Capital stoeh is
sued?common. 3180,1* *>,000.10
Bonded desbt... 91,823,100.00 ?82,261.810.00
Real estate
mortgages .... 142,000.00 134,000.00
Bills payable.... 48,244,218.44 84.500.000.00
Acco'ts payable. 10,970,093.34 4,600,101.38
Accrued llablll- __ _ ..
ties not duo... 4,402,60...59 ?,9R.?8i31
Unearned reve'e.. 1,173,284.40 *33..660 68
Reserve for em
ployees' benefit
fund 2.000,000.00
Reserve for re- ... ..
placement .... 73,418,106.87 0,998,619.92
Reserve for eon
tlngencies .... 8,997.952.75 ?9,229.60
Surplus 32,503,162.19 ?0,310,948.90
8418,469,521.17 339,510.044.90
H. F. Thurber, president of the com
pany, in the report, said: "The number
of stations in service Increased 92,371
In 1920 to 1,754,085 in operation. The
gross expenditure for telephone property
in 1920 was 842,000,000. Further ex
penditures will have to be made In
1921." Ho declared in the report that
In general telephone service might be
said to be up to its prewar standard.
INCREASE IN EXPRESS
DIVIDEND IS EXPECTED
American Company Directors
Meet To-day.
As a result of the American Railway
Express Company's recently paid divi
dend of 83.50 a share It Is considered
probable that the directors of the Amer
ican Express Company In their meeting
to-day will Increase the company's dis
bursement. Wells, Fargo & Co., an
other of the stockholding companies,
made such a distribution last week.
The present 38 yearly dividend of the
American Company was earned with
ample margin In the last year. It Is
I understood.
j The Railway Express Company's dlvl
j dend gives the company 8429,492, equal
to 32.38 on Its 180.000 shares of no par
I value, whtrh might be added to Its
I quarterly dividend of 32. Since that
J company Is assured by uniform con
I tracts of a regular 6 per cent, on Its
property investment, its directors tx
| pect to continue payment of regular
dividends.
