I 4751 I 55? A. ^Sm 19 19 L xv^^c^.^-lxiit> ^jt FROM Wk THE "^fJlIBRARY OF BLYTH, WITTEK Sr* CQ ® At. LOS ANGELES " EASADENA' HOLLYWOOD " SAN DIEGO' SEATTLE " POPvTLAND ' NEW YORK " OAKLAND' SAN FRANCISCO m i-Ui. ANGELES LIBRARY STONE & WEBSTER ESTABLISHED 1889 Charles A. Stone Edwi.v S. Webster Russell Robb Henry G. Br.\dlee SECURITIES DEPARTMENT SECURITIES OF PUBLIC SERVICE CORPORATIONS DIVISION OF CONSTRUCTION AND ENGINEERING CONSTRUCTING ENGINEERS MANAGEMENT DIVISION GENERAL MANAGERS OF PUBLIC SERVICE CORPOR.\TIONS A IQIQ BOSTON STONE & WEBSTER BUILDING 147 MILK STREET NEW YORK CHICAGO 120 Broadway -( (\ f A 1 i i First Nat'l Bank Bldg. 106101 WE give in the following pages the information most commonly desired regarding the companies under the management of our organization. These companies are distinct and independent corporations, each standing on its own merits, with its own officers and board of directors and its own bank accounts used only for its own purposes. This complete independence is a necessity, because the holders of the securities are not common to the different companies. We have added to the benefits of this independence the indisputable advantage of a large organization. With a single organization managing these properties, it has been possible to build up gradually in the last twenty-nine years a system of management that assures proper and uniform ac- counting, good engineering, economical financing, the benefit of purchasing in large quantities, proper and systematic records of the acts of the corporations, the gathering and dis- semination of information, the compilation and study of statis- tics of operation, the availability of trained men for the study and handling of special problems, and the broad view and consistent management impossible to isolated properties and indispensable to the most successful operation. It has been our policy to give out information regarding the earnings and the condition of these companies, and we shall be glad to have securities holders communicate with us if they wish additional information concerning the companies or the securities issued by them. As a part of the organization, a library and information bureau is maintained, in which there has been gathered a large amount of data regarding electric railway, electric lighting, gas and water power properties throughout the country. Such of this information as is not confidential we shall always be glad to place at the disposal of securities holders. STONE & WEBSTER. Januauy 1, 1019. ELECTRIC RAILWAY, ELECTRIC LIGHTING, GAS AND WATER POWER PROPERTIES MANAGED BY STONE & WEBSTER. PAGE Baton Rouge Electric Company 6 Beaumont Traction Company 55 Berkshire Power Company, The 54 Blackstone Valley Gas and Electric Company 8 Cape Breton Electric Company, Limited 10 Central Mississippi Valley Electric Properties 12 Columbus Electric Company 13 Columbus Power Company, The 53 Connecticut Power Company, The 15 Eastern Texas Electric Company 17 Edison Electric Illuminating Company of Brockton .... 19 El Paso Electric Company . 21 Electric Light and Power Company of Abington and Rockland, The 23 Everett Railway and Electric Compaistt 59 Everett Railway, Light and Water Company 58 Fall River Gas Works Company 24 Gal\t:ston Electric Company 55 Galveston-Houston Electric Compant 25 Galveston-Houston Electric Railway Company 55 Haverhill Gas Light Company 27 Houghton County Electric Light Company 28 Houghton County Street Railway Company, The 56 Houghton County Traction Company 29 Houston Electric Company 56 Jacksonville Electric Company 56 Jacksonville Traction Company 30 Keokuk Electric Compantt 32 Keokuk Electric Railway and Power Company 53 Key West Electric Company*, The 34 Lowell Electric Light Corporation, The 35 Mississippi River Power Company 36 Nevada Power, Light and Water Company 61 New London Gas and Electric Company, The 54 Northern Texas Electric Company 37 Northern Texas Traction Company 57 Pacific Coast Power Company 57 Pacific Northwest Traction Company 57 (4) ELECTRIC RAILWAY, ELECTRIC LIGHTING, GAS AND WATER POWER PROPERTIES MANAGED BY STONE & WEBSTER. FA.GB Pawtucket Electric Company 52 Pawtucket Gas Compaxi" of New Jersey, The 52 Pexsacola Electric Company 39 Ponce Electric Company 41 Public Service Investment Company 50 PuGET Sound Electric Railway 58 Puget Sound International Railway & Power Company ... 58 PuGET SouNT) Power Company 59 Puget Sound Traction, Light & Power Company 42 Railway & Light Securities Company 51 Reno Power, Light and Water Company 61 Savannah Electric Company 44 Savannah, Thunt)Erbolt ant) Isle of Hope Railway 60 Seattle Electric Compant, The 59 Seattle Railway Company, The 60 Sierra Pacific Electric Company 46 Sydney and Glace Bay Railway Company, Limited 53 Tacoma Railway and Power Compan'y 58 T.ampa Electric Compantt 48 Whatcom County Railway & Light Company 60 Woonsocket Electric Machint: and Power Company 52 Bonds of Constituent Companies 52-01 Suggestions for Guidance in Transferring Stock .... 62-63 Earnings ant) Expenses of Companies, Coupons an-d Dividends due. Bond ant) Ixterest Tables, Approximate Income from Stocks 64-75 (S) BATON ROUGE ELECTRIC COMPANY. BATON ROUGE, LOUISIANA. This Company does the entire electric railway, electric Ughting, power and gas business in Baton Rouge, the capital of Louisiana. Bonds: First Mortgage, 30 Year, 5% Gold, due Feb. 1, 1939:— Outstanding S499,500 Treasury 7,000 In sinking fund, cancelled 25,500 Unissued 218,000 Authorized S750,000 Callable as a whole on any interest day (or in part for sinking fund) at 105 and interest. Note: These bonds are issued in exchangeable denominations of $500 and SI, 000. Sinking Fund: 1% per annum of bonds outstanding, payable Feb- ruary 1. Coupons: February 1 and August 1, payable at office of Trustee. Trustee and Registrar of Bonds : Old Colony Trust Company, Boston. Notes: Two Year, 6% Gold Coupon, due January 1, 1920:— Outstanding $143,500 Treasury 6,500 Unissued 150,000 Authorized $300,000 Issued in exchangeable denominations of S500 and $1,000. Callable as a whole at par and interest at any time on thirty days' notice. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Notes : Old Colony Trust Company, Boston. Stock: (Shares, $100 par). Preferred outstanding $200,000 unissued 50,000 authorized $250,000 Redeemable at 110. Preferred as to dividends and in case of liquidation. Common outstanding $300,000 unissued 200,000 authorized $500,000 (6) Dividends: Preferred stock, 6% cumulative, paj'^able June 1 and December 1. Common stock paid June 1, 4%; December 2, 4%. Annual Meeting : First Tuesday in May. General Managers : Stone & Webster, Boston. Transfer Agents : Stone & Webster, Boston. Agent to Register Transfers : Beacon Trust Company, Boston. Miles of Equivalent Single Track : 6.23. Franchises: Electric light and power franchises expire in 1988; railway franchise expires in 1940; gas franchise expires in 1942. Estimated Population Served: Jan. 1, 1919, railway, 21,700; electric light and power, 21,700; gas, 19,500. Census igio: 14,897. Earnings and Expenses: For 12 months ending Dec. 31, 1918: Gross earnings $267,809.06 Operating expenses and taxes 146,653.36 Net earnings 121,155.70 Interest charges 41,422.94 Balance 79,732.76 Sinking fund requirements 5,005.00 Balance 74,727.76 Dividends: Preferred stock. 6%. $12,000.00 Common stock, 8% . 24,000.00 36,000.00 Balance for reserves and replacements . . . $38,727.73 Balance for Sinking Net Earnings after Fund Requirements, 12 mos. end- Operating Expenses Reserves, Replacements ing Dec. 31. Gross Earnings. and Taxes. and Dividends. 1907 . . . $80,053.82 $17,925.95 $12,442.89 1908 93,257.35 24,568.27 19,263.74 1909 99,757.21 26,495.54 10,162.70 1910 110,173.74 38,056.38 17,397.05 1911 119,476.02 43,590.47 22,902.95 1912 147,381.21 59,474.67 38,707.07 1913 163,128.-32 60,746.92 39,775.60 1914 178,824.79 64,546.22 43,631.56 1915 190,852.07 82,647.58 60,840.20 1916 211,694.05 110,836.05 73,990.44 1917 231,965.08 112,551.10 74,875.14 1918 267,809.06 121,155.70 79,732.76 (7) BLACKSTONE VALLEY GAS AND ELECTRIC COMPANY. This Company in 1912 acqmred the physical property of Woonsocket Gas Company and, subject to the outstanding houds, the physical properties of Pawtucket Electric Company and Woonsocket Electric Machine and Power Company. It also acquired all the common stock ($1,000,000 par value) and $10,000 of $1,000,000 par value of the preferred capital stock of The Pawtucket Gas Company of New Jersey, which owns all the capital stock of The Pawtucket Gas Company. Blackstone Valley Gas and Electric Company accordingly does the entire gas and electric lighting and power business in the Blackstone Valley of Rhode Island, including the cities of Pawtucket, Woonsocket and Central Falls; the towns of Cumberland, Lincoln and other adjacent towns. Bonds: First and General Mortgage, 5% Gold, due Jan. 1, 1939:— Outstanding $2,023,000 Treasury 49,000 In sinking fund, cancelled 166,000 Unissued 2,762,000 Authorized $5,000,000 Callable as a whole or in part at 110 and interest on any interest day. Registerable both as to principal and interest. Note: The issued bonds bear interest at the rate of 5%, but the authorized and unissued bonds may bear interest at a lower rate as determined by the Board of Directors. Sinking Fund: 1% per annum of bonds outstanding, payable January 1. Note: For bonds of Constituent Companies, see page 52. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Bonds: Slater Trust Company, Pawtucket, R.I. Notes: Three Year, 43^% Gold Coupon, due April 1, 1919:— Authorized and outstanding (indenture closed) .... $750,000 Callable as a whole or in part at 1003^ and interest on any interest date. Coupons: April 1 and October 1, payable at office of Trustee. Trustee and Registrar of Notes: Slater Trust Company, Pawtucket, R.I. Stock: (Shares: preferred, $100 par; common, $50 par). Non-taxable in Rhode Island. Preferred outstanding $1,294,200 unissued 55,800 authorized (by stockholders) $1,350,000 Redeemable at 115. Preferred as to dividends and in case of Uquidation. Common outstanding $2,598,750 unissued ' 51,250 authorized (by stockholders) $2,650,000 Note: Capital stock authorized by charter, $8,000,000. As much of the unissued stock shall be preferred as the stockholders may determine, but the preferred stock shall not exceed 75% of the total issue. (8) Dividends: Preferred stock, 6% cumulative, payable June 1 and Decem- ber 1. Common stock paid March 1, 2%; June 1,2%; Septembers, 2%; December 2, 2%. Annual Meeting: Second Tuesday in February General Managers: Stone & Webster, Boston. Transfer Agents: Stone & Webster, Boston. Stock Registrar: American Trust Company, Boston. Franchises: Principal franchises not limited in time. Estimated Population Served: Jan. 1, 1919, electric light and power, 159,950; gas, 157,800. Census igio: Pawtucket, 51,622; Woonsocket, 38,125; Central Falls, 22,754. Earnings and Expenses: (combined companies): For 12 months ending Dec. 31, 1918:— Gross earnings $2,444,732.93 Operating expenses and taxes 1,754,262.89 690,470.04 105,500.00 584,970.04 178,293.03 406,077.01 32,595.56 374,081.45 278,127.00 $95,954.45 * Interest charges on bonds and dividends on outstanding Preferred Stock of The Pawtucket Gas Company of New Jersey. Net earnings *Deductions . Balance Interest charges Balance Sinking fund requirements Balance Dividends: Preferred stock, 6% $77,652.00 Common stock, 8% 200,475.00 Balance for reserves and replacements Jg mos. end- ing Dec. 31. 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 Gross Earnings. $985,773.43 1,039,782.13 1,127,182.99 1,2.37,139.37 1,304,402.37 1,-330,372.58 1,515,194.08 1,744,927.99 1,991,843.87 2,444,7.32.93 Net Earnings after Operating Expenses and Taxes. $439,523.77 484,053.40 541,990.85 562,816.08 561,285.99 564,.344.07 676,485.42 762,578.14 641,609.44 690,470.04 Balance for Sinking Fund Requirements, Reserves, Replacements and Dividends. $145,898.93 192,041.38 244,474.16 279,771.61 319,374.76 318,530.99 415,030.84 492,685.59 369,831.07 406,077.01 (9) CAPE BRETON ELECTRIC COMPANY, LIMITED* SYDNEY, NOVA SCOTIA. This Company does the entire electric lighting and electric railway business in Sydney, the entire electric lighting business in North Sydney, the ferry business between Sydney and North Sydney, and operates an intemrban line between North Sydney and Sydney Mines. It also owns $220,000 of the $380,000 outstanding First Mortgage bonds, and the capital stock of the Sydney and Glace Bay Railway Company, Limited, an interurban line nineteen miles in length between Sydney and Glace Bay, which is operated under lease for ninety-nine years from January 1, 1911, and guarantees the payment of said Company's bonds as to principal, interest and sinking fund. Bonds: First Mortgage, 30 Year, 5% Gold, due Jan. 1, 1932:— Outstanding $1,096,000 Cancelled for improvement fund 2,000 Unissued 402,000 Authorized $1,500,000 Callable as a whole at 105 and interest on any interest day. Improvement Fund: 1% per anntmi of bonds issued. Note: For bonds of leased Company, see page 53. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Bonds: State Street Trust Company, Boston. Stock: (Shares, $100 par). Preferred outstanding $234,000 unissued 266,000 authorized (by stockholders) $500,000 Redeemable at 120. Preferred as to dividends and in case of liquidation. Common authorized (by stockholders) and outstanding . $1,125,000 Note: Capital stock authorized by charter, $2,000,000. As much of the unissued stock shall be preferred as the stockholders may determine. Dividends: Preferred stock, 6% non-cumulative, payable May 1 and November 1. Common stock paid May 1, 1§%; November 1, 1|%. Annual Meeting: First Tuesday in May. General Managers: Stone & "Webster, Boston. Transfer Agents: Stone & Webster, Boston. Agent to Register Transfers: State Street Trust Company, Boston. (lo) Miles of Equivalent Single Track: Cape Breton Electric Company, Lim- ited, 12.9; Sydney and Glace Bay Railway Company, Limited, 19. Franchises: Expire 1931 and 1932. Estimated Population Served: Jan. 1, 1919, railway, 59,300; light, 35,300. Census igii: Sydney, 17,617; North Sydney and Sydney Mines, 12,882; Glace Bay, 16,501. Earnings and Expenses: (including leased property): For 12 months ending Dec. 31, 1918:— Gross earnings $513,005.00 Operating expenses and taxes 392,409.19 Net earnings 120,595.81 Interest charges 63,146.47 Balance 57,449.34 Sinking fund requirements 15,360.00 Balance 42,089.34 Dividends: Preferred stock, 6% $14,040.00 Common stock, 3% 33,750.00 47,790.00 Surplus drawn on to the extent of $5,700.66 IS mos. end- ing Dec. 31. Gross Earnings. Net Earnings after Operating Expenses and Taxes. Balance for Sinking Fund Requirements, Reserves, Replacements and Dividends. 1903 .... .S223,990.27 $79,742.37 $37,242.37 1904 202,018.84 46,350.46 2,880.19 1905 211,980.53 56,718.29 12,422.84 1908 258,410.80 103,944.52 60,783.55 1907 250,064.67 93,016.55 50,1.54.25 1908 247,-545.69 100,504.08 56,524.55 1909 285,799.30 111,631.50 57,149.07 1910 326,010.11 149,938.00 95,688.00 1011 337,-5.54.88 155,791.12 101,641.12 1912 360,176.84 16.5,296.10 111,471.10 1913 380,951.86 170,998.54 112,365.65 1914 349,893.-58 1.38,774.34 75,925.15 1915 .3.57,214.07 1.50,786.25 86,694.39 1916 393,666.68 162,401.71 99,4-34.10 1917 464,081.-53 165,834.93 102,542.95 1918 513,005.00 120,595.81 57,449.34 The years 1903 to 1908 inclusive include ono-hrilf and subsequent years all, the earnings, taxca and interest charges of the Sydney and Glace Bay Railway Company, Limited. (II^ CENTRAL MISSISSIPPI VALLEY ELECTRIC PROPERTIES, Central Mississippi Valley Electric Properties was formed in Illinois by a Trust Agree- ment, under which there is deposited the entire capital stock of Fort Madison Electric Company and Dallas City Light Company and all the capital stock of Keokuk Electric Company, except $250,000 preferred stock. These Companies do the entire gas, electric railway, lighting and power business in Keokuk, Iowa, the entire electric lighting and power business in Fort Madison, Iowa, and Dallas City, Illinois, and the entire electric railway and electric lighting business in Hamilton and Warsaw, Illinois, and operate an Lnterurban electric railway between Keokuk, Hamilton and Warsaw. Bonds: No bonded indebtedness. Note: For bonds of Constituent Company, see pages 32 and 53. Shares: Preferred ($100 par). Authorized and outstanding $750,000 Preferred as to dividends and in case of liquidation. Redeemable at 110. Common (no par value). Authorized and outstanding 7,500 shares Dividends: Preferred shares, 6% cumulative, payable March 1, June 1, September 1 and December 1. Annual Meeting: Third Monday in December. Transfer Agents : Stone & Webster, Boston Registrar: Old Colony Trust Company, Boston. Miles of Equivalent Single Track: (subsidiary companies): 7.99; trackage, 6.14. Franchises: (subsidiary companies): In Keokuk, railway and lighting franchises expire in 1936, gas franchise in 1928. In Hamilton, lighting franchise expires in 1936, impor- tant railway franchise in 1931. In Fort Madison and Dallas City, lighting franchises expire in 1938. The interurban between Keokuk, Hamilton and Warsaw operates largely on leased lines. Estimated Population Served: Jan. 1, 1919, railway, 18,900; electric light and power, 33,.'>00; gas, 14,500. Census ipio: Keokuk, 14,008; Hamilton, 1,627; Fort Madison, 8,900; Dallas City, 1,288; Warsaw, 2,254. Earnings and Expenses: (combined companies): For 12 months ending Dec. 31, 1918: — Gross earnings $3.39,076.08 Operating expenses and taxes 259,590.45 Net earnings 79,485.63 Interest and amortization charges 29,245.08 Balance 50,240.55 Sinking fund requirements 5,000.00 Balance 45,240.55 Dividends: Preferred stock: Keokuk Electric Co. 6% 15,000.00 Balance for Sinking Net Earnings after Fund Requirements, 12 mos. end- Operating Expenses Reserves, Replacements ing Dec. 31. Gross Earnings. and Taxes. and Dividends. 1914 $296,022.60 $99,672.24 $82,675.62 1915 282,177.61 94,665.60 77,210.24 1916 294,893.39 96,899.24 78,072.32 1917 311,629.80 90,671.39 68,148.69 1918 339,076.08 79,485.63 50,240.55 (12) COLUMBUS ELECTRIC COMPANY. COLUMBUS, GEORGIA. This Company owns all the stock of Columbus Railroad Company and of Gas Light Company of Columbus, also 1,213 shares of a total of 3,500 shares of preferred stock and the entire common stock of The Columbus Power Company. It also guarantees the payment of The Columbus Power Company bonds as to principal, interest and sinking fund. The above companies do the entire electric railway, electric lighting, gas and power business in the city of Columbus and vicinity and in the adjoining towns of Phcenix City and Girard, and a wholesale power business in Columbus, West Point, Lanette, Lagrange, Hogansville, Trim- ble, Grantville, Moreland and Newnan. Bonds: First ISIortgage Collateral Trust, 30 Year, 5% Gold, clue April 1, 1933:— Outstanding $758,000 Treasury 53,000 Unissued 689,000 Authorized $1,500,000 Callable as a whole at 105 and interest. Improvement Fund : 2*^ c per annum of bonds outstanding. Note: For bonds of Constituent Company, see page 53. Coupons: X\)v\\ 1 and October 1, payable at office of Trustee. Trustee and Registrar of Bonds: Old Colony Trust Company, Boston. Notes: Two Year, 6% Gold Coupon, due July 1, 1919:— Authorized and outstanding (indenture closed), $1,500,000. Issued in exchangeable denominations of $100, $500 and $1,000. Calla})le as a whole at 100 and interest on any interest day. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Notes: Commonwealth Trust Com- pany, Boston. Stock: (Shares, $100 par). Preferred outstancHng $1,200,000 unissued 300 , OOP authorized $1,500,000 Preferred as to dividends and in case of liquidation. Common authorized and outstanding .... $1,500,000 Dividends: Prcferrerl stock, 0% cumulative, payable Janu- ary 1 and Jiil.\- 1 . Annual Meeting: First Tuesday in F(!bruary. (13) General Managers: Stone & Webster, Boston. Transfer Agents: Stone & Webster, Boston. Stock Registrar: Old Colony Trust Company, Boston. Miles of Equivalent Single Track: (subsidiary companies): 26.3. Includes 5 miles leased to Seaboard Air Line. Franchises : (subsidiarj^ companies) : Principal franchises not limited in time. Estimated Population Served: Jan. 1, 1919, railway, 40,100; electric light, 42,300; power, 77,300; gas, 26,300. Census 1910: Columbus, 20,554. Earnings and Expenses : (combined companies) : For 12 months ending Dec. 31, 1918:— Gross earnings . $1,181,412.88 Operating expenses and taxes 567,313.09 Net earnings 614,099.79 Interest charges 340,941.60 Balance 273,158.19 Sinking fund requirements 56,243.34 Balance 216,914.85 Dividends: Preferred stock, 6% 72,000.00 Balance for reserves and replacements . . . $144,914.85 Balance for Sinking Net Earnings after Fund Requirements, 12 mos. end- Operating Expenses Reserves, Replacements ing Dec. 31. Gross Earnings. and Taxes. and Dividends. 1903 . . $163,668.21 $51,697.74 $18,602.39 1904 . . 178,420.25 58,581.16 23,079.37 1905 . . 199,227.20 72,104.84 36,728.10 1906 . . 291,244.01 135,169.80 45,173.72 1907 . . 340.574.51 155,875.15 33,379.89 1908 . . 358,497.05 165.367.91 38,609.82 1909 . . 376,592.23 162,341.58 36,683.66 1910 . . 464,066.30 249,603.78 83,272.09 1911 . . 492,324.74 248,740.67 155,049.80 1912 . . 540,464.94 272,335.60 156,716.89 1913 . . 608,635.78 313,983.39 117,327.86 1914 . . 681,606.10 383,271.59 98,794.47 1915 . . 721.217.27 399,177.15 94,792.83 1916 . . 881,353.65 530,120.93 226,706.36 1917 . . 1,096,066.25 675,605.26 366,829.69 1918 . . . 1,181,412.88 614,099.79 273,158.19 (14) THE CONNECTICUT POWER COMPANY, This Company does the entire gas, electric lighting and commercial power business in New London, Conn., the entire electric lighting and commercial power business in Middle- town, and seri'es numerous other manufacturing communities in Connecticut, including Canaan, Norfolk and Thomaston. From the new hydro-electric plant owned by the Company on the Housatonic River at Great Falls where 12,000 H.P. has been installed . — ultimate capacity 16,000 H.P. — wholesale current is furnished under long term contracts to public service companies in Torrington, Bristol and Hartford. Bonds: First and Consolidated Mortgage, 50 Year, 5% Gold, due April 1, 1963:— Non-taxable in Connecticut. Outstanding Sl,906.500 In sinking fund, cancelled 57,500 Authorized (see Note) $1,964,000 Callable as a whole (or in part for sinking fund) at 107J^ and interest on any interest day. Note: The amount of authorized bonds is not limited, but additional bonds may be issued only under the carefully guarded restrictions of the mortgage. The issued bonds bear interest at the rate of oTt, but the unissued bonds may bear interest at a lower rate, as determined by the Board of Directors. These bonds are issued in exchangeable denominations and forms: in coupon form in §500 and $1,000 denominations, registerable as to principal only; in registered form in $5,000 denomination and multiples thereof. Sinking Fund: \% per annum of bonds outstanding, payable April 1. Note: For bonds of Constituent Companies, see page 54. Coupons: April 1 and October 1, payable at office of Trustee. Trustee and Registrar of Bonds: Old Colony Trust Company, Boston. Notes: Two Year, 6% Gold Coupon, due January 1, 1920: — Outstanding $500,000 Unissued 250,000 Authorized S7.50,000 Issued in exchangeable denominations of $100, $500 and $1,000. Callable as a whole or in part at 100 and interest on any interest day. Coupons: January' 1 and July 1, payable at office of Trustee. Trustee and Registrar of Notes: Commonwealth Trust Company, Boston. Stock: (Shares, $100 par). Non-taxable in Connecticut. Preferred authorized (by stockholders) and outstanding, $1,250,000 Redeemable at 115. Preferred as to dividend.s and in case of liquidation. Common authorized (by stockholders) and outstanding, $1,000,000 NoU: Capital Htock, preferred and common, authorized by charter, is unlimited, but only so much of the uui.iMued stock ( CU Cell lAXiX^O ,..•••••• Interest charges . . 79,693.55 T^aljinpp . . 307,628.62 JLfCLl.CLLX\j\j > • Sinking fund rpniiirpments . . 1,388.32 X V^\-J ^_&XX » J ■ a ■ ^ . ■ ■ ^ L_j . 4 ■ TJal.ince 306.240.30 Dividends: Preferred stock, 6% . . . .$47,022.00 Common stock, 10% . . . 291,410.00 338,432.00 .^iimln<5 rlrnwn on t,o extent of . . $32,191.70 KJLllLULiij \_il d W 1-1 yju. ^\J \j^^\j\^^^\j yj^ . Balance for Sinking Net Earnings after Fund Requirements, 13 mos. end- Operating Expenses Reserves, Replacements ing Dec. 31. Gross Earnings. and Taxes. and Dividends. 1902 . . . . $161,199.20 $63,748.90 $33,748.90 1903 . . 222,777.46 60,596.24 23,671.96 1904 . . . 250,510.14 78,083.25 37,948.30 1905 . . . 288,943.16 98,382.48 55,055.71 1906 . . . 391,655.96 115,252.96 68,037.32 1907 . . 506,693.69 128,078.64 67,728.42 1908 . . 534,222.50 134,747.75 62,690.48 1909 . . 600,958.00 224,313.83 142,630.14 1910 . . 640,658.00 253,924.69 172,590.21 1911 691,606.85 284,805.34 203,579.70 1912 . . 793,319.61 363,102.84 293,441.45 1913 . . . . 886,879.90 408,520.96 369,740.56 1914 . . . . 1,041,792.48 466,321.35 414,965.05 1915 . . . . 981,888.55 460,829.23 410,461.10 1916 . . . . 1,110,717.62 452,153.73 393,026.16 1917 . . . . 1,283,525.15 481,7.54.69 417,127.03 1918 . . . . 1,257,633.23 387,322.17 307,628.62 (22) $25,000 15,000 .$40,000 THE ELECTRIC LIGHT AND POWER COM- PANY OF ABINGTON AND ROCKLAND, NORTH ABINGTON, MASS. This Company does the entire electric lighting and power business in the towns of Abington, Rockland, Hanover, Xorwell, Cohasset and Scituate. Bonds: First Mortgage, 20 Year, 5% Gold, due April 1, 1919 Outstanding (mortgage closed) Cancelled Authorized Callable as a whole or in part at 100 and interest. Coupons: April 1 and October 1, payable at office of Trustee. Trustee and Registrar of Bonds: International Trust Company, Boston. Notes: Five Year, 7% Gold Coupon, due July 1, 1923: — Outstanding $85,000 Unissued 165,000 Authorized $250,000 Issued in exchangeable denominations of $100, $500 and $1,000. Callable as a whole on or after July 1, 1920, at 100 and interest on- 30 days' notice. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Notes: International Trust Company, Boston. Stock: (Shares, SlOO par). Xon-taxable in Massachusetts. Authorized and outstanding $283,500 Dividends: Paid January 2, 4%; July 1, 4%. Annual Meeting: Fourth Thursday in July. General Managers: Stone & Webster, Boston. Transfer Agents: Stone & Webster, Boston. Agent to Register Transfers: Beacon Trust Company, Boston. Franchises: Not limited in time. Estimated Population Served: Jan. 1, 1919, 22,700. Census 1910: Abington, 5,455; Rockland, 6,928. Earnings and Expenses: For 12 months ending Dec. 31, 1918: — Gross earnings $230,863.83 Operating expenses and taxes 181,93 6.71 Net earnings 48,9277l2 Interest and amortization charges 7,346.79 Balance Dividends: Capital stock, 8% 41,580.33 22,680.00 Balance for reserves and replacements $18,900.33 IS mot. end- ing Dec. 31 . 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 Gross Earnings. $53,200.82 58,811.70 70,480,77 98,283.64 104,169.-33 110,378.92 138,534.82 144,191.43 160,241.93 192,046.88 210,122.94 230,863.83 (23) Net Earnings after Operating Expenses and Taxes. $19,696.28 21,995.71 24,521.86 28,562.16 23,857.24 18,708.52 26,420.71 31,764.90 35,618.70 4(),989.76 46,551.13 48,927.12 Balance for Reservex, Replacements and Dividends. $16,604.94 20,541.17 22,318.41 24,086.18 21,607.24 16,282.79 22,010.44 24,972.24 31,682.38 44,732.14 42,936.65 41,580.33 FALL RIVER GAS WORKS COMPANY. FALL RIVER, MASS. This Company does the entire gas business in Fall River and the adjoining town of Somerset. Bonds : No bonded indebtedness. Stock: (Shares, $100 par). Non-taxable in Massachusetts. Authorized and outstanding SI, 127,000 Dividends: Paid February 1, 3%; May 1, 3%; August 1, 3% November 1, 3%. Annual Meeting: Last Wednesday in July, General Managers: Stone & Webster, Boston. Transfer Agents: Stone & Webster, Boston. Stock Registrar: Old Colony Trust Company, Boston. Gas Output: Year ending Dec. 31, 1918, 800,401,400 cubic feet. Franchise : Not limited in time. Estimated Population Served: Jan. 1, 1919, 127,350. Census 1910: Fall River, 119,295. Earnings and Expenses: For 12 months ending Dec. 31, 1918:— Gross earnings $718,209.95 Operating expenses and taxes 561,383.76 Net earnings 156,826.19 Interest charges 1,040.44 Balance 155,785.75 Dividends: Capital stock, 12% 135,240.00 Balance for reserves and replacements . . . $20,545.75 12 mos. end- ing Dec. 31. 1903 . 1904 . 1905 . 1906 . 1907 . 1908 . 1909 . 1910 . 1911 . 1912 . 1913 . 1914 . 1915 . 1916 . 1917 . 1918 . Gross Earnings. $331,477.28 327,883.88 352,958.53 363,021.25 396,634.66 407,967.39 413,224.07 447,299.00 435,820.36 463,582.37 498,438.27 520,610.59 531,444.73 553,637.63 582,753.00 718,209.95 Net Earnings after Operating Expenses and Taxes. $123,591.02 104,524.12 133,725.08 147,202.48 140,116.54 144,877.29 157,936.41 157,471.00 139,659.44 140,201.56 152,310..54 144,451.98 187,109.11 231,055.90 213,039.97 156,826.19 Balance for Reserves, Replacements and Dividends. $122,593.34 102,123.68 128,818.40 140,427.97 137,942.12 141,529.34 155,636.56 153,482.12 132,964.22 131,685.55 138,781.16 123,096.04 175,749.21 230,781.65 212,998.47 155,785.75 (24) GALVESTON-HOUSTON ELECTRIC COMPANY. This Company owns the capital stock of Galveston Electric Company, Houston Electric Company and Galveston-Houston Electric Railway Company, which companies do the entire electric railway and a portion of the electric lighting and power business in Galveston, Texas, the electric railway business in Houston, Texas, and operate an inter- urban electric railway between the cities of Galveston and Houston, 50 miles. It guar- antees the payment of Galveston-Houston Electric Railway Company's bonds as to principal, interest and sinking fund. Bonds: No bonded indebtedness. For bonds of Constituent Companies, see pages 55 and 56. Stock: (Shares, $100 par). Preferred outstanding $3,000,000 unissued 1,000,000 authorized $4,000,000 Preferred as to dividends and in case of liquidation. Redeemable at 120. Common outstanding $3,988,000 unissued 1,012,000 authorized $5,000,000 Dividends: Preferred stock, 6% cumulative, payable March 15 and September 15. Annual Meeting: Tliird Tuesday in March. General Managers: Stone & Webster, Boston. Transfer Agents: Stone & Webster, Boston. Stock Registrar: Old Colony Trust Company, Boston. Miles of Equivalent Single Track: (.subsidiary companies) : 162.6. Franchises: (subsidiary companio.s) : Expire in (ialvoston \'.)'){); in IIoii.'^- tori VXio. The int(,Turl>an railway operates on its own private right of way. Estimated Population Served: .Jan. 1, H>10, railway, 213,100 (includes 10,000 .soldicrsj; light and I)ow(T, 40,000. (25) Census igio: Galveston, 36,981; Houston, 78,800. Earnings and Expenses: (combined companies): For 12 months ending Dec. 31, 1918:— Gross earnmgs $2,691,331.96 Operating expenses and taxes 1,850,249.68 Net earnings 841,082.28 Interest charges 350,185.39 Balance 490,896.89 Sinking fund requirements 122,450.40 Balance 368,446.49 Dividends: Preferred stock, 6% 180,000.00 Balance for reserves and replacements 1188,446.49 12 mos. end- ing Dec. 31. Gross Earnings. Net Earnings after Operating Expenses and Taxes. ~^ Balance for Sinking Fund Requirements, Reserves, Replacements and Dividends. 1907 .... $1,050,892.64 $394,697.34 $240,669.60 1908 1,088,447.10 414,897.67 246,808.02 1909 1,206,543.60 444,623.47 266.990.21 1910 1,312,986.20 459,819.25 274,649.17 1911 1,523,168.63 562,577.48 388,299.54 1912 2,027,656.34 844,974.77 496,453.70 1913 2,373,065.46 1,020,692.00 657,387.62 1914 2,424,119.40 1,113,260.57 759,471.41 1915 1,936,228.36 729,771.03 398,734.64 1916 1,944,839.66 708,732.37 386,975.29 1917 2,088,121.71 703,250.19 372,046.77 1918 2,691,331.96 841,082.28 490,896.89 (26) HAVERHILL GAS LIGHT COMPANY. HAVERHILL, MASS. This Company does the entire gas business in Haverhill and in the ad- joining towns of jMerrimac and Groveland. Bonds: No bonded indebtedness. Stock: (Shares, $50 par). Non-taxable in Massachusetts. Authorized and outstanding $585,000 Dividends: Paid January 2,21%; April 1, 2i%; July 1, 2^%; October 1, 2\%. Annual Meeting : Third Tuesday in September. General Managers: Stone & Webster, Boston. Transfer Agents : Stone & Webster, Boston. Stock Registrar: Old Colony Trust Company, Boston. Gas Output: Year ending Dec. 31, 1918, 392,634,000 cubic feet. Franchises : Not limited in time. Estimated Population Served: Jan. 1, 1919, 56,600. Census igio: Haverhill, 44,115. Earnings and Expenses: For 12 months ending Dec. 31, 1918: Gross earnings $336,294.37 Operating expenses and taxes 310,032.76 ■ Net earnings 26,261.61 Interest charges 4,864.86 Balance 21,396.75 Dividends: Capital stock, 9% 52,653.20 Surplus drawn on to extent of $31,256.45 Net Earnings after Balance for Reserves, IS mot. end- Operating Expenses Replacements and ing Dec. 31 . Oroas Earnings. and Taxes. Dividends. 1910 . . . $211,265.51 $55,332.57 $53,472.08 1911 206,408.09 54,764.48 43,730.19 1912 224,381.89 75,593..'36 61,049.67 1913 230,864.61 51,233.95 34,416.67 1914 244,962.86 67,071.08 57,751.19 1915 255,140.76 73,122.66 72,512.03 1916 284,995.11 92,820.85 92,210.94 1917 304,308.30 60,877.17 59,(;45.06 1918 336,294.37 26,261.61 21,396.75 (27) HOUGHTON COUNTY ELECTRIC LIGHT COMPANY. HOUGHTON, MICHIGAN. This Company does the entire electric lighting business and a portion of the electric power business in Houghton and Kewopiiaw Counties, Michigan, including the cities and towns of Houghton, Hancock, Laurium, Red Jacket, Lake Linden, Hubbell, South Range and Dollar Bay, and the mining locations of Atlantic, Isle Royale, Quincy, Osceola, Wolver- ine, AUouez, Ahmeek and Mohawk. Bonds: First Mortgage, 25 Year, 5% Gold, due July 1, 1927: — Outstanding Treasury Purchased and held as an investment Unissued .... $639,000 .... 103,000 .... 53,000 .... 205,000 Authorized _ ■• • , $1,000,000 Callable as a whole at 107 ^ and interest on any interest day. Improvement Fund: $7,500 per annum. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Bonds: Boston Safe Deposit and Trust Company, Boston. Stock: (Shares, $25 par). Preferred authorized and outstanding $300,000 Redeemable at 110. Preferred as to dividends and in case of liquidation. Common authorized and outstanding $1,000,000 Dividends: Preferred stock, 6% non-cumulative, payable May 1 and November 1. Com- mon stock paid May 1, 2k%; November 1, 2^-%. Annual Meeting: First Tuesday in August. General Managers: Stone & Webster, Boston. Transfer Agents : Stone & Webster, Boston. Agent to Register Transfers: Boston Safe Deposit and Trust Company, Boston. Franchises: Franchises in Houghton and Hancock expire in 1930. Franchises in other cities and towns not limited in time. Estimated Population Served: Jan. 1, 1919, 75,100. Census 1910: Calumet, 20,097; Houghton, 5,113; Hancock, 8,981. Earnings and Expenses: For 12 months ending Dec. 31, 1918: — Gross earnings $423,702.97 Operating expenses and taxes 282,027.01 Net earnings 141,675.96 Interest charges 42,094.59 Balance 99,581.37 Sinking fund requirements 7,500.00 Balance 92,081.37 Special reserve 32,045.00 Balance 59,436. :i7 Dividends: Preferred stock, 6% $18,00 J.OO Common stock, 5% 50,000.58 68,000.58 Surplus drawn on to the extent of $8,564.21 13 mos. end- ing Dec. 31. 1903 . . 1904 . . 1905 . . 1906 . . 1907 . . 1908 . . 1909 . . 1910 . . 1911 . . 1912 . . 1913 . . 1914 . . 1915 . . 1916 . . 1917 . . 1918 . . Gross Earnings. $169,-503.48 184,482,60 211,723.41 236,108.60 249,066.06 246,400.76 262,344.90 277,371.98 292,589.13 298,401.85 297,923.82 311,668.30 338,912.85 390,402.36 420,552.67 423,702.97 Balance for Sinking Net Earnings after Fund Requirements, Operating Expenses Reserves. Replacements and Taxes. $76,979.80 86,668.57 110,.533.11 119,721.14 119,915.48 117,313.39 129,188.75 137,075.02 148,760.69 145,028.00 144,931.58 150,017.08 168,842.97 194,6.56.05 178,315.08 141,675.96 and Dividends. $50,629.80 60,318.40 84,283.11 93,471.14 92,631.47 86,084.24 96,075.63 102,784.05 114,160.69 110,428.00 110,4,55.74 116,0.57.33 134,950.42 161,615.91 142,813.96 99,581.37 (28) 5719,500 24,500 83,000 90,000 260,000 417,000 HOUGHTON COUNTY TRACTION COMPANY, HOUGHTON, MICHIGAN. This Company does an electric railway business in Houghton and Keweenaw Counties, Michigan, connecting the cities and towns of Houghton, Hancock, Laurium, Red Jacket) Lake Linden and Hubbell, and the mining locations of Quincy, Osceola, Wolverine, Allouez] Ahmeek and Mohawk. Bonds: First ConsoUdated Mortgage, 30 Year, 5% Gold, due Jan. 1, 1937: — Outstanding Treasury Purchased and held as an investment In sinking fund, cancelled Reserved to retire outstanding underlying bonds Unissued Authorized 81,600,000 Callable as a whole at any time (or in part for sinking fund) at 105 and interest. Noh: These bonds are issued in exchangeable denominations of $500 and $1,000. Sinking Fund: li% per annum of bonds outstanding, payable March 1. j\ule: For bonds of Constituent Company, see page 5P. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Bonds: Old Colony Trust Company, Boston. Stock: (Shares, SlOO par;. Preferred outstanding $207,200 unissued 292,800 authorized $500,000 Redeemable at 110. Preferred as to dividends and in case of liquidation. Common authorized and outstanding $750,000 Dividends: Preferred stock, 6% cumulative, payable April 1 and October 1. Aimual Meeting: First Tuesday in August. General Managers: Stone & Webster, Boston. Transfer Agents : Stone & Webster, Boston. Agent to Register Transfers: Boston Safe Deposit and Trust Company, Boston. Miles of Equivalent Single Track: 32.15. Franchises : Largely on private right of way. On public streets expire 1929, 1930, 1932, 1933, 193S. Estimated Population Served: Jan. 1, 1919, 68,100. Census 1910: Calumet, 20,097; Houghton, 5,113; Hancock, 8,981. Earnings and Expenses: For 12 months ending Dec. 31, 1918: — Gross earnings $320,066.85 Operating expenses and taxes 215,487.58 Net earnings .... 104,579.27 .... 49,448.35 .... 55,130.92 .... 10,822.50 Balance .... 44,30842 SDC'cial reserve ... .... 24,128.75 Balance .... 20,179.67 Dividends: Preferred stock, 6% . . . .... 12,432.00 Balance for reserves and replacements . .... $7,747.67 Balance/or Sinking Net Earnings after Fund Requirements, IS moH. end- Operating Expenses Reserves, Replacements ing Dec. 31. Gross Earnings. and Taxes. and Dividends. 1901 $105,234.60 $46,757.00 $26,154.91 1902 170,709..54 58,297.35 27,047.35 1903 189,403.97 66,563.03 31,630.67 19(M 199,512.57 64,098.27 23.053.94 1905 167,006.95 1,570.29* 45,233.90* 1906 229,244.76 82,989.44 30,012.85 1907 249,919.22 94,001.43 40,5.52.33 1908 205,575.88 100,703.69 57,098.86 1909 319,900..34 135,2.54.81 79,089.53 1910 311,474.02 131,4.58.94 74,108.94 1911 300,962..58 122,551.65 05,051.65 1912 307, .505.85 132,770.87 70,170.87 1913 290,852.86 110,.592.72 00.015.78 1914 270,032,84 97,775..55 42,127..34 1915 270,(;00.84 119,123.98 03,891. .57 1910 320,:j'tS.19 1.39,939 18 87. 1.3s. 77 1917 343.1.33.57 120, OKI. Its 70,.373.21 1918 320.000.86 104.579.27 55,130.92 ♦Deficit. (29) JACKSONVILLE TRACTION COMPANY, JACKSONVILLE, FLORIDA. This Company does the entu-e electric railway business in Jacksonville. Bonds: First Consolidated Mortgage, 20 Year, 5% Gold, due March 1, 1931:— Outstanding $829,500 Treasury 125,000 In sinking fund, cancelled 20,500 Reserved to retire outstanding underlying bonds 1,245,000 Unissued 2,780,000 Authorized $5,000,000 Callable as a whole (or in part for sinldng fund) at 105 and interest on any interest day. Note: The issued bonds bear interest at the rate of 5%, but the authorized and unissued bonds may bear interest at a lower rate, as determined by the Board of Directors. These bonds are issued in exchangeable denominations of $500 and $1,000. Sinking Fund: 1% per annum of bonds certified, payable March 1. Note: For bonds of Constituent Company, see page 56. Coupons: March 1 and September 1, payable at office of Trus- tee. Trustee and Registrar of Bonds : State Street Trust Company, Boston. Notes: Two Year, 6% Gold Coupon, due March 1, 1919:— Outstanding $750,000 Unissued 250,000 Authorized $1,000,000 Issued in exchangeable denominations of $500 and $1,000. Callable as a whole at 100 and interest at any time on 30 days' notice. Coupons: March 1 and September 1, payable at office of Trustee. Trustee and Registrar of Notes : State Street Trust Company, Boston. Stock: (Shares, $100 par). Non-taxable in Massachusetts. Preferred outstanding $500,000 unissued 500,000 authorized $1,000,000 Preferred as to dividends and in case of liquidation. Common outstanding $1,000,000 in treasury 100,000 unissued 400,000 authorized $1,500,000 (30) Dividends: Preferred stock, 6% cumulative, payable February 1, May 1, August 1 and November 1. Annual Meeting : Last Tuesday in January. General Managers : Stone & Webster, Boston. Transfer Agents : Stone & Webster, Boston. Stock Registrar: American Trust Company, Boston. Miles of Equivalent Single Track: 64.1. Franchise: Expires 1932. Estimated Population Served : Jan. 1, 1919, 111,000 (includes 15,000 soldiers). Census 1910: Jacksonville, 57,699. Earnings and Expenses: For 12 months ending Dec. 31, 1918: — Gross earnings $945,568.53 Operating expenses and taxes 709,666.84 Net earnings 235,901.69 Interest charges 175,824.95 Balance 60,076.74 Sinking fund requirements 23,241.67 Balance for reserves, replacements and dividends $36,835.07 IS mos. end- ing Dec. 31. 1903 1904 1905 1906 1908 1909 1910 1911 1912 1013 1914 1915 1916 1917 1918 Gross Earnings. $248,649.65 290,497.60 305,639.91 326,468.29 392,393.73 430,837.92 486,777.63 576.081.49 567,547.76 562,537.35 679,621.54 715,254.80 611,568.33 627,193.91 698,123.26 945,568.53 Net Earnings after Operating Expeyises and Taxes. $82,707.19 114,035.71 124,774.01 124,629.81 136,052.51 146,616.68 18*6,367.00 229,272.99 219,100.53 184,025.51 241,032.84 247,199.81 182,729.69 203,486.63 228,411.04 235,901.09 Balance for Sinking Fund Requirements, Reserves, Replacements and Dividends. $46,303.77 77,233.74 86,917.60 83,926.22 85,887.28 77,985.60 117,695.25 164,345.46 132,749.56 77,506.15 1()9,765.()3 107,008.00 17,281.87 39,112.81 ()(),465.90 60,076.74 (31) KEOKUK ELECTRIC COMPANY. KEOKUK, IOWA. This Company does the entire electric railway, electric lighting, power and gas business in Keokuk, Iowa, the entire electric railway and electric lighting business in Hamilton and Warsaw, Illinois, and operates an intcrurban electric railway between Keokuk, Hamilton and Warsaw. Bonds: First and Refunding Mortgage, Five Year, 6% Gold, due January 15, 1923:— Outstanding $150,000 Reserved to retire underlying bonds 23,000 Unissued , . 227,000 Authorized issue $400,000 Issued in exchangeable denominations of $100, $500 and $1,000. Callable as a whole on any interest date at 102 and interest. Note: For bonds of Constituent Company, see page 53. Coupons: January 15 and July 15, payable at First Trust and Savings Bank, Chicago, lU. Trustees: First Trust and Savings Bank, and Emile K. Boiset, Chicago, 111. Registrar: First Trust and Savings Bank, Chicago, 111. Stock: (Shares, $100 par). Non-taxable in Illinois. Preferred authorized and outstanding $250,000 Redeemable at 110. Preferred as to dividends and in case of liquidation. Common authorized and outstanding $650,000 Dividends: Preferred stock, 6% ciunulative, payable February 15, May 15, August 15 and November 15. Annual Meeting: Third Monday in December. General Managers: Stone & Webster, Boston. Transfer Agents : Stone & Webster, Boston. Stock Registrar: Old Colony Trust Company, Boston. Miles of Equivalent Single Track: 7.99; trackage, 6.14. Franchises: In Keokuk, electric railway and Hghting franchises expire in 1936, gas franchise in 1928. In Hamilton, electric lighting franchise expires in 1936, important railway franchise in 1931. Interurban between Keokuk, Hamilton and Warsaw operates largely on leased lines. Estimated Population Served: Jan. 1, 1919, railway, 18,900; electric light and power, 19,600; gas, 14,500. Census 1910: Keokuk, 14,008. CS2) Earnings and Expenses: For 12 months ending Dec. 31, 1918: — Gross earnings $264,235.78 Operating expenses and taxes 204,808.66 Net earnings ... 59,427.12 Interest and amortization charges 27,479.66 Balance 31,947.46 Sinking fimd requirements 5,000.00 Balance 26,947.46 Dividends: Preferred stock, 6% 15,000.00 Balance for reserves and replacements $11,947.46 12 mos. enc ing Dec. 31 - Gross Earnings. ^e( Earnings after Operating Expenses and Taxes. Balance for Sinking Fund Requirements, Reserves, Replacements and Dividends. 1912 . . . $215,462.41 $81,858.59 $64,001.09 1913 . 251,474.18 95,585.02 72,981.26 1914 . 249,062.32 88,792.87 71,506.87 1915 . 232,593.05 81,437.14 64,036.94 1916 . 240,181.73 79,326.29 60,700.89 1917 . 248,546.41 72,761.86 50,770.93 1918 . 264,235.78 59,427.12 31,947.46 (33; THE KEY WEST ELECTRIC COMPANY. KEY WEST, FLORIDA. This Company docs the entire street railway and electric lighting and power business in Key West. Bonds: First Mortgage, 50 Year, 5% Gold, due Aug. 1, 195G:— Outstanding $463,000 Treasury 83,000 In sinking fund, cancelled 47,000 Unissued 407,000 Authorized .^1,000,000 Callable as a whole (or in part for sinking fund) at 105 and interest at any time. Sinking Fund: 1% per annum of bonds outstanding, payable December 1. Coupons: February 1 and August 1, payable at office of Trustee. Trustee and Registrar of Bonds: State Street Trust Company, Boston. Stock: (Shares, $100 par). Preferred outstanding $270,000 in trust for benefit of Company 80,000 authorized $350,000 Redeemable at 110. Preferred as to dividends and in case of liquidation. Common authorized and outstanding $500,000 Dividends: Preferred stock, 6% cumulative, payable March 1, June 1, September 1 and December 1. Annual Meeting: Last Monday in November. General Managers: Stone & Webster, Boston. Transfer Agents: Stone & Webster, Boston. Stock Registrar: State Street Trust Company, Boston. Miles of Equivalent Single Track: 5.41. Franchises: Expire 1997. Estimated Population Served: Jan. 1, 1919, 21,500. Census 1910: Key West, 19,945. Earnings and Expenses: For 12 months ending Dec. 31, 1918: — Gross earnings $202,872.87 Operating expenses and taxes Net earnings Interest charges .... Balance Sinking fund requirements 118,508.94 84,363.93 24,259.9 60,104.00 5,530.00 Balance for reserves, replacements and dividends . . . $54,574.00 Balance for Sinking Net Earnings after Fund RequiremeiHs, 12 mos. end- Operating Expenses Reserves, Replacements ing Dec. Si . Gross Earnings. and Taxes. and Dividends. 1907 .... $121,307.65 $19,770.92 $6,251.27* 1908 109,189.62 15,712.91 17,108.89* 1909 124,876.45 43,584.95 6,677.64 1910 125,693.58 46,888.55 10,915.33 1911 144,717.21 61,830.25 24,632.27 1912 144,255.14 56,490.00 24,583.92 1913 142,958.16 57,383.46 32,272.41 1914 132,252.27 45,597.67 20,725.38 1915 112,840.26 30,800.25 5,940.59 1916 116,371.82 38,824.98 14,269.97 1917- 146,086.97 50,829.13 26,792.18 1918 202,872.87 84,363.93 60,104.00 *] Deficit (34) Paid February 1,21%; May 1, 2|%; August 1, 2^%; Novem- THE LOWELL ELECTRIC LIGHT CORPORATION. LOWELL, MASS. This Company does the entire electric lighting and power business in Lowell and in the adjoining towns of BiUerica, Chelmsford, Dracut, Tewksbury and Westford. It also supplies a portion of the town of Tyngsboro and sells power to the town of Littleton. Bonds : No bonded indebtedness. Stock: (Shares, SlOO par). Non-taxable in Massachusetts. Authorized and outstanding $1,176,400 Dividends : ber 1, 2|%. Annual Meeting: First Wednesday in February. General Managers: Stone & Webster, Boston. Transfer Agents: Stone & Webster, Boston. Agent to Register Transfers: Old Colony Trust Company, Boston. Franchises: Not limited in time. Estimated Population Served: Jan. 1, 1919, 137,400. Census 1910: Lowell, 100,294. Earnings and Expenses: For 12 months ending Dec. 31, 1918: — Gross earnings $892,846.67 Operating expenses and taxes 678, 157.77 Net earnings 214,688.90 Interest charges 16,794.72 Balance 197,894.18 Dividends: Capital stock, 10% 117,640.00 Balance for reserves and replacements $80,254.18 12 mos. end- ing Dec. SI. 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 Gross Earnings. $143,620.89 172,865.03 181,998.75 210,-390.71 2.32,465.66 239,369.69 254,935.31 277,914.63 315,344.70 340,679.89 361,209.09 430,619.47 412,309.06 421,577.42 443,927.49 4.53,529.85 512,510.37 644,640.35 723,631.75 892,846.07 Net Earnings after Operating Expenses and Taxes. $46,322.29 52,795.13 61,545.64 76,040.24 81,503.20 100,708.16 99,629.62 105,424.36 110,974.88 113,1S;8..50 123,255.51 149,161.87 144,625.32 149,661.81 158,384.97 160,272.97 177,.56().X3 2.59,470.95 284,522.20 214,688.90 Balance for Reserves, Replacements and Dividends. $35,938.95 43,172.79 51,328.72 62,774.64 68,106.61 85,139.99 90,209.54 95,374.45 100,978.74 99,491.75 113,054.26 138,159.01 132,987.02 139.478.03 155,353.63 l.')7,481.51 177,0.55.26 254,523.84 273,795.72 197,894.18 (35) MISSISSIPPI RIVER POWER COMPANY. KEOKUK. IOWA. This Company owns and operates one of the largest hylro-electric plants in the world, located on the Mississippi River at Keokuk, Iowa, and Hamilton, Illinois. The Com- pany is furnishing at present over its extensive transmis^:ion system in excess of 100,000 horse-power to St. Louis, E. St. Louis, Alton, Hannibal, Quincy, Burlington, Fort Madison, Keokuk and adjacent territory. Bonds: First Mortgage, 40 Year, 5% Gold, due Jan. 1, 1951: — Outstanding $18,923,500 In sinking fund, cancelled 1,076,500 Unissued 5,000,000 Authorized $25,000,000 Callable as a whole (or in part for sinking fund) at 105 and interest on any interest day. Note: These bonds are issued in exchangeable denominations and forms: in coupon form in $100, $500 and $1,000 denominations, registerable as to principal only at offices of Trustee and The Canadian Bank of Commerce, London; in registered form in $1,000 and $5,000 denominations, registerable as to principal and interest at office of Trustee. Sinking Fund: 1% per annum of bonds outstanding, payable January 1. Coupons: January 1 and July 1, payable at office of Trustee and at office of The Canadian Bank of Commerce, Toronto, Canada, and London, England. Trustee and Registrar of Bonds: Old Colony Trust Company, Boston. Debentures: Five Year, 6% Gold, due May 1, 1919: — Outstanding $1,500,000 Treasury 2,500,000 Unissued 6,000,000 Authorized $10,000,000 Callable as a whole at 102 and interest on any interest day. Note: The issued debentiu-es bear interest at the rate of 6%, but the unissued de- bentures may bear interest at a lower rate as determined by the Board of Directors. These debentures are issued in exchangeable denominations and forms: in coupon form in $100, $500 and $1,000 denominations, registerable as to principal only; in registered form in $5,000 and $10,000 denominations. Coupons: May 1 and November 1, payable at office of Trustee. Trustee and Registrar of Debentures: State Street Trust Company, Boston. Stock: (Shares, $100 par). Preferred authorized and outstanding $6,000,000 Preferred as to dividends and in case of liquidation. Redeemable at 115. Common authorized and outstanding $16,000,000 Dividends: Preferred stock, 6% cumulative, payable January 1, April 1, July 1 and October 1. Annual Meeting: Second Monday in April. General Managers: Stone & Webster, Boston. Transfer Agents: Stone & Webster, Boston. Stock Registrar: Old Colony Trust Company, Boston. Franchise: By Act of Congress Feb. 9, 1905, not limited in time. Estimated Population Served: Jan. 1, 1919, 1,120,500. Earnings and Expenses: For 12 months ending Dec. 31, 191S: — Operating expenses and taxes .... . . . . ».i,.:io,.5ai.( ( 446,985.41 Net earnings . . 1,766,406.36 Interest and amortization chareea . . .... 1,250,907.38 Balance .... .... 515,498.98 Sinking fund requirements .... 191,909.00 Balance for reserves , replacements and ( Gross Earnings. $1,-576,469.12 1,651,269.34 1,737,547.48 1,976,461.21 2,213,391.77 lividends .... $323,589.98 IS mos. end- ing Dec. 31. 1914 1915 1916 1917 1918 Net Earnings after Operating Expenses and Taxes. $1,254,521.69 1,326,868.15 1,376.151.79 1,612,065.76 1,766,406.36 Balance for Sinking Fund Requirements, Reserves, Replacements and Dividends. $211,584.19 241,211.35 294,954.59 435,262.19 615,498,98 (36) NORTHERN TEXAS ELECTRIC COMPANY* FORT WORTH, TEXAS. This Company owns the capital stock and participating mortgage bonds of Northern Texas Traction Company, the capital stock of Tarrant County Traction Company and the capital stock of Arlington Light and Power Company. These companies do the entire electric railway business in Fort Worth, operate inter- urban electric railways between Fort Worth and Dallas, 35 miles, and between Fort Worth and Cleburne, 31 miles, and do the electric light and power, ice and water business in Arhngton, Texas. Bonds: Collateral Trust, 30 Year, 5% Gold, due Jan. 1, 1940:— Outstanding 83,510,000 In sinking fund, cancelled 250,000 Reserved to retire outstanding underlying bonds . . . 2,500,000 Unissued 3,740,000 Authorized §10,000,000 Callable as a whole (or in part for sinking fund) at 105 and interest on any interest day. Registerable both as to principal and interest. Sinking Fund: 1% per annimi of bonds outstanding, payable November 1. Kote: For bonds of Constituent Company, see page 57. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Bonds: Commonwealth Trust Company, Boston. Stock: (Shares, $100 par). Preferred outstanding $4,000,000 unissued 1,000,000 authorized $5,000,000 Redeemable at 110. Preferred as to dividends and in case of Uquidation. Common outstanding $3,150,000 unissued 1,850,000 authorized ,. . $5,000,000 Dividends: Preferred stock, 6% non-cumulative, payable March 1 and September 1. Common stock paid March 1, 1%; June 1, 1%; September 3, 2%; December 2, 2%. Annual Meeting: Third Tuesday in November. General Managers: Stone & Webster, Boston. Transfer Agents: Stone & Webster, Boston. Stock Registrar: Old Colony Trust Company, Boston. Miles of Equivalent Single Track: (.subsidiary companies): 163.2. (37) 106101 Franchises : Northern Texas Traction Company's principal franchises in Fort Worth ex- pire in 1973; between Fort Worth and Dallas private right of way for entire length, with exception of such locations as are in the streets of towns, in which cases the Company has rights expiring about 1950; in Dallas franchise expires in 1937. Tarrant County Traction Company's franchises in Fort Worth and Cleburne expire in 1936; between Fort Worth and Cleburne private right of way for entire length, with excep- tion of crossings on county roads and such locations as are in streets of towns, in which cases the Company has rights expiring in 1961. Arlington Light and Power Com- pany's franchise in Arlington expires in 1949. Estimated Population Served: Jan. 1, 1919, railway, 281,500 (includes 5,800 soldiers) ; light and power, 8,750. Census 1910: Fort Worth, 73,312; Dallas, 92,104; Cleburne, 10,364. Earnings and Expenses: (combined companies): For 12 months ending Dec. 31, 191S:— Gross earnings $2,929,759.59 Operating expenses and taxes 1,883,832.66 Net earnings 1,045,926.93 Income from c >ther sources * . . . . 115 000 00 • • .*. -^ ^_^ t ^.y v.' v.' • \j Vht Balance . . 1,160,926 93 Interest charges . . 302,-346.81 Balance . . 858,580.12 Sinking fund requirements . . . . . 35,441.67 Balance S2.'^ 1 .-^S 4.f^ Dividends: Preferred stock, 6% . . . $240,000.00 Common stock, 6% . . . 189,000.00 429,000.00 Balance for reserves and replacements . . $394,138.45 * Rent of Oak Cliff property. IS moa. end- ing Dec. Si . Gross Earnings. Net Earnings after Operating Expenses and Taxes. Balance for Sinking Fund RequiremenUs, Reserves, Replacements and Dividends, 1904 .... $564,710.78 $235,898.04 $127,138.38 1905 661,036.89 269,174.14 151,046.76 1906 854,135.52 306,984.30 188,352.63 1907 • 1,060,953.56 437,381.34 308,878.01 1908 1,080,577.37 423,750.11 260,984.12 1909 1,259,550.94 532,654.28 362,676.93 1910 1,442,807.27 633,797.30 444,064.54 1911 1,622,875.05 732,881.35 506,041.38 1912 1,790,762.42 849,072.62 602,680.95 1913 2,1.32,200.21 952,259.28 684,479.42 1914 2,071,098.54 919,861.35 634,989.74 1915 1,713,213.37 663,504.59 365,687.53 1916 1,930,320.85 773,242.64 462,798.23 1917 2,582,113.48 1,136,4.50.21 852,298.40 1918 2,929,759.59 1,045,926.93 858,580.12 (38) PENSACOLA ELECTRIC COMPANY* PENSACOLA, FLORIDA. This Company does the entire electric railway business in Pensacola, and owns the securities of the Escambia County Electric Light and Power Company, which company does the entire electric lighting and power business in Pensacola. Bonds: First IMortgage, 25 Year, 5% Gold, due Aug. 1, 1931 :— Outstanding $1,111,000 Treasury 130,000 In sinking fund, cancelled . 100,000 Unissued 159,000 Authorized $1,500,000 Callable as a whole (or in part for sinking fund) at 105 and interest at any time. Sinking Fund: l|9c per annum of bonds outstanding, payable December L Coupons: February' 1 and August 1, payable at office of Trus- tee. Trustee and Registrar of Bonds: Old Colony Trust Company, Boston. Notes: Two Year, 7% Gold Coupon, due Jan. 1, 1921:— Outstanding $153,600.00 Treasurj^ 346,400.00 Authorized $500,000.00 Issued in exchangeable denominations of $100, $500 and SI, 000. Callable as a whole at 101 and interest at any time on 30 days' notice. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Notes: Old Colony Trust Company, Boston. Stock: (Shares, $100 par). Preferred outstanding $300,000 unissued 200,000 authorized $500,000 Redeemable at 115. Preferred as to dividends and in case of liquidation. Common outstanding $800,000 unissued 250,()()l) authorized $1,050,000 (39) Dividends: Preferred stock, 6% cumulative, payable June 1 and December 1. Annual Meeting: Second Monday in November. General Managers : Stone & Webster, Boston. Transfer Agents : Stone & Webster, Boston. Stock Registrar: Old Colony Trust Company, Boston. Miles of Equivalent Single Track: 22.0. Franchises: Railway franchises expire 1933; lighting franchise not limited in time. Estimated Population Served: Jan. 1, 1919, railway, 36,600;* light and power, 37,100.* * Includes 5,000 men at Naval Air Station. Census 1910: Pensacola, 22,982. Earnings and Expenses: (combined companies): For 12 months ending Dec. 31, 1918:— Gross earnings $506,050.46 Operating expenses and taxes 360,382.40 Net earnings 145,668.06 Interest charges Balance . Sinking fund requirements Balance Dividends: Preferred stock, 6% . . . Balance for reserves and replacements 87,066.77 58,601.29 12,856.25 45,745.04 18,000.00 $27,745.04 Balance for Sinking Net Earnings after Fund Requirements, 12 mos. end- Operating Expenses Reserves, Replacements ing Dec. 31. Gross Earnings. and Taxes. and Dividends. 1907 . . $228,149.95 $76,269.20 $35,364.79 1908 . . 209,182.71 57,097.11 13,150.76 1909 . . 246,664.36 96,344.92 52,695.36 1910 . . 273,103.02 104,264.56 52,965.53 1911 . . 286,715.45 107,552.54 46,947.78 1912 . . 285,429.25 108,970.16 46,069.75 1913 . . 285,757.67 103,019.80 35,400.88 1914 . . 264.840.45 95,048.17 21,599.71 1915 . . 258,041.95 111,222.16 38,654:15 1916 . . 280,100.60 122,764.15 43,001.73 1917 . . 350,458.99 14^,778.40 65,812.77 1918 . . 506,050.46 145,668.06 58,601.29 (40) PONCE ELECTRIC COMPANY. PONCE, PORTO RICO. This Company owns the securities of Ponce Railway and Light Company, which oper- ates an electric railway between Ponce and the Playa (Port), and which does the entire lighting and power business of Ponce and the Playa. Bonds: CoUateral Trust, 25 Year, 6% Gold, due May 1, 1927:— Outstanding $210,000 In sinking fund, cancelled 40,000 Unissued 500,000 Authorized §750,000 Callable as a whole at 105 and interest on any interest day. Sinking Fund: 1% per annum of bonds issued, payable May 1. Coupons: May 1 and November 1, payable at office of Trustee. Trustee and Registrar of Bonds: Boston Safe Deposit and Trust Com- pany, Boston. Stock: (Shares, SI 00 par). Authorized and outstanding $500,000 Annual Meeting: First ^Monday in December. General Managers: Stone & Webster, Boston. Transfer Agents: Stone & Webster, Boston. Agent to Register Transfers: Boston Safe Deposit and Trust Company, Bo.?ton. Miles of Equivalent Single Track: (subsidiary company): 5.53; track- age, ..54 Railway franchise expires 1961, 1919, railway, 40,000: hght, 40,000. Franchises : (subsidiary company) : hghting franchise expires 1963. Estimated Population Served: Jan. 1, Census 1910: Ponce, 35,027. Earnings and Expenses: (combined companies): For 12 months ending Dec. 31, 1918:— Gross earnings $174,585.85 Operating expenses and taxes 112,755.11 61,830.74 25,023.26 Net earnings Interest charges .... Balance Sinking fund requirements 36,807.48 2,500.00 Balance for reserves, replacements and dividends . . . $34,307.48 Balance for Sinking Net Earnings after Fund Requirements, IS mos. end- Operating Expenses Reserves, Replacements ing Dec. St. Gross Earnings. and Taxes. and Dividends. 1905 .... $88,573.80 $32,182.27 $3,738.-53 190G 107,326.95 47,607.75 17,825.07 1907 120,087.49 46,383.27 16,796.-58 1908 113,1.30.81 43,610.18 14,190.50 1909 117,178.97 40,.549.61 11,269.93 1910 129,487.29 55,-380.68 26,261.00 1911 135,074.21 51,745.43 22,800.25 1912 141,.'')80..37 53,141.29 24,4.58.75 1913 146,(M5..35 60,601.64 32,284.84 1914 148,139.46 64,175.92 3.5,914.79 1915 144,.564.52 60,.531.10 33,034.47 1910 146,.'')51.36 49,790.07 22,751.02 1917 152,290.22 60,761.69 34,751.86 1918 174,585.85 01,830.74 30,807.48 (41) PUGET SOUND TRACTION, LIGHT & POWER COMPANY. This Company purchased and consolidated the properties formerly owned by The Seattle Electric Company, Pacific Coast Power Company, Puget Sound Power Company, Seattle-Tacoma Power Company and Whatcom County Kailway & Light Company. It also owns most of the capital stock of Puget Sound Electric Railway and all the capital stock of Pacific Northwest Traction Company, which owns the capital stock of Puget Sound International Railway & Power Company. The Company through ownership or control does substantially all the electric street and interurban railway and the greater part of the commercial electric lighting and power business in the Puget Sound district, including the cities of Seattle, Tacoma, BtUingham and Everett, Washington. The Company owns or controls hydro-electric power plants with an installed capacity of 109,000 H.P. and an ultimate development of about 175,000 H.P.; steam stations with a present capacity of 47,800 H.P.; and street and interurban railways aggregating 493.7 miles of equivalent single track. Notes: Sinking Fund Mortgage, Three Year, 7% Gold, due June 1, 1921 :— Outstanding $14,091,000 Treasury 510,000 Unissued 5,399,000 Authorized $20,000,000 Callable as a whole or in part on any interest day at 101 during 1919 and at 100 thereafter. N'ote: These notes are issued in coupon form in $500 and $1,000 denominations reg- isterablp as to principal only. Sinking Fund: 1% of notes outstanding, payable April 1, 1919, and April 1, 1920. Coupons: June 1 and December 1, payable at office of Trustee. Trustee and Registrar of Notes : Old Colony Trust Company, Boston. Bonds assumed, or outstanding on properties controlled through stock ownership (see pages 57-60) : — Everett Railway and Electric Company . $825,000 Everett Railway, Light and Water Co. . 171,000 Pacific Coast Power Co 3,990,000 Puget Sound Electric Railway 3,504,000 Puget Sound Power Co 2,885,000 The Seattle Electric Co 9,309,000 The Seattle Electric Co., Seattle-Everett . 2,920,000 The Seattle Railway Co 356,000 Tacoma Railway and Power Co 1,236,000 WTiatcom County RaUway & Light Co. . 1,390,000 $26,586,000 Stock: (Shares, $100 par). Non-taxable in Massachusetts. Preferred outstanding $14,793,600 unissued 206,400 authorized $15,000,000 Redeemable at 125. Preferred as to dividends and in case of liquidation. Common outstanding $20,110,400 Non-interest bearing receipts exchangeable at par for Common stock 17,600 unissued 4,872,000 authorized $25,000,000 (42) Dividends: Preferred stock, 6% cumulative, payable January 15, April 15, July 15 and October 15. Annual Meeting: First Monday in March. General Managers: Stone & Webster, Boston. Transfer Agents: Stone & Webster, Boston. Stock Registrar: Old Colony Trust Company, Boston. Miles of Equivalent Single Track: 493.7; trackage, 5.4. Franchises: In Seattle principal railway franchises expire in 1934; light- ing in 1952. In Tacoma principal railwaj' franchise expires in 1939; power in 1930. In BelUngham principal railway franchise expires in 1941; minor railway in 1934; electric light and power in 1940; Fi.s in 1941. In Everett railway franchises expire in 1944 and in 1950; light- ing in 1950. Interurbans operate chiefly over private right of way. Estimated Population Served: Jan. 1, 1919, railway, 557,800; electric light, 528,000;* power, 028,000;* gas, 30,400. * Includes 25,000 soldiers. Census igio: Seattle, 237,194; Tacoma, 83,743; Everett, 24,814; Bell- ingham, 24,298. Earnings and Expenses: (consolidated statement): For 12 months end- ing Dec. 31, 1918:— An ordinance authorizing the City of Seattle to purchase the oper- ating street railway system (not including power equipment), oper- ated by Puget Sound Traction, Light & Power Company within the City of Seattle, was passed Dece: iber 31st, 1918. This ordinance contains a contract whereby the City is to purchase from the Com- pany power dehvered to the troUey system. Terminal facilities for the two interurbans entering the city are provided for by contract. Consummation of the negotiations is dependent on the validation by the State Supreme Court of the SI 5,000,000-5% utihty bonds to be turned over by the City in exchange for the property. Pending the outcome of the trade, no accurate statement of the company's earn- ings can be given. IS mo». end- ing Dec. 31. Crros3 Eaming/i. Net Earnings after Operating Expenses and Taxes. Balance for Sinking Fund Requirements, Reserves, Replacements and Dividends. 1912 . . . $8,313,847.87 $3,541,549.29 $1,789,173.71 1913 . . . 8,613,599.74 3,005,224.35 1,793,788.66 1914 . . . 8,450,973.85 3,443,905.92 1,583,141.72 1915 . . . 7,-559,582.53 2,804,819.58 926,040.55 191f) . . . . 8,107,.371.28 2,986,376.24 1,126,000.38 1917 . . . . 9,4.54,801.00 3,000,842.79 1,621,781.01 1918 . . . See Note Sec Note Sec Note (43) SAVANNAH ELECTRIC COMPANY^ SAVANNAH, GEORGIA. This Company does the entire electric railway and the greater part of the electric Ughting and power business in Savannah. It guarantees principal, interest and sinking fund payments on the $1,250,000 bonds of Savannah Power Company, deposited as collateral to secure floating indebtedness, which company owns a power station at Savannah with a present capacity of 13,400 H.P., operated under lease by the Savannah Electric Company. Bonds: First Consolidated Mortgage, 50 Year, 5% Gold, due Jan. 1, 1952:— Outstanding $2,147,000 Treasury . 353,000 Reserved to retire outstanding underlying bonds 1,000,000 Authorized S3,500,000 Callable as a whole (or in part for sinking fund) at 110 and interest on anj^ interest day. Note: Of the outstanding bonds .$100,000 face value are of $500 de- nomination, balance are of $1,000 denomination. Improvement Fund : $20,000 per annum. Note: For bonds of Constituent Company, see page 60. Coupons: January 1 and July 1, payable at office of Trustee. Trustee of Bonds: American Trust Company, Boston. Bond Registrars : American Trust Company, Boston; Chatham Bank and Trust Company, Savannah. Stock: (Shares, $100 par). Preferred authorized and outstanding .... $1,000,000 Redeemable at 120. Preferred as to di\'idends and in case of liquidation. Common authorized and outstanding .... $2,500,000 Dividends : Preferred stock, 6% non-cumulative, payable April 1 and October 1. Annual Meeting: Second Wednesday in January. General Managers: Stone & Webster, Boston. Transfer Agents: Stone & Webster, Boston. (44) Agent to Register Transfers : American Trust Company, Bos- ton. Miles of Equivalent Single Track: G4.7; trackage, .96. Franchises : Xot limited in time. Estimated Population Served: Jan. 1, 1919, railway, 88,500; light and power, 85,500. Census igio: Savannah, 65,064, Earnings and Expenses : For 12 months ending Dec. 31, 1918 : — Gross earnings SI, 182,891. 14 Operating expenses and taxes 856,151.05 Net earnings 326,740.09 Interest charges 282,946.50 Balance 43,793.59 Sinking fund requirements 20,000.00 Balance for reserves, replacements and dividends $23,793.59 IS mos. end- ing Dec. 31. *1899 . *1900 . *1901 . 1902 . 1903 . 1904 . 1905 . 1906 . 1907 . 1908 . 1909 . 1910 . 1911 . 1912 . 1913 . 1914 . 1915 . 1916 . 1917 . 1918 . Gross Earnings. $131,347.98 141,981.15 156,086.42 480,510.20 519,774.18 544,144.27 586,235.95 611,215.19 602,399.70 595,819.23 603,813.51 632,356.07 696,667.69 747,058.26 827,779.63 842,638.98 794,213.66 826,093.67 9()8, 173.56 1,182,891.14 Net Earnings after Operating Expenses and Taxes. $62,699.10 65,809.04 67,815.68 212,518.99 212,075.07 227,359.99 238,208.95 232,168.94 188,090.46 170,941.74 175,743.93 180,197.74 185,633.93 196,006.51 269,858.65 289,651.60 275,725.38 272,398.52 322,581.50 326,740.09 Balance for Sinking Fund Requirements, Reserves, Replacements and Dividends. $51,449.10 50.455.04 52,815.68 96,743.99 92,748.50 101,238.50 110,514.82 97,708.25 44,056.17 20,374.55 21,769.71 21,109.79 21,155.73 21,211.86 27,594.33 34,318.64 17,233.05 9,641.63 52,032.70 43,793.59 * Lighting company only. (45) SIERRA PACIFIC ELECTRIC COMPANY. RENO, NEVADA. This Company owns the capital stock of the companies which do the entire electric lighting and power business in the cities and towns of Reno, Sparks, Virginia City, Carson City and Silver City, Nevada, and furnish power in the surrounding mining districts of Western Nevada. These companies also do the entire gas business in Reno, Sparks and Carson City, and supply water for domestic purposes in Reno and Sparks. Bonds: No bonded indebtedness. Note: For bonds of Constituent Companies, see page 61. Notes: Three Year, 5% Gold Coupon, due April 1, 1919: — Outstanding $350,000 Unissued 150,000 Authorized S500,000 Issued in exchangeable denominations of $500 and $1,000. Callable as a whole or in part at 100 and interest at any time on 30 days' notice. Coupons: April 1 and October 1, payable at office of Trustee. Trustee and Registrar of Notes : State Street Trust Company, Boston. Stock: (Shares, $100 par). Preferred authorized and outstanding . . , $3,500,000 Redeemable at 115. Preferred as to dividends and in case of liquidation. Common authorized and outstanding .... $8,000,000 Dividends: Preferred stock, 6% cumulative, payable February 1, May 1, August 1 and November 1. Annual Meeting: Third Monday in January. General Managers: Stone & Webster, Boston. Transfer Agents : Stone & Webster, Boston. (46) Stock Registrar: Old Colony Trust Company, Boston. Franchises: (subsidiary companies): Electric lighting and power franchise in Reno and Sparks expires in 1929. Gas and water franchises in Sparks expire in 1955. Other important franchises not limited in time. Estimated Population Served: Jan. 1, 1919, electric light and power, 27,400; gas, 20,000. Census 1910: Reno, 10,867; Carson City, 2,466. Earnings and Expenses: (combined companies): For 12 months ending Dec. 31, 1918: — Gross earnings $721,296.73 Operating expenses and taxes 354,760.03 Net earnings 366,536.70 Interest charges 62,902.24 Balance 303,634.46 Sinking fund requirements 19,793.67 Balance 283,840.79 Dividends: Preferred stock, 6% 210,000.00 Balance for reserves and replacements . . . $73,840.79 12 mos. end- ing Dec. 31. Gross Earnings. Net Earnings after Operating Expenses and Taxes. Balance far Sinking Fund Requirements, Reserves, Replacements and Dividends. 1910 . . . $558,507.93 $355,446.53 $310,446.53 1911 . . . 571,525.99 344,721.87 316,654.20 1912 . . 634,896.89 398,293.63 341,303.91 1913 . . 647,571.51 385,451.74 319,194.71 1914 . . 592,330.91 333,778.71 257,387.81 1915 . . 494,769.61 279,710.10 208,691.98 1916 . . 584.960.82 335,950.80 269,907.99 1917 . . . 081,132.57 363,436.91 300,481.06 1918 . . 721,296.73 366,536.70 303,634.46 (47) TAMPA ELECTRIC COMPANY. TAMPA, FLORroA This Company does the entire electric railway, electric hghting and power business in Tampa, and operates an electric railway between Tampa and Port Tampa and a line to Sulphur Springs. Bonds: First Mortgage, 25 Year, 5% Gold, due June 1, 1933:— Outstanding .$966,500 Treasury 173,500 In sinking fund, cancelled 90,000 Unissued 77o!oOO Authorized $2,000,000 Callable at any time as a whole (or in part for sinking fund) at 105 and interest. Note: These bonds are issued in exchangeable denominations of $500 and $1,000. Sinking Fund : 1 % per annum of bonds outstanding, payable August 1 . Coupons: June 1 and December 1, payable at office of Trustee. Trustee and Registrar of Bonds: American Trust Company, Boston. Stock: (Shares, $100 par). Outstanding $2,874,300 Unissued 5,500 Authorized $2,879,800 Dividends: Paid February 15, 2^%; May 15,21%; August 15, 21%; November 15, 2^%. Annual Meeting: The Monday following the first Sunday in January. General Managers: Stone & Webster, Boston. Transfer Agents : Stone & Webster, Boston. Stock Registrar: Old Colony Trust Company, Boston. Miles of Equivalent Single Track: 53.3. Franchise : Expires 999 years from 1899. (48) Estimated Population Served: Jan. 1, 1919, railway, 69,000; light and power, 67,800. Census 1910: Tampa, 37,782. Earnings and Expenses: For 12 months ending Dec. 31, 1918:— Gross earnings $1,062,546.46 Operating expenses and taxes 620,276.07 Net earnings 442,270.39 Interest charges 51,654.26 Balance 390,616.13 Sinking fund requirements 9,779.01 Balance 380,837.12 Dividends: Capital stock, 10% 286,627.50 Balanc e foi • reserves and replacements . . . $94,209.62 12 mos. end- ing Dec. 31 . Gross Earnings. Balance for Sinking Net Earnings after Fund Requirements, Operating Expenses Reserves, Replacements and Taxes. and Dividends. 1900 . . . $152,123.43 $58,099.89 $43,099.89 1901 180,494.73 72,969.15 53,615.98 1902 238,771.73 99,149.82 76,912.65 1903 304,450.89 129,814.67 105,416.90 1904 364,645.44 147,196.53 123,474.24 1905 411,763.26 174,609.88 152,844.04 1906 469,222.08 189,264.12 187,840.96 1907 521,181.10 133,050.80 126,520.62 1908 552,574.26 170,150.86 148,640.73 1909 596,302.74 232,947.56 203,195.46 1910 592,964.05 246,984.02 209,240.98 1911 691,322.76 313,556.16 266,091.71 1912 753,834.57 359,205.28 312,123.83 1913 844,940.47 378,441.45 332,013.03 1914 981,000.49 460,922.47 415,452.04 1915 981,019.07 478,148.29 434,731.53 1910 907,086.27 439,367.87 395,794.86 1917 ],()() 1,31 1.33 437,771.97 390,801.01 1918 1,062,546.46 442,270.39 390,616.13 (49) PUBLIC SERVICE INVESTMENT COMPANY, This Company was organized in 1909 with authority, among other things, to hold and deal in stocks, bonds, notes and other securities. Bonds : No bonded indebtedness. Stock: (Shares, $100 par). Preferred outstanding $2,500,000 unissued 500,000 authorized $3,000,000 Redeemable at 115. Preferred as to dividends and in case of liquidation. Common outstanding $2,500,000 unissued 500,000 authorized $3,000,000 Dividends : Preferred stock, 6% cumulative, payable February 1, May 1, August 1 and November 1. Annual Meeting: Second Tuesday in May. Transfer Agents: Stone & Webster, Boston. Stock Registrar: Beacon Trust Compan}^, Boston. Property of Company: Securities of twelve companies, man- aged by Stone & Webster. Stocks: Twelve companies (par value) .... $5,931,550.00 Cash and Notes Receivable 99,563.72 Total $6,031,113.72 Income: For 12 months ending Dec. 31, 1918: — Income received from stocks $194,811.00 Income received from notes and cash . . . 3,217.61 Total 198,028.61 Expenses and taxes 10,076.52 Balance 187,952.09" Dividends: Preferred stock, 6% 150,000.00 Balance $37,952.09 (so) Outstanding. Cancelled. Authorized. . S284,000 $216,000 •1500,000 457,000 43,000 500,000 280,000 220,000 500,000 244,000 256,000 500,000 470,000 30,000 500,000 500,000 — 500,000 RAILWAY & LIGHT SECURITIES COMPANY, This Company was organized in 1904 for the purpose of holding for income or for sale the securities of transportation, illuminating, po.ver and other public s?r\'ice corporations. Under its charter it may issue its own Collateral Trust Bonds, secured by bonds of other companies as collateral. Bonds: Collateral Trust, 30 Year, 5% Gold:— 1st Series, due May 1, 1935 2d Series, due May 1, 1939 3d Series, due Nov. 1, 1939 4th Series, due May 1, 1942 5th Series, due May 1, 1944 6th Series, due Nov. 1, 1946 Callable as a whole or in part at 103 and interest on an}' interest day. Each Series secured by bonds of other companies with a face value at least 25% greater than the face value of the bonds issued. Sinking Fund: Provides for gradual retirement of each Series to maturity. Coupons: May 1 and November 1, payable at office of Old Colony Trust Company, Trustee, Boston. Trustee and Registrar of Bonds : Old Colony Trust Company, Boston. Stock: (Shares, SI 00 par). Preferred outstanding $1,500,000 in treasury 500,000 authorized $2,000,000 Redeemable at 125. Preferred as to dividends and in case of liquidation. Common outstanding $1,000,000 unissued 200,000 authorized $1,200,000 Dividends: Preferred stock, 6% cumulative, payable February 1 and August 1. Common stock paid February 1, 3%; August 1, 3%. Annual Meeting: Second Tuesday in July. Transfer Agent: Old Colony Trust Company, Boston. Agent to Register Transfers: American Trust Company, Boston. Property of Company : Bonds, stocks and notes of forty-nine independent companies, twenty-one of which are managed by Stone & Webster. Bonds: Thirty-five companies (book value) $3,564,690 Stock: Eighteen companies (book value) 1,305,172 Cash, notes, accrued interest receivable, etc 562,681 Total $5,432,543 Income: For 12 months ending Dec. 31, 1918: — Income from bonds, notes and cash . . . $228,708.03 Income from stock and profit on .sales . . 78,328.54 $307,036.57 E.xpcnses and taxes 24,698.23 Balance 282,338.34 Interest charges 11 0,794.04 Balance 171,544.30 Dividends: Preferred .stock, 6% $90,000.00 Common ntock, 0% . . . 60,000.00 150,000.00 Balance $21,544.30 (51) BONDS OF CONSTITUENT COMPANIES: BLACKSTONE VALLEY GAS AND ELECTRIC COMPANY. PAWTUCKET ELECTRIC COMPANY. (See page 8) Bonds: Consolidated Mortgage, 30 Year, 5% Gold, due Jan. 1, 1938: — Outstanding (mortgage closed) '. . $176,000 Cancelled 574,000 Unissued 1,250,000 Authorized $2,000,000 Callable as a whole or in part at 105 and interest on any interest day. Registerable both as to principal and interest. Assumed by Blackstone Valley Gas and Electric Company. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Bonds: Old Colony Trust Company, Boston. THE PAWTUCKET GAS COMPANY OF NEW JERSEY. (See page 8) Bonds: Collateral First Mortgage, 30 Year, 4% Gold, due May 1, 1932:— Outstanding (mortgage closed) $1,400,000 Unissued 600,000 Authorized $2,000,000 Callable as a whole at 110 and interest on any interest day. Coupons: May 1 and November 1, payable at office of Trustee. Trustee and Registrar of Bonds: Slater Trust Company, Pawtucket, R.I. WOONSOCKET ELECTRIC MACHINE AND POWER COMPANY. (See page 8) Bonds: First Mortgage, 30 Year, 4J^% Gold, due Jan. 1, 1931:— Outstanding (mortgage closed) $122,000 In sinking fund, not cancelled 78,000 Authorized $200,000 Sinking Fund: S4,000 per annum, payable January 1. Assumed by Blackstone Valley Gas and Electric Company. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Bonds: International Trust Company, Boston. Bonds: Consohdated Mortgage, 40 Year, 4^% Gold, due April 1, 1943: — Outstanding (in hands of pubUc) (mortgage closed except for refunding) $197,500 Held by Blackstone Valley Gas and Electric Company . . 60,000 In sinking fund, not cancelled 42,500 Reserved to retire outstanding underlying bonds .... 122,000 Unissued 78,000 Authorized $500,000 Callable on April 1, 1933, or on any interest date thereafter at 100 and accrued interest. Sinking Fund: $.3,177.42 per annum, payable April 1. Assumed by Blackstone Valley Gas and Electric Company. Coupons: April 1 and October 1, payable at office of Trustee. Trustee and Registrar of Bonds: International Trust Company, Boston. (52) Bonds of Constituent Companies (Cont.) CAPE BRETON ELECTRIC COMPANY, LIMITED. SYDNEY AND GLACE BAY RAILWAY COMPANY, LIMITED. (See page 10) Bonds: First Mortgage, 30 Year, 5% Gold, due July 1, 1932:— Outstanding (in hands of public) $160,000 Held by Cape Breton Electric Company, Limited .... 220,000 In sinking fund, cancelled 60,000 Unissued 60,000 Authorized $500,000 Callable as a whole at 110 and interest on any interest day. Guaranteed as to principal, interest and sinking fund by Cape Breton Electric Company, Limited. Sinking Fund: 1% per anniun of bonds certified, payable October 1. Coupons: January 1 and Julj' 1, payable at office of Trustee. Trustee of Bonds : The Royal Trust Company, INIontreal, Canada. CENTRAL MISSISSIPPI VALLEY ELECTRIC PROPERTIES. KEOKUK ELECTRIC COMPANY. BCEOKUK ELECTRIC RAILWAY AND POWER COMPANY. (See pages 12 and 32) Bonds: First Mortgage, 5% Gold, due serially 1919 to 1925:— Outstanding (mortgage closed) $160,000 CanceUed 90,000 Authorized $250,000 Callable at 105 and interest on any interest day. Coupons: January 1 and July 1, payable at office of Central Trust Com- jjany of Illinois, Chicago. Trustees of Bonds: Central Trust Company of Illinois and H. E. Ambler. COLUMBUS ELECTRIC COMPANY. THE COLUMBUS POWER COMPANY. (See page 13) Bonds: First Mortgage, 30 Year, 5% Gold, due April 1, 1936:— Outstanding $3,803,000 In sinking fund, cancelled 197,000 Authorized $4,000,000 Callable as a whole (or in part for sinking fund) at 110 and interest on any interest day. Guaranteed, prinfii)al, interest and sinking fund, by Columbus Elec- tric Company. Sinking Fund: 1% per annum of bonds certified, payable April 1. Coupons: .\pril I ;ind Oclobcr 1, payable at f)fnce of Trustee. Trustee and Registrar of Bonds: Coniinonwcalth Trust Company, Boston. (53) Bonds of Constituent Companies (Cont«) THE CONNECTICUT POWER COMPANY. THE BERKSHIRE POWER COMPANY. (See page ISj Bonds: First Mortgage, 30 Year, 5% Gold, due Dec. 1, 1934: — Outstanding (mortgage closed) $77,000 In sinldng fund, cancelled 23,000 Authorized $100,000 Sinking Fund: 2% per annum of bonds outstanding, payable December 1. Assumed by The Connecticut Power Company. Coupons: June 1 and December 1, payable at office of Trustee. Trustee and Registrar of Bonds : The Fidelity Trust Company, Hartford. THE CONNECTICUT POWER COMPANY. (See page 15) Bonds: First Mortgage, 50 Year, 5% Gold, due July 1, 1956:— Outstanding (mortgage closed) $517,000 Authorization Unlimited Assumed by The Connecticut Power Company (consohdated com- pany). Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Bonds: The Equitable Trust Company of New York. THE NEW LONDON GAS AND ELECTRIC COMPANY. (See page IS) Bonds: First Mortgage, 30 Year, 5% Gold, due April 1, 1927:— Outstanding (mortgage closed) $276,500 Unissued ^3,500 Authorized $300,000 Assumed by The Connecticut Power Company. Coupons: April 1 and October 1, payable at office of Trustee. Trustee of Bonds : The New York Trust Company, New York. Bonds: Second Mortgage, 30 Year, 5% Gold, due April 1, 1929:— Outstanding (mortgage closed) $76,000 Unissued 49,000 Authorized $125,000 Callable as a whole or in part at 105 and interest on any interest day. Assumed by The Connecticut Power Company. Coupons: April 1 and October 1, payable at office of Trustee. Trustee of Bonds: The New York Trust Company, New York. Bonds: First Consolidated and Refunding Mortgage, 30 Year, 5% Gold, due July 1, 1933:— Outstanding (in hands of pubUc) (mortgage closed) . . $373,500 Owned by The Connecticut Power Company 2,000 Unissued 374,500 Authorized $750,000 Assumed by The Connecticut Power Company. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Bonds: The Equitable Trust Company of New York. (54) Bonds of Constituent Companies (Cont.) EASTERN TEXAS ELECTRIC COMPANY. BEAUMONT TRACTION COMPANY. (See page 17) Bonds: First Mortgage, 40 Year, 5% Gold, due April 1, 1943:— Outstanding (in hands of public) (mortgage closed) . . . $270,000 Held by Eastern Texas Electric Company 330,000 Authorized . §600,000 Callable as a whole or in part at 105 and interest on any interest day. Coupons: April 1 and October 1, payable at oflfice of Trustee. Trustee and Registrar of Bonds: Interstate Trust and Banking Company, New Orleans. GALVESTON-HOUSTON ELECTRIC COMPANY. GALVESTON ELECTRIC COMPANY. (See page 25) Bonds: First Mortgage, 35 Y'ear, 5% Gold, due May 1, 1940: — Outstanding $1,297,000 In sinking fund, cancelled 177,000 Unissued 1,026,000 Authorized $2,500,000 Callable as a whole (or in part for sinking fund) at 110 and interest on any interest day. Sinking Fund: 114% Per annum of bonds certified, payable July 1. Coupons: May 1 and November 1, payable at office of Trustee or at the Company's Agency in Now York City. Trustee and Registrar of Bonds: Old Colony Trust Company, Boston. GALVESTON-HOUSTON ELECTRIC RAILWAY COMPANY. (See page 25) Bonds: First Mortgage, 45 Year, 5% Gold, due Oct. 1, 1954:— Outstanding $2,851,000 In trust for benefit of company 20,000 In sinking fund, cancelled 123,000 Unissued ^000,000 Authorized $5,000,000 Callable as a whole (or in part for sinking fund) at 105 and interest on any interest day. Guaranteed, principal, interest and sinking fund, by Galveston-Hous- ton Electric Comi)any. (See page 25.) Note: These bonds arc i.ssucd in cxchjiriKCiiblc dfnoniin.Ttions anri forms: in coupon form in $')()0 and $1,000 lifnominalions, roKi.stcrablc ji.s to princip.al only; in regis- tered form in $1,000 anil $5,000 denominations, iind iit the option of the Company in other nmltiples of $1,000. Sinking Fund: \'/^ per annum of bonds outstaniling IlirnuKli 1011 and 1H% therc- .'ifler, p;iy;dilc- I'cbruary 1. Coupons: April 1 ;ifi(l OctolxT 1, payiiblc ;it ofTicc of Tnisfoc. Trustee and Registrar of Bonds: Old Colony Trust Company, Boston. (55) Bonds of Constituent Companies (ContO Galveston-Houston Electric Company (Cont.) HOUSTON ELECTRIC COMPANY. (See page 25) Bonds: First Mortgage, 25 Year, 5% Gold, due Aug. 1, 1925:— Outstanding (mortgage closed) $1,805,000 In sinking fund, not cancelled 695,000 Authorized • •■ $2,500,000 "Callable as a whole at 10732 ''^nd interest on any interest day. Sinking Fund: lj'2% per annum of bonds certified, payable August 1. Coupons: February 1 and August 1, payable at office of Trustee. Trustee and Registrar of Bonds: International Trust Company, Boston. HOUGHTON COUNTY TRACTION COMPANY. THE HOUGHTON COUNTY STREET RAILWAY COMPANY. (See page 29) Bonds: First Mortgage, 20 Year, 5% Gold, due July 1, 1920:— Outstanding (mortgage closed) $266,000 Cancelled ' 484,000 Authorized $750,000 Callable as a whole or in part at 105 and interest at any time. Assumed by Houghton County Traction Company. Coupons: January 1 and July 1, payable at office of Trustee. Trustee and Registrar of Bonds: Boston Safe Deposit and Trust Com- pany, Boston JACKSONVILLE TRACTION COMPANY. JACKSONVILLE ELECTRIC COMPANY. (See page 30) Bonds: First Mortgage, 25 Year, 5% Gold, due May 1, 1927:— Outstanding (mortgage closed) $1,245,000 Cancelled 5,000 Authorized $1,250,000 Callable as a whole at 105 and interest on any interest day. Assumed by Jacksonville Traction Company. Improvement Fund: 1% per annum of bonds outstanding. Coupons: May 1 and November 1, payable at office of Trustee. Trustee and Registrar of Bonds: American Trust Company, Boston. (56) Bonds of Constituent Companies (Cont.) NORTHERN TEXAS ELECTRIC COMPANY. NORTHERPJ TEXAS TRACTION COMPANY. (See page 37) Bonds: First Mortgage, 30 Year, 5% Gold, due Jan. 1, 1933:— Authorized and outstanding (mortgage closed) .... $2,500,000 Callable as a whole at 105 and interest on any interest day. Coupons: January 1 and July 1, payable at office of Trustee and at Chase National Bank, New York. Trustee and Registrar of Bonds: The Citizens Savings and Trust Com- pany, Cleveland. PUGET SOUND TRACTION, LIGHT & POWER COMPANY. PACIFIC COAST POWER COMPANY. (See page 42) Bonds: First Mortgage, 30 Year, 5% Gold, due March 1, 1940:— Outstanding (mortgage closed) S3,990,000 Cancelled 10,000 Unissued 6,000,000 Authorized $10,000,000 Callable as a whole or in part at 105 and interest on any interest day. Registerable ])oth as to principal and interest. Assumed by Puget Sound Traction, Light & Power Company. Coupons: March 1 and September 1, payable at office of Trustee or at the offices of Harris, Forbes & Company, Inc., Boston and New York. Trustee and Registrar of Bonds: Harris Trust and Savings Bank, Chicago. PACIFIC NORTHWEST TRACTION COMPANY. (See page 42) Bonds: The Seattle Electric Company, Seattle-Everett, First Mortgage, 30 Year, 5% CJold, due March 1, 1939:— Outstanding (mortgage clo.sed) $2,920,000 In sinking fund, not cancelled 180,000 Unis.sued _ 1,900,000 Authorized $5,()()(),000 Callable as a whole (or in part for sinking fund) at 105 and interest on any interest day. Regi.stcrabic Inith as to principal ;ni(l interest. Note: Pacific Northwest Traction fompjiny haw aRrcofl to pay principal, iiitcrost and Hinkinc fund puymcntB on those bonds, ami ha-s niortKaKcd its entire property as security. Sinking Fund: 1% per annum of bonds outstanding, payable March 1. A.ssumed by Puget Sound Traction, Light & Power Company. Coupons: MmpcIi 1 ;iiid Scptcriibcr 1, i);iy;iblf .-it ofFu-e of Trustee. Trustee and Registrar of Bonds: Old Colony Trust Company, Boston. (57) Bonds of Constituent Companies (Cont.) Ptigct Sound Traction, Light & Power Company (Cont.) PUGET SOUND ELECTRIC RAILWAY. (See page 42) Bonds: First Consolidated Mortgage, 29 Year, 5% Gold, due Feb. 1, 1932: Outstanding (mortgage closed) $3,504,000 In sinking fund, cancelled 760,000 Reserved to retire outstanding underlying bonds .... 1,236,000 Authorized $5,500,000 Callable as a whole at 110 and interest on any interest day. Sinking Fund: l^o per annum of bonds certified, plus 5% per anniun on all bonds purchased for sinking fund, payable January 1. Coupons: Feljruary 1 and August 1, payable at ofBce of Trustee. Trustee and Registrar of Bonds: Old Colony Trust Company, Boston. TACOMA RAILWAY AND POWER COMPANY. (See page 42) Bonds: First Mortgage, 30 Year, 5% Gold, due April 1, 1929:— Outstanding (in hands of pubHc) (mortgage closed) . . . $1,236,000 Held by Puget Sound Electric Railway 264.000 Authorized $1,500,000 Coupons: April 1 and October 1, payable at office of Trustee. Trustee and Registrar of Bonds: Old Colony Trust Company, Boston. PUGET SOUND INTERNATIONAL RAILWAY & POWER COMPANY. EVERETT RAILWAY, LIGHT AND WATER COMPANY. (See page 42) Bonds: First [Consolidated] Mortgage, 20 Year, 5% Gold, due April 1, 1925:— Outstanding (mortgage closed except for refunding) . . $171,000 Reserved to retire outstanding underlying bonds .... 825,000 Cancelled 504,000 Unissued - . . . 500,000 Authorized $2,000,000 Callal:)le as a whole at 107f and interest on any interest day. Assumed by Puget Sound International Railway & Power Company. Coupons: April 1 and October 1, payable at office of Trustee. Trustee of Bonds: Bankers Trust Company, New York. Bond Registrar: Everett Railway, Light and Water Company, New York. Bonds: Consolidated Mortgage, 32 Year, 5% Gold, due Feb. 1, 1941:— Owned bj^ Puget Sound International Railway & Power Company $458,000 Owned by Pacific Northwest Traction Company .... 480,000 In sinking fund, cancelled 36,000 Reserved to retire outstanding underlying bonds .... 996,000 Unissued 2,030 ,000 Authorized $4,000^000 Callable as a whole (or in part fcr sinking fund) at 100 and interest on any interest day. Registerable both as to principal and interest. Sinking Fund: 1% per annum of bonds outstanding, payable IMay 1. Assumed by Puget Sound International Railway & Power Company. Coupons: February 1 and August 1, payable at office of Trustee. Trustee and Registrar of Bonds: American Trust Company, Boston. Bonds of Constituent Companies (ContO Puget Sound Traction, Light & Power Company (Cont.) EVERETT RAILWAY AND ELECTRIC COMPANY. (See page 42) Bonds: First Mortgage, 20 Year, o% Gold, due April 1, 1921:— Outstanding (mortgage closed) $825,000 Unissued 175,000 Authorized §1,000,000 Assumed by Puget Sound International Railway & Power Company. Coupons: April 1 and October 1, payable at office of Trustee. Trustee of Bonds : Bankers Trust Company, New York. PUGET SOUND POWER COMPANY. (See page 42) Bonds: First Mortgage, 30 Y^ear, 5% Gold, due June 1, 1933:— Outstanding (mortgage closed) $2,885,000 In sinking fund, cancelled 426,000 Cancelled 2,000 Unissued 687,000 Authorized $4,000,000 Callable as a whole (or in part for sinking fund) at 110 and interest on any interest day. Sinking Fund: 1% per annum of bonds certified, payable March 1. Assumed by Puget Sound Traction, Light & Power Company. Coupons: June 1 and December 1, payable at office of Trustee. Trustee and Registrar of Bonds : Old Colony Trust Company, Boston. THE SEATTLE ELECTRIC COMPANY. ' (See page 42) Bonds: First Mortgage, 30 Year, 5% Gold, due Feb. 1, 1930:— Outstanding (mortgage clo.sed) $3,693,000 In sinking fund, not cancelled 1,307,000 Authorized $5,000^000 Registerable as to principal only. Callable as a whole (or in part for sinking fund) at 110 and interest on any interest day. Sinking Fund: 1% per annum of bonds certified, payable February 1. A.'^sumod by Pugot Sound Traction, Light & Power Company. Coupons: Fel)ruary 1 and .August 1, payable at office of Trustee. Trustee and Registrar of Bonds: Boston Safe Deposit and Trust Com- pany, Boston. Bonds: Consolidated and Refunding Mortgage, 22 Year, 5% Gold, due Aug. 1, 1929:— Outstanding (mortgage closed except for refunding) . . $5,616,000 In sinking fund, not cancelled 772,000 Cancelled 1,344.000 Reserved to retire outstanding underlying bonds .... 6,934,000 Uni.s.sued 10,331,000 Authorized .?2r),0()(),()()0 Callable in amounts of not less than $500,000 (or less for sinking fund) at 105 ;ind inf crest on any inlcrcsf day. Regi.stfr.'iblc hotli as to j)rincipal and inlcrcsl. Sinking Fund: 1% per uriniiin of hDiKl.f oiitsliindiiiu, payable October 1. A.s.sumcd by Pugnt Sound 'iVaclion, Light & Power Company. Coupons: Febni.ary 1 and August 1, payable at office of Trusiee. Trustee and Registrar of Bonds: Old Colony Trust Company, Boston. (59) Bonds of Constituent Companies (Cont*) Paget Soand Traction, Light & Power Company (Cont.) THE SEATTLE RAILWAY COMPANY. (See page 42) Bonds: Fu-st Mortgage, 20 Year, 5% Gold, due Nov. 1, 1921:— Outstanding (mortgage closed) $349,000 In sinking fund, not cancelled 119,000 Cancelled 32,000 Autliorized $500,000 Callable as a whole (or in part for sinldng fund) at 110 and interest on any interest day. Sinking Fund: 1% per annum of bonds certified, payable November 1. Assumed by Puget Sound Traction, Light & Power Company. Coupons: May 1 and November 1, payable at office of Trustee. Trustee and Registrar of Bonds: Boston Safe Deposit and Trust Com- pany, Boston. WHATCOM COUNTY RAILWAY & LIGHT COMPANY. (See page 42) Bonds: First Mortgage, 30 Year, 5% Gold, due Nov. 1, 1935:— Outstanding (mortgage closed) $1,390,000 In sinking fund, cancelled 128,000 Cancelled 246,000 Unissued 736,000 Authorized $2,500,000 Callable as a whole at 105 and interest on any interest day. Sinking Fund: 1% per annum of bonds outstanding, payable November 1. Assumed by Puget Sound Traction, Light & Power Company. Coupons: May 1 and November 1, payable at office of Trustee. Trustee and Registrar of Bonds : Old Colony Trust Company, Boston. SAVANNAH ELECTRIC COMPANY THE SAVANNAH, THUNDERBOLT AND ISLE OF HOPE RAIL- WAY OF SAVANNAH, GEORGIA. (See page 44) Bonds: First Mortgage, 50 Year, 4% Gold, due July 1, 1947:— Outstanding (mortgage closed) $1,000,000 Cancelled 250,000 Authorized $1,250,000 Coupons: January 1, April 1, July 1 and October 1, payable at office of Trustee. Trustee and Registrar of Bonds: Central Union Trust Company of New York. 6o) Bonds of Constituent Companies (Cont.) SIERRA PACmC ELECTRIC COMPANY. NEVADA POWER, LIGHT AND WATER COMPANY. (See page 46) Bonds: First Mortgage, 30 Year, 6% Gold, due April 1, 1932:— Outstanding (mortgage closed) §215,000 In sinking fund, not cancelled 85,000 Authorized $300,000 Callable as a whole or in part (also in part for sinking funds) at 107§ and interest, decreasing to 100| prior to maturity. Sinking Fund: 2% per annum of bonds issued, payable April 1, increasing to 3% at maturity. Assumed by Reno Power, Light and Water Company. Coupons: April 1 and October 1, payable at office of Trustee. Trustee of Bonds: Mercantile Trust Company of San Francisco. RENO POWER, LIGHT AND WATER COMPANY. (See page 46) Bonds: First ConsoUdated Mortgage, 40 Year, 6% Gold, due July 1, 1944:— Outstanding (mortgage closed except for refunding) . . $388,000 In sinking fund, not cancelled 62,000 Reserved to retire outstanding underlying bonds .... 215,000 Unissued 85,000 Authorized $750,000 Callable as a whole or in part (al.so in part for sinking fund) at 110 and interest, decreasing to lOOJ jjrior to maturity. Sinking Fund: 1.2% per annum of bonds issued, payable April 1, increasing to 1.7% at maturity. Coupons: Jaiiuarj' 1 and Jul}- 1, payable at office of Trustee. Trustee of Bonds: Mercantile Trust Company of San Francisco. (6i) SUGGESTIONS FOR GUIDANCE IN TRANSFERRING STOCK. 1. If the transfer form provides for the appointment of an attorney to transfer the stock, the space intended for the name of the attorney should be left blank. 2. In signing transfers, write your name exactly as it appears on the face of the certificate without abbreviation or enlargement. The certificate should be forwarded to the Transfer Agents. 3. In transferring to individuals, one name at least, in ad- dition to the surname, should be given in full. In transferring to corporations or associations, give the complete legal title. (( 4. In transferring to a woman, give the title "Miss" or Mrs." If she is a married woman, give her own Christian name, not that of her husband with "Mrs." prefixed. 5. At the time a woman is married she should transfer all stock to herself under her new name, signing as follows: Mrs. , formerly "Miss" or "Mrs." ; for example, Mrs. Mary Jones, formerly Miss Mary Smith, having the sig- nature acknowledged before a notary public. 6. Avoid using abbreviations, and omit prefixes and suffixes, such as "Rev.," "M.D.," etc. 7. Signatures on transfers, when imknown to the Trans- fer Agents, must be verified in some way satisfactory to them. Ordinarily the acknowledgment of the endorsement before a notary public, attested over his official seal, will be sufficient, as also signatures guaranteed by a bank or well known banking house, particularly when such bank or bank- ing house itself acts as representative for the owner in forward- ing and receiving the certificates. 8. Certificates issued to a minor or insane person should bear the guardian's name, thus: John Smith (Minor) or (In- competent), under the guardianship of Thomas Smith. Such certificates are transferable only by the guardian, who must exhibit a certificate of appointment and, in addition, a license, of sale from the court when this is required. 9. Stock should not be transferred to a trustee, agent, or attorney, who is not appointed by instrument in writing. (62) Future complications would frequently be avoided by submit- ting this instrument to the Transfer Agents before stock is issued. 10. TVTien certificates are issued to trustees, the trust must be fully described, reference being made to the will or other document creating the trust, and, whenever possible, the name of the beneficiary should be given. Transfers by trustees imder court jurisdiction cannot be made without license from the court, except when power of sale is granted by the terms of the trust, in which case the instrument creat- ing the trust and a certificate of the trustee's appointment should be exhibited. If there are two or more trustees, all should indorse the certificate. 11. Transfers made by administrators or executors should be accompanied by Court certificate of appointment. Such certificate must be of recent date and at least thirty days after appointment. Transfers In' executors should also be accom- panied by a certified copy of the will. 12. Trustees, administrators, executors, guardians, and at- torneys should not transfer to themselves individually, nor should husband or wife transfer directly from one to the other. 13. General powers of attorney can be recognized by trans- fer agents only when the intent of the maker and the genu- ineness of his signature are beyond doubt and when the power is recent. 14. Papers left for record in connection with transfers by trustees, executors, etc., will be returned. 15. Stockholders should give prompt notification of any change of address, and in case of the loss of a stock certifi- cate should file a written notice to that effect with the Transfer Agent, specifying the certificate number and number of shares. 16. Whenever stock is offered for transfer which is subject to an inheritance tax, the Transfer Agents must be furnished with satisfactory evidence that the tax has been paid before the transfer can be made. Wiiencver Federal or State taxes are required, the stamps in payment thereof should be affixed and cancelled before the certificates are sent to the Transfer Agents for transfer. The foregoing suggestions are subject to change and should be considered as for guidance only. 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V. «: «: IC tc ^ *H IC CT a- o t CT ■^ (N 1^ (T C 05 ^ n ~i CO ~: c 1 ■M 1 1 !M 1 1 rf^ 'V c^ ^ ■rl 1 1 1 Tl •O 1 ■^ Cv 0- CO OJ a o- c 05 1 O (T 1 C-. 1 1 c- CT- CT. 1 1 a c- a- o- o- o- 1 1 o- CT. 1 ro -. a is rt PS a = »- - 73 s : : : o w o 4) . >^ o = :; ■S -c X ■f X. X. > p = Ch •-I IM cc •n \r. •■c i ■ c C c •-5 C c - > J '5 ^ : O . o - " * ■ - - u a OS f a ^ ■ M ^ I" 11 c c I ; El "0 = 1 o e C t 4 t 01 c S c : c C c t £ c r 1 c E - - _c 'E c t c c a 1 i d. ■c c c r. t o o E H T3 a 3 : o = : : : • : : ■r c a t u i a. c c c C c c 'k c c • 4J "o ■e a a 01 > e- c c C 1 K J; « • V! . d . t- r t t a cu p: p: cc 0^ • •a a % ^ O T3 a « 9) o - g £ 0) - I o g «> ii (n T3 O O Qi a S 2 « >S o! a ° s CJ CO -O CI. I' Q O » ■*• (r.9) •oaa 1 1 1 I 1-4 1 1 1 i| rvv^^^rvui ^u xiy J . X^iVJ-^ 1 v.'i^ $1,000 BONDS. •AOJ^ 1 1 ■I 1 1 1 lO .-1 1 1 •*30 .-11 1 .-H 1 1 1 1 —' Computed Basis 360 Days per a Annum, for any Period from One Day to Six Months. Q o Q ■jdag 1 1 1 1 1 1 1 1 1 1 1 03 -a a •3nv \ y* \ 1 12' At At At > •Apf 1 1^1 1 1 1 -< 1 •3 Period. 5%. 6%. 7%. Q a •aunf 1 1 1 1 -< 1 1 1 1 1 day 2 days 3 " 4 " 0.139 278 0.167 0.333 0.500 0.667 •Xl!I\[ 1^1 1 1 'j2 '^ ' ' 0.194 389 z & •jdy rt 1 1 f-i 1 1 1 1 '-' d o 0.417 0.556 0.583 0.778 *tJ O •JBI^ 1 1 o 5 " 6 " 0.694 0.833 0.S33 1.000 0.972 3 .a •qa.! i 1^1 1 1 2 ' 1.167 1.361 1.5.56 ■UBf 1 1^1 1 1 1 '^ 1 Si 7 8 " 9 " 0.972 1.111 1.250 1.167 1.333 1..500 o •djBH 1.750 u .?|J31J im^ JO S^ c7 -1 !M (M C^ (N 0< O C-l £ 10 " 1.389 1.667 1.944 isnni n3-imag m 11 " 12 " 13 " 14 " 1.528 1.667 1.806 1.944 1.833 2.000 2.167 2.333 2.139 g •a^BH ^F«3A e^ o o ".o m i-o o >c •* •* 2..333 2..528 Q a> oi 05 CO LO — 1 CO 2.722 ■ sa^OKi r-< 1 CO ■N CO 1 CO CO •*■ o3 ENDS JC spuog 05 1 O O C5 1 O) C5 o ,_, ,_,._, T-1 ^ .-t i-H t^ 15 " 2.083 2.500 2.917 J2 16 " 17 " 2.222 2.361 2.667 2.833 3.111 § 3.306 oupon Not fd. Stock onds ti ap. Stock ends C 18 '• 2.500 3.000 3..500 Q —1 > 19 " 20 " 21 " 2.639 2.778 2.917 3.167 3.333 3.500 3.694 3.889 4.083 Q o C.4 « o a a a 22 " 3.056 3.667 4.278 23 " 3.194 3.833 4.472 Q 03 aj m 03 24 " 25 " 26 " 3.333 3.472 3.611 4.000 4.167 4.333 4.667 4.861 5.056 C/) * ■oH 27 " 3.750 4.500 5.250 K ■ in s 28 " 3.889 4.667 5.444 Z o 29 " 4.028 4.833 5.639 S < 0. 3 c O. I-H ^ t. 30 " 4.167 5.000 5.833 C) o u S o o d O ) >3 °5 O o g- S 1 mo.* 2 mos. 3 " 4.17 8.33 12.50 5.00 10.00 15.00 5.83 11.67 17.50 - 03 &■ CD to 4 " 5 " 16.67 20.83 20.00 25.00 23.33 29.17 o . Pi o 1 ^ a a 6 " 25.00 30.00 35.00 : -^.2 5 >> -S : * Thirty days to month. >^. 2 -o -a g = o -g oj S 5 0. -S c C. ooa- o3o f; s -O «. q - js o iJ 3 m e H t- ■( I P (7°) 6 PER CENT. BOND TABLE (Interest Payable Semi-annually). Number of Years to M.\turity Price. Price. 1 2 3 4 5 6 7 8 9 10 105.0 — 3.39 4.21 4.62 4.86 5.03 5.14 5.23 5.29 5.35 105.0 104.5 — 3.64 4.38 4.75 4.97 5.12 5.22 5.30 5.36 5.41 104.5 104.0 1.94 3.90 4.56 4.89 5.08 5.22 5.31 5.38 5.43 5.48 104.0 103.5 2.43 4.16 4.73 5.02 5.19 5.31 5.39 5.45 5.50 5.54 103.5 103.0 2.93 4.42 4.91 5.16 5.31 5.41 5.48 5.53 5.57 5.60 103.0 102.5 3.43 4.68 5.09 5.30 5.42 5.50 5.56 5.61 5.64 5.66 102.5 102.0 3.94 4.94 5.27 5.44 5.54 5.60 5.65 5.69 5.71 5.73 102.0 101.5 4.45 5.20 5.45 5.58 5.65 5.70 5.73 5.76 5.78 5.80 101.5 101.0 4.96 5.47 5.63 5.72 5.77 5.80 5.82 5.84 5.86 5.87 101.0 100.5 .5.48 5.73 5.81 5.86 5.88 5.90 5.91 5.92 5.93 5.93 100.5 100.0 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 100.0 99.5 6.52 6.27 6,18 6.14 6.12 6.10 6.09 6.08 6.07 6.07 99.5 99.0 7.05 6.54 6.37 6.29 6.24 6.20 6.18 6.16 6.15 6.14 99.0 98.5 7.58 6.81 6.56 6.43 6.36 6.30 6.27 6.24 6.22 6.20 98.5 98.0 8.12 7.09 6.75 6.58 6.48 6.41 6.36 6.32 6.30 6.27 98.0 97.5 8.66 7.37 6.94 6.72 6.60 6.51 6.45 6.40 6.37 6.34 97.5 97.0 9.21 7.65 7.13 6.87 6.72 6.61 6.54 6.49 6.45 6.41 97.0 96.5 7.93 7.32 7.02 6.84 6.71 6.63 6.57 6.52 6.48 96.5 96.0 — 8.21 7.51 7.17 6.97 6.82 6.73 6.66 6.60 6.56 96.0 95.5 8.49 7.70 7.32 7.09 6.93 6.82 6.74 6.67 6.63 95.5 95.0 — 8.78 7.90 7.47 7.21 7.04 6.91 6.82 6.75 6.70 95.0 94.5 — 9.07 8.10 7.62 7.33 7.14 7.00 6.90 6.83 6.77 94.5 94.0 — 9.36 8.30 7.77 7.46 7.25 7.10 6.99 6.91 6.84 94.0 93.5 — 9.65 8.50 7.92 7.58 7.36 7.19 7.07 6.99 6.91 93.5 93.0 — 9.95 8.70 8.08 7.71 7.47 7.29 7.16 7.07 6.98 93.0 92.5 — — 8.90 8.24 7.84 7.58 7.39 7.25 7.15 7.05 92.5 92.0 — — 9.11 8.40 7.97 7.69 7.49 7.34 7.23 7.13 92.0 91.5 — 9.31 8.55 8.10 7.80 7.59 7.43 7.31 7.20 91.5 91.0 — — 9.52 8.71 8.23 7.92 7.69 7.52 7.39 7.28 91.0 90.5 — 9.73 8.87 8.36 8.03 7.78 7.61 7.47 7.36 90.5 90.0 — — 9.94 9.03 8.50 8.14 7.87 7.70 7.55 7.44 90.0 7 PER CENT. BOND TABLE (Interest Payable Sei mi-annually). Price. Number ( DF Ye.\RS to M.ITURITY. Price. i 2 3 4 5 6 7 8 9 10 105.0 1.93 4.36 5.18 5.59 5.83 6.00 6.11 6.20 6.26 6.32 105.0 104.5 2.42 4.62 5.36 5.72 5.94 6.10 6.19 6.28 6.33 6.38 104.5 104.0 2.91 4.88 5.54 5.86 6.06 6.20 6.28 6.36 6.41 6.45 104.0 103.5 3.41 5.14 5.72 6.00 6.17 6.29 6.37 6.43 6.48 6.52 103.5 103.0 3.91 5.40 5.90 6.14 6.29 6.39 6.46 6.51 6.55 6.59 103.0 102.5 4.42 5.67 6.08 6.28 6.41 6.49 6.55 6.59 6.62 6.65 102.5 102.0 4.93 5.93 6.26 6.43 6.53 6.59 6.63 6.67 6.70 6.72 102.0 101.5 5.44 6.20 6.44 6.57 6.65 6.69 6.72 6.75 6.77 6.79 101.5 101.0 5.96 6.46 6.63 6.71 6.76 6.79 6.81 6.84 6.85 6.86 lOI.O 100.5 6.48 6.73 6.82 6.85 6.88 6.89 6.90 6.92 6.93 6.93 100.5 100.0 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 100.0 99.5 7.53 7.27 7.19 7.14 7.12 7.10 7.09 7.08 7.07 7.07 99.5 99.0 8.06 7.55 7.38 7.29 7.24 7.21 7.18 7.17 7.15 7.14 99.0 98.5 8.60 7.83 7.57 7.44 7.36 7.31 7.27 7.25 7.23 7.21 98.5 98.0 9.14 8.11 7.76 7.59 7.49 7.42 7.37 7.34 7.31 7.28 98.0 97.5 8.38 7.95 7.74 7.61 7.52 7.46 7.42 7.38 7.35 97.5 97.0 8.66 8.15 7.89 7.74 7.63 7.56 7.51 7.46 7.43 97.0 96.5 — 8.95 8.35 8.04 7.80 7.74 7.65 7.59 7.54 7.50 90.5 96.0 9.23 H.!yi 8.19 7.99 7.85 7.75 7.68 7.62 7.58 96.0 95.5 — 9..52 8.74 8.34 8.11 7.96 7.85 7.76 7.70 7.65 95.5 95.0 — 9.8L 8.94 8.50 8.24 8.07 7.95 7.85 7.78 7.73 95.0 94.5 — — 9.14 8.65 8 37 8.18 8.04 7.94 7.86 7.80 94.5 94.0 — — 9.34 8.81 8.50 8.29 8.14 8.03 7.95 7.88 94.0 93.5 — — 9.54 8.97 8.63 8.40 8.24 8.12 8.03 7.95 93.5 93.0 — — 9.75 9.13 8.76 8.51 8.34 S.'Jl 8.11 8.03 93.0 92.5 — 9.95 9.29 8.89 8.62 8.44 8.30 8.19 8.11 92.5 92.0 — — — 9.45 9.02 8.74 8..54 8.39 8.28 8.19 92.0 91.5 — — 1 — 9.61 9.15 8.85 8.64 8.48 8.36 8.27 91.5 91.0 — — ' — 9.77 9.29 8.97 8.75 8..58 8.45 8.35 91.0 90.5 — — 1 — 9.88 9.43 9.08 8.86 8.67 8.64 8.43 90.5 90.0 — — — 9.99 9.57 9.19 8.95 8.76 8.63 8.51 90.0 (70 O »o>aor»«l«•^M^^•"©»^»t>•«^«'^'^N-■oo.oor•\Ol«•^f^N•-o®.oe^>.vo — ooooooooooe^»9^9^9^9^9'e^9<9^oooDooaoooooooooooxr>•r>t>r•• i-l000050i005000'-iNOt»0(N'000'-imosWt->-iOO O -5 N N ro ■* "5 O t^ Ol O "-H N CO Tj< in O ^^ 00 O ■-< C^_ C<3 ITS CO t-; (» O -H c^_ rlj lO t, 00 o u5lO«5":)'0«o^^^-oooiO■-^eo■*!Ooooc^T)l^.05l^^>ooO(^ltD05co^^e<^^»e<^^~c^oo OiO--^-000»-H(NCO'^>Ot-»000>0'-HCO'^^»Ot^oqOi'-*(N'^»Ot^OOO^ XOOOlO^C^fO»0b-WOOMOi>OWX' G00iOC^C0'^'0Ot^00Oi-l!NC0'^Ot>-00O^C^'^»CO0005'--t>.t^XQOoo OOO^JiOI-»OC<30ClCOOO-^OOlMt-;01^(N-^0 OJOM-fOOOO^JiOI-^OCCOCl C*3 CC ■^' ■^* •^* s D Eh ooi-i't«D05(N0O»0O>0^^t^c0Ci»0(N05OC0>-i05c0-^f0C^i-^^^*t^^•odo6o6oox o E< m K -< H >H o » n s Co «^OsiO^t^TOOC0C0O(^iOiMO00Oil0^roiMlMNM(NC':iO00OMOC-. 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(73) APPROXIMATE INCOME FROM Pi-ice 4% 5% 6% 7% 8% 9% 10% Price 50 8.00 10.00 12.00 14.00 16.00 18.00 20.00 50 51 7.84 9.80 11.76 13.73 15.67 17.65 19.61 51 52 7.69 9.62 11.54 13.46 15.38 17.31 19.23 52 53 7.55 9.43 11.32 13.21 15.09 16.98 18.87 53 54 7.41 9.26 11.11 12.96 14.81 16.67 18.52 54 55 7.27 9.09 10.91 12.73 14.55 16.36 18.18 55 56 7.14 8.93 10.71 12.50 14.29 16.07 17.86 56 57 7.02 8.77 10.53 12.28 14.04 15.79 17.54 57 58 6.90 8.62 10.34 12.07 13.79 15.52 17.24 58 59 6.78 8.47 10.17 11.96 13.56 15.25 16.95 59 60 6.67 8.33 10.00 11.67 13.33 15.00 16.67 60 61 6.56 8.20 9.84 11.48 13.11 14.75 16.39 61 62 6.45 8.06 9.68 11.29 12.90 14.52 16.13 62 63 6.35 7.94 9.52 11.11 12.70 14.29 15.87 63 64 6.25 7.81 9.38 10.94 12.50 14.06 15.63 64 65 6.15 7.69 9.23 10.77 12.31 13.85 15.39 65 66 6.06 7.58 9.09 10.61 12.12 13.64 15.15 66 67 5.97 7.46 8.96 10.45 11.94 13.43 14.93 67 68 5.88 7.35 8.82 10.29 11.76 13.24 14.71 68 69 5.80 7.25 8.70 10.14 11.59 13.04 14.49 69 70 5.71 7.14 8.57 10.00 11.43 12.86 14.29 70 71 5.63 7.04 8.45 9.86 11.27 12.68 14.08 71 72 5.56 6.94 8.33 9.72 11.11 12.50 13.89 72 73 5.48 6.85 8.22 9.59 10.96 12.33 13.70 73 74 5.41 6.76 8.11 9.4G 10.81 12.16 13.51 74 75 5.33 6.67 8.00 9.33 10.67 12.00 13.33 75 76 5.26 6.58 7.89 9.21 10.53 11.84 13.16 76 77 5.19 6.49 7.79 9.09 10.39 11.69 12.99 77 78 5.13 6.41 7.69 8.97 10. 2G 11.54 12.82 78 79 5.06 6.33 7.59 8.86 10.13 11. .39 12.66 79 80 5.00 6.25 7.50 8.75 10.00 11.25 12.50 80 81 4.94 6.17 7.41 8.64 9.88 11.11 12.35 81 82 4.88 6.10 7.32 8.54 9.76 10.98 12.20 82 83 4.82 6.02 7.23 8.43 9.64 10.84 12.05 83 84 4.76 5.95 7.14 8.33 9.52 10.71 11.90 84 85 4.71 5.88 7.06 8.24 9.41 10. .59 11.76 85 86 4.65 5.81 6.98 8.14 9.30 10.46 11.62 86 87 4.60 5.75 6.90 8.05 9.20 10.34 11.49 87 88 4.55 5.68 6.82 7.95 9.09 10.23 11.36 88 89 4.49 5.62 6.74 7.87 8.99 10.11 11.23 89 90 4.44 5.56 6.67 7.78 8.89 10.00 11.11 90 91 4.40 5.49 6.59 7.69 8.79 9.89 10.98 91 92 4.35 5.43 6.52 7.61 8.70 9.78 10.87 92 93 4.30 5.38 6.45 7.53 8.60 9.67 10.75 93 94 4.26 5.32 6.38 7.45 8.51 9.57 10.64 94 95 4.21 5.26 6.32 7.37 8.42 9.47 10.53 95 96 4.17 5.21 6.25 7.29 8.33 9.39 10.42 96 97 4.12 5.15 6.19 7.22 8.25 9.28 10.31 97 98 4.08 5.10 6.12 7.14 8.16 9.17 10.20 98 99 4.04 5.05 6.06 7.07 8.08 9.09 10.10 99 100 4.00 5.00 6.00 7.00 8.00 9.00 10.00 100 101 3.96 4.95 5.94 6.93 7.92 8.91 9.90 101 102 3.92 4.90 5.88 6.86 7.84 8.82 9.80 102 103 3.88 4.85 5.83 6.80 7.77 8.74 9.71 103 104 3.85 4.81 5.77 6.73 7.69 8.65 9.62 104 105 3.81 4.76 5.71 6.67 7.67 8.57 9.52 105 106 3.77 4.72 5.66 6.60 7.55 8.49 9.43 106 107 3.74 4.67 5.61 6.54 7.48 8.41 9.34 107 108 3.70 4.63 5.56 6.48 7.41 8.31 9.26 108 (74) STOCKS PAYING FROM 4% TO J0% Pnce 4% 5% 6% 7% 8% 9% 10% Price 109 3.67 4.59 5.50 6.42 7.34 8.26 9.17 109 110 3.64 4.55 5.45 6.36 7.27 8.18 9.09 110 112^ 3.56 4.44 5.33 6.22 7.11 8.00 8.89 1121 115 3.48 4.35 5.22 6.09 6.96 7.82 8.70 115 117§ 3.40 4.26 5.11 5.96 6.81 7.66 8.51 117* 120 3.33 4.17 5.00 5.83 6.07 7.50 8.33 120" 122^ 3.27 4.08 4.90 5.71 6.53 7.35 8.16 122^ 125 3.20 4.00 4.80 5.60 6.40 7.20 8.00 125 127^ 3.14 3.92 4.71 5.49 6.27 7.06 7.84 127 2 130 3.08 3.85 4.62 5.38 6.15 6.92 7.69 130" 132^ 3.02 3.77 4.53 5.28 6.04 6.80 7.55 132| 135 2.96 3.71 4.44 5.19 5.93 6.67 7.41 135 I37i 2.91 3.64 4.36 5.09 5.82 6.55 7.27 137 140 2.86 3.57 4.29 5.00 5.71 6.43 7.14 140 U2\ 2.81 3.51 4.21 4.91 5.61 6.31 7.08 142^ 145 2.76 3.45 4.14 4.83 5.52 6.21 6.90 145 1471 2.71 3.39 4.07 4.75 5.42 6.10 6.78 147i 150 2.67 3.33 4.00 4.67 5.33 6.00 6.67 150" 152^ 2.62 3.28 3.93 4.59 5.25 5.90 6.56 152^ 155 2.58 3.23 3.87 4.52 5.16 5.80 6.45 155 157§ 2.54 3.17 3.81 4.44 5.08 5.71 6.35 157^ 160 2.50 3.13 3.75 4.38 5.00 5.63 6.25 160 162^ 2.46 3.08 3.69 4.31 4.92 5.54 6,15 162| 165 2.42 3.03 3.63 4.24 4.85 5.46 6.06 165 167^ 2.39 2.99 3.58 4.18 4.78 5.38 5.97 167^ 170 2.35 2.94 3.53 4.12 4.71 5.29 5.88 170 \12\ 2.32 2.90 3.48 4.06 4.64 5.21 5.80 172* 175 2.29 2.86 3.43 4.00 4.57 5.14 5.71 175" 1771 2.25 2.82 3.38 3.94 4.51 5.07 5.63 177§ 180 2.22 2.78 3.33 3.89 4.44 5.00 5.56 180 1821 2.19 2.74 3.29 3.84 4.38 4.93 5.48 I82§ 185 2.16 2.70 3.24 3.78 4.32 4.86 5.41 185 I87J 2.13 2.67 3.20 3.73 4.27 4.79 5.33 187 190 2.11 2.63 3.16 3.68 4.21 4.73 5.26 190 192^ 2.08 2.60 3.12 3.64 4.16 4.67 5.19 192* 195 2.05 2.56 3.08 3.59 4.10 4.61 5.13 195" 197^ 2.03 2.53 3.04 3.54 4.05 4.54 5.06 200 2.00 2.50 3.00 3.50 4.00 4.50 5.00 200 205 1.95 2.44 2.93 3.41 3.90 4.39 4.88 205 210 1.90 2.38 2. SO 3.33 3.81 4.28 4.76 210 215 1.86 2.33 2.79 3.25 3.72 4.18 4.65 215 220 1.82 2.27 2.73 3.18 3.64 4.08 4.55 220 225 1.78 2.22 2.67 3.11 3.56 4.00 4.44 225 230 1.74 2.17 2.61 3.04 3.48 3.91 4.35 230 235 1.70 2.13 2.55 2.98 3.40 3.83 4.26 235 240 1.67 2.08 2.50 2.92 3.33 3.75 4.17 240 245 1.63 2.04 2.45 2.86 3.27 3.68 4.08 245 250 l.GO 2.00 2.40 2.80 3.20 3.60 4.00 250 255 1..57 1.96 2.35 2.75 3.14 3.53 3.92 255 260 1.54 1.92 2.31 2.69 3.08 3.46 3.85 260 265 1.51 1.89 2.26 2.64 3.02 3.39 3.77 265 270 1.48 1.85 2.22 2.59 2.96 3.33 3.70 270 275 1.45 1.S2 2.18 2.55 2.91 3.27 3.64 275 280 1.43 1.79 2.14 2.50 2.86 3.21 3.57 280 285 1.40 1.75 2.11 2.46 2.81 3.16 3.51 285 290 1.38 1.72 2.07 2.41 2.76 3.10 3.45 290 29.S 1.36 1.69 2.03 2.37 2.71 3.05 3.39 295 300 1.33 1.67 2.00 2.33 2.67 3.00 3.33 300 (75) 2 2 University of California SOUTHERN REGIONAL LIBRARY FACILITY 305 De Neve Drive - Parking Lot 17 • Box 951388 LOS ANGELES, CALIFORNIA 90095-1388 Return this material to the library from which it was borrowed. a Form L9-116m-8,'62(D123788)444 AA 000 558 932 o t o — PLEA -J ] > 1- i- z J) •-• U) c Z IB m (0 J < o A