Moodys Manual of Railroads and Corporation Securities (Volume 2, Part 2), 1922, pages 1507-1508:
      FEDERAL TELEGRAPH CO.--Inc. Feb 9, 1911, in Cal., under name of Wireless Development Co.; name subsequently changed to Federal Telegraph Co. The capital assets consisted of certain wireless stations, apparatus, equipment and various United States patents and rights to all improvements on patented inventions theretofore made or that may thereafter be made by Messrs. Poulsen and Pederson, together with the free and exclusive right to make, use and sell each and all of such inventions and improvements. The outstanding stock, consisting of 1,000 shares (par value $100) was held in the treasury of the Poulsen Wireless Co., the holding company, the Federal Telegraph Co. being the operating company. In 1919 the stockholders of the Poulsen Wireless Co. (which company had an authorized capital of 250,000 shares, par value $100) voted to reduce the par value of both the Poulsen Wireless Co. and the Federal Telegraph Co. from $100 to $10 per share and to increase the capitalization of the Federal Telegraph Co. to 1,000 shares from 250,000 shares and to exchange, share for share, the Poulsen stock for the Federal stock, this procedure dissolving the Poulsen Wireless Co., the Federal Telegraph Co. absorbing all the assets and liabilities,
      The Federal Telegraph Co. engages in the manufacture and sale of high-powered wireless apparatus. It also operates radio or wireless telegraphy, over land, and routes radiograms to and from ships at sea to the Hawaiian Islands and to the Orient. In 1917 the U. S. Govt. as a war necessity took over and operated the Company's stations in San Francisco, Los Angeles, San Diego, Cal., Portland, Ore., and Honolulu, T. H., and one year later purchased for the sum of $1,600,000 all the Company's stations and the right or license to use for the Government's own use only all the Company's patents, rights, improvements and developments then owned or thereafter acquired. The Company retained its manufacturing plant at Palo Alto, Cal., and all of its patent rights within the United States and foreign countries. The Company, in order to foster its telegraphic traffic after the loss of its stations, continued its telegraph business by means of leased wires from the Pacific Telephone & Telegraph Co. In the early part of 1921 the U. S. Government turned back to the Company the properties and licenses secured by purchase in 1918. The recovery of these stations, etc., enabled the Company to eliminate the leased wire contract with the Pacific Telephone & Telegraph Co. Company has recently completed four new high-powered stations located in San Francisco, Los Angeles, San Diego, Cal., and Portland, Ore. Company also holds a 25% interest in the Pan-American Wireless Telegraph & Telephone Co.
      China-Federal Radio Co.--This Company has been organized with $13,000,000 capital, 50% of which is owned by the Chinese Government and 50% by the Federal Telegraph Co. This latter company has under construction for the China-Federal Radio Co. the building in Shanghai, Harbin, Peking and Canton of wireless stations. The Chinese Government pays the Federal Telegraph Co. for its share of the construction by delivering them $6,500,000 8% Gold bonds, guaranteed by the earnings of the Department of Communications of the Chinese Government. The Chinese Government has contracted to purchase from the Federal Telegraph Co. its 50% interest in the China-Federal Radio Co. for $6,500,000, payable during ten years from Jan 1, 1921, with interest until paid at 8%. For the first ten years after completion the Federal Telegraph Co. is to receive outright 50% of net earnings of the China-Federal Radio Co.
      Capital Stock.--Authorized. $2,500,000; outstanding, $2,491,775; par, $10. Listed on San Francisco Stock and Bond Exchange and traded in on the New York Curb Market. In addition to cash dividends paid in 1920, company paid stock dividends of $2,391,715.
      Funded Debt.--$500,000 First Mortgage 8% Serial Gold Notes; dated Nov 1, 1920; due serially $100,000 each Nov 1, 1923 to 1927, incl.; int. M & N 1. Subject to call on any interest date upon 60 days' notice, at 102 and accrued interest Anglo-California Trust Co. of San Francisco, Cal., Trustee. The Company covenants to set aside as a sinking fund between Dec 1, 1920 and Dec 1, 1921, in twelve equal monthly installments, the total sum of $20,000; a total sum of $30,000 between Dec 1, 1921 and Dec 1, 1922 a total sum of $50,000 between Dec 1, 1922 and Dec 1, 1923 and thereafter in monthly installments of one-twelfth of the next maturity. Said moneys may be used in the purchase of notes of the next serial maturity outstanding on the open market at a price not to exceed 102 and interest. Secured by an absolute first mortgage on all of the property of the Company now owned or hereafter acquired consisting of new wireless stations in San Francisco, Portland, Los Angeles and San Diego, together with factory at Palo Alto, Cal., owned by the Company for the manufacture of wireless equipment. Indenture contains tax free covenant.

 Gross Profit
  from Operations.  
  Expenses.    Interest.    Depreciation,  

      Assets---  |        Liabilities--
Plant property$359,120  |  Capital stock$2,491,775
Radio stations--construction account122,704  |  Audited vouchers94,078
Rights and contracts2,532,674  |  Accounts payable27,051
Miscell. investments1,941  |  Notes payable45,000
Cash85,201  |  Unpaid labor1,108
Accounts receivable125,366  |  Reserve for depreciation191,062
Materials and supplies108,557  |  Other reserves15,594
Work in progress144,124  |  Surplus706,227
Govt. claims61,772  |  
Deferred debit items       30,435  |                    
      Total$3,571,895  |        Total$3,571,895

      Officers: R. P. Schwerin, Pres.; Leon Bocqueraz, V-P; Augustus Taylor, Sec.; J. E. Godcharles, Treas., San Francisco, Cal.  Directors: R. P. Schwerin, R. R. Beal, Leon Bocqueraz, A. Hamilton, Jr.
      General Office: 812 Hobart Bldg., San Francisco, Cal.  Annual Meeting, first Wednesday in March.