branch from Moriarity, on the main line, to Albuquerque, N. Mex., 47 miles, and is controlled in the interest of this company. Extensions aggregating some 400 miles are plann. Locomotives, 5 ; passenger cars, 4 ; freight cars, 94. Stock Par $100 Authorized, $3,500,000 Issued, $3,500,000

Transfer Agent, North American Savings Co., Pittsburg.

Funded Debt xst mort., 5 per cent., due Dec., 1941, June and Dec $3,000,000

The authorised amount of the xst mortgage is $3,500,000. Trustee of the mortgage and agent for the payment of interest, Pittsburg Trust Co., Pittsburg.

The Albuquerque Eastern Railway Co. in January, X905, made a mortgage to the Pittsbui Trust Co. securing bonds on that line.

Chairman, Arthur Kennedy, Pittsburg. President and General Manager, W. H. Andrews, Santa Fe, N. Mex. xst Vice-President, Francis J. Torrance, Pittsburg. 3d Vice-President, W. S. Hopewell, Santa Fe. Secretary and Treasurer, W. C. Hagan, Pittsburg.

Main office, Arrott Building, PitUburg. Operating office, Santa Fe, N. Mez. Annual meeting, second Tuesday in December, at Pittsburg.

SAHTA FE, PRESCOTT A PHtERIX RAILWAY CO.

(Controlled by Atchison, Topeka & Santa Fe Railway Co.)

A corporation formed under the laws of Arixona, May 37, 1891.

Road owned, Ash Fork, Axis., via Prescott to Phoenix, Arix., X95 miles; leased, 6a miles; total 357 miles. An extension from Wickenburg, Anx., to Bengal Cal., 195 miles, is bcin

Railroad Sbcurities

bailt under the title of the Arkona & California Railway. Locomotives, 19 ; passenger cars, 27; freight cars, 55a.

In 1901 the Atchison, Topeka 8t SanU Fe acquired control of this property.

Stock Par $zoo. Authorised, $7,904,000 Issued, $7,903,000

Stock is transferred by the Secretary of the company, Prescott, Ariz.

A dividend of 3 per cent, was paid in April, 1903 ; a per cent, being also paid in June, 1904, and 2 per cent, in 1907.

Funded

ist mort., 5 per cent, due Sept., 1943, March and Sept $4,940,000

sd mort., 5 per cent, due July, 1943, Jan. and July 3,964,000

Presoott & Eastern ist mort. guaranteed, due April, 1943, April and Oct

Trustee of the ist mortgage and agent for the payment of interest, the Mercantile Trust Co., New York. Trustee of the ad mortgage, Central Trust Co., New York. Interest is

?dd at the office of the Atchison, Topeka & Sante Fe Railway Co., New York. The Atchison, opera A Sanu Fe Railway contracts to pay to the trustee 5 per cent of all gross revenue from business interchanged with this company, to be used for paying interest on the bonds.

Earnings Year ending June 30 Gron

i9oa-G3. i,04Sa3i

Charses and Rentals

$364,154 413,435 413,178 418,833 6x3,511 666,618 481,119

Surplus

$143,133 "3,453 304,515 157,947 190,587 Def. 83,737 Sur. 73,700 413,301

President and General Manager, Frank M. Murphy, Prescott, Aris. Vice-President, W. A. Drake, Presoott. Secretary and Treasurer, Wallace Fairbank, Presoott Assistant Secretary, L. C. Deming, New York. Assistant Manager, H. W. Gardner, New York. Auditor, George C. West, Prescott.

Directors— Edward J. Berwind, New York. Benjamin P. Cheney, Boston. Wallace Fairbank, Prescott E. B. Gage, Tombstone, Aris. Victor Morawets, New York. Frank M. Murphy, Prescott. Edward P. Ripley, Chicago. Charles Steele, New York.

Main office, Prescott, Arix. New York office, 5 Nassau Street. Annual meeting, third Wednesday in November, at Prescott.

Seaboard Air Lime Railway

A corporation formed under the laws of Virginia, January la, 1900, succeeding the Richmond, Petersburg & Carolina Railroad Co. The purpose of the company was to combine under one control and management the old Seaboard Air Line system, toe Georgia & Alabama Railway Co. and the Florida Central & Peninsular Railroad Co.

Default havine: occurred in the payment of coupons and contracts due January i, 1908, the company was, on January 3, 1908, placed in the hands of Receivers.

Rosul owned, Richmond, Va., to Tampa, Fla., Atlanta. Ga., Montgomery, Ala., etc., 3*554.35 miles; leased, 57.65 miles; trackage, 63.05 miles; total, 3,617.30; deduct road leased, to other companies, 6.33 miles ; total operated, 3,6107. The Florida West Shore Railway Co., 69 miles, and the Savannah & Statesboro Railway Q>., 5a miles, are controlled. In January, 1906, control of the Macon, Dublin & Savannah Railroad Co., Vidalia, Ga., to Macon, 93 miles, was acquired.

In 1904-05 the company acquired control of the East & West Railroad of Alabama and constructed extensions of the same, giving the system a line from Atlanta to Birmingham, Ala. Thisproperty is now the Atlanta & Birmingham Air Line Railway Co., 338 miles.

The company owns a oneizth interest in the Richmond- Washington Co., which controls and operates the Richmond, Fredericksburg & Potonaac Railroad, Richmond to Quantic*, Va., and the Washinjg;ton-Southem, Quantico to Washington, and an arrangement with the Pennsylvania Railroadfor its service between Washington and New York.

The Baltimore Steam Packet Co., niuiixig steameis between Norfolk, Va., and Baltimore, is controlled by this company, and it also has an interest in the Old Dominion Steamship Co., which operates a line between New York and Norfolk and Richmond.

In January, 1905, a plan was submitted whereby the stockholders were invited to exchange their stock for the stocks of a new holding company under the title of The Seaboard Co. See statement of that company. Under date of May 18, 1905, certain modifications were made in the original plan. In July, 1905, it was announced that the plan had become operative, that over 8a3< per cent, of the stock had been exchanged under the modified plan. The Seaboard Co. being accordingly vested with a controlling interest in this company's stock.

Locomotives, 598 ; passenger can, 333; freight cars, 13,411; service cars, 615; floating equipment, 14.

The preferred stock is 4 per cent., non-cumulative.

All tne stock was held in a voting trust until April, 1910 the trustees having discretion to dissolve the same previous to that date. In March, 1908, it was announced that the latter course would be adopted.

Transfer Agent, common stock, Baltimore Trust Co., Baltimore. Registrar, Continental Trust Co., Baltimore. Transfer Agent, preferred stock. Continental Trust Co., Baltimore. Registrar, Baltimore Trust Co., Baltimore. '

Funded Debt

1st mort., 4 per cent., due April, 1950, April and Oct $13,775,000

Collateral trust, 5 per cent, due May, 19x1, May and Nov 10,000,000

Atlanta- Birmingham Division, 4 per cent., due May, 1933, March and Sept 5,760,000

Col. tr. and general lien bonds extended, 5 per cent., due May, 1911, March and Sept. 4,665,000

Gen. coL tr. mort., 5 per cent, due Feb., 1037, Feb. and Aug 7,308,000

trust, cent., due quarterly to 1913, Feb. and Aug. 398,000

Equipment mort., Series C, per cent., due quarterly to 1913, Jan. and July. 843,000

" Series D, 5 per cent, due semi-annual to 1914, June and Dec 416,000

Series E, 5 per cent, due semi-annual to 19x5, April and Oct XSOfOoo

Series F, 5 per cent, due semi-annual to 1915, June and Dec 816,000

" " Series G, 5 per cent, due semi-annual to 1916, June and Dec 1,496,000

Series H, 5 per cent, due semi-annually to 19x6, March and Sept 468,000

Series I, 5 per cent., due semi-annually to X917, March and Sept.. 1,335,000

" " Series J. 5 per cent, due semi-annually to 1917, Jan. and July. . . 855,000

" Series K, 5 per cent, due semi-annually to X917, Jan. and July. .. 385,000

Total $47,569,000

Funded Debt— Constituent Companies

Seaboard & Roanoke, xst mort., 5 per cent., due July, X9a6, Jan. and July $3,500,000

" debentures, 6 per cent. , due 1916, Feb. and Aug 385,000

Raleigh & Gaston, ist mort., due Jan., X947, Jan. and July x,30o,ooo

Georpa, Carolina & Nor., xst mort., guar., 5 per cent, due July, X939, Jan. and July 5,360,000

Raleigh & Augusta, xst mort., guar., 6 per cent, due Jan., X936, Jan. and July x,ooo,ooo

Georgia & Alabama, xst cons, mort., 5 per cent., due Oct, 1945, Jan. and July 6,085,000

Ter. Co., xst mort, 5 per cent, due Dec., X948, June and Dec.. 1,000,000

Florida Central & Peninsular, xst mort., 5 per cent., due July, 19x8, Jan. and July... 3,000,000

' " ' 3d (xst on extensions) mort. , 5 per cent , due Jan., 1930,

Jan. and July 410,000

" " cons, mort., 5 percent., due Jan., 1943, Jan. and July. 4,373,000

South Bound Railroad, xst mort., 5 per cent, due April, 1941, April and Oct 3,033,000

Carolina Central, xst cons, mort., 4 per cent, due Jan., 1949, Jan. and July 3,000,000

Roanoke & Tar River, xst mort., 6 per cent., due X9X7, April and Oct 55ooo

Durham & Northern, xst mort., 6 per cent, due Nov., 1938, May and Nov zoo,ooo

Total $30,400,000

When the Receivers were appointed in January, 1908, it was stated that the company had a floating debt of $3,000,000.

Blair & Co. and Ladenburg, Thalmann St Co., New York, offered to purchase the January i, 1908, coupons, and the Receivers obtained authority to Issue $764,000 of Receivers* certificates to reimburse them.

Railroad Sbcuritibs

93

The ist mortgage 4 per cent, bonds are $75,ooo,ocx>, authorized, and are a xst mortgage on 287 miles of road. Irustee, Continental Trust Co., Baltimore. Of the total amount $29,725,000 are held to retire underlying bonds of the system, and $12,500,000 are reserved for improvements and extensions.

The collateral trust 5 per cent, bonds were created in 1901, and are redeemable at 10. Thej are secured by the deposit of $20,000,000 of the ist 4s. The amount authorised is $10,000,000, of which $2,000,000 was reserved to retire the 5 per cent, collateral trust bonds due in October. 1902. The remaining $8,000,000 were issued to retire car trust obligations and to refund $3,400,000 of 6 per cent, ists and certificates, as well as to pay for the company's interest in the Blchmond-Wasnington line.

In Januanr, 1904, the company created $5,000,000 of collateral trust and general lien 5 per cent, bonds, due March, 1007, which in February, 1907, were extended until Z91Z. The bonds are secured by an equity ot $20,000,000 of ist mortgage 4 per cent, bonds and other securities. Trustee for the new bonds, Continental Trust Co., New York.

In January, 1907, the collateral trust and general mortgage was authorized for $18,000,000, and stockholders subscribed for $7,308,000 at 90, to provide funds to pay for improvements.

Earnings Year ending June 30. All roads and water lines in system

Gross Net Charges Surplus

",579.815 3.47I.5S3 3,651,296 820,257

gO-03 12,706,528 3.473.781 2,641,300 832,1

The gross for 1902-03 includes $12,156,928 received from the railroad properties of the S3rstem od $549,600 from the water lines. In 1003-04, railroad receipts, $12,750,271 ; water lines, $561,138; in 1904-05, railToad receipts, $13,6x9,274; water lines, $582,669; in 1905-06, railroad receipts, $15,116,947; water lines, $683,072; in railroad receipts, $16,427,943; water lines, $776,239.

Freight Traffic Statistics.

Rate per Earninn Avenge Average Total Tons Carried Freight Ton per per Tram Tonspcr

Mileage Tonnage One Mile Density Mile Mile Train

X90i-<a 2,603 4.516,072 740,169,229 284,285 1.068c $1.87 175

i90-<)3 2,607 4,947,336 771,832,695 296,045 1.114 1.95 175

1904-05 2,6ti S.347.713 813,541,711 311.586 1.180 2.14 i8i

Reoeivers—R. Lancaster Williams, Richmond. S. Davies Warfield, Baltimore. E. C. Duncan, Raleigh, N. C.

President, William A. Garrett, Norfolk, Va. Assistant to President, A. W. Towsley, Portsnoouth, Va. 2d Vice-President, L. Sevier, Norfolk, Va. Secretary, D. C. Porteous, New York. Treasurer, Robert L. Nutt, Portsmouth, Va.

Directors— James A. Blair, New York. T. Jefferson Coolidge, Jr., Boston. James H. Doolev, Richmond, Va. H. Reiman Duval, New York. William A. Garrett, Norfolk. Norman S. Meldrum, New York. H. Clay Pierce, St. Louis. Norman B. Ream, Chicago. Thomas F. Ryan, Oak Ridge, Va. Townsend Scott, Baltimore. C. Sidney Shephard, New Haven, N. Y. Ernst Thalmann, New York. Y. van den Berg, New York. S. Davies Warfield, Baltimore. George W. WatU, Durham, N. C. Benjamin F. Yoakum, New York.

Main office, Portsmouth, Va. Executive offices Bank of Commerce Building, Norfolk, Va. New York office, 24 Broad street. Annual meeting, Friday after the second Thursday in November.

The Seaboard Cokpaky

A corporation formed under the laws of New Jersey, May 15, 1905. The company was organised in pursuance of a plan for reorganizing the finances of the Seaboard Air Line Railway snbmitted January 12, 1905, and subsequently modified May 16, 1905. The modified plan was declared operative in July, 1905, when it was announced that this company had acquired 82 of the preferred and common stock of the Seaboard Air Line Railway. Siee statement of tne latter company and below for the terms of the arrangement.

Stock. . Par $xoo. .Authorised ist pref., 18,000,000 Issued ist pref., 6,300,600 $50,900,035 ( ad pref., 18,000,000 ) ( 2d pref., i5993i650 )

All classes of stock have equal voting power.

The xst preferred is 5 percent., non-cumulative for five years from July x, 1905, and thereafter cumulative, and has a preference as to principal and dividends. It is convertible at the holder's option into ad preferred at par, if and where the law allows, and is redeemable at the company's option after Julv i, 1908.

The ad preferred is 6 per cent., non-cumulative. It is redeemable at the company's option at 1 10 after three years, provided the ist preferred has been redeemed or converted. The ad preferred can be increased for the conversion of the ist preferred.

The first dividend on the ist preferred stock was per cent., paid July 15, 1906. Od January 15, 1907, per cent was also paid, and the same amount August x, xqoy.

The plan of January la, 1905, was submitted by a committee composed of Thomas F. Ryan, Chairman, James A. Blair, Ernst Thalmann, James H. Dooley, T. Jefferson CooUdge, Jr., C. Sidnev Shephard and S. Davies Warfield. Secretary, Norman S. M eldrum, 38 Nassau street. New Voric It proposed a consolidation of the Seaboard Air Line Railway, the Atlanta & Birmingham Air Line Railway and the Seaboard & Roanoke Railroad Co., in conjunction with which to provide funds for the liquidation of the system's floating debt and for improvements, etc.

The plan further provided that holden of the Seaboard Air Line Railway preferred and common voting trust certificates might subscribe for new xst preferred stock at par to the extent of $13.50 for each share of old stoic, and that the old preferred shall be exchanged for 75 per cent, of its face in new ad preferred and the old common for 87 per cent, of its face in new common. The new xst preferred to be issued under the plan was to be $7,625,000, the subscription thereto being underwritten by a syndicate. Depositaries under the plan, Morton Trust Co., New York ; Continental Trust Co., Baltimore.

The plan as modified May 16, 1905, provided for the substitution for the consolidated company of a holding company, with the same amount and classes of stock. It also provided that the proceeds of the $7,635,000 of the ist preferred stock sho Id be used for the expenses of the organisation of the company and for making advances to the Seaboard Air Line Railway for its immediate requirements and for improvements in return for notes of the railway of its mortgage obligations, the railway company's stodcholders to have the right to subscribe for any new bond issue of said railway company.

Under the provisions of the final plan, hinders of the Seaboard Air Line Railway voting trust certificates were to exchange the same for the securities of the new company for each $100 share of old stoic, as follows :

4 Receive — v

If Subscribinx for New 1st Pief erred Pay Cash lit Preferred Sd Preferred Com moo

Common stock. $13.50 $13.50 $.. $87.50

Preferred stock xa.50 xa.50 75 13.30

If not Subscribing for New 1st Preferred

Common stock .. 75-oo

Preferred stock 75

S/Eh/Ia Railway Co. Of Cauforkia

A corporation formed under the laws of California in 1896.

Road owned, Oakdale to Tuolumne, Cal., 565 miles ; branch, Jamestown, CaL, to Angela, 19 miles ; total, 76 miles. A branch to the Yosemite Valley 50 miles is being oonstnicted by the Yosemite Short Line Railway Co., which when completed is to be leased to this company. Locomotives, xo ; passenger cars, xo ; freight cars, 59. Stock Par $xoa Authorised, $5,000,000 Issued, $3,848,000

Stock is transferred at the office of the company, San Frandsco.

Funded Debt

ist mort., 6 per cent., due April, 1037, April and Oct $1,339,000

ad mort, 5 per cent., due September, 1944, Mar. (15) and September 633,000

Total $1,879,000

Interest on the xst and ad mortgage bonds is paid at the Crocker National Banl;, San Francisco.

The ad mortgage 5 per cent, bonds were created in 1904 and are $860,000 authorised ; of the issue $633,000 were to retire $i,a66,ooo of old 6 per cent, income bonds at 50 ; the balance of the issue, $337,000, being available for improvements. The Yosemite Short Line Railway Co. haa

authorized ist mortpge, per. cent on itslline at the rate of .$i2,5cper mile, the same to be fiaranteed pnndpal and interest by this company.

In the year ending December 31, 1903, the company reported total earnings of $93,713. In the year ending June 30, 1903, the earnings were, gross, $373,413 ; net, $306,335. In 1903-4, grosB, $378,080; net, $148,051. In 1904-05, gross, $366,402; net, $134,366. In 1905-06, gross, $379.343 ; nt. $157,007. In 1906-07, gross, $440,331 ; net, $131,729.

President, T. S. Bullock, Jamestown, Cal. Vice-President, William H. Crocker, San Francisco. Secretary and Treasurer, S. D. Freshman, Jamestown, Cal.

Directors— T. S. Bullock, Jamestown, Cal. Henry J. Crocker, San Francisco. William H. Crocker, San Francisco. S. D. Freshman, Jamestown. W. F. Pierce, San Francisco. A. Poniatowski, Paris, France. S. D. Woods, San Francisco.

Main office, Crocker Building, San Francisco. Annual meeting, second Monday in February, at San Francisco.

South Erk Ikdiaka Railway Co.

Road owned, Terre Haute to Seymour, Ind., 121.42 miles; branches, 106.77 miles; total owned, 328.19 miles; leased, 8.49 miles; total operated, 236.78 miles. Locomotives, 41; passenger cars, 39; freight cars, 5,835. An extension to Chicago, 114 miles, under the title of the Chicsgo Southern Railway, was practically completed in the autumn of 1907.

lis company is the successor of the Evansville & Richmond Railroad Co., which was sold tinder foreclosure March, 1897, and the name changed to the present title in December, 1897. This company controls the Southern Indiana Coal Co. Stock Par $100 Authorized, $11,000,000 Issued, $11,000,000

The company had $1,000,000 of preferred stock 5 per cent., non-cumulative, which has been

Transfer Agent, D. M. Cameron, Chicago.

Commencing in December, 1901, semi-annual dividends of per cent, were regularly paid on the preferred stock until it was retired in 1905.

Funded Debt

lat mort., 4 per cent, due Feb., 1951, Feb. and Aug $7,598,000

General mort., 5 per cent, due May, 1916, May and Nov 3,009,000

Total $10,537,000

There were on June 30, 1907, $814,495 of equipment notes.

The trustee of the ist mortgage is the Equitable Trust Co., Chicago. Interest on the bonds is pable at the Central Trust Co., New York.

The Chicago Southern Railway Co. in 1906 created a 5 per cent. 1st mortgage for $5,500,000 guaranteed principal and interest by this company, and $4,400,000 thereof were to be used to retire $4,000,000 of notes of the Chicago Southern, maturing July 1, 1907.

Year ending June 30 Gross

i9q-o6 1,456,349

President, John R. Walsh, Chicago. Vice-President, and Treasurer, Charies F. Weinland, Chicago. Auditor, A.

Directors— W, T. Abbott, Chicago. F. D. Meacham, J. W. Walsh, Chicago. John R. Walsh, Chicago.

Main office, Grand Central Station, Chicago. Annual at Bedford, Ind.

Net

Chuset

and Taxet

J. W. Walsh, Chicago. . F. Williams, Chicago. Chicago. E. C. Ritsher,

Surplus

Secretary

Chicago, meeting, third Monday in January,

The Southehh Pacific Co.

This company was organized under the laws of the State of Kentucky, March 14, 1884, for the purpose of unifying in management lines of railroad extending from New Orleans, La., to San Francisco, CaL, to Portland, Ore., and to Ogden, Utah.

In Februaiy, 1901, the Union Pacific Railroad Co. purchased a contioUing interest in the stock of this company. The properties and mileage constituting the Southern Pacific system June 30, Z907, were as follows :

Companies whose capital stocks are prin- Companies whose capital stocks are principally owned by the Southern Pacific pally owned by Morgan's Louisiana Co. : & Texas Raihoad and Steamship Co. ,

Operated under leases : Miles but which were operated by companies

Southern Pacific Railroad 3,392 owning the lines : Miles

South Pacific Coast (narrow gauge). . 100 Iberia & Vermilion Raihoad z6

Central Pacific Railway 1,484

Oregon & California Railroad 660 Total of proprietary lines

Operated by companies owning the lines :

Moigan's Louisiana & Texas Railroad Companies whose capital stocks are

and Steamship Co 351 owned otherwise than by the Southern

Louisiana Western Railroad 198 Pacific Co., but are operated by the

Texas St New Orleans Railroad 441 Southern Pacific Co. under leases :

Galveston, Harrisburg & San Antonio New Mexico & Arisona Railroad 88

Railway i343 Sonora Railway 063

Houston, East & West Texas Railway 191

Houston & Shreveport Railroad 40 Total of leased lines 25

Houston & Texas Central Railroad . . 789

Nevada & California Railway (narrow Total mileage, June 30, 1907 9,694

Southern Pacific Co a

The Southern Pacific Co. operates steamship lines from New York to New Orleans, New York to Galveston, Tex., and from New Orleans to Havana and other Gulf ports ; total ocean and river Unes, 4,895 miles.

This company also has large interests in the Gila Valley, Globe & Northern Railway Co., and the Maricopa & Phoenix & Salt River Valley Railroad Co. is controlled.

On the readjustment of the Central Pacific Railroad Co.'s capital and indebtedness to the United States Government in 1899, the Southern Pacific Company acquired all the stock of the new Central Pacific Railway Co.

In 1900 the company acquired a controlling interest in the stock of the Pacific Mail Steam hip Co.

The Mojave Division of the Southern Pacific Raihoad of California, 24a miles, is leased to the Atchison, Topeka & Sanu Fe Railway Co. until 1979 at an annual rental of $218,133. The New Mexico & Arizona Railroad and the Sonora Railway, 350 miles, are leased from tne Atdiison, Topeka & Santa Fe Railway by this company until September i, 1979, at an annual rental of $218,133.

Locomotives, 1,759 passenger cars, 1,707 ; freight cars, 43,757 ; service cars, 4,5x7 ; floating equipment, 21 ocean steamships ; others, 100.

The capital stock authorized, which was then all of one kind, was, in 1890, increased from $150,000,000 to $200,000,000, and $67,274,200 of new stock issued in exchange for a like amount of Central Pacific Railway stock.

The preferred stock is 7 per cent., non-cumulative. It is convertible into common stock at par after July i, 1905, at the option of the holder, and is redeemable at the option of the company at 1x5 on or at any time between July x, 1905, and July x, X9xa The creation of $xoo,ooo,ooo preferred stock was authorized by the stockholders July 20, 1904. Holders of the old or oonunon stock of record July 28, X904, were given the privilege of subscribing at par to the extent of 20 percent, of their holdings for $40,000,000 of preferred stock, said stock to carry dividends from Julv X, x. The purpose of the preferred stock issue was to liquidate floating obligations ana provide for improvements and equipment.

In June, X907, $35,612,800 additional preferred was offered to stockholders for subscription at par, payable 25 per cent, on subscription, 25 per cent. July X5, 1907, and 50 per cent. August 15. 1907.

The first semi-annual dividend of per cent, on the preferred stock was paid January 16, 1905, and semi-annual dividends of the same amount have since been regularly paid in January (X5) and July.

The first semi-annual dividend on the common stock was per cent., paid Oct. i, igp6. On April i, X907, per cent, was also paid. Beginning July x, X907, the dividends on the common were made quarterly per cent, each, and such payments have since been made in January, April, July and October.

Transfer Agent, Alexander Millar, x2o Broadway, New York. Registrar, Union TraM Co., New York.

Railroad Sbguritibs

Funded Debt

Steamship, ist mort. bonds, 6 per cent, due Jan., 191X, Jan. and July $1,858,000

Col. trust. Central Pacific stock, gold bonds, 4 per cent., due Aug., 1949, June and Dec. 30,3x8,500

Collateral trust, 4 per cent., due June, 19x0, June and Dec. 7,953,000

Total $39,339,500

The collateral trust, 4 per cent, gold bonds, were issued in 1899, and are secured by a deposit with the Union Trust Co., New York, trustee, of $13,900,000 preferred stock of the Central Pacific Railway and all the $67,974,900 common stock of the Central Pacific Railway acquired by the Southern Pacific Co.

The 4 per cent, collateral trust bonds were issued in 1905. the authorised amount being $30,000,000, the compan; having called the $30,000,000 of per cent, collateral trust 9 to 5 year bonds for redemption on June i, 1905. The 4 per cent, issue is secured by $10,005,000 stock of the Pacific Mail Steamship Co. and other securities, aggregatine at par values, $73,448,800 of stocks and $19,400,000 of bonds. Trustee, Central Trust Co., New York. There were $1,440,000 of these bonds in the company's treasury on June 30, 1907.

This company guarantees the prinapal and interest of the Southern Pacific Railroad Co.*s ist consolidated refunding mort:age, which was created in 1905 for $160,000,000.

Physical and financial details of the organizations owned, leased and controlled through ownership of capital stock will be found under their respective heads in this edition of the Manual. See Southern Pacific of California ; Galveston, Harrisburg & San Antonio ; Texas & New Orleans ; Louisiana Western ; Morgan's Louisiana & Texas Railroad and Steamship Co.; Central Padfic ; Oregon & California ; Houston & Texas Central ; Padfic Mail Steamship Co. and othen.

EARNiNOfr— Entire System Year ending June 30

Betterments

$i.999,S8

Gron Expenditure

'899-00 65,980,430 60.874,719

X909-03 90,683,436 81,7x9,005

'903-04 95,539,999 86,644,509

X905-06 xo8,957,99i 89,764,574

In X904-O5 dividends for six months on the preferred stock were $9,769,431; betterments, equipment, etc., were charged with $4,897,943 ; amounts written off, $135,955 ; advanced to San Antonio & Arkansas Pass Railway Co., $t,97x,845 ; balance surplus. $3,496,798. In X905-06 dividends on preferred stock were $9,769,879 ; dividends on common (9 per cent.) $4,946,931 ; San Fiandsoo fire loss, $300,906; written off, etc., $56,799; balance surplus, $xx,x 18,837. In 1906-07 there was paid from the year's surplus for dividends on the preferred stock $9,769,879 ; for dividends on common stock $xo,389,i34 ; and charged for San Francisco fire surveys, etc., $139,994 ; balance surplus, $X4,4o8,585.

Surplus

$3,823,344 1,747.508 3,9x8, 3,456,561

",431,973

X9,X99,647

Avenge Total Mileage Tonnage

Freight Traffic Statistics

Tons Carried

One Mile 3,149,198,930 3,468,787,986 3,088.460,193 4,873,357,738 4,957,609,303 5,035,409,849 5,337,597,054 5,489,549,957

Freight Density

Rate per Ton Earnings per per Mile

Average Tons perTrain

X.OOI 9.69 x.oax 9.79

m

X.099 9.77

X.Ox4 9.60

X.O59 9.9X

President and Chairman of Executive Committee, Edward H. Harriman, New York. Vioe- Preskients, William D. Cornish, New York. John C. Stubbs, Chicago. J. Kruttschnitt, Chicaga E. E. Cahrin, San Francisco. Clerk and Secretary, Alexander Millar, New York. Assistant Secretaries, Joseph Hellen, New York. John B. weaver, Beechmont, Ky. Treasurer, Andrew K. Van Deventer, New York. Assistant Treasurer, Charles H. Redington, San Francisco. Comptroller, William Mahl, New York. Assistant Comptroller, H. B. Johnson, New York.

M fftfi llANtJAL OP dTATtSttCfl

Directore-WilUara D. Cornish. New York. W. Bayard Cutting, New York. Henry W. De Forest, New York. MaxweU Evarts, New York. Robert Goelet, New York. Edward H. Harriman, New York. Marvin Hughitt, Chicag:o. Henry E. Huntington, San Francisco. Robert S. I-overt, New York. Clarence H. MacAay, New York. Ogden Mills, New York. W. V. S. Thome, New York. Andrew K. Van Deventer, New Yoric Frank A. VanderUp, New York.

Main office. Flood Building, San Frandsco. New York office, lao Broadway. Annual meeting, Wednesday after first Monday in April, at Beechmont, Ky.

Southerk Pacific Railroad Co.

A corporation formed under the laws of California, March lo, ipoa, being a merger of the Southern Pacific Railroad Co. of California, the Southern Pacific Railroad Co. of Aiixona and the Southern Pacific Railroad Co. of New Mexico.

The Southern Pacific Raiboad Co. of California was formed April la, 1898, by a consolidation of the Southern Pacific Railroad Co. of California with the Northern Railway Co., the Northern California Railwar Co. and the California Pacific Railroad Co., all of which were leased to the Southern Pacific Co.

Road owned, San Frandsco to Tres Pinos, 100.41 miles; Alcalde, Cal., to Yuma, S54oo miles; Colorado River to east bank of Rio Grande River. 1.37 miles; branches, 1,844.74 miles ; leased, 88.99 miles ; Mojave to The Needles, 243.1 miles ; the latter line is leased to the Atchison, Topeka & SanU Fe; total, 3,393.09 miles. Locomotives, 430; passenger cars, 498: cars, 10,714; service cars, 1,364. Floating equipment, x car transfer steamer ; i tug.

The road is leased to the Southern Padfic Co. for ninety-nine years from Januaiy i, 1903, for all charges and interest, the lessee also to pay to the lessor at termination of each year xo per cent, of the net profit from operation. In 1006-07 this payment amounted to $1,005,675, which is induded in the charges given below for that year.

The Atchison, Topeka & Santa Fe Railway Co. pays an annual rental of $318,133 for the lease of the line from Mojave to The Needles, 343.51 miles. Stock Par $xoo Authorised, $160,000,000 Issued, $160,000,000

The capital stock is principally owned by the Southern Pacific Ca

Stock is transferred at the office of the company, San Francisco.

Funded

ist mort., 6 per cent (E & due April, 19x3, April and Oct $5,xxx,ooo

So. Pac Br., xst mort., sinking fd., in Oct., X037, 0 percent., due 1937, April and Oct 3i533tOoo

xst cons. mort. (So. Pac), guar. 5 per cent., due Nov., 1937, May and Nov 4,X37,5oo

xst refunding mort., 4 per cent., due Jan., X955, Jan. and July 83,914,000

Northern Ry., ist mort., 5 per cent., due Oct., X938, April and OcL 4,75x,ooo

Northern California Ry., xst mort., 5 per cent., due June, 1939, June and Dec 1,074,000

California Pac. R. R., xst mort., per cent., due Jan., 19x3, Jan. and July 3,203,000

" " " 3d mort, yer cent, due Jan., 19x1, Jan. and July

Southern Pac of Arixona, xst mort, o per cent, due March, 1909-xo, Jan. and July.. 10,000,000

" New Mexico, xst mort, 6 per cent, due Jan., X91X, Jan. and July.. 4,x8o,ooo

Total $x i9S33,5oo

The Southern Pacific Railroad of California xst consolidated mortgage, dated X893 and due X937, is $30,000,000, authorised, with further provision for retirement of underlying bonds. It is a xst mortgage on 863 miles of road and additional mileage constructed. Of the bonds outstanding $34,534,500 are subject to call at 1073 and interest after April i, X905, and are so stamped. In February, X905, the stamped bonds were called for redemption on August x, 1905, at 107. The remaining $4,137,500 are unstamped and unaffected by this proviskxi.

The Southern Padfic of Arisona xst mortgage is in two series, A and B, of $6,000,000 maturing X909 and $4,000,000 maturing 19x0.

The xst consolidated refunding mortgage, created in X905, is for $i6o,coo,ooa The bonds are guaranteed, prindpal and interest, by the Southern Pacific Co. They mav be redeemed in whole or part after January x, X9X0, at 105 and interest The company m February, 1905, sold $75,000,000 of the issue to Speyer & Co. and Kuhn, Loeb & Co., New York.

Interest on all the bonds is paid at the office of the Southern Padfic Ca, xso Broadway, New York.

Earnings— Year ending June 30 Miles Operated Groi Net Charges Surplus

x897'98 2,300 $X5,078,036 $6,68x,436 $4,851,187 $1,830,939

1898-99 3,571 X4,638,937 5.749,363 4.673.034 1.077,339

1899-00 3,670 X7,5X4,950 6,195,816 4*390.150 1,975.030

3,47x X9,635,74B 7.528,939 6,378,233 1,230.756

u

Ot2

RAILROAD SBOtmiTIBS

lE.KRXfiHQ9— Continued

Yeak Miles Operated* Gron Net Charges Surplus

i9cx03 3,047 31,714,691 13,067, X3I 6,977,888 5,089,313

9tO-<H 3,693 33740,059 13,700,734 7,653,450 5,o47,a84

19007 3.149 44,5a', "7 18,983,315 7,601,415 10,375,333

The 343.51 miles Mojave to the Needles are not included in this mileafre.

lo 1906-07, $46,567 was charged for losses by the San Francisco fire of April, 1906, and $6,400,000 was paui for dividends, leaving a net surplus of $3,938,656.

President, William D. Cornish, New York. Vice-President, E. E. Calvin, San Francisco. Secretary, Joseph L. Willcutt, San Francisco. Assistant Secretary, Joseph Hellen, New York. Tieasurer, Andrew K. Van Deventer, New York. Comptroller, William M ahl. New York.

Directors— F. K. Ainsworth, San Francisco. E. E. Calvin, San Francisco. William D. Cornish, New York. William Hood, San Francisco. I. W. Hellman, San Francisco. W. F. Herrin, San Francisco. H. A. Jones, San Francisco. Homer S. King, San Francisco. C. H. Redington, San Francisco. Joseph L. Willcutt, San Francisco. J. K. Wilson, San Francisco.

Main office, James Flood Biiikiing, San Francisco. New York office, i3o Broadway. AddiuU meeting, second Tuesday in April, at San Francisco.

South Erk Railway Co.

A corporation chartered February 30. 1894, by the Legislature of Virginia to succeed the Richmond & DanvlUe Railroad Co. The compa purchased the properties of the Richmond & Weirt Point Terminal Railroad and Warehouse Co., which were reorganised under the plan submitted by Drexel, Morgan & Co. in May, 1893, &°d modified in February, 1894.

Full deUils of the reorganisation of the property will be found in the Manual for 1899. The plan was issued in Bfay, 1893, and the present company entered into possession of the principal ones July i, 1894.

Road operated June 30, 1907, 7,554- 71 miles, as follows :

MUes MUes

Owned 4,5S8.S3 Trackage 496.04

Controlled and leased 1,038.39 Total mileage 7,593.53

Leased 831.96 Less operated separately 37.8a

Operated under agreement 307.00

Total miles operated 7,554. 71

In addition to the above mileage this company controls the following properties, which are operated under their own management :

Alabama Grreat Southern 357

Mobile ft Ohio Railroad 936

Augusta Southern Railroad 83

Georgia Southern & Florida Railway 397

Northern Alabama 117

Virginia & Southwestern Railway 13

Cincinnati, New Orleans & Texas Pacific Railway

Chicago, Indianapolis & Louisville Railroad (joint control) 591

In 1903 this company, jointly with the St. Louis & San Francisco Railroad Co., acquired terminal properties at New Orleans under the title of the New Orleans Terminal Co. This company also has a one-sixth interest in the stock of the Richmond-Washington Co. See separate statement of the latter company.

The company also operates 30o miles of steamship routes, controlling the York River Line of boats between Baltimore and West Point, Va., and the Norfolk Line, between Baltimore and Norfolk.

The company acquired in 1895 a controlling interest in the Alabama Great Southern (which is operated separately), and acquired with the Cincinnati, Hamilton & Dayton a joint control of the Cincinnati, New Orleans & Texas Pacific Railway Co., lessee of the Cincinnati Southern. In June, 1896, the Georgia Midland, Columbus to McDonough, Ga., 98 miles, was acquired by

for 99 years. In 1899 it purchased control of the South Carouna & Georgia Railroad , 333 miles, which company was, in 1903, combined with the South Carolina & Georgia ion Railroad under the title of the Southern Railway, Carolina Division. The same year ksaaed the Mobile & Birmingham Railroad and purchased 166 miles of the Atlantic &

3Po Thb Manual. Of Statistics

Yadkin Railwaj. In June, 1899, this company and the Louisville & Nashrille Railroad Co. jointly purchased the Birmingham Southern Railroad from the Tennessee Coal, Iron & Railroad Co., about 70 miles, but in 1906 this property was resold to the Coal and Iron Co. In 1H99 this company bought from the State of Georgia the Northeastern Railroad of Geoiria.

The Louisville, Evansville & St. Louis Consolidated Railway Co., a68 mUes, was acquired in 1900 and is opoated as the St. Louis Division of this company. In February, 1901, this company acquired control of the Mobile & Ohio Railroad by a purchase of its stoic and guieral mortpe bonds. In 1902 this company and the Louisville & Nashville Railroad Co. jointly acquued control of the Chicago, Indianapolis & Louisville Railroad Co. In July ,1905, this company and the Illinois Central Railroad Co. jointly took a 3 years* option upon the controlling interest in the Tennessee Central Railroad Co. and the Nashville Terminal Co., and in December, 1905, the company took over the operation of the portion of the Tennessee Central Railroad from Nashvilleto Harriman, Tenn. In August, 1906, this company acquired the entire $2,000, 000 stock of the Virginia & Southwestern Railway Co., 134 miles.

The system comprises nearly all the lines of the former Richmond 8c Danville; East Tennessee, Virginia & Georgia, and Georgia Pacific companies, whidi were controlled or operated by the Richmond Terminal Co. That company also controlled the Central Railroad & Banking Co. of Georgia, which, however, was separated from it by legal complicatioiis, and it was reorganized as the Central of Georgia Railroad Co. In 1907 the stock of that company ($<;,ooo,ooo, which was held by the Reorganisation Committee of the Richmond & West Point Terminal Co.) was sold, and the Southern Railway Co. received the benefit of the sale. The Memphis & Charleston and Mobile & Birmingham roads included in the old East Tennessee, Virginia ft Georgia, were not included in the reorganization, and the Alabama Great Southern and Cincinnati Southern (Cincinnati, New Orleans & Texas Pacific Railway) were also kept out of the new system, though the control of the two latter, as above stated, has since been acquired. In January, 1898, it was announced that the Memphis & Charleston had also been acquired by this company, and in 1899 Mobile & Birmingham.

Locomotives, 1,536 ; passenger cars, 995 ; freight cars, 56,335 ; road service equipment, 1,390 floating equipment. 34.

The preferred stock is 5 per cent. , non-cumulative. Both classes of stock were held in a voting trust, J. Pierpont Morgan, George F. Baker and Charles Lanier, trustees for five years, or until a dividend of 5 per cent, has been paid in one year on preferred stock. In 1902 practically aU the stockholders assented to an extension of the voting trust until October, 1907, and thereafter until a majority of the assented stoic should vote in favor of dissolving the trust, or unles terminated by the action of the trustees.

In 1900 the Legislature of Virginia authorized the company, with the assent of its stockholders, to reduce the amount of the common stock outstanding from $130,000,000 to $60,000,000, but no steps to that end have been taken beyond the acceptance of this provision of the amended charter.

Transfer Agents, J. P. Morgan & Co., New York. Registrar, Central Trust Co., New York.

A dividend of z per cent, on the preferred stock, the first in the company's history, was declared in December, 1896, payable January 4, 1897. A second dividend of i per cent, oo the preferred was paid January 30, 1898. ' In January, 1899, i per cent, was paid on the piefeiied. 1 per cent, in October. t8qq, xl4 per cent. April 6, 1900, and xl4 per cent. October 16, 100, this making 3 per cent, paid on the preferred for the fiscal vear i899-r900. The half-yearly dividend, paid April 9, 1901, was increased to 3 per cent., and the same rate was paid October 16, 1901. The March, 1902, dividend was increased to per cent., which remained the regular aemiaimual rate on the preferred stock until October 17, 1907, when only per cent, was paid. The dividend periods are April and October.

Funded Debt

Southern Railway xst consolidated mort., 5 per cent., due July, 1994,, Jan. and July. $50,105,300

" Develop't & gen. mort. .series A, 4per ct., due, Apl., 1956, ApL& Oct. 35,565,000

" " East Tennessee lien, 5 per cent. , due March, 1938, March and Sept. ,500,000

" " Memphis Div., ist m., 4-4-5 P- Ci July, 1996, Jan. and July. 6,883,000

" Memphis Div., 3d mort., 5 per cent, due 1996, April and Oct. . . 1,500,000

Aiken Branch , i st mort. , 4 per cent. , due Jan. , 1998 , Jan. and July 150,000

St. Louis Div., 1st mort., 4 per cent., due Jan., 1951, Jan. and July. 13,500,000

" " Mobile & Ohio col. tr. , 4 per cent. , due Sept. , 1938, March and Sept. 8,097,000

" " collateral trust, 5 per cent., due April, 1909, April and Oct 16,000,000

" three-year note, sper cent. , due Feb. , 1910, Feb. ft Aug 15,000,000

Richmond & Danville cons, mort., 6 per cent, due Jan., 191 5, Jan. and July 5t997tOOO

" debentures, 5 per cent., due April, 1927, April and Oct 3368,ooo

Richmond, York River & Ches., ist mort, 5 percent, due Jan., 1910, Jan. and July. 400,000

" 3d mort ext, due Nov., 1910, per cent, May and Nov. 500000

RAILROAD SKGURITIBS 30i

Funded Debt — Continued

Washington, Ohio & Western ist mort, 4 per cent., due Feb., 1904, Feb. and Aug. $1, 035,000

Atlantic, Tennessee & Ohio ist mort., 6 per cent., due April. 1913, April and Oct . . 150,000

Western North Carolina ist cons, mort., 6 per oenl;, due July, 1914, Jan. and JuIt. 9,531,000

Charlotte, Col. & Augusta xst mort. ezt, 5 per cent., due July, 1909, Jan. and July. 1,039,500

" " ad mort., 7 per cent., due 1910, April and Oct 500,000

Columbia & Greenville ist mort, 6 per cent., due Jan., 1916, Jan. and July 3,000,000

Georgia Pacific ist mort 6 per cent, due Jan., 1933, Jan. and July 5,660,000

East Tenn., Virginia & Georgia ist mort., 5 per cent., due July, 1930, Jan. and July 3,106,000

cons. mort. , 5 per cent. , due Nov. , 1956, May and Nov. 13, 770,000

Kno!Xvilk & Ohio ist mort., 6 per cent., due July, 1935, Jan. and July 3,000,000

"1st con. mort., 4 per cent., due July, 1953, Jan. and July 500,000

AUhama Central ist mort., 6 per cent., due July, 19x8, Jan. and July i,ocx>,ooo

Virginia Midland, series B to K, 5 and 6 per cent., due ipii-31, March and Sept.. . . 7,034,000

getu mort., 5 per cent., due May, 1936, May and Nov 4,859,000

umunottesviiie <sc Rapidan ist mort., 6 per cent., due July, 1913, Jan. and July 190,500

Atlantic & Yadkin xst mort., 4 per cent., due April, 1949, April and Oct 1,500,000

Total $196,436,300

Bonds Issued Jointly with Louisville & Nashville Collateral trust bonds C. I. & L. stock, 4 per cent., due July, 1953, Jan. and July. . $11,837,000

Bonds op Leased Lines

Atlanta & Charlotte A. L. ist mort. pref. ex. p.c, due Jan., 19x0, Jan. and July. $500,000

" ist mort., ext. at per cent, due Jan., 19x0, Jan. and July . . 4,350,000

" incomes, ext. at p. c, non-cum., due Jan., 19x0, Jan. and July. 750,000

Georgia Midland, xst mort, 3 per cent., due 1946, April and Oct 1,650,000

South Carolina & Georgia xst mort., 5 per cent., due May, 19x9, May and Nov 5,350,000 '

Sparumbuxg, Union & Columbia xst mort., 4 per cent., due Jan., 1995, Jan. and July. 1,000,000

Southern Ry., Carolina Div., gen. mort., 4 per cent, due July, 1953, Jan. and July. 5,000,000

Mobile & Birmingham prior Uen, 5 per cent., due July, 1945, Jan. and Julv 600,000

xst mort., 4 per cent., due July, 1945, Jan. and July x,3oo,ooo

Richmond & Mecklenburg xst mort., 4 per cent., due Nov., 1948, May and Nov 315,000

Sumter & Wateree River xst mort., 5 pr cent., due April, 19x9, April tod Oct xoo,ooo

Atlantic &. Danville xst mort., 4 per cent., due July, 1948, Jan. and July 3,935,000

" 3d mort,, 4 per cent., due 1948, Jan. and July 775,000

Blackville, AL & New. xst mort., 6 per cent., due Feb., 1908, Feb. and Aug 9,5oo

Transylvania Railroad, ist mort., 5 per cent, due Jan., 1956, Jan. and July 434,000

Total $aS,758iSoo

Guaranteed Stocks

Atlanta & Charlotte Air Line, 7 per cent., March and Sept $1,700,000

North Carolina, to 7 per cent, Jan. and July 4,000,000

Mobile & Birmingham preferred stock, 4 per cent, June and Dec 900,000

Southern Railway Mobile & Ohio stock trust certificates, 4 per cent., April and Oct. 5,670,300

The company held in its treasury June 30, 1907, $1,956,300 of the ist consolidated mortgage 5s, $300,000 of the Memphis Division ist mortgage 5s, $1,500,000 Memphis Division 3d 5s, and $5,565,000 development and general mortgage 48, series A, these respective amounts being included in the above table.

The company, in its balance sheet, charges as a liability only its proportion, which is $5,013,500, or one*half of the total of $11,837,000 of collateral trust 4 per cent, bonds issued jointly with the Louisville & Nashville Railroad Co. for the purchase of the stock of the Chicago, Indianapolis & Louisville Railway Co.

There were outstanding on June 30, 1907, $20,577,486 of equipment and car trust obligations.

The Southern Railway consolidated 5 per cent, mortgage is for $120,000,000. Of the $130,000,000 authorized, $78,088,373 were reserved to take up outstanding mortgage and equipment obligations, and $30,000,000 were reserved for improvements at the rate of $3,000,000 in each year. Trustee of mortgage, Central Trust Co., New York. Interest on bonds is payable at the office of J. P. Morgan & Co., New York.

The development and general mortgage was created in 1906, to be issued in series at not to exceed 4 per cent, interest for the total amount of $300,000,000. Of this amount there were to be reserved $185,000,000 for the following purposes: to retire divisional prior liens, $31,158,000; to redre collateral trust <s, $16,000,000 ; to retire equipment obligations, $10,000,000 ; to acquire stocks of certain leasee lines, $10,000,000; to pay for the eastern division of the Tennessee Central Railroad, $10,000,000 ; and to provide for acquisitions and betterments, $99,834,000. It

3P

The Manual Op Statistics

was also provided that $15,000,000 could be issued forthwith to refund equipment obliitions and provide for improvements. Trustee of the mortgage, Standard Trust Co., New Yoric. Interest IS pai at the office of J. P. Moigan & Co., New York.

The three-year 5 per cent, gold notes wer; created and sold in January, 1907, to provide for immediate requirements for improvements, etc.

The Southern Railway East Tennessee lien bonds for $4,500,000 were created iA October, 1894, in pursuance of agreement made with holders of the $6,000,000 of old East Tennenee, Viinia & Georgia improvement and equipment 6 per cent bonds, by which latter exchanged their holdings for 50 per cent, in Southern Railway preferred stock and 75 per cent in a bond of e<}ual lien paving 4 per cent, until March, 1898, and per cent thereafter.

The Memphis Division ist mortgage bonds were issued in 1898. The amount outstanding, $5*o83iOoo, was issued to retire old Memphis & Charleston bonds. Total authorised issue Is $8,000,000, of which $1,000,000 are to be used only to build a line between Stevenson, Tenn., and Chattanooga, if necessary, and $1,417,000 held for betterments. These bonds bore 4 per cent until July i, 1901, then per cent, until July i, 1906, and 5 per cent thereafter.

The St. Louis Division 4 per cent, tst mortgage was created in 1900 to acquire the Louisville, Evansville & St. Louis Raib-oad. The authorised amount is $15,000,000. Of the total amount, $5,500,000 were reserved for improvements, etc.

The Mobile & Ohio stock certificates represent the stock of that company acquired in exchange for them and deposited as security for the certificates. The latter drew a per cent for one year following April i, i90z,<3 per cent, for the second year and 4 per cent thereafter.

The Southern Railway Mobile & Ohio 4 per cent, collateral trust bonds were created in ii and were given in exchange for the Mobile & Ohio general 4 per cents., the bonds acquired being deposited as collateral for the new bonds.

The collateral trust 4 per cent, bonds issued in 1903 for the purchase of the Chicago, Indianapolis & Louisville at 78 for the common and 90 for the preferred stock of that company are a joint obligation of this company and of the Louisville & Nashville Raihoad Co. They are secured by the deposit of the acquired stocks.

The collateral trust 5 per cent, bonds, due 1909, were issued April r, 1904, to retire $4,000,000 4 per cent, collateral trust notes, $10,000,000 certificates of indebtedness and for other purposes.

Earnings Year ending June 30

. Per Cent

Div. Gfou Op. Exp. Net Chaiges Surpiiu

'897-98 I $21,095,838 68.74 $6,943,353 $5,935,339 $1,007,013

Pref. Per Cent. Income from

Div. Gross Op. Exp. Net Other Sources

i9Q-o3 5 43,354,060 73.17 ii,364,9K> i,aii,36i

U% 56,657,994 78.89 11,958,713 i,839.a8z

aJ per cent, from income and 9% percent, oat of surplus.

1 Represents the April, 1Q07, semi-annual dividend of per 'cent., the per cent. diWdciMl

paid in October, 1907, having been taken from the accumulated surplus.

Other

Total Income Charges Deductions Pref. Dirs. Surplaa

1901-oa $11,689,930 $7,833,614 $955,409 $1,500,000 $3,100,897

i90>-03 13,576.181 8,446,041 387,663 3,000,000 843.477

The item of income from other sources for 1902-03, 1903-04, 1904-05* 1905-06 and 1906, includes dividends received by the company on its holdings of stock of the Mobile & Ohio Raiboad Co. and the Chicago, Indianapolis & Louisville Railway Co., and interest payments on bonds of the Georgia Southern & Florida Railway Co., and of the St. Johns River Terminal Co., which it owns.

Railroad Securities

EARNinos OF Lines Composing the Southern Railway System

Year Ending: June 30, 1906 Year Ending June 30, 1907

7i3l3-<i9 Miles 7,546.86 Miles

Gross Expenses Net Gross Expenses Net

Month Earnings and Taxes Earnings Earnings and Taxes Earnings

July $4tOaa,954 $3,075,826 $947.ia8 $4,479*795 $3543o53 $936,743

August 4,358,535 2,967,988 1,390,547 4,643,765 3,524.627 1,119,138

September 4,456,360 3,>5,386 i,45o,974 4,57i,766 3,397,492 174,374

October. 4.666,160 3,3o,467 1,535,693 5,010,519 3,484,338 1,536,191

November 4,597,839 3.336.804 i,37i,935 4,724,443 3,605,188 1,110,255

Pmber 4,603,596 3,181,293 1,421,303 4,886,018 3,657,055 1,228,963

January 4.553*357 3,429,123 1,124,335 4,616,719 3,932,66i 684,058

February 4,433,oo2 3,357,50 1,075,852 4,507,702 3.95.o62 592,640

April 4,356,063 3.763,083 592.980 4,768,457 4,050.255 718,302

May 4,531,675 3,852,026 679,649 4,825,978 3,956,018 869,960

June 4,393.570 3.335,697 1,067.873 4,609,305 3,433,708 1,176,597

Totals $53,641,438 $39,773,139 $13,868,999 $56,657,994 $44,699*382 $11,958,712

Freight Traffic Statistics

Tons Carried Freight Rate per Ton Earnings per Average Tons One Mile Dennty per Mile Train Mile per Train

2,A5o,330,37S 370,571

The tonna given above is of revenue freight only.

President, William W. Finley, Washington, D. C. ist Vice-President, Alexander B. Andrews, Raleigh, N. C Vice-Prudent, J. M. Gulp, Washington. Vice-President and General Manager, C. H. Adcert, Washington. Vice-President, Thomas C. Powell, Cincmnati. Vice- PresicMnt, H. B. Spenoer, Washington. Vice-President, Fairfax Harrison, Washington. Secretary, R. D. Lankford, New York. Assistant SecreUry, C. E. A. McCarthy, New York. Assistant Secretary, George R. Anderson, Washington. Assistant Secretary, J. H. Drake, Richmond. Treasurer, H. C. Ansley, Washington. Comptroller, A. H. Plant, Washington.

Directors — Alexander B. Andrews, Raleigh. Joseph Bryan, Richmond, Va. Harris C. Fahnestock, New York. William W. Finley, Washington. Robert M. Gailaway, New York. Samuel M. Inman. Atlanta, Ga. Adrian Iselm, Jr., New York. Charles Lanier, New York. Edmund D, Randolph, New York. Charles Steele, New York. James T. Woodward, New York.

Main office, Richmond, Va. New York office, 80 Broadway. Operating office, 1300 Pennsylvania avenue, Washington, D. C. Annual meeting, second Monday in October, at Richmond.

Average

Total

MUeage

Tonnage

Train Mile

'P

Statek Islam D Railway Co.

A corporation formed under the laws of New York in 1873 to take over the property of the Staten Island Railroad Co., which was sold under foreclosure.

Road owned, Clifton, N. Y., to Tottenville, 13.65 miles. Locomotives, 7; passenger cars, 33 ; fret cars, 1. Stock Par $75 Authorised, $1,050,000 Issued, $1,050,000

Stock is transferred at the office of the company. New York.

Funded Debt ist mort., 4K cent., due June, 1943, June and Dec. . .

This rood was leased in 1884 to the Staten Island Rapid Transit Railroad Co., but when the latter was foreclosed and reorganized in 1899 oad was separated from it. The Baltimore & Ohio Railroad Co. owns a majority of the stock.

The ist mortgage was created in 1893 to retire old bonds and is $1,000,000, authorised.

J i

yn THE MANUAL OP STATISTICS

Eabhwgs Year ending June jd

Gran Net Chaises SaurplBft

I909K33 $ao6,779 $33.a $329a3 Sar. $97

Presideiit, Oscar G. Morray, Baltimore. Vice-President, George H. Campbell, New York. Secietarf, Cutis W. Woolford, Baltimore. Treasarer and Assistant Secietaiy, Edward Corry, New York.

Main office, 17 State street. New York. Annual meeting, first Monday in ApriL

STATE0 ISLAKD RAPID TRAKSiT RAILWAY CO.

(Controlled by Baltimore & Ohio Railroad Ca)

A corporation formed under the laws of New York, July 31, 1899. The company Is the successor to the railroad company of the same name, which was foreclosed and reorganised.

Road owned. South Beach, N. Y., to Eiizabethport, N. J., including the Arthur Kill Bridge, II miles. Company had one-half interest in ferry between Suten Island and New York, but in 1905 the ferry was taken over by the City of New York and the company's passenger tnins now coimect at St. George, Staten Island, with the municipal fenr between that point and New York. The Staten Island Railway, Tottenville to Clifton, 12.65 miles, was formerly leased, but on the reorganization of this company that road was surrendered to its owners, and is now controlled the Baltimore & Ohio Railroad Co. Locomotives, 17 ; passenger cars, 73 ; freight cars, a. Stock Par $100 Authorised, $500,000 Issued, $500,000

Stock is transferred at the office of the company, New York.

Funded Debt Staten Island Rap. Tran. Railway, ist mort., 6 percent, due Jan., 1913, April and Oct. $1,000,000

The company is controlled through stock ownership by the Baltimore & Ohio Railroad Co., that company also owning all but $31,000 of the ist mortgage bonds. The ad mortgage 4 per cent, bonds, of which thm were $2,500,000, matured July i, 1904, and were retired by the Baltimore & Ohio Railroad Co.

In July, 1905, a new mortgage for $5,000,000 was authorised, of which $3,500,000 was to be used to refund the old bonds and $1,500,000 for new construction. All the outstanding bonds of this issue are owned by the Baltimore & Ohio Railroad Co.

Since the completion of the bridge over Staten Island Sound from Elisabethport, N. J., and line connecting with the Central Railroad of New Jersey, the New York freight traffic of the Baltimore & Ohio passes over this road to St. George, Suten Island, where the Baltimore ft Ohio has terminals, which were enlarged in 1909H06.

See the Mahual for 1904 for the history of the company and details concerning its reorganization in 189S-99.

Earnings Year ending June 30

Gross Net Charges Surplus

President, Oscar G. Murray, Baltimore. Vice-President, George H. Campbell, New York. SecrcUry, Custis W. Woolford, Baltimore. Assistant Secretary, S. P. Kretser, New York. Treasurer, J. V. McNeal, Baltimore. Assistant Treasurer, Edward Curry, New York.

Directors— Vernon H. Brown, New York. George H. Campbell, New York. P. H. Cassidy, New York. K. P. Emmons, New York. W. H. Force, New York. Lyman McCarty, New York. Oscar G. Murray, Baltimore. Custis W. Woolford, Baltimore.

Main office, 17 State street. New York. Annual meeting, first Tuesday in April.

Susquehahra A Rew York Railroad Co.

A corporation formed under the laws of Pennsylvania, May 25, 1003. The company wai solidation of the Susquehanna & New York Railway Co. and the Grays Run Railway Co.

RAILROAD SBCtJRiTIKS 3PS

Road owned, Towanda, Pa., to Grays Run and branches, 85.33 miles. Locomotives, 15; passenger cars, 10 ; freight cars, 313. Stock Par $100 Authorised, $a,ooo,ooo Issued, $1,374,500

Stock is transferred by the Secretary of the company, Williamsport, Pa.

Funded Debt 1st mort., 5 per cent., due 1955, Jan. and July $1,374,000

Earnings Year ending June 30 Gross Net Charges Dividend Surplus

1905-06 $3373Si $139,856 $46,850 (4) $48,980 $44,oa6

'906-07 339.537 152,034 54,831 (4) 49.980 47.213

President, P. M. Newman, Wmiamsport, Pa. Vice-President, E. C. Hoyt, New York. Secretary, R. G. Brownell, Williamsport. Treasurer, Rosser Thomas, Williamsport.

Directors— R. G. Brownell, Williamsport. G. U. Harder, Williamsport. A. Augustus Healy, New York. Eugene Horton, New York. E. C. Hoyt, New York. John J. Lapham, New York. C. H. McCauley, Jr., Williamsport. A. W. MaUinson, WilUamsport. P. M. Newman, Williamsport. J. M. Rhen, WQliamsport. F. W. Simmons, Williamsport. A. R. Spicer, WiUiamaoort P. Anderson Valentine, New York.

Main office, Government place, Williamsport, Pa. Operating office, Towanda, Pa. Annual meeting, second Monday in January, at Williamsport.

SUSQUEHAKHM, BL00KSBUR6 BERWICK RilLBOAB CO.

A corporation formed under the laws of Pennsylvania, July 31, 1903. The company is a reorganization of the Central Pennsylvania & Western Railroad Co.

Road owned, Watsontown, Pa., to Berwick, Pa., 46 miles. Locomotives, 7; passenger cars, 5 ; freight cars, 3. Stock Par $50 Authorised, $x,ooo,ooo Issued, $1,000,000

Stock is transferred by the Treasurer of the company, Williamsport, Pa.

Funded Debt ist mort., 5 per cent., due Oct., 1953, April and Oct $700,000

The ist mortgage is for $700,000, at the rate of $15,000 per mile of completed road. Trustee and agent for the payment of mterest. Fidelity Trust Co., Philadelphia.

In the year ending June 30, 1905, the company earned, gross, $158,643 ; net, $79,969 ; in 1905-06, gross, $313,409 ; net, $98,733 ; in 1906-07, gross, $309,903 ; net, $90,746.

President, J. Henry Cochran, Williamsport, Pa. Vice-President, Frederick H. Eaton, New York. Secretary and Treasurer, Charles Cochran, Watsontown, Pa. General Manager, S. B. Haupt, Watsontown.

Directors— J. Henry Cochran, Williamsport. Frederick H. Eaton, New York. S. T. Forteman, Milton. Morris Liveright, Philadelphia. S. T. McCormick, Williamsport. Eugene R. Payne, Williamsport. Edward B. Tustin, Bloomsburg, Pa.

Main office, WiUiamsport, Pa. Annual meeting, first Monday in May, at Williamsport.

Syracuse, Bihghamtoii A Hew York Railroab Co.

(Controlled by Delaware, Lackawanna & Western Raihoad Co.)

Road owned, Binghamton, N. Y., to Syracuse, 81 miles.

The Delaware, Lackawanna & Western Raihroad Co. owns $1,998,300 of the stock of this company. Stock Par $too Authorized, $3,500,000 Issued,

Stock is transferred at the office of the company, New York.

Dividends are paid quarterly, 3 per cent, each in February (i). May, August and November.

The company's funded debt consisted of $850,000 consolidated mortgage, 7 per cent, bonds, which were guaranteed by the Delaware, Lackawanna & Western Railroad Co., and were retired by that company at their maturity, October i, 1906.

President, William H. Truesdale, New York. Secretary and Treasurer, Fred F. Chambers, New York.

Main office, 90 West street, New York. Annual meeting, first Wednesday in December, at Syracuse.

THB MANUAL OP STATISnCS

Tekiscoumta Rmilwmy Co.

A ooipofatioo formed under the laws of the Dominion of Cangda. October io 18S5.

Rood owned. Riviere do Loop, Que., to Connors, N. B., 113 miles. The road connects with the Ittteicolonial Railwaj at Rinoe do Loii|>, QDe.,and with the Padfic RaUwaj at Edmondston, N. B. Locomotives, 6 ; passenger cais, 8 ; freicfat cars, 135 ; service caxs, 8.

The Province of Quebec guaranteed interest on the boob for ten years, and when the guarantee lapsed in 1899 the bondholders assumed posseasaon of the property. The bondholders' organisation is the Temiacoaata Raflway Bondholdas* Committee, Limited, H. R. Boyoe, Secretary, Winchester House, Old Broad street. London, Eng. Stodc Par $100 Authorised, $1,000,000 Issued, $991,000

Stodk is transferred by the Secretary of the oouqiany. Riviere du Loup, Que.

FuvDBD Debt

Prior lien bonds. 5 per cent., due May, 1936, Hay and Nov

Cons, mort., income bonds 589,300

Total ;f639,ooo

The ist payment on the income books was per cent, out of the earnings of the year ending June 3D, 1907, the same to be paid May x. 1908.

In the year ending June 30, 190a, the gross earnings were $ra6,oa7 ; net, $37,o9X In gross, $134,913; net, $r8,99i. In 1903-04. gross, $136,223; net, $17,383- In 1904*0$. gross, $145,331; net, $14,943- In 1905-06, gross, $157,084; net, $39,717. In gross, $72.i95 ; nt. $|6,S49-

President, Frank Grundy, Sherbrooke, Can. Vice-President, John H. Wakh, Shertwooke, Secretary and General Manager, David B. Lindsay, Riviere du Loup, Que. Superintendent, G. G. Grundy, Riviere du Loup.

Noble Ounpbdl, Quebec ArchOald H. Cook, Qudiec. William Cook, Quebec Frank Grundy, Sherbrooke. Ardiibald Laurie, Quebec Andrew Steel, Shefhcooke. John H. Walsh, Sherbrooke.

Main office. Riviere du Loup, Que. Aimual meeting, third Tuesday in September, at Quebec

Tekhessee Cektral Rmilromd Co.

A corporation formed under the laws of Tennessee, April 15, 1900, under the name of the

Nashville & Clarksville Railroad Co.. which was changed to the present title. The oompanv was a consolidation of the Tennessee Central Railway Co., the Nashville Sl Knoxville Railroad Co., the Cumberland Plateau Railway Co., and the Kingston Bridge & Terminal Co. In March, 1904, W. J. Oliver, Knoxville, Term., was appointed Receiver of the company, but a financial reorganisation having been effected the receivership was dissolved in July, 1004*

Road owned, Harriman, Tenn., to Hopkinsviue, Kv., 35r miles ; branches, 59 miles ; Nashville Terminal, 10 miles; total 330 miles. The Nashville Terminal Co., which has la miles of tracio, is controlkd and leased by this company. Locomotives, 35 ; panrnger cars, 15 ; freight cars, 91 r.

In July, 1005, the controlling interests in this company gave an option for three years for the purchase of the majority of its stock and of the stock of the Nashville Terminal Ca to the Southern Railway Co. and the Illinois Central Railroad Co. jointly, which option had not been exercised up to January, 1908. In December, 1905, the Illinois Coitral Railroad Co. took over the operation of the part of the road from Nashville to Hopkinsville, 73 miles; and the Southern Railway Co. at the same time assumed the operation of the line from Nashville to Harriman, Tenn., and branches, 237 miles. Slock Par $100 Authorised, $8,000,000 Isned, $8,000,000

The stock is to be issued at the rate of $35,000 per mile of completed road. The city of Nashville agreed to subscribe for $1,000,000 of stock at par for the completion of the road to Clarksville, Tenn.

Fuitded Dbvt

Prior lien mort., 5 per cent., due Jan., 1934. Jan. and July $4./>i4.ooo

General mort., per cent., due Jan., 1954, Jan. and July 8,306,900

Nashville Termmal, ist mort., 5 per cent., due Jan., 193a, Jan. and July 1,000,000

Total $i3,aao,9oe

Under the financial readjustment in 1904, referred to above, the old bonds of the mni pany. except $46,000 of Nashville & Knoxville 1st, 6 per cent., due 1918, were retired by means of the prior linen and general mortgage bond issues.

Railroad Sbcuritibs 3C7

The prior lien bonds are $4,aoo,ooo, authorized. They are subject to call after January i, 1909, at no. Trustee and agent for the payment of interest, Mississippi Valley Trust Co., St. Louis.

The general mortgage is $ao,ooo,ooo, issuable at the rate of $37,500 per mile on 330 miles (including $4,900,000 reserved to retire the prior lien bonds) and at $25,ocx> per mile on new mileage. Trustee and agent for payment of mterest, Mercantile Trust Co., St. Louis. There are $19,000 mortgage bonds of the Nashville & Knoxville Railroad Co. outstanding.

The prior lien mortgage bonds were used to retire an issue of 5 per cent, collateral trust notes.

President, J. M. Overton. Nashville, Tenn. Secretary, C. R. Cockle, Nashville. Treasurer, J. T. HoweU, Nashville.

Directors— C. N. Burch, Nashville. A. P. Humphrey, Louisville. W. J. Murphy, Cindnnati. J. M. Overton, Nashville.

Main office, 204 North Cherry street, Nashville. Annual meeting, first Monday in October, at Nashville.

Terkikal Railroad Association Of St. Louis

This company's property comprises the St. Louis bridge and tunnel, the St Louis Terminal Railway, the Union Station in St. Louis, completed in i, with belt lines and tracks in both St. Louis and East St. Louis, and valuable real estate. Total length of tracks and sidings operated, about 141 miles. In February, 1903, acquired the East St. Louis & Carondelet Railway, 13 miles. In 1903 acquired the property of the St. Louis Belt & Terminal Railway and the Interstate Car Transfer Co. Locomotives, 72 ; passenger cars, 15 ; freight cars, 215.

The company was organised in T889. The old St. Louis Brieve Co. and the Tunnel Railroad were leased in 1881 to the Wabash and Missouri Pacific companies in perpetuity. The leases were assigned to this company.

The company is controlled by the Cleveland, Cincinnati, Chicago & St. Louis Railway Co., the Louisville & Nashville Railroad Co., the St. Louis, Iron Mountain & Southern Railway Co., the Baltimore & Ohio Railroad Co., the Missouri Pacific Railway Co., the Wabash Railroad Co., The Rock Island Co., the Chicago, Burlington & Quincy Railroad Co., the Illinois Central Railroad Co., the Missouri, Kansas & Texas Rauioad Co., the St. Louis & San Francisco Railroad Co. , the Chicago and Alton Railroad Co. , the Vandalia Railroad Co. and the Southern Railway Co. Stock Par $100 Authorised, $50,000,000 Issued, $2,882,000

The authorised amount of stock was originally $12,000,000, of which $1,441,000 was issued. In December, 1902, an increase to $50,000,000 was authorised.

Stock IS transferred by the Secretary of the company, St. Louis,

Funded Debt

St. Louis Bridge Co., ist mort., guar. 7 per cent., due April, 1929, April and Oct $5,000,000

Terminal Railroad Association, ist mort., per cent., due Oct., 1999, April and Oct 7,000,000 " ' cons. mort. , 5 per cent. , due Aug. , 1944, Feb. and Aug. 5,000,000

" new gen. ref. m., 4 p. c, due Jan., 1953, Jan. and July . 19,800,000

Total $36,800,000

The company guaranteed interest only upon $2,000,000 Merchants' Bridge ist mortgage 6

Sir cent, bonds, due February, 1929, Febrtiary and August, and also guaranteed $3,500,000 merchants' Bridge Terminal Co. ist mortgage 5s, due October, 1930, April and October. This company also guarantees 6 per cent dividends on $2,490,000 ist preferred, 3 per cent, on $3,000,000 2d preferred stock of St Louis Bridge Co., and 6 per cent on $1,250,000 stock of the Tunnel Railroad of St Louis.

The consolidated mortgage is for $12,000,000, of which $7,000,000 is reserved to retire ists and was used to retire old 2ds. Trustees of consolidated mortgage hold as additional security all the stock and bonds ($1,500,000 each) of the St Louis Terminal Railvray.

The new general refunding mortgage is for $50000,000, sufficient being reserved to retire the oM bonds. The issue was created in 1902 to provide for additions and improvements. There are $17500,000 of the bonds reserved to retire prior liens and $14,500,000 can be issued at the rate of $1,000,000 per annum after January, 1906, to provide for improvements.

Controlling companies agree in event of deficit to jointly contribute for interest, etc.

Earnings

Grow Net Charges Surplus

1898 $1,997,753 $i,6ii,8iA $i,37S.383 $236,430

3o8 THB MANUAL OP STATISTICS

Earnings — Continued

Gtom Net Chaifcs Saiplu*

190a $2,615,3160 $1,830.3 $1,462,919 $367,344

906 3.783,5" 2,389,592 2,360,973 a8,6io

190607 (year ending:, June 30) .. . 3,693,62 332,977 2,355,019 777,95

The new Union Station is rented to the various railroad companies entering St. Louis for approximately $550,000 per year, the payments being a,pportioned on a wheelage basts.

Chairman, Julius S. Walsh, St. Louis. President, W. S. McChesney, Jr., St. Louis. Secretaiy, C. A. Vinnedge, St Louis. Treasurer, F. C. Daab, St. Louis.

Directors— A. A. AJlen, St. Louis. C. C. F. Bent, Cincinnati. C. S. Clarke, St. Louis. A. G. Cochran, St. Louis. A. J. Davidson, St. Louis. George E. Evans, Louisville. W. M. Greene, CindnnaU. W. S. McChesney, Jr., St. Louis. Benjamin McKeen, St. Louis. Henry Miller, St. Louis. H. U. Mudge, Chicago. T. C. Powell, St. Louis. 1. G. Rawn, Chicago. George N. Ross, Chicago. George T. Ross, St. Louis. C. E. SchafT, Chicago.

Main office. Union Sution, St. Louis. Interest payable at offices of J. P. Mor & Co., New York, and J. S. Morgan & Co., London. Annual meeting, second Monday m April, at St. Louis.

Terre Haute A Peoria Railroad Co.

(Leased to Vandalia Raih-oad Co.)

Road owned and operated, Terre Haute, Ind., to Peoria, lU., 174 miles, of 138 miles is owned, the company having a half interest in 8 miles and 28 miles is leased.

This company was formerly known as the Illinois Midland Railway, which was vAA in foreclosure September 30, 1886, and reorganized March, 1887. In 1892 the Terre Haute & Indianapolis leased the property, agreeing to pay 30 per cenL of gross earnings as rental and to make the amount sufficient to pa aU interest charges. In 1892 a new 1st mortgage for $2,500,000 was created, guaranteed by the Terre Haute & Indianapolis. Interest due September, 1896, was defaulted. Litigation concerning the validity of the guarantee was insUtuted, the Courts deciding in favor of the guarantee.

When the Terre Haute & Indianapolis was merged into the Vandalia Railroad Co. January 1, 1905, the latter company assumed the lease of this road.

The Vandalia Raikoad Co. owns $631,700 of the preferred and $1,536,100 of the common stock.

Stock is transferred by the Secretary of the company, Pittsburg.

Funded Debt

ist mort., 5 per cent, due March, 1937, March and SepL $23,000

ist consolidated mort., 5 per cent, due Sept., 1942. March and Sept 2,207,000

Total $a,a3o,ooo

Owing to the receivership of the leasee and the litigation referred to above there was delay

in the payment of coupons, but in November, 1904, those due March, 1904, and subsequent dates have been paid in full.

Earnings

Year ending October 31 Gro Net

i903-<H 636,532 343ai

In 1899 the rental was $132,699; loss to the lessee, $61,750; 1900, rental, $148,556; ioss, $88,501; 1001, rental, $168,186; loss, $69,393; 1902, rental, $167,726; loss, $126739; in 191 rental, $188,895; loss, $111,107; in 1904 rental, $190,959; loss, $156,636; in 1905, rental, $194,804 ; loss, $141,845; in 1906, rental, $212,869 ; loss, $149,532.

President, J. J. Turner, Pittsburg. Vice-President, Joseph Wood, Pittsburg. SecreUiy, W. G. Phelps, Pittsburg. Assistant Secretary, S. H. Church, Pittsburg. Treasurer, T. H. R McKnight, Pittsburg. Assistant Treasurer, R. R. Thompson, Pittsburg. Auditor, John W. Renner, Pittsburg.

Main office, Terre Haute, Ind. Annual meeting, Wednesday after the lint Tuesday in April, at Decatur. 111.

Railroad Sbcuritibs 309

TEXAS it HEW ORLEiKS RAILROAD CO.

Road owned, Sabine River, to Houston, Tex., zii.iS miles ; Sabine Pass to Dorr Junction, Tex., X51. 00 miles ; Bonita Junction to Dallas, Tex., 162.71 miles; Houston to Clinton, Tex., 7.56 miles; branch, 8.J3 miles; total, 440.78 miles; operated jointly, 5.40 miles ; total operated, 446.18 miles. Under an act of the Texas Legislature passed in 1899 this company acquired the Louisiana Western Extension Railroad and Texas Trunk Railroad, and constructed a line to connect its Sabine Division with the Texas Trunk Railroad, makine a through line from Dallas, Tex., to Sabine Pass, Tex. Locomotives, 43 ; passenger cars, 62 ; freight cars, 3,631 ; service cars, 118. Stock Par $100 Authorized, $5,000,000 Issued, $5,000,000

Transfer agency, lao Broadway, New York. Rstrar, Mercantile Trust Co., New York. The stock is principally owned by the Southern Pacific Co.

Funded Debt

ist mort., main line, 6 per cent., due Aug., 1935, Feb. and Aug $863,000

Sabine Division, ist mort, 6 per cent, due Sept., 1913, March and Sept 3,575,000

Consolidated mort., 6 per cent., due Julv, 1943, Jan. and July 1,630,000

Dallas Division, ist mort, 4 per cent, due Aug., 1930, Feb. and Aug 3,997,000

State of Texas school fund debt, 6 per cent 309,508

Equipment bonds. Series A, serial 6 per cent, April and Oct 1,030,000

Total $10,383,508

This company pays the interest on $350,000 ist mortgage 5 per cent, bonds of the Texas Transportation Co., due August, 1923, but has not assumed the mortgage securing the same. The equipment bonds are all owned by the Southern Pacific Co. '

Earnings

Year ending June 30 Gross Net

'904-05 3.388,549 703,253

'905-06 3,496tii7 504.080

'90607 4,387,733 1,034,04s

In 1905-06 the deficit after charges was $161,314. 1906-07, surplus, $470,900.

President, Edward H. Harriman, New York. Vice-President, W. G. Van Vleck, Houston, Tex. Secretairy, G. R. Cottingham, Houston. Treasurer, B. C. Cushman, Houston.

Directors — James A. Baker, Jr., Houston. G. R. Cottingham, Houston. Edward H. Harriman, New York. J. Kruttschnitt, Chicago. C. G. Pillot, Houston. F. A. Reichardt, Houston. W. G. Van Vleck, Houston.

Main office, Ilbuston, Tex. Annual meeting, second Monday in January, at Houston.

Texas Pacif/C Railway Co.

Road owned. New Orleans to Shreveport, La., 336.04 miles ; Texarkana to Fort Worth, via Whitesboro, 344.36 miles; Texarkana to Fort Worth, via Marshall, Tex., 345.45 miles; Fort Worth to Sierra Blanca, Tex., 531.49 miles; Reisor, Tex., to Marshall. 34.13 miles; branches, 383-56 miles; total, 1,755.93 miles; trackage. Sierra Blanca to El Paso, Tex., 93 miles; total operated, 1,848 miles. Locomotives, 374 ; passenger cars, 199 ; freight cars, 12,310. Stock Par $100 Authorised, $50,000,000 Issued, $38,763,810

Stock is transferred at the office of the company. New York. Registrar, Mercantile Trust Co., New York.

Funded Debt

1st consolidated mort., 5 per cent, due June, 3000, June and Dec $35,000,000

sd consolidated income mort. (non-cumulative), 5 per cent., due 3000, March i 34,984,850

Louisiana Division branch, ist mort, 5 per cent., due Jan., 1931, Jan. and July 4,970,000

Total. $54,954,850

The tmstee of the sd mortgage, the Mercantile Trust Co., New York, if interest had not beeo paid on the bonds, had the to take possession of the property after March, 1893. No interest waspaid on the 3ds until March 1900, when per cent, was paid out of the earnings of 1899. On March x, 1901, 4 per cent was paid on the 3ds. On March 1, 1903, 1903,

1904, 1905, 1906, 1907, respectively, 5 per cent, was paid. In March, 1908, per cent was paid. In July, 1890, the St. Louis, Iron Mountain & Southern Railroad Co. offered to holders of the 2d income bonds to exchange same at 65 for new St. Louis, Iron Mountain & Southern Railroad 4 per cent, bonds, a syndicate offering to purchase any of the latter received in ezchan at 85. In March, 104, only $980,000 of the come remained in the hands of the public. See statement of the Missouri Padfic Railway Co.

The company guarantees principal and interest of $500,000 ist mortgage 5 per cent, bonds,

i August, 1930, February and August of the Weatherford, Mineral Wells St Northwestern

Railway Co. This company has also agreed to guarantee an issue of $5,000,000, 5 per cent., isL

mortgage bonds of the Opelousas Gulf & Northeastern Railroad Co., to be issued at the rate of $ao,ooo per mile of completed road.

The company's land grant and lands' were convejred to an organisation called the Texas Padfic Land Trust in exchange for the old land grant and income bonds. See statement of that comvanj.

The company has $113,193 of income interest scrip retirable under the provisions of the agreement with the old income bondholders in the reorganisation. The outstanding equipment car trust obligations December 31, 1907, were $3,836,000.

Earnings

Per Cent.

Gross Oper. Ex. Net Charges Surplus'

iQOO 9,751,133 67.50 3,358,668 3,So.o8a 908,586

190a. 11,336,601 68.99 3,,141 4,iai,377 Df. 489.357

1903- 13,094,743 68.51 3.98o,"3 4,ao3,30i " 233,176

1906 14,914,607 66.08 5,"5,703 4,785,5 Sur. 330,437

In 1897, $337,893 was paid for equipment, etc., and $44,384 of bad debts charged off, leaving a net surplus of $447,969 ; in 1898, paid for equipment, improvements, etc., $889,330, leavi a net surplus of $31,161 ; in 1899, surplus over betterments, etc., $71,983 ; in 1900, surplus, $3d8,6 ; in 1901, surplus, $335,071. In 190a the charges included $3,307,358 for improvements, and there was also paid $1,101,900 as interest on the income bonds. In 1903 improvements were charged with $1,350,334 ; interest on 3d incomes, $1,161,900. In 1904, improvements, $1,373,333 ; interest on incomes, $1,333,806. In 1905, improvements, etc, $1,138,117; interest on incomes, $i,a33,8o6. In 1906, improvements, $919,155 ; interest on incomes, $1,333,806. In 1907, $1,098,486 was charged to improvements, and $1,138,39 to equipment account. After paying the dividend of per cent, on the income, the deficit for the year was $359,851.

President, George J. Gould, New York. Vice-President and General Manager, L. S. Thome, Dallas, Tex. Vice-President, Krank Jay Gould, New York. Secretary and Treasurer, C. E. Satterlee, New York. Auditor, Richard Fenby, Dallas.

Directors— Robert C. Clowry, New York. Thomas T. Eckert, New York. Robert M. Uallawmy, New York. Edwin Gould, New York. Frank Jay Gouki, New York. George J. Goukl, Lakewood, N. J. Howard Gould, New York. Edward T. Jeffery, New York. John P. Munn, New York. Benjamin Nicoll, New York. C. E. Satterlee, New York. Joseph J. Skicum, New York. John T. Terry, New York. L. S. Thome, Dallas, Tex,

Main office, Dallas, Tex. New York office, 195 Broadway. Annual meeting, third Wednesday in March, at New York. Books close as directors may elect.

rEXAS CEHTRML BAIIBOAD CO.

Road owned, Waco to RoUn, Tex., a68 miles. Locomotives, 38; passenger cars, 25; freight cars, 374,

This road was originally built and controlled by the Houston 8t Texas Central. Receiven appointed April, 1885. Property sold in foreclosure 1891 and purchased by committee for bondholders. A line 53 miles long, from Garrett to Roberts, formerly included in this road, was turned over to the holders of the bonds of that line, and is now known as the Texas Midland. In 1906, a westerly extension of the line, 43 miles, was completed.

Stock...Par$.oo AuthorUed|~™;;*f;5|;[ '""-J I Pi; 'f!" [ 3.973.oo

Transfer Agent, Farmers' Loan & Trust Co., New York. Registrar, Fultoo Trust Co., .New York,

Year ending June 30

Per Cent

Op. Exp.

Net

Charges

Dividends

Surplus

g"

Railroad Securities 3"

Annual dividends were paid on the preferred stock at the rate of 3 per cent, in 1896, 1897 and 1898. In 1899-1900 4 per cent, was paid. The annual dividend paid January 15, 1901, was 5 per cent In Julj, 1901, the payment of semi-annual dividends of per cent., January and July, was beinii on the preferred, which has since been the regular rate. On July 15, 1901, per cent was paid on the common, which continued to be the annual rate until July, 1905, when 5 per cent, was paid, which was also the rate paid July 16, 1906, and July 15, 1907.

Funded Debt

ist mort, 5 per cent, due April, 1993, April and Oct $1,150,000

ist mort, 4 per cent, due April, 1903, April and Oct 150,000

Total $1,300,000

The ist mortgage is for $a,ooo,ooo, and was authorised at the rate of $15,000 per mile to retire existing indebtedness and to provide for extensions and improvements. The company holds $650,000 of the bonds in its treasury. The rate on further issues of these bonds can be changed. Trustee of the mortgage. Farmers' Loan & Trust Co., New York. Interest is paid at the office of Moran Brothers, New York.

Gross

x9CM-c $601,614

In 1905-06, $1x5,969 was charged out of the surplus for improvements and equipment, and in 1906-07, $255,733 for the same item.

President, Henry K. McHarg, Stamford, Conn. Vice-President and General Manager, Charles Hamilton, Waco, Tex. Secretary and Auditor, S. H. McCartney, Waco. Treasurer, Edward Rotan, Waco. Assistant Secretary and Treasurer, D. Comyn Moran, New York.

Directors — Walton Ferguson, Stamford, Conn. Charles Hamilton, Waco. Henry K. Mc- Haig, Stamford. Jesse S. McLendon, Waco. Amedee D. Moran, New York. Edward Rotan, Waco. J. W. Rndasill, Meridian, Tex.

Main office, Waco, Tex. New York office, 68 William street. Annual meeting, second Wednesday In February, at Waco.

Toledo Ohio Cehtrml Railway Co.

Road owned, Toledo to Bremen, O., 173 miles ; New Lexington to Coming, O., 13 miles ; Whitemore to Thurston, O., 145 miles ; Peoria, O., to St Mary's, O., 60 miles ; branch, 4 miles ; total owned, 395 miles; used under trackage, 46 mUes; total operated, 441 miles. The conmany also has a controlling interest in the Kanawha & Michigain Railway, Coming, O., to Gauley, W. Va., and branches, 177 miles. See statement of the latter company. This company controls the Zanesville & Western Railway Co., lao miles, which is operated separately. Locomotives, 196 ; passenger cars, 51 ; freight cars, 6,346.

In December, 1899, announced that the Hocking Valley Railway had acquired control of this property. The road is operated separately under its own organization. See below for terms of exchange of stocks.

The preferred stock b 5 per cent, non-cumulative, and has a further preference of 9 per cent after the payment of 5 per cent on common stock.

In x8oi the conunon stock was ixuaased from $x, 849,000 to $4,849,000. In 1809 a further increase to $6,500,000 was authorised to purchase the Toledo, Columbus & Cincinnati Railroad Co. and to build an extension from Columbus to Ridgeway.

Transfer Agents, J. P. Morgan &Co., New York. Registrar, Central Trust Co., New York.

From 1890 to 1805, 5 per cent, perannum was paid on the preferred stock. In 1896 per cent. was pakl, but the Jufy, 1896, quarterly dividend was the huBt one paid. On the common stock 9 per cent, ir8 p(|)d in 1891, 4 per cen m J898, a per cent In 1893 ; November 95, 1893.

3" Thbs Manual Op Statistics

Funded Debt

ist morti 5 ijer cent., due July, 1935, Jan. and July $3.,ooo

Western Division, ist mort, 5 per cent., due Oct., 1935, April and Oct. 3,500,000

General mort., 5 per cent., due June, 1935, June and Dec. s,ooo,ooo

Car trusts, 4, and 5 per cent., 1908-13 various 1,904,000

St. Marys Div., ist mort., 4 per cent., due Feb., 1951, Feb. and Aug 500,000

1st pref. inc. bds., 4 percent., non-cum., due Feb., 1951, int. Oct. 1.. 500,000

Total $10,404,000

Company's interest in Kanawha & Michigan stock was acquired in 1890, costing $3,365,000. Company guaranteed principal and interest of $3,469,000 4 per cent, ist mortgage Kanawha & Michigan bonds. See statement of the Hocking Valley Railway Co. and the Kanah wa & Michigan Railway Co., regarding proposed merger of those companies. This company and the Hocking Valley Railway Co. jomtly guarantee the $3,000,000 5 per cent, bonds, due 1951, interest January and July, of the Kanawha & Hocking Coal & Coke Co. The company also guarantees $3,750,000 ist mortgage 5 per cent, bonds of the Continental Coal Co., due February, 1953.

In 1899, above stated, the Hocking Valley Railway Co., which in its reornmization had reserved $5,000,000 each of its preferred and common stock to absorb the Toledo & Ohio Central Railway, acquired a controlling interest in the stock of the latter. The shares purchased were stated m June, 1901, to be all but $54,100 of the common and $11,000 of the preferred. The minority stockhoklers of the Toledo & Ohio Central were offered the same terms as the majority, namely, to exchange their holdings for Hocking Valley stock of the same class on the basis of $70 of Hocking Valley for $100 of this company shares.

Earnings Year ending June 30

Gross

In 1905-06, $313,809 was deducted from surplus for additions and improvements, leaving a net balance of $341,117. In 1906-07 such deductions were $836,765.

Chairman, Dtur Axtell, Richmond, Va. President, Nicholas Monsarrat, Columbus, O. ist Vice-President, Charles G. Hickox, Cleveland. 3d Vice-President and Secretai7, J. M. Ferris, Toledo, O. Treasurer and Assistant SecreUry, L. D. Kelley, Toledo. Auditor, John Landgraf, Jr., Toledo.

Directors — Horace Andrews, Cleveland. Decatur Axtell, Richmond. A. H. Gillard, New York. Charles G. Hickox, Cleveland. Ralph W. Hickox, Cleveland. James H. Hoyt, Cleveland. C. T. Lewis. Toledo. Nicholas Monsarrat, Columbus. Charles Steele, New York. F. D. Underwood, New York.

Main office, Toledo, O. Annual meeting, first Monday in September, at Toledo. Books close thirty days previous.

Toledo, Peoria Westerk Railway Co.

(Controlled by Pennsylvania Company and Chicago, Burlington & Quinc Railroad Co.)

Road owned, Effer, IlL, t6 Warsaw, 111., 330 miles; branch, 10 miles; trackage, 17 miles; total operated, 347 miles. Locomotives, 38 ; passenger cars, 31 ; freight cars, 1,733.

In December, 189, a controlling interest in this company was acquired by the Pennsylvania Company and the Chicago, Burlington & Quincy Railroad Co. jointly. Stock Par $100. Authorised, $4,500,000 Issued, $4,076,900

Transfer Agent, Farmers' Loan & Trust Co., New York. Registrar, Com Exchange Bank, New York.

Funded Debt

ist mort., 4 per cent., due July, 1917, Jan. and July $4,895,000

Per Cent.

Op. Exp.

Net

Chaxves

3I0.35S 139,604

467,59a 361,735

Railroad Sbguritibs 313

In July, 1894, interest on the ist mortga bonds was defaulted. It was proposed to fund it and two succeeding coupons for $5 cash and $15 in 5 per cent. lo-jrear scrip were issued, the amount authorized being $390,375, which were redeemed at maturity in 1905. All the bondholders accepted these terms. In January, 1896, payment of coupons in cash was resumed.

Interest on the ist mortgage bonds is paid at the American Exchange National Bank, New York.

Earnings

Year ending June 30

Gross Net Charses Surplus

'903 $1,239,973 $238,139 $5,a94 $2,844

'90304 1,308,716 239,696 331,149 1,547

>905-o6 1,393,394 206,569 398,911 31,641

President, E. N. Armstrong, Peoria, III. Secretary and Treasurer, E. D. Usner, Peoria. Auditor, F. L. Fox, Peoria.

Directors— E. N. Armstrong, Peoria. W. W. Baldwin, Burlington, la. CM. Dawes. Chicago. Franklin H. Head, Chicago. Joseph Wood, Pittsburg.

Main office, Peoria, III. Annual meeting, second Wednesday in September, at Peoria.

Toledo. St. Louis 4 Westerh Railroad Co.

A corporation formed July 1900, being a reorganization of the Toledo, St. Louis & Kansas City Railroad Co., which was foreclosed in March, 1900, The present company took possesion of the property August i, 1900.

Road owned, main line, Toledo, O., to East St. Ixniis, IlL, 450.73 miles. Locomotives, 95 ; passenger cars, 41 ; freight cars, 3,768 ; service cars, 103.

In 1Q03 this company, in conjunction with the Grand Trunk Railway Co. of Canada, obtained joint control of the Detroit & Toledo Shore Line Railroad Co., Toledo to Detroit, 60 miles, thus giving the company an entrance to the latter city. The two purchasing companies jointly ICuaranteed $3,000,000 4 per cent, bonds of the Shore Line Railroad, due January, 1953, interest January and July, the total issue of the said bonds being $3,000,000.

In 1907 the interests identified with the company purchased a controlling interest in the Chicago & Alton Railroad Co. from the Rock Island Co.

The preferred stock is 4 per cent. , non-cumulative. There is $47,000,400 of the preferred and $5,000 ot the common stock in the oompanv*s treasury. Stock is transferred at the office of the company. New York. Registrar, Central Trust Co., New York.

The first dividend on the preferred stock was 3 per cent., semi-annual, in April, 1907, 9 per cent, being also paid October 15, 1907.

Funded Debt

Prior lien mort., 3? per cent., due July, 1935, Jan. and July $9,550,000

ist mort., 4 per cent., due April, 1950, April and Oct 6,500,000

Total $16,050,000

The prior lien mortgage is for $10,000,000, of which $1,000,000 was reserved to be used after January z, 1903, for improvements at the rate of $350,000 per annum. The 1st mortgage bond issue may be increased $10,000,000 to retire the prior lien bonds. Trustee for both issues, Central Trust Co., New York, at whose office coupons are paid.

Earnings Year ending June 30

Per Cent.

Gross Op. Exp. Net Charges Surplus

'900-01 $3,90,566 73.37 $696,955 $614,400 $83,555

1Q09-03 3."i.359 73.54 863,639 699,000 1711639

I9P3-04 3.34648 73.60 930,443 696,499 393,943

904-Os 3.785.X65 78.79 957,713 785,099 173,613

34

The Manual Of Statistics

MisoeDaneoiis income included in the net earnings was as follows : In igoi-oo, $96t3 ; in Taxes an included in the charges, the amount of same , m 1901-00, $104,400; in i9o<]3, $117,000; in i9i-<M, $1x8,350: in X9Q4'05> $138,609; in 1905-06, $135,591 and m 1906-07, $133,443- Charges for 1904-05 indude $73,740 for disooont 00 bonds and misodlaiieoas expenditures. In charges include $18,350 for discount 00 bonds sold. In 1906-07, dirideods on the preferred were $300,000, leaving a net surplus of $445,067.

FsEioHT Traffic Statistics

Average

MUeage

Rate per Ton

per Mile o.54ac 0.54a

Earainii ATcragc

MUe

'I

Tom

a85

3D 39B

Total Tons Carried

Tonnage One Mile

I,6oo,tt8 349,044,373

a.636,357 535.955.341

Chairman, William A. Read, New York. E'resident, Theodore P. Shoots, New York. Vice-President, Thomas H. Hubbard, New York. 3d Vke-President and General Traffic Manager, George H. Ro, Chicago. Secretary and Treasurer, James Steuart MacKie, New York. Assistant Secretary and Assistant Treasurer, M. L. Crowell. Toledo. General Auditor, W. D. Tucker, Toledo.

Directors— Hugo Blumenthal, New Yorlc John Crosby Brown, New York. John J. Emery, New York. Edwin HawW, New York. Thomas H. Hubbard, New York. Henry E. Huntmgton, New York. C. S. W. Packard. Philadelphia. WOliam A. Read, New York. Theodore P. Shonts, New York. Charles H. Tweed, New York. James N. Wallace, New York.

Main office, Toledo, O. New York office, 60 Wall streeL Annual Wednesday in October.

THE TOLEDO, WALHOKDIKB tfAUEV OH/0 RAILROAD CO.

(Controlled by the Pennsylvania Company)

A corporation formed under the laws of Ohio. May 18, 1891. The company was a consolidation of the Northwestern Ohio Railway Co. and the Walhonding Valley Railway Co.

Road owned, Toledo Junction, O., to Toledo, 80 miles ; Coshocton, O., to Loudonville, O., 45 miles ; Sandusky to Columbus, O., 109 miles ; total owned, 336 miles. In October, 190a, the company acquired the portion of the former Columbus, Sandusky & Hocking Riailway, extending from Columbus to Sandusky, the same having been sold at foredosure September 34, 1903. Locomotives, 57 ; passenger cars, 34 ; freight cars, 3,468.

All of the stock is owned by the Pennsylvania Company, and the property is operated as pgut of the Pennsylvania Railroad's Western system. Stock Par $100 Authorised, $4,000,000 Issued, $3,335,000

Stock is transferred by the Secretary of the company, Pittsburg.

In 1901 to 1904, inclusive, dividends of 4 per cent, per annum were paid on the stock of the company. In 1905, 3 per cent, was paid, and in 1906 and 1907, s per cent.

Funded Debt

ist mort., Series A, 4? per cent., due July, 1931, Jan. and July $1,500,000

" Series B, per cent., due July, 1933, Jan. and July 978,000

Series C, 4 per cent., due Sept., 1943, March and Sept

Total

The I St mortgage, Farmers' Loan & Trust Co., New York, trustee, is for $4,000,000, the three series of bonds issued under it having the same lien. The Series C bonds were created and issued to provide for the acquisition of the Columbus, Sandusky & Hocking line. All the bonds are guaranteed by indorsement as to principal and interest by the Pennsylvania Company. There is a sinldng fund of i per cent, per annum, bonds to be purchased for the same at or below par, but they cannot be drawn for redemption.

Earnings Groat Net

9P3- $3,377.ao4 $350,360

Railroad Securities 315

President, Joseph Wood, Pittsburg:. Vice-President, Edward B. Taylor, Pittsburg:. Secretary, S. B. Liggett, Pittsburg. Treasurer, T. H. B. McKnight, Pittsburg. Auditor, John W. Renner, Pittsburg.

Main office, Pittsburg. Annual meeting, second Friday in March, at Coshocton, O.

Tohopah & Goldfield Rmilroad Co.

A corporation formed under the laws of Nevada, November i, 1905, being a consolidation of the Tonopah Railroad Co. and the Goldfield Railroad Co. Road owned, Tonopah Junction toGoldfield, Nev., 87.60 miles; branches, 9.22 miles ; trackage, 9 miles; total operated, 95.33 miles. The Tonopah Railroad was originally narrow-gauge and was built in the interest of the Tonopah Mining Co., and was changed to standard gauge in 1905. The line from Tonopah to Goldfield, Nev., was built in 1905 by allied interests under the name of the Goldfield RailitMui and the consolidation under the present title followed.

The preferred stock is 7 percent., non-cumulative. Stock is transferred at the office of the company, Philadelphia. Registrar, Fourth Street National Bank, Philadelphia.

I'he first dividend on the preferred stock of the present company was 3K per cent., May I, 1906. The same rate was also paid November i, 1906, and 10 per cent, extra November i, X906, and December ao, 1906. In April, 1907, paid 10 per cent., since which payments have been suspended. On the common, paid per cent, each May x and Au|:ust x, 1906, xo per cent, extra November x and 10 per cent. December ao, 1906, since which no dividend has been paid.

Funded Debt ist mort., 6 per cent., due January, 1908-ai, Jan. and July $1,073,000

The ist mortgage is for $1,500,000 Trustee, Land Title & Trust Co., Philadelphia. The outstanding bonds were issued to retire bonds of the two old companies. The bonds can be redeemed at xoa and x-x5 of the issue is to be drawn annually and cancelled through the sinking fund.

Earnings Year Ending June 30

Grott Net Charges and Taxes Surplus

In 1906-07 dividend payments were $645,000 and the balance surplus, $198,058.

President, C. K. Lord, Philadelphia. Vice-President, R. H. Rushton, Philadelphia. 2d Vice-President, James S. Austin, Philadelphia. Secretaxy and Treasurer, Clyde A. Heller, Philadelphia. AssisUnt Treasurer, Allan J. Henry, Tonopah, Nev. Auditor, A. J. Lyon, Tonopah.

Directors— James S. Austin, Philadelphia. John W. Brock, Philadelphia. C. A. Daniel, Philadelphia. C. A. Higbee, Philadelphia. Thomas M. King, New York. Charles E. Knox, Philadelphia. C. K. Lord, Philadelphia. Charles R. Miller, Wilmingtoa, Del. Henry Moore, Philadelphia. George S. Nixon, Winnemucca, Nev. R. G. Park, Philadelphia. William M. Potts, Wyebrooke, Pa. R. H. Rushton, Philadelphia. O. A. Turner, Philadelphia.

Main office, Tonopah, Nev. Philadelphia office, 131 South Fourth street. Axmual meeting, first Wednesday in October, at Tonopah.

TOROHTO, HiKILTOM BUFFALO RAILWAY CO.

Road owned, Welland, Ont., to Hamilton, Ont., 38 miles; Hamilton to Waterford, 43 miles ; branches, 7 miles ; total, 84 miles. The road was constructed in 1897-98 as a coimecting link between the New York Central and the Canadian Pacific systems. Locomotives, 90; passenger cars, x8 ; freight cars, 100. Stock Par $ioa Authorised, $3,500,000 Issued, $3,500,000

Of the capital stock 51 per cent, is held by the New York Central & Hudson River Railroad Co. and allied companies and X9 per cent, by the Canadian Pacific Railway Co.

Funded Debt

ist mort., 4 per tent., due July, X946, June and Dec $3,380,000

ad mort., 4 per cent., due June, 1946, June and Dec x,ooo,ooo

Total $4,380,000

3x6 THE MANUAL OP STATISTICS

The proprietary companies aepree to set aside as a [guarantee fund for the bonds of this companj 25 per cent, of all their eamings and those of their leased and operated lines derived from traffic interchanged with this company. Thb is equivalent to a traffic fpiarantee of the bonds by the Canadian Pacific ; the New York Central ; Michigan Central, and Canada Southern. Trustees of ist mortgage bonds, Charles F. Cox and S. Endicott Peabody.

The ad mortgage was created in 1904. Trustees, Nicol KixigsmiU and Charles F. Cox.

Earninos

Gron Net Chaises Sorpliu

X904. 687,713 197.760 138,9x8 58,842

1905 49X,835 318,219 171,300 47,019

X906 737,779 304,188 174,731 ia9i457

The Canadian Pacific pays this company 4 per cent, per annum upon $1,571,770, bein half the agreed cost of this company's terminals at Hamilton, Ont, which fMxyperty is induded in the lien of the mortgage.

President, John N. Beckley, Rochester, N. Y. Vice-President, Sir Thomas G. Shaughnessv, Montreal. Secretary, D wight W. Pardee, New York. Treasurer, Charles F. Cox, New York. Assistant Secretary, Harry G. Snelling, New York.

Directors— John N. Beckley, Rochester. Charles F. Cox, New York. Nicol Kingsmill, Toronto. Henry B. Ledyard, Detroit. David McNicoU, Montreal William H. Newman, New York. E. B. Osier, Toronto. D'Arcy Scott, Ottawa. Sir Thomas G. Shaughnessy, Montreal. W. P. Torrance, Toronto. William K. Vanderbilt, New York.

Main office, Hamilton, Ont. New York office. Grand Central Station. Annual meeting in June, at Hamilton.

The Ulster A Delaware Railroad Co.

A corporation formed under the laws of New York, January i, 1903. The company is a consolidation of the old railroad company of the same name, the Delaware & Otsego Railroad Co., Hobart Branch Railroad Co., Kaaterskill Railroad Co. and Stony Cove & Catskill Mountain Railroad Co.

The company was formerly the New York, Kingston & Syracuse, foreclosed and reorganised In 1875.

Road owned, Kingston Point, N. Y., to Oneonta, N. Y., 107.36 miles; branches, 31.64 miles; total operated, 128.90 miles. Locomotives, o; passenger cars, 41 ; freight cars, 339; service cars, 16. Stock Par $100 Authorised, $3,000,000 Issued, $1,900,000

Transfer Agent, Lincoln National Bank, New York. Registrar, Central Trust Co., New York.

Funded Debt

Consolidated mort., 5 per cent., due June, 1928, June and Dec $2,000,000

1st refunding morf., 4 per cent., due Oct., 1952, April and Oct 1,000,000

Total $3,000,000

The authorized issue of consolidated mortgage bonds is $2,ooo,ooa They were issued to take up old 7 per cent, bonds and for extensions. Trustee of the mortgage and agent for the payment of interest, Central Trust Co., New York.

The refunding mortgage was created in 1902 and is for $3,300,000. Of the amount outstanding: $500,000 was issued to retire a like amount of the old company's 3d mortgage 5 per cent. bonds.

Earnings Year ending June 30 Gross Net Charges Surplus

In 1902-03, 1903-04 and 1904-05 there was each year credited to repairs and renewals $50,000, reducing the net surpluses by that amount. In 1905-06 the entire surplus was devoted to the same objects.

Pn Oi

A

5n,

I RAILROAD SECURITIES 3i7

President, Samuel D. Coykendall, Rondout, N. Y. Vice-President, Thomas C. Coykendall, Rondout. Secretary, Henry C. Soop, Rondout. Treasurer, Harry S. Coykendall, Rondout. ,

Directors— Edward Coykendall, Rondout, N. Y. Frank Coykendall, Rondout. Harry S. Coykendall, Rondout. Samuel D. Coykendall, Rondout. Thomas C. Coykendall, Rondout. Henry C. Soop, Rondout. Amos Van Etten, Rondout. G. I. Wilbur, Oneonta, N. Y. Horace G. Young, Albany, N. Y.

Main ofiSoe, Rondout, N. Y. Annual meeting, first Tuesday after first Sunday in December, at Rondout.

union PACIFIC RAILROAD CO.

A corporation formed under the laws of Utah, July i, 1897, to acquire the main line and branches of the former Union Pacific Railway Co. under plan of reorganization of October, 1895. See the Manual for 1898.

Road owned June 30, 1907 Miles Controlled Miles

Main Line, Council Bluffs to Ogden, Oregon Short Line Railroad, Oregon 1,462.38

Utah 1,011.47 Oregon Railroad Navigation Co. . . 1,358.91

Kansas City to Cheyenne via Denver 743.67

Julesbury to La Salle, Colorado i5i*53 Total of systems 5,916.38

Branches 1,094.28

*Leaven worth, Kansas & Western Ry. 165.33 Total operated 5,683.03

*Topeka 8l Northwestern Railroad... 37.50

Total owned 3,303.78

—Operated separately.

The Oregon Railroad & Navigation Co. alsc operates water lines aggregating 358 miles. See below regarding the company's acquisition of control of the Oregon Short Line Railroad Co. and the Oregon Railroad & Navigation Co. Locomotives, 1,051 ; passenger cars, 643; freight 35,377 ; service cars, 3,929 ; floating equipments, 14.

In February, 1901, this company acquired a large amount of the stock of the Southern Pacific Co. and the steamship bnes owned or controlled by that corporation, which include the Pacific Mail Steamship Co. These holdings on June 30, 1907, were $90,000,000 of Southern Pacific Co. common ana $34,300,000 of its preferred stock, the same being held by the Oregon Short Line Railroad Co.

In 1901 this company acquired, through the Oregon Short Line Railroad Co., large holdings of Northern Pacific stock, which in 1903 were ezchimged for $83,491,871 stock of the Northern Securities Co. and $8,9c,oo7 in cash. After the dissolution of the Northern Securities Co. in IQ05 this company disposed of the greater portion of the holdings of Northern Pacific and Great forthem preferred stocks which came into its possession. It, however, held on June 30, 1907, $724,900 Northen Securities "stubs;" $4,153,800 Northern Pacific stock and $3,491,600 of the same stock, 13 per cent, paid ; $9,036,400 Great Northern preferred and $3,614,560 of the same stock, 50 per cent, paid, together with 77,164 shares of Great Northern Iron Ore Properties, all of the above being in the treasury of the Oregon Short Line Railroad Co.

At the same date, June 30, 1907, the Union Pacific held investment stocks as follows : Chicago& Alton Railroad preferred, $xo,343, zoo; Illinois Central stock, $18,633,100; Railroad Securities Co. common, $3,415,400; Raihoad Securities Co. preferred, $1,898,400. In the treasury of the Oregon Short Line Railroad Co. there were $10,000,000 Atchison, Topeka & Sanu re preferred ; *$33,3,3oo Baltimore & Ohio common and $7,206,400 of Baltimore & Ohio preferred ; $3,315,000 Chicago & Northwestern common ; $3,690,000 Chicago, Milwaukee & St. Paul common; $933,500 of the same stock, 20 per cent, paid, and $1,845,000 of preferred, 3 per cent, paid ; $14,285,700 New York Central & Hudson River Railroad stock, and $13,500,000 stock of the San Pedro, Los Angeles & Salt Lake Railroad Co.

In July, 1903, the Oregon Short Line Railroad Co. sold to the San Pedro, Los Angeles & Salt Lake Railroad Co. the portion of its line extending from Salt Lake to Calientes, Nev., and branches, 396 miles, reducing the mileage of the system to that extent. The Union Pacific through the Oregon Short Line thereby acquired the above interest in the San Pedro, Los Angeles & Salt Lake Raihoad Co.

The preferred stock is entitled to 4 per cent., non-cumulative, out of the yearly earnings of the company, but is not entitled to further participation in any surplus. In May, 1905, the authorised amount of the preferred stock was increased from $100,000,000 to $20o,ooo,orjo, the purpose being it was stated to finance future capital requirements.

The common stock was increased $37,460,100 to $88,460,100 in January, to provide for exchange of same for minority holdings of Oregon Short Line, which were offered the right to

3i8 THE MANUAL OP STATISTICS

convert their stock on payment of $3 a share. In October, 1899, preferred authorised was increased to $100,000,000 and the common to $97,687,600 in order to proride for acquisition by exdiange of the outstanding stocks of the Oregon RaUroad & Navigation Co. and the outstanding and income B bonds of the Oregon Short Line Railroad Co. In 1901 the common stock authorized was increased to $196,178,700 in order to provide for the conversion of the collateral trust bonds. See below as to terms of conversion for this issue. In June, 1907, a further increase of $100,000,000 in the common was authorised to provide for the conversion of the new 4 per cent, convertibles of 1007.

The holders of Oregon Navigation preferred and common stocks outstanding were in October,

1899, offered the right to exchange the same, share for share, for the similar class of Union Pacific stock. The Oregon Short Line Railroad income B bonds were offered the right to exchange their holdings for Union Pacific preferred stock. On June 30, 1906, the Union Pacific had acquired all but $10,000 of the Oregon Short Line stock and all but $ao,20o common and $7,880 preferred stock of the Oregon Railroad & Navigation Co. At the same date this company also held aU but $370,000 of the Oregon Short Line income A bonds and all but $48,000 of the latter's income B bonds.

Transfer agency, lao Broadway, New York. Registrar, Mercantile Trust Co., New York.

This company began the payment of dividends on the new preferred stock with per cent. October 31, 1898. On April 19, 1899, per cent, was paid, and in October, 1899, company was put on a a per cent, semi-annual basis, making the full 4 per cent, to which the preferred is entitled. The preferred dividends are paid, a per cent, each, April and October. The first dividend of per cent, on the common was declared in February, 1900, payable April a, 1900. October x,

1900, a second dividend of a per cent.' was paid on the common, putting it on a 4 per cent, basis, and such dividends were regularly paid in April and October, until October, 1905, when per cent, was paid, thus putting the stock on a 5 per cent, basis. The April, 1906, dividend was however, again increased to 3 per. cent, making the annual rate 6 per cent, and on October x, 1906, 5 per cent, semi-annual was paid of which it was stated 3 per cent, was from operations and a per cent, from investments. The April x, 1907, dividend was also 5 per cent. Beginning with July X, X907, the dividends on the common were made quarterly payable per cent, each in January (i), April, July and October.

Funded Debt

xst mort. and land grant, 4 per cent., due July, 1947, January and July $xoo,ooo,ooo

Convertible bonds, 4 per cent., due July, 1927, January and July 73,762,000

Total $173,763,000

The xst mortgage 4 per cent, bonds are $xoo,ooo,ooo authorised, and are a first lien on all lines owned directly and on the securities of branch lines conveyed to the Mercantile Trust Co., New York, trustee, covering a total of a,x5o miles, as well as about 6,500,000 acres of land. The company's interest in the Oregon Short Line Railroad Co. is not covered by the xst mortgage. Interest is paid at office of the company. New York.

Of the collateral trust convertible bonds created in looi all but $569,000 were converted into stock prior to July x, 1906, and the balance were called for payment at xoa on November x, 1906, thereby releasing 859 miles of railroad from the lien of said bonds. The authorised amount of the collateral trust bonds was $100,000,000. Prior to May x, 1906, these bonds could be exchanged for common stock at par, and after May i, X906, the company could redeem them at xoa and interest. Stockholders, both preferred and common, of record February 33, X90X, had the right to subscribe for $31,000,000 of the convertible bonds at par at the rate of one $x,ooo bond for each 50 shares of either stock held. In xb7, $75,000,000 new 4 per cent, convertible bonds were authorized, stockholders having the right to subscribe for the same at 90. These bonds can be converted into common stock at $X75 per share for the latter at any time before July'x, X917, the company having the right to call them at loa on July x, or any subsequent interest date in 90 days, and if called the right of conversion will terminate 30 days before the redemption date. The stockholders, it is understood, subscribed for about $a,ooo,ooo of the bonds, the balance being taken by an underwriting syndicate.

In March, X908, a special stockholders' meeting was called for May 5, to act on a proposition for creating a xst mortgage bond issue, secured by the x,300 or more miles of lines upon which there was no mortgage indebtedness.

The funded debts of the Oregon Short Line and Oregon Railroad & Navigation are given under their respective statements.

In X9oa an issue of 4 per cent, and participating bonds were issued by the Oregon Short Line Railroad Co., secured by stock of the Northern Securities Co., and the stockholders of the Union Pacific Railroad Co., both common and preferred, were given the right to subscribe for $31 ,000,000 at 93 in the proportion of X5 per cent, of their holdings, but the participating bonds of the Oregon Short Line Railroad Co. were called for payment February i, 1905, ana in their place that oompanv created a new 4 per cent, refunding mortgage for $100,000,000 authorised, principal and interest guaranteed by the Union Pacific Railroad Co.

Railroad Securities

39

Details of the funded debt of the predecessor company— the Union Pacific Co. — its indebtedness to the Government through the issue br the United States of subsidy bonds in aid of the construction of the road, will be found in full in the Manual for 1900.

Earnings Year ending June 30

Mileage Grocs Net Chaigei Surplus

1898 (6 months, ending June 30) 1,849 $7.67o,§79 $i94S9i8 $1,796,685

1898-99 a,43x 19,811,641 9,388,908 3,600,000 5,788,308

1900-01.. ..i. 5,543 43,538,181 90,010,379 7475.a3i "tS35,057

Si76a 5i.075ti89 6,953,094 11,676,451 15,376,643

'903-04. 5,353 55,a79.30 29.048,631 13,451,549 16,597,091

904-c 5,357 S9,3a4T948 33,958,993 ",173,486 33,785,506

19Ps-06. 5,403 67,381,543 40,647,585 8,883,911 31,7,673

Betterments

Surplus Divs. Com. Divs. Pref. aod Equipment Net Surplus ,

1904-05 23,785,sd6 7,104,250 3,982,356 4,479.165 7,219,281

In consequence of the different portions of the property having been taken over at various times the iirst report, for six months ending June 30, 1898, was necessarily incomplete. In figures given above net mcludes $606,443 miscellaneous income, part of which accrued prior to January i, 1898, and char indude $145,918 for adjustment of taxes. The net earnings of branch lines to be included m the system were, for six months ending June 30, 1898, approximately $446,659. In 1808-99 the company received $795,159 from holders of Oren Short Line stock in payment for privilege of exchange for Union Pacific common stock, making total surplus for year, $6,583,367. Dividends on preferred (tM per cent.), $3,625,000 ; balance surplus for year, $3,958,367. In 1900 the dividends paid were $7,303,637 ; balance surplus, $834,183.

Miscellaneous income included in the net was $4,580,600 in 1901-02 ; $4,647,843 in 1902-03, $4,366,844 in 1903-04, and $6,496,759 in 1904-05, which sum included $4,360,160 from dividends on the company's holdings of Northern Pacific and Great Northern Railway stocks. In 1905-06 miscellaneous income was $10,339,815, which included $3,350,000 from the dividends received on the company's Southern Pacific stock. In the same year the dividends paid on common stock include two regular semi-annual payments of 3 per cent, each, and in addition the 3 per cent, from investments paid October 1, 1906, which amounted to $3,909,558. In 190607 the income from investments was $11,587,018 and the 4 per cent, of the common dividends paid therefrom amounted to $7,819,316.

The earnings for and subsequently include the returns of the Oregon Railroad & Navigation Co. and of the Oregon Short Line Railroad.

Freight Traffic Statistics

Average Total Mileage Tonnaje

18999... 1899-oa.. 1900-01. . . 190103. . . 1903-03... 19(-04... 1904-05... 1905-06. . . 190&07...

4,359,224 4,872,313 o,32,37i 8,590,193 9,657,914 5,35a 10,257,333 5,357 11,304,375 5,4P3 13,048,346 5,644 14,089,649

Tons Carried One Mile

Freight Density

Rate per Ton

per Mile

Earnings Train Mile

Average Tons per Train

The total tonnage given in both years represents revenue freight only. includes the company's freight also.

The freight density

The Manuai Of Statistics

GB08S AMD Net Eaksiiios by Mouths for Three Years

GroM Net Grom Net Gro Net

January $473,006 $3,099,032 $5,115,176 $3,265,193 $5,949,773

March 4,779,801 3,153,763 5*ic6,gi:i 3.796,986 6,200,783 3,347.603

April 4,781,663 3,098,965 5339.&>S 3,141,883 6,287,988 3,361.321

Maj 4,76,870 3,052,339 5.606,931 3,380,388 6,937,000 3,753,166

July 5.455.713 3,673,890 6,289,753 3.097.705 7.333,994 3/H.983

AugiMt S. 758, 736 3,677,191 6,383,775 3.004.687 7.008,513 3,789,966

September 6,209,508 3.03o.66o 6,340,122 3.03,7i9 6,950,234 2,583,502

October 6,708,394 3.357.938 7.046,969 3.533.323 7.789.87 3,323.846

Noirember 6,109.535 2,833,039 6,646,596 3.338,644 7.406,654 3.37i,76

December 5.575.99 3,633,146 6,419,934 3,841,118 6,53o/)83 3,634,985

Totals for jear.. $63,608,663 $39,443,366 $70,490,706 $32,531,131 $79.933.770 $33,333366 Aver, per month. 5,300,733 3,453,6r4 5,874,335 3,710,926 6,661,147 3,666/

President and Chairman of Executive Committee, Edward H. Harriman, New York. Vice- President, William D. Cornish, New York. Director of Maintenance and Operation, J. Knittschnitt, Chicago. Secretary, Alexander Millar, New York. Treasurer, Frederic V. S. Crosby, New York. Assistant Secretary, Joseph Hellen, New York. Comptroller, WilUaro Mahl. New York. Assistant Comptroller, Herbert S. Bradt, New York.

Directors— Oliver Ames, Boston. William D. Cornish, New York. Albert J. Earling, Chicago. Henry C. Frick, Pittsburg. Robert W. Ooelet, New York. Edward H. Harriman, NewYork. Marvin Hughitt, Chkago. Robert S. Lovett, New York. William Mahl, New York. Charles A. Peabody, New York. William G. RockefeUer, New York. Henry H. Rogers, New York. Joseph F. Smith, Salt Lake City. P. Anderson Valentine, New York. Frank A. Vanderlip, New York.

Main office, 120 Broadway, New York. Annual meeting, second Tuesday in October, at Salt Lake City.

The Ukited Hew Jersey Railroad Ahd Cahal Co.

(Leased to Pennsylvania Railroad Co.)

Road owned, Jersey City to Trenton, 57 miles; South Amboy to Camden, 61 miles; branches, 29 miles; leased and almost entirely owned, Trenton to West Philadelphia, 26 miles, and 303 miles of branch lines, total 476 miles. Also owned, Delaware & Raritan Canal, 66 miles. The company owns steam ferries between Jersey City and New York.

A consolidation, 1867, of the New Jersey Railroad & Transportation Co., the Camden & Amboy Railroad & Transportation Co. and the Delaware & Raritan Canal Co. Property leased to Pennsylvania Railroad Co. for 999 years from June 30, 1871, for interest on obligations, fund for maintenance of organisation and 10 per cent, on stock. Stock Par $xoo Authorized, $21,340,400 Issued, $31,240,400

Stock is transferred at the office of the company, Trenton, N. J. Registrar, Austin Snider, Trenton, N. J.

Dividends are paid quarterly, per cent, each, January (xo), April, July and October.

Funded Debt

General xst mort., per cent., due March, X95X, March and Sept. $5,669,000

United Co., gold loan, 6 per cent., due Sept., 1908, March and Sept 841,000

" 4 per cent., due Sept., 1929, March and Sept 6,020,000

" of 1944, 4 per cenL, due March, 1944, March and Sept 5,646,000

Bonds of 1883, 4 per cent., due Feb., X923, Feb. and Aug i,C,ooo

The general, now xst, per cent, mortgage bonds were issued in 1901 to retire an equal amount of general mortgage 6 per cent, bonds which matured March x, 1901. All the bonds are guaranteed by the Pennsylvania Railroad Co.

Earnings are included in those of the lessee.

President, (vacancy). Vice-President, Thomas Oakes, Bloomfield, N. J. Secretary and Treasurer, Henry W. Green, Trenton, N. J. Aasistont Secretary and Assistant Treasurer, T. F. M. Riegel, Trenton.

Railroad Sbcuritibs 33X

I >irtH:tur&— Joseph D. Bedle, Jersey City. R. Dale Benson, Philadelphia. S. S. Dennis, Newark, N. J. Henry W. Green, Trenton. Bayard Henry, Philadelphia. P. N. Jackson, Newark. Heniy P. McKean, Philadelphia. Thomas Oakes, Bloomfield. N. J. M. Taylor P3rnc, Princeton, N. J. J. R. Roosevelt, New York. Georgfe Henry Warren, New York. State Director, Josiah T. Barton, Camden.

Main office, 73 South Clinton avenue, Trenton, N. J. Annual meeting, last Tuesday in May, at Trenton.

vaudalia hailboao co.

(Controlled by the Pennsylvania Company)

A corporation formed January i, 1905, as a consolidation and merger of the following companies:

The Terre Haute & Indianapolis Railroad Co. Terre Haute & Logansport Railway Co. St. Louis, Vandalia & Terre Haute Railroad Logansport & Toledo Railway Co. Co. Indianapolis & Vincennes Railroad Co.

The lease of the Terre Haute & Peoria Railroad Co. to the Terre Haute & Indianapolis Railroad Co. has been assumed by the consolidated company.

The company was organised in the interest of the Pennsylvania Railroad Co. and of the Pennsylvania Company to bring under one management the above Western lines of the Pennsylvania system. The Terre Haute & Indianapolis Railroad was placed in the hands of a Receiver in 1896. That company had leased the St. Louis, Vandalia & Terre Haute Railroad, and controlled the Terre Haute & Peoria Railroad, which it also leased. For litigation regarding the guarantee of the latter company's bonds, see statements of the two latter companies in the Manual for 1904, also statement of the St. Louis, Vandalia & Terre Haute Railroad.

Road owned, Indianapolis to St. Louis, 239 miles; Indianapolis to Vincennes, Ind., 117 miles; South Bend, Ind., to Rockville, Ind., 159 miles ; Logansport, Ind., to Butler, 93 miles; branches, 43 miles ; total owned, 653 miles ; leased, Terre Haute & Peoria Railroad, 145 miles ; trackage, 43 miles ; total operated, 840 miles. Locomotives, 205 ; passenger cars, 140 ; freight cars, 7,441 ; service cars, 576. Stock Par $100 Authorised, $35,000,000 Issued, $14,649,516

The Pennsylvania Company holds a majority of this company's stock.

An initial dividend of 3 per cent, was paid on the stock August 5, 1905, and dividends of 3 per cent, each were paid February and August, 1906. For 1907, 5 per cent, was declared, payable per cent, each in February and August. In February, 1908, per cent, was again paid.

Funded Debt Vandalia R. R., cons, mort., 4 per cent., series A, due Feb., 1955, Feb. and Aug. . .. $10,000,000 T. H. & Indianapolis, cons., now ist mort, 5 per cent., due July, 1935, Jan. and July. 1,900,000

T. H. & Logansport, ist mort., 6 per cent., due Jan., loio, Jan. and July 500,000

Indianapolis & Vincennes, xst mort., guar., 7 per cent., due Feb., 1908, Feb. and Aug. x,6o8,ooo

Total $14,008,000

The new consolidated mortgage created by the consolidated company is for $35,000,000, and the rate is to be fixed as different series are issued. The bonds are a first lien upon the 158 miles of road from St. Louis to the Indiana State line, formerly the St. Louis, Vandalia & Terre Haute Railroad, and on 93 miles from Logansport, Ind., to Butler, Ind., formerly the Logansport & Toledo Railway, and a consolidated mortgage on the balance of the lines which are owned, subject, however, to the prior liens thereon. Of the total amount of the consolidated mortgage, $4,700,000 were reserved to retire old bonds at maturity and $14,373,000 were reserved for improvements and additional property, the $5,027,000 of bonds outstanding being issuable to retire the mortgage debt of the St. Louis, Vandsilia & Terre Haute Railroad Co. and the certificates of indebtedness of the Terre Haute & Logansport Railway, which were held by the Pennsylvania Railroad Co. and the Pennsylvania Company.

Earnings

Gross Net Charges Surplus

igyj 10,053,186 2,133,486 1,053,540 1.079,945

In 1906 the dividends of per cent, amounted to $647,009 and $400,000 was transferred to extramdhiary expenditure fund making the net surplus, $13,543. In 1907, dividends, $729,320; extraordinary expenditure fund, $80,542 ; balance surplus, $270,083.

Jm The Manual Op Statistics

President, Joseph Wood, Pittsburg:, ist Vice-President, J. J. Turner, Pittsbuig. ad Vice- President, Edward B. Taylor, Pittsburr. 3d Vice-President, D. T. McCabe, Pittsburg:. Assistant to President, S. C. Scott, PittsbuiiR:. Secretary, S. B. Liggett, Pittsbuiig.' Aaristant Secretary, S. H. Church, Pittsburg. Treasurer, T. H. B. McKnight, Pittsburg. Assistant Treasurer, R. B. Thompson, Terre Haute, Ind.

Directors— J. J. Brooks, Pittsburg. W. R. Donaldson, St Louis. John P. Green, Philadelphia. Vohiey T. Malott, Indianapolis. D. T. McCabe, Pittsburg. James McCrea, Philadelphia. Samuel Rea, Philadelphia. Charl4 H. Seybt, Highland, lU. Edward B. Taylor. Pittsburg. J. J. Turner, Pittsburg. John G. Williams, Indianapolis. Joseph Wood, Pittsburg.

Main office, Pittsburg. Annual meeting, first Tuesday in April, at Terre Haute, Ind.

Vera Cruz A Pacific Railway Co.

A corporation formed under a concession from the Government of Mexico. Road owned, Cordoba to Santa Lucrecia, 203 miles ; Tierra Blanca to Los Cocos, 60 miles ; total, 363 miles. The company also has running rights over the Mexican Railway and over the Tehuantepec National Railway. Locomotives, 30 ; passenger cars, 27 ; freight cars, 491.

In May, 1904, the Mexican Government acquired all the stock of the company. Stock Par $xoo Authorized, $1,000,000 Issued, $1,000,000

Funded Debt ist mort., 45 per cent., due July, 1934, Jan. and July $7,000,000

The ist mortgage is for $7,000,000, and principal and interest of the bonds are now guaranteed by the Mexican Government by indorsement. The bonds of Jul, 1904, are subject to call at 1x0. This guarantee was given when the Government, in 1904, acquired the company's stock. Of the bonds outstanding, $4,500,000 had interest scaled to x per cent, up to December, 19, then a per cent, to 1907, and 3 per cent to 1909 ; but supplementary coupon sheets have been attached to the same, making them full per cent. Interest is paid at the office of Speyer & Co., New York.

In the year 1906, the earnings, in Mexican currency, were gross, $968,998 ; net, $33t39cx In T907, gross, $x, 143,099; net, $9S,a6x.

President and General Man&ger, Thomas Milan, Vera Cruz, Mexico. Vice-President, William L. Marbury, Baltimore. Secretary, Luis Riba, City of Mexico. Assistant Secretary, L. S. Zimmerman, Baltimore.

Directors— Luis Elquero, Citv of Mexico. Michael Jenkins, Baltimore. Gabriel Mancera, City of Mexico. William L. Marbunr, Baltimore. Santiago Mendes, City of Mexico. Thomas Milan, City of Mexico. Luis Riba, City of Mexico. L. S. Zimmerman, Baltimore.

Main office, Vera Cruz, Mexico.

y/CKSBUBG, SHBEIfEPOBT A PACIFIC RAILWAY CO.

This company was organized on April 33, 1901, by the Vicksburg, Shreveport & Padfic Railroad non-assentin| ist mortgage bondholders, who purchased the property of the Vicksbarig,

Shreveport & Pacific Railroad Co. at foreclosure sale on March 30, 1901, and entered into 1 sion May i, 1901, retaining as a lien upon the property the Vicksburg, Shreveport & Padfic Railroad Co. prior lien mortgage.

Road owned. Delta, La., to Shreveport, 171 miles ; owned but not operated, 17 miles west of Shreveport, La., which is leased to the Missouri, Kansas & Texas Railway Co. Locomotives, 31 ; passenger cars, 31 ; freight cars, 1,158.

The preferred stock is 5 per cent, non-cumulative. Transfer Agent, Central Trust Co., New York.

The first dividend on the preferred stock was 5 per cent, paid September, 190a, and similar yearly dividends were also paid September 30, 1903, and in August, 1004, 1905, 1906 and 1907. The first dividend on the common stock was per cent, annual, paid November 30, 1903. On November 30, 1904, 3 per cent was paid on the common, and on November 30, 1905, a per oeat No dividend on the common was paid in 1906 or 1907.

Funded Debt

Prior lien mort., 6 per cent, due May, 19x5, May and Nov $i333iOOO

General mort., 5 per cent, due May, 1941, May and Nov 1,893,000

Total $3,M5ia

Railroad Securities 393

The new general mortgage was created under the reorganization and is $3,500,000 in amount, $1,333,000 of the bonds being reserved to retire the prior lien bonds and $605,000 for future requirements.

Earminos Year ending June 30

GrofH Net Chalices Surplus

I90-03 $1,368,533 $370,988 $146,348 $324,641

In 1903-03 miscellaneous income amounting to $11,633 is deducted from the aggregate fixed charges ; in 1903-04 a similar deduction of $10,057 ; in 1904-05, $15,637 ; in 1905-067$ i4t068, and in 190607, $13,996 for the same item.

President, D. D. Curran, New Orleans. Vice-President and Comptroller, Lars A. Jones, New Orleans. Secretary and Treasurer, Henry W. Wenham, New Orleans.

Directors — George T. Bonner, New York. D. D. Curran, New Orleans. H. H. Hall, New Orleans. Larz A. Jones, New Orleans. Henry W. Preston, New Orleans. William P. Richardson, New Orleans. F. P. Stubbs, Jr., Monroe, La.

Offices, New Orleans and Monroe, La. Annual meeting, first Wednesday in November, at New Orleans.

VmeiHIM A SOUTHWESTERM RAILWAY CO.

(Controlled by Southern Railway Co.)

A corporation formed under the laws of Virginia, February 18, 1899. The company succeeded the South Atlantic & Ohio Railway Co. and was a consolidation of that property, which had been sold under foreclosure, with the Bristol, Elizabethtown & North Carolina Railway Co.

Road owned, Inman, Va., to Mountain City, Tenn., 138 miles: branches, xo miles; total owned, 134 miles ; joint trackage over the Louisville & Nashville, Appalacheeto Norton, xi miles, and over the Norfolk & Western, Norton to Jones Creek, Va., zi miles ; total operated, 163 miles. Locomotives, 17; passenger cars, 10; freight cars, 1,105. Stock Par $100 Authorized, $65,000 Issued, $65,000

Transfer* Agency, 40 Wall street. New York. Registrar, The Manhattan Co., New York.

The stock authorized and issued was $3,000,000, but in March, 1908 a certificate was filed reducing the amount to $65,000 and the number of shares of stock from 10,000 to 650.

The stock of the company was all owned by the Virginia Iron, Coal & Coke Co., and in ipos, under the plan for the financial readjustment of the latter corporation, its stockholders were given the privilege of taking a portion of the stock of this company. See the statement of the Viiginia Iron, Coal & Coke Co. in this edition of the Manual.

In August, 1906, the Southern Railway Co. arranged to acquire the entire capital stock of the company at $300 per share, the payments of the same extending over a period of three years.

Funded Debt ist mort., guar. 5 per cent., due Jan., 3003, Ja°* $3,000,000

The 1st mortgage bonds are a first lien upon 135 miles of main line and branches and upon the equipment of the company. The bonds are in coupon form, but can be registered as to principal only and were guaranteed by indorsement, as to both principal and interest, by the Vir> ginia Iron, Coal & Coke Co. Trustee of the mortgage, registrar of bonds and agent for the payment of interest, Morton Trust Co., New York.

Earnings Year ending June 30

Gross Net Charges Surplus

i90-03 $614,747 $338,594 $111,885 $196,709

t905-<j6 1,009,336 400,334 151,778 348,556

X906-07 1,063,900 351,443

President, Henry K. McHaig, New York. Vice-President and General Manager, John B. Newton. Bristol, Va. Secretary and Treasurer, H. W. Oliver, Bristol. Assistant Secretary, Charles B. Colebrook, New York.

Directors — Charles B. Colebrook, New York. Walton Ferg:uson, Stamford, Conn. Fairfax Harrison, New York. Henry K. McHarg, Stamford. James McNeil, New York. Schuyler Merritt, Stamford. John B. Newton, Bristol.

Main office, Bristol, Va. New York office, 40 Wall street. Annual meeting, third Tuesday in September, at Bristol.

Wabash-Pittsburg Terkimal Railway Co.

(Controlled by Wabash Railroad Co.)

A corporation formed May 7, 1904, bv consolidation of the Pittsburg, Carnegie & Western Railway Co., the Cross Creek Railroad Co. and the Pittsburg, Toledo & Western Railroad Co. The company was organized in pursuance of the plans for giving the Wabash system an entrance to Pittsburg, and its stock is all owned by the Wabash Railroad Co.

. Road owned, Pittsburg to Pittsburg Junction, O., 60 miles. The company also has extensive terminals in Pittsburg. Locomotives, 68 ; freight cars, 246.

This company holds over 51 per cent, of the capital stock of the Wheeling & Lake Erie Railroad Co., and controls that company. In September, 1904, the company acquired control of the Pittsburg Terminal Railroad & Coal Co., which owns the West bide Belt Railroad Co., and comprises a belt line at Pittsburg of some 33 miles of road, together with 15,000 acres of coal and 675 acres of surface lands. The coal properties have been lesued to the Pittsburg Coal Co. Stock Par, $100 Authorized, $10,000,000 Issued, $to,ooo,ooo

All of the stock is owned by the Wabash Railroad Co. and is deposited as collateral for that company's per cent, five-year notes.

Funded Debt

zst mort., 4 per cent., due June, 1954, June and Dec $30,336,000

3d mort., income to 1910, 4 per cent., due June, 1954, June and Dec 30,000,000

Total $50,336,000

The ist mortgage is for $50,000,000; Trustee, Mercantile Trust Co., New Yoric The ad mortgage is for $20,000,000; Trustee, Equitable Trust Co., New York. The 3d mortgage boncis are entitled, until June, 1910, to full mterest, if earned, but after that date the interest on them becomes a fixed charge. It is provided, however, that not more than $j5,ooo,ooo of the ist mortgage bonds can be issued unless full interest for the preceding year has been pd on both the ist and the 3d mortgages. Both classes of bonds are secured by the road and property of the company and by a deposit of a majority of the stocks of the Wheeling & Lake Ene Railroad Co., consisting of $11,870,000 common, $847,500 first preferred and $6,423,800 second preferred stock. The Wabash Railroad Co. and the Wheeling & Lake Erie Railroad Co. have a traffic contract with this company, under which they respectively agree to contribute 35 per cent, of their gross receipts from traffic interchanged with this company If it is needed to meet a deficiency in this company's interest payments.

Earnings Year ending June 30

Gross Net

Chairman, George J. Gould, New York. President, Frederic A. Delano, Chicago, ist Vice> President and General Manager, B. A. Worthington, Pittsburg. 3d Vice-President, A. H. Calef, New York. Secretary and Treasurer, Henry B. Henson, New York. Assistant Treasurer, J. G. Stidger, Pittsburg. Auditor and Assistant Secretary, R. L. Porter, Pittsburg.

Directors— George H. Beckwith, Toledo. Amos H. Calef, New York. Frederic A. Delano, Chicago. W. M. Duncan, Cleveland. Lawrence Greer, New York. George J. Gould, Lakewood, N. J. EMward T. Jeffery, New York. C. C. McCarthy, Pittsburg. John H. McClement. New York. Benjamin NicoU, New York. Winslow S. Pierce, New York. R. L. Porter, Pittsburg. J. G. Stidger, Pittsburg. F. H. Skelding, Pittsburg. B. A. Worthington, Pittsburg.

Main office, Pittsburg. New York office, 195 Broadway. Annual meeting, second Monday in January, at Pittsburg.

The Wabash Hailhoad Co.

A corporation formed July 39, 1889, by the consolidation of the Wabash Western Railway Co. with lines east of the Mississippi, both sections having formed part of the Wabash, St. Louis & Pacific Railway Co., which was placed in the hands of Receivers in 1884, the lines west of the Mississippi being reorganized in 1887 as the Wabash Western Railroad Co. In 1889 the lines east of the Mississippi were foreclosed and the consolidation effected as above.

Railroad Securities 3*5

Road owned, 1,994.9 miles ; leased, 47.6 miles ; operated under trackage arrangements, 473.5 miles ; total operated, June 30, 1907, 3,514 miles.

The main lines of this system extend from Toledo and Detroit to St. Louis, Chicago, Kansas City, Omaha and Des Moines, with numerous branches, and trackage from Detroit to Buffalo over the Grand Trunk Railway. The also owns the Wabash-Pittsburg Terminal Railway and its controlled line, the Wheeling & Lake Erie Railroad Co., aggregating 550 miles, extending to Pittsburg, Cleveland, Toledo and Wheeling, W. Va. The company uses the Lehieh Valley Railroad Co.'s terminals at Buffalo.

The company owns one-fifth of the stock of Chicago & Western Indiana and makes use of its terminals at Chicago.

The arrangement with Grand Trunk for joint use of the latter's line from Detroit to Black Rock, N. Y., and Suspension Bridge is for twenty-one years and began March x, 1898. This company pays its proportion of all expenses of the line on a mileage basis according to use made.

In 1901 control of the Wheeling & Lake Erie Railroad was acquired by interests identified with this company. In the same year an extension of the Wheeling & Lake Erie to Pittsburg was bun, under the title of the Pittsburg, Carnegie & Western Railway Co., the purpose being to give the Wabash system a Pittsburg connection. In 1904 the Wabash-Pittsburg Terminal Railway Co. was formed by a consolidation of the Pittsburg, Carnegie & Western Railway and other lines, and also took over the controlling interest in the stocks of the Wheeling & Lake Erie Railroad Co. All the stock ($10,000,000) of the Wabash- Pittsburg Terminal Railway Co. and $6,600,000 of its ist mortgage bonds were acquired by this company. The Wabash Railroad Co. and the Wheeling & Lake Erie Raih-oad Co. in 1904 made an agreement to pay up to 35 per cent, of the gross receipts from traffic they derived from the Wabash-Pittsburg Terminal Railway if it was required to meet a deficit in the interest on the bonds of the latter. See separate statement of the Wabash-Pittsburg Terminal Railway Co.

See also the Western Maryland Railroad Co. and the West Virginia Central & Pittsburg Railway Co. for plans set on foot in 1903 to give the Wabash system an outlet at eastern tidewater over those roads. The Missouri Pacific Railway Co., in 1906, held $8,500,000 of preferred stock and $5,435,000 debenture bonds of this company.

Locomotives, 633 ; passenger cars, 441 ; freight cars, 34,401.

The preferred stock is 7 per cent., non-cumulative.

The authorized amount of common stock was increased in 1904 from $38,000,000 to $78,000,000 in order to comply with the laws of certain States in which the system operates. The outstanding common stock was increased in T904 by the issue of $10,000,000 in fxayment for the stock of the Wabash- Pittsburg Terminal Railway Co. In October, 1906, the authorized common stock was increased to $15500,000, and the preferred from $34,000,000 to $40,500,000, in accordance with the plan for retiring the debenture bonds. See below. The issuance of not exceeding $16,500,000 of each class of stock was included in the plan.

Transfer agency, 195 Broadway, New York. Registrar, Mercantile Trust Co., New York.

Funded Debt

ist mort., 5 per cent., gold bonds, due May, 1939, May and Nov $j3,ozz,ooo

3d morL, 5 per cent., gold bonds, due Feb., 1039, Feb. and Aug 14,000,000

Debenture mort., income, 6 per cent., A bonc, due July, 1939, Jan. and July 543,ooo

" " 6 per cent., B bonds, due July, 1939, Jan. and July 3i33,ooo

ist refunding and extension mort. 4 per cent., due July, 1956, Jan. and July 36,433,000

Eqmpment rinldng fund mort., 5 per cent., due March, 1931, March and Sept

bonds, series A, 5 per cent. , due semi-annually to Nov. , 1914, May and Nov. 588,000

" " C, per cent., due semi-annually, Jan. and July 5,563,000

Equipment trusts, various 725,564

Droit & Chfcapp Extension, ist mort., 5 per cent, due July, 1941, Jan. and July .. . . 3,278,000

Des Moines Division, ist mort., 4 per cent., due Jan., 1939, Jan. and July x,6oo,ooo

Toledo & Chicago Division, ist mort., 4 per cent., due March, 1941, March and Sept.. 3,000,000

Omaha Division, ist mort., 3$ per cent., due Oct., 1941, April and Oct 3, 173,000

St. L. K. C. & Nor. St. Charles bridge, mort. 6 percent., due Oct., 1908, Ap. and Oct. 468,000

St. L. Council Bluff & Omaha, ist mort.. 6 per cent., due July, 1908, Jan. and July. 421,000

Terminal mort., 4 per cent., due Jan., 1954, Jan. and July 3,923,000

s-year collateral trust notes, 5 per cent., due May, 1909, May and Nov 6,150,000

5-year collateral notes, per cent., due May, 1910, May and Nov 7,000,000

K. C, Exd. Springs & N., ist mort., 4 per cent., due Jan., 1938, Jan. and July 100,000

Columbia & St. L., ist mort, 4 per cent., due May, 1943, May and Nov 300,000

BuAeJo Terminal Association, ist mort. guar. 6 per cent., due Jan., 1907 485,000

Total , $116,795,564

36

The Manual Op Statistics

TIm ist moftgvge and debentures cover aJl lines both east and west ot the MississiMM owned by the company in 1889. Sufficient 1st mortgage bonds are resented to provide funds to retire prior liens on lines west of the Mississippi River. The ad mortgage covers only itOia miles, the lines east of the Mississippi, but they are a firat lien on rolling stock valued at about $3,oooooo. The Detroit & Chicago Extension mortgage was authorized in 1891 and is a lUit lien upon that section. In 1898 the Des Moines Division mortgage was authorised. This issue was to provide for new branches. The Toledo & Chicago DivisKm bonds and the equipment bonds were issued in 1901. In the same year the per cent. Omaha Division ist mortgage was authorized for $3,500,000 at per cent., of which $3,000,000 were issued in exchange for the old bonds and the retirement of Receiver's indebtedness, as well as for improvemanta.

The Terminal per cent, ist lien bonds, created in January, 1904, are $10,000,000 authorized. The $1,4x6,000 sold m January, 1904, are secured by terminal properties at St. Louis recently acquired.

The company's income debenture bonds created at the time of the reorganization were divided into Series A, $3,500,000, and Series B, $96,500,000. Under their terms holders were entitled to one vote at the company's meetings for each $xoo par value of their bonds, also to nominate one-half of the Board, until 1909 the A debenture are redeemable at par. Series A received 6 per cent, for years ending June 30, 1890, 181, 1893 and 1893 ; i per cent, for the year ending June 30, 1896, and 6 per cent for the years endmg January 30, 1900, 1901, 1903 and 1903, the payments being made vearly in the ensuing January. In January, 1004, 3 per cent, was paid on the issue, but the July, 1004, interest was passed. In July, 1907, 6 per cent, was paid. No interest was paid on the B debentures until July, 1907, when they received x per cent. In 1905 a committee was formed to represent the holders of the B debentures. Henry Evans, New York, Chairman ; United States Mortgage & Trust Co., depositary, and proceedmgs were instituted to secure a definition of the position and rights of the debenture holders.

In 1906 an agreement was reached between the company and the representatives of the debenture incomes, the plan being to retire the bonds in question and also to provide for future capital requirements. The details included the increase of the common stock to $159,500,000, and the preferred to $40,500,000, with the creation of a new xst refunding and extension mortgage for $aoo,ooo,ooo, of which $22,862,500 would be required for the retirement of the debenture, sufficient of the issue to be reserved to refund or retire all existing liens and the balance to be used onlv for extensions or improvements. This plan was formsulv ratified in October, 1906, and an issue of 4 per cent., refunding and extension bonds was authorized to carry out the retirement of the deoenture. The offer submitted to the debenture holders was as follows : each $x,ooo A debenture to be exchanged for $795, in new 4 per cent, bonds, $580 in preferred stock and $580 in common stock, while each $1,000 B debenture was to be exchanged lor $720 in new bonds, and $530 each of preferred and common stock. In July, 1907, all but $3,133,000 of the B debentures and $543,000 of the A debentures had assented to the exchange.

The a-year 5 per cent, collateral trust notes were issued in May, 1907, to extend $6,160,000 of j-year 5 per cent, notes created in 1904, which matured May x, X907, and which were created to acquire ,600,000 xst mortgage 4 per cent, bonds of the Pittsburg- Wabash Terminal Railway Co., the latter bonds being held as security for the notes.

The 5-year per cent, notes were created in 1905, and are for $10,000,000. They are secured by the deposit of $8,000,000, Wabash- Pittsburg Terminal Co. stock and other ecuritiei.

Earnings Year ending June 30 Per Gene Gross Op. Exp. Net Charges Surplus

I897-98 $13,207,862 73.45 $3,584,352 $3,182,756 $401,495

i899< 16,440,990 72.67 4,965,769 3,845.659 4ao,iio

X90X-03 '9.053,493 73.68 4,X36,746 3,935,304 361,460

X905-O6 35,015,378 72.27 8, 169, \56 7,660,003 Sur. 509,332

Surplus for 1897-98 was devoted to reduction of floating debt, whk:h amounted, in 1897, to $800,000 as a result of payment of interest on xst and 3d mortgages in fiscal years X894 and 1895, when operations resulted in a deficit. The charges for X898-99 include $760,937 for joint track rentals and miscellaneous expenses. Out of the surplus of X899-X900 $3x0, xxo was paid for the interest on debenture A bonds, making the net surplus for the year $310,000. In X900-0X the amount paid on the A debenture bonds is included in charges, as well as $656,756 for additions to property, including sinking funds for the equipment bonds. In X9oi-oa such addi-

Railroad Securities

tions amounted to $760,547. In 1903-03 additions to property thus included were $253,133 ; new equipment, $564,1 and the 6 per cent, paid on A debentures, $ato,ooo. In 1Q03-04 the charges include $1,050745 for additions to property and 3 per cent., or $105,000, paid on A debentures. In 1904-05, $1,3481970 for additions, etc., is included in the charges and in 1905-06, $1,410,744. In 190607, diaries included $3,006,075 for improvements and $475,000 for interest on the A and B ddientures.

Freight Traffic Statistics Arerage Toul Tons Carried Freight Rate per Ton Eamtnes per Average Tons Mileaee Tonnajre One Mile Density per Mile Train Mile per Train

Z898-99 3,278 6,987,641 1,666,830,054 731.M4 0-553C $1.29 334

z899<)o 3,358 9,5,071 1,903,881,000 806,989 0.557 X.50 368

1900-Oz 3,376 10.027,358 1,978,953,453 833,050 0.563 1.59 383

igo4-oS 3,517 10,267,438 2,339,770,238 939,587 0,583 1.74 292

Gross and Net Earninos by Months for Three Years

GroM Net Gross Net Gross Net

January $1,852,049 $175,458 $2,046,051 $43o,479 $2,107,961 $520,114

February 1,575,769 3,959 i,94o,5S5 382,645 1,988,266 483,944

March 1,872,460 218,721 2,100,502 436,537 3,304,353 567.119

April 1,795,387 149,750 1,899,408 473,179 3,3x6,389 588,969

May 1,860,199 186,834 3,018,867 470,033 3,281,071 539,553

June 1,924,035 387,743 3,331,341 803,713 3,493,795 791,558

July 3,001,084 626,981 3,375,341 746,671 3,309,858 749,977

August 3,251,703 796,741 3,505,541 895,957 3,602,303 1,028,109

September 3,163,813 681,411 3,431,820 827,643 2,498,899 848,474

Oct<)bcr 2,150,222 751,353 2,580,284 862,517 2,596,201 882,493

November 2,060,981 675,518 2,219,101 567,867 2,127,700 472,786

December 2,061,847 410.008 2,138,645 535,4i4 2,008,227 464,305

Totals for year $23,568,438 $4,964,376 $26,467,456 $7,431,645 $27,434,933 $7.937 ,402 Avtt.perm'nth 1,964,036 413,698 2,205,621 619,304 2,286,243 661,450

Chairman, Edward T. Jefiery, New York. President, Frederic A. Delano, Chicago. Vice- President, Edgar T. Welles, New York. Vice-President, Wells H. Blodgett, St. Louis. Vice- President and Assistant Secretary, E. B. Pryor, St. Louis. Vice-President and General Manager, Henry Miller, Chicago. Secretary and Assistant Treasurer, J. C. Otteson, New York. Treasurer, F. L. O'Leary, St. Louis. Auditor, T. J. Tobin, St. Louis.

Directors— Wells H. Blodgett, St. Louis. Robert C. Clowry, New York. Frederic A. Delano, Chicago. Robert M. Callaway, New York. George J. Gould, Lakewood, N. J. Thomas H. Hubbard, New York. Edward T. Jeffery, New York. Winslow S. Pierce, New York. S. C. Reynolds, New York. William B. Sanders, New York, Joseph J. Slocum, New York. John T. Terry, New York. Fr T. Welles, New York.

Main office, .Seventh and Chestnut streets, St. Louis. New York office, 195 Broadway. Annual meeting, second Tuesday in October, at Toledo, O.

Wmshiiigtoii Termihal Co.

A corporation formed in conformity with Acts of Congress approved, February 12, 1901 and Feb. 28, The company was organized to construct and operate a large union station in the City of Washington together with approaches thereto and tracks connecting it with the different railway lines entering the city. The work was completed in 1907. The Philadelphia, Baltimore & Washington Railroad Co. and the Baltimore & Ohio Railroad Co. control the company through ownership of its entire capital stock. The other companies which will use the depot and terminal as lessees include the Chesapeake & Ohio, Southern Railway, The Atlantic Coast Line, Seaboard Air Line, and the Richmond- Washington Co. Slock Par $100. Authorized, $5,000,000 Issued, $3,000,000

Funded Debt

ist mort., gold, guar., per cent., due Feb., 1945, Feb. and Aug , $10,000,000

Gold notes, 5 per cent., due Aug., 1909, Feb. and Aug i.575i00o

Total $1 1,575,000

The first mortgage was created in 1905 and is for $13,000,000. The Baltimore & Ohio Railroad Co. and the Philadelphia, Baltimore & Washington Railroad Co. guarantee the bonds, principal and interest. Trustee of the mortgage, United States Trust Co. , New York. The gold notes were sold in 1907 and are secured by the $3,000,000 of unissued ist mortgage bonds.

President, James McCrea, Philadelphia. Vice-President, H. L. Bond, Jr., Baltimore. Secretary, Custis W. Woolfoid, Baltimore. Treasurer, J. V. McNeal, Baltimore.

Directors— H. L. Bond, Jr., Baltimore. George E. Hamilton, Washington, D. C. James McCrea, Philadelphia. Oscar G. Murray, Baltimore. Charles E. Pugh, Philadelphia. Samuel Rea, Philadelphia. Custis W. Woolford, Baltimore.

Main office, Washington, D. C. Annual meeting, first Monday in January, at Washington.

WESTERK M/mYLAKD RMILROMD CO.

A corporation chartered by the State of Maryland May 37, 1853, under the title of the Baltimore. Carroll & Frederick Railroad Co., the name being subsequently changed.

This company became indebted to the City of Baltimore for guarantees and credits extended to it in aid of the construction of the road and for past due coupons. The City also held a large amount of the stock. Washington County, Md., also had interests in the company, holding the entire issue of $334,000 preferred stock. A sale of these interests was authonxed in May, zoos, to a syndicate, which had acquired the West Virginia Central & Pittsburg Railway Co., with its leased line, the Piedmont & Cumberland Railroad, a total of 309 miles. The syndicate represented interests connected with the Wabash Railroad, and the purpose was to make this property the Eastern tidewater outlet of the Wabash system. The price paid for the City*s holdings was $8,651,370, and the syndicate also purchased the interests of Washington County in the property. Nearly all the outstanding stock nas been acquired.

A consolidation of the West Virginia Central & Pittsburg with this company was included in the plans, and in October, 1905, action was taken to formally merge the two companies and also to amalgamate other controUed roads with this company.

The Manual for 1905 contains a full statement of the West Virginia Central & Pittsburg Railway Co. and its controlled properties, the Piedmont & Cumberland Railroad Co. and the Coal & Iron Railway Co. It also owned and controlled a large coal property, together with the Davis Coal & Coke Co. , which had 50,000 acres of coal lands and too coke ovens. The syndicate managers of the Western Maryland Railroad Co. have also added largely to the coal interests of the system.

Road owned, Baltimore to Cumberland, Md., 173 miles ; Cumberland to Bellington, W. Va., and branches, 318 miles; total owned, 390 miles; leased, Baltimore & Cumberland Valley, 34.1 miles ; Baltimore & Harrisburg and branches, 97.6 miles ; Washington & Franklin Raihroad, 19. 1 miles ; total operated, 543 miles. Locomotives, 163 ; passenger cars, 131; freight cars, 6,334; service cars, 533.

In February, 1906, the line from Cherry Run to Cumberland, 59 miles, which connected the Western Maryland and the West Virginia Central & Pittsburg was completed. In January, 1907, this company acquired control of the Georges Creek & Cumberland Railroad, Cumberland to Lopacoming, Md., and branches, 33 miles.

On March 5, 1908, the company was placed in the hands of Receivers by the United States Court, at Baltimore. This action was taken in view of its inability to meet maturing collateral loans.

Stock Par $50 Authorized, $60,000,000 Issued, $15,685,400

The preferred stock was $334,000 in amount and was 6 per cent, non-cumulative, with no voting power. It has been retired.

At a special meeting on October 14, 1903, the authorized common stock was increased from $685,400 to $60,000,000.

Transfer Agency, 195 Broadway, New York. Registrar, Mercantile Trust Co., New York,

Funded Debt

New ist mort., 4 per cent., due Oct., 1953, April and Oct $43,518,000

Genera] lien and conv. mort., 4 per cent., due Oct., 1953, April and Oct zo,ooo,ooo

West Va. Cent. & Pitts, ist mort., 6 per cent., due July, 191 1, Jan. and July 3,350,000

Piedmont & Cumberland xst mort., 5 per cent., due Aug., 191 1, Feb. and Aug 650,000

Coal & Iron Ry. ist mort., 5 per cent., due Aug., 1930, Feb. and Aug 1,000,000

Potomac Valley R. R. xst mort., 5 per cent., due Jan., 1941, Jan. and July 1,300,000

Total $58,718,000

Railroad Securities

Bait ft Cumberland VaL Ry. ist morL, 6 per cent, due July, 1909, Jan. and July.. . . $48,500

" Val. R. R. zst mort., o per cent, due Julv, 1909, Jan. and July. . . 73,800

" ext. ist mort., 6 per cent., due July, 1931, Jan. and July. 330,000

Washington & Franklin Ry. ist mort., 5 per cent., due Jan., 1939, Jan. and July — 37,000

Baltimore & Harrisburg Ry. ist mort., 5 per cent., due Nov., 1936, May and Nov. . .. 690,000

" Wn. ext. 1st mort., 5 p. c, due May, 1938, May and Nov.. 940,000

The new 4 per cent, ist mortgage is for $50,000,000. The bonds are secured by the company's property, includmg its interests in leased and auxiliary lines and the entire capital stock of the West Virginia Central & Pittsburg Railroad Co. Of the new 4s, $35,000,000 were sold to a syndicate to provide for the purchase of the property, the construction of terminals and a connection with the West Virginia Central & Pittsburg and for additional equipment. Trustee of mortgage and agent for the payment of interest. Mercantile Trust Co., New York.

The general hen and convertible mortgage 4 per cent, bonds were entitled to interest for three years, or to October, 1905, only in case the same is earned.

In March, 1908, a protective committee, for the general lien and convertible 4 cent, bonds, was organized, Alvin W. Krech, New York, Chairman, with the Equitable Trust Co., New York, smd the City Trust Co., Boston, as depositaries. Another protective committee for the same bonds, Richard Sutro, New York, Chairman, has for its depositary, the Bankers* Trust Co., New York.

The company guarantees dividends on the stock of leased lines as follows : Baltimore & Cumberiand Valley Extenskn Railroad, 7 per cent on $370,000 preferred stock and 5 per cent, on $iao,6oo common stock, January and July ; Washington x Franklin Railway, 5 per cent, on $150,000 stoic, January and July ; Baltimore & Harrisburg Railway, 5 per cent, on $39,100 preferred stock, May and November.

Earnings, Including West Virginia Central & Pittsburg Railway Year ending June 30

GroM Net Charges Surplus

i9c-03 $3,486,383 $1,370,900 $1,315,383

>9P3-<34 31633.097 1,9*4.446 1,534.003 400,443

1904-05 3i90cs9 i.877.36 1,671,039 06,097

>905-<56 4,803,094 2,498.527 3,347,018 351,509

9o6-07 5,600,455 2,655,551 3,644,587 10,964

The net earnings include those of the coal and other department. The profits from coal, etc, in 190303 were $1,127,746; in 1903-04, this item was $511,733; in 1904-05, $438,311; 1905, $730,044 and in 1906-07, $674,677.

President and Receiver, B. F. Bush, Baltimore. Vice-President, Alexander Robertson, Baltimore. Secretary, L. F. Timmerman, New York. Treasurer and Assistant Secretary, John T. M. Barnes, Baltimore. Assistant Treasurer, Robert Jones, Baltimore. Comptroller, Henry B. Henson, New York.

Directors— B. F. Bush, Baltimore. Frederic A. Delano, Chicago. Edward L. Fuller, Scranton, Pa. John W. Gates, Chicago. Edwin Gould, New York. George J. Gould, Lakewood, N. J. Howard Gould, New York. Lawrence Greer, New York. Fairfax S. Landstreet, Baltimore. Gardiner M. Lane, Boston. Winslow S. Pierce, New York. S. Davies Warfield, Baltimofe. W. A. Wilbur, South Bethlehem, Pa.

Main office, Continental Trust Building, Baltimore. New York office, i3o Broadway. Annual meeting, third Wednesday in October, at Baltimore.

WESTERK HEW YORK A PERRSnifAillA RAILWAY CO.

(Controlled by Pennsylvania Railroad Co.)

A consolidation, in February, 1883, of the Buffalo, New York & Philadelphia, the Buffalo, Pittsburg ft Western, the Oil City & Chicago, and the Olean & Salamanca Companies. The present company is a reorganisation, 1895, of the railroad company of same name.

In Jtme, 1900, the Pennsylvania Railroad Co. purchased a majority of the stock for $9 per share and of the income bonds at $300 per bond. That company holds $19,403,686 of the stock $9, 165,000 of the income bonds. A lease of the road was made to the Pennsylvania Railroad Ca in X900, but a new lease for 30 years from August i, 1903, was made in 1903, the same being subject to termination on 30 days' notkx.

Road owned, Buffalo, N. Y., to Emporium, Pa., 118 miles ; Rochester, N. Y., to Hinsdale, 99 miles; Olean Junction to Bradford, Pa., 17 miles; Bradford to Kinxua, 38 miles ; Buffalo

to Oil City, Pa., 136 miles ; Oil City to Irvineton, Pa., 50 miles; Stoneboro to Mahoaingtown, Pa., 38 miles; Olean to Oil City, 116 miles; short coal and oil brmncfaes, 64 milea; totil, 650 miles, of which 60 miles are leased and 590 miles owned.

Since its control was acquired by the Pennsylvania the portion of the company's road from New Castle. Pa., to Oil City, 68 miles, is operated by the Pennsylvania Company as part of its Erie and Ashtabula Division. The balance of the system is operated by the Pennsylvania as part of its Buffalo & AUecheny Valley Division. Stock Par $50. Authorised, $ao,ooo.ooo Issued, $00,000,000

Stock is transferred at the office of the company, Philadelphia. Registrar, Fidelity Tniat Co., Philadelphia.

Funded Debt

ist mort., 5 per cent., due Jan., 1937, Jan. and July $9,990,000

General mort., a, 3 and 4 per cent., due April, 1943, April and OcL looooiooo

Income mort., due April, 1943, Nov io,ooOkOOo

Total $99,990,000

Earhikos Year ending June 30

GroM Net Chaiget Snrpliu

1901-oa $4,764,331 $705,857 $i,3i5954l>'.$6io,o?

>9C-p3 .; 5."6,343 33,289 i,57f " '

I) 5.341,975 a77.S98 i.406.3 i.W.74

) 6,647,831 i,P9,8ao 1,334,761 " a49,94i

1906 7,674,1" 1.530,906 1,699.976 " 179.070

Charges for xooi-oa, 100303, 1904, 1905 and 1906 include expenditure for improvements.

President, William H. Barnes, Philadelphia. Vioe-Presklent, Samuel Rea, Philadelphia. Secretary, A. C. Heston, Philadelphia. Treasurer, Henry Tatnall, Philadelphia. Assistant Treasurer, H. P. Conner, Philadelphia.

Directors— W. H. Barnes, Philadelphia. Frank L. Bartlett, Buffalo. Geoige £. Bartol, Philadelphia. T. DeWitt Cuyler, Philadelphia. Edwin T. Evans, Buffalo. John P. Green, Philadelphia. John J. Henry, Philadelphia. Pascal P. Pratt, Buffalo. Charles E. Pugh, Philadelphia. Samuel Rea, Philadelphia. N. Parker Shortridge, Philadelphia. J. Rundle Smith, Philadelphia. George Wood, PhiladelphU.

Main office. Broad Street Station, Philadelphia. Annual meeting, first Monday in April, at Philadelphia.

Wester Ii Pacific Railway Co.

A corporation formed under the laws of California in 1903 to construct 930 miles of railroad between Salt Lake City, Utah, and San Francisco, with branches to various points. At the close of 1907 about 146 miles from Salt Lake to Shafter had been completed. In February, 1904, this company purchased the Alameda & San Joaouin Railroad, Stockton to Tesla, Cal., and in 1905 acquired the Boca & Loyalton Railroad, 50 miles. In 1906 it was stated that the company had also acquired the Virginia & Truckee Railway Co., Reno to Virginia City, Mo., 53 miles. Construction was in active progress during 1907. Stock Par $100 Authorized, $75,000,000 Issued, $75,000000

The company has authorized an issue of bonds for construction purpoeet. The mortgage, which is to the Bowling Green Trust Co., New York, is for $50,000,000, 5 per cent., due September, 1953, March and September, the bonds being redeemable at T05. It was announced that the entire issue has been subscribed for. A second mortgage for $35,000,000 has also been authorized.

In 1904-05 control of this company was acquired in the interest of the Miswnri Padftc system, and contracts were entered into whereby the Denver & Rio Grande Railroad Co. and its controlled organization, the Rio Grande Western Railway Co., are to acquire two-thirds of the stock of the Western Pacific Railway Co. The Denver & Rio Grande Railroad Co. and the Rio Grande Western Railway Co., by contract, jointly agree to make up any de6cit in the amount needed to meet its operating cost and interest on its bonds after the ooniipie tion of its main line.

President, Edward T. Jeffery, New York. Vke-Piesident, Jesse White, New York. Vice- President, Virgil G. Bogue, San Francisco. Secretary, B. M. Bradford, San Frmdaco. Assistant Secretary, L. R. Bush, New York. Assistant Treasurer, F. C. Lewis, San Frandsoo. General Auditor, J. F. Evans, San Francisco.

Directonr— Virgil G. Bogue, San Francisco. J. Dalzell Brown, San Pnmdsoo. Amos H. Calef, New York. Franklin W. McCutcheon, San Francisco. Edward T. Jeffety, New York.

RAILROAD SECURITIES 33i

Warren Olney, Sao Francisco. W. J. Shotwell, San Frandsco. J. F. Vaile, Denver. Jesse White, New York. H. H. Yard. San Frandsco.

Main office. Safe Depodt Building, San Francisco. Annual meeting first Tuesday in March at San Francisco.

The Westerk Railway Of Alabama

Road owned, Selma, Ala., to West Point, Ga., 133 mies.

Controlled, through stoic ownership, by the Georgia Railroad, the Central of Georgia and The Atlantic Coast One Co. Stock Par $100 Authorised, $3,000,000 Issued, $3,000,000

Stock is transferred by the Secretary of the company, Atlanta, Ga.

Dividends on stock have in recent years been, 5 per cent, in 1899 4 osox, in 1900 ; 2 per cent, in 1901, and 4 per cent, in 1903, 1903, 1904, 1905, 1906 and 1907.

Funded Debt Consol. (now ist) mort., gold, per cent, due Oct, 1918, April and Oct $1,543,000

Earnings

Year ending June 30 Gross Net

President Charles A. Wickersham, Atlanta, Ga. Secretary and Treasurer, Frank H. Hill, Atlanta. Auditor, W. H. Smith, AtlanU.

Directors— J. M. Falkner, Montgomery, Ala. R. M. Gieen, Opelika, Ala. J. F. Hanson, Macon, Ga. L. Lanier, West Point, Ga. A. R. Lawton, Savannah. Henry Walters, Baltimore. Charles A. Wickersham, Atlanta.

Main office, Atlanta, Ga. Annual meeting in October, at Atlanta.

West Jersey Sea Shore Railroad Co.

(Controlled by Pennsylvania Raihoad Co.)

Road owned comprises the former West Jersey, Camden to Cape May and branches to Bridgeton, Riddleton, Ocean City and Sea Isle, 902 miles; West Jersey & Atlantic, 47 miles; the former Camden & Atlantic and branches, 81 miles ; total operated, 366 miles. One of its lines between Camden and Atlantic City is equipped with electric power. Ferries, 2 miles. Locomotives, 83 ; passenger cars, 371 ; freight cars, 525 ; service cars, 221 ; floating equipment, 10 ferry-boats ; others, 6.

A controlling interest is vested in the Pennsylvania Railroad Co. and the United New Jersey Railroad & Canal Co.

This company is a consolidation. May 4, 1896, of the Camden & Atlantic, West Jersey and West Jersey 8t Atlantic Railroad companies, with their branches, including the Philadelphia, Marlton & Medford, Chelsea Branch Railroad and smaller lines. See the 1896 edition of the Manual for other details of the Camden & Atlantic and of the West Jersey companies.

Stock..Par$so..Authorised~™-' $10,000,0001 issued $9,641,600) , . - aqq

Special guaranteed stock is entitled to 6 per cent, per year semi-annual, March and September. It represents a like amount of similar stock of the West Jersey Railroad Co. It may be converted into a 6 per cent, debenture.

The common stock was issued originally in the consolidation in exchange for stocks of the various companies, the common stock of West Jersey beine exchanged on basis of $60 per share, Camden & Atlantic being at $45 per share for preferred ana $20 per share for common, while that of Philadelphia, Martton & Medford was at $15 per share. Other branch and leased line stocks were also retired in exchange for West Jersey & Sea Shore shares. In October, 1904, the stockholders were given the right of subscribing at par for $1,264,000 of additional common stock to the extent of 25 per cent of their respective holdings, making the amount outstanding $6,216,- 050. In March, 1906, the authorised common was increased from $8,076,000 to $10,000,000, and in April, 1906, the stockholders subscribed at par for additional stock, making the outstanding common as above.

Transfer agenqr, Camden, N. J. Registrar, Girard Trust Co., Philadelphia.

Dividends on the common stock are paid half-yearly, March (15) and September. In 1896 paid per cent, on the common. In the succeeding year 5 per cent, per annum was paid, but

The Manual Op Statistics

in September, 1905, the semi-annual dividend was increased to 3 per cent, or 6 per cent, per annum, which remained the regular rate until the March, 1908 dividend, which was reduced to 9 percent.

Funded

West Jersey, consolidated mort., 6 per cent., due Nov., 1909, May and Nov 97SPi90o

Woodstown & Swedesboro bonds, 6 per cent., due May, 1913, May and Nov 90,000

Camden & Atlantic, cons, mort., 6 per cent., due July, 191 1, Jan. and Julv 349iO0o

5 per cent., due July, 191 1, Jan. and

Julv.. Julv.,

West Jersey & S. S., ist cons, mort, 4 per cent, due July, 1936, Jan. and July i,6ooooo

" Series B, per cent, due July, 1936, Jan. and July.. 1,471,000

" " Series C, per cent, due July, 1936, Jan. and July.. 909ooo

Series D, 4 per cent, due July, 1936, Jan. and July 1,061,000

The West Jersey & Sea Shore ist consolidated mortgage is for $7,000,000. Trustee of the mortgage:e, Commonwealth Title Insurance & Trust Co., Philadelphia. Coupons are paid at the office of the company. Broad Street Station, Philadelphia.

Earnino&-Coiibinbd Companies GroM $3,683,131 3,008,456 3,490,457 3,678,693 3.893,799 4,360,460

Dividends

Surplus

a53,807

A0X3

- Includes interest, dividends, amount appropriated for betterments, etc.

President, James McCrea. Philadelphia. Vice-President, John P. Green, Philadelphia. Vice-President, Charles £. Pugh, Philadelphia. Vice-Presidtat, Samuel Rea, Philadelphia. Vice-President, John B. Thayer, Jr., Philadelphia. Vice-President and Treasurer, Henry Tatnail, Philadelphia. Secretary, John M. Harding, Philadelphia. Assistant Secretary, T.ewis Neilson, Philadelphia. Assistant Secretary, Kane S. Green, Philadddhia.

Directors— Israel G. Adams, Atlantic City, N. J. George S. Bacon, Millville, N. J. William H. Barnes, Philaddphia. Robert W. Downing, Philadelphia. John P. Green, Philadelphia. Benjamin F. Lee, Trenton, N. J. James McCrea, Philadelphia. W. A. Patton, Philadelphia. Charles E. Pugh, Philadelphia. Samuel Rea, Philadelphia. Wilbur F. Rose, Camden, N. J. N. Parker Shortridge, Philadelphia. Henry Tatnall, Philadelphia. John B. Thayer, Jr., Philadelphia. Josiah Wistar, Salem, N. J. George Wood, Philadelphia.

Main office, Camden, N. J. Annual meeting, first Tuesday in March, at Camden. Books close thirty days previous.

WHEELme A LAKE ERIE RAILROAD CO.

(Controlled by Wabash-Pittsburg Terminal Railway Co.)

A reorganisation May i, 1809, of the Wheeling & Lake Erie Railway Co. In 1901 capitalists identified with the Wabash Radway acquired large interests in this company, which is now cerated in harmony with the Wabash system, though under its own management, a controlling interest in the stock being held by the Wabash-Pittsburg Terminal Railway Co.

Road owned, Toledo, O., to Terminal Junction, 316.30 miles; Cleveland to ZanesvUle, O., 143.88 miles; branches, 106 miles; Cleveland Belt Railway, 5.71 miles; Toledo Belt Railway, 4.55 miles ; total owned, 477.; miles; leased, 30.80 miles ; total operated, 498.16 miles. Locomotives, ao6 ; passenger cars, 77 ; freight cars, 11,854 service cars, 687.

In 1899 company acquired the Cleveland, Canton & Southern Railroad Co. and Cleveland Belt & Terminal Railway Co. by purchase.

In X904 this company and the Wabash Railroad Co. made a contract with the Pittsbuiig- Wabash Terminal Railway Co. whereby they agreed jointly to pay 35 per cent, of their gross earnings derived from joint traffic with the Terminal Co. in case it was necessary to do so to meet interest on the latter company's bonds. In 1906, this company acquired the Lorain & West Virginia, 30 miles, which was completed in 1907.

The company owns a majority of the stock of the Pittsburg, Wheeling & Lake Erie Coal Co., which is leased to other interests.

Railroad Sbouritibs 333

I com., $ao,ooo,ooo i com., $ao,ooo,ooo )

Stock..Par$ioo.. Authorized ist pref., 5,000,000 V Issued ist pref., 4,986,900)- $36,980,400

The preferred stocks are 4 per cent, non-cumulative, in their respective order. Transfer 19s Broadway, New York. Registrar, Mercantile Trust Co., New York.

Funded Debt ist mort. (Railway Co.) Lake Erie Div., 5 per cent., due Oct, 1906, April and Oct. . . . $3,000,000 ' ( " " ) Wheel. Div. , k per cent. , bonds, due July, 1938, Jan. and July. 894,000

Extension and imp. mort. (railway co.), 5 per cent, due Feb., 1930, Fd>. and Aug. . . . 409,000

Consolidated mort., 4 per cent, due Sept., 1049, March and Sept 11,697,000

3-7ear notes, 5 per cent., due Aug., i9c4S, eb. and Aug 8,000,000

Toledo Dock & Coal, ist mort., 5 per cent, due Ayg., 1908, Feb. and Aug 50,000

Equipment bonds, 5 per cent, due Jan., 1933, Jan. and July 1,993,000

Car trust obligations 880,000

Total $35,933,000

The 4 per cent consolidated mortgage of the present company is for $15,000,000, of which $6,400,000 was reserved to retire prior hens. Trustee and agent for the payment of interest, Mercantile Trust Co., New York. The purchase of the Cleveland, Canton & Southern and Cleveland Belt & Terminal roads required $3,850,000 of the bonds, being part of $5,600,000 sold in 1899, $1,750,000 being also furnished for improvements and retirement of car trusts, the remaining $3,000000 behig reserved for additional improvements, equipment and terminals. Over of the 5 per cent bonds of the old company were refunded rato the new 4s.

The equipment bonds issued in 190a may be purdiased*at 105 or drawn at 108 and interest Trustee and agent for the payment of interest, Mercantile Trust Co., New York.

In 1905 a new general mortgage for $50,000,000, 4 per cent, due August. 1955, was authorised. The $8,ooc,ooo of 3-year notes issued in the same year are secured by $13,000,000 of the new general 4s deposited with the New York Trust Co.

The coxnpany has guaranteed principal and interest of an authorised issue of $a,ooo,ooo, 4 per cent bonds to be secured on the Lorain & West Virginia Railway, due June, 1956, June and December.

. Earnings Year ending June 30 GroM

" J 4,595.607

Charges for iap5-o6 include $6o,io3 for interest on equipment obligations charged to cost of equipment in previous years. In 1906-07, $194,703 is included for rental of equipment.

President, Frederic A. Delano, Chicago, ist Vice-President and General Manager, B. A. Worthington, Pittsburg. Vice-President, Ahdn W. Krech, New York. Secretary and Treasurer, Henry B. Henson, New York. Assistant Treasurer, J. G. Stidger, Pittsburg. Auditor and Assistant Secretary, R. L. Porter, Pittsburg.

Directors— Washington £. Connor, New York. Frederic A. Delano, Chicago. W. M. Duncan, Cleveland. Crge A. Garretson, Qeveland. Edwin Gould, New York. Myron T. Herrick, Qeveland. Edward T. Jeffery, New York. Alvin W. Krech, New York. W. G. Mather, Qeveland. H. P. Mcintosh, Cleveland. £. W. (Dglebay, Cleveland. Winslow S. Pierce, New York. S. C. Reynolds, Toledo. C. M. Spitser, Toledo. Edgar T. Welles, New York.

Main office, Wabash Building, Pittsburg. President's office. Western Union Buildmg, Chkago. New York office, 195 Broadway. Annual meeting, first Wednesday in May, at QeveOmd.

Net

Chaises

Surplus

$'53,530 805,103

im

i,5S6l645 3,119,368

Def.

Sur.

WNITE PASS rUKOK RAILWAY CO., LIMITED

An English curporatkm which controls the Pacific & Arctic Railway & Navigation Co., an American corporation; the British Columbia Yukon Railwajt Co., a corporation of British Cohimbia; the British Yukon Railway Co., a corporation of the Dominion of Canada, and the British Yukon Navigation Co., Limited. Road owned, Skaguay, Alaska, to White Horse, iii

3J4 The Manual Op Statistics

miles. Its local companies also operate steamboats oo the Yukon and various rivers and lakes in Yukon Territory and Northern British Columbia. Locomotives, 13; passengercars, 14; fries:ht cars, 341 ; floating equipment, 37. The company also operates stage Unes in the winter on part of its route.

Stock Par ;io Authorised, 1,700,000 Issued, £it37Si<'oo

The first dividend paid was c per cent., in April, 1901, and in August* 190X, 35 per cent, in stock was paid, and 5 per cent, cash m December, 1901. In loox-oa and 1903-03, 4 per cent, was paid, and m 190-04, 4 per cent. In 1905 paid per cent, m January and 3 per cent, in July. In January, 1900, paid 3 per cent.; in July, 1906, 3 per cent, and in January, 1907, 3 per cenu, and in July, 1907, 2 per cent. In January, 1908, paid 3 per cent. Dividends are paid in Januaiy and July.

PUITDED Consolidated xst mort. debenture stock, 5 cent., due Dec. 31, 1930, Jan. and July.. 746,703 Mortgage debentures, 6 per cent., due Jan., 1930, Jan. and July S55i555

Total j£'i,oo8,357

The authorised amount of the consolidated mortgage debenture stock is £7SOiOoo. The 6 percent, debentures were issued to purchase the fleet of steamboats. Their maturity was originally in 1911, but in 1906, it was agreed to extend them to 1930, with the provision that the company not redeem them prior to that time except at a premium of 5 per cent. The company lias reserved j355,555 of its own stock with which to retire the 6 per cent, debentures.

In 1900 the local companies earned, gross, $3,084,331 ; net, $1*355,301. In 1901, gross, $1,758,065 ; net, $1,036,966. In 1003, net, $6x0,3x1. In X903, gross, $977t736 ; net, $435*919- In X9Q4, gross, $991,655 net, $466,993.

Earniitos Year ending June 30

Receipts Charges Balance Dividends Surplus

x30,ao8 63,304 87,904 68,750 "

Chairman, Charles Colin Macrae, London, Eng. Vice-Chairman, Sidney Carr Glyn, London. Secretary, W. H. P. Stevens, London. Commeroal Managers, Close Brothers & Co., London and Chicago. President of Local Companies, Samuel H. Graves, Chicago and Vancouver, B. C. General Manager of Local Companies, A. L. Berdoe, Vancouver and Skaguay, Alaska.

Directors 'JamesDugdale, London. Sidnev Carr Glyn, London. Edwin Hanson, London. Charles Colin Macrae, London.* EUiward Ford North, London.

Main office, 7 Moorgate street, London, Eng. Chicago office, 138 Washington street, Operating office of local companies, Skaguay, Alaska. Annual meeting in October.

Williaksport A Korth Brakcm Railroad Co.

A corporation formed under the laws of Pennsylvania, September x, 1883. The company succeeded the Muncy Creek Railroad Co.

Road owned, Halls, Pa., to Satterfield, Pa., 45 miles; branches, x mile; total owned. 46 miles ; leased, Eagles Mere Railroad, Sonestown to Eagles Mere, Pa., 10 miles ; total operated, 56 miles. Locomotives, 7 ; passenger cars, 34 ; freight cars, X77. The company has considerable amount of coal lands.

Stock Par $50 Authorised, $3,000,000 [ Issued [ $15.363

The preferred stock is 6 per cent., non-cumulative. Stock is transferred at the office of the company, Hughesville, Pa. Registrar, Fidelity Trust Co., Philadelphia.

FuiTDBD Debt 1st morL, 4j per cent., due July, 1931, Jan. and July $545ooo

The xst mortgage is for $750,000, of which $350,000 was reserved for extensions. It was created to retire the old 5 per cent, bonds. Trustee of the mortgage and agent for the payment of interest, Fidelity Trust Co., Philadelphia. The company has outstandmg car trusts for

Railroad Securities 335

Earnings

Year ending: June jo

GroM Net CharKei Surplu

i90O3 $181,079 $481758 $.16,381 $iat377

President and General Manaicer, S. D. Townsend, Hughesville, Pa. Vice-President , Horace H. Farrier, Jersey Citv. Vice-President, C. William Woddrop, Hughesville. Secretary and Treasurer, Hennr C. Adams, New York.

Directorfr—Henry C. Adams, New York. Horace H. Farrier, Jersey City. Seth T. McCormick, MHlUamsport, Pa. Charles E. Mosser. HugfhesviUe. S. D. Townsend, HughesviUe. B. Hanrey Welch, Philadelphia. C. William Woddrop, New York.

Main office, Hughesville, Pa. Annual meeting, third Wednesday in May, at Hughesville.

Wilkikgtok Kortherh Railroad Co.

(Leased to Philadelphia & Reading Railway Co.)

Road owned, Wilmington, Del., to Highs Junction, below Reading, Pa., 71.50 miles; biancfaes, 16.91 miles; total owned, 126.75 miles.

In October, 1898, control of the property was acquired by the Reading Company. In 1899 the minority stock was also purchased and the road leased for 999 years from February i, 1900, to the Philadelphia & Reading Railway, which company has issued $1,295,000 4 per cent. trust certificates secured by this company's stock. Stock Par $50 Authorised, $1,500,000 .Issued, $1,500,000

Under the lease the Philadelphia & Reading Railway Co. in addition to interest on the bonds' guarantees dividends of per cent, on the stock.

Stock is transferred by the Secretary of the company, Philadelphia.

Funded Debt

istmort., 5 per cent, bonds, due 1907-27, July and Dec. $354.ooo

General mort, 5 per cent., due Aug., 1932, quar., Feb 406,000

Total $760,000

The earnings of this company are included in those of the lessee.

Pmident, H. A. du Pont, Wilmington, Del. ist Vice-President, Theodore Voorhees, Philadelphia. 2d Vke-President, C. E. Henderson, Philadelphia. Secretary, E. B. Shurter, Philadelphia. Treasurer, Harrry G. Paisley, Philadelphia. Comptroller, George Ziegler, Philadelphia.

Main office, Reading Terminal, Philadelphia. Annual meeting, first Monday in ay, at Philadelphia.

WISCOKSm A KICHIGAM RAILWAY CO.

A corporation formed under the laws of Wisconsin in 1803.

Road owned, Cundy, Mich., to Peshtigo, Wis., 73.38 mil ; branches, 58.41 miles ; trackage, , 8 miles ; total operated, 139.79 miles. Freight is transported from Peshtigo to Chicago by a car ' ferry. Extensions are planned. Locomotives, 12 ; passenger cars, 8 ; freight cars, 642. Stock Par $100 Authorized, $5,000,000 Issued, $951,500

Funded Debt lat-mort., 5 per cent, due Jan., 1945, Jan. and July $95i.5oo

The company has been in default as to its interest char for some years, and plans for a reduction of Uie same have been proposed, but without definite result.

In the year ending June 30, 1902, the earnings were, gross, $100,347 ; net, $4,703. In

1902-03, gross, $122,775 ; net, $1,190. In 1903-04, gross. $142,192. In 1904-05, $247,476. In 1905-06, $334,289. In ig '

balance deficit, $14,802.

1905-06, $324, In 1906-07, gross, $305,422; net, $115,734; taxes and charges, $130,536 ;

President, John P. Hopkins, Chicago. Vice-President, W. T. Abbott, Chicago. Secretary, L. E. Hart, Chkago. Treasurer, M. F. Schulse, Chicago.

Directors-— W. T. Abbott, Chicago. J. N. Faithorn, Chicago. John P. Hopkins, Chicago. E. C. Ritcfaer, Chicago. John R. Walsh, Chicago.

Main office, Grand Central Passenger Station, Chicago. Annual meeting, third Tuesday in January, at Marinette, Wis.

The Manual Op Statistics

Wisdom Sim Cemtral Railway Co.

A corporation formed December 27, 1897 which on July 18, 1899. took possession of the property of the Wisconsin Central Co., which was sold in foreclosure and reorganized under a plan dated April 10, 1899. The property of the present company, besides that which bekm||?ed to the corporations named above, includes that of the Wisconsin Central Railroad Co., the Chicago, Wisconsin & Minnesota Railroad, the Milwaukee & Lake Winnebago Railroad, Central Car Co. and other concerns affiliated with the system.

The road was reorganized in 1899 under a plan which is given in full in the Manual for 1900.

Road owned, Chicago to Trout Brook Junction, Minn., 453.03 miles; Abbotsford, Wis., to Ashland, Wis., 132.56 miles; branches, 363.85 miles; owned jointly, 24.37 miles; total owned, 963.80 miles; trackage, Rugby to Milwaukee, 37.60 miles; other trackage, at Minneapolis, Chicago, etc., 33.34 miles; total operated 1,033.74 miles; spurs to industries which are not operated and are not included 105 miles. The company in 1901 purchased the Mansfield & Southeastern Railroad, 33 miles. In 1905 the company began the construction of a branch from Owen, Wis., to Ladysmith. 45 miles, which was completed in August, 1906, and a further extension of 113 miles, from Ladysmith to Superior and Duluth was under construction in 1907. Locomotives, 184 ; passenger cars, 148 ; freight cars, 8,475.

The preferred stock is 4 per cent., non-cumulative, and is entitled to elect a majority of the directors on failure to receive a per cent, per annum for two consecutive years. After both classes have received 4 per cent, in any year they share equally in any further distribution.

Transfer Agent, Trust ;Co. of America, New York. Registrar, United States Mortgage & Trust Co., New York.

Funded Debt

ist gen. mort. , gold, 4 per cent., due July, 1949, Jan. and July $33,748,000

Superior & Duluth Div., term. mort. 4 per cent., due May, 1936, May and Nov 5,968,000

Gold equipment trust bonds, 5 per cent., due July, 1913, Jan. and July.,

Chicago, Wis. & Minn, ist mort., 6 per cent., due March, 1916, March and Sept. . . .

Milwaukee & Lake Winnebago ist mort., 6 per cent., due July, 1913, Jan. and July..

Wisconsin Central R. R. con. mort., 5 per cent., due Jan., 1909, Jan. and July

Minneapolis Terminal pur. money mort., 3K per cent., due Jan., 1950, Jan. and July.

Marshfield, S. E. Div., ist mort., 4 per cent., due May, 1951, May and Nov

Equipment notes, and 5 per cent

Total $31,939,795

In Superior and Duluth Division & Terminal 4 per cent, mortgage was authorized in 1906 to provide funds for the extension referred to above and $7,000,000 of the bonds were underwritten and offered to stockholders at 89. There are $1,500,000 reserved for improvements.

Earnings Year ending June jo

Per Cent. Gross

Tons Carried One Mile 513,385,516 571,086,338 533,867,887 636.393,137 737,",3" 741,334,938 740,633,339 804,040,467 809,346,831

Averase

Total

Mileage

Tonnafre 3.6i6;5o9

Op. Exp.

Net

Charges $i,57x,843 1,419.498 1,.575 1.534,834

Surplus

x,55,o6o

?Fic Statistics

Freight Rate per Ton Earnings per Density per Mile Train Mile

3S0

?l?

38

37

Railroad Securities 337

Chairman Executive Committee, T. L. Chadboume, Jr., New York. President, W. A. Bradford, Chicago. Vice-President, Henry C. Starr, Chicag:o. Secretair, Geor W. Webster, Chicago. Treasurer, W. R. Hancock, Chicago. Assistant SecreUry, W. A. Chadboume, New York. Comptroller and Auditor, Robert Toombs, Chicago.

Directois— W. A. Bradford, Milwaukee. T. L. Chadboume, Jr., New York. Mark T. Cox, New York. George A. Femald, Boston. Frederick T. Gates, New York. John F. Hill, Augusta, Me. Henry C. Starr, Milwaukee. George W. Webster, Milwaukee.

Corporate office, Milwaiikee. Main office, Michigan avenue and Harrison street, Chicago. New York office, 30 Pine street Annual meeting, second Tuesday in October, at Milwaukee.

Worcester, Mashua A Rochester Railroad Co.

(Leased to Boston & Maine Railroad)

Road owned, Worcester, Mass., to Rochester, N. H., 94 miles. Stock Par $ioa Authorised, $j,6oo,ooo Issued, $3i099,8oo

Transfer Agent and Registrar, American Loan & Trust Co., Boston.

Dividends are paid semi-annually, in January and July. In 1899 paid per cent.; in 1900, 4 per cent.; in 1901, per cent.; in 190a, 5 per cent.; in 1903, per cent.; in 1904, per cent., and in 1905, 1900 and 1907, 591 per cent. The January, 1908, dividend was per cent.

Funded Debt

Bonds, 4 per cent., due Jan., 1935, Jan. and July $150,000

" " Jan., 1930, Jan. and July 735,ooo

" " Oct., 1934, April and Oct 380,000

Total. ... $1,776,000

On December z, 1883, the Nashua & Rochester Raihoad Co. was consolidated with the Worcester & Nashua, forming the present company. A stock dividend qf 17 per cent, was paid November 13, 2885. January i, 1886 the property was leased for 50 years to the Boston & Maine Railroad for $350,000 per year.

President, (vacancy). Treasurer and Clerk, Charles H. Bowen, Boston.

Main office, 53 State street, Boston. Annual meeting in January, at Boston.

Yosehite ¥Alley Railroad Co.

A corporation formed under the laws of California. Road owned, Merced, Cal., to the Yosemite National ParlL 83 miles. The line was completed in the spring of 1907. In March, 1Q08, it was announced that the company had made agreements with the Southern Pacific Railroad Co. and the Atchison, Topeka & Santa Fe Railway Co., whereby through rates and through train service will be established, so that the Yosemite Valley , Rail road Co. will handle practically ail the tourist traffic to and from the Yosemite National Park. Stock Par $zoo Authorized, $5,000,000 Issued, $5,000,000

Funded Debt ist moit., 5 per cent., due Jan., 1936, Jan. and July $3,000,000

The xst mortgage is for $3,000,000. Trustee and Agent for the payment of interest. Mercantile Trust Co., San Francisco. A sinking fund begins in 19x1, sufficient to retire 40 cent, of the bonds by their maturity. Bonds are not to be drawn. The bonds were sold in 1907 by N. W. Hals & Co., New York and San Francisco.

President, F. G. Drum, San Francisco. Secretary, Julius H. Ellis, San Francisco.

Directors— William H. Crocker, San Francisco. F. G. Drum, San Francisco. W. W. Garthwaite, Oakland, Cat. Thomas Prather, Oakland. N. B. Rideout, San Francisco. Henry T. Scott, San Frandsco. H. L. Tevis, San Francisco.

Main office, Z414 Post street, San Francisco.

The Manual Op Statistics

bA

u

a E

s

u Q o

a

E

B J3

arejT, jad snoj, aliuaAV

If

O

o

O d d 1' o' d d d d d d d d d d d d 6 d M d d

tS I S i i

a fl a V -c

Railroad Sbcuritibs

*i666666*i6i IdMdddddoMMMMdd :dd

o U

"2 o o

ad

'11

us:::

General Railroad Statistics

Record of Construction, Receiverships and Foreclosures

Railroad Cohstructioh

The following: is an estimate of the new railroad construction in the United States bj years :

Ykar

MUes

S.878 4,097 2,117 1,711 3,71a a,a8o a,6a9

".568 6,741

Ybak

MUe

1%

1:

4tasa

Railroads Sold Order Foreclosore Ih 1907

The following: is a list of railroad corporations whose property was sold under foreclosure during 1907, with a statement of their mlleag:e, capital stock and funded debt :

Company

Milen

Funded Debt

Peoria & Pekin Terminal

a.soo,ooo

aoo,ooo

Dayton, Tbanon 8r Cincinnati.

Houston Brasos 8f Northern -

Traverse City, Leenanau & Manistique

Medford & Crater Lake

Toledo Railway & Terminal

Total, 6 roads

Total bonds and stock

Railroad Securities

Railroad Foreclosure Sales Im Thirty-Two Years

Ybas

I9P3

Total, 3a years

No. Roads

Mileage

3,87s 3;9o6

a9

a,6i7

aa

as

a,930

a9

ai

3,aa3

a8

i,9aa

4a

ia.831

4a

3a

4,a94

a4

ao

36a

93

"3,9S3

Total Stock and Funded Debt

$3x7,848,000

I37,9a3,ooo

i.i5o,377f00O

Roads For Which Receivers Were' Appointed Ih 1907

Road

Medford & Crater Lake

Missouri River & Northwestern . .

Northeast Texas

ChattaDOop:a Southern

ApeJachicoIa Northern

lone & Eastern

Total, 7 roads

Total bonds and stock

Miles

Funded Debt

Capiul Stock

?i

J

The Manual Op Statistics

Sumkary Of Railroad Receiverships For Thirtytwo Years

Year

lis:::

Total, 33 years. .

Number

MUeace

Stocks and

Roads

BODds

X,X03

88s

xxo

xo

x76,33i,ooo

Industrial Securities

rianufacturing. Street Railway, Electrical, Qas, Mining, Lind,

Coal, iron and Steel, Teiegrapli and Telephone,

and Miscellaneous Corporations

Comprising all Whose Securities are Quoted In the L.eading Steele

ilarkets

Acker. Kerrall A Cordit Co.

A corporation formed under the laws of New York in January, 1903. The company took over and operates the wholesale and retail grocery and dgar business of Acker, Merrall & Condit, New York. Stock Par $100 Authorised, $5,000,000 Issued, $5,000,000

Transfer Agent, Registrar & Transfer Co., New York.

Funded Debt Twenty-year debentures, 6 per cent., due Jan. 10, 1923, Jan. (10) and July $3,500,000

The authorised amount of the debentures is $3,500,000. Trustee and areut for the payment of interest. United States Mortgage & Trust Co., New York. There is a sinking fund of $100,000 per annum after 1910 for the purchase or redemption of bonds at no and interest.

President, Hany J. Luce, New York. Vice-President, Albert E. Merrall, New York. Vice-President, Frank A. Merrall, New York. Vice-President, George J. Smith, New York. Secretary, John T. Harwood, New York. Treasurer, Walter H. Merrall, New York.

Director— S. F. Boyd, New York. Sherman P. Coe, New York. John T. Harwood, New Yofk. Harry J. Luce, New York. Wilbur Mathews, New York. Albert E. Merrall, New Yoric. Charles F. MeriaU, New York. Frank A. Merrall, New York. Walter H. Merrall, New York. WiUiam B. Merrall, New York. Jordan J. Rollins, New York. William P. Roome, . New York. George J. Smith, New York. Arthur Tumbull, New York. George W. Young, New York.

Main office, 135 West Forty-second street. New York. Annual meeting, third Monday in January.

Adams Express Co.

A voluntanr association formed in 1854. The organisation operates express routes on some 35,000 miles of railroad, including the PennsrlTania Railroad System, New York, New Haven ft Hartford Railroad Co., Chesapeake & Ohio Railway, Chicago, Burlington & Quincy systems, etc Stock (No par value) Authorized, xao,ooo shares Issued, 190,000 shares

The stock of this company has no par value, but it is customarily considered as being $100 per share.

Stock is transferred at the office of the company. New York. Registrar, Union Trust Co., New York.

Funded Debt CoUateral trust debentures, 4 per cent., due March, 1948, March and Sept $ia,ooo,ooo

" bonds, 4 per cent., due June, 1947, June and Dec 24,000,000

Total $36,000,000

In February, 1898, the company declared a 100 per cent distribution to its shareholders in 4 per cent, debenture bonds as a special dividend. The denture bonds are secured by a deposit with the MlVimtil Trust Qo.y New York, of securities valued at over $13,000,000. These

collaterals are subject to a right on part of shareholders to indemnification against personal liability in respect to their holdings of shares in the organisation.

The new collateral trust bonds, created in 1907, are likewise secured bj stocks and bonds of other companies and formed the basis of a aoo per cent, distribution to the company's stockholders in June, 1907. Trustee, Standard Trust Co., New York.

For many years dividends were 8 per cent, per annum (quarterly 3 per cent.). When the extra dividencin bonds referred to above was paid in 1898 the rate was reduced to 4 per cent., payable half-yearly, a per cent, each in June (i) and December. The December z, 1900, dividend was accompanied by an extra dividend of 3 per cent., whidi was paid from the revenue on the company's investments, and the same course was followed regarding the subsequent halfyearly dividends. . In March, 1903, an extra dividend of a per cent, was paid from we sale of property not needed in the conduct of the company's business. In 1904, 8 per cent, was paid, with an extra a per cent, dividend in March, 1904, also derived from the proceeds of the sale of real estate and the same dividends were also paid in 1905, 1906 and 1907. In June, 1907, an extra dividend of aoo per cent, was paid, in the new collateral trust 4 per cent, bonds.

President, Levi C. Weir, New York. Vice-President, William H. Damsel, Chicago. Vice- President, William M. Barrett, New York. Secretary, Horatio H. Gates, New York. TliBasurer, Basil W. Rowe, New York.

Managers— George F. Baker, New York. William M. Barrett, Philadelphia. Dumont Clarke, New York. William H. Damsel, Chicago. Basil W. Rowe, New York. Charles Steele, New York. Levi C. Weir, New York,

Executive office, 59 Broadway, New York,

The Advemture Cohsou Dated Copped Co.

A corporation formed under the laws of Michigan, October 17, 1898. The company acquired the Adventure and other mines upon the Mineral Range in Ontonagon County, Mich. The entire property comprises some a, 100 acres.

Stock Par $35 Authorized, $3,500,000 Issued, $3,500,000

Transfer Agent, Old Colony Trust Co., Boston. Registrar, American Trust Co., Boston.

In January, 1906, an assessment of $x pr share was called, payable cents February iC, 1906, and 50 cents July x6, 1906. The latter payment was, however, deferred until Februair, 1907. Another assessment of $1 per share was called payable Nov. 36, 1907, making the stock $31 per share paid.

In X904 the company produced 1,380,480 pounds of refined copper, realizing $188,140. In 1905, production, 3,700,354 pounds, realizing $353,573. The expenses for 1904 were $378,353 ; for 1905, $337,037. Balance of assets January i, 1906, was $53,753.

President, James L. Bishop, New York. Secretarv and Treasurer, William R. Todd, New York. Assistant Secretary and Treasurer, W. A. O. raul. New York.

Directors — James L. Bishop, New York. Chester L. Dare, Boston. Charles J. Devereaux, Boston. Stephen R. R. Dow, Bioston. James S. Dunstan, New York. Charles D. Hanchette, Hancock, Mich. William R. Todd, New York.

Main office, Greenland, Mich. New York office, 33 Broadway. Annual meeting in June.

Ahkeek Kimih6 Co.

A corporation formed under the laws of Michigan in 1880. The company has a copper mining property of 920 acres in Keweenaw County, Mich. Its mine is fully equipped and in 1905 produced 1,500,000 pounds of copper.

Stock Par $35 Authorized, $1,350,000 Issued, $1,350,000

There has been paid in on the stock $17 per share. The last call on the stock was $5 per share, February 3, 1905.

From August i, 1902, to December 31, 1907, the gross receipts of the company were $'79399i ; net profit, $ii8,3xx, after deducting $438,870 for construction; balance of assets, December 31, 1907, $385,521-

President, Albert S. Bigelow, Boston. Vice-President and General Manager, Norman W. Haire, Houghton, Mkh. Secretary and Treasurer, W. J. Ladd, Boston.

Directors — Albert S. Bigelow, Boston. Clarence H. Bissell, Boston. Thomas L. Chadbourne, Boston. Walter A. S. Chrimes, Boston. Exlward S. Grew, Boston. Norman W. Haire, Houghton. William J. Ladd, Boston.

Main office, 199 Washington street, Boston. Annual meeting, first Friday in July, at Boston.

Industrial Securitib8 345

Mlabmka Coksoli Dated Coal Irok Co.

A corporation formed under the laws of New Jersey, July 19, 1899. company owns and operates a number of iron and coal properties near Birmingham, Ala., and Gadsden, Ala., a list of which was given in the Manual for 1903.

These properties include four blast furnaces, with a capacity of aoo,ooo tons of pie iron per annum, nearly 40,000 acres of coal lands, 915 coke ovens, and over 40,000 acres of ore, limestone and timber lands, the mines having a capacity of 700,000 tons of coal per annum, and the coke ovens a product of 340,000 tons of coke yearly. The Jefferson Coal & Railway Co., the Attala Iron Mines and the Maxy Lee Coal Mines were acquired in 190X.

In January, 1905, control of the company was acquired by the International Power Co.

The preferred stock is 7 per cent., cumulative. In December, 1904, the company canceled $1,000,000 common stock and $1,950,000 preferred stock, which were in the treasury, leaving the stocks authorised and issued as above.

Transfer Agent, Trust Co. of America, New York. Registrar, Knickerbocker Trust Co., New York.

The pajrment of quarterly dividends on the preferred stock of the company began with the declaration of per cent., payable Noverobco' i, 1899. Similar quarterly payments were regularly made, the dividend periods being March (x) June, September and December. The December, 1907, dividend was, however, deferred.

Funded Debt

ist mort., 6 per cent., due May, 1911, May and Nov $451,000

Consolidated collateral mort. bonds, 5 per cent., due May, 1933, May and Nov 1,760,000

Total 1,000

The 5 per cent, bonds were created in 1904 and are $9,350,000 authorised, $490,000 beine reserved to retire the 6 per cent, bonds. Trustee of the mortgage and agent for the payment of interest. International Trust Co., Baltimore.

The ist mortgage 6 per cent, bonds are $500,000 authorized, having been reduced to the present amount by the sinking fund, and were created in 190X. Trustee of the mortgage and agent for the payment of interest, St. Louis Trust Co., St. Louis.

Earnings Year ending October 3X

Charges and

Gross Net Pref. Div. Surplus

1899-00 $x,74X,388 $940,039 $158,033 $81,989

i909-< 3.180,333 613,419 974,771 338,648

The charges for X909-03 include $99,77x for depreciation. In 1909-03 a dividend of i per cent, was pardon the common stock, leaving a net surplus for the year $3x3,668.

President, Joseph H. Hoadley, New York. Vice-President, Guy R. Johnson, Birmingham, Ala. SecreUry and Treasurer, William R. Sheldon, New York.

Directors — Daniel G. Boissevain, New York. Richard H. Edmonds, Baltimore. Joseph H. Hoadl, New York. James A. Green, Cindnnati. Edward K. Hill, Worcester, Mass. Guy R. Johnson, New York, W. H. Knight, New York. Kenneth K. McLaren, Jersey City. William C. Seddon, Baltimore.

Corporate office, 15 Exchange place, Jersey City. Main office, 74 Broadway, New York. Annual meeting, fourth Wednesckiy m November, at Jersey City.

Alaska Copper Co.

A corporation formed under the laws of Washington, February 98, 1903. The company has a copper mining property at Coppermount, Prince of Wales Island, Alaska, consisting of x8 daims or 360 acres, and 80 acres of millsite. The mine has been ' developed and a 950-ton smelter erected.

Stock Par $35 Authorized, $5,000,000 Issued, $5,000,000

Stock is transferred at the branch office of the company, Pittsburg.

President, H. B. Bryson, Pittsburg:. Vice-President, A. P. Burchleld, Pittsburg;. Secretary, Henry W. Armstrong, Pittsburg. Treasurer, Frank C. Lane, Pittsburg.

Trustees— Henry W. Armstrong, Pittsburg. George L. Bond, Pittsburg. H. B. Bryson, Pittsburg. A. P. Burchfield, Pittsburg. Charles A. Edall, Pittsburg. W. T. Glazier, Pittsburg. Herbert T. Granger, Seattle. Frank C. Lane, Pittsburg. Stuart H. Moore, New York.

Main office, 316 Globe Block, Seattle. Branch office, Pittsburg. Annual meeting, first Tuesday in September, at Seattle.

Alaska Packers Assoc! At/Oh

A corporation formed under the laws of California in February, 1893. The association acquired and operates twenty salmon canneries in Alaska and three in Puget Sound, the combined pack of the different plants being 1,100,035 cases of salmon for the year 1907. The association also owns over fifty steamers and eighteen sailing vessels and charters other ships. In the fifteen years ending December 31, 1907, the aggregate pack of the association was 14,093,336 cases. Stock Par $100 Authorised, $7,500,000 Issued, $5,750,800

Up to January, 1905, there had been paid in on the stock $65 per share, or a total of $3,130,000, but in January, 1905, the company transferred $1,680,000 from surplus to stock account, making the outstanding stock full paid. Stock is transferred at the office of the company, San Francisco.

Dividends on the stock are paid monthly on the 38th of each month. The payment of monthly dividends began in January, 1894, at the rate of 75 cents per share per month, and were continuously paid at the same rate from that time until December, 1901, inclusive. In 1903 and 1903 the .dividends were $1 per month, and from January to October, 1904, inclusive, the dividends were $x per month. From November, 1904, until September, 1905, inclusive, they were 75c per month, but the October, 1905, dividend was passed and further dividends were suspended owing to unsatisfactory business conditions.

In January, 1905, the stockholders ratified a proposition to issue $3,000,000 of bonds of which $1,840,000 was outstanding December 31, 1907.

Earnings Profits Dividends Depreciation, etc. Surplus

1904 i0998 553,000 140,956 Def. 583,758

1905 Def. 1,074,403 359,655 345,437 " 1,779,494

From iu organization to September, 1905, inclusive, the asMciation paid a total of $5,469,381 in dividends.

President, Henry F. Fortmann, San Francisco. Vice-President. Louis Sloss, San Francisco. Vice-President, Charles W. Dorr, San Francisco. Secretary, William Timson, San Francisco. Treasurer, Isaac Liebes, San Francisco.

Directors — Frank B. Anderson, San Francisco. Henry E. Bothin, San Francisco. William B. Bradfoid, San Rafael, Cal. Francis Cutting, Oakland, Cal. Charles W. Dorr, San Francisco. Daniel Drysdale, San Mateo, CaL Henry F. Fortmann, San Francisco. William L. Gerstle, San Francisco. Isaac Liebes, San Francisco. F. L. Lipman, Berkeley, CaL Louis Sloss, San Francisco.

Corporate and main office, 74 Folsom street, San Francisco. Annual meeting, third Tuesday in January, at San Francisco.

JILBMHr A HUDSOK RAILROAD CO.

A corporation formed under the laws of New York, March 13, 1903. The company is the successor, under a reorganization plan, of the Albany & Hudson Railway & Power Co. See the Manual for 1903.

On October 10, 1902, a Receiver was appointed for the old company. The property was foreclosed and bought by the committee representing the security holders on February 11, 1003, the new company taking possession in March, 1903. The company's line extends from Hudsoo, N. v., to Albany, N. Y.; total operated, 38 miles. It also supplies light and electric power along its route.

Industrial Sbcuritibs 347

The preferred stock ia 5 per cent., non-cumulative. Transfer Agent, Long Island Loan & Trust Co., Brooklyn, N. Y. Registrar, Colonial Trust Co., New York.

Funded Debt ist mort., 4 to 5 per cent., due March, 1943, March and Sept $1,750,000

The zst mortgage bore 4 per cent, interest until March i, 1906, and after that date 5 per cent. Trustee of Uie mortgage and agent for the payment of mterest, Trust Co. of America, New York. Authorised amount of bonds, $2,000,000.

Earnings

Year ending Jihie 30

Gross Net Charlies Surplus

President, A. M. Young, New York. Vice-President, Clinton L. Rossiter, New York. Secretary and Treasurer, H. G. Runkle, New York. Assistant Treasurer, M. J. Warner, New York.

Directors— Horace E. Andrews, Cleveland. Seth L. Keeney, Brooklyn, N. Y. Clinton L. Rossiter, Brooklyn. H. G. Runkle, New York. William F. Sheehan, New York. Henry Siebert, New York. R. A. C. Smith, New York. Foster M. Voorhees, New York. A. M. Young, New York.

Main office, Rensselaer, N. Y. New York office, 100 Broadway. Annual meeting, first Tuesday in April, at Hudson, N. Y.

Mlbeharle Chesapeake Cakal Co.

A corporation chartered by both Virginia and North Carolina, 1854-55. owns and operates a canal 14 miles long, connectmg the waters of Chesapeake Bay and Albemarle Sound. Stock Par $100 Authorised, $558,200 Issued, $558,200

Stock is transferred at the office of the company, Norfolk, Va.

No dividends have been paid since 1898, when per cent, was distributed in February.

Funded Debt

ist mort., reduced to 4 per cent., due July, 1909, Jan. and July $500,000

Debentures, 3 per cent., non-cumulative, due July, 1909, Jan. and July 115,000

Total $615,000

Trustee of the mortgage. Union Trust Co., New York.

In 1901 bondholders were invited to deposit bonds with a committee with a view to a reduction of the interest rate, but the January, 1902, coupon on bonds was paid in full. The July, 1903, coupons were not paid, and the bonclholders* committee submitted a plan for the issue of Si 15,000, non-cumulative, 3 per cent, income debentures to represent the funded portion of the old 7 per cent, bonds, the July, 1902, coupon being canceled.

Earnings

Year ending September 30 Gross Net

President, R. St. P. Lowry, Baltimore. Vice-President, Robert. M. Cannon, Norfolk, Va. Secretary and Treasurer, D. S. Burwell, Norfolk.

Director*— Robert M. Cannon, Norfolk. W. B. Courtright, Baltimore. H. T. Cutter, Norfolk. M. C. Elliott, Baltimore. Robert T. Harrison, Norfolk, Va. R. St. P. Lowry, Erie, Pa. Andrew S. White, Syracuse, N. Y.

Main office. Citizens' Bank Building, Norfolk, Va. Annual meeting, Thursday after second

The Alumkce Realty Co.

A corporation formed under the laws of New York June 6, 1899 The business of the company is dealing in real estate and buying, selling and mortgaging the same. The company has a controlling interest in the Broad-Exchange Co., which built and owns the large office building, 35 Broad street, New York. In 1905 the Uniied States Realty & Improvement Co. acquired a large interest in this company's stock.

Stock Par $zoo Authorised, $3,000,000 Issued, $a,ooo,ooo

Stock is transferred at the office of the company. New York. Registrar, Standard Trust Co., New York.

A dividend of per cent, was paid July 15, 1902, and the same rate was paid up to January, 1906, inclusive, but in 1906, the dividends were at the rate of 7 per cent, per annum or per cent, quarterly in January (15), April, July and October. In 1907, 8 per cent, was paid.

Presiclent, William H. Chesebrough, New York. Vice-Presdent, Walter T. Rosen, New York. Secretary and Treasurer, John Carlsen, New York.

Directors — Charles Francis Adams, ad, Boston. Alwyn Ball, Jr.. New York. Harry S. Black, New York. Edwin M. Bulklev, New York. William H. Chesebrough. New York. Daniel B. Freedman, New York. Edgar J. Levey, New York. James H. Post, New York. Walter T. Rosen, New York. Ernst Thalmann, New York.

Main office, zzi Broadway, New York. Annual meeting, third Thursday in February.

Alus-Chalmers Co.

A corporation formed under the laws of New Jersey, May 7, loox. The company was organized to manufacture mining machinery, cement mills, rock crushers, steam engines and heavy machinery of various kinds. It now also manufactures electrical machinery, gas engines, and water and steam turbines. It originally acquired the plants of the following concerns, which are the largest of their class in the United States :

E. P. Allis Co., Milwaukee. Gates Iron Works, Chicago.

Eraser & Chalmers, Incorporated, Chicago. Dickson Manufacturing Co., Scranton, Pa.

In October, 1905, the purchase of the Bullock Electric Works at Cincinnati, which canceled the lease of 1904, with a partnership interest in the operations of that plant, was consummated by the acquisition of the entire common and preferred stock of the BuUodc Electric Co. (since dissolved, April 30, 1906) ; the preferred stock has been paid for by the issue of an equal amount, $1,170,000, of 6 per cent, cumulative preferred stock of The Bulkxk Electric Manufacturing Co., the dividends upon which are guaranteed by the Allis-Chalmers Co., which owns ail the common stock except shares that qualify directors.

The preferred stock is 7 per cent., cumulative, and has preference as to both dividends and assets in case of the company's dissolution.

Stock is transferred at the office of the company. New Yorlc Registrar, Central Trust Co., New York.

The dividend periods for the preferred stock are quarterly, in March. June, September and December. The first dividend on the preferred was per cent, quarterly, paid July 35, 1901, and similar quarterly payments on the preferred were made at the periods named above until February i, 1904, after which the payment of dividends on the preferred was suspended.

Funded Debt ist mort. sinking fund bonds, 5 per cent, due July, 1936, Jan. and July $10,456,000

The xst mortgage bonds were created in 1906 to provide funds for new construction, being $15,000,000 authorized. Trustee, American Trust & Savings Bank, Chicago. Of the amount outstanding $903,000 were sold to the company's stockholders at 80 in August, 1906, and $9,648,- 000 were sold at 80 to a syndicate, payment for the same being extended over a number of months.

Earnings Year ending April 30

Net Pref. Dividends Surplus

Industrial Securities 349

Earnings — Continued

Chatgen, Renewals, Net

Profits Depreciation, etc. Profits

1904-05 (16 months ending June 30) $1,146,980 $1,077,909 $68,981

1905-00 (year ending June 30) 648,161 1.036,583 Def. 388,421

190607 ( " " 1,226,242 1,613,540 ♦' 387,540

Chairman of Board, Elbert H. Gary, New York. President, Walter H. Whiteside, Milwaukee, ist Vice-Pesident, L. F. Bower, Milwaukee. 2d Vice-President and Treasurer, Henry Woodland, Milwaukee. 3d Vice-President and Secretary, W. W. Nichols, New York. Assistant Secretary and Assistant Treasurer, Howard W. Hall, New York. Attorney and Assistant Secretary, Max W. Babb, Milwaukee. Comptroller, W. A. Thompson, Milwaukee.

Directors— Edward D. Adams, New York. Charles Allis, Milwaukee. William W. AUis, Milwaukee. Alexander F. Banks, Chicago. L. F. Bower, Milwaukee. George Bullock, New York. Edmund C. Converse, New York. Mark T. Cox, East Orange, N. J. Herman W. Falk, Milwaukee. Elbert H. Gary, New York. William V. Kelley, Chicago. Charles MacVeagh, New York. Joseph S. Neave, Cincinnati. Max Pam, Chicago. William A. Read, New York. Cornelius Vanderbilt. New York. Walter H. Whiteside, Milwaukee. Henry Woodland, Milwaukee.

Corporate office, 15 Exchange place, Jeraey City. General offices, Milwaukee. New York office, 71 Broadway. Annual meeting, first Thursday after first Wednesday in November, at Jersey City.

Allouez Miming Co:

A corporation organised under the laws of Michigan in 1859. The company owns over 3,400 acres in Keweenaw County, Mich., the portion operated being on the Kearsarge lode directly north of the line of the Kearsarge Mining Co. Stock Par $25 '. . . . .Authorized, $2,500,000 Issued, $2,500,000

There has been paid in on the stock $22.25 Pr share. Stock is transferred at the office of the company, Boston. Registrar, Old Colony Trust Co., Boston.

President, H. F. Fay, Boston. Secretary and Treasurer, George G. Endicott, Boston. General Manager, James MacNaughton, Calumet, Mich.

Directors — Alexander Agassiz, Boston. R. L. Agassiz, Boston. George G. Endicott, Boston. H. F. Fay, Boston. Walter L. Frost, Boston. F. L. Higginson, Boston. F. W. Hunnewell, Wellesley, Mass. James MacNaughton, Calumet, Mich. Quincy A. Shaw, Jr., Boston.

Main office, 60 State street, Boston. Annual meeting, second Tuesday in March.

ALU Ml HUM COM P A II Y OF AMERICA

A corporation formed under the laws of Pennsylvania in 1889 under the title of Pittsburg Reduction Co., the name having been changed to the present style in 1907. The company is the largest producer of aluminum in the United States. Its works are located at Niagara Falls, New Kensington, Pa., Shawinigan Falls, Que. and Massena Springs, N. Y. In 1906 the company acquired control of the St. Lawrence River Power Co., Massena Springs, N. Y. The capacity of its plants is about 8,000,000 pounds of aluminum per annum.

The preferred stock is 6 per cent, cumulative. There is $200,000 of the common stock in the treasury.

Dividends on the preferred stock are paid semi-annually. On the common 12 per cent, is paid. A stock dividend of 100 per cent, was paid on the common in 1904.

President, R. B. Mellon, Pittsburg. Vice-President, C. M. Hall, Pittsburg. Vice-President, George H. Clapp, Pittsburg. Secretary and Assistant Treasurer, A. V. Davis, Pittsburg. Treasurer and Assistant Secretary, R. E. Withers, Jr., Pittsburg.

Directors— George H. Clapp. A. V. Davis. D. L. Gillespie. C. M. Hall. A. K. Lawrie. A. W. MeUon. . R. B. Mellon.

Main office, Park Building, Pittsburg.

Amalgamated Copper Co.

A corporation formed under the laws of New Jersey, April 27, 1899. The company acquired controlling interests In the Anaconda Copper Co., Parrot Silver & Copper Co., Washoe Copper Co., Colorado Smelting & Mining Co. and other companies. Jn 1901 acquired the Boston &

3So The Hanuajl Of Statistics

Montana Consolidated Copper & Silver Mining Co. and the Butte & Boston ConsolSdatgd Mining Co.

In a statement made to the New York Stock Exchange in June, 1901, the company stated that it owned the following stocks :

Companies Whose Stocks are Wholly Owned Totd liRne

Washoe Copper Co., Butte, Mont $5,000,000

Colorado Smelting & Mining Co., Butte, Mont 2,500,000

Diamond Coal & Coke Co., Diamondville, Wyo 1,500.000

Big Blackfoot Milling Co., Bonner, Mont 700,000

Majority of Stock Owned

Anaconda Copper Mining Co., Butte, Mont. 30,000,000

Parrot Silver & Copper Co., Butte, Mont a,a5oo

Henneser Mercantile Co., Butte, Mont 1,500,000

Boston & Montana Consolidated Copper & Silver Mining Co., Butte, Mont. 3*79>.ooo

Butte & Boston Consolidated Mining Co., Butte, Mont 3,000,000

See separate statements of the Anaconda; Boston & Montana, and Butte 8t Boston -companies in this edition of the Manual.

Stock Par $100. Authorised, $155,000,000 Issued, $153,887,000

In June, 1901, the authorized stock was increased to $155,000,000, to acquire the stocks of the Boston & Montana and Butte & Boston companies. Holders of Boston & Montana were offered for each $25 share of that stock 4 shares of Amalgamated Copper, and hokiers of Butte & Boston for each $10 share of its stock received i share of Amalgamated Copper stock. The greater part of the stocks of those companies were exchanged under the above terms. The Boston & Montana Co. has a large interest in the Butte Coalition Mining Co. See separate sUtement of the latter.

Transfer Agents, National City Bank, New York ; Kidder, Peabody & Co., Boston. Registrars, Central Trust Co., New York; National Shawmut Bank, Boston.

The original $75,000,000 stock of this company was offered for public subscription at par, dosing on Mav 4, 1899, National City Bank, New York.

The first dividend was per cent, quarterly, and per cent, extra was paid October 16, 1899. Similar dividends of per cent, quarterly and per cent, extra were regularly paid, January (28), April, July and October, until October, 1901, when the rate was made lyi per cent, without the extra dividend. In January, 1902, i per cent was paid for the quarter, amd in May, 1902, only per cent, was paid, the same rate bng maintained for the quarterly dividends paid since that date, such payments being in February, May, August and November. The quarterly dividend paid February 27, 1905, was, however, per cent, and per cent, extra, and tne same rate was paid in May, 1905. The dividends in August and November, 1905, were, however, each 15 per cent., and in February, 1906, iH percent, was paid. In May and August, 1906, the rates were iJ4 per cent, and per cent, extra, and in November, 1906, and in February and May, 1907, ij4 per cent, and per cent, extra. The August, 1907, dividend was 2 per cent, regular, but m November, 1907, only i per cent, was paid and February, 1908, per cent.

Earnings Year ending April 30

Net Dividendt Surplvs

An official sUtement issued in June, 1905, suted that in 1904 the mines owned in whole or part by this company produced 252,000,000 pounds of copper, of which this company received the benefit from 202,000,000 pounds ; production, 1905, 268.000,000 pounds ; benefit, 216,000,000 pounds.

President, Henry H. Rogers, New York. Vke-President, F. P. Addicks, New Yofk. Secretary and Treasurer, Albert H. Melin, New Yoric.

Directors—AIbeTt C. Burrage, Boston. George H. Church, New York. A. R. Flower, New Yo John E. Judsoo, New York. William Rockefeller, New York. Henry H. Rogers, New York. Henry H. Rogers, Jr., New York. James Stillman, New York.

Main office,42 Broadway, New York. Annual meeting, first Monday in June, at Jeney City.

Mkml6Akmted Su6Jir Co.

A corporation formed under the laws of Utah, July 5, 1902. The purpose of the company is to manufacture and refine sugar from beets. The company owns three factories, at Ogden and Logan, Utah, and La Grande, Ore. The Ogden and the La Grande factories have a daily capacity of about 400 tons each and the Logan factory a capacity of about 500 tons.

INDUSTRIAL SBCURITIBS 35i

The preferred stock is 6 per cent., cumulative. Stock is registered and transferred at the office of the company, Ogden, Utah.

The first dividend upon the preferred stock was paid Oaober i, 1902, being: per cnt.

quarterly, and similar quarterly dividends have since been paid. The dividend periods for le preferred are January, April, July and October.

The first dividend on the common stock was paid April i, 1904. Dividends on the common are a per cent, quarterly, paid in January. April, July ancf October.

President, David Eccles, Ogden, Utah. Vice-President, M. S. Browning, Ogden. Secretary and Treasurer, Henry H. Rolapp, Ogden.

Directors—M. S. Browning, Ogden. Joseph Clark, Ogden. David Eccles, Ogden. Ephriam P. Ellison, Layton, Utah. Frederick J. Kiesel, Ogden. Adam Patterson, Ogden. Joseph Scowcraft, Ogden. Joseph F. Smith, Salt Lake City. Hiram H. Spencer, Ogden. George Stoddard Le Grande, Ore. W. H. Wattis, Ogden.

Corporate and main office. First National Bank Building, Ogden, Utah. Annual meeting, first Monday in March, at Ogden.

A 11 Eric Ah Agricultural Chemical Co.

A corporation organized under a special charter of the State of Connecticut, June 30, i&k3, amended m 1899. The present title was adopted under an order of Court May a6, 1899. The company was formed in 1899 to combine certain establishments in the United States engsed in the manufacture of fertilizers and their by-products. A list of the constituent concerns is given in the Manual for 1003. In 1903-03 the company acquired control of the Peace River Phosphate Mining Co. and of the Bowker Fertilizer Co. and other properties.

The preferred stock is 6 per cent., cumulative, and has preference in the distribution of assets* Transfer Agent, S. C. P. L?gett, 3 Rector street, New York ; Old Colony Trust Co., Boston- Registrars, Columbia Trust Co., New York : State Street Trust Co.. Boston.

The first dividend on the preferred stock was 3 per cent., semi-annual, paid 'October 2, 1889; Regular semi-annual dividends of 3 per cent, have since been paid on the preferred in April (i) and October.

In 1905 the company created an issue of $3,500,000 of 4% per cent, coupon notes, in denominations of $5,000 each, dated March i, 1905, due March i, 1908, and redeemable at xox and interest on any interest day. It was provided that the notes must be retired before the company can place any mortgage on its property. In February, 1907, it was stated that the notes would faie retired at maturity with temporary loans and would be refunded later on by a. long term obligation.

Earnings Year ending June 30 Income Deductions Profits and Surplus Pref. Div. Total Surplus

190Q-01 1,603,746 543.954 1,034,740 91S.071

1904-05 3,3o6,j6i 671,274 3,4i3,"4 i.079,537 3.333,577

The deductions from income include appropriations for reserve and amounts set aside.

Chairman, Robert S. Bradley, Boston. President, Peter P. Bradley, Boston. Vice-President, James M. Gifford, New York. Vice-President, Albert French, New York. Vice-President, William Prescott, Cleveland. Secretary, George L. Galbraith, New York. Treasurer, Thomas A. Doe, New York.

Directors— W. W. Baker, Philadelphia. George Beck, St. Louis. George C. Bingham, Buffalo. W. H. Bowker, Boston. Peter B. Bradley, Boston. Robert S. Bradley, Boston. W. J. Brennan, New London. Samuel Carr, Boston. D. Crawford Clark, New York. Thomas A. Doe, New York. Albert French, New York. John F. Gibbons, New York. James M. Gifford, New York. A. Barton Hepburn, New York. John F. Kehoe, Newark, N. J. Cord Meyer, New York. William Prescott, Cleveland. Charles W. Priddy, Norfolk, Va. Marcellus E. Wheeler, Rutland, Vt. H. S. Zell, Baltimore.

Main office, 3 Rector street, New York. Annual meeting in September, at New London, Conn..

35a THE MANUAL. OF STATISTICS

Akericak Beet Sugar Co.

A corpoFation formed under the laws of New Jersey, March 24, 1899. The object of the compmy was to acquire the beet sur growing: and manufacturing interests owned by W. Bayard Cutting, Henry T. Oxnard and others. The properties of the company are in Nebraska, Colorado and Califomia, a list being given in the Manual for 1903.

The preferred stock is 6 per cent., non-cumulative. Of the authorized issue of preferred stock', $1,000,000 remains in the treasury as reserve capital.

Transfer Agent, Registrar & Transfer Co., New York. Registrar, Morton Trust Co., New York.

On October i, 1899, the company began the payment of quarterly dividends of per cent, on the preferred stock. Similar quarterly dividends have since been regularly paid in January (a), April, July and October.

Funded Debt Certificate of indebtedness, 6 per cent., due March, 1910, March and Sept $3,000,000

The 6 per cent, certificates of indebtedness were created in 1905, being $3,000,000 authorised. They are redeemable at par, February i, 1908.

For the nine months ending March 31, 1905, the company reported gross profits. $3,798,579; interest and general expense, $134,537; interest on certificates of indebtedness, $iao,ooo; dividends on preferred stock, $180,000 ; net surplus, $191,352. In the year ending March 31, X906, the gross profit was $4,369,814; maintenance, $513,848; profit, $908,162; expenses and interest, $35.004; preferred dividend, $240,000; improvements, $88,418; balance surplus, $334,740. In 1906-07, surplus over interest, maintenance, charges and preferred dividends,

Chairman and President. H. Reiman Duval, New York. President, Robert Oxnard, San Francisco. Vice-President, Henry T. Oxnard, New York. Secretary and Treasurer, John E. Tucker, New York.

Directors— Edwin M. Bulklev, New York. Dumont Clarke, New York. R. Fulton Cutting, New York. R. Bayard Cutting, New York. H. Reiman Duval, New York. Kalman Haas, New York; James G. Hamihon, New York. Henry T. Oxnard, Oxnard, Cal. Robert Oxnard. San Francisco. Charles J. Peabody, New York. Lucius K. WUmerding, New York.

Main office, 3a Nassau street. New York. Annual meeting, second Tuesday in May, at Jersey

aty.

Americak Book Cokpamy.

A corporation formed under the laws of New York, December, 23, 1907, succeeding a New Jersey company of the same title and with the same capital, which was formed in 18 The object of the company is the publication and sale of school and college text books and educational works generally. It acquired the copyrights, plates and business in this department of a number of leading publishing firms. It has agencies in various cities and printing and binding plants in New Yonc and Cinannati.

Stock Par $100 Authorized, $5,ooo,ocx> Issued, $5,000,000

In i8qo, 6 per cent, was paid on the stock ; in 189 1, 4 per cent, and in 1893, 6 per cent Since the latter year the dividends have been 8 per cent, per annum, with extra dividends of a per cent, in 1893, 7 per cent, in 1894, and 4 per cent, in 1898. In December, 1906, an extra dividend of a per cent, was paid. The regular dividends are a per cent, quarterly, paid in January (so), April, July and October.

Funded Debt Bonds 6 per cent., due June x, 1907-10, June and Dec $300,000

The bonds mature $100,000 on June ist of each year. In April, 1907, the company reported a surplus of $3,441,287.

President, Harry T. Ambrose, New York. Vice-President, Henry H. Vail, New York. Secretary, Oilman H. Tucker, New York. Treasurer, Charles P. Batt. New York.

Directors — Harry T. Ambrose. A. Victor Barnes. Charles J. Barnes. Henry B. Barnes. Charles P. Batt. L. M. Dillman. John A. Greene. A. H. Hinkle. Russell Hinman. William B. Thalheimer. Oilman H. Tucker. Henry H. Vail.

Corporate office, 15 Exchange place, Jersey City. New York office, xoo Washington square. East. Cincinnati office, 300 Pike street Chicago office, 521 Wabash avenue. Annual meeting, third Tuesday in April at Jersey City.

Industrial. Sbcuritibs 353

Mk Erica M Brake Shoe A Four Dry Co.

A corporation formed under the laws of New Jersey, January 28, 1902. The company acquired a number of establishments manufacturing brake shoes for railway and traction can ai well as steel castings of various kinds.

The preferred stock is 7 per cent, cumulative. Transfer Agent and Registrar, Registrar & Transfer Co., New York.

The full 7 per cent, per annum has been regularly paid on the preferred, the dividends being quarterly, per cent, each in January (i), April, July and October.

In 1903, 3 per cent, was paid on the common stock. In October, 1904, the company began paying regular quarterly dividends of x per cent, each, or at the rate of 4 per cent, per annum on the common, the dividend periods being January (i), April, July and October. On January i, 1908, an extra dividend of i per cent, was paid on the common.

Funded Debt ist mort., 5 per cent., due March, 195a, March and Sept $880,000

There is a yearly sinking fund of $ao,ooo for the bonds beginning in 1903, bonds to be drawn at no for the first 10 years, at 105 for the second ten years, and thereafter at par. Trustee of the mortgage and agent for the payment of interest, Farmers' Loan & Trust Co., New York.

President, Otis H. Cutler, New York, ist Vice- President, Joseph D. Gallagher, New York, ad Vice-President, Joseph B. Terbell, New York. Secretary and Treasurer, Henry C. Knox, New York.

EHrectors, Joel S. Coffin. Otis H. Cutler. Robert J. Davidson. Edward H. Fallows. Joseph D. Gallagher. Charles Herron. Henry C. Knox. George M. Sargent. William D. Sargent. £. J. Snow. William W. Snow. Joseph B. Terbell.

Main office, Mahwah, N. J. New York office, 170 Broadway. Annual meeting, fourth Monday in November.

The Ahericah Brass Co.

A corporation formed under a special charter from the State of Connecticut approved in June, 1893. The purpose of the company is manufacturing and dealing in brass, copper and kindred metals. It acquired six manufactories of that description, a list of which is given in the Manual for 1903. Stock Par $100 Authorized, $ao,ooo,ooo Issued, $15,000,000

The stock of the company was originally $6,000,000, and was increased in 1900 for the purpose of acquiring the Benedict & Bumham Co., Waterbury, Conn. In February, 1906, the stock was increasKi from $10,000,000 to $12,500,000, and in 1907, to $15,000,000.

Stock is transferred at the office of the company, Waterbury, Conn. Registrar, Waterbury National Bank, Waterbury.

Dividends on the stock are paid quarterly at rate of 5 per cent, per annum. In 1906 and 1907 cent, extra was paid.

President, Charles F. Brooker, Ansonia, Conn. Vice-President, Eklward L. Frisbie, Jr., Waterbury, Conn. Vice-President, A. A. Cowles, New York. Vice-President, James S. Elton, Waterbury. Secretary, Gordon W. Bumham, New York. Treasurer, John P. Elton, Waterbury. Assistant Secretary, James A. Doughty, Torrington, Conn.

Directors — Charles F. Brooker, Ansonia. Gordon W. Bumham, New York. T. B. Bumham, New York. E. T. Coe, Torrington. A. A. Cowles, New York. Cleveland H. Dodge, New York. James A. Doughty, Torrington. James S. Elton, Waterbury. John P. Ehon, Waterbury. Edward L. Frisbie, Jr., Waterbury. Edward Holbrook, New York. Arthur Curtiss James, New York. Thomas B. Kent, New York. John J. Sinclair, New York. C. N. Wayland, New York.

Main office, 144 Bank street, Waterbury, Conn. Annual meeting, last Tuesday in February, It Waterbury.

Akerican Cam Co.

A corporation formed under the laws of New Jersey, March 19, 1901. The company was organized to acquire and combine establishments which manufactured 90 per cent, of the tin cans made in the United States. The company has some 39 factories and a detinning plants, in New York, Brooklyn, Boston, Philadelphia, Baltimore, Chicago, Detroit, Cleveland, and other cities.

The preferred stock is 7 per cent., cumulative. Transfer Ag:ent, Bankers* Trust Co., New York. Reg:istrar, First National Bank, New York.

The first dividend on the preferred stock was per cent., paid September X9P3t per cent, being also paid on Apnl i, 1904, and October i, 1904, respectively. On January i, 1905, per cent, was paid, and quarterly dividends of the same amount, being at the rate of 5 per cent, per annum, nave since oeen regularly paid.

The company's profits for the vear ending March 31, xQoa, were reported as $1,7751564, after charging off about $1,000,000 for depreciation, etc In the year ending March 31, 1903* ict profits were $6,711. In 1903-04, the sales were $3,919,524; profits, $2,394,5x0. In 1904-05 the earnings were $3,096,917, and the net profit $2,896,917. In that year the wrote on $200,000 for depreciation. In the nine months ending December 31, 1905, the earnings were $3,524, 135 ; written off, $212,718; balance, surplus $2,311,4x7. In the earnings were $2,534,367. In 1907, net earnings, $3,246,827; written oflF, $594t435; balance surplus, $2,652,392.

Chairman, Daniel G. Reid, New York. President, William T. Graliam, New York. Vfce- President, F. Rudolph, Chicago. Vice-President and Treasurer, Frederick S. Wheeler, New York. Secretary and Assistant Treasurer, R. H. Ismon, New York. Assistant Secretary, W. F. Dutton, New York. Assistant Treasurer, R. A. Bumr, New York.

Directors— George T. Boggs, New York. Oliver H. Bogue, East Orange, N. J. W. F. Dutton, New York. William T. Graham, New York. R. H. Ismon, New York. W. M. Leeds, New York. James McLean, New York. George G. McMurtry, New York. J. H. Moore, Chicago. W. H. Moore, Chicago. H. W. Phelps, New York. Daniel G. ReW, New York. F. Rudolph, Chicago. Ray L. Skofield, New York. Frederick S. Wheeler, New York.

Corporate office, Jersey City. Main office, 447 West Fourteenth Street, New York. Annujd meeting, first Tuesday in February, at Jersey City.

Akericak Caramel Co.

A corporation organised under the laws of Pennsylvania, March 38, 1898. The company manufactures confectionery and owns the plants and business of the Breisch-Hine Co., Philadelphia, the P. C. Weist Co., York, Pa., and the Lancaster Caramel Co., Lancaster, Pa.

The preferred stock is 8 per cent., cumulative. Transfer Agent, West End Trust Co., Philadelphia. Registrar, Security Title & Trust Co., York, Pa.

The company pays regular 2 per cent, quarterly dividends on the preferred stock, Januarr, April, July, October. On the common, 3 per cent, yearly was paid in 1901 ; per cent, in 1902. In 1905, 45 per cent was paid on the common. In January, 1906, 6 per cent, was declared on the common, payable iK quarterly, in February, May, August and November, with per cent, extra each quarter, making 8 per cent, for the year 1906, which was also the rate in 1907.

Funded Debt

Sinking fund mort. bonds, 6 per cent., due xgso, June and Dec $3ii5ooo

The mortgage is for $600,000, of which $xoo,ooo remains in the treasury for betterments. Trustee, Industrial Trust Co., Providence, R. I. There is a sinking fund for the bonds of $25,000 per annum. The company after December i, 1901, can retire bonds by lot at 105 and interest to the amount of $50,000 per annum. Up to December 31, 1907, $175,000 of the bonds had been retired.

In the year 1898 the earnings of the company were : gross, $355.409 ; In 1900 the net was $181,000; in looi, $161,537 ; in 1902, $177,700; in 1903, $165,042 ; in 1904, $203,471; in 1905, $223,988, in 1900, $215,025; m 1907, $213,876.

President. Daniel F. Lafean, York, Pa. Vice-President, WendcU P. Rice, New York. Secretary and Treasurer, Stuart B. Lafean, York.

Directors— W. F. Dunspaugh, Beaver Falls, Pa. Daniel F. Lafean, York, Pa. Stuart B. Lafean, York. J. P. Lyman, Boston. W. M. Mick, New York. E. E. Petersen, New York. Wendell P. Rice, New York.

Main office, York, Pa. Philadelphia office, 12 East Allen street, Philadelphia. Annual meeting, third Tuesday after first Monday in March.

Mkericak Car Foukdry Co.

A oorporatkni formed under the laws of New Jersey, February 20, 1809. It was organised to combine various firms and corporations engaged in the manufacture of freight and passenger cars. The concerns in question were given in detail in the Manual for 1903.

The preferred stock is 7 per cent., non-cumulative. Transfer Agent, Guaranty Trust Co., New York. Registrar, Central Trust Co., New York.

The company began the payment of regular quarterly dividends of per cent, on the preferred stock July 1, 1899. The quarterly dividend periods were, however, changed to February, May, August and November, and were regularly paid at those dates until May, 1905, inclusive. In July, 1905, 1% per cent, was paid, representing the proportion of dividend for two months, and in October, 1905, per cent, was paid. The dividend periods are now January (i), April, July and October.

The first dividend on the common stock was % per cent., paid August z, 1900. Regular quarterly dividends of per cent, have been paid on the common in February (x). May, August and November, until tne February, 1903, dividend, which was increased to i per cent., which was the rate until February, 1904, when the dividend on the common stock was reduced to per cent. In May, 1904, per cent, was again paid, but no further dividends on the common were paid until January i, 1907, when quarterly payment of per cent, were renewed. In April, 1907, per cent, was again paid on the common, but the rate was increased to i per cent, in July, 1907, and the same amount was also paid in October, 1907, and January, 1908.

Earnings Year ending April 30

Dividends

Com. Pref. Gross Net Dividends Surplus

i899HX> (14 months) 7 $6,831,599 $5,734,949 $2,036,300 $3,698,648

1901-02 a 7 5,593.928 4,295 .602 2,700,000 i,595,6oa

i905-<36 7 5,648,553 3,807,660 2,450,000 1,357,660

1906-07 2 7 11,1x5,088 8,139,536 2,700,000 5,439,536

In October, 1900, it was decided to increase the working capital to $9,000,000. In 1899-00 there was a deduction in stating net earnings of $294,564 for terments, etc. ; in 1900-01 , a similar charge of $325,641 ; in 1903-04, $183,249 ; in 1904-05, $307,367 : in 905-o6, $350,790, and in 1906K07, $1,207,543.

On April 30, 1903, the surplus account was $10,730,454 ; April 30, 1904, $12,2127,316 ; April 30, 1905, $12,755,434 ; April 30, 1906, $14,113,094, and on April 30, 1907, $19,552,630.

President, Frederick H. Eaton, New York. Assistant to President, W. H. Woodin, New York, ist Vice-President and General Manager, E. F. Carry, Chicago. Vice-President, J. M. Buick, St. Louis. Vke-President, W. C. Dickerman, New York. Vice-President, Clarence Price, New York. Secretary, William M. Hager, New York. Treasurer, S. S. De Lano, St. Louis. Aflsiatant Secretary, F. E. Bloss, New York. Assistant Secretary, John F. Robison, St. Louis. Assistant Treasurer, William M. Hager, New York. Auditor, N. A. Doyle, St. Louis. Assistant Auditor, G. R. Scanland, St. Louis.

Directors— W. K. Bixby, St. Louis. J. M. Buick, St. Louis. Adolphus Busch, St. Louis. E. F. Carry, Chicago. S. S. De Lano, St. Louis. H. R. Duval, New York. Frederick H. Eaton, New York. William M. Hager, Roselle, N. J. J. B. Haggin, New York. A. Barton Hepburn, New York. Gerald L. Hoyt, New York. W. N. McMillan, London, Eng. Walter G. Oakman, New York. George H. Russell, Detroit. Thomas H. West, St Louis. C. R. Woodin, New York. W. H. Woodin, New York.

Main office, 915 Olive street, St. Louis. New York office, 25 Broad street. Annual meeting, last Thursday in June, at Jersey City.

Akerican Cekient Co.

A corporation formed under the laws of New Jersey, Aueust 30, 1809, to Uke over the business of the American Cement Co. of Pennsylvania, the United Building Material Co. of New York, the firm of Lesley & Trinkle, Philadelphia, and a amount of valuable cement lands. The company has worki for the manufacture of Portland and other cements at Egypt and Coplay, Pa., and Jordan, N. Y., and has selling agencies in New York, Philadelphia, Boston and other , with a large plant, including wharves, barges, etc. It erected in 190a a large

The Manual Op Statistics

modem plant on its lands in Lehigh County, Pa., under the title of the Central Cement Co. It controls the Reliance Portland Cement Co., Egypt, Pa., and guarantees 7 per cent, on $joo,ooo preferred stock of that company. It also has an interest in the North American Portland Cement Co.

Stock Par $50! Authorised, $2,100,000 Issued, $a,ooo,ooo

Stock is transferred at the office of the company. Registrar, The Investment Co., Philadelphia.

The company began the payment of dividends by the declaration of a per cent, and i per cent, extra for the four months ending December 31, 1899, payable January 15, 1900, and dividends of 3 per cent, and i per cent, extra were paid in January (90) and July until 1903. In 1904 only one extra dividend was paid, making 7 per cent, for the year, and in 1905 only the regular 6 per cent, was paid. In 1906, 6 per cent, was paid, being 3 per cent, each in January and July, and in January, 1907, 3 per cent, and 1 per cent, extra was paid. In July, 1907, paid 3 per cent, and i per cent, extra. In January, 1908, paid 3 per cent.

Funded Debt ist mort. and collateral trust, 5 per cent., due 1914, April and Oct $798,000

The ist mortgage is for $1,000,000, the sinking fund having retired $273,000 of the bonds. The Reliance PorUand Cement Co. has $568,750 6 per cent, bonds, due 1925, which are guaranteed by this company.

Earnings

Net, Expenses,

Subsidiary Surplus Over Orfcanization

Companies Charges, etc. Charges, etc. Dividends Surplus

1900 (16 mos.). $371,533 $368,835 $17,396 $220,000 $3I.5J9

190a 396,480 217,609 32,467 160,000 35.143

I9P3 492,144 394,375 19.703 160,000 314,67a

1904. 3i6, 189 130,564 11.964 140,000 Def. 31,401

1906 430,183 303,171 15,5" 140,000 Sur. 147.660

1907 43'.8o 353,450 32,411 140,000 " i9i.<W

President, Robert W. Lesley, Philadelphia. Vice-President, George W. Norris, Philadelphia. Secretary, J. F. Lennig. Philadelphia. Treasurer, Frederick J. Jiggens, Philadelphia.

Directors— Robert K. Cassatt, Philadelphia. John H. Catherwood, Philadelphia. John W. Eckert, AUentown, Pa. Charles S. Famum, Philadelphia. Robert W. Lesley, Philadelphia. George H. B. Martin, Camden, N. J. George W. Norris, Philadelphia. Frank G. Thomson, Philadelphia. Edward Wolf, Philadelphia.

Corporate office, 419 Market street, Camden, N. J. Main office, Pennsylvania Building, Philadelphia. Annual meeting, second Monday in January, at Camden.

Americam Chicle Co.

A corporation formed under the laws of New Jersey, June 3, 1899. Its name is derived from the Mexican product known as chicle," which is a principal ingredient of chewing-gum. The companies acquired by this corporation were :

W. J. White, Cleveland. Adams & Sons Co., Brooklyn. Beeman Chemical Co., Cleveland.

J. P. Primley, Chicago. Kisme Gum Co., Louisville. S. T. Britten & Co., Toronto.

The preferred stock is 6 per cent., cumulative. Transfer Agent, Registrar & Transfer Co., New York. Registrar, United States Mortgage & Trust Co., New York.

The payment of dividends on the stocks of the company was commenced in October, 1899, per cent, quarterly having been declai-ed on the preferred, and such dividends, which are at the full rate of 6 per cent, per annum, have since been regularly paid each quarter, in January, April, July and October. In October, 1899, percent, was paid on the common stock; in January, 1900, 2? percent, was paid; in April, iQOf), 3 per cent.; in fuly, 1900, 2ja per cent., and in October, 1900, 2 per cent. In 1901 24 per cent, was paid in January, per cent, in April and 9 per cent, in July and October. In January, 1902, 2 per cent, was paid. In April, 1902, i per cent, was paid, and monthly dividends of i per cent, have since been regularly on the common. In May, 1906, and since then every two months, i per cent, extra has been paid.

Industrial. Securities 357

The company's report for the year endwg: June 30, ioo4 showed a surplus over dividends for the year of $2x1,000, and a total surplus at that date of $988,000. In I904-o5, surplus over dividends, $324,000, In 1905-06, profits $1,404,000, surplus over dividends, $444,000; total surplus. $1,750,900. For the six months ending December 31, 1906, the profits were $731,000; dividends, $670,000; surplus, $91, OCX). In 1907, profits, $1,658,000; dividends, $1,460,000; surplus, $398,000.

Chairman, Thomas Adam's, New York. President, Georgfe H. Worthington, Cleveland. Vice-President, George A. Stanton, New York. Secretary and Treasurer, Henry Rowley, New York. Assistant Treasurer, F. C. Rowley, New York.

Directors — H. M. Adams. John D. Adams. Thomas Adams. Stephen T. Britten. T. L. Jefferson. James NichoU. James C. Parish. Jonathan P. Primley. Henry Rowley. Geoie A. Stanton. Richard A. TuUv. George H. Worthington.

Main office, 135 William street. New York. Annual meeting, third Thursday in January, at Jersey City.

Ahericam Cigar Co.

(Controlled by The American Tobacco Co.)

A corporation formed under the laws of New Jersey, January 12, xoox. The business of the company is the manufacture of cigars, cheroots and little cigars, tt acquired the plant and business of Powell, Smith & Co., New York, Chicago, Kingston, N. Y., and Poughkeepsie, N. Y.; the Hummel- Vogt Co., Louisville; S. Le & Co., New York, and Passaic, N. J.; Harfourger, Homan & Co., and the Havana-American Co. Various other concerns have since been acquired, including an interest in the Havana Tobacco Co.

The American Toluicco Co. owns $8,970,000 of the common, and $7,725,100 of the preferred stock. See statement of that company.

The preferred stock is 6 per cent., cumulative. It was created in 1905, and in December of that year was offered to the common stockholders for subscription at par. In 1906-07, 6 per cent, was paid on the preferred.

Funded Debt

Gold notes, 4 per cent., Series A, due March, 19x1, March (15) and Sept $5,000,000

Gold notes, 4 per cent., Series B, due March, 1912, (15) and Sept 5,000,000

Total $10,000,000

The gold notes were created in 1901 and are guaranteed by indorsement, principal and interest, by the American Tobacco Co. and the Continental Tobacco Co.

The company's report for 1903 showed net earnings of $807,0x2. In 1904 the net earnings were $810,370; in 1905 $1,032,857 ; in 1906 $2,332,378, and in 1907 $1,887,098.

President, John B. Cobb, New York. Vice-President, H. W. Cobb, New York. Vice-President, Robert E. Christie, New York. Vice-President, Anthony Schneider, New York. Vice- Presidect, R. M. C. Glenn, New York. Secretary, W. S. Luckett, New York. Treasurer, G. G. Finch, New York. Assistant Secretary, F. N. De Rosset, New York.

Directors— George Arents, Jr. Robert E. Christie. Henry W. Cobb. John B. Cobb. W. D. Franklin. J. D. Jais. R. M. C.Glenn. W. P. Gilmour. P. H. Gorman. A. R. Haskin. J. S. Kimmelstiel. W. S. Luckett. Frank H. Ray. Anthony Schneider. E. T. Ware.

Main office, xxx Fifth avenue, New York. Annual meeting, first Tuesday in March, at Jeivey City.

Ahericam Cities Railway Amd Light Co.

A corporation formed under the laws of New Jersey, June x6,x9o6. The company was organised to control the traction and lighting companies in various cities. It acquired in exchange for its own stocks a large majority of the stocks of the Birmingham Railway, Light and Power Co., the Memphis Street Railway Co., the Little Rock Railway and Electric Co., the Knoxville Railway and Light Co., and the Houston Lighting and Power Co., owning about 87 per cent, of the outstanding stocks of those companies.

The preferred stock is 6 per cent, cumulative and is subject to redemption at 1075 dividends after three years from dale of issue on any dividend date.

Transfer Agents, Isidore Newman & Son, New York and New Orleans. Registrars, Standard Trust Co., New York ; Commercial-Germ ania Trust & Savings Bank, New Orleans.

The first divklead on the preferred stock was 3 per cent, paid January, i. In AprU, IQ07, paid per cent., and quarterly dividends of the same amount ivere paid m July and October, 1907, and January, 1908.

For complete statistics of constituent companies, see their separate statements.

Earnings

dividends, etc., Ezpentet and

received Taxes

Preferred Divideads 4X437i

In addition to this, the company's proportionate share in the undivided surplus earnings of the local companies for 1907 was, 274, 710.

In 1907, the aggregate earnings of the local companies were, cross, $5i437.796; net, $2,066,093; interest and sinldng funds, $1,156,004; surphis, $910,068. dividends, $604,676.

President, J. K. Newman, New York. Vice-President, George H. Davis, New Orleans. SecretaiT-Treasurer, L. Carroll Root, New York.

Directors— Thomas Achenbach, New York. George W. Bacon, New York. C. A. Coffin, New York. Henry P. Dart, New Orleans. George H. OavU, New Orleans. H. L. Falk, New York. A. H. Ford, Birmingham, Ala. Frank R. Ford, New York. J. H. Fulton, New Orleans. Robert Jemison, Birmingham, Ala. Emil Loeb, New York. Sidney H. March, New York. J. K. Newman, New York. L. Carroll Root, East Orange, N. J. Frederick B. Van Vorst, Hackensack, N. J. B. B. Veech, Louisville. Percy Warner, Nashville. John H. Watkins, Memphis.

Coiporate office. 15 Exchange Place, Jersey City. Secretary-Treasurer's office, 25 Broad street, New York. Annual meeting, first Tuesday in March, at Jersey City.

Akericam Coal Co. Of Allegany Coumty

A corporation formed under the laws of New Jersey in 1903 to succeed the Maryland company of the same title, the charter of which expired in that year. The capitalization of the new company is the same as that of the old, and the latter*s stock was exchanged share for share for new. The company owns and operates a large bituminous coal property at Barton and Loanaconing, AUegany Co., Md. The company owned controlling interest in the George's Creek 8t Cumberland Railroad Co., which in January, 1907, was sold to the Western Maryland Railroad Co. It also owns and operates large coal interests in the Pocahontas Region, West Virginia. Stock Par $25 Authorised, $1,500,000 Issued, $1,500,000

Stock is transferred at the office of the company. New York. Registrar, Metropolitan Trust Co., New York.

Dividends paid have been as follows in the calendar years designated : In 1895, 7 per cent.; in 1896, 8 per cent.; in 1897, 8 per cent; in 1898, 9 per cent.; in 1899, 10 per cent.; in 1900, 9 per cent. Dividends are paid half-yearly, March (i) and September. The March, 1901, dividend was 4 per cent, and z per cent, extra, and the same rate was paid in September, 1901. The dividends in 1902, 1903, 1904, 1905 and 1906 were on the same basis, being 10 per cent per annum. In Z907, paid 10 per cent, with an extra dividend of .25 per cent.

Earnings

Net Dividends Surplus

President, William De L. Walbridge, New York. Vice-President, Aaron Adams. New York. Secretary and Treasurer, George M. Bowlbv, New York.

Directors— Aaron Adams. James A. Alexander. George M. Bowlby. Joseph E. Gay. R. Suydam Grant. Edward Holbrook. Henry C. Shields. William De L. Walbridge.

Main office, x Broadway, New York. Annual meeting, Thursday before last Friday in December, at Jersey City.

The Akericam Cottoh Oil Co.

A corporation formed under the laws of New Jersey, October 24, 1880, to succeed th American Cotton Oil Trust. For terms of the conversion and exchange of securities, see previous editions of the Manual.

The company owns crude oil mills, refineries, lard plants, soap factories, gins, fertiliser works and seed houses, situated in sixteen different States, its operations being conducted through aboat seventeen different constituent organisations.

Industrial. Sbcubitib3 359

The preferred stock is 6 per cent, non-cumulative, and is subject to call at 105. Transfer Agents, Winslow, Lanier & Co., 59 Cedar street, New Yorlc. Registrar, Central Trust t6.\ New York.

Dividends on the preferred were commenced in June, 1892, at the rate of 6 per cent, per anniim. and have since been regularly continued in half-vearly payments of 3 per cent, each in June and December. In November, 1898, the company declared an initial dividend of 3 per cent, on the common stock, payable December x, 1898. In November, 1899, the second annual dividend was declared on the common, being 4 per cent., payable December i, 1899. In 1900 per cent, was raid on the common on December x. In X90X, 3 per cent, was paid on the common on December 3. The dividend on the common stock out of the earnings of the year i9ox-o3 was 6 per cent., of which 4 per cenL was paid December x, 190a, and s per cent. June x, 1903. The dividend on the common, declared in November, X903, out of the earnings of 1902-03, was reduced to 4 per<:ent., payable 3 per cent. December x, X903, and 3 percent. June x, 1904. In December, X904, i per cent, was paid on the common, x per cent, was also paid December x, X905, and 3 per cent, in December, 1906. Action on the December, 1907, dividend was postponed temporarily, but 4 per cent, was paid March 3, X908.

Funded Debt GoU debens., extended, per cent., due X9X5, quarterly, Feb., May, Aug. and Nov. $5,000,000

In April, 1900, the company's 8 per cent, debentures were extended at per cent, for 15 years. Interest is paid at the office of Winslow, Lanier & Co., New York. In May, 1905, $3,000,000 additional of the debentures were sold, making the total outstanding $5,000,000, which is the authorised amount.

Earnings Year ending August 3x

Gross Mfg. Profits Expenses and Interest Net Profit

1897-98 $i,5S966x $245,440 $1,314,331

X899-00 1,739,449 243,366 . 1,497,184

1900-Ox 1,344,357 153,500 1,091,857

X90a-Q3 x,665,o8x i35,ooo x,53o,o8x

X9P3-04 979,835 135,000 844,835

1904-04 X, 180,383 x,ooo x,oi5.383

In X897-98, the company's accounts are stated in a slightly different form. Expenses are deducted from the gross profit and interest comprises only the sum paid on debentures. After dividends of 6 per cent, on preferred and 3 per cent, on common, the surplus balance for 1897-98 was $05,102. In 1897-98, $372,949 was expended for repairs and maintenance of properties. In x898, the surplus, after the 6 per cent, dividends on the preferred and 4 per cent, on common stock, was $3x6,4x4. In the same year $353,238 was devoted to repairs and maintenance. In X899-X900, the surplus over the dividends, including 3H per cent, on the common stock, was $176,968. In X9000X, the surplus over dividends, including 2 per cent, on the common, $75,199. In i90x-oa, the surplus over dividends, Including 6 per cent, on the common stock, was $412,064. In 1903-03, surplus over dividends, including 4 percent, on the common, was $io8,68x. In 1903-04, dividends, including x per cent, on common, were $8x4,387 ; surplus for the year, $30,548. In X9Q4-05, dividends, including x per cent, on common, $814,387 ; balance surplus, $301,095. In X905-06, dividends, $x,ox6,658 ; surplus, $376,878. In X9oi5-07, dividends, $1,431,400 ; surplus, $333946. The working capiul August 31, 1907, was $7,4i5.959-

CSairman, George Austin Morrison, New York. President, Robert F. Munro, New York. Vice-President, Fraiik Bosse, New York. Secretary and Treasurer, Justus E. Ralph, New York.

Directors— Edward D. Adams, New York. William Barbour, New York. Charles M. Clark, New York. William Nelson Cromwell, New York. Harris C. Fahnestock, New York. A. Barton Hepburn, New York. Francis L. Hine, New York. Bradish Johnson, New York. Charles Lanier, New York. Joseph Larocque, New York.. J. Rogers Maxwell, New York. James B. McMahon, Chicago. George Austin Morrison, New York. Robert F. Munro, New York. J. Kennedy Tod, New York. Richard T. Wilson. New York.

Main office, Guttenben;, N. J. Executive offices, 37 Beaver street, New York. Annual meeting, fint Thursday in December, at Guttenberg.

Earnings

Net

Construction

Dividends

Surplus

$3t,5o8

93ta63

Americak District Telegraph Co.

A corporation formed under the laws of New York, October 5, 1871. In 1892 it absorbed the Mutual District Messenger Co.

The company operates 80 offices in New York City, with 1,595 miles of wires and 34,488 instruments. Has also stock interests in the Holmes Electric Protection Co. and in the American District Telegraph Co. of New Jersey. Stock Par $100 Authorised, $4,000,000 Issued, $3,844,700

The capital of this company was increased in January, 1893, from $3,000,000 to $4,000,000, to acquire the Mutual District Messenger Co. Stock is transferred at the office, of the company, New York. Registrar, Mercantile Trust Co., New York.

The company paid i per cent dividends in 1896, 3 per cent, in 1897 and 1898; 3 po* cent, in 1899, and 35 per cent, in 1900, being in the last named year a dividend of i per cent, in May and one of xV per cent, in November; in 1901 paid 3] per cent., i per cent in May and xyi per cent, in November; in 1903 paid 3 per cent., and also 3 per cent, in 1903, 1904, 1905, 1906 and 1907, being x per cent, in May and x per cent, in November.

Gross

X904 56x,o63

President, Robert C. Clowry, New York. Vice-President, Philip V. R. Van Wyck, New York. Secretanr and Treasurer, John C. Willever, New York.

Directors— John H. Cahill, New York. Robert C. Clowry, New York. Jefferson B. Conley, Brooklyn, N. Y. James B. Curtis, New York. W. C. Humstone, Brooklyn. Wauhope Lynn, New York. John F. Patterson, New York. Georee H. Prentiss, New York. William Shirden, Brooklyn. Joseph A. Taylor, Taunton, Mass. Henry C. Vance, Newark, N. J. PhiUp V. R. Van Wyck, Morristown, N. J. Clement I. Walker, Brooklyn.

Main office, 6 Dey street, New York. Annual meeting, fourth Thursday in January, at New York.

Akericah District Telegraph Co, Of Hew Jersey

A corporation formed under the laws of New Jersey, November i, X901. The company controls a district messenger, night watch, fire alarm, burglar alarm and similar services in all of the large cities of the United States. It has a contract running twenty-five years with the Western Union Telegraph Co. for the collection and delivery of the latter's messages. Stock Par $xoo .Authorized, $10,000,000 Issued, $9,909,851

Stock is transferred at the office of the company, New Jersey. Registrar, Corporation Trust Co., Jersey City.

Dividends on the stock are paid quarterly in January, April, July and October. The rate paid was per cent, quarterly, or 5 per cent, per annum, until October, 1903, inclusive. Since then the rate nas been x per cent, each quarter, or 4 per cent, per annum.

This company has no funded debt, but one of the subsidiary companies, The New York Fire Protection Co., has $100,0004 per cent, xst mortgage bonds, due September, X954, March and September, and redeemable at par, on which the interest and sinking fund are guaranteed.

Earnings

Gross Net Dividends Surplns

1903 (3 months) $3,359,573 $538,464 $4a7.a6 $ixx,i37

President, Robert C. Clowry, New York. Vice-President, George H. Fearons, West End,

N. J. Secretary and Auditor, I. B. Ferguson, New York. Treasurer, M. T. Wilbur, New York. Directors— G. W. E. Atkins, New York. John C. Barclay, New York. Henry A. Bishop,

Bridgeport, Ct. Belvidere Brooks, New York. Thomas F. Clark, New York. Robert C.

Clowry, New York. Henrv D. Estabrook, New York. George H. Fearons, West End, N. J.

George J. Gould, Lakewood, N. J.

Corporate office, Exchange Place, Jersey City. Main office, 195 Broadway, New York.

Annual meeting, second Tuesday in February, at Jersey City.

INDUSTRIAL SECURITIES 36t

Ahebicmk Express Co.

This oiigaDlsation is a voluntary assodation, formed under the laws of New York. Its operations are over lines of the Vanderbilt system, Boston & Maine, Illinois Central and various other lines of railroads. It also conducts a foreign exchange and forwarding busmess.

Shares Par$ioo Authorised, $18,000,000 Issued, $18,000,000

The company paid dividends at the rate of 6 per cent per annum in half-yearly payments of 3 per cent., January and July. The July, 1901, dividend was 3 per cent, and i per cent, extra from the company's investments. Subsequent half-yearly dividends were at the same rate, or 8 per cent, per annum up to October, 1906, when the rate was increased to la per cent, per annum, payable quarterly, 3 per cent each in January, April, July and October. Of the 12 per cent, dividends, 6 per cent, is from investments.

President, James C. Fargo, New York. Vice-President, Francis F. Flagg, New York. Secretary, William H. Seward, New York. Treasurer, James F. Fargo, New York.

EHrectors— Charles G. Clark. James C. Fargo. Francis F. Flagg. Edward B. Judson. Lewis Cass Ledyard. Johnston Livingston. Charles M. Pratt William H. Seward.

plain office, 65 Broadway, New York.

Mheridam Felt Co.

A corporation formed under the laws of New Jersey, February o, 1899. The business of the company is the manufacture and sale of felts and woolen goods, and piano and organ supplies. It acquired and owns the following establishments :

The City Mills Co., City Mills, Mass. ' Franklin Mills, Franklin, Mass.

American Felt Mfg. Co., Dolgeville, N. Y. Hawthorne Mills, Glenville, Conn.

Essex Felting Co., Picton, N. J.

The preferred stock is 6 per cent., cumulative, the dividends being payable semi-annually in March and September. Transfer Agent, Registrar & Transfer Co., New York. Registrar, United Sutes Mortgage & Trust Co., New York.

Funded Debt ist mort. bonds, 5 per cent., due 1909, Jan. and July $383,000

Trustee of the mortgage. United States Mortgage & Trust Co., New York. On December 31, 1905, the company had a total surplus of $392,745.

President, Charles L. Lovering, Boston. Vice-President, William H. Sweatt, City Mills, Mass. Secretary and Treasurer, Winthrop D. Smith, New York.

Directors— WUliam S. Armstrong. New York. William Bloodgood, New York. Frederic S. Clark, Boston. Dumont Clarke, New York. Schuyler R. Ingham, New York. Charles L. Lovering, Boston. Edward H. Rathbun, Woonsocket, R. I. William H. Sweatt, City Mills. Albert H. Wiggin, New York. George F. WiUett, New York.

Corporate office, Jersey City. Main office, no East Thirteenth street. New York. Annual meeting, last Wednesday in January.

Ahericak Gas A Electric Co.

A corporation formed under the laws of New York, December 24, 1906. The company was organized to acquire the stock of the Electric Co. of America. See below, also see statement of the Electric Co. of America in the Manual for 1906. The Electric Bond & Share Co. has a controlling interest in this company.

The properties controlled by the Electric Co. of America, included the following gas and electric companies.

Atlantic Electric Light & Power Co., Atlantic Bridgeport Electric Light & Power Co.,

City, N. J. Bridgeport, O.

Electric Lirht Co. of Atlantic City, Atlantic Rockf Electric Co., Rockford, 111.

City, N. J. Edison Electric Illuminating Co. (controlling

Scranton Electric Co., Scranton, Pa. interest), Altoona, Pa.

Scranton Electric Light & Heat Co., Scran- Canton Electric Co.. Canton, O.

too. Pa. Auburn Light, Heat & Power Co. , Auburn, N.Y.

36a THE MANUAL OF STATISTICS

Suburban Electric Ut Co., Scranton, Pa. Conshohocken Gas Light Co., Conshohocken,

Scranton lUmninating, Heat & Power Co., Pa.

Scranton, Pa. Conshohocken Electric Light & Power Co.,

Columbus Colliery, Scranton, Pa. Conshohocken, Pa.

Dunmore Electric Light, Heat & Power Co., Marion Electric & Heating Co., Marion, Ind.

Dunmore, Pa. Munde Electric Light Co., Munde, Ind. The Wheeling Electrical Co.,Wheeling,W. Va.

The preferred stoic is 6 per cent., cumulative. The first dividend on the preferred was per cent., paid May x, 1907, Imd similar quarterly dividends were paid Aug. x and Nov. 1, 1907, and Feb. i, 1908.

Funded Debt Collateral trust mort., 5 per cent., due Feb. 0007, Feb. and Aug 98a,ooo

Funded Debts-Controlled Companies

Rockford Edison Co., ist mort., 5 per cent., due June, 19x9, June and Dec $245,000

" 3d mort., due 19x4 3SfO0o

Auburn Gas Co., xst mort., 5 per cent., due Jan. 1927, Jan. and July 300,000

(t 00ns. mort., 5 per cent., due June, 1930, June and Dec 290,000

Scranton Electric Co., xst and refdg. mort., 5 per cent., due July, 1937, Jan. and July. 1,200,000

Canton Electric Co., xst and refdg. mort., 5 per cent., due May, X937, May and Nov. 688,000

Munde Electric Light Co., xst mort., 5 per cent, guar., due July, 1932, Jan. and July. 500,000

The collateral trust mortgage is secured by deposit of the securities acquired. Trustee and agent for the payment of hiterest. Standard Trust Co., New York. In addition, a cash fund of $1,000,000 was provided to be expended for improvements to the different plants.

The plan for the formation of this company was ratified by the stockholders of the Electric Co. of America on December X4, 1906. Its provisions were that the $4,486,515 of the old company's stock should be sold to the new one at $14 per share, payable in 5 per cent collateral trust bonds. The old stockholders also receive the right to subscribe at par for the new preferred, with a bonus of 40 per cent, in new common. SubsCTiptions were made payable, 5 per cent., December 27, X906 ; 25 per cent., or less, January x8, 1907, and the balance in instalments of not over 15 per cent., at least 30 davs apart.

The Electric do. of America was formed under the laws of New Jenej, January 4, xSoo. Its authorized capital stock was originally $50,000,000; par value of shares, $50. vfp to January x, xqo2, there had been called and paid in on the stock $7.50, and $2.50 additional was called July i, X902, when the stock was reduced to $5,000,000 and the par value to $xo per share, malone the stock full paid to that amount. In November, X9p5, tne stockholders were given the right to subscribe at par to the extent of 10 per cent, of their hoklings for new stock to the amount of $407,865, increasing the stock issue to $4,486,5x5.

The xst dividend on the stock of the Electric Co. of America was 50c. per share paid July 25, X899. It paid dividends of 50c. each in January (31) and July until July, X90X, when 25c. per share was paid, which has since been the regular rate, but in July, X902, an extra dividend ot $1.50 per share was paid, and a dividend of 25c. per share was paid in August, 1902 ; 30 cents per share January, X903; July, 1903; January, 1904, and July, 1904. The January, X905, dividend was 35 cents per share, and 35 cents was paid July 31, 1905, making 7 per cent, for the year. The January, 1906, dividend was also 35 cents.

Earnings Electric Co. op America;

Net Dividends Surplus

In 1906 net earnings were $629,697, charges $3x4,100, dividends on preferred $72,000, balance surplus $243,507.

Chairman, S. Z. Mitchell, Philadelphia. President, Henry L. Doherty, Philadelphia, xst Vice-President, R. E. Breed, Philadelphia. 2d Vice-President, H. T. Hartman, Philadelphia. SecreUry and Treasurer, Frank B. Ball, Philadelphia. Assistant Secretary and Assistant Treasurer, Frank P. Hunter, Philadelphia.

Directon— George Breed. R. E. Breed. A. W. Burchard. John A. Cotherwood. H. H. Dean. Henry L. Doherty. R. B. Hamilton. W. E. Hitchcock. S. Z. MitcheU. J. S. Mortimer. A. W. Page. A. Loudon Snowden, Philadelphia. Harrison Williams. A. M. Young.

Main office, Witherspoon Building, Philadelphia.

INDUSTRIAL SBCURITIBa 33

The Mhekicaii Gas Co.

A corporation formed under the laws of New Jersey, December i3, 189a. The purpose of the company is the ownership, leasing, management and construction of gas works and mcidentally of electric light and power plants. The company controls a number of gas and electric organizations operating in various cities and towns the United States. Stock Par $100 Authorized, $5,000,000 Issued, $1,700,000

In January, 1906, the outstanding stock was increased from $1,000,000 to $1,700,000, the stockhoMers of record January 3, 1906, having the right to subscribe for the increase at par.

Transfer Agent, New Jersey Corporation, Guarantee & Trust Co., Camden, N. J. Registrar, Girard Trust Co., Philadelphia.

The company has paid dividends of 6 per cent, per annum on its stock since 1893. The dividends are paid semi-annually, being 3 per cent, each, June (x) and December.

Funded Debt Col. trust convertible, 6 per cent., due Oct, 19x4, April and Oct $1,500,000

The collateral trust bonds created in 1907 are secured by stocks and bonds of the subsidiary companies, and can be called at loa and interest on any interest date. They may be converted into stock at $105 per share until October, 1910.

President, Morris W. Stroud, Philadelphia. Secretary and Treasurer, Walter Godley, Philadelphia. General Manager, S. P. Curtis, Philadelphia.

Directors— John S. Bioren, Philadelphia. Charles J. Carpender, New Brunswick, N. J. William Carpender, New York. John S. Jenks, Philadelphia. Horace C. Jones, Philadelphia. John C. Lowry, Philadelphia. E. H. McCuUough, Philadelphia. Edmund Penfold, New York. Lewis A. Riley, Philadelphia. Edward B. Smith, Philadelphia. Morris W. Stroud, Philadelphia.

Corporate office, 419 Market street, Camden, N. J. Branch office, aaa South Third street, Philadelphia. Annual meeting, first Tuesday in April, at Camden.

Akericmk Glue Co.

A corporation formed under the laws of Massachusetts, January 13, 1906, as successor to a company of the same name formed under the laws of New Jersey in 1H94. business of the company is the manufacture and sale of glue, elaine and similar products, as well as sand mer, emery paper, etc. It has factories at vanous points and stores in Boston, New York, Philadelplua, and Chicago and agencies in other dties.

The preferred stock is 8 per cent., cumulative, with preference in case of liquidation. The present company's stock is the same as to amount and classes as those of the old company. Stock is transferred at the office of the company, Boston. Registrar, American Trust Co., Boston.

On the preferred stock 4 per cent, semi-annual dividends are paid and on the common, a per cent, semi-annual. May i and Iovember i. In both May and November, 1907, i per cent, extra was also paid on the common.

Earnings Year ending May 31 Dividends Com. Pref. Net Depreciation Dividends Surplus

"909-P3 4 8 $a4i3o6 $36,264 $i3S,9Sa $43,091

9Pa-04 4 8 164,404 84,430 135.95* 4iOM

'904-05 4 8 218,9x4 28,772 135.952 54,189

905-<36 4 8 231,157 50,000 136,072 45,085

President, Jesse P. Lyman, Boston. ist Vice-President, King Upton, Boston, ad Vice- President, Everett J. Stevens, Boston. Clerk, Roger Upton, Boston. Treasurer, Everett J. Stevens, Boston. Assistant Treasurers, Jesse P. Lyman, Boston. Roger Upton, Boston.

Directors — Ransom B. Fuller, Boston. Zachary T. HoUingsworth, Cohasset, Mass. Jesse P. Lyman, Ashby, Mass. Frank W. Stanley. Peabody, Mass. Everett J. Stevens, Maiden, Haas. Edmund H. Talbot, Sharon, Mass. Ben Tenney, Hallowell, Maine. Andrew J. Ward, BrooUine, Mass. Charles O. Whitten, Boston. King Upton, Marblehead, Mass. Roger Upton, Maifolehead, Mass. Edward C. Wright, Brooklyn, N. Y.

Main office, 121 Beverly street, Boston. New York office, 14 Ferry street Annual meeting, faiiith Tuesday in July, at Boston.

Akericak Graphophoke Co.

A corporation formed under the laws of West Virginia in 1887. The company owns patenU covering: the manufacture, sale and use of sound records and machines known as gfraphcqfones or phonographs. It is the only company in the world engaged in their sole manufacture on an extensive scale. It has a large factory in Bridgeport, Conn., embraced in which is also the plant of the Burt Co., formerly of Milbum, N. J.

The company owns the Columbia Phonograph Co., the Columbia Phonograph Co., General, and the Columbia Phonograph Co. M. B. H. of Germany. The Columbia Companies are the selling department of the American Graphophone Co. The company also owns all the capital stock of the Globe Record Co. and a controlhng interest in the Burt Co.

The par value of the stock was $xo, consisting of $2,500,000 each of common and preferred authorised ; in January, 1906, it was decided to increase the par value to $100 and the authorised amount of the common to $7,500,000.

The preferred stock is 7 per cent., non-cumulative. After both classes of stock have received 7 per cent, each in anv one year they share equally in additional profits.

Transfer agency, Columbia Phonograph Co., General, 90 West Broadway, New York. Registrar, Knickerbocker Trust Co., New York.

The company has paid dividends on the preferred of at least 7 per cent, annually since 1805. Beginning with 1899, Pr P&i August, 1901, after which the rate was reduced to 7 per cent. On the common, 4 per cent, was paid in 1896, 6 per cent, in 1897, 7 per cent, in 1898, and 8 per cent, thereafter until September, 190 1, after which time dividends were discontinued until June, 1904, when they were resumed at the rate of 4 per cent, per annum, being increased in March, 1906, to per cent, quarterly, or 5 per cent, per annum. The December, 1907, dividend on the common was passed. Preferred dividends are paid quarterly in February (i. May, August and November. The dividends on the common are paid quarterly in March (15), June, September and December.

Funded Debt. Twenty-year conv. deb., 5 per cent., due 1018 and 1923, May and Nov. or Feb. and Aug. $126,200 Debentures, convertible into common stock, 6 per cent., due 1916 333t070

Total $459,370

The 20-year 5 per cent debentures are convertible into preferred stock. They are in two series, maturing in 19118 and 1923, respectively. Interest is paid in May (1) and November on the series maturing 1918 ; in February x) and August on the series maturing 1923. The company also has a mortgage of $100,000 on its factory real estate at Bridgeport, Conn.

In March, 1904, stockholders had the right to subscribe at par for an issue of $500,000 6 per cent, coupon notes due $100,000 vearly from April, 1905 ; interest April and October. These notes are convertible into preferred stock, and on January 31, 1907, there were $184,800 outstanding.

Earnings Year ending September jo

Gross Charges and Reserve for

Income Maintenance Dividends Depreciation Surplos

1902-03 $659,513 $"4747 $78,677 $374,500 $i9i589

J9P3-04 739.935 136,469 1x6,380 280,000 907,078

President and General Manager, Edward D. Easton. Vice-President, William E. Bond. Vice-President, George W. Lyle. Executive Officer, Herbert A. Budlong. Secretary and Assistant Treasurer, Edward O. Rockwood. Treasurer, Charles W. Cox. Chairman ol the Executive Committee, William E. Bond. General Counsel, W. M. Johnson. Patent Coimael, Philip Mauro.

Directors— William E. Bond. Mark T. Cox. Paul H. Cromelin. Andrew Devine. PhOip T. Dodge. Edward D. Easton. W. M. Johnson. George W. Lyle. Philip Mauro. D. C- McEwen. Timothy D. Merwin. E. V. Murphy. John J. Phelps. Frederick J. Waitmitoo. Thomas R. White. Jr.

Main office, Bridgeport, Conn. New York office, 154 Nassau street. Annual meeting, second Monday in Jantiary, at Bridgeport.

Industrial Securities 35

AKERICm BRASS TWIKE CO.

A corporation formed under the laws of Delaware, June 8, 1899. The company acquired the property of the Northwestern Grass Twine Co. and other plants.

In November, 1902, acquired the Minnie Harvester Co., St. Paul, and in 1903 was reported to have sold the same. It owns or controls considerable amounts of grass lands, and possesses patents, United States and foreign, covering the processes it employs in manufacturing. Stock Par $ioa Authorised, $15,000,000 Issued, $15,000,000

The stock Is full paid and non-assessable. Transfer Agent, New York Trust Co., New York. Registrar, Windsor Trust Co., New York.

The first dividend on the stock was iV Pr cent, quarterly, paid April i, 190a. Quarterly dividends of the same amount were paid in July and October, 1902. The directors, however, after declaring another quarterly dividend ol per cent., payable January s, 1903, rescinded their action and made the dividend per cent., it being understood that the money was required for working capital and improvements. No dividends have since been paid.

It was stated in January, 1905, that certain former directors of the company had paid into its treasury about $650,000, representing unearned dividends paid while they were in office.

In July, 1907, it was stated that the company had quick assets of $561,907 and no liabilities except current bills for about $30,000.

President, John M. Robinson, New York. Secretary, William A. Pfeil, New York. Treasurer, George E. Lindley, New York.

DirectorsRichard E. Cochran, New York. John Kirkpatrick, New York. George E. Lindley, New York. H. E. Moller, New York. John D. Probst, New York. John M. Robinson, New York. Myron W. Robinson, New York. James M. Satterfield, Dover, Del. Irwin C. Stump, New York.

Uorporate office, Dover, Del. Main office, 59 White street, New York. Annual meeting, first Tuesday in March, at New York.

A K Erica M Hide A Leather Co.

A corporation formed under the laws of New Jersey In August, 1899. The company acquired the plants and business of twenty-two different establishments engaged in the manufacture and sale of upper leathers, particulars of which are given in the Manual for 1901.

The establishments acquired represented 75 per cent, of the business in upper leather in the United States. In each case the properties acquired were taken in fee clear of all encumbrances. The aggregate annual net eammgs of the separate concerns before consolidation were $1,585,748.

The preferred stock is 7 per cent., cumulative, and has a preference as to assets. At the beginning of 1905 the accumulated unpaid dividends on the preferred amounted to about 35 per cent.

Transfer Ap:ent, Trust Co. of America, New York.

The first dividend on the preferred stock was x per cent., paid February 15, 1905. Dividends of I per cent, each were also paid in May and August, 1905, but the November, 1905, dividend was passed and none have since been paid.

Funded Debt nt mort., 6 per cent., due Sept., 1919, March and Sept $7,189,000

The xst mortgage is for $xo,ooo,ooa Of the bonds outstanding $3,445,000 were accepted by ▼endois of the properties acquired by the company in payment for same, $3,900,000 were disposed of privately and $2,800,000 were sold in January, 1900, by public subscription. Of the bonds held in the treasury $1,000,000 only can be issued for the acquisition of new properties which shall become subject to the mortgage. The trustee of the mort;age is the Colonial Trust Co., New York, interest being paid at that institution. There is a sinking fund of $172,500 per annum. Bonds may be bought for the sinking fund at not over 115, but are not subject to compulsory retirement. On June 30, 1907, there were $1,331,000 bonds in the sinking fund.

In the year ending June 29, 190X, the surplus over charges was $377,139. In the year ending June 30, 1902, the total profits were $1,411,511 ; interest and deductions for depreciation, etc, $1,004,634; balance, $406,877. In 1902-03, profits were $886,114 interest, deductions, etc., $965,748; balance, deficit, $79,634. In 1903-04, profits, $1,204,601; deductions, $913,329; balance, surplus, $291,273. In 1904-05, profits, $i,')74,432 ; deductions, $868,524; dividends, $250,- 966; balance, surplus, $354,941. In ]905-o6, profits, $1,178,486; preferred dividend, $135,- 483; surplus, $118,905, In 1906-07, profits, $1,151,048; surplus, $370,337. Surplus account, June 30, 1907, $1,482,338.

President, Thomas W. Hall, New York, ist Vioe-Presideiit, Theodore S. Haififht, New York. 3d Vice-President, Aaron Hecht, New York. 3d Vice-President, Frank L. Roenita, Chica. 4th Vice-President, Charles P. Hall, Boston. Secretary and Treasurer, Georee A. HiU, New York.

Directors— C. H. Buswell, Boston. Carl A. De Gersdorfif, New York. Theodore S. Haight, New York. Charles P. Hall, Boston. Thomas W. HaU, New York. Aaron Hecht, New York. George A. Hill, New York. Matthew Robson, New York. Frank L. Roenita, Chicago. Thomas J. Ryan, New York. Henry Seligman, New York. James Skinner, Boston. Frederick Strauss, New York. Charles W. Tidd, Boston. E. L. White, Boston.

Main offices, 92 Cliff street, New York, and 17 East street, Boston. Annual meeting, fiivt Monday in September, at Jersey City.

American Ice Securities Co.

American Ice Co.

The American Ice Securities Co. is a corporation formed under the laws of New Jersey, March 37, 1905. It was organized in pursuance of a plan submitted in January, 1905, to reorganize the American Ice Co. It acquired $23,493,300 of the common and $14,339,000 of the preferred stock of the latter company. See below.

The plan for the reorganization of the old company provided for the formation of the American Ice Securities Co. as a holding company with a share capital of $20,000,000 and an issue of $3,000,000 6 per cent, debentures to fund the 16 per cent, accumulated dividends on the preferred stock of the old company. The stockholders of the American Ice Co. were invited to exchange their stock for new securities on the following terms : (x) The old common stodr to receive 20 per cent, in new stoic and the old preferred to receive xoo per cent, in new stock and 165 per cent, in the new bonds. A syndicate underwrote the new bonds at 70, and preferred stockholders desiring cash for their back dividends received 70 per cent, of the amount due in cash.

Stock Par, $100 Authorized, $30,000,000 Issued, $19,037,700

Transfer Aeuit and Registrar, Carnegie Trust Co., New York.

The first dividend was i' per cent, quarterly, paid January i, 1907, and similar dividends were paid in April and July, 1907, but the October, 1907 dividend was deferred.

Funded Debt Gold debentures, 6 per cent, due April, 1935, April and Oct $3,897,080

The authorized issue of the American Ice Securities debentures is $3,000000. The bonds are redeemable at par. There are $103,9x9 of the same reserved to take up the remaining outstanding stock of the American Ice Co. Interest is payable at the Knickerbocker Trust Co., New York.

The report for the year ending December 31, 1906, showed a surplus account of $1,185,311 against $501,348 on March so, ig. In X907, the surplus was $886,646.

President, Henry H. Head, Baltimore. Vice-President, Archibald S. Alexander, Hoboken, N. J. Secretary, Edward J. Reilly, New York. Treasurer, Walter Lee, Philadelphia.

Directors— Archibald S. Alexander, Hoboken. L. G. Boissevain, New Yoric Henry H. Head, Baltimore. Walter Lee, Philadelphia. James McCutcheon, New York. Lewis Cass Ledyard, New York. George L. Rives, New York. W. A. Tucker, New York.

Corporate office, i3th and Federal streets, Camden, N. J. General office, XX70 Broadway, New Yoik. Annual meeting, fourth Thursday in March, at Camden.

AMERICAN ICE CO.— A corporation formed under the laws of New Jerser, March 11, 1899. The company controlled the Consolidated Ice Co. and the Knkkerbocker Ice Co. of Maine. It has other subsidiary organizations and does an ice business and has plants for manufactaring artificial ice in New York and Brooklyn, and in the cities of Washington, Baltimore and Philadelphia ; also sales depots in New York, Brooklyn, Philadelphia and Baltimore, and depots and distributing facilities, including valuable docks, in the cities of New York, Philadelphia, Baltimore; Washington, Atlantic City, N. J., Cape May, N. J., and Camden, N. J. In 1903 additional properties were acquired at Boston and elsewhere. See the Manual for 1905 for fuUer statement of this company.

S.ock..Par$.oo...Authorid|~-;*-S;[ I ?rS:; 'jJ'iS 1 38.79..3oo

The preferred stock is 6 per cent., cumulative. The authorised amount of common and preferred stock was originally $30,000,000 each, but in X901 they were reduced to the above amounts.

Industrial Sbcuritibs 367

Stock is transfared at the office of the company, New York. Registrar, Knickerbocker Trust Co., New York.

Dividends of per cent quarterly, or 6 per cent, per annum, were paid upon the preferred from October, 1899, April, 190a, inclusive, when they were suspended, and also paid i percent, quarterly, or 4 per cent per annum, on the common from November, 1899, February, 1903, inclusive, when such payments were suspended. In October, 1906, a dividend of 9 per cent, was dedared on the preferred stock payable December 15, 1906.

Funded Debt Collateral trust bonds, 5 per cent, due April, 1923, April and Oct $1,970,000

The collateral trust 5 per cent, bonds were created in April, 1903, to retire the company's floating; debt and provide working; capital. The authorized issue is $5,000,000, of which amount $3,060,000 was reserved to retire real estate mort:a and bonds of controlled companies. Trustee of the mortgage and agent for the payment of interest. Central Trust Co., New York.

The company for the year ending December 31, 1903, reported a profit and loss deficit of $163,493 agamst a surplus of $658,899 the preceding 3rear. For the 10 months ending October 31, 1904, gross receipts were $6,398,844 ; net income, $1,153,650; interest, taxes, etc., $606,913 ; net profits, $545,718. In the same period the subsidiary companies showed further net profits in excess of dividends received by the company of $19,733. The statement for the year ending October 31, 1905, showed gross receipts, $7,311,060 ; net, $1,13,531 ; interest, taxes and maintenance, ; balance profit, $454,575 ; profits of subsidiary companies over their dividends, total net profit, $487,(. In 1905-06 the gross receipts were $10,303,470; net, $3,004,737; charges, taxes and maintenance, $1,047,864 ; balance surplus, $x,950,863 ; profit of subsidiary companies in excess of dividends from same, $43,738 ; final surplus, $3,000,601. In 190&07 gross recnpts, $7,941,535 ; net, $1,340,344 ; profits subsidiary companies, $34,033 ; final surplus, $185,365. The small profits for the year were attributed to weather conditions affecting the ice business.

President, Wesl M. Oler, New York. Vice-President and Treasurer, Guy B. Johnson, New York. Secretary, John R. Bennett, New York.

Directors— Ashbel H. Barney, New York. Charles E. Bedford, New York. John R. Bennett, Roselle, N. J. Henrv C. Ide, New York. Guy B. Johnson, New York. Wesley M. Oler, New York. John A. Sleicher, New York.

Main office, Broadway and Twenty-eighth street. New York. Annual meeting, second Tuesday in January, at Jersey City.

Ahericah Iroh A Steel Kahufacturimg Co.

A corporation formed under the laws of Pennsylvania, August 3x, 1899. The company acquired and owns the patents and property of the following concerns :

East Lebanon Iron Co., Lebanon, Pa. J. H. Stembergh & Son, Reading, Pa.

Pennsylvania Bolt & Nut Co., Lebanon, Pa. National Bolt, Nut & Rivet Works, Reading, Lebanon Iron Co., Lebanon, Pa. Pa.

The plants of the company include iron rolling mills and factories with an annual capacity of upwards of 150,000 tons of finished materiaL

The prefened stock is 5 per cent, cumulative.

Stock is transferred at the office of the company, Lebanon, Pa. Registrar, Provident Life & Trust Co., Philadelphia.

The company began paving dividends on its preferred stock in January, 1900, at the rate of 5 per cent per annum, and regularly paid such dividends in quarterly payments in January, Apru, July and October. In April, 1907, 3 per cent, was declared on the common, but only per cent, was paid, pending a decision as to the right of the preferred to share with the common in dividends exceeding 5 per cent, per annum. Since then iji per cent has been paid quarterly, to January, 1908, inclusive, pendmg this decision which has not yet been reached.

On the common stock a dividend of 50 cents per share was paid in January, 1900. In May, X900, 50 cents per share was paid; in January, 1901, 35 cents; in May, 1901, 15 cents; in September, 190X, 15 cents ; in January, 1903, 15 cents ; in May, 1903. 15 cents. No further dividends were paid on the common until April 1, 1905, when $t oer share or 3 per cent, was pakl which was the regular quarterly rate, the payments being maae January <i), April, July and October, until January, 1907, inclusive.

President, James Lord, Lebanon, Pa. Vice-President, John Penn Brock, Lebanon. Secretary, D. G. Scott, Lebanon. Treasurer, H. M. M. Richards, Lebanon.

Directors— Edward Bailey, Harrisbur, Pa. Arthur Brock, Philadelphia. Horace Brock, Philadelphia. Eklward R. Coleman, Lebanon. Thomas Evans, Lebanon. W. C. Freeman, Lebanon. H. H. Liht, Lebanon. James Lord, Lebanon. H. M. M. Richards, Lebanon. H. M. Stemberih, Reading, Pa. J. H. Stembergh, Reading.

Main office, Lebanon, Pa. Annual meeting;, second Wednesday in February, at Lebanoo.

Mkericak-La Framce Fire Emgihe Co.

A corporation formed under the laws of New York in January, igo4. The company was ornited to succeed the International Fire Engine Co., which was foreclosed and reonnised in pursuance of a plan ven in the Manual for 1904. The company also acquired all the stock of the American Fire Enjne Co., and that company was, on November 35, 1904, legally merf>;ed with this company. The company has factories at EUmira, N. Y., and Soieca Falb, N. Y., and offices in New York, Chicago, Baltimore, Boston and other cities. In 1906, it was stated that the plants at Cincinnati and Seneca Falls would be moved to Elmira and the company's manufacturing business concentrated at the latter point.

The preferred stock is 7 per cent., Stock is transferred at the office of the company, New York. Registrar, Bankers* Trust Co., New York.

Funded Debt General ist mort. , sinking fund, 6 per cent., due April, 1934, April and Oct $900,000

The amount of the general ist mortgage is $1,000,000. There are in the treasury of the company, $100,000 of the bonds available for corporate purposes.

The company's balance sheet of December 31, 1907, showed a credit to undivided profits

of $63,93*.

President, James R. Clarke, New York. Vfee-President, August Heckschcr, New York. Secretary, E. de N. Sands, Ehnira, N. Y. Treasurer, William G. Mclntyre, Elmira.

Directors—A. C. Bedford, New York. Silas Chapman, Jr., Hartford, Conn. James R. Clarke, New York. John H. Flagler, New York. William H. Hall, South WiUington, Conn. August Hecksher, New York. J. W. Herbert, New York. H. A. Hutchins, New York. William G. Mclntvre, Elmira. George H. Robinson, New York. Fred W. Shibjey, New York.

Main office, Elmira, N. Y. New York office, 149 Broadway. Annual meeting, third Wednesday in February, at Elmira.

Ahericam Light 4 Tractioh Co.

A corporation formed under the laws of New Jersey, May 13, 190X. The company has acquired controlling interests in the stocks of the following companies :

Western Gas Co., Milwaukee. Consolidated Gas Co. of New Jersey, Long

St. Paul Gas Light Co., St. Paul, Minn. Branch, N. J.

Grand Rapids Gas Light Co., Grand Rapids, St. Croix Water Power Co., St. Paul.

Mich. Quebec-Jacques Cartier Electric Co., Quebec

St. Joseph Gas Co., St. Joseph, Mo. Muskegon Traction & Lighting Co., Mus-

Madison Gas & Electric Co., Madison, Wis. kegon, Mich.

Bingham ton Gas Works Co., Binghamton, Southern Light & Traction Co., San Antonio,

N. Y. Texas.

Detroit City Gas Co.

Statements of the different companies will be found under their respective heads. The constituent companies were acquired by an exchange of their stocks for stoic of this company. The Quebec-Jacques Cartier Electric Co. was acquired in August, 1905, and the Muskegon properties and the Lacombe Electric Co. of Denver in the latter part of 1905. The Laoombe Electric Co. was subsequently sold. In January, 1906, the company acquired the Detroit City Gas Co.

The preferred stock is 6 per cent., cumulative, and also has a preference as to assets in case

of a dissolution.

In January, 1906, the stockholders were offered the right to subscribe at par for $179,735 new

common and $539,175 new preferred stock, the increase bing to provide for the purchase of the

Industrial Securities 369

MuskegOD Traction & Lifirhtins: Co. In February, igo6, the stockholders received the further riglit to subscribe at par for $1,500,000 additional common and $4,000,000 new preferred stock, the purpose of this issue being the acquisition of the Detroit City Gas Co.

Transfer Agents, Emerson McMillin & Co., 40 Wall street, New York. Registrar, Trust C6. of America, New York.

The first quarterly dividend of 15 per cent, on the preferred stock was paid December i, 190X. Dividends at that rate have since been regularly paid on the preferred in February, May, August and November. The first dividend on the common stock was per cent, semi-annual, paid November i, 1904, and lU per cent, was also paid in May, 1905. In August, 1905, 1 per cent, quarterly was paid on tne common and the same rate was paid in November, 1905* February, 1906, and May, 1906. In August, 1906, x) per cent, was paid which continued to be the quarterly rate, the dividend periods being February {1) May, August and November. In August. 1907, the rate was increased to iHpcr cent, quarterly or 6 per cent, pef annum.

The company has no funded debt. Tlie bonds of the constituent companies are given in the statemenU under their respective heads.

Earnings Year ending December 31

GroM Net Dividends Surplus

'902 $97766s $955.09* $499,947

'9P3 1,080,850 1,050,311 S53.o 4971251

'904 1,138,510 ,133 46J378

'905 i,373iOao 1,336,167 747.338 588,8j9

'9 3,363,736 3,8x5,736 1,173,970 1,041,756

'907 3,336,361 3,436,595 1,343,913 1,183,683

The earnings for include $931,893 received from dividends on stocks owned and $45i773 income from miscellaneous sources. In 1903 the dividends received were $970,479; miscellaneous income, $110,371. In 1904, dividends, $1,007,001 ; miscellaneous income, $144,503; In 1905, dividends, $1,333,5 ; miscellaneous income, $150,835. From the surplus for 1906 there was deducted $680,500, and in 1907 $681,000, as a reconstruction reserve.

President, Emerson McMillin, New York. Vice-President and Treasurer, A. P. Lathrop, New York. Vice-President and Consuming Engineer, Henry L. Doherty, New York. Vice- President, J. M. McCarthy, New York. Secretary, C. N. Jelliffe, New York. Assistant Secretaf7, Marion McMillin, New York. Assistant Treasurer, A. H. Ostrom, New York.

Directors-George Blumenthal, New York. William L. Bull, New York. James Campbell, St Louis. Willard E. Case, Auburn, N. Y. Kenneth Clark, St. Paul, Minn. W. H. Doane, Cincinnati John J. Emery, New York. John S. Foster, New York. Warren W. Foster, New York. Hugh H. Hamill, Trenton, N. J. Anton G. Hodenpyl, New York. Henry B. HoUins, New York. Thomas H. Hubbard, New York. A. P. Lathrop, New York. James Parrish Lee, New York. Philip Lehman, New York. George T. Maxwell, New York. Emerson McMillin, New York. George P. Sheldon, New York. Junius M. Stevens, New York. Henry B. Wilson, New York.

Corporate office, 34 Washington street, Jersey City. New York office, 40 Wall street. Annual meeting, third Monday in March, at Jersey City.

Akericam Uhseed Co.

A corporation formed under the laws of New Jersey, December 5, 1898.

The company has acquired the plants and property of, and owns in fee, many companies and properties, including those.of the former National Linseed Oil Co., that are given in detail in the manual for xooi.

The company has several properties equipped for manufacturing purposes in different States, with elevators, warehouses, tank stations, etc., at various points, and construction and machine shops at Chicago.

The preferred stock is 7 per cent., non-cumulative. Stock is transferred at Room 1409, 36 Broadway. Registrar, Central Trust Co., New York.

The company paid quarterly dividends of per cent, each on the preferred stock from March, 1809. to September, 1900, inclusive. The December, 1900, dividend was, however, passed, ind no dividends have since been paid.

The company in February, 1901, issued $6,000,000 ot 5 per cent, gold notes, which were called and paid in August, 1901.

President and Treasurer, John A. McGean, New York. Secretary, William A. Jones, New York. Assistant Treasurer, Edward V. Cary, New York. Assistant Secretary, R. H. Adams, New York.

Directon— R. H. Adams, Montclair, N. J. L. M. Bowers, Binghamton, N. Y. Edward V. Caiy, Montclair. Henry E. Cooper, New York. H. M. Francis, New York. Frederick T. Gates, New York. William A. Jones, New York. Frederick J. Lovatt, South.Orange. N. J. John A. McGean, New York. Storr J. Murphy, New York. Geoie Wellwood Murray, Montclair. Georg:e F. Parker, New York. E. Parmalee Prentice, New York. John D. Rockefeller, Jr., New York.

Corporate office, 243 Washington street, Jersey City. Chicago office, Old Colony Building. New York office, 100 William street. Annual meeting, second Tuesday in September, at Jersey City.

Mkericam Locokoti¥E Co.

A corporation formed under the laws of New York, June 10, 190X. The company acquired and owns in fee the following properties :

Brooks Locomotive Works, Dunkirk, N. Y. Rhode Island Locomotive Works, Providence,

Pittsburg Locomotive & Car Works, Alle- R. I.

gheny. Pa. Schenectady Locomotive Works, Schenectady,

Dickson Manufacturing Co., Scranton, Pa. N. Y.

The company also owns all the stock of the Richmond Locomotive Worlcs, Richmond, Va., the Manchester Locomotive Worla, Manchester, N. H., and the American Locomotive Co. of New Jersey. It controls the American Locomotive Automobile Co.

In March, 1904, the company acquired the capitaL stock of the Locomotive & Machine Co., Limited, of Montreal, a Canadian corporation. In January, 1905, the company acquired the capital stock of the Rogers Locomotive Works, Paterson, N. J.

The preferred stock is 7 per cent., cumulative. The preferred stock also has preference over the common in any distribution of assets, for its par value and accrued dividends.

Transfer Agents, Harvey Fisk & Sons, 62 Cedar street. New York. Registrar, The Standard Trust Co., New York.

The first dividend on the preferred 'Stock was per cent., paid October ax, loox, and regular quarterly dividends at that rate have since been paid in January (ao), April, July and October. The first dividend on the common stock was per cent., paid August 25, 1906, and dividends of the same amount have since been paid quarterly in February (35) May, August and November to February, X908, inclusive.

Funded Debt American Locomotive Co. notes, 5 per cent, due Oct., xqo8-xx, April and October... . $4,000,000

Dickson Manufacturing Co. xst mort. 5 per cent., due November x, 1937 563,500

Richmond Locomotive & Machine Works cons. mort. 6 per cent., due April x, 1939. . 550,000 Rogers Locomotive Works ist mort., 5 per cent., due May, 1931, May (r4) and >lov... 380,000 t/xo. & Mach. Co. of Montreal, Ltd., ist m., 4 p.c. guar., due Mar., 1934, Mar. and Sept. 1,500,000

Total $6,993,500

The company cannot mortgage its property except for purchase money mortgage and except upon two-thirds assent of holders of preferred stock. The company purchased the different properties subject to the above outstanding liens.

The company's notes were sold in October, 1906. They mature $1,000,000 each, October i, 1907, to October i, 191 x. Interest is payable at the office of the company, New York.

Trustee of the Richmond Locomotive & Machine Works mortgage. Central Trust Co., New York. Trustee of the Dickson Manufacturing Co. mortgage. Farmers* Loan & Trust Co., New York. Interest on both bond issues is paid at the omce of the American LocomoCxve Co., New York. Trustee of the Locomotive & Machine Co., Limited, of Montreal, xst mortgage, and agent for payment of interest thereon, Royal Trust Co., Montreal.

Earnings Year ending June jo

Gross Net Interest Dividends Imprvs., etc Surplus

I90I-03* $26,398,394 $3.i07,x77 $105,865 $1,750,000 $x,037,077 $234,335

1903-03 33i05,',35 5,053i4io a48,xS7 i,7Sooa> ii4a.93a i.9".32

1903-04 33*068,751 5.663,766 338,336 i.75oooo x,ooo,ooo 2,675,540

1906-07 49,515,486 6,771,10s 4121898 3,000,000 3,000,000 1,358,306

Twelve and one-half months ending June 30.

Industrial Securities 37

Dividends for 1905-06 include $312,500 for those paid on the common. In 1906-07, the common dividends were $1,250,000. Ou June jo, 1907, the company had a fund reserved for additions and betterments of $2,307,141. Its live assets at that date were $24,124,168.

President, Waldo H. MarshaU, New York. Vice-President, Herman F. Ball, New York. Vice-President, Robert J. Gross, New York. Vice-President, David VanAlstyne, New York. Vice-President, Leigh Best, New York. Secretary, S. T, Callaway, New Y<>rk. Treasurer, Charles B. Etenny, New York. Comptroller, C. E. Patterson, New York.

Directors — William M. Barnum, New York. Joseph Bryan, Richmond, Va. Charles A. Coffin, New York. Pliny Fisk, New York. Julius E. French, New York. Robert J. Gross, New York. Waldo H. Marshall, New York. Charles Miller, Franklin, Pa. Svlvanus L. Schoonroaker, New York. George R. Sheldon, New York. Frederick H. Stevens, Buffalo.

Main office, iii Broadway, New York. Annual meeting, third Tuesday in October, at New York.

American Malt Corporation

A corporation formed under the laws of New Jersey, March 31, 1906. The company was organized as a holding company to acquire the common and preferred stock of the American Malting Co., in pursuance of the reorganization plan of the latter, dated July 6, 1905, which was formulated by a committee, John G. Jenkins, Chairman, the said plan being fully set forth in the statement of the American Malting Co., which see in the Manual for 1905 and 1906. On December 29, 1906, the American Malt Corporation had acquired $11,925,600 common and $13,473,100 preferred stock of the American Malting Co. out of the outstanding amounts of $13,473,100 common and $14,440,000 preferred. There are $103,000 new common and $47,200 of new preferred reserved to retire the remainder of the old stocks.

The preferred stock is cumulative at the rate of 4 per cent, per annum from April i, 1906, to October i, 1906, and after the latter date is 6 per cent, cumulative. It also has a preference as to distribution of assets in the event of a dissolution,

Transfer Agent, Standard Trust Co., New York. Registrar, Guaranty Trust Co., New York.

Funded Debt American Malting ist mort., 6 per cent., due Dec. 1914, June and Dec $3,714,000

The American Malting Co's. bonds were assumed by the new company. Interest is paid at the Guaranty Trust Co., New York.

For the year ending August 31, 1906, the American Malting Co. (old company) reported a surplus over expenses and charges of $255,652. For 1906-07, there was a deficit of $357*603.

President, Charles A. Stadler, New York. Vice-President, Wilberforce Sully, New York. Secretary, J. C. McCune, New York. Treasurer, Louis L. Stanton, New York.

Directors— Michael Coleman, New York. Marshall S. Driggs, New York. Albert N. Parlin, New York. Charles A. Stadler, New York. Louis L. Stanton, New York. . Wilberforce Sully, Sew York. Benjamin Treacy, New York. A. Murray Young, New York.

Corporate office, 15 Exchange place, Jersey City. New York office, Sixty-third street and East River. Annual meeting, first Tuesday in April.

Ahericak Pig Irom Storage Warrant Co.

A corporation formed under the laws of New Jersey, November 15, 1888. Its business is the storage of pig iron and other forms of iron and steel. In November, 1904, the pig iron warrants or certmcates issued by this company were admitted to a quotation at the New York Produce Exchange.

Stock Par $10 Authorized, $1,550,000 Issued, $50,000

President, George H. Hull, Tuxedo Park, N. Y. Vice-President, H. D. Lafferty, Roanoke, Va. Vice-President and Secretary, A. F. Marmelstein, 2d, New York. Assistant Secretary and Assistant Treasurer, George H. Hull, Jr., Tuxedo Park. Treasurer, C. C. Wheeler, New York.

Directors— William D. Gaillard, New York. George H. Hull, Tuxedo Park. George H, Hull, Jr., Tuxedb Park. C. W. Jester, New York. H. D. Lafferty, Roanoke, Va. John J. McCook, New York. C. C. Wheeler, New York.

Corporate office, 15 Exchange place, Jersey City. New York office, 44 Wall street. Annual meeting, last Wednesday in November, at Jersey City.

37" Thb Manual Op Statistics

The Mkericmk Pipe Mamufactor/Mg Co.

A corporation formed under the laws of New Jersey, January 31, X889, 'or fifty years. The company's purpose is to act as engineers and contractors for water works, operators of water works ana manufacturers of Phipps* hydraulic pipe. It has a plant at Germantown Junction, Philadelphia. The company owns, controls and operates the following: water works : Springffield Water Co. Conshohocken Gas and Water Co. Eddystone Water Co. Baldwin County Water Co. Clavton Glassboro Water Co. TaUahassee Water Works Co. Wildwood Water Co. LaGrange Water Co. Westvillc and Newbold Water Co. East Jersey Coast Water Co. Paris Mountain Water Co. North Spnngfield Water Co. Greenville Water Works Co. Norfolk County Water Co. Opelika Water Works Co. Stock Par $100 Authorised, $5,000,000 Issued, $5,000,000

The stock was increased from $2,000,000 to $5,000,000, authorized in March, 1904, and $2,000,000 of the new stock was sold to the stockholders at par in May, 1904, subscriptions bein payable in 5 instalments of ao per cent, each, July i and October z, 1904, and January i, Apn! I, and July i, 1905. In 1906 $1,000,000 additional stock was issued.

Stock is transferred at the office of the company, Philadelphia. Registrar, Girard Trust Co., Philadelphia.

The company has paid dividends as follows : 1890, 6 per cent.; 1893, 6 per cent.; 1893, 8 per cent.; 1894, 8 per cent, and an extra per cent.; 1895, 10 per cent, and an extra 3 per cent.; and from 1896 to 1906, inclusive, 12 per cent. In January, 1907, subsequent quarterly dividends were 2 per cent, each, or 8 per cent, per annum.

Dividends are paid quarterly in January (i), April, July and October.

Net earnings, 1900 $266,403 Dividends paid, 1900 $96,000

" " X901 ' 286,500 " 190X xo8,ooo

" " 1903 338,047 " 1903 340,000

" 1907 615,983 " " 1907 430,000

Balance Sheet, December 33, 1907

Assets Lxabiutibs

Bonds, book value $4,584,467.50 Capital stock $5,000,000.00

Stocks 363,876.85 Undivided profits 1,879,796.77

Unfinished contracts 88,640.81 Dividend due Jan. z, 1908 ioo,ooaoo

Real estate, clear of incumbrance 66,860.55 Bills payable 880,000.00

Book accounts due company . . . 783, X04.82 Book accounts owing 2x3,909.35

Bills receivable x,878,047.04

Merchandise on hand 63,978.07

Cash on hand 243,730.48

Total $8,072,706.12 Total $8,072,706.13

NoTB— The company owns the following, which are not included in above statement of assets : 49,88s

shares of the capital stock of water and other companies, par value $3.793,190 ; sundry bills receivable, not immediately collectible, amounting to $35,53 ; patent rights, factory huildinKS. machinery, etc.

President and General Manager, Joseph S. Keen, Jr., Philadelphia. Vke-President and Treasurer, George M. Bunting, Philadelphia. Secretary and Assistant Treasurer, H. Bayard Hodge, Philadelphia. AssisUnt Secretary, W. H. Roth, Philadelphia.

Directors— George M. Booth, Chester, Pa. George M. Bunting, Chester. Joseph S. Keen, Jr., Philadelphia. William H. Miller. Media. Pa. £. Eldridge Pennock, Philadelphia. George Reynolds, Camden, N. J. William B. Scott, Bryn Mawr, Pa. Howard Watktn, Wynnewood, Pa.

Main office, xi3 North Broad street, Philadelphia. Annual meeting, second Wednesday is January, at Camden, N. J.

A It ERICA M PMEUKATIC SERVICE CO.

A corporation formed under the laws of Delaware in June, X899. This company took over the business of the International Pneumatic Service Co., the owner of a large number of patents covering pneumatic tube systems for streets, as well as for stores, buildings, factories.

Industrial Sbguritibs 373

hotels, etc It is the owner of the New York Mail & Newspaper Transportation Co., the Tubular Dispatch Co.. the New York Pneumatic Service Co., the Boston Pneumatic Transit Co., the Chicafi:o Postel Pneumatic Tube Co. and the St. Louis Pneumatic Tube Co. These four last named corporations hold ten-year contracts (expiring June jo, 1916), with the United States Post Ofifice Department, for the carrying of mail oy pneumatic tubes, at a total annual rental of $943,461.09, as follows: Boston, $1x3,089.14; New York, $457,130; Brooklyn, $22,950; Chicago, $294,470.80; St. Louis, $54,821.15. The Boston and St. Louis systems are completed and in operation, the Boston system being 6.65 miles in extent, and the St. Louis system embracing 3.47 miles. The contract in New York calls for a complete system of about 27 miles, of which about 7 miles are in operation. The contract for Brooklyn calls for 1.35 miles. Construction is going

I laid

on In New York, and 12 miles of new tube lines have been laid up to February, 1908. The contract for Chicago calls for a completed system of about 17 miles, of which 9 miles are in operation, connecting all the railway stations with the general post office, and also extending to the Armour and Stock Yard stations. The company also owns the Lamson Consolidated Store Service Co. and about twenty other corporations owning patents for store service systems and pneumatic tube systems for buildings. See the Manual for 1899 for details concerning the Lamson Consolidated Store Service Co.

The preferred stock is 6 per cent., non-cumulative. Stock is transferred at the ofifice of the company, Boston. Registrar, International Trust Co., Boston.

In September, 1905, the authorised preferred stock was increased from $5,000,000 to $7,000- 000. Stockholders were given the right to subscribe for $1,329,050 of the new preferred at $40 per share ; one share of common being given with each preferred share so subscribed. Payments tor the new stock were to be made $to on subscription and $10 each on December r, 1906, February i, 1907, and April i, 1907.

The company began the payment of regular quarterly dividends at the rate of 6 per cent. per annum on its preferred stock in October, 1899, and paid such dividends regularly in January (ao), April, July and October, until January, 1902, inclusive, when dividends were temporarily suspended in order to provide for construction and additional working capital. A quarterly dividend of I per cent, was, however, paid March 15, 1906, and similar dividends were also paid in June and October, 1906, and January, 1907, since which last date none have been paid.

Funded Debt.

New mort., 5 percent., due Oct., 1928, April and Oct '. $1,129,060

Lamson Consolidated Co., xst mort. sinking fund, 5 per cent 497.500

Total $1,626,500

The new ist mortage was authorized in 1903 and is for $x, 600,000. Trustee, International Trust Co., Boston, which holds $126,500 of the bonds bought for the sinking fund.

Earnings

Gross . Net Dividends Surplus

190* $285,iix $256,869 $61,155 $195,713

I9P3 399,381 269,900 269.Q00

Interest charges. t Dividends $306,494; charges, $72,491.

President, William H. Ames, Boston. Vice-President, Oakes Ames, Boston. Secretary, Wilbur E. Barnard, Boston. Treasurer, Gilmer Clapp, Boston.

Directors— William H. Ames, Boston. Oakes Ames, Boston. Charles F. Ayer, Boston. George H. Chandler, Manchester, N. H. Gilmer Clapp, Boston. Eugene N. Foss, Boston. Howard Goul, New York. William B. Joyce, New York.' J. J. Kennedy, New York. Atherton Loring, Boston. Oliver W. Mink, Boston. John E. MuUholland, New York. William S. McCurdy, St. Paul. Frederick P. Royce, Boston. James L. Walcott, Wilmington, Del.

Corporate office, Wilmington, Del. Main office, 161 Devonshire street, Boston. Annual meeting, last Friday in May, at Wilmington.

Mmericak Press Assoc/ At/Oh

A corporation formed under the laws of New York in 1886, for the purpose of supplying stereotype plates, matrices, and news matter to newspapers. Stock Par $xoo Authorised, $1,600,000. Issued, $x,6oo,ooo

Stock is transferred at the office of the company. New York. Registrar, Central Trust Co., New York.

Dividends have been regularly paid since 1884. I'he dividend rate is 6 per cent, per annum, or 15 per cent, quarterly. In 1903, 1904, 1905, 1906 and 1907, paid extra dividends of x per cent, each year.

President and General Manager, Orlando J. Smith, New York. Vice-President and Assistant General Manager, Courtland Smith, New York. Secretary, Wayne B. Stowe, New York. Treasurer, Maurice F. Germand, New York. Auditor, William G. Brogan, New York.

Directors — Maurice F. Germond, Dumont, N. J. Jesse Holden, Chicago. Courtland Smith, Dobbs Ferry, N. Y. Orlando J. Smith, Dobbs Ferry, N. Y. Wayne B. Stowe, East Orange, N. J.

Main office, 45 Park place, New York. Annual meeting, first Monday in February, at New York.

Mm Er I Cam Radiator Co.

A corporation formed under the laws of New Jersey, February 10, 1899. The company is the successor of an Illinois corporation, also named the American Radiator Co. The present company, in addition to the plant and business of the original company, purchased the radiator department of the Titusville Iron Co., Titusville, Pa., and the plants and business of the St. Louis Radiator & Manufacturing Co., St. Louis ; the Standard Radiator Manufacturing Co., Buffalo, N. Y., and the M. Steele Co., Springfield, O. It has also acquired or erected plants in Buffalo, Brantford, Ont., and Litchfield, III., and has built works in England, Germany and France.

The preferred stock is 7 per cent., cumulative. Transfer Agent, Northern Trust Co., Chicago. Registrar, Illinois Trust and Savings Bank, Chicago.

The company began regular (quarterly dividends of per cent, on its preferred stock in May, 1899, and has since paid similar dividends in February (15), May, August and November.

The first quarterly dividend on the common stock was i per cent., paid December 31, 1004, and quarterly dividends of the same amount or at the rate of 4 per cent, per annum have since been paid, the dividend periods being March, June, September and December. An extra dividend of a per cent, was paid on the common in March, 1907.

Earnings— Year ending January 31

Profits Pfd. Div. Surplus

In 1904-05, the balance, after the dividend of x per cent, on the common stock, was $445,ooa In 1905-06, the balance, after the 4 per cent, dividend on common stock, was $427,898 ; in 190607, $454,381 ; in 1907-08, $389,724.

President, Clarence M. WooUey, Chicago. Vice-President, John B. Pierce, Chicago. Vice-President, Charles H. Hodges, Detroit. Treasurer, Charles M. Parker, Chicago.

Directors — Henry Bond, Greenfield, Mass. Clarence Carpenter. Colorado Springs. Alfred Cowles. Chicago. James B. Dill, East Orange, N. J. Ralph M. Detroit. John Fertig, Titusville, Pa. James B. Forgan, Chicago. Charles H. Hodges, Detroit. John L. McKinney, Titusville. George W. Parker, St. Louis. Frank M. Peters, Chicago. J6hn B. Pieice, Chicago. W. S. Russel, Detroit. Charles Stinchfield, Detroit. Clarence M. WooUey, Chicago.

Corporate office, East Orange, N. J. Main office, 282 Michiga avenue, Chicago. New York office, 104 West Forty-second street. Annual meeting, first Wednesday in March, at East Orange, N. J.

The Americmk Railways Co.

A corporation formed under the laws of New Jersey, July 2, 1900, being a consolidation of a company of the same name with the United States Electric Railway & Light Co. The company was formed to acquire and control electric street railway companies. It owns or controls large amounts of the securities of the following properties :

Industrial Securities 375

The Bridgeton & MillviUe Traction Co., The Peoples Railway Co., Davton, O.

BridgetOD, N. J. Du Page Construction Co., Chicago.

Bridgcion Electric Co., Bridgeton, N. J. Altoona & Logan Vallej Electric Railway.

The Springfield Light & Power Co., Spring- Chicago & JoUet Electric Railway Co.

field, O. Scranton Railway Co., Scranton, Pa.

The City Passenger Railway Co., Altoona, has been consolidated with the Altoona & Loan Valley Electric Railway Co., and the latter also leases the Home Electric Light & Steam Heatmg Co. ot Tyrone, Pa. The Du Page Construction Co. owns all the stock and bonds of the Chicago ft Joliet Electric Railway Co., and of the Chicago & Desplaines Valley Electric Railway Co. Control of the Scranton Railway Co. was acquired in December, 1905.

The company on June jo, 1907, ovmed $250,000 common and $500,000 preferred stock of the Chicago Union Traction Co.

The Imes controlled by this company comprise a total of J03 miles of road.

This company owned on June jo, 1907, $8,751,700 of securities of the constituent companies, the book value of same being stated as $6,315,388. Stock. . . . . .Par $50 , Authorized, $25,000,000 Issued, $5,095,100

The stock of the company consists of 500,000 shares, and can only be issued at par. The stockholders of record February 15, 1906, were given the right to subscribe for $1,200,000 of new stock at par in the proportion of jo per cent, of their original holdings.

Stock is transferred at the office of the company, Philadelphia. Registrar, Equitable Trust Co., Philadelphia.

The old American Railways Co. had 500,000 shares, par $50, all issued, on which $7.50 per share had been called and paid in. This was exchanged for 75,000 shares of the present company's stock, fully paid, twenty of the old being given for three new shares. In 1901-02 $52,000 of the 5 per cent, bonds were converted into stock.

A dividend of x per cent, was paid on the stock December 15, locx), and quarterly dividends of I per cent, were paid in March, June and September, 1901. The December 15, 190X, dividend was mcreased to per cent. Dividends of the same amount were paid in March (15), June, September and December, until December, 1902, when the rate was mcreased to i5 percent., which has since been the regular quarterly rate.

Funded Debt

Collateral trust, 5 per cent., due Dec., igiz, June and Dec $3,435,500

5 per cent., due April, 1917, April and Oct 313,000

Scranton Ry. trust ., 5 per cent., due Sept.. 1935, March and September 1,499,000

Total $4,247,500

Funded Debt— Controlled Companies. Altoona & Logan Val. El. Ry.con. mort., 4p.c, due Aug. 15, 1933, Feb. (15) & Aug. .$3,100,000 Peoples Railway (;Dayton, O.), xst mort, 5 per cent, due Jan., 1927, Jan. and July. . . . 300,000

" White Line, ist mort, 5 per cent, due Oct., 1925, April and Oct 200,000

Bridgeton St Millville Traction, 1st mort., due Jan. 1930, Jan. and July 500,000

Chiogo & Joliet Elec. Rv., mort., 5 per cent, due May, 1931 May and Nov x, 600,000

Chicago & Desplaines Val. El. Ry., xst mort., 5 p. c, due May, X93X, May and Nov x,ooo,ooo

Joilet Railroad, gen. mort., 5 per cent, due April 30, X918, May and Nov 400,000

Scranton Traction, xst mort., o per cent., due Nov., X932, May and Nov x,ooo.ooo

Scranton Pass Railway, ist. mort., 6 per cent, due May, X920, May and Nov xoo,ooo

Scranton Suburban, xst mort., 6 per cent, due May, 1909, May and Nov 200,000

Scranton Railway mort.,5 per cent, due Nov., XQ12, Jan. and July 900,000

" cot tr. mort., 5 per cent., due Nov., X932, Jan. and July 500,000

Springfield Railway, xst mort., 6 per cent., due Jan., 1933, Jan. and July 500,000

The American Railways Co. collateral trust bonds were created in December, X901. They are secured by the bonds and stocks of constituent companies, 3rielding an annual income of $154,000. Tliey are convertible into stock at par up to November x, X9Q4, and after that date can be called at 105 and interest Trustee of the mortgage and agent for the payment of interest, Provident Life and Trust Co., Philadelphia.

The collateral trust notes dues X017, were created in 1907, and are $2,500,000 authorized. Trustee and agent for the payment of mterest. Equitable Trust Co., Philadelphia.

Earnings Year ending June 30 i Grots Income Net

I 1900-Ox $274,624 $226,106

X90X-02 370,384 303.733

Dividends

Surplus

$"3,530

Earnings — Continued

Gross Income Net Dividends Surplus

The net earnings are given after deducting all expenses, taxes and interest. In 102-03, the gross earnings of the controlled companies were $1,245,398 ; in 1903-04, $1,406,965 ; m 1904-05, $47i,937 ; 1905-06, $3,610,377 ; in 1906-07, $3,855,330.

President, Jeremiah J. Sullivan, Philadelphia. Vice-President, William F. Harritv, Philadelphia. 3d Vice-President, Charles L. S. Tingley, Philadelphia. Secretary and Treasurer, Walter W. Perkins, Philadelphia. General Manager, Henrv J. Crowley, Philadelphia. Comptroller and Assistant Treasurer, Frank J. Pryor, Jr., Philadelphia.

Directors— Richard L. Austin, Philadelphia. John S. Bioren, Philadelphia. William F. Harrity, Philadelphia. Heulings Lippincott, Camden, N. J. E. Clarence Miller, Philadelphia. Silas W. Pettit, Philadelphia. William H. Shelmerdine, Philadelphia. Samuel R. Shipley, Philadelphia. Jeremiah J. Sullivan, Philadelphia. Charles L. S. Tingley, Philadelphia.

Main office, 1331 Walnut street, Philadelphia. Annual meeting, third Thursday in September, at Camden, N. J.

Mkericam Screw Co.

A corporation formed under the laws of Rhode Island in i86a The company was a conaoUdation of the New England Screw Co. and the Eagle Screw Co., and has large plant at Providence. The company in 1808 sold its foreign properties, vis.: the British Screw Co., Limited, of Leeds, Eng., and the Canada Screw Co., Limited, of Dundas, Ontario.

In 1903 the company acquired the Massachusetts Screw Co., Holyoke, Mass.; the Boston Screw Co., Fitchburg, Mass., and several other concerns. Stock Par $100 Authorised, $6,250,000 Issued, $3,250,000

The par value of the stock was $250 per share, there being 13,000 shares, but in 1901 it was decided to change the par value to $100 per share, the outstanding capital of the company, however, remaining unchanged. Stock is transferred at the office of the company, ProvideDce. Registrar, Union Trust Co., Providence.

Dividends on the stock in recent vears have been as follows : in 1890, 5 per cent.; in 1891, 1892 and 1893, 6 per cent.; in 1894, per cent; in 1895 and 1896, 4 per cent.; in 1897 and 1898, none; in 199, 2 per cent. The 1900 and 1901 dividends were quarterly, being per cent, each, in March (31), June. September and December. In 1902, 2 per cent, was psud ; in 1903 and 1904, 4 per cent. In 1905 the quarterly dividends were i per cent., but in July the quarterly rate was increase to iK per cent., and in September and December, 1905, extra diviends oi each were added. In 1906, per cent, was paid and in 1907, per cent. On March 31, 1908, paid per cent.

On December 31, 1907, the surplus was $1,381,848.

President, Samuel M. Nicholson, Providence, R. I. Secretary, William A. CFanston, Providence. Treasurer, George W. Thurston, Providence. General Superintendent, Benjamin Thurston, Providence. Sales Agents, William G. Smythe, Providence. Henry A. Taylor, Chicago.

Directors— Charles Alexander, Providence. John Russell Gladding Providence. Charles B. Humphrey, Providence. Samuel M. Nicholson, Providence; George L. Shepley, Providence. George W. Thurston, Providence. Arthur H. Watson, Providence.

Main office, 31 Stevens street. Providence, R. I. Annual meeting, second Tuesday in February, at Providence.

Akericam Sewer Pipe Co.

A corporation formed under the laws of New Jersey, March 1, 1900, under the title of The American Clay Manufacturing Co., the name of the company being changed to the present style February 1, 1901. The company acquired and owns the property or the entire capital stock of the concerns engaged in the manufacture of vitriSed sewer pipe and other clay products, a detailed list of which was given in the Manual for 1903. The plants are thirty-six in number. Stock Par $100 Authorized, $7,000,000 Issued, $7,000,000

In March, 1903, it was decided to reduce the authorized stock from $10,000,000 to $8,000,000. In November, 1907, the amount was again reduced to $7,000,000. Transfer Agents, Registrar & Transfer Co., New York; The Safe Deposit Trust Ca, Pittteburg. Registrars, Knickerbocker Trust Co., New York ; People's National Bank, Pittsburig.

INDUSTRIAIi SBGURirnSS 377

The firat dividend was declared in 1904, being: 3 cent., payable in quarterly instalmeDts oC per cent, each, bennine July i, 1904, and mbsequent dividends were at the same nte or 3 per oent. per annum until October, 1907, when per cent was paid, whicfa was also the quartcaiy rate in January, 1908.

Funded Debt

ist mort. sinking fund, gold bonds, 6 per cent., due 1900, March and Sept $1,431,000

The mortgage securing: the company's bonds, Knidceibocker Trust Ca, New York, trustee and agent for payment of mterest, is for $3,50o,ooa Since March i, 1901, the company has the right to call bonds up to $ioo,oco per annum at 105.

In 1907 the company earned gross, $435,968 ; n6t, $290,758 ; charges, $86,370 ; dividends, $191,114 ; balance surplus, $15,374.

President, Frank N. Kondolf, Pittsburg. Vice-President, John L. Porter, Pittsburg. Vice-President, George R. Hill, Akron, O. Secretarv and Assistant Treasurer, Thomas D. Brown, New Brighton, Pa. Treasurer and Assistant Secretary, Albert S. McCombe, Toronto.

Directors— F. G. Barker, New Brighton. Ohio C. Barber, New York. W. F. Dunspaugh, New York. W. B. Francy, Toronto. George R. Hill, Akron. Frank N. Kondolf, Pittsburg. John L. Porter, Pittsburg. F. B. Theiss, Akron. J. C. Young, Jersey City.

Corporate office, 15 Exchange place, Jersey City. Main office, Bessemer Building, Ittsburg. Aimual meeting, first Monday in February, at company's principal office in New Jersqr.

AKERICMK SHIPBUILOme CO.

A corporation formed March 16. 1899, under the laws of New Jersey. The company purchased the shipbuilding and dry dock planu of a number of companies operating on the great lakes, a list of which was given in the Manual for 1904. It has nme plants of such description, located at Clevehmd, Chicago, Detroit, Wyandotte, Mkb., Superior, Wis., Milwaukee, Buffido, West Bay City, Mich., and Lorain, O.

The preferred stock is 7 per cent., non-cumulative. Transfer Agent, Trust Co., of America, New York. Registrar, Central Trust Co., New York.

Regular quarterly dividends have been paid on the preferred stock at the rate of 7 per oent. per annum, banning July 15, 1899, the dividend periods oeing January, April, July and October.

The first diykiend on the common stock was i per cent., paid December i, 190a, the directors having declared 4 per cent on the common, payable i per cent, each in December, r9Qa, and March, June and September, 1903, but the December, 1003, dividend was passed and none was paid until 1905, when 4 per cent, was declared, payable in four quarterly instalment of i per cent each, beginning September i, 1905. In 1906, 4 per cent, was also declared payable in quarterly instalments beginning September i, 1906, also a per cent, extra September I, 1906. In 1907, 4 per cent and a per cent, extra was again declared, but the December, 1907, dividend of i per cent, was deferred. It was, however, paid on January 16, 1908, with interest at 6 per cent, from December i, to the time of payment.

Net Eaminn

r899-oo $1,100,066

a,aia,84i

i9Q4-< 1,549,451

Earnings

Year ending June 30

Balance After

Common

Maintenance

Dividends

',736,7

$i,ooo

i,6#'373

On June 30, 1907, the company's assets were $a6,a58,aaa and its working capital, $5,095,610.

Chairman, William L. BroMm, Chicago. President, James C. Wallace, Oeveland. Vice- President and Treasurer, Russell C. Wetmore, Cleveland. Secretary and Assistant Treasurer, Ora J. Fish, Cleveland. General Manager, Robert Logan, Cleveland.

Directors— L. M. Bowers, Binghamton, N. Y. William L. Brown, Chicago. H. M. Hanna, Cleveland. Frank W. Hart, Cleveland. Robert L. Ireland, Cleveland. Andrew M. Joys, Milwaukee. J. A. McGean, Montclair, N. J. PhiUp H. McMillin, Detroit. Samuel Mather, Cleveland. H. H. Porter, Jr., Chicago. Edward Smith, Buffalo. James C. Wallace, Cleveland. Robert Wallace, Cleveland. Russell C. Wetmore, Cleveland. A. B. Wolvin, Duluth.

Main office, xao Viaduct, Cleveland. Annual meeting, second Wednesday in October, at JerMy City.

Mkericam Smelters Securities Co.

(Controlled by American Smelting; & Refining Co.)

A corporation formed under the laws of New Jersey, March 31, 1005. It acquired various properties in the United States and Mexico. It also acquired a majonty of the common stoic of the Federal Mining & Smelting Co. In 1905 also acquired control of the Utah Copper Co.

J com., $30,000,000 i com., $30,000,000

pfd.,A, 17,000,000 Issued pfd., A, 17,000,000 V $77,000,000 pfd., B, 30,000,000 ) I pfd., B, 30,000,000 )

The preferred A stock is 6 per cent., cumulative, and the preferred Bis 5 percent, cumulative, in their respective order. The preferred B stock is guaranteed by the American Smelting & Refining Co. in regard to dividends and also as to principal in case of liquidation. The preferred B is redeemable at par at the company's option on June i, 1930, or any dividend date thereafter. The preferred stocks had no voUng power during the first two years from the formation of the company, nor after that except while the dividends for one vear remain unpaid.

The American Smelting & Refining Co. holds a majority of the common stock which carries with it the control of this company.

Stock is transferred at the office of the company, New York. Registrar, Morton Trust Co., New York.

The first dividend on the preferred A stock was i per cent (for two months), paid July i, 1905. Subsequent dividends have been paid quarterly, per cent, each in March, June, September and December.

The first dividend on the preferred B stock was per cent, quarterly, paid September 1, 19QS, and subsequent dividends have been at the same rate in March, June, Sepciember and December.

President, Daniel Guggenheim, New York. Vice-Presidents, Barton Sewell, New York. Silas W. Ecdes, New York. Secretary, W. E. Merriss, New Yoric. Assistant Secretary, G. F. Hilton, New York. Treasurer, Morris Guggenheim, New York. Assistant Treasurer, F. W. Hills, New York.

Directors— Edward Brush, New York. Joseph Clendenin, Baltimore. Silas W. Eodes, New York. Anton Eilers, New York. Karl Eilers, New York. James B. Grant, Denver. Franklin Guiterman, Denver. Daniel Guggenheim, New York. Isaac Guggenheim, New York. Morris Guggenheim, New York. M. Robert Guggenheim, New York. Solomon R. Gumnheim, New York. John K. MacGowan. New York. Willard S. Morse, Mexico. Edgar L. Newhouse, New York. W. H. Pierce, Baltimore. Barton Sewell, New York. Dennis Sheedy, Denver. John N. Steele, New York.

Corporate office, 15 Exchange place, Jersey City. Main office, 71 Broadway, New Yoric Annual meeting, first Wednesday in September, at Jersey City.

AMERICA K SKELTIHB A REFIKIlie CO.

A corporation formed under the laws of New Jersev, April 4, 1899. The company acquired the property, rights and assets of a number of smelting corporations located in Cokxado. Montana, Nebraska, Illinois, Utah, Mexico and elsewhere. See list in the Manual for 1904.

It has a controlling interest in the United States Zinc Co., whose plant is at Pueblo, Col., and owns the entire capital stock of the American Smelters Steamship Co., operates steamers in its interest between New York and other ports of the United States and Mexico.

In 1900 the company acquired the plants of M. Guggenheim Sons at Perth Amboy, N. J., and elsewhere. To carry out this plan the stock was mcreased to $100,000,000, ooe-half of the increase of $35,000,000 to be preferred and one-half common stock. In Z9oa-03 the company completed a large new plant at Murray, Utah, near Salt Lake City. The company, in 1903, made a six-year contract for the entire ore output of the Federal Mining & Smelting Co.

The American Smelters Securities Co. was organised in 1905 in the interest of this company which controls it, owning $17,751,000 of its $30,000,000 common stock and guaranteeing the 5 per cent divkiends on its $30,000,000 of preferred B stock. See the above statement of the American Smelters Securities Co.

The preferred stock is 7 per cent., cumulative, and has a preference as to assets in case of Uquidation. Transfer agency, 71 Broadway, New York. Registrar, Chase National Bank, New York.

The first dividend on the preferred stock was per cent, quarterly, October, 1S99. Regular quarterly dividends of the same amount have since been paid in January, April, July and October. April 10, 1900, an additional dividend of seven-eighteenths of z per cent, was pakl on the barred to cover the period from April ix to April 30, 1899.

Industrial 8Bcuritibs 379

The first dividend on the common stock was per cent., paid January 14, 1904. Similar quarterly dividends, or 5 per cent, per annum were thereafter paid, but the October, 1905, dividend was increased to iper cent, or 7 per cent, per annum. The July, 1907, dividend was, however, a per cent, ana the same rate was also paid in October, 1907, and January, 1908, but the April, 1908, dividend was reduced to i per cent. The dividend periods are January, April, July and October.

Funded Debt Omaha & Grant Smelting Co., ist mort, 6per cent, due March, 191 1, March and Sept.. $349,000

The Omaha & Grant Co. ist mortgage 6s have a sinking fund of $70,000 annually.

Earnings Year ending April 30

Gross Net Div od Pref. Surplus

Gross Net Improvements, Etc. Div. on Stocks Surplus

1901-03 $7,038,681 $4,861,6x9 $1,300,000 $3,500,000 $61,6x9

1903-03 9,403,710 7.576,785 3,X55,683 3,500,000 I,93I,X03

1903-04 9,435,443 7,8x4,318 1,097,581 4,750,000 1,966,737

X905-06 11,665,885 9,7x3,154 9381O99 6,750,000 3,034,054

The item of improvements includes the metal stock account, to which $1,500,000 were credited in 1903-03, and $500,000 in i903-04<

President, Daniel Guggenheim, New York. Vice-Presidents, Barton Sewell, New York. Silas W. Eccles, New York. Edward Brush, New York. Secretary, W. E. Merriss, New York. Assistant Secretary, W. K. .Farrand, New York. Treasurer, Isaac Guggenheim, New York. Assistant Treasurer, F. W. Hills, New York.

Directors— Edward Brush, New York. Joseph Clendenin, Baltimore. Anton Eilers, New York. Karl Eilers, New York. Silas W. Eccles, New York. James B. Grant, Denver. Franklin Guiterman, Denver. Daniel Guggenheim, New York. Isaac Guggenheim, New York. Morris Guggenheim, New York. M. Robert Guggenheim, New York. Solomon R. Guggenheim, Elberon, N. J. Frank W. Hills, New York. W. S. McComick, Salt Lake City. John K. MacGowan, New York. Willard S. Morse, New York. Edgar L. Newhouse. New York. Giant B. Schley, New York. Barton Sewell, New York. Dennis Sheedy, Denver. William Sproule, New York. John N. Steele, New York. Judd Stewart, New York. Mahlon D. Thatcher, Pueblo, CoL

Corporate office, 15 Exchange Place, Jersey City. Main office, 71 Broadway, New York. Annual meeting, first Wednesday in September, at Jersey City.

Ahericmh Skuff Co.

A corporation formed under the laws of New Jersey, March X3, 1900. It took under control the snuff properties of The American Tobacco Co. and the Continental Tobacco Co., as well as certain other establishments of the same character.

SuI..Par$.,...Autharid|~-;$J;5;-[ Issued]--; ;i;-;7 I $,3.a>..700

The preferred stock is 6 per cent., non-cumulative. Transfer Agent, Morton Trust Co., New York. Ristrar, National Bank of Commerce, New York.

The firet dividend of 3 per cent, on the preferred stock was declared in December, X900, payable January 3, X901, and quarterly dividends oi 1% per cent, have since been regularly paid on the preferred in January, April, July and October. The first dividend on the common stock was 3j( per cent., paid January 3, 1903, and similar quarterly dividends being at the rate of 10 per cent, per annum were paid on the common in January (3), April, July and October, until October, 1907, when the quarterly rate was 3 per cent. The same rate was also paid in January, 1908.

Earnings Total Surplus

Profits Div. on Stocks Account

19H 3,458,419 1,830,170 2,438,755

X905 2,633,550 1,830,170 3,252,135

The Manual Op Statistics

From 1903 on, dividends include those paid on both the preferred and common stocks.

President, Martin J. Condon, xst Vice-President, Jonathan Peterson, ad Vice-President, Otis Smith. 3d Vice-President, John H. Bowers. Secretary and Treasurer, E. D. Christian. Auditor, Elmont W. Somers.

Directors— John H. Bowers. John B. Cobb. E. D. Christian. Martin J. Condon. A. A Voe. James B. Duke. Caleb C. Dula. George A. Hehne. John W. Heibett. Pefdval S. Hill. Thomas J. Moloney. Henry D. Moore. Jonathan Peterson. Ernst Schmeisser. Otis Smith. Elmont W. Somers.

Main office, no First street, Jersey City. New York office, in Fifth avenue. Annual meeting, first Tuesday in March, at Jersey City.

American Soda Fouhtaih Co.

( com., $1,350,000 i com., $1,250,000

Stock. ..Par $100. .Authorised-K ist pref., 1,350,000 Issued ist pref., 1,350,000 $3,750,000

A New Jersey corporation, formed in 1891 to take over the works and business of the largest manufacturers of soda water apparatus in the United States, including the Tufts and Puffer works at Boston, Matthews at New York and Lippincott at Philadelphia. It was reported in January, 1907, that the last named plant would be resold to the original owners.

The ist preferred stock is 6 per cent., cumulative, and the 3d preferred 8 per cent., cumulative. Stock is transferred at the office of the company, Boston. Registrar, Boston Safe Deposit ft Trust Co., Boston.

The com|>anv paid full dividends on both classes of preferred stock until November, 1896. None were paid from that time to November 31, 1900, when 3 per cent, was paid on the ist preferred. On November 30, 1901, 6 per cent, was paid on the ist preferred, ana 6 per cent, was also paid November, 1903, November, 1903, and November, 1904. The November, 1905, dividend was passed. The unpaid accumulated dividends are 31 pier cent, on the ist preferred and 64 per cent, on the 3d preferred. Dividends on common were formerly paid at the rate of 10 per cent per annum. In May, 1896, quarterly dividends on common were reduced from per cent to per cent., and none nave been paid since November, 1896.

Earnings Year ending August 31

Total Surplas

Net Dividends Surplus Acooiint

X79iO0O i79icx Sur. 6,©76

On November 30, 1906, the company held notes of customers for $1,503,978 and an ences of assets over liabilities of $[,833,345. No report of operations was made pubUc for 1903-04, or since.

President, James N. North, Boston. Vice-President, Leonard Tufts, Boston. Secretary, Isaac F. North, Boston. Treasurer, William T. Jenney, Boston.

Directors— William T. Jenney, Boston. Charles N. King, Jersey City. Isaac F. North, Boston. James N. North, Boston. James O. Proctor, Jr. Eugene L. Tufts, Jr. Leonard Tufts, Boston. Charles Warren, Boston. Alfred B. White.

Corporate office, Jersey Citv. Main office, 383 Congress street, Boston. New York oflke, 44Q First avenue. Annual meeting in November, at Jersey City.

Akericam Steel Foukdries

A corporation formed under the laws of New Jersey, June 36, 1903. The purpose of the company is the manufacture of iron, steel, coke and other materials.

The company has plants at the following points : Indian Harbor, Ind.; EUbrt St Loots, 111; Franklin, Pa.; Chester, Pa.; Sharon, Pa.; Alliance, O.; Granite City, IIL; Pittsburg.

In September, 1904, the company acquired a controlling interest in the stock of the Commonwealth Steel Co. (which was sold in November, 1906), and in February, acquired the stock of the Simplex Railway Appliance Co. In January, 1908, a proposition was submitted to retire the preferred stock and reduce the company's share capital. See below.

Industrial. Securities

The preferred stock IS 6 per cent., cumulative. Transfer Agent, Trust Co., of America, New York. Registrar, Guaranty Trust Co., New York. The company in October, 1906, retired $1,890,000 common and $460,000 preferred stock which had been held in its treasury.

The first dividend on the preferred stock was per cent., December x, 1903, and quarterly dividends of the same amount were paid until December, 190;, inclusive. In May, 1904* i per cent, was also paid, and i per cent, in August, 1904, and smce that date no further dividends were paid.

In January, 1908, a call was issued for a special stockholders' meeting on February 8, 1908, to vote on a proposition to reduce the stock to $17,184,000 all of one class. The plan was that the old preferred should receive 77 per cent, in new stock, and 20 per cent, in new fifteen-year 4 per cent, debentures (to represent the accumulated unpaid dividends on the old preferred stock) and 3 per cent, in cash. The old common stock was to be exchanged for 35 per cent, in new stock. It was provided that the 4 per cent, debentures might be called at par, but that not less than 10 per cent, should be annually retired beginning February i, 19x3. Action in the matter was delayed, but in March, 1908, it was understood that a large majority of the stock bad assented to the plan.

Funded Debt American Steel Castings Co. xst mort., 5 per cent., gold, due Nov. x, X9X3, May and Nov. $446,000 Mort. and coL tr. bon 6 per cent., due Oct, X935, April and Oct 2,965,000

Total $3i4i 1 .000

The total of the American Steel Castings Co. bonds authorised and issued was $490,000, but $44,000 were taken up. Trustee of the mortgage and agent for the payment of interest. Guaranty Trust Co. of New York. The new collateral trust bonds were authorised in x9o, for $3,500,000, and were sold at 80, partly to stockholders and balance to an underwriting syndicate. The bonds are secured bv mortgage of the company's plants, all the stock of the Simplex Railway Appliance Co., and 55 per cent, of the stock of the Commonwealth Steel Co. Trustee, Trust Co. of America, New York. Interest is paid at the office of the Trustee, New York.

Earnings Year ending July 3X

Charges and

GrcMS Sale Net Income Div. Pret. Depreciation Surplus

X9oa-p3 $1,513,403 $698,200 $835,203

X903-04 330,479 697,500 Def. 37,021

X90S-06 $15,297,096 1,596,955 $587,433 Sur. 1,009,521

1906-07 i9,463,52X 3,100,607 377,828 " 3,722.779

No formal rraort was published for X904-05. It was officially stated that the compaay lost on its operations for the year $329,000, having expended $3x7,000 for improvements. In 1906-07, $343,68a was deducted for and purchase of patents ; balance surplus, $2,379,097. The total surplus account July 31, X907, was $3,274,257.

Chairman, Charles Miller, Franklin, Pa. President, William V. Kelley, Chicago, ist Yice-President, Robert P. Lamont, Chicago. 3d Vice-President, W. W. Butler, New York. 3d Vke-President, George E. Scott, Chicago. 4th VicePresident, Robert H. Ripley, Chicago. Secretary and Treasurer, F. E. Patterson, Chicago. Comptroller, A. Bentley, Chicago.

Directors— Morris Bachman, Sharon, Pa. William W. Butler, New York. Arthur J. Eddy, Chicago. Elbert H. Gary, New York. Edward F. Goltra, St. Louis. John M. Harrison, HaverhUl, Mass. WiUiam V. Kelley. Chicago. George B. Leiglfton, Monadnock, N. H. J. A. Mkldleton, New York. Charles Miller, Franklin, Pa. Thomas K. Niedringhaus, St. Louis. Max Pam, New York. W. D. Sargent, New York. Edward Shearson, New York. Rolla Weils, St. Louis.

Corpoxate office, 15 Exchange place, Jersey City. Chicago office, Commercial National Bank BuDding:. Axmual meeting, first Thursday, preceeding first Friday, in December, at Jersey City.

Ahericmm Sugar Refihikg Co.

A corporation formed under the laws of New Jersey, January xo, x8qi, to succeed the Sugar Refineries Co., or Sugar Trust, which was formed in i8iB7, a number of the sugar refineries in the United States being taken into the Trust and Its certificates issued to represent the value of their plants. The capital of the Trust represented in certificates was $50,000,000.

Stock.. Par $xoo.. . Authorised $45,ooo,ooo ) lasted 1 5,ooo,ooo ) jqoooo iJ%Km.,.xrM, auw. ..xxuuiviiaQu pref., 45,000,000 f ] pref., 45,000,000 f -py"'"."

The authorised stock was originally $25,000,000 common and $25,000,000 preferred. In 1893 it was increased to $37,500,000 of each class to acquire additional properties. In X90X both dasKs were increased to $45,000,000, and the stockholders were given the right to subscribe for one share of new stock for each five shares of old held by them.

33a THE MANUAL OF STATISTICS

The preferred stock is 7 per cent., cumulative. Stock is transferred at the transfer office of the company, 117 Wall street. New York. Registrar, Central Trust Co., New York.

The company has paid 7 per cent, per annum on the preferred stock since the reorganisation. On a part of the preferred stock the dividends are semi-annual, per cent, each, January and July, and part quarterly, per cent, each in January, April, July and October.

On the common stock the company paid 4 per cent, half yearly from July, 1891, until October, 1893, when rate was raised to aj per cent, quarterly. In April, 1893, 3 per cent, quarterly and an extra dividend of 10 per cent, was paid, after which it was 3 per cent, quarterly, until April, 1900, when the rale was reduced to i per cent. In July, 1900, per cent, was also paid. The October, 1900, dividend was xV per cent., or 7 percent, per annum, and that rate has since been maintained. Dividends on the common are paid quarterly, in January, (a) April, July and October.

Dividends of per cent, were paid quarterly by the Trust from October, 1887, to July, 1890, amounting to $11,900,993. In consequence of the intended reorganisation and the litigation in which the Trust was involved, the October, 1890, dividend was deferred.

For a detailed account of the old Trust and a record of the present company's early history, see the Manual for 1903.

The company made no annual report until 1908 when it submitted one for the year ending December a8, 1907. This document showed for the twelve months ending on that date, net earnings, $8,749,391 ; dividends on stock, 7 per cent., $6,399,930 ; balance surplus, $3,449,361.

Balance Sheet — December a8, 1907 Assets — Refineries plant account, including sur refineries, lands, wharves, buildings, tools and machinery in Brooklyn, Jersey City, Boston, New Orleans and Philadelphia; also sugar warehouses in Chicago and St. Louis, at cost in stock and cash less reduction for diminished value $48,835,316

Brooklyn Cooperage Co. property, including several cooper shops, lands, buildings, machinery and equipment in Brooklyn and elsewhere, stage mills, stock of cooperage materials on hand and other property; also timber lands 193

Brooklyn Transportation Co. stable properties in Brooklyn and Jersey City and

equipment, and other properties 373tSi6

Brooklyn Distilling Co 599t436

Insular Improvement Co. of California, including real estate owned in San Francisco 350,000

Refineries' sundry supplies, including bone-black 1,764,584

Raw sugar, including sugar to arrive, refined sugar and syrup and stock in process

of manufacture 17,533,336

Cash 5,016,986

Loans 17,666,550

Accounts and bills receivable

Bonds and stocks held for use as reserve ,933,870

Investments in beet sugar and other corporations in which company is stockholder, cost in cash or less 33,907,053

Total assets 1 $X33.449.S3a

Liabilities—

Capital preferred stock $45,000,000

Capital common stock 45,000,000

Accounts and bills payable, including acceptances on letters of credit for raw sugar

to arrive 9,337,369

Unpaid dividends, those of January 3, 1908, and old balances. 1,585,418

Reserve for rebuilding 1,500,000

Fire Insurance reserve fund 54599o8

Surplus as a contingent reserve for business under action of stockholders* meeting. . 25,576,936

Total $i33.449.53a

The company filed each year in Massachusetts, in conformity with the State Laws, a balance sheet which has been given in the successive editions of the Manual, the figures for 1906 and 1907 being as follows :

Assets Dec. 31, xqo6 000.31,1907 I.iabiutibs Dec. 3i,igo6 Dec. 31, 1907

Real est. and machinery. $36,039,330 $34,433,150 Capital stock... $90,000,000 $90,000,000

Cash and bills receivable.. 36,731,273 37,501,306 Debts. 35.3S9o38 14,055,606

Sugar, raw and refined. .. 16,035,978 13,646,643 Reserve 14,435,900 93,018,991

Investm'tsinotherco.'s.. 50,988,467 40,484,493

Total $x39,784t938 $136,054,597 Total $139,784,938 $96,o54.597

Industrial Sbcuritibs 333

President, W. B. Thomas, New York. Secxvtary, C. R. Heike, New York. Vice-President and Treasurer, Arthur Donner, New York.

Directors—Arthur Donner, New York. George H. Franer, Philadelphia. Horace Havemeyer, New York. John Mayer, Morristown, N. J. H. C. Mott, New York. Henry E. Niese, New York. John £. Parsons, New York. Charles H. Senff, New York. W. B. Thomas, Boston.

Main office, Essex and Washington streets, Jersey City. Annual meeting, second Wednesday in January, at Jersey City.

Ahericak Telesraph A Cable Co.

A corporation formed under the laws of New York, January i8, 1881. The company owns two cables between Sennen Cove, England, and Dover Bay, Nova Scotia. Cables are leased to the Western Union until 1933, with a guaranty of 5 per cent, per annum on the stock issued.

Stock Par $xoo Authorised, $ao,ooo,ooo Issued, $14,000,000

Stock is transferred at the office of the company, New York. Registrar, Mercantile Trust Co., New York.

Dividends are paid quarterly, tf( per cent, each, in March (i), June, September, December.

President, Robert C. Clowry, New York. Vice-President, Thomas F. Clark, New York. Secretary, A. R. Brewer, New York. Treasurer, Myron T. Wilbur, New York.

Main office, 195 Broadway, New York. Annual meeting, fourth Wednesday in May, at New York.

Ahericam Telephone A Telegraph Co.

A corporation formed under the laws of New York in 1885. The company was oi;anised the American Bell Telephone Co., a Massachusetts corporation, to build and operate its longdistance telephone system. In March, 1900, the stockholders of the American Bell Telephone Co. decided to turn over to this company all its property and assets, including the stock it owned in operating telephone companies, the arrangement being that holders of the American Bell Telephone Co.'s stock, of which there was $25,886,3cx> outstanding, should exchange it for stock of tlus company, two shares of the latter being given for one share of Bell Telephone Co. stock. The homers of the latter also had the right to subscribe at par for one share additional of this company's stock for every five shares held by them.

This company holds Uue interests, in man cases amounting to a control, in the stocks of the telephone companies which operate under its licenses in all parts of the country, and has considerable amounts of the bonds of certain of these organizations. The balance sheet of December 31, 1907, gave the stocks and bonds of the companies assodated with or controlled by this company as $273,404,797.

The Western Electric Co., which is controlled by this company, manufactures telephones and telephone supplies, and has factories in New York and Chicago.

Stock Par $100 Authorized, $350,000,000 Issued, $179,630,950

The stock of the company was orinally $13,000,000. The amount was increased to $30,000,000 in June, 1896 ; to $35,000,000 in x8o8; to $75,000,000 in 1899 and to $100,000,000 in

1900, with a further increase to $150000,000 in June, 1901. Of the $94,337,500 stock outstanding at the beginning of 1901, $51,773,600 was issued in exchange for the stock of the American Bell Telephone Ca, over $10,000,000 was subscribed for at par by the old stockholders, and the balance was left in the treasury. In June, 1901, stockholders were given the right to subscribe at par for $30,700,900 of new stock, and in loos additional stock to the amount of $31,937,000 was issued and sold to the stockholders, and in 1903 a 30 per cent, allotment at par was made involving the issue of $31,943,200. Included in the stock outstanding as given above, is $37,- 110,400 held in the treasury.

Stock is transferred at the office of the Treasurer, Boston and New York. Registrars, Old Trust Co., Boston ; Guaranty Trust Co., New York.

The American Telephone 8c Telegraph Co. paid 1% per cent, regular and V per cent, extra on its stock July 16, 1900, and began the payment of regular quarterly dividends of ij per cent. October 15, 1900. The January 15, 1901, dividend was 1% per cent, and per cent, extra; in April, 1% per cent. ; in July, 33/ per cent. ; in October, iH per cent., making per cent, in

1901. The same rate was maintained in 1903, 1903, 1904 and 1905. In 1906 the dividends were as foUows: in January per cent, and percent, extra; in April per cent.; in July percent, and per cent, extra, and in October 3 percent., making 8 per cent, for the year. The January, j907, dividend was also 3 per cent., and subsequent quarterly payments have been the same.

a&l THB MANUAL OF STATISTICS

Funded Debt

CoUateral mort., 4 per cent, due July, 19EM, Jan. and July $53,000,000

Convertible bonds, 4 per cent. , due March, 199 March and September 100,000,000

Three-year coupon notes, 5 per cent, due January, 1910, January and July 35,000,000

American Bell Telephone debentures, 4 per cent., due July, 1908, Jan. and July. . . . 10,000,000

Total $ 188,000,000

The American Telephone & Telegraph 4 per cent, collateral trust mortgage was created in 1899 to provide for extensions. The mortgage secures both the bonds of this company and the American Bell Telephone Co. 4 per cent, debentures. The amount of the bonds may be increased on the deposit of additional collateral, but such additional issue must not exceed 75 per cent, of the estimated value of the securities deposited.

The American Bell Telephone debenture 4s were created in 1898. In June, x8, $5,000,000 were sold, of which $2,000,000 were to retire the old 7 per cent, debentures maturlg August z, 1898. The balance of the first issue of $10,000,000 was sold in 1898 and 1899 to provide for extensions.

In December, 1905, the stockholders authorized an issue of $150,000,000 bonds convertible into stock in not less than three nor more than twelve years from the date thereof, the rate of interest, amounts and terms on which they shall be issued to be decided by the directors. It was stated that this was to provkle for the company's capital requirements and $100,000,000 of the bonds, due March, 1936, interest March and September, and convertible intostodc at 134 a-7 for the latter between March i, 1909, and March x, 19x8, were sold. The purchase was made by a banking syndicate which paid for the bonds in instalments extending over a period of two years. The $25,000,000 of 5 per cent, notes, due 1910, were sold in January, 1907.

The number of telephones in use by the companies included in this system December 31, X907, was 7544> i05> On January x , 1908, the licensee companies had 5, xo8 exchanges, a total of 8,6x0,599 miles ox wires, and 3,035,533 stations, and including sub-licensees and others, 3,839,000 stations.

Earnings

Expenses and Surplus

Eaminn Chaises Dividends and Reserves

190X ix,6o6,8x6 4.908,531 5.<023 a,34B,962

9oa X3,a77,457 5.44a."S 6,584,403 i,SO.67

1904 18,546,659 7,a70957 9.799,117 1.476.584

1905 21,7x2,831 8,678,79a 9.866.355 3,167,683

1906 24,596,098 xx,555,x6x 10,195,234 9,775,703

1907 25,6o9,67X 9,340,283 10,943,644 5.395,743

The items of earnings and expenses and charges for X907 are stated in difierent form from the similar items in preceeding years.

On December 3X, 1907, the depreciation reserve was $x8,4X3,533j and surplus, $12,324,884.

The consolidated income account of all the companies (dumications being excluded) for 1907, showed: gross earnings, $x2o,7S3,753 ; net, $32,845,200; chaiges, $7,095,500; dividends, $X9,2o6,ioo; balance, surplus, $6,6x3Jooo.

President, Theodore N. Vail, Boston. Vice-President, Charles P. Ware, Boston. Vice- President, Edward J. Hall, New York. Vke- President, Bernard E. Sunny, Boston. Secretary, Charles Eustis Hubbard, Boston. Treasurer, William R. Driver, Boston.

Directors— Charles W. Amory, Boston. Thomas B. Bailey, Boston. George F. Baker, New York. Francis Blake, Boston. Harry H. Brigham, Boston. Alexander Cochrane, Boston. T. Jefferson Coolidge, Jr., Boston. W. Murray Crane, Dalton, Mass. Georgia L. Green, Boston. Henry S. Howe, Boston. Charles Eustis Hubbard, Boston. William Lowell Putnam, Boston. Thomas Sanders, Boston. Nathaniel Thayer, Boston. Sylvanus L. Schoonmaker, New York. Theodore N. Vail, Boston. John I. Waterbury, New York. Moses Williams, Boston.

Main offices, 15 Dey street, NeW York and 125 Milk street, Boston. Axmual meeting, last Tuesday in March, at New York.

The Akericak Thread Co.

A corporation formed under the laws of New Jersey, March xo, 1898, to amalgamate tlie manufacturers of spool cottons, and the allied businesses of cotton spinning, etc The company acquired a number of plants, a list of is given in the Manual for 1903. In 1907, the construction of a new mill at Fall River, Mass., was undertaken.

Industrial Securities

The preferred stock is 5 per cent, cumulative. All the common stock is issued, but only $3.50 per share has been pakf in on the same, and it is understood that the En|:li8h Sewing

Cotton i

1 Co. owns the entire issue.

Transfer Agent, Guaranty Trust Co., New York. Registrar, United Sutes Mortgage St Tn?st Co., New York.

The first regular semi-annual dividend of per cent, on the preferred stock was paid July I, 1899. Half-yearly dividends of 23 per cent, have since been regularly paid in January and July. A dividend of jo cents per share on the common stock was paid in May, 190a On July z, 190X, J5 cents per share, or 10 per cent, on the amount paid in, was paid on tiie common. No dividends on the common were paid again until July 8, 1903, when its holders received 14 cents per share, or 4 per cent, on the amount paid in on the shares. In July, 1904, 16 oer cent., or 56 cents per share, was paid on the common, in July, 1905, 8 per cent., or 98 cents per share and in July, 1906, 14 per cent., or 49 cents per share.

Funded Debt

zst mort., 4 per cent., due Jan., 1919, Jan. and July

The 4 per cent ist mortgage is for $6,000,000. The properties formerly constituent companies are all free and clear of liens and encumbrances. Trustee of Guaranty Trust Co., New York.

Earnings Year ending March 31

Profits Depreciation CharKes Dividend .

Z901-09 $754,079 $300,000 $364,748 $344,533

X9-04 1,497.457 300,000 336,900 344,533

No statement of earnings for 1906-07, was made public.

In 1903-03, after reserving $x68,ooo for the dividend paid in July, 1903, on the common stock, there was a surplus for Uie year of $191,981. In 1903-04, dividend on common, $672,000; surplus for vear, $44,023. In 1004-05, dividends on common, $336,000, surplus, $4,508. In 1905-06, dividend on common, $588,000 ; balance surplus, $59,784.

$6,000,000 owned by the the mortgage,

Balance Sheet, Assets Land, water and steam power

mills, machmery, plant and

effects $12,987,353.92

Stocks in trade at net cost.. . 5,644,046.12

Accounts receivable, net 1,129,430.78

Cash at bankers and in hand. . 550,178.18

Sundry investments. 216,209.59

Advance Payments 34,54i*i3

March 31, 1907

Common stock, par value, $5 — $3.50 paid up

5 per cent, preferred shares, par value, $5 — fullv paid. . . .

4 per cent ist mort. bonds. . . .

Accounts payable

Bond interest accrued to date .

Depreciation fund

Balance from profit and loss account

4,890,47500 6,000,000.00 1,828,250.53 ' 60,000.00 2,361,588.08

Total $30,561,659.73

Total $30,56159.72

President, Thomas C. Waterhouse. Secretary and Treasurer, Theodore M. Ives. Assistant Secretary and Assistant Treasurer, J. G. Wylie. Auditors, Jone?, Crewdson & Youatt. SelHng Agent, The Thread Agency, New York.

DlrectorB- -J. Bowker. Robert C. Kerr. J. Palmer. E. Martin Philippi. F. H. Roby. Thomas C. Waterhouse.

Executive Conunittee—Robert C. Kerr. E. Martin Philippi.

Corporate office, 243 Washington street, Jersey City. New York office, 360 West Broadway. Annual meeting, first Tuesday in July, at Jersey City.

THE AMEBiC/m TOBACCO CO.

A corporation formed under the laws of New Jersey, October 10, 1904, being a merger of the American Tobacco Co., Consolidated Tobacco Co. and Continental Tobacco Co. under an agreement dated September 9, 1904, which merger became effective October 19, 1904. See low regarding the terms of the agreement of merger and the position of the merged companies. In January, 1907, the New Jersey courts renders a decision that the merger was legal and id.

This company acquired the plants, factories, property and trade-marks of the merged companies. It owns a majority of the stock of the American Cigar Co. and of the common stock of the American Snuff Co., the American Cigar Co. owning a majority of the common stock of the Havana Tobacco Co. and common stock of the American Stogie Co. See separate statements of those companies. A majority of the stock of the P. Lorillard Co. is owned, the Continental Tobacco Co. having acquired the $3,000,000 common stock of that company and $1,581,100 of its $a,ooo,ooo prerrea stock. Under an agreement made in 1903 between the oU American Tobacco Co. and the Imperial Tobacco Co. of Great Britain, their export business is conducted by the British American Tobacco Co., Limited., the capital stock of which is ;6,ooo,ooo, authorized, issued ;5,99o,oax, the American Tobacco Co. owning two-thirds there of and the Imperial Tobacco Co. one-third.

The preferred stock is 6 per cent., cumulative, with a preference as to assets in case of a dissolution. The preferred shareholders have no voting powers at elections of directors, or stockholders* meetings, except those convened for Increasing: or decreasing the capital stock, dissolving the corporation, or passing upon other matters on which the statute expressly gives the preferred stock power to vote.

Transfer Agent for preferred and common stock, Morton Trust Co., New York. Registrar, The Farmers' Loan & Trust Co., New York.

Dividends on the preferred stock began to run from October i, 1904. The first dividend on the preferred was iH Pr cent., paid January a, 1905, and regular quarterly dividends of the same amount or at the rate of 6 per cent, per annum, have since been paid on January (i), April, July and October. The first dividend on the common stock was per cent., paid March z, 1905, and similar dividends have since been paid quarterly in June, September and December, a 10 per cent, extra dividend being paid in December, 1905, 5 per cent, extra in September, 1906, per cent, extra in December, 1906, 5 per cent, extra in June, 1907, per cent, extra in September, Z907, and 3f per cent, extra in December, 1907.

Funded Debt

Gold debenture bonds, 6 per cent., due Oct., 1944, April and Oct $54t 750.300

" 4 per cent., due Aug., X951, Feb. and Aug 53i556,too

Total $108,306,300

Both issues of gold debenture bonds are secured by a trust indenture, not a mortgage, to the Morton Trust Co., New York, trustee. The authorised amount of the 6 per cent, boncte is $56,- 090,400, and of the 4 percent, bonds $78,689,100. In 1905, the company purchased and canceled $15,300,000 of the 4's; in 1906, $3,437,000; and in 1907, $7,496,000, reducing the amount outstanding to the figures given above. The trust indenture imposes a charge in favor of the trustee upon all its property and earnings for the benefit, first, of the 6 per cent, bonds, and second, of the 4 cent, bonds, the company agreeing never to mortgage its property or create any charge upon its income without expressly recognising and confirming the prior claims in the above order of the two above bond issues. In the event of default, the trustee, upon the written request of holders of 35 per cent, of the 6 per cent, bonds, may institute foreclosure proceedings, the proceeds of a sale to be applied to liquidating the claims of the two bond issues in their respective order. There is a provision for a sinking fund of $500,000 per annum for the 6 per cent, bonds to be purchased at lao or less, and if no bonds can be purchased at that price, the amount unexpended is to be returned to the company. Under this, in 1905, $440,350 of the 6 per cent, bonds were purchased and retired ; in 1906, $441,800 ; and in 1907, $438,150.

There are outstandmg $5,000,000 4 per cent, gold notes, Series A, due March 15, loxi, and $5,000,0004 per cent, gold notes, Soies B, due March 15, 1913, of the American Ci£ Co., oat of the controlled companies, which are a contingent liability of this company, the said notes having been guaranteed by the old American Tobacco Co. and the Continental Tobacco Co.

The oki American Tobacco Co. was formed under the laws of New Jersey, January ao, 1890. It acquired the property and works of a number of firms and companies principally engaged in the manufacture or dgaiettes and smoking tobacco, a list of which was given in the company's statement in the Manual for 1904. See the Manual for 1907, for a full account of the merger and exchange of the securities of the old companies for those of the present organisation.

Earnings

Net Interest, etc. Dividends Pref. Dividends Com. Surplus

The company's surplus account December 31, 1907 was $33,554,707.

Industrial. Shcukitiss

President, James B. Duke. Nev York. \loe-PRsidenU John B. Cobh. Nev York, \lce- PresideDt, Caleb C Dnia. New York. Yioe-Prtsideiit, Robert B. Dula, New York. Mce- President. Williani R. Harris. New York. X'loe-Prcsideot, Perdval S. HilU New York. Secretary, J. T. WikxR, New York. Treasurer, John M. W. , New York.

Directors— George Arents. New York. Anthony N. Bradr, Albanr, N. Y. Paul Brown. SL Louis. John B. Cobb. New York. James B. Duke. Somerrille. N. J. Caleb C. Dula, New York. Robert B. Dola. New York. Corse \V. Elkins, Philadelphia. H. II. Hanna. New York. Ullham R. Harris. New York. Geor A. Helme, New York. PerdTal L. HilU New York. Herbert D. Kingsbury. New York. Robert D. Lewis. New York. Pierre Lorillard, New York. Thomas J. Maloney, Jersey City. William H. McAhster, New York. Rufus L. Patterson, New York. OKircr H. Pajne, New York. Frank H. Ray. New York. Thomas F. Ryan, Oak Ridge, Va. Grant B. Schley, New York. Robert A. C Smith. New York. Robert K. Smith,iNewYork. Charles N. Strotz, New Yoric George D. \Videner. Philadelphia. Peter A. B. Wkiener, Philadelphia. Thomas B. Yuille, New York.

Corporate office, no First street, Jersey City. Main ofiBce, in Fifth avenue. New York. Annual meeting, second Wednesday in March, at Jeraqr City.

MaERICMM TYPE FOUKOERS CO.

A oorporalion formed under the laws of New }txsef, Ftbraxrj 8, 1893, to acquire and cany on the business of twenty-three of the principal type foundries of the United States.

The preferred stock is 7 per cenL, cumulative. Stodc is transferred at the office of the company, Jersey City. Registrar, Mercantile Trust Co., New York.

At the annual meeting in October, 1895, it was resolved to fund company floating: debt and reduce the amount of share capital. The old stock was $4,000,000 preferred and $5,000,000 common, which were converted into $4,000,000 common.

In January, 1903, an issue of $3,000,000 piefeiied stock was authorized, and stockholders were offered the right to subscribe for $1,000,000 of same. In March, 1003, the stockholders were given the right to subscribe for the remaining $1,000,000 of pre/tired stock. Dividends on the pief erred stock are paid quarterly, per cent, each in January (15), April, July and October.

Dividends on the common stock began in 1898 with r per cent, quarterly, payable October 15, 1898, since whidi i per cenL has bran regularly paid quarterly, in January (15), April, July and October. In January, 1902, a scrip dividend of 6 per cent, was paid on the common, and iu April, 1903, one of 3 per cent.

FuKDED Debt Debenture bonds, 6 per cent., due Blay, 1936, May and Nov. $839,800

The 6 per cent, debentures authorized are for $1,000,000. Trustee and registrar of the bonds, Mercantile Trust Co., New York. There is a yearly sinking fund of $30,000.

Earnings Year ending August 31

Profits Charges Net Profits Dividends Surplus

1898-99 $3491563 $59.5" $i90t053 $160,000 $30,053

The total assets August 31, 1907, were $9,769,795, and the surplus account, $890,661.

President and General Manager, Robert W. Nelson, Jersey City. Vice-President, Robert M. Janney, Philadelphia. Secretary, John T. Murphy, Jersey City. Treasurer, Morris H. Smith, Jersey City.

Directors— H. Otto Barth. L. Boyd Benton. A. T. H. Brower. George Cleveland. Ernest L. Conant. Charles S. Conner. Charles R. Forrest. E. R. Hoyi. Robert M. Janney. Benjamin Kimball. Walter S. Marder. Robert W. Nelson. Joseph W. Phinney. Charles B. Whiting. W. W. Witmer.

Main office, 300 Communipaw avenue, Jersey City. New York office, s Duane street. Annual meeting, fourth Wednesday in October, at Jersey City.

The Manual Of Statistics

Akericam Window Glass Hachihe Co.

A corporation formed under the laws of New Jersey, March 6, 1903. The company acuu and owns the license for a new style of machinery for blowing glass which operates with mathematical accuracy and great rapidity, producing larger sixes at less than the cost of hand work.

This company, in March, 1903, acquired a large majority of the common stock of the American Window Glass Co., giving the assenting stockholders of the latter one-half a share of its own common stoic and one-half a share of its own preferred for each full share of common and preferred stock, respectively, of the American Window Glass Co. This company also granted the American Window Glass Co. the sole right to use its patents and machines in the United States.

The American Window Glass Co. had $13,000,000 common and $4,ooo,oog 7 per cent. cumulative preferred stock. See statement of that company in the Manual for 1904 in regard to dividends, etc

The preferred stock is 7 per cent., cumulative. It was stated that of the company's stock, $6,500,000 common and $500,000 preferred were given for the United States patent rights to the inventions referred to above, leaving $6,500,000 of common and $6,500,000 preferred to be exchanged for the common stock of the American Window Glass Co. as dfescribea above.

Transfer Agent, Fanners* Deposit Savings Bank, Pittsburg. Registrar, Farmers* Deposit National Bank, Pittsburg.

The stock of this company was represented by temporary certificates of the Farmers* Depont National Bank, Pittsburg, but December la, 1904, the stock certificates of this company were issued for the temporary ones. It was also announced that the small amount of American Window Glass stock left outstanding might be converted into stock of this company on the same terms as those of the original exchange referred to above.

Funded Debt. Debentures 6 per cent, due Feb., 1908-13, Feb. and Aug $5,000000

The debentures are redeemable at par and $1,000,000 thereof are to be retired annually.

President, M. K. McMullin, Pittsburg. Vice-President, T. H. Given, Pittsburg. Seoretary and Treasurer, A. E. Braun, Pittsburg.

Directors— A. E. Braun. S. L. Bodine. N. T. De Pauw. T. H. Given. Thomas F. Haxt. Adrian H. Larkin. M. K. McMullin. J. R. PauU. E. I. PhiUips. Joshua Rhodes.

Corporate office, Jersey City. Main office. Farmers' Bank Building, Pittsburg. Annual meeting, first Tuesday in May, at Jersey City.

Mkericah Woolek Co.

A corporation formed under the laws of New Jersey, March 99, 1899. The company acquired and owns the plants and property of a large number of woolen and worsted manufacturing concerns, a list Of which is given in the Manual for 1904.

The planU are all owned in full, except the National & Providence Mills, control of lich is held through ownership of all iu capital stock. In 1905 the company acquired the Wood Worsted Mill Corporation, South Lawrence, Mass.

The preferred stock is 7 per cent., cumulative. Transfer Agente, Guaranty Trust Co., New York ; Old Colony Trust Co., Boston ; Registrar & Transfer Co., Jersey City. Registrars, Banker's Trust Co., New York ; International Trust Co., Boston.

The preferred stock issued was $ao,ooo,ooo. In August, 1905, the stockholders were given the right to subscribe at par to the extent of 10 per cent, of their holdings for $5,000,000 new preferred stock, to provide additional working capital. In November, 1906, the authorised preferred stock was increasea from $25,000,000 to $35,000,000 and in December, 1906, the stockhoUers were offered the $10,000,000 new stock at par.

The first quarterly dividend on the preferred was per cent., paki July 15, 1899. Regular quarterly dividends have since been paid at the same rate in January (15), April, July and October.

Funded Debt Wood Worsted Mill Corp., notes guar., p.c., due BCar. 1910-11, Mar. and Sept. . $3,500,000

Industrial Securities 389

The Wood Wonted Mill Corporation notes are not a direct obligation of this company, but are guaranteed by it as to both principal and interest. The notes mature as follows : $500,000 March i, 1910; $2,000,000 September i, 19x1 and $1,000,000 March i, ixi.

There are also $50,000 unmatured bonds of the Chase Mills, a constituent company.

Earnings

Toul Income Net Profits Pref. Div. Depreciation, etc. Surplus

mo8., end. Dec. 31)... $50,961,905 $5,5a3tajo $9,391,666 $1,095,919 $9,105,650

19M 35i5M,977 31M7.667 1,400,000 1,897,600

1904- 39,633,9x6 3,043,330 1,400,000 1,649,330

Excluding the item of $9,000,000 charged for depredation, the surplus for that year was $1,005,773. On December 31, X007, the total surplus account was $10,114,998.

President, WUliam M. Wood, Boston. Vice-President, Frederick Ayer, Newton, Mass. Secretary, Joseph T. Shaw, Boston. Assistant Secretary, Frederic G. Sherman, Boston. Treasurer, Willuun H. Dwelly, Jr., Boston. Assistant Treasurer, WilJard A. Carrier, Boston. 9d Assistant Treasurer, Benjamin F. Smith, Jr., Andover, Mass. Comptroller, Parry C. Wiggins, Boston. Selling Agent, J. Clifford WoodhuU, New York.

Directors— Frederick Aver, Newton. George E. Bullard, Boston. Samuel P. Colt, Providence, R. I. John Hogg, Boston. Francis W. Kittredge, Boston. Andrew G. Pierce, Jr., New Bedford, Mass. George L. Shepley, Providence, R. I. Charles H. Tenney, New York. WiUiam M. Wood, Andover. J. Cliffoid WoodhuU, Summit, N. J.

Corporate office, Jersev City. Main office, Shawmut Bank Building, Boston. New York office, 196 Fifth avenue. Annual meeting, first Tuesday in March, at Jersey City.

MKERICMK WRITme PAPER CO.

A company incorporated under the laws of New Jenej. June 30, 1890, for the manufacture of writing paper of au grades. It owns 94 mills in Massachusetts, 3 in Connecticut, 9 in Ohio and I each m Wisconsin and Michigan, in all 31 establishments, with a capacity of 350 tons per da, and which produce 84 pef cent, of the fine writing paper output of New England and over 76 per cent, of the entire output of the United States. The properties were Uken over July 95, 1899, a list being given in tne Manual for 1903.

The preferred stock is 7 per cent., cumulative, with a preference as to distribution of the com panjr's assets. Of the common stock authorised, $1,000,000 had not been issued, while $9,000,000 thereof was held in the company's treasury. In February, 1908, it was decided to cancel these two amounts, will make the common stock, both authorized and issued, $9,500,000.

The fint dividend on the preferred*stock was 1 per cent., payable April 1, 1907.

Transfer Acnents, New Jersey Registration & Trust Co., East Orange, N. J.; Standard Trust Co., New York. Registrar, Bowhng Green Trust Co., New York

Funded Debt mort. 5 per cent., due July, 1919, Jan. and July $14,895,000

The ist mortgage is for $17,000,000. Trustee and agent for the payment of interest, OM Colony Trust Co., Boston. The bonds are redeemable at 105 after 10 years from date of issue, July 1, 1890. On Januaiy i, 1908, there were $1,050,000 of the bonds in the sinking fund and $1,195,000 in the company's treasury.

Earnings

Tottl Income

19P3 i.M4,io9

Charges and

Charged

Net

Sinking Fund

Income

$i6d,o86 646,332

President, W. N. Caldwell, Springfield, Mass. Vice-Presidents, Henry S. Dickinson, Springfield. Henry L. Higginson, Boston. Edwin Gould, New York. Secretary, Edward H. Hall, Springfield. Treasurer, George B. Holbrook, Springfield. Assistant Treasurer, William H. Heywood, Holyoke, Mass.

Directors— Daniel G. Boissevain, New York. W. N. Caldwell, Springfield. Henry S. Dickinson, Boston. A. W. Eaton, Pittsfield, Mass. J. S. Gittins, De Pere, Wis. WiUiam N. Goodnow, Pittsfield. Edwin Gould, New York. Henry L. Higginson, Boston. George B. Holbrook, Springfield. W. C. Houston, Philadelphia. T. A. Jones, Franklin, O. George B. Noble, Easthampton, Mass. F. D. Phelon, Springfield. Harry H. Picking, East Orange, N. J. N. T. Pulsifer, New York. William Reardon, Holyoke. £. C. Rogers, Springfield. James J. Storrow, Boston. William H. Taylor, New York. James W. Toole, Holyoke.

. Corporate offices, East Orange, N. J. Main office, Holyoke, Mass. Annual meeting, second Tuesday in February, at East Orange.

America M Zihc, Lead A Smeltimg Co.

A corporation formed under the laws of Maine, January, 1898. The company owns 3,500 acres of smc lands in Joplin, Carterville and Webb City, Miuri, also smelters at Caney and Dearing, Kan. Stock Par $35 Authorized, $3,750,000 Issued, $3,000,000

The stock was increased to $3,750,000 in December, 1906, and $1,000,000 of new stock was to be issued forthwith, the stockholders of record December 34, 1906, having the right to subscribe for $500,000 of the same.

Transfer Agent, William F. Moller, 55 Congress street, Boston. Registrar, National Shawmut Bank, Boston.

In 1Q07, the company paid dividends of 75 cents per share Augnst x, and 50 cents November x.

President, Henry S. Kimball, Boston. Secretary, F. Winthrop Batchelder, Boston. Treasurer, Sidney E. Farwell, Newton, Mass.

Directors— F. Winthrop Batchelder, Boston. Edwin P. Brown, Newton. Edward A. Clark, Boston. WiUiam H. Coolidge, Newton. E. G. Hathom, New York. C. A. Hight, Boston, Albert F. Holden, Cleveland. Henry S. Kimball, Newton. WiUiam F. MoUer, Boston. C. G. Rice, New York. L. Vogelstein, New York.

Corporate office, Portland, Me.. Boston office, 55 Congress street, Boston. Annual meeting in October, at Portland.

Amoskeag Mahufacturihg Co.

A corporation formed under the laws of New Hampshire in X831 for the purpose of manufacturing ginghams, denims and ticking. The miUs of the company are at Manchester, N. H., and have a capacity of 300,000 spindles. In February, 1906, the company purchased the Amoiy Manufacturing Co. and the Manchester Mills Co. paying $1,575,000 or $175 per share for the $900,000 stock of the Amory Co. See statement of the latter in the Manual for 1905. For the Manchester Mills Co. it paid $3,500,000 or $140 per share for the $500,000 common and $2,000,000 preferred stock of that company. Stock Par $100 Authorized, $6,000,000 Issued, $5,760,000

The stock was of a par value of $1000 per share, but was changed to $100 December X3, 1905. At that date the amount authorized and outstanding was $4,000,000, but by Act of the New Hampshire Legislature, passed February 5, X907, authority is given to increase the same to $6,000,000. The new stock was mostly subscribed for by the former stockholders of the Amory Manufacturing Co. and Manchester Mills at $30o per share at the time of the purchase of these corporations by the Amoskeag Manufacturing Co.

Transfer Agent, Old Colony Trust Co., Boston. Registrar, American Trust Ca, Boston.

After 1900, when an extra dividend of 15 per cent, was paid, 5 per cent., semi-annually, or 10 per cent, per annum, was paid in February and August. In Aust, 1904, an extra dividend of 35 per cent, was paid. The February, X907, dividend was mcreased to 6 per cent. In August, 1907, 10 per cent, was paid.

Earnings Year ending June 30

Sales Net Profit Dividends Surplos

190X-03 $7,887,681 $485,601 $400,000 $85,601

Industrial Securitibs

Prendent, Charles W. Amory, Boston. Treasurer, Frederic C. Dumaine, Bostoi Director&--Cbarle8 W. Amoiy, BostoD. Frank P. Carpenter, Manchester, N. H. /

CooUdjge, Boston. T. Jefferson Coolidge, Jr., Boston. George Dexter, Boston.

Dumaine, Boston. George A. Gardner, Boston. George von L. Mer, Boston.

'WiIesworth, Boston.

Corporate office, Manchester, N. H. Main office, Washington and Court streets, Boston.

Annual meeting, first Wednesday in October, at Manchester.

Ahacokda Copper Mihihb Co.

A corporation organized under the laws of Montana, June i8, 1895. The company owns the Anaconda Copper Mine at Butte, Mont., and a number of other mines and claims. It has a large amount of practically undeveloped mining property and in December, 1905, it was stated that large new ore bodies have been discovered in tne lower levels of its mines. The company has a large reduction and smelting works at Anaconda, Mont., representing a cost of some $7,000,000. The company has a controlling interest in the Butte, Anaconda & Padfic Railway Co.

In 1899, a controlling interest in the stock of this company, understood to amount to about 75 per cent., was purchased by the Amalgamated Copper Co. at $60 per share. Stock Par $35 Authorised, $30,000,000 Issued, $30,000,000

Stock is full paid and non-assessable. Transfer Agent, National City Bank, New York. Registrar, Mercantile Trust Co., New York.

In recent years dividend payments have been as follows : 1900, 16 per cent.; 1901, 13 per cent.; 1902, 4 per cent.; 1903, 4 per cent.; 1905, 11 per cent.; and 1906, per cent. In 190a the dividends were 50 cents each in April and November, and the same rate was paid in 1903 and 1904, respectively, the dividends in iP4 being 50 cents May 19 and 50 cents November x8. In 1905 paki 75 cents in May and $1.35 m October. In January, 1906, paid 87 cents per share ; in April, igo6, $i.iaJ4 ; in July, 1906, $1.7 ; in October, 1906, $i.5a In 1907, paid $1.75 per share, January 17, and the same amount in April and July. In 1907, paid $1.35, and on January 15, 1908, 50 cents per share.

Earninos Year ending June 30 Grots Profit

19O0-Q3 14,597,853 1,60I,30I

In 1905 the surplus over dividends was $3,368,838. In 1906, $1,943,609.

President, John D. Ryan, Butte, Mont. Vice-President, Henry H. Rogers, New York. Secretary, C. F. Kellv, Anaconda, Mont. AssisUnt Secretary, A. H. Melin, New York. Treasurer, F. P. Addicks, New York.

Directors: K. C. Bogart. William L. Bull. Albert C. Burrage. John E. Judson. William Rockefeller. Henry H. Rogers. John D. Ryan.

Offices, Anaconda, Mont.; Butte, Mont.; 43 Broadway, New York. Annual meeting in May.

MHDROSCOeeiH HILLS

A corporation formed under the laws of Maine in i860 for the purpose of manufacturing sheetings, etc. The mills of the company are at Lewiston, Me., and have a capacity of 73,800 spindles and 3,105 looms. Stock Par $100 Authorized, $1,000,000 Issued, $1,000,000

Stock is transferred at the office of the company, Boston.

Dividoids were paid semi-annually, 5 per cent, each in January and July. In January, 1907, the semi-annual rate was increased from 4 to 5 per cent, and in January, 1908, 15 per cent, was paid.

President, Charles H. Fiske, Boston.

Director--0. H. Alford. E. Pierson Beebe. R. J. EdwaMs. Charles H. Fiske. Grant Walker.

Boston office, 100 Summer street. Annual meeting in September, at Lewiston.

A The Manual Op Statistics

Arcadiah Copper Co.

A corporation formed under the laws of New Jersey, Marcn 31, 1890. The oompanj succeeded a corporation of the same name formed under the laws of Michigan in 1898. The original company had a large tract of copper lands in the upper peninsula of Michigan, adjoining the Quincy and other well known mmes. The company erected a mill, but sold the same, as well as part of its other property, the operations proving unsatisfactory, but in 1905 development work was again resumed. Stock Par $95 Authorised, $3,750,000 Issued, $3,750,000

The amount paid in per share is $9.67.

President, Kobert H. Shields, Houghton, Mich. Secretary and Treasurer, Wlllian. Miller, Houghton.

Corporate office, Jersey City. Main office, Houghton, Mich.

Mrliii6Toii Hills

A corporation formed under the laws of Massachusetts in 1865 to manufacture wonted, yams, dress goods and cotton yarns. The mills of the company are at Lawrence, Mass. Stock Par $100 Authorised, $6,000,000 Issued, $6,000,000

Stock is transferred at the office of the company, Boston.

The stock authorised and issued was $3,000,000, but in July, 1005, it was increased to $5,000,000. Of the additional stock $1,000,000 was distributed as a "P dividend and the remaining $l,ooo,ooo was subscribed for at par by the stockholders. In January, 1907, the stock was incrised from $5,000,000 to $6,000,000, the stockholders being offered the right to subscribe for the additional stocks at par.

Dividends at the rate of 8 per cent, per annum are paid, payments being 4 cent, semiannually, in January and July. In 1905 an extra dividencl of 33Mper cent was paid in stock.

President, Wilham Whitman, Boston. Treasurer, Franklin W. Hobbs, Boston.

Directom— Geoxge E. Bullard, Boston. Livingston Cushing, Boston. William F. Draper, Hopedale, Mass. Robert H. Gudhier, Boston. Franklin W. Hobbs, Boston. James R. Hooper, Boston. Geoige E. Kuhnhardt, Lawrence, Mass. Charles W. Leonard, Boston. Richara S. RusseU, Boston. George M. Whitin, WhiUnsville, Mass. William Whitman, Boston.

Corporate and main office, 78 Chaimcy street, Boston. Annual meeting, last Tuesday ia January, at Boston.

Mrkour A Co.

A ojrporation formed under the laws of Illinois, April 14, X9c. The company acquired the plants, property, trade marks and goodwill of the firm of Armour & Co., whidi was established in i860 by Philip D. Armour. The properties owned by the company comprise packing houses, glue, soap and fertiliser works, and other establishments, as well as refrigerator and other railway cars. The company also has agendes and branch establishments for the distribution and sale of its products in many cities, ft owns valuable trade marks covering the different classes of its products, which include many well known specialties in meats and foodstufb, and other classes of goods. Stock Par $100 Authorised, $ao,ooo,ooo Issued, $90,000,000

The earnings and the dividends pakl on the stock are not reported.

President and General Manager. J. Ogden Armour, Chicago. Vice-President, Charles W. Armour, Kansas City. Secretary, Charles W. Comes, Chicago. Treasurer, Samuel McRoberts, Chica. Assistant Treasurer, Frederick W. CroU, Chicago.

Directors — A. Watson Armour, Kansas City. Charles W. Armour, Kansas City. J. Ogden Armour, Chicago. T. J. Connors, Chicago. H. P. Darlington, Chicago. Samuel McRooerts, Chicago. Arthur Meeker, Chicago. George B. Robbins, Chicago.

Main office, 905 La Salle street, Chicago. Branch offices, South Omaha, Neb.; Fort Worth, Tex.; East St. Louis, 111., and Sioux City, la. Annual meeting, fourth Monday in November, at Chicago.

ARNOLD M/RIRe CO.

A corporation formed under the laws of Michigan in 1864. In 1898 the Copper Falls Mining Co. was consolidated with it. The company has a large mineral land property in Keweenaw County, Mich., and has done considerable development work, but its property is now inactive.

Industrial. Sbcuritibs 393

Stock Par $35 Autborued, $3,500,000 Issued, $1,550,000

Stock is tnusferred at the office of the companj, Boston.

The anthorixed stock of the companj consists of 100,000 shares of the par value of $35 each. It was increased to the above amount irom 60,000 shares m 1899, but of the additional 40,000 shares only 3,000 have been issued and 38,000 remain in the treasury of the company. Oin the stock outstanding there had been paid in at the end of 1907 about $10 per share.

President, C. Howard Weston, Boston. Treasurer, John Brooks, Boston.

Directors— John Brooks, Boston. Wesley Clark, Michigan. W. H. Currier, Newton, Mass. W. C. Fisk, Boston. C. Howard Weston, Boston.

Main office, 50 State street, Boston. Annual meeting, second Tuesday in May.

Ash Bed Mikihg Co.

A corporation formed under the laws of Michigan in 1880. The company owns a copper tract in Keweenaw County, Mich. The mine, which is near that of the Arnold Mining Co., was originally known as the Petheridc mine, and was reorganised under the present title in 1880. The okl company's property was foreclosed, being purchased by the present company. The name is derived from the so-called or amygdaloid vein of oopper-beanng ore found in the copper range of upper Michigan. Development work is in progress. Stock Par $35 Authorized, $1,000,000 Issued, $1,000,000

President, C. Howard Weston, Boston. Treasurer, John Brooks, Boston.

Directors— John Brooks, Boston. Wesley Clark, Michigan. Joseph N. Lovell, Boston. W. C. Fisk. Boston. C. Howard Weston, Boston.

Main office, 50 State street, Boston. Annual meeting, second Tuesday in March.

Mshlmkd Emery A Corukduh Co.

A corporation formed under the laws of New Jersey, November 16, 1901. The purposes of the company are crushing, manufacturing and selling emery and corundum. The company owns the following plants :

Ashland Mills, Perth Amboy, N. J. Jackson Mills Emery Co., Easton, Pa.

Walpole Emery Mills, South Walpole, Mass. Hampden Emery Mills, Chester, Mass.

Diamond Mills Emery Co., Frankford, Pa.

The piefened stock is 6 per cent., cumulative, and has a preference as to the assets of the company in case of dissolution. Stock is transferred at the office of the company, Boston.

Dividends on the preferred stock are payable quarterly, in January (i), April, July and October.

Funded Debt

ist mort., 6 per cent, bonds, due Oct., 1930, April and Oct $360,000

ist mort., 6 per cent., bonds, due June 10, 1934, June and Dec 337,000

Total $497,000

Trustee of the mortgage and agent for payment of interest on the 6 per cent, bonds due 1930, Industrial Trust Co., Providence.

Trustee and agent for the payment of interest on the 6 per cent, bonds due 1934, International Trust Co., Boston.

President, Levris R. Speare, Boston, ist Vice-President, Ohio C. Barber, Akron, O. Secretary, £. Ray bpeare, Boston. Treasurer W. L. Russell, Boston. General Manager, C. Albert Sandt, Easton, Pa.

Dhectoi*— Ohio C. Barber, Akron. B. Campau, Perth Amboy, N. J. W. L. Russell, Boston. C. Albert Sandt, Easton. C. Albert Sandt, Jr., Eastoo. Sylvester C. Smith, Phillipsburg, N. J. E. Ray Speare, Boston. Lewis R. Speare, Boston. John A. Way, Walpole, Mass.

Corporate office, i High street, Perth Amboy, N. J. Boston office, 369 Atlantic avenue. Annual meeting, fint Tuesday in February, at Perth Amboy.

The Associated Merchakts Co.

A corporation chartered by the Legislature of Connecticut, May 9, 1893, under the title of The Columbian Construction Co. The charter was amended by the Legislature January 35, 190X, the name being changed to the present style. The company has power to conduct any lawful business ; may acquue, hold or sell real esUte or personal property, and the bonds, stocks,

obligations and franchises of other corporations. The company was organised under its present form in ii to acquire interests in large wholesale and retail dry goods establishments. The property it acquired consists of :

I. A controlling interest in the H. B. Claflin Co., New York, as follows: Common, 19,300 shares ; 1st preferred, 6,400 shares ; ad preferred, 19,301 shares, or 45,001 shares out of a total of 90,000 shares of the H. B. Claflin Co.*s stock. See separate sUtement of the H. B. Claflin Co.

3. A controlling interest in the stocks of the 0*Neill-Adaras Co. This company is a consolidation, in 1906, of the Adams' Dry Goods Co. and H. O'Neill & Co., large retail dry goods business in New York.

3. The business of James McCreery & Co., New York.

4. The plant and goodwill of Posner Bros., Baltimore, now Stewart & Co. This property was acquired in the latter part of 1901.

In 1903 it acquired four-fifths of the common stock of C. G. Gunther's Sons, New York, and in the same year acquired the business of H. O'Neill & Co., New York, and that of J. N. Adam Co., Buffalo.

ist pref., 10,000,000 Issued ist pref., 6.035,330 V $17,250,000 3d pref., 10,000,000 ) I ad pref., 5i073t8oo )

The ist preferred stock is 5 per cent., cumulative, and has preference for its par value and accrued dividends as to assets in case of the company's dissolution. Holders of the ist preferred have the right to exchange it at par for either ad preferred or common stock at any time when the transfer books are open.

The 3d preferred stock is 6 per cent., cumulative, and this stoic has preference for its par value and accrued dividends after the ist preferred and before the common, as to assets, in case of dissolution.

After the respective dividends of the ist and 3d preferred stocks shall have been paid or set apart the common stock is entitled to all the surplus earnings when distiibuted as dividends. The capital stock or any class thereof can be increased or decreased only by a vote of a majority of each class of stock outstanding.

In October, 1904, the rights of the respective classes of stock were modified so that hereafter for each i per cent, in dividends paid on the common in excess of 7 per cent., the 1st preferred and ad preferred shall each receive an additional dividend of per cent.

In October, 1905, the stockholders of all classes were given the right to subscribe to the extent of 15 per cent, of their holdings for $3,250,000 additional ist preferred stock.

Transfer Agent, K. W. Franklin, 334 Church street, New York. Registrar, United States Trust Co., New York.

On October 15, 1901, the first quarterly dividend of per cent, was paid on the ist preferred, and similar dividends have since been regularly paid, January (15), April, July and October. In January, 1905, an extra dividend of >Cper cent, was paid.

On October 15, 1901, the first quarterly dividend of per cent, was paid on the ad preferred, and similar dividends have since been regularly paid in January (15), April, July and October. In Januarv, 1905, an extra dividend of per cent, was paid.

The first quarterly dividend on the common stock was per cent., paid December x, 190a, and similar quarterly dividends, beine 7 per cent per annum, have since been paid in March. June, September and December. In December, 1904, an extra dividend of per cent was paid on the common, a similar extra dividend being paid in March and June, 1905. In September, 1905, and since extra dividends of percent, were paid each quarter until March, 1908, when the per cent extra was omitted.

Earnings

Six Months Ending Six Month* Ending

February I August 1

Net Surp. Over Divs. Net Surp. Over DIv*.

Iqos 568,600 96,813 603,556 94*993

Year ending February i

Net Dividend* Surplus

1906-07 $I,503,P32 $1,963,935 $338,107

The surplus account February 1, 1908, was $1,645,780.

President, John Claflin, New York. Vice-Pre&dent and Treasurer, Iuis Stewart, New York. Secretary, Moses Ely, New York.

Industrial Sbcuritibs - 395

Directors— John ClafliD, Morristown, N. J. George F. Crane, New Yoric. Howland Davis, New York. Woodbury Langdon, New York. Arthur L. Shipman, Hartford, Conn. John A. Stewart, New York. Louis Stewart, New York. Levi C. Weir, New York.

Corporate office, Hartford, Conn. New Jersey office, Hudson Trust Co. Building, Hoboken, N. J. Annual meeting, third Wednesday in April, at Hartford.

The 4Tchi50M A Easter K Br/Ose Co.

A corporation formed under the laws of Kansas and Missouri in 1898. The is a reorganization of the Chicago & Atchison Bridge Co. it owns and operates a railway and toll bridge used by the Atchison, Topeka & Santa Fe, the Missouri Pacific, Chicago, Burlington & Quincy, Chicago, Rock Island & Pacific and other raihoads across the Missouri River from Atchison, Kan., to Winthrop, Mo. Stock Par $xoo Authorized, $700,000 Issued, $700,000

Tiansfer Agent, William P. Kelly, Rockefeller Building, Cleveland.

Funded Debt ist mort. 4 per cent, gold bonds, due 1938, Jan. and July $518,000

The authorized issue of bonds is $665,000. Trustee of the mortgage and agent for the payment of interest. Central Trust Co., New York.

President and Treasurer, Howard P. Eells, Cleveland. Vice-President, James H. Hoyt, Cleveland. Secretary, William P. Kelly, Cleveland. Superintendent, N. D. Todd, Atchison, Kan.

Corporate offices, Atchison, Kan., and Winthrop, Mo. President's office. Rockefeller Building, Cleveland.

Atlmrta Gas Light Co.

A corporation formed under the laws of Georgia, February x6, 1856. The company owns and operates the gas works in Atlanta, Ga., and has iy\ miles of mains. Control of the company is held by the Georgia Railway & Electric Co.

The preferred stock is 6 per cent., non-cumulative. Stock is transferred at the office of the company, Atlanta, Ga.

Funded Debt ist mort., 5 per cent., due June x, 1947, June and Dec $1,150,000

The bonds outstanding are the total amount authorized. Trustee of the mortgage and agent for the payment of interest, New York Trust Co., New York.

President and Treasurer, George W. Brine, Atlanta, Ga. Vice-President, P. S. Arkwright, Atlanta. Secretary, R. C. Congdon, Atlanta.

Directors — P. S. Arkwright, Atlanta. George W. Brine, Atlanta. R. J. Lowry, Atlanta. Edward C. Peters, Atlanta. J. J. Spalding, Atlanta.

Corporate and main office. Electric and Gas Building, Atlanta, Ga. Annual meeting, second Tuesday in March, at Atlanta.

Atlahta Water A Electric Power Co.

A corporation formed under th6 laws of Georgia in March, 1903. The company has constructed a power plant on the Chattahoochie River, at Morgan Falls, Ga., 15 miles from Atlanta, with a large dam and a power house of 15,000 electric horse-power capacity. The company has a contract to supply power to the Georgia Railway & Electric Co. of Atlanta. See statement of that company. Stock Par $100 Authorized, $1,500,000 Issued, $1,500,000

The company has the right to issue part of its authorized share capital in the form of preferred stock. Stock is transferred by the Secretary of the company, Atlanta, Ga.

Funded Debt. ist mort., 5 per cent., due Jan., 1943, Jan. and July $1,400,000

The ist mortgage is for $1,500,000. Bonds are subject to call on and after Januarjr i, 1908, and are to be drawn by lot. The smking fund from January i, 1908, to January i, 1917, induhne, is $5,000 per annum, and thereafter $10,000 per annum to maturity, retired bonds to remain alive in the sinking; fund. Trustee and agent for the payment of interest, Knickerbocker Trust Co., New York.

President, C. Elmer Smith, York, Pa. Vice-Preskient, Forrest Adair, Atlanta, Ga. Secretary and Treasurer, J. J. Spalding, Atlanta.

DirectoTs—Forrest Adair, Atlanta. S. F. Smith, York. C. Elmer Smith, York. George C. Smith, Pittsburg. J. J. Spalding, Atlanta.

Main office, Morgan Falls, Ga. Secretary and Treasurer's office, Empire Building, Atlanta. Annual meeting, first Wednesday in March, at Morgan Falls.

Atlamtic Coast Electric Railway Co.

A corporation formed under the laws of New Jersey, December 8, 1905. The company is the successor under a reorganization of the railroad company of the same title, whose property was foreclosed in November, 1905. The new company acquired control of the following companies:

Asbury Park & Sea Girt Railroad Co. West End & Long Branch Railway Co.

Seacoast Traction Co. Atlantic Coast Electric Light Co.

Seashore Electric Railway Co.

The properties comprise an electric trolley road in Asbury Park, N. J., and from Asbury Park to Long Branch, Pleasure Bay, and Sea Girt, N. J., with 24 miles of track and a power house. Stock Par $100 Authorised, $1,000,000 Issued, $1,000,000

Transfer Agent, Central Trust Co., New York.

Funded Debt

ist mort, 5 percent, gold, due May, 1945, Mayand Nov. $800,000

General mort., 5 per cent, due 1945, Jan. and July 990,000

Total $1,790,000

Funded Debt— Underlying Companies

Seashore Electric Railway ist mort, 6 per cent, gold, due 191 7, Jan. and July $aoo,ooo

Asbury Park & Sea Girt R. R. ist mort. , 5 per cent. , gold, due 1018, March and Seg 50*000

Sea Coast Traction, ist mort., 5 per cent., due 1954, Jan. and July 100.000

Atlantic Coast El. Light deb. ist mort., 5 per cent., due Jan., 1975, Jan. and Dec. . . 341,000

The authorized amount of the ist mortgage is $1,000,000, of which $aoo,ooo was reserved to retire a like amount of Seashore Electric Co.*s bonds.

Earnings

Year ending September jp

Gross Net

190J-04 (year ending January 31) ... 907,160

1907 ( " " ") 3P5.464 166,468

Presklent, S. F. Hazelrigg, New York. Vice-President, Henry H. Rogers, New York.

Treasurer, Henry H. Rogers, Jr., New York. Secretary, G. B. Cade, Asbury Park, N. J.

Directors— William £. Benjamin, New York. W. R. Coe, New York. S. F. Hasdricg. New York. Henry H, Rogers, New York. Henry H. Rogers. Jr., New York.

Main office, Asbury Park, N. J. Annual meeting, first Monday in December, at Aabitry Park.

Atlantic Iii Hi Mo Co.

A consolidation, December 1879, of the South Pewabic and Adams Mining Co*s. The company's copper mining and milling property is situated in Houghton County, Michigan, and consists of about 3,000 acres of land, mines, machinery, etc.

Industrial Securities 397

Stock Par $25 Authorixed, $2,500,000 Issued, $2,500,000

The stock was increased from $1,000,000 to $2,500,000 in March, 1002.

There has been paid in cash on the stock $9.80 per share. Trans/er Agent, American Loan & Trust Co., Boston. Rerar, Boston Safe Deposit & Trust Co., Boston.

In 1899 paid dividends of $2 per share ; in 1900, $2 ; also paid $2 per share in February, 1901. No farther dividends until January 24, 1905, when 50 cents per share was paid. None since to January, 1908.

President, Joseph E. Gay, New York. Secretary, John R. Stanton, New York.

Directors— C. R. Coming, New York. Joseph £. Gay, New York. J. Wheeler Hardley, New York. WilUam A. Paine, Boston. Samuel L. Smith, DetroiL John R. Stanton, New Yoik. WUUam C. Stuart, New York.

Main office, Atlantic Mine, Houghton County, Mich. New York office, 15 William street. Annual meeting, second Tuesday in March.

Mtlmmtic Shore Li He Rmilwmy

A corporation formed under the laws of Maine, April *i, 2904. The company is a consolidation of a company of the same name with the Portsmouth, Dover & York Street Railway Co. The Alfred (Me.) Light & Power Co. is leased. Road operated 97 miles, connecting Portsmonth, N. H., Dover. N. H., Kittery, Me., Kennebunk, Me., Kennebunkport, Me., Biddeford, Me., Saco, Me., etc. In 1907, completed a line from York Beach to Kennebunk, connecting the two sections of the section. From Saco it has connections over other electric lines to Portland, lie. The company has two power plants.

Stock. . . Par $100. .Authorised ist pref., 700,000 Issued ist pref., 700,000 $3,000,000 (ad 1 '

The ist preferred stock is 4 per cent., cumulative. The ad preferred is 4 per cent., i cumulative. Transfer Agent and Registrar, Security Transfer & Registrar Co., New York.

Funded Debt

ist 00ns. mort., 5 per cent., due April, 1934, April and Oct $790,000

Refunding mort., 4 per cent., due April, 1926, April and Oct 1,000,000

Portsmouth, Dover & York ist mort., 43 per cent., due 1923, June and Dec 450,000

" " 2d mort., 5 per cent., due April, 1925, June and Dec 60,000

Portsmouth, Kittery & York ist mort., o per cent, due 191 7, March and Sept 200,000

Alfred Light & Power ist mort., 5 per cent., due July, 1935, Jan. and July 200,000

Total $2,700,000

The consolidated mortgage is dated 1904, and is for $1,000,000. Bonds are subject to call after 10 years at 105, to be drawn by lot.

The refundinr mortgage is dated 1906 and is for $3,000,000, of which $1,500,000 is reserved for prior Hens. The bonds are not subject to call.

Earnings GroM Net Cbaiges Surplus

1906 $a93.4 $1519.460 $88,747 $40,7"

igo? 334,65s 147,614 1CKJ1764 43,849

President, Ernest M. Goodall, Sanford, Me. Vice-President, George B. Goodall, Sanford, Secretary and General Manager, Fred. J. Allen, Sanford. Treasurer, Louis B. Goodall, Sanford. General Manager, E. B. Kirk, Sanford.

Directors— Fred. J. Allen, Sanford, Me. A. H. Bickmore, New York. Ernest M. Goodall, Sanford. George B. Goodall, Sanford. Louis B. Goodall, Sanford. I. L. Meloon, New York. J. W. Tobin, New York.

Main office, Sanford, Me.

The Atlas Portlamd Cekemt Co.

A corporation formed under the laws of Pennsylvania, May 5, 1899. company has plants at Coplay, Pa., Northampton, Pa., and Hannibal, Mo., for the manufacture of Portland cement. The capacity of its works is 14,000,000 barrels per annum.

In 1906, this company and other leading concerns became jointly interested in creating and controlling the North American Portland Cement Co., which has $9,900,000 common and $100,- 000, 8 per cent, preferred stoic

The preferred stock is 8 per cent, cumulative. Stock is transferred at the ofifice of the company. New York. Registrar, Liberty National Bank, New York.

The company paid dividends of 8 per cent, annually on the preferred, and paid 4 per cent, per annum or i per cent, quarterly on the common stock, from its organization to November i, 1906, when a per cent, was paid, which has since been the regular quarterly rate.

Funded Debt

Debentures, 6 per cent., due 1993 $174,000

ist mort., 6 per cent., due March, 1935, March and Sept 4,536,000

Total $4,700,000

The ist morte:age is for $5,000,000, and was created to provide for extensions and improvements. The bonds are redeemable at no and interest on any interest date on six months* notice. There are $174,000 of the bonds reserved to retire the 6 per cent, debentures not yet presented for exchange. There is a sinking-fund of $100,000 per annum. Trustee of the mortgage. Bankers Trust Co., New York.

President, J. Rogers Maxwell, New York. Vice-President, Alfonso de Navarro, New York. Vice-President, Howard W. Maxwell, New York. Secretary and Treasurer, J. Rogers Maxwell, Jr., New York. Assistant Treasurer, H: L. Maxwell, New York. Assistant Seaetary, J. L. Medler, New York.

Directois— George F. Baker, New York. Frederick G. Bourne, New York. Isaac H. Clothier, Philadelphia. Samual Dickson, Philadelphia. HenryGraves, Jr., New York. Howard W. Maxwell, New York. J. Rogers Maxwell, New York. George Austin Morrison, New York. Alfonso de Navarro, New York. J. F. de Navarro, New York. Lewis A. Riley, Philadelphia. H. J. Seaman, Catasauqua, Pa.

Corporate office, Northampton, Pa. New York office, 30 Broad street. Annual meeting, first Wednesday in May, at Northampton.

AUEB mCAMDESCEKT LIGHT MAKUFACTURIIIG CO., LIMITED

A corporation formed under the laws of the Dominion of Canada, October 8, 189a. The company is engaged in manufacturing the Auer-Welsbach light system in Canada, and controls the focal business of the system in Montreal.

Stock Par $ao Authorized, $100,000 Issued, $100,000

Stock is transferred at the office of the company, Montreal. The stock was $500,000, authorised and issued, but was reduced to $100,000 in 1903.

The balance of the company's bonded indebtedness was paid ofiF July 31, 1904.

Dividends on the stock, payable quarterly, .\pril ao), July, October, January, have been as 1904, 95c.; 1905, $1.20; 1906, $i.ao; 1907, $1.40.

President, A. O. Granger, Cartersville, Ga. Vice-President, John Murphy, MontreaL Secretary, W. R. Granger, Montreal. Treasurer and Manager, Thomas Sutton, Montreal.

Directors— T. W. Boyd, Montreal. C. A. Duclos, Montreal. Hugh Glassford, MontreaL A. O. Granger, Cartersville, Ga. W. R. Granger, Montreal. John Murphy, Montreal. F. E. Nelson, Montreal. J. G. Ross, Montreal.

Corporate and main office, 35 Notre Dame street, West, Montreal. Annual meeting, third Wednesday in April.

The Aurora, Elgin Chicago Railroad Co.

A corporation formed under the laws of Illinois in March 33, 1906. The company is a consolidation of the Aurora, Elgin & Chicago Railway Co. the Elgin, Aurora & Southern Traction Co. and the Cook County & Southern Railroad Co. It operates over the Metropolitan Elevated Railway Co. under a 40 year contract as its entrance to Chicago and passes through the following cities and towns : Aurora, Batavia, Elgin, Wayne, Warrenhurst, Wheaton, Glen Ellyn, Lombard, Elmhurst, Bellwood, May wood, Harlem, Oak Park and Austin, 111. It has local traction lines in Elgin and Aurora and a lighting plant in Elgin. Total single track mileage operated, 158 miles.

Industrial Securities 399

The preferred stock is 5 per cent., cumulative until April i, 1900, and 6 per cent, cumulative thereafter. Transfer A:ents, E. C. Faber, Wheaton, 111.; A. E. Feihl, Cleveland. Registrars, the Cleveland Trust Co., Cleveland.

Quarterly dividends of ij per cent, each have been regularly paid on the preferred stock, beginning July, 1906. On the common an initial dividend of per cent, was paid in Octobet, 1907, which has since been the regular quarterly rate.

Funded Debt

Railway Company ist mort., 5 per cent., due 1941, April ( 15) and Oct $3,000,000

Railroad Company xst and refunding mort., 5 per cent., due 1946, January and July.. 1,100,000 Aurora, Elgin & So. xst mort., 5 per cent., due June 19x6, June and December a,ooo,ooo

Total $6,xoo,ooo

Earnings

Gross Net

In 1906, the charges were $304, x 74 and surplus $254,320 ; in X907, charges, $326,127 ; surplus, $316,906.

President, L. J. Wolf, Cleveland. Vice-President, M. J. Mandelbaum, Cleveland. Secretary and Treasurer, H. C. Lang, Cleveland.

Directors — Ekiwin C. Faber, Wheaton, 111. C. E. Flenner, Wheaton. Harry Greenebaum, Chica>. W. S. Hayden, Cleveland. C. J. Jones. Wheaton. M. J, Mandelbaum, Cleveland. F. E. Myers, Ashland, O. D. J. Pefifer, Chicago. L. J. Wolf, Cleveland.

Main office, Wheaton, 111. Annual meeting, third Tuesday in October, at Chicago.

Walter Baker Co., Limited

A corporation formed under the laws of Massachusetts, March 2, X898. The purpose of the company is the manufacture and sale of chocolate and cocoa preparations. The company acquired the real estate, buildings, factories, business and trade marks of the firm of Walter I Baker & Co., which was established at Dorchester, Mass., in 1780.

Stock Par $100 Authorized, $4,750,000 Issued, $2,750,000

Transfer Agent and Registrar, Herbert Dabney, company's office, Boston.

The company paid semi-annual dividends of per cent, on its stock, beginning in July,

1898, until July, 1900, when the semi-annual rate was raised to 3 per cent., and for the year 1902

extra dividends of % ytr cent, each were paid in addition to the regular 3 per cent, semi-annual

I dividends. In 1904 the regular semi-annual dividends were raised to 4 per cent., payable in June

I and December.

President, H. C. Gallagher, Milton, Mass. Vice-President, Nathaniel H. Stone, Milton. i Treasurer, Herbert Dabney, Milton. Clerk, James H. Perkins, Milton.

I Directors — Rodolphe L. Agassis, Hamilton, Mass. H. C. Gallagher, Milton, Mass. Robert

i F. Herrick, Milton. Thomas Nelson Perkins, Westwood, Mass. AVilliam L. Putnam, Man-

I Chester, Mass. Nathaniel H. Stone, Milton. EUerton P. Whitney, Milton.

Main office, 45 Broad street, Boston. Branch offices, 105 Hudson street. New York ; 38 Lake street, Chicago ; 86 St. Peter's street, Montreal. Annual meeting, fourth Wednesday in January, at Boston.

Balaklala Copper Co.

A corporation formed under the laws of Maine, February 24, 1906. The company purchased the entire $10,000,000 stock of the Balaklala Consolidated Copper Company, a corporation formed April 25, 1903, under the laws of Nevada and which owns a large copper mining property in the Flat Creek Mining District, Shasta County, Cal., 3 miles from Coram, on the Southern Pacific Railroad; It comprises 72 mining claims aggregating x,i49 acres together with a smelter site and the town of Coram. Title to the ground is held under United States patents. Active development began in 1902, the ore being a heavy iron sulphide carrying copper, silver and gold. TTie property covers 3,040 feet on the strike of the lode, out of \hich 1,100 feet have been developed by tunnels and drill holes, an ore body 900 feet long and varying from 20 to 60 feet in thickness having been developed. The ore in sight is stated to be 2,200,000 tons. The mine is fully equipped and a smelter is under construction at Coram with a capacity of 1,000 tons per da. An aenai tramway x6, X30 feet long and having a capacity of 75 tons per hour will connect the mine and the smelter. Up to May, 1907, about $500,000 had been expended for development.

In January, 1908, a new ihe Pirst National Copper Co., was formed to take over the present ccMupany, the stockholders of which were invited to subscribe for the new compssy's

Stock Par $10 Authorized, $6,000,000 Issued, $5,250,000

The stock is full paid and non-assessable with no personal liability. The authorised stock was originally $10,000,000, par value $35 per share. In March, 1907, the amount was decreased to $4,000,000, but was immediately thereafter increased to $6,000,000, the par value being; reduced to $10. Of the stock $'4,000,000 was used to acquire the stock of the Balaklala Consolidated Copper Co. In 1907, $1,250,000 additional stock was sold payable in instalments of 25 per cent, eadi, the last of which matured June 15, 1907.

Transfer agents, Windsor Trust Co., New York ; Federal Trust Co., Boston. Registrar, Trust Co. of America, New York : First National Bank, Boston.

The Balaklala Consolidated Copper Co. had a capital of $10,000,000, the par value ban $25 per share.

Funded Debt Balaklala Consolidated Copper Co., ist mort., due July, 1908-10, Jan. and July $1,125,000

The Balaklala Consolidated Copper Co. ist mortgage was for $1,500,000 and divided into four series. A, B, C and D, each for $375,000, the first of which matured July i, 1907, and the other three mature on July x, 1908, 1900 and 1910 respectively. Trustee of the mortgage, California Title Insurance and Trust Co., San Francisco.

The Balaklala Copper Company's balance sheet of October 30, 1907, shower) amount due bj Balaklala Consolidated Copper Co., $1,735,441 ; treasury stoic, $750,000; surplus (workiDc capital), $600,000.

President, Louis H. Stacey, New York. Vice-President and Secretary, N. Adams Egbert, New York. Treasurer, William A. Kerr, New York.

Directors— N. Adams Egbert. New York. WUliam A. Kerr, New York. Louis H. Stacey, New York. Judd Stewart, New York. J. T. Timmins. New York.

Corporate office, 281 St. John street, Portland, Me. New Yotk office, 25 Broad street. Annual meeting, second Tuesday in January, at Portland.

Bakberger'De Lakar Gold Kikes Co.

A corporation formed under the laws of Wyoming, July 3, 190a. The company acquired various gold mining properties at De Lamar, Lincoln County, Nev. Stock Par $xo Authorised, $5,000,000 Issued, $5,000,000

The stock is full paid and non-assessable. Transfer Agent, Lawyers Title Insurance ft Trust Co., New York. Registrar, North American Trust Co., New York.

President and Gieral Manager, Simon Bamberger, Salt Lake City. Vice-President, Marcos Stine, New York. Secretary and Assistant Treasurer, James L. Tilton, New York, Treasurer, David M. Hyman, New York.

Directors — Simon Bamberger, Salt Lake City. Louis S. Frankenheimer, New York. Morris Heimerdinger, New York. Davkl M. Hyman, New York. Philip Lehman, New York. Martin A. Marks, Cleveland. Henry Morgantfaau, New York. Marcus Stlne, New York. James L. Tilton, New York.

Corporate office, Cheyenne, Wyo. Main office, 32 Broadway, New York. Branch offices. Salt Lake City, and De Lamar, Nev. Annual meeting, second Thursday in June, at Cheyenne.

BA/tHARD KAKUFACTURIKG CO.

A corporation formed under the laws of Massachusetts in 1874 for the purpose of manufacturing cotton cloth. The mills of the company are at Fall River, Mass., and have a capacity of 72,992 Stock Par $100 Authorised, $495,000 Issued, $495,000

Stock is transferred at the office of the company. Fall River, Mass.

Dividends are paid quarterly in January, April, July and October. The annual dividend rates in recent vears have been as follows : In 1890, 6 per cent.; 1891, per cent.; 1892, 7 per cent.; 1893, 75 per cent.; 1894, 5 per cent.; 1896, 7 percent.; 1897, i percent.; 1898, none; iS 35 per cent.; 1900, 8 per cent.; 1901, 5K per cent.; 1902, 6 per cent.; 1903, per cent; 1904, no dividend ; in 1905, 2 per cent, (i per cent, each in Julv and October) ; in igcA i per cent, each in January, April and July, and per cent, in October, making per cent, for the year. In t7, paid 1% per cent, each in January and April, and 2 per cent, each in July and October, makmg 7 per cent, for the year.

INDUSTRIAL SBCURITIBS 40t

Presideat, Bradford D. Davol, Fall River Mass. Clerk and Treasurer, Nathaniel B. Borden, Fan Rivr.

Directors—Nathaniel B. Borden, Fall River. Simeon Borden, Fall River. Arnold B. Chace, Vallef Falls, R. I. Bndfoid D. Davol, Fall River. WiUiam H. GiflFord, North Westport, Mass. Stephen A. Jenks, Pawtucket, R. I. William H. Jennings, Fall River. Leontuxe Lancoln, FaU River.

Corporate and main office, Fall River, Mass. Annual meeting, fourth Thursday in October, at Fall River.

The Barhey A Smith Car Co.

A corporation formed under the laws of West Virginia, May 31, 1892. The property owned includes 56 acres of land at Dayton, with over 40 buildings, machinery, etc. The company manufactures all classes of frei|:ht and passenger cars, wheels and car castings, and also cars for electric and street railways and applumces therefor. See below for details of the recapitalization carried out in 1906.

Preferred Stock is 8 percent., cumulative. Transfer Agent, Guaranty Trust Co., New York. Registrar, Union Trust Co., New York.

Dividends on the preferred stock of the old company were suspended after March, i8p5, until December, 1899, when a quarterly dividend of a per cent, was again paid. Quarterly dividends of 2 per cent, were rularly paid on the prerred in March (x), June, September and December. The last dividend on the old common stock was 5 per cent, paid June, 1893.

The old company had $z, 000,000 common and $3,500,000 preferred, 8 per cent., cumulative, preferred stock, as well as $1,500,000 of 6 per cent, bonds. Under the recapitalization plan, dated March 15, 1906, it was proposed to cancel the old, substituting for them $2,000,000 of new 5 per cents., while the common stock should be increased to $1,000,000. A further provision was that the old preferred stock should receive, in lieu of accumulated back dividends, 36 per cent, in new common stock, which amount was distributed in May, 1906.

The first dividend on the new preferred stock was a per cent, quarterly. May, 1906, and regular payments at the same rate have continued in Marcn, June, September and December. The first dividend on the new common was z per cent., paid September, 1906, and quarterly dividends of the same amount have since been paid in March (15) June, September and December.

Funded Debt zst mort., 5 per cent., due July, 1936, Jan. and July $3,000,000

The ist mortgage bonds are subject to call at 110. Trustee and agent for the payment of interest. Guaranty Trust Co., New York. No increase in the bond issue can be made without the consent of holders of three-fourths of the preferred stock. Trustee of the mortgage. Guaranty Trust Co., New York, which also pays interest thereon.

Earnings Year ending March 31

Net Income Charges Pref . Div. Surplus

1904-05 8o,3i 127.345 300,000 Def. 146,914

195-06 539a64 60,000 sooooo Sur. 379,364

In 1906-07 the dividends on the common stock were $60,000, balance surplus, $353,000.

Prttident, James D. Piatt, Dayton, O. Vice-President, A. M. Kittredge, Dayton. Secretary-Treasurer, J. F. Kiefaber, Dayton. Assistant Secretary, and Assistant Treasurer, E. A. Oblinger, Dayton. 3d Vice-President and General Superintendent, H. M. Estabrook, Dayton. Assistant Superintendent, P. W. Klinger, Dayton.

Directors— V. W. Anderson, Cincinnati. E. J. Barney, Dayton. George B. Cox, Cincinnati. W. H. Doane, Cincinnati. H. M. Estabrook, Dayton. Walter St. John Jones, Cincinnati A. H. Kittredge, Dayton. James D. Piatt, Dayton. Joseph Rawson, Cincinnati.

Main office, North Keowee street, Dayton, O. Annual meeting, first Tuesday in June, at Dayton.

Barrett Kahufacturim6 Co.

A corporation formed under the laws of West Virginia, March 11, 18. The business of the company is the manufacture of coal tar chemicals, and it has 15 plants m thirteen cities. In 1903 a laiige majority of the company's stock was acquired by the American Coal Products Co., a corporation formed m February, 1903, which also acquired the United Coke & Gas Co.

Stock Par $100 Authorized, $5,000,000 Issued, $4,759,600

Stock is transferred at the office of the company, Philadelphia.

Regular quarterly dividends of per cent, are paid on the stock, the dividend period being March, June, September and December.

Funded Debentures, 5 per cent., due 1939, April and Oct $3,354,000

The authorized amount of the debentures is $3,500,000, and are subject to call at no after loig.

President, Isaac D. Fletcher, New York, ist Vice-President, Mkhael Ehret, Philadelphia. 3d Vice-President, W. H. ChUds, New York. 3d Vice-President, S. H. Bingham, Chkago. 4th Vice-President, P. S. Marquis, St. Louis. Secretary, E. H. Wardwell, New York. Treasurer and Assistant SecreUry, Ernest J. Steer, New York. Assistant Treasurer, M. H. Phillips, New York.

Directors— S. H. Bingham, Chicago. Eversley Childs, New York. W. H. ChiMs, New York. H. S. Ehret, Philadelphia. Michael Ehret, Philadelphia. Harry S. Ehret, Philadelphia. George W. Elkins. Philadelphia. Isaac D. Fletcher, New York. P. S. Marquis, St. Louis. WilUam M. Orr, Allegheny, Pa. W. H. Rankin, Elizabeth, N. J. T. M. Rianhaid, New York. John C. Runkle, Boston. E. H. Wardwell, New York.

Main office, 17 Battery Place, New York. Annual meeting, third Wednesday in March.

The Batopilas Hi Iii 116 Co.

A corporation formed under the laws of New York, October 13, 1887. The company was or;anized as a consolidation 'of The Consolidated Batopilas Silver Mining Co. and five other mming companies. It has also acquired the properties of a number of other concerns, including the mines, etc., of the Charcas Syndicate and those known as the Ballinas" from Alexander R. Shepherd. A concession covering 6z square miles of mineral land in and about Batopilas, Mez., together with all the water rights of the Batopilas River, granted in 1886 by the Mexican Government to Alexander R. Shepherd, was assigned to this company, said concession having been extended by the Government in 1906 until Ma 31, 1916. The properties are located around the town of Batopilas in the Andres del Rio minmg district, in the extreme southwest of the State of Chihuahua, Mex. They comprise about 847 acres of mining lands held in fee simple, the aboiv mentioned concession, covering 61 square miles, with the right to locate and work claims therein until 1016. The company also owns in fee about 130,000 acres of ranch and timber lands and all sites of its mills, etc. The development work comprises over xo miles of adit levels and over 60 miles of workings, which extend to a depth of 1,850 feet. Surface improvefnents have cost over $1,000,000, paid out of earnings, and include stamp mills, with 240 tons capacity, and a reduction plant for silver ores, also an aqueduct, etc., for water power. Native silver occurs in the ore in rich bunches and chutes, the high grade ore in 1905 averaging $600 per ton and but few of the promising veins have been worked. The total ore tonnage was, in 1904, 38,631 tons , in 1905, 33.493 tons, and in 1906, 41,769 tons. Stock Par $3o Authorized, $9,000,000 Issued, $8,999,900

The stock is full paid and non-assessable. There is $9,340 hekl for the acquisition of outstanding stocks of constituent companies and $60,740 is held unissued in the company's treasarj.

Transfer agent, Union Trust Co., New York. Registrar, Farmers* Loan and Co., New York.

No dividends were paid on the stock since the formation of the present company in x887 the surplus earnings being devoted to additions and improvements, but prior to the conscAidatioB the antecedent companies paid about $x, 000,000 in dividends. On December 31, 1907, a dividend of 13 cents per share was paid.

Funded Debt xst mort., 6 per cent., registered, due Dec. 1907-19x7, June and December $437,700

The authorized amount of the xst mortgage is $ i ,000,000. Trustee of the mortgage, Knickerbocker Trust Co., New York. Interest is now payable by check. The bonds were dated December I, 1887, and matured December i, 1903, but were extended by agreement with the bondholders until December i, X907. In X907 the holders of over 75 per cent, of the bonds agreed to a further extension until 191 7 with the proviso that 10 per cent, thereof, or $45,900, should be retired annually.

Earninos

Grou

X906 783,973

Deductions

Net

Tour Income

Soiplos

3Aa75

" 3*4.337

Industrial Sbcuritibs 4P3

The surplus on December 31, 1906, was $663,701, and the companj had cash on hand, $140,434.

President, George W. Quintard, New Vork. ad Vice-President and General Manager, Lyndon H. Stevens, New York. Treasurer, Hosmer B. Parsons, New York. Secretary and Assistant Treasurer, Eldgar W. A. Jorgensen, New York.

Directors— Enrique C. Creel, Chihuahua, Mex. Samuel Elliott, New York. Henr E. Howland, New York. George B. James, Boston. Jefferson M. Levy, New York. Francis D. Merchant, New York. Morgan J. O'Brien, New York. Nicholas F. Pahner, New York. Hosmer B. Parsons, New York. George W. Quintard, New York. Louis H. Scott, New York. Alexander R. Shepherd, Jr., Batopilas, Mex. Lyndon H. Stevens, New York.

Main office, 45 Broadway, New York. Operating office, Batopilas, Mex. Annual meeting, third Tuesday in April, at New York.

Bay Cities Water Co.

A corporation formed under the laws of California, October 23, 190s. It has extensive reservoirs and distributing plants in various counties of California, and serves a territory having a population of upward of 1,000,000. Propositions for the sale of part of the company's property to the city of San Francisco are under consideration. Stock Par $100 Authorized, $10,000,000 Issued, $10,000,000

Stock is transferred at the office of the company, San Francisco. Registrar, Mercantile Trust Co., San Francisco.

Funded Debt ist mort., 5 per cent., due 1945, Jan. and July $1,151,000

The authorised bond issue is $10,000,000, the unissued balance being held in readiness for sale when ordered by the directors. Trustee, MercantUe Trust Co., San Francisco. Agents for the payment of interest, Mercantile Trust Co., San Francisco ; United States Mortgage & Trust Co., New York.

As the construction work of the company is incomplete, no reports on earnings have yet been made.

President, William S. Tevis, Bakersfield, Cal. Vice-President, Clinton E. Worden, San Francisco. Secretary, E. G. Wheeler, San Francisco. Treasurer, F. G. Drum, San Francisco. General Manager, Carroll N. Beal, San Francisco. Chief Engineer, Edwin Duryea, Jr., San Francisco.

Directors — Carroll N. Beal, San Francisco. John E. Bennett, San Francisco. William A. Bissell, San Francisco. F. G. Drum, San Francisco. Harry L. Tevis, San Francisco. William S. Tevis, Bakersfield, Cal. E. G. Wheeler, San Francisco. Mountford S. Wilson, San Francisco. Clinton E. Worden, San Francisco.

Corporate and main office, 1368 Geary street, San Francisco. Annual meeting, first Saturday after first Monday in March, at San Francisco.

Bmy State 6 As Co.

A Delaware corporation, incorporated by act of Legislature, April 34, 1889, as the Peninsular Investment Co., the name being changed to the present style m August, 1889. company ovrned all the stock of the Ba Sute Gas Co. of New Jersey, incorporated in 1889 under the laws of New Jersey with a capital of $1,000,000. The purpose of the latter organization was to amalgamate under one management various companies supplying the city of Bioston and its suburbs with gas, including the Bay State Gas Co. of Massachusetts, Boston Gaslight Co., Roxbury Gaslight Co. and South Boston Gaslight Co.

The stocks of these four companies were assigned by J. Edward Addicks and W. E. L. Dillaway to the Bay State Gas Co. of New Jersey, subject to a pledge of them with the Mercantile Trust Co., New York, to secure $9,000,000 of bonds of the New Jersey company known as Boston United Gas ist mortgage 5s, and $3,000,000 2d mortgage 5s, both due January, 1939, interest. January and July.

By a contract between the Bay State companies of New Jersey and of Delaware, the former assigned to the latter all the surplus from the income of the pledged stocks remaining after payment of the interest on said bonds and expenses of said pledge. In November, 1896, the stock m the New Jersey Co. was transferred to Henry H. Refers, John C. Moore and Frederick W. Whltridge, as trustees. Disputes and litigation ensued in regard to this transaction. In January, 1903, propositions were made to holders of the Boston United Gas bonds to exchange them for stock of the Massachusetts Gas Companies, the successor of the New England Gas & Coke Q o. See statement of the Massachusetts Gas Companies.

On July 7, 1903, in oonaequence of default in interest and sinking: fund payments on the Boston United Gas bonds, the Bay Sute Gas Co. of New Jersey was placed in the bands of a Receiver and has since been dissolved. The stocks of the various operating companies were acquired in 1903 by the Massachusetts Gas Companies under foreclosure sales.

In Mav, Z903, the United States Circuit Court for the District of Delaware appointed George Wharton Pepper, Philadelphia, Receiver of the Bay SUte Gas Co. of Delaware. In June, 1903, the Receiver began suit in the MassachusetU Supreme Court to set aside the foreclosure and sale of the stocks of the different local gas companies at and near Boston which were held as security for the two series of Boston United Gas bonds. See statement of the Massachusetts Gas Companies as to the details of the plan under which the Boston United Gas mortgages were foreclosed and the collatersd for the same acquired by the Massachusetts Gas Companies. In August, 1004, a settlement between the Receiver and the Massachusetts Gas Companies was reached, whereby the latter obtained full possession of the various Boston gas organizations. Suits were brought by the Receiver against J. Edward Addicks and others interested in the formation ana financing of this company to secure restitution of money and securities alleged to have been illegally taken from the company. In December, 1904, the Receiver settled one case by the return to the company of stock of the par value of $51,063,500, and the payment of $48a54, the amount realised from the sale of the remainder of the $75,000,000 of stock alleged to have been illegally issued. In December, 1005, the Receiver settled a suit against Thomas W. Lawson and Lawson, Weidenfeld & Co., for $550,000. In Fdiruaiy, 1907, it was announced that the suit against Henry H. Rogers, together with $1,440,000

Geferred and $1,630,650 common stock of the Buffalo Gas Co., had been assigned to Randall organ for $1,500,000 cash. In December, 1907, the Receiver was authorised to accept $100,000 for the assignment of a decree obtained against J. Edward Addicks for $1, 399,08a

Stock Par $50., Authorised, $1,000,000,000 Issued, $184,587,500

In October, 1895, the original stock was increased from $5,000,000 to $15,000,000 for the purpose of acquiring the Brookline Gas Co. and other properties. Holders of original stock were then given the right to subscribe for two shares of the new stock at $10 a share for each old share owned. In September, 1897, the company increased its stock to $50,000,000, and in October, 1897, offered to pay off its income bonds if $1,050,000 were deposited. The 7 per cent, inoooie bonds, due 1939, were $3,000,000 in amount, of which $507,000 were outstandmg in 1907. In January, 1908, the Receiver was authorised to pay off at $1,070 each the $507,000 ofinoome bonds.

In November, 1897. the authorised stock was increased to $1,000,000,000 and $350,000,000 was issued, and in consequence of the absence of information about the purposes of thto increaae, the Stock Exchange of New York struck the stock from iU lisU. Subsequently it was increased as above stated to $350,000,000.

Receiver, George Wharton Pepper, Land Title Building, Philadelphia.

President, Thomas W. Lawson, Boston. Vice-President, J. Frank Allee, Wilmington, DeL Secretary, John F. Donohoe, Philadelphia. Treasurer, W. Harry Miller, Philadelphia.

Directors— S. J. Abbot J. Frank Allee. Newell Ball. C. F. Keller. Thomas W. Lawson. Daniel Layton. W. Harry Miller.

Main office, Wilmington, Del. Treasurer's office, Philadelphia.

BEMVER ¥ALLEr TRACTIOK CO.

A corporation formed under the laws of Pennsylvania, June 99, 1891. The company la a consolidation of the following companies :

Beaver Valley Street Railway Co. College & Grandview Electric Street Ry. Co.

Central Electric Street Railway Co. Rochester & Monaca Electric Street Ry. Co.

Peoples' Electric Street Railway Ca Beaver & Vanport Electric Street Railway Co.

The Riverview Electric Street Railway Co., the Freedom & Conway Electric Street Railway Co. and the Vanport Electric Street Railway Co. were acquired in 1903. Further extensions are planned.

The company operates 34 miles of track, and has a power station in Rochester Township Beaver County, Pa.

In July, X905, all the stock of this company was acquired by the Philadelphia Co. of Pittabuig.

Stock Par $50 Authorixed, $r,5oo,ooo Issued, $1,075,000

Stock is transferred at the office of the company, Pittsburg. Registrar, Pennsylvania Company for Insurance of Lives and Granting Annuities, Philadelia.

Industrial Sbcuritibs Aps

Funded Debt

ist mort., 6 per cent. g:old, due July, 1911, Jan. and July $150,000

ad mort., 6 per cent gold, due Oct., 1915, April and Oct xoo,ooo

General mort., 5 per cent., due Nov., 1953, May and Nov 500,000

ist con. mort., 5 per cent, eold, due Oct., iQsa April and Oct 675,000

Peoples' Electric Street RailwayCo., ist mort., 6 per cent., due May, 1912, Mav and Nov. 5O1O00

" " " " admort.,6percent,dueFeb., X915, Feb.andAug asooo

Total $1,500,000

The outstanding xst and ad mortgage bonds are for the full amounts authorized. Trustee of both mortgages and agent for the payment of interest, Union Trust Co., Pittsburg. The authorised amount of the xst consolidated mortgage is $x,aoo,ooo, of which $325,000 is reserved to retire underlying bonds. Trustee of the mortgage and agent for the payment of interest, Pennsylvania Company for Insurance of Lives and Granting Annuities, Philadelphia. Bonds are redeemable at xio and accrued interest. Agent for payment of interest on the mortgages of the Peoples' Electric Street Railway Co., Union Trust Co., Pittsburg.

The general mortgage created in 1903 is for $3,000,000, bonds being subject to call on any interest date at xxo. Trustee and agent for the payment of interest, Northern Trust Co., Philadelphia.

Earnings Year ending September jo

Grois Net Charges Surplne

X9oei-03 $227,409 $ioi,aoa $70,414 $30,788

X903-O4 917.899 96.796 79,79* 17,005

X906-07 268, xo8,i82 80,699 97,483

President, J. D. Gallery, PitUburg. Vice-President, S. L. Tone. Pittsburg. Secretary, Wixxiield B. Carsoo, Pittsburg. Assistant Secretanr. J. L. Foster, Pittsburg. Treasurer, C. J. Braun, Jr., Pittsburg. Assistant Treasurer, J. W. Murray, Pittsburg. Auditor, C. S. Mitchell, Pittsburg.

Directors— J. M. Buchanan. J. D. Gallery. Winfield B. Carson. J. L. Foster. C. S. MitcheU. J. H. Reed. T. P. Simpson. S. L. Tone. William R. Wright.

Main office, 435 Sucth avenue, Pittsburg. Annual meeting, first Saturday in November, at Beaver Falls, Pa.

Bell Telephoke Co. Of Buffalo

A corporation organised under the laws of New York in x87a The company operates a trifphone system, under an exclusive license from the American Telephone & Teleeniph Co., in tbe dty of Buffido and the adjacent counties of New York, its territory including Rochester, Niiara Falls, Lockpoft, Batavia and other large cities and towns. The American Teleohone & Telegraph Co. has a large interest in the company. At the end of 1907 the company had 54,575 stations in operation. Stock Par $xoo Authorised, $xo,ooo,ooo Issued, $8,122,000

The authorised stock of the company was increased from $4,000,000 to $5,000,000 in February, 1900, and in November, X902, a further increase to $xo,ooo,ooo was authorised. The directors were empowered to dispose of the increase from time to time as might be necessary in order to provide for extensions of the company's system. In xooo $x, 000,000 of new stock was sold at par to the stockholden ; in 1901, another $1,000,000, and in November, 1902, $500,000 . more. In December, X904, $550,000 additional stock was offered at par to the stockholders in the proportion of xo per cent, of their holdings, subscriptions for the new stock being payable February 14, X905. In January, X906, $1,2x0,000 new stock was also offered at par, the rights being 90 per cent, on the old stock. Stockholders of record February x6, 1907, also had the to suucribe for ao percent, of new stock at par, the amount of the increase being $1,452,000.

Stock is transferred at the office of the company, Buffalo.

Dividends of 6 per cent, per annum have been paid for 25 years on the stock of the company. The dividends are quarterly, 1% per cent, each in January, July, April and October.

Earnings

Gross Net Dividendi Surplus

1905. x,400,2 555,xi8 $363,000 $192,1x8

4o6 THE MANUAL OP STATISTICS

The company chores off its yearly surplus to depreciation.

President, Henry M. Watson, Buffalo. Vice-President, Thomas T. Ramsdell, Buffalo. Secretary and Treasurer, Joseph S. Baecher, Buffalo.

Diredtors— Louis L. Babcock, Buffalo. Joseph P. Bradfidd, New York. Benjamin E. Chase, Rochester. Edward M. Haer, Buffalo. Edward J. Hall, New York. Charles IC. Hehner, Lockport, N. Y. Clarence O. Howard, Buffalo. Porter Norton, Buffalo. Thomas T. Ramsdell, Buffalo. Samuel S. Spaulding, Buffalo. Theodore N. Vail, Boston. Henry M. Watson, Buffalo. George Weldon, Rochester. Charles H. Wilson, New York.

Main office, 14 West Seneca street, Buffalo. Annual meeting, first Monday after February 10, at Buffalo.

The Bell Telephohe Co. Of Cakmda

A corporation formed under the laws of the Dominion of Canada in i88a The company owns all the Bell Telephone patents in Canada. Its territory includes the whole of Canada and nearly all the prominent cities in Ontario, Quebec and Manitoba, which are connected by a long-distance system of over 8,000 miles of pole lines. The company had 58a exchanges and 1254 agencies at the end of 1907, and a total of xx 1,1x8 instruments under rental. Its longdistance lines include 9,540 miles of poles and 49,748 miles of wire. Stock Par $xoo Authorised, $30,000,000 Issued, $12,500,000

Stock is transferred at the office of the company, Montreal.

The company pays 8 per cent, per annum on its stock, the dividends being quarterly, a per cent, each, in January, April, July and October.

In X906, the authorized stock was increased to $30,000,000. Stockholders of record March 33, 1907, received the right to subscribe at par for 35 per cent, of new stock or a total of $3,500,- 000 payment on subscriptions to be made in amounts of $35 per share on May i, July 3, and October x, 1907, and January 3, 1908.

Funded Debt Debentures, 5 per cent., due April, X925, April and Oct $3*649,000

The authorised issue of debentures is up to 75 per cent, of the paid-up stock. Interest is paid at the Bank of Montreal, Montreal. The American Telephone & Telegraph Co. owns $986,000 of the debentures.

Earnings

Gross Net Dividends Surpltu

X903 $ai5M375 $583,X5X $467,510 $"4,641

904 2.933,653 70X,905 588,"? "3787

President, Charles F. Sise, Montreal. Vice-President, Robert Mackay, Montreal. Secretary, W. H. Black, Montreal. Treasurer, W. George Slack, Montreal.

Directors — Robert Archer, Montreal. Charles Cassils, Montreal. William R. Driver, Boston. Robert Mackay, Montreal. Hugh Paton, Montreal. Thomas Sherwin, Boston. Charles F. Sise, Montreal. Theodore N. Vail, Boston. H. D. Warren, Toronto.

Main office, xx8 West Notre Dame street, Montreal. Annual meeting, last Thursday in February, at Montreal.

The Bell Telephone Co. Of Kissouhi

A corporation formed under the laws of Missouri, December 3, X879. The company owns and operates a telephone system, under an exclusive license from the American Telephone & Telegraph Co., in Uie city of St. Louis and the adjoining counties of Missouri, and in Elast St. Louis and the neighboring districts of Illinois. The American Telephone & Telegraph Co. owns $4,486,000 of this company's stock. Stock Par $100 Authorized, $10,000,000 Issued, $8,788,000

In May, X904, the authorised stock was increased from $4,000,000 to $10,000,000, the new stock to be issued and sold as required. In February, 1907, the stockholders had the right given them to subscribe at par for thirty per cent, of new stock. The final payment and issue of the $3,038,000 of this new stock was on April 7, 1908.

Stock is transferred at the office of the company, St. Louis. Registrar, Boatman's Bank, St. Louis.

Industrial Securities 407

The company pays dividends of 8 per cent, per annum on its stock, the payments being quarterly 2 cent, each in January (x), April, July and October.

President, C. P. Walbridge, St. Louis. Vice-President, Edwards Whitaker, St. Louis. Secretary and Treasurer, Frits Nisbet, St. Louis.

Directofs— James Campbell, St. Louis. William Duncan, St. Louis. George F. Durant, St. Louis. Charles S. Gleed, Kansas Citv. J. A. Holmes, St. Louis. P. C. Maffitt, St. Louis. D. S. H. Smith, St. Louis. Theodore N. Vail, Boston. C. P Walbridge, St. Louis. Edwards Whitaker, St. Louis. Casper £. Yost, Omaha.

Main office, 902 Olive street, St. Louis. Annual meeting, third Thursday in February, at St Louis.

Bell Telephoke Co. Of Peiiiisyl¥Ahia

A corporation formed under the laws of Pennsylvania, September 18, 1879, as the Bell Telephone Co. of Philadelphia, the name being changed to the present style December 13. 1907. The company operates under an exclusive license from the American Bell Telephone Co., its territory being coextensive with the city of Philadelphia. The Delaware & Atlantic Tel:raph ft Telephone Co., covering certain counties in Eastern Pennsylvania, was controlled and was acquired by purchase under an agreement ratified December 3, 1907. In December, 1907, it also acquired the Pennsylvania Telephone Co., which covered a considerable portion of the State of Pennsylvania. The Diamond State Telephone Co., covering portions of Delaware and the eastern shore of Marvland and Virginia is controlled. In December, 1907, it was decided to acquire the stock of the Chesapeake & Potomac Telephone' Co., which operates in the District of Columbia, the City of Baltimore and different counties of Maryland and West Virginia and of the Delaware & Atlantic Telegraph & Telephone Co. operating in the southern portion of New Jersey and in the City of Wilmington and New Castle County, Delaware. In January, 1908, this company acquired the Maryland Telephone Co. The American Telephone & Telegraph Co. has a controlling interest in this company's stock. Stock Par $100 Authorised, $60,006,000 Issued, $39,059,900

The par value of the stock was originally $50 per share. It was increased to $100 per share in January, 1908, two shares of the old stock being exchanged for one of the new.

In July, 1903, the authorized amount of stock was increased from $12,000,000 to $z6,ooo,ooo, and $2,000,000 of the new stock was offered to the stockholders of record September 23, 1903, for subscription at par. In July, 1005, $2,000000 new stock was sold at par to stockholders. In February, 1906, the authorized stock was increased from $16,000,000 to $30,000,000 and $4,000,000 new stock was offered to stockholders at par, payment for same to be completed June 2, 1906. In October, 1906, $5,000,000 additional stock was offered for subscription by the shareholders.

In December, 1907, when the name of the company was changed, the authorized amount of the stock was increased from $30,000,000 to $60,000,000, and in January, 1908, the amount outstanding was increased from $24,972,600 to provide for the acquisition of the Chesapeake & Potomac Telephone Co.

The company paid 8 per cent, per annum on its stock, the dividends being 2 per cent, quarterly, in January, April, July and October. The quarterly dividend, payable in October, 1903, was reduced from 2 per cent, to per cent., the subsequent dividends being of the

t amount, putting the stock on a 6 per cent, annual dividend basis.

Funded Debt— Subsidiary and Controlled Companies

Pa. Telephone Co., ist mort., assumed 5 per cent., due April, 1918, April and Oct. $301,000

Ches. & Potomac Tel., cons, mort., 5 per cent., due Julv, 1929, Jan. and July 1,318,000

Diamond State Tel. , mort., 5 per cent., due July 1943, January and July 500,000

Total $2,119,000

The Chesapeake & Potomac consolidated mortgage is for $1,500,000. The bonds, after 1909, can be called at 103 and interest. There is a semi-annual sinking fund of i per cent, of the outstanding bonds.

The Pennsylvania Telephone Company's ist mortgage, which has been assumed by the Bell Telephone Co. of Pennsylvania, is for $500,000. There is a semi-annual sinking fund of $12,500 and $199,000 of the bonds have been purchased and held for account of the sinking fund.

Earnings

Other Total

Net Income Income Dividends Surplus

I9t ... $6141698 $315,543 $930,340 $852,367 Def. $77,873

*90S 4,434,397 1,278,562 899,068 379*494

1906 0,744,508 i,954,"8 1,453,786 500,331

4o8 THE MANUAL OF STATISTICS

The earnings given above for 1906 and 1907, includes those of the Delaware ft Atlantic and of the former Pennsylvania Telephone Co.

In 1Q07, the earnings of the Chesapealce ft Potomac Telephone Co. were grots, $9,876,504 : net, $890,090; charges, $500,843 ; depreciations, $908,905 ; balance surplus, $117,049.

Chairman, Theodore N. Vail, Boston. President, Union N. BetheU, New York. Vice- President, F. H. BetheU, Philadelphia. Secretary and Treasurer, J. S. Wiley. Philadelphia.

Directors— C. J. BeU, Washington. F. H. BetheU, Philadelphia, Union N. Bethel, New York. Addison Candor, Williamsport, Pa. Thomas E. Cornish, Philadelphia. Richard M. EUiot, Philadelphia. Edward J. HaU, New York. James E Mitchell, Philadelphia. Rkhaid O'Brien, Scranton. A. P. Perley, Williamsport, Pa. Francis B. Reeves, Philadelphia. H. A. Richardson, Dover, Del. A. R. Shellenberger, Harrisburg. Thomas J. Shyrock, Baltimore. Theodore N. Vail, Boston.

Main office. Seventeenth and Filbert streets, Philadelphia. Annual meeting, third Tueaday in at Philadelphia.

The Bergker A Emgel Brewirg Co.

A corporation formed under the laws of Pennsylvania, June i, 1879. The oompaay took over the business and plant of Bergner ft Engel, of Philadelphia, brewers. The plant at Thirtysecond and Master streets, Philadelphia, covers 19 acres.

The preferred stock is 8 per cent., cumulative. Transfer Agent, Land Title ft Tniat Co., Philadelphia. Registrar, Union Trust Co., Philadelphia.

FuU dividends on the preferred stock were regularly paid, 4 per cent, each in May and November, until May, 1900, when the dividend was passed, the November, 1900 dividend beii also suspended, it bemg decided to apply the surplus earnings to reducing the company's indebtecf ness. The payment of dividends was, however, resumed by the payment of 4 per cent, on the preferrecl in 1904. In i904-o< and 1905-06, 8 per cent was paid on the preferred, and in 1906-07, 19 per cent. On November i. 1907, 8 per cent, was paid, leaving 98 per cent, of unpaid accumulated dividends on the preferred stock. Regular half-yearly dividends of 4 per cent, in May and November were also paid on the common until May, 1890, inclusive, the November, 1899, dividend being passed, and no dividends have since been paid on the common.

Funded Debt lit mort., 6 per cent., due 1991, Jan. and July $1,500,000

There is no sinking fund provision for the ist mortgage. Trustee and agent for the payment of interest. Union Trust Co., Philadelphia.

Earninos Year ending September 30

Charges and Pfd.

Profits Depreciation Dividends Sorpliis

1905-06 496,107 119,961 ''*9J' 184,934

President, GusUvus A. Muller, Philadelphia. Secretary and Treasurer, August W. Philadelphia. General Manager, Gustavus W. Bergner, Philadelphia.

Directors— Gustavus W. Bergner, Philadelphia. Richard Y. Filbert, Philadelphia. Geog W. B. Fletcher, Philadelphia. Gusuvus A. Muller, Philadelphia. Richard H. Ruston, Philadelphia. John F. Stoer, Philadelphia. August W. Woebken, Philadelphia.

Main office, Thirty-second and Master streets, Philadelphia. Annual meeting, first Thursday in November, at Philadelphia.

Bessemer Coke Co.

A corporation formed under the laws of Pennsylvania, May 19, 1896. The purposes of the company are the mining of coal and the manufacture of coke. The company aoquirea and owns the following properties :

Duquesne plant, Bradenville, Pa. Griffin plant, Maaontown, Pa.

Humphreys plant, Humphreys, Pa. Griffin plant. No. 9, Masontown, Pa.

Martin plant, New Geneva, Pa. Millsboro plant, Millsboro, Pa.

The capacity of these combined plants is 800,000 tons of coke and 150,000 tons of coal per annum. Stock Par $95 Authorised, $9,500,000 laced, $950,000

Industrial Securities 49

Since October, 1902, quarterly dividends have been paid on the stock, the amounts per annum being: as follows : 1903, per cent.; 1903, 8f per cent.; 1904, 6 per cent.; 1905, 10 per cent.; 1906, 10 per cent. ; 1907, 16 per cent. The January, 1908, dividend was 4 per cent.

Funded Debt

ist mort.. 5 per cent. , due 1931, June and Dec $113,000

ist mort., 5 per cent., due 1923, June and Dec 173,000

ist mort., 5 per cent., due 1936, March and Sept zio,ooo

Total ., $394,000

The bonds outstanding are for the full amount authorised. Trustee of the mortgafi:e and agent for payment of interest, Colonial Trust Co., Pittsburg.

President, William Y. Humphreys, Pittsburg. Vice-President, E. H. Jennings, Pittsbuii;. Secretary, William Harris, Pittsburg. Treasurer, Hermon Griffin, Pittsbuxg.

Directors— Dallas C. Byers, Pittsburg. Hermon Griffin, Pittsburg. William Harris, Pittaburg. William Y. Humphreys, Pittsburg. E. H. Jennings, Pittsburg. R. L. Martin, Pittoburg. Joshua W. Rhodes, Pittsbui.

Corporate and main office, Lewis Building, Pittsburg. Annual meeting, third Tilesday in January, at Pittsburg.

BEST M/l/tUFACrUR/MG CO.

A corporation formed under the laws of Pennsylvania in 1899. The company manufactures valves, fittings and like articles for the piping system of power plants and also bronze and copper specialties for blast furnaces and rolling mills. It owns many patents, particularly on Bosh plates for blast furnace work and standpipes and valves for railroads. The plant of the company consists of an iron foundry of sixty-ton capacity, a brass foundry of seven-ton capacity, a pipe bending and riveting shop and a machine snop. Stock Par $100 .Authorized, $500,000 Issued, $500,000

Transfer Agent and Registrar, Guarantee Title & Trust Co., Pittsbuig.

Dividends are paid semi-annually in April and October.

President, George Best. Vice-President, and Treasurer, Exiward Obemdorf. Secretary, B. Floersheim.

Directors— George Best. B. Floersheim. Edward Obemdorf. William R. Neely. W. H. H. Sheets.

Main office. Twenty-fifth and Raihroad streets, Pittobuig. Annual meeting, last Tuesday in April, at Pittsburg.

Bethlehem Cohso Li Dated 6 Ms Co.

A corporation formed under the laws of Pennsylvania, succeeding the Wyandotte Gas Co., which was reorganized. The latter was a consolidation of the following companies : Bethlehem Gas Co. Fountain Hill Gas Co. South Bethlehem Gas Co.

The company has a perpetual and exclusive franchise in Bethlehem, South Bethlehem and Fountain Hill, Pa. Miles of mains, 38; Meters, 3,519. Stock Par $xoo Authorized, $500,000 Issued, $500,000

Funded Debt ist mort., 3 per cent., due April, 1934, April and Oct $500,000

The outstanding bonds are for the total amount authorized. Trustee of the mortgage and agent for the payment of interest, Wyoming Valley Trust Co., Wilkes-Barre, Pa.

President and Treasurer, William T. Morris, Bethlehem, Pa. Secretary, T. W. Summers, Bethlehem. Manager, J. W. Murdock.

Corporate and main office, iii South Main street, Bethlehem, Pa. Annual meeting, May i, at Bethlehem.

Bethlehem Steel Corporatioh

A corporation formed under the laws of New Jersey, December 10, 1904, as successor to the United States Shipbuilding Co., which was reorganized under the plan described below. The United States Shipbuilding Co., which was formed under the laws of New Jersey, June 17, 1903, acquired all the stock of the Bethlehem Steel Co., South Bethlehem, Pa., and auso acquked the following properties :

4o THB MANUAL OF STATISTICS

Bath Iron Works, Bath, Me. Eastern Shipbuilding: Co., New London, Conn.

Samuel L. Moore & Sons Co., Elisabethport, Canda Manufacturing Co., Carteret, N. J.

N. J. Hyde Wmdlass Co., Bath, Me.

Crescent Shipyard Co., Elisabethport, N. J. Union Iron Works, San Francisco.

Harlan & Hollingswoith Co., Wilmington, Del.

The present company acquired, under foreclosure sales, all the property of the old oinisation, including its stock in the Bethlehem Steel Co., but sold the properties of the Bath Iron Works and the Hyde Windlass Co.

The plant of the Crescent Shipyard Co., at Elisabethport, N. J., and the Carteret ImproTe> ment Co., at Canda, N. J. , have not been operated since the formation of the Bethlehem Steel Corporation, and both have been consolidated with the Samuel L. Moore & Sons Co., under an agreement adopted by the stockholders of the Crescent Shipyard Co., the Carteret Improvement Co. and the Samuel L. Moore & Sons Co., on November 31, 1907. No operations have been carried on at the plant of the Eastern Shipbuilding Co since the formation of the Bethlehem Steel Corporation, and this plant was sold to Mr. Charles R. Hanscom, of New London, Conn., representing a syndicate, in September, 1007.

The Bethlehem Steel Co. continues to operate under that title, but the remaining companies ceased doing business under their old titles and the following new companies were created, tis :

Harlan & HoUingsworth Corporation, Wil- Union Iron Works Company, San Francisco, mington, DeL Cal.

The preferred stock is 7 per cent., non-cumulative, and has a preference as to asses. Transfer Agent, Trust Company of America, New York. Registrar, Morton Trust Co., New York.

The first dividend on the preferred stock was per cent, and the same quarterly rate was paid to August, 1906, inclusive. In November, 1906, and February, 1907, dividends of per cent, each were paid. Since the last named date no dividends have been paid.

Funded Debt Bethlehem Steel Co. pur. money mort., 6 per cent., due Aug., 1998, Quarterly, Feb.. $7,479,000 Bethlehem Steel Co. ist extension mort., 5 per cent., due Jan., igiad, Jan. and July. . ia,ooo,ooo " " serial notes, 6 per cent., due July, 1910-12, Jan. and July 1,887,000

Total. $91,366,000

The Bethlehem Iron Co. ist mortgage 5 per cent, bonds, due February xst, 1907, were retired at that date.

The Bethlehem Steel Co. purchase money mortgage was created in ix. The bonds issued thereunder are in coupon form, with privilege of registration both as to pnncipal and interest, tax free, not subject to call, and were issued for the acquisition of the property of the Bethlehem Iron Co., the latter*s ist mortgage bonds being assumed by the Steel Co.

The Bethlehem Steel Co.'s ist extension mortgage bonds are in coupon form, with privilege of registration as to principal only, being part of an issue of $ia,ooo,ooo, and were issued for the purpose of increasing the capacity of the present plant and building extensions on property recently acquired. The mortgage securing these bonds is a first lien upon all of the real estate of the Bethlehem Steel Co. acquired by the company since the date of its mortgage created in 1901 (with the exception of certain small parcels not contiguous to the plant) and the plant and buildings to be erected thereon, and will be a first mortgage on all extensions or additions to such ; and is also a lien upon the remaining plant and manufacturing properties of the company at and near South Bethlehem subject to the foregoing mortgages. These bonds are guaranteed as to principal and interest by the Bethlehem Steel Corporation and are redeemable in whole or in part at 105 on any interest date, and have a sinking fund provision of $500,000 per annum commencing July i, 1908. Trustee, Morton Trust Co., New York. Interest is paid at the office of Harvey Fisk & Sons, New York.

The 6 per cent, serial notes of the Steel Co., created in 1907, are guaranteed by the Bethlehem Steel Corporation. They mature $500,000 July x, 1910; $500,000 July i, 191 x and $1,500,000 July I, 1912. Interest is payable at the office of Harvey Fisk & Sons, New York.

In X907 the Harlan & HoUingsworth Corporation, one of the controlled companies, created and sold an issue of short term 6 per cent, notes.

See Manual for 1905 for full account of the reorganisation and details of the plans for the same.

Earnings— All Companies

Proliu Changes Depreciation and Lota Pfd. Div.

Industrial Sbcuritibs 4"

On December 31, 1905, the credit to surplus account was $1,843,6x0. On December 31, 1906, the same item was $593,431. December 31, 1907, $3,100,400.

President and Chairman, Charles M. Schwab, New York. Vice-President, Archibald Johnston, South Bethlehem, Pa. ad Vice-President. Henry S. Snyder, South Bethlehem. 3d Vice-President, C. C. Kay, South Bethlehem. Secretary and Treasurer, Barry H. Jones, South Bethlehem. Assistant Treasurer and Assistant Secretary, Arthur T. Rush, New York. Comptroller, F. A. Shick, New York.

Directors — William M. Barnum, New York, Pliny Fisk, New York. Archibald Johnston, Bethlehem. Allan A. Ryan, Suffem, N. Y. Charles M. Schwab, New York. Geor R. SbeUon. New, York. Henry S. Snyder, South Bethlehem. Charles W. Wetmore, New York. Oliver Wren, New York.

Corporation office, 763 Broad street, Newark, N. J. New York Office, 100 Broadway. Annual meeting, first Tuesday in April, at Newark.

Bi6Elow Carpet Co.

A corporation formed under the laws of Massachusetts, December 9, 1899. The company is a consolidation of the following: companies : Bigelow Carpet Co. Lowell Manufacturing Co.

The mills of the company are located at Clinton and Lowell, Mass. Stock Par $xoa Authorised, $4,030,000 Issued, $4,030,000

Stock is transferred at the office of the company, Boston.

Dividends of per cent, each semiannuaJ have been paid since 1901, January (i) and July. The January, ipoS, dividend was, however, per cent, and i per cent, extra.

President, Arthur T. Lyman. Treasurer, Charles F. Fairbanks.

Directora—Thomas P. Beal. Charles F. Fairbanks. Edward W. Hutchms. Arthur T. Lyman. Jacob Rogers. William Sloane.

Corporate and main office, 199 Washington street, Boston. New York office, 141 Fifth avenue. Annual meeting, last Wednesday in March, at Boston.

BIMBMAM COH so LI DATED Ml HI KG A SKELTIKG CO.

A corporation formed under the laws of Maine, April 5, 190X. This company was the wccessor to the Bingham Copper & Gold Mining Co., a New Jersey company formed in 1898. See the Manual for 1901 . The present company acquired the $a,ooo,ooo stock and the property of the old company, together with a number of adjoining gold and copper mines and claims. The properties are situated near Bingham, Utah, the company having a smelter at Bingham Junction, Utah, and the mines, though formerly worked for gold, comprise deposits of copper ore.

In February, 1908, it was proposed that the stockholders of the Bingnam Consolidated Co.. should pay an assessment of $ta per share and receive for this assessment shares of stock of the Ohio Ccpper Co., and be given in exchange for each share of Bingham Consolidated one share of Ele & Blue Bell Mining Co. stock, the control of the latter being held in the treasury of the Bingham Consolidated. The Ohio Copper Co., which had 750,000 shares of stock outstanding, was to increase the amount to 1,500,000 shares for the above purpose. It was also stated that the assessment on the Bingham Consolidated stock would be underwritten. Stock Par $50 Authorised, $10,000,000 Issued, $7,500,000

The stock is full paid and non-assessable. Transfer Agent, Federal Trust Co., Boston. Registrar, First National Bank, Boston.

The stock of the Bingham Copper & Gold Mining Co. consisted of 300,000 shares, par value $10 each, or $a,ooo,ooo. In the formation of the new company $5,000,000 of the new stock was offered in exchange for the old, or i of new for 3 shares of old stock.

Funded Debt. Convertible root., 6 per cent., due April, 19x4, April and Oct $800,000

The 6 per cent, convertible bonds were issued in 1904. Trustee of the mortgage and agent for the payment of interest, Federal Trust Co., Boston. The bonds are subject to call on any interest day on 30 davs' notice at 105 and interest, and are convertible into stock at par at the holders' option. A sinking fund for the redemption of the bonds in 10x4 begins in 1006. The bonds were issued to provide for the retirement of $300,000 of old debentures and to pay for new acquisitions.

It was suted in February, 1908, that the company had a floating debt of about $750,000.

President, Edward L. WTiite, Boston. Secretary, W. J. Freeman, Boston, Treasurer, H. N. Sweet, Boston.

4ia THE MANUAL OF STATISTICS

Directon— William Bayly. Joseph A. Coram. Geom E. Davis. W. J. Freeman. W. F. Hammett. W. S. McComick. Duncan McVichie. O. P. Posey. H. N. Sweet. L. T. TniU. O. E. WeUer. Edward L. White.

Main office, 60 State street, Boston. Annual meeting, third Wednesday in April.

Bikghaktok Gas Works

(Controlled by the American Light & Traction Co.) This company owns and operates, under a 50-year franchise, the gas works of Bingfaamton,

The company is controlled by the American Light & Traction Co., which owns all iu stock. See statement of that company. Stock Par $100 Authorised, $750,000 Issued, $450,000

Transfer Agents, Emerson McMillin & Co., 40 Wall street. New York.

Funded Debt ESt mort., 5 per cent, gold, due 1938, April and Oct $750,000

The ist mortgage is for $750,000. Trustee, Central Trust Co., New York.

President, Emerson McMillin, New York. Vice-President, James W. Manier, Binghamton, N. Y. Secretary and General Manager, C. W. Bennett, New York. Treasurer, Robert W. Manier, Binghamton.

Directorial. T. Deyo. G. W. Dunn. S. J. Hirshman. A. P. Lathrop. James W, Manier. Emerson McMillin. George F. O'Neil. W. G. Phelps. C. M. Stone.

Main office, Binghamton, N. Y. Secretary's office, 40 Wall street. New York.

Bme/tAMTOK RAILWAY CO.

A corporation formed under the laws of New York, September 30, 1901. The company is a consolidation of the Binghamton Railroad Co., Binghamton, Lestersfalre & Union Railroad, and their constituent companies, comprising all the street railways in the dty of Binghamton, N. V. The company operates 45.50 miles of electric railways. Stock Par $xoo Authorised, $1,150,000 Issued, $9731349

Stock is transferred at the office of the company, Binghamton, N. Y.

The company paid a per cent, on its stock m 1900, 1901, 190a, 1903, 1904 and 1905, the dividends bein annuaL On April 18, 1905, a scrip dividend of 90 per cent, was paid. The annual cash dividend paid in May, 1906, was per cent. A dividend of per cent, was paid in December, 1907.

Funded Debt ist con. mort., 5 per cent., gold, due Nov., 1931, May and Nov $731,000

Funded Debt—Constituent Companies

Binghamton Street Railway ist mort., 6 per cent., due 19x0, April and Oct $168,000

Binghamton Railroad mort., 5 per cent., due 1908-1933, Jan. and July 675,000

Binghamton, Les. & Union xst mort., 5 per cent., due June 1935, June and Dec 147,000

Total $1,711,000

Of the consoUdated mortgage of the Binghamton Railway Co., $3,500,000 authorised, $x, 150,000 only could be issued against the retirement of corresponding amount of prior Uen bonds. Trustee of the mortgage and agent for the payment of interest, Fidelity Trust Co., Buffalo. Interest is also paid by the Seaboard National Bank, New York. After 19XX bonds may be drawn at xxo.

Earnings Gross Net Chargis Suiylvs

90S 377,031 134,309 85,955 4.354

The decreased earnings, both gross and net, for 1907, were due to a protracted and bitterly contested strike, covering a period of three months. After the termination of the strike the earn-

Industrial Securities 413

logs and operating: expenses resumed their normal condition and earnings have shown a consistent increase.

President, George T. Rogers, Binghamton, N. Y. Vice-President, George E. Green, Binghamton. Secretary, John B. Rogers, Binghamton. Treasurer, H. C. Hardie, Binghamton. Genera] Manager, J. P. E. Clark, Binghamton.

Directors— J. P. E. Clark, Binghamton. J. W. Cunningham, New York. George E. Green, Binghamton. Stoddard Hammond, Binghamton. H. C. Hardie, Binghamton. T. J. Keenan, Binghamton. C. J. Knapp, Binghamton. George T. Rogers, Binghamton. John B. Rogers, Binghamton. F. E. Ross, Binghamton. L. E. Turner, Binghamton.

Main office, Binghamton, N. Y. Annual meeting, second Tuesday in July, at Binghamton.

Birhik6Ham Rmilwmy. Light A Power Co.

A corporation formed under a special legislative charter granted bv the State of Alabama, June 13, X901. The company was a consolidation of twelve street railway, electric and gas companies controlling practically aU the facilities of that description in the Birmingham, Ala., District. It owns and operates a street railway system of 129 miles, connecting Birmingham, Bessemer, Ensley, Pratt City, Avondale and other towns and villages in the vicinity. It has electric light and power plants at Birmingham, Bessemer, Ensley, Woodlawn, Avondale, East lke, yest End, Wylam and Pratt City, Ala. It also owns nd operates the gas works at Birminham, Avondale, Woodlawn, West End, Ensley and a steam heating system in Birmingham. A majority of this compan]*s stock has been acquired by the American Cities Railway & Light Co. The equipment comprises 374 passenger and freight cars.

The preferred stock is cent., cumulative. Transfer Agents, American Trfist & Savmgs Bank, Birmingham, Ala.; Commercial-Germania Trust & Savings Bank, New Orleans. Regis - train, Isidore Newman 8t Son, New Orleans ; First National Bank, Birmingham.

The dividend periods for the preferred stock are January and July. The first semi-annual dividend of 3 per cent, on the preferred was paid January x, 1903. The first semi-annual dividend of on the common stock was paid in July, 1903, a similar amount being paid in January, 10Q4, but the rate was increased to 3 per cent, in July, 1904, and to in July, 1906, which was ano the rate paid in December, 1906. The July, 1907, dividend was, however, passed. The dividend periods for the common are the same as for the preferred.

Funded Debt

General refunding mort., per cent. , due April, 1954, April and Oct $8,730,000

Refunding and extension mort., 6 per cent. , due May, 1957, May and Nov 1,000,000

Birmingham Ry. & El. ist mort., 5 per cent., due July, 1934, Jan. and July 983,000

Total $10,703,000

Trustee of the Birmingham Railway & Electric 1st mortgage, Birmingham Trust & Savings Co., Birmingham. Agent for the payment of interest. Central Trust Co., New York. The authorised issue of bonds is $1,350,000, balance canceled. $1,000 bond is held in trust by the company to retire a $1,000 Birmingham Union Railway Co. xst mortgage 6 per cent, bond, due May i, 1913, mortgage securing same having been canceled.

The general refunding mortgage was created in 1904 and is for $10,000,000. Trustee and agent for payment of interest, Commercial-Germania Trust & Savings Bank, New Orleans. Interest is also paid at the New York Trust Co., New York. The bonds can be called on and after April i, 1909, at 105 and interest.

The refunding and extension mortgage created in 1907 is for $25,000,000, sufficient being reserved to retire underlying liens. Trustee and agent for payment of interest, Old Colony Trust Co., Boston. Interest is also paid at the office of Isidore Newman & Son, New York.

Earnings Gross

I9P3 $1,311,851

President, A. H. Ford, Birmingham, Ala. Vice-President, George H. Davis, New Orleans. Vke-President, Lee C. Bradley, Birmingham. Secretary, Joseph P. Ross, Birmingham. Treasurer and Auditor, C. M. Cory, Birmingham.

Net

Charges

Surplui

The Manual Op Statistics

Directors— Lee C. Bradley, Birmingham. T. G. Bush, Birmingham. George H. Davis, New Orleans. A. H. Ford, Binpingham. W. P. G. Harding, Birmingham. Robert Jemison, Birmingham. M. V. Joseph, Birmingham. H. L. Falk, New York. W. H. Kettig, Birmingham. Sidney H. March, New York. G. B. McCormack, Birmingham. B. F. Moore, Birmingham. F. D. Nabers, Birmingham. J. K. Newman, New York. R. H. Pearson, Binning ham. W. M. Smith, New Orleans.

Main office, 3104 FiiBt avenue, Birmingham, Ala. Annual meeting, second Monday after first Sunday in February, at Birmingham. Fiscal Agents, Isidore Newman & Son, New York.

Bihhihbham Realty Co.

A corporation formed under the laws of Alabama, December 16, 1899. purpose of the company is to buy and sell real estate. It acquired the business and property of the Elyton Co. of Birmingham, Ala.

The preferred stock is 4 per cent., non-cumulative, and has a preference as to assets. Stock is transferred at the office of the company, Birmingham, All. Registrar, Birmingham Trust & Savings Co., Birmingham.

President, A. Leslie Fulenwider, Birmingham, Ala. Vice-President, William Halls, Jr., New York. Secretary and Treasurer, Frank Norris, Birmingham. Assistant Secretary and Assistant Treasurer, £. B. Daffin, Birmingham.

Directors— Henry R. Carse, New York. Culpepper Ezum, Birmingham. A. Leslie Fulenwider, Birmin|:ham. William Halls, Jr., New York. John Birmingham. David Roberts, Birmmgham. Henry G. Robinson, Birmingham. Ross C. Smith, Birmingham. William Wcvdward, New York.

Corporate and main office, Birmingham, Ala. Annual meeting in April, at Birmingham.

f. W. BLISS CO.

A corporation formed under the laws of West Virginia in 1892. The company succeeded the E. W. Bliss Co., Limited, an English corporation, which in turn succeeded E. W. Bliss Co., a New York corporation. The business was formerlv carried on by E. W. Bliss, Bliss & Williams and Mays & Bliss, the latter having established it some forty years ago. The company manufactures dies, presses and other specialties for making sheet metal goods, and is the exclusive manufacturer of the Bliss-Leavitt torpedo for the United States Government. It also manufactures armor-pierdng and semi-armor-piercing projectiles, common shell and shrapnel for the army and navy, and gears, pressed pmions, etc. It has a very large export trade in the various specialties of its manufacture, having agencies in many cities abroad. The different properties of tne company cover an area of iSsIT city lots, equal to city blocks of aoo feet square, and include large machine shops, foundries, etc. The plant and other assets, including patents, are valued at over $4,500,000. In 1903, the company acquired control of the United States Projectile Co.

In February, 1903, this company acquired the stock of the United Sutes Projectile Co.

The preferred stock is 8 percent, cumulative. Stock is transferred at the office of the company, Brooklyn, N. Y. Registrar, Long Island Loan & Trust Co., Brooklyn, N. Y.

In December, 1005, the stock authorized was increased from $1,000,000 to $1,500,000, each of common and preferred, and stockholders were given the right to subscribe for $500,000 of the increase at par.

Regular quarterly dividends are paid upon both common and preferred, the rate upon the common having been increased in 1899 from a per cent., or 8 per cent, per annum, to aj per cent., or 10 per cent, per annum, which has since been the regular rate. The dividends are paid quarterly, January, April, July and October.

Funded Debt Mort., 6 per cent., due 193a, April and Oct $749t3oo

The bonds were issued in 1903 for the purchase of the stock of the United States Projectile Co. Trustee, Franklin Trust Co., Brooklyn, N. Y.

President, James W. Lane. Vice-President, Frank C. B. Page, ad Vice-President, Frederick D. Mackay. Secretary, Howard C. Seaman. Treasurer, Ludan H. Gould.

Industrial. Sbcuritiibs 45

Directors— Walter B. Bailey. Jonathan Bulkley. John J. . Seth L. Keeney. James W. Lane. Frank M. Leavitt. Chauncey MarshalL Frederick D. MacKay. Walter E. Murdock. Frank C. B. Page. William H. Truesdale. Arthur Wikin.

Main office, 17 Adams street, Brooklyn, N. Y. Annual meeting, third Monday in March.

Richard Borden Hahufacturimg Co.

A corporation formed under the laws of Massachusetts in 1871 for the purpose of manufacturing cotton cloths. The mills of the company are at Fall River, Mass., and have a capacity of 96,3 spindles and 2,452 looms. Stock Par $100 .' Authorixed, $x,ooo,ooo Issued, $1,000,000

In May, 1907, the stock was increased from $800,000 to $1,000,000 and the additional $aoo,ooo distributed as a stock dividend of 25 per cent.

Dividends in recent years were at the rate of 6 per cent, per annum, paid quarterly, per cent, each in January, April, July and October. In 1907 per cent, was paid in January, 5 per cent, each in April and July, and per cent, in October.

President, Edward P. Borden, Philadelphia. Clerk, Treasurer and General Manager, Charles N. Borden, Fall River.

Directors— Rufus W. Bassett, Fall River. Charles N. Borden, Fall River. Edward P. Borden, Philadelphia. Jerome C. Borden, Fall River. Richard P. Borden, Fall River.

Corporate and main office. Fall River, Mass. Annual meeting, second Tuesday in November, at Fall River.

Borden'S Condensed Milk 00.

A corporation formed under the laws of New Jersey April 24, 1899. The company is the successor to a New York corporation of the same title.

The preferred stock is 6 per cent., cumulative, but three years after issue became subject to call at no, the provision being that if part was called the shares should be selected by lot.

Transfer Agent, Registrar & Transfer Co., New York. Registrar, New York Trust Co.

Regular dividends at the rate of 6 per cent, per annum are paid on the preferred stock, the payments being quarterly, per cent, each in . March, June, September and December.

In 1902 the company paid 8 per cent, on tlie common ; in 1903, per cent., in 1904 to 1907, inclusive, xo per cent., being 4 per cent, each in February and August, and 2 per cent, in December.

President, William J. Rogers, New York. Vice-President, S. Frederic Taylor, New York. Secretary, Walter M. Gladding, New York. Treasurer, F. D. Shove, New York.

Directors— L. A. Hamilton. Edgar L. Marston. Albert J. Milbank. Dunlevy Milbank. Geoiige L. Nichols. William J. Rogers. S. Frederic Taylor.

New York office, xo8 Hudson street. Annual meeting in October.

Border City Hahufacturimg Co.

A corporation formed under the laws of Massachusetts in x88o for the purpose of manufacturing cotton goods. The mills of the company are at Fall River, Mass., and have x 19,8x2 spncUes and 2,937 looms. Stock Par $xoo Authorized, $x,ooo,ooo Issued, $1,000,000

Stock is transferred and registered at the office of the company, Fall River, Mass.

In X901 the dividends were 6% per cent. In 1902 and 1903, 6 per cent, was paid, the dividends being per cent, quarterly in January, April, July and October. In 1904, per cent. was paid, per cent, in January, i per cent, in April and i per cent, in October. In XQ05, paid 2H cent., being x per cent, in May, i per cent, in August and 1% percent, in November. In 1906, paid per cent m February and May ; 5 per cent in August and per cent, in November. In X907, paid xo per cent, in February, per cent, in May, 7 per cent, in August, and 5 per cent, in November.

Funded Debt xst mort., 5 per cent., due X9J0, Jan. and July $500,000

The bonds outstanding are for the total amount authorized. Trustee of the mortgage and agent for the payment of uiterest, The B. M. C. Durfee Safe Deposit & Trust Co., Fall River, Mass.

4i6 THE MANUAL. OP STATISTICS

President, Thomas E. Brayton, Fall River, Mass. Treasurer, Edward L. Anthony, Fall River.

Directors, Edward L. Antliony, Fall River. George A. Ballard, Fall River. John S. Brayton, Fall River. ThoAas E. Brayton, Fall River. Francis A. Foster, Boston. Thomas M. Stetson, New Bedford, Mass. H. C. W. Mosher, New Bedford.

Corporate and main office. Weaver street. Fall River, Mass. Annual meeting, first Wednesday in November, at Fall River.

Bostok A Moktaka Cohsoli Dated Copper Amd Silver

Himihg Co.

(Controlled by Amalgamated Copper Co.)

A corporation formed under the laws of Montana in 1887, (he company owning and operating copper mines and smelters at Butte and Great Falls in that State.

In Z90X the Amalgamated Copper Co. offered to exchange $400 of its own stock, par $100, for each share of this company's . This proposition was accepted by a large majority of the stockboldefB. Stock Par $25 Authorized, $3,750,000 Issued, $3,750,000

Stock is transferred at the office of the company. New York.

The company has paid dividends since 1888, the total dividends paid to January i, 1904, being $28,335,000. In 1899, paid $36 per share ; in 1900, $43 per share ; in 1901, 140 per cent., or $35 per share ; in 1902, 24 per cent. or $6 per share ; in 1903, 32 per cent., or $8 per share, and in i, 244 percent, or $80 per share, there being, in 1904, two extra dividends, viz.: za per cenU m July and 200 per cent, in December. In 1905, paid $40 per share or 160 per cent., the dividends being 40 per cent, each in January, April, July and October. In 1906, paid $48 per share. In 1907, pjud $42 per share, the dividends being $12 each in January, April and July, and $6 in October. The January, 1908, dividend was $4.

The last of the company's ist mortgage 7 per cent, bonds matured and were retired in 1907.

In June, 1901, the Amalgamated Copper Co. acquired $3,447,300 of this company's capital stock by exchanging 4 shares of its own stock for i share of this company's stock.

No reports of operations or earnings are now made public.

President, Sidney Chase, New York. Secretary and Treasurer, F. P. Addicks, New York- Directors — F. P. Addicks. Sidney Chase. David Hennessey. Frank Klepetko. James PhilHps, Jr.

Main office, Butte, Mont. New York office, 42 Broadway. Annual meeting, last Thursday in April, at Butte.

Bostom A Worcester Electric Cokpmkies

A voluntary association formed under the laws of Massachusetts, by an agreement dated July 99, 1903. It acquired and owns the stock ($1,725,000) of the Boston & Worcester Street Railway. The latter acquired and consolidated the Marlborough & Framingham Street Railway Co., the Framingham, Southboro & Marlborough Street Railway Co., and the Framingham Union Street Railway Co. The system of electric lines grate 75 miles of track, including the line between Boston and Worcester, Mass., a large part of which is over private right of way.

The preferred shares are 4 per cent., cumulative, and have a preference in case of liquidation up to $100 per share before the common shall participate in any distribution. Otherwise the shares, both preferred and common, have no definite par value. Transfer Agent, American Trust Co., Boston. Registrar, City Trust Co., Boston.

The first dividend on the preferred stock was $3 per share, or 2 per cent., paid July x, 1904. Dividends of the same amount, or 4 per cent, per annum, have since been regularly paid in January (i) and July.

Funded Debt — Constituent Companies Boston & Worcester St. Ry. ist mort., per cent., due Aug. i, 1933, Feb. and Aug. ..$1,910,000 Framingham, Southboro & Marl. St. Ry. ist mort., 5 per cent., due 191Q, Jan. and July . . 60,000 Framingham Union St. Ry. ist mort., 5 per cent, due July, 1909, Jan. and July 47tOOO

Total $3,0x7,000

The Boston & Worcester Street Railway ist mortgage is for $3,500,000. Trustee and agent for the payment of interest, American Trust Co., Boston. Further issues of the bonds can only be made for additional mileage and improvements to the extent of one-half the

Industrial. Securities 4I7

cost thereof. On October i, 1907, the Street Railway Co. had outstanding notes for $1,062,905, of which $600,000 was held by the Boston & Worcester Electric Company's shares.

In the year ending September 30, 1905, the Boston & Worcester Electric Companies reported net income, $109,6x7; dividends and expenses, $io7999; balance, $1,588. In 1905-06, net income, $133,878; surplus over expense and dividend, $3,996. In i9o6-<7 net income, $iJ9554: surplus, $1,657.

President, James F. Shaw, Manchester, Mass. Vice-President, William M. Butler, Boston. Secretary and Treasurer, George A. Butman, Boston.

Trustees— William M. Butler. George A. Butman, Arthur El. Childs. H. Fisher Eldredge. Charles Hayden. N. WQbur Jordan. Stillman F. Kelley. Robert T. Paine, ad. C. C. Peirce. James F. Shaw. Edward P. Shaw. Phineas W. Sprague. Philip Stockton. Walter H. Trumbull. William L. Underwood.

Main office, 8 Congress street, Boston. Annual meeting in December, at Boston.

Bostok Beltimg Co.

A conxmUion formed under the laws of Massachusetts in 1845 for the manufacture and sale of mechanical rubber goods. The plant of the company is at Roxbury, Mass. Stock Par $100 Authorised, $1,000,000 Issued, $1,000,000

Stock is transferred at the office of the company, Boston.

Dividends are paid at the rate of 8 per cent, per annum, the payments being quarterly, 3 per cent, each, in January (i), April, July and October. The January, 1907, dividend was 3 percent, and 2 per cent, extra.

In the year ending September 30, 1906, the company reported total net income, $400,732 ; in 1906-07, $680,941. The total surplus account Sept. 30, 1907, was $381,935, and the company had a reserve account of $800,000.

President, James Bennett Forsyth, Boston. Treasurer and Clerk, J. H. D. Smith, Boston.

Directors— Lewis M. Crane, Brookline, Mass. William H. Furber, Wellesley, Mass. James Bennett Forsjrth, Boston. George A. Miner, Boston. Charles H. Moseley, Boston. J. H. D. Smith, Boston. Francis H. Stevens, Wellesley, Mass.

Main office, 256 Devonshire street, Boston. Annual meeting, November 28, at Boston.

Bostok Cohsoli Dated Copper A Gold Hi Hi Kg Co., Limited

A corporation formed under the laws of Great Britain. The company, through the ownership of the stock of an American subsidiary company owns and operates an extensive copper mining: property at Bingham, Utah. The property comprises 51 claims or 350 acres adjoining the Highland Boy mine of the Utah Consolidated Mining Co. Stock Par £1 Authorised, ;725,ooo Issued, j625,ooo

In June, 1905, the authorized stock was increased from £soooco to ;635,ooo in order to provide for the conversion of the debenture bonds. Although an English company it is understood that a large majority of the stock is owned in the United States.

Transfer Agent, Federal Trust Co., Boston. Registrar, State Street Trust Co., Boston.

Funded Debt Debentures, convertible, 7 per cent. , due Dec. 31, 1917, Jan. and July j£*2So,ooo

In November, 1907, an issue of ;3oo,ooo, 7 per cent., convertible debentures was authorised, of which ;352,ooo were offered for subscription at par by the stockholders. The debentures may be redeemed on three months' notice after December ji, 1909 and can be exchanged for stock at the rate of 5 shares for each ;i5 of debentures.

Chairman, J. E. Dudley Ryder, London, Eng. Secretary, George H. Johnson, London. Treasurer, Frank A. Schirmer, Boston. Managing Director, Samuel Newhouse, Salt Lake City.

Directors, Charles S. Henry, London, Eng. Eugene Meyer, New York. J. E. Dudley Ryder, London. Frank A. Schirmer, Boston. Samuel Newhouse, Salt Lake City. M. I. Newhouse, London.

Main office, 4 Great Winchester street, London, E. C. Boston office, 79 Milk street. New York office, 71 Broadway. Annual meeting in December, at will of directors.

Bostom Elevated Railway Co.

A corporation formed under the laws of Massachusetts, by Act of the Legislature, approved June 10, 1897. The company acquired the right to build and operate a large mileage of elevated roads in the vicmity of the city of Boston. The first season of 6 miles was opened in June, 1901. The

4i8 THE MANUAL OP STATISTICS

roads are operated with electric power. In 1903 arrangements were made with the dty by which this company leased the Washington Street Subway. The company leased the West End Street Railway until June, 1903. ft leases certain lines of the Old Colony Street Railway Co. in the southern part of Boston. See statement of Massachusetts Electric Companies. The company leases the tunnel between Boston and East Boston, which was completed in December, 1904. An extension of the elevated line to Forest Hill was in progress in 1907, and extensions of the subway are under construction. Total operated surface lines, 445.89 miles; elevated lines, 16.01 miles; total mileage, 461.91 miles. It was stated in the latter part of 1906, that authority would be sought to consolidate the West End Street Railway with this company.

Stock Par $100 Authorized, $33,000,000 Issued, $13,300,000

The authorised stock was increased in April, 1907, from $15,000,000 to $33,000,000.

Transfer Agent, Old Colony Trust Co., Boston. Registrar, American Trust Co., Boston.

The company b;an the payment of dividends with per cent, in August, 1808. In 1899 per cent, was paid ; in 1900, per cent., and in 1901, sH dividends in 1903 were 6 per cent., or 3 per cent, each, semi-annual, in February (15) and August, which were also the rate and periods in 1903 to 1908 inclusive.

Funded Debt

Debentures, gold, 4 per cent., due May, 1935, May and Nov $8,500,000

4M percent., due Oct,, 1937 3,900,000

" 4 percent., due Oct., 1937 1,000,000

Total $13,400,000

The authorised - amount of the 4 per cent, debentures, created In 1905, is $11,000,000. Trustee and Registrar, Old Colony Trust Co., Boston.

Passengers

Carried Gross Net Charges Surplus

i899KX> 301.000,000 $10,141,309 $3,408,884 $3,933,839 $476,045

x90o-o 3x3,700,000 10,793,993 3.533.898 3,896,350 .S39

1901-03 323,484,000 xx,33X,030 3*458,458 3,836,560 631,898

190*03 333,563,000 ",959.5x3 3.759.5" 3,933,556 836,95s

I903-<H 341,681,000 X2,39.353 3.805,041 3,975,367 839,774

1904-05 36,041,000 X2,689,676 4,x3',9x6 3,388,831 835,084

In 1899-1900 the surplus over dividends for that year was $1:,545. In 1900-01, surplus, $61,539 ; 1901-03, surplus, $31,898 ; in 1903-03, surplus, $28,355 10 1903-04, surplus, $31,774 ; in 1904-05, surplus, $37.084 ; in 1905-06, surplus, $53*779 ; in 190607, surplus, $33,378. Total surplus account, September, 30, 1907, $668,603.

President, William A. Bancroft, Boston. Vice-President, Charles S. Sergeant, Boston. Secretary, Daniel L. Prendergast, Boston. Treasurer, William Hooper, Boston. Comptroller, Henry L. Wilson, Boston.

Directors — Frederick Ayer, Milton, Mass. William A. Bancroft, Boston. John J. Bright, Boston. Samuel Carr, Boston. T. Jefferson Coolidge, Jr., Boston. Frank E. Peabody, Boston. James M. Prendergast, Boston. N. W. Rice, Boston. Quincy A. Shaw, Jr., Boston. William S. Spaukiing, Boston. Robert Winsor, Boston.

Main office, 101 Milk street, Boston. Annual meeting, first Monday in January, at Boston.

Bostok Stemhship Co.

The company was originally a voluntary association formed in 1900. It was incorporated by the State of Massachusetts under the same title in 1003, and the old stock, which was $755,000 common aiid the same amount of preferred, was exchanged, share for share, for the new stock. The object of the organization is the ownership and operation of ocean steamships. The company at the time of its formation contracted with the Maryland Steel Co. for tne construction of two freight steamers of about 11,500 tons capacity each. The company's fleet is operated on the Pacific Ocean, from Puget Sound ports to the Orient, in connection with the Great Northern Railway and the Northern Pacific Railway Companies.

Industrial Sbcuritibs 419

The preferred stock is 6 per cent., non-cumulative. Stock is transferred at the office of the company, Boston.

Funded Debt

ist mort., anking fund, gold, 5 per cent., due 1923, Jan. (i) and July $550,000

Debentures, 6 per cent., due 1913 oj5,ooo

Total $1,185,000

The ist mortgage bonds are subject to call at no and interest. The bonds may be registered as to principal. The debentures were created in 1903 to provide for an extension of the company's Pacific service. Thev are subject to call at 105.

For the year ending July 31, 1904, the net profit was $135,593; in X904-o5 net profit, $a 1,000; in 1905-06, $55, and m 190607, $987.

President, Alfred Winsor, Boston. Treasurer, A. C. Baldwin, Boston. Managing Agent, Frank Waterhouse, SeatUe, Wash.

Main office, Z31 State street, Boston

Bostok Suburban Electric Cohpahies

A voluntary association formed under the laws of Massachusetts in November, 1901. The company holds a majority of the capital stocks of the following companies :

Lexington & Boston Street Railway Co. Westboro & Hopkinton Street Railway Co.

Newton Street Railway Co. Natick & Needham Street Railway Co.

Newton & Boston Street Railway Co. Natick & Cochituate Street Railway Co.

Waltham Gas Light Co. Middlesex & Boston, Street Railway Co.

Norembega Park Co.

In 1907 the Waltham Street Railway was consolidated, with the Newton Street Railway Co.

The constituent companies operate about 141 miles of track, and numerous extensions and new lines are proposed.

The Commonwealth Avenue Street Railway and the Wellesley & Boston Street Railway were consolidated with the Newton Street Railway in 1904.

Neither the common nor the preferred stock of this organisation has any par value. In March, 1903, the issue and sale of 20,000 new preferred at $00 per share and of 30,000 new common shares at $40 per share was authorised by the stockholders. In June, 1904, 15,848 shares of each stock were offered to the stockholders at $66.67 & share of preferred with a share of common added.

The preferred shares are cumulative and are entitled to dividends of $4 per share each year, dividend periods being January, April, July and October. In case of liquidation the preferred shareholders are entitled to $100 per share and accrued dividends. The common shareholders participate /rtf rata in the remaining assets.

In 1905, the company paid $3 per share on its preferred. In 1906, the preferred dividends were 50 cents per share in January and 75 cents in April, July and October, which was also the rate in 1907. Payment of the January, 1908, dividend was, however, deferred.

Transfer Agent, Boston Safe Deposit & Trust Co. Registrar, First National Bank, Boston.

Funded Debt — Controlled Companies

Commonwealth Avenue St. Ry., ist mort., 5 per cent., due Feb., 1916, Feb. and Aug. . $75,000

Lexington & Boston St. Ry., ist mort., 43 pr cent., due April, 1920, April and Oct. . 500,000

Newton St. Ry., ist mort., cur. 5 percent, due July, 1913, Jan. and July 500,000

Newton 8l Boston St. Ry., ist mort., 5 per cent., due July, 1913, Jan. and July 3oo,ooo

South Middlesex St. Ry., ist mort., 5 per cent., due Feb., 1915, Feb. and Aug 100,000

Waltham St. Ry. ist mort., 5 per cent., due 1935, June and Dec 100,000

Westboro & Hopkinton St. Ry., ist mort., due Nov., 1933, May and November 40,000

Total $1,515,000

The authorized bond issue of the Lexington & Boston Street Railway Co. is $500,000. Trustee of the mortgage and agent for the payment of interest, Beacon Trust Co., Boston. The bonds are subject to call before July i, 1905, at no, then until July i, 1910, and thereafter at 195.

The authorised bond issue of the Newton & Boston Street Railway Co. is $500,000. Trustee of the mortgage and agent for the payment of interest, American Trust Co., which is also trustee and agent for the Newton Street Railway Co. ist mortgage.

4flO THE MANUAL OP STATISTICS

Earnings Year ending September jo

Gross Net Dividends Surplus

X9P5-06 $197,780 $153,530 $117,797 $35.73

President, Adams D. Claflin, Newton, Mass. Vice-President, William F. Hammett, Newton. Secretary, A. A. Ballantine, Boston. Treasurer, Alden E. Viles, Boston. Assistant Treasurer, G. M. Cox, Boston.

Directors— Charles M. Baker. Adams D. Claflin. F. A. Daj. William F. Hammett Sydney Harwood. Henry Homblower. C. W. Leonard. Charles H. Moulton. Alfred Pierce. Frank W. Remick. James L. Richards. G. Fred Simpson. Charles W. Smith. R. Elmer Townaend. Alden E. Viles.

Main office, 797 Washington street, NewtonviUe, Mass. Annual meeting, Thursday after the first Monday m December, at Newtonville.

The Bostok Terhikml Co.

A company incorporated by Act of Massachusetts Legislature in June, 1896, for the purpose of building and maintaining a passenger station for all the railroads enterixig Boston on the south, including the Boston & Albany Railroad Co.; New York, New Haven & Hartford Railroad Co.; Boston & Providence Railroad Co.; Old Colony Railroad Co., and The New England Railroad Co.

The terminal is at the comer of Summer street and Atlantic avenue, and was opened in January, 1899. Stock Par $100 Authorised, $500,000. Issued, $500,000

The stock is held, one-fifth each, by the five companies which make use of the new terminal. They agree to pay as rental, in monthly instalments, a sum equal to expenses, charges, interest on bonds and 4 per cent, on stock. They also assume joint liability for any deficiency in case of foreclosure.

Funded Debt ist mort., per cenL, due Feb., 1947, Feb. smd Aug $14,000,000

The zst mortgage bonds were originally a-year per cent, notes, due August i, 1898, were exchanged for present bonds. Interest on registered bonds is payable quarterly, February, May, August and November. Trustee of the mortgage, Old Colony Trust Cx>., Boston. Coupons are paid at the State National Bank, Boston.

Chairman, Charles S. Mellen, New Haven, Conn. Vice-Chairman, Charles L. Lovering, Boston. Treasurer, Austin W. Adams, Boston. Clerk, Arthur P. Russell, Boston. Manager, John C. Sanborn, Boston.

Trustees— Favette S. Curtis, Boston. PhUip Dexter, Boston. Reginald Foster, Boston. Charles L. Lovoring, Boston. Charles S. Mellen, New Haven.

Main office. Terminal Station, Summer street, Boston.

Bostok Towbomt Co.

A corporation formed under the laws of Massachusetts in 1873. The purpose of the company is the conduct of a shipping, transportation and towage business. It owns and operates a considerable fleet of steamships, tugs and other vessels. Several of its vessels are engaged in the Pacific trade. Stock Par $xoo Authorised, $1,500,000 Issued, $1,950,000

Stock is transferred at the office of the company, Boston.

Prior to 1893 8 per cent, was paid annually on the stock. Subsequent to that year the annual dividends were 6 per cent. In 1900-01 , an extra dividend of 5 per cent, was paid. Dividends were paid quarterly in January, April, July and October. In January, 1904, 1% pa cent, was paid, but the April dividend was passed, and none was paid until April, 1905, when quarterly payments of i per cent, each were resumed and were subsequently paid in January, April, July and October. Up to January, 1908, action on the April, 1908, dividend was deferred.

The report for the year ending March 31, 1903, showed a profit of $167,746 ; in X90a3, profit, $77.47 : 1903-04. loss, $3,330 : in 1904-05. profit, $73,293 ; in 1905-06, profit, $115,8813; m 1906-07, profit $69,133.

President, Alfred Winsor, Boston. Vice-President, Alfred Winsor, Jr., Boston. Treasurer, A. C. Baldwin, Boston. Manager, T. I. Winsor, Boston. Superintendent, A. N. Barber, Boston.

Industrial. Securities

Directors— George H. Allen, Salem, Mais. Linooln N. Kinnicutt, Worcester, Mus. Bernard C. Weld, Boston. AHred Winsor, Boston. Alfred Winsor, Jr., Boston. W. D. Winsor, Philadelphia.

Main office, 131 State street, Boston. New York office, 70 South street. Western agency, Globe Block, Seattle, Wash. Annual meeting:, third Tuesday in April, at Boston.

Bostok Wharf Co.

A corporation formed under the laws of Massachusetts in 1836. The company owns an extensive and valuable property in Boston, comprising wharves, warehouses, office and other buildings and considerable real estate. The property owned by the company on December 31, X904, was about 1,832,000 square feet, the assessed valuation of its land in 1907 being $4,411,100. Stock Par $ao Authorised, $x,9oo,ooo Issued, $1,900,000

In 1906 the company increased its stock from $1,000,000 to $1,900,000, offering stockholders the right to subscribe for one new share at $75 for eadi 5 shares of the old stoic. Transfer Agent, State Street Trust Co., Boston.

Dividends of 14 per cent, are paid on the stock, the payments being half-yearly, 7 per cent, each, June 30 and December 31. In 1904, 14 per cent, was paid ; in 1905, 15 per cent., and in 1906, 15 per cent. In 1907, paid 17 per cent., being 8 per cent, in June and 9 per cent, in Dt cember.

In 1909 the receipts were $181,785 ; in 1903, receipts, $997,344 ; in 2904, receipts, $933,966 ; in 1905. receipts, $346,887 ; in 1906, $975,187 ; in 1907, $310,01.

The company had on December 31, 1907, a surplus of $9,500,000, a credit to profit and loss account of $950,000, a repair and depreciation fund of $199,881 and a contingent fund of $199,056.

Preddent, Edwin F. Atkins. Vice-President, Moses Williams. Treasurer, Joseph B. Russell. Assistant Treasurer, Charles Theodore Russell. Clerk, Lewis C. Melcher.

Directors— Edwin F. Atkins. Waldron Bates. Edmund D. Codman. J. Willard Pierce. Solon O. Richardson. Charles Theodore Russell. Joseph B. RusselL Frederick £. Snow. I Moses Williams.

Treasurer's office, X14 State street, Boston. Annual meeting, first Tuesday in February, at I Boston.

Bostok Woveh Hose A Rubber Co.

A corporation formed under the laws of Massachusetts, March 99, 1906. The purpose of the

company is the manufacture of mechanical rubber goods, cotton and linen hose, cotton belu

and brass goods. It has factories at Cambridge, Mass., and Plymouth, Mass., and branch

offices in different cities.

I The preferred stock is 6 per cent., cumulative. Stock is transferred at the office of the

I tompan, Cambridge, Mass.

Dividends on the preferred are paid semi-anauaily, 3 per cent, each June (15) and December. Dividends of 6 per cent, per annum were paid on the common stock, but in 1905 3 per cent, was paid and in 1906 7 per cent., the parents being 3 per cent, in March and 4 per cent, in I September. In 1907, paid 8 per cent., bemg 4 per cent, each in March and September.

I President, J. N. Smith. Vice-President, B. F. Spinney. Secretary, J. Q. Bennett. Treasurer,

j Henry B. Sprague. Assistant Treasurer, George H. Burgess. General Manager, Alexander M.

I Paul.

Directors— J. Q. Bennett. W. A. Bullard. F. P. Royce. J. N. Smith. M. F. Smith. I B. F. SpinnejT. Henry B. Sprague. .

Mam office, Portland street, Cambridgeport, Mass. Annual meeting, first Monday in I October, at Cambridge, Mass.

Bridgeport Hydrmulic Co.

A corporation formed under the laws of Connecticut in 1857. The original purpose of the company was to supply water to the city of Bridgeport, Conn., but it has extended its operations to Stratfoxtl, Fairfiekfand vicinity. The company owns reservoirs, pipe lines, pumping stations, etc. and has 147 miles of pipe and x9,ooo consumers. Stock Par $xoo Authorised, $3,000,000 Issued, $9,000,000

The authorised stock was increased in 1903 from $2,500,000 to $3,000,000, and it was understood that $500,000 nw stock was issued to retire the company's floating debt and provide for improvements and enlargement of the plant.

Stock is transferred at the office of the company, Bridgeport, Conn.

Dividends are 8 per cent, per annum, payable 4 per cent, each Januairy (X5) and July.

Thb Manual Op Statistics

Funded Debt ist mort. 4 per cent, due Jan. 1925, Jan. and July $500,000

The zst mortga bonds are redeemable at 105 on any interest date prior to January i, 19KS1 upon six months* notice. After that time they are redeemable at par.

President, I. De Ver Warner, Bridgeport, Conn. Secretary, Walter S. Wilmot, Bridgeport. Treasurer, T. B. De Forest, Bridgeport.

Directors— Waldo C. Bryant, Bridgeport. T. B. De Forest, Bridgeport. Benjamin Fish, Bridgeport. Frank Miller, Bridgeport. Goodwin Stoddard, Bridgeport. D. H. Warner, Bridgeport. I. De Ver Warner, Bridgeport. L. T. Warner, Bridgeport. P. W. Wren. Bricport.

Corporate and main office, Sao Main street, Bridgeport, Conn. Annual meeting, third Men* day in June, at Bridgeport.

The British Columbia Copper Co., Likited

A corporation formed under the laws of West Virginia in 1898. The company owns copper mines at Greenwood, British Columbia, with adjacent properties, and is actively operating them. It has a smelter on its propert;, additions to which, with a large converting plant, were completed in 1906. The Cinadian Pacific Railway has built a branch line to this company's mines and smelters. Stock Par $5 Authorized, $3,000,000 Issued, $3,515,000

The stock is fuU paid and non-assessable. In 1901 the stock was increased by 50,000 shares, which were sold to provide for enlargement of the company's plant and smelter. . In 1903 a further increase in the stock to $3,000,000 was authorized, the new stock to be used to defray the cost of additions and improvements. In February, IQ07, the authorized stock was again mcreased to $3,000,000 and stockholders were given the right of subscribing for $580,800 new stock to the extent of 30 per cent, of their holdings at $5 per share, payable $3.50 March zi, 1907, and $3.50 May 10, 1907. Transfer Agent, New York Trust Co., New York. Registrar, Laidlaw & Co., 14 Wall street, New York.

An initial quarterly dividend of 95 cents per share and an extra dividend of 15 cents was paid September 4, 1907. No action was, however, taken in regard to the December, 1907 dividend.

In the year ending November 30, 1907, the company's income was $88,155.

Chairman and President, Newman Erb, New York. Vice-President, B. B. Lawrence, New York. Vice-President, F. L. Sommer, New York. Secretary and Treasurer, R. H. EgglesUm, New York.

Directon — Copley Amory, New York. Anthonv N. Brady, Albany, N. Y. C. H. Burke, New York. Newman Erb, New York. Edwin Hawley, New York. Colgate Hoyt, New York. B. B. Lawrence, New York. Josiah C. Reiflf, New York. F. L. Sommer, New York. C. A. Starbuck, New York. F. L. Underwood, New York.

Main office, 31 Nassau street. New York. Operating office. Greenwood, B. C. Annual meeting, second Tuesday in February at Charleston, W. Va.

Bromdwmy Builoihg Co.

A corporation formed under the laws of New York in 1901, for the purpose of erecting and purchasing buildings and dealing in and renting real estate. The company owns the eighteenstory office building on the southeast corner of Broadway and Maiden lane, New York, covering a lot 78 feet on Broadway and 113 feet on Maiden

( com., $500,006 1 I com., $350,000 )

Stock. . Par $100 Authorized ist pref., 600,000 Issued ist pref., v $600,000

The preferred stock is entitled to 6 per cent, dividends ; has preference also as to assets. The ist preferred stock can be issued only to retire bonds. Transfer Agents, Stewart Browne ft Co., 170 Broadway, New York.

Funded Debt ist mort. 45 and 5 per cent, bonds, due 1910 and 191 1, Feb. and Aug $3,700,000

Trustee of the mortgage, Title Guarantee & Trust Co., New York.

President, Stewart Browne, New York. Secretary, W. L. Hoskins, New York. Treasurer, John E. Green, New York.

Directors— Alexander S. Browne, Boston. Stewart Browne, New York. James W. Fox, New York. John E. Green, New York. W. L. Hoskins, New York.

Main office, 170 Broadway, New York.

INDUSTRIAL SBCtlHITIBS

The Broadway Realty Co.

A corporation formed under the laws of New York in 1896. It owns the Bowling: Green office building, Nos. 5 to xi Broadway, New York.

Stock Par $100 Authorised, $1,000,000 Issued, $1,000,000

Transf Agents, Spencer Trask & Co. , 54 William street, New York. Registrar, Morton Trust Co., New York.

Funded Debt

Par money, xst mort., gold, 5 per cent., due Sept., 1926, March and Sept $1,800,000

3d mott., gold, 5 per cent., due June, 1916, June and Dec 1,900,000

Total $3,000,000

The ist and 2d mortgage bonds outstanding are both for the full amounts authorised. Trustee of the ist mortgage. United States Mortgage & Trust Co., New York, at the office of which institution coupons are paid. Trustee and agent for payment of interest of the sd mortgage, Morton Trust Co., New York.

President, Spencer Trask, Saratoga Springs, N. Y. Vice-President, Joseph F. Stier, New York. Secretary and Treasurer, Charles J. Peabody, New York.

Directors-— Gardiner M. Lane, Boston. Charles J. Peabody, Lake George, N. Y. George Foster Peabody, Lake George. Joseph F. Stier, New York. Spencer Trask, Saratoga Springs.

Main office, 54 William street, New York. Annual meeting in May, at New York.

Brooklym Borough Gas Co.

A corporation formed under the laws of New York. The company has a gas plant, and covers with its system of mains the Thirty-first Ward of Brooklyn, N. Y., which includes Sheepshead Bay, Coney Island, Sea Gate and Gravesend. Stock Par $100 Authorized, $500,000 Issued, $500,000

Transfer Agent and Registrar, Title Guarantee & Trust Co., New York.

Funded Debt

ist mort., 5 per cent., due 1938, March and Sept $500,000

General mort. 5 per cent, due June, 1945, June and Dec d95iOoo

Total $895,000

The general mortgage created in 1905 is for $1,000,000, of which $500,000 is reserved to retire the xst mortgage bonds.

The xst mortage bonds outstanding are for the amount authorised by the mortgage. Trustee and agent for the payment of interest. Title Guarantee & Trust Co., New York.

President, Richard L. Austin, Philadelphia. Vice-President and Treasurer, Clayton E. Piatt, Philadelphia. Secretary, Louis N. Spielbereer, Philadelphia.

Directors— Richard L. Austin, Philadelphia. John Gribbel, Philadelphia. Clayton E. Piatt, Philadelphia. Albert Seligman, New York. A. Stein, New York.

Main office, Coney Island, N. Y. President's office, 116 South Third street, Philadelphia. Treasurer's office, Pennsylvania Building, Philadelphia. Annual meeting, third Tuesday in March, at Coney Island. '

Brooklym Ferry Co. Of Mew York

This corporation operates the ferries from Grand, Roosevelt Twenty-third and Forty-second streets, in the Borough of Manhattan, New York City, to Grand street and Broadway, Brooklyn. It also operates the ferries from Tenth street and Twenty-third street, Manhattan, to Greenpoint, the Utter under leases. The company's fleet of ferryboats consists of twentythree boats, eighteen of which are steel. The company rents the privileges for its various ferry lines from the City of New York for fixed periods.

This company leases the Tenth & Twenty-third Street Ferry Co. for 99 years from December, 1898, guaxsmteeing interest on the bonds of the latter and 5 per cent, on iu $1,000,000 of stock. This company has the right to purchase the property at any time during the lease by assuming the bonds and taking the stock at par.

The company being in default, a Receiver was appointed at the instance of the consolidated mortgage bondholders on October 16, X906. Foreclosure proceedings were also ixistituted, but

4H The Mantjai. Op Statistics

the sale set for December 5, 1907, was postponed. Committees have been formed representing the consolidated bondholders and stockholders respectively. The consolidated morige bondholden are represented by a committee, James Jourdan, Chairman, H. M. Delanoie, 66 Broadway, New York, Secretary.

Slock Par $100 Authorized, $7,500,000 Issued, $6,500,000

Transfer Agents, H. B. Hollins & Co., 4 Broad street, New Yoik.

Funded Debt Brooklyn & New York Ferry Co. ist mort., 6 per cent., due Jan., 191 1, Jan. and July. $1,000,000

Brooklyn Ferry cons, mort., 5 per cent., due Aug., 1948, Feb. and Aug 6,500,000

Tenth & Twenty-third Street Ferry Co. ist mort., guaranteed 5 per cent 55oooo

The consolidated mortgage bonds of this company are $7,500,000, an amount of $1,000,000 being reserved to retire the Brooklyn & New York Ferry 65 at maturity. Trustee, Knickerbocker Trust Co., New York. Agent for the payment of interest, H. B. Hollins & Co., New York.

Authority was given in February, 1908, for the issue of $35,000 6 per cent. Receiver's certificates.

Presklent and Receiver, Joseph J. O'Donohue. Vice-President, H. B. Hollins. Genera! Manager, John Elnglis. Secretary and Treasurer, Joseph Riley.

Directors— B. J. Burke. Frederick Elridge. John Englis. H. B. Hollins. James Jourdan. Theodore F. Jackson. Joseph J. O'Donohue. George H. Prentiss. Richard N. Young.

Main office, 39a Kent avenue, Brooklyn, N. Y. New York office, loi Front street.

Brooklyh Bapid Tbahsit Co.

A corporation formed under the laws of New York, January 18, 1896, which aojuired all the assets of the Long Island Traction Co., which were sold in foreclosure imder its collateral trust mortgage and purchased by a reorganization committee. In January, 1899, a controlling interest in the Nassau Electric Railroad Co. was acquired, and the same jtau the company acquired the Brooklyn Union Elevated Railroad Co., the Kings County Elevated Railroad Co. and the Brooklyn & Brighton Beach Railroad Co. The Kings County Elevated Railroad Ca has been mer with the Brookl3m Union Elevated Railroad Co. The Prospect Park ft Coney Island Railroad Co., owned by the Long Island Railroad Co., was leased in i8j

On June 30, 1907, the conipany owned all the stock of the Brooklyn Heights Railroad Co., which leased The Brooklyn City Railroad Co. It also owns all the stocks of the Brooklyn, Queens County & Suburban Railroad Co., the Sea Beach Railway Co., the Nassau Electric Railroad Co. common stock, the Coney Island & Gravesend Railway Co., the South Brooklyn Railway Co., the American Railway TrafTic Co., the Transit Development Co., and the Canarsie Railroad Co., besides all but a small portion of the preferred stock of the Nassau EHectric Railroad Co. and of the Brooklyn Union Elevated Railroad Co. Under arrangement with the City of New York the company operates its cars over the Williamsburg Bridge to Delancey Street, Manhattan.

The mileage of the various properties owned, controlled and leased. Is as follows :

Miles

Brooklyn Heights Railroad 0.50 New York & Brooklp Bridge RaihxMul 1.30

Brooklyn City Railroad (leased) 104.75 Trackage on Coney Island & Brooklyn

Brooklyn, Queens Co. & Sub. Railroad 27.30 Railroad a.as

Nassau Electric Railroad 63. 11 Trackage on N. Y. & Brooklyn Bridge 1.90

Sea Beach Railway 0.23 Trackage on Williamsburg Bridge. ... i, '

Coney Island & Gravesend Railway . . 3.25 South Brooklyn Railway i,

Prospect Park & Coney Island Railroad 9.37

Brooklyn Union Elevated Railroad... 35.55

Canarsie Railroad 3.41

Of the above mileage 140.46 miles are controlled by stock ownership, 1 14.03 miles an controlled under leases for 999 years and 6.35 mile? under special leases. The lines controlled by stodE ownership comprise ii3.o8 miles ofsurface and 38.3 miles of elevated road.

The company has equipped the elevated railroads with electric power, and arranged a system of transfers ol cars from the surface to the elevated tracks, and vice versa. The company has many important franchises.

Included in the different properties are eight power stations, and over 4,000 cus of all descriptions. Stock Par $100 Authorised, $45,000,000 Issued, $45,000,000

Industrial Sbcuritibs 45

In 1899 the stock was increased from $90,000,000 to $45,000,000 to complete the purchase of the Nassau Electric Railroad and the Brooklyn Union and Kings County Elevated roads.

Transfer Agent, Trust Co. of America, New York. Registrar, United States Mortgage ft Trust Co., New York.

The outstanding stocks of constituent companies are $9091758.

Funded Debt

Brooklyn Rapid Transit Co. gen. mort., 5 per cent., due Oct., 1945, April and Oct.. $7,000,000

" ref. convertible mort., 4 p. c., due July, 9009, Jan. and July.. 39,709,000

Brooklyn Heights R. R. ist mort., 5 per cent., due April, 1941, April and Oct 950,000

Brooklyn City R. R. ist mort., 5 per cent., due July, 1941, Jan. and July 6,000.000

refunding mort. 5 per cent., due Aug., 1956, Feb. and Aug 900,000

Brooklyn Crosstown R. R. ist mort., 5 per cent., due July, 1908, Jan. and July 900,000

New W*msburgh & Flatbli R. R. ist mort., per cent., due July, i94i,Feb. and Aug. 900,000

Greenpoint & Lorimer Street ist mort., 6 per cent., due May, 1910, May and Nov.. . 195,000

Blclyn, Queens Co. ft Sub. R. R. ist mort., 5 percent., due Julv, 1941, Jan. and July. 3,500,000

" cons. mort. , 5 per cent., due July, 1941 , May and Nov. 9,884,000

Jamaica & ist mort., 5 per oent., due Jan., 1930, Jan. and July.. 940,000

Sea Beach Ry. ist mort., guar. 4 per cent., due Sept., 1916, March and Sept 650,000

Nassau Electric R. R. Co. ist mort., 5 per cent., clue April, 1944, April and Oct 660,000

" ist cons, mort., 4 per cent., due Jan., 1951, Jan. and July. 10,726,000

Atlantic Avenue ist cons, mort., 5 per cent., due Oct., 1909, April and Oct 730,000

p:en. cons, mort., 5 per cent., due April, 1931, April and Oct 9,941,000

" unpt. mort., 5 per cent., due Jan., 1934, Jan. and Oct 990,000

Brooklyn, Bath ft w. End K. R. gen. mort., due Oct., 1933, April and Oct i9i,ooo

" " 1st mort. , B, 5 per cent. , due Jan. , 1917, April and Oct. 950,000

" 9d mort.. 5 per cent., due June, 191 1, June aod Dec. 5aiOoo

Brooklyn Union El. R. R. ist mort., 4 to 5 per cent., due Feb., 1950, Feb. and Aug. 16,000,000

Kings County El. R. R. ist mort, 4 per cent., due Aug., 1949, Feb. and Aug 7,000,000

Total $98,676,000

There are real estate mortgages outstanding amounting to $331,890.

The Brooklyn Rapid Transit ist mortgage is for $7,000,000. Trustee, Central Trust Co., New York. Trustee of the Brooklvn Union Elevated and of the Kings County Elevated ist mortgage. Central Trust Co., New York.

In March, 1903, the stockholders authorized the creation of a new general consolidated and refunding mortgage of $150,000,000 at not to exceed 4 per cent, of which $61,065,000 is to be reserved to retire prior Uens. The bonds can be converted into stock at any time prior to July I, 1914, and are subject to call at no and interest. Trustee of the mortgage and agent for the payment of interest. Central Trust Co., New York.

The company pays, as rental for the Brooklyn City Railroad Co., interest on its bonds and dividends of 10 per cent, per annum on its $19,000,000 of stock.

The Brooklvn Union Elevated Railroad is a reorganisation of the Brooklyn Elevated Railway and absorbed the Kings County Elevated Railroad Co. It has $5,000,000 preferred, and $13,000,000 common stock, of which the Brooklyn Rapid Transit Co. owns $19,530,831 common and $4,785,985 preferred. In June, 1901, 3 per cent was paid on the preferred stock. In 1909, per cent., and % per cent, extra were paid ; in 1903, 3 per cent.; in 1904, per cent and in 1905, 4 per cent; in 1006, 4% per cent, and in 1907, 5 per cent. Its ist mortgage authorised is $16,000,000, dated February i, 1899, the provision of Uie mortgage being that the bonds should bear interest at the rate of 4 per cent, per annum for the first nve years, and thereafter, or from February i, 1905, 5 per cent, per annum. Trustee of the mortgage and agent for the payment of interest. Central Trust Co., New York.

The Kings County Elevated Railroad Co. was a reorganization of the railway company of the same name. Its ist mortgage is $7,000,000, authorized. Trustee and agent for the payment of interest. Central Trust Co., New York.

The Nassau Electric Railroad Co. has $6,500,000 preferred and $8,500,000 common stock the Brooklyn Rapid Transit Co. owning all the common and $63,679,750 of the preferred. The preferred is entitled under the lease to not leas than 4 per cent.

The trustee of the Nassau Electric Railroad consolidated mortgage is the Guaranty Trust, I Co., New York. The bonds are guaranteed by the Brooklyn Heights Railroad Co. I The City Railroad Co. consolidated at various times with the Bushwick Railroad,

I the Brooklyn Crosstown Railroad, Calvary Cemetery, Greenpoint & Brooklyn Railroad, New Winiamsburgh ft Flatbush Railroad, Greenpoint & Lorimer Street Railroad, Grand Street ft Newtown and South Brooklyn Railroad Companies. I The Brooklyn, Queens Countv ft Suburban Railroad was a consolidation of the Jamaica

ft Brooklyn, Broadway Railroad of Brooklyn and Broadway Ferry ft Metropolitan Avenue Railroad Companies, and assumed the bonds of these companies.

THQ MANUALi OF STATISTICS

Earnings— All Companies in System

Year endine June 30

Net Fixed

Operating Charges

Gross Expen5es Taxes and Rentals Balance

1899-oa 11,768,550 7,106,373 736,721 3,398,684 Sur. 536,773

9a>-oi 13,135.559 7,444,686 754,636 3,587,133 " 349.35

1901-03 12,788,168 8,293,82s 743,817 3,733,633 " 18.893

The expenses for looo-oi include $228,678 of. special appropriations. In ii-oa the expenses include $84,428 for the same item; in 190203, $168,095; ii> 1903-04, $383,706; m 1904-051 $453,284; in 1905-06, $580,342, and in 190607, $442,063. Damages and lend expenses also included in the expenses were $1,094,745 in 1001-02 ; $956,730 in 1902-03; $987,750 in 193-04 ; in 1904-05, $999,526 ; in 1905-06, $973,103, and in 1906-07, $1,126,248. In 1902-03, $40,386 were charged off for sundry accounts, making the net surplus $7567. In 1906-07, $39,798 was added to the surplus for a judgment recovered from New York City and $383,952 charged off, making the net surplus for the year $1,658,443. Total surplus account June 30, 1907, $3,734,006.

Chairman, Anthony N. Brady, Albany, N. Y. President, Edwin W. Winter, Brooklyn, N. Y. Vice-President, Horace C. Duval, Brooklyn. Vice-President, Timothy S. Williams, Brooklyn. Vice-President and General Manager, J. F. Calderwood, Brooklyn. Secretary and Treasurer, C. D. Meneely, Brooklyn. Comptroller, Howard Abel, Brooklyn.

Directors — Anth5ny N. Brady, Albany. Horace C. Duval, New York. Anson R. Flower, New York. Eugene N. Foss, Boston. Edward H. Harriman, New York. Walter G. Oakman, New York. H. H. Porter, New York. Norman B. Ream, Chicago. Henry Seibert, Brookl3m. David H. Valentine, Brooklyn. Timothy S. Williams, Brooklyn. Edwin W. Winter, Brooklyn.

Main office, 85 Clinton street, Brooklyn, N. Y. Annual meeting, last Friday in January, at Brooklyn.

The Brooklyk Uk Ion Gas Co.

A corporation formed under laws of New York, September 9, 1895, which purchased November 4, 1895, subject to existing mortgages, property and franchises of gas companies in Brooklyn, N. Y., vfc: Brooklyn Gaslight Co., Fulton Municipal Gas Co., Metropolitan Gaslight Co., Cfitisens* Gas Light Co., Williamsburgh Gaslight Co., People's Gaslight Co. and Nassau Gaslight Co. The property comprises 6 gas plants. The company owns all the stock of the Newtown Gas Co., and has acquired the Woodhaven Gas Light Co., the Ekuity Gas Co., the Jamaica Gas Light Co., the Richmond Hill & Queens County Gaslight Co. and the Flatbush Gas Co. Stock Par $100 Authorised, $20,000,000 Issued, $15,000,000

Transfer Agent, Guaranty Trust Co., New York. Registrar, United States Mortgage & Trust Co.

In December, 1903, the stockholders ratified an increase of the authorised stock from $15,000,000 to $20,000,000 and an issue of $3,000,000 of 5-year 6 per cent, debentures, convertible into stock at par. The stockholders had the right to subscribe for the debentures at par to an amount equal to one-fifth of their respective holdings.

Dividends paid have been : In 18, 1897, 1898 and 1899, 6 per cent. In June, 1900, 3 per cent, was paid, but the December dividend was increased to 4 per cent., or 7 per cent, for 1900. In 1901 paid 8 per cent. Dividends were paid semi-annually, on June 1 and December 1, but beginning in September, 1901, were made quarterly, of 2 per cent, each, or at the rate of 8 per cent, per annum, and beginning June i, 1904, were increased to percent, quarterly, which was the rate paid until June, 1905, when it was reduced to 2 per cent., which was the regular rate until June 1, 1906, when i per cent, was paid. The September 1906 dividend was passed and none were paid thereafter until March 2, 1908, when per cent, was paid. The dividend periods are March (1), June, September and December.

Funded Debt

ist cons, mort., 5 per cent., due May, 1945, May and Nov $14,692,000

Debentures, convertible, 6 per cent, due March 1, 1909, May and Nov 3,000,000

Total $17,692,000

Industrial Securities 43?

!

The Consolidated mortgage is for $15,000,000, of which $308,000 is deposited with the Guaranty Trust Co., New York, to retire Citizens* Gas Co. consolidated 5s (February and August) and Union Gas Light consolidated 5s (January and July), which have not yet matured. Interest on the consolidated mortgage bonds is payable at the Chase National Bank, New York.

The debentures are convertible into stock, on any interest date, after March i, 1907. Interest is payable at the National City Bank, New York.

There are outstanding prior lieu bonds consisting of $366,000 5 per cents, of the Citizens* Gas Co. and $43,000 5s of the Union Gas Light Co.

President, James Jourdan, Brooklyn, N. Y. Vice-President. Henry H. Rogers, New York. Secretary, W. K. Rossiter. Brooklyn. Treasurer, Elverton R. Chapman, New York. Assistant Secretary, F. B. Jourdan, Brooklyn. Assistant Treasurer and Auditor, A. F. Staniford, Brooklyn. 3d Assistant Treasurer, J. H. Benedict, Brooklyn.

Directors— Henry W. Cannon, New York. Elverton R. Chapman, New York. James Jourdan, Brooklyn. Daivid G. Legiet, Brooklyn. William Rockefeller, New York. William G. Rockefeller, New York. Henry H. Rogers, New York.

Main office, z8o Remsen street, Brooklyn, N. Y. Annual meeting, first Tuesday after the second Monday in November, at Broclyn.

The Browm Hoistikg Kachikehy Co., Ikcorporated

A corporation formed under the laws of Delaware, August 16, 1900. The company has a large plant at Cleveland and manufactures hoisting and conveying machinery of every description, cranes, automatic furnace hoists, etc. The company owns the patents under which the hoisting and conveying apparatus and the tramways for the same are built, the various mechanical devices being the mentions of Alexander £. Brown, C. £.

The preferred stock is 7 per cent., non-cumukitive. Stock is transferred at the office of the company, Cleveland.

President, Fayette Brown, Cleveland. Vice-President and General Manager, Alexander £. Brown, Cleveland. Secretary, George C. Wing, Cleveland Treasurer, Harvey H. Brown, Cleveland. Assistant Treasurer, Charles F. Pratt, Cleveland.

Directors — C. C. Bolton, Cleveland. Alexander £. Brown, Cleveland. Fayette Brown Cleveland. Harvey H. Brown, Cleveland. H. D. Coffinberry, Cleveland. R. A. Harman, Cleveland. Ralph W. Hickox, Cleveland. Thomas P. Howell, Cleveland. James Virdin Dover, Del.

Corporate office, Dover. Del. Main office, 4403 St. Clair avenue, N. £., Cleveland. Branch offices, New York ana Pittsburg. Annual meeting, first Wednesday in February.

Brukswick Dock City Ihproveheht Co.

A company formed under the laws of Georgia in 187 to succeed the Brunswick Co., the property of which was sold in foreclosure and purchased by this corporation. The property consists of some 3,600 lots in the city of Brunswick, Ga., and its suburbs, with 3,100 acres near that city, much of the land having valuable water fronts.

Stock Par $100. Authorized, $5,000,000 Issued, $5,000,000

The stock outstanding was increased to $5,000,000 in September, 1898, when the company sold 7,30a shares to a ndicate for sufficient to retire the balance of its bonds.

Transfer Agent, Empire Trust Co., New York. Registrar, Morton Trust Co., New York.

The company, as reorganized, had $180,300 5 per cent, ist mortgage bonds, due 191 7, the holders of which had the right to elect a majority of the directors for three years from January x, 1897. The bonds have now been retired as stated above and voting trust canceled.

President and Manager, Howell H. Barnes, New York. Secretary and Treasurer, A. G. Kraetzer, Jr., New York.

Directors— Leroy W. Baldwin, New York. Howell H. Barnes, New York. Henry P. Booth, New York. Joseph G. Deane, New York. Douglass Green, New York. Charles Gregory, New York. Arthur Harris, New York. Kellock Myers, New York. Frederick B. Schenck, New York.

Main office, Brunswick, Ga. Secretary and Treasurer's office, ao Broad street, New York. Annual meeting, second Tuesday in February, at Brunswick.

BUFFALO A SUSCtUEHAKKA IROK CO.

A corporation formed under the laws of the State of New York, May 17, 190a, for the manufacture and sale of pig iron and the mining of iron ore and coal, as well as the manufacture of coke and similar products. The company owns about 50 acres of land in Buffalo, adjoining the terminals of the Buffalo St Susquehanna Railway Co. Its plant consists of two blast furnaces, tcther with the necessary stoves, boilers, blowing engine, etc., and has a capacity of 335,000 tons of pig iron per annum. One of the company's furnaces was put in operation in September, X904, and the other in July, 1905. The plant is connected with Buffalo Harbor by a canal 4,000 feet long, aoo feet wide and 33 feet deep, constructed jointly by the Pennsylvania Railroad and the Buffalo & Susquehanna interests. The company has acquired by leasehold large iron ore properties at Hibbing, Minn., at Iron Mountain, Mich., and near Iron River, Mich. Transportation of the ore is afforded by the Buffalo & Susquehanna Steamship Co. The company's coke supply is obtained from the Powhatan Coal & Coke Co., an allied corporation owning about 26,000,000 tons of high grade coking coal, together with the necessary mining equipment and coke ovens at Tyler and at Sykesville, Pa. Stock Par $100 Authorized, $x,ooo,ooo Issued, $1,000,000

Funded Debt

ist mort., 5 per cent., due June, 1932, June and Dec $3,900,000

Debentures, 5 per cent., due January, 1937, March and September 1,500,000

Total $4,400,000

The authorised amount of the zst mortgage is $3,000,000. Trustee, New York Trust Co., New York. Agents for the payment of interest, Fisk & Robinson, New York. The bonds may be called at lorj} and interest on any interest date. There is a sinking fund of $100,000 per annum, the bonds being redeemable in numerical order, yearly, from June x, 1907, to June z, I9JI- $zoo,ooo thus retired.

ThespercenL debentures, $1,500,000 authorised, were created and sold in January, 1906, to provide tor the purchase of additional property and for further working capital. It is provided that these bonds share equally in the security of an subsequent mortgage with the bonds issued thereunder. Subject to redemption at 105 and mterest on any interest day after September i, 19x0. Interest is payable at the office of Fisk & Robinson, New York.

For the ten months ending February 39, 1908, the company earned net income of $9x6,586. Fixed charges for this period were $183,750, leaving a surplus of $733,836 from ten months' operation.

President, William A. Rogers, Buffalo, ist Vice-President, Stephen M. Clement, Buffalo, ad Vice-President, Charles W. Goodyear, Buffalo. Secretary and Treasurer, H. D. Cazvon, Buffalo. General Manager. Hugh Kennedy, Buffalo.

Directors— Stephen M. Clement, Buffalo. Charles W. Goodyear, Buffalo. F. H. Good-

Ssar, Buffalo. Hugh Kennedy, Buffalo. William A. Rogers, Buffalo. William T. Shepard, buffalo.

Corporate and main office, Erie County Bank Building, Buffalo. Annual meeting, second Thursday in May, at Buffalo.

Buffalo 6As Co.

A corporation formed under the laws of New York, October X3, zSgOjin purroance of a idaB to consolidate the Buffalo City Gas Co. and the Buffalo Gas Light Co. The Buffiak) Mutual Gas Light Co. has also been merged with this company.

The Buffalo Gas Co. owns a large majority of the stock and bonds of the People's Gas Light ft Coke Co. of Buffalo.

The company controls the manufactured gas industry in Buffalo, N. Y. The franchise is perpetual. Rate charged was $x per x,ooo cubic feet to private consumers and 75 cents by cootract until March x, 1907, to the city. A reduction to 95 cents was ordered to be made in September, 1907, and litigation about the subject ensued.

The preferred stock is 6 per cent., non-cumulative. The consolidation plan involved the issue thereof in exchange for 6 per cent, debentures of the Buffalo City Gas Co. The common stock was exchanged for the outstanding stock of the Buffalo City Gas Co.

Transfer Agent, Standard Trust Co., New York. Registrar, New York Trust Co., New York,

Funded Debt

Buffalo City Gas, ist mort., 5 per cent., due Oct., 1947, April and Oct $5,805,000

Industrial Securities 49

The Buffalo City Gas Co. ist bonds are secured by a first lien on all the franchises, , privileges, plant, machinery, rc estate, mains, services and meters now owned by the Buffalo Gas Co. or that may hereafter be acquired by it, and also by the bonds and stock of the People's Gas Light & Coke Co. of Buffalo owned by the Buffalo Gas Co. or that may hereafter be acquired by it. The company has $95,000 of the bonds vn its treasury.

Earnings Year ending September jp

Net CbarfCB Suiplus

x899Kx> $a88,394 $390,950 Def. $1,856

X900N01 303,939 990*950 Sur. 13,689

1901-aa 339.X37 390,950 " 48,887

President, Alexander C. Humphreys, New York. Vice-President, Robert L. Fryer, Buffalo. Secretary and Treasurer, William S. Riselay, Buffalo.

Directors— Louis L. Babcock, Buffalo. Howard L. Clark, Providence, R. I. Robert L. Fryer, Buffalo. Emile Guillaudeau, New York. Alexander C. Humphreys, New York. Franklin D. Locke, Buffalo. Stephen Peabody, New York. Robert C. Pruyn, Albany. N. Y. William W. Randolph, East Orange, N. J. William S. Riselay, Buffalo. Henry Seligman, New York.

Main office, 186 Main street, Buffalo. Annual meeting, third Tuesday in November, at Buffido.

Buffalo Gemerml Electric Co.

A corporation formed under the laws of New York in 1892. The company contracts for Ufhting the city of Buffalo with electric lights, and distributes and supplies electricity for lighting and power throughout the city. This company absorbed the Brush Electric Light Co., and the Thompson-Houston Electric Light & Power Co. of Buffalo. It owns the capital stock of the Buffalo & Niagara Falls Electric Light & Power Co. The company's electric power is obtained from Niagara Falls. Stock Par $xoo Authorized, $5,000,000 Issued, $3,490,000

The authorised stock was increased in August, 1904, from $3,400,000 to $5,000,000. Stock is transferred at the office of the company, Buffalo.

The company pays 6 per cent, per annum on iu stock, the payments being per cent, quarterly.

Funded Debt

ist mort., 5 per cent., due 1939, Feb. and Aug $3,375,000

Buffalo & Niagara Fls. E. L. & P., ist. mort., 5 per cent., due Feb. 1942, Feb. and Aug. 500,000

Total $3,875,000

The ist mortgage was created in 1899 &°<1 is for $3,400,000. Trustee and agent for the payment of interest. Fidelity Trust Co., Buffalo, N. Y. The mortgage was created retire the old bonds of this company and those of the Thompson-Houston Electric Light & Power Co., both of which issues were exchangeable for the present bonds, the bonds not exchanged beuxg called in and paid February x, 1899.

President and General Manager, Charles R. Huntley, Buffalo. Secretary and Treasurer, Daniel T. Nash, Buffalo.

Directors— Henry W. Burt, Buffalo. Walter P. Cooke, Buffalo. Charles R. Huntlev, Buffalo. Andrew Langdon, Buffalo. Peter P. Miller, Buffalo. J. J. O'Brien, New York. Robert W. Pomeroy, Buffalo. George Urban, Jr., Buffalo. William C. Warren, Buffalo.

Main office. Fidelity Building, Buffalo. Annual meeting, second Monday in April, at Buffalo.

The Buffalo Kihes, Limited.

A corporation formed under the laws of Ontario, April 37, 1906. The company owns 40 acres of silver-bearing land near Cobalt, Ont., adjoining the properties of the Coniagas and the Cobalt Townsite Co. A concentrating plant of 100 tons capacity was completed in 1907. Stock Par $x Authorized, $x,ooo,ooo Issued, $9'X>,ooo

Transfer Agents, Imperial Trusts Co., of Canada, Toronto. United States Mortgage & Trust Co., New York.

Banning October x, 1906, the company has regularly paid quarterly dividends of 3 per cent, each.

President, Charles L. Denison, New York. Secretary and Treasurer, George C. Miller, Buffalo.

Directors— S. W. Childs, New York. Charles L. Denison, New York. William F. Fisher, London, Eng. Louis E. Hart, Buffalo. Joseph H. Horton, Buffalo. George C. Miller, Buffalo. Edward M. Mills, Buffalo. John B. Noble, Pebrolia, Ont. Robert W. Pomeroy, Buffalo.

Main office, Toronto. Annual meeting, in May, at Toronto.

Bush Terhikal Co

A corporation formed under the laws of New York, February 14, 190a. The purpose of the company is to own, maintain and operate piers, warehouses and a railroad terminal. It acquired and owns sixteen blocks of property on the Brooklyn water front, between Forty-third and Fiftyfirst streets on which it has large piers and warehouses. It controls the Bush Terminal Railroad with about 7 miles of tracks, operated in connection with its other properties. The companies which use the terminal comprise : The Baltimore & Ohio Railroad Co., Central Railroad Co. of New Jersey, Delaware, Lackwanna & Western Railroad Co., Erie Railroad Co., Lehigh Valley Railroad Co., New York Central & Hudson River Railroad Co., New York, Ontario & Western Railroad Co., West Shore Railroad Co. and the Okl Dominion Steamship Co. In December, 1904, the Bush Co., Limited, was merged with this company, the property of the latter comprising two additional piers and 2a warehouses, together with severai blocks of land acquired at the same time which it is intended to improve with factories and other buildings and connect the same -with the piers and terminals of the Terminal Co.

Stock. . .Par $100. . . .Authorised J'S'?? [ Issued ] ~2' [ $5,ooo.ooo ( pref., 1,500,000 J ( prei., 1,500,000

The preferred stock is 5 per cent., non-cumulative. It was created in 1904 in connection with the acquisition of the Bush Co., Limited. Stock is transferred at the office of the company, New York. Registrar, Trust Co., New York. The stock was held in a voting trust which was terminated in 1904.

In February, 1906, a dividend of 5 per cent, was paid on the preferred.

Funded Debt

xst mort., 4 per cent., due April, 1953, April and Oct $3,417,000

Consolidatea mort., 5 per cent., due 1955, Jan. and July 4,800,000

Total $8,ai7,ooo

The authorised amount of the xst mortgage is $3,500,000. The mortgage covers the entire real estate and property of the company. The bonds are convertible into stock of the company at par at any time prior to Januanr i, 1910. Trustee of the mortgage and agent for the payment of interest, Knickerbocker Trust Co., New York.

The consolidated mortgage was authorized in 1904, and is for $10,000,000. Of these bonds, $1,500,000 were issued in connection with the purchase of the Bush Co., Limited ; $4,500,000 were reserved to retire the xst mortga boncu as well as liens upon the proper of the Bush Co., Limited, and $4,041,000 were held in the treasury for future use. A block of $1,500,000 was sold in October, 1905, to provide for the construction of a new pier, warehouse, &c.

Earnings Gross Net Chutes Sorphas

190S $740,954 $4a9i407 $309,334 $iao,073

1906 W5,oa5 507.777 39S.7M "2,055

President, Irving T. Bush, New York. Vice-President, A. C. Woodruff, Brooklyn, N. Y. Frank Gallagher, New York. H. H. Gardiner, New York. Secretary, H. W. Greene, New York. Treasurer, R. Gould Simonds, New York. Assisunt Treasurer, Herbert Boughton, New York.

Directors— Frank Bailey, New York. Edward T. Bedford, New York. Irving T. Bush, New York. William N. Dykman, New York. Otto E. Larke, New York. Edgar J. Levey, New York. F. J. LUman, New York. William Shillaber, New York.

Corporate and main office, xoo Broad street. New York. Brooklyn office, foot of Fortythird street. Annual meeting, first Monday in April, at New York.

INDUSTRIAL SBCURITIBS 43i

BUTTE COAUTIOH Ml Ml KG CO.

A corporation formed under the laws of New Jersey, Februaxy 24, 1906. The company owns the entire $11,000,000 capiul stock of the Red Metal Mining: Co., a New York corporation, which was organized at the same time and which took over from Thomas F. Cole various mining properties at and about Butte, Montana, which belonged to the United Copper Co. and allied mterests and were transferred to him bv that comcAnv in February, 1906. See statement of United Copper Co. The properties now held by the Reel Metal Mining Co. and thus controlled by the Butte Coalition Co. include the Minnie Healy, Nipper, Rams, Michael Davitt, Guardian and other mines and a majority of the stock of the Montana Ore Purchasing Co. as well as undivided interest in the Tramwav and the Snohomish mines, together with different smelting properties and other interests. The company also owns a majority of the stock of the Alice Gold & Silver Mining Co. of Butte. Stock Par $15 Authorised, $15,000,000 Issued, $15,000,000

The initial dividend was 40 cents per share, paid September 17, 1906. The same rate was also paid December 19, 1906. The March, 1907, dividend was increased to 50 cents per share, which was the rate paid in June and September, 1907, but the December, 1907, dividend was reduced to 15 cenu and the March, 1908, dividends omitted.

Transfer agents, American Trust Co., Boston ; New Jersey Corporation Agency, Jersey City. Registrar, Old Colony Trust Co., Boston.

President, Thomas F. Cole, Duluth. Vice-President, John D. Ryan, Butte, Mont. Secretary and Treasurer, J. W. Allen, New York.

Directors— Frederick L. Ames, Boston. U. H. Broughton, New York. Thomas F. Cole, Duluth. Chester A. Congdon, Duluth. William B. Dickson, New York. P. L. Foster, New York. John D. Ryan, Butte. Ralph M. Stuart- Wortley, New York, B. B. Thayer, New York.

Corporate office, Jersey City, N. J. New York office, 43 Broadway. Annual meeting, first Tuesday in June, at Jersey City.

Butte Coppeb A Zihc Co.

A corporation formed under the laws of Maine, November 38, 1904. The company acquired control of the Emma mine which was previously held by the Butte Mining & Development Co. It was stated that the present company would erect a null on the property and work the mine actively. Stock Par $5 Authorised, $3,500,000 Issued, $3,500,000

Transfer Agent, Farmers' Loan & Trust Co., New York. Registrar, Empire Trust Co., New York.

President, Alvin L. Strasburger, New York. Vice-President, A. J. Seligman, New York. Secretary and Treasurer, Almon L. Bailey, New York.

Directors — Almon L. Bailey, New York. Maurice Eisenberg, New York. W. L. Moyer, New York. B. Naumburg, New York. A. J. Seligman, New York. Alvin L. Strasburger, New York. V. Thiegberg, New York. C. A. Wimpfheimer, New York.

Corporate office, PorOand, Me. Main office, 43 Broadway, New York. Annual meeting, January i6th.

The Buttebick Co.

A corporation formed under the laws of New York, January 15, 1903. The purpose of the company is to print, publish, and to manufacture paper patterns. It owns several subsidiary companies. Stock Par $xoo Authorized, $12,000,000 Issued, $13,000,000

Transfer Agent, Registrar & Transfer Co., New York. Registrar, Union Trust Co., New York.

The first dividend on the stock was i per cent., paid September (x) 1902, and regular quarterly dividends at the same rate were thereafter paid in March, June, September, December and September, 1907. The December, X907, dividend was not declared.

There are $1,200,000 collateral trust 6 per cent, bonds, due X930, of the Federal Publishing Co., one of the constituent concerns, of which $600,000 have been paid and retired. There is also a $600,000 4i per cent, real estate mortgage, due 1909, of the Butterick Publishing Co., Limited, aikother subsidiary concern.

In the fiscal year ending December 31, 1903, the net earnings were $766,965 ; dividends, $480,000 ; surplus, $386,965. In 1904, net earnings of subsidiary companies, $645,057 ; dividends,

$480,000; surplus, $165,057. In 1905, gross profits, $703,112; net, $555,419; dividends, $480,000; surplus, $75j4X9-

President, G. W. Wilder, New York. \rice-Pre8ident, J. F. Birmingham, New Yoik. Secretory, Ben. Wood, New York. Treas8urr, C. D. Wilder, New York.

Directors— J. F. Birmingham. Brooklyn. E. L. Pearsall, New York. W. A. Pubtow. New York. Edwin A. Shorter, New York. B. F. Wilder, New York. C. D. Wadcr, New York. G. W. wader. New York. Ben. Wood, New York.

Corporate and main office, Butterick Building, New York. Branch offices, London, Paris, Berlin, Toronto, Chicago, St. Louis, San Francisco, Boston and Atlanta. Annual meeting, first Wednesday in February, at New York.

Cauformia Wime Assoc! At/Oh

A corporation formed under the laws of California, August xo, 1894. The business of the association is wine making and dealing in California wines and brandia. The association is a consolidation of the old-established California wine companies and firms of Kohler & Frohling, S. Lachman Co., B. Dreyfus & Co., Kohler 8t Van Berrai, C. Carpy & Co. and the Napa Vall Wine Co. It also owns interests in the capital stock of a number of other corporations engaecd in the manufacture and handling of California wines and brandies, and has wineries and estwhshments with a capacity of about 20,000,000 gallons per annum. Stock Par $100 Authorueed, $10,000,000 Issued, $4,754,200

Transfer Agent, Union Trust Co., San Frandsoo.

Dividends are paid on the stock $1.50 per share quarterly, or at the rate of 6 per cent, per annum. They were temporarily suspended in 1906 on account of the San Frandaco earthquake and fire, but were renewed in April, 1907.

Funded Debt Convertible xst lien bond, 5 per cent, due March 1925, March zo and Sept $iiSPS,ooo

The convertible bonds were created in 1905. They are subject to call after Sept. 10, 1915, at xio, on March 10, 1916 at 109 and in 19x7 at loS and so on with a reduction of z percent, until the year of maturity. After 5 years from date of issue an annual sinking fund of 5 per cent, of the bonds outstanding becomes operative. Trustee, Union Trust Co., San Frandsoo.

In X90X, profits were $570,162 ; dividends paid, $286,255 profits $595,670, dividends paid $312,251; in X903, profits $581, x 13; dividends $312,347; in x4, profit $426,484; dividends $3x3,502; in X905, profits, $601,669; dividends, $235,126; in X906, profits, $760,903; dividends, $x26,ox3, and in X907, profits, $764,723 ; dividends, $2x3,939.

President, Percy T. Morgan, San Francisco. Vice-President and Treasurer, J. Frowenfeld, San Francisco. Secretary and General Manager, William Hanson, San Francisco. New York officers. President, Edward Frowenfeld, New York. Assistant Treasurer, Carl von Bergen, New York. Assistant Secretory, W. Culman, New York.

Directors— J. Frowenfeld, Sao Frandsco. William Hanson, San Frandsoo. Isaias W. Hellman, San Francisco. I. W. Hellman, Jr., San Frandsco. J. J. Jacobi, San Frandsco. C. Fred. Kohl, San Francisco. Daniel Meyer, San Francisco. Percy T. Morgan, San Fnuocisoo. Henry Rosenfdd, San Francisco, P. C. ossi, San Francisco. C. Schilling, San Francisco.

Main offices, Winehaven, Cal., and 180 Townsend street, San Frandsoo. New Yoric ofiSoe, 4x0 West Fourteenth street. Annual meeting, last Thursday in February, at Winehaven, Contra CosU County, Cal.

Calumet A Arizoka M/K/Kg Co.

A corporation formed under the laws of Arizona in X90X. Its properties are in Warxea mining district, Bisbee, Aris. It has a smelter of x,5oo tons capadty. Stock. Par $xo Authorised, $2,500,000 sued, $9,000,000

Transfer Agent, Sute Street Trust Co., Boston. Registrar, American Trust Co., Boston.

The company paid a dividend of $2 per share in December, 1903. In X9Q4 it paid dividends of $1.50 per share in March, June and September, and $2 per share in December, makine $6.50 for the year. In March, June and September, 1905, $2 per share was paid, and $2.50 in December, X905, a totol of $8.50 for the year. In 1906 the company paid $2.50 a share in March ; $3 per share in June ; $3.50 per share in September and $4 per share in December, a total of $x3, for the year. In March, 1907, the dividend was increased to $5 per share, which was also the rate paia in June and September, 1907, but the dividend paid December 23, 1907, was reduced to $1.50 per share, and the March, 1908, dividend was further reduced to $x.

INDUSTRIAL SBCtJRlTlfiS 413

Presdent, Charles Briggs, Calumet, Mich, ist Vice-President, James Hoatson, Calumet, ad Vice-President, Thomas Hoatson, Calumet. 3d Vice-President, Louis W. Powell, Bisbee, Ariz. Secretary, Gordon R. Campbell, Calumet. Assistant Secretary, James E. Fisher, Calumet. Treasurer, Peter Ruppe, Calumet.

Directors— Charles d'Autremont, Jr., Duluth. Charles Briggs, Calumet. Mich. Gordon R. Campbell, Calumet. Thomas F. Cole, Duluth. Chester A. Congdon, Duluth. James Hoatson, Calumet. Thomas Hoatson, Laurium, Mich. Peter Ruppe, Calumet. George E. Teaer, Pittsburg.

Corporate office, Bisbee, Arix. Main office, Calumet, Mich. Annual meeting, second Monday in April, at Bisbee.

Cmluket 4 Chicago Cakml A Dock Co.

A corporation formed under the laws of Illinois, March 10, 1869. The original business of the company was the improvement and docking of the Calumet River and the purchase of real estate. It owns lands in South Chicago and in the south part of the dty of Chicago, comprising on January 31, 1908, 1,938 acres, 5,230 lots and dock property having 910 feet front. In 1905 the company sold a tract to the Ixoquois Iron Co. fot $435,000. Stock Par $100 Authorised, $3,495,950 Issued, $3,495*50

Before the reorganization in i88z the company had $a,ooo,ooo of preferred stock, hich has been paid off and retired. Stock is transferred at the office of the company, Chicago. Registrar, Merchants' Loan & Trust Co., Chicago.

At the end of the fiscal year, January 31, 1908, the company had a surplus of $599,256, and total assets of $3,967,856.

President, Hurry Nelson, Jr., Chicago. Vice-President, William J. Watson, Chicago. Secretaiy and Treasurer, William A. Rawson, Chicago.

IMrectors— Alfred L. Baker, Chicago. Adolphus C. Bartlett, Chicago. Henry A. Blair, Chicago. Frederic A. Delano, Chicago. Murry Nelson, Jr., Chicago. Charles H. Wacker, Chicago. William J. Watson, Chicago.

Corporate and main office, 135 Adams street, Chicago. Annual meeting, first Wednesday in April, at Chicago.

Calumet A Hecla Kikiko Co.

A Mkhigan corporation which, in 1900, renewed its charter for thirty years from April 13 190Z.

This company is proprietor of one of the richest copper-producing properties in the world. Its mines are situated at Calumet and Red Jacket, Hougnton County, Michigan. It owns several thousand acres of land with stamp mills and smelting works and other properties. The company has a controlling interest in the La Salle Copper Co. which in January, 1907, took over certain lands belonging to the Calumet & Hecla and acquired the properties of the Tecumseh and other copper companies. It also acquired interests in the Alloues Mining Co., the Osceola Consolidated Mining Co. and the Centennial Copper Mining Co, Capitalstock Par $35 Authorised, $9,500,000 Issued, $3,500,000

The company was formed in 1871 by consolidation of the Calumet, Heda, Portland and Scott Copper Companies. Registrar, American Trust Co., Boston.

Dividends are usually paid quarterly, in March, June, September and December. In the falfndar year 1899 the company paid $100 per share. In 1900, $70 per share ; in 190Z, $45 per share ; in 1909, $25 per share ; in 1903, $35 per share ; in 1904, $40 per share, the quarterly dividends being $xo each. The March, 1905, dividend was $15 per share. In June paid $10, in September $zo, and in December $15, making $50 or 300 per cent, for the year. In 1906, paid $15 each in March and June and $20 each in September and December, making $70 or 380 per cent. In 1907, paid $30 each in March and June ; $15 in September and $10 in December or equal to 360 per cent for the year. The dividend paid March 31, 1908, was $5 per share.

The metal produced by the company for a number of vears has been, in 1900, 49,313 tons ; Z901, 36,397 tons; 1903, 40,445 tons; 42,420 tons ; in. 1904, 38,305 tons; in 1905,' 49,833 tons ; in 1906, 50,5x6 tons and in IQ07, 4,949 tons.

President, Alexander Agassiz, Newport, R. I. ist Vice-President, T. L. Livermore, Boston. 3d Vice-President, Quincy A. Shaw, Jr., Boston. 3d Vice-President, R. L. Agassiz, Boston. Secretary and Treasurer, George A. Flagg, Boston.

Directon — Alexander Aganiz, Newport. Francis L. Higginson, Boston. F. W. Hunnewell, WeUesley, Mass. James MacNaughton, Calumet, Mich. Quincy A. Shaw, Jr., Boston.

Main office. 19 Ashburton place, Boston. Annual meeting, third Wednesday in August, at Boston.

Cahbria Steel Do.

A corporation formed under the laws of Pennsylvania in 1901 to succeed another company of the same name formed in Pennsylvania, November 14, 1898, for the manufacture and sale of iron, steel and other metals, and which, on December z, x8, leased for 999 years the property and franchises of the Cambria Iron Co. The present company was organized with a view to providing for the large annual additions to capital required by the corporation. The property leased consists of large works, mills and furnaces for the production of steel of Ml kinds, at Johnstown, Cambria County, Pa., and its vicinity. The prooseds of the calls made on the old stock in 1900-1901 were applied to the erection of a new steel plant. In 1903, this company acquired control of the Repubhc Iron Co., which owns iron ore properties in the Marquette Range, Mich. Stock Par $5a Authorized, $50,000,000 Issued, $45,000,000

Stock is transferred at the office of the company, Philadelphia. Registrar, Girard Trust Co., PhiUdelphia.

The first dividend on the stock of the new company was ij per cent., or 75 cents per share, paid February 15, 190a, and half-yearly dividends of the same amount have since bec paid in February (15) and August.

The stock of the Cambria Iron Co., par $50, is $8,468,000, on which, under the lease, 4 pacent, per annum is paid, the guaranteed dividends being paid semi-annually, a per cent, each in April and October.

See the Manuai. for 1903 for details regarding the Cambria Steel Co. of 1898, the readjustment of its capital and the exchange of the stock for that of the present company.

The fiscal year of the new company has been changed to end December 31. In the two and one-half months ending December 31, 190Z, net earnings were $8ip,.ipx. In uie fourteen months ending December 31, 1902, the company's net earnings were In 1903, net earnings, $3,oo8,a66; dividends, $1,350,000; depreciation and betterments, $900,000; surplus, $758,386. In 1904, net, $1,763,656; dividends, $1,350,000; depreciation, $350,000; surplus, $63,6561 In 1905, net, $4,000,335; dividends, $1,350,000; betterments and depreciation, $3,550,000; surplus, $xoo,ooo. In 1906, net, $4,964,003; dividends, $1,350,000; depreciation and betterments, surplus, $64,003. In 1907, net, $4,562,266; dividends, $1,350,000; depredation, etc., $3,300,000; balance surplus, $13,366. Profit and loss account, credit December 31, 1907, $2,356,2x8.

President, Powell Stackhouse, Philadelphia. Vice-President and General Manager, Charles S. Price, Philadelphia. 2d Vice-President, Alexander P. Robinson, Philadelphia. Secretary, D. Brewer Gehly, Philadelphia. Treasurer and Assistant Secretary, Edward T. Stuait, Phila* delphia. Assistant Treasurer, L. L. Knise, Philadelphia.

Directors— George F. Baer, Philadelphia. Theodore N. Ely, Philadelphia. Frank J. Firth, Philadelphia. Leonard C. Hanna, Cleveland. Effingham B. Morris, Philadelphia. Charles S. Price, Johnstown, Pa. Powell Suckhouse, Philadelphia. Edward T. Stotesbury, Philadelphia. R. Francis Wood, PhiUdelphia.

Main office, Arcade Buikiing, Philadelphia. Annual meeting, third Tuesday in March, at Philadelphia.

Cam Dem A Tremtom Railway Co.

A corporation formed under the laws of New Jersey, December 15, 1897. Originally the company was called the Monmouth Traction Co., but the present name was adopted in October,

In 1905 the stock of this com{>any was acquired by the New York-Philadelphia Co.

The company has 36 miles of electric railway between Riverton and Trenton, N. J. At Riverton it connects with and uses the lines of the Camden & Suburban Railway to Camden, N.J. Stock Par $10 Authorized, $x,750,ooo Issued, $1,750,000

Stock is transferred at the office of the company, Trenton, N. J. Registrar, Provident Life & Trust Co., Philadelphia.

Funded Debt

xst mort., 5 per cent, gold, due Nov., 1039, May and Nov $710,000

ist gen. mort., 5 per cent., gold, due July, 1931, Jan. and July 633,500

Car trusts Jjooo

Total $x,37i.5>

The authorized amount of the xst mortgage is $750,000, The authorized amount of the general mortgage is $1,750,000. Trustee of both mortgages and agent for the payment of inter* ' est, Provident Life & Trust Co., Philadelphia.

Industrial Sbcuritibs 435

Interest due November i, 1907, on the xst mortpLge bonds and that due January i, 1908, on the genera] mortgage was not paid, and a Receiver was appointed February 18, igoS.

Receiver, W. F. Sadler, Jr., Trenton. Vice-President, Frederick Cohen, Philadelphia. Secretary and Treasurer, J. H. Anderson, Philadelphia. Assistant Secretary and Assistant Treasurer, John R. Martin, Philadelphia.

Main ofiBce, Riverside, N. J. Philadelphia office, Land Title Building. Annual meeting, third Wednesday in January, at Riverside.

Cmkadm Cycle A Motor Co. Likiteo

A corporation formed under the laws of Ontario in 1899. The company acquired the patents, plants, business and goodwill of a number of establishments manufacturing bicycles and motor vidiicles. The company, in 1904, underwent a reorganisation, involving a radical reduction in its share capital. Stock Par $50 Authorized, $800,000 Issued, $800,000

Transfer Agent, National Trust Co., Limited, Toronto.

On January 3, 1900, the company began the payment of half-yearly dividends on the old preference stock at the rate of 7 per cent, per annum, and paid per cent, in January and July, until January, igos, when dividends were suspended.

The profits for the year ending July 31, 1899-1900, were reported as $195,000, and for 1900-01, $a,ooo. In 1901-03, there was a loss of $3,000, but in 1903-03, a profit of $30,000; in 1903-04, Uiere was a profit of $35,017 ; in 1904-05, a profit of $10,458 ; in 1905-06, profit $33,504 ; in 190607, profit $31,339.

President. Joseph N. Shenstone. 1st Vice-President, Joseph W. Flavelle. sd Vice-President, E. B. Ryckman. Secretary and General Manager, T. A. Russell.

Directors— Georfi% A. Cox. Joseph W. Flavelle. Lyman M. Jones. T. A. Russell. E. B. Ryckman. Joseph N. Shenstone. Warren Y. Soper.

Main office, Toronto Junction, Can. Annual meeting, last Thursday in October.

The Cmkmdimk Colored Cottom Hills Co., Limited

A corporation formed under the laws of the Dominion of Canada, February 30, 1893, for the purpose of manufacturing cotton cloth and prints. The company has three mills at Cornwall, one at Hamilton and one at Milltown, N. B., and controls the Gibson Cotton Mills at Marysville, N. B. Stock Par $100. Authorized, $5,000,000 Issued, $3,700,000

Stock is transferred at the office of the company, Montreal.

Dividends are at the rate of 4 per cent, annually, dividend periods being March (15), June, September and December.

Funded Debt 1st mort., 6 per cent, bonds, due April, 1913, April (3) and Oct $3,000,000

The 6 per cent, bonds matured in 1903 and were renewed for xo years. Trustee of the mortgage, The Royal Trust Co., Montreal. Agent for the payment of the interest. Bank of Montreal.

In the year ending April 30, 1900, the net profits of the company were $465,438 ; in 1900-01,

President, David Morrice, Montreal. Vice-President, Sir George A. Drummond, Montreal. Secretary-Treasurer, Alexander Bruce, Montreal.

Directors — F. L. Beique, Montreal. George Caverhill, Montreal. E. S. Clouston, Montreal. Sir George A. Drummond. Montreal. Theophilus King, Quincy, Mass. David Morrice, Montreal. David Morrice, Jr., Montreal.

Main office, Fisher Building, Montreal. Annual meeting in May, at Montreal.

Cmhmdimm Oeheral Electric Co.. Limited

A corporation formed under the laws of the Dominion of Canada in 1893. The purposes of the company are the manufacture and sale of electrical machinery and supplies. It has factories at Toronto and Peterboro, Ont. The company in December, 1900, acquired the manufacturing department of the Royal Electric Co., Montreal. In 1900 it also acquired the property of the

Canada Foundry Co. The Northejr Manufacturing Co. of Toronto, manufacturers of pumps and hydraulic machinery, was acquired in 1902-03.

The preferred stock is 7 per cent., cumulative. It can be retired at 115 on January i, 1913, or any subsequent dividend dale. Dividends are payable on April i and October 1, the first payment being due April i, 1908. The preferred stock was offered for subscription at par in November, 1907.

Transfer AgenU, National Trust Co., Limited, Toronto ; Canadian Bank of Commeroe, London, Eng.

The company had $300,000 at old 6 per cent, cumulative preferred stock which was called for payment at 105 on January 2, 1908. Regular dividends of 6 per cent, per annum had been paid on the old preferred, the payments being semi-annually in January and July.

Dividends of xo per cent, per annum on the common were paid, the payments being quarterly, in January, April, July and October. The April, 1908, dividend was reduced to per cent.

Earnings

Dividends Amount of

Net Com. Pref. Dividendu Surplus

19P3 $5",aio 10 6 $269,277 $303,179

1905 6o8,ao6 10 6 3.15*499 272,707

In 1905, $125,988 was charged to interest and discount, making the net surplus for the year $146,919. To the surplus for 1906 was added $220,000, the premium received from new stock sold, while $71,160 was charged for interest and $219,553 written oflf for depreciation.

President, W. R. Brock, xst Vice-President, H. P. Dwight. 2d Vice-President and Manaicer, Frederic Nicholls. Secretary and AteisUnt General Manager, H. G. Nicholls. Auditor, Lynd hurst Ogden, Toronto.

Directore— W. R. Brock. Geoige A. Cox. H. P. Dwight. Rodolphe Forget. Herbert S. Holt. Robert Jailray. J. K. Kerr. William MacKensie. Wilmot D. Matthews. Frederk Nicholls. H. G. Nicholls. James Ross. E. R. Wood.

Corporate and main office, 14 King street. East, Toronto. Annual meeting in March at Toronto.

Cahadimk Westih6H0Use Co.. Limited

A corporation formed under the laws of Canada in 1903. The company acquired amd took over the various interests in Canada of the Westinghouse Air Brake Co., the Westinghouse Electric and Manufacturing Co. and the affiliated organizations, including the plant and property of the Westinghouse Manufacturing Co., Limited, which had a laiige factory at Hamilton, Ont., for the manufacture of air brakes under the Westinghouse patents, the entire stock of the Westinghouse Manufacturing Co., Limited, having been owned by the Westinghouse Air Brake Co. Stock Par $100 Authorised, $5,000,000 Issued, $3,869,700

An increase of the authorized stock from $2,500,000 to $5,000,000 was made in 1906. The stockholders of record April 23, 1906, had the privilege of subscribmg for $x ,000,000 of new stock at par. Stock is transferred at the office of the company, Hamilton, Ont.

In 1905, 1906 and 1907, dividends of 6 per cent, were paid on the stock, the dividend periods being quarterly, January (io\ April, July and October.

The Westinghouse Air Brake Co. received $650,000 of the stock of the new company for its interest in the Westinghouse Manufacturing Co., Limited, and also underwrote $200000 of stock at par. The Westinghouse Electric & Manufacturing Co. received $500,000 in new stock for its patents and business in Canada, and underwrote $450,000 of additional stock, while the remainmg. $700,000 of new stock was subscribed for by Canadian interests. Under these arrangements $1,450,000 cash was provided as working capital and for extensions of the pUnu.

Earnings

Net Dividends Reserve, etc. Sufpltu

President, George Westinghouse, Pittsburg. Vice-Presidents, H. H. Westinghouse, New York. Paul J. Myler, Hamilton, Ont. L. A. Osborne, Pittsburg. Secretary, John H. Kerr, Hamilton. Treasurer, Paul J. Myler, Hamilton.

Industrial. Sbcuritibs 437

Directors— Thomas Abeam, Ottawa, Ont. J. M. Gibson, Hamilton. Paul J. Myler, Hamilton. L. A. Osborne, Pittsburg. Charles F. Sise, Montreal. Geor|:e C. Smith, Pittsburg. Warren Y. Soper, Ottawa. Charles A. Terry, Hamilton. George Westinghouse, Pittsburg. H. H. Westinghouse, New York.

Main and corporate office, Hamilton, Ont. Annual meeting, fourth Tuesday in March, at Hamilton.

Caktok Co.

A Maryland corporation, incorporated by the State Leslature in 1838-99, which owns some 1,800 acres of land in the city of Baltimore and adjoining in Baltimore County, with docks and improvements, etc. In 1906 the company Incorporated the Canton Railroad Co., and owns its entire stock. The railroad is to make connection between the company's outlying properties and the railways entering Baltimore. Stock Par $100 , Authorised, $5,000,000 Issued, $2,391,200

Transfer Agent, Maryland Trust Co., Baltimore.

There were originally 50,000 shares of the company's stock, the amount outstanding having been reduced at various times by the purchase and retirement of shares.

Dividends paid in 1904 were as follows : $1 per share paid June 25, and 50 cents per share paid November 14. In 1905, paid $1.50 per share June 27, and 75 cents per share November i. In X906, paid $1.00 per share. In 1907. paid $1.25 per share January 2, and $1.25 July i. The January 3, 1908, dividend was also $1.25.

The sinking fund of the 2d mortgage Union Railroad of Baltimore reverted to the Canton Co.. May i, 1000, when said bonds matured. The bonded debt of the railroad company was assumed by the Northern Central Railway Co., when it purchased the road from the Canton Co.

The cash balance on hand May 31, 1907, was $99,471.

President, Walter B. Brooks, Baltimore. Vice-President, Alexander Brown, Baltimore. Secretary and Treasurer, Stuart Kearney, Baltimore.

Directors— William Baylis, New York. Walter B. Brooks, Baltimore. Alexander Brown, Baltimore. James C. Colgate, New York. George C. Jenkins, Baltimore. D. D. Mallory, Baltimore. William Mertens, New York. J. William Middendorf, Baltimore. John D. Probst, New York.

Main office. Toone and Second streets. Canton, Baltimore County, Md. Annual meeting, second Thursday in June, at Baltimore.

Cmpe Breton Electric Co., Limited

A corporation formed under the laws of Nova Scotia. The company was organised for the purpose of constructing an electric road in and about Sydney, N. S., and from North Sydney to Sydney Mines. It does the entire electric railway and lighting business in Sydnev, and owns the electric lighting business in North Sydney and a line of ferries across Syclney Harbor between those two places.' It operates 20.93 niiles of electric railway, including the Sydney & Glace Bay Railway Co., 19 miles which is controlled. The franchise of the company expires in

Stock. ... Par $100 Authorised, $2,000,000 Issued [ $1,234,000

The preferred stock is 6 per cent., non-cumulative, and is redeemable at 120 at the company's option. The stockholders determine whether unissued stock shall be preferred. The dividends on the preferred are payable May (i) and November, but none was paid up to the beginning of X906. In that year 3 per cent, was paid on the preferred. In 1907, paid 6 per cent, on the preferred.

Transfer Agents, Stone & Webster, 147 Milk street, Boston. Registrar, State Street Trust Co., Boston.

Funded Debt ist mort., 5 per cent., due Jan., 1932, Jan. and July $850,000

The zst mortgage is for $1,500,000. Bonds can be called at xo8. Trustee of the mortgage and agent for the payment of interest, State Street Trust Co., Boston.

Earnings

Gross Net Charges Surplus

In 1906, $8,500 was charged to improvement fund ; $7,090 to preferred dividends, leaving the net surplus, $45,263. In 1907, improvements, $8,50; preferred dividends, $14,040 ; balance surplus, $37,464.

President, Frederick S. Pratt, Boston. Vice-President, G. R. Fearing, Jr., Boston. Secretary. Alvah K. Todd, Boston. Treasurer, A. Stuart Pratt, Boston. General Managers, Stone & Webster, Boston.

Directors— H. G. Bradlee. Walter Crowe. G. R. Fearing, Jr. W. E. Forbes. J. W. Hallowell. B. F. Pearson. F. S. Pratt. E. D. Wyman. E. S. Webster.

Corporate and main office, Sydney, N. S. Boston office, 147 Milk street. Annual meeting, first Tuesday in May.

Capital Tractiok Co.

A corporation formed under an act of Congress, approved March i, 1895. The company is a consolidation of the Washington & Georgetown Railroad Co. and the Rode Creek Railway Co. Road operated, 44.37 miles, equipped in part w;ith the underground troUey system. Stock Par $xoo Authorized, $13,000,000 Issued, $ia,ooo,ooo

Transfer Agent, American Security & Trust Co. , Washington, D. C. Registrar, Union Trust Co., Washington.

The company m 1899 paid 3 per cent, on its stock. In 1900 the dividends were 39per cent. From April, 1900, x per cent, quarterly was paid in January (i), April, July and October, up to January, 1903, when the rate was increased to i per cent, quarterly, or 5 per cent, per aimum. In 1903, an extra dividend of 4 per cent, was paid. In 1905, the dividend rate was mcreased to per cent, quarterly or 6 per cent, per annum, which was the rate paid in 1906 and 1907.

Funded Debt ist mort., 5 per cent., due June, 1947, June and Dec $3,590,000

The ist mortgage 5 per cent, was created in 1907, and is for $6,000,000, and part of the amount issued was used to retire the old 4 per cent, bonds of 1909. Trustee of the mortgage. Union Trust Co., Washington, D. C.

Earnings

Grots Net Charges and Taxes Surplus

1903 $i,4i3i3" $844,115 $i4,i87 $7a99a8

In 1903 the company received $558,000 additional from sales of real estate, out of which the extra 4 per cent, dividend was paid.

President (vacancy). Vice-President, Henry Hurt, Washington, D. C. Secretary, Henry D. Crampton, Washington. Treasurer, R. D. Simms, Washington. Chief Engineer and Superintendent, D. S. Carll, Washington.

Directors— Maurice J. Adler, Washington, D. C. G. E. Hamilton, Washington. Henry Hurt, Washington. John S. Larcombe, Washington. William Manice, New York. Edward J. Stellwagen, Washington.

Main office. Thirty-sixth and M streets, N. W., Washington, D. C. Annual meeting, second Wednesday in January, at Washington.

The Carter'Cruhe Co.. Ukited

A corporation formed under the laws of Ontario in 1899. The company was organised to take over the plant and business of the Carter-Crume Co. of Toronto and Niagara Falls, N. Y. The company manufactures merchants' duplicating sales check books and autographic registefB, and has factories at Toronto and Niagara Falls, N. Y.

The preferred stock is 7 per cent., cumulative. In 1903 an increase of $75,000 in the pre* ferred stock was authorised and in March, 1907, an increase of $300,000. Transfer Agent and Registrar, National Trust Co., Limited, Toronto.

The company pays 7 per cent, per annum on the preferred stock, the dividends being quarterly, ipfx cent in January (i), April, July and October.

Industrial Sbct7Ritibs 439

On the common stock 5 per cent, was paid in 1900, 1901, 1902 and 1903. The dividends were i3i pet cent, each in January (i), April, July and October, but in 1904 the dividends were made half-hearty, per cent, each in April and October, which was also the rate paid in 1905. No dividends were paid on the common in 1906.

In the fiscal year ending September 30, 1900, the net profits of the company were $170,951; in 190X, net profits, $179,050; in 1903, net profits. $181,870, and in 1903, net profits, $132,993. In 1904, the fiscal year was changed to end December 31. For the fifteen months ending December 31, 1904, the net earnings were $143,774. 1° the year 1905, net profits, $117,999; in 1906, $ia6,o6o ; in 1907, $114,390.

President, Robert Kilgour, Toronto. Vice-President and General Manager, Samuel J. Moore, Toronto.

Directors— A. £. Ames, Toronto. A. D. Clark, Toronto. Charles H. Duell, New York. W. Caijl Ely, Buffalo. Robert Kilgour, Toronto. James L. Morrison, Toronto. Samuel J. Moore, Toronto. George Weston, Toronto.

Main office, Toronto. Annual meeting, in March, at Toronto.

Casein Cokpmhy Of Amebicm

A corporation formed under the laws of New Jersey, March 3, 1900. The object of the company is the manufacture of paint, paper sise, glue, food products, milk sugar, etc., from by-products of milk.

The company acquired the following concerns :

Waiiam A. Hall, BeUows Falls, Vt.

National Milk Sugar Co., South New Berlin, Cherry Valley, Rockdale, South Edmeston and Bainbridge, N. Y.; St. Charles, Garden Prairie, Huntley and Union, 111.

Hayne & Whitaker, Antwerp and Chester, N. Y.

Rosemary Creamery, Mexico and Adams, N. Y.

The preferred stock is 8 per cent., cumulative, and was issued for cash at par. Transfer Agent, Registrar & Transfer Co., New York. Registrar, Manhattan Trust Co., New York.

The company ben the payment of quarterly dividends of 2 per cent., or at the rate of 8 per cent, per annum, on its preferred stock on August i, 1900, and has continued such quarterly payments regularly in February, May, August and November.

The surplus account, December 31, 1907, was $283,562.

President and Treasurer, Isaac L. Rice, New York, ist Vice-President and General Manager, L. R. Schwerin, New York, ad Vice-President, Albert E. Richardson, Burlington. Secretary and Assistant Treasurer, Maurice Bamett, New York.

Directors— Maurice Bamett, New York. E. B. Frost, New York. George J. Gillespie, New York. Norman Henderson, New York. Rudolph H. Kissel, New York. Isaac L. Rice, New York. F. A. Richardson, Burlington, Vt. L. R. Schwerin, New York. Stem, New York.

Corporate office, 15 Exchange place, Jersey City. Main office, Bainbridge, N. Y. New York office, ix Nassau street. Annual meeting, second Wednesday in May, at Jersey City.

The Cataract Power A Cohduit Co.

A corporation formed under the laws of New York, June 17, 1896. The business of the is the distribution in the City of Buffalo of the electric power generated at Niagara FaUs by the Niagara Falls Power Co. This company furnishes current for manufacturers, street railways, motors, elevators, etc. Stock Par $100 Authorized, $2,000,000 Issued, $2,000,000

Stock is transferred at the office of the company, Buffalo.

The first dividend on the stock was per cent., paid September x, X903. On March i, X904, xK per cent, was paid ; on September i, 1904, a per cent.; March x, X905, per cent, and September X, 1905, per cent. In March (i) and September, 1906, per cent, each was paid. The March, X907, dividend was 3 per cent., which was also the rate paid in September, 1907, and March, 1908.

Funded Debt zst mort., 5 per cent, due Jan., X927, Jan. and July $x, 100,000

The xst mortgage is for $2,000,000. Trustee of the mortgage and agent for the payment of intereA, MexopoUtan Trust Co., New York,

The Manual Of Statistics

President, Darius O. Mills, New York, ist Vice-President, George Urban, Jr., Buffalo. ad Vice-President and General Manag:er, Charles R. Huntley, Buffalo. Secretary and Treasurer, deLancey Rankine, Buffalo. Assistant Treasurer, Ekiward C. Cursons, Buffalo.

Directors — Edward D. Adams, New York. John Jacob Astor, New York. Charles R. Huntley, Buffalo. Darius O. Mills, New York. deLancey Rankine, Buffalo. Francis Lynde Stetson, New York. Georee Urban, Jr., Buffalo. Edward A. Wickes, New York.

Main office. Fidelity Building, Buffalo. New York office, 15 Broad street. Annual meet, first Tuesday in July.

The Celluloid Co.

A corporation organised under the laws of New Jenej November a8, 1890. The company was a combination of various concerns engaged in Uie manufacture of celluloid or artificial ivory and goods made therefrom. It has a factory at Newark, N. J., and manufactures the material in question and kindred products under the trade mark " Cdluloid.** Stock Par $100 Authorized, $6,000,000 Issued, $5,935,000

Stock is transferred at the office of the company, New York. Registrar, Washington Trust Co., New York.

Dividends from the time of organisation have been as follows: In 189a, 6 per cent.; in 1893, per cent.; in 1894, 4 per cent.; in 1895, 4 per cent.; in 1896, 4 per cent.; in 1897, 4 per cent.; in 1898, 5 per cent.; in 1899, 6 per cent. ; in 1900 and 1901, 7 per cent., including i per cent, extra, and m 1903, 1903, 1904, 1905, 1906 and 1907, 8 per cent. Dividends are quarterly, April (i), July, October and December 31, the payments being per cent, for the first three quarters and per cent, and 2 per cent, extra, in December.

President, Marshall C. Lefferts, New York. Vice-President, L. E. Lefferts, New York. ad Vice-President, D. G. Maynard, New York. Secretary, J. R. Halsey, New York. Treasurer, Frederic R. Lefferts, New York.

Directors— C. L. Balch, New York. John Eastwood, Bellville, N. J. Henry C. Hulbert. New York. John W. Hyatt, Newark. N. J. Joseph Larocque, New York. Joseph Larooque, Jr., New York. Frederic R. Lefferts, New York. L. E. LefferU, New York. MarshaU C. Lefferts, New York. D. G. Maynard. New York. W. W. Newcomb. New York. J. W. Plume, Newark. W. S. Sillcocks. New York. H. C. Tinker, New York. Henry Young, Jr., Newark.

Corporate office, 995 Ferry street, Newark, N. J. New York office, 36 Washington place. Annual meeting, last Tuesday in March, at Newark.

CEKTEKKIAL COPPEB HmiKG CO.

A corporation formed under the lars of Michigan in x8 The company owns a square mile of mineral land in Houghton County, Mich., located immediately north of the Calumet & Heda and west of the Wolverine and South Kersarge mines. It is working the Kersaree lode, and has a shaft down 3,aoo feet. In 1907, the Calumet & Heda Mining Co. obtatneda large interest in the stock of this company. Stock Par $35 Authorised, $2,500,000 Issued, $2,9501,000

There has been paid in on the stock of the company $19.50 per share. The company has xo,ooo shares of the stock in its treasury.

Stock is transferred at the office of the company. Registrar, Old Colonv Trust Co., Boston.

President, H. F. Fay, Boston. Secretary and Treasurer, George G. Endioott, Boston. General Manager, James MacNaughton, Calumet.

Directors — Alexander Agassis, Newport, R. I. R. L. Agassis, Boston. George G. Endioott, Boston. H. F. Fay, Boston. F. W. Hunnewell, Wellesley, Mass. James MacNaughton, Calumet, Mich. Quincy A. Shaw, Boston.

Main office, 60 State street, Boston. Annual meeting, first Tuesday in April, at Boston.

CEKTRAL t SOUTH AHERICMM TELEGRAPH CO.

A corporation formed under the laws of New York. Owns cable lines and land lines extending from Vera Cms, Mexico, to the prindpal ports and dties of Central America and the west coast of South America as far as Valparaiso, Chili. In x8oi acquired the Trans-Andean line from Valparaiso to Buenos Ayres, Argentine Republic. Cable lines, about 8,500 miles ; land lines, about 1,550 miles. The company has exdusive contracts with the governments of various states of Central and South America ; and working agreements with the Mexk Telegraoti Co. and the Western Union Telegraph Co.

INDUSTRIAIi SSCURITIl&S 44'

Stock Par $xoo Authorised, $ia,ooo,ooo IflBued, $10,000,000

Stock is transferred at the office of the company, New York. Registrar, Union Trust Co.,

New York.

In May, 1907, the authorised stock was increased from $8,000,000 to $ia,ooo,ooo and a stock

dividend of 25 per cent., amounting to $3,000,000 of new stock, was distributed June x, 1907. In

1890 a stock dividend of ao per cent, was paid.

From 1888 to 1896, 7 per cent, was paid on stock ; in 1897, per cent; from 1898 to

1907, inclusive, 6 per cent. Dividends are paid quarterly, January, Apru, July and October.

Earnings Gzom Net

X9P3 $1,072,134 $666,838

'9 1,316,049 88s,a99

President, James A. Scrymser, New York. Vice-President, Charles Lanier, New York. Vice-President, S. Camacho, City of Mexico. Secretary, James R. Beard, New York. Treasurer, Clarence Rankin, New York.

Directors— Edward D. Adams, New York. Robert W. De Forest, New York. William Pierson, Hamilton, New York. J. Uontgomery Hare, New York. Francis L. Higginson, Boston. Charles Lanier, New Yoric W. Emlen Roosevelt, New York. James A. Sciymser, New York. W. D. SkMme, New York.

Main office, 66 Broadway, New York. Annual meeting, first Tuesday in June, at New York.

Cektbml Coal A Coke Co.

A corporation formed under the laws of Missouri, April 16, 1893. It succeeded the Keith St Perry Coal Co., of Kansas City, Mo.; the Bowie Lumber Co. and the Whitaker Tie & Timber Co., of Tezarkana, Tex.; the Ashdown Lumber Co., of Ashdown, Ark.; the Missouri Coal & CoQStmction Co., of Kansas City, Mo.; the Sweetwater Coal Mining Co. and the Wyoming Mercantile Co., of Rock Springs, Wyo.; the Tonty Lumber Co., Chicago, and the Kansas & Texas Coal Co., of St. Louis, Mo.

The company is engaged in the mining of coal and manufacture of lumber, railway ties, timber, etc It has over thirty coal shafts fuUy equipped and in operation in Kansas, Missouri, Arkansas, Indian Territory and Wyonring, with a daily output of 90,000 tons of bituminous coal. The saw and planing miUs of the company are located at Kennard, Tex., Keith, La., and Carson, La., and are to turn out 6oo,€oo feet daily.

The preferred stock is 5 per cent., cumulative. Transfer Agent, Nathaniel Norton, 11 William street. New York. Registrar, New York Trust Co., New York.

Regular dividends of 5 per cent, per annum are paid on the preferred stock in quarterly payments of iji per cent, eadi in January, April, July, October. Dividends of per cent., or 6 per cent, per annum, are paid on the common stock at the same periods.

The company on June i, 1907, had assets to the amount of $10,610,906, and the undivided profits were $x, 000,000.

Funded Debt Central Coal & Coke Co. gen. con. mort., 6 per cent., due 1904-16, Jan. and July.. .. $1,070,000

" " ist mort., 6 per cent., due 1904-13, June and Dec 400,000

Sweetwater Coal Mng. Co. 1st m. , 6 p. c. , due $90,000 each Feb. , xpoi-oo, Feb. and Aug. 900,000

Kansas & Texas Coal Co. ist mort., 5 per cent., due 1905-08, Mar. and Sept 185,000

Delta Lumber Co., ist mort., 5 per cent., due 1910-14, March and pt 995,000

Total $9,080,000

The company's net earnings for the fiscal year ending June 30, 1904, were $957,197. The net earnings for 1904-05 were $493,964 ; for 1905-06, net, $735,131 ; for 1906-07, net, $874,594.

President, Charles S. Kieth, Kansas City. Vice-President, Charles Campbell, Kansas City. Vfce-Presklent and Auditor, J. C. Sherwood, Kansas City. Secretary and Treasurer, Ekiward E. Riley, Kansas City. Assistant Secretary, Nathaniel Norton, New York.

Directors— Charles Campbell, Kansas City. W. H. Chapman, Kansas City. Caleb F. Fox, Philadelphia. D. B. Holmes, Kansas City. Charles H. Huttig, St. Louis. Charles S. Keith, Kansas City. Edward E. Riley, Kansas City. Fred N. Sewall, Kansas City. J. C. Sherwood, Kansas City. Edward T. Stotesbury, Philadelphia. £. F. Swinn, Kansas City.

Main office, Keith & Perry Building, Kansas City, Mo. Annual meeting, Wednesday in July, at Kansas City.

CEKTRAL D/STJtICT I P/ffHT/KG TELE6RAPH CO.

A corporation originally organized under the laws of New York in 1874, and incorporated under an act of the Legislature of Pennsylvania, August 9, 1881. The company operates a telephone system under an exclusive license from the American Bell Telephone Co. in 19 counties in Western Pennsylvania, la counties in Ohio and x8 counties in Northern West Virginia, including the dties of Pittsburg and Allegheny, Pa. On January i, 1008, the company had 113,615 stations and 384,875 miles of wire. A controlling interest is owned by the American Tdepnone & Telegraph Co. Stock Par $100 Authorized, $15,000,000 Issued, $13,000,000

The stock was increased from $7,500,000 to $10,000,000 in February, 1909, and in February, 1904, to $15,000,000. In 1903 the stockholders subscribed for $1,250,000 new stock at par, and in November, 1905, $1,000,000 additional was allotted at par, the stockholders having the right to subscribe for xo per cent, of their original holdings. This made the stock outstanding $11,000,000. Stockholders of record March 15, 1007, were given the right to subscribe at par for $3,000,000 new stock in the proportion of a new shares for each 11 shares of the old, the new stock to be paid for and issued May i, 1907, making the stork outstanding $13,000,000.

Stock is transferred at the office of the company. Registrar, Union Trust Co., Pittsburg.

For some years past dividends of 8 per cent, per annum have been paid on the stock of the company, payments being quarterly, a per cent, each, usually in January, April, July and October.

Earnings

Gross Net Dividends Suiplus

1901 ii937,733 4a4,75a 400,000 34,75

1903 a,733.97 74a,o83 700,000 42,083

1906 3,90i,3o 952,753 860,000 93'75a

The total surplus of the company December 31, 1907, was $766,739.

Presklent, D. Leet Wilson, Pittsburg. Vice-President, D. F. Henry, Pittsburg. Secretary John G. Stoakes, Pittsburg. Treasurer, F. M. Stephenson. Pittsburg. Assistant Treasurer, George L. Herron, Pitteburg. Auditor, J. H. Boeggeman, Pittsburg. General Manager, M. H. Buehler, Pittsburg.

Directors— Henry C. Bughman, Pittsburg. William R. Driver, Boston. J. B. Finley, Pittsburg. C. Jay French, 3ston. D. F. Henrv, Pittsburg. William B. Schiller, Pittsburg. Theodore N. Vail, Boston. Daniel H. Wallace, Pittsburg. D. Leet Wilson, Pittsbui.

Main office, 416 Seventh avenue, Pittsburg. Annual meeting, second Thursday in rebmaxy, at Pittsburg.

Cektral Fireworks Co.

A corporation formed under the laws of New Jersey, June 8, 1896. The business of the company is to manufacture and deal in fireworks, and it has power to purchase, hold and dispose of tne stocks or securities of corporations organised for such purposes. The assent of all the directors is necessary for every such purchase. The company owns a majority of the stock of the following concerns : v

Detwiller ft Street Fireworks Manufacturing Sl Louis Fireworks Co., St. Louis.

Co., New York. Scharfenberg Fireworks Manufacturing Co.,

Consolidated Fireworks Co.*of America, New Brooklyn, N. V.

York. Pain's Fireworks Co., New York.

The A. L. Due Fireworks Co., Cincinnati.

The preferred stock is 7 per cent., cumulative. Transier Agent, F. L. Hammatt, 10 Park place, New York. Registrar, Corporation Trust Co. of New Jersey, Jersey City.

The company pays semi-annual dividends of 3J per cent, each on its preferred stoic, March (i) and September, and pakl semi-annual dividends of i per cent, at the same periods on its commoo stock. In September, 1904, M Pi' oenL was paid on the common, i per oant March i, 1905, and i per cent. September 1, 1905. In 1906, paid per cent, in Mardi and x per cent, in September. In 1907, paid % per cent, each in March and September. The March, 1908, dividends on both the preferred and common were deferred.

Industrial Sboukitius 443

President, William A. Turner, New York. Vice-President, Clarence J. DetwUler, Jersey City. Secretary and Treasurer, George T. Egbert, New York.

Directors — Edmund J. Bingle, St. Louis. Eugene Britton, New York. Clarence J. Detwiller, Jersey City. Geoige T. Egbert, New York. Charles H. Koster, New York. Henry Krucker, Cincinnati. A. M. Poole, New York. George A. Stanton, New York. William A. Turner, New York.

Main office, 15 F.¥change place, Jersey City. New York office, 10 Park place. Annual meeting, fourth Tuesday in January, at JerKy City. Transfer books dose twenty days prior to the aoaual meeting.

Cektral Foukdry Co.

A corporation formed under the laws of New Jersey, July ix, 1899. The company manufachnes cast-iron soil pipe and fittings. It owns and operates a number of establishments, a list of which was given in the Manual for 1904.

The preferred stock is 7 per cent., cumulative. There is $550,000 of each class of stock in theoompanyZs treasury.

Funded Debt Debentures, 6 per cent, due May, 19x9, May and Nov. $3863,ooo

The authorized amount of the debentures is $4,000,000. They are redeemable by the company at X05.

Earnings Year endfaig June 30

Betterments

Profits Charges Depreciation, etc.

X905-06 493.769 93.78o a6x,989

The item of betterments in the earnings for 190-3 includes $343,890 for depreciation of plant, etc. In 190304, this item was $218,434 ; in 1904-05, $336,938; in 1905-06, $295,893 ; in $90,447.

President, August Heckscber, New York. Secretary and Treasurer, "Winthrop L. Rogers, New York. Comptroller, A. H. Miller, New York.

Duectors— F. A. Berthold, New York. S. Watts Bowker, Montclair, N , J. George F. Crane, New YoA. F. C. Furlow, New York. George D. HaUock, New York. Horace L. Hotchkiss, New York. August Heckscher, New York. George Leask, New York. E. L. Lueder, New York. William H. Remick, New York. C. R. Schmidt, Baltimore. Charles Smithers, New York.

Main office, 37 Wall street. New York. Annual meeting, last Thursday in August.

Cektral Leather Co.

A corporation formed under the laws of New Jersey, April 12, X905. The company was formed in purauanoe of a plan dated December 17, 1904 framed by a stockholders' committee of the United States Leather Co. See below regarding the details of the plan. It acquired a lar majority of the preferred and common stocks of the United States Leather Co., consisting m December, 1907, of $62,083,900 of the $62,882,300 common and $57,807,200 of the $62,282,300 preferred, carrying control of that corporation and of its auxiliary companies including the Elk Tannery Co., the Central Pennsylvania Lumber Co. and the Susquehanna & New York Railroad Co. It has also acquired other properties, the company and its subsidiary organizations having a large number of tanneries for the manufacture of sole leather in various States, mills and factorka, toither with 434,700 acres of bark and timber lands owned in fee and the rights upon 164,000 acres addltlonaL

The preferred stock is 7 per cent., cumulative, from July x, 1905, with a preference as to Bts in case of dissolution. The preferred stock cannot be increased without the consent of

two-thirds of the amount thereof outstanding.

Transfer Agent, Equitable Trust Co., New York. Registrar, New York Trust Co,

The first mvidend on the preferred stock was per cent., paid October x, X905, since

which quarterly dividends of the same amount have betn regularly paid.

The Manual Op Statistics

On January i6, i, the stockholders ratified a proposition to consolidate the United Stales Leather Co. with this company, but litig:ation has delayed the carrying; out of the plan, minority holders of United States Leather preferred stock having brought suit to prerent it.

Funded Debt. Central Leather zst lien raid bonds, 5 per cent., due April, 1935, April and Oct $34*526,600 U. S. Leather Co. gold debentures, 6 per cent., due May, 1913, May and Nor 4,680,000

Total $39,ao6,6oo

The authorised amount of the ist lien bonds is $45,000,000. Trustee of the mortgage and agent for the payment of interest. Central Trust Co., New York. All of the stock of the United Sutes Leather Co. acquired by this company is pledged with the Trustee to secure the bonds. The company agrees to likewise deposit other acquired property.

The United States Leather 6 per cent, debentures were created in 1893 and were $9,653,000, but the above is the amount outstanding. There is a sinking fund of 4 per cent., per annum for the bonds which can be drawn for same at no. Trustee for the debentures. Central Trust Co., New York. This issue, as suted below, was left undisturbed.

The United Sutes Leather Co., which was formed under the laws of New Jersey io 1893. had stock as follows : Common, authorised, $64,000,000, issued, $69,389,300; 8 percent., cumulative, preferred, authorised, $64,000,000, issued, $6a,a83,3oa The dividoids on the preferred were never the full amount to which that stock was entitled, having been at the rate of 6 per cent, per annum. On January i, 1905, the amount of back dividends unpaid on the preferred was about 43 per cent. In December, 1904, a plan for the reorganisation of the said company and an exchange of its stocks for those of the present company was submitted, which was carried into effect in 1905. See the Manual for 1907 as to details of plan.

Earninos— Central Leather Co.

Dividends from Other Total Expenses Preferred

U. S. Leather Earnings Net and Charges Dividends Surplvs

1006 343a.ia6 868,954 4,301,080 i,Qi7,467 a,ia6,3i6 157*397

The figures for 1905 represent the operations of the controlled properties for only a part of the year.

President, Edward C. Hoyt, New York, xst Vice-President, A. Augustus Healy, New York. 9d Vice-President. Walter G. Garritt, Boston. 3d Vice-President, John J. Lapham, New York. Treasurer, James R. Plum, New York. Secretary, Fred E. Knapp, New York.

Directors-Charles W. Allen, Kenosha, Wis. Nathan Allen, Kenosha, Wis. J. Ogden Armour, Chicago. George W. Childs, Ridgway, Pa. Samuel P. Davidge, Short HOls, N. J. Henry P. Darlington, Chicago. Walter G. Garritt, Boston. A. Augustus Healy, New York. Frank Healy, New York. Eugene Horton, Middletown, N. Y. Edward C. Hoyt, New York L. C. Krauthoff, New York. John J. Lapham, New York. Lewis H. Lapham, New York. Robert £. Paine, New York. P. Anderson Valentine, New York. Van A. Wallin, Grand Rapids, Mich.

Corporate office, 15 Exchange place, Jersey City. Main office, 96 Ferry street. New York. Annual meeting, fourth Wednesday in February, at Jersey City.

Cehtrml Hew York Telephoke A Tele6Rmph Co.

A corporation formed under the laws of New York, in December, 1889. The company owns and operates a telephone system whidi extends throughout eleven counties in the central portion of New York, including the cities of Utica and Syracuse. A controlling interest in the stock is owned bv the American Telephone & Telegraph Co. On Decembor 31, 1907, the company had 31,783 stations. Stock Par $xoo Authorised, $1,000,000 Issued, $961,500

Stock is transferred at the office of the company, Utka, N. Y.

Funded Debt Debentures, 5 per cent., due Dec, 1918, June and Dec $100,000

The debenture bonds outstanding are for the full amount authorised. They are subject to call at par and interest. On December 31, 1907, the company had outstanding bills payable amounting to $5,891,000.

Industrial Sscuritibs 445

For 1006, the company reported gross earnings, $642,435 ; expenses, $652,602 ; deficit, $10,167; chai, $132,839 ; total deficit, $143,006. In 1907, gross, $821,210; net, $169,048; chams, interest, etc., $3x0,825 ; balance deficit, $150,777.

Chairman, Theodore N. Vail, Boston. President, Union N. Bethell, New York. Vice- President, H. F. Stevens, Syracuse, N. V. Secretary and Treasurer, Francis G. Wood, Utica,

Directors— Union N. Bethell, New York. George L. Bradfoid, Utica, N. Y. Frederick G. FIncke, Utica. S. M. Greer, Brooklyn, N. Y. J. F. Maynard, UUca. William Nottingham, Srnuaiae, N. Y. Frederick T. Proctor, Utica. Charles B. Rogers, Utica. Joseph Rudd, Utica. wHliam D. Sargent, Brooklyn. H. F. Stevens, Syracuse. Theodore N. Vail, Boston. Francis G. Wood. Utica.

Main office, 12a Bleecker street, Utica, N. Y. Annual meeting, fourth Tuesday in February, at Utica.

Central Oil Co.

A corporation formed under the laws of Maine, April 11, 1899. The company owned all the stock of the Henry Oil Co. and of the Fearless Oil Co., and took over the proper of those rfwnpanifii, which have been dissolved. The company produces a crude petroleum. It operates prioidpally in West Virginia and Southern Ohio, but in 1903 acquired similar interests in Kansas and Texas. It controls the United Oil & Refining Co. of Texas.

Stock. . . . Par $25 Authorired, $2,000,000 Issued, 'J '''JgJ'jo I

The preferred stock is 7 per cent, cumulative. It was created in April, 1907, when the unissued portion of the common stock was made preferred stock and was offered to the stockholders at par.

Stock is transferred at the office of the company, Boston. Registrar, State Street Trust Co. Boston.

In October, 1899, first quarterly dividend of percent, on the old common stock was dedared, payable November i, 1899. The company paid regular dividends at the same rate in February, May, August and November, until August, 1901, when the quarterly dividend was deferred to provide for indebtedness and development work. Dividends of i per cent, were paki in Febnuuy, Mav, August and November, from February i, 1902, until May, 1904, inclusive, and an extra dividend of 3 per cent, on August x, 1903. The Au|:ust, 1904, dividend was, however, passed, the management deciding to employ the surplus eammgs for the construction of the refinery at Spindle Top, Tex. , and no dividends have since been paid.

Presklent, Alfred A. Glasier, Boston. Vice-Preskient, H. C. Speer, Chicago. Secretary and Treasurer, W. F. Pope, Boston.

Directors— Josiah Q. Bnett, Boston. A. B. Bruce, Lawrence, Mass. Simon Davis, Boston. Alfred A. Glasier. Boston. William L. Henry, Boston. J. P. MOrse, Brockton, Mass. W. F. Pope, Boston. H. C. Speer, Chicago. J. P. Underwood, Chicaeo.

Main office, 16 State street, Boston. Annual meeting, third Tuesday in February, at Portland, Me.

Central Un Ion Telephone Co.

A corporation formed in June, 1883, under the laws of Illinois. It operates telephone systems under exclusive license from the American Bell Telephone Co., its territory covering the States of Ohio, Indiana and Illinois, with the exception of a few counties in each State which contain large cities like Chicago, Cleveland, Cincinnati, etc In 1905 it obtained control of a number of companies in its territory. The company is controlled by the American Telephone & Telegraph Co. which holds $4,186,400 of the stock. Stodc Par $100 Authorised, $10,000,000 Issued, $5,450,900

The stock was reduced in 1901 by one-half to $3,481,500, and the authorised amount increased to $10,000,000, stockholder bng given the right to subscribe for an amount equal to their holdings at par, the proceeds being for improvements.

Stock is transferred at the office of the company, Chicago. Registrar, Com Exchange National Bank, Chicago.

Last dividend paid was i per cent., April, 1896. Since that time surplus earnings have been applied to the reconstruction of the company's plant

Funded Debt

ist mort., 6 per cent, redeemable 1906-19x6, Jan. and July $2,500,000

Consolidateci mort., gold, 5 per cent., due 1909-1919, Jan. and July 3i5oo,ooo

The consolidated mortgage, Old Colony Trust Co., Boston, trustee, was created in 189910 provide for the extension of the company's system. Total issue authorised, $6,000,000, of which $3,500,000 is reserved to retire the ist mortgage. Bonds can be called after January i, 1909.

No report of earnings has been published since 1903.

President, Louis G. Richardson, Indianapolis. Secretary and Treasurer, Wilson S. Chapman, Indianapolis. Auditor, John Uprichard, Indianapolis.

Directors— C. H. Brownell, Peru, Ind. Wilson S. Chapman, Chicago. F. H. Grien, Davenport, la. Horace F. Hill, Indianapolis. J. Russell Jones, Chicago. Robert T. Lino Chicago. Louis G. Richardson, Indianapolis. John Uprichard, Indianapolis. Theodore N. Vail, Boston. Arthur D. Wheeler, Chicago.

Main office, Majestic Building, Indianapolis. Annual meeting, third Wednesday in March, at Chicago.

CHiRLESTOK COKSOUDATED RAILWAY. 6AS t ELECTRIC CO.

A corporation formed February ai, 1899, under a special act of the Legislature of South Carolina, as a consolidation of the Charleston City Railway and the Charleston & Seashore Railroad. It owns the capital stock of the Charleston Edison Light & Power Co. and the Charleston Gas Light Co., and also the Mount Pleasant & Sullivan Island Ferry Co. and the Middle Street & Sullivan Island Railway Co., giving it control of all the lighting and trmnar portation facilities m the dty. Road operated, 40 miles.

Stock Par $50 Authorised, $1,500,000 Issued, $1,500,000

Stock is transferred at the office of the Secretary. Charleston, S. C. f The first dividend was per cent., paid July z, 1903. In 1904 paid % per cent, each In January and July. In 1905, paid M per cent, m January, and i per cent, in July. In January, 1906, 1 per cent, was paid, and in per cent, which was also the rate pakl in January, 1907. In July, 1907, and January, 1908, paid per cent. each.

Funded Debt

Consolidated mort., 5 per cent., due March, 1999, March and Sept $1,790,000

Charleston City Ry. zst mort., 5 per cent., due January, 1933, Jan. and July 780,000

Total $3,500,000

The consolidated mortgage is $2,500,000 authorized, and sufficient bonds are reserved to retire the Charleston City Railway . There is an annual sinking fund for the latter issue. Trustee of the xst mortgage and agent for the payment of intent. Mercantile Trust & Deposit Co., Baltimore. Trustee of the consolidated mortgage and agent for the payment of interest, Baltimore Trust & Guarantee Co.,* Baltimore.

Earnings Year ending February a8 GroM Net

Preskient, Philip H. Gadsden, Charleston, S. C. Secretary and Auditor, P. J. Balagner, Charleston. Managing Director, Samuel H. Wilson, Charleston.

Directors— William M. Bird, Charleston, S. C. J. D. C. Bradl, Charleston. J. S. Bnist, Charleston. James M. Cameron, Charleston. George B. Edwards, Charleston. Philip H. Gadsden, Charleston. A. B. Murray, Charleston. E. H. Pringle, Charleston. Samuel H. Wilson, Charleston.

Main office, 141 Meeting street, Charleston, S. C. Annual meeting, third Monday in Much, at Charleston.

Chartiers Valley Water Co.

A corporation formed under the laws of Pennsylvania, July 30, 1896. under a perpetual charter. The company succeeded the St. Clair Water Co., and also acquired the pipe lines of the Monongahela Water Co. outside the city of Pittsburg, except in the boroughs of McKee*s Rods and Esplem. The company supplies water to a territory with a population of 60,000. It owns reservoirs at Mount Oliver, Whitehall, West Homestead, Crofton and Sheraden, and a pumping station at Beck's Run, on the Monongahela River. In August, 1904, the property was iMaed for 999 years to the South Pittsburg Water Co., which is controlled by the American Water

Charges A Taxes

Surplo*

x6a,oo6

Industrial. Sbcuritibs 447

Works & Guarantee Co. Extensive improvements have been made, including the installation of

a large filtration plant.

Stock Par $50 Authorised, $1,000,000 Issued, $1,000,000

Transfer Agent and Registrar, The Union Trust Co., PUUburg.

Dividends of 2 per cent, were paid in May and December, 1903.

Funded Debt

ist mort., 6 per cent., gold, due 1937, April and Oct $435,000

St. Clair Water Co. ist mort., guar., 6 percent., gold, due July, 1924, Jan. and July. . . 500,000

Presuient, John C. Fisher. SecreUry, John L. Sheppard. Treasurer, Daniel Beech.

DirectorsAlbert Emwein. John C. Fisher. W. D. Grimes. William Grimm. J. P. Moore. W. W. Murrav. A. C. Robinson.

Corporate and main office, 331 Southern avenue, Pittsburg. Branch offices at Camcei< and Crafton, Pa. Annual meeting, first Monday in May, at Knozville.

Chateau6Ay Ore A Irom Co.

A corporation formed under the laws of New York. The company has a large iron ore property at Lon Mountain, Clinton Countv, N. A readjustment of this company's finances was effected in March, 1903, under the plaui described below. The company is managed and operated by The Delaware & Hudson Co.

Stock.. Par $xoo. .Authorised ist pref., 750,000 Issued ist pref., 719,600 V $3,719,600 ( 2d pref., 7SO.OOO ) I pre'-* 750i )

The ist preferred is 4 per cent., non-cumulative, and the 3d preferred is also 4 per cent., noncumulative. Stock is transferred by the Treasurer of the company, New York.

Funded Debt New xst mort., 4 per cent., due Jan., 1942, Jan. and July $1,300000

The new ist mortgage is for $1,300,000 and $350,000 more may be issued.

The Delaware & Hudson Co. guarantees the ist mortgage bonds. For details of the readjustment in 1906, see the Manual for 1906.

President, Smith M. Weed, Plattsburg, N. Y. Secretary and Treasurer, Talbot Olyphant, New York.

Main office, Lyon Mountain, N. Y. New York office, 33 Nassau street. Annual meeting, second Wednesday in June, at Lyon Mountain.

CHATT/mOOGA RAILWAYS CO.

A corporation formed under the laws of Tennessee, in April, 1906. The company is a consolidation of the Chattanooga Electric Railway Co., the Rapid Transit Co., of Chattanooga ; the Chattanooga Street Railway Co. and the Northside Consolidated Railway Co. The company owns all the stock of the Lookout Mountain Railway Co.

The company owns 65 miles of track in Chattanooga and its vicinity, comprising all such fadlitiea in or about the dty. The franchises are perpetual.

The preferred stock is 5 per cent., cumulative, after April i, 1908, and after that date is redeemable at 107. Beginning Decern bier i, 1906, quarterly dividends of per cent, have been paid on the preferred stock, the dividend periods being March (i), June, September and Deoem- Der. Stock is transferred at the office of the company, Philadelphia.

Funded Debt

Chattanooga Rys., ist cons, mort., 5 per cent., due May, 1956, May and November... $1,792,000 Chattanooga Electric Ry., ist mort., 5 per cent., gold, due Jan., 1919, Jan. and July.. 635,000

Total $3,417,000

The ist consolidated mortgage of the present company is for $3,000,000 of which $635,000 b reserved to retire the old company's bonds. Trustee and agent for the payment of intereit,

Thb Manual Op Statistics

Trust Co. of North America, Philadelphia. The Chattanooga Electric Railway Co. ist mortgage is $695,000. Trustee and agent for the payment of interest, Maryland Trust Co., Baltimore.

In 1905, the company's gross earnings were $424,263 ; in 1906, $483o5i ; in 1907, $536,861.

President, John Graham, Philadelphia. Vice-President, Edgar H. Butler, Philadphla. Secretary and Treasurer, W. K. Lawton, Philadelphia,

Directors— Edgar H. Butler. Howard S. Graham. John Graham. Clarence P. King. Lewis H. Parsons. Frank Spurlock. Frederick H. Treat.

Main office, 931 Market street, Chattanooga, Tenn. Philadelphia office, Drexel Building. Annual meeting, second Wednesday in March, at Chattanooga.

The Chesapeake A Delaware Canal Co.

A company incorporated in Maiyland, December 7, 1799 1 Delaware, January 09, 1801 ; in Pennalvania, February 19, 1801. The company owns a 14-mile canal from the Ddaware Rirer at Delaware City, Del., to Chesapeake City, Md., on a branch of the Elk River, emptying into the head of Chesapeake Bay. Stock Par $50. Authorized, $2,500,000 Issued, $1,903.

Stock is transferred and registered at the office of the company, Philadelphia. No dividends have been paid since 1876.

Funded Debt

1st mort., 5 per cent, (temporarily reduced to 4), due July i, 1916, Jan. and July $3,600,950

Interest payments ore made at the office of the company. In 1893, an anangement was made by which the interest on the bonds was reduced from 5 to 4 per cent, until the contingent fund was increased to $100,000.

Earnings Year ending May 31

Gross Net Charges Deficit

I9P3-04.-' 149.57 98,603 104,118 5,516

1905-06 1791383 "3t 104,118 Sur. 9,486

19C36-07 145, 87,800 104,118 Def. 16,318

Deficits were supplied from the contingent fund, which was $50,487 on May 31, 1007.

President, Coleman L. Nicholson, Philadelphia. Secretary and Treasurer, Walter Hall Philadelphia.

Directors— Thomas Willing Balch, Philadelphia. Henry C. Boyer. Philadelphia. Richard Vauz Buckley, Philadelphia. Charies Chauncey, Philadelphia. George Harrison Fisher, Philadelphia. James Logan Fisher, Philadelphia. Bernard Gilpin, Phi&delphia. Hood Gilpin, Philadelphia. Lewu M. Haupt, Philadelphia. Emlen Hutchinson, Philadelphia. Archibald R. Montgomery, Philadelphia. Charles b. W. Packard, Philadelphia. Charles C. Savage, Philadelphia.

Corporate and main office, 538 Walnut street, Philadelphia. Annual meeting, first Monday in June.

Chesapeake A Ohio Graih Ele¥Ator Co.

A corporation formed under the laws of New Jersey in July, 1883. It owns a Irge grain elevator at Newport News, Va., operated in connection with the Chesapeake & Ohio Railway. The latter company owns all the stock of this company. Stock Par $100 Authorised, $500,000 Issued, $500,000

Transfer Agents, J. P. Morgan & Co., New York.

Funded Debt

1st mort. bonds, 4 and 6 per cent., due 1938, April and Oct $830,000

Income mort., non-cumulative, 4 per cent., due 1988, Oct. 1 45o5oo

Total $1,370,500

The Chesapeake & Ohio Railway Co. guarantees principal and interest of the 1st mortgage bonds. Trustee of the ist mortgage, Central Trust Co., New York.

President. George W. Stevens, Richmond, Va. Vice-President, Decatur Aztell, Richmond. Secretary, C Edward Wellford, Richmond. Treasurer, C. E. Potts, Richmond.

Industrial Securities 449

Dizvcton — Decatur Axtell, Richmond. Kenneth K. McLaren, Jersey Citv. George W. Stevens, Richmond. Lawrence F. Sullivan, Richmond. Henry T. Wickham, Richmond.

Main office, 805 East Main street, Richmond, Va. Annual meeting, first Monday in November, at Jersey City.

Chesebr0U6H Mmkufacturik6 Co., Coksoli Dated

A corporation oiianized under the laws of New York in 1880. The company is the sole manufacturer of vaseline and all its preparations, and other specialties. Stock Par $100 Authorised, $500,000 Issued, $500,000

Stock is transferred at the office of the conmany, New York.

President, Robert A. Chesebrough, New York. Vice-President, Oswald N. Cammann, New York. Secretary and Treasurer, Samuel A. Drew, New York.

Trustees— J. J. Almirall, Brooklyn, N. Y. C. C. Burke, Netherwood, N. J. Oswald N. Cammann, Elisabeth, N. J. Robert A. Chesebrough, New York. Frederic R. Coudert, New York. Samuel A. Drew, New York. James A. Moffett, New York. 'James Smith, Mount Vernon, N. Y. O. T. Waring, Plainfield, N. J. '

Main office, 17 State street. New York. Branch offices, London, Berlin and MontreaL Annual meeting, first Thursday in May.

Chicago A Milwaukee Electric Railroad Co.

A corporation formed under the laws of Illinois in December, 190a. The company succeeded the railway company of the same name, which was formed in 1898, and acquired the North Shore Interurban Railway Co. of Waukegan, 111., and the Blufif City Electric Street Railway Co. It leases the Chicago & Milwaukee Electric Railroad of Wisconsin for 50 years from 1905. Allied interests also control the Kenosha Electric Railway Co. and the Waukeean, Fox Lake & Western Railroad Co. Road owned 1x5 miles, from Evanston, 111., to Radne, Wis., and extension to Milwaukee is in progress. Most of this company's line is built on private right of way.

On January 98, 1908, the company was placed in the hands of Receivers. Stock Par $xoo. Authorised, $5,000,000 Issued, $5,000,000

Funded Debt

C. & M. E. Railway ist mort., 5 per cent., gold, due July, 1919, Jan. and July $1,000,000

C. & M. E. R. R. zst mort., 5 per cent., due July, 1922, Jan. and July 4,000,000

Wisconsin Division ist mort., 5 per cent., due January, 1995, January and July. 7,000,000

Total $13,000,000

The authorised amount of the old railway company's mortgage is $1,500,000. Bonds may be called 00 any interest date at three months* notice at 105 and accrued interest. A sinking fund of $50,000 annually is provided, to begin July, 191a Trustees of the montage, Cleveland Trust Co., Cleveland ; Royal Trust Co., Chicago. Agents for the payment of interest. Standard Trust Co., New York ; Cleveland Trust Co., Cleveland.

The present railroad company's mortgage is $5,000,000, authorised. Trustee, Merchants' Loan & Trust Co., Chicago, at which interest is paid, also at National Bank of Commerce, New Yoric

The Wisconsin Division 5 per cent, bonds are issued by the Chicago & Milwaukee Electric Railroad Co. and guaranteed as to interest and principles by the parent company. The authorised amount of mortgage is $10,000,000. Trustee of mortgage and agent for payment of interest. Western Trust & Savings Bank, Chicago. Coupons are also paid at the United States Mortgage Trust Co., New York. There is no sinking fund and bonds are not subject to call.

Earnings

Gron

X90X 171,171

I95 594*874

Net

Charges

Surplus

i3,627

Receivers — H. A. Hauan, Chicago. W. Irving Osborne, Chicago. D. B. Hanna, Toronto, President, A. C. Frost, Chicago. Vice-President, Gordon A. Ramsay, Chicago. Secretary.

Pierre G. Beech, Chicago. Treasurer, W. O. Kihnan, Chicago. Assistant Treasurer, Henry E. Grant, Chicuo.

Directors— Pierre G. Beach, Chicago. Gwyn L. Francis, Chicago. A. C. Frost, Chicago. Henrr C. Osborne, Toronto. Gordon A. Ramsay, Chicago.

Main office, io8 LaSalle street, Chicago. Annual meeting, first Thursday in April, at Chicago.

. Chicago City Railway Co.

A corporation formed under the laws of Illinois, February 14, 1859. The company owns and operates 344.30 mUes of street railways, in the south division of Chicago. Under a City Ordinance of February 11, 1907, the company*s franchise runs until February 1, 1937. The City has the right to purchase the property on six months' notice at a valuation of $ai, 000,000 plus the cost of rehabilitation and extensions. Stock Par $100 Authorised, $19,000,000 Issued, $18,000,000

Stock is tnuisferred at the office of the company, Chicago. Registrar, First Trust & Savings Bank, Chicago.

Dividends on the stock have been paid as follows: 1893, 34 per cent.; 1894, la per cent.; 1895 to Z900, inclusive, 13 per cent, per annum ; 1901, za per cent, on $13,500,000 of stock for six months and 9 per cent, on the capital stock as increased to $18,000,000. Dividends were aV pv cent quarterly or 9 percent, per annum from 190a to 1906, inclusive, in March (30), June, and December. In 1907 paid per cent, in March, per cent, each in June, September and December, or per cent, for the year. In February, 1908, an extra dividend of per cent, was paid.

Funded Debt ist mort., 5 per cent, due Feb., 1937, Feb. and Aug $13,000,000

The ist mortgage created in 1907 is unlimited as to amount, but only $13,000,000 of bonds have been authorised. Trustee and agent for the payment of interest. First Trust & Savings Bank, Chicago. In case the City purchases the road it can retire the bonds before their maturity.

The old bonded indebtedness of the company was $4,619,500, which matured and was paid July 1, 1901.

Earnings

Gross Net Charaes Dividends Surplus

19M 6,307,358 1,896,677 180,000 1,630,000 37677

1903 6,435,565 i,787.M3 100,000 1,630,000 07,aa3

"905 7.3M,o8o 3,179,473 500,000 1,630,000 59,473

The company's report for 1907 gave the earnings under a new form. The gross for eleven months, excluding January, was $7,563,694 and the net for that period, $1, 153,431. Deducting the City proportion of the net, 55 per cent. , as per the ordinance, the company was entitled to $518359- Add Income for operations in January, $281,581 and $1,116,386 for interest allowed on capital, the net income fortheyearwas $1,916,558; dividends paid, $1,315,000; balance surplus, $701,558.

The charges for 1903 consist of an item of $180,000 for depreciation. In 1903 the charge to the same item was $100,000 ; in 1904, $130,000, and in 1905, $500,000.

Chairman, John A. Spoor, Chicago. President, Thomas E. Mitten, Chicago. Vke- Prsskient, R. B. Hamilton, Chicago. Secretary and Treasurer, F. D. Hoffmann, Chicago. Auditor, J. J. Duck, Chicago.

Directors— Albert J. Earling, Chicago. Robert M. Fair, Chicago. I. R. Flynn, Chicago. Thomas E. Mitten, Chicago. Edward Morris, Chicago. John A. Spoor, Chicago. P. AnderMn ValenUne, New York.

Main office. First National Bank Building, Chicago. Annual meeting, first week day after February 15, at Chicago.

Chicago Comsoli Dated Tractioh Co.

(Controlled by Chicago Railways Co.)

A corporation orsianiaed under the laws of Illinois in 1899. company aoauired a nunsber of electric trolley roads operating in Chicago and its suburbs. The companies whose stock and pffoperty are controlled are: Ckero & Proviso Railway, Chicago Electric Transit Co., North Chicago Electric Co., Chicago North Shore Street Railway Co., Evanston Electric Co., Chicago &Jeflrsoa Tiansit Co., Ogden Street Railway, and the North Side Flfrtric Street Railway Co. The ljni

INDUSTRIAL SBCURITIB8 45i

owned and operated by the constituent companies are about aoo miles, extending throughout the western and northern environs of Chicago.

In February, igcx), the company's stock was acquired by the Chicago Union Traction Co., the latter giving for the same $45 in bonds of this company guaranteed by the Chicago Union Traction Co. and $1.50 in cash for each share. See statement of the Chicago Railways Co., ' to the Chicago Union Traction Co.

Stock Par $100 Authorised, $15,000,000 Issued, $15,000,000

Funded Debt

Chicago Cons. Traction ist mort., 4J4 per cent., due Dec., 1939, June and Dec $6,750,000

(Men Street Railway xst mort., 6 per cent., due May, 1916, May and Nov 750,000

Cioero & Proviso St Ry. cons, mort., 5 per cent., due May, 1915, May and Nov 1,908,000

Chicago & Jefferson ist mort., 6 per cent., due Nov., 19x5, May and Nov 908,000

Chicago Electric Transit ist mort., 6 per cent., due Aug., 19x4, Feb. and Aug 1,097,000

North Side Electric St Ry. ist mort., 6 per cent., due Nov., 1915, May and Nov i55ooo

North Chicago Electric Railway ist mort. , 6 per cent. , due Aug. , 1914, Feb. and Aug. . 868,000

Chicago North Shore Railway ist mort., 6 per cent, due April, 1013, April and Oct. . 675,000

Bvaoston Electric Railway ist mort. , 6 per cent , due Aug., 1916, Feb. and Aug.

Total $19,541,000

The ist mortgage of the company, EquiUble Trust Co. of Chicago, trustee, is for $6,750,000 The interest and principal of the bonds are guaranteed by the Chicago Union Traction.

Presklent, John M. Roach, Chicago. Vice-President, £. S. Harwall, Chicago. Secretary and Treasurer, Charles F. Marlow, Chicago. Assistant Secretary, F. E. Smith, Chicago.

Main office, 444 North Clark street, Chicago. New York Office, 54 Wall street. Annual meetixig, second Thursday in Janifary.

Chicmgo Juhctiok Railways A Ukiok Stock Yards Co.

A corporation formed under the laws of New Jersey. It owns 130,655 shares of the stock of the Chicago Union Stock Yards & Transit Co., the property of which comprises 470 acres of land, catU yards, sheds, etc., and about 150 miles of railroad tracks connecting with all railroads entering Chicaga The Transit Company also controls the Chicago & Indiana State Line Railroad 0>. In August, 1897, purchased control of the Chicago, Hammond Sc Western Railroad, Whiting, Ind., to La Grange, 111.. 38 miles. In March, 1898, all the railroads of the company, including the lease of switches and transfer lines at stock yards, were consolidated under the title of Chicago Junction Railway, which is 3.75 miles in length, and operates the main line from the stock yards to a junction with the South Side Elevated Railroad Co. to which latter company it is leased for 50 years, with an option to purchase the road within 90 ears, 997 miles of track. This company owns Uie $9, 199,000 stoic of the Chicago Junction Railway. Tlie latter*s accounts and those of the stock yards are kept separate. The company has a fifteen-year contract for use of its facilities by the Swift, Armour and other large slaughtering and packing houses of Chicago.

The preferred stock Is 6 per cent., cumulative, and also has a preference as to assets. Transfer Agents, National Bank of Commerce, New York ; Old Colony Trust Co., Boston. Registrars, Central Trust Co., New York ; American Trust Co., Boston.

Dividends have been the full 6 per cent, yearly on preferred ; on common, in 1891, 10 per cent. ; in 1899 and since, 8 per cent, per annum. At the February, 1900, meeting it was decided to make the dividend payments on the common stock quarterly, instead of semi-annually, and dividends on both classes of shares have since been paid quarterly at the rate of 9 per cent quarterly on the common and per cent, on the preferred in January (i), April, July and October.

Funded Debt

Collateral trust mort., $ and 5 per cent, due July, T915, Jan. and July $10,000,000

Collateral trust refunding mort., 4 per cent., due April, 1940, April and Oct 4,000,000

Total $14,000,000

The refunding mortgage is for $14,000,000. It was created and $4,000,000 bonds sold in April, 1900, to retire the $9,465,000 of 5 per cent income bonds (subject to call) and $400,000 of 5 per oent notes and to provide for betterments. Of the authorized issue $10,000,000 is held to retire the 5 per oent. collateral trust bonds. The Chicago, Hammond & Western Railroad Co. has cmtstanding $9,000,000 6 per cent, ist mortgage bonds, due 1997, January and July. The

45a THE MANUAL OP STATISTICS

Chicago Junction Railroad has $1,800,000 4 per cent., ist mortgage bonds, due March, 1945* March and September, which are guaranteed principal and interest by this company, and are subject to call at X05.

Earnings

Gross Income Charges Net Income

f98 $1,699,382 $714,380 $i,oa8,i3i

'899 1,708,48s 7W,8i8 i,055iW7

9oo. 1,854,310 701,447 h i5a8w

'902 1,852,388 731,395 i.487,a

'905 1,855,795 733.975 1,117.820

9o6 1,833.933 711,407 I,i23,sa6

The income of the company is derived from dividends on the Union Stock Yards shares. In 1894-95 an amount of $90,000 was charged off to depreciation ; also in 1895-96, 1807, 1898 and 1899. In 1901, 1903 and 1903 the amount thus charged was $55,000, and in 1904, $5,000. In

1906, dividends were $9x0,000 ; balance surplus, $213,526. In 1907, dividends, $910,000 ; surplus, $231,302.

Earnings— Constituent Companies

Gross Expenses and Net

EaminKS Charges Income

19P3 5, 139.999 3.077, 175 2,062,824

1907 5,9P3.372 3,676,685 3,226,686

President, Nathaniel Thayer, Boston. Vice-Presidents, Frederick H. Prince, Boston. George Peabody Gardner, Boston. Secretary, Edward M. F. Miller, New York. Treasurer, William C. Lane, New York. Assistant Secretary, William C. Cok, New York.

Directors— Gordon Abbott, Boston. Mark T. Cox, East Orange, N. J. Charles G. Dawes, Chicago. Eugene N. Foss, Boston. George Peabody Gardner, Boston. William D. Guthrie, New York. John Kean, Elisabeth, N. J. William C. Lane, New Yoric. George H. Norman, Boston. Frederick H. Prince, Boston. Nathaniel Thayer, Boston.

Corporate office, 75 Exchange place, Jersey City. New York office, 25 Broad street. Annual meeting, second Tuesday in February, at Jersey City.

Chicago Pmeukatic Tool Co.

A corporation formed under the laws of New Jersey, December 38, 1901, for the purpoto of consolidating a number of companies engaged in the manufacture of pneumatic tools, air compressors and machinery of like character. The following concerns were acquired :

Chicago Pneumatic Tool Co. of Illinois, Chicago and New York.

Boyer Machine Co., Detroit.

Taite-Howard Pneumatic Tool Co., London, Eng.

Chisholm & Moore Crane Co., Cleveland.

Franklin Air Compressor Co., Franklin, Pa.

Consolidated Pneumatic Tool Co., London, Eng.

Standard Pneumatic Tool Co., Aurora, 111.

In 1905 this company also acquired the Philadelphia Pneumatic Tool Co. and the CalHpan Pneumatic Tool Co. The International Compressed Air & Electric Co., of Berlin, Germa3li was organized and is controlled by this company. Stock Par $xoo Authorized, $7,500,000 Issued, $6,485,809

Transfer Agents, Trust Co. of America, New York; Guarantee Title & Trust Co Pittsburg. Registrars, Lawyers* Title Insurance & Trust Co., New York ; First National Bank* Pittsburg. '

The dividend periods for the stock are quarterly, January, April, July and October, and thev were regularly paid, beginning April xo, i9c, at the rate of 3 per cent, for each quarter, but in April, 1903, the dividend was deferred, and in .May, 1903, iper cent was paid, the July and October, 1903, dividends being i per cent, each, and per cent, was also paia in January ion/ Dividends were then suspended until April, 1905, when they were resumed at the rat% of per cent, quarterly or 4 per cent, per annum, and were regularly paid at that rate until October ae'

1907, inclusive, when dividends were suspended.

Industrial Sdcuritibs 453

Funded Debt ist mort., 5 per cent., due 1921, Jan. (a) and July $2,007,000

The authorised bond issue is $3,500,000, of which $aoo,ooo remains in the company's treasury and $368,406 are in the sinking: fund. The sinking fund is $50,000 per annum, and bonds may be for same at 105, or after 1907 can be called at that price.

Trustee of the morgue, Lawyers* Title Insurance & Trust Co., New York. Coupons are paid at the National City Bank, New York.

Earnings

Net Profits Chwrgec Dividends Surplus

*9P3- 701,464 165,000 361,979 174,485

Out of the surplus eammgs for 1903, $50,000 was transferred to reserve for sinking fund iuid $165,089 was written o£F for depreciation, etc., leaving undivided profits for the year of $113,706. In IQ03, $118,213 was charged to depreciation, $11,116 for additional reserves against accounts reoeivaole, and the balance of come for the year, $45,155, was written for sundry extraordinary items of expense. In 1904, $85,888 was written off for depreciation, etc. The charges to the same item in 1905, were $137,937 ; in 1906, $150,083, and in 1907, $176,594.

Chairman, Charles M. Schwab, New York. President, John W. Duntley, Chicago, ist Vice- Preddent, W. O. Duntley, Chicago. 3d Vice-President, S. W. Prince, Chicago. Secretary aod Assistant Treasurer, W. B. Seelig, Chicago. Treasurer, Leroy Beardsley, Chicago. Auditor, R. S. Baker, Chicago.

DirectorsWohn W. Duntley, Chicago. W. O. Duntley, Chicago. Julius Keller, Philadelphia. Archibald W. Maconochie, London, Eng. J. R. McGinley, Pittsburg. Willard A. MHchell, New York. Charles M. Schwab, New York. James C. Taite, London. Oliver Wren, New York.

Ccvporate office. Corporation Trust Co. Building, Jersey City. Main office, 377 Dearborn street, Chicago. Annual meeting, third Monday in February, at Jersey City.

Chicago Railways Co.

A corporation formed under the laws of Illinois in October, 1903. In pursuance of a plan dated October 15, 1907, for the reorganization of the Chicago Union Traction Co. this company on January 25, 1908, acquired at foreclosure sale the property of that organization, composing the lines of the North Chicago Street Railroad Co. and the West Chicago Street Railroad Co. and their subsidiary companies, including the Chicago Consolidated Traction Co. See statement of the latter in this edition of the Manual and that of the Chicago Union Traction Co. in the Manual for 1907.

The length of the lines included in the system is 303 miles of electric roads, covering the northern and western divisions of Chicago. In addition to this the Chicago Consolidated Traction Co. has 181 miles of track in Chicago, Evanston, 111., and the township of Cicero, Cook County, la

The Chicago Union Traction Co. and its constituent companies, the North Chicago and West Chicago Street Railroads, were placed in the hands of Receivers in April, 1903, as the result of inability to finance the floating indebtedness of .the constituent companies. The statement of th Chicago Union Traction Co. in the Manual for 1907, gives a full account of the ensuing litigation and of the negotiations with the municipality; in relation to the franchises of the companies and the various movements to bring about municipal ownership.

In Februanr, 1907, the City Council of Chicago passed an ordinance involving a settlement of disputes with the street railways and providing for a reorganization of the Chicago Union Traction Co. This ordinance was vetoed but was passed over the Mayor's veto, and at the city X election, April 3, 1907,. was ratified by the voters. The franchises granted expire February i, 17. The ordinance provides that in three years the properties shall be freecl from all the old lies that the valuation of the roads should be placed at approximately $30,500,000, the City to ifik* , have the right to purchase the roads at such valuation, plus amounts expended for reconstruction or extensions, including the building of subways. Outlays for such purposes are to be made under the supervision of a board of engineers. In accepting the ordinance the company jt waived all former grants and franchises and agreed to universal 5 cent fares and transfers, and . of the surplus earnings, after deductions for expenses and charges and certain allowances to the company, the City is to receive 55 per cent, and the company 45 per cent.

oi below regarding details of the reorganization and the terms for the exchange of old securities

/or those of the new company.

Stock. . . . Par, $zoo Authoriced, $ioo,ocx> Issued, $100,000

The stock of the new oompanT is of the nominal amount of $100,000, and under the reorganization plan is all to be held under a trust asjeement by Adolphus C. Bartlett, Chaunoey Keep, Charles H. Hulbert, Albert A. Sprague, and Charles G. Dawes, of Chicago, with the Ceotial Trust Co., New York, as custodian. The issue serves as the basis for the participation oeitificates described immediately below. f gerfes i— yJfkso parts )

Participation certificates No par value Authorised , , 'fio*S

f Series i — 30,8

I " 4— 50,0

a.ioo parti. 50,000 The participation certificates, series i, are entitled to receive $8 per annum on each part, cumulative, commencing with the year ending August i , 1908, and also to $100 for eadi put in any distribution of capital. The participation certificates, series a, are, subject to the prior rights of the certificates series i, entitled to $8 per annum on each part, cumulative, commencing with the year ending August i, 1908, and subject, as aforesaid, to $100 per part in any distribution of capitaL The participation certificates, series 3. subject to the prior rights of certificates series z and a, are entitled to $8 per annum on each part, cumulative, commencing with the year ending August I. 1908. and subject, as aforesaid, to $zoo per part in any distribution of capital. The participation certificates, series 4, subject to the prior rights of the other certificates, are entitled to share pro ra/a in any excess of such dividends or income after payment of the full amounts to which series x. a and 3 may be entitled, and in the distribution of capital after the full payment $100 per part for each of the three prior series.

Funded Debt, Authorized

xst mort., 5 per cent., due February, 1937, February and August

Cons, mort., series A, 5 per cent., due 1927 6,767,300

" " A, 4-5 per cent., due 1927 9,133300

B, 4-5 per cent., due 1937 16900,000

C, 4-5 per cent., due 1937 4,700,000

Five year collateral trust, 6 per cent:, gold notes, due Feb., 19x3, Feb. and Aug. . . . 5000,000

Total $47,500,000

The xst mortgage is to provide funds for the rehabilitation and improvement of the properties, and the amount is limited to a sum to be fixed from time to time the board of supers visixig engineers. The bonds may be redeemed at par and interest on any interest date. In the event of the purchase of the properties by the City of Chicago, the xst mortgage bonds have a lien upon the cash involved in the purchase. Trustee of mortgage and agent for the payment of interest, Harris Trust & Savings Bank, Chicago. Interest is also paid at the office of N. W. Harris 8t Co., Chicago. The first issue of these bonds was in March, 1908, when $5,000,000 thereof were disposed of to a banking syndicate headed by N. W. Harris ft Ca, Chicago and New York.

The consolidated mortgage is for $37,500,000, the series A, B and C being entitled to priority in their several ranks. The of series A to the amount of $6,767,300 are entitled to 5 per cent, interest, all the other bonds of the different series bearing interest at 4 per cent, per annum until February i, 19x3, and thereafter at 5 per cent, per annum.

The plan provided for the creation of $5,000,000 of five year 6 per cent, gold collateral trust notes to be secured by the $6,767,300 of series A, 5 per cent, consolidated mortgage bonds. These notes are subject to call on and after February x, X911, at par and interest. In February, 1908, $4,350,000 of the notes were sold.

There are also certain car trust and other obligations of the old companies amounting: to $1,334,000 which were not covered in the plan for retiring the former securities. f

The reorganization plan of October 15, 17, as at that date, were submitted by a committee composed of : L. C. Krauthoff, Chairman ; George W. Wickersham, John C. Hardy, W. T. Fenton, and Seymour Morris.

There was a general bondholder's committee representing the several bond issues affected by the plan composed of : J. N. Wallace, Chairman; C. D. Hulbert, Henry A. Blair, Chaunosy Keep, C. S. W. Packard, George P. Hoover. WUliam H. Henkle, L. S. Owsley, and Williaa A. Mason. This committee approved and recommended the plan which was iJso pasted upott and declared fair and just by Judge P. S. Grosscup and Professor John C. Gray, who were dsrig nated to examine and report upon the matter and without their consent no change or inodific-> tion therein could be made.

The depositories under the plan were the Harris Trust & Savings Bank, Chicago, and the Farmers' Loan & Trust Co., New York. The time for making deposiu of the oU securities wm ocfginally limited to January ao, 1908, but this was extended to August i, 1908.

The securities of the old companies and their constituent concerns with the terms ofieicd for exchanging them for the bonds and participation certificates of the Chicago Railways Co. were as follows :

Industrial Securities 4Ss

Receive per ceat. in consdated mortgaice bond*

Ouisianding genes A Series B SetUsC

North Chicago City Railway ist 4s, due 1907 $500,000 100

Chicago West Division Railway ist due 1932 . . 4,012,000 zoo

North Chicago Street Railroad ist 5s, due 1913. . . . 3,171,000 90 80

West Chicago Street Railroad ist 5s, due 1938. . . . 3,683,000 20 80

" " " . of ind., 6 per

cent., due 1914 497,000 .. 60 40

Chicago PSass Railway cons. 5s, due 1936 1,306,000 . . 100

W. Chicaipo R.R. Tunnel Co. ist 5s, due 1909 1,500,000 50 30

*North Chicago CitT Railway stock 180

*Chicago West Division Railway stock 634,600 . . 80

*Chicago Pass Railway stock 610,300 .. 35

Receiver's certificates, notes, etc 4,390,126 100

Also receive proportions of the participation certificates. See table below.

Under the plan, in addition to $5,867,200 of series A, 5 per cent., to be used as collateral for the 6 per cent, notes, $900,000 additional of the bonds of that series and rate were to be held as additional collateral if required and there was also a reserve of $39,525 of series B and $111,073 of series C bonds. . ,

Receive per share in participation Amount certificates equal paru

Old Sbcuritibs Outstanding / v

Series z Series a Series 3 Series 4

*North Chicago City Railway stock $249,900 2.625

*Chicago West DivLion Railway stock 624,600 3.875

*Chicago Pass Railway stock 610,300 0.430

North Chicago Street Railroad stock 5,920,000 i.ooo

West Chica Street Railroad stock 9,989,000 0.625

Chicago Union Traction com 20ooo,ooo a35

Also receive proportions of the consolidated mortgage bonds. See table above.

The amended plan of October 15, 1907, provided that holders of the Chicago Union Trac* tkm stocks deposited under the plan to he exchanged for participation certificates should pa a ratable portion of the indebtedness incurred by or for account of the Chicago Union Traction Co. for the protection of its interest since April, 1903. This proportion has ln fixed at $1 per share for the common stock and $3.33> per share for the preferred stock. Assessments were also made on the stocks of the subsidiary companies affected by the plan as follows : on West Chicago Street Railway Co., stock, $1.28 per share ; on Chicago West Division Railway Co., stock, $7.65 per share ; on North Chicago Street Railway Co., stock, $1.98 per share ; on North Chicago City Railroad Co., stock, $7.65 per share. The assessments aggregated $005,078.

In of the above table it may be stated that the common stock of the Chicago Union Traction Co. receives for each $100 share of a part series 4 of the participation cei tificates, and the Chicago Union Traction preferred receives for each $100 share of a part series 3 of the participation certificates.

It was officially stated in January, 1908, that more than 92 per cent, of the bonds, etc., as an entirety, and in the csise of underlying issues more than 97 per cent, of the bonds of the old companies had been deposited under the plan.

Chairman, Henry A. Blair, Chicago. President, John M. Roach, Chicago.

Main oiBce, Chicago.

Chicago Subway Co.

A corporation formed under the laws of New Jersey, November 21, 1004. The company owns over 99 per cent, of the $30,000,000 capital stock of the Illinois Tunnel Co. The latter is aa Illinois corporation, which has constructed 60 miles of subway tunnels in the city of Chicago for the transportation of freight between the business district of the city and the railroads centering there. See separate statement of the Illinois Tunnel Co. Stock Par $100 Authorised, $50,000,000 Issued, $45,000,000

Transfer Agent, The Corporation Trust Co. of N. J., New York. Registrar, Guaranty Trust Co. of N. Y., New York.

The company was organized to act as a holding corporation for the enterprise, and the owners of the stock of the Tunnel Co. were, in December, 1904, given $30 in cash per share for one-third of their holdings, and for the remaining two-thirds thereof three shares of the Subway Co.*s slock for each four shares of Illinois Tunnd stock.

President, Howard K. Wood, New York. Vice-President and Secretary, Kenneth K. McLaren, Jersey City. Treasurer, Charles Richter, New York.

Corporate office, Jersey City.

Chicago Telephone Co.

A corporation organised under the laws of Illinois in x88i. The company operates under an exclusive license from the American Bell Telephone Co., covering Chicago, IlL, and the whole of Cook County as well as McHenry, Lake, Kane, Du Page, Kendall, Grundy and Will Coontin, 111., and Lake and Porter Counties, Ind. The company's system comprises exchanges in the dty of Chicago and local exchanges at Joliet. Elgin, Aurora, Waukenm and other placet. Telephones in service January x, X90S, ao3,68i. Tne American Telephone & Telegraph Co. owns a controlling interest in the stock of this company. Stock Par $100 Authorised, $jo,ooo,ooo Issued, $17,183,700

The amount of stock authorised was increased from $15,000,000 to $ao,ooo,ooo in January, 1904,. and to $30,000,000 in February, 1908. In February, 1908, stockholders had the right to subscribe at par for $4,500,000 of new stock, the payments for same to be completed in October, 1008.

Stock IS transferred at the office of the company, Chicago. Registrar, The Northern Trust Co., Chicago.

Dividends are paid quarterly, in March (i), June, September and December, at the rate of xo per cent, per annum or per cent, each quarter.

Earnings

Div. Rate GroM Net Dividends Surplus

1899- " ($2,668,7x5 $676,556 $SS95So $1x7,0x0

1900 " 3ia9,a38 870,458 749i8o8 x30,6so

igoi la 3.775,001 1,083,873 960,000 xaStT

I9M- 4,570,805 x,903,47x x,075,x93 1217,979

1904. 10 6373,1x6 x,56,6x6 x,4CX>,ooo x03,6i6

1905 10 7,131,34a x,696,8xx x,400,ooo 996,811

X900. 10 7.907.568 x,6x8,X44 x,400,ooo 9i8,X44

1907 8,7i8,95x 1,742.083 i,47a,7i3 a69.370

Chairman, John M. Clark, Chicago. President, Arthur D. Wheeler, Chicago, xst Vice- President, Byron L. Smith, Chicago. 9d Vice-President, Angus S. Hibbard, Chicago. Secretary and Treasurer, Charles £. Mosley, Chicago. Auditor, Joseph W. Richards, Chioco.

Director*— John M. Clark, Chicago. D. Mark Cummings, Chicago. J. Russl Jooes, Chicago. Chauncey Keep, Chicago. Robert T. Lincoln, Chicago. Charles E. Mosley, Chicago. Theodore W. Robinson, Chicago. Byron L. Smith, Chicago. Albert A. Sprague, Chicago. Theodore N. Vail, Boston. Arthur D. Wheeler, Chicago.

Main office, 903 Washington street, Chicago. Annual meeting, second Wednesday in Febroary, at Chicago.

The Cihcimhati A Suburban Bell Telephohe Co.

A corporation formed under the laws of Ohio under the title of The City ft Suburban Telegraph Association. The name was changed to the present style in November, 19P3. The company operates a tdephone system under exclusive license from the American Bell Telephone Co. in the cities of Cincinnati, Covington and Newport, Ky., Hamilton, O., and ncighborinf towns. The American Telephone & Telegraph Co. owns 30 per cent, of the stock. On January I, X908, the company had 44,873 sutions. Stock Par $50 Authorised, $8,000,000 Issued, $5,959,900

In February, 1905, the authorised stock was increased from $4,000,000 to $5,000,000, and ia February, 1007, a fuither increase to $8,000,000 was approved and it was announced thai stockholders would have the right to subscribe for $899,100 of new stock at par.

Stock is transferred by the Secretary and Treasurer of the company, Cincinnati. Registrar, Central Trust ft Safe Deposit Co., Cincinnati.

Industrial. Sbguritibs 457

The company paid dividends at the rate of 6 per cent, per annum on its stock in quarterly payments of Pr each in January, April, July and October. In Januaiy, 1907, the dividends were increased, putting the stock on an 8 per cent, basis.

Earnings Gross Net

9M $811,511 $994*014

90S i,a4S.356 434,784

President, John Kilgour, Cincinnati. Vice-President, C. H. Kilgour, Cincinnati. Secretaij and Treasurer, W. A. manchard, Cincinnati. General Manager, Bayard L. Kilgour, Cincinnati. Auditor, Volney Elstun, Cincinnati.

Directors — W. A. Blanchard, Cincinnati. George Bullock, CindnnatL Brings S. Cunningham, Cincinnati. Bajrard L. Kilgour, Cincinnati. John Kilgour, Cincinnati. J. V. B. Cincinnati. Charles P. Taft, Cincinnati. Theordore N. Vail, Boston.

Main ofi&ce, 3x6 Vine street, Cincinnati. Annual meeting, third Wednesday in February.

The Cikcikhati Gas A Electric Co.

A corporation formed under the laws of Ohio, in 1837, under the name of the Cincinnati Gas Light & Coke Co. In 1901 the company absorbed the Cincinnati Edison Electric Co., the Brush Electric Light Co. and the Jones Brothers' Electric Co. of Cincinnati, and assumed its present name. The authorized capital stock was increased from $9,500,000 to $28,000,000, of which the stockholders of the Cincinnati Gas Lieht & Coke Co. received $19,264,000 in exchange for their holdings; those of the Cincinnati Edison Electric Co., $7,742,000, while the balance went to the stockholders of the other two companies. The company is engaged in supplying gas and electricity for lighting, heating and power to Cincinnati and vidnity. In 1906, tne company was leased to the Union Gas and Electric Co. for 99 years, the rental being 4J percent, per annum on the stock to September 30, 1908 ; to September 30, 19x0, and 5 per cent, thereafter. Stock Par $zoo Authorized, $36,000,000 Issued, $32,400,000

Transfer Agent, The Union Savings Bank & Trust Co., Cincinnati. Registrar, The Central Trust & Safe Deposit Co., Cindnnati.

In June, 1904, the stockholders received the privilege of subscribing for new stock at par to the extent of 6 per cent, of their holdings. In NovemW, 1906, $1,400,000 additional stock was allotted to stockholders at par in the proportion of per cent, of their holdings.

The first dividend paid by the company was 12 82-xoo per cent, in 1845. The present dividend rate is per cent, annually, or lyi per cent, quarterly, and dividend periods are January, April, July and October.

President, Charles P. Taft. Cindnnati. Vice-President, R. A. Holden, Jr., Cincinnati. Secretary and Treasurer, Theodore Clauss, Cincinnati.

Directofs — S. R. Burton, Cindnnati. J. T. Carew, Cindnnati. Briggs S. Cunningham, Cincinnati. J. B. Foraker, Jr., Cindnnati. C. L. Harrison, incinnatti. L. J. Hauck, Cindnxiati R. A. Holden, Jr., Cincinnati. Norman G. Kenan, Cincinnati. M. E. Mobh, Cincinnati. William Cooper Proctor, Cindnnati. Casper H. Rowe, Cincinnatt Charles P. Taft, Cindnnati. Cadiner L. Werk, Cindnnati. M. M. White, Cincinnati.

Corporate and main office. Fourth and Plum streets, Cincinnati. Annual meeting, first Monday in May, at Cindnnati.

THE CIMCIHHMTI. MEWPOHT A COVIHGTOM LIGHT i THACTIOM CO.

A corporation formed under the laws of New Jersey, March 11, 1902. It acquired all the stock of the Union Light, Heat & Power Co. and of the Cindnnati, Newport & Covington Railway Co. The latter was a corporation formed in 1892 to consolidate the South Covington ft Cindnnati Street Railway, Newport & Cindnnati Street Railroad and Cindnnati & Newport Street Railroad. The company also controls, through ownership of stock, the Newport Electric Street Railway, Cindnnati, Covington & Rosedale Railway, Cindnnati, West Covington & Ludlow Street Railway and Covington & Latonia Railway. The system comprises 60 miles of street railways.

The North American Co. has an interest in the corporation.

4S8 The Manual Op Statistics

The preferred stock is per cent. , non-cumulative. Transfer Agent, C. W. Simral], Cowington, Ky. Registrar, The Covington Savings Bank & Trust Co., Covington.

Dividends on the preferred stock are paid quarterly in January, April, July and October, the payments being per cent, each, or per tenL per annum.

Funded Debt

ist cons, mort., gold, 5 per cent., due Jan., 1993, Jan. and July

od mort, 5 per cent, due 1902, Jan. and July 000,000

South Covington 8t CindnnaU ist mort. , 6 per cent. , due March, 1913, March and Sept. 350,000

" " " cons, mort., 6per cent , due Jan., 1033, Jan. and July.. . . 150,000

Newport & Dayton mort, 6percent, due Aug., 1917, Feb. andAug 100,000

Union Light, Heat & Power ist mort, 4 per cent., due May, 1918, May and Nov... .. 1,500,000

Bellevue water, F. & G. L. mort., 6 per cent, due Dec., 1913, June and Dec 100,000

Total $5,300,000

The trustee of the consolidated mort;age is the Farmers' Loan & Trust Co., New YoA, at which institution interest on the bonds is paid. The total issue is $3,000,000, of which $500,* 000 is reserved to retire the underlying bonds given above. The 3d mortgage (same trustee) n for $1,000,000, authorized.

Earnings Gross Net

90o 763.588 461,949

1904-05 (year ending October 31) 1,406,395 617,637

Subsequent earnings were not published.

President, James C. Ernst, Covington, Ky. Vice-President, James M. Hutton, Cindanafti. Secretary, C. M. Thumauer, Cincinnati. Treasurer, Georn M. Abbott, Covington.

Directors — James C. Ernst, Covington. Julius Fleischmann, CindnnatL C. L. Harrteoa, Cincinnati. James M. Hutton, Cincinnati. Randolph Rodman, New York. W. S. Rowe, Cincinnati. George R. Sheldon, New York. Charles M. Thumauer, Cincinnati. Joseph S. Trevor. Cincinnati. Charles W. Wetmore, New York. W. F. White, New York.

Main office. Fourth and Scott streets, Covington, Ky. Annual meeting, second Wednesday in March, at Newark, N. J.

The Cikcihiiati Tractiok Co.

(Controlled by Ohio Traction Co.)

A corporation formed under the laws of Ohio, February 19, 1901. The company leased the property of the Cincinnati Street Railway Co., comprising a total of about 3x9 miles of railway.

.In 1896 the Cincinnati Street Railway Co. acquired the Mount Adams and Eden Park Inclined Railway and the Mount Auburn Cable Railway. The Cincinnati Interurban Co. was controlled in the interest of this company.

In May, 1905, the Ohio Traction Co. was formed and acquired practically all the stoic of this company. See separate statement of the former company.

Stock Par $100 Authorised, $3,000,000 Issued,

Stock is transferred at the office of the''conipany, Cincinnati.

The Cincinnati Street Railway Co. has $18,000,000 of stock, on which, under the lease, ginning February si, 1901 , dividends were 4 per cent, for the first year, per cent for the second year, per cent, for the third year, and 6 per cent, from October, 1904, onward. Tlie dividends are paid quarterly in January, April, July and October. The Cincinnati Street Railway Co. mortgage bonds, aggregating $350,000, were paid at maturity, July i, 1896.

President, W. Kesley Schoepf, Cincinnati. Vice-President, J. B. Foraker, Jr., Cindnaati. Vice-President and General Manager, Dana Stevens, Cincinnati. Secretary, Walter A. Draper, Cincinnati. Treasurer, A. L. Kasemeier, Cincinnati. Auditor, C. F. Callaway, Cincinnati.

Directors— David G. Edwards, Cincinnati. J. B. Foraker, Jr., Cincinnati. John Gates, Cincinnati. William M. Greene, Cincinnati. E. P. Harrison, Cincinnati. Perin Laofrdon, CindnnatL Randal Morgan, Philadelphia. W. J. Murphy, Cincinnati. J. V. B. Scatborottgh, Cincinnati. W. Kesley Schoepf, Cincmnati. Dana Stevens, Cincinnatu

Main office, Traction Building, Fifth and Walnut streets, Cincinnati Annual second Monday in February, at Cincinnati.

Industrial. Sbcuritibs 459

The Ci K Ci Uk Ati Uk I Ok Stock Yards Co.

A ooipoiatioa fanned under the laws of Ohio, June i, 1871, %% operate stock yards at CindnnatL The company has a large property in that dty.

The preferred stock is 5 per cent, and is redeemable at par. Stock is transferred at the office of the company, Cincinnati. Registrar, The Central Trust & Safe Deposit Co., Cincinnati.

Dividends on both the oonmion and the preferred at the rate of 5 per cent, per annum are paid quarterly. Dividend periods for the common stock, March, June, September, December. Divideod penods for the preferred stock, January, April, July, October.

President, N. H. Biggs, Cincinnati. Vice-Predent, W. J. Lippinoott, CincinnatL Secretary and Treasurer, F. B. Edmands, Cincinnati.

Directors— N. H. Biggs. H. L. Breneman. W. H. Doan. F. B. Edmands. Abe Furst. U G. H()kins. C. D. lOnney. W. J. Lippinoott. Casimu- L. Werk.

Corporate office, stock yards. Spring Grove avenue, Cincinnati. Annual meeting, second Monday in March, at Cincinnati.

City Gas Co. Of Korfolk

A corporation formed under the laws of Virginia in i85r. The company controls all the gas liichting facilities of the dty of Norfolk, Va., under a perpetual franchise. The yearly output is 189,000.000 cubic feet of gas. In 1899 control of the company was acquired by the Norfolk Railway & Light Co. In May, 190a, that company was acquired by the Norfolk, Portsmouth 9c Newport News Co. Stock Par $zoa Authorized, $500,000 Issued, $500,000

Transfer Agents, Middendorf, William & Co., Baltimore. Registrar, International Trust Co., Baltimore.

Funded Debt ist mort., 6 per cent., due June, 1926, June and Dec. $500,000

Trustee of the mortgage and agent for the payment of interest, United States Mortgage & Trust Co., New York.

President, R. Lancaster Williams, Norfolk, Va. Vice-President and General Manager, £. C. Hathaway, norfolk. Secretary, F. H. Sawyer, Norfolk. Treasurer, W. J. Kehl, Norfolk.

Directors— F. O. Briggs, Trenton, N. J. M. T. Cooke, Norfolk. R. B. Goddard, Norfolk. E. C. Hathaway, Norfolk. H. Hodges, Norfolk. J. WOiiam Middendorf, Baltimore. Walter H. Taylor, Norfolk. R. B. Tunstal, Norfolk. William H. White, Norfolk. R. Lancaster Williams, Baltimore. J. G. Womble, Norfolk.

Main office, 8a Plume street, Norfolk, Va. Annual meeting, third Monday in January.

The H. B. Claflik Co.

A corporation formed under the laws of New Jersey, May 5, 1890, to conduct the wholesale dry goods business of H. B. Claflin & Co. at Church and Worth streets and West Broadway, New York, owning the large building at that location. Of the outstanding stock of this company $4*500,100 is held by the Associated Merchants* Co.

Stock. .Par $100. . Authorized xst pref., 3,600,300 Issued ist pref., 9,600,300 $9,000,000 (9d " a,S70,6oo) (9d " a,570,6oo)

The ist preferred stock is entitled to 5 per cent., cumulative, dividends, and the 9d preferred to 6 per cent., cumulative, dividends. Preferred stock allotted to the public could be converted into common stock to the extent of one-half of its value during the first two years of the companys eiiireniTe. This option has now expired. By the subscription agreement, members of the firm of H. B. Claflin & Co. subscribed for 60,000 shares of the three classes of stocks, pairing therefor $6,000,000 in cash, their preferred stock not being convertible into common. There is no mortgage on anv property of the company. Stockholders have no personal liability.

Stock is transferred at the office of the company. New York. Registrar, American Exchange National Bank, New York.

The dividends of 5per cent, per annum on the ist preferred and 6 per cent, on the 9d preferred are paki quarterly at the rate of 15 and per cent, respectively in February (i). May, August and November. Dividends on common were from date of organization to October, 1893, at

Thb Manual Of Statistics

rate of 8 per cent, per annum, until July, 1893, 9 per cent, per annum, then 6 per cent per annum until July, 1899, when the company resumed the payment of a per cent, quarterljr dividends on the common, which have since been maintained. Dividends on the common are paid January (15), April, July and October.

Earnings

, First Six Months . . Lost Six Months

Net Surplus Net Surplus

Esminj OverDiv. Karnings OvcrDiv.

1898 $341,248 Def. $15,750 $285,397 $28,998

I9P3 3Co.994 8,705 315.852 20,563

Earnings for Full Year

Net Pref. Div. Com. Div. Surplus

The company's surplus reserve December 31, 1907, was $2,072,784. The total dividends paid to that date were $9,910,836.

President, John Claflin, New Yoric. Vice-President, John C. Eames, New York. Secretary, Georfse E. Armstrong, New York. Treasurer, Dexter N. Force, New York. Assistant Treasurer, Stewart W. Eames, New York.

Directors— George E. Armstrong, New York. John Claflin, Morrlstown, N. J. John C. Eames. New York. Stewart W. Eames, New York. Dexter N. Force, Montdair. N. J.

Main office, 224 Church street. New York. Annual meeting, January xi, at Elisabeth, N. J.

The Clevelmhd Electric Illukikatikg Co.

A corporation formed under the laws of Ohio in 1892. The company succeeded the Brush Electric Light Co. and the Cleveland Electric Light Co. Its corporate title was the Cleveland General Electric Co., the present name being taken in 1895. The company has a perpetual franchise to supply electric light and power.

The preferred stock is 6 per cent., cumulative, dividends being payable in February, May, August and November. Stock is transferred at the office of the company, Cleveland. Registnu-, The Citizens Savings & Trust Co., Cleveland.

In August, 1906, the authorized common stock was increased from $2,500,000 to $5,000,000 and the company's stockholders were given the right to subscribe at par for 30 per cent, of their holdings in the new common, thereby increasing that issue from $2,500,000 to $3,500,000. In August, 1907, $430,000 additional common were ofTered to stockholders for subscription at par.

The full 6 per cent, dividends are paid on the preferred and 8 per cent, per annum 00 the common stock.

Funded Debt ist mort., 5 per cent., gold, due Oct. i, 1927, April and Oct $1,700,000

The authorized ist mortgage is for $2,500,000. Bonds may be called on or after April 1, xoio, at no and accrued interest. Trustee of the mortgage and agent for the payment of interwt, Morton Trust Co., New York.

President, James Parmelee, New York. Vice-President and Treasurer, Samuel Soovil, Cleveland. Secretary, Samuel C. D. Johns, Cleveland. General Superintendent, Robert Lindsay, Cleveland.

Directors— Horace E. Andrews, Cleveland. Edwin M. Bulkley, New York. Howard L. Clark, Providence, R. I. Hubbard Cooke, Cleveland. Robert Lindsay, Cleveland. Ja Parmelee, New York. Samuel Scovil, Cleveland.

Corporate and main office, 311 Superior street, Cleveland.

INDirSTIUAL SBCURITIBS 461

Cle¥Elmiio Electric Railway Co.

A corporation formed under the laws of Ohio, February 26, 1893. The company was a consolidation of the Broadway & Newburgh Street Railroad Co., East Cleveland Railroad Co., Brooklyn Street Railroad and South Side reet Railroad.

In June, 1903, a plan was consummated for the consolidation of this company and the Cleveland City Railway Co., the arrangement taking effect July i, 1903. See statement of the latter company in the MANUAL for 1903. Road own and operated 335 miles. Stock Peu* $xoo Authorized, $33,400,000 Issued, $33,400,000

In order to carry out the merger of the Cleveland City Railway Co. with this company the stock was increased from $13,000,000 to $33,400,000. The holders of the $8,000,000 of st(>ck of the Cleveland City Railway Co. received $130 per share in new stock for their shares.

Transfer Agent, Citizens, Savings & Trust Co., Cleveland. Registrar, Guardian Trust Co., Cleveland.

In 1897 dividends were 3 per cent.; in 1898, percent; in 1899, per cent. In 1899 the Octob quarterly dividend was passed. In 1900, paid per cent.; in 190X, 1903, 1903, 1904, 4 per cent.; in 1905 and 1906, 43; per cent. Dividends are quarterly, in January, April, July and October.

Funded Debt

Consolidated mort., 5 per cent., due March, 19x3, March and Sept. $6,000,000

East Cleveland Railroad xst mort., 5 per cent., due March, 1910, March and Sept. . . . 1,000,000 Cleveland City Cable Railway xst mort., 5 per cent., due July, X909, Jan. and July.. . 3,036,000

Total $9,036,000

Trustee and agent for payment of interest on the consolidated mortgage bonds. Central Trust Co., New York. No more bonds can be issued on present mileage, and new bonds on extensions can only be for 85 per cent, of the cash cost of suoi extensions. There are $x, 000,000 of the bonds in escrow to retire the East Cleveland xst mortgage bonds.

Earnings Grots Net

9ai 2,534.949 1,087,306

9o6 5,883,589 3,037,345

President, Horace E. Andrews, Cleveland. Vice-Presidents, John J. Stanley, Cleveland. C. F. Emery, Cleveland. Secretary, Henry J. Davies, Cleveland. Treasurer, George S. RusseU, Clevekmd. Assistant Treasurer, John Ehrhardt, Cleveland. Auditor, W. G. McDole, Cleveland.

Directors — Horace E. Andrews, Cleveland. C. F. Emery, Cleveland. G. A. Garretson, Cleveland. D. R. Hanna, Cleveland. L. C. Hanna, Cleveland. R. A. Harman, Cleveland. Samuel Mather, Cleveland. C. Morris, Cleveland. C. L. Pack, Cleveland. James Parmelee, New York. W. D. Rees, Cleveland. R. R. Rhodes, Cleveland. W. B. Sanders, Cleveland. J. J. Stanlejr, Cleveland. J. H. Wade, Cleveland.

Main office, 154 Prospect street, Cleveland. Annual meeting, third Wednesday in January, at Qeveland.

Cle¥Elaiid. Faihes¥Ille A Easterk Railroad Co.

A corporation formed under the laws of Ohio, April 35, 1895. The company owns an electric road from Euclid to Painesville and Fairport, O., and from Willoughby to Glenville, O., 46*43 miles. It also has trackage over the Cleveland Electric Railway Co. from Glenville and from Eudid to Cleveland. The company has a power-house at WiUoughby, O., and three car bams. Stock Par $xoo Authorised, $3,000,000 Issued, $1,500,000

Transfer Agent and Registrar, Cleveland Trust Co., Cleveland.

Funded Debt

xst mort, 5 per cent., gold, due April, X9X6, April and Oct $500,000

Two-year collateral trust notes, 6 per cent., due July, X909, Jan. and July 500,000

Consolidated mort., 5 per cent., due Oct., 19x8, April and Oct 63x,ooo

Total $1,631,000

The Manual Of Statistics

The outstanding ist mortgage bonds and debentures are for the full amounts authorised. The authorised amount of the consolidated mortgage is $a,oooooo, of which $1,000,000 is reserved to retire the prior liens.

Trustee of the ist mortgage, Cleveland Trust Co., Cleveland. Agents for the pajneot of interest, Cleveland Trust Co. ; State Trust Co., New York. Trustee of the two-year coUateial notes, Cleveland Trust Co., Cleveland. Agents for payment of interest on oonsolidateri mortgage, Dime Savings & Banking Co. ; Colonial Trust Co., New York.

Earnings

Gross Net Charges Sarplw

904 M5,75i 89,730 80,350 9.480

President, £. W. Moore, Cleveland. Vice-President, J. A. Biedler, Cleveland. Secretanr, Fred S. Borton, Cleveland. Assistant Secretary and AssisUnt Treasurer, E. L. Schmock, Willoughby, O. Treasurer, E. W. Hale, Cleveland. General Manager, J. Joidan, WiDoughby.

Directors— George W. Avery, Cleveland. Fred S. Borton, Cleveland. J. A. Biedler, Cleveland. Henry A. Everett, Cleveland. E. W. Moore, Cleveland. Frederick Storm, Cleveland. Charles W. Wason, Cleveland.

Main office, Willoughby, O. Cleveland office, Electric Building. Annual meeting, third Wednesday in January, at Cleveland.

THE COBALT'LORRAIH KIHIHG A DEVELOPKCHT COKPAKt, LTD.

A corporation formed under the laws of Ontario, April 10, 1908. The company acquired certain claims at Cobalt, Ontario, comprising 360 acres of mineral bearing land, on which considerable prospect ing and development work has been done, showing many promising indications of valuable ore. Stock Par, $1 Authorised, $1,500.000. Issued. $777,714

The stock is fuH paid and non-assessable. Stock is transferred at the office of the company. New York. Registrar, Empire Trust Company, New York. There is $733,386 of stock in the treasury.

President, W. Channing Burbank, New York. Vice-President, Oliver Adams, Toronto. Secretary and Treasurer, Arthur W. Morriss, New York. Managing Engineer, H. A. B. Cooke, Cobalt. Ont.

Directors—Oliver Adams, Toronto. W. Channing Burbank, New York. Beverley Bogeit, New York. H. A. B. Cooke, Cobalt. Arthur W. Morriss, New York.

Corporate office, Toronto. Executive office, 71 Broadway, New York. Annual meetjnc, first Friday in October.

COCHECO MAHUFACTURIKe CO.

A corporation formed under the laws of New Hampshire, June 39, 1837, to manufacture cotton doth and prints. The print works of the company are at Dover, N. H., and bav* a ca]>acity of 65,000,000 yards of doth per year. Stock Par $500 Authorised, $1,500,000 Issued, $1,500,000

Stodc IB transferred at the office of the company, Boston.

President, T. Jefferson Coolidge, Boston. Treasurer, Arthur B. Silsbee, Boston.

Directors— Charles W. Amory, Boston. E. R. Brown, Dover, N. H. William A. Bumham, Boston. T. Jefferson Coolidge, Boston. George P. Gardner, Boston. A. A. LawrcDoe, Boston. Arthur B. SUsbee, Boston.

Corporate office, Dover, N. H. Main office, 60 State street, Boston. Annual meetliig to June, at Dover.

COLOmiL SUGARS CO.

A formed under the laws of New Jersey, June 30, 1903. The corporation is a merger of the foDowing companies : Gramercy Sugar Co. Gramercy Finance Co.* Damuji Co.

A refinery and sugar plantations at Gramercy, La., and the Constancia sugar estate in the province of Santa Clara, Cuba, are owned by the company.

Industrial Securities 43

Slock Par $xoo Authorised, $3,000,000 Issued, $2,648,000

Stock is transferred at the office of the company. New York. Registrar, Central Trust Co.,

New York.

The company's first dividend was a per cent., paid July x, 1904, out of the earnings of the

final year ending June 30, 1904.

Funded Debt

ist mort., 5 per cent., gokl, due 1953, Aptii and Oct $3,574,000

The authorized ist mortgage is $3,000,000. Trustee, Central Trust Co., New York. Agent for the payment of interest, H. W. Poor & Co., New York.

In the eight months ending June 30, 1903, the company showed profits of about $400,000 and had a surplus of $338,000 over its fixed charges.

President, John Farr, New York. Vice-President, Adrian H. Larkm, New York. Secretary, O. A. Kershaw, New York.

Directors— J. C. Atwater, New York. John T. Coleman, New York. John Farr, New York. Stuyvesant Fish, New York. A. H. Larkin, Nutley, N. J. H. V. Poor, New York. H. W. Poor, New York. M. R. Spelman, New York. Gilbert G. Thome, New York.

Corporate office, Jersey City. New York office, 140 Pearl street. Branch offices, New Orleans and Constanda, banta Clara, Cuba. Annual meeting, last Tuesday in July, at Jersey City.

The Colorado Fuel Irom Co,

A corporation formed under the Uws of Colorado, October 31, 1893, by the consolidation of the Colorado Coal & Iron Co. and the Coknado Fuel Co. The Colorado & Wyoming Railway Co., 170 miles, and the Crymal River Railroad Co., 35 miles, are also owned. In 1904 the Colorado Industrial Co. was formed to take over certain properties. See below for details regarding the Colorado Industrial Co., all the stock of which is owned by this company.

The preferred stock is 8 per cent., cumulative, the dividends being payable in February and Aug:u8t

The common stock was increased from $11,000,000 to $33,000,000 in September, 1899, for the purpose of providing capital for additions to plants. In July, 1901, it was increased to $38,000,000 to provide for conversion of the 5 per cent, debenture bonds, and in 1904 it was again increased to $44,300,000 to carry out the plan for the refunding of the convertible debentures.

In December, 1903, a committee, compcMsed of James A. Blair, Otto T. Bannard, John E. Borne, William L. Bull and Philip Lehman, was formed to assist in the adjustment of the company's afiairs, acting as represenUtives of the convertible debenture 5 per cent, bonds, which were MRwd in 190X, the terms under which they were issued including a prohibition of any further liens being placed on the property. The propositions submitted by the committee included the creation of a mortgage by the Colorado Industrial Co. for $45,000,000, bonds to be guaranteed by this company. The plan included the retirement of the convertible debentures of 1901 and the raising of about $13,600,000 cash to repurchase properties soM, as well as td provkie for the refunmng of the company's old bonds and its future capital requirements. The holders of the convertible debenture bonds were to exchange them for the new bonds, dollar for dollar, 30 per cent, additional in common stock being given as a bonus. The portion of the new bonds thus given in exchange in addition to being guaranteed by the Colorado Fuel & Iron Co., being convertible into the latter's common stock at par until' August i, 1906. The Industrial Co.'s bonds are secured by the properties of the company, which were sold, as sUted above, to interests connected with the company, including the Wyoming Railway & Iron Co. In the summer of 1904 about $13,000,000 of the convertible bonds had been deposited under the plan with the Continental Trust Co., New York, the depositary for the committee, and the plan was carried out, the authorized stock being increased to $45,000,000, as stated above.

Transfer Agent, Bowling Green Trust Co., New York. Registrar, Metropolitan Trust Co., New York.

Previous to February, 1900, the last dividend on the preferred had been 4 per cent., February 30, 1867. Aufifust. 1804, the dividend on preferred was passed. Dividends were resumed February, 1896, but no dividend was paid until February, 1900, when 8 per cent, was paid on the preferred. In April, September' and October further dividends of 8 per cent, each were also paid, and in November, 1900, a dividend of 8 per cent, was declared, payable December 30, 1900, thus completing the 33 per cent, of accumulated dividends on the preferred, amounting to $640.000. Dividend payments on the preferred stock of the company at the regular rate of 8 per cent, per annum were resumed February 15, 1901, and were semi-annual, 4 per cent, each in February and August, until Februaiy 30, 1903, inclusive after which date such payment were

The Manual Op Statistics

Prior to X901 the last dividend paid on the common stock was po" cent, in May, 1893. On July 15, 1901, per cent, quarterly was paid on common, and similar payments were made in October, 1901, January and April, 1900. But the July, 1902, dividend was passed and no dividends have been paid since that date.

Funded Debt

Colorado Fuel Co. gen. mort., 6 per cent., due May, 19x9, May and Nov. $480,000

Colorado Fuel & Iron gen. mort, 5 per cent., due Feb., 1943, Feb. and Aug 5i398,ooo

" " conv. debentures, 5 per cent., due Aug., 1911, Feb. and Aug.. 1,006,000

Colorado Indus, con. mort., guar. A, convertible, 5 p. c, due Aug., X934, Feb. & Aug. 13,061,000

" con. mort., guar. B, non-con*ble, 5 p. c, due Aug., 1934, Feb. & Aug. 34,933,000

Grand River C. &C. Co.istmort., not guar., 6 percent., due April, X919, April and Oct. 903,000

Rocky Mount. Coal & Iron ist mort., guar., 5 percent., due May, 1951, May and Nov. 613,000

Total $46,393,000

The convertible debenture 5 per cent, bonds, Illinois Trust & Savings Bank, Chicago, trustee, were issued in 1901 to provide for the erection of auziliarv plants for the manufacture of tinplate hoops, wire, wire nails, etc. The bonds were convertible, at holder's option, into common stock at par from February i, 1903, to August x, 1906, after which date the company oould redeem them at 105. The amount authorized was $15,000,000, and $10000,000 of the bonds were sold in 1901 to provide for improvements, of whidi $933,000 were converted into stock. Subsequently the remaining $5,000,000 were issued, making the total amount outstanding when the reorganisation plan was put into effect $14,068,000.

The Colorado Industrial Co. guaranteed 5s are described above in connection with the plan of reorganisation. It will be noticed that Series A, limited to $14,000,000, were convertible into stock at par for the latter between February x, 1903, and August i, 1906, and Series B, limited to $30,000,000, non-convertible. Trustee of the mortgage and agent for the payment of interest. New York Trust Co., New York.

The Rocky Mountain Coal & Iron Co.*s xst mortgage 5 per cent, bonds, guaranteed by this company, cover about 358,000 acres of coal and timber lands in Las Animas County, Colo.

There are $666,000 xst mortgage 5 percent, bonds of the Colorado Coal & Iron Development Co., due July i, 1909, January and July, which are guaranteed by the company. The bonds are redeemable at X05.

See the Manual for 1901 and preceding years for details regarding the Colorado Coal & Iron Co. and the Colorado Fuel Co.

Earnings Year ending June 30 Gross Net

190X-03 X3i86o,593 1,801 ,936

9oa-Q3 16,653,960 1,990,983

X905-06 33,330.046 3,064,739

Fixed char include sinking fund provisions. In 1899 the charges were increased by $100,000, set aside to provide for depreciation, and $63,135, reserved for an emergency fund. The dividends paid in 1900 consisted of 33 per cent, of the accumulated dividends on the preferred stock. The for X904-05 include, $739,859, paid as rental for the properties of the Colorado Industrial Co. In X905-06, $959,834 was charged to the same item, and in 1906-07, $959,183.

President, Jesse F. Welbom, Denver. Secretary, D. C Beaman, Denver. Treasurer, A. A. Miller, Denver. Assistant Secreury, L. E. Tenney, Denver. Assistant Secretary, Hertiert L. Utter, New York.

EMrectors— L. M, Bowers. Denver. George J. Gould, New York. Edwin Gould, New York. Edward H. Harriman, New York. Edwin Hawley, New York. Edward S. Jeffery, New York. Alvin W. Krech, New York. John H. McClement, New York. Benjamm NicoU, New York. E. W. Oglebay, Cleveland. Winslow S. Pierce, New York. WTp. Ward, New York. Jesse F. Welborn, Denver.

Main office. Seventeenth and Champa streets, Denver. Annual meeting, third Monday in October, at Denver.

Dividends

Saipliu

8x7,155

;S

i,xio,093

x6o,ooo

',707,371 1,588,135

Def. 1,584,858

" 34i,99

Sur. 671,819

" 470,00a

INDUSTRIAIj BBOORITODS 44$

Columbus A Hockikb Coal Irok Co.

A company formed under the laws of Ohio, January 26, 1883. The company is a large coal producer and owns extensive coal, iron ore and fumaceproperties in Hocking, Perry, Athens and Vinton Counties, O., comprising over 13,000 acres. The company was reorganised without foreclosure in 1898. In 1906, the company acquired the Columbus & Hocking Clay & Brick Manufacturing Co.

The preferred stock is 6 per cent, non-cumulative. It was authorised in March, 1906.

In Fdmiaiy, 1901, it was decided to increase the authorlMd common stock from $5,000,000 to $7,000,000 and cancel the the old $333,499 of 5 per cent., non-cumulative, preferred stock, of which all except $18,600 had been re£i at the dose of

Transfer Agent, Farmers' Loan & Trust Co., New York. Registrar, Central Trust Co., New York.

Dividends on the new 6 per cent, preferred stock were paid at the rate of per cent, quarterly in April, July and October, 1907. and January, 1908.

Following an initial dividend of yi per cent, paid on the stock in December, 190a, similar dividends of % per cent, each were paia in March and July, 1903. In November, 1903, a dividend of $1 per share, or i per cent., was declared on the stock of the oompanv, payable in four quarterly instalments of per cent., the first on November 14, 1903, and the remaining three at dates to be fixed by the directors, the second payment being percent., March i, 1904. No further dividends have been paid.

Funded Debt

tst mort., reduced from 6 to 5 per cent, due Jan., 19x7, Jan. and July.

Collateral trust and pur. money mort., 6 per cent., due Oct., 1956, Jan. and July . . . . 400,000

Total $1, 139,000

The total amount of xst mortgage bonds is $1,000,000. There are $316,000 of the issue in the hands of the Central Trust Co., New York, Trustee.

The July, 1895, interest was defaulted, and a bondholders' committee, M. S. Scudder, New Yorkf Chairman, was formed. A majority of bonds were deposited with Central Trust Co. and foreclosure proposed. Stockholders formed a protective committee to oppose such acdoa. Action for a receivership was brought in 1896, but was dismissed in July of that year. 1896 interest was met by assessment of $3 per share on stock, for which preferred stock was to be given. It was then proposed to reduce interest on bonds to 5 per* cent. Foreclosure suit was instituted, but in 1898 arrangement was made by which interest on bonds was reduced to 5 per cent, and three past due coupons were redeemed in cash on that basis. Assessment of $3 per share was levied on stock, for which preferred stock was given. Assessment produced over $137,000. The collateral trust 6 per cent, mortgage was authorised in March, 1906, and is for $1,000,000. It is secured by the stock and bond of the Columbus & Hocking Clay & Brick Manufacturing Co.

Earnings

Year ending March 31 Gross Net

i9o-93 $618,871 $179,086

Deficit after interest in 1894 was $81,703 ; in 1895, $39,327 ; in 1898, $33,885 ; in 18, $36,487, but in 1900 the surplus was $49,075 ; in 1901, surplus $49,347 ; in 1903, $50,037 ; m 1903, $99,573; in 1904, $73,033; in 1904-05 a deficit of $39,500; in 1905-06, surplus $30,331, and in 1906-07, a surplus of $64,970.

President and General Manager, N. C. L. Kachelmacher, Columbus, O. Vice-President, L. C. Lathrop, Columbus. Secretary and Treasurer, A. L. Thurman, Columbus.

Directors— Henry S. Haskins, New York. N. L. C. Kachelmacher, Columbus. L. C. Lathrop, New York. Talfourd P. Linn, Columbus. Robert F. Little, New York. D. N. Postlewaite, New York. H. . O. Sebcas, New York. A. L. Thurman, Columbus. C. M. Voorhees, Columbus.

Main office, New First National Bank Building, Columbus, O. New York office, 37 Broad street. Annual meeting, third Wednesday in. May, at Columbus.

The Manual Op Statistics

Columbus Gas A Fuel Co.

A corporation formed under the laws of Ohio, February 23, 1906. The oompanj it a oooaolidation of the Columbus Gas Co., owning and operating: the artificial gfas plant in Columbnt, Ohio, and the Columbus Gas Liht & Heating Co., owning the natural gas plant in that dij.

The preferred stock is 5 per cent. , cumulative. Transfer Agent, P. G. Miller, Columbus, OhkK Dividends are paid on the preferred at the rate of ix quarterly, in Januaiy, April, Jufy and October.

Funded Debt Columbus Gas Co. ist mort., 5 per cent., due 1933, Jan. and July $1,500000

In the year ending March 31, 1907, the company earned, net, $391,390; dividends on preferred stock, $375,000; balance surplus, $xz6,a9o.

President, H. D. Tumey, Columbus, Ohio. Vice-President, E. K. Stswart, Cohunbus. Secretary and Treasurer, Gerard C. Soott, Columbus.

Directors— C. D. Firestone, Columbus, Ohio. Frank C. Hubbsxd, Colnmbus. D. E. Putnam. Columbus. George W. Sinks, Columbus. £. K. Stewart, Columbus. H. D. Tumey, Columbus. Drausin Wulsin, CincinnatL

Main office, 135 North Front street, Columbus, Ohio. Annual meeting, first Wednesday in May, at Columbus.

Columbus Railway Li6Ht Co.

A corporation formed under the laws of Ohio, May 12, 1003. The company leased the Columbus Railway Co. and the Columbus Edison Co., guaranteeing the rental dividends of 5 per cent, per annum on the $3,500,000 preferred stock of the Columbus Railway Co., 6 per cent, on the $450,000 preferred stock of the Columbus Edison Co., and 5 per cent, per annum on the common stock 01 each, which were $3,000,000 of the Railway Co. and $450,000 of the Edisoo Co. In March, 1907, this company leased the Columbus Traction Co. 16 miles, the latter company being the successor to the Central Market Street Railway Co., which had been sold under creclitors' claims subject to its ist mortgage. The company operates 107 miles of track, and largely controls the electric light and power business of Columbus, O. Stock Par $100. . . ; Authorized, $5,000,000 Issued, $5,000,000

The stock is ao per cent paid in. The holders of the common stock of the Columbus Railway Co. and the Columbus Edison Co. were given the privilege of subscribing for the stock of this company to the extent of their holdings in the old stocks, paying in ao per cent, of the psr value thereof, the remaining 80 per cent being subject to call at the rate of not over 10 per cent in any one year.

Transfer AgenU, £. W. Clark & Co., Philadelphia; SecreUry of Co., Columbus, O. Registrars, The Trust Co. of North America, Philadelphia ; The Ohio Trust Co., Columbvs.

Funded Debt Columbus Con. St. Railroad ist gen. mort, 5 p. c, g., due July x, 1909, Jan. and July. . $ SXJoao

Columbus Street Railway i st mort. , 5 per cent , gold, due July x , 1933, Jan. and July ... . a,4iS7,ooo

Crosstown Street Railway xst mort., 5 percent, gold, due June i, 193, June and Dec. . . 573,000

Columbus Railway cons, mort., 4 per cent, due Oct. i, 1019, quarterly, Jan 3,428,000

Columbus Electric ist mort, 6 per cent., gold, due 1933, May and Nov 450000

Columbus Edison Elearic ist mort., 5 per cent, gold, due 1919, April and Oct 300,000

Central Market Street Railway ist mort., 5 per cent., due June, 1902, Jan., July 500,000

Total $8,350,000

The ist mortgage of the Columbus Street Railway is $3,000,000, authorised, of which $512,000 is reserved to retire the bonds of the Columbus Consolidated Street Railroad. Trustee of the mortgage, Knickerbocker Trust Co., New York. Agent for the payment of interest, £. W. Claric ft Co.7Philadelphia.

The ist mortgage of the Crosstown Street Railway is $a,ooo,ooo, of all but $573,000 have been canceled. Trustee of the mortgage, Knickerbocker Trust Co., New York. The totil xst mortgage of the Columbus Railway is $7,000,000. Of that amount $1,500,000 were issued to pay for the Columbus Central Railway ; $3,572,000 is reserved to retire underlying liens of the Columbus Street Railway Co., Columbus Consolidated Street Railroad Co. and the CrosBtown Street Railway Co. The bonds are redeemable after October i, 19x4, at X05 and interest Trustee of the mortgage, Union Savings Bank ft Trust Co., Cincinnati. Interest is payable by he trustee, E. W. Clark ft Co., Philadelphia, and at the office of the company.

Industrial Sbcuritibs

The mortgages of the Columbiis Electxk Co. and the Columbus Edison Electric Co. are goanateed bj the Columbus Edison Co.

The Central Market Street Railway ist mortgage is for $500,000. Trustee and Agent for payBcnt of interest, New York Trust Co., New York.

Earnings

Charges aad Gross Net DtTidends Surplus

9o6 $1,941,198 $995,64* $8S78oa $137,846

1907 3.256,5x9 1,108,640 986,059 116,581

President, Robert E. Shekion, Columbus, O. ist Vice-President, General Manager and Treasurer, £. K. Stewart, Columbus, sd Vke-President, C. M. Clark, Philadelphia. Secretary and Auditor, P. V. Burington, Columbus.

Directors— C. M. Clark, Philadelphia. C. J. Hoster, Columbus. Dayid E. Putnam, Co lumbus. Theodore Rhoads, Coltmibus. Robert E. Sheldon, Columbus. George W. Sinks, Columbus. E. K. Stewart, Columbus.

Main office, Columbus, O. Annual meeting, second Tuesday after the 15th day of January, at Columbus.

Cokkomwealth'Edisok Co.

A corporation formed under the laws of Illinois, September 17, 1907. The company is a consolidation of the Chicago Edison Co. and the Commonwealth Electric Co. The latter oianhad

been controlled hj the Chicago Edison Co., which organisation had a perpetual license for the Edison patents m Chicago and its suburbs. The consolidated company nas seven power stations. Stock Par $100 Authorized, $30,000,000 Issued, $30,000,000

Stock is transferred at the company's office. Registrar, Illinois Trust & Savings Bank, Chicaigo.

Ine initial dividend upon the stock of the new company was per cent., paid November i, 1907. See below as to issue of stock in the merger.

Funded Debt

Chicago Edison ist mort., 5 per cent., due July, 1936, April and Oct $6,000,000

debentures, 6 per cent., due Jan, 1913, Jan. and July 1,483,000

3:year debentures, 5 per cent., due March, 1910, March and 5,000,000

Commonwealth Electric 1st mort., 5 per cent., due Feb., 1943, March and Sept 8,000,000

" debentures, 5 per cent., due Feb., 191 7, Feb. and Aug 500,000

Total $30,983,000

The Chicago EMison xst mortgage bonds are redeemable at par after 1910. Trustee and agent for the payment of interest. Merchants' Loan & Trust Co., Chicago. The latter is also trustee and agent for the payment of interest on the Chicago Edison 6 per cant, debentures, due 1913, which usue is redeemable at par on any interest date.

The Chicago Edison three-year debentures were created in 1907, the authorised amount being $5,ooo,ooa Trustee and agent for the payment of interest, Illinois Trust & Savings Bank, Chicago.

The Commonwealth Electric Co. 1st mortgage provided 'that additional bonds could be issued tip to 75 per cent, of the cost of additional property or improvements. The Commonwealth Electric debentures can be called at par. This company also has $180,000 of real estate mortgages.

The Chicago] Edison Co. guaranteed interest and principal of $337,000 4 per cent, and interest only of $33,000 1; percent. of the Sectional Electric Underground Co., a subsidiary organization from which subway privileges were leased.

The Chicago Edison Co. was formal in 1883 and had, at the time of the merger, $15,000,000 stock on which dividends of 8 per cent, per annum had been paid for some years. The Commonwealth Electric Co. was formed in 1898, being a consolidation of several companies operating in the environs of Chicago. It had $9,000,000 stock outstanding. The consolidation plan provided for an exchange of the Chicago Edison stock for the stock of the new company on the basis of 160 per cent, of new stock for 100 per cent, of the old.

The earnings of both the Chicago Edison Co. and the Commonwealth Electric Co. for a series of years to March 31, 1906, inclusive, are given in the statements of the respective companies in the Manual for 1907.

President, Samuel Insull, Chicago. Vice-President, Robert T. Lincoln, Chicago. Vice- President,- Louis A. Ferguson, Chicago. Secretary and Treasurer, William A. Fox, Chicaga Auditor, John H. Gulick, Chicago.

Directors— Henry A. Blair, Chicago. Edward L. Brewster, Chicaro. Samuel InsuU, Chicago. Robert T. Lincohi, Chicago. John J. Mitchell, Chicago. Enikine M. Phelps, Chicago. Albert A. Sprague, Chicago. Lambert Tree, Chicago.

Main ofiice, 139 Adams street, Chicago. Annual meeting, second Monday in November, Chicago.

Cokstock Tukhel Co.

A corporation formed under the laws of New York in 1889, being a reorganixatioii under foreclosure of the Sutro Tunnel Co. at the Comstock Lode, Nev.

Stock Par $a Authorised, $4,000,000 Issued, $4,000,000

Stock is transferred at the office of the company, New York. Registrar, Union Trust Co., New York.

Funded Debt ist mort income bonds, 4 per Qnt., non-cum., due 1919, May and Nov $3,769,000

Out of the surplus earnings $231,000 bonds have been purchased and retired.

In November, 189a, per cent, was paid on the income bonds. No payments thereafter.

President, Franklin Leonard. Secretary, Eugene R. Tappen. Treasurer, Franklin Leonard, Jr.

Trustees— C. H. Badeau. Avery F. Cushman. George D. Hilyard. J. Hirscfa. Franklin Leonard. Franklin Leonard, Jr. E. B. Smith. Eugene R. Tappen.

Main office, 35 Broad street. New York. Annual meeting, third Monday in September.

Cokey Island A Brooklyk Railroad Co.

A corporation formed under the laws of New York, December 10, i86a It acquired the following companies :

Prospect Park & Flatbush Railroad Co. DeKalb Avenue & North Beach Railroad Co.

Brooklyn City & Newtown Railroad Co.

The company operates 53. jo miles of track, including 4.99 miles of trackage. Its cars are run over the New York and Brooklyn Bridge under arrangements with the City made in 1898. In 1904 it obtained rights in connection wim the new bridge between New York and Williamsbuif, Brooklyn, and began to operate over the same in December, 1904.

Stock Par $100 Authorised, $2,000,000 Issued, $a,ooo.ooo

Transfer Agent and Registrar, Mercantile Trust Co., New York.

Dividends on the stock have been as follows : 1893, 4 per cent, on $500,000 and 3 per cent, on $1,000,000; 1894, 5 per cent; 1895, 1896 and 1897, 6 per cent; 1898, 8 per cent.; 1899, 10 per cent.; 1900, 10 per cent.; 1901, per cent.; looa, 1903 and 1904, 10 per cent In 1005, paid zo per cent and in 1906, 8 per cent. In Feb., 1907, 3 per cent was paid, but the May, 1907, dividend was passed and none have since been paid. Dividend periods were quarterly, February, May, August and November.

Funded Debt

xst con. mort., 4 per cent., gold, due July, 1948, Jan. and July $3,000,000

Consolidated mort, 4 per cent., due Jan. 1955, Jan. and July. 1,500,000

Brooklyn City & Newtown ist mort., 5 per cent., due July, 1999, Jan. and July 3,000,000

Real estate mort 100,700

Total $5,600,700

The authorised amount of the ist consolidated mortgage is $3,ooo,ooa Trustee, Mercantile Trust Co., New York.

Trustee of the ist mortgage, Brooklyn Trust Co., Brooklyn, N. Y. Agent for the payment of interest. The Medianics* Bank, Brooklyn, N. Y. Trustee of the consolidated mortgage and the Brooklyn City & Newtown mortgage and agent for the payment of interest on both uses. Mercantile Trust Co., New York.

The consolidated mortage is for $10,000,000, of which $000,000 is reserved to retire prior liens. Trustee and agent lot the payment of interest, Mercantile Trust Co., New York.

Industrial Securitibs 469

Earnings Year ending June 3p

Gron Net Interest, Taxes, etc Surplus

1901-Q3 $1,498,037 $598.i $364,053 $334*069

'904-05 1,599,615 443,319 383,411 160,908

Chairman, John L. Heins, Brooklyn, N. Y. President, Slauter W. Huff, Brooklyn, ist Vice-President, William H. Dykman, Brooklyn. 3d Vice-President, James H. Hyde, New York. Secretary and Treasurer, Duncan B. Cannon, New Yorlc Superintendent, D. W. Sullivan, Brooklyn.

Directors— William N. Dykman, Brooklyn. Louis Fitsgerald, New York. F. R. Ford, New York. William C. Gulliver, New York. John L. Heins, Brooklyn. Slauter W. Huff, Brooklyn. William H. Mclntyre, New York. George H. Prentiss, Brooklyn. George H. Southard, Brooklyn. Charles D. Young, Brooklyn.

Main office, De Kalb and Franklin avenues, Brooklyn, N. Y. New York office, i30 Broadway. Annual meeting, third Monday in October, at Brooklyn.

Comhecticut Railway A Lighting Co.

(Leased to New York, New Haven & Hartford Raih-oad Co.)

A corporation chartered by the Legislature of Connecticut by Act approved March 3, 1895, as the Gas Supply Co. to manufacture and distribute gas in Norwalk, Fairfield, Danbui and other cities and towns. The charter was amended by an Act approved March 3, 1899, changmg the iiamto Connecticut Lighting & Power Co., extending the operations of the company to any part of the State and auuiorismg it to make electric lighting and power part of its business and giving it power to lease, purchase, hold or sell the stock or bonds of other corporations which manufacture or use gas or dectricity. On January 10, 1901, the name was changed to Connecticut Railway & Lighting Co. The United Gas Improvement Co. had a controllmg interest in this company. In December, zgo6, the properties of the company were leased to the Consolidated Rsulway Co. (which company has been merged with the New York, New Haven & Hartford Railroad Co.), the terms of the lease including a rental of $975,000 for the first year, the amount increasing untJl it reaches $1,400,000.

The company acquired the property of the following corporations or owns a controlling interest in them :

Norwalk Gas Light Co. Greenwich Gas & Electric Light Co.

Norwalk & South Norwalk Electric Light Co. Bridgeport Traction Co. Norwalk Street Railway Co. Shelton Street Railway Co.

Norwalk Tramway Co. Milford Street Railway Co.

Central Railway & Electric Co., New Britain The Westport & Naugatuck Street Railway Co. The Waterbury Traction Co. Derby'Street Railway Co.

Naugatuck Electric Light Co. Southington & Plantsville Tramway Co.

Cheudre Street Railway Co. Roton Point Improvement Co.

The company's plans included the utilisation of water power for the generation of electricity through the construction of a large dam in the Housatonic River. The aggregate mileage of the railway lines Is 198 miles.

The preferred stock is 5 per cent., being cumulative as to dividends after January i, 1904. The holders of the preferred received additional preferred in satisfaction for accumulated dividends to August I, 1906, and the rate was reduced to 4 per cent.

Transfer Agent, Colonial Trust Co., New York. Registrar, Morton Trust Co., New York.

Dividends on the preferred under the lease were 3 per cent, in February, 1907, and since then X per cent, quarterly in February, May, August and November.

Funded Debt

ist and refunding mort., per cent, due 1951, Jan. and July $13,491,378

Connecticut Lighting 8l Power Co. ist mort., 5 per cent., du 1939, Jan. and July. . 309,000

Bridgraort Traction Co. ist mort. 5 per cent, gold bonds, due 1923, Jan. and July. . 706,000

Darby Street Railway Co. ist mort., 6 per cent., due 1914, April and Oct 59, 700

Total; $13,466,078

The trustee of the zst and refunding per cent mortgage is the Colonial Trust Co., New York, at which institution coupons on the bonds are paid.

The authorized amount of the zst and refunding mortgage ia £15,000,000, of which $974*700 is reserved to return underlying bonds. Under an agreement ana supplemental mortgage dated June 33, 1904, The United Gas Improvement Co. agrees to guarantee by indorsement, the interest on the ist and refunding mortgage bonds, and the ConnecUcut Railway & Lighting Co. agrees to establish for the bonds so guaranteed, a sinking fund, beginning with July i, 1905 ; and on July I in each year thereafter to July i, 1950, a sum equal to one-half of z per cent, of the bonds outstanding, and on December 3Z, Z950, one-quarter of z per cent in consideration of an option to The United Gas Improvement Co. to purchase, and an option to the Connecticut Railway & Lighting Co. to call the bonds so guaranteed on any coupon date at Z05 and interest The holders of all but about $1,800,000 of the bonds have assented to this arrangement

Earnings Year ending June 30

Grogs Net Charges, etc Surplus

Z902-03 z,649,6z3 409.543 5a7905 Def. zi8,36a

Z90J-04 z,88z,3a© 583,054 S36i6 Sur. 45*848

1904-05 a,zaz,045 814,689 674,109 Sur. Z40,5ao

Z905-06. 3,499,314 z,o98,393 7",44i 3895I

President, Alden M. Young, Branford, Conn. Vice-President H. G. Runkle, New York. Vice-President, Randal Morgan, Philadelphia. SecreUry, W. H. Marshall, Treasurer, Lewis Lillie, Philadelphia. Assistant Secretary and Assistant Treasurer, Ef. W. Poole, Bridgeport, Conn.

£>directors->P. S. Babcock, New York. W. T. Hincks. Bridgeport. E. L. Judson, New York. H. L. Merry, New York. A. W. Paige, Bridgeport. E. W. Poole, Bridgeport H. G. Runkle, New York. R. A. C. Smith, New York. Louis N. Van Keuren, Watsrbury., Coan. M. J. Warner, Branford, Conn. Alden M. Young, Branford.

Main office, New Haven. Annual meeting, second Thursday in April, at Bridgeport.

Comsoudmted Cmr Heatikg Co.

A corporation formed under the laws of West Virginia in 1889. The company owns the McElroy, Sewall and other patents covering apparatus for heating railroad coaches by steam direct from the locomotive. Also owns systems of heating bv electricity and car lighting. The company has factories at Albany, N. Y., and Coaticook, Quebec. Stock Par $zoo Authorised, $z,a50,ooo Issued, $z,Z30,4oo

The stock was originally $3,500,000, but was reduced to $1,350,000 in Z893. Stock is transferred at the office of the company, Albany, N. Y. Registrar, National Commercial Bank, Albanv, N. Y.

The company has no funded or floating debt beyond current accounts.

Dividends upon the stock have been as follows : In Z893, 3 per cent ; in 1893, 3 per cent; in 1894, 6 per cent; in Z895, z per cent; in Z896, per cent; in Z897, percent; in 1898, 3 per cent; in Z899, 4 per cent.; in i9cx>, percent. In February, Z900, the company paid a semi-annual dividend of percent and z per cent, extra, and on August i, z$i per cent and 3J per cent, extra. In February, 1901, paid per cent and z per cent, extra; in August, Z90Z, per cent, and per cent, extra, and February, 1903, per cent, and per cent, extra, and the same rate was paid in August, Z903, and Februazy, Z9Q3. The August, zpo3, dividend was per cent, regular and per cent, extra, and made the total dividend for Z903, 7 per*cent, against 6 per cent, in Z903. In February, and also in August, Z904, paid Pr cent, regular and per cent, extra, making 6 per cent, for the year. The February, Z905, extra dividend was omitted on account of expenditures for neW construction and ool 5 per cent, was paid in that year. In Z906 and Z907, paid 3 per cent The February, 190B, dir dend was deferred.

President, Robert C. Pruyn, Albany, N. Y. zst Vice President, James H. Manning. Albany. 3d Vice Presklent, Daniel D. Sewall, Augusta, Me. Secretary, Edward A. Groesbeck, Albany. General Manager and Treasurer, Francis C. Green, New York.

Directors—Anthony N. Brady, Albany. Francis C. Green, New York. Edward A. Groeabeck, Albany. Frederick W. Kelley, Albany. James H. Manning, Albany. James F. McElroy, Albany. Robert C. Pruyn, Albany. Daniel D. Sewall, Auista. George Westingfaoate, Pittsburg.

Main office, 4x3 North Pearl street, Albany, N. Y. New York office, 4a Broadway. Annual meeting, second Tuesday in June, at Albany.

INDUSTRIAIj SBCUBITIBS 47<

Comsoudateo Cottok Duck Co.

A corporation formed under the laws ot Delaware, May 27, 1905, in pursuance of a plan to reocsaaise and consolidate the United States Cotton Duck Corporation and its controlled

, the Mount Vernon- Woodberry Cotton Duck Co. In 1906 this company acquired the J. Spencer Turner Co. of New York. See below for details of plan which was dedared operative m June, iQpSproposed to ultimately mers;e the old in the new company.

The Mount Vernon- Woodberry Cotton Duck Co. owned 14 mills and the United States Cotton Dock controlled the former company and owned the Stark Mills, Manchester, N. H., the La Grange Mills, La Grangie, Ga., and the Hogfansville Mills, Hogansville, Ga. The Mount Vemon-Wocxlberrr Co. was formed under the laws of Delaware in 1899, a full account of Uie company htau ven m the Manual for 1901. The United States Cotton Duck Corporation was formed under the laws of New Jersey; June 4, T901, a full account of the company bein Civen in the Manual for 1905.

The Mount Vemon-Woodberry Co. had $9,500,000 stock and under the plan of consolidation cairied oat in 1901, its holders exchanged it for United States Cotton Duck Corporation common in the proportion of thrte shares of old for two shares of new stock. The Mount Vemon- Woodbeny Co. also had $7,000,000 of ist mortgage 5 per cent, bonds, which were left undisturbed both in 190X and the reorganization of 1905, and $6,000,000 of 5 per cent, cumulative income bonds, due January, 1950, January and July, which were not disturbed when the United States Cotton Duck Corporation acquired the stock of that company.

The United States Cotton Duck Corporation had authorised $15,000,000 each of common and 6 per cent, cumulative preferred stock, of which $10,000,000 common and $3,750,000 preferred WBTS oatstandiiii:, and it assumed the before mentioned bonds of the Mount Vemon-Woodberry Co.

In MajT a committee, S. Davies Warfield, Baltimore, Chairman, submitted a plan for the reorganisation and consolidation of the two old companies. Depositaries under the plan : Continental Trust Co., Baltimore, and Colonial Trust Co., New York. The plan provided for the formation of the present new company and invited holders of the old companies' securities to . imrhangf tbem for the new upon the fcxlowing terms :

4 Received for Each |i,ooo Old

New Preferred New Common

Mount Vemon-Woodberry incomes $500 $16

Uniud States Cotton Duck, common ... 400

" " " " preferred 1,000 7273-11

When the above plan was declared operative in June, 1905, it was stated that 87 per cent, of the Mount Vemon-Woodberry incomes and 88 per cent, of the United States Cotton Duck Corporation stocks had been acquired thereunder. The company has since acquired additional amounts of the securities.

The mferred stock is 6 per cent, cumulative. Transfer Agent, Continental Trust Co., Baltfaaore. Registrar, common stock, Continental Trust Co., Baltimore ; preferred stock, Alexander Brown & Sons, Baltimore.

In 1906 and 1907, 6 per cent, was paid on the preferred stock, the dividend periods being April and October.

FUNDBD Dert Mount Vemon-Woodberry Co. ist mort, 5 p. c, due Sept., 1949, March and Sept. . . . $8,000,000 " " " inoomemort., com., 5 p.c, due Jan., 1950, Jan. and July 393,000 J. Spencer Turner Co. debenture, 6 per cent, due Feb., 1996, Feb. and August 1,600,000

Total $9,999,000

The United States Cotton Duck Corporation had underlying mortgages upon constituent propertiaB for $175,000 and the Mount Vemon-Woodberry Co. for $350,000.

The Mount Vemon-Woodberry Co.*s 1st mortgage is for $8,000,000. Trustee and agent for the payoMnt of interest. Continental Co., Bautimore.

On the Mount Vemon-Woodberry income bonds 9$ per cent, was paid in September, 190a, and I per cent, in March, 1906. The subsequent half-yearly payment to March, 1908, inclusive, have been per cent. each.

This company guarantees the debenture bond of the J. Spencer Tumer Co.

Earnings

Grocs Net Charges Surplut

1905 $9,358,0x6 $9x7.173 $363*335 $553,947

In 1906, $383,7 from the surplus was chained off to depredation, and in 1907, $96,931, ether with $255,833, was charged to merchandise and material account. Chairman, S. Dalies Warfield, Baltimore. President, Charles K. Oliver, Baltimore. Vice-

President and Treasurer, David H. Carroll, Baltimore. Assistant Treasurer, H. L. Smith, Baltimore. Secretary, C. S. Green, Baltimore.

DirectorsE. A. Brinckerhoff, New York. David H. Carroll, Baltimore. F. P. Carpenter, Manchester, N. H. Richard Cromwell, Baltimore. G. C. Goodrich, Baltimore. William H. Grafflin, Baltimore. F. S. Landstreet, Baltimore. H. H. Lehman, New York. Ralph C. Lupton, Wilmington, Del. G. K. McGaw, Baltimore. Charles K. Oliver, Baltimore. E. Cl Timanus, Baltimore. Thomas M. Turner, New York. S. Davies Warfield, Baltimore. J. H. Wheelwright, Baltimore.

Corporate office, Wilmington, Del. Main office. Continental Trust Building, Baltimore. Annual meeting, third Monday in February, at Baltimore.

Coksoliomted Cms Co. Of Hew Jersey

This company supplies gas to Long Branch, Asbury Park and Red Bank, N. J. It also owns the Long Branch electric light plant and furnishes electric light and power to that place, Elberon, Branchport, Monmouth Beach, etc. Company has 14 local franchises, mostly perpetual.

The American Light & Traction Co. controls the company. See statement of thjit company.

Stock Par $100 Authorised, $1,000000 Issued, $1,000,000

Transfer Agents, Emerson McMillin & Co., 40 Wall street, New York.

Funded Debt Consolidated mort., 5 per cent., gold, due 1936, Jan. and July $971,000

The consolidated mortgage, Knickerbocker Trust Co., New York, trustee, is for $1,000,000. Coupons are paid at the office of Emerson McMillin & Co., New York.

President, Emerson McMillin. Vice-President, Philip Lehman. Secretary, H. N. McKaig. Treasurer, C. H. Irwin. General Manager, W. B. Tuttle.

Directors— Willard E. Case. John S. Foster. F. W. Hope. A. P. Lathrop. Philip Lehman. Gustavus Maas. Emeraon McMillin. Jacob Steinbach. H. B. Wilson.

Main office. Long Branch, N. J.

Coksolidated Gas Co. Of Hew Yobk

A corporation formed under the laws of New York, November 10, 14. The company was a consolidation of the New York, Manhattan, Metropolitan, Municipal, KnickertxKker and Harlem Gas Companies of New York City. The company has 2,095 miles of mains, and at the beginning of 1906 had 654,153 meters in service.

In Decembo-, 1898, this company acquired a large interest in the Mutual Gas Co. In 1899 control of the United Electric Light & Power Co. was obtained in the interest of thb company. In Januanr, 1900, it was announced that a controlling interest in the New York Gas Bt Electric Light, Heat & Power Co. had been acquired, company controlled the Edison Electric Illuminating Co. of New York and other local electric light and power organisations. In June, 1900, announcement was made of the purchase of a large block of the Standard Gas Light Co.'s stock by this company.

In May, 1900, this company offered to purchase the $12,145,700 common and $9,000,000 preferred stock of the New Amsterdam Gas Co. at $50 for the preferred and $26 for the common, payable in 6 per cent, debenture bonds of the Consolidated Gas Co., said debentures to be redeemable at the option of the latter, prior to May, 1901 in its own stock at 190, which arrangement was carried out Control of the United Electric Light & Power Co. was also acquired in

Through these acquisitions the company controls all the gas and electric lighting facilities in the Borough of Manhattan. In July, 1904, the company acquired control of the Westchester Lighting Co. and formed the New York & Westchester Lighting Co., which was merged with the Westchester Lighting Co.

The company will concentrate the manufacture of gas at Astoria, L. I., where a large plant was completed in December, 1906.

The legislature of New York having passed an act reducing the ptffce of gas on May 1, 1906, to 80 cents per 1,000 feet this company instituted litigation to test the validity of the law. In connection with the suit the company had deposited up to December 31, 1907, $6,337,340 to secure customers who paid $1 per i ,000 feet in case it was decided that only 80 cents oold charged.

Industrial Sbguritibs 473

In December, 1007, the Federal Court decided that the law was unconstitutional, but the case has been appealed. Stock Par $100 Authorised, $100,000,000 Issued, $80,000,000

In March, 1900, the stock of the company was increased from $30,078,000 to $54,595,200 to cany out the terms of purchase of the New York Gas 8t Electric Light, Heat & Power Co. An amount of $13,648,800 of stock was subscribed for by the stockholders at $150 per share.

In August, X003, $6,563,598 of additional stock was issued for the purpose of providing for improvements and construction work. This increased the outstanding stock to $80,000,000. Stockholders of record, August 37, xgowere given the right to subscribe for the new stock at 150 to the extent of p per cent, of their holding. The rights expired September 9, 1903. See below regarding rights given to stockholders in 1904 of subscription for $30,000,000, 6 per cent, convertible debentures.

Stock is transferred at the office of the company. New York. Registrar, Farmers* Loan & Trust Co., New York.

Dividends are paid quarterly, March (15), June, September and December. In June, 1893, dividends were increased from the rate of 6 per cent, to 8 per cent, per annum. In June, 1890, owing to the reduction of gas prices caused by competition, the company reduced the quarterly dividend to per cent, and in the following September to i per cent., which rate was maintained until September, 1900, when 3 per cent, was pakl and continued to be the regular rate until December, 1904, when the quarterly dividends were raised to 3K per cent, making the annual rate 10 per cent., which continued to be paid until June, 1905, when it was reduced to 3 per cent., which was the quarterly rate until March, 1906, inclusive. The June, 1906, and subsequent dividends have been i per cent, quarterly.

Funded Debt

Debenture bonds, 5 per cent., due May, 1908, May and Nov $1,387,000

Convertible debenture bonds, 6 per cent., due July, 1909, Jan. and July 20,000,000

Collateral notes, 6 per cent., due Aug., n 08, Feb. and Aug 5,000,000

" " 6 per cent., due Feb., 1909 Feb. and Aug 5,000,000

Funded Debt— Controlled Companies

Edison Electric 111. xst mort., 5 per cent., due March, 19x0, March and Sept $4,313,000

" " xst cons, mort, 5 per cent, due July, 1995, Jan. and July 3,188,000

Mt. Morris Electric Light xst mort., 5 per cent., due Sept., 1940, March and Sept.. . . 988,000

N. Y. Gas & E. L. H. & Pow. xst mort., 5 per cent, due Dec., X948, June and Dec. . x5,ooo,ouo

pur. mon. mort., 4 p. c, due Feb., X949, Feb.jmd Aug. 30,9a9,39x

cons, mort., 5 per cent, due Jan., 1945, Jan. and July x,50o,ooo

Equitable Gas Light cons, mort., 5 per cent., due March, X933, March and Sept 3i5oo,ooo

N. Y. & E. River Gas xst mort., 5 per cent., due Jan., X944 Jan. and July 3,500,000

New Amsterdam Gas Co. xst cons, mort., 5 per cent., due Jan., X948, Jan. and July.. xo,635,ooo

Central Union Gas mort., 5 per cent., due July, X937, Jan. and July 3,500,000

Northern Union Gas Co. xst mort., 5 per cent., due Nov., X937, Mav and Nov x,35o,ooo

Uxiited Electric Light & xst mort, 5 per cent, due July, X934, Jan. and July 4,838,000

Standard G. L. xst mort., 5 per cent, due May, XQ30, May and Nov x,385,ooo

Westchester Lighting Co. cons, mort., due Dec., X950, June and Dec 6,004,000

N. Y. & Westchester gen. mort. , x to 4 per cent, due July, 3004, Jan. and July xo,ooo,ooo

debentures, 5 per cent., due July, X954, Jan. and July 3,500,000

N. Y. & Suburban Gas, ist mort., 5 per Cent, due Mar. 190, Mar. and Sept 343iOoo

Hudson River Gas and Electric, xst mort., 5 per cent, due May, 1939, May and Nov. 350,600

White Plains Lighting, xst mort., 5 per cent., due June X938. June and Dec J35iO(

Total $xx4,354,39i

See statement of the Westchester Lighting Co. for deuilsof the funded debt of that company and of the New York & Westchester Lighting Co.

The 5 per cent, debentures ($3,000,000 authorised) were Issued in x888 to retire maturing bonds and provide for extensions and improvements. The two issues of 6 per cent, collateral notes were created and sold in August, X907, and January, X908 respectively. They are secured by the stock of the New York Edison Co.

The 6 per cent, debentures were issued in xp04, and are convertible into stock at par July x, '1907, or any subsequent interest date. Stockhoklers of record June 8, X9Q4, had the right to subscribe for the same at par to the extent of 35 per cent, of their holdings.

The New York Gas & Electric Liefht, Heat & Power Co. has $4S,3oo,ooo of stock. That company acquired the Edison Electric Illuminating Co. of New York, the stock of which was pledged as security for $3 x, 000,000 of 4 per cent phase money bonds and various other electric companies. The Consolidated Gas Co. bought the stock of the New York Gas & Electric Co. with an issue of $j6,ooo,ooo of 4 per cent dentures, redeemable in its own stock at $333 for the latter. All of the debentures have been retired.

The approximate earnings of Uie company for 1903 were : net over interest charges, $8,475,- 080 ; dividends, $5,975,080 ; surplus, $3,500,000. In 1904 net was stated to be about $9,000,000 ; dividends, $6,400,000; balance, surplus, $3,600,000.

The amount expended for construction in 1903 was $5,033,987 ; in 1903, $7,035,796 ; in 1904, $9,668,000.

Chairman, Harrison E. Gawtry, New York. Vice-President, Walter R. Addicks, New York. Vice-President, Lewis B. Gawtry, New York. Vice-President and Secretary, Robert A. Carter, New York. Treasurer, James A. Bennett, New York. Assistant Secretary, Colin C. Simpson, New York. Assistant Treasurer, Benjamin Whitelev, New York.

Directors— Walter R. Addicks, New York. George F. Baker, New York. Walter P. Bliss, New York. Anthony N. Brady, Albany, N. Y. Arthur H. Elliott, New York, Harrison E. Gawtry, New York. Louis M. Greer, New York. Stephen S. Palmer, New York. WiUiam Rockefeller, New York. Samuel Sloan, New York. John W. Sterhng, New York. Moses Taylor, New York. Frank A. Vanderlip, New York.

Blain office, 4 Irving place, New York. Annual meeting, Monday preceding the last Friday in Jannaiy, at New Yon. Books close about two weeks before.

Comsolidated 645, Electric Light A Power Co. Of Bal Tihore.

A corporation formed under the laws of Maryland, February 14, 1905. The company was a consolidation of the United Electric Light & Power Co., Baltimore, and the Wenstrom Electric Co. The company also acquired a majority of the stock of the Consolidated Gas Co. of Baltimore, and that company was merd June so, 1906.

The company owns the entire capital stock of the Northern Electric Company, and prmctically the whole of the Mount Washmgton Electric Light and Power Company's stock. In Januarv, 1907, the company acquired control of the Roland Park Electric & Water Company, through the purchase of its entire capital stock.

In November, 1907, the BaUimore Electnc Company was leased for a term of 999 years. The common stock of the Baltimore Electric Company is owned the Maryland Securities Company, and that companys stock is owned entirely by the Consolidated Gas,. Electric Light and Power Company of Baltimore. Under the lease, this company guarantees the bonds of the Baltimore Electric Company, both principal and interest, and dividends of 5 per cent. 00 its preferred stock.

The company controls the entire gas and electric lighting business of the dty. Its franchise is perpetual. The price of gas is $1.00.

In March, 1907, a ten year contract, with the privilege of renewing for another ten-year term was entered into with the McCall's Ferry Power Company, for the transmission of power from Susquehanna River, at McCairs Ferry, to Baltimore. This plant is under construction, and it is expected will be in operation in the winter of 1908-09. The Consolidated Company has a new 13,000 K. W. generator, at Westport, Md., and an extension is in progress.

Stock . . Par $100. . Auth. -( pfd.prior lien 700,000 v Issued pfd.prior lien 700,000 V $13,360,054 ! pref 6,360,054 ) ( pref 6,360,054 )

The preferred stock is 6 per cent, cumulative, and is redeemable at i3o and accrued dividends. The preferred prior lien stock is 6 per cent, cumulative stock, and is redeemable at 105 and accrued dividends. Transfer Agent, Continental Trust Co., Baltimore. Registrars, Alexander Brown & Sons, Baltimore.

Dividends of 6 per cent, per annum, are paid on the preferred prior lien stock, the dividend periods being semi-annual, April and October. On the preferred stocky 13 per cent, was paid in October, 1906, and the subsequent dividends have been 3 per cent, each, semi-annual, in April (i) and October.

Funded Debt

Consolidated G. E. L. & P. Co. gen. mort., per cent., due Feb., 1935. Jan., July. . $7,151,000

United Elec. L. & P. Co. ist cons, mort, 43 percent., due May, 1931, May and Nov. 4,343,000

" underlying bonds, various 357,000

Consolidated Gas, ist mort., 6 per cent., due July, 1910, Jan. and July 3,584,000

gen. con. mort., 5 per cent., due July, 1939, Jan. and July 3,400,000

gen. mort., per cent., due April, 1954, April and Oct 3,505,000

Baltimore Electric, ist mort., 5 per cent., due Jan. 1939, Jan. and July 3,144.000

Total $34,384,000

The Consolidated Gas Electric Light & Power Co. consolidated mortgage is for $15,000,000, of which $8,639,000 was reserved for the company's general purposes. Trustee of the mortgage. Continental Trust Co., Baltimore.

Industrial Securities, 475

The United Electric Light & Power Co.*s ist consolidated mortgage is for $4,500,000. Interest is payable at the office of Alexander Brown & Sons, Baltimore.

The Consolidated Gas Co.'8 per cent, general mortgage was created in 1904, an is for $15,000,000. Trustee and agent for the payment of interest, Iidelity & Deposit Co. of Baltimore. Of the outstanding bonds, $1,500,000 were used to retire a like amount of certificate of indebtedness bearing per cent., of which there were three series of $50c,ooo each. The Consolidated Gas, Electric Light & Power Co., guarantees the 5 per cent, dividends on $x,ooo,ooo preferred stock (par $50) of the Baltimore Electric Co.

Chairman, S. Davies Warfield, Baltimore. President, Ferdinand C. Latrobe, Baltimore. Vice-President, Alten S. Miller, Baltimore. Secretary, Charles M. Cohn, Baltimore. Treasurer, John L. Bailey. Baltimore. Assistant Treasurer, A. F. Bonsall, Baltimore.

Directoi:s--Charles Adler, Baltimore. Samuel R. Bertron, New York. Anthony N. Brady, Albany, N. Y. George Cator, Baltimore. Charles M. Cohn, Baltimore. Charles T. Crane, Baltimore. John B. Dennis, New York. Charles K. Dickey, Baltimore. Francis H. Hambleton, Baltimore. Thomas J. Hay ward, Baltimore. F. S. Landstreet, Baltimore. Ferdinand C. Latrobe, Baltimore. Alten S. Miller, Baltimore. Thomas J. Shyrock, Baltimore. S. Davies Warfield, Baltimore. Frederick W. Wood, Sparrow Pomt, Md.

Main office, Lexington and Liberty streets, Baltimore. Annual meeting, first Monday in October, at Baltimore.

Coksoudmted Ice Co.

A corporation formed under the laws of Pennsylvania, April 1, 1899. business of the compQjiy is the harvesting, manufacturing and distribution of ice, natural and artificisd.

It owns in the cities of Pittsburg and Allegheny, Pa., eight establishments for the manufacture of ice, together with the necessary plant and fatalities for its distribution. The capacity of its plants is about 1,080 tons of manufactured ice daily and 200,000 tons of natural ice per annum.

The preferred stock is 6 per cent., cumulative. Transfer Agent, Union Trust Co., Pittsburg. Registrar. Fidelity Title & Trust Co., Pittsburg.

Dividends on the preferred stock are paid at the rate of 6 per cent, per annum, the payments being quarterly, m January, April, July and October. Dividends at the rate of 4 per cent, per annum were paid on the common stock until July, 1902, when they were suspended.

President, James McAfee, Pittsburg. Vice-President, T. M. Rees, Pittsburg. General Manaeer, T. A. Dunn, Pittsburg.

IMrectors— W. Harry Brown, Pittsburg. J. D. Gallery, Pittsburg. John S. Craig, Pittsburg. James McAfee, Pittsburg. M. K. McMuUin, PitUburg. T. M. Rees, Pituburg. WiUiam M. Rees, Pittsburg.

Main office, Thirteenth and Pike streets, Pittsburg. Annual meeting, third Monday in February, at Pittsburg.

Coksou Dated Kercur Gold Mikes Co.

A corporation formed under the laws of New Jersey, August i, 1900. It acquired the following corporations :

Mercur Gold Mining and Milling Co. De La Mar's Mercur Mines Co.

The property of the company includes 79 mining claims, aggregating 944 acres ; a z,ooo and a 500-ton cyanide mill, steam electric plant, machine shop, refinery, compressor plants, dwelling houses, electric tramway, a water works system and ao acres of water right, at Mercur, Utah.

Stock Par $1 Authorized, $x,ooo,ooo Issued, $1,000,000

Stock is transferred at the office of the company, Salt Lake City, and by the American Trust Co., Boston. Registrars, McComick & Co., Salt Lake City; State Street Trust Co., Boston.

A dividend of xx cents per share was paid November x, 1900. A dividend of xa cents per share was paid in May, Aue:ust and November, 1901, and February, X902. Beginning with April, 1903, monthly dividends 013 cents per share were paid up to May, 1903, inclusive. In 1905, paid cents per share, in June, September and December, and in igo6, paid cents per share, in March, June, September and December. No dividends were paid in 1907.

Earnings

Year ending June 30 Gran Ntt

President, John Dern, Salt Lake City. Vice-President, Hubbard W. Reed, Salt Lake City. Secretary. A. Reeves, Salt Lake City. Treasurer and General Manager, Gecvge H. Dem, Salt Lake City.

Directors— E. H. Airis, Salt Lake City. Henry A. Bingham, Oradell, N. J. A. W. Chesterton, Boston. George H. Dem, Salt Lake City. John Dem, Salt Lake City. J. E. Frick, Salt Lake City. Hubbani W. Reed, Salt Lake City.

Corporate office, 15 Exchange place, Jersey City. Main office, Dooly Building, Salt Lake City lual meeting, first Monday in July, at Jersey City.

Annual

TH£ COHSOU DATED HIMIHG i SKELTIKB CO. OFCMKMDA. LIHITED

A corporation formed under the laws of Canada in January, 1906. The company acquired ▼arious mining and smelting properties as follows :

St. Eugene group of silver-lead mines, Moyie, War Eagle gold-diver-copper mines, Roasland,

B. C. B. C.

Centre Star silver-gold-copper mine, Ross- Rossland Power Co., concentrating' mill,

land, B. C. Trail, B. C.

Canadian Smelting Works, Trail, B. C. Richmond group, silver-lead, Sandon, B. C.

The company subsequently acquired the Idaho Claim and the Enterprise Claim, adjoining the Centre Star property, and m 1907, purchased the Phcenix Amalgamated Group, at Phoenix, B. C.

Statemenu of the Centre Star Mining Co. and of the War Eagle Consolidated Mining & Development Co., Limited, were given in the Manual for 1905.

Stock Par $100 Authorised, $5,500,000 Issued, $5,355,x>

Stock is full paid and non-assessable. Stock is transferred at the office of the company, Toronto.

In the year ending June 30, 1907, the company reported a profit of $484,676.

President, Wilmot D. Matthews, Toronto. Vice-President, George Sumner, MootreaL Managing Director, W. H. Aldridge, Trail, B. C. Secretary, J. Kitto, Toronto.

Directors— F. P. Buck, Sherbrooke. P. Q. W. H. Aldridge, Trail. J. C. HogdM, Montreal. Charles R. Hosmer, Montreal. Wilmot D. Matthews, Toronto. W. L. Matthews, Toronto. E. B. Osier, Toronto. H. S. Osier, Toronto. George Sumner, Montreal.

Main office, 49 Wellinon street, Et, Toronto. Local office, Trail, B. C. Annual meeting, fourth Tuesday in September, at Toronto.

Cohsou Dated Railway. Li6Htik6 Iiefri6Eratik6 Co.

A corporation formed under the laws of New Jersey on March 90, 1901. The company acquired control of the Consolidated Railway, Electric Lighting & Equipment Co., and throogfa the latter's ownership of a majority of the stock of the Lindstrom Brake Co. controls that company. It also controls the Railway & Stationary Refrigerating Co. of Maine, which is exploiting an improved mechanical refrigerating system. The lighting company has its apparatus in use on 85 railroads. Stock Par $100 Authorixed, $33,000,000 Issued, $31,115,838

Transfer Agent. Manhattan Trust Co., New York. Registrar, Hanover National Bank, New York.

President, Isaac L. Rice, New York. Vice-President, August G. Fromuth, Philadelphia. Secretary-Treasurer, J. L. Watson, New York.

Diiectorft— August G. Fromuth, Philadelphia. C. Douglas Green, New York. Philip J. Goodhart, New York. George W. Hoyt, New York. Isaac L. Rke, New York. Charla S. Thome, New York. J. L. Watson, New York.

Main office. 11 Pine street, New York. Chicago office, 3003 South Clark street. Annual meeting, third Thursday in March, at Jersey City.

Industrial Securities 477

Cok Soli Dated Rudder Tire Co.

A corporation organized under the laws of New Jersey, April 15, 1899. It owns patents covering: the manufacture of rubber tires by improved machinery and devices and their attachment to wheels, and sells the same and issues licenses to others.

The preferred stock is 6 per cent, cumulative. Transfer Agents, Colonial Trust Co., New York : Registrar & Transfer Co., Jenr City. Registrar, Hanover National Bank, New York.

The authorised amount of the stock was originally $5,000,000 of each class, and $4,000,000 each of preferred and common were issued. In february, 1901, it was proposed to retire $3,000,000 of the preferred with a like amount of the 4 per cent, debentures. In July, 1901, the plan was carried into effect.

The company began pa3ring dividends on its preferred stock September i, 1899, with iper cent. Quarterly, and paid regular quarterly dividends at that rate to December z, 1900, inclusive. The March, 1901, dividend was postponed in view of a proposed readjustment of the capital, and no dividends have since been paid.

Funded Debt Debentures, income 4 per cent., due 1951 $3,850,500

On April i, 190a, 3 per cent, was paid on the debentures out of the earnings of 190Z. On April I, 1004, 1% percent was paid from the earnings of 1903. On April i, 1905, iM per cent. was paid from the earnings of 1904. On April i, 1906, 2 per cent, was paid out of the earnings of 1905. On April i, 1907, 3 per cent, was paid.

In 19C36, the company reported gross earnings, $1,996,347; net, $85,515. In 1907, gross,

Chairman, Isaac L. Rice, New York. President, Van H. Cartmell, New York, ist Vice- Presklent, Stephen Peabody, New York. 2d Vice-President, Austin M. Poole, New York. Secretary

and Treasurer, Frederick A. Seaman, NewYork. Director*— V -- — -

-Van H. Cartmell, New York. Charles J. Heinsheimer, New York. Gustavus Ifaas, New York. Emerson McMillin, New York. Stephen Peabody, New York. Austin II. Poole, New York. Isaac L. Rice, New York. Frederick A. Seaman, New Jersey.

Corporate office, 15 Exchange place, Jersey City. New York office, ao Vesey street. Annual meeting, first Monday in May, at Jersey City.

The Cohsoli Dated Telephohe Com Paries Of Perrsyl¥Aria

A corporation formed under the laws of Pennsylvania, February, 1901, for the purpose of consolidatmg several existing companies and for operating local and long-<listance telephone and telegraph exchanges. The company has acquired the following companies : Lackawanna Telephone Co., Scranton, Pa. Lehigh & State Belt Telephone Co., Allen- People*8 Telephone Co., Wilkes-Barre, Pa. town. Pa.

Anthracite Telephone Co., Hasleton, Pa. Reading Telephone Co., Reading, Pa.

Overland Telephone Co., Lehighton. Pa. Interstate Telephone Co., (Long Distance Line.)

Honesdale Telephone Co., Honesdale, Pa. Berwick Telephone Co., Berwick, Pa.

The company leases the plants of the Easton Telephone Co. and the Easton & Bethlehem Telcnphone Co.

The above companies operated several suburban exchanges, which were acquired by the new company. The service of the consolidated company embraces about 18,500 subscribers. Stodc Par $100 Authorised, $4,000,000 Issued, $4,000,000

Stock is transferred by the Secretary of the company, Allentown, Pa. Registrar, Equitable Trust Co., Philadelphia.

Funded Debt ist mort, 5 per cent., due 193Z, Bfay and Nov $3,293,100

The ist mortgage is $6,000,000, authorised. Of this amount $1,000,000 has been placed in the hands of the trustee to redeem $820,000 underlying bonds of the companies abaoried. Trustee of the mortgage and agent for the payment of interest. The Equitable Trust Co., Philadelphia.

President, Robert E. Wright, Allentown, Pa. Vice-President, George O. Albright, Allentown. Secretary and Treasurer, C. W. M. Keck, Allentown. General Manager, Charles West, Allentown.

Directors— George O. Albright, Allentown. George R. Bedford, Wilkes-Barre, Pa. A. J. Brumbach, Reading, Pa. Thomas Daugherty, Allentown. Frank M. Green, Washington, D. C.

W. J. HarUell, Allentown. J. P. Helfenstdn, Shamokin, Pa. J. R. Hendel, Reading. Frank H. Herah, Allentown. C. W. Kline, Haxleton, Pa. W. A. Lathrop, Wilkes-Barre. Irving A. Steams, Wilkes-Barre. A. P. Trautwein, Carbondale, Pa. L. A. Watres, Scranton. Robert E. Wright, Allentown.

Corporate and main office, Allentown, Pa. Annual meeting, third Tuesday in January, at Allentown.

Consolidated Thactiom Co.

(Controlled by Philadelphia Company)

A corporation formed July 15, 1895, which acquired control of the Fort Pitt Traction Co., Central Traction Co., Pittsburg Traction Co. and Duquesne Traction Co., and of the Citizens' Traction and Allegheny Traction Companies, which were leased to the Fort Pitt Traction Co. Assumed operation of these properties in 1896. In looi, control was acquired by the Philadel-

Shia Company, which holds $14,214,950 coonmon ana$ii,6;8,ooo of the preferred stock. The [onongahela Street Railway and the Suburban Rapid Transit Railway were leased in January,

The formation of this company and the exchange or retirement of stocks of old companies undertaken by a syndicate, headed by Messrs. Drexel & Co., Philadelphia, is described in detail in the Manual for 190X.

Stock. .Par $so. . .Authorised $"5,ooo,ooo ) j ( com., $15,000,000 ooqqoo

The preferred stock is 6 per cent., cumulative, and participates equally with the common in further dividends after the common has also received 6 per cent. All arrears of dividends on the preferred were paid up in 1903.

Transfer Agent, Union Trust Co., Pittsburg. Registrar, Pittsburg Trust Co., Pittsburg.

Dividends of 3 per cent, on the preferred stock are paid semi-annually in May and November.

In January, 1903, the company began the payment of semi-annual dividends of i per cent, on its common stock, or a per cent, per annum, and has since paid at that rate on the common, the dividend periods being January and July.

Funded Debt

Pittsbure Traction ist mort., 5 per cent., due Oct., 1937, April and Oct $750,000

Central Traction ist mort., 6 per cent., due July, 1929, Jan. and July 375iO0o

Duquesne Traction ist mort., 5 per cent., due July, 1930, Jan. and July 1,500,000

Citisens' Traction xst mort., 5 per cent. , due April, 1937, April and Oct 1,350,000

Penn St. Passenger Ry. ist mort., 5 per cent., due June, 193a, June and Dec 350,000

Millville, Etna & Sharpsburg ist mort. , 5 per cent. , due Nov. , 1933, May and Nov. 750,000

Monongahela Street Ry. ist mort., due 1938, June and Dec 1,000,000

Wilkinsburg& Ea. Pittsburg ist mort., 5 per cent., due Sept., 1929, March and Sept. 3,000,000

Wilkinsburg & Verona mort., 5 per cent., due June, 1931, June and Dec 609,000

Pitcaim & Wilmerding Street Ry. xst mort., 5 per cent., due July, 1931, Jan. and July. 554,000

Suburban Rapid Transit St. Ry. ist mort. , 6 per cent. , due Sept. , 1913, March and Sept. aoo,ooo

Bloomfield St Railway ist mort., currency, 5 per cent., due Aug., 1933, Feb. and Aug. 350,000

Central Pass Ry. mort., 6 per cent., due Oct., 1934, April and Oct 135,000

Fort Pitt Traction, ist mort., 5 per cent., due Dec., 1035, June and Dec 938,000

Momingside Elec. Street Ry., ist mort., 5 per cent., due Oct., 1935, April and Oct... ' aoo,ooo

Total $10,744,000

The stock of the Citizens* Traction, $3,000,000, is entitled to guaranteed dividend at 6 per cent, per annum. The Allegheny Traction is guaranteed under lease 5 per cent, per annum on its $500,000 stock.

President, James D. Callery, Pittsburg. Vice-President, J. H. Reed, Pittsburg. Secretary, Winiield B. Carson, Pittsburg. Treasurer, C. J. Braun, Jr., Pittsburg. Auditor, C. S. MitcheU, Pitteburg.

Directors— James D. Callery, Pittsburg. Winfield B. Carson, Pittsburg. C. S. MitcheU, Pittsburg. J. H. Reed, PiUsburg. Joshua Rhodes, Pittsburg. S. L. Tone, Pittsburg.

Main office, 435 Sixth avenue, Pittsburg. Annual meeting, third Monday in April, at Pittsburg.

The Comsoudmtioh Coal Co.

A corporation formed under the laws of Maryland, March 9, i860. The company owns coal property in the George's Creek, Cumberland region, and controls the Cumberland & Pennsylvania Raihroad, 55 miles, including branches. The railroad earnings are included in the statements.

Industrial Securities 479

In January, 1903, a controlling interest was acquired in the stocks of the Fairmont Coal Co. and the Somerset Coal Co. See statements of those companies.

The Baltimore & Ohio Railroad Co. had considerable interests in this company*s stock, which in May, 1906, were sold to a syndicate. Stock Par $xoo AuthorijEed, $10,350,000 Issued, $10,950,000

Transfer Agent, Guaranty Trust Co., New York. Registrar, Windsor Trust Co., New York.

The company since 1889 paid 3 per cent, annusdiy on its stock to February i, 1905, inclusive. In February, 1904, and Februairy, 1905, extra dividends of a per cent, were also paid. The dividend paid February i, 1906, was per cent, regular. It was then announced that dividends were to be quarterly instead of annual. In January, 1907, in addition to the regular February dividend of 1I4 per cent., an extra dividend of a per cent, was declared payable February i, 1907. Further dividends in 1907 were per cent, each paid April 30, July 31 and October 31 respectively. On January 31, 1908, paid per cent, and a per cent, extra.

Funded Debt

ist mort., per cent., due Jan., 1933, Jan. and July / $480,000

Cumberland & Penn. Railroad ist mort., due Mar, 1931, 5 per cent.. May and Nov.. x, 000,000

Refunding mort. ,.4 per cent., due May, 1934, May and Nov 4,675,000

Total $6,155,000

The per cent, refunding mortgage is for $7,500,000, and was created in May, 1904. Bonds are subject to call at xio. Trustee and agent for the payment of interest, Standard Trust Co., New York. Of the total amount, $x, 750,000 are held bv the trustee to retire prior liens and $998,000 are held in the company's treasury. There is a sinking fund for the bonds of 3 cents a ton from all coal mined.

The company guarantees the Cumberland & Pennsylvania Railroad Co. ist mortgage bonds.

Net Cbaraes Surplus

1898 3 $3,o97,63x $675,944 $317,851 $458,093

Earnings

Div. Paid

Gross

1907 8 5,0x7,999 3,118,335 646,5x6 1,471,409

The charges include interest, sinking fund, taxes, depreciation and improvements.

Coal mined in X896, 1,157,200 tons; in 1897, 1,365,846 tons; in 1898, 1,435,418 tons ; in 1899, X, 536,468 tons ; in 1900, 1,160,155 tons ; in 1901, 1,685,384 tons ; in X903, x, 746,069 tons ; in 193, 1,753,783 tons ; in 1904, i,833,37x tons; in 1905, 3,,3x3 tons; in 1906, 3,138,879 tons; in X9D7, 3,003,0x6 tons.

President, Clarence W. Watson, Baltimore. Vice-President, J. H. Wheelwright, Baltimore Secretary and Treasurer, T. K. Stuart, Baltimore. General Auditor, A. S. Dunham, Baltimore.

Directors — H. Crawford Black, Baltimore. Van Lear Black, Baltimore. A. B. Fleming, Fairmont, W. Va. William H. Grafilin, Baltimore. George C. Jenkins, Baltimore. S. Davies Warfield, Baltimore. J. E. Watson, Fairmont. S. L. Watson, Fairmont. J. H. Wheelwright, Baltimore. William Winchester, Baltimore.

Corporate office, Cumberland, Md. Main office. Continental Trust Building, Baltimore. New York office, x Broadway. Annual meeting, third Wednesday in March, at

The Comsuhers Gas Co. Of Torokto

A corporation formed under the laws of Canada in 1848, to supply gas in the City of Toronto. The compemy has a coal gas plant with a daily capacity of 3,000,000 cubic feet, a water gas plant with a daily capacity of 4,500,090 cubic feet, 6 gas holders, combined capacity 6,500,000 cubic feet, and 337 miles of mains in use. At the end of 1907, extensive additions to the plants were in progress. The output of gas for the year ending September 30, 1907, was x, 773,588,000 cubic feet, an increase of per cent. Stock Par $50 Authorised, $3,500,000 Issued, $3,350,000

Stock is transferred at the office of the company, Toronto.

48o THE MANUAL OP STATISTICS

In June, 1907, $3cx>,ooo of new stock was sold at an average premium of 90.66 per cent., and in December, 1907, $450,000 additional was sold at about 80.44 per cent, premium.

Dividends, 10 cent, annually, were paid 18148-1857 ; 8 per cent, annually 1858-1874, and 10 per cent, annually since then. Dividend periods are quarterly : February, May, August and November.

Earninor Year ending September 30

Gross Net Charses Dividends Surplus

1900-01 $79.7i $a8a,837 $2,308 $174,606 $110,249

1901-03 843,43s 333. 5,387 17S.000 153,246

The net for 1904-05 includes $3,941 interest, and the charges for the same year include $170,891, charged to renewal fund. In 1905-06 charges include $179,653 for renewal fund and $36,844 for reserve fund. The total of the latter item Septemb 30, 1907, was $1,000,000, and there was also a special surplus fund of $55,467.

President, John L. Blaikie, Toronto. Vice-President, A. W. Austin, Toronto. Secretary and General Manager, W. H. Pearson, Toronto.

Directors— A. W. Austin, Toronto. John L. Blaikie, Toronto. A. H. Campbell, Jr.. Toronto. Sir W. Mortimer Clark, Toronto. Wellington Francis, Toronto. F. LeM. Grasett, Toronto. James Henderson, Toronto. John Hoskin, Toronto. Thomas Long, Toronto. E. B. Osier, Toronto. Andrew Smith, Toronto.

Main office, 19 Toronto street, Toronto. Annual meeting, last Monday in October, at Torotnto.

COHTIKEKTML COiL CO.

A corporation formed under the laws of West Virginia. The company owns about 3,3i6 acres and leases about 38,000 acres of coal lands and has a large mining property, with appurtenances, its properties being situated in Athens, and Hocking Counties, Ohio, on the lines of the Hocking Valley and Toledo & Ohio Central Railways. In 1905, control of this company was acquired by the Sunday Creek Co. See statement of that company.

Stock Par $xoo Authorised, $3,500,000 Issued, $3,500,000

Funded Debt ist mort., 5 per cent, sinking fund, due Feb., 1953, Feb. and Aug $3,543,000

The ist mortgage is for $3,500,000. Ekeginning February x, 19 13, bonds may be redeemed at no and interest on anv interest date on thirty days' notice. There is anking fund of 5 cents per ton on all coal mined by the company, bonds to be purchased at no for the same. Principal and interest is guaranteed by indorsement by the Hocking Valley Railway Co. and the Toledo & Ohio Central Railway Co. Trustee of the mortgage, Standard Trust Co., New York. Agents for the payment of interest, J. P. Morgan & Co., New York.

President, W. C. Merrick, Cleveland. Ve- President, Harvey H. Brown, Cleveland. Secretary and Treasurer, Gustav von den Steinen, Cleveland.

Bain office, Cleveland, O. Annual meeting, first Tuesday in May, at Cleveland.

Coktikeiital Cottok Oil Co.

A corporation formed under the laws of New Jersey, April 4, 1899. The company acquired a number of cotton oil manufacturing plants in Texas, Louisiana, and Oklahoma.

The preferred stock is 7 per cent., cumulative, and has priority as to assets. Transfer Agent, Registrar & Transfer Co., New York. Registrar, Knkkerbocker Trust Co., New York,

On March 33, xooo, the company declared 7 per cent, on its preferred and 6 per cent, on itt common stock. In Mav, 1901, declared 7 per cent, on the preferred and 4 per cent, on the common. In April, 1903, declared 7 per cent, on the preferred, and in April, 1907, 7 per cent, on the preferred.

Industrial Securities

PresideDt, A. J. Buston, Liverpool, Kng, Secretary anci Treasurer, Henry P. Smith, Philadelphia.

Directors— A. J. Buston, Liverpool. J. J. Culbertson, Paris, Tex. R. K. Erwin, Waxataachie Teac. S. T. Hubbard, New York. J. S. Le Clercq, Paris, Texas. Otto Magnus, New York. David H. Miller, New York. W. J. Neale, Waco, Tex. W. G. Nunn, Ladonia, Tex. A. C. Van Gaasbeek, New York. W. B. Wise, Paris.

Corporate office, Exchange place, Jersey Citv. Main office, isx Chestnut street, Philadelphia. Annual meeting, last Thursday in Sqitemoer, at Jersey City.

COMTIHEKTML Bill CO.

A corporation formed under the laws of Delaware, November 27, 1899, for the purpose of the manufacture and sale of cotton ginning and pressing machinery and engines and boilers, oil-mill machinery, etc. The company acquired Uie following plants, taking them over December i, 1899 :

Wlnship Machine Co., Atlanu, Ga. Daniel Pratt Gin Co., Prattville, Ala.

Manger Improved Cotton Machine Mfg. Co., Smith Son's Gin& Machme Co., Birmingham,

Dallas, Tex. Ala.

Northington-Munger- Pratt Co., Birming- Eagle Cotton Gin Co., Bridgewater, Mass.

liam, Ala.

Stock Par $100 Authorised, $3,000,000 Issued, $3,000,000

Stock is transferred at the office of the company, Birmingham, Ala.

Funded Debt ist mort., 5 per cent., due 1990, Feb. and Aug $377,000

The bond issue authorized is $750,000, which is covered by a mortgage on all the company's plants. Of the bonds $303,000 have been purchased and canceled hy the sinking fund, while $370,000 are held unsold in the company's treasury. Trustee of the mortgage and agent for payment of interest. Old Colony Trust Co., Boston.

President, S. I. Munger, Birmingham, Ala. Vice-President and Treasurer, Arthur W. Smith, Birmingham. Secretary, N. w. Proctor, Birmingham.

Directors— J. B. Bell, Prattville, Ala. F. C. Gammons, Bridg;water, Mass. S. P. Gates, Bridgewater. Ennis Munger, Dallas, Tex. R. S. Munger, Birmingham. S. I. Munger, Dallas, Tex. W. T. Northington, Prattville. Daniel Pratt, Prattville. Arthur W. Smith, Birmingham. D. T. Smith, Birmingham. James Virdin, Dover, Del. C. R. Winship, Atlanta, Ga. George Winship, Atlanta.

Corporate office, Dover, Del. Main office. Title Guarantee Building, Birmingham. Annual meeting, second Thursday in January, at Birmingham.

Coktikektml 2Ikc Co.

A corporation formed under the laws of Maine, April 4, 1903. The company was organized to succeed the Continental Zinc & Lead Mining & Smelting Co. That company owned in fee the Kohinoor tract, a lead and sine property of 300 acres at Joplin, Jasper County, Mo. Stock Par $35 Authorised, $550,000 Issued, $550,000

The stock is full paid and non-assessable. Transfer Agents, Hayden, Stone & Co., 87 Milk street, Boston. Registrar, Mercantile Trust Co., Boston.

In 1904, dividends of 40 cents per share were paid in January, April, July and October. The January, 1905, dividend was 50 cents per share, and the same rate was paid quarterly to October I, 1907. inclusive. The January, 1908, dividend was, however, passed.

President, Ernst Thalmann, New York. Vice-President, Galen L. Stone, Boston. Treasurer, Charles Hayden, Boston. Secretary, Jere. A. Downs, Boston.

Directors — William H. Brearley, New York. J. E. Downs, Boston. John C. Edwards, Boston. Charles Hayden, Boston. Alfred Kimber, New York. Galen L. Stone, Boston. Ernst Thalmann, New York.

Main office, 87 Milk street, Boston. Superintendent's office, Joplin, Mo. Annual meeting, first Tuesday in April.

Copper Rahoe Cohsoudated Co.

A corporation formed under the laws of New Jersey, December 3, 1901, to acquire the stocks of the Copper Ranjg:e Co. and the Baltic Mining Co., both Michigan corporations. DeUils of the plan for this combination were given in the Manual for 1905.

The Copper Range Co. vras formed under the laws of Michigan in 1899 to construct and own a railroad in the upper Michigan copper mining district and to acquire and develop the mineral lands lying along the line of the road.

The company acquired the rights and franchise of the Northern Michigan Railroad Co., which was reorganized under the title of the Copper Range Railroad Co. The latter company's road extends from Calumet, Mich., to Mass City, Mich., the total mileage with branches being 115 miles.

See below for the capitalisation and funded debt of the railroad company.

The Copper Rance Co. also owned over 10,000 acres of mineral lands in the Copper Range in Houghton County, Mich.

The Cop|)er Range Co. organized the Champion Copper Co. in 1890, with a capital of $3,500,000, in shares of $35 each, to develop and operate the Champion Mine. The latter is considered one of the most promising copper properties in the district. Four shafts and an extensive system of drifts were commenced in 1900 to open up the mine, which is equipped with modem machinery. One-half of the stock of the Champion Copper Co. was owned by the Copper Range Co., the other half being held by the St. Mary's Canal Mineral Land Co.

The Baltic Mining Co. was formed under the laws of Michigan in 1897. It acquired a copper bearing tract adjoining the Atlantic Mine and developed the same. It has $3,500,000 stock, par $35, of which the Copper Range Consolidated Co. owns practically the entire amount.

In September, 1903, this company acquired control of the Trimountain Mining Co.

Stock Par $100 Authorized, $40,000,000 Issued, $38,413,500

Transfer Agent, American Trust Co., Boston. Registrar, Old Colony Trust Co., Boston.

The first dividend paid by the present company was x per cent, quarterly, April i, 1905, and similar dividends were paid in July, September and December, 1905. In March 1 per cent, was paid, the same rate being paid in July. In October, 1906, per cent, was paid and in December, 1906, percent, and per cent, extra. The April, i, 1907. dividend was also 1% per cent, and per cent, extra, the same rates being paid m July and October, 1907. In January, 1908, I per cent, regular and no extra dividend was paid.

The Copper Range Railroad Co. has an authorized share capital of $5,000,000, of which $4,003, has been issued, $1,398,600 being owned by the Copper Range Consolidated Co. The railroad company, in 1899, created a ist mortgage for $5,000,000, American Trust Co., Boston, trustee, secured by its franchise and property. The bonds are 5 per cent, due, October, 1949, April and October, and were to be issued at the rate of $20,000 per mile on the main line completed and $15,000 per mile on side track and branches. The bonds are $3,035,000 in amount, of which at the end of 1907, $615,000 are in the treasury of the Copper Range Consolidated Co.

President, William A. Paine, Boston. Vice-President, Charles H. Paine, Boston. SecreUry and Treasurer, Frederic Stan wood, Boston.

Directors — J. Henry Brooks, Boston. Cameron Currie, Detroit. R. T. McKeever, Houghton, Mich. Kenneth K. McLaren, Jersey City. Charles H. Paine, Boston. William A. Paine, Boston. Samuel L. Smith, Detroit. Frederic Stanwood, Boston.

Main office. National Shawmut Bank Building, Boston. Annual meeting, first Wednesday in May.

Cosm Products Refihikg Co.

A corporation formed under the laws of New Jersey, February 31, 1906. The company was organized to effect a financial reorganization of the Com Products Co. and to unite the control of that company and of other concerns. See below for details of plan. The company owns $44,033,750 common and $34,980,600 preferred stock of the Corn Products Co., wtiich was a combination in 1903 of the National Starch Co., the Glucose Sugar Refining Co. and other organizations. See statement of the Corn Products Co. in the Manual for 1906.

The company acquired, in addition to the stock of the Corn Products Co. and the New York Glucose Co., the entire capital stock of the Wamer Sugar Refining Co.. Waukegan, 111., and the St. Louis Syrup Preserving Co. It also controls Com Products, Limited, a British corporation, and a German company of the same title.

The preferred stock is 7 per cent., cumulative.

The initial dividend on the preferred stock was i per cent., paid in July, 1906, and quarterly dividends of the same amount were also paid in October, 1906, and January. 1907. In April, 1907, paid 4 per cent., making 7 per cent, for the fiscal year. The subsequent quarterly dividends were, however, only 1 per cent, each, until, the April 19118 one, which was i per cent, and i per cent, extra, making 5 per cent, for the fiscal year.

Industrial Securities 483

The plan which was issued January 6, 1906, provided that holders of the $27,380,700 preferred 7 per cent, cumulative and the $45,315*500 common stocks of the Corn Products Co. should deposit their certificates with the Title Guarantee & Trust Co., New York, hj February. 1906, and receive negotiable receipts for the same exchangeable for stock of this company of the ame class in the proportion of two shares of the new for three shares of the old. The plan was declared operative Feoruary 2, 1906.

Funded Debt as year debentures, 5 per cent., due Nov., 1931, May and Nov $3,199,000

Funded Debt of Constituent Companies

Naticmal Starch debentures, 5 per cent., due July, 1935, Jan. and July $3,713,000

U. S. Sug:ar Refining ist mort., 6 per cent., due Dec., 1981, June and Dec 509,000

New Yonc Glucose ist mort., 6 per cent., due Sept., 1936, March and Sept 1,8x7,000

National Starch Mf:. ist mort., 6 per cent., due May, 1931, May and Nov 644,000

St. Louis Syxup and Ref. ist mort., 6 per cent., due 1913 300,000

In 1007, the eater part of the $3,843,000 National Starch 6 per cent, ist mortgage bonds were exchanged at par for the Corn Products Refining Co.'s 5 per cent, debentures, for which there is a sinking fund of $114,000 on November i, of each year, bonds to be drawn ac par.

The bonds of constituent companies given above have not been assumed.

Earnings Year ending February 28 Total Charges. Preferred

Income Taxes, &c. Dividends Betterments Surphtft

1906-07 $3,351,369 $197,347 $i,97,a96 $134,085 $41,54'

President, Edward T. Bedford, New York. Vice-President, W. J. Matheson, New York. Secretary, F. T. Fisher, New York. Treasurer, F. T. Bedford, Iew York.

Directors— F. Q. Barstow, New York. Edwaid T. Bedford, New York. F. T. Bedford, New York. W. J. Calhoun, New York. W. W. Heaton, New York. Thomas P. Kingsford, New York. W. J. Matheson. New York. Joy Morton, Chicago. J. A. Moffett, New York. W. H. Nichols, New York. Charles M. Pratt, Brooklyn, N. Y. J. B. Reichmann, New York. E. B. Walden, New York. C. M. Warner, St. Louis. Rudolph Winterman, St. Louis.

Corporate office, i Exchange place, Jersey City. Main office, 36 Broadway, New York.

THE WILLIAM CRAMP A SOUS' SHIP eUGIHE BUILDIHG CO.

A corporation formed under the laws of Pennsylvania, March 36, 1873. The company took over the large shipbuilding and machinery plant established at Kensington, Philadelphia, by William Cramp. The present company has greatly enlarged the works, the property covering over 41 acres of ground and embracing a large shipyard, shops, dry dock, etc. In 1900, the company acquired the Hillman plant at Philadelphia. Stock Par $100. Authorized, $6,350,000 Issued, $6,098,000

In June, 1903, the authorised stock was increased from $5,000,000 to $6,350,000. At the same time nearly ail the stock was deposited under a voting trust in connection with the creation and issue of the 5 per cent, notes described below. The voting trustees are Edward T. Stotesbury, Philadelphia ; Richard H. Ruston, Philadelphia ; George F. Baker, New York. There are $4,6,600 of voting trust certificates representing deposited stock, but the remaining stock can also be exchanged for the trustees' certificates.

Stock is tranerred at the office of the company, Philadelphia. Registrar, Fidelity Trust Co., Philadelphia.

In 1893, the company paid a scrip dividend of 30 per cent, in addition to cash dividends of 8 per cent.; in 1893, paid 10 per cent, on stock ; in 1894, 18 per cent.; in 1895, 7 per cent. In 1896- 97, no dividends were paid on the stock, the entire net earnings being used for additional working . capital. Dividend payments were resumed in 1898, per cent, being paid in December of that year. In 1899, paid 5 per cent.; in 1900, paid 5 per cent., the dividends being quarterly at the rate of per cent, in March (15), June, September and December. The dividends paid in 1901 were also 5 percent., and in 1903, the quarterly payments were i}( per cent, each, including the October dividend. The December, 1903, dividend was, however, passed, and no dividends have since been paid.

Funded Debt

ist mort., 5 per cent., due March, 1939, March and Sept $1,375,000

Gold notes, 5 per cent., due July, 1908-1919, Jan. and J uly 4,280,000

Total $5,55S,oocj

There are also real estate mortgages and ground rents outstanding amounting to $531,913.

The 5 per cent, gold notes were issued in April, 1903, and were subscribed for by a sjmdtcate formed by prezel & Co., Philadelphia. The notes are redeemable at and interest at anj Interest period on thirty days' notice, and mature $80,000 eadi six months for the first 5 years, after which the amount maturing increases considerably. They are secured by the deposit with the Girard Trust Co., Philadelphia, of 5 per cent, consolidated mortgage bonds of the company for an equal amount. The consolidated mortgage is for $7,500,000, of which $a,ooo,ooo is held to retire prior encumbrances and $500,000 for the company's requirements.

Trustee of the ist mortgage, Fidelity Insurance, Trust & Safe Deposit Co., Philadelphia.

Year endhig April 30 Gron Dividends

"904-05 7.383*308 314.165

Net Charges Surplus

The profit and loss account, April 30, 1907, showed a credit of $3,345,750.

President, Henry S. Grove, Philadelphia. Vice-President, Harry W. Hand, Philadelphia. Secretary and Treasurer, Charles T. Taylor, Philadelphia.

Directors— WillUm H. Barnes, Philadelphia. Henry S. Berwind, Philadelphia. Charies H. Cramp, Philadelphia. Samuel Dickson, Philadelphia. J. W. Dunn, New York. Henry S. Grove, Philadelphia. Harry W. Hand. Philadelphia. Francis L. Hine, New Yoric. Charles E. Mather, Philadelphia. George H. McFadden, Philadelphia. William M. Potts, Philadelphia. Albert Strauss, New York.

Main office. Beach and Ball streets, Philadelphia. Annual meeting, last Thursday in June, at Philadelphia.

Crocker'Wheeler Co.

A corporation formed under the laws of New Jersey, December 8, 1891, succeeding Crocker & Wheeler, a copartnership formed in 1888. The purpose of the company is the manufacturing of dynamos, electric motors and accessories. It also manufactures generators, boosters and allied articles for lighting, street railway plants, etc The plant of the company is located at Ampere, East Orange, N. J. Stock Par $100 Authorised, $3,000,000 Issued, $1,550,000

In April, 1904, the authorised stock was increased from $x,ooo,ooo to $3,000,000, and $350,- 000 of the new stock was subscribed for by stockhoklers at par and $300,000 more on the same terms in 1906.

Stock is transferred at the office of the company.

Dividends are paid quarterly in January (15), April, July and October. The company up to 1908 has paid $737,169 in dividends. It has paid dividends continuously since 1891, except in the year 1894. The rate in 1891 was $ per cent.; in 1893, 8 per cent. Since 1893 the rate has been 0 per cent, regularly, with extra dividends in 1898, 1903, 1904, 1906 and 1907.

President, Schuyler Skaats Wheeler, New York. Vice-President and Chief Engineer, Gano S. Dunn, New York. 2d Vice-President and Secretary, A. L. Doremus, New York. Treasurer, W. L. Brownell, East Orange, N. J.

Directors— F. B. Crocker, New York. A. L. Doremus, New York. Gano S. Dunn, New York. Fred. L. Eldridge, New York. Thomas Ewine, Jr., New York. A. Foster Higgins, New York. Adolph Lewisohn, New York. Herbert Noble, New York. Charles A. Spofford, New York. Schuyler Skaats Wheeler, New York.

Main office, Ampere, N. J. New York office, 39 Cortlandt street. Branch offices, Chicago, Philadelphia, Boston, Baltimore, Buffalo, Denver, San Frandsco, New Haven, New OrlesAs, Birmingnam, Ala., Los Angeles, Syracuse, Cleveland and Pittsburg. Annual meeting, second Wednoday in May, at Ampere.

The Crow'S Kest Pass Coal Co., Limited

A corporation formed under the laws of the Dominion of Canada, April 15, 1897, for the purpose or mining bituminous coal and manufacturing coke. The company owns miiies and ovens at Femie, Mkhel and Carbonado, B. C. In 1907, the company mined 98i,939 ODS of coal and produced (;93i, 368 tonsof coke. In 1907, the Granby Consolidated Mining, Smelting ft Power Co. acquired an interest in the stock of this company.

Industrial Sbgurities 45

Stodc Par $ioo Authorized, $4,000,000 Issued, $3,7x6,990

Stock is transferred at the office of the company, Toronto.

Beginning April, 190X, regular quarterly dividends of per cent, have been paid, the dmdend periods being January, April, July and October.

In 1909, the net profits were $171,986; in 1903, $310,492 ; in 1904, $406,049; in 1905, $497,898, in 1906, $351,791, and in 1907, $3822986.

President, G. G. S. Lindsey, Toronto, ist Vice-President, Robert Jaffray, Toronto. 2d Vice-President, Sir Henry M. Pellatt, Toronto. Secretary, R. M. Young, Toronto. Treasurer, £. R. Wood, Toronto.

Directors— W. P. Clough, New York. J. P. Graves, Spokane. Robert Jaffray, Toronto. G. G. S. Lindsey, Toronto. H. B. McGiverin, Ottawa. Sir Henry M. Pellatt, Toronto. Elias Rogers, Toronto. E. C. Whitney, OtUwa. E. R. Wood, Toronto.

Main office, 24 King street, West, Toronto. Operating office, Fernie, B. C. Annual meeting, second Friday in March, at Toronto.

Crucible Steel Co. Of Mkerica

A corporation formed under the laws of New Jersey, July 21, 1900. The company purchased the plants and goodwill of a number of concerns engaged in the manufacture of crucible and high-grade steel and products thereof, a list of the plants being given in the Manual for 1904.

The Park Steel Co., one of the chief constituent companies, was formed in 1899. Full details of its organisation and finances will be .found under its own title in the Manual for 1903.

In X901, this company organised the St. Clair Furnace Co. and St. Clair Steel Co.. which built large plants at Clairton on the Monongahela River. In 1902, this company formed the Clairton Steel Ca, which took over the St. Clair companies.

In May, 1904, the United States Steel Corporation acquired the Clairton Steel Co., assuming its bonds.

The preferred stock is 7 per cent., cumulative. Transfer Agents, Union Trust Co., Pittsburg ; Trust Co. of America, New York. Registrars, Fidelity Title & Trust Co., Pittsbuig , Farmers' Loan & Trust Co., New York.

The first regular quarterly dividend of per cent, on the preferred stock of the Crucible Steel Co. of America was paid December 29, 1900, and regular dividends of that amount were paid quarterly in March Cji), June, September and December, until the directors in December, 1903, decided to suspend tne payment of dividends on the preferred stock. The December, 1003, quarterly dividend was accordmgly passed, and no further dividends were paid until November,

1905, when I per cent, was distributed and continued to be the regular quarterly rate to February,

1906, when the (quarterly rate was increased to per cent., which was maintained until March. 1008, when action on the quarterly dividend was deferred. At that time the accumulated dividends on the preferred were 19 per cent.

At the close of the fiscal year ended August 31, 1907, the mortgages on the company's amounted to $200,000.

Iti January, 1907, the entire issue of collateral 6 per cent, bonds authorised in 1903 for $5,000,000 was canceled.

Earnings Year ending August 31

Net Dividends Surplus

1901-02 35.S2,468 1,766,690 1,785,778

haiKed as reserve for contingencies.

In 1901-02, $1,000,000 was charged off for depreciation, etc., making the net surplus for the year $785,778. In 1903-04, the net is given after charging off $761,194 for depreciation and doubtful accounts receivable. In 190607, $125,000 was charged off for depreciation, leaving the net surplus for the year, $1,080,970. Total surplus account, August 31, 1907, $2,457,23.

Chairman Executive Committee. William G. Park, PitUburg. President, Frank B. Smith, Pittsburg. 1st Vice-President, Reuben Miller, Pittsburg. 2d Vice-President, Herbert Du Puy, Pittsburg. 3d Vice-President, John A. Sutton. Pittsburg. 4th Vice-President, C. C. Ramsey, New York. Secretary, Alexander Thomas, Pittsburg. Treasurer, Julius Bieler, Pittsburg. Comptroller, George A. Turville, Pittsburg.

Directora— A. W. Black, New York. Herbert Du Puy, Pittsburg:. R. H. lUingworth, Newark, N. J. J. D. Lyon, Pittsburg. James M. May, Beaver Falls, Pa. A. W. Melloii, Pittsburg. Reuben Miller, Pittsburg. James H. Park, Pittsburg. William G.Park, Pittsburg. C. C. Ramsey, New York. George E. Shaw, Pittsbuig. William H. Singer, Pittsburg. Frank B. Smith, Pittsburg. H. S. A. Stewart, Pittsburg. John A. Sutton, Pittsburg. Alexander Thomas, Pittsburg.

Main office, Frick Building, Pittsburg. New York office, a Rector street. Annual meeting, third Wednesday in October, at Jersey City.

Cuhberlakd-Ely Copper Co.

A corporation formed under the laws of Maine, November a8, 1905. The company owns a large copper mining property at Ely, Nev., aggregating about 500 acres. Extensive development work has been in progress and very large ore bodies have been shown. In 1906 this com> pany and the Nevada Consolidated Copper Co., which owns an adjacent mine, arranged to jointly build a large smelter and concentration plant near Ely for their joint use. This company also acquired an interest in the stock of the Nevada Northern Railroad. The Guggenneim Exploration Co. has a considerable holding of the stock of this company. Stock Par $5 Authorized, $6,500,000 Issued, $6,500,000

In December, 1906, the authorized stock was increased from $5,000,000 to $6,500,000. Of the additional $1,500,000, aoo,ooo shares or $1,000,000 was paid to the Nevada Consolidated Copper Co. for a half interest in the Nevada Northern Railroad, and the stockholders were ofFeied the right to subscribe for the remaining 100,000 shares of new stock at $13.50 per share, the subscription being underwritten by a syndicate.

Transfer Agent, C. E. Beach, CJb Broadway, New York. Registrar, Morton Trust Co., New York.

President, Silas W. Eccles, New York. Vice-President. W. B. Thompson, New York. Secretary, W. E. Bennett, New York. Treasurer, Charles K. Lipman, New York. Assistant Treasurer, D. A. Crockett, New York.

Director— W. E. Bennett, New York. Silas W. Eccles, New York. George Gunn, Ely, Nev. F. W. Hills, New York. J. G. Hopkins, Greenwich, Conn. John K. MiuKjowan, New York. W. B. Thompson, New York. Pope Yeatman, Kentucky.

Corporate office, Portland, Me. Main office, 71 Broadway, New Yoric. Annual meeting, second Tuesday in February, at Portland.

Cumberland Telephohe A Telegraph Co.

A corporation formed under the laws of Kentucky, June 8, 1883. The company operates under an exclusive license from the American Bell Telephone Co., its territory comprehenciing all of Kentucky, Tennessee, Mississippi and Louisiana, and the southern parts of Indiana and Illinois. On January i, 1908, the company had 526 exchanges, with 170,039 subscribers.

In 1899 the company acquired control of the Ohio Valley Telephone Co., the territory of which included the city of Iuisville. In 1900, the Ohio Valley Co. was merged with this company.

A controlling interest in this company is owned by the American Telephone & Telegraph Co. Stock Par $100 Authorized, $20,200,000 Issued, $19,680,150

Stock b transferred at the office of the company, Nashville, Tenn., and by the American Loan & Trust Co., Boston. Registrars, American National Bank, Nashville; Old Colony Trust Co., Boston.

Dividends on the stock have been paid without interim.4sion since the formation of the The dividend periods are quarterly in January (i), April, July and October. Dividend payments began with iH per cent. October, 1883, and i? P" cent. January, 1884. From April, 1884, to January, 1886, 2 per cent, quarterly was paid ; from April, x886, to April, 1890, ifti per cent.; in July, 1890, per cent.; from October, 1890, to April, 1891, per cent.; 'from July, 1891. to January, 1898, i percent.; from April, 1898, to April, 1899, per cent.; from July, 1899, to October, 1900, 1% per cent. Since January i, 1901, the quarterly rate has been

Funded Debt

ist mort., 5 per cent., due Jan., 1918, Jan. and July $761,000

Debentures, 5 per cent., due Feb., 1990, or on call, Feb. and Aug

Total $1,000,000

Trustee of the ist mortgage and agent for the payment of interest, Washington Trust Co., New York. Of the bond issue of $x, 000,000 there had been retired to Febuary 29, 1908, $339,000 by the sinking fund. The 5 per cent, debentures may be called and paid at any time. Interest is payable at the Fourth National Bank, Nashville.

Industrial Sb.Cur1Tibs 487

Earnings

Charges

Gross Net and Taxes Dividends Surplu*

'904 4.027,117 1,141,309 267,142 818,674 355.493

'906/ 5.34,844 1,937.437 405,001 1,129,504 409,932

On January i, 19 )8, the total assets were $26,879,179 ; reserve for maintenance, $1,018,885 ; surplus, $2,768,783.

President, James E. CaldweU, Nashville, Tenn. Vice-President, W. W. Berry, Nashville. Vice-President, William Litterer, Nashville. Vice-President, A. G. Sharp, Atlanta. Seanetary, John W. Hunter, Jr., Nashville. Treasurer, T. D. Webb, Nashville. Assistant Secretary, K. Ward Smith, Nashville. Assistant Treasurer, Georg:e R. Knox, Nashville. Auditor, H. Blair Smith, Nashville. General Counsel, W. L. Granbery, Nashville.

Directors— John W. Barr, Louisville. E. M. Barton, Chicago. W. W. Berry, Nashville. W. S. Bransford, Nashville. James E. Caldwell, NashvUle. W. R. Cole, Nashville. WUliam Litterer, Nashville. W. K. PhilUps, Nashville. J. S. Robinton, Memphis, Tenn. A. G. Sharp, Atlanta, Ga. V. E. Shwab, Nashville. M. J. Smith, Nashville. Theodore N. Vail, Boston. F. O. Watts, Nashville. W. H. Woolverton, New York.

Main office, 180 North College street, Nashville, Tenn. Annual meeting, first Thursday in February, at Louisville. '

Daly Hi Hi Kg Co.

A corporation formed under the laws of Utah. The company owns and is developing a copper mining property near Park City, Utah. Stock Par $20 Authorised, $3,000,000 Issued, $3,000,000

Stock is transferred by the Assistant Secretary of the company, New York. Registrar, Farmers' Loan & Trust Co., New York.

President, J. E. Bamberger, Salt Lake City, Utah. Vice-Prrsident, H. G. McMillan, Salt Lake City. Secretary, W. R. Wightman, Salt Lake City. Treasurer, W. S. McCornick, Salt Lake City. Assistant Secretary, J. L. Tilton. New York.

Directors— Ernest Bamberger, Salt Lake City. J. E. Bamberger, Salt Lake City. D. M. Hyman, New York. W. S. McCornick. Salt Lake City. H. G. McMiUan, Salt Lake City.

Main office, 160 South Main street. Salt Lake City. New York office, 32 Broadway.

The Daly West Hihihg Co.

A corporation formed under the laws of Colorado in 1902. Its mines are located at Park City, Utah. Tne company absorbed the Quincy Mining Co. in 1902. Stock Par $20 Authorized, $3,600,000 Issued, $3,600,000

Transfer Agents, American Trust Co., Boston ; McCornick & Co., Salt Lake Citv.

The company paid its first dividend in 1899, of 20 cents per share. Dividends were paid monthly on the 15th, at the rate of 65c. per share per month, the rate having been increased from 60c. in October, 1903. This continued to be the monthlv rate until April, 1904, inclusive, after which the rate was 40c. per month. In 1905, it was decicfed to pay the dividends

quarterly, the first payment on this basis being 60c. per share, paid March 15, 1905, dividends of )e same amount being paid in June, September and December, 1905. In 1906, 60c. quarterly was also paid at the same periods. In 1907, the company also paid 60c. each in March, June and September, but the dividend paid December 16, 1907, was 30c. per share.

Earnings

Gross Net Dividends Surplus

President, J. E. Bamberger, Salt Lake City. Vice-President, H. G. McMillin, Salt Lake City. Secretary, J. Bamett, Salt Lake City. Treasurer, W. S. McCornick, Salt Lake City. Atsistant Secretary, Herbert Cohen, Salt Lake City.

Directors— J. E. Bambeier, Salt Lake City. W. H. Dickson, Salt Lake City. F. J. Hagenbarth, Salt Lake City. W. S. McComick, Salt Lake City. H. G. McMilUn, Salt Lake City.

Corporate office, Denver. Main office, i6z South Main street, Salt Lake City. Annual meeting, third Monday in February.

Da¥Is-Dmly Estate Copper Co.

A corporation formed under the laws of Maine, May 29, 1906. The company acquired extensive copper mining properties at Butte, Mont., including those belonging to the estate of A. J. Davis and the Daly Mining Co. They comprise some 400 acres and are being extensively developed by the present company. Stock Par, $15 Authorised, $10,050,000 Issued, $10,050,000

Stock is full paid and non-assessable. In May, 1906, 340,000 shares were offered for subscription at $13.50 per share to provide for the purchase of additional property and for development work.

Transfer agents. International Trust Co. , Boston ; Empire Trust Co. , New York. Registrars, First National Bank, Boston ; Colonial Trust Co., New York.

President, A. Coram, Boston. Vice-President, N. Willis Bumstead, Boston. Vice- President, George Wesknr Davis, Butte. Secretary and Assistant Treasurer, W. J. Freeman, Boston. Treasurer, R. A. Camochan, Butte.

Directors— N. Willis Bumstead, Boston. Joseph A. Coram, Boston. Chester D. Coram, Boston. George Wesley Davis, Butte. C. F. W; Dillaway, Boston. F. Augustus Hetnxc, New York. M. S. Largey, Butte. Charles R. Leonard, Butte. John MacGinnis, Butte. Henry Mueller, Butte. C. H. Palmer, Butte. Karl G. Roebhng, Trenton, N. J. S. S. Rosenstamm, New York. Edward L. White, Boston, WiUiam J. WoUman, New York.

Corporate office, lao Exchange Street, Portland, Me. Main office, 60 State Street, Boston. Annual meeting, first Wednesday in May, at Portland.

Delaware Securities Co.

A corporation formed under the laws of Delaware, September ao, 1902. Stock Par $100 Authorised, $8,000,000 Issued, $5,378,515

Funded Debt Collateral trust gold bonds, 5 per cent., due July, 1933, Jan. and July. $3,489,000

The collateral trust bonds are partly secured by the deposit of 9,971 shares of a total issue of 10,000 shares of the stock of the Laflin & Rand Powder Co.

President, A. J. Moxham. Vice-President, J. A. Haskell. SecreUry, Alexis I. du Pont. Treasurer, Pierre S. du Pont.

Directors— Pierre S. du Pont. J. A. Haskell. A. J. Moxham.

Corporate and main office, Wilmington, Del.

DE Lone HOOK EYE CO.

A corporation organised under the laws of Pennsylvania, May 14, 1907, a West Virginia company of the same name formed in 1900. The company owns the American and foreign patents and trade marks, goodwill, plant and machinery of Richardson & De Long Bros., Philadelphia, manufacturers of the De Long patent That Hump" hook-and-eye. The company manufactures not only the De Long patent hooks but other specialties. Stock Par $10 Authorised, $1,000,000 Issued, $950,000

Stock is transferred at the office of the company, Philadelphia. Registrar, Girard Trust Co., Philadelphia.

From July, 1905, the company paid dividends at the rate of 10 per cent, per annum, payments being 35 per cent, quarterly, in January, April, July and October. I'he March, 1908, dividend was, however, reduced to i H per cent.

President, George H. Cliff, Philadelphia. Vice-President, Edward C. Lee, Philadelphia. Vice-President, Frank E. De Long, Philadelphia. Secretary and Treasurer, William J. Gait, Jr., Philadelphia.

Directors— Frank E. De Long, Philadelphia. Charles M. Lea, Philadelphia. Edward C. Lee, Philadelphia. F. S. Lewis, Philadelphia. Frederick McOwen, Philadelphia. WiUiam

Industrial Securities 49

F. North, Philadelphia. Frank T. Patterson, Philadelphia. George Philler, Philadelphia. Thomas DeQ. Richardson, Jr, Philadelphia. £. Stanley Richardson, Philadelphia. Theodore C. Search, Philadelphia.

Main office, Broad and Wallace streets, Philadelphia. Annual meeting, first Thursday in May.

The Denver A Korthwesterkrailway Co.

A corporation formed under the laws of Colorado in June, looi. Road owned, Denver to Golden Ciiy, Col., and Ley den coal mines, Colorado, 35 miles, in 1908, the company acquired control of the Denver City Tramway Co., 157 miles, which is operated under its own organisation. The road is equipped and operated with electric power, bee statement of the Denver City Tramway Co. Stock Par $100 Authorised, $6,000,000 Issued, $6,000,000

Funded ist and collateral trust mort., 5 per cent., due May, 193a, May and Nov, $6,000,000

The collateral trust mortgage is for $6,ooo,ooa Trustee, Mercantile Trust Co., New York, interest being payable there or at the company's office in Denver. The bonds are subject to call on any interest day at 105 and interest. They were called for payment on November i, 1907, but in consequence of pending financial conditions the call was withdrawn before that date. They are secured by a first mortgage on the lines built and by the deposit of stock of the Denver City Tramway Co.

President, Samuel M. Perry, Denver. Vice-President, J. A. Beeler, Denver. Secretary, Frederick G. Moffat, Denver. Treasurer, Thomas Keely, Denver.

Directors— William L. Bull, New York. J. A. Beeler, Denver. D. Crawford Clark, New York. Rodney Curtis, Denver. C. J. Hughes, Denver. Thomas Keely, Denver. Frederick

G. Mo£Fat, Denver. Marsden J. Perry, Providence, R. I. Samuel M. Perry, Denver.

Main office, Majestic Block, Denver. Annual meeting, first Tuesday in June, at Denver.

Demver City Truhway Co.

(Controlled by The Denver & Northwestern Railway Co.)

A corporation formed March 3, 1899, being a consolidation of the leading street railway lines of Deiaver, Col., in pursuance of a plan formulated in 1898.

The companies whose property was included in the reorganisation and consolidation were the Denver City Railroad, West End Raih-oad and Denver Consolidated Tramwav. The Denver Tramway Power Co. furnishes the company with electric power and is leased by this company for twenty years. Road owned, 167 miles, operated by electric power.

In 1903 control of this company was acquired by The Denver & Northwestern Railway Co., which purchased nearly all the stock and deposited the same as collateral for its own bonds. See statement of that company. Stock Par $100 Authorised, $90,000,000 Issued, $5,000,000

In February, 1907, the authorised stock was increased from $5,000,000 to $202000,000.

Transfer Aent, Mercantile Trust Co., New York. Registrar, Central Trust Co., New York.

Quarterly dividends of i per cent, on the stock were paid, beginning Blay 15, 1901, but after May, 190a, the pajrments were suspended.

Funded Debt

Purchase money mort., 5 per cent., gold, due April, 1919, April and Oct $a,ooo,ooo

Denver Tramway Co., xst mort., 6 per cent., gold, due July, 1908, Jan. and July.. . . 498,000

cons, mort., 6 per cent., eold, due Jan., 1910, Jan. and July. . 1,2x9,000

Met. St. R. R. Co., xst. mort. 6 per oenL, gold, due Jan., 191 1, Jan. and July... 953iO0o

Denver Con. Tram. Co. cons, mort., 5 per cent., gold, due Oct., 1933, April and Oct.. 1,167,000

Denver Tramway Power xst imp. mort., 5 p. c, guar.,due April, 1923, April and Oct. x,28x,ooo

Total $7,xx8,ooo

The purchase money mortgage is $2,000,000 authorized. Trustee and agent for the payment of interest. Central Trust Co., New York. The purchase money mortgage is a first lien on the property of the former Denver City and West End roads, and has a hen, subject to the prior undisturbed mortgages on the Denver Consolidated Tramway Co.*s property.

The authorised consolidated morts:aee of the Denver Consolidated Tramway Co. is $4,000,000. Trustee of the morta and agent for the payment of interest. Mercantile Trust Co., New York. The authorized amount of the Denver Tramway Co.'s consolidated mortgage is $3,000,000. Trustee of the mortgage and agent for the payment of interest, Mercantile Trust Co., New York. Interest on all the bonds is also payable at the office of the company.

The Denver Tramway Power Co.'s bond issues are both guaranteed as to principal and interest by this company.

In February, 1907, an issue of $90,000,000 5 per cent, ao year general mortgage bonds was authorised.

President, William G. Evans, Denver, ist Vice-President, Samuel M. Perry, Denver. 3d Vice-President and General Manager, John A. Beeler, Denver. Secretary and Treasurer, Thomas Keely, Denver.

Directors— John A. Beeler, Denver. Rodney Curtis, Denver. William G. Evans, Denver. C. J. Hughes, Jr., Denver. Gerald Hughes, Denver. Benjamin A. Jackson, Providence, R. I. Thomas Keely, Denver. Frederick G. Moffat, Denver. Samuel M. Perry, Denver.

Main office. Majestic Block, Denver. Annual meeting, third Tuesday in February, at Denver.

THE DEHVEB GAS i ELECTRIC CO.

A corporation formed under the laws of Colorado, April 96, 1899. The company consolidated the Denver Consolidated Gas Co. and the Denver Consolidated Electric Co. The company was reorganised in 1903. In 1904, control of the Denver Highlands Electric Co. was acquired bv interests kientified with this company. In July, 1906, the Lacombe Electric Co. was acquired. Stock Par $100 Authorized, $3,500,000 Issued, $3,500,000

Transfer Agents, Ohio Trust Co., Columbus, O. and Emerson McMillin & Co., 40 Wall street. New York. Registrar, New York Trust Co., New York.

The company paid semi-annual dividends of iH Pr cent, each, February 15 and August 15, 1900. In February, 1901, the semi-annual dividend was passed in consequence of a threatened competition to the company. From July, 1907, to January, 1908, monthly dividends of per cent, each were paid.

Funded Debt

Prior lien mort., 6 per cent., due April, 1918, April and Oct $458,000

Coupon notes, 7 per cent., due Sept., 1909, March and Sept 250,000

Denver Gas & Electric gen. mort., 5 per cent., due May, 1949, Mav and Nov 5f594tOOO

Denver Cons. Gas ist mort., 6 per cent., due Nov., 19x1, Jan. and July 936,600

Lacombe Electric ist mort., 5 per cent., due May, 1991, May and Nov 900,000

Total $8,138,600

The Denver Gas & Electric Co.'s 5 per cent, general mortgage is for $8,000,000. Trustee of the mortgage, Trust Co. of America, New York.

The Denver Consolidated Gas Co.*s 6 per cent, ist mortgage bonds are $1,500,000, authorized and issued. Emerson McMillin & Co.. New York, pay coupons on these bonds.

Year ending March i

Gros. Net. Charget. Surplus.

Chairman, Emerson McMillin, New York. President, Henry L. Doherty, New York. Vice- President and General Manager, Frank W. Frueauff, Denver. Secretary, Clare N. Stannard, Denver. Treasurer, John T. Brady, Denver. Assistant Secretary, A. H. Ostrom, New York.

Directors — William J. Barker, Denver. Phillip Cross, Denver. Henry L. Doherty, Denver. Frank W. Frueauff, Denver. James B. Grant, Denver. Andrew S. Hughes, Denver. Harry C. James, Denver. Emerson McMillin, New York. J. G. Moffat, Denver. Henry ;r. Rogers, Denver. Edward W. Rollins, Denver.

Main office, 405 Seventeenth street, Denver. Annual meeting, second Tuesday in May, at Denver.

THE DEHIfER UKIOH WMTER CO.

A corporation formed under the laws of Colorado, October 14, 1894. The company owns and operates, under various franchises extending to 1910, the waterworks of Denver and the adjacent towns. The population served is 175,000. The company has a system of about 500

Industrial Securities 49'

miles of mains and some 3,aoo fire hydrants and 33,000 taps. It controls the South Platte Canal & Reservoir Co., which in 1904 completed a large storage reservoir. In September, 1907, action was taken in regard to an appraisal of the company's property, with a view to its sale to the City of Denver.

The preferred stock is 5 per cent., non-cumulative. Transfer Agent, Farmers' Loan & Trust Co., New York. Registrar, Continental Trust Co.. New York.

The first dividends were 5 per cent, on both the preferred and common stocks and were paid in April, 1905, and 5 per cent, was also paid on both classes of stock January 3, 1906, and January a, 1907.

Funded Debt ist mort., 5 per cent., due July, 1914, Jan. and July $8,000,000

The ist mortgage bonds outstanding are the amount authorized. Interest is paid at the Fourth National Bank, New York.

The company has indorsed amd guaranteed an issue by the South Platte Canal & Reservoir Co. of $4,000,000, authorised 5 per cent, bonds, of which $1,500,000 are outstanding, the same being due July, 1933, January and July, and subject to call at 105 per cent., between April 10, 1910, and April 11, 191 1.

Presklent, David H. Moffat, Denver. Vice-President, T. S. Hayden, Denver. Secretary, Walter P. Miller, Denver. Assistant Secretary, Alfred Kerns, Denver. Treasurer, Frederick G. Moffat, Denver. Auditor, J. H. Kingwill, Denver. Chief Engineer, George T. Prince, Denver. Manager, W. P. Robinson, Denver.

Directore— D. C. Dodge, Denver, J. B. Grant, Denver. T. S. Hayden, Denver. E. S. Kassler, Denver. W. C. Mead, Denver. Walter P. Miller, Denver. David H. Moffat, Denver. Frederick G. Moffat, Denver. W. P. Robinson, Denver.

Corporate and main office, 1654 Broadway, Denver. Annual meeting, second Tuesday in November.

Detroit City Gas Co.

(Controlled by American Light & Traction Co.)

A corporation formed under the laws of Michigan, January 17, 1898. It acquired all the gas properties in the dty of Detroit, which were combined in 1891 under the title of the Detroit uas Co. A reorganisation followed under the present title, and included the Detroit Gaslight Co. and the Mutual Gas Co.

The company's franchise extends to 1923. It has' 443 miles of mains. The price of gas for iUummatmg is 90c. per 1,000 feet and for fuel gas 8oc. per z,ooo feet. Control of the Wyandott Light & Fuel Co. was acquired in 1903.

In January, 1906, control of this company was acquired by the American Light & Traction Co., which purchased 97 per cent, of the stock. Stock Par $50 Authorized, $5,000,000 Issued, $5,000,000

Transfer Agents, Emerson McMillin 8c Co., 40 Wall street. New York. Registrar, NeW York Trust Co., New York.

Dividends are half-yearly. May and November. The first dividend was per cent., paid November 15, 1899, and dividends of the same amount were regularly paid until May, 1901, inclusive. The November, 1901, dividend was passed. In 1903, a dividend of 5 per cent, was paid in 6 per cent, certificates of indebtedness due 1906. In 1904, the dividends were in cash amounting to 5 per cent. ; in 1905, 6 per cent. The amounts of subsequent dividends have not been made public.

Funded Debt

Detroit City Gas prior lien mort., 5 per cent, due Jan., 1933, Jan. and July $5,6x9,000

General mort., 5 per cent., due July, 19x3-1916, Jan. and July 500,000

Detroit Gas Co. consolidated xst mort., 5 per cent., due Feb., 1918, Feb. and Aug. .. . . 381,000

Total $6,500,000

The prior lien mortgage. New York Trust Co., New York, trustee, is for $6,000,000. Of this amount $381,000 are reserved for exchange for bonds of the Detroit Gas Co. still outstanding. The original issue of Detroit Gas Co. console was $3,000,000 and there were $300,000 of income bonds. The Detroit Gas Co. had $3, x 17,000 of prior 6 per cent, encumbrance, which have all been discharged by the present company.

The general mortgage 5 per cent, bonds created in 1903 are $10,000,000, authorized, of which S6.ooo,ooo are renewed to retire the other bonds. Trustee of the mortgage, Equitable Trust Co., New York. Agent for the payment of interest, Emerson McMillin & Co., New York. Of

The authored consolidated mortgageof the Denver Consolidated Tramway Co. is $4,000,000. Trustee of the mortgage and agent for the jpajrment of interest, Mercantile Trust Co., New York. The authorized amount of the Denver Tramway Co.'s consolidated mortgage is $a,ooo,ooo. Trtistee of the mortgage and agent for the payment of interest, Mercantile Trust Co., New York. Interest on all the bonds is also payable at the office of the company.

The Denver Tramway Power Co.*s bond issues are both guaranteed as to principal and interest by this company.

In February, 1907, an issue of $ao,ooo,ooo 5 per cent ao year general mortgage bonds was authorized.

President, William G. Evans, Denver, ist Vice-President, Samuel M. Perry, Denver. 2d Vice-President and General Manager, John A. Beeler, Denver. Secretary and Treasurer, Thomas Keely, Denver.

Directors— John A. Beeler, Denver. Rodney Curtis, Denver. William G. Evans, Denver. C. J. Hughes, Jr., Denver. Gerald Hughes, Denver. Benjamin A. Jackson, Providence, R. I. Thomas Keely, Denver. Frederick G. Moffat, Denver. Samuel M. Perry, Denver.

Main office. Majestic Block, Denver. Annual meeting, third Tuesday in February, at Denver.

The Deii¥£R 6Ms Electric Co.

A corporation formed under the laws of Colorado, April a6, 1899. company consolidated the Denver Consolidated Gas Co. and the Denver Consolidated Electric Co. The company was reorganized in 1903. In 1904, control of the Denver Highlands Electric Co. was acquired br interests identified with this company. In July, 1906, the Lacombe Electric Co. was acquiiecl. Stock Par $100 Authorized, $3,500.000 Issued, $3,500,000

Transfer Agents, Ohio Trust Co., Columbus, O.and Emerson McMillin & Co., 40 Wall street, New York. Registrar, New York Trust Co., New York.

The company paid semi-annual dividends of per cent, each, February 15 and August 15, 1900. In February, 1901, the semi-annual dividend was passed in consequence of a threatened competition to the company. From July, 1907, to January, 1908, monthly dividends of per cent, each were paid.

Funded Debt

Prior lien mort., 6 per cent. , due April, 1918, April and Oct $458,000

Coupon notes, 7 per cent., due Sept., 1909, March and Sept 350,000

Denver Gas & Electric gen. mort., 5 per cent., due May, 1949, Mav and Nov

Denver Cons. Gas xst mort., 6 per cent., due Nov., 1911, Jan. and July 936,600

Lacombe Electric xst mort., 5 per cent., due May, 1931, May and Nov 900,000

Total $8,138,600

The Denver Gas & Electric Co.'s 5 per cent, general mortgage is for $8,ooo,ooa Trustee of the mortgage, Trust Co. of America, New York.

The Denver Consolidated Gas Co.*s 6 per cent, ist mortgage are $1,500,000, authorized and issued. Emerson McMillin & Co.. New York, pay coupons on these bonds.

Earrinob Year ending March i

Gross. Net. Char£e. Surplus.

Chairman, Emerson McMillin, New York. President, Henry L. Doherty, New York. Vice- President and General Manager, Frank W. Frueauflt, Denver. SecreUry, Clare N. Stannard, Denver. Treasurer, John T. Brady, Denver. Assistant Secretary, A. H. Ostrom, New York.

Directors— William J. Barker, Denver. Phillip Cross, Denver. Henry L. Doherty, Denver. Frank W. Frueauff, Denver. James B. Grant, Denver. Andrew S. Hughes, Denver. Harry C. James, Denver. Emerson McMillin, New York. J. G. Moffat, Denver. Henry J*. Rogers, Denver. Edward W. Rollins, Denver.

Main office, 405 Seventeenth street, Denver. Annual meeting, second Tuesday in May, at Denver.

The Dehyer Uhioh Water Co.

A corporation formed under the laws of Colorado, October 14, 1894. The company owns and operates, under various franchises extending to 1910, the waterworks of and the adjacent towns. The population served is 175,000. The company has a system of about 500

Industrial Securities 49

miles of mains and some 3,200 fire liydrants and 33,000 taps. It controls the South Platte Canal 8t Resenroir Co., which in 1904 completed a large storage reservoir. In September, 1907, action was taken in regard to an appraisal of the company's property* viith a view to its sale to the City of Denver.

The preferred stock is 5 per cent., non-cumulative. Transfer Agent, Fanners* Loan & Trust Co.. New York. Registrar, Continental Trust Co., New York.

The first dividends were 5 per cent, on both the preferred and common stocks and were paid in April, 1905, and 5 per cent, was also [Mdd on both classes of stock January a, 1906, and January a, 1907.

Funded Debt ist mort., 5 per cent., due July, 1914, Jan. and July $8,000,000

The ist mortgage bonds outstanding are the amount authorised. Interest is paid at the Fourth National Bank, New York.

The company has indorsed and guaranteed an issue by the South Platte Canal 8t Reservoir Co. of $4,000,000, authorised 5 per cent, bonds, of which $1,500,000 are outstanding, the same being due July, 1933, January and July, and subject to call at 105 per cent., between April xo, 1910, and April 11, 191 x.

President, David H. Moffat, Denver. Vice-President, T. S. Hayden, Denver. Secretary, Walter P. Miller, Denver. Assistant Secretary, Alfred Kerns, Denver. Treasurer, Frederick G. Moffat, Auditor, J. H. Kingwill, Denver. Chief Engineer, George T. Prince, Denver. Manager, W. P. Robinson, Denver.

Directors— D. C. Dodge, Denver, J. B. Grant, Denver. T. S. Hayden, Denver. E. S. Kassler, Denver. W. C. Mead, Denver. Walter P. Miller, Denver. David H. Moffat, Denver. Frederick G. Moffat, Denver. W. P. Robinson, Denver.

Corporate and main office, 1654 Broadway, Denver. Annual meeting, second Tuesday in November.

Detroit City Gas Co.

(Controlled by American Light & Traction Co.)

A corporation formed under the laws of Michigan, January 17, 1898. It acquired all the gas properties in the dty of Detroit, which were combined in X891 under the title of the Detroit Gas Co. A reorganisation followed under the present title, and included the Detroit Gaslight Co. and the Mutual Gas Co.

The companVs franchise extends to 1933. It has 44a miles of mains. The price of gas for illuminatmg is 90c. per 1,000 feet and for fuel gas 80c. per 1,000 feet. Control of the Wyandott Light & Fuel Co. was acquired in 1903.

In January, 1906, control of this company was acquired by the American Light & Traction Co., which purchased 97 per cent, of the stock. Stock Par $50 Authorized, $5,000,000 Issued, $5,000,000

Transfer Agents, Emerson McMillin & Co., 40 Wall street. New York. Registrar, NeW York Trust Co., New York.

Dividends are half-yearly, May and November. The first dividend was per cent., paid November 15, 1899, and dividends of the same amount were regularly paid until May, 190X, inclusive. The November, 1901, dividend was passed. In 1903, a dividend of 5 per cent, was paid in 6 per cent, certificates of indebtedness due 1906. In 1904, the dividends were in cash amounting to 5 per cent. ; in 1905, 6 per cent. The amounts of subsequent dividends have not been made public.

Funded Debt

Detroit City Gas prior lien mort., 5 per cent, due Jan., X9a3, Jan. and July $5,619,000

General mort., 5 per cent., due July, 1913-1916, Jan. and July 500,000

Detroit Gas Co. consolidated ist mort., 5 per cent., due Feb., 1918, Feb. and Aug. 381,000

Total $6,500,000

The prior lien mortgage, New York Trust Co., New York, trustee, is for $6,000,000. Of this amount $381,000 are reserved for exchange for bonds of the Detroit Gas Co. still outstanding. The original issue of Detroit Gas Co. consob was $a,ooo,ooo and there were $aoo,ooo of income bonds. The Detroit Gas Co. had $3,1x7,000 of prior 6 per cent, encumbrance, which have all been discharged by the present company.

The general mortgage 5 per cent, bonds created In 1903 are $10,000,000, authorized, of which S6.ooo,ooo are renewed to retire the other bonds. Trustee of the mortgage, Equitable Trust Co., New York. Agent for the payment of interest, Emerson McMillin & Co., New York. Of

these bonds $1,000,000 mature $100,000 each year from July, 1913, to 1933, indusiftt, tiM balance maturing in 1933.

In the year 190Z the net earnings were reported as $527,018 ; in 190a, $605,21 x; in 1903, $707*507* Subsequent earnings have not been reported.

President, Emerson McMiliin, New York. Vice-President and General Manaffer, Irrin Rutterworth, Detroit. Secretary, Charles S. Ritter, Detroit. Treasurer, M. W. O'Brien, Detroit Assistant Secretary, A. H. Ostrom, New York.

Directors— A. C. Angell, Detroit. Irvin Butterworth. Detroit. F. P. Byrne, New York. J. S. Hudson, New York. Cameron Currie, Detroit. A. P. Lathrop, Detroit. Emerson McMiliin, New York. M. W. O'Brien, Detroit. George H. Russ, DetroL

Main ofiSce, ajo Woodward avenue, Detroit. Fiscal Agents, Emerson McMiliin St Co., 40 WaU street. New York. Annual meeting, second Wednesday in May, at Detroit.

Detroit Edisok Co.

A corporation formed under the laws of New York in January, 1003. The company was a tonsolidaUon of and absorbed the Edison Illuminating Co. of Detroit, the Peninsular Electric Light Co., the East Skie Electric Co. and the Central Heating Co. It controls the electro liglit and power business of the City of Detroit. The Eastern Michigan Edison Co. which serves various places in the environs of Detroit, is controlled. Control of the company is held by the North American Co. Stock Par $xoo Authorised, $6,000,000 Issued, $5,000,000

Stock is transferred at the office of the company. New York.

Funded Debt

ist mort., 5 per cent., due Jan., 1933, Jan. and July $6,600,000

Convertible debentures, 6 per /Kut, due Sept., 191 1, Mar. and Sept 666,000

Eastern Michigan Edison ist mortgage, 5 per cent., due May, 19J3, May and Nov. . . . x,ooo,ooo

Total $8,966,000

The xst mortgage is for $10,000,000. Additional bonds may be issued for further property and improvements, and only to the extent of 75 per cent, of the cost thereof. Trustee of the mortgage. Standard Trust Co., New York. The debentures were authorised in August, 106, and are tor $1,000,000. The are convertible into stock after three years. The Eastern Michigui Edison xst mortgage, which is for $10,000,000 authorised, is guaranteed by the parent company.

Earnings Year ending October 31

GroM Net Conttniciioa Sorplvs

190J-04 $653,509 $330,697 $119,403 $46,009 $7S.99*

1905-06 x.059,979 430,769 989,361 1408

President, Charles W. Wetmore, New York. Vice-President, Alexander Dow, Detrofe. Secretary, Silas W. Burt, New York. Treasurer, George R. Sheldon, New York.

Directors— L. W. Bowen, Detroit. Edwin M. Bulkley, New York. C. A. Coffin, New York. Alexander Dow, Detroit A. Jaretske, New York. George H. Russel, Detroit. George R. Sheldon, New York. Charles W. Wetmore, New York. W. F. White, New Yoric

Main office, Detroit. New York office, 30 Broad street. Annual meeting, first Monday in February.

Detroit. Hmckikac A Marquette Railroad Laud Braht

Land grant 7 per cent, income bonds to the amount of $4,560,000 were created and issued bv the Detroit, Mackinac & Marquette Co., which about x88i built a line from St. Ignaoe. Mich., to Marquette, Mich. The company received from the State of Michigan a land grant of some 1,307,190 acres in the upper peninsula, situated in the counties of Chippewa, Mackinac, Marquette and Schoolcraft. These lands, under certain conditions, were pledged as security for the land grant bonds. The Detroit, Mackinac & Marquette Railroad was sold at foreclosure October 90, 1886, and was acquired and reorganized by the syndicate which constructed the Duluth, South Shore & Atlantic Railway. It now forms part of that system. Under the reorganisation the holders of the land grant bonds retained their lien upon the Unds.

Industrial Sbcuritibs 493

Land grant bonds, registered, due October, 191 z, April and Oct . . . $1,390,000

Under the instrument securing the bonds only a$ per cent, of the proceeds of lands sold were applicable to the payment of interest, the balance being applied to the expenses Of the trust and redemption of bonds. Under this provision and the provision for locating land, with bonds, $a,&|,ooo of the bonds have been retired by purchase, and $324,000 retired in payment for lands, leaving the above amount outstanding.

Interest payments upon the bonds have been as follows : In 189a, 3 per cent.; in 189, 3 per cent.; in 1894, 3 per cent.; in 1895, 3 per cent.; in 1896, 3 per cent.; in 1897, 3 per cent.; m 1898, 3 per cent.; in 1899, 3 per cent.; in 1900, 3 per cent.; in 1901, 3 per cent. The payments were seml-manual of i per c*nt. each in April and October at the Central Trust Co., New York. The October, 1903, payment was increased to ij per cent. In 1903, the payments were 34 Pr cent, each, in April and October, or 7 per cent, for the year. In 1904 and 1905, 7 per cent, was also paid. In April, 1906, paid 35 per cent., but the October, 1906, rate was i per cent. No interest payments were made in 1907. On April 6. 1908, i per cent, was paid.

In August, 1903, a sale was made of 1,000,000 acres for $1,350,000, payable in four instalments, the first payment having been made in June, 1903. During 1903 and 1904, the Trustees purchased and retired over $i,xoo,ooo bonds with the proceeds of the above and other sales. The unsold lands, January i, 1908, were 183,547 acres.

President, Philip H. McMillan, Detroit. Treasurer, M. H. Williams, Detroit.

Trustees of Land Grant, Frederick E. Ehiggs, Detroit. William W. Heaton, New York. Land Commissioner, E. W. Cotterell, Detroit. Assistant Land Commissioner, Wetmore Hunt, Detroit.

Main office, Penobscot Building, Detroit.

Tn£ Detroit Uhioh Railroad Depot A Statiom Co.

A corporation organized under the laws of Michigan in 1881, to supply station and depot facilities at Detroit to railroads requiring them. The company's property consists of station grounds of about 40 acres in Detroit, along the river front, adjoining the Michigan Central Railroad and terminals, and a railroad through the city and suburbs z% miles long. Terminal facilities are leased in perpetuity to the Wabash Railroad Co. and the Pere Marquette Railroad Co. The principal revenues of the company are derived from' the rentals of real estate. Stock Par $100 Authorised, $3,500,000 Issued, $3,350,000

Stock is transferred at the office of the company, Detroit. Registrar, Union Trust Co., Detroit.

The yearly dividends on the stock have been as follows : In 1890, 3 per cent.; in 1891, 4 per cent.; in 18 and 1893, 5 per cent.; in 1894, 6 per cent.; in 1895, $% per cent.; in 1896 to 1906 inclusive, 4 per cent. Dividends are psiid quarterly, January (15), April, July and October.

President, Henry B. Joy, Detroit. Vice-Presklent and Treasurer, Richard P. Joy, Detroit. Secretary, James G. MiUer, Detroit.

Directors— Willis E. Buhl, Detroit. Henry B. Joy, Detroit. James Joy, Detroit. Richard P. Joy, Detroit. Philip H. McMillan, Detroit. James G. Miller, Detroit. Truman H. Newberry. Detroit. Henry E. Shelden, Detroit.

Main office, Penobscott Building, Detroit. Annual meeting, first Wednesday in February.

Detroit U Kited Railway

A corporation formed under the laws of Michigan, December 31, i9cx>. The company absorbed the Citisens* Traction Co.. and thereby secured control of the following companies:

Detroit Citisens' Street Railway Co. Detroit Suburban Railway Co.

Detroit Electric Railway Co. Detroit, Fort Wayne & Belle Isle Railway Co.

The company has also acquired the following companies : Detroit 8t Northwestern Railway Co. Wyandotte & Detroit River Railway Co.

Detroit & Pontiac Ralhray Co. Detroit & Flint Railway Co.

The stock of the following companies is owned : Sandwich, Windsor & Amherstburg Railway People's Electric Light Co., Windsor, Ont.

Co.. Windsor, Ont. Detroit, Monroe & Toledo Short Line Ry. Co.

Detroit 8c Port Huron Shore Line Railway. Monroe Piers & Park Resort Co. City Electric Railway Co., Windsor, Ont. Detroit, Jackson & Chicago Railway Co.

Road operated January i, 1908, 398 miles. Total of all lines 741 miles.

The company owns and operates all the street railways in Detroit and its suburbs, comprising 6ao miles. The Detroit & Port Huron Shore Line, 127 miles, Is operated independently ; also the Sandwich, Windsor & Amherstburg Railway, 35 miles, operating in Windsor, Ont., and its vicinity. In January, 1907, the Detroit, Jackson & Chicago Railway Co., 104 miles, was organized in the interest of this company, and purchased all the properties of the Detroit, Ypsilanti, Ann Arbor & Jackson Railway Co,, the Jackson, Ann Arbor & Detroit Railway Co. and the Detroit, Plymouth & Northville Railway Xo.

Stock Par $xoo Authorized, $12,500,000 Issued, $19,500,000

Transfer Agents, Kean, Van Cortlandt & Co., 30 Pine street, New York. Registrar, New York Trust Co., New York.

Dividends of 4 per cent, per annum were paid regularly from March i, 1901, the payments being quarterly, 1 percent, each, in February (1). May, August and November. In August, 1905. the quarterly rate was increased to per cent. , putting the stock on a 5 per cent, basis.

Funded Debt

Detroit United Ry. ist cons, mort., 45 per cent., Jan., 193a, Jan. and July $11,367,000

3 year notes, 5 per cent., due March, 1909, March and Sept 1,000,000

" 3 year col. tr. notes, 5 p.c, due Feb. 15, 1910, Feb. (15) and Aug. 9,000,000

Detroit Railway Co. ist mort., 5 per cent., gold, due 1919-1924, June and Dec 1,800,000

De'roit Electric Ry. Co. cons, mort., 5 per cent., gold, due June, 1916, June and Dec. x, 000,000

n iroit, Ft.W. & Belle Isle Ry. ist mort. 5 p. c, gold, due April, 1927, April and Oct. 1,900,000

Detroit & Northwn Ry. Co. i st mort. , 4H per cent. , gold, due May, 1921 , May and Nov. 855,000

Detroit & Pontiac Ry. Co. ist mort., 5 per cent., gold, due Feb., 1922, Feb. and Aug. 500,000

xstcon. mort., 4H percent., gokl, due June, 1926, June and Dec. 600,000

Wyandotte & Det. Riv. Ry. ist cons, mort., 5 p. c, gold, due Dec., 1918, June and Dec.

Detroit & Flint Ry. Co. ist con. mort., 5 per cent., gold, due Aug., 1921, Feb. and Aug. 1,400,000

Detroit, Roch. , Romeo & Lake Orion Ry. ist mort. ,5 p.c.,due June, 1920, June and Dec. 1,100,000

Total $93,947,000

Funded Debt — Controlled Companies Detroit & Pt. Huron Shore Line ist mort., 5 per cent., gold, due 1950, Jan. and July. $1,599,000

Rapid Railway ist mort., 5 per cent., due March, 1915, March and Sept 3c,ooo

ist consol. mort., 5 per cent., gold, due May, 1916, May and Nov. . . . 3cx>,ooo

City Electric Ry. of Port Huron ist mort., 6 per cent., gold, due 1913, May and Sept. . 180,000

Detroit & Lake St. Clair Ry. Co. xst mort., 5 per cent., gold, due 1920, April and Oct. . 990,000

Port Huron, St. Clair & Marine City Ry., 5 per cent, due 1920, March and Sept 3*000

Sand., Wind. & Amherstb. cons, mort., per cent., due Dec., 1929, June and Dec. 400,000 Detroit, Monroe & Toledo Short Line, ist mort., 5 p.c, due Jan., 19-), Jan. and July 9,484,000

Detroit, Ypsilanti, A. A. & J., ist cons, mort., 5 p. c, due Feb., 1926, Feb. and Aug. 1,610,000

" " new mort., 5 per cent., due Feb., 1931, Feb. and Aug. 600,000

Detroit, Ypsilanti & A. A., ist mort., 6 per cent., due Nov., 1Q17, Mav and Nov 600,000

" " cons., ist mort., due Feb., 1924, Feb. and Aug 330,000

Ypsilanti & Saline Elec. Ry., 1st mort., 6 per cent., due July, 1919, Jan. and July. . . 60,000

The Detroit United Railway Co.'s ist consolidated mortgage, per cent., was created in 1902, and is for $25,000,000. Trustee, Guaranty Trust Co. , New York. Interest is paid at the office of Kean, Van Cortlandt & Co., New York. Of the total amount, $15,880,000 were reserved to retire underlying bonds, and $6,120,000 were to be used to acquire new property, issuable at 75 per cent, of the cost thereof if authorized by a vote of the company's stockholders. The bonds are subject to call at 105 on 60 days* notice.

The company in 1904, sold $8,200,000 of its per cent, ist consols, part of the proceeds of which were to retire the $6,585,000 of Detroit Cittxens' Railway consoU* dated 5s, which matured July i, 1905. Holders of the latter were given the opportunity to exchange them for the Detroit United consols.

The amount of authorized bonds of the Detroit & Port Huron Shore Line Railway Co. is $2,500,000. Of that amount $783,000 are reserved for the retirement of divisional liens and $335,000 for acquirement and extensions. Trustee of the mortgage. Union Trust Co., Detroit. Agent for the payment of interest, American Exchange National Bank, New York.

The amount of authorized ist consolidated mortgage bonds of the Rapid Railway Is $600,000 of which $300,000 is reserved to take up the outstandmg ist mortgage bonds of the company. Trustee of the mortgage and agent for the payment of interest. Finance Co. of Pennsylvania Philadelphia.

The amount of authorised bonds of the Detroit St Lake St. Clair Railway Co. is $400,000. Trustee of the mortgage and agent for the payment of interest. Union Trust Co., Detroit.

Industrial Securities 495

Trustee of the mortgage of tbe City Electric Railway, Port Huron Union Trust Co., Detroit. Ag;ent for the payment of interest, Hanover National Baiik, New York. Trustee of the mortgage of the Port Huron, St. Clair & Marine Citv Railway, Union Trust Co., Detroit.

Trustee of the Sandwich, Windsor & Amherstburg 45 per cent, consolidated mortge, National Trust Co., Toronto. Interest is paid at the office of the company, Cleveland. The bonds can be called at 105 after December i, 1912.

The Detroit Railway Co.'s 1st mortgage bonds outstanding are the full amount authorised. Trustee of the mortgage, Cleveland Trust Co., Cleveland. The authorized amount of the Detroit Electric Railway Co.*s consolidated mortgage is $3,800,000. Trustee of the mortgage, Cleveland Trust Co., Cleveland. The outstanding bonds of the Detroit, Fort Wayne & Belle Isle Railway Co. are the full amount authorised. Trustee of the mortgage, New York Trust Co., New York. Agent for the payment of interest, Kean, Van Cortlandt & Co., New York. Bonds are subject to call at 105 and interest.

The authorized ist mortgage of the Detroit, Rochester, Romeo & Lake Orion Railway Co. was $¥,350,000, of which $150,000 have been canceled. Trustee of the mortgage, American Trust & Savings Bank, Chicago. Interest is payable by the trustee and also by the Guaranty Trust Co., New York. The authorised ist consolidated mortgage of the Detroit & Flint Railway Co. is $3,000,000, of which Si, 100,000 is reserved to retire the outstanding bonds of the Detroit, Rochester, Romeo & Lake Orion Railway Co. and $500,000 is unissued. Trustee of the mort> gage and agent for the payment of interest. City Trust Co.. New York.

The Detroit, Jackson & Chicago in 1907, created a 5 per cent, ist morte:age for $4,000,000, which is designed to pay for the stock and retire the bonds of the Detroit, Ypsilanti, Ann Arbor & Jackson Railway Co.

Earnings

Gross Net Charges Surplus

In 1904, dividend payments were $500,000, balance surplus for the year $245,703. In 1905, dividends, $563,500; balance surplus, $452,332. In 1906, dividends, $635,000; depreciation charged off, $350,000: balance surplus, $385,045. In 1907, dividends $343,750; depredation, $376,000; balance surplus, $494,708.

Chairman, H. A. Everett, Cleveland. President, Jere C. Hutchins, Detroit. Vice- President. Arthur Pack, Detroit. Vice-President, E. W. Moore, Cleveland. Secretary, Edwin Henderson, New York. Assistant Secretary, Albert E. Peters, Detroit. Treasurer, George H. Russei, Detroit. General Manager, F. W. Brooks, Detroit.

Directors— F. W. Brooks, Detroit. H. A. Everett, Cleveland. A. J. Ferguson, Detroit. Jere C. Hutchins, Detroit. E. W. Moore, Cleveland. Arthur Pack, Detroit. Alonso Potter, Detroit. George H. Russei, Detroit. Charles M. Swift, Detroit. R. B. Van Courtlandt, New York. J. M. Wilson, Montreal.

Main office, 13 Woodward avenue, Detroit. Annual meeting, first Tuesday in February, at Detroit.

Diamond Match Co.

An Illinois corporation, organized 1880, succeeding a company of same name incorporated in Connecticut. It owns and operates match factories in Detroit, Mich.; Barberton, O.; Oswego, N. Y., Oskosh, Wis., Portland, Me., and Chico, Cal., and has sawmills at Biddeford, Me., Athol, Mass., Menominee, Mich., Hayward, Wis., Cloquet, Minn., and Chico, Cal. The company owns patents on machinery used in manufacturing matches, and has interests in companies using its processes and machinery in foreign countries. In 1901, an interest in the Bryant & May Co., Limited, of Great Britain, was acquired. The company has acquired jointly with the Bryant & May Co., Limited, large timber tracts in California. Stock Par $100 Authorized, $16,006,000 Issued, $16,000,000

Transfer agents, Empire Trust Co., New York ; Illinois Trust & Savings Bank, Chicago. Registrars, Merchants' Loan & Trust Co., Chicago ; Bowling Green Trust Co., New York.

In February, 106, the stock was increased by $1,000,000, making the amount $16,000,000 to provide for the liquidation of a debt incurred in connection with the acquisition of lands and the erection of a plant in California.

Dividencfs paid were as follows: in 1893, 3o per cent.; in 1894, 10 per cent.; In 1895, 315 percent.; in 1896 and subsequently, 10 per cent, per annum. Dividends are paid quarterly, at the rate of per cent, in March, June, September and December.

Earninos

Net

Dividends

Surplitt

M93.750

a,oai,07a

i,5cx>,ooo

Def. Sur.

i,77a,a79

Z90I

President, Ohio C. Barber, New York. Vice-President. Edward R. Stettinius, New Yorlc. Vice-President, F. M. Clough, Chico, CaL Vice-President, Charles H. Palmer, Akroo. O. Vice-President, James Hopkins, St. Louis. Treasurer, John K. Robinson, New York. Assistant Secretary, John Morava, Chica. Assistant Secretary, Howard F. Holman, New Yorlc

Directors— Ohio C. Barber. New York. F. Clough, Chk. CaL Granger Farwdl, Chicaico. Charles H. Palmer, Akron, O. E. A. Potter, Chicago. John K. Robinson, New York. Edward R. Stettinius, New York.

Main oflke, 56 Michigan avenue, Chicago. New York office, 11 z Broadway. Annual meeting, first Wednesday in May, at Chicago.

The Diahokd State Steel Co.

A corporation formed under the laws of Delaware in 1901 to take over the ptopeity of the Diamond State Iron Co. of Wilmington, DeL This comprised rolling mills, spike works, machine boh and nut works, rivet works, horse-shoe manufactory, foundry, machine shops, etc. This company also built a large open hearth steel plant of five furnaces.

In December, 1904, Receivers were appointed and a reorganization proposed. Stockholders were requested to deposit their stock with the Receiver in furtherance of the plan which, however, had not been definitely settled at the end of 1906. The property was sold at foreclosure February 25, 1907. and was purchased by a committee effected a reorganisatioo.

The preferred stock is 7 per cent., non-cumulative.

The old company paid dividends of 4 per cent, on its stock in January, 1900, July, 1900, January. 1901. and July. 1901. but no divklend was paid in January, 1902. or since.

Funded Debt ist mort.. 4 per cent., due 9000, May and Nov $1,000,000

President. Howard T. WalUce, Wihnington. Secretary, W. H. Wallace, Wilmington. Assistant Treaiurer, Frank W. Todd, Wilmington.

DirectorsJoseph S. Clark, Philadelphia. T. C. du Pont, Wilmington. WlUikm Gorham, Philadelphia. George McCall, Philadelphia. Edward B. Smith. Philadelphia. Henry Tatnall, PhUadelphia. George W. Todd, Wilmington. Howard T. Wallace. WUmingtoa. Edward Wolf. Philadelphia.

Main office, Wilmington, DeL Philadelphia office, Real EsUte Trust Building. New York office, 99 Broadway. Annual meeting, first Monday in October, at Wilmington.

Distillers Securities Corpormtioh

A corporation formed under the laws of New Jersey, September 18, 1903. The company was organised to aouire the stocks and property of the DisUlling Co. of America and to readjust and simplify the capital of that company. See full sutement of the Distilling Co. of Amerka and its constituent concerns in the Manual for 1903.

The Distillers Securities Corporation acquired 90 per cent, of the preferred stock and 9a per cent, of the common stock of the Distilling Co. of America. The companies controlled the DistilUng Co. of America are engaged in the manufacture, distribution and sale of spirits, alcohol, Kentuckv or Bourbon whiskey, rye whiskey, and their compounding and blending. The spirits and alcohol business is conducted by the American Spirits ifanufacturing Co. and the Standard Distilling: & Distributing Co. The Bourbon whiskey business is conducted by the Kentucky Distitlenes & Warehouse Co., and the rye whiskey business by the Hannis Distilling Co. In

Industriat. Securities 497

October, 1906, a new subsidiary company was organised under the title of United States Industrial Alcohol Co. to manufacture denatunzed alcohol m the interest of this company. The Distillers Securities Corporation controls the organiiation in question and guarantees the dividends of 7 per cent, per annum on its preferred stock, which has no voting power. Stock Par $100 Authorized, $52,500,000 Issued, $70,733,959

Transfer Agents, Equitable Trust Co., New York; Corporation Trust Co., Jersey City. Registrar, Mercantile Trust Co., New York.

The Mercantile Trust Co., New York, as trustee, holds $2,552,157 of stock against the outstanding stocks of the Distilling Co. of America and its constituent companies in pursuance of the reorganization set forth in the Manual for 1903.

The first quarterly dividend of i per cent, was paid Januarv 26, 1003, and similar dividends were paid regularly in January (27), April, July and October until October, 1906, when the rate was increased to i V pcr cent. In April, 1907, it was raised again to per cent, and the rate was paid to October, 1907, inclusive. The dividend paid in January, 1908, was, however, reduced to per cent.

Funded Debt

Collateral trust mort., 5 per cent., due Oct., 1927, April and Oct $13,990,000

American Spirits Mfg. Co. ist mort, 6 per cent., due Sept., 1913, March and Sept.. 1,502,000

Total $15,492,000

The collateral trust mortgage is for $16,000,000. Trustee and agent for the payment of interest, Mercantile Trust Co., New York. The stock, both common and preferred, of the Dis tilling Co. of America acquired by this company is deposited with the trustee. There are also deposited with the trustee $446,558 of this company's bonds to retire outstanding stock of the Distilling Co. of America. Holders of the Distillers Securities Corporation collateral trust bonds can convert them into stock at par at any time within ten years from 1909. These bonds are also redeemable at 105 after 1908.

See the Manual for 1904 for details regarding the constituent companies and the readjustment plan of 1900 under which the present company was organized.

Earnings Year ending June 30

Gross Gross Interest, Taxes,

Business Profits Reserves, Additions, etc. Charges Surplus

904-O5 71,210,446 3,737,315 1,355,185 903,149 1,568,880

The earnings for 1901-02 are the combined figures of all the constituent companies included in the present organization. From the surplus of $2,184,791 there were deducted $604,066 for dividends and $215,159 representing the surplus of the Spirits Distributing Co., which was dissolved and meied with this company, leaving a net surplus of $1,365,567. In 1902-03 dividends, a per cent., $604,066 ; balance surplus, $1,580,726. In 190334 dividends, 4 per cent., $1,305,460 ; surplus, $393,525. In 1904-05, dividends, $1,317,009; surplus, $251,871. In 1905-06, dividends, $(,337,036; surplus, $797,098. In 190607, dividends (6 per cent.), $1,634,309; surplus, $924,457. Total surplus account June 30, 1907, $6.6')8,i70.

President, E. J. Curlwr, New York. Vice-President, WUlard P. Ward, New York. Secretary and Treasurer, R. C. Rann, New York. Assistant Secretary and Assistant Treasurer, O. Warner, New York.

Directors— E. J. Curley, New York. Lawrence L. Gillespie, New York. Amory G. Hodges, New York. J. E. Hulshiser, Jersey City. W. Brentwood Smith, Philadelphia. Willard P. Ward, New York.

Corporate office, 15 Exchange place, Jersey City. New York office, 40 Exchange place. Annual meeting, third Wednesday in October, at Jersey City.

Dolores Likited.

A corporation formed under the laws of Great Britain, January 32, 1904. The company aauired the entire capital stock of the Dolores Mines Co. The latter, which is a Maine corporation, owns and operates a large gold mining property in the State of Chihuahua, Mexico. The Mines Company, of America, had an interest in this company's stock and distributed about 60,000 shares thereof to its own stockholders in 1905 as an extra dividend.

Stock Par £i Authorized ;£'4oo,ooo lasucd

Transfer Afi:ent, United States Mortgage & Trust Co.. New York.

In 1906 the company declared an initial dividend consisting of i per cent, each for November and December, 1906, and January, 1907, total 3 per cent., payable February 26, 1907. Total dividends paid to March 31, 1908, $336,671.

The company's surplus, March 31, 1908, was $458,539.

Chairman, Prank Hardcastle, London, Eng. Secretary, Henry Richards, London.

Directors — F. W. Baker, London. Frank Hardcastle, London. Rudolph H. Henning. London. M. Hunslker, London. J. £. B. Loftus, London.

Main ofHce, 3 Princes street, London, Eng.

Dokihiom Coal Co., Limited

A corporation formed under charter of the Province of Nova Scotia, February i, 1893, to lease and operate bituminous coal deposiu on Cape Breton Island. The company has a grant ot same for a term of 99 years under a royalty of 12 cents a ton. -

The company owns and operates the Sydney & Louisburg Railway, 40 miles.

On September 30, 1897, the company made a contract for 25 years with the New England Gas & Coke Co., but the contract was superseded by an amended contract for 5 years, commencing November 30, 1902.

It owns extensive shipping facilities and docks at Louisburg, Sydney. Montreal, Quebec, Three Rivers, Halifax, and bt. John, N. B., together with 5 steamships, 2 tugs and 5 barges.

In June, 1002, this company was leased to the Dominion Iron & Steel Co., Limited, for 99 years at a rental of $1,600,000 per annum, payable quarterly, and a royalty of 7c. per ton on all coal mined in excess of 3,500,000 tons per annum. In 1903 this lease was annulled, the coal company paying to the steel company $2,380,000, net, to get immediate possession of its property, with all improvements made during the period of the lease, amounting to $r, 600,000, also its liquid assets, etc., and for certain important modifications in the contract for supply of coal to the steel company. This contract calls for from 600,000 to 1,000,000 tons of coal yearly for 92 years at $1.28 per ton, the price being subject to readjustment in 1909 and at the end of every 5 years thereafter. Disputes occurred over the contract, resulting in litigation, which in Januarj, 1908, was in favor of the Iron & Steel Co. by the lower courts.

The coal output of this company has been as follows in the years ending February 98 : 1900, tons; 190X, 2,044,877 tons; 1902, 2,651,263 tons, and for the calendar year 190a, 3,174,277 tons; 1903, 3,147,766 tons; 1904, 3,023,522 tons; 1905. 3,189,657 tons; 1906, 3,552,746 tons ; 1907, 3,541 1353 tons.

The preferred stock has a cumulative preference of 7 per cent., and at any time within five years from May i, 1905, can be exchanged at the holder's option for common stock at par, but the company can redeem the preferred stock after May x, 1910, at 125 and accrued dividends. The company had $-$,000,000 of 8 per cent, preferred stock which was called and paid off May i, 1905, at 115, a syndicate having at that time subscribed for the $3,000,000 of new preferred at 115.

Transfer Agents, American Trust Co., Boston ; Royal Trust Co., Montreal; National Trust Co., Toronto. Registrar, The New England Trust Co., Boston.

The dividends on the old 8 per cent, preferred stock were regularly paid, 4 per cent, semiannually, in January and July. The first dividend on the new 7 per cent, preferred was 35 per cent, semi-annual, August i, 1905, and similar dividends have since been paid in Fduuary and August.

Dividends on the common stock, under the lease, were 8 per cent, per annum, a per cent. quarterly, the dividend periods being January (i), April. July and October. In 1903, the dividends paid in January, April and July were 2 per cent, each, paid out of the rental. In January, 1904, 3 per cent, for the half year was paid on the common out of earnings. After that no dividends were paid on the common until April 2, 1907, when payments were resumed at the rate of i per cent, quarterly or 4 per cent per annum, which has since been the regular rate.

Funded Debt ist mort., 5 per cent., due May, 1940, May and Nov $5,000,000

The first mortgage 5 per cent, bonds were created in 1905. The authorized issue is $7,oooi, 000. The amount outstanding was sold to a syndicate and with the proceeds the company retired its old issue of $2,435,000 of 6 per cent, mortgage bonds and discharged its floating debt. Additional 5 per cent, bonds can only be sold for improvements up to 75 per cenL of the cost of same. After May t, 1910, they can be reared on thirty days* notice at 105 and interest. A sinking fund commences in 1911, bonds to be drawn at 105.

Industrial Securities 499

Earnings Total

Net Profit Surplui

'905 1,573,833 1,394,135

In 1896, surplus over 8 per cent, dividends on preferred was $80,815. In 1897-98, after 8 per cent, dividends on preferred and $79,547 charged for improvements, surplus was $39,769. In 1899, after dividends on preferred and $144,587 charged to improvements, surplus was $68,672. In 1900, $89,741 was charged to extensions and $125,178 for improvements, after which, and the payment of 8 per cent, on the preferred, the surplus was $64,961. In 1901, $104,018 was cleared off and $213,333 Pd for dividends on the preterred, leaving a surplus of $159,182. In 1902, dividends on preferred, $240,000 ; balance surplus, $937,681. In 1903, dividends of 8 per cent, on the preferred and 7 per cent, on the common were $1,290,000; balance surplus, $162,000. In 1904, the dividends of 8 per cent, on the preferred were $240,000, balance surplus $890,338. In 1905* preferred dividends $220,916, balance surplus, $1,023,671. In 1906, preferred dividends, $210,000, balance surplus, $631,816. In 1907, preferred dividends, $210,000, common dividends, $600,000, balance surplus, $1,002,368.

President, James Ross, Montreal, ist Vice-President, F. L. Wanldvn, Montreal, ad Vice- President, G. H. Duggan. Sydney, N. S. Secretary and Treasurer, J. Mackay, Montreal.

Directors — Richard B. Aneus, Montreal. George A. Cox, Toronto. James Crathern, Montreal. Henry F. Dimock, New York. Graham Eraser, New Glasgow, N. S. Wilmot D. Matthews, Toronto. J. K. Osborne, Toronto. James Ross, Montreal. W. B. Ross, Halifax. Lord Strathcona and Mount Royal, London, Eng. F. L. Wanklyn, Montreal. James R. Wilson, Montreal.

Main office, 1 12 St. James street, Montreal. Annual meeting, first Thursday in March, at Montreal.

Dom I Hi Ok Copper Cq.. Li Kited.

A corporation formed under the laws of British Columbia in 1899. In 1905, the company, in addition to its original holdings of copper-bearing lands, acquired nearly all the stock of the Montreal & Boston Consolidated Mining & Smelting Co., Limited, under a plan for the reorganization of the latter. The properties are situate near Phoenix, B. C, in the Boundary Credc District, and have been extensively developed. They comprise some 500 acres and a smelter with a capacity of upwards of 700 tons, bee the Manual for 1905, for statement of the Montreal 8l Boston Co. Stock Par $10 Authorized, $5,000,000 Issued, $5,000,000

The stock is full paid and non-assessable. Stock is transferred at the office of the company. New York. Registrar, Security Transfer & Registrar Co., New York.

Funded Debt ist mort., due June, 1915, June and Dec $800,000

The authorized issue of bonds is $1,000,000. The bonds were principally sold in connection with the reorganization of the Montreal & Boston Consolidated Mining & Smelting Co., Limited, having been subscribed for by assenting shareholders of the latter. In June, 1907, $200,000 of the bonds were retired.

Vice-President, C. J. Cull, New York. Secretary-Treasurer, Leopold Herrman, New York.

Directors— C. J. Cull, New York. Leopold Herrman, New York. H. H. Melville, New York. Samuel Newhouse, Salt Lake City. John M. Shaw, New York. Arthur N. VVickwire, New York.

Main office. Phoenix, B. C. New York office, 37 Wall street. Annual meeting, October 6, at Phoenbc.

Domimioh Iroh A Steel Co.. Limited

A corporation formed under the laws of Nova Scotia, June 22, 1899. The company has established large iron and steel plants at Sydney, Cape Breton, with a capacity of from 1,000 to 1,200 tons of steel per day. The company has 700 acres of land at Sydney and other real estate. In addition to the steel mills the* plant comprises four blast furnaces with a capacity of 1,000 tons daily and 500 coke ovens producing 1,600 tons of coke per day. The company also owns extensive iron ore properties at Belle Island, Newfoundland. Construction was begun in the summer of 1899, and the furnaces and other departments began operating in the early part of 1901. The rail mill, with a capacity of 800 tons of steel rails per day, was completed in June, 1905.

This company made a contra with the Dominion Coal Co. by which the latter agreed to supply it with coal at $1.34 per ton for its requirements. In June, 1903, this company leased the Dommion Coal Co. for years. This lease was annulled in 190, the coal company paying this company $2,635,000 for its advances, and a new contract was made for the supply of coal tor 93 years. Disputes and litigation having arisen, a temporary contract was made in December, igcA for two years between the two companies. See statement of Dominion Coal Co., Limited, above in regard to the present state of the litigation. On December 31, 1907, the Iron & Steel Co.'s claims against the Coal Co. amounted to some $3,900,000.

The preferred stock is 7 per cent., cumulative. It was created in January, 1901, and was issued to provide additional funds for construction work. The preferred stock may be cslied and retired at 115, or holders may convert it into common stock at any time.

The common stock was increased from $154000,000 to $30,000,000 in April, 190a, the increase of $5,000,000 being sold to the stockholders at 60.

Transfer Agents, American Trust Co., Boston ; National Trust Co., Limited, Montreal and Toronto.

The first dividend on the preferred stock was V/ per cent, October i, 1901. Dividends on the preferred were per cent., semi-annual, in April and October. The October, 193, dividend was passed, and none been paid since.

FuiiDBD Debt

ist mort., K per cent., due July, 1939, Jan. and July $7i583,ooo

3d mort., 6 per cent., due Oct., 1905 to 1914, April and Oct 1,750,000

Total $9,333.a

The ist mortgage is $8,000,000, authorized. Trustee, National Trust Co., Limited, Montreal. There is a sinking fund of $50,000 per annum, to which is added interest on the bonds redeemed. Bonds can be drawn at no and mterest. The second mortgage bonds mature $350,000 yearly on October i, from 1905 to 19x4 inclusive.

Earnings

Net Charges Pref. Div. Surplus

1903-03 year ending February 38) $953.88i $410,935 $333,334 $309i6i3

1904 (year ending December 31). . . 134.163 643,166 Def. 509,003

1905 (5 months ending May 31)... 370,859 1,349,117 Sur. 71,53a

1905-06 (year " )... 1,406,306 753.7" " 653,505

President, J. H. Plummer, Toronto. 1st Vice-President, L. J. Forget, Montreal. Secretain and Treasurer, C. S. Cameron, Sydney, N. S. General Manager, F. P. Jones, Sydney.

Directors — Sir Montague Allan, Montreal. George Caverhill, Montreal, (george A. Cox, Toronto. Henry F. Dimock, New York. L. J. Forget, Montreal. Robert Mackay, Montreal. David Mackeen, Halifax. William McMaster, Montreal. Frederic Nicholls, Toronto. J. H. Plummer, Toronto. Elias Rogers, Toronto. W. G. Ross. Montreal. Sir William C. Van Home, Montreal. H. M. Whitney, Boston.

Main office, Sydney, N. S. Annual meeting, between June 15 and September 30, as director may determine.

Domimiok Power 4 Trmkskissiok Co.. Limited

A corporation formed under the laws of the Dominion of Canada, January 33, 1907. The company took over the control of the Hamilton Cataract Power, Light & Traction Co., Limited, and also acquired ownership or control of the following concerns, the united properties covering the electric power and electric railways of Hamilton and St. Catherines, Ont. Tne railway lines operated aggregate 83 miles.

Brantford & Hamilton Electric Railway Co. Hamilton, Grimsby & Beamaville Electric Rail- Hamilton Terminal Co. way Co. Hamilton & Dundas Street Railway Co. Hamilton Street Railway Co. Lincoln Electric Light & Power Co. Hamilton Radial Electric Railway Co.

Western Counties Electric Co.

The Hamilton Cataract Power, Light & Traction Co., Limited, was a oorporaon formed under the laws of Ontario in 1899. It acquired the street railway system and electric fight and

Industrial Securities 50

power systems in Hamilton, Ont., and vicinity. Its power was obtained from De Cew Falls, near St. Catherines, Ont., two trunk lines carrying: the current to Hamilton. It also had three steam power houses for emergencies and operated 43 miles of electric railway lines in the city of Hamilton and iU environs. See statement of the Hamilton Cataract Power, Light & Traction Co Limited, in the Manual for 1906. For terms of exchange of old stock for that of the present company see below.

Stock . . Par $100. . Authorized ltd. pref . , 5, 100,000 V Inued, ltd. pref ., 3,315,000 V $7,693,000

The preferred stock is entitled to 6 per cent, for three years after the formation of the company and thereafter to 7 per cent, per annum. The limited preferred stock has a preference over the common stock to dividends, if the same are earned for 5 years only, but cannot receive more than an average of 3 per cent, per annum during the 5 years.

FuNDBD Debt

Dominion Power & Trans, s. f. bonds, 5 per cent., due April, 1914-53, April & Oct.. $1,650,000

Hamilton Cataract, Power, L. & T., gen. mort. 5 per cent., due 1043, April & Oct. . 3,694,000

Hamilton Street Railway ist mort. 4K per cent., due 1938, June & Dec 500,000

Hamilton & Dundas Street Railway ist mort. 5 per cent., due 191 7, Jan. & July 100,000

Lincoln Electric Light & Power ist mort

Total $5,015,000

The Dominion Power & Transmission sinking fund mortgage is for $35,000,000. Trustees of mortgage, Harris Trust & Savings Bank, Chicago, and National Trust Co., Toronto. Under the terms of the mortgage $17,000 of the bonds mature annually from April i, 1914, to April, 1931 ; $34,000 annually from April, 1933, to April, 193 1, the remainder of the issue being payable April, 1933. The outstanding issue is subject to redemption at and interest on April i, 191 7, or any subsequent interest date.

The Hamilton Cataract Power, Light ft Traction Co., Limited, had $1,700,000 of common and $3,895,700 of 5 per cent, cumulative preferred stock. See the Manual for 1906, in regard to dividends on the stocks in question. Under the plan for the formation of the new company, holders of the common received $300 of the new limited preferred stock for each $100 of the old common.

President, J. M. Gibson, Hamilton, Can. Vice-President, James, Dixon, Hamilton. Vice- President, John Knox, Hamilton. Secretary and General Manager, William C. Hawkins, Hamilton. Treasurer, J. R. Moodie, Hamilton.

Directors—Andrew Cooke, Chicago. James Dixon, Hamilton. J. M. Gibson, Hamilton. S. O. Greening, Hamilton. Lloyd Harris, Brantford, Ont. William C. Hawkins, Hamilton. John Knox, Hamilton. J. R. Moodie, Hamilton. J. W. Sutherland, Hamilton.

Main office, Hamilton, Can.

DOHimOII TELEGRAPH CO.

A corporation formed under the laws of the Dominion of Canada in 1869 for the purpose of building and operating telegraph lines. The company owns a telegraph system that extends throughout Canada. Its entire system is leased for ninety-nine years, from July i, 1879, to the Western Union Telegraph Co., which subleU to the Great North Western Telegraph Co. the lines situated west of the Province of New Brunswick, though operating those in New Brunswick and Nova Scotia.

Stock Par $50 Authorized, $1,000,000 Issued, $i,ooo,ooc

Stock is transferred at the office of the company, Toronto.

Dividends on the stock are paid quarterly at the rate of 6 per cent per annum, that being the rental paid by the Western Union Co. under the lease. The dividend periods are January (15), April, Julv and October.

President, Thomas Swinyard, Gilberteville, N. Y. Vice-President, Sir Henry M. Pellatt, Toronto. Secretary and Treasurer, Frederic Roper, Toronto.

Directors— Belvidere Brooks, New York. Thomas F. Clark, New York. Robert C. Clowry, New York. iGmilius Jarvis, Toronto. Charles O'Reilly, Toronto. Sir Henry M. Pellatt, Toronto. Henry Pellatt, Toronto. A. G. Ramsay, Toronto. Thomas Swinyard, Gilbertsville, N. Y.

Main office, 58 Front street. West, Toronto. Annual meeting, second Wednesday in July, at Toronto.

S03 The Manual Of Statistics

Oom/Mwm Textile Co. Likited

A corporation formed under the laws of the Dominion of Canada, January 5, 19CMC. The company was organized to combine a number of the most important cotton miUs in Canada. It acquired a controlling interest in the stocks of the following companies: Dominion Cotton Mills Co., Limited. Montmorency Cotton Mills Co.

Merchants Cotton Co. Colonial Bleaching & Printing Co.

See below for the terms on which the stocks of the above companies were exchanged for the securities of the Dominion Textile Co., Limited.

The preferred stock is 7 ptr cent, non-cumulative. Transfer Agent and Registrar, Royal Trust Co., MontreaL

Dividends on the preferred stock are paid quarterly, i}£ per cent, each January (15), April, July and October.

The first dividend paid on the common stock was per cent., July 15, 1907, and quarterly dividends of the same amount have since been rularly paid in January (i), April, July and October,

Funded Debt General mort., series A to D, 6 per cent., due Mar., 1935, Mar. and Sept $3,011,916

The 6 per cent, bonds of this company are $3,370,500, authorised. Trustee of the mortgage and agent for the payment of interest. Royal Trust Co., Montreal. The bonds are divided into four series, A, B, C and D, respectively, each of which is secured the deposit of the particular stock which it was issued to acquire. The bonds are in denominations of $1,000, $500 and $350.

The Dominion Cotton Mills Co., Limited, one of the constituent companies, has $1,135,000 of 4H per GSDX, bonds and $3,229,000 of 6 per cent, bonds which are subject to call at no. The Merchants Cotton Co. has $i6a,ooo of per cent, bonds due June, 1909. The Montmorency Cotton Mills Co. has $450,000 6 per cent. subject to call at par. The Colonial Bleaching & Printing Co. had $150,000 6 per cent, bonds which have been exchanged for bonds of the new company.

The following exhibits the amount of stocks of the old companies and the terms of their exchange for this company's securities :

/— Rec*d percent. In nid Stock Pref. Stock 6p.c.bonds

Dominion Cotton Mills Co. , Limited $3,033,600 35 35

Merchants Cotton Co 1,500,000 66j

Montmorency Cotton Mills Co 1,000,000 30 100

Colonial Bleaching & Printing Co 300,000 66 100

A syndicate subscribed in cash at par for $500,000 of the new preferred stock and also paid $500,000 cash for the entire issue, $5,000,000, of new common stock.

In the year ending March 31, 1907, the total sales were $8,507,013 net, less $305,835 for repairs and betterments, $898,518 ; interest, rentals and preferred dividends, $731,838 ; balance surplus, $166,679.

President, David Yuile, Montreal, ist Vice-President, L. J. Forget, Montreal. 3d President and Managing Director, C. B. Gordon, Montreal. Secretary-Treasurer, C. E. Hanna, Montreal.

Directors— John Baillie, Montreal. J. P. Black, Montreal. Samuel Carsley, Montreal. L. J. Forget, Montreal. C. B. Gordon, Montreal. G. A. Grier, Montreal. H. S. Holt, Montreal. Robert Mackay, Montreal. H. Vincent Meredith, Montreal. A. B. Mole, Montreal. David Morrice* Montreal. David Vuile, Montreal.

Main office, 113 St. James street, Montreal. Annual meeting. May 15, at MontreaL

Douglas Copper Co.

A corporation formed under the laws of Maine, July 31, 1903. It controls through ownership of their stocks the following subsidiary companies :

The Pacific Smelting and Refining Co., Limited, incorporated under the laws of Meidoo, which owns :

I. A concession granted by the State of Sonora, Republic of Mexico, for building and operating a smelting plant, railroads, telegraph and telephone lines.

a. The town site, buildings and improvements at the station of Fundicion on the Cananea, Vaqui River 8l Pacific Raihroad, which railroad has ben constructed in the interest of the Southern Pacific Co. , from Guaymas through Sonora in the direction of the City of Meltico,

r

A. AN1TA.COFrER MINC5 PROPERTY OP

Douglas Copper Company

B. lAROYCCA COAL MINES PROPERTTf OF

DOUOLA3 COPPER COMPANY AA-DOUOLAS CO. SMELTER BBPOUOLAS CO. OOLO MIMES C Smn Padre coil minet D' Binnci co4l S. P. R. R. Co. El iron mintt

F, Bolag copprmifii oDntrtHtd by Rothtchndl

G, Oriflne Convolidfttd Copp*r Co.

MJDcliiuma CopptrCo.. Phelpi, Dodge & Co. h Copper Queen Co., PStlpt, Dodge &Co. Ji SitopilBf &rv$r Mming Co K. Mmu Pritu QeM MinA

Map*

".f the Stat© or

Bokoea

SHOWtNQ THE LOCATIOht OF ITS COPPER d IRON M.LNE8, COAL FIELDS & RAILROADS

With Relation To The

Anita Copper Mines

Property Of The

Douglas Copper Company

ooMPiLso PROM omciAL eouiieit Scele 72 Miles

Industrial Securities 5P3

3. The most complete smelting plant in the State of Sonora, which commenced operations in April, 1908, and which is to be increased to a capacity of 1,000 tons per day.

Anita Copper Mines Co., Limited, incorporated under the laws of Mexico, which owns copper, gold, coal and timber properties at £1 Cobre, State of Sonora.

The Sonora-Consolidated Gold Mines Co., Limited, incorporated under the laws of Mexico, which owns the Trigo group of gold mines located near the town of Quiriego, State of Sonora.

The Cananea, Yaqui River & Pacific Railroad Co., which is the Mexican extension of the Southern Pacific, passes through Fundicion and near all the mines controlled by the Douglas Copper Company. Stock Par $5 Authorized, $3,000,000 Issued, $3,000,000

The stock is full paid and nonaasessable. Stock is transferred at the office of the company. New York. Registrar, Empire Trust Co., New York.

Balance Sheet, December 31, 1907.

Assets. Liabilities.

Properties, ore reserves, mines. Capital stock $3,000,000

equipment, real estate, build- Bonds outstanding 572,800

Securities in company's treasury. 453*905

Cash and receivables 51793

Total $4,074,796 Total $4,074,796

All the subsidiary companies are free from indebtedness.

Chairman, Melbert B. Cary, Ridgefield, Conn. President and General Manager, Theodore Douglas, Fundicion, Sonora, Mex. Vice-President, Victor Morris Tyler, New Haven, Conn. Vice-President, John C. Rowe, New York. Secretary, Clarence R. Templeton, Keyport, N. J. Treasurer, W. Stockton Higgins, Perth Amboy, N. J.

Directors — Robert B. Armstrong, Philadelphia. Melbert B. Cary, Ridgield, Conn. Ronald E. Curtis, New York. Theodore Douglas, Fundicion, Mex. E. C. Frisbie, Hartford, Conn. Gustave M. Gouyard, New York. W. Stockton Higgins, Perth Amboy, N. J. Max MuUer, Hermosillo, Sonora, Mex. A. Heaton Robertson, New Haven. John C. Rowe, New York. Victoe Morris Tyler, New Haven.

Corporate office, Augusta, Me. Main office, 4a Broadway, New York. Mexican office, Fundicion, Sonora, Mex. Annual n&eeting, third Tuesday in January.

It. L. Oou6Las Shoe Co.

A corporation formed under the laws of Maine, September xa, 1909. The company is an incorporation of the manufacturing and wholesale and retail business in boots and shoes of W. L. Douglas. The company has a plant at Brockton, Mass., and has over 70 retail stores in 46 American cities.

The preferred stock is 7 per cent., non-cumulative, and is preferred both as to dividends and assets. Stock is transferred through Estabrook & Co., 15 State street, Boston. The common stock was all retained by W. L. Douglas.

Dividends are payable semi-annually, January (x) and July.

President, W. L. Douglas, Brockton, Mass. Vice-Preskient, Charles F. Richmond, Brockton. Secretary, A. T. Sweetser, Boston. Treasurer and General Manager, Herbert L. Tinkham, Brockton. Assistant Treasurer, Charles D. Nevins, Brockton.

Directors— W. L. Douglas, Brockton. H. T. Drake, Quincy, Mass. Frank L. Erskine, Brockton. Charles F. Richmond, Brockton. H. B. Russell, Brockton. A. T. Sweetser, Boston. Herbert L. Tinkham, Brockton.

Corporate office, Portland, Me. Main office, Brockton, Mass. Annual meeting, second Thursday in January, at Portland.

D/ir DOCK, EAST BROADWAY A BATTERY RAILROAD CO.

(Contrplled by Third Avenue Railroad Co.)

A corporation formed under the laws of New York, December 8, X863. In August, 1897, the Third Avenue Railroad Co. obtained control of the company. It owns 15 miles of track in the city of New York.

so* THE MANUAL OF STATISTICS

la consequence of the receiverahip of the Third Avenue Co., a Receiver was appointed for this company February i, 1907. Stock Par $100 Authorised, $i,aoo,ooo Issued, $1,900,000

Stock is transferred at the office of the company, New York. Registrar, Washington Co., New York.

The November, 1899, dividend on the stock was passed, and none has been paid since.

Funded Debt

ist mort, 5 per cent., goM, due Dec., 1933, June and Dec $950,000

Certificates of indebtedness, 5 per cent., due FeS., 1914, Feb. and Aug 1,100,000

Total $9,050,000

On June 30, 1906, there were loans payable for $917,338, and accounts payable for $1,046,775.

Earnings Year ending June jo

Grots Net Charges and Div. Balance

9o-oa. $579*560 $"8,983 $133,635 Def. $4.659

'90304 505,387 108,959 151.343 " 42.384

Receiver, Frederick W. Whitridge, New York. President, Arthur Coppell, New York. Secretary, M. S. Borland, New York.

Receiver's office. 65th street and Third avenue. New York. Secretary's office, 31 Nassau street. Annual meeting, second Tuesday in January, at New York.

Duluthsuperior Trmctiok Co.

A corporation formed under the laws of Connecticut in 1900. The company controls the electric systems of Duluth, Minn., and Superior, Wis., operating 75 miles of track. It owns electric power stations at Duluth and Superior.

The preferred stock is 4 per cent., cumulative. Transfer Agent, Farmers* Loan & Trust Co., New York. Registrar, Central Trust Co., New York.

Dividends of 4 per cent, per annum are paid on the preferred stock, the payments being quarterly, z per cent, each in January, April, July and October.

Funded Debt— Constituent Company Duluth Street Railway Co. ist mort., 5 per cent., gold, due May, 1930, May and Nov.. . . $3,500,000

The authorised amount of the Duluth Street Railway mortgage is $3,500,000. The mortgage covers all the properties of the Duluth-Superior Traction Co., which were first transferred to the Duluth Street Railway Co. Trustee of the mortgage and agent for the payment of interest. Central Trust Co., New York.

Earnings— Duluth Street Railway Co. Nei

President. C. G. Goodrich, Minneapolis, Minn. Vice-President, Secretary and Treasurer, L. Mendenhall, Duluth, Minn.

Directors — C. G. Goodrich, Minneapolis. L. Mendenhall, Duluth, Minn. Edmund Zacher, New Haven, Conn.

Main office, 9631 West Superior street, Duluth, Minn. Annual meeting, fourth Tuesday in January, at New Haven, Conn.

James H. Dukham A Co., Ihcorporated

A corporation formed under the laws of New York, June 14, 1901. The object of the organisation was to take over and conduct the wholesale dry goods business of the mm of James H. Dunham & Co., New York.

Industrial Sbguritibs 505

Stock . . Par $100. . .Authorized ist pref., z,ooo,ooo V Issued i ist pref ., 1,000,000 $2,550,000 I ad pref., 500,000 ) ( ad pref., 500,000 )

The xst preferred stock is 6 per cent., cumulative, and ad preferred is 5 per cent., cumulative. The preferred stocks have in their respective orders a prefeience as to assets m case of liquidation.

Stodc is transferred at the office of the company. New Yoik. Registrar, Knickerboocer Trust Co., New York.

The reg:ular dividends on the xst and .ad preferred at their respective rates are paid quarterly, in January, April, July and October.

President, WiUkm A. Little. Vice-President, William E. Webb. Secretary, James M. Tappen. Treasurer, John R. Browne.

Directors-William C. Enle. William B. Goodwin. William A. LitUe. Theodore W Luling. William E. Webb.

Corporate and main office, 340 Broadway, New York.

Du Pout Ihterkatiomml Powder Co.

A corporation formed under the laws of Delaware, December z6, 1909. The company owns more than a majority of the common and preferred stocks of the International Smokeless rowder & Chemical Co. See separate statement of the latter company. These holdings were purchased from The Marsden Co. in 1903.

Funded Debt Collateral trust gold bonds, 5 per cent., due Jan., i9aa, Jan. and July $895,000

The authorized issue of collateral trust bonds is $1,000,000. They are secured by the deposit of $7599xoo common and $563,750 preferred stoic of the International Smokeless Powder & Chemi( Co.

President, T. C. du Pont. Vice-President, E. G. Buckner. Secretary, Alexis I. du Pont. Treasurer, W. E. Steen.

Directors— E. G. Buckner. Pierre S. du Pont. T. C. du Ponu

Corporate and main office, Wilmington, Del.

f . /. DU POUT DE KEKOURS POWDER CO.

A corporation formed under the laws of New Jersejr, May 19, 1903. The company was formed for the purpose of consolidating the various explosive manufactories controlled by the I du Pont interests.

See 'statements of separate but affiliated companies viz,: Du Pont International Powder Co., International Smokeless Powder & Chemical Co. and Delaware Securities Co.

The preferred stock is 5 per cent., cumulative. Transfer Agent, Hudson Trust Co., Hoboken, N. J. Registrar, Guaranty Trust Co., New York.

The authorized common stock was increased from $35,000,000 to $30,000,000 in November, 1Q06, and stockholders were offered the right to subscribe at par for $953,330 new conmion, payable, 40 per cent., November i, 1906; 30 per cent., December 15, 1906; 30 per cent., March 15, I 1907 ; and 30 per cent., June 15, X907.

In September, 1007, stockholders were offered the right to subscribe at par for $3,500,000 new common payable 40 per cent., November x, X907; 60 per cent., November x, X9ic; the I entire issue being underwritten by a syndicate.

i Regular quarterly dividends have been paid on the preferred stock since August x, 1903, the

1 dividend periods being January (35), April, July and October. Dividends on common stock have

been paid as follows : per cent., December 15, X9G4 and March 15, X905 ; i per cent., June 15, [ September 15 and December 15, 190c ; per cent., March 15 and June 15, 1906 ; per cent.

' quarterly since on the first Wednesday of January, April, July and October. In April, 1908, it

k was announced that the dividend periods have been changed to the last Wednesday in February,

' May, August and November.

Funded Debt Gold debentures, per cent., due June, X936, June and December $13,067,000

The debenture bonds, created in 1906, are $x6,ooo,ooo authorized. Trustee, Guaranty Trust Co., New York. Of the issue, $9,310,000 was used to retire part of the preferred stock, and

So6 THE MANUAL. OF STATISTICS

$3,857,000 to retire bonds of the controlled companies. The bonds are redeemable at anj time at ixa

Earnings— Parent and Subsidiary Companies

Extmordloary

Grois Net Adjustmenu, etc Chugcs

1903 (s months) $10,712,419 $2,977,003 Cr. $290,464 $106,500

1904 26,103,868 4,4i8,70 " i09939 307,2*5

1905 a76s5.38o 5,<3.6ii " 97,a58 266,669

1906 30,75i,7aS 5:33a,8o2 Dr. 66,109 535.8i9

Pref. Divs. Com. Dirs. Divs. Sub. Cot., etc. Surplus

1903 (5 months) $ai4.497 $"3,885 $3,132,585

190S 1.136,801 821, 42,287 9,893.731

1907 735,637 i,74IkJ9i Cr. 68,006 456.342

The item of extraordinary adjustments, etc., uicludes profit and loss on sales of real estate securities, etc., and dividends of subsidiary companies, etc, includes interest adjustments in the same connection.

The accumulated surplus at the end of the renectiye jtan was as follows : 1903, $2,133,585 ; 1904. $5,068,335; 1905, $7,961,947 ; 1906, $0,929,6x3; 1907. $10085,855.

President, T. C. du Pont. Vice-Pxesulent, H. M. BieLrksdale. Vice-President, Alfred I. du Pont. Vice-President, Victor du Pont, Jr. Vice-President, J. A. Haskell. Vice-President, A. J. Mozham. Vice-President, Charles L. Patterson. Secretary, Aleids I. du Pont. Treasurer, Pierre S. du Pont.

Directors— H. F. Baldwin. H. M. Barksdale. F. L. Connable. Alexis I. du Foot. Alfred I. du Pont. Eugene E. du Pont. Frauds I. du Pont. H. F. du Pont. Irenee du Foot. Pierre S. du Pont. T. C. du Pont. Victor du Pont, Jr. J. A. HaskelL A. J. Moxham. Charles L. Patterson. J. H. P. ReiUy.

Corporate office, 51 Newark street, Hoboken, N. J. Main office, Wilmington, DeL Annual meeting, third Monday in March, at Hoboken.

OWI6HT MAKUFMCTUmiie CO.

A corporation formed under the laws of Massachusetts in 1841 for the purpose oi cotton manufacturing. The company owns mills in Chioopee, Mass., and Alabama City, Ala. Stock Par $500 Authorized, $x,8oo,ooo Issued, $i,3oo,ooc

Stock is transferred at the office of the company, Boston.

Accounts are made up semi-annually, and dividends are paid usually in January and July. Dividends of 13 per cent, were paid in 1900 and subsequent years up to 1905 when the company paid 6 per cent, in Januaij and 10 per cent, in July, making x6 per cent, for the ear. In January and July, 1906, paid 6 per cent, each, and in January, 1907, paid 6 per cent, and 4 per cent, extra. In January, 1908, paid 6 per cent. only.

President, T. Jefferson Coolidge, Boston. Treasurer, Ernest Lovering, Boston, deik of Corporation, George H. Nutting, Ekton.

Directors— T. Jefferson Coolidge, Boston. George P. Gardner, Boston. Edwin Famham Greene, Boston. Amory A. Lawrence, Boston. Arthur T. Lyman, Waltham, Mass. TheopUlut Parsons, Boston.

Corporate and main office, State street, Boston. Branch offices, Chicopee, Mass., and Alabama City, Ala. Aimual meetmg, second Monday in July, at Boston.

Eagle A Phekix Kills

A corporation formed under the laws of Georgia, liay 9, x8c, for the purpose of the mannfacture of cotton and woolen goods. The plant at Columbus, Ua., is one of the largest textile manufactories in the South. The company operates 3,064 looms and 70,630 spindles. Stock Par $100 Authorised, $3,000,000 Issued, $750,000

Stock is transferred at the office of the company, Columbus, Ga.

Dividends of 3 per cent, have been paid semiimually since AprU, 1899, in April (1) and October.

Funded Debt xst mort., 5 per cent, due January, 1926, January and July $500,000

Industrial Sbcuritibs 507

Trustee of xst mortgage, Columbus Savings Bank, Columbus, Ga., at which institution coupons are payable, also at the National Park Bank, New York.

President, G. Gunby Jordan, Columbus, Ga. Vice-President, W. C. Bradley, Columbus. Secretary, C. L. Peirce, Columbus. Treasurer, J. D. Massey, Columbus.

Directors— Samuel B. Adams, Savannah. W. C. Bradley, Columbus, Ga. E. T. Comer, Macon. E. P. Dismukes, Columbus. J. W. English, Atlanta. Geom P. Harrison, Opellka, Ala. J. B. Hoist, Savannah. G. Gunby Jordan, Columbus. Mark W. Munroe, Qufaicy, Fla. John G. Ruge, Apalachicola, Fla.

Main office, 1237 Front street, Columbus, Ga. New York office, 67 Leonard streeL Annual meeting, first Wednesday in July, at Columbus.

East Bostok Co.

A corporation formed under the laws of Massachusetts, March 35, 18, to purchase and improve the island, in the dty of Boston, called Noddle*s Island, now East Boston. The company owns about ao,ooo,ooo square feet of land, exclusive of 3,500,000 square feet taken by the Commonwealth of Maaaachusetts for dock purposes. Stock No par value Authorised, 150,000 shares Issued, 150,000 shares.

Stock is transferred by the Treasurer of the company, Boston. Registrar, Okl Colony Trust Co., Boston.

Dividends have been paid at irregular intervals and have consisted of cash, land receipts, ferry stock and EUurtem Railroad shares. In all over $2,000,000 has been distributed to the company's shareholders.

On April i, 1907, the company had $40,000 in cash and mortgage notes, loans and investments amounting to $292,000, with no indebtedness of any kind.

Presklent, John C. Watson, Boston. Treasurer, Charles E. Adams, Boston.

Directors—Charles E. Adams, Boston. G. Edwin Alden, Boston. Gurdon S. Howe, Boston. Arthur C. Paine, Boston. George B. James, Boston. Henry F. Ross, Boston. John C. Watson, Boston.

Main office, 68 Devonshire street, Boston. Annual meeting, first Monday in May, at Boston.

EASTEim EXPLORMTIOK CO.

A corporation formed under the laws of New Jersey, December 22, 1906. The object of the company is the exploring, buying and selling of mines and mineral lands. It has bonded options on ],ooo acres of mineral land at Pembroke, Washington County, Me., showing copper, loud and zinc deposits, also bonded options on Canadian Government licenses on 15 square miles showing deposits of iron and nickel in New Brunswick. Stock Par $v Authorised, $500,000 Issued,$35c,ooo

The stock is full paid and non-assessable. Stock is transferred at the office of the company, Fanwood, N. J.

President, Leopold Zimmerman, New York. Vice-President, C. Edward Pichler, New York. Treasurer, Charles Stemheim, New York. Secretary, J. W. Fischer, New York.

Directors— Henry Boise, Jr., New York. H. D. Kohn, New York. Lewis Nixon, New York. C. Edward Pichler, New York. Philip Ruprecht, New York. G. A. Schwars, New York. Charles Stemheim, New York. Leopold Zimmerman, New York.

Corporate office, Fanwood, N. J. New York office, 52 Broadway. Annual meeting, first Monday in February, at Fanwood.

EASTERK Wisconsin RAILWAY A LIGHT CO.

A corporation formed under the laws of Wisconsin in September, 1903, to operate city and intemrban railways and to manufacture gas, electric light and power. The company acquired the Fond du Lac Street Railway & Light Co. and the Fond du*Lac & Oshkosh Electric Railway Co., comprising the entire street railway electric lighting and gas plants of- Fond du Lac, wis. The company has 25.8 miles of track, 20 miles of gas mains and 136 miles of wires. Stock Par $xoo Authorized, $500,000 Issued, $493,600

Funded Debt

ist mort., 5 per cent., goW, due 1923, April and Oct $772,000

Fond du Lac St. Ry. & L. xst mort., 5 per cent., due 1920, Jan. and July 193*500

Total $964,500

So8 THE MANUAL OF STATISTICS

The authorised amount of the ist mortgage is $1,500,000. Trustee, Milwaukee Tniit Co., Milwaukee. There are also $193,500 of prior liens, to retire whkfa $313,000 of ist mortgac bond are reserved.

The earnings for the year ending June 30, 1905, were gross, $176,452, net $58,457 ; $38,653; surplus, $39,893. In 1905-06, gross, $189,995 ; net, $73,7.

President, (vacancy). Vice-President and General Manager, M. C. Draper, Pood du Lac Secretary, H. F. Whitcomb, Jr Fond du Lac. Treasurer, "liam E. Cole, Fond du Lac

Directors— William Cole, Fond du Lac Leander Choate, Oshkosh, Wb. E. R. Herroo, Fond du Lac. Elmer Leach, Oshkosh. J. F. Pritchard, Manitowoc, Wb. B. Wild, Jr., Fond du Lac

Main office, Fond du Lac, Wb. Annual meeting, third Tuesday in Febniary, at Food du Lac.

Easthak Kodak Co.

A corporation formed under the laws of New Jersejr. October 94, looi. The company was organised to combine the ownership of the Eastman Kodak Co. of New York, the Goiera] Ansto Co. and Kodak, Limited, the latter being an English company. See the Manual for 1901 for detaib regarding the three corporations named above. The bunness of the company b the manufacture and sale of cameras and photographic materiab and suppUes. In looa the company acquired control of the M. A. Seed Dry Plate Co., St. Louis. It also controls the Rochester Optical Co., and the Century Camera Co.

The company acquired the stocks of the EUistman Kodak Co. and the General Aristo Co., which were merged into one company. It also offered the holders of Kodak, Limited, shares, ji IS. in new preferred for each £1 of old preferred, and £a los. in new common for each £1 of old common, the exchange being on the basb of $4.85 to the ;i.

The preferred stock b 6 per cent, cumulative, and has a preference as to 1

The company has no funded debt or other indebtedness beyond current Ulb payable. Transfer

Agents, Alliance Bank, Rochester, N. Y.; National Bank of Commerce, New York. Registrars,

Security Trust Co., Rochester, N. Y.; Guaranty Trust Co., New York.

The dividend periods are January, April, July and In 190a, 1903, 1904 and 1905 the

dividend rate on the preferred stock was 6 per cent, and on the common xo per cent. In January,

1906, 3 per cent, extra was paid on the common, also %% per cent, extra in May, 1906 ; 5 per cent.

extra in December, 1906 ; 5 per cent, extra May x, 1907 ; 5 per cent, extra October x, X907 ; 5 per

cent, extra Febniary i, 1908.

Earninos— All CoiiPAinES

Special

Profits Dividends Reserve Sviplns

1903 (6 mos. ending Dec. 31) $1*488,395 $1,0x9,996 $468*996

1904 3.339.147 a,a8i,366 X35,339 1,057,781

1905 4.ox3,93 a,73,44 ",300,499

President, George Eastman, Rochester, N. Y. Vice-President and Treasurer, Henry A. Strong, Rochester. Secretary, Albert O. Fenn, Rochester. Assistant Secretary, A. K. Whitney, Rochester.

Directors— William H. Corbin, Jersev City. George Davison, London, Enf. Geonre Eastman, Rochester. Albert O. Fenn, Rochester. Walter S. Hubbell, Rochester. Akiander M. Lindsay, Rochester. Sir James Pender, London. Henry A. Strong, Rochester.

Corporate office, 83 Montgomery street, Jersey City. Main office. 343 State street, Rochester, N. Y. London office, 61 Clerkenwell road, E. C. New York office, 3 West Twenty-eeoond street. Chicago office, Indiana avenue and Eighteenth street. San Frandaoo office, Aronson Building. Annual meeting, first Tuesday in April, at Jersey City.

The Edisok Electric Co.. Los Ah0Ele5

A corporation formed under the laws of Wyoming, July 17, X903, succeeding a California corporation of the same title.

The company owns and operates water-power plants and steam-driven generating stations and gas plants. Its electric distributing system comprises 908 miles of main transmission Hues and 4x0 miles of incandescent and power circuits, covering Los Angeles, Pasadena, HIgfalaDdSi

Industrial Sbcuritibs 509

Redlands, Colton, Rivenide, Pomona, Claremont, Whittier, Fullerton, Orange, Santa Ana, Santa BaiiMua, llontecito, Santa Monica, Ocean Park, Monrovia, Long: Beach, San Pedro, Terminal Island, Redondo and intervening territory. It also owns and operates the gas plants in Santa Monica, Ocean Park, Long Beach, Santa Ana and Santa Barbara, and in the latter named dty it owns and operates the street railways. It operates under leases the gas plants in Redlands, Colton, Pomona, Riverside, Whittier and Monrovia.

The company has constructed a a8,ooo horse-power water-power plant on Kern River, 108 miles from Los Angeles, which was completed in June, 1907. It also controls over 90 per cent. of all the developM and undeveloped water power commercially practicable within aoo miles of Los Angelas.

The preferred stock is 5 per cent., cumulative, and shares with the common in any further distribution after the latter has also received 5 per cent, dividends in any year. The dividends on the preferred are paid quarterly in January, April, July and October. In August, 1907, the company bttan paying dividends in the common of 5 per cent, per annum, payable quarterly in February, May, August and November.

Stock is transferred at the office of the company, Los Angeles.

Funded Debt

ist and refunding mort, 5 per cent, due Sept, 1922, March and Sept $8,868,000

Bonds of constituent companies, various 9891O00

Total ,857,000

The authorised amount of the ist and refunding mortgage is $10,000,000. Bonds can be called at no and interest on any interest date after September i, 1907. Trustees of the mortgage, Los Aneeles Trust Co., Los Angeles ; United States Mortgage & Trust Co., New York. Interest to payable at the office of the Trustee, Los Angeles, or that of N. W. Harris & Co., New York.

Earnings— Year ending February 28

Gross Net Charges Surplus

I90S $1,0x9,341 $518,220 s $230,931 $287,289

190607 (year endmg June3o) 1,989,293 i,M7,733 527,689 620,044

President and General Manager, John B. Miller, Los Angeles. Vice-President, Henry Fisher, Los Angeles. Vice-President, H. H. Sinclair, Los Angeles. Vice-President, J. W. Edminson, Los Angeles. Vice-Presklent, W. R. Staats, Pasadena. Secretary, Russell H. Ballard, Los Aneeles. Treasurer, William L. Peroey, Los Angeles. Assistant President, A. L. Selig, Los Angetes.

Directo--<jeorge I. Cochran, Los Angeles. J. C. Drake, Los Angeles. J. W. Edminson, Los Angeles. Henry Fisher, Redlands, Cal. Albert W. Harris, Chicago. John B. Miller, Pasadena, CaL H. H. Sinclair, Pasadena. William R. Staats, Pasadena. Walter S. Wright, Pasadena.

Main office, Edison Building, Los Angeles. Annual meeting, last Thursday in February, at Los Angeles.

Edisom Electric I Llu 11 1 Mating Co. Of Boston

A Massachusetts corporation operating electric light and power plants in the city of Boston and suburbs. The oompemy has 23 power and distributing stations, and on June 30, 1907, there were connected with its circuits 863,313 incandescent lamps, 10,339 lights, and electric motors of a total of ,096 horse power.

Negotiations for a combination of the company with the Boston Electric Light Co. were on foot in 1900, but were not consummated until June, 1901, when practically all the stock of that company was exchanged for Edison Electric Illuminating, 10 shares of which were given for each 10 shares of the Boston company. During 1903-04 this company acquired the property of several companies operating in the vanity of Boston, including the Somerville Electric Light Co., Milton Light & Power Co., Dedham Electric Co., Blue Hill Electric Co., Framingham Electric Co., Natick Gas & Electric Co., Greendale Chemical & Electric Light Co., and the Wobum Light, Heat & Power Co. During 1906, it acquired the property of the Medway Electric Light & Power Co. and the Medfield Electric Light and Power Co. Stock Par $xoo Authorized, $12,643,600 Issued, $12,643,600

The stock of the company has been increased from time to time to provide funds for the extension of the plant and distributive system. Stockholders were given the right in Januaiy, 1904, to subscribe for $950,000, or zo per cent of their holdings, in new stock. The stoddiolders

Sio THE MANUAL. OF STATISTICS

on December 15, 1904, were given a further right to subscribe at aoo for $1,045,000 additional stock, and in March, 1907, the stock was further increased by the sale of $7,149,500, $S9%3f thereof at $215 per share and the balance at $300.75. Transfer Agent, Old Colony Trust Co., Boston. Registrar, American Trust Co., Boston.

Dividends of 7 per cent, were paid on the stock in 1897 ; in 1898, paid 8 per cent.; in 1899, 8 per cent., and in i9cx>, 9 per cent, in guifrterly dividends of a per cent, each m February, May, Aupist and November, with an extra dividend of i per cent, in November. The Februajy, 1901, dividend was also 2 per cent, and x per cent, extra. In 190a and since, the quarterly dividends have been per cent., or xo per cent, per annum.

Funded Debt

Boston Electric Light xst mort., 6 per cent., due Sept., 1908, March and Sept $343i5oo

" consols, 5 per cent., due Sept. , X924, March and Sept x, 142,500

Total $1,485,000

There are also outstanding the following bonds of subsidiary companies : $ao,ooo Milton, Mass., 5 per cent, bonds, due October, 1017 ; $50,000 Somerville Electric Light Co., 5 per cent., due May, 1913, and $x66,ooo Wobum Light, Heat & Power Co., 6 per cent., due October, 19x8.

Gross Net Income Charges Dividends Surplus

x90Ox $2,367,359 $931,678 $I05,X30 $774,155 52,393

X90X-02 2,460,158 975,7" 132,269 727,345 116,098

X9oa-03. 2,667,809 1,017,226 i5",303 804,668 61,255

igos-o 3,"5,5'7 1,153,222 102,408 973.405 77.40p

19CK-06 3,780,9" i,4i9683 78,966 X, 148,810

X906-07 4,oao,62x 1,492,303 102,417 1,304,284 85,602

The miscellaneous income included in the net was as follows : In X900-01, $13,948 ; in X90X-02, $25,98x ; in 1902-03, $32,502 ; in 1903-04, $37,396 ; in X904-C5, $33,286 ; in 1905-06, $49,256 ; in $4x,340.

President, Charles L. Edgar, Boston. Vice-President, Walter C. Baylies, Boston. Treasurer, Thomas K. Cummins, Boston. Clerk, J. Otis Wardwell, Boston.

Directors— Oliver Ames, Boston. C. W. Amory, New York. Robert Bacon, New York. Walter C. Baylies, Boston. Everett W. Burdett, Boston. I. T. Burr, Boston. T. Jefferson CooUdge, Jr., Boston. Thoma K. Cummins, Boston. Geom Dexter, Boston. Charles L. Edgar, Boston. Frederick P. Fish, Boston. C. Minot Weld, Boston.

General offices, 3 Head place, Boston. Annual meeting, second Tuesday in October, at Boston.

EOlSOIf ELECTRIC ILLUKIHATIHG CO. OF BROCKTOK

A ooiporation formed under the laws of Massachusetts. The purpose of the company is to furnish electric light and power in the city of Brockton, Mass., and it has a perpetual franchise. In 1904 it acquired the Whitman Light & Power Co. Stock Par $xoo Authorixed, $800,000 Issued, $6ox,ooo

Transfer Agents, Stone & Webster, X47 Milk street, Boston. Registrar, State Street Trust Co., Boston.

Dividends at the rate of 5 per cent, per annum are payable semi-annually, per cent, each, in May and November.

Funded Debt

xst mort., 5 per cent., gold, due 1930, June and Dec $xoo,ooo

Cottpon notes, 5 per cent., due X9ax, March and Sept 65,000

Total $x65,ooo

The authorized amount of the xst mortgage is $2oo,ooa It is redeemable after 19 at 1x0. The authorized coupon notes were $100,000, redeemable after X904 at 105. A drinking fund of $5,000 per year, beginning March x, 1906, is

Trustee and registrar of bonds and trustee of notes, Boston Safe Deposit & Trust Co., Boston, which also pays coupons.

President— F. B. Howard, Brockton, Mass. Vice-President, F. S. Pratt, Boston. Treasurer, A. S. Pratt, Boston. Clerk, Alvah K. Todd, Boston. General Managers, Stone & Webster, Boston.

Coiporate and main office, Brockton, Mass. Annual meeting, first Tuesday in March.

Industrial. Sbcuritibs 5"

electrical securities corporation

A corporation formed under the laws of New York, October 13, 1904. The purpose of the company is to acquire and hold the securities of electric railway, ]ig:ht and power companieSi and to issue its own collateral trust bonds against the ist mortgage bonds of such organisations, limited, however, to four times this company's capital and surplus.

The preferred stock is 5 per cent, cumulative. Transfer Agents, Harvey Fisk & Sons, New York. Registrar, United Sutes Mortgage & Trust Co., New York.

Dividends on the preferred stock are paid semi-annually per cent, each in May and November.

Funded Debt

Collateral trust sinking fund bonds ist series, 5 per cent. , due Nov. , 1934, May and Nov $406,000

" " " "ad " 5 " " Feb. 1, 193s, Feb. and Aug. 695,000

" " " " "ad "5 " " May X, X935, May and Nov... 8000

" " " " " 4th s " " Jan. I, 1936, Jan. and July.. 846,000

Total $2,750,000

There were authorised and originally issued $1,000,000 par value bonds of each series.

Each series of collateral trust 5 per cent, bonds for $1,000,000 is secured by the deposit with The Standard Trust Company of New York, of mortgage bonds of various electric railway, light and power companies, aggregating at least $1,250,000 par value. The collateral trust bonds are subject to call at Z03 and mterest on any interest day on ai days* notice, and are to be retired gradually by purdiase or redemption, the company being privileged to withdraw collateral to an amount not esoeeding 116 per cent, of the pnncipal of the tends so retired. There have been retired of the first series, $594,000 ; of the second series, $305,000 ; of the third series $197,000; and of the fourth series, $154,000.

President, George R. Sheldon, New York. Vice-president, Charles N. Mason, New York. Secretary and Treasurer, W. T. Kaufman, New York. Assistant Secretary and Assistant Treasurer, H. M. Francis, New York, ad Assistant Seoretarr, George C. Hollister, Schenectady.

Directors— Gordon Abbott, Boston. W. M. Bamum, few York. E. K. Boisot, Chicago. C. A. Coffin, New York. G. M. Gumming, New York. Henry W. Darling, Schenectady, N. Y. Fred L. EMridge, New York. FUny Fisk, New York. Wilbur C. Fisk, New York. Oscar L. Gubehnan. New York. M. B. Johnson, Cleveland. W. T. Kaufman, New York. William C. Lane, New York. Charles N. Mason, New York. Marsden J. Ferry, Providence, R. I. A. PontatowsU, Paris, France. J. G. Schmidlapp, Cincinnati. George R. Sheldon, New York. J. J. Storrow, Boston. Edward T. Stotesbury, Philadelphia. A. A. Tilney, Boston. F. W. Wals, New York. Hans Winterfeldt, New York.

Main office, Schenectady, N. Y. New York office, 6a Cedar street

Electric Boat Co,

A corporation oiganixed under the laws of New Jersey, February 35, 1899. The company owns the Holland Torpedo Boat Co., the Electric Launch Co., the Electro Dynamic Co., the Industrial Oxygon Co. and the New York Development Co. aock P„.o AuU.orUed|;;fc.ooo.coo| 4.999.6oo| j,,,,.

The preferred stock is 8 per cent, non-cumulative.

Transfer Agent, Manhattan Trust Co., New York. Registrar, Hanover National Bank, New York.

The first quarterly dividend of a per cent, on the preferred stock was paid October i, 1903, and similar quarterly dividends of 8 per cent, per annum have since been paid regularly on the preferred stock in January (x), April, July and October. On December 31, X906, an initial dividend of a per cent was paid on the common stock, and a similar dividend was paid December

Preskient, Isaac L. Rke, New York. Vice-Presidents, E. B. Frost New York. L. Y. Spear, Quincy, Mass. G. C. Davison, Quincy. Secretary and Treasurer, Maurice Bamett, New

Directors— Maurice Bamett, New York. G. C. Davison, Quincy. E. B. Frost, New York. S. R. Gugraiheim, New York. G. W. Hoyt, New York. Henry Morgenthau, New York. Isaac L. Rice, New York. L. Y. Spear, Quincy. I. M. Stettenheim, New York. H. R. Sutphen, Bayonne, N. J.

Main office, xx Pine street. New York. Annual meeting, second Tuesday in February, at Jersey City.

Thb Manual Of Statistics

The Electric Storage Battery Co.

A corporation formed under the laws of New Jersejr in 1888 with a perpetual charter. It acquired in 1894 all the patents and goodwill of a number of companies for the manufacture and sale of storage batteries, including the Consolidated Electric Storage Battery Co., the General Electric Launch Co., the Electric Launch and Nayigation Co., and the Accumulator Co. Also batteiT patents and rights of the Brush Electric Co., of Cleveland, O., and the patents and goodwill of the battery branch of the General Electric Co., the Bradbury-Stone Electric Storage Co., the Hopedale Electric Co., the Pumpelly-Sorley Battery Co. and the Plante Co. Also United States and Canadian patent and rights of the Accumulatoren Fabrik Aktiengesellschaft of Hagen, Germany, and of le Sodete Anonyme pour le Travail Electrique des MeUuz, Paris, France. In October, 1909, the company acquired control of the Chloride Electric Stora Syndicate, Limited, of London and Manoiester, England. The company has its factory at Nmeteenth street and Allheny avenue, Philadelphia.

Stock.. Par $100.. .Authorised $18,000,000 Issued] ''°;SS $i6,a49,4aS

The preferred stock is z per cent., cumulative, has a preference in case of liquidation, and is convertible into common stock. After preferred and common have each received i per cent, in dividends they share equally in remainmg surplus earnings.

The stock authorised was originally $10,000,000, equally divided into common and preferred. The common stock authorised was increased to $8,500,000 in December, 1894. In Bfay, 1899, the common stock of the company was increased from $8,500,000 to $13,000,000 and $3t375j was allotted to stockholders at par. The proceeds of this increase was to increase the fadhties of the company and acquire new property and patents, particularly in connection with the electric automobile business.

In 190 the preferred stock was made convertible into common stock at the option of the holder. Smce then all the preferred has been converted into common, except $193,000.

Transfer Agencies, Morton Trust Co.. New York ; Land Title Building, Philadelphia. Registrars, NaUonal Bank of Commerce, New York ; Fidelity Trust Co., Philadelphia.

In December, 1900, the accumulated dividends on the preferred stock were 6 per cent, and a dividend of 6 per cent, on the preferred was paid January a, 1901. Since then regular quarterly dividends of 1 3/ per cent, have been paid on the preferred in January, April, July and October.

The first £vidend on the common was PO" cent., paid April i, 190Z, since which rlar ouarterhr dividends of the same amount have been paid in the same months as the dividends on the preferred.

Earminos

Net Dividends Suiplui

X9M 1,1x3,200 812,4x3 300,772

Iw! 1,501,592 812,435 689,157

X900 ",450 246,902

The company's surplus account December 31, 1907, was $3,669,327.

President, Heibert Lloyd, Philadelphia. 1st Vice-President, Grant B. Schley, New York. 2d Vice-President, J. R. WOliams, Philadelphia. Secretary and Treasurer, Walter G. Henderson, Philadelpha.

Directors— Anthony N. Brady, Albany, N. Y. Francis E. Bond, New York. Rudulph Ellis, Philadelphia. Alexander C. Humphreys, New York. Herbert Lloyd, Philadelphia. Grant B. Schley, Far Hills, N. J. George D. Widener, PhiUdelphia. Peter A. B. WWener, Philadelphia. William D. Winsor, Philadelphia.

office, Camden, N. J. Executive office. Nineteenth street and Alleghen;r avenue, Philadelphia. New York office, zoo Broadway. Annual meeting, third Wednesday m March, at Camden.

Electric ¥Ehicle Co.

A corporation formed under the laws of New JerKy in 1897. The company was organised to acquire and operate, sell or lease vehicles for propulsion by electric storage batteries or other mechanical means and their accessories and to deal in electric stora batteries.

The company being in default as to interest and having liabilities of $2,604,142, Receivers were appointed on December 10, 1907.

INDUSTRIAL SBCURITIBS 5i3

The preferred stock is 8 per cent., non-cttiiiTilative, and also has a preference as to assets of the company. After the preferred stock has received 8 per cent, out of the earnings of any year the common is entitled to receive up to 8 per cent., after which both classes of stock share pro rata as regards any surplus.

Transfer Agent, Morton Trust Co., New York. Registrar, United States Mortgage & Trust Co., New York.

In April, 1899, company paid a first dividend of 8 per cent, on its preferred and 9 per cent., quarterly, on its common stoic, and paid similar dividends on the common in July, October and December, 1899, but made no payments since except a a per cent, dividend on the preferred, April 16, 1900.

Funded Debt Gold refunding bonds, 6 per cent., due Nov. z, 1905, May and Nov $1,534,000

The collateral trust mortgage was created in January, 190a, and is $9,335,900 authorised. Trustee, Morton Trust Co., New York. The bonds are secured by mortgage on the company's manufacturing plant at Hartford and by the deposit of stocks of constituent companies and by all the patents owned by this company. Of the bend issue, $1,650,000 was used to retire a like amount of old bonds, 6 per cent., due 1904, subject to call, which were issued in the early part of

Receivers— H. M. Barrett, Bloomfield, N. J., and Henry W. Nichols, Hartford, Conn. President, Walter G. Henderson, Philadelphia. Secretary and Assistant Treasurer, H. W. Kyte, Hartford.

Directors— M. J. Budlong, Hartford. Philip T. Dodge, New York. M. Gavin, 9d, New York. Walter G. Henderson, Philadelphia. W. O. Knudsen, New York. H. W. Kyte, Hartford. Albert Taylor, New York.

Corporate office, 343 Washington street, Jersey City. Main office, i Laurel street, Hartford, Conn. Annual meeting, third Tuesday in September, at Jersey City.

Elgim Mmtiokml Watch Co.

A corporation formed under the laws of Illinois,- August 97, 1864. The company was organised to manufactur/B watches, clocks and jewelry, and parts thereof, and materiab for the manufacture of watches, clocks and jewelry. Its factories are at Elgin, 111. Stock Par $100 Authorised, $5,000,000 Issued, $5,000,000

The stock was increased from $4,000,000 to $5,000,000 in March, 1903, and in August, 1903, the par value of the shares was changed from $1,000 to $100, the amount of share capital being unchanged, but the number of shares was increased. Stock is transferred at the office of the company, Chicago. Registrar, Northern Trust Co., Chicago.

The dividends on the stock are 8 per cent, per annum, payable quarterly, 9 per cent, each, in February (x), May, August and November.

President, Charles H. Hulburd. Vice-President, Ernest A. Hamill. Secretary, J. R. Perry.

Directors— A. C. Bartlett. Henry A. Blair. Ernest A. Hamill. Charles H. Hulburd. Louis E. Laflin. Martin A. Rverson. A. A. Sprague.

Main office, 131 Wabash avenue, Chicago. Branch office, zi John street. New York. Annual meeting, second Wednesday in June, at Chicago.

Elmirm Water. Li6Ht Railroad Co.

A corporation founded under the laws of New York, May 96, 1900. The business of the company is to supply water, electric light and gas, and to operate street railways in the dty of Elmira, N. Y., the village of Elmira Heights and the adjoining towns of Horseheads and Southport. It acquired the properties of the Elmira Municipal Improvement Co. The companies acquired were :

Elmira Water Works Co. Ehnira & Horseheads Railroad Co.

Elmira Gas & Illuminating Co. Interstate Fair Association.

Ehnira Illuminating Co. Elmira Heights Water Co.

West Water Street Railroad Co. West Side Railroad Co.

Maple Avenue Railroad Co. Elmira & Seneca Lake Traction Co.

The company operates about 44 miles of street railway, 39 miles of gas mains and 60 miles of water mains.

Transfer Agent and Registrar, Guaranty Trust Co., Nw York,

5M The Manual Op Statistics

Funded Debt

xst mort., 5 per cent, gold bonds, due 1949, Jan. and July $1,661,000

ad mort., 4 per cent, income bond, due 1949, March 98,000

xst consolidated mort., 5 per cent., due Sept., 1956, Mar. & Sept 1,999,000

Elmira Water Works ist mort., 6 per cent., due 1913, Jan. ana July 339iOOO

West Side Railroad 1st mort., 5 per cent., due Oct., 1914, April and Oct. SSSfOOO

Total : $3,613,000

The issues of both the xst and ad mortgage bonds of the Elmira Water, Light & Raihraj Co. are the full amount authorized. Of the xst mortgage bonds $330,000 are held in the treasury to secure the bonds of the Elmira Water Works Co. Trustee of £e mortgage and agent for the payment of interest. United States Mortgage & Trust Co., New York. The consolidated mortgage is for $5,000,000. Trustee and agent for payment of interest. New York Trust Co., New York.

Earnings

Year ending June 30 Gro Net

x9oa-03 $490,037 $i47.ia6

In 1906-07 charges, $168,883 ; balance surplus, $83,017.

President, Ray Tompkins, Elmira, N. V. Vice-President, George BuUock, New York. Secretary and Treasurer, H. M. Beardsley, EUnira. Assistant Secretary, A. S. Cooke, New York.

Directors— George BuUock, New York. W. W. Cole, Ehnii*. A. S. Cooke, New Yoik. James B. Rathbone, Ehnua. Ray Tompkins, Elmira.

Corporate and main office. Lake and Water streeU, Ehnira, N. Y. New York office, 40 Wall street. Annual meeting, first Thursday in June, at Elmira.

£Lm Ri¥Er Copper Co.

A ooiporation formed under the laws of New Jersey in 1890. The company owns 9,360 acres of mmeral land in Houghton County, Mich. , and a mill site on Lake Superior. The property has been explored with shafts and other workings, and the Winona lode has been located on it.

Stock Par $ia Authorised, $x,aoo,ooo Issued, $x,aoo,ooo

The stock is full paid. Stock is transferred at the office of the company, Boston. Registrar, Old Colony Trust Co., Boston.

President, H. F. Fay, Boston. Secretary and Treasurer, George G. Endicott, Bodrton.

Directors— S. R. Dow, Boston. George G. Endicott, Boston. H. F. Fay, Boston. Charles N. King, Jersey City. John C. Watson, Boston.

Main office, 60 State street, Boston. Annual meeting, third Wednesday in April, at Jcreey City.

Ely Co Ksoli Dated Copper Co.

A corporation formed under the laws of Utah, September a6, 1906. The company owns 95 claims or 45a acres at Ely, Nevada, which it is derelcing in a comprehensive way and blodda out a large tonnage of valuable ore.

Stock Par $10 Authorised, $10,000,000 Issued, $8,750,000

Stock is transferred at the office of the company. New York. Registrar, Windsor Trust Co., New York.

The company has in its treasury $i,a5o,ooo of stock for further ezpkMratkm or oonstmctiaa work.

President, Willard F. Snyder, Salt Lake City. Vice-President, Joseph H. Everett, New Votfc. Secretary and Treasurer, Charles O. Ellingwood, Salt Lake City.

Directors— Charles O. Ellingwood, Salt Lake City. Joseph H. Everett, New Yoric GJdeoa Snyder, Salt Lake Cir. WiUaid F. Snyder, Salt Lake City. Nichola Treweek, Salt LakeOty.

Main office. Salt Lake City. New York office, 95 Broad street. Annual meeting, first Toesday in October, at Salt Lake City.

Industrial Securities S5

The Empire Steel A Irok Co.

A corporation formed under the laws of New Jersey, March 14, 1899. It oommenoed business April I, 1899. The company manufactures all grades of basic, low phosphorus, Bessemer, malleable and foundry irons. The capacity of its plants is 800 tons daily.

The properties owned are as follows :

Crane Ironworks, Catasauqua, Pa., 3 fur- Henry Clay Furnaces, Reading, Pa., a furnaces.

naces. Oxford Furnace, Oxford, N. J., x furnace.

Macung:ie Furnaces, Macuneie, Pa., i furnace. Greensboro Furnace, Greensboro, N. C, i

Topton Furnaces, Topton, Pa., i furnace. furnace.

The company also owns ore operations at Oxford and Mount Hope, N. J., besides controlling many smaller ore operations and many of its own limestone quarries.

The company owned the Goshen and Shenandoah furnaces and the Potts Valley, Beyer, Fox Mountain and Massanutton ore properties in Virginia, but in January, 1903, the Alleghany Ore & Iron Co. was formed for the purpose of operating these properties, together with the Iron Gate and Buena Vista furnaces ana the Oriskany ore mine. The Alleghany Co. is controlled by the Empire Co.

The Mount Hope Mineral Railroad, miles, Wharton to Mount Hope, N. J., and the Crane Railroad, with about 15 miles of terminal tracks in the town of Catasauqua, Pa., are controlled and operated by this company.

The preferred stock is 6 per cent., cumulative. Transfer Agent and Registrar, Trust Co. of America, New York.

The common stock outstanding was reduced from $3,281,400 to the present amount in November, 1907, stockholders surrendering: 45 per cent, of their holdings.

The first dividend of 3 per cent., semi-annual, on the preferred stock was paid July x, 1899, and similar dividends were paid regularly, January and July, until January 3, 1901, when i% per cent, was paid, the reduction being due to expenditure for additions and improvements, and the semi-annual dividends on the preferred continued at the same rate. In X903, 3 per cent, was paid July X, but. X per cent, was the rate January x, 1904, making 3 per cent for the year. In July, 1904, per cent, was paid which continued to be the semi-annual rate during X905 and 1900, but the January, 1907, rate was increased to 3 per cent., placing the stock on a 6 per cent, annual basis, and such dividends were paid July, X907, and January, 1908.

Earnings

Net Charges Pref. Div. Surplus

There was applied out of the surplus account the following amounts for depreciation: In 1900, $1,000; 1901, $187,123; 1902, $170,148; 1903, $196,846.

President, Leonard Pedkitt, Catasauqua, Pa. Vice-President, James W. Fuller, Catasauqua. Secretary and Treasurer, J. S. Stillman, Catasauqua.

Directors — Archer H. Brown, East Orange, N. J. Elverton R. Chapman, New York. Arthur A. Fowler, New York. James W. Fuller, Catasauqua. Frank M. Jeffery, New York. J. S. Healey, New York. D. B. Meacham, Cincinnati. Junius S. Morgan, New York. Leonard Peckitt, Catasauqua. Charles H. Zehnder, New York.

General office, Catasauqua, Pa. New York office, ixi Broadway. Annual meeting, fourth Wednesday in February, at Jersey City.

The Equitable Illumihatihg Sas Light Co. Of Philadelphia

A corporation formed in 1898 under the auspices of The United Gas Improvement Co., to take assignment of the lease of the gas works of Philadelphia from the City to The United Gas Improvement Co., and to operate the same. The lease terminates in 1938, but the City had the right to terminate the lease in 1907 if it repaid the company for improvements. This option not having been exercised, the lease continues for the full term. Propositions for an extension of the lease were submitted in 1905 but were withdrawn by the company.

5i6 THB MANUAL OF 8TATISTI0S

The preferred stock is 6 per cent Stock is transferred at the office of the company, Philadelphia. Registrar, Fidelity Trust Co. Philadelphia.

The bulk of the stock is held by The United Gas Improvement Co., which purchaiei the fas manufactured by this company on terms sufficient to provide for interest and sinking funds for the bonds.

The company paid 4 per cent, on the preferred stock in December, 1898, and 6 per cent, per annum, or semi-annual dividends of 3 per cent, each in June and December since that date. On the common, yearly dividends of 6 per cent, have been paid each year from 1899 i9°7 inclusive.

Funded Debt ist mort., 5 per cent., due Jan., 1938, redeemable 1908, Jan. and July $6,093,000

The ist mortgage bonds, New York Trust Co., trustee, are due in 1998, but are redeemable at 105 in XG08 if the City exercises its option to terminate the lease on payment for improvements and interest on their cost. The bonds can also be drawn for the sinking fund at 105 and interest. Sinking fund is $124,000 per annum plus interest on all bonds bought by the sinking fund. In 1908 the gas works will revert to the City, without payment, when all bonds will have been retired.

Prices for gas authorised by lease are : to the municipality, free ; to consumers, $x per 1,000 cubic feet, until reduced by ordinance Of the City Councils, but they shall not be reduced below the following prices : up to December 31, 1907, 90c per 1,000 feet; up to December 31, 191a, 85c. per 1,000 feet ; up to December 31, xiy, 8oc. per 1,000 feet ; up to December 31, 1937, 75c. per x,ooo feet.

In 1903, gas sales were 6,486,899,960 feet ; gross revenue $6.486,830 ; proportion due the City, $684,083. In 1904, sales 6,564,891,970 feet ; gross revenue $6,564,890 ; City's proportion, $5o5i4 Id 1905, sales 6,813,298,069 feet; gross revenue $6,8x3,390; City's proportion, $68x,33o. In X906, sales 7,o6x,99x. 43 ; gross revenue $7,o6[,3ox ; City proportion $706,199.

President, Walton Clark, Philadelphia. Vice-Presidents, David H. Lane, Philadelphia, James Ball, Philadelphia. Treasurer, W. A. McEwen, Philadelphia.

Directors— James BaU, Philadelphia. Walton Clark, Philadelphia. W. F. Douthirt, Philadelphia. David H. Lane, Philadelphia. Lewis LiUie, Philadelphia.

Main office, Broad and Arch streets, Philadelphia. Annual meeting, fint Monday in August

FMimiOKT COAL CO.

A corporation fonned under the laws of West Virginia, June 19, 1901. The business of the company b the mining and distribution of coal and the ownership of coal lands. The company owxis 33,000 acres of bituminous coal lands and holds a4986 acres under perpetual lease.

It also leased rights from the Monongahela River Railroad Co. and from the Monongah Co. The company also acquired control of the Northwestern Fuel Co., which has a coal distributing and stonige business extending from Chicago to Duluth, with coal yards at St. Paul and Minneapolis and plants at Milwaukee, Green Bay, Wis.; Washburn, Wis.; West Superior, Wb., and Duluth. It also has a controlling interest in the stock of the Clarksburg Fuel Co., and in August, X904, acquired a majority of the stock of the Pittsburg & Fairmont Fuel Co.

In January, X903, the Consolidation Coal Co. acquired a controlling interest in the stock of this company.

In November, 1907, the company sold 3,000 coal cars to the Baltimore & Ohio Railroad Co., which assumed the $1,544,000 of car trust obligations outstanding against the same. Stock Par $100 Authorised, $x9,ooo,ooo Israed, $13,000,000

Transfer Agent, Registrar & Transfer Co., New York. Registrar, Guaranty Trust Co., New York.

An initial dividend of 3 per cent, on the stock was declared out of the earnings for 1903, the same being paid February 1, 1904. On February x, 1005, an annual dividend of 3 per cent., whh X per cent, extra, was paid, but the February, X906, dividend was only 9 per cent, and in June, X906, per cent, was paid. The February, X907, dividend, however, was 3 per cent. In January, X968, paid s per cent.

Funded Debt

xst mort., 5 per cent., gold, due July, 193X, Jan. and July $5,190,000

Collateral trust notes 5 per cent., due March X5, 1909, March (15) and September. . . . 3,000,000 Briar Hill Coal & Coke Co. xst mort. assumed. I75ooo

Total $7i99S.ooo

Industrial Securities 517

The authorised amount of the xst mortgage is $6,000,000. There are $175,000 of the bonds reserved to retire obligations outstanding on portions of the properties covered by the mortgages $417,000 of the bonds have been retired by tne sinking fund, and $287,000 held in the company's treanny. Trustee, Guaranty Trust Co., New York. Bonds are subject to redemption by the sinking fund on any interest date at no. There is a sinking fund of a cents on each ton of coal nuned from the oompanv's property, but the Trustee may use one-half of the proceeds of the shining fund to acquire additional coal lands.

The a-year collateral trust notes issued in March, 1907, are subject to call at par and interest on any interest date upon 30 days' notice.

Earnings

Net Chaises Surplui

9P3 $3,157,366 $574,404 $1,582,969

9P5 990,70s 599.404 3,301

9o6 1,783,789 710,353 1,073,499

President, Clarence W. Watson, Baltimore. Vice-President, J. H. Wheelwright, Baltimore. Secretary and Assistant Treasurer, T. K. Stuart, Baltimore. Treasurer, S. L. Watson, Fairmont, W. Va. General Auditor, A. S. Dunham, Baltimore.

Directors— Van Lear Black. H. Crawford Black. Charles T. Crane. Frederick M. Davies. A. B. Fleming. William H. Grafflin. Grier Hersh. George C. Jenkins. Walton Miller. J. E. Sands. S. Davies Warfield. Clarence W. Watson. J. E. Watson. S. L. Watson. J. H. Wheelwright. William Winchester.

Corporate office, Fairmont, W. Va. Main office, Baltimore. New York office, i Broadway. Annual meeting, third Wednesday in March, at Baltimore.

J. A. FAY tk EG AM CO.

A corporation formed under the laws of West Virginia, February 14, 1893. The company is engaged in manufacturing, purchasing and selling wood-working machinery. It is a consohdation of J. A. Fay & Co. corporation and the Egan Co. The combmed plants, located in Cincinnati, cover three dty blocks.

The preferred stock is 7 per cent., cumulative, and has no voting power. Stock is transfeited at the office of the company, Cincinnati. Registrar, Union Savings Bank & Trust Co. , Cincinnati.

Since the organization of the company in 1893 all dividends on the preferred stock have been paid regularly each quarter. Quarterly dividends at the rate of 5 per cent, annually were paid on the common stock, the rate being increased in November, 1905, to 6 per cent, annually, and in February, 1907, it was again increased to 7 per cent.

Funded Debt ist mort., 6 per cent, bonds, due 1943, Feb $500,000

The bond lanie is the full amount authorized. Trustee of the mortgage, Union Savings Bank & Trust Co., Cincinnati. Agent for the payment of interest. First National Bank, Cincinnati.

Earnings Year ending February z

Net Charges Dividends Surplus

President, Thomas P. Egan, Cincinnati, ist Vice-President, S. P. Egan, Cincinnati, od Vice-President, F. T. Egan, Cincinnati. Secretary, William M. Green, Cincinnati. Treasurer, Arthur A. Faber, Cincinnati.

Director*— J. E. Bruce, Cincinnati. C. P. Egan, Cincinnati. F. T. Egan, Cincinnati. S. P. Egan, Cincinnati. Thomas P. Egan, Cincinnati. Arthur A. Faber, Cincinnati. Rudolph Kleybolte, Cincinnati. Joseph Rawson, Cincinnati. L. G. Robinson, Cincinnati.

Corporate and main office, Front and John streets, Cincinnati. Branch offices, New York, Chicago, St. Louis, San Francisco, New Orleans, Greensboro, N. C, Seattle, Wash., Buffalo, N.Y., Atlanta, Ga., and Portland, Ore. Annual meeting, third Tuesday in February, at Cincinnati.

Si8 THE MANUAL OF STATISTICS

Fayette Coukty 6 As Co.

A corporation formed under the laws of West Virginia in October, 1900, to supply gas to towns in Fayette County, Pa. The company has gas properties in Marion County, W. Va., which are connected by pipe line with its distributive system. Stock Par $100 Authorised, $1,600,000 Issued, $1,600,000

In 1904 dividends of per cent, monthly or 6 per cent, per annum were paid from the earnings of 1903.

Funded Debt istmort., 6 per cent bonds. May and Nov. $335,000

The company has a sinking fund to retire $35,000 of the bonds each year. Trustee of the mortgage. Title Guarantee & Trust Co., Washinn, Pa.

President, George W. Crawford. Vice-President and General Manager, John M. Garard. Secretary and Treasurer, Iarry C. Reeser.

General offices. Farmers* Bank Building, Pittsburg. Branch offices, Uniontown, Connellsville, Scottdale, Mount Pleasant, Dunbar, Dawson.

FEDERAL HIMIMG SMELT/ JiG CO.

A corporation formed under the laws of Delaware June 35, 1903, the charter being amended September 15, 1903. The company owns four groups of silver-lead mines in the Coeur d'Alene District, Idaho, at Mace, MuUan, Burke and Wardner. At these mines the company has large modem hoisting, concentrating, electric and other plants. The company has a contract with -4licmerican Smeltixig & Reining Co. by which the latter purchases the entire output of the Federal Company's mines.

In 1905 control of the company was acquired by the American Smelters Securities Co.

The preferred stock is 7 per cent., cumulative. It has no voting power, except in regard to an increase of the preferred stock.

Transfer Agent, Guaranty Trust Co., New York. Registrar, United States Mortgage & Trust Co., New York.

The first dividend paid on the preferred stock was per cent, for the period beginning: September i, 1903, and regular quarterly dividends of the same amount, or 7 per cent, per annum, have since been paid in March (15), June, September and December. The first dividend paid on the common stock was i.%\xx cent, for the period beginning March x, 1904, and regular quarterly dividends of the same amount, or 6 per cent, per annum, have since been paid in March (15), June, September and December. In February, 1905, an extra dividend of x per cent, was declared on the common stock, payable with the regular quarterly dividend on March 15, 1Q05, and similar extra dividends were paid each subsequent quarter. In March, June and September, X906, extra divkiends of per cent, each were paid, and in December, 1906, 2,% per cent, extra. The March and June, 1907, dividends were similar in amount, but in September, 1907, the extra dividend was per cent., and in December, 1907, the extra payment was omitted. The March, X908, dividend on the common was passed.

Earnings Year Ending August 3X

Net Income Dividends Sorplut

In 1906-07, $300,000 was written off for development account. Total surplus account August 31, 1907, $1,836,593.

President, Charles Sweeny, New York. Vice-President and Chairman of Executive Committee, Edwin Packard, New York. Secretary, Frederick J. Kihier, New York. Treasurer, F. W. Hills, New York. General Manager, W. Clayton Miller, Wallace, Idaho.

Directors— Eugene J. Barney, Dayton, O. G. M. Borden, New York. Edward Brush, New York. Henry E. Cooper, New York. Frederick T. Gates, New York. F. W. Hills, New York. John K. MacGowan, New York. W. E. Merriss, New York. Edwin Packard, New York. Thomas J. Phillips, New York. James M. Satterfield, Dover, Del. Judd Stewart, New York. Charles Sweeny, New York.

Corporate office, Wilmington, Del. Main office, 33 Broadway, New York. Annual neeting, third Monday in October at New York.

Industrial Sbcuritibs 5I9

FEDERAL SUGAR REFmiRG CO. OF HEW YORK

A oofpontioD fonncd undar the laws of New York, May 3, 1907. The oompanj succeeded the Federal Sugar Refining Co. of New Jersey, its common and preferred stocks, respectively, share for share, being exchanged for the common and preferred of tiie New Jersey company with a payment of $6 per share on the preferred of the latter for arrears of dividends. The New Jersey company owned the entire stock ($100,000) of the Federal Sugar Refining Co. of Yonkers, N. Y. The plant includes 10 acres of land at Yonkers, lying between the New York Central Railroad tracks and the Hudson River, with a water frontage of 716 feet and docks sufficient to imload oceangoing steamers, and ten warehouses. The refinery consists of eight large and various smaller buildmgs and is equipped with modem machinery.

The preferred stock is 6 per cent, cumulative, has a preference as to assets in case of dissolution, and can be exchanged at the holder's option for common stock at par. It is also redeemable by the company at 195.

Stock b tnnsfoed at the office of the company, New York. Registrar, Farmers' Loan and Trust Co., New York.

Up to Febmaiy 7, 1905, the New Jersey company paid on the preferred stock 13 per cent. On August 98, 1900, paid 3 per cent.. May x, 1007, 3 per cent., and on May a8, 1907, 3 per cent. The present company has regularly paid the full dividends on its preferred stock.

President, C. A Spreckels. Vice-President, Clarence H. Mackay. Treasurer, Dumont Clarke. Secretary and Assistant Treasurer, Pierre J. Smith. Assistant Treasurer, A. H. Piatt.

Directors— Dumont Clark. William W. Cook. George Crocker. George A. Femald. Clarence H. Mackay. Pierre J. Smith. C. A. Spreckels.

Main office, 138 Front street. New York. Annual meeting, last Thursday in June, at New York.

FIRTH-STERUlie STEEL CO.

A corporation formed under the laws of Pennsylvania, July xx, 1889. The purpose of the company is the manufacture of high-grade steel. The company's works are located at Demmler, Pa., near Pittsburg. Stock Par $xoo Authorised, $1,500,000 Issued, $i,aoo,ooo

Stock is transferred at the office of the company, Demmler Station, McKeesport, Pa.

President, Lewis J. Firth, Sheffield, Eng. Vice-President, Austin A. Wheelock, New York. Secretary, James E. Porter, Pittsbuxf:. Treasurer, Eben B. Clarke, Pittsburg.

Directors— Eben B. Clarke, Pittsburg. Lewis J. Firth, Sheffield, Eng. James W. Kinnear, Pittsburg. Austin A. New York.

Main office, Demmler, Pa. Annual meeting at Demmler, at such time as directors select after the dose of the fiscal year. May 31.

The Fort Street Uhioh Depot Co.

A corporation formed under the laws of Michigan, August 34, 1889, 'or be purpose of furnishing the railroads entering Detroit with terminal facilities for freight and passengers. It has expended in securing real estate and right of way, elevated railroad approaches and for the erection of suitable passenger stations, upward of $3,335,000. The length or the double main track from the depot to the end of right of way, where it joins and connects with the Detroit Union Railroad Depot and Station Co., is 1.4 miles, with 1.37 miles of sidings, all laid with seventy-pound steel raik.

This company's property is leased for 999jrears from December 10, 1889, to the Wabash,

Pere Marquette and Canadian Pacific Railroad Cb's. By the terms oif the lease the lessees agree to pav, as rental to the lessor, a sum per annum equal to 5 per cent, on the total cost of the work and the current expenses.

Stock Par $100 Authorised, $1,000,000 Issued, $1,000,000

Stock is transferred at the office of the company, Detroit

Funded Debt

ist mort., per cent., gold, due 1941, Jan. and July $1,000,000

9o-year gold bonds, 5 per cent., due 19x5, Jan. and July 3x3,000

Total $x,3X9,ooo

S20 The Manual Of Statistics

The bonds are secured by mortgage of the piopeiiy of the company to the Central Trust Co., New Yock, trustee, at which institution interest is paid.

President, William Cotter, Detroit. Vice-President, James Osborne, Toronto. Secretary and Treasurer, George E. Williams, Detroit.

Directors— William Cotter, Detroit. S. T. Crapo, Detroit. J. £. Howard, Detroit James Osbome, Toronto. F. W. Stevens, Detroit.

Main ofiSce, Union Depot, Detroit. Annual meeting, first Wednesday in February, at Detroit.

FORTYSECOKD STREET, KAHHMTTMK¥ILLE ST. KICHOLMS irEKUE RAILWAY CO.

(Controlled by Third Airenue Rjdlroad Co.)

A coiponitioa formed under the laws of New York, August 99, 1878. The Third ATenu Railroad Co. purchased aoontrolling interest in this company's stodi in November, 1895. The company openies 34.56 miles of track by underground electric trolley. In consequence of the insolTency of the controlling company, a Receiver was appointed early in 1908. Stock Par$zoo Authorised, $3,500,000 Issued, $3,500,000

Stock is transferred at the office of the company, New York. Registrar, Morton Trust Co., New York.

Funded

ist mort., 6 per cent., due March, 1910, March and Sept. $1,300,000

3d mort., 6 per cent, due Jan., 2915, Jan. and July x,6oo,ooo

Total $3,800,000

The outstanding bonds of both mortgages are the full amount authorised. Trustee of mortgages and agent for the payment of interest. Union Trust Co., New York. There are also real estate mortgages for $100000, and the company in June, 1906, reported UUs payable auMMmting to $6,391,754.

E4Kimro8 Year ending June jo GrMs Net

The deficit under charges in 1903-03 was $64,357; in 193-04, $47,567 ; in 1904-05, $168,036; in 195-06, $912938.

Receiver— Frederick W. Whitridge, New York. President, F. L. Babcock, New York. Secretary, M. S. Borland, New Yoik.

Receiver's office, Sixtr-fifth street and Third avenue, New Yorlc Annual meeting, third Thursday in January, at hiew York.

Foster Cobalt Kihikg Co.. Limited.

A corporation formed under the laws of Ontario, Fruary 14, 1906. The company owns a cobalt-silver property of 40 acres at Glen Lake, Coleman Township, Nipisdng Distrirt, OnL, of which about 13 acres are under water. Active operations and development work have been in progress and a number of ore shipments made. An interim dividend of 5 per cenL was pakl January 3, 1907. Stock Par $1 Authorised, $x,ooo,ooo Issued, $900,000

Transfer Agent and Registrar, National Trust Co., Limited, TorcMito.

President, W. K. George, Toronto. Vke-Presklent, W. H. Blake, Toronto. Secretary, James George, Toronto.

Directors— W. H. Blake, Toronto. Clement A. Foster, Haileybury, Can. W. K. George, Toronto. Charles W. Kerr, Toronto. H. S. Strathy, Toronto.

Main office, Traders' Bank Building, Toronto. Annual meeting, second Saturday in March at Toronto.

The Frahcisco Sugar Co.

A corporation formed under the laws of New Jecsey, Februaiy 93, 1899. It owns 53,000 acres of sugar land in the Island of Cuba between ManxaniUo and Santa Cms, and has a uictoiy

INDUSTRIAL 8BCURITIBS St

equipped with machinery with a capacity for grinding x,aoo tons of sugar cane daily. It also owns and operates some x8 miles of railroad tracks in connection with its property.

Stock. Par $xoo Authorixed, $1,500,000 Issued, $x,aa6,aoo

Stock is transferred at the office of the company, Philadelphia. Registrar, Guarantee Trust & Safe Deposit Co., Philadelphia.

Funded Debt Debenture bonds, 6 per cent, gold, due , June and Dec $350,000

President, John F. Craig, Philadelphia. Vice-President, James M. McCahan, Philadelphia. Secretary and Treasurer, Thomas C. HcCahan, Philadelphia.

Directoi— William N. Allen, Philadelphia. £. P. Borden, Philadelphia. Henry S. Cattell, Philadelphia. James W. Cooper, Philadelphia. John F. Craig, Philadelphia. James M. McCahan, Philadelphia. W. J. McCahan, Philadelphia. Benjamin W. Parker, Boston. Manuel Rionda, New York.

Corporate office, xo6 Market street Camden, N. J. Maiq office, X43 South Front street, liladelphia. Annual meeting, second Wednesday in October, at Camden.

Phi

FRAHKLm MIHIHB CO.

A corporation formed under the laws of Michigan, April 3, 1857. It is one of the oldest of the existing Lake Superior copper mining enterprises. The company owns a large copper mining property at Hancock, Houghton County, Midi., upon the same lodes as the Calumet & Heda and Quinc mines, it has a stamp mill at Portage Lake, and during recent years has prosecuted extensive development work upon its property. Stock Par $35 Authorised, $3,500,000 Issued, $3,500,000

In 1898 the capital stock was increased from 40,000 shares to 80,000 shares, the increase being sold to the stockholders at $10 per share. In 1899 the authorised amount was increased to 100,000 shares, this increase being sold at $15 per share. Previous to this stock increase there had been paid in on the old stock $3.30 per share.

Stock is transferred at the office of the company, Boston. Registrar, Ferderal Trust Co., Boston.

The company has paid dividends aggregating about $1,340,000. The last dividend was paid Januaxy i, 1894.

Earnings Caih Bakoce

Gross Receipts Net Receipts Deductions Surplus

X90X $838,045 $381,357 $366,000

19M 647,964 136,533 76,838 100,08

I9P3 685,840 150,039 127,443 168,460

During the year X903 the company produced 5,309,030 pounds of refined copper and its copper sales were $634*30. In 1904, copper produced, 4,771,050 pounds ; sales, $735,059. In 1905, production 4,306,085 pounds ; sold for $683,586. In xoo6, production 4,571,500 pounds; sold for $853,07 In 1907, production 3,381,178 pounds ; sold for $460,465.

President, Francis H. Raymond, Somerville, Mass. Acting Secretary and Treasurer, Stephen R. Dow, Boston. Manager, R. M. Edwards, Houghton, Mich.

Directors— Stephen R. Dow, Boston. R. M. Edwards, Houghton, Mich. Frauds H. Raymond, Somerville. John C. Watson, Boston.

Main office, 15 Congress street, Boston. Annual meeting, third Wednesday in April, at Boston.

The Fries Hakufacturikg A Power Co.

A corporation formed under the laws of North Carolina, February 38, X891, to furnish electric light and power and to operate an electric railway in Winston-Salem, N. C. The company acquired the franchise and property of the Winston-bale Railway & Electric Co., which it now operates. It also owns and operates a power-generating plant on the Yadkin River, 13 miles from Winston-Salem, and a 30-ton refrigerating plant. It also operates the power plant of the Winston-Salem Power Co.

Stock is transferred at the office of the company, Winston-Salem, N. C.

Sm The Manual Op Statistics

Funded Debt ist mort., 5 per cent., due Jan. x, 1940, Jan. and July $461,000

The authorised amount of the xst mortgage is $500,000. Trustee and agent* for tho pasrment of interest, Trust Co. of America, New York.

Earnings Year ending November 30

GfOM Net Ckarges Sorplas

xWJ-o* X30." 40,611 fl3.oo8 17,603

1905-06 i8z,866 53,913 33,050 99fi6a

President, Henrr E. Fries, Winston-Salem, N. C. Vice-President, William A. Blair, Winston-Salem. Vice-President, F. H. Fries, Winston-Salem. Secretary and Treasurer, Bernard J. Pfohl, Winston-Salem.

Directors— J. C. Bessent, Winston-Salem. William A. Blair, Winston-Salem. F. C Brown. Winston-Salem F. H. Fries, Winston-Salem. Henry E. Fries, Winston-Salem. John W. Fries, Winston-Salem. E. E. Gray, Winston-Salem. James A. Gray, Winstoo-Sakm. R. B. Haines, Jr., J. Jacobs, Winston-Salem. W. A. Lemly, Winston-Salem. Clement Manly, Winston-Salem. W. M. Nissen, Winston-Salem. C. D. Ogbum, Winston- Salem. J. A. Vance, Winston-Salem. C. B. Watson, Winston-Salem. W. A. Whitaker, Winston-Salem. N. S. Wilson, Winston-Salem.

Corporate and main office, Winston-Salem, N. C. Annual meeting, second Tuesday in April, at Winston-Salem.

Fultoh Coukty 6 As A Electric Co.

A corporation formed under the laws of New Yoric in June, 1900. The purposes ot tile company are the manufacture of gas and of electric light and power in the cities ot Johnstown and Gloversville, Fulton County, N. Y. It acquired the following companies :

Johnstown & Gloversrille Gas Co. Gloversville Electric Co.

The Johnstown Electric Light & Power Co.

Stock Par $xoo Authorised, $1,500,000 Issued,

Stock is transferred at the office of the company, Philadelphia.

Funded Debt ist mort., 5 per cent., due June, 1936, June and Dec $1,334,000

The authorised amount of the ist mortgage is $1,500,000. Trustee of the mortgage, Morton Trust Co., New York. Coupons of the bonds are paid at that institution.

Presklent, Aklen M. Young, New York. Vioe-Presklent, Randal Morgan, Philadelphia. Secretary, W. F. Douthirt, Philadelphia. Treasurer, Lewb Lillie, Philaddphia.

Directors— Walton Clark, Philadelphia. Lewis LilUe, Philadelphia. R. A. C. Smith, New York. L. D. Spragle, Johnstown, N. Y. Aklen M. Young, New York.

Main office, Gloversville, N. Y. Annual meeting, second Tuesday in July, at Johnstown.

THE SM ik ELECTRIC CO. OF BERBEH COUHTT

(Controlled by Publk Service Corporation of New Jersey)

A corporation formed under the laws of New Jersey, May 31, 1899 The company is a oon* solidation of the Hackensack Gas & Electric Co., the Englewood Gas & Electric Co., the Ridgewood Electric Light & Power Co., the New York, Rutherford & Suburban Gas Co., and tbo Rutherford, Boilmg Springs & Carlstadt Electric Co. All the proptfty of the constituent oomeinies

was acquired. The company owns plants at Hackensack, N. J., Rutherfocd, N. J., and nglewood, N. J., and an electric plant at Hackensack, which supplies the whole district with electricity, there being about 300 miles of pole lines. Its gas franchises are perpetual, as are 90 per cent, of the electric franchises. The company's service extends into fifty-four towns and divisions of Bergen County, N. J.

Industrial Sbcuritibs 53

The company's property was leased to the Pablic Service Corporation for 999 years from January x, 1905. Under the lease dividends are to be at the rate of s per cent, per annum for the first two vears, per cent, for the next year, 3 per cent, for the next two years, 4 per cent, for the next four years, and thereafter 5 per cent. Stock Par $100 Authorised, $a,ooo,ooo Issued, $a,ooo,ooo

Transfer Anient and Registrar, Fidelity Trust Co., Newark, N. J.

FuiTDBD Debt

Consolidated mort., 5 per cent., due 1949, June and Dec $1,393,000

General mort., 5 per cent., due Nov., 1954, May and Nov 1,419,000

Total $3,743,000

The consolidated mortgage is for $1,500,000.

The general mortgage is for $5,000,000. Trustee, Fidelity Trust Co., Newark, N. J. There are $1,500,000 of the bonds resented to retire the consolidated 5s and $a,o8i,ooo for improvements.

President, David St. John, Hadcensack, N. J. Vice-President, John C. Eisele, Newark, N. J. Secretary, Lemuel Loder, Hackensack. Treasurer, J. P. Dusenberry, Newark.

Main office, 114 Main street, Hackensack, N. J. Branch offices, Ridgewood, N. J.; Englewood, N. J., and Rutherford, N. J. Annual meeting, first Monday in June, at Hackensack.

GEMERiL ASPHALT CO.

A corporation formed under the laws of New Jersey, May 19, 1903. The company was organised m pursuance of the plan for the reorganisation of the National Asphalt Co. and the Asphalt Co. of America. See the statement of the National Asphalt Co., giving details of the old companies and the plan of reorganisation, in the Manual for 1903. The former companies owned the stocks of various asphalt supply and paving companies, the more important being the Barber Asphalt Paving Co., the New Trinidad Lake Asphalt Co., Limited, the New York and Bermudes Co. and the South American Asphalt Paving Co.

All litigation in connection with the Asphalt Co. of America and National Asphalt Co. has been concluded, and the reorganisation of tnoee properties into the General Asphalt Co. has been completed.

The preferred stock is 5 per cent., becomes cumulative two years after the date of issue, and has preference as to assets in case of liquidation. The preferred stock is convertible at any time at the option of the holder into common stock on the ba of $150 common for $100 of the preferred, and is subject to call at any time after three years at no on ninety days' notice. The $7,000,000 of unissued common stock is reserved for the retirement of the preferred.

All the stock is vested for ten yean in a voting trust, the trustees being Rudulph Ellis, William F. Harrity, Alvin W. Krech, Henry Tatnall and George R. Tumbull.

The first dividend paid on the preferred stock of the present company was a per cent., March I, 1906, and the same rate was paid September x, 1906. On March i, 1907, paid x per cent.

Transfer Agents, Guaranty Trust Co., New York; Commercial Trust Co., Philadelphia. Registrars, Mercantile Trust Co., New York; Equitable Trust Co., Philadelphia.

Funded Debt— Constituent Companies

Barber Asphalt Paving Co. , xst mort. , 6 per cent., due April, 1916, April and Oct $883, xoo

New Trinidad Lake Asphalt Co., Ltd., debs., 6 per cent., due Jan., X930, Jan. and July . . 1,584,980

The Barber Asphalt Paving Co.*s xst mortgage, 6 per cent, bonds can be retired at par and interest on April x, 1906, or any subsequent interest date.

For the year ending January 31, 1905, the company and its subsidiary companies reported gross receipts $11,980,033, profits $x,5oi,6o5, net profits $849,087. The report for the year ending January 31, 1906, showed gross receipts $X3,3,347; net profits $1,1x6,669; net income

$1,338,730; deduction $795*758; profit $533,993; dividends (3 per cent) $363,794; balance surplus $370,198. The estimated net earnings tor 1907 were stated to be about $1,000,000, less $300,000 for excess cost of maintenance of payments laid by the company's predecessors.

President, John M. Mack, Philadelphia. Vice-President, Avery D. Andrews, Philadelphia. Vice-President, Arthur W. Sewall, Philadelphia. Secretary (Vacancy). Assistant SecreUry, P. B. Steffen, Philadelphia. Assistant Secretary, J. P. Whitehoro, Philadelphia. Treasurer, Ira Atkinson, Philadelphia.

Thb Manual Of Statistics

Directors— Avery D. Andrews, Philadelphia. Ira Atldnson, Philadephia. John If. Mack, Philadelphia. G. H. B. Martin, Camden, N. J. J. L. Rake, Philadelphia. Arthur W. Sewall, Philadelphia. H. R. WaideU, Philadelphia.

Corporate office, 417 Market Street, Camden, N. J. Main office. Land Title Buildinc:, Philip delphia. Annual meeting, third Tuesday in May.

Sekeral Chemical Co.

A corporation formed under the laws of New York, February 15, 1899, cany on the business of the manufacture of heavy chemicals. It owns twenty-four plants situated in the East and West. The company ban business March i, 1899.

The preferred stock is 6 per cent., cumulative.

Stock is transferred at the office of the company. New Yock. Registrar, Title Guarantee ft Trust Co., New York.

The company began the payment of dividends on its preferred stock July i, 1899, and has since regularly paid per cent, quarterly, in January, April, July and Oddber.

In Fruaxy, 1900, the company began the payment of dividends at the rate of 4 per cent, on the common stock, payable i per cent., quarterly, March (i), June, September and December, the dividends for 1901 and 1903 being on that basis. On February x8, 1903, a dividend of 5 per cent, on the common stock out of the earning of 1902 was declared, payable quarterly durmg 1903. It was, however, decided to pay no dividends oa the common stock in 1904 and 1905, the intention beixig to devote surplus earnings to the eictension of the company business. On March 7, 1Q06, however, a dividend of a per cent, was paid on the common, and a like amount on September x, 1906. The dividends paid in 1907 were the same as to amounts and periods. The ciividend paid March 3, 1908, was, however, z per cent.

Net Pro6tt

Total, 9 years $12,015,456 $5,080,178 $1,838,463 $1,943,911 $3,153,905

Income Account, December 31, 1907

(Certified by Barrow, Wade, Guthrie & Co., Public Accountants)

Surplus on books, December 31, 1906.

Net profits for the year 1907 $1,478,894

Less reserved for fiire insurance. 78,000

Total $4,430,488

Less dividends paid to stockholders :

Preferred, $660,000

Common 996,41a

Total $3,474,076

Less charged off plant account, etc 390,171

Surplus, December 31, 1907 $3,153,905

During the year there has been expended :

On new construction $3751647

On remain and reconstruction, charged to expense. 5wi368

Dividends Paid

Charged off

Added

Preferred

Plaou, etc.

to Surpliu

$

Sao.440

Industrial Sbguritiibs 55

Consolidated General Balance Sheet, December 31, 1907 Assets Liabilities

Permanent Investments : Capital stock, preferred $11 ,000,000

Manufacturing investments at u n common 7,410,300

cost, less the annual deductions

for depreciation $i7f 49358o $18,410,300

Less mort£:ages not due on pro- Quick Liabilities :

perties purchased QSioo Sundry accounts payable

but not due $567,379

Investments in corporations par- Dividends payable

tially owned 473,600 Januaiy 3, 1908 165,000

Miscellaneous investments 7i,SSs

Total quick liabili-

Total permanent invest-ties $1,182,379

ments $17,943,433 Funded reserve for fire insurance

Quick Assets : as above 399i90s

Merchandise on hand Surplus 3ii53,905

at factory cost $3,696,634

Active customers' accounts and bills receivable 1,438,483

Miscellaneous assets . . 47,308 Cash 1,738

Total quick assets $4,804,053

Reserved fund for fire insurance. . . 339,903

Total $33,076,386 Total $33,076,386

Chairman, William H. Nichols, New York. President, Edward H. Rising, New York. Vice-President, Sanford H. Steele, New York. 3d Vice-President, Charles Robinson Smith, New York. 3d Vice-President, Everett B. Bragg, Chicago. Chairman Executive Committee, William H. Nichols, Jr., New York. Secietarv and Treasurer, James L. Morgan, New York. Assistant Secretary, Thomas F. Burgess, New York. Assistant Treasurer, Lancaster Morgan, New York.

Directors— Everett B. Bragg, Chicago. Henry W. Chappell, New York. William M. Johnson, New York. William J. Matheson, Newi York. James L. Morgan, New York. William A. Nash, New York. William H. Nichols, New York. William H. Nichols, Jr., New York. Edward H. Rising, New York. Charles Robinson Smith, New York. James Speyer, New York. Sanford H. Steele, New York. George F. Willett, Boston.

Main office, 35 Broad street. New York. Anni meeting, Thursday preceding the third Friday in February, at Phillipstown, N. Y.

General Electric Co.

A corporation formed under the laws of New York, April 15, 1893, to combine the interests of the Edison General Electric and Thomson-Houston Electric Companies. The company owns all the stock of those corporations. It has works at Schenectady. N. Y.; Lynn, Mass., and Harrison, N. J., for manufacturing machinery and electric supplies. In loox the company bought a controlling interest in the British Thomson-Houston Co., Limited. In 1903 the sprague Electric Co. was acquired. In 13 it obtained control of the Stanley Electric Manufacturing Co. This company owns the entire stock of the Electrical Securities Corporation, organised in 1004 as a financing corporation. See statement of the latter company. The Electric Bond & Share Co. is also controlled. Stock Par $xoa Authorised, $80,000,000. Issued, $65,167,400

The company had $3,551,000 preferred stock, which was 7 per cent., cumulative, but had no preference as to assets, all of which has been retired. In July, 1900, it was decided to increase the common stock, then $18,376,000, by the issue of $4,415,000 to retire the $5,398,000 outstanding 5 per cent, debentures. See below. In 1901 the common stock was increased to $45,000,000 and the preferred stock was exchanged for common, share for share. In 1004 the stockholders received the privilege of subscribing at par for 10 per cent, of their holdings in new stock, the amount issued being $4,381,300. In December, 1905, the authorised stock was increased from $48,335,500 to $(k>,ooo,ooo, and $6,034,000 of the new stock was subscribed for at par by the stockholders to the extent of X3 per cent, of their holdings. In November, 1906, a

5a6 THE MANUAL OF STATISTICS

further increase of the authorized stock to $80,000,000 was voted and $10,861,900 was offered at par to stockholders in the proportion of i share of new for each 5 shares of old stoic, the payments for which were made half on January 16, 1907, and half on April x6, 1907.

Transfer Agents, Farmers* Loan & Trust Co., New York ; American Trust Co., Boston. Registrars, Guaranty Trust Co., New York ; Old Colony Trust Co., Boston.

Last dividend paid on the old preferred stock wasji per cent., July i, 1893 ; on common, a per cent., quarterly, August i, 1893. The November, 1893, dividend was passed.

Payments on account of the back preferred dividends (on the amount of old stock) were : November 15, 1898, 11 per cent.; December aa, 1898, 17 per cent.; January 31, 1899, 11 per cent.; March 8, 1899, 19.05 per cent., compledng the entire amount of back dividends.

On August 17, 1899, the payment of relax half-yearly dividends of fii cent, on the preferred stock were resumed, and were paid regularly whUe the preferreof was outstanding in January (31) and July. Dividends on the common stock were resumed by the payment of per cent. July 15, 1899, and were continued quarterly at the same rate until October 15, 1900, when a per cent was paid, putting the stock on an 8 per cent, basis, has been the rular rate since then. The Januaiv, 1901, dividend was a per cent, regular and i per cent. eztnL Dividends on the common are paicl quarterly, January (15), April, Julv and October.

The stock was originally $4,a5a,ooo 7 per cent., cumulative, preferred stock and $30,468,000 common. The dividends on preferred were unpaid from July i, 1893, to August,- x8p8, amounting to $1,537,885. In 1898 it was dedded to charge off the debit to the company's and kMS and impairment of capital by a reduction of the stock, making it three-of the old amount. Resolution to this effect was adopted by the stockholders on August 17, 1898. Old stock was exchanged on this basis for the new. There was objection and litigation on part of the old preferred stockholders, but this was settled, and during the autumn and winter of 1898 payment of the accumulated back dividends was liquidated. On July 15, 190a, a stock dividend of 66 per cent, was paid, a compensation for the surrender of stock in 1898, the amount of new stock thus distributee! being $16,8x3,600.

Funded

Debentuxes, per cent., due Aug., X94a, Feb. and Aug $3,047,000

Convertible debentures, 5 per cent, due June, X917, June and Dec 13,000,000

Total $15,047,000

The per cent debentures are $3,500,000 authorised and were issued in 1908, being given in exchange for the stock of the Sprague Electric Co. They are redeemable within ten years at par and afterwards at xos.

In 1897 company purchased $750,000 of its per cent old convertible debentures of 190a, leavmg amount outstanding $8,000,000, and during 1898 $3,300,000 more were retired. At the beginning of X906 all of the old convertible had been retired except $55,ooa

In July, 1907, stockholders subscribed for $13,000,000 new 5 per cent convertible debentures at par, payments to be made 50 per cent. July ao, 1907, and 50 per cent. January ao, 1908. The new debentures are convertible into stock at par after June x, X9XX, and are redeemable after that date at X05.

Earnings Year ending January 31

Sales Net Charges Surplus

897-98 $13,534,938 $3,X48,S30 $333,335 $x,8x5,i8s

x898 16,473,033 4,166,335 300,000 3,876,324

39,839,6ca 6,344,439 a4Ot04O 6004,399

igoi-oa 33.856,303 8.598.341 4a.3K> .5S5,93

'9W-Q3 39,X33,o5x io,377,x68 433X 10,333,837

903-04 4X,699,6x7 7,865,376 76,007 7.79.369

90fro7 6o,07x,883 8,503.338 74,395 8,437,843

In X897, $583,335 was charged for factory extension, reserve and patents. In X898-99, $369,440 was charged to patents, leaving for dividends $3,606,884. In 1899-X900, $353034 iw charged to patents; surplus for dividends, $5,197,463; dividends, $x,oox,og4; written off for depreciation, etc., $3,000,000; balance surplus, ,106,459. In X90X, dividend payments aggregated $x, In X903, the surplus over dividends was $6,600,374; in xoo3 In 1903-04, $x, 470,098 was written off, and dividends paid were $3,5018,384; balance surplus, $3,810,987. The net for X904-o5 includes $1,093,035 from interest royalties, profits on sales of securities, etc. In the same year $759,654 was written off and divklends paid were $3,684,3&i; balance surplus, $3,375,607. In 1905-06, written off, $1,000,000; dividends, $3,861,063; balance surplus, $3,458,098. In 1906-07, wntten off, $999,999 ; dividends, $4,344,343 ; balance surplus, $3,083,508. The total surplus, January 3X, X907, was $x5,xxo,797.

INDUSTRIAL SECURITIES Sa?

President, C. A. Coffin, Schenectady, N. Y. Vk-Prasident, E. W. Rioe, Jr., Schenectady. Vice-President, Hinadill Parsons, Schenectady. Vice-Preddent J. R. Lovejoy, Schenectady. Vice-President, B. E. Sunny, SchenecUdy. SecreUur, M. F. Westover, Schenectady. Treasurer, H. W. DarUng, Schenectady. Auditor, Edward Clark, Schenectady.

Directors— Gordon Abbott, Boston. Oliver Ames, Boston. C. A. Coffin, Schenectady. T. Jefferson CooUdge, Jr., Boston. William M. Crane, Boston. Frederic P. Fish, Boston. George P. Gardner, Boston. Henry L. Higrinson, Boston. J. Pierpont Morgan, New York. J. P. Ord, New York. Robert T. Paine, id, Boston. Marsden J. Perry, Providence, R. I. Sylvanus L. Schoonmaker, New York. Charles Steele, New York. E. W. Rice, Jr., Schenectady.

Main office, Schenectady, N. Y. New York office, 44 Broad street. Annual meeting, second Tuesday in May, at Schenectady. .

Geheral Railway Sigh A L Co.

A corporation formed under the laws of New York, June 13, 1904. The company was organised in pursuance of a plan to combine the Taylor Signal Co., Bufifalo, and the Pneumatic Signal Co., Rochester, N. Y., and acquired the plants and property of those companies. It had two factories, located at Gates, near Rochester and Buffalo, N. V., respectively. Ehiring 1907, the Buffalo plant was removed to Rochester.

The preferred stock is 6 per cent, cumulative and has preference as to assets in case of dissolution. Dividends on the preferred are paid quarterly, in January (i), April, July and October.

Transfer Agent, Manufacturers* & Traders' National Bank, Buffdo. Registrar, Commonwealth Trust Co., Buffalo.

Funded Debt

Pneumatic Signal Co. ist mort., 6 per cent., March and Sept $108,000

General Railway Signal Co., ist mort., 6 per cent., Jan. and July 500,000

Total $608,000

The ist mortgage of the General Railway Signal Co. is for $1,000,000, of which $108,000 is reserved to retire the prior lien bonds.

Trustee of the Pneumatic Signal Co. ist mortgage as well as of the Railway Signal Co. ist mort and agent for the payment of interest, Rochester Trust & Safe Deposit Co., Rochester, N. Y. Interest and principal are also payable at the Bankers* Trust Co., New York.

Earnings

Depreciftdon Total

GffoM Net and Charges Dividends Surplus

1906 $5o,4a7 $a7087i $38,0 $148,507 $idi,aao

1907 459ii 213,879 300,850 130,000 50,343

The excessive charges for 1907 were largely due to the removal of the Buffalo plant to Rochester.

Chairman, John N. Beckley, Rochester, N. Y. President, W. W. Salmon, Rochester. Vice-President and Treasurer, George D. Morgan, Rochester. Secretary, Clarence H. Littell, Buffala Assistant Secretary, John ¥, Braam, Rochester.

Directors— William Bausch, Rochester. John N. Beckley, Rochester. B. E. Chase, Rochester. Walter B. Du£, Rochester. Thomas W. Finucane, Rochester. C. W. Goodyear, Buffak). R. R. Hefford, Buffalo. Andrew Langdon, Buffalo. H. H. Littell, Buffalo. W. L. Marcy, Buffalo. J. J. McWilliams, Buffak). George D. Morgan, Buffalo. W. W. Salmon, Rochester.

Main office, Rochester, N. Y. Annual meeting, first Wednesday in April, at Gates, N. Y.

Georgia Railway Electric Co.

A corporation formed under the laws of Georgia, January a8, 190a. It is a consolidation of the following companies :

Atlanta Railway & Power Co. Georgia Electric Light Co.

Atlanta Rapid Trsit Co. Atlanta Steam Co.

The company controls the street railway, electric light, power and steam-heating facilities of the City of Atlanta and Fulton County, Ga., and has a contract with the City for street lighting for five years, beginning in April, 1908. Its railway system comprises 161 miles of track. By

Sa8 THB MANUAL OP STATISTICS

the terms of the ordinance granted by the City of Atlanta the company paid $50,000 in cash to the municipality, and agreed to pay a tax of i per cent, on its gross receipts for the first three years, a per cent, for the next twenty years and 3 per cent, thereafter. The company obtains some electric power from the plant of the Atlanta Water & Electric Power Co., which was completed in 1904.

In July, 1903, this company acquired control of the Atlanta Gas Light Co. It also owns the stock of the AtlanU Northern Railway Co., an electric line from Atlanta to MarietU, Ga., of which fifteen miles is owned and three miles is trackage on the city track of this company.

The preferred stock is 5 per cent., non-cumulative. Dividends are paid Quarterly on the preferred at the rate of per cent, in January (x), April, July and October. Tne xst dividend on the common stock was a per cent, paid August, 1905. In February, 1906, also paid a per cent. In May, 1906, the quarterly rate was made per. cent., which was the rate paid in 1906 and 1907.

Transfer Agent, Old Colony Trust Co., Boston. Registrar, The City Trust Co.. Boston.

Funded Debt

ist con. mort., gold, 5 per cent., due Jan., 193a, Jan. and July $6,100,000

Atlanta Street Railroad xst mort.. gold, 6 per cent, due July, 1900 Jan. and July. . . . aa5,ooo

Atlanta Con. Street xst con. mort., gold, 5 per cent., due Jan., 1933, Jan. and July. 3,175,000

Georgia Electric Light Co. 1st mort., gold, 5 percent., due July x, X9ia, Jan. and July. . x,35o,ooo

Atlanta Gas Light xst mort., 5 per cent., due June, X947, June and Dec i, 150,000

Atlanta Northern Ry. xst mort., 5 per cent., guar., due July, 1954, Jan. and July 400,000

Total $11,400,000

The authorised amount of the ist consolidated mortgage is $xx,ooo,ooo. Of this amount is reserved to retire underlying liens, the balance to be used for extensioxis and improvements. The bonds are subject to call at x xo and interest after Januai i, 1907. A sinking fund, operative in 1907, will retire $xo,ooo of bonds each year from X907 until X91X, $35,000 from 1913 to X916, and $50,000 per year thereafter.

Trustee of the mortgage and agent for the payment of interest, Old Colony Trust Co., Boston. The Georgia Railway & Electric Co. guarantees the bonds of the Atlanta Northern Railway Co. There is a sinking fund of $35,000 per annum for the Atlanta Consolidated Street Railway mortgage bonds.

Earnings Year ending March 31

Grou Net Chaigts Surplus

X901-03 $i,x6x,37a $485*095

9o-03 1.338,995 648,606

1904-05 a.500,574 x,i83,877 513.304 670,573

1905 (year endmg Dec 31) a.500,574 i.a84,543 013,068 650,57

i907(" " " ") 3,309,341 1,646,059 784,675 861,31

In X906 surplus over dividends, $330,487 ; in 1907, $313,936.

Chairman, H. M. Atkinson, Atlanta, Ga. President, Preston S. Arkwright, AtlanU. Vice- President and Treasurer, George W. Brine, Atlanta. Vice-President and Secretary, W. H, Glenn, Atlanta.

Directors— Gordon Abbott, Boston. P. S. Arkwright, Atlanta. H. M. Atkinson, Atlanta. Charles F. Ayer, Milton. Mass. E. P. Black, AtlanU. F. E. Block, Atlanta. Geoige W. Brine, Atlanta. Thomas Egleston, Atlanta. Thomas K. Glenn, Atlanta. J. C. Hallman, Atlanta. John L. Hopkins, Atlanta. R. F. Maddox, AtlanU. Randal Morgan, Philadelphia. Anthony Murphy, Atlanta.

Corporate and main office, 34 East Alabama street, AtlanU, Ga. Annual meeting, last Tuesday in January, at Atlanta.

Gilchrist Tbakspobtatioii Co.

A corporation formed under the laws of Ohio, January 31. 1897. The business of the company is general freighting on the lakes, mainly the transporUtum of grain, coal and iron ore. The company absorbed in 1903 a number of organizations engaged in that line. Its fleet consists of some 65 vessels, operated on the great lues.

Industrial Securities

Stock Par $zoo Authoriced, $10,000,000 Issued, $6,761,400

Transfer Ai:ent and Registrar, Guardian Savings & Trust Co., Cleveland.

Dividends are not made public A dividend of 4 per cent, was paid on the company's stock in December, 1905, and in December, 1906.

President, Joseph C. Gilchrist, Cleveland. Vice-President, F. M. Osborne, Cleveland. Secretary, Albert J. Gilchrist, Cleveland. Treasurer, John D. Gilchrist, Cleveland.

Directors— W. H. Gilcher, Sandusky, O. Albert J. Gilchrist, Cleveland. J. A. Gilchrist, Cleveland. Joseph C. Gilchrist, Cleveland. John D. Gilchrist, Cleveland. F. W. Hart, Cleveland. F. M. Osborne, Cleveland. R. E. Schuck, Sandusky. J. B. Wood, BeUevue, O.

Ifain office. Mentor Special District, O. Cleveland office, Rockefeller Building. Annual meeting, third Tuesday in January, at Mentor Special District.

eiROUX COM sou DATED KIKES CO.

A corporation formed under the laws of Delaware, April 14, 19P3. The company owns two groups of mining properties, one of about 1,350 acres, near Ely, Nev., and the other of some aoo acres, near Carbo, Ures District, Sonora, Mex. Development work has been in active progress on both for several years. A 350 ton smelter has been erected at its Ely mine. Stock Par $5 Authorized, $6,500,000 Issued, $4,650,000

Stock is transferred at the office of the company. New York. Registrar, Empire Trust Co., New York.

The authorized capital stock was increased from $5,000,000 to $6,500,000, in February, 1907, to cover conversion of the company's bonds. See below.

At the annual meeting in February, 1907, an issue of $1,500,000 6 per cent, ten-year bonds was authorized, the same to be redeemable by the company in five years at 105 and convertible into stock at par after two years.

President, Joseph L. Giroux, Los Angeles. Vice-President, Eugene L. Giroux, New York. Secretaiy, G. E. Giroux, New York. Treasurer, James C. Kennedy, New York.

Directors— L W. Bemheim, Louisville. Eugene L. Giroux, New York. G. E. Giroux, New York. Joseph L. Giroux, Los Angeles. Isidore Hemsheim, New York. James C. Kennedv, New York. James A. Snedeker, Denver. Lorren M. Hart, New York. Hoffman Richardson, Boston. C. C. McClarty, Louisville. Ralph C. Lupton, Wilmington, Del. G. F. Piper. Minneapolis.

Corporate office, Wilmington, Del. Main office, 43 Broadway, New York. Annual meeting, first Tuesday in February.

Gold A Stock Telebraph Co.

A corporation formed under the laws of New York in 1867. It has a system of stock, grain and other market reports by means of a ticker service. The company is leased by the Western Union Telegraph Co. Stock Par $xoo Authorized, $5,000,000 Issued, $5,000,000

The Western Union Telegraph Co. owns $3,555,600 of the company's stock, leaving $3,444,400 in the hands of the public. Stock is transferred at the office of the company. New York. Registrar, Mercantile Trust Co., New York.

The lease to the Western Union Telegraph Co. is for 99 years from January x, 1883, the rental being interest on the bonds and 6 per cent, on the stock.

The dmdends on the stock are paid quarterly, per cent, each, in January (i) April, July and October.

Funded Debt Bonds, not mort., extended, per cent., due May, 19x0, May and Nov $500,000

The bonds of the company are in denominations of $500 each. The per cent bond issue replaced one of equal amount bearing 6 per cent, interest, which matured in 1895. The present issue matured May, 1905, and was extended.

President, Robert C. Clowry, New York. Secretary, A. R. Brewer, New York. Treasurer, M. T. Wilbur, New York.

Directors— G. W. E. Atkins, New York. Thomas F. Clark, New York. Robert C. Clowry, New York. Thomas T. Eckert, New York. George J. Gould, Lakewood, N. J. Howard Gould, New York. Edwin Langdon, New York. John T. Terry, New York. John B. Van Every, New York. William E. Wheelock, New York.

Main once, 195 Broadway, New York. Annual meeting, last Tuesday in September at New York.

Sjo THE MANUAL OP STATISTICS

The 60Ldfield Coksoli Dated Mikes Co.

A corporation formed under the laws of Wyoming:, 90, 1906. The company was organised to combine several gold mining properties at Goldfield, Ney. It acquired and holds the stocks of the Goldfield Mohawk Mining Co., the Jumbo Mining Co., the LiB:una Gold6eld Mining Co., the Goldfield Mining Co. and the Red Top Mining Co., and purchased the property known as the Combination Mhies. The aggregate of the mines and claims controlled is 408 acres, and the underground workings comprise some 30,000 feet.

Stock Par $ia Authorised, $50,000,000 Issued, $56,000,000

The stock is full paid and non-asaessable.

Transfer Agents, J. M. Fenwick, Secretary, Goldfield, Nev.; Guaranty Trust Co., New York ; Mercantile Trust Co., San Francisco. Rttstrars, John S. Cook & Co., GoMfieU ; Windsor Trust Co., New York; Mercantile Trust Co., San Francisco.

The first dividend was 10 per cent., paid 'October 34, 1907. Another of 10 per cent, was paid November 24, 1907 ; but in December, 1907, further dividend payment were sounded.

The amount of stock owned by the company in February 35, 1907, in iu constituent companies is shown by the following table:

Amount owned Authorised Issued by Goldfield

Capital Capital Con. Mines Co.

Jumbo Mining Co $1,000,000 $700,000 $,a86

Goldfield Mining Co 1,000,000 884,150

Red Top Minmg Co 1,000,000 854,500 812,476

Goldfield Mohawk Mining Co 1,000,000 710,000 687,000

Laguna Goldfield Mining Co 1,000,000 800,400 7376ao

Combination Mines Co 400,000 3a3t50o 39350O

On October 31, 1907, the parent and subsidisuy companies had cash on hand about $1,630,000 and liabilities of only about $100,000. For the year ending October 31, 1907, the total profits of the subsidiary companies were $1,389,989 and the consolidated company share thereof, $1,348,528.

President, George S. Nixon, Reno, Nev. Vice-President, George Wingfield, Goldfield, Nev. Secretary, J. M. Fenwick, Goldfield. Treasurer, John S. Cook, GoldfieUl. General Manager, J. H. MacKensie, Goldfidd.

Directors— John S. Cook, Goldfield. J. R. Davis, Goldfield. J. M. Fenwick, Goldfield. J. D. Hubbard, Goldfield. J. H. MacKenxie, Goldfiekl. George S. NUon, Reno, Nev. George Wingfield, Goldfield.

Main office, Goldfield, Nev. Annual meeting, second Monday in November, at Evanaton, Wyo.

eORHMK KAKUFMCTURme CO.

A corporation formed under the Uws of Rhode Island in 1863, the object of the company being to manufacture and sell goods made of gold, silver and other metalhc substances. The principal works of the company are at Providence, R. I. The company controls The Gorham Co., of New York, which acta as the selling organisation.

In 1906, this company's stockholders subscribed for the $2,000,000 stock of the Silverware Stocks Co. formed to acquire control of a number of silver manufacturing concerns, the Gorham Manufacturing Co. having in November, 1906, sold to it iU interest In various properties.

The preferred stock is 6 per cent, cumulative. Stock is transferred at the office of the company, Providence, R. I. Registrar, Rhode Island Hospital Trust Co., Providence.

The stock of the company was increased to the above figures in 1905. Up to 1894 10 per cent, per annum was paid on the stock. Since 1894 regular dividends of 6 per cent, per annum have been paid on both the preferred and common stocks. Divklends are paid quarterly, per cent, each, in January, April, July and October.

President and Treasurer, Edward Holbrook, Stamford, Coon. Vice-President, John S. Holbrook, New York. Secretary and Assistant Treasurer, J. F. P. Lawton, Providence, R. I.

Directors— E. F. Aldrich, Providence. Russell Giinnell, New Bedford, Mass. Edward Holbrook, Stamford. John S. Holbrook, New York. J. F. P. Lawton, Providence. P. C. Lawton, Providence. George E. Martin, Providence. Henry E. Sprague, Providence. H. J. Wells, Providence.

Main office, Ebnwood, Providence, R. I. Annual meeting, second Wednesday in March at Providence.

INDUSTRIAL SBCURITIBS 53i

THE eOTTUEB-BMUERKSCHMIOT-STRAUS BREWIII6 CO.

A oorpOFadon formed under the laws of New Jersey, Aucfust 5, 1901. The company acquired the property of the Maryland Brewing Co. of Baltimore, which was foreclosed in pursuance of a reorpuiuation plan. See sUtement of the Maryland Brewing Co. in the Manual for 1901, details of the plan being given under the statement of this company in the Manual for 1903.

Stock Par $100 Authorized, $5,000,000 Issued, $5,000,000

The stock was placed in a voting trust until September z, 1906, which at its expiration was renewed for five years to September i, 19x1.

Transfer Agent and Registrar, Mercantile Trust Co., Baltimore.

Funded Debt

ist mort., 4 per cent., due Sept. i, 1951, March and Sept $5,625,000

ad mort., income, 5 per cent., due S. i, 1951, May and Nov 3,333,000

Total $8,857,000

The xst mortesge bonds are issued in denominations of $x,ooo and $500. Interest on these bonds commenced to accrue from March x, X903, at the rate of 3 per cent, for two years from that date, and at the rate of 4 per cent, thereafter.

The 3nd mortgage bonds are incomes and are in denominations of $1,000 and $5oa They bear interest up to the rate of 5 per cent., commencing March x, 190a, non-cumulative and payable out of the net income of the respective interest periocu, provided said amount of net income shall have been earned, after providing for interest upon the xst mortgage bonds and of the sum of $35,000 in each year, as a sinking fund for the xst mortgage goU bonds, and the interest and axmual sinking fund of underlying obligations. The November, x9oa, coupon on the income bonds was not paid, the surplus earnings being required for working capital. In May, 1903, percent, was paid on the moose bonds and xper cent, was also paid November i, 1903, making 3 per cent, for the year. No interest was paid on the incomes in Mav, 1904, but per cent, was paid November x, 1904, xji per cent. May, 1905, and iJ4 percent. November, 1905, and similar payments were made in 1906 and 1907.

The Mercantile Trust St Deposit Co. of Baltimore is trustee and agent for payment of dividends and interest.

In the six months ending August 3X, 19041 the profits of the company were $333,786 ; surplus over charges $151,386. In the year ending February 38, 1905, the gross profits were $558,135, and the surplus over charges and 3 per cent, paid on the snd mortgage bonds was $xx,886 ; in X905-06, gross profits, $695,790 ; surplus over charges and interest, $368,778 ; in gross profits, $651,376 ; surplus over charges and interest, $337,845.

Presklent, George H. Stickney, Baltimore. Vice-President, Frederick H. Gottlieb, Baltimore. Secretary and Treasurer, James Barkley, Baltimore.

Directors— John Bauemschmklt, Baltimore. William D. Gill, Baltimore. Frederick H. Gottlieb, Baltimore. Frank S. Hambleton, Baltimore. Peter Hauck, Jr., Newark, N. J. Omer P. Hershey, Baltimore. George H. Stickney, Baltimore. Alexander L. Straus, Baltimore. Joseph H. Strauss Baltimore.

Main office. Central avenue and Fawn street, Baltimore. Annual meeting,.second Monday in May, at Camden, N. J.

THE 6RAKBr COHSOU DATED Mil/Hie, SMELTIII6 A POWER CO., LIMITED

A corporation formed under a Special Act of the Province of British Columbia, Match 39, 190X. The company owns 600 acres of mining property, situated at Phoenix, B. C, developed by several miles of working, and equipped with machinery to produce upwards of 5,000 tons of ore

Sir day, its present output being about 3,700 tons, which is treated at the company's smelter, at rand Forks, B. C, which has a capacity of 3,400 tons per day. The company has developed an extensive water power on the Kettle River, near its smelter, and owns, in addition to its mining properties, several lar tracts of valuable land, and the control of various franchises.

In October, 1904, control of the company was acquired by a syndicate of American capitalists, and a new management representing the changed control was installed. In November, 1907, the operations of the company's mine and smelter were suspended for the time being.

Stock Par $xoo Authorised, $15,000,000 Issued, $13,500, xoo

The par value of the stock was $10 per share. In 1905, the company proposed to exchange 10 of the old shares for x share of new stock of $xoo par value. This plan was ratified and executed in X906.

Transfer Agents, American Trust Co., Boston ; Title Guarantee & Trust Co., New York. Registrars, Boston Safe Deposit 8t Trust Co., Boston ; Lincoln Trust Co., New York.

The first dividend of i per cent, was paid December i6, 1903, and dividends of 3 per cent. each were paid January 15, May 15, September 15 and December 31, 1Q06. In Marcn, June, and September, 1907, 3 per cent, each, but in December, 1907, further dividend payments were suspended.

Earkinos Year ending June 30 Groas Net

'903-04 81968,347 383.513

'904-oS 3,749.145 .07i

In 1Q03-04 dividends were $133, ; balance surplus, $149,884. The net for 1904-05 after deducting $486,577 for new property and construction. In 1905-06, the surplus over the dividends was $1,013,617 ; in 1006-07, $238,019. Surplus account June 30, 1907, $3,775,758*

President, Jacob Langeloth, New York. Vice-President and General Manager, Jay P. Graves, Spokane. Vice-President, George Martin Luther, New York. Vice-President, George C. Clark, Jr., New York. Secretary, Northrup Fowler, New York. Treasurer, George W. Wooster, Grand Forks, B. C.

Directors— George C. Clark, New York. George C. Clark, Jr., New York. Jay P. Graves Spokane. Henrv L. Higginson, Boston. Berthold Hochschild, New York. Arthur Curtiss James, New York. Jacob Langeloth, New York. George Martin Luther, New York. William H. Nichols, New York. W. H. Robinson, Gtanby, Can. Sanford H. Steele, New York. Edwin Thome, New York. A. L. White, Spokane, Wash. Payne Whitney, New York.

Main and corporate office. Grand Forks, B. C. New York office, 5a Broadway. Annual meeting, first Tuesday in October, at New York.

Grakd Rapids 6As Light Co.

This company, formed in 1895, acquired the property of the Grand Rapids, Mich., Gas Co., and operates the gas works of that dty.

The American Light & Traction Co. controls this company. See statement of that company. Stock Par $50 Authorised, $1,000,000 Issued, $1,000,000

Transfer and Fiscal Agents for payment of coupons, Emerson McMillin & Co., 40 Wall street, New York.

Funded Debt ist mort., 5 per cent gold, due 19x5, Feb. and Aug. $1,350,000

Trustee of the mortgage, Central Trust Co., New York.

President, Emerson McMillin. Vice-President and General Manager, B. O. TipPT- Secretary, Glenn R. Chamberlain. Treasurer, M. E. Kearney. Assistant Secretary, C. H. Jelliffe.

Directors— W. H. Anderson. J. M. Bamett. Irvin Batterworth. Henry Idema. Emenon McMillin. J. Boyd Pantlind. Lester J. Rindge. Henry Sullivan. B. O. Tippy. L. H. Withey.

Main office. Grand RapUs, Mich.

The Gramd Rapids, Grahd Ha¥Eii A Kuskegoh Railway Co.

A corporation formed under the laws of Michigan, March 6, 1899. company owns and 0]>erates 48 miles of electric railway between the cities of Grand Rapids and Muskcn, Mich., with a branch to Spring Lake and Grand Haven. It owns a power plant and two sub-stations and does a freight as well as a passenger business. It has a private right of way over most of its road. Stock Par $100. Authorised, $i,aoo,ooo Issued, $1,900,000

Stock is transferred and registered at the office of the company, Detroit.

Funded Debt ist mort., 5 per cent., gold, due July i, 1906, Jan. and July $1,500,000

The total authorised amount of the 1st mortgage is $1,500,000. Trustee and agent for the payment of interest, Standard Trust Co., New York. Interest on the outstanding bonds is guaranteed for five years by the Security Investment Co., Pittsburg.

Industrial. Sbcuritibs 533

For the year endine December 31, 1905, the groos eamins were $313,000; net earnings $85,000; in 1906, gross $943,000; net $110,000 ; in 1907 gross, $359,000; net, $115,000.

President, George C. Smith, Pittsbuiig. Vice-President and General Manager, W. K. Morlejr, Grand Rapids, Mich. Secretary and Assistant Treasurer, Wallace Franklin, Detroit. Treasurer. Carl M. Vail, New York.

Directors— Thomas F. Carroll, Grand Rapids. Wallace Franklin, Detroit. Sidney E. Junkins, New York. Geoige C. Smith, Pittsburg:. Carl M. Vail, New York.

Corporate and main office. Grand Rapids, Mich. Branch office, Penobscot Building, Detroit. Annual meeting, third Tuesday in May, at Grand Rapids.

6Raiid Rapids Railway Co.

A corporation formed under the laws of Michigan in April, xooow The company succeeded the Consolidated Street Railway Co. and the North Park Street Railway Co., and owns all the street railway properties of Grand Rapids, Mk:h., and vidnity. It operates 60.89 railway.

The preferred stock is 5 per cent, cumulative.

Quarterlpr dividends of per cent, have been regularly paid on the preferred stock, the dividend periods being February, May, August and November. On the common i per cent, was paid September i,

Transfer Agents, E. W. Clark & Co., Philadelphia ; Benjamin S. Hanchett. Grand Rapids. Registrars, Provident Loan & Trust Co., Philadelptiia ; Michigan Trust Co., Grand Rapids.

Funded Debt ist mort., 5 per cent., gold, due June i, 1916, June and Dec $3,308,000

The total amount of the ist mortgage is $3,500,000, of which amount $615,000 is reserved for improvements. A smking fund, operative October i, 1905, provides for the payment of i per cent, annually of the bonds out up to October r, i9ro, and then 3 per cent, annually thereafter. The bonds are not subject to calL Trustee of the mortgage and agent for the payment of interest. New York Trust Co., New York.

Earnings Gross Net Chaiges Surplus

President, Clarence M. Clark, Philadelphia. Vice-President, Lester J. Rindge, Grand Rapids, Mich. Secretary and Treasurer, Benjamin S. Hanchett, Grand Rapids. Assistant Seoetary, C. Ford Stevens. Philadelphia.

Directors— William H. Anderson, Grand Rapids. Thomas F. CarroU, Grand Rapids. John A. Covode, Grand Rapids. Clarence M. Clark, Philadelphia. Benjamin S. Hanchett, Grand Rapkls. William Judson, Grand Rapids. Jacob Kleinhaus, Grand Rapids. J. Boyd Pantlind, Grand Rapids. Lester J. Rindge, Grand Rapids.

Main office, Grand Rapids, Mich. Annual meeting in January, at Grand Rapids.

The Great Lakes Towing Co.

A corporation organised under the laws of New Jersey, July 6, 1899. The company acquired and owns the vessels, plants and business of a number of companies and firms engaged m towing, lighterage, wrecking, etc., on the lakes. The company has a large fleet of tugs, lighters, barges, etc In April, 1901, purchased the properties of another organisation engaged in the same business.

The preferred stock is 7 per cent., non-cumulative. Transfer Agent and Registrar, Cor poration Trust Co., Jersey City.

Quarterly dividends of per cent, were paid on the preferred in 1900 in February, May, August and November. The February and May dividends were, however, passed in 1901, but they were resumed in August, 1901, and duly paid until May, iqo3, when they were again suspezided. A dividend of per cent, was, however, paid on the stock in January, X905, and similar dividends have since been paid quarterly. The initial dividend on the common

stock was 3 per oenU, paid January 15, 1907, but no further payments have been made on the common.

Chairman, G. A. Garretson, Cleveland. President and Treasurer, Edward Smith, Cleveland, xst Vice-President, James Davidson, West Bay City, Mich, ad Vice-President, A. B. Wohrin, Duluth. ad Vice-President, T. F. Newman, Cleveland. Secretary and Assistant Treasurer, Melville H. WaidweU, Cleveland.

Directors— L. M. Bowers, Binghamton, N. Y. H. G. Dalton, Cleveland. James Davidson, West Bay City, Mich. C. W. Elphidce, Chicago. G. A. GanetscMi, Cleveland. C. E. Grover, Cleveland. L. C. Hanna, Cleveland. William Livingstone, Detroit. John A. McGean, MoQtclair, N. J. T. F. Newman, Cleveland. R. R. Rhodes, Cleveland. Edward Smith, Buffalo. D. Sullivan, Chicago. A. B. Wolvin, Duluth.

Main office, Rodcefeller Building, Cleveland. Annual meeting, first Wednesday in February, at Jersey City.

Great Hortherm I Rom Ore Properties.

A trust created under an agreement dated December 7, 1906, between the Great Northern Railway Co. and the Lake Superior Co., Limited (a subsidiary and controlled organization of the Great Northern Railway Co.). whereby control of certain iron ore lands and other properties, title to which had been held by the Lake Superior Co., Limited, and of which a lam part were subsequently leased to the Great Western Mining Co. (a subsidiary company of the United States Steel Corporation), was transferred to trustees to be held for the benefit of the stockholders of the Great Northern Railway Co., of record December 6, 1906, or their assigns. In October, 1906, it was announced that the ovmers of the $150,000,000 share capital of the Great Northern Kail way Co., of record December 6, 1906, would receive certificates of a beneficial interest in the ore properties at the rate of one share of said certificates (the same having no par value), for each $100 share of Great Northern Railway stock they held. See separate statement of the Great Northern Railway Co., in the Railroad Section of the Manuau See below for the terms of lease of the ore lands.

Certificates of ben. Interest.. . Par (none).. .Authorized, 1,500,000 shares. ..Issued i,495,7ao shares.

Certificates are transferred at the office of the Trustees, ja Nassau street. New York.

The first dividend was $1 per share paid September 16, 1907. A second dhridoid, also %t per share, was payable March x6, 1908.

The iron ore lands covered by the trust agreement and the lease comprise an extensive acreage in the northern portion of Minnesota. The lease provides that the lessee shall mine and ship from the properties a minimum of 750,000 tons of ore m the year 1907, and that the amount shall increase by 750,000 tons each year until it reaches 8,a5o,ooo tons, the annual minimum to be thereafter that amount until the ore is exhausted, unless the lease is terminated on Jamuary i, 1915, under an option reserved to the lessee. Under the lease, the royalty to be paid for the ore is $1.65 per gross ton for ore containing 59 per cent, of metallic iron, the royal to be increased or decreased on a fixed scale, as the ore may be higher or lower in erade than the above percentage of iron. The royalty of $1.65 per ton applies to ore mined and shipped in 1907, and the base price increases at the rate of 3 4-10 cents per ton each succeeding year. The lease of the ore properties to the Great Western Mining Co. is guaranteed by the United Sutes Steel Corporation.

TrusteesLouis W. HUl, St. Paul. James N. HiU, New York. Walter J. , St. Paul. Edward T. Nichols, New York.

Trustees office, 3a Nassau street, New York.

The 6Remt Wester K Cereal Co.

A corporation formed under the laws of New Jersey in April, 1901, for the purpose of the manufacture, purchase and sale of grain and grain products. The company owns the plants, goodwill, trade marks and patents of the following constituent companies :

The Akron Cereal Co., Akron, O. Nebraska City Cereal Mills, Nebraska City,

Muscatine Oatmeal Co., Muscatine, la. Neb.

H. R. Heath & Sons, Fort Dodge, la. Steward & Merriam, Peoria, IlL

Pillsbury- Washburn Oatmeal Business, Minne- Sioux Milling Co., Sioux City, la.

apolis. David Oliver, Joliet, 111.

Northwestern Cereal Co., Cedar Falls Mill Co., Cedar Falls, la.

Industrial Securities 53S

The prefenped stock is 8 per cent., cumulative. It was authorised in July, 1003, the company having previously had but one class of shares. The puxpooe was to provide additional wondng capital and discharge the floating: debL The holders of the original stock had the right to subscribe/r ra/tf for the preferred stock at par.

Transfer Agent, Merchants' Loan 8t Trust Co., Chicago. Registrar, American Trust & Savings Bank, Chica|:o.

The company paid a divklend of per cent, on its old common stock July i, 1903, but later decided to use the profits to provide for extensions and working capital and to retire its bonds. The first dividend on the preferred stock was a per cent., quarterly, paid December 31, 1903, and similar quarterly dividends have since been paid in March, June, September and December.

Funded Debt ist mort., 6 per cent., due 1931, March and Sept $975,000

The authorised bond issue is $i.5oo,ooa Trustee of the mortgage and agent for the payment of interest, American Trust 8t Savings Bank, Chicago. The company has retired $595iOoo of the bonds.

Chairman and President, Joy Morton, Chicago. Vice-President, S. T. Butler, Chicago. Secretary, T. F. BUss, Jr., Chicago. Treasurer, Daniel Peterkin, Chicago.

Directors— T. F. Bliss, Jr., Chicago. S. T. Butler, Chicago. A. C. Heath. Fort Dodge, la. Joy iMorton, Chicago. Sterling Morton, Chicago. David Peterkin, Chicago. Frank P. Sawyer, Muscatine, la. A. P. Sta£Ford, Nebraska City, Neb. E. H. Steams, Chicago. Wendell J.Wright. Jersey City.

Corporate office, 15 Exchange place, Jersey CiW. jfaln office. Railway Exchange Building, Chicago. Branch offices. New York, Boston. Philadelphia, Hamburg and London. Annual meeting, first Weddesday in June, at Jersey City.

G/tEEKE CAHAKEA COPPER CO.

The Greene Consolidated Copper Co. Cananea Central Copper Co.

A corporation formed under the laws of Minnesota December, a6, 1906. The company was organised to acquire the stocks of the Greene Consolidated Copper Co., and the Cananea Central Copper Co., in acoordanoe with a plan formed in December, 1906, and formally submitted to the stockholders of the companies involved by a circular of February 15, 1907. See below for details of the plan, also the subjoined statements of the constituent companies. It was stated that the corporate existence of the latter would be maintained until all their stock had been voluntarily exchanged for stock of this company.

In November, 1907, it was announced that the company's mines would be ckned down for the time being. Stock Par $90 Authorised, $60,000,000 Issued, $50,000,000

The stock is full paid and non-assessable. The amount given as issued is that applicable under the plan for the acquisition of the constituent companies* stoclcs.

Transfer Afi;ents, New York Trust Co., New York; City Trust Co., Boston. Registrars, Bankers Trust Co., New York; StatA Street Trust Co., Boston.

Under the plan, holders of the $10,000,000 stock of the Greene Consolidated Copper Co., of the par value of $10 per share, were offered in exchange for each share thereof, iji shares of Greene Cananea stock.

Holders of the $6,000,000 stock of the Cananea Central Copper Co., of the par value of $10 per share, were offered in exchange for each share thereof 1% shares of Greene Cananea stock.

The agents for making the exchange for both stocks were the New York Trust Co., New Yoric, and the City Trust Co., Boston. The deposits to commence March i, 1907, the offer terminating April I, 1907, but was extended indefinitely. It was provided that where a depositor would become entitled to a fractional amount of the new stock, the exchan agents would either sell a sufficient fraction to make up a full share, or purchase the fracUonaf amount from the holder, in either case upon the basis of the market quotation on the date of the exchange.

The first annual report, covering the year 1907, showed receipts, $125,013 ; ca balance, December 31, 1907, $11,.

President, Thomas F. Cole, Duluth. Vfce-President and Treasurer, Charles A. Duncan, Duluth. Vice-President, Charles D. Eraser, New York. Vice-President, Joseph B. Cotton, Dnhith. Secretary, Frederkk R. Kennedy, Quluth. ist Assistant Secretary, Jos W. Allen, New York, ad Assistant Secretaiv, Daniel R. Smith, Duluth.

Directors— Thomas F. Cole, Duluth. Chester A. Congdon, Duluth. Charles d'Autremont, Jr., Duluth. Charles A. Duncan, Duluth. Philip L. Foster, New York. James Hoatson, Calumet, Mich. Myron M. Parker, Washington, D. C. John D. Ryan, Butte, Mont.

Main office, Ljrceuiii Building, Duluth. New York office, 43 Broadway. Annual meednc, third Wednesday in April, at Duluth. The first meeting: to be in 1908.

THE GREENE CONSOLIDATED COPPER CO.~A corporation formed under the laws of West \rginia in 1899. The company is the owner of a large copper mining property at Cananea, Sonora, Mexico, and controls a subsidiary and operating organisation, the Cananea Consolidated Copper Co. The property comprises over 10,000 acres. The mines are folly developed, large ore bodies having been opened up. The company has a smelter with a daily capacity of 1,500 tons, with large concentrating plants, etc., with 11 miles of narrow gauge railroad track connecting the mines and smelters, and owns 5a kilometers of standard gauge. The total product in 1901 was 38,836,854 pounds of copper ; in 1903, 38,368,407 pounds; in the year ending July 31, 1903, the output was 43,310,544 pounds of copper; in 1903-04, 551014,339 pounds; in 1904-05, 63,005,848 pounds, and m 1905-06, 55,943,7 pounds.

In control of the Rio Grande, Sierra Madre A Padnc Railroad Co. was acquired by interests identified with this company. In 1906, this company acquired $7,650,000, or 51 per cent, of the $15,000,000 stock of the Sierra Madre Land and Lumber Co., which controls 3,335,000 acres of timber land.

In 1905-06, this company added largely to its mineral land holdings, and in July, 1906, sold 4,000 acres to the Cananea Central Copper Co., for $3,000,000* in full paid stock, for $10 per share of the latter. This stock it is stated was sold for $4,000,000 to parties connected with the formation of the Greene-Cananea Copper Co.

In 1906, arrangements were made to combine this company and the Cananea Central Copper Co., through an exchange of their stocks for that of the Greene Cananea Copper Co.. Under date of February 15, 1907, stockholders of this company were invited to exchange each share par value $10, for shares of Greene Cananea stock par value $ao, deposit fot exchange to commence March i, 1907. Agents for the exchange and depositaries under this plan, New York Trust Co., New York, and City Trust Co., Boston.

See statement of the Greene Cananea Copper Co., above.

Stock Par $10 Authorised, $10,000,000 Issued, $10,000000

The company paid a dividend of 3 per cent, in May, 1901 ; a second dividend, also of 3 per cent., was paid in September, 1901 ; the third dividend was 3 per cent., January 3, 1903; the fourth dividend 3 per cent., February a, 1903; the fifth being a per cent.. May, 1903. No further dividend was paid until May, 1904, when 3 per cent, was paJa. In August, 1904, 3 per cent, was paid, and in October, 1904, 3 per cent. In December, 1904, paid 3 per cent and subsequent dividends were 4 per cent., bi-monthly, in February, April, June, August, October and December, or at the annual rate of 34 per cent., until January jo, 1906, inclusive. Subsequent pajrments were as follows : September 15, 1906, 4 per cent.; November 30, Z906, 4 per cent.; March 35, 1907, 4 per cent.

In the year ending July 31, 1903, the net profits were stated to have been $1,096,333; in i903-o, profits, $i,474359. In 1903-04, net profits, $1,474,359. In 1904-051 profits, $3,805,386; dividends; $1,641,600; balance surplus, $1,163,786. In 19(-06, gross profits, $4,936,339, includes $1,990,549, profit on sale of mineral lands; net profits, $3,067,818; dividends, $3,183,400; surplus, $1,785,418. For the seventeen months ending December 31, 1907, the net profits were $3,330,656.

President, W. D. Thornton, New York. Vke-President, Charles D. Fraser, New York. Secretary and Treasurer, J. W. Allen, New York.

Directors— J. W. AUen, New York. Philip L. Foster, New York. Charles D. Fraser, New York. E. C. Rice, New York. Alfred Romer, New York. F. E. Searle. New York. W. D. Thornton, New York. J. Wallen, New York.

Main office, 43 Broadway, New York. Aimual meeting, second Tuesday in March.

CANANEA CENTRAL COPPER CO.— A corporation formed under the laws ol Minnesota, August 6, 1906. The company acquired the Cananea and Duluth, and the American Copper Belt, copper mining properties near Cananea, Sonora, Mex., and also purchased from the Greene Consolidated Copper Co., 4,000 acres of adjoining land, paying $3,000,000 in full paid stock for the latter.

In February, 1907, a plan was submitted for a combination of this company with the Greene Consolidated Copper Co., through a holding company, under title of the Greene Cananea Copper Co., which shoulcf exchange its uiares for those of the two constituent companies. Holders of this company's stock were offered 1% shares of the new company*s stock for each share of Cananea Central. See above for details under the statement of the Greene Cananea Copper Co

Stock Par $10 Authorised, $10,000,000 Issoed, $6,000,000

As suted above, $3,000,000 of stock wras issued full paid to the Greene Consolidated Copper Co., in payment for land. At the formation of the company, $4,000,000 was subscribed for at par and $5 per share paid in thereon. A second call for the remaining $5 ier share was made in January, 1907, payable February i, 1907, making all the stock full paid. It was stated that the

Industrial Securities 537

$a,ooo,ooo of this company's stock held by the Greene Consolidated Copper Co. was sold to a syndicate connected with the formation of the Greene Cananea Copper Co.

Stoclc is transferred at the office of the company, Duluth, Minn.

President, James Hoatson, Calumet, Mich. Vice-President and Treasurer, Charles A. Duncan, Duluth. Secretary, Frederick R. Kennedy, Duluth.

Directors — Thomas F. Cole, Duluth. Charles A. Congdon, Duluth. Joseph B. Cotton, Duluth. Charles A. Duncan, Duluth. William C. Greene, Hereford, Arix. James Hoatson, Calumet. William A. Olcott, Duluth. John D. Ryan, Butte, Mont. G. A. Tomlinson, Duluth.

Main office, Lyceum Building, Duluth. Annual meeting, second Saturday in March, at Duluth.

Greeme Cok Sou Dated Bold Co.

A corporation formed under the laws of West Vbgfinia in March, igoa. The property of the company is 30 miles southwest of Cananea, Sonora, Mex., and consists of 6,320 acres running 14 miles along the channel of the San Domingo River. A plant has been erected with a capacity for handling 4,000 cubic yards of gold-bearing gravel per day. Stock Par $10. Authorized, $5,000,000 Issued, $4,500,000

The stock is full paid and non-assessable. Transfer Agent, North American Trust Co., New York. Registrar, New York Trust Co., New York.

In January, 1905, a dividend of 2 per cent, was paid, and similar dividends were also paid in March and July, 1905, after which thev were suspended.

President, William C. Greene, New York. Vice-President, Mark L. Sperry, Waterbury, Conn. Secretary and Assistant Treasurer, John H. Martin, New York. Treasurer, E. J. Gates, New York.

Duectors— A. C. Bernard, Tuscon, Aris. L. D. Baldwin, New York. Bird S. Coler, New York. J. Dugue de la Fauconnerie, Paris, France. Louis A. Dunham, New York. E. J. Gates, New York. WUliam C. Greene, New York. M. E. Harby, New York. C. E. Hertlein, New York. Richard A. Jones, New York. R. Allyn Lewis, New York. John H. Martm, New York. John T. Morrow, New York. Myron M. Parker, Washington, D. C. Epes Randolph, Tusoon, Aris. Alfred Romer, New York. Charles M. Shannon, Los Angeles. J. B. Showalter, Butler, Pa. Mark L. Sperry, Waterbury, Conn. W. E. D. Stokes, New York. Scott White, Los Angeles.

Main office 24 Broad street. New York. Annual meeting in March, at New York.

BREEHE eOLD.SlL¥ER CO.

A corporation formed under the laws of West Virginia November 10, ipoa. The company acquired various mining properties in the States of Sonora and Chihuahua, Mexico, and also has about 300,000 acres of timber lands.

Stock. Par, $10 Authorized P'*'- 3.000,000 ) , ( pref., $3,000,000 )

The preferred stock is 8 per cent, cumulative. Transfer agent. Trust Co. of America, New York. Registrar, New York Trust Co.. New York.

President, William C. Greene, New York, Vice-President, Mark L. Sperrv, New York. Vice-President, Charles W. Mackey. New York. Secretary, Richard A. Jones, New York. Treasurer, E. J. Gates, New York. Auditor, E. B. Castle, New York. General Manager, C. C. Chase, Temosachie, Mex.

Main office, 24 Broad street, New York. Annual meeting in October.

THE eUAHAJUMTO COKSOLI DATED KIKIHe A HILLIMD CO.

A corporation formed under the laws of West Virginia in 1898. The company owns a large minine property at Guanajuato, Mexico. The plant consists of reduction works, with substantial buildings, the main Sirena tunnel being 5,000 feet, well tracked and walled : the entire water works system of Mata and San Francisco, with aqueducts and Matadam, and water rights and improvements in connection therewith. A new ao-stamp mill was erected in 1900 and has been trebled in capacity; a tramway through the Sirena mine and tunnel, connecting the same with the works, has also been constructed. Stock Par $5 Authorized, $3,000,000 Issued, $2,700,000

The unissued stock has been set aside for treasury purposes and for retiring the company's bonds. The stock is full paid and non-assessable. Dividends paid in 1906 were cents per share in August and cents in October.

Tiansfer Agents, The State Street Trust Co., Boston. Registrar, Old Colony Trust Co., Boston.

Funded Debt ist mort., 6 per cent, bonds, due 1910, May and Nov $80,000

The statement of the company for the six months ending June 30, 1903, showed : Gron output, $347,633 ; expenses, $378,696 ; net, $68,938, all in Mexican money. Of the net earnings, $37i444 as spent for machinery and development work.

President, Frederick G. Coming, New York. Secretary and Treasurer, C. Van RensKlaer CogsweU, New York.

Directors— A. Bleecker Banks, Albany. N. Y. William Bouldin, Jr., New York. C. Van Rensselaer Cogswell, New York. Frederick G. Coming, New York. George R. Dyer, New York. M. £. MacDonald, New York. George A. McGlone, New York. DonaM McLean, New York.

Main office, 15 Broad street. New York.

GUeeEKHEIH EXPLORATIOK CO.

A corporation formed under the laws of New Jecsev, June 5, 1899. The purposes of the company are the exploration, development, operation and purchase or sale of mines, smelting plants and similar properties. It controls a number mines in Mexico, Alaska and elsewhere, but does not operate them directly, their workings being carried on by the mining companies themselves, this company holding their stocks.

In March, 1905, the company transferred a number of its properties to the American Smelters Securities Co. in exchange for large holdings in the latter company's stodcs. Stock Par $100 Authorised, $33,000,000 Issued, $90,335,100

The stock of the company was $6,500,000. It was increased to $17,000,000 authorised in 1903, and the stockholders were given the rieht to subscribe for new stoic to an amount equal to their respective holdings. The purpose of the increase in the stoic was to extend the opentions of the company.

Transfer Agent, C. £. Beach, New York. Registrar, Morton Trust Co., New Yoric

Dividends are paid quarterly on Januair (i), April, July and October, the rate having been 7 per cent, per annum up to January, 1907, when per cent, was paid for the quarter, similar quarterly dividends being paid to January i, 1908, inclusive.

President, Daniel Guggenheim, New York. Vke-President, Morris Guggenheim, New York. Secretary, Charles K. Lipman, New York. Treasurer, Isaac Gugeenheim, New York. Managing Directors— S. R. New York. Harry Payne Whitney, New Yoik.

Directors— A. Chester Beatty, New York. George S. Field, Buffalo. Daniel Guggenheim, New York. Isaac Guggenheim, New York. M. Robert Guggenheim, New York. Morris Guggenheim, New York. S. R. Guggenheim, New York. John Hays Hammond, New Yorlc Harry Payne Whitney, New York.

Corporate office, Jersey City. Main office, 71 Broadway, New York. Annual meeting, first Tuesday in June, at Jersey City.

Hackeksmck Water Co.

A corporation formed under the laws of New Jeney in 1881. The company is a reorganisation of a corporation of the same name whose proper was foreclosed. The company supplies water to the cities of Hoboken and Englewood, N. J., and a large number of towns and townships in Hudson and Bergen Counties, N. J. It has upward of 387 miles of mains and supplies about 30,000 consumers.

The preferred stock is 6 per cent., cumulative. Stock is transferred at the office of the companvj, Weehawken, N. J.

On January 31, 1980, the stockholders voted to increase the authorised common stock from $3,000,000 to $0,000,000. It was stated, however, that no immediate issue of new stock was contemplated, the object of the increase being to provide for the company's future requirements.

The company pays regular dividends of 6 per cent, on the preferred stock. Since 1886 dividends of 6 per cent, have also beeq paid each year on the common stock.

Funded Debt istmort., 4perGent., due 1953, Jan. and July

Industrial Securities 539

The ist mortgage is $6,000,000, authorised, and is redeemable at 105 and interest, at the company's option, after July, i, 191a.

President, Robert W. De Forest, New York. Vice-President, Myles Tiemey, Hoboken, N. J. Secretary, William Shippen, Weehawken, N. J. Treasurer, G. W. Waterman, Jr., Weehawken, N. J.

Directors— Robert W. De Forest, New York. D. W. French, Hoboken. Hamilton F. Kean, Elirabeth, N. J. William Runkle, Hoboken. Edwin A. Stevens, Hoboken. Myles Tiemey, Hoboken. Alexander M. White, New York.

Main office, Weehawken, N. J. Annual meedng, first Monday in April, at New Milford. N. T.

Halifax Electric Tramway Co., Limited

A corporation formed under the laws of Nova Scotia in 1895. The company controls the railways and gas and electric lighting of Halifax, N. S., under a perpetual charter, with exclusive privileges for 21 years. The company acquired the following properties :

Halifax Street Railway Co. Halifax Illuminating & Power Co.

Nova Scotia Power Co. People's Heat St Light Co.

The company operates 13 miles of track, and has a power station and 41 cars. Stock Par $100 Authorised, $1,500,000 Issued, $1,350,000

Stock is transferred at the office of the company, Halifax, N. S.

Dividends of 5 per cent, per annum were paid until i9oi5, when the annual rate was increased to 6 per cent The dividends are quarterly in January, April, July and October, payable at the Bank of Nova Scotia, Halifax, and Montreal.

Funded Debt ist mort., 5 per cent., gold, due Jan. z, 1916, Jan. and July $600,000

The bonds outstanding are the full amount authorised. The bonds may be called after 1900 at 105. Trustee of the mortgage, Eastem Trust Co., Halifax.

In the fiscal year ending December 31, 1909, the gross earnings were $314,160.72 ; net earnings, $124,217.92 ; interest, $30,000 ; dividends, $47,291.67 ; surplus, $46,.25. In 1903, the earnings were, gross, $365,374; net, $93.44i; in 1904, gross, $379,464; net, $137,533; 1905, gross $370,308, net $108,774; in 19061 gross, $387,517; net, $141,808; in 1907, gross, $405,452; net, $146,508.

President, David MacKeen, Halifax* N. S. Vice-Presidents, John Y. Paysant, Halifax. W. B. Ross, Halifax. Secretory and Treasurer, W. J. DeBlois, Halifax. Manager, J. W. Crosby, HaUfax.

Directora— C. C. Blackader, Halifax. James Hutchison, Montreal. Abner Kingman, Montreal. . F. B. McCurdy, Halifax. David MacKeen, Halifax. J. C. Mackintosh, Halifax. John Y. Paysant. Halifax. Henry S. Poole, Halifax. W. B. Ross, Halifax.

Corporate and main office, 15 Lower Water street, Halifax, N. S. Annual meeting, second Monday in February, at Halifax.

rH£ HALL SIGKML CO.

A corporation formed under the laws of Maine in October, 1890. The business of the company is the manufacture and installation of automatic railway signals. The company has a large factory plant at Garwood, Union County, N. J., and a large interest in the Continentol Haul Signal Co., which does business on the continent of Europe. Stock... Par $100... . Authorised i*°?-' $'.9oo,ooo J issued ] ''585,300 J c, gg-

The preferred stock is 6 per cent., non-cumulative. The preferred stock authorized and issued was $100,000. In June, 1907. it was increased by $1,000,000. Stockholders had the right to subscribe at par for the new stock, payments to be made as follows : 10 per cent. January 25, 15 per cent. March 20, 25 per cent. Ma 20, 25 per cent. July 20 and 25 per cent. 20, 1907. Stock is transferred at the office of the company, New York. Registrar, Empire Trust Q>., New York.

The company pass 6 per cent, per annum on the preferred stock. On the common stock, 6 per cent, per annum has been paid in quarterly dividends of i per cent, each, in January, April, July and October. The January, 1908, dividend was, however, deferred.

In JanuaiY, 1906, a syndicate represented by J. S. Bache & Co.. New York, submitted a plan for a readjustment ot the capital. The terms included the sale of the company's property

subject to a Tnortg:ag:e of $250,000 to a new company with $5,000,000 7 per cent, cumulative pre- f erred and $5,000,000 common stock. The $1,900,000. conunon stock of the old company was to be exchanged share for share for new preferred and the orinal $100,000 of preferred exchanged for an equal amount of new preferred and $20 per share in cash. The old shareholders were also to have the right to subscribe at par for $1,000,000 of new preferred with a bonus of 100 per cent, in new common to the extent of 50 per cent, of their holdings. The syndicate was to underwrite the plan in consideration of $2,500,000 of the new common stock.

Funded Debt ist mort., 6 per cent., due 1915, April and Oct $200,000

The xst mortgage bonds are $250,000 authorised, the isue having been created in 1905. Bonds are subject to call at 106 and interest after 1910. Trustee, Empire Trust Co., New York.

President, William P. Hall, xst Vice-President, William H. Lyon. Secretary, Robert K. Waller. Treasurer and General Manager, Cyrus S. Sedgwick.

Directors— Leroy W. Baldwin. W. S. Gilmore. WUliam P. Hall. J. S. L'Amoreauz. William H. Lyon. Cyrus S. Sedgwick. Thomas M. Waller. Adoniram J. Wilson.

Main office, 25 Broad street. New York. Annual meeting, third Wednesday in June, at Portland, Me.

Hmrbisoh'Walker Refractories Co.

A corporation formed under the laws of Pennsylvania, June 30, 1902, the company succeeding another company of the same name. The purpose of the company is the of fire clay and its manufactures. It owns twenty-seven plants in Pennsylvania, four in Ohio and two in Kentucky ; also 38,000 acres of fire clay and coal land, and has some fifty miles of railways operated in connection with its plants and manufactories.

The preferred stock is 6 per cent., cumulative. Transfer Agent, Colonial Trust Co., Pittsburg. Registrar, Farmers' Deposit National Bank, Pittsburg.

The first dividend on the preferred stock was per cent., paid October x, looa, and regular Quarterly dividends at the same rate, or 6 per cent, per annum, were paid in January, April, July and October until July, 1904, when the rate was reduced to x per cent., that amount being also paid until October, 1905, when the rate was restored to x) per cent, quarterly. The first dividend on the common stock was i per cent., paid October x, 1907.

Funded Debt

ist mort. and collateral trust, 5 per cent., due July, X922, Jan. and July. $x,440,ooo

Harbison- Walker, of Pennsylvania, 5 per cent x,35o,ooo

Total $2,790,000

The ist mortgage and collateral trust bonds are $3,500,000, authorised, of which $1,500,000 were reserved to retire the bonds of the Harbison- Walker Co., of Pennsylvania. The bonds are redeemable in whole or part on any interest day at x xo and interest. There is a sinking fund of $175,000 per annum for the redemption both of this issue and the of the old company. The trustee of the ist and collateral trust mortgage is the Colonial Trust Co., Pittsour;g. Agents for the payment of interest. Farmers* Deposit National Bank, Pittsburg; National Bank of Commerce, New York.

Earnings Year ending September 30, 1903 Gross Net Preferred

Profit Profit Charges Dividends Surplus

190203 $1,458,581 $1,295,612 $173,74' (6> $56134 $559,737

1904-05 1,169,990 i,o8x,o28 154,812 (4) 384,000 543,216

1905-06 1.739,082 1,499,393 J45.437 (6) 576,000 777,9tS6

The net profits for 1902-03 are given, after deducting items amounting to $162,969, for extraordinary expenditures for improvements and allowances for depreciation. In 1903-04, $48,* 000, or per cent., was charged as reserve for preferred dividends, making the net surplus for the year $209,830. In 1904-05, $192,000 was charged to dividend reserve; net surplus, $350,256. The net profits for 1905-06 are after deducting items amounting to $239,689 for extraordinary expenditures, appropriations and expenditures for new construction and depreciation. The

INDUSTRIAL SECURITIES 54i

net profits for itio6-<yj axe after deducting $317,431 for extraordinary expenditures, appropriations and for depredation. Total surplus account, September 30, 1907, $2,858,146.

President, H. W. Croft, Pittsburg. Vice-President, Hay Walkrr, Pittsburg. Secretary, Hamilton Stewart, Pittsburg. Treasurer, William Walker, Pittsburg.

Directors— H. F. Bigler, Clearfield, Pa. T. H. Chadboume, Jr., New York. H. W. Croft, Pittsburg. T. H. Given, Pittsburg. R. W. Harbison, Pittsburg. J. E. Lewis, Pittsburg. N. McQuillen, Pittsburg. George W. Reese, Kittanning, Pa. O. M. Reif, Pittebufg:. Hamilton Stewart, Pittabarg. Hay Walker, Pittsburg. Hay Walker, Jr., Pittsburg. William C. Walker, Pittsburg. W. B. Wigton, Wigton, Pa.

Main office. Farmers* Bank Building, Pittsburg. Annual meeting, third Monday in January.

HMReRAVES KILLS

A corporation formed under the laws of Massachusetts in 1888 to manufacture fine cotton goods and specialties. The mills of the company are located at Fall River, Mass., and have a capacity of 103,626 spindles and 3, 102 looms. Stock Par $zoo. Authorised, $800,000 Issued, $800,000

Stock is transferred at the office of the company, Fall River, Mass.

The first dividend, per cent., was paid January 15, 1890. Annual dividends of 6 per cent, were paid, the dividend periods being February, May, August and November, but in 1903 per cent, only was paid, the November dividend being reduced to i per cent., which was also the rate paid in February, 1904, and May, 1904; subsequent dividends were suspended until October, 1906, when i percent, was paid. On January 15, 1907, per cent, was paid, but the further quarterly dividends in 1907 were percent, each, also the dividend paid January 13, 1908.

Funded Debt ist mort., 5 per cent., due Feb., 1922, Feb. and Aug $600,000

Trustee of the mortgage and agent for the payment of interest, B. M. C. Durfee Safe Deposit & Trust Co., Fall River, Mass.

President, Leontine Lincoln, Fall River, Mass. Treasurer and Clerk, Seth A. Borden, Fall River.

Directors— Seth A. Borden, Fall River. Fred W. Easton, Pawtucket, R. I. Stephen A. Jenks, Pawtucket, R. I. J. L. Lincoln, Fall River. Leontine Lincoln, Fall River. P. P. Morris, Fall River. Walter L. Parker, Lowell, Mass. George C. Silsbury, Salem. Mass.

Corporate and main office. Fall River, Mass. Annual meeting, last Thursday in October, at Fall River.

Harper A Brothers

A corporation formed under the laws of New York, September 21, 1900. The company acquired and took over the plant and publishing business of Harper & Brothers of New York. Stock Par $100 Authorized, $2,000,000 Issued, $2,000,000

Stock is transferred at the office of the company, New York.

All the stock was held in a voting trust, which expired in 1905, the trustees being J. Pierpont Morgan, Alexander E. Orr and George B. M. Harvey.

In October, 1905, a committee, Alexander E. Orr, Chairman, proposed a financial reorganization. Under, the plan the company's capital consisted of $2,000,000 ist mortgage 5 per cent, bonds, $1,000,000 6 per cent, non-cumulative preferred stock and $2,000,000 common stock. It was stated at the beginning of 1907 that over 85 per cent, of the income bonds had assented to the plan for exchange fdr the new preferred stock.

Funded Debt ist mort., 5 per cent., due 2000 $1,500,000

The ist mortgage bonds are subject to call at 105 and interest. Of the ist mortgage bonds $1,250,000 were employed as collateral for a five-year loan of $850,000. The income bonds are also subject to call at 105 and interest. They were entitled to x per cent, per annum if earned for two years, and to 2 per cent, per annum thereafter until the indebtedness of the company should have been liquidated, when they become entitled to 5 per cent., and may also be exchanged at par for new 4 per cent, ist mortgage bonds.

Dividends of i per cent, on the income bonds were paid in December, 1901, 1902, 1903, 1904 and 1905.

msident, George B. M. Harvey, New York. Vice-President, J. Henry Harper, New York. Vice-President, Clarence W. Mcllvaine, New York. Secretary and General Manager, Frederick A. Duneka, New York. Treasurer, Frederick T. Leigh, New York.

Director*— A. D. Chandkr, New York. Frederick A. Duncka, New York. J. Henry Harper, New York. George B. M. Harvey, New York. W. M. Lafian, New York. Frederk T. Lei£:h, New York. Clarence W. Mcllvaine, New York. WUliam A. Nash, New York.

Main and corporate office, 331 Pearl street, New York.

Harrisok Bros. A Co., Ikcorporated

A corporation formed under the laws of Pennsylvania, March 9, 1898. The objects of the company are the manufacture of white lead, paints, oils, varnishes, adds, chemicals and kindred articles and products. The company acquired the plant formerly owned by the firm of Harrison Bros. & Co., at Thirty-fifth street and Gray's Ferry Road, Philadelphia, consisting of sixth-five different buildings and covering thirty-five acres of ground. The firm of Harrison Bros. & Co. was founded in 1703.

The preferred stock is 7 per cent., non-cumulative. The preferred also has priority in 1 to distribution of assets in case of a dissolution of the company. Stock is transferred at the c of the company, Philadelphia. Registrar, Fidelity Trust Co., Philadelphia.

The first dividend on the preferred stock was paid May a, 1898, being percent, quarterly. From that date full dividends, at the rate of 7 per cent, per annum, were paid on the preferred, the pajrments being quarterly, in February, May, August and November, until May 15, 1901, inclusive, but the August, 1901, dividend was passed, and no dividends have since been paid on the oref erred. A special dividend of a per cent, was paid on the common stock November i, 1899. No dividends on the common since that da£e.

Funded Debt ist mort., 5 per cent, due 1934, May and Nov $i,3c,ooo

Trustee of the mortgage and agent for the payment of interest. Fidelity Trust Co., Philadelphia.

The company also has $350,000 of notes maturing December a, 1908.

In the year ending October 31, 1903, the net earnings of the company were $175,065 ; charges, $65,000; balance surplus, $110,065. In 1903-04, net, $98,557; oiarges, $65,000; surplus, $33t557- In i9°4'05t et, $134,014; charges, $65,000; surplus, $014. In 1905-06, net, $100,858; charges, $65,000; surplus, $35,858. In 1906-07, net, $130,106 ; ( '

ments, $95,654 ; balance surplus, $34*453* ""resides " " ' " '

charges and improve-

President and General Manager, Robert S. Perry, Philadelphia. Vice-President and Treasurer, Russell S. Hubbard, Philadelphia. Secretary, T. J. Armstrong, Philadelphia.

Directors— A. R. Brunker, Philadelphia. Russell S. Hubbard, Philadelphia. Gardiner M. Lane, Boston. George McCall, Philadelphia. William G. Park, New York. Robert S. Perry. Philadelphia. John P. Reynolds, Jr., Boston.

Main office, Thirty-fifth street and Gray's Ferry Road, Philadelphia. Branch offices, 117 Fulton street, New York ; 37 Lake street, Chicago ; 113 Pearl street, Boston ; 308 Main street, Cincinnati ; 133 Camp street. New Orleans ; 1408 Grand avenue, Kansas City, Mo. ; 714 Franklin avenue, Houston, Tex. Annual meeting, second Wednesday in January.

HARTFORD A SPR/HSF/eLO STREET RMILWAY CO.

A corporation formed under the laws of Connecticut, June si, 1893, as the Enfield & Long Meadow Elearic Railway Co. The present name was adopted Mav 39, 190X. The company owns about 34 miles of electric railway between EasI Windsor Hill, Conn., and the State line between Massachusetu and Connecticut. At the State line it connects with the Springfield, Mass.. Street Railway and at Windsor Hill with the Hartford, Conn., Street Railway, over which it has trackage, making a through line between Hartford and Springfield. Total operated, 48 miles. The company also purchased the East Windsor Street Railway Co. The Windsor Locks Traction Co., Windsor to Suffield, g% miles, is owned by this company, making two separate lines between Hartford and Springfield. The company also acquired the Rockville, Broad Brook & East Windsor Street Railway Co.

The preferred stock is 6 per cent, non-cumulative. It was authorised in 1905 and $xoo,ooo was issued to retire $100,000 of notes created in 1904.

In 1906, 6 per cent, was paid on the preferred, the dividends being semi-annual. May and November. In May, 1907, paid 3 per cent, on the preferred.

Industrial Sbcuritibs 543

Stock is transferred by the Treastirer of the company, Boston. Registrar, American Trust Co., Boston.

Funded Debt

ist mort., 5 per cent., gold, due July, 1921, Jan. and July $600,000

'Windsor Loclcs Traction ist mort., 5 per cent., gold, due Julv, 1033, Jan. and July 161,000

Rockville, Broad Brook & East Win. ist mort., 5 p. c, due April; 1996, April and Oct. . 200,000

Total $961,000

The total amount of the authorized mortgage iA $600,000. Trustee of the mortgage Treasurer of the State of Connecticut. Agent for the payment of interest, American Trust Co., Boston.

The company guarantees principal and interest of the bonds of the Windsor Locks Traction Co. and the RodmUe, Broad Brook 8t East Windsor Street Railway Co.

In the year ending June 30, 1904, the company earned : Gross, $81,033 ; net, $20,329. In I904-05. ffTOBS, $128,169; net, $53ii99; charges, $49,953; surplus, $3,248. In i905-<, gross, $170.277 ; net, $83,763 ; charges, $59,746 ; surplus, $31,017.

President, W. A. Tucker, Boston. Secretary, Arthur Perkins, Hartford, Conn. Treasurer, Chauncey EUridge, Boston.

Directors— S. Reed Anthony, Boston. Francis R. Cooley, Hartford. Chauncey Eldridge, Boston. Arthur Perkins, Hartford. Lewis Sperry, South Windsor, Conn. W. A. Tucker, Boston. Lyman A. Upson, Thompsonville, Conn.

Corporate office, warehouse Point, Conn. Main office, 53 State street, Boston. Annual meeting, third Thursday in July, at Hartford.

HJIIfJIJIlA ELECTRIC RAILWAY CO.

A corporation formed under the laws of New Jers, January 6, 1899. The company acquired the Havana City Railway & Omnibus Co. of the City of Havana, Cuba. It has a franchise running until 1958 and has freight-carrying rights over parts of the system. Road operated, 51 miles.

The preferred stock is 6 per cent., non-cumulative. Stock is transferred at the office of the company. New York. R;istrar, United States Mortgage & Trust Co., New York.

Funded Debt

ist mort., 5 per cent., due February, 1949, Feb. and Aug $922,000

and mort., 6 per cent., due October, 191a 81,000

Consolidated mort., 5 per cent., gold, due Feb. z, 1952, Fd>. and Aug 7,969,000

Total ." $8,972,000

The authorised amount of the consolidated mortgage is $10,000,000. A sinking fund of $52,800 per annum, from January i, 1906, is provided. may be called for the sinking fund after 1906 at 105, and the entire issue may oe called after February, 1907, at 105 and interest. Trustee of the mortgage. Central Trust Co., New York. Interest is payable at the office of the company. New York.

Earnings Gross Net CharKCS Surplus

President. Warren Bicknell, Cleveland. Vice-President, David T. Davis, New York. Secretary ana Treasurer, Herman Kraemer, New York. Legal Secretary, Carlos Fonts y Sterling, Havana. Assistant Treasurer, F. Porro y Orfila, Havana.

Directors— Warren Bicknell, Cleveland. David T. Davis, New York. Robert Mather, New York. Walter G. Oakman, New York. James Rattray, New York. Heinrich Runken, Havana, Cuba. Antonio San Miguel, Havana. Frank Steinhart, Havana. Carlos de 2da, Havana.

Corporate office, 15 Exchange place, Jersey City. New York office, 52 Broadway.

Havaha Tobacco Co.

A corporation formed under the laws of New Jersey, May 28, 1002. The company was organized m pursuance of a plan to reorganise the Havana Commercial Co., which was

in 1899, being a consolidation of some of the laijest cigar manufacturing interests of Havana, Cuba. See statement of the Havana Commercial Co. in the Manual for 1902.

The present company, besides acquiring the properties owned by the Havana Commercial Co., also obtained control of the cigar interests at Havana known as Henry Clay and Bock & Co., Limited, and the Havana Cigar & Tobacco Factories, Limited, their plants, trade marks and so forth. It also obtained control of H. de Cabanas y Carvajal, and J. S. Murias y Ca. Control of the company is vested in interests identified with the American Tobacco Co.

The preferred stock is 5 per cent., non-cumulative. Transfer Agent, Morton Trust Co., New York. Registrar, Hanover National Bank, New York.

Funded Debt Debentures, 5 per cent., due June, igaa, June and Dec $7,500,000

The authorized amount of the bonds is $10,000,000, and of the amount $2,500,000 remain in the treasury.

Under the terms of the reorganization of the Havana Commercial Co. holders of its common stock received 40 per cent, of their holdings in the common stock of the new company, and the old preferred stock was exchanged for 40 per cent in new common and 60 per cent, in new preferred. Practically all the old stock was exchanged under this arrangement.

In 1906, the share of this company of the earnings of the subsidiary companies was $882,174. During the same year this company received in dividends on its holdings of the subsidiary companies stocks $158,930. Eamings over expenses were, $128,994; charges, balance deficit, $246,006. In 1907, net, $233,749; interest, $375,000; balance deficit, $141,250. On December 31, 1907, there was an excess of liabilities over assets of $1,703,689.

President, GusUvoBock, Havana. 1st Vice-President, E. T. Ware, London, Eng. ad Vice- President. J. N. Staples, Jr., Havana. 3d Vice-President, F. A. Wilson, New York. Secretary, F. A. Wilson, New York. Treasurer, G. G. Finch, New York, Assistant Secretary, A. H. Gregg, New York. Auditor, F. M. da Costa, Havana.

Directors— Gustavo Bock, Havana, Cuba. Henry W. Cobb, New York. John B. Cobb, New York. Robert E. Christie, New York. F. M. Da Costa, Havana. G. G. Finch, New York. R. M. C. Glenn, New York. Rafael R. Covin, New York. A. H. Gregg, New York, H. B. HoUins, New York. W. S. Luckett, New York. Frank H. Ray, New York. C. H. Roberts, New York. A. Schneider, New York. Robert A. C. Smith, New York. J. N. Staples, Jr„ Havana. E. T. Ware, London, Eng. F. A. Wilson, New York.

Main office, 11 1 Fifth avenue, New York. Annual meeting, first Tuesday in March, at Jersey City.

Hawaiian Commercial Sugar Co.

A corporation formed April 3, 1882, under the laws of the State of California, having a plantation of 26,750 acres and sugar works on the Island of Maui, Hawaiian Islands. The capacity of the plant is over 50,000 tons of sugar per annum. Under the laws of California the stockholders of the company are personally liable. Stock Par $100 Authorized, $10,000,000 Issued, $10,000,000

Transfer Agents, Farmers' Loan & Trust Co., New York ; Hawaiian Trust Co., Limited, Honolulu. Registrars, Central Trust Co., New York, and Alexander & Baldwin, Limited, Honolulu.

Monthly dividends were paid on the stock at the rate of 6 per cent, per annum, or 50c per share per month. Dividends were, however, suspended in April, 190Z. On January 5, 1905, monthly dividend payments of 50c. per share were resumed, and on April 5, 1905, the monly dividend was increased to 65c.

Funded Debt Gold bonds of 1899, 5 per cent., due 1919, April and Oct $1,666,000

$23. 12 per share has been paid in on the stock. I'he company's balance sheet of December 31, 1907, showed a surplus of $5,328,423.

President and Manager, Henry P. Baldwin, Puniene, Island of Maui. Vice-President, Albert Meyer, San Francisco. Secretary, Emil Tschumi, San Francisco. Treasurer, Daniel Meyer, San Francisco. Agents, Alexander & Baldwin, San Francisco, Honolulu, New York, and Seattle. Manager, F. F. Baldwin, Puniene.

Directors — Wallace M. Alexander, San Francisco. F. B. Anderson, Francisco. Hennr P. Baldwin, Puniene. Albert Meyer, San Francisco. Edward PolliU, San Francisco. R. T. Rolph, San Francisco. E. M. Walsh, San Francisco.

Main office, Alaska Commercial Building, San Francisco. Annual meeting, second Wednesday in April.

Industrial Securities 545

The Helena Water Works Co.

A corporation formed under the laws of New Jersey, June 15, 1898. The purpose of the company is to maintain and operate water works at Helena, Mont. The company acquired the following: plants :

Helena Consolidated Water Co. Helena Water Co.

Stock Par $100 Authorixed, $1,500,000 Issued, $1,500,000

Transfer Agent, New Jersey Reg:istration & Trust Co., East Orange, N. J.

Funded Debt ist mort., 4 per cent., due July, 1928, Jan. and July $1,230,000

The authorized mortgage is $1,350,000. Trustee and agent for the payment of interest. Old Colony Trust Co., Boston.

President, Wallace B. Donham, Boston. Vice-President, W. A. Chessman, Helena. Secretary and Treasurer, J. G. Steams, Boston.

Directors — Wallace B. Donham, Boston. George C. Lee, Jr., Boston. Harry H. Picking, East Orange, N. J. Frederic G. Pousland, Boston. C. F. Street, New York.

Corporate office. New Jersey Registration & Trust Co., East Orange, N. J. Main office, Helena, Mont. Branch office, i Court street, Boston. Annual meeting, last Wednesday in June, at East Orange.

HERR/me-HAU-MARy/H SAFE CO.

A corporation formed under the laws of New York, September 23, 1905, as successor to the New Jereey company of the same name. The latter was formed in 1900, as a reorganization of the Herring- Hall-Marvin Co. , a company organised in New Jersey in i8oa. The original company took over the business of Herring & Co., New York ; Hall's Safe & Lock Co., Cincinnati ; the Marvin Safe Co., New York, and Farrel & Co., Philadelphia, manufacturers of safes and burglarproof vaults. The principal works of the company are at Hamilton, O.

For details of the reorganisation plan of the old company see the Manual for 1906. Stock Par $100. Authorized $700,000 Issued $700,000

Transfer Agent and Registrar, New York Trust Co.. New York.

Funded Debt Debentures, 6 per cent., due 1908-15 $370,000

Earnings

Net Charges Surplus

Charges in 1906 include $11,000 appropriated for a special reserve fund. In 1907, $7,225 was credited to the same account.

President, Charles U. Carpenter. Vice-President, S. S. Evans. Secretary, St. George B. Tucker. Treasurer, J. B. Carpenter.

Directors-Otto T. Bannard. Charles U. Carpenter. George R. Gray. S. S. Evans. W. H. Power. J. Edward Studley. H. Allen Tenney. St. George B. Tucker.

Main office, 400 Broadway, New York. Branch offices, Hamilton, O., Philadelphia, Chicago, San Francisco and St. Louis. Annual meeting, second Thursday in February.

Heywood Rrothers A Wakefield Co.

A corporation formed under the laws of New Jersey, March 17, 1897. The company acquired the property and business of the following firms and corporations engaged in the manufacture and sale of cane and wood seat chairs, reed and rattan furniture, children's carriages, chair cane, car seatings, etc. :

Heywood Bros. & Co., Gardner, Mass., es- Wakefield Rattan Co., Wakefield, Mass., with tablished 1826, with branches at Boston, branches at Boston, New York, Chicago and

New York, Philadelphia, Baltimore, San San Francisco.

Francisco, Los Angeles, Cal. : Portland, Ore. Heywood & Morrill Rattan Co., Chicago. The company's factories are at Gardner, Mass.; Wakefield, Mass.; Chicago and San Francisco.

The preferred stock is6 per cent., comalative. Stock is tiaiiilerred st the oflwe of the oompan J, Gaidner, Mas.

Dhrideods of 6 per cent, per annam are paid oo the piefeiied stock, the drridend periods Ifaicfa September. On June 7, 1905, an extra dmdend of a H per cent, was paid, C the full oinnilathre dmdends on the preferred. A similar eztia dividend r ' ' in 1901. In 1906 and 1907, 6 per cent, was paid 00 the

bcinr M

Sorplns January 1, 1903, $1,405,160; January i, 1904, $i,5a5.n>; January 1, 1905. £ toto* Si.65.3fe: Januaiy 1, 1907, $1,635,435; January 1, i9o8

*!esident. Louts E. Carbon. Vice-Presidents, Calvin H. HilL John D. Walsh. Secretary, Theodore L. Harlow. Treasurer, C. H. Lans, Jr.

Directors-WaUam H. Baxter. LodsE. Carbon. L. H. Greenwood. Cahrin H. HOL C. H. Lane, Jr. John D. Walsh. Fnuk G. Webster.

Main office, Gardner, Mass. Annual meeting, fouith Tuesday m Fruary, at Jersey City.

Hobokek Umd Ihpro¥Ekeiit Co.

A corporation formed under the biws of New Jeney in i8jS. The company owns late amount of real estate in the dty of Hoboken, N. J.

Stock Par $100 Authorised, $3,000,000 lasted, $i,473i8oo

Transfer Agent, William A. Macy, i Newark street. Hoboken, N. J.

FUHDSD ist mort., 5 per cent, due 191a $1,471,100

Agent for the payment of interest. Pint National Bank, Hoboken, N. J.

President, Edwm A. Stevens, ist Vice-President, Richard Stevens, ad Vice-President, Archibakl S. Alexander. Secretary, William A. Macy. Treasurer and General Manager, Palmer CampbelL Assistant Secretair, Edwin A. S. Brown.

Directors— Archibald S. Alexander, Hoboken, N. J. Palmer Campbell, Hoboken. Theodore C. Dunn. Orange, N. J. Lewis H. Hyde, New York. William A. Macy, Montdair, N. J. Edwin A. Stevens, Hoboken. Richard Stevens, Hoboken. W. Lewis Stevens, Hoboken.

Main office, 1 Newark street, Hoboken, N. J. Annual meeting, first Monday in May.

Holyoke Street Railway Co.

A corporation formed under the laws of Massachusetts, June 11, 1884. The company owns or operates 73 miles of electric railway in the dty of Holyoke, Mass., extending also to Westfield, Northampton. South Hadley, Chicopee, Amhent. Sunderland and Pelham, Mass. It operates under a 35-year lease from June i, 1897, the Mount Tom Railroad Co., an inclined road, I mile, running to the summit of Mount Tom. The Hampshire Street Railway, 4 miles, was leased and was acquired in 1907. In 1907, acquired the Amherst & Sunderland Street Railway Co.

Stodc Par $100 Authorised, $980,000 Issued, $980,000

In June, 1906, $100,000 additional stock was sokl at $150 per share to liquidate a floating debt.

Stock is transferred and registered at the office of the company, Holyoke, Mass.

Dividends of 8 per cent, per annum have been paid from 1893 to July, 1907, indusive. The dividends are semi-annual, January and July.

Funded Debt

Debenture bonds, 5 per cent., due April, 1915, April and Oct $350,000

Debenture bonds, 5 per cent., due Oct., 1930, April and Oct SSooo

Debentures, 5 per cent., due April, 1933, April and Oct 365,000

Amherst & Sunderland, 1st mort., 5 per cent., due Feb., 1934, Feb. and Aug 117,000

Total $717,000

Interest on all the funded debt is payable at the Holyoke National Bank, Holyoke, Mass. The company pays, under the lease of the Mount Tom Railroad Co., 6 per cent, annually on the $100,000 capital stock of that company.

Industrial Securities 547

Earnings Year ending September 30

Charges

Gross . Net and Taxes Dividends Surplus

'Qoi-oa $336,853 $113,524 $55,368 $56,000 $3,156

iooa-03 360,718 116,630 68,113 56,000 Def. 7,483

'903-04 383,4" "7.703 69.469 56,000 8,353

1904-05 430,65a 162,319 90,611 56,000 sur. 15,708

President and General Manager, William S. Loomis, Holyoke, Mass. Secretary and Treasurer, Louis D. Pellissier, Hohroke.

Directors— Frederick Harris, Springfield, Mass. William S. Loomis, Holyoke. J. G. Mackintosh, Holyoke. Louis D. Pellissier, Holyoke. J. F. Sullivan, Holyoke. Newrie D. Winter, Sprinefield.

Corporate and main office, 25 Canal street, Holyoke, Mass. Annual meeting, third Tuesday in January, at Holyoke.

The Homestake Kimimg Co.

A corporation formed under the laws of California, November 5, 1877. property of the company consists of 154 mining claims, aggiegating about 927 acres, located in the White Wood mining district in the Black Hills, near Leaid, Lawrence Co., South Dakota. The company has a large mining plant for the operation of the gold-bearing veins upon its property, composing a stamp mill, cyanide works, electric light plant, sawmill, etc. In 1899 the company acquired the Highland Mining Co., the property of which, adjoining the Homestake mine, comprises seventeen mining claims of about 73 acres, with a mill of 140 stamps, hoisting works and other necessary machinery. In the same year this company acquired the Black Hills Canal & Water Co., the property of which consists of forty miles of ditches, flumes, pipe lines, with necessary reservoirs and improvements and water rights covering the water supply of the Deadwood and Lead districts.

This company also owned the Black Hills & Fort Pierre Railroad Co., but sold the same. Stock Par $100 Authorized, $22,000,000 Issued, $21,840,000

In November, 1899, the capital stock of the company was increased $8,500,000, in order to provide for the absorption of the Highland Mining Co., Black Hills Canal & Water Co. and Black Hills & Fort Pierre Railroad Co.

Transfer Agents, Lounsberry & Co., 15 Broad street, New York.

The company has paid monthly dividends since January, 1879, the payments in 1903 and 1904 being 25 cents per share per month. In 1905, paid 25 cents per month in January, February and March, and for the remainder of the year 50 cents per month. In 1906, payments were 50 cents each month, which was also the rate in January, February, March and April, 1907. Dividends were, however, suspended in May, 1907, in consequence of a fire in the mine, and were not resumed until January, 1908, when 50 cents monthly payments recommenced. To 1907, inclusive, the total dividends paid were $15,643,550.

Earnings

Year ending May 31 Gross Net

X9P3-04 4,947,435 862,668

President, J. B. Haggin. Vice-President, F. G. Drum. Secretary, Fred Clark.

Directors— E. H. Clark. Fred Clark. Richard Clark. F. G. Drum. J. B. Haggin. H. L. Tcvis. Thomas Turner.

General office. Lead, Lawrence Co., South Dakota. Secretary's office, 210 Montgomery street, San Francisco. New York office, 15 Broad street.

HORK SILVER Ml HI KG CO.

A corporation formed under the laws of Utah in 1879. company owns and operates a silver mine at Frisco, Utah, and has a smelter in connection therewith at Franklin, Utah. Stock Par $25 Authorized, $10,000,000 Issued, $10,000,000

Stock is transferred by the Secretary of the conn any, New York. Registrar, Mercantile Trust Co., New York.

The dividends pakl on the stock in recent years have been as follows : in 1900, 5 cents per share; in 1901, 18 cents; in 1903, 5 cents; in 1904, 15 cents r in 1905, ao cents; In 1906, ao cents.

The company's report for 1904 showed : total receipts, $319,734; payments, $89,008; dividends, $60,000; surplus, $70,736. In 1905, receipts, $250,609 ; surplus over dividends, $55,770. In 1906, receipts, $193,513; payments, $104,936 ; dividends, $80,000 ; surplus, $7,577.

President, Ambrose I. Harrison, New York. Vice-President and Treasurer, Juan M. Ceballos, New York. Sccreury, Frederick A. Bishop, New York.

Directors— Juan M. Ceballos. Philo T. Farnsworth. Ambrose I. Harrison. Theodore B. Moore, John Sharp. William H. Wolverton. H. S. Young.

Main office, Battery place. New York. Annual meeting, first Tuesday in December, at Salt Lake City.

The Houghton County Street Railway Co.

A corporation formed under the laws of Michigan in 1899. The company's Une extends through the entire copper belt of Michigan, from Houghton to Hancock, Laurium, Red Jacket, Lake Linden, Tamarack City and Wolverine, serving a population of about 63,000. The company owns 37 miles of track, much of it being built on a private right of way.

The preferred stock is 6 per cent., non-cumulative, and redeemable at no. Transfer Agents, Stone & Webster, 147 Milk street, Boston. Registrar, Boston Safe Deposit & Trust Co., Boston.

Dividends of 6 per cent, per annum are paid on the preferred stock, the payments being semiannual, 3 per cent, each in April and October.

Funded Debt ist mort., 5 per cent., gold, due July i, 1930, Jan. and July $750,000

The authorized amount of the xst mortgage is $750,000. The bonds are redeemable as a whole after 1005 at 105. Trustee of the mortgage and agent for the payment of interest, Boston Safe Deposit & Trust Co., Boston.

Earnings

Gross Net Charges Dividends Surplus

President, F. J. Bawden, Hancock, Mich. Vice-President, Henry G. Bradlee, Boston. Secretary, Henrv R. Hayes, Boston. Treasurer, A. Stuart Pratt, Boston. General Managers, Stone & Webster, Boston.

Directors— F. J. Bawden. W. O. Chapman. B. H. Dibblee. Russell Robb. C. A. Stone. N. H. Stone. E. S. Webster.

Corporate and main office, Hancock, Mich. Annual meeting, first Tuesday in August, at Hancock.

Houstom Lightikg Amd Power Co.

A corporation formed under the laws of Texas, January 8, 1906. It control the electric light and power business in Houston, Tex.

In 1906 the American Citiei> Railway & Light Co. acquired nearly all the stock. See statement of that company.

The preferred stock is 6 per cent, cumulative. Transfer Ant, Commerdal-Germania Trust & Savings Bank, New Orleans. Registrar, Isidore Newman & Son, New Orleans.

Dividends of 6 per cent, are paid on the preferred stock, being 1% per cent, o larterly, January (i), April, July, and October.

Funded Debt ist mort., 5 per cent., due Jan., 1944, Jan. and July $747,000

There is a sinking fund for the bonds beginning in 1907, of $3,000 p- innum for the first five years, and then increasing. Trustee and agent for the payment of intert... Old Colonv Trust Co., Boston. Interest is also paid at the fiscal agency, Isidore Newman & Son, New York.

Industrial Sbcuritibs 549

President, George H. Davis, New Orleans. Vice-President and General Manager, William H. Chapman, Houston. Secretary and Treasurer, Robert Duerer, Houston.

Directors— W. H. Chapman, Houston. H. P. Dart, New Orleans. George H. Davis, New Orleans. Blake Dupree, Houston. S. Emanuel, New Orleans. E. A. Newgass, New Orleans. J. K. Newman, New York.

Main office, Houston, Tex. Annual meeting, third Monday after the first Sunday in February, at Houston.

Houstok Oil Co. Of Texas

A corporation formed under the laws of Texas in Julv, ipoi. The purposes of the company are to acquire, deal in and develop oil and lumber lands in lexas. The company acquired about 1,000,000 acres of oil and timber lands in the Beaumont region of Eastern Texas. The company also had about 100 oil wells in the Corsicana, Tex. , field and has a large interest in the Higgins Oil & Fuel Co. It contracted to sell to the Kirby Lumber Company about 8,000,000,000 feet of standing yellow pine timber of 12 inches and upwards, to be paid for semi-annually. This contract was assigned to the Maryland Trust Company, Baltimore, as trustee, which company issued $7,035,000 of 6 per cent, certificates of beneficial interest in said contract, redeemable in February and August instalments of each year. These certificates ere guaranteed by this company and secured by a mortgage on its property. The February, 1904, instalment of the timber certificates and interest were defaulted, and in the same month both this company and the Kirby Lumber Colnpany were placed in the hands of Receivers.

Stock is transferred at the office of the conipany, New York.

Of the above described certificates of beneficial interest, the series maturing up to August i, 1907, have been paid o£f leaving $5,135,000 outstanding. The coupons due August i, 1905, were paid in January, 1906. The coupon due February i, 1908, was paid at maturity. See statement of the Kirby Lumber Co.

In February, 1904, a committee, George W. Young, New York, Chairman, invited holders of the timber certificates to deposit them with the United States Mortgage & Trust Co., New York, under a protective agreement. A committee, J. S. Bache, New York, Chairman, represents the stockholders.

In August, 1905, it was stated that a reorganization plan had been agreed upon, under which a new company, to be called the Southwestern Development Co., would be formed with an authorized capital consisting of $20,000,000 common and $ia,ooo,ooo 6 per cent, cumulative stock, together with $1,500,000 zst mortgage 5 per cent, zo year bonds and $3,500,000 income bonds. The execution of the plan was, however, delayed, but it was reported in the early part of 1908, that a settlement of the pending difficulties was under consideration.

Receiver, Charles Dillingham, Houston.

President, S. W. Fordyce, St. Louis. Vice-President, Jules S. Bache. New York. Secretary, Jesse A. Whittaker, New York. Treasurer, Jay O. Moss, Sandusky, O. Assisant Secretary, James L. Connely, Houston.

Directors— Jules S. Bache, New York. Patrick Calhoun, New York. Murray Carlton, St. Louis. S. W. Fordyce, St. Louis. N. W. Jordan, Boston. Sidney H. March, New York. Jay O. Moss, Sandusky, O. Charles G. Saunders, Boston. Edwards Whiitaker, St. Louis.

Corporate and main office, Houston, Tex. New York office, 30 Broad street. Annual meeting, second Tuesday in November, at Houston.

Hudsom A Kamhattmk Railroad Co.

A corporation formed under the Ijiws of New York, December 5, 1906, The company is a consolidation of the Hudson & ManhatUn Railroad Co., a New York corporation formed March ao, 1903, with the New York & Jersey Railroad Co., a New York corporation formed February II, 190a. Previous to the above consolidation the Hoboken & Manhattan Railroad Co. a New Jersey corporation, had been merged with the Hudson & Manhattan Railroad Co. Separate statements of the old Hudson & Manhattan and of the New York & Jersey Railroad Co. were given in the Manual for 1906.

The Hudson Companies financed the consolidation and the construction of the tunnels. See below for separate statement of the company in question.

.The company was organized to construct and operate electrically equipped tunnels for passenger service under the Hudson River from Jersey City and Hoboken to New York, with subways and terminals in the latter city. On February 25, 1908, the first section, consisting of twin tubes from Hoboken to Morton street, New York, and thence to 61 h avenue and 19th street. New York, was formally opened, the distance being about 3 miles. The second section, consisting

of twin tubes extends from Jeryey City to Cortlandt and Church streets, New York, where large terminal and office buildings are being constructed. The office buildings were ready for occupancy in April, 1908, among the prominent tenants being the United States Post Office Department, Erie Railroad Co., Southern Railway Co., American Bridge Co., Carnegie Steel Co., General Electric Co., American Locomotive Co. and American Steel & Wire Co. The first or northern section is being extended up 6th avenue. New York, to a terminal station at jad street, with branch to a connection with the New York Interborough Rapid Transit subwapr at 9th street and 4th avenue. The entire system will be completed during 1908. The two hses will also be connected bv a subway in Jersey City and Hoboken and connections made with the various railway terminals in those cities, as well as with the surface traction lines in New Jersey. The company has a 500-year contract with the Pennsylvania Railroad Co. to handle the latter*s downtown traffic between New York and Jersey City and will, with that company, operate a joint service between Newark, N. J., and New York City.

The preferred stock is 5 per cent, non-cumulative and after July i, 191 1, it is convertible into common at no for the latter.

Transfer Agents, Harvey Fisk & Sons, 62 Cedar street, New York.

Funded Debt ist mort. conv. per cent,, due February, 1957, Feb. and Aug $57,000,000

The I St mortgage is for $100,000,000 and was authorized at the time of the consolidation in 1907. After February i, 1912, the bonds are convertible on any interest day into common stock at no for the latter. They are tax exempt in the State of New Yoik. Of the bondsoutstandin, $5,500,000 are to be exchanged for $5,000,000 of 5 per cent bonds of the New York & Jersey Railroad Co., which can be called at no and which are a lien upon a section of the northerly tunnels, but not upon the terminal properties of the company. Of the bonds $23,500,000 are held as collateral for the $15,000,000 secured 6 per cent, gold notes of the Hudson Companies, the notes being convertible into the bonds at par. See statement of the Hudson Companies below. Trustee of the mortgage. Standard Trust Co., New York.

President, William G. McAdoo, New York. Secretary, Charles W. King, New York. Treasurer, William H. Bamum, New York.

Directors— Anthony N. Bradv, Albany, N. Y. Edmund C. Converse, New York. Elbert H. Gary, New York. Frederic B. Jcnnines, New York. Charles W. King, New York, WillianEi G. McAdoo, New York. John G. McCuUough, North Bennington, Vt. G. Tracy Rogers, Binshamton. E. F. C. Young, Jersey City.

Main office, Hudson Terminal, jo Church St., New York.

HUOSOM COMP/mHES

A corporation formed under the laws of New York, January 9, 1905. The company was organized to build and equip the system of tunnels, subways and terminals of the Hudson & Manhattan Railroad Co. A syndicate headed by Harvey Fisk & Sons, New York, was instrumental in the organisation of the company. In payment for construction it received securities of the railroad company and also owns over $5,000,000 in value of real estate in New York City, situated largely at Sixth avenue and jad and 3id streets, the underground section of which will be the railroad company's uptown terminal. See statement of the Hudson & Manhattan Railroad Co. above.

The preferred stock is 7 percent., cumulative, as to amounts paid in thereon. The entite $r 6,000,000 of preferred was subscribed at par, payable in instalments not exceeding 95 per cent, each, on five days' notice. The first instalment was paid January la, 1905.

Transfer Agents, Harvey Fisk & Sons, 62 Cedar street, New York. Registrar, Standard Trust Co., New York.

Funded Debt Secured gold notes, convertible, 6 per cent., due Aug., 1910, Feb. and Aug $15,000,000

The 6 per cent, gold notes dated February i, 1908, are $15,000,000 in amount. Trustee and agent for the payment of interest, Standard Trust Co., New York. They are secured by $22,500,000 of the per cent, ist mortgage convertible bonds of the Hudson & Manhattan Railroad Co., bein at the rate of $ 1,500 otbonds for each $1 ,oro of notes. See above for partis ulars of the bonds m question. The rotes are redeemable by the company on any interest date on 30 days' notice at par and interest, plus a premium of t per cent, per annum upon the principal from date of redemption to maturity, and. are convertible at the pleasure of the hoiider,

Industrial Securities 55

B when called for redemption or at maturity, into Hadson & Manhattan Railroad 4H

bonds, at par. is Pretfiaent, Walter G. Oakman, New Yorlc. Secretary, Kenyon B. Conger, New Yorlc.

s Treasurer, William Henry Bamum, New York. Chief Engineer, Charles M. Jaoobe, New

York. Consulting: Engeer, William Barclay Parsons, New York.

i Directors William M. Barnum, New York. Kenyon B. Conger, New York. Pliny Fisk,

,2 New York. Wiibur C. Fisk, New York. Andrew Freedman, New York. Gardiner M. Lane,

0 Boston. William C. Lane, New York. Walter G. Oakman, New York. William Barclay

J Parsons, New York. Grant B. Schley, New York. John W. Simpson, New York. Cornelius

f, Vanderbilt, New York.

g. Mam office, in Broadway, New York. Annual meeting, second Tuesday in January. s

Hudsoh River Electric Power Co.

A corporation organised under the laws of New York, December 27, 1901. The companr controls

, through stock ownership, the Hudson Rir Water Power 0>., Hudson River Eflectric

' Co. and Hudson River Power Transmission Co., together with various sub-companies owned

by the last two named, altogether constituting a group of properties under one ownership, exclusively suppljring Central and Eastern New York State with electrical power.

The company owns a masonry dam at Spier Falls, feet high and 1,600 feet in ien|;th, which furnishes a minimum of 25,000 horse-power m the dryest portion of the vear and up to 50,000 horse-power at other times. The power house adjoins the dam, from which

transmission lines convey the current to Albany, Troy, Saratoga, Schenectady, Watervliet, Ballston. Fort Edward, Glens Falls, Sandy Hill, Amsterdam, and other poinU. At Utica the company owns and operates an auxiliary steam turbine stadon of 10,000 horse power capacity, which will be connected with the Spier Falls water-power generating plant, the latter supplying power from ite surplus flow two-thirds of the year leaving the steam plant to maintain the higher load through the remaining summer months. Contracts for power are in operation with the Utica & Mohawk Street Valley Railway, the traction operating company of the New York Central & Hudson River Railroad Co., the General Electric Co., at enectady, the United Traction Co., supplying street railway facilities to Troy and Albany, the lighting companies of the same cities and with various users of power. Stock Par $100. Authorised, $10,000,000 Issued, $5,390,000

The unissued stock is in the company's treasury.

Transfer Agent, D. S. Mills, 96 Nassau street. New York. Registrar, American Loan & Trust Co., Boston.

Funded Debt Hudson River Electric Power 1st mort., 5 per cent., due Feb., 1944, Feb. and Aug. .. $4,035,000

Hudson River Electric Co. zst mort., 5 per cent., due June, 1931, June and Dec. 3,000,000

Hudson River Water Power Co. xst mort., due $50,000 annually, 1914 to 1999, May

and Nov 3,000,000

Hudson River Power Transmission Co. ist mort., 5 per cent., due April, 1928, April

and Oct 500,000

Saratoga Gas, Electric Lighting & Power Co. ist mort., 5 per cent., due Feb., 1917,

Feb. and Aug 13,500

Ballston Spa Light & Power Co. xst mort., 6 per cent., due June, 19x7, Jan.

Total $9,683,500

The Hudson River Electric Power Co.'s xst mortgage b for $5,000,000. The issue is

guaranteed, principal and interest, by the Hudson River Water Power Co. Trustee of mortgage,

Kxiickerbocker Trust Co. , New York.

The Hudson River Electric Co.'s xst mortgage is guaranteed, principal and interest, by the

Hudson River Water Power Co. Trustee of mortgage, Morton Trust Co., New York.

The Hudson River Water Power Co.'s bonds are secured by a mortgage to The Trust Co. of

America, trustee. The authorised issue of bonds is $3,000,000. There is a sinking fund of

$50,000 per year which becomes operative in 19x4. In X907, a consolidated and refunding

mortgage for $30,000,000 was proposed and in December, 1907, the company obtained authority

to issue $3,000,000 of the same for new construction.

Earnings, Hudson River E. P. Co. and Allied Companies.

Grots Operating ExpcoMs Net

President, Eugene L. Ashley, Glens Falls, N. Y. Treasurer, Eben H. Gay, Boston. Secretary and Assistant Treasurer, Elmer J. West, Glens Falls. Consulting Engineer, William Barclay Parsons, New York.

Directors— Eugene L. Ashley, Glens Falls, N. Y. Eben H. Gay, Boston. Linds Hooper, Boston. Charles E. Parsons, Albany. John J. Scully, Pittsburg. Elmer J. Smith, York, Pa. Ehner J. West, Glens Falls.

Main offices, Albany and Glens Falls, N. Y. New York office, i Nassau street. Treasurer's office, 25 Congress street, Boston. Annual meeting, first Tuesday in February, at Albany.

Hudsom River Telephore Co.

A corporation formed under the laws of New York, April 96, 1883. The company operates a telephone systehi in the counties of New York bordering on the Hudson River. It had, January i, 1907, 38,330 stations and 11,493 stations operated by sub-licensees. The American Telephone & Telegraph Co. owns a majority interest in this company's stock. Stock Par $100 Authorized, $5,000,000 Issued, $3,909,900

In 1900 the stock was increased from $3,000,000 to $3,000,000, and in 1900, an increase to $4,000,000 was ratified, the authorized stock being again increased to $5,000,000 in 1903.

Stock is transferred at the office of the company, Albany, N. Y.

Dividends paid on the stock have been as follows : In 1893, 3 per cent.; in 1894, percent.; in 1895, 33 per cent.; in 1896, 4 per cent.; in 1897, 4 per cent.; in 18, 4 per cent.; in 1899, 5 per cent.; in 1900, 6 per cent., and in 190 1, 6 per cent., whidi continued the regular rate until January, 1907, inclusive, then at 4 per cent, until October, 1908, inclusive. The January, 1908, dividend was, however, passed. Dividends were paid quarterly in January (1), Apnl, July and October.

Earnings

Gross Net Charges Dividends Surplus

>9o6 1,199.679 361,783 90,366 334,594 63,177

President, Union N. Bethell, New York. Vice-President, Hiram F. Stevens, Syracuse. Secretary and Treasurer, F. G. Wood, Uiica, N. Y. . General Manager, Lewis S. Greenleaf, Albany.

Directors— Union N. Bethell, New York. Samuel M. Greer, Albany, N. Y. D. Cady Merrick, Albany. Walter C. Humstone, Brooklyn, N. Y. James H. Manning, Albany. W. D. Sargent, Brooklyn. Hiram F. Stevens, Syracuse. Theodore N. Vail, Boston. F. G. Wood, Utica.

Main office. Maiden lane and Chapel street, Albany, N. Y. Annual meeting, Monday preceding fourth Tuesday in February, at Albany.

Huosor Valley Railway

A corporation formed under the laws of New York, August 14, 190X. The company is a consolidation of the following companies :

Glens Falls, Sandy Hill & Fort Edward Street Greenwich & Schuylerville Electric Railroad

Railway Co. Co.

Warren County Railway Co. Saratoga Traction Co.

Stillwater & Mechanicsville Street Railway Co. Saratoga Northern Railway Co.

In January, 1907, control of the company was acquired by the United Traction Co. of Albaay in the interest of the Delaware & Hudson Co., most of its stock and securities having purchased.

The company owns and operates an electric trolley road for freight and passengers from Troy, N. Y., to Waterford, Mechanicsville, Stillwater, Schuylerville, Greenwich, Fort Edward, Sandy Hill, Glens Falls, Caldwell, Warrensburg, Round Lake, Ballston and Saratoga, N. Y., and has trackage rights in perpetuity for express and passenger traffic into the cities of Troy, Albany and Cohoes. Main lines 98 miles, with 127 miles of track, of which some 100 miles is over private right of way. The company also owns Kaydeross Park, at Saratoga Lake; Ondawa Park, between Greenwich and Schuylerville, and Fort William Henry Park and the Fort William Hotel, at I-ake George.

See the Manual for 1906 for details of plan for the readjustment of the company's capital.

Industrial Securities 553.

The preferred stock is 5 per cent, non-cumulative. It was authorized in 1906 in order to provide for the conversion of the debenture B bonds. See below.

Transfer Agent, Bankers' Trust Co., New York. Registrar, Central National Bank, New York.

Funded Debt

Consolidated mort., 5 per cent., due July, 1951, Jan. and July $2,233,000

Collateral trust mort., 5 per cent., due March, 19x1, March and Sept 500,000

Income debentures, A, 5 per cent., due Jan., 1951 474,000

" " B, 2 per cent., due Jan., 1951 2,500,000

Glens Falls, Sandy Hill & Ft. Ekiw. ist mort., oper cent., due July, 1911, Jan. and July. 100,000

" ' 2d mon. , 6 per cent. , due July, 1913, Jan. and July . 50,000

3mort.,5percent.,dueApri1,i92i, April and Oct. 82,000

Stillwater & Mechanicsville St. Ry. xst mort., 6 per cent., due April, 1913, April and Oct. 47*500

" ad mort., cons. 6 p.c, due April, 1913, April and Oct. 202,500

Total $6,178,000

The consolidated mortgage is for $4,000,000, and $482,000 of the bonds are held to retire prior liens. Bonds may called at 1x0 and interest. Trustee of the mortgage, Bankers' Trust Co., New York.

Trustee of the xst mortgage of the Glens Falls, Sandy Hill & Fort Edward Street Railway Co. and agent for. the payment of interest, Central Trust Co., New York. Trustee of the 2d mortgage and agent for the payment of interest. Merchants' National Bank, Glens Falls, N. Y. Trustee of the mortgages of the Stillwater & Mechanicsville Street Railway Co., Union Safe Deposit & Trust Co., Portland. Me. Agents for the payment of interest, Bank of D. Powers & Sons, Lansingbure, N. Y., and Glens Falls Trust Co., Glens Falls, N. Y.

The income debenture bonds are non-cumulative. The Series B incomes are convertible into preferred stock from March x, 1908, to March i, 1917. The collateral trust bonds are subject to call at par and interest.

President, Lenor F. Loree, New York. Secretary and Treasurer, James McCredie, Albany, General Manager, E. S. Fassett, Troy. Auditor, Assistant Secretary and Assistant Treasurer, A. J. Gies.

Main offices. Glens Falls, N. Y., and Albany, N. Y. ' Annual meeting, third Wednesday in July, at Albany, N.Y.

Humboldt Copper Iiiiiihg Co.

A corporation formed under the laws of Michigan in 1863. company owns a copper property in Keweenaw County, Mich. Stock Par $35 Authorized, $1,000,000 Issued, $1,000,000

There has been paid on account of the capital, $240,986, including $100,000 represented by real estate.

President, C. Howard Weston, Boston. Secretary and Treasurer, John Brooks, Boston. Directors-John Brooks. Wesley Clark. W. C. Fisk. John C. Watson.

Main office, 50 State street, Boston. Annual meeting, fourth Tuesday in March.

Illimois Brick Co.

A corporation formed under the laws of Illinois, March, 1900, to engage in the manufacture and sale of brick. The company acquired 32 brick-making plants in Cook County, 111., and vicinity, and has facilities for makmg upwards of 750,000,000 bricks annually. Stock Par $100 Authorized, $4,000,000 Issued $4,000,000

Stock is transferred at the office of the company, Chicago. Registrar, American Trust & Savings Bank, Chicago.

The company's authorized stock consisted of $5,000,000 common, and $4,000,000 6 per cent, cumulative preferred, of which $4,350,500 common and $3,550,500 preferred was issued and outstand'

In January, 1905, it was proposed to reduce the company's stock to $4,000,000, aU of one class. The plan included the cancellation of the treasury stock, the purchase at $60 per share of $125,300 preferred stock and its cancellation, and an exchange of the old stocks remaining for the new, the preferred dollar for dollar and the common om the basis of six shares of old for one of the new stock. This plan was ratified in May, 1905, and carried out.

For the nine months of 1900, after the formation of the company, a dividend of per cent, was paid on the old preferred stock in April, looi. In November and December, ipoi, {Miid 3 per cent, each, or 6 per cent, for that vear. In November and December, 190a, paid 3 per cent, each, or 6 per cent for that year. No dividends were paid in 1903. In July, 1904, October, 1904, and December, 1904, dividends of 3 per cent, were paid, nuMng 6 per cent, for the year. In April, 1905, a per cent, was again paid on the old preferred stock.

The first dividend on the $4,000,000 of new stock was per cent., paid July 15, 1905, and similar dividends were paid October 15, 1905, January 15, 1906, and April 19, 1906. The July, 1906, dividend was, however, not paid. In October, 1906, i per cent, was paid, which was also the rate of subsequent quarterly dividends to January 15, 1908. inclusive.

The company's earnings in 1907 were $105,394. On December 31, 1907, the total surplus was $176,339.

President, C. D. B. Howell, Chicago. Vice-President and Auditor, C. B. Ver Nooy, Chicago. Secretary, William Schlake, Chicaeo. Treasurer, John H. Gray, Chicago.

Directors— Marvin A. Farr, Chicago. DavW R. Forgan, Chicago. John H. Gray, Chicago. C. D. B. Howell, Evanston, 111. S. Warren Lamson, Chicago. E. C. Potter, Chicago. Geom C. Prussing, Chicago. William Schlake, Chicago. C. B. Ver Nooy, Chicago.

Corporate and main office, 138 Washington street, Chicago. Annual meeting, nist Monday in Fruary, at Chicago.

The Ilukois Tumhel Co.

(Controlled by Chicago Subway Co.)

A corporation formed under the laws of Illinois, October, 1903. The company's charter empowers it to do a general freight transfer, telephone, stean and electric power lighting and heating business. Its sjrstem enibraces 60 miles of tunnels under the streeU of the wholesale business district connecting the trunk line railroads entering Chicago with mercantile warehouses, houses and manufacturing establishmenU. At the beginning of 1908 about 57 miles of tunnels were completed and further construction was in progress. It also has a telephone system in connection with its tunnds, with a switchboard for 10,000 main line telephones. Locomotives, 125 ; freight cars, 3,00a

In February, 15, this company purchased the property of the Chicago Dock Co.

The company is obliged to pay the city of Chicago 5 per cent, of its gross earnings.

Practically aU of this company's stock is owned by the Chicago Subway Co. See statement of the latter in this edition of the Manual. Stock Par $100 Authorised, $30,000,000. .Issued, $30,000,000

Funded Debt

lUinois Tunnel Co. ist mort., 5 per cent., due Dec., 1928, June and Dec $17,000,000

Chicago Dock Co. ist mort., assumed, 4 per cent., due 1939, April and Oct 665,000

" notes, 4 per cent., due July, 1908-1909, January and July 667,000

Total $ 18,333,000

The company also has two loans aggregating $9,500,000, maturing Mav 31, 1908, and secured by $13,000,000 of Illinois Tunnel bonds whioi are not included in the amount outstanding of the latter given above.

The ist mortgage of the Illinois Tunnel Co. is for $30,000,000. The bonds can be called at 1Q5. Trustee of the mortgage and agent for the payment of interest, Central Trust Co., Chicago. Interest b also payable at the First National Bank, New York.

The earnings for the year 1905, were reported to the city as having been $108,300. In 1906, the earnings were $331,176.

President, Samuel McRoberts, Chicago. Vice-President and General Manager, W. J. C. Kenyon, Chicago. Secretary, H. H. Kendrick, Chicago. Treasurer, J. C. Law, Chicago.

Directors— J. Ogden Armour, Chicago. Albert J. Earling, Chicago. J. T. Harahan, Chicago. Samuel M. Felton, Chica|;o. W. J. C. Kenyon, Chicago. J. Kruttschnitt, Chkago. Samuel McRoberts, Chicago. Benjamin Thomas, Chicago. F. D. Underwood, New York. Albert G. Wheeler, Chicago. B. L. Winchell, Chicago.

Main office, The Rookery, Chicago.

Ikdiaka Katurml 6 As A Oil Co.

A corporation formed under the laws of Indiana, October 5, 1889, for the parpoae of developing and distributing natural gas and oil. The company owns pipe lines, gas and oil wells, pumping stations, etc. The People's Gas Light & Coke Co., Chicago, has a contiolUiic interest in the company.

Industrial Securities 555

Stock Par $50 Authorixed, $a,ooo,ooo Issued, $9,000,000

Stock is transferred at the office of the company, New York. Registrar, Central Trust Co., New York.

The first dividend, per cent., was paid May 5, 1895, after which the dividends were at the rate of 6 per cent, annually, the dividend periods being February, May, August and November, until Februaxy i, 1905, inclusive, since which date no further dividends have been paid.

Funded Debt

ist ., 6 per cent., gold, due July i, 19x0, Jan. and July $4,000,000

Refunding mort., 5 per cent., due May, 1936, May and Nov 3,000,000

Total $6,000,000

The ist mortgage bonds outstanding are the amount authorised. Trustee of the mortgage and agent for the payment of interest. Central Trust Co., New York.

The refunding mortgage was created in 1906, the authorized amount being $6,000,000 of which $4,000,000 is reserved to retire the zst mortgage bonds. The bonds are guaranteed principal and interest by the People*s Gas Light & Coke Co. of Chicago. Trustee of the mortgage and agent for the payment of interest, Central Trust Co., New York.

President, Giles W. Mead, New York. Vice-President, F. E. May, Chicago. Treasurer, F. P. Leonard, Chicago. Secretary, Chester T. Ayres, Chicago.

Director*— F. E. May, Chicago. W. S. McCrea, Chicago. Giles W. Mead, New York. T. E. Murray, New York. Edward S. Whitney, Chicago.

Corporate office, Hammond, Ind. Chicago office, 115 Dearborn street. New York office, 79 Wall street. Annual meeting, second Wednesday in June.

Imdiamapous, Columbus A Southerh Tractiok Co.

A corporation formed under the laws of Indiana in 1895. The coxnpany owns an electric railway extending from the limits of the city of Indianapolis, Ind., through Southport, Greenwood and Whiteland to Franklin, Seymour and Columbus, Ind., and operates 58 miles of track, with

?, miles of trackage over the Indianapolis Street Railway Co. The company was formerly the indianapolis, Greenwood & Franklin Railroad Co., its name being changed in 1903 to the present title. Nearly all the track is on private right of way. Stock Par $xoo Authorised, $x,ooo,ooo Issued, $930,000

Funded Debt zst mort., 5 per cent., gold, due Feb., 1933, Feb. and Aug $650,000

The total authorised mortgage is $1,000,000, the unissued bonds being reserved for extensions and Improvements at the rate of $15,000 per mile. Trustee of the mortgage and agent for the payment of interest, Trust Co. of North America, Philadelphia.

In 1904, the company earned, gross $176,708, net $64,498. In 1905, gross $210,959, $84,746. In 1906, gross $340,036, net $93,084. In 1907, gross $365,883, net $107,550.

President, Joseph I. Irwin, Columbus, Ind. Vice-President, William G. Irwin, Columbus. Secretary and Treasurer, Ira E. Guthrie, Columbus. General Manager, A. A. Anderson, Columbus.

Directors — Harriet C. Irwin, Joseph I. Irwin, Columbus. William G. Irwin, Columbus. Hugh T. Miller, Columbus. L. I. Sweeney, Columbus. Z. T. Sweeney, Columbus.

Corporate and main office, 303 Washington street, Columbus, Ind. Annual meeting, third Tuesday in January, at Columbus.

Ikdiahapolis Street Railroad Co.

(Leased to Indianapolis Traction & Terminal Co.)

A corporation formed under the laws of Indiana, March 7, 1899. The company is a reorganization of the Citizens* Street Railway Co. and the City Railway Co. of Indianapolis. It has a franchise, for 34 years from the city, and operates 136 miles of electric road in and about Indianapolis, Ind. The property was leased to Indianapolis Traction & Terminal Co. in December, 1909, for thirty-one years. Stock Par $zoo Authorized, $5,000,000 Issued, $5,000,000

Transfer Agent, Fourth Street National Bank, Philadelphia. Registrar, Fidelity Trust Co Philadelphia,

Under the lease to the Indianapolis Traction & Terminal Co. the latter agreed to pay as rental i per cent, on this company's stock on January i, 1903, then 3 per cent, or per cent, semi-annually in January and July for the first year ; 4 per cent, for the second year ; 5 per cenU for the third year, and after July, 1906, 6 per cent, per annum.

Funded Debt

ist mort., 4 per cent., gold, due July, 1933, Jan. and July $6,000,000

Citizens' Street Railway cons, mort., 5 per cent., gold, due May, 1933, May and Nov. . 4,000,000

Total : $10,000,000

The authorized xst mortgage is $6,000,000. Trustee and agent for the payment of interest. Guarantee Safe Deposit Co. , Philadelphia. The outstanding bonds of the Citizens' Street Railway Co.'s consolidated mortgage are the full amount authorized. Trustee, Central Trust Co., New York. Agent for the payment of interest, Fourth Street National Bank, Philadelphia.

President, George Brown, Indianapolis, ist Vice-President, J. A. Lemcke, Indianapolis, ad Vice-President, Joseph S. Neff, Philadelphia. Secretary and Treasurer, Henry Jameson, Indianapolis. Assistant Secretary and Assistant Treasurer, C. E. Morgan, 3d, Philadelphia.

Directors — George Brown, Indianapolis. H. B. Hibben, Indianapotis. Henry Jameson, Indianapolis. J. A. Lemcke, Indianapolis. Marshall S. Morgan, Philadelphia. Jaunes Murdock, Lafayette, Ind. H. S. New, Indianapolis.

Main office, Indianapolis. Annual meeting, second Wednesday in April, at Indianapolis.

Ihdiamapous Tractiok A Terminal Co.

A corporation formed under the laws of Indiana, August 4, 1909, to provide terminal facilities for the interurban electric roads entering or to enter tne city of Indianapolis. The company has a franchise running for thirty-one years, under which it pays to the city 4 cents per car for the first eleven years, 6 cents for the next ten years, and 9 cents for the remaining ten years on interurban cars.

In December, 1902, the company leased the Indianapolis Street Railroad Co. for thirty-one years, the shareholders of the latter company receiving as part consideration for the lease $1,500,000 in stock of this company. See statement of the Indianapolis Street Railroad Co.

The company has 11 miles of road in addition to the 136 miles leased from the Indianapolis Street Railroad Co. making 147 miles operated, and large passenger and freight depots. Stock Par $100 Authorized, $5,000,000 Issued, $5,000,000

Transfer Agent, Pennsylvania Co. for Insurance on Lives and Granting Annuities, Philadelphia. Registrar, Girard Trust Co., Philadelphia.

Funded Debt ist mort., gold, 5 per cent., due Jan. i, 1933, April and Oct $3,750,000

The authorized amount of the ist mortgage is $5,000,000, $2,000,000 being reserv'ed for extensions and improvements. A sinking fund provides for the payment annually of i x-5 per cent, of the bonds outstanding, including those in the sinking fund. Trustee of the mortgage and agent for the payment of interest. Guarantee Trust & Safe Deposit Co., Philadelphia.

In 1904 the surplus after payment of guaranteed dividends on the stock of the Indianapolis Street Railroad Co. was $244,199. In 1905, gross earnings, $2,207,578; net, $1,289,340; charges, $1,073,009; surplus, $216,331.

President, Hugh J. McGowan, Indianapolis, ice- President and General Manager, Robert I. Todd, Indianapolis. Vice-President, E. B. Peck, Indianapolis. Vice-President, J. J. Appel, Indianapolis. Secretary and Treasurer, W. F. Milholland, Anderson Ind.

Directors — J. J. Appel, Indianapolis. Arthur W. Brady, Indianapolis. Hugh J. McGowan, Indianapolis. W. Kesley Schoepf, Cincinnati. H. P. Wasson, Indianapolis.

Corporate and main office, Indianapolis. Annual meeting, second Wednesday in June, at Indianapolis.

Iksersoll-Rahd Co.

A corporation formed under the laws of New Jersey, June i, 1905. The company acquired the entire stocks of the Ingersoll-Sergeant Drill Co. and the Rand Drill Co., companies engaged in the manufacture and sale of mining machinery, air compressors, drills, etc. The Ingersoll- Sergeant Drill Co. had factories at PhilUpsburg, N. J., and Kaston, Pa., and had a beneficial interest in the entire stock of the Lopatcong Water Co. The Rand Drill Co. had a factory at North Tarrytown, N. Y., and owned the entire stock of the Imperial Engine Co., the factory of

Industrial Securitibs 557

which was at Painted Post, N. Y. At the time the Ingersoll-Rand Co. was or{;ani2ed all the stock of the Ingersoll-Senfeant Co. was owned by Ingersoll-Sergeant Drill Co. Limited, an English corporation, and was held as security for the latter's ;35o,ooo of ist mortgage debenture stock. Under the terms of the amalgamation these debentures were retired and Inp;ersoll- Serigeant Drill Co. Limited dissolved and title to the PhilUpsburg and Easton plants acquired by the Ingersoll-Rand Co.

The company also owns $69,300 of the $180,700 of the $350,000 stock of the Canadian Rand Drill Co., which has a plant at Sherbrooire, P. Q. and has acquired the entire stock of the New York Imperial Tool Co. with factories at Easton, Pa, and Athens, Pa,

The preferred stock is 6 per cent., cumulative. Stock is transferred at the office of the company, New York. Registrar, National City Bank, New York.

Both the common and preferred stock may be voted cumulatively for elections of directors.

The first dividend on the preferred stock was 3 per cent, half yearly, paid January x, 1906, and 3 per cent, half yearly was also paid July i, 1906, and January i, 1907.

Funded Debt ist root. 5 per cent, gold, due Dec. 31, 1935, Jan. and July $2,000,000

The authorized amount of the ist mortgage is $3,000,000, the unissued balance being reserved only for the acquisition of additional properties or buildings and machinery at the rate of 50 per cent, of the cost thereof. The mortgage is a ist lien upon the Phillipsburg and Easton plants and all other property of the company owned or hereafter acquired. Trustee of mortgage. New York Trust Co. and Joseph P. Grace. All-or part of the bonds arc subject to redemption at 105, and accrued interest, on any day after Dec. 31, 1910, on which an instalment of interest thereon shall mature. Coupon bonds may be registered as to principal or exchanged for registered bonds at the company's New York office. Roistered bonds are in denominations of $100 and $500 and in amounts of $1000 each may be reconverted into coupon bonds.

Earnings Special

Net Charges Pref. Div. Revenue Sutplu

The total surplus December 31, 1906, was $461,752.

President, William L. Saunders, New York, ist Vice-President, George Doubleday, New York. 2d Vice-President, Jasper R. Rand, New York. 3d Vice-President. Joseph P. Grace, New York. 4th Vice-President, George R. Elder, Easton, Pa. 5th Vice-President, J. S. Phipps, New York. Secretary, Fred. A. Brainerd, New York. Treasurer, William R. Grace, New York.

Directors — Fred A. Brainerd, New York. George Doubleday, New York. George R. Elder. Easton, Pa. Joseph P. Grace, New York. William R. Grace, New York. J. S. Phipps, New York. Jasper R. Rand, New York. William L. Saunders, New York.

Corporate office, 15 Exchange place, Jersey City. New York office, 11 Broadway. Annual meeting, last Tuesday in April at Jersey City.

IKTERBOROUeH-METROPOLITAM CO.

A corporation formed under the laws of New York, January 24, 1906. The company was formed in pursuance of the plan for a combination of the subway, elevated and surface traction interests in New York City represented by the Interborough Rapid Transit Co., including its leased property, the Manhattan Railway Co. and the Metropolitan Securities Co., the Metropolitan Street Railway Co. and the New York City Railway Co. See separate statements of tnose companies. For terms of merger and the exchange of the above companies* stocks for the securities of this company, see below. The plan became effective in March, 1906. The system controlled by this company comprised on December 31, 1907, the following :

Miles

Surface Lines controlled by Interborough Rapid Transit 154*03

New York City Railway and subsidary companies 519*46

Total 864.02

At the end of 1907, this company had acquired the following amounts of the constituent companies' stocks:

Tutal AiiiwuDC

Amount Acquired

Interborough Rapid Transit Co. $j5,ooo,ooo %33*9iSOo

Metropolitan Street Railway Co 53,000,000 43,740,000

Metropolitan Securities Co 30,000,000

J pfd., 55,000,000 S j 45,740,000 )

The preferred stock is 5 per cent, cumulative, and has a preference as to assets. Dividends are payable quarterly on January (i), April, July and October The preferred cannot be increased without the consent of two thirds in amount of its hoklers, and no stock having prior rights can be created. The preferred has no voting power except in the event of a default in the payment of dividends and as long as such default shall continue.

All the common stock was deposited in a voting trust for a term of years, subject to dissolution at the discretion of the trustees. Voting Trustees, August Belmont, Walter G. Oakman, Thomas F. Ryan, Cornelius Vanderbilt and Peter A. B. Widener.

On Jul 3, 1906, the first quarterly dividend of i ji per cent, was made on the preferred stock, and hke payments were made in October, 1906, and in January, April and July, 1907, after which dividends ceased.

Funded Debt Collateral trust 50 year gold bonds, per cent., due April, 1956, Apr. and Oct. . . $67,835,000

Collateral 3-year notes, 5 per cent., due July, 1910, January and July 3,445,000

Extended 6 per cent, notes, due May, 1908 3,100,000

Total $73,370,000

The per cent, collateral trust bonds are to be secured by the deposit with the Windsor Trust Co., New York, trustee of all the stock of the Interborough Rapki Transit Co. acquired by this company under the plan given below,*there being $xoo par value of stock against each $200 par value of the bonds. Coupon and registered bonds are interchangeable. Interest is paid at the Windsor Trust Co., New York.

The 5 per cent., collateral notes were authorised in May, 1907, for $15,000,000, to be secured by stocks of companies in the Metropolitan Street Railway system. The object of the issue was to retire the short term 6 per cent, notes and provide for extensions and improvements.

On January 36, 1906, a committee coniposed of Edward J. Berwind, Chairman, John D. Crimmins, Andrew Freedman, Thomas P. Fowler, Gardiner M. Lane and Cornelius Vanderbilt, called for deposit with the Morton Trust Co., New York, on or before March x, 1006, of the stocks of the Interborough Rapid Transit Co. (voting trust certificates), the Metropoutan Street Railway Co. and the Metropolitan Securities Co. to be exchanged for the securities of this company on the following terms :

I. The Interborough Rapid Transit Co.'s stock (voting trust certificates), $35,000,000 in amount to receive per each $100 share $30o in new collateral trust per cent, bonds and $99 in new common stock (voting trust certificates).

3. The Metropolitan Street Railway Co.*s stock, $53,000,000 in amount, to receive for each $100 share $100 in new preferred stock and $55 in new common stock (voting trust certificates).

3. The Metropolitan Securities Co.*s stock, $30,000,000 par value in amount, 75 per cent, paid in, to receive for each $zoo share $93.50 in new common stock (voting trust certificates).

The committee*s circular states that August Belmont St Co., New York, had amedto subscribe and pay for in cash $3,000,000 of the new preferred stock and that the same firm was also to receive $8,700,000 of new common stock on payment by it of $3,350,000 cash, the firm also undertaking to pisiy all expenses connected with the execution of the plan and the issue of the new securities.

The distribution of the company's securities under the plan, assuming that all the old stocks are exchanged, is as follows :

New New com. New pfd. 4$ p.c. bonds

For Interborough Rapid Transit stock $34,650,000 $70,000,000

For Metropolitan Street Railway stock 38,600,000 $53,000,000

For Metropolitan Securities stock 38,050,000

Totals $100,000,000 $55,000,000 $70,000,000

Earnings

Expenses Gross Receipts and Taxes Charges Pref. Div. Surplus

1907 $4.753i56o $35.944 $3,053,135 $i,i43t500 $241,999

The receipts for 1907, included $3*053, 153 from the 9 per cent, dividends on the company's holdings of Interborough Rapid Transit Co.'s stock and $1,495,900 from those of the Metropolitan Street Railway stock.

Industrial. Securities 559

President, Theodore P. Shonts, New Yofk. ist VIce-Prerident, John B. McDonald, New York, ad Vice-President, Charles A. Conant, New York. 3d Vice-President, E. Mora Davison, New York. Secretary, Horace M. Fisher, New York. Treasurer, J. K. Corbierc, New York. Assistant Treasurer, J. I. Burke, New York.

Directors— Joseph S. Auerbach, New York. August Belmont, New York. August Belmont, Jr., New York. Edward J. Berwind, New York. Paul D. Cravath, New York. John D. Crimmins, New York. E. Mora Davison, New York. Thomas P. Fowler, New York. Andrew Freedman, New York. Solomon Guggenheim, New York. James Jourdan, Brooklyn, N. Y. Gardiner 11. Lane, Boston. John B. McDonald, New York. DeLancy NicoU, New York. Walter G. Oakman, New York. Morton F. Plant, New York. Thomas F. Ryan, Oak Ridge, Va. Robert A. C. Smith, New York. Cornelius VanderbUt, New York. George W. Wickersham, New York. Peter A. B. Widener, Philadelphia. George W. Young, New York.

Main office, 33 Nassau street, New York. Annual meeting, third Tuesday in January, at New York.

Ikterborough Rapid Tramsit Co.

(Controlled by Interborough-Metropolitan Co.)

A corporation formed under the laws of New York, May 6, 2900. The company was organised to operate the Rapid Transit Subway in New York City. It acquired all the stock of the Rapkl Transit Subway Construction Co. The latter company was a New York corporation, formed in February, 1900. A full sutement regarding it was given Ui the Manual for 190a. The Rapid Transit Subwav Construction Co. took an assignment of the contract awarded by the Rapid Transit Commission and the Municipality of few York in 1900 to John B. McDonald for the construction and operation of a subway in that city.

The subway is a four-track line of road, operated by electricity, extending from the City Hall via Park avenue and 4ad street and Broadway to xo3d street, with two-track extensions, partly viaduct, to Kingsbridge and to Bronx Park. A further extension was also contracted for from the Citv Hall southward to the Battery and thence by tunnel under the East River to the Borough Hall Brooklvn and to a connection with the Long Island Raibroad at Atlantic avenue, miles. The section of the road from City Hall, to as far as X45th street on the west side, was opened October ay, 1004, the line to Kingsbridge being nearly completed in February, 1906, and the east side extension, as far as Z45th street, on November 33, 1904, and in July, 1905, to West Farms. The part of the southern extension, from City Hall to the Battery, was also opened in July, 1905. The tunnel to Borough Hall, Brooklyn was completed and opened for traffic in January, 1908. Total of the subway lines operated, 73.88 miles.

The company, in 1904, acquired control of the New York Hi Queens County Railway Co., owning all its capital stock, this system including miles of electric surface lines in Long Island City. It is also joint owner with the Long Island Railroad Co. of the New York & Long Island Traction Co., 30 miles, and the Long Island Electric Co. See separate statemenU of the New York & Queens County Railway, and New York & Long Island Traction Co's. The surface lines controlled aggregate, 154.03 miles of track. The New York & Long Island Railroad Co., which is building a tunnel from 4ad street and 4th avenue, Manhattan, to Long Island City, is controlled. This woric was nearly completed in February, T908, when it was stated that negotiations for its sale to the City of New York were in progress.

In January, 1903, this company leased the Manhattan (elevated) Railway Co. See below.

The arrangement with the Cfitv, under the contract entered into in Januarr, 1900, which contract was assigned to the Rapid Transit Subway Construction Co., included provisions that the Citv should issue bonds to the amount of $35,000,000 to pay for the construction of the tunnel, and that the contractor should give a bond of $5,000,000 tor the construction and equipment of the road and a continuing bond of $1,000,000, four and a half years being allowed for the completion of the work. Under the terms of the agreement the contractor is to have a lease of the road for fifty years, with the right to renew the same for twenty-five years additional. The rental provided for is the amount of interest paid by the City on iu bonds, issued for the purpose, including interest during construction, and in addition i per cent, per annum on such cost ot construction, there being provisions in regard to an increase of the rental when the gross earnings of the property exceed $5,000,000 per annum. In case of a renewal for twenty-nve years, the rental shall be not less than the average amount paid by the company for the last ten years of the original lease.

The company is to provide and pay for the electrical equipment, rolling stock and other accessories of the road, the estimated cost of which was about $ao,ooo,ooo.

The arrangement in connection with the construction of the line between the City Hall, Manhattan, and Atlantic avenue, Brooklyn, was that the company shall build the same for $3,000,000, supplied by the City, but this part of the work will cost considerably more than thaitsum.

The bonds created by the City in connection with the construction of the subway are both 3 per cent, and per cent., and issued as the work progressed, payments by the City to the con-

56o THE MANUAL OF STATISTICS

tractor being: made insialmeuiii a& ihe work proresises. In October, 1907, $48,394,050 of City bonds had been issued.

In December, 1902, the company made a lease of the property of the Manhattan Railway Co. for 999 years, from April i, 1903. The rental under the lease is 6 per cent, per annum on the stock of the Manhattan Railway Co. from the date of the lease to January i, 1906, and I per cent, additional if earned. After January x, 1906, the rental will be 7 per cent, per annum on the stock of the leased company. See the separate statement of the Manhattan Iway Co. in this edition of the Manual. Stock Par $100 Authorised, $35,000,000 Issued, $35,000,000

At the end of 1907, the Interborough-Metropolitan Co. held $33,912,500 of this company's stock. See statement of the company in question above.

Transfer Agent, August Belmont & Co., New York. Registrar, Guanmty Trust Co., New York.

Of the stock authorised and outstanding, $13,600,000 was originally full paid. The balance was paid in instalments, the last of which was due June i, 193. All the stock is now full paid. See below for the terms under which the company's stock was increased.

All the stock of the company is held in a voting trust, the trustees being E. Mora Davison, B. Hamburger and Charles B. Ludlow.

The ist dividend paid on the stock was 2 per cent, July i, 1904. On January s, 1905, 3 per cent, was paid. These dividends, it was understood, represented surplus profits derived from the lease of the Manhattan Railway Co. In January, 1905, it was announced that dividends would , henceforth be paid quarterly, and the dividend paid April 4, 1905, was per cent, quarterly. The July, 1905, dividend was, however, a per cent., which was also the rate paid in October, 1905, and January and April, 1906. The July, 1906, and subsequent quarterly dividends have been per cent each.

The Rapid Transit Subway Construction Co. had $6,000,000 of stock, aU conamon shares. On this, in May, 1903, 60 per cent, had been in in cash. It was then determined to form another company to complete and operate the subway, and the Interborough Rapid Transit Co. was organized to carry out the plan with an authorized capital of $35,000,000.

When the present company was formed the $6,000,000 of stock of the Rapid Transit Subway Construction Co. was exchanged for 160 per cent, of its face, or $9,600,000 m full-paid stock of the Interborough Rapid Transit Co. The stockholders of the Rapid Transit Subway Construction Co. were also given the right to subscribe for 150 per cent, of their original holding in Interborough Rapid Transit stock at par, being $9,000,000 of the latter, subscriptions being payable in instalments. .

In August, 1903, the authorized stock of the Interborough Rapid Transit Co. was increased from $25,030,000 to $35,000,000 in order to provide for the construction of the subway extension from the City Hall, Manhattan, to Atlantic avenue, Brooklyn. The additional stock, as well as the amount of the original authorized stock ($6,400,000), which remained unissued when the company was formed, were also, it is understood, subscribed for by the stockholders.

Funded Debt

Gold notes, 4 per cent., due May, 1908, May and Nov $15,000,000

Three year notes, 5 per cent., due March, 1910, March and Sept 10,000,000

Total $35,000,000

The gold notes, created in 1905, are $15,000,000 authorized, and are redeemable at par. Interest is payable at the office of August Belmont & Co.. New York.

The three-year 5 per cent, notes were sold in Februarv, 1907, to provide for floating debt and for the completion of the company's subway to Brooklyn. They are subject to call at loi and interest on and after March i, 1909. on thirty days' notice.

Earnings Year ending June 30.

Gros' Net and*T£ Dividends Surplus

1903-04 '.$14,187,685 $8,683,138 $6,757,4ia (a) $700,000 $1,235,736

'906-07 33,363,803 13.586,303 9.869.859 566,443

The earnings for 1903-04 include those of the Manhattan division onlv. In 1904-05 they include the operations of the subway division for eight months and five days. Miscelliuaeous income included in that was $341,504 in 1903-04, 91,040 in I90y-o5 and $715,503 in 1905- 06. Charges in 1904-1905 and 190506 include $3,864,000 in each year for Manhattan guarantee dividends, this item in 1906-07 being $4,116,000.

INDUSTRIAL SfiCURlTlfiS Si

See statement of the Manhattan Railway Co. for the earnings of that property under the lease.

Chairman, August Belmont, New York. President, E. P. Bryan, New York. Vice-President, Walter G. Oakman, New York. Secretary, Horace M. Fisher, New York. Treasurer, Daniel W. McWilliams, New York.

Directors— August Belmont, New York. E. P. Bryan, Bound Brook, N. J. Andrew Freedman, New York. James Jourdan, Brooklyn, N. Y. Gardiner M. Lane, Boston. John B. McDonald, New York. Walter G. Oakman, New York. John Peirce, New York. Morton F. Plant, New York. William A. Read, New York; Alfred Skitt, New York. Cornelius Vanderbilt, New York. George W. Young, New York.

Main office, 91 Park row, New York. Annual meeting, second Monday in May, at New York.

Ikter-Colokiml Coal Hikikg Co., Limited

A corporation formed under the laws of the Dominion of Canada. It owns the Drummond Colliery at Westville, Nova Scotia, the property consisting of square miles of coal lands, with four workable seams of bituminous coal, only two of which have been worked. The company operates 36 coke ovens, and has a shipping wharf at Pictou, N. S., connected with a railway line owned and operated by the company.

Dividends of 7 per cent, on the preferred stock and 6 per cent, on the common stock were paid in 1903. In 193, 1904, 1905 and 1906, 7 per cent, was paid on both classes of stock, the dividends being semi-annual. In 1907, the dividend on the common was increased to 8 per cent.

Funded Debt ist mort., 5 per cent., due 1918, April and Oct $343,500

The authorized amount of the ist mortgage is $350,000, and a sinking fund of $3,000 a year is provided.

President, James P. Cleghorn. Vice-President and Managing Director, D. Forbes Angus. Secretary-Treasurer, C. A. Dowd.

Directors— D. Forbes Angus. M. W. Blackwell. James P. Cleghorn. E. Goff Penny. A. W. Hooper. Robert MacD. Paterson. William M. Ramsay.

Main office, 95 St. James street, Montreal. Annual meeting, first Wednesday in March, at Montreal.

Imtermatiomal Achesom Graphite Co.

A corporation formed under the laws of New Jersey, May x8, 1900, for the purpose of manufacturing graphite from anthracite coal in the electric furnace. The electric methods employed are covered by patents granted to £. G. Acheson. The company acquired the plant and property of the Acheson Graphite Co. of Niagara Falls, N. Y. The company controls the foreign patents for the process. Stock Par $100 Authorized, $500,000 Issued, $500,000

Transfer Agent and Registrar, Corporation Trust Co. of Jersey City.

Funded Debt xst mort., 5 per cent. due Jan., 1933, Jan. and July $100,000

The authorized amount of the ist mortgage is $135,000. Trustee and agent for the payment of interest, Tru Company of America, New York.

President, E. G. Acheson, Niagara Falls, Ont. Vice-President, W. A. Smith, Niagara Falls, N. Y. Secretary, H. B. Bodine, Niagara Falls, N. Y. Treasurer, F. N. Coe, Niagara Falls, N. Y.

Directors— E. G. Acheson, Niagara Falls, Ont. H. B. Bodine, Niagara Falls, N. Y. F. N. Coe, Niagara Falls, N. Y. C. R. Huntley, Buffalo. K. K. McLaren, Jersey City. A. W. MeUon, Pitteburg. W. A. , Niagara Falls, N. Y.

Corporate office, 15 Exchange Place, Jersey City. Main office, Niagara Falls, N. Y. Annual meeting, fourth Tuesday in January, at Jersey City.

Imtermatiomal Ruttom-Hole Sewim6 Kachime Co.

A corporation formed under the laws of Maine in 1883. The company controls the Reece button-hole and finishing machine patents in foreign countries. See statement of Reece Button- Hole Machhie Co.

The Manual Op Statistics

Stock Par$io Authoriaed, $500,000 Issued, $5c,ooo

Dividends are semi-annual, January (15) and July, having been a per cent, per annum for the

rIS '5f inclusive. In 1906, paid 3 per cent., being i per cent, each January, July and

October. In 1907, paid 4 per cent,, being i per cent, each in January, wil, July and October.

In Januarv, 1908, also paid i per cent.

Preaoent and General Maiager, Francis A. Shea, Boston. Secretary and Treasuier, Frank

L. Cady, Boston. , / ,

Directors-Frank L. Cady, Boston. George C. Hill, Boston. Theophilus Kins, Boston.

Crawford Ranney, St Johnabury, Vl Francis A. Shea, Boston. Main office, 50a Harrison avenue, Boston.

IKTERKATIOKAL ELEIf AT/KG CO.

A corporation formed under the laws of New Jersey, May 6, 1801. The business of the company is the handling of grain by means of floating elevators, of which it operates some twentyfive in'knd about New York harbor.

The company was originally the International Grain Elevating Co., and in 1894 it acquired and consolidated with the Atlantic Elevating Co.

Stock Par $100 Authorised, $a,9oo,ooo Issued, $a,aoo,ooo

The stock, which was $1,100,000, was doubled in 1894 to acquire the Atlantic Elevating Co.

President, Edward G. Buiigess, New York. Secretary, Charles E. Burgess, New York.

Directors— Charles E. Burgess. Edward G. Burgess. Stephen W. Carey. Yale Kneeland. Thomas A. Mclntyre. Ormsby M. MitcheU. William A. Nash. Ernst Pfarrius. Adam D. Pults.

Corporate office, Jmey City. Main office, Produce Exchange, New York.

Ikterkatiokal Har¥Ester Co.

A corporation formed under the laws of New Jersey, August la, 190a. The company purchased the following agricultural machinery manufacturing plants :

McCormick Harvesting Machine Co. Deering Harvester Co.

Piano Manufacturing Co. The mider, BuahneU & Glessner Co.

Milwaukee Harvester Co

The company has Umber land, coal, ore, blast furnaces and steel properties. In December, i9C4i acquired D. M. Osborne & Co's. works, at Auburn, N. Y., and m December, 1905, acquired The Aultman and Miller Buckeye Works, Akron, O., the Keystone Works, SterUng, IIL, and the Minnie Harvester Works, St, Paul.

The stock was originally $iao,ooo,ooo all common. In January, 1906, a proposition was submitted for dividing the stock into $60,000,000 of common and $60,000,000 cent, cumulative preferred stock, the latter to carry dividends from February 15, 1907. The arrangement in carrying this out was that for each a shares of the old stock, bokiers wouM receive i share of new preferred and i share of new common.

The articles of incorporation originally provided that if an increase of stock shall be voted such increase shall be common stock, while the original stock will become 6 per cent, cumulative preferred. The stock is held in a voting trust, the trustees of which are George W. Perkms, Charles Deering and Cyrus H. McCormick.

The first dividend on the stock of the company was 3 per cent, paid November 10, 1903. A second dividend of 4 per cent, was paid November 10, 104, and 4 per cent, was abo paid November 10, 1905, and November xa, 1906. No dividends m i.

The net earnings of the company, deducting amounts set aside for depreciation, are stated to have been as follows : m 1903, $5,641,181 ; in 1904, $5,709,713 ; in 1905, $7,501,585 ; in 1906, (partly estimated) $8,633,446.

President, Cyrus H. McCormick. Chauman, Charles Deerine. Vice-President, James Deering. Vice-President, Harold F. McCormick. Vice-President, William H. Jones. Vice- President, John J. Glessner. Secretary and Treasurer, Richard F. Howe. Chairman Finance Committee, George W. Perkins. Chainnan Executive Committee, John J. Glessner. General Manager, C. S. Iink. Comptroller, Stanley McCormick.

Directors— George F. Baker. Cyrus Bently. Paul D. Cravath. Charles Deering. James Deering. William Deering. E. H. Gary. John J. Glessner. Richard F. Howe. William

Industrial Securities 563

H. Jones. Cyrus H. McConnick. Harold F. McCormick. Stanley McConnick. George W. Perkins. Norman B. Ream. Charles Steele. Leslie D. Ward. John P. Wilson.

Corporate office, 61 Newark street, Hoboken, N. J. General office, Michigan avenue and Harrison street, Chicago. New York office, 11 Broadway. Annual meeting, thud Thursday in ApriL

Ihterhatiohal Kercmktile Hmrike Co.

A corporation formed under the laws of New Jersey, June 6, 1893, under the title of the International Navigation Co., the name having been changed to the present style in 1902. The International Navigation Co. owned and operated the American and the Red SUr lines of steamships. See statement of the company given in the Manual for xooa. This change of name, together with an accompanying increase in the capitalization of the company, was in pursuance of a plan to unite the ownership of a number or the principal companies carrying on a transatlantic steaitiship service. The plan was financed by a syndicate of American and British capitalists headed by J. P. Moiigan 8l Co., New York.

The properties acquired included : i. All the shares, being 750 in number of £1,000 each of the Oceanic Steam Navigation Co., Limited, together with new vessels building for that company and all rights in the White Star Line, name, etc.; also the business of Ismay, Imrie & Co., agents of the line, excluding certain properties and rights reserved.

9. All the shares of the Dominion Line (the British & North Atlantic Steam Navigation Co., Limited, and the Mississippi & Dominion Steamship Co., Limited), including all new vessels building, name and good-will ; also the business, etc., of Richards, Mills & Co., agents of the line, except certain properties and rights specified.

3. The capital stock, properties and assets of the International Navigation Co. (American and Red Star lines), including new vessels building.

4. The capital stock and property of the Atlantic Transport Co., Limited, and Atlantic Transport Co. of West Va. , including new vessels building.

5. z 18,463 ordinary shares and 58,703 preference shares of Frederick Leyland & Co., Limited, vis., ji, 184,630, out of a total of iao,ooo shares of the common stock, also £ slj, oyy of the ;i, 414,350 preferred stock, but none of the 4 per cent, debentures.

TheWhite Star Line and the Dominion Line were to be taken over as of January i, 190Z, with interest on the purchase prices at 5 per cent, to the date of payment.

The tonnage of all the lines acquued aggregates about 1,000,000 tons. 7*he constituent properties were taken over on December i, 1902.

A feature of the agreements entered into for the acquisition of the White Star Line properties was that all orders for new vessels and for heavy repairs, requiring to be done at a shipyard of the United Kingdom, were to be given to Harland & Worn, of Belfast, Ireland, but that this should not prevent placing orders for new steamers and repairs at shipyards in the United States. In return, Harland & Wolff agreed not to build ships for any persons not in the combination, except the Hamburg-American Co., so long as orders from the combination keep their works employed. Harland & Wolff are to be paid the cost of the work plus 5 per cent, on new ships, 10 per cent, on new machinery in old vessels, and 15 per cent, on repairs. This agreement runs for ten years and is terminable thereafter only on five years' notice from either party.

The company entered into a contract with the British Government, for ao years, renewable on five years' notice by either party, according to the terms of which the British vessels belonging to compMmies acquired by this company, shall remain British. A majority of the directors of the English subsidiary companies shall be of British nationality, the vessels shall fly the British flag, their officers are to be British, and a reasonable proportion of their crews are to be drawn from the same nation.

At the beginning of 1906 the company's fleet comprised 126 steamships in service, with tugs, barges and other floating equipment. Its steamers represented a gross tonnage of 997,145 tons. There were also 3 steamships building with 66,124 tons capacity.

The preferred stock is 6 per cent., cumulative. It is provided that dividends upon the

common stock of the company shall be limited to 10 per cent, per annum as long as any of the

collateral trust debenture per cent, bonds described below remain ouutanding.

Transfer Agente, Hudson Trust Co., Hoboken, N. J. J. P. Morgan & Co., New York. All but a small amount of the stocks are held in a voting trust, which was renewed in 1907,

until October i, lois, unless it is terminated sooner by the trustees, the latter comprising J.

Pierpont Morgan, Charles Steele, J. Bruce Ismay, Peter A. B. Widener and Lord Pirrie.

Funded Debt Mortgage and collateral trust bonds, per cent., due Oct., 1923, April and Oct. . . . $52,744,000 Old ist mort. Int. Nav. Co., 5 per cent., due Feb., 1929, Feb. and Aug 19,244,000

Total $71,988,000

Funded Debt — Constituent Companies Leyland Line debentures, 4 per cent., June and Dec £2100

The per cent, bonds were created and issued in igoa in connection with the plan for the formation of this company. Interest on the debentures is paid at the office of the company. The company has the right to redeem the bonds at any time after five years at 105. The bonds were sold to the syndicate, which financed the org:animation.

The xst mortgage 5 per cent, bonds of the International Navigation Co. were created in 1899. The authorized amount of the bonds is $ao,ooo,ooo. Interest on the bonds is paid at the company's office. These bonds are subject to call at par after 1909, and a sinking fund of $350,000, rising to $500,000 per annum to retire them, begins May x, 1905., and after February x, X909, are drawn by lot at par,

The agreements in relation to the formation of the company and the terms on which the various properties were acquired were given in detail in the Manual for X903.

Earnings

Surplus

Gross Net Charges Int. Fund NetSujplu*

X903 $3037.419 $4,000,521 $3,645,226 $1,442,502 $1,797,797

1904 28,846,992 1,806,406 3845i556 897.05a Def-. '. 143,097

Chairman, Clement A. Griscom, Philadelphia. President, J. Bruce Ismay, Livexpool. Vice-President and Chairman British Committee, £. C. Grenfell, London, Eng. Vice- President, H. A. Sanderson, Liverpool. Vice-President, Philip A. S. Franklin, New York. Vice-President, John Lee, New York. Secretary, Emerson E. Parvin, New York. Treasurer, James F. Fahnestock, Jr., New York.

Directors— John F. Archbold, New York. Edward J. Berwind, New York. Percy Chubb, New York. E. C. Grenfell, London. Clement A. Griscom, Philadelphia. J. Brace Ismay, Liverpool. J. P. Morgan Jr., New York. George W. Perkins, New York. Lord Pirrie, London. H. A. Sanderson, Liverpool. Charles Steele, New York. Charles F. Tortey, London. John I. Waterbury, New York. Peter A. B. Widener, Philadelphia.

British Committee — Chairman, £. C. Grenfell, London. J. Bruce Ismay, LiverpooL Lord Pirrie, London. H. A. Sanderson, Liverpool.

Main office, 9 Broadway, New York. Annual meeting, first Monday in June, at Hoboken, N.J.

mTERMATIQHAL NICKEL CO.

A corporation formed under the laws of New Jersey, March 29, The company acquired control of the following corporations engaged in the mining, production or smelting of nickel: Orford Copper Co., Bayonne, N. J. Vermillion Mining Co.

Canadian Copper Co., Copper Cliff, Ont. Anglo-American Iron Co.

Nickel Corporation, Limited, London, Eng. Societe Miniere Caledonienne, New Caledonia.

The constituent companies represent a large majority of the world's nickel production. This company holds all but $55,643 of their stocks.

The preferred stock is 6 per cent., non-cumulative. Transfer Agent, Bankera* Trust Co., New York. Registrar, New York Trust Co., New York.

The first dividend on the preferred was 1) per cent., paid February x, X906, and similar quarterly dividends have since been paid in Febraary, May, August and November.

Funded Debt xst mort., gold, 5 per cent., due April, 1952, April and Oct

The xst mortgage is for $ia,ooo,ooo. Bonds are subject to call at ixo. Trustee of the mortgage and agent for the payment of interest. New York Trust Co., New York.

Earnings Year ending March 31

Gross Net Charges Surplus

I9ot>-o7 2,853,649 2,440.924 651,425 1,789*499

Industrial Sbcuritibs 55

The gross earning:s are the revenues of the constituent companies, exclusive of the Nickel Corporation, Limited, and the Societe Miniere Caledonienne. In 190JKH, the net is given after a deduction of $137,116 for depreciation. In 1905-06, the charge for depreciation was $147,000 and in the same year, the 3 per cent, dividend on the preferred stock was $267,361, making the net surplus, $1,093,273. In X006-07, $248,539 is deducted for depreciation, and charges indude $161,250 for sinking fund, the preferred dividends being $534i73c> and the balance surplus $1,254,768.

Chairman, Robert M. Thompson, New York. President, Ambrose Monell, New York. 1st Vice-President, E. F. Wood, New York. 2d Vice-President J. R. De Lamar, New York. SecretaiY, Stephen H. P. Pell, New York. Treasurer, James L. Ashley, New York. Auditor, James w. Beard, New York.

Directors— Charles Cassils, Montreal Edmund C. Converse, New York. Duncan Coulson, Toronto. WiUiam Nelson Cromwell, New York. J. R. De Lamar, New York. William T. Graham, Greenwich, Conn. Millard Hunsiker, London, Eng. Ambrose Monell, New York. Stephen H. P. Pell, New York. Robert M. Thompson, New York. Joseph Wharton, Philadelphia. E. F. Wood, New York.

Corporate office, Bayonne, N. J. Main office, 43 Exchange Place, New York. Annual meeting, third Tuesday in May, at Bayonne.

Ihteriiatioiial Paper Co.

A corporation formed under the laws of New York, Januarv 31, 1898. It owns paper manufacturing plants in New York and the New England States, a detailed list of which is giveil in the Manual for 1903.

The company and its subsidiary companies hold fee simple title to about 1,000,000 acres of spruce woodlands in New York, New England, Michigan ana Canada, and timber rights on over 3,000,000 acres in Canada. In 1901 , the American Realty Co. was omnized in the interest of this company to hold a portion of the company's woodlands in Maine. The plants have a developed water power of 170,000 horse-power, producing about 1,700 tons of news, wrapping and miscellaneous paper per day. The company controls the Continental Paper Bag Co. of Rumford Falls, Me.

The preferred stock is 6 per cent., cumulative. The preferred may be increased to retire the company's bonds. Stock is transferred at the office of the company, New York. Registrar, Metropolitan Trust Co., New York.

The first regular quarterly dividend of iK Pr cent, on the preferred stock was paid July ii, 1898, and such Quarterly dividends have since been paid regularly in January, April, July and October, the date of payment being now the 15 of the respective months. The first dividend of I per cent, on the common stock was paid December 31, 1898, and two other quarterly dividends of i per cent, each were paid on the common in March and July, 1899, respectively The October, 1899, dividend on the common was, however, passed, the management stating that the increased business of the company necessitated a larger working capital, and since then no dividends have been paid on the common stock.

Funded Debt

ist cons, mort., convertible, 6 per cent., bonds, due Feb., 1918, Feb. and Aug $9t795iOoo

Consolidated mort., convertible, 5 per cent., due Jan., 1935, Jan. and July 5,860,000

Divisional bonds, various 3,525,500

Total $18,180,500

The 1st consolidated 6 per cent, mortgage is for $10,000,000. Bonds are convertible into preferred stock. Of the issue $1,301,000 was reserved to retire prior liens outstanding on various properties of the company, which since its formation has retired $1,096,000 of such Hens, releasing an equal amount of its own bonds originally reserved for that purpose. The bonds are a first lien on the plants, water powers and woodlands of the company. Trustee of bonds. United States Trust Co., New York. Registrar of bonds and agent for the payment of interest, Metropolitan Trust Co., New York.

The consolidated 5 per cent, mortgage, Colonial Trust Co., New York, trustee, was created in 1905, and is for $10,000,000. The bonds are convertible into preferred stock at par on any interest day, beginning July 1, 1907, and before 1917. There is a fund of 2 per cent, of all bonds issued, and after 1909 they can be called at 105 and interest on any interest date. Of the bonds outstanding $5,000,000 were offered to the stockholders at 90, the issue being underwritten by a syndicate. The purpose of the sale was to provide additional working capital and for improvements.

The Manual Op Statistics

Earnings Year ending: June jp

Net Chaives A Taxes DiTideocb Surplu

i89-. ?i5i0.s68 $a,845,Q35 $596,595 $i,786.ao6 $460,334

i90i-<M 19,7x9,490 3,901,195 i,op3,740 1,344,40a S53.0S3

On June 30, 1907, the company had a surplus account of $6,865,500.

Chdrman, Hueh J. Chisholm New York. President and Treasurer, Alonso N. Burbank New York. Vice-President, Tom T. Waller, New York. Secretary, Ehner W. Hyde, New York. General Mana£:er, Georee F. Underwood, New York.

Directors— Alonso N. Burbank, New York. Hugh J. Chisholm, New York. T. S. Coolidge, Glens Falls, N. Y. Warren Curtis, New York. Philip J. Dodge, New Yoric. Anson R. Flower, New York. Frederick S. Flower, New York. Frederic B. Jennings, New York. Darius O. Mills, New York. Ogden Mills, New York. George F. Underwood, New YoriL W. A. Whitoomb, New York. A. Wilder, Boston.

Offices, Corinth, N. Y., and 30 Broad street. New York. Annual meeting, fourth Wednesday in October, at Corinth.

IMTERKiTIOKAL POWER CO.

A corporation formed under the laws of New Jersey, January 14, 1899. The original title was The International Air Power Co., which style was changed in March, 1899. The company acquired the patents for the use of compressed air power under the Hoadlc-Knight system, except the street car riehts in both North and South America. It acquired the Rhode Island Locomotive Works, of Providence, R. I., but in 1903 transferred that property to the American Locomotive Co., in which corporation this company is a large stockholder. In February, 1899, the company acquired the Corliss Steam Engine Works, of Providence, R. I., and the American Wheelock Engine Co., Worcester, Mass. In 1903, this company organized the American & British Manufacturing Co., which it controls. The last named coinpany took over the Corliss Steam Eneine Works and the American Ordnance Co., Bridgeport, Conn. It controls the manufacture of Diesel engines, and is a large stockholder in the American Diesel Engine Co. In 1904, acquired control of the Consolidate! Condenser Co. In February, 1905, acquired control of the Alabama Consolidated Coal & Iron Co. and other properties in the Southern iron and coal regions. In October, 1905, it took over the Amoskeag Fire Engine Co., Manchester, N. H. It also controls the American Oil Engine ft Shipbuilding Co., Worcester, Mass., and the Trinity Zinc, Lead ft Smelting Co., which has a mine and mill at Carthage, Mo.

Stock Par $100.

.AuthorUed|~t'"'C°

The preferred stock is 6 per cent., cumulative. Transfer Agent, Metropolitan Trust Co., New York. Registrar, Guaranty Trust Co., New York.

On March 15, 1900, a dividend of 6 per cent, was paid on the preferred stock, and on May 15, 1901, an annual dividend of 6 per cent was again paid, with iK Pr cent, for the first quarter of 1901. In May, 1903, 6 per cent, was again paid, with 33 per cent, for the first quarter of 1909. In 1904, the dividends on the preferred were as follows : In October, 3 per cent.; m Decembo-. 3 per cent. In 1905, the payments were 16 percent., which liquidated the accumulated dividends on the preferred. In January, 1906, i per cent, was paid on the preferred, since which there have bMn no further dividends on the preferred stock. In May, 103, an initial dividend of 3 per cent, was paid on the common stock of the company. No dividends .were then paid on the common stock until October, 1905, when x per cent, was paid ; and t per cent, was also paid on January i, 1906, since which there have been no further payments.

In the year 1901 the company reported gross earnings of $513,760 and net $303,796; charges and preferred dividend, $83,328 ; balance surplus, $309,468. Being purely a holding company, the earnings are not reported.

President, Joseph H. Hoadley, New York. Vice-President and Treasurer, George W. Hoadley. Providence, R. I. Secretary, Alfred H. Hoadley, Provkienoe. Assistant Sectary and Assistant Treasurer, William R. Sheldon, New York.

Directors— G. E. Bouchie, New York. £. K. Hill, New York. Alfred H. Hoadley, Provi-

Industrial Securities 57

dence. George W. Hoadley, Providence. Joseph H. Hoadler, New York. Walter H. Knight, New York. Robert G. Macdonak), New York. W. R. Sheldon, New York.

Main ofifioe, 74 Broadway, New York. Annual meeting, second Tuesday in January, at Jersey City.

Ikterkatiokal Salt Co.

A corporation formed under the laws of New Jersey in August, 1901. The company was organised in pursuance of a plan to unite the ownership of the stocks of the National Salt Co. and the Retsof Mining Co. See statements of those companies in the 1904 edition of the Manual.

This company acquired a large majority of the stocks of the National Salt Co. and of the Retsof Mining Co. under the terms mentioned below and issued its own securities in exchange for the stocks of the constituent companies. In 1904, this company bought in Tarious plants of the National Salt Co. which were sold under judicial proceedings. Stock $100 Authorized, $30,000,000 Issued, $18,938,000

The company in November, 1905, declared an initial dividend on its stock of 4 per cent., payable in four quarterly mstalments of 1 per cent, each on December 1, 1905, March i, June i and September z, 1906, respectively. In December, 1906, dividends were, however, suspended, in view of large contemplated expenditures for improvements and had not been resumed up to the beginning of 1908.

Transfer agent, Corporation Trust Co., New York. Registrar, Trust Co. of America, New York.

Funded Debt ist cons, collateral trust mortgage bonds 5 per cent., due Oct., 1951, April and Oct. .. $6,450,000

The Retsof Mining Co. also has outstanding $3,500,000 5 per cent, bonds, due 1925, January and July, and there are $140,000 bonds due January, X9xa, of the Hutchinaon-Kansas Salt Co., one of the constituent concerns.

The collateral trust mortgage. United States Mortgage & Trust Co., New York, trustee, is for $13,000,000. It is secured by a deposit with the trustee of the stocks and securities acquired by the company. The bonds are subject to call at 105 and interest, and $300,000 are to be retired each year by a sinking fund. Of the issue $4,500,000 were to remain in the treasury for further acquisitions. The coupons due both April, 1903, and October, 1903, were purchased, not paid, at the Knickerbocker Trust Co., New York, and it was understood that other coupons were met in the same war, but that the October, 1904, coupon was paid regularly, and that the advances had been repaid.

Presklent, Edward L. Fuller, Scranton, Pa. Vice President, Milo M. Belding, Jr., New York. Secretary, Henry D. Fuller, New York. Treasurer, Mortimer B. Fuller, Scranton. Assistant Secretary, P. S. Walter, Scranton.

Dixectors—MitoM. Belding. MUo M. Belding, Jr. Edward L. FuUer. Henry D. Fuller. Mortimer B. Fuller. Joy Morton. Frank T. Patterson. J. H. Torrey. Henry B. Twombly.

Main office, Scranton, Pa. New York office, 3 Rector street. Annual meeting, fourth Monday in March, at Jersey City.

Ihterkatiokal 5Il¥Er Co,

A corporation formed under the laws of New Jersev, November 31, 1898. The company was organised to combine the leading manufactories of silver and silver-plated ware in the United States and Canada. The companies included were :

Meriden Britannia Co., Meriden. Rogers & Hamilton, Waterbury.

Rogers & Brother, Waterbury. Norwich Cutlery Co., Norwich.

Banwur Silver Co., Hartford. SUndard Silver Co., Ltd., Toronto.

William Rogers Manufacturing Co., Hartford. Holmes & Edwards Silver Co., Bridgeport.

Manhattan Silver Plate Co., Lyons, N. Y. Derby Silver Co., Derby, Conn.

Watrous Manufacturing Co., Wallingford, Simpson Nickel Silver Co., Wallingford, Conn.

Conn. Simpson, Hall, Miller & Co., Wallingford, Rogers Cutlery Co., Hartford. Conn.

Meriden Silver PUte Co., Meriden. Middletown Pkite Co., Middletown, Conn.

Wilcox Silver Plate Co.. Meriden. Ontario Silver Co., Ltd., Niagara Falls, Ont.

The four last-named concerns were acquired after the organisation of the company. The company acquired the trade-marks, etc., of all these establishments.

In 1903 negotiations were begun between this company and the United States Silver Corporation, and early in 1903 control of the latter organisation was obtained. C. Rogers & Brothers,

The Manual Op Statistics

Meriden, Conn., which was controlled by the United Sutes Silver Corporation, also passed under the control of this company.

The preferred stock is 7 per cent., cumulative. In January, 1903, $1,500,000 additional of preferred stock was issued for the acquisition of the United States Silver Corporation. Transfer Agent, American Exchange National Bank, New York. Registrar, New York Trust Co., New York.

The payment of dividends on the preferred stock was commenced in 1900, a quarterly dividend on the preferred of per cent, being declared, payable April i, 1900, but no other dividends were paid in 1900 or 1901. On January i, 190a, i per cent, was paid on the preferred, and sulequent quarterly payments were on that basis, the dividend periods being January (i), April, July and October. The quarterly dividend paid April i, was increased to ii per cent, placing the stock on a 6 per cent, basis, but the April, 1908, dividend was reduced to i per cent, placing the stock on a 4 per cent, annual basis. There was 21 per cent, of unpaid cumulative dividends on the preferred on January i, 1903, and it was decided to settle the claims of the preferred stock by an issue of non-interest-bearing scrip for the amount of the unpaid dividends, the scrip being retirable at the company's option. There is $1,085,343 of the scrip outstanding. On March i, 1907, an extra dividend of i per cent, was paid andf on April i, 1907, I per cent.

Funded Debt

ist mort., 6 per cent., due Dec., 1948, June and Dec

Debentures, 6 per cent., due Jan., 1933, Jan. and July. 3,000,000

Total $5t579iOOO

The authorized amount of the ist mortgage is $4,5oo,ooa Part of the amount outstanding was sold to a syndicate and proceeds were used for the acquisition of various properties. Trustee and Registrar, New York Trust Co., New York. Additional bonds can only be issued for the purpose of acquiring new property. There are $83,718 of the ist mortgage bonds in the company's treasury.

The 6 per cent, debentures were created in 1903 to provide for the acquisition of the United States Silver Corporation. There is no trustee for the debentures. They are subject to call at par on sixty days' notice.

There are, in addition to the above, $137,600 of underlying bonds of the Hohnes & Edwards Silver Co., one of the constituent companies.

Earnings

Net Charges Dividends

Depreciation

$"3,551

Surplus $336,917

President, George H. Wilcox, Meriden. ist Vice-President, George C. Edwards, Bridge-

?)rt. Conn. 2d Vice-President, C. A. Hamilton, New York. 3d Vice-President, C. H. ibbetts, Wallingford, Conn. Secretary, George Rockwell, Waterbury, Conn. Treasurer, George M. Curtis, Meriden. Assistant Treasurer, C. E. Breckenridge, New York. Auditor, C. Berry Pects, Meriden.

Directors— Andrew Andrews, Wallingford, Conn. S. L. Barbour, Hartford, Conn. R. Livingstone Beeckman, New York. C. E. Breckenridge, Maywood, N. J. Geoxge M. Curtis* Meriden. George C. Edwards, Bridgeport. C. A. Hamilton, Waterbury. Henry L. Lewis, Stratford, Conn. W. J. Miller, Derby, Conn. George D. Munson, Wallingford, Conn. C. Berry Peets, New Haven, Conn. George Rockwell, Waterbury. C. B. Rogers, Meriden. C- H. Tibbits, Wallingford. F. P. Wilcox, Meriden. George H. WUcox, Meriden.

Main ofiSce, Meriden, Conn. New York office, ii Maiden lane. Annual meeting, fourth Thursday in March, at Jersey City.

Imterhatiohal Smokeless Powder A Chemical Co.

A corporation formed under the laws of New Jersey, April 7, 1899, 'or the purpose of manufacturing smokeless explosives. A majority of the stock is held by the du rant International Powder Co. Sec statement of the latter.

Industrial Sbcdrttibs 59

The preferred stock is 8 per cent, cumulative.

President, E. G. Buckner. Vice-President, J. A. Haskell. SecreUry, Alexis I. du Pont. Treasurer, W. £. Steeo.

Directors— C. G. Buckner. Alexis I. du Pont. Pierre S. du Pont. T. C. du Pont. W. W. Gibbs. George S. Graham. J. A. Haskell A. J. Moxham. Charles L. Patterson.

Corporate office, Camden, N. J. Main office, Wilmington, Del. Annual meeting, first Friday in April at Camden.

Imtebmatiohal Steam Puhp Co.

A corporation formed under the laws of New Jersey, March 94, 1899. The company is a consolidation of several large establishments engaged in the manufacture of steam pumps for all purposes. The plants acquired outright by ownership of at l&ist two-thirds 01 their stocks embrace the following : Henry R. Worthington Co., New York, and Harrison, N. J.; Blake & Knowles Steam Pump Works, Limited, East Cambridge, Mass.; Deane Steam Pump Works, Holyoke, Mass.; Laidlaw-Dunn-Gordon Co., Cincinnati, O.; Snow Steam Pump Works. Buffalo. N. Y.; Holly Manufacturing Co., Buffalo, N. Y., and the Clayton Air Compressor Works.

The above concerns make 90 per cent, of the steam pumps produced in the United States.

In May, 1906, the entire stock of the Power & Mining Machinery Co., consisting of $1,500,- 000 common and $2,000,000 8 per cent, cumulative preferred, was acquired from interests identified with the American Smelting & Refining Co. See below.

The preferred stock is 6 per cent., cumulative. Transfer Agent, Trust Co. of America, New York. Windsor Trust Co., New York.

Of the preferred stock a sufficient amount is set ankle to retire the $a,ooo,ooo, 7 per cent, cumulative preference stock of the Henry R. Worthington Co. and the $1,500,000, 6 per cent, debentures and $500,000, 8 per cent, preference shares of the Blake & Knowles Co.

In May, 1906, the authorized common stock was increased from $18,500,000 to $24,000,000, and the preferred from $12,500,000 in connection with the acquisition of the Power & Minin? Machinoy Co. In payment for that company's stocks this company issued $5,500,000 additions common and $2,500,000 additional preferred stock.

The payment of quarterly dividends of iK per cent, on the preferred stock began August i, 1890, and have been paid regularly at that rate in February (i), May, August and November. A dividend of 4 per cent, on the common was declared out of the earnings of the year ending March 31, 1901, payment to be in quarterly instalments, beginning July i, 1901, and the same rate was declared for 1902 and 1903, the dividend periods for the common stock being January (3), April, July and October. In T904, 1 per cent, was paid in January, April and July, but the October, 1904, dividend on the common was per cent, and per cent, was also paid in January, 1905, and April, 1905, but the July, 1905, dividend was passed, and none has since been paid.

Funded Debt Convertible debentures, 6 per cent., due Jan., 1913, Jan. and July $3,500,000

The convertible debentures are $3,500,000, and were created in December, 1902, to provide for extensions and improvements. They can be converted into common stock at par. In January, 1903, the stockholders were given the right to subscribe for $2,500,000 of these bonds. Trustee and ent for the payment of interest. Trust Co. of America, New York.

There are also $700,000 5 per cent, ist mortgage bonds of the Holly Manufacturing Co. due January, 1921, January and July.

Earninos Year ending March 31 Chaiwcs and

Net Profits Pref. Dividends Surplus

1903-Q4. 1,606,617 1,014,472 59a,HS

1906-07 i,9W,oi3 1,354,689 667,324

Chaiiges include the dividends paid on the preferred stock of the H. R. Worthington Co. The 4 per cent, dividends paid on the common stock were $490,500 each year, and the surplus

over same was as follows: In 1901-02, $243,753; in 1902-03, $506,156; in 1903-04, $101,645; in 1904-05, a deficit of $17,962.

The amounts charged of! for depredation, etc., before stating net profits, have been as in 1906-07, $459, 148, which includes $62,837 'or San Francisco fire loans.

President, John W. Dunn, New York, ist Vice-President, Leon P. Feustman, New York. Secretary, Alfred Nathan, New York. Treasurer, Nathan Fleischer, New York.

Directors — John E. Borne, New York. John W. Dunn, East Orange, N. J. Leon P. Feustman, New York. Nathan Fleischer, New York. Benjahiin Guggenheim, New York. William Guggenheim, New York. J. B. Haggin, New York. Walter Laidlaw, Cincinnati. Edgar M. Leventritt, New York. Cord Meyer, New York. Alfred Nathan, New York. Marcus Stine, New York. Irwin C. Stump, New York. Samuel Untermyer, New York. William H. Woodin, New York.

Corporate office, 243 Washington street, Jersey City. Executive office, X15 Broadway. Annual meeting, first Tuesday in June, at Jersey City.

Ikterkatiokal Tractiom Co.

A corporation formed under the laws of New Jersey in 1899. It owns the stock of the International Railway Co., which was formed under the laws of New York in February, 1903, by merger and combination of the street railway lines of Buffalo, N. Y., and the lines extending to and in Niagara Falls, N. Y., Lockport, N. Y., and Tonawanda, N. Y., including the lines on the Canadian side of the Niagara River from Niagara Falls to Chippewa, and Queenston, Ont., and the two bridges connecting the trolley lines on both sides of the Niagara River. The properties acquired then or subsequently are as follows : Buffalo Railway Co. Lewiston Connecting Bridge Co.

Crosstown Street Railway, Buffalo. Queenston Heights Bridge Co.

The Buffalo Traction Co. Buffalo & Niagara Falls Electric Railway.

Buffalo, Tonawanda & Niagara Falls Electric The Buffalo, Belleville & Lancaster Railway.

Co. Buffalo & Lockport Railway.

Niagara Falls & Suspension Bridge Rway Co. Elmwood Avenue & Tonawanda Electric Ry.

The Niagara Falls Park & River Railway Niagara FaUs, Whirlpool & Northern Railway.

(Canada). Lockport & Olcott Railway.

Niagara Falls Suspension Bridge Co. The Electric City Railway Co.

Clifton Suspension Bridge Co. Frontier Electric Railway Co.

The Frontier Electric Railway Co., was organised in 1906 to build a line from Buffalo to the new bridge at Niagara Falls. All its stock is owned by the International Railway Co.

The International Railway Co. also owns all the stock of the Crosstown Street Railway Co. of Buffalo and The Electric City Railroad Co., Niagara Falls, N. Y., and operates their lines.

The International Traction Co. owns the entire capital stock of the International Railway Co., which is deposited with the trustee of the International Traction Co.'s collateral trust mortgage. The united length of the lines is 369 miles.

The preferred stock is 4 per cent., cumulative. Transfer Agent, Corporation Trust Co. of New Jersey, Jersey City. Registrar, Commercial Trust Co. of New Jersey, Jersey City.

Funded Debt Collateral trust mort., 4 per cent., due July, 1949, Jan. and July $i7i955ooo

Funded Debt—Constituent Companies

Buffalo Ry. ist cons, mort., 5 per cent., due Feb., 1931, Feb. and Aug $4,706,000

Buffalo Ry. debentures, 6 per cent., due April, 19x7, April and Oct x,ooo,ooo

Buffalo Ry. real estate mort., per cent., due June, 1909, June and Dec 150,000

Buffalo East Side Ry. ad mort., 6 per cent., due Sept., 19x3, March and Sept 99350o

Crosstown Street Ry. xst mort., 5 per cent., due May. 1033, May and Nov 3,604,000

Buffalo Traction xst mort., 5 per cent., due Dec., 1948, June and Dec 673,000

Buffalo & N. F. El. Ry. ist mort., 5 per cent., due July, X935, Jan. and July 750,000

Buffalo & N. F. El. Ry. sd mort., 5 per cent., due July, 193X, Jan. and July 105,000

Buffalo & Lockport xst mort., 5 per cent., due July, X93is, Jan. and July 30,ooo

Niagara Falls Park & River xst mort., 5 per cent., due Jan., 19x4, Jan. and July . . . . 000,000

Niagara Falls Susp. Bridge xst mort., 5 per cent., due Jan., X938, Jan. and July jcx>,ooo

Bu&lo, Bel. & Lane, xst mort., 5 per cent.,due 1937, June and Dec 3x5,000

Lewistown Con. Bridge xst mort., 5 per cent., due 19, April and Oct 135,000

Lockport & Olcott Railway xst mort, 5 per cent., due July, 1990, Jan. and July 800,000

INDUSTRIAL. SBCURITIBS S7i

The International Traction collateral trust mortgage is $30,000,000 authorised, an amount of $11,685,000 being reserved to take up previous liens, $360,000 being still held in the company's treasury to provide for improvements, etc Bonds can be called at no and interest on any interest date. Trustee of the mortgage, Guaranty Trust Co., New York. Interest is payable at office of J. P. Morgan Co., New York.

The company has $510,000 of 4) per cent., $87,000 5 per cent., and $350,000 of 6 per cent, car trust obligations outstanding.

In addition to the bonds outstanding and included in the above table, $518,000 ist mortgage 6 per cent, bonds of the Niagara Falls & Suspension Bridge Railway Co., $100,000 4 and 6 per cent, bonds of the Tonawanda Electric Railroad Co. and Tonawanda Street Railway Co. and $33,500 ist mortgage 5 per cent, bonds of the Niagara Falls, Whirlpool & Northern Railway, three of the constituent companies of the International Railway Co., are owned by the International Traction Co.

The International Railway Co. also owns $350,000 of the Crosstown Street Railway Co.*s zst mortgage bonds, which are not included in the amount of that issue given in above table.

Combined Income Account of System.

Net Including Charges and

Gross' Net Miscellaneous Income Taxes Surplus

1907 Si38o,437 a,oi7,554 2,099,367 1,707,106 313,361

President, Henry J. Pierce, Buffalo. Vice-President, T. E. Mitten, Buffalo. Secretary and Treasurer, J. F. Slocum, Buffalo. Auditor, D. M. Deininger, Buffalo.

Directors— G. L. Boissevain, New York. Thomas DeWitt Cuyler, Philadelphia. T. E. Mitten, Chicago. Oliver H. Payne, New York. Henry J. Pierce, Buffalo. Arthur Robinson, New York. Nelson Robinson, New York. Grant B. Schley, Far Hills, N. J. J. F. Slocum, Buffalo.

Corporate office, 15 Exchange place, Jersey City. Main office, ElUcott square, Buffalo. Fiscal Agents, J. P. Morgan & Co., New York. Annual meeting, last Tuesday in October, at Jersey City.

Imterstate Railways Co.

A corporation formed under the laws of New Jersey, December 3, 1903. The company's charter gives power to deal in or operate railways, electric and other plants. It controls the United Power 8l Transportation Co., having purchased in December, 1903, all of the $3*593,750 stock of the latter company, paying $75 per share in its own collateral trust 4 per cent, bonds for each share of United Power & Transportation stock, the par of the latter bemg $35 per share. See statement of the United Power & Transportation Co. In September, 1906, this company acquired control of the Philadelphia, Bristol & Trenton Street Railway Co. Stock Par $100 Authorised, $10,000,000 Issued, $3,500,000

Stock is transferred at the office of the company, Philadelphia.

Funded Debt . Collateral trust bonds, 3 to 4 per cent., due Feb., 1943, Feb. and Aug $10,776,600

The collateral trust bonds are secured by the deposit with the Real Estate Title Insurance & Trust Co., Philadelphia, trustee, of the stock of the United Power & Transportation Co., referred to above, which was purchased with the bonds. The bonds are subject to call at 105 and interest after February, 1913, on thirty days' notice. They bear interest at the rate of 3 per cent, per annum for the first year, from the date of issue, February i, 1903, per cent, for the second year, and 4 per cent, for the third and subsequent years. Interest is paid at the office of the trustee.

Earnings Year ending January 31

Gross Expenses

Receipts and Taxes Charges Surplus

Gross receipts for 1903-04 include $382,2 10 dividends on the stock of the United Power & Transportation Co. The diaries represent interest upon this company's collateral trust bonds.

President, John A. Rig:g, Philadelphia. Secretary and Treasurer, W. S. Bell, Philadeibia.

Directors— R. Nelson Buckley, Philadelphia. D. B. Cummings Catherwood, Philadelphia. John H. Catherwood, Philadelphia. John M. Frame, Reading, Pa. Richmon.d L. Jones, Reading. Preston Lea, Wilmington, Del. William R. Mcllvain, Philadelphia. John A. Rig:, Philadelphia. F. W. RoebUng. Trenton, N. J. Charles W. Welch, Philadelphia.

Main office. Third and Chestnut streets, Philadelphia.

The Ihterurbam Railway A Terhihal Co.

A corporation formed under the laws of Ohio, November 3, 190a. The company is a consolidation of the following companies :

Cincinnati & Eastern Electric Railway Co. Surburban Traction Co.

Rapid Railway Co. Interurban Terminal Co.

The company has in operation the property of the Cincinnati Eastern Electric Railway, with the Rapid Railway Co., the Surburban Traction Co. and the Interurbam Terminal Co. The company operates lox miles of track. The Cincinnati 8l Extern division between Cindnnati and New Richmond is 26 miles and the Rapid Railway Co. between Cincinnati, Lebanon and Morrow is 40 miles. The Surburban Traction Co. has 35 miles of track between Cinciniiati and Bethel. The company owns two power plants. In 1906, the Cindnnati and Eastern division was leased to the Union Gas & Electric Co.

The preferred stock is 5 per cent., cumulative. It was authorised in July, 1907 and $900,000 thereof exchanged for xst mortgage bonds. Transfer Agent and Registrar, Cindnnati Co., Cincinnati.

Funded Debt ist mort., 5 per cent gold, due Jan. i, 1928, Jan., April, July and Oct $1,600,000

The xst mortgage bonds were $2,500,000, authorized and outstanding, but in 1907, $900,000 thereof were exchanged for an equal amount of preferred stock redudng them to the above figures. Trustee of the mortgage and agent for payment of interest, Cmdimati Trust Co., Cincinnati.

President and General Manager, Charles H. Davis, Cincinnati. Vice-President, Lee H. Brooks, Cindnnati. Secretary, J. M. Hutton, Cindnnati. Assistant Secretary, C. J. wOUams, Cindnnati. Treasurer, J. M. Kennedy, Cindnnati.

Directors — Lee H. Brooks, Cincinnati. Charles H. Davis, Cindnnati. C. L. Harnson, Cincinnati. J. M. Hutton, Cincinnati. J. M. Kennedy, Cindnnati. J. M. Kennedy, Jr., Cindnnati. G. H. Worthington, Cleveland.

Corporate and main office, Cincinnati. Annual meeting, first Tuesday after the second Monday in November, at Cindnnati.

The Iron Steak Bo At Do. Of Hew Jersey

A corporation formed under the laws of New Jersey in August, looa, and succeeded the company of the same title, the property of the latter having been foreclosed. The company owns seven steamboats. Stock Par $xo Authorised, $400,000 Issued, $300,000

A dividend of $1 per share was paid in 1892. No dividends have since been paid. Foiedosure

Broceedings were begun in July, 1901, a Receiver having been appointed in April, 1901. In [arch, 1902, it was announced that the company would be reorganised.

Funded Debt

New prior lien, 5 per cent., due 1932, April and Oct $100,000

" ad mort., 4 per cent., due 1932, Jan. and July 500,000

Total $600,000

The 6 per cent, xst mortgage bonds of the old company fell due in 1901. In the reoinniiation the holders of the old bonds paid an assessment and received for the same the new prior tten bonds All the present bonds can be retired at par.

Industrial Securities 573

Earnings

Year ending October 31 Gross Net

Z903-04 343.314 Def . 9,20a

In 1905-06, cbargtt, $35,000; balance surplus, $16,835. In 1906-07, charges, $25,000; surplus, $34,392. It nad demand loans for $38,838.

President, Ambrose I. Harrison, New York. Vice-President, Juan M. Ceballos. Secretary, Frederick A. Bishop, New York. Treasurer, William H. Woolverton, New York.

Directors— Charies Adams. William F. Allen. William G. Besler. Juan M. Ceballos. Ambrose I. Harrison. F. Ellett Hodgskin. William H. Woolverton.

Main office,. 17 Battery place. New York. Annual meeting, first Wednesday in November.

The Isle Roy Ale Copper Co.

A corporation formed under the laws of New Jersey, in March, 1899. The company was organised to consolidate the Isle Rovale Consolidated Mining Co. with the Miners* Copper Co. The Isle Royale Consolidated Minmg Co. was a Michigan corporation formed in 1897.

The property of the company includes about two miles or more of what is known as the Isle Royale Lode with about 3,000 acres of land. Stock Par $25 Authorized, $3,750,000 Issued, $3,750,000

Stock is transferred at the office of the company, Boston.

The report for i9cx> showed : Expenses, $677,810 ; cash on hand December 31, 1900, $832,742. In Z901, receipts, $281,369 ; balance of assets, $406,415. In 1903, receipts, $500,775 ; balance of assets, $437,355. In 1903, receipts, $444,594 ; balance of assets, $500,535. In 1904, receipts, $341,951 ; balance of assets, $517,638. In 1905, receipts, $477,399; balance of assets, $615,625. In 1906, receipts, $588,340 ; gross profit, $229,604 ; net profit, $156,967 ; balance of assets, $773,593. In 1907, receipts, $493,233; gross profits, $64,435. Balance of assets December 31, 1907. $501,157.

Pmkient, Albert S. Bigelow, Boston. Vice-President, Norman W. Haire, Boston. Secretary and Treasurer, W. J. Ladd, Boston.

Directors— Albert S. Bigelow, Boston. Clarence H. Bissell, Boston. Charles N. King, Jersey City. Norman W. Haire, Boston. W. J. Ladd, Boston.

Corporate office, 345 Washineton street, Jersey City. Main office, 199 Washington street, Boston. Annual meeting, first Wednesday in April, at Jersey City.

Jacksor 6As Co.

A corporation formed under the laws of Michigan, March 17, 1897. The company owns and operates the gas works in the dty of Jackson, Mich., under a perpetual franchise. The company is controlled by the Michigan Light Co. Mileage of mains, 35 miles. Stock Par $50. Authorized, $350,000 Issued, $350,000

Dividends on the stock are 5 per cent, per annum, being cent, semi-annual in January and July.

Funded Debt ist mort., 5 per cent., due 1937, April and Oct $310,000

The ist mortgage, Illinois Trust & Savings Bank. Chicago, trustee, is for $350,000.

President, Henry D. Walbrklge. ist Vice-President, N. S. Potter. 3d Vice-President, Emerson McMillin. Secretary, Treasurer and General Manager, S. E. Wolf.

Directors— Stephen H. Carroll. W. M. Eaton. Emerson McMillin. N. S. Potter. W. R. Reynolds. Henir D. Walbridge. Thomas A. Wilson.

Main office, soo Main street, Jackson, Mich. Annual meeting, third Friday in April, at Jackson.

Jacksor¥Ille Electric Co.

A corporation formed under the laws of Florida in 1903 as a consolidation of the following

Jacksonville Street Railway Co. Main Street Railroad Co.

Jacksonville Electric Light Co.

The companj operates 33 miles of dectric railwaj in Jacksoaville, FUl, and has an dectric lighting franchise expiring in 191 1.

The preferred stock is 6 per cent., noo-cumulative, and can be retired at lao. Transfer Agents, Stone & Wdister, 147 Milk street, Boston. Ristrar, Amerkan Trust Co., Boston.

The first dividend of 3 per cent, on the preened stock was paid February i, 1903, and similar divklends have since been regularly paid seminannoally in February and August. The first dividend on the common stock was 9 per cent., paid January ao, 1905, and in August, 1905, paid 3 per cent. In xao6, paid 3 per cent, in February and 3 per cent, in August, which has since been the regular half yearly rate.

Funded Debt ist mort., authorised, 5 per cenL gold, due May, 1937, May and Nov $858,000

The total amount of the ist mortgage is $i,a5o,ooa A sinking fund of i per cent, after Mav I, 1937, is provided, and may be used for extensions and improvements or for the purchase of bonds. The bond issue may be called as a whole on any interest day at 105 and interest. Trustee of the mortgage and agent for the payment of interest, American Trust Co., Boston.

Earnings

Gross Net Charges Dividends Surplus

9o6 $326,468 $124,699 $40,7 $60,000 $23,936

"907 393,393 136,053 57,346 60,000 19.716

The charges for 1907 include $6,170 appropriated to improvement fund.

President, George J. Baldwin, Savannah, Ga. Vice-President, Henrjr G. Bradlee, Jacksonville, Fla. Secretary, Alvah K. Todd, Boston. Treasurer, A. Stuart Pratt, Boston. General Managers, Stone & Webster, Boston.

Directors— George J. Baldwin, Savannah. Henry R. Haves, Boston. A. Stuart Pratt, Boston. Russell Robb, Jacksonville. H. B. Sawyer, Jacksonville. C. A. Stone, Boston. E. S. Webster, Boston.

Main office, Jacksonville, Fla. Executive office, 147 Milk street, Boston. Annual meeting last Tuesday in January.

JEFFERSOK CLEMRFIELD COAL mOK CO.

A corporation formed ' under the laws of Pennsylvania in May, 1896. The company aoqidred and owns the extensive coal lands, mines, railroads to mines, about twenty-one miles, and other property in Jefferson, Indiana and Clearfield Counties, Pa., formerly owned by the Bell, Lewis & Yates Coal Mining Co. and other holders. The Rochester & Pittsburg Coal & Iron Co. owns all the common stock and $300,000 of the preferred.

In 1906, the Buffalo, Rochester & Pittsburg Railway Co., which owned the entire stock of the Rochester & Pittsburg Coal & Iron Co., sold the same to the Mahoning Investment Co. for $4,135,000 of the latter's, $4,900,000 of stock, and distributed the stock, so received, among its own shareholders as a 35 per cent, scrip dividend. See statement of the Buffalo, Rochester & Pittsburg Railway Co. in the Railroad Section of the Manual.

Stock. . . .Par $100. . . .Authorised 3 *i.50o,ooo ) j com., $1,500,000 )

The preferred stock is 5 per cent and shares equally with the common in any-surplus remaining after the latter has received 5 per cent, per annum. Transfer Agents, A. laelin & Co., 36 Wall street. New York. Registrar, Guaranty Trust Co.. New York.

Regular semi-annual dividends of 39 per cent., in February (15) and August, are paid on the preferredstock. The first dividend of 3 percent, on the common stock was paid August 15, 1900, and in August, 1003, 1904 and 1905, 5 per cent, was also paid, the dividend being yearly in August. No dividends were paid on the common in 1906 and 1907.

Funded Debt

1st mort., 5 per cent. goW, due June, 1926, June and Dec $i,a8a,oao

3d more, 5 per cent, gold, due June, 1936, June and Dec 1,000,000

Total $3,383,000

The ist mortgage is for $3,000,000, and $718,000 of the bonds have been retired by the operation of the sinking fund, which calls for 3 cenU per ton on all coal mined by the company, the yearly amount not to be less than $50,000. Trustee, Guaranty Trust Co., New York. iShe ad

Industrial Sbcurities 575

mortgage is $x,ooo,ooo, authorized. Trustee, United Sutea Mortgage & Trust Co., New York. Interest on the bonds is paid at the office of A. Iselin & Co., New York.

President, Lucius W. Robinson, Punxsatawney, Pa. Secretary, Lewis Iselin, New York. Treasurer, Geom H. Clune, Rochester.

Directors— B. M. Clark, Punxsatawney, Pa. Frederic Cromwell, New York. Adrian Iselin, Jr., New York. C. 0*D. Iselin, New York. Walter G. Oakman, New York. Ludus W. Robinson, Punxsatawney, Pa. Arthur G. Yates, Rochester.

Corporate office, Reynoldsville, Pa. Main office, 155 West Main street, Rochester, N. Y. New York office, 36 Wall street. Annual meeting, third Tuesday in January, at Reynoldsville.

JIM BUTLER TOKOPAH HI Ml KG CQ.

A corporation formed under the laws of Delaware. The company was a consolidation of the Tonopah & Salt Lake Mining Co., the Tonopah City Mining Co. and several others. Its property comprises 19 mining claims or about 550 acres adjoining the mines of the Tonopah Mining Co., of Nevada, at Tonopah, Nev., the development work showing veins of high grade ore. Shipments from the mine were begun in 1906. Stock Par $1 Authorised, $3,000,000 Issued, $9,000,000

It was stated that about $600,000 of the stock was to be reserved in the treasury for development purposes. Stock is transferred at the office of the company, Philadelphia.

President, R. G. Park, Philadelphia. Vice-President, Morgan Tillinghast, Philadelphia. Secretary and Treasurer, Clyde A. Heller, Philadelphia.

Main office, Bullitt Building, Philadelphia.

Johes A Laughlim Steel Co.

A corporation formed under the laws of Pennsylvania in 1903, which succeeded Jones & Laughlin*s, Limited, the latter being a partnership association formed under the laws of Pennsylvania. The establishment of the company, the American Iron & Steel Works, at Pittsburg, is one of the largest in the United States and manufactures a great variety and quantity of forms of iron and steel products. The company has also made large purchases of ore lands, and other properties, and has in recent years largely increased its plants. Stock Par $100 Authorized, $jo,ooo,ooo Issued, $30,000,000

Funded Debt ist mort, 5 per cent $10,000,000

President, Benjamin F. Jones, Jr., Pittsburg. Vice-President, Willis L. King, Pittsbun?. Vice-President and General Manager, William Larimer Jones, Pittsburg. Secretary, William C. Moreland, Pittsburg. Assistant Secretary, Wendel Van Hook, Pittsburg. Treasurer, James B. Laughlin, Pittsburg. Assistant Treasurer, Thomas K. Laughlin, Pittsburg. Assistant Treasurer, Charles A. Fisher, Pittsburg.

Directors — F. L. Garlinghouse. Robert Geddis. Roland Gerry. Benjamin F. Jones, Jr. WiUiam Larimer Jones. Henry S. Kiehl. WUlis L. King. G. M. Laughlin. G. M. Laughlin, Jr. H. A. Laughlin. H. Hughart Laughlin. James B. Laughlin. James Laughlin, Jr. William C. Moreland. W. W. WiUock.

Main office. Third avenue and Try street, Pittsburg. Branch offices, New York, Philadelphia, Chicago, Boston, Buffalo, Cleveland, Cincinnati, Detroit, St. Louis, AtlanU and San Francisco. Annual meeting, fourth Tuesday in April.

Km Ms As City. Missouri, 6 As Co.

A corporation organised under the laws of Missouri in 1897. The company purchased the property ot the Kansas City Gas Co. and the Missouri Gas Co. These organizations furnished all the gas facilities of Kansas City, Mo. The system comprises 316 miles of pipe, and the works . have a capacity of 5,500,000 cubic feet of gas per day. The franchise is for thirty years from 1895. The United Gas Improvement Co. holds a majority interest in the stock of this company, and in November, 1906, the property was leased to a syndicate in which that company was interested. Stock Par $100 Authorized, $5,000,000 Issued, $5,000,000

Stock is transferred at the office of the company, Kansas City.

Under the lease of 1906, the lessees guaranteed dividends on the stock of 2 per cent, for the first year, per cent, for the second year, 4 per cent, for the third year and 5 per cent, for the fourth year and subsequently.

Funded Debt

ist mort., gold, 5 per cent., due April, 1903, April and Oct $4,350,000

The bonds have a sinking fund of $75,000 per annum for ten years, and thereafter of $35,000 per annum, and are subject to call at 105. Trustee of the mortgage, Guaranty Trust Co., New York. Under the lease, interest and sinldng fund payments are guaranteed.

Earnings

Year ending April 30

Net Interest Sinking Fund Surpltis

i9g-04. 373,534 I97i979 75iOOO 100.555

President, Hugh J. McGowan. ist Vice-President, J. Crawford James. 3d Vice-President, Randal Morgan. Secretary, R. Macmillan. Treasurer, Lewis Lillie. General Superintendent, Walton Clark.

Directors— Joseph Bushnell. W. F. Douthirt. James T. Holmes. J. Crawford James. R. Macmillan. Hugh J. McGowan. James B. McGowan. Randal Morgan. Charles E. Small. R. M. Snyder.

Main office, Kansas City, Mo. Annual meeting, last Thursday in June.

Kam5/Is City Railway Light Co.

A corporation formed under the laws of New Jersey, May 8, vyn. The company acquired the ouutanding capital stock of the Metropolitan Street Railway of Kansas City and the Kansas City Elearic Light Co. It owns all the stock of the Kansas City & Westport Belt Railway Co., and of the Kansas City Heating Co. Through its subsidiary companies it acquired the following properties :

Central Electric Railway Co. Consolidated Electric Light & Power Co.

Kansas City Elevated Railway Co. Standard Electric Light Co.

Edison Electric Light & Power Co. Kansas City Electrical Wire Subway Co.

The company owns and operates the entire street railway and electric lighting qrstems of Kansas City, Mo. It has 339 miles of track.

The preferred stock is 5 per cent., non-cumulative. Transfer Agent, Trust Co. of America, New York. Registrar, New York Trust Co., New York.

The company holds in the treasury $3,864,500 common and $3,977,900 preferred stoic.

The payment of dividends on the preferred stock began with a quarterly dividend of per cent. June z. 1004, since then regular quarterly payments of the same amount have been made, the dividend periods being March, June, September and December.

Funded Debt

xst lien., 5 per cent, gold, due May 15, 1913, Mav (15) and Nov $9,330,000

Five year conv. notes, Series "A," 6 per cent., due Sept., 1913, March and Sept 4,135,000

Five year non-con v.. Series B," 6 per cent., due Sept., 1913, March and Sept. 1,375,000

Corrigan Con. St. Ry. ist mort, 5 per cent, gold, due July i, 1916, Jan. and July. . ', . 406,000

Met. St. Ry. gen. mort., 5 per cent, gold, due Sept. i, 1909, March and Sept 1,000,000

Kansas City Cable zst mort., 5 per cent, gold, due April i, xoi i, April and Oct 1,050,000

Grand Ave. Ry. ist mort., 5 per cent, gold, due July 10, 1908, Jan. and July 1,900,000

Met. St. Ry. con. mort., 5 per cent gold, due May i, 1910, May and Nov 4394,000

Cent. Elec. Ry. ist mort., 5 per cent, gold, due May i, 1914, may and Nov 3,000,000

Park Connec. Ry. 6 per cent, due Feb. i, 1908 30,000

Summit Street, ist mort. ext., 5 per cent., due 1911, April and Oct 300,000

E. Side Elec. Ry. ist mort., 5 per cent, gold, due July i, 1911, Jan. and July 350,000

Kansas City & Westport, ist mort., 5 per cent, due July, 1936, Jan. and July 500,000

Kansas City EL Ry. xst mort., 6 per cent, gold, due July i, 1933, Jan. and July 600,000

Kansas City El. Ry. 3d mort., gen. 4 per cent, gold, due July i, 1933, Jan. and July. 3,000,000

Total $38,450,000

The Kansas City Railway & Light Co. ist lien mortgage is for $30,000,000, of which $10,780,000 are reserved for underlying liens and $1,875,000 are held in the treasury. Trustee of the mortgage, New York Trust Co., New York. Interest is payable at the office of the company

Kansas City Viaduct

CoanecUng Kaoaas Clty

- T© be Coastmeled

irminal Railway

/

Industrial Securities 577

in Kansas City and by the New York Trust Co., New York. The three year notes are subject to call at par and interest. The bonds are subject to call at 105 and interest on any interest date. The authorized Metropolitan Street Railway O3. consolidated mortgage is $8,500,000, of which amount $4,206,000 were reserved to retire the bonds of the Cofrigan, Grand Avenue, Metropolitan and Kansas City Cable issues. Trustee of the mortgage and agent for the payment of interest, Old Colony Trust Co., Boston.

The 6 per cent, notes of 1907 are $5,500,000, and are in two series.

On and after September i, 1908, the collateral notes. Series "A," can be converted into 6H shares of common and 7 shares of preferred stock for each $1,000 bond. The notes of Series B " are not convertible. Both series, aggregating $5,500,000, are secured by the deposit of notes and stocks of subsidiary companies with the New York Trust Co., trustee.

Earnings— All Companies

Grofs Net Charges Surplus

1903-04 (y*ar ending May 31) 3.884,047 i,493.340 952,487 540.853

i9t36-o7(" " ) 5,715,339 2,815,643 1,765,870 1,049,773

In 190405 the net income of the parent company was $1,196,533; charges, $592,933; dividens, $476,105; surplus, $197,4; in 1905-06, income, $1,533,120; charges, $611,343; dividends, $476,105; surplus, $445,679; in 190607, income, $1,728,533; charges, $678,760; dividends, $476,105 ; surplus, $573,668.

Chairman, Samuel McRoberts, Chicago. President, Bernard Corrigan, Kansas City, Mo. Secretary and Treasurer, Walter £. Kirkpatrick, Kansas City. Auditor and AssisUnt Secretary, J. A. Harder, Kansas City.

Directors — Charles W. Armour, Kansas City, Mo. J. Ogden Armour, Chicago. George W. Bacon, New York. C. N. Black, Kansas Cit;. Bernard Corrigan, Kansas Citv. John F. Downing, Kansas City. Henry C. Flower, Kansas City. Edward George, Kansas City. Joseph J. Heim, Kansas City. L. E. James, Kansas City. Stuart R. Knott, Kansas City. Kenneth K. McLaren, Jersey Uity. Samuel McRoberts, Chicago. Edward F. Swinney, Kansas City. P. Anderson Valentine, Iew York. Hugh C. Ward, Kansas City.

Corporate office, Jersey City. Main ojffice, 1500 Grand avenue, Kansas City, Mo. Annual meeting, fourth Monday in June, at Jersey City.

The Kamsas City Stock Yards Co. Of Kissouri

A corporation formed under the laws of Missouri in June, 1898. The company owns and operates extensive stock yards and railroad facilities connected therewith at Kansas Ci, Mo., the property of the company covering about 175 acres. Stock. Par $100 Authorised, $9,000,000 Issued, $8,117,000

The stock of the company has been increased from time to time to provide for the retirement of bonds or for improvements and additional property. The authorized stock was increased to $9,000,000 in 1903, to provide for conversion of convertible bonds. Transfer Agent, Frank H. Damon, 50 State street, Boston.

Dividends are paid at the rate of 6 per cent, per annum, the payments being quarterly, if per cent, each, in February (i), May, August and November.

The company has $883,000 of convertible debenture bonds, to retire which stock is reserved.

Chairman, Charles Francis Adams, Boston. President, Charles F. Morse, Kansas City, Mo. Secretary and Treasurer, Elliott E. Richardson, Kansas City.

Directors— John Adams, Kansas City. Charles Francis Adams, Boston. John A. Bumham, Boston. F. H. Damon, Boston. F. S. Higginson, Boston. Walter Hunnewell, Boston. A. H. Morse, Kansas City. Charles G. Morse, Kansas City. Nathaniel Thayer, Boston.

Main office. State Line, comer Sixteenth street, Kansas City, Mo. Boston office, 50 State street. Annual meeting, third Wednesday in January.

Kansas City Viaduct A Terhikal Railway Co.

A corporation formed under the laws of Missouri. The company has constructed an elevated railway and highway viaduct, starting from Bluff and Sixth streets, Kansas City, Mo., to Minnesota and Fourth streets, Kansas City, Kan., with approaches, fitted with large vehicle elevators for handling traffic to and from the Kaw River bottom lands, the length being t.6 miles, with a minimum width of 60 feet. The structure is entirely of steel and concrete. The

58o THE MANUAL OP STATISTICS

Co. of Philadelphia. The voting trustees are George Bumham, Jr., Chairman; C. K. Beekman, John T. Ijams, Michael Murphy and Marcus Beebe.

Funded Debt

xst mort. 5 per cent., due July, 1935, Jan. and July $4,485,000

Gold notes, 6 per cent., due March, 1910, Mar. and Sept 600,000

xst mort. collateral trust, 6 per cent (redeemable $30,000 per annum) 9/w/n

Eastern Telephone & Telegraph ist mort., 5 per cent 950,000

Total $5.575.

The authorized amount of the ist mortgage is $xo,ooo,ooa The entire outstanding i may be retired at 108 and interest on July i, 1908, or any interest date thereafter. Trustee of the mortgage, Knickerbocker Trust Co., New York. Interest is paid at the o£fice of Fiik ft Robinson, New York. The 6 per cent, gold notes are secured by deposit with the trustee, The Integrity Title Insurance, Trust & Safe Deposit Co., Philadelphui, of $790,000 of the company's xst mortgage bonds. The notes may be redeemed March x or September i, 1909.

Earnings

GrtMt Net

In 1906-07, charges were $365,630; reserve for renewals, $xoo,ooo; balance surplus, $xo7,74o.

President, Nathan T. Folwell, Philadelphia. Vice-President, James Collins Jones, Philadelphia. Secretary and Treasurer, William W. Wharton, Philadelphia. General Manager, Charies E. Wilson; Philadelphia.

Directors — F. w. Ayer, Philadelphia. Marcus Beebe, Boston. George Burxiham, Jr., Philadelphia. Nathan T. Folwell, Philadelphia. Clarence L. Harper, PhOadelphia. James Collins Jones, Philadelphia. George Kessler, Philadelphia. Heulings Lippincott, Camden, N. J. Michael Murphy, Philadelphia. Perdval E. Foerderer, Philadelphia. Jacob E. Ridgway, Philadelphia.

Main office, 135 South Second street, Philadelphia. Aimual meedng, third Tuesday in January, at Philadelphia.

The Keystoke Watch Case Co.

A corporation organized under the laws of Pennsylvania, July. x8oo. It owns and operates the factories' known as The Keystone Watch Case Co., Philadelphia ; The Crescent Watch Case Co., Newark, N. J.; PhUadelphia Watch Case Co., Riverside, N. J.; The New York Standard Watch Co., Jersey City, N. J., and £. Howard Watch The company manufactures watch cases and watch movements. Each of the different factories occupies extensive buildings, with complete equipment of the most modem and up-to-date machinery in their respective lines. The output of the company is about 9,000 watch cases and 3,000 watch movements per day, and it employs about 4,000 hands. Stock Par $xoo Authorized $8,500,000 Issued $6,000,000

The company originally had $2,200,000 of 5 per cent., non-cumulative preferred stock. \ji i9°3 authority was gven for the conversion of the preferred into common stock. All tnc preferred stock has been converted and there is only common stock outstanding.

In September, 1903, the authorized stock was increased from $4,400,000 to $8,oo,ooo, the increase to be in common stock and to be issued at the discretion of the directors. In October, X906, $600,000 additional common stock was subscribed for by the shareholders. Stockholdefs of record, January 31, 1908, had the right to subscribe fot $1,000,000 additional stock at par to the extent of so per cent, of the holdings, the subscriptions being payable $40 per share March i, 1908, $30 June X, 1908. and $30 August i, 190S. This will increase the stock to $6,000,000.

Transfer Agents, Drexel & Co., Philadelphia. Registrar, Girard Trust Co., Philadelphia.

The company began the payment of dividends by the declaration in January. 1900, of 9U per cent, on both preferred and common stock for the first six months of its operations. It paid

increased to per cent., or 7 per cent, per annum.

Industrial Securities 581

President and General Manager, T. Zurbrugg:, Philadelphia. Vice-President, Edward T. Stotesbury, Philadelphia. SecreUry and Treasurer, Charles M. Fogg, Philadelphia. Assistant Treasurer, Frank H. Kain, Philadelphia.

Directors— Caleb F. Fox, Philadelphia. James F. Hope, Philadelphia. Effingham B. Morris, Philadelphia. Irving Smith, New York. Edward T. Stotesbury, Philadelphia. Edward L. Welsh, Philadelphia. T. Zurbrugg, Riverside, N. J.

Main office, comer Nineteenth and Brown streets, Philadelphia. Annual meeting, fourth Friday in January, at Philadelphia.

KmeS COUKTY ELECTRIC LIGHT i POWER CO.

A corporation formed under the laws of New York, June 96, 1890. It obtained its franchise from the City of Brooklyn by resolution of the City Council, adopted June 11, 1894. The company was reorganised in 1897. It controls practically all the electric current plants in the Borough of Brooklyn. It acquired the entire stock of the Edison Electric Illuminating Co. of Brooklyn, for which company see Manual for 1898. The Edison Electric Illuminating Co. acquired the Citizens' Electric Illuminating Co. in 1895, and in 1898 the Municipal Electric Light Co. The present company has erected a large power station at the foot of Gold street, Brooklyn. Stock Par $100 Authorized, $10,000,000 Issued, $10,000,000

Stodc is transferred by the Secretary of the company, Brooklyn, N. Y. Registrar, Central Trust Co., New York.

In July, 1905, the authorized stock was increased from $5,000,000 to $10,000,000, and stockholders were offered the right to subscribe at par for. $3,300,000 new stock, payable on or before March x, 1906, making the amount issued $8,200,000. In November, 1906, stockholders were given the right to subsmbe for the remaining $1,800,000 stock at par, payable March i, 1907, making the amount issued $10,000,000.

The company paid an inital dividend of per cent., quarterly, June x, 1900, and similar dividends were subsequently paid quarterly in March, June, September and December, until June 1903* when the rate was 2 per cent, for the quarter, or 8 per cent, per annum, which has since been the regular rate.

Funded Debt

xst mort., gold, 5 per cent., due Oct., 1937, April and Oct $2,500,000

Purchase-mon mort., 6 per cent., due Oct., 1997, April and Oct 5, 176,000

EdisoQ Elec. 111. of Brooklyn, cons, mort., 4 per cent., due Jan., 1939, Jan. and July 4,275,000

Total $11,951,000

The purchase-money bonds are secured by the deposit with the Central Trust Co., New York, trustee, of the Edison Illuminating Electric Co. shares acquired, a fund of $1,000,000 cash invested in securities being also held by the trustee for the protection of the purchasemoney bonds.

The Edison Electric Illuminating consolidated mortgage was authorized in 1898, originally of $5,000,000 at 5 per cent. It was, at the time of the sale of its stock to the Kings Countv Co., increased to $10,000,000, authorized, at 4 per cent., and $2,000,000 was sold, being to pay for the stock of the Municipal Co. Of the remainder, $1,875,000 was reserved to retire the $1,500,000 of Edison xst 5s, at xxo in 1900, the Edison stockholders having the right to subscribe for the bonds devoted to this purpose at 88. The balance of the issue may be used to provide for the compaiiv's future capital requirements. In 1900, $2,275,000 of the consols were sold, of which $1,875,000 were to retire the Edison xst mortgage bonds, and $400,000 to provide for extending the EcUson Co.'s business.

The trustees of the mortgages and agents for the payment of interest on the different bond issues are as follows :

Kings County Co. xst mort. 5s, Trust Company of America, New York.

Kings County purchase money 68, Central Trust Co., New York.

Edison Electric 111. ist con. 4s, Morton Trust Co., New York.

Earnings

Net Dividends Surplus

President, Anthony N. Brady, ist Vice-President, Alden M. Young, sd Vioe-President and General Manager, W. W. Freeman. Secretary, J. H. Evans. Treasurer, P. R. Atkinson.

Directors — Frank Bailey. William Berri. Anthony N. Brady. Nicholas F. Bradjr. Horace C. Duval. Walton Ferguson. W. W. Freeman. Bernard Gallagher. Hugh J. Grant. Seth L. Keeney. Thomas £. Murray. William F. Sheehan. Alden M. Young.

Main office, 360 Pearl street. Brooklyn, N. Y. Annual meeting, fourth Monday in February, at Brooklyn.

Kirby Lumber Co.

A corporation formed under the laws of Texas in July, 1901. The company owns and operates about 15 saw-mills in the lumber region of Eastern Texas. It purchased some 8,000,000,000 feet of standing timber from the Houston Oil Co. , of Texas, on stumpage contracts and it is closely identified with that company. In 1902 it acquired additional timber lands. See below regarding the receivership, etc Also see statement of the Houston Oil Co., of Texas, for details concerning the relations between the two companies and the issue of timber certificates created in connection with the contracts referred to above.

Stock Par $100 Authorised I Iss"J 1 SS'f'' [ $10,000,000

The preferred stock is 7 per cent., cumulative. Transfer Agent, Planters & Mechanics Bank, Houston, Tex.

The Houston Oil Co., of Texas, having failed to deliver the 8,000,000,000 feet of timber which it had sold the Kirby Lumber Co. and further payments by the latter company on account of its contract to purchase same having been refused until the timber was furnished, the Maryland Trust Co., to which the timber payments had been assigned, brought suit in February, 1904, in the United States Court for the Southern District of Texas and Receivers were appointed for both the Houston Oil Co., of Texas, and the Kirby Lumber Co. Payments of mterest and prindpal of thf certificates have been made from time to time by the Receivers. See statement of the Houston Oil Co.

In February, 1904, a committee, George W. Young, New York, Chairman, invited the deposit of the timber certificates with the United States Mortgage & Trust Co., New York, under a protective agreement. In February, 1908, it was reported that a settlement of disputes was under negotiation.

Receivers, Joseph S. Rice, Houston, Tex. Cedl A. Lyon, Sherman, Tex.

President, John H. Kirbv, Houston. Vice-Pmident, H. Baldwin Rice, Houston. Secretary and Treasurer, W. Nelson Shaw, Houston.

Directors— F. M. Aldridge, Houston. B. F. Bonner, Houston. James L. Kiiby, Kountse, Tex. John H. Kirby, Houston. S. A. McNeely, Houston. Charles H. Moore, Galveston, Tex. H. Baldwin Rice, Houston. W. Nelson Shaw, Houston. William Wiess, Beaumont, Tex.

Corporate and main office, Houston, Tex. Annual meeting, second Tuesday in November, at Houston.

The Khickerbocker Ice Co.

A corporation formed under the laws of Illinois in 1885. Under its charter the company is authorisea to deal in ice, building material and merchandise, and to manufacture wagons, tools and machinery. In 1898 the company acquired practically all the ice organizations in and about the city of Chicago, 111. Its property consists of 39 parcels of land in Chicago, with improvements valued at $1,879,328, property in Illinois, Wisconsin and Indiana, comprising 75 parcels of land, about 3.785 acres, with 87 ice plants and buildings and improvements.

In December, 1906, Thomas, Maclay & Co., New York, announced that they had agreed to sell to the Western Ice Co. a majority of the stock of this company. In a circular dated December 17, 1906, they offered holders of Knickerbocker Ice Co. stock the privilege of selling their holdings on the following terms : for each share of Knickerbocker preferred $90 in Western Ice general and collateral bonds and $25 in Western Ice stock ; for each share of Knickerbocker common $80 in the Western Ice bonds and $45 in the latter's stock. Certain stockholders objecting to the above plan a protective committee was formed to represent the Knickerbocker Ice Co. shareholders, J. N. Wallace, New York, Chairman, F. C. Randall, 54 Wall street. New York, Secretary. This committee instituted legal proceedings and in February, 1907, procured a temporary injunction. In September, 1907, an arrangement was made by the committee whereby the stockholders they represented were to receive 95 for the preferred and 66 for the common. Payments under this arrangement were deferred and in February, 1908 it was reported that the arrangement in question might not be completed.

Industrial, Securities 583

The preferred stock is 6 per cent., cumulative, and is convertible into common stock, share for share, and has no priority as to liquidation of the company's assets. Both classes of stock have equal voting power.

Transfer Agents, WaUton H. Brown & Bros., 40 Wall street, New York. Registrars, Central Trust Co., New York; Northern Trust Co., Chicago.

Dividends of 6 per cent, are paid on the preferred stock, payments being 3 per cent, each, in January and July. The company formerly paid i per cent, quarterly on the common stock, but suspended such dividends in July, 1900. In November, 1900, 4 per cent, was, however, paid on the common stock, but none since.

Funded Debt

ist mort., 5 per cent, gold bonds, due 1998, April and Oct $1,936,000

Gold collateral notes, 5 per cent., due February, 1909, Feb. and Aug 1,444,000

The 1st mortgage, created in 1898, is $2,500,000 authorized, and was made in pursuance of

Xrust Co. and W. E. Finney. $43,000 of bonds are reserved to pay off prior liens on various properties.

In Z906, an issue of $6,000,000 40-year 5 per cent, refunding bonds was authorised. The

gold collateral 5 per cent, notes are secured by the deposit of $3,299,000 of the refunding bonds.

Earnings

Net Charges Dividends Surplus

President, John S. Field, Chicago. Secretary, William A. Walter, Chicago. Treasurer, Alexander D'ahlman, Chicago.

Directors—John S. Field, Chicago. Charles B. Shedd. Chicago. Edward R. Thomas, New York. Elverton R. Chapman, New York. William Coffeen, Chicago. John W. Gary, Chicago. W. W. Gurley, Chicago. F. W. Upham, Chicago.

Main office, 171 La Salle street, Chicago. Annual meeting, first Wednesday in February.

KHOXIf/LLE RAILWAY AND LIGHT CO.

A corporation formed under the laws of Tennessee, August 5, 1905. The compan v was organised as a consolidation of the Knoxville Traction Co. and The Knoxville Electric Light and Power Co. The Knoxville Park Association is owned. The Knoxville Traction Co. was formed 1898, and was a consolidation of the following companies :

Knoxville Street Railroad Co. Union Railway Co.

Citisen's Railway Co. West End Street Ralkoad Co.

The company operates all the street railway and municipal and commercial electric lighting properties in Knoxville. It has 39 miles of electric railway and a power station, and serves a population of about 80,000.

In 1906, the American Cities Railway & Light Co., acquired nearly all the stock. See statement of that company.

Transfer Agents, United States Trust Co., Louisville; office of the company, Knoxville. Registrars, Fidelity Trust Co., Louisville ; Elast Tennessee National Bank, Knoxville.

The preferred stock is 6 per cent, cumulative. The first dividend on the preferred was per cent., paid January 15, 1906 and similar quarterly dividends have since been paid in January, April, July and October.

The first dividend on the common stock was 2 per cent., paid June 29, 1907. In September, 1907, paid I per cent, and on December 31, 1907. i per cent.

Funded Debt

Knoxville Traction, ist mort., 5 per cent, gold, due April, 1938, April and Oct $834,000

Knoxville Ry. & Light cons, mort., 5 per cent., due April, 1945, March and Sept 1,733,000

Total t . . . $2,556,000

The Knoxville Traaion xst mortgage is the total amount authorized. Trustee of the naortgage and agent for the payment of interest, Baltimore Trust & Guarantee Co., Baltimore. After the stock receives 5 per cent, dividend there is to be a sinking fund of $ko,ooo annually. Xhe Knoxville Railway & Light consolidated mortgage is for $3,000,000, there being $834,000 of the issue held to retire the Knoxville Traction xst mortgage bonds. Trustee of the mortgage aod agent for the payment of interest. Standard Trust Co., New York.

1907 r 605,777 383,334 139,010 I53.3M

President, C. H. Harvey, Knoxville, Tenn. Vice-President, W. S. Shields, Knoxville. Secretary, Leon Fender, Knoxville. Treasurer and Auditor, H. T. Bunn, Knoxville.

Directors-George H. Davis, New Orleans. F. L. Fisher, Knoxville, Tenn. C. T. Cates, Jr., Knoxville. C. H. Harvey, Knoxville. E. E. McMillan, Knoxville. J. K. Newman, New York. W. S. Shields, Knoxville. Fritz Staub, Knoxville. B. B. Veech, Louisville.

Corporate and main office, 806 Gay street, Knoxville, Tenn. Annual meeting, first Saturday after the first Sunday in February, at Knoxville. Fiscal Agents, Isidore Newman & Son, New Orleans and New York.

LACKMWAmiA A WYOHHIB ¥ALLEY RAPID TRAMSIT CO.

A corporation formed under the laws of New Jersey in October, 1900. It acquired the following corporations :

Lackawanna & Wyoming Valley Railroad Co. Scranton & Northeastern Railroad Co. Central Valley Raih:oad Co. Wilkes-Barre Railroad Co.

Lackawanna Tunnel Co.

The company owns a double-track steam and electric road from Carbondale, Pa., to Wilkes- Barre, via Soanton and Pittaton, 49 miles, of which 14 miles is under construction. A railway tunnel, about 5,000 feet in length, has been constructed in Scranton.

The Westinghouse Electric & Manufacturing Co. has a large interest in the company. Stock Par $100 Authorised, $6,500,000 Issued, $6,500,000

Transfer agent, E. B. Bulkley, 35 Broad Street, New York. Registrar, SUndard Trust Co., New York.

Funded Debt Collateral trust mort., 5 per cent, gold, due Aug., 1951, Feb. and Aug $71583,000

The authorised amount of the collateral trust mortgage is $10,000,000, the balance of the bonds being held for issue as construction of the road progresses. Trustee of the mortgage and agent for the payment of interest. Standard Trust Co.. New York.

President, George C. Smith, New York. Vice-President, John R. McGinley, Pittsburg. Vice-President, Louis A. Watres, Scranton, Pa. Treasurer and Assistant Secretary, Carl M. Vail, New York. Secretary and Assistant Treasurer, A. W. Sexton, Jr., New York.

Directore— Henry J. Conant, New York, Charles F. Conn, Scranton. C. S. Gray, Pittsburg. H. B. Gill, Philadelphia. George W. Hebbard, New York. Charles B. HiU, New York. Sydney E. Junkins, New York. Walter C. Kerr, New York. William C. Lane, New York, W. M. McFarland, Pittsburg. John R. McGinley, Pittsburg. Thomas F. Penman, Scranton. Dudley Phelps, New York. George C. Smith, New York. Charles A. Terry, New York. Louis A. Watres, Scranton.

Main office, Scranton, Pa. Executive and Treasurer's office, ;o Bridge street, New York. Annual meeting, second Wednesday in March, at Camden, N. J.

Lackawakka Steel Co.

A corporation formed under the laws of New York, February 14, 1903. Its property consists of rolling mills, steel works, bUst furnaces, coke ovens, open-hearth furnaces, foundry, shops, etc., located at West Seneca, near Buffalo, Erie County, N. Y. ; iron ore mines m

Industrial Securities 585

Minneflota, Michigan and elsewhere ; bituminous coal lands and mines. The company absorbed the Lackawanna Iron & Steel Co., Lackawanna Coal & Coke Co., the South Buffalo Railway Co., Scranton Mining Co., and has interests in other mining properties and companies, including the Cornwall Iron Co. and the Cornwall & Lebanon Railroad Co. The plant at West Seneca, N. Y., near BufiFalo, was completed In 1906. The annual capacity 01 the works is about 1,350,000 tons of finished steel product, including 670,000 tons of steel rails. In December,' ZQ06, control of the Ellsworth Collieries Co., which has a large coal acreage in Washington County, Pa., was acquired. Stock Par $100 Authorized, $60,000,000 Issued, $54,971,400

The stock of the Lackawanna Iron & Steel Co. was exchanged, share for share, for this company's stock. In 1903 the stockholders subscribed at par for $15,000,000 additional stock payable in instalments, the last call for ao per cent, on the same maturing April i, 1904.

Stock is transferred at the office of the company. New York. Registrar, Farmers' Loan & Trust Co., New York.

Funded Debt

i8t mort., 5 per cent, convertible, due April, 1933, April and Oct $15,000,000

5-year collateral notes, 5 per cent., due March, 19x0, March and Sept 10,000,000

a-year secured notes, 5 per cent., due March, 1909, March and Sept 5,000,000

Total $30,000,000

The ist mortgage is for $ao,ooo,ooo, and was created in March, 1903. Trustee of the mortgage, Farmers' Loan & Trust Co., New York. The issue was made to provide funds for the enlargement of the plant.

In February, 1905, a 5 per cent $30,000,000 consolidated mortgage, due March, 1935, March and September, was authorised, $13,500,000 of the bonds to be used for the present as collateral for the issue of five-year. 5 per cent, notes for $10,000,000. The notes are redeemable at par on sixty days' notice. The a-year notes dated March i, 1907, are secured by $3,500,000 consols and the stock of the Ellsworth Collieries and of other properties controlled by this company.

The company guarantees principal and interest of $1,500,000 purchase money notes and $5,900,000 purchase money bonds of the Ellsworth Collieries Co. It also guarantees $780,000 5 per cent, collateral trust 5 per cent, bonds of the Lake Erie Co., due May, 1920, interest May and November.

The Lackawanna Iron & Steel Co. has $1,775,000 5 percent, bonds, due February, 1936 outstanding.

Earnings „

Gen. Expenses Gross Net and Charges Surplus

From the surplus for 1906, $515,507 was charged to additions and improvements, leaving the net surplus $3,843,458.

President, E. A. S. Clarke, New York. Vice-President, Moses Taylor, New York. Vice- President and General Manager, C. H. McCullough, Jr., Buffalo. Secretary, F. F. Graham, New York. Treasurer, J. P. Higginson, New Yo. Comptroller, Marshall Lapham, Buffalo. General Sales Agent, H. Sanborn Smith, New York.

Directors— J. J. Albright, Buffalo. C. Ledyard Blair, New York. E. A. S. Clarke, New York. Mark T. Cox, East Orange, N. J. Warren Delano, Jr., New York. G. R. Fearing, Jr., Boston. B. S. Guinness, New York. Edmund Hayes, Buffalo. Adrian Iselin, Jr., New York. J. G. McCullough, North Bennington, Vt. Samuel Mather, Cleveland, O. Darius O. Mills, New York. John J. Mitchell, Chicago. Moses Taylor Pyne, New York. James Speyer, New York. Henry A. C. Tavlor, Newport, R. I. Moses Taylor, Mount Kisco, N. Y. Hamilton McK. Twombly, New York. R. B. Van Courtlandt, New York. Cornelius Vanderbilt, New York. Henry Walters, Baltimore.

Main office, 3 Rector street, New York. Annual meeting, second Wednesday in March, at West Seneca. N. Y.

Laclede Gaslight Co.

A corporation formed by a special Act of the Legislature of Missouri, March 3, 1857. Its charter is perpetual, and confers upon the company the perpetual right to use the streets of St. Louis for its pipes and any appliance for conducting a substitute for gas. In 1889 the company secured control of all the other gas organizations In that city. Its plants have a capacity of about 6,000,000 feet per day, with about 430 miles of street mains. 65.500 consumers' meters and 8,000 lamp services and lamp posts. The company also owns and operates a large electric light and power plant.

S86 The Manual Op Statistics

In March, 1903, control of this company was acquired by the North American Co., which controls practically all the other gas and electric properties in St. Louis. In January, X905 announced that the North American Co. had arranged to acquire the remaining outstanding stock of this company. See the former company's statement.

( pref., 3,500,000 S i pref., 3,500,000 )

The preferred stock is 5 per cent., cumulative. The common stock was increased fraei $7,000,000 to $8,500,000 in 1900, and in 1904 a further increase of $9,000,000 was made in the authorised amount.

Stock is transferred at the office of the company, New York. Registrar, Central Trust Co., New York.

The dividend of February 8, 1898, on preferred cleared off the cumulative dividends on preferred. The dividends on the preferred are paid semi-annually, per cent each, in June (153 and December. The company began paying dividends on its common with one of per cent.. semi-annual, in February, 1898, and it continued such payments on the common at the i.te of 3 per cent, per annum in 1898 and 1899. In March, 1900, the semi-annual rate was increased to a per cent., putting the common on a 4 per cent, bairis. The semi-annual dividends on the common were in March (15) and December, but in 1904 the payments were made quarterly of x per cent. each, beginning June i of that year. The dividend paid March 15, 1905, was increased to x) per cent, or 5 per cent, per annum, which has since be the regular rate.

Funded Debt

ist mort., 5 percent, gold, due May i, 1919, quarterly, Feb., May, Aug., Nov $10,000,000

Coupon notes, 5 per cent., due Feb., 191X, Feb. and Aug 1,000,000

Refunding and extension mort., 5 per cent., due April, 1934, April and Oct 7,800,000

Total. $18,800000

All the securities of other companies owned by the company are deposited with the Central Trust Co., New York, to secure the company's xst mortgage bonds. Of the bonds $385,000 were reserved to retire outstanding bonds of the old companies. The coupon notes were created iD 190 1 to provide for extensions, etc.

The refunding and extension mortgage was created in X904 to provide for improvements The authorized amount is $ao,ooo,ooo, Uiere being $10,000,000 reserved to retire the xst mortal 5s. The bonds cannot be redeemed prior to maturity. Trustees of mortgage. Bankers* Trust Co., New York, and Mississippi Valley Trust Co., St. Louis. Additional bonds can only be issued up to 85 per cent, of the cost of the improvements for which they are sold.

In 1893, net earnings were $763,785; in 1894, $808,5x8; in 1895, $883.899 ; in 1896, $782,2x3 ; in 1897, $883,059 ; in 1898. $939,180 ; in X899, $i,03x,373 ; in 1900, $1,000,730 ; in X90X, $1,054,870 : in x9oa, $1,153,578 ; in 1903, $1,113,399. In the year ending August 31, X905, gross, $3i3xS,3i9; net, $i,3i7t385- In 1906. gross, $3,524,440; net, $1,495,083; charges, $836,319: bahuoe surplus, $658,764. In X907, gross, $3,739,728; net, $1,636,746; charges, $956,393; surplus, $680,353.

President, John I. Beggs, Milwaukee. Vice-President, Breckenridge Jones, St. LomsL Vice-President, E. G. Cowdery, St. Louis. Vice-President, P. E. Bisland, St. Louis. Secretary, C. L. Holman, St. Louis. Treasurer, C. A. Tucker, St. Louis.

Directors— John I. , Milwaukee. E. M. Buckley, New York. E. G. Cowdery. St. Louis. C. H. Huttig, St. Louis. Breckenridge Jones, St. Louis. W. F. Nolker, St. Louis. George R. Sheldon, New York. Julius S. Walsh, St. Louis. Charies W. Wetmore, New York.

Main office, Kinloch Building, St. Louis. Annual meeting, third Monday in January, at Sc Louis.

Uk£ Shore Electric Railway Co.

A corporation formed under the laws of Ohio in 1901. The company is a consolidation of the follovirmg companies :

Lorain & Cleveland Railway Co. Sandusky, Norwalk & Southern Railway Ca

Sandusky & Interurban Railway Co. Toledo, Fremont & Norwalk Railroad Co.

In 1905 the company acquired the Lorain Street Railway Co. and the Avon Beach & Sootbem Railway Co., both of which are leased to this company.

The company controls 215.39 miles of electric trolley railway, connecting Toledo, Norwalk, Sandusky ana Lorain, O., with Cleveland. The line was opened for business in 1902.

The preferred stock is 5 per cent., cumulative. Transfer Agent, Cleveland Trust Co., Cleveland. Registrar, Dime Savings & Banking Co., Cleveland.

Industrial Sbcuritibs 587

Funded Debt

xst consolidated mort., 5 per cent., due Jan., 1903, Jan. and July $2,750,000

General mort., 5 per cent., due Feb., 1933, Feb. and Aug 908,000

Lorain & Cleveland ist mort., 5 per cent., due July, 1937, Jan. and July 750,000

Toledo, Fremont & Norwalk ist mort., 5 per cent, due Jan., 1990, Jan. and July. . . 1,500,000

Total $4,908,000

The xst consolidated mortgage created in 1903 is for $4,000,000. The authorized amount of the general mortgage is $7,000,000. Trustee and agent for payment of interest on both issues. Citizens' Savings & Trust Co., Cleveland. The Toledo, Fremont & Norwalk ist mortgage bonds are guaranteed, principal and interest, by this company.

Earminos

GroM Net Charges Surplus

Net

Charges

President, E. W. Moore, Cleveland. Vice-President, W. H. Price, Cleveland. Vice- President and General Manager, F. W. Coen, Cleveland. Secretary and Treasurer, John P. Witt, Cleveland.

Directors— F. W. Coen, Cleveland. Jay Cooke, 3d, Philadelphia. H. A. Everett, Cleveland. W. J. Gawne, Cleveland. J. B. Hanna, Cleveland. James B. Hoge, Cleveland. A. Lowenthal, Cleveland. B. Mahler, Cleveland. £. W. Moore, Cleveland. W. H. Price, Cleveland.

Main ojffice, Electric Building, Cleveland. Annual meeting, third Tuesday in January, at Cleveland.

The Lmk£ Superior Corporatiok

A corporation formed under the laws of New Jersey, May 19, 1904. The company succeeded the Consolidated Lake Superior Co., which was reorganized under the plan referred to below. It acquired, either directly or through a subsidiary Canadian organization, all the capital stock of the various companies owning and operating manufactories and other enterprises in or about Sault Ste. Marie, Ontario, the different companies being as follows : Algoma Central & Hudson Bay Railway Co. Lake Superior Power Co. Manitoulin & North Shore Railway Co. International Transit Co.

Algoma Commercial Company, Limited. Trans St. Mary's Traaion Co.

Alioma Iron Works. Tagona Water & Light Co.

British-America Express Co. Sault Ste. Marie Pulp & Paper Co.

Algoma Steel Company, Limited. Michigan Lake Superior Power Co.

The properties include a steel works and rail mill, blast furnaces, nickel works, machine shops and foundries, wood-pulp mills, saw mills, car shops, electric light and power plants, iron and nickel ore mines and two water-power canals. The Algoma Central & Hudson Bay Railway Co. and the Manitoulin & North Shore Railway, which are controlled, comprise 106 miles of road, and the company also has nine ore, freight and passenger steamships. Stock Par $100 Authorized, $40,000,000 Issued, $40,000,000

Stock is transferred at the ofiSce of the company, Philadelphia. Registrar, Fidelity Trust Co., Philadelphia.

Funded Debt

ist col. trust mort., 5 per cent., due June, 1914, June and Dec $8,931,000

Income mort., 5 per cent., due Oct., 1934, Oct 3,000,000

There are also underlying bonds of constituent properties amounting to $1,013,573. The Michigan Lake Superior Power Co., has $3,500,000 of 5 per cent, bonds due May, 1949, May and November, which, however, are not an obligation of the parent company.

The ist collateral trust mortgage is for $10,000,000, and is secured by all the property of the company and its equity in the collateral deposited for the $3,000,000 two-year notes of the Canadian Improvement Co. hereafter referred to. On June 30, 1907, $1,079,000 of the bonds were in the company's treasury and $345,000 was held as a fund for extension of The Algoma & Hudson Bay Railway.

The Manual Op Statistics

In December, looa, a syndicate formed by Sgeyer St Co., New York, advanced $5350i.ooo to the Consolidated Lake Superior Co. to pay off its floating debt and provide for immediate requirements, the company*s holding;s of stocks of subsidiary organisations being deposited as collateral for the loan. In September, 1903, a Receiver was appointed. In December, xgo the securities, held as security by the syndicate loan of $5,250,000, were sold and bought in by Speyer & Co. Further negotiations ensued, and in March, Z004, an agreement was reached and a plan of reorganisation submitted. The plan was underwritten by the Canadian ImprOremeat Co., which secured from the Province of Ontario a euaranty of a loan of $3,000,000 for two vears at 5 per cent., to secure which the Provincial Government required that there should be deposited with the trustee all the stocks and bonds of the Algoma Cential & Hudson Bay Railway Co. and the Manitoulin & North Shore Railway Co., to be held until the payment oi the notes at their maturity, May z, 1906, when they revert to the trustee of the new company mortgage bonds. The Provincial Government also received as additional security the axnoant of bonds, income bonds and stock of the new comoany, to which the sum of $a,ooo,ooo would be entitled under the underwriting of the plan. One half of the $a,ooo,ooo loan guaranteed by the Ontario Government was paid in May, 1906 and the remaining $1,000,000 with the guaramy thereon extended until April i, 1908. The Canadian Improvement Co. furnished the new company with a cash workmg capital of $1,000,000.

The depositanr under the plan was the Fidelity Trust Co., Philadelphia, and the teims on which the old stockholders paxtidpated in the reorganisation were as follows : The okl preferred stockholders, on payment of a cash assessment of $3 per share, or $300 on each 100 shares of preferred, received $joo in new income bonds and $5,000, or 50 shares of the new oompanT stock ; the old common stockholders, on payment of a cash assessment of $3 per share, or $300 on 100 shares of common, received $300 in new income bonds and $3,500, or 25 shares of new stock. The plan, being declared operative, was carried into effect in May, 1904.

Earnings

Year ending June 30

Income for Total ru.— . Interest, Ezpeasei c„.i_

Sub. Co'. Income Chargei axe. Surptat

1904-0S $543455 $585,539 $45a74 $98,56a $3

In 1906-07, the sub-companies in addition to dividends paid to the parent organisatioo carried $343,000 from net earnings to improvements and working capital.

The total surplus account, June 30, 1907, was $471,313 after payment of $150,000 interest on the income bonds.

President, Charles D. Warren, Toronto. xst Vice-President, Francis B. Reeve, Philadelphia, ad Vice-President, Thomas J. Drummond, Montreal. Secretary and Treasurer, John T. Terry, Jr., New York. Assistant Secretary and AssisUnt Treasurer, Edward White, New York.

Directors— Thomas J. Drummond, Montreal. James Hay, Philadelphia. Charles S. Hinchman, Philadelphia. J. TatnaU Lea, Philadelphia. HoraUo G. Lloyd, Philadelphia. Leander N. Lovell, Plainfield, N. J. George Patterson, Preston, Can. Francis B. Reeves, Philadelphia. William J. Sheppard, Toronto. John T. Terry, New York. R. Wilson-Snith, Montreal.

Main office, Sault Ste. Marie, Ontario. New York office, 11 1 Broadway. Annual meeting, first Wednesday in October, at Jersey City.

Lancaster Coumty Railway A Li6Ht Co.

A corporation formed under the laws of New Jersey, June 15, 1901. The company acquired the following properties :

Conestoga Traction Co. Lancaster Gas Light 8c Fuel Co*

ColumbU Electric Light & Power Co., Colum- Edison Electric Illuminating Co., Lancaster. bia. Pa. Pa.

In February, 1907, it was stated that control would be assumed by the Susquehanna Railway, Light & Power Co., and to extend the lines of the system to Philaddphia and Harrisburg. u connection with the above, Bertron, Storrs & Griscom, New York, offered to buy the $1,000,000 common at $100 per share, which offer was accepted by the holders of the common in January,

The preferred stock is 5 per cent., cumulative. Stock is transferred at the office of the company, Lancaster, Pa. Registrar, Lancaster Trust Co., Lancaster.

Industrial, Sbcuritibs 59

The first dividend on the preferred stock was 3 per cent, paid July i, 1904. A second dividend of 3 per cent, on the preferred was paid October i, 1004, and dividends of the same amount in Januarv, 1005, and July, 1905. In December, 1905, paid per cent In 1906, 4 per cent. was paid in March and per cent in August. In 1907, paid a per cent, in January and 5 per cent, in July. In January, 1008, paid per cent.

The Lancaster & Columbia Co. has $37,500 stock on which 30 per cent per annum is paid.

FUKDED Debt ist mort., 5 per cent, due 1951, Jan. and July $1,000,000

The authorised bond issue is $1,000,000. Trustee of the mortgage nd agent for the payment of interest The Lancaster Trust Co., Lancaster, Pa.

Funded Debt— Controlled Roads

Lancaster & Columbia ist mort., 5 per cent., due April, 1933, April and Oct $325,000

Lancaster City Railroad ist mort, 5 per cent, due April, 1930, April and Oct x6o,ooo

West End Street Railway ist mort., 5 per cent., due May, 1931, May and Nov 335,000

Conestoga Traction ist mort., 4 per cent, due Jan., 1950, Jan. and July 1*377*500

Total $1,887,500

There are $300,0005 per cent, bonds of the Edison Electric Illuminating Co.; 5 percent bonds and $70,500 6 per cent bonds of the Lancaster Gas Light & Fuel Co., and $135,000 5 per cent, bonds of the Columbia Electric Light, Heat & Power Co.

Earnings

Year ending June 30

Charges

Grots ' Net and Taxes Surplus

1905-06 a3549S M4.794 56,300 i68,494

President. William W. Griest, Lancaster, Pa. Vice-President, George Bullock, Philadelphia. Secretary and Treasurer, A. S. Cooke, Philadelphia.

Directors— John W. B. Bausman, Lancaster. James Brown, Philadelphia. R. H. Brubaker Lancaster. William W. Griest, Lancaster. John S. Hertxkr, Lancaster. David A. Howe, WiUiamsport, Pa. Charles B. Keller, Lancaster. H. C. Schock, Mount Joy, Pa. J. Frederick Sener, Lancaster. Philip B. Shaw, WiUiamsport. P. E. Slaymaker, Lancaster. Elwood S. Snyder, Lancaster. Lewis Starr, Camden, N. J. H. L. Trout, Lancaster.

Corporate office, iii Market street, Camden, N. J. Main office, Woolworth Building, Lancaster, Pa. Annual meeting, third Tuesday in July, at Camden.

Lamstom Komotype Kachime Co.

A corporation organised in 1887 and incorporated under the laws of Virginia in 1893. The business of the compsmy is the manufacture, sale and rental of machines for composing and the castii of type in printing offices, the apparatus for this purpose being covered by the patents owned by this company. The company has a factory in Philadelphia for the manufacture of the machines, which was established at a cost of $600,000. There are a large number of the machines in successful use in newspaper and printing offices in the United States and Canada, including that of the New York Sun and the Government Printing Office at Washington.

The company controls and has a contract for the sale of its machines in Continental Europe with the Lanston Monotype Corporation, Limited, of London. Stock Par $30 Authorised, $5,000,000 Issued, $4,985,400

Stock is transferred at the office of the company, Philadelphia.

The first dividend was 3 per cent., in April, 1906, and a similar dividend was paid October 33, 1906, making 4 per cent, tor the year 1906. In April, 1907, 3 per cent, was again paid, but the October dividend was passed.

The company, on February 38, 1906, had bills payable to the amount of $350,000.

The company has interests in the stock of other companies formed to introduce the Lanston machine in different countries. These holdings are valued in the company's balance sheet at

The report for the year ending February 38, 1906, showed sales amounting to $1,058,837, and profits for the year, $305,148. Year ending Febniary 38, 1907, gross sales, $1,313,873; net profits, $514,733. The balance to credit of profit and loos, March i, 1907, was $916,160.

President, J. Maury Dove, Washmg;toii, D. C. \nce-President, WUliam M. Laffan, Nev York. General Manager and Treasurer, J. Sellers Bancroft, Philadelphia. Sales Manager. Wilfred Bancroft, Philadelphia. Secretary, W. Arthur SelUnan, Philadelphia. Aasistant Treasurer, Joel. G. Clemmer.

Directors— Joseph Bryan, Richmond, Va. J. Maury Dove, Washington. VUiam H. Goadlw, New York. R. Suydam Grant, New York. H. C. Hallenbeck, Nevr York. William M. Laffan, New York. Adrian H. Larkin. New York. J. C. Maben, Birmingham, Ala. Henry Parsons, New York. H. O. Seixas, New York. MaxweU WoodhuU, Washington.

Main office, 1331 Callowhill street, Philadelphia. Annual meeting, second Thursday in April, at Alexandria, Va.

The Laurektide Paper Co., Limited

A corporation formed under the laws of the Dominion of Canada, its name being originally the Laurentide Pulp Co., which was changed to the present style in 1003, when the company engaged in the manufacture of paper as well as of pulp. The mills of the company are located at Grand Mere, Que., and it has timber rights aggregating 1,825 square miles.

The preferred stock is 7 per cent., cumulative. It was created and sold in 1904 to provide for the enlargement of the company's plant Transfer Agent and Registrar, Royal Trust Co., Montreal.

Dividends on the preferred stock are paid quarterly, per cent, each in January (x), April, July and October. On the common the company pays semi-annual dividends of 3 per cent, each in February and August. In February, 1908, the dividend on the common was per cent.

Funded Debt ist mort., 6 per cent gold, due Jan., 1990, Jan. and July $1,012,513

The ist mortgage is for $i,aoo,ooo, there being a sinldng fund by which $187,486 of the issue has been retired. The mortgage covers all the properties of the company, including water power and timber rights.

Profits for the year ending June 30, 1907, were stated to be $383,321.

President, Sir William C. Van Home, Montreal. Vice-President and Manager, George Chahoon, Jr., Grand Mere, Que. Secretary, E. Alexander, Montreal. Treasurer, John H. A. Acer, Grand Mere.

Directors — Richard B. Angus, Montreal. George Chahoon, Jr., Grand Mere. Edwin Hanson, Montreal. Charles R. Hosmer, Montreal. James Ross, Montreal. Charles F. Smith, Montreal. Sir William C. Van Home, Montreal.

Main office, Canadian Pacific Telegraph Building, MontreaL Operating office. Grand Mere, Que. Annual meeting, third Tuesday m October.

LAWREKCE KAMUFACTURIKe CO.

A corporation formed under the laws of Massachusetts, June 7, 1831, for the purpose of manufacturing cotton hosiery and underwear. The company has mills at Lowell, Mass. Stock Par $100 Authorised, $1,250,000 Issued, $1,250,000

Stock is transferred at the office of the company, Boston.

Dividends are 4 per cent., semi-annual, in and December, or 8 per cent per annum.

President, T. Jefferson Coolidge, Boston. Treasurer, Clifton P. Baker, Boston.

Directors-Charles W. Amory, Boston. Clifton P. Baker, Boston. Henry B. Cabot, Boston. T. Jefferson Coolidge, Boston. T. Coolidge, Jr., Boston. Georg A, Gardner, Boston. Arthur T. Lyman, Boston.

Corporate and main office, Washington and Court streets, Boston. Annual meeting:, seoood Tuesday in June, at Boston.

LEHIGH i WILKES-BARRE COAL CO.

A corporation formed under the laws of Pennsylvania in 1874. It controls a number of coal mines and owns 28,909 acres of anthradte coal lands in the Wyoming and Lehigh anthracite regions. Stock Par $50. Authorised, $10,000,000 Issued, $9,213,500

Charges

Surplus

Def.

asurer, G.

Industrial Securities 59

Stock is transferred by the Secretaiy of the company, New York. Registrar, Central Trust Co., New York. / y

Funded Debt

Consolidated loan, extended at per cent., due June, 19x0, quar., March $12,175,000

Income bonds. May and Nov. 2,353,000

5 per cent. mort. loan, due Nov., 191a, May and Nov 2,691,000

Gold bonds, due June, 1910, June and Dec 8,834,338

Total $26,053,338

The Central Railroad Co., of New Jersey, owns $8,460,400 of the company's stock and all of the income and gold bonds due in 1910. The consolidated mortgage bore 7 per cent, interest and matured June i, 1900, when it was extended at per cent, until 1910, with the guarantee of principal and interest by The Central Railroad Co., of New Jersey.

Earnings Year ending June 30 Gron Net

i902-< (18 mos. ending June 30).. . . 17,831,792 2,504,349

I9P3-04 16,725,996 2,203,343

President, George F. Baer, Philadelphia. Secretary and Treasurer, New York.

Directors— George F. Baer, Philadelphia. George F. Baker, New York. Samuel Dickson, Philadelphia. Joseph S. Harris, Philadelphia. J. Rogers Maxwell, New York. Andrew H. McClintock, Wilkes-Barre, Pa. Hamilton McK. Twombly, New York.

Main office, Reading Terminal, Philadelphia. Annual meeting, Thursday following third Monday in September, at Philadelphia.

The Lehigh Coal Havi6Mti0H Co.

A company incorporated in Pennsylvania, February i-, 1822, with a perpetual charter.

This company owns the Lehigh Canal, the Lehigh & Susquehanna Railroad and branches, 163 miles, the Nesquehoning Valley Railroad, 17 miles, and the Delaware Division Canal, besiQss having an extensive anthracite coal property. It leases the Tresckow Railroad, 7 miles, and Wilkes-Barre & Scranton Railroad, 4 miles ; in all, 11 miles leased. These railroads are leased to The Central Railroad Co. of New Jersey at a rental of one-third of gross earnings. In 1904, the company acquired an interest in the Lehigh & New England Railroad Co.

This is the oldest of all the anthracite companies, having been organised in 1822. The first shipments of anthracite coal were made from its property.

Stock Par $50 Authorized, $19,113,000 Issued, $19,113,000

In 1902 the company issued and sold $1,436,665 of new stock to provide for improvements, and in November, 1904, the stockholders subscribed at par for $1,577,200 new stock. In March, X9c8, the stockholders had the right given them to subscribe at par for $1,734,500 new stock in the proportion of 10 per cent, of their holdings.

Stock is transferred at the office of the company, Philadelphia. Registrar, Fidelity Trust Co., Philadelphia.

Dividends are paid semi-annually in May and November. In May, 1900, the semi-annual rate was increased from 2 to per cent., and the dividend paid November 37, 1900, was increased to 3 per cent., putting the stock on a 6 per cent, basis, which was the rate in 1901, but the November, 1902, dividend was reduced to 2 per cent., making 5 per cent, on the stock for 1902, In 1903, the dividends were 3 per cent, seminannually, or 6 per cent, for the year. In 1904, the dividends paid were 7 per cent., the semi-annual payments being per cent. In 1905, paid 8 per cent or 4 per cent, semi-annually, which was also the rate paid in 1906 and 1907.

In December, 1904, stockholders were invited to deposit their stock in a voting trust to run until March 1, 19x0, the trustees to have power to sell the deposited stock at $135 per share. The trustees are R. Dale Benson, Philadelphia, Edward Walter Clark, Philadelphia, George Earle, Jr., Philadelphia, George H. Fraxier, Philadelphia, and Erskine Hewitt, New York. At the end of 1906, $13,366,050 of the stock was deposited with the Provident Life & Trust Co., Philadelphia, under this arrangement.

The Manual Op Statistics

Funded Debt

fst mort., registered, extended to July, 1914, per cent., quarterly, Jan $5,ocx>,ooo

ist mort. on railroad, extended, 4 per cent, due April, 1914, quarterly, Feb 1,993,833

Mortgage, loan of 1867, extended, 4 per cent, due June, 1914, June and Dec 1,843,500

Consolidated mort., 7 per cent., due June, 1911, June and Dec. 3,470.750

General mort., per cent, due May, 1924, quarterly, February 3,686,000

Funding and impt mort., 4 per cent, due July, 1948, Jan. and July 4,306,000

Total $19,198,083

The 6 per cent, ist mortgage on railroad, due February i, 1897, was extended at 4 per cent The 6 per cent, bonds of 1867 matured in 1897 and were extended at 4 per cent There were in addition, $2,310,000 of this issue assumed by The Central Railroad Co.', of New JerMy, and paid off by it December 15, 1897, $500,000 more assumed by Lehigh & Wilke-Barre Coal Co. were paid off December 15, 1897. In 1898, this company and The Central Railroad Co., of New Jersey, became joint guarantors of $1,062,000 Lehigh & Hudson River Railroad 5 per cent bonds, of which $1,124,000 were outstanding. In 1898, a new 4 per cent Lehigh Coal & Navigation mortgage was authorized for $7,500,000.

The Delaware Division Canal is leased for interest on its bonds and 4 per cent, on its stock.

Earnings

Sinking Int., Rentals Fund and Depre-

Div. Paid Gross and Taxes dation Surplus

'598 4 $i,859783 $1,300,432 $87,709 $559,351

'899 4 2,204,123 x,a99i6" 83,802 820,7x0

900 5H 3,623,700 1,317,799 197.576 i.io8,ai3

1901 6 a,574938 1,325,365 187,077 1,062,486

903 5 a,353,099 i,354,S94 a7i,i94 7a7io

1903 6 3,xo9t33 1,397,550 aoo,38x i.5XX,ao2

90S 8 3,422,662 1,305,365 331,415 1,795*981

'907 8 4,142,282 1,380,957 406,800 3,354,535

In 1905, surplus over dividends $408,378 ; in 1906, $297,845 ; in 1907, $966,921.

Earnings include canal tolls and water power, rental of railroad and net receipts from coal sales. Coal production of company in 1894 was 1,386,482 tons ; in 1895, 1,521,695 tons; in 1896, 1,549,097 tons; in 1897, 1,530,823 tons ; in i8g8, 1,450,964 tons; in 1899, x,8o7,733 tons; in 1900. 2,098,890 tons ; in 190X, 1,005,495 tons ; in 1902, 1,112,127 tons; in X903, 2,194,119 tons; in 1904, 2,24,549 tons; in 1905, 2,051,5 tons; in 1906, 2,661,091 tons; in 1907, 3,242,736 tons.

President, W. A. Lathrop, Philadelphia, ist Vice-President, RoUin H. Wilbur, Philadelphia. Secretary and Treasurer, Harrv F. Baker, Philadelphia.

Managers— R. Dale Benson. Philaclelphia. Edward Walter Clark, Philadelphia. Richard Y. Cook, Philadelphia. Samuel Dickson, Philadelphia. James M. Duane, New York. Joseph S. Harris, Philadelphia. Bayard Henry, Philadelphia. Ersklne Hewitt, New York. W. A. Lathrop, Philadelphia. Henry P. McKn, Philadelphia. Lewis A. Riley, Philadelphia. John S. Wentz, Philadelphia.

Main office, xo8 South Fourth street, Philadelphia. Annual meeting, fourth Tuesday in February, at Philadelphia.

L£Hi6H ¥Alley Trahsit Co.

A corporation formed under the laws of Pennsylvania, November 3, 1905. The company is a reorganization of the Lehigh Valley Traction Co., the Philadelphia & Lehigh Valley Traction Co., the AUentown & Slatington Street Railway Co. and the Coplay, Egypt & Ironton Street Railway Co., which were foreclosed in 1905. The Lehigh Valley Traction Co. was formed in 1899, and absorbed the AUentown & Lehigh Valley Traction Co., which was a combination of the companies operating lines in Bethlehem, Catasauqua, AUentown and neighboring places. The Bethlehem & Nazareth Passenger Railway and the Quakertown Traction Co. are leased. Total road operated, 142 miles, of which 107 miles are owned, 10 miles controlled and 9 miles leased, there being 14 miles of second track. The company also controls the electric lighting facilities of AUentown, Bethlehem and Slatington, Pennsylvania.

The old company defaulted on interest payments in 1903 and Receivers were appointed. In July, 1904, a plan of was presented by a committee, Geoiige H. Frasier, Phila* delphia. Chairman, and the same was declared operative in December, 1904. The plan provided

Industrial Securities 593

for the formation of the new company and was duly carried out in 1905. The new company took poaseasion on December i, 1905.

The preferred stock is 5 per cent., cumulative, after 5 years. Both classes of stock are held in a Yoting trust for three years.

Funded Debt

ist mort., 4 per cent., due Dec. 1935, March and Sept $3,770,000

Cons, mort., 4 per cent., due Dec. 1935 9,040,000

Quakertown Traction, ist mort.,' guar. 5 per cent., due Sept. 1931, March and Sept. . 300,000

Total $7,500,000

The ist mortgage is for $5,000,000, of which $2,770,000 are 4 per cent., and $3,330,000, 5 per cent. Trustee of the mortgage, Guarantee Trust Co., New York.

The consolidated mortgages for $7,500,000 of which $3,500,000 are 4 per cent., and the remaining $5,000,000, 5 percent. Trustee of mortgage, Lehigh Valley Trust and Safe Deposit Co., Allentown, Pa.

This company guaranteed payment on $150,000 stock of the Bethlehem & Nazareth Passenger Railway, with also 5 per cent, on $150,000 bonds, due May, 1929, of that company.

Earnings

Grots Net Charges Surplus

1906 (year ending Nov. 30) i,077i8o 4i5,3S7 3i7,874 97.483

i907(" " ") 1,031,561 400,377 3,363 40,013

President, R. P. Stevens, Allentown, Pa. Vice-President, John C. Dawson, Philadelphia. Secretary and Treasurer, Charles N. Walter, Allentown.

Directors— George O. Albright, Allentown, Pa. John C. Dawson. Philadelphia. Geoxge H. Frazier, Philadedbhia. WiUiam F. Harrity, Philadelphia. Charles E. Ingersol, Philadelphia. Tom L. Johnson, Cleveland, O. Edward B. Smith, Philadelphia. R. P. Stevens, Allentown. Henry C. Trexler, AUentown. David Young, New York. E. M. Young, Allentown.

Main office, AUentovm, Pa. Annual meeting, second Monday in January, at Allentown.

Lit Brothers

A corporation formed under the laws of Pennsylvania in 1905, succeeding a New Jersey corporation, of the same title, formed in 1900. The company was formed to acquire and carry on the department store at the comer of Market and Eighth streets, Philadelphia, established by S. D. & J. D. Lit. The company obtained the leaseholds, improvements, fixtures, machinery, plant, stock, good-will, trade-marks and business of the firm. Stock Par $xo Authorized, $3,500,000 Issued, $3,500,000

Stock is transferred at the office of the company, Philadelphia. Registrar, The Guarantee Trust & Safe Deposit Co., Philadelphia.

The company pays dividends on its stock of xo per cent., the payments being semi-annual, in February and August.

President, Samuel D. Lit, Philadelphia. Vice-President, Secretary and Treasurer, Jacob D. Lit, Philadelphia. 3d Vice-President, R. P. Wedell Arnold, Philadelphia.

Directors— R. P. Wedell Arnold, Philadelphia. Jacob D. Lit, Philadelphia. Samuel D. Lit, Philadelphia. Charles A. Wimpfheimer, Long Branch, N. J. Benjamin Wolf, Philadelphia.

Main office, comer Market and Eighth streets, Philadelphia. Annual meeting, third Monday in February.

Little Rock Railway Mud Electric Co.

A corporation formed under the laws of Arkansas, March 17, 1903, as a consolidation of the Little Rock Traction & Electric Co. and the Little Rock Edison Electric Light & Power Co., which embraces all the traction and electric facilities of that city, and the electric lighting of a portion of Argenta, Ark. Road operated, 30 miles, including miles of double track. Over 80 per cent, of the company's stock is owned by the American Cities Railway & Light Co.

The preferred stock is 6 per cent. Dividends on the preferred are cumulative, paid semiannually, 3 per cent, each in January and July.

The first dividend on the common was 4 per cent, in' 1906. In 1907, paid 4 per cent, payments, being: pcr cent, each in January and July. In January, 1908, also paid 2 per cent, on the common.

Stock is transferred at the office of the company. Little Rock, and by the Commercial-Gcrmania Trust & Savings Bank, New Orleans. Reg:istrars, Union Trust Co., Little Rock; Isidore, Newman & Son, New Orleans.

Funded Debt ist mort., 5 per cent., due April, 1933, April and Oct $a,ooo,ooo

Interest on the bonds is payable at the Commercial-Germania Trust and Savings Bank, New Orleans, Truseee, or at the office of Isidore Newman & Son, the company's fiscal agents in New York.

Earnings

Gross Net Charges Suvplu

President, W. E. Hemingway, Little Rode, Ark. SecreUry, George B. Rose, Little Rock. Treasurer and General Manager, D. A. Hegarty, Little Rock.

Directors— Julian Blass, Little Rock. A. Brizzelara, Little Rock. George H. Davis, New Orleans. Oscar Davis, Little Rock. W. W. Dickinson, Little Rock. A. H. Ford, Birmmgham, Ala. D. A. Hegarty, Little Rock. W. E. Hemingway, Little Rock. W. L. Heminrway. Little Rock. W. M. Kavanaugh, Little Rock. J. K. Newman, New York. Gordon N. Pcay, Little Rock. George B. Rose, Little Rock.

Main office. Little Rock, Ark. Annual meeting, second Friday after first Sunday in February, at Little Rock.

Lockport Gms & Electric Light Co.

A corporation formed under the laws of New York, and owns the gas and electric lighting plants at Lockport, N. Y., which dty has a population of ao,ooo. The franchise is for xoo yeare. This company is controlled by the United Gas & Electric Co., which see. In November, X907, it was proposed to combine the company with the Economy Light, Fuel & Power Co.. of Lockport, under the title of the Lockport, Light, Heat & Power Co. Stock Par Sioo Authorized, $300,000 Issued, $150,000

Transfer Agents, Bertron, Storrs & Grisoom, 40 Wall street, New York.

Dividends on the stock are paid semi-annually, in January and July, at the rate of 4 per cent, per annum.

Funded Debt 1st mort., 5 per cent., due 1990, Feb. and Aug

The ist mortgage is for $300,000. Trustee and agent for payment of interest, Trust Co. of America, New York,

President, £. E. Witherby. Vice-President, George Bullock. SecreUry and Treasurer. A. S. Cooke. Assistant Secretary, Murray W. Dodge.

Directors— George Bullock. S. Reading Bertron. A. S. Cooke. Murray W. Dodge. M. J. Dodge. Richard S. Storrs. E. E. Witherby.

Main ofifice, Lockport, New York.

The Lohooh Electric Co., Limited

A corporation formed under the laws of the of Canada for the purpose of supplying electric light and power in the dty of London, Ont Stock Par $100 Authorised, $500,000 Issued, $4o6aoo

Transfer Agent, National Trust Co., Toronto.

Dividends at the rate of 6 per cent, per annum are paid on the company's stock, the payments being semi-annual in June (i) and December.

Funded Debt Debentures, 5 per cent., due Jan., 1919, Jan., July $100,000

Industrial Sbcurptibs 595

The bonds are held by the Dominion Surety Co. Agent for the payment of interest, Canadian Bank of Commerce, Toronto.

In the fiscal year ending November 30, 1901, the company's net earnings were $26,155 ; dividends, $19,784; reserve fund, $45,000. In 1901-03, the net profits after charges were $26,790. In 1903-03, net profits, $33,483. In 19(-04, net profits, $36,365. In 1904-05, net profits, $33,223; reserve fund, $00,000. In 1905-06, net profits, $38,385 ; reserve fund, $75,000. In 1906-07, net profits, $41.032 ; reserve fund, $90,000.

President, Wilmot D. Matthews, Toronto. Vice-President, H. P. Dwight, London, Ont. Secretary, Frederic Nicholls, Toronto. Manager, Charles B. Hunt, London.

Directors— W. R. Brock, Toronto. George A. Cox. Toronto. H. P. Dwight, London. Charles B. Hunt, London. Robert Jaffray, Toronto. J. C. Judd, London. M. J. Kent, London. J. K. Kerr, Toronto. Wilmot D. Matthews, Toronto. Edmund Meredith, London. Frederic Nicholls. Toronto.

Main office, 359 Richmond street, London, Ont. Toronto office, 14 King street. East. Annual meeting in January, at Toronto.

The Lokdok Street Railway Co.

A corporation formed under the laws of Ontario in 1873 for the purpose of operating a street railway in London, Ont. It operates 33.35 miles of tracks under an exclusive franchise granted in 1875 and running for fifty years. Stock Par $40 Authorised, $750,000 Issued, $540,034

Transfer Agent and Registrar, Toronto General Trust Corporation, Toronto.

Dividends were paid semi-annually, Januarv and July, the rate of 6 per cent, per annum, in 1903 to 1906 inclusive. The January, 1907, dividend was passed.

Funded Debt ist mort., 5 per cent., due March, 1935, March and SepL $500,000

The total authorised amount of the xst mortgage is $750,000. Trustee, Toronto General Trust Corporation, Toronto. Agent for the pajrment of interest. Bank of Commerce, Toronto.

Earnings

GrosA Net Charges Dividends Surplus

1903. i73o84 63,591 36,989 26,966 19,501

9o6. 303,9ix 43,483 35,934 39,385 591

President, H. A. Everett, Cleveland, ist Vice-President, T. H. Smallman, London, Ont. Secretary-Treasurer, George H. Bentson, London. Manager, C. B. King, London.

Directors— P. W. D. Broderick, London. H. A. Everett, Cleveland. H. S. Holt, Montreal. E. W. Moore, Cleveland. T. H. Smallman, London. William M. Spencer, London. Charles W. Wason, Cleveland.

Main office, Dundas street. East, London, Ont. Annual meeting, first Wednesday in February, at London.

Lord A Taylor Of Hew York City

A corporation formed under the laws of New York, April 30, 1904. The company acquired and took over the property and business of the dry goods house of Lord & Taylor, which had been carried on as a pnvate enterprise since 1836. The company has a large wholesale and retail establishment at Twentieth Street and Broadway, New York.

Stock is transferred at the office of company. New York.

The preferred stock is 6 per cent., cumulative. Dividends on the preferred are paid semiannually, 3 per cent, each March and September. On the common the dividends were 7 per cent, per annum, paid quartet ly, per cent, in February (i). May, August and September, until May, 19071 when the quarterly rate was increased to 3 per cent, making it 8 per cent, per annum.

President, Edward P. Hatch, New York. Vice-President, George E. Beers, New York. Secretary, Joseph H. Emery, New York. Treasurer, Edward H. Titus, New York.

Directora-George E. Beers, New York. Howaid P. BeU, New York. Joieph H. Emcfy. New York. Edward Hatch, New York. Edward P. Hatch, New York. Edward H. Titii% New York. Wilson H. Tucker, New York.

Main office, 901 Broadway, New York. Annual meeting, February ao, at New York.

THE P. LORILLARD COHPiKY

A corporation formed under the laws of New Jersey in 1891 to take over the tobacco maovfacturing business of P. Lorillard & Co., at Jersey City, N. J., established in 1760.

In the autumn of 1898, control of the company was acquired by the Continental Tobaooo Co., which company has been merged into the American Tobacco Co. The latter owns all th ooosmon stock and $1,581,300 of the preferred.

The preferred stock is 8 per cent, cumulative. No mortgage can be created on property without consent of 75 per cent, of preferred stock. Transfer Agents, Morton Trust Co., New York. Ristxar, Union Trust Co., New York.

No reports of operations are now made public.

President, Thomas J. Maloney. Vice-President and Secretary, William B. Rhett. Treuofer, W. J. Helhner.

Main office, in First street, JerMy City. Annual meeting, last Tuesday in June, at Jersey City.

LOS iHGELES GAS A ELECTRIC CO.

A corporation formed under the laws of California, March 39, 1904, succeeding to tlie businca of the Los Angeles Lighting Co. and The Los Angeles EleOric Co. It has a perpetual gas franchise and an electiic franchise running until 191 7. It controls the gas inclustiy of Los Angeles, and also supplies the cities of South Pasadena, Hollywood, Alhambra and Dcdgcville. The company has an electric light and power plant, with a distributing system of undetcniaad conduit and -pole lines, covering the entire dty of Los Angeles. The population of the diatrkt supplied is 375,000. The company's gas department has an approximate output of 3,750,000,000 cubic feet per annum, the daily capaaty being 11, 000,000 cubic feet. Miles of mains about 450L Meters, 56,000. The price of gas to consumers is 80 cents per 1,000 feet, Stock Par $100. Authorised, $5,000,000 Issued, $4,000,000

Dividends on the stock are paid monthly.

Funded Debt General mort., 5 per cent, gold, due July, 1934, Jan. and July $3vSi5ooo

The general mortgage is for $4,000,000. Trustee and agent for the payment of i Union Trust Co. of &n Francisco, San Francisco. Interest is also paid at the office of the company, Los Angeles.

President, W. B. Cline, Los Angeles. Vice-President, William M. Van Dyke, Los Anfeiea. 3d Vice-President, William Baurhyte, Los Angeles. Secretary, R. M. Adams, Los Angelea. Assistant Secretary, A. B. Day, Los Angeles. Treasurer, H. L. Flash, Los Angeles. AmIbI ant Treasurer, Horace Cline, Los Angeles.

Directors— William Baurhyte, Los Angeles. William A. Cheney, Los Angeles. W. B. Cline. Los Angeles. S. W. Garretson, Los Angeles. William M. Van Dyke, Los Angelea

Corporate and main office, 645 South Hill street, Los Angeles. Annual meeting, fourth Wednesday in January, at Los Angeles.

Los Akgeles Railway Co.

A corporation formed under the laws of California, March 90, 1895. The company the following companies :

Los Angeles Consolidated Electric Railway Co. Main Street & Agricultural Park Raihraj Co. Main, Fifth & San Pedro Street Railway Co.

The company also owns a majority of the stock of the Pacific Light ft Power Co. of Los Angeles. It owns and operates 313 miles of electric railway track in and about the city of Los Angeles, CaU, and has a power pUnt and 383 motor cars. Stock Par $ioa Authorised, $5,000,000 Issued, $5,000,000

Industrial Securities 597

FuNDEo Debt

zst mort., 5 per cent, gold, due Oct. i, 1938, April and Oct $5,000,000

Pacific Light & Power Co., zst mort., 5 per cent, due July 1943, Jan. and July 8,133,000

Total $13,193,000

The total authorised amount of the Los Aneles Railway Co., xst mortgage is $5,000,000. Trustee and agent for the payment of interest. Union Trust Co., San Francisco.

The Pacific Light & Power ist mortgage is for $10,000,000. Of the bonds outstanding, $1,500,000 are guaranteed by the Los Angles Railway Co. Trustee and agent for payment of interest. Union Trust Co., San Francisco.

President, H. E. Huntington, San Francisco. Vice-President, W. F. Herrin, San Francisco. Secretary, Edmund B. Holladav, San Francisco. Treasurer, Isaias W. Hellman, San Francisco. General Manager, Howard E. Huntington Los Angeles.

Directors— J. E. Foulds, Los Angeles. Isaias W. Hellman, Jr., San Francisco. William F. Herrin, San Frandsoo. Edmund B. Holladay, San Francisco. Howard E. Huntington, Los Angeles. H. E. Huntington, San Francisco. G. S. Patton, Los Aneeles.

Main ofiSce, sio Montgomery street, San Francisco. Annual meedng, Tuesday following first Monday in April.

Louisville A Jeffersoii¥Ille Bridge Co.

A oorponition formed under the laws of Kentucky in 1803. The company built and owns a railway bridge crossing the Ohio River between Louisville, Ky., and Jeffersonville, Ind. Thf bridge, which was completed in 1896, is one-half mile long and the approaches are 1% miles. The company also owns about 100 acres of land on either side, contiguous to the approaches of the bridge. The bridge is used by the Chesapeake & Ohio and the Cleveland, Cincinnati, Chicago & St. Louis Railway Co's., in whose interest it was built, control of the Bridge Co*s stock being held by those companies. Stock Par $100 Authorised, $1,500,000 Issued, $1,435,000

Transfer Agents, J. P. Morgan & Co., New York.

Funded Debt ist mort., 4 per cent., gold, guaranteed, due 1945, March and Sept $3,500,000

The bonds, principal and interest, are guaranteed by indorsement by the Chesapeake & Ohio and Cleveland, Cincinnati, Chicago & St. Louis Railway Co's. The mortgage is for $5,000,000. Trustees, United Sutes Trust Co., New York ; Union Trust Co., Indianapolis. Interest is payable at the office of J. P. Morgan & Co., New York. In 1903 $500,000 additional bonds were sold to provide for improvements.

President, George J. Long, Louisville. Secretary, M. L. Akers, Louisville. Treasurer, C. L. Warriner, Cincinnati.

Main office, Louisville. Treasurer's office. Central Union Depot, Cincinnati. Annual meeting, first Monday in March, at Louisville.

Louis¥Ille Brid6E Co.

A company incorporated by act of the Assembly of Kentucky, approved March 10, 1856. It owns and operates a railroad bridge crossing the Ohio River between Louisville, Ky., and Jeffersonville, Ind. The bridge is i mue in length. 'The company also owns about 3 miles of railroad track running through Fourteenth street, Louisville. The bridge is used by the Pittsburg, Cincinnati, Chicago 8c St. Louis Railway Co., Louisville & Nashville Railroad Co., Chicago, Indianapolis & Louisville Railway Co. and other companies. Stock. Par $100.' Authorised, $1,500,000 Issued, $1,500,000

The Pennsylvania Company owns $900,000 of the stock of this company. Stock is transferred at the office of the company, Louisville.

Earnings Grois Net

igoS 33i568 170.304

igo7 378, 801 3 10, 443

President, Charles H. Gibson, Louisville, Secretary, James J. Morris, Louisville. Treasurer. T. H. B. McKnig:ht, Pittsburg. Assistant Treasurer, R. R. Reed, Pittsburs:. Auditor, J. W. Renner, Pittsburg:. Superintendent, Bushrod W. Taylor, Louisville. Assistant SuperinteiKlcnt, J. C. Cox, Louisville.

Directors—J. J. Brooks, Pittsburg:. John L. Dodd, Louisville. Charles H. Gibson, Looisville. James J. Turner, Pittsburg:. Joseph Wood, Pittsburg:.

Main office, Louisville Trust Building:, Louisville. Annual meeting, first Monday in March, at Louisville.

Louis¥Ille Cottok Hills Co.

A corporation formed under the laws of Kentucky in 1888, for the purpose of manufacturing cotton g:oods. Stock Par $100 Authorized, $500,000 Issued, $400,000

Stock is transferred at the office of the company, Louisville.

Dividends are paid semi-annually in January and July. Since 1890 they have been at the rate of 6 per cent., with occasional extra dividends.

The company has a surplus of $900,000.

President and Treasurer, Philip S. Tuley, Louisville. Vice-President, J. B. Speed, Louisville. Secretary, Thomas S. Tuley, LouisviUe.

Directors— John W. Barr, Jr., Louisville. J. W. E. Bayly, Louisville. Georg:e Gaulbert, Louisville. C. P. Robinson. Louisville. William A. Robinson, Louisville. S. H. ShaUcross, Louisville. J. B. Speed, Louisville. W. S. Speed, Louisville. Philip S. Tuley, Louisville.

Main office, McHenry street, between Ash and Goss avenues, Louisville. Annual meeting, third Tuesday in December, at Louisville.

Louis¥Ille 6As Co.

A corporation formed under the laws of Kentucky, January i, 1889. The company acquired and owns the properties of the Louisville Gas Co. and a majority of the stock of the Louisville Lig:thing Co. The capacity of its g:as plant is 700,000,000 cubic feet and it has some aoo miles of mains. The City of LouisviUe owns $905,000 of the company's stock. Stock Par $100 Authorised, $4,000,000 Issued, $3,600,000

Stock is transferred at the office of the company, Louisville. Reg:istrar, Fklelity Trust Co., Louisville.

Dividends on the stock were 5 per cent, per annum, but were increased in July, 1903, to 6 per cent, per annum, being semi-annual, 3 per cent each in January and July. In July, 1906, there was a further increase to per cent, semi-annual or 7 per cent, per annum.

In July, 1903, a g:guarantee by this company of $1,600,000 bonds of the LouisviUe Lighting Co., owned by this company, out of a total issue of $3,500,000, was authorized. In August, 1907, it was stated that the company had sold its holdings of the bonds.

President, Udolpho Snead, Louisville. Vice-Preskient, John Stites, Louisville. Secretary, P. A. Nobbe, LouisviUe. Treasurer, WiUiam P. Lee, LouisviUe. Chief Engineer, A. H. Barret, Louisville.

Directors— W. J. Abram, LouisvUle. George M. Boone, LouiivUle. W. H. Edinger, LouisviUe. George Gaulbert, LouisviUe. H. V. Loving, LouisviUe. D. X. Muiphy, Loois- vUle. F. M. Sackett, LouisvUle. Udolpho Snead, LouisviUe. John Stites, LouisviUe.

Main office, 739 Fourth avenue, LouisviUe. Annual meeting, first Monday in July, at Louisville.

LOUISy/LLE HEATIII6 CO.

A corporation formed under the laws of Delaware. November, 35, 1903. The company was organised to succeed the Kentucky Heating Co., which was formed in 1891 and en|:a:ed m the business of supplying natural and artificial gas for heating purposes in the dty of Louisville.

The preferred stock is 5 per cent., cumulative, but has no voting power. Dividends of 5 per cent, per annum on the preferred are paid quarterly, in January, April, July and October. lo February, 1904, paid 3 per cent, on the common stock and in February, 1905, 3 per cent. ; in August, 1905, lyi per cent. ; in August, 1906, 1% per cent., which has since been the regular semi-annual rate, paid in February and August.

Transfer Agent, Delaware Corporation Co., Wilmington, Del.

Industrial Securities 599

The old Kentucky Heating Co. had $700,000 of stock, all common shares. In September, 190a, the holders thereof were offered two shares of new preferred stock for each old share, it being provided that of the new preferred $200,000 should be sold at not less than par and the proceeds used to extend the plant of the company. The common stock was sold for cash and the proceeds used in building new gas works and extending the company's lines.

Funded Debt Kentucky Heating Co. ist mort., 5 per cent., due 1915, June and Dec $xoo,ooo

Preadent, Charles J. Doherty, Louisville. Vice-President, Daniel E. Doherty, Louisville. Secretary and Treasurer, Thomas W. Kennedy, Louisville.

Directors— Charles J. Doherty, Louisville. Daniel E. Doherty, Louisville. R. T. Durrett, Louisville. J. G. Gray, Wihnington, Del. Donald McDonald, Louisville. Matt O' Doherty, Louisville. John P. Starks, Louisville. Robert M. Trimble, Mount Sterling, Ky.

Corporate office, Wilmington, DeL Main office, 2000 Seventh street, Louisville. Annual meeting, first Monday after the first day of January, at Louisville.

The Louis¥Ille Hoke Telephome Co.

A corporation formed under the laws of Delaware, March 33, 1901. The company operates a telephone system in Louisville, New Albany, Ind., and adjoining districts. Stock Par $100 Authorized, $1,500,000 Issued, $1,3x0,000

Transfer Agent, United Sutes Trust Co., Louisville. The stock is held in a voting trust which expires July i, 1933.

Funded Debt ist mort., 5 per cent., due July i, 193a, Jan. and July $1,800,800

The authorised ist mortgage is $3,500,000. Trustee of the mortgage and agent for the payment of interest, American Trust & Savings Bank Co., Chicago. Interest is also payable by the First National Bank, New York.

President, C. C. Bickel, Louisville. Vice-President, Helm Bruce, Louisville. Secretary and Treasurer, George M. Boone, Louisville.

Directors---Samuel Avritt, Lebanon, Ky. C. C. Bickel, Louisville. E. M. Coleman, Louisville. Georsfe M. Boone, Louisville. Helm Bruce, Louisville. E. H. Ferguson, Louisville. J. G. Gray, Wilmington, Del. Charles D. Knoefel, New Albany, Ind. C. C. McClarty, Louisville. J. D. Powers, Louisville.

Corporate office, Wilmington, Del. Main office, 637 Fifth street, Louisville. Annual meeting, first Thursday after the first Monday in February, at Wilmington.

Louis¥Ille Tbmctiom Co.

A corporation formed under the laws of New Jersey, July 5, 1903. The-company acquired practically all the stock of the Louisville Railway Co., which owns all the street railways in Louisville, Ky., and suburbs, having about 145 miles of electric railway. The Louisville & Interurban Railway, which this company controls, was organized in 1903 to construct a system tributary to that of this company.

The preferred stock is 5 per cent., cumulative. Transfer Agent, Louisville Trust Co., Louisville. Registrar, Fidelty Trust Co., Louisville,

Dividends of per cent., or 5 per cent, per annum, are paid regularly on the preferred stock in April and October. The first dividend on the common stock was per cent., semiannual, paid October x, 1904. In April, 1905, paid lyi per cent., and In October, 1905, per cent, and % per cent, extra. In X906, paid 3 per cent, in April and x per cent, in October. In IQ07, quarterly dividends of x per cent, each were paid in January, April, July and October. The January, 1908 dividend was however passed.

The Louisville Railway Co. had $3,500,000 of common and $3,500,000 5 per cent, cumulative preferred stock. Uncler the plan for the formation of this company holders of the old preferred received share for share in new preferred and 30 per cent, of new common additional. Holders of the old common, on $55 per share, received three shares of new common for each old share. The Louisville Railway Co.'s common stock has been increased to $4,956,500, sale thereof having been made to the Traction Co.

r-

Lo

offi.

tii'tf

nirccto

H. Oak

T: cTfOL fTTsr. fyc

INDUSTRIAIj SBOUKITXIBS 6oi

The preferred stock is 4 per cent, cumulative. Stock is transferred at the office of the ipany, New York. Registrar, American Exchange National Bank, New York.

The first dividend on the preferred stock was i per cent., paid April 10, 1904, and quarterly idends of i per cent, each have since been paid regularly, the dividend periods being January

April, July and October. The first dividend on the common stock was a semi-annual paynt of I per cent., Januarv 10, 1905, and similar payments were made in July, 1905, and luary, 1906. In July, 1906, a quarterly dividend of i per cent, was paid which has since been

regular rate, the dividend periods being January, April, July and C5ctober.

The income of the subordinate companies is largely in excess of the amount required to pay . dividends, but it is the policy of The Mackay Companies to obtain from the subordinate Jipanies only enough monev to meet the dividends of The Mackay Companies' shares, all -plus earnings being left in the treasuries of the subordinate companies for extensions and the velopment of the business and the increase of reserves.

Earnings Year ending February 33

Dividends Dividends

Received Paid Expenses Surplus

)04-OS $iSS9,843 $ao,03S $63,799

)05-<56 2,719,595 3Kl32,49a 23,186 363,91?

(year ending Feb. i) 3,310,328 2,985,874 1 24,625 299,829

The report for 1904-05 covers the period from December 19, 1903. The Mackay Com* anies, on February, i, i9cS, had $185,277 in cash with investments in other companies aggre- :ating, $92,075,594 and no indebtedness, the credit to profit and loss account being, $880,471.

President, Clarence H. Mackay, New Yoilc. Vice-President, George G. Ward, New York. Treasurer, Edward C. Piatt, New York. Secretary, Albert Beck, New York.

Trustees— Dumont Clarke, New York. William W. Cook, New York. Pliny Fisk, New /ork. Clarence H. Mackay, New York. Edward C. Piatt, New York. R. A. Smith, Toronto. George G. Ward, New York. .

Main office, 1x2 State street, Boston. New York office, 253 Broadway. Annual meeting, February 15, at Boston.

KiDISOM 6iS A ELECTRIC CO.

(Controlled by American Light & Traction Co.)

This company owns and operates the gas and electric plants of the dty of Madison, Wis. The gas frandiise is perpetual.

In 190X the American Light & Traction Co. acquired control through the purchase of this stock by an exchange for its own stock. Stock Par $100. Authorised, $400,000 Issued, $400,000

Transfer Agents, Emerson McMillin & Co., 40 Wall street, New York.

Funded Debt

xst mort., 6 per cent., gold, due 1926, April and Oct $350,000

Debenture scrip, 6 per cent., due 19x0 100,000

Total $450,000

The 1st mortgage. Central Trust Co., New York, trustee, is for $400,000, balance of bonds being held in treasunr for improvements and additions. Coupons are paid at the office of Emerson McMillin & Co., New York.

President, Henry L. Doherty. Vice-President, N. B. Van Slyke. Secretary and Treasurer C. E. Smith. General Manager, John Corscot. Assistant Secretary, Alanson P. Lathrop.

Directors— H. C. Adams. John Corscot. Henry L. Doherty. M. E. Fuller. A. E. Proudfit. N. B. Van Slyke.

Main office, X24 East Main street, Madison, Wis.

Mad/Som Square Garden Co.

A corporation formed under the laws of New York in 1887. It built and owns the Madison Square Garden, covering the block between Twenty-sixth and Twenty-seventh streets and Madison and Fourth avenues. New York. Stodc Par $xoa Authorixed, $2,000,000 Issued, $2,000,00

6o3 THB MANUAL OP STATISTICS

Stock is transferred at the office of the company, New York. Reg;istrar, If ercaatile Trail Co.. New York.

Funded Debt

ist mort., 5 per cent., due Nov., 1919, May and Nov $1,350,000

ad o per cent., due Nov., 1919, May and Nov 750,000

Total $3,000,000

The ad mortgage coupons have been in default since November, 1906. There is a ad mortenge bondholders' committee composed of Frank K. Sturgis and W. C. Gulliver. Depositary, J. P. Morgan & Co., New York.

President, Frank K. Sturgis, New York. Vice-President, Charles Lanier, New York. Secretary and Treasurer, James C. Young, New York.

Directors— W. C. GulUver, New York. Henry H. Hollister, New York. Adrian Iselin, Jr.. New York. H. K. Knapp, New York. Charles Lanier, New York. Darius O. Mills, New York. J. Pierpont Morgan, New York. Frank K. Sturgis, New York. W. F. Whazlon, New York. James T. Woodward, New York. James C. Young, New York.

Main office, 51 Madison avenue. New York. Annual meeting, second Tuesday in May.

MAHOMHI6 A SHEMAMGO RAILWiY A LI6HT CO.

A corporation formed under the laws of Pennsylvania, May 33, 1905. The company owns all the properties of the Pennsylvania & Mahoning Valley Railway Co., and has a cootroUiDg interest of the stock of the Youngstown-Sharon Railway & Light Co., and thus owns or controls the street railway lines of Youngstown, Girard, Niles, Warren, Leavittsburg, Struthers, Lowellville, Edenburg and Hubbard, Ohio ; and Sharon, South Sharon, Wheatland, West Middlesex, Sharpsville and New Castle, Pa.; also the lighting properties of Youngstown, New Castle, Sharon and Sharpsville, with lighting contracts covering mtervening and neighboring districts. Total track, about 149 miles.

The preferred stock is 5 per cent., cumulative. Transfer agent, New York Trust Co., New York. Registrar, Morton Trust Co., New York.

Funded Debt

ist con. refund, mort., 5 per cent., due January, 1916, January and July $Ji079ooo

Pa. & Mahoning Val. Ry. ist and refunding mort., 5 p.c., due May, 1933,- May and Nov. . 3,000,000

Youngstown-Sharon Ry. & Light ist mort. 5 p.c, due Jan., 1931, Jan. and July 3,440,000

t., 5 per cent., due July, 1933. New Castle Traction, ist mort., 5 per cent., due May, 1927, May and Nov 500000

Sharon & New Castle ist mort., 5 per cent., due July, 1931, Jan. and July 360,000

it., du

Mahoning Valley, Southeastern, ist mort., 5 per cent., due July, 1933 135,000

New Castle Traction, ist mort., 5 per cent., due May, 1927, May and Nov 500000

Lawrence Gas Co., ist morL, 6 per cent., due Aug., 1909 50,000

. Total $8,554,000

The Mahoning & Shenango Railway & Light Co. ist consolidated, refunding mortgage b for $10,000,000. Trustee, New York Trust Co., New York. There are $1,346,000 of the bonds reserved for the betterments, etc., and $5,675,000 are reserved for the retirement of undertyiog bonds.

In igo6 the earnings were : gross, $1,900,663 ; net $750,803.

President, Edwin N. Sanderson, New York, ist Vice-President, Randall Montgomery. Youngstown, O. 3d Vice-President, M. E. McCaskey, Youngstown, O. Secretary, Leigfatoa Calkins, New York. Treasurer, S. C. Rogers, Youngstown, O.

Directors— Otto T. Bannard, New "Vrk. John B. Dennis, New York. T. H. Given, Pittsburg. Myron T. Herrick, Cleveland. George W. Johnson, New Castle, Pa. B. F. MOes, Cleveland. James Parmelee, New York. Simon Perkins, Sharon, Pa. Edwin N. Sandenoo, New York.

Main office. New Castle, Pa.,

Kakhioth ¥Eih Coal Irom Co.

A corporation chartered in Pennsylvania in 1863. The company owns and operates an anthradte coal property of 1,043 cres m Schuylkill County, Pa., and is controlled by the Philadelphia & Reading Coal & Iron Co. Stock Par $ia Authorised, $690,000 laced, $690,000

Industrial Sbcurttibs 603

Funded Debt Kst moit., 4 per cent., due 1932, Feb. and Au $joo,ooo

Trustee of the mortgage, Thomas Hart, Jr., Philadelphia.

President, George F. Baer, Philadelphia. Secretary, W. G. Brown, Philadelphia. Treasurer, H. E. Paisley, Philadelphia.

Directors— George F. Baer, Philadelphia. C. E. Henderson, Philadelphia. James M. Landis, Philadelphia. Thomas M. Richards, Philadelphia. E. F. Smith, Philadelphia.

Main office, Reading Terminal, Twelfth and Market streets, Philadelphia. Annual meeting, second Monday in October.

Kamchester Trmctiom. Light A Power Co.

A corporation formed under the laws of New Hampshire in 1885, at which time the corporate title was the American Typographic Co. On March 5, 1895, the name was changed to the American Manufacturing Co., and on February 13, looi, to the present style. The company owns water plants at Garvin's Falls, Hooksett Falls, Kelly's Falls and Gregg's Falls ; all m or near Manchester, N. H. It owns all the capital stock of the Manchester Street Railway, which operates about 58 miles of electric railway tracks. Also owns all the stocks of the Manchester & Nashua Street Railway, miles, and the Manchester & Derry Street Railway 18 miles. On March 16, 1901, the company acquired by purchase the following properties :

The Manchester Electric Co. The Garvin's Falls Power Co.

The Union Electric Co. Merrimack Electric Light, Heat & Power Co.

Stock Par $100 Authorized, $5,000,000 Issued, $3,400,000

In June, 1903, the stock was increased from $1,650,000 to $3,050,000, the stockholders subscribing for the additional amount at par. In June, 1906, the stock was again increased to $3,400,000 to purchase the Manchester & Nashua Street Railway.

Transfer office, 53 State street, Boston. Registrar, American Loan & Trust Co., Boston. The first semi-annual dividend of 3 per cent, was paid July 15, 1901 ; in 1903, 6 per cent, was paid on the stock; in 190, 1904, 1905, 6 per cent., the dividends being quarterly, per cent, each, in January (15), Apnl, July and October. In July, 1906, i per cent, extra was paid in addition to the regular quarterly dividend. In January, 1907, x per cent, extra was again paid and subsequent quarterly dividends have been 3 per cent. each.

Funded Debt xst mort., 5 per cent., due 1931, April and Oct $Xt750,ooo

Funded Debt — Constituent Companies

Manchester Electric Light ist mort., 5 per cent., due Oct., 1917, April and Oct $350,000

Man. & Derry St. Ry., ist mort., 5 per cent., due Dec, 1937, June and Dec 135,000

Gofl's Falls L. & H., xst mort., 5 per cent., due June, 1936, June and Dec 300,000

The authorized amount of the Manchester Traction, Light & Power Co.'s xst mortgage bonds is $3,000,000. Of this, $350,000 are held to retire a like amount of Manchester Electric Light Co. bonds. Trustee of the mortgage and agent for payment of interest, American Trust Co., Boston.

President, William A. Tucker, Boston. Vice-President and Manager, J. Brodie Smith, Manchester, N. H. Secretary, Edwin F. Jones, Manchester. Treasurer, S. Reed Anthony, Boston.

Directors — S. Reed Anthony, Boston. Albert O. Brown. Manchester. Charles M. Floyd, Manchester. Edwin F. Jones, Manchester. Robert H. Hailowell, Boston. George H. Hood, Boston. Stillman F. Kelley, Boston. Billings P. Learned, New London, Conn. Walter M. Parker, Manchester. P. L. Saltonstall. Boston, J. Brodie Smith, Manchester. William P. Straw, Manchester. Frank S. Streeter, Concord, N. H. Roger G. Sullivan, Manchester. William A. Tucker, Boston.

Main office, 46 Hanover street, Manchester, N. H. Annual meeting, third Wednesday in September, at Manchester.

Kahhattah Beach Estates

A corporation formed under the laws of New York, December 30, 1905, its original title being Manhattan Beach Securities Co., the name being changed to the present style, May 10, 1907. The company was organized to take over the property of the ManhatUn Beach Hotel & Land Co., Limited, comprising the Manhattan Beach Hotel and Oriental Hotel and other im-

6q4 THB manual OF STATISTICS

proyements together with 275 acres of land at Coney Island, New York City. A appointed for the old company in May, 1906, and the property sold under foreclosure 3X, 1906. See statement of old company in the Manual for 1907.

Funded Debt i9t mort., 6 per cent., due March (ao), 1912, March (30) and Sept $916,000

The 1st mortgage is for $1,000,000. Bonds may be called at par on ten days* notice with sixty days' advanced interest, but if called must be drawn by lot. Trustee, Title Guaranty ft Trust Co., New York. The bonds are guaranteed by the Bond & Mortgage Guarantee Co. of Brooklyn.

President, Austin Corbin, New York. Vice-President, Robert D. Murray, New York. Secretary, Herbert B. Dodge, New York. Treasurer, W. S. Bosworth, New York.

Directors— William S. Bosworth, New York. Austin Corbin, New York. Frank L. Crocker, New York. Lister L. Lewis, New York. John C. McKeon, New York. Robert D. Murray, New York. John Quinn, New York.

Main office, 19a Broadway, New York.

KAKHiTTiH RAILWAY CO.

(Leased to Interborough Rapid Transit Co.)

A corporation formed November 24, 1875. Road owned, 37 miles of double-track elevated road in Manhattan and Bronx Boroughs, New York City. In 1901-02 the road was equipped ¥rith electric power. Passenger cars, 1,469 ; service cars, 40.

By a merger agreement, which was ratified August i, 1884, new stock was issued for the $13,000,000 of Manhattan stock then outstanding, and $6,500,000 each of Metropolitan and New York Elevated Railroad stocks, on the basis of 85 for Manhattan, 120 for New York and 1 10 for Metropolitan. The present company assumed aU liabilities and obligations of the consolidated lines.

In December, 1902, this road was leased to the Interborough Rapid Transit Co. for 999 years from April i, 1903. The rental was 6 per cent, per annum on the stock from April i, 19 until January i, 1906, with i per cent, extra if earned. After the latter date the div' was to be 7 per cent, on the stock of the leased road.

Stock Par $100 Authorised, $60,000,000 Issued, $60,000,000

Stock is transferred at the office of the company, New York. Registrar, Mercantile Trust Co.. New York.

The stock of the company was originally $26,000,000, authorised. In 1891, $4,000,000 new stock was issued for the acquisition of the Suburban Rapid Transit line. On February i, 1899. it was decided to instaU electric power instead of steam, and $18,000,000 new stock was authorized to meet the expenses of the change of power. Stockholders were offered the privilege of sub* scribing for the additional stock at par to the extent of 60 per cent, of their holdings. Prior to the lease to the Interborough Rapid Transit Co., the stock was increased to $60,000,000, and $7,200,000 of the same was offered to the stockholders at par, being 15 per cent, of their original holdings. It is provided under the lease that the remaining ,800,000 of stock coukl be issued after January, 1906, the proceeds to be applied to improvements. This amount of stock was sold at auction in New York on November 28, 1906, at from $141 to $143 per share, raising the issued stock to $60,000,000.

Dividends on the stock are quarterly in January, April, July and October. The January, 1903, dividend was increased from i per cent, to 1% per cent. The April, 1903, dividend was increased to per cent, for the quarter, with an extra dividend of i per cent, out of the surplus revenue of nine months of the current fiscal year. The quarterly dividends for the remaindtf of iM cetLi. each. In 1904, 7 percent, was paid, the January, 1905, dividend being per cent, and per cent, extra for the nine months ending December 31, 1904. The quarterly dividends thereafter have been per cent. See above concerning dividends guaranteed under the lease.

Funded Debt

Metropolitan Elevated, ist mort., 6 per cent., due July, 1908, Jan. and July Sxo,8i8,ooo

New York Elevated debentures, 5 per cent., due March, 1916, March and Sept 1,000,000

Manhattan Railway consol. mort., 4 per cent., due April, 1990, April and Oct 28,065,000

Total. $391883,000

INDUSTRIAL SBCURirriBS

The Manhattan Railway consolidated mortgage is for $40,000,000. It was authorized to retire previous issues and provide for extensions. Trustee and agent for the payment of interest, Mercantile Trust Co., New York.

Earnings

Year ending June 30 Surplut Over

Dividends Passengers Charges and

Paid Carried Gross Net Dividends

f97-98 4 $183,360,846 $9,395,258 $i,433ta76 $233,376

1898 4 174.324S75 9.060,096 i,iao,5l3 Def. 359.488

X89900 4 184,164,110 9,969,901 2,029,516 Sur. 109,516

X90001 4 190,045,741 10,253,271 2,3M335 403,335

'90I-03 4 315,259,345 11,291,711 3.073.45s 1,153.455

X902-03. 246,587,022 12,555,196 5,460,793 727.544

Earnings are now included in those of the Interborough Rapid Transit Co.

The figures for 1902-03, 1903-04, 1904-05 and 1905-06, are given as reported by the Interborough Rapid Transit Co., the lessee of the Manhattan Railway Co. The gross earnings include for 1901-03, $625,800 of miscellaneous income; $346,859 from the same source is included in those for 1902-03; $341,505 in 1903-04; $309,551 in 1904-05 and $363,309 in 1905-06.

President, George J. Gould, New York. Vice-President, Alfred Skitt, New York. Secretary and Treasurer, D. W. McWilliams, New York. Auditor, E. F. J. Gaynor, New York.

Directors— John F. Dillon, New York, Thomas T. Eckert, New York. Eugene N. Foss, Boston. R. M. Gallaway, New York. Edwin Gould, New York. George J. Gould, Lakewood, N. J. Howard Gould, New York. Edward T. Jeffery, New York. Donald Mackay, New York, G. P. Morosini, New York. Alfred Skitt, YonkerS, N. Y. Joseph J. Slocum, New York. John T. Terry, New York.

Main ofiBce, 21 Park Row, New York. Annual meeting, second Wednesday in November, at New York.

Manhattan Transit Co.

A corporation formed under the laws of New York, May 14, 1002. The company was created in pursuance of a plan to reorganize the General Carriage Co. A statement of the latter company is given in the Manual for 1902.

The company has general powers for manufacturing, operating or dealing in vehicles of all kinds for transporting passengers or freight. It acquired all the stock of the General Carriage Co., and the latter in July, 1902, was merged with this company. The General Carriage Co. was a New York corporation formed in May, 1899, and had under its charter extensive powers in regard to the business of transportation in New York City.

The company acquired the plant and vehicles, about 150 in number, of the General Carriage Co.

In 190a the company acquired control of the New York & Brooklyn Tunnel Railroad Co., which it is claimed possesses rights to construct a tunnel line from Park Row, New York, to the City Hall in Brooklyn.

In October, 1906, control was acquired of the Long Acre Electric Light & Power Co., which company has a right to conduct an electric business in the portion of Manhattan lying between Forty-second and Fifty-ninth streeU, and has a power-house at Forty-second street and Tenth avenue, New York. Stock Par $30. Authorized, $10,000,000 Issued, $6,000,000 .

Funded Debt ist mort., 4 pr cent., due 1952 $300,000

The authorized amount of the ist mortgage is $900,000, of which $300,000 was to be applicable to the retirement of an existing mortgage of $275,000 on the company's real estate at Second avenue and Forty-seventh street. New York.

President, Edgar Van Etten, New York. Vice-President and Treasurer, W. M. Hoagland, New York. Secretary. Robert G. Macdonald, New York,

Directors— John W. Allison, New York. George E. Bouchie, New York. Edward K. Hill, New York. Joseph H. Hoadley, New York. William M. Hoagland, New York. Walter H. Knight, New York. Charles A. Lieb, New York. Robert G. Macdonald, New York. William R. Sheklon, New York. A. D. Proctor Smith, New York. George H. Webb, Providence, R. I.

Main office, 889 Second avenue, New York.

6a6 THB HANTTAIj OF STATISTICS

THE KiKUFACTURED RUBBER CO.

A corporation organized under the laws of New Jersey, May ii, 1899. The company owns a patented process for the manufacture of a material resembling rubber, and which is adapted to the uses of rubber and other rubber substitutes. The company has a plant at Metuchen, N. J., for the manufacture of rubber shoddy.

The preferred stock is 6 per cent., non-cumulative. Stock is transferred at the office of the company, Philadelphia. Rstrar, Provident Life & Trust Co., Philadelphia.

The company had originally $5,000,000 of full-paid common stock, par $50, and $1,000,000 of 8 per cent, cumulative preferred on which $10 per share had been paid. In September, 19012, it was decided to reduce the par value of the stock to $10 and to exchange the outstanding shares for $600,000 of new common and $aoo,ooo of new preferred, an assessment of $1 per share being levied on the preferred.

The first dividend on the preferred stock was 2 per cent., paid October 10, 1906. In March, 1907, 4 per cent, was paid. Quarterly dividends of per cent, were paid in June, September and December, 1907, and in March, 1908.

For the year ending January 31, 1906, the company reported net profits of $349; in 190637, profits, $15,308; in 1907-08, profits, $20,730.

Prendent, Clayton E. Piatt, Philadelphia. Secretary, H. S. Piatt, Camdeni N. J. Treasurer, John S. Amdt, Philadelphia.

Directore— John S. Amdt, Philadelphia. J. P. Cunningham, Philadelphia. Edward Dumee, Philadelphia. I. R. Pennypacker, Haddonfield, -N. J. George G. Peterson, Philadeiphia. Clayton £. Piatt, Philadelphia.

Corporate office, Camden N. J. Main office, Peimsylvania Building, Philadelphia. Annua] meeting, second Wednesday in May.

The Kahufacturers Light A Heat Co.

A corporation formed under the laws of Pennsylvania, April sz, 1903. The company was a merger of the following organisations :

The Manufacturers Light & Heat Co. Fort Pitt Gas Co.

The Wamiesbure Natural Gas Co. The Citizens' Natural Gas Co.

Mutual Benefit Gas Co. Relief Gas Co. Canonsburg Light & Fuel Co.

The company also controls the following through ownership of their stock :

Manufacturers' Light & Heat Co. of West Va. Tri-Stale Gas Co.

Wetzel Gas Co. Blacksville Oil & Gas Co.

The New Cumberland Water & Gas Co. The Manufacturers' Gas Co. of Elwood

The Wheeling Natural Gas Co. City.

Citizens' Natural Gas Co. of Beaver Co., Penn. Sewickley Gas Co. (Illuminating)

Sewickley Electric Co. Jefferson Gas Co.

Osbom Electric Co. Jefferson Telegraph Co.

Edgeworth Electric Co.

The Wheeling Natural Gas Co. owns and operates the following companies :

Venture Oil Co. Ohio Valley Gas Co.

Western Pennsylvania Gas Co. Citizen's Light & Heat Co.

Manufacturers' Gas Co. of Wheeling. Cameron Gas & Oil Co. The Natural Fuel Co.

The company supplies all the gas in the Ohio Valley from New Martinsville, W. Va., to Pittsburg (excepting the domestic trade in the dty of Wheeling) and north along the Beaver Valley to New Castle, Pa., operating 2,982 miles of pipe lines. Its properties comprise 5203 acres of gas lands and gas rights of which the greater part have not been developed. Stock Par $50 Authorized, $25,000,000 ..Issued, $21,500,000

Transfer Agent, Colonial Trust Co., Pittsburg. Registrar, Mercantile Trust Co., Pittsburg.

There is $te8,6oo stock in the company's treasury.

Dividends of 6 per cent, per annum were paid on the stock in 1904 and 1905, the payment being quarterly, Pr cent, each, in January, April, July and October. In 1906, 6 per was paid, but no dividends have been paid since October, 1906

INDUSTRIAl. SBCURITIBS 607

Funded Debt

Manufacturers Light & Heat ist mort., 6 per cent., due 1915, Jan. and July $400,000

New mort., 6 per cent, due May, 1918, May and Nov 4,900,000

'Wlieeling Gas Co. zst coL tr. mort., due Feb., 1916, Feb. and Aug 1,614,000

Fort Pitt Gas Co. ist mort., due to June 30, 1911, June and Dec 400,000

AVctsel Gas Co. ist mort., due May, 1911, May and Nov 39%Soo

Total $7,353,500

The authorized amount of the ist mortfi;age bonds is $750,000. Trustee of the mortgage, Union Trust Co., Pittsburg. Interest on the bonds is also payable at the same institution. Commencing January i, 1901, $50,000 of the bonds are annually retired. Of the other bonds, instalments are due annually as follows : new mortgage, $400,000 ; Wheeling gas mortgage, $aoo,ooo ; Fort Pitt gas mortgage, $100,000.

In 1904 the gross earnings were $4,763,989 ; in 1905, $5,003,292; in 1906, $5,167,378, the net in that year being $3,687,749, and the surplus over charges $1,870,563. In 1907, gross, $4,994,803 ; net, $3,264,786; charges and construction, $1,349,185; balance surplus, $3,015,601.

President, H. B. Beatty, Pittsburg. Vice-President, O. H. Strong, OU City, Pa. Vice- President and Treasurer, L. A. Meyran, Pittsburg. Secretaiy and Assistant Treasurer, Henry £. Seibert, Pittsburg. Auditor and Assistant Secretary, Willuim J. Diehl, Pittsburg.

Directors— Thomas AUexander, Franklin, Pa., H. B. Beatty, PitUburg. Henry I. Beers, Oil City, Pa. Fred N. Chambers, Oil City. WilUam Flinn, PitUburg. J. E. Gill, Franklin, Pa. K. H. Jennings, Pittsburg. James Kuntz, Jr., Washington, Pa. L. A. Meyran, Pittsburg. E. H. Myers, Jr., Phtsburg. O. H. Strang. Oil City. A. E. Succop, Pittsburg.

Main office. Farmers* Bank Buildmg, Pittsburg. Annual meeting, first Tuesday in February at Pittsburg.

KARCOm WIRELESS TELEGRAPH CO. OF AMERICA

A corporation formed under the laws of New Jersey in 1899 to do a general telegraph business and to develop and work the wireless or space system of telegraphy under the patents and inventions of Guglielmo MarconL The company has acquired all the patents and inventions heretofore taken out or hereafter to be taken out by Signor Marconi for the United States, also other patents, including those of Prof. Pupin and of Thomas A. Edison. In October, 1907, the company successfully inaugurated a wireless service across the Atlantic from Glace Bay, N. S. to Clifden, Ireland and has conducted a successful commercial business therewith. Stock Par $100 Authorised, $6,650,000 Issued, $6,190,000

Of the outstanding stock, $145,300 was in the company's treasury on January i, 1907.

Transfer Agent, Corporation Trust Co., Jersey City. Registrar, Trust Company of America, New York.

President and Chairman Executive Committee, John W. Griggs, New York. 1st Vice- President, Guglielmo Marconi, London, Eng. 3d Vice-President and Secretary, John Bottomley , New York. Treasurer, Frank Newman, New York.

Directors— John Bottomley, New York. W. Walter Bradfield, New York. G. T. Campbell, New York. George W. FUhback, New York, John W. Griggs, New York. H. Cuthbert HaU, London, Eng. Guglielmo Marconi, London. H. G. Matthews, Montreal. John D. Oppe, Montreal. Samuel Flood Page, London. James W. Pyke, Montreal.

Corporate and main office, Jersey City. New York office, 37 William street. Annual meeting in April, at Jersey City.

THE KARCOm WIRELESS TELEGRAPH CO. OF CAHADA. LIMITED

A corporation formed under the laws of Canada, November i, 1903, to operate the Marconi system of wireless telegraphy.

Stock Par $5 Authorised, $5,000,000 Issued, $5,000,000

Transfer Agents, Montreal Trust & Deposit Co., Montreal ; Security Transfer & Registrar Co., New York. Registrars, The National Trust Co. Limited, Montreal; Knickerbocker, Trust Co., New York.

President, Andrew A. Allan, Montreal, ist Vice-President, Guglielmo Marconi, London, Eng. 3d Vice-President and General Manager, John D. Oppe, Montreal. Secretary, H. G. Matthews, Montreal.

Directors — Andrew A. Allan, Montreal. Robert Bickerdike, Montreal. J. N. Greenshields, Montreal. Guglielmo Marconi, London. John D. Oppe, Montreal.

Corporate and main office, 1734 Notre Dame street, MontreaL

6o8 THE MANUAL OP STATISTICS

THE lURSDEH CO.

A corporation orig;anued under the laws of New Jersey, Fdniarj 13, 1897. This company manufactures a variety of products from the cornstalk, such as cellulose for the protectkxn of battleships, for smokeless powder, dynamite, pyroxyline varnish, etc. The company's plants an located in Illinois, Indiana and Kentucky, eight in alL In 1899, acquired a oontroUinj interest in the International Smokeless Powder & Chemical Co., which manufactured smokeless ooand other materials, and had works at Parlin, N. J. In 1901, acquired the Americaxi Milling Co., with plants at Riverdale, 111., Chicago and Peoria.

In the autumn of 1903 the controUing: interest held by this company in the Intematioiial Smokeless Powder & Chemical Co. was sold to the du Pont International Powder Co., the consideration for the same being $3,565,000 of the preferred stock of the du Pont Co. and $190,000 collateral trust 5 per cent, bonds. The company sold $500,000 of the preferred stock for $400,000 cash. In 1907, the Consolidated Paper and Milling Co., acquired an interest in the stoic

The preferred stock is 6 per cent., cumulative. Stock is transferred at the office of the company, Philadelphia. Registrar, Provident Life & Trust Co., Philadelphia.

In January, 1904, it was announced that holders of this company's preferred stock had beeo offered the exchanging the same for preferred shares of the du Pont International Powder Co., part of that received this company under the arrangement referred to above, and that nearly all the preferred stockholders had accepted the proposition. The terms were that for each $100 of this company's preferred there should be given 66 per cent in the du Pont Co.'s preferred. Under the arrangement all but $48,700 of the $1,547,000 of preferred, with all the accumulated back dividends, had been retired up to February, 1905.

The re[>ort for 1899 showed receipts, $337,124; cash on hand at beginning of year and accounts receivable, $368,753; expenditures, $355,543; balance, $340,335< In 1900, receipts, ; expenditures, $304,898 ; total surplus, $557,879. The report for 190X gave no statement of the company's earnings. In 1903, the gross sales were $319,706 ; , $136,381 ; net profits, $83,841. In 1904, the profits were reported as $93,519 ; in 1905, $77,738 ; in 1906, $og6.

President, A. G. winter, Philadelphia. Vice-President and Treasurer, Edwin G. Buckner, Philadelphia. Secretary, A. F. Seay, Philadelphia.

Directors— J. S. Beacom, Greensburg, Pa. Edwin G. Buckner, Wilmington, Del. W. W. Gibbs, Philadelphia. George S. Graham, Philadelphia. Edward C. Lee, Philadelphia. R. C Patterson, New Castle, Pa. H. F. Stockwell, Camden, N. J. A. G. Winter, Philadelphia.

Corporate office, Camden, N. J. Main office, Drexel Building, Philadelphia. Annual meeting, first Tuesday in February, at Camden.

Hmrylahd Coal Co.

A Maryland corporation owning and operating a large bituminous coal property at Lonaconing, Alleghany County, Md. and also acquired properties in the West Virgmia and Pennsylvania coal regions. Stock Par $100. Authorized, $3,000,000 Issued, $1,885,005

The stock was formerly $4,400,000, but was reduced to $3,000,000 preferred in 18 There is $11,100 of the old common still outstanding, and $103,895 of the new preferred m the company's treasury, making up the full $3,000,000 of the new preferred authorised.

Stock is transferreaat the office of the company. New York. Registrar, Farmers* Loan ft Trust Co., New York.

Dividend payments on the stock of the company in 1903 were 7 per cent., including per cent in Julv, and with 3 per cent, extra, paid December 31, 1903. In 1903, 8K per cent, was paid, inclucling per cent, and i per cent, extra in July, and regular, vritn per cent, extra, December 31, 1903. The dividend payments in 1904 were also per cent. In 1905 and 1906, 8 per cent, was paid. In 1907, paid 4 per cent., in June and again pakl 4 per cenL, January 15, 1908.

The company's coal production in recent years is as follows : In 1896, 359,634 tons ; in 1897, 371,333 tons ; in 1898, 383,878 tons ; in 1899, 480,856 tons ; in 1900, 331,558 tons ; in 1901, 415.304 tons ; in 1902, 373.398 tons ; in 1903, 18,469 tons; in 1904, 333,079 tons; in 1905, 344,684 tons ; in 1906, 309,350 tons ; in 1907, 330,000 tons.

Surplus earning over charges have been, in 1898, $113,851 ; in 1899, $157,348; In 1900, $140,335; in 1901, $353,673; in loos, $388,796; in 1903, $640,489; m 1904, $ii6,3C7. In 1905, net, $333,634; dividends, $150,770; surplus, $71,858; in 1906, net, $155,630; dividends, $i50- 776; surplus, $4,854. In 1907, net, $595.673 ; dividends, $150,776; surplus, $44,897.

President, John E. Knapp, New York. Vice-President, George Hewlett, New York. Secretary and Treasurer, Henry 6. Nedham, New York.

Industrial Sbcuritibs

Directors— Michael ColemaD. Geor:e Hewlett. John E. Knapp. T. A. Knickerfoacker. Edward H. Litchfield. Henry B. Nedham. Frank W. Pardee. Charles- L. F. Robinson. William H. Van Kleeck. John G. Wendel.

Corporate office, Lonaconing, Md. New York office, z Broadway. Annual meeting, first Tuesday in February.

Masohic Fraterkity Tekple Mssociatioh Of Illikois

A corporation formed under the laws of Illinois in 1890, for the purpose of erecting a Masonic Temple Building in Chicago. The building was completed in 1892. Stock Par $xoo Authorized, $2,000,000 Issued, $2,000,000

Stock is transferred at the office of the association, Chicago. Registrar, Harris & Savings Bank, Chicago.

Dividends at the rate of 3 per cent, annually were paid to April, 1903, when dividend was passed. In 1904, 2 per cent, was paid.

Funded Debt zst mort., 4 per cent, gold, due July i, 1932, Jan. and July $1,500,000

The bonds are secured by a zst lien on the Masonic Temple Building at State and Randolph streets, Chicago, the total value of which is about $3,500,000. The bonds may be called at 102 and interest after July z, Z902.

In the fiscal year ending April 30, Z904, the gross receipts were $369,979; net, $60,5x6; dividends, $X9,57Z ; surplus, $49,945. In 1904-5, gross $29z,822; net, $68,133; dividends, $39,z42; surplus, $28,990; in Z905-06, gross, $305, zo8; net, $78,356; dividends, $78,284; surplus, $72; in Z906-07, gross, $302,784; net, $89,742; dividends, $58,zi3; surplus, $31,629.

President, George H. High, Chicago. Vice-President, N. W. Harris, Chicago. Secretary and Treasurer, George L. Ayres, Chicago.

Directors— C. C. Adsit, Chicago. George L. Ayres, Chicago. N. W. Harris, Chicago. George H. High, Chicago. A. O. Slaughter, Chicago.

Corporate and main office, 55 State street, Chicago. Annual meeting, last Friday in May, at Chicago.

Massachusetts Electric Cokpahies

A voluntary association organised in Massachusetts in X899. The association is managed by a board of fifteen trustees, who hold title to its assets. The declaration of trust contains provision against the creation of any indebtedness whereby shareholders can become personally liable. The association acquired through ownership of all or a majority of their stock, thirty-six railway and electric lighting companies in Massachusetts, New Hampshire and Rhode Island. The trustees have, however, procured the merger of many of these companies, so that their number, has ben reduced to the following :

The following companies are controlled through lease :

Boston & Chelsea Street Railway Co. Winnisimmet (Street) Railroad Co.

Boston & Revere Electric Street Railway Co. Nashua Street Railway Co.

East Middlesex Street Railway Co. Newport & Fall River Street Railway Co.

The companies which are owned have a total share capital of $19,042,900, practically all being held by the trustees of this organization. They comprise 882 miles of track, of which 63 miles are leased. Their power stations have an aggregate capacity of 53,410 horse power.

The organization since its formation has provided a large amount of cash to extinguish the floating debts of the various companies and to improve the properties, and has, by consolidation of various companies it controls and in other ways, economized their expenses and increased their earnings. The aggregate funded debt of the companies owned on September 30, 1Q07, was $17,882,000. In Z903 the Boston Elevated Railway Co. leased the portion of the Olcl Colony Street Railway in the city of Boston for 99 years at an annual rental of per cent, on an appraised value of $353,000. In Z904 this company acquired and took over the Georgetown, Rowley & Ipswich Street Railway Co. and the Haverhill, Georgetown & Danvers Street Railway Co., and in Z906, the Lowell & Wobum Steeet Railway Co.

6io

Thb Manual Of Statistics

In 1902, $5,500,000 of new preferred stock was issued and sold to provide for impmvemcptt and new construction.

The shares are in the form of certificates issued by the trustees and representing proportionate participation in the organization. The preferred shares are 4 per cent., cumulaUve.

Transfer Ant, Old Colony Trust Co., Boston. Retrar, American Trust Co., Boston.

The first dividend on the preferred shares was 3 per cent., semi-annual, paid December i, 189. A second dividend of a per cent, was paid June i, 190a In December, ipoo, the diWdend penod was changed to January and July, and per cent, was paid on the preferred January i, 1901 ; a per cent, was subsequently paid on the preferred, in July (i) and January, until January .1, 1905, when the dividend was passed, and none has since been paid.

Funded Debt Coupon notes, per cent., due July, 1910, Jan. and July.

Funded Debt— Constituent Companies

Boston & Northern St. Ry. refund, mort., 4 per cent., due July, 1954, Jan. and July. $3,176,000

Boston & Revere Electric St. Ry. ist m., 5 per cent., due Feb., 1910, Feb. and Aug. to5oo

Boston, Milton & Brockton ist mort., 5 per cent., due July, 1919, Jan. and July. . . . 100,000

Braintree St. Ry. ist mort., 6 per cent., due July, 1914. 35*ooo

Braintree & Weymouth St. Ry. ist m., 5 per cent., due March, 191 7, March and Sept. 80,000

Bridgewater, W. & Rockland ist mort., due 191 7, Mav and Nov 85,000

Brockton Street Ry. cons, ist mort., 5 per cent., due Oct., 1934, April and Oct 689,000

" " debenture, per cent., due April, 1910, April and Oct 33ooo

5 per cent., due Jan., 1913, Jan. and July 15.000

Brockton, Bridgewater & Taunton ist mort., due Aug., 1917, Feb. and Aur 300,000

Brockton & East Bridgewater St. Ry., 5 per cent., due Feb., 1918, Feb. and Aug... 30,000

Dighton, Somerset & Swansea mort., 5 per cent., due Dec., 191 5, June and Dec. ... 109,000

East Middlesex St. Ry. plain bonds, 5 per cent., due Sept., 1918, March and Sept.. 130,000

refunding bonds, 4 per cent., due Jan., 193a, Jan. and July 100,000

Essex Electric Co. ist mort., 6 per cent., due Jan., 1911, Jan. and July 100,000

Georget'n, Rowley & Ipswich St. Ry. ist mort., 5 p. c, due June, 1930, June and Dec 180,000

Globe Street Ry. ist mort., 5 per cent, due April, 191a, April and Oct 750,000

" debentures, 5 per cent., due 1910-13 075,000

Gloucester, Essex & Beverly ist mort., 5 per cent., due Dec., 1916, June and Dec. . 135,000

Haverhill, Georgetown & Danvers Street Ry. ist mort., 5 per cent., due 1919 35fOOO

Lowell, Lawrence & Haverhill ist mort., 5 per cent., due June, 1933, June and Dec. 919,000

Lowell & Suburban Street Ry. ist mort., 5 per cent., due Dec, 191 1, June and Dec 1,000,000

& Boston Street Ry. ist mort., 5 per cent., due Dec, 1934, June and Dec 3i7a3,ooo

coupon notes, 6 per cent., due April, 1917, April and Oct.: . . 4,000

" " plain bonds, 5 per cent., due 1907-13 i86i,ooo

Lynn Belt Ry. ist mort., 5 per cent., due May, 1910, May and Nov 100,000

Merrimack Valley Street Ry. ist mort., 5 per cent., due April, 191 1, April and Oct. 34a,ooo

Nashua Street Ry. ist mort., 4 percent., due Oct., 1931, April and Oct 150000

Naumkeag Street Ry. cons, mort., 5 per cent, due July, 1910, Jan. and July 711,000

" " " debenture, 6 per cent., due Sept., 1910, March and Sept 34,000

" " 6 per cent., due July, 191 1, Jan. and July 10,000

Newport & Fall River ist mort., 5 per cent., due Aug., 1918, Feb. and Aug 340,000

" cons, mort., per cent., due July, 1954, Jan. and July 477ooo

Newport Street Ry. ist mort., 5 per cent, due Dec, 1910, June and 5oooo

Newport Illuminating Co. 3d mort., 6 per cent., due 1935 63,500

New Bedford, Middlebor. & Brockton ist m., 5 p. c, due Jan., 1920, Jan. and July 335,000

Norfolk Central St. Ry. ist mort., 5 per cent., due Juhr, 1918, Jan. and July 47i500

Norfolk Suburban St. Ry. ist mort., 5 per cent., due July, 1914, Jan. and July 59iOOO

Old Colony Street Ry. refunding mort., 4 per cent., due July, 1954, Jan. and July. . 3,893,000

People*s Street Ry. ist mort., 5 per cent., due Jan., 1938, Jan. and July 000

Providence & Taunton ist mort., 5 per cent., due Sept., 1918, March and Sept 150,000

Rockland & Abington ist mort., 6 per cent., due May, 191 5, May and Nov 100,000

South Shore & Boston Street Ry. ist mort., 5 per cent, due Aug., 1919, Feb. and Aug. 335iOOO

Taunton & Brockton Street Ry. ist mort., 5 per cent, due Aug., 191 7, Feb. and Aug. 100,000

Taunton Street Ry. ist mort., 5 per cent., due Jan., 1914, Jan. and July

" debentures, due March, 1914, March and Sept 300,000

Wakefield & Stoneham ist mort., 5 per cent, due March, 1915, March and Sept. ... 150,000

W. Roxbury & Roslindale St Ry. ist m., 5 p. c, due Sept., 1916 March and Sept i37i5oo

Industrial. Sbcttrities 6"

Guaranteed Stocks op Leased Compaivibs

Boston & Rvere Electric Street Ry. 5 per cent. , Jan. and July $50,000

Blast Middlesex Street Ry. 10 per cent a97.7<

Nashua Street Ry. 6 per cent., Jan. and July 325.000

Bctston & Chelsea Street Ry. 6 per cent., April and Oct 131,000

Newport & Fall River Street Ry. 6 per cent., Jan. and July 900,000

The coupon notes of the Massachusetts Electric Companies are $3,500,000, authorized. Trustee, Old Colony Trust Co., Boston, at which institution coupons are paid. The notes were created in 1905 to take up $3,700,000 of similar notes maturing January i, 19C36, and to provide for the acquisition of additional property, and are secured by stocks of the constituent companies.

The Boston & Northern Street Railway refunding mortgage is for $15,000,000. Trustee and ag:ent for the payment of interest, American Trust Co., Boston.

The Old Colonv Street Railway refunding mortgage is for $10,000,000. Trustee and agent for the payment of mterest. Old Colony Trust Co., Boston.

Earnings— Controlled Companies Year ending September 30

Gross Net Charges Dividends Surplus

Income— Massachusetts Electric Companies Year ending September 30

Gross Net Charges Pref. Dividends Surplus i899Kx> (15 months) $904,758 $831,834 $a8o,ooo $361,8,"

1905-06 777,iSO 758,754 157,500 601,254

President, Gordon Abbott, Boston. Vice-President, Charles E. Cotting, Boston. Secretary, Everett W. Burdett, Boston. Treasurer, Joseph H. Goodspeed, Boston. General Manager, P. F. Sullivan, Boston. General Auditor, D. Dana Bartlett, Boston.

Trustees— Gordon Abbott, Boston. Charles Francis Adams, 3d, Concord, Mass. Everett W. Burdett, Boston. Alexander Cochrane, Boston. Charles E. Cotting, Boston. Philip Dexter, Boston. Eugene N. Foss, Boston. Reginald Foster, Boston. Walter Hunnewell, Boston. Stillman F. Kelley, Boston. E. Rollins Morse, New York. Richard Olney, Boston. Percy Parker, Lowell, Mass. S. Endicott Peabody, Boston. Philip L. Saltonstall, Milton, Mass.

Main office, 84 State street, Boston. Annual meeting, third Wednesday in December, at Boston.

Massachusetts 6As Cokpakies

A voluntary association organized under the laws of Massachusetts in October, 1903. It was formed in pursuance of a plan for the reorganisation of the New England Gas & Coke Co. and its affiliated companies, and to bring under one control and management the principal gas companies and plants which supply Bon and its vicinity.

The property account includes the following securities:

Shares

The New England Gas & Coke Co 175,000

Boston Consolidated Gas Co 151,106

East Boston Gas Co 8,633

Chelsea Gas Co 3,957

Citizens' Gas Light Co. of Quincy 330

6i9 THB MANUAL OF STATISTICS

See the Manual for 1906 for details regarding: the old company and its reorganization.

The preferred stock is 4 per cent., cumulative, the dividends attaching to it from December i, 19OT. Transfer Agent, Old Coloav Trust Co., Boston. Registrar, City Trust Co., Boston.

The first dividend of the preferred stock of this organisation was a per cent., semi-annual. paid June i, 1903, and similar dividends, of 4 per cent, per annum, have since been paid regularly in June (i) and December. The first dividend on the common was i per cent., paid August I, 1906, and i per cent, was also paid December i, 1906. In T907, z per cent, each was paid in April, August and December, making 3 per cent, for the year. In June, 1907, the directors set aside $750,000, with which to pay the August and December dividends, and one of I per cent, in April, 1908.

There are outstanding 5 per cent, bonds of the Brookline Gas Light Co., one of the ooostituent companies, to the amount of $1,000,000.

Earnings Year ending June jo

Expenses 1 Pref. Or

Receipts Pref. Div. Surplus

19CO-03 (9 months ending June 30) $755i*i7 $a44396

The total surplus June 30, 1907, was $913,418.

President, C. Minot Weld, Boston. Secretary, Frederic Tudor, Boston. Treasurer, Wallace S. Draper, Boston.

Trustees— Charles Francis Adams, 3d, Boston. Walter C. Baylies, Boston. Samuel Carr, Boston. Robert C. Pruyn, Albany, N. Y. Joseph B. Russell, Boston. Frederic E. Snow, Boston. Charles A. Stone, Boston. Albert Strauss, Boston. C. Minot Weld, Boston. Robert Winsor, Boston.

Main office. National Shawmut Bank Building, Boston. Annual meeting, second Tuesday in October.

Massachusetts Lightimg Cokpahies

A voluntary association oianised under the laws of Massachusetts, October z, 1903, for the purpose of owning and managing gas and electric properties. It owns and controls the following : CUnton Gas Light Co. Worcester County Gas Co.

Milford Electric Light & Power Co. Arlington Gas Light Co.

Ayer Electric Light Co. Leominster Gas Light Co.

Leominster Electric Light & Power Co. The Light, Heat & Power Corporation.

Stock Par $xoo Authorised, $1,444,600 Issued, $1,444,600

Transfer Agent, Old Colony Trust Co., Boston.

In 1Q04, 4 per cent, dividends were paid ; in 1905 and 1906, 5 per cent., and in 1907, 6 per cent. The dividend periods are quarterly, in January, April, July and October.

This organisation guarantees $xoo,ooo 5 per cent, bonds of the Light, Heat ft Power Cor poration.

Earnings

Gross Net Charges Surplus

1906 $ai9,aoi $83,015 $30,558 $51,457

President, Arthur E. Childs, Boston. Secretary, George F. Howland, Boston. Treasurer, Addis M. Whitney, Boston.

Directors— Arthur E. Childs, Boston. Alfred Clarke, Boston. Chauncey H. Pierce, Edgar Van Etten, New York. Addis M. Whitney, Boston.

Main office, 131 State street, Boston. Annual meeting, first Tuesday after February 15, at Boston.

THE MASS COKSOLI DATED Ml III KG CO.

A corporation formed under the laws of Michigan in 1898. The company was a consolidation of the Mass Mining Co., the Ridge Copper Co. and the Merrimac, Hazard and Ogima mines. The company owns some 3,000 acres of copper-bearing lands in Ontonagon County, llich. The

Industrial Sdcuritibs 613

company is continuing development work. on its mines. In 1900 a stamp mill was erected on the

property. ,

Stock Par $35 Authorized, $3,500,000 Issued, $3,500,000

Durine 1900 $3 per share was called on the stock; in 1901, $5; in 1902, $1, and in 1903, $1. A call for $1 was made December i, 1904, and for $x additional, payable June i, 1905, . making the stock $19 per share paid.

Transfer Ag:ent, Old Colony Trust Co., Boston. Registrar, American Trust Co., Boston.

President, Charles A. Lamb, Chicago. Vice-President, Theodore O. Nicholson, Boston. Secretary and Treasurer, Wilfred A. Bancroft, Boston.

Directors— Wilfred A. Bancroft, Boston. F. W. Hunton, Boston. Charles A. Lamb, Chicago. John W. Linnell, Jr., Maiden, Mass. Theodore O. Nicholson, Boston. Jerome C. Smith, Boston. James M. Wilcox, Mass City, Mich.

Main office, 6 Beacon street, Boston. Annual meeting, second Thursday in March.

Mayflower Hihim6 Co.

A corporation formed under the laws of Michigan in 1899. The company owns 840 acres of mineral Und in Houghton County, Mich., the property being southeast of the Wolverine and between the Old Colony and Kearsarge mines. Exploration by shafts, drifts, crosscuts, etc., has been prosecuted, but no work has len done on the property since April, Stock Par $35 Authorized, $3,500,000 Issued, $3,500,000

There has been paid in $8 on each share of stock.

Stock is transferred at the office of the company, Boston. Registrar, Old Colony Trust Co. Boston.

President, H. F. Fay, Boston. Secretary and Treasurer, George G. Endicott, Boston.

DirectorsJames (Jhynoweth, Calumet, Mich. S. R. Dow, Boston. Manning Emery, Boston. George G. Endicott, Boston. H. F. Fay, Boston. John C. Watson, Boston.

Main office, 60 State street, Boston. Annual meeting, third Wednesday in March, at Boston.

THE kcKIKLEy-dahhagh-savage mikes of cobalt, limited.

A corporation formed under the laws of Ontario, April, 1906. The company acquired the silver mining properties at Cobalt, Ontario, known as the Mckinley-Darraph Mine, comprising 40 acres, the Savage Mine, 43 acres, and the Bennett Mine, 40 acres. The first silver discoveries in the Cobalt camp were made on the McKinley-Da.rragh tract, which is at the southern end of Cobalt Lake. The Savage Mine is on the south shore of Cart Lake. The Bennett property is the first concession in the Township of Bucke. The mines are equipped with a five-stamp mill, one twelve-drill compressor and one five-drill compressor, five hoisting engines, a ico-lamp electric light machine, bunk houses, superintendent's house, laboratory, office and storage buildings, machine and blacksmith shops, etc.

During 1907, 736 tons of ore wer produced and shipped, the net proceeds being $347,080. Par $x Authorised-, $3,500,000 Issued, $3,300,000

Transfer Agent, Security Transfer & Registrar Co., New York.

President and General Manager, C. A. Masten, Toronto. Vice-President, Thomas W. Finucane, Rochester, N. Y. Treasurer, W. L. Thompson, Rochester. Secretary, J. R. L. Starr, Torooto.

Directors— Thomas W. Finucane, Rochester, N. Y. David W. Green, Toronto. Joseph S. Hunn, Rochester. C. A. Masten, Toronto. Hiram W. Sibley, Rochester. J. R. L. Starr, Toronto. W. L. Thompson, Rochester.

Main office, Canada Life Insurance Building, Toronto.

Mechahics Mills

A corporation formed under the laws of Massachusetts in x868 to manufacture cotton cloth. The plant of the company, at Fall River, Mass., consists of a mill with 58,324 spinning spindles and 1,550 looms. Stock Par $100 Authorised, $750,000 Issued, $750,000

Stock is transferred at the office of the company. Fall River, Mass.

The first dividend was paid in December, 1870, being 4 per cent, semi-annual. Dividends were paid semi-annually until 1880 ; since then they have been paid quarterly. The dividends are

6i4 THE MANUAL OP STATISTICS

usually payable in January, April, July and October. In 1903, 4 per cent, was paid. In 1904, three dividends of i per cent, each were paid, but the October, 1904, dividend was passed and none was paid until July, 1905, when i per cent, was declared. In 1906, the dividends were 4 per cent., beins; i per cent. Quarterly in January, April, July and October. In 1907, paid per cent, each in January and April, and a per cent, each in July and October.

The eaminsTB of the company are not published.

President, Bradford D. Davol, Fall River, Mass. Treasurer and Agent, Edvrard L. Anthony, Fall River. Clerk, Edward S. Adams, Fall River.

Directors— Edward L. Anthony, Fall River. Edward S. Adams,. Fall River. Charles N. Borden, Fall River. John S. Brayton, Fall River . Bradford D. Davol, Fall River.

Corporate and main office, Davol street, Fall River, Mass. Annual meeting:, first Thursday in November, at Fall River.

Mempm/5 Street Railwmy Co.

A corporation formed under the laws of Tennessee, March 28, 1895, as a consolidation of the traction interests of Memphis, Tenn. Road operated, no miles, comprising all the electric lines in the city. Its franchises do not expire until 1945, all terms confirmcxl by the Supreme Court of Tennessee.

In 1906 the American Cities Railway & Light Co. acquired all but a small portion of the stocks and controls this company. See statement of the American Cities Railway & Light Ca

The preferred stock is 5 per cent, cumulative. Dividends on the preferred are paid quarterly at the rate of xji per cent each in January, April, July and October. Stock is transferred at the office of the company, Memphis, and the Commeroal-Germania Trust & Savings Bank, New Orleans. Regisar, Bank of Commerce & Trust Co., Memphis; Isidore Newman & Son, New Orleans.

Funded Debt

Cons, mort, 5 per cent., due July, 1945, Jan. and July $7,094,000

Citizens Street Railroad ist mort., 6 per cent., due Jan., 19x6, Jan. and July 906,000

Total $8,000,000

The consolidated mortgage is for $io,ooo,coo, of which amount $906,000 are reserved to retire the Citizens Street Railway bonds. The bonds can not be called. A sinking fund begins in 1910 with $25,000 per annum for the first five years, $jo,ooo for the second five years, $35,000 for the third five years, $40,000 for the fourth five years and $50,000 from 1930 to 1945. Trustee and agent for the payment of interest. Central Trust Co., New York.

President and Manager, Thomas H. Tutwiler, Memphis. Vice-President, John H. Watkins, Memphis. Secretary and Treasurer, W. H. Burroughs, Memphis.

Directors— -George H. Davis, New Orleans. A. H. Ford, Birmingham, Ala. W. B. Mallory, Memphis. J. K. Newman, New York. J. R. Pepper, Memphis. W. B. Rogers, Mempliis. R. A. Speed, Memphis. J. H. Thompson, Nashville. Thomas H. Tutwiler, Memphis. Percy Warner, Nashville. John H. Watkins, Memphis.

Main office, Memphis, Tenn, Annual meeting, second Wednesday after the first Sunday in February, at Memphis. Fiscal Agenu, Isidore Newman & Son, New York.

Kerchamts Warehouse Co.

A corporation formed under the laws of Massachusetts, March 9, 1809. It was organised to own and operate wharves and warehouses in Boston and in March, 1906, acquired the propeitv of the Fiske Wharf & Warehouse Trust (see statement of the latter in the Manual for loo and Harris' Wliarf with adjoining land amounting to about 3ao,ooo square feet on which it erected a fireproof warehouse covering 25,000 square feet, 7 stories high and equipped with modem appliances. On May 2, 1907, the wharves and docks, including about 185,000 square feet of lana, were sold to the Merchants & Miners Transportation Company of Baltimore, leaving the company about 35,000 square feet of land and the fireproof warehouse.

The preferred stock is 5 per cent, cumulative with a preference as to assets. It shares with the common in any surplus earnings after 7 per cent, has been paid on the common in any year. In case of a dissolution it is to share /n? rata in the distribution of the surplus after the has received $150 per share.

Stock is transferred at the office of the company, Boston.

Industrial Sbcuritibs 615

Funded Debt Fiske Whart & Warehouse 1st mort., notes 4 per cent, due igai, Jan. and July $439,000

Trustee of mortgage and agent for the payment of interest State Street Trust Co., Boston. From the proceeds of the above sale made in May, 1907, $450,000 was deposited with the State Street Trust Co., trustee under the mortgage given by the Fiske Wharf and Warehouse Trust, to secure the payment of the notes as pre-payment in full of the sinking fund provided for the payment of the same and $47,000 of the notes previously held in the sinking fund were canceled. The funded debt, therefore, now consists of the Fiske Wharf and Warehouse Trust 4 per cent, notes due in 1931, while the sinking fund in the hands of the trustee to provide for the payment thereof is about $450,000.

President, Moses Williams, Boston. Vice-President, Leslie C. Wead, Boston. Treasurer, John L. Nichols, Boston.

Main office, 16 State Street, Boston. Annual meeting third Monday in February at Boston.

Kerqehthaler Limotype Co.

A corporation formed under the laws of New York, December 16, 1895. The company is successor to the Mergenthaler Linotype Co. of New Jersey, which had a capital of $5,000,000, and which was a consolidation of several smaUer companies. The company owns the patents covering the linotjrpe machine, which does away with the ordinary printer's type and with the old processes of composition and distribution in printing. These machines are now in general use throughout this country. The company has a large factory in Brooklyn, N. Y., for the manufacture of the machines, and both sells and leases them to printers and newspapers. Stock Par $100 Authorised, $15,000,000 Issued, $10,996,000

In February, 1905, the authorised amount of stock was increased from $10,000,000 to $15,000,000, the additional stock to be issued and disposed of when and as the Directors may deem wise and expedient. In May, 1905, $1,000,000 new stock was subscribed at par by the stockholders.

Stock is transferred at the office of the company. New York. Registrar, Metropolitan Trust Co., New York.

Dividends are paid quarterly, March, June, September and December. In 1897, paid 16 po' cent.; in 1898, 1899 and 1900, 90 per cent., being 10 per cent, regular and 10 per cent, extra. The quarterly dividends were aj per cent, regular and extra each quarter from October, 1897, until December, 1900, inclusive. In 1901, the dividends were per cent, regular quarterly, and an extra dividend of aJ.per cent, in December. In 1909, 15 per cent, was paid, including 5 per cent, extra in December, which was also the course pursued as to dividends in 1903- 1907 inclusive.

Earnings Year ending September 30

Net Dividendi Surplus

z90i-oa 1,892,918 ;,3So,ooo 542,91*

President, Philip T. Dodge, New York. Vice-President, Ogden Mills, New York, and Vice-President, Norman Dodge, East Orange, N. J. Secretary and Treasurer, Frederick J. Warburton, New York. Assistant Treasurer, J. Willis Heard, New York.

Directors— James O. Clephane, Englewood, N. J. Andrew Devine, New York. Norman Dodge, East Orange, N. J. Philip T. Dodge, New York. Robert I. Gammell, Providence, R. I. D. 0. Mills, New York. Ogden Mills, New York. E. V. Murphy, Washington, D. C. Whitelaw Reid, New York. Albert H. Sawyer, Boston.

' Main office, 154 Nassau street, New York. Annual meeting, third Wednesday in October, at New York.

Kerriuack Hamufacturimg Co.

A company incorporated in Massachusetts in 1833. The purpose of the company is the manu - facture, bleaching and printing of cotton cloths, corduroy and fancy white goods. The plant of the company at Lowell, Mass., comprises 170,000 spindles, 5,038 looms and 33 printing machines. Stock. . . . . .Par $100 Authorised, $3,750,000 Issued, $3,750,000

Stock is transferred at the office of the company, Boston.

6i6 THE MANUAL OF STATISTICS

Dividends at the rate of 6 per cent, per annum are paid on the stock, the payments in loos beinc 3 per cent each, in February and August. The same rate was paid in February, 193, doC no dividend was paid in August, 1903. In 1904, also, only one dividend was paid, viz : per cent in February, and there were no subsequent dividends until February, 1907, when 3 per cent, was paid. In August, 1907, a per cent, was again naid and in February, 1908, a per cent.

President, Arthur T. Lyman, Boston. Treasurer, Charles L. Lovering, Boston.

Main office, 53 State street, Boston. Annual meeting in October.

METROPOUTJm SECURITIES CO.

A corporation formed under the laws of New York, February 14, 1902. The purpose of the company was to acquire, own or sell the securities of other companies. It owns all the stock of the New York City Railway Co., originally the Interurban Street Railway Co., which is $ao,ooo,ooo authorized and $9,361,500 issued, to which company the Metropolitan Street Railway Company's system of roads was leased for 999 years, from February 14, 1903. See statement oif the latter company. This company also acquired holdings (the amount of which is not definitely known), of the stock of the Third Avenue Railroad Co.

This company has acquired the stock of the New York, Westchester & Connecticut Railway and the People's Traction Co.

In September, 1907, Adrian H. Joline and Douglas Robinson, New York were appointed Receivers of the New York City Railway Co.

In January, 1906, a plan was formulated whereby this company*s stock was to be sold to the Interborough-Metropolitan Co. See statement of the latter company. Under the terms of the plan Metropolitan Securities stock, 75 per cent, paid, was to be exchanged for per cent of its face in common stock of the Interborough-Metropolitan Co. At the close of 1907 the Interborough-Metropolitan Co. had acquired $29,373,100 of this company's stock. Stock Par $100 Authorised, $30,000,000 Issued, $30,000,000

Up to January, 1903, the entire stock had been subscribed, and there was paid in on the stock $35 per share at the inception of the company, a second payment of $35 beine called and paid June 10, 1903, making the stock $50 paid. In connection with the merger and sale of this company's stock to the Interborough-Metropolitan Co. it was provided that this stock should be 75 per cent, paid, and a further call of 35 per cent, was accordingly made, payable January 30, 1906.

Transfer Agent, R. L. Anderton, Jr., 63X Broadway, New York. Registrar, Mercantile Trust Co., New York.

The plan for the formation of this company provided that the property of the Metropolitan Street Railway should be leased to the Interurban Street Railway, the latter to assume the fixed charges of the Metropolitan Street Railway Co. and guarantee dividends of 7 per cent, per annum on the entire amount of the capital stock. The stockholders of the Metropohtan Street Railway Co. were given the right to buy $33,400,000 of the stock of the Metropolitan Securities Co. at par. This company agreed to pay $33,000,000 cash into the treasury of the Interurban Street Railway Co., receivmg in return stock of the Interurban Street Railway Co. at par and debentures bearing interest at a rate not exceeding 4 per cent, per annum.

The New York City Railway Co. has lo-year 3 per cent, notes outstanding to the amount of $1,761,000 and loans and bills payable December 31, 1906, $10,865,000.

President, Herbert H. Vreeland, Jew York. Vice-President, Alfred Skitt, New York. Secretary and Treasurer, Edward W. Sayre, New York,

Directors— Edward P. Bryan, Bound Brook, N. J. Frank S. Gannon, New York. W. Leon Pepperman, New York. Henry Sanderson, New York. Alfred Skitt, Yonkers, N. Y. Herbert H. Vreeland, New York.

Main office, 1x5 Broadway New York. Annual meeting, second Wednesday in December, at New York.

Ketropoutak' Street Railway Co.

New York City Railway Co., Lessee

On October x, 1907, Adrian H. Joline, New York and Dotiglas Robinson, New York, who had previously been made Receivers of the New York City Railway Co., were appointed by the United States Circuit Court, Receivers of the Metropolitan Street Railway Co.

The Metropolitan Street Railway Co. is a corporation formed under the laws of New Yoric, November xa, 1893.

See above in regard to the Metropolitan Securities Co., and the lease of this company to the Interurban Street Railway Co., now the New York City Railway Co., which was made in April, 190a, the terms of the lease including the guarantee of 7 per cent, per annum in this company stock. The Interurban Street Railway Co. was incorporated under the laws of New Yoik,

Industrial Sbctjrptibs 617

November 35, 1901, and on February lo, 1904, its name was changed to the New York City Railway Co.

The Metropolitan Street Railway Co. controls all the important street railway lines in New York City. An organisation known as the Metropolitan Traction Co. was formed in 1891, under the laws of New Jersey, in order to purchase the Broadway Surface Railway Co. In September, 1890, the Metropolitan Traction Co. reorg:anixed under the New York law. The Metropolitan Street Railway Co. was chartered in 1893 operate the roads, and all of its stock was owned by the Metropolitan Traction Co. In 1896, the stock of the Metropolitan Street Railway Co. was increased from $16,500,000 to $30,000,000, and in October, 1897, it was exchanged for the stock of the Metropolitan Traction Co., thus winding up the latter. At the same time the Metropolitan Street Railway Co. purchased the remaining assets of the Traction Co., and paid for the same by an issue of $16,000,000 debenture certificates. These debentures were distributed to the stockholders of the Traction Co. at the time of its dissolution.

In 1898, the Metropolitan Street Railway Co. increased its capital stock to $45,000,000. Out of the increase of $15,000,000 the stockholders were allotted $10,000,000 at par, and of the proceeds $6,000,000 were used to retire the 5 per cent, debentures, the issue being called for payment October 15, 1898. $4,000,000 of the proceeds of stock allotment were devoted to changing the power on various lines to electrkity, and the remaining $5,000,000 of stock was sold to stockholders at par in August, 1899 In May, 1900, the stock was increased from $45,000,000 to $53,000,000. In December, 1900, the $7,000,000 additional stock was allotted to the stockholders at 160.

In May, 1900, the Metropolitan Street Railway Co. leased the Third Avenue Railroad Co., and guaranteed that company's issue of $50,000,000 4 per cent, bonds. The New York City Railway owns $4,500,800 of the Third Avenue Co.*s stock, and the Metropolitan Securities Co. also acquired an interest in the Third Avenue stock. For terms of the lease see the Third Avenue Railroad Co.*s statement. Also as to separate receivership of that company.

The Metropolitan Street Railway Co. was a consolidation of four roads, all tne stock of which belonged to the Metropolitan Traction Co., vis.: Broadway Railroad, South Ferry Railway, Houston, West Street 8t Pavonia Ferry Railroad, and Chambers Street & Grand Street Ferry Railroad Companies. In 1894 and 1895, it also formally absorbed the Columbus & Ninth Avenue Railroad, Metropolitan Crosstown Railway and the Lexington Avenue & Pavonia Ferry Railway Companies. Tne following companies, in which the Metropolitan Traction Co. had a controlling interest, were also leased to the Metropolitan Street Railway Co.; Broadway & Seventh Avenue Railroad, Sixth Avenue Railroad, Ninth Avenue Raflroad, Twenty-third Street Railway (including iU leased line, the Bleecker Street & Fulton Street Railroad), Forty-second Street & Grand Street Ferry Railroad, Central Park, North & East River Raihxxid (Belt Line). Control of the Eighth Avenue Co. was also acquired in November, 1895, and that road was leased to the Metropolitan Street Railway, and in 1896 the Fourth and Madison Avenue surface line of the New York & Harlem Railroad was leased. In 1897. the company acquired a controlling interest in the Central Crosstown Railway Co., including Christopher & Tenth Streets Railroad Co., and in the Second Avenue Railroad Co. companies, the latter bein leased. The roads leased and controlled through ownerip of part or all of their stocks include the Thirty-fourth Street Crosstown Railway Co., the Twenty-eighth & Twenty-Ninth Street Crosstown Raihoad Co. and the Fulton Street Railroad Co.

Total miles of track operated June 30, 1906, 516.80 miles. This includes 424.S7 miles operated with electric power and 93.53 miles with horses.

In connection with the installation of electric power on its lines the company acquired a water-front on the East River at Ninety-sixth and Ninety-seventh streets, where it erected a laie power station. Some of the lines of the company, particularly the crosstown lines, were equipped with air and electric storage motors, but in 1902, in pursuance of the lease to the New York City Railwar Co. and the formation of the Metropolitan Securities Co., plans were formulated for the electrical equipment of all the roads of the system.

In Januaiy, 1906, a plan was announced for the sale of this company's stock to the Interborough- Metropolitan Co,, the provision of the plan being that this company's stock should be exchanged for 100 per cent, of new 5 per cent, cumulative preferred stock of the Interborough- Metropolitan Co. and 55 per cent, of the latter's common stock. See statement of the Interborough-Metropolitan (So. At the close of 1907, the Interborough-Metropolitan Co. had acquired $43,740,000 of the Metropolitan Street Railway 0>.'s stock.

Stock Par $too Authorised, $53,000,000 Inued, $53,000,000

Stock is transferred at the office of the company. New York. Registrar, Guaranty Trust Co., New York.

Dividends have been as follows: On Metropolitan Traction stock, in 1891, 4 percent.; in 1893, 3 per cent.; in 1893, none ; in 1894, 5 per cent.; in 1895, 5 per cent.; in 1896, 5 per cent.; in 1897, 5 per cent. On Metropolitan Street Railway stock, in 1898, 5 per cent.; in December 2898, the quarterly dividend, payable January 16, 1899, was increased from to per cent., putting the stock oii a 7 per cent, basis. The dividends were paid quarterly, in January (15), April, July and October. The last quarterly dividend paid was In July, 1907, the (October, 1907,

6i8 THE MANUAL OP STATISTICS

payment having not been made in consequence of the insolvency and receivership of the If etiopolitan Street Railway Co. and of its lessee, the New York City Railway Co.

A committee to represent the stockholders was formed, composed of John I. Waterbnrr. Edmund C. Converse and Harry S. Hopper, with Simpson, Thatcher & Bartlett,6a Cedar street. New York, Counsel. This committee has been made a psuty to the legal prooeedini leruwinc out of the receivership. Certain stockholders of the Metropolitan Street Railway Co. are aho represented by a committee, William F. King, New York, Chairman, with Griggs, Baldwin & Pierce, ay Pine street. New York, Counsel.

Funded Debt

Metropolitan Street Ry. col. trust mort., 5 per cent., due Feb., .1997, Feb. and Aug. . $ia, 500,00c

" refunding mort., 4 per cent., due April, aooa, April and Oct. 16,604,000

Improvement notes, 5 per cent., due July, 1910, Jan. and July 8,000,000

Broadwav Surface R. K. ist mort., 5 per cent., due 1904, Jan. and July 1,500,000

MetropoUtan Crosstown zst mort., 5 per cent., due April, 1900, April and Oct 600,000

Lex. Ave. & Pav. Ferry ist mort., 5 per cent., due Sept., 1993, March and Spt 5,000,000

Columbus & Ninth Ave. ist mort., 5 per cent., due SepL, 1993, March and Sept 3,000,000

South Ferry R. R. it mort., guar., 5 per cent., due April, 1919, April and Oct 350,000

Real estate morts 950,000

Total $48,504,000

Funded Debt — Leased and Controlled Lines

Bleecker St. & Fulton Ferry ist mort., 4 per cent., due Jan., 1950, Jan. and July.. . . $700,000

Second Ave. ist mort., 5 per cent., due Nov., 1909, May and Nov i ,-880,000

debentures, 5 per cent., due Jan., 1909, Jan. and July 89,000

cons, mort., 5 per cent., due Feb., 1948, Feb. and Aug 5*i.ooo

Broadway & 7th Ave. R. R. ad mort., 5 per cent., due 1914, Jan. and July 500,000

" " cons, mort., 5 per cent., due Dec., 1943, June and Dec. 7,690,000

Fulton Street R. R. ist mort. guar., 4 per cent., due Nov., 1995, May and Nov 500,000

Twenty-eighth & Twenty-ninth Sts. Crosstown ist mort., 5 per cent., due Oct.,

Thirty-fourth Street Crosstown ist mort., 5 percent., due April, 1996, April and Oct.. 1,000,000

Christopher & Tenth Street ist mort., 4 per cent., due Oct., 1918, April and Oct. . . a 101,000

Central Crosstown ist mort., due Nov., 193a, May and Nov 950,000

" notes, 5 per cent., due May, 1906 3,490,000

Eighth Avenue Railroad scrip 6 per cent., due Feb., 1914, Feb. and Aug 750000

The general collateral trust mortgage created in 1897 was to provide for changes in ; power, power-houses, etc. The interest on these bonds, due Februafv 1, 1908, was defaulted. A committee, consisting of Alexander J. Hemphill, Donald Mackay and Edward H. Ladd, Jr., has been formed to represent the bondholders. A foreclosure suit was instituted in FebniSLxy, 1908, by the Trustee, the Guaranty Trust Co., New York.

The company guarantees interest and principal of the Third Avenue Railroad Co.*s $35,000,- 000 of 4 per cent, consolidated mortgage bonds.

In connection with the formation of the Metropolitan Securities Co. and the lease of this company to the Interurban Street Railway Co., the Metropolitan Street Railway Co. in April, 190a, authorized the creation of a refunding 4 per cent, mortgage, due aooa, with which to retire prior liens and provide for improvements and extensions. The authorised amount of the refunmg mortgage is $65,000,000. Trustee, Morton Trust Co., New York. Interest on the bonds u payable at the office of the company. In view of the company*s receivership, a committee (Edgar S. Marston, New York, Chairman) was constituted to protect the interests of the bondbolders. The October, IQ07, coupons were paid, but in November, 1907, the trustee brought suit to foredose the mortgage.

The Lexington Avenue & Pavonia Ferry Railroad Co. ist mortgage 5s and the Columbus ft Ninth Avenue Railroad Co. 5s were authorized in 1894 to provide for an extension of the cable system. Both issues are guaranteed and assumed by the Metropolitan Street Railway Co. Of the Broadway Surface Railroad 1st mortgage bonds $1,1 a5,oco are guaranteed by Broadway ft Seventh Avenue Railroad Co., and $'75,000 by the Twenty-third Street Railway Co.

The Metropolitan Street Railway has large stock interests in the various companies amounting to $22,188,900. The following companies are leased upon a guarantee of the amounts of which and of their respective stocks are as follows :

Aniovmal Guarantee

Broadway & Seventh Avenue Railroad 10

Sixth Avenue Railroad 7

Ninth Avenue Railroad 6

Twenty-third Street Railway 18

Guarantee

Stock

per cent, per annum

$a, 100,000

Ii 14 1 Ii

INDUSTRIAIi SBCUKirriJOS 6x9

Amount of

Guanntee Stock

♦Forty-second Street & Grand Street Ferry x8 . per cent, per annum $748,000

Central Park, North & East River Railroad 9 1,800,000

Bleecker Street & Fulton Ferry iJ4 " 9000,00

Eighth Avenue Railroad $215,000 annual rental a,ooo,ooo

♦Second Avenue Railroad 9 per cent, per annum 1,863,000

Metropolitan Street Railway has a controlling interest in stock of roads thus marked.

The rental of the New York & Harlem Raib-oad's Fourth avenue surface road is $550,000 per annum for first five vears from the date of the lease in July, 1896, and $400,000 per annum thereafter. The Second Avenue lease provides for 8 per cent, dividends for three years from March x, 1898, and 9 per cent, thereafter.

Earnings— Metropolitan Street Railway Co. Year ending: June 30

Div. Gross Net Charges Surplus

J897-98 5 11,076,021 5.455,536 3.609,966 1,845,57a

oo-oi 7 14,063,781 7.963.635 4,534,068 3.431.567

9oa-03 7 14.975,370 8,304,936 4,813,854 3.39,o8a

In 1900-03 the deficit after the yment of the 7 per cent, dividend on the Metropolitan Street Railway stock was $348,709.

Earnings— New York City Railway Co. Year ending June 30

Gross Net Charges Deficit

X903-< $14,975,370 $8,304,936 $8,453,645 $248,709

1904-05 x6,7Q3,oa3 7,470,580 10,156,848 3,686,366

Net earnings for 1903-03 include $397,994 miscellaneous income ; in 1903-04, $481,363 : in 1904-05 $1,086,489, and in 1905-06,

President Metropolitan Street Railway Co., D. B. Hasbrouck, New York. Vice-President, C. E. Warren, New York. Secretary and Treasurer, D. C. Moorehead, New York. President New York City Railway Co., Herbert H. Vreeland, New York. Vice-Presidents, D. B. Hasbrouck, New York. Oren Root, Jr. Secretary and Treasurer, C. E. Warren, New York. Auditor, H. W. Brown, New York.

Directors Metropolitan Street Railway Co.— R. L. Anderton, Jr., Englewood, N. J. William Fahnestock, New York. Solomon R. Guggenheim, New York. D. B. Hasbrouck, New York. Richard W. Meade, New York. D. C. Moorehead, New York. Robert A. C. Smith, New York. Herbert H. Vreeland, New York. C. E. Warren, New York,

Main office, 631 Broadway, New York. Annual meeting, first Monday in December, at New York.

Ketropolitan West Side Elevated Railway Co.

A corporation formed under the laws of Illinois, January 16, 1899. company is a reorganization of the railroad company of the same name sold under foreclosure January 4, 1899. It owns an electric railroad, begmning at the Chicago Board of Trade Building and extending westward about six miles, the first two miles being four-tracked, balance double-tracked. The Union Consolidated Elevated, 4.38 miles, is leased. Total track operated, 50.55 miles. The company owns its right of way and makes use of the Union Elevated loop. The charter of the company provides for extensions to towns outside of Chicago.

S.ock...Par$,oo Authorixed|~-:;*7,5oo.oco Issued 7;464. $.6..7a.ooo

The preferred stock is 5 per cent., non-cumulative. Transfer Agents, Guaranty Trust Co., New York; Secretary of the company, Chicago. Registrars, Northern Trust Co., Chicago; Central Trust Co., New York.

The common stock was vested for five years, or until 5 per cent, was paid diuing one year on preferred, in a voting trust which has expired.

6ao THB MANUAL OF STATISTICS

Dividends on the preferred stock have been paid as follows : per cent for fiscal year endings February, 1900 ; M per cent, for year ending February, 1901 ; 3 per cent, inycueiwling February, a8, 190a, and 3 per cent, in the year ending:. Febryary a8, 1903. The August,

1903, dividend was omitted and no dividends were paid until March 30, 1907, when per quarterly was paid. Similar dividends were also paid June 99 and September 30, 1907, tbe December payment was postponed. Dividends on the preferred were formerly half-yearly, in February (28) and Augfust.

Funded Debt

ist mort., 4 percent, gold, due Aug., 1938, Feb. and Aug $10,000,000

Extension ist mort. 4 per cent, gold, due July, 1938, Jan. and July 3,331,000

Collateral trust bonds, 6 per cent., due 1908-19, Jfime and Dec. 100,000

Total $13,321,000

The authorised amount of the zst mortgage is $io,ooo,ooa Trustees of the mortgage. Central Trust Co. and G. Sherman, New York. Agent for the payment of interest. Central Trust Co., New York. Interest is also payable at the office of the company.

The authorised amount of the extension bonds is $5,000,000, of which $3,000,000 is reamtJ for future extensions. Trustee of the mortgage, Northern Trust Co., Chioga Interest is payable by the Central Trust Co. , New York, and at the office of the company. These bonds were issued for the construction of the Garfield Park and Douglas Park branches and to pnmde a down-town terminal.

The collateral trust bonds are dated December i, 1907. They mature $10,000 each Jane and December from June, 1908, and are secured by $900,000 of the extension mortgage bonds.

Earnings Year ending February 38

Grots Ntt Ckaiies DiTldendt Surplm

1903-04. $9,17,154 $i,xio,846 $894,745 $ai6,ioi

1904-05 2,i),949 1,101,835 860,409 . 241,495

1906 (year ending Dec. 31).. 9,654,566 i,364,ao7 984.937 379.370

1907 ( " " " ").. 9,885,408 1,441.909 1.050,194 (9JiO $i95i9!>8 195.S57

Preskient, Howard G. Hetsler, Chicago. Vice-President, C. H. Reoua, Chicago. Secretary and Treasurer, P. D. Sexton, Chicago. Assistant Secretary and Assiistant Treasurer, 'W. F. HolU, Chicago.

Directors— Charles C. Adsit, Chicago. Nathan Allen, Kenosha, Wis. R. Fiord CUncb, Chicago. Frederic A. Delano, Chicago. James B. Forgan, Chicago. Howard Hetsler, Chicago. George H. High, Chicago. Joseph E. Otis, Chicago. Charjes H. Requa, Chkaga Byron L. Smith, Chicago. Moses J. Wentworth, Chicago.

Biain office, 169 Jackson Boulevard, Chicago. Annual meeting, first Monday in February, at Chicago.

The Mex/Cah Light A Power Co., Limited

A corporation formed under the Dominion of Canada Companies Act of 1909. The company acquired the property and franchise of the Societe de Necaxa, a Mexican corporation, havmg a concession from the Government of Mexico for the utilization of the water power of the Necasa, Tenango and Catepuxtla rivers in the State of Pueblo, Mexico, for the installation of an electric plant, and the transmission of the current to the City of Mexico and elsewhere in the Republic. It also has a franchise from the City of Mexico for the erection of sub-stations, and the distrunitioa and sale of lieht and power in the city, In 1904, the company acquired control of the Mexican Electric Woks, Limited, which has a plant in the City of Mexico operated by steam power and a distribution system in connection therewith. This company organised and controls the Mexican Electric Light Co., Limited, which acquired the remaining light and power companies in tbe City of Mexico. In 1907, the Robert Electric Co., operating in the same territory, was acquired.

The water powers acquired are miles distant from the City of Mexico, and the transmission line which was completed in 1905, is 90 miles long, with a branch 96 miles to the City of Pueblo. The installations undertaken by the company on the Necaxa River are to furnish 80,000 horse-power.

The preferred stock is 7 per cent, cumulative. It was authorised August 30, 1907, to ac> quire the Robert Electric Co. and liquidate indebtedness. The issue was underwritten ia London.

Transfer Agent and Registrar, National Trust Co., Limited, Montreal and Tocontoc

Industrial Beoukftibs 631

Funded Debt

Z8t mort. 5 per cent., due Feb., 1933, Fdb. and Auf;; $12,000,000

Mexican Elec. Light Co., ist mort. guar. 5 per cent., due July, 1935, Jan. and July.. 6,000,000

Total $18,000,000

The I St mortgage is for $12,000,000 and covers all the property, concessions and franchises of the company. Trustee of the mortgage and agent for the payment of Interest, National Trust Co., Limited, Montreal and Toronto.

The Meidcan Electric Light Co.'s ist mortgage Is for $6,000,000. Trustee of the mortgage, National Trust Co., Limited, Montreal. The bonds are guaranteed, principal and interest, by the Mexican Light & Power Co., Limited.

Grots

Mexican Cur. Mex. Cur. U. S. Cur. Chaiges Surplus

1906 $3,854, 194 $a,iSO,S73 $1,075,286 $837, 190 $2381096

1907 4,930.370 a.980.227 1,490,113 1,053,831 436,382

President, Sir George A. Drummond, Montreal. Vice-President, J. H. Plummer, Toronto. Vice-President, F. S. Pearson, New York. Vice-President, F. L. WanUyn, Montreal Secretary and Treasurer, A. R. Doble, Montreal.

DirectorsA. Berliner, Berlin, Germany. Charles H. Cahan, Toronto. E. S. Clouston, Montreal George Drummond, Montreal A. EUert, London, Eng. F. S. Pearson, New York. J. H. Plummer, Toronto'. James Ross, Montreal. F. L. Wanklyn, Montreal E. R. Wood, Toronto.

Main o£Sce, Street Railway Chambers, Montreal.

Mexicak Telegraph Co.

A corporation formed under the laws of New York in 1878. It owns two cable lines from Galveston, Tex., to Vera Cruz and Tampico, Mex., 1,476 miles, a land line from Vera Cms to the City of Mexico, 267 miles, and has a majority of the stock of the direct cable from Galveston to Coatzacoala, Mex. It also has an interest in the stock of the Central & South American Telegraph Co. The company has an exclusive concession from the Government of Mexico and working contracts with the Western Union Telegraph Co. and the Central & South American Telegraph Co. Stock Par $zoo Authorised, $3,000,000 Issued, $2,870,100

In May, 1906, the authorized stock was increased from $2,000,000 to $3,000,000 and the additional stock distributed among the shareholders as a 50 per cent, stock dividend.

Stock is transferred at office of the company. New York. Registrar, Union Trust Co., New York.

Dividends have been as follows : 1882 to 1886, 8 per cent, per annum ; in 1887 since, xo per cent, per annum. Dividends are paid, quarterly, per cent., January (15), April, July and October. On June i, 1906, 50 per cent, in stock was paid as mentioned above.

In 1904, the 'earnings were reported as $612,933 ; surplus over expenses and dividends, $253,- 350. In 1905, earnings, $670,142; surplus, $3,758. In 1906, earnings, $771,872; surplus, $319,987. Total surplus account, December 31, 1906, $1,803,537.

President, James A. Scrymser, New York. Vice-President, Edmund L. Baylies, New York. Vice-President, Sebastian Camacho, City of Mexico. Secretary, James R. Beard, New York. Treasurer, Clarence Rankin, New York.

Directors— John E. Alexandre, New York. John W. Auchincloss, New York. Edmund L. Baylies. New York. J. Pierpont Morgan, New York. John J. Pierrepont, New York. Percy R. Pyne, New York. W. Emlen Roosevelt, New York. James A. Scrymser, New York. Cornelius Vanderbilt, New York.

Main office, 66 Broadway, New York. Annual meeting, first Tuesday in June, at New York.

HEXICAH TELEPHOKE ii TELEGRAPH CO.

A corporation formed under the laws of Maine, February 21, 15. The company succeeded the Mexican Telephone Co., a New York organization organized in 1882 and which operated a telephone system in the United States of Mexico under a concession from the Mexican Government, which expired in 1905. The present company acquired all the property of the company and has a new concession from the Mexican Government granted in 1905 and running tnirty

The Manual Op Statistics

years. It has seyenteen exchanges in the City of Mexico, Vera Cruz, Guadalajara, Leon, Mcrida, San Luis Potosi, Monterey, Tamplco and other cities. It controls in Mexico all the telephook apparatus made by the Western Electric Co., the manufacturing department of the Americaa (Bell) Telephone & Telegraph Co. Telephones in service February 38, 1907, 6,176.

The preferred stock is 5 per cent., non-cumulative. The ist dividend on the preferred stock was per cent., November i, 1906.

Transfer Agent, Boston Safe Deposit & Trust Co., Boston. Registrar, Mercantile Trust Co., Boston.

Funded xst mort., 5 per cent., due June, 1935, June and Dec. $850,000

The ist mortgage is for $250,000. On and after June i, 19x0, the bonds are ledeemable at the company's option at 105. A sinldng fund of $12,500 per annum begins June x, 1907. Trustee of the mortgage and agent for the payment of interest, Mercantile Trust Co., Boston.

The Mexican Telephone Co., the predecessor of this company, had $1,808,7x0 of stock, par $xo. Hoklers of the old stock had the right to exchange the same for the new on the hasd of nine shares of the old for one share of new preferred and two shares of new common, and also had a prior right to subscribe for the new company's bonds at 97.

Earnings

In Mexican Currency — Year ending February 38 Gron Net

19023 ' $346,368 $1X1,997

X904-05.. a98,x3i X39j8x

President, W. French Smith, Boston. Vice-President, Lewis C. Benton, Boston. Vice- President James Menzies, Boston. Secretary and Treasurer, George H. Butters, Boston. Assistant Treasurer, W. C. Roberts.

Directors — Lewis C. Benton, Wenham, Mass. Charles H. Bradshaw, SomerviUe, Mass. B. Nason Hamlin, Boston. James Menzies, Chelmsford, Mass. W. French Smith, SomerviUe. H. B. Thayer, New York. Frederick E. Thompson, Boston.

Corporate office, Portland, Me. Main office, 60 State street, Boston. Annual meeting, first Wednesday in May, at Portland.

Mexico Coksoli Dated Hi Iii 116 1 5Meltik6 Co.

A corporation formed under the laws of Maine, July 8, 1904. The company*s property, title to which is derived from the Mexican Government, is at San Pedro, Guanacevi Mining District, State of Durango, Mex. It comprises 3x adjoining claims or about 300 acres, whicti has been developed and is shipping high grade ore and concentrates. Stock Par $10 Authorized, $3,500,000 Irftaied, $3,400,000

The stock is full paid and non-assessable. Transfer Agent, Federal Trust Co., Boston. Registrar, First National Bank, Boston.

Dividends of 50 cents per share were paid quarterly in February (35), May, August and November. The November, 1907, dividend was passed, but 35 cents per share was paid Maidb 10, 1908. On that date the total amount paid in dividends was $660,000.

President, Joseph A. Coram. Vice-President, L. T. Trull. Secretary and Aaststant Treasurer, W. J. Freeman. Treasurer, S. M. Crosby.

Directors--G. C. Beckman. Chester D. Coram. Joseph A. Coram. W. J. Freeman. George Himmighoffen. W. S. McComick. S. W. Richardson. L. R. Rogers. S. S. Rosastamm. L. T. Trull. E. L. White.

Corporate office, Portland, Me. Executive office, 60 State street, Boston. Annual mneling, third Wednesday in June, at Portland, Me.

Kichigaii Copper Kikiiig Co.

A corporation formed under the laws of Michigan, June 15, 1S98. The company acquired the old Minnesota mine in Ontonagon Countv, Mich., which had been a large producer of copper, and paid dividends on its stock in the early history of copper mining in the Laae Superior district.

INDUSTRIAL SBCURFriBS 623

The Minnesota mine was opened in 1848, but was abandoned in 1870 owing to the unprofitable results from operating it the crude methods then in vogue. The property consists of some 4,000 acres of mineral and timber land, and is on the line of a branch of the Chicago, Milwaukee & St. Paul Railway. The present company is developing the mine on modem principles, and has installed a complete plant for that purpose. Stock Par $35 Authorized, $2,500,000 Issued, $2,500,000

The stock of the company consists of xoo,ooo shares of the par value of $35 each. At the bnning of 1907 there had been paid in $x6 on each share.

Transfer Agent, American Trust Co., Boston. Registrar, Old Colony Trust Co., Boston.

President, Joseph E. Gay, New York. Secretary, J. Wheeler Hardley, New York. Treasurer, John R. Stanton, New York.

Directors— C. R. Commg, New York. Joseph E. Gay, New York. J. Wheeler Hardley, New York. Alfred M. Low, Michigan. John R. Stanton, New York.

Executive office, 15 William street, New York. Annual meeting, first Tuesday in May, at New York.

Kichigah State Telephome Co.

A corporation formed under the laws of Michigan, January 37, 1904. The company took over the property of the Michigan Telephone Co. and was formed in pursuance of a plan for the reorganization of the last named concern. Its system of telephone lines and exchanges extends throughout the greater part of the State of Michigan. In 1907, it had 102,250 telephones in use.

The preferred stock is 6 per cent., cumulative. The preferred can be called at par on the xst of February of any year. All of the common stock was placed in a voting trust until March i, 1909.

The first quarterly 'dividend on the preferred stock was paid in May, 1904, and regular divi> dends at the full amount of 6 per cent, have since been paid on the preferred, the payments being quarterly, 15 per cent, each in February (1), May, Augiist and November.

Transfer Agents for common stock. Registrar & Transfer Co., New York. For preferred stock, Boston Safe Deposit & Trust Co., Boston; Bankers Trust Co., New York.

Funded Debt

Michigan Telephone Co. ist mort., due 1917 $285,000

Michigan State Telephone Co. ist mort., 5 p. c, due Feb., 1934, Feb. and Aug 6,566,000

Three-year debentures, 6 per cent., due November, 1909, May and November 1,250,000

Total , $8,101,000

The Michigan State Telephone Co.'s ist mortgage is for $10,000,000. Trustee, Old Colony Trust Co., Boston.

Earnings

Gross Net

Chairman, N. W. Harris, Chicago. Chairman Executive Committee William A. Jackson, Detroit. President, N. C; Kingsbury, Detroit. Vice-President, Dudley E. Waters, Grand Rapids, Mich. Vice-President and General Manager, B. W. Trafford, Detroit. Secretary, Walter I. Mizner, Detroit. Treasurer, John T. Shaw, Detroit.

Directors— Allen B. Forbes, New York. N. W. Harris, Chicago. A. W. Harris, Chicago. William A. Jackaon, Detroit. William Judson, Grand Rapids, Mich. N. C. Kingsbury, Detroit. Philip H. McMillan, Henry Russel, Detroit. John T. Shaw, Detroit. Isaac Sprague, Boston. William E. Thompson, Detroit. B. W. Trafford, Detroit. Dudley E. Waters, Grand Rapids. A. E. F. White, Detroit.

Main office, 20 Clifford street. Detroit.

Middlesex Company

A corporation formed under the laws of Massachusetts in 1830 for the purpose of the manufacture of woolen cloths. The company owns mills at Lowell, Mass. Stock Par $100 Authorized, $750,000 Issued, $750,000

Stock is transferred at the office of the company, Lowell, Mass.

Charjes

Pfd. Div.

Surplus

Semi-Annual dividends were formerly paid in January and July. In January, 190a, 3 per cent. pras paid, but no dividends were paid in July, 190a, or subsequently.

President, Addbert Ames, Lowell. Treasurer, C. Brooks Stevens, Lowell.

Directors— Adelbert Ames, Lowell. Oakes Ames, North Easton, Mass. Spencer Borden, Jr., Fall River. Paul Butler, Lowell. Walter H. McDaniels, Lowell. C. Brook Stevens, Lowell. GtOTge Stevens, Lowell.

Main office, Lowell, Mass. Annual meeting, Wednesday after Christmas, at Lowell.

Milford A Uxbridge Street Railway Co.

A corporation formed under the laws of Massachusetts, May 14, The company purchased in 1903 the entire capital stock of the Milford, Holliston & Framing:ham Street Railway Co. It operates j6 miles of electric railway in South Framineham, Ashland, Holliston, Milford, Hopedale, Mendon, Uxbridge, Bellingham, Medway and Hopkinton, Mas& Stock Par $100 Authorised, $440,000 Issued, $440,000

Stock is transferred and registered at the office of the company, Milford, Mass.

In 1906-07, dividends of 3 per cent, were pakl on the stock.

Funded Debt

ist mort., 5 per cent, gold, due Jan., 1918, Jan. and July $350,000

Milford, Holliston & Framingham Street Railway Co. xst mort., 5 per cent, gold, due

Jan., 1918, Jan. and July 165,000

Total $415,000

The ist mortgage is $350,000, authorised. Trustee and agent for the payment of interest, American Loan & Trust Co., Boston. The company in 1907, had $190,060 of notes outstanding.

Earnings Year ending September 30

Gross Net Charge* Surplus

In 1906-7, dividends, $13,200; balance surplus, $4,448.

President — John T. Manson, New Haven, Conn. Vice-President, J. Willis Downs, New Haven. Treasurer, James E. Walker, Milford, Mass. Manager, W. L. Adams, Milford.

Directors — J. Willis Downs, New Haven. George A. Draper, Hopedale, Mass. Charles E. Graham, New Haven. Sydney Harwood, Boston. John T. Manson, New Haven. Jams E. Walker, Milford.

Corporate and main office, Milford, Mass. Annual meeting, last Tuesday in October, at Milford.

Milwaukee A Chicago Breweries, Limited

A corporation organised under the laws of Great Britain, in 1891. The company acquired the capital stock of the United States Brewing Co. of Chicago, an organisation which purchased the M. Brand Brewing Co., Bartholomae ot Leicht Brewing Co., Ernst Bros. Brewing Co.. Val. Blatx Brewing Co., K. G. Schmidt Brewery and Bartholemae 8t Roesing Brewing & Mahing Co. The united concerns now have an annual output of 1.009,000 barrels of beer. Stock Par £1 Authorized, '852,500 Issued, /5a,5oo

The company had j775,ooo of 8 per cent, cumulative preferred stock, par jio, and £t7S*ooo of common, par j'io. Tn June, 1903, the stockholders ratified a plan to reduce the par value of the shares to £1 and to consolidate the stock in a single issue, of which ten-elevenths went to the old preferred and one -eleventh to the old common.

Transfer Agent, Illinois Trust & Savings Bank, Chicago.

The company has paid dividends on the old preferred stock of the English company, as follows : In 1895-96 (year ending September 30), 8 per cent.; in 1896-97, 10 per cent.; in 1897-98, per cent.; m 1898-99, none. Dividends on the preferred were resumed in 1900 by the payment ol a per cent, on September 15, leaving about 18 per cent, of accumulated dividends. Another dividend of 2 per cent, on the preferred was paid i;)ecember 31, 1900. In 1900-ox, paid 5 per cent. 00 the preferred. No dividends have been paid on the old common stock since 1893.

INDUSTRIAL SBOtTRTriBS 625

Dividends on the new stock have been as follows : February, 1904, per cent. ; October, 904i aK PCf ceiit. ; February, 1905, aj per cent. ; October, 1905, aji per cent. ; February, 1906, 3 per cent. : September, 1906, per cent ; February, 1907, 33 per cent.; September, 1907, 3 per cent.; February, 1908, 3 per cent.

Funded Debt U. S. Brewing Co. ist mort., due 1910, March and Sept $3i5oo,ooo

The ist mortgage issued by the United States Brewing Co. is a ist mortgage upon the plants and property of that company. The bonds are subject to redemption at 1x0.

The statement of the American company showed in 187-98, year ending September 30, a profit of $199,374 ; in 1898-09, a profit of $77,342; in 1899-1900, profit, $169,769; in 190001, $aai,237 ; in 1901-02, $222,899 ; in 1902-03, $254,400; in 1903-04, $225,785; in 2904051 $241,250; in X905-O6, $255,000; in 2906-07, $260,262.

Chairman, Sir J. R. Ellerman, Bart., London, Eng. Secretary, Daniel Willink, London. President, Treasurer and General Manager of American conipany, Rudolf Brand, Chicago, ist Vice-President, John Kremer, Chicago. 2d Vice-President, Edward Bandsberg, Chicago. Secretary, James Miles, Chicago.

Directors— J. Akenhead, London. Sir J. R. Ellerman, Bart., London. Charles Ives, London. Reginald Parker, London. Directors of the American company— Edward Bandsberg, Chicago. Rudolf Brand, Chicago. John Kremer, Milwaukee. James Miles, Chicago. John J. Mitchell, Chicago. F. S. Winston, Chicago.

Main office, 35 Copthall avenue, London, E. C, Eng. Chicago office, Firat National Bank Building. Annual meeting in December, at London.

Milwaukee Electric Railway A Light Co.

(Controlled by the Milwaukee Light, Heat & Traction Co.)

A corporation formed under the laws of Wisconsin in January, 1896, for the purpose of operating street railways and supplying electric light and power in the dty of Milwaukee and suburbs. The company succeeded the Milwaukee Street Railway Co. and owns all the stock of the Milwaukee Light, Heat & Traction Co. It operates 130 miles, 97 miles being double track, of street railway in Milwaukee and between Milwaukee, Waukesha, Racine and Kenosha, and the electric light plants formerly belonging to the Badger Electric Co. of Radne. the Belle City Electric Railway Co. and the Radne Gas Light Co. The company also acquired the following companies:

Edison Electric lUuminating Co. Milwaukee Arc Light & Power Co.

Milwaukee Electric Light Co. Pabst Light, Heat & Power Co.

Badger lUuminating Co.

The North American Co. held all the common stock of this company, but sold the same in 1907 to the Milwaukee Light, Heat & Traction Co., which is controlled by the North American

The preferred stock is 6 per cent., non-cumulative. Stock is transferred at the office of the company. New York.

Dividends of i% per cent, have been paid quarterly on the preferred in February, May, August and November, since February, 1900. On the common stock 4 per cent, was paid in February, 2903 ; 4 per cent. February, 2904 ; 5 pei cent, in February, 2905 and 2906, and 6 per cent, in 1907.

Funded Debt Milwaukee Electric Ry. & Light Co. cons, mort., 5 per cent., due 2926, Feb. and Aug.. $8,000,000

" ref. and ezt. mort. 4W p.c. due Jan., 2932, Jan. and July 4,000,000

Milwaukee City Railroad 2st mort., 5 per cent, gold bonds, due 2908, Jan. and Dec... 2,000,000 West Side Street Railway 2st mort., 5 per cent, gold bonds, due 2909, Jan. and July.. . 500,000

Total $23,500,000

The trustee of the bonds of the Milwaukee Electric Railway & Light Co., and the Milwaukee City Railroad Co., 2st mortgage, is the Central Trust Co., New York. The interest on the bonds of the Electric Railway & Light Co., and the City Railroad is paid at the office of the company in New York, and of the West Side Street Railway Co. at the Farmers' Loan & Trust Co., New York.

The refunding and extension per cent, mortgage was created in 2895 and is for $90,000,000, of which $8,000,000 is reserved to retire the company's consolidated 5s; the Milwaukee City Rail-road

5s, and the West Side Railroad 5s. $1,000,000 of the bonds are held in the company's treasury and $9,000,000 are issuable after January x, 1907 for improvements, etc, at the rate of $1,000,000 per annum. Trustee of the mortgage. Trust Co. of America, New York. The bonds of the Traction Co. are subject to call at no.

Earnings

Gross Net Chaxf es Div. Pref. Suipln

'904 3,218,695 1,693,965 586,948 370,000 836.017

"905 3.236,535 1,797,233 608,363 370,000 91M71

'906 3S23,438 1,844,641 509.764 270,000 1,064,877

1907 3.823,382 i.93.955 572,863 270,000 i,aa9092

The net revenue of the lighting: business is included in the net. In 1904, dividends on the common stock were $400,000, and $1x3,000 was charged for depreciations, leaving a net suiplos of $333,017. In X905, dividends cm common, $400,000 ; depreciation, $322,653; balance suiplixs, $196,318. In X906, depredation and taxes, $563,750; balance surplus, $501,137. In 1907, depre ciation and taxes, $611, 74X ; balance surplus, $476,35x.

President and General Manager, John I. B4;s, Milwaukee. Vice-President, 'Wniiam Nelson Cromwell, New York. Vice-President, Charles W. Wetmore. New York. Vice-President, Charles F. Pfister, Milwaukee. Secretary. Silas W. Burt, New York. Treasurer, George R. Sheldon, New York. Auditor, H. C. Mack, Milwaukee.

Directors— John I. Beggs, Milwaukee. Edwin M. Bulkeley, New York. Silas W. Burt, New York. William Nelson Cromwell, New York. George P. Miller, Milwaukee. Charles F. Pfister, Milwaukee. George R. Sheldon, New York. Charles W. Wetmore, New York.

Main office. Public Service Building, Milwauk. New York office, 30 Broad street. Annoal meeting, third Monday in February, at Milwaukee.

Milwaukee Light, Heat A Tr Action Co.

(Controlled by the North American Co.)

A corporation formed under the laws of Wisconsin, December 14, 1806. The oompsav owns and operates a system of electric roads, aggregating 183 miles, connecting Milwaukee an neighboring cities and towns, as well as electric light and power plants. In addition it purchased in X907, the entire common stock of the Milwaukee Electric Railway & Light Co., which Gompaa; has 133 miles of track not included in this company's mileage.

Practically all the company's stock is held by the North American Co. Stock Par $100 Authorized, $30,000,000 Issued, $10,000,000

In 1907, the authorized stock was increased to $30,000 000 and the issued stock fratai $1,000,* 000 to $10,000,000.

The company paid xo per cent dividends on its old stock from 1904 to 1907. In 1907, paid 3 per cent.

Funded Debt

ist mort., 5 per cent., due May, 1939, May and Nov , $5,000,000

Refunding and extension mort., 5 per cent., due June, 1937, June and Dec. 5,000,000

Total $10,000,000

The ist mortgage is $5,000,000 authorized. Trustee, Trust Co. of America, New York. Interest is paid at the office of the company. New York. Bonds xnay be called at no on any interest date.

The refunding and extension mortgage is $30,000,000 authorized. Trustees, Trust Co., New York, and Randolph Rodman. The bonds may be called at xio on any interest date.

Earnings.

Gross Net Chaxget Sncplat

The net for X906 is given after deducting $98,3x1 for taxes and depreciation. The sadie item in 1007 was $133,9x9.

President, John I. Beggs, Milwaukee, Wis. Vice-President, William Wilson CromveO. New York. Vice-President, C. W. Wetmore, New York. Vice-President, Charles F. Pfister. Milwaukee. Secretary, Silas W. Burt, New York. Treasurer, George R. Sheldon, New York. Assistant Secretary and Assistant Treasurer, F. J. Boehm, Milwaukee.

Main office, Public Service Building, Milwaukee, Wis. New York office, 30 Broad

INDUSTRIAL SBCURFriBS 617

Kikes Co. Of America.

A corporation formed under the laws of Maine in December, 190a. The company acquired the stock of the Creston-Colorado Co., which owns gold and silver mines at Minas Prielas, Sonora, Mez., comprising 7,000 lineal feet on a gold besuing vein. Stock Par $x Authorized, $2,000,000 Issued, $2,000,000

The stock is full paid and non-assessable. Transfer agent, United States Mortgage & Trust Co., New York. Registrar, Guaranty Trust Co., New York.

Dividends of 2 cents per share are paid each month. In 1903, an extra dividend of 7 cents per share was paid, and in 1905, 60,000 snares of Dolores Limited was also distributed as a dividend on the company's stock. The total cash dividend payments from January, 1903, to March 26, 1908, were $2,425,000.

President, John Lambert, New York. Vice-President, Williaib E. Reis, New York. Treasurer, Harry S. Black. New York. Secretary and Assistant Treasurer, Joseph D. Tooker, New York.

Director*— Frederick W. Baker, London, Eng. A. T. Black, New York. Harry S. Black, New York. Isaac L. EUwood, DeKalb, III. William Flemming, Chicago. John Lambert, New York. John J. Mitchell, Chicago. WillUm E. Reis, New York.

New York office, iii Broadway. Annual meeting, Wednesday after first Saturday in November.

MimiEAPOLIS GAS LIGHT CO.

A corporation formed under the laws of Minnesota in 1870. The company owns and operates the gas works and gas system in the city of Minneapolis. Stodc Par $50 Authorised, $800,000 Issued, $800,000

Stock is transferred at the office of the company, Minneapolis.

The company pays dividends of 8 per cent, per annum on its stock, the payments being semiannual, 4 per cent., in January and July.

Funded Debt

ist mort., 6 per cent., due 1910-3, March and Sept $3,000,000

General mort., 5 per cent., due Feb., 1930, March and Sept 1,362,000

Total $4,362,000

The authorised amount of the ist mortgage is $3,000,000. Trustee of the mortgage. Farmers' Loan & Trust Co., New York. The bonds fall due in 1930, but become redeemable in 1910, at the company's option.

The general mortgage created in 1903 is for $10,000,000. Trustee, Colonial Trust Co., New York. There are $3,000,000 of the bonc reserved to retire the ist mortgage. The bonds are payable at the company's option at 105 on any interest date after 1914.

President, Alonso T. Rand, Minneapolis. Vice-President and Treasurer, Rufus R. Rand, Minneapolis. Secretary, William H. Levings, Minneapolis. Superintendent, Frederick C. Shepard, Minneapolis.

Directors— Walton Clark, Philadelphia. William H. Levings, Minneapolis. Alonzo T. Rand, Minneapolis. Rufus R. Rand, Mmneapolis. J. O. P. Wheelwright, Minneapolis.

Main office, 18 South Seventh street, Minneapolis. Annual meeting, first Monday in March.

The Mimheapous General Electric Co.

A corporation formed under the laws of New Jersey in 1892. The purpose of the company is furnishing electric light and power. It has the control of such facilities in the City of Mmneapolis and YoA a perpetual franchise from the City. In September, 1903, the company acquired control of the St. Croix Falls Improvement Co., with the only valuable undeveloped water power in the vidnity of Minneapolis ana St. Paul. It is the intention of the company to develop this property to the extent of 25,000 horse power. In January, 1908, the company leased for 25 years the new dam of the Pillsbury-Washbum Flour Mills Co., Limited.

The preferred stock is 6 per cent., cumulative, such dividends being regularly paid, the periods being February (i) and August. Transfer AgenU, Stone & Webster, 147 Milk street, Boston. Registrar, Old Colony Trust Co., Boston.

The first dividend on the common stock was 2 per cent., paid February i, 1906. In August, X906, also paid 2 per cent. In 1907, paid 2 per cent, each in February and August.

Surplu

i09.5?3

1x1,710

6a8 THE MANUAL OP STATISTICS

Funded Debt

xst mort., 5 per cent., due Dec., 1934, June and Dec $4t99>°oc

One year notes 6 per cent., due Dec. 16, 1908 641,000

Total $5,ooo,ocn

The ist mortgage is $8,000,000, authorized. The bonds can be called on any interest day at no and interest. There is a sinking fund of $30,000 yearly. Trustee of the mortgage and agent for the payment of interest, City Trust Co., Boston. The present ist mortgage replaced one at the same rate limited to $2,000,000, which was called at 105 in 19C36.

Of the underlying 6 per cent, notes, $25,000 mature each year until 1908, when the wbdic amount outstanding becomes due. There are $641,000 ist 5s reserved to retire the anderlyinc notes. Trustee of Uie underlying mortgage, Minnesota Loan & Trust Co., Minneapolis.

Earnings Gross Net

X907 930,506 439,087

In 1906, the surplus over dividends was $136,445 ; in 1907, $74,467.

President. M. B. Koon, Minneapolb. Vice-President, J. H. Oakes, Boston. SecreCarv, Alvah K. Todd, Boston. Treasurer, A. Stuart Pratt, Boston. Assistant Treasurer, HcriMtt Dabney, Minneapolis. General Managers, Stone & Webster, Boston.

Directors— Henry G. Bradlee, Boston. L. S. Gushing, St. Paul. J. H. Hallowell, Boston. K. K. McLaren, Jersey City. E. A. Merrill, Minneapolis. A. Stuart Pratt, Boston. E. S. Webster, Boston. Harry K. White, Boston. C. D. Wyman, Minneapolis.

office, Jersey City. Main office, 15 South Fifth street, Minneapolis. Execntm office, 147 Milk street, Boston. Annual meeting, first Monday in January, at Jersey City.

THE HlSSOUm A KAHSAS TELEPHOHE CO.

A corporation formed under the laws of Missouri, July 6, 1899, as successor to a compaBy of the same name. The company operates under an exclusive license from the American (Bell.t Telephone & Telegraph Co. The territory covered by its system comprises Missouri, except Sil Louis and adjoining counties, and all of Kansas. A controlling interest in the stoic is owned by the American Telephone & Telegraph Co. It had on December 31, 1907, 125 exchanges and 88,663 exchange stations. Stock Par $100 Authorised, $5,000,000 Issued, $3,607,700

The authorised amount of stock was increased in January, 1902, to $5,000,000, and b 1902, 1903 and 1904, $1,195,000 additional 'stock was issued and sold. Stock is transferred hy the Secretaiy of the company, Kansas City. Transfer Agent, Old Colony Tras Co., Boston.

The company paid 6 per cent, per annum on its stock, the dividends being x54 pero quarterly, in February (i), May, August and November, but the February, 1907, dividend passed, and none have since been paid.

Funded Debt xst morL, 5 per cent., due Oct., 1929, April and Oct $444,000

The Tst mortgage was created in 1899, and is secured by all the property and franchises of the company. The mortage is for $1,250,000. Trustee of the mortgage and agent for the payment of interest, Old Colony Trust Co., Boston.

Earminos

Gross Net Dividend! Surplaft

19M 1,338,436 331,443 167,233 S4,3io

1906 2,035,421 def. 120,657 163,232 def. 883,889

Net earnings are given after deducting fixed charges.

Industrial Sbcuritib8 609

President, Charles S. Gleed, Kansas City. Vice-President, Casper E. Yost, Omaha, Neb. General Manaer, S. R. Hall, Kansas Citr, Mo. Secretary and Treasurer, H. F. Lani;, Kansas City. Auditor, E. F. Webster, Kansas (Jity.

Directors— Joseph S. Chick, Kansas City. J. F. Downing, Kansas City. Frederick P. Fish, Boston. Charles S. Gleed, Kansas City. J. W. Gleed, Topeka. A. C. Jobes, Kansas City. M. A. Low, Topeka. John R. Mulvane, Topeka. Theodore N. Vail, Boston. Casper £. Yost. Omaha.

Main office, Sixth and Wyandotte streets, Kansas City, Mo. Annual meeting;, fourth Wednesday in January, at Kansas City.

The Mitchell Mimihg Co.

A corporation formed under the laws of Arizona, April 16, 1902. The company owns the entire capital stock of La Dicha Mining & Smelting Co. and also of La Dicha & Pacific Railroad Co. The La Dicha Mining & Smelting Co., which is the operating company, has a large tract of mineral, timber and ranch lands at La Dicha, in the State of Guerrero, Mexico. Its copper mineral vein is upwards of four miles long. A Urge amount development work has been done upon the mine, which is fuUy equipped with steam hoists, air power plant and reduction plant. In August, igo5, a aoo-ton smelter was completed and in August, 100, a xa-ton converter was blown in. Upon the completion of the railroad it is to increase the capacity of the reduction plant to 550 tons.

La Dicha & Pacific Railroad is constructing a approximately 60 miles long from the mines of the company to the Port of Marques on the Pacific in the State of Guerrero, Mexico.

The company's property includes the ownership in fee of about 180,000 acres of land, of which about 164,000 are in timber, representing an estimated value of some $a,ooo,ooo. The company has a ranch of about 18,000 acres, which supplies products to its camp. There are on the property two rivers, which afford power estimated at from 15,000 to 40,000 horse-power according to the season, dry or rainy.

In the autumn of 1907 a reorganization was proposed. A committee, F. Y. Robertson, Chairman, Standard Trust Co., New York, depositary, requested deposits of stock before November 6, 1907. Stock Par $10. Authorized, $8,000,000 Issued, $6,340,000

In 1906, the Mitchell Mining Co. acquired copper properties near Globe, Ariz, which at present are under development.

The stock is full paid and non-assessable. Stock is transferred at the office of the company, New York. Registrar, Knickerbocker Trust Co., New York.

In January, 1906, the stockholders were offered the privilege of subscribing for $1,000,000 of an authorized issue of $1,500,000 6 per cent, ist mortgage jo-year bonds of La Dicha & Pacific Railroad Co., guaranteed as to principal and interest by La Dicha Mining & Smelting Co. The bonds may be retired at option of company three years after date of issue. The entire issue has been subscribed by the company's shareholders.

President, George Mitchell, Los Angeles. Vice-President, Philip S. Dyer, ] Secretary, J. McD. Mellen, New York. Treasurer, William F. Fluhrer, New York. Manager, E. D. Elson, La Dicha, Guerrero, Mex.

Directors— George W. Burleigh, New York. John I. Cassedy. Washington, D. C. Philip S. Dyer, Phillipsburg, N.J. William F. Fluhrer, New York. John J. Gibbons, New York. George Mitchell, Los Angeles. Robert £. Morrison, Prescott, Ariz.

Executive Committee— George Mitchell. William F. Fluhrer. George W. Burleigh. Philip S. Dyer.

Corporate office. Prescott, Ariz. Main office, 52 Wall street, New York. Annual meeting, first Monday in April, at Prescott.

MOHAWK M/M/JHe CO.

A corporation formed under the laws of Michigan in 1898. The company owns a large mineral tract in Keweenaw County, Mich., which is intersected by the same copper-bearing lodes which are found in the Wolverine and Kearsam mines. It owns a mill site at Traverse Bay, on Lake Superior, and has erected a stamp mill thereon. In 1900, the company acquired and completed the Traverse Bay Railroad, which extends from its mine to the mill. Stock Par $25 Authorized, $2,500,000 Issued, $2,500,000

In X900 and 1901, calls for $2.50 were made on the stock ; in 1902, $3 was called, and at the beginning of 108. the amount called and paid in was $18 per share.

The first dividend was $2 per share, paid, January 19, 1906, In July, xoo6, $3 per share was Pwd ; in January, 1907, $4, and in July, 1907, $5.

Transfer A|:ent, American Trust Co., Boston. Registrar, Boston Safe Deposit A Trust Co.

President, Joseph E. Gay, New York. Secretary and Treasurer, John R. Stanton, New YoiL

Directors— Joseph E. Gay, New York. William A. Paine, Boston. Fred Smith, Kearsazce, Mich. John R. Stanton, New York.

Executive office, 15 William street. New York. Annual meeting, third Tuesday in Maicb, at New York.

The Monomgahela River Co Msoli Dated Coal A Coke Co.

A corporation formed under the laws of Pennsylvania, June 9, 1899. The company acquired the property and business of a large number of companies and firms engaged in thie business of mming and shipping coal by the Ohio and Mississippi rivers. A list of the concerns acquired was given in the Manual for 1901.

The amount of coal-bearing lands acquired and owned by the company is about 40,000 acres. It owns practically all the organizations carrying Pittsburg coal upon the Ohio and Mtssianpfji rivers, and has some xoo steamers and 4,000 coal badges. The company also owns fadliues for handling Pittsburg coal at Cincinnati, O., Louisville, Ky., Memphis, Tenn., Vicksbuiig, Miaa., Baton Rouge and New Orleafts, La. In 1901, it acquu the Corona Coal & Iron Co., Cotooa Coal Co., Southern Coal Co., Virginia & Alabama Coal Co. and Alabama Coal Co owning 30,000 acres of coal lands near Birmingham, Ala. It also does a general freighting business in grain, lumber, etc., owning 200 freight barges and making deliveries at all Soutbera points, including St. Louis.

In 1903, a controlling interest in the stock of this company, consisting of $15,000,000 common and $2,500,000 preferred, was acquired by the Pittsburg Coal Co., which paki for the sux± acquired at the price of $15 per share for the common and $45 per share for the preferred.

The preferred stock is 7 per cent., non-cumulative. Transfer Agent, Union Trust Cou, Pittsburg. Registrar, First National Bank, Pittsburg.

The company began the payment of regular semi-annual dividends on the preferred stock of 3K cent., July 10, 1900, and continued to make these payments in January and July until January, 1904, inclusive. No dividend was paid in July, 1904, and the one paid in January, 1905, was 77 cents per share, or i 54-100 per cent. In January, 1906, 07 cents per share or x.94 per cent, was paid ; in January, 1907, $2.25 per share, or 4J4 per cent ; m July, 1907, 3j per cent., and in January, 1908, 35 per cent.

Funded Debt

xst snort. bonds, 6 per cent., due October, 1949, April and Oct $85969000

Certificates of debt, 5 per cent., due July, 1917, Jan. and July., 1,560000

Total $10,155,000

The ist mortgage is for $10,000,000. Trustee of the mortgage, Union Trust Co., Pittsboxg. Of the bonds $1,009,000 have been retired and canceled through the sinking fund.

The certificates of indebtedness are $3,000,000, authorized, and were created in 1903, to refoDd the floating debt, which was $3,500,000. The certificates are due $200,000 on each xst of January. On October 31, 1907, there were $330,000 of car trusts and $200,000, mortgages.

Earnings

Year ending October 31 Gross Nt

In 1901-03, the surplus over charges and preferred dividends was $180,037 : in 19033* surplus $001,572 ; in 1903-04, surplus $766 ; in 1904-05, surplus $4A id in 1905-06, $3,600. In 190607, dividends (7 per cent.), $700,000 ; surplus, $363,055.

Chairman, Alexander Dempster, Pittsburg. President, George W. Theiss, Pittsburg. Secretary and Assistant Treasurer, James W. Barber, Pittsburg. Assistant Secretary, C. HrVan Dyke, Pittsburg. Treasurer, W. Hamilton Brunt, Pittsburg.

Directors— John A. Bell, Pittsburg. Alexander Dempster, Pittsburg. J. B. Finley, Pitnburg. J. Denniston Lyon, PitUburg. Andrew W. Mellon, Pittsburg. David B. Oliver, Pittsburg. Frank Semple, Pittsburg. George W. Theiss, Pittsburg. D. Leet Wilson, Pittabofg.

Main office, 8 Market street, Pittsburg. Annual meeting, third Wednesday in Jannaiy, at Pittsburg.

INDUSTRIAL SBCTnUfTIBH 631

Kokokgahela Water Co.

A corporation formed under the laws of Pennsylvania, April ai, 1855. It supplies water to the south side and West End Wards of the City of Pittebur. The company also supplies the boroughs of McKee's Rocks, Elliott, Stowe Township and Norwood Place, comprising a population of over 100,000. The company has two pumping stations with an aggregate capacity of 40,000,000 gallons per day, about double the daily consumption. An appraisal of the property with a view to its being taken over by the City was ordered in December, 1906. Stock Par $35 Authorized, $3,600,000 Issued, $3,597,900

In January, 1904, the stock was increased from $3,300,000 to $3,600,000, and $150,000 of the new stock was issued to provide for extensions and improvements, and in 1905, $150,000 additional for the same purpose.

Transfer Agent and Registrar, Safe Deposit & Trust Co., PitUburg.

Dividends of 8 per cent, per annum were regularly paid for many years, the payments being quarterly, 3 per cent, each in January, April, July and October, but the April. 1907 dividend was passed. In July and October, 1907, 1 per cent, each was paid.

Funded Debt ist mort., 5 per cent., due Jan., 1913, Jan. and July $100,000

President, Mark W. Watson. Vice-President, James W. Scully. Secretary and General Manager, Martin Prenter. Treasurer, F. William Rudel. Assessor and Collector, F. B. Beech.

Directon— A. Emwein. B. F. Jones, Jr. J. D. Lyon. John R. McGinley. A. W. MeUon. John Moorhead, Jr. James W. ScuUy. Joseph G. Walter. Mark W. Watson.

Main office, 1113 Carson street, PitUburg. Annual meeting, first Tuesday in May.

Koktaka Coal A Coke Co.

A corporation formed under the laws of New Jersey, April ix, 1899. company has a coal property at Horr, Park County, Mont., comprising about 3,000 acres, of which 1,500 acres are leased from the Northern Pacific Railway Co. The company has 300 coke ovens.

In February, 1907, a committee composed of Joseph A. Coram, Joseph N. Lovell and S. S. Rosenstamm requested deposits of the stock with the International Trust Co., Boston, before March 35, 1007, such action being in furtherance of a rearrangement of the company*s finances. The plan submitted involvcxl the creation of an issue of $1,000,000 ao-year 6 per cent, bonds with which to retire the old bonds and the floating debt, while a new holding company.under the title of the Montana Consolidated Coal and Coke Co., with $3,000,000 capital, par $10, was to exchange its stock share for share for that of the old company. Stock Par $35 Authorized, $5,000,000 Issued, $5,000,000

Stock is transferred at the office of the company, Boston. Registrar, Mercantile Trust Co., Boston.

In 1899 and 1900, the company paid three dividends pt 30 cents each per share in April and October, respectively. No subsequent payments.

Funded Debt ist mort., 6 per cent., due 1990, June and Dec $500,000

The ist mortgage is $500,000, authorised. It was created in 1000 toprovide for improvements and for the purchase of the Butte & Yellowstone Coal & Coke Co. Trustee of the mortgage. Central Trust Co., New York.

President, C. F. W. Dillaway, Boston. Vice-President, George E. Davis, Boston. Secretary and Treasurer, H. W. Wesson, Boston.

Main office, 60 State street, Boston. Annual meeting, third Wednesday in March.

KOHTeOKERY'SHOSHOIIE COHSOLI DATED KIMIKG CO.

A corporation formed under the laws of South Dakota in 1905. The company acquired a majority of the stocks of the Montgomery-Shoshone Mines Co., the Shoshone- Polaris Mining Co., the BuUfrog-Ciystal Mining Co., and also acquired a contract between Charles M. and the American Smelting & Refining Co. for the treatment of ores by the latter company on advantageous terms running for a period of 35 years. The properties of the company are located at or near Bullfrog, Nevada, and comprise 10 claims, being approximately 307 acres of gold bearing mineral land, and are being actively worked and developed. Stock Par $5 Authorized, $3,500,000 Issued, $3,500,000

The stock is full paid and non-aaaessable. Transfer assent, Trust Co. of America. New Yoifc.

President, Donald B. GiUies, Tonopah, Nev. Vice-President, M. R. Ward, Philadelpbia. Seczetaiy and Treasurer, Oliver Wren, New Yoilc

Directors— William L. Abbott, Pittsburg. Max £. Bemheimer, New York. \Villiam P. Bonbright, New York. Donald B. Gillies, Tonopah. Malcolm Macdonald, Bullfrog:, Nev. E. A. Montgomery, Skidoo, Cal. Charles M. Schwab, New York. P. F. Thompson, New York. M. R. Ward, Philadelphia.

New York office, zii Broadway. Operating office, Bullfrog, Nev.

Koktreml Cottom Co.

A corporation formed under the laws of the Dominion of Canada in 1874, for the purpose of manufacturing cotton doth. The company owns mills at Vallejrfield, Province of Quebte, operated by hydraulic-electric power. Stock Par $100 Authorised, $4,000,000 Issued, $3,000,000

Transfer agent. National Trust Co., MontreaL

Dividends on the stock are payable quarterly, March (15), June, September and December, the rate from January, 1905, being 7 per cent, per annum, which in March, 1908, was increased to S per cent., or 2 per cent, quarterly.

In February, 1908. an issue of $a,ooo,ooo debentures was authorised, of which $1,000,000 was to be issued to retire $joo,ooo, per cent., ist mortgage bonds, maturing May 15, 1908, and for other purposes.

President, S. H. Ewing, Montreal. Vice-President, H. Maridand Molson, MontreaL Socretary and Treasurer, J. Lowe, Jr., Valleyfield, P. Q. Manager, Louis Sampson, Valleyfidd.

Directors— J. P. Black, Montreal S. H. Ewing, Montreal. William Finley, MootreaL L. J. Forget, Montreal. A. Hamilton Gault, Montreal. Charles B. Gordon, Montreal. Jacques Grenier, Montreal. H. S. Holt, Montreal. F. Orr Lewis, Montreal. H. Markland ifolMa, Montreal.

Main office, MontreaL Operating office, Valleyfield, Que. Annual meeting, seoood Tuesday in February at Montreal.

THt KOKTREAL LIGHT. HEAT A POWER CO.

A corporation formed under the laws of the Province of Quebec, Canada, April 35, 19EH. The company controls the entire lighting industry of the city of MontreaL The company acquired and controls the following undertakings:

Montreal Gas Co. Lachine Rapids Hydraulic & Land Co.

Royal Electric Co. Standard Light & Power Co.

Imperial Electric Co. Citizens' Light & Power Co.

Montreal & St. Lawrence Light & Power Co. The Tempie Electric Co.

Stock Par $100 Authorized, $17,000,000 Issued, $17,000,000

Transfer Agents, National Trust Co., Limited, Montreal; Bank of Montreal, London:

Lounsberry & Co., 15 Broad street, New York. Registrars, Royal Trust Co., Montreal ; Bank

of Montreal, London ; Central Trust Co., New York.

The first quarterly dividend of x per cent, was paid August 15, 190X, and similar payments

were made in August, November, February and May until August, 1906, when the quarterly

rate was increased to per cent., placing the stock on a 5 per cent, basis. In August, 1907.

the quarterly rate was further increased to per cent, or 6 per cent, per annum.

Funded Debt

ist mort., per cent., due 1933, Jan. and July $5,9901000

Montreal Cjas Co. mort., 5 per cent., due 1908 150,000

it M mort., 4 per cent., due 1931 486,666

Royal Electric Co. ist mort., 5 per cent., due 1914 4ia,ao6

Lachine sinking fund mart., 5 per cent., due April, 1933, April and Oct 3,401,000

Total $10,389,873

The xst mortgage, per cent., is for $7,500,000. The outstanding bonds were increased

in 1902-03 from $2,500,000 10 $3,500,000, of which increase $243,333 was to retire bonds the

Montreal Gas Co. and $37,473 to retire those of the Royal Electric Co.

The Lachine sinking fund mortgage was created in 1903 to provide for the acqukitioD

the Lachine Rapids Hydraulic & Land Co. and other properties, The mortga a for

Industrial Securftibs

$4,cxx>,cx, the unissued balance being held to retire underlying bonds. Trustee of the mortgage. Royal Trust Co., Montreal Agent for the payment of mterest, Bank of Montreal, or its agency in New York.

Earnings Year ending April 30

Gross Net Chaxiges Dividends Surplus

1901-oa 1,760,285 1,760,385 01,496 587,969 Mi,753

9P3-04 3,589,446 1,345.760 461,746 680,000 904,014

1905-06 3,i86,io3 1,754,90s 476,419 680,000 598.486

President, Herbert S. Holt, Montreal 1st Vice-President, W. McLea Wallbank, Montreal. 3d Vice-President, Rodolphe Forget, Montreal. Secretaiy-Treasurer, J. S. Norris, Montreal.

Directors— Sir H. Montaeu Allan, Montreal L. J. Forget, Montreal. Rodolphe Forget, Montreal Herbert S. Holt, Montreal. C. R. Hosmer, Montreal. Robert Mackay, Montreal. H. B. Rainville, Montreal W. McLea WaUbank, Montreal

Corporate and main office, Power Building, Montreal Annual meeting, first week in June, at Montreal ,

Moktreal Street Railway Co.

A corporation formed under the laws of Canada, May 18, 1861. The company has an exclusive franchise from the City of Montreal, which extencu to 1933. The oompanv's system comprises 135 mUes of track, exclusive of suburban lines, covering Montreal and its immediate environments. In 1901, the company acquired control of the Montreal Park & Island Railway Co. In 1907, it took over the Montreal Terminal Railway Co. The company also controls the Suburban Tramway & Power Co. Stock Par $100 Authorised, $18,000,000 Issued, $9,000,000

In September, 1903, the stock issued was increased from $6,000,000 to $7,000,000. stockholders subscribing for the $1,000,000 additional at par. The par value of the shares was $50, but was changed to $100 per share in 1906, the holders of the original shares exchanging 3 thereof for I new share of $100 par value.

In November, 1906, stockholders of record December 14, 1906, were offered the right to subscribe at $175 per share for $3,coo,ooo new stock payable in instalments of 10 per cent each month from January 15, 1907, to October 15, 1907. The $3,000,000 of additional stock is included in the amount issued given above.

Stodc is transferred at the office of the company, Montreal.

Dividends of 10 per cent, per annum have been paid on the stock since 1899, inclusive, the dividend periods being February, May, August and November.

Funded Debt

Debentures of 1008 sterNng, 4] per cent., due May, 1933, May and Nov $3,,000

sterling, per cent, due Aug., 1933, Feb. and Aug 68x,333

" of 1903, per cent., due May, 1933, May and Nov 1,500,000

Total $4,481,333

Trustee of. the 3d series of debentures, the Montreal Trust & Deposit Co., Montreal. They have equal rights, gent for the pa3rment of interest, the Bank of Montreal, London. The interest on the per cent, debentures issued in 1903 is payable at The Bank of Montreal, Montreal. The per cent, debentures of 1008 were issued to retire the ist series 5 per cent, debentures which matured March 1, 1908, and for other purposes. The company has real estate mortgages for $41,035 and loans payable for $1,500,000.

Earnings

Year ending September 30

Grou

Net

Charges

Dividends

Surplus

a,3i?3,788

f;

Earnings — Continued Groit Net Chaives DiTidends

1903-04 $3,4,825 $95a,8a6 $93948s $643,590 $70.Sb

19Q4--05 3,707.474 1.056,908 378,730 691,666 86.503

Charges include the percentage of earnings paid to the City, which in 1904-05, was $X48,a46: in 1905-06, $178,408, and in 1906-07, $914,8.

In 1901-03 $xoo,ooo was charged against the surplus for an insurance fund. In Tgp9-o, ;35,ooo, and in 1903-04, $ao,ooo was charged to the same item and $50,000 for a contingent fiuul. n 1904-05, $95,000 was charged to insurance fund and $60,000 to contingent account. lo 1905-06, insurance fund, $25,000 ; contingent account, $179,055. In 1906-07, the sanae items were $25,000 and $171,517, respectively.

President, L. J. Forget, Montreal. Vice-President, K. W. Blackwell, Montreal. Managing Director, W. G. Ross, Montreal. Secretary, Patrick Dubee, Montreal. Manager, D. llcDooakl. Montreal. Auditor, A. Stewart, Montreal.

Directors— Sir H. Montagu Allan, Montreal. K. W. Blackwell, Montreal. George Caver hill, Montreal. U J. Forget, Montreal. Paul Galibert, Montreal. Robert Meighen, Montreal W. G. Ross. Montreal.

Main office, 78 Craig street, West, MontreaL Annual meeting, first Wednesday in November, at Montreal.

The Hohtreml Telegraph Co.

A corporation chartered by special act of the Parliament of Canada in 1847 for the purpose of carrying on a telegraph business m the Dominion of Canada. The company has terra] lines and cables in Canada and the United States. Its system is operated and maintained by the Gresi North Western Telegraph Co., of Canada, guaranteed by the Western Union Telexapk Co., under an agreement for ninety-seven years from July i, x88i. Stock Par $40 Authorised, $9,000,000 Issued, ,000,000

Stock is transferred at the office of the company, Montreal.

Since Julj, 1881, the dividends have been 8 per cent, annually, as guaranteed by the ooopanies operatmg the property. Dividend periods are January (15), April, July and October. In addition to the regular dividends, bonuses of per cent, each were paid in.April, 190a, April, 1903, October, 1904, October 1905, October, 1906, and Oaober, 1907, out of the revenue derived from the company's contingent fund.

President, Hugh A. Allan, Montreal. Vice-President, A. T. Paterson, Montreal. SoatSLuj and Treasurer, D. Ross-Ross, Montreal.

Directors— Hugh A. Allan, Montreal. William McMaster, Montreal. William R, Milkr. Montreal. A. T. Paterson, Montreal. William Wainwright, Montreal.

Corporate and main office, 6 St. Sacrament street, Montreal. Annual meeting, seoood Thursday in January, at Montreal.

Humicipml 6As Co.

A corporation formed under the laws of New York in July, 1885. ,The company owns all the gas and electric light facilitate of the citv of Albany, N. Y., and in Watervliet, N. Y. It acquired and consolidated with the Albany Electric Illuminating Co. and the Edison Electnc Light & Power Co. of Albany, and owns the \Yest Troy Gas Co. Stock Par $100 Authorised, $9,000,000 Issued, $a,ooo,aao

The company since 1890 has paid 10 per cent, per annum on its stock, dividends being quar terly, per cent, each, m February, May, August and November.

President, Anthony N. Brady, Albany, N. Y. Vice-Presklent, Robert C. Pruyn, Alfauiy. Secretary and Treasurer, E. P. Gavii, Albany.

Directors— John Bowe, Albany. Anthony N. Brady, Albany. EUlward B. Cantine, Albany. John A. Delehanty, Albany. William McEwan, Albany. Robert C. Pruyn, Albany. Honwe G. Young, Albany.

Main office, 119 Sute street, Albany, N. Y.

KUmCiPAL UT/UT/ES CO.

A corporation formed under the laws of New Jersey, April 28th, 1903. The company was organized as a holding corporation to acquire and operate established public utilities. It has ac quud control of the Hanover (Pa.) Gas Co.; Wilmington (N. C; Sewerage Co.; Sewer Co. and the Hanover (Pa.) Sewer Co., and has issued its own bonds in exchange for tl first mortgage bonds of those companies.

INDUSTRIAL. SECURITIES 6j5

Stock Par $ioo Authorixed, $100,000 Issued, $100,000

Transfer agent, New Jersey Corporation Giiarantee Trust Co., Camden, N. J.

Funded Debt ist. collateral trust mortgage, 5 per cent., due May, 1933, May and November $375i00o

The authorized issue of the company*s collateral trust bonds is $500,000. Trustee of the mortgage, Central Trust & Savings Co., Philadelphia. The bonds are secured by the bonds and stocks of the subsidiary companies, and were issued in exchange for the bonds of the latter organizations.

President, F. £. Paddock, Philadelphia. Secretary and Treasurer, C. S. Knauf, Philaddphia.

Directors— C. S. Knauf, Philadelphia. George H. B. Martin, Camden, N. J. F. E. Paddock, Philadelphia.

Corporate office, 417 Market street, Camden, N. J. Main office, 431 Chestnut street, Philadelphia. Annual meeting, third Monday in February, at Camden.

Huskegom Tractiom A Lightikg Co.

A corporation formed under the laws of Michigan, March i, 1901, for the purpose of operating street railways and furnishing gas and electricTight in Muskegon and Muskegon Heights, Mich. It has a ten-year contract from 1901 for the dty street lighting. The company is a consolidation of the following :

Muskegon Street Railway Co. Muskegon Electric Light Co.

Muskegon. Gas Light Co.

It operates 15 miles of electric street railway, and serves as a terminal for the Grand Rapids, Grand Haven & Muskegon Railway Co.

In January, 1906, the American Light & Traction Co. acquired all the stock of this company.

The preferred stock is 6 per cent., cumulative. Dividends of 6 per cent, per annum have been paid on the preferred since 1902, inclusive.

Funded Debt ist mort., 5 per cent., due March, 1931, March and Sept $600,000

The bond issue is the total amount authorized. The bonds are redeemable at the company's option after March x , 191 1, at 105. Trustee of the mortgage and agent for the payment of interest. Wyoming Valley Trust Co. , Wilkes-Barre, Pa.

Earnings

Year ending February a8 Grois Net

In 1904-05 the charges and preferred dividends were $35,066 ; balance surplus, $35,650.

President, H. C. Abell, Muskegon, Mich. Vice-President, Emerson McMillin, New York. Secretary and Treasurer, David D. Erwin, Muskegon. Assistant Secretary and Treasurer, A. P. Lathrop, New York.

Directors — H. C. Abell, Muskegon. William Brienen, Muskegon. Irvin Butterworth, Detroit. D. D. Erwin, Muskegon. Louis Kanitz, Muskegon. Emerson McMillin, New York. F. A. Nims, Muskegon. Frank H. Smith, Muskegon'. John T. Young, Muskegon.

Main office, Muskegon, Mich. Annual meeting, first Tuesday in F&ruary, at Muskegon.

MARRA6AIISETT ELECTRIC UGHTIlie CO.

A corporation formed under the laws of Rhode Island in 1884. In 1889 the company absorbed the Rhode Island Electric Light Co. Stock Par $50 Authorized, $7,000,000 Issued, $3,000,000

The stock of the company was originally $100,000, and has been increased at various times. In 1905, the authorized stock was increased to $7,000,000 to provide for the company's future capital requirements. Registrar, Union Trust Co., Providence, R. I.

The company pays 8 per cent, per annum on its stock, the dividends being quarterly, 3 per cent, each, in January, April, July and October,

Funded Debt Debenture certificates, ooDveitible into stock, Jan. i, 1908 $1,000,000

The $1,000,000 debentures are redeemable in stock at par at the option of the oompaaj, I January i, 1908.

President and General Manager, Maisden J. Penj, Providence, R. I. Vfee-President, Aftfaof H. Watson, Providence. Secretaiy and Treasurer, Edwin A. Barrows, Providence.

Directors— H. Martin Brown, Providence. Samuel P. Colt, Providence. William W.

Douglas, Providence. Fenner H. Peckham, Providence. Maisden J. Pfaiy, Providence. A. Pierce, Providence. James M. Riplev, Providence. George H. Robinson, Piovklcnce. George L. Sheplev, Providence. Howard O. Sturgis, Providence. William A. Walton, Providence. Arthur H. Watson, Providence.

Main office, 170 Westminster street, Providence, R. I. Annual meeting, third Tuesday ia January.

KiSHVILLE RAILWAY A LIGHT CO.

A corporation formed under the laws of Tennessee, June 90, 1903, being a consolidatkia of the Nashville Street Railway, the Nashville & Suburban Street Railway, the Citizens' Rapid Transit Co., the Cumberland Electric Light & Power Co. and the Union Light and Power Ca The company owns all the traction and commercial electric lighting utilities of* Nashville under perpetual franchises. It owns and operates 82 miles of track.

The preferred stock is 5 per cent, cumulative. Stock is transferred at the office of the company, Nashville, Transfer Agents, Commercial-Germania Trust and Savings Bank, Nev Orleans. Registraxs, Nashville Trust Co.. Nashville ; Isidore Newman & Son, New Orleans.

The first dividend on the preferred was per cent., paid January i, 1905. Subseqocnt dividends have been per cent, each, semi-annually, in January and July.

Funded Debt

Consolidated mort., 5 percent., due July. 1953, Jan. and July $4,054,000

Collateral trust notes, 6 per cent., due July, 1908, Jan., July 1,000,000

Nashville Street Railway, ist mort., 5 per cent., due Jan., 1925, Jan: and July 907,000

Citisens' Rapid Transit, ist mort., 6 per cent., due July, 1910, Jan. and July 60,000

McGavick & Mt. Vernon R. R., ist mort., 6 per cent, due July, 1906, Jan. and July. 65000

ist mort. , ad series, 6 p. c, due July, 1937, Jan. and July 485,000

Nashville & Edgefield St. R. R., ist mort., 6 per cent., due Jan., 1917, Jan. and July. 99ooo

" consol. mort. , 6 per cent. , due Jan. , i, Jan. and July 374,000

Total $6,944,000

The consolidated mortgage is for $6,000,000. Trustee and agent for payment of interest. Guaranty Trust Co., New York.

The company, in 1906, created a refunding and improvement mortgage for $15,000,000, the Trustee and agent for the payment of interest being the Guaranty Trust Co., New York. Of the amount $6,000,000 was reserved to retire prior liens. Of the bonds, $1,334,000 are lieU as collateral for the $1,000,000 of 6 per cent, notes, due July, 190S.

Earnings

Grofts Net Charges SinplM

1906 $i,39534 $583,395 $33i,54 $351,881

President, Percy Warner, Nashville, Tenn. Vice-President, J. C. Bradford, Nashville. SecreUrv and Treasurer, H. C. Walter, Nashville. Fiscal AgenU, Isidore Newman & Son, New Orleans and New York.

Directors— J. C. Bradford, Nashville. George H. Davis, New Orleans. Sidney H. Maick, New York. J. K. Newman, New York. A. M. Shook, Nashville. V. E. Schwab,* NashviDe. James H. Thompson, Nashville. Percy Warner, Nashville. F. O. Waits, Nashville.

Main office, Nashville. Annual meeting, first Thursday after first Sunday in it Nashville.

Industrial Securities 37

Hatiohal Biscuit Co.

A corporation formed under the laws of New Jersey, February 3, 1898. The company purchased the New York Biscuit Co., American Biscuit & Manufacturing: Co., National Cracker Co., Decatur Cracker Co., Hamilton Co., and the United States Baking Co. Several small companies were oontroUed by the constituent companies. The company has plants in various cities, and in 1903 completed the construction ot three large modem establishments at an expense of about $i,5oo,ooa

The preferred stock is 7 per cent., cumulative. Transfer Agent, Guaranty Trust Co., New York. Registrar, Fht National Bank, New York.

The company b:an the payment of regular dividends on the preferred stock May 31, 1898, at the rate of per cent, quarterly, and such divides are paia February (38), May, August and November. The first dividend on common was x per cent., October 15, 1899. Quarterly dividends of x per cent., or 4 per cent, per annum, on the common have since been paid regularly in January (15), April, July and October. An extra dividend of x per cent, was paid on the common in April, 1906. The AprO, 1907, dividend on the common was, however, increased to X V pei* cent., and was accompanied by an extra dividend of i per cent., the regular quarterly rate having since been ijl per cent.

Funded Debt.

New York Biscuit Co. xst mort., gold, 6 per cent., due X9X0, March and Sept $396,424

American Biscuit & Mfg. Co. xst mort., 6 per cent., due 191 x, Feb. and Aug 545i000

" purchase money mortgages X5f00c

Total $856,424

Earnings

Sales Profits Div. Pref. Div. Com. Total Surplus

1898 (thirteen months) . . . $34,051,379 $3,a9a,x43 $x,3X4,5oo $3,077,643

"899 3565i,898 3.3W,i55 1,647,605 $584, 3.i47,47a

90i 38,635,X34 3,670,445 1,667,757 1,169,440 4.455,424

>902 40,33X,935 3,689,338 i,68o,5ix x,x69,440 5,294,8x3

X9P3 40,532,114 3,700,515 1,727,565 1,169,440 6,xo7,333

1907 4X,8o3,3a4 4,101,414 1,736,314 1,754,160 9,217,410

In November, X898, the company set aside $x, 000,000 from eaminp as a cash fund for contingencies. At the February, X899, nieeting of directors it was headed to carry $500,000 additional to reserve account, making it $x, 500,000 in all. The company deducted each year $300,000 from the book value of its plants and machinery for depreciation.

President, A. W. Green, New York, ist Vice-President, John D. Richardson. Chicago, ad Vice-President, F. M. Peters, Chicago. Secretary and Treasurer. F. E. Bugbee, New York. Assistant Treasurer, J. U. Higinbotham, Chicago.

Directors— Benjamin F. Crawford, Chicago. L. D. Dosier, St. Louis. H. J. Evans, Chicago. A. W. Green, New York. H. M. Hanna, New York. Francis L. Hine, New York. F. A. Kennedv, Windsor, Vt. S. S. Marvin, Pittsburg. WUliam H. Moore, New York. T. S. Ollive, New York. F. M. Peters, Chicago. Norman B. Ream, New York. John D. Richardson, St. Joseph, Mo. S. A. Sears, Chicago. J. B. Vredenburgh, Jersey City.

Main office, Fifteenth street. Ninth and Tenth avenues, New York. Annual meeting, February xi, at Jersey City.

The Hatiohal Cahdy Co.

A corporation formed under the laws of New Jersey, September 8, X902, to acquire and operate the properties of a number of firms and corporations making candies and confectionery, a list of which is given in the Manual for X9G4.

Stock. .Par $xoo. . .Authorised -J xst pref., x,ooo,ooo Issued xst pref., 1,000,000 $7,993,000 I 3d pref., 2,000,000 ) I 3d pref., 1,699,300

The preferred stock is 7 per cent., cumulative. Registrar, Mississippi Valley Trust Co., St. Louis.

President, Osgood H. Peckham, St. Louis. Vice-President, Vincent L. Price, St. Louis, Secretary, August J. Walter, St. Louis. Treasurer, Francis D. Seward, St. Louis.

Directors— Richard R. Bean, Grand Rapids, Mich. Albert H. Burt, BufiFalo. Jesse K. Farley, Chicago. J. H. Hart, Cincinnati. Frank A. Menne, Louisville. A. W. Paris, Minneapolis. OsgcKKi H. Peckham, St. Louis. Vincent L. Price, Sl Louis. Francis D. Seward, St. Louis. Frank Sibley, Buffalo. August J. Walter, St. Louis.

Corporate office, Jersey City. General office, 406 Market street, St. Louis. Annual meeting in February.

Katiokal Carbok Co.

A corporation formed under the laws of New Jersey, Jenuary 16, 1899. The company manufactures carbons for arc lighting, brushes for electric generators and motors, batteries, carbon diaphragms and back platte for telephones, carbons for electrolytic purposes, etc.

The preferred stock is 7 per cent., non-cumulative. Transfer Agent, Northern Trust Co., Chicago. Registrar. Merchants* Loan & Trust Co., Chicago.

Regular quarterly dividends on the preferred have been paid at the rate of per cent, since July 15, 1899, quarterly dividend periods having been changed in February, 1900, to February, May, August and November. In December, 1904, the first dividend on the comnaon stock was declared, being per cent, paid January 14, 1905, per cent, being also paid in July, 1905, and a per cent. January 15. 1906. From April, 1906, inclusive, the dividends have been i per cent, quarterly in January (15), April, July and October.

Net

'900-0I 508,739

i9oa-o3 594,371

President, James Parmelee, New York. Vice-President, Myron T. Herrick, CleveUnd. Vice-President, Webb C. Hayes, Fremont, O. Vice-President and General Manager, Daniel D. Dkker, Cleveland. Secretary, J. S. Crider, Pittsburg. Treasurer, H. £. Hackenberg, Cleveland.

Director*— John S. Bartlett, Boston N. C. Cotabish, Cleveland. J. S. Crider, Pittsburg. Daniel D. Dickey, Cleveland. H. E. Hackenberg, Cleveland. Hugh H. Hamill, Trenton, N. J. Webb C. Hayes, Fremont. Myron T. Herrick, Cleveland. James Parmelee, New York. John P. Wilson, Chicago. AUen M. Young, New York.

Corporate office, Trenton, N. J. Main office, West Madison avenue and 117th street, N. W. Cleveland. Annual meeting, fourth Monday in February, at Trenton.

Earhinos

Year ending January 31

Div. Pref. Div. Cora.

Addidoos, etc.

Surplus

4a,a83

ai7,744

M,734

f&

Katiohal Car Wheel Co.

A corporation formed under the laws of New York, September 33, 1903. The company acquired the following car wheel manufactories :

Keystone Car Wheel Co., Pittsburg. Rochester Car Wheel Co., Rochester, N. Y.

CayuU Wheel & Foundry Co., Sayre, Pa. Maher Wheel & Foundry Co., Cleveland.

The preferred stock is 7 per cent., cumulative. Transfer Agent, Corporation Trust Co. of New Jersey, New York. Registrar, North American Trust Co., New York.

Funded Debt ist root., 6 per cent., gold, due Sept., 1923, March and Sept $404,000

Industrial Securities 639

The authorised amount of the xst mortgage is $1,750,000. The bonds are subject to call at no. Trustee and agent for the payment of interest, Bankers' Trust Co., New York.

President, James D. Rhodes, Piltsburg. Vice-President, William F. Bonnell, Cleveland. Secretary, Charles A. Maher, Cleveland. Secretary and Treasurer, George P. Rhodes, Pittsburg.

Directors— William F. Bonnell, Qevdand. Charles T. Chapin, Rochester, N. Y. William Gerhauser, Grand Rapids, Mich. Charles A. Maher, Cleveland. C. R. Rhodes, Pittsburg. George P. Rhodes, Pittsburg. James D. Rhodes, Pittsburg. Charles V. Slocum, Pittsburg. J. H. Yaidley, Philadelphia.

Main office, Rochester, N. Y. Annual meeting, second Tuesday in October, at Rochester.

The Kmtiomal Cash Hegister Co.

A corporation formed under the laws of New Jersey, March 31, 1899, and reincorporated, under the laws of Ohio, in 1906. The purpose of the company is the manufacture of cash registers and kindred mechanisms. It has an establishment at Dayton, O., occupying 140 acres of eiTound, with sixteen factory structures, its output being 250 registers per day. It has branch factories at Berlin, Germany, and Toronto, Canada. The company makes many styles of registers and manufactures 95 per cent, of all the cash roisters sold in the United States. It has 270 stores for the sale of its products in the United States and selling agencies in foreign countries.

The preferred stock is 7 per cent., cumulative. It also has preference as to distribution of the assets in case of dissolution. Stock is transferred at the office the company, Dayton, O.

In September, 1906, the common stock authorized and issued was increased from $4,000,000 to $9,000,000 and the additional amount distributed to the common stockholders as a stock dividend to represent earnings withheld in former years, to increase the plant and extend the company's business.

Dividends on the preferred have been paid regularly since the stock was issued, the payments being semi-annual, 35 per cent, in January and July. In 1904, 2 per cent, was paid on the common stock ; in 1905, 3 per cent.; in 1906, 3 per cent., and in 1907, 1 per cent.

The net earnings of the company are stated to have averaged about $300,000 per annum.

President, John H. Patterson, Dayton, O. ist Vice-President and General Manager, William Pflum, Dayton. 2d Vice-President, £. A. Deeds, Dayton. Secretary, George C. Edgeter, Dayton. Treasurer, William F. Bippus, Dayton.

Directors— W. F. Bippus, Dayton. E. H. Bunstine. Dayton. S. W. Dayies, Dayton. Edward A. Deeds, Dayton. C. W. Dustin, Davton. J. H. Hay ward, Dayton. John H. Patterson, Dayton. Robert Patterson, Dayton. William Pflum, Dayton. George G. Shaw, Dayton.

Corporate and main office. Main and K. streets, Dayton. Annual meeting, first Tuesday in January.

Hatiohal Ehameuhg A Stamping Co.

A corporation formed under the laws of New Jersey, January 21, 1899. consolidation of concerns which produce practically all the enameled ware made in the United States and a large proportion of the tin, galvanized, japanned and copper wares. The plants acquired were those of the St. Louis Stamping Co., St. Louis Tin Plate Co., Granite City Rolling Mills, Granite City Steel Works, Granite City Sheet Mills, located at St. Louis, and Granite City, 111.; Kieckhefer Brothers Co., Milwaukee; Matthai, Ingram &Co., Baltimore, and the Haberman Manufacturing Co., Berlin Village, L. I., and Brooklyn, N. Y.; American Stamping Co., Brooklyn, N. Y.; Eastern Tinware Co., Portland, Conn.; Stewart Enamel Co., Bellaire, O.; Keene & Hagerty Manufacturing Co., Baltimore; H. Haller Manufacturing Co., Limited, New Orleans. The company also acquired the rolling mills of the St. Louis Stamping Co. and its tin plate mills. In 1903, the company purchased the Whitaker & Weber Manufacturing Co., St. Louis, and in 1904, acquired control of the National Manufacturing Co., New Orleans.

StocW..Par$,oo...AuthoHd|=-;; I3sui]~-,:;'i;59j;[ $4..38,4~

The preferred stock is 7 per cent., cumulative. Transfer agencies, New Jersey Corporation's Agency, Jersey City; office of the company, New York. Registrar, Trust Company of America, New York.

The first quarterly dividend of per cent, on the preferred stock was paid March 31, 1899, and regular quarterly dividends at the same rate have since been paid, the dividend periods on the preferred now being January (i), April, July and October. In December, 1904, dividends on the

preferred for nine months were declared at the rate of 7 per cent, per annunif the same to be paid iV per cent, each January i, April i and July i, 1905. The declaration for nine in pboe of twelve months was in order to make the company's dmdend year coincide with its fiscal year. In August, 1905, 7 per cent, was declared on the preferred, payable per cent, each October i, 1905, and Januat i, April i and July i, 1906.

The first dividend on the common was 4 per cent., declared in 1901, out of earnings of that year and payable in four quarterly Instalments of i per cent each, banning January i, 1903. Dividends at the same rate were thereafter paid regularly on the common stock in Januaury (1), April, July and October, until October, 1904, inclusive. In December, 1904, dividends for nine months were declared on the common, to be paid, per cent, each, in January, April and July, 1905, but no further dividends have been paid on the common since the last named date.

Funded Debt ist mort., 5 per cent., due Sept., 1906, March and Sept $1,000,000

The I St mortgage is for $2,500,000, one-tenth of the amount being due on September i each year. Trustee and agent for the payment of interest, St. Louis Trust Co., St. Louis.

Earnings Year ending June 30

GroM Net Charges Dividendt Surpfav

19P3-04. 1,528,366 884,055 i,aai,934 Dcf. 337,79

"904-05 1,460,267 817.644 988,o " 170413

1905-06 i576,396 870,973 , 508,26a Sar. st*.?!!

"906-07 2,464,194 1,638,817 598,26a 1,040,555

The total surplus account June 30, 1907, was $2,898,603.

President, Frederick G. Niedringhaus, St. Louis, ist Vice-President, Ferdinand A. W. Kieckhefer, Milwaukee. 2d Vice-President, Thomas K. Niedrinehaus, New York. Secretary, William H. Matthai. Baltimore. Treasurer, Adolph M. Steinhardt, New York.

Directors— L. C. Bartling, Chicago. George V. Hagerty, New York. Ferdinand A. W. Kieckhefer, Milwaukee. Charles N. King, Jersey City. George W. Knapp, Baltimore. H. August Luedke, Milwaukee. William H. Matthai, Baltimore. Alexander Niedringhaus, St. Louis. Frederick G. Niedringhaus, St. Louis. George W. Niedringhaus, St. Louis. Thomas K. Niedringhaus, St. Louis. William F. Niedrinehaus, St. Louis. Solomon Richman, New York. R. 5. Samuels, New York. Edward H. Schwartsbuiig, Milwaukee. Adolph M. Steinhardt. New York. Charies L. Wamidt, New York.

Main office, 81 Fulton street, New York. Annual meeting, second Tuesday in August, at Jersey City.

M ATI on A L FIRE PROQFIHG CO.

A corporation formed under the laws of Pennsylvania in 1889, with the title of the Pittsbutc Terra CotU Lumber Co. On December ao, 1899, changed its title to the National Fire Proofing Co.

The company manufactures porous terra cotta and dense tile fire proofing, plain and ornamental block, building, paving and hollow bricks, underground cotiduits for telegraph, telephone or rails cables, and other standard articles and specialties made from day. The company now has aS plants located in different States, with considerable real estate, patent rig:hu and other valuable property.

The preferred stock is 7 per cent., non-cumulative, dividends payable quarterly. The capital stock authorized was originally $1,000,000 preferred and $1,000,000 common. The amounts outstanding were $500,000 common and $023,550 preferred. In July, 1901, it was increased to $2,000,000 common and $3,000,000 preferred, a stock dividend of 12 per cent, on the common being declared. Stockholders had the right to subscribe for 50 per cent of their holdings in new preferred at par, with a bonus of 25 per cent, in common, and $500,000 common and $1,000,000 preferred were used to acquire additional properties.

In February, 1902, the stock was increased again by the creation and issue of $a,oo,ooo common and $5,000,000 additional preferred. The holders of the outstanding stock were invited to subscribe for 50 per cent, of their holdings, such subscriptions covering $1,250,000 of new common and $2,500,000 of new preferred.

Transfer Agent, Mercantile Trust Co., Pittsburg. Registrar, First National Bank, Pittsbuig.

Regular quarterly dividends of per cent, were paid on the preferred stock in January (25), April, July and October to Jul, 1905, inclusive, after which they were suspended until October, 1906, when I per cent, was paid. On January, 15, 1907, 2 per cent was paid. Subeeqoeot

INDUSTRIAIi SBCURITIBS 641

dividends have been i per cent., the extra z per cent, being omitted in January, 1908. Dividends were paid Quarterly on the common stock at the rate of per cent, each in February, May, August and November, in 190a and 1903, but in November, 1903, action on the dividend on the common stock of the company was deferred and none has since been oaid.

Funded Debt 1st mort., 5 per cent, due April, 1907-16, April and October $1,750,000

The ist mortga|>:e was authorized in 1905, for $3,500,000, and $250,000 of the bonds mature each year. They can be called on anv interest date. Trustee and agent for the payment of interest. New York Trust Co., New York.

Earnings

Net Dividends Surplus

r9P3 1,107,389 713,537 393,750

In igo3, $xoo,ooo was deducted from the surplus for replacements. In 1904, $xoo,ooo was charged for the same purpose and $500,000 for depredation. In 1905, $158, 105 was charged for losses on contracts and $100,000 for replacements. In 1906, $100,000 was char|:ed to depreciation and $48,353 for replacements. In 1907, $100,000 was charged to depreciation. On December 31, 1907, the surplus account was $1,1x4,835.

Chairman, David F. Henry, Pittsbuig. President, William D. Henry, Pittsburg. Vice- President and Manaeerof Sales, R. W. Allison, Pittsburg. Vice-President and Eastern Manager, Henry M. Keasbey, New York. Vice-President and Western Manager, E. V. Johnson, Chicago. Secretary, Charles G. Jones, Pittsburg. Treasurer, J. P. Robbins, Pittsburg.

Directors— R. W. Allison, Pittsbuig. James J. Booth, Pittsburg. W. A. Dinker, Pittsburg. J. B. Finley, Pittsburg. T. Hart Given, Pittsburg. John R. Gregg, Pittsburg. Fred Gwinner, Jr.. Allegheny, Pa. David F. Henry, Pittsburg. William D. Henry, Pittsburg. E. V. Johnson, Chicago. Henry M. Keasbey, New York. William A. Stone, Pittsburg. Theodore F, Straub, Pittsburg. Hay Walker, Jr., Pittsburg.

Main office, Fulton Building, Pittsburg. Eastern offices, Flatiron Building, New York ; Old South Building, Boston ; Land Title & Trust Building, Philadelphia; Colorado Buildmg, Washington, D. C. Western office. Commercial National Bank Building, Chicago. Annual meeting, first Tuesday in April, at Pittsburg.

Katiokal Glass Co.

A corporation formed -under the laws of Pennsylvania, November i, 1899. The company was organized for the purpose of combining under one management the leading American manufacturers of glass tableware. The concerns whose plants and property were acquired were given in the Manual for 1903. In 1904, the company made leases to other interests of some of its properties. In December, 1907, the company was placed in the hands of a Receiver.

stock Par$So Issued J;479.6 $a.79..77S

The preferred stock is 7 per cent., non-cumulative. It was created and issued in 1903 in exchange for $775,000 of the old stock, and the payment to the company of $875,000 cash, the purpose being to provide additional working capital. Transfer Agent, Union Trust Co., Pittsburg. Registrar, Equitable Trust Co., Pittsburg.

The first dividend on the preferred stock was i}£ per cent., paid January 35, 1906.

Funded Debt

1st mort., gold, 6 per cent., due Nov., 1949, May and Nov $400,000

General mort., 6 per cent., due Nov., 1921, May and Nov 3,100,000

Total $3,500,000

The ist mortgage bonds are payable $300,000 per annum in numerical order in November of each year. The original amount of the bonds was $3,000,000.

The general mortgage, Union Trust Co., Pittsburg, trustee, was created in 1901, and is for $3,500,000, sufficient bonds being reserved to retire the ist mortgage. The bonds are subject to call at 105 for a sinking fund, which is to be 5 per cent, of the company's earnings each year.

Receiver, W. H. Bell, Pittsburg. President, Andrew W. Herron, Pittsbun;. Secretary and Chairman of Executive Committee, Addison Thompson, Pittsburg. Treasurer, C. H. Mitdiell, Pittsburg.

Directors— Andrew W. Herron, Pittsburg. C. H. Mitchell, Pittsburg. F, L. Stevenaoa. Pittsburg. Addison Thompson, Pittsburg. George I. Whitney, Pittsburg.

Main office, Bessemer Building, Pittsburg. Commercial business offices in New York, Boston. Philadelphia, Baltimore. Chicago, Denver, San Francisco, Los Angeles, Cal., and London, Eng. Annual meeting, second Tuesday in August, at Pittsburg.

Katiomal Lead Co.

A corporation formed under the laws of New Jersey, December 7, 1891. The property of the company consists of white lead works, smelters and refineries in New York, Pennsylirauua, Missouri, Ohio, Massachusetts, Illinois, Kentucky, and other States, and comprises 96 large plants. In 1900, it purchased a lead mine in Missouri.

In 1906, it was generally understood that this company had acquired control of the United Lead Co. In February, 1907, acquired the Magnus Metal Co.

The preferred stock is 7 per cent., cumulative. Stock ts transferred at the office of the company, New York. Registrar, Mercantile Trust Co., Ne'w York.

In June, 1905, the autSiorized common and preferred stock, which were each $15,000,000, were increased to $35,000,000 each,- and in December, 190$, the stockholders were given the right to subscribe at par for $3,000,000 new preferred, payable January 31, 1906. In 1906. common, and $5,713,600 preferred were sold.

Thecompany commenced paying dividends on the preferred stock March, 1898, at the rate (rf per cent., quarterly, and has continued to pay such dividends regularly in March, June, September and December. On the common stock a per cent, was paid in 1893, 3 per cent, in 1894, i per cent. in 1895, I per cent, in 1898, i per cent, in 1899 and i per cent, on March x, 1900. No dividends were paid on the common after the last mentioned date until July, ipo6, when i per oenL was paid. Similar dividends were paid to April i, 1907 inclusive and since then i}(, per cent, each on July x and October x, X907, and January x and April x, X908.

Net

X90X X,Xi3,X40

X9C5; 3,082,633

The total surplus account December 3X, 1907, was $4,394,904.

President, L. A. Cole, New York. Vice-President, F. W. Rockwell, Chicago. Vice-Pisi> dent, Reginald P. Rowe, New York. Vice-President, William W. Lawrence, New Yoric Secretary, Charles Davison, New York. Assistant Secretary, John B. Frothingfaam, New York. Assistant Treasurer, Fred R. Fortmcyer, New York.

Directors— Edward Brush, New York. Edward F. Beale, Jr., Philadelphia. George O. Carpenter, St. Louis. L. A. Cole, New York. R. R. Colgate, New York. E. C GoSioni, Cincinnati. Daniel Guggenheim, New York. Murry Guggenheim, New York. William W. Lawrence, New York. H. xM. McChesney, St. Louis. F. W. Rockwell, Chicago. Reginald P. Rowe, New York. A. P. Thompson, Buffalo. Walter Tufts, Boston. Charles F. WeUs, Pittsburg.

Main office, xoo William street. New York. Annual meeting, third Thursday in April, at Jersey City.

Hatiohal Licorice Co.

A corporation formed under the laws of New York, June 35, 1902, to engage in the busincai of manufacturing licorice. The company is a consolidation of the following concenu : Young & Smylie, Brooklyn, N. Y. The Meller & Rittenhouse Co., Camden, N. J.

S. V. & F. P. Scudder, Brooklyn, N. Y. Dominion Licorice & Novelty Co., Toronto,

H. W. Petherbridge, Brooklyn, N. Y. Can.

Earninos

Preferred

Common

Dividends

Surplot

x,o43,a8o

X, 043,380

,

i.039,35

6x9,663

Industrial Securitibs 643

The preferred stock is 6 per cent., cumulative. Stock is transferred at the office of the company. Brooklyn, N. Y. Registrar, United States Mortgagee & Trust Co., New York.

Regular quarterly dividends of if per cent, have been paid on the preferred stock, beginning October i, 1902. Dividends on the common stock were commenced with per cent, in January, 1903; July, 1903, a per cent.; October, 1903, i percent.; January, 1904, i per cent.; July, 1904, per cent.; January. 1905, i per cent. ; Jfuly, 1905, i per cent.; January 10, 1906, 3 per cent.; July 7, 1906, 1J4 per cent.; January, 1907, per cent., which was also the rate paid in July, 1907, and January, 1908.

President, Adolphe E. Smylie, Brooklyn, N. Y. Vice-President, Henry Rowley, Brooklyn. Secretary, Alanson N. Scudder, Brooklyn. Treasurer, H. W. Petherbridge, Brooklyn. Assistant Secretary, William A. Smylie, Brooklyn.

Directors— Milton Hopkins, New York. H. W. Petherbridge, Brooklyn. Henry Rowley, Brooklyn. A. H. Scudder, Brooklyn. Adolphe E. Smylie, Brooklyn.

Main office, 106 John street, Brooklyn, In. Y. Annual meeting, second Tuesday in January, at Brookljrn.

Hatiqkal Light. Heat Ahd Power Co.

A corporation formed under the laws of Maine, December 31, 1904, as a holding company to purchase and operate gas and electric companies, and has since acquired the gas or electric companies, or both, operating in the following cities :

Alexandria, Ind. Hoosick Falls, N. Y. Taylorville, III. Bloomington, Ind. .

Dover, N. H. Jersevville, 111. Columbus, Ind.

Rochester, N. H. Charleston, 111. Fairmount, Ind.

Marshall, Mo. Paris, III. Lexington, Mo.

Bennington, Vt. Robinson, 111. and other cities served

Brattleboro, Vt. Pana, 111. by extensions.

The preferred stock is 5 per cent, cumulative. The full 5 per cent, dividends are paid thereon, dividends being quarterly, per cent, each, in January, April, July and October.

Stock is transferred at the office of the company. New York.

The company has no funded debt. On January 25, 1908, it, however, created $xoo,ooo of 6 per cent, collateral trust notes secured by $150,000 of the preferred stock. Interest is payable January and July, and the notes mature as follows : $25,000 July 24, 1908, 25,000 January 24, 1Q09, and $50,000 January 24, 191 1. The latter amount may be called on any interest date at X02. Trustee, Windsor Trust Co., New York. This loan was made to provide, temporarily, for extensions and improvements by the subsidiary companies.

Funded Debt— Subsidiary Companies

Marshall Light, H. & P. ist mort., guar., 5 per cent., due Jan., 1935, June and Dec $132,000

City Gas & Elec., Paris, 111., ist mort., guar., 5 per cent., due Oct., 1035, April and Oct. 193,000

Bennington Elec. ref. and impt. mort., guar.,4M clue Mar., 1935, Siar.and Sept 172,500

Twin State Gas & Elec. ist and ref. mort., guar., p. c, due Oct., 1926, April and Oct. 1,057,500

Charleston, 111. , Ilium, ref. and impt. mort.. guar., 4K Cm Mar., 1035, Mar. and Sept. 242,000

" cons, mort., 5 per cent., due Sept., 1922, March and Sept 140,000

Hoosick Falls Ilium, ref. & impt. mort., guar., 5 per cent., due April, 1935. April and Oct. 139,000

Jerseyville Ilium, gen. mort., guar,, 5 per cent., due Feb., 1935, Feb. and Aug 73i500

ist mort., 6 per cent., due xi,ooo

Lexington Gas & Elec. ist mort., 5 per cent., due Oct., 1935, April and Oct 122,000

Pana Gas & Elec. ist mort., guar., 5 per cent., due June, 1935, i34t5oo

Robinson Water & Lt. ist mort,, 5 per cent., due Nov. , 1908-22, May and Nov 37i50o

Taylorville Gas & Elec. ist mort. , guar., 5 per cent., due Feb., 1935, Feb. and Aug 92,000

The guarantee of the issues so marked is by the National Light, Heat & Power Co., and applies in each case to principal and interest.

The Twin State Gas & Electric Co., one of the subsidary companies, operates in Dover, N. H., Rochester, N. H., Brattleboro, Vt., Berwick, Me., and other adjacent places. Its ist and refunding mortgage is for $1,500,000. There are $500,000 of the bonds in hands of the trustee to retire certain outstanding bonds of constituent companies, and $500,000 are reserved for improvements and extensions, to be issued only for 85 per cent, of the cost thereof.

Earnings— All Companies

Gross Net Charges Saipln

9o6 3S3i77a 160,897 66,139 9767

In 1907 dividends on the preferred were $34,973 ; balance surplus, $93,4 14>

President, Harold G. Villazd, New York. Secretary and Treasurer, George Martin, New York.

Directors— Albert H. Bickmore, New York. Cornelius C. Cuyler, New York. I. L. Mekion. New York. William C. Pratt. New York. Gustav UUricht, New York. Harold G. VUlard, New York. WUliam M. Wheery, Jr., New York.

Corporate office, Portland, Me. Executive office, 30 Pine street. New York. Annual meeting, first Monday in January, at Portland.

M Ati 0 Hal Kikikg Co.

A corporation formed under the laws of Michigan in 1878. The company owns a copper property in Ontonagon County, Mich., the mine adjoining that of the Michigan Copper Mining Co., formerly the Minnesota mine, one of the most famous of the older mines in the copper ran The National mine has been opened since 1848, and was a large producer of copper, yieldioe $3,395,331 until it was shut down in 1871. The present company did considerable work upon the mine, but of late years active operations have been suspended. Stock Par $35 ..Authorised, $3,500,000 Issued, $1,875,000

Of the stock 35,000 shares remain in the treasury. There has been paid in on the outstanding stock, $3.30 per share.

'President, John C. Watson, Boston. Secretary and Treasurer, Alvin R. Bailey, Boston.

Directors— James Cbynoweth, Rockland, Mich. Alvin R. Bailey, Newton, Mass., F. H. Raymond. Sommerville, Mass. John C. Watson, Boston.

Main office, 15 Congress street, Boston. Annual meeting, second Wednesday in March, at Boston,

MATIOM A L.RICE MUUIHe CO.

A corporation formed under the laws of New Jersey in 1893. The company owns and operates rice mills and warehouses in Louisiana, together with warehouses in New Orleans and throughout the State of Louisiana.

In 1901, a financial readjustment was effected, involving a reduction of the authorised common stock of the company and of the par value of shares from $xoo to $xo each.

For an account of the old company and of its reorganization, see the Manual for 1909.

The preferred stock is 8 per cent., non-cumulative. Transfer, Geom M. Keasby, Prudential Building, Newark, N. J. Registrar, New Orleans National Bank, New Orleans.

The dividends on the new preferred stock of the company since the reorganization in 1900, have amounted to 44 per cent., and in the new common stock to 8 per cent. In 1904-05 and 1905-06, 8 per cent, was paid on the preferred. In the year 1906, the payments on the preferred were 10 per cent, in the aggregate, and in 1907, 8 per cent. In 1905-06 and 1906-07, 4 per cent, was also paid on the common.

Toul surplus account, January 31, 1908, $378,196.

President, Henry Kahn, New Orleans. Vice-President, Albert Baldwin, Jr., New Orleans. Secretary and Treasurer, P. P. Lynch, New Orleans.

DirectorsAlbert Baldwin, New Orleans. Albert Baldwin, Jr., New Orleans. R. E. Craig, New Orleans. T. J. Feibleman, New Orleans. John H. Hanna, New Orleans. Henry Kahn, New Orleans. Adotph Katz, New Orleans. Edward Q. Keasby, Newark, N. J. P. P. Lynch, New Orleans. Isidore Newman, Sr., New Orleans. Peter F. Pescud, New Orleans. Simon Pfeifer, New Orleans.

Corporate office, Newark, N. J. Main office, 543 Montegut street. New Orleans. Annual meeting, first Wednesday in August, at Newark.

Hmtiohml Sugar Refirihb Co. Of Mew Jersey

A corporation formed under the laws of New Jersey, June 3, 1900. The company aoQuircd and took over the property of the New York Suw Refining Co., of Long Island City, N. Y., the refinery of the MoUenhauer Sugar Refinery Co. at Brooklyn and the National Rcfineiy at Yonkers, N. Y. The capacity of these esUblishments is about 13,000 barrels of refined sugar per day.

Industrial Sbcuritibs 645

The preferred stock is 6 per cent, cumulative. Transfer Agent, William H. Corbin, 343 Washing:ton street, Jersey City. Res:istrar, National City Bank, New York.

The payment of quarterly dividends of cent, on the preferred stock b:an on October 3, 1900, and the same have since been paid regularly in January, April, July and October.

President, James H. Post, New York. Vice-President and Treasurer, F. D. MoUenhauer, New York. Secretary, George R. Bunker, New York.

Directors— George R. Bunker, Yonkers, N.* Y. Arthur Donner, New York. George H. Frasier, Philadelphia. John layer, New Jersey. F. D. MoUenhauer, Brooklyn, N. Y. H. F. MoUenhauer, Brooklyn. James H. Post, Brooklyn.

Main office, Z09 WaU street, New York. Annual meeting, second Wednesday in January, at Jersey City.

The Ha Tubal Food Co.

A corporation formed under the laws of New York in December, 1900, for the purpose of manufacturing food products and food-making machinery. The company has a plant at Niagara Falls, N. Y. Stock.. ..Par $100 Authorised ®"J' $8,750,000 ) j i com., $8,750,000 ) $,0000000

The preferred stock is 6 per cent., cumulative. Stock is transferred at the office of the company, Niagara Falls. N. Y. Registrar, Farmers* Loan & Trust Co., New York. Dividends are payable quarterly in January, April, July and October.

Funded Debt zst mort., 5 per cent., due July, 19x2, Jan. and July $125,000

The authorized amount of the bond issue is $1,250,000. Trustee of the mortgage and agent for the payment of interest, Farmers' Loan and Trust Co., New York.

Chairman, William HamUn, Buffalo. President, Alexander J. Porter, Niagara Falls. Vice- President, G. A. MitcheU, Buffalo. Secretary and Treasurer, Hector W. BlacBean, Niagara FaUs.

Directors— William Hamlin, Buffalo. Joseph Hendetson, Toronto. Franklin D. Locke, Buffalo. George A. MitcheU, Buffalo. Robert W. Pomeroy, Buffalo. Alexander J. Porter, Niagara FaUs. De Lancey Rankine, Niagara Falls.

Corporate and main office, Niagara Falls, N. Y. Annual meeting, second Tuesday in February, at Niagara Falls.

Haukkeag Steak Cotton Co.

A corporation formed in Massachusetts in 1839 for the purpose of manufacturing cotton goods. The mills of the company are at Salem, Mass., and have 106,976 spindles and 2,800 looms. Stock Par $100 Authorized, $1,500,000 Issued, $1,500,000

Stock is transferred at the office of the company, Salem, Mass.

Dividends are paid semi-annually, January and July. In 1901, only 2 per cent, was paid, which was also tne rate in 1902. paid in July. In January, 1903, 2 per cent, was paid, and the semi-annual dividends continued to be at that rate untU January, 1907, when 3 per cent, was paid, which was also the rate paid in July, 1907, and January, 1908.

President, John F. Brooks, Boston. Clerk, J. Foster Smith, Salem, Mass. Treasurer, Nathaniel G. Simonds, Salem.

Directors — Henry P. Benson, Salem. Albert D. Bosson, Boston. S. Parker Bremer, Manchester, Mass. John F. Brooks, Boston. Charles £. Perkins, Brooklyn, N. Y. Nathaniel G. Simonds, Salem. Grant WaUcer, Boston.

Main office, Peabody street, Salem, Mass. Annual meeting, third Wednesday in January, at Salem.

Mebraska Telephome Co.

A corporation formed under the laws of Nebraska in x88i. The company operates a telephone system in Nebraska. Iowa and Black Hills District, S. D., under the Bell patents, the municipalities served including Council Bluffs, Lincoln, Omaha, Nebraska City, South Omaha and all the principal cities and towns in Nebraska. The company had on December 31, 1907, 49,973 subscribers* stations. A controlling interest in the company is owned by the American Telephone & Telegraph Co.

The Manual Of Statistics

Stock Par $100 Authorized, $10,000,000 Issued, $4,568,000

In Uarch, 1907, the authorized stock was increased from $5,000,000 to $10,000,000. Stock is

transferred bv the Secretary of the company, Omaha.

Dividends at the rate of 6 per cent, per annum have been paid quarterly, in January <ici|,

April, July and October, since 1894.

Earnings

Gross Net Dividends Surplus

1904 1,166,4x5 359,980 134.239 "575i

President, Casper E. Yost, Omaha. Vice-President, C. W. Lyman, Omaha. Secretary and Treasurer, E. M. Morsman, Omaha. Assistant Treasurer, L. Brinker, Omaha.

Directors---Guv C. Barton, Omaha. George W. Holdrege, Omaha. C. W. Lyman, Omaha. E. M. Morsman, Omaha. W. W. Morsman, Omaha. George G. Squires, Omaha. Theodore N. Vail, Boston. Henry W. Yates, Omaha. Casper E. Yost, Omaha.

Main office, 303 South Eighteenth street, Omaha, Neb. Annual meeting, second Thursday in February, at Omaha.

Ketherlahds Tr Ah Ways Corporatiom

A corporation formed under the laws of Connecticut, December xi, 1902. The corporation owns a majority of the stock of the Eerste Nederlandsche Tram Maatschappy (First Netherland Tram Compan), which owns and operates the street railways in the city of Haarlem, Holland, with the exception of 2 miles of horse line, and a line from Haarlem to the bathing resort of Zandvoort on the North Sea, a total of about 14 miles. The corporation also owns all the stock of the EUectrische Spoorweg Maatschappy T Electric Railwajr Company), which built under concessioBs from the Government of the Netnerlands, an electric line from Amsterdam to Haarlem, 13 miles in length. Total line operated, 45.8 miles.

Stock. ... Par $100 Authorised $aooo,ooo ) j com., $3,000,000 ) $, ej qq

The preferred stock is 5 per cent., cumulative. Transfer Agents, Kean, Van Cortlandt & Co., JO Pme street. New York. Registrar, Knickerbocker Trust Co., New York.

Funded Debt Elect. Spoorweg Maat. mort., 4 per cent., due Jan., 1953, Jan. and July.

The bonds of the Electrische Spoorweg Maatschappy are secured by the franchises and line between Amsterdam and Haarlem. The bonds can be called at par after December, 1905. The equivalent of the 3,000,000 guilders of this mortgage in American currency is about $1,300,000. This bond issue was placed in Holland. There is also a mortgage indebtedness of 695,000 guilders, or $278,000 of the ist Netherland Tram Company.

The fiscal agents of the corporation in the United States are Kean, Van Cortlandt St Co.. New York.

President, Henry J. Pierce, Buffalo. Vice-President, G. L. Boissevain, New York. Seentary, W. Pazton Little, New York. Treasurer, Ekiwin Henderson, New York.

Directors— G. L. Boissevain, New York. M. J. Boissevain, Amsterdam, Holland. James M. Edwards, New York. W. Caryl Ely, Buffalo. Charles W. Goodyear, Buffalo. N. W. Halsey, New York. W. Barklie Henry, Philadelphia. W. Paxton Little, New York. Heniy J. Pierce, Buffalo. F. S. Smithera, New York. J. G. White, New York.

Corporate office, 1904 Main street, Bridgeport, Conn. Main office, 30 Pine street. New York. Annual meeting, first Tuesday in December, at Bridgeport.

Hevada Com Soli Dated Copper Co.

A corporation formed under the laws of Maine, November 17, 1904.

The mining properties of the company are located in the Robinson Mining District, near Ely, White Pine County, Nevada, 144 miles south of Cobre, a station on the Southenx Pacific Railroad. The company owns some 800 acres of mineral land in several groups. Its principal developements are at the Ruth and Eureka working. On these two mines about 30,000,000

Industrial Securities 647

tons of copper sulphides, averaging better than per cent., are blocked out. The Guggenheim Exploration Co. has a large interest in the company.

The Nevada Consolidated Copper Co., and the Cumberland- Ely Copper Co., each owns half the capital stock of the Nevada Northern Railroad Co., and of the Steptoe Valley Smelting and Mining Co. In the fall of 1906, the 141 miles of road between Cobre and Ely was completed.

The Steptoe Valley Smelting and Mining Co.'s holdings include 8,000 acres, together with a water right sufficient to treat 25,000 tons of ore daily. The company is now erecting a concentrating plant of 4,000 tons daily capacity and a smelter capable of handling 1,500 tons per day. This plant will be ready for operation in January, 1908. It is intended to double the above capacity.

Stock Par $5 Authorized, $6,500,000 Issued, $6,500,000

The stock is full paid and non-assessable. Transfer Agent, Boston Safe Deposit & Trust Co., Boston. Registrar, City Trust Co., Boston.

President, James Phillips, Jr., New York. Vice-President, Silas W. Eccles, New York. SecreUry, G. M. Borden, New York. Treasurer, Henry Suhr, New York. Assistant Treasurer and Comptroller, F. W. Hills, New York. Consulting Engineer, Pope Yeatman, New York. Auditor, Judd Stewart, New York.

Directors— A. Chester Beatty, New York. G. M. Borden, New York. Silas W. Eccles, New York. Chas. Hayden, Boston, Mass. F. W. HiUs, New York. John K. MacGowan, New York. James Phillips, Jr., New York. W. Hinckle Smith, Philadelphia, John N. Steele, New York. William B. Thompson, New York. Harry Payne Whitney, New York.

Main office, 71 Broadway, New York. Annual meeting, first Tuesday in November, at Portland.

HEIfAOA SKELTIMG A MIMES COR FOR ATI OM

A corporation formed under the laws of South Dakota in 1906. The company owns or controls ix. separate properties in Nye and Esmeralda Counties, Nev. These comprise 108 claims of gold, silver and lead properties on which considerable exploration and development work has been done. The company owns 75 per cent, of the $1,000,000 stock of the Silver Peak Reduction & Mines Corporation and 1,860,000 shares of Che stock of the United Green water Copper Co. operating in Inyo County, Cal.

Stock Par $5 Authorised, $5,000,000 Issued, $5,000,000

Stock is transferred at the office of the company. New York. Registrar, Empire Trust Co., New York.

President, Malcolm L. Macdonald, Tonopah, Nev. Vice-President, Max E. Bemheimer, New York. 'Secretary, Henry L. Fridenberg, New York. Treasurer, Arthur W. Joseph, New York.

Directors — Max £. Bemheimer, New York. Thomas Byrnes, New York. Bainbridge, Colby, New York. Leonard A. Dessar, New York. Henry L. Fridenberg, Tonopah. Donald B. GillieS) Tonooah. Arthur W. Joseph, New York. Malcolm L. Macdonald, Tonopah. Charles R. Miller, Philadelphia. G. C. Minzesheimer, New York. Marshall R. mrd, Philadelphia.

Corporate office, Pierre, South Dakota. Main office, Tonopah, Nev. New York office, 35 Broaa street. Annual meeting, third Thursday in May, at New York.

Key A Da-Utah Kihes A Smelters Corporation

A corporation formed under the laws of Maine in 1904. The company acquired a number of copper mining properties, including the Imperial, and Comet mines, Beaver County, Utah ; Last Chance mine, Bingham Canyon, Utah; and the Manhattan and Pioche Consolidated mines, Pioche, Nev. The mines have been extensively developed.

Stock Par $10 Authorised $15,000,000 Issued $7,500,000

The stock is full paid and non-assessable. Transfer agent, Knickerbocker Trust Co., New York. Registrar, Trust Company of America, New York.

President, George E. Learned, New York. Vice-President, Loring R. Loomis, New York. Treasurer, Frederick F. Burgin, New York. Secretary, Clemens J. Caughey, New York.

Directors — Frederick F. Burgin, New York'. Heman Dowd, New York. Edwin S. Hooley, New York. George E. Learned, New York. Loring R. Loomis, New York. W. S. McComick, Salt Lake City.

Corporate office, Portland,- Me. Main office, xoo Broadway, New York. Operating office, Pioche, Nev. Annual meeting, February 12, at Portland.

Hew Cektrml Coal Co.

A Maryland corporation fonned in 1865. It owns and operates bituminous coal properties in Alleganj County, Md., and Marion County, W. Va. Stock Par $ao. Authorised, $1,000,000 Issued, $1,0001,000

The stock of this company was formerly $5,000,000, par value $100. In 1898, it was re> duced to $1,000,000, and the par value of the shares to $ao each. Stock is transferred at the office of the company; New York.

From 1891 to 1894, inclusive, dividends of i per cent, per annum were paid on the $5,0001,000 of old stock. No dividends were paid in the three years from 1895 to 1897, inclusive. In October. 1898, an initial dividend of a per cent, was paid on the reduced stock of the company. In April, 1899, a per cent, was psud and in October a per cent., making 4 per cent, for the year. In 1000, a per cent, was paid April a, but the October dividend was paswd on account of a strike of the company's miners, and no dividends were paid until March a, 1903, when a per ceot. was paid, the same rate being paid in September, 1903, and March, 1904, but the September, 1904. dividend was passed. In 1905 and 1906, paid 4 per cent. In 1907, paid a per cent., in May.

President, Malcolm Baxter, Jr. Vice-President, William Fairlie. Treasurer, Frank W. Cummisky.

Directors— C. F. Anthony. David E. Baxter. Malcolm Baxter, Jr. Alexander Campbefl. Frank W. Cummisky. William Fairlie. William Grace. Eugene D. Hawkins. Henry C Kelsev. David G. Legget. Duncan Sinclair.

New York office, 17 Battery Place.

Mew Ekglamd Cottom Yarm Co.

A corporation formed under the laws of Massachusetts, November 37, 1903. The oompaay was organised to take over the property of the New England Cotton Yam Co. of New Jersey, in pursuance of the plan of reorganization, referred to below. The statement of the old compaBy is given in the Manual for 1903.

The preferred stock is 6 per cent., non-cumulative, and is subject to call at the company option, alter January i, 1004, at 140 and accrued dividends. The preferred stock represents cask paid in under the reorganisation plan. Transfer Ae:ents, Kidder, Peabody & Co., 115 Devonsfaiic street, Boston. Registrar, National Shawmut Bank, Boston.

The first dividend on the preferred stock of the present company was 1% per cent, paid November, 1005, and similar quarterly dividends have since been paid, the dividend periods February, May, August and November.

The initial dividend on the common was per cent., paid September 3, 1907. At the same time 6 per cent, was declared on the common, payable quarterly ii per cent, eadi September 3 and December 3, 1907 and in March and June, 1908.

Funded Debt Tst mort. N. E. Cot. Yam Co. of N. J., 5 per cent, due Aug., 1939, Feb. and Aug. . $5,i4a,ooo

The present company, in the reorganization, assumed the bonds of the old company. The ist mortgage is for $6,500,000, the bonds being subject to call at no. Trustee and agent for the payment of interest, New England Trust Co., Boston.

The old company was organized under the laws of New Jersey, July 6, 1899. Details in leia* tion to it and the reorganisation plan are given in the Manual for 1907.

The company's report for the year ending September 30, 1905, gave the profits as about $510,000 ; charges, $a8o,ooo ; sinking fund, $58,000 ; preferred dividend, $50,000 ; balance suiplos, $143,000. In 1905-06, profits about $930,000; charges and preferred dividend, $453,300; \m- provements, etc., $aoo,ooo ; surplus, $378,400. In 190607, approximate profits were $1,498,000 ;

charges and dividends, $933,0x5 ; balance surplus, $574,985.

President, C. Minot Weld, Boston. Vice-President, Walter U. tSayOes. secretary, Hoson R. Storer, Boston. Treasurer, Henry C. Sibley, Boston. Assistant Treasurer, Z. E. Booth

Boston. Assistant Treasurer, C. W. Marshall, Boston.

Directors— Walter C. Baylies. Thomas E. Brayton. William W. Craw. Eben S. Draper. Charles L. Lovering. C. Minot Weld. Alfred Winsor. Robert Winsor.

Main office, 141 Milk street, Boston. Annual meeting, third Tuesday in November, at Boston.

Hew Emolaiid Ihvestkekt A Security Co.

A voluntary association formed under the laws of Massachusetts, June 35, 1906. The coutpany took over the traction properties in Massachusetts acquired by the New York, New Haves & Hartford Railroad Co., the control of which had been vested in the Consolidated Railway Co.

Industrial. Securities 649

The properties controlled throtigh the ownership of all or a majority of their stocks comprise the followins :

Berkshire Street Railway Cb., PittsfieM, Mass. Worcester Ry. & Invest. Co., Worcester, Mass- Hartford & Worcester St. Ry., Worcester, Mass. Worcester Consolidated St. Ry., " " Springfield Railway Cos., Springfield, Mass. Worcester & Southbridge St. Ry., " " Springfiekl Street Railway Co., Central Massachuetts Electric Co., " Springfield & Eastern Street Ry., Milford, Attleboro & Woonsocket Street Rail- Western Mass. Street Railway, Westfield, " way Co., Mass. Wor. & Blackstone VaLSt Ry., Worcester, Uzbridge & Blackstone Street Railway Ca

The preferred stock is 4 per cent., cumulative, but may be called at 105 and accrued dividends. Dividends are guaranteed by the New York, New Haven & Hartford Railroad Co., successor to the Consolidated Railway Co., which also agreed to guarantee $105 per share for the preferred in case of liquidation. The stock may be called at 105 and accumulated dividends.

Stock is transferred at the ofifice of the company, Boston. Registrar, New England Trust Co., Boston.

The first dividend on the preferred stock was a per cent., paid in January, 1907. In July, 1907, 2 per cent, was again paid, and 3 per cent. January, 1908.

Funded Debt— constituent companies .

Berkshire Street Ry., debenture 5 per cent., due 1935, March and September $900,000

zst mort., 5 per cent., due June, 1923, June and Deoembnr 8oo,oop

Central Mass. Electric, ist mort., 6 per cent, due Feb., 1924, Feb. and Aug 150,000

" coupon notes, 5 per cent, due May, 1924, May and Nov 60,000

Hoosac Valley Street Ry., ref. mort., 4 per cent, due Sc, 1924, March and Sept. . 300,000

zst mort., 5 oer cent, due July, 1917, January and July.. xoo,ooo

Leominster & Clinton, coupon notes, o per cent., due April, 1912, April and Oct. . . . 45ooo

Marlborough & Westboro, ist mort., 5 per cent, due July 1921* January and July. . 160,000

Milford, Attleboro & Woonsocket, ist mort. , 5 per cent. , due Oct. , 1919, April and Oct. 250,000

Springfield & Eastern, ist mort., 5 percent, due January, 1922, January and July. . . 330,000

Springfield St Ry., new ist mort., 4 per cent., due April, 1923, April and Octobier. . 1,500,000

Uzbridge & Blackstone xst mort., 5 per cent, due Feb,, 1903, Feb. and Aug 80,000

debentures, 5 per cent, due Oct., 1927, April and Oct 40,000

Worcester St Southbridge, ist mort, per cent, due Sept., 1922, Mar. and Sept.. 500,000

ist mort, 4J per cent., due June, 1925, June and Dec.. . . 200,000

Worcester & Clinton, zst. mort., 5 per cent., due January, 1919, January and July. . z 15,000

Worcester & Marlborough, ist mort., 5 per cent, due October, Z017, April and Oct 200,000

Worcester Consolidated debentures, 4>§ per cent, due Z990, March and Sept 700,000

" " debentures, 5 pa* cent, due Nov., Z937, May and Nov z, 300,000

Woronooo. zst mort, 5 per cent, due 1020 75ooo

Western Mass., ist mort., 5 per cent., due February, 1936, February and August. . . 200,000

The Springfield Street Railway Co.'s new zst mortgage is for $z,5oo,ooo. Trustee, Springfield Safe Deposit & Trust Co.

The Berkshire Street Railway Co.'s zst mortgage b for $800,000. Trustee, Girard Trust Co., Philadelphia.

Trustees— D. Newton Barney, Farmington, Conn. Charles F. Brooker, Ansonia. Conn. Frederick W. Kendrick, New York. Charles S. Mellen, New Haven, Conn. WUliam Skinner, Holyoke, Mass. Robert W. Taft, Providence, R. I. Nathaniel Thayer, Boston.

Main office. South Station, Boston. Annual meeting, second Saturday in June.

KEW EHeLAKD TELEPHOKE 4 TELEGRAPH CO.

This company is the sole licensee of the American Telephone & Telegraph Co. for Maine, New Hampshire, Vermont and Massachusetts. A majority of the stock b owned by the American Telephone & Telegraph Co. On January z, Z908, it had a total of 2Z3,477 stations. The American Teleplione & Telegraph Co. own a controlling interest in the company's stock. Stock Par $zoo Authorised, $50,000,000 Issued, $31,697,800

In May, zooo, the stock authorised was increased from $z5,ooo,ooo to $20,000,000, and in May, Z902, to $30,000,000, and the outstanding stock has been increased from time to time to supply requirements for new construction and extensions. In June, 1904, the stockholders were given the right to subscribe at par for z new share for each 7 shares of stock, the amount of the new stock being $3,088,100. In September, 1905, $3,086,000 new stock was allotted at par to the

stockholders. In May, 1906, the authorized stock was increased to $50,000,000 and the stockholders subscribed for $3,938,800 of the increase at par, payable 50 cent. August ao, 1906, and 50 per cent. February ao, 1907.

Stock is transferred at the office of the company, Boston.

In Augfust, 1897, dividends were increased from 5 per cent, to 6 per cent, per annum, and have since been paid at that rate. The dividends are paid quarterly, per cent, each, in February (15), May, August and November.

Funded Debt

Bonds, 5th series 6 per cent., due April, 1908, April and Oct $500,000

New bonds, 4 Jan., 1930, Jan. and July 1,000,000

Total $j,ooo,ooo

The bonds are plain obligations of the company, but are to be secured by any mortgage placed on company's property. The 5th series of bonds are subject to call at loa. The ut, ad, 3d and 4th series bonds have been retired at their respective maturity.

Earnings

Gross Net Dividends Sorplas

1904 7f333.S6i i,443ta4a i,3aOi447 *m796

1905 8,071,344 i,634,iaa 1,458,648 165,474

The net earnings are the amount earned in excess of expenses and interest.

President, Thomas Sherwin, Boston. Vice-President, Henry S. Hyde, Springfield, Mass. 3d Vice-President, J. N. Keller, Surry, N. H. Secretary, Edmund W. Longley, Boston. Treasurer, William R. Driver, Boston.

Directors— Charles F. Ayer, Boston. John H. Cahill, New York. William J. Denw, Boston. F. H. Dewev, Worcester, Mass. William H. Elliot, Keene, N. H. John F. Hill. Augusta, Me. Winfieid S. Hutchinson, Boston. Matt. B. Jones, Newton, Mass. Henry S. Hyde, Springfield. Moses G. Parker, Lowell, Mass. Thomas Sherwin, Boston. Theodore N. Vail, Boston.

Main office, lox Milk street, Boston. Annual meeting, first Monday in May, at New York.

IIEW HM¥EII mOM A STEEL CO.

A corporation formed under the laws of New Jersey, July 38, 1899. The company acquired the plant at New Haven, Conn., formerlv owned by the New Haven Rolling Mill Co. The plant has an annual capacity of 30,000 tons of bar iron and steel. Stock Par $5 Authorised, $500,000 Issued, $500,000

Transfer Agent, New Jersey Corporation Guaranteed Trust Co., Camden, N. J. Registrar, Girard Trust Co., Philadelphia.

In the fiscal year ending August 31, x, the company paid x6 per cent, on its stock. Is 1900-01 and 1901-03, paid 9 per cent., and m 1903, xo per cent. In the fiscal year ending August 3x, 1903-04, 6 per cent. ; in 1904-05, 6 per cent. No dividends were paid in 1905-06, but on Sep tember 11, 1906, 30 cents per share, or 6 per cent*, was paid. In 1906-07, paid 6 per cent. Dividends are semi-annual, March and September.

Earnings Year ending August 3x

Gross Net Dividends Surplm

1903-04 369."2 3.223 30,000 " 36.776

President, Christian C. Kauffman, Columbia, Pa. Vice-President, A, Loudon Snowden, Philadelphia. Secretary and Treasurer, Arthur B. Crossan, Philadelphia.

Industrial. Sbcuritibs 651

Directors — Clarence K. Crossan, Philadelphia. Kennedy Crossan, Philadelphia. Christian C. Kaufiman, Columbia. John B. Peddle, Woodbury, N. J. Charles A. Porter, Philadelphia. A. Loudon Snowden, Philadelphia. Joseph W. Yocum, Columbia.

Corporate office, 419 Market street, Camden, N. Main office, Land Title Building, Philadelphia. Annual meeting, first Monday in October.

Hew Ha¥Ek Water Do.

A corporation formed under the laws of Connecticut in 1849. company supplies water in the city of New Haven, Conn., for public and domestic purposes. Water is obtained from lakes Whitney and Saltonstall and other bodies of water. It has two steam pumping plants with reservoirs and mains, and in 1906 completed important extensions and improvements, Including a thirteen-acre sand filtration plant. A controlling interest in the stock of the West Haven Water Co. is owned by this company. In February, 1908, acquired the Milford (Conn. Water Co. Stock Par $50 Authorised, $5,000,000 Issued, $9,500,000

Stock is transferred Ht the office of the company, New Haven, Conn. Registrar, George W. Curtis, City Bank, New Haven, Conn.

Dividends at the rate of 8 per cent, are paid semi-annually, in January and July.

The stockholders, on December i, 1904, had the right to subscribe at par for ao per cent. of their holdings in 4 per cent, debenture bonds, the amount of which was to be $500,000. The bonds were issued July i, 1905, convertible into stock at par at the option of the directors between July I, 1910, and July x, 19x5. The purpose of the bond issue was to provide for improvements.

This company assumed $100,000 5 per cent, bonds of the Milford Water Co.

President and Treasurer, Eli Whitney, New Haven, Conn. Vice-President, James English, New Haven. Secretary, David Daggett, New Haven. Assistant Treasurer, A. F. Hemingway, New Haven.

Directors — Max Adler, New Haven. W. Perry Curtis, New Haven. James English, New Haven. Richard M. Everit, New Haven. Samuel Hemingway, New Haven. Burton Mansfield, New Haven. Winston J. Trowbridge, New Haven. George D. Watrous, New Haven. Eli Whitney, New Haven.

Main office, 100 Crown street, New Haven, Conn. Annual meeting, first Monday in February, at New Haven.

Hew House M/Hes A Swelters Co.

A corporation formed under the laws of New York, in 1904. The company owns a large copper mining property near Frisco, Utah, including the Cactus Mine. It is fully developed and eqmpped, production having begun in 1905. The company has a mill two miles from the mines, and also owns the Newhouse, Copper Gulch & Sevier Lake Railroad, a.3 miles, which connects the mine with the San Pedro, Los Angeles & Salt Lake Railroad. Stock Par $xo Authorised, $6,000,000 Issued, $6,000,000

The initial dividend was 50 cents per share, paid August 31, 1907. Action on the dividend for the succeeding half year was deferred.

Transfer Agent, Colonial Trust Co., New York. Registrar, Windsor Trust Co., New York.

Funded Debt tst mort., 6 per cent., due 1913 $1,500,000

It is stated that the production for 1905 was 5,670,000 pounds of copper, and for 1906, 7,000,000 pounds ; that for 1907 being estimated at 13,500,000 pounds.

President, Samuel Newhouse, Seut Lake Citv. Vice-President, Louis N. Kramer, New York. Secretary and Treasurer, John Josten, New York.

Directors— L. Hanchett, Salt Lake Citv. M. M. Johnson, Salt Lake City. John Josten, New York. Eugene Meyer, Jr., New York. Samuel Newhouse, Salt Lake City.

Main office. Salt Lake City. New York office, 71 Broadway. Mine office, Frisco, Utah. Annual meeting in May, at New York.

Hew Jersey Term/Hal Dock Ihproveheht Co.

A corporation formed under the laws of New Jersev, September, 1905. The company acquired control of the Hackensack Meadows Co. through ownership of $2,692,000 of the latter's $3,000,000 of stock. It also acquired control of the Federal Contracting Co., which had contracts for dredging certain parts of New York harbor and is depositing the material thus dredjed upon

The trustee of the ist mortgage is the Central Trust Co., New York, and of the Chesapeake Dry Dock & Construaion mortgage, the Metropolitan Trust Co., New York. The latter mortgage is a first lien on the dry dock.

The new general mortgage was created in January, 1903. Trustee, Union Trust Co., New York. None of the new bonds were reserved to retire the old issues.

President, Calvin B. Orcutt, New York. Secretary, George E. Miles, New York. Treasurer, Isaac £. Gates, New York.

Directors— Isaac E. Gates, New York. Edwin Hawley, New York. H. E. Huntingtoc, George E. Miles, New York. Calvin B. Orcutt, New York.

Main office, Washington avenue and Thirty-ninth street, Newport News, Va, Treasorer's office, 25 Broad street, New York. Annual meeting, second Thursday in March, at Newport News.

Mew York Air Rrake Co.

A corporation formed under the laws of New Jersey in 1890, to manufacture car brakes. The company has a large factory and works at Watertown, N. Y. The plant has been greatly enlarged in recent years. In 190X it established a factory near Moscow, Russia.

Stock Par $100 Authorised, $10,000,000 Issued, $10,000,000

The capital stock was originally $5,000,000. In 1899 it was increased to $10,000,000.

Stock is transferred at the office of the company. New York. Rstrar, Carnegie Co., New York.

A quarterly dividend of a per cent., was paid October a, 1899, and similar quarterly dividends were paid, being at the rate of 8 per cent, pr annum, in January, April, July and October to October, 1907, inclusive. The January, 1908, dividend was passed.

In March, 1908, the stockholders of record, April 15, 1908, were offered the right to subscribe at 90/ to the extent of 30 per cent, of their holdings for an issue of 6 per cent, ao year. gold mortgage bonds, convertible into stock at par, between July i, 1909, and July i, 1914, at the holder's option. Payments of subscriptions were to be as follows : per cent, between April 15 and April 27, 1908 ; per cent, between May 15 and May 35, 1908, and 33 per cent, between June 15 and June 25, 1908, with option to make payment in full. The purpose of the bond issue was to pay the floating debt and provide additional working capitaL The authonxec amount of the mortgage is $3,000,000. Trustee, Central Trust Co., New York.

President, Charles A. Starbuck. Vice-Presidents, Thomas C. Purdy. George B. MasKy. J. C. Thompson. Secretary and Treasurer, William N. Shaw. Assistant Treasurer, Clifford H. Chaffee.

Directors— Anthony N. Brady. Frederick S. Flower. George B. Massey. Thomas C. Purdy. William N. Shaw. Charles A. Starbuck. J. C. Thompson. J. C. Young.

Main office, 165 Broadway, New York. Annual meeting, third Thursday in June, at Jeney City.

Mew York Hobokem Ferry Co.

A corporation formed under the laws of New Jersey, November xo, 1898. This compaav acquired all the property and franchises of the Hoboken Ferry Co. and the New York & New Jersey Ferry Co. The company operates ferries from Barclay, Christopher and West Twenty-third streets. New York, to Hoboken, and has valuable dock property, as well as steam ferry-boats.

In December, 1902, a controlling interest in this company was acquired by the Delaware, Lackawanna & Western Railroad Co.

Stock Par $100 Authorised, $3,300,000 Issued, $3,300,000

The company began payment of x per cent, quarterly dividends on its stock in December. 1899, and continued to pay at that rate until 1901, the December x dividend in that year bein increased to i per cent., putting the stock on a 5 per cent, basis. Since the control was acquired by the Delaware, Lackawanna & Western Railroad Co. the dividend payments have not beee made public. Dividends were paid in March f i), June, September and December.

Funded Debt

New York & Hoboken Ferry gen. mort., 5 per cent., due May, 1946, June and Dec. . . $3,300,000

Hoboken Ferry cons.*mort., 5 per cent., due May, 1946, May and Nov 4,100,000

New York & New Jersey Ferry xst mort., 4 per cent., due Jan., X946, Jan. and July. 600000

Total $8,400,000

Industrial Securities 655

The general mortgage of the New York & Hoboken Ferry Co. is for $4,000,000. Trustee, United States Mortgage & Trust Co., New York. The unissued $700,000 of these bonds are reserved for improvements. The bonds may be retired at 1x0.

President, William H. Tniesdale. Vice-President, E. E. Loomis. Secretary and Treasurer, C. C. HubbeU.

Main office, Hoboken, N. J. New York office, foot of Barclay street.

Hew York A Hokduras Rosario Hi Ii 1 116 Co.

A corporation formed under the laws of New York in i8So. The company owns and operates a gold and silver mining property at San Juandto, in the Republic of Honduras, Central America.

Stock Par $10 Authorized, $1,500,000 Issued, $1,500,000

The stock is full-paid and non-assessabie. Stock is transferred at the office of the company. New York. Registrar, American Exchange National Bank, New York.

Dividends are paid monthly. In 1904, the company paid 8 per cent., in 1905, 12 per cent., in 1906, 19 per cent, and in 1907, 14 per cent.

President, W. S. Valentine. Vice-President, H. G. B. Fisher. 2d Vice-President and Treasurer, Samuel Heidelsheimer. Secretary, Ernest Schemikow.

Directors— H. H. Babcock. Lewis L. Clarke. H. G. B. Fisher. Samuel Heidebheimer, Forest H. Parker. Max Soto. E. J. Swords. W. S. Valentine. P. R. Weiler.

Main office. 4a Broadway, New York. Annual meeting, second Wednesday in December.

HEW YORK i KEMTUCKY CO.

A corporation formed under the laws of New York, January 25, 1900. The company was organized for the purpose of carrying on the business of manufacturing cologne spirits, alcohol, whiskey, medidnai preparations, etc., and of distributing the same and kindred products among chemists, manufacturers and dealers, and for conducting a general distilling, importing and wholesale business.

The preferred stock is 7 per cent., cumulative, and has also a preference as to assets.

The common stock was originally $1,000,000, authorized and issued. Stockholders of record January 9, 1905, both common and preferred, received the right to subscribe for $1,000,000 additional common stock at par, the new stock being issued February x, 1905. In January, 1906, the authorized common stock was increased from $2,000,000 to $5,000,000. The stockholders, both common and preferred, being gyen the right on February 5, 1906, to subscribe at par for $1,000,- 000 of new common to the extent of one-third of their holdings.

Transfer Agent, National Bank of Rochester, Rochester, N. Y. Registrar, Union Trust Co., Rochester, N. Y.

The company from its inception has paid regular quarterly dividends of per cent, on its preferred stock in January, April, July and October.

The first quarterly dividend of per cent, on the common was paid February x, 190 1, and dividends on the common were paid at the rate of 6 per cent, per annum, in quarterly payments in February, May, August and November. In 1902, the dividends were 10 per cent., or per cent, quarterly. In 1904, the rate was increased to X2 per cent, per annum, or 3 per cent, quarterlpr. On February i, 1905, an extra dividend of 40 per cent, was paid on the common stock, and m February, 1906, the rate wa increased to 16 per cent, per annum or 4 per cent, quarterly. In 1906, extra dividends aggregating 4 per cent, were paid on the common. The dividend paid February i, 1907, was 4 per cent, regular and 6 per cent, extra.

President, Walter B. Duffy, Rochester, N. Y. ist Vice-President, Eugene Satterlee, Rochester. 2d Vice-President and Assistant Secretary, Walter J. Dufly, Rochester. Secretary and Assistant Treasurer, William J. Naylon, Rochester. Treasurer, Frank S. Upton, Rochester.

Directors— Benjamin E. Chase, Rochester. G. Paul Duffy, Rochester. Walter B. Duffy, Rochester. Walter J. Duffy, Rochester. Thomas W. Fin cane, Rochester. Henrv M. Naylon, Buffalo. William J. Naylon, Rochester. Eugene Satterlee, Rochester. George w. Sweeney, New York. Frank S. Upton, Rochester. Arthur G. Yates, Rochester.

Main office. Lake avenue and White street. Rochester, N. Y. Annual meeting, fourth Friday in January.

6sfi THE MANUAL OF STATISTICS

THE MEW YORK A L0K6 iSUMO TRMCTIOK CO.

A corporation formed under the laws of New York, February ay, 1899. Road owned, from terminus of Kings County Elevated Division of the Brooklyn Rapid Transit Co., Brooklyn to Freeport, L. I., 16.43 miles; Mineola, L. I. to Freeport, L.I., 7.84 miles; Hempead, L.I. to Queens, L. I., 5.58 miles; Queens to Mineola, 5.76 miles; total, 35.60 miles. Eictensions are to be constructed. The Long Island Railroad Co. and the Interborough Rapid Transit Co., jointly acquired control of this company in 1905, the Long Island Railroad Co. haTin in 1906, transferred iU interest to the Long Island Consolidated Electrical companies.

The preferred stock is 5 per cent., cumulatiTe.

Funded Debt ist mort., gold, per cent., due Nov., 1943, May and Nov. . $1,000000

The ist mortgage is $1,000,000 authorized. Trustee and Agent for the payment of interest. Citizens Savings and Trust Co., Cleveland. Interest is also payable at the First Natknal Bank, New York.

President, F. L. Fuller, Long Island City. Vice-President, C. L. Addison, Lon Island City. Secretary and Treasurer, Frank E. Haff, New York.

Directors— C. L. Addison, Hempstead, N. Y. August Belmont, New York. F. L. Fuller, New York. James Jourdan, Brooklyn, N. Y. A. L. Langdon, New York. J. A. McCarea, New York. Ralph Peters, Garden City, N. Y. Theodore P. Shonts, New York. Hertwft H. Vreeland, New York.

Main office, Hempstead, N. Y. Secretary and Treasurer's office, ia8 Broadway, New York. Annual meeting, second Monday in February.

Kew York A Hew Jersey Telephohe Co.

A corporation formed under the laws of New York and New Jersey in 18S3. The company is the sole licensee of the American Telephone & Telegraph Co. for Brooklyn, N. Y., all of Long Island, Richmond County (Suten Island), N. Y., and the counties of Hudson, Middlesex, Essex, Bergen, Monmouth, Morris, Passaic, Somerset, Sussex and Union, N. J., indudingthe cities of Jersey City, Hoboken, Newark, Orange, Pateraon, Elizabeth, Long Branch, etc. The company has numerous telephone exchanges, and reported, on January z, 1908, a total of 149,079 subscribers. The American Telephone & Telegraph Co. and the New York Telephone Co. have interests in the stock of this company. Stock Par $xoo Authorised, $50,000,000 Issued, $35,935,000

The stock authorized was increased in 1898 from $6,000,000 to $8,000,000. On March i, 1901. the authorized stock was increased to $15,000,000, the new stock to be issued as required, and $1,875,000 of the increase was allotted to stockholders at par. In 1903, stockholders wefe offered rights to subscribe for per cenL additional stock at par, thus increasing the outstanding stock to $13,500,000. In January, 1Q04, the stock was increased to $13,773,000, the additional $1,353,000 being offered to the stockholders of record January 36, 1904, to the extent of 10 per cent, of their holdings.

In October, 1905, the authorized stock was increased from $15,000,000 to $50,000,000, and stockholders were given the right to subscribe, at par, for $3,443,535 of new stock, payable 35 per cent. December i, 1905, and 35 per cent, each, April z, July z, and October z, Z9a6 or optiooallv all on December z, 1905. This increased the outstanding stock to $z 7,360.000. Ou Jtme z( Z906, stockholders were given the privilege of subscribing for zo per cent, of their holdings at par, which increased the stock outstanding to $18,930,500. Stockholders of record December 3X, Z906, had the right to subscribe at par for $6,310, Z67 new stock to the extent of 335 per cent, of their holdings, payments to be made 35 per cent, each on February z, May x, August z and November z, 1907, with the privilege of paymg in full on February i.

Stock is transferred at the office of the company, z5 Dey street. New York. Rgistiar, Bankers' Trust Co., New York.

Dividends have been paid regularly since Z894 at the rate of 6 per cent., and z per cent, estn each year. The dividends are paid quarterly, lU per cent, each, in Januarv {15), April, Juhr and October, an extra dividend of z per cent, being paid in January. In December, Z906, it was announced that if the earnings permitted, the quarterly rate would be z9i per cent, benning with the April, 1907, payment, thus placing the stock on a 7 per cent, basts. This was done in Z907.

Funded Debt General, now ist, mort., 5 per cent., due May, Z930, May and Nov $z,ao5,oQo

Industrial. Sbcuritibs

The general mortgage is $1,500,000 authorized, with a sinldne fund provision of $90,000 per annum. Trustee and agent for the payment of interest, Metropolitan Trust Co., New York.

Earnings

Gross Net ChaxK & Dividends Surplus

190a 3,827,481 808,878 665,381 X43497

1901 .' 3,336,433 1,081,799 790,390 391,409

Chairman, Theodore N. Vail, Boston. President, Union N. Bethell, New York, ist Vice- President, William D. Sargent, Brooklyn, N. Y. 2d Vice-President, H. F. Thurber, Brooklyn. Secretary, Waldron Hoppins, Brooklyn. Treasurer, Ford Huntington, Brooklyn. Auditor, Walter Brown, Brooklyn.

Directors— William Berri, Brooklyn. Union N. Bethell, New York. Alexander Cameron, Brooklyn. William C. Courtney, Brooklyn. . Zenas Crane, Dalton, Mass. John W. Grie:gs, Paterson, N. J. Edward J. Hall, New York. Waldron Hoppins, Brooklyn. James Jourdan, Brooklyn. Hugh Kinnard, Newark, N. J. Theodore F. Miller, Brooklyn. George Barday Mo£Fat, New York. Charles A. Nichols, Springfield, Mass. GeorFC H. Prentiss, Brooklyn. John C. Reilly, Brooklyn. William D. Sargent, Brooklyn. H. F. Stevens, Syracuse, N. Y.

Main office, 81 Willoughby street. Brooklyn, N. Y. Annual meeting, Friday after third Tuesday in February, at Brooklyn.

Hew York A P£Kksyl¥Miiia Telephohe A Telegraph Co.

A corporation formed under the laws of New York. The company operates under an ezdusiye license from the American Telephone & Telegraph Co. m the northern tier of counties of Pennsylvania and the southern counties of New York, its system including the telephone facilities of Binghamton. Elmira, Ithaca, Owego and Jamestown, N. Y., and Erie, Bradford, Montrose and Tonawanda. Pa. The American Telephone & Telegraph Co. owns 50 per cent, of the stock of the company. Stock Par $100 '. Authorised, $1,000,000 Issued, $1,000,000

The company formerly paid 6 per cent, dividends on its stock in quarterly payments in January, April, July and October, but no dividends have been paid since 1901.

Funded Debt

ist mort.. 5 per cent. gold, due February, 1926, Feb. and Aug $278,000

General mort., 4 per cent. gold, due November. 1929. May and Nov 536,000

Total $814,000

The ist mortgage is for $3tx>,ooo, but the bonds outstanding have been reduced by the sinking fund to the amount given above.

The general mort was created in 1890 and is for $1,000,000. Trustee, Washhigton Trust Co., New York. Of this issue sufficient reserved to retire the ist mortgage bonds and the remainder can be used for improvements and extensions.

Earnings

Gross

19C34. $533,576

Charges $90,470 102,277 124,614

Net $98,377 115,535 135,577 196,509

President, Union N. Bethell, New York. Vice-President, H. F. Secretary and Treasurer, F. G. Wood, Syracuse.

Directors— Union N. BetheU, New York. W. N. EasUbrook, Ehnira, N. Y. W. J. Grandin, Jr., Tidioute, Pa. William D. Sargent, Brooklyn, N. Y. J. L. Stemberjr, Erie, Pa. H. F. Stevens, Syracuse. Theodore N. Vail, Boston. F. G. Wood, Syracuse. W. H. Woolverton, New York.

Main office, Elmira, N. Y.

Stevens, Syracuse. N. Y.

Kew York A Queems Couhty Railway Co.

(Controlled by Interborough Rapid Transit Co.)

A corporation formed under the laws of New York, June 96, 1896. The company is a solidation of the following organizations :

Steinway Railway Co. Riker Avenue Railway Co.

Newtown Railway Co. Long Island City & Newtown Railway Co.

Flushing & College Point Railway Co. Queens Railway Co.

The company controls the entire street railway system of Long Island City, N. Y., and also has a line to Flushing, N. Y. It has 40.24 miles of lines, comprising 74.47 miles of iroUcy track, with a power station at Astoria, L. I.

In 1904, control of this company was acquired by the Interborough Rapid Transit Co., wbidi owns the entire capital stock. A tunnel is being constructed under the East River to connect this company's lines with the New York Subway, at Forty-second street, Manhattan. This work was nearly completed in March, 1908, and it was sUted that negotiations for the sale of the tunnel to the City of New York were in progress. Stock Par $100 Authorized, $5,000,000 Issued, $3.335.<>

Stock is transferred at the office of the company, Long Island City, N. Y. Registrar, Unitad States Mortgage & Trust Co., New York.

Funded Debt

ist mort., 4 per cent, gold, due Oct., 1946, April and Oct $1,300,000

Flushing & College Point Railway Co. ist mort., 5 per cent., due 1925, June and Dec. . 50000

Newtown Railway Co. ist mort., 5 per cent., due 1034, June and Dec 150,000

Steinway Railway Co. ist mort., 6 per cent, gold, due July, 1923, Jan. and July 1,500,000

Total $5,000,000

The authorized amount of the ist mortgage is $3,000,000, of which $1,700,000 have beea reserved to retire prior liens. Trustee of the mortgage and agent for the payment of interest. Real Estate Title Insurance & Trust Co., Philadelphia.

The company has authorized a ist, and refunding 4 per cent, mortgage for $10,000,000 due November, 1956.

The outstanding bonds of the Steinway Railway Co.*s mortgage are the full amount authorized. Trustee of the mortgage and agent for the payment of interest, Morton Trust Co.. New York.

Earnings Year ending June 30

Gross

President, F. L. Fuller. Long Island City, N. Y. Secretary, Horace M. Fisher, New York. Treasurer, D. W. McWilliams, New York.

Directors— August Belmont, New York. E. P. Bryan, New York. James Jourdaa, Brooklyn, N.Y. Alfred Skitt New York. Walter G. Oakroan,New Yoi. Andrew Freedmaa. New York. Frank Headley, New York. Arthur TumbuU, New York. Herbert H. VreelaiuL New York.

Main office, 9 Borden avenue. Long Island City, N. Y. Treasurer's office, 13 Park Row. New York. Annual meeting, third Thursday in July, at Long Island City.

Hew York A Queems Electric Light Power Co.

A corporation formed under the laws of New York, July 30, 1900. The company iDeried with it the New York & Queens Gas & Electric Co., which company acquired and consolidated with the Flushing Gas & Electric Light Co., the New York & Queens Light and Power Co., and the Newtown Light & Power Co. The franchises owned by the company are perpetual and cover Flushing, Newtown, College Point, Ingleside, Winfield, Corona, Whitestone, Ridgewood, and other places in the Borough of Queens, City of New York. The present company also took over the Jamaica Electric Lighting Co. and the Electric Illuminating & Power Co. of Long Island City and retired all the securities of the two latter organizations.

Net

Other Income

and Taxes

K

Stock.. Par $ioo.

Industrial Securities 659

The preferred stock is 5 per cent., non-cumulative. Transfer Agent, Union Trust Co., New York. Registrar, Hanover National Bank, New York.

The first dividend on the preferred stock was per cent., semi-annual, paid December I, 1904. On February, ix, 1907, paid per cent, and August 10, 1907, per cent.

Funded Debt

ist cons, mort., 5 per cent., due 1930, Feb. and Aug. $3,373,000

N. Y. & Queens Gas & Electric ist mort., 5 per cent., due Jan., 1949, Jan. and July.. 78,000

Total '. $3,350,000

The consolidated mortgage is for $3,500,000, and of this $78,000 are reserved to retire the bonds of the New York and Queens Gas & Electric Co., and $150,000 for improvements. Trustee of the mortgage, Union Trust Co., New York.

President (vacancy). Vice-President, Henry R. Wilson, New York. Vice-President and General Manager, C. G. M. Thomas, New York. Secretary and Treasurer, H. L. Snyder, New York.

Directors— Julian D. Fairchild, Brooklyn, N. Y. Harrison E. Gawtry, New York. Lewis B. Gawtry, New York. Rafael R. Govin, New York. J. Havemeyer, New York. Abram M. Hyatt, New York. John D. Jackson, New Haven, Conn. George Leask, New Tork. James T. Pyle, New York. E. J. Rickert, New York. Alfred Skitt, New York. Frank Tilford, New York. Henry R. Wilson, New York.

Main office, 344 Jackson avenue. Long Island Citv, N. Y. Treasurer's office, aoS Fifth avenue. New York. Annual meeting, second Friday in July, at New York.

Kew York A Richhoko Sas Co.

A corporation formed under the laws of New York, June 17, 1901. It acquired and operated all the gas facilities of Staten Island, otherwise the Borough of Richmond, New York City. The franchises are perpetual. The plant located at Clifton, S. I., has a capacity of 1,300,000 cubic per day, the output in 1907, oeing 3x4,000,000 cubic feet. It has 85 miles of mains and 8,800 meters in service. Stock Par $100 Authorized, $1,500,000 Issued, $1,500,000

Stock is transferred at the office of the company. New York. Registrar, Central Trust Co. , New York.

The first dividend was x per cent., paid in February, 1904. In 1906 and 1007, paid a per cent, each, dividend periods oeing half yearly, February and August. Paid x per cent., February, 1908.

Funded Debt ist mort., 5 per cent., due May, 1931, May and Nov $1,3x4,000

The authorised issue of bonds is $1,500,000. They are redeemable at xxo at any interest period upon three months' notice. Trustee, Central Trust Co., New York.

Earnings

Gross Net Chargeii Surplus

1906 $32Si73 $92,049 $6x,35o $30,799

1907 as6,o53 97i8o7 63,459 34,347

The surplus and reserve December 3X, 1007, was $93,635.

President, Robert L. Forrest, Philadelphia. Vice-President and Treasurer, Charles B. Van Nostrand. New York. SecreUry and Manager, Thomas O. Horton, New York. Assistant Secretary and Assisant Treasurer, H. M. Holmes, New York.

Directors— -J. Hull Browning, New York. Robert L. Forrest, Philadelphia. Thomas O. Horton, New York. Frederick H. Shelton, Philadelphia. Charles B. Van Nostrand, New York.

Main office, 364 Bay street, Stapleton, S. I. Annual meeting, first Monday in February, at Stapleton.

Hew York City Ihterborough Railway Co.

(Controlled by the Interborough Rapid Transit Co.)

A corporation formed under the laws of New York, March 34, 1903. The company was organised m the interest of the Interborough Rapid Transit Co. to build feeders to the latter*s

66o THB MANUAL OF STATISTICS

subway system. It operates about 5 miles of electric railway from Broadway aad iSiat cnMrine the Washingtoo Bridge and extending to i8oth street and Third Avenue and has fnachises tor 90 miles of additions, of which about 11 miles are completed. Stodc Par, $100 Authorised, $5,000,000 Issued, $5,0001/100

An issue of ist mortgage bonds, 4 per cent., due 1908, has been authorised for $5,ooo,ooi\ but up to January, 1008, none had been issued. Trustee of mortgage. United Sutes Mortgage A Trust Co., New York.

President, Alfred , New Yorlc. Vice-President, Andrew Freedman, New York. Secretanr. Horace M. Fisher, New York. Treasurer, D. W. McWUliams, New York.

Main office, ai Pu-k Row, New York. Annual meeting, second Wednesday in May.

Mew York Dock Co.

A corporation formed under the laws of New Yofk, July tS, 1901. The purposes of the company are to conduct a storage, wharfage, warehousing, railroad terminal and torwardin bnsineas, including the owning or leasing of (fodca, wharfs ana warehouses, and other real estate, the loaning of money on merchandise and warehouse receipts, and performing all the features of sack a business.

The company was created in pursuance of a reorganisation of the Brooklyn Wharf 8l MTarehouse Co., tlie property of which was sold under foreclosure in 1901, and was acquired bj this company, the latter along possession August i, 1901. A full statement of the Brooklyn wharf & Warehouse Co. is given in the Manual for 1901.

The property of the company includes that of the Brooklyn Wharf & Warehouse Coc It also acquired the stocks and property of the Baltic Realty Co. and the Brooklyn Wharf Transfer Co. The piopeiiy is locateci on the East Rir water-front of the Boroueh of Brooklyn, and extends from the Brooklyn Bridge to the Erie Basin, a frontage of more than miles. The company has constructed railway terminal yards at the Atlantic Basin, at Baltic street and at Montague street, Brooklyn.

For details regarding the Brooklyn Wharf & Warehouse Co. and the terms under wUck it was reorganised, see the Manual for 1903.

The preferred stock is 5 per cent., non-cumulative. After the preferred and common have received 5 per cent, out of the profits of any fiscal year, beginning August i, they share equally in any fiirtner division of profits. Transfer Agent, United SUtes Mortgage & Trust Co., New York. Registrar, Guaranty Trust Co., New York.

The firrt dividend on the preferred stock was x per cent., paid October, looa, and i per cenL half yearly dividends, or a per cent per annum, were paid in 1903 and 1904, the dividend periods being April and October. In 1005, paid z per cent, in April and iH cent, in October. la 1906, paid 1% per cent, in April and a per cent, in October. In 1907, the half yearly payment were a per cent, each, and in April, 1908, paid a per cent and yi per cent, extra.

Funded Debt Fifty-year ist mort., 4 per cent, due Aug., 1951, Feb. and Aug

The authorised amount of the xst mortgage is $13,000,000. In the organisatioo of the company $1,875,000 of the bonds were reserved for the company's general purpose, and $x,aao- 000 of wis amount was held in the treasury on July 31, 1907, for extensions and improvemcsts. Trustee of mortgage and agent for the payment of interest. United States Mortgage ft Trust Co., New Yorlc The company may redeem the bonds at 105 and interest on any interest dale.

Earnings Year ending July 31

Gross Net Charges Sorplvs

1900-03 $i,8ai,6i8 $863,985 $4fioooo $408,5

In 1904-05, dividends were $aoo,ooo, and $ai,aio was charged for depreciation. In 10 dividends were $300,000 ; depreciation, $56,638 ; miscellaneous, $34.5ia ', discount on bomb $io,9oa; renew fund, $150,000; balance surplus, $210,767. In lood-o?. dividends were $400,000; depreciation, $38,570; renewal fund, $100,000; balance surplus, $68,199; total surplus July 31, 1907, $1,333,743.

INDUSTRIAL SBCURITIBS 66x

President, David H. King, Jr., New York. C. O'D. Iselin, New York. Secretary, Edwin Thome, New York. Treasurer, Geoii;e E. Spencer, New York. Assistant Secretary, Henry E. Nitchie, New York.

Director— Frederic Cromwell, New York. George M. Gumming, New York. Adrian Iselin, Jr., New York. C. O'D. liseUn, New York. David H. King, Jr., New York. Andrew W. Smith, New York. John M. Taylor, Hartfcnd, Conn. Edwin Thome, New York. Samuel Thome, New York. James Timpson, New Yoric. James N. Wallace, New York.

Main office, lo Bride street. New York. Brooklyn office, foot of Montague street. Annual meeting, third Tuesday m November, at New York.

Mew York Shipbuildiii6 Co.

A corporation formed under the laws of New Jexaey, in October, 1899. The company has established a large modem shipbuOding plant at Camden, N. J., the propoty including 141 acres of land with 4,acx> feet of water-front on the Delaware River. The company has oontracU for battleship construction for the United States Government. Stodk. Par $100. Authorised, $6,000,000 Issued, $5,000,000

Stock is transferred at the office of the company, Camden, N. J.

Funded Debt 1st mort., 6 per cent., due July, Z9a3 Jan and July $2,900,000

Trustee of the mortgage and a£:ent for the payment of interest. Union Co., Pittsburg.

Presklent, DeCourcy May, Philadelphia. Vice-President. Henry A. Magoun, Haddonfield, N. J. General Manager, Charles S. Hall, Camden, N. J. Secretary and Treasurer, Samuel M. Knox, Lansdowne, Pa. Assistant Secretary and Assistant Treasurer, J. T. wlckersham, Woodbury, N. J.

Directors— Charles S. Hall, Camden. Mkhael Jenkins, Baltimore. DeCourcy May, Philadelphia. A. W. Mellon, Pittsbuig. William G. Randle. Chester, Pa. Henry Walters, Baltimore. Myron C. Wick, Youngstown, O.

Corporate and main office, Broadway and -Fairview street, Camden, N. J. New York office, IS Broaaway. Annual meeting, second Tuesday in October, at Camdoi.

Mew York Telephohe Co.

A corporation formed under the laws of New York under the title of the Metropolitan Telephone & Telegraph Co., the name being changed to the present style in 1896. The company operates under an exclusive license from the American Telephone & Telegraph Co. in the Boroughs of Manhattan and the Bronx, City of New York, and in Westchester and Rockland Counties, N. Y. It has a controlling interest in the Empire City Subway Co. The American Telephone & Telegraph Co. owns a controlling interest in the stock of the New York Telephone Co., and the Western Union Telegraph Co. holds $9,733fXOO of its stock, the same being deposited as security for the Western Union's convertible 4 per cent, bonds. On March i, 1908, the company had 370,337 telephones in service. Stock Par $100 Authorized, $50,000,000 Issued, $50,000,000

The stock authorised and issued was $16,000,000, but on August 8, 1900, the stockholders voted to increase the amount to $30000,000, a further increase to $50,000,000 being decided on in December, 1903 to 1906 inclusive.

The company has for some years paid dividends of 6 per cent, per annum.

Funded Debt Metropolitan Telephone & Telegraph xst mOrt., due May, 1918, May and Nov $1,737,000

The Metropolitan Telephone & Telegraph xst mortgage. Mercantile Trust Co., New York trustee, was created in 1888. The bonds outstanding are the full authorised amount. There is a sinking fund of x per cent, per annum, the bonds to be purchased at izo or less. Bonds cannot be drawn for the sinking fund.

The Empire City Subway Co., which is controlled, assumed $3,500,000 debenture bonds, created by the Consolidated Telegraph & Electrical Subway Co.

President, Theodore N. Vail, Boston, xst Vice-President, Union N. Bethell, New York. 3d Vice-President and Secretary, John H. Cahill. Treasurer, Ford Huntington, New York. General Manager, H. F. Thurber, New York.

Directors— Union N. BetheU, New York. Belvidere Brooks, New York. John H. Cahill, New York. Thomas F. Clark, New York. Robeit C. Clowry, New York. Joseph P. Davis,

New York. George J. Gould, Lakewood, N. J. Edward J. Hall, New York. Charles StcHe. New York. Theodore N. Vail, Boston. John B. Van Every, New York. W. H. Woolvru. New York,

Main office, 15 Dey street, New York.

Hew York Trmkspobtmtiok Co.

A corporation formed under the laws of New Jersey, February 21, 1899, under the title of Ne York Electric Vehicle Transportation Co. The name was changed to the present style in Januaiy, 1903. The company was organized to operate automobile and other vehicles and to buy, sell or lease the same, to deal in patents, and to receive and grant Ucenses. The company on its formauon took over the electric cab service in the city of New York formerly operated by the Electric Vehicle Co., and has a large number of electric and gasolene vehicles m service. In November, 1899, acquired the franchise and equipment of the Fifth Avenue Coach Co., operating stages on Fifth avenue, New York, and in 1907, replaced the horse stages with motor omnibuses, ni 1901 acquired the Newport, R. I., plant of the New England Electric Vehicle Co. and the Metropo itan Express Co. m New York City. It also controls the Park Carriage Co. The company main station is at 815 Eighth avenue. It has sub-stations at 55 East Eighty-eighth street, iyi East Sixty-sixth street. Bowery and Bayard street, and Ninth avenue and Twenty-seventh street. New York. At the end of 1906, it had over 700 vehicles in service, but 275 were destroyed by fire in 1907 and are being replaced by gasolene cabs fitted with the taximeter. The Metropohtaii Express Co., which the company controlled, was leased in 1904 to the American Express Co. for sixteen years. Stock Par $30 Authorised, $5,000,000 Issued, $4,700,000

The stock originally authorized was $35,000,000, par $100. At the formation of the cocnpany $5 per share was paid in and a call of $5 per share was made in Mav, 1890. At the eod U 190T, it was decided to call 10 per cent, or $10 per share on the stock, making the latter $x> paid up, and to reduce the capital to $5,000,000, with a reduction of the par value to $30, which plan was duly carried out in January, 1903, the name of the company being also changed to the present style. Transfer Agent, Morton Trust Co., New York. Registrar, Hanover National Bank, New York.

President, Richard W. Meade, New York. Secretary and Treasurer, William H. Palmer, Jr., New York.

Directors— Philip T. Dodge, New York. Richard W. Meade, New York. Arthur K. Wmg. New York. William H. Palmer, Jr., New York. Henry Sanderson, Red Bank, N. J. Samuel E. Morrow New York.

Main office, 815 Eighth avenue, New York. Annual meeting, first Monday in April, at Jersey City.

The Miaomrm Falls Power Co.

A corporation formed under special acts of the State of New York in 1886, and having authority by later statutes to use the water of Niagara River, and to transmit any power, heat or light developed from such water to any point in the State. Its hydraulic works include 7,481 feet of tunnel, extending from its povirer-house to the level of the river bdow the Falls, and two plants with an aggregate capacity of about 105,000 electrical horse-power, in addition to a plant on the Canadian side with 50,000 horse-power which is to be increased to 110,000 horsepower. The American and Canadian plants are inter-connected. The Canadian plant was constructed by The Canadian Niagara Power Co., the stock control of which is held by thiscomnanT.

The company owns approximately, 1,110 acres of land in the dty of Niagara Falls, devoted to sites for factones using its power. Power is supplied to tenants of the company 00 its land and in the city of Niagara Falls and to customers in Niagara Falls, Buffalo, the Tornwandas and Lockport, N. Y.

Commercial service from the first two units installed in the American plant was begun ia August, 1895. From the output of the two plants approximately 105,000 electrical horse-power and 8,000 hydraulic horse-power are now being supplied to upwsuds of two hundred power users, at distances varying Jrom one-quarter of a mile to thirty-five miles, at Niagara Falls, N. Y.; Niagara Falls, Canada; Buffalo, North Tonawanda, Tonawanda, Lockport and Olcott, and contracts have been closed for a considerable aggregate amount of additional electrical power effective on the completion of plants and installations of users.

The company controls by stock ownership (see below) the Cataract Power and Conduit Ca, its Buffalo distributing agency in the Tonawandas, and it owns substantially all the capital shares of the Niagara Junction Railway Co., a terminal switching railroad at Niagara Falls, N. V., and of the Niagara Development Co., which has built and owns a residential section in Niagara Falls, N. Y.

Industrial Sbcuritibs 663

Stock Par $xoo Authorised, $10,500,000 Issued, $4,180,700

Of the authorised stock, $6,000,000 is reserved to provide for the conversion of the convertible debentures.

Stock is transferred at the office of the company. New York. Registrar, Central Trust Co., New York.

FuiTDBD Debt

ist mort., 5 per cent., due Jan., 1933, Jan. and July $10,000,000

Convertible 10-year debentures, 6 per cent., due April, 1910, April and Oct 3,000,000

Series A, 6 per cent., due Oct., 1911, April and Oct. 3,000,000

. Non-convertible debentures. Series B, 6 per cent., due Nov., 1914, May and Nov. . . . 1,980,000

" Series C, 6 per cent., due Nov., 1914, May and Nov 1,095,000

Total $19,075,000

The ist mortgage is $10,000,000. The coupon bonds are for $1,000 each. Registered bonds are $500 each or multiples of $500. Interest on the bonds is payable at the office of Winslow, Lanier & Co., New York. Trustee of the mortgage, Central Trust Co., New York. The mortgage securing the company's bonds cover its property in the City of Niagara Falls, and all franchises, transmission Imes, etc; also a majority of the stock of the Cataract Power & Conduit Co. and of the Tonawandia Power Co.

For the construction of power-house and wheel pit No. 3, with connecting tunnel, there was authorized $3,000,000 of 6 per cent, coupon convertible debentures, dated March 31, 1900, convertible into stock at the older's option on or before April i, 1908. Coupons are paid at the Metropolitan Trust Co., New York.

The stockholders, in July, 1901, subscribed at par to $3,700,000 of an authorized issue of $3,000,000 new 6 per cent, coupon debentures, payable in instalments, to build the plant on the Canadian side. These debentures are secured by debentures of the Canadian Niagara Power Co. in the treasury of the Niagara Falls Power Co., and are termed Canadian Collateral debenture Series A. They are convertible at the holder's option after October 1, 1903, and before October i, Z908, into stock of the Niagara Falls Power Co. Coupons are payable at the office of Winslow, Lanier & Co., New York

The non-convertible ten-year debentures, Canadian Collaterial Series B., were created and sold in 1904 to provide for the completion of the Canadian plant. Coupons are paid at the office of Winslow, Lanier & Co., New York.

In January, 1907. stockholders were given the right to subscribe at 90 for $1,500,000 of Canadian Collateral Series C. 6 per cent, detntures, the total amount of the issue being $5,000,000. They are subject to call October i, 19x1. Coupons are paid at the office of Winslow, Lanier & Co.. New York.

Earnings

Year ending June 30

Charges and Improvements and Gross Net Taxes Betterments Surplus

1906 (year, Dec. 31 1,370,308 1,133,584 786,897 100,000 336,687

1907 ( " ) 1,683,333 1,398,681 1,188,008 210,673

The net for 1903-03 includes $42,581 of miscellaneous receipts; in 1904-05, $338,114; in

1905-06, $380,367 ; in i, $79.400 ; in 1907, $163,534.

President. Darius O. MUU. New York. Vice-President, Edward A. Wickes, New York. Secretary, Frederick L. Loveku:e, Niagara Falls. Treasurer and Assistant Secretary, W. Paxton Little, New York.

Directors— Edward D. Adams, New York. John Jacob Astor, New York. Temple Bowdoin, New York. Charles Lanier, New York. Joseph Larocque, New York. Darius O. Mills, New York. Ogden Mills, New York. Victor Morawets, New York. De Lancey Rankine, Buffalo. Francis Lynde Stetson, New York. Edward T. Stotesbury, Philadelphia. Frederick W. Whitridge, New York. Edward A. Wickes, New York.

Main office, Niagara Falls, N. Y. New York office, 15 Broad street. Annual meeting, first Tuesday in June, at Niagara Falls.

Th£ Miagaba, St. Catharimes A Toromto Railway Co.

A corporation formed tmder a Special Act of the Dominion of Canada in 1899. It is a consolidation of the following companies :

Niagara Central Railway Co. Niagara Falls, Wesley Park & Clifton Tram-

Port Dalhousie, St. Catherines & Thorold way Co.

Electric Railway Co,

The company also owns and operates the Niagara, St. Catharines & Toronto Navigatioa Co. through stock ownership. The company operates 43.30 miles of electric railway tracks from Port Dalhousie to St. Catharines, Merriton, Thorold, Wdland, Niagara Falls, Ont., and Niacan Falls, N. Y. , , , , ,

In February, 1905, control of the company was acquired by a Toronto syndicate interested is the Toronto & Hamilton Railway. Stock Par $100 Authorised, $1,000,000 Issued, $gfsfim

Transfer Agent and Registrar, Toronto Safe Deposit & Agency Co., Toronto.

Funded Debt

Niagara, St. Cath. & Toronto Nav. Co. ist mort., 5 per cent., due 1999, May and Nov.. aoo,ooo

ist mort., 5 per cent, gold, due 1999, May and Noy fa5<\oon

Chaives

3..5g 43.76"

Toud $i,o66iooo

The authorized amount of the mortgage is $ao,ooo per mile. Trustee, The Natioiial Trust Co., Limited, Toronto. Agent for the payment of interest, Canadian Bank of Commefte, Toronto, and Bank of Scotland, London, Eng.

The Niagara, St. Catharines & Toronto Navigation Co. 5 per cent bonds are guaranteed by this company.

Gross Net

I9P3 $ai4,8a3 $75ia67

President, Frederic Nicholls, Toronto. Vice-President, E. R. Wood, Toronto* Seoetaiy- Treasurer, iEmilius Jarvis, Toronto. Assistant Secretary - Treasurer, C. E. A. GoldmaB, Toronto.

Directors — C. E. A. Goldman, Toronto, millius Janris, Toronto. Z. A. Lash, Toronto. Donald D. Mann, Toronto. Frederic Nicholls, Toronto. H. G. NkhoUs, Toronto. E. R. Wood, Toronto.

Corporate and main office, St. Catharines, Ont Annual meeting, first Tuesday is September, at St. Catharines.

mCHOLSOK FILE CO.

A corporation formed under the laws of Rhode Island in 1864. The ooinpanj manufactures files and rasps of all kinds. It has large factories at Providence, R. I.; Pateraon, N. J. Kent, O.; Anderson, Ind.; Beaver Falls, Pa., and Port Hope, Ont. The Nicholson plant at Providence is the largest and best equipped establishment in the world devoted to the purpose of manufacturing such specialties. Stock Par $100 Authorised, $10,000,000 Issued, $5,000,000

Stock is transferred at the office of the company. Providence. Registrar, Unkm Tnist Ca, Providence.

The average of the dividends for the twenty-nine years ending 1905 was per cent, per annum. In i, the company paid i3 per cent, on its stock. In 1907, paid 14 per cent.

President and General Manager, Samuel M. Nicholson, Providence, R. I. Vioe-PresMiest, Arthur H. Watson, Providence. Secretary, Walter W. Griffith, Providence. Treasurer, George Nicholson, Providence. Assistant Treasurer, Henry W. Harman, Providence. Assistant Seae- Ury, Harold C. Field, Providence.

Directors— John Russell Gladding, Providence. George Nicholson, ProvUeoce. Samael M. Nicholson, Providence. Marsden J. Perry, Providence. Arthur H. Watson, Providence.

Main office, 93 Acorn street, Providence. Annual meeting in February.

Hiles-Bekeiit.Poiid Co.

A corporation organized under the laws of New Jersey, August 11, 1899. The company was formed to combine the business of the following manufacturers of machinery and machine toob: Niles Tool Works Co., Hamilton, O. Pond Machine Tool Co,, Platnfield, N. J.

Beroent, Miles & Co., Philelpbia. Philadelphia Engineering Co., Phltadphia.

Industrial Securitibs 665

In January, 1901, the Pratl & Whitney Co., of Hartford, Conn., was acquired, and in 1904 the Milwaukee Machine Tool Co. In 1905, acquired control of John Bertram St Sons, Limited, Dundas, Ontario, and Pratt & Whitney Co., of Canada Limited and in 1906 bought the works of the Ridgway Machine Tool Co., Ridgway, Pa.

The preferred stock is 6 per cent., cumulative, and is subject to call at 105 in 191 1. Of the preferred, an amount of $x, 000,000 is held to retire minority stock of the Niles Tool Works Co.

In November, 1906, the authorized common stock was increased from $5,000,000 to $8,500,- 000. Of the increase $a,ooo,ooo was distributed as a stock dividend on the common shares and $1,500,000 was sold at par in January, 1907.

Transfer Agent, Corporation Trust Co., Jersey City. R:istrar, Colonial Trust Co., New* York.

The first dividend paid on the preferred stock was ij4 per cent., quarterly, November 29, 1899. Dividends at the same rate have since been regularly paid on the preferred, quarterly, Fmiary, May, August and November. The first dividend on the common was declared m August, 1900, and was 3 per cent, half-yearly, payable in two instalments of per cent, each on September 90 and December ao, 1900. In 1901, 6 per cent, was paid on the common in quarterly payments of per cent, each in March, June, September and December. In addition to the regular dividend of per cent, on the common m March, 190a, the company declared an extra i per cent, dividend, payable May 15, 1903. The September, 1903, dividend on the common was 3 per cent., or 8 per cent, per annum, which continual to be the regular quarterly rate until June, 1904, inclusive. The September, 1904, dividend was, however, reduced to per cent., which has since been the regular rate. On January 3, 1907, the common stock received a stock dividend of 40 per cent. See above.

There is outstanding $1,335,000 preferred stock of the Pratt & Whitney Co., on which this company guarantees dividends of o per cent, per annum, payable quarterly, February, but reserves the right to call the same at par in 19x1. The preferred stock of the Niles Tool Works is $1,000,000 IS not guaranteed, but 6 per cent, is paid thereon, the dividend being quarterly, March. The Ridgway Machine Co., hais $450,000, 6 per cent, preferred, on which dividends are {guaranteed, and $136,000 of 5 per cent, bonds.

Earnings

Net Pref. Div. Com. Div. Depreciation Surplus

Total surplus account December 31, 1907, $4,350,772.

President, Robert C. McKinney, New York. Vice-President, James K. Cullen, Hamilton, O. Vice-President, Thomas T. GafI, Cincinnati. A. C. Stebbins, Plainfield, N. J. Walter L. Clark, New York. Secretary and Treasurer, Charles. L. Cornell, New York.

Directors— Clarence S. Bement, Philadelphia. Clarence E. Burke, Cleveland. Walter L. CUrk, New York. James K. Cullen, Hamilton, O. Thomas T. Gaff, Cincinnati. Alexander Gordon, Hamilton. Frederick W. Gordon, Philadelphia. Robert C. McKinney, New York. James P. McKinney, Pittsburg. Frederick B. Miles, Philadelphia. George T. Reiss, Hamilton, O. Albert C. Stebbins, Plainfield, N. J.

Main office, ixx Broadway, New York. Annual meeting, first Wednesday after first Tuesday in February, at Jersey City.

M/P/SSme HIHES COMPAKY.

A corporation formed under the laws of Maine, April 6, 1906. The company owns practically all the stock of the Nipissing Mining Co. Limited, a Canadian corporation organized in 1904. which acquired a silver bearing tract near Cobalt, Ontario, from a Canadian syndicate known as the Chambers-Ferland Syndicate, which had purchased the property from the original locators. The 'tract consists of 846 acres in Coleman Township, district of Nipissing, Ontario. The veins, of which some 50 had been discovered up to the end of 1906, carry native silver together with cobalt and nickel ores rich in silver. Only a portion of the entire property had been explored in X906-07, The veins which have been opened are equipped with all necessary appliances and houses for mining and shipping the ore.

Stock Par $5 Authorised, $6,000,000 Issued, $6,000,000

The authorized stock was originally $13,000,000, of which only $6,000,000 has been issued. Transfer Agent, Bankers' Trust Co.. New York. Registrar, Liberty National Bank, New York.

The first dividend was 3 per cent., quarterly, paid July ao, 1906. In October, 1906, 3 per cent., quarterly, and a per cent, extra was paid, the same rate being also paid in January, 1907, but the April, 1907, dividend was 3 per cent, without any extra declaration. The former quarterly payments were also 3 per cent

The report of the Nipissine: Mining Co. Limited, showed that from the beginning of 1905. when the operating concern took possession, to April, 1906, gross receipts were $ii6o,35i awl net profits $x,o3i,6a8.

President, Ellis P. Earle, New York. Clerk, Lewis A. Burleigh, AueusU, Me. Treasnrcr. John Josten, New York. Counsel, Richard T. Greene, New York.

Directors — Ellis P. Earle, New York. Duncan Coulson, Toronto. David Fasken, Toroma Richard T. Greene, New York. Lyman B. Kendall, New York. Eugene Merer, Jr., New York. Samuel Newhouse, Salt Lake City. Frank A. Schirmer. Boston. W. B. ThompaoQ, ' New York. R. B. Watson, New York. Joseph Wharton, Philadelphia.

office. Augusta, Me. New York office, 31 Nassau street. Annual meeting, last Monday in April, at Augusta.

Korfolk A Wmshihgtok Steamboat Co.

A corporation formed under the laws of Virginia, January 31, 1890, for the paipose of operating a line of passenger and freight steambts between Norfolk, Va., and Washingtoe, D. C, and intermediate points. The company owns four steel vessels, the Newport News, 1,500 tons; Norfolk, 1,300 tons; Washington, 1,300 tons; and Jamestown, 1,300 tons, all of modera style of equipment and furnishings, and has several other vessels. It also possesses wharf facifitks at Washington, Alexandria and Norfolk. Stock Par $xoo .Authorized, $850,000 Issued, $850,000

Stock is transferred by the Secretary of the company, Washington, D. C. Registrar, American Secur'.cy and Trust Co., Washington, D. C.

The first dividend, 6 per cent, per annum, was paid July i, 1893. The dividend rate was increased to 8 per cent, per annum, October, 1899, to 10 per cent, in Januanr, 1903, and to la per cent, in March, 1904. Dividend periods are quarterly, January (x), April, July, and October.

President, Levi Woodbury, Washington, D. C. ist Vice-President, Clarence F. Normcnt, Washington, ad Vice-President and Manager, John Callahan, Washington. Secretair and Treasurer, Odell S. Smith, Washington. Auditor, J. S. Williams, Washington. Ajsstam General Manager, D. J. Callahan, Washington.

Directors— John Boyd, Washington. D. J. Callahan, Washington. John Callahan, Washington. Daniel Fraser, Washington. Edward Graves, Washington. Clarence F. Nonnent, >hington. George W. Pearson, Washington. Odell S. Smith, Washington. Levi Woodboiy, Washington.

Corporate office, Norfolk, Va. Main office. Seventh Street Wharf, Wasliington. D. C. Branch offices, Colorado Building, Washington ; Alexandria, Va.; Norfolk ; Old Point Coqiifaft. Annual meeting, first Wednesday in March, at Washington.

Korth A K Eric Am Co.

A corporation formed under the laws of New Jersey, June 14, 1890. The company was organized to succeed the Oregon & Transcontinental Co. and purchased the securities owned by the latter.

The com pan V is largely interested in street railway, gas and electric enterprises, cootroUiag the Milwaukee Light, Heat and Traction Co.. the Milwaukee Electric Railway & Light Co.. the Iclede Gas Co. of St. Louis, the Union Electric Light & Power Co. of St. Louis, St. Loois County Gas Co., the Detroit Edison Co., and the United Railways of St. Louis and the We Kentuckey Coal Co. Stock Par $too Authorized, $30,000,000 Issued, $39,793,300

On January 33, 1901, the stockholders ratified a reduction of the stock from $50,000,000 authorized to $ia,ooo,ooo. The amount of old stock outstanding was $39,789,300, which was reduced to the amount given above.

In March, 1903, the stock was increased from $13,000,000 to $17,000,000, the stockhokSen subscribing at par for the same. The purpose of the increase was to acquire control of the Laclede Gas Co.

In February, 190, the company arranged to acquire the minority interests in the Laclede Gas Co. and the Union Electric Light, Heat & Power Co. of St. Louis, for which purpose aa increase in the amount of authorized stock from $17,000,000 to $30,000,000 was ratified in Maith. 1905. It was stated that not over $7,600,000 of the new stock would be issued in exchftn for

Industrial. Securities 667

the shares to be acquired, and the stockholders of record March ao, 1905, were given the right o subscribing fro rata at par for $5,100,000, or 40 per cent, of the new stock.

The West Kentucky Coal Co. was acquired'in May, 1905, That company owns about 33,000 acres of co lands and has an issue of $5,000,000 5 per cent, bonds of which $1,994,000 are outstanding. In 1905, also acquired a majority -of the stock of the United Railways of St. Louis. In August, 106, the St. Louis and Suburban Railway Co. was purchased. In 1907, the company sold its holdmgs of stock of the Milwaukee Electric Railway and Light Co. to the Milwaukee Light, Heat & Traction Co., receiving that company's stock and bonds in payment therefor.

Stock is transferred at the office of the company, New York. Registrar, Farmers' Loan & Trust Co., New York,

The company began the payment of dividends on its stock on March x, 1903, paying i per cent, quarterly, or 4 per cent, per annum, the rate being increased to per cent., or k per cent.

ST annum, March i, 1904, which was thereafter the regular rate, the dividend penods being arch (i), June, September and December. The December, 1907, dividend was, however, passed

Funded Debt Collateral trust, gold notes, 5 per,cent., due May, 1913, May and Nov $3,500,000

The collateral trust, 5 per cent, notes were created in May, 1907, to supply the requirements for capital of subsidiary organizations. The notes are $5,000,000 authorized and are secured by stock of the Laclede Gas Oght Co. and the Union Electric Light & Power Co. of St. Louis.

In 1899-1900, receipts were $183,147; expenses, $53,398; surplus, $149,749. In the 14 months ending May 31, 190Y, the receipts were $90,336. In the year 1901-03, the receipts were $3,103,188 ; net profits, $1,049,703. The expenses for the year included $1,000,000 charged off for goodwill. In the year ending May 31, 1903, the receipts of the company were $607,936, and, including the net increase in the value of assets, they were $1,617,554; net profits, $1,488,153. From the income account for the year, $1,000,000 was charged off for extinguishment of goodwill. In 1903-04, receipts, $883.653 ; net revenue, $801,393 ; divklends, $756,000 ; balance surplus, $45,393. The company's fisoU year has been changed, making it end December 31. In 1905, the gross income was $3,398,613; net $3,300,984; dividends, $1,353,996; commissions paid, $137,500; balance surplus for the year, $830,487. In 1906, net, $2,674,630; dividends, $1,487,305 ; surplus, $1,187,315. In 1907, net, $1,404,643; dividends, $x, 1x7,3x1 ; surplus, $387,431.

Earnings— Subsidiary Companies.

Grois Net Charges Pref. Divs. Com. Dim. Surplus

190s $17.9831805 $6,937,339 $4342,173 $1,044,160 $i,335ooo $316,005

1906 19.907.433 8,113,561 4,838,335 i,044,x6o x,o65,ooo x,X95,o66

Balance Sheet, December 31, 1907

Assets Liabilities

Stocks $38,548,034 Capital stock / $a9793,300

Bonds 4*520,833 Collateral note 3,500,000

Loaxis 4,047,453 Interest accrued 21,508

Accounts receivable 92,879 Loans 2,810,333

Furniture and miscell. property. . . i Constituent companies 269,975

Cash 186,170 Dividends unclaimed 3,630

Undivided profits 1,906,6x3

Total $37,395,361 Total $37.395.36i

President, Charles W. Wetmore, New York. Vice-President, Edwin M. Bulkley, New York.

Secretary, Silas W. Burt, New York. Treasurer, George R. Sheldon, New York.

Directors— John I. Beggs, Milwaukee. Exlwin M. Bulkley, New York. Adolphus Busch, St.

Louis. Silas W. Burt, New York. Janies Campbell, St. Louis. Charles A. Coffin, New York.

William Nelson Cromwell, New York. Charles H. Huttig. St. Louis. Breckenridge Jones,

St. Louis. Edward Q. Keasbey, Newark, N. J. Charles F. Pfister, Milwaukee. Emerson D.

Pray, New York. Randolph Rodman, New York. George R. Sheldon, New York. Francis S.

Smithers, New York. Fred. Vogel, Jr., Milwaukee Charles W. Wetmore, New York.

Corporate office, Newark, N. J. Main office, 30 Broad street. New York. Annual meeting,

fourth Wednesday in January, at Newark.

Morthahptoh Street Railway Co.

A corporation formed under the laws of Massachusetts, April 5, 1865. The company was originally the Northampton & Williamsburg Railway Co., chartered in February, 1873. The company Operates an electric railway system m the city of Northampton and the towns of Easthampton and Williamsburg, Mass. It owns and operates miles of road and a power plant.

Stock Par $ioo Authorued, $joo,ooo Issued, %3pojoao

Stock is transferred and registered at the office of the Treasurer, Springfield, Mass. The first dividend, 6 per cent., was paid in October, 1893 ; in subsequent yens the dividends have been : 1894, 8 per cent.; 1895, per cent.; 1896, 10 per cent.; 1897, 9 per cent.; 1898-1903 inclusive, 8 per cent. In 1904, the company paid 6 per cent, on its stock, the dividends being 4 per cent, in January and 2 per cent, in July. In T905, paid 6 per cent.; in 1906 and 1907. 7 per cent. The January, 1908, dividend was 3 per cent. Dividends are semi-annually is January and July.

Funded Debt

ist mort., 5 per cent., due April, 1909, April and Oct $95,000

New mort., per cent., due June, 1910, June and Dec aoo,aoo

Total.

The bonds outstanding are the total amounts authorized. Trustee of the ist mortgage and agent for the payment of interest, Springfield Safe Deposit & Trust Co., Springfidd, Mass. Trustee of the per cent, bonds and agent for the pajrment of interest, Thira National Bank. Pittsfield, Mass. The per cent, bonds can be called at par 1905.

Earnings Year ending September 30

Gross Net Charges Dividends Deficii

1902-03. $t5i03i $50,618 $39,965 $24,000 $37

1904-05 i5iao5 47.40a 38,074 18,000 Sur. 1,328

The charges include payments on account of taxes.

President, John C. Hammond, Northampton, Mass. Vice-President and Treasurer, Newrie D. Winter, Springfield. Mass. SecreUry. Henry P. Field. Northampton, Mass.

Directors— Henry J. Beebe, Springfield. Geoige W. Cook, Springfield. Frank H. GoU> thwait, Springfield. John C. Hammond, Northampton. John A. Sullivan, Northamptan. Henry M. Tyler, Northampton. Newrie D. Winter, Springfield.

Corporate and main office. Locust and Hatfield streets, Northampton, Mass. Annual meeting, second Tuesday in October, at Northampton.

KOBTH BUTTE KIKIlie CO.

A corporation formed under the laws of Minnesota, April 5, 1905. The company acquired the property of the Speculator Mining Co. and various adjacent claims at Butte, Mont. It has fully equipped copper mines in active operation. Stock Par $15 Authorised, $9,000,000 Issued, $61,000,000

The stock is full paid and non-assessable. Transfer Agefit, American Trust Co., Bostoo. Registrar, Old Colony Trust Co., Boston,

The first dividend was 50 cents per share, paid September 30, 1905. A second dividend of 75 cents per share was paid December si, 1905. In 1906, paid $1.35, March 33 ; $a, June 33; $3, September 39 ; $3, December 22. On March 23, 1907, paid $2 per share, and the same rate in June and September. The December, 1907, dividend was, however, omitted.

Total dividends paid to September, 1907. inclusive, $5,800,000

President, James Hoatson, Calumet, Mich, ist Vice-President and Treasurer, Charles A. Duncan, Duluth. 2d Vice-President and Solicitor, Jaines B. Cotton, Duluth. Secretary, Frederic R. Kennedy, Duluth. Assistant Secretary, Daniel R. 'Smith, Duluth.

Directors— Daniel M. Clemson, Pittsburg. Thomas F. Cole, Duluth, Minn. Chester A. Congdon, Duluth. Joseph B. Cotton, Duluth. Charles A. Duncan, Duluth. James Gayley, New York. James Hoatson, Calumet, Mich. William J. Oloott, Duluth, Minn. John Uno Sabenius, Duluth.

Main office, Lyceum Building, Duluth. Operating office, Butte. Annual meeting, third Monday in April at Duluth.

KORTHERH ALMBiHM COAL. IBOM A BAILWAY CO.

A corporation formed under the laws of New Jersey, June 16, 1899. The original title ol the company was the Alabama Coal, Iron & Railway Co. The name was changed to the praMmt style in July, 1899.

Industrial Securities 669

This company acquired the assets of the Alabama Iron & Railroad Co., which was sold at foreclosure in June, 1899, the property having formerly been the Talladega Iron & Steel Co. The company owns a blast furnace and several thousand acres of iron ore lands in Talladega County, Ala., and the Birmingham & Atlantic Railroad, a standard gauge line, from Talladega to Coal City, with a mileage, including branches, of 46 miles.

Stock Par $100 Authorixed, $1,000,000 Issued, $502,000

Stock is transferred by the Secretary of the company. New York. Registrar, The Trust Co. of America, New York.

Funded Debt ist mort., 5 percent., due 1940, Jan. and July $776,000

The ist mortgage is $1,000,000, authorised. Principal and interest of the bonds are payable at The Trust Co. of America, New York.

President, Sidney H. March, New York. Vke-President, Y. Van den Berg, New York. Secretary, Alfred Kimber, New York. Treasurer, Oscar Freund, New York. Assistant Secretary and Assistant Treasurer, George Dungllnson, Talladega, Ala.

Directors — Thomas Achenbach, New York. Alfreid Kimber, New York. Sidney H. March, New York. Rush Taggart, New York. Edward E. Thalmann, New York. Y. Van den Berg, New York. Eugene Zimmerman, Toledo.

CoipoFate office, 15 Exchange place, Jersey City. Secretaxr's office, 25 Broad street. New York. Operating office, Talladega, Ala. Annual meeting, second Monday in July, at Jersey City.

Kortherh Commercial Co.

A corporation formed under the laws of New Jersey, April 15, 1901, for the purpose of conducting mercantile enterprises in Alaska and Yukon Territory. The company' purchased all trading interests in the Yukon Valley of the following companies :

The Alaska Commercial Co. Empire Transportation Co.

The Alaska Exploration Co. Seattle- Yukon Transportation Co.

The company owns real estate and stores at Nome, Golovin, St. Michaels, Steel Creek, Rampart, Eagle, Tanana, Fairbanks, Circle, Hamlin and other places in Alaska, and Dawson and Forty Mile, Yukon Territory.

The preferred stock is 5 per cent, cumulative. Transfer Agent, New Jersey Corporation Guarantee & Trust Co., Camden, N. J.

President, Leon Sloss, San Francisco. Vice-President, Louis Sloss, San Francisco. Vice- President, Isaac Liebes, San Francisco. Vice-President, Martin L. Washburn, San Francisco. Secretary and Treasurer, William L. Gerstle, San Francisco. Assistant Secretary and Assistant Treasurer, Stewart Mensies, San Francisco.

Directors — Henry F. Fortmann, San Francisco. . M. L. Gerstle, San Francisco. William L. Gerstle, San Francisco. Louis Greenbaum, San Francisco. O. H. Greenewald, San Francisco. George N. Koeppel, San Francisco. Isaac Liebes, San Francisco. Julien Liebes, San Francisco. Leon Liebes, San Francisco. George H. B. Martin, Camden, N. J. Gustav Niebaum, San Francisco. L. A. Phillips, San Francisco. Leon Sloss, San Francisco. Louis Sloss, San Francisoo. Martin L. Washburn, San Francisco.

Corporate office, Camden, N. J. Main office, 3x0 Sansome street, San Francisco. Annual meeting, second Tuesday in January, at Camden.

The Kortherk Ha¥I6Mti0Ii Co. Of Omtario, Limited

A corporation formed under the laws of Ontario in 1899 for the purpose of engaging in the steamship, freight and passenger business on the Georgian Bay. The company was formerly The North Shore Navigation Co., which company acquired the assets of the Great Northern Transit Co. and changed its own title to The hforthem Navigation Co. of Ontario, Limited.

It has also purchased the North-West Transportation Co. The company owns 10 steamships, and has contracted for another to cost $500,000 and to be delivered in 1909. Stock Par $zoo Authorized, $1,000,000 Issued, $840,000

In 1902, the stock was increased by the sale of $280,000 additional at a premium of 10 per cent, over its par value. Transfer Agent and Registrar, Toronto General Trusts Corporation, Toronto.

Dividends on the stock were paid semi-annually, in January and July, at the rate of 10 per cent, per annum, but the dividend declared out of the earnings of 1905 was 6 per cent. Out ol those of 1906, 6 per cent, was declared with a bonus of 15 per cent. In 1907, 8 per cent, was paid.

Earnings Gro. Nee

President, H. C. Hammond, Toronto. Vice-President, W. J. Sheppard, Waubaushene, Om. Secretary and Treasurer, C. £. Stephens, Collingwood, Ont. Manager, H. H. GikiersleeFe, Collingwood. Traffic Manager, C. H. Nicholson, Samia, Ont. Auditor, C. A. Maodoiaki, Collingwood.

Directors — H. C. Hammond, Toronto. John S. Hendrie, Hamilton, Ont. F. A. Lett, Barrie, Ont. Wilmot D. Matthews, Toronto. W. J. Sheppard, Waubaushene. H. B. Smith, Owen Sound, Ont. C. E. Stephens, Collingwood. H. Y. Telfer, Collingwood. Charles D. Tamn, Toronto.

Corporate office, Toronto. Main office, Collingwood, Ont. Branch office, Samia, Ont. Annual meeting, last Tuesday in January, at Toronto.

HOBTHERK OHIO TRACTIOK i LIGHT CO.

A corporation formed under the laws of Ohio, December 39, 1903. The company is a reorganization of the Northern Ohio Traction Co. In 1906, acquired the Canton-Akron Railway Cou, the Canton- New Philadelphia Railway Co., and the Tuscarawas Traction Co. Total operatedL 214.53 miles.

Road originally owned from Cleveland via Cuyahoga Falls to Akron, O., Baiberton, Kentaad Ravenna, O., and in the latter city, 105 miles. The company has traffic arrangements wHh the Cleveland Electric Railway Co.

Stock Par $100 Authorised, $zo,ooo,ooo Issued, $8,938,900

Transfer Agent, Citizens Savings & Trust Co., Cleveland. Registrar, Cleveland Trust Co.. Cleveland.

In 1906 a dividend of 3 per cent, was declared in four quarterly payments of % per oenL banning June 15, 1906, and similar quarterly dividends have since been paid in March, June, September and December.

Funded Debt

Akron, Bedford & Cleveland ist mort., 5 per cent., due Z915, March and Sept. $300,000

Northern Ohio Traction gen. mort., 5 per cent., due 1919 3,700,000

Northern Ohio Traction & Light mort., 4 per cent., due Jan., 1933, Jan. and July. . . 1,800,000

" " " 5 per cent., due Jan., 1933, Jan. and July... 1,000,000 " 3-year notes, 6 per cent., due Sept., 1909,

quarterly, March 600,000

Total $6,400,000

Funded Debt— Controlled Companies

Canton and Massillon 1st mort., 5 per cent., due May, 1930, May and Nov $850,000

Canton-Akron Railway ist mort., 5 per cent., due March, 1933, Mar. and Sept 1,150,000

" 3d mort., 5 per cent., due May, 1909, May and Nov 300000

Canton-Akron Cons. Ry., con. mort., 5 per cent., due Jan., 1933, Jan. and July 1,035,000

Canton and New Philadelphia ist mort., 5 per cent., due Feb., 1933, Feb. and Aug. . 565*000

Tuscarawas Railroad ist mort., 6 per cent., due June, 1916, June and Dec 100,000

Tuscarawas Electric ist mort., 5 per cent. , due May, 1910, May and Nov 100,000

Lake View Land & Improvement bonds, 5 per cent., due 1907-15 63,000

The authorized amount of the new company's bonds is $7,500,000, $x,ooo,ooo being 51 and $6,500,000 4s. Trustee, Citizens Savings & Trust Co., Cleveland. The latter is agent for the payment of interest, but coupons are also paid at the First National Bank, New York. Of the bonds, $1,000,000 were given to the preferred stockholders of the old company to retire the same. The Lake View Land & Improvement bonds are retireable $3,000 each year and the balance in 191 5.

INDUSTRIAL SECURITIES 671 Earninos

Gross Net Charges Dividends Surplus

'905 446,797 276,744 170,053

The earnings for 1906 and 1907 are those of the combined stem.

President, H. A. Everett, Cleveland. 1st Vice-President, Will Christy, Akron, O. 3d Vice- President and General Manager, Charles Currie, Akron. Secretary, C. F. Moore, Akron. Treasurer, Joseph R. Nutt, Cleveland.

Directors— Will Christy, Akron. Charles Currie, Akron. Chauncey Eldridge, Boston. H. A. Everett, Cleveland. C. J. McCuaig, Montreal. B. Mahler, Cleveland. Otto Miller, Cleveland. E. W. Moore, Cleveland. Joseph R. Nutt, Cleveland. P. S. L. Saltonstall, Boston. C. W. Wason, Cleveland.

Main office, Akron, O. Annual meeting, third Saturday in January, at Akron.

Korth Star Mires Co.

A corporation formed under the laws of New Jersey, April 10, 1899, to succeed the North Star Mining Co., formed under the laws of California in 1884. The company owns the North Star and a combined group of adjacent gold mines and mining claims at Grass Valley, Cal., with pipe lines and water property. The equipment consists of mining, steam-hoistmg and pumping machinery, power plant (compressed air, water and electricity), electric railway, two 40-stamp mills (crushing capacity 7,000 toDs of ore per month), with cyanide plants and surface improvements which have cost over $750,000. The outlay for underground development made in the company's mines since 1884 more than $1,000,000. The North Star Mine is opened to a depth of 5,000 feet on the dip and is developed along the course of the vein for various lengths on different levels. The properties of this company have produced over $ao, 000,000. Stock. . . . . .Par $10 Authorized, $5,000,000 Issued, $2,500,000

Transfer Agent, Old Colony Trust Co., Boston. Registrars, Central Trust Co., New York ; American Trust Co., Boston.

Dividends paid in 1903 amounted to 5 per cent.; in 1904, 6 per cent.; in 1905, 8 per cent., and in 1906 and 1907, 10 per cent. The present company and its predecessor have paid in dividends a total of $1,536,988.

In 1904, earnings, $781,337 ; operating profit, $463,303 ; outlay for capital account, $373,615 ; surplus, $189,688. In 1905, earnings, $876,361 ; profits, $495,047 ; outlay for capital account, $300,750; surplus, $294,397. In i9c, earnings, $836,326; profits, $311,059; improvements, etc. $31.157 ; surplus, $379,901. In 1907, earnings from operations, $937,816 ; net profit, $403,330 ; miscellaneous income, $33,760; total net, $436,081; dividends, $350,600; surplus, $176,081; cash resources, December 31, 1907, $747,635.

President, James D. Hague, New York. Vice-President, George B. Agnew, New York. Secretary and Treasurer, William D. Pagan, New York.

Directors — Georce B. Agnew, New York. Sidney M. Colgate, Orange, N.J. James D. Hague, New York. Jacob W. Pierce, Boston. Benjamin Strong, New York.

Corporate office, 15 Exchange place, Jersey City. Main office, 18 Wall street. New York. Annual meeting, second Wednesday in April, at Jersey City.

Rorth Star Kirir6 Co.. Limited

A corporation formed under the laws of the Province of British Columbia. The company owns mines at Kimberly, British Columbia. Stock Par $1 Authorized, $1,500,000 Issued, $1,300,000

The stock is full-paid and non-assessable, and there is no personal liability on the part of the stockholders of the company. Transfer Agent, National Trust Co., Montreal.

Dividends were paid at the rate ol ii per cent, quarterly from December, 1901, to August 31, 19Q3. A dividend of 7 cents per share was paicl July 9, 1904, and November .15, 1904, 3 cents per share.

The report for the year ending May 31, 1907, showed gross earnings of $55,177, net

President, Donald D. Mann, Toronto. Vice-President, A. A. Thibaudeau, MontreaL Sec retaiT, Charles E. L. Porteous, Montreal.

Directors— L. J. Forget, Montreal. William Mackenrie, Toronto. D. Maaa. Toronto. Charles E. L. Porteous, Montreal. A. A. Thibaudeau, Montreal.

Main office. Street Railway Chambers, MontreaL Annual meeting, fourth Wednesday ia June, at Montreal.

Morthwesterm Elevated Railroad Co.

A corporation formed under the laws of Illinois, October 30, 1893. The company owns 5.55 miles of 4-track and 6.37 miles of double track road in Chicago, making 38 miles smgle track. The right of way is owned in fee except at street crossings. The company also owns and operates 1.98 miles in the center of Chicago as the Loop Division of the Northwestern Elevated Railroad Co., formerly the Union Elevated Railroad, which property was purchased by this company in September, 1901, for $6,250ooo. An extension of miles to Ravenswood was completed in 1907. An arrangement for the use of the Evanston Division of the Chicago, Milwaukee & St. Paul Railway Co. was made in 1907.

Stock Par $100 Authorised, $29,000,000 Issued 2'.; [ $10,000,000

The preferred stock is 5 per cent., non-cumulative, and preferred only as to dhrideocb. Transfer Agent and Registrar, Illinois Trust & Savings Bank, Chicago.

Both classes of stock are held in a voting trust. Trustees, John J. Mitchell, Channccy Keep and James A. Blair.

Funded Debt

ist refunding mort., convertible, 4 per cent. , gold, due 191 1, March and Sept $14,445,000

Union Elevated Railroad ist mort., 5 per cent., gold, due 1945, April and Oct 4,483,000

Total $18,927,000

The xst refunding mortgage is $25,000,000, authorised. Trustee of the mortgage, Illinois Trust & Savings Bank, Chicago, which also pays interest. Agents for the payment of interest id New York, Blair & Co. Of the amount issued $1,000,000 was in the company's treasury June o, 1906. The refunding mortgage bonds are convertible into preferred stock at par at the holder's option, but the can call them for redemption at loa and interest after September I, 1906, though when called the holder has the right to take either cash or preferred stodL

The Union Elevated Railroad ist mortgage is for $5,000,000. There are $184,000 of the bonds in the Treasury, not included in above table. Agents for the payment of interest, Illinois Trust & Savings Bank, Chicago ; Blair & Co., New York.

Earnings Year ending June 30

Gross Net CharKM SurplM

I903-O4 $1,724,929 $1,158,853 $955,599 $ao3.a54

President, Mason B. Starring. Vice-President, Clarence Buckingham, Chicago. Secretary and Treasurer, William V. Griffin, Chicago.

Directors--Charles F. Ayer, Boston. Clarence Buckingham, Chicago. J. L. Cochran, Chicago. John B. Dennis, New York. William V. Griffin, Chicago. Chauncey Keep, Chicago. Samuel McRoberts, Chicago. William W. Miller, New York. Mason B. Starring, Chicago.

Main office, 135 Adams street, Chicago. Annual meeting, third Monday in September, at Chicago.

Rorth Western Fuel Co.

A corporation formed under the laws of Wisconsin, October 28, 1901, succeeding a Minnesota corporation of the same name that had been in business for about twenty-five years. The business of the company is the forwarding, storage, selling and distributing of coal and tbc manufacture and sale of coke. The company has a storage and transfer plant at Chicago ; docks at Duluth, Superior, Washburn and Milwaukee ; coke ovens at Superior and yards at St. Paul, Minneapolis and Chicago, and a lake shipping office at Cleveland. The property comprises 85 acres of dock property, 7 coal docks, i rail transfer plant, 14 retail coal yards, aaS coke ovens, etc.

Industrial Sbcurities 673

Stock is transferred at the office of the company, St. Paul. Registrar, Guaranty Trust Co., New York.

President, E. N. Saunders, St. Paul, ist Vice-President and Treasurer, E. L. Shepley, St. Paul. 2d Vice-President, E. L. Booth, Chicago. Secretary, C. M. Benham, St. Paul. Assistant Treasurer, W. H. Fobcs, St. Paul. Assistant Secretary, S. T. Painter, St. Paul.

Directors— C. M. Benham, St. Paul. Van Lear Black, Baltimore. E. L. Booth, Chicago. George W. Fleming, Baltimore. H. S. Holden, Syracuse, N. Y. A. C. Jones, Duluth, Minn. E. N. Saunders, St. Paul. E. N. Saunders, Jr., St. Paul. E. L. Shepley, St. Paul. W. H. Simpson, Milwaukee. H. E. Smith, St. Paul. Clarence W. Watson, Baltimore. J. H. Wheelwright, Baltimore.

Corporate office, Milwaukee. Executive office, Pioneer Press Building, St. Paul. Annual meeting, third Tuesday in January, at Milwaukee.

Mo¥A Scotia Steel A Coal Co., Limited

A corporation formed March ii, 1898, under a Spiecial Act of the Legislature of Nova Scotia. The company was organized in its present form June 28, 1901, and took over as of January i, 1901, the property of the Nova Scotia Steel Co., Limited. The company has extensive coal lands and mines at Cape Breton ; iron ore mines at Conception Bay, Newfoundland ; a blast furnace, coke ovens and open-hearth steel furnace at Sydney Mines, with rolling mill, forge, etc., at Trenton, near New Glasgow, N. S., and other properties.

The preferred stock is 8 per cent., cumulative. Transfer Agents, Boston Safe Deposit & Trust Co.; National Trust Co., Limited, Montreal and Toronto. Registrars, Old Colony Trust Co., Boston; National Trust Co., Limited, Montreal.

The dividends on the preferred stock are paid quarterly, 2 per cent, each, in January (15), April, July and October. Dividends on the common stock were also paid at the rate of 6 per cent, per annum, the payments being semi-annual, 3 per cent, each, m April (15) and October. In 1904, the payments were 3 per cent. April 15, and 3 per cent. November i, but in 1905, dividends on the common were suspended until February, 1907, when per cent., payable April 15, 1907, was declared and similar quarterly dividends have since been paid, being at the rate of 6 per cent, per annum.

Funded Debt

ist mort., 6 per cent., due July, 1031, Jan. and July $2,390,000

Consolidated mort., 6 per cent., due April, 1929, April (15) and Oct 1,500,000

Total $3,890,000

The consolidated mortgage was created in 1904, and is for $3,900,000. There is a sinking fund of a per cent, per annum for the bonds. Of the total amount, $2,400,000 is reserved to retire the ist mortgage bonds. Trustee of the mortgages The Eastern Trust Co., Halifax, N. S.

Profits

The company's total surplus account December 31, 1907, was $1,202,604.

President, Robert E. Harris, Halifax, N. S. Vice-President, James D. McGregor, New Glasgow, N. S. Secretary, Archibald McColl, New Glasgow.

Directors— J. Walter Allison, Halifax. Thomas Cantley, New Glasgow. Robert E. Chambers, Wabana, N. S. Robert E. Harris, Halifax. Robert Jaffray, Toronto. James C. McGregor, New Glasgow. James D. McGregor, New Glasgow. George F. McKay, New Glasgow. John McNab, Halifax. L. Melvin-Jones, Toronto. J. S. Pitts, St. Johns, Newfoundland. Robert Reford, Montreal. George Stairs, Halifax.

Main office. New Glasgow, N. S. Annual meeting, last Wednesday in March, at New Glasgow.

Earnings

Sinking

Charges

Fund

Etc.

Dividends

Surplus

$xoo,ooo

The Ogil¥Ie Flour Hills Co., Limited

A corporation formed under the laws of the Dominion of Canada, May v>, 1903, to manafacture and deal in grain and flour. It has mills at Winnipeg:, Man., Fort William, Ont., aad Montreal.

The preferred stock is 7 per cent. Transfer Agent and Registrar, Royal Trust Co.. Montreal.

In 1905, $400,000 additional preferred stock was sold to shareholders at par.

The first dividend of per cent, was paid September 3, 1902, or at the rate of 7 per cent, pnannum on the preferred stock, which has since been the reg;ular rate. Dividends on tiie preferred are paid quarterly in March (i), June, September and December. On the common, 7 per cent, is also paid, dividends being half-yearly, in March and September.

Funded Debt xst mort., 6 per cent, due June, 1952, June and Dec. $1,000,000

The bonds are subject to call at 1x5 and interest after 1912. Agent for the payment of interest. Bank of Montreal, Montreal.

In 1906, the company's profits were reported as $630,685.

President, Charles R. Hosmer, Montreal. Vice-President and Managing Director, F. Thompson, Montreal. Secretary, T. Williamson, Montreal. Treasurer, S. A. McMurtzy, Montreal. Assistant Secretary, William A. Gandle MontreaL

Directors — Sir H. Montagu Allan, Montreal. E. S. Clouston, Montreal. Sir George A. Drummond, Montreal. Herlrt S. Holt, Montreal. Charles R. Hosmer, Montreal. Shirley Ogilvie, Montreal. F. W. Thompson, Montreal.

Corporate and main office, Montreal. Annual meeting, second Thursday in October, at MontreaL

OHIO i I HOI A HA COHSOLIDA TED HA TURAL A ILLUKIHA TIHB GAS CO.

A corporation formed under the laws of New Jersey, December 99, 1899. company was organized to combine the following organizations and acquired their stocks :

Logansport & Wabash Valley Gas Co., Logansport, Ind.; Wabash, Ind.; Peru, Ind., etc Indiana Natural and Illuminating Gas Co., Frankfort, Crawford ville, Lebanon. Ind., etc Lafayette Gas Co., Lafayette, Ind.

Fort Wayne Gas Co., Fort Wayne, Ind.; Decatur, Ind., etc. Ohio & Indiana Gas Co., Lima, O.; St. Mary's, O., etc. The company has over 100,000 acres of gas-producing territory under perpetual lease ia its territory.

A Receiver was appointed for the Fort Wayne Gas Co. in June, 1906, and for the other constituent companies in May, 1907. Foreclosure suits on the different underlying mortgages have been instituted. See below regarding proposal for a reorganization.

Stock Par $xoo Authorized, $10,000,000 Issued, $9,000,000

Of the authorized stock $1,000,000 is reserved to provide for the purchase of new gas fields or for extensions. Stock is transferred at the office of the company. New York. Registrar, Cential Trust Co., New York.

The amount of stock of the old companies and the rate at which each was exchanged for shares of the new company were given in the Manual for 1901.

The company began the payment of dividends on its stock with i per cent, paid March 1, 1900, and it paid regular quarterly dividends at the same rate, or 4 per cent, per annum, in March (1). June, September and December, until June, 1902, inclusive, since which date no further divi dends have been paid.

Funded Debt

Indiana Nat. & 111. Gas Co. ist mort., 6 per cent., due 1908, May and Nov $820,000

Fort Wayne Gas Co. ist mort., 6 per cent., due 1925, Jan. and July 1,940,000

Logansport & Wabash Valley Gas ist mort., 6 per cent., due 1925, June and Dec. . . . 1,690,000

Ohio & Indiana Gas Co. ist morL, 6 per cent., due 1926, June and Dec 1,940,000

Lafayette Gas Co. xst mort., 6 per cent., due 1924, May and Nov 960,000

In November, 1904, holders of the underlying bonds, except the Fort Wayne Gas Ca 68, were asked to fund their coupons for three years into 4 per cent, collateral debentures, secured

Industrial Sbcujiitibs 675

in each case by the surrendered coupons, the debentures to mature in three years. The purpose of this plan was to enable the company to construct artificial gas plants. Interest on all the bonds was in default in 1905, except the Fort Wayne Gas Co. 6s, but interest on that issue also was defaulted January i, 1906.

A reorganization committee was formed, consisting of James N. Wallace, Anthony N. Brady and Charles F. Dieterich, and in September, X905, it requested deposits of the bonds with the Central Trust Co., New York.

In April, 1997, the committee submitted a plan providing for foreclosure of the mortgage and the acquisition of the properties by a new company to be called The Indiana Consolidated Gas Co., with $4,500,060 4 per cent, non-cumulative preferred stock, $3,500,000 common stock and $5,000,000 ist mortgage 5 per cent, bonds. The preferred stock and $3,000,000 of the bonds were to be exchanged for the old bonds and the common stock to be used as a bonus in connection the sale of $400,000 of bonds. The plan, however, met with opposition and at the beginning of 1908 the matter was still under abeyance.

Earnings

Gross Net Charges Dividends Surplus

1902 $1,130 $303iOa6 $116,400 $178,643 $7,983

'903 250,535 52,748 116,400 36,346

It is provided in the organization of the company that the directors cannot sell or dispose of the constituent companies or their stocks which were acquired with its own stock without the consent of 75 per cent, of the outstanding stock.

President, Charles F. Dieterich, New York. Vice-President, J. Bertschmann, New York. Secretary, S. T. Murdock, Lafayette, Ind. Treasurer, Arthur B. Proal, New York.

Directors— James H. Benedict, New York. J. Bertschmann, New York. Anthony N. Brady, Albany, N. Y. George C. Clark, New York. A. E. Dieterich, New York. Charles F. Dieterich, New York. Walton Ferguson, New York. Charles H. Mead, New Jersey. James Murdock, Lafayette, Ind. Arthur B. Proal, New York.

Main office, 3 Rector street. New York. Annual meeting, first Wednesday in January, at Jersey City.

The Ohio Tractioh Co.

A corporation formed under the laws of Ohio, May 22, 1905. The company was organized to acquire the control of the Cincinnati Traction Co., and owns all but a small amount of the $3,000,000 stock of the latter company, to which the Cincinnati Street Railway Co. is leased. It also owns all the stock of the Cincinnati Zoological Co. and of the Traction Building Co., merged into the Ohio Traction Co., and one half the stock of the Traction Terminal Co. It has a lars:e interest in the Cincinnati, Dayton & Toledo Traction Co. In July, 1905, it took over the lease of the Cincinnati & Hamilton Traction Co. from the Cincinnati Interurban Co., the latter company being dissolved. The controlled system comprises 255 miles of electric lines.

The preferred stock is 5 per cent, cumulative. Further issues of stock can be made only for the acquisition of additional properties. Transfer Agent, Central Trust & Safe Deposit Co. , Cincinnati, O.

The first dividend on the preferred stock was ij per cent, quarterly, paid August 1, 1905, and similar quarterly dividends have since been paid in February, May, August and November.

President, W. Kesley Schoepf, Cincinnati, ist Vice-President, Charles P. Taft, Cincinnati. 3d Vice-President, J. B. Foraker, Jr., Cincinnati. 3d Vice-President and General Manager, Dana Stevens, Cincinnati. Secretary, Walter A. Draper, Cincinnati. Treasurer, A. L. Kasemeier, Cincinnati. Comptroller, W. H. MacAlister, Cincinnati.

Directors — Biggs S. Cunningham, Cincinnati. Thomas Dolan, Philadelphia. Julius Fleischman, Cincinnati. Louis J. Hauck, Cincinnati. Wilb'am T. Irwin, Cincinnati. John Kilgour, Cincinnati. Harry M. Levy, Cincinnati. Hugh J. McGowan, IndianapoUs. Randal Morgan, Philadelphia. William Cooper Procter, Ciincinnati. William S. Rowe, Cincinnati. W. Kesley Schoepf, Cincinnati. Charles P. Taft, Cincinnati. Peter A. B. Widener, Philadelphia. Chfford B. Wright, Cincinnati.

Main office, Traction Building, Fifth and Walnut streets, Cincinnati. Annual meeting, second Monday in February, at Cincinnati.

Old Colohy Copper Co.

A corporation formed under the laws of Michigan in 1898. The company acquired over i,30o acres of copper'-bearing territory in Houghton County, Mich., lying east of the Calumet & Hecla mine and south of the Mayflower mine. By means of a tunnel and diamond drill work

nearly all of the underlying lodes from west to east have been intersected, and a number of veildefined lodes have thus ln located and a shaft being now in progress of about 550 feeu Stock Par $35 Authorized, $3,500,000 Issued, $3,5oo,aoc

Stock is transferred at the office of the company, Boston. Registrar, Old Colony Tras Co., Boston.

There had been paid in on the stock up to March, 1908, $11 per share.

President, H. F. Fay, Boston. Secretary and Treasurer, George G. Endicott, Bostoo.

Directors— Rogers L. Barstow, Boston. James Chynoweth, Calumet, Mich. Stephen R. Dow, Boston. George G. Endicott, Boston. H. F. Fay, Boston. William H. Reed, P John C. Watson, Boston.

Main office, 60 State street, Boston. Annual meeting, second Wednesday in Boston.

OLD DOMimOK CO.

A corporation formed under the laws of Maine, January 15, 1904. The oompanj was organized in pursuance of a plan to consolidate the United Globe Mining Co. with tlie Dominion Copper Mining and Smelting Co. of New Jersey and holds the stocks of those companies. The properties of the controlled companies are near Globe, Ariz. Stock Par $25 Authorized, $8,750,000 Issued, $7,500,000

There are 50,000 shares of stock in the treasury of the company. Stock is transferred at tlie office of the company, Boston.

The first dividend was 50 cents per share, paid December 15, 1905 ; on June 15, 1906 50 cents per share was paid and on July 31, 1907, $1.

President, James Douglas, New York. Vice-President, Charles S. Smith, Boston. Treesorer. Charles H. Altmiller, Boston.

Directors— Copley Amory, New York. Cleveland H. Dodge, New York. James Dougbs, New York. Charles G. Lund, Boston. James McLean, New York. Charles S. Smith, Lincoln. Mass. J. Waldo Smith, New York.

Corporate office, Portland, Me. Main office, 50 Congress street, Boston. Annual meeting. last Wednesday in January, at Portland.

Old Dohihiom Steamship Co.

A corporation formed under the laws of Delaware in 1875. The company acquired the pnoerty of the New York corporation of the same name. The company operates the steamship route between New York, Norfolk, Va., Newport News and Rioimond, Va. It has various auxiliary lines running in the rivers and bays of Virginia and North Carolina. Stock Par $100 Authorized, $1,500,000 Issued, $1,500,000

Stock is transferred at the office of the company. New York. Registrar, Fanneis* Loaa ft Trust Co., New York.

The company pays 6 per cent, per annum upon its stock. The dividends are i being 3 per cent, each in January (9) and July.

Funded Debt General mort., 5 per cent., due 19x3, March and Sept $1,1

Trustee of the mortgage, Farmers* Loan & Trust Co., New York.

President, Herbert B. Walker. SecreUry, Edward E. Palen. Assistant Secretary, C. G. Ahlstrom. Treasurer, D. Adams.

Directore— J. W. Causey. George A. Elliott. Henry Fink. William W. Pinky. WiBtaa Rowland. George W. Stevens. F. H. Von Stade. Herbert B. Walker. Henry Waken. George E. Weed.

Main office, Beach and West streets, Mew York. Annual meeting, second Tuesday in February, at New York.

Old Huhdred Mhhmg Co.

A corporation formed under the laws of Maine in June, 1906. The company was organised to consolidate and operate certain developed mining properties in the San Juan District, CoL It acquired nearly all the stock of the Midland Mining Co., the stock and properties of the Hawkcye Consolidated Mining Co., the mines and mining properties of Niegold Brothers and Oacdur Roedal of Silverton, Col., and the Old Hundred stamp mill and reduction plant. AH the above sit

Industrial Securities 677

located on Galena Mountain, about 5 miles north of Silverton, Col. They comprise 29 mining: claims, all contiguous, and aggregate about 580 acres, with a large amount of development showing enormous bodies of copper, gold, silver and lead ores. Stock Par $5 Authorized, $5,000,000 Issued, $5,000,000

Transfer Agent, Security Transfer & Registrar Co., New York. Registrar, Knickerbocker Trust Co., New York.

President, Howell Hinds, Cleveland. Vice-President, Thomas A. Nevins, New York. Secre> tary and Treasurer, Thomas J. Moloney, New York. Genera) Manager, J. M. Elmer, Silverton, Col.

Directors— William C. Eakins, New York. Howell Hinds, Cleveland. Thomas J. Moloney, New York. Thomas A. Nevins, New York. J. H. Werkheiser, Silverton.

Corporate office, Augusta, Me. Executive office, i Wall street, New Yotk. Annual meeting, July, at Augusu, Me.

OMAHA i COUMCIL BLUFFS STREET RAILWAY CO.

A corporation formed under the laws of Nebraska as a successor to the Omaha Street Railway Co. The latter company was a consolidation of the principal street railway companies of Omaha, and acquud other franchises and properties, giving it control of all the cable, horse and electric railway service in the city of Omaha and its suburbs. The company also leased for 99 years from August, 1902, the following properties :

The Council Bluffs Street Railway Co. The Omaha, Council Bluffs & Suburban

The Omaha & Council Bluffs Ry. & Bdge. Co. Street Railway Co.

The company controls the street railway service between Omaha and Council Bluffs, la., and suburbs. The company owns no miles and operates in all 140 miles of road, including the Omaha-Council Bluffs Bridge. It has a complete electric equipment.

The rental under the lease of the Omaha & Coundl Bluffs Railway & Bridge Co., includes the payment of the latters fiscal charges, and in addition $60,000 per annum.

The preferred stock is 5 per cent., cumulative, from January i, 1904. The first dividend on the preferred was per cent., paid April 1, 1904, and quarterly dividends have since been paid at the same rate in January, April, July and Oaober. The first dividend on the common stock was 2 per cent., paid July i, 1907. Oq January 2, 1908, also paid 2 per cent, on common.

Funded Debt

ist con. mort., 5 per cent, gold, due Jan., 1928, Jan. and July $5i3a5iOoo

Omaha Street Ry. Co. ist con. mort., 5 per cent, gold, due May, 1914, May and Nov. 2,500,000 Omaha & Coun. Bluffs Ry. & Bdge. Co. xst mort., op. c, due Jan., 1908, Jan. and July. 400,000 Council Bluffs Street Railway Co. ist mort., due July, 1909, Jan. and July 250,000

Total $8,475,000

The total amount of the xst consolidated mortgage of the Omaha & Council Bluffs Street Railway Co. is $10,000,000, of which amount $2,500,000 are reserved to retire the bonds of the xst consolidated morte:age of the Omaha Street Railway Co. Trustee of the mortgage and agent for the payment of mterest, Morton Trust Co., New York. The outstanding bonds of the Omaha Street Railway Co.'s xst consolklated mortgage are the total amount authorized. Agent for the payment of interest. Farmers' Loan & Trust Co., New York. Trustee of the ist mortgage of the Omaha & Council Bluffs Railway & Bridge Co. and the Council Bluffs Street Railway Co. and agents for the payment of interest. Mercantile Trust Co., New York.

President, G. W. Wattles. Vice-President, F. T. Hamilton. Secretary and Assistant General Manager, R. A. Leussler. Treasurer and General Manager, W. A. Smith.

Directors— K. C. Barton. S. F. Crofoot. Frank T. Hamilton. Randal Morgan. W. V. Morse. W. A. Smith. Albert Strauss. C. R. Tyler. G. W. Wattles.

Main office. Merchants' National Bank Building, Omaha. Annual meeting, second Monday in January, at Omaha.

Okaha Gas Co.

A corporation formed under the laws of Nebraska, August 9, 1897. The company has a plant and supplies the cities of Omaha and South Omaha. The company is controlled by the United Gas Improvement Co.

Stock is transferred at the office of the company, Omaha.

Funded Debt

ist consolidated mort., 5 per cent, gold, due Aug. 13, 1917, Feb. and Aug. : $3,109,000

Underlying 6 per cent, bonds 3Po,ooo

Total $3,409,000

The total amount of consolidated mortgage bonds authorized is $3,500,000. Interest cm the bonds is payable in March and September, and February and August in New York. Trustee of the mortgage and agent for the payment of interest. Guaranty Trust Co., New Yoric

President, Frank T. Hamilton. Vice-President and Secretary, George W. Clabaugli. Treasurer, Isaac Battin. Comptroller, Lewis Lillie.

Directors — George E. Barker, Omaha. Samuel T. Bodine. Philadelphia. George W. Clabaugh, Omaha. Frank T. Hamilton, Omaha. George E. Pritchett, Omaha.

Corporate and main office, 1224 Famum street, Omaha. Annual meeting, first Monday in January, at Omaha.

The Omaha Water Co.

A corporation formed under the laws of Maine in z8o6. The business of the company is the supplying water for domestic and public uses to Omaha, South Omaha and Florence. Neb., under a perpetual franchise. The company succeeded the American Waterworks Co., an Illinois corporation. The City of Omaha elected by ordinance to purchase the company's s\'stem and the plant was valued by the majority of the appraisers at $6,263,295. The City refusmg to take the plant, the company has brought suit for specific performance.

Stock Par $50 Authorired I ist pref . , 750,000 v Issued ist pref ., $750,000 v

The xst preferred stock is 5 per cent., non-cumulative. The 3d preferred b 5 per cent., 1 cumulative. The preferred stoclcs can both be called at par. No common stock has been iss Transfer Agent, Farmers' Loan & Trust Co., New York.

The company paid 5 per cent, per annum on the xst preferred stock from 1898, up to Jnly 3o, 1905, the dividends bein| 25 per cent., semi-annually, in February (10) and August. On the 3d preferred, the initial dividend was i per cent., in August, 1899, and half-yearly dividends of x per cent, each were paid, in February and August, to August, 1903, inclusive, since which time no further payments have been made on that ckuB ojf stock.

Funded Debt

Prior lien mort., 5 per cent., due 19x6, Jan. and July $1,215,000

Consolidated mort., 5 per cent., due 1946, Jan. and July

Toul $4,758,000

The prior lien and the consolidated mortgage bonds are both subject to call at 105.

President, Theodore C. Woodbury, New York. Secretary, Eben Stevens, New York. Treasurer, Stockton Heth. Omaha.

Directors— F. M. Colston, Baltimore. Gerald L. Hoyt, New York. Howard Mansfield. New York. W. R. Nicholson, Philadelphia. Winthrop Smith, Philadelphia. Albert Stooe. Boston. Frederick Strauss, New York. Ernst Thalmann, New York. CortUndt S, Van Rensselaer, New York. Theodore C. Woodbury, New York.

Main office, Bee Building, Omaha. Annual meeting, third Wednesday in July, at Portlaod, Me.

The Ontario Power Co. Of H/Abara Falls

A corporation organised under a special charter of the Dominion of Canada, which b amstructing a power plant on the Canadian side of the Niagara River at Niagara Falls, Out., designed to develop 200,000 horse-power when completed. Certain portions of the plant are foUy completed and others partially completed, the capacity of the generators now installed being 66.ocx> horse-power. The company controls the Ontario Transmission Co. and guarantees its bonds, principal and interest. Its franchises are for over xoo years.

Industrial Securities 679

Stock Par $100 Authorized, $5,000,000 Issued, $5,000,000

Stock is transferred at the office of the company, Buffalo.

Funded Debt

xst mort., 5 per cent., due Feb., 1943, Feb. and Aug $4,757,000

Ontario Transmission Co. ist mort., guar., 5 per cent., due May, 1945, May and Not. i,2ao,oco

Total $5,977,000

The ist mortgage is for $12,000,000. Trustee, Toronto General Trust Corporation, Toronto. Interest is payable at the Canadian Bank of Commerce, Toronto, or its agency in New York. A sinking fund of $1 per horse-power per annum begins in 1909. The Ontario Transmission Co. ist mortgage is $2,000,000 authorized.

President, J. J. Albright, Buffalo. Vice-President, Francis V. Greene, Buffalo. Secretary and Treasurer, R. C. Board, Buffalo.

Directors— J. J. Albright, Buffalo. R. K. Albright, Buffalo. R. C. Board, Buffalo. S. M. Clement, Buffalo. W.H. Gratwick, Buffalo. Francis V. Greene, Buffalo. Edmund Hayes, Buffalo. M. Lash, Toronto.

Corporate office, Niagara Falls, Ont. Main office, Fidelity Building, Buffalo. Annual meeting, January 10, at Niagara Falls.

Omtario Silver Kiiiih6 Co.

A corporation formed under the laws of Utah in 1877. It owns and operates the Ontario and Daly mines, near Park City, Utah. The company owns also the Park City Water Co., the Weber Coal Co., with 811 acres of coal lands, and has considerable interests in other mining properties, also in the Ontario Drain Tunnel about 4 miles long. Stock Par $100 Authorized, $15,000,000 Issued, $15,000,000

Stoclc is transfered by the Assistant Secretary, New York.

The company's mines are among the largest silver producers in the United States. From its incorporation to December 31, 1901, it paid in dividends $13,77,500. Owing to the low

frice of silver, it did not pay a dividend from 1897 until April, 1900, when joc. per share was paid. n 1901, 50c. was psud for the year. In 1903, paid 90c. for the year. No dividends have since been paid.

President, J. E. Bamberger. Vice-President, Harry L. Tevis. Assistant Secretary, J. L. Tilton. Treasurer, W. S. McCornick. General Manager, Ernest Bamberger.

Directors— Ernest Bamberger. J. E. Bamberger. Fred Clark. Richard A. Clark. D. M. Hyman. Harry L. Tevis. Thomas Turner.

Main office, 160 South Main street, Salt Lake City, Utah. New York office, 33 Broadway. Annual meeting, third Monday in January.

Osceola Comsoli Dated Kihimg Co.

A corporation formed under the laws of Michigan in 1873. ovms a mineral property near Hancock, Houghton County, Mich., adjoining the famous Calumet & Hecla, the conglomerate lode of which crosses and outcrops on its estate. In 1879 consolidated with the Opechee Mining Co. Mining began in 187, and in 1875 the Osceola mill was completed. In 1897 this company purchased the property of the Kearsarge Mining Co., including the Iroquois Copper Co. and the Tamarack, Jr., Mming Co., issuing in payment for the former 25,000 of its own shares and for the latter 16,000 shares. In 1906, the Calumet & Hecla Mining Co. acquired a large interest in this company's stock. Stock Par $25 Authorized, $2,500,000 Issued, $2,500,000

The stock is full paid. The company has $96,250 of stock in its treasury. Stock is transferred at the office of the company, Boston.

Dividends on the stock in 1899, 1900 and 190X were $6 per share each year. No dividends were paid in 1902 or 1903. In January, 1904, the company paid $1 per share, and $1 July 28, 1Q04. On January 27, 1905, paid $2 per share and on July 25, 1905, $2. In 1906, paid $4 in January and $6 in July. In 1907, paid $6 January 24 and $7 July 29. The January, 1908, dividend was deferred.

Earnings

Gross Net Dividends Surplus

68o THE MANUAL OP STATISTICS

President, Albert S. Bigelow, Boston. Vice-President, Norman W. Haire, Hous:htoii* Mick. Secretary and Treasurer, William J. Ladd, Boston.

Directors— Albert S. Bigelow, Boston. J. Henry Brooks, Boston. Walter A. S. Chrines, Boston. Edward S. Grew, Boston. Norman W. Haire, Houghton. Edward R. Hall, Bostoa. William J. Ladd, Boston.

Main office, 199 Washington street, Boston. Annual meeting, second Thursday in March.

Otis Co.

A corporation formed under the laws of Massachusetts in 1840, for the purpose of maoofacturing cotton dress goods, cheviots, denims and knit underwear. The company owns mills at Ware, Mass., with a capacity of 63,688 spindles and z,ooo looms, and at Three Rivers, Mass., with a capacity of 33,176 spindles and 1,027 looms.

Stock Par $1,000 Authorised, $800,000 Issued, $800,000

Stock is transferred at the office of the company, Boston.

Dividends are (>aid in May (i) and November, at the rate of 10 per cent, per annum. President, Charles H. Fiske. Treasurer, O. H. Alford, Boston.

Directors— O. H. Alford. Cornelius N. Bliss. Charles H. Fiske. F. C. Wekh. Robert B. Williams.

Main office. 100 Summer street, Boston. Annual meeting in November, at Boston.

Otis Elevator Co.

A corporation formed under the laws of New Jersey, November 98, 1898, to combine the leading manufacturers of elevators in the United States.

The preferred stock is 6 percent., non-cumulative. In September, 190a, the authorised preferred stock was increased from $4,500,000 to $6,500,000. and $1,300,000 of the new stock was offered to stockholders at par to provide additional working capital. Transfer Agent, New Jersey Registration & Trust Co., New York. Registrar, New York Trust Co., New York.

The payment of dividends on the preferred stock began with per cent, quarterly, April 15, 1899. Regular dividends at the same rate have since been paid quarterly, in January, April, Ju and October. The first dividend on the common stock was 3 per cent., April 15, 1903. A second dividend of 3 per cent, was paid on the common, April 15, 1904, and a per cent, was also paid April 15, 1905, and again in April, 1906. In 1907, paid 3 per cent., being per cent. Apnl 15 and per cent. Oaober 15. For 1908, .3 per cent, was also declared, payable 1% per cent. April 15 and i%ptr cent. October 15.

The company on January x, 1908, paid off fhe last of its $i,4oo,oooof serial gold notes iMocd in 1903.

Earnings

Charced for Met Dividends Depreciatioa Sarpln

ig04 891 ,016 426,976 338,040 300,000

1907 g'Aios 563.053 371, xx6 161.934

On December 3X, 1907, the surplus reserved for working capital was $x, 861 ,034.

President, William D. Baldwin, New York. Vice-President, A. G. Mills, New York. Treasurer, Lynde Belknap, New York. Secretary, C. E. Otis, New York.

Directors— William H. Baker, New York. William D. Baldwin, New York. Alben B. Chandler, New York. Charles G. Comstock, Chicago. A. G. Mills, New York. Godfrey R. Rebmann, Philadelphia. Ferdinand W. Roebling, Trenton, N. J. Edmund A. PniiclU Chicago. Willliam S. Spaulding. Boston.

Corporate office, 15 Exchanjje Place, Jersey City. Main office, 17 Battery place, New Yort. Annual meeting, third Monday in March, at Jersey City.

INDUSTRIAL SECURITIES 68i

The Pacific Coast Co.

A corporation formed under the laws of New Jersey, November 27, 1897. The company was organized in pursuance of the reorg:animation of the Oregon Improvement Co. The property and assets of the Oregon Improvement Co. were sold under foreclosure November 6, 1897, and transferred to this company. The company, throu|:h the corporations it controls, conducts a railway business, a steamship business and a coal mming business.

The property owned includes :

All the stock ($1,000,000) of the Columbia & Puget Sound Raikoad Co. The latter has no funded debt, its railroad extending from Seattle, to Franklin, Wash. Length of line, including branches, 58 miles.

All the stock ($1,370,400) and all the 1st mortgage bonds ($1,370,000) of the Pacific Coast Railway Co., the line of which extends from Port San Luis, Cal., to Los Olivas, Cal., 80 miles and has wharf and dock properties at Port San Luis.

A fleet of 16 steamships of an aggregate tonnage of 37,595 tons.

All the stock ($3,000,000) of the Pacific Coast Steamship Co., which owns 7 steamships of an aggregate tonnage of 10,244 tons. The steamships owned and controlled by the Pacific Coast Co. ply between the ports of Southern California and Northern Mexico, San Francisco, Seattle, Tacoma, Vancouver, Victoria, B. -C, Skagway, Nome and all Alaskan ports.

About 5,a6o acres of coal lands in Kinp: County, Wash., on the line of the Columbia & Puget Sound Railroad, with mines in operation on same. Company also has interests in various selling coal companies organized to market the product of its mines and operates the Franklin Coal Co.

Wharf and dock properties at Seattle, Wash., and Juneau and Skagway, Alaska and town lots in Seattle, Wash., Portland, Ore., San Francisco and Prescott. Wash.

Stock. . .Par $100. . .Authorized ist pref., 1,525,000 V Issued ist pref., 1,525,000 V $12,525,000 ( 3d pref., 4,000,000 ) ( 3d pref., 4,000,000 )

The ist and sd preferred stocks are non-cumulative, and the 1st is entitled to 5 per cent, and the 3d to 4 per cent, dividends in their order. Then, after 4 per cent, has been paid in any year on the common stock, the 3d preferred and the common share equally in any further surplus earnings.

Transfer Agent, Manhattan Trust Co. , New York. Registrar, Chase National Bank, New York.

The payments of dividends on the company's stocks began in June, 1898, with the declaration of 5 per cent, on the 1st preferred and 1 per cent, on the 3d preferred. In 1898, the company paid 5 per cent, on the 1st preferred, 4 per cent, on the 3d preferred and 3 per cent, on the common. In 1899, paid per cent, on the 1st preferred, 3M per cent, on the 2d preferred and a per cent, on the common. In November, 1899, the dividend periods were changed fropi half yearly to quarterly. In 1000, the company paid at the rate of 5 per cent, on the 1st preferred, 4 per cent, on the 3d preferred and 4 per cent, on the common. Since August, 1903, the dividends on the common, 1st preferred and 2d preferred have all been at the rate of 5 per cent, per annum. The quarterly dividends are paid in February (1), May, August and November, and were ij per cent, on 1st preferred, 1 per cent, on 3d preferred and per cent, on common, but in November, 1905, the dividends on the sd preferred and common were increased to ij per cent., putting the two stocks on a 6 per cent, basis, this having since been the regular rate.

Funded Debt 1st mort., 5 per cent., due June, 1946, June and Dec $5,000,000

The authorized issue of ist mortgage bonds is $5,000,000.

Earnings Year ending June 30

Gross Net Charges Dividends Surplus

905-o6 6,308,413 1,455,382 263,597 736,250 455.534

1906-07 74o6,495 1,489,672 282,583 736,250 470,840

President and Chairman, Henry W. Cannon, New York. Vice-President and General Manager, J. C. Ford, Seattle, Wash. Vice-President, William M. Bamum, New York. SecreUry and Assistant Treasurer, Clifford C. Fay, New York. Treasurer, John Kean, New York. Assistant Secretary and General Auditor, J. W. Smith, Seattle.

Director— Copley Amory, New York. William M. Bamum, New York. Henry W. Cannon, New York. J. D. Farrell, Seattle. Edward H. Harriroan, New York. James N. Hill, New York. John Kean, New York. Grant B. Schley, New York. H. A. Tucker, Boston.

68a THBS MANUAL OP STATISTICS

Corporate office, 83 Montgomery street, Jersey City. New York office, 10 WaU street Seattle, wash., office, 77 Washington street. Annual meeting, second Wednesday in October, at Jersey City.

Pacific Gas A Electric Co.

CALIFORNIA GAS & ELECTRIC CORPORATION SAN FRANCISCO GAS & ELECTRIC CO.

A corporation formed under the laws of California, October 11, 1905. The company was organized as a holding concern to combine the California Gas & Electric CorporatioD and the San Francisco Gas & Electric Co. It acquired 09.79 ocnx.. of the capital stock of the former and 97.17 per cent, of the latter company. It owns the California Central Gas & Electric Co., the Fresno Gas & Electric Co. and the Vallejo Gas Co. See separate statement of the California Gas 8l Electric Corporation below.

On January x, 1907, the company had in service in San Francisco, 50 miles of mains ami 46,633 meters.

The preferred stock is 6 per cent., cumulative. Stock is transferred by the Secretary of the company, San Francisco. Transfer Agent, Mercantile Trust Co., San Francisco.

A dividend of per cent, was paid on the preferred stock April 15, 1906. No dividends since.

Funded Debt

Collateral trust mort. 5 per cent., due Jan., 1936, Jan. and July $9.7i7t9

Debentures, 6 per cent., due Dec. , 1908-16, June (15) and Dec 3,969000

California Central Gas & Electric 1st mort., 5 per cent., due Aug., 1931, Feb. and Aug. 1,000,000

Total $14,686,967

The collateral trust mortgage is $10,350,000 authorized and is secured by a deposit of $15,848,400 stock of the San Francisco Gas & Electric Co. and $9,750,000 of the stock of the California Gas & Electric Corporation. Trustee of the mortgage and agent for the payment of interest. Union Trust Co., San Francisco. Interest is also payable in New York.

The serial debentures were created in 1905, and were $4,500,000 authorized. They mature $400,000 on each December i for 10 years and $5a5,ooo the eleventh and last year.

Earnings of all Properties, including California Gas & Electric Corporation, San Francisco Gas & Electric Co. and Others directly Operated Year ending June 30

Charm Gtots Net *CharKet Sub. Surplo*

Charges do not include the sinkinK fund for the debentures.

Chairman of the Board, N. W. Halsey, New York. President, F. G. Drum, San Francisco. Vice-President, John A. Britton, San Francisco. Secretary, D. H. Foote, San Francisco.

Directors — Frank D. Anderson, San Francisco. Henry E. Bothin, San Francisco. John A. Britton, San Francisco. William H. Crocker, San Francisco. E. J. de Sabla, Jr., San Francisco. F. G. Drum, San Francisco. C. P. Eells, San Francisco. N. W. Halsey, New York. Garret W. McEnemey, San P'rancisco. John Martin, San Francisco. Louis F. Ifonteagle, San Francisco. Cyrus Peirce, San Francisco. Leon Sloss, San Francisco. Frank D. Stringham, San Francisco. Joseph S. Tobin. San Francisco.

Main office, 925 Franklin street, San Francisco. Annual meeting, second Tuesday in April, at San Francisco.

CALIFORNIA GAS & ELECTRIC CORPORATION— A corporation formed andertM laws of California, December 5, 1901. The company is a consolidation of the foUowinc companies :

Percent, of Percent, of

stuck owned stock ovBcd

Bay Counties Power Co. 100. United Gas & Electric Co xoo.

Valley Counties Power Co 100. South Yuba Water Co 99.7a

Oakland Gas Light & Heat Co 100. Central California Electric Co loa

Oakland Equitable Gas Co 100. Blue Lakes Water Co

Sacramento Electric, Gas & Rail- Stockton Water Co 993'

way Co 99.76 San Mateo Power Co loa

Standard Electric Co. of California. 100. Berkeley Electric Lighting Co loa

68a THK MANUAL. OP STATISTICS

Coiporate ofiBce, 83 Montgomery street, Jersey City. New York office, 10 WaO smI Seattle, wash., office, 77 Washington street. Annual meeting, second Wednesday in OctoN at Jersey City.

Pacific Gas A Electric Co.

CALIFORNIA GAS & ELECTRIC CORPORATION SAN FRANCISCO GAS & ELECTRIC CO.

A corporation formed under the laws of California, October 11, 1905. The company n organized as a holding concern to combine the California Gas & Electric Ccxporatioa and i San Francisco Gas & Electric Co. It acquired 09.79 per cent, of the capital stock of i former and 97.17 per cent, of the latter company. It owns the California Central Gas & Elccd Co., the Fresno Gas & Electric Co. and the Vallejo Gas Co. See separate statement of 4l California Gas & Electric Corporation below.

On January i, 1907, the company had in service in San Francisco, 530 miles of mains ad 46,633 meters.

The preferred stock is 6 per cent., cumulative. Stock is transferred by the Secretary of dl company, San Francisco. Transfer Agent, Mercantile Trust Co., San Francisco.

A dividend of per cent, was paid on the preferred stock April 15, 1906. No dividual since.

Funded Debt

Collateral trust mort. 5 per cent., due Jan., 1936, Jan. and July $9,7i7.gf|

Debentures, 6 per cent., due Dec. , 1908-16, June (15) and Dec yijfiim

California Central Gas & Electric ist mort., 5 per cent., due Aug., 1931, Feb. and Aug. 1,000.000

Total $14,686,961

The collateral trust mortgage is $10,350,000 authorised and is secured by a deposit of $15,848,400 stock of the San Francisco Gas & Electric Co. and $9,750,000 of the stock of California Gas & Electric Corporation. Trustee of the mortgage and agent for the paymeal of interest, Union Trust Co., San Francisco. Interest is also payaUe in New York.

The serial debentures were created in 1905, and were $4,500,000 authorized. They mstnre $400,000 on each December i for 10 years and $500,000 the eleventh and last year.

Earnings of all Properties, iNCLroiNO California Gas & Electric Corpobatio\ San Francisco Gas & Electric Co. and Others directly Operated Year ending June 30

Charges GioM Net *Chareet Sub. Co*. Swylai

Charges do not include the sinking fund (or the debentures.

Chairman of the Board, N. W. Halsey, New York. President, F. G. Drum, San Frandoco. Vice-President, John A. Britton, San Francisco. Secretary, D. H. Foote, San Francisco.

Directors — Frank D. Anderson, San Francisco. Henry E. Bothin, San Francisco. John A. Britton, San Francisco. William H. Crocker, San Francisco. E. J. de Sabla, Jr., San Francisca F. G. Drum, San Francisco. C. P. Eel Is, San Francisco. N. W. Halsey, New York* Garrd W. McEnemey, San Francisco. John Martm, San Francisco. Louis F. Ifonteagie, Sas Francisco. Cyrus Peirce, San Francisco. Leon SIoss, San Francisco. Frank D. Stringham, San Francisco. Joseph S. Tobin. San Francisco.

Main office, 925 Franklin street, San Francisco. Annual meeting, second Tuesday in April at San Francisco.

CALIFORNIA GAS & ELPXTRIC CORPORATION— A corporation formed under tM

laws of California, December 5, 1901. The company is a consolidation of the following companies :

Per cent, of Per cent, of

stock owned Stock omtntA

Bay Counties Power Co 100. United Gas & Electric Co loa

Valley Counties Power Co 100. South Yuba Water Co 99.7a

Oakland Gas Light & Heat Co 100. Central California Electric Co loa

Oakland Equitable Gas Co Blue Lakes Water Co 9959

Sacramento Electric, Gas & Rail- Stockton Water Co 932

way Co 99*76 San Mateo Power Co 10a

Standard Electric Co. of California, too. Berkeley Electric Lighting Co 10a

. Industrial. Securities 683

The operations extend into 23 counties, comprising: an area of approximately 225 mites in one direction and 125 miles in the other, or 31,409 square miles ; territory containing 1,350,000 people, or over 60 per cent, of the population of California. One hundred and nine dties, towns and lesser communities are served.

The companies' hydraulic generating stations, fifteen in number, have a capacity of 93, 150 horse power ; its steam and gas generating stations have a capacity of 39,982 ; making a total of horse power now in operation, with transmission lines over 1,500 miles in tength, and 31 reservoirs, with a storage capacity of approximately 25,000,000,000 gallons of water.

The gas business is also extensive, there being in service at the present time (exclusive of San Francisco) 55,000 gas meters and 31,000 appliances for the use of fuel gas, with a. distributing system covering 637 miles of mains.

The company owns the entire street railway system of Sacramento, Cal., 24 miles, and owns and controls water rights, electric power and light transmission lines, and gas plants and mains for Sacramento and adjoining places, supplying 31 cities and towns.

In 1904, it acquired control of the Standard Electric Co., the United Gas & Electric Co. and the Vallejo Gas Light Co. In January, 1905, this company acquired substantially all the stock of the South Yuba Water Co. and ite controlled property, the Central California Electric Co. Other controlled properties embrace the Oakland Equitable Gas Co., Berkeley Electric Lighting Co., Blue Lakes Water Co., Stockton Water Co. and San Mateo Power Co.

In September, 1905, a syndicate, represented by N. W. Halsey & Co., New York and San Francisco, acquired a controlling interest in this company and the San Francisco Gas & Electric Co., and a new holding company, the Pacific Gas & Electric Co., was formed to take over both concerns. It owns 99.17 per cent, of the company's stock. See statement of the latter company above. Stock Par $100 Authorized,' $45,000,000 Issued, $10,000,000

The balance of the stock is in the treasury of the corporation or the subsidiary companies.

In August, 1904, the stockholders subscribed for $861,500 new stock, making the amount outstanding $10,000,000. Stock is transferred and registered by the Secretary of the company, San Frandsco.

Monthly dividends of 25 cents per share were paid from May, 1904, until December, 1905, inclusive. None since.

Funded Debt

ist con. mort., 5 per cent., due March i, 1933, March and Sept $10,000,000

Sacramento Elec. Gas & Ry. Co. ist m., 5 p. c, g., due Nov. i, 1903-27, May and Nov. 2,2x0,000 Central Electric Railway ist mort., 6 per cent., due June i, 1912-21, June and Dec. . 265,000 Bay Counties Power Co. ist mort., 5 per cent., due Sept. i, 1930, March and Sept... 1,870,500

" " " 2d mort., 6 per cent., due April i, 1931, April and Oct 750,000

Valley Counties Power Co. ist mort., 5 per cent., due May i, 1930, May and Nov.. . 2,476,000 Oakland Gas Light & Heat Co. ist m., 5 p. c, due March 16, 1916, March and Sept. . x, 000,000

Berkeley Electric Lighting Co. ist mort., 6 per cent., due July, 1921, quar., Feb 26,000

Standard Electric ist mort., 5 per cent., due Sept., 1939, March and Sept. . , 5,000,000

Stockton Water Co. ist mort., 6 per cent., due April, 1911, April and Oct 297,000

Blue Lake Water Co. ist mort., 6 per cent., due March, 1938, March and Sept 725,000

South Yuba Water Co. , ist mort. , 6 per cent. , due April, 1910, Apr. and Oct 339i000

new mort., o percent., due July, 1923, Jan. and July 1,161,000

United Gas & Electric Co. mort., 5 per cent., due July, 1932, Jan. and July 2,000,000

Total $28,1x9,500

The total amount of the ist consolidated mortgage of the California Gas & Electric Corporation is $10,000,000, and it is secured by practically all the shares of the constituent companies as collateral. Of the total mortgage $2,000,000 is reserved for acquisitions and betterments. The bonds are subject to call on any interest day at no and interest. A sinking fund is provided as follows : March i, 1904 to 1908, $150,000 per annum ; 1909 to 1913, $200,000 per annum ; 1914 to 1918, $250,000 per annum ; 1919 to 1923, $300,000 per annum ; X024 to 1928, $350,000 per annum ; 1929 to 1933, $400,000 per annum. The sinking fund will also provide for the sinking funds of the constituent companies and for the redemption of their bonds. The bonds redeemed will be kept alive and bear interest, except as their cancellation has been expressly provided for. Trustee of the mortgage and agent for the payment of interest. Mercantile Trust Co., San Francisco.

In 1907, a new unifying and refunding 5 per cent, mortgage was authorized, the total amount thereof being $45,000,000, due November, 1937, is a lien upon all the property and franchises of the California Gas & Electric Corporation now owned or hereafter acquired. It is also a lien through a supplementary mortgage to be executed by the Pacific Gas & Electric Co., prior to any other mortgage of the Pacific Gas & Electric Co., upon all the properties of that company except the stoic of the San Francisco Gas & Electric Co., but includes the properties of the California Central Gas & Electric Co., Fresno Gas & Electric Lighting Co., and the Vallejo Gas

Co., subject, however, to underlying mortgages of the three last-named companies. $30,082,000 par value of the new bonds are reserved to retire prior liens. Balance will be issued in carefoBT restricted amounts for refunding floating debt and for. 85 per cent, of new improvements, betterments, etc. The bonds will be callable at 1 10 and interest upon any interest date after Novcnbcr X, 191a, upon 60 days' notice.

The mortgage provides that a sinking fund be created and maintained as follows : 1913 to 1916 inclusive, $45o,ocx> per annum ; 1917 to 1931 inclusive, $550,000 per annum ; 1933 to 1996 inclusive, $700,000 per annum ; 1927 to 1936 inclusive, $900,000 per annum. This sinking fund will be applied as far as necessary toward making the sinking fund payments required bf underlying mortgages and the balance to purchase for the sinking fund of the bonds issued under the new mortgage.

N. W. Halsey & Co., 49 Wall Street, New York, with branch offices in Philadelphia, Chicago and San Francisco, as managers, have recently formed an underwriting syndicate to purchase a maximum of $9,093,00 par value of the new unifying and refunding bonds.

The total amount of the ist mortgage of the Sacramento Electric, Gas & Railway Co. $2,500,000, of which amount $250,000 are for Central Electric Railway bonds. Bonds may be retired as follows : 1902 to 1906, $5,000 per annum ; 1907 to 191 1, $10,000 per annum ; 1912 to X916, $20,000 per annum ; 191 7 to 192 1, $,000 per annum ; 1922 to 1926, $40,000 per Trustee and agent for the payment of mterest, California Safe Deposit & Trust Co., Saa Francisco. Interest is also payable by the Guaranty Trust Co., New York.

The ist mortgage of the Central Electric Railway is for $265,000. Trustee and mgati for the pigment of interest, California Safe Deposit & Trust Co. Interest is also payable by the Union Trust Co., New York. The 2d mortgage bonds of the Bay Counties Power Co. are subject to call at any time at iio.

The total amount of the xst mortgage of the Valley Counties Power Co. is $2,5oo,oool A sinking fund, beginning in 1905 with i per cent, of the outstanding bonds and increasing to 3 per cent, in 1925 and thereafter, is provided. Trustee, Mercantile Trust Co., San Francisco.

The Standard Electric Co., which this company acquired in X904, has $5,000,000 5 per oeat. bonds, of which this company owns $2,000,000 and guarantees the bonds.

Under the arrangement by which this company acquired the South Yuba Water Co., it guarantees the $x, 300,000 bonds of that company and $773,000 bonds of the Central Cafiforaia Electric Co.

President, John A. Britton, San Francisco. Vice-President, F. G. Drum, San FrandsooL Secretary and Treasurer, D. H. Foote, San Francisco.

Directors — Frank D. Anderson, San Francisco. F. J. de Sabla, Jr., San Francisco. F. G. Drum, San Francisco. N. W. Halsey, New York. Garret W. McEnemey. San FraxKMOo. Leon Sloss, San Francisco. John A. Britton, San Francisco. C. P. Eells, San Francisca John Martin, San Francisco. Cyrus Pierce, San Francisco.

Main office, 925 Franklin street, San Francisco.

SAN FRANCISCO GAS & ELECTRIC CO— A corporation formed under the Uws of California, December 11, X896. The company succeeded the Edison Light & Power Co. of Saa Francisco, and also combined with it a number of separate independent gas companies m the same city. The company supplies gas and electricity for lighting and power in the city of Saa Francisco. The capacity of its gas plants is about 15,000,000 cubic feet of gas per day, and its electric plants have a capacity of 40,000 kilowatts.

In 1905, the Pacific Gas & Electric Co. acquired about 97 per cent, of this company's stock, giving for each share $25 cash, and $65 in 5 per cent bonds of the new company. See statemeoi of the Pacific Gas & Electric Co. above.

Stock. . Par $100 Aulhorited, $20,000,000 Issued, $X5,848,433

Stock is transferred at the office of the company, San Francisco.

The first dividend on the stock was $1 per share, paid March x, 1897. Dividends of sooeott per share were paid monthly from April x, 1897, to April x, 1899, inclusive, the sobseqoait monthly rate being 42 cents per share until January 2, 1900, inclusive ; then 33 cents per shiv until April i, X901, inclusive ; then 25 cents until July i, 1901, after which latte there were no dividend payments until $2.50 per share, or s per cent., was paid December 24, 1903. Subsequent dividends were at the rate of 5 per cent, per annum, or per cent, quarterly, the divided periods being March (31), June, September and December.

Funded Debt.

San Francisco Gas & El., gen. mort., per cent., due Nov., 1933, May and Nov... $9,800,000

Edison Light & Power ist mort.,6 p.c, due Nov., xo2x, quar.,Feb.(3), May, Aug., Nov. 623.000

Pacific Gas Improvement mort., 4 per cent., due Sept., 1920, quar., March i,x69,aoo

Total $xi,5ga,oao

Industrial. Securities 685

The 4% per cent, general mortgage:e was created in 1903. The authorized amount is $10,000,000. Trustee, Union Trust Co., San Francisco. Beginning; November i, 1906, $100,000 annum of the bonds, numbered from i to 4,000, inclusive, are to be drawn and redeemed at

The authorized amount of the Edison Light & Power Co.'s mortgage is $800,000, $177,000 of the bonds having: been retired and canceled. Trustee, California Safe Deposit & Trust Co., San Francisco. Interest is paid at the office of the company.

President, John A. Britton, San Francisco. Vice-President, F. G. Drum, San Francisco. Secretary, Charles L. Barrett, San Francisco. Treasurer, Cyrus Peirce, San Francisco.

Directors— Henry E. Bothin, San Francisco. John A. Britton, San Francisco. Charles W. Conlisk, San Frandsco. E. J. de Sabla, Jr., San Francisco. F. G. Drum, San Francisco. John S. Drum, San Francisco. N. W. Halsey, New York. John Martin, San Francisco. Garret W. McEnemey, San Francisco. Cyrus Peirce, San Francisco. Frank D. String:ham, San Francisco. Georg:e K. Weeks, San Francisco.

Corporate and main office, 925 Franklin street, San Francisco. Annual meeting:, first Tuesday after April 19, at San Francisco.

Pacific Kail Steamship Co.

A corporation formed under the laws of New York, April zs, 1S48. In November, 1900, a controlling: interest in the stock of this company was acquired by the Southern Pacific Co. The latter company now owns $10,005,000 of the stock.

This company operates lines from San Francisco to Panama and Central American and Mexican ports, and from San Francisco to Yokohama and Hong: Kone. Under agreement made in 1895 with the Panama Railroad Co., this company withdrew its hne between New York and Aspinwall, Colombia, which was to be served bv the vessels' controlled by the Panama Railroad Co., the latter withdrawing from the Pacific. The contract was renewed from time to time, the last renewal being: in 1902, but terminated in 1905, and the United States Government, now controlling the Panama Railroad, did not renew it. Steamships, 16, together with a number of tugs, launches and lighters. Capital stock Par $xoo. Authorized, $ao,ooo,ooo Issued, $ao,ooo,ooo

Transfer Agent, Union Trust Co., New York. Registrar, Mercantile Trust Co., New York.

Dividends were suspended in 1897, but began again in December, 1896, when x per cent, was paid. In 1897, paid 2 per cent.; in 1898, per cent; in 1899, 3 per cent. The last dividend paid was per cent., December i, 1899. It was announced that the company would suspend ctividends and mcrease and improve its fleet with the surplus earnings.

Earnings Year ending April 30

Diva. Paid Grow Net

1898-99 2j 4,140,713 i,"6,,'6

X899-00 3 3.817,620 830,189

X900-0X 3,07x,x66 x67,82x

190X-02 2,009,346 Def. 307935

X903-04 3,601.766 246,896

X906-07 4,839,345 130,404

Gross earnings include revenues other than from steamship service. The net is given after deducting all charges.

President, Edward H. Harriman, New York. Vice-Piesident and General Manager, R. P. Schwerin. San Francisco. Secretary, Alexander Millar, New York. Assistant Secretary, Joseph Hellen, New York. Treasurer, A. K. Van Deventer, New York. Assistant Treasurer, M. B. Wallach, San Frandsco. Comptroller, William Mahl, New York. Assistant Comptroller, H. B. Johnson, New York.

Directors— Maxwell Evarts, New York. Henry W. De Forest, New York. Robert Goelet, New York. Edward H. Harriman, New York. R. S. Lovett, New York. George H. Macy, New York. Ogden Mills, New York. R. P. Schwerin, San Francisco. W. V. S. Thorne, New York.

Main office, xao Broadway, New York. Annual meeting, last Wednesday in May, at New York.

Page Wo¥Ek Wire Femce Co.

A corporation formed under the laws of New Jersey, ii, 1901, for the poiposcof manufacturing: and selling; wire fence, etc. The company acquired the property of the Pa Woveo Wire Fence Co. of Illinois, with plants at Monessen, Pa., and Adrian, Mich.

The preferred stock is 7 per cent., non-cumulative. Transfer Agent, North American TraM Co., New York. Registrar, Corporation Trust Co., New York.

Dividends of 7 per cent, were paid on the preferred, but were reduced to 5 per cent, in 1904. and the Febniaiy, 1906, dividend was passed.

Funded Debt ist mort., sinking fund, due April i, 1922, April and Oct $1,400,000

The total amount of the authorized ist mortgage was $a,ooo,ooo. Of the bonds, $6oD,ao have been paid and retired. Bonds may be called after July i, 1905, at ixoahd interesL Payments for the retirement of the bonds to the par value of $100,000 annually, beginning: Apifl I, 1905, are provided for. Trustee of the mortgage and agent for the payment of interest. Trust Co. ot North America, New York.

President, J. Wallace Page, Adrian, Mich. Vice-President, Austin Clement, Chicago, aad Vice-President, Charles M. Lamb, Monessen, Pa. Secretary, Arthur B. Cody, Chicago. Treasurer, L. B. Robertson, Adrian.

Directors— D. M. Baker, Adrian. John E. Carr, Adrian. Austin Clement, Chicaga Arthur B. Cody, Chicago. David N. Hanson, Chicago. Charles M. Lamb, Monessen. F. B. Lamb, Jersey City. S. W. McMunn, Chicago. J. Wallace Page, Adrian. A. PodFaauk, Chicago. L. B. Robertson, Adrian.

Corporate office, 15 Exchange place, Jersey City. Chicago office, i J5 Adams street. Branch offices, Adrian, Mich., and Monessen, Pa. Annual meeting, fourth Wednesday in July, at Jersey City.

The Peck, Stow 4 Wilcox Co.

A corporation organized in 1870 as a joint stock company and in 1880 chartered by an Act of the Connecticut Legislature. The company manufactures tinners* machinery, mechanics' tools and general hardware. It has factories at Southington, Plantsville and East Berlin, Conn., and at Cleveland. Stock Par $25 Authorized, $1,250,000 Issued, $1,250,000

Stock is transferred by the Secretary of the company, Southington, Conn.

Dividends at the rate of xo per cent, per annum are paid, the payments being quaiterlv, aS per cent, each in January, April, July and October. In August, 1901, an extra mvidend of 2 per cent, was and similar extra dividends were also paid in August, 1902, 1903 and 1904 ; in July, 1905, a special dividend of 3 per cent, was paid ; on August 15, 1906, one of 5 per oenL, and on August 15, 1907, another of 6 per cent.

The company's surplus account, July i, 1906, was $631,758.

President, Augustus R. Treadwav, Cleveland. Vice-President, M. B. Willcor, Scnithington. Conn. SecreUry, Edwin N. Walkley, Southington. Treasurer, Stephen WalUey, Southington.

Directors— A. F. Eggleston, Hartford, Conn. Marcus Holcombe, Southington, Conn. Frank C. Sumner, Berlin, Conn. Augustus R. Treadway, Cleveland. L. H. Treadway, CleveUnd. Webster R. Walkley, Brooklyn, N. Y. F. L. Wilcox, Beriin, Conn. Maroellus B. Willcox. Southington. S. H. Wilcox, Brooklyn.

Main office, Southington, Conn. New York salesrooms, 27 Murray street. Annual meeting, last Wednesday in July, at Southington.

PEEKSKILL LieHTIKG A RAILROAD CO.

A corporation originally incorporated as the Peekskill Lighting Co. under the laws of Ne York. July 12, Z900. The company is controlled by the Northern Westchester Securities Co.. which company also controls the Hudson River & Eastern Traction Co.

The company having acquired the Peekskill Gas Light Co., the Peekskill Electric Light & Power Co. and the Peekskill Traction Co., the name was changed in 1900 to the present style.

Its electric, gas and street railway franchises are perpetual. It acquired the following properties:

Peekskill Gas Light Co. Peekskill Traction Co.

Peekskill Electric Light & Power Co.

Industrial. Se3Curities 687

The company owns and operates 11 miles of street railway in Peekskill and vicinity, and has a gas plant, an electric power-house and a storage battery plant.

stock Par$.co. Authomed [ '""'d ] TrS:; [ 'So.ooo

The preferred stock is 6 per cent., cumulative, and dividends on it are paid 3 per cent, each in June and December. On the common stock i per cent, quarterly dividends are paid in January, April, July and October. Stock is transferred by the Secretary of the company. New York.

Funded Debt ist mort., sinking fund, 5 per cent, gold, due Oct. x, 1930, April and Oct $628,000

The total amount of bonds authorized is $750,000. The balance in the company's treasury may be issued for extensions. The bonds can be called at no and interest. Trustee of the mortgage. New York Trust Co., New York.

Earnings Year ending June 30

Gross Net Charge* Surplus

1904-05 ii9,'65 50,598 34,960 15,638

Charges since 1902-03 include sinking fund payments.

President, F. A. Stralton, Mount Vernon, N. Y. Vice-President, Stuart Wilder, Ossining, N. Y, Secretary. Charles H. Werner, New York. Treasurer. W. B. Clements, Ossining, N. Y.

Directors— W. J. Bagnell. James A. Byrne. W. B. Clements. L. B. Grant. F. A. Stratton. Wilden L. Stratton. Richmond Talbot. Charles H. Werner. Stuart Wilder.

Main office, Peekskill, N. Y. New York office, 3 South William street. New York. Annual meeting, second Tuesday in February, at Peekskill.

Pehmsyl¥Amia, Beech Creek A Eastern Coal Co.

Pennsylvania Coal & Coke Co.

A corporation formed under the laws of Pennsylvania in August, 1906. The company oontrob, by a lease for 999 vears, from September i, 1906, the properties of the Pennsylvania Coal & Coke Co.; Beech Creek Coal & Coke Co.; Webster Coal & Coke Co.; Chest Creek Coal & Coke Co.; Gallitzin Coal & Coke Co.. Hooverhurst & Southwestern Railroad Co., and a controlling interest in the North River Coal ft Wharf Co., which has dock properties at Port Liberty, N. J. The company has contracts with the New York Central and other roads for the sale of supply coal.

See below for detailed statement of the Pennsylvania Coal & Coke Co. Stock Par $100 Authorized, $5,000,000 Issued, $2,250,000

The amount of stock issued, as given above, includes that which attached to the sale of the company's serial bonds described below.

Funded Debt " Serial bonds, 5 per cent., due 1911-45, April and October $3,000,000

See statement of the Pennsylvania Coal & Coke Co. for the funded debts of that and the other lessor organizations.

The serial bonds, authorized in 1906, are for $3,000,000. and mature $50,000 on October i of each year from 191 1 to 1920, inclusive, and $100,000 on the same date each year from 192 1 to 1945, inclusive. Trustee and agent for the payment of interest, Standard Trust Co., New York. In February, 1908, the unsold balance of $1,750,000 of the issue was offered for subscription at 90, with a bonus of 50 per cent, of the face value of the bonds in the company's stock.

A statement (partly estimated) of the company's earnings for six months, ending March i, 1907, showed : gross, $3,675,073 ; net, $458,831 ; charges and rental, $366,528 ; surplus, $92,200.

President, James Kerr, Clearfield, Pa. Vice-President, T. H. Watkins, Scranton, Pa. Secretary and Treasurer, A. G. Edwards, Philadelphia.

Directors — JamesT. Gardiner, New York. W. A. Lathrop, Philadelphia. James Kerr, Clearfield, Pa. Robert Mitchell. New York. A. G. Palmer, Patton, Pa. S. T. Peters, New York. Clarence D. Simpson, Scranton, Pa. R. C. Storey, Boston. T. H. Watkins, Scranton. R. H. WiUiams, New York.

Main office, Land Title Building, Philadelphia. Annual meeting, third Tuesday in February, at Philadelphia.

The Manual Of Statistics

PENNSYLVANIA COAL & COKE CO.— A corporation formed under the laws of Penssylvania, June 3, 1903. The company has bituminous coal properties in Clearfield, Cambria, Bbir and Indiana Counties, Pennsylvania, comprising about 117,000 acres. It controls the Wehtter Coal & Coke Co., and, in 1904, acquired the Beech Creek Coal & Coke Co. The New Yort Central & Hudson River Railroad Co. in 1904-5 built an extension afTording this company 1 portation over its system.

In 1906, this company's properties and those of the different auxiliary concerns wer for 999 years to the Pennsylvania Beech Creek and Eastern Coal Co. See statement of the Utia company above.

The preferred stock xs'S per cent., non-cumulative. Stock is transferred at the office of the company, Philadelphia. Restrar, Commercial Trust Co., Philadelphia.

Funded Debt

ist mort., Series A, 5 per cent., due July, 1932, Jan. and July. , it-ji/xo

Consolidated and col. tr. mort., 5 per cent., due Sept., 1053, March and Sept 7,012.50:

Webster C. & C, ist. cons, mort., 5 per cent., due March, 1942, March and Sept. . . . 3,0001,000

Beech Creek C. & C, ist mort., 5 per cent., due June, 1944, June and Dec

Chestnut Creek Land & Imp., ist mort., 4 per cent., due Oct., 1924, April and Oct ao4.oa>

Total $14,190,50:

The Pennsylvania Coal & Coke Co.'s consolidated and collateral trust as for Sia,- 000,000, of which $4,200,000 is reserved to retire the ist mortgage bonds and the Webster CoaJ & Coke Co. 5s,' and $502,000 to retire car trusts and purchase money mortgages, $4,391,000 of the bonds being available for improvements and acquisitions. Trustee, Scranton Trust Ox. Scranton, Pa.

President, W. A. Lathrop, Philadelphia. Vice-President, T. H. Watkins, New York. Secretary and Treasurer, A. G. Edwards, Philadelphia.

Directors— James Kerr, New York. W. A. Lathrop, Philadelphia. Robert Mitchell, Phiiftdelphia. S. T. Peters, New York. Clarence D. Simpson, Scranton, Pa. T. H. WaUiBi Scranton. R. H. Williams, New York.

Main office. Land Title Building, Philadelphia. Annual meeting, fourth Monday in Janaair. at Philadelphia.

The Pemhsylyaiiia Cehtral Buewikg Co.

A corporation formed under the laws of Pennsylvania, August 23, 1897. The compan? acquired brewery properties at Wilkes-Barre, Scranton, Pittston, Hazleton, Honesdale, Carinedale and Dickson, Pa., a list of which was given in the Manual for 1904. The annual oatpet is about 350,000 barrels.

The preferred stock is 8 per cent., cumulative. Stock is transferred at the office of the company, Scranton, Pa. Registrar, Anthracite Savings Bank, Wilkes-Barre, Pa.

The first dividend on the preferred was 2 per cent, semi-annual, paid January a, 1905; aad semi-annual dividends of the same amount or at the rate of 4 per cent, per annum were paid to January i, 1907, inclusive, since which time no dividends have been paid.

Funded Debt ist mort., 6 per cent, bonds, due 1927, April and Oct $30oo.ooc

The authorized bond issue is $2,800,000, but $500,000 have been retired by payments from tke sinking fund. Trustee of the mortgage and agent for payment of interest. Fidelity That Co Philadelphia.

President, Charles Robinson, Scranton, Pa. Vice-Presidents, William Kelly, Scrantoa. Harry W. Jacobs. Hazleton, Pa. Secretary and Treasurer, W. G. Harding, Scrantos. Treasurer. A. J. Casey, Scranton.

Directorv-A. J. Casey, Scranton. P. J. Casey, Scranton. J. George Hufnagle, Dkkxa Pa. R. M. Hughes, Piitston. H. W. Jacobs, Hazleton, Pa. William Kelly, Scranton. Georv N. Reichard, Wilkes-Barre, Pa. August Robinson, Scranton. Charles Robinson, Scranton. Philip Robinson, Scranton. K. J. Rutledge, Scranton.

General offices, 431 North Seventh avenue, Skranton, Pa, Annual meeting, second Friday ii October, at Scranton.

INDVdTRUL SBCVRITIBS

PEHKSYLVMHIM SALT HAKUFMCTUBIMe CO.

A corporation formed under the laws of Pennsylvania, September 35, 185a It was the pioneer concern in the heavy chemical industry in the United States. The company has larg:e plants at Greenwich Point, Philadelphia, Natrona, Allegheny County, Pa., and Wyandotte, Mich. The company imports kryolith, pyrites and nitrate soda, and manufactures Natrona bicaiiwnate soda, catistic soda, sal soda, pure alumina for aluminum, Natrona porous alum, crystal or lump alum, and other chemicals and specialties which comprise the standard goods in their respective classes. Stock Par $50 Authorized, $5,000,000 Issued, $4,750,000

Stock is transferred at the office of the company, Philadelphia.

Since 1863 this company has paid dividends of 13 per cent, in half-yearly payments of 6 per cent, each in April (15) and October.

President, Theodore Armstrong, Philadelphia. Vice-President and Secretary, Austin M. Purves, Philadelphia. Treasurer, Arthur E. Rice, Philadelphia.

Director*— Theodore Armstrong, Philadelphia. George A. Heyl, Philadelphia. John S. Jenks, Philadelphia. J. Tatnall Lea, Philadelphia. James W. McAlhster, Philadelphia. Joseph Moore, Jr., Philadelphia. Thomas W. Sparks, Philadelphia.

Main office, 115 Chestnut street, Philadelphia. Annual meeting, fourth Wednesday in October.

Pehiisyl¥Aiiim Steel Co.

A corporation formed under the laws of New Jersey, April 39, 1901. The company acquired and owns the stock of the following companies :

The Penngrlvania Steel Co., of Pennsylvania. Baltimore & Sparrow's Point Railroad Co. Maryland Steel Co. Penn-Mary Coal Co.

The Spanish-American Iron Co.

The plant consists of works at Steelton, Pa., for the manufacture of steel rails, railway material, structural work, railroad crossings and special work, and that of the Maryland Steel Co., at Sparrow's Point, Md., where rails are manufactured in large quantities, and which also operates a modem shipyard and the Baltimore & Sparrow's Point Railroad, a terminal road. In April, 190Z, the company acquired the stock of the Spanish-American Iron Co.; it also owns the Lebanon Blast Furnace, Lebanon, Pa., and has a controlling interest in the Cornwall Ore Banks Co. of Lebanon, Pa., and controls the Cornwall & Lebanon Railroad Co.

This company owns the entire capital stock of the Penn-Mary Coal Co., which owns and operates about 16,000 acres of coal land in Indiana County, Pa.

On May i, 1907, this company held stocks and bonds of other companies to the amount of

The control of this company was acquired in June, 1901, by the Pennsylvania Railroad Co., in conjunction with the Reading Company. This transaction involved the acquisition of $10,000,000 each of common and preferred stock.

The preferred stock is 7 per cent., non-cumulative. Stock is transferred at the office of the company, Philadelphia. Registrar, Girard Trust Co., Philadelphia.

The stock of the old company consisted of $5,000,000 of common and $1,500,000 of 7 percent, preferred stock. Under the plan of reorganization a syndicate took $10,000,000 of new common and $10,000,000 of new preferred and furnished $9,000,000 in cash.

The company paid per cent, on the old preferred stock in October, 1899, and paid dividends at the same rate rularly in January, April, July and October.

The of dividends on the new preterred stock began November i, 1901, with a halfyearly dividend of per cent., which has since been the regular rate, the dividends being paid in May (i) and November.

Funded Debt Pennsylvania Steel Co., of Pa., old ist mort., due Nov., 1917, 5 p. c. May and Nov.. $1,000,000 Maryland Steel Co. ist mort., 5 per cent, currency, due Feb., 192a, Feb. and Aug... 3,000,00c

car trusts, 5 per cent., due 1905-13, Jan. and July 300,000

Pa. Steel & Md. Steel consolidated mort., 6 per cent., due Sept., 1935, March and Sept . 4,000,000 " collateral trust loan, 5 per cent., due Oct., 1930, April and Oct.. 6,750,000

mort. on coke ovens, p. c, due June, 1900-15, June and Dec. 1,000,000

" car trust, 5 per cent., due 19x0 7S,ooo

Penn-Mary Co. serial notes 5 per cent., due 1906-1908, April (15) and Oct 350,000

Spanish-American Iron ist mort., guar., 6 per cent., due July, 1937, Jan. and July. . . 1,454,000

Total $16,839,000

The Pennsylvania Steel Co. ist mortgage:e constitutes a prior lien on the plant at SteetUA, Pk.

The consolidated mortgagee, Girard Trust Co., Philadelphia, trustee, is for $7,000,000, aad is secured by the plant and the stock of the Pennsylvania Steel Co. and Maryland Steel Co. Of the issue $3,000,000 is reserved to retire prior bonds, and $3,300,000 was available to settle datm against the company. Interest on the consols was payable in scrip until September, i8g8. Tlie scrip is convertible into ad mortgage 6 per cent, bonds.

The collateral trust bonds were issued in 1903 and are secured by the company's interests m the Cornwall Ore Banks, the Lebanon Furnace and other properties acquired at that time. The per cent, mortgage on coke ovens, created in 1905, is redeemable $150,000 annually.

Of the Penn-Mary Coal Co. serial notes issued in 1906, $500,000 mature semi-annuaUj to October 15, 1907, and the balance on April 15, 1908.

The Spanish-American Iron Co., ist mortgage, bonds are guaranteed principal and interest and can be called at 102 in whole or part. There is a sinking fund of 30 cents per ton on all ore mined.

In 1903, the company's receipts were, gross, $1,530,461 ; net, $1,500.003 ; dividends on preferred, $1,15,000 ; balance surplus, $345,003. In the same year the earnings of the constituent companies in excess of operating expenses, charges and allowance for depreciation, were $3,189,097. In the year ending April 5, 1905, the receipts were, gross, $1,318,874; net, $1,190,- 309 ; dividends on preferred, $1,155,000; balance surplus, $35,309. In 1905-06, gross, $1,471,304; net, $1,440,301; preferred dividends, $1,155,000; adjustment of value of securities $aoo,oao; balance surplus, $85,301. In 1906-07, gross, $1,766,337; net, $1,733,979; preferred dividends $1,155,000; adjustments, $315,575 ; surplus, $362,406.

President, Edgar C. Felton, Philadelphia. Vice-President, F. W. Wood, Philadelpliia. Chairman Executive Committee, Efi&ngham B. Morris, Philadelphia. Secretary and Assistant to President, Frank Tenney, Philadelphia. Treasurer, Edmund N. Smith, Philadelphia.

Directors-George F. Baer, Philadelphia. Luther S. Bent, Philadelphia. Arthur Broc±, Philadelphia. B. Dawson Coleman, Lebanon, Pa. Theodore N. Ely, Philadelphia. Edgar C. Felton, Philadelphia. Frank J. Firth, Philadelphia. Francis I. Gowen, Philadelphia. George . H. B. Martin, Camden, N. J. Effingham B. Morris, Philadelphia. F. C. Smink, Reading, Pa. Edward T. Stotesbury, Philadelphia, George Wood, Philadelphia. William D. Winsor, Philadelphia.

Main office, Girard Building, Philadelphia. Works, Steelton, Pa.; Lebanon, Pa., and Sparrow's Point, Md. New York office, 71 Broadway. Boston office, 70 ilby street. Annual meeting, second Monday in May, at Camden, N. J.

People'S 6As Electric Co. Of Oswego

A corporation formed under the laws of New York, April 38, 190a The company contra the entire gas and electric business of Oswego, N. Y., and furnishes power to the street railway of that city under a 30-year contract. The company is a consolidation of the Oswego Gas Light Co., Home Electric Co. and People's Electric Light & Power Co. Population served, aa,ooa Stock Par $100 Authorized, $450,000 Issued, $450,000

Transfer Agents, Street, Wykes & Co., 43 Cedar street, New York. Registrar, New York Trust Co., New York.

Funded Debt

ist mort., 5 per cent., gold, due May, 1930, May and Nov $4501,000

The xst mortgage. New York Trust Co., New York, trustee and agent for the payment of interest, is for $450,000. A sinking fund begins in 1910, and bonds may be drawn tbr same at X05. The ist mortgage covers the entire property, underlying bonds of the constituent ooatpanies having been retired.

President, Charles F. Street, New York. Secretary, Victor Cumbenon, New York. Treasurer, Hunter Wykes, New York.

Directors— William B. Hord, New York. Harold F. James, New York, Charles F. Street, New York. Hunter Wykes, New York. H. M. Wykes, New York.

Main office, Oswego, N. Y. New York office, 43 Cedar street. Annual meeting, thiid Wednesday in June, at Oswego.

People'S 6As Li6Ht Coke Co.

A corporation formed under a special charter granted by the Legislature of Illinois, Fcbmaiy 13, 1855, and amended February 7, 1865. It was one of the companies whose stock was owned by the Chicago Gas Trust Co. In July, 1897, an act was passed by the Illinois Lcgislatm allowing the consolidation of all the properties with this company. In addition to the companies, which were owned by the old organization, this company, in November, 1897,

INDUSTRIAL SECtJRiTIfiS 691

purchased the property of the Mutual Fuel Gas Co. The Mutual and the Hyde Park companies were consolidated with this company in January, 1898. In January, 1899, the company acquired the Calumet Gas Co., operating in South Chicago. In October, 1900, a contract was made by which the property of the Ogden Gas Co. will be purchased by this company when its franchise expires in 1945. In February, 1907, the stockholders of the company ratified a proposition to lease the Ogden Gas Co. A lease of the Universal Gas Co. was also authorised. The Northwestern Gas Light & Coke Co. is controlled by interests identified with this company. In 1906, entered into arrangements with the Indiana Natural Gas & Oil Co. by which it will secure an increased supply of natural gas and as part of the arrangement agreed to guarantee the stock and bonds of that company.

In February, 1906, the Chicago City Council passed an ordinance fixing the price for gas in Chicago at 85 cents.

On December 31, 1907, the company had a, 31a miles of mains, 446,723 meters in service, 399,194 gas stoves, 22,648 public lamps and 60,822 gas arc lamps.

Capital stock Par $100 Authorized, $35,000,000 Issued, $33,969,100

In November, 1898, stock was increased from $25,000,000 to $30,000,000 and offered to stockholders for subscription at par. In September, 190X, there was a further mcrease (o and $4,300,300 was taken by the stockholders at par.

Transfer Agent, Lawyers' Title Insurance & Trust Co., New York.

See the Manual for 1906 for details of the consolidation effected in 1897.

The consolidated company paid its first dividend November 24, 1897, thereafter paid dividends at the rate of 6 per cent, per annum, the quarterly parents being per cent, each in February (25), May, August and November. In January, 1906, the dividend payable February 25, 1906, was reduced to per cent., putting the stock on a 5 per cent, basis, but the February, 1906, dividend was increased to per cent., restoring the stock to a 6 per cent, dividend basis.

FujfDED Debt.

People's Gas Light & Coke cons, mort., 6 per cent, due April, 1943, April and Oct.. . $4,900,000

ref. mort., 5 pier cent., due Sept., 1947, March and Sept... 10,400,000

Chicago Gas Light & Coke xst mort., 5 per cent., due July, 1937, Jan. and July 10,000,000

Lake Gas & Light xst mort., 6 per cent., due July, 1015, Jan. and July 300,000

Consumers' Gas xst mort., 5 per cent., due Dec., X930, June and Dec 4,346,000

Mutual Fuel Gas ist mort., assumed, 5 per cent., due Nov., 1947, March and Nov... 5,000,000

Calumet Gas Co. xst mort, assumed, 6 per cent, due July, 19x7, Jan. and July.. . . 250,000

Total $35.396ooo

Funded Debt— Subsidiary Companies

Ogden Gas, xst mort., guar., 5 percent., due May, 1945, Feb. and Aug $6,000,000

Indiana Nat. Gas & Oil, ref. mort., guar., 5 per cent., due May, X936, May and Nov. 3,000,000

The People's Gas Light & Coke Co. refunding morterage created in 1897 is for $40,000,000? of which $29,046,000 are reserved to retire underlying bonds. The balance may be issued for additional property. Of the reserved amount $2,500,000 was issued to replace Chicago Economic Fuel Gas Co. bonds previously held in treasury.

The Chicago Gas Trust Co. was Incorporated April 38, 1887, to acquire the controlling interest in all the gas companies supplying the city of Chicago, eight in number, comprising the Chicago Gas Light & Coke Co., the People's Gas Light & Coke Co., the Consumers' Gas Co., Equitable Gas Light & Fuel Co., Suburban Gas Co., Lake Gas Co., Hyde Park Gas Co. and Ilhnois Light, Heat & Power Co. The Illinois Light, Heat & Power Co. was owned by the People's Co.; the Lake Gas Co. and Hyde Park Gas Co. by the Consumers' Co., and the Suburban Gas Co. by the Chicago Gas Light & Coke Co. The control of the Chicago Economic Fuel Gas Co. was also acquired. For a detailed account of the Chicago Gas Trust Co. , see the Manual for 1900. The charter of that company was surrendered in 1891, and the securities of the various compa'nies were placed in the hands of the Fidelity Insurance Trust & Safe Deposit Co. of Philadelphia, which issued its certificates of an equitable interest in the properties in lieu of the old stock.

Earnings Gross

X898 $7,36,526

90o 9.090,337

Net

Charges

Balance

$x,627,925

Earnings — Continued

Gross Net Charges Sorplcs

9oo 11,680,044 4,890.741 i,8i9,J9o 3,o73s35

1907 i3,m6,368 5,172,743 1,810,550

Depreciation Dividends SoiplBs

In 1899 the balance, after 6 per cent, dividends on the stock, was $241,444. In 1900, sufplvs over dividends, $480,946; in 1901, surplus, $617,536; in 1902, surplus, $679,170. The total svplus, account December 31, 1907, was ,860,333.

Chairman, Anthony N. Brady, New York. President, George O. Knapp, Chka£;o. President, E. C. Cowdery, Chicago. Vice-President, James F. Meagher, Chicago. Vice- Presidnit, W. P. Martin, Chicago. Secretary, Lyman A. Wiley, Chicago. Treasurer, . S McCrea, Chicago. Assistant Secretary, William H. Flook, New York. General Manager, W. P. Martin, Chicago.

Directors— C. K. G. Billings, New York. Anthony N. Brady, Albany, N. Y. Wahoa Ferguson, New York. Anson R. Flower, New York. George O. Knapp, Chkaigo.

Main office, 157 Michigan avenue, Chicago. New York office, 54 Wall street. Axuiiial meeting, February 10, at Chicago.

PHILADELPHIA tOMPAHY

A corporation formed under the laws of Pennsylvania, May 24, 1884. It originally opcnUcd as a natural gas company. In January, 1899, control was acquired in the interest of a geaieial consolidation of lighting and traction organizations in Allegheny County, Pa., and its enviroes. The object was to bring under one organization the natural and illuminating gas interests of this company, together with the traction and electric light and power business of Pittsburig and the surrounding district. See the Manual for 1902 for a detailed account of the various consolidatioiu and acquisitions.

The company is controlled by the United Railways Investment Co. See below.

The company owns or controls by lease the following street railway properties :

Pittsburg Railways Co. Consolidated Traction Co.

The United Traction Co. Pittsburg & Birmingham Traction Co.

Monongela Street Railway Co. Pittsburg & Charleroi Street Railway Co.

Suburban Rapid Transit Street Railway Co. East McKeesport Street Railway Co.

Washington & Canonsburg Railway Ca The Beaver Valley Traction Co.

Allegheny, Bellevue & Perrysvilie Railway Co. Mount Washington Street Railway Co. Pittsburg & Castle Shannon Railroad Co.

It also owns or controls by lease the following elearic and lighting companies : Allegheny County Light Co. Consolidated Gas Co.

Southern Heat, Light & Power Co. Allegheny Illuminating Co.

South Side Gas Co. Ohio Valley Electric Co.

Monongahela Light 8t Power Co. Braddock Gas & Light Co.

Through its own lines and those of a number of companies controlled it nearly all the natural gas consumed in Pittsburg and Allegheny and the adjacent towns. Tne principal fuel gas concerns included in the system are :

Philadelphia Co. Chartiers Valley Gas Co.

Equitable Gas Co. Pennsylvania Natural Gas Co.

Union Gas Co. of McKeesport. Allegheny Heating Co.

The total mileage of the street railways owned and controlled is 51 miles. Statements of the separate traction companies will be found under their own titles m this edition of the Manual. For convenience and economy they are all operated, under agreement, by the Pitts> burg Railways Co., one of the constituent concerns. The Beaver Valley Traction Co., 3a 1 was acquired in July, 1905.

Industrial. Securities 693

The electric nd illuminating gas properties are the only ones supplying the cities of Pittsburg: and Allegheny with such fatalities. They are operated by the Allegheny County Light Co. and the Consolidated Gas Co. of the City of Pittsburg.

In connection with its natural gas business the company leases 319*764 acres of gas lands in Pennsylvania and West Virginia.

In February, 1906, a plan was formulated for the acquisition of control of this company by the United Railways Investment Co. A proposition was submitted to this company's common stockholders to sell 16-30 of their holdings to the United Railways Investment Co., receiving for each $50 share $37.50 in collateral trust bonds secured the stock acquired and either $30 in stock of the united Railways Investment Co. or $10 m cash. Under this arrangement $31,000,000 of the common stoic was acquired. In April, 1907, $3,300,000 additional of the stock was acquired likewise. See statement of the United Railways Investment

The preferred stock is 5 per cent., non-cumulative. The amount of stock authorised at the time of the consolidation was $6,000,000 preferred and $15,000,000 common, of which there was issued $14,753,131 common and $3,998,350 preferred. In December, 1901, the authorized common stock was increased to $30,000,000. This company issued $10,600,000 new common in exchange for the stocks of the Consolidated Traction Co. and the other companies acquired at that time, and also issued for the same purpose $1,800,000 of the preferred stock held in the treasury. In 1906, the authorized common stock was increased to $36,000,000, and in September, 1906, $3,340,000 of common was allotted to shareholders at par.

Transfer Agents, Union Trust Co., Pittsburg ; Central Trust Co., New York ; Guaranty Trust & Safe Deposit Co., Philadelphia. Registrars, Fidelity Title & Trust Co., Pittsburg; Mercantile Trust Co., New York; Land Title & Trust Co., Philadelphia.

Full 5 per cent, dividends on the preferred stock have been paid since the consolidation. On the preferred the dividends are per cent half-yearly, in March (i) and September. The common stock received per cent, in 1899, 5 per cent, m 1900, $% per cent, m 1901, and 6 per cent, in 1903, to 1907 inclusive. On the common the dividends of 6 per cent, per annum are now paid quarterly per cent, each in February (i), May, August and November.

Funded Debt

Philadelphia Co. ist mort and col. mort., 5 p. c, due March, 1949, March and Sept. $5,517,000

00ns. mort. and collateral trust, 5 p. c , due Nov. ,1951, May and Nov. 15, 138,000

notes, 5 per cent. April, 1908-10, and April and Oct 750,000

Alkgbeny County Light Co. ist mort., 6 per cent., due 191 1, Feb. and Aug 500,000

East End Electric Light Co. 1st mort., 6 per cent., due 1915, Feb. and Aug 500,000

Consolidated Gas Co. ist mort., 5 per cent., due Feb., 1948, Feb. and Aug 5,000,000

Braddock Gas & Light ist mort., 0 per cent., due May, 1908, May and Nov 40,000

East McKeesport St. Ry., 1st mort., '5 per cent., due Dec. 1939, June and Dec., 350.000

Southern H. L. & P. ist mort., 5 per cent., due Dec., 1949, June and Dec 353,000

Monongahela L. & P. ist mort., 5 per cent., due June, 1949, June and Dec 1,700,000

Ohio Valley Electric Co. ist mort., 6 per cent., due April, 1917, April and Oct 50,000

Union Gas, McKeesport, ist mort., 5 per cent., due Oct., 1939, April and Oct 330,000

Total $39,967,000

The funded debt of the different constituent street railway properties are given under their own statements.

There is outstanding $3,000,000 4 per cent, preferred stock of the Consolidated Gas Co. and $3,000,000 5 per cent, preferred stock of the United Traction Co. on which the regular dividends are paid.

The ist mortgage 5 per cent, bonds were authorized in February, 1899, for the purpose of carrying out the consolidation. Trustee of the mortgage, Marvland Trust Co., Baltimore. Amount authorized is $6,500,000. Of these $1,000,000 are reserved to retire outstanding liens on the property of the Allegheny County Light Co. Bonds are secured hj deposit of the securities of constituent companies with the trustee. An amount of $4,000,000 of the bonds was offered for subscription in February, 1899, at 107 by Brown Bros. & Co., New York, and Alexander Brown & Sons, Baltimore. The 50-year collateral trust was created in 1901 to provide for the acquisition of the Consolidated Traction Co. and other properties. The authorized amount of these bonds is $33,000,000, of which $13,000,000 was to be issued in exchange for the Consolidated Traction securities, $6,500,000 was reserved to take up prior lien bonds, and $3,500,000 was available for extensions and betterments.

The 5 per cent, notes were created in 1905, and were for $1,500,000, of which $300,000 matured April i, 1906, and $150,000 semi-annually thereafter to April i, 19 10.

The Manual. Of Statistics

Earnings

Year ending March 31

Gross Net Charges Sorpiai

1901-oa $41146,958 $2,318,769 $771,044 $1,447,735

i9oa-03 5,478,00a 3,147,003 981.905 a,i65.7#

'905-06 6.633,333 3,586,391 1,338,254 048.13;

Charged off Pref. Div. Com. Dtv. SondBB

The net includes dividends and rentals received, which were in 1902-03 $1,547,684: m 1903-04 $1,621,045 ; in 1904-05 $1,743,497 ; in 1905-06 $1,859,522, and in 1906-07, $1,843,773-

Income Account— Parent and Affiuated Companies Year ending: March 31

Gross Net Deductions Charges Suxpla

1906-07 (all companies). 18,538,607 9,433,533 1,734,186 4,891,993 3,706045

Charges include the dividends on preferred stock. The combined statement for 190607 is k a different form from previous years.

President, James H. Reed, Pittsburg. Vice-President, James D. Callery, Pittsbnif. General Manager, J. F. Guffey, Pittsburg. SecreUry, Winfield B. Carson, Pittsburig. Aasuiatt Secretary. J. L. Foster, Pittsburg. Treasurer, C. J. Braun, Jr., Pittsburg. Assistant Treguorer. J. W. Murray, Pittsburg. Auditor, C. S. Mitchell, Pittsburg.

Directors — H. J. Bowdoin, Baltimore. Patrick Calhoun, New York. James D. CalfefT, Pittsburg. Richard Y. Cook, Philadelphia. G. H. Frazier, Philadelphia. Benjamin S Gumness, New York. Geoiige E. McCague, Pittsburg. James H. Reed, Pittsburig. Joslrai Rhodes, Pittsburg. Edwin W. Smith, Pittsburg.

Main office, 435 Sixth avenue, Pittsburg. Annual meeting, first Monday in May. at Pittsbnxg.

Philadelphia Electric Co.

A corporation formed under the laws of New Jersey, October 6, 1899. Tlie oompaay acquired the stock of the Pennsvlvania Manufacturing Light & Power Co. and of the NatioaaJ Electric Co., with the control of practically the entire electric light and power facilities in the dty of Philadelphia.

The Pennsylvania Manufacturing Light & Power Co. was a New Jersey corporation fonoed in 1898, which acquired control of the Pennsylvania Heat, Light & Power Co., a corpontiaa which had acquired the Edison Electric Light Co. of Philadelphia, the Brush Electric Lt Coc of PhiladelphLa. the United States Electric Light Co. and the Philadelphia Electric Lightini; Co. The Pennsylvania Manufacturing Co. and the Heat, Light & Power Co. also acquired a number of smaller electric companies in Philadelphia and its suburbs. See statement of Pennhraaia Manufacturing Co. in the Manual for 1899. In 1901, acquired the Kensington Electric Light Co paying for the same in cash. The company also controls the Electric Light Co. of Chester, Pa. Stock Par $25 Authorised, $25,000,000 Issued, $34,987,750

An instalment of 10 per cent., or $2.50 per share, was paid on the stock of the Philadelpha Electric Co. at time of issue, and a call of 10 per cent, was made in 1900. payable 5 per oeoL on November 21, 1900, and 5 per cent, on January 21, 1901, respectively. In January, 1900. a call of $2.50 per share was made, payable one-half March 1 and one-half September i, igcB. Another call of $2.50 per share was made in April, 1Q04, payable one-half June x amd nnr hiff Decembei i, 1904. respectively. This call made the stock 40 per cent., paid in. In Janujuy, iA. a call of $3.50 per share was made, payable $2.35 on March 2, and $1.25 on June x, 1907, making the stock $13.50 per share paid in, or 54 per cent. paid.

The stock of the Pennsylvania Manufacturing Co. was $15,000,000, par $50, on which $5 per share had been paid in. The stock of the National Electric Co. was $4,375,000.

Stock is transferred at the office of the company, Philadelphia. Rifistrar, Equitable Tuni Co., Philadelphia.

Industrial Securities 95

In June, 190a, a dividend of 15 cents per share was paid, and another of 189 cents per share in December, 1903; 18 cents per share was also paid in June and December, 1903, and June, 1904. In December, 1904, aiji cents per share was paid. In 1905, 1906 and 1907, the dividends were 5 per cent, on the amount paid in, the payments being in June and December. In January, 1908, a dividend of $1 per share was declared payable March 2, 1908, which dividend may be applied to the first instalment of the call made at the same time.

Funded Debt

Edison Electric Light, col. trust cert., 5 per cent., subject to call 1946, April and Oct. $1,994,300

Pennsylvania H. L. & P. col. trust certificates, 5 per cent., due 1948, April and Oct. zi,a68,o6o

Philadelphia Electric Trust certificates, 4 per cent., due Ok:t., 1949, Jan. and July. . . . 15,014,14:3

Total $28,376,503

The Philadelphia Electric Co. 4 per cent, trust certificates are $17,500,000 authorized, of which $15,014,143 were issued, $3,000,000 being held in the company's treasury, having been puTXased in the market in 1900. They are secured by the deposit of the shares of the Pennsylvania Manufacturing Light & Power Co. and of the National Electric Co., acquired this company. Each share of Pennsylvania Manufacturing Co. stock deposited received $35 m the trust certificates and each share of National Electric received $13 in certificates. Only a small amount of each stock now remains outstanding. The balance 01 the issue, not required for the aboyepuipose, was to be reserved for extension and acquisition of other electric properties.

The Edison collateral trust certificates were issued in .1896 bv the Pennsylvania Heat, Light St Power Co., and are secured by the deposit of the stock of the Edison Electric Light Co. of Philadelphia, acquired by the Pennsylvania Heat, Light & Power Co. The Eldison company had $3,000,000 stock, and $50 cash and $100 in trust certificates was offered for each $xoo share. Nearly all the Edison stockholders accepted these terms.

The Pennsylvania Manufacturing collateral trust certificates, created in 1898, are secured by a deposit of stock of the Pennlvania Heat, Light & Power Co. and other stocks. The Pennsylvania Heat, Light & Power Co. had $5,000,000 full-paid common stock, par $50, and $5,000,- 000 6 per cent., cumulative, preferred stood, par $50, on which $35 per snare had been paid. The Pennsylvania Manufacturing Light & Power Co. acquired control by exchanging the collateral trust certificates for Pennsylvania Heat, Light & Power stock at the rate of $65 per share for the preferred and $34 per share for the common. '

Earnings

Gross Net Dividends Surplus

190a $3,422,411 $454,443 $33755a $116,890

1904 31873.9" 706,783 406,361 300,533

190S 4.104.113 811,016 499.935 3".o8*

The net is given after deducting all expenses, taxes and charges. The credit to profit and loss, December 31, 1907, was $3,141,934.

President, Joseph B. McCall, Philadelphia. Vice-President, William F. Harrity, Philadelphia. Secretary and* Assistant Treasurer, A. V. R. Coe, Philadelphia. Treasurer, William P. Conover, Jr., Philadelphia.

Directors— A. V. R. Coe, Riverton, N. J. William P. Conover, Jr., Philadelphia. Thomas Dolan, Philadelphia. William F. Harrity, Philadelphia. Charles £. Ingersoll, Philadelphia. J. R. McAllister, Philadelphia. Joseph B. McCall, Philadelphia. John V. Shoemaker, Philadelphia. Jeremiah J. Sullivan, Philadelphia.

Corporate office, 419 Market street, Camden, N. J. Main office. Tenth and Chestnut streets, Philadelphia. Annual meeting, second Wednesday in April, at Camden.

Philadelphia Rapid Trahsit Co.

A corporation formed under the laws of Pennsylvania, Ma i, 1903. The company acquired by lease the Union Traction Railway system, comprising the Imes of the Philadelphia Traction Co., the Electric Traction Co. and the Peoples' Traction Co. See statement of the Union Traction Co. It also acquired the capital stock and franchises of the follDwing companies : Central Rapid Transit Street Railway Co. Western Rapid Transit Street Railway Co.

Chestnut Hill & Glenside Rapid Transit Street Philadelphia & Willow Grove Street Railway

Railway Co. Co.

Eastern Rapid Transit Street Railway Co. Darby & Yeadon Street Railway Co.

Doylestown & Willow Grove Railway Co. Twenty-second Street and Allegheny Avenue

Market Street Elevated Passenger Railway Co. Passenger Railway Co.

Northern Rapid Transit Street Railway Co. Darby, Media & Chester Street Railway Co.

Southern Rapid Transit Street Railway Co.

The Manual Op Statistics

A number of companies originally acquired have been consolidated wiih the Market Su Elevated Passenger Railway Co. A number of additional companies have been formed in tbe interest of this company to build new lines of about 119 miles. In March, 1906, the csompaay negotiated a new arrangement with the city, whereby it surrendered certain franchises and apeed to complete the construction of various subways within three years.

The company, in 1903, began the construction of a subway and elevated railway in Ifaita street, Philadelphia, and in December, 1905, began operating the second section of the suLmai from Fifteenth street to the Schuylkill River. In March, 1907, completed and opened that put of the elevated west of Schuylkill.

On July, 1907, an agreement authorized by an ordinance of the City Council was made between the company and the City of Philadelphia providing for a readjustment of the relatkwa between the City and company. The plan confers upon the City the right to purchase after June 30, T057, all leases, franchises and property of the company at the company's actnaliy paid in capital, with the right to assign or sell this option. A sinking fund is to be estahlished, to be taken out of the gross receipts of the company, which, calculated at 4 per cent., will amount to at least $30,000,000 at the expiration of 50 years, to enable the City to acquire the property at that time. Beginning January 1, 1907, the City is to share equally in the net profits after stockholders have received 6 per cent, per annum, cumulative from January x. 1907, 00 the capital actually invested by them. All franchises for further surface, elevated or undetigTcnxBd railroads within the city are to be first offered the Philadelphia Rapid Transit Co. The ti also to have three members on the board of directors. The present rate of fare is not to be changed except with the consent of both parties. It also provides for a fixed payment to the City in lieu of the license fee per car. Stock Par $50 Authorised, $30,000,000 Issued, $18,000000

The stock is now $43.50 per share paid in. It was, when originally issued, $5 per ihazc paid. In May, 1903, a call was made for a second instalment of $5, payable on or before Joly ft. X903. The call was made to provide funds for the construction of the Market Street subway and other improvements. In December, 1903, a call was made for a third instalment of $5 per shaie, payable January 20, 1904. Ther fourth instalment of $5 per share was payable Januaiy ao, 1905, the fifth of $5 July 10, 1906, and the sixth, also of $5, December 10, 1906, making tbe stock $30 per share or 60 per cent, paid in.

In February, 1907, a plan was ratified whereby the balance due on the stock shall be called and paid in at the rate of $3,000,000 every six months and the money applied to improvetnems and extensions. A payment of $5 was called for in March, 1907, making the stock $35 per share paid, and two further final payments of $7.50 each were called for September 9, 1907, and September 7, 1908. respectively, at which latter date the stock will be full padd.

Stock is transferred at the office of the company, Philadelphia, and by the Central Tnai Co., New York. Registrars, Land Title & Trust Co., Philadelphia; Morton Trust Co., New York.

Funded Debt— Constituent Companies

Market Street Elevated Railway ist mort., 4 per cent., guar., due 1955 $10,000,000

Darby, Media & Chester, ist mort., guar. per cent., due July, 1936, Jan., July . . . S6s,oac Dojlestown & Willow Grove Ry.Co. ist mort., 4 p.c, g., due Jan. 1,1930, June and Dec. 500,000 Phila. & Willow Grove Traction ist mort., per cent., due July, 1934, Jan. and July. 1,000,000 Darby & Yeadon St. Ry. ist m., per cent., guar., due Dec., 1934, June and Dec. aoo,ooo

The outstanding bonds of the Doylestown & Willow Grove Railway Co. are for the full amount authorized. Trustee of the mortgage and agent for the payment of interest. Land Titk & Trust Co., Philadelphia. The bonds are guaranteed by the Philadelphia Rapid Transit Ca, which, however, has no funded debt of its own.

The mortgage of the Market Street Elevated Railway Co. is for $10,000,000, and is goanateed by the Philadelphia Rapid Transit Co. Trustee and Agent for payment of interest, Laad, Title & Trust Co., Philadelphia. The bonds are a first lien on the subway and elevated road. They can be called at 102 and interest.

Under the lease of the Darby, Media & Chester Street Railway Co., this company guaranicei the authorised issue of $1,500,000 of the former company's per cent, ist mortgage Umds.

Passengers Carried

Earnings

Year ending June jo

Net

Chaises,

Gross

Income

Taxes, etc

7.7g5.79 7,003,199

I6;i88i645

Def.

Industrial Securftibs 697

The figures for 1901.-09 are those of the Union Traction Co. In that year the miacellaneous income was $148,935, and the charges included $93,841 for taxes and licenses. The earnings for 1909-03 are those of the Philadelphia Rapid Transit Co., the net including $158,766 income from miscellaneous sources, and the charges $990,701 for taxes and licenses. In 1903-04, net includes $173,855 miscellaneous income, and charges include $1,060,597 for taxes and licenses. In 1904- 05, miscellaneous income was $185,980 and taxes and licenses $966,535. In 1905-06, miscellaneous income, $193,103; taxes, etc, $1,075,316.

President, John B. Parsons, ist Vice-President, Geoige D. Widener. ad Vice-President and General Manager, Charles O. Kruger. 3d Vice-President and Comptroller, Alexander Rennidc. Secretary and Treasurer, Robert B. Selfridge. Assistant Secretary and Assistant Treasurer, John B. Peddle.

Directora— George H. Earle, Jr. August B. Loeb. John B. Parsons. Henry W. Phipps. William H. Shelmerdine. Jeremiah J. Sullivan. George D. Widener. Peter A. B. Widener. Directors — {Rx-officio) John £. Raybum. W. H. Carpenter. Clarence Wolf.

Corporate and main offices, 830 Dauphin street, Philadelphia. Annual meeting, third Wednesday in September, at Philadelphia.

PHtEHIX CONSOLIDATED COPPER CO.

A corporation formed under the laws of Michigan in April, 1899. property of the company in Keewenaw County, Michigan, comprises over 3,500 acres of mining lands, including the old Phcenix mine, no longer worked, which was opened in 1844. The company has a stamp mill with a daily capacity of yx> tons of rock. Stock Par $35 Authorized, $3,500,000 Issued, $3,500,000

At the beginning of 1908, $15 per share had been called and paid in on the company's stock.

Transfer Agent, American Co., Boston. Registrar, Old Colony Trust Co., Boston,

President, C. A. Wright. Hancock. Mich. Vice-President, Spencer R. Hill, Boston. Secretary and Treasurer, C. A. Wright, Jr., New York.

Directors— Spencer R. Hill, Boston. Thomas Hoatson, Calumet, Mich. C. A. Wright, Hancock. C. A. Wright, Jr., New York. J. N. Wright, Detroit.

Main office, 43 Broadway, New York. Annu meeting, second Monday in March, at New York.

The Pillsburywashburk Flour Hills Co.. Limited

A corporation formed in 1889 under the laws of Great Britain, Companies Acts, 1863-1889. The company owns five of the largest flour mills in the world at Minneapolis, Minn., with an aggregate capacity of 30,000 barrels per day. It owns, in addition, the water power on both ddes of the Mississippi River at Minneapolis, with two dams of 45 feet and ao feet head, respectively. The former furnishes power for the company's mills and other mills located in the city, and the other supplies the street railways of Minneapolis and St. Paul with about 10,000 horse-power for generating electricity. A lease of the dam has been made to the Minneapolis General Electric Co. The company owns the entire capital stock of the Minneapolis & Northern Elevator Co.

The preference stock is 8 per cent., cumulative. Stock is transferred by the Secretary of the company, London, Eng.

Funded Debt

ist mort. debentures, 6 per cent., due 1939, May'and Nov j33,ooo

The company had ;40,ooo preference income certificates representing years' arrears of dividend to February 38, 1895, on the preferred shares. The amount was reduced to ;£*46,ooo, and the last of them were called and retired December i, 1905.

The debentures are secured by a ist mortgage on the company's property. Trustee and agent for the payment of interest, the Trustees', Executors' & Securities Insurance Co.. Limited, London, Eng. Agent for payment of interest in the United States, Morton Trust Co., New York.

Earnings Year ending August 31

Dividends Balance over Total

Com. Pref. Net Charges Dividends Surplus

1898-99 4 8 Ji34,5i8 ;70,598 ;f6o,ooo ;6*io,598

Dividends Balance over Tool

Com. Pref. Net Charges Dividends Swpte

i90l-< 8 ;I04,325 £49.495 £"40,000 /405

1903-Q3 8 104,785 55.37* 40,000

X90J-04 8 i5iSOi 55,430 40.000 i5,43p

Z900-07 8 93,300 43,300 40,000 13.000

The accounts are converted from American currency to sterling at the ezchanffe of S4 to the £. In 1904-05 and 1905-06, a larg:e proportion of the profits were used to retire incaBe certificates and to maintain the property at a high standard of efficiency.

The Directors at Minneapolis constitute a Committee of Management in America. All bos about yy per cent, of the stock of this company is held in the United States, but of the debentoici some 80 per cent, are held in England.

Chairman, Richard H. Glyn, London, Eng. Secretary, H. K. Davis, London. MaBage, Henry L. Little, Assistant Manager, E. N. Fairchild, Minneapolis. Treaimer. L. P. Hubbard, Minneapolis. Assistant Secretary, James T. Perkins, Minneapolis.

Directors— George Cloutte, London. Richard H. Glyn, London. Sydney T. Klein, Loodon. Frank Spencer, London.

American Committee of Management — C. M. Amsden, Minneapolis. William de La Bane, Minneapolis. Henry L. Little, Minneapolis. A F. Pillsbury, Minneapolis. W. D. Wadibum, Minneapolis.

Main office, 90 Broad Street avenue, E. C, London, Eng. Operating office, GoMnatj Loan Building, Minneapolis. Annual meeting in December, at London.

Pittsburg Birkihghak Tract/Or Co.

(Leased to United Traction Co. of Pittsburg)

A corporation formed in 1889. The company leases the Pittsburg & Birmingham Passenger Railway, South Side Passenger Railway, Pittsburg Inclined Plane Co., and Mount Oliver IndiDe Plane Railway Co. All the stock of the Brownsville Avenue Street Railway and the Wes Liberty Street Railway Co. is owned. In January, 1909, all the property of this company was leased to the United Traction Co., the lessee paying all charges and taxes and $150,000 per annum as rental. The Philadelphia Company guarantees the lease. Total road, 33 miles. Stock Par $50 Authorised, $3,000,000 Issued, $3,000,000

In 1898, paid dividends of a per cent, on the stock ; in 1899, per cent.; in 1900, paid 3 per cent.; in 1901, ij percent.

Funded Debt

ist mort., 5 per cent., due Nov., 1999, May and Nov $1,500000

Debentures. 5 per cent., April and Oct 71,000

Birm., A. & Knox Traction ist mort., 6 per cent., due Sept., 1931, March and SepL. . 500,000

Brownsville Avenue Street Ry. ist mort., 5 per cent., due Oct., 1936, Feb. and Aug.. . 300,000

Pittsbui Inclined Plane ist mort., 6 per cent., due July, 1919, Jan. and July 150,000

" 3d mort., 6 per cent, due June, 1910, Jan. and July 100,000

West Liberty Street Railway ist mort., 5 per cent., due 1930, Jan. and July 400,000

Total $3,001,000

Trustee of the general mortgage, Fidelity Insurance Trust & Safe Deposit Co., Philaiielpliii. Eammgs are included in those of the Philadelphia Company.

President, W. L. Mellon, Pittsburg. Secretary, George S. Davison, Pittsburg. Treasufv, R. B. Mellon, Pittsburg.

Main office, 513 Smithfield street, Pittsburg. Annual meeting, second Tuesday in AoguiL

Pittsburg Brewik6 Co.

A corporation formed under the laws of Pennsylvania in 1899. The company acquired the plaats and business of a number of breweries, as per the list given in the Manual for 1904.

The aggregate capacity of the establishments acquired by the company is aboat 1,500000 barrels of beer per annum.

Industriajl Sbcurptibs 699

The preferred stock is 7 per cent., cumulative. There is held in the treasury of the company preferred and $537,750 common stock. Transfer Agent, Union Trust Co., Pittsburg. Registrar, Fidelity Title & Trust Co., Pittsburg.

The company pa dividends at the rate of 7 per cent per annum on its preferred stock, in quarterly payments of per cent, each, in February (ao), May, August and November. On the common, 4 per cent, per annum was paid in quarterly payments, which was also paid in February (90), May, August and November, the quarterly rate being incrised to z V cent, in November, 190a, which has since been the regular rate.

Funded Debt I8t mort., 6 per cent., due 1949, Jan. and July $6,319,000

The ist mortgage. Fidelity Title & Trust Co., Pittsburg, Trustee, is for $6,500,000. Coupons are payable at the office of the Trustee. The company holds in its treasury $i8x,ooo of the bonds.

Earnings

Year ending October 27

Gross Net Charges Dividends Surplus

Z904-05 5,460,996 1,794,901 770,555 818,107 299,235

In 1900-OX, the charges include $240,649 for taxes and depreciation ; in 1901-02 and 1902-03, 772 for the same items. The total undivided profits, October 27, 1907, were $4,085,234.

President, Frederick W. Mueller, Pittsburg. Vice-President, Leopold Vilsack, Pittsburg. Secretary, William Ruske, Pittsburg. Treasurer, J. P. Ober, Pittsburg.

Directors— Marcus Aaron, Pittsburg. A. A. Frauenheim, Pituburg. Fred. Gwinner, Allegheny

City, Pa. Frederick W. Mueller, Pittsburg. Joseph A. O'Neill, Pittsburg. William Luske, Pittsburg. T. F. Straub, Pittsburg. Leopold Vilsack, Pittsburg. H. E. Wainwright, Pittsburg.

Main office, 428 Fifth avenue, Pittsburg. Annual meeting, first Wednesday after first Monday in November.

Pittsburg Coal Co.

A corporation formed under the laws of New Jersey, September x, 1899. The company acquired the mines and property of a number of the large producers and shippers by rail of steam and gas coal in the Pittsbui district. A list of the properties included in the company was given in the Manual for 1901.

Since its organization the company has purchased undeveloped coal lands adjoining its various properties, making the total holdings over 160,000 acres, with 150 operated mines.

The company, from the general character of its business, is known as the railroad coal combination.** The properties acquired and taken over comprised over 80,000 acres of coal land and over 7,000 acres of surface land in Allegheny, Fayette, Washington and Westmoreland Counties, ra. It also has docks and loading plants on the lakes at Chicago, Cleveland, Duluth, Milwaukee, Sheboygan, Green Bay, Ashland, Manitowoc and West Superior, Wis.; Sault Sainte Marie and Escanaba, Mich.; Ashtabula, Fairport, Thombur O., Amherstburg, Ont., Sandwich, Ont., and Port Arthur, Ont. It also acquired about eleven miles of railroad at the mines, and the Northwestern Coal Railway, Allouez Bay, Wis. The company owns 17 locomotives and 5,500 railroad cars.

In January, 1902, the companypurchased the New Pittsburg Coal Co. and the Greendale Coal Co. , and leased the Shaw Coal Co. 's property for forty years. In 1902, purchased the Pittsburg & Castle Shannon Railroad and mines and acquired an interest in the Milwaukee Western Fuel Co. In January, 1903, the Midland Coal Co. was acquired, together with the National Dock & Fuel Co. of Cleveland, and control of the Colonial Coke Co. In October, 1903, the Mansfield Coal & Coke Co. was acquired.

In September, 13, this company acquired a controlling interest in the stocks of the Monongahela River Consohdated Coal & Coke Co., paying for the same $15 per share for the latter's common stock, par $50, and $45 for its preferred. It was stated that this company was to acquire $15,000,000 of the Monongahela River Co.'s $20,000,000 of common, and $2,500,000 of its $10,000,000 of preferred stock. The arrangement was understood to be based on the delivery by this company to the vendors of the common stock of non-interest-bearing notes for the gross amount involved, of which one-third in amount are to mature each year for three years. The preferred stock acquired was to be paid for in semi-annual instalments, beginning January 20,

Too The Manual Op Statistics

1904, the payments to be equal to 6 cents per ton of coal taken from the Monongalida River Consolidated Coal & Coke Co.'s mines.

In November, 1904, this company leased the coal mines of the Pittsburg Terminal Railroad & Coal Co., and in December, 1904, purchased two mines of the Pittsburg:rBuffalo Co.

The company's total output in 1907 was 191353,494 tons of coal, including the amount purchased. Of the above 579,833 tons was coked. The company at the end of 1907 had 1,119 coke ovens.

The preferred stock is 7 per cent. , cumulative. Transfer Agents, Union Tnist Co. , Pittsbuir ; Manhattan Trust Co., New York ; Guarantee Trust & Safe Deposit Co., Philaxlelphia. Regstrars, Fklelity Title & Trust Co., PitUbuig ; Chase National Bank, New York; Fidelity Trust Co., Philadelphia.

The company began the payment of dividends on the preferred stock at the full rate of 7 per cent. per annum by the declaration of per cent., quarterly, payable Januaiy 35, 1900, and paid the same regularly in January (25), April, July and October, until January, 1903, when iM*PV cent, was declared payable in scrip, redeemable in one year, which scrip was paid in November, 1904. The April, 1904, and subsequent dividends were paid in cash at the regular rate of i' per cent, until April 35, 1905, since hich time dividends have been suspended.

Funded Debt Pituburg Coal of Pa., 1st mort., guar., 5 p. c., due Jan., 1954, Jan. and July $aiol68ooo

In January, 1904, the company entered into an arrangement with The Union Trust Co., of Pittsburg, for the sale of $2,000,000, fifty-year 5 per cent, bonds, to be used as required for pay* ing off obligations and for furnishing working capital. The bonds are issued by the Pittabmg Coal Co. of Pennsylvania, a subsidiary organisation, and guaranteed by this company. They are a first mortgage on 160.000 acres of coal lands, and can be caUed at no in part or whole oa anv interest day. There is a sinking fund of 5 cents per ton of coal mined, the yearly minimum to be $600,000. The collateral trust bonds of 1902 nave been retired.

Funded Debt— Constituent Companies

Pittsburg & Chicago Gas Coal, mort., 5 per cent., due Jan., 190B-14, Jan. and July . $65,000

Imperial Coal Co., mort., 6 per cent., due May, 1907-10, May and Nov

Pittsburg & Moon Run R. R., mort., 6 per cent., due Jan., 1912, Jan. and July 100,000

*Pittsburg & Castle Shannon R. R., mort., 6 per cent., due Aug., 1908. Feb. and Aug. itgj/K

'Milwaukee-Western Fuel, mort., 5 per cent., due May, 1916, May and Nov 266,060

Northwestern Coal Ry„ ist mort., guar., 5 per cent., due May, 1023, Mav and Nov...

Mansfield Coal & Coke, ist mort., guar., due Oct., 1907-13, Apnl and Oct 240,000

Ohio Coal Co., mort., 5 per cent., due Feb., 1922, Feb. and Aug. Pittsburc Coal Go's, liability bond on proportionate stock ownership.

There are also car trust obligations and equipment notes outstanding for $1,103,993 and mortgages payable for $37ii799*

The Northwestern Coal Railway, ist mortgage 5s are guaranteed by this company as well as the ist mortgage 68 of the Mansfield Coal & Coke Co.

Total

Earnings

Interest CD Preferred

Grocs Profits Net Profiu Bonds Dividends Aocoaet

190C ( 16 months ending Dec. 31 ) . $s,4&>.690 $4,242,090 $2,074,709 $a, 167 jli

1901 4,373,909 3iO.S38 3.078.865 3,if8,<3

The net for 1907 was equivalent to 10.93 per cent, on the preferred stock.

The deductions from the grxMS profits are tor depreciation of plants, and for a fund to provide for the acquisition of new coal lands.

Chairman and President, Matthew H. Taylor, Pittsburg. Vice-President, W. R. Woodford. Pittsburg. Vice-President, W. K. Field, Pittsburg. Secretary, Francis J. Le Moyne, Pittsbmg. Treasurer, F. M. Wallace, Pittsburg.

Directors— James H. Beal, Pittsburg. John A. Bell, Pittsburg. John I. Bishop, PhflfMohia. J. C. Dysart, Hollidaysburg, Pa. W. K. Field. Pittsburg. William Flinn. Pittifcarg. D. L. Gillespie, Pittsbuig. James B. Haines, Jr., Pittsburg. J. Denniston Lyon, Pittsburg. Andrew

Industrial Securities 701

W. Mellon, Pittsburg:. Calyary Morris, Clereland. GeoreeT. Oliver, Pitteburg. Henry R. Rea, Pittsburg. GrantB. Schley, Far Hills, N.J. Matthew H. Taylor, Erie, Pa, W. R. Woodford, Pittsburg.

Main ofiSoet 239 Fifth avenue, Pittsburg. Annual meeting, February 10, at Jersey City.

The Pittsbur6 Dry Goods Co.

A ooipoFation formed under the laws of Pennsylvania, May 18, 1896. The business-of the company Im wholesale merchandising, importing and manufacturing.

The preferred stock is 7 per cent., cumulative. Ristrar, Fidelity Title & Trust Co., Pittsbure.

On January i, 1908, the surplus was $600,000, and the undivided profits $35,773.

The company has paid dividends from the time of its organization. On the preferred stock the fun amount ot 7 per cent, per annum is paid in semi-annual dividends of per cent, each, February (i) and August. In 1900, the company paid 10 per cent, on its common stock ; in 1901, 9 per cent, and in 1903, 1903, 1904 and 1905, 10 per cent. ; in 1906, 12 per cent., and in 1907, 9 per cent.

President, Finlev H. Lloyd, Pittsburg. Vice-President, H. W. Neely, Pittsburg. Secretary and Treasurer, Wdliam A. Given, Pittsburg. Assistant Treasurer, George H. Fugh, Pittsburg.

Directors— F. W. Dasell, Bellevue, Pa. William A. Given, Edgeworth, Pa. Finley H. Lloyd, Shields Station, Pa. H. W. Neely, Pittsburg. J. B. Shea, Pittsburg.

Main office, 033 Penn avenue, Pittsburg. Branch office, 43 Leonard street. New York. Annual meeting, Thursday in January.

P/Ttsburo Oil A 6Ms Co.

A corporation formed under the laws of Delaware, March 23, 1903. The company acquired large interests in various natural gas properties, comprising all or most of the stocks of the following companies :

Clarion Gas Co., Clarion, Pa. Fairmount Mining Co.

Northeastern Ohio Gas Co., Ashtabula, O. Crescent Gas & Oil Co.

River Gas Co., MarietU, O. Buckeye Sute Gas & Fuel Co., Coshocton, O.

Manufacturers Gas Co. of Indiana. Citizens Gas & Oil Co., Cameron, W. Va.

Alexandria Gas Co., Alexandria, Ind. Corsicana Gas Co., Corsicana, Tex.

Lancaster & Depew Gas Co., Depew, N. Y. Grant & Wabash Pipe Line Co., Wabash, Ind.

Southern Oil Co. Marion Gas Co., Marion, Ind.

The company also controls valuable undeveloped gas and oil properties and leases. The production of oil from its properties is stated to be about 2,400 barrels a day.

In September, 1905, it was stated that control of this company and other organisations of the same diaracter had been acquired by the Pittsburg Investment Co.

The inferred stock is 7 per cent., cumulative.

The stock was originally $6,000,000 all common shares. In September, 1907, the stockholds authorised the creation and issue of $5,000,000, 7 per cent., cumulative preferred with whidi to retire the company's funded debt and floating obligations, etc.

Transfer Agent, First National Bank, Pittsburg. Registrar, Colonial Trust Co., Pittsburg.

Dividends of 8 per cent, per annum were paid on the old common stock, the payments being quarterly, in Januarv, April, July and October, but in July, 1905, the rate was reduced to i per cent., quarterly, and in 190607, no dividends were paid.

In the year ending March 31, 1905, the company earned, gross, $1,568,638; surplus, over expenses, charges and dividends, $220,494. In 1905-06, gross $1,208,904 ; net, $576,845 ; surplus, $23,125. In 190607, gross, $x,453a4o; $87i,c6; charges, etc., $259,609; surplus,

President, Theodore N. Bamsdall, Pittsburg. Vice-President, E. P. Whitcomb, Pittsburg. Secretary and Treasurer, D. Robertson, Pittsburg.

Directors— Theodore N. Bamsdall, PitUburg. Wilham Barnsdall, Jr., Bradford, Pa. A. B. Baxter, Pittsburg. R. Law, Jr., Pittsburg. Robert Lockhart, Warren, Pa. William I. Missimer, Wilmington, Del. P. G. Phillips, Warren. F. H. Skelding, Pittsburg. £. P. Whitcomb, Pittsburg.

Main office, 255 Fifth avenue, Pittsburg. Annual meeting, second Monday in January, at Wihnington, DeL

The Manual Op Statistics

The Pittsburgh Plate Glass Co.

A corporation organued under the laws of Pennsylvania in i88a. The company operates ten plate glass manufactories, located at Creighton, Pa., Tarentum, Pa., Ford City, Pa., Charleroi, Pa., Elwood, Ind., Kokomo, Ind., Crystal City, Mo. and Walton, Pa.

It distributes its product through its own warehouses, located in the different dties of the United States. These establishments are also jobbers of window and art glass, paints, oik and painters' supplies, and manufacturers of mirrors. In January, 1907, arrangements were made to merge the Chatham Manufacturing Co. with this company.

The preferred stock is la per cent., non-cumulative. The dividends on the preferred are paid annually in April. Stock is transferred at the office of the company, Pittsburg. Registrar, Union Trust Co., Pittsburg.

Dividends on the common stock are paid quarterly, December 31, April i, Jul i, October i. In 1899, 4 per cent. was paid on the common, and in 1900 to January, 1906, inclusive, 6 per cent. The April, 1907, dividend was increased to per cent., putting the common stock on a 7 per cent, annual basiSi

The capital of this company was originally $2,750,000. In 1895 the stock was increased $10,000,000 and $3,500,000 of debenture bonds were issued, which latter were paid off in 19001 The purpose of th latter and of the increase of $7,350,000 in the stock was the aoquisitioB purchase of the plants of the Diamond Plate Glass Co., Crystal City Plate Glass Ca, Charleroi Plate Glass Co. and Duquesne Plate Glass Co. In 1901 an increase of $3,500,000 wai made in the common stock for extensions and improvements. In February, 1906, the stock was increased from $13,500,000 to $17,500,000, and stockholders were given the right to subscribe for the $5,000,000 of new stock, payable in 5 instalments of ao per cent each, on April a. 1906, July 3, 1906, October i, 1906, Januairy 3, 1907, and April x, 1907, respectively.

Earnings

Profits Div. Pref. Div. Con. Sorplns

1899 $1,838,806 $x8,ooo $493*493 $1,338,314

On December 31, 1907, the total surplus account was $1,463,535.

Chairman, John Pitcaim, Philadelphia. President, W. L. Clause, Pittsburg. Vice-Presdent and Chairman of Commercial Department, Charles W. Brown, Pittsburg, ad Vice-President and Chairman Manufacturing Department, W. D. Pittsburg. Secretary, Charles R. Montgomery, Pittsbure. Treasurer, Edward Pitcaim, Pittsburg.

Directors— Charles W. Brown, Pittsburg. Clarence M. Brown, Philadelphia. W. L. ClaiBae, Pittsburg. W. D. Hartupee. Pittsburg. W. W. Heroy, New York. E. A. Hitchcock, Washington, D. C. John Pitcaim, Philadelphia.

Main office. Fifth avenue and Grant street, Pittsburg. Annual meeting, second Tuesday m February, at Pittsburg.

Pittsburg Railways Co.

(Controlled by Philadelphia Company)

A corporation formed in 1900 under the title of the Southern Traction Co. to take over aad extend the system of the West End Traction Co. The latter was formed in 1898, and was a consolidation of the PitUburg & West End Passenger Railway Co. with other Hnes. Oa December 30, 1901, the name was changed to the present style. AU of the stock was acquired by the Philadelphia Company in 1901.

The company owns the entire stock of the West End Traction Co.,' Virginia Avenne Stoesi Railway, McKee's Rocks & Ingram Street Railway Co., McKee*s Rocks & Neville Island Street Railway Co., Crafton & Chartiers Valley Traction Co., and Pittsburg, BanksviOe & Mooot Lebanon Street Railway Co.

On January i, 1902, this company took over and has since operated the properties owned by or leased to the Consolidated Traction Co. and the United Traction Co. of Pittaburg, the mikage, all lines included, being 518 miles of track.

INDUSTRIAL. SBOURmSS 7Q3

The preferred stock is 5 per Deposit National Bank, Pittsburg:.

The preferred stock_is 5 per cent., cumulative. Transfer Agent and Registrar, Farmers* ' Nation

Funded Debt

Pittsburg Railways car trusts, 5 per cent., due 1907 to 1915, June and Dec $-)ao,ooo

Southern Traction ist collateral mort., 5 per cent., due Oct., 1950, April and Oct... 5,875,000

West End Traction con. mort., 5 per cent., due Jan., 1938, Jan. and July 847,000

Pittsburg & West End Ry. ist mort., 5 per cent., due July, 1939, Jan. and July 365ia

Pittsbure, Crafton & Mansfield ist mort., 5 per cent., due JuIt, 1934, Jan. and July. . 188,000

Mount Washington Street Ry. 1st mort., 5 per cent., due Apnl, 1933, April and Oct. . 1,500,000

Total $7,095,000

The Southern Traction Co.'s ist collateral mortgage is for $4,000,000. The $135,000 of bonds unissued can be used for betterments and extensions. Trustee of the mortgage and agent for the payment of interest, Unfon Trust Co., Pittsburg.

The West End Traction consolidated mortgage is for $1,500,000, of which $750,000 are reserved to retire underlying bonds. Trustee of the mortgage and agent for the payment of interest, Union Trust Co., Pittsburg;.

President, James D. Callery. ist Vica-President, James H. Reed, sd Vice-President, S. L. Tone. Secretary, Winfield B. Carson. Treasurer, C. J. Braun, Jr. Auditor, C. S. Mitchell.

Directan--George W. Bacon, New York. H. J. Bowdoin, Baltimore. Patrick Calhoun, New York. ' James D. Callery, Pittsburg. George H. Frasier, Philadelphia. George E. McCague, Pittsburg. James H. Reed. Pittsburg. Joshua Rhodes, Pittsburg. Edwin W. Smith, Pittsburg.

Main office, 435 Sixth avenue, Pittsburg. Annual meeting, first Tuesday in June, at Pittsburg.

Pittsburs Teh Kim Ml Warehouse Transfer Co.

A corporation formed under the laws of Pennsylvania, February 8, 1898. The company acquired the property of the River & Railroad Terminal Co. It has erec warehouses on its land, oostine $3,000,000. The company also owns valuable real estate in the Sixth and Second Wards of Pittsburg. Stock Par $100 Authorized, $3,000,000 Issued, $3,000,000

Stock is transferred at the office of the company, Pittsburg. Registrar, Pittsburg Trust Co. Pittsburg.

Funded Debt ist refunding mort., gold 5 per cent., due Nov. 1936, May and Nov $1,750,000

The ist refunding mortgage is for $3,000,000. Trustee and agent for the payment of interest, Pittsburg Trust Co., Pittsburg. Coupons are also paid at the Colonial Trust Co., New York. The bonds are not subject to call. The mortgage covers the companys property in the Thirtieth Ward of Pittsbure.

There are also outstanding real estate mortgages for $110,000.

Preskient, James I. Buchanan, Pittsburg. Vice-President, James A. Henderson, Pittsburg. Secretary and Treasurer, G. W. C. Johnston, Pittsburg.

Directors— James I. Buchanan, Pittsburg. George Heard, Pittsburg. James A. Henderson Pittsburg. G. W. C. Johnston, Pittsburg. George M. Laughlin, Pittsburg.

Main office. Terminal Way, Pittsburg. Annual meeting, fourth Tuesday in January, at PitUburig.

Pittsburs ¥Al¥E. Foundry Cohstructiom Co.

A corporation formed under the laws of Pennsylvania, October 31, 1900. The company acquired and operates the establishments of Atwood & McCafTrev, the Shook-Anderson Manufacturing Co., the Pittsburg Valve & Machine Co., Limited, the pipe-fitting department of Wilson-Snyder Manufacturing Co., and the foundry of A. Speer 8c Sons. The business of these concerns is that of pipe, valve and steam fitting and pipe manipulation for high steam pressure. Stock Par $100 Authorised, $1,150,000 Issued, $1,150,000

Transfer Agent, Union Trust Co. , Pittsbu rg. Registrar, Fidelity Title & Trust Co. , Piltsbu rg.

Dividends were discontinued in Januaiy, 1004, but i per cent, was paid Felymarr i, 19361 and I per cent, each was paid in May, August and Noyember, 1906, and i per cent, extra Dwinnhff 15, 1906. On March i, 1907, dividend was per cent., which has since been thequaitertj raifc.

Chairman, Heniy M. Atwood. President, Joseph T. Speer. Vice-President and Treasorec, Charles A. Anderson. Secretary, Samuel G. Patterson. General Manager, Charies R. Rhodes.

Directors~<:harle8 A. Anderson. Henry M. Atwood. John McCaffrey. Samuel G. Pancrson. Charles R. Rhodes. Joseph T. Speer. R. J. Wilson.

Main office. Twenty-sixth street and Allegheny Valley Railroad, Pittsburg. Annual fourth Monday in February.

Plakters Compress Co.

A corporation formed under the laws of Maine, May 24, 1909. The company is a iww

to a company of the same name, formed in 1807 under the laws of West Virginia, and of the Indo- Egyptian Compress Co., the property of both these corporations having been purchased by the aev company. It owns the Lowry patents for compressing cotton, hay, wool, hemp, pne ami other commodities into cylindrical bales.

The details of the reorganisation of the old company are given in the Manual for 1903.

Stock. . . Par $100. . .Authorized ''ZSO.ooo ) , i com., $6,7So.ooo ) ,oooaooo ( pref., 3,350,000 I pief., 3,350,000 J

The preferred stock is 7 percent., non-cumulative. In February, 1908, the reCireincBt otf two-thirds of the $3,350,000 preferred stock was authorised at a price not to exceed $10 per share in cash, the stock so purchased to be held in the treasury. Stockhoklers of record 'Fcbraaiy 14. 1908, were invited to tender preferred stock to the amount in question, payment to be madi between February 17 and March 35, loc, at the Old Colony Trust Co., Boston. Tranifcr Afcnt. Old Trust Co., Boston. Rtt:i8trar for the common stoic, American Trust Co., Bosh ; for the preferred stock. City Trust Q)., Boston.

All the common stock is held in a voting trust. Voting Trustees T. Jeffenoo Cooiidge, Boston. Henry E. Howland, New York. Stephen M. Weld, Boston. Walter Hunnewell, Boston.

Chairman, Stephen M. Weld, Boston. President, Alexander C. Calms, Houston Tea. Vice-Preskient and SecreUry, Frederic S. Goodwin, Boston. Treasurer, Philip M. RcTuolds, Boston.

Directors— Alexander C. Cairns, Houston. Robert C. Cairns, New York. Frederic Sw Goodwin, Boston. Francis R. Hart, Boston. Charles Havden, Boston. Walter Honnewcil, Boston. Felix Rackemann, Boston. Philip M. Reynolds, Boston. Stephen M. Wekl, P

Main office, Houston, Tex. Secretary's office, 84 State street, Boston. Annual r third Tuesday in July.

Pocahomtms Coal A Coke Co.

A corporation formed under the laws of New Jersey, October 11 and December 31. 1901. The purpose of the company is to purchase, lease or otherwise acquire coal lands and rights ia Virginia and West Virginia and elsewhere, but it has no power to engage in the business of baying or selling coal or coke. The company acquired the properties of tne Flat Top Coal Land Auociation and holds about 370,000 acres of coal lands and rights in Virginia and West Vuginia. See statement of that organization in the Manual for 1901.

The Norfolk & Western Railway Co. in December, 1901, acquired a controlling interot in the stock of this company. Leaises of about 50,000 acres of the coal lands and rights owasd by this company have been made to the United States Coal ft Coke Co., one of the anzifiaiy companies of the United States Steel Corporation. Stock Par $100 Authorised, $1,000,000 Issued, $i,oooi,aoe

Transfer Agent, Hudson Trust Co., Hoboken.

Funded Debt Norf. & West-Pocahontas joint pur. mon. mort., 4 p. c, due Dec., 1941, June and Dec. $19778,000

The bonds, are $ao,ooo,ooo authorized, are the joint and several ohHgatinn of ikt Norfolk & Western Railway Co. and the Pocahontas Coal & Coke Co. Trustee of the mangage, Girard Trust Co., Philadelphia. Agent for the payment of interest and for the legitbaUua ofbonds. Mercantile Trust Co., New York.

The bonds are secured by all the landed interests and other property of the company at tke date of the mort£:age and are subject to call at 105. Annually, on or before the fint day of

Industrial Securities 705

April in each year, after 1906, Ihe company pays to the trustee of the mortgage, as a sinking fund, 9,}4 cents for every ton of coal mined from the properties of the company during the preceding calendar year. In 1907, $223,000 par value of the bonds were bought and canceled by the sinking fund.

Since the Norfolk and Western Railway Co. acquired a controlling interest in the stock of this company* it has advanced, up to June 10, 1907, to meet deficiency of interest on the joint mortgage bonds, the sum of $1,233,000. It has also advanced for the purchase of real esUte, the sum of $925,000.

President, L. E. Johnson, Roanoke, Va. Secretary and Treasurer, O. Lynn Bottomley, Roanoke. General Manager, W. W. Coe, Roanoke.

DiTectors— W. W. Coe, Roanoke, Va. Joseph I. Doran, Philadelphia. A. J. Hemphill, Spring Lake, N. J. L. E. Johnson, Roanoke. W. G. Macdowell, Philadelphia.

Corporate office, 51 Newark street, Hoboken, N. J. Main office, Roanoke, Va. Annual meeting, Thursday, following the fourth Wednesday in September, at Hoboken.

Pocasset Kmhufacturimg Co.

A corporation formed under the laws of Massachusetts in 1822 for the purpose of manufacturing print cloths, shirtings and sheetings. The company owns and operates 5 mills at Fall River, Mass., with a capacity of 120,016 spindles and 2,932 looms. Stock Par $100 Authorized, $1,200,000 Issued, $1,200,000

Dividends are paid quarterly, March, June, September and December. In 1903, they aggregated 6 per cent., which had been the rate for some years. In 1904, per cent, was paid in March and June, respectively, but the September, 1Q04, dividend was omitted, and in December, 1904, 1% per cent, was paid, making a total of per cent, for the year. In 1905, 1906 and 1907, the quarterly dividends were per cent, each, or 6 per cent, per annum. In February, 1Q07, the authorised stock was increased from $600,000 to $x, 200,000, and a stock dividend of $600,000 was paid.

President, Thomas E. Brayton, Fall River, Mass. Treasurer, W. Frank Shove, Fall River.

Directors— Edward L. Anthony, Fall River. Thomas E. Brayton, Fall River. B. D. Davol, Fall River. George S. Davol, Fall River. Thomas S. Hathaway, New Bedford, Mass. Joseph F. Knowles, New Bedford. Alfred Rodman, Dedhara, Mass. W. Frank Shove, Fall River. B. R. Weld, Boston.

Main office, Pocasset street. Fall River, Mass. Annual meeting, last Thursday in February, at Fall River.

POPE KAKUFACTURIlie CO.

A corporation formed under the laws of New Jersey, February 27, 1903, an amended certificate of corporation havin|: been filed May i, 1903. The company was organized in pursuance of a plan for the reorganization of the American Bicycle Co., which was given in full in the Manual for iq3 in connection with the statement of the last-mentioned company. The new company acquired all the personal property of the American Bicycle Co. and its real estate. It is now largely engaged in the manufacture of motor vehicles as well as of bicycles.

On August 14, 1907, the company was placed in the hands of Receivers.

xstpref., 2,500,000 Mssuedx istpref., 2,.')90,976 $21,016,076 2d pref., xo,ooo,ooo ) ( 2d pref., 8,625, xoo )

The xst preferred stock is 6 per cent., cumulative. The 2d erred stock is 5 per cent., non-cumulative, until February x, X905, when it becomes cumulative. The amounts of stock given above the authorized and issued are those set forth in the reorganization plan of the American Bicycle Co. All the stock was held in a voting trust until Februarv i, 1908. Registrar for the voting trustee certificates, Central Trust Co., New York.

Earnings— All Properties.

Year ending July 31

GroM Net Expeniet Surplus

1904-05 7,801, X45 1.303,996 1,216,775 87,221

1905-06 7i733,o82 1,434,426 1,195,390 339,135

The item of expenses includes administrative, selling and general expenses. In 1905-06, $138,571 was deducted for extraordinary losses, making the net surplus, $90,564. Receivers— Albert L. Pope. E. J. Tamblyn. George A. Yule.

7o6 THE MANUAL OF STATISTICS

President, Albert A. Pope, Cohasset, Mass. Vice-President, Albert L. Pope, Haitfor. Conn. 2d Vice-President, C. E. Walker, Hartford. Secretary, Wilbur C. Walker, Hartfora Treasurer, George Pope, Hartford.

Directors— Georie F. Crane, New York. Charles Hayden, Boston. Colgate Hoyt, Sem York. Albert A. Pope, Boston. Albert L. Pope, Hartford, Conn. A. W. Pope, Bamem. George Pope, Hartford. William A. Read, New York. F. S. Smithcrs. New York. PitJ Walton, Ridgewood, N. J.

Main office, Hartford, Conn. Annual meeting:, first Tuesday in October, at Jersey Citj.

THE PORTLAKD GOLD M/tH/fG CO.

A corporation formed under the laws of Wyoming in 1905, as successor to an Iowa oorpoi ation, of the same name, formed in 1894. The company owns the Portland mine and other claims and mines on Battle Mountain, Cripple Creek, Col., the whole property comprising about aoc acres of the most valuable territory in that district. The mine is fully equipped, and the cooipaat since its institution has done more than 37 miles of development work. The company oontzoH the Amazon Mining Co. and the Creede & Cripple Creek Mining & Milling Co. Stock Par $1 Authorised, $j,ooo,ooo Issued, $3,000,000

The stock is full-paid and non-assessable. Stock is transferred at the office of the oompaay, Colorado Springs, Col. Registrar, Colorado Title & Trust Co., Colorado Springs, CoL

Earnings

Receipts Profits

19CO 2,347.ai6 471.919

Dividends paid to December 31, 1907, inclusive, amounted to $7,607,080.

President, Irving Howbert, Colorado Springs, Col. Vice-President, D. H. Rice, Colorado Springs. Secretary, Frank G. Peck, Colorado Springs. Treasurer, Thomas F. Bums, Colorado Springs. Assistant Secretary, Charles V. Turner, Colorado Springs.

Directors — Thomas F. Bums, Colorado Springs. Carl S. Chamberlin, Colorado Springs. Irving Howbert, Colorado Springs. Frank G. Peck, Colorado Springs. D. H. Rice, Colorado

Lin office, Colorado Springs, Col: Annual meeting first Monday in February, at Cheyenne, Wyo.

Pressed Steel Car Co.

A corporation formed under the laws of New Jersey, January la, 1809. The company was organized to consolidate the Schoen Pressed Steel Co. of Pittsburg and the Fox Pressed Sted Equipment Co., of Pittsburg and Joliet, 111. These companies combined controlled the manufacture, use and sale of pressed steel freight cars, steel trucks, truck frames and pressed steel specialties for cars. The company has plants at Allegheny, Pa., and McKee's Rocks, F, with a capacity of 150 freight cars per day, its passenger car shops have a capacity of 750 steal or street railway cars per annum. The Western Steel Car & Foundry Co., which it controls, has plants at Hegewisch, 111., near Chicago, and Anniston, Ala. The Canada Car Co., Limited, ii also controlled, has a plant at Montreal, with a capacity of 6,000 freight, and 150 passeimr can per annum. The Pennsylvania Car Wheel Co., another controlled company, has foundries it Allegheny, Pa., with a capadtv of 350,000 car wheels per annum, and controls the Cential Car Wheel Co. and the Pennsylvania Malleable Co.

The preferred stock is 7 per cent., non-cumulative, and has a priority as to the dlstribotioB of assets in case of a dissolution. Transfer Agent, Guaranty Trust Co., New York. Registiar. Central Trust Co., New York.

The company began paying regular quarterly dividends of per cent, on the preferred aod in May, 1899, and has since paid the same regularly in Februanr (25), Mav, August and November. The company declared 6 per cent, on its common stock out of the surplus eArnings <rf 1899, this dividend being payable iM per cent, each in February (35), May, August and November, X900. In X90X, the quarterly dividends on the common were reduced to x per cent., or 4 per ooit.

INDUSTRIAL. SECURITIES Wl

Net

Pref. Div.

Surplus

Loss 707,110

Def. 1,582,110

for the year. In 1902, 4 per cent, was again paid on the common, but in Januair, 1903, the directors declared an extra dividend of 1 per cent, on the common out of the profits of 1902, to be IMLid in four quarterly instalments, in addition to the regular i per cent, quarterly dividends. "Fhis put the common on a 5 pei cent, dividend basis during 1903. In 1904, the quarterly dividends on the common were i per cent, each in February, May and August, but the November, X904, dividend was passed and none have been paid since.

Funded Debt

zst moft., 5 per cent, gold notes, due 1905 to 1911, Feb. and Aug $2,000,000

McKee's Rocks plant purchase money mort., 4 per cent., due 1904 235,000

Allheny plant, purchase money mort., 4 per cent 75,ooo

Total $2,310,000

The 5 per cent, ist mortgage gold notes, total amount $5,000,000, Morton Trust Co., New York, Trustee, were created in February, 1901, to provide working capital to meet the growth of the business. Of the notes, $500,000 mature on February 1 of each year, until 191 1, inclusive. The notes are secured by a 1st mortgage on the company's property, subject to a purchase-money mortgage of $235,000 on the plant at McKee's Rodcs, Pa. The notes are redeemable by the company at any interest period on six weeks* notice.

Earnings Gross Sales

I90 33,883,519

After providing $750,000 for 6 per cent, dividends on the common stock out of the earnings of 1899, there was a surplus of $612,000 added to the working capital. In 1901, $143,635 was charged to depreciation, and the common dividends were $500,000, the surplus being $409,290. In 1902, depreciation, $300,000 ; common dividends, $500,000; surplus, $2,901,114. The dividends on the common stock in that year were $625,000 and the surplus $1,008,898. In 1904, dividends on the common stock were $375,000. In 1905, $175,000 was charged for depreciation and renewals. In 1906, the similar charge was $350,000; in 1907, $350,000. The total surplus account December 31, 1907, was $6,413,579.

President, Frank N. Hoffstot, New York. Vice-President, J. W. Friend, Pittsburg. 2d Vice-President, O. C. Gayley, New York. Secretary, Adrian H. Larkin, New York. Assistant Secretary, John H. Regan, New York. Treasurer, P. G. Jenks, Pittsburg. Auditor, S. E. Moore, Pittsburg. Sales Managers, Central District, C. E. Postlethwaite, Pittsburg. Western District, J. H. Mitchell, Chicago. Southern District/ L. O. Cameron, AtlanU.

Directors— James A. Blair, New York. F. G. Ely, New York. J. W. Friend, Pittsburg. T. H.Given, Pittsburg. Frank N. Hoffstot, New York. Adrian H. Larkin, Jersey City. A. S. Matheson, New York. James H. Reed, Pittsburg. James N. Wallace, New York.

Corporate office, 243 Washington street, Jersey City. Main office, Farmers' Bank Building, Pittsburg. New York office, 24 Broad street. Chicago office, Fisher Building. London office, ao Broad Street House. Annual meeting, third Wednesday in February, at Jersey City.

Preston Coal Ikprovekekt Co.

A corporation chartered in Pennsylvania in 1864 as the Preston Improvement Co., the name being changed to the present title in 1884. The company owns and operates an anthracite coal property of 2,346 acres in Schuylkill County, Pa. The company is controlled by Philadelphia & Reading Coal & Iron Co. Stock Par $50 Authorized, $3,000,000 Issued, $3,000,000 ,

Funded Debt General mort., 4 per cent., due 1932, May and Nov $1,097,000

I Deposit Co., Philadelphia. " Brown, Philadelphia. Treas-

Trustee of the mortgage. Fidelity Insurance, Trust & Safe De] President, George F. Baer, Philadelphia. Secretary, W. G. r, H. E. Paisley, Philadelphia.

7oa THE MANUAL OF STATISTICS

DirectorsGeorge F. Baer, Philadelphia. Joseph S. Harris, Philadelphia. C. E. Hendcrson PhiUdelphU. James M. Landis, Philadelphia. W. H. MacEwan, Philadelphia. " M. Richards, Philadelphia. E. F. Smith, Philadelphia.

Main office, Reading Terminal, Twelfth and Market streets, Philadelphia. Annaal i second Mondaj in October.

The Procter A Gakrle Co.

A corporation formed under the laws of Ohio in 1905, succeeding a New Jersey of the same name, which had acquired the soap, candle and glycenne business of the' firm of Procter & Gamble, Cincinnati. In February, 1908, the company completed the construccioa of a large new plant at Staten Island, New York City, costing about $t,aoo,ooa

The preferred stock is 8 per cent. , cumulative. The common stock was $9,95ai,oaa In May, 1902, the authorised common stock was increased to $6,000,000, and $750,000 of Che new stock was allotted to the stockholders at $150 per share.

In November, 1903, the common stock of the company was increased from $5,250,000 to $6,000,000, the full amount authorized, the old common stockholders of record November 34. 1903, being given the right to subscribe on or before January a, 1904, for the additional $750,000 of common stock at $150 per share. In November, 1905, the common stock was increased to $9,000,000 and common stockholders of record December 10, 1905, had the right to subscribe for the $3,000,000 of new stock at par, payable December 31, 1905.

The company had $3,000,000 6 per cent, ist mortgage bonds, due 1940, redeemable after July, 1900, at no. On January i, 190X, the bonds were paid in full and the oommoo sioek increased $3,250,000, making the amount thereof $4500,000.

Transfer Agent and Registrar, Central Trust & Safe Deposit Co., Cincinnati, O.

The company has paid 8 per cent, per annum on its preferred stock, the regular dhrkJcMh being 3 per cent, quarterly, January, April, July and October. The dividends 00 comnnon were changed from la per cent, annual to 6 per cent, semi-annual in January, i8g6w In 1898, 18I99 and 1900, paid 30 per cent, on the common, the dividends being quarterly, February (15), May, August and November. In 1901, 1903, 1903, 1904, 1905, 1906 and 1907 the regular dividends on the common were 13 per cent. In November, 1903, an extra dividend of 14 3-7 per cent, was declared on the common stock, which was paid January 3, 1904. In .December, 1905, an cxia dividend of 35 per cent, was also paid on the common.

President, William Cooper Procter, Cincinnati. Vice-President, James N. Gamble, Cincinnati. Secretary, Hastings L. French, Cincinnati. Treasurer, Herbert G. French, Cincumad. Assistant Secretary and General Manager, John J. Burchanal, Cincinnati.

Directors — John J. Burchanal, Cincinnati. Briggs S. Cunningham, CindnnatL Hastings L. French, Cincinnati. Herbert G. French, Cincinnati. David B. Gamble, Cincinnati. Ja N. Gamble, Cincinnati. John Hoge, Zanesville, O. William Cooper Procter, Cii William S. Rowe, Cincinoati.

Corporate and main office, Fourth and Main streets, Cincinnati. Annual second Wednesday in October, at Cincinnati.

PROy/DERCE OAS CO.

A corporation formed under the laws of Rhode Island in 1848. In 1877, the company abioibed the Citizens* Gas Co.

Stock Par $50 Authorized, $5,000,000 Issued, $3,500,000

Stock is transferred at the Rhode Island Hospital Trust Co., Providence, R. I.

In Januarv, 1904, the stock was increased from $3,000,000 to $3,350,000. the stockbokim having the right to subscribe for the additional amount at par. In 1906, the authorised stock was increased from $3,350,000 to $5,000,000 and the stockholders of record September 10, 1906. given the right to subscribe for $350,000 of new stock at par in the proportion of i share of new for each 13 shares of old stock.

The company pays dividends of 8 per cent, per annum on its stock, the payments being a per cent, quarterly, January, April, July and October.

President, John W. Ellis. Vice-President, George W. R. Matteson. Secretary and Treasurer, William P. Nye.

Main office, ao Market square, Providence, R. I. Annual meeting in March, at Piofidmia

Industrial Sbcuritibs 709

PROyiDEHCE SECURITIES CO.

A corporation chartered bv the legislature of Connecticut, March 14, 1883, as The New England Loan & Trust Co., the name being changed to the present title January 11, 1907. The company, in the interest of the New York, New Haven & Hartford Railroad Co., took over a controlling: interest in the stock of the Rhode Island Securities Co., which owns all the stock of The Rhode Island Co., the latter operating under lease the Union Railroad Co. of Providence, the Pawtucket Street Railway Co. and the Rhode Island Suburban Railway Co., and through such leases is entitled to the earnings of the Interstate Consolidated Street Railway Co. and the Attleborough Branch Railroad Co., a total of 993 miles of electric railways, being the entire street railway systems of Providence, Pawtucket and adjacent places. 1 he entire capital stock of the Providence Securities Co. was owned by the New York, New Haven & Hartford Railroad Co. and on January 31, 1908, all of the company's assets and property was conveyed to the New England Navigation Co. Stock $100 Authorized, $350,000 Issued, $50,000

Funded Debt. 50 year gold debentures, guar. 4 per cent., due May, 1957, May and Nov $i9,898,oco

In the autumn of 1906, the New York, New Haven & Hartford Railroad Co. purchased a controlling interest in the $ia,ooo,ooo stock of the Rhode Island Securities Co. and transferred the same to this company. In December, holders of the remaining stock of the Rhode Island Securities Co. were offered $100 per share m the 4 per cent, fifty-year debentures of this company, with interest in cash at the rate of 4 per cent, per annum from August z, 1906, to May i, 1907, the purchase to be made as of May x, 1907, the condition being that stockholders should deposit their stock, with $10 cash per share, either with J. & W. Seligman & Co., New York, or the Union Trust Co., Providence, on or before January 15, 1907.

The fifty-year debentures are $19,910,000 authorised. They are subject to call on and after May I, 1917, at 105 and interest. They are guaranteed, principal and interest, by the New York, New Haven & Hartford Railroad Co., and interest and principal thereon are not subject to any deduction on account of taxation. Registrar of the debentures, Second National Bank, New Haven.

President, Charles S, Mellen, New Haven. Secretary, John G. Pa)-ker, New Haven. Treasurer, Augustus S. May, New Haven. Assistant Treasurer, Thomas F. Paradise.

Directors— D. Newton Barney, Farmingham, Conn. Augustus S. May, New Haven. Charles S. Mellen, New Haven. John G. Parker, New Haven. Edward D. Robbins, New Haven.

Main office, New Haven, Conn.

PROyiDEMCE TELEPHOHE CO.

A corporation formed under the laws of Rhode Island in x88o. The company operates under an exclusive license from the American Bell Telephone Co., its territory covering most of the State of Rhode Island and Attleboro and North Attleboro, Mass. The American Telephone & Telegraph Co. holds $750,000 of this company's stock. Stock Par $50 Authorized, $5,000,000 Issued, $3,500,000

In September, 1907, the stockholders had the right to subscribe at par for 35 per cent, of their hoklmgs in new stock, thus increasing outstanding share capital from $3,000,000 to $3,500,000.

The company pays 8 per cent, per annum on its stock, the dividends being 3 per cent, quarterly, in January, April, July and October.

President, Dexter B. Potter. Vice-President, Fenner H. Peckham. Secretary and Treasurer, Charles T. Howard. General Manager, Joseph F. Beck.

Directors— Nelson W. Aldrich. H. Martin Brown. James H. Chace. Samuel P. Colt. Rowland G. Hazard. W. G. Nightingale. Fenner H. Peckham. Dexter B. Potter. Thomas Sherwin. James M. Scott. Howard O. Sturges. Robert W. Taft. Theodore N. Vail.

Main office, 113 Union street. Providence, R. I. Annual meeting, second Wednesday in February, at Providence.

Purlic Service Corporatior Of Hew Jersey

A corporation formed under the laws of New Jersey, May 9, 1903. The corporation was formed to combine the ownership and management of important traction, power and lighting interests in New Jersey.

7Io The Manual Op Statistics

The company acquired a large majority of the stocks of the following companies : North Jersey Street Railway Co. Jersey City, Hoboken & Patersoo Strecs

Elizabeth, Plainfield & Central Jersey Ry. Co. Railway Co.

United Electric Co. of New Jersey. Orange & Passaic Valley Railway Co.

It also owns all the stock of the Middlesex Electric Light & Power Co., which was a dation of the Middlesex Lighting Co. and the Carteret Electric Light & Power Co.; and mil tW outstanding stock of the Elizabeth & Raritan River Street Railway.

It leased the properties of the following companies : Hudson County Gas Co. Camden & Suburban Railway Co.

Paterson & Passaic Gas & E!lectric Co. Somerset, Union & Middlesex LIghtiiic Co.

South Orange & Maplewood Traction Co. New Brunswick Light, Heat ft Power Co.

Essex & Hudson Gas Co. Gas ft Electric Co. of Bergen Countj.

South Jersey Gas, Electric ft Traction Co. Elizabeth & Raritan River Street Railwar Co.

In 1905, it leased the Gas ft Electric Co. of Bergen County, New Jersey. The New ] wick Light, Heat ft Power Co. was leased January i, 1905.

In 1907, the Public Service Railway Co. was formed, the majority of the stock of wUcfa is oned by the parent company. This organization was a consolidation of the United Street RaSway Co. of Central New Jersey, the North Jersey Street Railway Co., and the Jeney Oty, Hoboken and Paterson Railway Co.

The lines operated in the system comprise 648 miles of street railways. Stock Par $xoo Authorized, $25,000,000 Issued, $ia,scxooo

The plan for the formation of the corporation provided that its stock could onhr be nosed for cash at par. The first issue of $10,000,000 was underwritten by the Fidelity Trast Co.. Newark, N. J., $8,000,000 of the same being offered for /r rata subscription at par by the holders of the perpetual interest bearing certificates described below. In April, 1905, $2,500,000 additional stock was sold at par.

The first dividend was x per cent., paid June 39, 1907. Dividends of i per cent, each wcr also paid September jo, December 31, 1907, and March 31, 1908.

Stock is transferred at the office of the Treasurer, Newark, N. J. Registrar, Fklelity Tnm Co., Newark, N. J.

Funded Debt

Perpetual interest certificates, a to 6 per cent.. May and Nov $19,698,750

Collateral trust notes, 5 per cent., due Nov., 1909, May and Nov 7,3501,000

Convertible notes, 5 per cent., due Nov., 1909, May and Nov 6,350,000

Car trust certificates, 5 percent., April and Oct 800000

Funded Debt— Constituent and Leased Companies

Bergen Co. Gas Light Co., ist mort., 5 per cent., due Sept., 1908, Mar. and Sept . . $13,000

Bergen Turnpike Co. ist mort., 5 per cent., due July, 1951, Jan. and July 1,000,000

Brunswick Traction ist mort., 5 per cent., due July, 1936, Jan. ft July 500,000

Gas Light mort., 5 per cent., due May, 1921, May and Nov 100,000

Camden Horse K. R. ist mort., 5 per cent., due 1909 350,cdo

" cons, mort., 5 per cent., due May, 1913, May and Nov 350,000

Camden ft Suburban Ry. ist mort., 5 per cent., due July, 1946, Jan. and July 1,440,00c

Central Electric ist mort., 5 per cent., due July, 1040, Jan. and Julv 700.000

Citizens' Elec., Plainfield, ist mort., 5 per cent., due Nov., 1915, May and Nov 40,000

Cons. Trac. Co. of New Jersey ist mort., 5 per cent., due June, 1933, June and Dec 15,000,000

Consumers* Light, Heat &. Power mort., 5 per cent., due June, 1938, June and Dec. . . .

East Jersey Street Railway ist morts., due May, 1944, May and Nov 500,000

Kdison El. 111., New Brunswick, gen. mort., 6 per cent., due June, 19x8, June and Dec 50,000

Edison El. III.. Paterson, gen. mort., 5 per cent., due June 30, 1935, Jan. and July. . 548.000

Elizabeth & Raritan Riv. St. Ry. gen. mort., 5 per cent., due May. 1954, May and Nov. i .500000

Eliz., Plainfield & Cent. Jer. ist mort., 5 per cent, gold, due Dec, 1950, June and Dec a,40o,onr

EnIewood Gas & Electric Co., ist mort., 5 per cent., due Jan., 1939, Jan. and July. 33,000

Gas & Elec. Co. of Bergen Co. gen. mort,, 5 per cent., due Nov., 1954, May and Nov. . 1,683.000

" " cons, mort., 5 per cent., due June, 1949, June and Dec 1,3:000

Hackensack Gas & Electric Co., gen. mort., 5 per cent., due July, 1935, Jan. and July 10,000

" " xstmort.,seriesi,6p.c., due Jan., 10x7, Jan. and July 3,000

Hackensack Gas Light Co., xst mort., 5 per cent., due July, 1934, Jan. and July 38,000

Hudson County Gas Co. consolidated ist mort., gold 5s, due 1949, May and Nov io,500uooo

Jersey City & Beren Railroad ist mort., per cent., due Jan., 1933, Jan. and July 358.000

Jersey City Electric Light Co., xst mort., 6 per cent., due Dec 1909, June and Dec. . isoo

Industrial Securities 7"

Funded Debt— Constituent and Leased CoiiPAmE&— Con/ inued Jersey City, Hobokea & Paterson ist mort., 4 per cent., due Nov., 1949, May and Nov. $14,048,000

Middlesex & Somerset Traction ist mort., 5 per cent., due Jan., 1950, Jan. and July 1,000,000

Middlesex El. L. & P. Co., ist mort., 5 per cent., due 1955, Jan. and July

Newark Consolidated Gas ist mort., 5 per cent., due Dec., 1948, June and Dec 6,000,000

Newark Gas Co. ist mort., 6 per cent., due April, 1944, quar., Jan 4,000,000

Newark Passenr Railway cons, mort., 5 per cent., due July, 1930, Jan and July. . . . 6,000,000

New York, Rutherford & Sub. Gas Co., ist m., 6 p. c, due Mar., 191 1, Mar. and Sept. 50,000

New Brunswick Light, H.&P. mort., 4 per cent., due Dec. 15, 1939, June (15) and Dec. 500,000

North Hudson County Ry. ist mort., 6 per cent., due 1914, Jan. and July 630,000

" ' 5 per cent. cons, mort., due July, 1928, Jan. and July . . . . 2,378,000

" 5 per cent. imp. mort., due May, 1924, May and Nov 1,291,000

5p.c.Weehawkenext. mort.,dueFeb. 1915, Feb. andAug. 100,000

North Hudson Light, H. & P. ist mort., 5 per cent., due Oct., 191, April and Oct.. 384,000

North Jersey St. Ky. ist mort., 4 per cenL, due May, 18, May and Nov 15,000,000

Oian & Passaic Vall Ry. ist mort., 5 per cent., due Dec., 1938, June and Dec. . .

Passaic & Newark El. Trac. ist mort. guar., 5 per cent., due June, 1937, June and Dec. 550,000

Passaic Gas Light ist mort., 6 per cent., due 1922, June and Dec 50,000

Passaic Lighting cons, mort., 5 per cent., due May, 1925, May and Nov 316,000

Paterson & Passaic G. & E. cons, mort., 5 per cent., due March, 1949, March and St. 4,031,000

Paterson Railway Co. 6 per cent. cons, mort., due June, 1931, June and Dec 1,048,000

" 6 per cent. 3d gen. mort., due Oct., 1914, April and Oct 300,000

" 6 per cent. 3d mort., due June, 1907, June and Dec 303,000

Plainfield Gas & Elec. Light ist mort., 5 per ceqt., due 1911, Jan. and July 110,000

gen. mort., 5 per cent., due April, 1040, April and Oct 350,000

Plainfield Street Railwar Co. ist mort., 5 per cent., due July, 1922, Jan. and July. . . 100,000

Rapid Transit Street Railway 1st mort., 5 per cent., due April, 1931, April and Oct. . 500,000

Rutherford & Boiling Springs Gas Co., ist m., 6 p. c, due Mar., 191 1, Mar. and Sept. 50,000

Somerset Lighting, ist mort., 5 per cent., due Feb., 1936, Feb. and Aug 150,000

Somerset, Union & Middlesex Ltg. Co. mort. , 4 per cent. , due Dec. , 194, June and Dec. 1*943.978

South Jersey Gas, El. & Tr. cons, mort., 5 per cent., due Mar., 1953, March and Sept.. 11,493,000

Trenton Gsui & Electric ist mort., 5 per cent., due March, 1949, March and Sept 2,000,000

United Electric of New Jersey ist mort., 4 per cent., due June, 1949, June ancl Dec. . 18,418,000

The perpetual interest certificates are $20,300,000, authorized, and were issued in exchange for the stocks of the controlled companies on the terms stated below. They are secured by the deposit in trust of all the stocks purchased. It was provided that i per cent, should be paid in cash on the certificates at the time of their issue, and i per cent, at the end of the first year, making 3 per cent, for that year, the interest payments thereafter to be semi-<annual. Interest is paid at the Fidelity Trust Co., Newark, N. J. The terms as to interest were that certificate holders shall receive payments per annum as follows :

First year, 3 per cent.; second year, 3 per cent.; third year, per cent.; fourth pear, 3 per cent.; fifth year, per cent.; sixth year, 4 per cent.; seventh year, per cent.; eighth year, 5 per cent.; ninth year, sH cent.; tenth year and after, 6 per cent. In January, 1905, $2,000,- 000 of the certificates were offered bearing the indorsement of the Fidelity Trust Co. of Newark, which provides for the payment by that company of an additional amount of interest up to May, 19 13, sufficient to make the rate of interest on the indorsed certificates 6 per cent, per annum during that period.

Holders of the stocks of the five companies of which control was acquired were offered April 9, 1903, the privilege of exchanging their stock for the interest certificates of this corporation as per the following tabulation, which also gives the amount of outstanding stock of each constituent company :

Stock Received in

Oui standing ., Per Cent.

North Jersey Street Railway Co $15,000,000 40

Jersey City, Hoboken & Paterson Street Railway Co 20,000,000 35

Elizabeth, Plainfield & Central Jersey Railway Co 3,000,000 30

Orange & Passaic Valley Railway Co 1,000,000 30

The United Electric Co. of New Jersey 30,000,000 30

The above provisions called for a total issue of $20,200,000 of interest certificates if all the stocks of the constituent companies were exchanged thereunder. Stockholders of the various companies were invited to deposit their stock on or before April 27, 1003, with the Fidelity Trust Co., Newark, N. J., or with the New Jersey Title Guarantee & Trust Co., Jersey City; Manhattan Trust Co., New York, or Commercial Trust Co., Philadelphia. The plan was dedared operative in May, 1903, when it was stated that over 75 per cent, of the stock of each of the companies had been deposited. In June, 1904, $55,026,200 out of a total of $59,000,000 of the said stocks had been deposited.

In May, 1903, it was announced that arrangements had been concluded for the lease bj ties corporation for 900 years, from June i, IQ03, of the properties of the companies namerl m the following table. The outstanding stock of each company is given, together with th divkieodi u rental guaranteed thereon by the Public Service Corporation in successive yeaua. DlndeaA guaranteed under the leases are payable semi-annually in June and December.

Stocks Dividends guaranteed each year, per oeat.

Outstanding

3d 4th 5th 6th 7th

fth

f 1-ft 1

J

zst 2d

Hudson County Gas Co $10,500,000 a

Essex & Hudson Gas Co 6,500,000

Paterson-Passaic Gas & Electric Co. . . 5,000,000 ij4 2 South Jersey Gas, Elec.ft Traction Co. 5,889,000 3K

In all cases the maximum rates given in the table are to continue as the guaranteed drrideMh for the remainder of the leases.

The Orange & Passaic Vall Railway Co. is leased for 999 years, from November i, wgp and the Elisabeth, Plainfield & Central Jersey Railway Co. for 999 years from the same <)aie.

The Camden & Suburban Railway was leased for 999 years from May i, 1904, for and annual payments rising from $30,000 the first year of the lease to $iao,ooo in the tenth i thereof. The Camden Horse Railway Co. is leased by the Camden & Suburban Railway Co. ai an annual rental of $60,000. The Elisabeth & Raritan River Railway was leased for 900 yev from May 2, 1904, the rental being interest on the outstanding bonds.

The Gas & Electric Co. of Bergen County is leased for 999 years, from January i, 1905, the rental being charges and a per cent, per annum on the $a,ooo,ooo stock for the fint two yean, per cent, for the third year, 3 per cent, for the succeeding two years, 4 per cent, for the next foar years, and 5 per cent, thereafter.

The five-year collateral trust 5 per cent, notes, due 1909, were issued in October, 1904. Tbey are secured by the deposit of bonds of constituent companies aggregating $11, 508*000 par value. Trustee, Fidelity Trust Co., Newark.

The convertible notes were issued in 1906. They are convertible into stock at the hoUen* option on May i, 1909.

In the year 1903, the aggregate eanAngs of the street railway companies comprised ia the system were gross, $8,04i,9aa ; net, $3,186,390. In 1904, gro. $8,451,594; net, $3,990,117. Ia 1906, gross, $9,966,511 ; net, $4,144,693.

President, Thomas N. McCarter, Newark, N. J. ist Vice-President, George J. Robensk Newark, ad Vice-President, John J. Burleigh, Camden, N. J. Secretair, E. W. Hiae, Newark. Treasurer, James P. Dusenberry, Newark. Comptroller, Percy S. Young, Newark.

Directors— Thomas C. Barr, Newark. Frank Bergen, Elizabeth, N. J. Samnd T. Bodine, Philadelphia. John J. Burleigh, Camden. Albert B. Carlton, Newark. Wakfla Clark, Philadelphia. Mark T. Cox, New York. Thomas Dolan, Philadelphia. James P. Dusenberry, Newark. George R. Gray, Newark. Hugh H. Hammill, Trenton, N. J. William C. Heppenheimer, Jersey City. Anthony R. Kuser, Newark. Lewis Lilfie, Philadelphia. Thomas N. McCarter, Newark. Uzal H. McCarter, Newark. Randal Morgaa, PhUadelphia. F. W. Roebling, Trenton. John F. Shanlev, Jersey Citv. Charles A. Ster&g. Orange. P. F. Wanser, Jersey City. Leslie D. Ward, Newark. John I. Waterirary, New York. E. F. C. Youne, Jersey City.

Main office, 763 Broad street, Newark, N. J. Annual meeting, first Monday in April, at Newark.

Pueblo A Suburbam Tbactiob A Ughtih6 Co.

A corporation formed under the laws of Colorado, November ao, 190a, as a oonaolidatioa d the followmg companies : Pike*s Peak Power Co. Pueblo Traction & Lighting Co.

The company owns all the street railway, electric lighting and electric power interests m Pueblo, Col., and vicinity, including a portion of the Cripple Creek District. It operates 3s mikt of electric railway, owns a steam plant, a water-power plant and electric lighting systcou is Pueblo and the Cripple Creek district.

The preferred stock is 6 per cent., cumulative. Regular dividends of per cent, qnaitoly, are paid on the preferred.

Funded Debt

ist mort., 5 per cent, gold, due Dec. i, 1933, April and Oct $1,813,000

Pueblo Trac. & Light. Co., ist mort., 5 per cent, gold, due Jan. i, 1931, Jan. and July.. t,Q8booo

Total $3,893,000

. Industrial Securities 73

The total authorised amount of the ist mortage of the Pueblo & Suburban Traction & Lighting Co. is $3,500,000. Of the bonds outstanding, $1,250,000 are for the redemption of the $i,ioo,ooobondsof the Pueblo Traction & Lighting Co. and $469,000 are reserve for future extensions. All the bonds may be called after December, 1909, at 104 and interest. A sinking fund to retire at least $50,000 of the bonds per annum commences in 1909. The bonds may be purchased for the sinking fund at not higher than 104, or may be called. All the bonds of the Pueblo Traction & Lighting Co.'s ist mortgage may be called after January i, 1906, at 104 and interest. A sinking fund of $10,000 annually commences in xgo6.

Earnings

Gross Net Chams Surplus

1904 443,3x8 164,434 166,994 Def. 2,560

190S 524.559 241,109 168,307 72,802

President, M. D. Thatcher, Pueblo, Col. Vice-President, T. H. Devine, Pueblo. Secretary, H. C. Baker, Pueblo. Treasurer and General Manaeer, John F. Vail, Pueblo.

Du-ector— H. C. Baker, Pueblo. A. S. Booth, Pueblo. T. H. Devine, Pueblo. Irving Hale, Denver. M. D. Thatcher, Pueblo. John F. Vail, Pueblo.

Corporate and main office, lox Victoria avenue, Pueblo, Col. Branch office, Victor, Col. Annual meeting, first Tuesday in February, at Pueblo.

Puget Soukd Electric Railway

A corporation formed under the laws of New Jersey, December 5, 1902. The company acquired a controlling interest in the Tacoma Railway & Power Co., and also purchased the stock of the Seattle-Tacoroa Interurban Railway Co. The property comprises a third-rall interurban line between the cities of Seattle and Tacoma, with a branch to Renton, Wash., the total of lines operated being 6x miles.

The preferred stock is 6 per cent., non-cumulative, with dividends payable January (i) and July. Transfer Agents, Stone & Webster, 147 Milk street, Boston. Registrar, National Shawmut Bank, Boston.

The first dividend on the preferred stock was 3 per cent., paid July 7, 1906, and semiannual dividends have since been paid at that rate.

Funded Debt

ist consolidated trust mort., 5 per cent., due Feb., 1032, Feb. and Aug $3,536,000

Tacoma Railway & Power, xst mort., 5 per cent., due April, 1929, April and Oct 1,500,000

Convertible notes, 5 per cent., due Feb., 191 1, Feb. and Aug x,ooo,ooo

" 5 per cent., due Feb., X91 2, Feb. and Aug 500,000

Total $6,536,000

The authorized amount of the ist collateral trust mortgage is $5,500,000. Of this amount $1,310,000 is reserved to retire the Tacoma Railway & Power bonds. The collateral trust bonds are subject to call at xio on any interest date. Trustee of the mortgage and agent for the payment of interest, Citv Trust Co., Boston.

The two series of convertible notes are each $1, 000,000, authorized. They can be called at loaH Aod interest on any interest day.

Earnings

Gross Nee Charges Pref. Div. Surplus

President, Jacob Furth, Seattle, Wash. Vice-President, Charles D. Wyman, Boston. SecretaxT, Alvah K. Todd, Boston. Treasurer, Guy £. Tripp, Boston. General Managers, Stone & Webster, Boston.

Main office, Seattle, Wash. Executive office, 147 Milk street, Boston. Annual meeting, third Tuesday in AfMril.

The Pullkak Co.

A corporation formed under the laws of Illinois, February 22, 1867, under the title of Pullman's Palace Car Co. The name was changed to The Pullman Co. at a special meeting ot the stockholders, December 5, 1899, the change taking effect on December 30, 1899.

The Manual Of Statistics

In December, 1899, the company purchased the assets and property of the Wa|:iier Palace Car Co., a voluntary association existing under the laws of New York, mcluding its cars equipments and contracts with various railway companies, and for the purpose of making payment therefor, this company Increased its capital stock from $54,000,000 to $74,000,000, the additioaai aoo,ooo shares being issued and delivered to the Wagiier Palace Car Co.

This company owns and operates extensive shops at Pullman, a part of Chicago, and repair shops in St. Louis, Ludlow, Ky., Wilmington, Del., and Denver, Col. The Wagner Palace Car Co. had extensive works at Buffalo, N. Y., which this company has acquired. The total mileage of railroad covered by this company's operations is 195,250.

Stock Par $100 Authorised, $100,000,000. . . . Issued, $ioo,ooo,ooc

The capital stock was originally $1,250,000, and has been increased at various times.

Transfer Agents, Farmers' Loan & Trust Co., New York ; New England Trust Cou, T and Secretary of the company, Chicago. Registrar, Guaranty Trust Co., New York.

The company formerly paid dividends, quarterly, at the rate of 8 per cent, per annam, the last payment on that basis being 2 per cent, in November, 1898, on the old capital. In Joly, 189S, an extra cash dividend of 20 per cent, was declared, payable August 15, and in October, 1898, the capital stock of the company was increased $18,000,000 out of the surplus asMts, making the capital stock $54,000,000, upon which a dividend was declared, payable February, tSgt at the rate of 6 per cent, per annum, and the May and August dividends in 1890 were on tbe same basis, being per cent, each quarter. In No\'ember, 1899, the quarterly dividend rate was a per cent., and subsequent dividends have, been on that basis, or 8 per cent, per annnoL. In November, 1906, a stock dividend of 36 per cent, was paid. Dividends are paid quarterly. February, May, August and November, about the 15th of each month.

Earnings Year ending July 31

Gross Net Depreciation, etc. Dividends Sarphs

On July 31, 1907, the total surplus was $5,256,220.

General Statistics

Miles Operated Passcnrs Miles Run Value of Rentals

Under Contract Carried by Cars Can Mfd. Received

President, Robert T. Lincoln, Chicago. Vice-President, J. S. Runnells, Chicago. Secretary, Alfred S. Weinsheimer, Chicago. Eastern Secretary, S. W. Bretifield, New Yotk. Treasurer, K. Demmler, Chicago. Assistant Treasurer, R. C. Kelly, Chicago.

Directors— George F. Baker, New York. Henry C. Hulbert, New York. Chauncej Keep), Chicago. Robert T. Lincoln, Chicago. John J. Mitchell, Chicago. J. Pierpont New York. Norman B. Ream, Chicago. O. S. A. Sprague, Chicago. Frederick W. Vanderbill. New York. William K. Vanderbilt, New York. W. Seward Webb, bhelbume, Vt.

Main office, Adams street and Michigan avenue, Chicago. New York office, 15 Broad strceL London office, London Bridge Station, S. C. Annual meeting, second Wednesday in November, at Chicago.

Quakeb Oats Co.

A corporation formed under the laws of New Jersey, September 31, 1901. It acquired oiw 95 per cent, of the capital stock of the American Cereal Co., together with several other properties. The American Cereal Co. had cereal mills in Akron, O., Cedar Rapids, la., Battle Creek, Mich., Chicago, and Peterboro, Ont. In 1906, it was merged into this company.

INDUSTRIAL SBCURPTIBS 7iS

The stocks were increased from $4,000,000 common and $8,000,000 preferred to $4,500,000 and $9,ooOfOco respectively, and the $1,600,000 bonds of the American Cereal Co., were retired.

The preferred stock is 6 per cent., cumulative. Transfer Agent, Northern Trust Co., Chicago. Registrar, The Central Trust Co. of Illinois, Chicago. $2,080,000 of the common is held in a voting trust, running until 1911.

The first dividend on the preferred stock was paid February 35, 1903, and similar dividends have since been paid in February, May, August and November.

On the common stock, percent, regular, and per cent extra was paid in October, 1906, and the same amounts have since been regularly paid quarterly in January (15), April, July and October.

For 1905, the company reported profits, $1,119,572 ; interest and dividends, $541,032 ; balance surplus, $578,540; for 1906, profits, $1,283,389; interest, dividends, etc., $640,751; surplus, $41581 for 1907, profits, $1,365,166; dividends, $869,110; depreciation and new construction, $151,413 ; balance surplus, $344,644. Total surplus account December 31, 1907, $1,946,714.

President. Henry P. Crowell, Chicago. Vice-President, Jam&t H. Douglas, Chicago. Secretary, Robert Gordon, Chicago. Treasurer, Robert Stuart, Chicago.

Directors— James H. Andrews, Akron, O. Henry P. Crowell, Chicago. James H. Douglas, Chicago. Walter D. Douglas, Minneapolis. Myron T. Herrick, Cleveland. J. R. Nutt, Cleveland. Whiting G. Snow, Montclair, N. J. John Stuart, Chicago. Robert Stuart, Chicago. John P. Welling, Chicago. Thomas E. Wells, Chicago.

Corporate office, 15 Exchange place, Jersey City. Main office, Railway Exchange, Chicago. Annual meeting, second Friday in February, at Jersey City.

Quebec Bridge A Railway Co.

A corporation chartered by the Dominion of Canada, under the title of the Quebec Bridge Co., Limited, with powers to construct a and highway bridge over the St. Lawrence River at Quebec and to connect with the railway systems centering there. In 1903, the name was changed to the present style. Subsidies have been granted to the company of $1,000,000 by the Dominion Government, $250,000 by the Province, and $300,000 by the City of Quebec. The bridge as planned was to have a length of 3,300 feet and consist of one middle cantilever span of 1,800 feet, two anchor spans of 500 feet and two approach spans of 250 feet each. The erection of the structure was commenced in the summer of 1900, but on August 39, 1907, the incomplete structure collapsed. It was announced that the work would be resumed and completed by the Government of Canada. Stock Par $100 Authorized, $265,000 Issued, $265,000

The stock is the amount authorised paid in at the end of 1903.

In 1903, the Dominion of Canada authorized a Government guarantee of 3 per cent. 50 year bonds to the extent of $6,678,200. Part of these bonds were pledged as security for loans.

President, S. N. Parent, Quebec, Can. Vice-President, Rodolphe Audette, Quebec. Secretary, Ulric Barthe, Quebec. Treasurer, J. H. Paquet, Quebec. Chief Engineer, E. A. Hoare, Quebec.

Directors — Hugh H. Allan, Montreal. Rodolphe Audette, Quebec. Vesey Boswell, Quebec. P. B. DumouUn, Quebec. N. Gameau, Quebec. J. B. Laliberte, Quebec. Gaspard Le Moine, Quebec. S. N. Parent, Quebec. Herbert M. Price, Quebec. John Sharpies, Quebec.

Main office, 147 Mountain Hill, Quebec, Can. Annual meeting, first Tuesday in September, at Quebec.

Quebecjacques Cartier Electric Co.

A corporation formed under the laws of New Jersev in 1898. The company owns and operates a water-power plant on the Jacques Cartier River, about twenty miles from Quebec, constructed to generate electricity for power and light purposes. The company owns a perpetual franchise for furnishing electric light and power in the dty of Quebec, where it has a distributing and auxiliary steam plant of the most modem type, which has been in operation since April, 1900. Ini90S, the American Light & Traction Co. acquired practically all the stock of this company. Stock Par $100. Authorized, $500,000 Issued, $500,000

Transfer Agents, Emerson McMillin & Co., 40 Wall street. New York. Registrar, New York Trust Co., New York.

Funded Debt ist refunding mort., gold, 5 per cent., due 1931, June and Dec $849,000

The 1st refunding mortgage. Trust Co. of America, New York, Trustee, is for $1,000,000. Coupons are paid at the office of Emerson McMillin & Co., New York.

President, Emerson McMillin, New York. Secretary and Treasurer, A. H. Ostrom, New York.

Directors — Henry L. Doherty, New York. P. B. Doinoulin, Quebec. Charles N. KiBg Jersey City. Russell H. Landale, New York. J. M. McCarthy, Quebec. Emenoo AldfilbA. New York. James B. Taylor, New York. H. B. Wilson, New York.

Main office, Quebec, Can. New York office, 40 Wall street. Annual meeting, aeooDd Monday in January.

Quicksilver Kim 1116 Co.

A corporation formed under the laws of New York in 1866 Its mines are located at Nc Almaden, CaL

The preferred stock is 7 per cent., non-cumulative. Transfer Agent, Fanners' Loan & Trvi Co., New York. Registrar, Bowling Green Trust Co., New York.

In June, 1891, a dividend of 4 per cent, was paid on the preferred stock. No farther dividend was paid on the preferred until May 5, 1899, when per cent, was paid. On JvAj r6, 190a, a dividend of per cent, was paid on the preferred, per cent, was also paid Maj 10, 190Z, ami % per cent. May, 1903. In May, 1903, % per cent, was also paid. No dividend has been paid oc the common stock since one of 40 cents per share, June x, i88a.

President, Almon L. Bailey, New York. Vice-President, F. N. Lawrence, New Yort. Secretary, Archibald G. Henderson, New York. Treasurer, James D. Smith, New York.

Directors— Almon L. Bailey, New York. Henry R. Chace, Providence, R. I. Albert Fries, New York. Archibald G. Henderson, New York. Hampton Howell, New York. F. K. Lawrence, New York. James D. Smith, New York. Frank K. Stuiigis, New York. Stephcs Henry Thayer, New York.

Biain office, 43 Broadway, New York. Annual meeting, third Wednesday in Jme. New York.

aumCY HIMIHG CO.

A corporation originally formed under a special charter of the State of Mkhigaa, Maitk 301, 1848, and reincorporated under the laws of Michigan, March 6, 1878. The companj owns aad works one of the richest copper mine properties in the Portage Lake District, Houghton County, Mich. The company's property comprises over 1,400 acres of mineral lands and aoo acies el timber, stamp mills, etc.

Capital stock Par $25 Authorised, $3,75>|00o. . . . . .Issued, $0,790,000

Transfer Agent. Oki Colony Trust Co., Boston.

In 1899, paid dividends of $9.50 per share ; in 1900, paid $9 per share. In 190a, $4 wis paid in February and $3 in August. In February, 1903, $3.50 per share was paM, and ia August, 1903, $3 per share. In 1904, $3.50 per share was paid in Febmazr and Augott. b 1905, paid S3 each in February and August. Febmary 36, 1906, paid $5 ; May 17, September 5 and December 33, 1906, $3.50 each. In 1907, paid $4.50 March xi and June 10, $3.50 SepCcaber 25 and $3 December 33. The dividend paid March 33, 1908, was $1.50.

The company is a large producer of copper, its output having: been in 1901, ao,540.7 pounds; in 1903, 18.988,491 pounds; in 1903, 18,498,288 pounds; m 1904, 18,343,160 poundi; in 1905, 18,837,557 pounds; in 1906, 16,194,88 pounds; in 1907, 19,796,058 pounds.

Earnings

Gross Net Income Dividends Surplus Total Seipte

1906 3,59,oio 1,157,939 1,350,000 Def. 90,069 i,H53>

1907 3,7'7.5oo 1,507.373 1,485,000 Sur. 33,373 i/SMm

There was deducted from the surplus for 1907, $210,699 'or new construction, etc

President, William R. Todd, New Vork. Vice-President, Walter P. Bliss, New Yort. Secretary and Treasurer, W. A. O. Paul, New York.

Directors— William M. Belcher, Boston. James L. Bishop, New York. Walter P. Bfaii, New York. Daniel T. Brigham, Brookline, Mass. Charles J. Devereauz, Boston. Oevetaad H. Dodge. New York. Otto Kirchner, Detroit. Isaac H. Mesenre, Woodstock Vt., WillisB R. Todd, New York.

Main office, 32 Broadway, New York.

Industrial Securities 717

Racime Gas Light Co.

A corporation formed under the laws of Wisconsin in 1867. The company owns the g:a works at Racine, Wis., under an exclusive and perpetual franchise granted by the State o( Wisconsin in x866. In 1887, the company absorbed the Racine People's Gas Light Co. It has 57 miles of mains. Control of the company is vested in the Milwaukee Light, Heat & Traction Co. Stock Par $100 Authorised, $500,000 Issued, $509,000

Stock is transferred at the office of the company, Milwaukee.

Funded Debt ist mort., 5 per cent., due 1929, Jan. and July $700,000

The consolidated mortgage is for $1,000,000, and was authorized in 1899 tor the purpose of erecting a large modem gas plant and extending the plant. Trustee of the mortgage, Milwaukee Trust Co., Milwaukee. Agent for the payment of interest, City Trust Co., New York.

President, John I. Beggs, Milwaukee. Secretary and Treasurer, Henry H. Hyde, Racine, Wis.

Directors— John I. Beggs, Milwaukee. E. G. Cowdery, St. Louis. Charles F. Pfister, Milwaukee.

Main office, 305 Sixth street, Racine, Wis. Annual meeting, third Thursday in June, at Racine.

The Railroad Securities Co.

A corporation formed under the laws of New Jersey in February, 1896, the original title being the American Securities Investment Co. The name was changed to the present style in December, X9oa The company has power to acquire and hold railroad and other securities and to issue its own securities against the same.

In 1906, a controlling interest in the company was acquired by the Union Pacific Railroad Co., which on June 50, 1907, held $3,415,400 common and $1,898,400 preferred stock.

Stock...Par $100 Authorized j J'°°°'°°°} Issued I o?S" $S.6oo.ooo

The preferred stock is 4 per cent., cumulative. Stock is transferred at the office of the company. New York. Registrar, United States Trust Co., New York.

Funded Debt 50-year gold bonds. Series A, Ill.Cent. stock col., p.c, due Jan., 1951, Jan. and July. $8,000,000

The trustee of the Series A 35 per cent, bonds is the United States Trust Co., New York. Agent for the payment of interest on the bonds. Standard Trust Co., New York. The authorized issue is $ao,ooo,ooo. The bonds outstanding are secured by the deposit with the trustee of an equal amount of stock of the Illinois Centnu Railroad Co., and the $13,000,000 bonds unissued can only be issued against the deposit of an equal amount of Illinois Central stock in addition to that already in the hands of the trustee. The bonds can be redeemed, in whole or in part, at 105 at any interest date on three months* notice.

President, Edward H. Harriman, New York. Secretary, J. W. Harriman, New York. Treasurer, C. C. Tegelhoff, New York.

Directors— Edward H. Harriman, New York. J. W. Harriman, New York. Otto H. Kahn, New York. E. M. F. Miller, New York. F. L. Rodewald, New York. W. V. S. Thome, New York.

Main office, i9o Broadway, New York:

Railways Co Hp Amy Gereral

A corporation formed under the laws of New Jersey, August 35, 1899. The company was organized to operate street railway, gas, electric light and water plants. It has acquired control of the following concerns of the above description : Lewisburg, Milton & Watsontown Passenger Montoursville Passenger Railway Co.

Railway Co. Montoursville Electric Light Co.

Milton Electric Light & Power Co.

The company was interested in the Elmira & Seneca Lake Railway Co., and in the Michigan Tiaction, and Michigan Traction Extension Co., but in 1905 sold its holdings in those companies. Stock Par $10 Authorized, $700,000 Issued, $700,000

Transfer Agent and Registrar, Investment Co., Philadelphia.

The stock was $5 par and $io,ooo,oou authorized. Id October, 1901, the amount. autiiufttrL: was reduced to $r,9oo,ooo, par $10, and the $1,500,000 outstanding was reduced to $i,aoo/Ba. In September, 1905, the amount was again reduced to $900,000, and in 1906, to $700000.

In January, 1908, the company had stocks of subsidiary companies and other satmiiic*. amounting: to $987,500 par value.

Funded Debt— Controlled Companies Lewisburg, Milton & Wat. Pass. Ry. ist mort., 5 percent., due July, 1928, Jan. and July. $150,000 Montoursville Passenger Railway ist mort., 5 per cent., due i93iB, Jan. and July ISSBd

This company owns $500,000 of the Michigan Traction Extension ist mortgage 5 per cm. bonds which are guaranteed, principal and interest, by the Michigan Traction Co., wfakfa Imsb the road. The mortgage is for $500,000. Trustee and agent for payment of interest, Knktebocker Trust Co., New York.

Earnings Year ending June 30 Ezpenies

Income and Taxes Ncc Praii

"903-03 $75,53' $7,445 $.fl?

The income of the company represents interest pakl on the bonds of its subsUiaiy and ooatroUed companies, etc.

President, Thomas D. Rhodes, New York. Vice-President, F. J. Lisman, New Yock. Vice-President, Evans R. Dick, New York. SecreUry and Treasurer, H. C. Winchester, Ne York. Assistant Treasurer, L. D. Maltbie, New York.

Direaors— R. P. Buell, New York. Evans R. EKck, New York. George S. GiahaiB, Philadelphia. F. J. Lisman, New York. D. M. Minxesheimer, New Yorit. Thomas D. Rhodes Jersey City. H. C. Winchester, New York.*

Main office, jo Broad street, New York. Annual meeting, third Monday in September, Camden, N. J.

Railway Steel Sprihb Co.

A corporation formed under the laws of New Jersey, February ac, 1000. The purposes of the company are the manufacture and sale of railway springs, steel-tired wheels and kmdied aitidek The company acquired the stocks and properties of the following concerns : A. French Spring Co., Pittsburg. Charles Scott Spring Co.

Detroit Steel & Spring Co., Detroit. Steel Tired Wheel Ca

National Spring Co., Oswego, N. Y. Latrobe Steel Co.

Pickering Spring Co., Limited, Philadelphia.

The Steel Tired Wheel Co. was acquired in 1902, and the Latrobe Steel Co. in IQ05.

The constituent companies have a capacity of about 60,000 tons yearly, or about 95 per cent, of the railway car and locomotive springs made in the United States.

The preferred stock is 7 percent., cumulative. The stock was originally $10,000,000 each ol common and preferred, and was increased in 1902 by $3,500,000 of both issues to provide for the purchase of the Steel Tired Wheel Co.

Transfer Agents, Harvey Fisk & Sons, 62 Cedar street. New York. Registrar, Chasi National Bank. New York.

Dividend payments on the preferred stock began June, 2902, and have continued since at ike rate of per cent, ouarterlv, the dividend periods being March (ao), June, September aad December. The first dividend on the common stock was a per cent, paid April 4, 1904, and a second dividend of 2 per cent, on the common was paid April 3, 1905. In October, 1905, paid s per cent, and in April, 1906, 2 per cent., subsequent dividends on the common being a per each, April and October.

Funded Debt ist mort., Latrobe plant, 5 percent., due Jan., 1921, Jan. and July

The above bonds were issued in January, 1906, as an obligation of the Railway Steel Spriaci Co., secured by a mortgage for $4,500,000 on the plant of the Latrobe Steel Co., Latrobe, Pa. Tbc bonds are redeemable at the company's option on any interest day at 105. There is a ankiaf fund of $135,000 per annum. Trustee, Standard Trust Co., New York. Interest is payable the office of Harvey Fisk & Sons, New York.

Industrial Securities 719

The report for 1903 gave the company's total surplus December 31, 1003, as $1,705,885, against $903,788 in 1902. In 1904, net, $1,089,943; preferred dividend, $944,970; surplus, $144,973. In 1905, net, $1,949,993 ; preferred dividend, $944,977 ; surplus, $1,005,016. In 1906, net, $2,341,120; deduction on account of Latrobe plant purchase, $450,000; preferred dividend, $944,979; interest charges, $215,587; surplus, $730,553. In 1907, net, $2,320,136; charges, $216,632 ; preferred dividends, $944,984 ; surplus, $1,158,520 ; or the equivalent of 8.6 per cent, on the common stock. Total surplus account, December 31, 1907, $2,854,994.

Chairman, Julius E. French, New York. President, W. H. Silverthom, New York. Vice- President, F. F. Fitrpatrick, New York. Secretary, M. B. Parker, New York. Assistant Treasurer, E. McCormick, New York. Assistant Treasurer and Assistant Secretary, T. L. Chapman, Jr., New York. Assistant Secretary, A. S. Henry, New York, Auditor, J. L. Suffem, New York.

Directors — Charles W. Barnum, Lime Rock, Conn. William M. Bamum, New York. Frank Q. Barstow New York. Julius E. French, New York. Philo N. French, Pittsburg. James W. Fuller, Catasauqua, Pa. Frank S. Layng, New York. George G. McMurtry, New York. Charles Miller, Franklin, Pa. S. L. Schoonmaker, Plainfield, N. J. W. H. Silverthom, New York.

Main office, 71 Broadway, New York. Annual meeting, first Thursday in March, at Jersey City.

Reading /Rom Co.

A corporation formed under the laws of Pennsylvania, August 12, 1889. The company owns and operates blast furnaces, rolling mills, forges, foundries, tube mills and other similar establishments at Reading, Pa., DanviUe, Pa., Emaus, Pa., also a large bituminous coal property in Somerset County, Pa. Stock Par $100 Authorized, $x,ooo,ooo Issued, $1,000,000

Chairman, George F. Baer, Philadelphia. President, Frank C. Smink, Reading, Pa. General Manager, George Schuhmann, Reading. Secretary, George W. Delany, Ring. Treasurer, Frederick Butler, Reading.

Directors — George F. Baer, Philadelphia. Joseph S. Harris, Philadelphia. Samuel R. Seyfert, Reading. Frank C. Smink, Reading. Heber L. Smith, Reading.

Main office, Baer Building, Reading, Pa. Annual meeting, second Tuesday in February, at Reading.

Reece Button -Hole 11 A Chi He Co.

A corporation formed under the laws of Maine in 1882. The company owns the patents for and manufactures the Reece button-hole machine and the Reece finishing machine. The former cuts, works and bars button-holes of all sixes and shapes, and in any material, each machine having a capacity of from xo,ooo to 12,000 button-holes per day. The finishing machine stitches down thrum ends and stay cords on boots and shoes, one machine doing the work of nine hand operatives. The company in recent years has acquired and taken out many new patents and introduced a machine which is equal to two of the old style. The company has a large factory at 500-5x4 Harrison avenue, Boston. In 1909, purchased the Consolidated Sewing Machine Co.'s plant, patents and business. Stock Par $10 Authorized, $x,ooo,ooo Issued, $x,ooo,ooo

Dividends are paid quarterly, in January (15), April, July and October, and for the past six years have been a per cent, quarterly or 8 per cent, per annum.

Earnings Year ending March 3X Gross Net

I9P3-04 234,264 111,090

The company has paid in dividends to April i, 1907, $2,312,500; in addition to which is a stock dividend of $500,000.

President and General Manager, Francis A. Shea, Boston. Secretary and Treasurer, Frank L. Cady, Boston.

Directors— Frank L. Cady. Boston. David E. Harding, Mansfield, Mass. George C. Hill, Boston. Theophilus King, Boston. Crawford Ranney, St. Johnsbury, Vt. John Reece, Boston. Francis A. Shea, Boston.

Corporate office, Portland, Me. Main office, 502 Harrison avenue, Boston.

The Manual Of Statistics

Republic Iroh A Steel Co.

A corporation formed under the laws of New Jersey, May 3, 1899. The company wu organized to combine certain leading rolling mills and manutacturen of bar and mm in the United States. It acquired a number of such establishments, includin Uast fiiniaoa steel works and large ore, coke and coal properties, as follows :

Ore Properties Cambria Mine, Marquette Range, Negaunee,

Mich. Lillie Mine, Marquette Range, Nagaunee,

Mich. WUls Mine, McKinley, Mmn. Franklin Mine. Mesaba Range, Virginia, Minn. Bessemer Mine, Mesaba Range, Virginia,

Minn. Victoria Mine, Mesaba Range, Virginia, Minn. Pettit Mine, Mesaba Range, Virginia, Minn. Kinney Mine, Mesaba Range, Virginia, Minn. Fay Mine, Virginia, Minn. Monica Mine, Mesaba. Mariska Mine, Mesaba. Onondaga Mine, Mesaba. Mahoning Ore & Steel Co. (3-5oth interest),

Missabe Range, Hibbing. Minn. Union Ore Co. (M interest), Mesaba Range,

Virginia, Minn. Antoine Ore Co. {yi interest). Iron Mountain,

Mich. Brown and Red Hematic Ore Mines, near

Birmingham, Ala.

Coke Properties Atcheson Coke Works, Atcheson, Pa. Republic Coke Works, Republic, Pa. Pioneer Coke Ovens, Thomas, Ala. Warner Coke Ovens, Birmingham, Ala.,

district. Woodside Coking Coal Lands, Connellsville

District, Nicholson, P.

Coal Properties Washington County Steam Coal Lands,

Clokeyville, Pa.

Pioneer property, near

Limestone Properties Dale Limestone Works, on Piooeer ptopcfty.

near Birmingham, Ala. Union Limestone Co. Hnterest), LoweilTille.0. Lake Erie Limestone Co., Carbon, Fa.

Blast FuiyfACSs Pioneer No. i, Thomas, Ala. Pioneer No. 2, Thomas, Alau Pioneer No. 3, Thomas, Ala. Atlantic, New Castle, Pa. Hannah, Voungstown, O. Haselton, Nos. i, 3 and 3, Youngstown, O. Hall, Sharon, Pa.

Steel Plants Bessemer Steel Plant, Voungstown, O. Bessemer Steel Rail Mill, Youngstown, O. Birmingham Open Hearth Steel Plant, Birmingnam, Ala.

Railroads and Docks

Thomas & Sayreton Railway and other industrial railways in Birmingham district.

Sharon Connecting Railroad, Sharon, Pa.

Rolling Mills Alabama Works, Birmingham, Ala. Birmingham Rolling Mul Works, Birmingham, Ala. Brown-Bonnell Works, Youngstown, O. Corns Works, MassUIon, O. Indiana Woriis, Munde, Ind. Inland Works, East Chicago, Ind. Mahoning Valley Works, Youngstown, O. Sylvan Works, Moline, 111. Springfield Works, Springfiekl, III. Toledo Works, Toledo, O. Tudor Works, East St Louis, lU.

The properties acquired include iron and coal mines and coal and limestone lands la Pennsylvania, Alabama, Michigan and Minnesota, chief among them being the Pioneer properties at Birmingham, Ala., which comprise 36,000 acres, of which 14,000 acres are underlaid with oosL suitable for coking and general steam purposes, and 10,000 acres of brown and red ores ; tke Franklin group and the Pettit, Kinney, Monica, Mariska and Onondaga mines on the Mcsibs Range ; Omabria and Lillie mines on the Marquette Range, an faiterest in the Mahoninfr Ore ft Steel Co., and a half interest in the Union Ore Co. and Antoine Ore Co., all being well kaovi iron ore properties ; also some 800 acres of coking coal lands in the ConneUsviDe district; 3,000 acres of steam coal in Washington County, Pa.

The company's products are : pig iron, bar iron and steel, steel rails, steel billets, boots. nuts, screws, angles, shapes, car axles, T-rails, tumbuckles, agricultural shapes, etc The anasai capacity of the plants exceeds 1,000,000 tons finished iron and steel and 850,000 tons of pig irsB.

The preferred stock is 7 per cent., cumulative, and has a preference up to its par value and as; unpaid dividends in any distribution of assets.

Transfer Agent, New York Trust Co., New York. Registrar, Chase National Bank, Nc York.

Sayreton Mine, on

Birmingham. Ala. Warner Mine, on

Birmingham, Ala. Thompson Mine, on Pioneer property, near

Birmingham, Ala.

Pioneer property, near

Industrial Securities

Tai

The company has in its treasury $161,000 of common and $435,100 of preferred stock, which are included m the stock issued as given above.

The first dividend on the preferred stock was per cent, quarterly, paid October i, 1899. Regular quarterly dividends at that rate were paid on the preferred in January, April, July and October, to October, 1903, inclusive, the January, 1904, dividend having been deferred, and no dividends were paid untU October, 1905, when per cent, was distributed. In January, 1906, also paid per cent, and per cent, on account of accumulated dividends. In April, 1906, paid iV per cent, regular and a percent, extra, on account of the unpaid back dividends. Extra dividends of 2 per cent, each were also paid in July and October, 1906, and January, April and July, 1907, the last payment extinguishing the accumulated dividends. In October, 1907, December ai, 1907, and April i, 1908, per cent, each was paid.

Funded Debt zst and collateral trust mort., 5 per cent., due Oct., 1934, April and Oct $8,635,000

In October, 1904, the company created the issue of 5 per cent, collateral trust mortgage bonds for $10,000,000, part of which were used to secure the 5 per cent, notes, due 1006-07. Tne entire issue of bonds was sold in February, 1905. The bonds have an annual sinking fund of $350,000 and are subject to call for the same at 105, and on October i, 1914, and thereafter at the same price as a whole.

This company and the Tennessee Coal & Iron Co., jointly, guarantee $700,000 5 per cent, bonds of the Potter Ore Co.

Earnings Year ending June 30

Gross Pro6t8

iQOi-oa 3,a6o,077

Net Profits $3t643i7a8

Dividends on Preferred

Surplus $2,222,049 Def. 1,112,384 824,735

Def.

Depreciation, &c $2,040,371

1,038,840 Sur. 2,738,561 1,298,496 3,739,345 In 1904-05, the item depreciation includes $803,866 for construction and repairs, $232,172 for interest on bonds and notes and $98,421 for discount on bond issue. In 1905-015, the item includes $490,600 for interest on bonds and notes, and in 1906-07, $464, 163.

In 1905-06, there was paid out of the accumulated surplus per cent, or $1,097,408, on account of arrears of preferred dividends, and in 1906-07, 8 per cent, or $1,633,352 for the same account.

Balance Sheet, June 30, 1907

Assets Cost of property July 1, 1906. $5i,o53,394 Additions during the year ending

June, 1907 3,038,759

Deferred Charges to Operations:

expenditures for stripping and

development at mines and for

advanced mineral royalties. . . . 827,574 Cash deposited with trustees for

the redemption of 5 per cent.

collateral notes 577,075

Cash deposited with trustees for

redemption of 5 per cent, mortgage gold bonds 920

Inventories of manufactured pro>

ducts, materials and supplies on

hand at or below cost 4,378, 143

Accounts and bills receivable

(after deducting reserves for bad

Cash 1,695,329

Total $66,089,180 Total $66,089,180

Chairman, John A. Topping, Chicago. President, Tracy W. Guthrie, New York. Vice- President, Thomas J. Bray, Chicaeo. Vice-President, Severn P. Kerr, Chicago. Secretary and Treasurer, Harry L. Rownd, Chicago.

Liabilities Capital stock :

Common $27,191,000

Preferred 20,416,900

First mortgage bonds 8,625,000

Collateral trust 5 per cent, notes. . 563,000 Potter Ore Co., bonds jointly

guaranteed 350,000

Reserve funds 1,137,694

Accounts payable 3,047,284

Taxes accrued 75,076

Interest accrued on ist mortgage

bonds 107,812

Interest accrued on collateral

trust notes 7,038

Dividend on preferred stock payable July I, 1906 765,634

Unclaimed 3,745

Surplus June 30, 1906 3,790,994

Director*— Edward J. Berwind, New York. Harry S. Black, New York. Samud G. Coope. Chicago. J. B. Duke. New York. G. Watson French, Davenport, la. John W. Gates, Chkaca Tracy W. Guthrie, Pittsburg. Leonard C. Hanna, New York. Earl W. Oglebaj. Chicaea Hany L. Rownd, Pittsburg. Grant B. Schley, New York. John A. Topping, New York.

Corporate office, 15 Exchange place, Jersey City. General office, Frick Building Anaei; Pittsburg. Executive office, 115 Broadway. Chicago office. First National Bank BoildiBg. Annual meeting, third Wednesday in October, ait Jersey City.

RETSOF HI Ml KG CO.

A corporation formed under the laws of New York in 1885. The object of the company is the mining and distribution of rock salt and similar products. The Lehigh Salt & Mining Co. aad the Livonia Salt Co. were absorbed by this comoany. It also controls the GreigsiUe Sah Mining Co. The mines and works of the company are at Livonia and RetSof, Livingston Couaty.

In 1901, control of this company was acquired by the International Salt Co. See MateoMBt of the latter company. Stock Par $100 Authorized, $3,600,000 Issued, $3,600,000

Stock is transferred at the office of the company. New York.

Funded Debt ist mort., 5 per cent., due 1925, Jan. and July $3,500,000

Trustee of the mortgage and agent for the payment of interest, Knickerbocker Trust Ca, New York.

President, Edward L. Fuller, Scranton, Pa. Vice-President, Mortimer B. Fuller, Scranton. Secretary and Treasurer, Henry D. Fuller, New York. Assistant Secretary, P. Silas Walter, Scranton.

Directors— Milo M. Belding, New York. Milo M. Belding, Jr., New York. J. R. Emcrr, New York. E. L. Fuller, Scranton. Henry D. Fuller, New York. Mortimer B. Fuller. So Joy Morton, Chicago. Frank T. Patterson, Philadelphia. H. B. Twombly, New York,

Main office, Scranton, Pa. New York office, 3 Rector street. Annual meeting, third ' day in June, at Retsof, N. Y.

Rhode Islamd Copper Co.

A corporation formed under the laws of Michigan, December 9, 1898. The company owns a copper bearing tract in Houghton County, Mich., comprising 800 acres, and hasdoae extensive development work on the same. Stock Par $25 Authorized, $3,500,000 Issued, $8,500000

Transfer Agent, American Trust Co., Boston.

There has been paid in on the stock $7 per share. The balance on hand January i, 1906. was $31,952.

President, Charles J. Devereaux, Boston. Secretary and Treasurer, William R, Todd, New York. Assistant Secretary and Assistant Treasurer, W. A. O. Paul, New York.

Directors— James L. Bishop, New York. Chester L. Dane, Boston. Charles J. Devereasz, Boston. Stephen Dow, Boston. James S. Dunstan, New York. S. L. Lawton, Hanoxi. Mich. William R. Todd, New York.

Main office, 32 Broadway, New York.

Rhode Islard Perkihs Horse Shoe Co.

A corporation formed under the laws of New Jersey in 1891. The company acquired the Rhode Island Horse Shoe Co. Property owned is at Valley Falls, R. I., near Providaioe. and consists of a rolling miU, shops and other buildmgs, the whole plant covering 93 acta of land.

The preferred stock is 7 per cent., cumulative. The common stock is entitled to 10 per ocat out of surplus, after which any further surplus is divided between preferred and conmicfi itodL Company lias no bonds or mortgages, and consent of 75 per cent, of stock is neoeasaiy for tbm creaUon.

Industrial Sbcuritibs 723

Stock is iransfenwi at the office of the company, Providence, R. I. Registrar, Rhode Island Hospital Trust Co., Providence.

The company paid 7 per cent, on the preferred from 1893 to 1896, inclusive ; in 1897, paid per cent. ; in 1899, 1900 and 1901, 4 per cent. The January, 1902, dividend was increased to 'V cent., and 5 per cent, per annum was paid on the preferred in 1902, 1903, 1904 and X905. In 1906, per cent, was paid, and in 1907, 9 per cent. The January, 1908, dividend was per cent. Dividends on the preferred are quarterly, January (15), April, July and October.

From 1893 to 1895, 10 per cent, per annum was paid on the common stock. In 1896, paid 7 per cent., but the October, 1896, dividend was passed. No dividends have since been paid on the common.

President, Francis W. Carpenter, Providence, R. I. Vice-President, Richard W. Comstock, Providence. Secretary and Treasurer, Edward M. Wheeler, Providence. General Manager,. John E. Alexander, Providence. General Sales Agent, G. L. Bowen, Providence.

Directors— Francis W. Carpenter, Providence. Richard W. Comstock, Providence. Frederick E. Perkins, Providence. Theodore L. Peters, Englewood, N. J. James M. Ripley, Providence. Charles H. Perkins, Jr., Providence. Ralph C. Watrous, Providence.

Corporate office, Jersey City. Main office, 49 Westminster street. Providence, R. I. Annual meeting, first Wednesday in October.

Richelieu A Ontario Iia¥I6Ati0M Co.

A corporation formed under the laws of the Dominion of Canada. The company originated as a private enterprise m 1847 with its head office at St. Charles, P. Q. It subsequently removed its office to Montreal, and placed a line on the St. Lawrence, running between Montreal and Quebec, in competition with the Molson & Torrance line, eventually purchasing the latter's steamers. In 1857, the company was incorporated for the first time. It absorbed various local lines, including the Lake St. Peter Navigation Co., the Terrebonne & Assumption Navigation Co., the Chambly & Montreal Navigation Co., the Laprairie Navigation Co. and the Longueuil Navigation Co. In 1875, it amalgamated its stock with that of the Canadian Navigation Co., operated steamers between Toronto and Montreal, and amended its charter, assuming the present title of Richelieu & Ontario Navigation Co. In 1886, it purchased the steamers of the St. Lawrence River Steam Navigation Co, This last purchase completed the control, which the company retains, of the through lake and river passenger and freight business between Toronto, Montreal, Quebec and . Chicoutimi, a distance of 800 miles.

Its through passenger business is divided into three main lines : ist, from Toronto to Montreal, embracing Lake Ontario, the Thousand Isles and the Rapids of St. Lawrence ; 2d, from Montreal to Quebec, embracing the river between those points ; 3a, from Quebec to Tadousac, and the Saguenay River from Tadousac to Chicoutimi. Its local lines are eleven in number — from Montreal to Hamilton, Laprairie, St. Helen's Island, Longueuil, Boucherville, Contrecoeur, Chambly, Becthier, Pieneville, Three Rivers and St. Anne de Beaupre.

The company also owns and operates hotels at Murray Bay and Tadousac, P. Q. Stock Par $xoo Authorixed, $5,000,000 Issued, $3, 132,000

Transfer Agent and Registrar, J. F. Dolan, ia8 St. James street, Montreal.

The company from 1894, inclusive, paid 6 per cent, per annum on its stock, the dividends being semi-annual, 3 per cent, each, in May (2) and November. The November, 1904, dividend was, however, passed, and payments were not resumed until December i, 1906, when iXPr cent, quarterly was paid, which has since been the regular quarterly rate.

Funded Debt

ist mort. bonds, sterling, 5 per cent $293,946

The per cent, sterling bonds credited in 1805 were originally $571,833, but $277,886 of the issue has been canceled through the sinking fund.

In February, 17, the creation of a new 5 per cent, bond issue of $2,000,000, was authorized with which to provide for improvements.

Earnings

Gross Net Charges Surplus

1900 $90.av $153,136 $33903 $ia9,3M

I9P3- 1,104,802 210,057 ao,423 189,634

President, Rodolphe Forget, Montreal Vice-President, William Wainwrigfat, MootreaL Seattary, F. Percy Smith, Montreal. Chairman Executive Committee, George Cavrhill, McatnsL General Manager, C. J. Smith, Montreal. Comptroller and Treasurer, J. A. ViUenenve, treal. Traffic Manager, Thomas Henry, Montreal. Mechanical Superintendent, Gilbert JofaprtOiL Montreal.

Directors— J. P. B. Casgrain, Montreal. George Caverhill, Montreal. L. J. Forget, Monocil Rodolphe Forget, Montreal. E. B. Gameau, Quebec. William Hanson, Montreal. H. Marfrlwrt Molson, Montreal. J. Kerr Osborne, Toronto. C. O. Paradis, Sorel, P. Q. Sir Heoiy M. PeUatt, Toronto. William Wainwright, Montreal

Main ofiKce, aaS St. Paul street, Montreal. Annual meeting in February, at MontreaL

Rochester Railway A Light Co.

A corporation formed under the laws of New York, May 96, 1904. The company is a coasolidation of the Rochester Gas & Electric Co. and the Rochester Lif ht & Power Co., anc aojuired a controlling interest in the stock of the Rochester Railway Co. It was to unite under one control and management the lighting, electric power and traction interests d Rochester, N. Y. Road operated 155 miles. The Rochester & Sodus Bay Railway Co. vu leased to the Rochester Railway Company in 190a. For details of merger plan see below.

In December, 1905. a controlling interest in the stock of this company was acquired by the New York Central & Hudson River Railroad Co., and is vested in the Mohawk Valley Co.

The preferred stock is 4 per cent., cumulative, until June i, 1906, and 5 per cent, oimnlatite, thereafter, dividends being payable quarterly, in September (i), December, March and June.

The common stock is 70 per cent, paid up, being liable to calls for the remaining oper ocsL of the par value ; 10 per cent, was payable July i, 1906, but no additional calls can be maoe befoR July I, 1907, and not more than xo per cent, can be called in any consecutive la months.

Transfer Agents, E. W. Clark & Co., Philadelphia; Rochester Trust & Safe Depodt Co., Rochester, N. Y. Registrars, Fidelity Trust Co., Philadelphia ; Alliance Bank, Rochester. N. Y.

The xst quarterly dividend of x per cent, on the preferred stock was paid September t, 1934, and similar dividends have since been paid regularly at the designated cuvidend periods for tke preferred.

The first dividend on the common stock was 5 per cent., paid January 15, 1908.

The preferred stock of the Rochester Railway Co. was left undisturbed bjr the co It is $3,000,000, and is 5 per cent., cumulative. The regular quarterly dividends npon it are paid per cent, each in January, April, July and October. On the common stock of the Rochester Railway Co., the quarterly dividends are x per cent, each, paid in February, May. August and November.

Funded Debt

Rochester Railway & Light cons, mort., 5 per cent., due July, 1954, Jan. and July.. . $5,697,000

" Gas & Electric ist cons, mort., 5 percent., due Nov., 191a, May and Nov.. a,ooaooo

ad mort., per cent., due March X5, 1990, March and Sept. 1,000,000

" " impt. mort., per cent., due July, i9Xi-ai, Jan. and July. 700,000

Brush Electric Light ist mort., 5 per cent., due Jan. X5, 1915, Jan. and July 950000

Municipal Gas & £1. xst mort., per cent., due April, 1943, April and Oct. 1,400,000

Citixens* Light & Power Co. mort., 6 per cent., due Jan., 1914, Jan. and July 100,000

Water Power and real estate mortgages 779*900

Rochester Ry. cons, mort., 5 per cent., due April, x9%o, April and Oct 3,700,000

" ad mort., 5 per cent., due Dec. , X9J3, June and Dec. i,5oaooc

Rochester City & Brighton xst mort., 6 per cent., due April, 19x9, April and Oct. . . . i75,att

Total $1501.900

The Rochester Railway & Light Co.'s consolidated mortgage is for $1000,000. Of ifte bonds, $5,450,000 are reserved to retire underlying mortgages of the Rochester Gas & Electnc Co., and $780,000 to retire the water power mortgages, there being also $4,073,000 beU for betterment and improvements, provision being made that all after acquired property shaD be brought under the lien of the mortgage, and that before any of the trusted bonds shall be tsni for such purposes the constituent company must first have expended $750,000 for improweoNBiB. The bonds are subject to call at xio on any interest date. Trustee of the mortgage, Secariiy Trust Co., Rochester, N. Y., at which interest is payable, also at (he offices of E. W. ft Co.. PhiUdelphia, and Hodenpyl, Walbridge & Co., New York,

The Rochester Railway consolidated mortgage is for $3,000,000. Interest is payable at iW Solicitors' Loan & Trust Co., Philadelphia.

Industrial Securities 7*5

The Rochester Gas & Electric Co. had $2,150,000 common stock, and $a,,ooo 6 per cent., cumulative, preferred stock. It paid 6 per cent, on its preferred stock, dividends being semiannual, February and August. Under the plan of consolidation holders of the preferred stock of the Gas & Electric Co. were given the option of exchanging it for 120 per cent, of its par value in either new consolidated bonds or new preferred stock. The common stock of the Gas & Electric Co. was exchanged for no per cent, of its face in the new consolidated bonds.

The Rochester Railway Co. had $3,500,000 common stock and $2,500,000, 5 per cent., cumulative, preferred stock. Quarterly dividends of i per cent, each or 4 per cent, per annum, were paid regularly on the preferred stock beginning January i, 1002, and as already stated the preferred stock was not affected by the plan of consolidation. Holders of the Railway Company's common stock were offered 120 per cent, of its face in preferred stock of the new company, and also the right to take common stock of the new company, 70 per cent, paid, share /or share upon payment of 20 per cent, thereon, and sufficient common stock of the Railway Co. has been deposited with the Trustee under the mortgage of the Railway & Light Co. to rest the control with the latter. The preferred stockholders of the Railway Company were offered the right to subscribe at 90 for $500,000 of the new consolidated bonds, and at 20 for $500,000 of the new common stock, 70 per cent. paid. This increased both class of stock to $1,000,000.

Under the plan of consolidation about $1,250,000 cash was provided tor the requirements of the mtem.

For earnings of the Rochester Railway Co. in former years, see its statement in the Manual for 1904.

President, Horace E. Andrews, New York. Vice-President, W. K. Vanderbilt, Jr., New York. Granger A. HoUister, Rochester, N. Y. Secretary and Auditor, J. C. Collins, Rochester. Treasurer, E. L. Rossiter, New York. Assistant Treasurer, C. A. Tucker, New York. Assistant Secretary and Assistant Treasurer, George E. Hardy, New York.

Main office, Rochester, N. Y. Annual meeting, March 10, at Rochester.

Rochester Telephome Co.

A corporation formed under the laws of New York in November, 1899, to operate a telephone stem in the dty of Rochester, N. Y. In 1905, the sale of this company's stock to the United States Independent Telephone Co. was consummated. This company holds a majority of the stock of the Independent Telephone Securities Co. of Rochester.

Stock. Par $100 Authorised, $500,000 Issued, $486,000

The company formerly had $150,000 preferred stock, 6 per cent., cumulative, but it has been retired with the general mortgage bonds. See below. Transfer Agent, National Bank of Rochester, Rochester, N. Y. Registrar, Rochester Trust & Safe Deposit Co., Rochester, N. Y. In 1907, it was decided to increase the stock to $1,000,000, but action was delayed by litigation.

The first dividends were paid as follows : i per cent, on the common stoic February i, 1902, and per cent, on the preferred January i, 1902. Dividends were quarterly on the present stock at the rate of 6 per cent, per annum, the Quarterly dividend periods being January, April, July and October, but the January x, 1907, dividend was omitted and they have not been resumed.

Funded Debt

xst mort., 5 per cent., due Jan. i, 1920, Jan. and July $98,000

General mort., 5 per cent., due Oct., 1933, April and Oct 781,500

Total $879,500

The authorised amount of the ist mortgage is $400,000. Trustee and agent for the payment of interest, Rochester Trust & Safe Deposit Co., Rochester, N. Y.

Provision was made in vjfo, for an issue of $3,000,000 5 per cent, general mortgage bonds, due 1933, $150,000 of which retired the preferred stock ; $302,000 were reserved to retire the xst mortgage bonds, and $329,500 were sola to provide for extensions and new property. Trustee and agent for the payment of interest, Rochester Trust & Safe Deposit Co., Rochester, N. Y.

Earnings

Net Charffcs Dividends Surplus

190s iao,392 39,134 27,372 52,794

President, George R. Fuller, Rochester, N. Y. Vice-President, John C. Woodbury, Rochester. Secretary, Joseph W. Taylor, Rochester. Treasurer, W. Roy McCann,

Directors— H. Wheeler Davis, Rochester. Gustave Erfoe, Rochester. Geoiige R. FoAo.

Rochester. Jacob Gerling, Rochester. Lewis Griesheimer, Rochester. Edward IV. FWt

Rochester. John Craig: Powers, Rochester. Georg;e F. Roth, Rochester. George C. Scifci.

Rochester. Joseph W. Taylor, Rochester. Albrecht Voet, Rochester. J. Foster Warner, Rochester. John C. Woodbury, Rochester. F. W. Zoller, Rochester.

Corporate and main office, 59 Stone street, Rochester, N. Y. Annual meeting, third Wednesday in January, at Rochester.

The Rocky Kouktmik Bell Telephoke Co.

A corporation formed under the laws of Utah in 1883. The company operates a teiephof system under an exclusive license from the American Telephone & Teleg:raph Co. Its tenicocy comprises the States of Idaho, Montana, Utah and Wyoming. It had in operation Decaember 31. 1906, 199 exchanges, with 40,496 subscribers. The American Telephone a Telegraph Co. $1,903,400 of the stock of this company. Stock Par $xoo Authorised, $10000,000 Isued,

Stock is transferred at the office of the company. Salt Lake City.

Dividends on the stock were 6 per cent, per annum, payments being quarterly, Januaiy, April July and October. The January, 1908, payment was however passed. The authorised auxk was increased in February, 1906, from $9,500,000 to $io,ooo,ooa

Earnings

Gron Net Dividends Saiphs

1905 i,aai,774 918.731 138.998 80.503

Chairman, George Y. Wallace, Salt Lake City. President, H. Vance Lane, Salt Lake Qty. Vice-President and Treasurer, W. S. McComick, Salt Lake City. Secretary, R. B. HaikneH, Salt Lake City. General Manager, D. S. Murray, Salt Lake City.

Directors— Lafayette Hanchette, Salt Lake City. James Ivers, Salt Lake . H. Vance Lane, Salt Lake City. W. S. McComick, Salt Lake City. A. B. Moss, Payette, IdaJbo. W. W. Riter, Salt Lake City. Theodore N. Vail, Boston. George Y. Wallace, Salt Lake City.

Main office, 56 South State street. Salt Lake City. Annual meeting, last Mooday is February, at Salt Lake City.

Williak A. Rogers, Limited

A corporation formed under the Ontario Companies* Act of Canada, in March, 1901, far purpose of carrying on the business of manufacturing silver-plated ware. The oompsay is a consolidation of the following companies :

Niagara Silver Co., Niagara Falls, N. Y. WiUiam A. Rogers, New York.

The company also acquired the following properties : E. E. Wood Cutlery Works, Northampton, Rogers & Woods Silver-Plating Works. Mass. Oneida SUver-Plate Works, Ondda, N. Y.

The preferred stock is 7 per cent., cumulative, and has a preference as toasMts in liquidation. Before any dividends are paid on the common stock the sum of $aoi,aoo wiD be annually transferred to the reserve account until that account shall reach $950,000, at which soa it is to be maintained. This account now stands at $300,000. Transfer Agent and Rcsistiar, National Trust Co., Limited, Toronto.

Dividends on the preferred stock are per cent., quarterly, pakl in Janoaiy (a), July and October. The company pays 8 per cent, on its common stock, the payments beisc quarterly, 9 per cent, each, at the same periods as the dividends on the preferred.

In 1909, the net profits of the company were reported as being $109,179 ; dividends, $7i,9S> In 1903, net profits. $173,079; dividends, $79,000. In 1904, net profits, $163,906; divideadik $79,000. In 1905, net, $139,509: dividends, $78,503. In 1906, net profits, $191,559; $108,000. In 1907, net profits, $195,649; dividends, $193,000. Total credit ofrci profit and loss December 31, 1907, $463,498.

Industrial 727

President, Samuel J. Moore, Toronto. Vice-President, James L. Morrison, Toronto. General Manager, William A. RogerSt New York.

Directors— A. D. Clark, Toronto. Charles H. Duell, New York. W. Caryl Ely, Buffalo. Robert Kilgour, Montreal. Samuel J. Moore, Toronto. James L. Morrison, Toronto. William A. Rogers, New York.

Main office, Toronto. New York office, la Warren street. Annual meeting in Febnuuy, at Toronto.

Royal Bakikg Powder Co.

A corporation formed under the laws of New Jersey, March i, 1899. The company is a consolidation of the old Royal Baking Powder Co., Cleveland Baking Powder Co., Price Baking Powder Co., Tartar Chemical Co. and New York Tartar Co. In January, 1908, acquired the Western Glucose Co., Roby, Indiana.

Stock. .Par $100. .Authorised $10,000,000 ) j ( pref., $10,000,000 )

The preferred stock is 6 per cent., cumulative. The preferred has the right to select a new board of directors if the preferential dividends remain unpaid. Otherwise the preferred stock has no voting power. No mortgage can be placed on the company's property without the assent of 75 (>er cent, of the preferred stock.

Transfer Agent for the preferred stock, N. J. Title Guarantee & Trust Co., Jersey City.

The company has paid regular dividends of per cent., quarterly, on the preferred stock since its organization, the dividend periods being March (31), June, September and December. The dividends on the common from 1900 to 1905, inclusive, were at the rate of 8 per cent, per annum. In 1906 and 1907, they were 10 pei cent. The quarterly dividend paid in March, 1908, was per cent.

Presklent, F. J. Boselly. ist Vice-Preskient, Alfred H. Porter, Jr. ad Vice-Presklent, William McMurtrie. Secretary, W. L. Garey. Treasurer, John Morris.

Directors— F. J. Boselly. W. S. Champ. William C. Demorest. John Morris. Alfred H. Porter, Jr. William J. Underwood.

Main office, Royal Building, William and Fulton streets, New York.

F. S. ROrSTER eUAHO CO.

A corporation formed under the laws of Virginia in 1900. The object of the company is the manufacture and sale of fertilizers. It has four plants, at Norfolk, Va., Tarboro, N. C, Columbia, S. C, and Macon, Ga., respectively, the total capacity being 150,000 tons per annum. In 190a, the company built a laiige cotton-seed oil mill at Tarboro, N. C.

The preferred stock is 6 per cent., cumulative.

Dividends on the preferred stock are payable semi-annually, January and July.

The company has no funded debt or mortgage indebtedness. The consent of a majority of each class of tne stock is required for the issuance of bonds. There is a surplus of $500,000.

President and Treasurer, F. S. Royster, Norfolk, Va. Vice-President and Secretary, C. F. Burroughs, Norfolk.

Directors— C. F. Burroughs, Norfolk. C. A. Johnson, Tarboro, N. C. F. S. Royster, Norfolk. W. S. Royster, Norfolk. Charles E. Williams, Norfolk.

Main office, Law Building, Norfolk, Va. Annual meeting, first week in July, at Norfolk.

Rubber Goods Kahufacturiro Co.

A corporation formed under the laws of New Jersey, January a6, 1899. The plants controlled by this company are engaged in the manufacture of all kinds of rubber goods, except boots and shoes, and of specialties including mechanical goods and tires. The company acquired :

The capital stock of the Mechanical Rubber Co., which owns all the stock of the Chicago Rubber Works. Cleveland Rubber Co., New York Belting & Packing Co., Fabric Fire Hose Co., Stoughton Rubber Co. and other companies as described in detail in the Manual for 1907.

In July, 1905, control of this company was acquired by the United States Rubber Co., which purchased $5ti3.,ooo of the preferred, and $13,962,000 of the common stock, agreeing, also to take the remaining stock, if deposited prior to May i, 1906. The proposition to this company's stockholders included an exchange of the preferred at par for United States Rubber ist preferred

stock, the common to be exchanged for 50 per cent, in United States Robber ad yntMuiiA stock. At the close of 1907, the United States Rubber Co. had acquired over 90 per oeac of Ac common and preferred.

The preferred stock is 7 per cent., cumulative. Stock is transferred at the office of the company, New York. Registrar, United States Mortgage & Trust Co., New York.

No mortgage can be created without the consent of holders of two-thirds of the preferred stock.

The payment of regular quarterly dividends of per cent, on the preferred stock began June 15, 1899, and dividends ot the same amount have since been paid regularly, March, June. September and December. A dividend of i per cent, on the common was also paid in Jolj (15}, 1900. and similar quarterly dividends were paid on the common to July, 1901, inclusive. No dividends were then paid on the common stock until October, 1906, when 1 per cent, was paid. In October, 1907, z per cent, was again paid on the common stocks, and also in January, 190B.

This company and the United Sutes Rubber Co. jointly guarantee an issue of per bonds, $9,000,000 authorized, $6,000,000 issued, of the General Rubber Ca

In the fifteen months ending March 31, 1903, the company received from dividends and interest $1,533,920, its net revenue being $1,380,245, the surplus over dividends being $675,74S from which sum $650,436 was charged off for depredation. In the year ending March 31, 1904, the gross income was $880,468; net income, $783,351 ; dividends on preferred stock, $5598; charged off, $87,37 1 ; balance surplus, $131 ,483. In 1904-05 , gross income, $756> 790 ; net, 639,030 ; dividends on prefened, $563,598; charged off, $18,688; balance surplus, $56,743- 1b 1905 gross income, $963,333; net, $837,401; dividends on preferred,- $079,099; balance sorpln, $158,477. In 1906-07, gross income, $1,336,249 ; net, $1,095,101 ; dividoids on preCerred, %7Mr 598 ; dividends on common, $169,417 ; balance surplus, $301,086. Total surplus aooount, 31, 1907, $777,153.

President, Charles H. Dale, New York. Vice-Preskient, Charles A. Hunter, New Yoit. Vice-President, Lester Leland, Boston. Secretarv, Samuel Norris, New Yoric Treasurer, Jofea J. Watson, Jr., Jamestown, R. I. Assistant Secretary and Assistant Treasurer, James Mc- Guffog, New York. Assistant Secretary and Assistant Treasurer John C. Caiherry, New York.

Main office, 15 Exchange place, Jersey City. New York office, 4a Broadway. Annual meeting, second Thursday in April, at Jersey City.

Rutlmkd Trahsit Co.

A corporation formed under the laws of Vermont. December 14, 1899, to operate a line <rf steamships between Ogdensburg and the western ports on the Great Lakes, succeeding the Ogdensburg Transit Co. The Rutland Railroad Co. owns all the stock of this company.

The company owns nine steamships with an average tonnage of 3,300 tons, and wharf and warehouse property in Chicago. Stock Par $100 Authorised, $1,000,000 Issued. $i,oao.ooc

Funded Debt ist mort., 4 per cent., due December, 1931, June and December $400,000

The first mortgage, created in 1905, is for $1,000,000, The remaining bonds can ob be issued for additions and improvements.

Earnings Gross Ni

President, William H. Newman, New York. Vice-Presklent, John Caistensen, New York. Vice-President, L. V. W. Rossiter, New York. Clerk, A. G. Adams, Rutland, Vt. AssistMH Clerk, Dwight W. Pardee, New York. Treasurer, E. L. Rossiter, New York. Auditor, M. H. Chamberlin, Rutland.

Main office, Rutland, Vt. Annual meeting in January, at Rutland.

The Safety Car Heatik6 A U6Htik6 Co.

A corporation formed under the laws of New Jersey in 1887. The company tbt American patents covering the Pintsch compressed oil-gas system for lighting railroad can asd harbor buoys, and also owns the Pintsch gas plants in the United Sutes and Canada. TbsR are 16,000 cars equipped with the system in the world, of which 33,000 are in the United Stales.

Industrial Sbcuritibs 739

Canada and Mexico. The company also controls a system for beating cars, with which 33,000 cars in the United States are equipped.

Stock Par $100 Authorised, $10,000,000 Issued, $9,860,000

The stock of this company was increased in December, 1899, from $3,500,000 to $5,000,000, the increase being used to provide for additional stations and to extend the company's operations. In July, 1907, the authorized stock was increased from $5,000,000 to $10,000,000 and a stock dividend of 100 per cent, was paid with the outstanding shares.

Stock is transferred at the office qf the company. New York. Registrar, Trust Co. of America, New York.

The company has pakl dividends on its stock as follows: In 1889 to 1893, inclusive, 4 per cent. ; in 1893 to 1897, inclusive, 6 per cent.; in 1898, 1899 and i9cx>, 8 per cent. In 1901, besides the regular 3 per cent, quarterly dividend 3 per cent, extra was paid in October, 1901, making 11 per cent, for the year, besides which 10 per cent, in stock was paid in September of the same year. In 1903, 9 per cent, was paid, being 3 per cent, quarterly and i per cent extra in October. In 1903 and in 1904, 8 per cent, was paid, with 4 per cent, extra for each year, being X3 per cent, for both years. In 1905, paid 8 per cent, regular and 9 per cent, extra. In 1906, paid 8 per cent, regular and 10 per cent, extra. In 1907, paid 4 per cent, each on the old stock m April and July and 3 per cent in October on the increaMd stoclc. In December, 1907, paid 3 per cent including I per cent, extra.

In 1901, the earnings were, net, $636, 183. Including the operations of its subsidiary organisation, the Pintsch Co., the net was $895,808. In 1903, net, $870,430 and total net, $x,o5o,ooa In 1904, total net, $1,380,000. In 1905, total net, $1,393,843. In 1906, total net, $1,783,346; surplus, after charges for depreciation, etc., and dividends. $3x3,880.

Chairman, Robert Andrews. President, Robert M. Dixon. Vice-President, Randolph Parmly. Vice-President, D. W. Pye. Secretary, I. P. Lawton. Treasurer, C. H. Wardwdl.

Directors— Robert Andrews. William Barbour. E. M. Buckley. Amos H. Calef. Robert M. Dixon. J. E. French. E. LeB. Gardner. O. C. Gayley. A. Barton Hepburn. Austin Lathrop. Randolph Parmly. William A. Read. A. C. Soper. J. P. Soper. P. B. Wyckoff.

Mam office, 3 Rector street, New York. Annual meeting, second Tuesoay in May, at Jersey City.

St. Joseph 6As Co.

(Controlled by American Light & Traction Co.)

This company owns and operates the gas works of St Joseph, Mo., having a perpetual franchise. Stock Par $100 Authorised, $1,000,000 Issued, $x,ooo,ooo

Transfer Agents, Emerson McMillin & Co., 40 Wall street. New York. Registrar, Morton Trust Co., New York.

Funded Debt xst mort., 5 per cent gold, due 1937, Jan. and July $1,000,000

The 1st mortgage bonds outstandhig are the full amount authorized.

President, Emerson McMillin, New York. Vice-President, W. A. P. McDonald, St Joseph, Mo. Secretary and Treasurer, F. Labrunerie, St Joseph. Assistant Secretary, Alanson P. Lathrop, New Yoric. General Manager, K. M. Mitchell, St Joseph.

Main office, 516 Francis street, St Joseph, Mo. Annual meeting, third Wednesday io September, at St Joseph.

St. Joseph Railway, Light, Heat A Power Co.

A corporation formed under the laws of Missouri , November 17, 1895. The company acquired the following companies :

The St. Joseph Traction & Lighting Co. People's Railway, Light & Power Co.

Citizens Railway Co. Union Railway Co.

St. Joseph & Lake Railway Co. Wyatt Park Railway Co.

The company controls the entire street railway system of St. Joseph, Mo., owning and operating 45 miles of track. It also owns the entire commercial electric lighting and power business of the city, and a pleasure park of 350 acres, together with the coal rights on x.ooo acres of land. Most of its franchises are perpetual, while the others run from 33 to 44 years.

The preferred stock is 5 per cent., non-cumulative. Transfer Agents, E. W. Clark ft Gbu Philadelphia. Registrar, John H. Van Brunt, St. Joseph, Mo.

Dividends on the preferred stock are paid at the rate of 5 per cent per annum, the qoartc payments of per cent, being made in January, April, July and October.

Funded Debt ist mort., 5 per cent, gold, due Nov. i, 1937* March and Nov $4twi;?r

The authorised amount of the zst mortgage is $5,000,000, of which amount $1,500000 reserved for future betterments, etc. Trustees of the mortgage. Trust Co. of America, New Yoik ; Missouri Valley Trust Co., St. Joseph, Mo. Interest is paid at the office of Redmond Sk Co. New York.

Earnings Gross Met

9P5 754,954 369.

9o6 834, 4C7/35

In 190A, the surplus over charges was $105,893. In 1905, surplus $136,504 ; in 1906 1 $171,181 ; in 1907, surplus over dividend on preferred $107,133.

President, John Donovan, St. Joseph, Mo. Vice-President and General Manager, Jofaa R Van Brunt, St. Joseph. Vice-President, E. W. Clark, Jr., Philadelphia. Secretary and Tf nrer, G. L. Estabrook, Philadelphia.

Directors— R. A. Brown, St. Joseph. C. M. Clark, Philadelphia. E. W. Clazfc, Jr.. Philadelphia. John Donovan, St. Joseph. Charles E. Foster, St. Joseph. C. F. Hewitt, S. Joseph. Hugh McGowan, Indianapolis. Frederick Strauss, New York. John H. Van St. Joseph.

Corporate and main office, St. Joseph, Mo. Secretary and Treasurer's office, 331 street, Philadelphia. Annual meeting, second Tuesday in January, at St. Joseph.

St. Joseph Stock Yards Co,

A corporation formed under the laws of Missouri, August 5, 1896. The company's boaiKa is the ownership and operation of a stock yard at South St. Joseph, Mo. The protjeily uwaeJ consists of 433 acres adjoining the City of St. Joseph, with a Live Stock Exchange, pens for saon hogs, 15,000 cattle and 13,000 sheep, and all needed facilities for the business the company eoaducts. There are ao miles of railroad track on the premises and the company owns 6 locQoiioiiwBS.

Stock Par $100 Authorised, $3,500,000 Issued, $,500,000

Stock is transferred at the office of the company. South St. Joseph, Ma Dividends of 6 per cent, per annum are paid on the stock. The first dividend on the mxk was 3 per cent., paid June 30, 1900. In September, 1900, the company began the pajncBl ef regular quarterly dividends of 1% {Der cent, on its stock. Dividends at that rate are paid m March (31), June, September and December.

Funded Debt ist mort., per cent., due Jan., 1930, Jan. and July $i,jl3D,pae

The ist mortgage bonds are dated January x, 1900, and are $1 ,350,000 authorised. Trustees si the mortgage. North American Trust Co., New York ; Graham G. Laoey, St. Joseph, Mow He company may redeem the bonds in whole or part at 105 and interest at any interest period, os m after January x, 19x0, on four weeks' previous notice.

President, Louis F. Swift, Chicago. Vice-President and General Manager, John DonoiteL St. Joseph, Mo. Secretary, Charles Pasche, St. Joseph. Treasurer, P. P. Wdty, St. JOMpk Assistant General Manager, L. D. W. Van Vliet, St. Joseph.

Directors— John Donovan, St Joseph. J. P. Lyman, Chicago. Edward Morris, CfaksfOL J. G. Schneider, St. Joseph. Louis F. Swift, Chicago. L. D. W. Van Vliet, St. Joseph. AAbr H. Veeder, Chicago.

Corporate and main office. South St. Joseph, Mo. Aimual meeting, second ICondr January, at South St. Joseph.

ST. LOUIS BREWme ASSOCIATIOK

A corporation formed under the laws of Missouri, June i, 1889, to nigage in the hwrincM rf brewing beer. The association acquired 18 brewery plants in St. and vkmity, aad operates ix plants. The association is controlled by the St. Louis Breweries, Liinhed,a cDt poration formed under the English Companies Act.

INDUSTRIAL SECURITIES 73i

Stock Par $ioo Authoriced, $5,250,000 Issued, $5,088,604

The English company, the St. Louis Breweries, Limited, has foojooo common stock and j9oo,ooo 8 per cent, cumulative preferred stock. It paid no dividends on the common stock from 1898 until December, 1907, when 1 per cent, was paid. On its preferred, per cent, was in 1901 ; 6 per cent, in 1902 ; 8 per cent, in 1903 ; la per cent, in 1904 ; 11 per cent, in 1905 ; xi per cent, in 1906 and per cent, in 1907, which paid the iirrears of accumulated dividends in full.

Funded Debt ist mort., 6 per cent., due 19x4, Jan. and July $4,880,600

The ist mortgage is $5,250,000 authorized. Trustee of the mortgage. Union Trust Co., St. Louis. Agents for the payment of interest. National Bank of Commerce, St. Louis ; National Bank of Commerce, New York. Interest is also payable at London, Eng.

President, Henry Nicolaus. ist Vice-President, C. Marquard Forster. ad Vice-President, John G. Grone. Secretary and Treasurer, Philip Stock. Assistant Secretary and Assistant Treasurer, C. Norman Jones.

Directors— C. Marouard Forster, St. Louis. F. J. Foster, St. Louis. John G. Grone, St. L.ouis. William A. Haren, St. Louis. C. Norman Jones, St. Louis. Henry Nicolaus, St. L.ouis. Philip Stock, St. Louis.

Corporate and main office. Seventh and Chestnut streets, St. Louis. Annual meeting, first Monday in October, at St. Louis.

St. Louis Terminal Cupples Statioh A Property Co.

A corporation formed under the laws of Missouri, March 18, 1897. The company owns a large union freight station and warehouse building in St. Louis, covering several aty bloclcs adjoining the property and terminal of Terminal Railway Association of St. Louis. The property is operated through the latter company in the interest of the railroads entering St. Louis. Its warehouses are leased to wholesale mercantile houses. The entire capital stock of the company is held by the Trustees of Washington University, St. Louis.

The preferred stock is 5 per cent., cumulative.

Dividends of 5 per cent, per annum are paid on the preferred stock. On the common, i per cent, was paid in May, 1900.

Funded Debt ist mort., per cent., due June, 1917, June and Dec $3,000,000

The ist mortgage bonds are redeemable at loa. Trustee of the mortgage, Union Trust Co., St. Louis.

Earnings Year ending June 30

Gross Nee Charges Surplus

1902-03 $a99.300 $244f766 $135,000 $109,766

President, Robert S. Brookings, St. Louis. Vice-President, Samuel Cupples, St. Louis. Secretary and Treasurer, E. S. Pierce, St. Louis.

Directors — A. W. Benedict, St. Louis. Robert S. Brookings, St. Louis. Samuel Cupples, St. Louis. E. S. Pierce, St. Louis. A. Cupples Scudder, St. Louis.

Main office, comer Seventh and Spruce streets, St. Louis.

St. Mart'S Mineral Laud Co.

A corporation formed under the laws of New Jersey in March, 1901. The company owns all the stock of the St. Mary's Canal Mineral Land Co., a New York corporation owning large tracts of mineral land in the copper district of upper Michigan. The property owned comprised, on December 31, 1007, 95,158 acres and the mining nights on 14,223 acres additional in what is known as the Mineral Raiije ; also large interests in the Champion, Mayflower, Coppei Range Consolidated, and other copper mining companies.

Stock Par $25 Authorised, $5,000,000 Issued, $4,onri/i.

An initial dividend of $1 per share was paid on the company's stock October i, 1903, aid a second dividend of $1 was paid in October, 1004. In 1905, paid $1 each in Maj and Anfiat, and in 1906 paid $1 quarterly in Januanr (i), April, July and October, or 4 per cent, per madam. In 1907, paid $a in January, and $1 each in April, July and October.

The company's receipts in 1901 were $626,397 ; expenditures, $352,561 ; cash on baad. December 31, 1901, $273,753. In i9(>3, receipts, $237,043; cash on hand, December igos. $116,876. In I9P3, receipts, $422,312; carti on hand, $103,014. In 1904, receipts, $151,105; cash on hand, $48,2x0. In 1905, receipts, $,738 ; cash on hand, $177,294. In 19061 leceiptt, $762,330, plus payments for new stock, $590,000. In 1907, receipts, $557,083; paymcats. $1,002,440; cash on hand December, 31, 1907, $230,390.

President, Nathaniel Thayer, Boston. Vice-President, Charles J. Paine, Boaton. Vkt- President, J. Henry Brooks, Boston. Acting Secretary and Treasurer, Edward B. O'Cflnaar, Boston.

Directors— Albert S. Bigelow, Boston. J. Henry Brooks, Boston. Samnd N. Bnwa. Boston. George P. Gardner, Boston. Walter Hunnewell, Boston. Charles N. Kin, Jcncy City. Charles J. Paine, Boston. T. Nelson Perkins, Boston. Nathaniel H. Stone, Nathaniel Thayer, Boston.

Main office, 199 Washington street, Boston. Annual meeting in March.

ST. PAUL eJIS LIGHT CO.

(Controlled by American Light & Traction Co.)

A corporation formed under the laws of Minnesota in 1857. company operates gas and electric light plants of the city of St. Paul, Minn.

The American Light & Traction Co. controls this company. Stock Par $100 Authorized, $2,500,000 Issued, $1,500000

Transfer Agent, Emerson McMillin & Co., 40 Wall street, New York. Dividends oC 6 per cent, per annum are paid.

Funded Debt

xst mort., 6 per cent., currency, due 1915, Jan. and July. $65cvcac

Consolidated extension mort., 6 per cent., due 19x8, Jan. and July

General mort., 5 per cent, gold, due 1944, March and Sept. 3,408,000

St. Croix Power Co. mort., guaranteed, due 1939, April and Oct

Total

The xst mortgage and consolidated mortgage bonds outstanding are the full antboriaed amounts. Trustee of the consolidated mortgage. Mercantile Trust Co., New York. The geutai mortgage created in 1894 is for $5,000,000, balance of issue being reserved to retire prior Imbs and for improvements and extensions. Trustee of the general mortgage and agent for tbe payment of interest, New York Trust Co., New York.

President, Emerson McMillin. Vice-President, Kenneth Clark, ad Vfce-Preaident, FmI Doty. Secretary and Treasurer, J. P. Crowley. Assistant Secretary, Alanson P. Lathrop.

Directors— Kenneth Clark. Paul Doty. Alanson P. Lathrop. Crawford ' Emerson McMillin. George H. Prince. Elbert A. Young.

Main ofifice, Sixth and Jackson streets, St. Paul, Minn. Annual meeting, fourth Monday ia January, at St. Paul.

St. Paul Uhiok Stock Yards Co.

A corporation formed under the laws of Minnesota, July i886l The company mm property consists of over 240 acres, situated on the Miasinippi River, about five miles sooth of St. Paul, one-half of which is covered by stock yards, pens and indosures, and bjr padkiac plants and other industries, the whole tract being equipped with a complete sewer and water service and 15 miles of track. The yards are on the main line of the Chicago Great Wcttera Railway Co. and the Chicago, Rock Island & Pacific Railway Co.

The chief industries located at the company's property in South St. Paul are Swift ft C&) packing plant, occupying 24 acres, and with a capacity for handling x,20o cattle, 5,000 bogsaad x,5oo sheep per day ; two small packing plants, a malting establishment and a renderio worts.

The company has yards with a capacity for handling daily 12,000 hogs, 15.000 cattle sad j5,ooo sheep, as well as feeding sheds for x 10,000 head of sheep. In xoo6, it built a fiMclass horse bam and show ring for the exhibition of horses and other bkxxied stock.

Industrial Securities 733

Net

Depreciation

Surplus

S.000

The property includes a four-story stone and brick office building:, in which are located the companir's offices, the Stock Yards National Bank, the various commission firms, a Cattle Loan Co., the joint railroad agency and other tenants. The company also owns a considerable portion of its town site adjacent to the yards. Stock Par $100 Authorized, $2,000,000 Issued, $3,000,000

Stock is transferred at the office of the company, St. Paul. Registrar, Metropolitan Trust Co., New Yoric

The first dividend on the company's stock was per cent., paid in July, 1888. The company paid 3 per cent, in 1888, per cent, in 1889 and 4 per cent, in 1890, since which time no dividends have been paid. The above dividends were paid from profit on sales of real estate. No dividends can now be paid until the priority loan is retired.

Funded Debt

Sterling priority loan, 5 per cent., due Oct., 1936, April and Oct $21 1,950

ist mort. bonds, 5 per cent., due Oct., 1916, April and Oct 1,869,000

Total $2,080,950

The trustee of the sterling priority bonds is the Merchants Trust, Limited, London.

Trustees of the ist mortgage, Robert H. Benson, London, and the Metropolitan Trust Co., New York. Interest on the 1st mortgage bonds is paid by the National Bank of Commerce, New York; Robert Benson & Co., London, or the Stock Yards National Bank, South St. Paul, Minn.

Earnings Gross

Chairman, Louis F. Swift, Chicago. President, William Mvny. Secretary and Treasurer, A. A. McKechnie, South St. Paul. Acting Manager, H. B. Carroll, South St. Paul.

Directors— J. S. Bangs, St. Paul. L. A. Carton, Chicago. K. D. Dunlop, St. Paul. A. B. Sticknev, St. Paul. Louu F. Swift, Chicago. R. C. Wight, St. Paul.

Main office. South St. Paul, Minn. Annual meeting, first Wednesday after the first Tuesday In June, at South St. Paul.

Saktji F£ Gold A Copper Khhhg Co.

A corporation formed under the laws of New Jersey, Janua] 21, 1899. The company acquired the mines and property of the Santa Fe Copper Co., which was foreclosed in 1892. The property comprises some 40,000 acres of mineral land and claims near San Pedro, Santa Fe County, New Mexico. A large amount of exploration and development work was done by the old company and while the mme was in private hands. In 1900, the company completed a smelter at the mine. Stock Par $10 Authorized, $2,500,000 Issued, $2,500,000

Transfer Agent, Old Colony Trust Co., Boston. Registrar, State Street Trust Co., Boston.

President, J. H. Susmann, New York. Secretary and Treasurer, E. H. Westlake, New York.

Directors — E. W. Brown, New York. C. S. Henry, London, Eng. Charles N. King, Jersey City. J. De Smet Maguire, New York. J. H. Susmann, New York. O. B. Van Sant, New York. E. C. Westervdt, New York. E. H. Westlake, New York.

Main office, 11 Broadway, New York. Annual meeting, fourth Tuesday in January.

The Sao Paulo Tramway, Light A Power Co.

A corporation formed under the laws of Ontario in 1899. The company has constructed and operates about 75 miles of electric street railways in the dty of Sao Paulo, Brazil. It also supplies the city with electric light and power derived from the falls of the Tilte River, 23 miles distant from the city. The number of lamps in use at the end of 1907 was 45,570. Stock Par $100 Authorized, $10,000,000 Issued, $9,100,000

Transfer Agent and Registrar, National Trust Co., Limited, Toronto.

734 THB MANtJAl, OF STATISTICS

In December, 1907, the authorized stock was increased from $8,500,000 to $10,000.000. $600,000 of the new stock was sold.

Dividends were paid on the stock at the rate of 5 per cent, per annum from July, 1900, ibe payments being: quarterly, per cent, each in January, April, July and October. In igpi tie rate was increased to per cent., and in April, 1904, to a per cent, quarterly.

Funded Debt tst mort., 5 per cent., due June, 1999, June and Dec $6.ooo,aK

The authorised issue of ist mortgage bonds is $6,000,000. Trustee, National Trust Co.. Limited, Toronto. Interest on the bonds is payable at the National Trust Co., Limited. Toronto, or the Bank of Scotland, London, Eng.

Earnings

Gron Net Charges Dividends

190a $1,123,285 $705*3 $250,000 $238,978 $216,351

On December 31, 1906, the total surplus of the company was $1,785,718. The ratio betwea operating cost and gross earnings in 1902 was 37.2 per cent.; in 1903, 31 per cent ; in 1904, 3214 per cent ; in 1905, 33 per cent. ; in 1906, 32.2 per cent.

President, William Mackenzie, Toronto. Vice-President, Frederic Nicholls, Toronto. Vke- President, Z. A. Lash, Toronto. Vice-President, Alexander Mackenzie, Sao Paulo, Braii! Secretary-Treasurer, J. M. Smith, Toronto. Comptroller, D. Mulqueen, Sao Paulo. Geneni Manager, W. N. Walmsley. Sao Paulo.

Directors — George A. Cox, Toronto. R. M. Home Payne, London, Eng. Z. A. Lasfc, Toronto. Alexander Mackenzie, Sao Paulo. William Mackenzie, Toronto. Frederic Nichdis. Toronto. F. S. Pearson, New York. Sir Henry M. Pellatt, Toronto. J. H. Plummr. Montreal. E. R. Wood, Toronto.

Main office, Toronto Railway Chambers, Toronto. Operating office, Roa Diretta, Na 7. Sao Paulo, Brazil. Annual meeting, third Wednesday in April, at Toronto.

Sault Stb. Marie Bridge Co.

A corporation formed under the laws of Michigan, February 19, 1881. This conafMUiy owv the railroad bridge crossing the Sault Ste. Marie used by the Canadian Pacific, Minneapolis, Sl Paul & Sault Ste. Marie, and Duluth, South Shore & Atlantic Railways. Stock Par $100 Authorized, $1,000,000 Issued, $i,coo,oco

Stock is transferred at the office of the company, New York.

Funded Debt [St mort., 5 per cent., due July, 1937; Jan. and July

The 1st mortgage is for $1,000,000. Trustee, Central Trust Co., New York. There is t sinking fund of $5,500 yearly for the bonds.

The railway companies using the bridge pay rental equal to the expenses of operation asd yearly interest charges and sinking fund requirements.

President, Sir Thomas G. Shaughnessy, Montreal. Vice-President, James O. Bloss, York. Secretary and Treasurer, George H. Church. New York.

Directors— James O. Bloss, New York. George H. Church. New York. R. Y. Hebdtf. New York. Thomas Lowry, Minneapolis. Sir Thomas G. Shaughnessy, Montreal. Edward V. Skinner, New York. Sir William C. Van Home, Montreal.

Main office, 44 Wall street. New York. Annual meeting, fourth Wednesday in Jane, Detroit.

Savamhah Electric Co.

A corporation formed under the laws of Georgia in December, 1901. The company organized for the purpose of combining the street railway and electric lighting S3rstems of tbeoiT of Savannah. It has acquired the following properties :

Cit & Suburban Railroad. Savannah, Thunderbolt & Isle of Hope

Edison Electric Illuminating Co. way Co.

Industrial Sbx3Uritibs 735

The Savannah, Thunderbolt & Isle of Hope Railway Co. owned the Suburban & West End Railway and the Savannah Traction Co. The company controls and operates 57.5 miles d track in Savannah and vicinity.

The preferred stock is 6 per cent., non-cumulative, and is subject to call at any time at lao. Transfer A£:ents, Stone & Webster, 147 Milk street, Boston. Registrar, American Trust Co., Boston.

Semi-annual dividends of 3 per cent, each, or at the rate of 6 per cent, per annum, are paid on the preferred stock in April and October.

Funded Debt

ist cons, mort., 5 per cent, gold bonds, due Jan., 1053, Jan. and July $1,997,000

Savannah, Thunderbolt & Isle of Hope Railway Co. ist mort., 4 per cent, bonds, due I947 Jan., April, July and Oct x,o

Chaises

Surplni

$"9.3a6

ia7,034

i44iP34

Total $a,997.ooo

The authorised issue of the Savannah Electric Co.'8 bonds is $3,500,000, of which $1,000,000 is retained to retire the outstanding bonds of the Savannah, Thunderbolt & Isle of Hope Railway Co. The authorised issue of the bonds of the Savannah, Thunderbolt 8t Isle of Hope Railway Co. is $1,350,000, but $350,000 of this issue has been retired. An additional $1,000,000 of bonds may be issued by the Savannah Electric Co. for construction and equipment purposes. The Electric Co. bonds may be called at no and accrued interest. Securities have been deposited to provide for the retirement of the two bond issues of the City & Suburban Railroad Co.

Trustee of the Savannah Electric Co.*s bonds, American Trust Co., Boston.

Trustee of the Savannah, Thunderbolt & Isle of Hope Railway Co. bonds, Central Trust Co., New York. i- /

Earminos— All Properties

Grass Net

>90S 586,335 338,309

Z906 611,3x5 933x68

In 1906, $30,000 was charged off for improvements, and $6c,ooo for preferred dividends, making the net surplus $17,708. In 1907, preferred dividends, $60,000 ; improvements, $30,ooo ; balance deficit, $35,943*

President, George J. Baldwin, Savannah. Vice-President, C. F. Wallace, Savannah. Secretary, Abram S. Minis, Savannah. Treasurer, A. Stuart Pratt, Boston. General Managers, Stone St Webster, Boston.

Directors— A. L. Alexander. George J. Baldwin. J. S. Baitlett. J. S. Collins. J. A. G. Garson. G. N. Lane. W. W. MackaU. Abram S. Minu. Jacob Paulsen. RusseU Robb. Henry B. Sawyer. H. D. Stevens. C. A. Stone. J. J. Storrow. E. S. Webster.

Main office, Savannah, Ga., Executive office, 147 Milk street, Boston. Annual meetinfc* second Wednesday in January, at Savannah.

Schekectady Railway Co.

A obrporatjon formed under the laws of New York in February 11, 1805. The company was organised to succeed the Schenectady Street Railway Co. It operates the entire street railway system of the City of Schenectadv, N. Y., and suburbs, with extensions to Albany and Troy and Ballston, N. Y. Road owned, no miles of track. Miles of track operated, i3o. In 1903, the company acquired the Mohawk Gas Co. of Schenectady.

In February, 1905, control of the company was acquired jointly by the New York Central & Hudson River Railroad Co. and The Delaware & Hudson Co. Stock Par $xoo Authorised, $7,000,000 Issued, $4,100,000

In October, 1903, the authorized stock was increased from $600,000 to $7,000,000. The parpose was to provide for the arauisition of the Mohawk Gas Co. and for additional power and extensions. Stock is transferred at the office of the company, Schenectady, N. Y.

Funded Debt

tst mort., per cent., gold bonds, due 1941, March and Sept $3,000,000

Cons, mort., 4K per cent., due May, 1953, May and Nov 1,000,000

Total $3,000,000

The full amount of ist mortgage authorized is $3,oooooo. Trustee of the nuirtgag ad agent for the paTment of interest, Mercantile Trust Co., New York.

The company has a consolidated mortgage due May, 1953, per cent., May and Sonseta, of which $1,000,000 is outstanding. It was created in 1903 and is for $7,500,000. The SdxBK' tady Illuminating Co. has assumed the bonds in question under agreement. Trustee of tbe mortgage. United States Mortage & Trust Co., New York. Interest is paid at the office ol N. W. Harris & Co., New Yoi£

The consolidated mortgage is for $7,500,000. Trustee, United States Mortgage ft Tna Co., New York. Interest is paid at the office of N. W. Harris & Co., New York.

Earnings Year ending June 30

Gron Net Charscs Svvis

1905 ( year ending December 31 ) 795,9H 307iSi7 183,355 134,

1906 ( " " " ") 968,098 381.532 i9o,a86 13M16

The net earnings for 1901-oa include $58,778 of income other than from opeiatkns. Is 1903-93 the same item was $119,767 and in 1905, $9,357.

President, F. A. Harrington, Albany, N. Y. Vice-President, E. F. Peck, Scbenedijr. N. Y. Secretaiy and Treiasurer, J. H. Aitkin, Schenectady.

Dh-ectors— Horace E. Andrews, New York. J. W. Burdick, AlbauT, N. Y. Jolin Canfiensen, New York. A. I. Culver. Albany. T. B. Dizcy. Albany. Axel Estrom, Albany. F.A Harrington, Albany. L. F. Loree, New York. E. V. W. Rosriter, New York. W. K. Vandertnlt, Jr., New York.

Corporate and main office, 430 State street, Schenectady, N. Y. Annual meeting, fiit Twiday in February, at Schenectady.

Schuylkill Railway Co.

A corporation formed under the laws of Pennsylvania, July 90, 19 It paidiased tk property of the Lakeside Railway Co. and of the Schuylkill Traction Co. The latter was fonoed m 1893, and had acquired the following corporations :

Mahanoy City, Shenandoah, Giraidville & Ashland, Locustdale&Centralia Electric Rail-

Ashland Street Railway Co. way Co.

Shenandoah & PottsviUe Street Railway Co. Lakeside Railway Co.

The company controls the entire electric street railway system in the boroughs of Shenandoth. Mahanoy City, Ashland, Gilberton and Girardville, Pa. It operates 38 miles of .' Stock Par $100 Authorised, $400,000 Issued, %fiofl

Stock is transferred at the office of the company, Girardville, Pa. Registrar, Fklelity Tn Co., Philadelphia.

Funded Debt Schuykill Railway Co., ist con. mort., 5 per cent., due 1935, April and Oct $540'"

Traction Co., ist mort., 5 per cent., gokl, due 1943, April and Oct.. 500*000

" " newton. mort., p. c, gold, due July, 1951, Jan. and July 105,000

Lakeside Railway Co. ist mort., 4 per cent, gold, due Nov., 1933, May and Nov.. . 150,000

Total .' $i.a95.a

The Schuylkill Railway Co.'s ist consolidated mortgage, created in 1905, is for $i,450><'° of which $755,000 is reserved to retire prior Uens. Trustee of the mortgage, Fidelity Trust (X

The Schuylkill Traction ist mortgage bonds are the full amount authorised. A sinldnr M of $10,000 annually b provided to take effect after April, 1898. Bonds may be purchased for tbc sinking fund at 105. Trustee of the mortgage and agent for the payment of interest, EqahaUi Trust Co., Philadelphia.

The Schuylkill Traction new consolidated mortgage is $3,000,000. Bonds are subject to aS at any time at 105 and interest. It was stated in 1907, that they would be speedily retiicd. Of the amount outstanding, $36,000 are in the treasury of the company. Trustee of the mortC and agent for the payment of interest, Fidelity Trust Co., Philadelphia.

The outstanding bonds of the Lakeside Railway Co. are the full amount authorised. TraMK of the mortgage and agent for the pajrment of interest. Equitable Trust Co., Philadphia.

Industrial. Sbcurptibs 737

1x1x904, the company's gross earnings were $161,188; net earnings, $57,31 s. For the year ending April, 1906, the company reported, gross, $196,633 ; net, $93,876 ; charges, $64,496 ; surplus, $39,450.

President, G. H. Gerber, Reading. Pa. Vice-President, J. C. Biddle, Ashland, Pa. Secretary, MacHenry Wilhelm, Ashland, Pa. Treasurer, D. J. Langton, Shenandoah, Pa.

Directors— J. C. Biddle, Ashland, Pa. G. K. Binkley* Orwigsburg, Pa. C. A. Bleiler, Frackville, Pa. G. H. Gerber, Reading. J. S. Housenick, Shenandoah. D. J. Langton, Shenandoah. W. S. Lieb, Ashland. John Mildagis, Shenandoah. Alexander Scott, Frackville. MacHenry Wilhelm, Ashland.

Main office, Girardville, Pa.

Scrmhtok Railway Co.

A corporation formed under the laws of Pennsylvania, March 23, 1865, as the People's Street Railway Co. of Luzerne County. When the company adopted its present name the following companies were merged into it :

Scranton Passenger Railway Co. Dunmore Street Railway Co.

Scranton Suburban Railway Co. Valley Passenger Railway Co.

The compaiiy purchased the assets and assumed the liabilities of the Scranton Traction Co., and also acqmred and operates under leases the following companies :

Scranton & Carbondale Traction Co. Carbondale Railway Co.

Lackawanna Valley Traction Co. Scranton & Pittston Traction Co.

Pittston & Scranton Street Railway Co.

The company owns and operates all the street railways in the City of Scranton, Pa., and operates under lease all the lines around the city. Including lines to Pittston, Carbondale and other towns. The aggregate of the systems is 81.55 miles, with a power house and other equipment.

It owns the total issue of bonds of the Carbondale Railway Co., $300,000, and $60,000 bonds of the Scranton & Pittston Traction Co. It also owns all of the stock of the Scranton & Carbondale Traction Co., the Lackawanna Valley Co., the Pittston & Scranton Street Railwa: Co., the Carbondale Railway Co., and nearly all of the Scranton & Pittston Traction Co.

This company is controlled by The American Railways Co. of Philadelphia, through ownership of ainajority of its stock, having purchased the same in December, 1905.

The preferred stock is 5 per cent., cumulative. The stock was originaUy $3,000,000, all common. In January. 1904, the stockholders were invited to subscribe for $1,500,000 of an issue of preferred stock, paying one-third the par value of the same in cash and two-thirds in the old common stock, thus reducing the amount of the same.

The payment of dividends on the preferred stock, at the rate of 5 per cent, per annum, was begun in March, 1904, the dividends being semi-annual, per cent, each in March and September. In 1905, the greater part of the preferred stock was exchanged for 5 per cent, trust certificates of the American Railways Co., of which there are $1,495,000, leaving only $5,000 of preferred outstanding.

Transfer Agent, American Railways Co., Philadelphia. Registrar, Provident Life & Trust Co., Philadelphia.

Funded Debt Scranton Railway ist mort., 5 per cent, gold, due Nov., 1933, Jan. and July $900,000

col. trust mort. 5 per cent., gold, due Nov., 1933, Jan. and July.. . . 500,000

Scranton Traction Co. ist mort., 6 per cent. gSd, due Nov., 1933, May and Nov 1,000,000

Scranton Passenger Railway Co. ist mort, 6 per cent., due May, 1930, May and Nov... 100,000

Scranton Suburban Ry. ist mort., 6 per cent, gold, due May, 1909, May and Nov 300,000

People's Street Railway Co. xst mort., 6 per cent, gold, due Aug., 1918, Feb. and Aug. . . 300,000 gen. mort., 6 per cent gold, due Dec., 1931, July and Dec.. 100,000

Total $3,000,000

Funded Debt— Leased Companies

Carbondale Traction Co. ist mort., 6 per cent gold, due July, 1933, Jan. and July.. . . $150,000

Carbondale Railway, xst mort., 5 per cent, due June, 1936, June and Dec 300,000

Scranton & Carbondale Traction ist mort., 6 per cent., due Jan., 1933, Jan. and July.. 150,000

Scranton & Pittston Traction xst mort., 6 per cent, due Oct., 1933, April and Oct... . 355i5oo

The authorii amount of the ist consolidated mortgage of the Scranton Railvaj Co. $3,500,000, of which $x, 600,000 are reserved to retire prior liens. Trustee of the moctgacc aai agent for the payment of interest, Continental Trust Co.. New York. Interest is payable at Ae office of the company, Scranton, and by E. W. Clark & Co., Philadelphia.

The outstanding bonds of the collateral trust mortgage are the full amount authoiiwdare subject to call at any time on thirty days' notice at 105 and interest. Trustee of the moilgact. Provident Life & Trust Co., Philadelphia. Interest is payable at the office of the coapMr. Scranton, and by E. W. Clark & Co., Philadelphia.

The outstanding bonds of the Scranton Traction Co.'s xst mortgage are the fall aiMJ authorised. Interest is payable at the office of the company, Scranton* and by E. W. Clsik k Co., Philadelphia. Trustee of the mortgage, Fidelity Trust Co., Philadelphia.

The outstanding bonds of the Carbondale Traction Co.*s ist mortgage are the foil tmami authorised. Trustee of the mortgage, Central Trust Co., NewVork, which also pays the intcRSL

The authorised mortgage of the Scranton & Carbondale Traction Co. is $150,000. Agcsi for the payment of interest, Lackawanna Trust Co., Scranton. The authorised mortgage of the Scranton & PitUton Traction Co. is $525,000, the outstanding bonds being guaranteed by tke Scranton Traction Co. Trustee of the mortgage. Union Trust Co.. Philadelphia.

President, J. J. SuUivan, Philadelphia. Vice-President, Henry J. Crowley, Phiiadelpkia Secretary and Treasurer, C. L. S. Tingley, Philadelphia. Assistant Secretary and Aaaiaat Treasurer. Walter W. Perkins, Philadelphia. Controller, Frank J. Pryor, Jr., Philadelplua.

Transfer office, 1331 Walnut street, Philadelphia. Mam office, Scranton, Pa. Ainail meeting, third Tuesday in January, at Scranton.

SE/l/f5, ROEBUCK A CO.

A corporation formed under the laws of New York June 16, 1906. The company took over the retail mail order business of the firm of the same name in Chicago.

The preferred stock is 7 per cent, cumulative. The preferred or a rata part thcseof waej be redeemed at 195. No additional preferred stock or mortgage may be created, except a pDi chase money mortgage, without the assent of three-fourths of both classes of stock. No dividends can be declared on the common stock until $1,000,000 has been set aside as profits and not more than 4 per cent, per annum can be paid until $1,500,000 mote has been sd set aside. Transfer agent, Columbia Trust Co., New York. Registrar, Bankers* Co, New York.

The payment of regular quarterly dividends of per cent, each on the piefeiied stock was commenced October i. 1906; and similar dividends have since been regularly paid is January, April, July and October.

Earnings Year ending June jo GroR Sales ToUl Income Charses Pref. Div. SM-piw

1906-07 $53.a85.79a $3,606,347 $367,845 $695.6w

President, Richard W. Sears, Chicago. Vice-President, Julius Roaenwald, CUcwol Secretary, Albert H. Loeb, Chicago.

Directors — Henry Goldman, New York. John Higgins, Chicago. A. Barton Hcpbora, New York. Philip Lehmann, New York. Walker O. Lewis, Chicago. Albert H. , Chicago. Julius Rosenwald, Chkago. R. W. Sears, Chicago. Robert P. Sniffen, New Yoik.

Main office, Harvard street and Homan Avenue, Chicago. Annual meeting, fourth MoodBr in September.

The Seattle Electric Co.

A corporation formed under the laws of Washington, January 3, 1900. The company eos* trols all the electric light interests and nearly all the street railways in and around the city of Seattle, Wash. A list of these properties was given in the Manual for 1903.

The company owns and operates 155 miles of track.

The preferred stock is 6 per cent., non-cumulative, and is redeemable at zao.

In April, 1003, the preferred stock was increased from $3,000,000 to $4,600,000 anthoriaed ind holders of both the common and preferred stoic were given the right to subscribe at pv for I tf $t,6oo,ooo of new preferred in the proportion of one share of new stock for each five 1'

Industrial, Securities 739

the old. The proceeds of the new stock were to be applied to the construction of 30 miles of new track and other improvements.

Transfer Agents, Stone & Webster, 147 Milk street, Boston ; Puget Sound National Bank, Seattle. Registrars, National Shawmut Bank, Boston ; Scandinavian-American Bank, Seattle.

Dividends on the preferred stock are paid at the rate of 6 per cent, per annum, the dividends being semi-annual, 3 per cent, each in April (i) and October.

Funded Debt

ist mort., 5 per cent, gold, due Feb. i, 1930, Feb. and Aug , $5,ooo,ocx>

Consolidated and refunding mort., 5 per cent., due Aug.. 1939, Feb. and Aug a,ooo,ooo

Coupon notes, 5 per cent., due 191Z, Feb. and Aug i,ooo,coo

Seattle Railway Co. xst mort., 5 per cent., gold, due Nov. i, 1921, March and Nov. . 500,000 Puget Sound Power Co. ist mort., 5 per cent., due June, X933, June and Dec 3,1x0,000

Total $x x,6io,ooo

The authorized xst mortgage of the Seattle Electric Co. was $5,000,000. A sinking fund of I per cent, per annum is provided. Bonds may be called at any time at i xo and interest. The outstanding bonds of the Seattle Railway Co.'s xst mortgage are the full amount authorized. A sinking fund of i per cent, annually is provided. Bonds may be called at xxo and accrued interest at any time. The mortgage is guaranteed by the Seattle Electric Co. Trustee of both mortgages and agent for the payment of interest, Boston Safe Deposit & Trust Co., Boston. The coupon notes issued in i9oi5, can be called on any interest date at xoa and interest. Interest is payable at the City Trust Co., Boston.

The consolidated and refunding mortgage is for $25,000,000 and unissued bonds may bear a lower rate than 5 per cent. Of the $2,000,000, outstanding, the holders of $x, 500, 000 thereof have an option until August, 1912, to exchange them for common stock. Trustee of the mortgage and agent for the payment of interest. Old Colony Trust Co., Boston.

The Puget Sound Power Co. xst mortgage is for $4,000,000. Trustee and agent for the payment of interest, Old Colony Trust Co., Boston. A sinking fund of x per cent, is provided, beginning March x, X906, bonds to be bought at not above no, and if not purchasable to be drawn. The entire issue is subject to call on seventy days* notice at xio. The Seattle Electric Co. guarantees principal, interest and sinking fund.

Earnings Year ending December'31 GrosB

'903 $2,096,735

In X906, sinking fund, $55,000 ; preferred dividends, $300,000 ; balance surplus, $456,363. In 1907, sinking fund, $54,999; preferred dividend, $300,000; balance surplus, $4741X42.

President, Jacob Furth, Sfattle. Vice-President, Charles D. Wyman, Boston, ad Vice- President, F. K. Struve, Seattle. Secretary, James B. Howe, Seattle. Treasurer, A. Stuart Pratt, Boston. General Managers, Stone & Webster, Boston.

Directors— W. C. Forbes. Jacob Furth. S. E. Furth. N. McMicken. C. J. Smith. C. A. Stone. G. H. Tarbell. E. S. Webster. M. H. Young.

Corporate office, Seattle, Wash. Executive office, 147 Milk street, Boston. Annual meeting, first Tuesday in April, at Seattle.

Shahhom Copper Co.

A corporation formed under the laws of Delaware, November X3, X899. This company owns 800 acres of mining claims near Metcalf, Arix., and reduction works consisting of one 1,000 ton and two 500 tons each water jacket blast furnaces, a 500-ton concentrator and a two stand converter at Clifton, Arix. Stock Par $10 - Authorized, $3,000,000 Issued, $3,000,000

Transfer Agent, Boston Safe Deposit & Trust Co., Boston. Registrar, National Shawmut Bank. Boston.

The first dividend on the stock was 50 per cent, per share, paid December 20, X906. In 1907, paid 50 per cent., March 30, and 50 per cent., July 31.

Net

Charges

Surplus

7",59S

4x6,133

X, 138,209

X, 264,49a

Funded Debt ist mort., 7 per cent., due March, 1912, March and Sept. %a6ojaKc

The I St mortgage, is for $600,000, the amount of the bonds outstanding having been 1 to the present figures by drawing.

In the year ending August 31, 1906, the receipts were $1,949,566; surplus, $333.J3S- 1906-07, receipts, $3,084,068, surplus over expenses and dividends on stock (15 per $245,916.

President, Nathan L. Amster, Boston. Vice-President, Alexander B. dough, Secretary, David A. Ellis, Boston. Treasurer, R. Townsend McKeever, Boston. Secretaxy and Assistant Treasurer, C. R. Jeflers, Boston.

Directors — Nathan L. Amster, Boston. Alexander B. Cloueh, Boston. David A. Els. Boston. Charles Hayden, Boston. Berthold Hochschild, New York. R. Townsend McKeever, Boston. Archibald McNeil, Bridgeport, Conn. William A. Paine, Boston. Junes VwdBL, Dover, Del.

Corporate office, Dover, Del. Main office, Clifton, Ariz. Boston office, 8a street. Annual meeting, third Wednesday in November.

Silver King Coautiom Kikes

A corporation formed under the laws of Nevada, May ao, 1007. The company and purchased the property of the Silver King Mining Co., a Utah corporation formed in 1892. It has a large mining property at Park City, Utah. Its mines are fully developed and equipped the ore carrying a large percentage of lead, silver, copper and gold.

Stock Par $5 Authorized, $6,250,000 Issued, $6,3511,000

The stock is full paid and non-assessable. Stock is transferred at the office of the compisr. Salt Lake City, Uuh. Transfer Agent, Empire Trust Co., New York.

Up to March, 1908, two dividends of 15 cents per share each had been paid on the stock of the present company, amounting to $375 ,00a For dividends of the old company, see its stteement in the Manual for 1907.

President, David Keith, Salt Lake City. Vice-President and General Manager, Tlianas Kearns, Salt Lake City, Utah. Secretary, F. J. Westcott, Salt Lake City. Treasurer, W. S. McComick, Salt Lake City.

Main office, Salt Lake City, Utah. Annual meeting, third Monday in May, at Sak Uke City.

S/Mmohs Hardware Co.

A corporation formed under the laws of Missouri in 1873 and 1901. The company condDCO an extensive wholesale hardware business in St. Louis.

( com., $1,500,000 i com., $1,500,000

Stock. .Par $xoo. ..Authorized-; xstpref., 1,500,000 Issued istpref., 1,500,000 V %saopsD

The I St preferred stock is 7 per cent., cumulative. The ad preferred stock is 8 peroeoL, non-cumulative. Stock is transferred at the office of the company, St Louis. Regstnr. St. Louis Union Trust Co., St. Louis.

In 1900, the authorized share capital was increased from $3,000,000 to $4,500,000 by Uk creation and issue of 2d preferred stock for $1,500,000, which amount was dxttributed to Uk common stockholders as a xoo per rent, stock dividend. This adiount represents of tkt $2,000,000 undivided profits of the company at the time.

Dividends on the ist preferred stock are paid semi-annually, per cent. each, in Febntn and August. On the 2d preferred the semi-annual dividends are 4 per cent, each, in Mardi lad September. Dividends on the common are paid at the discretion of the directors, without aB7 fixedperiods.

Chairman of the Board, Edward C. Simmons, St Louis. President, Wallace D. ShntW St. Louis. Vice-Presidents, George R. Barclay, St. Louis. Archer W. Douglas, St. LoA Edward H. Simmons, St. Louis. G. W. Simmons, St. Louis. Frank J. Semple, St. lam J. Elwood Smith, St. Louis. SecreUry, William Enders, St. Louis. Assistant Secretaiy, F. Allen, St. Louis. Treasurer, Albert E. Dann, St. Louis. Assistant Treasurer, Louis S. Hasta St. Louis.

Directors— F. W. Allen, St. Louis. George R. Barclav, St. Louis. Albert £. Dana, Sl Louis. Archer W. Douglas, St. Louis. William Enders, St. Louis. Louis S. Haalam, St Lowi O. F. Richards, St. Louis. Frank J. Semple, St. Louis. Edward C. Simmona, St. Loibi

Industrial, Sbcuritibs 741

Ekiwaid H. Simmonfl, St. Louis. George W. Simmons, St. Louis. Wallace D. Simmons, St. Louis. J. Elwood Smith, SL Louis.

Main office, 900 Spruce street, St. Louis. Annual meeting:, first Monday in January, at St. L.oui&

THE SIKBER MAMUFACTURHie CO.

A corporation formed under the laws of New Jersey in 1873. The business of the company is the manufacture of sewing machines. It has one of the largest factories in the world devoted to this purpose, at Elizabeth, N. J., and has stores and sales agencies in nearly all the cities of the United States, Europe and other parts of the world. In January, 1907, this company acquired the plants and business of the Wheeler & Wilson Manufacturing Co.

Stock Par $100 Authorized, $jo,ooo,ooo Issued, $30,000,000

Stock is transferred at the office of the company.

In 1901 and to June, 190a, inclusive, dividends of 7 per cent per annum were paid, the payments being per cent, quarterly. From September, 1902, to December, 1903, inclusive, 9 per cent, per annum, or 3 per cent, quarterly, was paid. In 1904, paid 31 per cent., the dividends being 4 per cent, each in March, June and December, and X9 per cent, in September. In 1005, paid 4 per cent, each in March and June, 3 percent, in September, and a per cent, in December. In 1900, the quarterly dividends were 2 per cent. each. In 1907, paid, in January, 9 per cent..

rteriy dii t.. July,

April, 3 per cent., July, 3 per cent., October, 3 per cent., making 11 per cent, for the year. In January, 1908, paid a per cent.

President, Douglas Alexander. Vice-President, Edwin H. Bennett. Secretary and Treasurer, T. E. Haxdenbergh.

Directors— Douglas Alexander. Edwin H. Bennett. Frederick G. Bourne. Arthur K. Bourne. Stephen C. Clark. T. E. Hardenbergh.

Main office, Elizabeth, N. J. Annual meeting, third Wednesday in September.

5L0S5 Sheffield Steel A Iroh Co.

A corporation formed under the laws of New Jersey, August x6, 1899. company was organized m pursuance of a plan to enlarge the business of the Sloss Iron & Steel Co., of Birmmgham, Ala. The comoany owns all uie stock of the Sloss Iron & Steel Co., all of the stock of the Ladv Ensley Furnace at Sheffield, Ala., and owns the Philadelphia Furnace, Florence, Ala.; Hattle Ensley Furnace at Sheffield, Ala.; 25,000 acres of coal lands in Walker County, Ala., and the brown ore properties, Russellville, Ala.; it also owns the Lady Ensley Coal, Iron & Railroad Co. The united properties comprise seven large blast furnaces with a yearly capacity of 400,000 tons of pig iron, 1,438 coke ovens with a capacity of 375,000 tons of coke per annum, over 60,000 acres of coal lands with mines operated thereon, and some 31,500 acres of iron ore land, as well as extensive limestone quarries.

The preferred stock is 7 per cent., non-cumulative. Transfer Agent, Central Trust Co., New York. Registrar, Guaranty Trust Co., New York.

The common stock outstanding was $7,500,000 until October, 1905, when a stock dividend of 33 per cent., amounting to $2,500,000 in common stock, was paid on the common and increased it to tne fuU authorized amount of $10,000,000.

The company paid its first dividend of per cent, on the preferred stock in April, 1900, and has since paid quarterly dividends at the same rate, in January (10), April, July and October.

The first dividend paid on the common stock was aH per cent, semi-annual, April 3, 1905. In October, 1905, paid per cent, cash, and per cent, in common stock. In iqo6, paid per cent, each in April and October. In February, 1907 the common dividend periods were changed from semi-annual to quarterly, March, June, September and December, and in adjustment of the dividend $a.o85 per share was paid March i, 1907, the subsequent quarterly payments being per cent. each.

Funded Debt

SUms Iron & Sted Co. xst mort., 6 per cent., due Feb., xoao, Feb. and Aug $a,ooo,ooo

gen. mort., per cent., due April, 1918, April and Oct 9,000,000

Total $4,000,000

r November

Charges

. Dlv.

Com. Div.

a53,7Si

Def. 6069

a 10,000

aio,ooo

3fi.079

3t84l

Nee

90i-oa 1,331.391

President, John Campbell Maben, Birmingham, Ala. Vice-President, J. W. McQneeB, Birmingham. Secretary and Treasurer, E.'L. Morris, Birmingham. Auditor, E. J. ThooaSi. Birmingham.

Directors— A. B. Andrews, Raleigh, N. C. Joseph Bryan, Richmond, Va. Jauoes H. Richmond. W. H. Goadby, New York. Adrian H. Larkin, New York. Johs Campbell Maben, Birmingham. Richard Mortimer, New York. Frederic P. Olcott, New York. Henry Paisons, New York. H. O. Seizas, New York. James N. Wallace, New York.

Corporate office, 343 Washington street, Jersey City. Main office. First avenue and Twentieth street, Birmingham, Ala. Annual meeting, first Wednesday after second Tuesday in Mardu at Jersey City.

Somerset Coal Co.

A corporation formed under the laws of Pennsylvania in December, 1901. The objects of the company are the ownership of coal mines and coal lands and the mining and sale of coaL The company acquired various bituminous coal properties in Somerset County, Pa., located 00 or near the lines of the Baltimore & Ohio Railroad Co.

In Januanr, 1903, a controlling interest in this company's stock was acquired bj the Consolidation Coal Co. Stock Par $100 Authorized, $4,000,000 Issued, $4,000.000

Transfer Agent, Registrar & Transfer Co., New York. Registrar, Guaranty Trust Co., Nev York.

The first dividend on the stock was a per cent., annual, paid February i, 1904. No dividends since.

Funded Debt ist mort. gold sinking fund, 5 per cent., due Feb., 1933, Feb. and Aug $3,936.00;

The ist mortgage bonds authorized are for $4,000,000. Trustee of the mortgage and agent for the payment of interest, Guaranty Trust Co., New York. The bonds are subject to ca1 on any interest date at no.

In November, 1907, the company sold 1,000 coal cars to the Cumberland & Pennsytvana Railroad Co., which assumed the equipment notes this company had given against the i

Earnings

Gross Net Charges Sun-*

1903 $i,979t030 $769,065 $336,085 $453.9

President, Clarence W. Watson, Baltimore. Vice-President, J. H. Wheelwright, Baltimore. Secretary and Treasurer, T. K. Stuart, Baltimore. General Auditor, A. S. Dunham, Baltimore.

Directors— H. Crawford Black. Van Lear Black. A. B. Fleming. J. C. Freeae. Georre C. Jenkins. C. H. Kellock. Acosta Nichols. G. G. Smith. W. M. WiUhire. Clarence W. Watson. J. H. Wheelwright.

Corporate office, Somerset, Pa. Main office, Baltimore. Annual meeting, third Wednesdaf in March, at Somerset.

South Chica60 City Railway Co.

A corporation formed under the laws of Illinois, May 31, 1883. The company was origioalH the Ewing Avenue Horse Railway Co., but changed its name in 1885. It owns and open two lines of electric street railway extending from Jackson Park, Chicago, to io6th street and Ikt

INDUSTRIAL SECURITIES I4i

Indiana State line. It owns 31 miles of track and controls the Grand Crossing & Windsor Park Railroad Co. with 3 miles of track. Total operated 34 miles. It is operated in connection with the Hammond, Whiting & East Chicago Electric Railway Co.. between Chicago and adjacent Indiana towns. In February, 190S, it was proposed to consolidate the company with the Calumet Electric Street Railway Co.

Stock Par $xoo. Authorised, $a,ooo,ooo Issued, $a,ooo,ooo

Stock is transferred at the office of the company, Chicago.

Funded Debt

ist mort. currency, 5 per cent., due July, 1910, Jan. and July $50,000

zst con. mort., 5 per cent, gold, due April, 1913, April and Oct 1,944,000

Total... $1,994,000

The authorised amount of the consolidated mortgage is $5,000,000. Trustee and agent for the pajrment of interest, Illinois Trust & Savings Bank, Chicago.

President, D. F. Cameron, Chicago. Vice-President, D. M. Cummings, Chicago. Secretary and Treasurer, Otho S. Gaither, Chicago.

DirectorsD. F. Cameron, Chicago. C. R. Corning, New York. D. M. Cununings, Chicago. OthoS. Gaither, Chicago. Henry Cf. Saltonstall, Chicago.

Main office, 164 Dearborn street, Chicago. Annual meeting, first Tuesday in May, at Chicago.

Southerm Light A Traction Co.

(Controlled by American Light & Traction Co.)

A corporation formed under the laws of New Jersey, September 6, 1899. The oompanr was organised to hold stocks, bonds and other securities, and is chiefly interested in gas, electric and street railway properties, particularly at San Antonio, Tex. It owns and operates 40 miles of the electric railway tracks.

In 1901, the American Light & Traction Co. acquired control of this company through the purchase of its stock. See statement of that company. Stock Par 10 cents Authorised, $a,5oo Issued, $3,500

The capital stock was formerly $3,500,000 but was reduced to $3,5cx>, of the par value of 10 cents per share. Stock is transferred at the office of Emerson McMillin & Co., 40 Wall street. New York.

Funded Debt Collateral trust mort., 5 per cent, gold, due 1949, March and Sept $2,090,000

The collateral trust 5 per cent, mortgage, New York Trust Co., New York, trustee, is secured by a deposit of bonds and securities of the constituent companies. The authorised amount of bonds is $3,500,000. The bonds are subject to call at 105 and interest. Coupons are paid at the New York Trust Co., New York.

President, Emerson McMillin, New York. Vice-President, Philip Lehman, New York. Secretary, Alanson P. Lathrop.New York. Treasurer, A. H. Ostrom, New York.

Directors— J. J. Emeij, New York. Warren W. Foster, New York. Charles N. King, Jersey City. Alanson P, Lathrop, New York. Arthur Lehman, New York. Philip Lehman, New York. Emerson McMillin, New York. George P. Sheldon, New York. H. B. Wilson, New York.

New York office, 40 Wall street. Annual meeting, first Monday in October at Jersey City.

Southern Mew Em G Laud Telephome Co.

A corporation formed under roecial charter of Connecticut in iSSa. The company operates, under license from the American Telephone & Telegraph Co., in the State of Connecticut. The American Telephone & Telegraph Co. has an interest in this company's stock of 35 per cent, of same. On December 31, 1907, the company had 60,735 stations. Stock Par $100 Authorised, $10,000,000 Issued, $7,700,000

The capita] stock was increased in February, 1901, from $3,511,000 to $3,760,000, with a further increase later in the year to $2,990,000. In 1903, $500,000 additional stock was Issued. In January, 1904, stockholders were given the right to subscribe at par for $500,000 additional stock, maldng the amount $4,000,000. In 1905, the authorized stock was increased from $5,000,000 to $10,000,000. In July, 1905, $500,000 new stock was sold to the stockholders at par. In

February, 1906, the sale of $1,000,000 additioDal stock was authorized, which made the uad issued $6,000,000. In November, 1906, stodcholders were offered the right to subscribe at dv 40 per cent, of new stock, making the amount to be issued $7,700,000. Payments 00 sobniptions were to be in four instalments of 35 per cent, each on January 15, April 15, July is ud October 15, 1907.

Stock is transferred at the office of the company, New Haven, Conn. Rcsistrar, Kcv Haven Trust Co., New Haven, Conn.

Dividends on the stock are 6 per cent, per annum, and are paid quarterly, per oenL ta/k in January (15), April, July and October.

FuiTDBD Debt istmort., 5 per cent, gokl, due 1948, June and Dec

Earnihos

Grois Net Charges and Rentals

9P3 ."4i4 338,633 111,644

Dividends

$iS*

3P.O0O

to 277*500

aijji

9o6 1,799,144 351,515

The net earnings for 1904, 1905, 1906 and 1907 are given after the deductions of fixed cfaaics and rentals.

President, John W. Ailing, New Haven, Conn. Vice-Preskient, James T. Morao, Nev Haven. General Manager, Henry H. Sykes, New Haven. Secretary and Treasurer, Andivv H. Embler, New Haven. Assistant Treasurer, Edwin N. Clarke, New Haven.

Directors— Max Adler, New Haven, Conn. John W. Ailing, New Haven. James Englirii. New Haven. Lyman B. Jewell, Hartford, Conn. James T. Moran, New Haven. A. Hettos Robertson, New Haven. Thomas Sherwin, Boston. Vktor Morris, Tyler, New Haves. Theodore N. Vail, Boston.

Main office, 133 Court street. New Haven, Conn. Annual meeting, last Tuesday in Jaauy. at New Haven.

SOOTH SIDE ELEIfATEO RAILROAD CO.

A corporation formed under the laws of Illinois in January, 1897. The company is reorganization of the Chicago & South Side Rapid Transit Railroad Co., wassoM September 16, 1896. It owns an elevated road, operated bv electricity, 11.95 miks d double, 5.30 miles of third track and 8.31 miles of sidings, a total of 37.41 miles sin track, extending from Congress street to Jackson Park, Chicago, and Englewood. Elxtensno totk stockyards is in progress. Stock Par $roo. Authorised, $10,333,800 Issued, $iQ3S3

Stock is transferred at the office of the company, Chicago. Registrar, Northern Trust Co. Chicago.

The first dividend on the stock was z per cent., pakl May i, 1899. In 1899, 3 per oeot. paM; in r9oo, 3 per cent., in 1901 per cent., and in 1903, 1903, 1904, 1905, 1906 and i9(- 4 per cent. The March, 1908, dividend was, however, reduced to of 1 per cent. Divkicsdi are paid quarterly, March (31), June, September and December.

Funded Debt ist mort, per cent, bonds, due July, 1934, Jan. and July $8,000000

The authorised amount of the mortgage is $8,000,000, of which $750,000 are lesmcd for future improvements and additions. The bonds are redeemable after January i, 1910, at 105 interest. Trustee of the mortgage and agent for the payment of interest, Illinois Trust & Sanif Bank, Chicago. The issue was authorised in 1904, and the entire amount of $8,000,000 was sold tc the Illinois Trust & Savings Bank at the arrangement including payinent for $3,000,000 thereof in August, 1904, $3,500,000 May i, 1905, and $1,500,000 of the remainder May 1, 19 Part of the proceeds of the first $3,000,000 were devoted to retire at 103 the old per bonds of the company due 1937, of which $750,000 were outstanding.

Gross

Earnings

Net

Interest

Dividends

Industrial* Securities 745

EAiMivO9—C0Mfinued Grots Net loterest Dividends Surplus

90S 1,713.348 660,385 33,750 409,165 7,470

1906 1,788,97s 581,707 33,750 409,177 138,780

President, Charles V. Weston, Chicago. Vice-President, N. B. Judah, Chicago. Secretary and Treasurer, Horace F. Hardy, Chicago.

Directors— Wallace Heckman, Chicago. Charles H. Hulburd, Chicago. T. J. Lefens, Chicago. Joseph Letter, Chicago. WilUam R. Linn, Chicago. Byron L. Smith, Chicago. C. H. Wacker, Chicago. Charles V. Weston, Chicago.

Main office, 47 Congress street, Chicago. Annual meeting, last Thursday in January, at Chicago.

SPR//f6 BROOK WATER SUPPLY CO.

A corporation formed under the laws of Pennsylvania, March 9, 1896. The company owns and controls an extensive system of water supplies and reservoirs in and adjacent to the Wyoming Valley of Pennsylvania. It owns and control a number of local companies, including those which supply water to the South Side of Scranton, Wilkes-Barre, Pittstown, Plymouth, and a number of other cities and towns in the same section. The company owns reservoirs with an aggregate capacity of nearly 6,000,000,000 gallons, and its mains are upwards of 350 miles in length. Stock Par $100 Authorised, $5,000,000 Issued, $5,000,000

Registrar, New York Trust Co., New York.

Dividends of a per cent, per annum are paid semi-annually in January (15) and July.

Funded Debt

ist mort., 5 per cent., due 1906, April and Oct $4,907,000

Divisional morts., various, 5 and 6 per cent., April and Oct 709,000

Total $4,916,000

The ist mortgage bonds are $5,000,000 authorised, sufficient of the issue being reserved to retire the underlying bonds at maturity.

President, L. A. Watres. Vice-President, J. W. HoUenback. Secretary, £. L. Clarke. Treasurer, S. H. Hicks. General Manager, O..M. Lance.

Directors— George F. Baker, New York. George R. Bedford, Wilkes-Barre, Pa. H. H. Brady, Jr., Scranton. J. W. Hollenback, Wilkes-Barre. W. F. Hallstead, Scranton. J. Rogers Maxwell, New York. Abram Nesbitt, Wilkes-Barre. Henry W. Palmer, Wilkes-Barre. C. D. Simpson, Scranton. James G. Shepherd, Scranton. L. A. Watres, Scranton.

Main office, Wilkes-Barre, Pa. Annual meeting, third Wednesday in January, at Scranton.

JOHH p. SQUIRE 4 CO.

A corporation formed under the laws of New Jersey in February, 1901, to take over the assets of the assignee of John P. Squire & Co., a Maine corporation, and to combine with this various allied concerns. The company conducts a packing house buness.

The company conducts branches in the various cities and towns of New England, including Boston, East Cambridge, Lynn, Fitchburg, Worcester, Holyoke, Lawrence, Salem and New Bedford, Mass; Rutland, Vt.; Providence, R. I.; Manchester, N. H.; Portland, Augusta and Bangor, Me and others.

An interest in the company was acquired in X903 by capitalists connected with Swift & Co.

The preferred stock is entitled to 6 per cent, dividends, and is subject to call, at the option of the directors, on thirty days' notice, at 105.

Transfer Agent, Old Colony Trust Co., Boston. Registrar, Sute Street Trust Co., Boston.

President, Louville V. Niles, Wellesley, Mass. Treasurer, Edward D. Whitford, Boston. Secretary, C. W. Benjamin, Boston.

Directors— Frank P. Comstock, Providence, R. I. Kenneth K. McLaren, Jersey City. Frank G. Macombor, Boston. Louville V. Niles, Wellesley, Mass. Sullivan Niles, Boston. Edward TiUen, Chicago. Edward D. Whitford, Boston.

Corporate office, 15 Exchange place, Jersey City. Main office. East Cambridge, Mass. Annual meeting, third Tuesday in January, at Jersey City.

Standard Chain Co.

A corporation formed under the laws of New Jersey, February a, 1900. The of the company are the manufacture of iron and steel chains of all descriptions and of bar and bar steel. The company acquired and consolidated the business of tne foUowin turers :

Bower & Mallery Co., Carlisle, Pa. So. Harrisburi: Chain Worlo, Harrisbaic.

Baker Chain & Wagon Iron Manufacturing P. Hayden Saddlery Hardware Co., Colm

Co., Allegheny, Pa. bus, O.

Garland Chain Co., Rankin, Pa. Nes Chain Manufacturing Co., Yocic, Fs.

Falls City Chain Works, Jeffersonville, Ind. J. C. Schmidt & Co., York, Pa.

Franx Krein Chain Co., St. Mary's, O. Chain DepL of H. P. Nail Works of titt

Frans Krein Manufacturing Co., Marion, Ind. American Steel & Wire Co., Clevdbiid.

The properties owned by this company control about 50 per cent, of the annual pioductk of the United States in their line of goods.

The preferred stock is 7 per cent., non-cumulative.

The company originally nad $1,500,000 7 per cent. non-cumulatiTe preferred and $1,500000 of common stock, of which there was issued $1,977,900 common and $1,031,400 preferred, b was proposed in 1903 to make the stock $1,500,000, but litigation ddayed the matter, aad ie August, 1904, the stock was reduced to the figures given above.

Transfer Agent, Registrar & Transfer Co., Jersey City. Registrar, United Stalee Mortcsge & Trust Co., New York.

The first dividend on the old preferred stock was per cent., May 15, 1901. On Novcober I, Z901, per cent, was paid, and no dividends were paid thereafter until one of per on March 15, 1907, since which time regular quarterly dividends of per cent in June, September and December, 1907.

Funded Debt ist mort., 6 per cent., due Feb., 1900, Feb. and Aug

The xst mortgage is $700,000, authorised. The trustees of the mortgage are George M. New York. Agent for the payment of interest, the Uoil

Cumming and John W. Platten, New York. Ant for the payment of Interest, t States Mortgage & Trust Co., New York. There is a sinking fund for the bonds of $17,500 paannum, which has retired $122,000 of the issue.

President, John C. Schmidt, Yorlc, Pa. Vice-President, Robert Gariand, PittdMiir. Scc> retard and General Manager, Arthur E. Crockett, Pittsbun. Treasurer, William Roberiaoe, Pittsburg. Assistant Treasurer, Stanley Mann, Pittsburg. General Sales Agent, W. R. Davaoa, Pittsburg.

Directors— Arthur E. Crockett, Pittsburg. F. M. Davis, Bloomfield, N. J. Robert Ger> land, Pittsburg. James Hay, Pittsburg. N. B. Marple, Columbus, O. Charles A. Punier, Pittsburg. George S. Schmidt, York, Pa. John C. Schmidt, Yoric. Peter Wefts, CariUe, Pk.

Corporate office, 15 Exchange place, Jers City. Main office, Bailey-Farreil BaOdn, Pittsburg. Annual meeting, third Thursday in February, at Jersey City.

Standard C0Rda6E Co.

A corporation formed under the laws of New York. April zi, 1906. A nirrcwm to the Sundard Rope & Twine Co. which was foreclosed and reorganised. The Standard Rope ft Twine Co was formed under the laws of New Jersev in 1806, and was a reorganisatxm of the United States Cordage Co., which was a reorganisation of the former National Cordage Co. la 1898-99 a companythe Union Selling Co., with a capital of $500,000— was formed to mastai this company's manufactured product.

For the histories of the National Cordage Co. and United States Cordage Co. ne the Manual for 189S, and for an account of the reorganization and formation of the SUndard Ro & Twine Co. under the plan of 1895, see the Manual for 1899.

The old company defaulted February 1, 1904, in meeting ite interest charges doe that date, and was in default as to two sinking fund payments of $27,500 each, and on January 97, 190$, Receivers were appointed.

The I St mortgage bondholders were represented by a committee, Alvin W. Krech, QudraMB, Equitable Trust Co., New York, depositary. The income bondholders were also repicMiUed by a committee. J. S. Bache, New York, Chairman, Equitable Trust Co., New York, depositary.

In December, 1905, the ist mortgage bondholders* committee issued a plan of reorgeiiiiatioe, approved by the income bondholders' committee. It provkled for the fonnatfcm of a new com-

Industrial Sbguritibs 747

pany, with $3,800,000 stock, $2,806,000 5 per cent, mortgage, bonds and $3,500,000 adjustment 5 per cent, income bonds. The tenns under which the old ist mortgage and income bonds were to be exchanged for the new company's securities were as follows :

Pay New New

For each $1,000 In cash New Ists Incomes stock

istd's $363.50 $850 $775 $175

Incomes 53.60 70 36 335

No provision was made in the reorganization for the stock of the old conipany. A syndicate underwrote $740,000 of the new xst mortgage bonds. In January, 1906, the plan was declared operative.

Par $100 Authorised, $3,800,000 Issued, $3,759i785

Transfer Agent, Equitable Trust Co., New York. Registrar, Colonial Trust Co. , New York. %

Funded Debt

xst mort., 5 per cent., due April, 1931, April and Oct $9,8o5,m

Adjustant income mort, non-cumulative, 5 per cent., due April, 1931 3,471,080

In the eleven months ending March 31, 1907, the company showed a deficit of $104,595.

Chairman, James B. Clews, New York. President, Charles Wilson, New York. Vice- President, E. C. Butler. New York. Secretary and Treasurer, James G. Hurty, New York.

Directors— G. T. Bonner, New York. Albert B. Boaidman, New York. James B. Clews, New York. L. L. Gillepsie, New York. James G. Hurty, New York. Albert N. Parlin, Boston. Dick S. Ramsay, New York. S. Gustine Thompson, Philadelphia. Charles Wilson, New York.

Main office, 45 South street. New York. Annual meeting, first Tuesday in January, at New York.

Stahdmrd Hiluk6 Co.

A corporation formed under the laws of New Jersey, October 30, xooo. The company was organized in pursuance of a plan for the reorganization of the United States Flour Milling Co. The latter company was formed under the laws of New Jersey in 1809.

The United States Flour Milling Co. was placed in the hands of a Receiver February 34, 1900. A foreclosure suit was instituted in 1901, and a reorganization effected in 1903, this company acquiring the properties of the old company, the same being taken over May xx, 1903.

This compamr proposed to lease certain properties to auxiliary operating companies, and in 190 1 the Duluth-Superior Milling Co. was formed to takeover the properties at D.uluth, Superior, West Superior and other points.

The preferred stock is 5 per cent., non-cumulative. Transfer Agent, George Macdonald, 49 Wall street, New York. Registrar, MetropoliUn Trust Co., New York.

The first dividend on the preferred stock of the company was i per cent., paid April 10, X903. In 1904, 1905 and 1906 s per cent, dividends were paid, the semi-annual dividends being i per cent, each in April (15) and October respectively. In April, X907, dividend was per cent., which was also the rate paid in October, 1907, and April, 1908.

Funded Debt xst mort., 5 per cent., due Nov., 1930, May and Nov ; $3,567,000

Trustee of the mortgage and agent for the payment of interest. Metropolitan Trust Co., New York. The mortgage is for $6,350,000, of which amount $3,733,000 is reserved to retire at par $1,448,000, 6 per cent, bonds of the Hecker-Jones-Jewell Co. and $630,000, 6 per cent, bonds of the Northwestern Consolidated Milling Co. Under the plan $300,000 of the new bonds were available to provide working capitaL

Earninos Year ending September 30

Net Charges Div. Pref. Balance

X904-OS 391,740 x8o,309 73,780

President, Brayton Ives, New York, xst Vice-President, William L. Bull, New Yovk. ad Vice-President, J. C. Klinck, New York. Secretary and Treasurer, Joseph A. , New Yock.

Directors— Charles P. Armstrong:, New York. William L. Bull, New Yoriu Edwin Gooid. New York. J. E. Hulshixer, New York. Brayton Ives, New York. T. Howard Latham, Ne York. Thomas A. Mclntyre, New York. James A. Roberts, New York. J. Edward r' New York. A. D. Thomas, Duluth. Warner Van Norden, New York.

Corporate office. 83 Montgomery street, Jersey Ci. Main office, 49 Wall street, York Annual meetmg, third Wednesday in October, at Jeney City.

Stakdard Oil Co.

A corporation formed under the laws of Ne Jeney in x88a. In June, 1899, the increased its stock from $10,000,000 to $100,000,000 common and $10,000,000 piefeiieJ tot f purpose of purchasing the stocks of various companies.

The p'rorty of the company consists of oil refineries, pipe lines, interests in the stock of corporations in various States and, in short, the oiiganisatioa controlling the productioa, iiuu' facture and distribution of about two-thirds of the output of American petroleum and itsprodociL

Stock Par $100 Authorised, $100,000,000 Issued, $983381.300

Stock is transferred at the office of the company. New York.

The preferred stock was 6 per cent., non-cumulative. It has all been exchanged for mmif stock and canceled.

Up to 1895, the Standard Oil Trust paid xa per cent, dividends per annum. Dividends on the stock of this company are paid quarterly, in March (15), June, September and December. The dividends on the Trust cerUficates and those of the liquidating trustees have been as follows: in 1896, 31 per cent.; in 1897, 33 per cent.; in 1898, 30 per cent.; in 1899, 33 per cent.; is X900 and 1901, 48 per cent.

The following gives the quarterly payments and the total dividends per share for the respective years :

Total Iot March June Sept Dc Yew

The dividend paid March 14, 1908, was $15 per share.

President, John D. Rockefeller. Secretary, Charles M. Pratt. Treasurer, Wesley H. Tilford.

Directors— John D. Archbold. Frank Q. Barstow. Edward T. Bedford. A, C Bedloid. Henry M. Flagler. Charles W. Harkness. Walter Jennings. James A. Moffett. Oliver H. Piayiie. Charles M. Pratt. John D. RockefeUer. John D. Rockefeller, Jr. William RockeMls. Henry H. Rogers. Weslev H. Tilford.

Main office, 96 Broadway, New York. Annual meeting, second Tuesday in Janmiy, at Bayonne, N. J.

Stamdard Sanitary Kamufacturihb Co.

A corporation organized under the laws of New Jersey December 97, 2899. The conpasj has acquired the plants, business and property of the foUowmg concerns :

The Ahrens & Ott Manufacturing Co., Louis- Standard Manufacturing Co., Pittsbtti.

viUe. Pennsylvania Bath Tub Co., EUwood Qij.

Buick & Sherwood Manufacturing Co. , Detroit. Pa.

Cribben & Sexton Co., Sanitary Department, Sanitary Manufacturing ft EnameKng Col,

Chicago. Munde, Ind.

J. J. VoUrath Manufacturing Co., Sanitary Victor Manufacturing Ca, AUeqmppai, Pa.

Department, Sheboygan, Wis. Dawes ft Myler, New Biiton, Pa.

The above firms and companies all manufaaured plumbers' enameled iron ware, wtA some of them made, in addition to iron goods, a large line of plumbers' brass work, pinaiibers' wood work and other goods in the plumbing supply line. The united plants produce aboaC Bo per cent, of all the plumbers* enameled iron ware manufactured in the United States.

Industrial Sbcuritibs 749

The preferred stock is 7 per cent., non-cumulative. Transfer Agent, Union Trust Co., Pittsburg. Registrar, Fidelity Title & Trust Co., Pittsburg.

In January, 1907, the common stock ytas increased from $2,500,000 to $5,000,000 and a stock dividend of 100 per cent, was declared.

In February, 1901, a dividend of per cent, was declared on the preferred stock, payable Pw cent, forthvrith and per cent. April 15, 1901. On February 10, 1903, 7 per cent, was paid on the preferred stock out of the earnings of 1901. In 1902 to 19C7 inclusive, quarterly dividends of per cent, have been paid on the preferred. The first dividend on the common was 4 percent., payable in four quarterly instalments in January, April, July and October, 905, declared in February, 1905. In February, 1906, 4 per cent, yearly and 2 per cent, extra was declared on the common, payable April i, 1906. In 1907, paid 4 per cent, on the common, being x per cent, quarterly.

Funded Debt Debentures, 6 per cent., due 1919, Jan. and July $1,880,000

The authorised amount of bonds is $2,500,000. Trustee, Knickerbocker Trust Co., New York. Interest on the bonds is paid at the Mellon National Bank, Pittsburg. There is a sinking fund of $50,000 per annum, the bonds being subject to call at 105.

The surplus account January i, 1006, was over $1,500,000.

President, Theodore Ahrens, Louisville, ist Vice-President, Francis J. Torrance, Pittsburg. ad Vice-President, Henry Cribben, Chicago. Secretary and Treasurer, W. A. Myler, New Brighton, Pa. General Manager. E. L. Dawes, New Brighton.

Directors— Theodore Ahrens, Louisville. J. W. Arrott, Pittsburg. Henry Cribben, Chicago. E. L. Dawes, New Brighton, Pa, David Jameson, New Castle, Pa. W. C. McKinney, Pittsburg. Kenneth K. McLaren, Jersey City. O. H. MarschueU, Louisville. W. A. Myler, New Brighton. H. L. Ott, Louisville. J. C. Reed, Pittsburg. Francis J. Torrance, Pittsburg. A. J. VoUrath, Sheboygan, Wis.

Main office, Bessemer Building, Pittsburg. Annual meeting, second Tuesday in January, at Jersey City.

Standard Screw Co.

A corporation formed under the laws of New Jersey, March 27, 1900, to manufacture screws, machines, etc. The company acquired the plants and consolidated the business of the following companies:

Detroit Screw Works. Pearson Machine Co.

Worcester Machine Screw Co. Illinois Screw Co.

Chkago Screw Co.

In April, 1905, the company acquired the Hartford Machine Screw Co. and the Western Automatic Machine Screw Co., and in the same year bought the Walker and Ehrman Co.

The preferred stock is 6 per cent., cumulative, and is preferred both as to assets and dividends.

In 1905 the common stock was increased from $900,000 to $2,500,000 and the preferred from $600,000 to $2,000,000 in connection with the purchase of the Hartford Machine Screw Co. and the Western Automatic Machine Screw Co.

Transfer Agent and Registrar, Registrar & Transfer Co., New York.

Funded Debt Debenture bonds, 5 per cent., due 1910, April and Oct $235,000

Earnings Year ending March 31

Net Charges Dividends Surplus

1905-06... $374f38a $37.76i $181,955 $154,666

Preskient, W. B. Pearson, Chkrago. 1st Vice-President, E. B. Cadwell, New York. 2d Vice- President, A. W. Gifford, Worcester, Mass. Secretory, George Thrall, Detroit. Treasurer, £. B. DoUlver, Worcester.

Directors— H. A. Bingham, Jersey City. E. B. Cadwell, New York. E. B. DolIier. Worcester, Mass. P. B. Gale, Hartford, Conn. A. W. GifTord, Worcester. Solon C. KeUrr, New York. W. B. Pearson, Henry Russel, Detroit Georee Thrall, Detroit.

Corporate office, Jersey City. Main office, Detroit. Annual mean:, second Wednesday ie May, at Jersey aty.

Stamdard Steel Car Co.

A corporation formed under the laws of Pennsylrania, January a, 1902. The company kas plants at Butler, Pa., New Castle, Pa., and Hammond, Ind., for the construction of steel taOroad cars. Stock Par $100 Authorized, $5,000,000 Issued, $4,000,000

Stock is transferred at the office of the company, Pittsburg.

The company hud $1,000,000 6 per cent, bonds, convertible into stock at the holders* option. All of the bonds have ijtn exchanged for stock under this provision.

President, John M. Hansen, Pittsburg. Vice-President, J. B. Brady, New Yoric Secretary. William Bierman, Pittsburg. Treasurer, T. H. Gillespie, Butler, Pa.

Directors— Henry Aiken. Pittsburg. J. B. Brady, New York. John M. Hansen, Pittflborg. A. W. Mellon, Pittsburg. R. B. Mellon, Pittsburg. W. L. Mellon, Pittsburp:.

Main office. Fifth avenue and Grant street, Pittsburg. New York oflnce, 170 Broadway. Annual meeting, second Tuesday in February, at Pittsburg.

Stakdard Ukdergrouhd Carle Co.

A corporation formed under the laws of Pennsylvania in 1889, having previously beta Incorporated under the laws of New Jersey in 1883. The object of the company is manufacrnring cables, underground, submarine and aerial, for all classes of elearic work, and insulated wives. copper rods, etc. Tne company has a large factory at Pittsburg, and brandi factories at Penh Amnoy, N. J., and Oakland, CaL In 190a, extensive additions to the Perth Amboj works were completed. Stock Par $100 Authorised, $3,000,000 Issued, $9,816,000

The stock of the company, which was originally $1,000,000, was increased to $1,500,000 is 1899, and to $a,ooo,ooo in looa. In January, 1907, the stock was further increased to $3,000000 and $500,000 was distribute as a 25 per cent, stock dividend.

Transfer Agent, Union Trust Co., Pittsburg. Registrar, Fidelity Title & TruM Cql, Pittsbure.

Dividends paid have been as follows : In 1890 to 1894, 8 per cent, per annum ; In 1895. per cent.; in 1896, 8 per cent.; in 1897, 7 per cent.; in 1898, 1899, 1900, 1901 and 1900, 10 per cent. Dividends are paia quarterly, a per cent, each, January (xo), April, July and October, with a per cent, extra at the end of the year. In 1903, 1004 and 1905, la per cent, was paid, and m 19136, 17 per cent. In January, 1907, in addition to the regular quarterly dividend of 3 per cect., an extra one of 5 per cent, was paid and in 1907, 15 per cent.

In i, the net earnings were $704,438 and the surplus over dividends $474,706. In 1904. gross business, $8,571,533; in 1905, $13,907,134.

President, Mark w7 Watson, Pittsburg. Vice-President and General Manager, Joseph W. Marsh, Pittsburg. Secretary and Treasurer, Frank A. Rinehart, Pittsburg. Assistant Secretary and Assistant Treasurer, John P. Bell, Pittsburg. Auditor, Charies M. Hagcn, Pittsburg.

Directors— W. A. Conner, Pittsburg. Louis W. Dalsell, Pittsburg. J. N. Davidaon. Pittsburg. John B. Jackson, Pittsburg. Benjamin F. Jones, PitUburg. Joseph W. Mar Pittsburg. John Moorhead, Jr., Pittsburg. Robert Pitcaim, Pittsburg. Mark W. Wataoo. Pittsburg.

Main office, aoo Ninth street, Pittsburg. Branch offices: New York, 56 Liberty street; Philadelphia, Beu Building; Chicago, ai? LaSalle street ; St. Louis, Security Building; Bona. 10 Post Office square; Sliin Francisco, Shreve Building. Annual meeting, fourth Tuesday ia January, at Pittsburg.

The Johh R. Stetsom Co.

A Pennsylvania corporation formed Mav, 1891. The company took owti the hat masofac turing business of John B. Stetson, Philadelphia, established in 1865, which is the largest aad most complete factory in the world devoted exclusively to the manufacture of fine hats.

Industrial Securities 75>

The preferred stock is 8 per cent., cumulative. Transfer Agent, Provident Life & Trust Co., Philadelpliia. Registrar, Philadelphia Trust, Safe Deposit & Insurance Co., Philadelphia.

In November, 190a, the common stock authorised was increased from $1,500,000 to $2,500,000, and $500,000 of the new stock was allotted at par to the stockholders. In December, 1907, the authorised common was again increased to $6,500,000. Stockholders of record, December 3, 1907, had the riht to subscribe at par for $955,000 new common stock in the proportion of one share for each four shares of old stock.

In 1891, 4 per cent, was paid upon the preferred for six months, and since then 8 per cent. per annum has been paid semi-annually. 4 per cent, each in January (15) and July. Dividends 'npon the common stock are paid annually, January 15, and have been as follows : In 1891, for six months, per cent.; in 1893, 6 percent.; in 1893, 6 per cent.; in 1894 and 1895, 4 per cent.; in 1896, 4 per cent; in 1897, 5 per cent.; in 1898, 8 per cent.; in 1899, xa per cent.; in 1900, 15 per cent. ; in 1901, 17 per cent. ; in 1903, 17 per cent.; in 1903, 90 per cent.; in 1904, ao per cent.; in IQ05, 35 per cent.; in 1906, 35 per cent.; and in 1907, 50 per cent.

President, J. Howell Cummings, Philadelphia. Vice-President, William F. Fray, Philadelphia. Secretary, Harry E. Depuy, Jenkintown, Pa. Treasurer, Albert T. Freeman, Philadelphia.

Directors— J. Howell Cummings, Philadelphia. Geom A. Elsasser, Philadelphia. William F. Fray, Philadelphia. Edwin F. Keen, Philadelphia. George R. Kurrie, Philadelphia. John B. Stetson, Jr., PhUadelphia. John S. Stevens, Philadelphia.

Main office and factory. Fourth street and Montgomery avenue, Philadelphia. New York office and sales rooms, 31 East Seventeenth street. Annual meeting, first Monday in January, at Philadelphia.

Stewart Mihimg Cokpmhy

A corporation formed under the laws of Idaho in 1906. The company acquired a silver lead mining property at Wardner, Idaho, adjoining the properties of the Bunker Hill and Sullivan Mining Co. and the mines of the Federal Mining & Smelting Co. The mine has been in operation for several years, and has some two and one-half miles of tunnels, the development having extended as far as the 700 foot level.

Stock. . . . Par $1 Authorised, $1,000,000. . . . Issued, $1,000,000

The stock is full-paid and non-assessable.

President, Charles R. Leonard, Butte, Mont. Vice-President, Stanley Giilord, New York. Secretary and Treasurer, M. W. Bacon, Butte. Assistant Secretary, A. T. Baglin, New York.

Directors— M. W. Bacon, Butte. Edward J. Carter, Spokane. Stanley J. Gifford, New York. Charles R. Leonard, Butte. H. P. Samuels, Wallace, Idaho.

Main office, Wardner, Idaho. New York office, 4a Broadway.

Street'S Westerk Starle Car Lire Co.

A corporation formed under the laws of Illinois in 1885. The objects of the company are to build and operate stable cars under the Street patents. The company has 10,000 cars.

The preferred stock is 7 per cent., cumulative. Stock is transferred at the office of the company, Chicago. Registrar, Harris Trust & Savings' Bank, Chicago.

The company pays regularly 7 per cent, dividends on its preferred stock in half-yearly payments of per cent., January (x) and July. On the common it paid 4 percent., from 1890 to 1893, inclusive. In 1894, paid i per cent.; in 1895 1S96, no dividend on the common; in 1897, X per cent.; in 1898, percent.; in 1899, a per cent., and in 1900 to January, 1908, inclusive, a per cent., the didends on the common being 50c. per share, or per cent., in January (35), April, July and Oaober.

The balance of the company's bonds was paid off in February, 1908. There are about $1,600,000 of car trust obligations.

Earnings

Net Chmrget Dividends Surplus

19M $398,983 $91,084 $131,079 $176,830

Iq04 334,643 97,057 131,077 96,507

75a THE MANUAL OP STATISTICS

President, Herman Grossman. Vice-President and General Manager, F. J. Secretary, Robert J. Mills. Treasurer, Benjamin Rosenberg.

Directors— Edward B. Grossman. Herman Grossman. Franklin H. Head. F.J. Benjamin Rosenberg. H. £. Southwell. Daniel S. Stem.

Main office, Great Northern Building, Chicago. Annual meeting, fourth Tuesday in ApiiL

Suburbam Gas Co. Of Philadelphia

A corporation formed under the laws of Pennsylvania, January ao, igoa. The compass was organized to unite The Philadelphia Suburban Gas Co., the Delaware County Gas Ca aad the Media Gas Co. It also controls by lease the Chester Gas Co., and conducU a gas boflDcs in Delaware County* Pa., from the Philadelphia City line to the Delaware State line, emfanoac in its territory the City of Chester, Pa., nineteen boroughs and nine townships. The strett mains in use April x, 1908, aggregated 150 miles, and the number of meters in service ai date was about z3,ooo. . Stock Par $ico Authorized, $1,500,000 Issued, $1,500,000

Stock is transferred at the office of the company, Philadelphia. Registrar, Real Estaii Trust Co., Philadelphia.

Funded Debt xst mort., 5 per cent., due April, 1953, April and Oct $1,669000

The authorized amount of the ist mortgage is $3,500,000. Of this amount $700,000 it reserved in the hands of the trustee to retire underlying bonds of the constituent companies, and there are $135,000 of the bonds in the treasury of the company. A sinking fund of i per cent of the amount of bonds issued began hi 1907. .Trustee of the mortgage, Real Estate Tratf Co., Philadelphia.

Earnings Year ending March 31

1907-08 (estimated) $310,000 $163,000 $137,000 $33><)®

President, Robert M. Janney, Philadelphia. Vice-President, C. R. Miller, Wilmingtoo, DcL Secretary and Treasurer, Frederick H. Shelton, Philadelphia.

Directors— D. C. B. Catherwood, Philadelphia. D. J. CoUlns, Philadelphia. O. & Dickinson, Chester, Pa. Robert M. Janney, Philadelphia. C. R. MiUer, WUmington. Johi Richardson, Jr., Newport, Del. R. E. Robinson, New York. J. D. Shattuck, Ridley Park, PL Frederick H. Shelton, Philadelphia.

Corporate office, Pennsylvania Building, Philadelphia. Main office, Chester, Pa. Anaoil meeting, last Wednesday in April, at Philadelphia.

Sunday Creek Co.

A corporation formed under the laws of New Jersey, June 30, 1905* The company aoqsii the stocks of a number of coal mining and shipping corporations in and West Virginia, bm of Which were allied with the Hocking Valley Railway Co. The properties embrace 84,00 acres of coal land leased and 16,000 acres owned, with mines in active operation. The

acquired comprise the following : Sunday Creek Coal Co. Continental Coal Co.

Kanawha & Hocking Coal and Coke Co. Boston Coal. Dock & Wharf Co.

St. Paul & Western Coal Co. Buckeye Coal & Railway Co.

Ohio Land & Railway Co.

See separate statement of the Continental Coal Co. Also see statement of the Sunday Cn Coal Co. in the Manual for 1905. Stock Par $100 Authorized, $4,000,000 Issued,

Stock is transfered at the office of the company, Columbus, O.

Funded Debt

Sunday Creek Coal Co. , xst mort. , 6 per cent , due 19x3, June and Dec

Sunday Creek Co. col. trust mort., 5 per cent., due July, X944, Jan., July 3,8i7,(o

Industrial Securities 753

Funded Debt— Subsidiary Companies Continental Coal Co., ist mort., K:uar., 5 per cent, due Feb., 1952, Feb. and Aug;. . $2,308,000 Kanawha & Hocking: Coal, ist mort., guar., 5per cent., due July, 1951, Jan. and July 3,oj8,ooo

The Sunday Creek Coal Co.*s bonds have a sinking: fund of a cents per ton on all coal taken from the company's mines, the bonds being subject to call at 105 and mterest. This issue was assumed the present company. Interest is paid at the Morton Trust Co., New York.

The Sunday Creek Co.'s collateral trust Donds are secured by certificates representing the $3*350,000 stock of the Continental Coal Co. and all but $ao,ooo of the $3,250,000 stock of the Kanawha & Hocking Coal Co. Trustee, Central Trust Co., New York. Interest is paid at the office of J. P. Morgan & Co.

The Continental Coal Co.'s mortgages and that of the Kanawha & Hocking Coal Co., are g:guaranteed by the Hocking Valley Railroad Co. They are redeemable at no after 191 2 and 191 1 respectively. Interest on both issues is paid at the office of J. P. Morgan & Co., New York.

Earnings Year ending March 31

Gross Net Charges Surplus

In 1906-07, the charges include $42,541 representing extraordinary expense on account of floods in March, 1907.

President, H. L. Chapman, Columbus, O. Vice-President H. H. Heiner, Columbus. Secretary and Treasurer, C. A. Suvdam, Columbus.

Directors — S. P. Bush, Columbus. H. L. Chapman, Columbus. £. A. Cole, Columbus. H. H. Heiner, Columbus. W. F. Hoffman, Columbus. N. D. Monsarrat, Columbus. C. L. Poston, Athens, O. John R. Turner, Jersey City.

Corporate office, 15 Exchange Place, Jersey City. Main office. Outlook Building, Columbus, O. Annual meeting, last Monday in June, at Jersey City.

Superior A Pittsrur6 Copper Co.

A corporation formed under the laws of Minnesota, June 21, 1906. The company was organized to acquire the stocks and take over the properties of four other companies viz : the Calumet & Pittsburg Minine Co., Lake Superior & Pittsburg Mining Co., Pittsburg & Duluth Mining Co., and Junction Mining Co. Separate statements of each of the above were given in the Manual for 1906. Prior to January x, 1907, all the stock of the companies in Question was acquired by this company and a formal transfer of the properties to it was effected soon thereafter. The properties comprise a large tract of copper bearing land near Bisbee, Ariz., which has been developed on an extensive se, the mines being fully equipped.

Stock Par $zo Authorized $20,000,000. Issued $15,000,000

The stock is full paid and non-assessable. Transfer Agent, State Street Trust Co., Boston. Registrar, American Trust Co., Boston.

President, Charles Briggs, Calumet, Mich, ist Vice-President, James Hoatson, Calumet, ad Vice-President, Thomas Hoatson, Calumet. 3d Vice-Presklent and General Manager, L. Powell, Bisbee, Ariz. Secretary, Gordon R. Campbell, Calumet. Treasurer, Peter Ruppe, Calumet.

Directors — Charles Briggs, Calumet. Gordon R. Campbell, Calumet. Chester A. Congdon, Duluth. Thomas F. Cole, Duluth. Charles d'Autremont Jr., Duluth. James Hoatson, Calumet. Thomas Hoatson, Calumet. Henry R. Rea, Pittsburg. Peter Ruppe, Calumet. George E. Tener, Pittsbuig:.

Corporate office, Duluth. Main office, Calumet, Mich. Annual meeting, second Monday in April at Calumet.

Superior Water, Light A Power Co.

A corporation formed under the laws of Wisconsin, August 22, 1889. The company owns a water plant with a capacity of 4,500,000 gallons per day, an electric plant equipped for arc and incandescent service, and a gas plant with 22 miles of mains, supplying the city of Superior, Wis.

Stock Par $100 Authorized, $x,ooo,ooo Issued, $1,000,000

Stock is transferred at the office of the Secretary, Superior, Wis.

Funded Debt

ist mort., 4 per cent., due May, 1931, May and Nov $1,9 .

Income bonds, 4 per cent., due 1931 300

Total $1,

The authorized ist mortgage is $3,000,000, Of the outstanding bonds, $900,000 are kdd ii the company's treasury. Trustee of the mortgage and agent for the payment of intent, UbM Mortgage & Trust Co., New York.

The authorised issue of income bonds is $350,000, $50,000 being held in the oonpoj treasury.

President, Kenneth Clark, St. Paul. Vice-President and Treasurer, Vicior M. WttUm, St. Paul. Secretary, William H. Winslow, Superior, Wis. General Manager, B. F. Blisai, Superior.

Directors— Kenneth Clark, St. Paul. Robert R. Dunn, St. Paul. B. F. Ellison, Supoior. W. R. Merriam, Washington, D. C. Frank A. Ross, Superior. Victor M. Watldns, Sl FSMri. William H. Winslow, Superior.

Corporate and main office, Superior, Wis. Annual meeting, fourth Tuesday in Jnly, ft Superior.

SUSaUEHMMHA COML CO.

A corporation formed under the laws of Pennsylvania in 184a The company works mines in an anthracite coal tract at Nanticoke, Luzerne County, Pa. The controlled by the Pennsylvania Railroad Co., which owns all the stock.

Stock Par $100 Authorized, $2,136,800 Ivued, $,ijM

Funded Debt ist mort., 6 per cent., guaranteed, due Jan., 191X, Jan. and July

The xst mortgage bonds of this company are guaranteed, principal and interest, by tk Pennsylvania Railroad Co. There is a sinking fund for the bonds, which, however, must be boncM in the market, not drawn.

President, (vacancy). Secretary, George H. Ross, Philadelphia. Treasurer, A. Havihad, Philadelphia.

Main office. Broad Street Station, Philadelphia.

Swift Amd Cokpahy

A corporation formed under the laws of Illinois, April i, 1885. Its buainesi is the tering and sale of cattle, sheep and hogs and their commercial products. Theoonmuyti* extensive plants in Chicago, Omaha, Kansas City, East St. Louis, St. Joseph, Mo., SL raL Minn., and Fort Worth. Tex., and branches and facilities for distributing iu products in ncftiir every large city in the United States, and is represented in every country in the woricL In 19A the Chicago plant of the Chicago Packing & Provision Co. was purchased. The Sett Refrigerator Transportation Co., which owns over 4,000 cars, and the Swift live Swk Transportation Co., are operated in harmony with this company.

Stock Par $100 Authorized, $50,000,000 Iwued, $50/100

The stock was originally $300,000, and has been increased from time to time, ihe last taenia being to $15,000,000 in i&)3, to $20,000,000 in 1899, and to $35,000,000 in Pebntary, These increases were subscribed for by the stockholders at par.

At the annual meeting held January 7, 1904, the authorized stock was increased fns $35,000,000 to $35,000,000, the additional $10,000,000 of stock being sold to the stocidioUenit par. January i, 1006, the authorized stock was increased to $50,000,000 and the stockbokfca on January 15, 1906, had the /ifht to subscribe at par for the $15,000,000 new stock in the portion of 3 shares of new for each 7 shares of old stock.

Stock is transferred at the office of the company, Chicago. Registrar, Illinois Trust &SaviC> Bank, Chicago.

Dividends are 7 per cent, per annum, payable quarterly in January, April, July and Octatar. Since the organization of the company in 1885 to January, 1907, it paid to its stodchoUns cash dividends $29,357,931.

Funded Debt ist mort. bonds, 5 percent., due July, 1914, Jan. and July %iijaaoiffO

Industrial Sbcuritibs 755

The company had $3,500,000 6 per cent, ist mortga bonds, due 19x0, but on July x, 1900, they were called and paid off, the company having authorised its new 5 per cent, ist mortgage bonds for $5,000,000. Trustee of the mortgage, American Trust and Savings Bank, Chicago.

Total sales in 1896, $104,000,000; in 1897, $131,500,000; in 1898, $150,000,000; hi 1899, $160,000,000 ; in 1900, $170,000,000; in 1901, 1903, 1903, 1904, 1905 and 1906, over $300,000,000 and in 1907, over $350,000,000.

After payment of dividend there was added to surplus account in $1,500,000 ; in 1904-05, $1,750,000; in 1905-06, $2,500,000; in 1906-07, $2,703,905. On September 39, 1907, the profit and loss surplus was $15,300,000.

President, Louis F. Swift, Chicago. Vice-President, Edward F. Swift, Chicago. Secretary, D. Edwin Hartwell, Chicago. Treasurer, Laurence A. Carton, Chicago. AssisUnt Secretary, C. A. Peacock, Chicago. General Counsel, Albert H. Veeder, Chicago. Heniy Veeder, Chicago.

Directors — D. M. Anthony, Boston. Laurence A. Carton, Chicago. Dumont Clarke, New York. John R. Redfield, Hartford, Conn. Charles H. Swift, Chfoago. Edward F. Swift, Chicago. Louis F. Swift, Chicago.

Main office. Union Stock Yards, Chicago. Annual meeting, first Thursday in January, at Union Stock Yards, Chicago.

Syracuse Gas Co.

This company owns and the gas works system of Syracuse, N. Y., under a perpetual franchise. Miles of mains, 96.

Control of the company was acquired in 1903 by the Syracuse Lighting Co., which exchanged $1,500,000 of its common stock for an equal amount of the company's shares. Stock Par $100 Authorised, $3,500,000 Issued, $1,975,000

Transfer Agent, Colonial Trust Co., New York.

Funded Debt xst mort., 5 per cent, gold, due 1946, Jan. and July $3,5oo,acx)

The xst mortgage is for $3,500,000, the balance of issue being reserved for extensions and iznprovements. Trustee of the mortgage and agent for the payment of interest. Guarantee Trust Co., New York.

President, George A. Wood, Syracuse, N. Y. Vice-President, Frederick J. Baker, Syracuse. Secretary, Jerome L. Cheney, Syracuse. Treasurer, John J. Cummins, Syracuse.

Directors — Frederick J. Baker, Syracuse. Jerome L. Cheney, Ssrracuse. John J. Cummins, Syracuse. Francis J. Lynch, Syracuse. George A. Wood, Syracuse.

Main office, xx3 East Jefferson street, Syracuse, N. Y.

Syracuse Li6Htiii6 Co.

A corporation formed under the laws of New York, May 33, 1901. The company acquired and owns the Electric Light & Power Co. of Syracuse, N. V., and the Undergund Electric. Wire Co. of the same city. In 1901, it also acquired a majority of the stock of the Syracuse Gas' Co., and thus controls the entire as and electric facilities of the city and its vicinity.

See the Manual for 1907 regarding the plan of December, 1900, to lease this company to the Onondago Lighting Cu., a corporation subsidiary to the United Gas Improvement Co., which plan was abandoned.

In April, 1907, an offer was made to the stockholders of the Syracuse Lighting Co. by the Syracuse Light & Power Co. to exchange their stock for collateral trust, 5 per cent, gold bond of that company, at x 10 for the preferred and 100 for the common stock ; the common stockholders to pay $[o cash per share. Under this it was stated that 90 per cent, of the stock had been deposited in May, 1Q07, with the Trust Co. of America, New York. The Syracuse Light & Power Co. was formed in April, 1907, under the lars of Connecticut, and is controlled by the United Gas Improvement Co.

The preferred stock is 5 per cent., non-cumulative. Transfer Agent, Continental Trust Co., New York. Registrar, Colonial Trust Co., New York.

In 1901, the common stock was increased from $1,500,000 to $3,000,000, the increase being made for the purpose of acquiring $1,500,000 of the $1,935,000 stock of the Syracuse Gas Co. by exchanging it for this company's common stock at par.

The first dividend on the preferred stock was i/ per cent., padd November z, 1901. Rerobr quarterly dividends of the same amount are paid on the preferred in Febniaiy (i), lU?. August and November.

Id October 1903, an initial dividend of a per cent, was declared on the common stock d ibt company out of the earnings for the fiscal year ending June 30, 1903. The abore divklend wm made payable in quarterly instalments of per cent, each, December i, 1903, and in Hank. June and September, 1904, respectively, and a similar dividend of a per cent., was paid in 190$.

Funded Debt ist mort., 5 per cent., due June, 1951, June and Dec $a,oao.ooo

The authorised amount of the ist mortgage is $a, 500,000. Trustee of the mortgage, Trast Co. of America, New York. Agents for the payment of interest, Redmond & Co., New Yotk.

Earnings Year ending June jo

Net Charges Pref. Div. Swyks

1901-oa $393,133 $aoa,3SO $50,000 $39.7*

President, John J. Cummins, Syracuse, N. Y. Vice-President, Walton Claric, 1 Treasurer, Lewis Lillle, Philadelphia. Secretary, Louis L. Waters, Syracuse.

Directors — Walton Clark, Philadelphia. John J. Cummins, Sjrracuse. Albert K. Hisoock; Syracuse. Hendrick S. Holden, Syracuse. Louis Lillie, Philadelphia. Stephen Pieabody. New York. George S. Philer, Philadelphia. Henry Seligman, New York. Louis L. Waicn. Syracuse.

Main office, 113 East Jefferson street, Syracuse, N. Y. Annua meeting, second Tiwwis| b October, at Syracuse.

Syracuse Bmpid Trmksit Railway Co.

A corporation formed under the laws of New York, May 31, 1896. The oompaay is a consolidation of the Syracuse Street Railroad Co., Syracuse Consolidated Street Railroad Co. and People's Railroad Co.

The company also owns the stock of, and has leased the East Skie Tractioo Co. It

operates 80 miles of track, and leases 7 miles, a total of 87 miles, in the dty of Syracuse, N. Y. In 1904, the New York Central & Hudson River Railroad Co. acquired a large interest i this company, and it is now controlled by the Mohawk Valley Co.

The preferred stock is 6 per cent., non-cumulative. Transfer Agent and Registrar, Guaraaiy Trust Co., New York.

The first dividend on the preferred stock was i per cent., paid April x, 1903, and sfanilv quarterly dividends were paid until October, 1905, when per cent was In 1906, the dividends aggregated 5 per cent. In 1907, paid 6 per cent., the quarterly dividends being per cent. each. The January, 1908, dividend was also per cenL

The first dividend on the common stock was 3 per cent., paid February i, 1908.

Funded Debt

ist mort., 5 per cent, gold, due March, 1946, March and Sept $a,oo,aoo

ad mort., 5 per cent., due Jan., 1930, Jan. and July ifioaD

People's Railroad Co. 1st mort., 5 per cent., due Jan., 1931, Jan. and July 75DiOaD

East Side Traction Co. ist mort., 5 per cent, gold, due June, 1939, July and Dec... .

Total ,i49.wp

The authorised amount of the ist mortgage is $3,350,000, of which $750,000 are inuntd to retire the People's Railroad ists. Trustee and agent for the payment of interest, Guaranty TrsB Co., New York. The authorized amount of the sd is $750,000. Agent for the payment of interest, Savings & Trust Co., Cleveland. The outstanding bonds of the Peopk'i Railroad Co. and the East Side Traction Co. are the full amount authorised. Trustee of the Eau Side Traction Co. mortgage and agent for the payment of interest, Savings & Trust Ca,

Industrial Securities 757

Earnings Year ending June jo

Gross Net Charges Surplus

Z901-03 $693384 $309oi8 $8,245 $80,773

X9c-03 753.277 33i.3i6 230,901 100,4x5

X903-04 839,373 348,946 243,460 105,486

President, Horace E. Andrews, New York. Vice-President, W. K. Vanderbilt, Jr., New York. Vice-President, John J. Stanley, Cleveland. Vice-President and General Manager, C. L. Allen, Syracuse. Secretary and Treasurer, Theodore H. Conderman, Philadelphia.

Directors— Horace E. Andrews, New York. John Carstensen, New York. H. D. Coffinberry, Cleveland. Theodore H. Conderman, Philadelphia. William P. Gannon, Syracuse, N. Y. H. R. Newcomb, Cleveland. E. V. W. Rossiter, New York. John J. Stanley, Cleveland. W. K. Vanderbilt, Jr., New York.

Main office, X09 East Genesee street, Syracuse, N. Y. Annual meeting, second Tuesday in December, at Syracuse.

TAKMRiCK MIHIHe CO.

Owns 1,160 acres of copper lands in Houghton County, Mich. The company was formed in 1882 for the purpose of sinking a shaft to the Calumet lode, which it was believed existed in its property about half a mile below the surface. Shaft was begun February, 1883, and completed June, 1885, when the formation sought was struck at a depth of 2,370 feet. Second, third, fourth and fifth shafts have been constructed, and the company has mills, reduction works, etc. Stock Par $35 Authorised, $1,500,000 Issued, $1,500,000

There has been paid in on the stock $23 per share.

The dividends in 1900 were $7 per share June 29, and $10 December 38. In 1901, paid $xo in June and $10 in December. No dividends were paid in 1903 or 1903, but $1.50 per share was paid January 3Z, 1904. In Julv, 1905, paid $3 and on January 35, 1906, $3 ; paid $3 in July, 1906, $3 in January, 1907, and $4 on July 33, 1907.

The company's production of copper in 1903 was 15,386,093 pounds; in 1904, 14,961,885 pounds ; in 1905, 15,834,008 pounds ; in 1906, 9,833,644 pounds.

In the year 1896, gross earnings were, $1,746,188, mining profit $368,696; in 1897, gross $3,367,340, net $431,530; in 1898, gross $3,381,388, net $518,881 ; in 1899, gross $3,953,098, net $740,5x0; in XQOO, gross $3,299,077, net $i,i99,i4x; in 1901, gross $3,627,954, net $5,167; in 1903, gross $1,941,906; net ; in 193, gross $3,042,333, net $285,066 ; in X904, gross $1,981,360, net $38,851; in X905, gross $2,448,239, net $332,707; 1906, gross $1,917,2321 net $504,148 ; construction $90,5x7 ; dividends $300,000 ; surplus for year $x 13,630. Balance of assets December 3X, 1906, $963,3x9.

President, Albert S. Bi£low, Boston. Vice-Preskient, Norman W. Haire, Calumet, Mich. Secretary and Treasurer, w. J. Ladd, Boston.

Directors — D. M. Anthony, Boston. Albert S. Bigelow, Boston. Joseph S. Bigelow, Boston. J. Henry Brooks, Boston. Edward S. Grew, Bioston. Norman W. Haire, Galumet. W. J. Ladd, Boston.

Main office, 199 Washington street, Boston. Annual meeting, first Thursday in May.

Tefft'Weller Co.

A corporation formed under the laws of New York, April 33, X90X. The purpose of the company was to take over and conduct the wholesale dry goods busmess of Tefft, Weller & Co., New York. This fin!n was founded in 1849.

The preferred stoic is 6 per cent., cumulative. Tnmsfer Agent, Washington Trust Co., New Yofk. Registiar, Citisens* Central National Bank, New York.

The payment of dividends on the preferred is quarterly, in January, April, July and October, and the first dividend of per cent, was paid October x, X90X.

President, George C. Clarke, New York. Vice-President, John N. Beach, New York. Secretary, George H. Cku-ke, New York. Treasurer, Charles M. Allen, New York.

Directon— Charles M. Allen, New York. John N. Beach, New York. George C. Clarke, New York. George H. Clarke, New York. William B. Ellison, New York. Stephen S. Palmer, New York. Charles F. Weed, Brooklyn.

Corporate and main office, 336 Broadway. Annual meeting, third Wednesday in July.

Tekple Iroh Co.

A corporation formed under the laws of Pennsylvania in 1873. company for a x of vears operated an iron furnace at Reading, Pa. In March, 1899, it acquired a number d anthracite coal mines near Scranton, Pa., producing about a,ooo,ooo tons of cal per annimi ibe property being estimated to contain 45,000,000 tons of unmined coal. The company's cbaiiB permits it to manufacture iron and steel, mine coal and develop the material interests of PeoBfrivania. The company is controlled In the interest of the Reading ; The Central of Nev Jener; Lehigh Valley ; New York, Susquehanna & Western ; Lackawanna, and Erie Railroad Go's. Stock Par $100 Authorised, $5,000,000 Issued, $2,500,000

The stock of the company was originally $240,000, and was increased to $5,000,000 amor Ised in 1899. Dividends of 6'per cent, per annum are guaranteed on the stock by the lailxoid companies named above, and are paid semi-annually, 3 per cent, each in January and July. The stock could be called in and retired at par and accrued dividends after January i, 1904, became payable at par after December 31, 1906. The stock was originally held in trust by tke Guaranty Trust Co., New York, which issued iu certificates of a beneficial interest in the saat, but in 1906 the stock itself was distributed among the holders of the certificates.

Funded Debt. ist mort., guar, gold bonds, 4 per cent, due Jan., 1925, Jan. and July $1,289

The ist mortgage is $15,000,000 authorised. Guaranty Trust Co., New York, trustee. Tbe bonds are guaranteed, principal and interest, by the Delaware, Lackawanna 8t Western Raflway, The Central of New Jersey, Reading Company, Lehigh Valley Raihxnd Co., ErieKiilroad Co., and New York, Susquehanna & Western Railway Co. There is a sinking fund of 15 cents per ton on all coal mined for the redemption of the bonds, which may be diawo iar redemption at zzo and interest.

President, George P. Baer, Philadelphia. Vice-President and Treasurer, A. F. U. Scranton, Pa. Secretary, George L. Houser, Scranton. Assistant Treasurer, Coal Dqtfit* ment, A. M. Bingham, Scranton. Assistant Treasurer, Iron Department, Albert Brodea. Reading, Pa.

Directors— George F. Baer, Philadelphia. Albert Broden, Reading, Pa. Thomas P. Fovis. New York. Joseph H. Harris, Philadelphia. F. C. Smink, Reading. Eben B. Thomas, Sootb Bethlehem, Pa. William H. Truesdale, New York. F. D. Underwood, New York.

Main office, Reading, Pa. Scranton office. Board of Trade Building. Annual meeting, tUrd Tuesday in March, at Reading.

TEimeSSEE COAL, IROH RAILROAD CO.

(Controlled by United Sutes Steel Corporation) A corporation created in i860 by the Legislature of Tennessee as the Tennesaee Coal k Railroad C5o. In 1881, name was changed to the present style. The property of the ooopasy consists of 450,000 acres of coal, ore, timber and limestone lands ; 20 last furnaces, witk i capacity of 750,000 tons per annum, and coal mines with a developed capacity of 30,000 toes daily. In Stember, 1892, consolidated with the De Bardeleben Coal & Iron Co., and al aoQuired the Cahaba Coal Mining and Excelsior Coal Companies. The Alabama Steel & Sh building Co., oiganised in 1898, is controlled by this company, and has a large steel plant U Ensley, Ala., with a capacity of 1,000 tons of steel per day, which is leased to this company. 1899 the company sola the Birmingham Southern Railroad, 26 miles, connecting ito varioo planU to the Louisville & Nashville Railroad and the Southern Railway Co*s., but in July, 19 repurchased the same.

The Alabama Steel & Shipbuilding Co. was formed in 1898 to build a large steel maoafacturing plant at Ensley, Ala. It has $440,000 6 per cent, preferred stock and $i,ioo,ar 6 per cent, bonds. Its common stock is all owned by the Tetmessee Coal & Iron Ca, wliici guarantees the bonds and dividends on the preferred stock. Half-yearly dividends of 3 p0 cent., January and July, are paid on the preferred stock of the Alabama company. The Tcnncstee Coal & Iron stockholders were, in October, 1898, offered the right to subscribe for the booA at par, a bonus of $400 Alabama Steel & Shipbuilding preferred stock being given with cack $x.ooo bond.

In November, 1907, the United States Steel Corporation acquired control of this c(- pany, having offered in exchange for the common stock iU own 5 per cent. 2d sinking at the rate of $11,994.75 of bonds for each 100 shares of stoat. On December 31, the United States Steel Corporation held $30,374,825 par value of the common stock and sobfcription receipts, being all but $220,160 of the total amount outstanding at that date. The securioe* acquired included $632,655 paid for in cash , being the instalment of 20 per cent, payable DectAber 15, X907, on the common stock subscription receipts.

Industrial Sbcurities 759

The preferred stock is 8 per cent., cumulative, and the issue of preferred was $1,000,000. In March, 1900, 54 per cent, of dividends were overdue on the preferred. In March, 1900, the total stock was Increased from $ao,opo,ooo to $23,000,000, and $1,800,000 of the issue was reserved to retire the preferred stock and accumulated dividends by giving holders 180 in new common. Most of the preferred stockholders accepted the proposal at the time of this o£fer. In January, 1906, it was renewed as regards the remaining outstanding preferred, but the figure at which the exchange would be made was placed at ia6 for the preferred.

On January 31, 1906, the authorized common stock was increased from $33,000,000 to $30,000,000. Stockholders of record March i, 1906, had the right to subscribe on April 16, Z906, at par to the extent of 15 per cent, of their holdings for $3,417,304 of new stock, payable 25 per cent, on subscription, 35 per cent. July 16, 1906, 35 per cent. October 16, 1906, and 35 per cent. February i, 1907. In October, 1906, the authorized common was again increased to $50,000,000, and $3,417,300 was sold, payments for the same to be completed by August z, 1907, making the stock issued $29,453,000. In 1907, stockholders were again offered $3,334,937 stock at par, payable 30 per cent, each October 15 and December x6, 1907, and February 17, April 15 and June 15, 1908, at which last-named date the issued common stock will be $33,541,000.

Transfer Agent, Hanover National Bank, New York. Registrar, Central Trust Co., New York.

Until 1900, no dividend had been paid on the preferred since 1893, or on the common since 1887. Pa3rment of the full 54 per cent of back dividends on the non-assenting preferred stock was made May 1, 1900, and regular quarterly dividends of 3 per cent, each were paid on the outstanding preferred stock m February (i). May, August and November. A dividend of 3 per cent, on the common was declared payable May i, 1900, and similar dividends were paid in August and November, 1900. The February, 190Z, dividend on the common was passed, and no furUier dividends were paid on it until the declaration of a quarterly dividend of i per cent, payable May I, 1905, ana similar quarterly dividends of i per cent, were subsequently paid in February, Mav, August and November, being at the rate of 4 per cent, per annum up to November i, 1907, inclusive.

Funded Debt

General mort., 5 per cent., due Julr* 1951, Jan. and July $4,433,000

Consolidated mort., Birmingham Div., 6 per cent., due Jan., 191 7, Jan. and July 4,020,000

Tennessee Division, 6 per cent., due Jan., 1917, Jan. and July 1,108,000

De Bardeleben C. & I. Co. ist mort. guar. 6 per cent., due Feb., 1910, Feb. and Aug.. 3,739,000

Cahaha Coal Mining Co. ist mort., 6 per cent., due 1933, June and Dec 893,000

Ala. Steel & Shipbuilding ist mort., guar. 6 per cent., due July, 1938, Jan. and July. . . 730,000 Potter Ore Co. ist mort. 5 per cent., due 1933, June and Dec 700,000

Total $14,603,000

The general mortgage was created in'1901 and is for $15,000,000, of which $10,653,500 b reserved to retire prior bonds, the balance being for improvements and additional property. Trustee of the mortgage, Union Trust Co., New York. Interest is paid at the National Bank of North America, New York.

The ist mortgage of the Potter Ore Co. is jointly guaranteed by this company and the Republic Iron and Steel Co.

Earninos

Net Charges Surplus

i97 $633,835 $663,758 Def. $39,393

X898. 868,383 643,408 Sur. 334,975

1900 a,3+7,037 703,383 1,63,744

X9M 3,656,746 1,223,787 1,433,958

Gross Net Charges Pfd. Div. Com. Div. Surplus

X904 $9,607,579 $1,337,843 $831,583 $19,006 $477,353

In 1904, the charge to depreciation was $356,335 ; sinking fund, $48,730 ; dividends on preferred, $10,006; balance surplus, $477,35. In 1905, depredation, $343,359; sinking fund, $48,340; dividends, $931,903; surplus, $100,383.

President, George H. Crawford, Birmingham, Ala. Vice-President and General Manager, Frank H. Crockard, Birmingham, Ala. Secretary and Treasurer, L. T. Beecher, Birmingham. Assistant Secretary, Thomas Murray, New York.

76o THE MANUAL OP STATISTICS

Directors— W. E. Corey, New York. George H. Crawford, Birmingham, Ala. Fruk H. Crockard, Birmingham. W. B. Dickson, New York. William J. Filbert, New York. Elt H. Garjr, New York. Thomas Murray, New York. Richard Trimble, New York.

Main office. First avenue and Twentieth street, Birmingham, Ala. New Yock office, tji Broadway. Annual meeting in May, at Tracy City, Tenn. ,

The Tekmessee Copper Co.

A corporation formed under the laws of New Jersey, April 24, 1899. The company has valuable copper properties at or near CopperhiU, Polk County, Tenn., and has carried ot a large amount of work in developing its mines thereon. A large smelting plant is in operatinB. Stock Par $35. Authorised, $5,000,000 Issaed, $5,000000

Transfer Agents, National City Bank, New York ; Old Colony Trust Co., Boston. Regstrars, Trust Co. of America, New York ; State Street Trust Co., Boston.

In July, 1903, the first dividend on the stock was declared, being $1.35 per share, paid 1903. Similar dividends of 5 per cent., or $1.35 per share, have been paid January 99. 1004. January 34, 1905, July 37, 1906, and January 38, 1907. On August 15, 1907, a dividend cl %a per share was paid, and on February 15, 1908, one of $1.35 per share.

Funded Debt Tst mort., 5 per cent., due July i, 1933, Jan. and July $yMvnw

Interest on the bonds is payable at the office of the company. New York.

The report of the company, covering the period from June 15, 1899, to January i, 1901, showed receipts, including amount received from stock subscriptions, $1,044,181 ; ezpenditCBCi $780,920; cash on hand, $363,361. In 1903, net profits, $331,109. In 1903, $417,565. In igo, $186,996 ; dividends, $218,750 ; deficit, $31,754. In 1Q05, profits, $453,106 ; dividends, $3x8,750; surplus, $333,356. In 1906.net profits, $8,331; dividends (5 per cent.), $350,000; sniplvi, $57433i. In 1907, net profits, $800,635 ; dividends (13 per cent.), $650,000 ; surplus, $150,635.

President, J. Parke Channing, New York. Vice-President, Frederick Lewisohn, New York. Secretary, Edward C. Westervelt, New Yoiic. Treasurer, Julius H. Susmann, New York.

Directors— J. Parke Channing, New York. Philip S. Henrv, New York. Albert Lewiaoka. New York. Frederick Lewisohn, New York. Walter Lewisohn New York. James PfaSEpi., Jr., Boston. Henry H. Rogers, New York. Julius H. Susmann, Montdair, N. J. Edward C Westervelt, New York.

Main office, ix Broadway, New York. Annual meeting, fourth Thursday in Februaiy ai Jersey City.

Termikal Warehouse Co.

A corporation formed under the laws of New York in 1880. The company owns and operates the Terminal Stores, foot of Twenty-seventh and Twenty-eighth streets and North River, and the Rossiter Stores, foot of Fifty-ninth and Sixtieth streeU and North River, New York. The business of the company includes a general storage, free and bonded, for merchawSse. freezing and cold storage and lighterage. Stock Par $100 Authorised, $800,000 Issued, $800,000

Transfer Agent and Registrar, New York Trust Co., New York.

Funded Debt

ist mort, 4 per cent $400000

3d mort., 50 years, 5 per cent., due 1943, Jan. and July

Total $1,150,000

President, John H. Lynch, New York. Secretary, Walter J. Doremus, Patcraoo, N. J. Treasurer, James Stillman, NemYork.

Directors— P. A. S. Franklin, New York. Joseph P. Grace. New York. C. W. Hogas, New York. John H. Lynch, New York. George Austin Morrison, New Yoric B. Aymar Sands, New York. Alfred Skitt, New York. James Stillman, New York.

Main office, 17 South William street. Annual meeting, third Wednesday in April.

Texas A Pacific Coal Co.

A corporation formed under the laws of Texas in x888. The company owns 57.000 acres of coal and other lands in Erath, Palo Alto and Eastland Counties, Tex., and opcratts coal mines and brickyards, and has large mercantile interests at Thurber, Erath County, ft ovit the water works, electric light plant randall improvements in the town of Thurber, which has 5,000

Industrial Securities 761

inhabitants. The company's brick business is the largest in the South. This company also owns and operates the Texas Coal & Fuel Co., having a capital of $250,000, with a bonded indebtedness of $100,000, its mines being located in Parker County, on the line of the Weatherford, Mineral Wells & Northwestern Railroad. Stock Par $100 Authorized, $2,500,000 Issued, $2,387,628

Transfer Agent and Registrar, Central Trust Co., New York.

Dividends of 4 per cent, per annum were formerly . In 1898, rate was increased to 5 per cent, and to 6 per cent, in 1900, which was the rate paid until 1Q04, inclusive. In 1905, stock dividends of 2 per cent, each were paid in March, June and September and per cent, cash in December. In 1906, the quarterly dividends were cent, each in cash. Dividends are paid quarterly, per cent, each, in March (31), June, September and December.

Funded Debt ist mort., 6 per cent., due 1908, April and Oct $80,000

The zst mortgage is for $500,000, the amount having been reduced by the operation of a sinking fund of 8 cents per ton on each ton of coal mined. Trustee, Central Trust Co., New York.

President and Treasurer, Eklgar L. Marston, New York. Secretary, S. Mims, Thurber, Tex.

Directors— Joseph C. Baldwin, New York. Edmund C. Converse, New York. W. K. Gordon, Thuzber, Tex. John J. Knox, New York. Edgar L. Marston, New York. S. Mims, Thurber. W. H. Newby, Fort Worth. E. M. Reardon, Dallas. M. A. Williams, Thurber.

Main office, Thurber, Tex. New York office, 30 Broad street. Annual meeting, third Wednesday in April, at Thurber.

Texas Pacific Lmiid Trust

An unincorporated association formed in z888 to take over the unsold lands of the Texas & Pacific Railroad Co., which were conveyed to this organization for the purpose of retiring the old Texas & Pacific 7 per cent. Eastern Division land grant and income bonds, of which there were $9,3z6,ooo and scrip for interest on same to the amount of $2,240,000. The lands acquired by the trustees under this arrangement were 3,450,642 acres, of which Z42,z2o acres were covered by deeds held in escrow. At the dose of Z906, the trustees held unsold 2,503,286 acres and z29,76o acres for which deeds were held in escrow, and also town lots at various points on the Une of the Texas & Padfic Railway. Certificates of proprietary interest Par $zoo $6,206,274

The outstanding certificates indude $z68,475, par value, held in escrow to take up the remaining Texas & Pacific Railway land securities.

In Z900, the trust sold 4z,78z acres for $90,049. In Z90Z, 65,37z acres for $163,374. Total collections were : In Z896. $5iti44 ; in i897i $74356 ; in 1898, $93,076 ; in Z899, $Z23,4z8 ; in 1900, $z68,338; in Z90Z, $2zz,496. In Z902, the sales were 29,859 acres for $77,z93. In Z903, the receipts were $170,884, the sales having been 20,888 acres for $84,34. In Z904, receipts sales Z9,923 acres for $62,090. In Z905, receipts $387,000, indudmg $23a25z from land sales, sudb sales for the year aggregating Z3z,583 acres. In 1906, receipts, $462,003; land sales,

sales, such sales for the year aggregating Z3Z, 583 aa , ,

258,720 acres for $z,z34,92z, of which $303,378 was paid in cash and the balance in bills receivable. In Z907, receipts, $371,361, land sales, 64, z86 acres for $322, ZZ9, of which $68,099 was in cash and $254,oz9 in bills receivable.

In Z900. the trustees bought and retired $700,000 jpar value of the Trust certificates for $iQ5*3( cm- In 190Z, they retired $500,000 of the certincates for $z63,o74. In Z902, $300,000 were bought for $zz8,4Z9. In 1903, $350,000 were bou|:ht for $zii,i26; in 1904, $300,000 for the sum of $97,225; in Z905, $600,000 for $309,906, in Z906, 4,000 shares for $332,9Z2 or $83.32 per share, and in Z907, 4,500 shares for $294,362 or $65.4Z per share.

Trustees — Charles J. Cauda, Chairman, NewYork. Simeon J. Drake, New York. Sigmimd Neustadt, New York. Agent, W. H. Abrams, DaUas, Tex.

Main office, zz Pine street. New York. Annual meeting, at call of Trustees, at New York.

Third A¥Eiiue Railromo Co.

A corporation chartered by the State of New York, October 8, Z853.

Road owned, Z4 miles, double track. The installation of undergronnd electric power on the company's znain line on Third avenue, New York, was completed in Z890, repladng the cable system installed in Z894. In November, Z895, the company aixjuiied control of the Forty-second

76a THE MANUAL OF STATISTICS

Street, Manhattanville & St. Nicholas Avenue Railway Co., and leased the same. In 1%:. acquired control of the Dry Doct, Et Broadway & Battery Railroad Co., and in January, iSgl of the Union Railway Co. of New York. The Yonkers Railroad Co. and the Tail y town, WWa Plains & Mamaronedt Railway are also controlled. Total controlled, x8S miles ; total d fjiaau. 315 miles of track.

In Much, 1900, control of the company was acquired by the Metropolitan Street Railway Cou and on April 13, 1900, the property was leased to that company for 999 years. For the trsi km years of lease Uie rental was to be interest and net revenue above the charges. For the nest tvo yean 5 per cent, on the company's stock, 6 per cent, for next four years, and 7 per cent, dividesib thereafter. The dividends under the lease were paid quarterly, until the one due October 31. 1907, which was withheld under order of the Court by the Receiver of the Metropolitan Stna Railway Co.

On January 6, 108, the company was placed in the hands of a Receiver on apfdicatkm of the trustee of the consolidated mortgage.

Stock Par $100 Authorised, $40,000,000 Issued,

Transfer Agent, R. L. Anderton, Jr., 621 Broadway, New York. Registrar, Centnl Tnt Co., New York.

The last dividend paid, prior to the lease, was per cent, quarterly in November, iSg A dividend of x per cent., payable February, 1900, was declared, but the pajrment was pohtpoorf in consequence of the proceedings which ended in the receivership. The fint dividend under tfae lease was i V pcr cent, paid July 30, 1904. Similar dividends were paid October 31, 1904, and January 31, 1905.

Funded Debt

ist mort., 5 per cent, gold, due July, 1937, Jan. and July $5,ooq.os

Consolidated mort., 4 per cent., due Jan., aooo, Jan. and July

Total $4a5fio/nc

The January, 1908, coupons on the zst mortgage bonds were not paid at maturity.

The new mortgage, created in 1900, is for $50,000,000, of which $35,000,000 was intended to discharge the $33,000,000 of floating debt and provide for the completion of improveneois, $i3443f<'< reserved to retire outstanding bonds of this and the leased companies, aad Sx ,557,000 was reserved for extensions, etc. The bonds are guaranteed hr the Metropoiicaa Street Railway. Trustee of the mortgage. Central Trust Co., New York, which in oonsequesoe of default in payment of the January, 1908, coupons, began a suit to foreclose the mortgage Kuhn, Loeb & Co., New York, offered to purchase the January, 1908, coupons.

Earniitos Year ending June 30

Charecs and

Dividends GroM Net Dividends Sarph*

1899-00 a,i33,834 840,0x6 7ia,J'5 ia7.09

1900-0X 3,306,490 x,56o,x86 1,763,396 Def. aotiio

Earnings after 1903 were included in those of the New York City Railway Co. asd Metropolitan Street Railway Co.

The Receivers of the New York City Railway Co. and of the Metropolitan Street Railaf Co., in December, 1907, reported the approximate results of operating the Third Avenue sjstca for the year ending June 30, 1907, to have been as follows: Gross earnings, $3,098,706; ar. $8x9,080; other income, $536,641; total income, $1,345,733; taxes (excluding fraiMise taz. $83,037 ; interest on xst mortgage, $350,000 ; balance for interest on consolidated naortfagc $1,0x3,695.

Receiver, Frederick W. Whitridge, New York. President, Herbot H. Vreeland. Srv York. Vice-President, D. B. Hasbrouck, New York. Secretary and Treasurer, Charla E- Wanen, New York.

Directors— John Beaver, New York. E. M. Burghard, New York. John D. Crimmias, Nc York. D. B. Hasbrouck, New York. Edward Lauterbach, New York. Reune Martia, York. Richard W. Meade. New York. D. C. Moorehead, New York. Charles Remssn, Nc York. H. A. Robinson, Yonkers, N. Y. Oren Root, Jr., New York. M. G. Stanett. York. Herbert H. Vreeland, New York. Charles E. Warren, New York.

Main office, Sixty-fifth street and Third avenue, New York. Annual meeting, fint Wfldo day after the second Monday in November, at New York.

Indc8Trial Sbcuritibs 763

The Thomas Iroh Co.

A corporatioii originally fonned under the laws of Pennsylvania in 1854. At its expiration In 1874 the charter was renewed for twenty years longer, and in 1894 was again renewed in perpetuity. . The purpose of the company is the manufacture of pig iron. It has 9 blast furnaces at Hokendauqua, Hellertown, Alburtis and Island Park, Pa., with an Aggregate capacity of about a8o,ooo tons per annum. A number of iron ore and limestone properties are owned and operated in connection with its furnaces, and the company has interests in several railroad lines operated in connection with its works. Stock Par $50 Authorized, $3,500,000 Issued, $2,500,000

Stock is transferred at the office of the company, Easton, Pa.

The company has paid large dividends on its stock, varying, however, as to rate from year to year. Dividends are semi-annual in August (i) and February.

President, B. F. Fackenthal, Jr., Rielsville, Pa. Vice-President, William H. Hulick, New York. Secretary and Treasurer, James W. Weaver, Easton, Pa.

Directors— Fred R. Drake. B. F. Fackenthal, Jr. W. P. Hardenbergh. William H. Hulick. J. S. Krause. Joseph S. Rodenbough. Edwin Thomas.

Main office, Easton, Pa. Philadelphia agency, Stephen Girard Building. New York agency, a Rector street. Annual meeting, second Tuesday in September.

Thorhdike Co.

A corjxnration formed under the laws of Massachusetts in i8j6 for the purpose Of manufacturing ticking, shirtings, denims, cottonades, awnings, etc. The company has mills at Thorndike and West Warren, Mass. The Thorndike plant has 38,864 spindles and 86x looms, and the West Warren plant 40,000 spindles and x,ooo looms. Stock Par $1,000 Authorised, $675,000 Issued, $675,000

Stock is transferred at the office of the company, Boston.

Dividends have been paid semi-annually in February and August at the rate of 8 per cent, per annum, but in August, 1906, the half-yearly dividend was increased to 5 per cent., which was the rate paid in 1907.

President, Charier H. Fiske, Boston.

Directors— O. H. Alford, Boston. Cornelius N. Bliss, Jr., New York. I. R. Clark, Boston. F. W. Fabyan, Boston. Charles H. Fiske, Boston. Robert B. Williams, Boston. B. L. Young, Boston..

Main office, 100 Sommer street, Boston. Annual meeting in February, at Boston.

Tide Water Oil Co.

A corporation formed under the laws of New Jersey in x888 to refine petroleum oil. The company owns an oil refinery at Bayonne, N. J., with a capacity of xo,ooo barrels per day. Stock Par $xoo Authorised, $ao,ooo,ooo Issued, $30,000,000

President, Samuel Q. Brown, New York. Vice-President, Robert D. Benson, Passaic, N. J. Secretary, W. S. Benson, New York. Treasurer. A. A. Sumner, New York.

Directors — Robert D. Benson, Passaic, N. J. W. S. Benson, Passaic. Dickson Q. Brown, New York. Samuel Q. Brown, New York. H. C. Folger, Jr., New York. Josiah Lombard, Bronxville, N. Y. A. A. Sumner, New York.

Corporate and main office, Bayonne, N. J. New York office, xi Broadway. Annual meeting, first Wednesday in May, at Bayonne.

Tidewater Steel Co.

A corporation formed under the laws of Pennsylvania, April 6, X899. The company was organised to and improve the Wellman Iron & Steel Co.'s plant at Chester, Pa. This property comprised jo acres in direct communication with both the Pennsylvania and the Reading Railroad systems, having a water front on the Delaware River, with piers and docks, a blast furnace, open hearth steel plant, plate and blooming mills, etc.

The preferred stock is 8 per cent., cumulative, up to 5 per cent. It was authorised in 1903 to provide for additional facilities. The holders of the original $x, 500,000 of common stock were given rights in May, iqo3, to subscribe for the preferred at par. Transfer Agents ancl Registrar, Investment Trust Co., Philadelphia.

A dividend of 3 per cent, was paid on the preferred stock Januarj 31, 19P3, and a per col was paid in July, 1904.

President, C. E. Stafibrd, Chester, Pa. Secretary and Treasurer, W. B. Johnston, ChoM

EHrecton— R. W. Davenport, Philadelphia. Evans R. Diclc, New York. Georee S. Gfakaa. Philadelphia. Frederick ¥. Hov, Philadelphia. Georn McCall, Philadelphia. C3uvkf H Porter, Philadelphia. Charles T. Sdioen, New York. C. E. Stafford, Chester. Frank Philadelphia.

Main office, Chester, Pa. Annual meeting, third Wednesday in September.

The Timgumro Sugar Co.

A corporation formed under the laws of New Jenejt July i899i under the title of Tk Cuban-American Sugar Co., the name having been changed to the present style SepCcmte 1906. The company owns a sugar plantation of 10,000 acres, a factory and two lines of oiroad in the Provmce of Matansas, Cuoa. The stock is all owned by the Cuban-Amerkan Sp: Co. Stock Par $100 Authorised, $1,500,000 Issued, $i,17S"c

Funded Debt ist mort., 6 per cent., due April, 1910, April and Oct %5POfiac

Trustees of the mortgage, Central Trust Co., New York, the authorised amoaiit bdi $500,000.

President, Robert B. Hawley, Galveston, Tex. ist Vice-President, Nathanid Tookcr, Ncv York, and Vice-President, Thomas A. Howell, New York. Secretary, Henry A. Oaik, Ntv York. Treasurer, James H. Post, New York.

Director*— George R. Bunker, New York. F. D. Canfield, New York. Henry A. ObI. New York. John Farr, Short Hills, N. J. Robert B. Hawley, Galveston. Tfaoaias A. Howell, New York. James H. Post, Brookhaven, New York. Nathanid Tooker, East Onacfc N.J.

Corporate office, 15 Exchange place. Jeney City. Main office, 107 Front street. New YoL Annual meeting, third Thursday m October, at Jersey City.

The Toledo Railways Light Co.

A corporation formed under the laws of Ohio, July i, 1901, as a reorganisation of the fdt Traction Co. The company owns all the street railways and the electric lighting and povtr and artificial gas business of the dty of Toledo, O. It operates 135.71 miles of city trade k has acquired the following properties :

Toledo & Maumee Valley Railway. Toledo Gas, Electric & Heating Co.

Maumee Valleys Railway & Light Co. Toledo & Western Raihoad Co.

Toledo, Waterville & Southern Railroad. Toledo, OtUwa Beach ft Noitbem Railwsj Ca

In March, 1907, the company bought the entire capital stock of the Toledo & Vcslcni Ra road Co., 80 miles, which controlled the Toledo, Fayette & Western Railway Co. In June, id;. it acQuired the Toledo Gas, Electric ft Heating Co. In 1907, also acquired the Toledo, Oitvn Beach ft Northern Railway Co., 14 miles. Stock Par $100 Authorised, $15,000,000 Issued, $t3,83SiSK

The first dividend was i per cent., paid May x, 1905, and a second dividend of 1 per cceL was also paid November a, 1905. In 1906, paid i per cent. May x and 1 per cent. Noivcnfaer l In May, 1907, again paid 1 per cent, but the November, 1907 dividend was passed.

Transfer Agents, Kean, Van Cortlandt & Co., 30 Pine street. New York. Registrar, Geaoa? Trust Co., New York.

Funded Debt

Consolidated xst mort. 4 per cent. , goM, due July, 1909, Jan. and July $t,IVwp

Toledo Con. St Ry. Co. ist mOrt., 5 per cent., due July, 1909, Jan. and July ivoflM*

Toledo Elec. St. Ry. Co. xst mort., 5 per cent., gold, due Feb., 19x2, Feb. and Aug... Toovotf

Toledo Traction Co. xst. con. mort., 5 per cent., gold, due July, 1909, Jan. and Joqr.. Toledo Gas, Electric ft Heat, 1st mort., 5 per cent., due Oct., 19J5, April and OcL. i,9BS Toledo & Western Railway xst mort., 5 per cent., due Julv, X096, Jan. and Johr. . .

" " cons, and ref . mort., 5 p. c. , due April, 1930, April and Oct.

Maumee Valley R. R. & L., xst mort., p. c, due March, 1990, March and Sept.

Toledo & Maumee, ist mort., 5 per cent., due March, 1930, March and Sept joaoa

Toledo, OtUwa Beach & Northern, xst mort., 5 p. c, due Nov., 1916, May and Nov. joaops

Toledo, Fayette ft Western xst mort., 5 per cent., due July, 1937, Jan. and July. . .

Total %itjcniJ

Industrial Securities 75

The authorized amount of the consolidated ist mortgage of The Toledo Railways & Light Co. is $12,000,000, of which $6,000,000 are reserved to retire idl underljring bonds, and $2,000,000 are reserved for extensions and improvements. Bonds are subject to call at 102] and interest, on 30 davs' notice. Trustee of the mortgage, United States Mortgage & Trust Co., New York. Agents for the payment of interest, Kean, Van Cortlandt & Co., New York. Aeent for the

Ei3rment of interest on the bonds of the Toledo Consolidated Street Railway Co. and the Toledo lectric Street Railway Co., Blair & Co., New York.

The authorised mortgage of the Toledo Traction Co. is $6,000,000. The unissued bonds have been canceled. Bonds are subject to call at 105 and interest. Trustee of the mortgage and agent for the payment of interest, Guaranty Trust Co., New York. The outstanding bonds of the Toledo & Maumee Valley Railway are the total amount authorised. Trustee of the naortgage and agent for the payment of interest, Metropolitan Trust Co., New York.

Earnings

Grou Net Charges Surplus

9M i.4S909i 73a.3ia 4S9i037 *73a75

President, Henry A. Everett, Cleveland. Vice-President and General Manager, L. E. Beilstein, Toledo. Secretary, Heman S. Swift, Toledo. Treasurer, S. D. Carr, Toledo.

Directors— L. E. Beilstein, Toledo. S. D. Carr, Toledo. Jospeth F. Demer, Levis, P. O. Henry A. Everett, Cleveland. William E. Hutton, Cincinnati. E. W. Moore, Cleveland. J. K. Secor, Toledo. Heman S. Swift, Toledo. Robert B. Van Cortlandt, New York.

Main office, Toledo, O. Annual meeting, third Thursday in January, at Toledo.

Tokopah Exteksiom Kikikb Co.

A corporation formed under the laws of Arisona, May 19, 1902. The company has a gold nliilog property at Tonopah, Nev., consisting of some 40 acres on which extensive development wotk has been done. Stock Par $1 Authorized, $1,000,000 Issued, $943,433

The stock is full paid and non-assessable. The treasury stock consists of $71,567. Transfer Agent, Guarantee Title & Trust Co., Pittsburg.

In July, 1905, the company paid a first dividend of 5 per cent. In October, 1905, a dividend of 10 per cent, was paid and one of 15 per cent, in April, 1906.

President, D. B. Gillies, Tonopah, Nev. Vice-President, H. M. Raborg, New York. Secretary and Treasurer, M. R. Ward, Wayne, Pa.

Directors— D. B. Gillies, Tonopah. A. D. Parker, Denver. H. M. Raborg, New York. Charles M. Schwab, New York. M. R. Ward, Wayne. Pa.

Corporate office, Phoenix, Aris. Main office, 30 Church street, New York. Annual meeting, third Monday in May, at New York.

THE TOKOPMH MliUKG CO. OF HEVADM

A corporation fonned under the laws of Delaware, in July, 1901. The company owns and operates silver and gold mines situated in the Tonopah District, Nye County, Nev. Its properties have been thoroughly explored and developed. See also Tonopah RaUroad Co. in Railroad Section of the Manual. Stock. . . . Par $1 Authorized, $1,000,000. Issued, $1,000,000

The company had $3cx>,ooo 8 per cent, preferred stock which was retirable at the option of the company. All the preferred stock was called and paid in cash with accrued dividends to February 6, 1905.

Stock is transferred at the office of the company, Philadelphia. Registrar, Fourth Street Bank, Philadelphia.

The first dividend was 25 cents per share, paid April 22, 1905. A second dividend, also 25 cents per share, was paid July 22, 1905, and dividends of the same amount were paid October 21, I9P5, January 22, 1906, April 21, 1906. On July 21, 1906, 35 cents per share was paid and the same amount on October 21, 1906, January 21, 1907, and April, 1907. In July and October, 1907. 35 cents per share was paid but the January, 1908, dividend was passed.

The Manual Of Statistics

President, James S, Austin, Philadelphiau Vice-President, C. K. Lord, Secretary and Treasurer, C. A. Higbee, Philadelphia.

Directors—James S. Austin, Philadelphia. C. A. Daniel, Philadelphia. C. A. Higtee. Philadelphia. C. K. Lord, Philadelphia. Charles R. Miller, WUmington. Henry D. Moore. Philadelphia. O. A. Turner, Baltimore.

Corporate office, Wihnington, Del. Main office, 139 South Fourth street, Phfladdpfan. Annual meeting:, first Tuesday in May, at Philadelphia.

Toromto Electric Light Co., Limited

A corporation formed under the laws of the Dominion of Canada in 1883, for the putpaae ori supplying electric light in the dty of Toronto. Stock Par $xoo Authorized, $.,000,000 Issued, $3,oaovoap

Stock is transferred at the office of the company, Toronto.

Dividends on the stock were paid quarterly at the rate of 7 per cenL annually since 1891, dividend periods being January (i) Apnl, July and October, but the October, 1906 dividend w increased to 2 per cent, placing the stock on an 8 per cent, annual basis.

FuNDKD Debt ist mort., per cent., due July, 1916, Jan. and July $1000000

The authorized amount of the ist mortgage is $1,000,000. Trustee, National Co., Toronto. Agent for the payment of interest, Imperial Bank of Canada, Toronto.

Earnings

GroM Net Dividendii Savpln

90i $457,843 $195,831

19M 535.808 183,501

"903 630,363 a37,9i3

?ps 775*948 304,639 , -

President, Sir Henry M. Pellatt, Toronto. Vice-President, W. D. Matthews, ToraaMw Secretary, W. A. Martin, Toronto. General Manager, J. J. Wright, Toronto.

Directors— Hugh Blain, Toronto. W. R. Brock, Toronto, ueoree A. Cox, Toronto. H. P. Dwight, Toronto. Robert Jeffray, Toronto. Wilmot D. Matthews, Toronto. S. F. McKinaoe, Toronto. Frederic Nicholls, Toronto. Sir Henry M. Pellatt, Toronto. Samuel Trees, Toronfeou Thomas Walmsley, Toronto.

Main office, X3 Adelaide street. East, Toronto. Annual meeting, second Tuesday in Ftbruary, at Toronto.

The Torokto Railway Co.

A corporation formed under the laws of Ontario in 1899. The compsny*!s system cobprises 114 miles of road in and around the city of Toronto. It has an exclusive privilege operate the street railways of Toronto until September, 193 1. The Toronto St York Radial Railway, 78 miles, is controlled. Stock Par $100 Authorized, $8,000,000 Issued, $8,000,000

In April, 1906, the stock was increased from $7,000,000 to $8,000,000, stockholders snbacribing for the additional $1,000,000 at par. Transfer Agents H. E. H. Vernon, at oompsBH office, Toronto. Registrar, National Trust Co., Montreal.

Dividends of 4 per cent, were paid in 1898, 1899 and 1900 ; 43i per cent, in 1901 ; 5 per oeeL in igo9, 1903, 1904 and 1905, and 6 per cent, in 1906 and 1907. Dividends are paid qoansriy January (3), April (i), July (3) and October (i).

Funded Debt 1st mort., sterling and $, per cent, gold, due Aug., 1931, Feb. and Aug $3,613,000

The Toronto Street Railway Co., to which this company was the successor, has $600,000 6 per cent, bonds, due July, 1914, interest January and July, to retire wfai amount of this company's per cent, bonds are hekl in escrow. The tst mortgage is

Industrial Securities

at the rate of $.5,000 per mile of single track. Trustees of the mortgage, George A. Cox, Toronto, and Richard B. Angus, Montreal.

The Toronto & York Radial Railway Co., controlled by this company, has an issue of $1,000,000 5 per cent, bonds, due October, 19x9, interest April and October, the bonds being guaranteed by this company.

Gross Net Charges Dividends Surplus

1900 x,50z,ooz 725,030 370,857 340,000 150,163

190X 1,661,017 803,405 393,679 370,000 173,736

'903 1,834*908 819,547 325,835 302,439 133,729

1907 3,5",'97 1,617,961 640,808 473,378 503,774

In 1903, $71,986 was deducted from surplus for cost of paying and $50,000 for contingent account ; net surplus, $180,0. In 1904, paving, $73,873 ; contingent account, $200,000 ; net surplus, $18,078. In 1905, paving, $79,997 ; contingent account, $50,000 ; net surplus, $243,584. In 1906, paving, $80,000 ; contingent account $100,000; net surplus, $355,855. In 1907, paving $80,994 ; contingent account, $135,000 ; net surplus. $397,780.

President, William Mackenzie, Toronto. Vice-President, Frederic Nicholls, Toronto. Secretary and Treasurer, James C. Grace, Toronto.

Directors — George A. Cox, Toronto. Rodolphe Forget, Montreal. James Gunn, Toronto. William Mackenae, Toronto. Wilmot D. Matthews, Toronto. Frederic Nicholls, Toronto. Sir Henry M. Pellatt, Toronto.

Main office, 93 King street, East, Toronto. Annual meeting, first Wednesday in February, at Toronto.

THE TORRIMerOH CO.

A corporation formed under the laws of Maine. The company owns and controls several constituent mufacturing companies, including the Excelsior Needle Co. of Torrington, Conn., the National Needle Co., and the Puritan Manufacturing Co., and has a majority interest in the stock of the Standard Spoke & Nipple Co. The company also has factories at Coventry, Eng., and in 1905-06 started one in Germany. It has supply houses in New York, Boston and Philadelphia, and in London and Leicester, Eng., Glasgow, Scotland, and Buenos Ayres.

The preferred stock is 7 per cent., cumulative. Transfer Agents, Kidder, Peabody & Co., Boston. Registrar, New England Trust Co., Boston.

Dividends on the preferred stock are 7 per cent, per annum, per cent, semi-annually being paid January (i) and July. The A and B common stocks both receive 8 per cent, per annum, dividends being semi-annual, 4 per cent, each, in February (x) and August.

Funded Debt ist moit., 5 per cent., gold, due Sept., 1918, March and Sept $z,ooo,ooo

Trustee of the mortgage and agent for the payment of interest, New England Trust Co., Boston,

Earnings

Year ending September 1 Interest and

Receipts Expenses Dividends Surplus

'901-03 354,461 35,478 380,000 . 38,983

i9oa-p3, 309,498 22,187 273,333 3,967

"903-04. 289,307 23,947 280,000 Def. 14,640

The receipts in 1901-02 include $65,245 representing sales of the company's stock, and the expenses for the same year include $26,839 Po for new buildings, etc. In X9oo3, the receipts

include $10,437, being sales of stocks of other companies held by this company, while dte expenses include $12,753 for the purchase of other stocks. The surplus September i, 1907, w $180,476.

President, Henry H. Skinner, Springfield, Mass. Treasurer, W. G. Brooks, Boston.

Directors— J. F. Alvord, Tonington, Conn. Edwin A. Carter, Springfidct. Wilb Endicott, Jr., Boston. James D. SafTord, Springfield. Heniy H. Skinner, Springfield. FcanUiB E. Snow, Boston. Robert Winsor, Boston.

Main office, 115 Devonshire street, Boston. Annual meeting, second Tuesday in ririi— -atr. at Portland, Me.

TRADE MLLAR COMSOLI DATED Ml K I KG CO.

A corporation formed under the laws of Kentucky in 1891. The purpose of the oompuiy is the mining and milling of quartz rock. Stock Par $5 Authorised, $6,000,000 Issued, oooiooe

Stock is transferred at the office of the company, Pittsburg. Registrar, Colonial Co., Pittsburg.

President, James M. Guffey, Pittsburg. Vke-President, A. W. Mellon, Pittsburg. Secretaiy and Treasurer, Thomas B. McKaig, Pittsburg.

Directors— N. F. Clark. Pitturg. J. M. Gufley, Pittsburg. E. H. Jennings, PIttifaafr. M. K. McMullin, Pittsburg. A. W. Mellon, Pittsburg. George B. Motheral, Pittsburg. M. Muiy, Philadelphia.

Main office, Fifth avenue and Wood street, Pittsburg. Annual meeting, second Turndty ia February, at Covington, Ky.

Trekoht Coal Co.

A corporation chartered under the laws of Pennsvlvania in 1864. The company operates an anthracite coal property of 4,431 acres m Schuylkill County, Pa. The controlled by the Philadelphia & Reading Coal & Iron Co. Stock Par $35 Authorised, $3,000,000 laraed, $3,000,000

FuiTDED Debt General mort., 6 per cent., due 1908, May and Nov $900,000

Trustee of general mortgage. Guarantee Trust & Safe Deposit Co., Philadelphia.

President, Gsorge F. Baer, Philadelphia. Secretary, W. G. Brown, Philaddphia. Tn H. E. Paisley, Philadelphia.

CHrectors— J. S. Harris, Philadelphia. C. E. Henderson, Philadelphia. J. M. LaadB, Philadelphia. W. H. MacEwan. Philadelphia. T. M. Richards, Philadelphia. E. F. Snik, Philadelphia.

Main office, Reading Terminal, Twelfth and Market streets, Philadelphia. Annual 1 second Monday in October.

Tremtoh A Hew Drumswick Railroad Co.

A corporation formed under the laws of New Jtneyt December 10, 1901. The enospany owns and operates 25 miles of electric railway between Trenton and New Brunswick. The oospany owns a 100-foot right of way in fee simple for iu line.

The entire capital stock is held by the New York- Philadelphia Co., and the road forms part of iu through electric line from Philadelphia to New York.

The January, 1908, coupon on the company's tends was defaulted, and a ReoeiTer appointed. Stock Par $100 Authorised, $1,000,000 Issued, $1,000000

Stock is transferred at the office of the company, Philadelphia. Registrar, The Fteaaet Co., Philadelphia.

Funded Debt ist moct., speroent gold, due Jan. i, 193a, Jan. and July $1,000000

The authorised amount of the mortgage is $1, 000,00a There is no drinking fund and tht bonds cannot be called. Trustee of the mortgage. The Finance Ca, Philadelphia.

Industrial Sbcuritibs 79

Receiver, David F. Carver, Newark, N. J. President, I. H. Silverman, Philadelphia. Vice- President, A. S. Chandler, Philadelphia. Secretary, A. W. From, Philadelphia. Treasurer, 'W. A. Stem. Philadelphia.

Directors— J. H. Anderson, Philadelphia. A. S. Chandler, Philadelphia. A. W. From, Philadelphia. Thomas R. Heller, Philadelphia. L. R. Isenthal, Philadelphia. George H. B. Martin, Camden, N. J. I. H. Silverman, Philadelphia.

Corporate and main office. West Windsor Township, N. J. Executive office. Broad and Chestnut streets, Philadelphia. Annual meeting, third Wednesday in December, at West Windsor Township.

The Trektok Potteries Co.

A corporation formed under the laws of New Jersey, May 97, 1893, to take over certain sanitary ware factories at Trenton, N. J. It owns and operates six large plants in that city, the chief production being plumbers' earthenware, including porcelain bathtubs, kitchen, pantiy and laundry sinks and sinular articles, as well as toilet ware, druggists' supplies and many miscellaneous goods.

The preferred stock is 8 per cent, non-cumulative. It was originally 8 per cent., cumulative, and on Juhr i, 1903, 44 per cent, of past due dividends had accumulated m the preferred. At that time tne holders of the preferred agreed to exchange it for new non-cumulative preferred and to accept 4 per cent, fundmg certificates for the past due dividends. There was litigation in connection with this plan, but it was sustained in the courts, and all but $70,600 of the old cumulative preferred has tMeen retired.

Transfer Agents, A. M. Kidder & Co., 18 Wall street, New York. Registrar, Guaranty Trust Co., New York.

In 1900 the company resumed dividends on its preferred, paying a percent, on April 10, 1900, and paid regular quarterly dividends of a per cent, on the preferred in January (35), April, July and Ober. until Julv, 1907, inclusive. The October, 1907, dividend was passed. The last previous dividends to that of April, 1900, were a per cent., quarterly, on preferred, in June, 1894 ; 5 per cent, on common, in February, 1893. No dividends have smce been paid on the common.

Funded Debt Funding certificates, 4 per cent., Jan. (xo) and July $4x1,570

There is a sinking fund for the income certificates, the maximum amount being $35,000 per annum and the mimmum as earnings warrant. The certificates are subject to cadi at par, bat tenders are asked for, from which the lowest are selected to exhaust the amount appropriated. The original amount of certificates was $550,000. Trustee, Commonwealth Trust Co., New York.

President and General Manager, John A. Campbell, Trenton, N. J. Vice-President, William S. Hancock, Trenton, N. J. Secretary and Treasurer, Charles E. Lawton, Trenton.

Directors— Daniel K. Bayne, New York. John A. Campbell, Trenton. William S. Hancock, Trenton. Alfred K. Leuckel. Charles D. Marvin, New York. Horace J. Morse, New York. Ferdinand W. RoebUng, Trenton. Lewis H. Taylor, Jr., Philadelphia. William Wood, PhUadelphia.

Main office, Trenton, N. J. Annual meeting, first Tuesday in June, at Trenton.

Trethewey Sil¥Er-Cobmlt Hi Me. Li Kited

A corporation formed under the laws of Ontario, May 30, 1906. It owns a silver bearing tract of 40 acres adjacent to the town of Cobalt, Ont. Extensive development work has been done on the property, which is equipped with the necessary buildings and machinery and considerable ore has been shipped from it.

Stock. . . . . .Par $1 Authorized, $1,000,000 Issued, $945,450

Stock is transferred at the office of the company, Toronto.

President, A. M. Hay, Toronto. Vice-President, Sidney Small, Toronto. Secretary and Treasurer, D. A. Brebrer, Toronto.

Dh-ectors— S. W. Black, Toronto. David Fasken, Toronto. A. M. Hay, Toronto. J. A. McKee, Toronto. W. J. Sheppard, Toronto. Sidney Small, Toronto. S. R. Wickett, Toronto.

Main office, Traders' Bank Building, Toronto.

TRimrr copper co.

A corporation formed under the laws of New Jersey in 1900. The company owns oopfMc, gold and silver-bearing property near Kennett, Shasta County, Cal. The property cf about 6,000 acres. The company has a smelter site at Kennett. Development work is in pmcress. In 1906, it was announced that arrangements had been made whereby the cooBpnay's would be treated at the mill and smelter of the Balaklala Copper Co. Stock Par $95 Authorised, $6,000,000 Issued, $6,000000

The company's balance sheet Feb. 19, 1907, showed cash on hand, $133,714.

Transfer Agent, American Trust Co., Boston. Registrar, International Ca. Boston.

President, Thomas W. Lawson, Boston. Vice-President, Arnold Lawsoo, BoeUK. Secretary, Homer Albers, Boston. Treasurer, Allen Arnold, Boston. General Manager, Aosbn H. Brown, Kennett, Cal.

Directors — Homer Albers. Allen Arnold. Louis Auerbach. Austin H. Brown. Artfanr P. French. Thomas W. Lawson. George E. Leamard. Arnold Lawson. Kenneth K. IfcLaxm.

Main office, Kennett, Cal. Boston office, 33 State street. Annual meeting, first Tuesday ic October, at Jersey City.

The Tri'City Railway A Li6Ht Co.

A corporation formed under the laws of Connecticut, April i, 1906. The compsoy owns the entire capital stock, except shares to qualify directors, of the Tri-City Railway Coanpasy. Davenport & Suburban Railway Company, Moline, East Moline & Watenown RaOway Cos-ry

, People's Power Company, People's Light Company and Davenport Gas & Eleebic Ca X907, the Tii-City Railway Company was consolidated with the Davenport and SuInbImb Railway Company under the title of the former company. The lines of the subsidiary companies comprise 87 miles of standard gauge track, connecting the cities of Davenpurt, Ioa. Rock Island, 111., Moline, 111., and East Mohne, 111. It controls all the gas plants, elecUiL ligliting facilities and the street railways in the above cities, with a population of about 100,000. The franchises, with one unimportant exception, extend to 1933 or longer.

The preferred stock is 6 per cent, cumulative and is redeemable at isa

The first dividend on tne preferred stock was 1% per cent, paid July, 1906. In October,

1906, again paid 1% per cent. During 1907, 6 per cent, was paid, the dividends being qunnerly.

In January, 1908, paid per cent, quarterly, and in April, 1908, 1% per cent.

Funded Debt

Collateral trust xst lien mort., 5 per cent., due April, 1933, April and Oct $7,873,000

Davenport & Rock Island ist mort., 6 per cent., due July, 1908 to 19x1, Jan. and July 37$.o°° Tri-City Railway mort., 5 per cent Sjoaa

Total $8301,000

The collateral trust ist lien mortgage is for $9,000,000. All the stock and bonds of the sab> sidiary companies, except the $375,000 Davenport & Rock Island xst mortgage 66 and $54,000 5 per cent, bonds of the Tri-City Railway, are deposited as additional security for tbe collateral trust bonds. Of the total amount thereof, $439,000 are reserved to retire prior liens and fityyrr to be applied in payment of 85 per cent, of the cost of additions and improvements. The bonb can be called on any interest date at 105 and interest. Trustee of the mortgage and agent lor the payment of interest. New York Trust Co., New York.

The Davenport & Rock Island ist mortgage is for $1,000,000, 5 per cent, of the aaiovBtf the bonds being due annually on July ist to loio inclusive, and the balance on July i. 1911. Trustee and agent for the payment of interest, Illinois Trust and Savings Bank. Chicago laterest is also payable at the Chase National Bank, New York.

Earnings

SnkisK Pref. Div. Gross Net Charges Fnad SvrplM

1907 6 $i,774954 $958,68o $400,547 $37.5oo $aao.39

In X907, dividends paid on the preferred were $156,168 ; balance surplus $64,470, President, J. F. Porter. Davenport. Iowa. Vice-President, P. G. Goasler, New York Vice-President, Geoige D. Mackay, New York. Secretary, H. R. Tobey New York.

INDUSTRIAL SBCURITIBS 77i

Secretary, M. K. Parker, New York. Treasurer, T. F. Wickbam, New York. Assistant Treasurer, T. W. Moffet, Jr.. New York.

Directors—P. G. Gossler. New York. F. W. Kendridc, New York. J. F. Lardner, Davenport, la. R. Walter Levy, New York. George D. Mackey, New York. M. K. Parker, New York. J. F. Porter, Davenport. H. R. Tobey, New York. J. G. White, New York.

Corporate office, ix Central Row, Hartford, Conn. Main office, Davenport, Iowa. Annual meeting, third Tuesday in September, at Hartford.

m-STATE GAS CO.

A corporation formed under the laws of West Virginia in 1898, to produce and sell natural gas. The company supplies gas in Pittsburg, West Came, Knoxville and McDonald, Pa.; Wellsburg, W. Va.; SteubenvUle, Toronto, Wellsville and KaaX Liverpool, O. Stock Par $100 Authorued, $1,500,000 Issued, $1,500,000

This company is controUed by the Manufacturers Light & Heat Co., which owns its entire capital stock, and its operations and earnings are consequently included in the statements of the parent organization.

POUNDED Debt ist root., 6 per cent., duai909t March and Sept $80,000

The authorised ist mortgage is for $400,000. Trustee of the mortgage. Fidelity Title & Trust Co., Pittsbun?.

Preskient, H. B. Beatty, Pittsbui. Vice-President, O. H. Strong, Pittsburg:. Secretary, H. E. Seibert, Pittsburg. Assistant Secretary, William J. Diehl, Pittsburg. Treasurer, L. A. Meyran, Pittsburg. Assistant Treasurer, J. J. Ormston, Pittsburg.

Main office. Farmers' Bank Building, Pittsburg. Annual meeting, second Tuesday in March, at PittsbufK.

Trow Directory, Prihtik6 A B00Kbihdim6 Co.

A corporation formed under the laws of New Jersey in 1891 to take over the business of the Trow (New York) City Directory Co. and the Trow Printing & Bookbinding Co. The company has an extensive business and a large plant. Stock Par $iao Authorised, $1,000,000 Issued, $x,ooo,ooo

Stock is transferred at the office of the company. New York. Registrar, Metropolitan Trust Co.. New York.

Chairman, James G. Cannon, New York. President, Robert W. Smith, New York. Vice- President, Forrest Raynor, New York. Secretary, Walter G. DeWitt, New York. Treasurer. Joseph F. Simmons, New York.

Directors— James G. Cannon, New York. William H. Porter, New York. William H. Power, Montclair, N. J. Forrest Raynor, New York. Joseph F. Simmons, New York. Robert W. Smith, Summit, N. J. WUUam C. White, New York.

Main office, aoi East Twelfth street. New York. Directory office, 91 Third avenue. New York. Brooklyn office, 689 Kent avenue. Annual meeting, last Tuesday in October, at Jersey City.

Troy Qms Co.

A corporation formed under the laws of New York, October 11, 1889. The company controls the electnc light and power and gas facilities of Troy, N. Y., and the gas busmess of the neig:boring vulage of Waterford. Stock Par $xoo Authorized, $1,000,000 Issued, $1,000,000

Stock is transferred at the office of the company, Troy, N. Y.

Dividends on the stock are paid at the rate of 8 per cent, per annum, payments being quarterly, a per cent, each, in March, June, September and December.

Funded Debt

xst mort, 5 per cent., due Nov., 1939, May and Nov $400,000

ad mort., 6 per cent., due Feb., 1923, Feb. and Aug 500,000

Total $900,000

The ist mortgage is $500,000 authorized, $100,000 of the bonds being bdd in the t

treasury. Interest on the bonds is paid at the Manufacturers* National Bank, TP07, N. Y.

President, Edward Murphy, Jr., Troy, N. Y. Vice-President, William Kemp, Troy. Se retanr and Treasurer, C. E. Davenport, Troy.

Directors— A. Bleecker Banks, Albany, N. Y. A. E. Bonested, Troy. Anthony N. Bndy. Albany. Thomas Bresiin Waterford, N. Y. C. E. Davenport, Troy. F. E, Diaper, Trey. James W. Flemming, Troy. WUliam Kemp, Troy. Peter McCarthy, Ttoj. J. MolloT, Troy. Edward Murphy, Jr., Troy. Robert C. Pruyn, Albany.

Main office, Second and State streets, Troy, N. Y. Annual meeting, third Wedneaday m October.

TWm CITY RAPID TRMHSIT CO.

A corporation formed under the laws of New Jersey, June 3, 1891. It controls and all the street railway lines in or connecting the cities of Minneapolis, St. Paul and Minn. Road owned, 363.87 miles. The franchise is an exclusive one.

The preferred stock is 7 per cent., cumulative. It was created in 1894, and was 1

stockholders for subscription at par. In 1897, $500,000 was issued te pay off guarantee

In May, 190a, the stockholders were given the right to subscribe for $1,501,000 new com

stock at par; in June, 1905, $1,000,000 more new stock was offered to stockhoklers at par, and ia June, 1906, $3,100,000 additional was again offered at par, making the amount ovtstandiag $90,100,000.

Transfer Agent and Registrar, Farmers' Loan & Trust Co., New York. Dividends of 7 per cent, per annum are paid on the preferred stock, in quarterly payments of per cent, each, m January, April, July and October.

In August, x89p, the company began the payment of dividends on the common with 1 per cent. In 1900, paid 3 per cent, on the common stock; in 1901, 4 per cent, and in 1908 aad subsequently, 5 per cent., the dividends on the common being x per cent, quarterly in Febraaiy (15), May, August and November.

Funded Debt

Minneapolis Street Ry. xst mort., 7 per cent, due Nov., 1910, May and Nov $130000

ad mort., 6 per cent, due Nov., 19x3, May and Nov 600000

00ns. mort., 5 per cent., due Jan., 1919, Jan. and July 4,aaS.oao

St. Paul City Ry. ist cons.' mort., 6 per cent, due Oct., 1933-34, April and Oct. . . . 334,000

1st cons, mort., 6 per cent, due Oct., 1934, April and Oct 456000

cable cons, mort., 5 per cent., due Jan., 1937, Jan. f 15) and July (15) 3,7081.000

Minn. & St. P. Sub. Ry. xst mort., guar. 5 per cent, due Sept., 1904, March and biC. soo,aoc

Minn. & St P. City Ry. xst mort., 5 per cent, due Jan., 191 x, Jan. and July (ood

" joint mort., 5 per cent., due Oct., 1938, April and Oct 7.418000

Total $17,900/100

The company owns the capital stock of the three ojSerating companies. The St Paol Cky Railway cable mortgage is $5, 500,000. The Twin City Co. guarantees $ i , 138,000 of these bonds.

The new joint consolidated mortgage created in 1903 is for $10,000,000 and is an oblicatiaa of both the Minneapolis Street Railway Co. and the St. Paul City Railway Co. Trustee of the mortgage. Central Trust Co., New York, at which institution Interest is paid. There axe $x, 000,000 of the bonds reserved to retire the joint general mortgage bonds. The $3,500,000 of the consols issued in X903, were to reimburse the company's treasury for outlays on j extensions and improvements.

Earkinos

PcrCei Gn%%

X898 $3,170,7x6

'899 353at794

X903 3,6l3,3IO

X904 4,308,081

9o6 5.644.988

Per Ceot.

Charges and

Preferred

Op. Exp.

Taxes

Divideods

;t

teo,4oo

Sis

to5.5SO

a 10,000

Industrial Securities 773

The percentage of operating expenses includes amounts appropriated for renewal funds. In 1904, this item was $206,968 ; in 1905, $340,000 ; in 1906, $483,000, and in 1907, $506,000.

President, Thomas Lowry, Minneapolis. Vice-President and Managing Director, C. G. Goodrich, Minneapolis. Secretary and Comptroller, E. S. Pattee, Minneapolis. Treasurer, E. A. Crosby, Minneapolis. General Manager, W. J. Hield, Minneapolis. Auditor, D. J. Strouse, Minneapolis.

DiiectOTSFiank Bergen, Elisabeth, N. J. W. H. Goadby, New York. C. G. Goodrich, Minneapolis. Charles Havden, Boston. M. B. Koon, Minneapolis. Horace Lowry, Minneapolis. Thomas Lowry, Minneapolis. Clinton Morrison, Minneapolis. William A. Read, New York.

Corporate office, Elisabeth, N. J. Main office, Eleventh and Hennepin avenues, Minneapolis. Annual meeting, fourth Tuesday in January, at Elizabeth.

THE UKDEReROUKD ELECTRIC RAILWAYS CO. OF LOHDOH. LIMITED

A corporation formed under the laws of Great Britain, April 9, 190a. The odmpanv controls an extensive system of traction lines in London and its vicinity, consisting of both underground and surface roads. It holds a controlling interest in the common sto of the Metropolitan District Railway Co., the original London underground line, having begun the installation of electric power on the same in 190a. Through ownership of their stocks it controls the London United Tramways Co., has an extensive system of surface lines connecting with the Metropolitan District Railway system at Hammersmith, and the Baker Street & Waterloo Railway Co., the Great Northern, Piccadillv ft Brompton Railway Co. and the Charing Cross, Euston & Hampstead Railway Co. The three latter are deep, level underground or tube roads, and are all under coDStruction. The total length of all the lines leased and controlled, including both the completed portion and that under construction, is about 150 miles. The company in 1903-05 erected what was designed to be the largest power house in the world, at cost of about /'i,aoo,ooo.

A committee to readjust the company's finances was formed in January, 1908, under the auspices of Speyer & Co., New York, and Speyer Brothers, London. Stock Par ;f 10 Authorised, £'5,000,000 Issued, ;f 5,000,000

Up to January, 1907, there had been iMdd in on the authorised and subscribed stock 75 per cent., but on January 30 a call was issued for payment of the remaining 35 per cent., making the stock full paid.

Stock is transferred and registered by the Secretary of the company, London, Eng.

Funded Debt

Profit-sharing coupon notes, 5 per cent., due June, 1908, June and Dec ;7,ooo,ooo

Power House debentures, per cent., May and Nov 775i000

Total £%nsooo

The profit-sharing notes, ;7,ooo,ooo authorized, were issued in 1903 to provide capital for the construction of the new lines and the equipment of the District Railway with electric power and the completion of the power station. They are in denominations of £100 to ;i,ooo, or $500 to $5t00O each. The company has the right to redeem the notes in whole or part at par at any time either by drawing the same or purchasing notes in the market. The notes are secured by the deposit with the London & Westminster Bank, Limited, of London, under a deed of trust, of stocla of the constituent, companies, valued at over 10,000,000, including ;f 7, 750,000 of stocks of the three tube companies referred to above. It is provided that in the event of the sale of any of the latter stocks at over 95, one-half of the net profit of such sale shall be set aside for the boiefit of the notes outstanding at the time of such sale. Interest on the notes is free of the British income tax, and is payable either in sterling at London or in dollars at New York. Agenu for the payment of interest, the London and Westminster Bank, Limited, London, and Speyer & Co., New York.

In November, 1907, holders of profit-sharing notes were requested to deposit them with the Guaranty Trust Co., New York, under an agreement for the readjustment of the company's affain. In December, 1907, the coupons of profit-sharing notes were purchased by Speyer & Co., New York, and Speyer Bros., London.

On April 15, 1908, a Receiver was appointed, it being stated that this was a preliminary step to a reorganisation.

Chairman, Sir Edgar Speyer, London, Eng. Receiver, Deputy Chairman and Managing Director, Sir George Gibb, London. Secretary, William E. Mandelick, London.

Directors— Walter Abbott, London. James A. Blair, New York. T. Jefferson Coolidge, Jr., Boston. Frank Dawes, London. Lord Farrar, London. Sir George Gibb, London. Lord

George Hamilton, London. Sydney Holland, London. Lenor F. Loree, New York. Ralph B. Phillpotts, London. Sir Clifton Robinson, London. Charles James Cator Scott, I otwinn Henry Teixeira de Mattos, Amsterdam, Holland. Sir Edgar Speyer, London. James . New York. Charles Ainsworth Spofford, New York.

Main office, Hamilton House, Victoria Embankment, London, Eng. Annual meeting m October, at London.

THE UmOK BAG PAPEB CO.

A corporation formed under the laws of New Jersey, February 27, 1899. The company is a cooibination of corporations and firms engaged in the manufacture of paper bags and similar pcodiKta. The concerns included controlled about 75 per cent, of the entire output of such articles in the United States. The company's plants, including pulp mills, paper mills ano bag factories, are at Sandy HO. N. Y.; Hadley, N. Y.; Ballston Spa, N. Y.; Watertown, Mass., and iSiukanna, Wis. and CanaiftL

The company also owns water powers on the Hudson River at Sandy Hill, N. Y.; at Hadley Falls, and Ballston Spa, N. Y., and Gres Falls, P. Q. The united concerns also control n nniafaer of valuable patents for machinery and processes employed in the industry.

The company has a capacity of 35,000,000 bags a day, making its own paper. It alao has wood pulp plants and sulphite plants. The company since its organisation has improved the plants and increased their capacity. It owns large tracts of wood lands sufficient to last many years and directly tributary to its mills. In 1906, acquired the Gres Falls Co. of Qoebet and the mill property of the Allen Bro*s Co., at Sandy HHl, N. Y.

The preferred stock is 7 per cent., cumulative. Transfer Agent, Manhattan Trust Co., New York. Registrar. Colonial Trust Co.. New York.

The first dividend on the preferred stock was per cent, quarterly, paid July 1, 1899, and similar dividends were paid regularly on the preferrM in January (15), April, Julv and October. until October, 1906, when the quarterly rate was reduced to i per cent., which has since been the regular rate.

Funded Debt ist mort., 5 per cent., due July, 1930, Jan. and July $3, 1691,000

The ist mortgage, authorized in 1905, is for $5,000,000. Trustee, Trust Co. of Anaerica, New York. Interest is paid at the office of the company. New York.

Earnings— Year ending January 31

190001 (i I months, ending January 31) 13,570 770,000 4S570

I9oao3. 961,037 770,000 191,937

Net Charges Prf Div. Stoptei

The net for 1906-07 is given after deducting interest and sinking fund on bonds. Cbaigci for 1907-08 include $166, 1 18 for interest on bonds and other obligations, $903,041 for depredations, etc., and $88,175 for sinking fund requirements.

The company since its incorporation has expended over $6,000,000 for additional propeity and new construction. Surplus, January 31, 1908, $1,455,133*

Chairman, Lucius G. Fisher, Chicago. President, Edgar G. Barratt, New York, isi Vice-President. J. H. Derby, Sandy Hill, N. Y. 9d Vice-Pre&ent, J. A. Kimberly. New York. Secretary, W. L. Sparks, New York. Treasurer, E. S. Coleman, New York. Assistant Tnaiurer, A. Kinnear, New York.

Directors— Edgar G. Barratt, East Orange, N. J. Philip G. Bartlett. New York. C F. Cobum, Boston. Edwin S. Conway, Chicago. John H. Derby, Sandv Hill, N. Y. Isaac H. Dixon. Baltimore. Lucius G. Fisher, New York. Chauncey Keep, Chicago. Channoey Mar> shall. New York. Waldo E. Pratt. Boston. John S. Riegef, New York. George R. Sheldon. New York. Lucius V. Walkley, Plantsville, Conn. Mahlon B. Wallace, St. Lonit. David S Walton, East Orange, N. J.

Corporate office, 15 Exchange place, Jersey City. Main office, 17 Batteiy place. New Yoik. Annual meeting, second Tuesday in April, at Jersey City.

Industrial Sbcuritibs 775

union CARBIDE CO.

A corporation formed under the laws of Virginia in April, 1898. The business of the company is the manufacture and sale of caldum carbide for illuminating purposes. It has plants at Niagara Falls, N. Y., and Sault Ste. Marie, Mich.

Stock Par $100 Authorised, $14,000,000 Issued, $10,896,900

Stock is transferred at No. 2 Rector Street, New York. Registrar, Central Trust Co., New York. In 1907, the stock authorized was increased from $6,000,000 to $14,000,000, and a part used to retire the company's bonds, thus increasing the stock issued from $6,ocx>,ooo to $10,896,200.

Funded Debt ist mort., 6percent., due July, 1950, Jan. and July $3x8,000

The ist mortgage, Central Trust Co., New York, trustee, is for $3,000,000, and was created n 1900, to provide for extensions and improvements to the company's plant In 1907, the greater part of the bonds were exchanged for stock.

President, George O. Knapp, Chkago. Vice-President, W. P. Martin, Chicago. Vice- President and Treasurer, Arthur B. Proal, New York. Secretary, G. W. Mead, New York. Assistant Treasurer, £. J. £. Ward, Chicago. Assistant Secretary, H. F. Southard, New York.

Directors— C. K. G. Billings, New York. Anthony N. Brady, Albany, N. Y. E. N. Dickerson, New York. Charles F. Dieterich, New York. Walton Ferguson, New York. George O. Knapp, Chicago. Arthur B. Proal, New York.

Main office, 79 Wall Street, New York. Chicago office, 157 Michigan avenue. Annual meeting, first Tuesday in April, at Richmond, Va.

Uhioh Copper, Land A Himih6 Co.

A corporation formed under the laws of Michigan in 1863, the charter having been extended in 1893. The company under its charter is empowered to develop its lands and to operate as a mining company. Its property consists of over 6,000 acres in Keweenaw, Houghton, Ontonagon and Gogebic Counties, Mich.

These lands are all located on the Mineral Range, and extend, in aoo or more parcels, from Eagle Lake on the north to Lake Gogebic on the south, a distance of over xoo miles.

Stock Par $35 Authorised, $2,500,000 Issued, $3,000,000

Of the stock 30,000 shares are held in the company's treasury.

Stock is transferred at the office of the company, Boston. Registrar, Old Colony Trust Co., Boston.

A dividend of $3 per share was paid January 31, 1907. On February 10, 1908, 50 cents per share was paid.

President, H. F. Fay, Boston. SecreUry and Treasurer, George G. Endicott, Boston.

Directors— James Chynoweth, Calumet, Mich. S. R. Dow, Boston. George G. Endicott, Boston. H. F. Fay, Boston. W. L. Frost, Boston. John C. Watson, Boston.

Main office, 60 State street, Boston. Annual meeting, fourth Thursday in March, at Boston.

union ELECTRIC CO., DUBUOUE. IOWA

A corporation formed under the laws of Iowa, August 13, 1900. The company is a tonsoUdation of the Home Electric Co., Star Electric Co. and Dubuque Street Railway Co., the several companies embracing all the electric lighting and traction facilities of Dubuque, la. It has 17 miles of lines.

The preferred stock is 5 per cent., cumulative.

Funded Debt ist mort., 5 per cent, due May, 1934, May and Nov $650,000

The xst mortgage is for $980,000.' The unissued balance can be sold only under re* strictions. Trustee of the mortgage and agent for the payment of interest, Illinois Trust ft Savings Bank, Chicago.

In 1907, gross earnings, $394,922; net, $113,176; charges and taxes, $40,337; balance surplus, $71,839.

President, F. D. Stout, Chicago. Vice-President, D. D. Myers, Dubuque. Sccnurj and Treasurer, J. R. Lindsay, Chicago. General Manager, L. D. Mathes, Dubuque.

Directors— W. W. Bonson, Dubuque. W. J. Brown, Dubuque. J. Ellwanser, Dubaqae. George W. Kiesel, Dubuque. B. W. Lacy, Dubuque. J. R. Lindsay, Dubuque. D. D. . Dubuque. H. Parsons, New York. F. D. Stout, Chicago.

Main ofifice, Main street, Dubuque, la. Annual meeting, second Tuesday In '.

Ukiom Electric Light A Power Co. Of St. Louis.

A corporation formed under the laws of Missouri, Mav ao, 190a. The companj „,

ised in pursuance of a plan to combine the Citizens* Electric Lighting & Power Co., the Inperal Electric Light, Heat & Power Co. and their controlled properties, which included tbe Giy ' : Co., of St. Louis, and The Seckner Contracting Co., Ixyth of the latter being

by the Imperial Co. In 1903, the Missouri Edison Electric Co., was absorbed. A large inieR in the company is owned by The North American Co., and in 1905 it was announced that tike laat named company had errand to acquire the minority interest also. The plans of the coinbi&a> tion included the construction of a large modem electric light and power plant in St. Louis. In September, 1903, the Missouri Edison Co. was consoIidatMl with this company. It has a oatf tract to supply power to the St Louis Transit Co.

Stock Par $100 Authorized $18,000,000 Issued, $9.88;5.aaD

The authorised stock was increased from $10,000,000 to $i8,coOjOoo, in December, 1907.

Stock is transferred at the office of the company, St. Louis. Registrar,. MinssipfM Vaflet Trust Co.. St Louis.

Funded Debt

ist mort., 5 per cent., due Sept., 1933, March and Sept $6aQa.aoo

Missouri Edison Co., ist cons, mort., 5 per cent., due Feb. 1027, Feb. and Aug. .1, 198*000

Three year gold notes, 5 per cent., due Jan. (15), 1909, Jan. (15) and July (15) 3000,000

Missouri Elec. mort., 6 per cent

Imperial Elec., mort., 5 per cent 144000

Total Si3,i44/xio

The authorised amount of the ist mortgage is $10,000,000, sufficient of the issue beng reserved to retire the underlying bonds. Trustee of the mortgage, Mississippi Valley Triisi ., St. Louis.

The gold notes created in January, 1906, are for $4,ooo,ooa They can be redeemed at par and interest on any interest day after January 10, 1907, upon sixty days* notice. They aie secured by other pledges of stock of the company to an equal amount.

In January, 1908, a 5 per cent, refunding and extension mortgage for $50,000,000 was authorized.

Earnings Grott Net Charges SwiiiM

19P3 $1,430,508 $617,526 $306,000 $3iisa6

1903-04 (year ending August 31) 1,526,308 619,65a 379*384 aoatf

1907 MSS,46 i,54359 785.668 757.89D

President, W. N. Powelson, St. Louis, ist Vice-President, Julius S. Walsh, St. Ejoob. ad Vice-President, Charles W. Wetmore, New York. Secretary, Harold P. G. Coaics. St. Louis. Treasurer.

Directors — Harold P. G. Coates, St. Louis. Breckenridge Jones, St. Louis. George JL Sheldon, New York. Julius S. Walsh, St. Louis. Charles W. Wetmore, New Yoric wSiaa F. White, New York.

Main office, Tenth and St. Charles streets, St. Louis. New York Ofifice, 30 Broad stieK. Annual meeting, third Tuesday m January, at St. Louis.

Uhioh Ferry Co.

The company holds franchises for and operates five ferry lines between New York wad Brooklyn. It owns real estate and dock property, as well as ferryboats. In 1905, the ooapMf made a new arrangement with the City of New York for the ferry franchises on the basis of a psr cent of the gross receipt.

Industrial Securitibs 777

Stock Par $ioo Authorized, $3,000,000 Issued, $3,000,000

Stock is transferred at the office of the company, Brooklyn, N. Y. Registrar, Hanover National Bank, New Yoric

The company up to 1898, inclusive, paid 4 per cent, per annum on its stock ; in 1899 paid per cent., and in igoo the rate was reduced to a per cent. Dividends were paid quarterly, % per cent, each, in January (i), April, July and October. The April, 195, dividend was passed, but in October, 1905, per cent, was paid, and in January, 1906, H cent., which was the regular quarterly rate to January, 1908, mclusive. The April, 1908, dividend was passed.

Funded Debt ist mort., gold, due Nov., 1900, May and Nov $9,aoo,ooo

The mortgage covers all the property of the company, including real estate and ferryboats. The bonds are redeemable at xxo since 1805. Interest is paid at the Com Exchange Bank, New Yoric.

President, Julian D. Fairchild, New York. Secretary and Treasurer, George Hyatt, New York. General Manager, W. E. Gerard, New Yoric.

W. Baldwin. Charles M. Englis. William H. English. Julian D. Fairchild. George P. Hotaling. George Hyatt. Theodore F. Jackson. Martin Joost. F. Sherwood Male. William A. Nash. Charles A. 0*Donohue. Lowell M. Palmer. George W. Quintard. D. S. Ramsey. Thomas Reed.

Main office, foot of Fulton street, Brooklyn, N. Y. New York office, 13 William street. Annual meeting, first Tuesday in October.

UmOK GAS MKD ELECTRIC CO. OF CIKCIKKiTI

A corporation formed under the laws of Ohio, Mav a6, 1906. On September x, 1906, the company leased the property of the Cincinnati Gas ft Electric Co. for 99 years. See statement of the company for terms of lease. The company has acquired additional property, and is greatly enlarging and extending the plant. In May, X907, control of the Ohio Fuel Supply Co., Hamilton, O., was acquired in the interest of this company.

The preferred stock is 6 per cent, cumulative. Stock is transferred at the offices of the company, Cincinnati. Registrar, Central Trust & Safe Deposit Co., Cinannati.

President, Norman G. Kenan, Cincinnati. Vice-President, George W. Young, New York. Secretary and Assistant Treasurer, Theodore Clauss, Cincinnati. Treasurer and Assistant Scoretary, James G. Campbell, New York.

Directorfr—J. T. Carew, Cincinnati. Theodore Clauss, Cincinnati. H. L. Doherty, New York. Henry A. Everett, Cleveland. J. M. Gill, Steubenville. O. Oscar Gubelman, New York. Joseph Heard. Pittsburg. Reuben A. Holden, Cincinnati. Norman G. Kenan, Cincinnati A. B. Leach, New York. M. £. Moch, Cincinnati. Casper H. Rowe, Cincinnati. Olaf Ussing, Pittsburg. Archibald White, New York. Georee W. Young, New York.

Main office, Cincinnati. Annual meeting, first Monday in March, at Cincinnati.

union MMTUBAL 645 CORPORA TIOM

A corporation formed under the laws of Delaware, May 34, X902. The company acquired the stocks of a number of natural gas organisations, located principally in the Ohio field, and has since purchased control of others, the places at which It operates including Warren, Pa.; Bradford, Pa.; Findlay, O.; Lorain. O.; Newark, O., Mansneld, O., Upper Sandusky, O., and Athens, O. Its investments, December 30, 1907, aggregated $16,98 r,6ox book value, and included 337,4x1 acres held under lease, 489 gas wells and a half interest in 113 wells. It also had 83,602 customers. Stock Par $xoo Authorised, $9,000,000 Issued, $9,000,000

The stock was originally $6,000,000, but was increased to $8,000,000 in September, 1909, and to $0,000,000 in May, X903, the new stock in both cases being soki at par. Transfer Agent and Regmrar, Delaware Trust Co., Wilmington, Del.

Dividends of 8 per cent, per annum were paid, the quarterly dividend periods being January, ApriU July and October, but the January, 1907, dividend was per cent., placing the stock on a 10 per cent, basis.

Funded Debt

1st mort. and collateral trust, 6 per cent., due June, 1905-07, June and Dec $1500,000

New collateral trust mort., 6 per cent., due Sept, 1907-16, March and Sept i,a

Net

Dividends

i.74i,33j

4Sot

Total $3,700000

The ist and collateral trust 6 per cent, bonds mature $500,000 each on June x, 1905, 1906 aad X907. The new collateral tnist 6s created in 1904 are $3,000,000, authorized, and mature $300,- 000 each on September x, 1907 to 1916. Of the issue, $1,500,000 are reserved to retire the old 6s. Trustee, Colonial Trust Co., Pittsburg:. The controlled companies have an funded debt of $911,000.

Earnings

Gross

'904 2,A*9.>89

'907 3,221,587

President, Theodore N. Bamsdall, Pittsburg. Vice-President and General Manager, £. P. Whitoomb, Pittsburg:. Secretary and Treasurer, W. R. Hadley, Pittsbur;g:. AaasUti tary and Assistant Treasurer, Georg:e R. Brink, Pittsburg:.

Directors—Theodore N. Bamsdall, Pittsburg:. A. B. Baxter, Pittsburg:. G. T. Pittsburr. P. W. Lupher, Pittsburg. H. McSweeney, Pittsburg:. William L. Messimer, Ptesburg. W. W. Splane, Oil City. H. J. Spuhler, Pittsburg. E. P. Whitcomb, Pittdwrg.

Main office. Farmers* Bank Building, Pittsburg. Annual meeting, second Tuesday in Aprfl, at Pittsburg.

union RAILWAY CO. OF MEW YORK

(Controlled by Third Avenue Railroad Co.)

A consolidation, July 2, 1892, of the Harlem Bridge, Morrisania & Fordbam Railway Ca, the North Third Avenue & Fleetwood Park and Melrose & West Monrisania Railroad Ox\. Leases Westchester Electric Railroad Co. In x8. purchased the Yonkers Railroad, 10 miks. The Tarrytown, White Plains & Mamaroneck Railway is also controlled. The company Ins 83 miles of track. '

Stock Par $100 Authorind, $2,000,000 Issued, $s,ooo.oae

Stock is transferred at the office of the company. New York. Registrar, Central Co New York.

Funded Debt

ist mort., 5 per cent., due Aug., 1942, Feb. and Aug $2,000,000

Westchester Electric R. R. guar, ist mort., 5 per cent., due July, 1943, Jan. and July. 500,000 Southern Boulevard Railroad xst mort., 5 per cent., due July, 19, Jan. and July. . . a5c>.aoo

Yonkers Railroad ist mort., 5 per cent., due April, 1946, April and Oct. 1,0001,000

Tarrytown, W. Plains & Mamaroneck ist mort. , 5 p.c. ,due March, 1928, March and Sept. 300,000

Total $4,0901,000

The Westchester Electric Railroad was a consolidation of the Mount Vernon and EaaCdiesur Railway Co. and the New Rochelle Railway & Transit Co. The Southern Boulevard per cent. bonds were guaranteed bv this company in 1895. The Yonkers Railroad ist mortgage is guaiaateed by this company and the Third Avenue Railroad Co.

Earnings Year ending June 30

Gross Net Chaxges SorplM

1903-04 i,a93495 3".839 9576a9 5,aie

Receiver, Frederick W. Whitridge, New York. President and General Manager. Edward A. Maher, New York. Secretary and Treasurer, Reune Martin, New York. Superintcndem, James Carrigan, New York.

Main office, 204 East 128th street, New York. Annual meeting, second Monday in Jannaiy, at New York.

Industrial Sbcuritibs 779

Ukiok Storage Co.

A corporation formed under the laws of Pennsylvania, December 3, 1880. The business of the company includes United States bonded storage, both customs and internal revenue, and genoal and cold storage. It owns and operates eleven large wardiouses in the city of Pittsburg. The company also has ice-maldng plants, with a capacity of 100 tons per day. Stock Par $50 Authorized, $750,000 Issued, $699,900

Stock is transferred at the office of the company, Pittsburg.

Dividends of 4 per cent, per annum are paid on the stock semi-annually in January and July.

In 190a, the gross eammgs were $154,394 ; net, $28,382 ; in 1903, gross, $179,941 ; net, $42,674 ; in 1904, gross, $i57iai4 ; net, $40,026 ; in 1905, gross. $178,217 ; net, ; in 1906, gross, $175,982; net, $35,018 ; in 1907, gross, $171,151 ; net, $27,173.

President, John L. Porter, Pittsburg, ist Vice-President, Samuel Bailey, Jr., Pittsburg. 2d Vice-President, W. G. McCandless, Pittsburg. Secretary and Treasurer, Charles L. Criss, Pittsburg.

Directors— Samuel Bailey, Jr., Pittsburg. Charles L. Criss, Pittsburg. John B. Herron, Pittsbunp. William M. Kennedv, Pittsbuij:. George M. McCandless, Pittsburg. W. G. McCancUess, Pittsburg. George Ef. Pamter, Pittsburg. John L. Porter, Pittsburg. James If. Schoonmaker, Pittsburg.

Main office. Second and Liberty avenues, Pittsburg. Annual meeting, third Wednesday in January, at Pittsburg.

The Ukiok Switch A Sigkal Co.

A corporation formed under the laws of Pennsylvania in 1882. The company has large works at bwissvale, near Pittsburg, Pa., and manufactures interlocking and signal appliances for railroads. In 1898 the company purchased the entire capital stock ($375*ooo) of the National Switch & Signal Co., which had large works at Easton, Pa.

The preferred stock is entitled to 6 per cent, dividends and per cent, additional for every i per cent, paid on the common, until both classes of stock receive X2 per cent., above Which they share equally.

In June, 193, the common stock, par $50, was increased from $x, 000,000 authorised to $2,000,000, and $500,000 of the new stock was offered to the stockholders for subscription at $70 per share, payable, $30 July 10, $20 August 15, and $20 September 15, 1903. Stockholders of record January 15, 1906, had the privilege of subscribing tor $250,000 new stock at $75 per share, to the extent of of their original holdings. Stoduiolders, on March 2, 1907, again had the privilege of subscribing for $250,000 new stock at $80 per share.

Transfer Agent, Union Trust Co. , Pittsburg. Registrar, Fidelity Title ft Trust Co. , Pittsburg.

The company paid 6 per cent, per annum on its preferred stock, but in April, 1900, the quarterly rate was increased to 9 per cent., or 8 per cent, per annum, and the preferred dividends were paid at that rate quarterhr, in January (10), April, July and October, until April, 1903, when the rate was increased to ayi per cent., or 10 per cent, per annum. The January, 1907, dividend was, however, 3 per cent., placing the preferred on a 12 per cent, basis. The first dividend on the common was i per cent, in April, 1900, and quarterly dividends at that rate were regularly paid on the common in January (10), April, July and October, until April, 1003, when the quarterly rate was increased to 2 per cent., or 8 per cent, per annum. The dividend paid on January 10, 1907, was again increased to 3 per cent., making the annual rate on the common 12 per cent, which has been the regular rate smce then.

Funded Debt New gold bonds, 5 per cent., due 1904-14, Jan. and July $152,000

In December, 1898, the new 5 per cent, bond issue was authorized for $500,000, with which to purchase the stock of the National Switch & Signal Co. and to provide for improvements and additions to the company's plant Beginning July i, 1904, $50,000 of the bonds mature each year. The new works, which were completra in 1902, cost $500,000.

Earnings

Gross Net Charges Dividends Surplus

1906 5,057,1" 1,055.33a ao9,474 845*858

In 1906, net earnings are given after deducting charges.

The company's total surplus account, December 31, 1907, was $2,755,885.

78o THE MANUAL OP STATISTICS

President, Georie Westmsrhouse, Pittsburg:, zst Vke-President and General IfaiMCcr. E. G. Prout, Swiasvale, Pa. ad Vice-President, J. G. Schreuder, Swivale. Geueui| aarf Treasurer, James Johnson, Swissvale.

Directors— John B. Jackson, Pittsburg:. William McConway, Pittsburi;. Robert Pfeftcsim. Pittsburg. H. G. Prout, Pittsburg. Thomas Rodd, Pittsburg. George C. Smith, Pinbsag. Geoige westinghouse, Pittsburg.

Main office, Swissvale, Pa. Pittsburg office, aoo Ninth street. New York ofilce LAertj ami Washington streets. Chicago office. Dearborn, Jackson and Van Buren streets. Aimaal ssarting, second Tuesday in March, at Pittsburg.

Umioji Tractiok Co.

(Leased to Philadelphia Rapid Transit Co.)

A coipoFation formed under the laws of Pennsylvania, September 6, 1895. The ( is a consolidation of the Philadelphia Traction, Electric Traction and People's Traction Co and in 1898 acquired and leased the Hestonville, Mantua & Fairmount system, which gave'it c trol of the street railways of Philadelphia. Road operated, 514 miles of track.

In March, 190a, a proposition was submitted to lease the properties of this company to tkt Philadelphia Rapid Transit Co. for 999 yean, the lessee to guarantee $1. per share orjpcr oent. per annum on the stock for the mst two years, 4 per cent, for the third and fooith years,

5 per cent, for the fifth and years, and 6 per cent, for the remainder of the leasee The proposition was ratified, and lease began July i, 1903. The stockholders of this company ahc had the right to subscribe for 150,000 shares of the Rapid Transit Co.'s stock. It was also proposed to construct elevated roads on certain main streets in Philadelphia.

The Philadelphia Traction Co. was formed in 1883. It leased the Philadelphia City 1 enger Railway, Philadelphia & Gray's Ferry, Union Passenger Railway, West Philadelphia I enger Railway, Ridge Avenue Passenger Railway, Thirteenth & Fifteenth Streets, Philac'

6 Daiiiy. Schuylkill River and the Continental Passenger Railway; and owned by a stock the Empu-e, Seventeenth & Nineteenth Streets and some small connecting lines, oomprisiBg a system of about aio miles.

The Peoe's Traction formed in 1893, leased the Germantown Passenger Railway,

"vray Companies, and th & Coata Streeu Railwayr It owned or controlled the People's Passenger Railway (CallowWi

including the Fourth & Eighth Streets and Girard Avenue Railvray Companies, and the

street line), the Philadelphia, Cheltenham' & jenkintown Passenger Railway, and other I Total mileage, 117 miles.

The Electric Traction Co., formed in 1893, leased the Citisens* Passenger Railww, Fiaak> ford & Southwark, including Lombard and South, and Second & Third Streets riiaintii Railways, and owned controlling interest in the Lehigh Avenue Passenger Railway and ia the Omnibus Co. GeneraL Total mileage, lag miles.

Stock Par$50 Authoriied, $30,000,000. . .. Issoed, $30,000000

There had been paid in on the stock to January i, 1908, $17.50 share. Stock is trinsfiiieH at the office of the company, Philadelphia. Registrar, Land, Titie & Trust Co., PhilartHphia,

The dividends on the stock under the lease are paid half-yearly, in January (i) and Jalr. The dividends were 3 per cent., or 1 per cent, semi-annually in 1903 and 1904, 4 per oeat. or s per cent, semi-annually in 1905. In January and July, 1906, each, a per cent, was paid. Tkt January, 1907, dividend was per cent, as were both those of July, 1907, and January, 19D&

Stocks of Constituent and Leased Companies (Par of All Stocks, $501 With annual rentals

Philadelphia Traction Co. stock, guar. 8 per cent., $4 per share, April and Oct $so,ooo,eo

Continental Pass. Railway stock, rental $6 per share, 12 per cent 1,0001,000

Philadelphia & Darby Pass. Railway stock, renUl $a per share, 4 per cent soovooo

Philadelphia City Pass. Railway stock, rental $7.50 per share, 25 per cent 1,000000

Philadelphia & Grays Ferry stock, rental $4 per share, 8 per cent 1,000,000

Rklge Avenue stock, rental $12 per share, 24 per cent. . .

Thhrteenthft Fifteenth Streets stock, rental, $2 per share, 4peroent 1,001x000

Union Pass. Railway stock, rental $9.50 per share, 19 per cent i.5n0

West Philadelphia Pass. Railway stock, rental $10 per share, so per cent. 790uao>

Germantown Pass. Railway, $5.25 per share, 10 percent tJpopm

Greene & Coates Streets stock, rental $6 per share, la per cent 500000

Citisens* Pass. Railway stock, rental $14 per share, 28 per cent

Frankford & Southwark stock, renal $x8 per share, 3b per cent i,l

Second & Third StreeU Pass. Railway stock, $12 per share, 24 per cent 1/

INDUSTRIAL SBCURITIBS "fii

Stocks op Contingent and Leased CoitPAm¥CoH/tuned

HestOQTille, Mtua & Fairmount preferred stock, 6 per cent $53390O

common stock, 4 per cent 1,900,100

Fairmount Park & Haddington stock, 6 per cent 300,000

Total stocks of leased lines. $J5,4S5aoo

— Philadelphia Traction owned 705 shares, Philadelphia A Daily. 6,046 shares Union Passenffer and

7*S5Q shares West Philadelphia Passenger Railways. The Union Traction Co. owns 4*780 shares preferred *od 35,894 shares of common stock of the Hcstonvilk, Mantua A Fairmount.

Funded Debt Union Trac. Co. coL trast cer. , 4 per cent. , redeemable after Oct. , 1945, April and Oct . . . $99, 70, 1 14

ii ii mort., 4 per cent., due July, 1959, Jan. and July 1,448,000

Phila. Traction Co. col. trust loan, 4 per cent., due Aug., 1917, Feb. 15 and Aug. 15... 511,000

Peoples Traction Co. trust ., 4 per cent., due Feb., 1943, Feb. and Aug 5,807,000

Catharine & Bainbridge Streets xst mort., 5 per cent., due April, xoao, Apnl and Oct. . 150,000

Continental Pass. Railway ist mort., 6 per cent., due July, 1909, Jan. and July 380,000

Empire Pass. Railway ist mort., 33 per cent., due July, i9,y>, Jan. and July aoo,ooo

Philadelphia & Railway ist mort., 4 per cent., due May, 1997, May and Nov. . . 100,000

Philadelphia City Pass. Railway ist mort., 5 per cent., due Jan., 1910, Jan. and July. 900,000

" " debentures, 5 percent., due March, 1995, March and Sept.. 100,000

17th and 19th Sts. Pass. Ry. ist mort. ext., 5 per cent., due July, 1919, Jan. and July. 100,000

15th and 15th Sts. Pass. Railway mort., 5 per cent., due Jan., 1934, Jan. and July.. . . 400,000

" " mort., per cent., due Jan., 1934, Jan. and July. . 100,000

West Philaddphia Pass. Railway ist mort. , 6 per cent. , due April, 1906, April and Oct.. 946,000

" 9d mort., 5 per cent., due May, x, May and Nov.. 750,000

Union Pass. Railway ist mort., 5 per cent., due April, 19x1, April and Oct 500,000

" 9d mort., 5 per cent., due April, 19x0, April and Oct. 950,000

Lombaid & South Sts. Pass. Ry. xst mort , per cent. , due Dec. ,1951, June and Dec. . 150,000

West End Pass. Railway ist mort., eztd. per cent, due Oct., 1935, April and Oct. 139,100

People's Pass. Railway xst mort., due Jan., 135, Jan. (15) and July 9x9,000

9d mort., 5 per cent., due July, X9xx, Jan. and July 985,000

" cons, mort., 5 per cent, due March, xoi9, March and Sept.. . . 946,000

HestonviUe, Mantua & Fairmount cons. mort. . 5 per cent. , due May, 1994, May and Nov. . i ,050,500

" cons. mort,3> per cent., due May, 1994, May and Nov. 199.500

Total $43,154,914

The Union Traction Co. purchased the stock of the People's Traction Co., $10,000,000, par $50, paid in $30, and of the Electric Traction Co., $50 par, full paid, $7,619,000, allotment stock, $30 per share, paid in, $1,131,000, total $8,750,000. It also leased the Philadelphia Traction Co. for 099 years at a net rental of 8 per cent, or $4 per share per annum, payable in gokl, halfjearWr, free of taxes.

The purchased stock of the People's and Electric Traction Compani was paid for in 4 per cent, collateral trust certificates, not redeemable before October i, 1945, secured by deposit of purchased stocks with Pennsylvania Company for Insurances on Lives, etc., trustee. The trust certificates are iuamnteed, pnncipal and interest, by the Union Traction Co., and are in denominations of Sioo and $1,000. The price paid was $76 in said certificates for each share ($30 paid in) of People's Traction stock, $85 per share for each full paid share of Electric Traction, and $76 per share for the shares of the latter company, on which $30 per share had been paid m.

July x, x8q6, the People's Traction and Electric Traction were leased to this company for all charges, including interest on the 4 per cent, stock trust certificates.

StockhoMers of the Philaddphia Electric and People's Traction Companies had the privilege:e of subscribing for the stock of Union Traction Co. to the extent of 77 per cent, of the numbor of

The People's Passener Railway stock trust certificates were issued when ptacticaUr all the stock of that company was purchased by the People's Traction Co., $75 per share, payable $5 in cash and $70 in trust certificates, bein civen for the $9,950,000 of People's Passenger Railway stock. The trust certificates are secured by the deposit with the Pennsylvania Company for Insurance on Lives and Granting Annuities, trustee, of 14 9-7 shares of the People's Passenger Railway shares for each $1,000 issued.

Earnings are included in those of the lessee, the Philadelphia Rapid Transit Co.

President, John B. Parsons, Philadelphia, xst Vice-President, George D. Widener, Philadelphia, ad Vice-President, Charles O. Kruger, Philadelphia. SecreUry and Treasurer, Robert B. Sel fridge, Philadelphia. Assistant Secretary and AssisUnt Treasurer, John B. Peddle, Philadelphia.

Directors— Robert A. Balfour, Philadelphia. George H. Earle, Jr., Philadelphia. George W. £skins, Philadelphia. James H. Gay, Philadelphia. Charles E. Heed, Phibdelphia. Charles

The Manual Op Statistics

A. McMauus, Philadelphia. John B. Pairons, PhiladelphU. W. H. Shelmardiiie, Philaddpfak. Jeremiah J. Sullivan, Philadelphia. George D. Widener, Philadelphia. Joseph E. Widens. Philadelphia. Peter A. B. Widener, Phitadelphia.

Main office, 810 Dauphin street, Philadelphia. Annual meeting, third Wednesday September, at Philadelphia.

Ukioh Typewriter Co.

A corporation formed under the laws of New Jeisej, March 99, 1893. It owbs At majority of the stock of several companies manufacturing and selling typewriter miihiMS induding the Remington, Smith- Premier, Yost, New Century and Denismore typewritefS aii Seamans & Benedict.

ist pref., 4,000,000 V Issued ist pref., 4,000,000 v $19,015,0* ad pref., 6,000,000 ) ( ad pref., 5,0x5,000 )

The ist preferred stock is 7 per cent., cumulative ; the ad preferred 8 per oeot., Of the ad preferred an amount of $a,ooo,ooo remains in the company's treasury.

In 1904, the 3d preferred stock was increased $1,000,000, the additional stock being sabscribed at par by all the stockholders on the basis of one new share for each 18 shares held.

Stock IS transferred at a8o Broadway, New York. Registrar, New York Trust 0>.

The dividends paid have been as follows : On the ist preferred, in 1893, per cent., ia 1894, and each year since, 7 per cent.; on the ad preferred, in 1895, 6 per cent., in 1896 6 per cent., in 1897, 8 per cent., in 1898, 8 per cent., in 1899, 8 percent., m i9cx>, 8 per cent, and 8 per cent, extra, the latter being on account of past due dividends, which were thus rediioedtoS per cent. In 1901, 16 per cent, was paid on the ad preferred, which completed the overdue dividends. The preferred dividends are half-yearly, April and October. The &rst dividend on the common stock was 3 per cent., paid April i, 1903, and similar dividends have since beat paid luJf yearly in April and October, the common stock being thus placed on a 6 per oenL dividend basis, which has since been maintained.

No reports of the company's earnings are published.

President, Clarence W. Seamans, New York. Secretary, George K. Gilluly, New York. Treasurer, Phineas C. Lounsbury, New York.

Directors— Frank i.. Babbott. Roger S. Baldvrin. Lucius S. Biglow. J. W. Earle. A. A Forest. James M. Gifford. George K. Gilluly. Barton Hepburn. Phineas C Loandmiy. J. S. McMaster. Edwin Packard. William H. Porter. Clarence W. Seamans. Charles Searie. John W. Suggett.

Corporate office, 15 Exchange place, Jersey City. Annual meeting, third WedneKiay ia March. -

Umited Bark Rote Corpora Tior

A corporation formed under the laws of New York, February ao, 1906, to acqntte da American liank Note Co. and other properties. Under the plan for the acquisition of dK American Bank Note Co., the latter's stockholders received one share of preferred stock and one share of common stock of the new corporation for each share of American Bank Note Co. stock deposited. Any portion of the new stock not taken under this offer might be diouad of at noi less than par for the acquisition of stock or property of the American Bank Note Co., and for ao other purpose. In addition there was offered to depositing stockholders, at the rate off $75 per share, one share of preferred accompanied by one share of common stock to pnmde woriiBC capital and investment fund, $400,000. This provides for an issue of $4,000,000 prefeiieJ and $4,000,000 common stock, leaving for other purposes $1,000,000 for each class of stock.

The American Bank Note Co. was a New York corporation, originally chartered in 1858 and reorganized in 1879. Its stock consisted of 73,000 shares which had no par value, tboucli it mm customary to consider them as being the equivalent of $50 each. In recent yean the old oonpaar paid dividends of $3 per share per annum on its stock, the payments being 50 cents per dare ck in March and September and $1 per share each in June and December.

The property of the American Bank Note Co. consists of a large plant at New Yoric lor tin engravingand printing of bank notes, bonds, stock certificates, etc It also has branch riwiMlili ments inPhiladelpha, Boston and Ottawa, Canada. It was stated in the plan for the fcraatiM of the new company that one of its principal objects was to provide aaditianal capital for tht enlargement of the plants and also to extend the operations of tne company in the United Scans and other countries. In 1907, a large building was erected by the American Bank Note Co., at Broad and Beaver streets, New York.

Industrial Securities 783

The preferred stock is 6 per cent., cumulative. Stock is transferred at the office of the company, New York. Registrar, Bankers Trust Co., New York.

The 6rst dividend on the preferred stock of the United Bank Note Corporatum was per cent., Quarterly paid July, 1906, and similar dividends have since been paid, the dividend periods being January (i) April, July and October. On the common stock, quarterly dividends of I per cent, are paid m February (15), May, August and November.

There was to be issued under the above plan, $3,600,000 each of the preferred and common stocks in exchange for the shares of the old company and under the offer of subscription at $75 cash for a preferred and common share, $400,000 of each class, leaving $500,000 of each to be hekl for the acquisition of additional property and $500,000 reserved to be sold at not less than par.

Funded Debt— Subsidiary Company American Bank Note Co. gold deb., per cent., due April, 1952, April and Oct $853,000

President, Edmund C. Converse, New York. Vice-President, Warren L. Green, New York. Treasurer, C. L. Lee, New York. Secretary, George H. Danforth, New York.

Directors— Edmund C. Converse, New York. William Nelson Cromwell, New York. J. R. DeLamar, New York. Wann L. Green, New York. J. B. Ford, New York. Millard Hunsiker, England, Francis L. Hine, New York. J. M. Little, Boston. W. Nesbitt, Toronto C. A. Moore, New York. F. L. Potts, Philadelphia. F. S. Smithers, New York. A. V. Stout, New York.

Main office, Broad and Beaver streets, New York. Annual meeting, second Tuesday in March at New York.

Uk/Ted Box Board A Paper Co.

A corporation formed under the laws of New Jersey, May 98, 190a. The company owns 90 per cent, of the stock of the American Straw Board Co. and owns in fee 17 other plants. The company owns all the stock of the Benton & Fairfield Railway Co. and has a controlling interest in National New Board Co., a New Jersey corporation owning certain patents which cover the manufacture of new board.

The preferred stock is 7 per cent., cumulative. Stock is transferred at the office of the company, Chicago. Registrar, Western Trust & Savings Bank, Chicago.

The company paid an initial quarterly dividend of per cent, on the preferred stock December 15, 1903. The March, 1903, dividend was, however, passed, and no dividends have since been paid.

Funded Debt

General mort., 6 per cent., due Jan., 1926, Jan. and Nov $i,6oa,ooo

Collateral trust debentures, 6 per cent., due 1906 1,302,400

Total $3,904,400

The general mortgage is for $2,750,000 and was created in 1905, to retire underlying bonds. The bonds are redeemable at the rate of $50,000 per annum, bqgning January 1, 1907. Trustee of the mortgage. Trust Co. of America, New York. The 6 per cent, collateral trust debentures are $1,750,000 authorized and are secured by the deposit of 43,980 shares of the stock of the American Straw Board Co. A sinking fund of $50,000 per annum for the debentures bens October i, 1908.

Earnings

GroM Charges Net

President, Sydney Mitchell, New York. Vice-President, Charles C. Adsit, Chicago. Vice- President and Treasurer, Hyatt Coz, New York. Secretary, W. C. Staley, New York.

Directors— Charles C. Adsit. Luther W. Bodman. Hyatt Cox. Lasard Kahn. W. H. Kemp. George J. Marott. Sydney Mitchell. Joseph E. Otis. A. Albert Sack. W. C. Staley. James Todd. L. A. Wiley.

Main office, Old Colony Building, Chicago. Annual meeting, third Thursday in February at Jersey Citj.

Ukited Breweries Co.

A coTDoration fonned under the laws of New Jersey in August, 1898, for the pofpoM d acquiring the property of a number of breweries in and around Chicago and conducting a gcaen; brewing business.

The output of these combined plants is about 475,000 barrels annually. The company hai greatly improved the plants since acquisition.

Transfer Agent, Irving L. Bennett, 62 Broadway, New York. Registrar, New York Tna Co., New York.

Funded Debt

ist mort., 6 per cent, gokl bonds, due August, 1908, Feb. and Aug $1954000

The mortgage contains a sinking fund clause requiring that after August i, 1908, $.\SdOoo mA year shall be placed with the New York Trust Co., New York, the tnistee, to poichaae haak at 105, and after 1908, whenever more than $50,000 accumulates in the iniring fund and bondi are not offered, the trustee may call bonds by lot at 105.

Chairman, Iskior Baumgartl, Chicago. President and Treasurer, Henir C. Bannard, Chioca. Vice-President, Rudolph E. F. Flinsch, New York. Vice-President, W. O. Tegtmeyer, CSiicica Secretary, Ernst Hummel, Chicago.

Directors— Henry C. Bannard, Chicago. Isidor Baumgartl, Chicago. Rodoll Brand. Chicago. Rudolph E. F. Flinsch, New York. Ernst Hummel, Chicago. North McLaa. New York. Harnr Rubens, Chicago. Charles Stein, Chicago. W. O. Tegtmeyer, Chicaga

Main office, 104 Dearborn street, Chicago. Annual meeting, second Tuesday in Octalxr, m Jersey City.

UKITED CIGAR KiKUFACTURERS CO.

A corporation formed under the laws of New York, April 98, 1906. The company annLiiM the United Cigar Manufactures. The old company was a conlidation in 190* of Kate, Wertheim & Schiffer, Hirschhom, Mack & Co. and Straiton & Storm Co. The present compaay also owns all the stock of Lichenstein Brothers Co., New York, with a controlling interest fa tke George L. Storm Co.. New York. The' company is one of the largest manufacturer of ili cigars in the United States, the yearly output being about 400,000,000 dgars.

I pref., 5,000,000 S prei., 5,000,000

The preferred stock is 7 per cent, cumulative with a preference as to assets. No mortgac* can be created without the assent of three-fourths of the preferred stock. Prior to any dhrideai payments on the common stock, $100,000 yearly and as much more as is available after paying 6 per cent, on the common is to be added to the surplus until it reaches $1, 000000. The preferred has no voting power unless two quarterly dividends are in defaulL Stock is transfensi at the office of the company. New York. Registrar, Columbia Trust Co., New York. Of tht common stock, $7,650,000 is held in a voting trust until June i, 191 1. the Central Trust Ca. New York, being the voting trustee.

The first dividend on the preferred stock was per cent, quarterly, pakl 1906. Similar dividends have since been paid in March (i), June, September and T

Gross 907 $3,371,603

In 1907, the net earnings include $101,400 for miscellaneous profits, rents, etc The ambined earnings of the oki companies previous to the formation of the present company we given in the Manual for 1907.

The total surplus account December 31, 1907, was $1,371,357.

President, Jacob Wertheim. New York, ist Vice-President, Charles Hinchhom, New Yoffc. 3d Vice-President, Fred Hirschhom, New York. Secretary, Maurice Wertheim, New Yoii- Treasurer, Edward A. Kerbs. New York. AssisUnt Treasurer, Marc H. Mack, New York.

Directors—D. G. Boissevain, New York. Henry Goldman, New York. Edmund L. Htm, New York. A. Barton Hepburn. New York. Charles Hirschhom, New York. Fred Hirsbofa New York. Edward A. Kerbs, New York. Philip Lehman, New York. Marc H. Mack. York. M. Samuel Stem, New York. Jacob Wertheim, New York.

Main office, 1016 Second avenue. New York. Annual meeting, first Thursday in Fcbnair. at New York.

Earnings

Net

Interest

Pref. Div.

Industrial Sbcuritibs

Ukited Copper Co.

A corporation formed under the laws of New Jersey, April aS, 1909. The company acquired leroy all the stock of the following companies :

Montana Ore Purchasing Co. Minnie Healey Mining Co.

Mipper Consolidated Copper Co. Belmont Mining Co.

— a-Rodc IsUnd Mining Co.

In February, 1906, those copper properties of the company at and near Butte, Mont., which ere in litigation, including the Minnie Healey, Michael Davitt, Guardian, Nipper, Rams and 3tlier mines, and its interests in the Tramway and Snohomish mines and in the Montana Ore Purchasing Co., were sold and transferred to Thomas F. Cole and associates. The new owners organised a company under the title of the Butte Coalition Mining Co. to hold the control said properties. The United Copper Co. retained, however, its mterest in the Lexington rroup of mines and has other mining properties. See sUtement of the Butte Coalition Mining Co.

In January, 1907, a proposition was submitted to the preferred stockholders by Arthur P. Heinse, to exchange each $100 share of the preferred for $135 par value of common stock. In March, 1907, it was stated that above $4,000,000 of the preferred nad accepted this offer.

The preferred stock is 6 per cent., cumulative. Transfer Agents, 1. S. Buckingham, New York; American Trust Co., Boston; Hudson Trust Co., Hoboken, N. J.; Union Trust Co., PHtsbuig. Registrars, Metropolitan Trust Co., New York ; Old Colony Trust Co., Boston; Fidelity Title & Trust Co., Pittsburg.

The pajrment of dividends on the preferred stock was begun with 3 per cent. November i, 190a, and semi-annual dividends of that amount were regularly paki in May and November to Maj, 1907, inclusive. The November, 1907, dividend was passed.

On July 31, 1905, % per cent, and per cent, extra was paid on |he common stock, and on January 31, 1906, 1% per cent, and per cent, extra was paid and similar quarterly payments were made in April and October, 1906. In January, 1907, paid iMjper cent, and per cent, extra ; in April, 1907, per cent.; in August, 1907, per cent. The November, 1907, dividend

however, passed. The report tor the year ending June z, 1905, showed total receipts, $1,573,853 ; ei . taxes, $16,788; preferred dividends, $300,000; balance surplus, $1,357,064. In 1905-06, net,

$9,695,087; dividends (6 per cent, on preferred and per cent, on common), $3,335,000; balance surplus, $370,(87. In 1906-07, income, $6,565,593; expenses and taxes, $90,585; preferred dividends (6 per cent.), $300,000; oonmion dividends (7 per cent.), $3,150,000 ; balance surplus,

President, F. Augustus Heinse. Vice-Presklent, Arthur P. Heinse. Secretary and Treasurer, Stanley Gifford.

Directors— H. G. Abel. George Baflin. Stanley Gifford. Chester Glass. Arthur P. Heinse. F. Auciistus Heinse. John Macuinniss. Sanford Robinson.

Corporate office, Hoboken, N. J. Main office, 43 Broadway, New York. Annual meeting, first Wednesday in June.

Ukited Electric Lioht A Power Co.

A corporation formed under the laws of New York in 1887. The company acquired the United States Illuminating Co. and the Brush Electric Illuminating Co. Its system is operated under the Brush and Westinghouse patents. Control is held by the Consolidated Gas Ca, New York.

The preferred 'stock is 6 per cent., cumulative. Stock is transferred at the office of the company, New York. Registrar, Unkm Trust Co., New York.

Funded Debt ist mort., 5 per cent., due 1934, Jan. and July $4,838,000

President, Walter R. Addicks. Secretary, Frank W. Smith. Assistant Secretary, Lawrence A. Coleman, Treasurer, Benjamin Whiteley.

Main office, 11 70 Broadway, New York. Annual meeting, first Friday in February, at New York.

Ukiteo Electric Libht Co.

A corporation formed under the lars of Massachusetts in 1887 to supply dectric lite ixt power in the dty of Spring:fieki, Mass. The company owns and operates a steaun power pint and a water power plant and leases an additional water power plant. Stock Par $100 Authorised, $iooo,ooo laned, $1,000,001

In 1906, the stock was increased from $800,000 to $1,000,000. In 1907, authority was appf* to fiuther increase the stock by $750,000 to provide (ox improvements and to liquidate flostof debt. An increase of $350,000 in the stock has been authorised, the same to be issued in M, 1908. Stock is transferred and registered at the office of the company, Springfield, Mass.

Dividends of 8 per cent, per annum are paid quarterly in January, April, July andOaibec

Funded Debt Sinking fund debentures, 5 per cent., due 1917, Jan. and July $soao>

Trustee of the mortgage and agent for the payment of interest, Springfield Safe Depotft Trust Co., Springfield, Mass.

For the year ending June jo, 1905, the company reported gross, $43,069 ; net, $i3i.977' dividends, $64,000 ; surplus, $S7977- In 1905-06. gross. $380,839 ; net, $180,371 5 diridendi $80,000; surplus, $100,371. In X906M07, gross, $447,667; net, $189,135; dtvidoids, $to,ODc: surplus, $109,135.

President, Robert W. Day, Springfield, Mass. Secretary and Treasurer, William A. Lincob, Springfield. Manager, Walter L. Mulligan, Springfield.

Directors— Henry J. Beebe, Springfield. Robert W. Day, Springfield. George B. Holbitxi. Springfield. Alfred Leeds, Springfield. William A. Lincoln, SpringfiekL Walter L. Mal&ci*. Springfiekl. Charles A. Nichols, Springfield. A. B. Wallace, Springfield.

Corporate and main office, 135 State street, Springfield, Mass. Annual meeting in Jolf , Sprugfield.

Ukited Electric Securities Co.

A corporation formed under the lars of Maine, May so, 1890. The company devotes iadl particularly to the purchase of mortgage bonds of corporations operating dectric licbtiBt power and railway plants, and to issuing against them its 0¥m collateral trust, 5 per octu 30-year, gold, sinking fund bonds.

Transfer Agents, for the preferred stock, American Trust Co., Boston. Registrar, Old Colonv Trust Co., Boston.

The preferred stock is 7 per cent., cumulative. Diridends of 3K per cent, are paid haVyearly on the preferred. May (i) and November.

Funded Dert Collateral trust 5 per cent, bonds, Feb. and Aug

The total amount of the twenty~six series of collateral 5 per cent, bonds issued by the c was $16,000,000. Of these $11,599,000 had, up to February i, xooS, been redeemed and caooW from the proceeds of sales of the underlving securities, the deeds of trust to the Amefkaa Co., Boston, trustee, providing spedfically for the applkation of such proceeds of saki of securities to that purpose.

Agent for the payment of interest on the company's collateral trust bonds, American Co., Boston.

President, Gordon Abbott, Boston. Treasurer, Ernest L. Carr, Boston.

Directors— Gordon Abbott. Walter Abbott. Samuel Carr. Winthrop Cofliii. Dexter. Francis R. Hart. C. N. Mason. George Von L. Meyer. Robert Treat Paine, Francis Peabody, Jr. N. W. Rice.

Main office, Ames Building, Boston. Annual meeting, last Thursday in Mardi, at Poctlaad,

Umited Factories, Ukited

A corporation formed under the laws of Ontario in 1901. The purpose of the compssy the manufacture of brushes, brooms, woodenware and kindred articles. The company and operates the following planu: Boeckh*s factories, Toronto; Bryan's factories, Loodoa, Os*- Cane's factories, Newmarket. Ont.

Stock.. .. Par $ico.

Industrial Sbcuritibs 77

,. Authorized xst pref., 500,000 Issued ist pref., 453,000 V $1,352,000

The ist preference stock is 7 per cent., cumulative, and is entitled to annual dividends of that rate, payable quarterly, on March (z), June, September and December. After such dividends on the ist preference stock are paid, not less than 10 per cent, or more than 90 per cent, of the remaining profits shall be carried to a reserve account to ensure the dividends in question until the reserve amounts to ao per cent, of the ist preference stock outstanding:, at which sum it must be maintained, and if drawn upon must be restored in the same manner.

The ad preference stock is 5 per cent., non-cumulative, ranking after the ist preference and the reserve requirements of the latter. After 5 per cent, has been paid on the ad preference stock, the three classes of stock share equally in any further profits for the fiscal year.

The ist preference stock is entitled to be paid in full from assets in case of a dissolution, the ad preference standing: next for payment in full before anything shall be paid on the common.

Transfer Agent and Registrar, Union Trust Co., Toronto.

President, Emil C. Boeckh, Toronto. Vice-President, Henry S. Cane, Newmarket, Ont. Secretary and Treasurer, A. W. Wills, Toronto.

Directors— Charles Boeckh, Toronto. Emil C. Boeckh, Toronto. Thomas Bryan, London, Ont. Eugene Cane, Newmarket. Henry S. Cane, Newmarket. Archibald Hutchinson, Toronto. S. W. McKeown, Toronto. W. B. Tindall, Toronto.

Main office, 80 York street, Toronto. Montreal office, i Debresoles street. Annual meeting, fourth Wednesday in August, at Toronto.

Umited Fruit Co.

A corporation formed under the laws of New Jersey, March 30, 1899. The company's business is the production, transportation and distribution of tropical fruit from the West Indies and Central America to the United States. It acquired either the whole or a controlling interest in the Boston Fruit Co. and associate fruit companies, also the Tropical Trading & Transportation Co., Limited, together with a line of steamers in sendee between South and Central America and the West Indies and American ports. The company controls the Fruit Dispatch Co., which is its distributing agent. In 1907, acquired the $3,500,000 common stock of tne Nipe Bay Co. The fleet of steamers owned or diartered aggregate about eighty. The combined yearly importations of the concerns acquired aggregate 35,000,000 bunches of bananas, and other fruits in proportion. The lands owned in Costa Rica, Cuba, Honduras, Jamaica, San Domingo, Repubhc of Panama and Colombia aggregate 396,69a acres, of which 135,543 acres are improved. It also leases 36,370 acres, of whidi 13,056 acres are improved. The company has plantations in Jamaica, Cuba and other West India Islands, and Central and South America. The Northern Railway of Costa Rica is controlled, and in January, 1905, leased the CosU Rica Railway Co. The company owns 315.14 miles of railways in the countries named above, with 49 locomotives and 1,366 cars. It has a large sugar property in Cuba and erected a sugar inill thereon. Stock Par $100 Authorized, $30,000,000 Issued, $19,370,000

In 1004, the stock was increased bv the issue of $1,148,000 in exchange for convertible debentures and by the sale at par to the stockholders of $3,058,500. In April, 1905, $1,503,000 of stock was sold' at 104.

Transfer Agents, Old Colony Trust Co., Boston; Manhattan Trust Co., New York. Registrars, Central Trust Co., New York ; City Trust Co., Boston.

The company commenced the payment of dividends October 15, 1899, by paying M per cent., and paid regular dividends at the same rate, quarterly, in January (15), April, July and October, until July, 1901, when the quarterly rate was reduced to i% per cent. In October, 1903, and October, 1903, an extra dividend of i per cent, was paid. From the latter date the rate was 7 per cent, per annum, payable quarterly until April, 1907, when it was increased to 8 per cent.

Funded Debt

Serial debentures of 1907, 5 per cent., due June, 1909-18, June and December $1,600,000

Northern Ry. of Costa Rica ist mort., guar. 5 p. c, due Sept., 1915, March and Sept. 1,016,000

Total $a,6i6,ooo

The 5 per cent, debentures were $5,000,000, authorized, and were created in 1901. They were convertible into stock at par, at the holders* option, and the balance thereof matured and were paid off March i, 1908.

The Northern Railway of Costa Rica 5 per cent, bonds are guaranteed, and are redeemable U 105, and $584,000 of the issue have been taken into the sinking fund. Bionds are callable for the sinking fund at par.

The Manual Op Statistics

The serial debentures of 1907, were created in connection with the purchase of the Baf Co. They mature 10 per cent, yearly commencing June i, 1909

The Nipe Bay Co. has $3,ooo,cxx> preferred stock, $2,750,000 ist mortgage 6 per cent, ama due June, 1909, convertible into common stock up to Mardi i, 1900, and $1,600,000 6 per txM, debentures, due June, 1917, the latter issue having been delivered to the United Fnut Co. 'm consideration of its paying the Nipe Bay Co.*s floaung debt.

EARNINO8 Year ending September 30

Net Charges Dividends SivylM

i90i-oa $3,446,517 $360,699 $1,051,407 $i,i34n

'9P3-04 a,077i77S i37425 filS

I9Q4-OC 1,617,731 Credit 15,085 1,167,793 465.OM

1901-06 3i7ao*4oa " 66,131 1,335,745 aSSM*

♦ Thirteen months ending September 30.

The net for 1905-06 includes that of the subsidiary companies.

President, Andrew W. Preston, Boston. Vice-President, Minor C. Keith, New Yofk. Secretary, Bradley W. Palmer, Boston. Treasurer, Charles A. Hubbard, Boston* AsBSOat Treasurer, James F. Tiiden, Boston.

Directon— Lorenso D. Baker, Welifleet, Mass. John S. Baitlett, Lynn, Mass. RenoaU Foster, Manchester, Mass. Francis R. Hart, MUton, Mass. Charles A. Hubbard, Ncwtoa Centre, Mass. Minor C. Keith, New York. Hugh KeUy, New York. Kenneth K. McLaica. Jersev City. Bradley W. Palmer, Boston. Andrew W. Preston, Swampacott. ViOiaiB S Spaulding, Beverly, Mass. James J. Stonow, Boston. Henry O. Underwood, Belmont, Mia.

Main office, 131 State street, Boston. Annual meeting, second Wednesday in DeocBlMr, Jersey City.

UKirED eJIS A ELECTRIC CO.

A corporation organised under the laws of New Jerser, December 9, 1901. The pmpam the company is to acquire and operate gas and electric ught plants and dispose of the sMia The company succeeded the Union Gas & Electric Co., which was fonned under th Iftws of Ncv Jersey in 1899.

The present company controls twelve gas and electric properties, valued at $x3.Qse,J97* an annual output of 3,oo6,3ca,4oo cubic feet of gas and 46,331,866 kilowatts of elecuimi, the aggregate populations served being over 900,000.

In January, 1904, this company acquired an interest in the Hartford Gas Seooiitics Col, which controls the Hartford City Gas Light Co., Hartford, Conn.

In January, 1907, it was sUted that the Herkimer County (N. Y.) Light 9t Power Ca. At Glens Falls Gas 8t Electric Co. and the Unhed Gas, Electric Light, Heat ft Fuel Col of Sn" HiU (N. Y.), which this company controUed, had been disposed of to the Utica (N. Y.) Gm ElectrkCo.

In March, 1907, a proposition was submitted for the acquisition of a oooti the company's common stock, by the Susquehanna Railway Light St Power Co., also proposed should acquire the Lancaster Countv Railway & Light Co. The

Railway Light & Power Co. now operates the subsidiary companies of the United Ges i

Co., guaranteeing the interest upon the latter's bonds and dividends of 5 percent, per annum os its preferred, tmd per cent, on its common stock.

The preferred stock is 5 per cent, cumulative, and also has a preference as to asMts la cm of dissolution. The dividends on the preferred stock are semi-annual, in January (15) and Jo-

Transfer Agento, Corporation Trust Co. of New Jeney, Jersey City ; Bcrtroa, SUns A Griscom, 40 Wall street. New York.

The first dividend on the common stock was 2 per cent, pak) July 15, 1906, and the wtme rate has since been regularly paid in January and July.

FuffDBD Debt lat moft., ooUateral trust, 5 per cent., due Jan., 1903, Jan. and July

Industrial. Sbcuritibs 789

PufrDED Debt-— Constitubut Compaitibs

Altoona Gas Co., zst mort., 5 per cent., due Aug., 193a, Feb. and Aug $750,000

Cbicopee Gas Light Co., xit mort., 5 per cent., due March, 191 7, March and Sept 60,000

Citizens' Gas and Fuel Co. , Terre Haute, ist mort. , 5 p. c , due Oct. , igaa, April and Oct. 500,000 Colorado Spring Light and Power Co., i stmort, 5 p. c, due Oct., 19x9, April and Oct. 300,000

Colorado Springs Electric Co., mort... 1,000,000

Dedham & Hyde Park Gas & Elec. Co. , xst mort. , 5 p. c. , due April, 1918, April and Oct. 60,000

Elmira Water, Light & Raihroad, ist mort., 5 per cent., due 1949, Jan. and July 1,661,000

xst con. mort., 5 per cent z,aa9,ooo

Hartford City Gas Light Co., xst mort., 4 per cent., due X935 600,000

Ieavenworth Light & Heat Co.. xst mort., 5 per cent., due Jan., 1909, Jan. and July. . X5o,ooo

xst mort., 6 per cent., due Jan., X9a3, Jan.'and July . . 100,000

Lockport Gas 8c Electric Co ist mort., k per cent., due Feb., 1930, Feb. and Aug. 980,000

Pike's Peak Hvdro Electric Co., bonds, due July, 1993 690,000

Richmond (Ind.) Light, Heat & Power Co. , ist mort. , 5 p.c., due Jan. , 19x4, Jan. and July joo,ooo

The xst mortgage is $3,000,000, authorised. Trustee and agent for payment of interest. New York Trust S). , New York.

In the year 1Q03 the earnings were: gross, $1,907,434; net, $917,591; interest, $50,700; pxerred dividends, $45,495 ; surplus, $191,336. The operating expenses included taxes and ixxterest on the bonds ot the constituent companies. In 1904, surplus, $978,696; in 1905, $399ia87 ; and in 1906, $433,696.

President, George Bullock, New York. Vice-President, Richard S. Storrs, New York. Secretary and Treasurer, A. S. Cooke, New York.

Directors— Edward Bailey, Hairisburg, Pa. S. Reading Bertron, New York. George BuUock, New York. Marshall J. Dodge, New York. Murray W. Dodge, New York. Rodman E:. Griscom, Philadelphia. Samuel F. Houston, Philadelphia. E. G. Stoddard, New Haven, Conn. Richard S. Storrs, New York.

Corporate office, 15 Exchange place, Jersey City. Main office. 40 Wall street, New York. Annual meeting, third Tuesday in December, at JCTBey City.

THE UKITED SAS tMPROIf£ME/IT CO.

A corporation formed under the laws of Pennsylvania, June x, x889. Reorganised, May 8, x888, under an old special charter, with power to construct and maintain ormanage any work, and furnish all necessary material, labor and implements of any kind, and to hold and own securities in any form, either as collateral or otherwise, and to dispose of the same. The charter is perpetual and was originally issued to the Union Contract Co. The company makes a business of building, purchasing, leasing and operating gas works and electric plants. The following is a lit of the companies in which this corporation is interested :

Allentown Gas Co., The, Allentown, Pa. New Gas Light Co., Jamesville, Wis.

Burlington Gas Light Co., Burlington, la. Northern Liberties Gas Co., Philadelphia, Pa.

Chester County Gas Co., West Chester, Pa, Omaha Gas Co., Omaha, Neb.

Concord Light & Power Co., Concord, N. H. Pensacola Gas Co., Pensacola, Fla.

Connecticut Railway & Lighting Co., New Peoples'Gas Light Co., Manchester, N.H. ,

Haven, Conn. Philadelphia Gas Works, Philadelphia, Pa.

Consumers' Gas Co., The, Reading, Pa. Public Service Corporation of New Jersey, Dauphin County Gas Ca, Steelton, Pa. Newark, N. J.

Des Moines Gas Co., Des Moines, la. St. Albans Gas Light Co., St. Albans, Vt.

Eauitable Illuminating Gas Light Co., of St. Augustine Gas & Electric Light Co., St.

Philadelphia, Philadelphia, Pa. Augustine, Fla.

Fulton County Gas & Electric Co., Glovers- Savannah Gas Co., Savannah, Ga.

ville, N. Y. Sioux City Gas & Electric Co., Sioux City, la.

Georgia Railway & Electric Co., Atlanu, Ga. Sioux Falls Gas Light Co., Sioux Falls, S. D.

Harrbburg Gas Co., Harrisburg, Pa. South Bend & Mishawaka Gas Co.. South Kansas City, Missouri, Gas Co., Kansas City, Bend. Ind.

Mo. Syracuse Light & Power Co., Syracuse, N. Y.

Merion & Radnor Gas & Electric Co., Ard- Vicksburg Gas Co., Vicksburg, Miss.

more. Pa. Waterbury Gas Light Co., Waterbury, Conn.

Minneapolis Gas Light Co., Minneapolis, Minn. Wyandotte Gas Co., Kansas City, Kan.

Statements of several of these companies will be found under their own titles hi this edition of the Manual.

In 1906 the company sold its controlling interest in the Rhode Island Securities Co. to the New York, New Haven & Hartford Railroad Co., which transferred the same to the Providence Securities Co, statement of the latter.

In January, 1907. the company leased the Connecticut Railway & Litin Co., vkk i controlled, to the Consolidated Railway Co. of New Haven, Conn. See statement of Uk latter company, which is controlled by the New York, New Haven & Hartford Railroad C& Stock. .Par $50 Authorized, $45,906,350 Isued,

In January, 1896, an extra dividend was paid of 15 per cent, in scrip convertible into stock op is March a, 1896, after which it was redeemable only in cash. In Maioi, 1898, stock was inaew from $11,500,000 to $15,000,000, and the increase allotted to stoddiolders for subscription at par. In 1900, the stock was increased to $33,500,000, the new issue of $7,500,000, or 50 per cent., beiag offered to stockholders for subscription at par. In Januanr, 190a, the stock was tncreaisBd to $aB.- 350,000. In May, 1003, the stock was again increased to $36,735,000, the new Issue bein|: aOoilBi at par to the stockholders. In May, 1906, the stock was increased from $j6t7a&ooo to $45,906,350, the stockholders subscribing at par for new stock to the extent of 35 per cent, of their holdings.

Stock is transferred at the office of the company, Philadelphia. Registrar, FIdeltty Ttot Co., Philadelphia.

Dividends of 8 per cent, per annum are paid quarterly, 3 per cent, each, January (15), April, July and October.

Earnings

, Net Dividends

looa 3.473,643 3,018.338 1,455.405

190S 5,070, 165 3,93ooo 3, 131,165

President, Thomas Dolan, Philadelphia. Vice-President and General Manager, Samuel T. Bodine, Philadelphia. 3d Vice-President and General Counsel, Randal Morgan, PhflarMphii. 3d Vice-President, Walton Clark, Philadelphia. 4th Vice-President and Treasorer, Lewis LiBe. Philadelphia. Secretary W. F. Douthirt, Philadelphia.

Directors— Samuel T. Bodine, Philadelphia. Rudulph Ellis, Philadelphia. CleBMBt A Griscom, Philadelphia. Randal Morgan, Philadelphia. George Philler, Philaddphia. Saond R. Shipley, Philadelphia.

Main office, Broad and Arch streets, Philadelphia. Annual maedng, first Mooday in Msf , at Philadelphia.

U/I/Ted Power A Tramsportatioii Co.

(Controlled by Interstate Railways Co.)

A corporation formed under the laws of New Jersey, April 3o, 1899. The company isaodMV' ised to acquire, construct and operate street railways and electric light amd power plants. It has a controlling interest in the following companies :

Citisens' Electric Light & Power Co., Delaware United Traction Co., Reading. Pia.

County, Pa. Wilkes-Barre & Wyoming Valley Tiactioi Delaware County & Philadelphia Electric Rail- Co. , Wilkea-Barre.

way. Wilmington & Great Valley Turnpike Co.

Philadelphia & Chester Railway. Wilmington & Philadelia Turnpike Ca

Southwestern Street Railway. Wilmington & Chester Tractkm.

Edison Electric Illuminating Co. , Lebanon, Pa. Wilmington (Del.) City Electric Col

Lebanon Valley Street Railway Co. Media, Glen Riddle & Rockdale Electfk Ry.

Holmesburg, Tacony & Frankford Electric Reading & Southwestern Railway.

Railway Co. Reading Power Co.

Rozborough,Chestnut Hill & Norristown Rail- Schuylkill Valley Traction Co.

way Co. Philadelphia, Bristol & Trenton Street - Trenton Street Railway. way Co.

Trenton Traction Co. Wilmington & Christiana Turnpike Cr

The length of lines owned by the constituent companies is about 470 miles. Stock Par $35 Authorised, $13,500,000 Issued, $3,5501

Stock is transferred at the office of the company, Philadelphia. The stock Is full paid, thf last instalment of $5 per share having been paid in October i, 1901. Out of a total of 143. shares, 143,688 were acquired by the Interstate Railways Co. in exchange for its ooUateral M bonds. See statement of that company.

The first dividend on the stock was 50 cents per share, paid in January, looa la , 1900, paid 50 cents ; January, 1901, $1 ; July, 1901, $1 ; January so, 1903, $1 ; July 13, i90i

INDUSTRIAl. SBOURITIBS 79i

$1 ; January ao, 1903, $x ; January 16, 1904, $a.66; January z6, 1905, $3.10; January 90, 1906, $3.10 ; January 30, 1908, $3.31.

Funded Debt United Railways |>:old tr. ., xst series, 4 per cent., due July, 1945, Jan. and July. . $7,989,339 adseries, 4 per cent., due July, 1949, Jan. and July 990,950

Total $8,988,989

Funded Debt— Constituent Companies .

Adamstown & Mohnsville £. Ry. ist mort., 5 per cent, due 1935, Jan. and July $75ooo

Birdsboro Street Ry. ist mort., due 1934, Jan. and July 350,000

Boyertown ft Pottstown Ry. xst mort., 5 per cent., due Aug., 1936, Feb. and Aug 373,000

Chester & Media El. Ry. xst mort., 5 per cent., due July, X9X3, Jan. and July 100,000

Chester, Darby & Philadelphia, xst mort., 5 per cent., due July, 1913, Jan. and July. 135,000

Chester Traction Co. xst mort., 5 per cent., due May, 19x4, May and Nov 350,000

Ciaxens' Pass. Ry. ist mort., 5 per cent., due Feb., 1905, Feb. and Aug. 80.000

Eieiware Co. & Phila. Elect. Ry. xst mort., 6 per cent., due July, X013, Jan. and July... 64,000

Dast Reading Electric Ry. ist mort., 5 per cent., due July, 1937, Jan. and July 35,000

Front & 5th Streets Ry. Reading xst mort., 5 per cent., due July 1933, Jan. and July. . 50,000

Holinesbui,Tacony & F. Elec. Ry. xst mort., 5 per cent., due May, 1935, May and Nov.. 400,000

Lebanon Valley Street Ry. ist mort., 5 per cent., due 1939, Jan. and July 500,000

Norristown Pass. Ry. ist mort., 6 per cent., due 1933, Jan. and July

Olev Valley Ry. xst mort., per cent., due July, 1931, Jan. and July 350,000

Philadelphia, Bristol & Trenton xst mort., 5 per cent, due Sept., 1933, Mar. and Sept 650,000

Phila. & Chester Ry. xst mort. 5 per cent., due Nov., 1930, May and Nov 350,000

Pittstown Street Car Co. xst mort., 6 per cent., due 1918, June and Dec 300,000

Plymouth Bridge Co. xst mort., 5 per cent., due Oct., 1934, April and Oct i34iOoo

Reading & Temple xst mort., 5 per cent., due 1934, April and Oct 73i700

Reading & Womelsdorf El. Ry. xst mort., 5 per cent, due Jan., 1935, Jan. and July... 400,000

Reading City Pass. Ry. ist mort., 5 per cent, due April, 1909, April and Oct x 15,000

Reading Traction xst mort., 6 per cent, due Jan., 1933, Jan. and July 445iOOO

Roxborough.C. H. & Norrist'n Ry. xst mort., 5percent, due June, 1936, June and Dec. 371,000

Schuylkill Valley Traction xst mort., 5 per cent, due Nov., 1945, Feb. and Aug. 345iOoo

" income mort., 5 per cent, due Aug., 1940, annual 100,000

Southwestern Street Ry. ist mort, 5 per cent., due 1939, AprO and Oct 360,000

" " ist mort., 4 per cent, due 1999, April and Oct 140,000

Trappe & Limerick E. Ry. xst. mort., per cent., due 1931, Jan. and July 350,000

Trenton, Hamilton & Ewing Traction xst mort., 5 p. c, due Nov., 1958, May & Nov. . 350,000

Trenton Pass. Ry. xst mort, 6 per cent., due 1906-1931, April and C3ct 1,000,000

Trenton, Pennington & Hopewell, xst mort., 5 p. c, due June, 1943, June and Dec. . 350,000

Trenton Street Ry. cons, mort., 5 per cent., due July, 1938, Jan. and July 1,018,000

United Tract Co., Reading, ist col. mort., 5 per cent, due Jan., 1936, Jan. and July. . 149,900

Union Ry. Co., Chester, xst mort., 5 per cent., due Jan., 1913, Jan. and July 300,000

WiUces-Barreft Wyoming Val. T. xst mort., 5 percent, due April, 1931, April and Oct.. 1,500,000

col. tr. and mort., 5 per cent., due Jan., 1935, Jan. and July. 395,000

" col. tr. and mort., 5 per cent, due 1933, June and Dec. . . . 350,000

Dallas & Harvey's Lake Ry. xst m. , 5 p. c. , due Sept , 1935, March & Sept. 150,00c

Wilkes-Barre & Kingston Pass, ist mort., 5 per cent, due Aug., 19x8, Feb. and Aug.. 90,000

WUkes-Barre & Suburban St. Ry. ist mort., 4 per cent., due July, 191 8, Jan. and July. 40,000

Wilkes-Barre & West Side St. Ry. xst mort., 5 p. c, due Sept., 19x8, March and Sept. . 35,000

Wilmington & Chester Traction col. tr., 5 per cent, due April, 19x8, April and Oct.. 3,305,000

Wilmington City Ry. xst mort., 5 per cent., due Sept., 191 x, March and Sept 000,000

Wilmington ft Kdgemoor £. Ry . xst mort. , 5 p. c , due June, 1946, June and Dec 3tOoo

The United Railways trust certificates are secured by the deposit of stocks of the constituent companies. Trustee, New York Trust Co., New York. Trustee of the 3d series trust certificates. Real Estate Title Insurance & Trust Co., Philadelphia. Interest on both series is pakl at the office of the Real Estate Title Insurance & Trust Co., Philadelphia.

There are also outstanding certain small amounts of bonds of the constituent companies.

The company owns and holds in its treasury the following bonds : $xoo,ooo Schuylkill Valley Traction income mortgage ; $35,000 Philaadelphia & Chester Railway xst mortgage.

In the year 1903 the income from securities was $533,060 ; premium received on new stock, $187,500 ; total income for the year, $730,560 ; expenses and taxes, $5,396 ; charges, $359,513 ; dividends, $368,750 ; surplus, $86,901. In 1903, the total income was $747,033 ; interest on trust certificates, ; dividencb, $38,375 ; taxes, $4,93 ; surplus, $300. In 1905, gross, $809,7x9 ; net over charges, $445,; dividends, $433,680; surplus, $13,954. In 1906, gross, $834,031;

net over chams, $460,001 ; dividends, $460,000 ; surplus, $1. In 1907, grom, $8401,119

charm, $470,009 ; dividends, $475,8x9 ; surplus, $197.

Preddent, John A. Riep. Secretarv and Treasurer, Remi RemonL Directors— R. Nelson Bucklcgr. Philadelphia. D. B. Cummins Catherwood

John H. Catherwood, Philadeljia. John M. Frame, Reading, Pa. Richmopd L. . Reading, Pa. Preston Lea, WilminK:ton, Del. WiUiam R. ficllvain, Reefing. Pa. Jala A. RigF, Philadelphia. F. W. Roebling, Trenton, N. J. Charles W. WeUi, PbfladdpfeiL Philadelphia office. Third and Chestnut streets.

UK/TEO RAILROMDS OF SMK FRMKCIiCO

A corporation formed under the laws of California, March 4, raoo. The 001 organised to consolidate certain street railways of San Frandsoo. 'The following were included in the combination : Market Street Railway Co. San Ftandsco & San Matoo Raihrmj Col

Sutter Street Railway Co. Sutro Railroad Co.

This oompanv controls and operates an aggregate mileage of 248.73 miles. Prior to ttr earthquake in 1900, 54 miles of the lines were operated by cable, but these have been cfaaQgad ic electric trolley*

The stocks of the above companies were acquired by the United Railways iBnaiimiM Ca. a New Jersey corporation. See statement of that company.

The preferred stock is 4 per cent, cumulative, and has a {deference as to —at*. All tht stock is owned by the United Railways Investment Co.

Dividends on the preferred stock have been as follows : In 1900, per cent,; in 193, 1 pe cent.; in 1904, 9-5 per cent; in 1005, H cent in June and 2 per cent in December. Sias then no divfclends have been paid.

Funded Debt

General sinking fund ist mort, 4 per cent., due April, 1937, April and Oct $95,409000

Notes, 5 per cent, redeemable after 191X, due 1910 %

Total

Funded Debt— Constitueht Companies

Market Street Railway Co. coos, mort, 5 per cent, due Sept, 1904, March and Sept. $5,i4Xooo

Market Street Cable Railway Co. ist mort., 6 per cent, due Jan., 19x3 3,000000

Omnibus Cable Co. ist mort, due April, 1918, April and Oct a/aoo,ODP

Powell StreetRailway Co. ist mort., 6 per cent, due March, 1919, March and Sept.. 700,000

Ferries & Cliff House Railway Co. ist mort., 6 p. c, March, 1912, March and Sept.. 690000

Park & Cliff House Railway Co. ist mort, 6 per cent., due Jan., 1913, Jan. and July. 390000

Park & Ocean RaUroad Co. ist mort, 6 per cent., due Jan., ioia, Jan. and July. . . . 250,000

Sutter Street Railway Co. ist mort., 5 per cent, due May, 19W, May and Nov i,ooo,floe

The general mortgage is $15,275,000, of which $15,275,000 are leseiTed to retire prior liens Mi for improvements. Trustee, Union Trust Co., San Krandsco. The 5 per cent, notes are ovnod bv the United Railways Investment Co. The company holds in its treesuiy $1,500,000 of ike Market Street Railway consolidated in addition to the amount outstanding as given aboocL

This company has acquired all but $1,620 of the stock of the Sutro Raiuroad Co. and all Ai stock of the San Francisco & San Mateo Railway Co. It has also acquired $18,600597 ooi of $18,617,000 stock of the Market Street Railway Co. and all but $11,200 of the $20001000 ttodtsf the Sutter Street Railway Co.

Earnings

Graos Net |eo . Div.

19M $5,533*903 $2,288,680 $1,438,050 $89Bl

The earnings for 1906 were given in a different form from the preceding years.

President, Patrick Calhoun, New York. Vice-President and General Manager, Charles N. Black, San Frandsco. Secretary, George B. WiUcutt, San Frandaco, Treasmv, Geoigc E Starr, San Francisco.

INDUSTRIAL SBCtTRITIISS 793

Directors— Alexander Brown. Henry J. Bowdoin. Patrick Calhoun. James D. Gallery. C. F. Chapman. George W. Davis. Cjeorg:e H. Earle. T. L. Ford. Benjamin S. Guinness. Charles Holbrook. Isaias W. HeUman. A. Kains. J. Henry Mqrer. Thomwell Mullally. James H. Reed. Joseph S. Tobin.

Corporate and mam office, Rialto Building, San Francisco. Annual meeting, first Thursday after second Tuesday in March, at San Francisco.

UKITED RMILWMYS A ELECTRiC CO. OF BALTIMORE

A corporation formed in 1899 to consolidate all the street railways of Baltimore, Md. The company acquired the entire capital stock of the Baltimore City Passenger Railway Co. and of the Baltmiore Consolidated Railway Co. It also controls the Eialtimore, Sparrow's Point & Chesar peake Railway Co.

The United Electric Light St Power Co., comprising all the electric light and power planU of Baltimore, was also acquired by the interests which organized this company, ana in November, 1899, this company gave $3,000,000 of its common stock for $a,ooo,ooo of the stock of the United Electric Light & Power Co. , but these lighting interests were sold in January, 1903. Total mileage of railway lines, 396 miles.

The Maryland Electric Railways Co., is controlled in .the interest of this company.* That organization acquired the Baltimore & Annapolis Short Line (steam) Railroad, which is to be equipped with electric power. The United Railways & Electric Co. is to purchase the property of the Maryland Electric Railways Co. at the maturity of the latter's bonds for sufficient to retire the latter.

The preferred stock is 4 per cent., cumulative. Transfer Agents, for both common and preferred, Alexander Brown & Sons, Baltimore.

Dividends on the preferred stock were per cent, in June, 1899; per cent, in December, 1899, and 9 per cent, semi-annually since that time, payments being made in June and December. The June, 1904, dividend was, however, passed on account of the Baltimore fire. The dividends on the preferred, but not the interest on the income bonds, are subject to a deduction of 5i of I per cent, tor taxes.

In March, 1905, a majority of the stock was deposited in a voting trust for three years, from February 95, 1905. On its expiration in February, 1908, a new voting trust was formed to continue until May 35, 191 1. Voting trustees, Alexander Brown, H. Crawford Black and F. A. Farst, Baltimore.

Funded Debt

Baltimore City Pass. Railway ist mort., 5 per cent., due 1911, May and Nov $3,000,000

" " " .of debt, per cent., due Nov., 191 1, May and Nov. 500,000

Baltimore Traction ist mort., per cent., due Nov., 1939, May and Nov. 1,500,000

" N. Bait. Div. ist mort., 5 per cent., due June, 1943, June and Dec. 1,750,000

Car trusts, various 1,376,000

Central Railway ist mort., 6 per cent., due July, 1913, Jan. and July 14,000

cons, mort., 5 per cent. , due May, 1933, May and Nov 686,000

" extension mort., 5 per cent., due March, 1933, March and Sept 600,000

City & Suburban ist mort., 5 per cent., due June, 1993, June and Dec 3,000,000

Consolidated mort., 4 per cent., due 1949, March and Sept 36,450,000

Income funding bonds, 5 per cent., due June, 1936, June and Dec 3,340,000

Income mort., 4 per cent., cumulative, due March, 1949* Jui. and July x3i945ooo

Lake Roland Elev. Ry. ist. mort., 5 per cent, due ept., 1943, March and Sept 1,000,000

Baltimore, Catonsville& El Mills mort., 5 per cent, due July, 19x6, Jan. and July. . 500,000

Total $55,461,000

The income bond issue is $14,000,000, and is cumulative as regards interest. The bonds are payable at the company's option after March, 1949. Nearly all the preferred stock has been exchanged for income bonds. Interest on the income bonds is paid at the office of Alexander Brown & Sons, Baltimore.

The consolidated mortgage is for $38,000,000, of which $11,550,000 are reserved to retire the underlying securities of the City Passenger Railway, the Consolidated Railway and the Baltimore St Northern Railway. Trustee of the mortgage. Continental Trust Co., Baltimore. Interest on the bonds is paid at the office of Alexander Brown & Sons, Baltimore.

Earnings Passengers Chutes and

Carried Gross Net Taxes

The net for 1905 is given after deducting $939,762 for extraordinary expenses. In 1906. tk was a similar deduction of $980,000; in 1907, $1,028,899.

President, William A. House, Baltimore. Vice-President, Frank A. Furst, BaIubbr. General Manager, Thomas A. Cross, Baltimore. Secretary, William Early, Baltimofe. Tz urer, J. H. Wmdsor, Baltimore. Auditor, N. E. Stubbs, Baltimore.

Directors— H. Crawford Black, Baltimore. Alexander Brown, Baltimore. Frank Fare Baltimoie. B. Howell Griswold, Jr., Baltimore. William A. House, Baltimore. George C Jenkins, Baltimore. Seymour Manddbaum, Baltimore. Hennr A. Orrick, Bahimore. Johi i Ramseyr, Baltimore. Douglass H. Thomas, Baltimore. Franas E. Waters, Baltimore.

Main ofiSce, Continental Trust Building, Baltimore. Annual meeting, second in April.

Ukiteo Railways Co. Of St. Louis

A. corporation formed under the laws of Missouri, March 11, 1898. The company 1 the Central Traction Co. and in 1899 acquired control of the street railway organizations in Sl Louis, except the St. Louis & Suburban, and changed its name to the above style.

The companies acquired were the Llndell Railway Co., Missouri Railroad Co., Natsoaa Railway Co., Union Depot Railroad Co., People's Railway Co. and Southern Electric Rattw Co., with their auxiliaries. In October, 1906, control of the St. Louis Suburban Railway C&. was acquired. The total mileage is 456 miles.

In 1899, a lease of the property was made to another organization, the St. Louis Tramit Cc. but in 1904 the lease was canceled and the roads were returned to this company.

The company is controlled by the North American Co. through ownership of a major; c. its common stock.

The preferred stock is 5 per cent., cumulative. Stock is transferred at the office of the cobpany, St. Louis, and by the United States Mortgage & Trust Co., New York. Registrars, Sc Louis Union Trust Co., St. Louis ; United Sutes Trust Co., New York.

The St. Louis Transit Co. had $20,000,000 of authorized stock, of which $17,364,300 was outstanding. In the readjustment of the two companies, which y October, 19041 the stock was exchanged for $6,905,720 treasury common stock of the L*b Railways Co.; of the preferred $7,000,000 was placed m trust to be used for imfHOvemeata.

The absorption of the St. Louis & Suburban Railway Co. in 1906 was effeaed bv ar exchange of its $4,000,000 stock for preferred stock of this company share for share, k n provided, however, that no dividend should be paid on this preferred stock until January, 19A

On the preferred stock of the United Railways, under the lease, the Transit Co. guaiantai the payment of the 5 per cent, cumulative dividends. The dividends are quarterly, i per OBC each, in January (10), April, July and October. The first dividend was paid ApMil 10, tgor. and dividends of the same amount have since been paid regularly.

Funded Debt— United Railways Co.

United Railways gen. 1st mort., 4 per cent., due July, 1934, Jan. and July aiffgox

" col. notes, 5J< percent,, due July, 1909, Jan. and July i.soc.ooc

St. Louis Transit, improvement mort., 5 per cent., due Oct., 1924, April and Oct. . . . loooaooc

Lindell Railway 1st mort., 5 per cent., due Aug., 191 1, Feb. and Aug i,5ooioc

Compton H. U. D. & M. T. Co. 1st mort., 6 percent., due July, 1913, Jan. and Juty.. i,aooi,coc

Taylor Avenue Railroad 1st mort., 6 per cent., due July, 1913, Jan. and July 500,000

Cass Avenue & F. G. 1st mort., guar. 5 per cent., due July, 1912, Jan. and July 1,813.00c

St. Louis Railroad ist mort. cur., 5 per cent., due May, 1910, odl 1900, May and Nov.

Union Depot Railroad cons, mort., 6 per cent., due June, 1918, June and Dec 3,50Q,aoc

Southern Ry. Co. of St. Louis, cons. 1st mort., 6 per cent., due 1915, May and Nov.. 5oo,oac

Southern Electric Railroad mort., 5 per cent., due Aug., 191 6, April and Oct aoot.OK

Baden & St. Louis ist mort., 5 per cent., due July, 1913, Jan. and July 290000

St. Louis & Suburban 1st mort., 5 per cent., due Feb., 1921, Feb. and Aug 1,400000

gen. mort., guar. 5 per cent., due April, 1923, April and Oct. 4,500,000

St. Louis Cable & Wn. 1st mort., 6 per cent., due Nov., 1914, llay & Nov 600,000

St. Louis & Meramec River ist mort., 6 per cent., due May, 1916, May and Nov.. . . i/xx,aoD

Total $59,180300

Industrial Sbcuritibs 795

The general ist mortgage is for $43,000,000. Trustee, St. Louis Union Trust Co. Agents for the payment of interest, The North American Co., New York ; St. Louis Union Trust Co., St. Louis. Of the authorized amount $11,331,000 is reserved to retire prior liens.

In 1904, the St. Louis Transit Co. created its 5 per cent, improvement bonds, of -which $10,000,000 were issued. The bonds are guaranteed, principal and mterest, by the United Railways Co. of St. Louis.

rhe St. Louis & Suburban general mortgage bonds are guaranteed by the United Railways Co. The authorized amount of same is $7,500,000, of which $3,000,000, is reserved to retire prior liens. Trustee and agent for the payment of interest, Mississippi Valley Trust Co., St. Louis.

The collateral trust $}i per cent, notes were created in 1907 to retire the Citizens' Railroad x.ct 6s which matured July i, 1907. The notes are secured by $1,500,000 ist mortgage 4s and $500,000 preferred stock of the United Railway.

Earnings

Gross Net Charges Pref. Divs. Surplus

1901 $5,783.9" $3,091,513 $a,Qdo,933 Def. $525,630

I9P5 8,460.016 3,141,647 2,387,915 649,160 104,571

The aggregate number of passengers was, in 1901, 163,995,943 ; in 1903, 185,077,940 ; in 1903, 310,338,108: in 1904, 385,391,034 ; in 1965, 344,341,161, in 1, 364,121,310; in 1907, 313,945.149.

The net is given after deducting both expenses and allowances for depreciation. The latter item was in 1905, $431,753 ; in 1906, $455,681 and in 1907, $540,183.

President, John L Beggs, St. Louis. Vice-President and General Manager, Robert McCulloch, St. Louis. SecreUry and Treasurer, James Adkins, St. Louis. Auditor, Frank R. Henry, St. Louis. Assistant General Manager, Richard McCulloch, St. Louis.

Directors— John I. Beggs, Milwaukee. James Campbell, St. Louis. Murray Carleton, St. Louis. Charles H. Huttig, St. Louis. Robert McCulloch, St. Louis. W. V. N. Powelson, St. Louis. H. S. Priest, St. Louis. George R. Sheldon, New York. Christopher D. Smithers, New York. Festus J. Wade, St. Louis. Charles W. Wetmore, New York.

Main office. Park and Vandeventer Avenues, St. Louis. Annual meeting, fourth Tuesday in January, at St. Louis.

UK/TED RAILWAYS lll¥ESTKEKT CO.

A corporation formed under the laws of New Jersey, February 17, 1903, under the title of United Railways Investment Co. of San Francisco, the name being changed to the present style in September, 1906. The company acquired the stocks, common and preferred, of the United Railroads of San Francisco, except eleven shares of common necessary to qualify directors, and thus controls the railway system operated by the latter. See statement of that company.

In February, 1906, the company acautred $31,000,000 of the $30,000,000 common stock of the Philadelphia Co. of Pittsburg in exchange for $6,400,000 of this company's common stock and $13,000,000 of 5 per cent, collateral trust bonds. The stockholders of the Philadelphia Co. were invited to exchange 16-30 of their common stock, receiving for each $50 share $37.50 on the new bonds, and either $ao in stock or $19 in cash. In April, 1907, $3,300,000 additional was acquired by means of a further issue of the bonds in question.

The preferred stock is 5 per cent., cumulative, and is preferred also as to assets. It can be retired at any time after three years from date of issue at 110 and accrued dividends. Transfer Agent, Mercantile Trust Co., New York. Registrar, United States Mortgage & Trust Co., New York.

In February, 1006, the authorized common stock was increased from $10,000,000 to $35,000,000 to provide for the acquisition of a majority interest in the Philadelphia Co. and other corporate purposes.

The first dividend on the preferred stock was per cent., paid January 3, 1903, and similar dividends were paid in July, 1903, and January, 1904. In July, 1904, per cent, was paid, on January 3, 1905, 2 per cent., July i, 1905, 3 per cent., January 3, 1906, per cent., and in March 1906, a dividend of per cent, was declared payable May 1, 1906, completing the arrears of cumulative divklends on the preferred. In consequence of the Sai Frandaco earthquake this

dividend was paid in interest bearing: scrip instead of in cash, the payments being in April U July, 1906, and January, 1907, scrip dividends of per cent, were also paid, but the July. 1907 dividend was passed.

Funded Debt

Serial notes, 6 per cent. , due Feb., 1909 to Aug., 1917 $500jaoc

ist lien col. trust mort., 5 per cent., due May, 1936, May and Nov tSiyjax.

The serial notes were created in February, 1908 to retire floating debt. They mature varying amounts annually from loog to 1917, and are secured by the entire $5,000,000. isi pR> ferred stock of the United Railroad Co., of San Francisco.

The collateral trust bonds are $30,350,000 authorized. They are secured hf the depcni d the company's holding of Philadelphia Co. stock. Trustee and agent for parmoit of iatcRS. New York Trust Co., New York.

Earnings

Gross Income Net Charfes Dividends mni,!

President, Ernst Thalmann, New York. Vice-President, George W. Baccui, New Vort Secretary, W. J. Duane, New York. Treasurer, Benjamin S. Guinness, New York. Aaaatxi SecreUry and Assistant Treasurer, M. V. R. Weyant, New York.

Directors— Charles L. Atterbury, New York. George W. Bacon, New York. Piii Calhoun, New York. Benjamin S. Gumness, New York. C. Sidifey Shepard, New Kavca N. Y. Ernst Thalmann, New York. Fredrick B. Van Vorst, New York.

Corporate office, 15 Exchange place, Jeney City. New York oflice, 35 Broad atreet. Aona meeting, first Friday in May, at Jersey City.

Uh/Ted Shoe Kachikery Corporat/Om

A corporation formed under the laws of New Jersey, May 3, 1905, in pursuance of tke |rtc for a reorganization of the company of the same name. The latter was a combinatioa of aevox large concerns engaged in the manufacture of shoe machinery.

Auxiliary companies have been formed in Canada, Great Britain, France and GermanT, kao respectively as the United Shoe Machinery Co. of Canada, the British United Shoe Madiaar Co., the united Shoe Machinery Co. de France, and the Deutsche Veretnigte Schninaactoa Gesellschaf t. A branch office of the company is established in Australia.

The preferred stock is 6 per cent., cumulative. In the event of a dissolution it is entidcd le $')5 cash per share and all accrued dividends. Transfer Agent, American Tniat Cou, Basua. Registrar, City Trust Co., Boston.

The old company had outanding $10,730,850 of common and $9,937*000 of 6 per am. cumulative preferred stock. Under the plan of reorganisation the old prderred was esKkaagcd at par for new preferred, receiving also pr cent, cash, and the old common was exchaK for 150 per cent, in new common and 3 per cent. cash. All but a small percentage of the d: stock has been exchanged for the new under this arrangement.

In November, 1906, common stockholders were given the right to subscribe at par for $i,£afiaa new common with which to provide for improvements. In July, 1907, $4,464,500 aiMiiBi**' common stock was issued as a stock dividend of 35 per cent, on the common stock.

The old company began regular dividend payments with H per cent, on the preferred aad per cent, on the common, paid April 15, 1899. regular dividends at the rate of 6 cent, per annum on the preferred and 8 per cent, on the common; the dividends 00 both dmm of stock are paid Quarterly, January (5), April, July and October.

The first dividend on the new preferred was ij quarterly, October 15, 1905, and saiv dividends have since been paid quarterly in January (15), April, July and Octoter. Tht im dividend on the new common was 3 per cent, quarterly, paid October i, 1905, and asir quarterly dividends at 8 per cent, per annum have since acta paid, the dividend periods base Uie same as those for the preferred stock. On July 15, 1907, the common received the abow mentioned 35 per cent, stock dividend.

In the year ending March i, 1906, the net earnings were reported as $3,95630o; in 19060. $4,183,000.

ToUl credit to profit and loss March i, 1905, $6,7x0,914. On March 1, 1906, this itcn ws* $8,774,605 and on March i, 1907, $11,136,350.

President, Sidney W. Winslow, Boston. Vice-President, William Barbour, New Yoik Vice-President, \Vallace F. Robinson, Boston. Secretarr, Louis H. Baker, Borton. AsattMi Secretary, F. H. Wallis, Boston. Treasurer and Geqem NMUtger, George W. Brown, BoeBoa Assistant Treasurer, Edward P. Hurd, Boston.

Industrial Securities 797

DirectorsFrank L. Babbott, New York. William Barbour, New York. George W. Brown, Boston. John H. Hanan, New York. Elmer P. Howe, Boston. Edward P. Hurd, Boston. George E. Keith, Brockton, Mass. Joseph C. Kilham, Beverly, Mass. Rudolph MaU, Chicago. Robert Treat Paine ad, Boston. Charles G. Rice, Boston. Wallace F. Robinson, Boston. James J. Storrow, Boston. Alfred R. Turner, Jr., Paterson, N. J. Samuel Weil, New York. Sidney W. Winslow, Boston. Frank Wood, Boston. William Woodward, New York.

Main office, 905 Lincoln street, Boston. Annual meeting, Saturday after second Wednesday in June, at Paterson, N. J.

U KITED STATES CAST inch PIPE i. FOUKDRY CO.

A corporation formed under the laws of New Jersey, March 13, 1899. The purpose of the org:ani2ation was to unite the concerns which control the larger part of the cast iron pipe production of the United States.

This company owns some ten plants. The concerns included in this company have a capacity of 450,000 tons per annum out of a total estimated yearly production of 600,000 tons of iron pipe in the United States.

The preferred stock is 7 per cent., non-cumulative. An amount of $2,500,000 each of preferred and common remains in the treasury of the company.

Stock is transferred at the office of the company. New York. Registrar, Central Trust Co., New York.

The outstanding bonds of the American Pipe & Foundiy Co., one of the constituent concerns are $1,194,000, bearing 6 per cent. They mature in 1938, interest January and July, and are provided for by an annual sinking fund for their retirement.

The company began the payment of regular Quarterly dividends on the preferred stock with a payment of x% per cent. December x, 1899, and paid similar dividends in March and June, 1900, but the September, 1900, dividend was passed and none was paid until March i, 1902, when i per cent. was paid on the preferred stock, the same rate on the preferred being paid quarterly, in March, June, September and December, until June, 1904, inclusive. In September, 1004. and December, 1Q04 the dividends were per cent, each, but the March i, 1905, dividend was increased to per cent., placing the preferred upon a 7 percent dividend basis, and the subsequent dividends thereon have been at that rate. The first dividend on the common stock was x per cent., paid December x, 1905, after which time quarterly dividends of x per cent, each, or at the rate of 4 per cent, per aimum, were in March (x), June, September and December. The March, 1908 dividend was, however, deferred.

Earnings Year ending May 31 Gross Profit Net Dividends Surplus

1901-Q3 $901,949 $7xx,i84 $350,000 $46x,x84

1900-03 i,403."5 i.aa8,7a4 500.000 738,734

190.V04 1.303.809 X, 107,169 500,000 607,170

1905-06 a,o53,9o8 1,756,208 1,375,000 381,208

1906-07 2,113,051 . i,8i3,05x 1,375,000 438,051

From the surplus in x90i-oa there was reserved for additional working capital, $289,829 ; in X9oa-03 $546,718, and in X903-04, $728,724. No detailed report of earnings for the year 1904-05 was published. Net for X905-06 is given after deducting $195,000 for improvements. In X906-07, this Item was $197,000. The total credit to profit and loss and reserve accounts May 31, 1907, was $775,136, and the reserve for working capital, $2,459,807.

President, George B. Hayes, New York. Vice-President, George J. Long, Louisville. Secretary and Treasurer, B. F. Haughton, New York.

Directors— Anthony N. Brady, Albany, N. Y. C. E. Burke, New York. W. T. C. Carpenter, New York. E. C. Fuller, Columbus, O. David Giles, New York. Philip J. Goodhart, New York. B. F. Haughton, New York. George B. Hayes, New York. Colgate Hoyt, New York. L. R. Lemoine, New York. George J. Long, Louisville. A. C. Overholt, Scottdale, Pa. B. F. Overholt, Scottdale. E. R. Thomas, New York.

Main office, 71 Broadway, New York. Chicago sales office, 2x7 La Salle street. Annual meeting, fourth Wednesday in June, at Jersey City.

Ukited States Coal A Oil Co.

A corporation formed under the laws of Maine in 189. The company formerly operated oil properties in West Virginia and Ohio, and in 1902 acquired the stock and property of the Island Creek Coal Co., and of the Island Creek Railroad in Logan County, W. Va. In 1904

the company aold its producing oil properties. The coal lands comprise over 30,000 acra mint

or held under lease.

Stock Par $25 Authorized, $6,350,000 Issued, |6,aoo.aDc

Stock is transferred at the office of the company, Boston. Registrar, National Shavnat Bank, Boston.

Out of its oil properties the company paid $644,350 in dividends. Dividends were qnartertr, in January (3), April, July and October. The January, 1901, dividend was passed and no drndend has since been paid.

On April 7, 1908, the stockholders ratified a proposition to reduce the stock to $3.0Go,aDc. the par value ot the shares to remain $35, and to issue $3,000,000, 30-year 6 per cent, cocrceftible bonds of which $x, 000,000 were to be issued forthwith, the same having been undenrrittcB bi Hayden, Stone 8t Co., Boston. The bonds are convertible into stock at par, pnmsioB beia: 'made for an increase in the authorised stock for that purpose.

President, Albert F. Holden, Cleveland. Vice-President, G. Henry Whltcomb, Worcesw. Mass. Secretary and Treasurer, F. Winthrop Batchelder, Boston.

Directors— Edward R. Andrews, Boston. F. Winthrop Batchelder, Weston, Mass. Hetrr A. Belcher, Randolph, Mass. Edward A. Clark, Boston. William H. Coolidge, Newton. Mas. Clarence A. Hight, Brookline, Mass. Albert F. Holden, Cleveland. Benjamin D. Hyde. Bostoa Henry S. Kimball, Boston. Z. T. Vinson, Huntingdon, W. Va. G. Henry WbJtamb. Worcester, Mass.

Main office, 55 Congress street, Boston. Corporate office, 95 Exchange street, lirtkad Me. Operating office, HoUen, W. Va.

UK/rED STATES EII¥ELOPE CO.

A corporation formed under the laws of Maine in 1898. The company was a combinatioa the ten concerns which manufacture 90 per cent of the envelopes made in the United Stiti The concerns included were given in detail in the Manual for 1906.

The preferred stock is 7 per cent., cumulative. Transfer Agents. Old Colony Trust Co, Boston; Morton Trust Co., New York. Registrars, American Trust Co., Boston ; Bovisc Green Trust Co., New York.

In 1898, the company commenced the pajrment of dividends at the rate of 7 per cent pc annum on the preferred stock. Dividends on the preferred were paid quarterly, in Marda (1). June, September and December. Action on the December, 190X, dividend was, however, defend. and a half-yearly dividend of per cent., payable March i, 1903, was declared, which wastht regular semi-annual rate on the preferred stock in March and September, until September, 19 when rate was raised to 6 per cent, and has so continued.

Funded Debt

ist mort., 6 per cent., due Aug., 1918, Jan. and July $2,000

Debentures, 5 per cent., due Feb., 1909-13, Feb. and Aug 131

Total i $3,131,000

The ist mortgage is $3,000,000, authorized, and is secured by a mortgage upon the farin" plants. Bonds are redeemable after ten years from date of issue in 1898, at 104 and iotet*- A sinking fund of $75,000 per annum btt;an July i, 1899U

The debentures were issued in 1903 and 1904 and are redeemable in 1907 or after, at 101 vfi interest, the amount payable varying each vear.

Trustee and Registrar of bonds. Old Colony Trust Co., Boston.

Earnings Year ending June

Net Charge* Dir. Pref. Deprecbiion

President, C. H. Hutchins, Worcester, Mass. ist Vice-President, James Logan. Wort 3d Vice-President, William H. Prescott. Rockville, Conn. 3d Vice-President. U HenrrWl* comb, Worcester. Secretary and Assistant Treasurer. W. M. Wharfield, Spnngfield. Treasurer, William O. Day, Springfield.

Industrial Securities 799

Directors— F. A. Bill, Springfield. Robert W. Day, Springfield. William O. Day, Springfield. Albert Hale, Boston. C. H. Hutchins, Worcester. Frederick T. Kellogg, Springfield. James Logan, Worcester. Charles L. Long, Springfield. James M. Plimpton, Hartford. AVilliam H. Prescott, Rockville. Felix Rackemann. Boston. D. Wheeler Swift, Worcester. G. Henry Whitcomb, Worcester. Samuel E. Winslow, Worcester.

Main office, Hillman and Dwight streets, Springfield, Mass. Annual meeting, first Friday in September, at Portland, Me.

Umited States Express Co.

A voluntary association formed under laws of New York in 1854. It operates an ezpreu service under contracts over 30,410 miles of railroads in the United States. Stock Par $100 Authorized, $10,000,000 Issued, $10,000,000

In September, 1887, this company acquired the express business of the Baltimore & Ohio Railroad Co., and increased its share capital $3,000,000 to pay for the same.

Stock is transferred at the office of the company, New Vork. Registrar, Trust Company of America, New York.

No dividends were paid from November, i8gi, until November, 1892, nor were any declared from November, 1894, until May, 1896, when 1% per cent, was paid. In 1896, 3 percent, was paid on the stock ; in 1897, 3 per cent.; in 1898, 3 per cent.; in 1899, 3 per cent.; in 1900, 3 per cent. The November, 1901, dividend was increased to 2 per cent., making percent, for the year 1901. In 1902, 4 per cent, was paid on the stock, which remained the regular rate until November, 1907, when 3, per cent, was paid. Dividends are semi-annual, May (15) and November.

President, Thomas C. Piatt, New York. Vice-President, Secretary and General Manager, C. H. Crosby, New York. Treasurer, Edward T. Piatt, New York.

Directors— C. H. Crosby, New York. James C. Fargo, New York. Edward T. Piatt, New York. F. H. Piatt, New York. Thomas C. Piatt, New York. Francis Lynde Stetson, New York. Levi C. Weir, New York.

Main office, 2 Rector street, New York.

Uhited States Glass Co.

A corporation formed under the laws of Pennsylvania, February 12, 1801. The company manufactures pressed and blown glassware of all kinds. It has extensive plants at Pittsburg, Glassport, Pa.; Tiffin, O., and Gas City, Ind. Stock Par $100 Authorieed, $3,200,000 Issued, $3,200,000

Stock is transferred at the office of the company, Pittsburg. Registrar, Fidelity Title & Trust Co., Pittsburg.

The company had $4,000,000 of common and $1,000,000 8 per cent., cumulative, preferred stock, on which seven years* unpaid dividends had accumulated, but in October, 1903, the capital was reduced from $5,000,000 to $3,200,000 by the retirement of the entire preferred stock and of $800,000 of the common stock.

An agreement was entered into between the company and holders of the old preferred stock whereby the latter exchanged their holdings for ist mortgage 5 percent, bonds at tne rate of $110 of bonds for each share of preferred stock.

Following the retirement of the preferred stock in exchange for ist mortgage 5 per cent, bonds, the company, in February, 1904, declared a dividend of i per cent, on its conmion stock, payable April 10, 1904. The last previous dividend on the common stock was 3 per cent., in 1892, after which dividends on the common were suspended. It paid i per cent, in October, 1904, I per cent. January 16, 1905, 1 per cent. May i, 1905, 1 per cent. September i.s, 1905, and I per cent. December 20, 1905. In 1906 paid i per cent, in June and x per cent, in October. In 19C7, I per cent, was paid, in January, April, July and October. The same rate was paid in January, 1908.

Funded Debt ist mort. 5 per cent., due Sept., 1923, March and Sept $390,600

There were on June 30, 1907, non-interest bearing notes attached to the bonds amounting to $116,008, and payable in eleven semi-annual instalments.

In the year ending June 30, 1902, the net profits of the company were stated to have been about $106,000. In 1902-03, they were about $251,971; in 1903-04, $207,723; in 1904-05, $212,719 ; in 1905-06, $270,655, and in 1906-07, $162,319.

President, Daniel C. Ripley, Pittsburg. Vice-President, H. D. W. English, Pittsburg. Treasurer, William C. King, Pittsburg. Secretary, Ernst Nickel, Pittsburg.

Directors — W. M. Anderson, Pittsburg. Marion G. Bryce, Pittsburg. John S. Craig, Pittsburg. W. J. Crawford, Pittsburg. H. W. D. English, Pittsburg. William C. King,

8oo THE MANUAL OF STATISTICS

Pittsburg. Joseph A. Knox, Pittsburg. Daniel C. Ripley, Pittsburg. R. J. Sum/tj, Jr Pittsburg.

Main office. Ninth and Bingham streets, Pittsburg. Annual meeting, third Wednentsy a August, at Pittsburg.

Ult/TED 5TJITES GYPSUK CO.

A corporation formed under the laws of New Jersey, December 97, 1901, for the puipoae ol consolidatmg the principal gypsum producing companies of the country. The company aoqaved some j5 plants, a list of which is given in the Manual for 1903.

The preferred stock is 7 per cent, cumulative. Transfer Agent, American Trast ft Savings Bank, Chicago. Registrar, Merchants* Loan & Trust Co., Chicago.

The ist dividend on the preferred was per cent, in February, 1900. In July, 1906, paM I per cent.; in November, 1906, x per cent., and in February, 1907, x per cent., out of tbr earnings of 1906. In February, X907, declared 5 per cent, on the preferred, payable i ntw ceat quarterly, beginning March, 1907. In X907, also paid per cent, on the preferred in saoA In February, 1908, 5 per cent, was declared on the preferred, payable per cent, quartz?. beginnmg in March, 1908.

Funded Debt ist mort., 5 per cent., due Sept., 1923, March and Sept $ajQk.oD

The ist mortgage is for $z, 000,000 and was created in 1902. Trustee, American That 1 Savings Bank, Chicago, at which institution interest is paid. There is a striking fond for the bonds of $50,000 per annum, which began February i, 1905.

For 1906, the company reported net earnings, $430,799; preferred dividends (3 per ccnL bond reserve, $50,000; balance surplus, $245,035. In 1907, net $569,901. Too. surplus, December 31, 1907, $568, X33.

President, S. L. Avery, Chicago. Vice-President, S. Q. Fulton, Chicago. Secretarr aarf Assistant Treasurer, S. T. Meseney, Chicago. Treasurer and Assistant Semtary, Emil Derr. Milwaukee. General Counsel, Albert N. Eastman. Chicago.

Directors— S. L. Avery, Chicago. W. A. Avery, J. L. Baker, Omaha, Nch. C. F. Duncombe, Chicago. Emil Durr, Milwaukee. George D. Emery, Chelsea, Maaa. O. B. English, Chicago. A. £. English, Omaha. P. A. Englbh, Chicago. J. W. Fowler, Scraaaoa. Pa. S. Q. Fulton, Chicago. B. W. McCausland, Chicago. H. J. McCormick, New Ycak. S. T. Meservey. Fort Dodge, la. Charles F. P. PuUen, Milwaukee. E. H. Rich. Fort Dodge, Za C. G. Root, Chicago. W. E. Shearer, Cleveland.

Corporate office, Jersey City. Main office, aoo Monroe street, Chicago. New York office. X16 Nassau street. Annual meeting, third Tuesday in January, at Jersey Oty.

Ukited States Playiii6 Card Co.

A corporation formed under the laws of New Jersey in 1894. The object of the oompaay the manufacture of playing cards and similar merchandise. It acquired the portion of the prop erty and plant of The United States Printing Co., , prior to 1894, was devoted to sad purposes. Stock Par $100 Authorised, $3,600,000 Isned, >3,aof.M0

Transfer Agent, Corporation Trust Co., Jersey Citv.

From 1896, inclusive, 4 per cent, per annum was paid on the stock, dividends being i per cat quarterly, in January, April, July and October. In 1903, the rate was increased to 6 per and in X904 to 7 per cent. The January i, 1905, dividend was a per cent, the stock bein plKad on an 8 per cent, dividend basis for X905.

President, John Omwake, Cincinnati. Vice-President and Treasurer, Samuel J. If . Cincinnati. Secretary, Robert H. McCutcheon, New York. Assistant Secretary and Treasurer, F. D. Jamison, Cincinnati.

Directors— W. A. Daniels, Brooklyn, N. Y. Charles H. Davis, Cincinnati. John Hoge, Iwoville, O. Robert H. McCutcheon, New York. S. J. Murrav, Cincinnati. John Omwake, CSaoanati. G. N. Robinson, Jersey City. John F. Robinson, Cincinnati. George D. Seib, New Yort.

Main offices, Norwood, Cincinnati. Annual meeting, fourth WediMsday in January, M Jersey City.

The Uhited States Priiitiii6 Co.

A corporation formed under the laws of Ohio, February i, 1891. The business of the onapany is color printing and manufacturing of labels, folding boxes, advertising novehiea, etc. The company has a six-story printing plant, known as Factory No. a, at Brooklyn, N. Y. ; a seio-

INDUSTRIAL. SECURITIES 8oi

story and a six-story printing plants, known as Factories No. i and No. 4, at Cincinnati, and a paper plant known as Factory No. 3, at Montdair, N. J. The value of the annual output is about $2,500,000.

In February, 1906, it was announced that the properties of the company would be leased to the United States Printing Co., of New Jersev, which was to guarantee s9 Pi' cent, per annum on this company's stock. The guaranteed dividend was to be increased in three years to per cent., and three years later to percent., and three years later to 6 per cent, per annum. This arrangement was carried out in April, 1906. Stock Far $100. , Authorised, $3,500,000 Issued, $3,500,000

Transfer Agent and Registrar, Central Trust & Safe Deposit Co., CincinnatL

EHvidends were paid quarterly, in January (15), April, July and October. The annual rate, which had been 4 per cent., was increased to 5 per cent for 1905 and to s}( per cent, for 1906.

President, John F. Robinson, Cincinnati, ist Vice-President, Charles H. Davis, Cincinnati. Secretary and Treasurer, F. D. Jamison, Cincinnati.

Directors— Charles H. Davis, Cindnnati. A. Howard Hinkle. Cincinnati. F. D. Jamison, Cincinnati. J. Ledyard Lincohi, Cincinnati. John F. Robinson, Cincinnati.

Main office, Sixth and Lock streets, Cincinnati. New York office, 390 Broadway. Annual meetmg, fourth Wednesday in April, at Cincinnati.

Uir/T£0 STJITES REMLTY A IHPnOVEKEHT CO.

A corporation formed under the laws of New Jersey, May a6, 1904. The company was organised in accordance with a plan for the reorganization of the United States Realty & Construction Co., and acquired all the stock of the last named corporation.

The company controls the following organizations : George A. Fuller Co. Cedar Street Co.

Number One Hundred and Eleven Broadway. Realty £>epo8it Co. Island Realty Co.

The United States Realty & Construction Co. was formed in August, 1909, under the laws of New Jersey, and had power to deal in real estate and engage in building construction. It acquired control of the George A. Fuller Co., and the New Realty Corporation, as well as of extensive real estate holdings in New York City. Its stock consisted of $33, 198,000 common and $37,011,100 preferred, all of which the present company has acquired. Stock Par $100. ' Authorized, $30,000,000 Issued, $16,163,800

There is $13,506,000 of stock reserved for the conversion of the company's bonds. On April :9o, 1907, there was still outstanding $414,900 preferred and $447,800 common stock of the old United States Realty & Construction Co.

The first dividend was pr cent., paid May i, 1907, and similar quarterly dividends were paid in August and November, 1907, and February, 1908.

Transfer Agent, New York Trust Co.. New York. Registrar, National City Bank, New "S

Funded Debt Debentures, convertible, 5 per cent., due July, 1904, Jan. and July $13,384,000

The debentures are $13,506,000 authorized, and are subject to redemption on any interest day at 105 and interest at the company's option, and are convertible into stock, dollar for dollar, at the option of the holder within two years from date of issue, that is to say, until July i, 1908. Trustee of the mortgage. New York Trust Co. Interest is paid at the office of the company. New York.

Details of the United States Realty & Construction Co.'s reorganization are given in the Manual for 1906 under this company's statement.

Earnings Year 30 GroM Net

Income lacome Charges Dividends Surplus

1904-05 (xo months) $3,440,333 $1,704,837 $560,513 $1,144,3x6

1906 a,6x9,38x 1,639,633 683,870 (xj) $342,443 7M,3o

The total surplus account, Aprit 30. 1907, was $21,513,733.

President, Harry S. Black, New York. Vice-President and Secretary, Richard G. Babbage. New York. Vice-Preskient, William H. Chesebrough, New York. Assistant Secretary, C. G, Dailey, New York. Treasurer, Byron M. Fellows, New York. Assistant Treasurer, H. O. Winsor. Jr., New York.

8oa THE MANUAL OF STATISTICS

Directors— Richard G. Babbage, New York. Courtlandt Bctu, New Yoric Hmy S. Black, New York. Henry Budge. New York. WiUiam H. Chesebrough. New YoA. Jota D. Crimmias, New York. Byron M. Fellows. New York. John W. Gates, Chicaco. VTiBaiB F. Havemeyer, New York. Edwin Hawley, New York. James H. Post. New Yotk. Sccpfaca S. Palmer, New York. Frank H. Ray, New York. Charles M. Schwab, New York. Oakleigh Thome, New York. P. Anderson Valentine, New York. Frank A. Vanderlqt, Ne York,

Corporate office, 15 Exchange place, Jersey City. Main office, xxx Broadway, New York. Annual meeting, second Tuesday in June, at Jersey City.

Um/Ted States Reductioh Refikihg Co.

A corporation formed under the laws of New Jersey, May 31, 1901. The of tbe company is the extraction of gold and other precious metals from ore obtained chiefly frtHB tte Cripple Creek EMstrict, Colorado, from Deadwood, S. D., Arizona and New Mexico. A lasc the properties acquired is given in the Manual for 1Q03.

These plants occupy si acres and have a monthly capacity of 5o,ocx> tons. The oampBT b not engaged in mining, but has ore contracts which ensure a supply of ore for its plants for to years. The annual output of gold bullion is from $7,000,000 to $9,000,000.

The preferred stock is 6 per cent. , non-cumulative. It has a preference as to aaaetSw AgenU, Baruch Brothers,. 55 New street, New York. Registrar, New York Trust Co., New Yoik.

The compauiy paid its first quarterly dividend of per cent, on the preferred stock Jamar? X, X903, and paid at the same rate quarterly, in January, April, July and October, until October. when dividends were suspended until October i, 1905, when percent, was paid, aad

Quarterly dividends at that rate were paid to October, 1907, inclusive. The January, 1904. dividend was passed.

The first dividend on the common was x per cent, quarterly in April, 1903, and drridendi of the same amount were paid in January, April, July and October, until July, X903, Since thca dividends on common have been suspended.

Funded Debt 1st mort., 6 per cent., due July, 1931, Jan. and July 1 $1,904,000

The amount of first mortgage bonds authorized, $3,000,000, of which $350,000 have beem canceled out of earnings. Trustee, New York Trust Company, New York. The hoods are a first lien on all the property owned by the company when the mortgage was created or thcieafier acquired. There is a smking fund of $50,000 per annum, and bonds can be drawn at ixo ax aay regular interest period. The sinking fund holds $746,000 of the bonds.

Earnings Year ending July 31

GroM Net Charncs Pref. Div. Com. Div.

X904-05 642,425 474.116 180,000 39x16

X905-06 701,333 581,202 167,500 236,748 X76,7a

X90607., 527,778 394.531 1591O00 236,748 Def,. ix:

President and General Manager, J. Dawson Hawkins, New York, xst VicePxesklait Henry M. Blackmer, New York. 2d Vice-President, J. Q. McDonald, Florence. Colo. 3d Vre- President, John Gorlow, New York. Secretary and Treasurer, Spencer Penrose, Coloraij Springs. Assistant Secretary, Cecil Griffin, New York.

Directors— Henry M. Blackmer, New York. H. A. Dubbs, Pueblo, Col. J. Dawn Hawkins, Colorado Springs. Kenneth K. McLaren, Jersey City. Chailes II. MacNeE;. Colorado Springs. Spencer Penrose, Colorado Springs.

Corporate office, 15 Exchange place, Jersey City. Main office, Colorado Sprixigs;, CoL Nfl York office, 45 Exchange Place. Annual meeting, fourth Friday in April, at Jersey City.

Umited States Rubber Co.

A corporation formed under the laws of New Jersey in April, 1892. Its object is the ifacture of rubber goods, principally boots and shoes. The property of the following coooeni M as acquired by the company :

INDUSTRIAL SBCURITIBS 8p3

American Rubber Co., Boston. Lycoming Rubber Co., Williamsport, Pa.

The Joseph Banigan Rubber Co., Providence. Manrel Rubber Co., Woonaocket, R. I.

Boston Rubber Co., Boston. Meyer Rubber Co.. New Brunswick, N. J.

Boston Rubber Shoe Co., Boston. National India Rubber Co., Bristol, R. I.

L. Candee & Co., New Haven, Conn. New Brunswick Rubber Co., New Brunswick,

Colchester Rubber Co., Colchester, Conn. N. J.

Goodyear's Metallic Rubber Shoe Co., Nau- New Jersey Rubber Shoe Co., New Brunswick

gatuck, Conn. N. J.

Goodyear's India Rubber Glove Manufacturing Para Rubber Shoe Co., Boston.

Co., Naugatuck, Conn. Woonsocket Rubber Co., Woonsockct, R. I.

In May, 1905, this company purchased a large majority of the stocks of the Rubber Goods Manufacturing Co. See below, and also statement of the latter company.

The General Rubber Co., formed in 1905, to deal in crude rubbers, and which has a capital of $3,000,000, is jointly controlled by this company and the Rubber Goods Manufacturing Co.

In 1906, this company an English corporation, Wm. Symington & Co., Limited, with an authorized capital of $3,500,000, for the purpose of dealing in crude rubber.

ist pref . , 40,000,000 Issued pref . , 36,963,000 3d pref. 10,000,000 ) I 9d pref., 9,965,000 ]

The ist preferred stock is 8 per cent., non-cumulative. The authorized amount was originally $35,000,000, but it was increased in Ma. 1905. to $40,000,000. The second preferred stock is 6 per cent., non-cumulative, and was created m 1905, in connection with the plan to acquire control of the Rubber Goods Manufacturing Co. Stock b transferred at the office of the company, New York. Registrar, Central Trust Co., New York.

The company from 1893 to 1900, inclusive, paid 8 per cent, per annum on its preferred (now first preferred) stock, except in 1897, when 6 per cent was paid. In January, 1901, the quarterly dividend on the preferred was reduced from 3 to i per cent., and no further dividends were paid from that date until June, 1904, when dividends on the preferred were resumed with a payment of per cent., further dividends of Pr cent, each being paid on September 15, X904, December 15, 1904, and March 15, 1905. In May, 1905, 3 per cent, and 1 percent, extra were paid, and in August and October, 1905, and January, 1906, 3 per cent, was paid, which has since been the regular quarterly rate, paid in January (31), April, July and October on the ist preferred.

The first dividend on the second preferred stock was per cent, quarterly, paid October .-fi, 1905, and similar quarterly dividends being 6 per cent, per annum have since Seen paid in January (31), April, July and October.

In March, 1895, per cent, was paid on the common stock, being the first dividend on the common. In December, 1896, 3 per cent, was declared on the common, payable February 15. 1897. In July, 1899, z per cent, was paid on the common. Dividends of i per cent, each were also paid on the common October, 1899, January, 1900, and April 30, 1900, but the July, 1900, dividend was passed and no dividends on the common stock have since been paid.

The arnmgement under which this company acquired the greater part of the common and preferred stock of the Rubber Goods Manufacturing Co., as per plan of May 37. 1905, included the acceptance by the common stockholders of that company of 50 per cent, of the par value of their stock in second preferred stock of this company, and bv the Rubber Goods preferred shareholders of an equal amount of the first preferred stock of this company. For this purpose there has been issued $7,937,500 of this company's ist preferred and $9,965,000 of its 3d preferred stock.

Funded Debt

Collateral funding 5 per cent, gold notes, due Sept. (15). 1909, March (15) and Sep... $8,ooc,ooo

Boston Rubber Shoe Co. bonds, 5 per cent., due 1908, Feb. and Aug 4,800,000

General Rubber Co. debentures, guaranteed, p. c, due July, 1915, Jan., July. . . 6,000,000

Total $18,800,000

In March, 1903, the company issued $13,000,000 of 5 per cent, gold notes, maturing March (15), Z905, their purpose being to fund the floating indebtedness of the United States Rubber Co. and of its constituent companies, and in March, 1905, this amount was reduced to $8,000,000, and a new issue was made to take up the balance of the first issue. The second series matured March (15), 1908, and were replaced by the present notes due September (15), 1909. The notes may be redeemed at the company's office on any interest date.

This company and the Rubber Goods Manufacturing: Co. jointly guarantee the General Rubber Co. debentures. The authorized issue of the same is $9,000,000.

8o4

Thb Manual Of Statistics

Earnings Year ending Bfarch 31

Suroliu Ta

Gross Income Net Dividends for Year

1899-00. 3.a33i773 ai83786o 9,8a8,68o 9.ito 3T03

'903-03 4,310,517 1,343,448 1,343,448 iO4,4fc

'903-04 4,596,38s ,57S,64 353,883 733,758 a,icr7.xi

'9067 8,151,149 4.590,383 3,485,956 i,xa4437 6,ia6.7rf

President. Samuel P. Colt, Providence, R. I. Vice-President, James B. Ford, New YoA. ad Vice-President, Lester Leland. Boston. Secretaiy. Samuel Norris, Bristol, TL I. TreMsicr. John J. Watson, Jr., Jamestown, R. I, Assistant Secretary, John D. Cartxrry, New Yort. Assistant Treasurer, W. G. Parsons, New Yorlc.

Directors— Walter S. Ballou, Providence. E. C. Benedict, Greenwich, Coon. Antlmay X- Brady, Albany. N. Y. Samuel P. Colt, Providence. H. E. Converse, Boston. Charles H. Dale, New York. J. Howard Ford, New York. James B. Ford. New York. Frank S. Haings. New York. Francis L. Hine, New York. Henry L. Hotchkiss, New Haven, Cow. Arthur L. Kelley, Providence. Lester Leland, Boston. Homer E. Sawyer, New Yotk Frederick M. Shepard, East Orange, N. J. Francis Lynde Stetson, New Yofk. William H Truesdale, Greenwich, Conn. John D. Vermeule, New York. John J. Watson, Jr.. Jaiwttown. R. I.

Main office, 43 Broadway, New York. Annual meeting:, third Tuesday in Hay. at Nc Brunswick, N. J.

U/l//r£D STATES SMELT/MQ, /fEFtMIMG A MtMIHG CO.

A corporation formed under the' laws of Maine, March 10, 1906. The compaay organized in pursuance of a plan for the financial reorganization of the United States Mining Ca The latter company was formed under the laws of Maine in 1899 and acquired the Jordtt and Telegraph mines at Bingham, Utah, which had been operated for over thirty years, togcttar with an interest in other properties adjoining them, the whole tract being traversed by the Jordsa. also known as the Highland Boy, and other veins, and contains gold, silver, copper and laid values. A 1,000-ton smeller was completed in November, 1903, and a lead smelter was constructed in 1Q04 at West Jordan, near Salt Lake City, Utah. The smelters were owned by tke United States Smelting Co., all the stock of which is held by the United States Minini Col Is i9or, the company acquired substantially all the capital stock of the Centennial-Eureka Mini Co., operating mines at Tintic, Utah. In September, 1904, the company purchased the stock of the Mammoth Copper Mining Co., owning mines in Shasta County, California.

In February, 1906, the company acquired the Real Del Monte mine at Pachoca, Mcubol The company controls the American Exploration Co., and has an internet in the Richmond Eoreka Mining Co.

The United States Mining Co. has an authorized capital of $14,000,000, the par Taloe d itt shares being $35, while the outstanding stock was $x3,989,ooa The plan of reorcanisatkM sab> mitted in January, 1906, provided for the formation of the new compaiay with $37,500,000 cammon and $37,500,000 preferred stock of a par value of $35, the holders of the old stock bdsK invited to deposit the same with the Citv Trust Co., Boston, by January 33, 1906, and ezchaar* it for $37.50 of new preferred. $13.50 of new common and $1 in cash for each $35 share d the old company. It was arranged that $6,000,000 of the new common stock should be underwiines at par ($50) for a commission of $4 per share and $5,595,700 'of this stock was offered for scription at par by the stockholders of the United,States Mining Co. in the proportkm of one sImr of the new for five shares of the old stock exchanged, payment on such subsmptkins to be ssadr in four instalments of 35 per cent, each on February 6, March 6, April 6 and May 6, 19061 The underwriting syndicate was formed by Lee, Higginson & Co. and Hayden, Stone & Co.. Bosus. Under this agreement nearly all the stock of the United Sutes Mining Co. was deposited mi exchanged.

The preferred stock is 7 per cent, cumulative, It was provided that the cumalalive on this issue should begin to run from April 15, 1906.

In October, 1906, stockholders were given the right to subscribe at par for csek of new common and preferred stock. In 1907, $799,300 additional preferred was israel to pf for property acquired.

Net earnings for 1906 were estimated at about $3, 500,00a

Industrial* Ssguritibs 805

The ist dividend on the preferred was 87 cents per share or per cent, paid in April, 1906, which has since been the reg:ular quarterly rate in January (15), April, July and October.

In January, 1907, it was decided to place the common stock on a 7 per cent, basis and a dividend of per cent, was declared payable April 15, 1907, and similar dividends were paid in July and October, 1907. The Januarv, 1908, dividend was, however, reduced to i per cent.

There are $500,000 6 per cent, debenture bonds of the Untied States Mining Co. due in 1909.

President, William G. Sharp, Boston. Vice-President, Charles G. Rice, Boston. SecreUry and Treasurer, F. Winthrop Batchelder, Boston. Managing Director, A. F. Holden, Cleveland.

Directors—Frederick Aver, Boston. William Barbour, New York. Charles F. Brooker, Ansonia, Conn. William H. Coolidge, Boston. Robert D. Evans, Boston. A. F. Holden, Cleveland. Robert Treat Paine, ad Boston. Charles G. Rice, Boston. N. W. Rice, Boston. William G. Sharp, Boston. Galen L. Stone, Boston. James J. Storrow, Boston. John W. Weeks, Boston. H. H. Wehrhane, New York. Sidney W. Winslow, Boston.

Coirporate office. Portland, Me. Main office, Dooly , Salt Lake City. President's office, 55 Congress street, Boston.

Umited States Steel Corporatiok

A oocpoiation farmed under the laws of New Jersey, February 35, 1901, the articles of incorporation naving been amended April i, 1901. The corporation was organised to acquire the stocks of companies engaged in the steel and alhed industries. The organisations which it acquired were as follows :

The Camegie Co. American Tin Plate Co. Lake Superior Consoli-

Federal Steel Co. American Bridge Co. dated Iron Mines.

American Steel 8l Wire Co. American Steel Hoop Co. Union Steel Co.

Naticmal Tube Co. Amerkan Sheet Steel Co. Trov Steel ProducuCo.

National Steel Co. Shelby Steel Tube Co. Clairton Steel Co.

Several of the original constituent companies were consolidated in 1003, in order to economise and concentrate the operations of the corpMoration. At the end of 1906 the operating companies comprised the following:

Camegie Steel Co. Illinois Steel Co.

Lorain Steel Co. American Steel & Wire Co.

National Tube Cos. Shelby Steel Tube Co.

American Sheet & Tin Plate Co. American Bridge Co.

Union Steel Co. Clairton Steel Co.

Univeml Portland Cement Co.

In addition to this the corporation controls the Indiana Steel Co. and the Great Western Mining Co. In November, 1907, it acquired nearly all the stock of the Tennessee Coal, Iron & Railroad Co. See below.

Details as to the operating companies were given in connection with the statement of the United States Steel Corporation in the Manual for 1903.

The Union Steel Co. and its controlled property the Sharon Steel Co. were acquired in 190a, and the Troy Steel Products Ca was also acquired in the same year.

In May, 1904, the Clairton Steel Co. was acquired from the Crucible Steel Co. of America, this corporation guaranteeing the bonds of the Clairton Steel Co.

In 1906, a subsidiary company, the Universal Portland Cement Co., was formed, which took over the cement plants near Chicago which had been operated by the Illinois Steel Co. The new company constructed two additional plants at Buffington, Ind., and Universal, Fa., near Pittsburg, the aggregate output of cement m 1907 having bMn 3,129,700 barrels.

The Elgfii, Joliet & Eastern Railway, the Pittsburg, Bessemer & Lake Erie Railroad, the Duluth & Iron Range Railroad and the thiluth, Missabe & Northern Railway, with some short railroad lines, are owned or controlled by various constituent companies acquired by this company, the mileage of all such lines January i, 1908, being 863.56 miles and the equipment of the same comprised 908 locomotives and 43,745 cars.

The united plants of the organisadons owned and controlled comprised in January, 1908, 116 blast furnaces, 15 Bessemer steel works, 19 open-hearth steel works, 8 rail mills, 37 sheet and tin plate mills, 14 bridge and structural plants, 16 tube miUs and a large number of other establishments, including bar mills, plate mills, wire rod and nail mills, and Portland cement works.

In addition to toe manufacturing plants are Lake Superior iron mines, the production of which in 1005 was 18,486,556 tons ; in 1906, 30,645,148 tons and in 1907, 33,403,801 tons of ore, and the marine equipment on the lakes operated in conjunction with the ore properties consisting of 76 steamers and 39 barges. The coking interests comprise 73 coking plants, which in 1906 produced 13,395,075 tons of coke and in 1907, 13,373,938 tons. The subsidiary companies own 6a,353 acres of coking coal land in Pennsylvania and lease 65,497 seres in the Pocahontas district, W. Va., in addition to which 3it938 acres of steam coal lands are owned. The corporation

8o6 THE MANUAL OF STATISTICS

also owns water supply plants, natural gas properties, and ore docks at varioos poinis od lakes.

In October, 1906, arrangements were made to lease a large acreage of iron ore lands In iimtinL the Great Northern Railway Co., title to which was held by the Lake Superior Co., subsidiary organization of the Railway Co. The properties were to be leased to the Western Mining Co., a corporation organized for the purpose and controlled by the Vmaai States Steel Corporation, which it was provided should guarantee the lease. Under the lease the lessee shall mine from the properties a minimum of 750,000 tons of ore in the year 1907 aad ihi amount to be mined shall be increased by 750,000 tons each year until it reaches 8,350,000 Iobl The annual minimum to be thereafter that amount until the ore is exhausted, unless the Icaae h terminated on January i, 19x5, under an option reserved to the lessee. The rojaltj to be paid $1.65 per ton for ore containing 59 per cent, of metallic iron in the ore mined and ihipprri ia 1907, but this base price shall increase by 3 4-10 cents per ton each succeeding year, the rcahy. however, to be increased or diminished on a fixed scale as the ore may prove to be lug;her or kamm in grade than the above 59 per cent, of metallic iron.

In 1905 it was decided to erect a new large modern steel plant in the Chicago district. To this end The Indiana Steel Co. was incorporated, which is constructing the plant ; also TW Gary Land Co., which owns and is improving the site of the City of Gary, Ind., vhetetht plant is to be located, a tract of about 9,000 acres having been acquired with a ]Tgc frootafe on the shore of Lake Michigan. During 1906-07 substantial progress was made in cooatxiietiaa work both on the dty and the steel plant. The latter will include 8 blast furnaces, 56 nficn steel furnaces, blooming and rail mills, finishing mills and accessory works. Up to the end if 1907, $24,063,388 have been expended for these purposes, including payments for real estate, ad there was held in a special fund available for the work $36,051,243. The estimated farther outlay on the plans for the dty and plant during 1908 was $18,000,000.

In November, 1907, the corporation acquired $30,374,825 par value of the common stock aa4 subscriptions receipts of the Tennessee Coal, Iron & Railroad Co., being all but $2ao,i6o of the amount thereof outstanding on January i, 1908. In payment therefor the corporation ddivcni its 10 year sinking fund 5 per cent, gold at the rate of $11,904.76 of said bonds for each $raaac par value of the stock, the total par value of the bonds issued or purchased in oonnectioa wick this transaction being See sutement of the Tennessee Coal, Iron & Railroad Co. aoed to '

In 1907 it was dedded to errect an iron and steel plant of moderate size near Dulnth, ] for which purpose a tract of about 1,580 acres was purchased.

The principal output of the several operated properties in 1905, 1906 and 1907 was as foOows:

1 ODS ToDt 1 OM

Iron ore mined 18,486,556 90,645,148 33,403.801

Coke manufactured 19,343,909 I3395i075

Coal mined (exclusive of that used for coke) 3,304,950 1,919,444 1,842,350

Blast furnace producu 10,179,148 11,967,377

Steel Ingots 11,995,939 13,511,149 13,099

Rolled and other finished products 9,996,386 10,578,433 10.376,

For particulars regarding the formation of the corporation and the exchange of stock oi the old companies see the Manual for 1909.

The preferred stock is 7 per cent., cumuhuive, with a preference for prindpal and vafmi divklends m case of a dissolution of the ooiporation. The charter provides that if ' dividends amounting to 7 per cent, shall not have been paid on the preferred, the

be payable before any dividends shall be payable on the common stock. Whenever all cumnlaiiw dividends on the preferred stock for previous years shall have been declared and became payable, and the accruedquarterlyjnstalments for the current year shall have been set ankle from surfiaser

net profits, the Board of Directors may declare dividends on the common stock oot of any 1 surplus or profit. See below in regard to the retirement of a portion of the stock. The 1 may be increased from time to time at the discretion of the directors.

Stock is transferred at the ofiloes of the corporation, 71 Broadway, New York, and 51 Newvk street, Hoboken, N. J. Registrar of common stock. Guaranty Trust Co., New York. Rccistiw of preferred stock. New York Trust Co., New York.

Regular quarterly dividends on the preferred stock at the full rate of 7 per cent, per aaasM. OTi per cent, quarterly, have been paid, in February (98), May, August and November, fraa August, 1901, inclusive.

The first dividend on the common stock was i per cent, quarterly, paid September 14, igM, and regular quarterly dividends at the same rate, or 4 per cent per annum, vrere paid in Maick, June, September and December until September, 1903, inclusive, the December, 1903. <fividml being reduced to per cent., and the March, 1904, divklend was passed and no diriocnds wtm paid on the common stock until 1906, when i per cent, was paid on October 1, yi per ocaL hasg

INDUSTRIAL SECURITIES 6orj

for the quarter ending March 31, 1906, and f4 per cent, for the quarter ending June 30, 1906. On December 31, 1906, a quarterly dividend of per cent, was paid and the same has since continued to be the regular quarterly rate.

Funded Debt, December 31, 1906

United States Steel Corporation col. trust mort., 5 per cent., due April, 1951 $385,328,000

ad mort. 10 year, s. f. bonds, 5 per cent., due April, 191 3-1963, May and Nov, . . . 194,871,000 Total $480, 199,000

Funded Debt — Subsidiary Companies, Guaranteed bv U. S. Steel Corporation

Clairton Steel Co., gold mort., 5 per cent., due $500,000 annually July. Jan. and July. $3,000,000 Clairton Land Co., ist mort., due $100,000 annually Aug. i, beginning 1915, Feb.

and Aug '. 1,900,000

St. Clair Furnace Co. ist mort., 5 per cent., due $100,000 annually, beginning 19x0,

Feb. and Aug 3,980,000

St. Clair Steel Co. ist mort., 5 per cent., due $xoo,ooo annually, beginning Jan., 1905,

Jan. and July 1,700,000

Union Steel Co. xst mort. and coL trust, 5 per cent., due Dec., 1952, June and Dec. . 34,433,000

Funded Debt— Subsidiary Companies, Not Guaranteed

American Steamship ist mort., 5 per cent., due 1920, May and Nov 4,903,000

Am. Steel & Wire Co., Allegheny Furnace mort., 5 per cent., due 1911, Feb. and Aug. 78,000

Carnegie Co. col. trust mort., 5 per cent., due sooo, April and Oct 43tO0O

Consumers Forw'g & Storage Co., mort. 5 p. c., due Sept., 1908, Mar. and Sept '5ooo

Continental Coke Co. pur. my. mort., 5 p. c, due $xoo,ooo each Feb., Feb. and Aug. 300,000

'' pur. money mort., p. c, due $37,000 each Apr., annual Apr. 444,000

Duquesne Equip. Trust 5 per cent., due March, 19x4, March and Sept 1,150,000

H. C. Frick Coke Co. s. f. mort., 5 per cent., due $100,000 each July, Jan. and July. i,xoo,ooo

Hostetter, Conn Coke Co. ist mort., 5 per cent., due 1943, Feb. and Aug 860,000

Hostetter Coke Co., purchase money mort., 5 per cent., due, $35,000 annually, Aug.

X, Feb. and Aug. 50,000

Illinois Steel Co. debentures, 5 per cent., due Jan., 1910, Jan. and July 3,873,000

A and B debentures, 5 per cent., due April, 1913, April and Oct 6,900,000

" " debenture scrip, payable April, 1913

Johnson Co. of Pa. ist mort., 6 per cent., due May, 1914, March and Sept 707,000

Northern Lakes Steamship ist m., 5 p.c, due, $10,000 annually, Sept. i, Mar.and Sept. 10,000

Ohio Steel Co. ist mort., 6 per cent., due 190S, June and Dec 370,000

Pa. & Lake Erie Dock Co., mort. 5 p. c, due Jan., 1911, Jan. and July StOoo

Pittsburg Steamship s. f. mort., 5 per cent., due 1915, Jan. and July 1,500,000

Sharon Coke Co. xst mort., 5 per oentl, Dec., 1931, June and Dec T 1,1x9,000

Rosena Furnace Co. 5 per cent, bonds, due Dec., 1913, June and GNec 350,000

St. Clair Terminal R. K. xst mort., 5 per cent., due Feb., 1932, Feb. and Aug 875,000

Sharon Steel Co. xst mort., 5 per cent., due Oct., 1940, April and Oct 821,000

" " col. trust mort., 5 per cent., due June, 1941, June and Dec 885,000

Union Railroad Co. ist mort., 5 per cent., due Sept., 1946, March and Sept 3,000,000

W. Decrees Wood Co. mort., 5 per cent., due May, 1910, May and Nov 3,000,000

See also separate statement of the Tennessee Coal, Iron & RailroadCo. for its funded debt.

The total funded debt December 31, 1907 (including the bonds of the controlled railroads and those of the Tennessee Coal, Iron & Railroad Co.) held by the public was $600,185,370. At that date there were also real estate mortgages and purchase money obligations amounting to $5,393,941.

On December 31, 1907, there were in the company's treasury, subject to sale, bonds and other securities aggTe|;ating a pair value of $10,333,000. The company had $30,000,000 of the 10-60 5 per cent, sinkmg fund bonds in its treasury, but these were used in November, 1907, to pay for the purchase of the Tennessee Coal, Iron & Railroad stock. The total amount of the bonds used in that transaction was $35,317,633, the balance in excess of the $30,000,000 held by the company being bought in the market.

The collateral trust 5 per cent, bonds, due 1951, are $304,000,000, authorised, secured by the deposit with the United States Trust Co., New York, of all the securities of the constituent companies acquired by this corporation. Series A, C and E of the bonds, aggregating $154,000,000, can be called at 1x5 in whole or part after April i, 1911. A sinking fund of $3,040,000 per annum began June i, ipo3, to purchase bonds at not above 115 and interest, and after April i, 1911, bonds of the series mentioned above may be dravm for the sinking fund. The purpose of the bond issue was to acquire and retire the $159,450,000 5 per cent. of the Carnegie Co. and to ptnchase the stock of that company. Coupons of the collateral trust 5 per cent, bonds, due 1951, are payable at the office of J. P. Morgan & Co., New York.

In March, 1903, it was announced that the corporation would issue $350,000,000 of 5 per cent, bonds with which to retire 40 per cent., or $200,000,000, of its preferred stock and to provide

8o8 THE MANUAL. OF STATISTICS

$50,000,000 of additional working: capital. Suits were, however, brought to enjoin this pIsA. and it was not until Februaiy, 1903, that the Court of Errors and Appeals of New Jeraej fioaJly dedded in favor of the coiporaUon.

On March 3, 1903, J. P. Morgan & Co., New York, acting on behalf of the corporation, submitted the following offer to every holder of preferred stock of record at the cke of hiiiinf March x6, 1903, and during sixty days from ana after that date :

(i) The preferential opportunity to subscribe, at for ten sixty-year 5 per oent. waking fund gold bonds of the United States Sted Corporation, in such even amounts (/ . $500 or multiples thereof) as such holder of preferred stock may desire, in the aggregate not f nrrifiin $900,000,000, nor in any instance exceeding 40 per cent, of the par amount of me piefcsicd stock standing in the name of such holder of preferred stock at the closing of the books on March 16, 1903. Such subscription to be payable in preferred stock of United States Steel CocporaiioB at par : that is to say, five shares ot such preferred stock for each $500 of such bonds ; uid also.

(a) The like opportunity to make an additional subscription, payable in cash, for books of sack issue, at par and accrued interest, to an even amount approximately equal to 10 per cent, of the par amount of the preferred stock standing in the name of such preferred stockholder on Maxch t6,

Under the terms of this plan $150,000,000 of the preferred stock was retired. See below is regard to the bond issue and the arrangements between the corporation and the syndicate wfakk was formed to facilitate the conversion.

The ad mortgage 10-60 year 5 per cent, bonds, due 1963, are subject to call at iio i X913, the total authorised issue being $aso,ooo,ooo. Trustee of the mortgage. United S Trust Co.. New York. Coupons are paid at the office of J. P. Morgan & Co., New York. The

original plan included the issue of $aoo,ooo,ooo of the bonds against the conversion of that fc..,„— of preferred stock, as stated above, and the sale of $50,000,000 at par for cash to provide far improvements and additional working capital. A syndicate managed by J. P. Morgan & Co-. New York, was formed to underwrite the preferred stock conversion up to $80,000,000 as a minimum, and also to guarantee the subscription for $ao,ooo,ooo of the bonds to be sold for ca The compensation to the syndicate was to be 4 per cent, on all bonds issued. In November, ig it was announced that the contract between the corporation and the syndicate had been canoe beyond the amount of $150,030,000. Under this arrangement the bonds sold for cash at par aggregated $ao,ooo,ooo, ana bonds issued against stock converted $ 150,000,00a There were $30,000,000 bonds (the balance of the $50,000,000 which were to be sold for cash) left avaflafale for future sale, and which remain in the treasury. Also $50,000,000 (the balance of the $aoo,ooo,ooo which were to be exchanged for preferred stock) left available for such exchaagc. and to be dealt with in the future as the directors determine. It was, however, stated that it was not the intention of the corporation to make immediate conversions of the prefened stodE.

Under these arrangements the amount of the 5 per cent, sinking fund and ad mortgage bonds issued was $170,000,000, and the preferred stock outstanding was reduced from $5104,10010 $360,381,100.

On December 31, 1905, the sinking fund trustees held $19,903,000 of the bonds of this company and its subsidiary organisations. On December 31, 19061, the amount so held was $34,767,500, the trustees at that date also holding $397,387 cash in the sinking fund. On Deoani> ber 31, 1907, bonds held, cash $444,300.

The Union Steel Co. ist mortgage was created in 1003 and is $45,000,000 anthoriaed. Trustee of the mortgage, New York Trust Co. Principal and Interest is guaranteed by the United States Steel Corporation. There is a sinking fund of 3 per cent, of the amount of the bonds each year, bonds to be purchased at not above 1x0 after 1907, the bonds to be : ' at xio and interest.

Under the arrangement for the acquisition of the Clairton Steel Co. in 1904, the Unitad 2 Steel Corporation guaranteed the Clairton Steel Co. 5s, the St. Clair Steel Co. xst 5sand the Sc Our Furnace Co. ist 5s. It also assumed $1,666,7x5 of real esute mortgages on the above propesiia>

See statements of the Elgin, Joliet & Eastern Railway ; the Pittsburg, Beasemer & Lalce Em Railroad; the Duluth & Iron Range Railroad, and the Duluth, Miasabe & Northeni RaiK road, under their respective titles in the Railroad Section of the Manual, for their funded debts.

The operations of the company began April x, X90X, but it was determined later that tlK corporation's fiscal year, instead of terminating April i, should correspond with the

Earnings

Gross earnings $444,405,430 $S5*33h73 $696,7,936

Operating expenses 353*637,315 440,0x3,433 5Q466.7n

Balance $90.778 i5 $i453x8.304 $x79,67a,97i $193,847,991

Miscellaneous income 796,838 8,790,939 3,366309

Manufacturing income. $9S74l953 $148,076,937 $x83,463,89i $i96ii4.o

Industrial Sbcuritibs

Earnings—

Other income $3,960,111

Total income. $94i5

General expenses and taxes 14,7

Balance $79*749,668

Interest charges, sub. co's 6,573,146

Balance

Profits sub. co's. not realised.

Depreciation and sinking funds. . . 14,157.337

Balance. $S9,o9,i94

Interest and s. f. U. S. Steel Cor. . 27,568,99a

Charged off for adjustments

Balance $31,450,901

Preferred dividends

Balance.

Common dividends.

Xq06 $5,308,943

xgo7 $6,482,740

P6,23i,i 1,183,

Balance

Charged off

Surplus $5,047,853 $43,365,815 $62,742,850 $69,179,836

Out of the surplus for 1905 there was appropriated on account of expenditures made and authorised for additional property and construction $16,300,000 and $10,000,000 was specifically set aside for contemplated appropriations and expenditures, making the net surplus for the year $17,065,815. In 1906, $28,500,000 was appropriated for additional properties and constructions and $21,500,000 was specifically set aside for the construction of the new plant at Gary, Ind., leaving a net surplus for the year of $12,742,859. In 1907, the item "other income" includes the net profits of the Tennessse Coal, Iron & Railroad Co. for two months.

Balance Sheet, December 31, 1907

Prtmerty account $1,445,823,450

Deferred charges to operation . .

fund

Sinking and

Investments

Inventories

Accounts receivable

Bills receivable

Agents* balance

Sundry stocks and bonds,

Loans on collateral

Cash

Total $1,758,113,013

Liabilities

Common stock $508,102,500

Preferred stock 360,281,100

Capital stock sub-companies not held by U. S. Steel Corp 761,810

Bonded debt 600,185,270

Mortes and purchase money obligations of sub-companies 5,393,941

Accounts payable and payrolls. 22,506,488

Bills payable, Tennessee Coal, Iron & Railroad Co 1,052,747

Deposits due employees and

others i,057495

Accrued taxes 3,736,747

Accrued interest and unpresented coupons 7,863,913

Preferred stock dividend, payable February 28, 1908 6,304,919

Common stock dividend payable March )o, 1908 $3,541,512

Sinking and reserve funds 83,975,347

Bond sinking funds, with accretions 31,503 976

Undivided surplus U. S. Steel Corp. and sulxompanies. . . . 122,645,243

Total $1,758,113,013

8io

The Manual Of Statistics

Monthly Net Earnings from January i,

January $8,901,0x6

Febniaxy 7678,583

March 10,135,858

April 12,320,766

May 13,120,930

June 12,220,363

July 12,041,914

August 12,972,729

September 11,930,847

October 12,652,707

November 10,686,906

December 8,646, 146

12,744,324 12,992,780 12,384,647 10,918,174 9, '20,134 7,675,141 4,069,901 3,292,140

1Q04 $3,868,212 4,540,672 6,036,346 6,8832 6,256,518 6,370,374 6,344,770 6,203,957 6,226,203 7,250,204

3,8i9.839 13,581.901 14,041,601

$13,838,703 13,145,814 M. 137.973 14,600,037 16,096.833 14,846,034

i7o$2.MC 10467,353 5,014,738

Total... $133,308,764 $109,171,153 $73,176,531 $119,787,658 $156,634,273 $'60,564,673 Quarterly Net Earnings for Five Years

ist quarter $35,068,707 $15,445,232

ad quarter 36,643,308 10,490,735

3d quarter 32,423,955 i8,773,932

4th quarter 1 5,037, 183 31 ,466,633

30,305, "6 40,135,033 45-503.70*

Total for year $109,171,153 $73,176,521 $119,787,658 $156,634,373 $160,964,60

Unfilled orders on the books of the subsidiary companies have been as follows at the named:

June 30, 1903

September 30, 1903.. December 31, 1903 . .

March 31, 1903

June 30, 1903

September 30, i9P3- December 11, 1903 .

March 31, 1904

June 30, 1904

September 30, 1904. December 31, 1904 . . March 31, 1905

Tons

June 30, 1905

September 30, 1905 . , December 31, 1905 ..

March 31, 1906 ,

June 30, 1906

September 30, 1906., December 31, 1906..

March 31, 1907

June 30, 1907

September 30, 1907. December 31, 1907 . ,

586s,3n 7,605.086 7,018,713 6,8091589 7.936.8B4 7.603.W 6,435,006 4,604,553

By its articles of incorporation the corporation is empowered to manufacture iron, steel, ganese, coke, copper, lumber and other materials, and all articles consisting or partly of iron, steel, copper, wood or other materials, and all or any products thereof.

To acquire, lease, or occupy, use or develop any lands containing coal, iron, manganese, or other ores, oil or wood lands, to mine and buy and sell these or other materials, and to coi bridges, buildings, machinery, ships, boats, en|[ines, cars and other equipment, railroads, docks slips, elevators, water, gas and electric works, viaducts, canals and other waterways. It is sbpe> lated, however, that the corporation shall not maintain or operate any railroad or canal in New Jeney.

The corporation is also empowered to acquire and deal in trade marks, trade names, patents, '

tions, improvements, processes, etc., and to acquire and deai in stocks, bonds and other of other corporations engaged in the acquisition, manufacture and sale of the products

The corporation is also empowered to in other manufacturing, mining, transportation business of any kind or character whatsoever, and to that end to acquire, deal in lotf dispose of all property, assets, stocks and bonds, and rights of anv and every lund. trat engage in any business hereunder which shall require the exercise of the right of eminent within the State of New Jersey.

The corporation also may acquire by purchase, subscription or otherwise, and hold or stocks, bonds or other obligations of any corporation formed or engaged in the objects or indicated. The corporation may hold for investment the securities or obligations of any corporation and also aid in any manner any corporation whose obligations are held or by this company. .

The corporation may conduct its business in any other States or Territories or foreign may have more than one office, and keep the books of the corporation outside of New Jetwv, t as otherwise may be provided by law, and it also may have real estate transactions eitlMBr in of the Sute.

ol.

Industrial Securities 81 1

Without in any particular limiting: oi the objects and powers of the corporation, it is provided that the corporation shall have power to issue bonds and other obligations in payment for property purchased or acquired, or for any other object in or about its business ; to mortgage or pledge stocks, bonds or other obligations of any property which may be acquired by it to secure obligations issued or incurred, to guarantee dividends, bonds or contracts, and to make or perform contracts of any description.

It is provided that the numlxr of directors may be increased from time to time as fixed, but if fixed at more than three, by some multiple of three. Directors are to fill one, two and three-year terms.

The directors are authorised to ddegate their powers to an executive committee. The board ' has the power to fix and determine the amount of working capital and to direct and determine the use and disposition of any surplus and net profits over and above the capital stock paid, and to folkiw out other transactions providedand allowed by law.

By an amendment to the articles of incorporation the corporation accepted the benefit of the New Jersey statute providing that two-thirds of the stock represented at an annual or special meeting' may authorize the directors to create mortgages or pledge the assets of the company.

Chairman, Elbert H. Gary, New York. President, William E. Corey, New York, ist Vice- President, James Gayley, New York, ad Vice-President, William B. Dickson, New York. General Counsel, Francis Lynde Stetson, New York. Secretary and Treasurer, Richard Trimble, New York. Comptroller, William J. FUbert, New York.

Directors

For One Year Ending 1909 For Two Years Ending 1910 For Three Yean Ending 191 1

Robert Winsor, Boston. J. Pierpont Morgan, New York. Marvin Hughitt, Chicago.

Charles Steele, New York. Henry H. Rogers, New York. Daniel G. Reid, New York. William H. Moore, New York. Thomas Morrison, Pittsburg. John D. Rockefeller, Jr., New Norman B. Ream, Chicago. Elbert H. Gary, New York. York.

Peter A. B. Widener, Phila- George W. Perkins, New York. George F. Baker, New York.

delphia. Edmund C. Converse, New York. Nathaniel Thaver, Boston.

James H. Reed, Pittsburg. James Gayley, New York. Clement A. Griscom, Phila-

Henry C. Frick, Pittsburg. Henry Phipps, New York. delphia.

William Edenborn, New York. William E. Corey, New York.

John F. Dryden, Newark, N. J.

Finance Committee— Elbert H. Gary, Chairman. Henry H. Rogers. Norman B. Ream. Peter A. B. Widener. George F. Baker. Henry Phipps. Henry C. Frick. George W. Perkins. William E. Core, ex-officio.

Corporate office, 51 Newark street, Hoboken, N. J. New York office, 71 Broadway. Fiscal Agents, J. P. Morgan & Co., New York. Annual meeting, third Monday in April, at Hobokeo.

Uhited Tractiom A Electric Co.

A corporation formed under the laws of New Jersey in 1893.

The company controls 370 miles of electric railway, including all street railways in the dties Providence and Pawtucket, R. I., and surrounding towns. It ownall the stock of the Rhode Island Suburban Railway Co. and owns practically all the stock and bonds of te Union Railroad Co. and Pawtucket Street Railway Co., and the stock of the Providence Cable Tramway Co.

In 1903, the properties controlled bv this company were leased for 999 years to the Rhode Island Co., which is owned by the Rhode Island Securities Co. The rental is a sum sufficient to pay fixed charges and 5 per cent, on the stock of the United Traction & Electric Co. The renal was guaranteed by The United Gas Improvement Co. until such time as $4,000,000 should have been spent on the properties for improvements.

In December, 1906, control of the Rhode Island Securities Co. was acquired by the New York, New Haven & Hartford Railroad Co. and transferred to the Providence Securities Co. See statements of the latter. Stock Par $zoo Authorixed, $8,000,000 Issued, $8,000,000

Transfer Agent, Providence Banking Co., Providence. Registrar, Union Trust Co., Providence.

Dividends on the stock at the rate of 2 per cent, per annum were paid from July, 1897, to January, 1899, then 4 per cent, per annum was paid until October, 190a. when the quarterly rate was increased to per cent., or 5 per cent, per annum, which has since been the rate, the dividend periods being January, April, July and October.

Funded Debt i8t collateral trust mort., 5 per cent., due March, 1933, March and Sept $8,894,000

8ia THE MANUAL OP STATISTICS

Funded Debt— Controlled Company Rhode Island Suburban Ry. ist mort., guar. 4 per cent, due Jan., 1950, Jan. and July. $4,681,000

The authorized amount of the United Traction & Electric mortga $9LOOo,ooa Tbe bonds are secured by deposit with trustee of all the bonds and stocks of the Union Railroad Ca; all the stock of the Pawtucket Street Railway Co., and 3,998 shares of a toUl of 3,000 dares of the Providence Cable Tramway Co. Trustee of the mortgat;e and ant for the pajment of interest, Central Trust Co., New York.

The Rhode Island Suburban Railway xst mortgage is for $5,000,000, and is guaraotced pmdpal and interest bv the United Traction & Electric Co. Trustee, Union Trust Co., Prcmdcaoe. Interest is paid at the railway company's office, Providence. There are reserved in the bands of the trustee $318,000 to take up the $347,800 5 percent ztt mortgage bonds of the Pawtucta Valley Electric Street Railway Co. and $70,000 6 per cent bonds of the Cumberland Stres Railway Co.

President, Benjamin A. Jackson, Provklence, R. I. Vice-President, Arthur H. Wstaoa, Providence. Secretary and Treasurer, Cornelius S. Sweetland, Providence.

Main office. Providence, R. 1. Annual meeting, second Tuesday in February, at Jcncy City

UKirEO TRMCTIOK CO.

ALBANY. N. Y. (Controlled by The Delaware & Hudson Co.)

Owns and operates the entire street railway system of Albany, Tronr and intennediate ptaai Total operated, 85 miles. The company is a consolidation, in 189 of the following oompenifs : The Albany Railway Co. Troy City Railway Co.

Watervliet Turnpike & Railroad Co.

The company operates under lease the following companies : The & Lansingburgh Railroad Co. Lansingbureh & Cohoes RaBrond Cow

Troy & Cohoes Raikoad Co. Waterford & Cohoes Railroad Co.

Cohoes Railway Co. The Capitol Railway.

In 1906, the company obtained control of the Hudson Valley Railway Co. See sepsis statement of that company.

The company obtains power under contract with the Hudson River Electric Co. Stock Par $100 Authorised, $z3,ooo,ooo Issued, $i3,soo,so

Stock is transferred at the office of the company, Albany, N. Y. Registrar, National Cc0-mercial Bank, Albany.

In January, 1906, all of this company's stock was acquired by The Delaware & Hudson Ca In January, 1907, the authorised stock was increased from $5,000,000 to $13,500,000 to provide for the acquisition of the Hudson Valley Railway Co., the outstanding stoic bein increased $7,500,000 for this purpose.

Dividends on the stock were paid quarterly, in February, May, August and November. Tkt first quarterly dividend was per cent.. May i, 1900, and divided<& of that amount or5p cent per annum, was regularly paid until February, 1907, inclusive. The dividend periods weic then changed to semi-annual, and 2 per cent, was paid in July, 1907, and January, 1908.

Funded Debt

United Traction Co. debenture bonds, per cent., due 1919, May and Nov $45&(>

consolidated mort., per cent, due 3004, Jan. and Dec 1,339.000

Albany Railway consolidated mort., 5 per cent, due Jan., 1930, Jan. and July 428,000

" " general mort, 5 per cent., due June, 1947, June and Dec 490°

" 5th mort., 5 per cent., due Sept, 19T3, March and Sept 32,000

Watervliet Turnpike & Railroad ist mort., 6 per cent., due May, 1919, May and Nov. . 3501.000

2d mort., 6 per cent., due May, 1919, May and Nov... x50iODS

Troy City Railway xst mort., 5 per cent., due 1943, April and Oct 3,000,000

Interest on the United Traction per cent, debentures is paid at the National Conmcrdil Bank, Albany.

The United Traction consolidated mortgage, created in 1904, is for $6,500,000. Trustee aod agent for the payment of interest. Central Trust Co., New York. There were $4,341,0000/ bonds reserved to retire prior Hens and $3,359,000 for improvements, etc

Trustee and agent for the payment of interest on The Albany Railway mortgage and tte Troy City Railway bonds. Central Trust Co., New York.

Industrial Securities 813

Earnings

Year ending June 30

Grow Net Charges Surplus

'904-05 1,714,849 639,740 345.a3a a93.5o8

'9P5-0O 11765.334 669,076 347.079 333.005

In the fiscal year 1901-09 the deficit, after the payment of dividends on the stock, was $47,396, and in i909-q3 $1,678 ; in 190.1-04. diviHendu $940,997 : surplus, $43.799 ; in 1904-5. dividends. $940,907: sitrphiA. $t.M; in 1905*06, dividends, $949,980; surplus, $79,095; in 1906, dividends, $187,485 ; surplus, $393,978.

President, Leonor F. Loree, New Yorlc. Vice-President, C. S. Sims, Albany, N. Y. 9d Vice-President W. H. Williams, New York. SecreUry and Treasurer. James McCredie, Albany. Comptroller. W. H. Davies, Albany. General Manager, Edgar S. Fassett. Albany.

Directors— Cornelius F. Bums, Troy, N. Y. Lewis E. Carr. Albany, N. Y. Axel Ekstrom, Albany. Edgar S, Fassett. Albany. George P. Hutton, Albany. Ieonor F. Loree, New York. William S. Opdyke, New York. Cliflford S. Sims, Albany. W. H. Williams, New York.

Main office, 598 Broadway, Albany, N. Y. Annual meeting, third Monday in June, at Albany.

Ukiteo Trmctiom Co. Of Pittsburg

(Controlled by Philadelphia Company and Operated by Pittsburg Railways Co.)

A corporation formed under the laws ot Pennsylvania July 97, 1896. The company in 1897 purchased the Second Avenue and the North Side Traction Companies in Pittsburg and Allegheny City, Pa. It leases the Pittsburg & Birmingham Traction Co., Ben- Avon & Emsworth Street Railway Co., Allegheny, Bellevue & Perrysville Railway Co. and the Pittsburg & Charleroi Street Railway Co. The Federal Street & Pleasant Valley Railway is leased to the North Side Traction Co. In 1899, control of this company was acquired by the Philadelphia Company, which owns $16,999,987 of the common stock. See statement of that company.

The roads comprise 117 miles. In 1909, the Pittsburg Railways Co. took over the properties, agreeing to pay 5 per cent, per annum on the preferred and i per cent, on the common stock.

There is also $650,000 stock of the Federal Street & Pleasant Valley Railway, par value $95, not owned by this company on which 5 per cent, per annum is paid.

The preferred stock is per cent., cumulative. Transfer Agent, Union Trust Co., Pittsburg. Registrar, Fidelity Title & Trust Co.. Pittsburg.

Dividends on the preferred stock are paid semi-annually, at the rate of per cent, each, in January and July. Banning January, 1903, per cent, has been paid on the common stock semi-annually in Januaiy and July.

Funded Debt

United Traction gen. mort., 5 per cent., due July, 1997, Jan. and July $4,750,000

Allegheny & Bellevue xst mort., due Nov. 1990, Jan. and July 93,000

Allegheny, Bellevue & Perrysville ist mort. , 5 per cent., due April, 1935, April and Oct. 500,000

Allegheny Street Railway, ist mort., 5 per cent., due 1990 34,000

Ben-Avon & E. St. Railway, xst mort., 5 per cent., due April, 1936, April and Oct. 300,000

Braddock & Turtle Creek ist mort., 6 per cent., due April, 191 1. April and Oct 50,000

Charleroi & West Side xst mort., 5 per cent., due Sept., 1999, March and Sept 75,ooo

Federal St. & Pleasant Val. cons, mort., 5 per cent., due May, 1949, Jan. and July. . 1,050,000

" " mort., due July, 1919, Jan. and July 89,000

Perry Street Passenger Ry. ist mort., 5 per cent., due Nov.. 1990. Jan. and July 4.000

Pittsburg, Al. & Man. Traction Co. xst mort., 5 p. c, due Oct.. 1930, April and Oct.. 1,500,000

Pittsburg & Charleroi xst mort., 5 per cent., due May, 1939, May and Nov 9,495,000

Second Avenue Pass. Ry. gen. mort., 5 per cent., due July, 1909, Jan. and July x9o,ooo

Second Avenue Traction mort., 5 per cent., due July, 1933, Jan. and July 300,000

Second Avenue Traction mort., 5 per cent., due Dec., 1934, June and Dec 9,030,000

Troy Hill Passenger Ry. Co. ist mort., 5 per cent., due Nov., 1990, Jan. and July. . 41,000

Total — $13,991,000

The United Traction general mortgage is for $10,000,000, of which $5,950,000 is reserved to retire underlying bonds. Trustee, Maryland Trust Co., Baltimore.

'4 The Manual Of Statistics

President, James D. Gallery, Pittsburg. Vice-President, J. H. Reed, Pittsbun.

Winfield B. Carson, Pittsburg. Treasurer, C. J. Braun, Jr., Pittsborg. Auditor, C. S. MicdkeL, Pittsburg.

Directors— James D. Gallery, Pittsburg. Winfield B. Carson, Pittsburg. C. S. Mitckefl. Pittsburg. J. H. Reed, Pittsburg. S. L. Tone, Pittsburg.

Main office, 435 Sixth avenue, Pittsburg. Annual meeting, second WedneKUy in October. M Pittsburg.

Uiiht£D ¥Erde Copper Co.

A corporation formed under the laws of West Virginia, September 11, 1899. The miiMB aad works of the company are located at Jerome, Arix. Stock Par $10 Authorised, $3,000,000 Issued, $j,oaaooc

Stock is transfemn] at the office of the company, New York.

In XQ03, the company paid six dividends of 75 cents per share each, the jmyments benug ia April, May, June, August, October and November, respectively. In 1904, the diwkiends also 75 cents each and were 7 in number, pakl in January, February, March, April, Jok. September and November. In 1905, paid 75 cenU each in January, March, April, May, Jooe. Jiily. October, November and December. In 1906, and in 1907, paid 75 cents each month, or S9 for the year, being at the rate of 90 per cent

Funded Debt income bonds, 4 per cent., due Sept. 30, 1949, April and Oct $3,399.0

The total authorised amount of the income bonds is $3,000,000. Interest is paid ai the ofioe of the company. New York.

President, William A. Clark. Butte, Mont. Vice-President, James A. MacdooakL New Yort. Secretary, Pierre V. C. Miller, New York.

Directorfr-Philip D. Atwater, New York. Charles W. Clark, San Mateo, CaL Wilhaa A. Clark, Butte. James A. Macdonald, New York. Pierre V. C. Miller, New York.

Main office, Jerome, Arix. New York office, 49 Wall street. Annual meeting, third Monday in February, at New York.

U. 5. Bobbik 1 Shuttle Co.

A corporation formed under the laws of New Jersey, July 31, 1899. The company and operates the bobbin manufacturing plants of the following

The James Baldwhi Co., Manchester, N. H. William H. Parker & Sons, Lowell,

Fall River Bobbin & Shuttle Co., Fall River, L. Sprague Co., Lawrence, Maaa.

Woonsocket Bobbin Co., WooDaocfcec, R. L T. J. Hale, Lawrence, Mass. James Baldwin, Lewiston, Me.

Frank Parker, Lowell, Mass.

The establishments in question do about 85 per cent, of the bobbin bustnea of the oountiy.

The preferred stock is 7 per cent., cumulative, and has a preference as to Agent, Corporation Trust Co. of New Jersey, Jersey City.

Dividends at the rate of 7 per cent, per annum have been paid on the preferred stock since the formation of the compgmy, the dividend payments on the preferred being lU per cent, qoartcfh. in February (i), May, August and November. The first quarterly dividend on the common was per cent, quarterly, paid Februaiy i, 1901, and quarterly dividends were paid at that rate, or 6 per cent, per annum, in February, May, August and November, until 1902, inclusive, since whkli time they have been 4 per cent, per annum or i per cent, quarterly. In November, 191 6 and 1907, extra dividends of i per cent, each was paid on the common stock.

President, William H. Pernr, Providence, R. I. Vice-President. Luther G. Baldwin, Piovidence. SecreUry, George H. Wilson, Providence. Treasurer and General Manager, H. Mark Brown, Providence.

Directors— James F. Baldwin, Manchester, N. H. Luther C. Baldwin, Providence. P. Brown, Providence. H. Martin Brown, Providence. Frederic C. Church, Lowell, iCw. George B. Hanford, Orange, N. J. Arthur L. Kelley, Providence. George L. Nkhoia, Nev York. William H. Perry , Providence.

Main office, Butler Exchange, Providence. Annual meeting, second Wednesday in Oaofas. at Jersey City.

Industrial Securities 8'S

Utah Apex Kihimg Co.

A corporation formed under the laws of Maine in 1902. The company owns a copper property at Bingham, Utah, comprising about x6o acres, adjoining the Highland Boy and Yampa mines. The mine is being developed on extensive scale.

Stock Par $5 Authorixed, $3,000,000 Issued, $3,625,000

The stock is full paid and non-assessable. Stock is transferred at the office of the company, Boston. Registrar. Federal Trust Co., Boston.

Stockholders of record February ao, 1906, had the right to subscribe at $6 per share for $135,900 of new stock in the proportion of 5 per cent, of their holdings of old stock.

President, E. R. Hastings, Boston. Treasurer and Managing Director, John W. Home, Boston. Secretary, I. W. Dyer, Portland, Me,

Directors— Henry R. Bradley, Bangor, Me. Edgar G. Gubbins, London, Eng. E. R. Hastings, Boston. John W. Home, Boston. Thomas J. Knight, London. Cowley Lambert, London. Charles A. Morse, New York. A.J. Orem, Boston.

Corporate office, Portland, Me. Boston office, 53 Tremont street. Annual meeting, second Tuesday in September, at Portland.

Utah Consolidated Mining Co,

A corporation formed under the laws of New Jersey, 190a. The company was organised to acquire and take over the property of the Utah Consolidated Gold Mines, Limited, an English corporation. The latter was the successor of the Sevier Gold Mines, Limited. The property acquired consisted of all the property of the Highland Boy Gold Mining Co. The latter has mines near Bingham, Utah, consisting of 31 claims, with mill, smelter and other improvements. The ore carries gold, silver and copper.

The Utah Consolidated Gold Mines, Limited, had j3oo,ooo stock, the par value of the shares each. A large proportion of the stock of the English company was deposited with the Intemational Trust Co., Boston, which issued certificates or receipts against the same. These certificates were listed at the Boston Stock Exchange and were traoed in the market at that city. The stock of the Utah Consolidated Gold Mines, Limited, was on the formation of this company exchanged share for share for the new stock.

In January, 1908, the company made a contract with the American Smelting & Refining Co. for the treatment of 300,000 tons of ore for a vear with option to continue it for another year.

Stock par $5 Authorised, $1,500,000 Issued, $1,500,000

Transfer Agent, Intemational Trust Co., Boston. Registrar, Old Colon v Trust Co., Boston.

In 1903, dividends amounting to $3 per share were paid on the companys stock. In 1904, $3 per share was also paid, the dividends being semi-annual, $1.50 each in January and July. The company also paid $1.50 per share in January, 1905, $2 in July, 1905, $2.50 each in January and July, 1906; $3 in January, 1907, and $1.50 April 15, 1907; $1.50 in July, 1907; $z in October, 1907 ; it being decided to change to quarterly dividends.

In 1903, the net earnings were $1,038,636; dividends, $900,000; balance surplus, $138,636. In 1904, gross, $2,881,531; net, $1,164,348; dividends, $900,000; balance surplus, $264,348. Iri 1905, net, $1,887,385; dividends, $1,350,000; balance surplus, $537,385. In 1906, net, $2,835,008; dividends, $1,500,000; balance surplus $335,008. Total surplus December 31, 1906, $510,144.

President, Urban H. Broughton, New York. Vice-President, Adolph Lewisohn, New York. 3d Vice-President, T. L. Herrman, New York. Secretary and Treasurer, F. P. Addicks, New York.

Directors— Urban H. Broughton, New York. T. L. Herrman, New York. C. N. King, Jersey City. Adolph Lewisohn, New York. James Phillips, Jr., Boston.

Corporate office, Jersey City. Main office, 43 Broadway, New York. Annual meeting, third Tuesday in April, at Jersey City.

The Utah Copper Co.

A corporation formed April 30, 1904, under the laws of New Jersey. The company has a copper mining property at Bingham, Utah, which has been developed on an extensive scale, with smelters, power plant, etc. At the end of 1907, its production was stated to be at the rate of 3,000,000 pounds of copper per month and was to be increased to 5,000,000 pounds per month. The Guggenheim Exploration Co. has a large interest in the stock of this company. Stock Par $10 Authorized, $7,500,000 Issued, $6,597,500

The Manual Of Statistioj

In January, 1908, the authorized slock was increased from $6,000,000 to $7,500,000. iV additional amount being to provide for conversion of the convertible bonds aathorised at the same tune.

Stock is transferred at the office of the company, New York. Transfer AgCQt, An Trust Co., Boston. Registrars, Morton Trust Co., New York, and City Trust Co., T

Funded Debt ist mort. convertible, 6 per cent $r,50o,oaD

The ist mortgage was authorized in January, 1908, for $1,500,000, and offered to tlie stockholders. The bonds are convertible into stock at $20 per share, at the option of the holder.

The total income for the year ending June 30, 1907, was stated to have been $365,665, aad the amount credited to surplus for the year. $295,129.

President, C. M. McNeill. Vice-President, D. C. Jackling. Secretary and Treaaofer. Spencer Penrose.

Directors— John Hays Hammond. J. D. Hawkins. Charles Hayden. D. C. Jacklinc- Kenneth K. McLaren. C. M. McNeill. Spencer Penrose. W. B. Thompson. E. A. WalL

Corporate office, 15 Exchange place, Jersey City. Main office, 71 Broadway, New York-

Uticm 1 Mohawk ¥Mlley Railway Co.

A corporation formed under the laws of New York, November 37, 1901. The company is a consolidation of the following companies :

Utica Belt Line Street Railroad Co. Herkimer, Mohawk, lUon & Frankfort Elec-

Utka & Suburban Railway Co. trie RaUway Co.

Utica & Mohawk Railroad Co. LitUe Falls ft Herkuner Street Railway Co

Frankfort & Utica Street Railway Co. Rome City Street Railway Co. Deerfield & Utica Railroad Co.

The company owns and operates the entire street rallvray system of Little FaUs, Herkinv', Ilion, Frankfort, Utica, Clinton and Rome, N. Y., and intermediate villages, a toul of 124.93 miles, including 17.99 miles leased. The Rome City Street Railway Co. was merged with this company in 1907.

In 1904, the New York Central & Hudson River Railroad Co. obtained a controIliBi in in this company, which, with similar interests in other traction lines in New York State, is in the Mohawk Valley Co.

The preferred stock is 5 per cent., non-cumulative. Transfer Agent, North American Tnai Co., New York. Registrar, Colonial Trust Co., New York.

A dividend of 5 per cent, was paid on the preferred stock, December, 31, 1906. In 1907. paid 5 per cent. On the common stock 4 per cent, was paid in December, 1907.

Funded Debt

ist mort. and refunding per cent, gold, due 1941, March and Sept $a,a6B,aao

Utica Belt Line Street R. R. 1st mort., 5 per cent, gold, due 1939, Marcn and Nov 500,000

" ad mort., 5 per cent, gold, due 1931, Jan. and July 39ooo

Herk., Mohawk, Ilion & Frankfort Elec. Ry. ., 5 p. c, due 1925, Jan. and July.. 150,000 Rome City Railway ist mort., due April, 1950, April and Oct 300,000

Total $3, i57.aac

The authorized amount of the xst mortgage of the Utica & Mohawk Valley Railway Col is $4,000,000, of which amount $689,000 is reserved to retire divisional liens and $1,043,000 to be held for future additions and improvements.

Trustee of the mortgage of the Herkimer, Mohawk, Ilion & Frankfort Electric Railway aed agent for the payment of interest. Farmers' Loan and Trust Co., New York. Trustee of aD the other bonds and agent for the payment of interest. New York Trust Co., New York.

Earninoa Year ending June 30 Gross

Net $168,431 278,059 387.9M

Charges $99,903

I67!845 177,460 180,090 183,981

o$.9iS 6B.M9

INDUSTRIAL SECURITIES 8i7

President, Horace E. Andrews, New York, ist Vice-President, John J. Stanley, Cleveland, ad Vice-President, W. K. Vanderbilt, Jr., New Yorlc. jd Vice-President and General Manager, C. L. Allen, Utica, N. Y. Secretary, Walter N. Keman, Utica. Treasurer, Charles B. Rogers, Utica.

Directors— Horace £. Andrews, New York. John Carstersen, New York. E. Devereux, Utica. Walter N. Keman, Utica. Charles B. Rogers, Utica. E. V. W. Rossiter, New York. James S. Sherman, Utica. John J. Stanley, Cleveland. W. K. Vanderbilt Jr., New York.

Main office, comer Catherine and Genesee streets, Utica, N. Y. Annual meeting, third Thursday in September, at Utkau

Utica Gas A Electric Co.

A corporation formed under the laws of New York, May xo, 1902. The company is a merger of the Utk:a Electric Light & Power Co. and the Equitable Gas & Electric Co. It controls the entire gas and electric light and power business of Utica, N. Y., and cities and villages in its vicinity, included in the property being extensive water power with plant at Trenton Falls and Dolgeville, N. Y. Electric light and power is transmitted from that point to Utica, a distance of xa miles. In June, 1907, the Heikimer County Light & Power Co. was merged with this company. Stock Par $100 Authorized, $a,ooo,ooo Issued, $a,ooo,ooo

Stock is transferred at the office of the company, Utica, N. Y.

Funded Debt

Refunding and ext. mort., 5 per cent., due July, 1957, Jan. and July $a,ooo,ooo

Utka Electric Ligfiat & Power ist mort., 5 per cent., due X950, Jan. and July i, 000,000

Equitable Gas & E. Co. xst mort., 5 per cent., due April, 1943, April and Oct. ,000,000

Total $4,000,000

The refunding and extension mortgage is dated Julv i, 1907, and is for $5,000,000, of which $3,000,000 is reserved to retire prior liens and floating debt. Trustee and agent for payment of interest. Central Trust Co., New York.

The xst morte of the Utica Electric Light & Power Co. is for $x, 000,000. Trastee, Trust Co. of America, New York. There is a sinking fund of i per cent, per annum, bonds to be bought in the market and not drawn.

The Equitable Gas & Electric ist mortgage is for $1,000,000. Trustee, Central Trast Co., New York.

For the year ending June 30, 1906, the company reported gross eamings, $575,305 ; net, $336,575. In the year ending December 3X, X907, gross, $773,728 ; net, $399,594. President, Anthony N. Brady, Albany, N. Y. Vice-President, WiUiam E. Lewis, Utica, N. Y. Secretary, M. JesM Brayton, Utica. Treasurer, George H. Stack, Utica.

Directors— William T. Baker, Utica. Samuel A. Beaidsley, Utica. Anthony N. Brady, Albany. M. Jesse Brayton, Utica. Winthrop Coffin, Boston. William E. Lewis, Utica. John F. Maynard, Utica. Charles B. Rogers, Utica. Charles S. Symonds, Utica.

Main office, 3x7 Genesee street, Utica, N. Y. Axmual meeting, first Monday in April, at Utica.

riCTORIA COPPER HIMIHO CO.

A corporation formed under the laws of Michigan, January x6, 1899. The company owns a copper mining property in Ontonagon County, Mich., consisting of over a,a8o acres. 1 here are over five miles of unclerground openings in the mine. There is a one-head stamp on the property and all other necessary equipment. The company owns a valuable water power on the Ontonagon River which has been developed by the construction of a hydraulic compressor having a capacity of 4,500 horse power, in compressed air, by which all the machinery at the mine and mill are operated. In X907, the production of the company was x, 307, 337 pounds of copper. Stock Par $35 Authorised, $3,500,000 Issued, $3,500,000

Up to January, X908, $X3 per share had been paid in on the stock. Stock is transferred at the office of the company, Boston. Registrar, First National Bank, Boston.

In 1907, gross eammgs, $338,963 ; net, $13,837, Assets above liabilliies December 31, 1907, $48,666.

8i8 THE MANUAL OP STATISTICS

President, Fred. H. Williams, Boston. Vice-President, Charles D. Hanchecte, Uaacodc, Mich. Secretaxy and Treasurer, James P. Graves, Boston.

Directors— Arthur W. Chesterton, Boston. James P. Graves, Boston. Charles D. Kancfaeas, Hancock. William F. Humphrey, Boston. Fred. H. Williams, Boston.

Main ofifioe, 53 State street, Boston. Annual meeting:, fourth Monday in Fefaraaxy. ai Boston.

The ¥Ictoria Rolling Stock Co. Of Oktario, Limited

A corporation formed under the laws of the Dominion of Canada in x88i for the purpo&e o.' owning and leasing railroad cars. Stock Par $5,000 Authorized, $a,ooo,ooo Issued, $6ao.oac

Stock is transferred by the Secretary of the company, Toronto.

The amount paid up on the outstanding capital stock in 1907 was $iao,ooo.

Dividends are paid semi-annually, June (1) and December. Dividends of la per cent. paid for the fiscal years ending February 15, 1902, 1903, 1904, 1905, 1906 and

Funded Debt Debentures $2,oooc

President, E. B. Osier, Toronto. Vice-President, Wilmot D. Matthews, Toronto. Secreuir. R. A. Smith, Toronto. Managing Director, H. C. Hammond, Toronto.

Directors — Duncan Coulson, Toronto. H. C. Hammond, Toronto. John S. Hendrie. Hamilton, OnL Wilmot D. Matthews, Toronto. E. B. Osier, Toronto. Henry PdOan. Toronto. D. R. Wilkie, Toronto.

Corporate and main office, ai Jordan street, Toronto. Annual meeting, first 'W'ednesdaj in March.

¥Irgiiiia-Caroliiia Chemical Co.

A corporation formed under the laws of New Jersey, September la, 1895. The company was formed to consolidate Southern manufactories of fertilizers, sulphuric add and Idndrea aitick It has acquired various establishments of this description from Baltimore, Md., to Florida together with a large amount of phosphate lands in South Carolina, Tennessee, Florida and Arkansas being the largest owner of phosphate in the world. In February, 1901, it acquired control of the Charleston Mining & Manufacturing Co. It also acquired a number of coma oil plants, and in 1901 bought a controlling interest in the Southern Cotton Oil Co., owning $9,995,000 of the latter's $10,000,000 of stock. The Texas properties of the Southcm C4.<tac Oil Co. were sold in 1905 to the Fidelity Cotton Oil & Fertilizer Co. The company has aa interest in the Einigkeit (Potash) Co.

This company also owns and operates large pyrites mines, producing a large portiofi of tiie pyrites used it in manufacturing sulphuric add, and in addition it hu various foreign properties and interests.

In August, 1003, dividends on the common stock were suspended on account of 'the increMe in the volume of its business, amounting to about 26 per cent., and the necessity of piofidiac additional working capital.

In connection with the above action, it was announced that the company had made arrange* ments with a syndicate formed by J. P. Morgan & Co., New York, by which the latter wtwU furnish $7,000,000, or such part thereof as should be needed for one year, at 6 per cent., with 1 commission, the loan to be made on the company's notes without security or collateral, all of which were paid in August, 1904.

The preferred stock is 8 per cent., cumulative, and has a preference in any distribtttkia ci assets. The amount of the authorized share capital was in July, x8 increased to $12,000,000 of each class, and in 1901 the common was increased to $38,000,000 in order to provide for the acquisition of the Southern Cotton Oil Co. and other properties. In May, 1904, the amhurwed preferred stock was increased from $12,000,000 to $30,000,000, and $6,000,000 of the increase was allotted to and subscribed for by the stodcholders of both classes at par to pay off AoazsB; debt and provide additional working capital. The remaining $a,ooo,ooo of unissued preferred can be issued only at the rate of $400,000 per annum, unless otherwise ordered by a vote of the stockholders.

Transfer Agent, New York Trust Co., New York. Registrar, Morton Trust Co., New Yoet

The payment of the regular quarterly dividends of a per cent, on the preferred stock of ikb

company bean January 15, 1896, and have since been paid each quarter, in January (15), ApnL

Industrial Sbcuritibs 819

fuly and October to March, 1908, inclusive, which was the fiftieth consecutive dividend paid on he stock.

The pajnnent of 4 per cent, dividends on the common stock began December i, 1896, and i ler cent, was paid each quarter since, in March (i), June, September and December. The June, 902, dividend was increased to per cent., which was the regular rate until it was decided o suspend the September, 1903, dividend, and no dividends on the common have since been Mud.

Funded Debt Collateral trust, 5 per cent., due Oa., 191a, April and Oct . . $5,000,000

The collateral trust bonds were issued in 1902 to provide working capital and pay for acquisitions. They are secured by $9,881,300 of Southern Cotton Oil stock and $2,319,200 stock the Charleston Mining & Manufacturing Co. They are subject to call at 105 on any interest iate, and beginning in 1904 have a sinking fund of $500,000 per annum at and interest.

Earminos Year endings June 15

Gross Net Charges Dividends Surplus

901-03 $4i43.47. $3,481,384 $1,829,649 $1,651,735

903-03 333i,377 3,596,316 $209,400 2,359,220 37,696

May3iJ 3,029,026 598,303 1.440,000 .1,533,333

906-07 (year ♦♦ ) 4,034,9*8 944,603 1,440,000 1,640,314

The item of charges for 190203 includes interest on the collateral trust loan from October i, 902. In 1903-04, the charges include $552,757 for interest and discount, and $30,000 for interest the bonds. From the surplus for the same year there was deducted $53,4i57being the loss on he Southern Cotton Oil Co., leaving the net surplus $1,376,935. In 1904-05, loss on Southern Cotton Oil Co., $338,386. In 1905-06, the Southern Cotton Oil Co., showed a surplus of $532,708, rhich is included in the surplus given in the above tables. In 190607, the net is given after leducting $1,026,207 for repairs, etc. The total surplus account, May 31, 1907, was $6,338,394.

President, Samuel T. Morgan, Richmond, Va. Vice-President, £. B. Addison, Richmond. >secretary, S. Dabney Crenshaw, Richmond. Treasurer, S. W. Travers, Richmond. Auditor, C. Thomas Orgain, Richmond.

Directors— E. B. Addison, Richmond. James N. Boyd, Richmond. Joseph Bryan, Richnond. James B. Duke, Somerville, N. J. Norman S. Meldrum, New York. Samuel T. Morgan, Richmond. R. J. Reynolds, Winston, N. O. Henry Walters Baltimore. George W. Vatts, Durham, N. C. T. C. Williams, Jr., Richmond.

Corporate office, Jersey City. Executive office, company's building, Richmond, Va. Annual meeting, first Wednesday after July 15, at Jersey City.

¥III6IIIIA HOT spRmes CO.

A corporation formed under the laws of Virginia April 14, 1892, for the purpose of acquiring, proving and operatmg healing and hot springs in Bath County, Va. ; to erect and conduct hotels and baths and to sell mineral waters. The properties owned by the company include he Hot Springs, Healing Springs and Warm Sulphur Springs, containing in all 4,500 acres, ocated at or near Hot Springs, Va., together with the Homestead and Virginia hotels at Hot >prings. tock Par $100 Authorised, $800,000 Issued, $600,000

Funded Debt

St mort., 5 per cent., due 1941, Jan. and July $975,000

id mort., 5 per cent., due 1941, Jan. and July 270,700

Total $1,245,700

The authorised amount of the ist mortgage is $1,000,000. Trustees, Henry T. Wickham and lenny Taylor, Jr., Richmond, Va. Agents for the payment of interest, J. P. Morgan & Co., Mew York ; First National Bank, Richmond.

President, Decatur Axtell, Richmond, Va. Vice-President, Melville E. Ingalls, Jr. , New York. Secretary, A. Trewett, Richmond. Treasurer, H. T. Taliaferro, Hot Springs, Va.

Directors — Decatur Axtell, Richmond. Melville. E. Ingalls, Cincinnati. Melville E. Ingalls, fr., New York. E. F. Osbom, Cincinnati. A. Trewett, Richmond. C. E. Wellford, Richnond. H. T. Wk:kham, Richmond.

Corporate and main office. Eighth and Main streets, Richmond, Va. Annual meeting, last Tuesday in February, at Richmond or Hot Springs.

8ao THE MANUAL OP STATISTICS

VmeiHIA /ROM, COAL A COKE CO.

A company fonned under the laws of Virginia in Febniaiy, 1899. 'Hie company is a cobp solidation undo-one ownership and management of the iron industries of Southwest Virctiua. The properties included in the organization comprised ten modem blast furnaces haWo as aggr gate productive capacity of 500,000 tons of pig iron per annum, and the lands and ptopeity of tea different coal and coke companies which include 130,000 acres of coal lands and five coal minM is active operation, with coking and mining plants and the complete equipment and accessories of such enterprises. The company also acquired about 60,000 acres of iron ore lands and bums with large deposits of limestone, being practically all the available and most valuable ore ppopcitits in the entire district.

In addition to the iron and coal properties the company controlled the Virginia 8t Soiithwescerc Railway, which line connects its various properties owning $1,004,500 of the railway coapaar's stock out of a total of $3,000,000, but in 1906 sold this stock to the Southern Railway Co., a: $aoo per share payable 25 per cent. June 15, and the balance in instalments of laH per ceoL each in January and July until the whole is paid. See statement of the Virginia & Sostbwestem Railway Co., in the Raihroad Section of the Manual.

The coal, ore and timber properties of the companies are in Washington, Smjthe, 'Wythe, Pulaski, Wise, Dickinson, Russell, Carroll, Montgomery, Roanoke, Bedford and Aogusu Counties, Va., and Johnson, Carter, Unicoi and Sullivan Counties. Tenn. In September. 189 the companr acquired additional coal and ore properties in Wise County, Va., and AOqeilusv and Craig Counties, Tenn. Its total lands comprise upwards of 75,000 1

Stock Par $100 Authorized, $10,000,000 Issued, $9,073,6a&

In 1906, a majority of the stock was deposited in a voting trust for 5 years with profvisSon fo a a-year extension. The voting trustees have power to sell the stock at par or to ezciaage it fcr other securities in case of a consolidation. Voting trustees, Henry K. McHaig, Walton Fergusos and Theodore L. Peters.

In October, 1907, a 5 per cent, stock dividend was paid, increasing the stock issued $432,080.

Transfer, agent, Manhattan Trust Co., New York. Registrar, Bank of the Manhattan Cc. New York.

Funded Debt

ist mort., 5 per cent, gold, due March, 1949, March and Sept. (see below) $4,887,000

The xst mortgage, Manhattan Trust Co., New York, trustee, is for $10,000*0001

There are outstanding $490,000 Carter Coal & Iron Co. 5 per cent, mortgage bonds., doe 1938, subject to call at 105.

The March, ipoi, coupons on the bonds were not paid, and in advance of the defaok Retciras were appointed the company in February, 1901, by the United States Circuit CaBt ia Virginia.

In September, 1903, a plan of readjustment was fonnulated by a committee which included Levi P. Morton, Edward J. Berwind, Grant B. Schley and Henry K. McHaxig. It pronrided the bondholders should deposit their bonds with the Morton Trust Co. and wooki reoem amount of the March, 1901, and March, 1909, coupons in cash, but should accept 5 per cent, scrip payable before September, 1907, for die coupons due September, 1901, September, 190a. and September, 1903, which have since been paid off. The stockholders of the company were also given rights to subscribe for $a,ooo,ooo 5 per cent, bonds of the Virginia & Southwcstcrc Railway Co., guaranteed by the Virginia Iron, Coal & Coke Co., with a bonus of $500 in stock for the railway with each $1,000 bond. The proceeds were to pay off loans and varia indebtedness. The security holders generally co-operated in the plan, which was carried oct. and the Receivers were discharged.

The report for the vear ending June 30, 1904, stated that after payment of interest charge accrued during the year there was a deficit of about $30,000. In 1904-05, noss, $3,317,56 ; cd. $516,513; charges, $436,838 ; surplus, $89,679. In 190506, gross, $5*o&,393: net, $5a.8jp. charges, $430,393; surplus, $160,444. In I9oi5-07, gross $5,650,406; net, $1,067,368; cfaaiges $407,361 ; surplus, $660,007. Total surplus account, June 30, 1907, $797,194.

President, Henry K. McHarg, New York. Vice-President and GenenU Manager, Joba R Ne¥rton, Bristol, Va. SecreUry and Treasurer, H. W. Oliver, Bristol Assistant Seoecaiy. Charles B. Colebrook, New York.

Directors— Walton Ferguson, Stamford, Conn. Billings P. Learned, New Haven. Horr K. McHarg, Stamford. Henry K. McHarg. Jr., Radford, Va. Schuyler Meriitt, StamfonL John B. Newton, Bristol. Theodore L. Peters, New York.

Main office, Bristol. Va. New York office. 40 Wall street. Annual meeting, thtid Tueadiv in September, at Bristol.

tNDUSTRIAL. SBCURITIES tei

yiRGHIM PASSEKGER A POWER CO.

A corporation formed by special charter under the laws of Virg;inia December 30, 1901. The company was a consolidation of the Southside Railway & Development Co. and the Virg:inia Internal Improvement Co., subsequent to which the Viinia Electrical Railway & Development Co. and the Westhampton Park Railway Co. were mer with it. The company abo acquired a controlling interest in the following organisations :

Richmond Passenger & Power Co. Richmond & Petersburg Electrical Ry. Co.

Upper Appomattox Co. Highland Park Co.

Richmond Traction Co. Home Electric Co. Westhampton Park Railway Co.

The company controls and operates 118 miles of electric railway, and has water rights on the James and Appomattox river. It owns real estate in Richmond, Manchester and Petersburg, four park properties and several light and power plants.

In 1904, default occurred in interest payments, and July 16, 1904, Receivers were appointed by the United States Court.

The preferred stock is 6 per cent., non-cumulative. Stock is transferred by the Secretary and Treasurer of the company, New York. Registrar, Bowling Green. Trust Co., New York.

Funded Debt Virginia Pass. & Power ist con. mort., 5 per cent., due July, 1953, Jan. and July. . . $7,831,000

Funded Debt— Underlying Companies

Southside Ry. & Dev. zst mort., 5 per cent., due July, 1949, March and Sept $1,000,000

Viivia Elec. Ry. & Devel. ist mort., 5 per cent., due Jan., 1939, Jan. and July. ... 1,500,000

Richmond Pass. & Power, con. mort., 5 per cent., due Jan., 1935, Jan. and July 3,877,000

deb. mort., 5 per cent., due July, 1910, Jan. and July 1,000,000

Richmond Traction ist mort., 5 per cent., due Nov., 1935, Jan. and July 500,000

Richmond Ry. & Elec. ist mort., 5 per cent., due July, 1930, Jan. and July 133,000

Westhampton Park Ry. ist mort., 5 per cent., due July, 1931, Jan. and July 150,000

Richmond & Petersburg Elec. Ry. 1st mort., 5 per cent., due Oct. , 1931, April and Oct. 500,000

At the end of 1907, the company was in default on the coupons of the Southside Railway & Development Co. ; the ist mortgage and debmtures of the Richmond Passenger & Power Co. and the Virginia Passenger & Power Co. ist consolidated mortgage bonds.

In 1904, the validity of $560,000 of the Southside Railway & Development Co. bonds was question in litigation, but in 1906 the case was finally decided in favor of the holders of the bonds.

The Virginia Passenger & Power Co. ist consolidated mortgage is for $15,000,000, of which $7,150,000 are reserved to retire the underlying bonds of constituent companies. Trustee of the mortgage and agent for the payment of interest. Bowling Green Trust Co., New York. The bonds may be called on any interest date at 1 10 and interest.

Receivers, William Northrop, Richmond, Va. Henry T. Wickham, Richmond.

President, Frits Sitterding, Richmond, ist Vice-President, Frank Jay Gould, New York. 3d Vice-President, Augustus Wright, Petersburg, Va. Secretary and Treasurer, Guy Phillips, New York. Assistant Secretary and Treasurer, William Northrop, Richmond. General Auditor, R. H. Keiro, Richmond.

Directors— Amos H. Calef, New York. Edwin Gould, New York. Frank Jay Gould, New York. William Northrop, Richmond. J. D. Patton, Richmond. Guy Phillips, New York. FriU Sitterdmg, Richmond. Alfred Skitt, New York. Augustus Wright, Petersburg.

Corporate office, Richmond, Va. New York office, 195 Broadway. Annual meeting in March, at Petersburg, Va.

yULCAK DETIMMIMG CO.

A corporation formed under the laws of New Jersey, April 36, 1903. The company acquired the plant and property of the Vulcan Metal Refining Co. of Sewaren, N. J., and of the Vulcan Western Co. of Streator, 111. The business of the company is the refining of metals and the reclamation of merchantable tin bars and steel from the scrap tin left from the manufacture of cans and tinware. It has plants at Sewaren, N. J., and Streator, III. In 1906, the Sewaren plant was enlarged.

stock Par$.„> Authorued I I issued I I $3,500,000

Saa THE MANUAL OP STATISTICS

The preferred stock is 7 per cent., cumulative. Stock is transferred at the office Oif the pany, New York. Registrar, Lawyers Title Insurance & Trust Co., New York.

The company began the payment of quarterly dividends on both the preferred and cnmrnoB stodcs at the rate of per cent, on the preferred and i per cent, on the cominoo 00 July ac\ 190a, and paid quarterly dividends of the same amounts until the dividend on the preferred stock, payable November ao, 1903, was reduced to i per cent. After that time there wei do futher dividends on the preferred until per cent, was paid January ao, 1905, since wincli tioK they were paid at the same rate, or 5 per cent, per annum. On January ao, 1906, per ceait. regular and i per <!ent. extra were paid on the preferred, and similar amounts were paid in Apcfl.

1906. In July, X906, paid ij per cent, regular and j4 per oent. extra. The October, 1906* dividend was, however, per cent, regular without an extra division, which was also the case witfc the dividend paid January X9, 1907, which was also the rate paid in April, Juhr and October.

1907. The January, 1908, dividend was deferred making the accumulated unpaid dividend on the preferred per cent. Dividends on the common were suspended after the one paid in Jaly.

Earnings Year ending March 31 Dividends Com. Pref . Profits Ezpenieft, etc. Divideads Soifis

4 7 $a90,iS0 $709 $185,000 $34a4

The expenses for 1903-03 include $35,967 for maintenance, depreciation and spedij depreciation reserve. The report for 1903-04 gave no figures of earnings, but stated that the company has suffered loss from the destruction of its Streator, III., factory a cyclone, and the rebuilding the same, as well as from the depressed state of the steel industry. The destroyed plant was rebuilt entirely out of earnings, and the company has incurred no indebtedness, either funded or floating. No income account was published in 1904-05, 1905-06 or 1906-07. The total surplus, March 31, 1907, was stated to be

President, Samuel R. Beardsley, Newark, N. J. Vice-President, Treasurer, and GcDcnl Manager, Adolph Kern, New York. Secretary and Assistant Treasurer, Charles P. Hull, New York.

Directors — Samuel R. Beardslev, Newark. Samuel J. Bloomingdale, New Yotk. Adolph Kern, New York. Harry Kraus, New York. Benjamin NicoU, New York. Eugene E. SfMCgelberg. New York. Isaac Stiebel, New York.

Mam ofiBce, 15 Elxchanee place, Jersey City. New York office, 157 Cedar streeL Anaoai meeting, first Thursday in May, at Jersey City.

Walthah Watch Co.

A corporation formed under the laws of Massachusetts, May, 1906, and acquired the pioyety of the American Waltham Watch Co., also a Massachussets corporation organised in 1854. Sec below for details of the plan for the recapitalisation of the old company. The company's tactoiy is at Waltham, Mass. It has agencies in all parts of the United States and foreign countries.

The preferred stock is 6 per cent, cumulative and has a preference as to asKls. In Apiil. 1007, stodcholders subscribed at par for $500,000 additional preferred. Transfer agent, AmcrioB Trust Co., Boston. Registrar, City Trust Co., Boston.

The first dividend on the preferred stock was 3 per cent., semi-annual, paid Deoemhcr 1, 1906. The same rate was paid in June and December, 1907. The first dividend on the was per cent., paid in January, 1007, which was also the rate in July, 1907 and Januaty, xoA.

The stock of the American Waltham Watch Co. was $4,000000 all of one class. Froa 1900 to 1906 dividends were paid on it at the rate of 10 per cent, per annum with an extra of a per cent, in 1903.

The plan of re-capitalisation was formulated in 1906 in order to provide for the of the organisation's plants and business. To that end the new company was formed and holder of the old stock received for each share held, one share of the new preferred stock and shares of the new common. Of the preferred provided for in the plan $1,000,000 is njied for extensions and improvements.

President, Esra C. Fitch. Vice-President, F. R. Appleton. Clerk, P. W. Carter. Treasttrer.- Royal Robbins.

Directors— F. R. Appleton. J. W. Appleton. B. F. Brown. I. Tucker Burr. Em C Fitch. Conover Fitch. William L. Putnam. H. P. Robbins. R. C. Robbins. Royal 1

A. K. Sloan.

Blain office, 373 Washington street, Boston. meeting, May t5th, at Waltham, Mass.

INDUSTRIAL SECURITIES Saj

Warwick Irok Amd St££L Co.

A corporation formed under the laws of Pennsylvania, June 9, 1899. The company is successor to the Warwick Iron Co., and took over the business, contracts, assets and property of the latter. The company in igoi, erected a new furnace with a capacity of 4cx> tons of pig iron per day, raising the total capacity of the plant to 600 tons per day. Stock Par $10 Authorized, $1,500,000 Issued, $1,486,7x5

Of the stock $1,000,000 was issued, full paid, for the property, consisting of plant, real estate, book accounts, material on hand and cash capital of the old company. The treasury stock, $500,000, was in October, 1899, offered to the stockholders for subscription at par.

Stock is transferred at the office of the company, Philadelphia. Registrar, Real Elstate Title Insurance & Trust Co., Philadelphia.

The payments of the dividends on the company's stock began with a aoarterlv dividend of a per cent., paid August xo, 1899. In November, 1899, a second quarterly dividend of 3 per cent, and 14 per cent extra was paid. In February, 1900, paid 3 per cent., and in May, 1900, 3 per cent, and per cent, extra were paid. Dividends are now paid semi-annually in Hay and November. In May, 1901, paid 3 per cent, cash, and in November, looi, 3 per cent, in scrip, convertible into stock at par. In April, 1903, dividends were suspended m order to augment the working capital of the company, and no dividends were paid until 1906, when 3 per cent, was paid' in May and 3 per cent. October 31. In 1907, paid semi-annual dividends of 3 per cent, each May 15 and November 15.

Funded Debt St root., 5 per cent., due 1931, June and Dec $335,000

In March, 1901, $300,000 ot 5 per cent. 30-year bonds were issued for payments on the new furnace. The bonds have a sinking fund of $15,000 per annum.

In 1903, the earnings were $95,535 ; charges, $34,001 ; surplus. $61,534. In 1903, net $147,795, after payment of all charges. In 1904, net, $58,853 ; charges, $35,114 ; surplus, $3:,738. In 1905, net, $331,040 ; charges, $74,368 ; surplus, $147,673. In 1906, net. $393,343 ; dividend (4 per cent,) $59,364 ; balance surplus $333,979. In 1907, earnings, $457,957 ; diaries, $35,438 ; surplus, $433,538.

President, Edgar S. Cook, Pottstown, Pa. Vice-President, Philip Doerr, Philadelphia. Secretary and Treasurer, H. F. Hallman, Pottstown.

Directors— F. H. Bachman, Philadelphia. Edgar S. Cook, Pottstown. Philip £>oerr, Philadelphia. W. S. Pilling, Philadelphia. G. E. Schlegelmilch, Philadelphia. William H. Shelmerdine, Philadelphia. F. W. Tunnell, Philadelphia.

Main office, Pottstown, Pa. Philadelphia office, Broad and Chestnut streets. Annual meeting, second Tuesday in February, at Philadelphia.

WASHINGTOK COPPER Ml Ml NO CO.

A corporation formed under the laws of Michigan in 1884. The company owns a copper property in Keweenaw County, Mich. During recent years no operations have been conducted on the property. Stock Par $35 Authorized, $3,500,000 Issued, $1,500,000

Of the stock 40,000 shares remain in the company's treasury. The stock outstanding consists of 60,000 shares, on which there has been paid in 35 cents per share.

President, C. A. Wright. Hancock, Mich. Vice-President, Spencer R. Hill, Boston. Sec. reury and Treasurer, C. A. Wright, Jr., New York.

Directors — Spencer R. Hill, Boston. Thomas Hoatson, Calumet, Mich. C. A. Wright, Hancork, Mich. C. A. Wright, Jr., New York. J. N. Wright, Detroit.

Main office, 4a Broadway, New York. Annual meeting, fourth Tuesday in March.

Washikgtoii Railway A Electric Co.

A corporation formed under a special Act of Congress of July 39. 1893, under the title of the Washington & Great Falls Electric Railway Co. The name was changed to the present style February i, 1903. The company is a reorganization, in 190 1, of the Washington Traction & Electric Co., which was sold under foreclosure. It also acquired the Columbia Railway and the Metropolitan Railroad. It controls the Anacostia & Potomac River Railroad Co., 30 miles ; the Brightwood Railway Co., 13 miles; the Washington, Woodside & Forest Glen Railway & Power Co., 3 miles ; City & Suburban Railway Co. of Washington, 33 miles ; Georgetown & Tenallytown Railway Co., 9 miles; Washington & Glen Echo Railroad Co., 6 miles, and Washington & Rockville Railroad, 11 miles. Its constituent electric companies are the Potomac Elearic Power Co. and the Great Falls Power Co. Total road operated, 146 miles.

7*he preferred stock is 5 per cent., becoming: cumulative from June i, 1904. TnaaHer Affmt. Commercial Trust Co., Jersey City. Registrar, United States MortgaFe ft Trust Co., Nc Yoric Both classes of stock are held in a voting: for five years from June, 1908, or imdl Ae preferred has received dividends of 5 per cent, for three consecutive years.

The first dividend paid on the preferred stock was per cent., semi-annoallT, paid DeoeBber I, 1904; semi-annual dividends of the same amount, being at the rate 01 5 per sent. per annum, have since been regularly paid in June and December.

Funded Debt

Washington Ry. & Elect, cons, mort., 4 per cent., due Dec, 105 1, June and Dec. . . %JoasjB'>

Columbia Railway ist mort., 6 per cent., due April, 1914, April and Oct soojoao

" " 2d mort., 5 per cent., due Oct, 1914, April and Oct soogooD

Metropolitan Railroad ist mort., 5 per cent, due Feb., 1935, Feb. and Aug 1,890000

Total $<3/>73a$o

Funded Debt— Controlled Companies

Anacostia & Potomac Ry. xst mort., 5 per cent., due April, 1940, April and Oct $3,517,000

Bright wood Railway xst mort., 6 per cent., due Oct., 1913, April and Oct 990.000

City & Suburban Ry. xst snort., 5 per cent., due Aug., 1948, Feb. and Aug 1,750,000

Potomac Electric Power Co. xst mort., 5 per cent., due June, X9ax, June and Dec. .

" " cons. mort. 5 per cent, due July 1936, Jan. and July., a,6

Wash., Woodside & Forest Glen Ry. and Power xst mort., 6 per cent, due June,

The consolidated mortgage, due X95X, was created in 1901, under the reorganiarion, aad $17,500,000, authorized, $7,607,000 of the bonds being reserved to retire underlying beads, aad $1,500,000 for improvements. Trustee of the mortgage and agent for the pajrmem of intcfctf. United States Mortgage & Trust Co., New York. Of the amount issued $851,000 are xd the company*s treasury.

in the reorganization, holders of the old company's bonds received for each $x,ooo $S9'> " new 4s, $550 of new preferred and $900 of new common stock. The old stock paid an aaaa>> ment of $9 per share and received $9 in new preferred and $ jo in new oommoo for eadi oU share.

The Potomac Electric Power Co. in X9G4 created a 5 per cent, xst mortgage, doe June, igr for $4,000,000. Of the bonds of this issue $1,350,000 are in the company*s treasury.

Earnings

Chmrgo Gross Net and Taxes Smylw

i9a> $2,oo4,X4a $707,269 $865,779 Def. fxBSBj

X903 2.462,204 i,i67,X49 945.270 i.M

President, Allan L. McDermott, Washington, D. C. xst Vice-President, Clareoce F. Norment, Washington. 2d Vice-President. George H. Harries, Washington. Secretary F. j. Whitehead, Washington. Treasurer and Comptroller, William F. Ham, Washington. Gcberal Manager, H. W. Fuller, Washington.

Directors— Woodbury Blair, Washington. George H. Harries, Waabiogton. WiDmb Loeb, Jr., Washington. Allan L. McDermott, Jersev City. Clarence F. Norment, Wasfaiatton. Ward Thoron, Washington. George Truesdell, Washington.

Main office. East Capitol and Fourteenth streets, Washington, D. C Annual meeting. tkW Saturday in January, at Washington.

The Washimgtom Water Power Co.

A corporation formed under the laws of Washington, March X4, x888, October 9. 1890 aaa May a6, 1890. The company has a broad franchise that gives it the right to own real estnc water powers, mills and manufactories ; to own and operate mills, canals, aqueducts, dectnc power and light plants, railways, parks, naatonums, places of amusement, etc It c

Industrial Securities 825

le street railway and electric lig:htiiig service of Spokane, Wash., having acquired the Edison electric Illuminatini: Co., Spokane Street Railway Q>., Spokane Electric Railway Ca and other roperties.

The water-power of the company comprises 30,000 horse-power at Spokane and x8,ooo honeower at Post Falls. It develops at Spokane Falls x 1,000 horse-power of electric power, and has additional power plants under construction. It operates 95 miles of street railway. tock Par $xoo Authorized, $10,000,000 Issued, $5,001,000

In March, 1907, the authorized stock was increased from $5,000,000 to 10,000,000, to provide improvements. Transfer Agent, Franklin Trust Co., Brooklyn, N. Y. Registrar, Spokane : Eastern Trust Co., Spokane, Wash.

Dividends have been paid as follows : 1893, 4 per cent.; 1893, a per cent.; 1900, 3 per cent.; i, 4 per cent.; 1903, 5 per cent.; Januaty i, 1903, and subsequently, per cent, quarterly, r 6 per cent, per annum. Dividend periods are January, April, July and October. In January, 906, paid and i per cent, extra, since which time the regular quarterly dividends have been per cent., or 7 per cent, per annum.

Funded Debt

it cons. mort. and collateral trust, 5 per cent, gold, due 1939, Jan. and July $1,600,000

*hree year gold notes, 6 per cent., due July, 191 x, Jan. and July 3,000,000

Total $4,600,000

The authorized bond issue is $3,000,000. Trustee of the mortgage and agent for the paylent of interest, Franklin Trust Co., Brooklyn, N. Y.

The three year 6 per cent, notes were sold in March, X907, to retire $3,000,000 of old notes nd to provide for improvements. The notes are redeemable at par on July i, 1909, or July z, 910, on six months notice.

Earnings Gross Net Charges Depreciatioa Dividends Surplus

9P3 $801,353 $357,464 $83,9x8 $73,319 $139,596 $S58a

904 1,039,006 4i7i4i 84,618 135,830 173. 94 331864

gos 1,277.919 5",5a6 80,000 133,101 935,410 83,587

906 1,6x4,690 6x3,348 80,000 161,469 967,949' 103,830

In 1907, there was also deducted from the net, $34,664 for profit and loss account.

President, Henry M. Richards, Spokane, Wash, xst Vice-President, A. B. Campbell, Spoane. 3d Vice-President and General Manager, D. L. Huntington, Spokane. Secretary, H. L. lleecker, Spokane. Treasurer, H. E. Perks, Spokane.

Directors — A. B. Campbell, Spokane. James N. Glover, Spokane. D. L. Huntington, Ipokane. Frank Lyman, New York. Huber Rasher, Spokane. Henry M. Richards, Spokane. . . P. M. Richards, Spokane. J. D. Sherwood, Spokane. George H. Southard, New York. :*homas G. Thomson, Spokane. W. A. While, New York.

Corporate and main office, Spokane, Wash. Aimual meeting, first Monday in March, at (pokane.

Wmterbury Co. Of Mew Jersey

A corporation formed under the laws of New Jersey, Jan. 34, X903. The company was a consolidation of the Waterbury Rope Co. and the Brooklyn Wire Co. It manufactures Manila nd Sisal ropes, Manila twines, music wire, wire and wire ropes, and rubber insulated wire and ables.

The Waterbury Co. of West Virginia controls all the common stock.

The preferred stock is 8 per cent, cumulative and has a preference as to assets. Transfer gency, 37 Pine street. New York. Registrar, New Jersey Registration and Trust Co., East >range, N. J.

Dividends of 8 per cent, per annum on the preferred stock are paid quarterly, 3 per cent, ach on January i, April x, July x and October i. On the common stock xo per cent, per annum B paid, the quarterly dividend dates being the same as the preferred.

Funded Debt iZollateral trust mort., 6 per cent. , due April, 19 16, April and October $x53,5oo

Interest on the bonds is paid at the office of the company, New York> Trustee of the mort< ;age, Columbia Trust Co., New York.

Earnings

9o6 $3,991,393 $I7S."7

President, J. M. Waterbury, New York. Vice-President, J. M. Waterfoury, |r. Seocoi? and Assistant Treasurer, Frank Morgan, New York. Treasurer, C. L. Waterbary, New Yort.'

Directors— Charles C. Marsh, East Orange, N.J. Frank Morgan, New York. C. L. Wii bury. New York. J. M. Waterbury, New York. J. M. Waterbury, New York.

Corporate office. East Orange, N. J. Main office, 80 South street, New York. AbbbI meeting, first Thursday in February, at East Orange.

Wells Fmrgo A Co.

A corporation chartered by the State of Colorado, February 5, 1866, but fifstorcaiiisad is Siv York, March 18, 1853. The company has powers to transact both an express and a ba ' ness. It operates an express orgaaisation on railroad, steamship and stage lines, 58,309 miles, with 4,932 offices. It is the onlv through express line from ocean to ooc agencies in all parts of Europe, South America, China and Japan. It owns a lain mtensi ii Wells Fargo Nevada National Bank of San Francisco and Wells Fargo & Co.*s Bank <rf Ncv York. Capital stock Par $xoo Authorized, $8,000,000 Issued, Sooajam

Stock is transferred at the office of the company, New York. Registrar, Unkm Trust Co, New York.

Dindends on the stock from 187 1 have been as follows: in 1873, per cent. ; in 1973 m 1894 inclusive, 8 per cent. ; from 1895 to 1901 inclusive, 6 per cent. ; from 1902 to 1906 indsBvc. 8 per cent. In July, 1906, paid 5 per cent, which has since been the semi-annual rate in Jansuy and July.

President, Dudley Evans, New York. Vice-President, Secretary and Treasurer, H. & Parsons, New York. Chairman, Executive Committee, Ekiward H. Harriman, New York.

Direaors— William D. Cornish, New York. Dudley Evans, New York. George E. Gray, Philadelphia. Edward H. Harriman, New York. William F. Herrin, San Fiancisca H. E. Huntington, San Francisco. Stuart R. Knott, Kansas City. Julius KnitisckaiB. Chicago. John J. McCook. New York. H. B. Parsons, New York. W. V. S. Thorae, Nc* York. F. D. Underwood, New York.

Main office, 51 Broadway, New York. Annual meeting, second Thurklay in Angnsu St New York.

Welsbmch Co.

A corporation formed under the laws of New Jersey, April 38, x9oa It acquired the ttochsoJ the Welsbach Light Co. and the Welsbach Commercial Co., which companies own the pssoii of Dr. Carl Auer Von Welsbach and others for the manufacture of incandescent and regiserating gas lamps and other improvements. See the Manual for 1003 as to terms of the 00s- solidation. Its factory is at Gloucester City, N. J., and it has sales agencies in the dties of the United States. Stock Par $100 Authorized, $3,500,000 Issued, $3,500,000

Stock is transferred at the office of the company, Philadelphia. Registrar, Provident Lifet Trust Co., Philadelphia.

In June, 1901, a dividend of 3 percent, was paid on the stock ; a per cent. June 97, i9as; t per cent. September, 1903, subsequent dividends being also a per cent, annual.

Funded Debt

Collateral trust mort., 5 per cent., due June, 1930, June and Dec $65a6,oi

The collateral trust mortgage is $7,000,000 authorized. Provident Life & Trust Co.. Pkiidelphia, trustee, and is secured by a mortgage of all the property of the company and the depoK of the shares acquired in the consolidation. There is an annual sinking fund of $io5,36q, mi bonds are subject to call at par and interest.

Earninos— Year ending May 31

Gross Charges Dividends

INDUSTRIAL SECURITIES 8a7

Charges include amount credited for depreciation. In 1905-06, this item was $36,699 ; in

Prendent/Sidney Mason, Philadelphia, ist Vice-President, Samuel T. Bodine, Philadelphia, d Vice-President, Randal Morgan, Philadelphia. 3d Vice-President, Walton Clark, Philadelphia. Secretary W. F. Douthirt, Philadelphia. Treasurer, Lewis Lillie, Philadelphia. General Canai>:er, Townsend Stites, Philadelphia.

Directors— Samuel T. Bodine, Philadelphia. Walton Clark, Philadelphia. Thomas Dolan, Philadelphia. William W. Gibbs, Philadelphia. Lewis Lillie, Philadelphia. Sidney Mason, Philadelphia. Randal Morgan, Philadelphia. B. W. Spencer, Passaic, N.

Main office, Gloucester City, N. J. Annual meeting, second Wednesday in September, at Houcester City.

Westchester Lightimg Co.

(Controlled by the Consolidated Gas Co., of New York) A corporation formed under the laws of New York, November 6, 1900. The company couolidated the companies operating gas and electric-light plants in the Borough of the Bronx, New fork City, and in Yonkers, New Rochelle, Mount Vernon, Rye, Port Chester, Pelham, Mount Cisco, Mamaroneck, and other places in Westchester County, N. Y. A list of the companies ras given in the Manual for 1906.

The population of the territory covered by the company's operations is about 175,000. The iresent company has consolidated and improved both the gas and electric plants supplying the listrict.

A controlling interest in the stock was owned by The United Gas Improvement Co. In 1904, he Consolidated Gas Co. of New York acquired control of the company. The property was hen transferred to a new company. The New York & Westchester Lighting Co., which created wo issues of bonds on the same, and in October, 1904, transferred the property back to the iVestchteter Lighting Co.

The preferred stock is 5 per cent, at which rate dividends became cumulative after January i

Funded Debt

:st mort., 5 per cent., due Dec., 1950, June and Dec $6,004,000

Y. & West. light. Co. gen. m., due July, 2004, M to 4 per cent., Jan. and July. . . 10,000,000

" debentures, 5 per cent., due 1954, Jan. and July 3,500,000

iVhite Plains Lighting Co., xst mort. 5 per cent., due June, 1938, June and Dec 335fOoo

Hudson River Gas & Electric Co., ist mort. 5 per cent., due May, 1929, May and Nov. 350,000

M. Y. Suburban Gas ist mort., 5 per cent., due March, 1949, March and 343t000

Total. $19,433,000

The Westchester Lighting: consolidated mortgage is for $10,000,000. Trustee, Colonial Trust Co., New York. Of this amount, $460,000 is reserved to retire underlying bonds of the companies, and $4,165,000 for future acquisitions and extensions.

The New York & Westchester Lighting Co.*s general mortgage and debentures are both nade to the Central Trust Co., New York, trustee, which is also agent for the payment of nterest. The general mortgage bonds bear the first coupon payable July i, 1905, for per cent., uid the same for January x, 1906. Interest on the bonds is 3 per cent, for two years, the rate increasing thereafter to 4 per cent. July, 29x4, and continuing at that rate to maturity, but some 3,500,000 of the issue had coupons calling for 4 per cent, annual interest from the beginning. Both the general mortgage and the debentures are guaranteed as to principal and interest by :he Consolidated Gas Co., of New York.

President, (vacancy). Vice-President, B. W. Stilwell. Vice-President, W. J. Clark. Secretary and Treasurer, Robert A. Carter. Assistant Secretary, E. S. Bellows.

Dxrectort— W. R. Addicks. L. L. G. Benedict. Harold Brown. James C. Brady. Robert A. Carter. Harrison £. Gawtry. Thomas E. Murray. William W. Scrugham. J. W. Sterling. B. W. StiUwell. F. A. Stratton.

Main office. Port Chester, N. Y.

Westcott Express Co.

A corporation formed under the laws of New York in 1894. The company transacts a baggage delivery and cab business in New York, Brooklyn, Jersey City, Albany, UUca, Syracuse, Rm:hester and Schenectady. It has delivery plants, including real estate, stables and delivery dragons, coaches, etc, in the various cities in which it operates.

Thb Manual Of Statistics

The preferred stock b 7 per cent., cumulative. Stock is transferred at the oflioe of the oo pany, Albany, N. Y. Regutrar, National Commeicial Bank, Albany.

The company has paid 7 per cent, per annum on its preferred stock snoe tB tht dividends bein| annual, February 15. On the common stock a dividend of a per oest. was pad in 1805.

Prieddent, James C. Faiso, New York. Vioe-Presklent, H. S. Julier, New York. Semuij, Francis F. Flagg, New York. Treasurer, William C. Fargo, New York.

Directors— James C. Fargo, New York. William C. Fargo, New York. James F. PvgB. New York. Francis F. Flagg, New York. H. S. JuUer, New York. T. N. Smith, New York. John L. Van Valkenburgh, Albany, N. Y.

Main office, Albany, N. Y. New York office, Madison avenue and Fotty-seventh 1

West Ekd Street Railway Co.

(Leased to Boston Elevated Railway Co.)

This company was formed in 1887 bv consolidation of several lines in Boston, incJiMliug tkt Metropolitan, Boston Consolidated, Cambridge, South Boston and Suburban Street Railway Companies. Leases Maiden & Melrose Street Railway and Somerville Horse Railroad, and has tnckace rights on East Middlesex Street Railway and Lynn & Boston Railroad. It owns 384 miles of trad:

The company leases the Boston subway from the dty for per cent, on cost of same, was about $5,800,000.

The company has lands and buiklings valued at over $11,000,000. The company's fiandlia empowering it to use electricity in the City of Boston is a comprehensive one.

The coinpany's property was leased to the Boston Elevated Railroad Co. in 2897 mtil Jasa, igaa. The elevated Co. took possession January i, 1898.

The preferred stock is 8 per cent, cumulative. Transfer Agent, American Co., 1 Registrar, Old Colony Trust Co., Boston.

The terms of lease to the Boston Elevated include the payment of 7 per cent, per aamns oa the common stock of the West End Street Railway, and 8 per cent, on the prefeiieJ stock, ia addition to all charges and rentals.

The dividends under the lease are paid on the preferred stock semi-annually, 4 per each, in Januaiy and July. On the common the semi-annual pajrments are per oeot. aadk, April and October.

Funded West End Street Railway bonds, per cent., due March, 19x4, March and Sept. . . $a,oeogOBD

bonds, 4 per cent., due May, 1916, May and Nov 815.006

" " bonds, 4 per cent., due Feb., 19x7, Feb. and Aug 8,700,000

" " " " bonds, cur., 4 per cent., due Aug., 1915, Feb. and Aug. . . . 4,743.006 " " bonds, cur., 4 per cent., due Aug., 1933, Feb. and Aug... 5,7091/006 " " bonds, per cent., due Jan., 1933, Jan. and July Toooae

Total $i6,667,aaB

All of the funded debt consists of plain bonds not secured by mortgage.

Interest on the West End 4s of 19x5, is paid at the Old Colony Trust Co., Boston. Agoi for the payment of interest on all the other bonds of the system, American Trust Ca , T

The earnings are now included in those of the lessee.

President, Joseph B. Russell, Boston. Vice-President, John Parkinaoo, Boston. Parkman Dexter, Boston.

Directors— Edwin F. Atkins, Boston. Charles M. Baker, Boston. Paricman Dexter, Bosbob. John Parkinson, Boston. Joseph B. Russell, Boston. C. Minot WeM, Boston. StefAcn V. Weld, Boston. Charles A. WUliams, Boston. Moses WUliams, Boston. Alfred Wiws. Boston.

Main office, xoi Milk street, Boston. Annual meeting, fourth Tuesday in Novvaibar, m Boston.

Westerh Bas Co.

(Controlled by American Light & Traction Co.) A corporation formed under the laws of New York in 1893. It owns aD the stock of tki Milwaukee Gas Light Co., the latter being the operating company. The property ol tit Milwaukee Gas Light Co. consisU of 350 miles of mains, with plants etc, adaquaie ID tfet supply of a population of over 335090, The fnmchise it exclusive and peipetuaL

Industrial Securities

The American Light & Traction Co. controls the company. See statement of that company. >tock Par $ioo Authorized, $4,000,000 Issued, $4,000,000

Stock is transferred at the office of the company. New York. Registrar, J. & W. Seligman, iz Broad street, New Yoik.

Funded Debt Milwaukee Gas Light Co. ist mort., 4 per cent, gold, due May, 1907, May and Nor.. $7,300,000

Coupons of bonds are paid at the office of J. & W. Seligman & Co., New York.

President, Emerson McMilUn, New York. Vice-President, W. W. Foster, New York. Secretary and Treasurer, Alanson P. Lathrop, New York. Assistant Secretaxy and Assistant Treasurer, C. N. JelifFe, New York.

Diiectoisr-Warren W. Foster, New York. J. S. Foster, New York. William B. Joyce, Milwaukee. Alanson P. Lathrop, New York. Emerson McMillin, New York. George T. IdaxweU, New York. Henry B. Wilson, New York.

Main office, si Broad street, New York.

Westerk Stoke Co.

A corporation formed under the laws of Illinois in 1889. The company acquired and owns extensive quarries adjacent to the City of Chicago and has real estate used as yards and depots in Chicago, together with a large equipment of canal boats, wagons, teams, etc. Stock Par $100 Authorized, $3,350,000 Issued, $3,350,000

Stock is transferred at the office of the company, Chicago. Registrar, Northern Trust Co., Chicago.

Dividends on the stock have been in 1890, 10 per cent.; in 1891, 8 per cent.; in 1893, 8 per cent.; in 1893, 4 per cent.; in 1894 and 1895, none ; in 1896, 3 per cent.; in 18, 3 per cent.; in

c8q8, 1899, 1900, Z901, 1903, 1903 and 1904, none. A quarterly dividend of i per cent, was paid October i, 1005, and i per cent. December 31, 1905, from ' ' ' each quarter until 1908, when the January dividend was omitted.

Funded Debt

ist mort., 5 per cent., due 1910, April and Oct $>99i5oo

Purchase money mort., 6 per cent, due 1911, May and Nov 38,000

Total $327,500

The ist mortgage. Northern Trust Co., Chicago, trustee, is secured by the company's personalty and all its real estate, except that at Joliet, 111. The purchase money mortgage is secured by the two last named parcels of real estate. The original issue was $150,000, but $8,000 of the bonds are retired annually.

In 1899, the company earned, net, $36,839. In 1900, the operations showed a loss of $66,458. In 1901, the company completed improvements and preparatory work oh its quarries at a cost of $135,000. In 1Q03, the cash resources were $133,427 ; m 1904, $173,706 ; in X005, $313,088.

President, Martin B. Madden, Chicago. Vice-President, George H. Munroe, Chicago. Secretary, T. A. Heineman, Chicago. Treasurer, Daniel Foley, Chicago.

Directors— Robert A. Burnett, Chicago. Daniel Foley, Chicago. George A. Gilbert, Chicago. T. A. Heineman, Chicago. Martin B. Madden, Chicago. George H. Munroe, JoHet, 111. John L. Norton, Lockport, III. John A. Orb, Chicago. William C. Seipp, Chkago. C. B. Ver Nooy, Chicago. Charles H. Wacker, Chicago.

Main office, 138 Washington street, Chicago. Annual meeting, third Wednesday in January.

Westerk Telephoke A Telegraph Co.

A corporation formed under the laws of New Jersey, January 33, 1903. The company was organised m pursuance of the reorganization of the Erie Telegraph & Telephone Co., which was a New York corporation formed in 1883, and which controlled an extensive system of exchanges and long-distance telephones under license from the American Bell Telephone Co. All the property and franchises of the Erie Telegraph & Telephone Co. were, in January, 1903, acquired by the present company. At the end of 1907* the company had in operation 401 exchanges with 354,318 stations, and 137,671 miles of toll wire. There were also 81,914 stations of sub-licensee companies connected with the Qrstem.

The American Telephone & Telegraph Co. owns a controlling interest in the stock of this company.

The principal assets of the present oompanr consist of a controlling interest of the ttochs and other securities of The Cleveland Telephone Co. of Ohio, The Northwestern Tefephoae Eichange Co. of Minnesota, The Southwestern Telegraph & Telephone Ca and the Wirnwis Telephone Co. of Wisconsin, operating in the Sutes of Ohio, Minnesota, North Dakota, SooA Dakota, Arkansas, Texas and Wisconsm.

Details regarding the old company and a synopsis of the reorganisatioa are grrea in tht Manual for 1903.

The preferred stock is entitled to 6 per cent, dividends, if earned, and became 1904, two years from date of issue. It also has a preference for its par value as to j of liquidation.

Transfer Agents, Old Colony Trust Co., Boston. Registrar, Natkmal Shawmnt Boston.

In August, 1903, a per cent, was paid on the preferred stock, and a per cent, half-fterif dividends were paid in February and August until February, 1904, inclusive. The Aqpat, wgfH, dividend was per cent., which has since been the semi-annual rate.

Funded Debt

Collateral trust, 5 per cent, bonds, due 1932 $9.874,oas

Secured notes, 5 per cent., due May, 1909, May and Nov 6,000,000

Totol $1574,000

The authorized amount of collateral trust bonds is $10,000,000, of which $196000 wot reserved to exchange old bonds. Trustee and agent for the payment of interest. Old Cotosf Trust Co., Boston. The bonds are secured by the stocks of constituent companies.

In 1907, the company authorised an issue of 5 per cent, collateral trust bonds, doe Aprt, 1937, the value of the securities to exceed the amount of bonds by 33 per cent. Of tha issue $12,000,000 were deposited to secure the 5 per cent, gold notes, which are $8,000,000 anthorisod. Trustee for both the bonds and notes, Old Colony Trust Co., Boston.

Earninos Year ending Januaiy 31

Net Chaises Div. Pref. DepredatieB Swh

I9Q3KH $1,212,711 $SOSi3So $640,000 $77y> $59631

President, Theodore N. Vail, Boston. Vice-PresidenU, Edward J. Hall, New York. Charia P. Ware, Boston. Secretary, Charles A. Grant, Boston. Treasurer, William EL Driver. Boston. Assistant Treasurer, John Balch, Boston. Auditor, Charles G. DuBois, Bortos.

Directors— Charles W. Amory, Boston. Alexander Cochrane, Boston. T. JeAenos Coolidge, Jr., Boston. W. Murray Crane, Dalton, Mass. Philip Dexter, BoAon. Wilhui Endicott, Jr., Boston. Edward J. Hall, New York. Henry S. Howe, Boston. TheodoR N. Vail, Boston. Moses Williams, Boston. Robert Winsor, Boston.

Corporate office, 243 Washington street, Jersey City. Annual meeting, third Tuesday March, at Jersey City.

WESTERK union TELE6RMPH CO.

A conMration chartered by the Sute of New York. The company, in 1856, succeeded aueths organisation entitled the New York & Mississippi Valley Piintmg Telegraph Co., chartered ir Stock Par $100 Authorised, $125,000,000 laned, $gB,55773i

In October, 1892, the authorised share capital was increased from $86,190,85210 $ioo,oaaooB. and a stock dividend of 10 per cent, upon the former amount (the capital then outstanding} authorized to represent net earnings invested in plant. The stock divklend was made psyab December 3, 1892. In July, 1894, $550,000 new stock was issued to pay for the stock of tte American Rapid Telegraph Co., theretofore operated underlease, ana in June, 1897, %box' 000 stock was sold for improvements. In 1906, the authorised stock was iu - -

$100,000,000 to $125,000,000 to provide for the conversion of the convertible bonds.

Industrial Securities

In January, 1908, the 9aUtandin stock was increased from $97,340,606 to $98,5571 731 00 aooount of the stock dividend. See below.

Stock is transferred at the office of the company, New York. Regfistiar, Mercantile Trust Co., New York.

From 1887 the company has paid dividends of 5 per cent, per annum in quarterly payments of per cent, each, m January (15), April, July and October. The January, 1908, dividend wras however made payable in stock and tne same course was adopted regarding: the April, 1908, dividend.

Funded Debt

Collateral trust bonds, Jan., 1938, 5 per cent., Jan. and July $8,6x5,000

Fundini: and real estate mort., per cent., due May, 1950, May and Nov 90,000,000

Convertible redeemable bonds, series A, 4 per cent., due Nov., 1936, May and Nov.. 10,000,000

Total $38,615,000

Funded Debt— Leased Companies

Mutual Union Telegraph ist mort., 6 per cent., due May, 191 x. May and Nov $x, 957,000

Northwestern Telegraph xst mort., 7 per cent., due Jan., 1934, Jan. and July 1,500,000

Gold & Stock Telegraph deb., per cent., due May, X9X0, May and Nov 500,000

Total $3,957,000

The company guarantees also 5 per cent, on the $x4,ooo,ooo of stock of the American Telegraph & Cable Co., 6 per cent, upon the $5,000,000 of the Gold & Stock Telegraph Co., 6 per cent, on the $3,000,000 stock ot the International Ocean Telegraph Co., 6 per cent, on the stock ($a,5oo,ooo) and 4 percent, on the bonds of the Northwestern Telegraph Co. and 5 per cent, on the stock of the Southern & Atlantic Telegraph Co. The company owns $8,615,000 of stocks and bonds of leased companies, which are held in its collateral trust, and $X4, 138,480 of stocks of other companies not leased. It has an interest of $9,733,100 in the stock of the New York Telephone Co.

In October, 1887, this company purchased the entire capital stock of the Baltimore & Ohio Telegraph Co. (38,750 shares) for 50,000 shares of Western Union stock, and a rental of $60,000 per year to be paid to the Baltimore & Ohio Railroad Co. for fifty years for the use of the railroad wires. In x8S3 the issue of collateral trust bonds was created, to be used in retiring an equal amount of securities of leased companies on which Western Union Co. paid rental.

The 45 per cent, funding and real estate bonds were authorized and issued in 1900. The total authorized issue is $20,000,000, of which $5,681,000 were to retire the 7 per cent, and 6 per cent, debentures maturing X900, $2,076,501 to pay for new property and construction, and $2,242,- 499 to be issued for like purposes in the future. The remaining $xo,ooo,ooo was reserved to take up the $1,158,000 building bonds and for extensions and improvements. In 1904, the final $4,000,000 of the latter amount was sold.

In X906, an issue of redeemable bonds was authorized for $25,000,000, the same to be subject to call at X05 on May i, iQxa* or any subsequent interest date, to be issued in series which may be made convertible. The series A of these bonds for $xo,ooo,ooo is secured by the company's interest in the stock of the New York Telephone Co. and are convertible in Western Union stock at par between Januarv 2, 1909, and January a, 1919, and within that time up to 30 days prior to the date of redemption if called.

Miles of Miles of

Years Poles Wire

i90-03 196,517 1,089,2x2

19P3-04 199,350 X, 155,405

X906-07 905,646 x,32i,i99

Operations

Year ending June -p

Offices

Messages

Receipts

$33,915,733 33,954,3" 34,758,569 36,354,150 38,073,095 29,167,686 39,349,390 39,033,035 30,675,654 32,856,406

Expenses $i7,825,58x 18,085,579 18,593,205 19,608,902 20,780,766 30,953,315 2i,36x,9X5 31,845,570 33,6o5,07x 36,533,196

6,685,248 7,292,328 8,2x4,471 7,887,474 7,188,065 7,070,583 6,324,210

83

The Manual Of Statistics

Year endinfi June

Diy. Paid

Grots

. Rentals and Bxp.

Int. and S. F.

Dividends

5

$3i5.9J

5

tM

i03J9i

5

s

5

S

5

s

i,09a,

5

Clowiy, New York. Vice-President, Geoiige J. Gould, New York. Vice-President,' J. B. Vas Every, New York, Vice-President. Thomas F. Clark, New York. Secretary, A. R. Brewer, New York. Treasurer. M. T. Wilbur, New York. Auditor. J. B. Van Every, New Yort. General Attorney, Georg:e H. Fearons, New York.

Directors— Oliver Ames. Boston. John Jacob Astor. New York. George W. E. AtloBs, New York. Henry A. Bishop, Bridgeport, Conn. William L. Bull, New York. Thomas F. Clark, New York. Robert C. Clowry, New York. Ch&uncey M. Depew, New York. TbooM T. Eckert, New York. Harris C. Fahnestock, New York, Henry M. Flagler. New Yort Edwin Gould. Ardsley, N. Y. Frank Jay Gould, New York. Geoi J. Goukl, Uktmod, N. J. Howard Gould, New York. Edward H. Harriman. New York. Thomas H. Hobhvd, New York. James H. Hyde. New York. Charles Lanier, New York. John J. MitchdI. Chicago. J. Pierpont Morgan, New York. Jacob H. Schiff, Ne* York. C. Sidney Shepsii New York. Joseph J. Slocum, New York. James Stilbnan. New York. John T. Terry, Ne York. J. B. Van Every, New York. Henry Walters. Baltimore.

Main office, 195 Broadway, New York. Annual meeting, second Wednesday in Odoher, at New York.

The Westiii6H0Use Mir Brake Co.

A corporation formed under the laws of Pennsylvania, September, 28, i860.

and cars audi

The object ol

the company is the manufacture of air brakes for railroad locomotives i

appliances. The compan v owns the patents of George Westinghouse and others for that c

of mechanisms. It has a large plant at Wilmerding, near Pittsburg.

Stock Par $50 Authorised, $14,000,000 Isnied, $i379<'''

In November, 1898, acquired the stock of the American Brake Co. which had been kosedw this company. The stock of the American company was $2,000,000. To acquire it the - inghouse gave two of its own shares for each three shares, par value $100, of the AmericaB Bnk Co. This required about $666,000 of Westinghouse stock. In the autumn of 1808 this oaaffil also ac(|uired the property and works of the Boyden Air Brake Co. of Bammore. acquisitions increased the stock outstanding to the amount given above.

Transfer Agent, Union Trust Co.. Pitteburg. Registrar. Fidelity Title & Trl Co, Pittsburg.

Dividends are paid quarterly, in January (10), April, July and October. On the old slocfc per cent, per annum was paid. In 1890, paid 25 per cent., 5 per cent, quarterly and 5 perccsL extra on mcreased capital. In 1900, paid 30 per cent., per cent quarterly and 5 per oat extra. The January. 1901, dividend, however, was per cent, and per cent. extniM the quarterly dividends continued to be on that basis until April, 1904, when the extra drridead was reduced from per cent, to per cent. The subsequent quarterly dividends have bett 5 per cent, each, but in October, 1906, -2% per cent, extra was paid in addition. In Juojiy. 1908, a stock dividend of 25 per cent, was paid.

Div. Paid

Earnings Year ending July 31

Grou Net Dividcodt

Del. $465*7

Industrial Sbcuritibs 833

Earnings — Continued

Div. Paid Gross Net Dividend Surplus

9P3-w $5,939,954 $2,338,158 $2,417,899 Def. $79,742

1904-05 ao 7,958,508 3,958,779 3,198,215 760,564

1906-07 22j 11,230,410 3,851,839 2,475,000 1,376,839

President, Geoie Westinghouse, Pittsburg. Vice-President, Robert Pitcairn, Pittsburg. Vice-President, H. H. Westinghouse, Pittsburg. Vice-President, E. M. Herr, Pittsburg. Vice- President, John F. Miller, Pittsburg. Secretary and Assistant Treasurer, R. F. Emery, Pittsburg. Treasurer, John Caldwell, Pittsburg. General Majiager, A. L. Humphrey, Pittsburg. Assistant Secretary, S. C. McConahey, Pittsburg. Auditor, H. G. Welsh, Pittsburg.

Directors— John Caldwell, Pittsburg. E. M. Herr, Pittsburg. Robert Pitcairn, Pittsburg. H. G. Prout, Pittsburg. George C. Smith, Pittsburg. George Westinghouse, PiUsburg. H. H. 'Westinghouse, New York.

Mam office, Wilmerding, Pa. Executive office, 820 Penn avenue, Pittsburg. Annual meeting, first Tuesday in October, at Wilmerding.

Westihghouse Electric A Kmhufacturikg Co.

A corporation formed under the laws of Pennsylvania in 1872. The company manufactures electric apparatus and appliances for lighting and power plants, electric locomotives, motors for industrial uses, etc. It has a plant at Pittsburg, and branches at Cleveland, Newark, N. J., and Allegheny, Pa.

In 1899, the British Westinghouse Electric & Manufacturing Co. was incorporated with ji, 000,000 preference 6 per cent, stock and j75o,ooo ordinary stock. The American company acquired all the common stock as a consideration for the right to use its patents in Great Britain ana its dependencies, except in North America. The British company has a large plant at TraiTord Park, Manchester, England.

The company, in addition to its other foreign interests, has a large interest in the Societe Anonyme Westinhouse, a French corporation having a share capital of 20,000,000 francs, and which was organized ointlv by this company and the Westinghouse Air-Brake Co. to manufacture electric and air-brake apparatus for France and other Continental European countries.

In October, 1903, the Canadian Westinghouse Co., Limited, was organised. See statement of that company.

On October 23, 1907, Receivers were appointed for this company. It was stated that the embarassment of the Security Investment Co., with which the company had close relations, necessitated this step.

In December, 1907, a reoiganisation committee was formed', James N. Jarvie, New York, Chairman ; A. Stickney, Jr., Secretary, 54 Wall Street, New York. The committee on January 90, 1908, submitted a plan to fund the 5 per cent, debentures and convertible 5 per cent, bonds, together with the floatmg debt (about $14,531,000), through an issue of $35,000,000, ist mortgage and collateral trust, 5 per cent., 25-year bonds, and to exchange the debt secured by coUateral, consisting of $6,000,000, three-year 6 per cent, notes and $2,750,000, ten-year 5 per cent, collateral notes (French loans), for new secured obligations, and to issue $7,000,000 new stock to be subscribed for by the stockholders to the extent of 35 per cent, of their holdings. Deposits of the securities affected were called for to be made with the Bankers Trust Co., New York, the First Trust & Savings Bank, Chicago, or the First National Bank, Pittsburg. In April, 1908, a committee of mercantile creditors of the company, Joseph W. Marsh, Pittsburg, Chairman, proposed a modified plan under which there would be no new bond issue. It provided that the creditors should accept full paid assenting stock for their claims, that the other claimshould be provided for by the issue of additional convertible 5 per cent, bonds and that the stocks holders ould subscribe for $6,000,000 new stock for working capital.

The preferred stock is 7 per cent., cumulative, and participates with the common in further division of profits when the latter has received 7 per cent.

In Mav, 1003, $4,500,000 additional common stock was issued, the stockholders having the right to subscribe for the same at $80 per share to the extent of 25 per cent, of their original holdings. In August, 1904, the remaining $2,469,550 of common was issued and sold on the same terms. In Mardi, 1906, the authorized common stock was increased from $21,000,000 to $46,000,000 to provide for the conversion of the convertible bonds and future capital requirements.

Transfer Agents, Union Trust Co., Pittsburg; New England Trust Co., Boston, and office of the company. New York. Registrars, Fidehty Title & Trust Co., Pittsburg; MercanfiV Trust Co., New York ; Boston Safe Deposit & Trust Co., Boston.

8j4 THE MANUAL OP STATISTICS

The company has paid 7 pr cent, on its preferred stock since iSga, the dividends bein pa cent, quarterly, in January, April, July and October. In May, 1903, the preferred divided increased to 3 Ml per cent., or 10 per cent, per annum, and subsequent dividends have been on that basis. On the common the first dividend was per cent, quarterly, February ao, 19001 The May i, 1900, quarterly dividend on common was mcreased to per cent., and r' dividends were paid on the common to May. 190X, inclusive. The August, xooi, q dividend on the common was increased to per cent., which was the rate of the sob dividends until July, 1903, when the rate was increased to per cent., or 10 per oeat. per annum, the dividend periods on the common being also chanfi:ed to January, AprO, July and October. Subsequent dividends were at the same rate up to October, 1907, inclusive.

Funded Debt

Debentures, 5 per cent., due 1913, Jan. and July $1,969,000

Convertible sinking fund mort., 5 per cent., due Jan., 1931, Jan. and July 18,5001.000

Three year coll. tr. notes, 6 per cent., due Aug., 19x0, Feb. and Aug 6,000,000

Ten year col. notes, 5 per cent. (French loan), due Oct., 1917, April and Oct 2,750000

Total $aQ,9i9ooo

In August, 1898, the 5 per cent, debentures were authorised and issued. Part of the isme wai used to retire old bonds and part to acquire the Walker Co., of Cleveland. Beginning in 19001, $150,000 of the debentures are retired each year.

The convertible 5 per cent, bonds are $ao,poo,ooo authorized and are exchangeable for assenting" common stock at aoo for the latter after January i, 19x0, at the holders* opcioa and may be redeemed by the company on any interest date after January i, 19x2, at X05 and interest A sinking fund of $500,000 yearly begins December 31, 1907, bonds to be purchased at 103 aad interest. Stockholders of record February 5, 1906, had the right to subscribe for the bonds at gi and interest to the extent of 60 per cent, of their holdings.

The three-year 6 per cent, notes issued in 1907, could called as par on any interest date wjift an allowance of interest at 2 per cent., for the unexpired portion of their term.

The ten-year 5 per cent, notes are payable in sterling and francs, and are secured by debentnres of the Russian, French and Canadian Westinghouse Cos. They could be called at 105 00 aav interest date, from October x, T908, to October x, 1912, and after that at 102.

In the year ending March 3X, X906, net earnings were $3,379, 73X; preferred dHidends. $399*870; common dividends, $2,099,793; charged off for depredation, etc., $1,305,951; I ' deficit, $425,883.

In the nine years ending March 3X, X906, the net earnings were $16,892,528, other I

$8,079,820, total income $24,972,349; deductions from income $7,079,653; dividends paid $9.992,069 ; increase in surplus account $7,970,626

Receivers~E. M. Herr, Pittsburg. T. Hart Given, Pittsburg. H. S. A. Stewart, Pktsbcig.

Chairman, Brayton Ives, New York. President, George Westinghouse, Pittsburg. President, Newcomb Carlton, New York. Vice-President, L. A. Osborne, Pittsburg. Vke- President, £. M. Herr, Pittsburg. Vice-President, George W. Hebard, New York. Vke- Pteaidal. W. M. McFarland. Pittsburg. Secretary. Charles A. Terry, New York. Treasotcr, Tbeodocv W. Siemon, New York. Auditor, James C. Bennett, Pittsburg.

Directors— Anthony N. Brady, Albany, N. Y. N. W. Bumstead, Boston. Geonre W. Hebaid, New York. £. M. Herr, Pittsburg. Brayton Ives, New York. William McConway. Pittsburg. George C. Smith, Pittsburg. Theodore W. Siemon, Pittsburg. Frank H. Taylor. Pittsburg. W. T. Uptegraff, Pittsburg. George Westinghouse, Pittsburg. H. H. West house. New York.

Main ofiSce, East Pittsburg. New York office, xxx Broadway. Annual meetinc* foofth Wednetday in June, at Pittsburg.

The Westinghouse Hachihe Co.

A corporation formed under the laws of Pennsylvania in i88x. The company owns iHft plants at East PitUburg .and Traffbrd City, Pa., and Attica. N. Y.. and manufactures am and gas engines, steam turbines and mechanical stokers. In 1906, the Nemst Lamp Co. wm acquired.

On October 23, roo, the company was placed in the hands of Receivers. On October ai. 1907, this company's subsidiary, the Nernst Lamp Co , was also placed under a recetvership.

A "creditors' committee" was constituted in December, 1907, whidi propoeed that tbr company should issue $7,200,000 three-year 6 per cent, notes, dated January 2, 1908, to be secured bv $18,471, 000 5 per cent gold bonds of 1907 with which to pay off the claims. It was staled ia February, 1908, that 90 per cent, of the creditors had assented to the plaxL The daixas, it w staled, aggregated about $7,ooo,ooa

Industrial. Securities 835

;tock Par $50 Authorued, $10,000,000 Issued, $7,279,300

The stock of the company formerly consisted of $150,000 6 percent., non-cumulative, preferred nd $3,850,000. common. In January, 1909, the authorUed amount of common stock was acreased to $5,000,000, and the preferred stockholders surrendered their preferential rights, laldng the entire stock of the company of one class. In December, 1905, the authorized stock ras increased to $zo,ooo,ooo.

Stock is transferred at the office of the company. East Pittsburg.

Dividends on both the common and preferred stock were at the rate of 6 per cent, per nnum, and were paid quarterly, in January, April, July and October. Since December, 1002, dividends of per cent, each quarter, or at the rate of 10 per cent, for the year, were paid on he present stock to October, 1907, inclusive, since which time no dividends have been paid.

Funded Debt

8t mort., 6 per cent., due Jurie, 1906-14, June and Dec $345,000

>ebentures, 5 per cent., due July, 1919, Jan. and July 1,020,000

Total $1,265,000

The xst mortgage bonds are payable, $35,000 in 1905, and the same amount each year until :9i4, inclusive. The authorized amount of the debentures, which were created in 1899, is >x, 500,000, and of this amount $350,000 were reserved to retire the ist mortgage bonds of which 100,000 were retired in 1905.

In January, 1906, an issue of $10,000,000 debentures was authorized, of which sufficient vere to be reserved to retire the old bonds.

The company also guarantees $950,000 1st mortgage 5 per cent, bonds of the Westlnghouse foundry Co., due 1907-7, interest payable May and November. These bonds were issued to >provide for the construction of a large foundry at Trafford City, Pa.

Receivers— E. E. Keller, Pittsburg. William McConway, Pittsburg. W. H. Donnei,

President, George Westinghouse, PitUburg. Vice-President, £. E. Keller, East Pitts- )urg. Pa. Secretary, T. S. Grubbs, East Pittsburg. Treasurer,T. L. Brown, East Pittsburg.

Directors— James C. Chaplin, Pittsburg. W. H. Donner, Pittsburg. William McConway, Pittsburg. Wilson A. Shaw, Pittsburg. Horace E. Smith. Pittsburg. John F. Wallace, Niew York. Robert Wardrop, Pittsburg. George Westinghouse, Pittsburg. H. H. Westinglouae. New York.

Main office, East Pittsburg, Pa. Annual meeting in June, at East Pittsburg.

Westmoreland Coal Co.

A corporation formed under the laws of Pennsylvania in 1854. The company owns and >pirates large collieries producing gas coal in Westmoreland County, Pa. In 1905, it acquired :control of the stock of the Penn Gas Coal Co. ($1,500,000), paying $xoo for each $50 share of Jie latter. The Penn Gas Coal Co. owns coal mines in Westmoreland County. Stock Par $50 Authorized, $5,000,000 Issued, $5,000,000

Stock is transferred in the office of the company, Philadelphia. Registrar, Fidelity Trust Co., Philadelphia.

Dividends are paid at the rate of xo per cent, per annum, the dividend periods being half yearly, April and October.

President, E. H. McCullough, Philadelphia. Vice-President, H. C. Adams, Philadelphia. Secretary, Henry Wharton, Philadelphia. Treasurer, C. F. Godshall, Philadelphia. Assistant Secretary, C. B. Nichols, Philadelphia.

Main office, 224 South Third street, Philadelphia. Annual meeting, April i, at Philadelphia.

West Pehh Railways Co.

A corporation formed under the laws of Pennsylvania, February 19, 1904. The company was organized to consolidate the Pittsburg, McKeesport & Connellsville Railway Co., the Connellsville Surburban Street Railway Co., the Greensburg & Southern Electric Street Railway and the Uniontown & Mononahela Valley Railway Co. The company operates some ten electric lighting companies in cities and towns in its territory. Its stem of trolley lines extends from Duquesne, near Pittsburg, to Scottdale, Connellsville, McKeesport, Versailles and other towns, comprising altogether 105 miles of road.

pfd., 2,750,000 S pfd., 2,750,000 ) '

The preferred stock is 5 per cent nonrcumulative. Stock is txmnsferred at the office of tkt company, Pittsbure:. Restrar, Colonial Trust Co., Pittsburip.

The first dividend on the preferred stock was cent., paid Fefaraaiy t, 1906. ad similar dividends have since been paid in February, May, August and November.

tUNDED Debt

ist mort. 5 per cent., due Jan. i, 1931, April and Oct $4,731/0

Pitts., McKeesport & C. xst con. mort. 5 per cent., due Jan., 1931, Jan. and July. . . . Connellsville, Suburban Ry. ist mort. 5 per cent., due Jan., 193a, Jan. and July t7S,on

Total $7.44.M

There are also $4000 underlying bonds of the constituent companies outstanding to icoi which first mortne bonds are reserved. The authorised amount of the first mortcac* $6,000,000, the unissued balance being reserved for improvements and eztensioDS. TraHee of the xst mortgage and agent for the payment of interest, Colonial Trust Co., New York.

The Connellsville Suburban Street RaUway ist mortgage bonds are guaranteed, and interest, by the Pittsburg, McKeesport & Connellsville Railway Co.

Earnings

Gross Net Charges Satfha

Chairman, Edmund C. Converse, New York. President, W. S. Kuhn, Pittsbar. Vi President, James S. Kuhn, Pittsburg. Secretary, Robert P. Watt, Pittsburg. Tieaaorer, J. K Van Wagener, Pittoburg.

Directors— John E. Borne. New York. Edmund C. Converse, New York. W. H. Gtahsa, Pittsburg. W. S. Kuhn, Pittsburg. Charles A. Painter. Pittsburg. J. H. Purdy, Pittbais- W. A. Shaw. Pittsburg. J. B. Van Wagner. Pittsburg. R. P. Watt. Pittsbur;.

Main office. Pittsburg Bank for Savings Building. Pittsburg. Annual meeung. third Thaisday in February, at Pittsburg.

West St. Louis Water A Light Co.

A corporation formed under the laws of Missouri, May 14, 1903. The company has a gcnaB] distribution plant for water and electric current on the Missouri River, about twdve tnm St. Louis, and miles of water main, pole lines, etc. It has a perpetual franchise froa SL Louis County and long-time franchises ana contracts with the municipalities in theooonty. Stock Par $100 Authorised, $x,ooo,ooo Issued, $1,000.00*

Transfer Agent and Registrar, St. Louis Union Trust Co., St. Louis.

The company has an authorised 6 per cent, bond issue of $1,000,000. which in 1904 repfaosi a 6 per cent, issue of the same amounL There are $6ox ,000 bonds outstanding. Truitoe d mortgage and agent for the payment of interest, St. Louis Union Trust Co., St. Lonia.

President, J. H. Bothwell, St. Louis. Vke-President, J. F. Lee, St. Louis. Secrctanr aad Manager, J. R. CuUinane, St. Louis. Treasurer. J. C. Coulthurst, St. Louis. AsKStaat Seattary, T. H. Francis. St. Louis. AssisUnt Treasurer, D. R. Frauds. Jr., St. Loais

Directors— C. E. Andrews, Boonville, Mo. J. H. Bothwell, Sedalia, Mo. D. R. Fiwcm. Jr., St. Louis. T. H. Francis, St. Louis. W. P. Kennett, St Louis. J. F. Le, St. Loa W. H. Lee, St. Louis.

Corporate and main office, Rialto Buikiing, St. Louis. Branch office, 6600 Delmar Duuiemd. St. Louis County, Mo. Annual meeting, second Monday in May, at St. Louis.

White Khob Copper A Developheht Co., Liwiteo

A corporation formed under the laws of Maine in 1905, as sucoeasor to tlie While Kb Copper Co., Limited, which was reorganised under foreclosure and bought in for thescaitf holders. The old company is the successor to and acquired the piopeity of a Weit VtiLisn company of the same name, lu mine and smelter are at Mackay. Idaho, on the Sahnon raw branch of the Ores:on Short Line Railway. Since October, 1905. the mine and smehcr have bees operated under lease.

Industrial Securities 837

The preferred stock is 7 per cent., cumulative, and is convertible into common at the holders' option.

Transfer Agent, Security Transfer & Registrar Co., New York. Registrar, Knickerbocker Trust Co., New York.

A full account of the White Knob Copper Co., Limited, and of the reorganization plan was given in the Manual for 1906.

President, Edwin B. Sheldon, Delhi, N. Y. Vice-President, Wilbur K. Matthews, New York. Secretary, Jordan J. Rollins, New York. Treasurer, Austin M. Poole, New York.

Pirectors— Arthur Kennedy, Pittsburg. Harry J. Luce, New York. Wilbur K. Matthews, New York. E. C. Piatt, New York. Austin M. Poole, New York. Jordan J. RoUins, New York. Edwin B. Sheklon, Delhi, N. Y.' Charles B. Van Nostrand, New York. George W. Young, New York.

Corporate office, Portland, Me. New York office, 36 Wall street. Annual meeting, Tuesday after first day of June, at Portland.

The Whithey Co.

A corporation formed under the laws of North Carolina, April 11, 189 The company was organised to develop the water-power of the Yadkin River, near New London, Stanley County, N. C, where it is constructing a dam and several miles of canal, the plant being designed to generate some 60,000 electric horse power. The company also owns or controls over 15,000

I of land, including timber, mining, granite and water-power properties in the vicinity of its

On February 3, 1908, the United States Court in North Carolina appointed a Receiver. It was stated that a reorganization plan would be formulated.

Stock Par $50 Authorized, $10,000,000 Issued, $10,000,000

Transfer Agent and Registrar, Bankers' Trust Co., New York.

Funded Debt ist mort. and collateral trust, 6 per cent., due Nov., 1964, May and Nov $4,500,000

The first and collateral mortgage is for $5,000,000. After November, i9r4, the bonds are all redeemable at no and mterest on axiy interest date. Trustee of the mortgage and agent for the pajment of interest. Bankers' Trust Co., New York.

Receiver— John S. Henderson, Salisbury, N. C.

President, Edward F. Buchanan, New York. Secretary, H. L. W. Hyde, Pittsburg. Treasurer, Cornelius O'Connor, New York.

Directors— Albert O. Brown, New York. Edward F. Buchanan, New York. John S. Henderson, Salisbury, N. C. H. L. W. Hyde, Pittsburg. Cornelius O'Connor, New York. Edward Popper, New Yoric. William D. Sargent, New York. G. Lee Stout, Bloomfield, N. J. Levris G. Young New York.

Corporate office, Salisbury, N. C. Pittsburg office, Frick Building. Annual meeting, June I, at Saksbury.

Wilkes-Barre A Hazletom Railroad Co.

A corporation formed under the laws of New Jersey, May 8, loox. The company acquired the ATUkes-Barre & Hazleton Railway Co. and the Lehigh Traction Co., Hazleton, Pa.

The Lehigh Traction Co. operates under leases the Hasleton & Suburban Electric Co., the f axlecon & South Side Electric Railway Co. and the Hazleton & North Side Electric Railway It owns a power plant and 33 miles of electric line, from Haxleton, Pa., to West iaxleton, Yorktown, McAdoo, Freeland, Lattimer and other towns. The Wilkes-Barre & Hazleton lailroBil Co. began March 34, 19P3, to operate the Wilkes-Barre & Hazleton Railway from laxleton to Wilkes-Barre, 37 noises.

The preferred stock is 6 per cent, non-cumulative. It can be changed at any time at the jtion of the company into bonds of the company at par, bearing not less than 5 per cent, interest, - may be redeemed at par in cash.

Stock is transferred at the office of the company, Hazleton, Pa. Registrar, Trust Co. of New Yoric

Funded Debt

ist collateral trust mort., 5 per cent., due May, 1951, May and Nov $1,900,000

5 percent., due Oct., 1945, April and Oct t,xajaoc

Lehigh Traction Co. ist mort., 5 per cent., gold, due June, 1923, June and Dec. soo/n.

5 per cent, certificates of indebtedness, due 1951 Mcvooo

"car house bonds, 5 p. c. gold, due March, 1935, March and Sept... 2Sjoat

Hazle Park bonds, -5 p. c. gold, due April, 1925, April and Oct. . . 50.000

Wilkes-Barre & Haxleton Ry. Co. ist mort., 5 per cent., due 1951, May and Nov 1,500 ok

Total $5,395,000

The authorized issue of the collateral trust mortgage of the Wilkes-Barre 8t HasIcftoB Raflroad Co. is $3,500,000, of which amount $600,000 are reserved to retire the bonds of the Lelitgh Traction Co. The capital stock, $1,500,000, and the bonds, $1,500,000, of the Wilkes-Bane & Hadeton Railway Co., with the $140,000 certificates of indebtedness, and $903,600 of the stock of tlic Lehigh Traction Co., are deposited as collateral for this mortgage.

Presklent, A. Markle, Hasleton, Pa. Vice-President, John B. Price, Hasletoo. Secrdarv. C. J. Kirschner, Hasleton. Treasurer, N. C. Yost, Hasleton.

Directors— Paul Bedford, Wilkes-Barre, Pa. John N. Conyngham, Wilke-Barre. F. Dietrick, Wilkes-Barre. A. Markle, Hasleton, Pa. John Markle, Jeddo, Pa. Kensedi K. McLaren, Jersey City. John B. Price, Hasleton. R. E. Wilsey, New York. N. C Yob. Hasleton.

Corporate office, 15 Exchange place, Jersey City. Main office. Hasleton, Pa. Annual Betting, firat Monday in May, at Jersey City.

Wilkes'Bmrre 6As A Electric Co.

A corporation formed under the laws of Pennsylvania, 1904. The company acquired aB ike property of the following corporations :

Gas Co. of Luseme County. Wyoming Valley Electric Light, Heat ft

Consumers Gas Co. of Wilkes-Barre. Power Co.

Wilkes-Barre Gas Co. Excelsior Electric Light Co.

Wilkes-Barre Electric Light Co. Ashley Electric Ca

The above comprise the entire gas and electric light interests of the city of Wmces-Barre. Pl. and its immediate vicinity. The Gas Co. of Luzerne County has a perpetual and esUuMe franchise. Stock Par $100 Authorised, $1,500,000 Issued, $i3,aoc

An initial dividend of x per cent, on the stock was paid March 7, 1907 and 3 per oeot. wa paid in September, 1907. On April x, 1908, i per cent, was paid and it was stated the dividends would be quarterly.

Transfer Agents, Forrest & Co., Philadelphia. Registrar, Fidelity Trust Co., Pliiladclpka.

Funded Debt

ist consolidated mort. 5 per cent., due Jan., 1955, Jan. and July $i,4n,0D

Gas Co. of Luzerne County ist mort., 5 per cent., due 1926, Jan. and July 598.oac

Wyoming Valley E. L., H. & P. Co. xst mort., 5 per cent., due 1908, May and Nov. . . 460,000

Total $a,46s

The company's first consolidated mortgage is for $3,000,000, of which sufficient is reserved* retire the bonds of the Gas Co. of Luzerne County and the Wyoming Valley Electric Light, HeM & Power Co. in 1908, said bonds being then callable at par and interest. There is abc $947,000 for extensions and additions under proper restrictions. The ist consolidated q*s are subject to call at no and accrued interest at any interest date upon three months' 1 Interest is payable at the office of Fidelity Trust Co.. Philadelphia, trustee.

The Gas Co. of Luzerne County ist mortgage is for $750,000, of which $157,000 hav bcs retired and canceled. The bonds are subject to call at par and interest on and after July t, tqol Interest is payable at office of the Wyoming Valley Trust Co., Wilkes-Barre, tnntee.

The Wyoming Valley Electric Light, Heat & Power Co. ist mortgage 5 per oenL b Dor $500,000, of' which $40,000 have been canceled. The bonds are subject to call November i, 190 at par and interest. Interest is payable at the office of the People's Bank, Wtlke-Bwi trustee.

Earninos— Year ending November jo

Gros Net Charges Sary*

Industrial. Securities 839

President, Robert L. Forrest, Philadelphia. Vice-President, B. G. Gossler, Wilkes-Barre, Pa. Secretary and Treasurer, T. F. Wickham, Philadelphia. Engineers and General Managers, J. G. White & Co., Incorporated, New York. Resident Manager, J. H. Perkins, Wilkes-Barre.

Directors— W. H. Conyngham, Wilkes-Barre, Pa. C. C. Cuyler, New York. C. B. Dougherty, Wilkes-Barre. Robert L. Forrest, Philadelphia. P. G. Gossler, New York. Howard S. Graham, Philadelphia. George B. Linnard, Philadelphia. Frederic H. Shelton, Philadelphia. J. N. Thompson, Wilkes-Barre.

Main office, Wilkes-Barre, Pa. Annual meeting, last Monday in January, at Wilkes-Barre.

Wilmingtoh Gas & Electric Co.

A corporation formed under the laws of Delaware in November, igoi . The company acquired the property and franchises of the Wilmington Coal Gas Co. and the Universal Conduit Light, Heat & Power Co. Stock P.r$so Authorized|~;; $5co.ooo| com.. $500.000 .

The preferred stock is per cent, cumulative. Transfer Agent and Registrar, Secarity Trust & Safe Deposit Co., Wilmington, Del

Funded Debt ist mort., per cent., due Dec., 1931, June and Dec $1,000,000

Trustee of the mortgage and agent for the payment of interest, Security Trust & Safe Deposit Co., Wilmington, Del.

President, James Dobson, Philadelphia. Vice-President, Edmund Mitchell, Wilmington, Del. Secretary and Treasurer, William P. Taylor, Wilmington.

Directors — Thomas F. Barry, Philadelphia. George S. Capelle, Wilmington. James

Philadelphia. John Dobson, Philadelphia. William S. HUles, Wihnington. William W. Lobdell, Wilmington. Edmund Mitchell, Wihnington.

Corporate and main office, 837 Market street, Wihnington, Del. Annual meeting, first Tuesday in December, at Wilmington.

The Winnipeg Electric Railway Co

A corporation formed under the laws of Manitoba m X904< The company is a consolidation of the Wmnipee Electric Street Railway Co. and the Winnipeg General Power Co. The 'Winnipeg Electric Street Railway Co. was formed in 1892, and was a consolidation of the Northwest Electric Co. and the Manitoba Electric & Gas Light Co.

The company owns and operates the electric street railway system, the commercial electric Ughting and power system, and the gas lighting service m Winnipeg and St. Boniface, Manitoba. Road operates 31 miles of track. Stock Par $100 Authorized, $6,000,000 Issued, $5,390,000

The $6,000,000 stock outstanding December 31, 1907, included $679,050 subscribed for but not fully paid at that date.

Transfer Agtot and Registrar, National Trust Co., Montreal.

Dividends are paid quarterly in January, April, July and October at the rate of 8 per cent, per annum.

Funded Debt Winnipeg Elec. Street Ry. ist mort., 5 per cent., due Jan. x, 1927, Jan. and July..'. . . $1,000,000

Ry., ist refunding m., 5 per cent., due Jan. 1935, Jan. and July 4,000,000

Total $5,000,000

The refunding 'mortgage of the new consolidated company is for $1,000,000. There are $1 ,000,000 of bon<& held to retire the old railway company bonds. Trustee ot the mortgage. Royal Trust Co., Montreal. Interest is payable at the Bank of Montreal, Montreal and New York.

Earnings

Gross Net Charges Dividends Surplus

Total surplus December 31, 1907, $806,311.

President, William Mackenzie, Toronto. Vice-President, William Whyte, Winnipeg. Secretary, F. Morton Morse, Winnipeg.

Directors— D. B. Hanna, Toronto. William Mackenzie, Toronto. R. J. Markrir, Winnipeg. Donald D. Mann, Toronto. F. Morton Morse, Toronto. A. M. Nantoa, Wmaioeg. Hugh Sutherland, Winnipeg. Sir William C. Van Home, MontreaL William Wfaytc.

Corporate and main office, Winnipeg, Manitoba. Annual meeting, fourth Tuesday ia January, at Winnipeg.

Wihonm Coppeb Co.

A corporation formed under the laws of Michigan in 1898. The company owns a property of about 1,500 acres in Houghton County, Mich. Active exploration and work have been prosecuted on the property since the formation of the company.

Stock Par $35 Authorised, $2,500,000 Issued, $2,500000

At the dose of 1907, $16 per share had been paid in on the stock. An assesmient of $f peshare was called in February, 1908.

Transfer At, American Trust Co., Boston. Registrar, Boston Safe Deposit & Trust Col

Acting President, Nathaniel H. Stone, Boston. Secretary and Treasurer, E. B. O'Connor. Boston.

Directors — George P. Gardner, Boston. Walter Hunnewell, Boston. Charles J. Psuae. Boston. Charles J. Paine, Jr., Boston. William A. Paine, Boston. James H. Scsger, Michigan. Nathaniel H. Stone, Boston.

Executive office, 199 Washington street, Boston. Annual meeting, last Monday in Maxi.

Wol¥Erike Copper Mihimg Co.

A corporation formed under the laws of Michigan in 1890. The company owns and opeiaais the Wolverine copper mine in Houghton County, Mich.

Stock Par $25 Authorised, $1,500,000 Issued, $1,5001000

The stock of the company consists of 60,000 shares of the par value of $35 each, on

there has been paid $13 per share. Transfer Agent, American Trust Co., Boston. Regisuar, Adams Trust Co., Boston.

Dividends are paid luUf*yearly, in April (i) and Octpber. In 189, paid $3.50 per share; in 1900, paid $4 per share, and in 1901 and 1902, $4 per share. No dividends were then paid mitil 1903, when $3.50 was paid in April, $3 in October, 1903, $3.50 on April i, 1904, $4 on October I, 1904, $5 April I, 1905, and $6, October 7, 1905. In 1906, paid $8 in April and $9 in October. In 1907, $10 in April and $7.50 in October.

President, Joseph £. Gay, New York. Secretary, J. Wheeler Hardley. Treasurer, John IL Stanton, New York. Agent, Fred Smith, Allouez, Mich.

Directors— C. R. Coming, New York. Joseph E. Gay, New York. J. Wheeler Hardly. New York. S. L. Smith, Detroit. John R. Stanton, New York.

Main office, 15 William street. New York. Annual meeting, first Monday in AugusL

Worcester Gas Light Co.

A corporation formed under the laws of Massachusetts in 1851. The companr controls ibc gas lighting business in the city of Worcester, Mass. Its output is 531,000,000 feet gas per

annum.

Stock Par $100 Authorized, $800,000 Issued, $aooi,aae

Dividends of ix per cent, were paid in 1903, 1904, 1905 and 1906. Dividends are paid quai terly. in January, April, July and October.

In the fiscal year ending June 30, 1901, the gross earnings were $431,003 ; net, $i59,SP>. la 1Q03-04, gross, 124,483; net, $113,628; in 1904-05, gross, $44S9i9; $ia7.oS4; i905-e, gross, $454.944 ; net, $159.73? ; 1906-07, gross, $504,494 ; net, $i44.8w.

President, Charles D. Lamson. Worcester, Mass. Secretary and Treasurer, James P. Hamilton, Worcester.

Directors — A. George Bullock, Worcester. Francis H. Dewey, Worcester. Thnnas 8L Elaton, Worcester. Charles D. Lamson, Worcester. Albert Wood, Worcester. Samael B. Woodward, Worcester.

Corporate and main office, 340 Main street, Worcester, Mass. Annual meeting, WedDcaday next after September 10, at Worcester.

Industrial Sbcuritib8 841

HEKRY R. WORTH/MeTOH

A corpoFation formed under the laws of New Jersey in January, 189a. The company was formed to take over the business of the firm of Henry R. Worthineton, of New York, manufacturers of and dealers in steam pumps, meters and other hvdrauuc machinenr, whidi firm was established in 1845. It has factories at Harrison, N. J., and Brooklyn, N. Y. The company controls the Worthington Pump Co., Limited, whidi operates in Europe.

In 1809, control of this company was acquired by the International Steam Pump Co., through the purchase of the common stock. The International Steam Pump Co., in its organisation, set aside, unissued, an amount of its stock for the purpose of acquiring the preferred stock of this company.

The preferred stock is 7 per cent., cumulative, and has a preference as to division of assets in case of dissolution. The consent of 75 per cent, of the preferred stock is required for the creation of any mortgage. Transfer Agent, Colonial Trust Co., New York. Registrar, City Trust Co., New York.

The company has paid regularly the dividends on the preferred stock, the dividends being semi-annual, per cent, each, in May (x) and November.

President, John W. Dunn. Secretary> Theodore L. Herrmann. Treasurer, Nathan Fleischer.

Directors— John W. Dunn. Leon P. Feustman. Nathan Fleischer. Theodore L. Herrmann. H. Esk MoUer. Marcus Stine.

Main office, 1x4 Liberty street, New York. Annual meeting, second Tuesday in April.

WYMMDOT CaPPER CO.

A corporation formed under the laws of, Michigan in 1899. The company owns over x,ooo acres of copper lands in Houghton County, Mich. The property immediately adjoins the Winona mines, and the company has conducted exploration work on it with a view to determining its capabilities. Stock Par $95 Authorized, $2,500,000 Issued, $3,500,000

The original subscription price for the stock was $8 per share, out of which $3 per share was paid into the treasury of the company, making the stoic paid up to that amount. In October, X904, $1 was called and in November, 1907, $1 was again called payable, 50 cents November 37, 1907 and 50 May 37, 1908, when the stock will be $xo paid in.

Transfer Agent, Federal Trust Co., Boston. Registrar, State Street Trust Co., Boston.

President, John C. Watson, Boston. Treasurer, Charles E. Adams, Boston.

Directors Charles E. Adams, Boston. Joseph Dorr, Boston. M. A. O'Ndl, Boston. Matthew Van Orden, Houghton, Mich. John C. Watson, Boston.

Main office, 68 Devonire street, Boston. Annual meeting, second Monday in May, at Boston.

THE YALE A TOWME MAHUFACTUR/Ke CO.

A corporation formed under the la of Connecticut in x868 by Linus Yale, Jr., and Henry R. Towne for the purpose of manufacturing the Yale lock. The company's works are at Stamford, Conn., and employ under normal conditions over 3,000 hands. Its business now includes the manufacture of builders' hardware, bank locks, etc Stock Par $100 Authorised, $5,000,000 Issued, $1,000,000

Stock is transferred at the office of the company. New York. Registrar, Mercantile Trust Co., New Yoric

Dividends of 6 per cent, per annum are paid, the payments being quarterly, per cent, each in January, April, July and October.

Funded Debt xst mort., 5 per cent, gold, due 1930, Jan. and July $1,000,000

The authorized bond issue is $1,000,000.

The company's surplus account January x, 1008, was $3,005,196.

President, Henry R. Towne, New York. Vice-President, Schuyler Merritt, Stamford, Conn. Vice-President, Frank H. Taylor, New York. Secretary, John H. Towne, New York. Treasurer, A. R. Erskme, New York.

Director*— Walter C. Allen, Stamford, Conn. Kirk Brown, New York. A. R. Erskine, New York. Schuyler Merritt, Stamford. Louis H. Porter, Stamford. Frank H. Taylor, New York. Warren H. Taylor, Stamford. Henry R. Towne, New York. John H. Towne, New York.

ap THE MANUAL OP STATISTICS

Corporate office, Stamford, Conn. General office, 9 Murray street, New York. Amal meeting, second Thursday in March, at Stamford.

York Railways Co. ,

A corporation formed under the laws of Pennsylvania, November 16, 1907. The comply was ornmued for the purpose of consolidating the street railways, electric light and power, sad steam heating plants in York County, Pa. and succeeded the York County Traction Co.. a New Jersey corporation formed in 1900. See statement of that company in the Manual for 1907. h acquired 'and merged the following companies :

York Street Railway Co. WrightsriUe & York Street Railway Co.

York & Dover Electric Railway Co. Red Lion & Windsor Street Railway Cou

York & Dallastown Electric Railway Co. Hanover & York Street Railway Co.

York Haven Street Railway Co.

It owns all the stock of the York Light, Heat and Power Co. and the York SurbortoB 1 Co. and a majority of that of the York Steam Heating Co.

The company operates ao miles of street railway in the City of York. It has oobstructed and in operation 13 miles of track to Bittenville via Dallastown, Red Lion and Wiadsr ; 13 miles to Wrightsville via Hellam ; la miles to York Haven via EmigsviJIe, Manchester and Mount Wolf ; 8.5 miles to Dover, and x8.6 miles to Hanover via Spring Grove. The Yofk Steam Heating Co. operates a steam heating plant in York. The York Light, Heat and Pov Co. does most of the electric light and power business in the city.

The preferred stock is 5 per cent, cumulative. Stock is transferred ai the office o£ tke company, York, Pa.

Funded Debt

ist mort. and col. trust, 5 per cent., due Dec., 1937 $3,400,000

The authorised bond issue is $10,000,000, the bonds being a lien on all the oompaayl property, and further secured by a deposit of stocks of controlled companies.

President, W. F. Bay Stewart, York, Pa. Secretary, and Treasurer, Joseph S. Bowser, Yak

Directors— Francis Farquhar, York. George H. Frader, Philadelphia. Grier Henh, Yod. Arthur Holland, Washington, D. C. Thomas Newhall, Philadelphia. John C. Schmidt, Yock W. F. Bay Stewart, York.

Main office, 97 West Market street, York, Pa. Annual meeting, second Monday in Jannarr. at York.

The Youmgstowm Sheet Tube Co.

A corporation formed under the laws of Ohio in November, i9cx>, for the purpose of maacfacturing iron and steel sheets and pipe, black and galvanised. The plant of the oosnpaay a located at Youngstown, O. It also has a blast furnace at Sharpsville, Pa., and owns interest m. 6,000 acres of coking coal land and a 3-5 interest in the Albany, Troy and Utica iron ore minfi in the Mesaba Range. In 1905-07, the company built a Bessemer steel plant at YooniesM'R and a blast furnaces. In March, 1908, it purchased the plant of the Morgan Spring Co., r Struthers, O. Stock Par $100 Authorised, $6,000,000 Issued, $3,980,006

In January, 1907, the authorized stock was increased from $4,000,000 to $6,000,000 to pr vide for improvements.

Funded Debt 1st mort., 6 per cent., due July, 1905-35, Jan. and July $a,acRvooc'

The amount of the xst mortgage was $3,500,000 of which $135,000 falls due em jmm. Trustee and agent for the payments of interest Dollar Savings and Trust Co., Yoongstown.

Dividends are payable quarterly in January, April, July and October.

President, James A. Campbell, Youngstown, O. Vice-President, H. G. Dahon, rirnliir Vice-President, C. S. Robinson, Youngstown. Secretarv, George E. Day, Yoangmc Treasurer, Richard Garlick, Youngstown. Auditor, W. B. Jones, Youngstown.

Directors — Robert Bentley, Youngstown. J. G. Butler, Jr., Youngstown. James A. Cam bell, Youngstown. H. G. Dalton, Cleveland. £. L. Ford, Youngstown. Richard Garhei. Youngstown. C. D. Hine, Youngstown. John L. Severance, Cleveland. H. H. Stantaofk Youngstown. George D. Wick, Youngstown. William WilkofT, Youngstown.

Main office, Federal Building, Youngstown, O. Annual meeting, third Saturday in Jvly.

Qovernment Securities

Details of the National Debts and Funded Obligations of the United

States and of the Principal Forei| Countries whose

Bonds are Known in the American Markets

Covering Asgregate Debts aad the Separate Bond issues of the Several

Countries

The United States Of America

The fig:ures pven below as the amount of each class of United States bonds outstanding: are taken from the Debt Statement issu by the Treasury Department as of February 29, 1908.

National Debt

Consols of 1930, a per cent., due April i, 1930, quarterly, Jan $66,350,150

War Loan of 1908-19x8, 3 per cent., due Aug. x, 19x8, quarterly, Feb 3,945,460

Loan of 1995, 4 per cent., due Feb. x, 1935, quarterly, Feb 1x8,,900

Panama Canal Loan, a per cent., due Nov. i, 19x6, quarterly, Feb 541031,980

. of indebtedness, 3 per cent., due Nov. ao, 1909, mterest paid at redemption.. 15,436,500

Total $898,753,990

In addition to the above there was outstanding Februarv 39, X908, of the old debt, which matured prior to January x, x86x, $93X,335, interest on which has ceased ; $34,500 of the funded loan, which matured September a, 1891 ; $33,000 of the funded loan of 1891, continued at a per cent, and called for redemption May x8, 1900, interest having ceased August x8, 1900; $74,900 of the 5 per cent, loan, which matured February a, X9Q4, and on which interest has ceased, and $3,805,850 of the 4 per cent, funded loan, which matured July a, 1907, at which date interest ceased.

The 3 per cent consols of X93D were authorized by the Act of March 3, 1900, known as the Currency and Refunding Act. Of the bonds of this issue $646,350,150 are registered and coupon. The bonds outstanding were issued in exchann for 3s of 4s of X907 and 5s of 1904, under the provisions of the Act named above and the terms designated by the Treasury Department in a circular dated March 14, 1900. The Act provided that the old bonds named above should be exchangeable for new 3s, provision being maae for the payment in cash to holders of the old bonds, making the exchange of the difference between their par value and their value computed on a basis to yidd per cent, per annum. The right to exchange the old bonds was suspended by the Treasury Department, under Section xx of the Act, on December 31, X900, but has been resumed from time to time, the latest occasion being under a circular of the- Sco'e- tary of the Treasury issued April 3, x7, whereby holders of the 4 per cents of 1907, up to $50,000,000 thereof, were given the privilege on and after April 5, 1907, of exchanging the same for 3 per cents on a basis to yield per cent, with a premium of 3 per cent, for the 3 per cent, bonds. Under the terms of the Act of March 14, 1900, the Secretary of the Treasury may change the terms of exchange by requiring a premium' upon the 3 per cents, or requiring

holders of old bonds to surrender the same in exchange for the new Issoe at a yrtbm to jkU more than per cent. These bonds are in denominations as follows : Coupoo, $500 and $1,000 ; registered $50, $100, $500, $1,000, $5,000, $10,000 and $50,aoa

The 3 per cent. War Loan of 1908-1918 was authorised by the Act of June 1898. The bonds were created and issued to provide for the expenditure caused by the Spanish War. CX the bonds of this issue $39,919,500 are registered and $24,035,960 coupon. Thej are redeemable afto- Aupust I, 1908, at the Covemments option. The bonds were placed by a public subeulpuon unoer a Treasury circular dated June 13, 1898, the subscription, whidi closed July 14, 1900 agm;ating $1,325,000,000. Preference in the allotment was given to the small individual sobscnptions. These bonds, both coupon and registered, were issued in denominations oi $aa $100, $500 and $1,000, and also in registered denominations of $5,000 and $io,ooa

The 4 per cent. Loan of 1905 was authorised by the Act of Janua 14, 1875, Resumption Act, and Section 3,700 of the Revised Statutes of the United States, Act of March 17, 1869, the latter empowering the Secretary of the Treasuiy to purchase coin with bonds or notes of the United States. These bonds were issued to replenish the Treasury's gold reserve. Of the bonds outstanding, $96,951,100 are registered and $31,538,800 coupons. These bonds are iasned in denominations of $50, $100, $500, $z,ooo, $5,000 and $10,000 registered and $50, $100 $500 and $z,ooo coupon.

The Panama Canal a per cent, loan was authorised by the Acts of June aS, I9a5 and DeosBber ai, 1905, the amount authorised being $130,000,000, and the bonds are redeeinabfe at tbe pleasure of the United States after ten years from date of issue. Bonds can be coupon or registered and may be issued in denominations of $ao or multiples thereof. On July ao, 1906, $jq,- 000,000 thereof were issued. Under date of November x8, 1907, the Secretary of the Treaanry offered for subscription $50,000,000 additional bonds of this issue as a measure of relief to the Treasury and the money market. Under the offer $34,631,980 of the bonds were subscribed for.

The one year 3 per cent, certificates of indebtedness were authorised by Section 33 of the Act of June 13, 1808. They were offered for subscription at par by a circular of the SiBoetary of the Treasury hated November 18, 1907, their purpose being to meet public expenditvcs without a withdrawal of Government deposits from the national banks. The total amoimr offered was $100,000,000, but only $15,436,500 were subscribed for. The certificates are dated November ao, 1907, and are due November ao, 1908, and are in denominations of $50 each, payable to bearer. The interest is payable with the principal on presentation of certificates for redemption at maturity.

UKITED STATES OF MEXtCO

A Federal Republic consisting of 37 States, a Territories and a Federal District. Cwrancy standard, silver. The Mexican peso or dollar is 417.79 grains of silver of th fineness of .9oaL7. Nominal equivalent in United States currency, 98 cents.

External Consolidated external gold loan, 5 per cent, quarterly, Jan., April, July and Oct. . . $103,846,745 4 per cent, gokl bonds of 1904 due Dec., 1954, June and Dec 39i&>,aoo

Total $143,006,745

There are also various internal loans payaNe, interest and principal, in silver, amounting to a par value of upwards of $150,000,000.

The Mexican consolidated external 5 per cent, gold loan of 1899 was created to refund and retire outstanding 6 per cent, and 5 per cent, gold bonds aggnating £i6,iBx,oaa, A majority of the old bonds were exchanged for the new <8, the balance being called and paid ofi.

The principal of the 5 per cent, gold loan was jgaa, 700,000, agreed equivalent in Unitnd Stales currency at $4.85 to the £f or $x 10,095,000 ; in German marks, 463,000,000. The bondi are coupon, to bearer, and are without provision for registntion. The amount outstanding in March, 1906, was /'ax, 805,460, equivalent to $105,756,481. The amount outstanding in April, iipo8, was ;3x, 4 11,700, equivalent to $103,846,745. They are issued in fixed denommacions of /30, /"loo, £xx>, £soo and j'ooo, or $07, $485, $970, $3,435 and $4iS50, respecUvdy, in United Sutes gold coin of the present standard, also in German marks. Coupons are payafals quarterly on January (1) April, July and October. Each quarterly coupon of the /'aoo bowk calls for £2 zos., $ia.xa, or 51 marks. Coupons on bonds of tne other denominations am is proportion to these amounts. Coupons are payable at hokler's option either in London bf J. S. Morgan 8t Co.; in New York fay J. P. Morgan & Co.; in Berlin by S. Bldduoder or the Deutsche Bank, and in Amsterdam. The 6rst coupon matured April t, tooo.

No period is fixed for the maturity of these bonds. The Mexican Government, however, obligates itself to pav from January 1,900, a semi-annual sinking fund of a3i per oenL of the original amount of the loan. By the operation of the sinking fund it is cakuliued that the entire

Government Securities 845

isBue wiU be retired within forty-five years. Bonds may be purchased for the sinking fund at par or drawn and retired at par. After July, 1909, the Mexican Government has the riht to increase the sinldng fund payments or to pay off the loan at par on three months* notice. The bonds and coupons are free from any existing or future Mexican tax. Bonds drawn for the sinking fund are payable at holder's option by any of the firms named above as agents for the payment of coupons at the fixed equivalent amounts in the currencies of the respective countries. As security for the interest and sinking fund the Mexican Government pledged 6a per cent of its combined import and export duties.

Fiscal Agents of Mexico in the United States for the 5 per cent, consolidated external gold loan, J. P. Iforgan & Co., New York.

The 4 per cent, gold bonds of 1904 were $40,000,000 in amount, divided into two series A and B respectively. The issue was created to pay off $18,500,000 of gold treasury notes due June i, 1905, and June i, 1906, which were called for redemption F. i, 1905 ; $(5ii33,ooo6per cent, silver subvention bonds for the Vem Crux & Padnc Railway and the Mexican Southern Railway and certain amounts of special silver obligations issued for the construction of various railways and harbors. Principal and interest are payable in New York in United States gold coin at the office of Speyer & Co., or, at the holder's option, in London, at the rate of $4.86 per pound sterling, or in Frankfort or Berlin at the rate of 4.20 marks per dollar, or in Paris at the rate of 5.18 francs per dollar. The bonds are in the denominations of $1,000 and $500 United States gold coin or the equivalents in foreign currencies. They are dated December z, 1904, mature Dember i, 1954, and have coupons attached *payable June ist and December isi. The bonds are to be always exempt, both as to principal ana interest, from all Mexican taxes already established, or that may in future be established by any authority. A semi-annual sinking fund provides for the gradual retirement of the bonds in fifty years. During the first five years bonds are to be drawn for redemption at par; after that time bonds will be purchased in the market, if the market price be below par; otherwise they will be drawn at par. Except by the operation of this sinking fund the bonds are not subject to compulsory retirement.

The Mexican Government has guaranteed by indorsement an issue of $7,000,000 ist mortga per cent, bonds, due July, 1934, interest January and July, of the Vera Cruz and Pacific Railway Co. See statement of that company in the Railroad Section of the Manual

On April 6, 1908, it was announced that the Mexican Government would guarantee by indorsement both interest and principal of an issue of $160,000,000 in United States gold 43

Ssr cent general mortgage sinking fund redeemable bonds of the Ferrocarriles Nacionales de exico (National Railways of Mexico), the company orpinized to consolidate the Mexican Central Railway Co., Limited, and the National Railroad of Mexico. The plan for this merger provides that the Government shall control the new company by ownership of its common stock. Tlie genera] mortgage bonds are due October i, 1977, interest payable April x and October x. They are redeemable at par and interest on any interest date alter April i, 1937. The plan for the above consolidation was issued too late for inclusion of details in the statements of tne Mexican Central Railway Co. or the National Railroad Co. of Mexico in the Railroad Section of this edition of the Manual.

Republic Of Cuba

External Debt External debt, 5 per cent, gold bonds, due March, 1944, March and Sept $35,000,000

The 5 per cent, gold bonds of 1904-1944 were issued in conformity of a law passed bv the Congress of Cuba, February 99, 1903, as amended January 25, 1904. By this Law the President of the Repubhc was authorised to issue a 5 per cent, loan in gold, in money of the United States or in sterling, at the rate of $4.86 for each £. The coupons and bonds are payable at the option of the holder in New York in United States gold coin ; in London in pounds sterling ; in Frankfort and Berlin in reichsmarks, and in Paris m francs. The Republic of Cuba pledges its good faith for the payment of the bonds and the principal thereof, the law authorising the loan having created special taxes upon wines, liquors, tobacco and other articles, which taxes shall remain in force during the life of the loan or any part of it. Under the contract between the Government of Cuba and Speyer & Co., New York, for the sale of the bonds to that house, dated May 11, 1904, the Government furthermore, as special security for the loan, pledged, with preference over any future pledges or hypothecations, 15 per cent, ot the customs receipts of the Republic, a sum equal to which is to be paid weekly to Speyer & Co. in New York, or their agents in Havana, until the amounts received by them are equal to the amount required for the annual charges for the year then current for interest and sinkmg fund payments. If the 15 per cent, of the customs receipts shall prove insufficient, the Cuban Government agrees to set aside and pled such an additional amount of the customs receipts as will in eleven months produce the requisite amount.

There is to be a sinking fund for the redemption of the bonds, which shall begin March i, 1910, and shall consist of $x,o90,ooo per annum, to be paid to Speyer Sl Co. in monthly instal-menu

of $85,000 each. These amounts shall be applied to the purchase of bonds if obtaiubk at or below par and accrued interest ; otherwise bonds will be drawn by lot for redemption at and interest.

Coupon bonds may be exchanged at the office of Speyer & Co. New York, for registaed bonds. Principal and interest of the registered bonds are payable only in United Scata mautj at New York, and such registered bonds may be re-exchanged for coupon bonds.

The Republic of Cuba also has various internal loans incurred since the formation of the present government of the idand.

The Ukited Kikgdom Of Great Britaik Mkd Irelakd

The figures given as the amount of each class of British public funds except the terminable annuities, were as of April i, 1908. The British pound sterling ooosisuof 133.37 grains of gold .916 fine, the equivalent of £i in United States currency being $4.8.

National Debt

Consols, per cent., due April, 1923, quarterly, Jan. (5), April, July and Oct £n'lA*lSl

Annuity stock, percent. , redeemable 1905, quarterly, Jan. (5), April, Julv and Oct. 4,370,906

per cent., redeemable 1905, quarterly, Jan. (5), April, July and Oct 30,832,5x4

National war loan, per cent., due 1910, quarterly, Jan. (5), April, July and Oct. 30,000,000

Terminable annuities, capitalized value 40,864,211

Guaranteed 3V per cent stock, Irish Land Act, redeemable aft. 1933, Jan. and July 31,193.391

Exchequer bonds, 3 p. c. , redeemable Oct. 14, 1909, quar. , Jan. (5), Apru, July and Oct . 6,000/100

" " c., redeemable 1908-15, quar. , Jan. (18), April, July and Oct . 8,000,000

Total ;6'7M35.9*

There are, in addition to the above, local loan stocks created under authority of Art of Parliiment and administered by the Commissioners of the National Debt which amount to £'7 1,058,813

The per cent, consols were created in 1888 to refund previous issues. They bore sjj per cent, until April, 1903, and 3H Pr cent, thereafter, but after 1933 may be redeemed at any tine at par, as Parliament may dead. Interest is payable quarterly, January (5) April, July aad October at the Bank of England. The consols are " inscribed stock," that is, legisteied, or bonds to bearer.

In April, 1901 , ;6o,ooo,ooo of consols were issued to provide for the cost of the South Afrkaa war. The issue price was 94, and subscriptions were invited in the United States through J. P. Morean & Co., New York; Baring, Magoun & Co., New York; Drexel ft Co., Philadelphia, aad Kidder, Peabody ft Co., Boston. The American subscriptions aggregated about half the amooM of the loan, and allotments of 35 per cent, were made thereon.

The Qi per cent annuity stock was issued in 1884 to refund 3 per cent consols. After Jauary, 1905, it may be redeemed as Parliament shall decide. Interest is payable quarterly, Janoai; (O, April, July and October, at the Bank of England. The stock is either inscribed** or is the form of coupon bonds to bearer.

The per cent annuity stock was created in 1853, and various amounts have been isnedts refund old obligations. The stock matured in 1895, but was extended to January, 1905, after which it may be redeemed on one month's notice, as Parliament decides. Interest is payable quarterly, January (5), April, July and October, at the Bank of England.

The per cent, national war loan (" Kakhi loan ") of /'3d,ooo,ooo was hated in 1900 10 provide for the expense of the war in South Africa. The stock matures April 5, 191a Intcrast ii payable January (5), April, July and October, at the Bank of England. The cock ii ascribed or in the form of coupon bonds to bearer. It was issued in daiominatious of £10 /"aoo, j5oo and £1000. The loan was offered for subscription in March, 1900, at 98, and cossiderable allotments were made to American subscribers for the same.

The terminable annuities given in above table represent a description of sinking fund by vhki a oonsideiable portion of the British national debt is paid off. and, after a certain thne, the capiiai' ised sum entirely extinguished. Under various Acts of Parliament, the treasury is empowcnd grant annuities for a terra of vears in exchange for permanent stoic A hoMer of ;x,ooo of per cent consols, for example, can surrender them to the Treasury in return for a nxed paynoR for a term of twenty years, the consols being canceled by the operation.

Interest upon the various classes of Brit funded obligations is subject to the regular inooac tax of 5 per cent., which is deduaed from the coupons at Uie time of payment thereof.

The British Imperial Government guarantees a Transvaal Government 3 per cent kwBd j£'35,ooo,ooo, redeemable 1923-1953, interest May (i) and November, which was created in 190910 provide the funds required for the carrying out of the pacification of the Transvaal. The km IS redeemable after 1933, and becomes due in 1953.

Government Securities 847

IMPERIAL JMPMKESE GOlfERMMEKT

The currency of Japan is g:old standard, the yen of that country consisting of xoo sen, and weighing 35.73 grains of gold, 900-1,000 fine. Its value is 99.7 cents.

National Debt Yen

Internal loans, various 1,939,751

Imperial sterling loan, 4 per cent redeemable after 1909, June and Dec. 31 ;io,ooo,ooo

Sterling loan, per cent., due Feb. 15, 1935, Feb. (15) and Aug 30,000,000

Sterling loan of 1905, 4 per cent., due Jan., 1931, Jan. and July 35,000,000

Sterling loan of 1907, 5 per cent, due March is, 1947, March (is) and Sept 33,000,000

The Imperial sterling 4 per cent, loan was created in 1000 and is for /" 10,000,000. It was led for railways and public works. Interest and principal are payable in London.

The per cent, sterling bonds were created in March, 1905, and were offered for subscription in London and New York, one-half of the amount being allotted to each citv. The bonds are in c6upon form in denominations of j'xoo, ;30o and £300, Interest and pnndpal are payable in sterling at London at the office of the Yokohama Specie Bank, Limited, or at its agency in New York, at the fixed rate of exchange of $4.87 per £i. This loan is repayable at par, February 15, 1935, but the Japanese Government reserves the right to redeem at par all or any of the bonds on or at any time after February 15, 19x0, on giving six months' previous notice, partial redemption to be effected by drawings at Uie office of the Yokohama Specie Bank, Limited, London, and the New York agency of the same bank, in the usual manner. The loan is secured both as to principal and interest by a first charge upon the annual net revenues of the Imperial Japanese Government Tobacco Monopoly. The Imperial Japanese Government has the exclusive right to control the cultivation and production of the leaf, and to purchase, import, manufacture and sell tobacco. It thuspossesses the entire monopoly of the tobacco trade within the limits of the Japanese Empire. The estimated net revenue tor the fiscal year 1905-06 from this source was 33,011,- 073 yen, which, at the exchange of two shillings and halfpenny per yen, is equal to ;3,367,796 fSs. 8d.

The 4 per cent, sterling loan of 1905 was offered in November, 1905, for subscription in London, New York, Paris and Berlin, j3,ao,ooo being allotted to New York; Kuhn, Loeb & Co., New York ; the National City Bank, New York, and the National Bank of Commerce, New York, offering the same for subscnption in November, 1906, at 87 and interest. The authorised amount of the loan is 50,000,000, die unissued balance of 35,000,000 being reserved to convert or redeem the two series of 6 per cent, sterling bonds. The bonds are in coupon form, in denominations of j'io, /'30, ;xoo, and ;3oo. Interest is payable in sterling at the office of the Yokohama Specie Bank, Limited, London, or at its agency in New York, at the fixed rate of exchange of $4.87 per Interest is also payable at Paris, through De Rothschild Freres, and at Berlin, through the Deutsch-Asiatische Bank. The loan is divided into series of ;i, 000,000 each and is redeemable at par on January x, xq3x, but the Japanese Government reserves the right to redeem at par all or any of the series of bonds on or at any time after January i, 1931, on giving six months* previous notice ; partial redemption to be effected by drawings of complete series in the usual manner at the office of the Yokohama Specie Bank, Limited, London, and notice of the distinctive number or numbers of series drawn will be given by advertisement in two newspaper* in each place where the coupons are payable.

The 5 per cent, sterling loan was created in March, 1907, to retire the two series of Imperial Japanese 6 per cent, bonds which under the terms of theu* issue could be redeemed after April 5, 1907, and were called for redemption Sept. xo, 1907. The new 5 per cents were offered for subscription under date of March 9, 1907, ji 1,500,000 being offered m Paris, and /"x 1,500,000 in London and in New York and other American cities at 99, payable £B per cent, on application, £is per cent, on allotment, ;3o per cent, on April 39, 1907, ;30 per cent, on May 38, X907, 30 per cent, on June 30, X907, and ji9 los. per cent, on July 30, 1907. Subscriptions in fuU in cash were offered a discount at 3 per cent, per annum. It was announced that holders of the Imperial Japanese 6 per cent, sterling loans who desired to pay in full in such bonds would receive favorable consideration. All subscribers of that class were to receive for each ;(oo of the 6 per cent, bonds ;ioo in full paid scrip for the new 5's with a cash payment of £1 los.

The 5 per cent, bonds are repayable at par March 13, X947, but the Japanese Government re< served the right to redeem them at par in whole or in part after March 13, 1033, on six months notice. Bonds are in denominations of £70 £100 and £'XOj divided into 46 series of ;f 500,000 each. Bonds and coupons are payable at the Yokohama Specie Bank, Limited, London, or at its agency in New York. In the latter case such payments are to be in American money at the current rate of exchange in London on the due dates. A full half yearly couprr for £9 xos. was to be attached to the &rip certificates issued in the first instance.

The 6 per cent, sterling loan, first and second series, each for ;io,ooo,ooo, which were issued in X904 and 1905, respectively, and subscribed for at London and New Yoric, were called and retired on September 10, 1907.

The Manual Of Statistics

IKTEREST BEMRIKS DEBT OF THE UKITED STATES. 1891 TO 1908, IBCLUS/rE

Year ending June 30

Ybar

Funded

Loan

of X891. 4K

Per Cent.

Funded Loan of 1907, 4 Per Cent.

Reiundcirtifi.

"p5

Cent.

Loan of 5 Percent.

Loan of 4 Per Cent.

Loan of

a.450

$

J

i8od

to/.

Panama

Canal

3 Per Cent.

Loan

97,515,660 445.9D.7S 83,107,060 530,143,150

IQOl

One Year 3 Per Cent. Certificates

77,135,360 543,909.99* 77.139,300 543,909,99c $3,945,460 595.93,3SC 63,945.460 646,350,190

iao6

,

Bomos Deposited To Secure H Ati Oh A L Bahk Circulatiob

Feb. agth, 1908

Apia tat, tL?

3 per cent. Consols of 1930

3 per cent. Loan of 1908-18

4 per cent. Funded Loan of 1907

4 per cent. Loan of 1935

3 per cent. Certificates of indebtedness,

i6,38lh7S0 15.436,500

BOtlDS DEPOSITED TO SECURE PUBLIC DEPOSITS IH II ATI 0 HAL BAKKS

3 per cent. Consols of 1030

3 per cent. Loan of 1908-18

4 per cent. Funded Loan of 1907

4 per cent. Loan of 1935

3.0< per cent, of District of Columbia, 1934

Philippine Loans

Territory of Hawaii Loans

Porto Rico Loans

State, City and Railroad

Feb. a9th, 1906

Apiil ta, BVBT

43.34a.OOO 8,007,500

S.403.79>

X003,009

9,Q35ooo

Baltimore Securities

Alabama Consolidated Coal & Iron

" " " pref

AUanto & Charlotte

Atlantic Coast Line

" " Conn

Baltimore & Ohio

Canton Co

Charleston Con. Railway, Gas & Electric. . .

Comas Cigarette Machine

" " " pref ..

Consolidated Cotton Duck

Consolidated Gas

Consolidated Gas, Electric Lht & Power. . .

pref.

George's Creek Coal & Iron

Georg:ia Southern St Florida

istpref.

" " " adpref.

German-American Fire Insurance

German Fire Insurance

GottUeb-Bauemschmidt-Straus Brewing

Houston Oil

Lexington Street Railway

Maryland & Pennsylvania

Maryland Electric Railways

Merchants' & Mechanics P. B. & L. Ass'n. . .

Merchants' & Mmers' Transportation

" Trust receipts

Mount Vemon-Woodberry Cotton Duck

Norfolk & Portsmouth Traction

Norfolk Railway & Light

Northern Central

Philadelphia Company

Reisertown Turnpike Co

Seaboard Air Une

pref.

Seaboard Company

ad pref

Southern Railway

" pref

United Electric Li:ht & Power, pref

United Rafl ways & Electric

" pref

Western Maryland

High

Low

High

Low

Hich

Low

fs

93K

3Is

36

a63K

"2

loo

a7V

M

loH

9a

13

3H

r.

g

33H

41M

r

f.

r

8a

lOI

u

Ico

Vm

9H

3D

I6H

7H

"54

3Sh

7M

ito

Sco

6K

13H

13

i9

%

50H

46

iH

'H

I?<

35K

Uh

iM

a4

3a

r

To

91H

3a

49K

12M

9V

hH

m

13H

4H

Thb Manual Of Statistics

Bonds

State Bomds

Interest Due Payable

Maryland 3S conaob, 19x4 J. & J.

North Carolina 4S conaols.. 10x0 J. & J.

" 5. 1919 A. & O.

South Carolina 4;s ref. .. . 1933 J. & J.

Virgilnia new 193a J. & J.

" Century, a-3t. 1991 J. & J.

B.B.&Co.def.

High

Low

High.

Low

High

Urn

99H

'3oX

Sk

.

Bob

96M

8V

97H

96M

94H

?3

aiS

c/rr tfOirs

Due

City 4S 1990

Conduit 3Xs. 1993

Sewer 38 1980

Dock Loan 38 1954

Exchange 1930

FourMimon3s 1945

Internal Improvement 39 199

Public Improvement 1940

Water & Funding 51 19x6

Water 4s 1996

Western Maryland 4s 1995

Interest Payable M.& N. J. & J. A. & O. J. & D. J. & J. & S. & J. & J. & J. & J.

M.

J. J. J. M. M. J.

High Low High 119; iiiM. 108 io6J< ..

J. & J.

Ixo

"3M loi

"3V

Low

T06 xoo

Xo7 I09

xio 109

High

'03U 90

RAILROAD AMD MfSCEUAREOUS RORDS

Alabama Consolidated Coal & Iron 5s

Anacosdaft Potomac 5s

Atlanu & Charlotte xst 7s

" extended 48

Atlanu Consolidated Street Railway 5s

Atlantic Coast Line xst con. 4s

" " Conn. 48, certs

" " " 4s, new certs

Augusta Railway & Electric 4s

Baltimore & Harrisburg xst 5s

Baltimore St Potomac xst 6s Tunnel

" " 6s Main Line

Baltimore, Catonsville & Ellicott's Mills 5s

Baltimore City Passenger Railway xst cs

" deb. 4K--

High

Low

High

Low

High

L0W

94M

iM

95k

Xoi

98S

wiW

9aH

93M

"4

9H

Sg

Xoi

gtS

khM

"5V

"4

"3

i"H

I09H

ioi5i

Baltimore Sbcurittbs

8si

Hich Low

Baltimore, Sparrows* Point &'Ches. Ry. ist 43

Baltimore Traction ist 5s 1x89 115

" " North Balto. div. ist 5s laiJ 119J?

" convertible 5s loajj looji

Brush Electric Tst 58

Carolina Central ist 4s 97

Central Railway con. 58. 119 no

extension and imp. ist 5s 119 117

Charleston & Western CaroUna ist 115 iia

Charleston Consolidated Ry. Gas & Klec. 5s. . . 96 93

Charieston City Railway ist ss 107 losj

Charlotte, Columbia & Augusta extd. 5s lao 117

" 3d7s 113 113V

Citisens' Ry. Light & Power, Newport News 5s . . 83

City & Suburban Railway, Baltimore, ist 5s. . . ii5j iia

" " " Washington, 58... 108 105

Coal ft Iron Railway 58 109*

Columbia & Greenville i8t 6s 1x7 116

Consolidated Gas 68 iioM

" 5. "6M "4H

" " 48 104 100

Consolidated Gas, Electric, Light & Power, 48

Georgia ft Alabama con. 5s 114

Georgia, Carolina ft Northern ist 5s. 113 no

Georgia Pacific ist 68. 124

GeoiEia Southern ft Florida ist 5s '"6 "3M

Gottfieb-Bauemachmidt-Straus Brew'g ist 3 ft 4 63 55

Knoxville Traction 5s 107 104

Lake Roland Elevated Railway ist 58 guar xao 1x9

Lexington, Ky., Railway 5s 106 102

Macoo Railway ft Light, ist con. 5s

Maryland & Pennsylvania ist 48 95 93

" incomes 69 50

" " Terminal'5s

Maryland Steel 58 105

Maryland Telephone ist 5s xox 95

Metropolitan Raihoad, Washington, ist 58 119 117

Mount Vernon- Woodberry Cotton Duck incomes 40 a6

" " " ist 58 86 73

Newport News ft Old Point Ry. ft Elec. ist 58. 97 91

Norfolk ft Carolina ist 58 119 117K

" 2d 58 119 118

Norfolk Railway ft Light 58 96 90

Norfolk Street Railway ist 58 112 109

Northern Central 48 116 iioj

Petersburg 5s Class A 115 113M

" 68Cla8sB 13a 127K

Philadelphia Company 5s xxo iioi

Piedmont ft Cumberland xst 58

Potomac Valley ist 58 118J4 "6

Raleigh ft Augusta ist 68 126 123

Raleigh ft Gaston xst 5s

Richmond ft Danville gold 68 118 115H

Richmond Traction 5s io63 102

Savannah, Florida ft Western 5s 118 117

Seaboard Air Line ist 48 9a

" " lo-year 58. loa

Seaboard ft Roanoke SL ii3Si ixo'

High

Low

High

Low

96

"5

"3

no

ii8?4

"5J4

loali

"3

"Sk

ixxfi

lOI

"3

xos

96K 108M

k

io8y

Im54'

.

9M

31

zU

io8H

%

S,.

X03K

W"

n

89H

1A%

9" .

X15H

99

iiq%

5H

X4

"5

;2

X35ji

'

"3

"5

X05H

Xoo

'5

91H

8o9i

99

loifi

99

io93i

The Manual Of Statistics

South Bound 5s

Southern Railway lat con. 5s.

United Electric Lieht ft Power ist con. 4s. . .

United Railwajs ft Electric ist 48

" income 4s

" funding: 5s

United Traction, Pittsburess

Virnia Midland ist 68.

2d 68

3d 6s

4th 3-4-5S.

fi:en'l mort. 5s

Western Maryland xst 48

Western North Carolina con. 68

West Virginia Central xst 6s

Wilmington & Weldon 58

" gen. mort. 78

Wilmington, Columbia & AugusU os

High

Low

High

Low

mtfi,

Lm

no

ii6H

9Sm

%

91

94

So

7Sm

g

86H

67

"4

naji

na

was

no

Ioc

"S

no

na

no

n4

no

t04

nzM

niK

in

niK

93

88

75H

4S

"3H

"isr

"oM

"3 xai

no

i?

"5

S?*

Boston Securities

High Low

jEtna Life Instuanoe, Hartford. . 39SH

American Agricultural ChemicaL ogi k

" " pref 96

American Fire & Marine Insurance >oo5i xa>

American Glue. 46 45

" pref iioj loW

American Linen ... & 93 88

American Pneumatic Snce 15 4V

" " pref 36, ao

American Suear Refining iSH ' ioJi

" pref i4og 13a

American Telephone & Telegraph 148 i3Pi

American Watch, Waltham 370 249

American Woolen 47 31

" pref 108K 9aV

Amory Manufacturing.. 130 las

Amoskeag Manufacturing ii950

Aooooa Co. prof

Androaoomn Mills iz6 ixo

AppletonCo lao!/ 118

Arlington Mills 156

Atchison, Topeka & Sante Fe. 93H nji

" " pref.. 105H 100

Atlantic Mills 35

Bamaby Manufacturing 95 95

Barnard Manufacturing

Bates Manufacturing 175 165

Berkshire

Bigelow Carpet xaoji 106

Bmen, Richard, Manufacturing 135 1x7

Border City Manufacturing 97 93

Boston & Albany aoo 353

Boston & Chelsea Railroad

Boston & Colorado Smelting

Boston & Lowell 349 341

Boston ft Maine x85 X58

BoftOQ ft FhiJadelphia Steamship. ivj

High

Low

High Low

3Z

"5

%

30

AlH

36M "X

3,xs3j 3;oso

3Xo

36o 335 xoo 97ji

I40K

x6o

"9V

iS6g

r

'Z

t"

"ik 85

18s

X70 X4X

1%

X55 no

nH

77H

i8o5i

ISvl??

Hiffh Low HiRh Low L0>

Boston 8t Providence 311 305 314! 4 301 aSs

Boston & Suburban Electric. 37 19 37$ 13 15 8

pref 70 60 74 63 6s SD

Boston & Worcester Electric 35 13 30 35 16

Boston Athenaeum 401 350 401 370 404 375

Boston Belting 3991 307 345 300V aoo 185

Boston Duck 375 z,3oo 1,335 1,335

Boston Manufacturini . . . . . . 15a 45

Boston, Revere Beach & Lynn goj{ 71 xos 88 xao wm\

Boston Towboat 90 85 86 85 9o

Bourne Mills .. .. 80 70 100 8d

Cabot Manufacturing: SM SH 65 60

Cambridge Electric 319 3x8

Cambridge Gaslight 370 368 STV ToM 370

Charlestown Gas isc X30

Chicago, Burlington & Quincy . . . . aao 3x631

Chicago Junction Rys. & Union Stock Yards... i8a X51 183 156 160 laB

Chicopee Manufacturing gji 9

Cocheoo Manufacturing xxs X4X X35 an 305

Columbian National Ofe Insurance. 300 377 a8o

Concord & Montreal, Class X x84 x83 i8l3; z8a 180170

" 3 x8iV x8xV i8ik

" " 4. X90 x86 igoyi X85 187168

Concord & Portsmouth !

Connecticut & Passumpdc pref

Connecticut River

Continental Mills

ComeU Mills

Cumberland & Telegraph

Davis Mills.

Davol Mills

Dominion Iron & Steel

Dwight Manufacturing x,o

East Boston Gas

Edison Electric Illuminating, Boston 239' 950 235

Edwards Manufacturing . . . . xi55 115

European & North American . . 145H

Everett Mills. X35 1x5 X30 135 xxa ns

Fairbanks, E. & T 390 354 305 367

Pitchburg, pref 148 14X 145 133 135 116

FlintMiUs 95 95 h "5 97.S

Franklin Co 103 X03 xo9 103 vojlH

General Electric 191 x69 184 157 i6a 01

Georgia Railway & Electric 93 59 107 05 114 te

" pref 96 86 95 89 88 76

Ginter Grocery .. .. .. xo 10

Granite Mills 136 135 X35 135

Granite Railway 63

Great Falls Manufacturing 156 147 18391 x6i 180 148

Hamilton Cotton 683 660 700 675 755 710

Hamilton Woolen 34 19H 50

Margraves Mills 66 50 90 77

Hartford & Connecticut Western 50V SOH

Hartford Fire Insurance I1O03K 79 545 55

Hereford, Maine Central guarantee 99 993i

HeywoodBros.&Wakefieki 74 40JJ xo8Ji 85M lai 109

Hill Manufacturing 34H 35 41 37 SOX

Boston Securities 855.

High Low Hih Low Hiicfa Low

Kolyoke Water Power 350 343

Houston Electric pref 87 87 90 90

Jackson Co 635

Kansas City Stock Yards

King PhiUp Mills 128 125

Lancaster Mills

tAurel Lake Mills 122 xi8

L.awTence Gas 157 150

Lawrence Manufacturing

IjOMreU & Andover 220 226

Lockwood Manufacturing goy

I..owell & Andover

Bleachery 105 205

Lowell Electric 212 2x23

Lowell Gaslight 250 245

Lowell Machme Shop 902 850

Luther Manufacturing

Lyman Mills 78; 67

Maine Central 192 175 200 193 198 190 I

Manchester Mills 71V 65

Mawarhuaetts Electric 23 13

Massachusetts Breweries 25 asyi

Massachusetts Gas sH

Massachusetts Manufacturing gaX

Massachusetts Mills in Georgia 100

Massawippi 155 150

Mechanics* Mills 695 69

Merchants* Manufacturing. 75 72

Mergenthaler Linotype 906

Merrimack Manufacturing 35 32

" " pref 90 865

Mexican Central 25 21

Mexican Telephone i

Mexican Telephone & Telegraph 2H 3

Michigan State Telephone, pref

Middlesex Co 7SK 5SH

Minneapolis General Electric 98 65

Narragansett Mills 97 95 107 90 125 109

Nashua Manufacturing 700 7X3 675 705 700

Nashua & LowelL %... 265 2543 264 960 260 225 . !

National Car 4H a

Naumkeag Manufacturing 70 '50

New Bedford Gas & Electric

New Boston Music Hall 18 x8

New England Cotton Yam 27H 25

New England Telephone & Telegraph 140 131

New London & Northern 220 2x5

Newmarket Manufacturing 249 24

New York, New Haven & Hartford 215

Northern, New Hampshire 1683

North Paddne & Provision 70 70

Norwich & Worcester, pref. 9343i

Old Colony 212 205?

Osbom MiOs 75 75

Pacific Mills 3,6x0 2,300

Parker Mills

Pemigewasset Valley 155 150

PeppereU Manufacturing , 981 353

x,ooo x,ooo

xoo

xjo

X26j X203i: X30 no

i6iM

Xio

a5oX

2Co

X98 X90

spH 350

7

59

27

64

'4

93

15s

77M

ixi 80

rH

4aV

St

lu

9U

X06 X06

Xio

I07M

X25 X09

t&

90H 75

X26 96

iQ

xooK X27M

9%

,6x5

6S

JSo

High Low

Peterboro iix iiij

Pere Marquette. 100 79

pref 86M 55

Pittsfield & North Adams 150 1483;

Planters* Compress aV x

pref. 17 10

Pocasaet Manufacturing lao xi6

Plymouth Cordage 345 907

Pullman 958 930

Reeoe Buttonhole Machine 10

Reece Folding Machine

Rutland, prn 79 50

Sagamore Manufacturing 107 90

Salem Electric Light.

Salem Gaslight. 908K 9o6

Salmon Falls Manufacturing no xo8

Savannah Electric. 17 15

" " pref 92 84

Seaconnet Mills

Seattle Electric 67 50

" " pref I09 93Ji

Shaw Stocking 191 118

Stafford Mills 73 73

Stevens Manufacturing no 105

Stony Brook aoo 97

SwIft&Co. 114 xoo

Tecumseh Mills 195 ix.'

Tofiington, Class A, 8 per cent., cunl 93 x8

Tremont and Suffolk Mills 77 jsH

Troy Cotton St Woolen Manufactory w. . 1,400 1,400

Union Cotton Manufacturing 135 193

Union Pacific 151H

United Fruit 115 193

United Shoe Machinery gsH

pref 39H

United Sutes Leather 14 x9

" pref iiiji I09

United States Rubber 57 35H

" " ist pref I17K

United States Steel Corporation 9Ji

Vermont & Massachusetts 180 179

Waltham Bleachery 100 V' 90

Waltham Watch

Wampanoag Mills 70 50

WamsutU Mills. haH

WareRiver 9003 900X

Weeumoe Mills 60 50

West End Electric Street Railway 109 93

" " " " " pref 117 X13

Western Telephone & Telegraph 92% xi

Westinghouse Electric & Manufacturing 99 89

Whitman Manufacturing x9oV

Wilton 9455r a4SV

Winthrop Manufacturing

Worcoter, Nashua & Rochester 151 146

Vork Manufacturing. 937H So

High

Low

§5

S3

Sa

So

as

Mo

40

iH

M

i3oM

K5S

Xio

xas

37

loM

9K

3H

11

as

7S

i4aH

I3

.

4H

91M

8s

S

iH

te

"35r

"3

Iq4

too

Xxo

Xio

tK

"Ii

a4H

94

87K

iffias

"35

i8aK

99

lO'H

a8H

93

54M

M

17k

99

50H

SoH

"3H

79H

H5

xoo

9a

ss

Iso 73K

'P

a5

s6

Xoo

9a

"6H I07H 17H 8 98H 79

Xxo

8?

9B

t'

"5ir

Xoo

Mo

i.ioiX

m

Boston Securities

Bonds

eOVERKKEIIT BOKDS

Due

United States as 1930

" small 1918

" 4S 1907

4S coupon 1935

Japanese Government 66 1911

" 4Ms.. 3d series. . . 1925

High

Low

High

Low

High

Low

iX

'34

xoo

9H

looH 9H

State Amd City Bomds

Due High Low

Boston Water, 3s 1930

3Ms 1929

" 3Jis 1928

Sewer 3Ms 1933

Rapid Transit 3js 1937

Street 4s 1936

Massachusetts, Fitchbure R.,sec.loan 3s 1913

Metrop'n Water Loan 3s 1935

" " 1945

Grade Crossing, 1933

'045i

Ipo

I09K

High Low

loaj loaH

High Low

Kiscellameous Bomds

High Low

American Bell Telephone deb. 4S xoo 99

American Telttjapn & Telephone col. tr. 4s. . . 97) 93V

Atchison & Nebraska 7s xo8 loty

Atchison, Topeka & Santa Fe n. mort. 4s. . .

" " " scrip 136V 33

" " " conv. 4S

Bangor & Aroostook, refunding 4s 95 95

Boston & AlbasT plain 4s 99 99

Boston & Lowell plain 4s 104 loa

Boston & Maine imp. sink, fund 4s

Boston & Providence plain 4s.

Boston, Tinton, Fitch. & New Bed. mort. 5s. . xo6 xo6

Boston, Concord & Montreal imp. 6s xiiH

Boston Consolidated Street Railway plain 5s. . . xoifi xoo

Boston Electric Light 5S. 1x3 xx33i,C

High

Low

High

Low

xoo

lOI

99

9H

io:H

94

lOI

99M

Too

xoo

J3

Is

xoo

'Ht£h Low

Burlington & Missouri River exempt ist 6s

ezpt. $600 pieces 68 iia

" non-ezpt. I8t6s... xoa 103

" in Neb. 48 100 99

Cedar Rapids & Missouri River xst 7s. lag 139

Central Vermont ist mort. 4s. 91 81

Chicago & North Michigan guar. 5s 109 xo8

Chicago & West Michigan gen. mort. 5s. 109 io3

Chicago, Burlington & Quincy, Denver Ext. 4s.. xoi xoo

" " deb. ss 106 105H

" " Neb. Ext. xst 4s. xo6 xo6H

" " joint bonds 4s. . . xoa 98

" 111. Div. m. 33. <AH 9H

Chicago Junction Rys. & Union Stock Yards 5s 108 osji

Concord & Montreal con. 4s

Current River xst 5s. loM ii

Dallas Electric Corporation, 5s 93

Detroit, G. R. & W. xst gen. mort. 4s 100 94

Dominion Coal xst 6s 109 99

Eastern Railroad certificates of indebtedness 6s. 103H >ox V

Eastern Steamship 5s xoof

Fitchburg plain 4s, X9X5 lOH

" " 4S, X938 jo6 X06

" SBigoS X03H xo3

Fremont, Elkhom & Missouri Valley con. 6s. . . X4X 138;

unstamped 6b. x4o xjq

General Electric conv. deb. g. 5s

Illinois Steel deb. con V. 5s xoi

" plain 5s xo9 100

Iowa Falls & Sioux Cit xst 7s X38 xa8

Kansas City & Memphis Ry. & Bridge xst 5s.. . 105 103

Kansas City Belt Railway xst 6s. 1x411 X14

Kansas City, Clinton & Springfield 55. 103 xoo

Kansas City, Fort Scott & Gulf xst 7s xoS xo6

Kansas City, Fort Scott & Memphis 6s xasH

Kansas City, Memphis & Birmingham xst 4s. . . 99

" " " " inc 5S- . 94 93

Kansas City, St. Joseph & C. B. xst 7s xo6 xoaf

Lamson Consolidated Store Service 5s. 95 95

Lynn & Boston Street Railway ist 5s ixof X1054

Maine Central con. mort. 7s. 119

Mexican Central xst 4s. 8x 70

ist income 3S 35 34

" ad income 3s. 1791 1791

Michigan Sute Telephone 5s . 100

Milwaukee & St. Paul, Dubuque Div. 68 X36M X36M

Wis. Val. Div. 68 X36 x36

Minneapolis General Electric 5s

Naumkeag Street Railway con. mort 5s 100 xoo

New England Cotton Yam 5s xoo 94

New England 1st guar. 5s 139 139

New England Telephone 6s, X906 xoi 100

New England Telephone u 107 106

Newport & Richford, C. & P. guar. 5s 104' XQ4

New York, New Haven & Hartford 4s

Nodaway Valley ist 71

High Low

Hich

Urn

K.4

x.xM

i04fB

Ip3

xoo

oo

97S

Xoi

loa

99H

97H

97S

I03H

loa

xox

xoo

z%

0H

81S

90H

9H

9C

t

99

9S

lOX

Xoo

Xox

xoo

Xoi

99H

95U

Ioc

loa

9B

3a

98S

9"

imH

tot

97

xo6

"jH

7H

lao

99H

9"

9a

xoo

Ixo

no

"S

"3H

75H

7H

"3H

ITOji

iH

Ico

loo'*

79H

Iq5

los

Boston Securities

HiKh Low

North Packing & Provision 5s 99M '9

Ogdensbui con. ist 4s 98 98;

Old Colony plain 4s., 1925 107 107

Ports., Gt. Falls & Con. B. & M. grjar. 48.

Republican Valley Western Div. 6s 104 V 103

Rutland con. mort. 107 107

Savannah Electric 5s. 100 97

Seattle Electric 5s 107 10454

Shannon Copper ist 7s.

Swift & Co. 1st 5S 104 103

Terre Haute Electric 58 loa 100

ToiTing;ton ist 5s

Union Pacific ist mort., land grant 4s. 106 103

" ist lien conv. 4s 138 118

United States Steel Corporation 5s 99K

West End Electric plain 48 106 105

'Western Telephone & Telegraph 5s 105M 100

Wisconsin Valley ist 7s. i iiM

Hiifh Low 9554 94K

iP3 103

99H

Io3M

Hijih Low

J05

97K

Ioij4

looyi

99H

wiH

93

"5

93H

friirf sroc/rs >riv/7 bonds

Dividends Par in X007 Value Per Cent.

Albany Trust $100 4

Barristers' Hall Trust 100 3

Beacon Chambers Trust, pref 100 4

Board of Trade Building Trust 100 4K

Boston & Roxbur Mill Corporation

Boston Co-operative Building Co. . . a$ 5

Boston Ground Rent Trust 1,000 4

Boston Investment Co 100

Boston Land Co 10 .35c

Boston Pier or Long Wharf Corp'n. 100

Boston Real Estate Trust 1,000

Boston Storage Warehouse Co too 4

Boston Water Power Co. . 10

Boston Wharf Co ao 17

Boylston Street Land Co

Bromfield Building Trust 100 4

Central Building Trust 100 4

City Associates 500

Claverly Trust 500 5

Congress Street Associates too 4

Constitution Wharf Trust 100 4j

Copley Square Trust. 100 4

Delta Building Trust 100 4

Devonshire Building Trust 100 3

Dwelling House Associates 1,000

East Boston Co

Essex Co 50 $21

Factory Building Trust 100 4

Fifty Associates $190

Haymarket Trust 100 3

Hotel Bellevue Trust 100 ..

Huntington Chambers Trust 100 4

Journal Building Trust 100 a

High

Low

High

Low

High

Low

loa

t

Io6K

los

sH

5H

2P

as

J"

asV

to5

aH

18s

,X30 I,

9So

no

98H

aV

90H

89K

aJi

8S

lOI

48s

no

Xoi

loa

los

8S

81H

8s

iH

5M

9%

sH

9H

aoo

2:

93M

86o THE MANUAL OF STATISTICS

Dividends 1005 1906 1907

Value Percent. High Low

Kimball Buildins: Trust 100 ..

Lewis Wharf Corporation 1,000 5 1,405 1,405

Lovejoy's Wharf Trust 100 4K

Maasacnusetts Real Estate Co 100 14 14

MetropolitanWharf&Stge. bonds.. 1,000 6

Muniapal Real Estate Trust 100 4 T04 xoo

Old South Building Trust, pref 100 sK 80 70

Paddock Building Trust xoo 80 80

Pemberton Building: Trust 100 3H

Quinqr Market Cold Storafi:e Co 100 zi 140

Market Real Estate Trust... 100 4 xoi 96

Real Estate Associates 100 4 xq4 loa

Realty Co. of Maine xoo 3 35 25

Revere House Co xoo 8 iQoi

St. Mary*s Mineral Land Co 25 $5 80 53

Somerset Hotel Trust stock xoo 4

" bonds z,ooo 4 iooaH 975

South Street Trust xoo 4 X05 X03

South Terminal Trust xoo 3 70 67

Sute Street Associates xoo 4 xoi xoo

State Street Exchange xoo 4 X15 109

Suffolk Real Estate Trust x,ooo 3 850 850

Summer Street Trust xoo 4 xoo xoo

Technology Chambers Trust 100 4 90 90

Terminal Hotel Trust xoo 5

" " pref 100 4

Tremont Building Trust xoo 4 X07 X03K

Trimountain Trust xoo 4 95 94

United States Hotel Co xoo 8 150

University Associates 100 ip5 xoo

West End Land Co 67c 40c

Western Rcyil Estate Trust xoo 4) X07 105

Hiffh

Low

Hiffh

U-

S3

'.405

X,400

xoa

U

#

6d

too

Xoo

'g

X,Oio

9toH

Iq5

xoo

Xoo

9H

' icnyi

xoo

1:

£

xoo

9M

57

5K

Chicago Securities

High Low

American Can 14

" ♦♦ pref 74 60

American Radiator 1x0 76

" " pref 134 "5

American Shipbuilding 59 38

American Straw Board x8 x6

Bingham Consolidated Mining

Booth, A., & Co 40 35

Calumet & Chicago Canal & Dock 70 50

Chicago & Oak Park Railway 4

" " pref aS 16

Chicago Auditorium Association 10 10

Chicago Brewing & Maltini; i

Chicago City Railway 205 180

Chicago Edison 173 153

Chicago Pneumatic Tool 583; 3a

Chicago Subway 87 40

Chicago Telephone 125

" " receipts

Chicago Union Traction i3ji

" " " pref SI a6

Commonwealth-Edison

Daly West Mining

Diamond Match 145 X34K

Elgin, Aurora & Chicago Railway

lUinois Brick, 67 54

Kansas City Railway & Light 60

Kxiickerbocker Ice 4a

" "pref 75 63

Lindsay Light

Masonic Fraternity Temple AssociaUon

Metropolitan West Side Elevated 385 ao

" pref S9H

Milwaukee & Chicago Breweries 33 3

National Biscuit 69 53

National Carbon 41

North Chicago Street Railroad 99 55

Northwestern Elevated 36 3x

Page Woven Wire Fence sH 5

People's Gas Light & Coke ixo 99H

Quaker Oats x6i 46

" pref xo9ji 86

" receipts

High

Low

High

Low

7H

'2

53H

ixa

Is

xxo

Xoi

3Ik

uU

29

32

3H

as-

"3M

Sh

5H

28

xo

6M

aoo

50

2H

Ah

xox

I.14M

4M

46H

65

25

ia

7H

Sk

ia9M

34

Mh

77H

Sl

Is'*

1?

U

93M

t

73M

65

aM

aK

6a

78K

I33M

xia

xao

97

a5

34M

23M

25J4

"5

xoo

99

xoo

Sears, Roebuck & Co

" " pref

South Side Elevated lOo

Street's Western Stable Car Line 30 27

" " " pref X03V 96

Swift & Co 114 101

United Box Board & Paper iH

pref 16 8

West Chicago Street Railroad 72 40

" " receipts

Western Stone 41 a%

High Low

High

Low

Hick

63K

99H

s

35

a?

loa

"9H

75S

H

2S

l?

sh

12

Is

ao

a6

Bonds

High Low

Ajnerican Straw Board xst 68 loi

Aurora, Elgin & Chicago ist 5s

Cass Ave. & Fair Grounds Railway 5s loa

Chicago Auditorium Association, ist mort. 5s xoo 99

Chicago Board of Trade 4s 104 1021

Chicago City Railway xst 5s

Chicago Consolidated Traction 4$ 66 50

Chicago Edison deb. 6$ IC4H 103

" " " xst mort. 5s X05V *03H

Chicago Gas Light & Coke xst 5s loS 107

Chicago Junction Railroad

Chicago North Shore Street Railway 68 99 99

Chicago Pneumatic Tool xst 5s 8x 68

Cicero & Proviso Street Railway consoL 5s. . . 82 82$

Commonwealth Electric 5a, 1943 1085 1055

Consumers* 'Gas xst mort. 5s ojH c6%

Illinois Tunnel 5s 91

Kansas City Railway & Light 5s xoi 99

Knickerbocker Ice ist 5s 98K 97

Lake St. Elevated, ist mort. 5s xoo 97V

Metropolitan West Side El. , xst mort. g. 4s . . . 96 94

Mutual Fuel Gas ist ss 105 >05K

North Chkago City Railway 4Ks 95 89

North Chicago Street Railroad, xst m. 5s, 1909 99 88

Northwestern Elevated xst 4s 955

Ogden Gas 5s 96 §8

Pearsons-Taft Land Credit 5s looH 00%

People*s Gas Light & Coke refund ng gold 5s . 1074 osH

South Side Elevated 104 102

Swift & Co. tst g. 5s 104 102

Union Elevated ist g. 5s. 107 X05

United Box Board & Paper 6s

West Chicago Street Railroad deb. 68. 90 80

" " " . 58 go%

West Division City Railway 98 88

Western Stone ist 58. 98 98

High

Low

High

loa

xoi

Xoi

00

Xoo

97S

Xoi

9"

8Ih

97M

g

too

9Sh

%

1;

r

77S

9a

94

xoo

9M

xoo

lOP

r

77M

5?

'04V

84

To

Cincinnati Securities

5Tcx:K5

'Hi£h Lo

American Hook 155 140

American Oak Leather, pref 108 107

American Rolling Mill

" " pref 107 105

American Type Founders. J5 35

pref 95 95

Aurora, Elgin & Chicago Railway 16 i6yi

Baldwin Piano i 118 1x6

Barney & Smith Car. 35 19

Boldt, Charles, Glass, pref 108 106

Broadwiry & Newport Bridge 33$ 32

" pref. looj 955

Bullock Electric Manufacturing, pref 1 17 1x3

Carey, Philip, Manufacturing Co., pref i xo xxo

Casey & Hedges, pref

Champion Coated Paper 500 500

Cincinnati & Hamilton Traction 63

Cincinnati & Suburban Telephone 165 149

Cincinnati Chamber of Commerce certfs 45 25

Cincinnati, Dayton & Toledo Traction a6 19

Cincinnati Gas & Electric xo9j' xo2

Cincinnati, Hamilton & Dayton 99>§

Cincinnati Milling Machine

Cincinnati, Newport & Covington Lt. & Trac . . 58 jpi

" pref. 99 90H

Hifsh Low 15s 148

High Low

xo6

xxo

'35

xoo-K "4

Xio

lao xxo

no

liny,

xxo

:;i

Ixo

X02H

92K

95

i'x8 83

95M

The Manual Of Statistics

Hixh Low Cindnnati, New Orleans & Texas Pacific xio . 98

" " " " " . ixyji 114M

Cincinnati Tobacco Warehouse 60 45

Cincinnati Street Railway 150 141

Cincinnati Union Stock Yards 105 xoa

" " pref 1Q5 105

Cleveland & Pittsburi:, pref

Columbia Gas & Electric

Columbus & Xenia 334 aaii

Columbus Gas & Fuel

I. II I. i.pf

Columbus Gas Light & Heatine 107 94

. Columbus Railway xoa 90

" " pref iiiX loSJi

Covington & Cincinnati Bridge, pref 133 130

Cuyahoga Telephone

" " pref

Dayton & Michigan 91 90

Detroit United Railways 96

Elgin, Aurora & Southern Traction 36 j6

Fay J. A., & Egan 60 60

Fleischman Co., pref ijo 135?

Foulds Milling

Globe Soap, ist pref

Globe-Wemicke no 87

" " pref laiji 1x4

Hamilton Gas & Electric

Hamilton Machine Tool, pref xo8 104

Hinckley Fiber, pref ;

Hooven-Owens-Rentschler, pref 105 103

Houston, Stanwood & Gamble, pref

Huebner-Toledo United Breweries

Interurban Railway 8t Terminal. 193H 103

Jergens, Andrew, Co., pref 1x5 xx3

Kroger Grocery & Baking

" " " " pref. X18 xo95ft

Little Miami 333 337

Miami & Erie Canal Transportation ifi

National Automatic Fire Alarm

Niles-Bement-Pond xo8 xo8

" " " pref xjo xxo

Northern Ohio Traction ft Light 37 33

Ohio Traction, pref 107M

Omaha & Council Bluffs Street Railway, pref . . 85) 8x

Overman & Schrader Cordage xxo xxo

pref

Powell, William, Co

Procter & Gamble 460 335

Scioto Valley Traction

Shillito, John, Co XX5 X15

Toledo, Bowling Green & Southern Traction. . 39 35

Toledo Railway & Light 36 339

United Sutes Cast Iron Pipe & Founcky 34V

" " " " pref.. 83H 83H

United Sutes Playing Card 1395 X36M

United Sutes Printing

United Sutes Telephone

pref

Wurlitzer, Rudolph, Co. pref

Hich

Low

Higii Lorn

"6K

"5

XX3 i09S

03

losH los

ao 30

M3

3Xs

3x6 315

"3 ,

iityi

t02H IOl7.

Hh 37

5o5r

xoo

30

M5

Xio

xas U9S

4H

xxo

xxo 110

Xio 110

63M

1Q3H

xxo

"5

ii69r iio

;s

3H

a85tf

xo6KxQ|

85M

"5

"4

J87

36

"i

30O 198

3Sh

"S

no

Cincinnati Securities

Bonds

City Bomds

Due

Cincinnati 38 1908

3S 199-1939

3Ks X936

" 343 1918-X938

3M- 1923-1943

" . 3.6sa 9a4

4S 1937-1947

" 4S. 1933

' 5s- 1910-1930

7s 1908

" 7 3-I08 1906

Covington 5s 1910-1900

Reservoir & Water Works, 4s. . . . 1927

" 4S...I930

Redemption 4s 1900

4S 1933

Hamilton Co. 48 1915-1935

Newport, 3.65s 1935

High Low

loaji 1015 ica% loii

Hiffh Low High Low

10a 100

X05K losJ

105 io3ji 104H 104

Railroad Ard Kiscellaheous Bords

High Low High Low

Aurora, Elgin & Chicago Railway 58 95 95

Barney & Smith Car 6s X13K iiy 112 no

Broadway & Newport Bridge 5s 103 98 103

Cincinnati Chamber of Commerce 45 loi loi 101 101

Cincinnati, Dayton & Indianapolis, 5s . . loi: loi

Cincinnati, Dayton & Toledo Traction 58 99 859 97 92 90

Cincinnati Eklison Electric 5s 1 105 109 109 106

Cincinnati, Hamilton & Dayton 1937. ... 109 106

Cincinnati, Indianapolis & Western 1st 4s 99 96

Cincinnati, Indianapolis, St. Louis & Chicago 6s 108

Cincinnati, Laurenceburg & Aurora 5s 99 98

Cincinnati, Lebanon & Northern 4s i'>7K

Cincinnati, Newport & Covington 1st 5s 1 la 1099 ' 'M 10 M 108 102M

Cleveland & Southwestern Traction 5s . . 974

Citicens' Street Railway, Indianapolis, 5s 109 109

High Low High Low Hh lam

Columbus Consolidated Street Railway 55 i lo 109 109M 108

Columbus Gas I St gold 5s 107 105 95 93

Columbus Railway xst coup. 4s 92 90 . . 87 85

Columbus Street Railway . . 107 105 107 los

Covington & Cincinnati Bridge, 4s loi 100 loi 101 H

Dajrton & Michigan 5s 1043; i°4 10' lonfi

Detroit United Railways, 4s 95 94H 95 95 90 90

Fay, J. A., & Egan 68 113 113 iiaj iis

Hamilton Gas & Electric 5S 97 951;

Indianapolis Street Railway 4S 90 9SH 88

Kentucky Central 4S loi 99 100 100

Little Miami 5s 108 iPS

Miamisburg & Germantown 5s 103 103 .. .. .. .!

Mount Auburn Cable Railway ist 5s xoi xoif

Newport & Cincinnati Bridge loSJi 108

Northern Ohio Light & Traction 4S 67 74) -ja

Northern Ohio Traction 5s 101 V 00 xox 98 looltf 4j0

Omaha & Council Bluffs Street Railway ist 5s .. .. 99H

South Covington & Cincinnati Street Ry. gold 6s . . . . . . . . 1 18 1 18

Toledo, Bowling Green & Southern Traction 5s 98 94

Union Light, Heat & Power 4S .. .. 9aH 92*2

United States Telephone 5s 82 82

Western Ohio Railway 5s

Cleveland Securities

High

American Sewer Pipe 38

American Shipbuilding 60

Aurora, . Elgin & Chicago Railroad

Aurora, Elgin & Chicago Railway 37

„ , " " " pref 99M

Bankers' Surety 90

Cincinnati, Dayton & Toledo Traction 35

Cleveland & Sandusky Brewing 46

" pref 8a

Cleveland & Southwestern Traction 19

" " pref 69

Cleveland Electric Railway

Cleveland Stone.. . 9534;

Cuyahca Telephone 383

" " pref 50

" voting trust

Dayton Breweries 17

pref 63H

Detroit United Railway gsUi

Elgin, Aurora & Southern Traction 5a

Federal Telephone iji

Forest City Railway

" int. certificates

Great Lakes Towing 18

pref 8154

Hoster-Columbus Associated Breweries 39

" " " pref 80

Huebner-Toledo United Breweries 31

" pref 64

Kansas City Breweries

" " " pref 4454

Lake Shore Electric 17X

" pref

" " " pref.new 60

MassUlon Coal Mining

Munde, Hartford & Fort Wayne Traction 56

National Carbon 66

" " pref 117

Northern Ohio Traction & Light 34

Northern Texas Traction 75

Stark-Tuscaiawas Breweries 15

pref 56

Syracuse Rapid Transit 38

Toledo Railways & Light 36

United States Telephone, pref 93

" " voting trust .

Washington, Bait & Annapolis Elec. Ry. .

Western Ohk> Railway, receipts. 315

Low

9i

3f

So

'3

3a

16K S3H

Aoh

43M

41

82K

High

no

36M

36K

7U 65K

2Sh

19

16J4 60

'7 ,

7oJi

80K

34

Low 33

76H

3H

58

25H

42M

9a

xo

39M

High

Low ao

"H

no

r

79M

6s

5H

is

3.Sh

iiH

8H

3a

lOI

a5W

3H .9H

6a Ji

7H 8 66 35 5 7H

3aM 16

S 48 3

Bonds

Hifrh Low

Akron, Bedford ft Cleveland Ry. ist 5s. loi J/ 101 V

American Sewer Pipe 6s

Aurora, Elgin & Chicago Railway 5s 98 80

Baltimore Terminal, 1st 5s, 40 per cent paid

Broadway & Newport Bridge 68 97

Cincinnati & Hamilton Electric St. Ry. 1st 6s . . . 1073 Citacinnati, Dayton & Toledo Trac. zst con. 5s. 98 94U

Cleveland & Elyria Electric Ry. 5s

Cleveland & Sandusky Brewing ist 68 96

Cleveland & South w'n Traction, ist & con. 5s..

Cleveland, Berea, Elyria & Oberlin Ry. 5s

Cleveland City Cable ist ss. loa 102

Cleveland Electric Railway con. 5s

Cleveland, Elyria & Western Ry. ist 5s

CuyahoTlephoneist5s 855 71V

Dayton Brewenes 68 96 90K

Detroit & Port Huron Shore Line Railway 5s. . 98

Detroit Citizens' Street Railway ist con. ss go go3/

East Cleveland Railroad ist 6s TT TT

Elyria & Oberlin Electric Railway ist 68

Hoster-Columbus Associated Breweries 66. 94 874

Huebner-Toledo United Breweries 6s 92H iji

Independent Ice 66. 100 100

Kansas City Breweries 66 86W 845

Lake Shore Electric gen. 5s 87V 83V

Miami & Erie Canal Transportation 5s 8 7

Munde, Hartford & Fort Wayne Traction ss. . gsH 95

Northern Ohio Traction & Light 4s 76M;

Northern Ohio Traction con. ss loi 99$!

Northern Texas Traction ss. 100 90

Southern Ohio Traction con. ss 98 96V

Stark-Tuscarawas Breweries 6s 89K 83

Syracuse Rapid Transit ist ss.

united States Telephone ist ss 84 75

Washington, Bait. & Ann. Elec. Ry. ist ss.

Western Ohio Railway ist ss 90 7a

High

Low

Hick

Lot

lOI

loa

44

97

V7k

r

96H

8S

<Mk

87H

Kx

9B

IJk

59S

84

83H

8o

r,

84H

8aM

So

94

74M

lOI

99H

"

ait.

S8

txh

New Orleans Securities

Adler-Weinbeiger S. S

American Cities Railway & Light.

" " " " pref

Birmingham Railway. Lifht & Power

" " pref

Carrollton Land

Central Investment & Mortgage

Central Stores.

Crescent City Stock Yards & Slaughter House.

Cumberland Telephone & Telegraph

Electric Bond & Share, pref

Equitable Real EsUte

French Opera Association

Frisooville Realty

Germania Insurance

Greater New Orleans Realty & Development. .

Hibemia Insurance

Holmes, D. H. Co., Limited

Houston Lighting & Power pref

High Low High Low

8S

Importers* Bonded Warehouse. Lafayette Ii

iayette Insurance. .

Lane-Maginnis Mills.

Little Rock Railway & Electric

Louisiana Navigation & Fishing

Louisiana Sugar Exchange

Maison Blanche, Limited ,

Mechanics & Traders Insurance.

Memphis Street Railway ,

" ." pref

Metairie Cemetery Association

axs

a9X aoo

65M 55M

High Low

9lH 74

10

ai

a6

lao

"5

9M

aoS

aao

aio

irs

"5

i8s

a9

aa

aoo

a 10

aio

"5

as

Iz3

aii

aia

ao8

03

97M

las

no

97

Ico

no

51M 87H

no

Mexican International Improvement

Myles Salt

Nashville Railway & Light

National Realty

New Orleans Auction £chang:e

New Orleans Board of Trade, Limited

New Orleans Brewing

New Orleans Cold Storag:e

New Orleans Cotton Exchange

New Orleans Dry Dock & Ship Building

New Orleans Land

New Orleans Real Estate, Mortgage & Security New Orleans Railway & Light

New Orleans Water Supply

Southern Insurance

Southern States Land & Timber

Standard Guano & Chemical Manufacturing.. .

Suburban Realty

Sun Insurance

Tecopa Consolidated Mining

Teutonia Insurance

Teutonia Ian & Building.

United Fruit .. .. 109 109

Low

High

Low

Hick

Lo

txo

05

"5

Is

7Sh

a6o

18s

Ii3K

fe

TlH

2°

8a?i

lOI

ia

40M

Aoh

52M

So

13s

10s

o5

3Po

45

9H

loV

So

50

Ims

"5

Iis

lOO

Bonds

State Amd City Bokds

Due Baton Rouge, Public Imr

provement 4s 1945

City,4S 1943

City, 7S 1933

City, Public Improvement. 1950

City, Premmm 1950

City, Premium, drawn no's. 1950

City Floating Debt 1948

City Judicial EIxp. Fund 4s. 1933 Iberia & St. Mary Drainage 5s 1931

Louisiana 4s 1914

unpaid coupon 13

school warrants

Mobile, Funding 5s 1906

Public I mpt. 5s 1917

Interest Payable

High

Low

High

Low

High

Lov

J. & J.

lair

99H

Q: J.

33

J. & J.

loa

J. & J.

A.&O.

97

9t>

Q. Jan.

April..

J. &J.

loa

97b

Sh

J. & I

97H

J. & J.

9S

New Orleans Securities

Interest Due Pajrable Bifooroe, Public Impt. 5... 1939 J. & D. Iew Iberia, Waterworks 5s. 1916 A. & O. Shreveport, Paving & Improvement 4s 1934 J. & J. '

Shreveport, Sewer 4s 19J4 J. & J.

High Low

High

Low

Le¥Ee Bonds

Due Atchafalaya Dbirict 5s 1949

Bossier District 5s. 192:1

Caddo District 5s 1951

Fifth District 5s 1950

" " 5S 9S4

Gueydan Drainage DisLss. 1939

Lafourche District 5s 1954

Lake Borgne District 5s. . . 1953

" " 6s... 1912

Orleans District 5s 1913

PlaqueminePar.,E.Bank5s 1852 Pontchartrain District 66. . 1912 " " 68.. 1944

Red River A.&B.B. Dist.5s 1950 Ser.C. 1853 Tensas Basin District 66.. 1914

Interest Payable

High

Low

High

Low

High

Low

M.&S.

X07H

M. &N.

io6?ji

I03K

J. & J.

xo6H

Xoo

J. & D.

los

I03J4

J. & J.

no

iM

J. & J.

Xoi

Im

J. & D.

"3

M. &N.

T03K

Xoo

M.&S.

A. &0.

Xoi

M. &N.

Xio

M. &N.

lao

A. & 0.

M.&S.

Io9M

March

Kiscellaheous Bonds

High Low

Beaumont Traction xst 58 107 103

Birmingham Railway, Light & Power 434s 94 91

" Ss xo9?ir

Board of Commission, Port of N. O. 5s Ser. A.

Canal & Clairbome xst g. 66

Eldison xst g. 5s. 10254

Hunter Canal, xst

Lane Mills 5s. 103 103

Little Rock Railway & Electric g. 5s 107 xoa

Maginnis Mills 5s X05 10454

Memphis Street Railway ss

Merchants' Electric Light & Power 5s

Nashville RaUway & Light 5s 104 100

New Orleans & CarroUton Railroad g. 5s x 12H i loj

High

Low

Xq4

97

'06M

Xoo

Xoi

Pj.

Xio

The Manual Op Statistics

New Orleans City & Lake Railroad ist g. 5s. . . New Orleans Citr Railroad, gen. mort. g. 5s. . .

New Orleans Cold Storage 6s

New Orleans Cotton Exchange ist 5s

New Orleans Power House 5s

New Orleans Railway & Light 4KS

New Orleans Real Estate, Mort. &Sec. trust 5s.

New Orleans Stock Exchange 5s

New Orleans Traction, power house, g. 6s

Orleans Railroad ist 6s

2nd68

St. Charles Street Railroad 4s

Shreveport Traction 1st 5s

United Fruit 5s

Vicksburg, Shreveport & Pacific 5s

Hich Low

loa iQi4 89J1

HiKh Low

loa IQ5

New York Securities

Adams Express

Alice Mining

Allis-Chalmers

" pref

Amalgamated Copper

American Agricultural Chemical

" " pref

American Beet Sugar

American Can

" pref

American Car & Foundiy

" " " pref

American Coal

American Cotton Oil

American District Telegraph

American Express

American Grass Twine

American Hide & Leather

American Ice.

" " pref

American Ice Securities

American Linseed

American Locomotive

American Malt

American Malting

" pref

American Pneumatic Service

American Smelters Securities pref. B. . . American Smelting & Refining

American Snufi

American Steel Foundries

American Sugar Refining

" " pref

American Telegraph & Cable

American Telephone & Telegraph

American Tobacco pref

Hish

Low

High

Low

High

Low

aso

%

a7H

46M

93H

"iV

yi

ao

Myi

35

xo

loa

36

aoM

33M

A3H

47K

ASji

r

loS

'75 ,

rH

36Ji

.

''k

t""

Ih

iiH

3H

99

3o

7H

sH

3Sm

34M

m

a9X

7Sv

4M 76

iL

M%

3?

m

6H

so

il

35H

loa

93

fo

79

'55 ,

S8

xso

Xo7

Ico

18

.

10

4H

67M

3Sh '

' 53V

47M

?3V

%

Xo6

3i

Mo

10

91H

Hich Low

American Woolen aof

nghu 39 .la

TMinini

Anaconda Copper Mining 295 100

Ann Arbor 37J4 34

" pref. 79 66

Associated Merchants, ist pref nof 96

Atchison, Topeka & Santa Fe 93 t?H

" " " pref idH 99

" rights U %

Atlantic Coast Line 170 lao

Balaklala Copper

Baltimore & Ohio 117 xoo

Hatopilas Mining

Bethlehem Steel

Brooklyn Rapid Transit 91H

Brooklyn Union Gas. 315 175

Brunswick Dock & City Improyement loj

Buffalo, Rochester & Pittsburg 159 146

" " " pref 164M 1583

" rights sH 5

" " ., xst in. paid 154

" subscription receipts

Central & South American Telegraph. . . . 135 118

Central Coal & Coke l% 64K

Central Leather 40

pref 105 100

lilroad of New Jersey 235 190

Chesapeake & Ohio 45K

Chicago & Alton 44M 30

" pref 83 75

Chicago & Eastern Illinois pref 143 135

Chicago & Northwestern 249

pref. 2655 234

" " righu

Chicago, Burlington & Quincy 250 201

Chicago Great Western 25H 17K

" " 5 per cent., pref. A.. 60

" 4 " " B.. 37.6 29

" debentures 89 833

Chicago, Indianapolis & Louisville pref. . 88 88

Chicago, Milwaukee & St. Paul 187K 168

" " " pref 182J4

Chicago, Rock Island & Padfic 171 164

Chicago, St. Paul, Minneapolis & Omaha. 235 150

Chicago Terminal Transfer 20

pref 43M 17M

Chicago Union Traction 13; 6

" pref 54 Ji

" Trust Co. . of deposit..

Claflin, H. B., Co no 100

Hiuh

Low

Hk

Lo

.

36

Xoi

6K

.as

3M

30

85H

66H

H

S8

"5H

94H

H

$9H

$3

a6M

a3

9iH

a6

10Si2

21

>3M

M'i

85

53

"5

Iso

49H

as

65K

Sa

1J8

I53¥

U7

ir.

6K

44

S6

3B¥

iH

19a

ia6

"?!

aoo

3H

6S|

79M

a6H

To

11

Is7M

Sos

>3D

35K

33K

3K

49

z

9:

9H

js

Ah

as

tH

3H

64

Aiyi

I'Ji

99

New York Securities

Hiek Low

Claflin. H. B., Co., i8t pref 97

ad pref loi 100

Cleveland ft Pittsburg: 185 iSa

special 108?

Cleveland, Cin., Chic. & St. Louis. izi 90

" " " pref... laig/ 115V

" righu. ..

Cleveland, Lorain ft Wheeling 90 79

" adpief 55 3aK

Colorado Fuel ft Iron 59 38

" " " pref 105 80

Columbus & Hocking Coal and Iron ao 11

Comstock Tunnel

Connecticut Railway ft Lighting

Consolidated Gas. ai4 175

Consolidation Coal 94 73

Com Products aa

" " pref 79 40

Com Products Refining

Cripple Creek Central

Delaware ft Hudson 1783

rights yi

Delaware, Lackawanna ft Western 498 335

Denver ft Rio Grande 39V 37

pref 91? 83X

Des Moines ft Fort Dodge lO

Detroit ft Mackinac pref.

Detroit Southern la 4ji

Detroit United Railway 96 764

Diamond Match 138

Distillers Securities mH

Distilling Co. of America, pref 55 50

Duluth, South Shore ft Atlantic x

" pref A4H ai

Eastman Kodak 157H 148H

Electric Storage Battery 76

Erie sU 37K

" rstpref. 85H 74H

" adpref 78 S5M

Evansrille ft Terre Haute 75 63

" pref. 96 85

Federal Mining ft Smelting 145 60

" " pref iioK 75

Federal Sugar Refining

Fort Worth ft Denver City 75 44

General Chemical 80 56

General Electric 19a 169

" " rights 9H 9

Granby Con. Mining, Smelting ft Power.

Great Northern, pref 335 93

temp. . for ore props.

subscription

Green Bay ft Western deb. . A 90 80

" " deb. . B 17

High Low

92H

no

H

xoo

xxa

"5

r5

r7

66yi

4r

i?

,

58M

99M

tiaji

n

a8

r4

57M

99M

13

6i

5a

8V

mH

74M

aa75i

mH

'H

a

s6o

Jig

r

rfi

'3H

98K

loa

31

74

"3

'4

Ji

19K

6J>

x£

81

soH

%

a8

ao

So

62M

Ah

8a

75

xoai-2

8a

89M

t3H

"H

Xxo

r5a

70

9aM

81M

14

Sh

Hish Low Hich Low Hich La

Havana Electric 38 15 53 47 a4S

Hocking Valley laij 86 135 113H "4 63

Homestake Mining 8a 71 80 00 54

Horn Silver Mining . . . . . . $1 .75 $t .60

Illinois Central 183 153 164 17a 116

leased lines. 105 104 iQ3H 99M

IngersoU-Rand 41 60 49%

Interborough-Metropolitan 55 33H jg

pref 87H 70H 7SV M

International Mercantile Marine . . 8M 4]

" " 84 10

International Paper 353; 18 .26 16 7X

" pref. 885< 76 90 80 81 51

International Power 100 48 95 48 50 35

International Steam Pump 40; a6 60 37 41 8

pref 88H 78 9a 79 81

lowaCentral 34 545 34 gfi

" pref 61 50 §3 48 39

Joliet & Chicago i8a 180

Kanawha & MichiFan 58 76 53 63

Kansas City, Fort Scott 8t Memphis, pref. 87 81 84 77 80

pref 70 53 71 49 oiX 45

Keokuk & Des Moines 17K '3 14 8 11 4

" " pref 53 40 45 44 37K J7S

Kingston & Pembroke 6 6 lo o

Knickexbocker Ice, Chicago. 63 xo 80H 54ji

" " pref. 80 60 85; S 75

" " pref. 105 100 95 95 90 90

" " pref 106 91 98 75 67 39)|-

Lake Shore & Michigan Southern 350 390 335 335 300

Lehigh & Wilkes-Barre Coal 45 45 '00 50

Longlsland nji 5o 815 61 67 a6

LoufavilleA Nashville 157 34M 46X HSH %H

Mackay Companies .. .. .. .. 755 40

Manhattan Beach 14 8 1591 5 5 4

Manhattan Elevated 175 161 i6a 140 140 loo

Metropolitan Securities 91 . 68f

Metropolitan Street Railway 133 114 137 103 107 n

Michigan Central 155 130 aoo 140 135 133

Michigan Sute Telephone. . . . " " " pref.

Minneapolis & St. Louis 8d 5M UH 'H 59 >3S

" oref 106 86 loox 90 90 63H

Minneapolls,St. Paul ftSauItSte. Marie.. 145 164 134 140V 6d

" " " pref 173 148 18391 103H no

Missouri, Kansas & Texas. 39 34 43fi 39 44H

" pref 73 , S6 Tf S4V 53

Montreal Light, Heat & Power 92 qi

Morris & Essex. 190 185 x88 188$ 179 155

I6K

9"

tn

37H

JIv

44

9"

.ss

s

nH

'7

%

aoo

Sk

sh

Nashville, Chattanooga & St. Louis 158 137 149M '33 M7 97

National Enameling & Stamping yji zi 18 is 15 68H

pref 13 110 118K 113K

leling & Stamping 31! zi 18 is 15

" pref 94 80 88K 8a 87

pref 04 80 88K 8a 8t 75

pref iiij 97X 1065 looji 103

NEW YORK SBCtTRITIBS 877

National Lead, riehts

National Railroad of Mexico, pref 45

New Central Coal 43 43

Newhouse Mines & Smelters

New Orleans Railway & Light

New York Air Brake 168 140

New York 8t Harlem 403 400

New York & New Jersey Telephone 174 167

"rights... 13V iH

New York Central & Hudson River 167 V 1365/

" righu 7 4ji

New York Chicago & St Louis 763i< 43

" " 1st pref... r23j5 114

New York, Chicago & St Louis, 3d pref. . 95 74

New York Dock 34 31J4

" " pref. 79 59

New York, Lackawanna & Western 135 i34f<

New York, New Haven & Hartford 316 191

New York, Ontario & Western 64 40H

Norfolk & Southern 50 40

Norfolk & Western 88 76

North American 107 95

rights H

Northern Central 333 306

Northern Pacific 3x6 165

" subscription receipts

Ontario Silver Mining 6 i

Pacific Coast looj 785

" " ist pref xo§ 100

" " 3d pref xoo 8s

Pacific Mail 5! 33

Pennsylvania Railroad 148 131

" rights H

People's Gas Light & Coke, Chicago 115

Peoria & Eastern 48 37

Pere Marquette xo6 77

pref 87J 78H

Philadelphia Rapid Transit 133 i i3f

Pittsburg, Cin., Chic. & St Louis 87 70

" " pref.. 1X3 105

Pittsburg Coal of New Jersey 3x

" pref 803 45H

Pittsburg, Fort Wayne & Chicago X85 183

Pressed Steel Car 58X 33M

" " " pref ioij5 87

Pullman 358 330

Quicksilver Mining. U

" pref Aji

Railroad Securities Co loo

Railway Steel Spring. 63JJ 30

" " " pref 106 93

Reading X43 79

xst pref. 97 90

" 3d pref lox 84

Rensselaer & Saratoga 3x0 309

Republic Iron & Steel 15

" pref 108 67

Rocklsland 37; 3i9<

" " pref 85

Rome, Watertown & Ogdensburg 137 13451

High Low

High

Low

High

Low

H

59

39

8X

13H

as

$5

33

%""

4"

"5

iH

6M

73H

63K

I9M

iH

xoo

9i

50M

33M

4a

?S ,

8S

67J4

"7H

I34H

I37?i

aH

43

48M

r

ao9V

91M

sH

8H

Iq3

'T

35

X34M

4Im

imH

Iwm

HiH

W3M

%

98H

70K

63M

xoo

iM

64H

15H

05

.H

.i?lt

'V

M

57H

97

ao8K

X99J6

54

B

I3

Xo7

Hiffh Low High Lov lam

Rubber Goods Manufacturings 41 24 43 4a

" pref 94 108 100 100 ma

Rutland, pref. lH 55 48 3S

St. Joseph & Grand Island 35 is 37 19 19 19

" ist pref 6s 46J4 fAi 60

" " 3d pref 35 3o 40 29

St. Lawrence & Adirondack 100 100

St. Louis & San Francisco ist pref 81 67 73 60 70 58

" adpref 73M 45 SH AoH 48H M

" " C. & E. 194 175 190 190

Sl Louis Southwestern 37 30 27jii 305 35 1 1

pref. 55 63H 48 63M 35

Sears, Roebuck & Co., pref 95 92 943i 90

Sloss Sheffield Steel & Iron 118 60 97M 68 77 36

" pref ijo 100 III t04 107 Aci

Southern Padfic siH 9754 61 96! 6;%

" " " subscription receipts. .. .. .. .. iia 106H

Southern Railway extended... . , 38 38 31 H 34 10

" " " pref I03H 95 J03 93h 94H a9S

Standard Mining .. .. .. .. $3*70 $1.90

SUndard Rope ik Twine 3

Tennessee Coal, Iron Railroad 148 68 166 139 16a q8

Tennessee Copper .. .. .. .. $53M $17

Texas Centra! 55 53 .. .. 50 9

pref 90 83 .. .. 85

Texas Pacific Land Trust 66 88 60 85 45

Third Avenue Railroad 141 I33 139K ii 133 15V

Toledo, Peoria & Western 19 19 175 17

Toledo Railways & Light 37! 32" 36 35.V 29 9

pref 65 sH 59H 43 54H

Twin City Rapid Transit 132 105 io3 loS;

" " " pref 160 153 150 150 115 wo

Union Bag & Paper 15/ isH Si 4

pref 82? 68 84 5a 61 ji

Union Pacific 151 V 'U i95H 138M 183 100

United Cigar Manufacturers, pref 94 90 65

United Fruit Co H4H

United Railways Co. of St. Louis, pref.. 85 80 87H 84 69 69

United Railways Investment 31 98 90 6a aoH

United States Cast Iron Pipe & Foundry.. 485 igji 53 43 49H i?

United States Express 134 no 138$ 109 117 jo

United States Leather 16 11 10 t3 u

United States Realty & Improvement. .. 98 77 94M 75

'J nited Sutes Reduction & Refining 403 18 40 34 30!

Jnited States Rubber 33? S9H 38 uS

" adpref 83 75 87? 75 78H

United States Steel 43V Mji SH 3fH 5PH aH

Utah Copper . . $jg $13

Vandalia. loo 83V 85 83?' 93 85

Virginia-Carolina Chemical 38 58 31 uH

Nbw York Securities

High Low

Virginia-Carolina Chemical, pref 118 103;

Virginia Iron, Coal & Coke Co 36

Vulcan Detinning 14 8

Varren 1855 185M

Wells Fargo Express 960 2264

Western Maryland 30 27

Western Union Telegraph 95 99

Vestinghouae Electric & Manufacturing. . 184 15a

" istpref 197 187

Wheeling & Lake Erie 19V 15

" " " adpref. a8K ao

Wtaoonsin Central 33 ao

pref 6434 45

High

Low

High

Low

15

9M

7o:ii

a6H

S3H

2%

38K

3Ps

aso

Aa%

94

83

84M

H

48h

"3

a9M

ai

2t

ij

Kiscellameous Stocks

Sales On The Curb And At Auction

' '

Hiieh Low

Acker. Merrall & Condit

Acr Realty

>Etna Fire Insurance Co. of Hartford.. 285 285

.tna Bank. & Tr. Butte, Mont. (400 sh. )

Adirondack League Club

Alabama Mineral Land

Allegheny & Western Railway

American Axe & Tool 22 22

American Bank Note 94 55

American Brake Shoe & Foundry. . . .

American Brass, Waterbury, Conn. .. 112 112

American Butter Ref

" pref. 74 63V

American Caramel

American Chide 125

" pref 105 90

American De Forest Wireless Teleg'ph. 35c 35c

American District Telegraph, B'klyn. 50 50

American Electric Securities. 5 20c

American Hard Rubber

American Iron & Steel Mfg., pref

American Light & Traction 135

pref I07M 99

American Lithographic pref. 1 7

American- La France Fire Engine 15 15

" " pref. 52 52

Also a,8oo shares,. $i37 lot.

Hish

Low

Hiish

Low

lO

J5.

oco lot

H7

25

15

sH

SiH

55h

no

88o

The Manual Op Statistics

Hi£h Low High Low

American Linoleum Manufacturing... 307 307M

American Meter ijo ijo

American Nickel .. .. a

American Sapphire . . $4*05 $4.05

American School Furniture, common

and preferred combined

American Shipbuilding

pref

American Squab, pref

American Stogie, N.J

American Telegraphone

American Tobacco. 510 990

American Trading, pref 60 60

American Tube & Steel, pref og]

American Type Founders 43 33 45 35

American Writing Paper 4V aM

Anglo-American Oyster xa xa

Anthracite Gas, Lighting & Heating

Atlanta & Charlotte Air Line 174 174

Atlantic & Birmingham . . . . as 35

" pref .. 45 45

Atlantic Highlands Land & Imp.(69sh.)

Atlantic Highlands National Bank 185 170 ' ..

Atlantic Roofing x x

Augusta, Ga., Factory 75 75

Automatic Coaling & Weighing Barge a6 a6 ao ao

Automatic Heating, pref 50 50

Avondale Mining, Utah (a ,000 shares). Aztec Turquoise (5,000 shares; par $x).

Babcock & Wilcox .. .. iro X03

Baker, W. H., Syracuse, N. Y

Baltimore & Annapolis Short Line. ... . . . . xa? T37

Bamberger-De Lamar Gold Mines xo

Bankers* & Realty Securities, pref xoi3 xox)

Bank of Charleroi, Pa

Barney & Smith Car . . . . 75 35

Bay State Gas 17-33 3-16 %

Bell & Bogait Soap 155 15 a 3

Bethlehem Steel Corporation 37 ai

pref 76

Bevier Improved Wood Pavement .. x i

Big Muddy Coal & Iron, pref .. 50 50

Birkbeck Investment, Savings & Loan. 50 50

Bliss, E. W., Co x5oJ 140 150 133

Blooming Grove Hunt, and Fish. Club.

Bordens* Condensed Milk 176 140 185 165

Midi

s

79

It

3S%

33H

i74H

4a

iH

Up

a

:>90otoc $5.01 o 4

14D

11

I to

"7

9S

NEW YORK SECURITIES 88i

High Low $500 lot

High 33

Low

a6 a6

K

Soc. 50c.

H

9H

$9okH

High Low

Boston & Indiana Lubricating: Oil

Boston Copper '. 355i xo

Bottlers* & Manufacturers* Collecting

& Distributing

Bottlers* & Manufacturers* Supply 84 84

Bradisb Johnson, Estate of .. .. 85 85

Brandon Italian Marble 57 56H

Brazilian Diamond &GoldExpl.(i50sh.) .. .. .. $45 lot

Bridgeport Hydraulic aoi aoi

Brooklyn District Telegraph y2% yyi

Brooklyn Ferry Co. of New Yoric 6 hi

Brooklyn Real Estate Exchange

Brooklyn Turkish Bath 3 3

Brooklyn Union Elevated

" " " pref

Brooklyn Warehouse & Storage xoo 100

Brown Wire Gun

Brunswick & Birm. participating .

Buffalo City Gas xa

" " pref a8 xaf

Bunnell, J. H., & Co. .. $365 $3.65

Bush Terminal

Butterfly Terrible Gold Min. (1000 sh.) Caloric King Furnace (xoo shares).. . .

Cambria Steel .. .. .. 37

Canada Realty .. .. 100 xoo ao ao

Carbon Steel, West Va., ad pref 35J4

Casein Co. of America. .. .. .. 3

pref 68 68 .. ..

Cajruga & Susquehanna

Celluund Co 133 lao

Central & South American Telegraph. 137 lao

Central National Bank. Topeka, Kan . Central National Bank, Troy, N. Y. . . X35 X35

Central Fireworks. lJi

Central Foundry 3

" pief a7H X7

Central New England Railway 11 ix

Century Realty 146 146

Chateaugay Ore & Iron xst pref xo 10

Chemung Canal Transportation

Chesapeake & Potomac Telephone 60 50

Chesebrough Building Co

Chesebrough Mfg. . Consolidated 440M

Chicago & Alton old stock

Chicago, Indianapolis & Louisville. ...

Chicago, Peoria & St. Louis, pref. ... 6%

Chicago, Rock Island & Pacific

Chicago, St. Louis & New Orleans. . .

Chicago Subway 87;

China & Japan Trading.

'15

xoo

x6o

"5

Iso

xoo

"sh

'3M

"1%

la

7H

iH

ivu

18H

2aM

33

So

6s

5a

"5

5H

a

M

86

The Manual Of Statistics

Cincinnati & Northern Railroad

Cincinnati Newport & Covington L &T

Citizens' Nat*l Bank, Patchog:ue, N. Y.

City & Suburban Homes

City Club Realty

City Investing

Clinton Hall Association

Clyde Steamship

Cobalt Central Mining

Columbia Mountain Mining. . .

Columbus & Hocking Coal & Iron pref.

Columbus Gas & Fuel

Columbus Gas Light & Heat

" " pref

Columbus, O., Exlison

pref

Columbus Railway

pref

Commercial Acetylene

Connecticut Fire Ins. of Hartford. . . .

Connecticut Railway & Lighting

" pref..

Consolidated Ry. Elect. Light. & Refr.

Consolidated Rubber Tire

" " " pref

Consolidated Steamship

Consumers' Brewing 01 N. Y

Creighton Gold Mining & Milling

Consolidated Traction of N. J

Consolidated Zinc & Lead M & Smelt'g

Cook & Bemheimer

" pref

Corporation Liquidation

Cramp, Wm., & Sons' S. & E. Bldg. . . .

Crocker- Wheeler Electric

Croesus Gold Mining & Milling

Crotfrn Lake Improvement

DecloC Manufacturing

DeForest Wireless Telegraph

De La Mar Syndicate

Delaware & Bound Brook

Dennett Surpassing Coffee

Denver Gas & Electric

Denver Union Water

" " pref

De Ronde, Frank & Co

Detroit & Mackinac,

pref

Detroit, Toledo & I ronton, ist pref

Dixon, Joseph, Crucible

Dominion Securities

Eagle Rock Gold Mining & Reduction,

Eagle Warehouse & Storage

Elberon Hotel & Cottage pref. (50 sh.) Eldenbel Construction, pref. (35 shares) Electrical I..ead Reduction (50 shares)..

Electric Boat

— a, 500 shares.

Hish

Low

no no

Iq3

.

no

m

is

'4

"5

mM

looM iM

H

$500 lot 160 so

97H

37M

Hish

9V

Low

25c. asc.

40H yiH

sH

"5 108H 401K

75H

16

a7M

4t3H

a6c a£c

$ai5lot

Lew

56

55S

lao

$iuolot $100 kx 2

6 H

to

ao

Is

38

New York Securities

lectric Boat, pref

lectric Vehicle

pref

enrich & Maus Hoffman Caf sh.)

apire Cream Separator

Dire Shipping & Forwarding

apire Steel

" pref

glewood Hyg:eia Ice. .'

sley Land, scrip

e, ist pref. warrants

sd pref. warrants

o Manufacturing

leianza Central Sugar

liable Trust Co., New London, Ct.

Icine, John & Co., pref

;x & Hudson Gas

nsville & Terre Haute

lisior Faucet Mfg. (3,500 shares). . loration Co. of N. Y

Low

Hicb

a3

Low

7H

4'K

8V 5M

Tal Insurance.

ral Sugar

" pref

ity Development Co

lay, Ft. Wayne & Western (35 sh.) National Bank, Amityville, N. Y. National Bank, Cornwall, N. Y.

National Bank, Hempstead, L.I. National Bank, Portchester, N.Y. National Bank, Red Hook, N. J. Sal Bank,Topeka, Kan.(3oosh.)

National Bank, Utica, N.Y

iman Floral

am Club Building & Loan

Hotel

layne & jacksoUtpni

& Gyer, ist pref

.uction Co

1 Manifold

i'all Insurance

ar Heating: and Lighting

id Stock Teleeraph

!huit:h, NewYori, Pew No. 113

Canyon Railway

pids & Indiana

Uipids Street Railway

atlantic & Pacific Tea, pref

Zo. Nafl Bank, Hunter, N. Y. leim Exploration

Hiffh Low

Is

as

SO SO as

iH

7 lot

33

lot "

6s 6S

3S

?pH

79M

7h

S3

93M

$5

lot

3So

a65

$1

lot

30

I.Io

$Solot

as

4H

to

s.

lot

i.SioM

5o

lao 100

77H

So

3a6

Thb Manual Of Statistics

Gum Carbo Co

Hackensack. N. J., Trust Co

Hall, F. de JPeyster & Co. (400 shares). It It (I it (I t( nref

Hartford Carpet

Hartford Fire Insurance

Havana Tobacco

pref

Herbert Land

Hills Brothers

Holland Impt. Co, asst. 51 p. c. paid..

Hope Knitting Co., Cohoes, N. Y

Houston Oil

" " pref

Hoyt, G., & Co

Hudson County Consumers Brewing. .

Hudson County Gas.

Hudson Valley Railroad

Illinois & Iowa Fuel

Indiana Natural Gas & Oil

Indian Head Mills of Alabama.

Indianapolis Gas.

Inland Transportation

Interborough Rapid Transit

Finance & Incorporating

International Grain Elevator

International Mercantile Marine

International Nickel

International Non-Explosive Tank

International Text Book

International Time Recording

International Salt

International Silver

International Traction

" pref

Iron Steamboat

Jacquet-Cartier Water Power

Jekyl Island Realty

Johns-Manville, H. W., Co., pref. . . .

Joliet & Chicago Railroad

Joumeay & Bumham

Kansas City, Pitts. & Gulf (100 shares)

Kent & Southern Railroad

Kick Baking

Kings County Electric Light & Power Kingston Consolidated R. R., pref. . . .

Kirby Lumber

pref

Knickerbocker Building Loan

Knox Hat Manufacturing

Lackawanna Iron & Steel

Lake Supoior Corporation

Lakewood Hotel & Land Association.

Low

High

8as

14H

Soc

as

38M as $50 lot

$15 lot $11 lot

no >3M 37¥

3iA 14M aaX

Low

Hioh

Lav

3PiS

33V 9H

4aK a7

9 aJC mV IH

$100 kit 4

$ilot

no no

Sa 40

no

as

so

>45

Ms

19H

J5

New York Securities

. Moja Valley Land & Improvement.

ngham Realty Co. of New York

wrenoe Cement Co. of Pa

icon Gas & Electric

Ue Miami Railroad

emotive Smoke Preventer (100 sh.). sport & Wabash Valley Gas. . . . ig Island Historical Society of

brooklyn. membership

d & Taylor of New York

illard. P. Co., pref

isville, Henderson & St. Louis

owid-Celadon ,

a Park

snsVaUeyRaihoad&Coal

Icay Companies

ison Square Garden

ming s Shenango Ry. 8t Light. . " i. .. pjf

e Steamship

ny Steamship

lattan Securities

fanese Sted Safe

pref

lattan Beach Hotel & Land, pr6f.

attain Cafe

attain Malt

attain Transit, par $9o

r Park Land

facturers' Commercial oi New

k, pref

ni Wireless Teleg. Co. of Amer. ni Wireless Teleg. Co. of Canada

s Magnetic Control

', L.,Co

:husett8 Gas

iws Corporation, John.

ints Refrigerating of N. J

ints Refrigerating, New York . . ithaler-Horton Basket Machine.

ithaler Linotype

a Cutlery

3 Telegraph

ex Bank Co.,Middletown,Conn. kee Electric Ry. & Light, pref. .

securities

I- Vance

&Ohio

h Biscuit

uth County Horse Show Ass'n.

Slate, pref

re Investing

Milk ACream

Vernon Trust

lope Cemetery Association

Hiffh

Low

High

Low

Z3Z

High

Low

as

'

91

30

"4

.

"7

I3M

3S

lOX

74K

71M

75K

32

5M

Id

8S

So

d

as

SJi

a

d

aH

3H

iH

$1

m

g?

aoi

3aM so

66H

8K

6S

$5

lot

a5oM

ao

K

3M

99H

39

iM

The Manual. Of Statistics

Nason Manufacturing

Nassau Ferry

Nassau Union Bank, Glen Cove, L. I.

National Automatic Fire Alarm

National Bank of Illinois, asses. paid..

National Carbon, pref

National Commercial Bank of N. Y.,

P-c. paid in liq.; ao shares).. . . National Consolidated Oil, (6,ooo shares

National Discount, pref

National Folding Box & Paper

National Fuel & Gas

National Licorice

" pref

National Mining & Exploring

National Sugar, pref

National Umbrella Frame, pref

Nat'l Union Bankof Monticello,N.Y.. NaUonal Water Works Co. of N. Y. .

Newark Bay Short Line.

Newark National Banking

Newark Realty

Newark Turkish Bath

Newport News & Miss. Valley (427 sh.)

New Brunswick, New Jersey, Fire Ins. New Jersey Hotel Co. , Saratoga, N. Y. New Jersey, Indiana & Illinois R. R. .

New Jersey Lighterage ft Trans

New Jersey R. R. ft Transportation . . New Jersey Terminal Dock & Imp. . . .

New Jersey Zinc

New Orleans City Railroad

New York Cab

New York St Cuba Mail Steamship. . .

New York & Harlem

New York & East River Ferry

New York & Long Branch Steamboat. N. Y. ft Monmouth Park Steamboat. .

New York & New Jersey R. R

New York & Pennsylvania Telephone.

New York & Queens Co. E. L. & P. . . .

New York ft Texas Land

N. Y. ft Va. Copper (100,000 shares).. New York City ft Interborough Ry. . .

New York Law Institute.

New York Loan & Improvement

New York Mutual Gas Light

New York Pie Baking

New York Society Library

N. Y. Sus. & West. Coal, pref

New York Transportation

New York Weighing Barge & Coaling

Niagara Falls Power

Northern Securities

stubs

Northwestern Com., Seattle, Wash. . . Northwestern Telegraph

Hich

ao5 '6

Low

ao5

HiKh Low

Hicb

Lo

Sf>

ao6

as

n

I07N

aoa

Xa

too

ai

aa

,

$3

lot

Usp

%V

4a

ao

'

a4oV

ao

45H'

4S3H

4aoH

36

Is

So

33H

a7

ay

3H

3M

Is

3Pyi

30K

ao

r.

ao

7Sv

6e

$Solot

So

xos .

9"

ito

a6iji

ao6

xio

iSa

S3

6H

t

6s

Sa

las

q5

a

3H

tH

%

ia8

New York Securitibs

Hi£h Low

norwich & Worcester Railroad, pref .. 333 233

>aklandf Cal., Traaion, pref

>observatory Land & Improvement,

Atlantic Highlands, N.J aa 22

)dd Fellows Hall, Hoboken, N. J . . . . 3J4

>hio & Indiana Consolidated Gas. 3K H

>ld Dominion Land

>ld Dominion Steamip ixS 1 18

>ld Phillip's Gold Mining 8c 8c

>inaba Water Co., ist pref 30 25

" ad pref 10

>inaha & Council Bluffs Railway 45 45

>ppenheimer Institute

>swego & Syracuse Railroad

His Elevator 67 46

>wl Commercial, pref

*pacific Coast Iron & Steel a5c asc

Pacific Packing & Navigation loc

'assaic, N. J., National Bank

'assaic Print Works

'paterson*& Hudson River Railroad. . .

paterson & Ramapo Railroad

'atterson, Gottfried & Hunter, Ltd. . . 25 35

'atterson, Sargent Co., of Cleveland. . lao lao

Pennsylvania Sugar Refining

'peoples Gas Light, Rutland, Vt. (laQi

i*peoples Surety

'eoria & Bureau Valley Railroad aoo aoo

Philadelphia & Trenton

'pilgrim Paper

'inelawn Cemetery 7 7

?ittsburg, Bessemer & L. E., guar 35 35

" " pref 73 73

ittsburg, McKeesport & Yough., g. . . 136 136

Pittsburg, Shawmut & Northern 5 5

Pittsburg, Wheeling & Lake Erie Coal 45 45

Planters Compress

" pref 17 10

Pope Manufacturing

istpref 69

3d pref a4H isH

Port Chester Athletic Association 7 7

Portland Copper Manufacturing

Potter, P. H., Lumber Co aoc aoc

Pratt & Whitney, pref

Proctor & Gamble

Providence Gas

Public Service Corporation of N. J... . 155 99X

Quebec- Jacques Cartier Electric 70 70

Ramapo Water 10 10

Rapid Safety Filter Co. of New York.

Reed & Barton Corporation ... 130 130

Reiners,H.&H. ,Co., B*klyn, N. Y. (8 sh.) 88 shares.

Hiieh Low

85K 82

'6

3J4

ai6

$xoo lot

HiRh Low

so

30l58 301B

I2ji

zox

X2S

"5

The Manual Op Statistics

HiKh Low

Reliance Trading 95

" " pref

Retsof Salt Mining 413 4i3i

Richmond Light & R. R., vot. tr. . xz 10

Richmond & Meckelenburg

Rider & Driver Publishing.

Ridgewood Land & Imp., Brooklyn .

Rochester Railway & Light 133 60

Rochester Vulcanite Pavement

Rockaway Valley Railway 34 24

Rosehill Cemetery Asso. , (100 shares) . . Rowe, W. H., knitting Co., Huntsville

, Ala.

Royal Baking Powder 156 141

" " " pref 107H

Russell, Birdsall & Ward Bolt & Nut. . Rutherford & Carlstadt Land & Bldg. Rutland Street Railway (5,078 shares). $250 lot

Rye National Bank

Safety Car Heating 8t Lighting 320 200

St. Joseph Ry., Light, Heat & Power. 50 40

Salina & Central Sq. Plank Road (20 sh)

San Juan, P. R., Light & Tr. (20 sh.}

Sanitol Chemical Laboratory, St. Louis 6 6

Saugerties Manufacturing, par $25. ... 35 35

Schwarsschild 8c Sulzberger

Seaboard Air Line

SeaboardCo 3H 8M

Seabright Golf Club 64 64

Sears, Roebuck & Co

Seattle & Eastern Construct. (400 sh.) Sea Wave Manufacturing (150 shares) .

Seminole Mining 1-5 1-5

Shelter Island Heights Association 50 25

Siddell, Frank, Soap Co

Silk City Safe Dep.& Tr., Paterson, N.J. 175 175

Sinc:er Manufacturing 680 680

Simthmade Suspender

Southern & Atlantic Telegraph 105H losfi

South Brooklyn Saw Mill

South Pitts. City Co. of Tenn. ( zoo sh . )

Speedwell Lake Railroad zo 9

Springfield Fh-e& Marine Insurance.. 357 257

Stamford Gas & Electric

Stamford Water 212 2x2

Stanoourt Laundry

Standard Cordage

Standard Coupler 40 22

" pref Z25 ijo

Standard Gas Light 150 147

Standard Milling 16 7

pref 45 25

Standard Oil Co. 7P3 590

Standard Pulp 5 5

High

iz

Low

zz

Imm

Si

Zx3 Z07

zoo zoo

$i-oa $

lasM 3sH

lio

6a so

49yi

M

$ JO tot

So

2Z 2Z

So 40

Z25 120 125

too

J9C

New York Securities

ndard Screw.

son, John B., Co

" pref

'cason, David, Brewing

wa.7 Realty, trust certificates

imit Coal

Printing & Pub. Ass'n ($1,000 par)

cuse, Binghamton & New York... cuse Rapid Transit Railway

" pref...

:use Lighting.

-Weller.pref

linal Warehouse

s Land Syndicate

No. 2

jfer Tube

;lers Insurance

on Potteries.

" pref

1 Fish & Game Club of Canada. Directory, Print'g & Bookbinding

i Bennington Railroad

k Greenbush Railroad Assn

Ferry

National Bank, New York, 179 rent, paid in liq. (51 shares)

Terminal Cold Storage

Typewriter

Winding Co., Limited

Bank Note Corporation

Box Board & Paper, pref

Cigar Manufacturers

Cities Realty Corporation

New Jersey R.R. & Canal

Railway & Electric, of Balto..

Shoe Machinery

pref

States Cremation

States Equitable Gas

States Flour Milling (40 shares) lipbuilding reorganization .

reaction & Elec. Co. of N. J. . Vire & Trading Co. of N.Y.C.

Vireless Telegraph

henango & Susq. Valley

ailroad

& Whitehall Street Railway.

& Southwest Railroad

3n Hall Association, Yonkers.

iilroad

ry Co

ton, D. C, Street Railway...

pref

High

Low

High

Low

High

Low

Sh

3Si

35Ph

.

2,aoo

'$i8kjt

r.

9°

iH

25M

16M

So

33

xoo

t?

"5

Iis

"9K

|2I

62M

53

9H

90M

xoo

9H

66K

96H

60

.

4a

38H

$1

lot

t$l

7 lot

'S

xoo

7H

x6o

85M

8Sm

9Sm

37M

41H

9H

85H

6a

The Manual Op Statistics

Washington, N. J., Mutual Tel

Waubun Co

Waukesha Water of Delaware

Westchester Trust Co

Western Gas

Western Ice

Westinghouse Air Brake

West Penn. Railways, pref

West Sixty-sixth Street Realty

West Virginia Pulp & Paper

White, J. G. & Co., pref

White, S. S.. Dental Manufacturing.. Wilcox & Gibb Guano (10 sh.; par $25)

Winter & Co

Woman's Hoiel Co., N. Y

Woodlawn Cemetery

Woodlawn Cemetery, Maryland

Worthington, Henry R., Co., pref

Yale Building

Yellow Pine Co., pref

Yetman Transmitting

High

Low

High

Low

Higti

L

ao

19s

i25yi

aiS

a6

lOO

92M

84

Us

3o

lot'

8;

>35

lau

-

Imsurmhce Stocks

Par Value of Shares

American Surety $100

Bankers* Life 100

Bond and Mortgage Guarantee 100

Casualty Co. of America 150

City of New York 100

Continental 100

Eagle Fire 40

Ficlelity & Casualty 100

Fidelity Fire 100

German Alliance Fire 100

German-American 100

Germania 50

Germania Life 50

German Real Estate & Title Guar

Hamilton Bond & Mortgage

Hanover 50

Home Fire 100

Lawyers' Mortgage 100

Lawyers' Title 100

Life Association of America 100

Manhattan Life 50

Metropolitan Casualty

Metropolitan Surety 100

Mortgage Bond 100

Nassau 50

National Surety 100

New York 100

New York Mortgage & Security 100

New York Plate Glass 50

Niagara 50

♦ aoa Oiarr s.

High

Low

High

Low

Hick

Icm

30O

3gD

'33H

i,iao

I,1Jc

4"

45a

2J6

2Jb 3P

lot

18

Sai

4fc

3Uh

45

ij6

i03Ji

Is5M

,

NBW YORK SEOtJRITIBS 891

of Shares High Low High Low High Low

Northern of New York. 100 100 loo 96 96

'eter Cooper 90 .. .. .. 93 32

*helix 50 . . 358 300 302 365

'rovident Savings Life Assurance Soc. 80 x,6oo 1,600 .. .,

(emsen Bond & Mortg:age xoo 104 104

Title Insurance zoo 3035 188 IaH

Jnited States Casualty . . . . . . . . 335 335

Jnited States Fire. 35 .. .. 86J 96%

Jnited States Cuaranty too .. .. X30 130

Jnited States Life xoo . . . . 100 100 100 100

Jnited States Title Guar. & Indem... 100 128 1375 97 95 95

Washington Life .. .. .. 300 300

Vestchester 10 . . . . . . . . 550 550

Vestchester & Bronx Title 100 167 178 175 160

Villiamsburgh City 50 .. 851 800

-Note.— In June, 1905, 530 shaies of Equitable Life Assurance Society stock were sold for $3,500,000.

Safe Deposit Stocks

High Low High Low High Low

Brooklyn City 310 310

r'ranklin Safe Deposit, Brookljm .. .. .. 140 140

:>arfield Safe Deposit 187J4

incoln Safe Deposit . . . . 145 145

if mercantile Safe Deposit .. .. .. .. 466 466

produce Ex. Safe Deposit & Storage.. .. 350 350

Street Railway Stocks Amd Rords

High Low High Low

Vtlantic Avenue ist 5i '934 102 1 14 108

" con. 5s, 1931 xi4 112 110 104

Meecker Street & Fulton Ferry 35 30 35 28

Jroadway & Seventh Avenue 243 2429 345 330

Broadway Surface 5s, 1924 109 107 11 1 104

Brooklyn City & Newtown xst ss, 1939. . . ii4j ii3 xii iii

Brooklyn City 344 335 23914 323

Cal.Cem.,Gpt.&Bkn.68,i907 103 1035 loif

Heights ist 5s, X941 103 *io3 103

Central Cross Town 350 34b 330 390

" gen. ist 68, 1933 "9M '8 ♦115 iii

;>ntral Park, North A East River 307 305 *3oo 190

Christopher & Tenth Streets 180 180 190 170

Coney Island & Brooklyn 335 310 290 390

3ry Dock, E. B*way & Battery scrip 99 too 98

eighth Avenue 400 400 *38s 370

scrip 66, 1914 103 103 104 100

Forty-second,M.&St.Nich.Ave. inc.6s,i9i5 85 75 66 tt

.i— — A&ked and bid prices end of year.

High

Low

as

9a

Xoi

"5

no

los

The Manual Of Statistics

His:b Low

Interboroueh Rapid Transit 164

Jamaica & Brooklyn ist 55, 1939 loa loi

Long: Island City & Flushing: ist 6s, 191 1. 109 Metropolitan Crosstown ist 5s., 1920

Nassau Electric ist mort. 5s, 1944 113 109

Newtown, Williamsb'gh & Flatbush bonds xoi xoo

Ninth Avenue aoo 185

Second Avenue 309 209

" con. 5s, 1909 104 102

" consols, 1948 X 15 112

Sixth Avenue 175 170

Steinway Railway, ist 63. , 1922

Tenth & Twenty-third St 40 40

" " ist 53,1919. 96 91

Twenty-cig:hth & a9th Sts. ist 5s, 1996.. . . 1 13 iii Asked and bid prices at end of year.

Hiffh

Low

High

Lo

ao7

*I02

R5

loa

'07K

too

"4

90

X2S

95

J9

xoo

lOl

"3

Ims

lie

no

"5

So

lO-

Bonds Goverhmeht Bokds

Interest Due Payable

U. S. 2S registered 1930 Q., Jan.

as coupon 1930 Q., Jan.

4s reg;istered 1907 Q., Jan.

4s coupon 1907 Q., Jan.

" 4s reg:istered 1925 Q., Feb.

" 4s coupon 1935 Q,, Feb.

" 3S coupons lo-ao 191 8 Q., Feb.

" 3s small xo-ao 1918 Q., Feb.

3s registered lo-ao. . . 1918 Q., Feb, Phillipine Islands 4s.. 19x3- 1934 Q., Feb. U. S. of Mexico ex. gf. loan

of 1899, S. F. 5s *Q.,Jan.

U. S. of Mexito 4s 1954 J. & D.

Republic of Cuba 5s, ex.deb. 1944 M. & S.

Japanese Government 6$. . . 1911 A. & O.

" " 43.. 1925 F. & A.

" adser. 1935 J. & J.

" 1931 J. & J.

— Quotations for these bonds on the basis

High

Low

High

Low

High

Uw

los.S

iP3

Kh

looii'

W3K

ioi7i

I02M

xca

Rb

X04K

to3

lOX

97H

9a

9Sh

9i

94H

ioi3i

93

90

9M

PlH

89

87H

86

0f;£-$5.

Sriirf M9ID CITY BOKDS

Due Payable High Low

Alabama, class A, 4 and 5s 1906 J. & J. loij

New York City 4js, assessments bonds.. 1917 M.& N

4s, corporate 1957 M.& N

North Carolina con. 4s, 1910 J. & J. loaJ 102

" con. 6s 1919A.&O

Tennessee new settlement 3s 1913 J. & J. 97 95

Virginia 66, deferred bonds, trust 34 10

Riddlcbcrg:er 3s 1933 J. & J

tW7

High Low

.

lot 101

New York Sbcuritibs

Railroad Amd Kiscellameous Bonds

Adams Express col. tr. g. 4s

American Cotton Oil extended 4js

American Hide & Leather ist s. f. 6s

American Ice Securities deb. g. 6s

American Spirits Manufacturing ist 6s

American Telephone & Telegraph col. tr. 4s. . .

American Thread ist col. tr. 4s

American Tobacco 6s

" " reg

" 4S

Ann Arbor ist eold 4s

Atchison, Topeka & Santa Fe gen. gold 4s

" " gen. gold 4s reg

" adj. gold 4S

" adj. gold 4S reg

" adj. gold 4s stamped...

" convertible gold 4s. . . .

" " warrants for con v. g. 4s

" debenture gold 4s E.

Ii Ii Ii Ii Ii Q

Ii Ii Ii 41 41 41 U

E. Olcla. Div. ist gold 4s

Atlantic Coast Line ist gold 4s

f " ist gold 4s reg

I Savannah, Fla. & Western i*t con. 6s

I Brunswick & Western ist guar, gold 4s. . .

Alabama Midland ist gold 5s

I Silver Sp., Ocala & Gulf guar, gold 4s

I Louisville & Nashville col. g. 4s

Baltimore & Ohio prior lien gold 3s

" prior lien gold 38 reg

" ist gold 4s

ist gold 4s reg

" convertible deb. 4s

Central Ohio reorganization ist con. 454s. .

Cleveland, Lorain & W. con. ist g. 5s

Pitts. June. & M. D. ist gold 354s

Southwestern Div. ist gold 3s

Monongahela River ist guar, gold 5s

P. L. E. & W. Va. sys., ref . 4s.

Pittsburg & Western 1st gold 4s

Bethlehem Steel ist ext. s. f. 5s

Brooklyn Ferry ist con. gold 5s

Brooklyn Rapid Transit gold 5s

" ist ref. conv. g. 4s

Brooklyn, Queens Co. & S. con. gen. 5s. .

Brooklyn Union Elevated ist gold 4-5S. . .

Kings Co. Elevated ist gold 4s

1st g. 4s, stamped guar.

Brooklyn City ist 5s

Nassau Electric guar, gold 4s

Brooklyn Union Gas ist 5s

Buffalo & Susquehanna Iron ist s. I. $%

BufTalo & Susquehanna ist ref. g. 4s

Buffalo Gas ist gold 5s

BufTalo, Rochester & Pittsburg gen. gold 5s.. . .

f Rochester & Pittsburg ist 6s

( Allegheny & Western, ist 4s

lOI

Low

loa

94K

96K

9%

98K

lOI

ica

45M

91M

'24?,

99

99M

lOOV lOI

97fi

93M

lOI

"3

iK

"35i

High

80

97H

99

99J4

Low

,

99M 95?:

95M 89

99H

"354:

no

9H

84K

99M

"9M

9S

High Low

'03M

79S

76H

77K

90M

92

9H

lOI

9H

V,

89M 76

losji losH

9H

9Sh

76M

93H 99h

The Manual Of Statistics

Canada Southern ist mort., int. guar. 5s. ... .

(" ist5sj. P. M.&Co. certB.

Y' 2dniort.5s

Central Leather gen. gold 5s

Central of Georgia con. 5s.,

High

Low loa

f"

con. 5s reg

"tg.ss

ist pref. inc. g. 5s

ist pref. inc. stamped

ad pref. inc. g. 5s

ad pref. inc. stamped

3d pref. inc. g. ss

3d pref. inc. stamped

M. & Nor. div. ist g. 5s

Mobile diy. ist g. 5s

Mid. Ga. & AtT. div. 4s. . . . Chattanooga div. pur. my. 4s Central R. R. & Banking of Ga. col. gold 5.S. . . Central Railroad of New Jensey gen. mort. 5s. . .

" gen. mort. 5s, reg

Lehigh & Wilkes Barre con. ext. guar.

I American Dock and Improvement 5s

Central Vermont 1st guar. g. 4s

Chesapeake & Ohio gold 6s, 191 1, series A

' " " " 1911

istcon.5s

" gen.4%

gen. 4Hs. reg

" R. & A. div. ist 4S

" Craig Val. 1st gold 5s

Warm Springs Valley ist gold 5s.

Greenbrier Ry. ist guar, gold 4s

Chicago & Alton ref. gold 3s

Ch cago & East Illinois 1st mort. s. f. 68, cur.. ' ist con. mort. 68

" gen. con. ist 5s

gen. con. 1st 5s reg. . . ! " ref. and imp. 4s

[ Chicago & Ind. Coal Ry. ist mort. 5s. . . .

Chicago & Northwestern con. 7s

" sinking fund 68, reg.. . .

" " sinking fund 5s

sinking fund 5s, reg

gold3Ks.

reg.

sinking fund deb. 5s. ' sinking fund deb. 5s, reg.

debenture 5s reg

gen. gold 3M8

Ren. gold 3Js, reg

" extension 4s coup

" " extension 4s reg

Winona St St. Peter ad mort. 7s

Ottumwa, C. F. & St. P. 5s.

Northern Illinois, ist morU 5s

Mil., U S. & Western ist mort. 6s

lao

High Low

loa

"3

lai

lOI

99

83K

SaM

90N

"5?a

"5M

"5H

iiofi

94

iia

3a

lOI

i5

iia

12a

'X

o3

97H

"3V

iia

"3V

39

laa

"7

lao

"9M

"8M

97

ia6

"3

"4

X13H

no

"5

lOI

03

x3

"8K

W5M

99

ixa

76M

iH

iaoJ% 116K

H3

in

"3

lOI

105M loe

Higli Lev

Ip5H 95*

III Ss

s$

6e*5

ia63 113

loe

loi toiS

loo" qaS

ia8S IIS

"3 lai

IQ4 iHh

loa io loiH loaH

itj

to6

lao 03

9:

"3

New York Securities

IThicago & Northwestern

j Mil., L. S. & Western con. debenture ss.. I " " Mich. Div. istm. 6s...

!hicago & Western Indiana gen. mort. 6s

" " con.4s

3hica£:o, Burlington & Quincy, debenture 5s. . .

" g, 4S " g. 4S reg.

la. Div. 8. f . ss. Denver Div. 4s..

Neb. ext. 4S. . .

Hannibal & St. Joseph con. 6s

Chicago, Ind. & Louisville ref. gold 5s

" refunding gold 6s

Louisville, N. Alb. & Chi. ist mort 6s

Chicago June. Rys. & U. Stock Yds. col. g. 5s. Chicago, Mil. & St. Paul I. & D. ext.ist ra. 7s.. . . r " " S.W. Div. istm.68

La. C. & Dav. ist m. 5s. So. Min. Div. ist m. 6s. H. & D. Div. ist m. 7s. H. St D. Div. 1st m. 5s.

Chi. & Pac. Div. 68

C. St Pac. W. 1st m. 5s Ch. &Mo. R. Div. 5s.. Mineral Point Div. 5s. . C. & L. Superior Div. 5s Wis. & Mm. Div. ss...

Terminal

Dakota &Gt. So. 5s...

gen. 4s, series A

gen. 4s, series A reg . . . gen. g. 355, series B...

Milwaukee & Northern ist 6s

1st cons. 6s

Chicago, Rock Island & Pac. Ry. 6s, coup

6s, reg

" gen. gold 4s

gen. gold 4s reg.

" ist & ref. g. 4s.

" " ser. G

" " ser. L

" " ser. O

" ser. P

Keokuk St Des Moines ist mort. ss

Chicago, Rock Island St Pac. R. R. 4s

" g.SS..

Choctaw, Oklahoma & Gulf, g. ss

Burlington, Cedar Rap. & North. 1st m. ss. con. 1st and col. tr. 5s. . .

( Cedar Rapids, Iowa F's & N. ist mort. ss.. Chicago, St. Paul, Minn. & Omaha con. 63. . . .

Chic, St. P. & Minn, ist mort. 68

i St. Paul & Sioux City ist mort. 6s

leoff

High Low

lligh Low

i8s

losk

io6Ji

"3

96M

"4 "8

"5K

"5 "3 Iq4V

97H

94

iia' 109

"5 102 J4 121H

"5

io25i

"4K I08J4

"3

97K

lOI

los

io85i

"4V

107K Ios54 91H "5 99 , 91M

89M 8954

06

5§M

los

10s

90K 905

8g6 THE MANUAL OF STATISTICS

Hih Low High Low Bih Lev

Chicago Terminal Transfer xst 4s 865 lox 98K

" ist4s, coupon ofiF.. 100 . 96

Cincinnati, Hamilton & Dayton

Cincinnati, Dayton & Irontonistss, guar.. 1x9 1x6 sis 107 105 *oa

Cinn., Ind. & Western xst guar. g. 4s 99 963 91 91 83 83

Indiana, Decatur & West, xst g, 5s ixi xo9 loSJ xo6i 105 k.

Cleve., C, C. & St. L., Cin., Wab. & Mic.4S.. 102 loi 98 98H 95

'" " " Cairo div. xst. g.4S... xoai 100 99H 9-

" St.LouisdiT.xst4sreg.. .. .. 90 96 97 91

Cin., Ind., St. L. & Chic, xst gold 4s X03 100 103 99K 99 85

" " " " xst gold 4sreg.. loaj X03 loi 99K

Cinciimati, Sanduslcy & Qeveland ist5s.. 1x53 1x2 115 109 109

Peoria & Eastern xst con. 4s lox 98 loi 95 95 81

I C, C, C. & Ind. con. mort. 7s 1235 X2x9l 122 xi8 1 loS

Swing & CoL Div. xst gold 4s 99 99

I. Whitewater Division xst gold 4S .. 98 96

Colorado & Southern xst gold 4s. 96 96 9X 94H 75

" ref. and ext. 4Jis .. .. 95 tS

Colorado Fuel & Iron general s. f. g. 5s 105 loa X05 07K 'H 80

j" " conv. deb., g. ss 90 85 xo2j 88 87 7S

V' " GrandRiverC. &C. istfis .. .. xo25 xoaS<

Colorado Industrial, xst con. 5s. guar. A 79V 68 77 73 35

" xstcoll.tr. 59. guar. B 66

Colorado Midland ist gold 4s. 78 73 793 71 7491 53

Commercial Cable xst gold 4s 98 965 . 96 73 7s

Connecticut Railway & Lighting xst g. 4s... 103 V 98 104 loaK 9S

Consolidated Gas conv. deb. 6s 1875 '5 168 <37 iJ

Consolidated Tobacco, soy* S:old 4s 845 74 83 76 79 53

Com Products Refining, s. f . g. 5s. . . . . . . 78 77

Delaware & Hudson Canal xst Pa. Div. coup. 7s X34 W 134 133x33

" con. deb. 4S xi2;i 106 109? 88

Albany & Susquehanna xst con. guar. 78. . xoxii

" ist con. guar. 6s.. 106 100

t Rensselaer & Saratoga xst mort. coup. 7s. . 1425 143M '33 '33 H

Delaware, Lackawanna & Western mort., 7s... xio xo6 107/ 104)

Svracuse, Bing. & N. Y. xst mort. 7s. 108 10391

Morris & Essex, ist mort. 7s i39

I & Essex, ist mort. 7s i39 ''35 136 119 118 109

xst con., guar., 7s reg 130 127

[ Terminal & Improvement 4s 105 103 xoa 97 86

Denver & Rio Grande xst con. g. 4s 100 loii 98 98 8S

" Improvement g. 5s xio lob 109 105 1053 um

Rio Grand Junct. xst guar. g. 5s 109 109

Rio Grande Western xst g. 4s loi 97

mort. & coU tr. g. 4s, ser. A. 94 89

Detroit & Mackinac xst lien g. 4s xox xox

" R.4 97 95

Detroit & Southern ist gold 48 84 70

Ohio Southern Div. ist gold 4s. 9654 90

Detroit City Gas gold 58 106

Detroit Gas COIL xst gold 5s 105 105

Detroit, Mack. & Mar. land grant 35 S. A... 80 71

Detroit United Railway, ist con. g. 48 96M 94

Distillers Securities Cor. xst conv. g. 5s. 83K 77K

Duluth & Iron Range xst 5s. 116 114

xoo

9a

m

nx

99

1;

9H

xoo

too

xoo

69M

¥>H

86W

6d

New York Securities 897

. High Low High Low High Low

& Iron Range xst 5s reg:. .. ixaK

>uluth, South Shore & Atlantic guar. 5s ti6 iiiK "3 I'l

!:igin, Joliet & Eastern Tst gold 5S. lao 1x9 1x3 xxo xxo

Gas Light Co. of N. Y. con. g. 5s . . X05 9a

2d mort., extended, gold 53.. . . 114M '<9 99

3d mort., extended, gold 45 ixoj xoy ip9>( 107 V 94

4th mort., extended, gold 5s 117M i'3 xo8 xo8

5th mort., extended, gold 4s X03 xoij xoo. xoi 100 91

ist con. gold 7s X37 13a X37 129 xx8

ist con. gold fund, 7s . . X33

ist con. gen. lien gold 4s 95 91 93 89 88 68

ist con. gen. lien 4s reg . . 9X 90 SsH sH

Pennsylvania coL tr. g. 4s 94 98 90 71

"" Soyearconv.g. 4S, ser. A 1x4 953J 109 xooji 103K

50 year conv. g. 48 ser. B .. 87 49

] Long Dock gold 6s 136 134H X35K 19 X30 123

Dock & Improvement xst cur. 68 1 16 1x5 109 109

New York & Greenwood Lake, guar. g. 5s X275 117 .. .. 96 96

Buffalo, N. Y. & Erie xst mort. 7s 127 xaaM laaj laoj xx6H

Buffalo & Southwestern g. 6s xio X05 104 X04H

Jefferson R.R. xst guar, gold 5s X05 xoa xoi xoo xox xoii

Cleveland & Mahoning Val. con. g. 58 xx6 1x65 .. .. ..

New York, Sus. & Western xst ref. 58 xi6 xi4 1x75 xxs X03

gen. mort. 5s iix "o xoa xq3 94

Wilkes. & East, xst guar, gold 5s 109 109 1x3 X09

Evansville& Indianapolis xst con. guar, gold 6s. X14 113 118 xx6

Evansville & Terre Haute xst con. 6s X345 120X "8 X17 xx6 xi6

( xst gen. gold 58 112 xo6V xo9j 106 106 90

Mount Vernon xst 6s xi6 XX4

Sullivan Co. Branch xst g. 5s . . xo6f xo55'

Fort Worth & Denver City xst gold 4-6s xxs 108J4 1x5 no ixa

Fort Worth & Rio Grande xst mort. 3-4S 96 85 9X 84 87 73

Galveston, Harrisburg & Henderson xst 5s 105 xox X03 98K xo3

General Electric debenture gold 92 895 90 87 80

j sub. warrants 10 year deb. 5s xst in. paid .. .. .. .. 95

1" " full pa& .. .. xxo 08

Great Northern, Chi., Bur. &Q. col. tr. 4S 1035 99 xox 97 98

col. tr. 4S reg. 102 xoxj 96 99M 84

Gulf & Ship Island xst ref. and ter. g 5s X02 1053 10x54 loa 93

Havana Electric Railway, con. g. 58 953 92 953 9X 93 8oJ4

Hocking Valley xst con. g. x X09 xxo 105K 94

xst con. g. 4s reg X03 103 99 99

Columbus & Toledo, xst. ex. 4s 103' xoa xoxi xoo 99 95

Columbus & Hocking Valley xst ex. g. 4s.. X03 100 xox 98

Hudson Co. Gas xst g. 58 109J4 X09M xoSJ? X03J4 104 xoa

Illinois Central xst gold 48 xii xo9ji 109M 97

" . 4sreg .. .. xo7

Omaha div., xst g. 38 86 81 78' 784

St. Louis div., gold 38 84 82 80 78 789

xst gold 3Ks 103 102 loi looji 91?

extended xst gold 3f4s loij 100 99 J4

" Cairo Bridge gold 4s. . . X05 X05

col. tr. gold 4s, 1952 X08 X05 xo7j.liox !!

col. tr. gold 48, X953 X07 104J4 xo6j4ixoi

Hig,h Low HiKh Low Hich

Illinois Central

f " col. tr. gold 4s, 1953. reg 106 loj 100 100 97 97

Carbondale & Shaw, ist g. 4s.. .. .. .. 97 77

gold 3.' ,

Memphis Div. ist 4s 110 iio 1015 looH 97

%

Western lines xst 4s ogyi loyAj loa loa 9?

I Belleville & Carondalet gold 68 x32 12a

1 St, Louis Southern xst ar. g. 4s . . . . . . 97 97

Indiana, Illinois & Iowa ist gold 4s 100 99fi 100 9814 too 93S

IngersoU-Rand ist g. 5s .. 99 97. 95 95

loterborough-Metropolitan col. tr. g. 48 79 V 47S

" " reg. .. :. 83;ji 83H

International & Great North, xst mort. gold 68. 118 xao X15 115 '-a ici

International Navigation xst s. f. 5s .. .. .. 87' 55

International Paper 1st con. 66 no I075 no 1055 108M

" " con. conv. s. f. g. 5s 9854 9134 xoo 9a 9a' 79

Iniemational Steam Pump conv. 66 xo5 loa 104 loi loi 93

International Traction col. tr. 48 . . 84 79 73 63

Iowa Central I St gold 5s 118 ixa 115 109 iix loo

" " xst ref. gold 45 88 85 88 8sH 85 73

Kanawha & Hock. Coal & Coke xst gu. g. 5s.. X07 X0454 1055 105

K.msas City, Mo., Gas xst gold 5s xoo xoo gS 98

Kansas Cit y Southern xst gold 3s 70 75 70 73

Keystone Telephone ist 5s , .. .. .. 98

Kings Co. Elec. L. & P. Co. pur. money 6s X37 132H m 117 117

Knickerbocker Ice Co., Chicago, xst g. 5s 98 97M

Lackawanna Steel xst conv. 5s 108 104 lOiH 80

Laclede Gas Light ist 5s no 106 108 xq3

Lake Erie & Western xst mort. gold 5s lao X17H xx9 114 'M 109

( " N. Ohio xst guar. 5s lao 1x7 1x7 117 iic

Lehigh & New York xst guar, gold 4s 99 96! 95H 95H

j Elmira, Cortland & N. guar, gold ss . . 105 105

1 " ♦' xstpref. 6s 113? xi3;S

Lehigh Valley Coal xst 5S 1x5 115 xi5>% na iiaK 106

Lehigh Valley Terminal xst 53 x xi75< 1x6 i a6

" gen. con. g. 4S 98V 95 9° 87

Long Island ist con. gold 5s XX7K >t554 117 "3 114H1 lo

unified gold 48 103 104 loi 95H 84

" Ferry xst gold X05 xoa

guar. ref. gold 4s reg .. 99 99

N. Y. & Rockaway Beach xst 5s. . ixi xii xix iii 10954'' 105

Brooklyn & Montauk xst 5s 106J4 105 10358 toa% 99

North Shore Branch con. g. ss xiai i2/6 109 09

" N. Y. B'klyn & M. 1st con. g. 5s iio

Louisiana & Arkansas ist gold 53 X07 104H 105 105 103 100

Louisville & JeflF. Bridge, guar, gold 4s 99 Ji 98? 97

Louisville & Nash., N. O. & M. ist mort. 6s... 13a laSJ 130 127 lasJi lax

E. H. & Nash, xst mort. 6s 117 114 no iio ii3?a

gold 5s iax54 i4?i ii7A| a8

Pensacola Div. 6s 114 114 ioj% 107 V

St. Louis Div. I bt mort. lai.H laij lao 117H 117

New York Securities 899

louisville & Nash., N. O. & M .

Atlanta, Knox. & Cinn. Div.g.4s Pensacola & Atlantic ist mort. te Nash., Florence & Sh. ist gu. 58.

coL trust gold 5s

col. tr. S-os, g. 4S

L. & N. & Mob. & M. ist 48..

unified gold 4s

unified gold 4s reg

Louisville, Cin.& Lex. g. 4s. .

South & North Ala. s. T 68

Atlanta, Knox. & N. ist. g. 5s. .

Kentucky Central mort. 4s

Henderson Bridge ist s. f. g. 68.. , & N. Southern Ry. — Monon— joint 4s..

registered

fanbattan Railway con. 4s

con. 4s reg

Metropolitan Elevated ist mort. 68.

if manila Electric Railway col. trust 5s

Metropolitan Street Railway gen. col. tr. gold 5s. f " refunding gold 4S. .

Broadway & Seventh Avenue ist 5s

Columbus & Ninth Avenue ist guar. g. 5s. Lexington Avenue & Pavonia Ferry ist 5s.

Third Avenue ist con. guar. 4s

ist con. guar. 4s reg

istg.cs

if metropolitan Telephone & Teleg. ist s. f. g. 5s.

Metropolitan West Side Elev., Chicago, ist 4s..

Mexican Central consol. old 4s

( " col. tr. g. 48 ist series

Vf ichigan State Telephone ist 5s

Milwaukee Electric Railway & Light con. g. 4s.

Milwaukee Gas Light ist 4s

Minneapolis & Sl Louis ist mort. 7s

" " ist oon. gold 5s

" istandref. gold4S

" Iowa. Ex. ist mort. 7s..

Pac. Ex. ist m. 68

" DesM.&Ft.D.istgu.g.4S

Minneapolis, St. Paul & Sault Ste. Marie con. g. 45, stamped, payment of interest guaranteed.

Minneapolis, Sault Ste. Marie & Atlantic

ist gold 4s, stamped, payment of int guar. . . Kf minneapolis Street Railway ist con. golcr5s. . . .

Missouri, Kansas & Texas ist 4s

ist extension 5s

ist and ref. 48

gen.s.f.4s sub. rets.

Kansas City & Pac. ist guar. 4s

Dallas & Waco ist guar. 5s

St. Louis Division ist ref. 4s

Mo., Kansas &.Texas of Texas ist 5s. Mo., Kansas & Extern ist guar g. 5s. Mo., Kansas & Okla. ist guar. g. 5s. . Sherman, Shreve. & So. ist gu. g. 5s Texas & Oklahoma, ist guar. g. 5s.

High

Low

High

Low

High

Low

7Ah

iaH

7Xh

71K

73H

88

"5M

"Sk

"4

"7

Ii3M

"3M

"3

"5H

'i

97H

9Sh

no

"9M

"5

imH

"3

lOI

98

I08J4

9H

93

99M

98K

li

94M

9a

"9M

no

"3

Ii3H

no

97K

93M

95K

1I6J4

"5

r.

a6H

I6J4

7H

aa

99H

94H

lOI

98

93H

9a

inH

"3

"4M

98

95H

los

"3M

nH

laa

97

9H

96M

I03K

loa

xos

9H

8a

70M

94

9H

95H

95f4

8a

no

iia

90J4

io83i:

High Low High Low High

Miwouri Pacific 1st con. gold 6b isH "sJ "8 lao 103

3d mort. 7s 107 102

3d mort. 7s ext. at 4 per cent. ... . . . . . . 98 -r'-r:

trust gold 5s. reg i07!l 104 i-aS

Central Beach Ry ist guar. g. 4S 95 99 93 963' 90

central Branch, Union Pa?. 1st g. 4s 94 94 95 9°

Lerov & Caney Valley ist gold 58 laiK "hK

Pacific of Missouri, ist extended g. 4s losK 103 io5 101 3-

" " stamped guar. g. 5s.., 116 116 .. 109H

" Riv.&GulfDiv. istg.48 98 04 q6 93 99K 8b

. " " VeridigrisV.L&W.istg.ss .. 107H --

Mobile & Ohio new gold 68 130 125 1274 iH 124

' ist mort. extension g. 6s 126 122 ., .. 103 IC3

ht. Louis & Cairo guar. g. 4s.. .. .. 98? 95

" col. tr. g. 4S 95 925 98H 95

w t.. T , Montgomery div. ist g. 5s 115? 113M "4)* "3? io8S iarS

Mobde, Jackson & Kansas City ist con. g.5s.. loojj 955? 98 96

Nashville, Chattanooga & SL L. ist mort. 7S... 123 lao 119H "SV

-j " " istg. 68, Jasper Br... 124 119 119M "95 i65i iK:

I " istg.6sMcM.M.W.&A 117V "7¥

National Railway of Mexico prior lien 4 Jis 106 105 105 ioi54 loa 95 S

National Starch Manufactunng, ist 6s 93 85 935 78 84

" " s. f. deb. 5s 75 59 77 72V 70 td

New Orleans Railway & Light gen. 4j4s 93? 89H

New York & Queens Elec. L. & P. 1st con. g. 5s. 108 102 104) 99 95

New York & Richmond Gas ist gold 5s 103 103

New York Central & Hudson River

deb. gold 4s 102? 100 102H 98 99 86

deb. gold 4s reg 102' 102 loi 100

" gold mortgage 3Ks reg... 97;, 9854 94 V *4S

!I w. u" col K.3Hsreg. 91 883," 9, 85H' 87 7rS

" Mich. Cent. col. g. 3 Jis... 91 91 86 871 73

West Shore ist 4s, guar no 107J4 109 104 105

ist 45, guar., reg 109K 107 107H 102 io3t

Beech Creek ist guar, gold 4s 104 102 103 9-1

o "„r "t guar, gold 4S, reg 104 104

Rome, Wat. & Ogd. con. ist m., ext., 5s... 116 118 iii3 114 toe'

Utica & Black River guar. 4S 107 1075 104 103 103 J03

Lake Shore & Michigan Southern —

Lake Shore Div. gold 38 103 qg loiji 94 96V

" " deb. gold 4S. reg 995< 96 8i,S Si-

" " 25years.4S .. .. 91' 55

25 year g. 4S reg .. .. .. 91

Detroit, Monroe & Toledo ist 7s 1033 102 101 Jii 101 ii

Mahoning Coal ist mort. 5s 124 1235 125 109 1

Mohawk & Malone ist guar. g. 4s 105 105 103 103 97 9:'-$

New York & Putnam, 1st con. guar. g. 4s. 107 103 104 100

Ss reg 120 119 119 119

" con. OS .. 104

" 4S. 106 106 Io4H 103 Ioo\ Ickv

New York Securities 90*

High Low High Low High Low

ievr York Central & Hudson River

Jackson, L. & S. g. 94M 94H

New York, Chi. & St. L. ist gold 4s 106 104 106 102 103 93

" ist gold 4S reg.. .. .. looji loaji loaj

New York & Harlem g. 3js losyk 101 H

New York & Northern ist gold 5s ''8 . . . . iii iioj

Pine Creek reg. guar. 61 . . . . . . 107 107

Oswego & Rome 2d guar. g. 5s .. .. .. 103 103

Rutland ist con. g. 43 106

Ogdensburg & Lake C. ist guar. g. 4s 100 99 98 95 87

Rutland-Canadian ist guar. g. 4S .. .. .. 95 88

i, St. Lawrence & Adirondack ist g. 5s . . 122 122

Tew York Dock 50 year gold 4S 98 94 98 93 95

lew York G. & E. L. H. & P. ist col. tr. g. 5s. . iii 108 109 loa 103M 77

Ids

Ji

lOI

"3

& " " " pur.my.col.tr.g.4s 97 90 92 83 84/ 65

Edison Electric lUum., N.Y.f ist con. g.5s. 105 104? 100 w 99

lew York, New Haven & Hartford

Housatonic con. mort. 5s .. 125 124 113 113

Tew York, Ontario & Western refunding 4S... xo6 icoK 99

norfolk & Southern ist g. 5s 112 108 1 1 1 104 100 100

Torfolk & Western gen. mort. 6s 133M 33M 2P *i5

imp. and ext. 6s 132 132$? 130 39 xa9

Ry. ist con. g. 48 1049 100 102 jj 98 99 86

Ry. ist con. g. 4s reg .. 100 100 91 91

" Div.istl. &gen.g.4S too 97 99 96 96j 81

Col. C. &T. ist guar. g. 5s. 1095

Scioto Val. & N. E. ist gen. gold 4s. 103K 100 103 98 874

Northern Pacific — St. Paul & N. P. gen. 6s 126 125 125 122 ii6J

Ry. prior lien 4S. 106 103 106 102 io2j 93;!

" gen. lien gold 3s reg 769 74 76 74 7' 7°

Washington Central Ry . ist gold 4s 94 92 93 91

St. Paul & Duluth ist mort. 5s 114 114 113 113 117 1175

2d mort. 5s 109 107%" no 107 to8 100

St. Paul-Duluth Div. gold 4S loa 99 loi 96 95 95

Northern Pacific Terminal ist gold 6s ii6J "454 "7 "5 I'SX

>hio River ist gold 5s 118 116 113K

" gen. gold 5s 115 III "4?

'pacific Coast ist gold 5s ix6y 112 114 100 109 99

>panama ist s. f. gold 105V 02H io3 103

'paterson & Passaic Gas & Elec. ist con. g. 5s. . . . 1053J 1043

Pennsylvania Company, ist guar. 4 Js, coup.. . . iii 108 *o7 *oo

guar. 3jii col, tr. . reg... 93f5 93 94 90K

guar. zH col. tr. . B 94 92 90 84 83

guar. g. tr. . Ser. C 89 89

" " " C. 113

P., Ft. W. &C. admort. 7s 119 117?

C, St. L. & P. istcon. 5s... 120 ii7J 122 117J4 ii6j no

Toledo, Wal. Val. & O. ist gu.

A .. .. 103 97

High Low High Low Hidi Lm

Pennsylvania Railroad, real est. gold 4s 109 106 xo6 104 xo6 101

r " conv. gold 191a 107 losH 9SH "oV *ii

" " conv. gold 3jis, 1915 loaf 97 loi 93 95 Sjli

" con. gold 4s .. .. .. xoi 101

cons, gold 5s . . . . . . X05 105

Allegheny Val. gen.gu.g.4S 10431 toij{ Cley.& Marietta, ist g:u.g.4S 1x0 1x0

Allegheny Val. gen. gu.g.4S 10431 .. .. 99 99

" G.R.&I.ex.istgu.g.49.. iiiji iioji 108H 105

PhU.,Bal.&Wash.istg.4s. 1094 io6k nok 107K

" " " " 4.reg 104; IQ4X

People's Gas & Coke, Chicago, xst con. g. 6s. . . 123 123 117 1X9K kh

I Chi. Gas. L. &C., xstguar. g. 5s xxi 108 107 104 105; 90

[ Mutual Fuel Gas, ist guar. g. 5s 107 X03H . . 100 xod

Peoria & Pekin Union ist mort. gold 66 133 X33fi

" " ad mort. gold 48 103M

Pere Marquette

1 Flint & Pere Marquette gold 68 133 X19M "8 nH '5

ist con. g. 5s 114K iixK iio; 105 ioo|£ too:

Port Huron Div. ist gold 5s 1x4 xii 106

Pittsburg & Lake Erie and 5s 107 X07K

Pittsburg, Shenandoah & Lake Erie ist 5s lai 117% lao xi8 107 107

Pittsburg, Youngstown & Ash. ist con. 5S 116 xi6

Portland Railway ist and ref. s. f . 5s . . . xox toiS

Provident Loan Society 45s xoo 98 99 99

Providence Securities deb. 4s .. .. .. 90 84

'" gen. gold 4S reg loyi 100 loi 99? 953 95

Jersey Central coLg. 48 loxj 98 loiji 96 85

Philadelphia & Reading con. 7s 114 114 "SM x'S

con. 7s reg.. xi8 118

" " con. 68 ii33i 113X "o "o7<

Republic Iron & Steel* ist and coL tr. s. f. 5s 98 97 8d

Rio Grande Southern ist 4s 8x 75

guaranteed 4s 89 89

St. Joseph & Grand Island ist gold a-3-4S 96 93 94 90 9*yi 80

St. Joseph Railway, L. H. & P., ist g. 58 to 1035

St. Joseph Stock Yards ist g. 100 loo

St. Louis & San Francisco ad mort. 6s, class B. 104 loi

ad mort. 6s, class C 104 104

Southwestern div. xst gold 5s xoax xoi

gen. mort. 6s 13a ia8H WS x3M

5-year gold notes, 4j4s. 97 95 98 95¥

Osark & Cher. Cent, xst guar. g. 5s. loi 99 xoc 97 97 90

St. Louis Southwestern ist 48 xoxS 96 94 95 80

(" " inc.4S. 87 84 89 8aJ4 83 60

" consol. gold 48 84K 79 8a 76 79 54

I" Grays Pt. Ter. xst. gu. g.5s .. .. .. .. loiX loiH

St. Paul City Cable con. 58 1x4 114 ixo iio

St. Paul, Minn. & Manitoba ad mort. 68 X13 xo7;i 109 XQSH

Dakota Ext. 68 iia xio xii xo6 107) no

xst con. 68 reg . . X34 134

xst con. 68 reoTuced to 43s . . . xij xxx xi3 xo7 toS loa

Montana ext. xst gold 48 105 V xoa X04 xoo vooiH 98

xstgokl48reg 103K loo xooj

Montana Cen. i8t guar. 6e... 130 135 X34 t3xH

New York Securities 903

Hiich Low High Low High Low

St. Paul, Minn. & Manitoba

f Montana 1st guar. g:. 6s reg. .. ..

Eastern of Minn, ist 5s 10491 loa xoifl loif loz 99

I " Minneapolis Union I St 6s. . . 124 193

t " Wilmar & Sioux F. ist 5s.. . 121 115K "Sj

San Francisco & North Pacific ist s. f. g. 5s. . . no 108

San Antonio & Aransas Pass ist guar. g. 4s . . . . 87 70

Santa Fe, Prescott & Phoenix ist gold 58 109 107 108%' 102

Seaboard Air Line g. 4s 92 844 8o5 82 59

Florida Cen. & Pen. con. gold 5s 109K

Georgia & Ala. ist con. 5s 114 no 107 99

Georgia, Carolina & Northern xst 5s no no

Seaboard & Roanoke ist 5s .. no 108 106 106

Carolina Cent. con. g. 4s 95 97

Southern Pacific Co.

' Southern Pacific g. 4s Central Pac. col 95K 88

Railroad ist refund. 4S... 98K 95M 947 9SH

So. Pac. of Ariz. guar. 1st 6s, 1909 108 V 106 106 104 104 100

" of Cal. ist g. 6s, B 103 1021

" ist g. 6s,>C and D 102 102

" ist con. guar. 5s .. 119 119 xi6 116

" ist con. guar. 5s stamped. . 109 108

Austin & Northwestern ist 5s iiii 104 no

Gal., Har'g&S. Ant'oist roorU 68 1x0 107 106' 105 1055 103

" " M. & P. Div. ist g. 5s.. 115 no iii 109 ic6 104

Morgan's La. & Texas ist mort. 6s 118 116

" ist 7s .. 127 127

Northern of CaL ist guar. g. 6s .. xoi

" guar. g. 58. .. .. 101 97

Houston & Tex. Cen. ist guar. 5a 1x3 iiof 1093 "09Mi

" " con. guar. 6s 112 115 xio 1x2 xo7fi

" gen. guar. 4a xoo 9SH 993 93 947 83K

" Waco& N. W. istg. 6s .. .. 116 xx6

" coL g. 48 reg 94 91 .. .. 88 84

" " ist ref. guar. 48 reg 98 98) 99 93H

" mort. cigar. g. 3Ms 90 87M 89 85 86 75

Gila Valley Globe & Northern 1st gu. g. 58 no ic6

Texas & New Orleans xst con. gold 5s in 108 no 104

Houston, East & West Texas ist gold 58.. 107 105K 103H

" " " " istgu. g. 5s .. . 105M 103K

Oregon & California xst guar. g. 5s 104 loi 102 99 xoi 979

San Antonio & Aransas Pass xst guar. 4s. . 91 88 90 855

Southern Railway 1st con. gold 5s ii7j x 19H XX5 1135 50

'" " ist con. gold 5s reg .. 1x7 114

Columbia & Greenville xst mort. 5-6S 1165 . . . . in xii

East Tennessee, Va. & Ga. ist con. 5s 1x8 1x9 116 117 102

" divisional 5s.. 116 114 1x6 xi45i 'lofi

East Tennessee reorgan. lien g. 4-5S 1x6 xx3J 112 114

Georgia Midland ist 3s 74K 7H 65

Knoxville & Ohio ist gold 6s 127 1231 122) 118' 1x6

Mobile & Birmingham mort. g. 48 96 931

Alabama Central xst 68 118 1x3 1x3

The Manual. Op Statistics

Hifth Low

Southern Railway

' Georgia Pacific ist g, 6s

Richmond & Danville deb. 5s stamped

" W.O.&W. i8t4S..

" " con.gold6s

Richmond & Mecklenberg ist g. 4s.

Virginia Midland gen. mort. 5s

gen. 5s ruar., stamped. . .

6s, ser. B.

5s, ser. E

Sacr. F

Western North Carolina ist con. 6s

Wash, Ohio & West. 1st conv. gpar. 4s. . .

Atlantic 8t Danville, ist gold 4s

Mobile & Ohio col. tr. 4s

Memphis Division ist 4-4-5s.

St. Louis Div. ist gold 4s

South Carolina & Geoigia ist 5s

Standard Rope & Twine ist 6s.

" income gold 5s

Sunday Creek g. 5s

Tennessee C. 1. & R. R., Tenn. Div. ist g. 6s.

( DeBardeleben Coal & Iron guar. g. 6s

Terminal R. R. Ass'n of St. Louis ist 45

j " istcon. g. 5s

" gen. ref. s. f. g. 4S

( St. Louis Merchants' Bridge & Term'lg. 5s

Texas & Pacific xst gold 5s

j ad gold income 5s

( Louisiana Div. B. L. xst g. 5s..

Toledo & Ohio Central ist mort. gold 5s

j" " " gen. gold 5s

1 Kanawha & Michigan 4s

Toledo, Peoria & Western ist guar. 4s

Toledo, St. L. & Western prior lien g. 35

J " prior lien g. 33 reg

" 50-year gold 4s

Toronto, Hamilton & Buffalo ist g. 45

Trenton Gas & Electric 1st g. 5s

Ulster & Delaware ist con. 5s

" " istref. g. 4S

Underground Elec. Rys. of London, profit sh. 5s

Union Electric Light & Power ist g. 5s

Union Elevated, Chicago, 1st g. 5s

Union Pacific railroad & land grant 1st g. 4s. . . & land grant ist g. 4s reg. .

ist lien conv. 4s. . .

ist lien conv. 4s, reg

Oregon Railway & Navigation con. 4s

Oregon Short Line ist 6s

ist con. 5s

guar. ref. 4s

guar. ref. 4s. reg

Utah & Northern ist 78

United Railroads of San Francisco s. f . 4s

United Railways of St. Louis, ist g. 4s

" St. Louis Transit guar. 5s..

United States Envelope xst e. 6s

xia

"4M

"4ji

"3

loa

"5

Ii2H

iia 99M

99M

'96H looM

X37%

"3 , "5

96M

93M

98

89M

81K

no

92H 8/

High Low

1195 IQ4 *P3 99h

"43 109H

Ii4H

ix95i "5

Xt2

no

99M

93

84

"3K 94M 98

ia6

97H 94

no

96M

69M ig6

9Sh 79

92H

lao

Iq5

9M

Iq5 Ixo

United States Leather s. f.

los

Ixo

iP3

W 79

97

I06K

ioS

ill 9s

So 87,S 75 8a 55

n

no

loa too

lOI

too

7h

ia6 107

1x4 lOO

lOjM OD

iosH losH 83X 60

New York Securities

United States Realty & Imp. deb. g, 5s

United States Reduction & Refin'g ist a. f. g, 6s

United States Steel Corporation coL tr. sd 5s...

col. tr. ad 5s reg.

Vandalia con. gold 4s

Vera Cruz & Pacific ist guar. g. 4s

Virginia & Southwestern xst guar. 5s

Virginia-Carolina Chemical col. tr. s. f. 5s

Virginia Iron Coal & Coke ist g. 5s

ist gold 5s

ad gold 5s.

debentures 68, series A

debentures 68, series B

certificates of deposit

ist lien equip, s. f . g. 5s

1st lien terminal g. 4s

ist ref. and ext. g. 4s

Detroit & Chicago Extension ist 5s.

Toledo & Chicago Division is g. 4s

t St. Louis, K. C. & N-St. Charles Br.t ist 65.

Wabash- Pitturg Terminal ist g. 4s

Washington Terminal ist guar. 3s

Westchester Lighting g. 5s

Western Maryland ist g. 4s

" gen. & conv. g. 4s

Western New York & Pennsylvania ist 5s

Western Union col. trust cur. 5s

' fund, and real estate 48 g. " reg Mutual Union Telegraph s. f . 68

Westinghouse Electric & Mfg. conv, s. f. 5s

West Virginia, Central & Pittsburg ist 6s

Wheeling & Lake Erie ist 5s

Wheeling Div. ist 5s. . . .

est. & imp. 5s

ist con. 4s

Wisconsin Central ist g. 4s

Hitch

Low

High

Low

Hish

Low

fH

90

99

95

99

78M

98H

92M

95H

78J4

Io3V

94j4

I07H

"4M

99H

93M

77

"9K

99

Sk

79H

74H

iP3

loa

lOI

9a

67M

86

95

90M

45H

41M

m

14H

"3

i"X

loa

88

8aH

8aM

S9ji

68M

6S

97fi

9H

93

"3

T03

loS

iH

.

97M

So

iia

no

"4

"4K

no

lUH

95M

90M

93H

87K

loa

97K

90

72

M/Scelukeous Bonds

Sales On The Curb And At Auction

Acker, Merrill & Condit, 6s, 13

Adams Express col. 4s, when issued . .

Aiken S. C. Club, 5s, loao

Alaska Mercantile deb., 1933, $aoo,ooo Albany & Hudson R. R. ist 4-58, 1943 Allegheny Street Railway, ist 5s, 1930

AUenhurst* N. J., Club 3d 6s, 191 3

Alliance Water Works, 6s, 191 3

AUis-Chalmers, ist 58, 1936

American Lith. ist mort. 58, 1931

High

Low

High

Low

High Low

29H 39M

loa

78

8a 50

9o6 THE MANUAL OF STATISTICS

i90A 1906 1S07

Americaa Malting 66, 1914.. -.

American Palace Car Co. of N. J., itt

American Pneu. Ser., 35 y. 5s, 1938 .. American Steel Foundries, s. f., 68, 1935

American Type Founders' deb. 6s, 1936.

American Writing Paper ist 5s

American Yacht Club 3d 6s, 1908, $500 Anacostia & Potomac River St. Ry. ist

Arteriater, Memphis, ist 5s, 1909.

Arion Society, 3d 3s, $1,000

Atlanta & Birmingham, ist 5s

Atlanta Cotton Mills ist s. f. 6s, 1938..

Atlantic Mutual Ins. scrip of 1905

Augusta-Aiken Ry.& £. col. tr. 5s, 1953 Automobile Club of America sd 45,1906

Baltimore & Potomac ist m. 6s

Baring Cross Bridge.

Barney & Smith Car ist 68, 1943

ist 53,1936

Batopilas Mining Bonds. . . :

Bay Ridge Park Improvement 66. . . Bav State Gas, inc. bonds, 1939, $3,000 Belt Ry. of Chattanooga ist 5s, 1945. . Berwick Consolidated Gas ist 5s, 1939.

Berwick, Pa., ist 5s, 1039

Binghamton Gas Works 5s.

Binghamton Railway 193'

Bliss, E. W., Co. 6s, 1933

Boon ton Gas Light & Imp. ist 5s, 1953,

Boston & Maine 3s, 1950

Brooklyn & N. Y. Ferry con. 5s, 1948. . Brooklyn & Rockaway Beach R. R. con.

Brooklyn Borough Gas ist 58, 1938 . . . Brooklyn Hygienic Ice ist 5s, 1933. . . .

Brooklyn Umon Gas deb. 66, 1914

Brunswick Construction ist con. 4,

Buffalo ft'Niag. Falls El. Ry.ist mort. . Buffalo & Susquehanna Iron 5s, 1933. . Buffalo City Gas ist mort. 5s, 1947. ...

Buffalo Crosstown Ry. ist 5s, 1933

Buffalo General Electric 5s, 1939

Buffalo Railway debenture

" ist con. 5s, 6s, 1917..

Buffalo Traction ist 5s, 1948

Bush Terminal ist 48, 1952

Canon City, Florence & Royal Gorge

Inter. Ry. ist 5s, $50,000

Cape Fear Power ist 68, 1933

Cauwba Power 68, 1933

Cedar HiU M. and M . ist 68

Central Foundry deb. 6s, 1919

Central New Eng. Ry. gen. 5s, 1949. . .

1st 58, 1919 .

of N. '-

Low

High

Low

Hifth

Lc

05

93S

it

ao

Si

3D

>o3

Ioc

QiM

Kx'H

97

9:

so

10s

Ioc

"3

no

lot

a9

Kh

gc

7oH

7.

60

4a

40K

S6

as

73

15a

lao

3o

$MOlot

W5

H

t03

I03K

9.

W5

no

"4

Icb

Si

I07M

Kh

9H

67M

84K

7H

f

48

iH

lis

i~H

fc

4a

90H

S

17

17H

7H

u

Central Union Gas of N. Y. ist

Chamber of Commerce Building bond

Chateaugay Ore & Iron ref. 4s, 194a. .

Chesa & O. Grain Elevator ist 48, 1938

" " " 3dinc,i

Chesapeake Beach Railway ist 58 „

Chicago & Lake Superior 58, 193 1 .. .. 108H

New York Securities 907

High

Low

High

Low

U

9H

9a

tiicas;o. Peoria& St.L.pr.ln.,4s, 1930.

" mort. 5s, 1930

" " incomes, 1930

Indnnati, Newport & Gov. Ry. xst

con. 5s, 1933

indnxiati & Northern ist 4s, 1951

hippewa Valley Elec. Ry. 5s, $8,ooa. $15 lot

hittenden Power 5s. 30 30

itixens* Street R.R.ofInd., 5s, 1933 X09 xo6 106

ity & Suburban Street Railway, Washington, D. C, ist 5s, 1948 106 ity Invest. Assn. of Milwaukee deb.

ity of Frankford, 3J4S, 1916 95 95

ity of Huron, S. D., 5s, 1933 51 51

ity of Mobile, Ala., 4-53, 1906 995 995

leveland Electric Railway 5s, 1913. . . 103 103

colorado & Northwestern ist 5s, 1954. .. .. .. 35 35

columbia Club, N. Y. City, 4s, 1933,

*olumbusCrosstownSt.Ry.xst5s, 1933 xxo xo8 108 100

Columbus, Del. & Marion Ry. xst con. 5s 40 39

Columbus Electric xst mort. 68 105 105 xo6 106 xo8 102

Zolumbus Gas xst mort. 5s, 1933 103 70

Columbus Ry. gen. mort. 4s, X939 91 91 90 85

;columbus Street Railway xst 5s, X933. xxo 108 109 X05 xo8 98

oxisolidated Elevator, Duluth, 5s, X919 . . . . 105 X05

Consolidated Gas, Electric Light &

Power, Baltimore, gen. 4 J, 1035 .. 85 %sH

Consolidated Railway Light & Power,

>Vilmington, N. C, 5s

Consolidated Rubber Tire deb. 4s, X95 x . 35

Consolidated Traction Co. of N. J . , xst x x 1 91 ::onsolidated Water Co., Utica, N. Y.,

ist, X930 98

Zonsutution Pub., Atlanta, xst 5s, X930

Consumers* Ice of N. Y. xst 5s,

3orea & Lavela R. R. & Imp. x st 6s, X93o 8

3rimora Manganese xst 6s, X914, $57,000 Cross Country Railroad xst 4s, 1951.. . 10

Dakota Central Railroad xst 68, X907. . 107 Dayton, Leb. & Cin. R. R. xst s. f .5s, 193X 35

Deal Golf Club xst 4s

Delaware & Northamp. R. R. xst 5s, 1953.

Denver Consolidated Gas xst 6s X07

Denver Gas & Electric 5s, 1949. 95

" " prior lien XC4M

Denver Tramway xst prior lien 5s, 1919

" ., ." ,„' 5S, 1933..' 104V

Denver Union Water xst 30-yr. 5s, 1914 . 105

Detroit & Bay City, 5s, X93X

Detroit, Toledo & Ironton 88

Deutscher Verein, N. Y., xst 5s, X9XX . .

Devlin Coal lit 6s

Dickson Mfg. Co. xst 5s, X937

Dominion Copper Co. 6s

Doylestown & Eastern Street Railway I8t 58., XQ41, $8,000.

Durham, N . C. , Light, Power & Impt. 5s

Durland Co. 3d 58, X935

Edison United Phono. coL tr. 4s, 1908 . 95

Elberon Water ft Ught ist

♦ xovooo t |i5,coo.

86M

34

49

98

$x,ooo

lot'

94H

iP3

xoo

xox

'03K

99K

6S

6s

r,

$i.Soc

as

t'l90o

The Manual Op Statistics

HiKh Low

Elisabeth, N. J., adj. 4S, 1922 lo loo

Elmira Water, Light & RaihtMid, ad

pref. mortgage, 4S, 1949. 35 3sM

Empire Sugar ist 58, $3,000,000

Equitable C& Co. of Memphis 5s, 1907 no 107

Federal Gas, Titusville, Pa. , ist 6s, 191 x xo xo

Ferrier, John R., ist 1931 91 91

Fishkill & Mat. Gas 5s, X033, $31,500. . $65 lot

Flatbush Water Works 3d6s, 19x1 io6ii( xo6V

" i8t6s, 1911... 106X 10615

Fonda, John. & Glov. ref. 45s, 1947.. ixo xxo

Fort Wayne Gas xst 68, xoss 41

Fremont, Elkhom & Mo. Valley 68, 1933

Fruit Auction Co. 6s, 19x1 95 95

Grand Rapids Edison Co. xst 5s, 19x6. 94M 9iH

Grand Rapids Gas xst 5s loa xox

Grand Rapids St. Ry. xst 5s, 19x6 105 X03

Great Northern Ry. of Can. 4s, 1934. . 88 70

Greenwich Water 6s, 1905 ixo ixo

Hackensack Water Co. xst 4s, 1953. . . Hamilton Co., Ohio, Mitchell Ave.

Aqueduct, 19x9

Harlem Club of N. Y., 3d 5s, 1909,

Havana Tobacco 5s

Hawkinsville & Fla. R. R. xst 5s, X953. loa 103

Hoboken Ferry xst 5s, 1946 xxo xxo

Hoboken Land & Imp. 5s, 19x0 xoa xo3

Hudson County Gas 5s, X949 109 1075

Hudson Co., N. J., PubUc Road, 4. Hudson River Elec. Power xst 5s, 1944 Hudson Susp. Bridge, New England

Rv. xst 5S, X938, $X3,000

Hudson Valley Railway con. 5s, X951.. 53

Humacao Sugar so yr. 68

Huron Condensed Milk, col. 68 1939,

Indkna Natural & Ill*g Gas 68, 1908 ... 31 33

Indiana Natural Gas & Oil 68.

Indianapolis Gas xst 65, 1910 105 103

Indianapolis St. Ry. gen. 4s, 1933 86

International Mahogany 68, X934,

$ax,ooo

International Mer. Marine 3003.. 86 75

International Nickel xst 5s, 1933

International Salt 5s, 1951

International Silver xst 68, X948 109 xo3

International Traction 45 84 79

Inter-Sute Ry. coL tr. 4s, 1943

Iron Steamboat 3d 48, X933 45 41

" prior lien 5s, X933 90 85

Jackson & Ann Arbor ist 5s, 1904. 5 5

Jackson Gas ist 5s, 1937 99K

Jarvis-Conklin Mtge. Trust Co. deb. bonds. North Amer. Tr. . $5,000

Jersey City, Hoboken & Paters, con. 4s 71

Jersey City Water, 5s, 1903 i iji 1 13H

Judge Co. pur. mon. 4s, A, pref. , 1909. .. so ao

Kansas City Elevated R. R. con. gtd. 68 x 18 115

$s,ooo.

High

Low

Hick

Xo5 X03

loaH 9c

xos qiS

icSh 03K

io8fi 107

Xoo

I03H

a3

85J4

$a45

i05f< 105H

3fi

57H

'%33P

New York Sbcuritibs

Hih Low Hich Low

insas City, Mo., Gas ist 5s loa xooH loa 95

sarny Co., Kansas, 5s, 193s 83 83

okiik & Hamilton Bridge con. 8s. . . 50 50

ngs Co. Electric L. & P. xst 5s 107 107 106 100

" pur. my. 6s i26yi lai lao 115

ickawanna Iron & Steel ist 5s, 1926. . . . . xoo icka wanna Steel 5s gold notes, 1910.

Lke Placid Co. 1st ss, 1925 .. 85 85

icombe Electric 1st 5s, 1931 86 80 81

ifayette Gas Co. of I nd. xst 6s 53 34 50 38

lke Superior Corporation, inc 47 30 64 40

irchmont, N.Y., Yacht Club, ist 45. 50 50 iwrence Harbor Land & Imp. ist, 6s,

berty Silk 63, 1908, $35,000 . . $3,ooo lot

Coin Gas & Electric 1st 5s, 1941 ... 84 68

ncoln Park & Charlotte ist 5s, 193Q.. .. 118 1185

tchfield & Madison Ry. inc. 5s, scrip. 91 91

ittle Miami 5s, loia .. .. io8f xo8

>gaiisport& Wab. Valley Gas 1st 6s.. 41 35 40 96

xos Club, inc. 6s 50 50

suisville & Nash. 5 yr. 3 p. c. gold notes

3uisville, Hend. & St. L. ist 5s, 1946 ii4J< 107 113 108

uisville Street Railway 55, 1930 113 113 113 iioj

imn & Boston ist 5s, 1924 114 111 108 1067

fnchburg, Va. 5s, 1914 104H 104M

adisoD Gas & Electric 1st 5s

alison Square Garden ist 5s. 1919. . . no no .. ..

agnetic Iron Ore 6s, 19 13, $3,000. ... . . . . $35 lot

aine Steamship 5s, 19 V 78 70 80 70

anganeseCorp.of Va.6s,i9i4,$33,ooo $586 lot

manhattan Typewriter ist 6s, 1936 i i

anning, John B., & Sons 6s .. .. 4 4

matthews, John, 35-yr. 55, 1928 . . . . 93 85

meadow Club of Southampton $200

income bond, 1946 50 50

medina Quarry ist 6s, 1932 S

[metropolitan Water Worl ist 4s, 1919. 40 40

mexican Mineral R. R. ist 6s, 1919 92

mexican Northern ist 6s, 1910

michigan Central 5 per cent, notes

liddletown, Pa., Gas Light 5s, 1927.. .. J03

lilford Pink Gran. Quarries 2d 6s, 1930 45 45

niwaukee Elec. Ry. & L. 5s, 1926 1095 109 107 104

lines Securities 7s

minneapolis Gas con. 6s, 1910 in 109

[inneapotis Street Ry. con. 1st 5s 108 106

linn. Water Works, St. Paul 1917 . . 60 60

mississippi Glass ist 6s, 1924

montgomery, Ala., corp. 5s, 1907

montgomery Light & water Power ist

con. 5s, 1943

tonticello, Fallsburg & White Lake

R. R. 1st ss, 1933, $350,000

coming Telegraph 6s ,. .. 93 93

lunch, Ferd., Brewery, 6s, 191 1 .. 80 80

tluncie Pulp ist 6s, 1904, $106,000 .. .. $10,000 lot

Municipal Debenture, 6s, $15,000 . . $445 lot

Nassau Co. Gas ist 5s, 1933, $117,000. $5 to $35 per bond Nashville, Chait. & St. Louis, Tracy

City Branch, 1st 66, 1910-17

;Iational Fuel & Gas deb 109

National Wire Corp. ist 68, 1930

xoo

Low 9M

loi

S

los

96H xoo

93K

93H

xoo .

95K

92H

bond

9Xo

The Manual Op Statistics

Hi£h

Low

Neptune Consumers, ist 6s, 1907, $ao,ooo

Newark Consolidated Gas 5s 1 13 1 10

Newark Pas5eng:er R. R. con. guar. 5s xiV New Amsterdam Gas ist con. 5s, 1948. 1 13 108 Newburg & N. Y. R. R. ist 5s, 1929. . Newburg & Orange L. R. R. xst 5s, 1944

New Jersey Terminal 4s . .

New Jersey Terminal Dock & Imp. 5s,

New London Gas & £lec. ist 55, 1927. 109 109

New Orleans City & Lake Cons. ist. .

New Orleans Railway 4fs, 1953 9a 88

New York & E. River Ferry ist, 1922. 100 90

New York & East River Gas xst 58. . . 1 14 iii

con. ist 5s. Ill 108

N. Y. & Hoboken Ferry, ist 5s, 1946.. xxo 108

New York & Jersey R. R. 6s, 1933. . . .

N. Y. & N. J. Ferry ist ss, 1946 105 loi

N. Y. & N. J. Telephone ist 5s, 1930. . .

New York Weighing Barge & Coang

ist 5s, 1933 35 34

New York & Wilkes-Barre Coal €s 19

New York Athletic Club 3d 5s, 1910. . . 95 86

New York Biscuit ist mort. 6s, 1911 .

New York City 3HSf 195a

3Ks. 1954 looj looV

Brooklyn Bridge 7s, 1 914... 128 128

' Citv Permt. Water 7s, 1909 112 112

School house & sites 1943

New York Granite Brick ist 6s

New York, 1956

Niagara Falls Power ist 5s 105 loi

N.C. Bds. W.N.C.R.R. due Oct., 1898 3? 35

North Hudson Co. R. R. con. 5s 1x3 xxo

North Jersey Street Railway 4s, 1948. . 80 74

Northern Union Gas ist 5s. xo8 105

Ohio & Indiana Gas ist 6s 36 35

Ohio & Little Kanahwa ist 5s, 1950... 106 106

Ohio & West Va. Ry. ist 7s, 1910 1x5 115

Ohio Mining & Manufacturing, inc.. 40 40

Old Dominion Steamship gu. 5s, 1913.

Omaha Water 5s 91 83

" prior lien 5s

Range & Passaic Valley R. R. 5s ... xoo 98

Oregon Sec. xst s. f. 6s, 1906, $99,000. .

Oswego & Syracuse cons'n. 5s, 1933

Pacific Packing & Nav. deb. 5s, $17,500 lot

Park & Tilford deb. 6s, s. f. 1936

Pasco Improvement 3d income

Passaic Steel 5s, 1953

Paterson & Passaic Gas con. 55,1949. . xo8 104

PatersoD Railway con. ist 6s 135 135

Pawcatuck Valley Street Railway ist

5s, 1914, $37,000

Penn. Coal & Coke ist C011.&C0I.5S, 1953 Pennsylvania Sujjar Ref. 1st s.f. 5s, 1931

People's Gas Light, Rutland, 5s 50 50

Pine Bluff Western R.R. 1st 5s, 1933.. 105 105 Pittsburg, Binghampton & Eastern 56.. . Pittsburg, & Western xst 5s, 1926

High Low

ii3j no "3 97H

Hiffh Lo

95

92H

Xoi

no

H

Ig4

♦$S lot

ao

lOB

loiji

iH

96H

as

9fc?l 903-*

as

I03H

80M

H

a6

lOD

lOS

fo

"Sh

xoo

9S

loH

S

los

iia

xoo

High

Low

High

Low

Hiffh

Low

3o

oo

as

52M

IS lot* '

$a5per

bond

New York Securities 9"

sburg, Shaw.&Nor. ist4S,ser.A,i953

sburg. Wheel. & L. Erie Coal 4s. . . . t Jervis Electric Light, Power, Gas

: Railroad ist 5s, 1933

ress Club 4s, 1930, $600 bond

vidence & Pawtucket ist mort

>lic Service Corporation of N.J. certs ibec-JacquesCartierE.xst ref.5s,i93i

rita River R. R. ist 5s, 1939

ion Water Works 1st 5s, 1935

Ldinp: Hosiery 5s, 1926, $3,000

>ublic of Cuba 66 of 1869

" 66 of 1896 loa "100 .. .. 103 90

hmond Messenger & Transportation

St 5s, 1933, $100,000 .. .. $34i400

hmond Passenger & Power con. 5s. . . . . . . 9oyi

ling: & Driving Club, Brooklyn,

J. Y., 2d 5s, 1911 .. .. .. .. 50 50

Grande Southern 1st 4s, 1940 80 73 80 72

tignouche Salmon Club 5s, 1912 75 75

Chester Railway ist con. 5s nof 108

ckaway Valley Ry. ist 5s, 1906. 68 68

ckstone Mills ist 65, 1924, $45,000. . $155 lot

tland Street Railway ist 5s 51 51

ety Insulated Wire 1st 68, 1942

Joseph Gas 1st 5s, 1937 100 983

Joseph Stock Yards 4j, 1930

Louis & Suburban R.R.gen. 5s, 1923

Paul Cable Railway 5s, 1937 112

Paul Gas Light ist 66, 1915 no no

" ext. 6s, 1918 no no

irsdale Estates gen. lien 5s, 1908 . . . . . . . . 85 85

tienectady Railway ist 5s, 1925 .. .. no no

aron & Newcastle Ry. 1st 5s, 1931 . 91 915 innecock Hills Golf Club of L. I.,

3ss Iron & Steel ist 6s, 1920 1x27 nJi

" gen. 4Ms, 1918 89

uth Elberon Land ist 5s

uthem Light & Traction ist 5s 94

kane Falls & North. Ry. 1st 65, 1939 131 jj

uidard Cordage ist 5s, 1931

adj. 5s

andard Gas 1st 5s, 1930 113

andard Iron Mfg. it Furnace ist 5s,

andard Milling ist 5s, 1930 84

illivan Co. Land gen. 5s, 1935

iperior Water, Light & P. ist 4s, 1931

Tactise Gas Light xst mort. 5s 104

'racuse Lighting ist 5s, 195 1 X09

racuse Rapid Transit ist 5s, 1946. . . 109

acoma Gas Light 5s

snnessee Central 5s, 1934 71

seminal Warehouse 68, 1910 95 H

" 53,1942 99M

intern Manor Water 5s, 1930 67

3luca, Marq. & Nor. 1st 43, 195a

Dledo & Indiana Railway, ist 5s. 1928

97

Io5K

in

no

96

9Sm

89K

i%

mH

19H

no

83

80

92M

lOI

92M

95M

99

55M

The Manual Op Statistics

Toledo Traction cons, ist 58, 1909. . . .

Travcree City Railroad 3s, 1933

Troy & Boston Railroad ist con. 7s, 1934

Union Ferry 1st 5s, 1990

Union Railway ist 58, 1943

United Box Board & Paper gen. 66... United Electric Light Co. of N. J. 4s.

United Lead deb.

United N. J. R.R.& CanaUsreg., 1933 United States Brick, Reading, Pa.,

col. tr. 6s

United States Envelope ist 68

U. S. Shipbuilding reor.

United Thacker Coal 5s

University Club, New York, ad ss

Utica Belt Line Street Ry. ist 5s, 1939 Utica, Clin. & Bin. R. R. ist g. 5s, 1939

Valley Counties Power ist 5s, 1930

Vehicle Equipment ist 5s, 1933

Verdigris Valley Ind. & W. gu.ss, 1906. Virginia Pass'ger & Power con. 5s, 1953 Wabash ref. 4s, 1956, when issued. . . .

Wa Wa Vanda Fishing Club 68

Washington Railway & Electric 4s. . . .

Washington Traction 358

Washington Water Power con. and coL

tr. 58,1939

Welsbach Co. 5s, 1630

Wellsburg & Buffalo Valley Co. col.

tr. 5s, 1905, $800,000

Westchester Electric ist guar. 58, 1943.

Western Ice gen. 5s

Western United Gas & Electric,

Raleigh, Ills., 5s, 1950.

West Virginia Pulp & Paper lat 5s. . . Westinghouse Elect. & Mfg. 5s, 1931 . . Wharton Valley Raibroad ist 5s, 1918.

Whitney Co. ist 6s

Yonkers Railroad 1st 5s, 1946

Youngstown-Sharon Railway & Light

3d inc. 5s, 1927

High

Low

High

Low

Hh

Lm

looji

8q

97

8Sk

?2

no

t6

Ik

71K

70H

ao

,

no

9Sh

95S

84M

9H

84K

8S

"

£

s

68H

6Bh

tiS

too

Philadelphia Securities

5T0Cics

Hiith Low

egheoy Valley, pref 31

dance Insurance 18

lalgamated Copper 1107 713

lerican Academy of Music 361 335

erican Car & Foundry 42 33

pref 98 98

lerican Cement par $10 7 5 V

" par$5o

lerican Cotton Oil yJi 34

lerican Fire Insurance r8o 180

lerican Gas Co. of New Jersey

lerican Hide & Leather ii 11

lencan Ice

lerican Iron & Steel Manufacturing, $5 paid. 41 a

lericaa Locomotive jaj 36U

pref

lerican Railways 48

lerican Smelting & Refining

lerican Sugar Refining.

lerican Tobacco

pref

lerican Woolen 40 29

aconda Copper . .

:bison, Topeka & Santa Fe, pref 104? loa

" trust 9i4 8a

lantic Coast Line x68 x68

Itimore&Ohio iojM

il Telephone of Philadelphia 62 57

rgner & Engle Brewing

thlehem Steel ,

maria Iron 495 48

maria Steel, 32 24

mden & Burlington County 40 38

mden St Trenton Railway

tawissa Railroad, ist pref 63 60

ntral Coal & Coke pref

Dtral Leather.

ntral Railroad of New Jersey

esapeake& Ohio.. 59 48

k:ago Great Western 247J

pref. series A

icago, Milwaukee & St. Paul 186K

icago Union Traction 12 7

Low

High

Low

40ji

loa

85

10

¥>n

3H

77

60

52

Ji

S7K

50

Si

Atm

t&H

los

92K

91

41H

23M

23K

75

53M

"5

no

iia

no

71M

30K

47K

56

58K

$m

65

ssH

17K

Im

28M

28

i%

nsH

Qq

iU4

aH

The Manual Of Statistics

Hih Low

Cleveland, Cincinnati, Chicago & St. Louis 93

Colorado Fuel & Iron 4a

Colorado Southern

Columbus & Hocking: Coal and Iron 16 16

Columbus, O., Street Railway, pref 106 1065

Consolidated Gas.

Consolidated Lake Superior,

" " " reorganicat*n . 4H

" " " pref 16 8

Consolidated Traction, New Jersey 85 78

Continental Passeng:er Railway

Cramp, W., & Sons, Ship & £ng:ine Building. 30 25

Delaware & Bound Brook ao6 205

Delaware & Hudson

Delaware Insurance 31K

Denver & Rio Grande 36 36

Detroit Southern iiH

Diamond Sute Steel 9 H

Distillers Securities Corporation 52

Duluth, South Shore & Atlantic, pref 31 K 3H

East Pennsylvania 72j 72

Easton Consolidated Electric, $ao paid 19 5

Electric Co. of America, $10 paid i2f lof

Electric Storage Battery 9oJ 75

" pref 85 85

Electric Vehicle, pref aX

Elmira & Williamsport pref

" istpref 83 -jtji

" adpref 76 67H

Fairmount Park Transportation, full paid 23H 16

Federal Mining & Smelting

Fire Association of Philadelphia 401 K 40i

Fort Wayne & Wabash Valley Traction 21 17

Frankford & South wark Passenger Railway — 458 450

General Asphalt 17V 9

Green & Coates Passenger Railway; $15 paid. .

Harrisburg, Portsmouth, Mt. Joy & Lancaster. 1085

Hestonville, Mantua & Fairmount Pass. Ry

Highlander Milling & Mining

Hocking Valley pref 91 91

Huntingdon & Broad Top Railroad & Coal ... 16

Indianap >lis Railway 121 97

Indiana Union Traction 27 11

Insurance Co. of North America. 24

International Paper 23 23

International Smokeless Powder & Chemical... 365 2P

Interstate Railways, ,

Kansas City Southern 26 26

" " pref

Keystone Telephone 1% 10

Keystone Watch Case 130 125

Lake Superior Corporation , 25 255

Lehigh Cttal & Navigation 124 100

High Low

X37K

Hiffii l-

54S is

36X 16S

75H

wV

26

ao3

ao6

7H

78

a?

ii

loV

lOi,

to

43H

H

5Sh

7a

23H

3Qh

"M

It

7 a

87H

67M

2S

55K

7M

7H

soH

ts

67H

9H

.

15

aS

-v

J85

"3

47H

iH

ti

19

S6

Sh

"S

W5

36H

S

laj

3H

9K

9S

39H

aaV

14

looH 7S

too

>C3

Philadelphia Securities 95

Hih Low

lich VaUey qa% SM

ligh Valley Transit voting trust

" pref

UDgfton & Interurban Railway

Brothers i6 ii

tie Schuylkill 63V

oe: Island

Aufactured Rubber i

" " pref

" pref 90 90

rtropolitan Securities 90 76

tropolitan Street Railway ijo 114

xican Central a6 19

nehill & SchuylkiU Haven 67! 65

ssouri, Kansas & Texas 33

pref 58 58

>rris Canal Co., pref., g:uar., 10 per cent

guar., 4 percent: 65 65

Ltional Lead 53 '51

fw Haven Iron & Steel 4

jw York Central & Hudson River *59K 144

sw York, New Haven & Hartford 202 ao2

rw York, Ontario & Western 63 445

iw York, Philadelphia & Norfolk, trust . . 105 87

folk & Portsmouth Traction

folk & Western 87 77

folk Railway & Light.

3them Central tix 98

drthem Pacific

3rth Pennsylvania. 109 io2f

idficMail SK 38

innsylvania Electric Vehicle

" pref., $10 paid..

snnsylvania Fire Insurance

mnsylvania Railroad 73

mnsylvania Salt Manufacturing 15M 103M

snnsyh'ania Steel 56 41

snnsylvania Traffic 1

innsylvania Warehousing 75 75

liladelphia & Erie 76 70

iladelphia & Gray's Ferry Pas. Ry., $25 paid.

lilade.iihia & Trenton 380 377

hiladelphia City Passenger Ry., $33.75 paid..

hiladelphia Company 40V

hiladelphia Electric, $10.00 paid xa] 8

hiladelphia, Germantown & Norristown 160 vi 158

hiladelphia Rapid Transit, $15 paid 20% ij}(

" $35Paid

hiladelphia Traction loi

'hiladelphia Warehouse

'ocohontas Collieries, pref 87K 85

ressed Steel Car 53? 37M

High

Low

48

loV

10

lU

ao

im

49H

16M

15

14M

6aH

5%

H

a

zH

iJ

ii'aH

"4

aoH

aoM

67H

6%

63

55

41H

41K

33H

iH

7H

64H

9H

84

2oa

54

aSH

33H

"5

Qoh

63

¥>n

¥>H

xoo

"5

5Ih

S'Ji

%

Ji

73H

61

"3

57

6q

I09H

3M

95H

48

33

9H

7H

mU.

19H

2Ph

dPH

as

36H

32

96M

79M

43H

66M

66

HiKh Low

Railways Company General

Railway Steel : 49 34

" iHtpref AlH 45

Reading TracUon 34 30

Repubbc Iron & Steel 34

Rid§:e Avenue Passenger Railway, $28 paid 30a 30a

Rochester Railway, pref 104

Rochester RaUway & Light, $70 paid lao (ayi

" " pref 97 84

" pref tiji

St. Louis & Southwestern

Scranton & Carbondale Traction 35 25

Scranton Railway

Second & Third Streets Passenger Railway. . . 304? 300

Southern Pacific 72 58

Southern Railway 38 28f<

Susquehanna Iron & Steel ift

Tennessee Coal & Iron

Texas & Pacific 34

Thirteenth & Fifteenth Streets Passenger Ry . . . 306' 304

Tidewater Steel 2

" pref SK 4

Toledo & Southwestern, pref

Tonopah Belmont Development

Tonopah Mining l6

Union Pacific 1 13

Union Passenger Railway, $30, 5-6 paid 241 235

Union Traction, $17.50 paid 63 58

Union Traction of Indiana. 26

" " " pref 81 81

United Companies of New Jersey 275 168

United Gas improvement 135 90

United Power & Transportation, full paid 55 55

United Railways Investment 621 30

pref 92 745<

United SUtes Cast Iron Pipe & Foundty

United Sutes Leather 143 xiH

United Sutes Rubber 42; 40

" " pref

United States Steel Corporation 43 24 H

pref io6?i 9o;6

United Traction, Pittsburg, pref 57 49?

" pref 47 458

Warwick Iron & Steel 7

Western New York & Pennsylvania 10 5

Western Union Telegraph 95 92?

West Jersey & Seashore 715 60

Westmoreland CoaL 114 85

" rights 43M 33

West Philadelphia Passenger Railway 257 252

Wheeling & Lake Erie 178

" pref 38H 58H

Wilkes-Barre Gas & Electric 51 V 40

Hiffh

Low

Hicli

Le

iH

Sh

6K

6a

58H

69M

AlH

43H

45H

Vh

3=H

3Ph

3S

35

as

a6

"

37H

"

65H

31H

99H

iK

?i

H

30s

3Po

28D

1%

H

h

lb

s

16S

3

I-<

4a

35S

X'

aS'V

aa-.S

Xoi

8a

66S

4M

4S

73

57H

5a

44H

63S

50

3V

99

Sd

19H

14H

Oh

49H

5¥

9S

Jo

r

8e

72H

"4

aS7

aso

ais

Xs

-5

Philadelphia Sbouritibs

9"7

Bonds

eoyE/HIMEMT Bonos

Interest

Due Payable

United States 4s registered 1907 Q. July

4s coupon 1907 Q. July

" " 4s registered 1935 Q.Feb.

4s coupon 1925 Q.Feb.

United States 3s xo-ao 1918 Q. Feb.

as registered 1930 Q.Jan.

Japanese Government 6s 191 1 A. & O.

" " 6s2dser 191 1 A. &0.

4V4s 1925 F. &A.

" " 1925 J. & J.

High Low

9H 9oyi

Low

HiKh Low H igh

97M 9H .. ..

9ijf 88H MH

State Amd City Bokds

Interest Due Payable

PennsyWania 4s r 1912 F. & A.

38'- 1913 F. & A.

Philadelphia City, 3js r 1905-34 J- h

3s r 1905-19 M. & N.

" 3sr 1905-30 J. & J.

I*ittsburg City Imp. 4s r. & c 1915 J. & D.

High

9nH

Too Xo5

Low 05

too

96M

High

97M

Low

High

Low

97H

Railroad Amd Kiscellameous Bomds

High Low High Low

Allegheny Valley 7s, Eastern Ext. c 117 1x3 1 14 x xi

" gen. 4s. r. & r .. 105 X03

AUentown Terminal ist g. 4s, r. r . . 102 ' xoa

Altoona & Logan Valley .. 98

American Railways col. tr. con v. 5s r. xoo 103 9954

American Tobacco 4S 74H 74H

Ashtabula & Pittsburg xst 6s c . . 104/ 10491

Atlantic City xst 5s r. r 114 ixa X09

Baltimore & Ohio I st 4s 103 103 104K

Southwestern div., ist 38. 90 90J4

Baltimore & Potomac main line ist g. 6s c rxa xxa 107 107K

Berger Engel Brewing I st 68 r. r 105 X05 xo6 X04

Bethlehem Steel purchase money 6s r.c. & r. . . xai i2x ii9S

Brooklyn Rapid Transit con. 4s . . 98 98

Burlington & Cedar Rapids ist 5s xoi loi

Camden & Trenton Railway ist 5s r. c loi 99J 100 100

Central of New Jersey gen. 5s 135 X35

Chesapeake & Delaware Canal Co. ist 5s r. . . . 50 46 50 47

Chesapeake & Ohio 4Hs xosi

Chicago, St. Louis & Pittsburg ist con. g. 5s r. c. lai xao xao xao

Choctaw & Memphis X St 5s r. c 119 iia ii

High Low

1005' X00I4: lOiK

xo8 X04

99H 99H

iii 103

9i8 THE MANUAL OP STATISTICS

High Low High Low Hich

Choctaw, Oklahoma & Gulf gen. 58 r. & r. . iia 107M iHTi 105% 99

Citizens* St. R7., Indianapolis, ist con. 5s r.f... no 109 106 106 103

Clearfield & Jefferson ist 6s r c ia6 125 125

Connecticut Railway & Lighting; istref.4sr.c. 10 1 100

Connecting: ist ref. g. 43 r. c 102 98

Consolidated Traction, New Jersey, ist 5s r. r. 108 ogji 105 tc6%

Delaware & Bound Brook ist 7s f

Delaware County Railway 4s, trust certs, r . . 85 81

Duluth Short Lme ist ss. 106V 1065

Duquesne Traction ist 5s . . . . . . . . 109 109

Eton & Amboy ist 5s r 115 114 109 iioS lo

lilaston Consolidated Electric col. tr. 5s <r. & r. r.. 103 loi 103 103

EUlison Electric Light 58 trust certs, r mH 107 107 loc

Electric & People's Traction 4s, trust certs, r. . . 104 100 103M 97H fy'-K

Elmira & WiUiamsport ist 6s r 107 107 fco boo

Equitable Illuminating Gas Light ist 5s 109M 107 xoS XQS 107 koS

Erie ist con. 4s 100 icx> 90 90

Harrisburg, Ports., Mt. Joy & Lane, ist 4s r . . . 1Q3

Hestonville, Mantua & Fairmount Pass. con. 5s 116 115

Holmesburg, Tacony & Frankford Electric 5s. . 105 105 103 101 101 S

Hudson County Gas ist 5s r. r xo9 109

Huntingdon & Broad Top con. 5s r. r 105- OSV

Indiana, Columbus&East.Tr.gen.&ref.,g. 5s r.f. .. .. .. .. 991' 99

Indiana Northern Traction ist 5s r. f .. 99 975 97 95

Indianapolis Street Railway gen. 4s r. c 89 86 88 85 85 81

Lake Shore debenture 4s 102H 99 96 983 goi%

Lake Superior Corporation inc. 5s c 47 30 64 43 S5

Lehigh & Hudson gen. 5s ojH 107

Lehigh Navigation 4s r 106 107 103 104

Fund. & imp., ser.A,g.4sr.f. 106 102 .. .. loa too

" col. trust 4s r. r loi xoof

Lehigh Valley ist eztd. 4s r. & r iii no 109 105 103S

mort. & col. trust 58 f. ftr.r... 1093 108

gen. con. 4s ad mtenm . . . . looj 98

Lehigh Valley Coal ist 5s r. r. & r 117 1125; 115 noj "*H 33

" istssr. f 102 101 V

Lehigh Valley Transit con. 4s r. r . . 704 63 69 65

Maryland Steel ist 5s 105 io3Jf4 103 100

Missouri, Kansas & Texas ist 4s .. .. 985 q9S

Morris & Essex ist 7s 129? ia9J4

Newark Consolidated Gas con. 5s r. r 113 i i io3/ 108

Newark Passenger Railway con. 5s r. r 116 113 113

New York, Chicago & St. Iuis 4s . , . . 03,}% to,v

Norfolk & Western ist gen. 4s lot

Norfolk & Portsmouth Traction 1st 58 r. f . . 99 96 97' 96S

Philadelphia Sbcuritibs

High Low

trthem Central ad gen. 5s, aeries A. c x

con. 48, series E,ir no no

rtbem Pacific prior lien 4s r. c.8cr 104

rtli Pennsylvania gen. 3 3-106 r, 8t c

egon Short Line xst 60. X343<

nnsylvania & Maryland Steel, con. 6&c 1X7H xx4

ansylvania & New Vork Canal xst 7s r. c. . . 104 104

" " con. 4s r loaJ 100

nnsylvania & Northwestern gen. 5s r. & c. . . 115 1x5

nnsylvania Canal gen. 6s c. 33 38

" " 3Ks guar. 19x6, 994 97J

" " 3Ms X941-44 94 93H

(nnsylvania Railroad gen. 6s r ii4ji 1094

gen. 6s r xi3/iC xxa

" con. 68 r lox xoo,5i

" con. 6s f loX/J oih

" con. 5s f 1x6 XX5

trust 4Ksr.tf 1035

" con. 4s

' conv. 3js r,c 105 loxfi

" conv. 3s r, c. 8cr

innsylvania Steel xst 5s r X07 107

iople's Passenger Railway col. tr. 4s r X05 xoaj

;rkiomen isi and ad ser. 58 . . . x lof 108

liladelphia & Erie gen. 4s r 105 103

" gen. 5sr 1x8 xx4

" en.&c

liladelphia & Reading ist 63 r. f

" ad gen. 5s* r, c. ia6 xa4

" con. gold 68, r. & r. f 1x3 xxi

extd. imp. 4s r. f 107 105

xst cons.extd. 4sr.c xo6 104

hiladelphia & Reading terminal 5s r. c. 8tr., laj laxi

Coal & Iron g. 4s r. c, & c xo37 100

Jersey Cen. col. giiar.4sr.&r.f. 99

hiladelphia, Baltimore & Wash. 1st 4s r.r.&r. xxo xo7

hiladelphia Co. xst & col. tr. 5s r. x x i X09H

hiladelphia Electric gold trust certs. 5s r 99

trust certs. 4s r 80 70

hiladelphia, Wilm. & Bait. col. trust certs. 4s. X04 xoaji

" deb. 4S r., X9X7 xoa xoa

deb. 4s., X932

deb. 4sr., 1933

., C, C. & St. L. con. g. 458, ser. A.r.c 1x55 xo45

" con. g. 48, ser. B, r. r

" con. g. 33, ser. E 94 93H

ittsburg, Shenango & Lake Erie, ist 5s lao x2o

ittsburg, Youngstown & Ashtabula 58 r. x X43 1 145

ort Reading xst guar. 5s r r & c 113 X13

Leading Traction xst 6s r. c X30 135

rochester & Pittsburg I St 6s 126 1265

Lochester Railway & Light con. ssr c &r., . 10355 958

Lochester Railway con. 5s, gold r. c. & r x 1 1 no

it. Joseph Ry., Heat, Light & Power xst 5s r. c, xo4 103

Ian Antonio & Aransas Pass ist guar. g. 4s

High

Low

High

Low

n8

93M

93

93K

ixa

"4

xoa

iioji

xxo

a3

22

88

9H

95M

It

xnM

Xoij4

xoa

X03H

,S

lOI

xxo

Xio

xo75i

xoa-K

Xioj4

X09M

xia

X03M

i03Ji

xao

98

88

95K

96M

X09J4

99H

Xoi

86H

72K

71

99M

xo

Xx3M

xoo

X05M

lOI

X25K

96

<po THE MANUAL OP STATISTICS

High Low High Lov High Um

Schuylkill River, East Side, ist 4s r & c 107 X04 105 103 104 lac

Scranton Traction ist 6s r. f .. "S nsJ

Seaboard Air Line col. tr. refunding 5s r. 105 loa 97 97

Second Avenue Traction, Pittsburg, ist 5s r. c. xi6 1x3 'Ml 114

Steubenville & Indiana ist 5s r . . 107 X07

Stony Creek ist mort. 7s c .. 105 losj

Sunbury, Hazleton & Wilkes-Barre xst 5s c. . . . 105 V xoa X03K lO'K xo3 97

" " 3d6sf... . ia6j4 123 128K 125 ia7 124

Syracuse Rapid Transit xst ss. r. f .. ioqJ? 104K xojV

Texas Pacific ist gold 5s 125 125

Union Traction of Indiana, gen. ss r & r. xoi 97 100 96 97 V

United N. J. gen. root. 4S, gold r, 1923 xo7y 107 xo25{' .

" " " 6sr 108 xo8

" g. 4&r 112 H2

United RaUways&Elec, Balto., g. 4S, tr. certs. 89 82 90 83 87

United Railways Investment, col. tr. 5s r. f .. .. 93

United Railways of San Francisco int. efts., 5s. .. .. 955 89

Wclsbach 3year s. f. col. trust 5s r. 75 6i3i( 76 75 6j

Westchester Lighting ist 5s r. r xx2 xx2

West Jersey & Seashore series B, r. t . . . . 90V

ist con. g. 4S r. t .. .. looj' loc

gen. 4sr. t 99; 96H 97? 93S

Western Pennsylvania gold 4s f . & r. r . . . losH loo

West Philadelphia Passenger 2d ss c x 16 " ti6 i 17 x 17H xoj iioJi

West Shore ist 4s r. & r. 109 109 107V xo7l

Wilkcs-Barre Gas & Electric g. 5s. r t & r 105 \oi% 104 10254; laa ioo4

Wilmington Chester Traction col. tr. 5S r. tf.. losj xp3 xo6 103 V

Wilmington & Northern ist 5S r 104 104 97J4

Pittsburg Securities

leg:heny Valley, pref

nalpamated Copper

nencan Can

nerican Car & Foundry, pref

nerican Sewer Pipe

nerican Sugar Refining

nerican Window Glass

nerican Woolen

itelope Mining

Lchison, Topeka & Santa Fe

brooklyn Rapid Transit

ible Consolidated Mining .

intra] District & Printing Telegraph

Iiicago, Milwaukee & St. Paul

itisens' Traction

nsolidated Gas, pref

onsolidated Ice

" " pref

onsolidated Traction

rucible Steel

wait Street Bric

ederal Street & Pleasant Valley

High

Low

High

Low

?

f

4Sh

7f

19H

48M

34K

aoH

39H

i.oo

90H

7H

30

"5

no

"8

as

sH

Su

3lH

41

a5

17H

9H

13J4

sH

71H

79M

a7M

as

The Manual Of Statistics

High Low

High Low High

Greene Consolidated Copper .. 3a 32

Harbison-Walker Refractories 15 163 16 9S

" pref 80 65 8a 75 80

Independent Brewing: 13 18 13H 19V "S

pref 43 39 4Sk 44H

common scrip 17 iX 13 ia

" pref.scrip 40 39 40M 4oM -.

Interior Mining: & Trust .43 .31 .96 .3s

Lustre Mining: 41 iiji 36 ao

Manufacttrrers Lig:ht & Heat 40 345 35 14 19 9S1

Mexican Central . . . . . . . . aiH

Missouri Pacific 97>$ 97K

Mitchell Mining: 6; 5 6 3

Monongiahela River Coal & Coke 10 8 7 7

Monongahela Water 45 33 38 27 a8 as

" warrants. 4a 36

Montgpmery-Shoshone Consolidated Mining:. . . 11 14

Mount Tritle Copper .. .. .. $1.70 .60

National Flreproofing: 13 5 9H SH 3

National Glass. 3 3 3 3

Nipissing: Mines 31 14H 7

North Side Bridg:e 17H 17H

Ohio Fuel Supply 45 40 35 40 3$*t

Ohio Tonopah Mining $1.00 .34 .7a .15

Pennsylvania Railroad .. .. .. .. 6a 57\

People's Natural Gas & Pipeage a6 34 a6 9$ as as

PhiladelphU Company 55V 41 S3H 49K 45H 20

" pref SO 45 SO 48 455* 455l

Pittsburg: & Birmingham Traction 46 46

Pittsburg: & Lake Erie 150 148 151 150 15a 15X

Pittsburg, Bessemer 8t Lake Erie 35 35 36 33 35 34H

" pref 75 7aK

Pittsburg Brewing asji 33 a6 ax

Pittsburg-Buffalo Co. pref .. las iisji 0S 05

Pittsburg Coal asH la 18 133! 16 t

" pref 83 45 6a 50 60X 43

Pittsburg Con. Mining, Milling & Tunnel .40 .15 .4a .13

Pittsburg-Idaho Co .. i i $i.to $x.ao

Pituburg Lead & Zinc .a6 .94 $3.70

Pittsburg Oil & Gas 75 46 51 3a 33

Pittsburgh Plate Glass 130 118 laa 109 tao qgh

Pittsburg Stove & Range, pref 18 17

Pittsburg Terminal Warehouse & Transfer 90 90 80 8d

Pittsburg, Youngstown & Ashtabula 140 140 140 140

Pressed Steel Car 54 46 6iH 47

Readine: 133 tH -.

Rock Island pref 68H

Ross Mining & Milling .6s .55 .53 .06

Southern Pacific 69V

Standard Underground Cable. 305 199 a3of aoa ajp 305

Sunnyside Mining .77 ,74 .75 .40

Tonopah Extension Mines $6.30 $3.00 $13.75 $4-00 $6.3$ $1

Treasury Tunnel Mines .. .. sfi M "

Union Pacific .. .. 57 157

Pittsburg Securities

aion Stoiaee...

pref... rights .

ailed Copper

dited States Glass, waited States Steel Corporation.

nited Traction, pref. . .

''abash, pref

'aukesha Water

" pref

estmghouse Air Brake

''estinghouse Electric & Manufac., ist pref. . .

" ad pref...

Testinghouse Machine

Test Penn Railwajrs

High

Low

High

Low

High

Low

as

OtU

"Os

.

H

u

6tSH

77M

S7M

7Sh

8H

61

as

So "3

99

5°

49

So

14s

'

%H

14s

13a

9Qm

lf

J8

SiK

03

'iH

74

6s

B0Nd5

High Low High Low

X03 Xoi 100 Xoo

xxa X12

ixo xio

if igh Low '"

American Sewer Pipe 6s. 13 100

Birmingham, Knoxville & A. Traction 68. 117 117

Brownsville Avenue Street Railway 5s ix

Utizens' Traction 5s. xx5 X1334

>uquesne Traction 5s. 114 i3H

federal Street & Pleasant Valley Ry. old 5s

"ort Pitt Traction 5s 1x4 X14

iarbison-Walker Refractories xst 5s 104 X03

independent Brewing 6s 109 X05

:fayette & Logansport 5s

ilanufacturers L. & H . , Wheeling, coll. tr. 5s. . . . 96 96

" " xst 6s 98 98

kf illvale, Etna & Sharpsburg Tracdon 5s

tionongahela Light & Power 5s xoajli 100

tf onongahela River Con. Coal & Coke 6s i la 109

National Glass 6s

Morth Side Bridge 6s 95 95

Philadelphia Company, old 5s, 1949. x x i X09

Pittsburg, Allegheny & M. Traction 5s xi5

Pittsburg & Allegheny Telephone 5s 87 8a

EHttsburg & Birmingham Traction 5s "SM

Pittsburg, Bessemer & Lake Erie con. 5s xi8 xx6

Pittsburg-Buffak> 5s. 105 xoi X04 X04 X05 105

X08 xo4 105 99H

no xxo X03 103

ixa 109 112 109

99J<: 98Ji 99M 99M

The Manual Op Statistics

ieo5

Pittsburg, Crafton & Mansfield St. Ry. 5s

Pittsburg Junction ist mort. 68.

Pittsburg, McKeesport & ConUlsville Ry. 5s. . Pittsburg, McKeesport &Greensburg Ry. 68. . .

Pittsburg, Shenango & Lake Erie old 5s

Southern Traction 5s

United States Government 4s, 1907

United Sutes Steel Corporation, sink, fund 58.

West End Traction 58

Westinghouae Electric & Manufacturing deb. 55 u .4 conv. 58

West Penn Railways 5s

WiUdnsburg & East Pittsburg St. Ry. 58 iiiji

Hiffh

Low

High

Low

Hick

Le

"3

laK

no

lOI

"9K

loj

94

98

"4M

"4

iP3

t03

9M

too

9:h

St. Louis Securities

liigh Lo

Acme Cement & Plaster 94 94

Alton, Granite & St Louis Traction 56 36

American Central Insurance 7SH

American Credit Indemnity 190 x6i

American Gold Bfining: 16 *o6

Beatrice Creamery 97 68

Bell Telephone of Missouri

Bone Terre Farm & Cattle 8 8

Center Creek Mining 2.35 a.35

Central Coal & Coke 71! 6x

" pref 81 71

Chicas:o Railway Equipment 8.50 6.35

Consolidated Coal 3a 14

Doe Run Mining: X18.00 118.00

East St. Louis & Suburban

" " new

Ely-Walker Dry Goods 195 155

" " pref 134 116H

" new

istpref

" ad pief

Granite Bimetallic 40 .xx

Hargadine McKittrick Dry Goods, voting: tr

" " istpref

adpref

Hope Mining: 35 .35

Hydraulic Press Brick

" " " pref

Kansas City Home Telephone 8x 73

Kinloch Long: Distance Telephone

Laclede Gas Lieht xox xo3

" pref. '.

National Candy X3

" " xst pref xoxj 96M

" " adpref 84j 7a

National Enameling & Stamping 1$

North American Co

St. Joseph Lead 34 x6

St. Louis & Suburban Railway 8a 65

St. Louis Catering 8 8

" " pref. 67 so

St. Louis Cotton Compress. 63 41

St. Louis Portland Cement

" " pref

St. Louis Transfer 90 60

St. Louis Transit X 9 8J

Belting

Simmons Hardware 139 1x4

" " xst pref. X33 X38

" " adpref iy> X33M

Toledo Home Telephone

Union Daiir X43 X43

Union Sand and Material

United Railways 40 aiH

pref 68

syndicate subscriptions

" interim receipts

Westinghouse Automatic A. & S. Coupler 35 39

9S

High

Low

x8x 150

High Lo

X58 165 165

59

xxo

"Qh

97

9a 90K

''d

.'5 57M

xoo

97M

'4

6S

96M 9i

'9M

x8K XX

xoxf4

95H

X0154 97

87H 76

96M

96

.

4M

3H

4a

Sh

6S

xox

xoo

lox 99

"5

xa9

X37K "7H

xa7

X34 133

X42M

X35 xao

40K

7H

H

Bonds

High Low'

Alton, Granite & St. Louis Traction 5s 99 93

Carleton Building: 6s

Cass Avenue & Fair Grounds Railway 5s iP3M

Century Building ist 6s. no 108

Citizens' Railway 66 io35

Commercial Building 68. loajj loa

Compton Heights Union Depot & Merch.Ter. 68

East St. Louis & Suburban 5s 103 100

East St. Louis City 5s

East St. Louis Gas 5s

Ely- Walker Dry Goods 5s

Joplin Home Telephone 5s 93

Kansas City Home Telephone 5s gaji

Kansas City Long Distance Telephone 5s

Kinloch Long Distance Telephone 5s 97 97

Kinloch Telephone 68 109 106

Laclede Gas Light ist 59 io99 108

Lindell Railway 58 105 104

Merchants' Bridge 68 "3 "3

Merchants' Bridge & Terminal Railway 5s

Missouri-Edison Electric Light 5s 103 loa

Missouri Electric Light & Power ad 68

National Enameling & Stamping 5s xoo

Pontiac Building 68

St. & Meramec River Railroad 6s. iX49i 113

St. Louis & Suburban Railway 5s 105 104

St. Louis Brewing Association 6b X02H 97

" small bonds. 108 105

St. Louis City 3.65s, 1907 100 100

" 3HS,1922 iji 98

" 43,1908

" 48,1912

" 4B, 1918

St. Louis Portland Cement 66 96 96

St. Louis Railway 5s. loa loi

Southern Electric Railway 68

Taylor Avenue Railway 68. "3 xxiH

Toledo Home Telephone 58 94 92

Union Depot Railway 68, 19x8 X17V

United Railway 48 90 859

" syndicate subscriptions 116 108

United States of Mexico 5s. xoa xoa3i( xoa 109 98:3

High*

Low

Hich

L".

xox

I'liH

9:

lOX

Xoi

gal.

&-S

Ixo

no

loO

io3¥

Ic1'..

I09J4

fix

03

xoo

iia

lot

Xo.H

9;

99H

Vjh

9t

99H

>03

03

T

"63/

Washington Securities

High Low

American Gxamaphone

pref... 9H m

pref

Arling:ton Fire Insurance 33 39

Bristol Gas & Electric 35 33

Capital Traction 150 140

Chesapeake & Potomac Telephone 51K

Colonial Fire Insurance 95 95

Columbia Fire Insurance 10

Columbia Title

Commercial Fire Insurance

Corcoran Fire Insurance 73 70

Fidelity Storage

Firemen's Insurance a6 24H

Franklin Fire Insurance 483 48J

Georgetown Gas 68

German-American Fire Insurance

Great Falls & Old Dominion Railroad

Greene Cananea Copper

Greene Consolidated Copper 31? 21

Lanston Monotype Machme 17 xa

Merchants' Transportation and Storage

Mergenthaler Linotype 2073 186

Metropolitan Insurance 86 77

Mitchell Mining

National Union Fire Insurance 7

Norfolk & Washington Steamboat 305 245

People's Fire Insurance

Potomac Insurance 30 19

Real Estate Title 80

Realty Appraisal Agency 25 23

Riggs Fu Insurance 8f 8K

Security Storage

Southern Public Service Corporation

Washington, Alexandria & Mount Vernon Ry.

Washington Gas 69 595

Washington Market 17 x6

Washington Railway & Electric 44H iH

" pref 95 83

Washington Title. aH 3

High

Low

High

Low

.

as

5a

t

"9M

a6H

aaK

lOO

%

7M

Sf

:fH

'5

13

3M

14H

4M

sH

iH

,

6H

6J

r

fr

ft

75

"Sm

"5

62H

56

"9

37

41H

85M

4K

4M

Bonds Govermmeiit Mud District Bords

Due

Interest Payable

High

Low

High

Low

United States 2s, registered. 1930

" 2s, coupon... 1930

Qm J.

Josh

3s, registered. 1908-X918

Qm F.

I04H

Xoi

3S, coupon . . . X908-1918 " 4s, rjistered. 1907

QmF.

I05H

I02K

" 4S, coupon... 1907

Qm J.

" 4S, registered. 1925

I33H

J3Ph

J3i'A

4s, coupon... X925

Q., F.

I34K

ia9H

PhilliplBe land purch. 4s. ..X9X4-X934

QmF.

District of Columbia " funding

" currency 3.65s 1924

F. & A.

Railroad Ahd Hiscellameous Bomds

Hiffh Low High Low

Ancostia & Potomac 5s 106 XQ4K lo?

Bristol Gas & Electric 58 95 92 90 90

Capital Traction 4s zia 105 107 104

Chesapeake & Potomac Telephone 5s 108 105 107H 104

City & Suburban Railroad 5s. ips 104 103 loa

Columbia Railroad ad 5s 109K io5 106 103K

6s 191 ii55i ii6J 109H

Metropolitan .Railroad 5s lao 1x7 mM

" certificates of indebt., A. 103 loa loiji

" " B. 104 102 loi 100

Norfolk & Washington Steamboat 5s 1x5 xo6 ixz 106

Potomac Electric Light 5s itA 104 105 103K

United States Electric Light cert's of indebt., 6s 106 iciH xooM

" " debentures, Improvement 66 106 loi loa too

Washington, Alexandria & Mt. Vernon Ry., 5s .. ., .. .. 100 xnr

Washington Gas, series A, 6s 'H/i

" B,68 115 103;

certificates of indebtedness. . . 123 117 zao xio xx4 101

" " 4S 109 1055 xos xoa xo49< 97

" 5s, 1927 .. .. 104K 97

Washington Railway & Electric 4s 855 89 85 tH

Hiffh

10a

I'lis

m S

97S

Montreal Securities

Idos 1906 1907

High Low

tomatic Railway Signal

1 Telephone of Canada 163 149

tish Columbia Packen' Ass'n., pref., A. .

nadian Colored Cotton 45 aa

oadian Converters

oadian General Electric 178

nadian Pacific llH dPH

troit United Railways 97 75

minion Coal S6H 60

" pref 119 1x4

minion Iron & Steel 28H 16

>minion Textile

iluth. South Shore & Atlantic. 2a 16

ilifaz Electric Tramway "o loa

ivana Electric Railway 38 14

". ". " pref 795' 53

mois TractiOHf pref

tercolonial Coal 87 80

kke of the Woods Milling: 118 88

" pref 137K iio

lurentide Pulp grji 80

" " pref io8j 101

mckay Companies 60 37

" pref 76M 71K

arconi Wireless Telegraph Co. of Canada

mexican Light & Power 69 66

minneapolis, St. Paul & Sault Ste Marie 144 89

" " " pref.. 17a X48

ontmorency Cotton 134 97.

montreal Cotton

montreal, Light, Heat & Power jj

montreal Loan & Mortgage 135 135

montreal Steel Works 1x0 00

" " " pief 119 99

montreal Street Railway 340 aia

montreal Telegraph 167 X57

orthem Ohio Traction & Light

forth Star Mining

High

Low

High

Low

14s

8a

t

<I5

So

aox

aoo

loa

a8H

84K

70M

xaa

"3

xxa

mU

90K

98H

ax

x6

xoo

88J4

r

xxa

89K

93K

%

xox

57

. f°

M.60

.

34

xaa

xa8

'03V

90K

96M

m3<

98M

"5

a84

57

xo

59

16

x6a

26H

xa

33M

a7

3pH

ao

.

Hiffh Low

North West Land 400 325

Nova Scotia Steel & Coal 69H S'V

" " " pref laa 1093.

OIvie Flour Mills, pref 140 xa4K

Penman's Limited

pref

Richelieu ft Ontario Navigation 77

Rio de Janiero Tramway, Light & Power. .

St. John Street Railway 115 iix

Sao Paulo Tramway, Light & Power xoM

Shawinigan Water & Power

Toledo Railways ft Light 37 31

Tri-City Railway & Light, pref

Trinidad Electric Railway 959 78

Twin City Rapid Transit laa

War EIe Mininp 95 11

West India Electric 60 45

Windsor Hotel

Winnipeg Electric Street Railway '93 Hh

Bonds

High

Low

Mick

Lm

Soo

43S

74H "5

£

3P

"3

.Vj

%

IfO

laW

9%

35

3S

ss

a6

Q

"5

K.-1

88K

9oH

ito

78H

laa

loayi

So

ia6S

High Low High Low Hich Lu*

Bell Telephone of Canada 5s 105 xoa 107 106 106 ion

Canadian Colored Cotton 6s 95 90 98 95 oB

Canadian Converters . . . . . 89 88

City of Montreal 4s, 1936 . . . . . . 100 too

Commercial Cable coupon 45 93 93 96K 96

Dominion Cotton Mills 6s 95 90 xoo 96 gS 90

Dominion Textile 6s, Series A 96 83 100 90 93 80

" " D 9851C 83 100 91 93 80

Halifax Electric Tramway 5s 104 105 loa lot 99\

Havana Electric Railway 55 95 93 '95 9i 86 83

KeewatinMill .. loa 97

Lakeof the Woods Milling 68 113K 113 108H 108 loc

Laurentide Paper 5s , no 105 no 106 no 106

Magdalen Islands Development 6s .. 94 93

Mexican Electric, 5s Sij4 81 84 75 78H 70H

Mexican Liht & Power, 5s 85 84 88J< 77¥ 84' a jbH

Montreal Light, Heat & Power 58 101 lost 101 99 90

Montreal Street Railway 106 103 X05.V >03 HH 97

Nova Scotia Steel & Coal 6s iii io9iQ: xo6H 106

" " con. 6s 103 99 io3ii 98

Ogilvie Flour Mills 6s. 117 113 ii8 115 >P5

Price Bros. & Co. 6s 100 too 105 104 100

Province of Quebec 5s ., .. 100 100

Rio de Janiero Tramway, Light & Power 5s , . . . 80 75 78 67

St. John Street Railway ss .. ., .. 103H

Sao Paulo Tramway Light ft Power ss 97V 93 97 93H 95

Winniper Street Railway 58 no 10454 no losH losH 99H

Toronto Securities

Kiscellameous Stocks Amd Bomds

High Low

11 Telephone of Canada 169 150

" 5 per cent, bonds.

itish America Assurance 97 90

itish Columbia Packers* Ass*n pref

inada Life Insurance 167 164

mada North-West Land 370 aao

wadian General Electric 178 136

iioadian Pacific Railway XTH

madman Salt no 109

iriboo M' Kinney Mining & Milling

ity Diary

3mmercial Cable coupon bonds. . . . 9854

" registered bonds 97 93

3federation Life Insurance 376 370

3nsumers Gas 314 306

row's Nest Pass Coal 363 350

detroit Unit Railway 9.SK 78

opinion Coal 96%

opinion Iron & Steel 38 17

" pref 77 63

.i M a 5 per cent, bonds 81

opinion Telegraph 135 11854

uluth. South Shore & Atlantic 90% aoji

lectrical Development

" " 5 per cent, bonds

ialifaz Electric Tramway xo/i 106

linois Traction

nperial Life Assurance 154 149

itemational Coal & Coke

ake of the Woods Milling 105 88

" pref ii4j 113

ondon Electric 98 90

ondon Street Railway 98 985

!mckay Companies 60 37

pref 76H 71M

mexican Electric Light bonds 81 81

mexican Light & Power 69 66

5 per cent, bonds. . . 855 844

High

Low

High

Low

no

q8

'63

55

Soo

15s

'05K

noli

aiM

94K

soo

3o

83M

S4%

60M

69

lOZ

Mii

laji

83

6.

9U

7a

49

5o

5,

97U

77H

41H

75K

4Qk

47H

57H

41H

The Manual Op Statistics

Minneapolis, St. Paul & Sault Ste. Marie

" " " pref.

Montreal Light, Heat & Power

National Trust of Ontario

Niagara Navigation

Niagara. St. Catharines St Toroito Ry

Niplssing Mines

Northern Navigation

Northern Ohio Traction

North Star Mining

Nova Scotia Steel & Coal

" " " pref

" " " 6 per cent bonds.

Richelieu & Ontario Navigation

Rio de Janiero Tramway, Light & Power. . " " s per cent, bonds.

St. Lawrence & Chicago Navigation

Sao Paulo Tramway, Light & Power

" 5 per cent, bonds ... .

Toledo Railway & Light

Toronto Electric Light

Toronto General TrusU

Toronto Railway

Tri-City Railway & Light pref

Twin City Rapid Transit

War Eagle Mining

Western Assurance

Winnipeg Street Railway

High

Low

Hick

Lw

93H

"5

10s

87M

49

39

iU

3Ph

lOM

"5

5S

S7M

Iq

3a

6S

74H

lUH

no

iti

8a

38

48

9oH

73K

ufi

lao

ia7H

14J

I06M

"5

93K

30M

a9¥

as

9S

Js

15a

no

"S

94K

93M

iK

zaa

69

K

Zi

LOJIJIf AMD S¥IK6S SECURITIES

High

Low

Agricultural Savings & Loan

British Canadian Loan & Investment loa 90

Canada Landed & National Investment. . . . xao 108

Canada Permanent Loan & Savings 139 laa

Canadian Savings & Loan 133 130

Central Canada Loan & Savings 170 170

Colonial Investment & Loan

Dominion Savings & Investment 70 70

Hamilton Provident & Loan xaa 119

Huron & Erie Loan & Savings 185 185

Imperial Loan & Investment 70 70

Landed Banking & Loan 133 zai

London & Canadian Loan & Agency 106 98

London Loan Z19 xio

Ontario Loan & Debenture 129 za8

" " ao per cent. paid.

Real Estate

Toronto Mortgage 109 zoo

High

Low

Higli

zaa

las

"5

inH

17a

i6s

35

7a

ia4

lao

"4

Iso

z86

7S

17

zaa

ia4

tas

Z05

37

ij>

ia4K

Ims

"5

nining

Quotations for Stocks in tlie treading Harkets IHtMluctions of Precious Metals and of Coal and Iron

Kimiie STOCKS— HEW YORK

The foUowine gives the highest and lowest quotations of all mining stodcs dealt in at New York in 1906 and 1007, with location of mines, par values and amount of capital stock. G — Gold. S— Silver. CCopper. L— Lead. I— Iron. Q— Quicksilver.

Charao-

Namb ter Location

Barnes-King Development . . . .' G.) Montana.

Bingham Central Utah.

Butte & New York

Cananea-Globe

Par

Value

Capital

High

Low

High

Low

$5

$a,soo,ooo

xx8.a5

..So

as

3.S0

7.S0

as

7S.63

as. 13

so

X6.5O

xo

9.S0

a.7S

S

S.So

S.7S

s

i?

S.X3

. s

3.as

.So

X, 000.000

:lf

X, 000,000

.Is

.xo

s

S.38

'S

S

S-as

x,750,ooo

a.63

xo, 000, 000

xo

x.oo

So

The Manual Op Statistics

Charao- Par

Namb ter Locadon Value

Fairview Gold Bar Nevada.

Fairview Gold Belt "

Federal Min.&Smeit'g...(S.&L.) Idaho. 100

" " pref " 100

Greenwater& Death Valley.. (C.) California. z

Lake Superior & Pittsburg.. . . (C.) Arizona. zo

Lewisohn Exploration & Mining

Mines Securities Colorado. 5

Capital

High

Low

Uldi

Lm

r-

M

So

.u

Z5,ooo,ooo

S-75

->5

M

8a

zo,050,ooo

Zz.50

zo.87

Soo

-5

Zo.63

:s

z, 000, 000

1;

i.fcj

za,ooo,ooo

zo,ooo,ooo

a.50

.3

z, 000,000

Z.00

Z.13

a.,lB

37

34

zo,ooo,ooo

Z38.00

Z63.00

ao,ooo,ooo

Zz3.87

z, 000,000

a.13

z, 000,000

z, 250,000

.ac

M

Ax

I.7S

3.a5

z, 000,000

-M

z, 000,000

$

S'So

z 5, 000,000

ta.75

Z30.00

z 52.00

6a OD

a6.oo

3I.Oo

z 0,000,000

a.oo

a.87

M

a.87

z, 500,000

a.oo

a.35

a- 75

a.oo

.6

M.au

zo,ooo,ooo

Z.60

zo.000,000

a, 000,000

a.oo

I.Oo

3:

a 500,000

Z.Ol

3?

-so

t8.oo

Zzq.Oo

a,5oo,ooo

t'

a.50

.t3

3-

z 18

Z.1S

.3

z, 000,000

Zo.50

iJ

zz.oo

Mining Stocks

ai5

Name Character Location V

Nevada Copper Minmg:&SmeI.(C. ) Nevada. Nevada Smelting.. (G. S. C. & L.)

Newhouse Mines & Smelters. . (C. ) Utah.

Old Hundred (G. S. C. & L. ) . Colorado.

United Rico. . . ,(G. S. C. L. & Z.) Colorado.

West Columbus "

Par

Capital

latte

Low

High

Low

57

lO

X5,ooo,ooo

S.87

lO

X, 000, 000

x.no

X, 000,000

5i00o,ooo

Ip

lOC

X5,ooo,ooo

lO

as

X, 000,000

X, 500,000

S.35

I.Oo

lOO

x.oo

75

lOO

X, 000,000

a8o,ooo

xo

x6.oo

X, 500,000

lO

a,ooo,ooo

t'

o-

lO

as

S

Xo.35

X, 000,000

x.oo

X, 000,000

x,coo,ooo

a. 10

lO

x.oo

X, 000,000

a.63

't

94

lO

.8a

i3

xoo

lOO

Xii.Oo

I.Oo

25

lO

17

xo

75

lO

x.oo

M/K/Mg Stocks— Bostom

The following are the highest and lowest quotations for all mining shares on the Boston Stock Exchange iu 1906 and 1907, with character of mines, par value and amount of capital stock. C— Copper. G— Gold. S— Silver. I— Iron. L— Lead. Q— Quicksilver.

Charac- Namb ter

Par Value

Capital

High

Low

xoo

lai.oo

9J6

THE Manual of Statistics

Charac- Par

Namb ter Value

Am. Zinc, Lead & Smelt 25

Bonanza Development 10

Continental Zinc. 95

Dominion Coal 100

" " pref 100

Dominion Iron SteeL 100

Mexico Con. Mining & Smelti'g xo

Montana Coal & Coke 95

Union Copper Land & Mining. 25

United Sutes Coal & Oil 25

Capital

Hish

Low

Hicb

Lm

Ijoc

aejx

a. 13

X, 000,000

i'7S

x.oo

50

xo.35

9ajoo

iS-SO

1 y

i9flLoo

louac

xsx©

x6loo

Tm tWf

X4.Oo

rv-

Xx3.Oo

ai.75

a5

6Lac

5-

Sjoo

X.Oo

iJ5

Kjoo

X.5D

H'7S

tt

3-So

I.Jc

x.aL

9a50

'S

xsaoo

3D..r

X8.J0

7a*

i%

iffxao

5i.aL'

9P

1J5

7J5

S:S

Totoo

U-Ts

9%r

Mining Stocks

Charao Par

Name ter Value Capital

HiRh Low

HtKh Low

Z4.00 3.50

3oaoo 99.50

KIKIlie STOCKS— SALT LMKE CITY

FoUowinp: are the highest and lowest quotations of mining stocks dealt in at the Salt Lake Stock & Mining Exchange in 1906 and 1907, with location of mines, par values and amount of capital stock. G — Gold. S— Silver. C— Copper. I— Lead. I— Iron. Z— Zinc.

Par

Namb Character Location Value

Nevada HUls Florence x

South Columbus Con

Capital

High Low

High

Low

$X5,ooo

xo,ooo,ooo

X, 000, 000

x.oo

$x, 000,000

X.40 .31 .63 .06

57

xso,ooo

i.5aj .45

!y '

X, 500,000

X, 000,000

X5o,ooo

I.47M

.ooM

a.40 .95

X3.50 ;

J.00

X, 000,000

a.50

.laM

.3X ,012%

X5o,ooo

X.47M .28

X, 000,000

x-as

X, 000,000

I.03M

X, 000,000

a.7S

X5,ooo,ooo

X, 000,000

"K 3.15

45

The Manual Op Statistics

Chirac- Par

Namb ter Location Value

1M7

High

Low

Hiah

-o

.3

jcn

-3t

a.05

1J5

.ao

x*i

-So

i,aoo,ooo

.7

M/M/MG STOCKS— COLORADO SPItmOS

Quotations for all mining shares dealt in on the Colorado Springs Mtninc 1906 and 1907, with character of mines, location, par values and amount of capital O-Gokl. S—Silver. L— Lead. C— Copper.

Charac- Namb ter

Anaconda.. '" '

Anchor

Aola

Banner

Black Belle.

Creede & Cripple

Elkton Con

El Paso Con Fanny Rawlings

Par Location Value Capital

High

Low

High

Vmm

ripple Creek.

ti

.P3M

.Os

.o3;i

joa

I 1,000,000

xm.

T 3,000,000

I 3,000,000

.t6H

.Ox

oiK

.Ooj

I 1,000,000

.oiH

"

I 1,500,000

"

X 1,350,000

Jj3

.ooH

.oon

t

I 1,350,000

.Ooh

uxS

I 1,000,000

I 3,000,000

.ox

Jm.

U109

I 1,000,000

.Oox

Ml

I 1,500,000

X 1,500,000

I X, 500,000

.ooV

I 1,350.000

.ooH

"

X 1,800,000

.Os

jOI

.ox 1,500,000

.Ooh

.ooH

X 1,500,000

"

X 1,500,000

.Os

X 800,000

.Os

ti

I 3,000,000 X X, 350,000

"

X 1,000,000

X X,350,000

oi%

X 500,000

.ooM

oiH

JOk

It

.ooH

oBM

X 3,000,000

ooX

Moa

Colorado.

X 3,000,000

X 3,500,000

X 1,000,000

.oiM

07

ripple Creek.

X 1,350,000

.

.ox

"

I X, 300,000

.ooK

jook

X 1,350,000

95

.

X X, 500,000

oc

.ooK

.oat

X 1,350.000

*o3M

.Os

Job

X X, 000,000

Mining Stocks

Charac- Namb ter Location

Par Value Capiul

High

Low

High

Low

I $2,000,000

I 1,000,000

.ooX

I 1,500,000

I 1,350,000

.oo¥

I 3,000,000

'Om

I 1,350,000

.op3

I 1,350,000

I 1,300,000

.oxV

.ojyi

I 5,000,000

,ooH

.ooM

.ooH

I 1,000,000

.P3

.Os

.ox

.ooK

.oxH

.op3

I 1,000,000

03

I 3,500,000

I 1,150,000 I 3,500,000

.oa

I 1,350,000

.o6j5

.xo

.iiH

.oxV

I 1,350,000

.oox .oxfl

I 1,500,000

I 1,350,000

X 1,500,000

.oiH

.ooK

X 1,500,000

03

X X,350,000

.oiH

.ox

.oxK

.oi5r

X 1,500,000

.ox

X 3,000,000

. xo 32,500

.ooM

.ox

.ox x5,ooo

.ooH

X X,35O,000

.oxH

X X,350,000

X 1,500,000

.oofi

X 1,350,000

.oxK

.ooH

X 1,500,000

75

X x,500,ooo

.o6;6

.oaM

X X, 000,000

X 1,500,000

.ox

.ooK

X 1,500,000

.oiK

X 1,350,000

.oxH

.oiK

.oc6

.Os

I 600,000

X 3,000,000

.Os

X 1 ,000,000

I 1,500,000

.C3K

.oofi

.oxM

I 1,500,000

.ooj.

I 1,500,000

I 1,350,000

.ooji

X X, 800,000

I X, 350,000

.oiH

.ox

X 1,350,000

X 1,300,000

I 1,350,000

'02H

.oiM

.oxV

.ox

X 3,000,000

I X, 250,000

I 3,000,000

I.38H

I 3,000,000

.oiK

.oxM

X X, 000,000

X 1,750,000

.ooV

X X ,000,000

X X, 000,000

.coH

The Manual Of Statistics

cer

Charac- Namb ter

Raven & Beacon Hill. Red Spruce

1M7

Par Location Value

Capital

High

Lov

High

"l'T

Cripple Creek, i

.ooH

jOt

jod

.ooS

.oiH

jni

I

' 1

' I

-qjH

' I

jcH

' I

I

joa

I

.ooK

I

-ooji

.ooH

.ooh

.o

' I

99

Ts

' I

.ooH

Mm

' 1

.ooH

.arj

1

I

Mining Statistics

Copper Sta Tist/Cs'-Domest/C Exports Amd Europe Am Stocks

Exports From The United States

January... February. .

March

April

May

June

July

August. . . . September October. . . November. December.

",370 11,814 12,627 12,234 10,829 10,751

8,935 12,941 13,670 9,207 8,606 8,405 10,638 12,000 13,101 H,S97 15,857

13,983 14,77a 16,279 19,490 24,906 20,569 26,585 22,294

16,433 i6,w 19,200 18,634 18,309 20,433 14,110 17,528 18,451 14,855

17,039 9,174 13,43a 17,36' 16,470 14,774 13,458 17,15-' 29,161 34,087 37,685

European Stocks

January . . . February . . March

April

May

June

July

August

September. October . . . November., December. .

During Month

Deliveries During Month

Stock at End of Month

SupiIies During Month

Deliveries During Month

Stock

at End of

Month

The Manual Op Statistics

Coppea Productiok Akd Prices

Production In The United States

Tons 1878 a,500

i88z 33,000

'883 51.574

Tont

X894 158,190

.a9MS

Estimaied.

Fluctuations In Spot Prices At New York And London

f88i.

Nsw York Lakb

Cents Per Pound

Hiehest

44

35

Lowest

.I787M

I9Oi..

Nbw Yokk Laki

Cent* Per Poood

$

.laoo

.I887K

-9B0

.1

.laao

LoKDON G. M. B.

£ Per Ton

Highest

£ So

Lowest

£ s,d yj 17 6

o

no 2

London G. M. Bl

£ Per Ton

Highest

£

S3

S5

s. 4. o c

Mining Statistics

Production Of Bold Akd Sil¥Er

PRODUCT OF GOLD AND SILVER FROM MINES IN THE UNITED STATES The following: tables are taken from the report of the Director of the Mint

Calendar Years

Gold

Fine Ounces

1,489.950 i..'538,325 693, 135

1,739,333 1,910,813 3,354,760 2,568,13a 2.774,935 3."8.398 3,437,210

Value

Fine Ounces

Commercial Value

Total Precious

Meuls

Product Of Gold And Silver In The World

Calendar Years

1P97..

1Q03..

Gold

Silver

I30,3 13,611 136,095,06a

Commercial Value

Total Precious Metals

Estimated.

The Manual Of Statistics

Product Of Gold And Silver In The United States

Sute or Territory

Gold

silver Commer. Value

Total

Gold

Silver Cobmet. Vahw

Tea!

0

i9,86o,o8r 31,359,920

",803,572

S

$2sac

i8,349.fiq

AUftlrj,

3o',S,$33 716871769

i,o87!655| 4,6t.293

99a' 303,979

Arizona

California

Colorado

89

20i9n 13,405:1

Georgia

Idaho

Midiigan .

Missouri

Montana

Nevada

New Mexico

North Carolina Oregon

South Carolina

South Dakota

Tennessee

Texas

Utah

Virginia.

Washington

Wyoming

Total U.S

$ia6.i8t

Estimated

NOTE— In addition, the gold output of the Philippines in igo7 was valued at I7.3S5 and thait at P-tt Kico at 9i,az9.

Silver Iii Lokdom

The Following Shows The Course Of The London Silver Markt:

In Pence Per Ounce

January..: February ,. Bfarch

Juna.

July

August . . . Seiember October... November. Deoeinber.

Year

Highest

36

27fi

Lowest

38 s-16 38 15-16

29

Highest

33H

Lowest

3oH

3P 15-16

Highest

3P ,

Mining Statistics

Rices Of Bar Silver Ih Lordoh Per Ouhce, .925 Fire

Ybak

Highest

Lowest

6iH

l?ll

6iH

6aV

60H

62H

60

62U

61

63

61

61H

6ofi

61H

60M

60

60H

6iyi

60

61H

59M

58

49K

Ybax

x88o.

Highest

Lowest

S2H

51H

S2H

50

SaH

W

So 49K

47H

4ifi ,

44

S4H

43H

48

43K

31

31H

39

39 X3-16 a9fi

a3K

36

38

39

The Manual Of Statistics

Co

1

Mining Statistics

Shiphekts Of Coal By The Various Compakies Amd Their

Tons

Per Cent.

Tons

Per Cent.

Totfi

Per Cent.

Readings

j- 6,225,622

14,018,795 ",512,255 8,714,113

Lehigh Valley

Del., Sus. & Sch Central R.R. of N.J. Del., Lack. & West.. Delaware & Hudson. Pennsylvania R. R... Pennsylvania Coal..

Erie

N. Y., Sus. & West. N. Y., Ont. & West.

Total 61,410,201

Comparative Kohthly Ahthracite Shipmehts

January

February

Mareh

April

May

June

July

August

September

October

November. .,

December

Total, gross tons.

Tons, 1903

Tons, iqo4

Tons, X905

Tons, 1906

Tons, igo7

S,2j9,946 4,SP3,720 5,315,814 5,916,583 5,994,272 5,990,866 5,667,079 5,778,858 5,5,940 6,088,421 5,728,811 5,406,083

The Manual Of Statistics

Anthracite Coal Trade

Shipments commenced from the Lehigh region in xSao, the Schuylkill naa. in i8as Lackawanna region in 1839, the Pittston or upper Lackawanna region in 1850 and the SciaflW region in 1856.

The quantity of anthracite coal sent to market from the first shipments to the end of 197. as reported by the official accountants, has been as follows:

Tons.

i8ao. i8ai. r830.

i8j4.

'839.

Tons

"853 5,"4,49i

i860 8,131,334

'867 12,637,607

9Q3-

31,793-w" JtX 71829?

40r448

46,390.443 41,637 J&# 41,899.751 47.665.JQS 45.1a7.4fs 3i,aaQj9C

57.492.5s 6i,4iQ,an 67.109.393

Pig I Rom Production Of The United States

i860 to 187a, net tons ; 1873 to 1Q07. gross tons.

4,097 ja 4.044,52

157,0" 7,X34.5 6.657.fl 8.63127 9.652.*r

ii,773.9?l

15.AjW i7.8aiOP; 18,009.20 16,497

Produce

n and Provision Prices in tlie Cliicaso and Ottier Harlcets for a Series of Years— Statistics of Production, Movement, Supplies and Export

Prices Of Graid Amd Pro¥Isioiis At Chicago

WifBA-r

Cciiut

High Low High Low

3.a6

a.ao

I 1.22

04M

99M

ox

81K

69M

66H 71 75

48

77H

02M 56M 48

76M

43

76

81M

59M 55 K 30 38M

S3

%

53

39M

37M

%

37H

2m 35H

33M

39

36

34M

3lM

26U

36M

43

Oati

High Low

53

47

43

31

Ash

50

21

33M

39M

19M

39M

34K

16

19

33H

High

Low

High

Low

Xi.Oo

3Xoo Xo.Oo

i'-35

tr.H

The Manual Of Statistics

Wheat Optiohs At Chicago

Highest and lowest quotations per bushel by months for May, July, September and delivery of No. 2 contra wheat at the Chicago Board of Trade :

February

March..

ApriL. May..

June.

July

August . . . . September. October .

November..

December.

H.

H. H. H. H. H. H.

Deliveries

Deb

May July

Sepl.

Dec.

May

July

Sepc.

L

99H %sH

3H

79H

79St

81

74H

75H

83H

8o;i

8oJi

m

80M

76H

78H

79

t¥4 ;

Th

74H

76H

7H

75H

84M

SaK

8aH

m

83H

80K

79M

S3

76

tx-,S

8x

74

93H

9H

7K

94H

83H

8n

i.oaH

x.oo

9rH

76M

Tjyi

i.oaH

96

79M :

lH

98

16H

71

.

Z.08

isH

99K

94H

9a5a

C0A4r OPTIOKS AT CHICAGO

Highest and lowest quotations per bushel, \rr months, for May, July, September and deliveries of No. a com at the Chicago Board of Trade :

April II!;

42 43H 44H 43iH

44H 44H 43H

Producb Markets

9S

Oats Optioms At Chicago

Highest and lowest quotationsper bushel, hj months, for May, July, September and December deliveries of standard oaU at the Chicago Board of Trade:

January . . February.. March ...

April . May..

June.

August . . . . September . October

Noirember . December. ,

May

H. 3tH

H. 31

k

H. 35,

H. 3Sh

H. 2SJi

H. 3S¥

Jh.

-Deliveries- July Sept.

. Jo

3Im

34

33K

33H 32%'

Dec.

38K

27fi

39H 31K

3aK

3H

Mji

32M

yjH 43

-Deliverie

May July Sept.

30 4a5i 383 33K 39 36 3aV

35

39V 2SH 45H 4aH

4'K

43H

31H 36M 3M

35K

37H

5a

4K 43H

44

Dec.

35M

44H

Pork Options At Chicago

Highest and lowest quotations per barrel, by months, for January, May, July and September deliveries of mess pork at the Chicago Board of Trade:

January . . February.

March.

April. May.. June.. July..

August

September . October

November . December ,

H. H.

Ii!: Ii!;

H. H. H. H. H. H.

-Deliveries

May

I a. 70

July Sept. 14.42

Jan.

- Delivenes-

May July

Is.72K

Is.47K

ii.Q7ji

Sept.

i6:6?K

95a

The Manual Of Statistics

Lard Optioms At Chicago

Highest and lowest quotationB per loolbs., by months, for January, May, July and deliveries of lard at the Cnicaso Board of Trade:

January . . . February.. .

March

April

May

/une

July

August. .. September. October. . . . November. . December..

H. H. H. H.

H. H. H. H. H. H. H.

Jan.

Deliveries

May July

07K

8.a5

Sept. Jan.

8.a7K

1M7

-DdiToie May July

to. 175 10L33H 1

Sc?t.

8.JSk

7.I7M 8.07K

Produce Markbt8

9S3

D

a

9 J

s o

§

i s §

:r

oob o 00 o 00

s& as. Sis

ooo

rR

rI

II Ifi- 8 5 al ffl gl all si

al

O 00 O 00 O 00

jg" a? "-

8

St

Kr- 00 S

5?

fs

ftp. f:Et

Rs. rS Jtg

?

8 J?S

M ss

Ooo Ssoo* 8 Oi

R.S8 ooxS* Jr

if? "s,i

If

O.00

I .i;

iR

H

f

The Manual Op Statistics

h

1?

h

It

?t

h

?f

I?

t

§

ff

If

?l

It,

l-T

f?

f-r

f?

?i

?l

?f

If

?i

R?

?f

If

s

1?

<8?

t?

h

%s.

'i=

S

l-ft

If

M

Tt

?f

m

If

n

If

1?

?l

If

7%

S

Ss

ft|

1!

?9

8?

'Si?

1?

If

W

ft!

M

If ?l

%

If

f?

H

ft

?f

1?

f?

If

1

?f

nil

ll?l

s

P

1?

If

m

?l

fl

?f

Z

1?

f?

8?

m

P

f.

Rs

fl

h

5

If

Sr

If

1?

s

S3

1?

Is

fl

P

f

O

j

z

Produce Markbts

U

o

flu

Ii?

?i

I'?

If

yQ M

al

If If

If

1?

il

?ft

|i?

§

af

i?ir

?t

if

M

Sr-

If

o8*

?

fi

n

'?!

%l

1?

!

§

9S

1?

?

a

?l

%

It

fa

ftS"

If

%l

If

il

?

IE if

S

f?

!f

If

!l

Jk

?

s

Qq

1!

If

I!

h

If

M

n

?f

n

1!

8?

h

fa

?l

1?

R1J

!l

i?-

s

E

s

M M

H M

M M

Mm Mm

H H

!l

!

1

ff

H M

M M

f 1 W If

ir!

h

If

?i|

f?

M M

M

£

Ii?

i??

m

as

n

ff

?i

Rff

1!

?i!

If

h

h.

s

z

1.

If

rI

Rr

iR

ft

s

%

"S

fl

a?

5R

s!

1?

9S

If

h

f!

ft

h

If

Ss

M

s

j

b2

9S6

Thb Manual Of Statistics

h

u

a

at

s.

u

s

J

H

I -

S:N

8S>

"a

8S5

as sre'

H M

If

aft

S8>

S2

M M

S9

M M

is

5S

M M

o o

!

8.iR

sa

laa

S8

ff!P

Sr

8&

ap5

<88

gg

dS

ds

sd

jd

sS

s

m

9R

S?8

s-ft

J?i?

Is

s?

s-a

S?i?

ftS

dcd

Sb3

oiloj

odr;.

ftR

!pa

9S

ss

8&

rf*

Md.

6&

odti

8!

s-

g.s

sa

s

r

00

od r.

tsi

di

ode;-

e

00

Rs"

8j?

ss

8a

:.f

sa

88

s

o-.d

o a

.o

r

ddv

rid

M 0

Ooo

M Os

al

f*5M

M

M M

&s

i'i

ft8 S2

si"

8R

¥

fj

3?

rI

fi

1

00 n do

u

:p8

d

ai?

a?

f3

N M

M M

n

8J2

fl

dd

2

ij

g

2

Ss &&

s-o-

M

5

dd -d

d dad dad

o

a I

:3

s

Tlf!

Produce Markets

Si

odod

dod

E-P.

dod

a

iS

Irf

fl

8a

dw

*cd

&

9,

8.S

ff

?8

Ss"

as;

vd

5?

f0

iff

8R

O"

6

8R

Co 00

8a

Moo

S8

vd

Set

n

ir

tl

f§

M O

J?P5

M d

M M

M H

h

J??

odc6

1?

P

dvod

d

M

K8.

&<8

si

e:.vd

00

S8.

o4

2&

o4

as*

Otio

ai

4

4rt

0

Is

4f

an

4fo

4-

.o4

io4

si

4c

H

o4

as

? B

Rs,

fa t;.vd

M

E

H M

M M

Is

do*

do.

S8

i!

J

>do

1.

8.

&2

as

dod

d

!

Io.O

If

ft

Is

m

as

S5.

Oio

O'ln

lO

1 n

jj

2cg

§s

H

Month

is

The Manual. Of Statistics

Mew York Produce Kmrket

QUOTATIONS ON THE NEW YORK PRODUCE EXCHANGE Average Prices, by Months, of No. a Red Winter Wheat F. O. B. ahd Avlbat

January

February

March

April

May

June

July

Aug:ust

September

October

November

December

Annual average.

Range for year :

Highest

Lowest

oo 1-16 89 13-16 87H

81

8s 7-16

lH

83

8sX

$i.a6V 9%

looe

1M9

9iH

8aH

86M

81H

9gH

I€0 15-tf

too 110 9-16

Average Prices, by Months, or No. a Mixed Corn in Store Aifo E]

New York

January

February

March

April

May

June

July

August

September

October

November

December

Annual average .

Range for year:

Lowest

68

63H

58 11-16 52M SoV 5a

70M

57M

Oo 13-16 ,63 5-16 61H

5H 49H 51 13-16

.

S3 3->6,

61K So

10t7

61

ao

5H

Produgb Markets

AvBRAOB Prices, by Months, of No. s Mixed Oats in Store and Elevator at

New York

January

February

March

May

June

July

August

September

October

November ,

December

Annual average Lowest ,

So 15-16

49

49h

47K

Ash

%i 41 11-16

4iH

40H 41 11-16 41 5-16 41

3a

35g

30K

37K

35M

45K

57 i3-6 5a 11-16

53

AvBRAOB Prices, by Months, of Pork, Lard and Tallow at New York

January

February

March

June

July

August

September.

October

November

December.

Average for year

I9P3

'893

Pork, Old or Nbw, Pkr Bbl.

Tg.13

, Stsam Lard, Pkr Lb.

Is

8,

Tallow, Primb, PrrLb.

6M 6H

96o

The Manual Op Statistics

Acreage Akd Cereal Proouctioh

Acreage Devoted to Cereal Crops in the United Statbi Estimates of the United States Department of Aericulture

Year

i9cx>. .

Wheat, Acres

Coin, Acres

Oau, Acrei

36,431,369 35,581,861 37,063,835 37,373.033 37,033,553 37,878,300 27,566,000 35,730,37s 35,777,000 36,.i4i,38o 37,364,995 38,541,476 33.653,144 37,638,126 27,843,669 28,046,746 30,958,768 31.8.7,000

Rye,

Barley,

Acres

,9o6.894

i;663;5o8

Acres

TotaK Acres

141,8x15 146,261000

7X,SiOPi

Cereal Production of the United States

Ybax

Wheat, Bus.

Com, Bus.

Oats, Bus

Rye,

Bus.

730,905,643 796,177,713 809,125,989 736,808,734 987,843,712 7a4,094,i99 894,595,553 9),3i6,i97 964,904,533 754.443.000

30,704,950 3x960,037 38,058,583 38,637,594 31,756,000 34,489,000 34,000,000 38,415,000

Barley, Bus.

55.79a.a57 71,900,000

B'kwhcat, Bus.

9,486,900 a,o63.aa95: 11.019.353 3,69939M

7.668,954 9,609, V9.[ 1 1, 1 16,902 3,999,881, 19,696,000 3,ot5,439aBC 11,869,000 9,843,579.001 10,844,000 3,66os457,aai 19,050,000 3,309, 74aLaH

11,094,473 3,sa8jf8i. 9,567,ooo:3,5aft,946.7 15.135.9393.163,195* 15.008,336 4.087,46731 14,585,089 4430,041011

14*641,937 454.5Mr 1 80.303.000

Produce Markets

Wheat Crops Of The United States

Reported By The Statistician Of The Department Of Agriculture,

By States

STATB or TKRItlTORY

Ohio

Michigan

Indiana

Illinois

Missouri

Kansas

Nebraska

Kentucky

Tennessee

New York

New Jersey ,

Pennsylvania

Delaware

Maryland

Virginia

North Carolina... South Carolina.. Georgia

Mississippi

Texas

Arkansas

West Virginia...

California

Oregon

Oklahoma

Indian Territory.

Winter

Minnesota

Wisconsin . . . .

Iowa

North Dakota. South Dakota.

Colorado

Washington...

Nevada

Idaho

Montana

New Mexico...

Utah

Arizona

Wyoming

Maine

Vermont

Total crop, bushels . Total are Yield per acre. . Average price., Value

i.757ooo

a.439.ooo

47a53,ooo

i2,484,txx>

14,215,! i8,663,i 2,890,188

a 10,000

g6

The Manual Of Statistics

Corm Crops Of The Umited Stmtes

Reported By The Statistician Of The Department Of Agriculture.

By States

State or Tbrritoby

Maine

New Hampshire.

Vermont

Massachusetts... Rhode Island...

Connecticut

New York

New Jersey

Pennsylvania. . . .

Delaware

Maryland

Virginia.

North Carolina. South Carolina.,

Georgia

Florida

Alabama

Mississippi

Louisiana,

Texas

Arkansas

Tennessee

West Virginia..

Kentucky

Ohio

Michigan

Indiana . . .

Illinois

Wisconsin

Minnesota

Iowa

Missouri

Kansas.

Nebraska

South Dakota. . . North DakoU. . .

Montana

Wyoming

Colorado

New Mexico

Arixona.

Utah

Idaho.

Washington . . . .

Oregon

California.

Oklahoma

Indian Territory.

Total

Total acres

Yield per acre...

Farm price

Value.

i,o7Sa72

.';,485,Sa5 6,534.624

5,972.749 23,202,536 43.514.874 37.S96.331 a9,48o,io 47,955,164

A455 2,776,484 205,578 410,979 961,263

2.707.99I3.5* 94,oii,36<

3,i57,i3C>

3i3.oot- 1,848.000

5.308.000 33,196,000 46,025.000 45,078,000 298o7,oor 57,S3S.oao

3I,3Bc,Ooc

,i9aoix

Producb Markets

Oats Crops Of The United States

>Rted By The Statistician Of The Department Of Agriculture,

By States

t OR TBRKirORY

rlampshire. .

ont

tchusetts

e Island

Bcticut

York

Jersey

lylvania

rare

.and

oia

I Carolina... I Carolina...

la.

una

ssippi

?iati4i

s

nsas

tessee.

; Virginia ucky

Igan

ma

us

xmsin

lesota.

ouri

sas

h Dakou

h Dakota

tana

uning

vado

Mexico

ona.

ada

ihington

g:on

fomia.

ian Territory. .

Total bushels.

al acres

d per acre

na price

ue

a,470,494

3,132.5" 1,839.249 4,640,326

29,457,705 98,525,76a 79,688,846 68,809,174

4,79S,965 3,286,937 2,259,998 5,485,272

46,594.38' 7,389.024

140,777,00c. 14,685,503

Thb Manual Of Statistics

¥Isible Wheat Supplies— Weekly

East Of Rocky Mountains

tl905

January s

January 12

January 19

January 26

5sl397'.a 55.404,000

February 2 February 9 February 16 February 23

79,402.000 78,710,000 77,73,ooo 77.048,000

4M3.ooo

March 2

March 9

March 16

March 23

March 30

47.a83.00o 47,701,000 47373.ooo 47,329.000 46,470,000

April 6

April 13

April 20

April 27

44fOoi,ooo 42,830,000 41,316,000 39,158,000

31,697,000 30,97*.ooo 30,417.000 28,528,000

May 4

May ir

May 18

May 25

38.43j.ooo 35.936.000 53,613,000 31,9000

51,969000 9Q.1.A000 9O.993-0 90.797.a

June I

June 8

June 15

June 22

June 29

49,799.000 49.1I7-O0O 48,015.000 47,009.000

July 6

July 27

13,423,000 ",339.000 11,875.000 13,354.000

Augfust 3

August 10

August 17

Aust 24

August 3r

September 7.. September 14.. September 21.. September 28..

47.397/ 45.59a.ObC 43. 79.000

October 5

October 12

October 19

October 26

November 2.. November 9. . November 16.. November 23. . November 30..

37.974.O0D 38,447.000 39.370.000 41,645.000 4.557.ooo

43.790.aw 49,158.000

December 7... December 14. . . December 2 1... December 28...

61.694,000 65,760,000 66,.V49,ooo 69,867,000

40,437.a 49,951,000

4C,Jf66yaOD

Th dates are for igoj. Th other celvHaa are for coir— yndiag waaka. interior elcvaton not lacludad, aa longer reported.

Producb Harkbts

96s

Visible Cork Supplies— Weekly

K Ending

uy 5...

uy 13... iry 19. . . iry ao...

laiy 3... lary 9.. uuy x6.. jary 33..

h 3 h 9 h 16 h 33. . , h 30

I ao

37

as

J 8

29

"3

so ,

fust 3

:ust 10. . . ,

17..., st 34. . . , just 31. . . .

tember 7, tember 14, tember 31 , tember 38,

ober 5.., ober 13... ober 19.., ober 26. . ,

amber 2, vember 9' rember 16, vemberaj, vemberjo.

amber 7, amber 14, cember ai. amber 38.

16,684,000 18,0x1,000 i8,6ai,ooo 19,731,000

9.571,000 11,044,000 io,ao5,ooo 10,703,000 10,101,000

a4.S31.oa> 34,510,000 33,514,000 30,807,000 17.653.000 15,133,000 13,736,000 10,433,000 7,674,000

7,809,000 6,769,000 S.331.000 4,883,000 4,760,000

31,375,000 ao,354.ooo 18,709,000 17,069,000

15,941,000 14,924,000 '3.508,000 11,314,000

'8,099,000 18,018,000 16,119,000 '6,380,000 14,139,000

Opficxai.

The dates arc for I907. The other columns are for correspondinjE weeks.

The Manual Op Statistics

Prikary Market Receipts Of Wheat

Reported By The Cincinnati Price Current. By Weejcs

January 7. January 14-

January 21.

3.oi5.aoc

January 28.

a,so6.ooc

February 4

February 11

a,os3,oao

February 18 February 25

a469,ooo . . 3,810,000

3.io3sp

March 4-*-

Blarch it...

March 18...

March 25...

a.414,000

April I

April 8

2,S3I,O0O

April 15

April 22

April 29

May 6

',530,000

4,a33iOao

May 13

May 20

4,ooi/>oo

May 27

i6oi.a

June 3

June 10. . . .

June 17. ..

June 24

a.7$a.

July 1

July 8

a.op5,ooo 2,826,000

July 15

3.i9J0

July 22

July 29

August 5..

August 12. .

August 19. . August 26. .

September s

September c

September li

September 2

October 7.

October 14.

October 21.

October 28.

November a

November i

November

J. . 7,920,000

November

December 5 December

6,35,ooo 5,159,000 6.104,000

.9t4jooo 6.903.000

December

December 2:

J.. 3,959.000

S.695,000 5.126.000

December 3c

The dates are for 1907. The other columns are for correiipoadiBt ereiht.

Produce Markets

Prikary Karket Receipts Of Corr

Reported By The Cincinnati Price Current, By Weeks.

K Ending

iry 7...

iry 31

laiy 4.. lary 11.. lary 18.. lary 35..

a 4

I11& ... h 25

!a4

-USt 13

list 19. . . . ;ust 26

tember a. Lember 9. tember 10. tember 23* tember 30.

ober 7... ober 14... ober 31 . . . ober 28...

irember 4. rember 11. vember 18. vember25.

cember 2.. cember 9.. member 16.. cember 23.. member 30..

3,JP3.ooo 3,020,000 3,856,000 3,381,000

3,000,000 3,968,000 3,701,000 a,S37,ooo 3,115,000

3,679,000 3835,000 a.735,000 3,693,000 3,392,000

a,395,ooo

3,38o,OCO 3.575.000 3, 165, CXX)

3,Q1 1,000 1.551,000

X. 365,000

X. 365,0 1,950,0

The datw are for 1Q07. The other columaa are for corrupoadinK weekft

Thb Manual Of Statistics

6Rmim Iii Store Ih Chicago

ON THE FIRST OF EACH MONTH Compiled by the Daily Trade BuIIedn, Chao

Wheat

Month

January.. . . February.. .

March

April

June.

July

August

September . October November. . December..

Bushels

2,729,000 2,942,000 2,915,000 2.3x1,000 2,049,000 1,807,000 I.335.000 1,379,000 1,483,000 2,317,000 2,085,000 1,683,000

bushels

1,656,000 1 1,5x1,000 I 1,4x2,000 1,444,000 2,262,000

579,000 1,312,000 3.303,000 3.503.000 3745.ooo 5,068,000

Bushels

6,xxi,ooo 5,946,000 5,488,000 4,228,000 3,228,000 3,083,000 2.277,000 4,157.000 8,476,000 0,122,000 8,096,000

9,898,000 9,14/n: 9.973.0O0 9.846,oco 9506,000

ia,o8o,ooD

9aS5.o 7j63,oao

Corn

January 4,879,000

February 4,6x5,000

March 4,455.ooo

April 4.679,000

May 4,280,000

June 4,248,000

July 3,558,000

August 5,397.000

September 1,815,000

October 1,599,000

November 685,000

December 521,000

x,873,5M 2,771,281 3.732,781 3.849.579 2,222,. 1,287,463 1.874,527 3.597. 145

2,X2X,O0O 2,696,000 2,696,000 1,391,000 2,196,000

x,xo6,ooo 298,000

i.53',ooo

x, 013,000 I i,434ooo I

427,000 ' 98,000 ;

2,197000 1,615,000 716/xo i,57,ooo

iia;ooo

Oats

January 881,000 900,964

February 53i,ooo . 511,604

March 461,000' 721,154

April 693,000 I 429,699

May 852,000 ! 429, 182

June 732,000 485.209

July 112,000 516,930

Aupist 1,312,000 3,140,166

September 441,000 2,789,028

October 1,558,000 1 1,003,157

November 2,060,000 1,070,672

December 2,056,000 i ,255,845

4.S33.000

v397.oao

46Ao-

Producb Markets

Graih Receipts At Chicago

1Qc34..

Wheat, Busheb

Corn, BuftheU

Oats, BuahelB

2I,848,2M

Is

Z9'7.985

'9.933.403 28,087,147

"0,775.732

Comditiok Of Crops Ih The Uhited States

Reported By The Statistician Of The Department Of Agriculture

Winter Wheat

April

May

June

July

September

December

SPRING WHEAT June

July

Aug;ust

September

Corn

July

August

September

October

Oats

June.

July

Auguit

September

l?:l

S4.0

I Deludes Winter and Spring.

The Manual Of Statistics

World'S Shipmekts Of Wheat

From All Exporting Countries, By Weeks

Ending

January 5 .. January xa... January 19... January a6...

February a.. February 9. February 10. February 33.

March a March 9. . . .

Mait:hx6

March 33

March 30

April 6

April 13

April ao

April 37

May 4

May XX

Mayx8

May 35

June I

June 8

June 15

June 33

June 39 ,

July 6

July 13

July ao

July 37

August xo. . . . August 17..., August 34 — August 31 ... ,

September 7, September 14, September 3X , September 38,

October 5... October xa... October 19. . . October 36. . .

November a November November 16. November 33. November 30.

December 7., December 14. , December 31., December a8.,

Bushels

6,3o8,ooo 8,779,000 6,703,000 5,699,000

Xx, 699,000 8,577,000 9,098,000

xo,8ox,ooo

13,399,000 12,329,000 X 1,063,000 xo,x6x,ooo xo,358,ooo

xo,325.ooo

7,847,000 6,449.000 8,8x3,000 8,549,000 8,079,000

X 1,335,000 10,539,000 10,603,000 12,4x6,000

XX, 3x6,000 1 1,064,000 X 1,314,000

XO,3l6,000

xo,o96,ooo

xo,04o,ooo 7,313,000

Bushels

Ix, 01 6,000 Xx, 552,000

xo,48o,ooo 12,480,000 xo,056,ooo 10,396,000

Xo,433,000

Xi, 033,000 10,433,000 X 1,393,000 8,810,000

xo,6 16,000 xx.38x,ooo X 1,368,000 10,930,000

X3, 308,000 11,508,000

Xi, 880,000

bushels

Xx,X38,O0O

13,648,000 XX, 388,000 X 1,688,000 10,7x3,000 13,104,000

j,304,ooo

10,673,000 X3,Ol6,00O 13,138,000

14,144,000 12,553,000 x3,wo,ooo i3,3".ooo

9,x68,ooo 11,348,000 9,408,000

r.

xi,xao,ooo 13,513,000 8,880,000

X 1,1X3,000

7i536,ooo 9,168,000 9,394.000 9,024,000

9,776,000 io,35iOoo XX, 393,000 11,400,000

tmn

10,50,000 ia3D4.aoc 11,61x000

io,a

ia,e56u

ii,68joac 10,91x000 9,760,000

SvqjXOOB 91X000 7,184.00c 7.56B/ 8,744,000

81*080,000 ia,773iOao ia.6fa,ooD

M.44a.WP 13,408.000 13.31x000 10340.000

ii,6uaao 11,616,000 9,760.000

Q.6t6i.OO0

B,o8b/i0D

The dates are for 1907. The other columns are for

Produce Markets

World'S Wheat Supply

Estimated By Daily Trade Bulletin, Chicago

Europb

Fnnoe

Caucasus

Italy

Hungary

Austria

Croatia and Slavonia.. . . .

Henogovnia

Germany

United Kingdom

Roumania

Bulgaria

Eastern Roumelia

Belgium

Portugal

Holland

Greece

Denmark

Serbia

Sweden and Norway

Switzerland

Cyprus, Malta, etc.

Total

America United States

Mexico

Argentine Republic

Chui and Uruguay

Total

Other Countries

India

Algeria

Egypt

Australasia

Turkey-in-Asia.

Persia

Tunis ,

Cape Colony ,

Japan

Total ,

Grand total

Bushels

1x0,000,000

8x3,000,000

X 3,800,000 58,400,000

x6,ooo,ooo

Bushels

X 57,000,000

X 3,000,000

X36,ooo,ooo

xoo,ooo,ooo

i3ooo,ooo

5t00o,ooo

4iOoo,ooo

4i00o,ooo

X, 8x0,100,000

xo9,ooo,ooo

X 3,000000

x6,coo,ooo

Bushels

160,000,000 x45,ooo,ooo X97,ooo,ooo 58,000,000 xo,ooo,ooo

X 3,000,000 5,800,000 4i 000,000 3,000,000

X38,ooo,ooo

X, 01 7,000,000

373,600,000 5x0,000,000 184,000.000

X04,000,000

X, 600,000

xo4,ooo,ooo

35ooo,ooo 5,000,000

13,800,000 4i00o,ooo 5i 600,000 4,800,000 4,000,000 8,000,000

5,X3O,00O

93X ,000,000 380,000,000

x6,ooo,ooo X 3,000,000 4,000,000

The Manual Of Statistics

World'S Supply Of Wheat Amd Flour Reckohed Ms Wheat

ON THE FIRST DAY OF EACH MONTH Estimated by Daily Trade Bulletin, Chicaico

January. . . . February...

Mardi

April

May

June

July

August . . . . September October November. . December. .

January. . . . February...

March

April

May

June

July

August

September . October. . . . November. . December..

January.. February. March April May

day.

June

July

August. ... September.

October

November.. December..

January.. February. March . . .

April

May.

June

July

August September. October..., November. December..

United Sutes Bushels

7x.339.oa> 64,720,000 40,758.000 38,603,000 37,140,000 ,611,000 6o,j74,ooo 79,697,000 95,441,000

97,800,000 90,7x4,000 85,243,000 70,524,000 59,721,000 46,257,000

J,9X2,000

%

78,866,000 62,525,000 54,xx2,ooo 65,2791000 73,1x9,000 97,4&|.ooo 116,079,000 128,050,000

132,01 X, 000 126,322,000 122,616,000 "S.4.t8,ooo 115,954,000

88,.x,ooo 93,892,000 89,766,000 102,481,000 xo4,944.ooo

86,883,000 80,160,000 81,346.000 86,1x4,000 89,808,000 93,948,000 84,724,000 74,0x2,000 82,366,000 96,39SiO0o 105,464,000 104.44O1O00

91,4x6,000 88,764,000 96.334.000 100,4x4,000 05,904,000 89.554.000 80.608.000 78,536.000 78,140,000 84,206,000 78,454,000 86,053,000

84,154.000 83,7x2,000 96.554.000 98,538.000 ,974.ooo ffl,594,ooo 79,590,000 66,5x0,000 73354,ooo 85,440,000 91,880,000 90,998,000

77, 183,000 66,964,000 681X46,000 74,048,000 79,068,000 70,398,000

x69w7i8.aK 6i3fa,ooc i43,7a6,oa 1a3.337.aas 111,153,000

156,969003 i85,x6i,aoc 199,881,000

7a.9lAow >S5.6a5joao i35.8xi/ ia5j6iogflaD "S534-B

X5t,xtaee 13t.789.ooc

t64.8lODe

Produce Markets

A¥ERAeE PRICES OF EH6LISH WHEAT

The following table gives the average price of cash English wheat per quarter (eight bushels), by years, in the home market :

X786 40 o

79o 54 9

X791 48 7

79a 40 3

8o7 75 4

x8ii 95 3

J. d,

8i4 74 4

i8ao 67 10

i8aa 44 7

8a3 S3 4

x8a6 58 8

X831 66 4

X834 46 a

X838 64 7

J. d,

i860 53 3

i86x 55 4

x866 49 IX

X. d,

x888 31 10

X891 37 1

Foreign Grain Quotations

London quotes American (Atlantic Coast) wheat in quarter of 480 pounds, or 8 bushels. Fluctuations of iMd. per quarter are equal to about fc per bushel ; of 3d. per quarter to per bushel, and of 6a. to ic per bushel.

Liverpool quotes American (Pacific Coast) wheat in centals of 100 pounds, or 1% bushels. Fluctuations of d. per cental equal .003c per bushel ; of .oo6c per bushel ; of 3d. .009c per bushel, and of id., i3c.

Berlin quotes wheat in 1,000 kilos or about 36-)/ bushels. Fluctuations of pfennings, equal 3-16 or I cent; of 50 pfennings, 33-iooc per bushel, and of i mark, 64-iooc per bushel.

Paris quotes wheat in 100 kilos, equal to 3.67 bushels. Fluctuations of 5 centimes equal 0.36c per bushel; of xo centimes 0.53c per bushel ; of 35 centimes 1.31c per bushel; of 50 centimes a.63C per bushel, and of i franc 5.35c per bushel.

The Manual Op Statistics

WEEKLY EXPORTS OF WHEAT MHO FLOUR FROH UHITED STtTEt

Reported hj Bradstreets

December 26. December 19. December 13. December 5.

November a8. November 21 November 14 November 7

October 31 . . . October 24. . . October 17. . . October 10. . . October 3-..

September 26 September 19 September 12 September 5

August 29. . . Aust 22... August 15... August 8... August I . . . .

July 25

July 18

July "

July 4.

June 27

June 20

June 13

June b

JJ*y3°

May 23

May 16

May 9

May 2 ,

April 25

April 18

April XX

April 4

March 28

March 21 ... .

March 14

March 7

February 28.. February 2x.. February 14.. February 7..

January 31... January 24.. . January 17... January la.. January 3...

5.7i555S 5,997,620 7,060,137 5240,688 5,645.779 6,870,578 5,077,070 5,435,323 5,444,146

6,376,299 5,4,530 5.954.759 4,59,8o5 4.a44.363

4,446,9x7 2,904,1x0 4.326,304 2,906,280

4.095,944 3 2V4,540 3.609,435 3.75,48i

3.639.679 4,690,20a 3.5671710

Bushels

4.094.873 4,265,080 2,865,6x0 2,378,722 4,082,681 3.050.430 1.909.083 3,045,040

2,966,682 3.518.152 3.617,41s 4,191.317

Biuhels

x. 080, 708 1,444,890 i,i39369 a,xoi,773 1,302,366 x.289,642 x,4.S4,276 1,482,202

1,479.6x3 1,066,46a

x,i8a,a93

1.830.511 1,084,333 1,703,047 1,281.399 1,379,198 1,613.265 x.a8x,5oi 1,412,498 878,910

1,271,437 2,044.251 x.482.032 1,937,208 1,132,157 1,225,763 734,736 1.192.718

1. 010.850 x.645,428 1,213.855 1,854,370

1.834. x,643,o86 2,091,488 1.657.510 1.746,255

2,604,336 2,917,602 3.538.19a 2,771,215 3,369,323

Bushels

3.448.248 4,473.482 3.435,16a 4,245,163

975,832 688,017 i,4A840 1,309,333 1,331,308 1,512,550

i,2Qa.J0i

945,358 i.iox.587 1,138,974

x,4",947

Bushes

a.494,832 3,303.834 4383.9S7 4,79x,oao

5,081.999 3,196,375 2,837,9154 3,a6a.96i 3.895.oao

1,902,555 1.760.609 3.339,34a 3,301,007

1.543,853 3,393.013 3,oio.n7 2.3,903 2,300,476 2.357.068 3,951.643 3,241,939 3,056.308

4,a6i,xaa

6,i9B,ai

5.459kPI "OS, 143

4,7*5J% 4,964.tf

40a.854 5.39i3tt

a,8oo. rn 3,5So.a4> i,8v.M5 3.46073

iAt,6M

a.93M9> 3,500,139

a, 103,3*

Th daus are for 1907. The other columns are for oorreepoodiac ieehs.

Produce Markets

Weekly Exports Of Cork From United States

Reported by BradstreeU

Ending

December 26. December 19. December 12. December 5.

November 38. November 21 November 14 November 7

October 31...

October 24

October 17. . .

, October 10. . .

October 3

September 26 September 19 September 12 September 5

August 99. . . , Aug:ust 22. . . ,

August Z5

August 8. . . . August I.. .

July 35

July 18.

July II

July 4.

June 37 ,

June 3o ,

June 13

June 6 ,

May 30

May 33

May 16

May 9

May a

April 35

April 18 ,

April XI

April 4 ,

Mait:h38

March 31 ,

March 14

March 7

February a8.., February 31... February 14.., Febnuury 7.. .

January 31 January 34. . . , January 17. . . . January 10. . . . January 3 —

Bushels

bushels

Bushels

9,537,549 i,5M,55i 1,526,141 1,301,286

i;862;893 453,713 376,989

I,66o,on8 1,325,964 1,381,774 1.109,477

346,927 449,5i 797,898 857,517 652,811

1.300,211 1,495,1" 1,319,036 1,202,430 846,099

gi,46i 663,504

i',4iil675 1,410,804

,J79,73? 1,814,186

25!''55 1,669,115 1,906,908 1,744,800 1.817,695

947.8g 597,366

i!997i790 2,407,089

2;o64!S3 1,906,873 1,296,187 1,974.599

The dates are for 1907. The other columns are for corresponding weeks.

The Manual Of Statistics

Exports Of Wheat Amd Wheat Flour, With

Year ending: June 30 WHEAT

OESTIHMTIOat

United Kingdom

Belgium

France

Germany

Italy

Netherlands

Other Europe

British North America

Central America and Br. Hand . .

Mexico

West Indies and Bermuda

South America

Asia and Oceania

British Africa

All other Africa

Other countries

Total

i,94,7S3

i,3i8

Bushels I

"4,433

Buskels 15,457.639 2,024,987 3,802,583 3,197.404 1,663,407

,5M,679

3.874.9r .8o4,7ai 6.794.053

a,oai59i

I.97S.754

Wheat Flour

United Kingdom

Belgium

France

Germany

Italy

Netherlands

Russia

Other Europe

British North America

Central America and Br. Hond . . .

Mexico

Cuba

Other West Indies and Bermuda. ,

Brazil

Colombia

Other South America

Chinese Empire

British East Indies

Hong-Kong

Japan

Bntish Australasia

Philippine Islands

Other Asia and Oceania

British Africa

All other Africa

Other countries

Total.

Barrels 8,673,943

3S,202

Barrels 2,455,667 8,512

Barrels 17,691

Produce Markets

£3

g

n

Jl-s

d

Si

It

lit

D -I

Q

M H 9 N M W

M Mm Mmii Mm -

og 00 00 00 w w do w 00 00

Thb Manual Of Statistics

EXPORTS OF PROtflSIOKS FROM THE URITEO STATES

In Pounds

Month

Bacon

Hams

January. . . February.. March April

June

July

August..., September October... November December.

Total.

32,443,166 31,083,024 25.389,385 ia,835.96 15,126,825

5. 746,029 14,467.5*6 16,301,979 20,792,714 22,142,964 15,681,718 15,473.360 i3,46,56i 14,618,141

13.443.529 15,073,201 15,921.94a 16,050,256

20,563,753 21,386,041 iS.231,466 16,948,241 12,815,325 15,778.262

i8.329;6sS l6,5443n 18,679,218 30,320,214

Month

January Febniajy.. Maicfa

June

July

August September October... November . December.

Total.

Pork

17,542,166 19.578,569 13.531.717 12,003,822 IX,] 75,820 9.959.804 ix,8i2,65o 10,849,410 10,736.566 13.606,932 15,793.693 18,096,946

13. 589.49a 13,216,563 14,647,173 13,190,422 12,817,34

Lako

85,300,883 63,626,254 59.745.658 59.867,443 51,616,044 49.651.950 54.513.979 58,809,858 63.283,750 47,040,398 37.3A719 48,007,126

1M7

4So6B, 3i.63a,8s

S89.26M3P

Produce Markets

Wheat Akd Cork Ih Far Hers' Hards

Reported By The Department Of Agriculture

March x

Z889 1901, 1902,

I9P3

IVhcat, Bushels

171,000,000 135,000,000 1x4,000,000 75,000,000 133,000,000 ' 88,006,000

x98,ooo,ooo

138,100,000 x73,7oo,ooo 164,000,000 133,600,000 111,000,000 x58,ooo,ooo 306,644,000 148,731,000

Com, Bushels

Oati, Bushels

Stocks Of Provisioks

AmounU of contract Pork, Lard and Side Ribs in Chicago on the first of each month

Month

January. . . . Febniaiy. .

March

April

May

June

July

August September.

October

November. December..

Pork

Barrels 8,333 W.133

33,879 ai,Q33 33,435 33,591 31,738 17,144

Barrels 18,737 30,947 33,517 33,956 33,685

Tierces

3o,i64

"3,330

Ribs

Pounds

I i9,646,o5x

I 843,338

Pounds 5,641,318 9,044,549 ",995,533 13,430,388 13,437,680 14,686,833 33,350,550 35,895,361

98o

The Manual Op Statistics

The World'S Har¥Est By Mouths

JANUARY—Australia, New Zealand, Chili and Argentine.

FCBRUARY AND JilARCH— East India and Upper Egypt.

April — Lower Elgypt, Syria Cyprus, Persia, Asia Minor, India, Mexico and Cuba.

May— Algeria, Central Asia, China, Japan, Morocco, Texas and Florida.

June— Turkey, Greece, Italy, Spain, Portugal, South of France, California, Oneoo. ana, Mississippi, Alabama, Georgia, Carolina, Tennessee, Virginia, Kentucky, Utah, Colorado and Missouri.

July — Roumania, Bulgaria, Austro-Hungary, South of Russia, Gennany, S France, South of England, Nebraska, Minnesota, Wisconsin, Iowa, Illinois, Indiana, Ohio, New York, New England and Upper Canada.

AuousT— Belgium, Holland, Great Britain, Denmark, Poland, Lower Canada, Columbia, Manitoba, North and South Dakota, Manchuria.

September and October— Scotland. Sweden, Norway and North of Russia.

November— Peru and South Africa.

December— Burmah.

Mohey Equivmlemts Of Fluctuatiohs Ih 6Hmih Mko

Phoyisioms

Graik

Pork

Laid

cent — $ia.5o

Barrels .

On

aso Tierces

cents fai.as

aK

K " - aS.oo

— ia.50

5

" — 63.7s

" - 37.50

iH

— X8.75

7K

M " - 50.00 " - 62.50

u

" - 85.00

I3K

" - 75.00

,

ao

" — 17P.00

H '' - 83.50

as

ao

'

For quantities of 5,000 bushels

as

t

" — 850.00

half the above.

vo

— ia5.oo

Cotton

Prices, Production and Visible Supply of Cotton YEMRLY PRODUCT OF COTTOH IM THE U KITED STATES

Year ending September x

Ybax

185Z.. 185a..

Bales

Ybak

Bales

t

report No report No report No report 2,228,987 3,059,271 2,498,895 3,439.039 3.154,946 4.353,317 3,974.35* 3.930,508 4,170,388 3,833,991

Ysak

Bales

4.073i534 5.057.397 5.789,339 5.435.845 6,992,234 5,714,052 5,669,021 6,550.215 6,513.633 7,017,707 6,935,033 7,3,736 8,655,000 9,035,000

Ybak

!ip::

Bales

",199.994

".345.988

i3.5o,982

",000

i3.S'o,9 11,678,0

Estimated

Hew York Cottoh Prices

The following table shovrs the highest and lowest prices in New York for Middling Upland Cotton from January 1 to December 31 in each of the years named:

Ybaji

Highest

Lowest

%

Ykas

I 1870...

' 1874... I 1875... I '876...

;I2:::

9 U 1881...

Highest

37H

X3H!

Lowest

" I

13H

to 13-16

Year

Highest

Lowest

">i

"K

,

12

9K

iH

7M'

sH

85

Ih

W

1%

Xo.55

Thb Manual Of Statistics

Cottok Futures At Hew York

Highest and lowest quotations for actual sales of futore deHteries each week years from January 5, 1906, to April 10, 1908, at the New York CoCtoo F.Tfhange.

For Enouig

Deuveries

Jan.

" 19.

" 96.

Feb. a.

" 9.

" 16.

" 33.

Mar. a.

" 16. " 33.

April 6.

- a7.

May. 4.

as-

June

Sept.

ii.os ri.03

'0.55 ,10.70

'io.a6 '10.71

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Ix.Oo

xi.6o

Ii.Jo

ia66

Xx.Ai

".59

n':S.

".54

Ix.Zo

"S

ix.is

"30

to.25

xo.60

Xo.46

to.67

Io.4X

xa5a

ia53

xi.oa

IX. la

;ts

ii.ao

"u

xa4x

xz.oa

ia7x

U.39

ia9x

ii.a8

ii.a6

:s

ia8o

ia8a

Ii.S5

ia65

ta8i

"0.34

to. 70

to. 71

ia39

io.6x

'O.39

ia52

ia36

xa6a

ia45

t

ia64

June JtalT Aat

Ix.Oo

io.8!5

Io.S9

Iz.Ii

ii.oa ii.a6 ia89

ii.ao u.g ii.ai

ia7i ta85 ta36 laas ia3a

!ii.6o 11

IOL95 ii.a3 ia.81

10.8a 10,79

*o.45

f I.IO

ii.aa ii.a7 11.3D iol86

Ii.ao IOL45 ioc8o

to.69 to.03 10,30

ii.ji nil

laqg

10

laB .ioj6a

tiijog

tia66

'10.71

,11.13 now '10-95 fo99 10 J6 ia.42 10 (a59 KX.15

Cotton Statistics

COTTON FUTURES AT NEW OKK-Continued

Fos Kmding

July

" 13.

" ao.

Au:. 4.

" 18

" 31...

Sept. 7...

" 14

" 38

Oct. 5

" 19 " 36

Nov. 3

" 30

Dec. 7

" 31

Deliveries

m

Jan. 4

10. a6 IO-33 ia37

ri.30 iai3

i3.ao

T0.00

ia33 9. IS

ia36

r

m

36

Ma,

June

July

Aug

iai4

ia33

ia7o

'If,

'It

r.s

r.

Q.69

io.oa

".34

".54

'1%

ia84

ia67

ia5i

'S

n

iai6

The Manual Of Statistics

COTTON FUTURES AT NEW YORK-omttmms

For Ending

Jan. 18.

as-

Feb.

Mar.

15

" 29. April 5.

" 10.

" 17.

June

3-

July 5.

" 12.

Deuvbries

Sept. Oct. Nov. J;in. Feb. Mar. April May June

n.23 II. 7H

".33

a3

io.41

12,05 ir.71 ia.13

Q.82

iai3

>a5

>S5

laao

J0.33

"39

".73

!2.o6 ".75 ia.13

laix

"54 ".54

".75 ii.qa

9.7a Q.38

"34 ".23 ia.26 i2.ao

".54 11.9a it.89

ia.33 ".85 12. a2

9.5a 9.5a 9.ao

9.ao

".83

laya lago

ia.ai ia.99

1%

lata

9.4a 9.4a

ia4i iai7 lays laSs ia88 ".36

"45

ixas ia.a5

ittiy Am

Sa

9-J9 9-

"45 ia-57 ia.37 ia-30

i 9-n

9.S

its

Iiol19

i ,98*

KJb

ti-4B

Ixod

ii-Qi 'IIJ6

"-43

I3J4

11

Cotton Statistics

98s

COTTON FUTURES AT NEW YORK—Cdntinued

Wkuk

3Xng

f

♦

ao

Deliveries

Sept. Oct. Not. Dec. Jan. Feb. Mar. April May

a.39 2.IS

a.35

OS i.os

Z0.20

".73

Z2.03

H.03

ia72

:o.34 ;o.oo :o.7i 0.3a :o.9i

J:

:o.7i :o.i8

to.96

:i.o6

to. 52

ro.54

Zi.Oo

".43

"73

".75 Xo.92

".34

I/.70

".45

Ii.3*

".33

o.'88

"37 xi.oo

Iz.Oo

".33 "33

July Aug.

".95

"99 "35

".56

It. 61 ".35

"39 ".15

ti.03

Thb Manual Of Statistics

COTTON FUTURES AT NEW YORK— Cm/mmu/

Fob

Ending

Feb. 7.

" 14.

" 21.

" 98.

Mar. 6.

" 13. " ao.

" 27. April 3,

Deliveries

Sept. Oct. Nov. Dec.

Xo.20

Xo.12

9.ao

fO.OO XO.OO

9.ax

Feb.

xx.oo

Mkr.

XO.69 xo.5a

Io.S4 Xo.93

Apr.

ia98

xa77 ro.75

J0.3S

"0.37 9-So 9*43

May I Joac

iol84 ia64

:ioi.9i 11T.03 IIOCS7

IO.S5 10. a6 9.9a 10.2a 9.7a

Iq.9B

Kx.71

IQ.58 KO.70 10. ao

9-So

M.9

la la

9-r

Cotton Statistics

World'S Visible Supply Of Cottoh

Bales

Ending 1902

' la

T23

Jo.

b

J

t

ta4

iber J ... iber 14 . . . iberai ... iberaS...

r 5

ir 12

jr 19

ir 26

iber 2 ... iber 9 . . . iber 16 . . . iber 23 . . . iber 30 . . . iber 7 iber 14 iber 21 iber 28

3.474,579 3.339,458 3.283,839 3,209,120 3,136,516 3.020,746 3,973,646 3,891,635 3,830,363 2,722,593 3,673,603 2,615,29s 3,486,341 2.365,318 2,303,108 3,172,234 2,074,931 1,985,399 1,853,209 1,733,981 1,594,667 1,500,458 1,362,133 1,257,779 1.153,569 1,123,887 1,152,956 1,287,131

3.273.435 3,093.242 2.955,546 3,833,607 2,683,168 2,537,208 2,423,921 3,333,844 3,200,305 3,187,050 3,338,505 2,318,254 2.383.934 2,585,913 3,8o6,5H4 3,034,137 3.185.877 3.565,153 3.783.031 3.837.546 4.053.512 4,343,334 4,451,558 4,705,720

t dates are for 1907. The other columns are for corresponding welu. t From Fioancial Chronicle

The Manual Of Statistics

a. O

Os

O

H O

H

o

h

u

U

Q K

9s -o

aid

S o u

Cu O oi u

Ui

O

H Z

D O

o z,

o

' w

So : ??. : 9,? : %i

2"

si il S ?l Ss S? M -:iii

N to M 00 Oi o o' -' j

§:S

It

to

ti-:lfeiraiiiiH m m n

2 pia

r.oo tna r*i

Oo

lO

S d

t.i i-ti Mi iiiiif iitfitiitiitiilij

.S.a i .2 .2 s .2.2 i .2.2 .2.2 S SS i MM i MS MM

bI e3 b3 b3§ S-gs S-gS S-gS S-a§ g-a

— fl ——a

m.

5hou

B

r

3

Cotton Statistics

Cotton Crop Movemeht

United States Ports Receipts

er 6. . er 13. er ao. . er27 .

er I . er 8. ler 33. er 6. er 13. ler 3o. ►er 27.

?o8

f 10...

ir 34. . .

ry 7.. ry 14.. ry 31.. ry 28..

t8..

St I.,

St 8. ist 15.

I8t33.

270,771 307,618 295,613 3i4t752 346,583 302,540 326,071 261,784 285,331

225,476 222,177 184, 161 194,161 197,181 152,5" 43.947 h6,-575 I4>,6i3 87,724 108,431 72,448 84,604 66,561 56,530 48,964 32,912

H.Os4

"3,984 102,644

Dates are for the weeks in season of 1907-08. The other columns are for corresponding weeks.

Thb Manual Op Statistics

Cottok Crop Moveheht

STOCKS AT UNITED STATES PORTS Showing; stocks of cotton in bales at the United States shipping: ports

*WBKic Ending

September 6 September 13 September 20. September 27. October. 4 October II October 18 October 25 November i . November 8. November 15. November 22. November 29. December o . December 13. December 20. December 27.

January 3... January xo. . . January 17.. . January 24. . . January 31 . . . February 7.. February 14.. Febniary 21 . . February 28..

March 7

March 14

March 21

March 28

April 4

April II

April 18

April 25

May 2

May 9

May 16

May 23

May .30

June 6

June 13

June 20

June 27

July 4

July II

July 18

July 25

August I August 8. . . .

August 15

August 22. . . . August 29. . . .

io6s,727 ,075.458 1,089,527 1,019,174

389,667 330,389 334,559 358,485 3C,i65 290,326 310,660 3",343

I45."7 177,685 273,743 290,740 436,581 436,028 513,561 609,043 668,432 891,729 853,871 920,856 887,282 919,652 940,490

779,877 749,463 7i,973 697,146 692,879 663,059 684,865 679,364 724,264 734,209 723,060 696,132 616,736 6ao,8jo 582,161 455,984 435,104 381,198 390,770 425,045 399,254 365,148 342,261 3*1,778 324,796

861,035 926,266 .034,300 ,045.4x3 ,152,109 ,148,888 ,236,800 .335,311 ,392,479 ,389,010

.329,223 ,392,820 .302,132 37.879 ,iii.75 .152,667 ,079,176 .087,205 ,072,107

J66J34 419. M4 500,406 569i,£2

65a, u:

Saaas 834.7: 8aii,Si7

r.c63.954

i.a4i.9r 1,046,03:

83Q.99J

The dates are for 1407-08. The other columns are for oorrcspondinir

Cotton Statistics

Cottok Crop Hoveheht

TOTAL RECEIPTS AT UNITED STATES PORTS receipts, in bales, at United States ports

;

er 6..

eri3..

erao..

922',693 1,274,676

er 37. .

er X..

er 16..

>er 23..

er 6..

er 13..

er 30..

er 37..

r 10. ..

S.459,516 5,712,882

ri7

iM

ry 7...

ry 14..

iry3

try 38...

as

?

7.543.4" 7.576,323

!0

n

ISt I

ist 8

1st IS. ..

fO,22&,823

Dates for 1907-08. The other columns are for corresponding weeks.

99a

The Manual Op Statistics

Cottok Crop Koveheiit

STOCKS AT NEW YORK Amounts of cotton in New York, in bales

Emdimg

September 6... September 13... September so. . , September 27...

October 4 ,

October xi ,

October 18

October 25

November i. . . November' 8...,

November 15

November 32. . . November 39 December 6... December 13... December 20. . . December 27

January 3

January xo

January 17 ,

January 24

January 31 ,

February 7

February 14 , February 21 February 28

March 6

March 13

March 20

March 37

April 3.

April 10

April 17

April 24

May I

May 8

May 15

May 22

May 29

June 5

June 12

June 19

June 26

July 3

July xo

July7

July34

July 31

Augfust 7

Aust X4

August 31

Aue:ust28

37,035 51.17a 58,59* 68,339

x69,o3i 169,461 i6x,388 x6o,o8o 133,961 136,777

I03,X36 88,314

6x,6ix

104,514 i3<,ia4 158,907 173,933 73, 137 168,838 163,804

163,925 i64,96x 163,949

58,437 158,111 i6i,495 164,644 170,518 >54,35o I4',5i7 139,199

107,341 90,171 97,404 109,179 105,758 104,167 90,3x6 80,905 78,080 84,395 38,000 60,997 67,177 66,919 70,779 74,693 68,010

AS34 83,909 86,X44 91,053 96,581 109,096 1x0,993 108,645 99,356 97,718 89,341 81,959 65,444 63,679 62,883 63,397 55,504 51,938 38,999 38,805 38,588 33,680 30,484 35,068 36,039

1B05-4M

309,1x8 335,326

3l8,53X

197,6x8 178,063

i35,05o X5i,38o

97,i30 93,484

145*701 147. i9 143,753 139,177 141,780

156,964 169,030 171,607 169,176 x63,03x 168,196 171,753 179,173 175,013 170,343 167,640 163,039 168,817 183,453 194,390 195,350 194,744

i57.efc

i53,6fi

i3*6'c

xa8,a3

I30,i57

io3.fc#i 100,5x9

The dates are for 1907-08. The other column are for oorTespooding weeks.

Cotton Statistics

The American Cottom Crop Amd Its Distribution

The following gives an account of the movements of the Americai crop of the season of TO6-07, as compared with the previous two seasons, as reported by the New York Financial Chronicle" and by Mr. Henry Hester, Secretary of the New Orleans Cotton Exchange, the figures being in i,ooo's of bales :

' Chronic|.b

f,

Nbw Orleans Cotton Exchange

Port Receipts

Southern Mills

Total crop

Stock, September i

Supply

Stock, August 31

Deliveries

",449

Export, Great Britain

Continent

Total, Europe . . . 4

Export, Canada.

" Mexico, etc

"5

" Japan, etc

Total

Total Export

United States, North

South

Burnt or Lost

Total United States

Total as above

United Sutes Mills

Mill Stocks, September i

Supply.

MiU Stocks, August 31

Consumption

Cotton Imported

Totol Consumption

The Manual Op Statostics

Cotton Acreage Ik The U Kited States

Acreage of Cotton in the producing States. Estimated by the United States Agriculture.

State

J9,292

I,Xo3,O0O

S79,ooD 4,8a3,oao

I,3Huo0O

9.4J9oaD 37,000

Florida

Georgia

Indian Territory

Louisiana

Mississippi

Missouri

North Carolina

Oklahoma

South Carolina

Tennessee

Virginia

Total

Revised

World'S Cottom Coksukptiok

BALES OF soo POUNDS

Great Britain

Continent

3,620,000 5,i48,coo 4,310,000 1,369,000

United States

East Indies

Total

World'S Cottoh Spihdles

Great Britain

Continent

United SUtes

East Indies

a5,9a4ooo

Total

t AMERICAN SPINDLES

North

South

Total

a4,07a,8io

'5.9H.Hs

Ellison.

t Chronicle.

Cotton Statistics

Fall River Cotton Hills

Statement of the capital and dividends of the Fall River cotton mills.

Corporation

American Linen Co

ncona Co

Lrkwright Mills.

Samara Mfg. Co

City Mfg. Co

iamaby Mfg.

3hace Mills

Cornell Mills

Zooanicut Mills

Davol Mills

Davis Mills ,

Sranite Mills

-largraves Mills.

Laurel Lake Mills

kf merchants' Mfg. Co

bfechanics' Mills

Marragansett MiUs

Dsbom Mills

Parker Mills

Pocasset Mfg. Co

Richard Borden Mfg. Co

>agamore Mfg. Co

>eaconnet MiUs

>hove Mills.

Stafford Mills

Stevens Mfg. Co

Tecumseh Mills

rroyC. & W. Mfg

Jnion Cotton Mfg. Co. . .

ampanoag Mills

eetamoe MiUs

Total

Par Value

$IOO lOO lOO XOO XOO XOO lOO lOO lOO lOO XOO XOO lOO XOO XOO XOO XOO XOO XOO lOO XOO XOO XOO XOO XOO XOO XOO lOO XOO lOO

Xoo

Capital

Rate

Rale

Rate

7M

sM

sH

45

4M

4H

X, 000, 000

3H

X, 000,000

3H

9h

4M

i,aoo,ooo

4H

ih

t

6h,

X, 000,000

45

8M

5K

6a

5J4

5M

i,aoo,ooo

X, 200,000

4H

X, 000,000

5M

6h

7.

4h

4H

5H

4M

6a

4J4

18M

aH

Rate

6tf

5M

5M 5K 6/

20tf

4K 5fi

14M

35

A

$200,000 common, $100,000 prefer! ed. t Capital not included in figuring avenge of dividends for 1006 or 1907. % Average figures on old capital. Total dividends paid in 1007, $3,701 ,876, exclusive of stock dividends, an average of 10.07 per cent., which compares with $1,485,100 or 6.80 per cent, plus in 1KI6, Paid on preferred stock only, a In addition a 60 per cent, cash or stock dividend was declared, ft 40 ,er cent., paid on account of increased capital, d And 88i per cent, stock dividend e Also 26 per cent, tock dividend. / Also 100 per cent, stock dividend, g Also 60 per cent, stock dividend.

Fractiomal Diffebehces Iii Cottok

The following represents the value of fluctuations in price upon xoo bales of cotton : i-xooc on XOO bales $5.00 50-iOoc on xoo bales — $25aoo

— i laoo

ft

5-Iooc

ac

— x,ooaoo

Petroleum

Prices of Petroleum in New Yoric for a Series of Years, with Production, Well riovement and Other Informatioii

Pipe Lime Hums. Im Barrels Of 42 Gmlloms

Figures being: for Pennsylvania, West Virginia, New York, Ohio, Indiana and Kento.

Month

January

February ...

March

April ,

May

June

July

August

September . .

October

November. . . December...

Total... Average.

3.559. '68 3,108,449 .

Month.

January. . February. March . . . , April . . . . May.

June

July

August

September.., October . . November. . December .

a.655?= 3,91 i,6B5 2,931 .465 3,000.4 2,70.006 3,967.6 2,815.3x6 2,613.999 3.758,611 3.504.579 3.683,719

Month.

January

4.554,853 4,314.997 4,x66.o79 4,002,835 4,399,826 4,052,604 4,390,400 4,456,163 4.682,553 4.707.497 4.640,155 4,423,245

4.969.56s 4.479.620 4.401.736

4,039.642 1 5.07i,7X< 4,397,676 5.381.645 4,740.362 5.79.09 4,506,448 5.654.718 4.969,386 . 5.839.84* 4,060,028 5.423.996

February

March

April

May

June

July

August

September ,

October

November

December

Total

Average

Ix. 673,493

io,7A938

13.690.03; 13.404.734 x3,78i,#-7 13,777.??6 12.853.3.0 i3.486,iS x3.139.787 i3.ooao3S 13,618, 1 3.473. w

Petroleum

Yearly Productiok Of Petroleum

Year

187a. i88a.

Grand ToUl, Barrels

6,393.194 9893,786 10,926,945 laf, 169,514 9,133,669

Year

Grand Total Barrels

Estimated.

Prices Of Refiked Oil

Per Gallon

Month

High

Low

High

Low

High

Low

High

Low

High 1 Low

January

February

March

Aoril

f.95

%

K. :a:i

S.30

a45

Ms

,

June

July

August.

September

October

November. . . . December

.Average. . . .

Money

Banking: and General Financial and Commercial Statistics

Call Loams

Highest and lowest rates for call loans at the New York Stock Exchange

* Ending

January 4

January 11

January 18

January 25

February i

February 8

February 15

February 21

March i

March 8

March 15

March 22

March 29

April 5

April 12

April 19

May 3

May 10

May 17

May 24.

May 31

June 7

June 14

June 21

June 28

July 5

July 12

July XQ

July 26

August 2

August 9

August 16

August 23

August 30

September 6

September 13

September 20

September 27

October 4

October 11

October 18

October 25

November i

November 8

November 15

November 22

November 29

December 6

December 13

December 20

December 27

The dates

High

Low

High

Low

3K

3

iM

'H

'J

iH

a5<

15

Im

3K

I?

3?

iH

4M

iM

15

1%

K

3U

aK

'

13

H

iM

'¥.

iH

M

H

iM

I I-Io

H

2M

'K

iM

3K

H

2H

iH

4K

2ji.

iH

aM

iM

2K

6K

3K

iJ

4K

6M

4M

,

aM

6K

3h

aH

t

tas

High I Low

4K

5M

as

aH

4H

Is

3h

3H 3M

aH a3

iM

3M

aH

S

aH

a

ai

3S'

aH

Is 7H

3h

6i

Id

9S

as

3S

4S

z

Is

s

3S

a-i

ss J

arc for 1907.

The other columna are for conespoodaag vMki.

Monet Markets

Rmtes For Tike Lomms At Hew York

Eek Ding

2a .

89

s..

la

lo.

7- M. ai. a8.

a6.

a3-.

ao..

aa..

a?.

go Day 6 Months

A%

aH aH

3H

3M 3M SVi

2H

aM 3?< 3M

a

3H

3?

3k

3H

3h

4K

3H

3M

3H

aM

af

aH

2K

a

3H 3H 3U

1M

3Ji 3H 3H

3J

3H

Ah

Am

A%

A

3M

3H

3yA

3h

3H

3M

3K

3H

3M

3i

3K

3H

A

3H

4M

Ah

A

Ah

3h

A

3U

A

3H

3h

3H

3h

3H

3M

3H

3M

3H

3M

3%

3!

3h

3H

A

3H

3h

3H

3h

3H

3h

3H

3/

3h

3H

A'X

Ah

Sh

Ah

Sh

3H

3M

3H

3h A A A

A%

aH

54

Ah

3H 3H 3H 3H 3H 3h

3h

3H

3h 3H 3h 3H 3h 3H

34

3H

3h

3M

3H

35

Ah

aV, aH

4M 4H

aH aH

Ah

i'

5H

5J4

54

5M

3H

3M

3H

3M

3H

3%

3M

3%

3h

3H

3h

3%

3H

34

3h 3H 3% A

34

3H

A

aH aH aH

aH

4H

Ah

5h

Sh

5h

Sh

Ah

5h

Sh

5H

5h

sH sh

Ah

Ah 4k 4H

5M

7H

Sh

Ih

sH

5h

aH Ah 4h

Ah

sh

Sh

sH

aH

sH

sh

s

Ah

A

Ah

aH Ah

A

sH

ih

sh

7h

7H

sH sH aH Ah

Ah

aH sh SH sh

Sh

sH

sh

Sh

6h

sh

s

aH

Ah Ah AH

Sh

s

Sh

Ah

Sh

4f4

Ah Ah

Ah

SH Sh

Sh sh sh sh sh

6h

Sh

Ah

3H

A

Ah

A

Ah

aH

Ah

aH

sh

Sh

6h

Is

6M

sh

sH sH SH

sH

Ah A

A

3H

A

3H

Ah

A

Ah

sH

Sh

6H Sh

sh sH

la la la la la

Sh sH Sh SH sh sH

Ah Ah

Ah Ah Ah

s

sH sh

Sh

6%

Sh

Su

Sh

sh s%

Su.

aH

Ah

Ah Ah Ah

Ah

Sh

7H

Datts art for 1907. The other columns are for corrMponding weeks. weeks of Nov. i— Dec 6.

t No market whatever.

The Manual. Of Statistics

m

i : i : i if

a

tu

g

B

I

3U

g

o

Msi 15?

O '

-a

r o

oo'o ncCfOcfMMNTw

O

Money Markets

ajf

5 fl"S?.S3!§S&f

it' "

' cf ro

M n m' rf in" cf ef n

M w cf Cf

m' m" io i-T cf ef ef rp

31

„a=£!>"2S

M MAnMClMM

e-8

The Manual Op Statistics

HEW YORK CLEMRIHG HOUSE M¥ERi6ES

At End Of Each Week In 1907

Ending

January 5

January 13

January 19 ... . January ao . . . . February 3 . . . February 9 . . . February 16 . . . February 33 ...

liarcb 3

March 9

March 16

March 33

March oo

April o

April 13

April 30.

April 37

May 4-

May II

May 18

May 35

June X

June 8

June 15

June 33

June 39

July 6

July 13

July ao.

July 37

August 3

August 10

August 17

August 34

August 31

September 7.. Septemberi4. . September a I.. September 38. .

October 5

October 13

October 19.

October 36

November 3 . . November 9. . November 16. . November 33.. November 30... December 7... December 14... December 31... December 38...

,049,667,500 ,048.808.700 .063,957.300 j097,837i500 .099356,4O0 ,093,061,000 ,083,460,400 ,079,185,600 ,066,956,900 .053,576,600 ,049,989,600

,ia6,539,ioo ,115,734,300 ,104,835,900 ,105,350,000 .123,163,700 ,136.950,700 .110,453,300 ,096,333,100 ,088,153,000 ,087,985,400 .088,597,300 ,088,973,300 .097.579.000 .100,351,500 ,089,068,400 ,083,401,900 ,076,846,300 ,087,711,000 ,148,452,600 ,187,316,400 ,193,010,400 ,187,998,400 ,198,078,500 .i86.39S.6oo ,175,037.900 ,165,46,800 .147.694.400

t Deficit.

Deposits

Total

$250,398,400 260,871,300 379,069,300 282,315,700 381,814,100 260,736.500 368,817,600 ' 265.565,000 I 363,466,600 257.024,000 354,006,700 355,345,600 368,085,600 378,619,500 386,368,400

37o,49i,3cx> 274.567.000

S 7.335.900 3,301,000

383,398,800 376,986,700 374,158,400 373,073,300 370,430,400 268,131,800 373,661,000 369,445,000 a6i ,833,900 361,167,400 367,610,500 254.709,700 234,107,900 a9.794i900 218,659,000 215.851,100 217,831.400 233,503,500 226.615,300 233.122,500 343,561,000

$M7.35

I2E,734.I3C

6.877,t 9,088,0:5

9.2.6:5 7.473.D 7,76o.sy 7372.73= 6,911

t i,33J00

t53.SS5

t 54,io6s

t52.98wa5

t46,2KX39c

t 4Q,iOI.Il

|3o,i70vj9c

Money Markets

Surplus Reser¥E Of The Mew York Banks

Week Ending

Surplus

January 5 — January 12. . . . January igi . . . January a6. . . . February 2... February 9... February 16... February 23...

March 2

March 9

March 16

March 23

March 30

April 6

April 13

April 20

April 27

May 4

May II

May 18

May 25

June I

June 8

June IS

June 22

June 29

July 6

July 13

July 20

July 27

August 3

August 10

August 17

August 24

August 31

September 7. , September 14. September 21. September 28..

October 5

October 12

October 19

October 26

November 2., November 9., November 16., November 23., November 30. December 7. December 14., December 21., December 28.

i8,545675

i55a9.67S

374i,30O 6,007,650 10,985,450 11,181,825 10,029,825 8,992,625 9,222,725 9i645,"50 4.775.650 9,477.175 10,099,575 12,923,850 8,377.675 8,008,475 13,378,475 18,915,400 24,060,075

31,587.075 21,563,575 21,058,300 30,677,925 17,396,975 15,372,200 U, 173,635 14,569,300 13,937,500 16,577,125 17,433,350 '7,944,450 10,274,150

5,394,325 6,138,425 3,9" ,350 6,125,200 6,305,300

10O4

57,731,475 58,613,07s 57,375,400 47.503,400 38,438,250

13,340,775 6,824,625 8,486,22s ii,4p,675 15.688,875 12,782,450

tS3,ai9SO 154.103,600 152,989,425 146,210,350 t40, 101,17s 1 31.751.000 1 20,170,350

Th dates are for ige7. The other columns are for corresponding weeks. t Deficit.

The Manual Op Statistics

*Bamk Clearih6S Statistics

AT io8 CITIES FOR TWO YEARS

Clearing Housbs

New York

Chicago

Boston

St. Louis

Pittsburgh

San Frandsco

Kansas City

Baltimore

Cincinnati

Minneapolis

New Orleans

Cleveland

Detroit

Louisville

Los Angeles

Omalui

MUwaulcee

Seattle

St. Paul

Bufialo

Denver

Indianapolis ,

Fort Worth

Providence

Portland, Ore

Albany

Richmond

Washington, D. C.

Spokane

Salt Lake City

Columbus

St. Joseph

Memphis

Tacoma

Savannah

Toledo

Rochester

Hartford

Des Moines.

Peoria

Norfolk

New Haven

Grand Rapids

Birmingham

Syracuse

Sioux City

Springfield, Mass..

E vansviUe

Portland, Me

Dayton

Augusta

Worcester

Mobile

Rank

in

la

ao ai aa

a6

3a

$

So

5a

P

$87.i8a, 168,081 13,087,647,870 8.135,310,165 7,161,060,440 3,165,619,337 a,743570,483 3.133,883,635

1,649,175,013 1, 473,911, ao7 1,361,879,950 1,145,463,149

333,443,413 303,108,403 301,419,017 393,158,334 384,637,600 375,601,793 354,965,804 348,871,040 345,969,795 334,750,533 316,755,000 308,435,340 187,463,394 184.478,474 155,476,043 M,333,539 138,033,419 138,709,685 "1,943,343 "3,559,990 110,335,487 109,808,991 i03,9",956 103,436,094 101,478,830 100,460,443 94,358,811 8.1,473,403 8i.893i594

Rank

in

t

to la

M

;i

ao

7,ffi6,5S.98o

'.998.400.779

',331,675,055

303.437.311 391,178.333 338,453.196 388,175,013 374,131,600 355,404.134 335,997.896 347,534.435 303,773.533 343,603,437 311,355,075 300,683,075 199,463,611 181.337,897 137,503.830 150.950,390 134,553.531 134,010,385 ii7,3io.aji 91,070,969 87,969,613

15s

I Dec

6.a

6.J

Money Markets

Bank Statistics—

lARING HOUSKS

Ue

iville, Fla.

looga

igton

-Barre

ng

iver

izoo

fieid*'lil

stown

Vayne

Jedford

Rapids

fton

3rd

anton

ir

Falls

Bend

.ke : . .

y. Ill

jffield, Ohio

ur

ield

jnt

3n

onville, 111

Tide

Arbor

"otal, United States, de New York City.

Canada

real

nto

"peg

ouver

wra

Fax

milton

ohn

ion

Total, Canada

Rank

8a

9a

57.445.3" 55,188,310 53,225,851

i9,839,.328

1 7.9", 237 17,531,822

Rank

in

34*240,579 33,798,404 39,478,013 31,916,393 30,614,491 33,755,553 30,093,193 36,368,369 25,392,088 36,858,800 27,363,706 19,639,906 32,702,046 22,717,616 35,007,840 25,129,099 30,341,848 30,039,005 17.452,304 x8,ooo,394 15,081,475 13,321,950 13,413,151 10,054,097

Increase per cent.

II. o

Xi. O

Dec. per cent.

ioo6

The Manual Of Statistics

COMPARATIVE KOMTHLY TOTALS OF BAHK CLEAR iKGS

omitted

iM

.S99

igoo

igor

$

S

Jan

Feb..

".675

Mar. ..

7.S94

4,a85

ia,525

June...

July...

9k133

Aug

Sept...

Oct..

I4v430'

Nov

Dec

Total..

en. OH

Sales Oh Hew York Stock Exchmhge

January February . . .

March

April

May

June

July

Aug:ust

September . .

October

November. . December...

Total..

Toul Shares

Total Shares

20,765,538 25,364.908 29,062,450 29.371,530 20.538.324 12,536,567 i3,oi8,si8 20,253,170 16,091,436 17,742,434 26,884,067 31,408,900

Total Shares

Total shaiTB

23,014,797 16,483,152 32,250,843 19,230,048 15- 755,363 9.734,359 12,797.73* t4,5ca.8i3 12,142.219 17.310,181

Stocks, Shares

State, R.R. and Misc. Bonds

a99.372.327 501,398,200 389,906,700

i,66*,400

Money Markets

Sales Ok Hew York Consolidated Exchak6E

Whbat

No. of Shares

Bushels

No. of Shares

January

February

March

April

13,974,640 9,327,660 11,805,740 ",917,340 11,764,040 12,711,940 9,939,480 11,203,680 11,058,280 11,078,900 10,857,020 10,362,040

mnnum

June

July

August

September

October

November

December

Total

Prices Of Exchamge Seats

High Low

Baltimore Stock $4,800 $1,850

Boston Stock 20,500 20,500

Chicago Board of Trade 3,925 3,ooo

Chicago Stock 1,500 650

Cincinnati Stock

Cleveland Stock 5,70o 3,900

Minneapolis Chamber of Com mer . 4, 100 2,800

Montreal Stock

New Orleans Cotton 6,000 4,070

New York Coffee 4,000 2,700

New York Cons. Stock St Petrol'm. 1,350 850

New York Cotton 10,700 7,800

New York Produce 425 200

New York Stock 81,000 57,000

Philadelphia Stock 8,500 5,000

Pittsburg Stock 9,000 5,600

St. Louis Stock 5.000 4,280

Washington Stock 4,300 2,500

Low

xo,ooo

HiRh Low

High

Low

x,ioo

xo,ooo 7,000

x,ooo 400

x,6oo

97s 900

I9,000 19,000

xoo8

The Manual Op Statistics

S

Ui

s

E;

T!

:;d

g

a

e

Qe

5

if

it "Si

el

gal

.Si's

Ip

S'.S c

i i.s g

B y 0.2

U3 u M S

so 2

M M MMMAmMMM tICIM aa.a —

oC aanf

Onions

Monet Markets

Rghamdise Amd Dry Goods Imports Amd Exports,

Exclusive Of Specie, Port Of New York

Ending

a

h

t

iber 7

iber 14

iberai

iber a8. . . . .

r 5

r 12 ,

sr lO

5r a6.

iber a

iber 9 iber 16. . . .

ttber 23.

ttber 30

iber 7 iber 14 iber 21 , iber 28

official total for year

Imposts

12.1A575 16,236,613 2,736,476 14,629,610 12,179,008 17.153,370 '2,551,916 15,977,401 15,790,219 15,188,903 14,275,277 17,651,461 14,870,481 16.536,376 18,428,540 13,437,650 16,031,930 18,574,362 19,048,027 20,043,208 18,935,525

$15,767,227 17,150,390 14,769,859 16,155,561 19,203,508 15,458,940 16,436,190 19,673,810 21,484,605 19,938,792 16,201,830 20,799,463 20,316,929 17.873,920 16,629,860 17,144,342 17,670,304 19, 139, "7 17,023,250 18,011,305 12,764,179 15,861,779 14,369,923

WsBK Ending

January 5

January 12

January 19

January 26

February 2

February 9

February 16

February 23

March 2

March 9.

March 16

March 23

March 30

April 6

April 13

April 20 .

April 27

May 4.

May II

May 18

May 25

June I

June 8

June 15

June 32

June 29

July 6

July 13

July ao

July 27

August 3.

August 10

August 17

August 24

August 31

September 7

September 14

September 21

September 28

October 5

October 12

October 29

October 26

November 2

November 9

November 16. . . .

November 23

November 30

December 7

December 14

December 21

December 28

Official total for year

1,637,951 1,683,861 3,557.203 12.400,533 3,837,523 [3,690,396 0,888,378 3,973,573 4,897,719 2,Q57.725 4,849.398 11,557,606 13,400.9 6,456,067 9.758,63a 6.161,338 10,933,296 [3,787,447 1,992,783 1,976,558 7,963.314 15.992,532 13,178,811 13,237,400 8,503,578 13,369,135 2,479.789 2,711,008 3,271,831 7,520,631 9,869,586 [3,093,364 1,688,344

The dates are for 1907. The other columns are for corresponding weeks.

The Manual Op Statistics

Imcoke-Yielding Capacity Of Stocks

Purchase Price

Dividend Rate Per Anitum.

1%

a%

3%

4%

5%

0%

7%

8%

9%

lO

xo.oo

tf?

8aoc

17H

S.7I

"43

57

6oloo

S3-35

as

x6.oo

3O.0O

3a.oo

4Owoo

avK

Iv,

T0.91

a5.45

5?

3a.7J

36

3f>

J3.33

a3-33

ao.oo

4aae

Q.23

".43

2aoo

V,

37K

x6.oo

ai.33

a.35

rg

a3-S3

a8.a3

26

47K

3.Xz

a5J6

xo.oo

x6.oo

x8.oo

94Jo0

SaM

It

"43

Iis

Xo.91

2i.te

I3.8o

9aOD

6s

3-

":il

18

67K

'S

7K

i6l5$

xa67

r

a.58

15

i.as

82K

I.3Z

a.35

s-

87K

xaoo

li

8.

tO.81

5.a6

f-

97K

9-a3

IX Jl

laoo

I:S

3.

t%

no

%

a. 73

It

n

i5

Wx43

lao

7.S0

7.ao

&00

30

a.31

?2

las

8J9

%

4.a9

€1

Ka0

S.33

in

;:u

a.58

3-a3

S.16

tf

31a

6lS

Z.21

4.a4

a.35

in

5.a9

It

x8o

a.78

1%

54

3.a4 '2

53

21

5.a6

I.Oo

Money Markets

B;i68; iiiSt <g§8<!5'SS (g.g'Rfii 6SjiS.jip.8i

On On On On On OnOnOnOn OOnOnOnOn (wOOOOOOOO 000000000000

On On On On On On On On OnwKonCK unOn OnoO 00 OOOOOOOOOOwOO

cS On ON On On On On CS wS On On On On On OnOnOnOn cSOnOOOnOn

88885 S3S58 §8885 ttti itt ' ' '

§§§"§? jjs''i ttiit tiit itttt

n

M

The Manual Op Statistics

Q

S 2

§ s

to I' I

o

Oo Oo Co 00 00

OO w 00 00 00

cS On on qS

eo

S'-8'€'8S-r?

88ooS

SoJJ?S8

lO 10 -f W

M fS Q. to

0t

11

!?Wm8>: .

Money Markets

On cS cS CS ON On On On On On qnOnOnOn O On On cK cK cK cK

§2'§? titty SssS's SeS? J2'S'JS2&

::t

f

is

Iot4

The Manual Op Statistics

o

it

5S

53aS-S.S5

Sss£&

R'S,85'9

S'S.SS?SfS

P.3.5r¥.a

5"ft8RS

mil

urn

S" o" S" ? £ £

M M M M M

S-Rrssj

M M M H M

n

'8 8'2S2

M M M Ih M

M i-l M M H

ei

H

9M98-l 1

:i

Monet Markets 1015

iSSi iJtt SS&d *S.*i5jiS P.S.?.jip.f:.Jt

<s8a$<3 8:!?s ca-JT'SSiS. s'9.a5ri?'8J

Mmmhm Mmmmm Mmmmm Mhmmm Mmhmhmm

2n

§§88 g's'g'* iittt sS'S'eS S3SSSSS

S H MMM HMMMM hMMMM MMMMM |4MMMMMM

ioi6

The Manual Op Statistics

Uj M

*SRJr,8 S.3.3.&8.

SB ii

g.SSSS

e

gsisg

M M M M M

M M M 11 M

SS'S-'ft? 888S8

a5"S.£-8 §§888

M H M M H

to

8 S 3 S ?

S.88P;&

S 2 2 r

"8.8 lea's,

8S8?J

'ftS''8.? 'g'SS'S'

if?

&5Sr8

CI fO 4 io"

u

O M M N fO

R5,R5,5:r

'a='R8;fR

O" ro Tj-O

ft S !? S 3

n

fO "-i CJN Q

gS'S-22

8 S'-g J

"S'Sss'S'

S?2?8

8.R*Sfi-

5m

H ii nin

rt M M M M

'SWJS'il

I I t . I r ,

Monby Markbts

H M H M M

i 8' S S 8

mti

ttM

am

nut

M H M H H

K d d d M JJ I M H H M M

SiS.%&

eE;8.8

d d d M H

In H M M M

n 4 10 10 to

M M M M H M M M M M M M

d d M H ci

H M H H H

Is

a

vrd ei.od

d M 4 10

yd ri.od dvd

$

M M H M M

M M H H M

M M M H M M

g§g-2 2

CI fO fS f*j

h M M M H

M H M H M

H H M M M M

M M H H H

M H H M M

H H H H M

9!r"8'8%?

n

ioi8

The Manual Op Statistics

Interest Laws Ik The U Kited States

Laws of each State and Territory regarding the Rates of Interest and Peoaltiea for VmMj,

the Law or Custom as to Days of Grace on Notes and Drafts

Authority of the Latest Statutes

States and Tbuotoribs

Aladca

Arisona

Arkansas.

California

Colorado

Connecticut

Dakota, North

Dakota, South

Delaware

District of Columbia .

Georg;ia

Idaho

Illinois

Indiana

Iowa.

Kansas

Kentucky

Louisiana

Maine

Maryland

Massachusetts

Michigan

Minnesota

Mississippi

Missouri

Montana

Nebraska

Nevada

New Hampshire

New Jersey

New Mexico

New York

North Carolina

Ohio

Oklahoma

Oregon

Pennsylvania

Rhode Island

South Carolina

Tennessee

Texas

Utah

Vermont

Virginia

Washington

West Virginia

Wisconsin

Wyoming

Legal Rate of Interest

Per Cent.

Rate

Allowed by

Contract

Per Cent.

la

Any rate.

lO

Any rate. Any rate, t Any rate.

la

lO

la

lO

Any rate.

lO lO

Any rate.

lO

Any rate. xa

lO lO

Any rate.

lO

Pknax.T1B8 For Usckt

Forfeiture of interest.

Judgment for double the interest.

None.

Forfeiture of principal.

None.

Forfeiture of interesL

Forfeiture of interest.

Forfeiture of principal.

Forfeiture of mterest.

Forfeiture of interest

Forfeiture of excess of interest.

Forfeiture of interest.

Forfeiture of excess of interest.

Forfeiture of interest and costs.

Forfeiture of excess of interest.

Forfeiture of interest.

Forfeiture of interesL

None.

Forfeiture of excess of interest.

None.

Forfeiture of interest.

Contract canceled.

Forfeiture of interest.

Judgment with 8 per cent, interest.

None.

Forfeiture of interest and pays oosta

None.

Forfeiture of thrice the excess.

Forfeit, of interest and pays costs.

Misdemeanor.

Forfeiture principal and Interest

No!

and a misdemeanor. Forfeiture of interest. Forfeiture of excess. Forfeiture of Interest Forfeiture of principal Forfeiture of excess of interest None.

Forfeiture of double interest Forfeiture of excess of interest Forfeiture of interest Recovery of excess. Forfeiture of excess of interest j Forfeiture of excess of interest Forfeiture of interest Forfeiture of excess of interest Forfeiture of interest P'forfeiture of interest

Gnoe. : SGnoe.

No gnoe. I Grace.

Nogxase.

No gnoe.

No grace.

Gnoa.

No gnoe.

Nognee.

No grace.

No gnoe.

Nognee.

No gnoe.

Nognee.

Nognee:

Nognee.

Nognob

Nognee.

No gnoe.

Nognee.

Giaoe.

Nognee.

No gnoe.

Gnce.

No gnoe.

Nograca

Ngnae.

Nognee.

Grace.

Nognee.

Gnoe.

No gnoe. No gnoe. No gnoe. NogfKB. rSogiaoe. Nognee.

Any rate of interest agreed on is legal on call loan* of $5,000 or t But no more than 6 per cent, can be recovered after debt becomes payable, for a greater rate. No grace on instruments payable at sight.

nore. 00 oollaienl — ow. X Coi pwanewa Bay oasis

Banks And Trust Companibs

S.

o

.E ®

s-3

e Z

!1

yi

1

fill

s

or

Z

a

u

O

Hlig. IS

M

M M n

tn 5*" if

J

poqwiqsg

mu

M M M H

nm mu

H03

h .s h g

THB MANUAI< OF STATiaTICS

Si

M O

z

J

H

a.

Q

E

Q

S

s

§

S

M M M ei M M

Z

*-8g ill's III

mi

O M M . M

; Wjoo

nil

pm

mil III!

Itllt

M M M M

o

mil

Is

Banks And Trust Companies

i §§

:

:<o

; I

if u

u

. o

o

Hf

lOfOgOW OOO OlO ;

S :*S

M

s-ss-g

ef cf

lllllllflllllilllllliHI MM

Jl

ills

3J

See

u6u

It"'

o S Co

Iii!

Pi

o U

g g toH

Ilia

Thb Manual Of Statistics

Q

O

H

Oq

u

s

o

J

if

u

Qu

u

Q

g

rf-

z

sS

O o ;

s

O Co

o

o go

lo lo in O

m i

Hi

o

O ;00 Ci

oo rs.r

noo oooo

I

ivuj liir

Banks And Trust Companies

Si

fOlH M W M

O 0 0 O O O

ftf C jn trt

toa4

tH0 llANtTAt. OP STATlSnCS

z

s

M

Rsa ft

s

£l*l

Co

.&888 8 8

pwiqpnsa

M

55

z z

y :ja :a?'-*' :

ff :?S :Sy : :

:"?8 :aSS2

M

Mm Mm

mil

Mill

Banks And Trust Cohpaiiibs

iRRg8S,8S 8SR

i.8g.l2>*?S

M

s

:2

tn

M

n

it

w

z

o o 000 n

o g goo g

Ooo Ooo Ci

M M

'$IOO lOO XOO XOO XOO

I'S't'l

o

: rj : :

Iii 11

Iii . I

Iii 11

$XOO lOO XOO

M M

Mk' §i§;

The Manual Of Statistics

a

o

On.

S

is

fd Q

t Q

CO flOU u

p9qB!iqviS3

laa

si Jal

z

u

a

:%i

III a?§?

8"§'| 8' 8' 8" 8" 8'

w 00 00

o

a

u o

ft2s?8

noo ofMO

oeoflo 1

gla-g

e

"s inn M

Banks And Trust Companies

t M

°2

2

o o 00

loo to t>.

8" 5 5

?H la

2?

O

:S :

$xoo

n

d&

a'S a o

s.sS l§

r"&&§l5l2§-S§'§>&8*?

>ooooo 0 noo ciooo n go

Mm M H Ct

W- CI ro PO 00 M M cf

"Ills

mmii

"I

M;S

QMj

Us - -

Iq28

Thb Manual Of Stati8Tig8

s

J

. ooo

u

. lO .

S

as

u

Q

M

s

Slog

: I? : : :Np

J

§:s§;lll"lgj M§.laSSSgS§:l?**n3:*8jff?

s

2"

'Si

.C-r

"ago flwi2-3

ll-s

oat/3

I'

n

a a

ipiiiS s il

Banks And Trust Oompanibs

:flSft??1JS

M

:5lSS?5aS

M

Iss*

♦o

;OC000O :3o

. Ml . . lOOO ;

: la*?

♦

8g8e88888888ft88§88 888S888888

I O M

f§

1:

IS'l

1:

Ib

o o

u

Steffi 2 2

Mm m m m

Ooo .000

88a888

Iq30

The Manual Op Statistics

u

s

ft* .

J

s

Q

OOOOOOOOO 'OOOOOOO CI OOO OQO 'O 00 00 o O o

'X'

a

u

s

paqsjiqjsg

aj

I?

add

Banks And Trust Companies

Iq3

O I

%o

I I I

:

§

mi i

Iii! W

dials S

Q

o ;ooo 2 wooo oao 0 oo

;O00 00

ooooo N dooo noo ooo

$Ioo

I, ooo

lOO lOO lOO lOO lOO lOO lOO lOO lOO lOO lOO lOO

l§§CHai§TO iiU

gu.

o"Z

all

1J :as'

o U I

-gas

Co

z

8&8S

lis

10S9

THJB MANUAL OF STATISTfCS

si

z

?

a z

s

M Ci M M Jn Mm

E

t

S

g

flip

M Ci H M Mm

ooggc-:

psqinqma

z

lliJl I!

tt

:a I'-

S:

;

'

$ioo

too

lOO

too

lOO

hk

Muu im

Ook'I o2d>

n

Ii

BANKS AND TRUST OOMPANIfiS

M M M M A M M

S

♦

;

§

pl

a

J

m

M

a?

I ni

ai

II Fill I ill

The Manual Of Statistics

o

bd O

H U

U

Os

u

Ou

cT

s s

Q

t

ui

8&888 88

|8SgS ii.

paqsiiqmsa c§<§i'§c? c&J

cS&

Mm

2

M M M M M

sm§§§ ill

Si

It '

: J

Mc

wc

$Ioo Ico

§1

!Rt8,R Si-

s'sfS it.

H%Sh U

K

llil Hi

Banks And Trust Companibs

a

S"

g?

N

M

aaa

§

lit §

z

0 a

M

0

M

ov

n I

Sen

H M

C00 ;vO

noo 'O

0

apQ

wgS

THB MANUAL Of 8TATIBTI0B

if

Si

Q Z

of

iJ

z

H

£ Q 2

MMtfMMM Km

Mmmmmmm Mm

'St-

d

M M M M

o .o

$xoo xoo xoo

§

Pi

I

Co

El

Jp88 &

f§§

k

:

O

i

$Ioo

too

Hi

§§l

Sfl

o U

Banks And Trust Companiss

Hf:

m

n

oo ro

tm m

"3

all Od8

Ml

r

o

o o n o o 0000 00 o

Mmmmmmmm Mm

mum ti

J Si a

a"si;::5i§ si

A

n

d

o u

"woo

J

a

Thb Manual Of Statistics

s

o

U

a.

is

if

O O 00 00 00 00

I 00 ooooooooo

t

O 00 00 W 100

g

E

o

o z

a

Mhmmmh Mh

paqsiiqpnsa

s

z

Si

An la

S

r

s-ifii : J

as

Banks And Trust Companies

O tN.00 lO

O roo ; lo

lag 88 8 8 8 8

M H M M M

siSSSaUiMk Bt§

U 0

'a

h

ll!!lliii III!

!sl

M M M M M H

o 00 w po fh

yQ

o

Ooi Ooi Ooi Ooi Ooi$

H H&S

p

2S

ff"

Jt"

8"

l§

d M M to M IC

a o

o

Z"2

1Q40

Thb Manual Ow 0Tatib91Ob

s

u

!

S"8,8iP8

M M M M M

M

Y

8

M

of

o

c*5

M M M M

Uxxx0U

nmu ui

m

&

nT M M

Iphii,

Banxb And Trust Companies

M6

h

r

S15& gil§a*5a&-

Mmm Hmmmmmhmmm

l$i mmmi

isT

%Mmm

z

J&?&Si

SiS

:8

:B

:8

2S

:S

:8

eocscs

:

:8

00

§§g

&?§l?8Am

mmm

Thb Manual Of Statistics

O Ov

M

u

Q

m §sgg

s:

g

Surplus

and

Undivided

Profits, Dec. 31, 1907

s

iu im

a

1.

c s a

Nil

a

Z

u

H Eu

o z

uMs§ m

|?i?35a

8S :S :

8S :2 :

rs : S :

:a :2 :

si,8s;aft

mm s§§§§

iZ

£J2

Banks And Trust Companibs

iMfrt efMClMHM HM M CI . M M M

o z

u

Ooo I

oo

,yO I

OO O 'O lO

inxo ;

$IOO lOO lOO lOO lOO XOO

Is

Ik pi

&&si

II Sll

s-:§s

2S2 :

s-sss

tm im

o

o z

s

if?

cSiSoo cS

!p1-

Ills §S:li

Thb Manual Of Stat1Bti0B

M

H

J

ftg :38: :%:8 :a

Q

iM

l%§:§:8.SSIi£

m

bmb

88d5r

§ifl-§Jia§s§:§i§g§

mil

itIIIHs; mil

fE?i

4 S 3

0 J

li

Banks And Trust Companiss

M

:

too 00 I

$

uvo 00 .

;

lO

to

§8

am n

g

88J?

m

0

O 1X3

win

rt Q ClT m tA

hm m

J!'

i&.

a

A""

a M a H .

The Manual Op Statistics

z z u

H

E

u

s

o c

O

§

S

SSiS'a'

H

u

H

a;

H

Q

>00 Ci Ci O '00 O O Q Ci O

Cicici Ocio-

8S1

llol cn

88S.8

paqsnqcisa

z

da

bh

bill i-k

ufasci

"33 a a a3Bg"8

g-e,

5

/O

iO

:

m

.O;gao

Xoo Xoo Xoo Xoo

ntlSlBU$k sH

Ml

Banks And Trust Cohpanibs

M M

S&g*?&H§

M H

>oo

I I

h

ilill II

.s

"5

:1S"°8

:S

:J*8

2 a

OQOeo I

-♦o

.yQ

Ooi Ooi Ooi

u

IIP ri

run MANUAL OP STAtlSnOB

u

Q

t

S : Sft

Mm Mm

I*"

lilt

M M Ci Mm M

sn

I tfroto

0

$zoo zoo zoo

III nil

ffl Mil

ill F -

ft: :'

o o neo

Mmmmmmm Ci

muH mm

i4

aiiiiif Kail

Banks And Trust Companibs

Z04

s

z

u

z

r

u

z

r

88S,88S8888 8

5 rl E

'sSS'SS'S's'iS :8 : '!5'a'£8.8Sa:2 :fi : :SR8

t'i

§8i8§88§88§§§§§§

&00 Si&Soo Sk 80000 &&08iC

loso

Thb Manual Op Statistics

a

ai O

z,

a

u

s

H

a

flu

s s

M

T

ifJiSSl&s*

5i:3im:

: r-'ft'

§

:S

S8888888S>

I m Q M

!

5?

z

il

: Qjp

o

u

z

l?is?l&&

Ij-

i&9is&

:

:Ss

:2

8 S S S r

88ft8S,888

Iii!

BANKS AND TRUST COMPANIflS

:S8iia88l&?ll&g5g'K&y?H§i§i8i8ilH&i:5§l8

:&'

88888888 SPS 8888888 if 88888 8.8 8888888888888

i § n :i gill nun m 8ii§ § § § ?ii§

§P8?§P8'8

(S vaoo 06 2S sS cSoo 00 cSoo 00 cawoo cSoo 00 0*00 oDoooooooDoooboboDoooo ooo cSoo (S06 do w

Si

.

s s a g 9 2 i-siii s:s i i § gis

Iq

u

O O Pi

Sat 4*'135

Thb Manual Op Statistics

s

:oo :gssS 18 : iS t

m

M-Mh Mhh Mm Mmmmmmmmm Mmmmmmmmh

l§8§a§-p8§§§ISRl§85l8§lf§§§IJ

ro r6 ef ef

joeT jpeffi"

mssi

M

"S'S ti

Si

z.

liilrililillmrxxl

,

ill*

Banks And Trust Companibs Xqs:

'

CS : :a : : riiasS : : : S SS ftS 8"!?S'S*RjrRS

!l

s

o

§§g>§§§8§§i§88§§2g3ft§§§§§§g§§§8888

?.8aSaif : :<S :l?fe.5:SE':J?iaff8!?SSRS'S.J2%§8.5

dd

rill

11

Thb Manual Of Statistics

u

o z

s

S

3Si&

Ss :"" :

s

Q

:"S :

Q

:"S :

w

J

r

inn

88Sss

S8S"S

$IOO lOO

too

s

z

m

fifil

Banks And Trust Companies

loss

r§ i

m

:a8,

:S8

:a!i

mi

tm

OOOO lO

$IOO lOO lOO

IU% 8i::S&

O

rn

M

m

g

da

n

m

Oi

ssuu t

Iip I

J

Thb Manual Of Statistics

J

s

Q

g

iMMM M MM MM M MM*M M M

a

u

o

r a

8888A8 8888 8ft8 888a8 88888%8 8a8 8 88 8

Mmmm Mmmmm Mm Mmmm Mmmmmm Mm Mm Mm

Si*

§5iis

poqsfiqvisa

M

Ij?

s

Banks And Trust Companies

s

M M CV n M M

io

:S2-r8&

--s

lOOO CI lOO '

M MmiuUMmnumimmwm

s"8

M

go

Hd

-lulls

£

Ids

a

af

The Manual Of Statistics

u

S

u U

u

Qu

S

Q

J

&

9 la&

Mm Mmmmm Mmm Mm

tfi4

H

z

ooo 00 ooo 00 00 do 56 o- cSdo o6 oo o6 So cSoo do

hSo8

11

— iWUU3 a B S

s

8&:giS.

2S:Sj?&

s jj- - - -

mmi

W & 8X00 S

U

32g

u i

Banks And Trust Companibs

Iqs9

MM MM MMM MM MMM MMMMM MmMMMMMMMM M

mO mm m I

za6o

The Manual Of Statistics

fiQ

l:

H

oi

§;:88§lfi:: 18 85 ::::S.?:8:ft:S8yR

t

Mmmmh Mm M M M H Mmmmmmmmmmm

Jf*

IS.S&I sssassss§.sg&8iiii8 sms

i S s5 fa's

Banks And Trust Companiibs

xo6i

ffSgff!? 2S8R

jn?*

a8ft&

-S8X

iSS""

r.oooo

um

'mu $m

is!

die

Hi

ff: :

00

J ♦Oo

I ♦Oo

;2

. Is,*

:

|Ss

a

S :S

moo moo 00 00 00 o

S :S

:S

m

M

§

!ii:s-|f5lilj

15

The Manual Of Statistics

s

u

s

J

u

s

Q

M

Y

U

Cifi

paqsqqosa

M

ifi

r u

g'S 8S

W M Mm

ss

S"

8%

d

z

S

CIO OO 'OOOO rn

Cio Oo -Oooo

Immu HUi i

00 96 dp 00 vSco do OQco &9 2

Banks And Trust Compantbs

lofijj

ia"

M

1 O'Ooo

S

.

4 MMflHMM MMM

o U

!

la

rtilllll III

ISs-SS

ssy?

O ron no

I cjooo

m4u tmt

O O

Eo

M

nooo 'oo

O

oooooo;y

O

oooo o 2-

aO

§

Ill- !

Thb Manual Op Statistics

Qu H

It

H U

S

Ok

H O

►

Q

S

!

z

Jill

o

H

z u

o

Sno

Si

o

S Co

o

&

8gg :ft:

s

Ooi Ooi Ooi Ooi Ooi Ooi Ooi$

vSw OQ 00 00 CB 00 00

Z H

lip

Banks And Trust Companies

O . . Os

'28 : : rSi'S :Sft'

O ViO 00 00 'OOOOO VMCIOOOOOOO

noo 'ooo o

O

s

l|§§f8l§C8'§"§§"Ca'§'8*§§§'8' l§0"f§"§'8-

O

O g

M

IJi

i's @ e &-9 9

iaa

if ilPlf

io66

The Manual Op Statistics

z

J

k O H O

u £

9B

S

o toooeoo "fio

o moooo o

mmv. I§

paiisnqsa

o

u

Is

Ii

ffS'SaS £

88S,88 8

M M Ci Ci M

Ps'S 8"

Hi

I

is-s*

an

im

Banks And Trust Companibs

♦ft*

3 xos

z

oogow :8 : :

A

8§

imii §§

3H

U Ii

0

. lOOO "O 2" oo "OOO 2

U.000

io68

Thb Manual Of Statistics

u

H Q

s

Q

M. Co

lo loeoo o

m wMOOoo

Mmmm Mciho

z

Pi Ills

ISSif

O

0BOOo6 iy Ob

too

lOO

T?fb

!5

it iHi

Banks And Trust Companies

I§H3§.8,8,

goo : : .go :o

I 06 00 Cs & Ovoo 00 Ooo 00

o

I :&

illltllllt lg

&Sg§i

Ss'Ss :

§tl§§§ %iS§§

MUH nm

s:z£iflS

I

♦

:|S

m i

i

§i.S §

Z070

Thb Manual Of Statistics

O

a

mHmmm MHM

mAmhm hmh

s

Q

t

Mhmmmm Mhm

iS

!

mm m

UmM III

r

M

z

Ss

igeo o ; tn

lo ; n

&?

D

ca

a z

S

im

5?

Oho

Omo

$IOO lOO

iUi ii

Banks And Trust Companies

ffoo

fa-"" :'8S

"8

Js-" :>S2

:8

:mm u

'Ssiks m

:%zal

£

iS

8i?2 : :

:

00

M

00

Mt m

III a

z

i%i

H H M

lOO ;

u.ag

Q Z

of

m u

: a:

at

lis

The Manual Op Statistics

u

S

s

H

o

Q

s

Q

&

0000000 'Ooo O 'Oooo 100

toao 0000 'CIO *00 mo

5l"sl

l-olai

u

z

mm

?

;o I J2

♦

z

Imhh 1

"8

flliiit I

Illll 1 I

BANKS AND TRtJST COMPANIESS

to7S

O -00

o

O ;00

O 'Oo

a

ft§§

a m

o oo 00 OviSO

'=1 sal

g'8 8.'S.2

rn M n M CO MM

§g

0

M

OOOO :Oj

2

2"-

O

2

fCovqwojo oro

i!

2

o 2

OOO too

QOO lOO

f0

M

0

mi u

o6 00 OD cSw

do

5d us

u, s —

i' —

I ml

Thb Manual Of Statistics

a

z

t

s

J

St

Q

H Q

t

CO flQu tJ

!

,1

J

lis

z

U

r*oo ;

;

:

.

-

88a

m 5"

i ?:8

o z

Ij

u

:Ss

o

s£

siS

Banks And Trust Companies

n

CI o 'ooo ooo

O O O eoo OO

o o 'O n coo

it

u

I n

mm m

S 00*00 ooooS

da

3S

uu i

£

M M M H

<sa'g,§s£> gg'S'

12K

. O H

lum m

.sI'SBJf I'll

0 Pf

Thb Manual Of 8Tati8Tig8

g M

z

§

u

M

Q

M O

'a

t

m

ai

S-5

Czz£

di u

o

!P88

r-

*x-

m

f

Jill I

sy

o

"Hsu

Banks And Trust Companies

o

z

D O

fH

ooo

e

Xoo

§

m i

!B 8

s

a