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fitiantial
The.
INCLUDING
Electric Railway Section
State and City Section
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
NO. 2494
SATURDAY, APRIL 12 1913
VOL. 96
ghe (flronitte.
PUBLISHED WEEKLY.
..
brunirte
Terms of Subscription-Payable in Advance
Week ending April 5.
Clearings at
1913.
1912.
Inc. or
Dec.
4x,
+3.5
-22.4
-10.6
+26.7
+26.7
-16.0
-22.5
--b.5
+28.6
+3.1
1911.
1910.
276,361,840 280,316,789
Chicago
308,162,405 297,823,794
26,346,000
30,696,900
Cincinnati
30,319,350
23,388,150
22,769,268
Cleveland
24,117,899
30,521,067
27,277,081
16,630,014
Detroit
17,796,327
19,537,760
24,479,208
13,332,771
Milwaukee
14,352,314
14,237.799
11,324,384
8,878,774
Indianapolis
_
6,524,122
9,305,781
7,769,517
Columbus
6,824,900
5,578,100
6,393,600
7,429,300
5,111,396
Toledo
4,067,827
4,537,157
4,303,660
4,048,708
Peoria
2,840,334
3,148,928
3,339,865
2,652,361
3,246,674
Grand Rapids_ _
3,147,080
2,731,793
Dayton
2,536,092
2,402,527
2,649,708
2,031,331
2,248,660 -9.7
Evansville
2,286,605
2,454,328
Statement of the Ownership,Management &c.,of Commercial & Financial Chronicle, Kalamazoo
932,520
719,888 +29.6
880,889
785,287
published weekly at 138 Front St.. New Yor c, as required by Act of Aug.24 1912. Springfield, Ill_
1,200,108
1,206,775 -0.6
1,176,014
1,211,041
,Editor, Jacob Seibert Jr., 138 Front St., New York.
1,188,530 -5.6
1,121,075
1,123,952
1,209,382
Fort Wayne_
Managing Editor, Jacob Seibert Jr., 138 Front St., New York.
840,226 +8.5
982,751
823,532
803,537
Rockford
Business Manager, George B. Shepherd, 138 Front St., N. Y.
911,141
34.1
1,381,755 731,986
1,148,275
Lexington
'Publisher, William B. Dana Company, 138 Front St., New York.
1,671,198 -6.7
1,058,182
1,549,109
1,186,536
Youngstown _
Stockholders, Estate of William B. Dana, Jacob Seibert Jr., Arnold G. Dana, Grace Canton
1,663,136 +26.5
1,477,726
1,200,000
1,707,262
N. Dana and Allyro J. Newton; address of all, 138 Front St., New York.
1,046,000
783,700
1,720,000 +4.4
1,796,000
Akron
681,029
755,210
Bondholders, Mortgagees, do. No bonds or mortgages.
736,861 +18.6
873,184
Quincy
547,726
(Signed) Jacob Seibert Jr., Editor.
561,299
596,127 +148.3
1,480,054
South Bend
613,691
671,489
Sworn to and subscribed before me this 1st day of As rfl 1913.
7.4
827,169 767,581
Bloomington- _
John H. Morrison, Commissioner of Deeds.
559,480
727,442
591,977 +20.3
711,706
Springfield, 0-(My Commission expires Sept. 19 1913.)
412,500
400,440
480,000 +8.3
520,000
Jackson
516,272
548,246
13.4
370,187
428,523 Mansfield
622,520
441,482
497,113 +1.4
503,952
Published every Saturday morning by WILLIAM B. DANA COMPANY, Decatur
552,698
556,235
9.8
646,806
716,687 Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana, Danville
284,563
278,220
323,029
272,696 +18.6
(
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all. (Mice of the oropany. Jacksonville, Ill_
393,543
427,967
470,944
Lima
488,276 -3.5
300,000
340,000
Lansing
309,000 +10.0
420,000
394,620
CLEARING-HOUSE RETURNS.
440,857
453,513 --2.8
Owensboro
202,298
Ann Arbor
207,452
177,251
234,431 -24.3
following table, made up by telegraph, &c., indicates that the Adrian
The
32,600
43,328
37,712 +14.6
47,255,
total bank clearings of all clearing houses of the United States for the week
Tot. Mid.West 440,468,765 437,042,620 +0.8 409,469,407 404,490,207
ending April 12 have been $3,139, 112,303 against $3,519,131,388 last
corresponding week last year.
week and $3,548,767,257 the
51,164,682
San Francisco_ _ _
50,370,601
43,729,002
+1.6
48,157,503
Los Angeles
26,954,820
16,340,909
22,868,583 +17.9
19,189,937
Per
10,366,465 i-12.2
11,602,987
Seattle
11,279,284
10,032,391
C.earings-Relurns by Teagraph.
11,815,081
Cent.
1912.
Portland
14,841,332 -20.5
10,800,000
11,648,702
Week ending Apri• 12.
1913.
8,111,653 -29.4
5,729,715
Salt Lake City_ _
6,984,436
6,823,308
4,221,084 --2.0
4,138,944
4,939,573
4,850,947
$1,415,369,019 $1,756,323,309 -19.4 Spokane
New York
145,370,574 -12.7 Tacoma
4,953,042
4,023,037 -36.1
2,571,691
5,020,011
126,901,227
Boston
3,335,273
138,498,420
3,791,614 +0.3
3,802,226
3,084581
-7.3 Oakland
128,433,982
Philadelphia
1,547,964
30,828,146
1,632,503 +13.2
1,248,689
1,275,963
+0.5 Sacramento
30,977,935
Baltimore
1,200,000
1,001,000
+8.6 San Diego
236,363,881
Chicago
2,200,000 +34.8
2,965,044
258,734,570
747,995
St. Louis
629,555
+4.6 Stockton
62,891,157
846,176 +61.2
1,364,553
65,805,777
New Orleans
739,824
722,816
903,982
19,709,689 -25.4 Fresno
14,694,021
780,000 +15.9
476,404
536,730
640,293 +18.2
768,064
San Jose
Seven cities, five days
800,000
865,059
$2,038,916,531 $2,389,983,176 -14.7 Pasadena
787,870 +33.5
1,051,128
cities,5 days
Other
521,863
530,710
487,185
+3.9 North Yakima
561,279,478
460,599 +5.8
540,207,968
235,091
304,261
244,615
Reno
289,480
Total all cities, 5 days
$2,600,196,009 $2,930,191,144 -11.3
Total Pacific_ 127,403,882 126,241,290 +0.9 115,636,746 107,673,912
All cities, one day
538,916,294
618,576,113 -12.9
49,902,130
47,523,867 +5.0
Kansas City_ _ _ _
54,025,416
48,498,069
$3,139,112,303 $3,548,767,257 -11.6 Minneapolis _ _ _ _
Total all cities for week
21,273,790
18,139,368 +17.3
19,390,427
18,779,482
17,742,141
13,660,197 +30.0
16,481,211
14,184,829
Omaha
The full details for the week covered by the above will bo given next St. Paul
• 9,149,823
8,775,266 +4.3
11,277,387
10,614,933
•Saturday. We cannot furnish them to-day, clearings being made up by the
8,846,862 +24.7
11,032,201
9,453,868
8,687,524
clearing houses at noon on Saturday,and hence in the above the last day Denver
7,552,195 -3.3
7,305,476
7,420,491
7,216,063
of the week has to be in all cases estimated,as we go to press Friday night. St. Joseph
5,516,211 +10.6
• 6,100,000
4,730,844
4,666,889
We present below detailed figures for the week ending with Saturday Des Moines
3,027,544
3,100,000 +9.7
3,400,000
2,871,181
Sioux City
noon. April 5. for four years.
3,410,158
3,323,374 -4.3
3,181,626
3,215,248
Wichita
3,251,208
2,215,898
2,791,185
2,638,127 • +5.8
Duluth
1,666,494
1,809,692
1,795,493 +8.5
1,947,734
Lincoln
April 5.
Week ending
2,073,544
1,911,932
4,400,000
2,088,356 +110.7
Davenport
Clearings at
1,499,467
1,351,827
+4.1
1,465,101
1,525,132
Topeka
inc. or
1,548,379
1,319,623
1,759,127 +9.4
1,925,630
Cedar Rapids__ _
1911.
1910.
1913.
1912.
Dec.
924,424
462,221
679,262
934,276 -50.5
Fargo
469,807
750,465
589,983
712,891 -34.1
Colorado Springs
$
i
$
$
%
647,076
627,570
813,564 -20.4
644,290
'
New York
2,038,159,476 2,070,306,086
2.0 1,837,184,976 1,821,437,735 Pueblo
308,388
345,188
294,507
227,699 +35.6
Philadelphia _
183,983,515 152,101,719 +20.9 161,584,932 155,506,184 Fremont
1,784,893.
1,359,225
1,306,021
1,753,907 +1.8
66,370,805
Pittsburgh
58,143,348
52;161,088 +27.2
47,933,440 Waterloo
1,449,732
832,316
814,670 +78.0
786,558
41,383,633
Baltimore
34,953,721 +21.3
34,381,907
29,403,577 Helena
372,646
248,432
12,145,976
300,866 +23.9
119,045
Buffalo
11,398,565 +6.6
10,652,875
10,217,795 Billings
440,312
8,471,265
395,243 +14.7
453,823
527,792
Washington
_
9,052,244 -6.4
8,035,068
8,012,279 Aberdeen
244,923
189,210
5,434,675
175,000
203,956 +20.9
Albany
6,903,983 -21.3
5,547,750
5,887,929 Hastings 6,713,540
Rochester
6,671,885 +0.6
5,470,319
4,354,169
Tot. oth. West 147,870,377 132,340,616 +11.7 132,753,342 141,400,822
3,315,043
Scranton
. 3,100,261
+6.9
3,343,681
3,008,459
3,700,971
Syracuse
3,197,015 +15.7
72,742,736
2,822,794
2,459,217 St. Louis
73,639,765 ---1.2
74,117,155
73,239,263
2,797,124
Reading
2,945,580 -5.02,599,434
18,102,345
18,788,330 ---3.7
2,162,916 New Orleans__
17,429,181
18,387,008
Wilmington
1,936,659
1,765,885 +9.7
12,600,950
15,495,798 -18.7
1,444,838
13,537,665
13,580,736
1,560,389 Louisville
1,677,500
Wilkes-Barre -.
1,682,253 -0.3
1,558,220
9,421,657 Not included in total
1,587,527 Houston
2,571,995
2,166,676 +18.7
Wheeling
9,690,000
1,670,122
8,540,500 +13.5
1,889,086 Galveston
7,700,000
5,984,000
1,914,995
1,664,298 +15.0
Trenton
8,013,938
8,820,915 -9.1
1,575,467 Richmond
1,680,685
8,053,607
7,232,225
7,248,229
6,995,950 +3.6
Lancaster
7,300,000
6,244,158 +16.9
2,745,580
1,966,170 Fort Worth
5,504,201
7,035,667
1,708,403
1,878,006 -9.1
York
7,579,643
6,875,763 +10.2
1,846,660
1,576,327 Memphis
6,414,399
6,642,557
1,110,821
938,680 +18.3
Erie
984,156
12,732,297
111868,146 Atlanta
13,870,849 -8.2
10,411,053
11,921,097
547,104 +7,5
588,001
Greensburg _ _ _
7,130,576
450,000 Nashville
882,205
5,296,643 +34.7
4,245,508
4,993,883
712,100 +10.8
789,700
Binghamton _ _
4,323,940
[535,900 Savannah
4,943,523
694,200
5,724,680 -24.5
4,610,248
581,864 +47.6
858,461
Chester
3,886,764
589,434 Norfolk
3,108,302
2,985,387
546,761
3,424,798 +13.4
388,536 +45.0
Altoona
563,065
3,393,744
!404,980 Birmingham __-2,638,705
2,537,213
613,600
2,901,418 +16.9
Montclair
386,517 Not included in total
3,900,000
3,516,439
2,581,066
3,650,000 +6.8
Jacksonville _--2,328,936
1,710,705
1,599,882
2,559,499 -9.4
Chattanooga_-Total Middle_ 2,393,424,392 2,381,113,499 +0.5 2,142,334,301 2,103,388,926 Little Rock
2,077,655
1,813,417
2,075,504 +0.1
1,761,735
1,472,059
1,497,601
1,415,904 +4.0
1,514,980
Mobile
Boston
188,687,944 217,714,345 -14.2 195,413,493 160,955,291 Knoxville
1,539,932
1,743,825
2,406,369 -36.0
1,865,535
Providence
8,545,700
9,450,100 -9.6
8,538,200
2,739,710
3,065,793 -10.6
2,424,324
7,472,700 Augusta
1,866,732
Hartford
5,490,556 -6.3
5,144,314
2,263,786 -26.5
4,753,599
1,664,608
1,840,216
14,744,627 Charleston
1,933.048
3,851,801
3,172,311 -21.4
New Haven
1,452,730 +14.0
3,551,378
1,656,497
2,197,805
3,104,848 Oklahoma
2,407,046
Springfield
3,232,066
3,115,588 +3.8
3,528,107 -3.7
2,558,150
3,398,261
2,530,780 Macon
3,195,217
1,050,1000
2,571,661
Portland
2,596,428 -1.0
2,200,000 +17.8
2,333,371
2,239,141
, 2,003,320 Austin
2,866,975
2,585,045
2,999,341
Worcester
4,305,402 -30.3
353,735 -23.7
2,412,614
269,961
347,240
2,225,234 Vicksburg
307,399
Fall Rivet'
1,325,686
1,642,249 -19.4
443,873 -49.6
1,249,375
: 1,116,464 Jackson
223,679
967,475
540,000
New Bedford_ _ _
1,063.513
672,046 +37.2
1,041,950 +2.1
941,142
922,550
889,428
957,217 Tulsa
Lowell
531,907
-7.0
571,788
556,172
732,581
757,941
+3.4
743,335
503,212 Muskogee
Holyoke
810,511
647,856
753,825 +6.
4
590,403
Total Southern 192 687,863 196,453,544 -1.9 186,011,103 176,957.450
Bangor
522,665
582,679 -10.3
487,622
3,519,131,388 3,523,628,790 -0.1 3,219,644,871,3 122,65 18
Total all
Total New Eng 217.276,109 250.437.221 -13.2 223.439.972 1R13 204 nos
1,480,971,912,1,444,322,704 +2.5 1,372,459M1301,219,773
Outside N. Y
For Canadian Clearings see "Commerclaljandimiscellaneous News."
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WILLIAM B. DANA COMPANY, Publishers,
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P. O. it ox 958. Front, Pine and ID epoy8ter Sim.,
1046
ft
THE CHRONICLE
THE FINANCIAL SITUATION.
There can be no doubt that the tariff bill submitted
to Congress at the extra session the present week by
Chairman Underwood, of the Ways and Means
Committee of the House, furnishes occasion for much
anxiety, both in its immediate aspects and in its
bearing (supposing it enacted into law) upon the
remoter future. We are not surprised that President
Wilson stands ready to commit his Administration
in favor of the measure, for in his inaugural address
he expressed the opinion that what is expected of
him and of the Democratic Party by the people is
strenuous efforts to reform and regenerate "every
process of our common life". The new bill certainly
meets requirements in the radical and drastic way
in which the reforming and regenerating process
is carried out as far as the tariff is concerned.
We think that if an honest and reliable poll of the
people of the United States could be taken it would
be found that popular sentiment is strongly in favor
of removing the duties from foodstuffs, with the view
to furnishing relief from the high cost of living, and
that public opinion is likewise in favor of free raw
materials, so as to promote the country's manufacturing growth. Given free raw materials, some reduction in the imposts on manufactured goods, it is
believed, would also be beneficial. But it is the
general feeling that the revision of duties on manufactured goods should be prudently and cautiously
made. The people do not want the reduction to be
more than moderate, and certainly not so radical as
to engender even remote fears of a possible undermining of domestic industry. It is obvious that the
tariff measure now presented for consideration has
ot!been framed with any such idea. The cuts in
duties are radical in the extreme, and the whole plan
appears to betray great prejudice against manufacturing industries, which itself is fatal to sound legislation in!the premises. The thought apparently underlying the revisions is that these manufacturing industries have been enjoying large profits—a notion
which is entirely erroneous except as to the iron and
steelTindustry, and even there profits have been
sharply declining in recent years—that such profits
arerto be deprecated, and therefore 'manufactured
productswfurnish a legitimate field for the application
—
ofitariff'reform principles of a most pronounced type.
Mr.° Underwood, in the statement he made in presenting the bill to the]House, expressed the purpose
that animated him and his confreres in plain and
unequivocal language. He said: "When the duties
levied at the Custom House are high enough to allow
theAmerican manufacturer to make a profit before
his competitor can enter the field, we have invaded
the domain of the protection of profits. In the
Committee's judgment, the protection of any profit
must, of necessity, have a tendency to destroy competition
and create monopoly, whether the profit protected is
reasonable or unreasonable."
The reader should ponder the clauses we have put
in italics. They tell the story of this tariff bill so
plainly that no added words are necessary to embellish it. The changes in duties all through show a
desire to get in an effective blow against the manufacturing interests, as if these were engaged in activities inimical to the public weal and their operations
should be rigidly repressed. In numerous instances
there is positive discrimination against the homemanufactured article. Thus flour is placed on the
[VOL. xcvr.
free list, except where there is a countervailing duty,
while the wheat out of which the flour is made is
to bear a duty of 10 cents a bushel, which, on the
basis of 43/ bushels to a barrel, means 45 cents a
barrel. Typewriters are likewise put on the free list,
but many of the ingredients entering into their composition continue to carry tariff duties; accordingly,
the foreign manufacturer not subject to such duties
is given a distinct advantage over the American
manufacturer. Live cattle is taxed 10%,but meats
are to come in free. Leather of all kinds is to be admitted without duty, while the skins needed in the
manufacture of leather—"kangaroo, sheep, goat and
other skins (including lamb and kid skins), dressed
and finished bookbinders' calf skin and chamois
skins"—are to be taxed 15%.
The bill contains many other solecisms. Much is
to be said in favor of the course pursued in removing
the duty on wool, but absolutely nothing can be urged
in support of the treatment of sugar. It is proposed
to make an immediate cut of about 25% in the existing
duty on sugar and in three years to abolish the duty
altogether. The provision is a compromise intended
to secure the support of the Senators from the sugar
States, which support, however, has not yet been obtained. The present duty on sugar yields to the
Government over $50,000,000 a year. This is a
source of revenue so large and so easily borne, imposing scarcely a perceptible burden on any one.
the duty ought not to be disturbed at all. Taking
the population of the United States at, roughly,
100,000,000, this payment of $50,000,000 a year into
the National Treasury on account of the sugar duty,
means a per capita tax of only 50 cents for the entire
year, or about a cent per week. But yielding to
the deceptive cry of "a free breakfast" table this large
source of revenue is to be thrown away.
How far the proposed revision of duties will go
to reduce the high cost of living is problematical.
Meat, potatoes, flour and quite a list of other foodstuffs are placed on the free list, which is good enough
as far as it goes, but does not furnish a full measure
of relief. While a ruthless hand is laid on the tariff
in manufactured goods, duties on the products of
the farm are handled very gingerly and one is inclined
to suspect an underlying motive of political expediency dictated by a desire to placate farming
interests. As already stated, wheat is to be taxed
ten cents a bushel; this, of course, is not as bad as
the present duty of 25 cents a bushel, and yet on
the other side of the Canadian border there is an
annual surplus of about one hundred million bushels
which now is shipped 3,000 miles across the ocean
but which should be allowed to come,to the extent
needed or desired, across the border into the United
States free of all tariff restrictions.
In the case of other products of the farm, the cuts
made in tariff imports are even smaller than as
respects wheat, and when one looks upon the formidable list of duties that are to remain on different foodstuffs and agricultural products, one is forced to
conclude that our tariff reformers, when it comes to
genuine reform, are not, after all, as courageous as
they would have us believe they are. While many
articles are transferred to the free list and the duties
on others are reduced, nevertheless cattle is to bear
a duty of 10%, sheep likewise a duty of 10%, barley
a duty of 15 cents a bushel, live poultry 1 cent a
pound,dead poultry 2 cents a pound, game 13/b cents
per lb., eggs 2 cents per dozen, barley malt 25 cent
APR. 121913.1
THE CHRONICLE
per bushel, oats, rye and wheat 10 cents per bushel,
beans 25 cents per bushel, onions 20 cents a bushel,
peas 15 cents a bushel, berries M cents a quart,
cranberries 10%, figs and raisins 2 cents a pound,
lemon
cents a lb., pineapples 6 cents per cubic
feet, almonds 3 cents a lb., shelled almonds 4 cents,
walnuts 2 cents, extract of meat 15 cents, &c. &c.
A whole host of articles formerly on the free list
are now made dutiable. For instance, cinnamon is to
pay 1c. per lb., cloves 2c., mace 8c., nutmegs 1c.,
pepper 1c. and red pepper 3 c. per lb. Is it not farciA
cal to speak of having made a serious attempt to
reduce the cost of living so long as these and other
similar duties remain? In the case of the Chemical,
Oils and Paint schedule, there are also numerous
increases in duties, or positively new duties. GumArabic must now pay Mc. per lb., crude camphor
1c. a lb., phosphoric acid 2c., coal-tar products 10%
and indigo also 10%. Boracic acid, which formerly
paid only 3c. per lb., is now to pay 9c. The vanilla
bean, at present on the free list, is to be put on the
dutiable list at 50c. a pound. And these instances
might be extended very much further.
1047
to 23',to 3,and, with the lapse of years, it is not impossible that we may have as high a rate as 5 and 6%,
the same as European countries; for when once the
level of Government expenses has been raised, it
will be difficult, if not impossible, to come down
again to a lower plane.
We may suppose, too, that as the demands for
additional revenues increase the minimum of exemption will be reduced and instead of taxing only the
income above $4,000, the excess above $3,000 or
above $2,000, or even above $1,500 a year, will be
taxed. In Great Britain everything above £160
per annum is taxed. Lowering the minimum will
really be more prolific of additional revenue than
raising the rate, for it will bring a large new army of
persons into the fold. In the end the tax that was
meant for use merely against the rich will be found
to apply to practically every one except those having
a very, meagre income. The burden, too, will bear
heaviest on those of moderate means. If we suppose the rate to be 3% and the exemption limit $1,500,
a person earning $3,000 a year would have to stand
an income tax of $45 per annum.
It should not be forgotten, either, that the States
may avail of the same expedient. There is nothing
to prevent the States from levying an income tax
as well as the Federal Government. Wisconsin and
a few other commonwealths already have income tax
laws on their statute books. In some other States
the advisability of levying a State income tax is
under consideration. The obstacle heretofore in the
way of the States taxing incomes has been the difficulty of enforcing such laws. The State possesses
no such extensive powers as does the General Government, but with the means ready to hand for levying
and collecting a State tax, in a Federal system in full
operation all over the United States, the States will
be no longer. handicapped in that respect in the way
they have been in the past. Thus a double income
tax is by no means an impossibility. Manifestly
the prospect is not an inviting one..
For the present the most serious feature is the
methods which are to be employed for the purpose
of making sure of the collection of the tax. To prevent the possibility of the tax being evaded it is to
be levied at the source of the income. The employer
is to be responsible for the tax of those in his employ
and is authorized and required to deduct and withhold the same. In turn corporations,`bankers and
others are required to deduct and withhold the tax
in the payment of interest upon bonds, mortgages
and other indebtedness. This last is really a very
drastic and comprehensive provision, for it is made
to apply also to payments upon foreign mortgages
and upon collections made by bankers for foreign
clients. In view of its importance we quote this
section entire, as follows:
The most striking feature of all, of course, in the
tariff bill is the income tax provision. This attracts
most attention because it is an innovation and will
affect directly so many persons. It goes quite as
far as expected, and will undoubtedly prove highly
disturbing in its operation, more particularly by
reason of the methods laid down for its enforcement,
to which we shall presently refer. All incomes in
excess of $4,000 a year, however derived, whether
from profits, investments, business, salaries or wages,
are to be taxed, and the rate of the tax is to increase
with the increase of income, a levy of 4% being imposed on sums above $100,000. Aside from its other
objectionable features, an income tax is to be viewed
with alarm because it directly incites to extravagance
and reckless expenditure. The initial rate is 1%,
but this is only the entering wedge. The sugar duty
at present is only to be in part removed. Three years
hence it will be entirely removed, and, of course, the
difference will be made good by a further addition to
the income tax. When the amendment to the Federal Constitution, which has now been adopted, giving to Congress the right to levy such a tax without
qualifications and conditions, was first proposed in
the Taft Administration, the country was told that
the tax was intended merely for use in an emergency.
We disputed the contention when opposing the
amendment, and argued that Congress, on having
this power, would be quick to avail of it. Confirmation of the truth of the statement has come even
quicker than we supposed it would.
With the income tax once in operation, it will
always be a handy resource for raising additional
revenue. Congress will be encouraged to indulge
"That the amount of the normal tax herein imin a riot of extravagance, and there will be no reposed shall be deducted and withheld from (fixed and
straint whatever upon the legislator in the reckless
expenditures of public moneys. The possibility of a determinable annual gains, profits, and) income
deficit will have not the slightest terror for Congress. derived from interest upon bonds, mortgages, or
other indebtedness of corporations,
It will always be argued that if the existing rate of panies or associations, insurance joint-stock comcompanies, and
tax on income does not yield the necessary revenue, also of the United States Government not now
it will be easy enough to raise the rate. Who will exempt from taxation, whether payable annually
care? In the estimation of the politicians, the in- or at shorter or longer periods, although such interest
come tax is only a means of plucking the rich, and is does not amount to $4,000, in the same manner and
not every one rich who is in the fortunate enjoyment subject to the same provisions of this section requiring the tax to be withheld at
of more than $4,000 a year? Very quickly the pri- from annual income; and the source and deducted
likewise the amount of
mary rate, now 1%, will rise, going to 13', then to 2, such tax shall be deducted and withheld from coupons,.
1048
44
THE CHRONICLE
checks, or bills of exchange for or in payment of
interest upon bonds of foreign countries, and upon
foreign mortgages or like obligations (not payable
in the United States), and also from coupons, checks,
or bills of exchange for or in payment of any dividends
upon the stock or interest upon the obligations of
foreign corporations, associations and insurance
companies engaged in business in foreign countries;
and the tax in each case shall be withheld and
deducted for and in behalf of any person, firm, corporation, or association subject to the tax herein
imposed, although such interest, dividends, or other
compensation does not exceed $4,000, by any banker
or person who shall sell or otherwise realize coupons,
checks or bills of exchange drawn or made in payment Of any such interest or dividends (not payable
in the United States), and any person who shall
obtain payment (not in the United States) in behalf
of another of such dividends and interest by means
of coupons, checks, or bills of exchange, and also
any dealer in such coupons who shall purchase the
same for any such dividends or interest (not payable
in the United States) otherwise than from a banker
or another dealer in such coupons; but in each case
the benefit of the exemption and the deduction
allowable under this section may be had by complying
with the foregoing provisions of this paragraph.
It will be observed that it is provided (1) that the
tax shall be deducted from income derived from
interest upon bonds, mortgages or other indebtedness
of corporations,joint-stock companies or associations,
and also of the United States Government, "whether
payable annually or at shorter or longer periods,"
even though such interest does not amount to $4,000;
(2) the amount of the tax is also to be deducted
"from coupons, checks, or bill of exchange, for or
in payment of interest upon bonds of foreign countries and upon foreign mortgages or like obligations
(not payable in the United States),and also from
coupons, checks, or bills of exchange, for or in payment of any dividends upon the stock or interest
upon the obligations of foreign corporations",
etc.; (3) the tax is likewise to be deducted in
behalf of any person, firm, corporation, or association subject to the tax, although such interest,
dividends, or other compensation does not exceed
$4,000 "by any banker or person who shall sell or otherwise realize coupons, checks, or bills of exchange,
drawn or made in payment of any such interest or
dividends, and any person who shall obtain payment
in behalf of another of such dividends and interest
by means of coupons, checks or bills of exchange, and
also any dealer in such coupons who shall purchase
the same for any such dividends or interest."
Thus the foreign banker, if he collects abroad for
an American holder or collects in this country for a
foreign holder, has absolutely no option in the matter.
He must deduct the tax and he must deduct it on the
full amount of the collection, the exemption limit
not applying at all in such cases, though the holder
can secure the exemption in the way provided in the
bill.
The inquisitorial feature is present in its most
offensive form. This appears particularly in the
case of employees. We have already stated that in
such cases the employer is made responsible for the
tax and must report as to every employee who may
be subject to the tax. What is more, he must pay
the tax irrespective of any limit unless the employee
shall file with him (the employer) a sworn statement
giving his income of every source and character and
shall show that he is entitled .to the exemption as
—
glaimed. Here is that part of the proposed law:
[VoL. xavi.
)
"All persons, firms, co-partnerships, companies
corporations, joint-stock companies or associations,
and insurance companies, in whatever capacity acting, including lessees or mortgagors of real or personal
property, trustees acting in any trust capacity,
executors, administrators, agents, receivers, conservators, employers and all officers and employees
of the United States having the control, receipt, custody, disposal or payment, directly or indirectly, of
interest, rent, salaries, wages, premiums, annuities,
compensation, remuneration, emoluments or other
fixed or determinable annual gains, profits and income of another person, exceeding $4,000 for any
taxable year, other than dividends on capital stock,
who are required to make and render a return in behalf of another, as provided herein, to the collector
of his, her or its district, are hereby authorized and
required to deduct and withhold from such annual
gains, profits and income such sum as will be sufficient to pay the normal tax imposed thereon by this
section, and shall pay to the officer ofthe United States
Government authorized to receive the same; and
they are each hereby made personally liable for such tax.
In all cases where the income tax of a person is withheld and deducted and paid or to be paid atthe source,
as aforesaid, such person shall not receive the benefit
of the exemption of $4,000 allowed herein unless he
shall, not less than thirty days prior to the day on
which the return of his income is due, file with the
person who is required to withhold and pay tax for him
an affidavit claiming the benefit of such exemption; nor
shall any person under the foregoing conditions be
allowed the benefit of any deduction provided for in
sub-section B of this section unless he shall, not less
than thirty days prior to the day on which the return
of his income is due, file with the person who is required to withhold and pay tax for him a true and
correct return of his annual gains, profits and income
from all other sources, and also the deductions asked
for; and the showing thus made shall then become a,
part of the return to be made in his behalf by the person required to withhold and pay the tax, or such person may likewise make application for deductions
to the collector of the district in which return is
made or to be made for him.
We would direct attention especially to the fact
that the foregoing provision by its opening lines
applies to 'all persons, firms, co-partnerships, companies, corporations, joint-stock companies, or associations, and insurance companies, in whatever
capacity acting, including lessees or mortgagors of
real or personal property, trustees acting in any trust
capacity, executors, administrators, agents, receivers, conservators, employers and all officers and
employees of the United States having the control,
receipt, custody, disposal or payment, directly or
indirectly, of interest, rent, salaries, wages, premiums, annuities, compensation, remuneration, emoluments, or other fixed or determinable annual gains,
profits and income of another person, exceeding
$4,000 for any taxable year, other than the dividends
on capital stock"—all these are required to deduct
the amount of the tax.
Thus there seems no chance of escape and the
obligation to pay the tax is really upon him who
handles or pays over the income rather than upon
him who receives it. The latter in turn, however,
must disclose his entire income if he would secure
the benefit of the $4,000 exemption. In other words
the income tax law will have teeth in it for the purpose of making it effective. The intention is that
neither Carnegie with his millions nor the salaried
man or wage-earner shall be able to evade payment.
APR. 12 1913.]
THE CHRONICLE
1049
The winter-wheat condition report made public In the opinion of the manufacturers, as expressed
on Tuesday by the Department of Agriculture was in their communication to the Chairman of the
of a particularly encouraging nature, showing, as it Democratic caucus, the making of such drastic
did, a situation better at the beginning of spring reductions in the rates as presented in the new tariff
than in any year since 1903. The report came as bill would be followed by great depression in the
no surprise, even though its immediate effect was cotton-manufacturing industry.
An important incident of the Convention was
an easing off in prices for the cereal in the various
markets of the country. It was, in fact, in con- the unanimous adoption of the report of the Comsonance with the views of many of the best informed mittee on Cotton Exchanges in which regret was
grain men, who apparently consider the prospect in expressed that the cotton exchanges of the country,
the important producing sections as the best they and particularly that of New York, had failed to
have ever seen at this time of the year. Further- remedy the evils heretofore complained of. The
more, the opinion of those in close touch with the committee asserted that the disparity between the
winter-wheat growing territory is that the extent ruling prices on the cotton exchanges and the prices
of area abandoned because of winter-killing, &c., charged for actual cotton of good spinning value
will be shown by the Governments' May report to the past several months has been most marked and
have been quite well below the average.
has served to render of little value the use of exThe report, as issued, makes the average condition changes as a hedge. Invited to discuss the subject,
of winter wheat for the whole country 91.6 on Mr. George W. Neville, President of the New York
April 11913, or only 1.6 points below December 1 Cotton Exchange, drew the attention of his auditors
1912, over 5 points better than the 10-year average, to the fact that the New York body now revises the
and surpassed in practically only three years of the differences between grades three times a year inprevious 25. On April 1 1912 the condition was stead of two as formerly, and told of tests made to
only 80.6 and in 1911 was stated at 83.3. As determine whether or not the differences in price
regards the condition in the various States, Ohio, really represented the differences in the spinning
Illinois, Indiana, Missouri and Oklahoma are value of the various grades. Much of the criticism,
conspicuous in the matter of improvement over he intimated, has been due to lack of uniformity
April 1 last year, and the report issued by the in grading systems,the Government thus far having
Missouri State Board of Agriculture intimates refused to adopt upland-cotton grades. But Mr.
that many correspondents consider the prospect Neville asserted his belief that under the new Adfor wheat in that State the best they have ever ministration this will be done. As of interest in
known. There was practically no winter-killing, they connection with this matter of grading, we note that
say, but little damage from the Hessian fly; and the a provision for the standardization, by legislative
plant has made vigorous growth and in many fields enactment, of the separate grades of Gulf and upwill now "hide a rabbit". From other sections land cotton is included in a new anti-option bill,
similar reports have been received and the "Modern introduced in the Senate last Monday.
Miller" of St. Louis, which several days before the
The commercial failures statement for the month
Government report was issued reached an identical
average condition figure, states in effect that reports of March 1913, although showing an improvement
are almost unanimous that the plant is in excellent over the preceding month,both as regards number
condition. The disposition at the moment seems to of insolvencies and aggregate of indebtedness, combe to look for a crop of fully 500 million bushels pares unfavorably with most earlier years in total
(a new record in winter-wheat production), even of indebtedness involved. The fact of the matter is
with an average abandonment of area. But as all that thus far in the current year the number of failreports point to an abandonment below the average, ures, month by month, has been less than in the
there is reason to expect, with a normal growing corresponding period a year ago, but a few failures
season, an appreciably larger yield. In any event, of exceptional size have in each instance served to
the outlook at this time is excellent for a bountiful swell the volume of debts to unusual figures. The
supply of winter wheat in 1913.
result is that for the first quarter of 1913 the aggregate of liabilities exceeds that for the similar interval
The proposed new tariff overshadowed all other of any year since 1878, and in most cases largely.
subjects at the Seventeenth annual Convention of In January 28 insolvencies out of a total of 1,814
the American Cotton Manufacturers' Association, accounted for debts of nearly 73% million dollars, or
held at Washington, D. C., on Tuesday, Wednesday about one-third of the combined aggregate; in
and Thursday of the current week. The attendance February 5 disasters out of 1,454 contributed some
was large and on every hand was heard more or less 14 millions, or approximately half of the month's inharsh criticism of the proposed cotton-goods and debtedness, and in the latest month (March) some
cotton-yarn schedule. In fact, the situation was 15 failures out of 1,190 showed total liabilities of over
such that the scheduled program of the Convention 12 millions, or about the same proportion of the
was suspended on the opening day so that the Asso- whole as in the preceding period.
ciation might make its position clear to the RepreNotable among the March mercantile mortality
sentatives of the dominant party in Congress before may be mentioned the United States Finishing Co.,
they had committed themselves to support of the Providence, R. I., with debts of about 23/ million
measure. The tariff committee to whom was dollars; the Moore Dry Goods Co., Memphis,
entrusted the drawing up of resolutions of protest, $1,650,000; and, locally, the Broadway & Fortyafter directing attention to the action taken in April third Street Building Co.,
millions; E. & H.
1912 favoring a reasonable revision of the cotton Levy, hair, &c., $542,494; the United States Hair
schedule based upon correct and equitable economic Co. (the Musica concern); G. A. Stafford & Co.,
data, declared that injury would result to the in- cotton goods; Stoddard Motor Co; H. J. Dietz,
dustry with the adoption of the rates as proposed. diamonds; and Drohan & Co., extensive poultry
1050
44
THE CHRONICLE
dealers. With a few large failures making up so
great a part of the total indebtedness, it is easy to
understand that the average liability of the remaining
insolvents was comparatively small. It was, in fact,
less than $10,000 for the quarter of 1913, and, furthermore, it would seem that a majority of the failed
concerns were very lightly capitalized. The results
for the first three months of the current year for the
different geographical divisions show in some cases
a considerable variation when compared with the
corresponding period a year ago. In the Central
West and Far West (not including the three Pacific
States), for instance, both number of failures and
amount of liabilities are less than last year; just the
reverse is the case on the Pacific, and in the remaining
five sections the number is less and debts greater.
Of the individual States, New York, it is easily to
be inferred (bearing in mind the Milliken and other
large failures reported), makes the poorest showing;
in fact, with only a moderate increase in number,
liabilities are almost double those of last year.
Pennsylvania, on the other hand, records .a very
decided decrease.
Messrs. R.G.Dun & Co.'s tabulations, which furnish the basis for the foregoing remarks, show that
for the month of March 1913 the number of insolvencies was 1,190, covering debts of $25,718,250, these
comparing with 1,392 and $21,763,870 in 1912 and
1,124 and $18,474,641 in 1911, with the manufacturing group the only one making a better showing
than last year in the aggregate of liabilities. For
the first quarter the total defaulted indebtedness is
$76,832,277, distributed among 4,458 failed concerns, against $63,012,323 and 4,828 in 1912 and
$59,651,761 and 3,985 in 1911. The liabilities, in
fact, exceed those for the period of 1908, and only in
1878 was a heavier total reported. In manufacturing lines the situation was better this year than
last, so far as the extent of the indebtedness is concerned, in all but the Middle and Central Eastern
sections, but a single suspension in New York
(Milliken Bros.) swelled the total of all to $30,634,667, or 5 million dollars in excess of 1912.
In Canada, as in the United States, failures were
less in number than in 1912 in the first quarter of the
year, but a few suspensions for unusually large
amounts swelled the liabilities to an amount greater
than since 1908. Specifically, there were 408 defaults for $4,939,061 in the period this year, 429 for
$3,120,015 in 1912 and 512 for $5,036,903 in 1908.
Traders showed no appreciable increase in the volume
of debts, but among manufacturers $2,182,516 compares with only $900,448 in 1912, and other commercial (brokers, &c.), $574,972 with $114,011. There
were no bank suspensions reported, and the some was
true of 1912 and 1911.
Once again the Balkan War may be said to be on
the point of settlement. Montenegro, we are told
by press dispatches, has not yet abandoned the siege
of Scutari, but it is reported that private negotiations
are under way whereby Montenegro shall be compensated in some satisfactory way for abandoning
the city. Servia, it is averred, acting on Russia's
advice, has decided to withdraw all its own troops
now investing Scutari. The international blockade
of the Montenegrin coast between Antivari and the
Drin River began at 8 o'clock on Thursday morning,
all vessels within the blockaded lines being allowed
forty-eight hours in which to leave. The Russian
[VOL. xevi.
Government has issued a long official communication
explaining the efforts of the Powers to arrange a
settlement of the Balkan problem and seeking to
justify Russia's consent to the annexation of Scutari
to Albania on the grounds that this is necessary in
order to preserve peace and because Scutari is purely
an Albanian town, the annexation of which by Montenegro would prove only a source of embarrassment
and difficulty, weakening,in fact, instead of strengthening Montenegro. In the communication it is
alleged that King Nicholas broke the engagement
into which he had entered to obtain Russia's consent
before resorting to war, and adds: "Nevertheless,
the Russian Emperor magnanimously assisted Montenegro to attain its legitimate aims and warned
King Nicholas that pursuance of personal aims with
respect to Scutari would only condemn his people
to useless massacre. These warnings were ignored,
apparently because King Nicholas believed that continued resistance would embroil Russia and the
Great Powers in a European war. Russia, therefore, was compelled to act in concert with the
Powers in coercing Montenegro, but still hopes that
the display of international naval power will induce
Montenegro to bow to the will of Europe, in which
case the Powers will find means of alleviating the lot
of the Montenegrin people, who are overwhelmed by
the excesses and sacrifices entailed by the siege of
Scutari." The formal abandonment of the siege of
Scutari will, it is now expected, be the last act of the
war, and the present intention of the Powers is to
provide for an international commission to meet in
Paris on Friday next to attempt to settle the financial
problems arising from the Balkan readjustment.
This commission will be valuable to the Allies, since
it will partake of the nature of a court for partitioning
the territory captured from the Turks. That some
such agency will be needed is indicated by the strain
in the relations of Greece and Bulgaria over the
possession of Salonica, of which Bulgaria is now
demanding possession although it was captured by
the Greek forces. The Powers will, it is reported,
make certain concessions to the Balkan Allies in
an endeavor to bring about peace. Bulgaria's
proposal will be approved that the frontier of
the Ottoman Empire shall be a straight line between Enos and Midia instead of following the
courses of the Ergene and Maritza rivers. While
reserving the status of the Aegean Islands for future
determination by the Powers, the latter seek to
placate Greece by assurances that a majority of them
will be ceded to her. The Powers reserve the question of a war indemnity for settlement by the financial
commission that is to meet in Paris, but they insist
that they themselves will definitely fix the boundaries of Albania.
The statement was made in the British House of
Commons on Monday by Sir Edward Grey, Foreign
Secretary, that there would have been a European
conflagration but for the agreement reached by the
Powers regarding the frontiers of the future State
of Albania. Sir Edward declared that the agreement
was essential to the peace of Europe, and in his
opinion it was only accomplished just in time to preserve the peace among the Great Powers. The
Foreign Secretary explained that Great Britain had
become a party to the naval demonstration because
it was necessary to uphold the agreement reached by
the Powers regarding the future autonomous Albania.
He continued: "The war now proceeding has long
APR. 12 1913.]
THE CHRONICLE
since ceased to have any bearing on Turkey and the
Balkan allies or to be a war of liberation. The operations being conducted by Montenegro against Scutari
are part of a war of conquest and there is no reason
why the same sympathy felt for Montenegro and
other countries contending for their liberty and
national existence should not be extended to the
Albanian population of Scutari, who are mainly
Catholics and Moslems,and who are contending for
their land, their religion and their lives." The
Foreign Secretary pointed out that the arrangement
of the boundaries left a large tract of territory for
division between Montenegro and Servia.
1051
ship includes many important business men and the
presidents of virtually all the large universities and
colleges of the United States, is making an appeal
for the immediate recognition by the United States
of the Republic of China.
The Committee of London bankers which a few
years ago considered the question of British gold
reserves has been reconstituted with a new chairman, Viscount St. Aldwyn, and will hold its first
meeting early in May. Nothing definite resulted
from the Committee's former efforts except from an
educational standpoint, the undisputed point being
the desirability of increasing the gold reserves.
Viscount St. Aldwyn, it will be recalled, was, as
Sir Michael Hicks-Beach, Chancellor of the Exchequer
in 1885-6 and also in 1895-1902. The other members
of the Committee are Sir Edwin Holden, chairman of
the London City and Midland Bank, Ltd., Lord
Inchcape, a merchant, who has been prominent on
many commissions investigating commercial and
financial affairs, Robert Martin-Holland,Secretary
of the Bankers' Clearing House of London and Sir
Felix Shuster, Governor of the Union of London
and Smith's Bank, Ltd. The revival of the Committee has followed the very strong statements made
by Sir Edward Holden and Sir Felix Shuster at their
recent bank meetings regarding the necessity of an
increase in the gold reserves.
The first Parliament of the Chinese Republic
was opened on Tuesday last, April 8. Five hundred
representatives out of a total of 596, and 177 senators
out of 274, all of them earnest-looking men of mature
years, to quote press dispatches, and nearly all of
them dressed in European fashion, with frock coats,
silently awaited the appointed hour of opening.
As the clock struck eleven, bands played the national
anthem, and the assemblage rose to its feet. The
senior member of the House of Representatives
then made a few congratulatory remarks and formally
declared both houses open. The proceedings were
very brief and simple. Yuan Shih-Kai's message to
Parliament which was not read publicly as his Presidency still is provisional, consisted of hearty congratulations and the expression of the hope that the
Republic would last "ten thousand years." AdjournThe Japanese Ambassador, though filing no formal
ment was then taken until to-day (Saturday). There protest, has made known to the Secretary of State,
is declared to be considerable hostility to Yuan Mr. Bryan, Japan's objections to a bill that has
Shih-Kai for President. Some of the members of been introduced in the California Legislature seeking
Parliament distrust him because he long supported to prohibit Japanese and other foreigners not eligible
the Manchu dynasty. Others fear that he is schem- to citizenship from holding or leasing land in that
ing to make himself a dictator or even proclaim him- State. The bill is modeled on the Federal law of
self Emperor, his recent removal to residence in the 1897 against alien ownership of land in the District
Palace within the Forbidden City having strength- of Columbia and the Territories, and applies to all
ened the latter suspicion. There is a definite con- aliens who are not eligible to become citizens
of the
flict between the Provisional President and the United States. The Federal law offers no
discriminParliament for power, Yuan realizing that, with the ation against any race or nationality,
but contains
present insecure confederation, the financial diffi- a distinct proviso that where treaty obligations
culties of China, and the bitter political controversies, confer the right to own and hold land in the United
the Government cannot be conducted unless it is States the law should not apply. It was contended
highly centralized—in other words unless he himself, by the Japanese Ambassador that the proposed Calipossesses practically dictatorial power. If a crisis fornia law prohibits the owning or leasing of real
does not alter their intentions, the Parliamentary property for any purpose, in violation of' the right
representatives will draft a constitution before that was conferred by the treaty of 1894. President
electing a permanent President, meanwhile permit- Wilson on Wednesday, after a conference with
Repreting Yuan to continue in a provisional capacity.
sentative Raker of California, permitted the anThe delay of the Chinese Parliament in choosing nouncement to be made that he
would not interfere
a President has relieved President Wilson of con- with the action of the California
Legislature. But it
siderable embarrassment. It was the intention of is understood in official circles
that both the Presiour Government, according to a notification last dent and Secretary Bryan will use their
good offices
week by Secretary Bryan to the Diplomatic Corps in a personal way to avert any action that
Japan
at Washington, to recognize China on April 8 after might construe as a violation of the treaty. Reprea President of that Republic should have been elected sentative Raker showed President Wilson the followby the Constitutional Assembly. Secretary Bryan ing message from California State Senator Sanford
proposed that all other governments simultaneously explaining the necessity for the bill: "People demandrecognize the new republic on the same day. Great ing enactment of Alien Land Law. If
Legislature
Britain, Russia, France and Japan all have refused refuses, people will resort to the initiative.
Issue
to respond to Secretary Bryan's suggestion and Ger- must be met. Must meet it now.
Government
many was only half committal in accepting. Even should not interfere with
our local affairs. It is a
Mexico, which is itself seeking recognition, has an- matter of State rights.
Hands off at Washington.
nounced that it would not recognize the Republic We will handle situation.
Sentiment five to one in
of China because "conditions there are too unsettled." favor Alien Land Law. Japanese own
over 50,000
In fact Brazil thus far seems to have been the only acres land and lease 400,000. Ratio of
increase
government to fall in line with Secretary Bryan's over 600%."
idea. The China Society of America, whose member
1052
THE CHRONICLE
The German Chancellor, Dr. von BethmannHollweg, in submitting in the Imperial Parliament
on Monday, the Government's bills increasing the
army and introducing new forms of taxation
delivered a strong speech, the key-note of which,
according to press dispatches from Berlin, was "a
European conflagration will not occur, but if outside
forces should threaten us, Germany must stand
ready with her last man." The war-like sentiment
in France and Pan-Slavism, had, the Chancellor
urged, to be reckoned with, although he credited
the French and Russian governments with the best
intentions. He also pointedly referred to the proposal of Winston Churchill, First Lord of the British
Admiralty, for a "naval holiday" of a year. The
Chancellor argued that Germany was willing to consider concrete proposals. The changed conditions
due to the war in the Balkans had, he said, made it
necessary for Germany to make further defensive
preparations. The conditions of Europe, he continued, have been radically changed by the Balkan
war, which had substituted for the passive European
Turkey other States of feverish political activity.
They were factors of progress, indeed, but, should a
great European conflagration between Germanism
and Pan-Slavism come, this change would alter the
balance in Germany's disfavor. This, however, he
said, "does not alter the case that I consider this
conflict probably will be avoided." Germany had
been working to mitigate the Austro-Russian tension, but, should war break out, the German Empire
would fight unhesitatingly beside her ally. In conclusion Dr. von Bethmann-Hollweg declared that
the war aspirations were no longer confined to the
Chauvinists of France. They had been buoyed up
by the growing Pan-Slavism in Russia and the hope
of English help was spreading among the more
thoughtful element and was entering even that stage
which caused uneasiness and was feared by Prince
Bismarck years ago. The all-round situation and
the fact that Germany was wedged in between the
Slav world and France, he said, justified the military
war tax bill.
An unprecedented occurrence took place in the
German Reichstag on Wednesday during the discussion of the military bill. Virtually the whole house
roundly applauded two of the Socialist deputies
during the course of incisive speeches. They severely rebuked the Government's military delegate
to the Bundesrath who had made sneering references
to a Clerical speaker. The House passed the bill on
its first reading and then took up the financial
measures. Herr Kuehn, Secretary of the Treasury,
explained these at length. He said that the Treasury
was confronted by a task of greater gravity than ever
before in the history of the Empire. Provision must,
he added, be made for nearly $320,000,000 increased
military expenditures in the next three years.
The feature of the European Bourses this week
has been the continued weakness in Paris of the
French Rente. It closed last evening at 86 francs,
which compares with 86.62 a week ago and 87.65
a fortnight ago. This weakness is not in a large
sense a suggestion of new complications in the European political situation or of expectations of new
complications. It reflects the competition with the
rente of new French State funds that offer more
favorable returns while providing equal security.
On1Thursdayianlissueloff100,000,000ifrancs State
xcvi.
railway bonds was offered,and,as we noted last week,
a Moroccan loan of about 200,000,000 francs is
soon to be presented. The railway loan was fully
subscribed by the banks, but outside takings
were disappointing. The issue is redeemable in
49 years and bears 4% per cent. interest. The
bonds are in denomination of 500 francs each.
There still are rumors of preparations for a large
new issue of Rentes. The Government has published
a technical denial that negotiations for such an issue
are pending and it is said to be certain that the issue
will not be offered before the end of May at earliest.
London has again been quite an active buyer of.
American securities this week, and cable advices
from the British centre suggest the London view,
that the lower duties contained in the Underwood
Tariff Bill that has just been introduced in Congress
will mean an increase in our trade, a decrease in
operating costs for our railroads and hence improvement in the American railway situation as a whole,
It is to be hoped that our English cousins are not
too enthusiastic over American rail y prospects.
Our own railway executives do not appear to be as
favorably impressed with the probable results of
tariff legislation. At any rate any good from any
particular quarter will be appreciated by our railroads, which have for so many years been subject
to such unrelenting antagonism of our State and
national legislators through the Inter-State Commerce
Commission and the various State railway commissions. Toward the close of the week the London
stock market showed a disposition to regard the pace
that had been set during the earlier days as too rapid,
and was inclined to await the closing of the Montenegrin situation, which seems still to be hanging fire.
Securities concerned in the Balkan conflict have
shown irregular changes during the week. Russian
fours are % higher at 90%, Turkish 4s remain at 86
and Bulgarian 6s are 1 point lower at 101. Servian
unified 4s have advanced 1 point to 82 and Greek
monopoly 4s M point to 5532. German Imperial
3s are without alteration from 75. British home
railways,as representatives of the investment market
in London, closed with minor changes, the London
dr Northwestern for instance finishing at last week's
closing price of 1309 while the Great Eastern is
% point lower at 593 and the Great Western
% point higher at 1159'•
In London some expectations were entertained during the early days of the week that the Bank of England would reduce its minimum discount from the
5% basis that has been ruling since the European
strain resulting from the Balkan uprising began.
These expectations were not fulfilled, however, although usually conservative London correspondents in
their cabled reports suggest that the Bank Governors
will next week see their way clear to aid the market
by a reduction of IA and possibly 1%,providing that
the political situation does not receive any renewed
shock. The renewal of buying of American securities
by London, however, emphasizes the suggestion we
made last week, that.a return movement of gold to
this country might be threatened, and that the Bank
would rather keep the situation in hand a little longer
and be in a position to prevent a movement of the
precious metal to this side of the Atlantic. Day-today money in London, according to last evening's
cabled report, closed at 3@3%, which is a reducfor the week, andicompares with 4%%
tionIof
APE. 12 19)3.j
THE CHRONICLE
1053
a fortnight ago. Sixty-day bankers' acceptances 3,222,365,000 francs from 3,220,600,000 francs, while
closed in Lombard Street yesterday at 3 15-16@4% silver has suffered a severe reduction to 602,973,000
for bills to arrive and 4®4 1-16% for spot and long francs from 796,400,000 francs, which latter feature
bills at 4@4Y8% to arrive and 438@4 3-16 for spot. is certainly indicative of the policy of the Bank to
A week ago 4 5-16@4/% was the quotation for short retain its gold and exercise its privilege of paying off
%
bills and 4 8 for long, both spot and to arrive. demands in silver. The outstanding circulation is
It is evident from the easier position of both money still 5,757 millions, against 5,316 millions a year ago,
and discounts that if the Bank does not reduce its and discounts stand at 1,632 millions, against 1,160
official rate it will soon be compelled to resort to millions. It is evident, therefore, that the Bank still
its usual expedient of borrowing in the open market has a long step to take before it gets back into as satisif it desires to make the full 5% rate effective. In factory a position as it occupied one year ago.
Paris the bankers' combination rate is still quoted at
4%,though foreign exchange prople here are advised
Improvement is also indicated by this week's statethat discounts are being quietly arranged at 3%%. ment of the Imperial Bank of Germany.
The gold
In Berlin the private bank rate has declined to 4%% on hand registered the important increase of
13,159,for all maturities, spot and to arrive, which compares 000 marks, while the total cash, including
gold, indiwith 4%@5% last week and 5%% a fortnight ago. cated an expansion of 20,149,000 marks.
Meanwhile,
This is suggestive of the ease that has followed the nofe circulation experienced a contractio
n of 191,531,April settlements. A similar situation is shown by 000 marks, while loans were reduced 33,869,000
marks
the money rate in Berlin, which has declined to 33/2%; and discounts 181,668,000 marks. Deposits
fell
this compares with 5@5M% a week ago. In 35,898,000 marks and Treasury bills 28,454,000
Amsterdam the private bank rate remains at 37
4% marks. Comparisons with the corresponding week
and in Brussels at 47-16%,while Vienna is H% higher a year ago are more favorable than for some
time,
at 5%%. The official bank rates at the leading for- the cash holdings amounting to 1,194 millions,
against
eign centres are: London,5%;Paris, 4%;Berlin,6%; 1,137 millions, though loans and discounts
are still
Vienna, 6%; Brussels, 5%, and Amsterdam, 4%.
1,627 million marks, against 1,535 million marks,
and outstanding circulation 2,133 million marks,
A further strengthening that is not unusual during against 1,948 million marks.
the earlier part of April was registered by the Bank
of England's weekly return, which was published on
The local money market showed a hardening tenThursday. The favorable feature was a reduction dency during the earlier days of the week,
resulting
in the loan item of £3,619,000 and the disbursements from the somewhat disappointing showing
made by
of £5,012,000 by the Government indicated by the the Clearing-House statement on Saturday.
This
decrease in the item of public deposits. The gold statement indicated a decrease of $5,540,000
in
holdings (coin and bullion) indicated an expansion money holdings, which was fully reflected
in the cash
of £790,460, the reserve increased £1,079,000 and surplus, as there had been a decrease of but $200
in
the proportion of reserve to liabilities increased to the reserve requirements. The cash surplus,
there45.02% from 41.85% a Week ago and compares with fore, stood at $10,222,800, comparing with
$15,762,42.85% one year ago, when the Bank rate was 332%. 600 the preceding week. When we compare
with
The bullion item now stands at £37,094,439, as conditions a year ago, however, the
result is more
against £36,393,091 in 1912 and £36,074,832 in 1911. satisfying. The Clearing-House
institutions at that
The reserve is also at the highest point for the cur- time held only $1,936,500 above requiremen
ts. The
rent week since 1909. It shows a total of £26,805,- formal introduction of the new tariff bill
in the
000. In 1912 the total was £25,901,411 and in 1911 House of Representatives on Monday seems
to have
£25,873,212. The total of the loans stands at £37,- exercised no substantial restrictive
influence on
473,000 and compares with £38,009,353 one year business. Western advices report, however,
a perago and £36,074,832 in 1911. The Bank secured ceptible slackening in general trade, and
it would
the greater part of the £820,000 of South African not be surprising if the progress of tariff legislation
bars offered in the open market on Monday,India, should result in a slowing down in the business
movewhich obtained £250,000, being the only competitor. ment affecting future commitments,
and to this
Our special correspondent furnishes the following extent there may be some curtailmen
t of the demand
details of the gold movement into and out of the Bank for banking accommodation
by both distributers and
for the Bank week: Imports, £1,032,000 (of which manufacturers. Any prospect of an
active demand
£454,000 from India, £23,000 from Ecuador and for funds quickly reveals that
the actual amount
£555,000 bought in the open market); exports, available is not large. A
significant index of the
£10,000, wholly to Java, and shipments of £232,000 situation is perhaps contained in the
news that the
net to the interior of Great Britain.
New York Central RR. has this week placed in
London $10,000,000 in 5% one-year notes on a
The Bank of France presented a particularly strong basis. The sale by the Chicago Milwaukee
& St.
statement, not so much as a result of its increase in Paul Ry. of $30,000,000 in 432% general
mortgage
gold as in the contraction of its liabilities. There was, bonds is also significant. These bonds
were purfor instance, a reduction of 93,325,000 francs in chased by a syndicate headed by
Messrs. Kuhn,
circulation and a cutting down of discounts in amount Loeb & Co. and the National City Bank
at about 96.
of 308,075,000 francs. General deposits were with- The previous general mortgage bonds
that have been
drawn to the extent of 77,825,000 francs, the Bank's sold by the railroad company in question
have carried
advances increased 15,375,000 francs and Treasury only 332% and 4%, and the advance
in the interest
deposits were reduced 1,575,000 francs. The gold rate has, it may be stated, been
made very relucholdings were increased 5,124,000 francs and Silver tantly by the St. Paul directors.
It was, in fact,
declined 9,357,000 francs. Comparing with one agreed to only after consulting
with the bankers as
year ago, the gold stock indicates an increase to to the possibility of marketing among
individual in
1054
THE CHRONICLE
vestors a 4% bond. The action by the Pennsylvania
RR. on Wednesday in offering shareholders the right
to subscribe to new stock at par to the extent of 10%
of their present holdings was accompanied by a
decline on that day of 332 in the market quotations
of 6he old stock. Nevertheless, the directors are
confident that the issue will be fully taken, and that,
therefore, there is no necessity of forming an underwriting syndicate. A different condition was present
in the recent offering of the $63,000,000 bond issue
by the Baltimore & Ohio. Results show that underwriters were certainly necessary in that case, as the
stockholders are understood to have subscribed to
less than 30% of the new issue. The result of the
recent tests of the market as to its ability to absorb
new securities may, therefore, not be regarded as
altogether satisfactory, and there is reason to expect
that other railway companies that have been hoping
to make fairly permanent financial operations will
once more be compelled to renew outstanding shortterm notes and obtain funds by new issues of a similar
character. Messrs. J. P. Morgan & Co., as head of
the syndicate that is to finance the Interborough
Rapid Transit Co. in connection with the new subway
system, have called upon members of the syndicate
2
for 123/% of their various allotments. This will
bring in about $21,000,000, about $16,000,000 of
which will be used to take up Interborough notes
maturing on May 1.
The range for call money this week has been
3@4%, which compares with 23/2@7% the preceding
week. On Monday 4% was the highest, 332% the
0
lowest and 3%7 the ruling quotation; on Tuesday
Monday's range was repeated, though renewals were
at 4%; on Wednesday 3%% was the highest and also
the renewal rate, with 332% the lowest; Thursday's
maximum was 4%, minimum 3% and renewal basis
0;
3%7 on Friday 33' was the highest, 3% the
lowest and 332% the ruling rate. Time money, after
a temporary exhibition of firmness early in the week,
became easier later, but on Friday, reflecting the
increased capital demands from corporations, became
distinctly stronger and closed at 4%@5% for all
maturities. Commercial paper remains in very
moderate supply at 53/2@6% for sixty and ninetyday endorsed bills receivable and also for four to
six months' names of choice character; others are
quoted at least %% above these figures.
In sterling exchange circles the market showed
until yesterday an ability to take a liberal supply
of bills without evincing important weakness.
Yesterday, however, severe weakness developed,
demand bills closing 25 points, and cable transfers
35 points, lower. London has again been quite a
confident buyer of American securities in the arbitrage dealings with this market, and a sale of
$10,000,000 in 5% notes, that has been concluded
in London by the New York Central Railroad,
may be considered an influence for the future,
though the transfer of the funds to this side may
not yet have been negotiated. Money rates and
discounts abroad also have shown a- distinctly easier
trend. The immediate future may be regarded
as peculiarly uncertain. Thus far our foreign trade
has shown remarkable indifference to the fact that
tariff legislation is at hand and that, even as finally
modified, this will mean some very substantial
eductions in customs duties. The usual procedure
n uch cases, which, however,is not yet being ob
[VOL. xcvx.
served, is to restrict importations of merchandise
that will unquestionably be favored by the new
rates of duty to very smallest proportions so that
stocks of such merchandise may be replenished under
the more advantageous conditions that will be available on the enactment of the new tariff. At present
importations are showing very slight, if any, indications of a falling off. This is a subject that is a
source of considerable surprise in foreign exchange
circles. Among the influences of the future there will
be the foreign subscriptions that will undoubtedly
be filed for a part of the new St. Paul bonds. Furthermore, the foreign stockholders of the Pennsylvania Railroad, who are very numerous, may also
be depended upon to furnish a substantial amount
of exchange in connection with their subscriptions
to the new stock that they will be entitled to take.
These subscriptions of course will not be forwarded
until the end of May, but the fact that they will
at that time be available will doubtless be given
proper consideration by foreign exchange operators.
British trade still remains unusually active and is
requiring a corresponding amount of banking facilities. The March statement of the British Board
of Trade, which has been published this week,
indicates increases of $4,879,500 in exports over the
corresponding month of 1912 and of $902,500 in
the imports.
Sterling exchange in Paris has moved in favor of
London, closing at 25.253/ francs, which compares
with 25.25 francs a week ago. At Berlin the closing
London check rate is 20.48 marks; this compares
with 20.47% marks a week ago and 20.453/2 marks a
fortnight ago, reflecting the movement in favor of
London that has followed the April settlements.
2
Berlin exchange in Paris closed at 123.273/, which is
without change for the week. The Paris check in
New York has ruled relatively weaker than sterling.
Compared with with Friday of last week, sterling
exchange on Saturday was weaker for demand and
cable transfers, which declined to 4 8705@4 8715
and 4 8760@4 8770,respectively;sixty days remained
unchanged at 4 8325@4 8335. Easier discounts at
London and the poor bank statement issued here on
Saturday caused some weakness at the opening on
Monday, though later the tone became firmer on
covering of shorts; the close was 5 points down at
4 87@4 8710 for demand and 4 8755@4 8765 for
cable transfers; sixty days remianed unchanged.
On Tuesday renewed weakness became evident during the forenoon on foreign buying of stocks and the
improved European outlook;short covering, however,
induced a partial rally before the close, the final range
being 4 8695@4 8705 for demand, 4 8750@4 8760
for cable transfers and 4 8320@4 8330 for sixty days.
There was a further slight recession on Wednesday,
with trading dull and featureless; demand declined
to 4 8690@4 87, cable transfers to 4 8745@4 8755
and sixty days to 4 8315@4 8325. On Thursday
the market was quiet with rates 5 points lower, at
4 8685@4 8695 for demand, 4 8740@4 8750 for
cable transfers and 4 8310@4 8320 for sixty days.
On Friday the market, as already noted, became
weak, and while sixty-day bills declined only 5
points, demand bills closed 25 points, and cable
transfers 35 points,lower for the day. Closing rates
were -4 8305@4 8310 for sixty days, 4 8660@4 8670
for demand bills and 4 8705@4 8715 for cable
transfers. Commercial on banks closed at 4 8134@
APR. 12 1913.]
THE CHRONICLE
1055
8
4 82% and documents for payment at 4 823/® ally to the Reichstag his plans and reasonsfor adding
4 829. Cotton for payment ranged from 4 823@ 135,000 men to the army, for providing largely
2
4 823/. Grain for payment, 4 82%@4 83.
increased armament, and incidentally for imposing
this year the property tax, which has been commonly
The New York Clearing-House banks, in their estimated to amount in all to $240,000,000.
operations with interior banking institutions, have
The Chancellor set forth carefully that theGoverngained $5,661,000 net in cash as a result of the cur- merit's relations to France were pacific, quoting
rency movements for the week ending April 11. with approval Bismarck's saying that "if the French
Their receipts from the interior have aggregated wait for us to attack them, they will wait forever."
$13,147,000, while the shipments have reached $7,- He laid stress on the efforts of his Government to
486,000. Adding the Sub-Treasury operations, which cultivate good relations with Russia, and expressed
occasioned a loss of $2,824,000, the combined results his disbelief in a general European war; but he laid
of the flow of money into and out of the New York equal emphasis on the change in European condibanks for the week appears to have been a gain of tions through the replacing of the passive diplomatic
$2,837,000, as follows:
State of Turkey by the feverishly active political
Balkan Powers. His conclusion was: "A European
Week ending April 11 1913.
Inti
Out of
Net Change in
conflagration will, in all probability, not occur; but
Banks.
Banks.
Bank Holdings.
Banks' interior movement
$13,147,000
$7,486,000 Gain $5,661,000 if outside forces should threaten us, Germany must
Sub Treasury operations
18,397,000
21,221,000 Loss 2,824,000
stand ready with her last man." This, obviously,
Total
$31,544.000 $28,707,000 Gain 52,837.000
was the excuse for the Government's demand for
additional armed services from its citizens.
The following table indicates the amount of bullion
In other words, the German Chancellor was careful
in the principal European banks.
to assure the world of his belief in continued peace,
April 10 1913.
April 11 1912.
Banks of
but equally careful to couple these assurances with
God.
Silver.
Total.
Gold.
Sutler.
Total.
insistence on such preparations as would be made in
England _ _ 37,094,439
37,094,439 36,393,091
30,393,091 the face of immediately impending war.
He therein
France — 130,040,480 24,030,080 154,070,560 128,824,960 31,856,240 160,681,200
Germany _ 46,811,750 13,900,000 60,711,750 40,885,150 15,967,100 56,852,250 embodied the whole
miserable situation in which
Russia _ _ 157,383,000 7,373,000 164,756,000 148,329,000 7,252,000 155,581,000
Aus.-Hun. 50,108,000 10,492,000 60,660,000 52,539,000 12,672,000 65,211,000
Spain _ _ _ _ 17,910,000 29,882,000 47,792,000 16,949,000 29,970,000 46,928,000 the military expenditure of the nations is now hang46,566,000 4,042,000 50,608,000 41,936,000 3,680,000
Italy . _
45,616,000 ing around the neck of Europe's business
Netlfrds _ 13,544,000
761,300 14,305,300 12,141,000 1,004,700
interests
Nat.Belg
7,864,067 3,932,333 11,797,000 6,694,667 3,347,333 13,145,700
10,042,000 and its financial markets. In regard to
Sweden _ 5,704,000
those busi5,704,000 4,703,000
4,793,000
SwItz'land 6,878,000
6,878,000 6,469,000
6,469,000 ness considerat
ions and the financial movement of
Norway _ - 2,124,000
2,124,000 2,042,000
2,042,000
Total w'k 522,088,336 94,412,713616,501,049497,995,868 105,758,373603,754,241 the day, the Chancellor had not a word to say. It
Prey.week 520,128,066 94,989,633615,118,599497,967,756 107,425,933605,393,689
is difficult, in fact, to see what he could have said
had he wished to do so. Every argument on such a
basis operates against the principles which he set
A PROBLEM OF EUROPE'S GOVERNMENTS. forth—not
less so when the conditions deliberately
A month ago,when the announcement was sud- laid down by the German Chancellor
and by the
denly made of an abnormally heavy property tax other European Cabinets lead
logically and neceson all German citizens, to be imposed as a single sarily to a steady
and cumulative increase in the proisolated levy, and when that announcement was digious
expenditure involved.
made, both on the eve of an important and uncertain
Germany votes enormous expenditure for increase
operation in new German Government securities and
in its armament and for the enlargement of its conof an approaching quarterly settlement at Berlin scription service.
France forthwith meets the situawhich threatened trouble for the money market, tion by similar proposals
on her own part. So far,
the comment was very general throughout the then, as regards the two
chief parties in the case,
financial world that the governing powers must the situation
is precisely what it was before, except
have lost their senses. As a matter of fact, not for the
large additional burden of expenditure
only was the money tension aggravated through on both.
Will Germany then be driven in another
this incident, but while the $12,500,000 Imperial year to
propose a further expansion of its armament,
bonds and $25,000,000 Prussian consols were taken and further
enlargement of its debt and taxes?
by subscribers, only one-half of the hundred million There
is no assurance that it will not; indeed, supdollars in Prussian Treasury bills was subscribed for
posing the French proposals to be endorsed by its
by investors. Nothing like this had ever happened Legislature
,the logic adopted this week by Chancellor
before in the history of German Government financBethmann-Hollweg would lead to exactly that
ing. The irritating situation which then existed
result.
was hardly improved by an extraordinary editorial
How the same principle operated under the English
article in the Cologne Gazette of March 10, defending Governmen
t's unlucky decision of some four or five
the Government's tax proposals on the openly years ago,
to indulge in its ambitious "Dreadnought
declared ground that France was the natural enemy policy",
is a matter of history. When England had
of Germany and was likely to attack her at any mothus extensively increased the scope of its own sea
ment.
power, Germany at once set to work to match it.
The German Government was not quite so shortThereupon England, perceiving Germany's prepasighted as the markets imagined. It lost no time
rations, at once fell into a fever of panicky apprein repudiating severely the utterances of the Cologne
hension, based on the sudden inference that Germany
Gazette,and it gave out general assurances of peacewas preparing to invade the British islands. Yet
able purposes. In the end, the critical quarterly
Germany had done no more than meet the enlarged
settlements at Berlin were successfully surmounted,
naval program of Great Britain, precisely as France,
and the new securities seem to be fairly in the way
in the present instance, is meeting the greater army
of being absorbed. Last Monday the Imperial preparatio
ns of Germany. Since the Anglo-German
Chancellor, von Bethmann-Hollweg, submitted form"Dreadnought" episode, the alternative increase of
1056
44
THE CHRONICLE
[VOL. xcvi.
naval armaments by the two States concerned has ingly insoluble public problems, and who solved
continued progressively. It is difficult to see why them by discarding the antiquated and erroneous
a similar alternating and progressive increase in the conceptions of the past, and by putting themselves
land power of the continental States will not be equal- in touch with the legitimate spirit and methods of
ly unavoidable in the present case, if the German their time.
Chancellor's view of the situation is sustained.
It is• not easy to say whether all this spectacle in RAILROAD,: OWNERSHIP AND THE MANY
twentieth-century politics is tragic or ridiculous.
INTERESTED.
Each of two or more Powers says: "I will increase
In some recent:remarks concerning the real stake
my fighting power, but I do not expect you to do the
Powers naturally at which all the people have in the life and prosperilv
same." The other Power or
of persons are
once increase their own; whereupon the Power which of railways, we said that 50 millions
probably interested as prospective beneficiaries
first made the increase resentfully replies: "You have
that, a
forced me to a still further increase;" which in turn under 33 million life insurance policies;
year ago, about 47% of the 3,924 millions of assets
provokes the others to add to their own. But to a
companies doing business in this
process of this sort there is naturally no end, except, reported by the
which State were in stocks and bonds, and in the absence
perhaps, through the impatience and irritation
it was probably safe to assume
it instills among the people, and the appearance of of a precise analysis
as the railway proportion. This is
such phenomena as the so-called "new spirit" in a 20% of the total
without considering the great ownership of railway
naturally peaceful country such as France.
securities through savings banks and a variety of
In other words, no positive and tangible results
or semi-public institutions, and the savings
can possibly be accomplished by all this policy— public
the banks in this State, a year ago, were dependent upon
ostensibly pursued to avert hostilities—except
railway prosperity to the extent of over 15% of
bringing to a focus of the spirit which provokes
international hostilities. Looked upon from the their resources. •
The proportion we estimated was meant to be,and
standpoint of a neutral community, a natural combounds. It is conment on this singular state of things is that it shows unquestionably is, well within
firmed by some figures concerning one company
the need for real statesmanship in the affairs of Eubrought to our attention.
rope. There is apparently no other solution to the which have since been
President Ide of the Home Life reported his comproblem which besets every one of the greater Powers,
direct concern in railways as 3732% of its
except the convincing of every European govern- pany's
influence of a strong and sincere assets; as nearly as he could ascertain, he said,
ment, through the
New York, acting
public leader, that they are following a hopeless path. the companies doing business in
for and representing 20 million policyholders,
In no other way can the present abnormal situation
the entire railway bond issues
be corrected, except through the bringing of the holdone-eighth of
of the whole country. The amount he mentioned
nations together in an agreement for limiting the
30% of their total assets.
increase in their armament and for the preservation would be over
Since time has not materially changed them, his
default of
of peace except in a final emergency. In
are close enough for the present purpose,
such diplomatic achievement, one of two results must figures
it is interesting and significant that he gave
inevitably follow the present situation—either a and
Commission in
burden of taxes on the European States so great as them to the Inter-State Commerce
November of 1910, when he appeared as represento cause a popular revolt in the elections against
of Life Insurance Presidents
the existing governments or else a desperate con- tative of the Association
in these several at the public hearing on a proposed increase of
clusion on the part of the people
"The decision of the question now
States that it is just as well to let war come, in order freight rates.
Commission (he said) will have a potent
before this
to settle the hopeless complications.
earnings of our railroads,
has abundantly taught us, war influence upon the future
But, as history
those earnings will depend the value of
does not settle such things at all. The sequel even and upon
He appeared then for the policyto a victorious campaign of one European State their securities."
holder, and in a very recent address he appeared
against another is, with both the victorious and the
, whom he called "the
vanquished State, instant resumption on the part again for the policyholder
s for an even larger army and forgotten man" in all proposed treatment of investof both of preparation
armament than had ever been witnessed in its his- ment questions.
The insurance policyholder and the holder of
tory before. Indeed, even the payment of a huge
there and invested in the
war indemnity by one State to another involves, savings deposited here and
obligations menaced by our erroneous public conduct
in these days of closely related international finance,
forgotten man,"
a burden on every market, including those of the towards railways is indeed "a
of others who forget
State to which the indemnity fund is to be remitted. but not wholly so by the fault
that he forgets himself.
No episode in modern history proved this fact more him; the root of the trouble is
possible to make him realize
clearly than did the sequel to the Franco-Prussian Thus far, it has not been
savings in the banks or
war, when the financial disturbance caused by the that he is interested. His
companies are important to him, he
war and by the huge indemnity payment from France the insurance
from his hands and he
resulted two years later in outright financial panic admits; but they have passed
expects the bank and the company to see to everyand industrial depression—not in France, but in
thing. It is so unhappily difficult to make men
Germany itself.
appears on its perceive what is very near and very bold before their
To our mind, this situation, which
confuses vision; and as for
face to be altogether hopeless if continued on the eyes, for the nearness
a connection through interpresent lines, should be the surest stimulus to states- things remote, with'
stake in
manship of the larger sort. The great statesmen laced and concealed threads, the personal
.
ems:vague
of history have been those who grappled with seem- themr,se
APR. 12 1913.1
THE CHRONICLE
On the other hand, what a man is to get directly
or has to pay directly is very near and real to him;
he sees it, and it looks overwhelmingly large. The
shipper wants rates stationary or lowered. The
commuter wants to pay no more than he paid ten
years ago. The enginc3ers and other employees,
quick to catch the hint, have found that all they need
to do is to demand successive raises of wage, under
threat of strike, and the public will drive the roads
into an alleged arbitration that declines to consider
anything except what the men "ought" to have. If
any man of them all, from the merchant-shipper
down to the fireman in overalls, perceives that there
is anything more in the subject, that is to him
merely academic, and he does not care for it; possibly he may lose a little in the future in his capacity
as citizen, but he is going to get much now, and what
happens to the roads is for somebody else; it is no
affair of his.
Doubtless it is useless to quarrel with the real
or the apparent habit of indifference to questions
of underlying principle as against what there may
possibly be "in" this or that line of conduct for one's
own self. If expediency is to govern conduct, we
ought at least to use sense and observation, not
unmixed with some patience, whereby to discover
which direction expediency suggests. It cannot
be expedient to undermine the foundation upon which
all our financial and industrial fabric largely rests;
moreover, the indirect yet inevitable consequence of
impairment of railway credit would be generally
paralyzing. We see nothing to be done but to:,hammer away until the individual realizes his concern
and stops grabbing at whatever seems near and passing the consequences along to somebody else to
mollify. It is an encouraging sign when life insurance
officers and other trustees begin coming forward
as monitors.
1057
factory results are found, of course, in the great activity of business all over the United States and in
the very heavy grain movement over Western roads.
Southern roads, though, had the disadvantage of
a smaller cotton movement. Our compilation includes three large Canadian systems, the same as is
always true of our early statements of estimated
earnings, but on the present occasion these are not
so prominent for the extent of their gains as they have
been in other months. The Canadian Pacific has
$576,000 increase, the Grand Trunk Ry. $598,451
and the Canadian Northern $113,200, making $1,287,651 for the three roads combined, leaving an
increase for the roads in the United States of $3,023,209, or 5.88%.
It is to be noted, too, that comparison is with
figures last year,which had shown,not a decrease in
earnings (speaking of the roads collectively) but an
increase. In other words, our early compilation
for March 1912, embracing substantially the same
mileage as the present year, recorded $3,702,918
gain, or 5.73%, with the three Canadian roads included, and $1,489,361 increase, or 2.92%,with these
roads eliminated. In March 1911, however, our
early statement registered a loss of $1,053,860, or
1.59%, notwithstanding large gains by the three
Canadian systems. In March 1910 the general character of the returns was highly favorable and our
preliminary statement revealed an increase of no less
than $8,795,473, or 15.61%. In March 1909, too,
there was improvement, the increase then having
been 15,082,356, or 10.99%. In March 1908, on
the other hand, at the time of the intense depression
in trade, our early returns recorded a loss in the large
sum of $9,150,668, or 14.36%. We furnish herewith
a summary of the comparative totals for March and
the first quarter of each year back to 1897:
Mileage.
.
Year Yr.pre- InGiven, ceding. cese.
RAILROAD GROSS EARNINGS FOR MARCH.
Railroad earnings in March were unfavorably affected by the floods in the Middle and Middle Western States the latter part of the month. These floods
not only caused immense property damage and the
loss of 'limy lives, but resulted in a complete suspension of railroad operations for a few, days over a
good part of the railroad mileage in Ohio and Indiana and the lines connecting therewith. As an
indication of the loss of earnings sustained by reason of the disaster referred to, the returns of the roads
in that territory for the fourth week of the month furnish testimony. Thus, the Chesapeake & Ohio reports earnings of only $774,665 in that week of 1913,
against $1,033,094 in 1912; the Chicago & Alton
$350,398, against $399,589; the Chicago Indianapolis
& Louisville $88,704, against $167,685; the Louisville & Nashville (which has a line running through
the afflicted district),$1,366,405, against $1,514,050;
the Toledo St. Louis & Western $45,770, against
$77,244, &c., &c.
Notwithstanding, however, this loss for the fourth
week, the showing for the month is on the whole a
very good one. The roads just named naturally
record losses for the month as well as for the fourth
week, and a few others also fall behind, but taking
all the roads collectively which contribute figures to
our early statement, there is an increase over the corresponding revenues for the same roads last year of
$4,310,860, or 6.50%. The causes of these satis-
March. Roads Miles.
1R97____ 121 92,737
1898____ 133 97,253
1899____ 119 94,333
1900___- 112 99,388
1901_ 103 100,739
1902_--- 89 92,041
1903_- 69 95,620
1904_ --- 69 85,636
1905____ 62 80,134
1906____
58 83,228
1907____ 66 92 828
1908....__
55 83,468
1909_ _
48 77,656
1910____
53 85,936
1911___
50 88,447
1912_ ___ 47 88,168
__ 47 88,311
Jan. 1 to Mar. 311913_1897____ 120 92,598
1898___ 131 96,998
1899___ 118 03,875
1900___ 111 99,115
1901._ _ 103 100,739
1902..... 89 92,041
1903.___ 69 95,620
1904___ 69 85,606
1905_.... 62 80,134
1906____
58 83,228
1907____
66 92,828
1908..___
55 83,468
1909____ 48 77,656
1910.___
53 85,936
1911____
50 88,447
1912___ 47 88,168
1913....... 47 88,311
o
Miles. . V
92,048 0.75
96,089 1.21
93,235 1.18
97,468 1.97
97,542 3.28
90,481 1.72
93,441 2.33
83,386 2.68
78,881 1.59
81,448 2.18
91,100 1.90
82,332 1.38
76,193 1.92
84,398 1.82
86,208 2.60
86,495 1.95
85,963 2.73
91,907
95,832
92,777
97,195
97,542
90,481
93,441
83,386
78,881
81,448
91,100
82,332
76,193
84,398
86,208
86,495
85,063
Gross Earnings.
Year
Given.
Year
Preceding.
$
36,730,150
44,918,276
45,851.636
54,226,229
58,451,929
53,947,913
63,656,496
54,218,287
56,099,462
60,824,758
77,540,501
54,549,532
51,321,597
65,155,888
65,239,119
68,404,320
71,710,950
$
36,574,594
38,767,463
43,192,673
48,306,240
54,154,932
50,750,057
55,634,679
54,355,422
50,899,522
55,489,877
71,896,303
63,700,200
46,239,241
56,360,415
66,292,979
64,701,402
67,400,090
Increase(+)
or
Decrease (-).
3
1 %
+155,556! 0.42
+6,150,813 15.87
+2,658.963j 6.15
+5,919,989 12.25
+4,296,9971 7.93
+3,197,856 6.30
+8,021,81714.42
-137,135 0.25
+5,199,940 10.21
+5,334 881 9.61
+5,644,198 7.85
-9,150,66814.36
+5,082.35610.99
+8,795,473 15.61
-1,053,860 1.59
+3,702,918 5.73
+4,310,860 6.50
0.75 104,287,357 107,550,519 -3,263,162 3.03
1.21 126,755,310 109,339,374 +17,415,936 15.93
1.18 126,102,007 121,187,638 +4,914,369 4.05
1.97 154,477,543 132,538,843 +21,938,700 16.55
3.28 167,574,617 154,125,356 +13,449,261 8.72
1.72 155,556,409 146,020,060 +9,536,349 6.52
2.33 181,463,231160,459,158 +21,004,073 13.09
2.68 152,071,336 153,791,510 -1,720,174, 1.12
1.59 149,372,126 142,415,455 +6,956,0711 4.88
2.18 183,644,696 154,918,113 +28,726,583 18.54
1.90 214,200,964 204,957,203 +9,243,761, 4.51
1.38 149,515,630 168,209,991 -18,694,36111.11
1.92 142,902,711 131,609,385 +11,293,326! 8.66
1.82 179,172,331 155,045,813 +24,126,51815.23
2.60 182,039,008 180,487,121 +1,551,887, 0.86
1.95 190,997,306 180,042,806 +10,954,500, 6.10
2.73 207,756= 187,761,626 +19,994.59410.75
I
Note.
-We do not include Mexican roads in any of the years.
In the case of the separate roads, there are relatively few losses the present year for the month,
notwithstanding the falling off in the last week of
the month by reason of the floods by the roads with
lines in the Central West. Out of the 47 roads, or
systems, included in our table, only 9 report diminished earnings as compared with a year ago, and in
only 4 of the 9 cases does the falling off reach or exceed $30,000. Even in two out of these four cases,
the 1913 losses fall below the amount of the 1912
gain. Thus, the Chesapeake & Ohio -now loses
$251,954, but last year had no less than $497,339
increase. This latter calls attention to the fact that
earnings last year in March on many of the coal-carrying roads were swelled to:unusual figures, because indications at that time clearly foreshadowed the cessation of coal mining, which came on the 1st of April
in the case of many roads, pending the adjustment of
the question of miners' wages, and as a consequence
there was a determination to mine just as much coal
as possible preceding the stoppage
Outside the flooded district the roads the present
year give a very good account of themselves, the
leading systems, so far as they are represented in this
early tabulation, recording as a rule very striking
improvement. Among the Northern trans-continental systems, the Great Northern has $583,415
gain, following a considerable increase in the previous
year. In the Southwest, the Missouri Pacific and
the Missouri Kansas & Texas have $610,000 and
$443,872 increase, respectively. The previous year
both systems reported some decrease, in part owing
to the failure of crops the previous season and in part
owing to bad weather and the overflow the latter
part of the month of the Mississippi River and its
tributaries. The present year the same districts
are again threatened with overflows, but the danger
comes somewhat later. The agricultural tonnage
has been very large, of course, in 1913 in the Southwest, last season's crop having been bounteous. In
the following we show all changes for the separate
roads for amounts in excess of $30,000, whether increases or decreases.
PRINCIPAL CHANGES IN GROSS EARNINGS IN MARCH.
Increases.
Increases.
$45,475
$610,000 Norfolk Southern
Missouri Pacific
41,447
598,451 Cinc New On & Tex Pac_
Grand Trunk
38,446
583,415 Duluth South Sh & Atl_ __
Great Northern
35,052
576,000 Vicks Shreve & Pacific_ __
Canadian Pacific
31,291
443,872 Alabama & Vicksburg_ _ _ _
Missouri Kansas & Texas_
30,700
365,570 Central of Georgia
Southern Railway
30,504
Wabash
245,928 Buffalo Roch & Pittsb_ __
Yazoo & Miss Valley_
174,964
Representing 25 roads in
Western Pacific
158,548
our compilation
$4,831,575
147,755
Seaboard Air Line
Decreases.
131,641
Minneap & St Louis
113,200 Chesapeake & Ohio
$251,954
Canadian Northern
146,455
95,666 Chicago & Alton
Chicago Great Western.._
76,735
83,000 Louisville & Nashville_ _ _ _
St Louis Southwestern_ _ _
63,701
70,762 Chicago Ind & Loulsv_ _ _ _
Texas & Pacific
63,100
Denver & Rio Grande..
Representing 4 roads in
60,821
Colorado & Southern_ __ _
$538,845
our compilation
57.067
Mobile & Ohio
The Western grain movement ran well ahead of
that of 1912 in the case of every one of the leading
cereals, but the wheat movement particularly was
heavy. For the four weeks ending March 29 the
deliveries of wheat at the Western primary markets
against only 9,754,225
reached 17,608,000
bushels,
bushels in the corresponding four weeks of 1912 and 9,310,104 bushels in the same four weeks of 1911. Of
wheat, corn, oats, barley and rye combined the receipts for the four weeks of 1913 aggregated 56,782,000 bushels, against only 40,308,825 bushels in 1912.
The details of the Western grain movement in our
usual form appear in the table we now insert.
Four wks. endlag. Mar. 29.
Chicago
1913
1912
Milwaukee
1913
1912
St. Louis
1913
1912
Toledo
1913
1912
Detroit
1913
1912
Cleveland
1913
S912
Peoria
1913
1912
Duluth,
1913
1912
Minneapolis
1913
1912
Kansas City
1913
1912
Omaha
1913
1912
Total of all
1913
1912
[VOL. xcin.
THE CHRONICLE
1058
WESTERN GRAIN RECEIPTS.
Oats.
Corn.
Wheat.
Flour.
(bush.)
(bush.)
(bush.)
(bbls.)
Barley.
(bush.)
734,000 2,293,000 10,457,000 7,863,000 2,791,000
569,914 1,309,600 9,471,700 7,021,800 1,042,500
124,000
51,940
559,000
459,800
836,000
490,980
851,000 1,370,000
651,300
844,200
239,000 1,706,000 1,209,000
559,353 1,874,740
191,390
1,366,000
1,392,340
438,000
511,300
167,000
19,200
304,000
99,000
28,000
180,000
2,000
10,000
184,000
246,457
146,000
145,562
17,000
2079
53,000
21,886
418,000
134,777
434,000
186,332
2,153
712
189,000 1,057,000
59,000 1,392,578
576,000
694,922
322,000
155,200
74,000
15,600
13,000
293,000
422,608
374,000
48,458
32,000
9,111
380,000 1,207,000 2,046,000
847,170
466,990
229,370
364.000
116,840
2,128,000
717,484
9,151,000
6,029,470
850,000
766,000
340,800 1,207,200
799,000
1,330,000 17,608,000 16,876,000 14,252,000 7,069,000
1,053,250 9,754,225 15,559,102 12,118,034 2,385,801
1913.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, drc
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News, dee
1912.
1912.
1913.
1911.
bales 170,204 190,640 105,333
46,206 58,626 25,777
85,827 159,221 67,013
8,003 17,650 4,999
7,690 41,510 9,405
40,666 139,422 32,083
2,525 41,372 2,284
19,593 23,346 2,088
192
339
5
10,241 47,386 10,267
44,187 46,511 22,292
76
9,053 11,304
699,212 1,015,141
218,467 277,064
278,374 629,517
27,436 120,631
29,040 150,265
158,031 642,431
28,075 143,282
30,180
98,209
110
339
28,692 158,749
98,080 194,905
18,304
42,879
1911.
539,249
250,975
418,760
42,098
69,984
222,501
49,960
25,769
524
59,100
96,435
1,140
444,200 777,327 282,809 1,638,576 3,448,837 1,776,495
Total
To complete our analysis we furnish the following
six-year comparisons of the earnings of leading roads,
arranged in groups:
EARNINGS OF SOUTHERN GROUP.
March.
1913.
$
. 407,789
Ala Gt Sou__
Ala N 0& T P348,316
N 0& N East
165,264
Ala & Vicks__
158,420
Vicks Sh & P_
1,309,700
Central of Ga..
Ches & Ohio-c 2,819,932
848,168
Cin N 0 dr T P
Lou & Nashvb • 4,862,595
Mobile & Ohio 1,035,232
Seaboard Air L 2,361,286
Southern Ry__ 5,922,154
Yazoo dr M V.. 1,028,475
Total
1912.
1911.
s
$
401,436
335,256
341,084
133,973
123,368
1,279,000
3,071,886
806,721
4,939,330
978,165
2,213,531
5,556,584
853,511
304,027
146,138
121,020
1,232,013
2,574,647
573,033
4,874,674
1,019,140
2,253,819
5,361,435
910,177
1910.
$
1909.
1908.
370,769
$
285,050
$
249,583
322,977
141,970
118,958
1,176,890
2,886,698
793,924
4,790,530
932,387
2,035,275
5,153,645
891,746
273,847
133,486
113,262
1,010,380
2,249,643
656,139
3,907,398
837,584
1,775,400
4,668,154
818,762
226,533
132,572
121,853
961,842
1,946,931
603,714
3,548,766
746,357
1,444,597
4,160,731
911,994
21,267,331 20,698,589 19,705,279 19,615,769 16,720,105 15,055,473
S Includes the Louisville & Atlantic and the Frankfort & Cincinnati in 1913,
1912, 1911, 1910 and 1909.
c Includes Chesapeake & Ohio of Indiana, beginning July 1 1910.
EARNINGS OF SOUTHWESTERN GROUP.
March.
1913.
1912.
1911.
1910.
1909,
1908.
Colorado & Sou
Den & Rio Gr..
Intern dr Gt N
Mo Kan & T a
Mo Pacific_ _ _
St L So West__
Texas & Pacific
8
1,096,139
1,772,200
756,000
2,460,145
4,899,000
1,056,000
1,403,548
$
1,035,318
1,709,100
755,539
2,016,273
4,289,000
973,000
1,332,786
$
1,115,314
1,687,224
733,082
2,241,099
4,346,652
982,494
1,205,475
$
1,417,327
1,955,958
731,189
2,201,802
4,840,870
939,982
1,313,701
3
1,176,373
1,676,302
630,284
1,960,188
4,052,875
848,123
1,147,424
$
1,055,405
1,310,319
524,990
1,785,691
3,443,488
721,828
1,029,439
Total
13,443,032 12,111,016 12,311,340 13,460,829 11,489,569 9,871,158
a Includes Texas Central in 1913, 1912, 1911 and 1910 and Wichita Falls Lines
from Nov. 1 1912.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
March.
1913.
1912.
1911.
1910.
1909.
pos.
March.
1913.
1912.
1911.
1910.
1909.
1908.
8
614,513
Buff Roch & P
399,932
Chic Ind & Lou
Grand Trunk
Or Tr West_ 4,678,681 4,080,230 3,909,773 3,793,257 3,167,451 3,016,259
Det 0 H&M
Canada Atl_
Illinois Cent c_ 5,185,664 5,189,260 5,194,038 55,538,953 4,048,472 4,667,455
101,428
94,300
104,424
97,970
106,057
105,273
Tol Peor & W.
316,479
288,901
311,089
284,745
303,950
318,197
Tol St L & W_
2,372,442 2,524,441 2,149,659 1,976,130
2,447,009 2,201,081
Wabash
Total
3
891,910
534,936
8
691,343
512,880
$1
757,936
542,857
$
648,031
441,159
14,061,010 13,320,887 13,089,535 13,575,349 11,635,973 11,063,458
b No longer includes rece pts for hire of equipment, rentals and other items.
beginning with July 1910.
c Includes earnings of the Indianapolis Southern
413,000
464,100
634,000 1,034,000
Since January 1.
March.
Ports.
$
922,414
417,235
11,000
76,832
44,860
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH, AND FROM
JANUARY 1 TO MARCH 31 1913, 1912 AND 1911.
Canadian P80. 10,965,000 10,389,000 8,800,640 7,796,337 6,518,763 5,424,931
Chicago& Alt_ 1,134,910 1,281,365 1,098,932 1,172,492 1,060,120 1,054,180
933,638
654,473
Chicago Gt W. 1,147,378 1,051,712 1,070,865 1,149,262
276,893
219,891
217,138
227,535
246,892
285,338
Dul So Sh dr At
Rye.
4 667,644 3,996,095 3,218,294
(bush.) Great North'n 5,430,582 4,847,167 4,429,958 (
306,980
414,427
374,439
746,503
651,805
783,446
Minn dr St L_1
259,060
304,445
328,926
Iowa Cent- J
281,000
137,000
19,746,654 18,467,941 16,374,433 15,805,981 13,404,638 11,137,809
Total
211,000
196,900
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & PacIfic
13,000
5,500
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
28,000
31,512
188,000
160,655
The Southern cotton movement, as already stated,
was smaller than that of a year ago. The shipments
overland for the month were only 98,743 bales,
against 251,087 bales in 1912 and 101,410 bales in
1911, while the receipts at the Southern ports reached
444,200 bales, against 777,327 bales in 1912, but
as against only 282,809 bales in 1911,as may be seen
by the following:
977,000
491,863
We now add our detailed statement comprising
all the roads that have thus far furnished returns for
Mara.
APR. 12 1913.
THE CHRONICLE
GROSS EARNINGS AND MILEAGE IN MARCH.
Gross Earnings.
Name of Road.
1913.
1912.
Mileage.
Inc. (+) or
Dec. (-). 1913. 1912.
1059
. Democratic members of the Senate Finance Committee.
It is understood that the conference had reference to the
question as to whether the measure shall be retained in its
present form as a single bill, or whether it shall be divided
into three separate bills, with the wool and sugar schedules
submitted apart from the rest of the tariff. It is the general
belief that the bill will go through as an omnibus measure.
The President's decision to personally deliver his message
made necessary the adoption, on Monday of a resolution
by the House of Representatives and Senate calling for a
joint session on Tuesday to hear the message. Before
presenting his message the President said:
$
$
8
Alabama Great Southern
407,789
309
309
401,436
+6,353
Ala New On & Tex PacNew Orl & Northeast__
348,316
195
195
341,084
+7,232
Alabama & Vicks
165,264
142
142
133,973
+31,291
Vicks Shrev & Pac_ _ _ _
158,420
171
171
123,368
+35,052
Ann Arbor
184,979
292
292
200,212
-15,233
Bellefonte Central
7,211
27
27
+721
6,490
Buffalo Roch & Pittsb_ _ _
922,414
573
573
891,910
+30,504
Canadian Northern
1,685,900 1,572,700 +113,200 4,297 3,891
Canadian Pacific
10,965,000 10,389,000 +576,000 11,458 10,832
Central of Georgia
1,309,700 1,279,000
+30,700 1,915 1,915
Chesapeake & Ohio
2,819,932 3,071,886 -251,954 2,324 2,280
Chicago & Alton
I am very glad, indeed, to have this opportunity to address the two
1,134,910 1,281,365 -146,455 1,026 1,026
Chicago Great Western
1,147,378 1,051,712
+95,666 1,498 1,496 Houses directly, and to verify for myself the impression that the President
Chicago Ind & Louisv_ _ _
471,235
616 of the United States is a person,
616
534,936
-63,701
not a mere department of the Government,
Cin New On & Tex Pac
848,168
336
336
806,721
+41,447
Colorado & Southern_ _ _ _ 1,096,139 1,035,318
+60,821 1,813 1,798 hailing Congress from some isolated island of jealous power, sending
Denver & Rio Grande__ - 1,772,200 1,709,100
+63,100 2,598 2,555 messages, not speaking naturally and with his own voice; that he is a
Western Pacific
467,100
937 human being, trying to co-operate with other
937
308,552 +158,548
human beings in a common
Detroit & Mackinac
358
411
y76,894
+4,875
y72,019
Duluth South Sh & AtL_
616 service. After this pleasant experience I shall feel quite normal in all our
285.338
625
+38,446
246,892
Georgia South & Fla__ _ _
395 dealings with one another.
395
223,603
+11,960
235,563
Grand Trunk of Canada
The Message itself was brief (containing about 1,200 words)
Grand Trk Western__ 4,678,681 4,080,230 +598,451 4,548 4,533
Det Gr Hay & Milw_ _
and in part said:
Canada Atlantic
It is clear that the whole country expects the tariff duties to be altered.
Great Northern
5,430,582 4,847,167 +583,415 7,782 7,345
Illinois Central
5,185,664 5,189,260
-3,596 4,763 4,763 They must be changed to meet the radical alteration in the conditions of our
Internat & Great North....
756,000
755,539
' +461 1,160 1,160 economic life which the country has witnessed within the last generation.
Louisville & Nashville_ _ _ 4,862,595 4,939,330
-76,735 4,919 4,705 While the whole face and method
of our industrial and commercial life were
70,271
Mineral Range
70,388
127
127
-117
783,446
Minneapolis & St Louis_}
651,805 +131,641 1,585 1,585 being changed beyond recognition, the tariff schedules have remained what
Iowa Central
they were before the change began or have moved in the direction they were
Missouri Nan di Texas_a_ 2,460,145 2,016,273 +443,872 3,817 3,399 given when no large circumstance of our
industrial development was what
4,899,000 4,289,000 +610,000 7,233 7,233
Missouri Pacific_
1,035,232
Mobile & Ohio
978,165
+57,067 1,114 1,114 it is to-day. Our task is to square them with the actual facts. The sooner
-Oregon
that is done the sooner we shall escape from suffering from the facts and the
25,470
Nevada-Cal
30,189
237
237
-4,719
332,138
Norfolk Southern
286,663
608 sooner our men of business will be free to thrive by the law of nature (the
+45,475
608
51,433
Rio Grande Southern_ _ _ _
32,290
+19,143
180 nature of free business) instead of by the law of
180
legislation and artificial
Louis Southwestern... 1,056,000
St
973,000
+83,000 1,609 1,514
Seaboard Air Line
2,361,286 2,213,531 +147,755 3,070 3,046 arrangement.
Southern Railway
5,922,154 5,556,584 +365,570 7,036 7,089
We are called upon to render the country a great service in more mat
Tenn Ala & Georgia
11,964
8,551
+3,413
94
94 tars than one. Our responsibility should be met and our methods
should
Texas & Pacific
1,403,548 1,332,786
+70,762 1,885 1,885
be thorough, as thorough as moderate and well considered, based upon the
Toledo Peoria & Western
106,057
105,273
+784
247
247
Toledo St Louis & West.. _
303,950
acts as they are, and not worked out as if we were beginners. We are to
318,197
-14,247
451
451
Wabash
2,447,009 2,201,081 +245,928 2,514 2,514 deal with the facts of our own day, with the facts of no other, and to make
Yazoo & Miss Valley..
1,028,475
853,511 +174,964 1,374 1,374 laws which square with those facts.
It is best-indeed, it is necessary-to
Total (47 roads)
71,710,950 67,400,090 +4,310,860 88,311 85,063 begin with the tariff. I will urge nothing upon you now at the opening of
.
Net increase (6.50%)-- _
your session which can obscure that first object or divert our energies from
that clearly defined duty. At a later time I may take the liberty of calling
Mexican Roads (not inclu ded in tot al)
Interoceanic of Mexico
783,624
753,722
+29,902 1,031 1,035 your attention to reforms which should press closely upon the heels of the
Mexican Railway
Y554,700 y495,500
+59,200
395
361 tariff changes,if not accompany them,of which the chief is the reform of our
National Rys of Mex_x
4,167,397 4,426,966 -259,569 6,135 6,001 banking and currency laws; but just now I refrain. For the
present I put
these matters on one side and think only of this one thing-of the changes
in our fiscal system which may best serve to open once more the free
a Includes the Texas Central in both years.
x Now includes Mexican International in both years.
channels of prosperity to a great people whom we would serve to the utmost
y These figures are for three weeks only in both years.
and throughout both rank and file.
In submitting the Tafiff Revision Bill to the House of
BANKING, LEGISLATIVE AND FINANCIAL NEWS Representatives this week Representative Underwood
-The public sales of bank stocks this week aggregate 63 accompanied it with a statement explanatory of the principal
shares, of which 6 shares were sold at the Stock Exchange changes brought about by the bill. In this he stated that:
In its tariff revision work the committee has kept in mind the distinction
and 57 shares at auction. One lot of 40 shares of trust combetween the necessities and the luxuries of life, reducing the tariff burdens
pany stock was alsolsold at auction.
on the necessities to the lowest points commensurate with
Shares. BANKS
-New York.
Low. High, Close. Last previous sale.
*5 Am. Exchange Nat. flank.... 233 233 233 Mar. 1913- 234
*1 Commerce, Nat. Bank of
190
190 April 1913- 192
190
57 Metropolis, Bank of the
340 340 340
Mar. 1913- 351
COMPANY-Brooklyn.
TRUST
100
100
40 Queens Co. Trust Co
100
Mar. 1913- 100
revenue requirements and making the luxuries of life bear their proper portion of the tariff
responsibilities. Many items of manufacture controlled by monopolies
have been place on the free list.
The new bill, besides removing the duty at once from raw
wool, calls for an immediate reduction of 25% on sugar,
(now dutiable at $1 65 per 100 pounds) and the admission
*Sold at the Stock Exchange.
-The Sixty-third Congress met in extra session on Mon- to the latter to the free list in 1916; it also places immediately
day the 7th inst.,in response to the call of President Wilson, on the free list a number of articles, viz.:
Meats
Swine
Sewing Machines Tanning Materials
the purpose of the special session being to effect a revision Flour
Corn
Typesetting Ma- Acetic Acid
Bread
Cornmeal
chines
Sulphuric Acid
of the Payne-Aldrich tariff schedules. The new bill in- Boots and Shoes Cotton Bagging Cash Registers
Borax
Lumber
Agricultural Im- Steel Rails
tended to accomplish this was introduced in the House of Coal
Broom Handles
plements
Fence Wire
Clapboards
Harness
Representatives on the opening day of Congress by Chairman
Leather
Cotton Ties
Hubs for Wheels
Wood Pulp
Nails
Posts
Underwood -of the Ways and Means Committee. To make Saddlery
Iron Oro
Bibles
Hoop and Band Laths
Milk and
Paper not
Pickets
up the losses in the country's revenues (variously estimated Potatoes Cream Printingmore than Iron
worth
Fish
Staves
at from $80,000,000 to $120,000,000) entailed in the re- Salt
234c. a pound
Sulphur
Shingles
Typewriters
Soda
ductions effected under the new tariff bill, an incomeltax
While wheat flour is put on the free list,a duty of 10% is
provision is carried in the bill. This fixes a graded tax on
all net incomes of over $4,000 a year in the case of individuals imposed against countries which levy a duty on American
and a straight tax of 1% upon the entire net income of flour; this will exclude flour from Canada and many other
corporations, joint stock companies or associations and countries. The following are among the principal items
insurance companies. That it is President Wilson's desire taken from the free list and made subject to a tax under.the
new schedules: rough and uncut diamonds and precious
that the attention of Congress during the extra session be
stones; furs and coal-tar products, 10%; volatile oils 20%;
focused on tariff legislation to the exclusion of all other
spices from 1 to 2 cents a pound.
Schedule K of the new
matters is made clear in his Message to Congress on the 8th
bill, dealing with wools/and woolen manufactures,in addition
inst. Upsetting a custom in vogue over a century, President
to making raw wool free of duty, reduces yarns from 79.34%
Wilson personally read this special communication instead
to 20%; blankets from 72.69% to 25%;flannels from 93.29%
of sending it by messenger and having it read by the Clerk.
The reading of their own messages in Congress was indulged to 25% and 35%; dress goods from 99.70% to 35%;clothing
in by George Washington and John Adams, but the practice from 79.56% to 35%; webbings ,&c.,from 82.7% to 35% and
was discontinued by Thomas Jefferson, when he became carpets from rates ranging from 60% to 82% to rates ranging
President 112 years ago, and the precedent established by from 20% to 35%. blithe case of the Underwood Bill of
the latter was followed by all succeeding Presidents until last year and the year before, the duty on raw wool had been
President Wilson's departure this week. Mr. Wilson's lowered to 20%. With regard to the cotton and chemical
action on Tuesday in reading his own message was followed schedules of the new bill Representative Underwood says:
In Schedule I. dealing with cotton,
principal items
by the revival by him of another former custom on Wednes- show reductions on cotton thread from comparisons of the on spool thread
31.54% to 19.29%;
day (said to have been suspended since President Lincoln's from 22.95% to 15%; on cotton cloth from 42.74% to 26.69%; on watertime) when he presented himself at the Capitol and dis- proof cloth from 50.56% to 25%; on ready-made clothing from 50% to
.
30%; on collars and cuffs from 64.03%
on plushes from
cussed the tariff bill in the President's room with the ten 40%; on handkerchiefs from 59.27% toto 25%; stockin 8 from 1.40% t
30%;on
1060
THE CHRONICLE
xcvi.
one vote. Congress opens with both branches in control of
the Democrats (for the first time in sixteen years); while the
party has a majority of only six in the Senate, it iS in
control of the House by a majority of 145.
On Tuesday the Democrats of the House, in caucus, defeated by a vote of 164 to 84 the proposal, said to be favored
by President Wilson, that Democratic caucuses be open to
tariff bill is the public.
The income tax provided for under the new
On the same date (the 8th) the Democrats of the Senate, in
to take the place of the present corporation tax, which will
of the former. An excise tax caucus, passed an amendment to the rules providing, first,
be repealed with the adoption
bill was introduced last year and passed only by the House of that a majority of Democrats of any committee can call the
Representatives, along with the bill under which it was in- committee into session; second, that this majority may aptended to eliminate the duty on sugar. The excise tax bill point all conferees; and,third, that this majority may name
had called for a tax of 1% on net incomes, including salaries all sub-committees. The caucus was also empowered to
of over $5,000 a year of persons, firms and co-partnerships. appoint all members of the Steering Committee instead of
s.
Under the proposed income tax provision, a normal tax of 1% authorizing the caucus chairman to make the appointment
s to be assessed against individuals whose net incomes The caucus is, besides, vested with power to name all commake the
exceed $4,000 a year. In addition, the bill provides for a mittee vacancies, the Steering Committee to
individuals in excess of $20,000, nominations. These changes will serve to lessen the power
surtax of 1% on earnings of
the old system, could refuse
2% additional on earnings in excess of $50,000 and 3% addi- of the Chairmen, who, under
in excess of $100,000. Under the surtax to call their committees together, and could, furthermore, if
tional on earnings
provision a man earning $20,000 would pay to the Govern- they were so disposed, prevent action being taken on a
ment each year at the rate of 1% on $16,000 ($4,000 exempt), measure.
Under a resolution passed by the Chamber of Commerce
or $160; if he earns $30,000, he would pay 1% on $16,000 and
on Finance and Currency is
2% on $10,000, thus making his annual tax $360; where the on Thursday, its Committee
provision of the tariff—
income is $100,000, a tax of 1% would be paid on $16,000, instructed to examine the income tax
bringing the total income particularly into the method of collecting the tax, with spec2% on $30,000 and 3% on $50,000;
exemption of incomes under
tax up to $2,260. The section of the bill under which these ial reference to the proposed
$4,000 a year.
levied provides:
taxes are
That there shall be levied, assessed and paid annually upon the en—The funeral of the late J. Pierpont Morgan, who died
tire net income received from all sources in the preceding calendar year,
by every citizen of the United States, whether residing at home or abroad, at Rome, Italy, on Mar. 31, will take place on Monday next,
and by every person residing in the United States, though not a citizen the 14th inst. The services will be held at St. George's
thereof, a tax of 1% per annum upon the amount so received over and above
Church, Stuyvesant Square, this city, at 10 o'clock, and the
$4,000; and a like tax shall be assessed, levied and paid annually upon the
• entire'net income from all property owned and of every business, trade or burial will be at Hartford, Conn. The arrangements for
profession carried on in the United States by persons residing elsewhere.
the services will be in accordance with written instructions
In addition to the income tax provided under this section (herein referred
with the Rector of the church by Mr. Morgan. In
to as the normal income tax), there shall be levied, assessed and collected left
upon the net income of every individual an additional income tax (herein re- pursuance of these instructions, the Episcopal burial service
ferred to as the additional tax) of 1% per annum upan the amount by which will be used, and three bishops,of the diocese of New York,
the total net income exceeds $20,000 and does not exceed $50,000, and 2%
and Massachusetts, will officiate with the Rector
per annum upon the amount by which the total net income exceeds $50,000 Connecticut
Rev.
and does not exceed $100,000, and 3% per annum upon the amount by of St. George's, Rev. Karl Reiland; these are the Right
which the total net income exceeds $100,000. All the provisions of this David H. Greer of New York, Chauncey B. Brewster of
section relating to individuals who are to be chargeable with the normal
and William Lawrence of Massachusetts. The
income tax,so far as they are applicable, shall apply to the levy, assessment Connecticut
Every honorary pallbearers will be George S. Bowdoin, Lewis Cass
this section.
and collection of the additional tax imposed under
of its assessment
person subject to this additional tax shall,for the purpose
de Forest, Henry Fairfield Osborn,
entire net income from all Ledyard, Robert W.
and collection, make a personal return of his
Joseph H. Choate, Robert Bacon, George F. Baker, Dr.
sources for the preceding calendar year.
Incomes of taxable persons shall include gains, profits and James W. Markoe, E. H. Gary, Seth Low, Morton S. Paton
.incomes derived from salaries, wages or compensation for and Elihu Root. A memorial service will also be held
personal service of whatever kind and in whatever form paid; in London on Monday at Westminster Abbey. On the
or from professions, vocations, businesses, trade, commerce 6th inst. the American Church of St. Paul at Rome held
or sales, or dealings in property; also from interest, rent, a memorial service for Mr. Morgan. Mr. Morgan's body
dividends, securities and income from any source whatever, arrived here yesterday on the steamer France. The
'including income from, but not the value of, property ac- Governors of the Stock Exchange on Wednesday of this week
quired by bequest, devise or descent, and also proceeds of voted to keep the Exchange closed during the forenoon of
life insurance-policies paid upon the death of person insured. Monday out of respect to Mr. Morgan's memory; the
The bill allows as deductions in computing net income all New York Cotton Exchange will not open until 11:45. A
necessary expenses actually incurred in carrying on any busi- meeting in honor of the late banker was held by the New
ness, not including personal, living or family expenses; in- York Clearing-House Association on Tuesday, when resoluterest accrued and payable within the year by a taxable per- tions paying tribute to him were adopted. A committee to
son on indebtedness; all national, State, county, school and represent the Association at the funeral:was also appointed;
municipal taxes; losses incurred in trade or from fires, storms this committee consists of F. L. Hine, President of the
or shipwreck and not compensated by insurance or otherwise; Association, and the following ex-Presidents: William A.
debts actually ascertained as worthless and charged off; also Nash, George F. Baker, James Stillman, Alexander Gilbert,
a reasonable allowance for wear and tear of property, but W.H.Porter and A. B. Hepburn. The New York Chamber
no deduction will be allowed for expenses of restoration or of Commerce will be represented at the funeral by Alexander E. Orr, Andrew Carnegie, Joseph H. Choate, Seth Low,
improvements made to property.
The tax of 1% against corporations, joint-stock compan- Mortimer L. Schiff, J. K. Sturgis, Henry Clews, A. B.
B.
ies or associations and insurance companies differs from the Hepburn, James J, Cannon, T. DeWitt Cuyler, George
tax in that, while the latter was made to Cortelyou, William A. Nash, I. N. Seligman, Eugene Depresent corporation
George F.
apply on net incomes of over $5,000, the proposed tax is lano, John I. Waterbury, Darwin P. Kingsley,
D.
made to apply on all net incomes. Partnerships and all Baer, James Talcott, Cleveland H. Dodge, Augustus
horticultural, fraternal, religious and Juilliard, Arthur C.James, E.II. Outerbridge, Henry Hentz,
labor, agricultural,
and
mutual benefit societies are exempt from the proposed tax; Vernon H. Brown, Samuel W. Fairchild, Welding Ring
salaries of the President of the United States, the Judges P. A. S. Franklin. The New York Stock Exchange will
the
President James B.
of the Supreme Court and inferior courts of the United have as representatives at the funeral
Swords, Rudolph
States, and the compensations of all officers and employees Mabon; Charles M. Newcombe, Henry C.
or any political subdivisions thereof are also made Keppler, Henry K. Pomroy and W. W. Heaton. The folof a State
exempt. It is expected that .the income tax will yield in lowing organizations will likewise be represented:
American Bankers' Association, American Museum of Natural History,
the neighborhood of $70,000,000.
& Historical Preservation Society, Astor Trust Co.,
Champ Clark(Demo- American Scenic of America, Columbia University, General Convention
—At the opening session of Congress
Automobile Club
Club, International Mercantile
crat) of Missouri was re-elected Speaker of the House of of Protestant Episcopal Church, Grolier Museum of Art, New York
Marine. Metropolitan Club, Metropolitan
ives by a vote of 272; James R. Mann (Republi- Geneological & Biographical Society, Now York Yacht Club, the Pilgrims
Representat
can) received 111 votes; Victor Murdock (Progressive), 18 of the United States, the Southern Railway, Union League Club, United
Assurin Rome,
votes; Henry A. Cooper (Progressive Republican), 4 votes; States Steel Corporation, American Academy HistoricalEquitableSociety
Society,
New York
(Progressive Republican) was given ance Society, New England Society,
while John A. Nelson
50%; on gloves from 89.17% to 35%; on underwear from 60.27% to 25%
and on cotton damask from 40% to 25%.
In the chemical schedule the rates on certain commodities show heavy
reductions. For instance, boracic acid is cut from 78.70% to 21.43%;
glue from 35.06% to 14.29%,and red lead from 60.35% to 25%. Moderate
reductions have been made on medicinal preparations, which are cut from
25% to 15%. blacking froth 25% to 15%, drugs from 12.55% to
10%. and olive oil from 35.18% to 21.05%. The schedule contains a
number of articles on which either no reduction has been made or an advance provided for.
44
[VOL.
APR. 12 1.9334
THE CHRONICLE
of Colonial Cavaliers, Trinity College, Union Society of CivilLWar, the
Lying-in Hospital, Bankers Trust Co.
More than 5,000 requests for admission to the church
during the services have been received. As the seating
capacity, however, is limited to about 1,500, only a comparatively small number of those who sought admission will
be accommodated.
At a meeting on the 4th inst. of the trustees of the American
Museum of Natural History it was decided to erect a memorial
to Mr. Morgan in the Museum. Resolutions were adopted
at the same time acknowledging the indebtedness of the
public and the Museum to Mr.Moly an for his generosity to it.
The directors of the International Mercantile Marine on
Wednesday adopted resolutions recording the sense of the
loss the company sustained in Mr. Morgan's death.
—Because of the conditions In Ohio incident to the recent
floods, Acting Superintendent of Banks Lattenner of that
State has announced that no bank call will be issued at the
present time. Reports from the State banks in Ohio are
usually called for about the time the Comptroller of the
Currency requests a statement from the national banks.
The Comptroller this week issued a call for a statement of
the condition of the national banks at the close of business
on April 4.
To relieve the money stringency caused by the flood,
Secretary of the Treasury McAdoo announced on the 7th
inst. that Government funds amounting to 82,000,000 would
be immediately transferred to the national banks of Dayton,
for which securities in the shape of Government, State, city
or county bonds would be accepted. This is the first time
since 1908 that bonds other than•those of the Government
or of the District of Columbia or of provincial governments
have been accepted for Government funds. The statement
issued by Mr. McAdoo in the matter says:
As a result of telegraphic advices received to-day from the special representative of the Treasury Department, who has been investigating the
conditions and requirements of the banks in the flood district, Secretary
McAdoo has to-day arranged to designate all of the national banks of
Dayton, 0., of which there are seven, as authorized depositaries for Government funds, and when these banks shall have deposited with the Treasurer of the United States acceptable securities in the shape of Government,
State, city or county bonds, he will immediately transfer to those banks
from the Sub-Treasuries the sum of $2,000,000. This will effectively
relieve the distress caused by the flood at that point. This is the first
time since 1908 that the Secretary of the Treasury has permitted the general
depositaries of the Government to deposit as security for Government
deposits bonds other than those of the United States Government or of the
District of Columbia or provincial governments.
The bonds which may be offered as security by the depositary banks must
be passed upon by and be acceptable to the Secretary of the Treasury.
The Sub-Treasury at Cincinnati received on Saturday $1,500,000 of
Government funds which were shipped to the Sub-Treasury from Washington and Chicago, and $800,000 more was shipped from Washington on
Saturday is expected to arrive at the Cincinnati Sub-Treasury to
-day,
making the total of these shipments for the past three days $2,300,000.
The shipments to Cincinnati are exclusive of the $2,000,000 which it is now
proposed to deposit in the local banks of Dayton.
1061
—A grand jury investigation in the oleomargarine cases
recently compromised by ex-Secretary of the Treasury
MacVeagh (and referred to in these columns March 15) was
ordered on the 17th ult. by Judge Landis of the United
States District Court at Chicago. In his instructions directing the jury to ascertain whether there existed a conspiracy
to defraud the Government, Judge Landis said:
"If, therefore, the officers or agents or attorneys of a corporation tax
debtor, or employees of an individual tax debtor, have conspired among
themselves, or with officers of the United States, or with other persons, to
defraud the Government out of the revenue tax, and any one of such
persons has done an act to carry the conspiracy into effect, they may all be
proceeded against on account of such conspiracy, even though the crinainaliability of the tax debtor for the fraud itself has been specifically extinguished by the Commissioner of Internal Revenue with the concurrence
of the Secretary of the Treasury.
"It is, therefore, my duty to direct you gentlemen to go very painstakingly
into this whole matter. Examine into the methods of the Manufacturers
of the oleomargarine, the methods of the manufacturer of the so-called
cottonseed oil, and the relations between these manufacturers. Should
your inquiry disclose that sulphur-treated oil was knowingly furnished
and knowingly used, you will consider these facts, together with all the other
evidence, in determining whether the representatives, respectively, of the
cottonseed oil concern and the oleomargarine eoncerns had an understanding
or agreement among themselves by pursuing these methods to defraud the
Government of the tax.
"And if it appears there was such common understanding or agreement
on their part, it will be your duty to inquire with very great care whether
any public officer or agent of the Government had a conscious part in the
arrangement. And this applies not only to the conspiracy, if any there
was, in the first instance to defraud the Government, but likewise and
with no less force to the putting through of a program or arrangement for
the compromise of civil claims or criminal penalties in the event the fraudulent practices should be detected."
—The pending "blue sky" legislation is the subject of a
statement recently issued by George B. Caldwell, President
of the Investment Bankers' Association of America. Mr.
Caldwell points out that since the recent veto by Gov.
Ralston of the "blue sky" measure which passed the Indiana
Legislature, there has been a tendency to go slower in the
consideration of the proposed bills. With its veto, and the
appointment in that State of a commission to make a careful
study of the situation, it is noted, says Mr. Caldwell, that
other States are profiting by the precedent and are checking
ill-advised and hasty legislation, although rumors are current
that Iowa, Illinois, Michigan, Minnesota and Wisconsin
contemplate enacting some sort of "blue sky" Act before
adjourning. In his further comments Mr. Caldwell says:
"I have been in touch with the status of 'blue sky' legislation in many
of the States and am pleased to observe the disposition on the part of most
States to give a wide hearing and a close study to this matter of protecting
the investing, public from fraudulent offerings of securities. I have been
disappointed, however, to observe that many of the States have joined the
mad rush to imitate the Kansas Act without closely observing its unfairness
to legitimate business, its points of questioned constitutionality, and par.
*
ticularly the effect its operations will have on a State's industrial progress.
"I feel that the average honest manufacturer, railroad operator or public
utility owner, or promoter of any legitimate enterprise, does not appreciate
the undue hardships that would accrue to him, were the average pending
measure passed. There are several bills before your Legislature,and I am
,
not exaggerating when I say that a State's commercial and industrial pro—A statement bearing on the recent floods in the Middle gress is dependent upon a closer examination of the proposed measures than
West, and describing particularly the situation which ob- has heretofore been given. Stock and bond holders in corporations in every
entered, wake
the fact that the
tains in Cincinnati, was issued on the 3d inst. under the State will, if no attention or protest is been restrictedup to depressed to the
and
market for their stocks or bonds has
signatures of Walter A. Draper, President of the Cincinnati extent that each State will have to supply the market and money for its
Chamber of Commerce, and Charles A. Hinsch, President own growth. New enterprises must be started, ventures must be underbut bad
old bond issues
of the Business Men's Club of the Cincinnati Clearing-House taken,it both difficult will mature and must be re-financed, law is inlaws
the
and expensive. A good "blue sky"
make
Association, and of the Fifth-Third National Bank of Cin- interest of productive business as much as it is in the interest of an investment dealer who sells the securities. A bad law no one wants and no
cinnati. We quote the same herewith:
In view of the destructive floods that have visited sections of Ohio, legislature should pass.
"Indiana rejected its measure because it had a fault common to the halfIndiana and Kentucky, it is in order at this time to say that Cincinnati is in
excellent shape, and has not only been but little affected by high-water digested measures of the Kansas type, which many other legislatures are inconditions, but is now practically in communication by rail and wire with clined to enact. This fault was that in the attempt to punish the evil-doer,
all parts of the country, and her merchants and manufacturers are prepared groat injustice would be done to well-meaning legitimate business. It is
to be hoped.that Indiana's neighboring States will copy its precedent rather
to respond to orders that may be placed with them.
In fact, at no time has direct communication with the South been inter- than that of the Kansas Act, and refer this question to a commission to
consider and report at the next legislative session."
rupted, and through the immediate South to the East and other points.
—At the monthly meeting of the New York Chamber of
Cincinnati has been the headquarters for relief, in the way of
food,
clothing, supplies and money that has been furnished to the citizens and Commerce on April 10 the Committee on Finance and Curbanks of the Miami Valley that have been visited by the devastating flood
adopted;
and has not only cared for the few in our own city who have been temporarily rency presented resolutions, which were unanimously
rendered homeless by the high waters of the Ohio, but has been able to urging the Chamber to oppose the enactment of the "Blue
care for others to the immediate north of us who have been less fortunate.
Sky" bill which recently passed the Assembly. The com-
—Under a decision of the United States Supreme Court, mittee reported as follows:
The fundamental vice of this bill is that it undertakes to give to an officer
rendered on the 7th inst., corporations leasing all their
a company has
determine
or board
property and having no income except that yielded by the equitable the power totransaction whether and promises a fair, just and
of business
plan for the
a fair return on
lease are not considered as "doing business," and are there- securities by it offered for sale. It seems to this committee that this may
judgment and conscience of business men, subject
fore not subject to the corporation tax. The opinion was be left with safety to the
board or
unfair dealing. Surely
to the existing laws
given in the case of the Mine Hill & Schuylkill Haven RR., examiner can ferns aagainst fraud andthese matters which will no of more
judgment upon
be
which is leased by the Philadelphia & Reading RR. The value than that of business men who have themselves invested in such semajority opinion of six of the Justices was read by Justice curities and put their good names behind them. That the author of this
bill realizes this is shown by the provision in the bill that the examiner in
Pitney. Justice Day announced a dissenting opinion, con- giving his approval to any company shall state in bold type that he in nowise
curred in by Justices Lamar and Hughes, these three hold- recommends its securities.
While this committee is in full harmony with any suggestions which will
ing to the belief that the company was "doing business."
prevent the sale or offer for sale in this State of securities of wildcat comThe lower courts decided against the Government in the ac- panies, or in any way protect investors against fraud, it is of the opinion
tion. The suit was regarded as a test, hundreds of claims, that this bill in ItS present form should be opposed as a crude, impracticaall transactions in
involving $700,000 paid in protest under the Corporation ble measure which, enacted into law, would surroundand have the result
securities with useless expense and infinite annoyance,
Tax Law, depending upon its outcome.
of driving financial business away from New York.
106?
THE CHRONICLE
—The first annual meeting of the Association of Reserve
City Bankers will be held in St. Louis on April 19. The
Association was organized on Dec. 14 at Chicago, the objects and purposes of its formation being "to foster, protect
and advance the banking interests generally, as well as the
banks represented by the membership; to encourage integrity and good faith, just and equitable principles and to
discover and correct abuses; to prevent and adjust controversies; to disseminate information and statistics, and in
general to promote the welfare and social intercourse of
ft its members."
According to the articles of association from
which the foregoing is an extract, no subject is to be discussed
at any meeting which will in any way conflict with the interests of the American Bankers' Association or of any State
Banking Association. Some of the speakers at next week's
convention will include William A. Law, Vice-President of
the First National Bank of Philadelphia; F. A. Crandall,
Vice-President of the National City Bank of Chicago; L. F.
Kiesewetter, Vice-President and Cashier of the Ohio National, Columbus; Geo. B. Harrison, Vice-President of the
New England National Bank of Kansas City, and A. 0.
Wilson, Vice-President of the State National Bank of St.
Louis. The officers of the Association of Reserve City
Bankers are: President, G. H. Mueller, of the FletcherAmerican National Bank of Indianapolis; Vice-President,
C. S. Haughwout, of the First National Bank of Denver;
Treasurer, J. P. McKelvey, of the Exchange National Bank
of Pittsburgh; and Secretary, E. B. Clare-Avery, of the
Merchants-Laclede National Bank of St. Louis.
—According to Mayor Frank W.Rockwell of Akron, Ohio,
the strike among the rubber workers of that city has been
declared off by the Industrial Workers of the World. In a
letter in which Mayor Rockwell makes this announcement
he states that the strike began because of the unwarranted
intrusion of outside agitators. "Because no real grievances
existed", he says, "the strike ended by the men going back
to work, after a few weeks of folly and unrest. . The strike is
over, and only a little group of perhaps fifty agitators is left."
—In an address on "Banking Economies, with particular
reference to Banking and Currency Legislation", delivered
on Wednesday before the Finance Forum, this city, Edmund
D. Fisher, Deputy Comptroller of New York, again pointed
out the necessity of a central banking control. Mr. Fisher's
views on this subject were expressed before the sub-committee of the House Banking and Currency Committee in
Washington at the hearings of the Committee in January,
and referred to in these columns January 18. In his remarks
this week, Mr. Fisher stated that the banks are in a quasipublic position, having the function of manufacturing deposit
credit currency, and we should safeguard its manufacture
by inspection, regulation and control. The necessity for
"continuing" as well as "marginal" control by some unit
or units, according to Mr. Fisher, at once becomes apparent.
Adding that there can be no effective control without
central control, he proceeds to say.
'Intelligent opinion, however, is divided as to whether there shall be
central control through the medium of a central bank with branches
developed along well established European lines, or a new plan of control
and reserves presumed to be better suited to the habits and prejudices
of the American people. To satisfy the latter idea there was suggested to
the Glass sub-committee of the House Committee on Banking and Currency
something along the following lines:
'It is proposed that there be organized a minimum number of separate
Regional Reserve Banks, which are to have branches, such Reserve Banks
to be subscribed to in capital and supported in deposits by the banks of
their respective districts. These regional banks should be given such
banking powers as would enable them to maintain effective local control.
Their deposits and reserves should be interchangeable at the discretion
ofa national board and should be subject to such regulations as to uniformity
of method and discount rates as may be imposed by said board. These
regional banks should be managed by local boards of directors elected on
a basis fairly representative of the sections of the country they would serve.
They should be vested with the power to issue and redeem a uniform and
standardized currency under appropriate restrictions, coincident with the
gradual retirement of all national bank notes, all of which functions, however, should be subject to the supervision of the national board. These
notes should be a first lien on the combined assets of all the regional banks,
based upon their consolidated reserves and with a proper relation to their
consolidated commercial credits. Such currency should be printed by
the United States Government and issued and retired under such conditions
and regulations as may be provided by law under the direction of the national
board and under the audit of the Comptroller of the Currency, who should
have a resident representative in each of the regional banks. Subscribing
banks should be allowed to count their balances in regional banks as reserves
and should have the privilege of re
-discounting their commercial paper.
The functions of the reserve banks should be developed along such banking
lines as would make their 'continuing' and !marginal' control effective.
"The public service commission is a modern type of control over public
service corporations. Something of the same nature is suggested as the
centralizing principle in banking.'
—Speaking recently before the Rochester (N. Y.) Clearing
House Association on "Banking and Currency Reform",
Robert W. Bonynge of Denver, formerly a member of the
[VOL. xcvi.
National Monetary Commission, made the following comments:
Our reserve system is a panic breeder. The banks of the country hold,
in the aggregate, the sum of $1,600,000,000 of lawful money as a reserve
against their deposits. This enormous sum, which ought to be a towor of
strength, actually becomes a source of weakness whenever the banks
are placed under any unusual stress.
We have divided up this vast amount of lawful money reserve into as
many units as there are independent banks going to make up what we
call our banking system. By the very law under which the banks operate
we permit and encourage them tore-deposit a portion of their reserves with
reserve agents, until a vast proportion of the entire reserves of the country
is concentrated principally in the banks of New York, and then we compel
the individual banks, for their own preservation, to join, upon the slightest
signal of financial distress, in a general scramble to get their reserves back
into their own possession, thereby intensifying, if not actually producing,
panic conditions.
*
*
*
*
As it was found necessary in our early history to organize the Federal
Government to look after our national and international affairs, so it Is
equally necessary that we should provide a national federation of the
banks to protect our national and international financial affairs. The
absence of such an organization has rendered us incapable of using to any
advantage, in times of emergency, our enormous banking resources and
* Of course, the powers to be conferred upon
Powers. *
the federation of the banks, by whatever name it may be known, must
be strictly limited and the organization must be such as to insure its operation in the interest of, and as a support to, all legitimate business, and
wholly free from sectional, political or selfish financial control.
No banking reform will be at all adequate that does not provide for a
bank-note currency that will be responsive in amount to the business needs
of the country, and that will supersede our inflexible bond-secured currency.
The world's experience demonstrates that a credit currency cannot be
-owned-instiadvantageously issued by a government or a government
tution.
The right to issue the bank-note currency for this country can be safely
intrusted to a federation of the banks of the country in the management of
which all shall have a voice, and which federation shall act as the custodian
for their reserves and have the power to rediscount for them the commercial
paper they receive in the regular 6ourse of their business.
—A report dealing with the development of Chicago as a
financial centre, prepared by Subdivision Committee No. 11
of the Ways and Means Committee of the Chicago Association of Commerce, was read before the Association meeting on March 19 by Dan Norman, Assistant Cashier
of the Continental & Commercial National Bank of Chicago,
as Chairman of the subdivision. The report is the third
of a series on business conditions in Chicago which are being
prepared by the seventy-eight subdivisions of the Association and presented from week to week at the meetings of
the Association. Mr. Norman points out that from a place
of so little comparative importance in 1856 as to have but
five chartered banks with a total paid-in capital of only
$397,000, Chicago has become a city whose financial institutions have a capital of nearly 100 million and deposits of
approximately one billion dollars. Its standing as a financial centre is evidenced by the fact that there are now 91
incorporated banks in Chicago and the suburbs of Evanston
and Oak Park, having at the date of the last call of the
Comptroller (prior to that of April 4) combined capital
of $90,025,000 and surplus of $74,200,000; loans amounted
to $676,300,000, and investments in securities to $167,100,000, bringing the total of loans and investments up to
$843,400,000. As further indication of its prestige in the
banking world, the report adds:
Few have any conception of the heavy foreign exchange transactions o our local financial institutions. This business can truly be said to be world
wide; foreign exchange purchased by our banks originates all over the
country and runs into hundreds of millions annually. The foreign connections of Chicago banks extend to every country where travel and commerce
amount to much and where banking has been developed.
The bankers of Chicago have been diligent in protecting its good name.
They wore first in engaging a clearing-house examiner, and the efficiency
and watchfulness displayed by him and his force of assistants have been
attested in many other leading cities emulating this example.
Bank officers here have also been active in civic affairs. They have not
been lax in supporting public undertakings; on the contrary, they have always been and are now ready to devote their share of time and energy to
such organizations as aim to promote the general welfare.
—The creation of a State Market Commission, designed
to enable the farmers to market their products to better
advantage and at the same time to lower the cost to the
consumer, is recommended by Gov. Francis E. McGovern of
Wisconsin, in a special message sent to the Legislature on
March 17. A draft of a bill incorporating his ideas was also
submitted with the message. It is proposed that the Commission shall consist of the dairy and food Commissioners
and two other members appointed by the Governor with the
consent of the Senate; it would also absorb the Board of
Immigration and the Board of agriculture, the latter to continue to conduct the State Fair as an advisory Committee,
subject to the direction of the Market Commission. In
his message Gov. McGovern, according to the "The Evening Wisconsin" of Milwaukee, said:
"There is excellent reason for the belief that the high cost of living is
but another result of the deep underlying causes that have partly depopulated tIle countryside. There is no necessary antagonism of interest between the consumer who wants the cost of living lowered and the farmer
who demands higher prices for his products. High prices for farm products
APR. 12 1913.1
THE CHRONICLE
may indeed be one of the most potent means of reducing the cost of living.
"The time has come in Wisconsin to give practical effect to the co-operative idea. But we must act with our eyes open to the obstacles to be encountered and the difficulties to be overcome. What is needed is the establishment of a broad, consistent public policy in harmony with economic
conditions as they now exist in all occupations. The lino must be plainly
,
drawn that separates monopoly from legitimate co-operation; that distinguishes unreasonable restraint of trade from mutual helpfulness; that
will secure the advantages of free competition without exposing industry
to unregulated industrial warfare."
—Reference to the banking legislation enacted in the State
of Washington during the late session is made by P. C.
Kauffman, Secretary of the Washington Bankers' Association, in his announcement with regard to the coming
convention of the State organization. Never in the history
of the Association, Mr. Kauffman states, has it succeeded
in securing the enactment of so many important laws at
one session. The bills which have passed and received
executive sanction are:
1. An Act providing that real estate acquired at sale under Judgment,
decrees, or mortgage foreclosures, must be disposed of within five years
from date of purchase; extending the time from three years to five years.
(Thus making the law conform with the National Banking Act.)
2. An Act authorizing notaries public, who are stockholders, directors,
officers or employees of banks or other corporations to take acknowledgements, except when such notary is a party to the instrument.
3. An Act authorizing the payment of deposits held in joint account to
the survivor when one of the parties dies, without limit as to amount.
4. An Act punishing the making of derogatory statements concerning
banks.
5. The uniform warehouse receipts bill.
6. An Act authorizing cities of the first class to put up securities instead of a surety bond for municipal deposits, making the law uniform with
that now regulating the county and other municipal depositary laws. (This
law will authorize the cities of Tacoma, Seattle and Spokane to purchase
and deposit securities of any other city or county in the State with the City
Treasurer, as security for municipal deposits.)
• 7. An Act placing private banks under regulation and supervision of the
State Banking Department and requiring them all to incorporate under
the State Banking Law after January 1 1913.
The Washington Bankers' Association will convene in
annual session at Bellingham on August 7, 8 and 9. This
date was fixed on jn order that the convention might be held
at the height of the annual run of salmon.
—The Levy bill, making more stringent the law against
"bucket shops", was signed by Gov. Sulzer at Albany on
the 10th inst. The bill was passed by the Assembly on
March 25 and by the Senate on the 7th inst. At the time
of the introduction of the bill, Assemblyman Levy stated
.that the object of the measure was to more effectively enforce
the law against criminal bucket shops, which has heretofore
been difficult on account of the privileges of witnesses. In
the new law there is a provision which stipulates that a witness shall not be excused from testifying upon the ground that
his testimony may tend to convict him of a crime. It is provided, however, that he shall not be prosecuted for any
incriminating matter or thing concerning which he may
testify.
—The New York State Senate on the 7th inst. passed the
bill which makes it a felony to manipulate the market price
of securities; the bill passed the Assembly on Mar. 25. It
was signed by Governor Sulzer yesterday (the 11th inst.).
—The resignation occurred this week of Joseph S. Marcus,
as President and Director of the Public Bank of this city,
and of William F. H. Koelsch, Cashier of the institution.
Mr. Marcus was • the founder of the bank. Mr. Koelsch,
who had previously been Assistant Secretary of the Guaranty
Trust Company, withdrew from that position about two
months ago to enter the Public Bank. He will be succeeded as
Cashier of the latter by C. H. Baldwin, who was connected
with the Broadway Branch of the Columbia Bank. M. M.
Valentine, Second Vice-President of the Columbia Bank,
has been elected a Vice-President of the Public Bank.
—In moving to its new building at 140 Broadway Monday,
April 7, the Guaranty Trust Co. of New York transferred
from its former quarters to its new vault cash and securities
amounting to more than $2,250,000,000. Nearly $2,000,000,000 of this was in the form of trust securities held by its
trust department. This is probably the largest amount
of actual, physical wealth that has ever been moved at one
time by one institution. The main banking room of the company on the opening day resembled a flower show more than
it did a banking room,for immense bouquets and floral pieces
sent in by neighboring banks and other friends of the company decorated every portion of the immense room. President Hemphill, Vice-President Sabin and the other officers
were kept busy all day long receiving the congratulations of
hundreds of visiting friends.
—Fred. I. Kent, Vice-President of the Bankers Trust Co.
of New York, delivered an address on "Foreign Exchange"
1063
before the Philadelphia Chapter of the American Institute
of Banking on the 4th inst. On May 8 in New York the
Philadelphia Chapter will defend the negative side of the following question against the New York Chapter: "Resolved,
that the issuance of notes by an incorporated clearing-house
association on the &fine basis as clearing-house loan certificates have been issued would be a better plan than notes issued by any proposed reserve or central bank."
—William M. Barrett, President of the Adams Express
Co., has been elected a director of the American Exchange
National Bank of this city.
—David A. Sullivan, formerly President of the failed
Mechanics' & Traders' Bank of Brooklyn,has withdrawn his
application for a review of his trial before the Appellate
Division of the Supreme Court, and will serve the sentence
imposed in January; this called for a term of imprisonment of
not less than two years nor more than four years and three
months.
—William C. Damron, formerly President of the Home
Bank of Brooklyn Borough, who was found guilty of grand
larceny in the first degree and sentenced by Supreme Court
Justice Crane on Jan. 28 to one year in the penitentiary,
was granted a certificate of reasonable doubt by Supreme
Court Justice Benedict on March 15 and admitted to
$5,000 bail pending an appeal.
—At the meeting of the board of directors of the Marine
National Bank of Buffalo, held on March 31, the regular
quarterly dividend of 3% was declared, payable April 1,
and the surplus account was increased from $1,250,000 to
$1,500,000.
—Arthur Lyman, Chairman of the Board of Trustees of
the Harvard Mutual Foundation,and Henry S. Thompson
of the banking firm of White, Weld & Co., have been elected
directors of the Mutual National Bank of Boston. Mr.
Lyman is quoted as stating that "a large interest in the
Mutual National Bank has been given to the Foundation
for the benefit of Harvard College under the terms of the
trust. No change, however, is contemplated in the management of the bank, except a broadening of its field."
—Harry A. Allen has been elected Cashier of the Holyoke
National Bank of Holyoke, Mass. Mr. Allen was formerly
identified with the Haydenville Savings Bank of Haydenville, and subsequently with the Home National of Holyoke,
the Hampshire County National of Northampton and the
Hartford National of Hartford, Conn. In 1909 he retired
from the banking field and entered the commercial paper business, in which he has since been engaged.
—The State Bank of Maryland at Baltimore completed
its second year on April 1 with deposits in excess of $2,000,000—$2,031,636. Its resources on the date mentioned were
$2,773,624. The bank has a capital of 500,000 and surplus
and undivided profits of $146,987. The officials are:
William Woodward Cloud, President; Summerfield Baldwin, Vice-President; Henry B. Reinhardt, Cashier; Walter
H. Cook and G. Henry Pfeil, Assistant Cashiers.
—John G. Williams, Assistant Secretary of the Allegheny
Trust Co. of Allegheny, Pa., has been elected Cashier of
the Bank of Secured Savings of Allegheny to succeed G. C.
Gerwig, who recently became President of the Manchester
Savings Bank 86 Trust Co. of that city.
—The organization has been perfected of the West Town
State Bank of Chicago,for which a charter was issued some
months ago. The institution's permanent quarters will be
at Madison Street and Western Avenue, but it will occupy
temporary quarters at 2325 West Madison Street, pending
the completion of its own structure. Robert Forgan,formerly Cashier of the Mid-City Trust & Savings Bank,is President
of the new bank, and Scott Ransom, who was connected with
the Prairie State Bank before it was consolidated with the
Central Trust Co. of Illinois, is Cashier. The new bank has
been formed with a capital of $200,000 and surplus of $40,000.
—The Auditor of Public Accounts at Springfield, Ill., on
the 3rd inst., granted a permit to Clayton S. Goodwin,
Ira D. Buck and Frank D. Follansbee to organize the
Bankers' Bank of America of Chicago. The new institution,
it is said, will have a capital of $3,00000.
—The Tennessee State Bankers' Association will hold its
annual convention in Memphis next week on April 16 and 17.
The program includes an address on "Tennessee" by Prof.
H. A. Morgan, University of Tennessee, Knoxville, and an
address by William A. Law, Vice-President of the First National Bank, Philadelphia.
1064
[VOL. xcin.
THE CHRONICLE
—The new statement of the Commerce Trust Co.of Kansas
City, Mo., under the recent call, shows a considerable increase in its business during the past year, deposits having
advanced from $9,322,818 on Apr. 18 1912 to $10,311,624
5
on April 4 last. Surplus and undivided profits increased
during this period from $414,761 to $524,255. The Commerce Trust Co. maintains a bond department under the
management of C. E. Kiplinger.
—The City National Bank of Dallas, Tex. has purchased
the,
property on the east, adjoining its present location, a lot
42x100 feet, for
purpose of enlarging its building at a
later date or possibly to erect a new one. Increasing business, incident to the growth of the city, prompted the step
taken by the directors.
—Charles F. Baker, formerly Assistant Cashier of the
Crocker National Bank of San Francisco, was arraigned in
court on Mar. 26 charged with the embezzlement of $10,000
of the bank's funds during June 1911. He waived examination and was released under bonds of $40,000 to await the
action of the grand jury. The total of the alleged shortage
is said to be in the neighborhood of $200,000. The shortage
was discovered during Baker's absence on account of illness.
The moneys are understood to have been lost through speculation. According to the San Francisco "Chronicle," the
method employed by the accused to conceal his operations
was as follows:
Tons.
Mar. 3 1913____7,468,956
Feb. 28 1913____7,656,714
Jan. 31 1913____7,827,368
Dec. 31 1912____7,932,164
Nov.30 1912____7,852,883
Oct. 31 1912____7,594,381
Sept.30 1912____6.551,507
Aug. 31 1912____6,163,375
July 31 1912____5,957,079
June 30 1912____5,807,346
May 31 1912____5,750.983
Tons.
Apr. 30 1912____5,664,885
Mar.31 1912____5,304,841
Feb. 29 1912.....5,454,200
Jan. 31 1912____5,379,721
Dec. 31 1911____5,084,761
Nov.30 1911_4,141,955
Oct. 31 1911____3,694,328
Sept.30 1911____3,611,317
Aug. 31 1911__3,695,985
July 31 1911____3,584,085
June 30 1911____3,361,058
Tons.
May 31 1911____3,113,187
Apr. 30 1011.....3.218,704
Mar.31 1911____3,447,301
Feb. 28 1911____3,400,543
Jan. 31 1911____3,110,919
Dec. 31 1910____2,674,750
Noy. 30 1910____2,760,413
Oct. 31 1910____2,871,949
Sept.30 1910____3,158,106
Aug. 31 1910.....3,537,128
July 31 1910-3,970,931
Prior to July 31 1910 reports of unfilled orders were issued
only quarterly. In the following we show the totals at the
end of each quarter or period for which the figures were made
public, back to the organization of the Steel Company.
Tons.
Tons.
Tons.
07,603,878 June 30 1904...+3,192,277
June 30 1910— 4,257,794 June 30 1907—'
'8,043,858 Mar. 31 1904...+4,136,961
Mar. 311910... 5,402,514 Mar.31 1907_ 4
'3,215,123
Dec. 31 1909.— 5,927,031 Dec. 31 1906...+8,489,718 Dec. 31 1903_ 4
Snit.31 1909.— 4,796,833 Sept.30 1906—.7,936,884 Sept.30 1903...+3,728.742
June 80 1909— 4,057,939 June 30 1906...+6,809,589 June 30 1903...+4,666,578
Mar.311909... 3,542,595 Mar.31 1906...+7.018.712 Mar.31 1903...+5,410,719
Dec. 31 1908... 3,603,527 Dec. 31 1905...+7,605,086 Dec. 31 1902...+5,347,253
Sept.30 1908... 3,421,977 Sept.30 1905_ _ +5,865,377 Sept.30 1902...+4,843,007
June 30 1908.... 3,313,876 June 30 1905...+4,829,655 June 30 1902...+4,791,993
Mar.31 1908_ 3,765,343 Mar,31 1905...+5,597,560 Dec. 31 1901...+4,497,749
Dec. 311907... 4,624,553Dec. 31 1904...+4,696,203 Nov. 1 1901...+2,831,692
Sept.30 1007—'6,425,008 Sept.30 1904...+3,027,436
* The figures prior to Dec. 31 1907 are on the old basis. Under the present
method only orders received from sources outside of the company's own interests
are shown. The amount as of Sept. 30 1904, shown above as 3,027,436 tons, the
former basis, would, it is stated, be 2,434,736 tons on that now employed.
COPPER PRODUCTION AND CONSUMPTION.—
The March statement of the Copper Producers' Association, issued on Tuesday last,'showed a considerable reduction in unsold stocks on hand, there having been a decrease
during the month in these stocks of 18,032,928 lbs., or from
122,302,198 lbs. to 104,269,270 lbs. The production was
136,251,849 lbs., an increase of 10,557,248 lbs. over March
He would buy stocks on a margin and when he lost his brokers would
1912. Below we furnish a comparison of the various items
send him a little note to the effect that he was in their debt to the extent,
for example, of $10,000. Baker would then make out a debit tag against for the month of March 1913 and 1912 and for the three
the bank for $10,000, marking it on account" of certain mythical bonds alp months ending March 31. We also add figures indicating
bank was supposed to have purchased. These tags were thrown in a tin the European visible supply, which continues to decrease,
box, found by the bank examiner. They had never been investigated be- a reduction of 8,702,400 lbs. being recorded for the month.
cause Baker, as a fiscal agent of the bank, was considered above any suspicion by the officials of the bank, and the sums they represented were entered up on the books as part payments for bonds the bank never purchased.
Baker would then make out a deposit tag in favor of the brokers and the
latter would check against the money and Baker would be given credit
for retaining and bringing in good customers.
The confidence reposed in Baker by his superiors is indicated in the fact that several years ago he was given a trip
to Europe at the expense of the institution. One of the officials of the bank states that the shortage is fully covered by
Baker's surety bonds.
—From the annual report presented to the shareholders
of the Swiss Bankverein at the ordinary general meeting at
Basle on March 26, we learn that, apart from the normal
development of its business, the year 1912 has witnessed a
considerable extension of the bank's sphere of activity
through the absorption of the Societe Anonyme de Speyr &
Co., Basle, and of the Banque d'Escompte & de Depots,
Lausanne. In consequence, current accounts, as well as
acceptances, show a substantial increase, the latter partly
through the:further expansion of the commercial department
of the bank'sILondon office. The report says:
Consequent upon the absorption of the S. A.de Speyr & Co., our share
capital now amounts to Frs. 82,000,000 (f.3,280,000), divided into 164,000
shares of Frs. 500 (L20) each. Of the reserve fund of the S. A. de Speyr
& Co. (Frs. 750,000) and of the book profit (Frs. 500,000), resulting from
the exchange of the shares, Frs. 700,000 were added to our ordinary reserve,in order to maintain the same at its statutory level of 10% of the.share
capital, while the balance of Frs. 550,000 was added to Special Reserve I.
It affords us much pleasure to be able to state that the results of this
amalgamation has in all respects answered our expectations.
The extraordinary general meeting held on Aug.19 sanctioned the absorption of the Banque d'Escompte & de Depots, Lausanne. The shares
of our institution forming the purchase consideration having been placed
at our disposal by some of our friends, we were in a position to carry through
this transaction without increasing our share capital. The rapid development of the City of Lausanne Justifies the expectation that the new branch
office will in course of time attain results as satisfactory as those shown by
the other offices.
As a result of the absorption of the two banks named, and owing to the
activity in commerce and industry, our business has once more increased,
the total turnover for 1912(on one side of the ledger) amounting to Frs. 52,078,312,826, as against Frs. 48,701,295,795 for the previous year.
In the balance sheet for Dec. 31 1912, current accounts of
£11,018,198 are shown, besides fixed deposits of 12,583,752.
The total assets in the report are £23,716,852.
—The Executive Council of the West Virginia Bankers'
Association at a recent meeting in Charleston decided to
hold this year's convention in Elkins on June 11 and 12.
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.—
The United States Steel Corporation on Thursday, April 10,
issued its regular monthly statement showing the unfilled
.orders on the books of the subsidiary corporations at the
.close of February. From this statement it appears that the
aggregate of the unfilled orders on Mar. 31 was 7,468,956
tons, 187,758 tons less than on Feb. 28. In the following
we give the comparisons with previous months:
Jan. 1 to Mch. 31March
1912.
1913.
1912.
1913.
Stocks beginning period__ __lbs_122,302,198 62,939,988 105,312,582 89,454,695
136,251,849 125,694,601 410,680,355 361,068,163
Production
Total supply
Deliveries for—
Domestic consumption
Exports
258,554,047 188,634,589 515,992,937 450,522,858
Stocks end of period
European visible supply
-Beginning of period
End of period
104,269,270 62,367,557 104,269,270 62,367,557
76,585,471 67,487,466 201,471,903 186,059,735
77,699,306 58,779,566 210,251,674 202,005,566
154,284,777 126,267,032 411,723,667 388,155,301
81,034,240 115,375,680 90,471,360 128,313,920
72,331,840 112,392,000 72,331,840 112,392,000
ANTHRACITE COAL PRODUCTION.— Anthracite
coal shipments during March amounted to 4,909,288 tons,
a decrease of 1,660,399 tons from the total of March 1912.
It will be remembered, however, that the shipments for
March 1912 were exceptionally large in anticipation of the
suspension of mining on April 1st, pending the adjustment
of the wage question. The shipments.in March 1911 aggregated 5,996,894 tons and in 1910 5,174,166 tons.
Road—
Philadelphia (SE Reading_ _ __tons_
Lehigh Valley
Central RR. of New Jersey
Delaware Lackawanna & Western
Delaware Jr Hudson
Pennsylvania
Erie
Ontario & Western
Total
March
1913.
1912.
976,712
1,472,696
1,225,019
829,502
848,110
665,856
916,824
532,247
578,983
562,440
537,470
429,211
761,742
700,388
228,843
212,932
4,909,288
Jan. 1 to March 31—
1912.
1913.
:
3,861 766
:
3,399 293
3,329,391
3,066,782
2,393,145
2,240,293
2,491,221
2,217,917
1,718,283
1,782,988
1,603,828
1,496,825
2,154,850
2,073,542
656,867
642,236
6,569,687 16,919,876
18,209,351
s
ortetarg3Tommercialguglislinews
(From our own correspondent.]
London, Saturday, Mar. 29 1913.
The uncertainty regarding the outcome of the war in
Southeastern Europe has been reflected in the attitude of the
European bourses since the Easter holidays. Immediately
on reassembling, brokers and jobbers in London, Paris and
Berlin cheered themselves with the hope that the capture
of the great Turkish fortress at Adrianople meant immediate
peace, and proceeded to put up prices. The result of this
action, however, far from inducing the public to come in and
buy on the basis of enhanced values, afforded a very welcome opportunity for those who had been carrying stock
in connection with recent wreckage to relieve themselves
of a measure of their burdens. The bourses, not being organized on philanthropic lines, resumed the status quo ante,
and markets may once more be described as virtually as dull
as ever.
Great sympathy is felt in commercial and financial circles here with the sufferers from the disastrous floods in the
United States. Exactly what effect so widespread a disaster
will have the market does not at present feel itself able to
gauge. The reports cabled to Europe are so alarming that,
on the one hand, effects similar to those of the San Francisco
fire are feared, while on the other hand it is pointed out that
the magnitude of the crops will counteract the influences of
this disaster.
As with the political outlook, so with the money market.
Hopes of a speedy release from the long tension of dear money
cheered the market on reassembling after the holidays.ia But
the actual facts were that rates were exceedingly high for
the end-of-March account. Money is dear in Paris, and
rates in Berlin are almost prohibitive. In London the banks
charge 5%%. And those in very first class credit, and who
had the best of security to offer, have had no serious difficulty in obtaining the accommodation they required; but
any one offering stock for which there is not a ready market
found the position very different. The Bank return shows
4
the reserve at just under 263 millions sterling, being nearly
a million and a half worse than at this time last year. The
public deposits amount to the immense sum of 26 millions,
but it is by no means certain how much of this money will
come upon the market in the immediate future.
The India Council offered for tender on Wednesday 50
lacs of its bills and telegraphic transfers, and the applications exceeded 500 lacs, at prices ranging from 1s.3 31-32d.
to is. 4 1-32d. per rupee. Applicants for bills at is. 3 31-32d.
were allotted 8%, while applicants for telegraphic transfers
at is. 4d. were allotted 8%, and above in full.
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols,
&c., compared with the last four years:
1911.
1913.
1912.
March 27. March 28. March 29.
£
£
£
Circulation
28,251,805 28,493,880 27,802,575
Public deposits.... 26,114,574 25,855,935 25,385,032
Other deposits
41,291,235 39,370,589 39,460,695
Gov't securities
13,034,257 14,283,036 15,137,633
Other securities.... 46,033,349 41,099,532 37,757,928
Reserve,notes&coin 28,739,510 28,230,948 30,300,661
Coln&bull.,both dep 36,541,315 38,274,328 39,653,236
Prop, reserve to lia43 5-16
39%
46%
bilities
P. c.
33.
5
Bank rate
p. c.
77 15-16
74%
81%
Consols, 2% p. C.-26%d.
-id.
2431d.
263
Silver
-house returns216,178,000 238,978,000 306,883,000
Clear.
1910.
Mali 30.
1909.
Marls 31.
28,737,730
8,879,546
43,109,522
13,976,401
33,012,129
23,299,245
33,588,975
29,407,050
19,158,800
44,194,189
15,312,577
35,597,186
30,754,040
41,711,090
483
44 13-16
4
23
84%
811.18
23 3-16d.
24 id.
191,659,000 263,609,000
The rates for money have been as follows:
March 28
5
Bank of England rate
Open market rate
-3 months.... 4% ®4 9-16
Bank bills
-4 months.....
434
-6 months..._
4 3-16 ,
5p5ti
-3 months_ _
Trade bills
-4 months....
5(0%
Interest allowed for deposits
By Joint-stock banks
334
By discount houses
At call
334
7 to 14 days
331
March:20.
5
4%
411-16
4 7-16
5%
54
arch 7
5
March 14
5
4 13-16@4% 451(g44 13-16
4 i1-184©4 11-16
4%
44@4 5-16
5®51
5f
5@5
54
334
334
334
334
331
334
331
334
331
Messrs. Pixley & Abell write as follows under date of
March 27:
GOLD.
-Arrivals this week amounted to £974,000. The total required for Ger
many was about £300,000 and India took £103,000. In the absence of any other
demand, the Bank should secure the balance. Since our last the Bank has received
£62,000 in bar gold, while Java has taken £15,000 in sovereigns and Gibraltar,
-South Africa,
£5,000. Next week £959,000 is due from South Africa. Arrivals
£876,000; West Africa, £53,000; Australia, £41,000; South America, £2,500; West
-Bombay,£183,000.
Indies, £1,500; total, £974,000. Shipments
-Quotations are 3-16d. higher for spot and 344. higher for forward than
SILVER.
at this time last week, but the market has been a quiet one, owing to the Easter
holidays intervening. Rates eased off a little on further sales from China until
20 1-16d. and 26 7-15-1. were quoted, but this level attracted some bear covering,
chiefly on China account, and we now quote 2654d. for cash and 26 11-16d. for forward, with an uncertain tendency. The bear covering for near dates has caused
the difference between spot and forward to narrow to 5-16d., helped possibly by the
hopes of rather easier money l n the near future, but the heavy stocks in
London, Bombay and China are still a weight upon the market. The last Indian
currency return shows an increase of 30 lacs in the ordinary reserve and the total
holdings of rupees now stand at 21 crores, as against 1734 crores at this time last
-New York,
Year. The Bombay quotation is Rs 6634 per 100 tolahs. Arrivals
£183,000. Shipments
-Bombay, £90,000.
The quotations for bullion are reported as follows:
GOLD.
London Standard,
Bar gold, fine. oz
Mar. 27. Mar. 19.
Mar. 27.
SILVER.
s. d.
s. d.
d.
London Standard.
77 9
77 9
Bar sliver, fine, oz.._ _2654
" 2-mo. delivery, oz_26 11-16
Cake silver, oz
2834
Mar. 19.
d.
26 3-16
26 0-16
2831
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
.as reported by cable, have been as follows the past week:
London,
Thurs. Fri.
Wed.
Tues.
Mon.
Week ending April 11.
Sat.
2734
Silver, per oz
d 26 13-16 27 3-16 27 3-16 27 3-16 2731
7434
7434
dConsols,23.4 per cents
73 15-1673 15-1674 1-16 7434
7434
74 7-16 75
d For account
74 5-16 7434
7434
d French Rentes(in Paris) fr. 86.7734 86.5234 88.5734 86.2234 86.1234 86.00
8034
78
8034
8034
Amalgamated Copper Co__ 7934
7931
74
74
74%
73
Am. Smelt. & Refining Co__ 7454
7331
su
83.1
8
b Anaconda Mining Co
831
834
831
10531
106
Atch. Topeka & Santa Fe_ _ _10634
10634
10531
10534
103
103
103
103
103
103
Preferred
102
Baltimore & Ohio
104
104
10334
10254
10334
84
85
Preferred
8554
8454
8514
8534
24334
Canadian Pacific
24531
24734
24434
2465.(
24234
Chesapeake & Ohio
71
6934
7034
72
6954
7034
Chicago Great Western
16
16
16
153.4
16
1554
11434
Chicago Milw.& St. Paul_ _115%
11554
1143(
11434
11434
2234
2134
Denver & Rio Grande
22
22
2254
2154
Preferred
38
38
3734
38
37
38
Erie
3154
3054
2954
3154
2954
49
4834
4734
First preferred
48
49
49
37
Second preferred
38
38
373-4
3854
373-4
134
134
13354
Great Northern, preferred_ _134%
13334
c13154
125
125
126
124
12534
125
Illinois Central
140
141
140
140
14034
Louisville & Nashville
13954
27
2754
2634
Missouri Kansas & Texas_
2754
64)4
6454
64%
Fic)1
r5
6454
Preferred
3054
40
4054
40
40
4054
Missouri Pacific
60
60
6154
60
63
National RR.of Mex., lat pf. 80
25
2634
253-4
2534
Second preferred
2634
2554
10931
10954
107
110
N. Y. Central & Hud. Riv_110%
10854
32
3254
33
N. Y. Ontario & Western..._ 3254
3234
3354
110
110
10%
110
110%
110
Norfolk & Western
--88
88
---88
---Preferred
88-l
Northern Pacific
5
l -i
12154
122
122
11954
a Pennsylvania
0134
6134
61
59
59
8134
a Reading Company
85
855-1
8531
8554
853-4
8634
a First preferred
47
47
47
4734
47
47
a Second preferred
4834
4854
4854
Rock Island
23
2354
233-4
2354
2354
2354
1045-4
Southern Pacific
104
105
105
10534
10534
Southern Railway
27
2754
27%
2734
2755
2754
Preferred
82
82
8234
8254
823.4
823-4
Union Pacific
16034
15934
15854
15854 .15854
16054
Preferred
88
89
8854
8954
8834
8934
U.S.Steel Corporation
6454
643-4
543-4
6534
6554
05
Preferred
11134
112
112
11134
11054
11034
4
4
4
Wabash
334
434
4
Preferred
1154
1134
1134
1134
113-4
1154
62
61
61
62
Extended 43
62
6134
arrice per share. b £ sterling. c Ex-dividend. d Quotations here given are
flat prices.
1065
TIIE CHRONICLE
APR. 12 1913.j
3134
H
aommercild avittlinsceiliantonsgews
-The
Breadstuffs Figures brought from page 1105.
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
I
Flour.
Corn.
Wheat.
Oats.
Rye.
I Bar ey.
bbls.196lbs.lbush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu.56 The.
51,000
Chicago -___
154,000
907,000 1,345,000, 568,000
252,000
46,000
Milwaukee _
106,000, 282,000
47,000
137,000
75,000
17,000
Duluth
45,000
44,000,
9,000
273,000
47,000
Minneapolis
544,000
295,000
87,000
2,208,000
1,000
Toledo
29,000
50,000
13,000
Detroit
26,000
5,000
2,000
18,000
_Cleveland _
1,000
117,000'
14,000
93,000
1,000
14,000
St. Louis....
54,000
252,000
256,000
382,000
Peoria
24,000
56,000
53,000
102,000;
232,000
37,000
Kansas City.
113,000;
244,000
201,000
Omaha
252,000;
205,000
240,000
Total wk.'13
Same wk.'12
Same wk.'11
314,000
246,608
263,530
187,000
75,954
85,479
2,681,000' 1,509,000
460,862
3,096,593
2,054,066; 1,096,689
2,356,000
2,141,298
2,323,835
3,579,000
2,313,191
1,907,746
I
Since Aug. 1
1912-13... 12,840,520 209,325,966 174,129,228 182,531,688 83,498,330 14446642
1911-12_ 8,816,071 110,803,781 148,790,334 112,081,891 56,291,103 7,204,280
11111
1910-11_ 11.466.421 178.500020217 A99 199 151 '172 lin AA nun . 4 ARA 607
Total receipts of flour and grain at the seaboard ports for
the week ended April 5, 1913 follow:
Wheat,
bush,
430,000
127,000
678,000
3,000
133,000
230,000
Flour,
bbls.
141,000
32,000
9,000
32,000
24,000
50,000
2,000
Receipts at-.
New York
Boston
Portland, Me
Philadelphia
Baltimore
New Orleans *
Newport News
Galveston
Mobile
Montreal
St. John
64,000
7,000
5,000
8,000
Total week 1913._ 310,000
Since Jan. 1 1913_5,853,000
399,755
Week 1912
Since Jan. 1 1912_4,647,474
13,000
274,000
Corn,
bush.
12,000
122,000
62,000
115,000
553,000
69,000
155,000
14,000
40,000
1,000
Rye,
bush.
5,000
Oats, Barley,
bush. " bush.
267,000 87,000
69,000
208,000 122,000
182,000
60,000
22,000
209,000
56,000
6,000
32,000
8,000
19,000
1,952,000 1,143,000
835,000 456,000 61,000
36,964,000 36,629,000 14,195,000 8530,000 922,000
854,828 148,793
13,298
221,071
1,932,347
17,564,219 20,586,374 10,253,814 2625,947 197,202
* Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several seaboard ports for the week
ending April 5 are shown in the annexed statement:
Corn, Flour,
bush.
bbls.
24,543 52,084
62,000 9,000
342,073 9,350
105,000 4,000
994,282 4,330
267,000 22,500
2,000
155,000
3,000
7,000
40,000
8,000
Oats,
Rye, Barley,
bush.
bush.
bush.
9,820 17,222 59,210
122,000
208,000
80
25,000
2,500 47,143
9,000
209,000
Total week____3,178,243 1,989,898 121,264
1,924,427 567,336 199,467
Week 1912
248,400 64,365 447,210
11,000
44,642
Exports fromNew York
Portland, Me_ _ _ _
•
Boston
Philadelphia
Baltimore
New Orleans__
Newport News_
Galveston
Mobile
St. John, N. B
Wheat,
bush.
542,904
678,000
329,339
65,000
244,000
184,000
861,000
274,000
Peas,
bush.
2,386
32,000
19,000
2,385
3,427
The destination of these exports for the week and since
July 1 1912 is as follows:
--Flour
-CornWheal
Since
Since
Since
July 1
July 1
July 1
Week
Week
Week
1912.
1912.
1912. Apr. 5.
Apr. 5.
Exportsfor week and Apr. 5.
bush.
bush.
bush.
bush.
bbls.
bbls.
since July 1 toUnited Kingdom__ 51,051 4,017,263 1,828,061 63,008,016 1,113,009 12,649,917
26,177 1,721,445 1,307,804 61,143,943 799,406 19,771,143
Continent
593,445
1,250
880,080
39,578
Sou. it Cent. Amer_ 16,710 969,864
560,322
75,118
105,506
28,234 1,548,855
West Indies
47,762
73,095
Brit. Nor. Am.Cols.
1,117
138,807
2,800 2,090,751
Other countries ____ 1,092 302,530
Total
Total 1911-12
121,254 8,633,052 3,178,243 127228,296 1,989,898 34,761,396
199,467 7,263,725 1,924,427 68,752,357 567,336 31,274,632
The world's shipments of wheat and corn for the week
ending April 4 1913 and since July 1 1912 and 1911 are shown
in the following:
Exports.
Week.
April 5.
Corn.
Wheat.
1912-13.
Since
July 1.
Since
July 1.
1911-12.
1912-13.
1911-12.
Week.
April 5.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 3,808,000 194,374,000 134,004,000 2,074,000 33,021,000;
1,362,000 82,669,000 65,342,000 238,000 7,919,000
Russia
Danube _ _ _ _ 960,000 46,247,000 64,321,000 145,000 11,264,000
Argentina _ _ 7,032,000 93,078,000 46,682,000 527,000 172,188,000
Australia _ 1,868,000 32,868,000 44,812,000
284,000 45,004,000 34,634,000
India
0th. countr's 174,000 6,452,000 8,453,000
Since
July 1.
Bushels.
28,337,000
34,042,000
65,493,000
308,000
Total ___ 15488000 500,692,000 398,248,000 2,984,000 224,392,000 128,180,000
The quantity of wheat and corn afloat for Europe on dates
mentioned were as follows:
Corn.
Wheat.
United
Kingdom. Continerzt.
Total.
Bushels.
Bushels.
Bushe.t.
April 51913__ 26,072,000 33,840,000 59,912,000
Mar.29 1913._ 24,336,000 33,152,000 57,488,000
April 6 1912_ 33,450,000 20,360,000 53,840,000
24.368.060 34.616.000 58.984.000
nril C 1°1
United
Kingdom. Continent.
Bushels.
4,182,000
3,953,000
3,961,000
3.094.000
Total.
Bushels.
Bushels.
7,242,000 11,424,000
7,973,000 11,926,000
6,460,000 10,421,000
5.389.000 3,483,000
1066
THE CHRONICLE
Canadian Bank Clearings.
-The clearings for the week
ending April 5 at Canadian cities, in comparison with the
same week of 1912, shows an increase in the aggregate of
1.4%.
Week ending April 5.
Clearings at
1913.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Total Canada
1912.
Inc. or
Dec.
$
' $
%
56,128,930 56,706,027 -1.0
48,129,724 41,000,177 +17.4
25,238,278 28,572,155 -11.7
11,750,448 11,946,016 -1.6
4,175,268 6,121,277 -31.8
3,012,538 2,820,695 +6.8
1,849,349 2,062,188 -10.3
3,832,101 3,531,937 +8.5
1,384,152 1,444,188 -4.2
2,061,297 1,700,081 +21.2
5,252,921 5,147,699 +2.0
3,647,160 3,280,188 +11.2
4,215,975 4,216,721 -0.04
2,459,974 2.089,681 +17.7
394,766 +26.6
499,253
604,475 -20.0
483,435
1,843,745 2,189,815 -15.8
569,988 +9.5
623,542
1,248,559 1,051,180 +18.7
674,867 +0.5
677,962
552,308 Not includ. in total
178,514,611 176,124,121
1911.
1910.
$
$
50,011,900 41,588,517
40,603,346 33,690,696
19,886,705 16,717,374
10,097,119 9,076,108
4,341,366 4,723,652
2,361,519 2,496,046
1,711,904 2,397,177
3,158,096 1.828,958
1,403,049 1,668,642
1,669,620 1,914,002
3,557,815 2,874,384
2,897,678 1,906,880
2,259,727 1,305,427
1,263,224
783,217
571,516
585,931
513,444
940,882
582,587
705,190
+1.4 148,536,987 123,557,011
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch. Topeka & Santa Fe, corn.(quar.)__ _ 1;i June 2 Holders of rec.April 30a
Central of New Jersey (guar.)
$2 May 1 Holders of rec. Apr.18a
Clev. Clue. Chic. de St. L., pref. (guar.) _ _
134 Apr. 21 Holders of rec. Mar. 28
Delaware Lackawanna & Western (quar.)_
234 Apr. 21 Holders of rec. Apr. 4a
3
Georgia RR. & Banking (guar.)
April 15 April 2 to April 14
Grand Trunk, guaranteed
2
Apr. 25 Mar. 8 to Apr. 10
First and second preference
236 Apr. 25 Mar. 8 to Apr. 10
Third preference
214 Apr. 25 Mar. 8 to
Apr. 10
Great Northern (guar.)
134 May 1 Holders of rec. Apr.12a
Kansas City Southern, preferred (guar.)._
1
Apr. 15 Holders of rec. Mar.31a
Mexican Ry., ordinary
134
Minn. St. P.& S. S. M.,corn. and pref.-- 334 Apr. 15 Holders of rec. Mch.20a
2
May 10 Holders of rec. Apr.19a
Missouri Kansas & Texas, preferred
114 Apr. 15 Mar. 21 to Apr. 16
N. Y. Central & Hudson River (guar.)._ _
May 19 Holders of rec. Apr.30a
Norfolk & Western, preferred (guar.)
1
Northern Pacific (guar.)
114 May 1 Holders of ree.April 10a
Pitts. Cin. Ch.& St. L., com.& pf. (qu.)_ _
1134 Apr. 25 Holders of roe. Apr.15a
Reading Company, common (guar.)
2
May 8 Holders of rec. Apr.21a
St. Louis & San Fran., 1st pref. (guar.). _ _
1
May 1 Holders of rec. Apr.16a
St. Louis Southwestern, pref. (quar.)_ _
134 April 15 Holders of rec. April 5a
Southern Railway, preferred
234 Apr. 24 Holders of rect. Mar.2Pa
Warren,guaranteed
336 Apr. 15 Holders of rec. Apr. ba
Street and Electric Railways.
Auburn dv Syracuse Elec. RR., pref. (qu.) 114 Apr. 15 Holders of rec. Mar.31a
Boston Suburban Elec. Cos., pref. (quar.) $1 Apr. 15 Holders of rec. Apr. 2a
April 15 April 2 to April 15
Brooklyn City RR. (guar.)
2
Cin. Newp. 8v Coy. Lt. & Tr., corn.(au). 134 Apr. 15 Apr. 1 to Apr. 15
Preferred (guar.)
134 Apr. 15 Apr. 1 to Apr. 15
May 1 Holders of rec. Apr.10a
Commonwealth Pow.,Ry.&L..com.(No.1) 1
Preferred (guar.)
134 May 1 Holders of rec. Apr.10a
April 14 Holders of rec. April 3a
Dallas Electric Corp., 1st pref. (No. 8).-- 3
Second preferred (No. 11)
234 April 14 Holders of rec. April 3a
East St. Louis dy Sub. Co., pf.(qu.)(No.28) 134 May 1 Holders of rec. April 15
Ft. Smith Light & Traction, pref. (guar.). 134 April 15 Holders of rec. Mar. 31
114 May 1 Holders of rec. Apr. 15
Grand Rapids Ry., pref. (guar.)(No. 50)_
Havana Elec. Ry., L. & P., common
234 May 15 Apr. 20 to May 15
Preferred
3
May 15 Apr. 20 to May 15
Jacksonville Traction, common (qu.)(No. 9) 134 May 1 Holders of rec. Apr.18a
Preferred (quar.) (No. 9)
134 May 1 Holders of rec. Apr.18a
Kokomo Marion & West. Trae., pref.(qu.) 134 June 1 Holders of rec. May25a
50c. May 10 Holders of rec. Apr. 30
Lehigh Valley Transit, preferred
Lewiston Aug. & Watery., pref.(qu.)(Aro12) 134 May I Holders of rec. Apr. 15
Manchester Traction, Lt. & Pow.(quar.)_ 2
April 15 Holders of rec. April la
1
Memphis Street Ry., common
Mar. 31 Mar. 23 to Mar.31
Preferred (guar.)
134 Mar. 31 Mar. 23 to Mar. 31
Mexico Tramways (guar.)
134 May 1 Apr. 13 to Apr. 30
Milwaukee Elec. Ry. & Lt., pf.(qu.)(No.54) 134 April 30 Holders of rec. April 21
Ottumwa Ry.& Light, pref. (guar.)
114 April 15 Holders of rec. Mar. 31
Pacific Gas & El. Co., corn. (qu.)(No. 5) 134 April 15 Holders of tee. Marlba
Philadelphia Co., corn. (guar.) (No. 126) 111 May 1 Holders of rec. Apr. la
Cumulative preferred stock
3
May 1 Holders of rec. Apr.10a
Public Service Invest., pref. (qu.)(No. 16)._
114 May 1 Holders of rec. Apr.15a
Puget Sd. Tr., L. & P., com.(qu.)(No. 3) 1
Apr. 15 Holders of ree. Mar. 25a
Pre erred (guar.)(No. 3)
134 Apr. IS Holders of rec. Mar.25a
Republic Ry. & Light, pref. (qu.)(No. 7) 134 Apr. 15 Holders of rec. Mar. 31
Rio de Janeiro Tram., L.&P.,Ltd.(quar.)_
134 May 1 Holders of rec. Apr. 15
Sao Paulo Tram.,L.& P., Ltd.,com.(qu.)_ 214
May 1 Holders of rec. Apr. 15
United Rys. vt Electric, Ball., common
$1 Apr. 15 Holders of rec. Apr. 11
Washington(D.C.)R. El.corn.(guar.) 134 June 1
&
May 21
Preferred (guar.)
114 June 1
May 21
West Penn Traction, pref. (guar.)
134 April 15 April 9 to April 15
Banks.
Produce Exchange, New York (No. 56).... 4
AprIl 15 Holders of rec. April 8
Trust Companies.
Broadway (guar.)
134 May 1 Apr. 22 to Apr. 30
Nassau, Brooklyn (quar.)
2
May 1 Apr. 27 to May 1
Miscellaneous.
Alliance Realty (quar.)
2
AprIl 15 Holders of rec. Apr. 5
Amer. Agile. Chem., corn. (qu.)(No. 6).... 1
April 15 Holders of rec Mar.24a
Preferred (guar.) (No. 31)
114 April 15 Holders of rec. Mar.24a
American Chicle, common (monthly)
1
Apr. 19 Holders of rec. Apr.14a
American Cigar, common (quay.)
134 May 1 Holders of rec. Apr.15a
American Coal Products, pref. (guar.)_ _ _ _
114 April 15 April 11 to April 15
Amer. Gas & Elec., Pref. (guar.) (No. 25) 134 May 1 April 2
to
May 1
American Glue, common
3
May 1 April 23 to May 1
Amer. Light & Traction, corn. (quar.)_ _ _ _
214 May 1 April 17 to April 30
Common (payable in common stock)_ _ 234e May 1 April 17 to April 30
Preferred (guar.)
114 May 1 April 17 to Aprt130
American Locomotive, preferred (quar.)_ _
114 Apr. 21 Apr. 6 to April 21
American Malt Corporation, preferred_ _
234 May 2 Apr. 16 to
American Malting, preferred
$1.55 May 1 Holders of rec. Apr. 15
American Seeding Mach., corn. (guar.)._
Apr. 15 Holders of rec. Mar.31a
1
Preferred (guar.)
114 Apr. 15 Holders of rec. Mar.31a
American Shipbuilding, pref. (guar.)
April 15
134 April 15 April 1 to
American Telep. & Teleg.(guar.)
2
Apr. 15 Holders of roe. Mar.31a
American Type Founders, common (guar.) 1
April 15 Holders of ree Apr. 100
Preferred (guar.)
134 April 15 Holders of rec. Apr 10a
American Woolen, pref. (guar.)(No.66).. 114 April 15 Mar. 25 to April 3
Anaconda Copper Mining (qu.)(No.50).. 75e. Apr. 16 Holders of rec. Apr. ba
Associated Gas & Electric, pref. (guar.)._
134 Apr. 15 Holders of rec. Mar. 31
Associated Merchants, first pref. (guar.)._
134 Apr. 15 Holders of rec. Apr. 8a
First preferred (extra)
Si Apr. 15 Holders of rec. Apr. 8a
Second preferred (guar.)
134 Apr. 15 Holders of rec. Apr. 8a
Second preferred (extra)
11 Apr. 15 Holders of rec. Apr. 8a
Associated 011
114 Apr._111 Holders at rec. Apr.1.0a
Name of Company.
fVoL. xcvi.
Per
When
Cent. Payable.
Books Closed.
Days Inclustne.
Miscellaneous (Concluded).
2
Apr. 15 Holders of rec. Mar.25a
Bell Telephone Co. of Canada (guar.)_ _
114 Apr. 15 April 6 to April 15
Bell Telephone of Pennsylvania (quar.)_ _Bethlehem Steel Corporation. preferred- 114 April 25 Holders of reo.April 10a
(I) May 1 Holders of rec. Apr. 19
Burns Brothers, preferred (No. 1)
Canadian Car & Foundry, pref. (guar.)... 134 Apr. 25 Holders of rec. Mar.31a
Central Coal de Coke,common (quar.)_.... 134 Apr. 15 Apr. 1 to Apr. 15
114 Apr. 15 Apr. 1 to Apr. 15
Preferred (guar.)
Apr. 25 Apr. 16 to Apr. 25
1
Chicago Pneumatic Tool (guar.)
Cincinnati Gas dr Electric (guar.)
134 April 12 Mar. 15 to Mar.21
Claflin (H. B.), common (guar.)
134 April 15 Holders of rec. April 8a
Commonwealth Edison (guar.)
134 May 1 Holders of rec. Apr. 15
Commonwealth Gas & Elec.
pf.(qu.) $1.25 Apr. 15 Holders of rec. Apr. 1
Consolidated Ice, Pittsburgh, pref. (quar.).. 114 Apri121 Apr. 11 to Apr. 20
Cos.,
134 April 30 Holders of rec. Apr.23a
Consolidation Coal (guar.)
114 April 15 Holders of rec. April 76
Corn Products Refining, pref. (auar.)___ _
134 April 30 Holders of rec. Apr.15a
Cuyahoga Telephone, pref. (guar.)
Dayton Power & Light, pref. (guar.)
134 April 15 Holders of rec. Mar.31a
Delaware Lack. & Western Coal (guar.)._
234 Apr. 15 Holders of rec. Apr. la
20
Apr. 15 Holders of rec. Apr. la
Extra
I% Apr. 15 Holders of rec. Mar.310
Detroit Edison (quar.)
14 Apr. 30 Holders of rec. Apr.193
Distilling Co. of America, pref. (guar.)
duPont (E. I.) de Nem. Pow., pref. (qu.) 114 Apr. 25 Apr. 16 to Apr. 25
Eastern Steel, first preferred
134 Apr. 30 Holders of rec. Apr. 15
214 July 1 Holders of rec. May 31
Eastman Kodak, corn. (quar.)
June 2 Holders of rec. Apr. 30
Common (extra)
5
114 July 1 Holders of rec. May 31
Preferred (guar.)
Apr. 15 Holders of rec. Apr.14a
2
Elec. Bond & Share, corn.(quar.)(No. 16).
(k) Apr. 15 Holders of rec. Apr.14a
New common
Preferred (quar.) (No. 32)
134 May 1 Apr. 21 to Apr. 30
Electrical Securities Corp., pref. (quar.).: 114 May 1 Holders of rec. Apri126a
Electrical Utilities Corp., corn.
14 Apr. 15 Holders of rec. Apr. ba
(qu.)(No.3)
154 Apr. 15 Holders of rec. Apr. 5a
Preferred (guar.) (No. 12)
May 1 Holders of rec. April 15
10
Eureka Pipe Line (guar.)
Federal Sugar Refg., corn. (guar.)
134 Apr. 28 Holders of rec. Apr.25a
114 Apr. 28 Holders of rec. Apr.25a
Preferred (guar.)
May 15 Apr. 1 to Apr. 14
Galena-Signal Oil, corn.(pay. in corn. stk.) 50e
2
April 15 Holders of rec. Mar. la
General Electric (guar.)
334 May I Holders of rec.Apr. lba
General Motors, preferred (guar.)
30e. April 30 Holders of rec. Mar.31a
Goldfield Consolidated Mines
114 April 19 Holders of rec. Apr. 10
Harbison-Walker Refract. pref. (quar.)_ _ _ _
Homestake Mining (monthly)(No. 461).. 65e. Apr. 25 Apr. 20 to Apr. 25
/num. & Power Sec. Corp., pf. (qu.)(No. 3) I% May 15 Holders of rec. Apr. 30
$4 May 15 Holders of rec. Apr. 23
Indiana Pipe Line (guar.)
5
Apri130 Holders of rec. Apr.15a
Ingersoll-Rand, common
25e
May 1 Holders of rec. Apr.21a
Special (payable in common stock)
254 May 1 April 16 to Apr1130
International Banking Corporation
1
April 15 Holders of rec. April 5
Int. Button-Hole Sew. M.(qu.)(No. 62)_
1
April 15 Holders of rec. April 5
Extra (No. 2)
Apr. 15 Holders of rec. Mar. 25
Internat. Harvester Co. of N.J.,com.(qu.) • 134.
Internat. Harvester Corp., corn. (guar.)
111 Apr. 15 Holders of rec. Mar. 25
June 2 May 15 to June 2
International Nickel, common (quar.)
3
114 May 1 April 13 to May 1
Preferred (guar.)
14 Apr. 15 Apr. 2 to Apr. 23
International Paper, preferred (guar.)._ _ _
Internat. Silver, pref. (on acct. ace. diva.) if May 15 May 2 to May 15
May IS Holders of rec. May Ba
Int.Smokeless Powder & Chem., preferred 4
50o. May 1 Holders of rec. April 26
Island Creek Coal, common (guar.)
Kayser (Julius) & Co., 1st & 2d pref. (qu.) 134 May 1 Holders of roe. Apr.21a
14 Apr. 30 Apr. 20 to Apr. 30
La Belle Iron Works,common (quar.)
214 Apri120 April 1 to
April 17
La Rose Consolidated Mines (guar.)
$1.25 Apr. 21 Holders of rec. Apr. 10
Lehigh Valley Coal Sales (guar.)
Loose-Wiles Biscuit, second pref. (guar)._
134 May 1 April 10 to May 1
234 Apr. 15 Holders of rec. Mar.31a
MacAndrews & Forbes, common (guar.)._
134 Apr. 15 Holders of rec. Mar.31a
Preferred (guar.)
Manufacturers' Ht. dr Lt., Pittsb. (guar.). 134 Apr. 15 Apr. 1 to Apr. 15
Massachusetts Gas Cos., common (guar.) $1 May 1 Holders of rec. Apr. 15
Massachusetts Ltg. Cos. (guar.)(No. 38)_
134 Apr. 15 Holders of rec. Mar.25a
1
Apr. 15 Apr. 6 to Apr. 14
Mexican Light & Power, Ltd., corn. (qu.)_
334 May 1 Apr. 20 to
Apr. 30
Mexican Light dc Power, Ltd., preferred_ _ _
2
April 20 Holders of rec. Mch.31a
Mexican Petroleum. preferred (quar.)__
214 Apr. 16 Holders of rec. Mar.31a
Mexican Telegraph (guar.)
50e. May 15 Holders of rec. May la
Miami Copper (quar.)(No. 5)
114 May 15 Holders of ree. Mar.13h
Milwaukee & Chicago Breweries, Ltd_ _
Mountain States Telep. & Teleg.(guar.)
134 Apr. 15 Holders of rec. Mar.31a
National Biscuit, corn. (guar.) (No. 59)_
154 Apr. 15 Holders of rec. Mch.28a
134 April 15 April 6 to April 15
National Carbon, common (guar.)
1
Apr. 15 Holders of rec. Apr. 5
National Fireproofing, preferred (guar.)._
New England Cotton Yarn, pref.(guar.)_ _ _ _
13-4 May 1 Holders of rec. Apr. 17
10 April 15 Holders of tee. MO.25
New York Transit (guar.)
2
Apr. 15 Holders of rec. Mar.31a
Niagara Falls Power (guar.)
5
April 21 April 1 to April 17
NipissIng Mines Co.(guar.)
254 April 21 April 1 to April 17
Extra
114 April 15 Holders of rec. Mar.31a
Northern States Power, preferred (quar.)_
Nova Scotia Steel & Coal, Ltd., corn.(qu.) 136 Apr, 15 Mar. 21 to Mar. 31
2
Apr. 15 Mar. 21 to Mar.31
Preferred (guar.)
Osceola Consolidated Mining (quar.).,.. $3 Apr. 30 Holders of rec. Mar.29a
Otis Elevator, common (guar.)
April 15 !folders of tee. Mar. 31
1
114 April 15 Holders of roe. Mar. 31
Preferred (guar.)
Pacific Coast Co., common (quar.)
134 May 1 Apr. 19 to May 1
134 May 1 Apr. 19 to May 1
First preferred (guar.)
114 May 1 Apr. 19 to May 1
Second preferred (quar.)
134 Apr. 15 Apr, 1 to Apr. 15
Pacific Telep. & Teleg., pref. (guar.)
194 April 15 Holders of rec. April 7
Pay-As
-you-Enter Car Corp., pref. (qu.)6
April 15 Holders of roe. Mar. 31
Pennsylvania Salt Mfg (No. 100)
134 Apr. 25 Holders of rec. Apr. 15a
Pittsburgh Coal, preferred (guar.)
1811e. Apr. 15 Apr. 9 to
PIttsb. Term. Watch. & Trans.(mthly.)_ Apr. 15 Holders of rec. Mar.31a
2
Procter & Gamble, preferred (guar.)
214 April 15 Holders of rec. April 1
Quaker Oats, common (guar.)
114 May 31 Holders of roe. May 1
Preferred (guar.)
May 20 May 2 to May 23
2
Railway Steel-Spring, common
April 15 Holders of rec. April 5
Reece Buttonhole Mach.(guar.)(No.108)- 3
Apr. 15 Holders of rec. Apr. 3a
Rhode Isl. Perkins Horseshoe, pref.(MO - 1
114 Apr. 19 Holders of reo. Apr. 7
Shawinigan Water & Power (guar.)
114 May 15 Holders of rec. May 8
Silversmiths Company (quar.)
Southern Calif. Edison, pf. (qu.) (No. 15) 134 Apr. 15 Holders of rec. Mar. 31
11.4 Apr. 15 Apr. 1 to Apr. 15
Southern New England Telephone (quar.)_
Standard Milling, preferred (No. 20)...... 214 April 15 April 6 to April 15
Union Natural Gas Corp. (guar.)(No. 39) 234 Apr. 15 Apr. 1 to Apr. 15
May 1 Holders of ree.Apr. 24a
1
United Cigar Mfrs., common (guar.)
May 1
United Dry Goods Cos., common (gust.). 2
$3.50 May 1 Holders of rec. Apr.18a
United Electric Securities, preferred
AprIl 15 Holders of rec. Mar.266
2
United Fruit (guar.) (No. 55)
April 15 Holders of rec. Mar.3I6
United Gas Improvement (guar.)
$1
50e. April 15 Holders of rec. Mar. 18
United Shoe Machinery. common (guar.).
Preferred (guar.)
3734e. April 15 Holders of rec. Mar. 18
U. S. Indus. Alcohol, pf. (qu.)(No. 26)
134 Apr. 15 Holders of rec. Apr. 8a
30 Holders of rec. Apr. 19
1
U. S. Realty & Improvement (quar.)
134
Holders of rec. Apr.15a
AMaypr.
United States Rubber, common (gust.)... 13
First preferred( uar.)
,t
0ri 30 Holders of rec. Apr.15a
1) 30
g
Holders of rec. Apr.15a
2
114 AA
Second preferred (guar.)
U. S. Smelt.. Refg. & Mln., corn. (guar.) 75e. Apr. 15 Holders of tee. Mar. 31
8714c. Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
United Stales Worsted, preferred (guar.)._ _ _
134 Apr. 15 Holders of rec. Apr. 14
50c. Apr. 12 Mar. 30 to Apr. 15
Utah Consolidated Mining
Apr. 15 Apr. 1 to Apr. 15
Virginia-Carolina Chem., Of. (g11.)(No.70) 2
134 Apr. 21 Holders of rec. Apr.10a
Vulcan Detinning, preferred (guar.)
134 April 15 Holders of rec. Mar. 31
Western States Gas & Elec., pref.
% April 15 Holders of rec. Mar20a
Union Teleraph (guar.)(No.176)
(quar.)Westn
April 15 Holders of rec. Mar.31a
Westinghouse Air Brake (guar.)
2
April 15 Holders of rec. Mar.31a
2
Extra
50 April 15 Holders of rec. Mar.31a
Stock dividend
Apr. 30 Holders of rec. Mar.31a
Westinghouse Elec. & Mfg., com.(guar.). 1
134 Apr. 15 Holders of rec. Mar.31a
Preferred (guar.)
Woolworth (F. IV.) Co., corn. (qu.)(No. 4). 114 June 1 May 2 to May 21
Worthingtofi (Henry 11.). Preferred
336 May 1 Holders of rec. April 19
April 15 April 1 to
2
April 5
Young (J. S.) Co., corn. (guar.)
Preferred (guar.)
194 April 15 April 1 to April 5
a Transfer books not closed for this dividend. b Less income tax. d Correction.
a Payable in common stock. 1On account of accumulated dividends. g Payable
in stock. h Transfer books closed from May 2 to May 15, both days included.
At rate of 7% per annum for period from Jan. 13 1913 to May 1 1913. k At
rate of 8% per annum from date of Issue to Apr. 15 1913.
THE CHRONICLE
APR. 12 1913.J
Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Percent.
340
57 Bank of the Metropolis
1 Free right N. Y. Soc. Li$116
brary ($150)
$69
1 N. Y.Law Institute
2 N. Y. Real Estate Assn_ _ _ 25
1,000 Silver Square Mines Co_ _ _ _ $2
100 Mine Securities Corp
Per cent.
Shares.
40 Queens County Trust Co__ _100
4
25 Havana Tobacco Co., pref.. _ 53/
10,000 Friday Gold Mining Co.,
$1
Seattle,'$5 each
Per cent.
Bonds.
$675,000 Island Cities Real Estate
$10,000
Co. 5s (stamped), 1914
By Messrs. Francis Henshaw & Co., Boston:
Shares.
54 York Manufacturing Co
$ per sh.I Shares.
1151 6 Draper Co.,common
$ per sh.
230
By Messrs. R. L. Day & Co., Boston:
Shares.
$ per sh.
8 per sh. Shares.
5 Merchants' Nat.Bk., ex-div. _301
4 Merrimack Mfg. Co., pref.- -- 85
100 Safety Fund Nat. Bk., Fitchb_175
20 Merrimack Chemical Co.._ _ _99-99%
12 Great Falls Mfg. Co
190
4 Waltham Watch Co., corn__ 25
1 Hill Manufacturing Co
Per cent.
90% Bonds.
2 Lowell Bleachery
129% $1,000 Boston El. Lt. Co. 5s, 1924_101%
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
$ per sh. Shares.
300 Atlanta Mines Co., $1 ea_840 lot
25 United Firemen's Ins. Co.,
1,000 Goldfield Gt. Bend Mining
12
$10 each
202%
Co., $1 each
1 West Phila. Pass. By
$2 lot
1,000 Catherine G.F.Mg.Co.,S1 ea.$1 lot
3 Phil. dr Gray's Ferry Pass.Ry. 793.
100 Simplex R.-B.PlateCo.,$5 ea.$3 lot
122
6 Continental Pass. fly
100 Ton.& Cal. G. Mg.Co.,$1 ea.31 lot
15 East Pennsylvania RR. Co.,
2,500 Nev. Alpine Mg., Co.,$5 ea-$8 lot
66%
$50 each
63 Phila. Freezing Co.,$10 each $1 lot
10 Burlington Co. Transit Co.,
30
10 People's Nat. Fire Ins. Co
17 y
t
$50 each
15 Phila.Life Ins.Co.,$10ea.103-105
10 John B. Stetson Co., pref.. _ A70
%
1 Sixth National Bank'
4 John B. Stetson Co., com- _ _390
200%
30 Mechanics Ins. Co., $25 each 50
146 Amer. Pipe & Construe. Co- 60
10 Bank of North America
295
18 Geo.B.Newton Coal Co.,com. 25
20 1st National Bank, Camden _170
5,000 Finley Acker Co., pf., $1 each 1
2 Fourth Street Nat. Bank __ _310
150 Derry Block Apt. Co., Har10 Franklin National Bank_ _ _ _500
$40 lot
risburg
5 Mines Nat. Bank, Pottsville,
15 Phila. Bourse, pref., $25 each 16%
$50 each
100
1 Pa. Academy of Fine Arts_ _ _ 20%
3
5 Quaker City Nat. Bank
122
5 Franklin Trust Co
54,,
2 Commercial Trust Co
430
5 Pullman Taxa Cab
60
21 Rights to subscribe Fidelity
Bonds.
Per cent.
Trust Co. at $100
520
$2,500 Ephrata & Lebanon Street
2 Fidelity Trust Co
628
fly. Co. 1st 5s, 1942
95 y,-95%
975
3 Girard Trust Co
$2,000 Nor. Indiana Gas & Elec.
130-131
11 Logan Trust Co
Co. 1st ref. 5s, 1929
90
650
3 Penn. Co. for Ins., &c
$1,000 Springf. Wat. Co.5s, 1926_ 94
20 Phila. Co. for Guar. Mtges_ A87
$1,000 N. Y.-Phila. Co. coll. 6s,}
10 Lumbermen's 1ns.Co.,$25 ea. 95
due 1910
$9 lot
15 Phila. & Darby fly. Co_383(-39
5 shares N.-Y.-Phila. Co., cora
Statement of New York City Clearing-House Banks
and Trust Companies.—The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending April 5. The figures fnr the
separate banks are the averages of the daily results. In
the case of totals, actual figures at the end of the week
are also given.
For definitions and rules under which the various items
are made up,see "Chronicle," V.85, p.836,in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies,
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in a31 cases.
Banks.
00s omitted.
Capital. Surplus.
Loans.
Average.
Specie. Legals. I Net Depos- ReAverage, Average. its, Aver. serve.
$
2,000,0 4,212,8 20,495,0 3,639,0
931,0 17,533,0 26.0
New York_ .._ _
Manhattan Co 2,050,0 4,960,1 28,150,0' 5,899,0 1,507,0 30,200,0 24.5
19,257,0 2,791,0 1,570,0 18,397,0 23.7
2,000,0 2,077,6
Merchants'_ _ _
6,000,0 8,847,7 54,186,0 10,583,0 3,032,0 53,100,0 25.6
Mech. & Met_
America
1,500,0 6,381,3 24,229,0 4,345,0 1,562,0 23,272,0 25.3
City
25,000,0 30,006,0 178,286,0 41,733,0 5,150,0 171,403,0 27.3
Chemical _ _
3,000,0 7,394,0 28,370,0 4,868,0 2,214,0 25,481,0 27.7
175,0
6,481,0 1,424,0
0,402,0 25.0
Merchants' Ex
506,4
600,0
63,0
419,0
2,039,0 23.6
2,219,0
300,0
Butch. & Drov
122,8
195,0 10,394,0 25.1
500,0 1,032,3
Greenwich _
9,167,0 2,416,0
5,000,0 4,703,6 41,957,0 8,004,0 2,085,0 40,061,0 25.1
Amer. Exch_ _
Commerce _ _ _ 25,000,0 16,578,7 127,847,0 16,991,0 8,274,0 101,220,0 25.0
635,0
4,398,0 25.3
481,0
4,814,0
500,0
963,4
Pacific
Chat. & Phen_
2,250,0 1,293,5 19,123,0 3,250,0 1,556,0 19,332,0 24.8
2,374,0 25.1
152,0
444,0
200,0
2,378,0
473,6
People's
Hanover
3,000,0 14,123,4 73,916,0 16,028,0 5,122,0 81,395,0 25.9
Citizens' Cent. 2,550,0 2,254,2 23;185,0 4,973,0
612,0 21,900,0 25.6
Nassau
1,000,0
461,4 11,063,0 1,703,0 1,040,0 12,099,0 22.6
Market & Fult 1,000,0 1,901,3
9,331,0 25.4
9,466,0 1,469,0
902,0
Metropolitan _
2,000,0 1,803,5 13,250,0 3,401,0
238,0 13,927,0 26.1
CornExchange 3,000,0 5,911,5 49,608,0 8,086,0 6,447,0 57,737,0 25.1
Imp.&Traders' 1,500,0 7,718,7 24,895,0 3,704,0 1,933,0 21,849,0 25.8
5,000,0 13,745,2 83,992,0 19,745,0 1,910,0 85,569,0 25.2
Park
250,0
59,5
East River_ _
1,436,0
286,0
1,653,0 24.4
118,0
5,000,0 5,832,3 29,863,0 4,974,0 2,600,0 29,854,0 25.3
Fourth
1,000,0 2,604,3 13,565,0 3,090,0
Second
167,0 12,767,0 25.5
10,000,0 21,967,3 113,352,0 26,811,0 2,453,0 106,408,0 27.5
First
4,000,0 3,248,1 33,986,0 4,975,0 3,425,0 33,389,0 25.1
Irving
3,439,0
250,0
791,3
837,0
98,0
3,633,0 25.6
Bowery
8,797,0 1,384,0
500,0 1,961,6
692,0
8,756,0 23.7
N.Y.County_
4,228,0
715,2
953,0
750,0
225,0
German-Amer.
4,192,0 28.0
5,000,0 9,906,7 91,622,0 19,880,0 5,115,0 100,789,0 24.8
Chase
13,406,0 2,930,0 1,150,0 15,116,0 26.9
100,0 2,225,1
Fifth Avenue..
3,605,0
557,0
815,8
352,0
200,0
German Exch_
3,805,0 25.2
5,419,0 1,198,0
255,0
200,0 1,056,4
Germania _ _ _
0,146,0 23.5
750,0 15,842,0 31.0
Lincoln
1,000,0 1,710,2 14,422,0 4,266,0
8,974,0 1,924,0
301,0
Garfield
1,000,0 1,281,4
9,097,0 24.4
379,0
3,777,0
Fifth
613,0
481,7
250,0
4,038,0 25.5
Metropolis _
1,000,0 2,251,8 12,697,0 1,534,0 1,783,0 12,753,0 26.0
West Side_ _ _
799,0
4,165,0
302,0
200,0
924,0
4,683,0 23.5
Seaboard
1,000,0 2,356,3 23,019,0 5,375,0 2,186,0 27,093,0 27.9
Liberty
1,000,0 2,782,9 22,338,0 5,146,0 1,312,0 24,468,0 26.3
N.Y.Prod.Ex _
9,181,0 2,487,0
1,000,0
303,0 10,753,0 25.9
910,0
State
1,000,0
379,0 22,979,0 24.8
560,3 18,051,0 5,319,0
Security
1,000,0
442,8 11,844,0 2,358,0 1,191,0 14,118,0 25.1
Coal & Iron_ _
1,000,0
446,0
6,281,0 1,132,0
537,4
6,238,0 25.2
Union Exch.. _
1,000,0
350,0
8,990,0 1,784,0
960,0
8,766,0 24.3
Nassau, 13klyn
1,000,0 1,138,0
198,0
7,528,0 1,373,0
6,193,0 25.3
Totals, Avge— 133,650,0 204,973,3 1330,290,0 268,145,0 74,067,0 1322,742,0 25.8
Actual figures April 5..
1335,562,0 208,543,0 73,554,0 1328,622,01 25.7
Circulation.—On the basis of averages, circulation of national hal ks in the Clearing
House an:ounted to $46,347,000, and according to actual figures was $46,366,000.
1067
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
Net
On Dep.
Surplus. Loans. Specie. Legals. withC.H. Deposits. Reserve.
Average. Average. Average. Banks. Average.
S
$
S
$
$
$
%
Brooklyn ____ 3,784,3 24,210,0 2,171,0
723,0 2,581,0 18,704,0 15.4+12.0
Bankers
15,733,3 117,266,0 13,816,0
65,0 10,573,0 92,517,0 15.0+10.2
U.S.Mtg.& Tr_ 4,554,0 37,141,0 4,393,0
353,0 3,966,0 31,620,0 15.0+11.0
Astor
1,300,2 19,916,0 1,982,0
103,0 1,539,0 13,797,0 15.0+ 9.7
Title Gu.& Tr. 11,469,0 34,502,0 2,219,0 1,253,0 2,389,0 22,600,0 15.3+ 9.5
Guaranty
24,240,8 162,369,0 15,312,0
987,0 12,709,0 110,285,0 14.7+10.3
Fidelity
1,315,5 7,421,0
644,0
238,0
795,0 5,686,0 15.5+11.6
Lawy.T.I.& Tr. 6,085,2 17,183,0 1,393,0
510,0 1,400,0 12,122,0 15.6+10.3
Colum-Knicker 7,222,4 47,580,0 5,040,0
810,0 4,366,0 39,236,0 15.0+10.0
People's
1,665,1 16,528,0 1,935,0
395,0 1,801,0 15,463,0 15.0+10.2
New York
11,866,3 45,010,0 4,057,0
626,0 3,370,0 30,427,0 15.3+10.0
Franklin
1,242,2 8,980,0
144,0 1,043,0 6,935,0 14.6+13.0
875,0
Lincoln
567,5 10,754,0 1,214,0
218,0 1,049,0 9,456,0 15.1+10.0
Metropolitan _ 6,187,9 22,284,0 1,990,0
9,0 1,769,0 12,690,0 15.7+12.2
Broadway........
612,1 8,652,0
936,0
348,0 1,044,0 8,488,0 15.1+10.7
Totals, Avge
97,845,8 579,796,0 57,977,0 6,782,0 50,394,0 430,026,0 15.0+10.4
Actual figures Aptil 5_ 576,063,0 57,165,0 6,539,0 49,172,0 422,818,0 15.0+10.4
The capital of the trust companies is as follows: Brooklyn, $1,500,000; Bankers.
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000:
Lawyers' Title Insurance & Trust,$4,000,000: Columbia-Knickerbocker, $2,000,000:
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1.000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,750.000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
April 5
Capital. Surplus.
Loans.
Specie.
On Dep.
Net
Legal with C.H.
Tenders. Banks. Deposits,
Averages.
$
133,650,0 204,973,3 1,330,299,0268,145,0 74,067,0
Banks
1,322,742,0
Trust cos_ 45,750,0 97,845,8 579,796,0 57,977,0 6,782,0 50,394,0 430,026,0
Total__ _ 179,400,0 302,819,1 1,910,095, 326,122,01 80,849,0 50,394,0 1,752,768,0
Actual.
1,335,562,0 268,543,0p 73,554,0
Banks
1,328,622,0
576,063,0 57,165,01 6,539,0 49,172,0 422,818,0
Trust cos..
1,911.625,01325,708,0 80,093,0 49,172,0 1,751,440,0
Total
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see "Chronicle," V.86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Week ended April 5 .
Capital as of March 7........
Surplus as of March 7_ _ _ _
Loans and investments__
Change from last week_
State Banks.
1rust Coe.
State Banks. 2
Trust Cos.
outside of
outside of
in
in
.
Greater N. Y. Greater N.'Y Greater N. Y. Greater N. Y.
$
22,850,000
$
65,900,000
38,838,200
168,762,700
12,932,285
16,524,200
296,838,800 1,069,916,300
+1,954,900 —7,800,300
116,738,500
+400
179,779,600
—640,600
122,848,200
+957,500
185,273,300
+1,204,000
Specie
Change from last week_
52,147,200
—389,600
21,140,600
—310,100
8
11,950,000
114,756,600
—2,173,100
Legal-tender & bk. notes..
Change from last week..
$
8,798,000
10,535,700
—110,200
Deposits
Change from last week..
336,675,600 1,123,681,900
+1,654,600 —4,211,900
Reserve on deposits
Change from last week_
88,132,400
—102,900
132,233,800
—1,380,700
22,515,300
+737,700
22,721,000
+1,780,500
P. C. reserve to deposits..
Percentage last week
27.5%
27.1%
16.4%
16.5%
19.4%
19.0%
13.3%
12.3%
+ Increase ovcr last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held In trust
for it by any public department.
—Trust Co..— —State Banks—
Total
Of
Total
Of
Reserve &Viral for Trust Companies
Reserve which Reserve which
and State Banks.
Required. in Cash. Required. in Cash.
Location—
15%
15%
Manhattan Borough
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
10%
20%
10%
10%
Other Boroughs (without branches in Manhattan)15%
15%
7%'9,,
15%
Brooklyn Borough, with branches in Manhattan_15%
20%
20%
15%
Other Boroughs, with branches in Manhattan__15%
15%
15%
10%
6%
Cities of the first and second class
10%
3%
Cities of the third class and villages
Elsewhere in State
The Banking Department also undertakes to present separate figures indicating the totals for the State Banks and
trust companies in Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
woL. xovi.
THE CHRONICLE
1068
-Below is a summary
Boston and Philadelphia Banks.
House banks and trust companies. In addition, we have
combined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
thus affording an aggregate for the whole of the banks and
We omit two ciphers (00) in all these figures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear -House
Members.
ActualFtgures
Week ended April 5
ft
Total of all
-House State Banks and
Clear.
Members. Trust Cos. Not Banks & Trust
-H. Aver. Cos. Average.
Average. in C.
$
$
1Nat. Banks'
Capital Feb. 4 and
State Banks
Surplus March 7___
179,400,000
179,400,000
302,819,100
302,819,100
Capital
and
Loans.
Surplus.
Banks.
27,550,000
206,950,000
77,586,800
380,405,900
Loans and investments 1,911,625,000 1,910,095,000
+7,579,000
Change from last week
-588,000
569,905,200 2,480,000,200
+1,130,200 • +8,709,200
Deposits
1,751,440,000 1,752,768,000
Change from last week -8,696,000 +10,091,000
a570,729,800 2.323,497,800
+1,609,000 +11,700,000
Specie
Change from last week
325,708,000
-3,756,000
326,122,000
+2,314,000
64,899,400
-614,800
391,021,400
+1,699,200
Legal-tenders
Change from last week
80,093,000
-1,784,000
80,849,000
-2,880,000
38,104,200
-129,400
88,953,200
-3,009,400
Banks: cash in vault
Ratio to deposits._ _ _
342,097,000
25.74%
342,212,000
25.87%
12,454,000
13.82%
354,666,000
Trust cos.:cash in vault
63,704,000
64,759,000
60,549,600
125,208,600
Aggr'te money holdings
Change from last week
405,801,000
-5,540,000
406,971,000
-566,000
73,003,600
-744,200
479,974,600
-1,310,200
Money on deposit with
other bks.& trust cos_
Change from last week
49,172,000
-3,157,000
50,394,000
-380,000
15,457,100
+992,000
454,973,000
-8,697,000
457,365,000
-946,000
88,460,700
+247,800
545,825,700
--698,200
Surplus CASH reserve
Banks (above 25%)-(above 15%)
Trustcos.
9,941,500
281,300
11,526,500
255,100
Total
Change from last week
10,222,800
-5,539,800
11,781,600
-3,854,750
Total reserve
Total
Clearings
8,078,0 166,718,8
8,049,0 169,022,8
8,028,0 188,959,2
8,057,0 180,046,4
8,015,0 156,354,1
7,998,0 151,313,9
7,990,0 150,794,9
8,016,0 186,687,9
*424,245,0 14,635,0 150,318,4
*422,174,0 14,106,0 142,569,2
*422,067,0 13,597,0 177,098,8
*415,430,0 13,293,0 174,609,1
*412,101,0 13,019,0 159,121,0
*410,323,0
*404,847,0 12,222,0 154,303,4
*413,371,0 12,048,0 183,963,5
a Includes Government deposits and the item "due to other-banks." At Boston
Government deposits amounted to $1,261,000 on April 5, against $1,254,000 on
March 29.
* "Deposits" now include the item of "Exchanges for Clearing House," which
were reported on April 5 as $17,010,000.
-The following are
Imports and Exports for the week.
the imports at New York for the week ending April 5, also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
1910.
I
1913,
1912.
Dry Goods
General Merchandise
I
I
33,287,395
18,433,268
$2,565,372
18,550,084
Total
Since January 1.
Dry Goods
General Merchandise
15.05%
10.48%
16.00%
1.08%
25.53%
25.47%
91,567,0
91,406,0
89,730,0
86,748,0
84,383,0
83,602,0
83,895.0
86,881,0
103,684,3 380,793,0
103,684,3 379,538,0
103,684,3 379,036,0
103,684.3 380,679,0
103,684,3 379,855,0
103,684,3 376,513,0
103,684,3 374,392,0
103,684,3 374,657,0
I $2020,663 $21,115,456 $15,528,253 $19,911,917
For Week.
17.08%
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $626,843,000, an increase of $2,788,900 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. 3 Includes bank notes.
1911.
$2,413,088 $2,949,117
13,115,185: 18,962,800
346,709,624 543,002,038 $44.428,1861 $50,713,004
I 241,115,801 232,959,733 196,690,609: 227,731,669
1$287,825,425 $275,961,771 $241,118,795 $278,444,673
Total 14 weeks
% of cash reserves of tr UStCOS-15.06%
Cash in vault
Cash on dep. with bks
10.41%
$
271,308,0
289,367,0
270,362,0
262,128,0
264,164,0
258,752,0
256,227,0
262,172,0
$
$
60,735,4 234,657,0 22,979,0 4,006,0
60,735,4 238,613,0 24,733,0 3,676,0
60,735,4 224,826,0 24,768,0 3,554,0
60,735,4 225,870,0 24,294,0 3,159,0
80,735,4 229,396,0 23,758,0 3,246,0
60,735,4 228,665,0 23,016,0 3,455,0
60,735,4 225,916,0 23,873,0 3,279,0
60,735,4 223,976,0 22,678,0 3,213,0
65,851,100
+612,000
I Change from last week
Boston.
Feb 15
Feb. 21
Mob. 1
Mob. 8
Mob. 15
Mob. 22
Mob. 29
Apr. 5
Philadelphia
Fob 15
Feb 21
Mob. 1
Mob. 8
Mob. 15
Mob. 22
Mob. 29
Apr. 5
Circulation.
Specie. Legals. Deposits.
a
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending April 5 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1910. ,
1911.
1912.
1913.
518,657,721 515,111,509 514,405,165 $13,402,988
251,629,010 216,494,856 199,638,102 163,086,638
?or the week
'reviously reported
The averages of the New York City Clearing-House banks
Total 14 weeks
$270,287,631 $231,606,365 $214,043,267 8176,489,624
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
The following table shows the exports and imports fo
Clearing-House, compare as follows for a series of weeks past: specie at the port of New York for the week ending April 5
and since Jan. 1 1913, and for the corresponding periods in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
1912 and 1911:
GREATER NEW YORK.
We omit two ciphers in all these figures.
Veek Ended
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mob. 1
Mob. 8
Mob. 15
Mob. 22
MO. 29
April 5
Loans and
Investments Deposits.
Specie.
I
$
$
$
91.799,4 508,760,5 587,223,9
89,653,6 502,120,0 577,903,2
90,272,9 495,094,1 563,805,8
89,929,4 493,229,2 560,069,5
5°8.904,1
89.767,5
89,618,7 484,589,6 552,648,9
90,547,2 481,719,7 547,076.9
91,605,4 478,098,0 542,086,8
91,962,6 481,284,8 546,523.9
88,953,2 479,974,6 545,825,
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Surplus.
Legs ,
;
Loans,
On
Tender Deposit
Disc'ts
Specie. and
and
with
Net
Bank
C.
Invest-H. Deposits.
Notes. Banks.
meats.
$
$
5
$
$
$
$
New York City
Manhattan and Bronx.
67,0
92,0 2,523,0
545,1 2,923,0 558,0
500,0
Aetna National
79,0
205,0 1,346,0
350,4 1,605,0 159,0
Washington Heights_ 100,0
60,0
116,0 1,737,0
108,3 1,646,0 309,0
Battery Park Nat.__ 200,0
510,0 6,712,0
507,5 5,900,0 615,0. 386,0
500,0
Century
970,0 6,813,0
400,0
615,9 6,649,0 866,0 319,0
Colonial
688,0 7,087,0
300,0
758,1 6,412,0 571,0 489,0
Columbia,
146,0 1,030,0
60,0 113,0
178,8 1,091,0
200,0
Fidelity
315,0 2,603,0
40,0
250,0
346,8 2,335,0 413,0
Mount Morris
564,0 5,889,0
200,0
461,0 5,549,0 619,0 424,0
Mutual
281,0 3,518,0
200,0
305,5 3,620,0 380,0 126,0
New Netherland
324,0 2,156,0
96,0
101,8 1,989,0 235,0
200,0
Twenty-third Ward
536,0 4,871,0
527,4 4,446,0 608,0 192,0
100,0
Yorkville
Brooklyn.
529,0 2,931,0
82,0
694,3 3,632,0 335,0
300,0
First National
571,0 5,274,0
916,8 5,836,0 500,0 239,0
252,0
Manufacturers' Nat
639,1 10,576,0 1,334,0 578,0 1,633,0 12,617,0
1,000,0
Mechanics'
824,0 4,651,0
300,0
National City
572,9 4,705,0 521,0 123,0
245,0 2,538,0
200,0
176,8 2,506,0 197,0 111,0
North Side
Jersey City.
3,755,0
400,0 1,362,9 4,1168,0 268,0 248,0 3,095,0
First National
816,1 3,105,0 175,0
597,0 1,630,0
61,0
Hudson County Nat_ 250,0
200,0
425,4 2,404,0 106,0 134,0
626,0 1,512,0
Third National
Hoboken.
657,4 4,278,0 242,0
220,0
344,0 1,661,0
24,0
First National
277,8 3,364,0 197,0
125,0
52,0
315,0 1,560,0
Second National
Totals April 5_
Totals March 29
,
Totals• March 22
6,597,0 11,346,1 89,239,0 9,268,0 4,049,0 13,506,0 84,414,0
6,597,0 11,346,1 89,146,0 9,393,0 4,376,0 11,889,0 84,414,0
8,597,0 11,346,1 89,974,0 9,223,0 4,315,0 11,727,0 84,776,0
Imports.
Gold.
-The followReports of Clearing Non-Member Banks.
ing is the statement of condition of the clearing-non-member
banks for week ending April 5, based on average daily results:
We arnu two ciphers (00) in all these figures.
Capitat.
Exports.
1TelToney. Entireltes
Legate. Holdings. onDeposit
$
I
5
$
2,533,418,3 2,398,302,9 416,961,1
2,564,228,62,419,986,9 412,466,4
2,571,113,0 21424,340,1 404,821,2
2,555,845,112,404,481,0:403,299,8
2,537,706,3 2,384,8 8,3 309,729489,497,,8
2,537,841,32,384,382,3 394,970,9
2,520,950,6 2,365,131,7,391,172,5
2,479,043,8 2,320,345,11386,493,5
2,471,291,0,2,311,797,8 389,322,2
2,480,000,2 2,323,497,8 391,021,4
Banks.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week.
Since Jan. 1
Week.
Since Jan.l.
$46,692
53,723
$23,329,401
1,513
$1,465
714,000,
233,929
21,096
112,051'
2,996,407
3,124' 294,681
95,320
858,255
4,000 21,832,639j
74,063
516,875
974,445;
4,392
-$8,392 546,965,660 $486,625 $4,707,304
365,325 19,855,9911 473,993 6,106,387
456,932 2,035,204i 206,150 2,969,025
Total 1913
Total 1912
Total 1911
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$815,356 $12,433,013
143,276 1,556,225
670
9,171
3,950
800
$11,500
494
103,211
58,741
55,392
$13,279
24,310
4,169
72,696
1,619,264
748,010
341,637
5959,302 $14,003,159 $229,338 $2,823,365
1,175,739 13,866,533
356,847 3,225,643
1,123,525 13,370,224
243,297 2,017,430
1
Total 1913
Total 1912
Total 1911
Of the above imports for the week in 1913, $
American gold coin and $246 American silver coin.
were
Vanking and financial.
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled 'Railroad and Industrial
Stocks," which describes 124 Issues listed on the New York Stock
Exchange,and classified by us as followas: Investment Stocks, SemiInvestment Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YOR C.
Chicago, III. Boston, Mass. Album'. N. Y.
dembers New York Stock Exchange.
White, Weld & Co.
Bonds andlinvestment Securities.
THE ROOKERY 111 DEVONSHIRE STREET
BOSTON
, CHICAGO
NEW YORK
14 WALL STREET
Vankers'
azette.
Wall Street, Friday Night, April 11 1913.
-For
The Money Market and Financial Situation.
the first time in a long while domestic affairs have, this week,
overshadowed the foreign situation in their influence on the
security markets. The Presidents' message to Congress
attracted attention, and the new tariff schedules, including
the proposed income tax now before the House, have come in
for a share of discussion in Wall Street as well as in manufacturing circles. Of more immediate influence, however,
upon values at the Stock Exchange has been the large
amount of new bond issues which have been brought out.
Some of these are at new and higher rates of interest than
that class of securities usually carry, which has had a depressing effect upon high-grade investment shares as well as bonds.
Available funds for the absorption of these offerings would,
of course, have been more abundant had not the outflow
of nearly $50,000,000 of gold, to meet the unusual demands
of Europe, recently occurred. That this demand is now
fully satisfied is evidenced by the weekly reports of the Bank
of England and the Bank of France, both of which are much
more favorable than any recently made, and also by the
general financial situation abroad. Under ordinary conditions, a return movement of gold in the near future might
reasonably be expected, but the expenses of the Turkish
war must be financed, and therefore the prospect for permanently easy money markets in Europe seems remote.
A report of the amount of Copper in producers'hands shows
that it decreased about 18,000,000 lbs during the month of
March, and prices for the metal have advanced this week.
Both the Government and private estimates of the condition
of winter wheat indicate that it is better than the average
at this season, although the relative acreage has not yet been
ascertained.
On the other hand the number of idle freight cars increased
20,000 during March and orders booked by the Steel Corporation show a substantial decrease.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 3@4%. Friday's rates on call were 3@3%%Commercial paper on Friday quoted at 53/2@6% for 60 to
-day endorsements and for prime 4 to 6 months' single
90
names and 6@63/% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £790,460 and the percentage
of reserve to liabilities was 45.02, against 41.85 last week.
The rate of discount remains unchanged at 5%, as fixed
Oct. 17. 'The Bank of France shows an increase of 5,124,000
francs gold and a decrease of 9,357,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1913.
Averages for
week ending
April 5.
Differences
from
previous week.
1912.
Averages for
week ending
April 6.
1911.
Averages for
week ending
April 8.
Capital
133,650,000
135,150,000 134,150,000
199,918,500 200,234,400
Surplus
204,973,300
Loans and discounts_ -- 1,330,299,000 Inc. 16,231,000 1,415,339,000 1,351,451,900
Circulation
46,347,000 Inc.
68,0001 48,555,000 46,139,000
Net deposits
1,322,742,000 Inc. 17,751,000 1,430,982,000 1,385,236,300
Specie
288,145,000 Inc. 4,020,000 282,881,000 298,652,300
Legal tenders
74,067,000 Dec. 2,777,000
74,135,100
74,878,000
Reserve held
342,212,000 Inc. 1,243,000 357,759,000 372,787,400
25% of deposits
330,685,500 Inc. 4,437,750 357,745,500 346,309,075
Surplus reserve
11,526,500 Dec. 3,194,750
13,500 26,478,325
Note.
-The Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House,appear on the second
Page Preceding.
-The market for sterling exchange
Foreign Exchange.
ruled fairly steady until Friday,when a break of about25 points
in demand bills and 35 points in cable transfers followed
easier discounts in London and an increased supply of bills.
(Friday's"
rates
for sterling exchange were 4 84 for
To-day's
nominal
sixty-day and 4 87 for sight. To-day's actual rates for sterling exchange
were 4 830504 831 for sixty-days 4 866004 8670 for cheques and 4 87050
4 8715 for cables. Commercial on banks 4 8134(q44 828 and documents
for payment 4 82%04 823i• Cotton for payment 4 8 %@)4 8234 and
grain for payment 4 82%04 83.
The posted rates for sterling, as quoted by a representative house,
remained unchanged during the week at 4 84 for sixty days; while sight
declined %c.on Friday to 4 87%•
To-day s (Friday's) actual rates for Paris bankers'francs were5 2134 less
1-3205 21% for long and 5 1834@5 1834 plus 1-32 for short. Germany
bankers' marks were 94 5-1609434 for long and 95 1-16 less 1-32©95 1-16
for short. Amsterdam bankers' guilders were 4040404 plus 1-32 for
short.
Exchange at Paris on London, 25f. 254c.; week's range, 25f. 264c.
high and 25f. 244c. low.
Exchange at Berlin on London, 20m. 48pf.; week's range, 20m. 4934))1%
high and 20m. 47%pf. low.
1069
THE CHRONICLE
19131
APR. 12
The range for foreign exchange for the week follows:
Cables.
Sterling Actual- Sixty Days.
Cheues.
4 8770
High for the week__ _4 8335
48'7 5
1
Low for the week___4 8305
4 8705
4 8660
Paris Bankers' Francs
High for the week___5 21% plus 1-32 5 184 less 1-64 5 17%
Low for the week_ _5 21% less 1-16 5 1834 less 1-32 5 18% less 1-64
Germany Bankers' Marks
.
High for the week_ _ _ 944
95 5-16
95 3-16
Low for the week_ _ _ 94 5-16
95 1-16 less 1-32 95 3-16 less 1-32
Amsterdam Bankers' Guilders
High for the week_ __ 39 15-16 plus 1-32 404 plus 5-64 40 3-16 plus 1-32
Low for the week__ 3934 plus 1-16
40 3-16 less 1-16
40%
Domestic Exchange.
-Chicago, par. Boston, par. St. Louis, par.
San Francisco, 30c. per $1,000 premium. Montreal, 314c. premium.
St. Paul,40c. per $1,000 premium. Minneapolis,30c. per $1,000 premium.
Cincinnati, par.
State and Railroad Bonds.
-Sales of State bonds at
the Board are limited to 85,000 Tennessee settlement 3s
at 99 and $24,000 Virginia 6s deferred trust receipts at 5134
to 53.
The market for railway and industrial bonds has been more
active than for a long time past, the transactions averaging
substantially more than $3,000,000 par value daily. Prices
have, as noted above, declined, every active issue participating in the movement. Under such conditions there are
almost no exceptional features. Baltimore & Ohio, new
bonds,have been by far the most active and these, too,show
the heaviest decline, on dissolution of the underwriting syndicate and an apportionment of the unsold bonds. A few
other standard issues, including Atchison gen. 4s and Union
Pacific 1st and ref.4s,are 1M to 2 points lower than last week.
United States Bonds.
-Sales of Government bonds at
the Board include $2,500 Panama 3s, coup., at 1023/ to
1023', $500 3s coup. at 1023/2, $6,000, 4s coup. at 1133/ and
$1,000 4s reg. at 1133. For to-day's prices of all different
issues and for yearly range see third page following.
Railroad and Miscellaneous Stocks.
-The stock market has again been dull but the tendency of prices is reversed
from that of last week, and, except in a very few cases,
quotations are substantially lower. The tone to-day was
decidedly bearish and generally the lowest prices of the week
were reached. As a result of the week's decline New York
A
Central is 43 points lower, Pennsylvania 434, Lehigh
Valley 43', St. Paul 3% and Union Pacific, Northern Pacific,
Baltimore & Ohio and Chesapeake & Ohiofrom 2 to 33/i points.
Industrial stocks have followed the general trend of railroad shares. American Tobacco has lost 63' points, Rum3
ley Co,6 and Beet Sugar 3%.
For daily volume of business see page 1077.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending April 11.
Adams Express
Allis-Chal rcts,3d paid
Preferred rcts, 3d paid
American Express
Amer Teleg & Cable _
Batopilas Mining
Brunswick Terminal_
Can Pac subs, 1st paid_
Colorado & Southern._ _
Deere & Co, pref
D L & W subs, 50% pdDetroit United
Gt Nor subs, 40% paid_
Green Bay & W deb B_ _
Havana Eiec Ry L & F.
Helme(G W)
Homestake Mining
Mackay Companies_
Preferred
N Y Chic & St Louis__ _
Norfolk Southern
Pennsylvania rights_ _
Pettibone-Mull, 1st pt.._
St L dr S F
-C & E fll
new stock trust etfs_ _I
Sears,Roebuck&Co.,pref
Toledo Rys & Light__ _ _
United Cigar Mfrs
U S Express
U S Indus Alcohol, pref.
Virginia Iron Coal dc C
Vulcan Detinning, pref.
Wells, Fargo & Co
Sales
for
Week.
Range for Week.
Range since Jan. 1.
Lowest.
Highest.
5 145 Apr
6001334 Apr
1,200 83( Apr
100 16534 Apr
100 62 Apr
300 $134 Apr
1,300 8 Apr
600233 Apr
350i 3034 Apr
3001 98 Apr
100380 Apr
170 73 Apr
310 12434 Apr
2 14 Apr
68 8534 Apr
100 170 Apr
77102 Apr
25 82 Apr
1,228 6734 Apr
200 58 Apr
1,0
4634 Apr
134 Apr
7,40
1 90 Apr
11 145 Apr
8 334 Apr
8 8% Apr
516534 Apr
8 62 Apr
10 $134 Apr
5 8 Apr
1023434 Apr
7 3134 Apr
10 9834 Apr
9380 Apr
10 73 Apr
10125 Apr
7 1434 Apr
7 8534 Apr
11 170 Apr
7102 Apr
10 82 Apr
7 69 Apr
11 59 Apr
5 4734 Apr
9 1% Apr
7 90 Apr
1113934
5 234
5 634
5,160
S 58
10 31
10 734
ii 21534
11 26
973
9 380
10 73
11 121
10 1334
7 8534
11 170
7, 100
1(), 81
71 6634
9. 56
5 40
9' 134
7 90
Mar 150
Api 4%
MaIl 12%
Jan 170
Mar 66%
Jan $1%
Jan 8%
Mar234%
Feb 33
Feb 100%
Apr420
Apri 80%
Feb 125%
Marl 17%
Apr 87
Mar 180
Mar 120%
Mar 87
Jan 69
Mar 63%
Mar 47%
Apr 1%
Apr 98%
Jan
Feb
Jan
•Feb
Jan
Jan
Mar
Apr
Jan
Jan
Feb
Feb
Apr
Jan
Feb
Jan
Mar
Jan
Apr
Jan
Apr
Apr
Feb
11 50
5122
11 234
10 4734
7 6334
10 8834
5 50
9 83
9 125
J, 45
5,122
11. 234
7 4334
71 50
10, 8834
9, 4434
9. 83
9'110
Feb 54;4
Mac1125%
Ap 3
Marl 50;4
FebI 66
Apr 97
Feb 54
Apr 90
Jan 125
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Apr
9 49
134 122
234
1
40 4634
10 6334
300 8834
20 49
12 83
20 125
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Lowest.
Highest.
Outside Market.
-"Curb" market trading this week
was very small and uninteresting. Prices moved irregularly,
though considerable weakness developed as the week closed.
United Cigar Stores corn. sold down from 101 to 99 and
to-day broke to 963/2, recovering finally to 98. BritishAmerican Tobacco weakened from 24 to 23%. Tobacco
Products on limited transactions fell from 90 to 89,then sold
at 913/i and to-day back to 89. Houston Oil corn. lost a
point to 21. Intercontinental Rubber corn., few sales of
which have been reported for some time, advanced from
93/i to 104. Standard Oil of N. J. dropped from 371 to
358 and ends the week at 360. Amer. Light & Traction
corn. was traded in down from 413 to 400. In bonds a
conspicuous feature was the selling of N. Y. City 434s
of 1962 down from 98 5-16 to 98. The 434s of 1960 were
off from 98 5-16 to 9834. Brooklyn Rapid Transit 5% notes
lost over a point to 95%. Chicago Elevated 5% notes,
after an advance from 9734 to 97%, dropped to 97. Copper
shares were quiet. Braden Copper receded from 934 to
4
83 . British Columbia weakened from 334 to 3 and Giroux
from 3 to 2 15-16. Greene Cananea sold from 7% to 7%
8
and back to 7%. La Rose Consolidated declined from 2%
to 2 7-16. Nipissing fluctuated between 8% and 934 and
closed to-day at 9.
Outside quotations will be found on page 1077. .
1070
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
April 5
donday
April 7
Tuesday
April 8
Wednesday
April 9
Thursday
April 10.
Friday
April 11.
Sales of
the
.Veelc
Shares.
STOCKS
NEW YORK STOOK
EXCHANGE
Range Since Jan. 1.
On basis 01 100-share tots
Lowest.
Range for Previous
Year 1912,
Lowest.
Highest.
• 10338 10312 103 10338 10278 10314 10272 10313 1021 103
i i
o
d&
/ 10233 10278 10,400 Atchisonltlirkas 9 F__ 100 Feb 25 10638 Jan 6
1
4
Do pref
*10018 10012 10014 10914 10038 10038 *10014 10012 100 10938 100 10018 1,100
9038 Mch20 10214 Jan 29
600 At!antic Coast Line RR_ 12212 Mch 20 1333 Jan 9
' *12514 126
12513 12518 12412 12412 *12434 126
8
1237 12412 *122 121
10138 10112 100% 101
4 93% 9914 13,962 Baltimore & Ohio
9838 Apr 11 10638 Jan 22
998 10012 9914 10038 0873 993
540
8312 8312 83
Do pref
8212 Apr 8 88 Jan 10
8338 8212 8212 *8113 8212 *8218 82% .8012 8112
9118 9138 0012 91
9014 9114 9114 0212 9138 0214 9118 9218 35,403 Brooklyn Rapid Transit_ 2e318 Mch 10 9238 Jan 9
23778 2387 236 23712 236 23813 23814 23912 239 24014 239 24012 45,120 Canadian Pacific
21812 Mch 10 26634 Jan 9
8
325 325
110 Central of New Jersey
*325 350 .325 350 *325 350 *325 350 .325 350
325 Mch 19 362 Jan 13
09
6738 6812 69,835 Chesapeake & Ohio
6734 69% 66
88 Apr 7 80 Jan 2
6778 6834 68
6814 6634 69
16
1513 1518
*15
100 Chicago Gt West tr ctfs
' *15
18
13 Feb 25 177 Jan 9
*15
*15
1613 *1518 16
16
600
Do pref trust ctfs
3012 3012 30 30
28 Mch 10 35 Jan 9
31
31
31
31
31
31
*3012 32
3
23,000 Chicago Milw & St Paul_ 106 Feb 25 11614 Jan 9
3
11214 113
11134 1123 11012 11238 11138 11234 110 4 11218 1093 111
4
13612 Feb 25 145 Jan 30
Do pref
13914 13914 *13712 13912 13912 13912 13978 13978 13812 13834 138 13812 1,025
13213 134
North Western 132 Feb 25 138 Jan 11
p
1,530 Chica0
*135 137
135 13512 13434 1347 13434 135 .134 136
8
1182 Feb 7 §189 Jan 6
pref
• *185 187 *185 187 *185 189 *185 187 *185 187 *185 187
5218 5214 5212 5218 *5213 5312 5218 5218 5138 5138 51% 5118 2,403 Cleve Gin Chic & St L___ 51% Apr 11 54 Jan 21
*00
90 Apr 11 9434 Jan 16
95
90
Do prof
95
100
*00
.90
95
00
05
*90
95
*90
15914 Feb 27 167 Jan 8
*16014 164
300 Delaware & TIudson
16078 160 8 160 162 *160 16212 *160 16212 *16014 16212
7
63 Delaware Lack & West
395 Feb 25 445 Jan 13
*38713 420 *38712 420 *38712 440 *38712 420 *38712 420 §395 41013
*21
1834 Feb 25 23% Jan 9
22
2112 2012 2012 *2114 24
22
300 Denver & Rio Grande_ _ _
22
203 203 *20
4
4
33 Mch 15 41 Jan 10
37
3714 371 3714 1,410
Do pref
37
38
36
*3512 3212 37
3614 37
812 Jan 2
*512 7
*512 7
*512 7
*512 7
6 Feb 24
Duluth So Shore & Atian
*614 7
*614 7
1614 Jan 2
1312 *12
12 Apr 11
1214 *12
1313 12
1312 *12
*12
Do pref
12
100
1312 *12
• 2918 2918 2812 287
3012 3118 30
3018 31
2512 Feb 25 3212 Jan 6
8 28% 30
365,; 46,405 Erie
473
4 4712 4734 463 463
47
47 47
46
42 Feb 25 4913 Jan 30
47
46
46
Do 1st preferred
4
4 3,000
3878 36% *3534 3612 *3512 373
3234 Mch19 41 Jan 30
Do 2d preferred
4 37
400
3712 37 2 3712 *36
,
38
i3012 13114 12912 1303 12913 13038 130 1311 12958 13038 2128 128
4
124 Feb 25 1328 Jan 9
8,850 Great Northern pref
37
3818 3612 3612 36
37
Iron Ore properties
3712 *3612 37
33 Feb 25 4114 Jan 3
3638 37
3812 3,000
12033 121
*120 123 §122 122
120 121
11012 Mch27 12878 Feb 5
11934 120
120 120,2. Ildnois Central
1734 177
161$ Feb 28 195 Jan 30
8 17% 17% 1713 1734 17% 1818 1712 177
8 1714 173
2 6,500 Interboro-Metrep v t ctf_
593 60
5938 60
5613 Feb 28 6538Jan 30
Do pref
• 5938 60
6012 59
5914 14,800
5938 6078 59
• 2512 2618 25
*2434 2534 2533 2534 2512 2534 25
25
237 Feb 25 2714 Jan 0
1,500 Kansa.- City Southern
25
5914 Mch 10 6112 Jan 7
.5812 62
*5814 62
*5814 62
*60
62
*60
62
*60 62Do pref
914 984
834 Apr 3 1112 Feb 5
.9
11
10
*9
10
*9
11
100 Lake Erie & Western_ _.:_
*9
*914 11
25 Mch 18 35 Jan 6
Do pref
*25
*25
40 .25
30
*25
30
30
*25
*25
30
30
132 Mch20 16838 Jan 2
• 16138 163
159 1601 43,700 Lehigh Valley_
15034 18214 161 16238 161 162
3
160 162
12912 Feb 25 14214 Jan 10
,
13512 13512 13312 13_138 2,000 Louisville & Nashville
136 136
13678 1373 13614 1363 135 136
4
4
12734 MO 19 1325 Feb 7
8
129 129
128 128% 1,735 Manhattan Elevated
*129 12012 *128 12912 .129 130
12838 129
1712 Feb 25 2314 Jan 2
_
190 Minneapolis & St Louis
1812 1813
42 Mch 14 47 Jan 20
Do pref
---- §40
40
10
912 Minn St P & 9 9Marie 212834 Mch20 14214 Jan 9
0
-- 64
-- 3
64
- 4
4
*1368 f365 *HI 13 3 13612 11812 1. 4 13 -- 1361 13612 13412 1353
Do preferred
145 145 *142 150 *142 150 *143 150
100
*145 150 *145 150
14112 Mch 11 1150 Jan 22
2612 2612 2634 27
2612 2612 *2614 27
24 Mch 19 2912 Jan 7
4 2,000 Missouri Kan & Texas
2612 263
2638 27
*6278 633 *6212 643 *6278 647 *63
Do preferred
100
4
6434 *627 6434 6413 6412
5934 Jan 14 6412 Apr 11
4
39% 3978 3812 3914 3818 39
38
4
3
3 383 39
3814 11,700 Missouri Pacific
36 Feb 25 4338 Jan 9
838 397
Nat Rys of Mex 1st pref_ 2 563 Feb 10 69 Mch 3
*5713 60
*58
60
*58
60
*58
60
*39
63
*59
63
4
*24
2434 2414 2414 2434 2518 2512 28
2414 2414
Do 2d preferred
2238 Feb 18 2712 Jan 2
2533 2534 3,102
107 10712 106 10612 106 1063 10434 1067 1033 10512 10212 104
1021 Apr 11 10934 Jan 30
23,720 NY Central & H R
8
4
8
11778 11778 117 11714 116 112
11612 11638 *118 11712 113 116
11338 Mch 18 12978 Jan 10
1,250 NY Nil & Hartford
• 3112 3112 *307 3112 317 317
32
8 32
610 N Y Ontario & Western.. 2914 M.L.h24 3378 Jan 11
2
3214 3112 3112 *31
8
10734 108
10334 Mch20 113% Jan 3
10714 107% 10714 10712 10714 10734 10714 10714 10612 1013 3,550 Norfolk & Western
.._ *82
Do adjustment pref
86
___
*82
86
*8312 88
8214 Mch 17 87 Feb 13
*8312 88
11538 11613 15,080 Northern Pacific
1137 Feb 26 1223, Jan 6
2
-• 11834 119
118 118% 118 1187 11813 11918 211638 117
1141 Apr 10 12334 Jan 7
8
8
1153 11878 11412 1157 1147 11514 153,926 Pennsylvania
2
119 119% 1183 119
1183, 119
4
8
500 Pittsb Cin Chic & St L
94 Mcii31 104 Jan 11
s
067
9614 9614 0912 9612 957 967 *9412 967 *94
*9614 97
Do preferred
*100 115 *100 115 *100 115 *100 115 *100 115 *100 110
15212 Mch 10 1687 Jan 2
8
8
8
, 16512 1663 1643 166% 16434 1677 18658 16834 1667 1885 16533 16712 466,800 Readinz
4
8
x 8934 Feb 25 0213 Apr 10
1st preferred
92
9212 *92
200
*92
03
93
93
93
*91
93 .91
.91
877 Fob 25 05 Apr 10
2d preferred
600
*9334 9534
94% 05
94
• 94
95
4 9412 9412 *92
033 933
4
2018 Mch20 247 Feb 4
7,200 Rock Island Company
2234 2338 22% 2234 2234 23
23
2312 2
2314 223 23
8
373 39
4
3918 397
Do preferred
3873 3914 3812 388 12,900
3714 3912 3734 38
347 Mch 20 4434 Jan 2
2
1812 1812 1712 1712 1712 1712 *1712' 1814 1712 1712 *163 1812 1,000 St Louis & San Francisco 14 Mch 11 1034 Jan 11
4
56
563 *55
56
4
60
Do lst preferred
58
*55 • 60
60
55 hIch 8 59 Feb 11
*55
300
; *53
59
2412 2618 2434 2512 2534 2714 2538 26
Do 2d preferred
2334 Feb 26 20 Jan 11
3,810
2612 27
2534 253
4
St Louis Southwestern.... 3014 hich 10 3513 Jan 13
*3112 313 *3113 343 *3112 343 *3112 3434 *3112 343 *3112 3434
4
4
4
4
74% *72
74% *70
Do preferred
74% *72
74% *70
7434 *71
74%
*70
73 Mch20 75 Jan 9
4.1913 20
400 Seaboard Air Line
1012 1913 1918 1918
*19
20
1912 1034 *1912 20
1814 Jan 22 2034 Apr 1
750
42% Feb 26 48% Jan 29
43% 433
Do preferred
44
44
4 4378 4378 4378 438 4312 432 4312 4312
101 1021 10038 10118 38,900 Southern Pacific Co
10134 103
0818 Mch 14 110 Jan 30
1 10214 1037 10132 102% 10118 102
8
4,400 Southern v tr ctfs stmpd_
2412 Feb 25 28513 Jan 2
2714 2612 27
2618 2658 2634 27
27
/
4
8 2634 26% 261 261,
2,515
do
Do preferred
80
8012 8014 8014 797 8012 7914 797
778 Feb 25 8112 Mch 26
3
118014 80 2 79% 80
20
*18
1113 Mch 10 2238 Jan 8
Texas & Pacific
*18
20
20
*18
20
*18
20
*1912 2012 *18
34 Mch19 4012 Jail 2
381 3612 3718 5,523 Third Avenue (N Y)
/
4
4 3634 3712 3714 3812 37
383
3813 3812 38
1212 *10
preL & l
1212
*10
11 Jan 21 13 Jan 9
200 Toledo 9t ferred
Yestern.._
1212 *10
13
*10
13
*10
12
12
Do
2512 *2212 26
2512 *20
*2312 2513 *20
27
4
*24
2312 Itch 20 293 Jan 9
2512 *23
50 Twin City Rapid Transit 10318 Mch 24 10814 Jan 23
*10514 106 *10412 1058 §106 106 *10518 108 *105 106 110513 10512
4
4
1457 Mch 19 1623 Jan 6
8
4
4
/
4
'15538 1561 1543 155% 15234 15558 1533 15612 1533 15514 1523 15414 144,500 Union Pacific
367
Do preferred
4
4 85 85
87
8712 853 853
88
*86
86
83 Mch 13 9313 Jan 6
.86
8712 §87
825 United Rys Inv't of9 F.... 24 Feb 26 3512 Jan 3
3012
2812 *27
29
*27
*27
20
2814 29
12712 2712 *27
Do preferred
47 Mch19 6312 Jan 2
*49 52000
52
*19
51
513 513
2
2 5013 5012 5014 5014 51
r. *313 4
preferred3 Feb 17
4 Feb 3
600 Wabash
*3% 4
312 312
3
312 312 *3 2 4
3% 3%
9 Feb 21 1314 Jan 14
100
Do
12
1114 1114 *11
*11
13
12
*10
13
12
*10
*10
3738 Jan 7 48 Jan 2
42
550 Western Maryland
40 4 40 4 *4014 42
3
*4013 4218 4114 4114 4118 4118
3
42
8 Jan 8
514 Feb 27
100 Wheeling & Lake Erie
712 712 *714 8 *8 9 *613 713 *6 712 *8 712
19 Feb 21 2818 Jan 13
*22
27
Do 1st preferred____
*20
25
24
*20
*22
*19
23
*19
25
853 Mch19 11 Jan 3
13
*10
13
*10
Do 2d preferred
12
.9
12
*10
*9
13
12
46 Jan 15 L3 Feb 8
2,400 Wisconsin Central
3
*52
50 4 50 4 53
3
55
5034 *46
54
5252 5238 .50
, *49
Industrial & Miscall.
4
653 Feb 25 80% Jan 2
4 7738 7914 777 79 2 77
4
' 7813 7714 753 76% 7614 783
7814 238,700 Amalgamated Copper
3
,
100 American Agricul Chem_
*54
4014 Jan 17 57 Jan 3
57
55 55
60
*54
60
56
*54
: *54
*54
58
*94% 96
100
Do preferred
04 A pr 12 99 Jan 2
25 meh 9
*94% 953 *9413 953 *9413 9534 *94% 06
4
4
05
05
5012 Jan 2
33
3312 7,600 American Beet Sugar_ -....
37
36
323 3312 3334 3478 3234 3438 3318 34
4
8312 Mch 10 86 Itch 6
100
*80
80
00
Do preferred
*80
8712 *80
86
90
86
88
*80
, *80
11 7
1 " Jan
4
4
tg13 Jan12
4
1
36
4
4 3538 3714 363 3814 363 3712 3512 363 79,400 American Can
3712 343 363
1
an g(
4,841
97
98
Apr
Do preferred
08
9812 98 9814 9814 9814 9773 9812 978 98
5114 1,200 American Car & Foundry 4712 Feb 25 563 Jan 2
5238 *513 5312 *5114 5212 52% 5258 5114 5134 51
52
4
;
200
Do preferred
112 Feb 26 117 Mch 5
115 115 *11334 120 *11412 117 *114 119 *11414 119 *11452 120
38% *3734 4012 1,760 American Cities
38 Apr 10 4834 Jan 6
40
383 3914 38
4
3912 40
41
40
41
7018 7018 2,100
69% 70
Do preferred
70
6912 Apr 10 7813 Jan 2
7014 70
75 .70
*70
7312 *70
47 47
48
2,000 American Cotton Oil__
4812 48
De preferr
2
4
423 Mch 18 573 Jan 2
! 49
49
47
473
4 48
4912 48
*05 100
*931 100
4
*95 100
9512 Mch 28 063 Jan 10
*95 100
preferred
*05 100
*9512 100
513 Jan 8
200
p Vcan Hide & Leather
4 Jan 14
e
4 *414 4 4 *414 434 *414 434 *418 458 *418 4%Am(
i *414 43
3
*24
27
2212 Feb 25 2814 Feb 10
*25% 27
*25
26
27
26
*24
27
26
preferred
1 26
2 2713141
20 Jan 25 1
9 p
28
257 2578 2,700 American Ice Securities.._
2614 28
2612 26
26
n 31
r 4
26
8, 28
2612 26
101
300 American Linseed
11
1078 1014 1014 *10
*1012 1114 *10
Jan
1134 11
l• *11
2312 Feb 26 3112 Jan 31
2913 *28
*2612 20
Do preferred
2914 *26
2912 *2612 29
I *2711 2912 *27
3312 Feb 25 441k Jan 6
1,800 American Locomotive
37
*3713 3812 3714 3712 36
*3812 3914 373 373
4 3714 38
4
10478 Feb 5 10834 Jan 2
*103 106 *10314 106 *103 106 *1031 10412 *10314 104 *103 104
Do preferred
1012
4 0 American
100
3
11
*9% 1012 *9
773 Feb 18 13 Jan 3
Corp..
12
*1014 12
1014 1014 *10
*10
47 Feb 18 6113 Jan 3
*5512 58
can i
pret
preferred
5514 5514 5512 5512 5514 5514
41
Pl
32(g
21'
Amer Smelters Sec pref B 837 Mch 25 88 Jan 9
87 '
*85
87
*851
-- *85
87
*85
28
7114 73
71
72
7038 7158 22,750 Amer Smelting & Refin'g 637 Mch19 7434 Jan 30
708 7314 713 72
70
72
400
105 105 *104 10512
41051 10612 *10412 10512 1(1112 1043 105 105
100 Mch 19 107 Feb 7
Do preferred
/
1
4
4
4176 182 *175 185 *178 182 *176 182
178 178 *172 182
100 American Snuff
171 Mch 8 193 Jan 22
Do preferred, new..
*101 105 *101% 105 •10114 105 *101 104 *10112 105 *103 105
104 Jan 6 105 Jan 21
36
37% *36
36
38
*36
38
100 Amer Steel Found (new).. 32 Moh24 4012 Feb 3
*36
38
*3612 3712 *36
•
N:
Highest.
10314 Feb
10138 Jan
213034 Dec
210114 Feb
8618 Aug
7634 Jan
22012 Mch
305 Jan
6814 Feb
15% Deo
3012 Dec
9938 J'ly
13914 Dec
13418 Dec
188 Nov
4514 Dee
95 Dec
162 Dec
530 Aug
1812 J'Iy
8414 J'ne
8 Sep
14 Dec
30 Dec
474 Dec
38 Dec
126 Jan
36 Jan
8
1203 May
1614 Dec
633 Jan
8
2212 May
56 May
1112 Jan
30 Jan
3
1557 Feb
138 Dec
128% Dec
1812 J'ly
§40 Feb
129 Feb
146 Dec
2512 Dec
57% May
35 J'iy
6288 Oct
26% Oct
10618 Dec
126 Dec
29% J'ne
11073 Feb
4
88 J'ne
1153 Jan
8
11978 Dec
9813 Jan
10812 Jan
14818 Jan
8713 J'ne
92 Dec
22% Dec
4214 Dec
1712 Dec
5813 Dec
2812 Dec
2934 Jan
6812 Jan
18 Dec
4434 Dec
103% Deo
2612 Jan
6814 Feb
2012 Jan
334 Dec
1013 Dec
28 J'ne
103 Dec
150% Dec
8814 Oct
28 J'ly
57 J'ly
334 J'ne
12% J'ne
45 Dec
4 Jan
11 Jan
6 Jan
48 Feb
11134 Oct
10414 Feb
14813 Aug
11173 Apr
01 Jan
9412 J'ly
283 Aug
305 Apr
8514 Oct
2034 Oct
3912 Apr
117% Nov
146 Jan
145 Apr
193 Meh
• 6212 Apr
10112 Apr
17612 Feb
507 Deo
24 Mch
4614 Jun
1134 May
23 May
3918 Apr
577„ Apr
48 Apr
14334 Aug
53 Sep
14113 Jan
22 J'ly
6738 Oct
3114 Sep
0538 Mch
18 Apr
40 May
18534 Jan
170 Aug
13834 Mch
2712 Jan
157 Jan
15112 Aug
158 Aug
3153 Mch
66 Apr
4734 Itch
71 Jan
36% Jan
12112 Apr
14214 Apr
4133 Apr
11914 Aug
92 Feb
13112 Aug
12614 May
11112 Sep
117 Feb
17914 Apr,
9314 Apr
10112 Apr
3012 Apr
5933 Apr
2912 Mch
6912 Jan
4334 Apr
4038 Oct
8033 Oct
2212 Apr
5813 J'ne
11513 Apr
82 Sep
8678 Oct
2612 Nov
4934 Jan
1633 Itch
36 Apr
11118 Sep
17634 Sep
9012 Dec
39% Dec
60% Deo
934 May
2273 Apr
0414 Mch
1134 Oct
3612 Oct
1712 Oct
6212 Aug
60 Feb
5413 Dec
08 J'ly
4683 Dec
00 Nov
1114 Feb
0053 Feb
49 Feb
115 Feb
3034 Oct
7514 Aug
4512 Jan
95 Jan
3 Feb
20 Feb
18 Jan
Mch
30 Feb
3134 Feb
103 Jan
434 Jan
42 Jan
84 Dec
6612 Deo
10238 Jan
123 Itch
99 Feb
28 Jan
0234 Oct
6358 Mch
10414 hlch
77 Sep
10114 J'ne
47% Oct
12614 Sep
63% Sep
120 May
6018 Dec
8334 Deo
6014 Nov
9914 Feb
71 Sep
/
4
34 Sep
3034 May
1773 Apr
43 Apr
47% Nov
11012 Aug
1918 Aug
6914 Aug
8912 J'ne
01 Sep
10932 Sep
20314 Dec
105 Aug
4438 Oct
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Rid
Banks
New York
Aetna
195
America 1..... 600
Amer Exch.... 1233
Battery Park 130
Boweryli---. 42
5
Bronx Boroi 30
0
Bronx Nat.... 180
Bryant Park1 150
Butch & Dr.. 130
Century 1
210
650
Chase
Ask
200
610
......
140
----195
-.140
225
700
Blinks
1314
Chat eic Phen. 170
Chelsea Ex1_ 135
Chemical ___ 420
Citizens' Cen 190
395
City
Coal & Iron_ 160
Colonial 1_ 425
300
Columbia/
1190
Commerce
corn Excel.. 318
Cosmoporn g 85
60
East River_
Ask
180
150
430
198
405
165
.....
330
___
323
105
75
Bid
Ask
Banks
Fldelityl___ 165 175
Fifth Ave 1... 4500
300 325
Fifth
990 1000
First
192 108
Fourth
Garfield --------275
Germ-Amer If 145
---German Ex 1 400
-- -Germania"(__ 475 500
Gotham
170
-___
Greenwich I_ 250 260
Hanover _
690
700
• *Bid and asked prices: no sales were made on this day._ tEx-r fhts.
fBale at Stook Exchange or at auction this week. cffIrat Installment
Bid
Banks
Harriman ___ 290
Imp & Traci_ 535
193
Irving
630
Liberty
Lincoln
Manhattan 1 345
Mark & Fun. 245
Mech & Met. 245
Merch Exch. 150
Merchants'_. 190
Metropolist. 1340
Metroporn 1 190
Ask
300
545
198
640
375
355
253
252
160
200
__
197
Banks
Mt Morris ir.
Mutual 1 __
Nassau
New Neth/.._
New York Co
New York
Pacific /..._
Park
People's 1
Prod Exch 1Publieg
Reserve
Bid
200
290
200
210
850
390
255
362
240
165
250
90
Ask.
250
__
210
225
875
400
265
367
250
175
300
91
Banks
Seaboard........
Second
SecuritY ISherman...-.
Statel
23d Ward 1...
Union Exch_
Wash H'ts 1_
Westch Avg_
West Side 1_
Yorkville 1
Bid
460
375
133
135
AA,
____
400
140a
2:25"
176
160
275
160
500
170
_.
176
_ 495
01
0
24% accutil. tilv. •
than
Now l tliV.
aarpxTvate s e a
n firdsh e
lfSt
l bVeht pr?ee. gst cic I •Yllull Paid.
APB. 12 1913.1
New York Stock Record-Concluded-Page 2
1071
For record of sales during the week of stocks usually inactive, see second page preceding.
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
April 5
Ifonday
April 7
Tuesday
April 8
Wednesday
April 9
Thursday
April 10
Friday
April 11
Sate; oi"
She
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan, 1.
-share lots.
On basis of 100
Lowest
Highest
Industrial & Misc (Con)
11312 114
114 11434 11412 11412 *113 115
*113 115 *113 115
1,100 American Sugar Refining 10934 Mch 19 118 Jan 31
*114 11612 *113 116 *113 116 *113 116 *113 116 *113 11614
Do preferred
113 Mch 20 11658 Jan 28
13212 13212 13214 13212 13218 13214 13112 132
13112 1315
13134 132
2 3,070 Amer Telephone & Teleg 1304 Mch20 140 Jan 3
243 243 *240 245 *240 247 *240 246 *240 246
2397 24178
8
'i3212 Mch 8 29434 Jan 10
000 American Tobacco
Preferred, new
*103 104 *10212 10712 *10212 10312 10212 10212 10278 1027 103 103
10634 itict) 10 1043184 Jan 27
1 1 hle 2
8
320
JanJa 1 1
25
*18
*18
2012 18
*1734 25
18
*18
*18
25
100 American Woolen
2012
79
79
77i2 Feb 3 81 Jan 3
79
79
79
79
Do preferred
79
*7812 82
79
78
78
700
29
*29
2738 28
Amer 14'riting Paper pref 26 Mch 31 3214 Jan !:
29
30
2934 3012
1,555
4
3858 3914 3758 381- 3778 3912 39
s
395
8 3834 3938 38'4 387 15,020 aAnaconda Cop Par $25 337 Feb 28 4112 Jan 2
4
*1083 109 *10612 109 *10612 109
104 Feb 28 120 Jan 7
10812 10612 *106 109 *106 109
10'.) Assets Realization
48
49
48
48
.48
48
4612 Feb 25 5312 Jan 8
48
48
48
48
8C) Baldwin Locomotive.._
*10312 105 *1C:14 105 *10414 1043 10434 1043
4
*10411 1013
8
1035 Feb 17 10434 Mch 4
4
353 Do preferred
4 --33
3612 37
3814 35
36
35
33 Mchi0 4112 Jan 9
36
3414 3458 3,700 Bethlehem Steel
344 16
7212 7212 7212 7218 7218 *693 73
7178 7178 72
6358 Feb 26 7212 Apr 4
700 Do preferred
4
71
71
13312 13112 131 131
130 13012 131 131 *130 132 *129 133
800 Brooklyn Union Gas_ _ _ _ 128 Feb 25 13778 Jan 27
*2712 283 *2712 2.85 *2712 283 *2713 243 *2712 285 *2712 2858
8
8
8
Butterick Co
9714 Ic1124 31 Feb
2 :h
9 8 ie
8
8
4914 4912 4758 49
4512 48
4612 4738 4812 47
4312 Apr 8 5612 Feb 3
4812 15,200 Ca ifornia Petrol v t at's_
48
*78
78
755 76
4
75
75
175
75
Do preferred
74 Apr 10 SO Jan 30
*74
76
74
74
530
.
*100 112 4 160 11012 8034 9934 *9914 100
19 10358 Feb 6
*9914 105
*9014 100
100 Case(JI)ThreshMpftr cfs
273
27
4 2812 2358 264 27
2612 27
2312 2838 2578 28
2414 Mch19 3018 Feb 5
2,300 Central Leather
94, 9118 *9418 6112 *94
s
9412 0412 9478 *94
9612 ;9438 9438
93 Mch24 9714 Melt 3
420 Do preferred
4238 43
4134 4212 4173 4278 4214 434 42
4214 18,600 dChino Copper.. Par *5 3578 Feb 27 4758 Jan 2
4234 42
*3512 33
3412 3512 74.12 35
35
3512 34
31 Jan 14 4112 Feb
3412 2,282 Colorado Fuel & Iron_
3512 31
1353 138
4
13334 134
4
1333 135
135 135
13412 13412 13212 13312 2,400 Consolidated Gas(N Y).. 127 Feb 25 14238 Jan 9
1114 1138 11
11
1114 1114 *11
1134 1118 1118 10 8 Ills 2,200 Corn Products Refining_
10 Mch 4 174 Jan 31
7
*8814 70
z8718 0718 *8812 70
Do preferred
*67
70
6312 Mch 13 7914 Jan 31
674 674 6614 67
500
1858 1878 1678 167
*1658 17
8 1634 17
*1658 18
185 165
8
700 Distillers' Securities Corp 16 Mch24 2134 Jan 2
8
1173 173 *12
4
4
*12
18
18
1712 *12
*12
18
18 .12
50 Federal Mining & Smelt'g 1314 Jan 13 18 Jan 22
*34
43
*34
44
*34
44
433 4334 *34
4
*34
44
44
100 Do preferred
33 Mch19 44 Jan 2
14112 14134 14114 14112 140 14112 141 1414 14012 141
3,112 General- Electric
140 141
13412 Jan 24 187 Jan 2
*30
33 '10
33
*30
*3014 33
33
2912 Mehl? 3412 Jan 7
*3014 33
3014
30
400 Gen Motors vot tr ctfs__ _
*7814 80
*7712 80
*7818 80
*7713 80
25 Do prof v t etfs
75 Feb 27 79 Jan 7
*7818 80
1777 777
s
8
212
212
212 212
23
212 212
8 212
212 212 *258 212 3,200 dGoldfield Con M Par $10
318 Mch 19
2 Jan 3
Goodrich Co(B F)
31318 37
38
37
3734 3814 3618 38
3412 35
9,250
35
8
28 Mch 18 68 Jan 2
363
Do preferred
100 10012 993 993 *97 100
4
4
*95
95
99 1 9614 9614 95
SOO
9112 Feb 18 ,0514 Jan 7
*4712 48
*4813 48
*4612 48
47
4712 47
4738 4814 47
000 dGuggenh Explor Par $25 4218 Mehl° 5338 Jan 9
18
1812 18
183
3 1812 1812 184 1812 1 1814 1838 184 187
8 5,280 d Insp'n Con Cop Par$20 1558 Mchlo 2038 Jan 3
___ 10812 107 107 *10612 109 *106 109 *106 109
•
10612 10612
200 Internat Harvester (old) 10412 Mon 13 1155 Jan 30
8
11212 11212 *11012 11512112 112
2001 Do preferred
11112 Mch 8 116 Jan 28
*106 107 *106 107
*::::16i174
106 102 2 11047 1047
10
4
550 Internet Harvester of N J 105 Mch 26 103 Mcli 7
8
8
112 112 *____ 11512 *108 11512
100
Do preferred
113
112 Apr 7 11212 Mch26
107 107
10612 10112 *105 107 *105 1074
300 Internet Harvester Corp, 105 Mch 26 10734 Mch 29
*11212 11512 11258 11258 *11212 1151r *11212 11512 *11212 11512 11212 11212
200 Do preferred
11212 Apr 11 113 Mcb 13
*4
412 *378 412 *378 412 *4
412 *4
Int Mer Marine stk tr cts
412 *378 412
33 Mch20
4
458 Jan 2
•17
1914 *17
1914 *18
1914 *18
100 Do pref stk tr ctfs-19
*17
183
4 1814 1814
1634 Mch 13 1912 Jan 7
•1012 1112 *11
11 12 1012 1013 10
3,100 International Paper
1012
912 10
014
914 Apr 11 1258 Jan 30
94
3
4$1 3 4234 4234 40
4512 43
45
4218 39
40
40
39 Apr 10 4812 Jan 30
4012 5,122 Do preferred
•10
*10
12
1012 *10 .1012 1018 1018 *10
100 Internet Steam Pump
*10
8 Mch17 1813 Jan 9
12
12
*37
39
*35
40
*35
39
3818 3818
loo
Do preferred
37 Mch31 70 Jan 9
*38
__
*85
92
*15
92
*85
92
89
89 *36-- *87 - *85 1112
100 Kayser & Co (Julius)...._ 8514 Jan 18 94 Feb 3
9112
O10212 110 *10212 110 *10212 110 *10212 110 *101 109 *10312
Do 1st preferred____ 10734 Jan 22 110 Jan 2
10912
*83
70
*63
74
85
65
*82
74
*62
100 Kresge Co (5 5)
01 Mch 19 81 Feb 5
74
*132
70
*9838 9912 *9858 9912 9838 9838 *9814 9912 *9814 9912 *98
9838 Apr 8 102 Jan 4
100 Do preferred
99
*40
4212 *40
42
*40
42
41
41
4212
4112 4112 *40
38 Mch27 4978 Feb 4
200 Lackawanna Steel
*101 102 *101 102
10078 101 *101 10112 *100 101 *100 101
300 Laclede Gas(St L)corn.._ 98 Feb 25 10412 Jan
229 23112 22978 230 *229 230
22918 22918 *226 232 *225 230
tr
1,400 Lig.gcco &e yers Tobacco 213 Jan 2 235 Mch
*111 115 *11312 115 *11112 115 f11312 1131 1114 114
11312 11312
preferred
451
1;
113 Mel 6 11612 Jan 23
344 34
34
345s 3414 343
4 3434 3478 3478 347
8 343 343
4
4 2,700 Loose-Wiles Bis tr co ctfs 30 Mch18 3978 Jan 6
*100 -__ *100 ---- *100 ---- *100 105
100 10014'100 105
300 Do 1st preferred
9934 Mob 13 105 Jan 9
*92
*90
*90
93
92
02
92
92
*92
300 Do 2d preferred
93
*92
93
92 Jan 6 95 Jan 8
*176 185 *175 185
100 Lorillard Co (P)
180 180 *180 184 *175 185 *180 184
175 Mch 8 200 Jan 28
011213 11312 11314 11314 113 113 1113 113 *113 11314 113 113
395 Do preferred
113 Feb 25 11612 Jan 22
*70
*70
75
75
May Department Stores.. 66 Feb 20 7678 Jan 2
*70
*70
*70
*70
75
75
75
75
0100 10512 *100 105 *100 105 *100 105 *100 105 *103 105
Do preferred
10078 Feb 20 10513 Jan 2
853 6812 8212 65
8
6018 6314 60 4 6312 605 617
8 81
3
6018 Apr 8 7814 Feb 4
8
613 40,700 Mexican Petroleum
4
2458 2478 2412 2414 2412 2434 243 2514 2514 2538 25
4
2514 9,575 dMiami Copper___Par $5 2138 Feb 19 2812 Jan 4
0118 12012 1
700 National Biscuit
118 120
12012 121 *118 121
'118 12118 *118 121
112 Feb 21 12813 Jan 3
11938 11938 *11712 120 *116 119 .117 120 *117 120 *117 120
100 Do preferred
11618 Mch 24 12478 Jan 8
16
*14
*1412 1612 *14
16
*14
14
16
1434 1434 14
200 Nat Enamel'g & Stamp'g 1378 Mch 10 1914 Jan 30
92
*82
*84
93
92 .83
*83
92
93
*82
Do preferred
*80
92
84 Mch24 9214 Jan 30
51/2 .51
51
51
5212 51
5012 5112 *504 5112 50
50
goo National Lead
4512 Mch19 5614 Jan 2
*10518 107
10618 10018 *105 10712 1106 10614 *10512 10712 107 107
270 Do preferred
104 Mob 14 10758 Jan 27
1818 1814 177 18
8
184 1814 18
1838 1778 1778 1734 1778 3,700 dNevada Cons Cop Par $5 16 Feb 18 20 Jan 2
*72
74
*72
74
*70
*71
71
74
73
73
73 73
255 New York Air Brake
69 Mob 19 8212 Jan 8
78
78
78
78
*79
79
79
79
*70
80
*76
80
310 North American Co(new) 76 Mch 28 8112 Jan 14
*2814 27
*28
27
27
2712 28
28
27 27
*25
28
600 Pacific Mall
2412 Mch20 3113 Jan 22
*38
3812 .38
38
3834 3834 31312 3612 *36
3712 36
38
400 Pacific Telep & Teleg_ _ _
36 Mch 10 46 Jan 4
*113 115 *111 115 *11112 115
11378 113 8 11312 11312 *11112 114
300 People's G L & 0(Chic)_ 109 Feb 24 116 Jan 8
*1912 2112 *19
22
*1912 22
*20
*20
22
22
*20
22
Pittsburgh Coal
19 Mch 20 2438 Jan 2
8558 855
8 83
88
84
8412 84
8512 *83
BO
83
8034 Mch 19 95 Jan 9
8312 1,400 Do preferred
28
2814 28
*27
28
28
28
2814 *27
28
2778 2778 1,100 Pressed Steel Car
2434 Mch19 36 Jan 7
*97 100 1100 100
*97 100
*98 100
*98 100
*98 100
97 Feb 28 10118 Jan 7
10 Do preferred
*115
Pub Serv Corp of NJ..,,.. 11614 Feb 28 118 Jan 21
*114
160
160
15913
160 160 *159 16012 1,255 Pullman Company
15612 Feb 25 155 Jan 2
3418 344 *33
3414 13312 3312 *3312 3414 3418 3414 *3312 3414
2434 Feb 25 75 Jan 9
625 Railway Steel Spring_
*96 100
*90 100
*96 100 • *97 100
*98 100
100
Do preferred
98
98
98 Mch17 11 Jan 13
8
193 195
8 195 1978 1938 195
8 19
8
193
8 1914 1958 195 197
8
8 9,805 dRay Cons CopperPar$10 1634 Feb 19 22 Jan 2
2612 273
277 2778 27
8
4 2838 2658 2612 2858 3,300 Republic Iron &
2714 2653 27
2314 Feb 26 2838 Jan 31
*86
8678 *85
8
87
8512 8578 *8514 86
8 857 80
8551; 853
600 Do preferred
8218 Jan 14 8914 Feb 1
364 37
37
3738 36
37
40
3412 37
37
35
35
4,080 Rumely Co(M)
3412 Apr 7 9214 Jan 7
83
83
8112 82
80
75
7934 793
4 79
77
74
78
1,950 Do preferred
74 Apr 11 993 Jan 4
4
1907 19114 *188 19012 18934 190
8
18812 18812 188 188
189 191
1,200 Sears, Roebuck & Co...._ _ 178 Mch20 21312 Jan 2
367
37 .36 .37
37
2
8 3638 3634 *35
*36
367
37
*35
100 Sloss-Sheffield Steel & Ir 33 Mob 20 4512 J. 28
,
,n
*37
39
3912 *37
39
3912 *37
3912 ___
3912 *37
100 Standard Milling
3418 Mch 8 4Q1 Jan 31
10112 6112 *62
65
65
*6112 65
*62
*62
65
_
10 Do preferred
62 Mobil 6678 Feb 4
*30
*2912 31
31
*2912 31
30
30
30
30
*29- 31
600 Studebaker Corp (The).._ 26 Feb 20 36 Feb 6
*90
93
193
93 '90
*90
*90
93
93
93
92
92
120 Do preferred
z8812 Feb 20 934 Jan 13
37
3714 3714 3714 37
3778 3614 377
8 363 363
4
4 357 3614 4,400 dTennessee Cop..
s
..Par $25 3214 Jan 27 394 Jan 4
11212 11212 112 112 *110 112 *110 112 *110 112 *110 112
300 Texas Company (The)_.. 10878 Mch 18 12234 Jan 10
*93
95
*93
95
93
89
9012 *89
9312 *90
91
92
800 Underwood Typewriter.. _ 89 Mch19 9912 Jan 3
•____ 112 *____ 112
110 11018 *____ 11112 *___- 11112 *____ 11112
200 Do _preferred
110 Apr 8 113 Jan 21
5
518
54 51s
518 514
512 512 *518 53
4 *518 512 1,155 Union Bag & Paper
412 Mc!!18
73 Jan 3
4
*30
35
*30
33
*30
33
8
*323 3312 32
33
33
333
400 Do preferred
4
2934 Mott 13 4134 Jan 3
*14
15
*14
15
14
14
.14
*14
15
15
*14
15
100 U S Cast Iron Pipe & Fdy 1338 Mch18 1634 Jan 30
*51
*51
55
53
*51
53
*51
*51
53
53
51
51
100 Do preferred
51 Apr 11 563 Jan 31
4
*88
72
*68
72
*68
71
*68
*68
*68
71
71
71
CT S Realty & Improv't_ 684 Melt 10 77 Jan 9
6834 6758 8612 67
654 67
6612 67
6612 6634 66
6612 12,510 United States Rubber___ 674 Feb 24 6912 Apr 4
*108 109
10814 10814 10838 109
1093 1093 110912 10912 10912 10958
4
4
935 Do 1st preferred..__ _ 104 Mch19 1094 Apr 9
Do 2d preferred
763 Jan 3 8112Jan 9
8
254,020 United States Steel
5814 bleb 10 6918 Jan 2
1093
4
109
10878 109
109 109
1084 10012 2,915 Do preferred
107 Mch19 1103 Jan 30
4
5412 5312 543
8 54
545
54
4 54
55
5418 5438 537 5438 14,150 dUtah Copper___Par $10 4858 Mch19 6058Jan 2
8
37
38
37
37
3714 3714 37
37
3812 3812 3
1,300 Virginia-Carolina Chem.. 3012 Feb 25 434 Jan 3
6
36
*108 110 *108 110 *108 110 *109 110 *107 110
*108 110
Do preferred
1074 Feb 27 114 Jan 3
70
6878 693
70
4 694 70
70
70
69
60
*68
70
2,000 Western Union Teleg_ _ _
6512 Mch20 754 Jan 9
653
8
4 6518 60
4 65
6658 6634 657 663
6478 6512 8412 65
4,200 Westinghouse El & Mfg.. 6012 Mch 19 794 Jan 2
*115 11934 *11012 11714 *11014 119 *116 11934 *11658 1193 *11612 1193
Do 1st preferred
4
117 Feb 14 11934 Jan 17
91
9234 93
9212 921
9234 95
9614 9418 9512 94
10,800 Woolworth (F W) •
854 Mch19 112 Jan 2
947
*112 114 *112 114 *112 113 *112 113 *112 113 *11212 113 8
Do preferred
10914 Itch 13 11512 Jan 8
1-674
enve 11512
Range. tor Previous
Year 1912.
Lowest
11198e51,
1134 Dec 13312 May
11512Jan 124 Sep
13758 Jan 14918 Meh
24118 Feb 32412 J'ly
10114 Jan 10838 Jan
31 May
18 Nov
79 Dec
9412 Mch
4138 May
2518 Jan
$31 Feb $48 Oct
1031, Feb 12712 Oct
,
49 Dec
6034 Aug
10234 Feb 10818 J'ne
2734 Feb
51".2 Oct
5312 Feb
80 Sep
13. 32 Mch 149 Aug
28 Nov
4018 Apr
4914 Dec
7212 Oct
84 Dec
9513 Oct
997 Dec 10112 Dec
8
1612 Feb
3358 Sep
8(3 Feb 10012 Oct
$25 Jan $5038 Nov
23'q Feb
4334 Sep
13534 Dec 11012 Aug
ie Jan
2218 Oct
75 I)ec
8012 Oct
20 Dec
3614 Aug
114 Feb
2134 Sep
3718 Jan
5234 Sep
155 Jan 18812 J'ly
30 Feb
4278 Sep
7614 May 8234 Sep
$13 Dec
8
$5 Mch
6014 Dec
81 Sep
105 Dee 10012 Sep
247 Dec z36238 J'ne
$1658 Dec $2118 Oct
10514 Feb 12678 Sep
11312 Nov 1213 Apr
4
10714 105 165 -
;
1161- 150 fgt. jive_
2
1e6..
-ar, a- 6234
.10834109.4i1091. -diva -a- 6358 -a; -641 6234 6312 -a- -6'108
4 Mob
1534 J'ly
938 Jan
x4578 Jan
12 Dec
83 Dec
90 Dec
107 Dec
71 Sep
100 Oct
29 Mch
10218 Dec
15678 Jan
10512 Jan
3612 Dec
10212 Oct
90 J'iy
167 Mob
10734 Jan
69 Apr
105 Dec
6234 Apr
$2318 Feb
114 Dec
122 Dec
124 Feb
88 Feb
5118 Jan
10512 Feb
$1814 Jan
50 Feb
7417 Jan
2834 Dec
45 Dec
103 Jan
11334 Mch
77 Feb
2834 Feb
96 Feb
10634 Feb
15812 Feb
2712 Feb
9814 Dec
$16 Jan
1534 Feb
6412 Feb
8914 Dec
9912 Dec
140 Jan
3914 Jan
1614 Jan
53 Jan
30 J'ly
9012 J'ne
$3412Feb
81 Jan
95 Dec
110 J'ne
458 Jan
3518 Dec
13 Feb
50 Jan
67 Jan
4514 Feb
1055s J'ly
75 Jan
5814 Feb
1074 Dec
$5212 Jan
4034 Dec
11478 Dec
7134 Dec
664 Jan
11478 Jan
1124 J'ly
9314J'ly
8
77 Mch
26 Mch
1934 May
6278 May
34 Jan
8458 Apr
9534 Oct
104 Oct
8912 Oct
10512 Oct
6512 Sep
10834 Jan
225 Oct
118 Aug
4718 J'ly
10538 Nov
9234 Oct
21512 Oct
118 Aug
88 Oct
112 Jan
9012 Oct
$3014 Sep
161 Apr
131 J'ne
26 Oct
9513 Jan
6814 Oct
11078 Nov
$244 Sep
85 Nov
877 Aug
8
38 Sep
55 8 Apr
3
12212 Oct
2714 Aug
10034 Aug
407 Sep
8
10334 Aug
12078 Aug
175 Aug
4034 Sep
105 Aug
92418 Sep
35 Oct
9338 Oct
101 Nov
10312 Oct
221 Nov
5934 Sep
36 Dec
66 Oct
4912 Aug
9818 Aug
$4714 May
13058 Sep
11534 J'ne
11412 Sep
1772 May
673 May
4
2212 May
6438 Oct
8612 J'ly
8
677 May
116 May
8512 May
8034 Sep
117 Sep
$6712 Sep
5714 Jan
122 Mch
8614 Jan
8912 Aug
126 Aug
11778 Oct
11634 J'ly
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Bid
Brooklyn
Coney Isi'd
135
First
280
Fiatbush
150
Greenpoint._
Homestead
Wanufact•rs
Mechanics'i
Montauk
'Nassau
85
400
200
ibi-
Ask
155
300
165
160
125
100
425
225
150
220
Banks
Brooklyn
National City
North Side People's ---
Bid
Ask
275
175
145
295
200
155
N Y City
Astor
360
Bankers' Tr 475
B'wey Trust_ 165
375
480
175
Trust Co's
Trust Co's Bid
Ask
N Y City
Central Trust 095 1005
ColumbiaHnickerboe 515 525
Commercial.. 00
93
Empire
300
Equitable Tr 490 505
Farm L & Tr 1250 1285
Fidelity
220 230
Fulton
295
315
Guaranty Tr. 585 596
Trust Co's
N Y City
Hudson
Law T I & Tr
Lincoln Trust
Metropolitan
Mutual Alliance
Mut'l (Westchester).-
Bid
Ask
130
200
130
440
140
207
135
455
130
140
140
150
Trust Co's Bid
Ask
Trust Co's fill
Ask
NY City
Brooklyn
N Y Life dc Tr 1030 1055 Brooklyn Tr.. 490 500
N Y Trust_ _ _ 620 630 Citizens' ____ 150
155
Title Gu & Tr 480 490 Franklin
250
Transatlantic 175
Hamilton ...._ iiii 285
.
Union Trust.. 1250 Linfl - Home
118
125
US Mtg&Tr 455
_ Kings County 620
......
United States 1100 1130 - Nassau
130
Washington .. 375 390 People's
295 idr.
Westchester 160 Queens Co
f100
.....
*Bid and asked prices; no sales on this day. Mess than 100 shares. :Ex-rights.
a Ex-div. and rights. b New stock. d Quoted dollars per share. •;
Male at Stock ifatchange or at auction this week. 8 Ex-stock dividend, 1[ Banks marked with
a paragraph (II) are State banks. z Ex-dIvide302.
1072
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed, and prices are now all—"and interest"—except for income and defaulted bOndS;
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 11.
.
g
r
46.-.
Price
Friday
April 11
Veek's
Range or
Last Sale
cq 4
Range
Since
Jan. 1
Price
Friday
April 11
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 11.
Bid
Ask Low
High
Bid
Ask Low
High No. Low High Chesapeake & Ohio—
10078
103 100%
10014 1003 10012 Mch'13
Gen funding .Sc impt 5s___1929 J-J
4
10012 10118
108
1939 M-N lid 109 108
10014
1st consol gold 5s
10114 Jan '13
10114 10114
10938 Nov'12
1939 M-N
10213 10314 10238 Feb '13
Registered
102% 102%
9914
9812 9878
1992 M-S
1024 10314 10238 Mch'13
General gold 43s
102% 103
9912 7vlch'13
1992 M-S
11312 114 11312
1 11312 11312
Registered
11312
0014
1930 F-A -6£713 Sale 8914
6 11312 11414
1134 11414 11313 11312
Convertible 40
8314 —. 8518 Feb '13
Big Sandy 1st 4s
100' 101 10012 J'ne '11
14
10212 103 10278 Apr '13
1944 J D
jai" 10318 Coal River fly 1st gu 4s_1 9 5 j-D 85 _ _ 8812 Oct 12
30134 Mch'13
100
Craig Valley 1st g 5s
4
2. 848 Jan '13
Foreign Govern,ent.
Potts Creek Br 1st 4s
9 0 J-j
1046 j -J 801
_ 647 9134 Mch'13
5 9518 994
Argentine—Internal 5s of 1909_ M-S 997 98 9'714
R & A Div 1st con g 4s
1989 J-J
98
1 86 92
Chinese (Hukuang) fly 58 £____ J-D 980 90 88
2d consol gold 4s
88
1989 J-J 85 89 87 Mch'13
Imperial Japanese Government
- 95 Oct '10
Greenbrier fly 1st gu g 4s_1940 M-N 85
67 Feb '13
Sterling loan 43-s
8
3 8712 903 Chic & Alton RR refe 3s_1949 A-0 50
893
s
1925 F-A 9 883 89% 8834
4
;
- '12
2d Series 43is
89 8818 Apr '13 _ _
5912
8678 8914
1925 J-J 9
Railway 1st lien 3 s__ _ _1950 J-J 55 57 58
80 83
Sterling loan 4s
4
1931 J-J 9 803 - -- 8038 Mch'13
Chic B & Q Denver iv 4s_1922 F-A 0814 99 98 Mch'13
•
85
100 10212 Illinois Div 3s
101
Republic of Cuba 5s exten debt_ M-S 9100 Sale 100
1949 J-J 8414 Sale 8418
M
9514
9 9412 9714
8614 Aug'12
External loan 43s
1049 F-A 9 9514 Sale 9412
Registered
1949 J-J
- C6612 944 9658
8
San Paulo (Brazil) trust 5s_1919 J-J 997 97% 967 Feb '13 _ _
9633 9712 Illinois Div 4s
1949 J-J
97 Sep '12
31 8614 8912
88
Tokyo City loan of 1912 5s___ _ M-S 8712 80 87%
Registered
9512 9278
4 92 954 Iowa Div sink fund 5s_1919 j 0 Rill- 164 10358 Feb '13
2 .9412
US of Mexico s f g 5s of
1 49 A-j
1899
_ 84 8414 Jan '13 _ _ _ _ 8414 8412
4
A-O 9734 983 98 Mch'13
Gold 4s of 1904
Sinking fund 4s
1954
1:0
9614 Apr '13
Tlele are 22 rtces on the b cuts of $5 to
Nebraska Extension 4s
1
99
1927 M-N 95 _
—
- 9658 Sep '12
1927 M-N
Registered
State and City Securities.
4
_ 99% 9912 9934 14 994 10034 Southwestern Div 4s
083 Nov'12
N Y City
1960 M-S
1921 M-S 9712
-43s
94% 19 94 97%
4
Joint bonds. See Great North
1959 M-N 9414 Sale 94
Corporate stock
100
100 10018 100
9418 12 94 973
4
1958 M-N 94 Sal, 94
Corporate stock
4
Debenture 5s
943
8
94% 131 9414 973
g_if9T514:11j 9312 Sale 9313
4% Corporate stock
1057 M-N 94 9414 944
General 4s
4
6 10314 10512 Chic & E Ill ref & imp 45 195
— 75 74 Mch'13
1957 M-N 103% 103% 10318 10338
New 4s
1917 9v1-N 10114 102 10114 Apr '13
10114 102
1st consol gold 6s
1034 A-0 115 120 119i Jan '13
New 434s
1937 M-N __. 109 10718 Feb '13
General consol 1st 5s
0 % Corporate stock
,
6
1957 PR-N 10338 103% 10338 10312 14 10314 10512
10612 Jan '13
1 1003 1013
1937 M-N
43 % assessment bonds 1917 M-N 101 10112 10114
Registered
4
10114
4
_ _ 97 9734 Feb '13
9 83 86
1942 F-A
1954 M-N 83 8314 833
Pur money 1st coal 5s_
3% Corporate stock
4
833
4
1961 141-S ---_ 101 10078 Mch'13
Registered
N Y State
100% 10112
-4s
4
2
- 10058 10014 Mch'13
J--1
Chic & Ind 0 Ry 1st 5s_ __1936 --- jolt- :7_7 1661- mcil".15
Canal Improvement 4s_ 1961 J-J
10014 1013
4
7614
10118 10118 Chic Great West 1st 4s_ _ _1959 M-S 7512 7614 76
Canal Improvement 4s__ _1962 J -J 16613 _ 10112 Feb '13
124 Feb '13
_ 1013 Jan '13
1960 J-J 10114
1013 1013 Chic Ind & Louisv—Ref 6s_1947 J-J 118
4
Canal Improvement 4s
4
4
1947 J-J 10414 f08l4 10514 Feb '13
10312 J'iy '10
Refunding gold 5s
South Carolina 4 Ms 20-40 1933 J-J 98
8
_- 9012 955 Apr '11
1913 J-J 99
5 99 99
99
Tenn new settlement 3s
Refunding 4s Series C__ _ _1917 J-J
99
8012 Dec '11
Ind & Loulsy 1st gu 4s_ 1956 J-J —. 85 86 fly '12
Virginia funded debt 2-3s_1991 J-J
24 51 59
513 Sale 5112
4
53
Ss deferred Brown Bros ctls___
Chic Ind & Sou 50
-year 4s_ _1956 J-J ._ 91 904 Aug'12
104 Dec '11
1969 J-D
Chic L S & East 1st 4 Ms
10012 Apr '13
-12
Railroad.
Chic Mil& StP termig 5s_ _1914 J-J 166
0512
7414 797, Gen'l gold 4s Series A___e1989 J-J 8013 gm; 9412
A nn Arbor 1st g 4s
h1995 Q-J 7412 76 9514
75
14
96 9412 gsis
96
itch Top & S Fe gen g 4s..1095 A-0 9412 Sale 9412
Registered
e1989 Q-.1: — 9614 9812 Feb '13
8638
8
9512 98
1095 A-0 ___ 9712 9734 Feb '13
Gong gold 33is Ser 11
Registered
e1989 J-J 78 so 863
83 8814
86 J'ne'11
Registered
h1995 Nov 83 8612 87 Apr '13
e1989 J-J
Adjustment gold 4s
8712 86 lich 13
8612
86 86
25-year deben 4s
h1995 Nov
1934 J-J 87 8712 864
Registered
10214 Sale 10218 10314
8
8612 48 83 88
Convertible 414s
Stamped
h1995 M-N 85 Sale 847
10818 Sep 12
10312
Convertible 4 s(wh issued) - j
...
.. 10218 Sale 102
Cony 4s issue of 1909_ _ _1955 J-1)
19
Chic & L Sup iv g 5s
- 1921 Ili 1024 --- - 10433 Jan '13
Cony gold 4s
1955 J-D 102 103 10218 10238 10 1064 1053
4
Chic & Mc Riv Div 5s_ _ _1926 J-J 10412 -- 106 Feb '13
8
Cony 4s (issue of 1910)_ _ _1960 J-D 101 Sale 10012 1027 653 9878 10358
10234
1033
4 104
1921 J-J
28 10012 1055
Chic & P W 1st g 5s
103
10
-year cony gold 5s
1917 J-D 1024 Sale 10218
8
89%
0 M & Puget Sd 1st gu 4s_1949 J-J 8714 Sale 8714
9914 J'ly '11
-Debentures 4s Series K_ _1913 F-A
10214 Oct 12
-52- --31- Dak & Grt Sou gold 5s 1916 J-J 101 _ 11012 Mch'13
9 2
East Okla Div 1st g 4s_ 1928 M-S 9233 94 9312 Apr '13
10912 __
1920 J-4
Dubuque Div 1st s f 6s
Short Line 1st 4s gold_ __ _1958 J-J 8678 8714 87
8714 17 86% 92
_ 997 100 Mch'13
8
1924 J-J 11218 _ _ 11758 Aug'11
Far & Sou assum g 6s
993 10012
Cal-Ariz 1st & ref 4 Ms_ 1962 M-S
4
4
10514 107 Feb '13
El Fe Pros & Ph 1st g 5s....1942 M-S
La Crosse.& D 1st 5s
1919 J-J 10218 -- 1043 J'ne'12
107 107
_ 104 Apr '13
.
.
1034 Feb '13
Wis & Minn Div g 5s—....1921 J -J 10273
10318 10318
Chic & St Louis 1st 6s
1915 M-S 161 _
10934 Feb '13
935
12 90 4 9514
Atl Coast L 1st gold 4s_ _h1952 M-S 9118 92 92
Wis Vail Div 1st 6s
1920 J-J 10858
3
101 -108 10018 Mch'13
h1952 M-S 90 --- 98 Oct '06
Mil & No 1st cons 6s
95 95
Registered
1913 J-D
Ala Mid 1st gu gold 5s_ __1928 M-N *1053 105 1061
10634 Feb '13
Extended 4)s
1913 J-D 100 10018 1004 Aug'12
4
95 Aug'12
Bruns & W 1st gu gold 4s_1938 J-J
lOnic & Nor West cons 7s 1915 Q-F 104 10412 10414 Apr .13
96 Feb '13
, Zs:tension 4s
1886-1926 F-A 9212
Charles & Say 1st gold 78_1936 J-J 128
96 Jan '13
6 8913 92,
_ 9-6 897
1 -"
, Registered
1886-1926 F-A
L & N coil gold 4s
01952 M-N
898
83
1987 M-N 8112 82 82
1
15
General gold 3;is
12318 J'ne'12
Say F& W 1st gold 6s____1934 A-0 .
8434 Jan '13
_ 1103 May'll
/04
Registered
3
1st gold 5s
1934 A-0
97
1987 M-N
P1987 -4-ir 91 04 9313
General 4s
Sil Sp Oca & G gu g 4s
1918 J-J 97 100 97 Oct '12
914 13 8978 913, Sinking fund 6s_ ___1879-1929 A-0 106 _ _ _ 11134 Noy'll
19.1alt & Ohio prior 33-0_1925 J-J 91 Sale 91
1879-1929 A-0 105 -__. 10934 Aug'12
90 9013Registered
904 Feb '13
LP Registered
h1925 Q-J 834 90
- 104 Apr '13
9.
3
Sinking fund 5s_..__1879-1929 A-0 104
9134
953
4 79 9434
h1948 A-0 94%
Gold 4s
8
1879-1929 A-0 10212 10412 1045 Oct '12
Registered
934 Apr '13
81946 Q-J
Registered
103
233 '3ie 92%
,
1021 A-0 9958 _ _ 100
96 5738 9238 7741 1.154-mture 5s
20-yr cony 43 (wh iss)__1933
-is
1921 A-0
10/
11A Jan '12
--- 101 Dec '12
Pitts June 1st gold 6s_ _ _ _1922
10712 Mch'13
"3713 - 3 filltfrister
ti91tg fund deb 5s
1933 M-14
5712 8712 Jan '13
P June & M Div lst g 3Ms1925 M-N 7 8714 90
10784 Aug'11
14
Registered
1933 M-N
8714
P LE & W Va Sysref 4s__1941 M-N _ _ 87 8714
887
2 22 8814 9014
12114 Mch'13
From Elk & Mo V 1st 6s 1933 A-0 119 _
Southw Div 1st gold 3 Ms_1925 J-J 8813 Sale 8812
9012 Sep '00
101 101
- 101 Jan '13
ManGB&NWlst3Ms1941 4-J 73
Cent Ohio R 1st c g 43.0_1930 M-S 100
10612 10612
Milw & S List gu 3Ms_ 1941 J-J 73
1C1312 Mch'13
Cl Lor & W con 1st g 5s..1033 A-0 10212
2 110)4
Mil L S & West 1st g 6s_ _1921 M-Ei 109 11112 1.661Monon River 1st gu g 5s.1919 F-A 10212 _10214 J'ne'12
1 10312 10131Ext & Imp. s f gold 5s_ A929 F-A 10512 110 10714 Feb '13
3
Ohio River RR 1st g 5s---1936 J-D 10312 Sale 10312 10312
11418 Feb '13
10512 Apr '12
Ashland Div 1st g 6s
1925 M-13
1937 A-0
General gold 5s
11312 Mch'13
Mich Div 1st gold 6s
1924 J-J
Pitts Cloy'& Tol 1st g 6s 1922 A-0 107 --- 11312 Feb '12
9358 9312 Mch'13
Mil Spar &N W 1st gu 4s_1947 M-S
1917 J-J 97 ---- 9612 Oct '12
Pitts & West 1st g 4s
4
Northw Union 1st 7s 13-1017 WS 16712 1003 115 J'ly '11
Stet Isl fly 1st gu g 43s_1943 J-D 91 ---- 91 J'ne'12
10812 Mch'13
4
10712 11058
Winona & St P 1st ext 7s_1916 J-D 1073
Buffalo R & P gen g 58_ _1937 M-S 105 ...— 10712 Mch'13
103 10438 Chicago Rock Isi & Pac 68_1917 J-J 104 100 10512 Mch'13
Consol 4 Ms
1957 M-N 103 - - 103 Apr '13
109 Aug'10
Registered
1917 J-J
--- 953 Mch'13
4
9538 953
4
Ail& West 1st g 4s gu
1998 A-0
4
923
4
General gold 4s
1988 J-J 92 Sale 923
Cl & Mali 1st gu g 5s
1943 J-J 101 -- 103 J'ly '08
_ 9212 91 Dec '12
Registered
iiiir2 iiiii
1988 J-J
Roch & Pitts 1st gold 65_ _1921 F-A 1024..— 10912 Mcb.'13
8412
Refunding gold 45
1934 A-0 -g312 Sale 834
11114 1117
11114 Mch'13
1022 J-D 11034.
Consol 1st g 65
8712
-year debenture 5s
1932 J-J 87 8714 8714
38 4614 20
Buff& Susq 1st reg g 4s_ _d1951 J-J 48_ 46 Feb '13
973 Sep '11
4
1914 M-N 93 ..
Coll trust Series L 4s
it
anada Sou cons gu A 58_1962 A-0 10618 4 1 106
10614 57 106 10614
9434 J'ne'11
P 4s
1918 M-N
4Jan '11
1003
1962 A-0
Registered
6418
8
Chic RI& Pac RR 4s___ _2002 M-N 6318 Sale 63113
110 1105
Central of Ga 1st gold 5s__p1945 F-A 10918
11038 Mch'13
6358 Jan '13
2002 M-N
1945 M-N 1055k 10712 10638 Mch'13
10614 109
(Jonsol gold 5s
4
- 873 Feb '13
Iric &
RitetsteredLouis 1st 40_1934 M-S
1945 M-N
10614 10614
10614 Mch'13
Registered
8 10758
Bur C R 3c N—lst g 5s
1934 A-0 16i1g 110 1075
- 103 Dec '11
1st prof income g 5s__p1945 Oct
12012 NIch
Registered
1934 A-0
---- 105 Dec '11
2d prof income g 5s_p1945 Oct
0 R I F& NW lst gu5s_1921 A-0 io(113 166- 10514 Sep '11
---- 96 Nov'11
2d prof income g 5s stamped__
M & St L lst gu g 7s_ __ _1927 J-D
—.. 107 Dec '21
3d prof income g 5s_ __ _p1945 Oct
1003- Apr i5
4
Choc Okla& G gen g 5s_ _01910 J-J 8518 Oct '1
ad pref income g 5s stamped__
106 Jan '13
90 90 Feb '13
Consol gold 58
1952 M-N
-90 90
Chatt Div pur mon g 4s_ _1951 J=75
/
1
Kook & Des Moines 1st 55.1923 A-0 9712 WS 98 Mch'13
Mac & Nor Div 1st g 58-1946 J-J 101 _ 1074Jan '12
_ 8412 89 Feb '13
St Paul & K0Sh L 1st 4 Ms'41 F-A
Mid Ga & Ati Div 5s
1947 J-J 101 _— 115 Nov'05
Chic St PM & 0 con 6s,.,_1930 J.D Iit 12 _ 120 Mch'13
4
Mobile Div 1st g 5s
1946 J-J 101 _-_. 1093 May 11
4
8914 Dec '12
993 993
4
1930 .11)
993
Cons 6s reduced to 3M8_1930 rd-8
Con RR & B of Ga col g 5s_1937 M-N 9934 Sale 9934
facifi 16113 10058 Apr '13
8 Debenture 5s
Cent of N J gen'i gold 5s
1987 J-J 115 117 11612 11714 45 11612 1193
1155 11812 Ch St P& Minn 15t g 6s 1918 M-N 11612 -- 11912 Feb '13
8
11812 11613 Apr '13
_
81987
Registered
_ 12)38 May'09
_ 105 10512 North Wisconsin 1st 6s---1930 J-J 11812
Am Dock & Imp gu 5s_ _ _1921 -J 105 10512 10512 Feb '13
1919 A-0 10612 10814 10813 Mch'13
10212 May'12
St P & S City 1st g 6s
Leh & Bud R gen gu g 5s..1920 J-J
- 1001k 10012 Superior Short L 1st 5sg1930 M-S 106 -N Y & Long Br gang 4s__1941 M-S
10012 Jan '13
im 91 1064
ioi MC14'15
88 90 Chic& West Ind gen g 6s._qi
Cent Vermont 1st gu g 4s_ _e1920 Q-F 82 86 88 Mch'13
-year 48
8614
_ --- i6 - 8614
50
Com'
MISCELLANEOUS BONDS—Continued on Next Paige.
U. S. Government.
U S 213 consol registered__d1930
S 2s consol coupon
d1930
U S 35 registered
k1918 Q-F
k1918 Q-F
U S 3s coupon
U S 4s registered
1925 Q-F
U 13 4s coupon
1925 Q-F
US Pan Canal 10-30-yr 28k1936 Q-N
U S Panama Canal 3s g
1961 Q-S
it
.Veat's
Range or
Last Sale
8778
3p
C
9-J
al4
Range
Since
Jan, 1
No, Low High
3 100 102
1 108 110
_
20 987 fa"
0912 9912
142 8914 9258
8518 E8518
i(
)5F2 10134
843 843
4
4
9134 9313
87 88
6768
6312
98 100
50 84 85%
8
6,3
36 9414 18
3
;
10333 10338
98 9911
9614 07
3 093 10013
4
57 9312 964
74 80
110 119
106 108
10612 10613
9734 98
26
105)4 Or.
75 773
3
124 125
10514 10514
1
1004 1663;
9413 09
97 9813
83% 85
2 -iara 9173
3
218 10114 1063
565 10034 10412
10412 10458
106 10614
4
13 1033 10514
143 • 8714 94
11035 1165;
i 16f34
- 10934 10634
no lows
iol- 1- 4
66196
96
82
84
46 9312
96
06
854
843
4
9814
-23
104 105
i55-
103
1 2
-6/1DiF4 121)4
107
10912 f11 2
110714 10714
11418 11418
11312 11312
027
8 I
10812 10812
10512 10612
16 9134 0418
161 832 16'
18 86 90
_
603;
100 -6.72 - - 63% 0438
80 8734
8
5 1075 10834
10012 1164
105 100
98 1 98
.
89 80
3
120 1207
jails
110 12012
log;
jai* iji
5 8518 8912
Street Railway
4
8 26 1023 104%
4 1043
8
7 10114 10 4 Interboro R.ap 'rr Ss Bar A_1952 M-N 104 Sale 1033
10214 10514 10212 108
9258
2 02 95
9112 610 8814 9238 Manhat By(NY)cons g 0_1990 A-0 92 9312 0258
Sale 8938
9014
tax-exempt
93
1990 A-0
___10214 10214 Mch'13 .___11101 10212 Stamped
Metropolitan Street By—
1 98 98
98
98
2
9
8
112 a ' 4 _ . 05
..
.
57 62 M u9 1_2 ......11.2la _62;
.0 03 j a v 313:. .1
Reftmeling gold 4s
2C102(A-0 --- Sa
---- ----9812 Dec '12 ------ ---100 10112
Farmers' Loan & 'Pr ctf
4
10034 Sale 10038 1003
_ 593 Itch'12 ...... ---- -4
Stamped
4
1C012 . _ _ 10034 Apr'13Jf100 1013
4
Bway & 7th Av lst c g 54_1943 J-e) ........ 162 102 Mch'13 ____ 102 1033
80 841 834 Deo '12 --- ---- --'12_
--Z ,,_ _ 10012 10112 Dec
_ — 84 86
.. . 85 84 Mch'13 ---------Col& 9th Av 1st gu g 55__iggs x7.
.98 —. 101 Feb '13 __-- 10014 101
Lex Av & P F 1st gu g 5s_1993
6 78
I 7
764
7612 97 7613
12
Third Av RR cons gu 4s_2000 J-J ____ ---- 74 J'IY' --- -- ---10173 J'ne'12 _—_ ____
9714
Central Trust Co certifs
98% 9973
9714 99 98 8
7
98 s
7
'
4 Nl v 1
.
Cent Tr Co ant stamped_ ____ -_-_-_-_ 7412j oY :12 "....---.. 1: ---.......
71 7514
72
__ 72 71
106
1 106 107%
Third Ave By hre g 5s____1037 3-j __ 106 100
_ ___ 92 93 Apr '12 ---- -----984 ___ 100 Sep '12 ---- ---- ---- Met W S El (Chic) 1st g 4s_1938 F-A ....._ 8418 9312 J'ly '08 ..... __ --Milw Bloc Ry & Lt cons g 531926 F-A __ 103 10412Dec '11 .... _... ---•
____ 974 08 Feb .13 ___ 98 98
Refunding & eaten 4 Ms__1931 J-J _.. 9414 9412Oct '12 ..... -- --1
79 207 774 8114
784 Sale 784
1
... 102 Noy'12
Minnow St 1st cons g 5s___1019 J-J
•No price Friday! latest this week. d DutrAmell. e Due Mar. aDue Sums. hi:kw,' JP.17. Sc Due Aug. o Due Oct. I;Doe Nov. ".Due Dec. Option sale.
Street Railway
Brooklyn Rapid Tran g 58_1945 A-0
1st refund cony gold 4s_ _ _2002 J-J
Bk City 1st con 5s_ _1916-1941 J-J
Bk Q Co & S con gu g 5s__1941 M-N
Bklyn Q Co & 8 1st 5s___1941 J-J
Bklyn Un El 1st g 4-5s,_1950 F-A
Stamped guar 4-5s
1950 F-A
Kings County El 1st g 45_1949 F-A
Stamped guar 45
1949 F-A
Nassau Elec guar gold 46_1951 J-J
Conn By & L lstScref 5g 45s'51 J-J
• stamped guar 43s
1951 J-J
Det United 1st cons g 4 Ms_1932 J-J
Ft Smith Lt & Tr 1st g 5s_1936 M-S
Grand Rapids Ry 1st g 55 191.6 J-D
Havana Bloc consol g 58-1952 F-A
Interboro-Metrop coll 4348_1956 A-0
-a
APR. 12 1W13 I
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 11
New York Bond Record—Continued—Page 2
t3
Price
Friday
April 11
•Veek's
Range or
Lass Sale
g
3
;41 ,5
Range
Since
Jan. I
BONDS
N. Y. STOCK EXCHANGE g
Week Ending April 11
cc,
3
1073
Price
Friday
April 11
ifreek's
Range or
Last Sala
Range
Since
Jan. 1
High No. Low High
Bid
Ask Low
Ash Low
High No. Low High St P M & M (Continued)—
Bid
8
953 9614
Mont ext 1st gold 4s____1937 J -D ........ 95 9614 Apr '13
4
Cin & D 2d gold 4%s____1937 J-J - 10114 1003 Oct '12
- - -- ----_0 ir
Registered
1959 J-J
9534 98 J'ne '11
1037 J-D
1st & refunding 4s
Pacific ext guar 4s
1950 J-J
_1940 S-J
9233 ItIch '11 -------8614 J'tie '12
--- 91
1st guaranteed 4s
1941 M-N
E Minn Nor Div 1st g4s 1948 A-0 -_-_-_-_ -- 97 Sep '12 --------£_-.. 9814 9814 Mch'13
97
4
8
-681- 11661Cin D & I 1st gu g 5s
Minn Union 1st g 6s
1922 J-J 109 -__ 11414 Sep '12
_
88 Mch 11
C Find& Ft W 1st gu 48 g_1923 M-N
1953 J-J
Mont C 1st gu g 6s
- 90 8634 Feb '13
1937 J-J 120 ___ _ 12412 Feb '13
Cin & W 1st gu g 4s
86 4 86 .1
3- 1
Registered
66
_
13614 May'06
1937 J-J
Day & Mich 1st cons 4%8_1931 J-J ---1035 J-J _ _ _ lag 103 Dec '12
:- 9
1. 8 (i 1-;
1937 J-J idi - Hi" 108
1st guar gob! 5s
108 I!iO4- iii
---Ind Dec & W 1st g 5s
1035 J -J
Registered
1037 J-J
—_
_ 111
10712 Dec '02
1st guar gold Is
ii6- 110 Will & S F 1st gold 5s__ _1938 J-D icif _ _ _ _ 110 - Fe13-,- i
f
Cleve CM C & St L gen 4s_1993 J -D 9112 Sak 9112
9138
.
8 9014 -623g
1931 J-J
8912 90 90
1 00 9238 Gulf& 81 1st ref& t g 5s_81952 J-J 9012 92 00 Mar'13 __ 90 9512
20-yr deb 4%s
90
Registered
81952 J-J
1939 J -J
Cairo Div 1st gold 4s
_ 9112 90 Mch'13
90 90
1st cons g 4;0_1999 J -J -6g5- Ti7,i(;. -dg58
Cin W & M Div 1st g 4s.._1991 J-J ---- 0012 8914 Feb '13
2
2 -§61 — ii "681; iiiiii
8014 8914 ylock
1999 J-J ____ 99 10012 Sep '08 ---_ -_- - - -,- 1090 M-N
LL Registered
St L DivIst coil tr g 4s
90 91
9112 90 Apr '13
Registered
Col & 11 V 1st ext g 4s
1948 A-0 92 93 92 Feb '13 ________ 92 92
1990 M-N
_ 91 Oct '07
_
1955 F-A
Col & Tol 1st ext 4s
Spr & Col Div lstg4s
1940 M-S 84 ____ 90 Dec 11
9218 9234 Mch'13 ____ 923 923
4
4
1004 Dee '12
_
W W Val Div 1st g 4s_._1940 J-J 84 ___ 91 Apr '12
lions Belt & Term 1st 5s___1937 J-J
J-J
C I St L & C consol 6s_1920 M-N 10478 _ _ _ 10478 Mch'13
'
Mar'13
10514 I llinois Central 1st gold 48_1951 J-J i66 . _ _ 100 Sep '11 __._ idd - i6.134
1951
1st gold 4s
L Registered
100
—__
____
k1936 Q-F 87 —_ 9712 Nov'12
1951 J-J ---_ -_— 8878 Feb '13
Registered
1st gold 3%s
k1036 Q-F
90 90
00 Mch'13
Registered
1951 J-J ..... _. : .._ 831 lisy, ..__ .9- : 88'8S71-8
Cin S & Cl con 1st g 58_1923 J-J i6612
8
..: .... .._ 9 1 Feb 03 .
13 .
10718 J'iy '12
8812 1
1951 A-0
Extended 1st g 3%s
COCS:I consol 78
----------1914 J D
_
16i14 105 J'ne'12
Registered
1951 A-0 --_---_
Consol sinking fund 7s 1014 J-D - - - - 1951 M-S
1st gold 3s sterling
General consol gold 6s 1934 J-J __ 124 120 Mch'13
120 120 -- J, 65 ----------80 11-,
Registered
1951 M-S
____
Registered
1034 J -J _ _ 122
Ind B & W 1st pref 48_1040 A-0
Coll trust gold 4s
.
1952 A-0 - ___ _ _ _ -6414 mil,15 .:: "ii_i -6_6 2
1:
p 1:
:
:
___
7
92
se
2
Registered
1952 A-0
0 Ind & W 1st prof 58___d1938
_
_ _
Pen & East 1st con 4s
1955 M-N 9115 Sale 9178
46 914 96
94
1st ref 4s
ig1- -gi
4
1940 A-0 _..... 92 -gr., Jan-i5
Purchased lines 33.48
1952 J-J _ — _ 83 83 Feb '13 --__ 83 83
47 44 Meh
Income 4s
4313 493
Apr
4
9.4 93 93 Al n 13
.1
L N 0& Tex gold 4s
Col Mid and 1st g 4s
1953 M-N .4. ,712 0142 J aar:11 -___ 93 0614
29 32 30 Mar'13
29 364
1999
947
Registered
1953 M-N
92
___.
9 90 947
Colorado& Sou 1st g 4s
1920 F-A 9112 saie 91
8
Cairo Bridge gold 4s
9318 43 9114 9412
---_-_-9478 J'iy '12
1950 J-D
Refund & ext 4%s
1935 M-N 02 Sale 92
Litchfield Div 1st g 3s
1951 J -J -_ __ 7312 7518 Nov .12 ------ -- - -- - _
1921 J-D 107 Sale 107
10 107 108
107
_.._
1st g 6s
& Den
Ft
Louisv Div & Term g 3%s 1953 J -.I
73 84 85 Oct '12 ____ —__ ____
---Conn & Pas Rivs 1st g 4s 1943 A-0
Registered
100 3,1aVio
1953 J-J jail; :......_: 83 Aug'12
— _ _ __ _ _
Cuba RR 1st 50-yr 5s g _1952 J-J ____
-Middle Div reg 55
1921 F-A
123 May'91) -___ ---- ---TA el Lack & WesternOmaha Div 1st g 3s
1951 F-A w -ii _ 7513 5lu g 12 —__ —_ ___10278 Feb '13 ---- 1023 10318
518 A ch ,
1-'i Morris & Essex lst7s_1914 M-N 10112
4
1015 J-D 10312 10514 10538 Apr '13 -- 10514 10512
St Louis Div & term g 38_1951 J -J
-----------1st consol guar 7s
7518
1915 J-D
Registered
1951 J-J
Registered
11138 Dec '10
2000 J-D
Gold 33-4s
1951 J-J
90 Mch'12
-85120ei- 1 -_-1st ref gu g 3%s
'
.
- --1921 J-J 11014 ---- 11012 Mar'13
Registered
1951 J-J .-.------ :::: 10118 Oct '99 --------------- ---N Y Lack & W 1st 6s
11012 1118
1923 F-A 10214 105 1063a Feb '13 ____ 10412 10613
Construction 5s
100 Nov'00 -----------Spring Div 1st g 3%s__1051 J-J
---_ -- -1923 M-N 92 9634 9634
1931 J-J
Term & Improve 4s
Registered
97
1 9613 97E.
Warren 1st ref gu g 3%8_2000 F-A
10218 Feb '03
Western lines 1st g 4s1951 F-A ,13
1------- -66 2 'rii' Fe6" -_-__-_- -94 - -iii _ 11054 Mch'13 - _ Del & Ilud 1st Pa Div 78_1917 M-S
1951 F-A
Registered
iO5- Dellev & Car
2
149 Aug'01
1917 M-S
Registered
1st 6s
1923 J-D lel/- -_-_-_-_
i9.11-2 n -Y-16 ....._-__-__ - - -- -i412 ay 2 -----------10-yr cony deb 4s
1916 J-D 07 bale 97
1932 M-S
Carb & Shaw 1st g 4s9734 27 0614 08
---- - 1922 J-J 98 9034 98
1st lien equip g 4%8
Chic St L St N 0 g 5s
1951 J-D 10512 111 - 11314 Nov'12 __ — — -08
I 8 98 10112
97
1043 M-N 94 96 9412
1st & ref 4s
Registered
1951 J-D 10412 ---- 114 Feb '11
13 9412 994
1946 A-0 86 Sale 86
90 Oct '09 -----------Gold 33.48
Alb & Sus cony 3%s
1951 J-D
8714 34 8
6 883
4
12112 May'12
Rens St Saratoga 1st 78_1921 M-N 115
Registered
1951 J-D
8
187
-------- .- -----_g 'il -...2 ---- ---Memph Div 1st g 4s__1951 J-D -- ---- -iiiii Au- 84
881; 8915
.
Deny & It (Jr 1st con g 4s 1036 J-J 853
87
19313 J-J
- 9312 Meh'13
.
Registered
Consol gold 4%s
93 957
1951 J-D
8
1928 J -D ---- 9712 9612 Mar'13
-----------Improvement gold Is.
St L Sou 1st gu g 4s
9612 99
1931 M-S
92fi,
1055 F-A 80 Sale 80
1
1st & refunding Is
5314 6 l\lar'5Ti
80
12 14 79 8414 Ind Ill & Ia 1st g 4s
1050 J-J 95 94 2 -91- j i13 ____ -o"
1939 J-D
Rio Gr June 1st gu g 5s
10512 --- 10514 107
109 Dee '12
lot & Great Nor 1st g 6s
1919 M-N 10514 - -,-- 10512
1940 J-J - — 7712 6112 Apr '11
Rio Or So 1st gold 4s
- Iowa Central 1st gold 5s___1938 J-D 9413 97 9718 Apr '13 _-__ 04 9938
- 1040
Guaranteed
8 60 6414
85 Mch'08
6018
Refunding gold 4s
1951 M-S 60 Sal( 60
1939 J-J 8214 83 8312
Rio Or West 1st g 48
8312
1 82 -8514 1 amestown Franklin &
1940 A-0 I._ 77 78 Mar'13
Mtge & col trust 4s A
93 04
O Clearfield 1st 4s
78 81
1959 J -D _ _ _ 9312 93 Mar'13
97 Jan '08
Utah Cent 1st gu g 4s_a1917 A-0
7112 72
-Van City Sou 1st gold 3s1950 A-0 70 7012 7112 Feb '13
1917 M-N 97 ____ 110 Sep '04
Des Moi Uu Ry 1st g 5s
-Ls- Registered
1950 A-0 __— --_- 63 Oct '00
1995 J-D 88 — 88
2 88
88
9
6
Ref & impt 5s
i
Det & Mack 1st lien g 4s
9 1 -9
-3
Apr 1950 J-J
9 -9 ; i 1Kansas City Term 1st 4s___1960 J-J 961_ 9 14 9494 Apr9711
2 4
1995 J-D 86 87 87 Dec '12
9
Gold 4s
4
4
4
97 993 T ake Erie & W 1st g 5s___1937 J-J j,(5,112 105 104 A pr '13
4
104 10613
Det Riv Tun-Ter Tun 4%8_19(31 M-N __ 973 97 Apr '13
-1 4 2d gold 55
Det T & 1-0 S Div 1st g 481941 M-S ___ 6212 75 Feb '12 _97 1028
4
1041 J-J
2• 0 1004714 Mch'' e1
2
Dul Missabe & Nor gen 5s..1041 j-J _ 105 10414 Mch'13
13J n
ia1- 10414 North Ohio 1st gu g 5s 1945 A-0
4
4
101 illi1;
7
Dul & Iron Range 1st 5s
1037 A-0 10018 10338 100 Marla _- 100 100 Leh Vall N Y 1st gu g 4348_1040 J-j 100 10414 102 Mch'13
Registered
Registered
-------10413 May'12
1940 J-J
10012 Mch'08
A0
Lehigh Vail (Pa) cons g 4s_2003 M-N - __ 9613 9512 Feb '13
9512 9712
2d Os
1010 -.j 16012 ____ 104 Feb '11
93
_
7
11013 11013
1035 1035 Leh V Ter Ry lst gu g 5s
Du So Shore& At g 5s
1937 1941 A-0 108 ---- 1101$ Feb '13
100 ___ 1033 Feb '13
8
Regtstered
11113 Dec '11
'gin Jol & East 1st g 5s 1941 M-N 10212 -- 110 Aug'12
1941 A-0
1E12
i6i1;
Hi- jig - Leh Val Coal Co 1st gu g 58_1931 J-J - - - - ---- 10512 Mch'13
•
1020 M-S 112 113 112
rie 1st consol gold 75
112
1947 M-N
_
Registered
N Y & Erie 1st eat g 4s
—------ -. 1933 J-J
10112 J'ne'11
2d ext gold 58
- -- - - —
id- idi
1910 M-S 1E12 id 103 Feb '13
1st int reduced to 48
1933 J -J - • - - ---ad eat gold 43s
1023 M-S 9712 __.
-------Leh & N Y 151, guar g 4s
Oct '12
1945 M-S
4th eat gold 5s
1020 A 0 lows _
103 10313
Registered
103 Mch'13
1945 M-S - — -- __
5th ext gold 4s
1028 J D 92i4
El C & N lst pref 6s
100 Jan '12
1914 A-0
N Y LE& W 1st g fd 78_1020 M-S
Gold guar 55
11238 1153 J'ne'12
4
1914 A-0 - - - - ---- 103 Mch 12
Erie 1st con g 45 prior
1096 J-J
Long Isid 1st cons gold 5s_81931 Q-J
8212 Sale 8212
8312 36 82'a 87
107 Mch'13_... 16f- iGiRegistered
1996 J-J
1st consol gold 4s
- 83 85 Sep '12
81931
-------9112 - - -- 9614 M ch'12
1096 J-J
1st consol gen lien g 4s
73 Sale 7278
General old 4s
7314 19 7212 713
: i_
.
1938 -D 88 __... 93 Feb '13
1096 J-J
Registered
74 77 Apr '12
Ferry gold 4%s
953 0 4 9
:
0 N b 12
,e
M-S 861 973- 8614 p ov:13
1951 F-A 894 8914 8914
Penn coll tr g 4s
891, 11 8913 90
Gold 4s
1932 J -D
9
2
97 9914 Oct '06
1953 A-0 76 Sale 76
-year cony 4s A
80
Unified gold 48
77
-iti- -iiii
1949 M-S
193 7
5 8214
1953 A-0 72 Sale 72
Series B
do
Debenture gold 5s
73
1934 .1-j)
38 6914 7713
10412 Dec '08
1016 J -D 104 1093 110 Apr' 12
4
Buff NY & Erie 1st 7s
Guar ref gold 48
4
. . 2
-if- -ii54
1940 M-S 'W :S 1- 9112 Alch'13
Chic & Erie 1st gold Is_.....1082 M-N 10614 Sale 10614
1063
4
7 161- ill
Registered
1940 M-S
95 Jan '11 ------------J 102 10912 109 May'12
Clev & Mahon Val g 5s_1938 j
NYB&MB lstcong 58_1935 A-0 100 ; -1: 11014 Nov 06
: .1225 123
Long Dock consol g 6s
1935 A-0 124.12232 Mch'13
NY&R 13 lstg 5s
1041 103 Jan 13
iiii - ig1927 M-S
1 712 106 Dec '12
-6 Coal & RR 1st cur gu 68_1922 M-N
Nor Sh 13 1st con g gu 5s_o1932 Q-J 'ilii ..104
1 104 104
104
_ 101 10012 Jan '13
Dock & Imp 1st cur 6s
1913 jr-J
10014 10012 Louisiana & Ark 1st g U.._ A927 M-S ___ 95 93 Feb '13
93 9312
N Y& Green L gu g 514_1946 M-N joj:12 109 10312 Aug'12
Louisville & Nashville—
NY Sus & W lst ref 5s
97
4
1937 J-J 95 100 97
1 97 1011
General gold 68
112 Apr '13 ____ 112 1143
1930 J -D
2d gold 4%s
1937 F-A 8212 90 10014 Dec '06
Gold Is
1937 M-N 1051- --_-:: 111 Mch'13 ___ 11012 111
.2
General gold 55
85 87
1040 F-A 80 87 87 Apr '13
Unified gold 48
4 79 9412 9918
953
1940 J-J 9412 Sale 9412
Terminal 1st gold 5s
1943 M-N 103 10812 1073 Feb '13
1073 108
Registered
$
s
.
1940 J-J 106 iii.12 9612 Sep '12 ___
i'661- iiiiii
4 i
Mid of N J 1st ext 5s
Collateral trust gold 58_1931 M-N idi - -- - 10638 Mch'13
1940 A-0
11112 May'12
.
With & Ea 1st gu g 5s
E II & Nash 1s1, g as
1942 J -D
98
- 98 Mch'13
1919 J-D
11012 Dec '12 7_7_ -- — —
Ev & Ind 1st con gu g 68_1926 -J 104 108 106 May'12
L Cin & Lex gold 4%s
, -1931 M-N 100 ____ 10434 May'12 .... --------Evans & TIt 1st cons 644_1921 J
N 0& M 1st gold Os
:
100 110
107 10812 110 Jan '13
12014 11i
1
1930 J-J 115 ---- 12014 Mch'13
.
:
1st general gold 5s
1942 A-0
N 0& M 2d gold es
_ 102 987 Mch'13
98% 987
$
1930 J-J 110 -- 11418 Feb '13:7 1 418 1 4
8
, Mt Vernon 1st gold 6s
Paducah & Mem div 4s...._1946 F-A
1923 A-0
108 Nov'll
_
_—_ 94 Oct '12 __
Bull Co Branch 1st g 5s
Pensacola Div gold 6s
1930 A-0
_ 95 J'ne'12
1920 M-S roil; ._. 10512 Mch'13 __— 16i- ieki
2
s4
Vlorida E Coast 1st 43s 1950 J -D
954 94 Mch'13
94 -i634 Si Louis Div 1st gold 6s 1921 M-8 108 112 11212 J•ly '12 __ ---- --11 ort St U D Co 1st g 4%s _1941 J-J
2
s
g
td in1d s
A2i 1 o0x3G
1980 M-S ....-_-..... 9
_
92 Aug'10
0 6938 Sep '12 --7
Ft W & Rio Or 1st g 48—.1928 J
923Cm Div 4s_1955 M-N
72 74 72 Mar'13
72 7612
4
8912
2 -111/1;
90
Cl_al & H of 1882 1st 58_1913 A-0
Atl Knox & Nor 1st g 5s 1946 J-D 105 ___. 111 Jan '13 .... 110 111
100 10018
100 Mch'13
%..Xreat Norther/4—
Bender Ildge 1st s f g 6s 1931 M-S 10312 _
_ 106 Apr '11 __ _
C & Q coil trust 4s
1021 J -J
Kentucky Cent gold 4s
9414 Sale 9414
1987 J-J 90 if. 90
90
2
9512 320 0312 9614
Registered /a
1921
L&N&M&M lstg4%81945 M-S 102 10314 10314 Feb '13 ___ 103 10314
9414 9512 9412 Apr '13
9312 96
1st & refunding 4 ha ser A 1961 -J ---- 9814 9834
4
L & N-South M joint 4s 1952 J-J ___. 8I7 873 Feb '13 ____ 873 90
99
1110038
4
39 983
2
Registered
1961
s ist au g 5s
red
95 F-eb '05
1932
h1057
1933 - J
NN1
St Paul M & Man 4s
98 Mch'15
08 981
---A jai - -_• _-_-_ 10912 Oct '12 --------leglacilit,edge gen gu g 4%s 1945 J-J 994 — - _ 10112 Jan '13
1933 J- J
_ 12012
6. "- - ::
1st consol gold Os
6
5
12012 1244
1933 J - J
_ 124 11914 Itch'13
Registered
Mch'13
11914 11914 Pens & Au 1st gu g 6s__1921 F-A 105 110 1104 Oct '12 -----------Reduced to gold 430_1933 J -J 101 10434 10314
10214 10412
S St N Ala con gu g 5s__1936 F-A
10314
____ ......
,
_ -. --- 10018 J'1) '12 -----------1933 J-J
Registered
Jeff'Age Co gu g 42_1945 M-S
9114 Men'12
10834 J'ne'09
- L&
•
MISCELLANEOUS BONDS—Continued on Next Page.
E
01)34
-iii1-;j 1eiiio
ioi Feb :
____ ....
...
-----
iiiiii iii
Street Railway
Street Railways
New On By & Lt gen 4;0_1935 J-J
8534 Feb '13
7312 Mch'13
7314 7384
85 8534 United Rya St L 1st g 45_1934 J-J
74
N Y Rys 1st R E & ref 4s temp
"fit; Sale 785
5
763
4 72 745 79
St Louis Transit gu 5s____1824 A-0 -____ 85 83 Nov12
5
30
-year adj inc 55
01942 A-0 581. Sale 58
58 4 365 57 6014 United RR5 San Fr at 45_1927 A-0 6234 Sale 621
7
-664 67
4
623
4
Portland By 1st & ref 50_1930 M-N
101 Jan '13
95 Jan '13
101 101
94 95
Vs By & Pow 15t & ref 55_1934 J-J
Portland By Lt & Pow 1st
& ref cony s f 58
96 96 Mch'13
Gas and Electric Light
1942 F-A
96 96
Portland Gen Elec 1st 68_1935 J-J - 101
J-D
Atlanta GI L Co. 1st g
-oiJos Ryt .14, 11 & P 1st g 58 1937 M-N
iog - 16E34
Bklyn U Gas 1st con g 524_1945 M-N
St Paul City Cab cons g 65_1937 -J
10312Feb '13
54 Oct 12
2
fail; 1031- Buffalo Gas 1st g Is
1947 A-0
Third Ave 1st ref 48
1960 J-J 8012 Yale 8012
81
52 797 823 Columbus Gas 1st g 5s
2
1932 J-J
8
7212 68 7012 794 Detroit City Gas g 55
Adj Inc 5s
01960 A-0 72 Sale 72
ido • me-h1023 J-J
.h
9712 10 97 9912 Det Gas Co.con 1st g 5s
-City B y dc Lt 1st 5 f 58-1923 A-0 97 Sale 97
9538 Sep 08
1918 F-A
of London—
1933 J -J
10118 Mch'13
Det Edison 1st coil tr 5s
193$ J-J
. 434s
9213 9312 9312 Apr '13
93 9534 Eq 0 L N V 1st con g 58_1932 M-S
10612Oc1 '12
Income (3s
1948
8912 Mch'13
87 9312 Gas & Elec Berg Co c g 5s 1949 J-D
100 Feb '13
8912
Union Eiev (Chic) 1st g 5s-1945 -C-15
1
1915 F-A
84 Oct '08
--- -- Gr Rap G L Co 1st g 5s
100 Oct '09
United Rya Inv 1st lien coil
102
102
Hudson Co Gas 1st g 58-1949 M-N
trust 5s Pitts issue
1928 M-N 733$
73 83
78 Apr '13
Kan City(Mo) Gas 1st Ft 5s 1922 A-0
9812 Sep '12
*No price Friday;latest bid and aaked this week. a Due Jan. b Due Feb. 4 Duo April. h Due July. k Due Aug. o Due Oct. 3 Option sale.
•••...
pt.
Tygderground
1074
New York Bond Record—Continued—Page 3
[VOL. xovi.
'n
BONDSt
Price
-g I Price
Week's
Range
...1
BONDS
,V:ek
Range
t
at
N. Y. STOCK EXCHANGE ' Friday
Range or
0.3
Since
N. Y. STOCK EXCHANGE • I Friday
i
.t
Rang or
Since
Week Ending April 11
rm. April 11
Last Sale
...s c., April 11
azir
Jan. 1
Week Ending April 11
Las: Sale
Jan, 1
—
Bid
Ask Low
Ind
Ask Low
High No. Low High N Y C & H R—(Con)-High No. Low High
/ anila RR—Sou lines 4s_ 1936 M-N ____ ___ ___
Westistered1st 4s guar_ __2361 J -J 9534 Sale 953
_2361
eg Shore
4
9612
8 953 9814
4
lv-1 exiCan Cent Inc g 3s tr rect,s_ — ,- ---- -- 2512 Apr '09 -2351 J-J 9514 Sale 9514
--—_
Registered
9512 19 05 0712
0
1917 AEquip & coil g 5s
___
____ ____ __ ___
NY Cent Lines eq tr 4;is 1932 J-J
_ 10012 J'ly '11
lutenist 1st con g 4s_1977 M-S ---------77 Mch'10
AI ex
N Y New Haven & Hartf—
Stamped guaranteed
1977 M-S —
__ 79 Nov'10 --- ____ __
Non-cony deben 4s
1955 J-J 84 8812 8878 Feb '13
8714 8912
1927 J-D 112 ,___ 12412 Oct '12 ___. __
_Minn & St L 1st gold 7s
1956 M-N 83 87 8814 Feb '13
Non-conv 4s
8814 8812
Pacific Ext 1st gold 6s
1921 A-0 ____ 108 11018 Aug 11 --- __ - :::: Cony debenture 3;is
:
1956 J-J 8018 81 81
8214 14 81 87
1st consol go,d 55
1934 M-N
96 94 Mch'13
94 - 100
Cony debenture 6s
12058 Sale 1203
8
12138 146 119 126
1st and refund gold 4s__ 1949 M-S 61 Sale 6012
61
10 5912 627
Harlem R-Pt Ches 1st 4s..1948 M-N
1954 j j
8
9914 Nov 12
Des M & Ft D 1st gu 48_1935 J-J -___ 81 7934 Dec '12 ___. ____ _
B & NY Air Line 1st 4s_1955 F-A
9912 J'ne '12
3 9412 Mch'13 —__ 9414 9'7
M StP&SSM con g 4s int gu 1938 J -J
Cent New Eng 1st gu 4s.._1961 J -J
-901- -9014
4
-06 9014 Air h'13
1st Chic Tennis f 4s_ _,...1941 M-N ---- ---- 0714 J'ne 12
—.
__ _ _ _
Housatonic R cons g 5s,,,_1937 M-N 11014 ____ 110 Feb '13
110 110
M S S& A 1st g 4s int
-gu_1926 J-J 961- —__ 9614 May 12 —_. _.. _ _ _
NY W'ches&B 1st ser I 4;is'46 J-J
.
9_5_ 107 A ug 08 32 94 9814
94
953 9
Alissis.sippi Central 1st 5s_1949 J-J ---- ----0812 Mch 11
N H & Derby cons cy 5s_ _1918 M-N
_
Alo Kan& Tex 1st gold 4s 1990 J-D 9112 92 9112
92
4 90 9514
New England cons 5s_ _ _ _1945 J-J
—
2d gold 4s
g1990 F-A 7912 Sale 7912
7912 14 7812 813
- .6612 M Chvi
4
Consol 45
1945 J-J
1st ext gold 5s
1944 M-N -- 9914 9912 Mch'13 ---- 98 9912 Providence Secur deb 4s_ _1957 M-N _ _ 84 8314 Feb '13
"gni -93
.1
;
1st & refund 4s
892
4
2004 M-S -- 7612 7712 Mar'13 ____ 7412 7712 N Y Co& AV ref 1st g 4s_ _ _ _g1992 M-S 893 Safe 893
4 87 9212
2
4
Gen sinking fund 4;is_
8418
2 84 87
1936 J-J-_,-- 8412 8418
Registered $5,000 only.,.,g1992 M-S
9212 J'ne 12
St Louis Div 1st ref g 4s_2001 A-0 7814 ___ 7712
7712
9 '7'712 7712 General 4s
- 8952 Feb '12
1955 J-D
Dal & Wa 1st gu g 5s
1940 M-N 98 __ 10478 Sep 12---- _ _ _
98 -9
Norfolk Sou 1st & ref A 5s 1961 F-A
68 98 Apr '13
-61;
Kan C & Pac 1st g 4s
1990 F-A 8412 ____ 8778 Feb 13 _..., 877
8
100 100
Norf& Sou 1st gold 5s
100 Mch'13
1941 M-N
8 1037
E 1st gu g 5s_
8
1942 A-0 10378 Sale 1037
2 10312 103 Norf& West gen gold 6s_ _ _1931 M-N 118 119 118 Apr '13
118 120
M K & Ok 1st guar 5s
103
M-N 103 Sale 103
3 103 10412, Improvement& ext g 6s_1934 F-A 117
1942
127 Jan 13
123 123
M K& T of T 1st gu g 58.1942 M-S 95 10012 10014
10014
2 001210114' New River 1st gold Os_
- 2 558
1203 1203
4
1932 A-0 116 12134 10034 FebFebg'13
3
4
4
Sher Sh & So 1st gu g 5s_ _1942 J-D 95 10112 103 Jan '13 -- -- 103 103
N& Wily 1st cons g 4s__ _1996 A-0 9412 9514
8 94 99
Texas& Okla 1st gu g 5s 1943 M-S 101 102 10112 Mch'13 — 10112 10112
98 Jan '11
Registered
1996 A-0
Missouri Pac 1st cons g 6s_.1920 M-N 10514 10512 10518
10514
7 104 10612
Div'i 1st l& gen g 4s
-901; -913;
1944 J -J 91 9112 91 Mch'13
Trust gold 5s stamped_ _a1917 M-S 99 9912 9834 Apr '13 ____ 9814 100
10
-25-year cony 4s
2
1932 J-D 10! 108 10412 A/eh'13
10412 1127
Registered
a1917 M-S -------97 Alay'12 .._ _
10
-20-year cony 4s
1932 M-S 107 108 10732 10738 174 10672 11112
9812
6 97 9934
•1st collateral gold 5s
1920 F-A 9812 Sale 98
10538 Sale 10514
106 374 10212 107
Convertible43is(wh.is.)1938
_ ._
_ _
1920 F-A 8914
Registered
J -I5 88 96
0
3 8712 02
Pocah C & C joint 4s_ _ _1941 --- 10112 10 12
1093 Jan '13
851'4
'
40
-year gold loan 4s
1945 en- s 69 iCi 6678
id
-1i
C0& T 1st guar gold 5s_1922 J-J
ii -661- -79 4
2
1053 1053
4
34
3d 7s extended at 4%
1938 M-N ---- 9612 9612May 11
94 9538
Scio V & NE 1st gu g 4s_ _1939 M-N 89 ---' 95 Feb '13
-618612 17 -8 4 "g'i
1959 M-S 86 Sale 86
1st & ref cony 58
4
Northern Pacific priori g 4s 1997 Q-J 95 Sale 943
9512 121 0434 9852
Cent Br Ry 1st gu g 4s-1919 F-A 90 _ - 91 Mch'13 __ 91 9134
_ _ 95 Apr '13
95 973
1997 Q-J 9434
2
Registered
1948 J-D 75 80 81 Dec 12 _
Cent Br U P 1st g 4s
a047 Q-F 67 Sale 67
General lien gold 38
9
6758 16 66 6814
Lero_y & C V AL 1st g 5s_1926 J-J --------110 Mch'05 ___ _
68 68
Registered
1007 j F
g 4s_a_2040 g-D 65 68 68 Jan 13
Pac R of Mo 1st ext g 45.. _1938 F-A 92 __ 9212
2
93
9 "92i -Ciii;
6 9014 9212
St Paul-Duluth Div
90 94 9014
9014
2d extended gold 5s__ _1938 J-J 103 _ _ 103 Feb '13 _..„ 103 103
Dul Short L 1st gu 5s
1916M-S 9818 --__ 10112 Oct '12
10312 17 103 106
St L Jr M & S gen con g 5s_1931 A-0 1031 105 10314
St P & N P gen gold 6s,,,_1923 F-A
113 113 Mch'13
113 113
Gen con stamp gu g 5s 1931 A-0 - - - - 104.
113 1153 Aug '11
8
Registered certificates_ _1923 Q-F
.
Oct 12 ---:, -- -- - — '
4
817
'Unified & ref gold 4s
1929 J-J 513- efs 8112
5
St Paul & Duluth 1st 5s_1931 F-A 10112 ___ 107 Jan 12
9 81 8258
8
3
1929 J-J 80 4 - — 807 Oct '12 ___
_ , j no 13
Registered
2d 58
10438 Jan'
2
,
1917 A-0 100
12
102)8 fois
8
21 82
8212
9 82 8312
Rh'& G Div 1st g 4s_ _ 1933 M-N 82
1st consol gold 4s
1968 J-D
Jan '13 .___ 98 98
---- - - 06„_
Verdi V I & W 1st g 5s__ _1926 M-S
Wash Cent 1st gold 4s_ _ _ _1948 114-M -_-_-_- -6i - 9118 Apr '11
1
114
Mob & Ohio new gold 6s_ _ _1927 J-D 113 11638 114
8
6 114 11714 Nor Pac Term Co 1st g 6s 1933 J-J 1107 - -- 1107 Apr '13
2
11034 iii8
8
4
1st extension gold 6s_ __h1927 Q-J - — 11312 1123 Jan '13 --- 1123 1123 Oregon-Wash 1st & ref 4s_1961 J-J ____ 9014 90
90
90 9114
4
4
General gold 4s
1938 M-S 83 ___ _ 8418 Mch'13 __-- 8418 8578 penif v w
ac ni voag7chist g 5s_ _1946 J-D 10012 Sale 10012 10012 2 09 10112
s
,
4
Montgom Div 1st g 5s
1947 F-A 1073 110 108 Mch'13 _- - 108 109
_
857 Dec '12 ____ --- --- 8
10114 MO'13
St L & Cairo coil g 4s_ ___e1930 Q-F 88
10114 10114
1st real est g 4s
1923 M-N
9234
Guaranteed gold 4s
1931 J-J 88 .._- 92 Nov 12
107 110 Mch'12
Consol gold 5s
1919 M-S
KT ashville Ch & St L 1st 7s 1913 J-J 10014 10034 10014 :.', 10014
7 19014 i91 10012 Mch'13 --__ i661- 10013
2
Consol gold 4s
LI 1st consol gold 5s
4
4
Sale
1928 A-0 106 1063 1063
4 1063
1 10612 10814
Convertible gold 3;is_ _ _01943 IVI-N
1 15 J-D
065 9712
2
Jasper Branch 1st g 6s
111 Jan '13
97 . Alch 87 .1 38 97 97
8
'8
9 1.3 _
'8
1923 J -J 107
o1915 J-D -665;
Registered
McM M W & Al 1st 6s
idd101 90 9972 1023
1917 J-J 10218 ._ _ _ 10512 Jan '13 ....- 10512 10512
Consol gold 4s
4
1917 J._ j 10258
_ 113 J'ly '04
T & 1 Branch 1st Os
,
10018 9914 FebFeb 1:1
978
18 3
8
Alleg Val gen guar g 48_21942 M-S _ _
9914 9914
948 - N
84
2 "g2r -gg,
8
Nat Rys of Alex pr lien 43is 1957 J-J 84 85 8338
, D R R R & Be 1st gu 4s g '36 F-A 2_3_ 7.7 110000
43
2
--- 82 77 Feb '13 -'-- 7614 78
Guaranteed general 4s_ _ _1977 A-0
Phila Bait& AV 1st g 4s___1943 M-N
Jan
100 100
8
2
2 Sod Bay & Sou 1st g 5s.,_1924 J-J 85
Nat of Alex prior lien 4;48_1926 J-J ---- 99 967 Feb '13._ 967 907
102 Jan '03
__—
1951 A-0 -..- 76 7612 Jan '13 _--, 7612 7612
_
1st consol 4s
Sunbury & Lewis 1st g 4s..1936 J-J 94
__—
„,.. 7812 78
'7812 11 78 87
10112 May'12
U N J RR & Can gen 4s_1944 M-S
N 0 Mob & Chic 1st ref 5s_1960 J-J
____ _4
NO & NE prior lien g Os_p1915 A-0 10 10314 - --,- - - ---. _ _
Pennsylvania Co—
Guar 1st g 43-4s
New Orleanr, Term 1st 4s 1953 J-J ---- 85 8618 Feb '13 ____ gh, iif12
4
10238 104
1921 J-J 102 1023 10212 Mch'13
4
4
10234 Jan '13
8614 35 84 87
Registered
NY Central & 11 R g 3;is_1997 J-J 833 Sale 833
10214 10234
1921 J-J
83
37 82 863
Guar 33s coil trust reg 1937 M-S 86 87 89 Sep 12
Registered
1997 J-J 83 Sale 82
,
4
8912
2 8712 9112
Guar 3%8 coil trust ser B_1941 F-A 8534 8614 8614
Debenture gold 4s
1934 M-N 851 8912 89
1
; ;
8614 - 13E3 -81
93 May'12 .- -- ____ _ _ _
Registered
1934 M-N ---Trust Co ctfs gu g 3 is
9758 Dec '12
_
1916 M-N 97 _
82 170 '7634 81
Guar 3 s trust ctfs 0_ __ _1942 J-D 8532 __ 88 Alch'12
Lake Shore coll g 3 s_
1993 F-A 3912 Sale 8012
-7958 14 70 7958
4Jan '12
1993 F-A 795 8258 7958
Registered
Guar 3%s trust ctfs D___ _1944 J-D 8538 ___ 873
95
-412 Wag
Sale
2 -0
Mich Cent coil gold 3 As_1998 F-A --- 80 77 Mch'13 ___ 75 7812
Guar 15-25-year g 4s
e 002512 Feb '13
2
Registered
9212 9212
1998 F-A -- 7712 78 Sep '12 ____
Cin Leb& Nor gu 4s g__ _ _1932 M 0 .9512
:N 92
1941 A
..
Beech Creek 1st gu g 4s_ _1936 J-J 08 ..--- 98 Feb '13 ____ iig 98
CI & Mar 1st gu g 434s_ _1935 M-N 98 ____ 110 Jan '05
__ ___
Registered
- --__ 99 May'll
1936 J-J
Cl& Pgengug 4Asser A 1942 J-J 100 ____ 10734 Dec '11
2d guar gold 5s
1942 A-0 100 ._ 10934 J'ly '09
1936 J-J 16618
—
9114 Feb '12
1948 A- O
Registered
Serits B
Ine reduced to 3;is_ _1042 NI N
1036 J-J
-86 __ 0018 Oct '12
Beech Cr Ext 1st g 3 Ms_b1951 A-0 -,,,- -- -Series 0 3;is
- -- ---- _ _
1950 F-A 86 ____ 90 May'08
kesp tts
y 3Is
'12
1981 J-D 80 ---- 88 - OctCart & Ad 1st gu g 4s
106
g 3%sB 1940 J-J _. 9012 9112 May'12
9 0
4
Gouv & Oswe 1st gu g 5s_1942 J-D
ESer
rle
8
Moh & Mal 1st gu g 4s
1991 M-S _,-,,z- —.. 913- Jan '15 _ :__ iis8 iii38
__ ___
Grerie ! I ex 1st gu g 43is..1941 J-J
SRe C
321- 10 8 j'lY'2
2 911 2 Feb 13
N J June R guar 1st 4s
1986 F-A ''Im —_- 105 Oct '02
10112101)8
Pitts Y & Ash 1st cons 5s_1927 M-N 103 __ 109 May'10
Registered
1986
_ _
-1i
.
Tol W V & 0 gu 4;isA
N Y & Harlem g 3;is_ _ _ _2000 M-N gi ---- iff2 DeO'
1931 J-J 99 ___ 10218 J'ne'12
_
Series B 43's
Registered
2000 M-N ---1933 J-J 99 ___ 10238 Nov'12
,-- - -Series C 4s
N Y & Northern 1st g 5s 1927 A-0 ---- 10712 107 Feb '13 ____ 10512 107
98 9558 Oct '12
1942 M-S
___ _ _ _ _
PC 0& St L gu 4;isA1940 A-0 101 105 101 Mch'13
Rif 10312
N Y & Pu 1st cons gu g 4s_1993 A-0 -- - - 04 9778 Aug'11
lin 101
----zSeries B guar
1916 A-0 -, --- ---Nor & Mont 1st gu g 5s
1042 A-O 101 10314 101 Mch'13
942M-N
_
106 J'ne 11
Pine Creek reg guar 6s_ _ _1932 J-D 11212 --- 13112 Jan '09
Series C guar
08 97 Dec '12
R W & 0 con 1st ext 5s_ _h1922 A-0 102 _ _ _ 104 Mch'13 _-. 104 i99
Series D 4s guar
1945 M-N
14
90
00
-66- - 66
Oswe & R 2d gu g 5s_ _ _ _01915 F-A ,„-- 101 101 Mch'12 __
Series E 3s guar g
1949 F-A
9514 Jan '13
R W & 0T R 1st gu g 5s_ _1918 M-N 191 ____ 101 J'ne'10 ____ _ _ _ _
Series F gu 4s g
9514 9514
1953 J-D
9713 Jan 13
_ _
Rutland 1st con g 4;is_ _ _1941 J-J 90 9732 96 Oct '12
9712 9712
Series G 4s guar
1957 M-N 964
Og & L Cham 1st gu 4s g 1948 J-J 79 8412 8314 Feb '13.._ g3 ii
-14
C St L & P 1st con g 5s-1931 A-O 105 _. 11312Nov'll
1922 Q-F
106 Feb '13
------92 J ne'09 ____ __ ___ _ Poo & Pek Un 1st g 6s
i(36 106
Rut-Canad 1st gu g 4s 1949 J-J
51921 M-N 94 95 9312 Jan '11
1996 J-J id 110 108 Sep '12
ere mar 4
St Lawr& Adir lstg 5s
p2d gold q
55 54 Jan '13
54 64
ultte—Ref 4s-1955 J-J
e
2d gold 6s
1996 A-0 110 ____ 11912 Mch'12 _ _ _ _ __
49 51 Mch'13,.
51 51
_
_
_
_ Refunding guar 48
Utica & Blk Riv gu g 4s 1$22 J-J 9312 -___ 9978 Nov'11 _
1955 J-J
_
98 Oct '12
86
Lake Shore gold 3Ss_
1997 J-D - — 86 86
56 E 88
.
1921 J-D
12
12 Ch & W M 5s
2
Flint & P M g Os
Registered
1997 J-D
1920 A-0 1.911- iO4 - 103 Oct '12
863 Feb '13
4
863 88
4
97 06 Feb '13 ____ 05 96
Debenture gold 48
9138 107 9014 9234
1st consol gold 5s
1939 M-N
1928 M-S 91 Sale 9034
97 0612 Feb '13
25-yr gold 4s
Pt Huron Div 1st g 58_1939 A-0
1931 M-N 9012 Sale 9012
9114 53 9014 9258
9612 9612
Registered
1931 M-N -,...- ---. 93 Oct '12 ___ __ __ Sag Tus & H 1st gu g 4s_1931 F-A _
-8314 FebKa A & G R 1st gu c 5s 1938 J-J 104 -- --'15
---- --_ ----_ Philippine By 1st 30-yr s f 41,40 A- J
s; 7 J -83 83's
3
0
Mahon 0 1 RR 1st 5s
.
1934 J-J 107 11012 11112 Mch'll
Pitts Sh & L E 1st g 5s
ioi113 J'ly '12
Pitts & L Erie 2d g 5s_ _a1928 A-0 10618 —.. 105 Apr '12 ____ _ _ _ _ _
1st consol gold 5s
11314 Nov '11
1943 J-J
Fitts McK & Y 1st gu 6s 1932 J-J 112 __ 13018Jan '09 _ __ _ ____ vp eadlng Co gen g 4s
05 2 - 1997 J-J . 1- sa1C 0512
963 103 -6E71- -9712
2
2
_ 12314 Mch'12
1934 J-J 112
2d guaranteed Gs
1997 J-J 0534 _
. Regcen
j
9512 Mch'13
-LIersey ister
9512 9612
Cent coil g 4s
McKees& B V 1st g 6s 1918 J-J 10312
__ ___ _ _
1951 A-0 -- 96 96 Mch'13
95 9634
Michigan Central 5s
1931 M-S 10638 iii iii Jaii'15
Atlan City gu 4s g
1951 J-J
119 J'ne'06
Registered
1931 Q-M
1947 J-J
t Jo & (Jr 1st 1st g 4s
-- 84 if- Apr- '15
81 - 84 98 Apr '12
48
1940 J-J
t Louis & San Francisco—
Registered
•
1940 J-J
9812 Nov'll
General gold 6s
tic., 11414
115 114'4 Jan '13
1931 J-J
J L & S 1st gold 3As_1951 M-S
10213 1044,
___ 90 J'ne 08
neras itR
GeL sc l gpd5s
1931 J-J
10434 10212 Mch'13
1st gold 3s
1952 M-N ___- 8618 86 Feb '13.._ 86 8612
8418
St
cons g 4s_ _1996 J -J
86 8512 Deo '12
783 8214
20
-year debenture 4s_ 1929 A-0 _ _ 88 8734 Melt'13 ___ 8734 89
4
1927 M-N 7914 Sale 79
2E
1_9
NY Chic& St L 1st g 4s_1937 A-0 96 Sale 96
9712 41 96 0917
w Div 15t
' 28
9
5
Jan7 1:3 .37 100 100
(JonSth15-20-Yr ss g 5s
1947 A-0
Refunding g 4s
74 7634
Registered
1937 A-0 --------9712 Jan '13
1951 J-J 75 Wait; 10705
9712 9712
Debenture 4s
2 8634 89
Registered
8034 Mch'11
8712
1931 M-N
88 8712
1951 J-J
i
877;
mo K &
MISCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
Kings Co El L & 1' g 5s___1937 A-0
Purchase money Os
1997 A-0
Convertible deb 6s
1922 M-S
Ed E1111Bkn 1st con g 48_1939 J-J
Lac Gas L of St L 1st g 5s_e1919
Ref and ext 1st g 5s
1934
Milwaukee Gas L 1st 4s
1927 M-N
Newark Con Gas g 5s
1948 J-D
INTYGELII&Pg 5s
1948 J-D
Purchase money g 4s
1949 F-A
Ed El Ill 1st Cons g 5s
1995 J-J
NY&QEIL & P 1st con g 58 1930 F-A
N Y & Rich Gas 1st g 5s__ _1921 M-N
Pacific G & El Co Cal G & E
Corp unifying & ref 5s__._1937
Pac Pow & Lt 1st& ref 20-yr
1930 F-A
65 Internat Series
1949 M-S
Pat & Passaic G & E 5s
Gas and Electric Light
10434 1043 Peo Gas & 0 1st con g 6s___1943 A-0 ____ 117 11618 Mob'13
4
113 114
1947 M-S 1013 Sale 10112 1013
4
Refunding gold 58
4
1947 M-S
103 Feb '09
Registered
8818 8812
Ch G-L & Cke 1st gu g 5s-1937 J-J idi - 10312 10212 Apr 13
10138 10212
Con G Co of Ch 1st gu g 5s1936 J-D 100 10312 10314 Oct '12
10012 102
Ind Nat Gas & 011 30-yr 5s '36 M-N
- 90 93 Mch'12
8912 90
Mu Fuel Gas 1st gu g 5s 1947 M-N
10114 Aug'12
Philadelphia Co cony 5s
1919 F-A
100 Nov'12
1011- 103 2 Cony deben g 5s
2
-19712 Feb '13
-9712 98
1922 M-N
84 8612 Stan Gas & El cony s f 6s 1926 J-D
9934 Apr '13
9934 10015
10658 10812 Syracuse Lighting 1st g 5s 1951 J-D
10018 101 Deo '11
100 10118 Syracuse L & P 5s
8512 J'ne'12
1954 J-J
Trenton G & E 1st g 5s
109 Feb '01
1949 M-S
Union Elec L & P 1st g 5s 1932
102 Jan '13
98 _
jai- W..
4
Ref & ext 5s
9434 95 9434
9512 12 943 96
1933 M-N 93 Olt:I 97 Dec '12
Utica El L & P 1st g 5s
1950 J-J 102 __
9412 0412 Utica Gas & E ref 58
9418 9411Mch'13
1957 J-J
10014Desis-.
- 11
ior lois;
100 103 1025g J'ly '12
1950 J-D 103 §Rie 103
10414
-- Westchester Ltg g 5s
'P No price Friday;latest bid and asked. a Due Jan. b Due Feb.. e Due MaY. q Due June. 18 Due July. o Due Oct. p Due Nov. 8 Option sale.
---- 10412 10434 Feb '13
11412 114 Feb '13
123 12212 Dec '12
8818 _ 8818 Apr '13
2
10114 10112 10112 10112
100 10012 10012 Apr '13
8912 90 893 Apr '13
4
10212 _ _ 10614 Apr '12
28
10114 10134 10112 102
85 86 85
8514 20
106 __ _ 10658 Apr '13
_ 10115 100 Mch'13
9212 J'ly '09 —
____ 905:
.0
4. •
•
• NO
••
APR. 12 1913.1
BONDS
Y. STOCK EXCHANGE
Week Ending April 11.
New York Bond Record—Concluded—Page 4
t
Price
Friday
April 11
.Veek's
Range or
Last Bale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 11.
t
zt
1075
Price
Friday
April 11
,Veek's
Range or
Last Sale
Range
Since
Jan. 1
Ask Low
High No. Low Nigh
Bid
St L & San Fran (Con)
Bid
Ask Low
High No.
7413
IA/abash 1st gold 5s
KO Ft S & M con g 6s___1928 M-N 10934 110 11112 Mch'12 - iia
7 U314:
1939 M-N 104 Sale 196
1037 10 7
06 sale 0334 104
54 1068g
'
68
184
737 78
2d gold 5s
K C Ft S & M By ref g 4s..1936 A-0 74 Sale 74
1939 F-A
9814 16 95 9912
1938 A-0
7712 J'ly '12
Registered
Debenture Series 13
90 J'ne'12
1939 J-J
—1st lien equip s fd g 5s_
KC& MR&B 1st gu 5s_1929 A-0 62 ___ 10312 J'ly '12 -_-_-_-.
1921 M-S 97 100 9918 Dec '12
_
8
_ _ 878012 8900; 1st lien 50-yr g term 9s 1959 J-J 80 ___. 80 Mch'13
Ozark & Ch 0 1st gu 5s g..1912 A-0 ___ 9912 903 Mch'13 ______ -1i21- 1661
8
80 80
22
1989 M-N 87 Sale 87
1st ref and ext g 4s
St L S W 1st g 4s bd ctfs
1956 J-J 5914 Sale 5914
6012 28 5414 647
4
Cent Trust Co ctfs
2d g 4s Inc bond ctfs____p1989 J -J 79 793 79 Mch8'717:38
5212
5212 3 51 524
1932 J-D 79 793 79
4
Do Stamped
Consol gold 4s
54 60 51 Mch'13
7912
6 79 81
51 51
10118 Apr
Equit Trust Co ctfs
Gray's Pt Ter 1st gu g 5s_1947 J-D
64 Nov '12
1943 J-J ...... 833 8212
4
8318 —16 -8 1- -813;
Do Stamped
-22
E3 A & A Pass 1st gu g 4s
5312 -6134
5612
4
55 573 5612
1919 J-J
sink I g 5s
104 Oct '09 --Det & Ch Ext 1st g 15s___1941 J-J
6 F & N P 1st
! 722 180 Fe e 13
1_0
. 07 A ub 12
'
107 107
1950 A-0 ._ 85 8512 Feb '13
Seaboard Air Line g 4s
-6E- -8 7 Des Moin Div 1st g 4s---1939 J-J
-E11950 A-0
844 85 Apr '13 ----- 8338 86
Gold 4s stamped
Om Div 1st g 3As
1941 A-0
69 Dec '12
1950 A-0
Registered
1991 M-S 804 ____ 80 Apr '13
Tol & Ch Div 1st g 4s_
-66 so
01999 F-A -7314'- iii "7314 "747 --Li -76- "'HI- Wab Pitts Term 1st g 4s 1954 J-D
Adjustment 58
i
24 Mch'13
2612
24 .28
, Cent and Old
Refunding 9s
1950 A-0 76 771 7712 Mch 13 --- 7714 79
Col Tr Co certs_
2234 Sale 223
4
4
233
4 51 223 2712
At1-13Irm 30-yr 1st g 98.._e1933 M-S 85 88 8414 Mch'13 ---- 844 88
Columbia Tr Co ctfs
24 Mch'13
Car Cent 1st con g 4s_
1949 J-J 87 ___ 9178 Mch'13 ---- 9134 917
1954 J-D
4
2d gold 48
1
138 1 Mch'13
2
1
Fla Cent & Pen 1st g 5s_1918 J-J
Trust Co certfs
178 2
10314 Jan '13 ..__ 10314 10314
2 Mch'13
134 21
1st land gr ext g 5s
1930 J-J RIO":::: 104 Nov'12.—
Wash Terml 1st gu 3As___199 F-A 8338 85 873 Oct '11
8
-- - Consol gold 5s
-year guar 4s
1045 F-A 90 ____ 100 Sep '12
1st 40
1943 J-J 101
107 J'ne'12
Ga & Ala By 1st con 58_01945 J-J 104 105 10412 Apr '13 ____ 10412 166 - West Maryland 1st g 4s
1052 A-0 81 8134 817
8
7 79 8358
82
Ga Car & No 1st gu g 5s1929 J-J 10332 __ _ _ 10312 Mch'13 --__ 1034 103i, West N Y & Pa 1st g 5s
1937 J-J 103 106 10634 Feb '13
1063 10714
8
Saab & Boa 1st Os
Gen gold 48
1943 A-0 -___ 8614 80 Oct '12
1926 J-J 101 10618 105 May'12
_
-Southern Pacific Co—
Income 5s
34
d1943 Nov
Wheeling & L E 1st g 5s__1026 A-0
Gold 9s (Cent Pac coll)_k1999 J-D 897 Sale 893.1
8
20 89 98
90
10112 •'
1137
Registered
Wheel Div 1st gold 5s_ _ _1028 J-J 98 -___ 100 Feb '13
9512 Feb '13 --_ 05 9512
16f1; i011;
i 0 16
0
k1949 J-D
0
20-year cony 4s
003 266 8878 933, Exton & Impt gold 08_ ___1930 F-A ____99 99 Feb 13
8
91929 NI-S 89 Sale 80
Cent Pac 1st ref gu g 4s__1949 F-A 9212 Sale 9212
9914 44 9212 9612
RR 1st consol 4s
80
1949 M-S 80 8014 80
0 180
8
9 011
0
4
9412J'ly '12 ---20-year equip s f 58_
Registered
1922 J-J ____ 0914 9812 Feb *11
1949 F-A
9 8 90 8938 Feb '13
4
8
Mort guar gold 3%s_k1929 J-D - - . -13 9014 Feb '13 81 -1i61- -01 - Winston-Salem S B 1st 4s 1960 J-J
8
-05- 91
4
4
4
1 8924 9112 Wis Cent 50-yr 1st gen 98.._1999 J-J 9012 91 9012
893
4
4 90 9138
9034
Through St L 1st gu 48_1954 A-0 ___ - 893 893
Sup&Dul(Hy & term 1st 4s '30 M-N 8834 8914 8934 Mch'13 ____ 8914 904
0 II & 5 AM & P 1st 5s_1931 M-N 100 10818 101 Mch'13 --- 104 10434
Gila V G & N 1st gu g 5s..1924 M-N 99 103 10218 J'ly '12
Hous E & W T 1st g 5s 1933 M-N 100.103 Dec '12 __ __ ---- -- Manufacturing & Industrial
1933 M-N 100 TiOli 10414 May'12 ____ ----- — - Allis-Chalmers 1st 5s
1936 J-J 544 62 57 Dec '12 __
1st guar Os red
5512 30 "EZ 63
Trust Co ctfs deposit
5412 Sale 5412
II & T C 1st g 58 int gu_1937 J-J _ . _ - 110 10914 Sep '12 ..... ---- -- - 1921 A-0 92 94 93 Mch'13 ____ 8
1928 A-0 997 1603 100
6S- -j3
: Am Ag Chem 1st c 5s
2 99 1017
10014
3
Gen gold 4s Int guar_
8
_
Am Cot Oil ext 4As __p1915 Q-F 9614 97 963 Mch'13 -- 9614 9714
3
Waco& NW My 1st gOs 1930 M-N -------11914 Mch'10 ---1941 J-J 10010412 106 Jan '13
1'66" i'663, Debenture Os
4
1931 M-N 9212 9334 938 Mch 13 -- 93 95
A & N W 1st gu g 5s
Morgan's La & T 1st 7s_1918 A-0 108 112 11134 Aug'12 -Am Hide & Lists f g 6s
1919 M-S 100 1014 10014 Apr '13 --- 100 10312
1920 J-J 104,, 1074 107 Jan '13 --- itif - joi Amer Ice Secur deb g 6
Ap1r0'31334
1st gold Os
74 7638
1925 A-0
1938 A-0 105
112 Feb '0, ---Am Smelt Securities s f 68_1926 F-A 1051 Sale2 107363812
73 7 1
; 6
27 102 105
No of Cal guar g 5s
_ 102 Mch'13
100 0912 Jan '1:3
Ore & Cal 1st guar g 5s 1927 J-J 101
1.6i- i62- - Am Spirits Mfg g 6s
994 994
1915 M-S
110 May'07 -----_-_
0112 933
4
Am Thread 1st col tr 4s
So Pac of Cal—Cu g 5s.._1937 M-N 10312
1Mch'13
1919 J-J
So Pac Coast 1st gu 48 g-1937 J-J
9112 Sep '12 ---- ---- ---- Am Tobacco 40-yr g 6s
120
9112 120 4 38 11912 12053
1944 A-0
San Fran Terml 1st 4s_195 A-0 -gd - "864 8858 Feb '13 ---- -iii5-. "id 120 Nov -12
Registered
1944 A-0
3
001
8
963
Tex & N 0 con gold 5s_1943 J-J .100143 10 le 1013 May'll
4 iE 96'i 971
Gold 4s
4
1951 F-A 963 Sale 9638
Sale 90
1055 J-J
92 133 So Pac RR 1st ref 4s
fir -641;
Registered
538P ;1122
1951 F-A
Southern
89
Am Writg Paper 1st s f 5s_1919 J-J 89 Sale 8834
8 8714 9958
1994 J-J 1042 Sale 10434
4
103 Sep
105
93
29 1044 10434 Baldw Loco Works 1st 5s_ _1040 M-N
043 0718
1st consol g Os
1
. Awlc
1994 J-J ..74 . .; 105 Sep '11
Registered
Beth Steel 1st ext s f 5s__ _ _1926 J-J 96 Sale 953
4
9638 50 95 968
4
Develop & gen 4s Ser A 1956 A-0
77
834 60 825 863
7738 142 77 7812
1st & ref 5s guar A
1942 M-N 8312 Sale 83
2
4
8314
9512 53 933 97
Mob & Ohio coil tr g 4s_1038 M-S 8212 8484 8312
3 834 8613 Cent Leather 20-year g 58_1925 A-0 954 Sale 0518
4
97 97 Mch'13
Mom Div 1st g 4 M-5s- --1996 J-J 104 107 107 Mch'13 —. 107 107
Consol Tobacco g 45
9614 9714
1951 F-A
1951 J-J 84 8512 84 Mch'13 ____ 84 8812 Corn Prod Ref s f g 5s
9612 9614 Feb '13 -- 9534 964
St Louis div 1st g 4s
1931 M-N
5
,
1
1918 J -J 123 ....-__.... 180751144 n 4 ..._
p 3
2
9012 10 90 9322
Ala Cen R 1st g Gs
1st 25-year s f 5s
19391M-N 9012 93 9012
Jan
1048 J-J
Atl & Deny 1st g 4s
8612 -iii1- Cuban-Amer Sugar coll tr 6s 1918'A-0 90 96 9484 Feb '13 -- 9424 96
4
_;2---: 8214 Feb '14 -- ---_
1948 J-J 1(
2d 48
6612 16 64 70
Distil Sec Cor cony 1st g 5s_1927 A-0 66 6612 6614
guar 4s 1949 A-0 82
Atl & Yad 1st g
E I du Pont Powder 4 is 1936 J-D 95 Sale 95 A pr 1_9 86 90
87
87
87
13
.
_ _ _ 16534 De- ' 1 -------1
e-1916 J-J
9613
General Baking 181 25-yr 6s_1936 J-D
Col & Greenv 1st Os
95 9534
_-__
_ 82 784
Gen Electric deb
E T Va & Ga Div g 5s_1930 J-J 103 105 106 Feb '13 -- 166 - R
7712 82
F-A
10834 109 10834 Apr '13 ___ 108 10938 Debenture 55 g 33s,,,,1942 M-S 1047; Sale 1043 Mch'13 --- 1027 10512
1956 M-N
Con 1st gold 5s
8 10478 13
1952
8
Gen'l Motors 1st lien 6s
1938 M-S 10038 .__. 10518 J'ly '12
1915 A-0 994 994 983 Apr '13
E Ten reor lien g 58
9812 100
4
":1 -; Ill Steel deb 4 34s
6 iii1
1940 A-0 88 Sale 88
1946 A-0 63 6338 6418 Mch'13
89
Ga Midland 1st 38
.
14 88 894
-Mch'13 -_-__ _ 1097 110 Indiana Steel 1st 5s
10012 49 997 19114
8
8
1952 M-N 100 Sale 100
Ga Pac By 1st g Os
1922 J-J 108 1103 110
8
3 102 105
Knox & Ohio 1st g 6s
1925 J-d 109 113 11112 Mch'13 ....... 11112 112 Int Paper Co 1st con g 6s 1918 F-A 10212 Sale 10212 10212
Consol cony s f g 5s
87
10512 Nov'12 --- ---- .._ _
86 913
4
1935 J-J .
Mob & Bir prior lien g bs_1995 J-J 102
88 771, 8 12
76
8
8
Int St Pump 1st s f 53
7812 14 764 883
8
1
79 Mch'13 .-- 79 79
Mortgage gold 4s
1929 M-S
1948 J-J 75
4
8
4
98
7714
2 95 963
1
1923 A-0 ig 967 9614
1915 J-J 10112 10214 10214 Mch'13 —. 102 10212 Lackaw Steel 1st g 5s
Rich & Dan con g 6s
1st con Os Series A •
75 8014
1950 M-S
Deb Os stamped
1927 A-0 100 10412 10312 Jan'13— 10312 10312
5-year convertible 5s_
9614 162 93 953
8
76 7 1 755
4 0
73 Sep '12 -1915 M-S 90 Sa11 00 8
Rich & Mock 1st g 4s
1948 M-N 70
Rif -o
-c Ligg&Myers Tob Co 7s tpy bds- _ 12012 Sale 12013 121 18 1197 12218
101
1919 m -N 101 10214 101 Feb '13
So Car & Ga 1st g 5s
3
9AI 40 964 993
____
99e 98
2
Os temporary bonds
Virginia Mid ser C 6s_1916 M-S 10212... 112 Oct '00 ---98 Sa17 9712110
..
4
---- -- Mexican Petrol Ltd env 6s A_'21 A-0
Series D 4-5s
9712 100
1921 M-S 10112 - — 10311 Nov'12
' Series E 58
1026 m-S 102 ____ 10484 Jan '13 _ — 104 4 10484 Nat Enam & Stpg 1st 5s_192II J-D 0012 9212 91
91
38 91 9512
Series F 5s
_ 80 881k Feb '13 ---- 8812 8812
1931 M-S 103
8 05
_ 104 Mch'13 ____ 10414 10814 Nat Starch 20-yr deb 5s___1930 J-J
General Os
1936 m-N 104
9738 15 9612 9912
National Tube 1st 5s
_ 10814 Jan '13
1952 M-N 9512 9612 9612
Va & So'w'n 1st gu 5s 2003 J-J 104
_ 107 Mch'13 ..... 107 1083 N Y Air Brake 1st cony 88_1928 M-N 10018 101 101
101
1 993 103
4
8
1st cons 50-year 5s
1958 A-0 93 ;13 93
3 93 057 P Lorillard Co 7s temp'ry bds„
94
4
12012 12112 1203
4 12114 23 120 12212
• W 0 & W 1st cy gu 98_1024 F-A 92
9312 Sep '12
985
8 51 974 997
98 Sale 98
5s temporary bonds
3
8 -West N 0 1st con g 6s
1914 J-J 1003 -..-...._ 101 Feb '13 ____ i.1.51- - ioi i Ry Steel Spgs 1st s f 5s___1921
9538 Sale 055
.
3
96
2 955 9812
3
.
ipokane Internat 1st g 5s 1955 J-J ioi 103. 10212 Apr '11 _.- icia12 ioi Repub I & S 1st & col tr 58_1934 A-0 10278 8
1027 Mch'13
1027 10278
.
.
8
2rier A of St List g 4 As_ _1939 A-0
___ 104 Feb '13 ___
3 9012 Apr 13
0 9808
4
-year 5s s f
8: _2
;
1940 A-0 0014
10-30
1
'
9012 9218
Sale
Standard Milling 1st 5s_ _ _ _1930 M-N
.1- 1st con gold 55_ __1894-1944 F-A 105 108 111 Aug'12
88 894
___ The Texas Co cony deb 68_1931 J-J 051. Sale
_
4
1953 J-J - -.- 893 9438 Oct '12 ____
21 97 1007
• Gen refund s f g 4s
8
1 06
Union Bag & Paper 1st 5s_1930 J-J
Feb 9
8 13
'
St L M Bge Tor gu g 5s_1930 A-0 1033 100 10618 Sop '12 — ----90 92
8
i iaili 6f14
1043
4
Stamped
98:4 Jan '13
91 2
2000 J-D 1045 106
1930 ___
rex & Pac 1st gold Os
8912 9114
51 Nov'12
10014
-1545 1003 100 Mch'13
3
US Leath Co s f deb g 6s_ _1913 m-N i
q2000 Mch
2d gold inc 5s
_ 87 87 Apr '13 ---- 190 89
. La Div B L 1st g Os
U S Realty & I cony deb g 5s_'24 J
88
1931 J-J 05 ____ 0912 Apr '11 ..:._ ____
10612 Nov'04
' WMInW&N W lstgu 53_1930 F-A
U S Red & Refg 1st g 6s___1931 J-J
2.6 3212 25 Jan '13 - 25 25
Tol & 00 1st g 5s
2 -12
100 1033
1935 J-J 103E1- 106 10512 10512 "i i6g3 io6i4 U S Rubber 10-yr coil tr 68_1918 J -D 10214 Sale_ 1
4
, Western Div 1st g 5s
0214 10 10 33
°3 3Jan 234
'
1918 J-D
1935 A-0 10313 10512 10734 J'ne'12 _ jao— idi i URegistered
i
100
10114 162 1661- 102
S Steel Corp—Jcoup __d1963 M-N RH' Sale 101
' General gold 58
1935 J-D ---- 100 100
4
Kan & M 1st gu g 9s
10133 10112 1 1003 102
.
1000 A-0 ---- 004 9112 Feb '13 ____ 9112 9112 S f 10-60-yr bslreg _d1963 M-N
Va-Car Chem 1st 15-yr 5s_1923 J -D 0412 0512 0512
2d 20-year 5s
1927 J-J ____ 9712 9712 Apr '13 ___ 9712 99
0513 7 9412 98
To! P & W 1st gold 4s_ _1017 J-J 90 92 90 Mch'13 —__ 90 9112 West Electric 1st Os Dec 1922
10114 Sale 1007
8
8
4
10112 24 1003 1023
Westinghouse E&Msf 5s_1931 J-J 9212 Sale 9212
12 003 94
Tol St L & W pr lien g 33e,s_1925 J-,1 - -- 8
5 84 Decri1
93
4
10-year coll tr notes Os_ _1917 A-0
97 984 Feb '13
60
-year gold 4s
965 967
8
1950 A-0 04 Sale 54
8
Coll tr 9s g Ser A
Telegraph 6e Telephone
12
8
1917 F-A -:-.- - 65 6 Dec 122° -ii - -571;
Tor Ham & Buff 1st g 4s__h1946 J-D ,..,,,... 88 89
i -88- -fig - Am Telep & Tel coll tr 48_1929 J-J 88 Sale 88
89
8878 96 86 90
Convertible 48
rIlster & Del 1st con g 5s_1928 J-D 1927 ____ 103
1 103 10412
103
1936 M-S 103 104 103 Apr '13
3
10212 1107
2
11- 1st refund g 48
,
20-yr cony 43's(when iss) 1933
8
1034 Sale 1033
8 10414 182 10212 1037
1952 A-0 —. 84 8512J'ne'12 ____ -- __
Union Pacific
Chicago Telephone 1st 5s 1923
1st RR & land grant g 4s_1097 J -J 97 Sale 0612
"fi"80 -g3 2 Det15
8i1:2 N o - 1
9714 146 0518 9938 Commercial Cable 1st g 4s_2397
Registered
Registered
1947 J-J 033 ____ 0812 Feb '13 ___
2397 -J
8
9812 9812
• 20
-year cony 4s
9878 983
92 8 Sa le
1927 J-J 017 sale 927
Cumb'd T & T 1st & gen 5s_1937 -J
4
29 98 1564
944 38 91 97
99
8
92008 M-S
89
, 1st & ref 4s
012 51 91 9512 Keystone Telephone 1st 5s_1935 J-J .- 90 85 Aug'12
91
By & Nay on g 4s.,,,1046 J-D 91 93 9134
, Ore
00 097 04 m
92
4 02
10034 Wi
2 91 933 Metropol Tel&Tel 1st s f5s_1918 M-N 19812 190 19 2 Aich 413
4
91
g
3
Ore Short Line 1st g Os--1922 F-A 110 111 1104 11012
1929 F-A
3 109 11212 Mich State Telep 1st bs
99 10114
1946 J-J 10514 ___ 10514
N Y& NJ Telephone Os g_1920 M-N 100 ---- 10314 May'll
1st consol ;5s
1054
3 105 109
1929 J-D 8 S-le
912 a
-1
;
. Guar refund 4s
8912
8978 09 883 934 NY Telep 1st& gen sf4%s 1939 M-N 97 Sale 9612
4
9714 43 -1/8 98
Utah & Nor gold 5s
1928 J-J ---- - — 108 May'll __ ..
8
1937 J-J 995 Sale 9912
--- Pac Tel & Tel 1st 5s
9978 35 99 101
1933 J-J ---- 99 _93_ _ _ _
South Bell Tel& T 1stsf bs 1941 J -J 9912 Sale 99
_
1st extended 48
9912 23 99 101
andalla cons g 4s Ser A_1955 F-A 934 ____
03
ii" "Iii - West Union col tr cur bs
1938 J -J 9934 101 9918 Apr '13
9918 10212
1957 M-N 0112 _ . 93 Mch'13 ____ 93 03
Consol 4s Series 13
Fd and real eat g 43s,...•,.1950 M-N 9214 9212 92
9212 13 9114 9612
94 Oct '12
Vera Cruz & P 1st gu 4 30_1934 J-J .... 66
Mut Un Tel gu ext 58
104 J'ne'11
1941 M-N
..- 973 98
4
983 --E3 8
Virginian 1st is Series A _1962 M-N ..
fir -6i3
93 93
. Northwest Tel gu 45s g_1934 J-J 92 __-_ 93 Jan '13
4
1.0.7
----
---.
V
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Buff& Susq Irons f 5s__1932 J-D
• Debenture 5s
a1928 M-S
Col F & I Co gen s f g 5s___1943 F-A
• Col Fuel gen Os
1919 M-N
Col Indus 1st & coil Os gu_1939 F-A
Cons Ind Coal Me 1st 5s_ 1935 J-D
Cons Coal of Md 1st&ref Os 1050 J -D
Or Itiv Coal & 0 1st g 6s__/11.919 A-0
Kan & H & 0 1st f g 58_1951 J -J
Pocah Con Collier 1st s f 58_1957 J -J
St L Rock Mt& 1st bs
1955 J
Tenn Coal gen 5s
1951 J-J
• Birm Div 1st consol 68_1917 J -J
' Tenn Div 1st g Os
01917 A-0
Cah.0 M Co 1st gu g 6s-1922 J-D
1931 M-S
Utah Fuel 1st g 5s
1953 J-J
Victor Fuel 1st s f Os
Va Iron Coal&Coke 1st g 5s 1949 M-S
•No price Friday;latest bid and asked
95 98 97 J'ly '22
91 Noy'll
85
974 9812 9812 Apr '13
10714 J'ne'12
7912 81 80 Mch 13
75 80 85 J'ne'll
____ 94 93 Oct '12
100 1024 Apr '06
- 98 Jan '13
____ 87 8768 Mch'13
77 79 76 Mch'13
10112 1021 10018 Mch'13
10112 1033 101 Apr '13
_ 1033 102 Feb '13
4
-- 101 110 Jan '09
_
8334 7958 Feb '13
95 97 0412 Mch'13
98
994
784 85
98 08
8
8712 877
76 80
10018 103
101 103
102 102
_
793
4
9412 98
-fik;
Miscellaneous
1948 M-S
Adams Ex coll tr g 4s
,
Armour & 001st real est4368'39 J-D
1952 A-0
Bush Terminal 1st 4s
1955 J -J
Consol 5s
1960 A-0
Bldgs 5s guar tax ex
Chino Copper 1st cony 68 1921 J-J
Inspir Cons Cop 1st 6s (rects)__
1922;Co
tot Mercan Marine 4}is
Int Navigation 1st s f 58-1929 F-A
Mge Bond (N Y)4s set 2 1966 A-0
1932 J-J
10-20 yr 5s series 3
Morris & Co 1st sf 430_1939 J-J
1951 F-A
N Y Dock 50-yr 1st g 4s
Niag Falls Pow 1st 58
1932 J-J
Ontario Transmission 58
1945 M-N
Pub Sexy Corp N J gen 5s 1959 A-0
RayConsCopper 1st cony 681921 J-J
Wash Water Pow 1st 58_1939 J-J
80 Sale 7914
29
80
90 Sale 90
78
91
89 89 Feb '18
94 9434 94
1
94
94 Sale 94
5
94
166 170 150 Mch'13 ___
1044 61
104 Sale 103
6414 13
6412 sale 6418
7812 7912 7912
7912
1
7914 8272
90 92
89 8911
94 96
94 94
145 190
9912 10812
63 6612
784 7934
99 2 _
8;2 8912 Feb '13 -___
•
7
_. 83 8214
83
2
i0012 102 10218 Mch'13 ___00 9138 92 Dec '12
sale 19134
S
12
1
..5
112 _28
9218 .
1912184
102 Dec '12
--8912 i3912
8214 84
102 1024
-i173 93
4
109 17.1
aDue Jan dDue April clans May opus June hDue July kDue Aug oDue Oct zoDue Nov oDue Dec sOption sale
CHICAGO STOCK EXCHANGE-Stock Record.
1076
STOCKS-IIIGHEST AND LOWEST SALE PRICES,
Saturday
April 5.
ft
Monday
April 7.
Tuesday
April 8.
Irednesday
April 0.
Thursday
April 10.
Friday
April 11.
Sales
of the
Week
Shares.
STOC:‹S
CHICAGO STOCK
EXCHANGE
Range /or Year 1013
Range for Previous
Year 1912.
Lowest.
Lowest.
Railroads
Chicago Eley Rys com100 30 Jan 3
*27
35
35
*27
35
Jan'13
*27
35
Last Sale 30
*27
Do pref
100 90 Jan 6
Jan'13
*83
90
90
*33
Last Sale 91
00
*38
90
*88
142 Chic Rys part ctf "I"___ 83 Jan 14
02
9111 02
90
*90
90
92 .80
91
00
03
90
1,055 Chic Rys part eV "2"___
2112 Mch17
2278 2334 2334 2378 23
2358 233 2338 23
8
2312 2218 23
521 Chic Eye part ctf "3"___
714 714
Mch 11
712 712
712
712 712
73
8 712
712 712 *7
3t Jan 7
*312 41 1
*312 4.1.1
25 Chic Bye part ctf "4"___
8 *312 411
433 438 *312 438 *312 43
Kansas City By & Lt_100
*12
16
*16
20
20
Last Sale 18 Nov'12
*16
20
*17
pref
Do
100
*3412 40
*3412 40
*3113 40
Last Sale 41 Nov'12
*3412 40
45 Streets W Stable 0 L_100
*8
8
8
812 *8
812
812 *8
812
*8
Mch 1
8
8
Do pref
*4412 4512 *4413 4512 *4412 4512 *4412 4312
100 45 Mch18
Last Sale 45 Mar'13
Miscellaneous
3633 3738 3473 3612 36
3738 3512 3631 2,185 American Can
100 26 Jan 14
3814 37
37
37
9812 9812 98
9712 93
825 Do pref
8
100 v97 Apr 2
4 977 08
93
9814 9814 93
983
13 American Radiator_100 450 Apr 8
*-__ 475 *____ 475
450 450
450 450 *__ 455*___ 455
Last Sale 133 -Apr'13
Do pref
*133 136 *133 136 *133 136 *133 136
100 133 Apr 2
52
52
52
140 Amer Shipbuilding__ 100 30 Jan 22
52
*50
55
*50
32
52
55
32
52
16
Do prof
100 100 *100 102 *100 102 *100 102 *100 102 *100 102
100 100 Feb 8
4
1318 13134 13158 13158
275 Amer Telep & Teleg_100 13014 Mch20
*132 13212 13212 13212 13214 13214 13112 132
*60
60
64
*60
280 Booth Fisheries com_100 59 Mch 28
64
*80
*60
64
61
01
61
61
8412 8412 --------130 Do 1st pref
84
84
8412 *82
8412 *83
*84
86
100 13 Mch 13
Last sate 55
Jan'13
57
*51
Cal & Chle Canal & D 100 ' Jan 29
*51
57
*51
5
57
*51
57
51
*50
5034 51
51
180 Chic Pneumatic Tool_100
51
*50
81
812 Mch10
493 503
4
51
4 51
Last Sale 142 May'12
__-- ---Chicago Telephone _100
2 Chicago Title & Trust 100 202 Apr 8
*ii55" 206 4,i5:1 iC-.- ia- iiii- *202 205 *202 205 *202 205
. 10
*139 13912 *133 13912 133 133
135 Commonw'th-Edison.100 138 Apr 11
13813 13812 139 139 *13812 13912
1112 1113 1118 1118 1118
250 Corn Prod Ref Co com100 1018 Mob 19
*11
1112 *11
1112 1114 1114 *11
Last Sale 77 Feb'13
Do prof
100 77 Feb 11
fo1i 10338 10338 103 10338
151 Diamond Match
100 10234 Mch 25
- -171
1051.1 16373 16512 163
- -. - -12 1155i4 163 *164
35
8 35
3412 3412
363 377
4
500 Goodrich (B.F.) com_100 28 Moh 18
*3512 36
37
38
3778 33
*0512 07
9612 0612 97
72 Hart Shaft &I Marx pf100 94 Alch22
07
97
97
*95
07
71
703 7034 -------4
520 llinois Brick
100
8813 Mob 24
70
71
7012 7114 71
7012 71
LastSale 10614Mar'13
Internat Harvester 00100 10614 Feb 24
Last Sale 7638 Aug'12
Knickerbocker Ice p1_100
12078 12078 *11813 121 *11812 121
30 National Biscuit
100 -111
*119 121 *119 121 *11812 121
-1'eb 24
Last sale 118 Mar'13
Do prof
100 118 Mch10
*118 122 *118 122 *115 120 *115 120
15 National Carbon
100 11512 Melt 14
*11513 120
120 120 *116 120 *116 120 *118 120 *110 120
Last Sale 1157
100 114 Web 10
*116 120 *110 120 *116 120 *116 120
8Mar'13
Do prof
53
*5712 53
Last Sale 57It Apr'13
*57
58
Pacific Gas & El Co__100 5712 A8t•51
*57
58
*57
_ *9112
_ *9112
__ *9112
preferred__ _100
_ *9112
__ *9112
_
..,_
Do
*0113
112 11312 113 11313 11313 11312 11278 113 -11212 113
*11312 115
-WO People's Gas L&Coke.100 109 Rollo
*7812 70
79
*73
Last Sale 79 Mar'13
79
*78
79
Pub Serv of No Ill corn 100 79 Itch 0
.78
93
9818 *03
99
*93
9812 9812 9812
100 03 Fob 13
60 Do prof
9812 9812 9312 99
*35
37
*35
37
37
Last sale 45 Mar'13
*35
Rumely common-- _ _100 42 Mch28
40
.33
4
4
100 75 Apr 11
82
793 703 *75
85
*75
*80
85
86
75
*84
73
78 Do prof
18912 19112 180 192
190 192
188 18914
54 Sears-Roebuck com 100 177 Mch24
191 192
3
---20 Do pref
100 122 Apr 4
123 123 *121 123 *12114 12213 *12114 12213 12212 12212 ---------Studebaker Corp com.100 27 Feb 21
*29
30
*20
*29
30
30
*20
30
Last Sale 2912 Mar'
13
01
*89
01
Do prof
*89
Last Sale 92 Dec'12
91
*89
91
*89
100
511 Swift & Co
8
4
1067 1067 1063 107
8
10812 1063 1065 1063 10658 1063 10612 10634
4
8
4
4
100 105 Feb 28
60 The Quaker Oats Co_100 235 Jan 22
*260 270 *260 270 *260 270 *260 270 *260 270
280 260
54 Do prof
10712 10712 1073 1073 *10712 1073 *10713 1073 *10712 10784 107 107
4
4
4
4
100 106 Mch
145 Union Carbide Co_100 105 Web 19
179 179
17812 17812 177 177
177 177 *177 180 *177 180
Last Sale 112 Feh'13-- r:- Unit Box Ild & P Co_100
*118 134 *118 131 *113 13
4
4 *lls 13
1 Jan 17
1,925 U S Steel com
6358 61
6234 6318 6212 6312 6234 64
827 6314 (123s 63
8
100 5313 Mch 10
186 Ward, Montg'y & Co pref 10512 Feb 10
107 10712 10714 10712 10714 10712 10714 10714 .107 10712 10'714 10714
40 Western Stone
11
11
12
*9
*8
11
*8
11
100 10 Mch17
*8
11
Last Sale 51i4 Mar'13
.
Woolworth, corn
100 871.i Mob 24
--- ---- ---- ---- ---- ---- ---- ----
2
Chicago Banks and Trust Companies
Dividend Record
NAME.
Outstanding
Stock.t
Surplus
and
Profits.t
PerIn
In
1911. 1912. iod.
Last Paid.
Apr'13, 134
2)4
5200,000 4186,816
American State
y69,034
100,006
None An Jan '13, 6
Calumet National
17,105 Beg. b us. Oct 7'12 V. 05, p. 044
250,000
Central Mfg District Bk
Q-J Apr '13, 3
10
Continental & Comm Nat 21,500,000 9,768,681 10
Q-J Apr'13, 4
16
Corn Exchange National_ 3,000,000 6,307,562 18
Apr'13, 134
6
105,842
0
200,000
Drexel State
365,454 10
10
Q-3 Apr'13, 233
750,000
Drovers' Dep National
Q-J Apr'13, 2
8
058,668
200,000
(334
Englewood State
17 Q-a4 Moh31'13,414
10,000,000 11,606,114 12
Fit* National
Mcb31 13, 212
.
12)3
150,000 y209,125
First Nat Englewood
516,624
'rly ate Ba C M
n
2
Foreman Bros Bank'g Co. 1,000,000
8
766,730
Q-J Apr'13, 2
8
Fort Dearborn National_ 2,000,000
023,647 Org. N ov 25 1912
200,000
Halsted St State Bank
Hibernian Banking Assn. 2,000,000 1,118,546 Not pu Wished -se e note (10
35,041 Beg. b us Aug '12. V.05, p. 273.
200,000
Park State
Hyde
J-J Jan '13, 6
10
400,000 0174,150 10
Kaepar State Bank
05,304 Beg. b u.s.Apr 8'11 V.93, p. 1004
200,000
Lake View State
Q-J Apr'13, 3
258,637
200,000
Lawndaie State
882,504 10 10&2e Q-M Apr '13, 3
Live Stock Exchange Nat 1,250,000
52,699 Beg. b us.Aug 26'1 2 V 05, 1) 503
200,000
Mach & Traders State
Q-J Apr' 13, 2
8
2,000,000 1,445,103
Nat Bank of Republic
Q-J Apr'13, 134
694,984
2,000,000
National City
109,846
250,000
0
National Produce
Q-J Apr '13, 133
91,431
Q-J Apr'1, 134
200,000
7
North Avenue State
0(1,342
200,000
0
0 1:4-J Apr'13,134
North Side State Savings
145,327
200,000
5
6 Q-J Apr '1 , 134
North West State
200,000
7,270 Org. N ov. 27 '12. V.95, p. 1044
gdon Ave State Bank
Q-J Apr'13, 2 13
9)4 10
600,000
104,157
eople's Stk Yards State_
200,000
11,040 Beg. b us Nov 1'11 V.93, p. 1235
Second Security
400,000
164,329
0
0
Q-3 Apr 13, 2
Security
200,000 z117,500
Q-J Apr'13, 2
8
8
South Chicago Savings
Q-J Apr'13, 114
200,000
20,332
6
Side State
South
12
,
State Bank of Chicago._ 1,500,000 2,522,122 12
4'1/4•'13, 8
40,503 Beg. b US.Allg 19'l 2 V.05, P.623
200,000
State Bank of Italy
245,062
10 (.1-M Mch 3113,3
250,000
8
Sayings
Stock Yards
020,888 Org. J an. 27 '13. V.05, P. 1888
200,000
Swedish-Amer. State Bk_
M-N Nov'12, 3
500,000 0188,594
Union Bank of Chicago
10,071
(1)i Q
100,000
-J Apr'13, 234
Washington Park Nat
Q-J Apr'13, 2
8
8
Central Tr Co of Illinois_ 4,500,000 1,984,109
1042e J-J Jan '13, 7
500,000 0849,004 10
Chicago City Bk & Tr Co
802,186
1,000,000
Q-J Apr'13, 134
Chicago Say Bank & Tr
Q-J Apr'13, 2
8
5,600,000 /2,203,285
8
Chicago Title & Trust
488,884 8&2c 8&20 Q-J Apr '13, 234
800,000
Colonial Trust & Savings_
Cont & Comm Tr & Say_ 3,000,000 1,844,248
8}3
147.883
250,000
Q-J Apr'13, 234
Drovers Trust & Savings.
-M Deo30'11,4
None Q
5,000,000 2,879,284 16
First Trust & Savings_ _
14,833 Beg. b us.Apr 3'11 V.92,9.022
250,000
Ft Dearborn Tr dr Say Bk
109,140 Beg. b us.Apr 8'12 V.94,9.1030
300,000
Franklin Tr & Say Bk
Q-J Apr '13, 213
2)3 10
244,910
Oreenebaum Sons Bk&Tr 1,500,000
J-J Jan '13, 3
2430,000
043,816
Guarantee Trust & Say
12
Q-J Apr'13, 8
Harris Trust 4 Sayings
1,5 ,000 2,974,861 12
z71,809 Beg. b us.Apr 101 1.3I.92,p.1004
300,000
Home Bank 46 Trust
Jan '13, 4
5,000,000 10,180,689 104,4e 10&4e
Illinois Trnst & Savings
084,853
200,000
Kenwood Trust & Savings
7 7&26 Q-J ADr '13, 14
6 (4 Apr '13, 135
079,330
6
Trust & Say
200,000
Lake View
4
263,468 Beg. b us. Ma y 10
LA Salle St Tr dc Say Bk.. 1,000,000
'12
28,113 Org.13 eo.
280,000
Liberty Tr.& Say. Bank_
Bank_
028,746 Org. 13 opt. 5 '12. V. 95, p. 593
200,000
Market'tr. & Say.
39,764 Beg. Is us.J'iy 1'12 V. 04, P. 434
250,000
Mercantile Trust & Say_
Q-J Apr'13, 4
10
Merchants' Loan & Tr Co 3,000,000 7.067,760 15
Q Apr'13, 134
-J
67,216
200,000
Michigan Ave Trust Co
102,642 Coin,b us. AD 10'l
500,000
Mid-City Tr & Say Bank
1,500,000 2,837,594
Q-J Mch31•13,2
8
8
Northern Trust Co
J-J Jan '18, 4
141,039
250,000
8
8
North-Western Tr & Say_
050,781 Beg. b us.J'ne 1 '11 V.92 p.1557
200,000
Old Colony Tr & Say Bk_
215,235
234
Q-J Apr'13,
8
500,000
People'a Tr & Say Bank
Apr'13, 2
8
Pullman Trust & Savings_
300,000 0280,151
Apr'13, 13I
48,326
3
200,000
Sheridan Tr & Say Bank_
1.
3
7
Highest,
30 Jan
01 Jan
9814 Jan
2613 Jan
812 Jan
438 Apr
3
20
30
13
2
5
25 Nov
00 May
33 Dec
1934 Nov
J'ne
3 Oct
1414 Aug
40 Oct
0 Mch
35 Jan
40 Apr
933., Jan
10433 Jan
38 Jan
11 Jan
578 Jan
25 Sep
5013 Jan
117 Apr
8
52 J'ne
1112 Jan
91 Feb
323 Feb
121 Jan
45 Aug
100 Feb
138 Dec
39 Arch
77 Melt
49 Feb
44 Mob
13712 Jan
184 Jan
13514 Jan
10 Feb
87 Oct
103 J'ly
03 Deo
01 Deu
53 Jan
10512 Deo
67 May
114 Dec
12214 Oct
103 Mch
115 Feb
x 61 J'ly
47 Oct
126 Sep
405 J'ly
135 Apr
61 Oct
10638 Oct
19878 Melt
70 Deo
05 J'ne
6558 May
5512 Oct
145 Mch
222 J'ne
150 Mch
2112 Oct
87 Oct
11134 Feb
8912 Sep
10212 Mcb
7312 Sop !
12078 Sep
7638 Aug
10113 Apr;
13034 May
135 Sep
120 Jan
z 87 Apr
012 Jan 3
45 Mch18
4612 Jan 31
12914 Jan 30
500 Feb 11
1343 Jan 6
8
55 Jan 13
10312 Jan 2
1393 Jan 3
4
71 Jan 3
8973 Jan 6
55 Jan 29
32 Jan 10
212 Jan 7
140 Jan 3
1613 Jan 31
77 Feb 11
11014 Feb 3
53 Feb 13
9312 Jan 14
7812 Jan 31
115 Jan 20
12813 Jan 3
123 Jan 14
12212 Feb 17
118 Jan 25
63 Jan 27
II:ghest.
116 Jan 9 10312 fan 12238 Oct
8213 Jan 25 x 80 Deo z 9412 Apr
10153 Jan 13 z 98 Deo 310713 Apr
09 Feb 21
9412 Dec
037 Nov
8
0738 Feb 6 z 0912 Apr z10312 Oct
21434 Jan 2 140 Jan 22113 Nov
12434 Feb 17 12113 Jan 1253 J'ne
4
3078 .I'ly
34 Feb 13
40 Aug
92 Deo
9713 Aug
0834 Jan 10914 Apr
10778 Moh
280 Feb 15 215 Jan 307 Noy
10812 Feb 15 10513 Jan 110 Jan
20612 Jan 10 z13534 May 231 Nov
Di Feb 10
38 May
178 Jan
5852 Feb
8012 Se')
6834 Jan 2
1083 Mob 5
4
9 Sep
1412 Jan 2
15 Nov
112 .Iau 3
---------DIV wena icecora
NAME.
OutstandOw
Stock.t
Surplus
and
Profits.f
Per.
In
In
1011. 1012. toil.
Southwest Tr.& Say. Bk_
200,000
23,884 Org. J uly 5
_
414,875
_
Standard Trust & Savings 1,000,000
200,000
43,359 • 6
Stockmen's Trust & Say_
1,200,0et, 1,558,903 842e
Union Trust Co
400,0o;
121,347 8&20 8&2e
West Side Tr & Sam Bank
100,617
200,00u
034 10
Woodlawn Tr & Say Bank
2
Last Paid..
„
,0
'12. V. 95, p. 18.
Q-15 Mch 10'13,113
J-J Jan '13, 3
Q II Mch 31'13,2
Q-M Apr '13, 3
Q-J Apr '13, 234
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending April 11
.
Intoest
period
Pried
Friday
April 11.
Ireek's
Range or
Last Sale
Bids
Sold
Range
for
Year 1013
Htqls
High No. Low
Bid
Ask Low
01
01 :
Am Tel & Tel con 4s____1929 J - J01 Feb '13 _ _
- __
0178
9018 10 90
0013
Armour & Co 4331
1939 J -D 9013 Stile
8214 April'12
84
Auto Elea 1st M 6q
1923
t 80
0618 May'12
Cal Gas & PI unit & re/ 53 1037 M-N __ ____
52 10014 1017
101
8
Chicago City Ry 53
1027 F - A 101134 Sale 10012
80
8413 84 alch '13 _ _., 84
Clio City & Con Rya 5s_d1927 A -0 3 81
4
8 003
.00
4
2 063 8814
1914 ./ - 15 0714 975
4
Chicago Eley Ry 68
92
2 02 94
02
Chic Pneu Tool 1st 5s_a1921 J - J 392 Sale
9811)
0834 54 031s 10011
1027 Ir -A 0814 -_
Chicago flys 5s
04
15 03
_
_ 0314
043
series "A" A -0 1 94
Ohio flys 5.,
8634
8318 33 82
12 3212
Ohio Rys 4s
series "B" J -D 3 8284 81
93
Chic Itys 43
series "C" P - A 3- 9413 93 Jan '13 -.- 03
_
100 Jan '12
1013 F - A
Ohio Rys coil Os
76
73
Chio By Pr m al g 4s_c1007 J - J 3--- 7212 72 alch '13
47
58 .47 Mch '13 ....__
58'
Chic By Ad) Inc 45___c1927 alayl t 43
10078 24 10014 1017
1001 Sale 10013
3
8
Chicago Telephone 55_192:3 J -1)
0618 Deo '12
Cicero Gas Co ref 0 m__1032 J - J 3.- 03
8
102
12 101 10318
8
Commonw.Edison 53.--1943 NI- S 31017 Sale 1017
-- __ 10178 Man '13 ..... 10112 1021i
Commonw Elea 5e.-61943 M- S
10012 10011
Cudahy Pack let 1%1 5.1-1924 M-N 3...- 10112 10012 alch '13 ___
10534
4
Die Match Con deb 6e._ -102031043 Sale 10512
i 10512 10811
9911i Aprif12
- ....._
.
Gen Mot 8% 1st L notes_1015 A -0 - 10058 May'12
Int Her 3-yr 5% g notes_1915 F - A --- - 10513 April'12
Inland Steel 1st 114 g 68-1028
Kan City Ry 83 Light Co
..... 00 Oct '12
1013 61-N ---- 2
.
51
87 Jan '13 ---, 87
85
1928 J - J 3-,-. if"
Lake St 06-1st 5e
80
82
0 79
80
Metr W Side El 1st 43_1038 5'- A 80 Sale
7718 81
80
8012 Feb '13 .-_
1938.0 - J 3 79
Extension g 45
8
MD El sty & 1.1 1st g 34 1026 le - A 8103 10112 1047 April'12
__-_- - _,..,0112 95 April'12
do
rei & ext 4338_1031 I - I t 94
8773
4 8778 Moll'13 __
1939 J - J t 8614 873
Morris & Co 443s
1052 51-N -....,. -_. 10034 May'12
Nat Tube let g 51_ ,.
2 - - 10314 April'12 --- .
Nor Shore El 1st g 5s--1922 A -0 51027
let & ref g 641_1940 A -0 9934 10012 100 Jan •13 ____ 100 100
do
Nor Sh Olts oi Ill lat 55_1937 F - A --- --- .U512 Sept '12 ..
North West El let 48. -1911 NI- S --,, ...- 10014 418Y II ---- -- s- - ,;;;4
/4 W G L & Cake Co 5 -1928 Q -M t 027 „....- 903 MOh '1 ---, 00 ivy's
4
s
s
96
5 95
07 •
00
913 Sale
Ogden Gas Bs
1045
,•
11512 Sept'12
Peop arta L elk•C 1st 6s.-1943 Ni-N.„.,..
A -0
8 10058 10218
10118
lvi- $ 101 Sale 101
Refunding gold 8s
1947
2 10212 1030
10212
Ohio Gas L & 0 1st 55_1937 J - J 310213 ____ 10213
7 10012 1001;
10012
Comm Gas 1st 65-1936 J - D3.--- 10012 10012
.... _ _ _ __ 10014 Jan '13 _- 100114 10014
M titual Fuel Gas 1st Os 1947 let-N
9712
971i Feb 13 --..., 07
97
Pub Berv co 1St tot g 531-1956
r6 0112 93ti
0112
0112
South Side Eley 434s..._1924 J - J 3 9113 Sale
100
6 100 10014
100
Swift & Co 1st g 58
1914 J - 31100 Sale
,
Tr -City Ry & Lt coll
trust lien s I Se
1923 A -0 -_-.-- 9814 April'12 ......
Union Elea (Leon) 5s
1945 A -0 ---- ---- 10851 April'12 --;:i -161- Iii..
U 8 Gypsum lst g 59-1922 al- 8 ...,..., ____ 100 May'12.
s
Western /glee Co 54
1922 3 - J 31007 --
he added t o all Chicago bon d prices.'
Note-Accrued interest m ust
..
* Bid and asked prices; no sales were made on this day. 3 April 4 (close of business) ior national banks and Ainll 6 [opening ol busirlelA for State Institutions. 3
1011. ¶ Dividends not published: stook all ao311.1r9d by the Continental & Commercial Notional Bank. a Duo Dee. 3.
price Friday; latest Price this week. S Sept. 1
-V. I Dee. •
-J. With extra payments Q.
.
0 Due June. C Due Feb. d Duo Jan 1. e Extra dividend. s Sales reported beginning April 18. q DivideAds are old Q.
1012. v Ex. 24% accumulated dividend. ts Feb. 4 1913. y Nov. 20 1912. 3 Feb. 5 1013.
1HE CHRONICLE
APR. 121913.1
Volume of Business at Stock Exchanges
1077
Indust and Miscell-(Con Bit .1sk
412
American Thread pref____5 s4
46
Amer Typefounders com.100 43
100 100 103
Preferred
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
99 101
M-N
Deb g Gs 1939
DAILY, WEEKLY AND YEARLY
1% 2%
Amer Writing Paper____100
Barney & Smith Car corn 100 - _ - 15
85
100 70
Preferred
Stocks.
Railroad,
80
Bliss(E W)Co cora
50 75
&c.,
State
Week ending
U.S.
Shares.
Par Value.
50 122 130
Preferred)
Bonds.
Bonds.
Bonds.
April 11 1913.
Bond & Mtge Guar
100 307 312.
$20,4A7,000 81,126,500
Borden's Cond Milk com.100 114 115
$5,000
Saturday
250,703 22,014,150
100 106 107%
Preferred
3,254,000
46,000
Monday
3
31.
449,467 39,201,700
British Col Copper Co...._ _5 .
$1,500
3,189,000
58,000
Tuesday
Short-Term Notes
55
514,209 42,534,750
Brown Shoe corn
100 51
3,784,090
108,500
Wednesday
Amal Copper Is 1915__M-S 98
97
9812
371,336 30,027,100
Preferred
100 04
2,841,500
64,500
Thursday
Bait & Ohio 4s 1913.J-D
9978 100% Casein Co of Amer com_100
_
350,716 29,893,450
Friday
30,000
2,375,000
Bklyn Rap Tr 55 1918_ _J-J
9534 9614
100
Preferred
A
iid
2,162,341 8184,118,150 818,370,000
Total
$1,500 Ches & Ohio 4, s 1914__J-D 0812 9878 Casualty Co of America_100
8310,000
Chic Elev Rys Is 1914__J-J
96% 9712 Celluloid Co
100 134 1:37
9912 997 City Investing Co
Cin Ham & D 4s 1913___J-J
45
100 42
Week ending April 11.
Sales at
Jan. 1 to April 11.
Erie 6s April 8 1914__A-08 100 100%
97
100 95
Preferred
New York Stock
Coll 5s Oct 1 1914____A-0 9914 100 e Claflin (H B) Co com 100 80
84
Exchange.
1913. j
1912.
1912.
1913.
Coll 55 April 1 1915__A-o 9812 98%
e 1st preferred
100 84
Gen'l Motors 68'15
-See NY StkEx list.
90
e 2d preferred
100 86
-No. shares_....
40,179,137 Hudson Companies
Stocks
2,182,3411
4,978,674
26,817,045
-98
Prtt Peabody& Co com100 5812 61
CIueeie
rred
Par value
$184,118,150 5458,288,900 $2,419,912,300 $3,530,242,050
Oct 15 1913___A-015 97
100 9812 11 :112.
$266,200 11165
Bank shares, par
8600
$51,100
819,000
Cent 43is 1914____J-J 9918 9912 COnsol Car Heating....,,..I00 70
74
Bonds
Int & Gt Nor 55 1914_ _F-A
22
erre
100 18
$715,500 Inter Harvester Is '15.F-A 9712 10812 Consol Rubber Tire..
Government bonds..._
$306,000
$1,500
$47,000
9912 9
0
75
Preferred
100 60
7,076,000 K C fly & Lt 6s 1912__M-S / 87
State bonds
310,000
5,624,500
383,500
91
61
Debenture 4s 1951...._A-0 55
256,898,500 Lake Sh & Mich So 4128.'14
RR. and misc. bonds_
18,370,000, 15,539,500
163,128,000
993 991 Continental Can cora
8
53
100 51
Michigan Central 412s_ 1914 9914 9912
06
Preferred
100 93
8284,688,000 Minn & St L g Is 1914_ _F-A 98
Total bonds
$169,058,500
$16,681,500 $15,970,000
9854 e Crucible Steel corn........100 1518 15%
Mo Kan & Tex 5s 1913_M-N 997 100%
92
8
e Preferred
100 91
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA.
8 2
Missouri Pacific Is 1914_ .J-D 9614 963 Davis
4
-Daly Copper Co _10 •17
EXCHANGES
eNYC Lines Eq 53 1913-22 6 5% 4.70 duPont(EI) de Kern Pow 100 u130 135
-1925___J-J b 4.90 4-80
4).68 Jan 1914
e Preferred
95
100
434s Jan 1914-1927.__J-J b 4.90 4.80 Emerson-Brantingham 100 40
Philade2Phia.
Boston.
10
4
N Y Cent 4%s 1914_ _M-S 993 993
97
Weak ending
Preferred
100 92
Bond
......M-N 9813
412s 1915--__
Unlisted
Em pere2red & Iron corn 100 10
pri f Steel
13
Listed Unlisted
Bond
Listed
April 11 1913.
9972 10990%
Sales.
NYNH& Hart153'13_J-D
40
45
Shares. Shares.
Sales.
Shares. Shares.
00
-- St L & S F Is 1913 opt_J-D 99 100 e G peral C emIcal corn _101 171 185
eenrefer2ch
,
1
$21,100
Os Sept 1 1914 opt__ _M-S 99
4,147
104 1L713
$43,000
9,233
5,783
5,527
Saturday
98 s k Hackensack Water Co 109
37,600 Seaboard Air L Ry5s'16 M-S 98
5
6,803
7,492
6,345
8,010
47,200
Monday
40,500 Southern Is 1916
F-A 9812 99
Ref g 4s '52 op 1912
8412 _
23,480
J-J
10,232
45,000
5,480
11,866
Tuesday
9813 Hale & Kilburn corn....100 58
13,400 West Maryland Is 1915.J-J 97
€5
15,783
11,721
9,453
45,500
14,130
Wednesday
57,400 Westingh'se El & M Cis 1913 100 10013
1st preferred
18,543
100 9712 119
6,623
12,618
15,000
11,014
Thursday
2d preferred
45,600
08
10,510
100 96
5% notes Oct'17-See N y 8tk E X lot
9,580
17,505
83,000
Friday
11,288
_
6
Havana Tobacco Co_:_ _100
Railroad
15
83,0411 $215,600 e Chic & Alton corn
4
7
53,995
53,735' $2.53,700
100 10
Total
59,144
Preferred
100
50
63
e Preferred
1st g 5s June 1 1922_ _J-D /60
25
e Chlc St P M & Om
Hecker-Jones-Jewell Milling
9
100 120 140
1010112 10212
8
e Preferred
0 40 150
1st 63 1922
100 16
20
33 Herring-Hall-Marvin
1-8
00
e Colo & South corn
100 31
70 Hoboken Land & Improve't '
e 1st preferred
All bond prices are now "and interest" except where marked "f."
5607
70
e 2d preferred
1st Is Nov 1930
NI-N 103
Street Railways
A :k
-(Con)
Bid
3
5
e N Y Chic & St L com_ _110909
60 4 Hocking Val Products_100
3
Bfd‘ Ask United Lt & Rys com_-100 76
79
Street Railways
102
40
-J
35
e 1st preferred
100 97 90J
1st g 55 1961
1st preferred
10
78
80
e 2d preferred
100 8014
e Ingersoll-R
odand corn......100 105
26 preferred
New York City
100 71
74
Northern Securities StUbs„ 103 107
20 United Rys of St LBleeck St & Ful Fy stk.-100 18
33 Intercontin Rub corn _10
100 92
9
Pitts Bess & Lake Erle___50 *30
0% 10
J-J
67
76
Corn vot tr ctfs
1212
100
lat mtge 43 1950
65 Internal Banking Co____100 108 115
.60
100 160 170
e Preferred
100
3678 e Railroad Securities Co
I3'y & 7th Ave stk
85 International Nickel....__100 138 140
Preferred59
J-J
09 100 Wash fly & El Co
26 mtge Is 1914
100 903 03
4
100 104 10/
Preferred
III C stk tr ctfs Ser A
Broadway Surface RR
Preferred
100 9012 9212 West Pac 1st Is 1933__M-S 831 85 International Salt
334
100
3
J-J 100 103
J-D 83% 837S
43 1951
1st Is 1924
53
1st g 5s 1951
A-0 f 51
Standard Oil Stocks
Per share
10 West Penn Tr&WatPow 100 3312 3412 Anglo-American 011
Cent Crosstown stock _ _100
10
.18 629 Inte2 Os n a1 Sliver pref _100 131 133
lsrnatlon48
Ll
1022.._ _M-N
100 - 797S Atlantic Refining
- -Preferred
1st mtge Os
100 810
11012
1
3
Cen Pk N & K K Rstock _100
100 315 330 Internal Smelt & Refg_tOO 1 5 115
Borne-Scrymscr Co
D 18912
Christopher & 10th St stk100 125 135 Electric, Gas & Power Cos
.10'1O7 170
Buckeye Pipe Line Co...
Lanston Alonotype
110000
8514
New York City
Dry Dock E B & Batt
Che-sebrough Mfg Cons_100 670 680 Lawyers' Mtge Co
212 218
817s
J-J 10214 10314 Colonial Oil
J-D 100 105 Cent Un Gas 5s 1927
120 2025 , Lel gh Val
130
1st gold Is 1932
al
r2 Saesl l _ _ _ 50 220 230
F-A I 30
38 e Kings Co El L & P Co_100 119 11912 Continental Oil
Scrip 5s 1014
1954
0
.6
58
Manhattan Shirt
Eighth Avenue stock._100 300New Amsterdam Gas13
2
Crescent Pipe Line Co__1950009
9
0
66
Preferred
100 10:014 10312
2
F-A / 99
.14 101 102
consol Is 1948
Scrip 8s 1914
80
1%
Cumberland Pipe Line_ _100 75
Manhattan Transit
St Fy stock....100 260 285 N Y & E R Gas 1st Is'44 J-J 103 105
426 & Gr
Eureka Pipe Line Co
108
100 x370 380
Mortgage Bond Co
J-J 100 103
Consol Is 1045
42d St M & St N Ave_ 100 .___ ---Galena-Signal 011 corn.._100 200 210 e National Surety
0 1181 195
9
0 309
e N Y Mutual Gas L......100 157 164
M-S
1st Os 1910
.1
13408 146 e New York Dock corn 1
19
Preferred
11
55
.__100 155 lit)- N Y & Q El L & Pow Co_100 45
.
Ninth Avenue stock.
142
42
e Preferred
100
Indiana Pipe Line Co___50
199
77
1
3
100 68
Second Avenue stook_100
Preferred
25' 48
100 198 205
National Transit Co
• ; N Y Mtge & Security
60
Consul Is 1948 ctfs F-A f 25
33 N Y & Richmond Gas_ _100 53
0
100 10
20 .5 110
New York Transit Co ___100 335
, N Y Title Ins Co
eSixth Avenue stock ___ _100 115 12012 North'n Un 1st Is 1927.M-f4 100 102
; N Y Transportation
6
Northern Pipe Line Co__100 112
J-J
8912 100 Standard G L 1st 53'30 M-N 103 105
Sou Donley Is 1945
25 .126 i.:3
88
Ohio 011 Co
corn......100 84
A-0 9712
So Fer 1st 53 1919
7,
Other Cities
100 327 330
Prairie 011 & Gas
Ohio
10
3
4
80 Am Gas & Eleo com
81
Tarry WP & NI 55 '28_ _M-S 1 75
50 .78
2%
100 630 92666500
2
Solar Refining
0
Shiver
100
20
50 *45
47
28 & 29th Sts 55 '98 ctfs A-0 f 5
Preferred
Southern Pipe Line Co_ ..100 255
81
Otis
corn
100 80
Twenty-third St stock 100 210 265 Am Lt & Tree corn
100 406 410
South Penn 011
99
100 98
Preferred
Union fly 1st Is 1942 F-A 103 107
100 Rod 103
9
0
9
19 180 165 e Pettibone-Mulliken Co 100 20
Sou West Pa Pipe Lines_10 95
25
1/0 100 Amer Power & Lt corn._100 72
Westchester 1st 5s '43_J-J
73
e 1st preferred
Standard Oil of Calif__ _100 183 186
95
100 90
95
Preferred
100 80
Yonkers St RR 55 1946_A-0 88
81
_100 325 330 Pittsburgh Brewing
Stand Oil of Indiana....
50 .10% 1013
Bay State Gas
50
Brooklyn
*12
3 Standard Oil of Kansas...100 570 580
8
Preferred
50 4.3814 37
32 5
,
Atian Ave RR con 53'31A-0 102 104 Buffalo City Gas stock_ _100
.100 410 420 e Pittsburgh Steel pref__100 94 100
Stand Oil of Kentucky..
.100 112 114
BB&WE 63 1933_....A-0 97 101 Cities Service Co corn.
310 320 Pope Mfg Co cora
Stand Oil of Nebraska...100
20
100 15
Preferred
100 80
88
10 157 161
Brooklyn City RR
60
Stand Oil of N J (old)_ _100 1080 1120
Preferred
Bklyn IIgts 1st 55 1941..A-0 101 103 Columbia Gas & Elec._ -100 1312 14
Stand Oil of N J
100 59
109 101 103
62
Pratt & Whitney pref
3
J-J
71
74
1st Is 1927
100 08 101
Coney Isl & Bklyn
70
Standard Oil subsidlariesr..? 358
.2
_
0
0 35
rte d
Pros tucengthrs 011(Bklyn)_ 10 0 110
r
J-J
80
85 Con Gas of N J 53 1936_ _J-J 95
1st cons g 4s 1948
Standard 011 of N Y
100 645 650 Realty Assoc
78
J-J
Con g 45 1955
83 Consumers' L H & Pow
39
Standard 011 of 0100_100 270
cwt'r com100 37
J-D 100
9812 10013
Brk C & N 5s 1939_ _ _J-J
Is 1938
0
7
2 6 227811095
60
0
Swan &
100 10
0 , 103
0
preferred
nTYP
Nassau Elec 1st Is 1944 A-0 102 10314 Consumers Power (Minn101
69
Union Tank Line Co__ _1100
Finch90
2d preferred
8714 8812 Vacuum Oil
1st & ref 5s'29 opt'14M-N
N Wmsburgh & Flatbush8
0 Royalfe22k
6
100 176 13
pre BaedPowd corn......100 195 200
F-A
92
95 Denver G & El Is 1049_M-N 9412 9513 Washington Oil
1st 43.6s July 1941
106
10 .32
100
J-J 100 103 Elizabeth Gas Lt Co
100 325
Steinway 1st 133 1922
j':I
Waters-Pierce 011
100 1350 1450 e Rumely (M) Co corn-See :,:t lx OEM
..100 130 135 Other Cities.
Essex & Hudson Gas.
Tobacco Stocks
100 112 113
Safety Car Heat & Lt
90
Buff St Ity 1st con Is '31F-A 10312 105 Gas & El Bergen Co__ _100 85
(See also Stock Exchange List)
Sears,Roebuck&Co--SeeN Y Stk E x list
Deb Os 1017
A-0 105
Gr't West Pow Is 1946_.T-' 8512 8612 Amer Cigar corn
100 125 133
e Preferred-See Chic Stk Ex 115 t.
Com'w'Ith Pow fly & L.100 C 6612 6712 Hudson County Gas...
.10 128 130
Preferred
10
00 85
0 40
95 Singer Mfg Co
100 z298 302
43
100 c 8713 89 Indiana Lighting Co
Preferred
LOJ 39
Amer NIachine & Fdy
5338 Stamlfeid C
2
0
40
prear redoupler corn.. _100 35
89
s Conn fly & Ltg corn- _100 70
72
F-A 67
4s 1958 opt
British-American Tobac.L1 *2312
100 105 111
100 75
80
78 Indianapolis Gas
e Preferred
50 70
Conley Foil
21870 205 Stern Bros pref
0
75
100 70
..._100 7314 78
00
95
s Detroit United fly.
A-0
1st g Is 1952
e Helme (Geo W) cora...109C
180 Sulzberger & Sons Co pf _100 93
96
29
3
Federal Light & Trac_..100 79 81 Jackson Gas Is g 1937._ A-0 07 100
e Preferred
9
100 95 100
100 10
00 75 115 Texas & Pacific Coal
100 8512 ____ eLltelcde Gas preferred 100 99
Preferred
9934 Johnson Tin Foll&Metal
190 e Texas Pacific Land Tr._100 95
@Havana Elec Ity L & P 100
Madison Gas 6s 1928_ A-0 103 109
MacAndrews & Forbes. 100 195 205 TonopahMin(Nev)-SeePhila Stk E irsi
100 98
e Preferred
Narragan (Prov) El Co_ 50 *9012 93
25
3
4
4
-Rican-A mer Tob 100 225 2 0 Trenton Potteries corn..
Porto
7
.100
'i-i ;105 idif 4 Newark Gas 63 Apr '44..Q-J 124 126
•Loulsv St 53 1930
55
Reynolds (12 3) Tobacco_100 275
Preferred new
9714 Tobacco Products corn.. 100 120 140 Trow dfDlrede ory _ _ _ _ _ -- _ 10 _29_ _
100 96
d New On Rys & Lt com.100 24 _--- Newark Congo'Gas
88 unpre err
i et„ Copperct
00 5_0
9°
100 68. _ No Hud L II & P Is 1938A-0 100
._
e Preferred
100 8612
Preferred
19
eN Y State Rys corn........100 _ _ _ _ 9012 Pacific Gas & E corn.....100 58
100 _
e United Cigar Mfrs corn 100 4512 48
73
Preferred
9113
100 91
eNor Ohio Tr & Lt com _100 69
_100 10112 103 e United Dry Goods_
100 95
e Preferred
03
Pub Serv Corp of N J-See `,.• I; Et list Pat & Pas Gas & Elea__ _100 90
100 102 104
United Cigar Stores com.100 9712 98
e Preferred
95
Tr ctfs 6% perpetual...... 10113 10712 St Joseph Gas 58 1937___J-J 90
100 112 117
100 190 200
Preferred
Cl S Casualty
81 Standard Gas & El (Del) 50 *16 2 1714 e Weyman-Bruton Co......100 265 300 U S Envelope com
80
No Jer St 1st 45 1948 M-N
,
100 115
74
Preferred
Cons Tract of N J.__ _100 73
50 *4014 47
100 112 125
Preferred
100 103
e Preferred
-J-D 101 102 United Electric of N J._ 100 88
1st Is 1933
93
100 59
100 165 175 U S Express__ ___
64
Young (J S) Co
10612
1st a 4s 1949
.1-D 81
New'k Pass fly 53 '30.J-J 10512
82
Srefnrshing
U P Fie ire,
4
Industrial&MIscellaneous
100
Rapid Tran St fly...._.100 230 .._ - - United Gas &Elec Corp_100 35
39
100 140 148
100 30
e Adams Express
1st Is 1921
Preferred..-A-0 102 __ . _
100 83
85
1st g Is 1919
95
Col Cr g 4s 1947
J-D / 7918
J-J 80
J C Hob & Pat 45'40 M-N
100 17
7814 79 Western Power com
21
181
10
Con g 58 1929
Alliance Realty
.1
Preferred
So J Gas El & Trac
100 51
10
124 125
52
50 e U S Indus Alcohol
9
•9
145
55
.8 2
9
100 88
Amex Bank Note corn..
M-S 9812 991 Western States Gas & El
Cu g Is 1953
53%
.52
100 86 100
e Preferred
50
Preferred
No Hud Co fly 8s 1914 .1-3 10014.......
1st & ref g Is 1941 op_J-D 9212 95
0 60
10 176 175 U S Steel Corporation
0
American Book
J-J 101
Con M Is 1928
100 138 140
Col s f Apr 5s 1951 op 1911 114
American Brass
M-N
98 ___
Ferry Companies
Ext 55 1924
200
Col s f Apr 53 1951 not opt 114
American Chicle corn
J-J
98 U S Tit Gu & Indem
Pat fly con Os 1931 J-D 110 .. - B &N Y Ist Gs 1911
90
i(s
100 95
100
00 .
82
Preferred
2d Os 1914 opt....-A-0
N Y & E R Ferry stock_100
100 163 171
12
e Virginia Iron C & C
53
100 48
e American Express
26
1922
& Light..-100 24
M-N
51
Republic fly
50
1st 53
60
e Wells Fargo & Co
100 120 125
Am Graphophone com 100
100 74
76 N Y & Bob Is May '46__J-D 99 100
Preferred
75
100
Westchester & Bronx Title
Preferred
,
Tennessee fly L&P com_100 10 2 21
& Mtge Guar
Hob Fy 1st Is 1946-M-N 104
100 11.2H14
American Hardware..
100 7412 76 N Y & N J Is 1948
Preferred
.J4 97
9
Amer Malting Os 1914 J-D 1(i0 10114 e Westingh'se Air Brake1.50 165 137
9
228 ____ 10th & 23d Sts FerrY
(Toledo Rys & Light__ _ ..100
50 WIllys-Overland corn.....100 60
84
100 45
35
100 26
Amer Press Assoo'n
J-D 55
Trent 1' & II Is 1043.......1-D 06 -. -1st nage 5s 1919
100
65
98
100 90
Preferred
Am Steel Fdy 68 1935_A-0
com.100 6412 8512 Union Ferey stock
100 14
UnionRy Gas & El
71
18
F
-A
-See NY Ott E x list
Deb 4s 1923
7311 eWoolworth (F W)
Preferred
M-N 93 100
100 8612 8112
1st 55 1920
96
50 195 200
Worthington(HR)Co pf_100 90
American Surety
•per share.
k Listel on Stock Exchange but usually inactive. /Flat price.
S trams.
a And net:rued dividend.
Sale price.
t New stock.
n Nominal
y
s Included all new stock dividends and saoscriotions. e Listed on Stock EX0hanle but Intreauently dealt in; record ot
St EX -subsidiaries. z E•c-dly.
sales, If any, will be found on a preceding Page.
Telegraph and Telephone
e Amer Teleg & Cable.....100
e Central & South Arner_100
Coming Un Tel (N Y)_25
Empire & Bay State Tel..100
Franklin
100
e Gold & Stock Teleg.... 100
100
e Mackay Cos corn
e Preferred
100
e Northwestern Teleg_ ___50
Pacific & Atlantic
25
e Pac Telep & Teleg pref_100
Southern & Atlantic
25
As'c
Bid
6012 66
100 112
98 110
72
60
40
50
115
87
82
66
6814
112 116
65
74
96 101
85
95
iid-
Inactive and Unlisted Securities
(-}i-
ioi-
1st
165
115i-
so
9
BOSTON STOCK EXCHANGE-Stock Record.
1078
-NOT PER CEN7'UM PRICES
SHARE PRICES
Saturday
April 5
!fondly
April 7
Tuesday
April 8
1Wednesday
April 9
Thursday
April 10
Friday
April 11
8
•10314 10312 1033 10338 *10318 10358 *10234 1C3 *10238 10278 102 102
*10018 10014 *10018 10012 *10014 10012 10018 10018 *100 10014 *100 10014
206 203
*207 209' *206 208
206 20712 *203 207
206 206
106 10612 10812 10613 106 106
106 1063 105 106
10338 105
4
190 190 *-___ 190
*100 195
190 190 *185 190 *185 188
72
7112 7214 72
72
7112 7214 71
70
71
71
71
.260 290 *260 285
265 265 *260 290 *260 290 *260 270
_
.712
_
*712 ---- *712
Last Sale 712 Feb'13
68 ▪
•_
. 66 *---- 66 *..
Last Sale 63 Mar'13
--.
66
WiT4 8
8 *714 8 ;, 8
Last Sale 7
Mar'13
ir
*43
45-12 *43
4512 *43
4512 *43
Last Sale 45 Apr'13
4512
*160 168 *166 168 *166 168 *166 168
Last Sale 166 Feb'13
103 103 *103 10412 10412 10412 *10412
_
-- *10
412 -_-_ *10412
•
235 *...- 235
235 *
Last Sale 235 Apr'13
_ 135
•
10912 *109 10912 100 109
15'6 109 *...._ 109 *____ 109
*118 122 *119 120 *117 120 *11834 120
Last Sale 11813 Apr'13
.84
85
*8414 3512 8413 843 *8414 8514 *83
4
8434 *83
_
*105 1063 *104 107 *105 1063 *105 107
4
4
Last Sale 106 Apr'13
.18
1812 *18
1812 18
1812 1812 1812 1812 1812 *18
1812
7714 7714 77
78
7714 7634 7712 *77
7712 7712 771s 7718
118 11814 117 118
11612 1173 11612 117
4
11612 117
11612 117
Last Sale 125 Mar'13
Last Sale 200 Dee'12
16712 16712 i;i" 169
.
16712 left; '16712 166 16712 16712 167 167
*35
*35_
*35-__
*35 __
35
35
35
35
*15538 15578 *15413 1547 *15514 15538 155 fi612 *1542 15434 15278 1533
---8
8
4
'863 8712 *8613 8714 *86
4
8612 *86
8612
Last Sale 8334 Mar'13
Last Sale 150 Mar'13
• -_ _
*77
78
*77
77
;ii78
78
78
78
*---- 161i
96
Last Sale 96 Apr'13
11(i
;RI
411
55
54
55
54
54
5418 5414 *5413 55
55
*54
55
95
9514 95
9514 9512 9538 9512 9538 9512
9514 9512 05
418 418
418 418
418 418 *4
414 *4
414 *4
414
2112 21
21
21
21
21
2012 2012 20
20
*20
2012
*114 115
11412 11413 11334 11414 11438 115 *114 11412 11438 11412
11512 116
11512 11512 115 115
115 11512 114 115 *115 11513
13238 13213 13218 13212 13218 13238 13138 13214 13134 13238 13112 132
*1713 20
*17
19
*1714 19
Last sale 18 Mar'13
7912 80
7812 7912 -iii2
7834 7912 7834 79
7812 7812
*68
70
70
*88
Last sale 70
*68
70 .68
70
Apr'13
9812 983
98
98
98
98
98
4 98
*98
9812 *08
9812
573 578 *578 6
*578 6
*3
54 6
5 8 .57
7
s *578 6
*11
12
*1078 12
11
11
10 8 107 *1078 12
7
*1078 12
3
*1134 13
13
*1112 13
*1113 13
Last Sale 1134 Apr'13
280 280 *280 __
28:s 280
280 280
280 28013 280 281
14178 142
14114 14112 14012 14112 14113 1413 14012 14114 14012 14133
-4
0134 9134 9113 9112 9113 9112 0112 9112 *91
92
91
91
93
94
9312 9312 9312 *93
93
93
*93
94
,
1 21713 218
218 218 *21813 21912 *219 21913 *21812 220 *21873 21912
*314 312 *314 312 *314 312 *314 312 *314 312
314 314
45
40
- - 30
17
25
20
20
25
25
70
733
4 8378 6934 6412 65
65
65
6713 6712 68
68
15114 15114 150 152 *147 150
150 150
150 150
150 150
Last Sale 90 Mar'12
15934 160
15913 15933 15913 11012 15912 1691- 1593 16018 15934 160
.
. 3
4
1513 1538 1538 153
15
15
1513 143 143
8 1512 1512 15
4
4
107 107
10612 1067
10834 107
8 10613 10313 10612 107
10813 10634
2734 273 *2712 273
4
4 2734 2813 2713 2734 *2758 273
4 2712 273
4
*2712 28
*2712 2814 28
28
28
28
2818
28
*28
2818
Last Sale 112 Mar'13
112 *118 112
*118 112 *118 112 *118
171 17112 171 17112 17012 171
170 171
17011 172
167 170
50
5014 50
4912 4912
5014 5014 5012 5014 5014 4934 50
*2712 273
4 2712 2712 2714 2712 2714 27313 271.4 2714
3
633 64
3
6234 6333 6218 633
6278 623 6413 6273 6312 -6218 - 8
.1083 10914 *1033 10913 10813 1087 1083 1083 1087 109
4
8
4
8
1083 1087
8
3
8
4
Sales
el the
Week
Shares
Range Since Jan. 1.
On basis of 100
-share lots
STOCKS
BOSTON STOCK
EXCHANGE
Lowest.
ighest.
Lowest
Railroads
107 Atch Top & Santa Fe_l00 10038 Feb 26 10614 Jan 2
100 100 Mch19 10138 Feb 4
10 Do pref
100 206 Mch 18 215 Jan 2
Boston & Albany
112
100 10338 Apr 11 11414 Jan 30
544 Boston Elevated
100 190 Mch20 205 Jan 27
7 Boston & Lowell
100 65 Mch 1 t 97 Jan 3
246 Boston & Maine
1 Boston & Providence_ 100 260 Mch 17 290 Jan 3
713 Feb 19
713 Feb 19
Boston Suburban El Cos_
65 Mob 7 65 Men 7
Do pref
Boston & Wore Elec Cos..
5 Feb 25
714 Mch 6
43 Mch 6 45 Jan 24
Do pref
Chic June By & USY_ 100 166 Feb 14 166 Feb 14
102 Mch25 107 Mch 5
55 Do pre
Connecticut River_ __100 235 Apr 1 260 Jan 13
100 101 Mch 17 122 Feb 8
57 Fitchburg pref__
Ga By & Elec stmpd_100 11812 Apr 2 126 Feb 10
Do pref
54
100 3278 Feb 4 85 Mch 27
Maine Central
100 101 Mch17 110 Mch 13
635 Mass Electric Cos_100 1614 Jan 9 1938 Feb 4
573 Do pref stamped _100 7318 Mch 24 70 Feb 5
545 NYNH& Hartford_100 11312 Slob 18 130 Jan 9
Northern N H
100 125 Mch25 130 Feb 21
Norwich & Wor pref_100
55 Old Colony
100 -Ms "Hai() -17612 Feb ii
55 Rutland, pref
100 34 Mch25 36 Mch25
310 Union Pacific
100 14738 Mch 13 16214 Jan 0
Do pref
100 8313 Mch19 0012 Jan 0
Vermont & Mass100 150 Feb 27 150 Feb 27
54 West End St
50 76 Feb 26 8112 Feb 8
Do pref
50 03 Mch 20 100 Jan 3
Miscellaneous
85 Amer Agricul Chem_ _100
Do prof_100
468
Amer Pneu Service
50
80
50
170 Do pref
348 Amer Sugar Reign__ _100
100
Do pref
158
4,255 Amer Telep & Teleg_100
American Woolen_ _ 100
100
920 Do prof
Amoskeag Manufacturing
32 Do pref
40 Atl Gulf &WISS L..100
25 Do prof
100
East Boston Land
10
90 Edison Elec Illum
100
715 General Electric
100
175 MassachusettsGasCosl00
100
55 Do pref
12 Morgenthaler Lino_100
10
10 Mexican Telephone
224 N E Cotton Yarn.._ _ _100
100
279 Do pref
100
257 N E Telephone
Portland (Me) Elec 100
100
71 Pullman Co
567 Reece Button-Hole.... 10
100
402 Swift & Co
25
114 Torrington
25
105 Do pref
Union Copper L & M 25
100
1,165 United Fruit
089 Un Shoe Mach Corp.. 25
25
484 Do pref
100
0,595 U S Steel Corp
100
306 Do pref
4714 Jan 17
95 Apr 2
378 Feb 14
1912 Feb 13
11012 Itch 19
11134 Mch 12
13038 Mch20
1634 Feb 28
78 Feb 3
65 Mch 14
97 Mch20
5 Jan 10
10 Jan 7
11 Jan.14
2763 Mch 26
4
135 Feb 25
88 Mch 13
9112 Jan 31
212 Mch 17
3 Jan 16
17 Apr 9
6378 Apr 7
144 licit 10
57 Jan 11
9914 Jan 2
412 Jan 3
2333 Jan 11
11813 Jan 3
11714 Feb 1
14012 Jan 3
18 Jan 14
8112 Jan 7
75 Jan 14
100 Jan 23
578 Jan 23
12 Jan 3
15 Feb 8
28812 Jan 10
18634 Jan 2
9312 Jan 22
9558 Mch24
219 Jan 2
313 Feb 8
50 Apr 2
9112 Jan 11
160 Jan 11
11612 Mch20 -i6E1- En
2
1434 Apr 11 1612 Apr 2
1047 Itch 13 108 Mch
8
2714 Jan 28 2813 Jan 15
27 Mch28 2814 Jan 20
118 Mch25
2 Jan 4
157 Feb 25 182 Jan 3
48 Mch29 553 Feb 4
4
27 Jan 20 2812 Feb 3
5818 Mch 10 60 Jan 2
107 Mch19 111 Jan 30
Mining
*212 234
212 212 *214 212
300 Adventure Con
214 211 *214 212
212 S12
a
3
2 Ja
:1
138
1 Afci 1
113
1
' 24 Fel ). 614 j n 4
1
118 *1
13 ( 184,
,4 ,
445 Algomah Mining__ 25
1
*1
1
114
25 32 Feb 18 4214 Jan 3
37
3712 37
*37
37
38
3713 38
705 Allouez
3634 37
37
37
3
7612 7714 76
763
4 7614 7812 773 7918 78
16,407 Amalgamated Copper 100 657 Feb 25 8014 Jan 2
794 77
4
78
2834 29
2814 2812 2814 2914 2834 29
2814 2812 2734 2814 3,330 Am Zinc Lettd & Sm_ 25 2634 Jan 15 3278 Feb 1Q
212 Feb 18
413 Mch 6
312 33
4
4
4
378 4
4
334 33
41
4
38 4
7
4 3,343 Arizona Com'l ctfs dep..
Bonanza Dew Co__ 10 .31 .:.-.:.; 18 .43 Mch 13
11 .38
.40 * .38 .40 * .38 .40 *.38 .40
Last Sale .40 Mar'13
.8
7
5 .. -, 15
7 Feb 3
678
*012
7
67
*612 67
62 Bos&CorbCop&SilMg 5
8
63
4 63 ---- ---4
2 :,
..110
4 Jan 4
2
2/3 *2
214 *213 214
2
214
2
315 Butte-Balaklava Cop 10
218 214 *2
3312 333
15,005 Butte &Sup Cop(Ltd) 10 29 Feb 25 45 Jan 2
3312 3314 3414 3213 3412 32
33
4 33
3038 32
6713 88
2,124 Calumet & Arizona.... 10 59 Feb 18 7212 Jan 2
S13 6712 633
6714 6734 6714 ,
67
4 67
4 671.1 673
1
480 481
60 Calumet & Hecla_-_- ig r13314 Feb 482 485
48013 483 *481 485
431 481
480 483
45 Centennial
16
*1514 18
*15
F g V.5 5I1
I
*1512 161.2 *1512 163 *1512 16
16
18
4
4318 42
1,007 Chino Copper
42
5 353 Feb 27 4712 Jan 2
4212 4234 42
4212 42
4273 43
4212 42
4
Last Sale .02 Mar'13
Cons Mercur Gold_ _ _ 1 .02 Mch25 .02 Mch25
•-___ .05 *____ .05 * .02 .04 '.02 .04
46
45
4514 46
46
45
434 CopperRange Con Co 100 4212 Feb 19 53 Jan 2
4534 4534 45
8
4514 453 48
314 314
374 314 *314 312
-West
314 314 *318 314
312
4 Jan 27
285 Daly
20
*3
314 Apr 7
13
8
4
1318
3 123 128.1 2,066 East Butte Cop Min_ 10 1114 Feb 24 1518 Jan 2
1234 13
1314 127 127
4 13
1238 123
9 Jan 2
578 Feb 25
25
130 Franklin
4
612 612 *614 63
4
*612 63
65
8 Oa *612 633 *612 7
213 Feb 21 3% Jan 2
*2% 3
3
3
3
3
3
3
278 27
245 Giroux Consolidated_ 5
3 *27
8 3
8312 64'
64
6312 6114 623
62
6312 63
4 1,735 Granby Consolidated_100 55 Feb 18 7312Jan 2
6312 6412 63
912 Jan 2
712 Feb 19
20
4
73
735 77
734 734 1,930 Greene-Cananea
4 73
7 4 7%
3
7
77
77
8 78
s 7s
7
8
2314 2314 23
2214 2314 2234 2314 2214 223
23
4 2113 22
726 Hancock Consolidated 25 1612 Feb 19 25 Jan 2
34 Jan 3
84 Jan 3
25
Helvetia Copper
Last Sale 34
Feb'13
*54
3
4
*7
4
3
3
4
4
*14
*14
3
4
*13
1312 13
25 1012 Feb 20 17 Jan 2
13
13
13
13
1314 1212 123 *1212 13
2.3 5 Indiana Mining
570 ndp
0 nsi
4
'ration Consol 0_ 20 1512 Feb 19 1812 Jan 8
*18
1812 *18
1812 *1814 1812 1838 1812 1814 1838 1838 1812
54
54
1 40 Mch25 59 Jan 4
*52
*52
54
54
54
*52
23 Island Creek Coal
*52
53
54
54
*84
8512 .84
8512 *84
Do pref
*8512 8612 *84
83
1 84 Jan 23 8712 Jan 10
86
84
5
84
25 22 Feb 10 3378 Jan 2
2618 263
4 2614 263
8 2612 263
4 2678 27
8 265 267
8 1,215 Isle Royale Copper
263 267
8
4
318 318 *38 4 3.,4
,4
314 314
23 Jan 14 3X,Feb 15
8
5
390 Kerr Lake
314 314
314 31 4
VA 354
/
238 *218 212
*2
33 Feb 4
3
2
21X, *2
/ *2
Kevreenaw Copper___ 25
1
4
112 Jan 7
Last Sale 213 Apr'13
1513 16
1512 1512 1512 1512 16
16
25 12 Feb 18 2612 Jan 3
1512 1,011 Lake Copper Co
1534 16
15
514 Jan 3
Copper
25
*47
*434 514 *43
33 Mch 1
5
4
465 La Salle
8 5
4 51t
5
*5
514 *47
8 514
576 Mason Valley Mines_ 5
7 Feb 25 1012 Jan 2
735 73
8
*714 712
714 733
712 712 *714 73
718 718
8
512 Jan 2
*414 412 *414 434
312 Apr 2
413 514 • *412 5
434
656 Mass Consol
"5
434
43i 434
912 912
912 912
537 Mayflower
25
8 Feb 18 1514 Jan 2
*
912 034
913 913
912 912
912 93
4
5 213 Feb 19 2612 Jan 3
*2413 25
2433 2433 *2413 25
4
200 Miami Copper
25
*2514 2512
25
2518 25
*114
15 Michigan
112 *114 112
*112 2
2
2
2
*112
4
13
4 13
54
54
5412 5312 54
600 Mohawk
5314 54
'7
5312 5313 54
5412 54
18
199 NevadaConsolidated. 5 1618 Feb 18 193 Jan 4
4
1814 18
8 1712 1712
3
18
177s 177
3 1814 1812 177 177
*214 212 *2
1112 ttn 11 34112 poh21:12
70 New Arcadian Copper 2g
1 22 acn 2
i eh
212 *214 212 *214 212
214 212
218 24
9
1,225 Nipissing Mines
9
9
9'4', 913
9
9
918 918
918
9
9
2
4
. 2 14Feb 19
15
..
2934 30
2913 2934 30
9,860 North Butte
8
4 303 311
307
8 3013 3112 303 303
3
2
114 Feb 24
158 158
25
a
112 112 *112 133
1118
520 North Lake
163
112 138 *112 15
234 Jan 2
*2
Afr'13
Fob 17
214 *2
214 *2
214 *2
5 l2
57
214 *L71 Sa1e 218 5./ 538
co on y
320 Old0jibsvaT Nli ning
51,
512
512
513 518
25
*518 512
412 Feb 19
533
83 Jan 4
3 14
8 n 2
5012 5012 *4012 5014 *50
255 clld Do
341 Ogmolaminion Co„.... 25 44 Feb 26 56 Jan 2
51
5013 5012 50
5014 4913 4912
95
95
92
94
9312 93
25 35 Feb 25 107 Jan 2
93
95
94
93
94
91
2418 2413 24
2414 24
1,865 Pond Creek Coal
243
8 24
2413 2314 2334 2314 2314
10 22 Feb 18 2814 Jan 2
72
72
7112 72
7212 73
73
72
25 65 Feb 24 80 Jan 3
7112 7112 7112 7184
260 Quincy
1938 1933 1878 1938 *1914 1958 193 20
1958 1934 1913 1912
665 Ray Consol Copper_ 10 163 Feb 10 22 Jan 3
3
4
*173 2
134 2 •
*138 178 *168 2
3 Jan 2
15 Feb 27
8
016 Santa FeGold & Cop.. 10
5
00
112
8 *1
*13
8 17
11
11
1114 1114 1114 1114 1112 1112 1114 1114
10 1013 Feb 27 1312 Jan 2
*24
25
2334 2414 24
-.
.
:1F3 1413
550 Shattuck-Arizona
2412 24
10 21 Feb 19 2812 Jan 3
2414 2458 2458 -2
•.25 .32 * .28 .35 * .25 .40 *.25 .35
Last Sale .30 Mar'13
ttth U
periortah M & S...... 5 .20 Jan 8 .35 Jan 18
3218 3212
25 2 Feb 18 4011 Jan 2
334 3213 33
33
33
412
910 So
33
323 3313 323 33
4
4
u
630 Superior &Boston Min 10 15 ,Jan 2 e438 Feb 4
8 *31, 33
4
312 35
*3 8 3 8
5
7
4 *3 8 3 4
4
312 33
5
3
3 8 33
5
4
25 28 Feb 19 38 Jan 3
*33
34
33
40 Tamarack
*32
3312 3312 3412 343 *33
34
33
4
*32
*414 434
438 43
438 43
6 Jan 9
25
4
8
4 Feb 19
412 438
414 412 *414 412
180 Trinity
1
*23
32 Jan 28
300 Tuolumne Copper
4 28
7
8 *253 2 8 *25
27
8 27
8 27
7
8
2;4 Feb 15
234 234 *238 278
4213 4212 4213 4213 4114 4214 42
4112 4113 1,417 US Smelt Ref & Min- 50 3814 Feb 25 4312 Jan 2
4214 4113 42
4818 4818 4818 4838 4812 4812 4814 481
742 Do pref
50 48 Feb 14 50 Jan 6
4813 4812 4814 4812
.134 2
13
13i
19
54 9t42 :38 914
134 134
745 Utah-Apex Minin_ 5
125
g_
23 Jan 3
s
13
4 13
4
13
4 13
4 *15
112 Feb 13
93
8 953 *9
Utah Consolidated
912 *9
5
878 Feb 25 1114 Jan 2
913
914 914
5438 5438 5433 5438 5413 5413 5412 5413 .5413 5413 *537 5414
185 Utah Copper Co
0
3
10 49 Mch19 6412
114 114
114
225 Victoria
114 *1
114
114
14
114
114
2
25
114 *1
1 Apr 4
*212 27
8 *214 27
8 *214 273
120 Winona
212 212 *213 3
212 212
jjaa nn 2
Jan 22
8314 6312 6213 6212 6212 6213 0212 6212 6134 62
165 Wolverine
78Jan 3
61
ii
t
61
"
Febc
g 60 ',
*1
114 .90
.90
*113
114 *118
25 Wyandott
114 *118
11 7 *1
34 Feb 20
112 Jan 9
25
114
▪ 'Bid and asked prices. a New stock. e Ass't paid. b Ex-stock dly. h Ex-rights. a Ex-div. and rights. x Unstamped.
Range tor Previous
Year 1912.
in
N .1" Feb'e A 4 al)tir
Htghest,
10378 Feb 11114 Oct
10114 Nov 10414 Feb
21113 Sep 22213 Apr
112 Dec 13434 Mch
202 Nov 218 Jan.
94 Dec 10012 Jan
290 Dec 300 Apr
LI May
10 Dec
80 J'ne
70 Dec
1212 Jan
7 Dec
57 Jan
50 Aug
165 May 170 Jan
10712 Oct 112 J'ne
260 J'ly 272 Jan
119 Dec 128 Jan
124 J'ne z179 Apr
83 Dec
9113 Jan
125 Dec 14738 May
16 Dec
2318 Jan
7233 Dec
83 Feb
126 Dec 14238 Apr
12812 Oct 143 Jan
200 Oct 21213 Jan
x174 J'ne 187 Jan
41 Jan
70 Jan
152 Dec 17614 Sep
89i2 Sep
9378 Dec
1110 Dec 164 Jan
80 Oct
8873 Feb
06 Nov 10312 Mch
54 Dec
93 Dec
3 Aug
14 Mch
11334 Dec
11414 Dec
13712 Jan
22 Nov
7914 Nov
75 Nov
59014 J'ne
5 Aug
1013 Aug
103 Jan
4
27212 Sep
155 Jan
x8818 J'iy
93 Dec
21412 Dec
272 Mch
80 Dec
90 Dec
14814 ()cs
7212 Jan
158 Feb
1334 Jan
9812 Jan
27 May
28 Jan
.85 Jan
/1174 Sep
4614 Jan
2712 Dec
5838 Feb
10718 Feb
6334 Mch
105 Mch
514 J'no
2413 Nov
13358 May
12334 Aug
140 Mch
30 Mch
9414 Mch
84 May
105 Mat
,
0 Feb
20 Jan
1714 May
300 Mch
189 Deo
05 Oct
98 8 Feb
7
229 Aug
412 J'ne
105 Jan
107 Mob;
164 Mch
00 Mch
184 Aug
173 Apr
8
10918 Sep
32 Jan
31 Apr
3 4 Apr
3
20813 J'ne
5712 Aug
2934 Sep
8038 Sep
111138 Oct
1114 Apr
5 Dec
2 Dec
814 May
35 Deo
5018 J'ne
60 Feb
92b Oct
2413 Feb
35 Oct
2 Jan
6 3 Apr
7
.25 Nov ,55 Apr
412 Dec
014 J'ne
21548 J'ly
4
53 Apr.
6134 J'ne
1912 Feb
5713 Feb
8313 Aug
405 Feb 615 Sep
2713 Apr
1513 Dec
2514 Feb
5014 Nov
.01 Nov .09 Jan
6612 Apr
481 Deo
312 Oct
712 Melt
1634 Sep
1214 Jan
1614 Apr
678 Sep
61120Apr
3 Dec
33 Feb
7734 Nov
712 Feb
1118 Oct
22 Oct
37 J'ne
.70 Dec
2 May
1118 Sep
23 Apr,
1638 Dec
2158 Jan
4013 Jan
6534 J'ne
9114 Aug
85 Jan
2034 Jan
3714 Nov
2 Apr
318 Feb
.80 Jan
3 May
2234 Dec
49 Apr
41* Feb
8 Apr
101:1 Dec
1412 J'no
5 Dec
914 Jan
234 Jan
1812 Apr
2333 Jan
3038 Sep
512 Apr
158 Dec
73 J'ne
5013 Jan
1814 Jan
2438 Sep
614 Apr ,
2 Dec
914 Dee
534 Jan
3933 Oct f
2234 Feb
218 Dec
3
5 4 Apr'
e634 Jan
112 Dec
1314 May
258 Jan
64 Oct
44 Jan
100 Deo 13012 J'ne
29 Nov
15 Mch
93 J'no
7213 Dec
2418 Sep
1618 Jan
473 May
1 Jan
9 Jan
1773 Aug
17 Feb
3412 Nov
14 Dec
114 Apr
24 Feb
4873 J'iy 1
1 Dec
478 Jan 1
26 Jan
51 Apr
4 Dec
912 Apr
212Deo
41118 Mch
34 Jan 25053 Sep
47 Jan
5234 Sep
1 Nov 31l Feb
912 J'Iy
2038 Apr
6738 Sep
5212 Jan
134 Dec
8
57 Jan
318 Dec
4
73 Mcli
1334 Apr ,
05 Dec
17 Mob)
1 Dec
Boston Bond Record
APE,. 12 1913.]
Price
Friday
April 11
BONDS
BOSTON STOCK EXCHANGE!
Week Ending April 11.
;Veek's
Range or
Last Sale
Range
Since
Jan. 1.
SIB
82)53
1079
BONDS
BOSTON STOCK EXCHANGE
Week Ending April 11.
Price
'Friday
April 11
Veek's
Range or
Last Sale
Range
Since
Jan. 1.
.
Bid
Ask Low
High No 1 ow Highs
4
General Motors 1st 5-yr 6s_1915 A-0 99 9938 993 Feb '13
0912 9934
Gt Nor C B & Q coil tr 4s1921 J-J 9412 Sale 0412
9512 24 9312 9614
Registered 4s
1921
1 9412 9578
94 ____ 9513
9518
Illinois Steel deben 58
1913 -o
9978 Feb '13
993 100
4
1017 A-0 idi
La Falls & Sioux C 1st 7s
117 Apr 'OF
Kan C Olin & Spr 1st 5s_1925 A-0
92 Feb 1:3
.Id - -a
Kan 0 Ft Scott & Mem 6s 1928 M-N iOd1311012 109
109 113
109
1934 M-S ____ 00 9012 Feb '13
Kan C M & B gen 4s
9012 9012
1934 M-S 78 Sale 78
Assented income 5s
78
78 80
Kan C & M Ry & Br 1st 5s_1929 A-0 09 9912 9912
091:
9912 10138
115 .T'ne'OS
Marq Hough & Ont 1st es_ A925 A-0
- — -2
1929 J -J -6617 9713 9518 Mch'12
Mass Gas 4;is
94 9612
9912
1917 J-J
9912 —5 9834 9912
Mich Telephone 1st 5s
9010 33 90 93
New Eng Cotton Yarn 5s 1929 F-A 663; &iiie 90
9978 Apr'13
1915 A-0
Teleph 5s
9978 101
New Eng
10012Sep '02
5s
1916 A-0
—
1945 J -J
_
New England cons g 58
- -- 1939 A-0
Boston Term 1st 4s
95 Feb 12
- -- 75 Dec 'Ii
102"102 New River (The) cony 5s 1934 J -J
102 Jan '13
- ---9214 Mch'12
11158 Sep '11
NY N H & Id con deb 3;is_1956 J-J
120 Mch'13
iid" NEI;
1948 J -J
4 Cony deb 6s
3 "gi" "86383 85 83
83
101 Apr '01
1924 F-A
1103 Oct, '07
Old Colony gold 4s
987 Sep '02
8
s
98 98 Oregon Ry & Nay con g 4s1946 J-D jail
1027810418 98 Mch'13
- —
9975 Feb '12
11138 Oct '1:
Oreg Sh Line 1st g 8s
1922 F-A
9838 9918
95 Jan '12
_
9812 Mch
Pere Marquette deb g 6s 1912 J-J
103 Jan '11
_
Repub Valley 1st s f 6s
9812 Dee '12
"
1919 J- J jai
7014 Dec '10
8378 8518 Savannah Elec 1st cons 5s 1952 J-J
Mch'13
idi1;
.62
1930 F-A idd" 1 -18 10312 Arch'13
9988
9978
5 9858 10033 Seattle Elec 1st g 5s
-667- Sale 83%
8
92 96
92
8612 8612 Shannon-Ariz 1st 6s g
.
86 8612 Apr '13
— 92
1919 M-N _
97 Apr '02
11038 110h Terre Haute Elec g 5s
11038Feb '13
1929 J-J
10034 10034
Torrington 1st g 58
10034 Mch'13
11358 Feb '11
1918 M-S
Union Pac RR & Id gr g 4&.1947 J-J
10018 J'ly '12
87 90 91 May'12
-year cony 4s
20
92112 98
10178 May'12
1927 J-J
94 9512 94
—
94
United Fruit gen s f 4%s
9578 11 9534 9614
1923 J-J "dil Itie 9558
97125ep '11
a
3
Debenture 45is
95
9334 955
1925 J-J ____ 9484 95
10014 Aug.'',
U S Steel Co 10-60-yr 58 Apr1963 M-N
10012 1018
4
10078 Arch'13
100 Aug'12
West End Street Ry 4s
1915 F-A ____ ---- 99 May'12
- 79 8014 Sep '12
76
Gold 4;is
99 9912
1914 M-S
_ _9938 Oct '11
99 Feb '13
Gold debenture 4s
1916 M-N
9718 971g
971 Feb '13
98
10313 Apr '05
Gold 4s
1917 F-A
9812 Nov'11
95 Oct '12
122 122 ,NVestern Teleph & Tel 5s
1932 J-J 9914 9912 991,
122 Feb '13
2
9978 13
id65"3'Wisconsin Cent 1st gen 4s 1949 J-J
935 Feb 12
122 Mch '12
--addition to the purchase price for all Boston bonds. * No price Friday: latest bid and asked. 4 Flat prices.
.
Old
Am Agricul Chem 1st 5s___1928 A-0
Am Telep & Tel colt tr 4s_1929 J-J
1936 M-S
Convertible 4s
1933
20
-year cony 4 Hs
Am Writ Paper 1st sf 5s g_1919 J-J
1015 M-N
Am Zinc L & S deb Os
'Ariz Corn Cop 1st Gs ctfs of clep_
A4
.A.tch Top & 8 Fe gen g c..,1995 - - 5
Adjustment g 4s..__July 1995 Nov
July 1995 M-N
Stamped
1955 J-D
• 50-year cony 4s
1917 J -D
-year cony 5s
10
Atl Gutf & W I SS Lines 58_1959 J-J
1935 M-N
Boston Elev 3.-yr g 4s
Lowell 4s
1916 J-J
Boston
1944 J-J
Boston & Maine 4;is
Improvement 4s
1937 F-A
Plain 45
1942 P-A
Bur & Mo Riv cons es
1918 J-J
Cedar Rap & Mo Illy 1st 7s 1916 11
/1-N
'Cent Vermt 1st g 4s___Alay 1920 Q-F
C B & Q Iowa Div 1st 5s
1919 A-0
Iowa Div 1st 4s
1910 A-0
Denver Eaten 45
1922 F-A
Nebraska Exten 4s
1927 NI-N
B&SWsf4s
1921 M-S
Illinois Div 3s
1949 J-J
Chic Jct Ity & Stk YcLs 5s....1915 J-J
Coll trust refunding g 4s_1940 A-0
& St P Dub 18 6s 1920 J-J
Ch Milw
Ch M & St P Wits V div 6s 1920 J-J
Ch & No Mich 1st gu 5s...._1931 M-N
'Chic & W Mich gen 5s
1921 J -D
'Concord & Mont cons 4s
1920 J-D
,Cudahy Pack (The) lstg 5s 1924 M-N
Current River 1st 5s
1926 A-0
Det Or Rap & W 1st 4s._ 1946 A-0
Dominion Coal 1st s f 5s
1940 M-N
Fitchburg 4s
1915 M-S
4s
1927 M-S
Fremt Elk & Mo V 1st 68_ _1933 A-0
Unstamped 1st es
1933 A-0
NOTE
.—Buyer pays accrued interest in
Ask Low
High No. Low High
3 99 102
093
4
9984
88 Sale 877
4
8
887
8 71 86 893
102 105 10338 Mch'13
10212 106
10334
10414 32 10212 10414
8978 J'ne 12
131 J'ne'12
82 J'ly '12
-941- -1434 9658 Feb '13
4
.
-6613 "di
8278 8718 875sNov'12
_
2912 J'ly '12
_
10178 I0i18 10434 Sep '12
1017 10318 11058 Mch'11
8
6118 19 "Ei 6233
6118 Sale 60
- _
9518Feb
10014 Mch'01
_ .10413 Oct '0,
Philadelphia and Baltimore Stock Exclianps—Stock 1119cord,
•
Saturday
April 5
*111
*114
22
65
112
117
118 *115
21
22
6412
65
2714 2712
3.8
5034
27
Tuesday
April 8
Wednesday
Aprfl 9
Thursday
April 10
Sales
of the
F'rida7
Apri/ 11
112
112 112 *____
118 *114
*11312
21
2112 21
2114
6412 6412 8412 6412
11312 *112
112
____ *11312 11712 *113
2134 21
217
8 213
8
6412 6412 6412 *64
12112
"1912 11/
8
i " 19" *19
*4314
45
45 *_44
2538
2758 -26:8 27
1
8 27
2714 2718 273
_
39
38 i81-2 -31 2 - 31- 381-2
51
*5118 6112 5034 51
12
12 *____ 12
5012 5012 *50
5012 *50
503
4
*3912 40
3978 4018 40 40
74
7414 7412 7412 *7414 7412
1212 1212 1212 1212 1212
1212
*2834 2914 *2812 29
*2312 29
89
90
884 89
89
89
8038 80% 8038 8078 8034 8114
2278 23
227 2278 2238 2238
8
3618 3838 3618 3614 *36
3612
59i594
3
593 595
8 573 59,4'
8
4
44
44
4414 4414 44
44
23
23
2278 2278 23
23
2534 2534 26
2514 2514
26
4 83 8334 8358 8459
8212 838
514 514
514 514
5%s VA
5012 5012 5012 6012 5058 5058
8714 87 8714
87
87 87
3812 *38
5118 51
*1178
5038 5012
40 40
*74
7412
1288 1288
*283 2914
4
8912 8912
81
813
4
23
2338
3838 3638
59;f 5984
8
44
44
23
23
2512 2512
82% 8318
514 53
8
5014 5014
87 87
I
Sharl 3r,2o3 —Not Per ';e:ltur.1 Pr,ecs
'1onday
April 7
PHILADELPHIA
Bid
Ask
3812 3812
5012 5012
12
5014
50
3914 3912
*74
7412
1238 1212
*2812 29
8888 89
81
8118
223 223
4
4
*36
3612
677 4 6733
/
*4334 4414
2278 23
*2534 26
835 8414
8
53
8 53
8
803,3 5058
8718 3718
*2
38
503
8
*1178
50
39
74
1212
*25
89
793
4
213
4
36
5712
*433
4
227
8
*2512
827
8
612
6012
87
PHILADELPHIA
113
380
117
35
2112 1,520
641:
120
1211:
7
1934
320
44
1
253 10,833
,
212
38
60 8
5
6014
3912
74
1212
29
89
8012
2212
3618
5758
4414
23
26
831:
512
501:
87
Bid
Philadelphia
American Cement___ 50
264 American Railways__ 50
50
1,098 Cambria Steel
Electric Co of America 10
---156 Elec Storage Battery_l00
1,284 Gen Asphalt tr ctfs1_100
82
Do
pref'tr ctfs_l00
1,060 Keystone Telephone_ 50
Lake Superior Corp_ _1 00
911 Leh C & Nay tr ctfs
50
1,111 Lehigh Valley
50
2,100 Lehigh Valley Transit 50
1,160
Do
pref
50
50
19,399 Pennsylvania RE
50
525 Philadel Co (Pittsb)
25
3,442 Philadelphia Electi
540 Phila R T vot tr ctfs— 50
50
8,941 Reading
1
533 Tonopah Mining
50
563 Union Traction
50
1,395 United Gas Impt
Ask
Lowest
Highest
Jonas :et I serious
Year (1912).
--Lowest
Rights.
Baltimore
Con Gas El L & Pow_100 105 Jan 13 120 Jan 16 96 Jan
prof
100 110 Jan 13 12034 Jan 31 101 Jan
Do
814 Jan
Houston Oil tr ctfs_ _ _100
1734 Jan 2 23 Apr 4
Do
4
pref tr ctfs_100
6112 Mch 24 63 Jan 9 533 Jan
Northern Central
50 120 Jan 2 123 Apr 2 121 Dec
Seaboard Air Line
100
1812 Mch 10 21 Jan 30 18 Dec
Do
pref
100
4312 Feb 28 478 Jan 24 4512 Mch
4
United By & Electric_ 50 23 Jan 6 2738 Apr 3 1814 Jan
PHILADELPHIA
Bonds
Ph & Read 2d 58 1933 A-0
Prices are all "and
_
Ex Imp M 4s 1947..A-0
interest" •
Terminal 58 g 1941 _i-F
44 Alt & L V Elec 4;is'33F-A
PW&Boltr45'21__ -J
-A
86 Read Trac 1st 68'33J-J
02 93 Am Gas & Bloc 5s '07-F
A-0 — 9614
Am Rys 5s 1917
8112 8212
Atl C Gas 1st s f 58'60 J-J - —
7314
n
SPanishY L5s '2;_4 1
R°ch R -AM ITe 8 5
1
Berg&EBrew 1808'21 J-J
Stan'd Gas & El 6s'26 J-D
2
4112 43 Bethleh S't1 8s 1908_Q-F 1161- 1.1112 Stand St' Wks lst5e28 J-J
U Trac Ind gen 58 '19_J-J
12 ____ Ch Ok & G gen 5s 1919 J-J
Un Rys tr ctfs 4s '49 _J-J
4
- Con Trac of N J 1st 25 '33 1013"
2014
2134 2218 Del Co Rys tr ctfs 4s'49J-J --__
United Rys Inv 1st coil tr
10612
8 f 5s 1926
Edison Elec 5s 1046 A-0
M-N
Elec & Peoples Tr tr ctfs_ 114 2 8434 Welsbach s f 5s 1930__J-D
-1Pr Tac & II 1st 5s '40_J-J
Wil-B G&E con 58'55_J-J
463- 74 Gen Asphalt 55 1916_M-S
4 .
York Rys 1st 58 1937_J
-D
Harw Elec
6612
.
"iff
2"Lti Interstate 1st 6s 1942 M-S iod - 15914
4s 1943
F-A 59
BALTIMORE
Keystone Tel 5s 1935....J-J 8978 90
Inactive Stocks
Lake Sup Corp inc 58'24 0 ___ 744 Atlan Coast L(Conn) 00
-1
Lehigh Nay 4;is '14..Q-J
100
Canton Co
80 ____
Gen M 4;is g 1924_Q-F i .;100
Consolidation Coal
-, .
.Leh V 0 1st 55 g 1933..J-J
_
100
---- Georgia Sou & Fla
—57 6 Leh V ext 4s 1st 1948_J-D
8
1st preferred
104 105
Consol es 1923
J-D ii312 ill"
100
2d preferred
Consol 4
1923
J-D ...... - _ G
100
-B-S Brewing
Annuity 63
J
-D
Bonds
lion cons 4s 2003 _-M-N - - -6414
391. 4014
(45
8
Prices are all "and
140 145 Leh V Tran con 4s '35 J-D
interest"
1st series A 4s 1935 _M-S
8212 83
Bait City 3;is 1930 _J-J
1st series 13 5s 1935 M-S i(3234'
48 1954-1955__Various
. ..,-,14
7^
-"is;
MarketStEl 1st 4s'55M-N —. ....
5s 1916
M-N
.97
NatLH&P serB 5s '10 J-J
Anacostia & Potom 55 A-0
New Con Gas 5s 1948_J-,D
Atl C'st cony deb 4s_M-N
N Y Ph & No lst 4s'39 J-J ____ 98 Atl Coast L(Ct)ctfs 58 J-D
---_Income 9s 1939_ M-N ---- ..__
J-J
5-20-yr 48 1925
Pa & N Y Can 5s '39_A-0
-A
10111
...._ B SP & C 1st 4;is'53 F
Penn Steel 1st 5s'17_M-N :::: ...... Bait Trac 1st 5s '29..M-N
Tr tr ctfs 48_1943
People's
No Bait Div 5s 1942J-D
_
.P Co lst&coll tr 58'49M-S 69 Jai" Cent Ry cons 5s '32..M-N
—
Con & coil tr 5s'51 M-N 9218
-611 -62 4
Eat & Imp 5s 1932 M-S
Phil Elec gold tr etfs_A-0 103 iii
iii Chas City Ry 1st 58'23 J-J
Trust ctfs 4s 1949J-J
81 Chas By G & El 55'99MS
ii 1412 P & E gen M 5s g '2O_A-0 108401122
-D
City & Sub 1st 58 1922 J
• 3712 38
City&Sub (Was) 1st 58'48
Gen M 4s g 1920
A-0 -* Bid and asked; no sales on this day. 1,1 Ex-div. and rights. II $15 paid. 3 I3X paid. t 31714 paid.
Inactive Stocks
American Milling
10
Amer Rys pref
100
'Cambria Iron
50
Central Coal & Coke 100
I, Preferred
100
Consol Trac of N J
100
Germantown Pass
50
Harwood Electric__100
Huntington & B T
50
Preferred
50
Insurance Co of N A._ 10
Inter Sm Pow & Chem 50
Kentucky Securities_ _100
Preferred
100
Keystone Telep, pref_ 50
Keystone Watch Case 100
10
Lit Brothers
50
Little Schuylkill
50
Minehill & Schuy1 II
Nat Gas Elec Lt & P 100
100
{, Preferred
50
[North Pennsylvania
(w
,Pennsy warrants
50
Pennsylvania Salt
!Pennsylvania Steel_ 100
100
, Preferred
Phila Co(Pitts)5% prf
Phila German & Norris 50
Phila Traction
50
'Railways General
10
, Tonopah Belmont Dov 1
, united Cos of N J_ _100
United Trac Pitts prof 50
Virginia Ry & Power 100
Preferred
100
Warwick Iron & Steel_ 10
Washington-Va Ry
100
Preferred
100
'Welsbach Co
100
:West Jersey & Sea Sh. 50
Westmoreland Coal
50
Wilkes Gas & Elec-i00
York Railway
50
Preferred
50
Range Since Jan. 1.
ACTIVE STOCXS
(For Bonds and Inactive
Stocks see below)
Shares.
7eekly, Yearly
117 May
116 Apr
2518 Nov
72,2 J'ly
130 Apr
2714 May
5534 J'ne26.58 Sep
2 Feb 6
2 Feb 6
1 J'ne
7 Jan
38 Apr 4 Z4912 Feb 24 4012 Oct
47 Sep
2
4912 Feb 24 5358 Jan 9 411. Mch
5518 Oct
1212 fly
1178 Jan 29 1218 Jan 9 1112 J'ly
5838 Aug
4934 Mch 25 5414 Jan 9 5234 Jan
3912 Dec
37 Mch 10 4278 Feb 4 IS Apr
7312 Dee
7112 Feb 25 7712 Feb 4 5914 Apr
13 Sep
1118 Jan 14 13 Apr 1 '6 Apr
3514 Sep
26 Feb 26 3112 Jan 9 27 Feb
87 Feb 26 9313 Jan 3 8773 Mch 100 Sep
9278 Jan
7638 Arch 10 84'A Jan 3 7813 Feb
S1 Jan
1678 Sep
1534 Jan 4 237 Mch 28
8
3312 Dec
3712 Mch 28 23 Jan
32 Jai
5738 Apv
Jan 9 60 Dec 6354 Apr
4312 Apr
LO Jan 8 4934 Dec
5614 Feb
2218 Mehl, 2434 Feb 14 11107s Jan
2434 Sep
24 Mch 19 2812 Jan 3 2213 May 29 Sep
7612 Mch 10 84if. Jan 2 7414 Jan
8914 Apr
518 Arch 13
61 Jan 13
814 Apr
6 Dec
4958 Mch 13 511 Jan 9 4934 Feb
53 Sep
8614 Mch10 9112 Feb 3 8614 Jan
1.f238 Aug
Bid
Ask
11212 113
ii4— 1141
--__ _.
101
--.7. -. 101
:
-
10258
-74
-iii
4
.
7533 76
____ 9314
__ _4
93 94
.
247 250
136
_ --- 100
90
25
—
8212
3
9312 _
9614
10212
99 idd
95 98
102 - _ _
89
9478
105
104
104
10212 103
9512
103
01 161
BALTIMORE
Coal &0 By 1st 5s'19A-0
Coal dc I By 1st 5s'20 F-A
Col & Grnv 1st 68 1916 J-J
Consol Gas 5s 1939__J-D
Gen 4;is 1954____ _A-0
'35 J-J
Cons GE & I' 4
Consol Coal 5s 1950__J-D
Fair & CI Tr 1st 5s'38 A-0
Ga & Ala 1st con 5s'45 J-J
Ga Car&N 1st 5s g '29 J-J
Georgia P 1st 6s 1922__J-J
Oa So & Fla 1st 5s '45_J-J
0
-B-S Brew 3-4s '51_M-S
Houston Oil div ctfs__F-A
Knoxy Trac 1st 5s '28 A-0
MaconRy&Lt 1st 5s'53J-J
Md Elec By 1st 5s'31 A-0
Memphis St 1st 5s '45_J-J
Monon V Trac 5s '42 J-D
Mt Ver Cot Duck 1st 5s....
NptN &0P 1st 5s'38M-N
N & A Terml 5s '29__M-S
Nor&Port Tr 1st 5s'36 J-D
Norf Ry & L 58'49__M-N
North Cent 4;is 1925 A-0
Series A 5s 1926___-J-J
Series B 58 1926__J-J
Pitt Un Trac 55 1997__J-J
Poto Val 1st 5s 1941 __J-J
Say Fla & West 5s '34 A-0
Scab Air L 4s 1950__A-0
Scab & Roan 5s 1926....J-J
South Bound 1st 5s_A-0
U El L&P 1st 4;45'29M-N
Un Ry & El 1st 4s'49 M-S
Income 4s 1949___J-D
Funding 5s 1936__J-D
Cony notes 5s 1914 J-J
Va Mid 3d ser es '16_ NI-S
4th ger 3-4-58 1921 M-S
5th series 5s 1926__M-S
Va (State) 38 new '32_J-J
Fund debt 2-3s 1991 J-J
West N C con Gs 1914_J-J
Wil & Weld 5s 1935___J-J
Bid
Ask
093
4
10018
foil;
9458
863 87
4
90 91
10012 101
10412
103 1617
-9412
104 4214 45
81 82
9784
983
7414
9712
idd
100
105
105
99
10312
108
la"
106
9012
8358 8334
6414 6458
87
1073 108
4
[VOL. xcvi.
THE CHRONICLE
1080
Investment and Aailroad Intelligence.
RAILROAD GROSS EARNINGS.
The following tab'e shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
tt
Week or
fonlh.
Current
Year.
Current
Year.
Previous
Year
$
$
$
Ala N 0& Tex Pac$
NO & Nor East_ March____ 348,316 341,081 2,941,012 2,892,038
Ala & rcksburg_ March__ 165,264 133,973 1,428,989 1,296,529
Vicky Shrev & P_ March___ 158,420 123,368 1,740,150 1,695,612
64,087 1,714.940 1.750,726
51,497
4th wkMar
Ann Arbor
Atch Topeka & S Fe February _ 9,047,303 8,592,050 79,974,552 71,862,006
Atlanta Birm & At! February _ 260,491 275,327 2,182,604 2,232,275
Atlantic Coast Line February _ 3,360,451 3,046,518 23,594,040 21,599,819
Chariest & W Car February _ 164,534 169,779 1,261,970 1,308,893
864,678
828,923
97,452 106,072
Lou Hand & St L February _
a BaWmore & Oblo_ February _ 7,362,870 6,802,614 68,216,212 60,295,120
99,890 1,203,286 1,024,010
B& 0 Ch Ter RR Februr ,.y _ 121,040
Bangor & Aroostook February _ 206,262 302,858 2,016,660 2,255,479
Bessem & Lake Erie February _ 365,341 260,901 5,860,522 5,397,390
485,986
69,746
695,230
Birmingham South_ January -_ 113,143
February - 3,496,714 3,339,111 32,886,110 30,676,387
Boston & Maine
Buff Roch & Pitts 1st wk Apr 172,418 153,809 8,384,389 7,419,260
Buffalo & Susq_ _ _ February -197,357 189,701 1,636,446 1,655,626
Canadian Northern 1st wk Apr 392,600 381,800 17.230,200 14,720,700
Canadian P cific_ 1st wk Apr 2,623,000 2,519,000 106541484 91.735,055
Central of Geo‘...ala_ 4th wkMar 403,300 380,200 10,881,637 10,892,029
Cent of New Jersey February _ 2,399,608 2,381,991 21,930,660 20,328,067
Cent New England_ February _ 258,491 291,507 - 2,484,443 2,285,485
Central Vermont.._ February _ 286,823 280,515 2,790,555 2,711,780
Chaa & Ohio Lines_ 4th wkMar 774,666 1,038,094 26,642,113 25,455,814
4th wkMar 350,398 399,589 11,628,245 11,390,670
Chicago & Altml
Chic Burl & Qalley February _ 7,035,296 6,771,218 65,372,143 59,250,992
p Chic Great West_ 4th wkMar 303,187 254,209 10,602,822 9,676,372
88,704 167,685 5,128,829 4,886,029
Chic Ind & Louisv_ 4th wkMar
Chic Nilw & St P._ i February _ 6,564,392 6,046,506 64,350,302 53,002,516
Chic Mil & PuozS!
rctdc & North West February - 6,658.695 5,969,923 58,808,200 51,805,949
rChic St Paul Al&O February _ 1,250,054 1,153,936 11,879,838 10.396,889
Chicago T H & S E- February - 141,823 177,695 1,341,886 1,313,856
Cin Ham & Dayton February _ 749,326 697,154 7,088,544 6,753,601
Colorado Midland.. February _ 108,489 118,663 1,361,111 1,315,999
b Colorado & South 4th wkMar 325,253 314,106 11,538,843 10,978,850
127,528
161,533
14,876
19,626
February _
Cornwall
205,611
283,300
21,993
35,950
Cornwall & Leban_ February _
February _ 465,147 367,376 2,874,422 2,318,513
Cuba Railroad
Delaware & Hudson February - 1.944,913 1,804,389 16,333,154 14,635,475
Del Lack & West...... February - 2,890,012 2,783,755 27.485,177 24,760,965
Deny & Rio Grande 1st wk Apr 420,600 418,700 19,260.388 18,039,167
Western Pacific.... March__.. 467,100 208,552 4,612,589 3,896,579
855,189
809,283
63,857
69,875
Denver NW & Pac_ February _
Detroit Tot & Iront February _ 120,430 165,294 1,170,355 1,228,130
866,760
23,575
26,104
880,557
Detroit & Mackinac 3d wk Mar
Dul & Iron Range February _ 108,087 113,997 4,755,095 4,644,700
74,851 2,602,690 2,329,969
Dui Sou Sh & At!.... 4th 'wkMar 101,810
Elgin Joliet &.East_ February _ 1,016,915 849,214 8,756,098 6,557,669
El Paso & Sou West February _ 743,916 668,588 5,731,914 4,939,039
February _ 4,606,883 4,391,671 42,261,584 38,627,162
Ere
17,549
18,732
2,531
2,078
February__
Fairchild ,Sz N E
Coast_ February - 663.498 548,757 3,083,183 2,540,022
Florida East
629,897
657,576
65,849
67,239
Fonda Johns & Glov February _
February _ 255,814 292,706 2,085,814 2,341,915
Georgia Railroad
Grand Trunk Syst_ 4th wkMar 1,626,172 1,429,340 41,225,384 36,629,806
Grand Trk West_ 3d wk Mar 148,642 123,694 5,269,899 4,787,367
43,058
39,248 1.800,718 1,650,224
Del Gr H Sc Mil_ 3d wk Mar
37,569 1,749,644 1,499,029
49,117
Canada Atlantic.. 3d wk Mar
Great North System March..... 5,430,582 4,847,167 58,721,535 49,593,924
Gulf Sc Ship Island_ February _ 174,894 165,052 1,379,827 1,332.859
February - 497,615 570,431 5,207,394 5,023,473
Hocking Valley
Illinois Central_ __ _ March.... 5,185,661 5,189,260 49,139,182 44,677,788
Internat & Grt Nor 4th wkMar 266,000 252,000 8,931,451 8,104,743
a Interoceanic Alex_ 4th wkMar 287,748 241,008 6,623,017 6,462,216
Kanawha Sc Mich February _ 233,319 195,875 2,200,792 2,158,261
Kansas City South_ February. 806,278 778,103 7,210,763 6,297,222
3,071,330 2,968,954 29,010,624 25,667,257
February.
Lehigh Valley
944,190
Louisiana & Arkan_ February _ 132,794 137,825 1,093,330
Sc Nashv 4th wkMar 1,366,405 1,514,050 44,804,307 42,485,057
s Louisv
110,143
116,763
15,154
12,215
Macon Sc Birm'imm February ...
February _ 824,670 807,059 7,553,739 7,137,284
Maine Central
290,626
337,218
28,732
34,040
Maryland & Penna.. February _
a Mexican Railway_ 3d wk Mar 187,300 170,800 6,238,000 6,035,500
574,402
639,289
22,341
21,339
Mineral Range_ .._ _ 4th wkMar
Minn Sc St. Louls_l 1st wk Apr 180,450 153,257 7,703,868 5,985,172
Iowa Central...)
Minn SIP Sc S S .4.. February - 1,344,456 1,052,287 14,618,846 11,306,792
Chicago Division. February _ 837,696 740,111 7,222,365 6,198,932
591,255
693,054
66,804
80.326
Mississippi Central_ February u Alo Kan Sc Texas_ 1st wk Apr 510,437 441,950 25,761,577 22,453,628
t Missouri l'acific 1st wk Apr 1,084,000 940.000 48,639,005 42,389,442
Nashv Chatt Sc St L February _ 1,100,271 989,026 8,869,959 8,046,738
a Nat Rys of Alex t_ 4th wkMar 1,674,467 1,511,001 46,378,745 47.033,633
258,941
8,882
309,208
10,008
lveyada-Cal-Oregon 4th wkMar
N 0 Great Northern February _ 156,634 126,812 1,145,825 1,092,069
0 Mobile Sc Chic_ January __ 198,594 163,446 1,479,370 1,125,872
eN Y 0 Sc Hud Riv_ February - 8,251.340 7,528,076 76,542,558 70,821,541
Lake Shore & MS February _ 4,638,643 3,965,558 38,755,430 33,429,388
n Lake Erie & W_ February _ 462,521 438,801 4,129,368 3,761,218
Chic Ind Sc South February _ 352,609 372,105 2,959,745 2,650,054
Michigan Central February _ 2,681,351 2,311,431 23,257,096 20,805,409
Cleve 00 Sc St L February - 2,656,524 .2424,027 23,403,946 20,674,720
292,992 262,507 2,507.515 2,147.467
Peoria Sc Eastern February
900,749
998,198
99,451 100,542
Cincinnati North February _
February - 1,455,626 1,267,911 13.149.562 10,852,038
Pitts Sc Lake Erie
N Y Chic & St L. February - 1,027,650 913,835 8,644,290 7,663,732
Tel & Ohio Cent_ February _ 395,671 380,817 3,763,342 3,608,711
Tot all lines above February _ 22316381 19955610 198111157 177325024
N Y N H Sc Hartf February _ 4,953.554 4,848,962 46,277,229 42,695,568
N'
AGGREGATE
Weekly Summaries.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Latest Gross Earnings.
July Ito Latest Date.
Previous
Year.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
$
$
3
N Y Ont & West__ February - 669,695 727,068 6,425,182 6,153,585
N Y Susq & West___ February ... 298,465 295,216 2,482,650 2,617,227
Norfolk Southern_ 4th wk Mar 131,273 106,329 2,648,493 2,360,987
Norfolk & Western.. February _ 3.411,632 3,049.562 29,374,140 25,973.397
_ February _ 4,611,326 4,252,927 49,567,381 42.651,370
Northern
Pacific_Northwestern Pac_ February _ 230,605 206,677 2,497,353 2,393,01i8
Pacific Coast Co__ February. 572130 462,624 5,362,142 5,068,261
Pennsylvania RR__ February ..1371g462 13171738 120987632 108113859
189,898
218,914
12,082
14,735
Balt Chas & Ati_ February _
Cumberland Vail February _ 287,502 226,617 2.324,759 1.958,144
Long Island
February _ 677,147 645,043 7,673,259 7.145,757
95,031
4,958
8,634
110,135
Maryrd Del & Va February _
NY PhIla & Norf February ... 267,813 244,152 2,411,589 2,197,415
Northern Central February _ 1,012,995 1,003,636 8,895,566 8,497,299
Phil Bait Sc Wash February _ 1,507,012 1,464,505 13,919,898 12,696,152
W Jersey & Seash February .. 340,588 348,039 4,404,710 4,328,007
4,327,191 3,936,097 44,820,241 37,232,396
Pennsylvania Co.. February.
Grand Rap & Ind February _ 382,846 375,034 3,753,241 3,420,487
Pitts 0 C & St L_ February _ 3,432,218 3,187,833 30,612,292 26,890,978
February _ 870,712 837,247 7.749,816 6,886,568
Vandalia
Total Lines_..
February _ 18666901 17862500 171273045 154360731
Past Pitts & E
West Pitts & E_ February _ 9,122,460 8,434,006 87,921,997 75,314,261
All East &Wesi February. 27789361 26296506 259195043 229674992
February _ 1,244,568 1,048,236 11,909,609 11,299,160
Pere Marquette
Reading Co4,040,873 3,682,814 34,921,297 30.7284192
Phila & Reading_ February.
Coal & Iron Co February - 2.887,265 4,031,462 29,664,144 26,097,656
6,928.138 7,714,276 64,585,441 56,825,748
Total both Cos.... February.
Rich Fred & Potom February _ 241,684 224,328 1,850.722 1,591,170
629,402
742,091
67,261
76,189
January __
Rio Grande Junc
375,363
Rio Grande South.._ 4th wkMar
493,226
12,432
15,470
Rock Island Lines February _ 5,196,444 5,033,614 48,816,117 43,873,024
February _ 239,248 227,624 2,503,742 2,306,266
Rutland
St Jos & Gr Island_ February _ 100,419 114,382 1,079,799 1,075,996
St L Iron Mtn & So February _ 2,691,744 2,581,663 23,301,387 20,509.139
St L Rocky Mt & P February. 200,606 183,987 1,488,747 1,318,474
St Louis & San Fran February _ 3,464,211 3,387,590 31,466,303 28,922,088
f Chic & East III_ February _ 1,330,419 1,216,725 11,098,701 10,598,1513
February _ 4,794,631 4,604,315 42,665,005 39,520,247
Total all lines
St Louis Southwest_ 1st wk Apr 210,000 189,000 10,526,513 9,469,309
San Pad L A & 13 L_ February _ 797,569 742,169 6,818,163 5,815,310
Seaboard Air Line 4th wkMar 696,612 659,620 18,342,465 17,145,137
February _ 10453543 9,992,757 96,871,345 89,067,273
Southern Pacific
Southern Railway 4th wkMar 1,829,287 1,788,627 52,006,587 47,923,234
Mobile & Ohio_ 4th wkMar 837,410 305,602 9,203,224 8,649.953
CM N 0& Tex P_ 4th wk Mar 207,808 285,061 7,909,217 7,206.185
Ala Great South_ 4th wk Mar 130,828 148,166 3,897.738 3,584.091
73,616 1,952,370 1.875,403
75.725
Georgia So & Fla_ 4th wkMar
Spok Port & Seattle February _ 337,109 359,110 3,634,527 3,279,099
79,421
98,817
2,669
4,326
Tenn Ala & Georgia 4th wkMar
Tennessee Central_ February _ 130,791 109,202 1,114,839 1.009.241
1st wk Apr 272,539 261,099 14,395,748 13.636,140
Texas Sc Pacific..
70,212
64,617
7,166
8,315
Tidewater Sc West_ February _
984,847
39,899 1,055,990
35.749
Toledo Peor Sc West 4th wkMar
77,244 3,168,010 2,961,791
45,770
Toledo St L Sc West 4th wkMar
Union Pacific Syst_ February _ 6,474,882 6,198,320 64,793,389 59,024,403
Virginia & So West.. February _ 145,116 139,240 1,189,382 1,156,174
February _ 573,197 397,844 4,046.479 3,198,398
Virginian
March.... 2,447,009 2,201,081 24,012,035 21,574,980
Wabash
Western Maryland_ February _ 676,896 553,290 5,018,333 4,740,187
Wheel Sc Lake Erie_ February _ 538,281 577,138 5,481,344 5,135,899
212,055
26,188
245,574
29,470
Wrightsv Sc Tennille February _
Yazoo Sc Miss Vali_ March_ __ _ 1,028,475 853,511 8,512,665 7,721,195
Various Fiscal Years.
Current
Year.
Period.
Jan 1
Delaware & Hudson
NY Central Sc Hudson River_e_ Jan 1
Lake Shore Sc Michigan South Jan 1
Jan 1
Lake Erie Sc Western_n
Chicago Indiana Sc Southern_ Jan 1
Jan 1
Michigan Central
Jan 1
Clove Cin Chic & St Louis
Jan 1
Peoria Sc Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh Sc Lake Erie
New York Chicago Sc St Louis Jan 1
Jan 1
Toledo Sc Ohio Central
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Baltimore Chesap Sc Atlantic.. Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Deism Sc Virginia Jan 1
N Y Philadelphia & Norfolk Jan 1
Jan 1
Northern Central
Jan 1
Philadelphia Bait Sc Wash
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania CompanyGrand Rapids Sc Indiana..... Jan 1
Pitts Cincfn Chic Sc St Louis.. Jan 1
Jan 1
Vandalla
Total lines-East Pitts Sc Erie Jan 1
-West Pitts& Erie Jan 1
-All lines E Sc W. Jan 1
Dec 1
Rio Grande Junction
Jan 1
Rutland
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Fob
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Previous
Year.
s
$
28 4,025,094 3,501,558
28 17,298,263 15,661,770
28 0,517,7:35 7,813,434
864,566
943,300
28
700,290
749,718
28
28 5,582,736 4,700,333
28 5,384,524 4,668,691
28
584,097
493,460
196,309
28
192,757
28 3,057,880 2,490,773
28 2,145,326 1,797,529
819,370
778,337
28
28 46,279,267 40,161,949
28 28,410,150 25,952,128
28
29,080
21,608
28
567,704
458,098
28 1,404,669 1,311,400
28
17,501
9,776
469,407
$41,544
28
28 2,061,453 1,959,234
28 3,142,453 2,901,240
667,726
760,291
28
28 9,369,539 7,822,603
733,983
28
813,688
28 7,206,500 6,392,658
28 1,820,815 1,686,236
28 38,685,131 36,277,640
28 19,501,038 16,837,7:35
28 58,187,070 52,115,285
145,030
170,055
31
463,381
508,507
28
OF GROSS EARNINGS-Weekly and Monthly.
Increase or
Decrease.
%
Monthly Summariez.
Current
Year.
Previous
Year.
Increas( cr
Decrease.
%
s
$
s
$
Mileage. Cur. Yr. Prep. Yr.
s
S
Juno
235,385 230,894 243,226,498 228,647,383 +14,579,115 6.3$
3c1 week Jan (40 roads --_ 13.672.942 11,616,351 +1,966,591 16,84
230,712 227.194 245.595,532 222,587,872 +23,007,660 10.34
July
+1,700,076 9.96
ith week Jan (30 roads).... 19,776.977 17,986,901
August_ _239,230 235.404 27617.416 251,067,032 +25,80,384 10.3(
+570.337 4.84
1st week Feb (38 roads)..... 12,306,913 11,735.576
+396,116 2.99
Septeniber-237,591 235,140 272,2 9,629 252,318,597 +19,891,032 7.81
3d. week Feb 40 roads).... 13,540,006 13,143,890
October .. _237,217 233,545 293.7 8.091 258,473,408 +35,264.683 13.64
+861.223 (352
3d week Feb 40 roads)..... 14,066,724 13,205,501
Novembe;_237,376 23:3,305 276,430,016 244,461,845 +31,968.171 13.07
+542.911 3.68
ith week Feb 40 roads).... 15,306,958 14,764,1.7
December ..238.072..238.072234,146 263,768.603 234,087,361 +1,681,242 12.6
+698,283 5.77
12,792,883 12.094,111
1st week Mar 36 roads).....
235,607 232,179 246,6133,737 208,535,060 +3 ,128,077 18.2
January
Id week Mar( 9 roads).... 14,205,350 13,181,128 +1,024,222 7.77
86,054 65,275,208 61,834,679 + .440,520 5.6
February.-- 8_6,333
+818.684 4.70
W week Mar (39 roads).- 13,777,914 13,159,330
88,811
85,963 71.710.950 67.400.090 4-4.310.860 6.5
March
+433.515 2.22
10.450.337 19,016,822
ith week Mar( 39 roads)._
bIneololtraesotahoearrasi
.
)
rro
le Law r gsco & Adirad dook ood tkerotple . N ei y orkRaail ao , tkoNov 1
st.earninoo of Color ooo Springs& C lp ta(rgek o vstrict R il ww yyfro m latter
New y
aroes a waincle
D ottnot .tk tu
Mexican currency.
Albany.M exi
l w h'ich,
ofg,il e
York
the
a
on &
Indlanalt It. a 11
Sc
not make returns to the Inter-State Commerce Commission. f Includes Evansville p Terre Haute and Evansville Sc Sc
oaci,does
Ft- Dodge an
Includes earnings of Mason City
. ludas the Cleveland Lorain Sc Wheeling Ry. in both years. n Includes the Northern Ohio RR.
International. u !naiad
Wisconsin Minnesota Sc Pacific. a Includes Louisville Sc Atlantic and the Frankfort Sc Cincinnati. t Includes the Mexican
;
also all othse
in both years and the Wichita Falls Lines in 1912, beginning Nov. 1. • v Includes not only operating revenues, but
t() Texas Central
Ceipts. a IncludaS Bt. Louis lroo Mountain Si fieuthertl.
fli
-In the tabe which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth week
of March. The table covers 39 roads and shows 2.22% increase in the aggregate over the same week last year.
Fourth week of March.
1913.
1912.
Increase. Decrease.
$
$
$
$
130,828
17,338
148,166
Alabama Great Southern
12,590
51,497
64,087
Ann Arbor
304
288,017
287,713
Buffalo Rochester & Pittsburgh
33,000
603,500
636,500
Canadian Northern
3,557,000 3,441,04)0 116,000
Canadian Pacific
403,300
23,100
380,200
Central of Georgia
263,429
774,665 1,038.094
Chesapeake & Ohio
49,191
350,398
Chicago & Alton
399,589
48,978
Chicago Great Western
303,187
254,209
78,981
Chicago Ind & Louisville
88,704
167,685
77,253
Cinc New On & Texas Pacific
207,808
285,061
11,148
Colorado & Southern
325,253
314,105
25,900
Denver & Rio Grande
559,600
585,500
Duluth South Shore & Atl
74,851
26,959
101,810
2,209
Georgia Southern & Florida_ _ _ 73,516
75,725
Grand Trunk of Canada
Grand Trunk Western
1,626,172 1,429,340 196,832
Detroit Or Haven & Milw_ _
Canada Atlantic
14.000
252,000
International & Great Northern
266,000
46,740
241,008
Interoceanic of Mexico
287,748
147,645
Louisville & Nashville
1,366,405 1,514,050
22,341
1,002
21,339
Mineral Range
33,587
175,260
208,853
}
Minneapolis & St Louis
Iowa Central
641,291 132,507
773,798
Missouri Kansas & Texas
1,559,000 1,369,000 190,000
Missouri Pacific
337,410
305,602
31,808
Mobile & Ohio
63,466
1,574,467 1,511,001
National Railways of Mexico
8,882
10,008
1,120
Nevada-California-Oregon
131,273
106,329
24,944
Norfolk Southern
15,470
12,432
3,038
Rio Grande Southern
323,000
283,000
40,000
St Louis Southwestern
696,612
659,620
36,992
Seaboard Air Line
40,660
1,829,287 1,788,627
Southern Railway
1,667
4,326
2,659
Tennessee Alabama & Georgia..
484,484
458,829
25,655
'
Texas & Pacific
4,150
Toledo Peoria & Western
35,749
39,899
31,474
77,244
Toledo St Louis & Western_.._
45,770
Total (39 roads)
Net increase (2.22%)
1081
THE CHRONICLE
APR. 12 1913.]
19,450,337 19.016,822 1,143,594
433,515
710,079
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings of STEAM railroads and industrial companies reported this week:
Roads.
- -Bat. of Net Ear s.
-Int., Rentals, &c.
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Feb 448,024
467,513 z816,210 z606,277
Norfolk & Western
3,664,444 3,787,013 z8,143,647 x6,119,808
July 1 to Feb 28
19,620 zdef2,798 zdef14,441
18,881
Rio Grande Southern_ _ _Feb
152,884 xdef1,061zdef126,0711
153,663
July 1 to Feb 28
Union Freight
3,334
10,993
1,725
1,726
Jan 1 to Mar 31
c These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus and
placed to the credit of renewal fund. $10,000 is also deducted each month
for the refunding mortgage sinking fund.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
$
772,884
723,438
American Rys Co..__ February _ 367,118 350.002
42,379
39,954
Atlantic Shore Ry__ February _ 20,087 19,834
263,961
246,356
c Aur Elgin & Chic Ry February _123,383 120.640
58,793
53.448
Bangor Ry & Elec Co January __ 58,793 53,448
25.262
11,835 11,018
23,179
Baton Rouge Elec Co February _
425.028
37,094 33,785
386,631
Binghamton Railway December
Brazilian Trac, L & P February _1821,715 1544,802 3,734,670 3,128,147
14,722
14.046
6,883
6,849
Brock & Plym St Ry_ February _
Bklyn Rap Tran Syst December 2005,538 1920,274 24,353,298 23,233,599
57,976
52,020
Breton Elec Ry February _ 26,141 23,693
Cape
638,532
638.063
44,824 53,028
Cent Park N & E Riv December
184,511
157,661
Chattanooga Ry & Lt February _88,878 76,657
52,643
46,721
Cleve Painesv & East February _ 24,548 22,820
156,989'
172,820
Clev Southw& Colum February _ 81,277 77,419
96,213
86,201
Columbus(Ga) El Co February _ 45,690 41,885
Commonw P Ry & Lt February _ 549,665 488,859 1,167,770 1,024,765
Coney Isi & Bklyn_ _ December 111,529 103,190 1,590,039 1.409,273
234,058
264,921
Dallas Electric Corp.. February _ 163,213 129,751
Detroit United Ry..-3d wk Mar 218.108 183,207 2,533,032 2,139,094
612,000
617,034
49,393 52.940
DDEB& Bat(Rec December
179,386
171.491
Duluth-Superior Trac February - 86,030 83,647
413,314
376,845
East St Louis & Sub_ February _200,100 185,809
156,219
131,419'
El Paso Electric Cos.. February _ 75,298 61,644
42d St M & St N AveDecember 149.939 134,053 1.806,674 1,606,382
282,451
328,388
Galv-Hous Elec Co__ February _158,773 136,445
189.075.
197 035
Grand Rapids Ry Co. February _ 93,049 91,627
137,345
142,976
Harrisburg Railways February _ 69,188 67,076
Honolulu Rapid Tran
500,276
564,723
December
52.336 48.129
& Land Co
667,461
736,874
Havana Electric Ry_ Wk Apr 6 55,785 50,381
44,095.
46,490
22,111 21,970
Iloughton Co Tr Co_ February _
Hudson & Manhattan December 339,203 315,467 3,630,061 3,044.755.
Illinois Traction
February _ 602,601 583,550 1,256,391 1,199,985
Interboro Rap Tran February _ 2600,260 2636,083 5,503.603 5,470,218
49.878
49.823
Jacksonville Trac Co January _49,823 49.878
Lake Shore Elec Ry_ February _ 88,680 82,118
169,271
189,053
258,184
Lehigh Valley Transit March ___ 109 987 91 740
306,848
73,072
Lewis Aug & Watery_ February _ 41,349 37,213
86,301
209,256
Long Island Electric.. December
220,900
15,411 14,070
482.927
Milw El Ity & Lt Co_ January __ 521.210 482.927
521,210
83.532
96,449 83,532
Milw Lt, Ht & Tr Co January_
96,449
Monongahela Vail Tr February: 65,748 56.086
114,826
134.384
February _ 171,322 159,939
357.321
326,074
Nashville Ry & Lt
46,230 33,733
466.743
314,101
N Y City Interboro December
391,999
28,819 28,131
389,168
NY & Long Isl Trac_ December
December 104,607 98,959 1,331,318 1,253,981
N Y & Queens Co
New York Railways.. February _1046,502 1031,167 2,207,315 2,114,837
11,503
13.841
Northam Easton & W January __ 13.841 11.503
407,598
460,036
North Ohio Trac & Lt February _ 222,570 198,209
228,183
299,831
North Texas Elec Co February _ 142,784 113,488
124,107
142,020
4,253
5,426
Ocean Electric (L I).. December
47,623
51,038
24,372 22,930
Paducah Tr & Lt Co.. February _
45,276
48,823
22,506 23,015
Pensacola Electric Co February _
Phila Rapid Trans Co Februar-- _1775,158 1725.408 3,777.225 3,533,881
Port(Ore)Ry.L&PCo. February _ 530.071 518,927 1,083,669 1,050,140
125.700
135,987
Portland (Me) RRFebruary _ 64,487 62.100
720,786
701.640
P
Puget Sd Trac. Lt&- January -- 701,640 720.786
362.033
25,464 25,780
375,374
Richmond Lt & RR.. December
St Joseph(Mo)Ry,Lt.
203,059
194,242
Heat & Power Co_ February _ 95,736 91,701
96,274
114,133
Santiago Elec Lt & Tr March___ 37,713 31,432
129,786
114,797
Savannah Electric Co February _ 62,403 56,439
937,466.
989,209
82,922 77,260
December
Second Ave (Rec)
125.663
153.243
9,853
14,123
Southern Boulevard_December
289,374
279,731)
18,468 18,026
Staten Isl Midland.,_ December
120,410
130,513
Tampa Electric Co February _ 62,356 59,659
Third Avenue
December 334,501 316,629 3,845,569 3,680,409
Twin City Rap Tran_ 4th wkMar 229,904 208,576 2,029,862 1,899,379'
,
Underground Elec Ry
of London•
London Elect Ry Wk Mar 29 £14,185 £13,665 £189,425 £191,305
Metropolitan Dist.. Wk Mar 29 £12,861 £12,559 £171,333 £164,911
London Gen'l Bus_ Wk Mar 29 £58,219 E48,251 £706,780 £512,634
Union Ry Co ofNYC December 207,138 199.850 2,540,138 2,471,023
UnionRyG&EC0(II1). February _383,131 293,554
607,276
802,891
United Rys of St L.... February _ 924.368 893,419 1,921,563 1,825,814
697,317
671,393.
United RRs of San Fr January__ 697,317 671.393
601,798
42,117 45,746
Westchester Electric_ December
579,925
678,427
60.108 57.036
Yonkers Railroad... December
734.446
111,856.
York Railways
115,908
February _56,958 54,369
34,417
35,326
17,185 17,159
Youngstown & Ohio_ February _
10.097
11.737
Youngstown & South January __ 11.737 10.097
-Gross Earnings- -Net EatningsPrevious
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
104,902
def6,781
302,858
Bangor & Aroostook_ __Feb 206,262
805,588
574,745
2,016,660 2,255,478
July 1 to Feb 28
383
2,336
6,490
7,211
Bellefonte Central_ b_ _ _Mar
2,047
4,742
17,267
19,885
Jan 1 to Mar 31
1,037
2,243
3,576
7,482
Dirm'ham & Southeast_Feb
13,389
22,463
29,656
58,199
July 1 to Feb 28
Central of New Jerseyb_Feb 2,309,608 2,381,991 1,020,582 1,022,115
21,930,660 20,328,067 9,919,053 9,105,600
July 1 to Feb 28
Feb 1,049,480 1,168,204 sdef5,085 s196,878
Chicago & Alton_a
10,493.335 10,109,305 51,719,307 52,189,566
July 1 to Feb 28
Chicago Burl & Quincy bleeb 7,035,296 6,771,218 2,360,856 2,177,084
65,372,143 59,250,992 25,210,608 20,840,332
July 1 to Feb 28
304,033
479,565
Denver & Rio Grande_a Feb 1,707,656 1,613,552
July 1 to Feb 28
17,067,588 15,911,367 4,962,954 3,878,390
Western Pacific 13- -- -Feb 422,148
4,239
72,342
326,658
July 1 to Feb 28
706,221
4,145,489 3,588,027 1,137,951
Grand Trunk of Canada
Grand Trunk Ry_ __ _Feb 2,917,467 2,506,247
400,026
437,012
Jan 1 to Feb 28
6,013,048 5,085,979
709,049
837,038
15,573
Grand Trunk Western Feb 517,796
475,743
6,083
994,998
1,107,616
48,341
56,938
Jan 1 to Feb 28
147,941 def37,959 def37,959
Det Or Haven & Milw Feb 159,864
310,482 def65,211 def66,184
345,765
Jan 1 to Feb 28
129,935 def36,985 def25,306
Feb 168,381
Canada Atlantic
290,773 def46,718 de125,063
345,035
Jan 1 to Feb 28
Feb 4,589,743 4,322,292 1,389,719 1,634,771
Great Northern_ b
53,290,953 44,746,757 24,319,393 21,157,061
July 1 to Feb 28
253.256
255,565
734,491
g Interoceanic of Mexico Feb 684,241
July 1 to Feb 28
5,839,393 5,708,494 1,989,381 1,944,115
°National Rys of Mex_ _Feb 4,587,299 4,604,383 1,739,605 1,611,852
42,231,348 42,606,667 17,289,321 18,921,340
July 1 to Feb 28
1,087
349
21,354
20,952
Nevada-Cal-Oregon b_ _Feb
60,356
84,830
July 1 to Feb 28
228,752
283,738
956,061
Norfolk & Western_ b__ _Feb 3,411,632 3,049,562 1,102,054
29,374,140 25,973,397 10,730,702 9,251,010
July 1 to Feb 28
33,504
Pacific Coast
Feb 572,130
64,498
462,624
July 1 to Feb 28
835,518
858,149
5,362,142 5.068,261
4,880
Rio Grande Southern b_Feb
15,930
41,432
44,144
17,990
July 1 to Feb 28
145,779
441,793
345,961
c These figures are for consolidated company.
Union Freight
5,059
Jan 1 to Mar 31
30,922
12,719
26,650
-The following table
Electric Railway Net Earnings.
Feb 2,295,952 2,031,014
205,481
Wabash_ b
360,626
21,603,486 19,373,900 5,210,375 4,584,694 gives the returns of ELECTRIC railway gross and net earnJuly 1 to Feb 28
__Feb 576,896
185,096 ings reported this week:
116,298
Western Maryland
553.290
5,018,333 4.740,187 1,180,958 1,688,118
28
July 1 to Feb a_-Gross Earnings- -Net EarningsCurrent
Previous
Previous
. Current
a Net earnings here given are after deducting taxes.
Year.
Year.
Year. .
Year.
Roads.
b Net earnings here given are before deducting taxes.
$
$
$
in Mexican currency.
$
p These results are
s After allowing for miscellaneous charges to income for the month of Cleve Painesv & East_ a _Feb
6,8288,638
22.820
24,548
February 1913, total net earnings were deficit 365,781, against $127.408
46,721
13,771
20,052
52,643
Jan 1 to Feb 28
last year, and for the period from July 1 to Feb. 28 were $1,222,566 this Harrisburg Railways_ __ _Feb
19,325
67,076
69,188
9,065
year, against $1,677,646.
35,648
142,976
19,977
137,345
Jan 1 to Feb 28
INDUSTRIAL COMPANIES,
25,725
88,680
28,882
82,118
Lake Shore Electric_a_ _Feb
57,421
64,277
189,053
169,271
505,843
297,533
July 1 to Feb 28
327,686
Edison Elec (Boston)_ __Mar 575,045
.1,846,660 4,430,539 2,811,181 2,664,794 United Lt &Rys
July 1 to Mar 31
155.329
181,272
402,530
(sub cos)_ Feb 455,959
3,708,506 3,324,629 1,595,613 1,372,102
July 1 to Feb 28
Interest Charges and Surplus.
54.602
24,598.
54,872
90,361
Wash Bait & Annapolls_Mar
63,542
89,528
152,015
190,926
-Int., Rentals, (*c.- -Bat, of Net Earns.
Jan 1 to Mar 31
Previous
Current
Previous
Current
Year.
Year.
Roads.
Year.
Year.
a Net earnings here given are after deducting taxes.
$
$
lb
$
b Net earnings here given are before deducting taxes.
Bangor & Aroostook_ _ _Feb 108,462
x5,233
107,312zdef100,735
July 1 to Feb 28
844,737zdef149,598
x80,190
883,942
Interest Charges and Surplus.
244
Bellefonte Central
2,096
139
Mar
240
-Int., Rentals, ttc.- -Bat, of Net Earns.
Jan 1 to Mar 31
732
4,022
1,315
720
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Central of New Jersey_ _Feb 548,720
471,862
654,626
Roads.
367,489
$
July 1 to Feb 28
$
$
$
4,365,447 4,451,555 5,553,606 4,654.045
def1,589
10,227
Denver & Rio Grando_Feb 559,613
def3,116
c20.943 cdef51,148 Cleve Painesv & East.. __Feb
9,944
478,995
def647
def6,188
20,699
July 1 to Feb 28
19,959
Jan 1 to Feb 28
4,485,250 4,062.487 c1,607,228 c856,966
def9,108.
34,938
34.833 def6,056
Nevada-Cal-Oregon_ _ _ _ Feb
5,797 zdef6,772 zdef4,340 Lake Shore Electric_ _ __Feb
7,317
69,425 def5,598 def12,004
69,875
x31,545
Jan 1 to Feb 28
July 1 to Feb 28
50,855
z11,279
52,355
Roads.
1082
THE CHRONICLE
-list., Rentals,
Current
Previous
Year.
. Year.
Roads.
United Lt & Rys(sub cos)Feb
95,462
92,763
July 1 to Feb 28
735,358
728,686
Wash Bait & Annapolis_Mar
24,978
22,176
Jan 1 to Mar 31
66,384
71,556
x After allowing for other income received.
-Bat. of Net Earns.
Current
Previous
Year.
Year.
$
62,566
85,810
643,416
860,255
x30,194
x2,685
x19,642 zdef1,627
ANNUAL REPORTS.
Annual Reports.
-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Mar. 29. The next will appear in that of Apr. 26.
Pittsburgh Cincinnati Chicago & St. Louis Ry.
(Report for Fiscal Year ending Dec. 31 1912.)
The report is given at length on subsequent pages. Below
are comparative income accounts and balance sheets for
several years.
OPERATIONS AND FISCAL RESULTS
-ALL LINES DIRECTLY
OPERATED.
1912.
1911.
1910.
1909.
1,472
Miles operated
1,467
1,469
1,468
Operations
Passengers carried
11,802,720 11,930,387 11,689,822 10,697,657
Pass. carried 1 mile_ __ _424,741,280 434,049,399 432,492,195 394,825,123
Rate per pass. per mile_ 1.909 cts.
1.846 cts.
1.847 cts.
1.834 cts.
Freight (tons) carried.. _ 42.352,038 36,093,370 38,976,157 32,853,447
Freight (tons) 1 mile_ *5,328,907 *4,265,725 *4,596,299 *3,856,530
Rate per ton per mile_ _ _ 0.580 cts. 0.614 cts.
0.614 cts. 0.641 cts.
* Three ciphers (000) omitted.
INCOME ACCOUNT.
Revenues1912.
1911.
1910.
1909.
Freight revenue
$30,934,305 $26,183,508 $28,212,593 $24,706,600
Passenger revenue
8,107,059
8,014,013
7,988,548
7,240,853
Mail revenue
1,174,694
1,247,132
1,186,443
1,187,896
Express revenue
1,451,202
1,411,448
1,403,997
1,284,108
Other transporta. rev.. _ 1,633,366
1,438,780
1,555,808
1,355,574
Non-transporta. rev_
253,990
303,457
255,052
195,802
Total operating rev.. _343,604,082 $38,549,933 $40,601,379 $35,970,833
ExpensesMaint. of way & struct_ 5,980.691
4,832,012
5,782,764
4,928,406
Maint. of equipment...._ 8,252,981
7,050,822
7,591,804
6,172,357
Traffic expenses
822,637
828,006
865,700
775,622
Transportation expenses 15,777,440 14,002,850 14,888,504 11,996,129
General expenses
793,073
843,845
773,213
702,644
Operating expenses_ _331,682,963 $27,501,394 $29,901,985 $24,575,158
Net operating revenue_ _S11,921,119 $11,048,539 $10,699,394 $11,395,675
°Outside oper., net clef.. _
9,549
10,837
8,055
10,716
Taxes
1,604,222
1,342,560
1,569.892
1,571,747
Operating income_ ___$10,307,349 $9,467,810 $9,116,931 $10,045,060
INCOME ACCOUNT.
1912.
1911.
1912.
1911.
Deducs.(Con.).
$
$
$
13,785
Operating income 10,307,349 9,467,810 Separately op. cos.
19,562
400,597 Miscellaneous ___
90,332
105,018
Joint fact!. rents__ 455,097
404,608 Sinking fund
765,645
Miscell. rents, 8,c.. 498,162
548,430
Pref. diva. (5%).... 1,373,819 1,373,785
Grass income_ _11,260,608 10,273,015 Corn. divs. (5%). 1,858,650 1,821,200
645,866
Prin. of car trusts.. 725,164
Deduct
649,238
Lease of 0th. rds__ 1,353,568 1,291,022 Add'ns & bett'ts 1,400,000
587,351
Hire of equip.,bal_ 523,303
363,862
339,141
Total dedue'ns_11,197,636 10,081,932
Joint facil. rents__
62,972
191,083
Bond interest.... 2,729,508 2,701,318 Balance, surplus....
GENERAL BALANCE SHEET DECEMBER 31.
1912.
1912.
1911.
1911.
AssetsLiabilities$
$
$
$
,
Road & equip_ _a142,665,582 137071,489 Stock (See "Ry. &
Securs. of prop.,
Indus." Sec.)_ _65,171,975 65,171,975
&c., cos.Funded debt
58,407,000 59,204,000
Stks., unpledged 2,522,164 2,489,014 Equip. trusts
7,125,645 5,348,319
Bds., unpledged 150,000
150,000 Loans & bills pay_ 225,000
355,000
Advances for con473,382
Traffic balances
531,030
struction, &c..... 426,821
282,410 Vouch. & wages.... 2,990,102 2,570,056
Miscell. securities,
Matured int., &c..
106,369
95,199
451,618
unpledged
541,717 Miscellaneous_ _ _ _
360,261
428,351
2,838,686 2,449,525 Unmat. Int., &c.._ 1,413,492 1,512,055
Cash
421,800 Accrued taxes__ 1,206,236 1,144,375
Securs. in tress...... 421,800
100 Oper. reserves... _ _ 196,312
Marketable securs. 1,026,100
271,365
2,066 4,602,366 Other deferred
Loans & bilis rec_ _
707,158
Traffic balances 1,003,568
credit items_ _ _ 245,067
202,684
735,256 Add'ns to prop'ty
1,021,074
Agents, &c
Material & suppl's 2,988,353 2,502,236
through income 9,718,939 7,593,775
Miscellaneous.... 1,382,579 1,461,064 Sinking,&c.,fds__ 6,881,987 6,210,761
265,162 Profit and loss.._ ..b3,876,258 3,722,172
Advances, &c.. _ _ _ 266,420
567,252
0th .def.deb.items 1,255,761
Total
Total
158,512.592 154246,549
158,512,592 154246,549
a After deducting reserve for accr. deprec. of equipment, $1,346,704.
b After adding sundry net credits,$91,114.-V. 96, p. 791, 488.
The Delaware & Hudson Company.
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. L. F. Loree, N. Y. City, Mar. 31, wrote in subst.:
General Results.-The coal-mining department shows a decrease of 842,384
tons in the amount of coal mined, an increase in gross revenue of $42,543,
and an increase in net revenue of $469,326. The railroad department
shows an increase in gross oper. revenues of $1,058,286, but a decrease of
$250,333 in net operating revenues.
Railroad.
-The revenue from coal freight traffic increa.sed $498,901, of
which approximately 80% was from bituminous coal. Notwithstanding
the suspension of coal-mining operations early in the year and a decrease
of 1,285,711 net tons of anthracite coal carried, there was an increase of
55,345,183 in the total anthracite ton miles. The revenue from merchandise traffic increased $423,063, from passenger traffic increased $57,277,
and from miscellaneous sources increased $79,044. The ratio of operating
expenses to operating revenues was 62.57%, as compared with 59.56% in
1911, partly due to the complete shut-down of anthracite mines from April 1
to May 21 1912, which caused a substantial reduction in revenues without
a proportionate decrease in expense.
-There were mined 6,438.555 grass tons of
Coal
-Mining Department.
anthracite coal out of a total of 63,610,578 tons, including product of
washeries produced in the region. The amount produced by this company
Is 842.384 gross tons less than for the year 1911, due to the suspension of
work at the collieries from April 1 to May 21, incl., on account of strike.
The new agreement entered into by the mine workers on the one hand and
the anthracite coal operators on the other, governing the relations of employees and employers in the anthracite region, provides that the terms
awarded by the Anthracite Coal Strike Commission and supplemented by
the agreements subsequent thereto shall be continued for a further period
of 4 years ending Mar. 31 1916, except in certain particulars [stated seriMum in the pamphlet report], the most important of which is that the
[VOL. mom
contract rates and wage scales for all employees was increased 10%
and the sliding scale was abolished (V. 94, p. 1448).
Other items which tend to cause the cost of producing coal to increase
from year to year are: Shafts and slopes are sunk deeper, tunnels extended.
and the mined-out area increased, thus lengthening the haul of coal in mine
cars, requiring increased transportation facilities, increasing the area to
be drained and ventilated, and requiring more employees. Taxes are about
four times the amount paid in 1901, notwithstanding the decrease in the
unmined coal remaining in the ground. The operating costs of producing
coal of this and subsidiary companies, including taxes but excluding sinking
fund for depletion of the coal lands, were higher in 1911 than in 1901 by
$0.5575 per ton. Some increase in the market price of coal was necessary,
even though no increase in wages had occurred, it being impossible to
earn a fair return on the investment.
Assuming that in 1912 the mines had been operated under normal conditions, but with the increase of $0.0808 per ton in the cost of mining under
the new wage scale, with an increase of $0.0338 per ton in taxes, and with
the increase of $0.25 per ton in the market price of pea coal and larger sizes,
and with no change in the market price of the smaller sizes (thus making
an increase in the average market price per ton of all sizes of $0.1913).
there would have resulted an increase over 1901 of $0.6559 per ton in
the cost of production and an increase of $0.6231 per ton in the market price.
Indicating a decreased return to the producer of 3.28c. per ton.
The charges to extraordinary expenses of the coal-mining department
amounted to $857,975 (as against $823,654 in 1911,of which $280,323 upon
new collery at Archbald, Pa., which, it is expected, will be placed in
operation early in 1913.
-This amounted to $3,500,000 on Dec. 31 1912, having
Floating Debt.
been increased $2,600,000 in order to finance temporarily addition and
betterment work, and to cover advances to sub.companies for construction.
Sinking Funds.-There was paid into the sinking fund under the "first
& ref." mtge. the sum of $277,040, being 1%, on the bonds outstanding
May 11912; total paid to date,$896,510, expended in add'ns and betterm'ts.
The sinking fund under the first lien equip, trust has received $650,.000
annually from 1908 to 1912, aggregating $3,250,000, plus int. on balances,
&c., $111,968; total, $3,361,968; disbursements, 62 locomotives and 25
cars, &c., acquired, $1,608,494: $306,000 first lien equip. bonds purchased
and retired (incl. int.), $312,171; balance, securities and cash in hands of
trustees, $1,441,303.
There was also accumulated In the coal department sinking fund $285,486,
$11,780 of which was applied toward cost of coal lands purchased in Wyoming section, and the balance to advances to the Schuylkill Coal & Iron Co.
and the Shanferoke Coal Co. for acquisition of anthracite coal lands in
Schuylkill County, Pa.
1Vages.-Early in 1912 the Brotherhood of Locomotive Engineers, in
behalf of the engineers employed on 52 railroads in the Eastern section of
the U. S. presented a concerted request for a general increase in wages, &c.
Tho matters in dispute were settled by a board of arbitration, which granted
a wage increase effective May 11912, and other awards. (V. 95, p. 1474.)
Arbitration is also pending on the demands of the firemen, which are
equivalent to an increase in wages of about 35%, and those of the conductors and trainmen, which amount to 10%.
Additions and Betterments.
-A program has been inaugurated covering
extensive bridge renewals and betterments in order to make all bridges on
the line capable of carrying E-5 engines, the heaviest of the consolidation
type. Part of this work was completed in 1912, resulting in charges to
"additions and betterments" of $20,564, and to operating expenses of
$123,363. The program calls for a total estimated expenditure of $414,308.
of which $100,640 is chargeable to additions and betterments. The work
will continue throughout the years 1913 and 1914.
There is still under way the work of equipping freight cars with steel
underframes. There was expended on this work in 1912 $334,595. The
program for 1913 contemplates the applying of steel underfrathes to 200 box
cars of 60.000 lbs. capacity, 400 coal cars of 80,000 lbs. capacity and 200
coal cars of 60.000 lbs. capacity, at an estimated cost of $369,600.
The total expenditures in 1912 on "additions and betterments" amounted
to $2,927.058, viz.:(a) On road,$2,318,757, notably for sidings and spur
tracks, $434,255: shops, engine-houses and turntables, $581,236; shop
machinery and tools, $366,511; work in progress, $613,173; and (b) for
equipment, $608,300.
The Wilkes-Barre Connecting BR. Co. has been organized to construct
a line of railroad which will effect a connection between the Pennsylvania
RR. and the lines of this company near Wilkes-Barre, Pa. The capital
stock of the new company is owned jointly by the Pennsylvania RR. Co.
and the Delaware & Hudson Co.
-Greenwich & Johnsonville Ry. Co. shows an InAllied Steam Railways.
crease In oper. revenues of $8,333; net income was $25,824,increase $8,756.
Quebec Montreal & Southern Ry. Co. shows an increase in oner. revs. of
$25,466; net income, independent of interest charges due D. & II. Co.
amounted to $156,379, an increase of $19,559. Napierville Junction Ry. Co.
shows an increase in oper. rev. of $12,400; net income amounted to $19,416.
or 3.23% on The capital stock.
Allied Electric Railways.
-Increases in net operating revenues were:
United Traction Co., $18,722; Hudson Valley Ry. Co., $11,713; Schenectady Ry. Co., $35,321. The net operating revenues of the Troy & New
England By. Co. and the Plattsburgh Traction Co. decreased $2,579 and
$2,598, respectively. Dividends of 4% for the year 1912 were declared on
capital stock by the United Traction Co., 6% by Schenectady Ry. Co..
3Vs_by Troy & New England By. Co. and 6% by Plattsburgh Traction Co.
The United Traction Co. has completed the work inaugurated in 1911 of
placing feeder wires underground. A high-tension transmission line from
Mechanicville power plant to North Albany. 171.1 miles, has been constructed, affording direct transmission of current from the Mechanicville
power plant to Albany and Troy, N. Y. The tracks have been extended
at three points, in the aggregate 10,196 ft.
Litigation.
-In the suit instituted by the Ticonderoga RR.Co. mentioned
in the annual reports of 1909 and 1910, the N. Y. Court of Appeals has
decided that your company owes no present duty to the Ticonderoga RR.
Co., except to report the results of this company's operation of the Ticonderoga Rh., and to continue the annual payments heretofore made. In
other respects the situation of the litigated matters mentioned in our recent
annual report remains unchanged.
.-The Inter-State Commerce Commission has proposed
Express and Mail
rates to be assessed by express companies on interstate merchandise express
traffic which would cause losses estimated at 25.2% of the gross revenues
therefrom, and which would correspondingly reduce the express revenues
of the railroads. Data are now being prepared to indicate the injustice
of making any general reduction.
A parcels post was established on Jan. 1 1913 whereby packages not exceeding 11 lbs. in weight may be forwarded as U. S. mail. A large percentage of small packages formerly carried by express will probably be forwarded
by mail. While the increased mail pay resulting from the re-weighing of
the mails will largely offset the loss in express revenues of the railroads, it
will not compensate them for the increased labor in handling the malls
the railroads being obligated to handle, without compensation, all mail at
transfer points, and also between the depots and post-offices in all cities
and towns where the distance does not exceed 80 rods.
Coal Rages.
-shortly before the close of the year the Inter-State Commerce
Commission announced its intention to make an investigation of all rates,
rules, regulations and practices governing the transportation of anthracite
coal. Inasmuch as anthracite coal constitutes over 40% of the total tonnage handled by this company, it is deeply concerned in the outcome of
the proposed investigation.
OPERATIONS AND FISCAL RESULTS.
1909.
1911.
19139..46
84
843.46
.
877 607
44740
Miles operated
1987127..60
Equipment
459
Locomotives
452
Passenger cars
470
20,22571
20, 17
8557
44
6
Freight cars
21,172
457
19,930
737
Company cars
585
820
Operations7,969,010
7,960,371
Pass. carried earn. rev. 7,949,524
6,850,729
No.of pass. earr'd 1 mile149,603,911 145,444,536 141,034,782 134,946,143
2.04 cts.
2.06 cts.
Av. rects. per pass. p. tn. 2.02 cts.
2.10 cts.
$1.0805
$1.0514
Pass. earns. per tr. mile_
$1.0653
$1.0602
Tons rev. freight carried 19,319,161 19,887,973 18,825,328 17,817,464
mile_2,827,572,371 2610337,372 2457178,348 2391053,458
Tons frt. carr'd 1
0.68 cts.
0.66 cts.
0.68 cts.
Av.rects. per ton per m_
$
.
0.67 67.0 cts.
$3.322
$3.181
Frt. earns, per tr. mile_ _
502.18
Av. No. tons frt. in train
432.06
2
214 6
7,280,939
6,19%:014
Anthracite coal produced 6,438,555
6,647,659
7,602,877
9,295,307
8,268,744
Anthracite coal carried_ 8,009,596
1,863,136
Bituminous coal carried.. 2,494,643
2,109,224
2,095,052
1912.
$
RR. Earnings from10,346,095
Coal freight traffic
Mdse. freight traffic_ _ _ 8,476,851
3,076,507
Passenger traffic
305,119
Express traffic
119,446
Transportation of snails_
156,085
Miscellaneous sources
Gross earnings
ExpensesMaint. of way & struct_
Maintenance of equip't_
Traffic expenses
Conducting transport'n.
General expenses
Total expenses
Net earns, from oper'n..
P. c. of exp. to earnings_
Coal Department
Gross receipts
Gross expenses
Net earnings
Taxes
1083
THE CHRONICLE
APR. 12 1913.1
1911.
$
9,847,193
8,053,788
3,019,230
235,339
119,350
146,917
1910.
$
8,724,581
8,052,705
2,910,026
209,210
119,378
415,900
22,480,103 21,421,817 20,431,800
1,940,352
3,230,742
289,754
7,979,041
626,889
1,488,757
3,060,739
250,285
7,414,072
544,307
1,557,913
2,842,069
249,932
7,066,049
482,324
14,066,779 12,758,160 12,198,287
8,413,324 8,663,657 8,233,613
(62.57)
(59.56)
(59.70)
INCOME ACCOUNT.
1912.
1911.
1910.
$
$
13,397,557 13,355,014 11,806,888
12,811,520 13,238,304 11,448,226
586,037
355,093
116,710
141,011
358,662
316,739
Amortization Reserves.
-As of March 31 1912 there had been accumulated a reserve of $512,794 for the amortization of capital. During ten
months since that date no further accruals have been made, as the directors
believe the amount already reserved to be sufficient for all reasonable
current requirements. During the said ten months to Feb. 1 1913 all expenditures for renewals and repairs have been made out of current income,
and the amortization reserve has not been in any way depleted. Beginning
with February 1913, it is proposed to inaugurate a new amortization plan,
which will be sufficient to provide for the replacement of the various units
19,525,859 of property at the ends of their estimated lives.
INCOME ACCOUNT OF RAILROAD.
1,334,546
2,598,566
-Years end. Dec. 31- -Years end. Mar. 31227,347
Revenues1910-11.
1909-10.
1911.
1912.
6,821,392 Passenger fares
$3,404,520 $2,846,945 $2,546,349 $1,728,741
476,628 Advertising
49,460
106,607
137,690
151,382
18,977
30,835
0th. car & sta. priv'ges_
48,034
59,621
11,458,479 Sale of power, &c
11,248
3,908
12,086
14,538
8,067,380
(58.68)
Total railroad rev_ __ _ $3,630,061 $3,044,756 $2,695,039 $1,801,086
ExpensesMaint. of way & structs. a$205,388 a$228.824
$182,606
$201,763
Maintenance of equip__
82,948
117,171
698,613
6130,465
1909.
Traffic expenses
40,490
22,182
11,471
15,419
499,520
844,453
639,670
708,448
16,340,290 Transportation expenses
148,180
73,625
91,074
103.968
15,832,415 General expenses
1909.
$
8,311,479
7,691,617
2,834,628
205,910
125,948
356,277
507,875
301,421
Operating income_ __ _sur.230,944 def.24,301 sur.41,923 sur.206,454
Railroad Department
Gross earnings
22,480,103 21,421,817 20,431,800 19,525,859
14,066,779 12,758,160 12,198,287 11,458,479
Operating expenses
8,413,324
600,944
8,663,657
562,409
8,233,513
497,408
8,067,380
411,469
7,812,380
Operating income..___
Other Income
99,596
Hire of equipment
Divs. & int.(Coal Dept.) 792,924
Divs.& int.(RR. Dept.) 1,154,196
15,627
Misc. income(RR.Dept.)
79,056
Misc. income (general)_
8,101,248
7,736,105
7,655,911
150,503
308.520
1,167.020
57,473
71,646
196,168
443,8281
1,274,019
80,619
78,066
1,716,133
Total other income_ _ _ 2,141,399
10,184,723
Gross income
Deductionsfrom Income
2,034,257
Rentals
8,698
Taxes (general)
Int. on 1st & ref. M.bds. 1,108,160
350,000
Int. on 1st M. bonds
558,920
Int. on D.& H.deb. bds.
436,288
Int. on 1st lien eq. bds_..
Int. on car trust bonds_
12.000
Int. on equip. deb. bds_
75,000
Int. on divisional bonds..
95,310
General int. and discount
Miscellaneous items_ _ _ _
1,755,162
9,832,109
2,072,700
9,850,728
1,816,744
9,679,109
2,022,926
8,762
1,087,160
350,000
558,926
436,455
2,045,084
20,000
75,000
35,199
28,000
75,000
191,673
4,594,428
5,237,681
3,825,270
4,520,539
5,330,189
3,825,180
1,680,819
1,412,411
1,505,009
$860,882
$940,204
101,954
Net income RR.oper_ $2,112,483 $1,662,941 $1,437,409
$912,663
$861,025
Net inc. Hud. Ter. Bldgs $946,370
2,535
2,837
Net inc. other properties
3.369
18,520
13,781
32,183
Non-operating income__
$838,250
$734,897
3,252
10,865
542,254
350,000
559,062
450,000
2,625
36,000
75,000
392,678
• 384
Total deductions_ _ _ _ 4,678,633
Net inc.carr'd to gen.p&l 5,506,089
Divs. on stock (9%)_ _ _ 3,825,270
$1,308,105 $1,187,124 $1,090,168
$2,321,956 $1,857,632 $1,604,871
194.690
167,462
209,474
2,076,266
828,160
350,000
559,001
443,621
Total expenses
Net operating revenue
Taxes
Not earns, from oper_
Taxes
Bal., surplus for year_
100,611
Gross income
$3,094,405 $2,596,660 $2,315,052 $1,587.264
DeductionsInt. on capital chargeable against income_ _c$2,879,081 c$2,303,925 $2,098,816 $1,387.830
72.667
7,091
Int. on car-purch. agree.
65,417
48,200
61,954
Rents, City of N. Y
59,873
25,326
49,788
62,460
112,667
Rental of tracks, &c_ _ _ _
127,841
86,226
48,650
43,808
31,772
3,402
Amort. debt discount
44,125
2,100
525
Miscellaneous interest
Total deductions_ _ _ _ $3,168,937 $2,587,790 $2,356,942 $1,509,875
def.$74,532 sur.$8,870 def.$41,890 sur.$77,389
Balance
a Maint. of way and structures incl. $14,527 for depreciation in 1912.
agst. $58,110 in 1911. b Maint. of equipt. incl. $7,400 for deprec. in 1912.
agst. $29,601 in 1911. c Int. on capital charged agst. income is shown
after deducting $64,115 chargeable to construction in 1912, agst. $640,627 in 1911.
-As additional property has been put into operation, bond interest
Note.
has been applied against income as follows: April 1 1909 to July 19 1909.
on $13,512,000 bonds; July 19 1909 to Aug. 2 1909, on $18,691,000; Aug. 2
1909 to Sept. 20 1909, on $33,991.000; Sept. 20 1909 to Jan. 1 1910, on
$35.028,000; Jan. 1 1910 to Jan. 1 1911, on $45,028,000; Jan. 1 1911 to
Dec. 1 1911, on $50,000,000: Dec. 1 1911 to April 14 1912, on $60,000,000.
and April 14 1912 to Jan. 1 1913, on $65,000,000.
4,484,269
EARNINGS. ETC.. OF HUDSON TERMINAL BUILDINGS.
5,194,840
3,825,090
-Years end. Dec. 31- -Years end. Mar.311911.
1912.
1910-11.
1909-10.
1,369,750 Gross rentals
$1.634,746 $1,541,163 $1,428,503 $1,214,926
34,301
32,490
25,332
21.358
Miscellaneous revenues_
BALANCE SHEET DEC. 31.
1912.
1912.1911.
$1,669,047 $1,573.654 $1,453,835 $1,236,284
Total revenues
1911.
$
365.225
36,985
$26,462
$82.863
$
Maint. of struc. & plant
Liabilities$
Assets$
255,495
236,684
269,948
300,997
Capital stock _ _ _ _42,503,000 42,503,000 Expenses of operation
Unmined coal owned
70,475
82,649
66.187
88,581
General expenses
and controlled_ _16,397,241 16,667,697 Bonds (see "Ry.
& Ind." Sec.)._58,171,000 58,375,000
Advances on tin000,000
$333,622
$375.129
3,500,000
$472,440
$401,360
Total expenses'
361,130 Loans payable
354,033
mined coal
$902,662
$1.196,607 $1,172,294 $1,078,706
Net operating revenue
*805,850 4,846,119 Int., dive., &c.,
Real estate
$21,724
$31,950
1,405,209 1,371,744 Assum.leases in oth.bigs
$16,998
accrued
$16,034
Road 8c equipm't64,281
40,002
40,002
10,000
Deprec. of blgs. & plant
D.& II. Co__ _*65,814,079 58,858,151 Int., diva. and
155,955
71.534
202,631
224,203
Canadian lines_ 6,331,868 6,308,140 bonds due, not
Taxes
210,796
195,087
yet collected_ _ _
31
Marine equipment
6,726
109,645
5734,897
Coal dept. equip_ 1,303,362 1,263,292 Accrued taxes__ _ _ 157,042
$861,025
$912,663
$946,370
Net income
Coal-handling and
Spec. reserve fund
BALANCE SHEET DEC. 31.
storage plants_. 61,134
9,393
95,877 accounts
9,738
Stocks & bonds_a27,088,094 27,014,189 Audited vouchers
1911.
1912.
1911.
1912.
1,182,560 1,921,784
and pay-rolls. _ _ 3,052,054 2,773,501
Cash
$
$
LiabilitiesAssets$
$
336,724 Other accts. payFire insurance fund 373,904
Property accta_119,013,500 117,160,069 Corn. stock _ _ _ _ 39,994,890 39,994,890
9,393
able
9,738
707,107 Materials and
552,480
Spec. res. funds
Pref. stock__ _ 5,242,151 5,242,151
Equip. trust fund_ 1,441,303 1,196,135 Additions to prop299,932 Stocks to redeem
239,084
supplies, &c__
6596,678 erty prior to
Special deposits
1,000 outat'g seems.
1,000
Investment__._
June 30 1907
12,909
12,909
of cons. cos__
13,104
Supplies on hand_ 2,781,673 2,885,682
114,099
Cash
through income 6,751,837 6,751,837 Cash dep.with tr
4,118,197 2,790,469
460,501 N.Y.&J. 5%bds 5,000,000 5.000,000 •
Bills & accts. rec.
334,058
203,620 HAM.4%%bds 67,148,000 66,000,000
Adv., new lines... 3,427,608 2,047,129 Profit and loss_ _ _ _15,199,924 13,486,598 Accts. receiv__ _
178,493
42,000
652,000
12,963 Real est. mtges_
12,933
Dep.with pub.dep
Total
131,497,371127,198,621 Prepaid insur
131,497,371 127198,621
Total
17,373 Deferred car pur17,864
4,706 chase install't 1,376,000 1,560,000
5,098
Prepaid taxes
* Decrease In real estate caused by transfer of RR. real estate to "road Other prepay'ts
100,000
250,000
2,362 Loans payable_
2,784
149,029
and equipment."
151,060
2,276 Curr't accts. pay
Accts. in susp
12,616
a The total par value of stocks owned in 1912 was $26,178,283, against Unamort. bond
Accr. bond int.
$26.128,283 in 1911 (value as per balance sheet in 1912, $22,363,297); par
pay. Feb. 1.. 1,226,493 1,245,204
2,137,200 2,114,281
discount
26,225
value of bonds, $4,950,716 in 1912, against 34,923716 (value as per bal- Prof.&loss-def.
30,025
57,722 0th. accr. Int_ _
96.041
426,592
ance sheet in 1912, $4,724,796). The list of securities owned remains sub517,170
Accrued taxes...
480,866
stantially the same as that given in V. 88, p. 939, the main change being in
512,794
Amort. reserve_
Hudson Coal Co. stock, $2,500,000 (increased from $100,000) and bonds,
33,135
33,755
Other reserves_ _
the new items of Champlain Transportation lit income debentures ($250,36,909
17,514
Miscellaneous..
000), Ft. Wm. Henry Hotel Co., income debentures ($272,000), Bluff
Point Land Improvement Co. income debentures ($250,000) and Chateau122,164,769 120,349,909
Total
Total
122,164,769 120,349,909
gay Ore & Iron Co. 1st M.($281,000).
-v.96, p. 716, 553.
b Unexpended balance from proceeds of bonds deposited with trustee to
defray cost of authorized additions and betterments.
-17. 95, p. 1683.
Hudson & Manhattan Railroad Co.
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. Wilbur C. Fisk, N. Y., April 9, wrote in substance:
-Gross revenue, all sources, increased from $4,639,464 to $5,Results.
334,660, and income applicable to fixed charges increased from $2,596,659
to $3,094,404; but deductions from income increased from $2,587,790 to
$3.168,936, resulting in a deficit for the year of $74,532, contrasting with
a surplus in 1911 of $8,869.
-On April 14 1912 temporary station facilities at SumNew Stations, &c.
mit Ave., Jersey City, were opened to the public. The completed struc
two was opened in February 1913. The Public Service Corporation of
N. J. operates a large number of surface cars to that point, thus affording
that section of Jersey City convenient and frequent; service to New York
in connection with the Hudson tubes. The traffic at this station has
doubled since it was first opened.
During the year an additional platform was installed at the Erie station,
with a stairway to the main passageway leading to the Erie RR.'s Jersey
City terminal, greatly relieving the congestion at this point.
The block of real estate in Jersey City bounded by Henderson, Provost.
13th and 14th streets, formerly occupied as our general store yard, was sold
in August at above its cost. The proceeds have been deposited with the
trustee of the N. Y. & Jersey 5% 1st M.
Hudson Terminal.
-In May 1912 the company took over the additions
to the Hudson Terminal buildings, and both the original buildings and the
additions are fully rented at advantagelotts rates to a high-class of tenants.
Financial Plans.
-Since the close of the fiscal year the directors have
approved a plan formulated by Kuhn, Loeb & Co. of New York, Robert
Fleming & Co. of London and Harvey Fisk dr Sons of New York for the readjustment of the debt of the company. The almost unanimous consent
of the various security holders has been most gratifying. It is expected
that the successful consummation of the plan can be announced in the near
future. (See V. 96, p. 202, 208.)
Union Traction Co. of Indiana, Anderson, Ind.
(Report for Fiscal Year ending Dec. 311912.)
Pres. Arthur W. Brady, Anderson, Ind., writes in subst.:
-This report covers all properaes comprising the Union Traction
Merger.
system for the 12 months ended Dec. 311912. and not merely for the period
since the consolidation of the Union Traction Co. of Indiana and the
Indiana Union Traction Co., which became effective May 13 1912 (V. 94,
p. 1121, 1385. 1567). This course has been adopted to facilitate comparison with results for former years.
-The amount ($454,346) expended
Maintenance and Improvements.
upon maintenance of way, equipment, etc., is equivalent to about $1,260
per mile.
The amount charged for additions and betterments is $89,123, in addition to $30,787 charged for light and power equipment. Included in additions and betterments is $17,953 for installation of automatic block signals
over practically 18 miles of the line between Anderson and Indianapolis.
Installation of block signals over 30 additional miles is about to begin.
-On Dec. 31 1912 the Union Traction Co. of Indiana
Light and Power.
and the Traction, Light & Power Co. were furnishing light and power
(a) At Pendleton, Middletown and Summitville, to the municipality or
local company. (b) At Bunker Hill. Selma, Yorktown, Atlanta, Carmel
and Walton directly to consumers by the Traction Light & Power Co.,
an Indiana corporation formed in 1912 to generate and sell electric current,
and wholly owned by the Union Trac. Co. of Indiana. Service at other
points is planned. Expenditures charged in 1912 for light and power
equipment, $30,797.
-Contract was entered into in June 1912 for ten allNew Rolling Stock.
-ft 1-in. interurban passenger cars and six 34-ft. 2-in, closed car
steel 60
bodies of pay-as-you-enter type. Full delivery of the cars and equipment
this spring is expected; contract price 3159,342, of which $120,000 will be
paid in installments on the car trust certificate plan.
-The $150,000 6% bonds of the Anderson Electric St. By. Co.
Bonds.
duo July 1 1912 were paid through a 6% 3150,000 loan, payable on or before July 1 1917, secured by the deposit of $150,000 bonds of 1899 of the
original Union Traction Co. of Indiana.
THE CHRONICLE
108 t
[VOL. xcvi.
BALANCE SHEET NOVEMBER 30.
In October 1912 $538,000 of Indiana Union Traction Co. treasury bonds
were sold and on July 1 $25,000 for sinking fund purposes, the proceeds,
1912.
1911.
1911.
1912.
$450,431, being applied to the payment of obligations incurred for addiLiabilitiesResources
$
tions, betterments and new improvements.
Property account_22,136,197 22,040,736 Preferred stock_ __ 6,700,000 6,700,000
Lease.
-On Oct. 25 1912 we took a 999
-year lease of theIndianapolis Stocks and bonds.. 400,306
400,306 Common stock-10,000,000 10,000,000
New Castle & Eastern Traction Co., covering the line from Indianapolis Supp. raw and finSloss Iron & Steel
to New Castle, and also to cover the extension from New Castle to Muncie
Co.6s
ished materials_ 366,337 1,027,881
2,000,000 2,000,000
when completed during the present year. The rentals include the interest Stock in co's stores
74,926
67,680 Sloss Iron & Steel
upon the bonds of the lessor company ($900,000 now out) and the payment Treasury securities 244,320
244,293
Co.434% bonds 2,000,000 2,000,000
of dividends upon the pref. and common stock, all of which is now held by Cash, bills and acpayable__ _ 401,7151, 865,366
Accts.
the lessee. The extension to Muncie will give us a second line between
889,343
772,305 Bills payable
counts reedy.
Muncie and Indianapolis, 5 miles longer than our line via Anderson, but Insurance & taxes_
5,785
68,931
6,203 Pay-rolls
48,764
with about the same running time.
Profit and loss... 3,126,948 3,042,693
Extraord. repair &
renewal account 180,380
97,418
GROSS AND NET EARNINGS FOR FOUR YEARS.
24,297,594 24,656,823
24,297,594 24,656,823
Total
Total
1909.
1912.
1911.
1910.
-V.96, p. 793.
Gross earnings
$2,308,649 $2,295,798 $2,364,628 $2,103,019
Operating expenses _
1,113,429
1,335,841
1,239,314
1,253,593
Net earnings
$972,808 $1,042,205 $1,125,314
$989,590
INCOME ACCOUNT FOR YEAR ENDING DEC. 31 1912.
Revenue-.
Expenses (Continued)
$15,169
Passenger
$1,944,481 Traffic
Freight
187,337 Conducting transportation__ _ 598,531
267,795
Express
80,580 Miscellaneous
Milk
13,826
Mail
Total operating expenses_ _ _$1,335,841
644
$972,808
Net operating revenue
10,497
Baggage
88,613
Parlor, chair and special car
8,723 Taxes
Philadelphia (Pa.) Electric Company.
(Report for Fiscal Year ending Dec. 31 1912.)
President Joseph B. McCall, April 9, wrote in substance:
Comparative Earnings.
-The gross earnings were $7,051,497, contrasting
$6,494,757 in 1911, the Delaware County Electric Co. being included in
both years; the net income after fixed charges and depreciation was $1,666,189, against $1,408,732. Cash dividends during the year aggregate $974,669 comparing with $899,724, leaving surplus for the year of $691,521, as
against $509,007 in 1911.
The number of consumers on Dec. 31 1912 was 45,127, an increase of
and the total commercial connected load (50
-watt equivalent) was
$884,195 6,476,
Net (after taxes)
Total rev, from transp'n_ _ _$2,246,089
2,839,884, increase 359,981. In addition we are supplying current to
8,108 street railway companies for 20,800 electrical h. p. Before the end of the
Other income
Revenue other than Transp'n$18,821
Rents
of approximately 35,000 electriwe will be supplying a total
present
$892,303 cal h. p.year under contract.
Gross income
Power and light
32,262
now
765,711
Miscellaneous
11,478 Bond int., disc, and rentals
The increase in the general business is gratifying, especially when we
reductions made in the down-town districts and to the city.
$126,592 consider the business in the territory of reduced rates has almost met the
Total operating revenue_ _ .$2,308,649
Net income
The increased
Operating Expenses37,500 reductions, and we believe it will all be made up in a few months. We feel
*Dividends paid
Way and structures
$269,941
that the policy of voluntarily reducing rates is sound and should be conEquipment
184,404 Balance, surplus for Year._ _ _ $89,092 tinued whenever it is found possible. The reduction to the city in the price
* The dividends shown as paid include dividend on Union Traction Co. of street lighting amounts for 1913 to $42,727 on the number of lamps
erected Jan. 1 1913.
of Indiana pref. stock and on the 1st pref. of consolidated co. Oct. 1.
The increase in the amount required to pay dividends was due to the in"From the above surplus of $89,092 there should be deducted $12,500
to be applied on April 1 1913, together with earnings from Jan. 1 1913 to stallment of $2,500,000 paid upon the capital stock on June 1 1912.
-We have added to construction account $2,594,687, as folAdditions.
March 311913, to the payment of the dividend on the first pref. stock due
on that date. No dividends have been declared or paid to date on the 2d lows: Aerial, $358,142; underground, $583,136; electrical, $:380,908;
pref. stock of the consolidated company. A 1% dividend on this stock is meters, arc lamps and transformers, $158,887; boilers, engines and steam'
apparatus, $496,800; real estate and bldgs., $302,734; miscell., $314,081.
cumulative from Jan. 10 1913. (V. 96, p. 64, 137.)
During the present year we shall remove one old type engine and genera-New
"Revenue ($28,553), expenses, &c., on account of the Indianapolis
tor and install new turbo-generators, which will give additional generating
Castle line from Oct. 25 1912 are incl. in the foregoing statement."
capacity of 30,000 k.w. Plans are now being prepared for the construction
of a further addition to the Christian St. Station,to include turbo-generators
BALANCE SHEET DEC. 31 1912.
of 50,000 k.w. capacity. This latter installation should be completed by
Assets ($23,532,784)
the fall of 1914, and will enable us to meet any increased demands.
and equipment, $22,523,095; T. L. & P. Co. light and
Road
-This account, which is not included in the figures
Insurance Account.
-New
power equip., $30,787; I. N. C. & E. Tr. Co., Muncie
of the report, contains $547,297 in cash and securities at the market value
Castle extension, $54,800; total
$22,608,682 as of Dec. 31 1912 [including 12,000 shares of Phila. Electric Co., &c.j.
treasury
,
I. N. C. & E. Tr. Co., lease and securities, $209,000;
Outlook.
-We expect a prosperous business for the year 1913.
bonds, $150,000; treasury stock, $4,000; The United Tractions Coal Co. cap. stock, $75,000; Broad Ripple NataRESULTS FOR CALENDAR YEARS.
450,000
torium Co. 5% bonds, $12,000; total
1912.
*1911.
1940.
1909.
Cash, $19,566; accounts receivable, $39,464; material and
45,127
38,651
31,783
27,818
214,140 No.of consumers Dec.31
supplies, $155,110; total
Connected load Dec. 31
Sinking fund accounts (including I. U. T. Co. 1st M.5s, $216,2,479,903
2,178,467
1,926,171
-watt equivalent)_ 2,839,884
(50
000, and other accounts, $3,071), $219,071; sundry other
259,962 Gross income, all cos_ _ _ $7,051,497 $6,494,757 $5,946,026 $5,489,903
assets, $40,891; total
DeductLiabilities ($23,532,784)
$20,813,500 Oper. exp., taxes, fixed
Capital stock, $9,000,000; bonds, $11,813,500; total
charges and deprec'n_ $5,385,308 $5,086,025 $4,729,647 $4,287,642
Guaranty Ind. Nor. Trac. Co. 5s, $500,000; guaranty Muncie
809,780
877,237
899,724
1 ,425,000 Div.(on amt. paid in)(6%) 974,669
& Union City Trac. Co. 5s, $925,000
Coll. notes to refund And. El. St. Ry. Co. bonds, secured by
150,000
Total deductions ____ $6,359,977 $5,985,749 $5,606,884 $5,097,422
$150,000 treasury U. T. Co. of Ind. bonds •
$392,481
3509,007
$339,142
$691,520
Surplus
Obligations acct. Ind. New Castle & Eastern Trac. Co., lease
200,000
and securities, including $350.000 of each common and pref._
* Also extra stock dividend of $1 50 per share paid Mar. 15 1910, calling
Muncie-New Castle construe. oblig'ns, $35,000; bills payable,
for $1,499,265.
$34,686; audited vouchers, $118,274; accounts payable,
220,242
The figures for 1912 and 1911 include the Delaware County Elec. Co..
$32,282; total
those for 1911 having been changed to afford proper comparison.
Bond, &c., int., and taxes, $125,806; reserves, $31,517; mis168,276
cellaneous, $10,953: total
555,766
BALANCE SHEET DEC. 31.
Profit and loss, surplus earnings
-V.96, p. 717, 137.
1912.
1911.
1911.
1912.
$
Assets$
$
Subs. to cap. stock 7,494,525 9,992,700 Capital stock (amt.
M. Rumely Co., Inc., La Porte, Ind.
Installments
1,254
676
called Dec. 31).17,491,425 14,992,650
Cash
393,305 Amount subject to
484,907
(Report for Fiscal Year ending Dec. 311912.)
7,496,325 9,995,100
assessment _
15,631
Charter & organ
15,631
Land Title & Trust
The report, including extracts from the remarks of Presi- Stocks misc. cos_a19,726,838 19,725,653 Co. (trustee)-15,014,1.42 15,014,142
Advanced sub.cos.
677,479
for construction 12,810,507 10,525,188 Accounts payable_ 1,135,478
dent A. J. Rumely, together with the income account and
1,500,000
balance sheet, will be found on subsequent pages of to-day's Phila. Elec. gold 4s 1,396,565 1,396,565 Notes payable..
344,144
964,477 Accrued Items..... 369,373
Accts. receivable_ 742,292
628,228 Profit and loss.... 1,818,914 1,127,393
647,354
issue. One said to be familiar with the facts says:
Supplies
8,082
5,381
Advanced paym'ts
The earnings for the year, while less than estimated by the managemen
403
403
and by independent certified accountants employed by the bankers, make Miscellaneous
a substantial showing on the common stock. The balance sheet shows that
43,325,656 43,650,908
Total
Total
43,325,656 43,650,908
no valuation has been placed upon the good-will of the business, that the
actual tangible assets amount to approximately $29,500,000, or three
treasury include, among others* Stocks (No. shares)
a
times the indebtedness and twice the preferred stock after deducting in- TheSecurities inCo., 15,200; Phila. Elec. Co., 240; Penn. Mfg., Lt. & Pow.
debtedness, that quick assets alone are more than double the indebtedness Co.,Phila. Elec.
978.33; Beacon Light Co., 540; The Kensington Elec. Co., 6,264; The
and exceed the indebtedness plus the preferred stock, and that the book Penn. Elec. Light Co., 222,563; Electrical Testing Laboratories, 3,090;
value of the common stock, eliminating all values given to patents, deferred Delaware Co. Elec. Co., common, 2,500, and pref., 2,495.594, and Philacharges and intangible assets, is approximately $90 per share. See also delphia Electric 4s, $2,015,000.
V. 96, p. 1018, 657.
The following items appear on the books of the subsidiary companies.
Assets
-Miscellaneous stocks of companies owned by subsidiary companies deposited and used as basis of issue of gold certificate 5s,$13,262,360:
Sloss-Sheffield Steel & Iron Co.
Liabilities-Edison Electric Light Co. gold trust certificate 5s, $1,994,300; Phila. Elec. gold trust cert. 5s, 3511,268,060.-V. 96, p. 557, 423.
(Report for Fiscal Year ending Nov. 30 1912.)
The report of President J. C. Maben for the late fiscal
year, with the balance sheet and income account, will be
found at length on a subsequent page. Below are the usual
comparative tables.
EARNINGS, EXPENSES AND CHARGES.
.1910.
1912.
1911.
$474,407
$284,350
$453,962
1909.
$896,816
Profits on pig*
Profits on coal after deducting for depreciat'n
Profits on coke
Rents,royalties,stores &
miscellaneous, &c_ _
Divs.on treas. stks.,&c.
Interest and exchange
Total
Deduct general expense
acct., taxes & licenses
Net profit
Bond interest
7% dividends on pref
Dividends on common
Balance for year
Surplus Nov. 30
74,756
108,507
79,469
122,151
113,190
159,401
119,695
162,013
219,630
14,475
228,816
13,685
219.029
223,357
34,975
52,466
$871,329
108,074
$733,510 $1,001,002 $1,454,347
118,861
119,480
117,400
$881,522 $1,336,947
$614,649
$210,000
$210,000
$210.000
469,000
469,000
469,000
(3X)375,000 (5)500,000
sur.$84.255 def.$64,351 def.$172,478sur.$157,947
$3,126,948 $3,042,692 $3,107,044 $3,279,522
$763,255
$210,000
469,000
*After deducting for depreciation on iron ore and 25 cents per ton on iron
for extraordinary repairs and renewals and 35 cents per ton profit on coke
manufactured.
Calumet & Hecla Mining Co. (of Mich.), Boston.
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. Quincy A. Shaw, Boston, March 25, wrote in subst.:
-For the year 1912 the company produced 67,856,429 lbs. of
Results.
copper. The price received for copper has varied from 14 Mc. to 18c. per lb.
our dividends were paid during the year
On Dec. 31 it was about 17Yic.
-$8 on Mar. 22, $10 on June 20, $12 on Sept. 20 and Dec. 20.
Comparative Results for Past Four Calendar Years.
1911.
1912.
1910.
1909.
.
2,842,880 2,795,514 2,909,972 2,806,610
Rock treated, tons
$1.92
$1.93
$1.84
$1.91
Mine cost per ton of rock _
Refined copper produced, lbs80,096,995 72,059,545 74,130,977 67,856,429
25.77
24.18
28.18
25.47
Copper per ton of rock, lbs
0.25c.
0.27c.
0.80c.
0.27c.
Cost per lb. for construction
9.86c.
8.96c.
8.28c.
Total cost per lb
8.52c.
16.65c.
13.61c.
12.82c.
Price per lb. copper sold
13.20c.
Operations on Conglomerate Lode for Calendar Years.
1912.
1909.
1911.
1910.
Rock treated, tons
1,999,880 1,950,040 1,924,480 1,746,960
$2.07
$2.23
Mine cost per ton of rock_$2.11
$2.13
58,469,399 51,935,245.
Copper produced, lbs
66,285,684 58,739,509
30.38
29.73
Copper per ton of rock, lbs.30.12
33.14
8.25c.
8.87c.
Total cost copper per lb_ _ -8.55e.
7.77c.
546 ft.
523 ft.
Shaft sinking
464 ft.
556 ft.
Drifting
8,032 ft. 9,215 ft. 8,613 ft. 10,048 ft.
614 ft.
201 ft.
625 ft.
Cross
886 ft.
-cuts, &c
The operating shafts on this lode have attained depths, ranging frorrb
6,102 to 7,995 feet.
THE CHRONICLE
APR. 12 19]3 I
Operations on Osceola Lode for Calendar Years.
1912.
1909.
1911.
1910.
985,492 1,040,600
838,200
831,194
Rock treated, tons
$1.36
$1.34
$1.42
$1.41
Mine cost per ton of rock.. _ _
13,752,276 13,150,427 15,661,578 15,692.199
Copper produced, lbs
15.08
15.89
15.82
16.40
Copper per ton of rock, lbs
10.36c.
9.95c.•
10.53c.
10.41c.
Total cost of copper per lb
2,042 ft.
506 ft. 837.0 ft. 451.0 ft.
Shaft sinking
21,815 ft. 16,986 ft. 18,460.5 ft. 17,736.5 ft.
Drifting
The operating shafts on this lode have attained depths ranging from
1,460 ft. to 3,232 ft.
There has been practically no change in the character of the openings
made this year as compared with the previous year. The foot side of the
lode continues to yield a large tonnage of good rock; fully 25% of the
product last year having been mined from foot-wall stopes. Stoping operations are proceeding over the entire length of the lode, about 2 1-3 miles.
Stamp Mills-Comparative Results for Past Four Years,
1912.
1909.
1911.
1910.
481,320
477,794
441,920
Coarse tailings crushed, tons.. 278,175
1,251,300 1,951,378 2,152,110 2,155,292
Copper produced, tons
Cost per lb., excl. of smelting
4.99c.
5.01c.
4.81c.
5.08c.
and selling
-The foundation and nearly all the steel work for the new reAdditions.
crushing mill, 123 ft. by 432 ft., has been erected and part of the building
closed in.
. The foundation and building for the new exhaust steam turbo-electric
generator are finished, and part of the machinery is on the ground.
At the Calumet & Hecht smelting works the foundation for a new electrolytic building, 155 ft. by 270 ft., has been finished. One of the new furnaces with mechanical pouring devices went into commission in Feb. 1913.
Acquisitions.
-Before Dec. 31 this company had acquired all the stock
of the Frontenac, Manitou and St. Louis companies. At the annual meetings of these three companies it was voted to convey, and this company
acquired,all the real and personal property of each of the three companies
named. This company also acquired the property of the Dana Copper Co.,
and the lands formerly owned by the Manitou, Frontenac and Dana companies will be known as the "Manitou-Frontenac Branch" and the lands
of the St. Louis Co. as the "St. Louis Branch."
Wages.
-On May 1 the wages of all employees were raised 10%•
SHARES OWNED IN OTHER COMPANIES.
-Number-NumberOwned. Issued.
Owned. Issued.
Ahmeek Mining Co_ 24,200 50,000 Superior Copper Co.. 50,100 100,000
Allouez Mining Co__ 41,000 100.000 Laurium Mining Co. 37,550 40,000
CentennialCop.M.Co 41,500 90,000 Seneca Mining Co__ 11,207 20,000
Cliff Mining Co_ _ _ _ 10,400 60,000 IsleRoyaleCopperCe 30,500 150,000
Gratiot Mining Co.. 50,100 100,000 Tamarack Min g Co. 19,400 60,000
La Salle Copper Co_152,977 302,977 Wh.PineCop.Co.:com.43,202 85,320
do
6,092
do pref 6,092
Osceola Cons. M.Co 32,750 96,150
• [For details of the operations of these companies,reference should be made
-Ed.]
to reports of the companies appended to the pamphlet.
DIVIDENDS PAID DURING CALENDAR YEARS.
1912.
1911.
1910.
1909.
$42
$24
$29
$27
Total divs. (per $25 share).._
$4,200,000 $2,400,000 $2,900,000 $2,700,000
Amounting to
ASSETS AND LIABILITIES.
Dec. 31 '12. Dec. 31 '11. Apr. 30'11. Apr. 30'10.
Assets$157,529
$157,647
$167,371
Cash at mine office..___ $135,585
15,000
15,000
15,000
15,000
Cash at N. Y. office__
Cash and copper at Bos7,072,192 5,852,434 6,272,865
6,667,509
ton office
Bills receivable at Bos708,254
516,293 .546,257
953,212
ton and mine
1,482
Develop't & equip. fund
983,177
Insurance fund
29,352
52,648
Employees' aid fund......
369,205
463,185
1,446,116
Sinking fund
1,166,999
Due from Allouez, Centennial, Gratiot and
1,151,800
975,000
943,800
Superior
348,511
348,511
Calumet Transpor'n Co.
920,901
1,189,690
1,329,810
Supplies on hand
$11,560,426 $11,720,449 $9,159,754 $8,546,706
Total assets
Liabilities
$213,312
$199,418
Drafts in transit
$238,729
$495,261
Bills & accounts payable
666,096
218.613
383,480
348,751
at Boston and mine
$879,408
$844,012
$457,342
$582,898
Total liabilities
$10.716,414 311,263.107 $8,576,856 $7,667,298
Balance of assets
The capital stock is $2,500,000, in $25 shares, of which $12 per share
-V. 96, p. 1023, 556.
paid in.
Ingersoll-Rand Company.
(Report for Fiscal Year ending Dec. 31 1912.)
STATEMENT OF EARNINGS FOR YEAR ENDING DEC. 31.
1910.
1909.
1911.
1912.
Earns, before chg. depr_ $2,154,008 $1,470,730 $1,645,144 a$1,231,346
-Regular proviDeduct
426,780
415,316
461,743
486,357
sion for depreciation....
$804,566
year.. $1,667,651 $1,008,987 $1,229,828
Net earnings for
354.600
Spec. div. in mfg. co__
$804,066
Total net income...... $2,022,251 $1,008,987 $1,229,828
$100,000
$100,000
$100,000
$100,000
Interest on bonds
287,988
287,988
151,518
Div.on pref. stock,6% _
151,518
149,995
b329,515
263,720
Div.on com.stock,5%..
c338,776
Special reserve for pat15,000
ents and licenses
5,000
5,000
300,000
Spec. res, for inventories
Net surplus for year.... $1,426,957
$422,954
$263,120
$266,583
a Earnings for year 1909, after providing for losses and expenses incidental to closing the Tarrytown plant. b There was also paid a stock dividend
Oct. 1911. c As to stock
of 25% ($1,318,625) on the common stock in on
a subsequent page.
dividend of 25% payable May 1 1913 see item
BALANCE SHEET DECEMBER 31.
1912.
1911.
1911.
1912.
$ •
Assets
174,633 Preferred stock_ 2,525,500 2,525,500
178,393
Real estate
156,403 Common stock_ 6,593,125 6,593,125
Water supply....... 156,403
1,795,672 1,662,719 First mortgage gold
Buildings
bonds
2,000,000 2,000,000
2,952,097 2,358,847
Machinery
477,374 Accounts payable.. 657,711
378,987
629,619
Tools and Jigs__ _
189,872 Bond interest ac
Patterns & dies__ 220,297
129,764 crued
50,000
50,000
141,968
Drawings
118,641 Pref. stock divlFurniture & fixt's_ 148,811
75,759
75,759
645,000 dend Jan. 1....
Patents,liconses4c 650,000
Depreciation re
Invest's in mfg. cos.
*1,974,280 1,664,892
and treas. occur. 1,535,745 1,201,000 serve
Materials, &c.._
4,530,656 3,882,584 Patent and 11645,000
Accts. receivable_ 2,389,704 1,982,976 cense reserve...... 650,000
Bills receivable_ _ _ 234,508
142,477 Special Inventory
800,000
800,000
Marketable secure. 1,364,996 1,244,278 reserve
a2,384,513 a948,295
Agents' cash bal
29,597 Surplus
39,404
Cash at bank
730,115 1,255,454
Def. chges. to Inc_
12,500
29,938
Total
17,710,888 15,681,558
Total
17,710,888 15,681,558
*After reduction of $176,969 in valuations of capital assets charged agst.
fund. a The total surpluses as above are the amounts before deducting
the dividends on the common stock declared payable in April next following
-see above.
-V. 90, P• 139.
the close of the respective years
1085
Maxwell Motor Co., Inc., New York.
(Tentative Balance Sheet Jan. 31 1913.)
West & Flint, public accountants, on April 4 wrote in subst:
The annexed tentative balance sheet has been prepared in advance of the
full completion of the plan of organization of the company as successor to
the United States Motor Co. and its subsidiary companies. The asset of
"real estate, buildings, machinery and equipment" is stated in accordance
with the appraisal made by the American Appraisal Co., together with the
reserve for depreciation required to reduce same to present value as set up
in its report Which is on file with the Maxwell Motor Co. The inventories
at factories were taken by actual count and weight at cost on July 311912.
and brought down to Jan. 311913, by the addition of purchases and labor,
less the cost of sales, and reserves are set up herein which are believed to be
ample provision for all passible shrinkage. The current assets of accounts
and notes receivable are stated in accordance with the books, and are believed to be fully worth the value as set up, taken in connection with the
reserve for shrinkage as shown. It is estimated that the reservesmore
than meet all requirements, and when finally adjusted the condition as
herein presented will be materially improved. The amount of cash due
from the reorganization committee on the completion of the plan of organization cannot be determined at the present time with exactness, but
it is estimated by the committee to be at least $1,552,022, as shown.
TENTATIVE BALANCE SHEET AFTER ISSUE OF SECURITIES
AND COMPLETION OF ORGANIZATION
-JAN. 31 1913.
[Including property of Flanders Motor Co., under contract of purchase./
Liabilities ($46,753,668)
($46,753,668)Assets
Real estate, plants, &c__ $9,026,331 First preferred stock...... _$13,000,000
Second preferred stock__ 11,000,000
Investm'ts-Briscoe Mfg.
Common stock
680,056
13,000,000
Co., &c
Deferred liab's(lstM.,&c) 156,342
Good-will, models, patNotes & accts. payable
765,688
ants, trade-marks and
26,849,880 Customers' deposits ____
131,835
trade names
Inventories
5,415,339 Receivers' certifs. (paid
"ar. 24 1913)
1.9K,35
150,000
Accounts receivable
28o,ti48 Accrued int., wages, &c..
88,070
Notes receivable
77,867 Reserves for deprec'nPrepayments
On capital assets
2,598,761
Cash, together with $1,On inventories
3,594,621
552,022 due from reorg.
On accts. & notes rec.. _ 1,103,140
committee (subject to
1,165,211
minor adjustments)__ _ 2,430,191 Estab't of business, &c
-The 1st and 2d mtges. of Flanders Motor Co.existing Jan. 31 1913
Note.
-V.96,p.
will be canceled before full organization of Maxwell Motor Co.
940, 422.
Mexican Petroleum Co., Ltd. (Delaware).
(Report for Fiscal Year ending Dec. 31 1912.)
COMBINED INCOME ACCT.Uncl.Mex.Pet.Co.(Cal.) and Huasteca Pet.Co.
1912
1911
1911.
1912.
Common dividends
Profits of corn(3%) *960,000(1%)$302,401
*32,845,408 $2,445,705
bined cos
1,183,321
959,983 Balance, surplus.._ 925,425
Pref. diva. (8%)_.. 959,983
* After deducting $4,364, the proportion of profits of the Mexican Petroleum Co. (Cal.) applicable to stock held by public.
CONSOLIDATED BALANCE SHEET DEC. 31.
1912.
1911.
1911.
1912.
3
Assets
M. P. Co. (Del.)
Cost of properties,
common stock_ _32,000,000 31,994,200
oil lands, wells,
51,404,439 48,045,318 do pref. stock_12,000,000 12,000,000
&c
85,329
M.P. Co.[Cal.Istk.
87,689
Cash
91,638
2,500
Current assets.... 3,899,942 3,412,869 HuastecaP.Co.stk.
2,500
Bonded debt
a5,299,200 2,913,200
Mex. Govt. dues
Current liabilities_ 2,935,626 2,728,960
pd,under protest 155,179
343,272 Reserve for dep'n_ 495,613
12,926
200,000
Deferred charges..
2,797,187 1,870,960
Profit and loss_
55,617,815 51,801,459
Total
55,617,815 51,801,459
Total
a Bonded debt, $5,299,200 as above in 1912, includes Mexican Pet. Co.,
I,td.
(Del.), 1st lien and refund.sinking fund gold bonds of 1911,$4,000,000;
Mexican Pet. Co. (Cal.) sluicing fund 6% gold bonds of 1910, $82,600;
Huasteca Petroleum Co. and Mexican Pet. Co., Ltd. (Del.), joint 6% gold
bonds, $327,000, and Huasteca Pet. Co. 1st M. gold 6s, $889,600.
Since Dec. 31 1912 the Mexican Petroleum Co., Ltd., has acquired
18,972 pipe line participation certificates with participation rights from
June 30 1912, issuing in exchange therefore $4,268,700 common stock,
and the profits have only been charged with accruals on certificates held
by the public. Discount and expense on bonds sold have been charged
-V. 96, p. 290, 206.
to cost of properties.
Pond Creek (Ky.) Coal Co., Boston.
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. A. F. Holden, April 1913, wrote in substance:
.-Your company was organized in Nov. 1911 (V. 93, p. 1469)
Properties
and has purchased approximately 31,000 acres of coal lands. The surface
rights were purchased only when such rights appeared a necessity; the company owns some 5,000 acres of surface. We have approximately 26,000
acres of demonstrated coal, a seam of from 5 to 7 ft. in thickness having
been shown by openings and drilling throughout a very large percentage
of the territory.
On March 11 1912 the first mine opening was begun and we now have
seven mines, the highest present capacity of any mine being approximately
200 ton.s per Jiay, with a prospective ultimate capacity of 1,000 tons per
day for each. The properties, situated in Pike County, Ky., lie about 10
miles from Williamson, W.Va.,a town on the Norfolk & Western RR. The
N. & W. RR. began in May 1912 the construction of a railroad from
Williamson to our various mines and reached the first mine Nov. 1 1912,
the first shipment of coal being made on that date. At present this branch
has a total constructed mileage of about 16 miles. In addition your company has built sidetracks at the various mines.
There had also been constructed on Dec. 31 310 dwelling houses and' machine and blacksmith shops, and there have been purchased mining cars,
mining machines,&c. A power plant is sufficiently far advanced so that the
company Ls already operating to some extent by electric power.
Through the selling agency that developed the market for the Island Creek
coal, a market has already been developed for the Pond Creek coal, calling
for a supply in excess of your company's ability to produce. Many tests
have shown that the coal Is a valuable by-product coal.
-During November your company shipped 11,902 tons of
Shipments.
coal; in December 24,119 tons; in January 35,142 tons; in February 28,313
tons. The coal thus shipped is the result of the development work and the
mines are not yet, and will not be for some time, upon an operating basis.
-Your directors believe that the property, the railroad facilities
Plan.
and the market all warrant the immediate raising of sufficient money to
bring your property up to a 10,000 tons per day basis. The company
Dec. 31 1912 had on hand $784,619, but most of this was or is immediately
required for the equipment and construction already begun. The stockholders are therefore requested to authorize an increase in the capital stock
to $3,500,000 by adding 150,000 new shares of $10 each (none of which is
to be issued at this time) and $3,000,000 bonds secured by a mortgage, of
which only $2,000,000 6% bonds will be issued at present, the remaining
$1,000,000 bonds to be retained for future needs. The $2,000,000 bonds,
convertible into stock at $25 per share (that is, each $1,000 bond convertible
into forty shares of capital stock), have been underwritten by Hayden,
Stone & Co., subject to your approval, to net the company 94%; that is,
$1,880,000. The bonds will be convertible into stock at any time within
five years of their issuance and will be callable, upon proper notice, at
option of company at 105%. The bonds thus underwritten will be offered
to the stockholders at par in the ratio of one bond of $1,000 for each 100
shares of capital stock now outstanding; the total outstanding issue of
capital stock being 200,000 shares, par value $10 each.
The proceeds should suffice to develop the property to a 10,000 tons per
day basis and provide working capital, so that the company may much
sooner be in a position to pay dividends than if the development were to be
accomplished out of earnings.
1086
THE CHRONICLE
BALANCE SHEET DEC. 31 1912 (Total Each Side, $2,536,173)•
$1,002,182 Capital stock (par $10)_ _32,000,000
Real estate
632,518 Share premium account.. _
Construction, &c
250,000
784,619 Accounts payable
Cash
252,047
13,442
39,517 Accrued pay-roll
Accounts receivable
18,036
77,337 Drafts in transit
Inventories, &c
Funds and reserves
2,648
-V. 96, p. 866.
Computing-Tabulating-Recording Co.
(Report for Fiscal Year ending Dec. 31 1912.)
The report, signed by Pres. Frank N. Kondolf and Sec.
Houston M. Sadler, on Mar. 6, said in substance:
[VOL. xcvz.
The large present surplus represents the undivided profits of past years,
now invested in the company's plant, and other property. In 1910 a portion
of this surplus was distributed to the stockholders in the form of a stock
dividend of 33 1-3%, and it is reasonable to expect that some portion of
the present surplus will, in due time and in like manner, be distributed
by another stock dividend.
At the present time the volume of our business is larger than ever before,
and taxes all of the company's facilities to respond to it. The record of
the past 40 years shows a constant growth of the business, while the volume
of the business has doubled within the past seven years.
STATEMENT OF EARNINGS FOR CAL. YEAR 1912 AND AVERAGE
FOR SIX YEARS, 1907 TO 1912, INCLUSIVE.
6-yr. Avge.
1912.
Net profits
$534,991
$672,547
Cash dividends
*150,000
(10%)200,000
A conservative and more uniform system of accounting has been put into
Net increase of surplus from earnings
a$384,991
$472,547
effect, which is reflected in the substantial reserves shown in the consoli* Not including the stock dividend of $500,000 made in 1910. a In addated balance sheet and statement of earnings. The earnings steadily
dition to the amount thus shown,the surplus account was increased in 1910
increased during the year, as will be seen by the quarterly divisions of statement of earnings, and your directors feel encouraged with the progress made by the addition of $2,000,000 to represent, on a conservative basis, the value
company's trade-marks and good-will, including the trade name
and look for continued substantial improvement during 1913. At a meeting of the .
of the board, held this day, a quarterly dividend of 1% was declared, out of "Yale," and was further increased by $149,130, representing readjustment
surplus earnings, payable April 10 1913 to stockholders of record Mar. 31. of valuations of plant and real estate to conform them more closely to the
facts.
CONSOLIDATED INCOME ACCOUNT.
COMPARATIVE BALANCE SHEETS ON JAN. 1 1913 AND 1907.
Net profits of subsidiary cos. after deducting proportion for un1913.
1907.
1913.
1907.
acquired shares, $1,240,672; less reserve for depreciation on
Assets$
Liabilities$
S
$
plants, equipment, accounts, patents, &c., after deducting
Notes Sc accts. pay_ 609,330 1,455,888
$1,006,247 Plant, land, bkigs.,
proportion for unacquired shares, $234,425; balance
equip.& office blg.3,357,403 2,274,626 Accrued wages, int.
Expenses of Computing-Tabulating-Recording Co. after deductCash accts. & notes
96,025
33,179
and dividends
ing interest received on loans, treasury bonds, &c., $45,320;
reedy., mat'is, &c.3,386,692 2,867,389 Employees'say. fund 71,870
24,020
465,320
hit. on $7,000,0006% 30-yr. s. f. gold bonds,$420,000; total
Invest, in sub. cos__ 645,450
73,001 1st M.bonds(1920)A,000,000 1,000,000
11,480 Capital stock
2,000,000 1,000,000
$540,927 Patents & trade-m'ks2,000,000
Balance, surplus for the year
Prepaid insur. and
Surplus
5,728,526 1,784,433
71,024
Mt., fixtures, &e. 118,200
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31 1912
(Including Subsidiary Companies.)
9,505,751 5,297,520
Total liabilitles_9,505,751 5,297,520
Total assets
[The company advertises: Yale cy inder locks, Yale night latches. Yale
Assets ($21,456,410)
padlocks, Yale builders' hardware, Yale cabinet locks, Yale bank locks
Plants, equipment, patents, good-will, &c., $18,247,205; less
$17,701,377 and Yale & Blount door checks; also triplex, duplex and differential chain
reserves, $545,828
Cash on hand and in banks, $449,284; notes and accounts reblocks.I-V. 96. p. 867.
ceivable, $1,926,889 (less reserve, $222,893), $1,703,996;
The Detroit Edison Company.
inventories at cost, $832,686; total
2,985,966
-T.
Treasury bonds, &c.; C. -R. Co. bonds, par value, $746,800;
(Report for Fiscal Year ending Dec. 31 1912.)
cash held by trustees to retire Computing Scale Co. of Amer747,215
ica bonds, $415; total
Pres. Alex Dow, N. Y., Feb. 3, wrote in substance:
21,852
Office supplies, advertising matter, prepaid insurance, int., &c..
Liabilities (321,456,410)-The gross earnings show an increase of $787,521, or 21.8%;
Results.
-T.
Capital stock of C. -R. Co., auth., $12,000,000; unissued,
the net earnings of $321,531, or 20.9%. The surplus after interest charges,
$1,542,781; issued and outstanding. $10,457,219; Capital
paid and accrued, was $1,145,509, an increase of $292,334, or 34.2%.
-T.
surplus of sub. cos. not held by C. -R. Co.,
stock and
The Eastern Michigan Edison business included in the foregoing (i.e., the
$10,621,306 business beyond the immediate vicinage of Detroit) is $431,072 gross earn$164,087; total
-year sinking fund coll. trust gold bonds,
Bonded debt; 67 30
ings and $181,570 net earnings, or increases of 23.3% and 19.9%, respec$7,000,000; 6i coll, trust bonds of Computing Scale Co. of
tively. The Eastern Michigan Co.has extended its service to the village of
7,371,500 South Lyon, having purchased the former municipal plant; it also purchased
America, $371, 00; total
Notes and accounts payable, accrued taxes, &c., $826,056;
the municipal plants of the villages of Romeo and Richmond and now serves
-T.
accrued int. on C. -R. Co. bonds, $210,000; accrued int.
those villages from the transmission lines.
on Computing Scale Co. of America bonds, $5,572; total_ _ _ 1,041,629
-Excluding certain bulk cusIncrease in Customers and Connected Load.
28,292 tomers (railways and others) whose demand increased during the year
Deferred credits to income
2,393,684 from 12,420 k.w. to 16,300 k.w. (say 31.2%), the increase in the general
Undivided surplus
connected load of light and power was from 114,676 k.w. to 157,200 k.w.
-V.96, p. 949, 718.
(say 37%). To the bulk customers in the Eastern Michigan district was
added the Detroit Ann Arbor & Jackson Interurban Ity., which contracted
Federal Mining & Smelting Co., New York.
for all the power required by it between Detroit and a point west of Ann Arbor. The preparations for this work will not be completed until sununer of
-Year ending Feb. 28 1913.)
for Half
(Statement
1913, but one substation at Dearborn is already in operation. A substation
at Trenton for the supply of current to the Detroit Toledo & Monroe InterSecretary Frank Sweeny, April 1, wrote in substance:
of the Detroit
-year ending March 1 were urban Ry. and the Detroit Ecorse & Trenton branch
-The net earnings for the half
Earnings.
United Railways, was likewise put in service during 1912.
approximately $520,000, averaging $86,500 per month, or at the annual
The number of general light and power customers connected increased
rate of 83i% on the pref. stock. These earnings were made in spite of from 55,407 to 70,763. The great majority of these connections were to
the prevailing low price of lead, our main product, due to the tariff agita- residences, and extensions into new residence subdivisions do not become
tion, and to the severest winter the Coeur d'Alene country has known in profitable until the district builds up,so that our whole residence business is
30 years. The company is now paying 6% on its preferred stock.
Just now carried on at little more than operating cost. This clam of service,
-(1) The interests (of Richard Wilson and Walter Mc- made up of a large number of very small accounts, is not a large part of our
Acquisitions.
Kay, situated near Mace, and adjoining our Standard-Mammoth mines, total business. We hold it to be good public policy to furnish residence
were purchased on Sept. 14 1912 for $180,000 in cash, and were thereupon lighting at a minimum profit.
consolidated with the remaining interests in the Green Hill Cleveland
-Our business in Detroit was very good in 1912 and the prosOutlook.
claims. The consolidated company, the Green Hill Cleveland Mining Co., pects for 1913 are equally good.
started operations toward the end of September. The Federal Company has
-The outstanding stock was increased on Jan. 3 1912 by the
Finances.
already received back its $180,000 and the new company is now in position issue of $1,500,000, which was subscribed by stockholders (V.93, p. 1467)•
to earn and pay substantial dividends. The Federal Co. owns one-half The conversion of convertible bonds continued and there remained on
of the capital stock.
Dec. 31 outstanding only $250,200 of the 1,920 obligations (V. 94, p. 914).
(2) Negotiations for the purchase of the Helena-Frisco property at The $1,000,000 1st M.5% 30
-year gold bonds still remain in the treasury,
Frisco, which is adjacent to our Mace properties, were completed Dec. 12 but it may be well to sell them during 1913. The issue of 1st M. bonds of
1912 by payment of $100,000 and an agreement to expend $150,000 for the Eastern Michigan Edison Co. has been increased in 1912 to $2,840,000
property contains a large tonnage of (V. 95, p. 1544) and the underlying Washtenaw Light & Power bonds have
development, &c., purposes. This
zinc ore and the possibilities for exploration of the new Cape Horn vein and been called in, making the Eastern Michigan issue an absolute first lien.
on the Black Bear vein should result in great benefit to your company.
All the stock of the Eastern Michigan Edison Co. Is in our treasury.
(3) Early in 1913 negotiations were concluded with more than 96% of the
The construction requirements were met as usual to a largo extent by
stockholders of the Star Mining Co., whose property is situated near borrowings in the open market. To provide for this floating debt and the
adjacent to our Morning and You Like mines, for an continued increase of business which is expected in 1913, your directors
Mullan, Idaho, and
option to purchase their stock, conditioned upon our making certain pay- offered to stockholders of record Feb. 11 1913 a now stock equal to 30% of
ments and explorations over a period of about throe years. The first pay- the holdings (V. 96, p. 289). The holders of outstanding 6% convertible
ment was 1 cent per share and did not exceed $10,000.
debentures (both 1920 and 1921), by converting their bonds into shares of
(4) Your company has obtained an option to purchase at least 51% of stock, will have an opportunity to subscribe for the new stock. The 1921
the capital stock of the Flynn Group Mining Co., whose property is ad- debentures become convertible on Feb. 1 1913.
option, the Federal Co. has
jacent to the Frisco property. Under the
-It being evident that the Delray plant will
Power Plants-Construction.
the right of expending all the money paid by it for the treasury stock in not be capable of taking care of the business to be expected in 1913, a fourth
development work.
has been contracted for, to be
zinc. turbo-generator of 15,000 k.w. capacityend of 1913 the capacity of the
The ore bodies of the Frisco and Flynn properties run high in
delivered in the early summer. At the
Zinc is now selling at the average price of 2c. a lb. more than lead, and two houses at Delray (which immediately adjoin one another and are
in the production in the U. S. has been, it has failed to operated practically as one unit) will be 93,000 k.w. (or 124,000 h.p.),but
great as the increase
keep up with the consumption. The Federal Co. sells its zinc ores in the unless there is some unforeseen check to the growth of Detroit, this will be
open market. [For further particulars as to the aforesaid properties see insufficient for the business of 1914. Your directors are therefore making
"Mining & Engineering World" of March 8.1
provision for construction of a power house on the river front at the other
It is expected that the policy of extension without spending or risking end of the city, about eight miles up-stream from Delray. This location
-V.96, p. 865.
any considerable amount of the surplus will be continued.
has been chosen because of the great growth of the eastern part of tho city.
CONSOLIDATED INCOME ACCT.(INCL. ALL CONSTITUENT COS.).
Yale & Towne Mfg. Co. ("Yale Locks," &c.), Stamford,
1912.
1911.
1909.
33,766
Conn., and New York City.
70,763
55,407
194130:424
Nber of customers__
um
71,991
92,529
114676
157,200
Gen.connected load,k.w.
Years' Growth.)
(Financial Statement of April 1 1913-Six
1, 91
$2,199 143
$4,385,615 $3,598,094 $3,030,207
Gross revenue
Pres. Henry R. Towne in the circular offering to share- Oper. exp.,taxes & res've 2,527,180 2,061,190 1,720,124 1,274,578
holders the right to subscribe at par for $1,000,000 (50%)
new stock, says in substance:
$924,565
$1,858,435 $1,536,904 $1,310,083
Gross income
$511,702
$601,701
$683,729
3712,926
Int. paid and accrued
(7)414,330 (5)250,000 (2)100,000
(7%)524,349
Dividends
$458,382
$312,863
$438,845
$621,160
Balance, surplus
CONSOLIDATED BALANCE SHEET DEC. 31,
1912.
1911.
1911.
1912.
Liabilities8
3
$
$
Assets8,749,800 6,000,000
Prop., plant, &c.._24,065,531 21,048,794 Capital stock
332,350
33,900 Subsc'n to cap.stk
33,900
in treas_
Securities
13,590,200.14,021,000
341,522 Funded debt
370 037
Cash
1,989,176 x975,000
696,913
561,207 Dills payable
Bills & accts. ree
378,771
729,189 Accounts payable_ 933,125
supp_ 1,189,178
Materials &
35,504
44,676
381,670 Surety deposits_
461,565
Deferred charges
317,453
15,011 Int. due & accrued 308,270
50,204
Prepaid accounts_
517,584
653,052
Reserves
*599,029
533,631
Surplus
This increase of capital has become-expedient to provide for the steady
and large increase in the volume of the company's business. Some of these
facilities have been financed partly out fo the surplus profits and partly
by using the company's excellent credit. The existing indebtedness thus
incurred will be discharged out of the proceeds of the new issue of capital
stock. The following are the most important of the additions recently
made or which are now proposed, viz.:(1) Creation of a subsidiary, "Canadian Yale & Towne, Ltd.,' for the conduct of our large and growing business in Canada, and the erection of a plant for its use at St. Catharines,
Ont., which is now cdmpleted and paid for. (2) The erection of an office
building at 9 and 11 East 40th St. in N. Y. City to accommodate our
executive and general offices, also the city sales, stock and exhibit rooms.
This building will be occupied by May 1 1913 and is substantially paid for.
(3) The erection at Stamford of a brass foundry building, with a new pattern
vault, the pattern shop and the core shop, and a new manufacturing building, substantially identical with the No. 12 building erected in 1911.
26,867,328 23,111,293
(4) Additional working capital required by enlarged volume of business.
Total
Total
26,867,328 23,111,293
The par value of the stock, $100 per share, is less than one-half the price
* After deducting $460,000 appropriated for depreciation; $51,516 for
which the present stock has commanded in the market during the past year
proportion of discount on bonds.
or two. The latter, in turn, is less than the intrinsic or book value of the adjustments, being mainly the annual and employers' liability reserve
stock, as indicated by the surplus, even if the item of $2,000,000 included and $50,000 appropriated for insurance stock.
capital
in the list of assets as representing, conservatively, the company's trade- and adding $5,755 for premium on of bills payable have been paid.
-.-V
z Since Jan. 1 1912 $675,000
marks, good-will and patents, among which is the trade name "Yale,"
96; p. 364; 289.
be omitted,
APR. 121913.]
THE CHRONICLE
The Lehigh Coal & Navigation Co., Philadelphia.
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. S. D. Warriner, Phila., Feb. 10 1913, wrote in subst.:
Results.-The net revenue of the company from the various sources increased or decreased as follows: Coal decreased $444,047; canals decreased
$45,814; railroads increased $1,752; miscellaneous income increased
$163,196; total net revenue decreased $324,913.
The increase of $163,196 in miscellaneous revenue is mainly accounted
for by the proceeds of the sale of the collateral trust power bonds being
placed at advantageous rates of interest pending the need of the money for
construction purposes. Another largo item making up ;this increase was
the initial dividend of 4% received on 5,079 shares of capital stock of the
Lehigh & Hudson River sty. Co. held by your company.
-Coal tonnage from lands owned and controlled:
Coal Mining Department.
1912.
1909.
1910.
1911.
Mined by company
tons_3,275,585 3,615,141 3,375,541 2,828,788
Mined by lessees
181,505 215,887 285,822 224,927
By Alliance Coal Mining Co_ _ _
88,067
39,645
By lessees of Alliance Coal M.Co. 71,776 130,334 188,492 134,264
Total commercial coal
3,616,933 4,001,007 3,849,855 3,187,979
In addition there was consumed for power and other purposes at the
mines 463,685 tons, making the total production from all sources 4,080,618
tons, against 4,515,906 gross tons in 1910.
The decrease in commercial production is accounted for mainly by the
suspension of mining during April and part of May, pending negotiations
with the United Mine Workers as to the terms of a renewal of the agreement
which expired on March 31. The new agreement entered into provided
substantial advances to the mine workers, and mining was resumed the
latter part of May. Production was further curtailed by interruptions at
several collieries which occurred in September and lasted for 19 days, due
to trouble among the men over the question of union membership.
The decrease in production was general throughout the anthracite trade
in 1912, as the official statistics show that the total shipments of anthracite
during the year amounted to 63,610,578 tons, a decrease of 6,343,721 tons
as compared with 1911. The cost of mining increased on account of increased maintenance charges during the suspensions of work above referred
to, as well as on account of increased wages and cost of supplies.
Market conditions were satisfactory during the year, excepting for the
company's inability at times to supply the demand for its coal, owing to
the suspension above referred to. The company sold its entire production
during the year as well as its supply of stock coal. The tonnage sold was
3,646,431 gross tons, an increase of 58,967 tons compared with 1911.
Additions, &c.
-Work has been temporarily deferred on the new Summit
Colliery (V. 94, p. 1052), pending the completion of exploration and
development work to determine the extent and condition of the coal meas
urea, in order to properly locate the improvements with a view to securing
tho greatest economy and efficiency.
During the past year the company expended for additiOns and betterments the sum of $649,744, and charged off for depreciation and abandonment, on account of obsolescence, $522,667.
A vigorous policy is being pursued both in underground development for
increasing the production and in extending the markets for our coal.
-The suspension of coal mining in April and May
Canal Department.
caused a shrinkage in the anthracite coal tonnage. transported of 100,774
tons as compared with the canal coal tonnage of 1911. The total tonnage
carried during the season of 1912 was 278,521 gross tons, of which 219,215
gross tons were anthracite coal. The operating results for both canals
during the year 1912 show a deficit of $12,917, directly duo to the suspension of mining in April and May.
-The net revenue for 1912 from the leased railroads
Railroad Department.
was $2,288,899, as compared with $2,287,147 in 1911 an increase of 31,752.
The coal tonnage of the Lehigh & Susquehanna RR. and branches in
'
1912 was 8,989,703 tons, contrasting with 9,545,902 and 8,963,688 tons in
1911 and 1910, respectively. The gross receipts of these properties show
a not increase of $438,904 (see tables below):
Insurance and Coal Lands Sinking Funds.
-During the year the coal lands
sinking fund has increased $51.434 and the insurance fund $17,580 from income on investments and interest on deposits, making the total amounts
of securities and cash in these funds Dec. 31 $1,082,565 and $388,639,
respectively. During the year an exhaustive investigation was made into
the operating and accounting methods, and, in accordance with the advice
of certified accountants, your board are agreed on the wisdom of a policy
of accounting under which there shall be established proper reserves for coal
lands depletion, depreciation of improvements, insurance, mining hazards
and similar items entering into mining costs; and have, beginning with the
current year, in accordance with this plan, transferred the securities and
cash in the coal lands sinking fund and the insurance fund into the general
funds of the company, under appropriate accounts establishing the proper
reserves, which will appear in the balance sheet for the year 1913.
New Power Bonds-Lehigh Navigation Electric Co.
-1n Jan. 1912 the company received payment for and issued $3,000,000 collateral trust ‘Ui%
10
-year gold power bonds, due Dec. 11921, which had been sold to provide
for the financial requirements of the Lehigh Navigation Electric Co. In the
construction of its power plant at !Taut°. (V.93, P. 1671; V.94, p.1052)•
The construction of the Lehigh Navigation Electric Co.'s power plant
at Haut°, Pa and the transmission lines radiating therefrom, is progressing
rapidly. It is expected that the plant will be completed in the summer of
1913. The 38 electric companies chartered to operate in the several townships reached by the transmission lines were merged and consolidated by
agreement dated Dec. 23 1912 into a corporation under the title of tho
and letters patent issued to the latter
Lehigh Navigation Electric
company under date of Jan. 6 1913.
Co.'
[At the time of the merger in Jan. 1913 the consolidated company was
reported as having $3,370,000 of auth. capital stock, and its officers wore:
S. D. Warriner, Phila., Pres.; R. II. Wilbur, of St. Davids, V.-Pres,' H. P.
Baker, of Phila., Sec. & Treas. The 38 consolidated concerns were located
in Northampton, Lehigh, Luzerne, Pike, Carbon, Berks and other eastern
counties, being named as follows: Albion, Beechwood, Blackstone, Diammond, of Washington Township; East Allen, Eldon, Equitable, of Whitehall Township; Excelsior, of Blainfield Township; Fearne, Gibson, Greenwood, Hazard, Kent, Lehigh, Navigation, Lizard Creek, Lower Mount
Bethel, Lower Nazareth, Lower Saucon, Marshall, Mitchell, Moore Township, Nesquehoning, North Whitehall, Oakdale, Orchard, Panther Creek,
Primrose, Sharswood, Skidmore, South Whitehall, Standard of Washington
Township, Star, Story, Taney, Upper Macungie, Upper Milford, Upper
Mount Bethel and Upper Nazareth Electric companies.]
Extension of Lehigh & New England RR.-Tho extension from Danielsville, Pa., to Tamaqua, Pa. (at which point connection is made with the
Panther Creek RR. of your company), somo 32 miles in length, was completed and put in operation on Ally 8 1912. The new line, in addition to
proving a source of increased revenue to the railroad, affords a direct all-rail
route to the Eastern markets 113 well as a physical connection with the main
trunk lines.
Financial-Advances to Sub.Companies
.-The financial requirementsof the
Lehigh & New England RR.Co. and the Lehigh Navigation Electric Co., in
carrying on the work as above outlined, have been provided for by the
purchase of their securities and by advances by this company amounting
during the year to $1,754,766.
GROSS EARNINGS OF LEHIGH ee SUSQUEHANNA RR.
1912.
1911.
1909.
1910.
Passenger and mails.. _ _ $506,228
$487,224
$452,840
$419,389
Freight and express_ _ _ _ 3,967,507 3.688,872 3,797,860 3,499,550
Coal
5,446,452 5,305,186
5,030,295 4,763,413
Total
$9.920,187 $9,481,282 $9,280,995 $8,682,352
Rental, 1-3 of gross.. _ _ $3,306,729 $3,160,427 $3,093,665 $2,894,117
LEHIGH COAL & NAV. CO. EARNINGS,EXPENSES AND CHARGES.
Gross Earnings1912.
1911.
1910.
1909.
$2,357,115 $2,355,854 $2,352,622 $2,348,094
Railroads
210,983
257,422
Canals
234,158
213,122
10,933,098 10,922,722 0,910,404 8,239,761
Coal
361,241
Miscellaneous
197,779
144,929
174.650
$13,862,437 $13,733,777 $12,642,113 $10,975,627
Total gross
Net Earnings
Railroads
$2,288,899 $2,287,147 $2,285,253 $2,278,055
Canals.
32,898
def.12,917
22,264 loss 18,904
Coal
2,023,357
1,579,310
1,698,276
1.227,656
Miscellaneous
191,391
354,587
138,728
167,736
Total net
$4,209,880 $4,534,793 $4,144,521 $3,654,543
Interest
Rentals, taxes, &c
Total
Balance
Dividends
Balance
Sinking fund
Depreciation
1087
1912.
$931,215
590,409
1911.
$861,362
579,061
1910.
$897,343
520,066
1909.
$884,719
429,602
$1,521.624 $1,440,423 $1,417,409 $1,314,321
$2,688,256 $3,094,370 $2,727,112 $2,340,222
(8%)2,124,636(8)2,028,196(8)1,931,744*(9)1813,976
$795,368
$183,068
300,000
$526,246
$152,686
300,000
Surplus
$163,620
$681,174
$312,300
Coal mined (tons)
3,616,933 4,001,007
3,849,855
As to special scrip dividend, see foot-note below.
$73,560
3,187,979
$563,620 $1.066,174
$400,000
$385,000
BALANCE SHEET JANUARY 1.
1913.
1912.
1911.
1910.
Lehigh & Susq. RR _ _ _$16,010,304 $16,005,304 $16,005,312 $15,992,779
Lehigh Nay. & shipping
improvements
2.001,517
2,006,517
2,006,517
2,006,517
Coal lands
4,891,232 4,891,232
4,891,232 4,891,232
Coal improvements_
7,111,754
6,978,731
6,484,548
5,767,600
Panth. Crk. RR.&
_ 1,099.114
1,061,706
1,050,336
944,494
Lansford shops & equip..
eq466,373
491,757
557,472
535,359
Productive work
648,610
648,610
648,610
648,610
Mining equipment
825,725
831,112
780,755
609,553
Landed prop. & impts
1,421,667
1,445,324
1,404,272
1,224,640
Canal & marine equip't_
657,546
646,473
682,039
593,925
Material and supplies.._
477.923
508,939
523,876
545,830
Coal on hand
219,608
1,008,411
812,221
774,588
Securities owned
10,422,195 8,532,001
7,752,263 7,768,401
Insurance fund
388.640
371,060
354,512
362,980
Cash on hand
2,136,522
614,792
1,059,718
1,502,732
Adv. made to sub. cos
1,065,338
736,999
857,413
662.825
Accounts receivable_ __ _ 1,598,292
1,974.334
1,806,993
1,376,005
Bills receivable
461
3,805
Mortgage ground rents
and judgments
13,393
13,660
17,160
17,160
Coal lands sinking funds 1,082,565
1,031.131
987,743
767,433
Prepaid insur., deferred
accounts, &c
332,875
203.726
255,676
204,486
Total
$52,871,194 $50,002,280 $49,325,741 $46.813,882
Liabilities
Capital stock
$26,557.950 $26,557,950 $24,146,950 $21,002,750
Special scrip dividend
3,150,412
Bonds (see "Ry. & Industrial Section")
21,409.333 18,425,333 20,915,083 19,178,083
Due sundry cos.& indiv..
200,092
185,832
244,485
274,246
Bills payable
350,000
Unpaid vouch.& pay-rolls 877,375
993,785
1,157,340
848,518
Accrued taxes
348,827
261.664
189,138
158,697
Rentals accrued
2,888
2,897
2,714
2,257
Insurance fund
388,639
371.060
354,512
362,980
Coal lands sinking fund.. 1,082,565
1,031,131
987.743
767,433
Interest and dividends
due and uncollected
154,363
149,654
149.906
151,745
Accrued int. on bonds
68,376
57,126
71,539
58,414
Deferred accounts, &c
125,319
101.077
95.726
110.-044
Profit and loss
x1,655,466
1,514,771
1,010.605
*748,P03
Total
$52,871,194 $50,002,280 $49,325,741 $46,813,882
*After deducting special scrip dividend (15%) declared Dec. 27 1909,
paid March 11910, convertible into full-paid capital stock at par. $3,150,412. and cost for year 1909 of isolation of Summit Hill mine fire, $470,505.
and adding $1,398 for sundry accounts adjusted.
x After deducting $22,926 for sundry accounts adjusted.
-V.96, p. 492.
New York Telephone Co.
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. Union N. Bethell, Feb. 25 1913, wrote in substance:
Below is a statement showing the combined operating results for the
company and its associated companies, including the Bell Telephone Co.
of Pennsylvania,the Central District & Printing Telegraph Co., the Delaware & Atlantic Telegraph & Telephone Co., the Diamond State Telephone
Co. and the Chesapeake & Potomac Telephone Co., operating in the States
of New York, New Jersey Pennsylvania, Delaware, Maryland, Virginia,
West Virginia, in the District of Columbia, and in parts of Connecticut and
Ohio, but not including local connecting companies, with inter-company
items eliminated.
Net Additions to Plant During 1912.
-Real estate, $1,810,608; equipment, $7,574,069; lines, $16,081,014; construction in process, 3696,813*
total, $26,162,502.
-On Dec. 31 1912 there were 985,780 stations in the system
Stations.
directly operated by your company and its local connecting companies, an
Increase during the year of 97,445. Including the associated and connecting companies, there were in service in the whole system at the end of
the year 1,756,343 stations, an increase during the year of 232,319 stations.
.-A plan for employees' pensions, disability benefits and insurPensions
ance, without contribution of any kind from the employees themselves.
was adopted, effective Jan. 1 1913; $2,000,000 was set aside by your company for the inauguration of the plan (see Am. T.& T. Co., V. 95,p.1404).
COMBINED OPERATING RESULTS FOR NEV YORK TELEPHONE
CO. AND ITS ASSOCIATED COMPANIES.
Not including local connecting companies-Inter-company items eliminated.
1912.
1911.
1910.
1909.
Telephone earnings_ _ _-$65,632,689 $59,019,411 $54,616,962 $49,183,462
Telephone expenses_ ___ 48.461,691 43,946,710 39,548,251 35,546,758
Net telephone earns.. _317,170,998 $15,072,701 $15,068,711 $13,636.704
Other income
1.510,072
1,443,594
1,306,670
1,417,055
Total net income
$18.681,070 $16,516,295 $16,375,381 $15,053,759
Interest charges
$3.179,573 $2,585,766 $2,396,600 $1,285,508
Dividends declared_
10,009,335 10,010.493 9,606.031
9,133,830
Bal. to stir. accts. and
res. for conting- _ _ $5.492,162 $3,920,036 $4,372,749 $4,634,421
INCOME ACCOUNT OF NEW YORK TELEPHONE CO.
1912.
1911.
1910.
1909.
$32,884,715 $30,048,488 $27,856,733 $24,999,955
10,338.908 9,141,478 8,497,166 8.071,240
RevenueExchange service
Toll service
Total
Expenses
General
Operating
Maintenance
Rentals
Insurance
Taxes
$43.223,623 $39,189,966 $36,353,899 $33,071,195
$852,115
$696,580
$670.826 $1,342,473
11.917,803 11,374,064 9,685.353 8,161,235
13,049.471 12,137,895 10,767.670 10,023,257
3,159,719 2,833,616 2,682,241
2,495,767
96.055
96,139
92.704
96,686
2,201,044
1,878,328
1,832,504
1,749,224
Total expenses
$31.276,208 $29,013,189 $25,734,733 $23,868,642
Net earnings
$11.947,415 $10,176,777 $10,619,166 $9,202,553
Divs. & int. earnings- -- 5,356,176 5,043,707 3,840,605
1,253,541
Miscellaneous earnings_
2,536
9,579
36,944
115,885
Total net earnings. $17,313,170 $15,223,020 $14,496,715 $10,571,979
Interest
$2.951,845 $2.395,826 $2,150,714
$981,229
Dividends
10,000.000 10,000,000 8,712,488 5,633,330
Balance,surplus
$4,361,325 $2,827,194 $3,633,513 $3,957,420
•
1088
THE CHRONICLE
BALANCE.SHEET DECEMBER 31.
1912.
1911.
1912.
Liabilities
$
Assets
110,545,646 99,918,287 Capital stock__ _125,000,000
Plant
18,397,313 15,641,363 Bonded debt_ _ _ 76,473,760
Real estate
19,000
Stocks & bonds_ 77,986,952 72,545,900 Real est. mtges_
840,000
Bills & accts. rec 29,824,250 17,223,412 Bills payable_ _ _
3,674,167 2,776,765 Accts. payable_ 2,128,315
Supplies
225,769 Res."obligat'ns"
300,955
Prepaid expenses
174,047 Replace't res've 18,389,293
182,548
-Sinking fund.._
1,944,024 Emp. ben. fund 2,000,000
3,231,391
Cash
Accrued Habil_ 1,195,483
7,547
Miscellaneous__
Res. for contin_ 3,423,821
*14,666,003
Surplus
1911.
125,000,000
51,752,660
39,000
1,664,819
668,147
14,281,831
2,738,433
14,304,677
244,143,222 210,449,567
Total
244,143,222 210,449,567
Total
*After deducting $1,267,503 bond discount, $2,000,000 reserve for em
benefit fund and $732,497 reserve for conting.-V. 95, p. 1334, 753
,ployees'
[VOL. xcvx.
-A
Canadian Northern Ry.-New Equipment Trust.
lease of rolling stock from the Imperial Rolling Stock Co.
Ltd., to the Canadian Northern Ry. Co., dated March
1913, and numbered Series G I, was on April 3 deposited
-V.96, p. 651, 284.
with the Secretary of State of Canada.
Chicago Milwaukee & St. Paul Ry.-Bonds Offered.
Kuhn, Loeb & Co. and the National City Bank, both of
New York, have purchased, and are offering by adv, on
another page at 993/ and int.,$30,000,000 General Mortgage
gold bonds of 1899, due May 1 1989. Int. J. & J.
4
Par $1,000 c*&r. Subscriptions will be received in Boston
by Kidder, Peabody & Co.
Digest of Letter from Pres. A. J. Earling, New York, April 9 1913.
These bonds are a direct mortgage on 6,314.78 miles of first track of rail]
road, upon valuable terminal properties in Chicago, Milwaukee and other
cities, and also upon the entire equipment of the company, being (a) an
absolute first mortgage on 3,753.07 miles of first track, including the main
GENERAL INVESTMENT NEWS.
lines entering Chicago and Milwaukee; and (8) a refunding mortgage on
2,561.71 miles of first track, subject to $52,357,000 prior liens maturing on
or before July 11926.
RAILROADS, INCLUDING ELECTRIC ROADS.
The prior lien mortgages may not be extended, so that by July 1 1926
the general mortgage bonds, of which a sufficient amount are reserved to
Mich. retire the prior liens, will be an absolute first mortgage. At present the
-The
-Notes for Refunding, &c.
Ann Arbor RR.
general mortgage bonds, including prior liens, are at the average rate of
RR. Commission has granted the company authority to issue $22,193 per mile, and after 1926 will be an absolute first mortgage at the
two years to run,and rate of only $23,750 per mile, even if all the remaining bonds should be
3750,000 6% notes, having not over
increasing the mileage. All additional lines also acquired
secured by pledge of $1,250,000 5% extension and ref. issued without of these bonds will become subject to these as a first lien.
with the proceeds
The lines covered by the mortgage form a network of railroads traversing
mortgage bonds, in order to provide for retiring $600,000
Minnesota, Iowa, Missouri, North Dakota and South
notes due May 1 and to reimburse the treasury in part for Illinois, Wisconsin, cities as Chicago, Milwaukee, St. Paul, Minneapolis,
Dakota, serving such
and Kansas
$400,000 expenditures on account of equipment and addi- Des Moines, Sioux Falls, Council Bluffs (opposite Omaha) by the comCity. This mileage, in conjunction with other lines owned
-V. 96, p. 862.
tions.
forms a through line to Seattle and Tacoma on the Pacific Coast
pany,
Mich.
Atchison Topeka & Santa Fe Ry.-Conversion Right and to Ontonagon,followedon Lake Superior.
by $76,226,655 debenture 4% bonds, $48,850.These bonds
-Comptroller Gallup, by advertisement on a 800 convertibleare % debenture bonds, $116,274,900 pref. stock paying
Ceases May 31.
43
per annum and $116,348,200 common stock
previous page, notifies holders of the 10-year 5% convertible 7% dividends annum, a total of $357,700,555 face value ofpaying 5%
securities,
per
gold bonds, dated June 1 1907, that in accordance with their dividends present market value in excess of $400,000,000.
having a
terms the right of conversion into common stock will cease
Issue of General Mtge. Bonds, $150,000,000.
Total Authorised
$48,841,000
on May 31.-V. 96, p. 946, 284.
.
Outstanding in hands of public, 4% bonds
8,950,000
do
do
do
3% bonds
-The New York Stock In treasury (of avhich these $30,000,000 43s are part)
-Listed.
Coast Line RR.
Atlantic
39,852,000
52,357,000
has listed $9,667,000 unified M. 50-yr. 4% bonds Reserved to retire prior lions
Exchange
Income Account of Company for Years 'ending June 30 1912.
clue 1959 (V. 96, p. 789).
1911-12.
1910-11.
1909-10.
-For 7 months ending Jan. 31:
Earnings.
$64,846,894 $64,975,095 $63,122,743
Gross earnings
Balance, Net earnings
Fixed
Other
Net (after
Gross
Seven
$17,734,144 $15,455,245 812,532,345
Surplus. Other income
Charges.
Income.
7'axes).
7,591,948
Months- Earnings.
7,759,443 11,879,786
1912-13.._ _320,233,589 $5,296,570 $1,769,814 $3,316,287 $3,750,097
5,325,518
$25,493,587 $27,335,031 $20,124,293
1911-12___ 18,553,301
Total income
6,811,803 10,976,717 10,193,847
Total surplus Jan. 31 1913, after deducting semi-annual dividend on Fixed charges, rentals, &c
common stock (336%).$2,180,734, and also on pref. stock (2% %),$4,962,
,
and making sundry debits and credits, was $26,525,357.-V.96, p. 789, 715.
$18,681,784 $16,358,314 $9,930,446
Balance
The net earnings for the 7 months ended Jan. 31 1913 show an increase of
-Purchase of Stock.Atlantic & North Carolina RR.
period of last year.
E. C. Duncan, who is offering the State of North Carolina $75 a share for $7,802,630 over the earnings for the same of the bonds will be payable in
-Both principal and interest
Tax Clause.
holdings, has, it is stated, thus far acquired about $270,000 of the
its
gold "without deduction for any tax or taxes which the railway company
96, p. 862.
$531,000 privately owned stock. Compare V.
may be required to pay or retain therefrom under any present or future
-Syndicate Dissolves, laws of the United States of America, or any of the States thereof."
-New 4%s
Baltimore & Ohio RR.
a legal investment for savings
Savings Bank
-The syndicate which underwrote the issue of $63,- banks in StatesInvestments.-Theee bonds are connecticut and elsewhere.
&c
of New York, Massachusetts,
250,000 convertible 43/25, and took up (it is said at 92)
-C. B. Ferry, Asst. Sec., has also been made
New Officer.
the portion not subscribed for at 953/i by the shareholders Vice-Pres.-V. 96, p. 1020.
(stated as about $47,000,000), was formally dissolved on
-For yr. end. Jan. 31:
-Earnings.
Chicago Railways Co.
April 7, the members having been notified that they are at
Joint Account with the City.
-Net (after Int., 5% Balance -Of which to
liberty to dispose of their bonds, only a small amount of which Fiscal
Gross
on Inc. Divisible. City,55%. Co.,45%,
Taxes).
Year- Income.
had been sold.
The company announced on April 7 that holders of subscription receipts
6,348,275 3,778,449 2,569,826 1,413,404 1,156,422
for these bonds (first installment paid) who desire to anticipate payment of 1912-13---18,076,777 5,043,393 3,549,018 1,494,375 821,906 672,468
1911-12_-17.156,495
the final installment (due May 15) may do so on April 15, in which case -V. 96, p. 652, 201.
of interest, will be $672 42 per
the amount payable, with adjustment
-Adjourned.
Columbus Marion & Bucyrus (Elec.) RR.
$1,000 bond compare V. 96, p. 134, 200, 651, 715).
It is generally understood that the company will on June 1 pay off withThe forccosuro sale has been adjourned from April 12 to May 10 on apnotes due June 1, presumably plication of the Troy Trust Co., which, it is expected, will laid in the
out extension the entire $44,992,000 4
using for this purpose a portion of the proceeds of the new convertible property on behalf of the bondholders.
-V. 96, p. 802, 652.
bonds, thereby setting free the collateral under the notes which at last ac-Equipment Notes Offered.
Denver & Salt Lake RR.
counts included: $6,000,000 1st pref., $14,000,000 2d pref.,and $10,000,000
Reading corn. stock and $28,000,000 B.& 0.Chic. Term. 1st M.4% bonds. C. E. Mitchell & Co., New York, are offering, by adv. on
filed with the Maryland P. S. Commission on Feb. 28 in
A statement
connection with the application for approval of this convertible issue another page, at prices to net about 5 8%, the $488,000
showed that in addition to the large sum now being expended for improve- equipment trust 5% gold notes, dated March 1 1913. These
ments, President Willard contemplated recommending to the board when
installments (8 of $25,000
conditions favor an expenditure of a further $27,923.700 for improvements notes are due in 40 semi-annual
and additions, $2,300,000 of this amount to be charged to operation and and 12 of $24,000) from Sept. 1 1913 to March 11923, both
$25,625,700 to capital account, in part approximately as follows:
incl. Par $1,000 c*. Principal and interest payable M.&S.
On Cumberland division at Doe Gully, W. Va., for the construcat Empire Trust Co., N. Y., trustee.
tion of an additional two-track lino from Orleans Road to
es
Little Cacapon, 14 M miles, connecting with the present threeSecurity, New Standard Equip. Costing $650,282-$162,282 Paid in Cash.
1 steel combina'n
$7,450,000 300 steel gondola cars, 25 stock cars, 6 refrig. cars,
track line, $7,000,000; other improvements, $450,000
1,426,125 100 steel frame box cars, 2 Mallet loco.,3 steel pass. cars, 15 misc. oquipt.
Baltimore division for improvement of terminals. &c
2,340,000
New York division, new piers and approaches and other impts
Title will remain in the trustee for noteholders, under the usual condiPittsburgh division, 3d and 4th track from Connellsville to Pitts_ 1,000,000 tional sale agreement until all notes with accrued interest have been paid.
2,500,000
New bridge across the Allegheny River at Pittsburgh
Issuing Company -This Colorado corporation, as successor of Denver
600,000 N. W. & Pacific Ey Co. (Moffat road), under the plan of reorganization
Ohio River division, freight house facilities, now track, &c.._ _
..
Eliminating grade crossings, $1,000,000; automatic signals, $1,made effective by security holders, will, it is expected, on or before May 1
000,000; interlocking plants, $500,000; increased water facili1913. have acquired the entire property, consisting of 215 miles of main
ties, $500,000; telephone and telegraph, $400,000; bridges,
line track extending west from Denver over the Continental Divide, with
4,900,000 equipment,shops and valuable terminals. For the past fiscal year the road
$1,000,000; tools and machinery, $500,000
Chicago division, elevation of tracks and terminal improvements
showed total net revenue of nearly $300,000. Expert H. I. 1%1111er. after
in Chicago, double-tracking between La Paz Junction and Milthorough investigation, has estimated that during the coming year the
ford June., stations, &c., about $725,000; yard facilities at
property will show earnings of not loss than $435,000 applicable to interest
3,172,000(?) charges of $135,000 on the new bonds. The reorganization calls for the
Millers, Ind., $750,000; etc
Age Gazette" of April 4 contained an illustrated article Issue of about $7,550,000 1st M. bonds with interest graded for 5 years on
The "Railway
$10,000,000
of 6X pages regarding the 4,000-foot double-track tunnel which the com- the greater portion, $2,000,000 adjustment (income) bonds and Voting truspany has just completed alongside its present single-track bore at Sand capital stock, which is to be held for 5 years in a voting trust. LeRoy W.
tees: Benjamin Strong, V.-Pres. Bankers Trust Co. of N. Y.;
Pa., on the Connelisville division.
Patch, Somerset County,
W.M.
Baldwin, Pres. Empire Trust Co. of N. Y.; Newman Erb, Pres., andof LonFlood Loss.-President Willard is quoted in substance:
Wadden, V.-Pres. Denver & Salt Lake RR. Co.; Dr. F. S.Pearson
I estimate our loss by flood at between $2,500,000 and $3,000,000. The don and N. Y.; Lawrence C. Phipps, and Charles Boettcher of Denver.
-mile extension which
loss to all railroads in Ohio will reach $20,000,000, and they will be lucky
The Denver St Salt Lake interests are building a 42
Lake
It they get off with that much. At Hamilton and Dayton the entire rail- will carry the line nearly one-half the distance from Denver to Salt enter
-V.96, P. 715, 651.
hitherto untapped coal fields of Colorado and
swept away.
road yards were
City, will open up the
now una great ranching and agricultural district 200 miles by 180 miles,
Berkshire (Mass.) Street Ry.-Approved.standard-gauge road. The earnings from the new construcbroken
Tho Mass. RR. Commission has approved the issue of $1,000,000 addi- tion areby any
not included in Mr. Miller's estimate.
the rethe new
tional stock to pay the cost of building the Becket extension, formerly called
Pending final acquisition of the property by depositedcompany, trustee
with the
East Lee extension, to be used in connection with the proceeds from the sale ceivers of the D. N. W. & Pac. Ry. Co. have
certificates in the amount of this note
issued under the order of Jan. 12 1912.-V.95, p. 1939.
of $300,000 stock
under the equipment trust receivers'
for the sale of the property
with like maturities. Final
issue
-Subsidiary Co. Bonds.- -v.. andp. 553. 11,such sale to takedecree after four weeks' advertising.
place
Brooklyn Rapid Transit Co.
was entered111arch
6. e ,
on April 14 on the application
The P. S. Commission will hold a hearing
of the Coney Island & Gravesend Ry. to make a mortgage secured on all
Detroit (Mich.) United Ry.-Municipal Ownership.
of its property and the outstanding stock of the Coney Island & Brooklyn
-V.96, 13. 947, 483.
-year 6% collateral notes thereSee "Detroit' in "State and City" Department.
RR.to be acquired and to the issuance of 10
Under limited to $2,983,000: Compare V. 96, p. 1020, 862.
Ry.-Through Operation.
-Morley
Grand Trunk Pacific
Calumet & South Chicago Ry.-Earnings.-For years: Donaldson, Vice-Pres. and Gen. Mgr., is quoted as saying
Individual Account
Account
-Joint
the first train from Winnipeg to Prince Rupert on the
Bond
Balance, that
Other
Int. on
Net
Gross
Jan. 31
in Sept. 1914.
Capital. Income. Interest. Surplus. Pacific Ocean will leave Winnipeg
Earns.
Year- Earnings.
of the
19i2-13...$1.138,.53 $388,293 $450,373 $23,244
415,707 110,471
309,290
1911-12__ .1,030,916
-V.94,p. 1311,629.
$204,683 $268,034
167,455
358,723
v -.There is a gap of 524 miles between the eastern and western ends
steel. Of this it is expected to build 302 miles this summer, leaving 222
-V. 96, D. 789. 285.
miles to be built next year.
APR. 12 1913.]
THE CHRONICLE
New Debenture Stock Authorized.
The shareholders in London on Apr. 10 and in Montreal on Apr. 11 authorized the further issue of not over s35,000,000 debenture stock, created
by the "Grand Trunk Pacific Act 1913.
New Director.—Howard G. Kelley was elected a director to succeed
F. H. Fitzhugh, who resigned.—V. 96, p. 789, 285.
Grand Trunk Ry. of Canada.—Authorized.—The shareholders in London yesterday authorized the directors to
issue £5,000,000 4% debenture stock as authorized by a recent Act of the Canadian Parliament.—V. 96, P. 789, 716.
Gulf Texas & Western Ry.—Extension Completed.—The
road, which has been operating for some time from Seymour,
Tex., south to Jacksboro, 75 miles, on March 27 put in
operation a 24-mile extension from Jacksboro to Salesville,
on the Weatherford Mineral Wells & Northwestern RR.
Freight service will be operated to Weatherford and passenger service
to Mineral Wells, where connection will be made with trains of the Mineral
Wells RR. and the Texas & Pacific, giving entrance to Dallas and Fort
Worth. With this contract the company now operates 130 miles with
freight trains and 108 miles with passenger trains. The contract for trackage is for a term of years and may be extended by agreement. The company, we are informed, will not construct its own line easterly from Salesvine to Dallas or Fort Worth if the trackage arrangement is found to be
mutually advantageous.—V. 93, p. 44.
Havana Electric Railway Light & Power Co.—Merger.
—The shareholders will vote May 15 on adopting a certain
agreement of merger or consolidation duly entered into with
the directors of the subsidiary Havana Electric Ry. Co.,
dated Mar. 26 1913. (V. 94, p. 767).—V. 95, p. 1472.
Houston & Brazos Valley Ry.—One-Half Interest—
See Missouri Kansas & Teaxs Ry. below.—V.96, p. 1021.
Houston & Texas Central RR.—Merger.—The Texas
Legislature at its recent session authorized the company to
consolidate with the Hearne & Brazos Valley RR., extending
from Nearne to Stone City, Tex., 18.59 miles, with branches,
2.25 miles.—V. 94, p. 121.
Idaho Railway, Light & Power Co.—Plan—Bonds—
New Issue—Properties Owned—Earnings.—
1089
Northern St. Ry. Co. 4% bonds due in 1954 and $163,000
Old Colony St. Ry. Co. 4s of 1954. See V. 96, p. 200.
—V. 96, p. 716, 653.
Mexico Santa Fe & Perry Traction Co.—Sale Ordered.—
Judge James D. Barnett, in the Circuit Court at Mexico, Mo..on April 7
ordered the sale of the property.—V. 96, p. 716.
Mine Hill & Schuylkill Haven RR.—Corp. Tax Decision.
See Items on "Banking, Legislative and Financial News" on a preceding
page.—V. 96, p. 63.
Minneapolis St. Paul & Sault Ste. Marie RR.—Bonds
Authorized.—The Michigan RR. Commissioners have authorized the company to issue $2,703,000 consol. M.4% bonds
to reimburse the treasury for the construction of 135 miles of
new road.—V. 96, p. 487, 203.
Missouri Kansas & Texas Ry.—New Secretary.—Carl
Remington has been appointed Secretary to succeed C. N.
Whitehead, who has been promoted to other duties.
The company's office will be removed on May 1 from 49.
Wall Street to 71 Broadway, where the Chesapeake & Ohio
office is located.
One-Half Interest Acquired.—The company recently purchased a one-half (not the entire) interest in the stock of
the Houston & Brazos Valley Ry. Compare V. 96, p. 1022.
rX. Horace E. Andrews,President of the New York State Railways Co., and F. H. Davis of Hawley & Davis of New York,
have been elected directors to succeed A. A. Allen and A. W.
Smithers, who resigned.—V. 96, p. 1022, 863.
Nevada County Narrow-Gauge RR.—Application to
Issue Bonds.—The directors have decided to apply to the
State RR. Comm. for authority to issue $662,000 bonds tomake the road standard-gauge and provide for the retirement of the $162,000 outstanding bonds. The stockholders will vote on the matter on June 17.
The work will, it is stated, be commenced at once from Colfax to Bear
River, 4 miles.—V. 95, p. 1746.
See Idaho-Oregon Light & Power Co. under 'Industrials" below and
compare V. 94, p. 1626; V. 95, p. 236, 480.'
New York Central & Hudson River RR.—Notes Sold
in London.—The company has sold in London £2,000,000
1-year 5% notes, it is stated, on a 5/8% basis.
Merger Authorized.—The P. S. Commission on April 10
approved the merger of the Rome Watertown ct Ogdensburg
in
,
Sherman W. Tracy is appointed receiver for a smali_portion of the? prop- and five other roads with the N. Y. Central, per plan
erty still in dispute. (See Chicago Utilities Co. In Ry. & Indus. Sec.) V. 96, p. 863. The stockholders will vote on the matter on
1056; V. 93, p. 940.—V. 96, p. 652.
and compare V. 94, p. 911,
April 16.—V. 96, p. 947, 863.
Interborough Rapid Transit Co.—Syndicate Call.—
New York Central Lines.—Certificates Ready.—
J. P. Morgan & Co.as head of the underwriting syndicate
J. P. Morgan & Co. announce that they are prepared to deliver definitive
certificates in exchange for their trust receipts for equipment trust notes
for the $170,000,000'5% 50-year bonds, have sent out a call of 1913.—V. 96, p. 286, 203.
to the syndicate members for 123/2% of the underwriting, OT
New York Westchester &
(Electric)
$21,250,000. The $15,000,000 notes maturing May 1 will Bonds.—The P. S. CommissionBoston granted the Ry.—
have
combe paid on that date.
43%
The $33,018,000 1st M.bonds are subject to call at 105 and interest, and pany's application to issue $6,044,000 additional 1st M.
Under the pur- bonds, making the total issued about $26,143,279.
it is stated, may be called for payment on Nov. 1 next..
of the new bonds during
Illinois Tunnel Co.—Sale Confirmed.—The decree of
Judge Kohlsaat, confirming the sale of the property on
March 26 1912 for $5,000,000, and discharging Charles G.
Dawes and David R.Forgan as receivers, was filed April 4.
chase agreement the bankers will take $78,000.000
the year 1912-13. Compare V. 94, p. 1507.—V. 96, p. 947, 863.
Interstate Railways, Philadelphia.—Proposed Change
in Pref. Stock to Open Way to Dividends on Common Stock.—
Pres. John A. Rigg, in circular of Mar. 28 addressed to the
preferred shareholders, says in substance:
The Interstate Rys. was incorporated in N.J. Dec. 4 1902 and issued
$2,291,050 of capital stock for money, full paid at par. It then acquired
all the capital stock of the United Power & Transportation Co. (holding
the capital stock of a number of street railway and lighting companies in
Penn., N. J. and Del.), and paid for the same by an issue of $10,776,600
4% collateral bonds, agreeing to make advances to the United Power Co.
andits underlying companies, to provide for their fixed charges, betterments, operating expenses and taxes. The underlying companies earned
their charges, and the Interstate Co. applied its [entire] capital to the
betterment or these properties. Then came the depression of 1907-08-09,
interest on its bonds and in the
and the company defaulted in theextremity, other plans having advances
failed, the
it had agreed to make. In this
system of leases was adopted and $1,000,000 pref. stock was authorized and
issued in exchange for coupons of 1910 and 1911 or offered for subscription
was
(V., 91, p. 1385, 1512). The preferred stock and over-subscribed
promptly paid.
and issued, and the dividend of 6% has been earned
Under the leases a fixed income to meet charges is assured, and the gradually increasing rentals would soon provide an income for the common stock
were it not for the stipulation that the principal of the pref. stock must be
paid before any dividend can be declared upon the common stock (V. 91,
outset,
p. 1512). However wise that precaution may have been at thethat the
there is a present general sentiment among the pref. stockholders
upon the common stock would strengthen
payment of a dividend earned
both the pref. stock and the bonds, and would make a ready market for
the 6% pref. stock, at par, so that if a holder desired to convert his stock
into money, he could do so more readily by a sale in the market than by
waiting for gradual payments by installments.
The purpose of this communication, which, though unofficial, is issued
with the approval of the board, is to get the sense of the holders of pref.
stock as to the advisability of a new issue without the installment payment
clause in exchange for the present certificates, the effect of which would
be to make the pref. stock permanent.
Lease of Reading Properties.—See last week's "Chronicle,"
Eastern Power & Light Co. (p. 1020) and Reading Transit
& Light Co. (p. 1022).—V. 91, p. 1446, 1385.
Kansas City Mexico & Orient Ry.—Extension Opened.—
Train service was begun on April 10 on the extension from
Fort Stockton to Alpine, Tex.,63 miles, at a connection with
the Southern Pacific (V. 94, p. 1566).--V. 96, p. 716, 653.
Lake Shore & Michigan Southern Ry.—Proposed Lease.
—The shareholders will vote May 7 on taking a lease of the
Lake Erie Alliance & Wheeling RR. Co. for the term of its
corporate existence and any extensions or renewals thereof.
—V. 96, p. 795, 785.
Lancaster & Chester Ry.—Increase of Stock.—The company has applied for authority to increase the stock from
$50,000 to $500,000.—V. 73, p. 391.
Long Island RR.—New Directors.—
The proceeds are to be used for construction of main line double track
from New Rochelle to Port Chester, for completion of White Plains branch
.Y
and for cancellation of loans from the N Y. N. H.k H. RR. Co.for capital
purposes; $1,290,000 of the bonds are to be sold at not less than par,and
the balance at not less than 92. Compare V. 95, p. 1208. 1746; V. 96, p.
420, 1022.
Northern Central Ry.—Favorable Decision.—The Maryland Court of Appeals on Apr. 11 reversed the decision of
Judge Harlan in the Circuit Court of Baltimore in Sept., last
in suit brought by J. Livingston Minis and other minority
stockholders, who set aside the sale of 5,000 shares of the
capital stock of the Union RR. to the Philadelphia Wilmington & Baltimore RR. (the predecessor of the Phila. Balt. &
Washington RR., compare V. 95, p. 680, by Northern Central Ry. in Feb. 1894.—V. 96, p. 572, 550, 63.
Oklahoma Central Ry.—Sale Ordered.—The U. S. District Court has ordered sale of the road Oct.9 at Purcel.Okla.
Plan.—The bondholders' protective committee (F. J. Lie..
man, Chairman) will promulgate a plan of reorganization
within a few weeks.—V. 95, p. 818.
-10% New Stock Offered to SharePennsylvania RR.
holders at Par.—The directors on Wednesday (Apr. 9) authorized an increase of 10%(say $45,400,000)in the aggregate
amount of capital stock which shall be issued and outstanding at the close of business May 5. Shareholders of record
May5 will have the right to subscribe for the same pro rata
at par ($50 a share) on the company's warrants (to be distributed about May 15) at the office of Treasurer James F.
Fahnestock, Broad St. Station, Phila. until and including
May 31. Payments may be made either (a) in full on May
311913, or (b)30% May 31,30% Aug. 30 and 40%Nov.29.
The proceeds will be used "to provide the necessary capital for substantial additions, betterments and improvements
to and in the company's railroads, equipment, property and
facilities, and the funds necessary to meet maturing obligations and for other corporate purposes." As to its requirements for refunding, the company in its annual report for
1912, which was published in the "Chronicle" of March 18
(page 721), said: 'It will be shortly be necessary to provide
capital for the $10,222,500 of 10-yr. gold convertible 332%
bonds which matured Nov. 1 1912, and for $9,735,000 of
collateral trust loan 432% bonds due June 11913, together
with maturing equipment trust obligations."
Circular of April 9 further shows:
When the first installment only is paid, assignable receipts will be issued,
which must be surrendered to the Treasurer upon payment of the second
Percival Roberts Jr. and A. J. County, Asst. to Pres. Rea of the Pennsyl- installment. When the second installment is paid, assignable receipts will
vania RR., have been elected directors; to succeed James McCrea and Chas. be issued, covering both first and second installments, which must be surE. Pugh, both deceased.—V. 96, p. 939, 790.
rendered to the Treasurer upon payment of the third installment.
When payment in full is made, or when payment of the third installment
Louisville & Nashville RR.—Decision.—
made, stock certificates for the whole shares will be mailed to the stockSee Western Union Tel. Co.under "Industrials" below.—V. 96,p. 1022. is
holders by registered mail.
Massachusetts Electric Companies.—Bonds.—The comFull-paid stock receipts for fractions of shares will not carry any dividen!
has sold to Wm. A. Read & Co. $266,000 Boston & or interest,but they may be converted into whole shares on or before Jan.31
pany
•
1090
THE CHRONICLE
[VOL. xcvi.
1914; after that date they will be redeemed in cash at the rate of $50 per
share without interest. Fractional receipts will pass by delivery. Fractions will not be sold or purchased by the company. Checks or drafts
should be drawn in favor of "The Pennsylvania RR. Co.'
Upon payment of the third installment there will be issued a check for
Interest at the rate of 6% per annum on the first installment from May 30
1913 and on the second installment from Aug. 30 1913, both to Nov. 29
1913, which will amount to $0.68 per share.
and $428,574 for depreciation reserve leaving $677,082. Dividends on
the common stock which were paid during the year (3%) call for $463,050.
As these were not specifically declared out of 1912 earnings, they were
charged to profit and loss account.
$72,000 and $54,000 had previously been awarded. In the case of the
Smithfield St. bridge the company within the last year made a contract
to pay the city $32,000 annually for the use of the structure during the next
50 years. It is held that the city has no right to charge the company toll
for the use of the bridge any more than for the use of the streets; that the
only thing it can charge is a license fee, based upon the cost of, maintenance
and the wear and tear by the company's cars.
-V.94, 13. 209.
The decision is said to affect $1,500,000 of paving. An appeal will be
taken to the Court of Appeals. The company admits its liability to repair
the space between the tracks and on either side, but contends that it is not
liable for repaving when necessary.
A director says: "The company's counsel has little doubt of winning the
case before the Court of Appeals. It was a friendly suit, argued with the
idea of getting it before the April term of the Court of Appeals. The
lower Court did not attempt to go into the matter very deeply. The language of the Act is very doubtful,and,although passed in 1906, had not been
interpreted until recently as imposing any special liability upon the company. -V. 95, p. 1124.
Conversion.
-Over $1,000,000 of the convertible notes
were, it is stated, exchanged for common stock on April 10,
New Director.
-Joseph Wood Sr., Vice-Pres. of the Western leaving only about $1,700,000 of the notes outstanding.
The noteholders had until
in
lines, has been elected a director to succeed James McCrea, to make the exchange to getthe close of banking hours on April 11thewhich
the benefit of both the dividend on
stock
and the accrued Interest on the notes. It is expected that when the time
deceased.
-V. 96, p. 1022, 948.
for the conversion expires, on Jan. 14 1914, there will not be .many of
Phila. Bait. & Washington RR.
-Favorable Decision.
- the notes left outstanding..
See Northern Central Ry. above.
-V.06, p 858, 791.
Decision.
-Judge Bond in the City Court at Baltimore has
Pittsburgh Railways.
-Favorable Decision.
decided that the company must pay the cost of repaving the
The Pennsylvania Supreme Court on Mar. 31 hold that the city cannot
collect tolls for the use of the Point and Smithfield Street bridges, for which streets between the car tracks and 2 feet on either side.
Puget Sound Traction, Light & Power Co.
-Earnings.
-For the 12 months ending Dec. 311912:
Interest
Calendar
Sinking Dividends Balance,
Gross
Net (after
Year- Earnings.
Paid.
Funds.
Taxes).
Paid.
Surplus.
1912____38,313,848 $3,541,549 $1,752,375 $223,875 $1,277,787 $287,512
The dividends paid include those on the Puget Sound Co. corn. and pref.
stock and also those on the stocks of the constituent companies prior to
consolidation.
-V. 96, p. 791.
-Modification Allowed.
Reading Co.
-The U.S. Supreme
Court on April 7 granted a modification of the decree rendered on Dec. 16 last (V. 95, p. 1684, 1654) so as to except
from the condemnation of the Court some of the so-called
65% coal contracts made with companies not independent.
Compare V. 96, p. 286.
The Supreme Court orders"that the mandate hese modified as to exclude
from the direction to cancel the 65% contracts referred to in the pleadings
the contracts mentioned in the four petitions, that of the Elk Hill Coal &
Iron Co., the N. Y. Susquehanna & Western Coal Co.,the Hillside Coal &
Iron Co. and the Delaware Lackawanna & Western RR. Co., and that the
cause, so far as it concerns contracts of the said petitioners, be remanded
to the District Court with direction to hear and determine the merits as
presents('
said petitions and make such decree as law and justice requires. -V. 96. D. 554. 286.
West Jersey & Seashore RR.
-Proposed Lease.
-The
shareholders will vote April 30 on a proposition made by the
Pennsylvania RR. Co. to take a lease of the property for
999 years from July 1.1913 at an arin'l rental sufficient to pay:
(a) Interest on all bonds of the West Jersey & Seashore or/ other indebtedness; (b) dividends at 6% per annum on the outstanding common stock.
1 % to be paid July 1 1913 and semi-annually thereafter at the rate of6%
(c) dividends at 6% per annum on the special guaranteed stock; (d)(HAI
dends upon capital stock which may be issued under the terms of the lease;
(e) interest or dividends upon outstanding stock of the constituent companies under agreement of consolidation of Feb. 28 1896; (f) expenses of
maintaining the corporate organization of the company.
The lessee also assumes the payment of State and Federal taxes which
may be levied Against the property, franchises, earnings or income, and
covenants to keep the leased property in good condition.
-V.96, p.1014,948.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Adirondack Elec. Power Corp.
-Month & Cal. Year.
-
Period
Oper. Tares ct
Gross
.
Net
Int. (C:. Balance,
CoveredEarnings. Expen. Uncol.Bills Earns. Oth.Deduc. Slap.
Dec.(month)__- $110,356 $66,841 $7,565 $35,950 $21,222 $14,728
Calendar
Net
Gross
Fixed
Pf.Divs. Com.Divs. Balance, Year 1912
1,060,501 619,157 47,926 393,418 255,336 138,082
Year- Earnings. Earnings. Charges. (5%).
Surplus. -V. 95, p. 112.
(2%).
1912
$1,179,839 $566,345 $291,588 $78,000 $70,000 $418,345
Allis-Chalmers Co.
-Foreclosure Sale.
1911
1,099,285
38,350
470,134
78,000
70,000
283,784
The Chicago property was sold at auction on April 8 for $1,000,000 to
-V.96, p. 361. 136.
J. H. McOlement of N. Y., representing the reorganization committee.
St. Louis Southwestern Ry.-Merger.-The Texas V. 96, p. 948, 864.
St. Joseph Ry., Lt., Ht. & Power.
-Earnings.
-
Legislature at its recent session authorized the consolidation
of the Stephenville North & South Texas By. with the St.
Louis Southwestern Ry. of Texas.
American Gas & El. Co., N. Y. City.
-Acquisitions.
-
The company has acquired the People's Electric Lt. & Power Co. of
Shawnee, 0., the Perry El. Co. of Crooksvillo, 0., and the New Lexington
The outstanding stock of the Stephenville road ($138,000) is all owned by (Ohio) El. Lt. & Power Co. The electric light and power companies of
the St. Louis Southwestern By. and pledged under its first terminal and Mount Vernon, Newark. Lancaster and Logan, Ohio, were already conunifying mortgage. Bonds under the latter issue are reserved to retire trolled and a power plant is being erected in Newark to supply electricity
-V.96, p. 792. 555..
the $2,423,000 outstanding Stephenville Co. bonds and any additional bonds to all these cities and intermediate points.
of that company to be issued up to $10,000,000. The bonds are underlying
-New Director.
Associated Oil Co.
bonds of the St. Louis Southwestern Ry., which has guaranteed them,
E. B. Henderson has been elected to succeed W.S. Porter.
-V.96, p. 948.
principal and interest.
Income Interest Payment.
-The directors have declared the
payment of the usual semi-annual interest of 2% on the 2d
M. income 4% gold bond certificates, payable July 1.
-V. 95, p. 1474.
Seattle Renton & Southern Ry.-Sale Ordered.
-
-Foreclosure Suit.
Atlanta (Ga.) Teleg. & Teleph. Co.
The Fidelity Trust Co. of Rochester, N. Y., trustee for the bondholders,
brought suit in the Federal Court at Atlanta on April 1 to foreclose the
$2,000,000 mortgage of 1908. under which $1,000,000 bonds have been
Issued, including $81,000 reserved to retire underlying bonds. The suit is
based on failure to meet three sinking fund installments, aggregating about
$70,000. The case will be heard April 26.-V. 94, p. 633.
Baldwin Locomotive Works.
Under the decision of Judge Kaufman referred to last week (page 1022).
-New Director.
the receivers, Joseph Parkin and Scott Calhoun,are ordered to sell the road
S. R. Pryor has been elected a director to succeed J. Byard who resigned.
and distribute the proceeds among the creditors. The Court expressed -V.96. p. 648.
doubt whether if the alleged conspiracy had been proved any one would have
Buffalo (N. Y.) Gas Co.
-Overdue Coupons Paid.
been shown to be damaged, saying further: "It may be that the property
The interest due Oct. 1 1912 and April 1 1913 on the $5,805,000 5%
Is worth more than the debts, but I am led to believe that the debts of $1,400,000 will equal or exceed the physical assets, franchises and future pros- bonds, of 1947, is being paid by the company at Guaranty Trust Co..
New York. Payments began April 1. Compare V. 95, p. 892.
-V.96, p. 1022, 791.
pects of the company,leaving the stock valueless."
-Equip. Trust Certificates.
Southern Pacific Co.
-The
company has applied to the California RR. Comm. for authority to issue $10,120,000 of 43/2% equipment trust certificates, maturing $1,012,000 annually to and including Mar. 1
1923, under an agreement with the Commercial Trust Co.
of Philadelphia, as trustee.
la The proceeds are to be used to purchase additional equipment as follows:
Box cars, 3,181, 961 gondolas, 700 work cars, 850 stock cars, 400 automobile box cars, 240 flat cars, 200 tank cars, 45 cabooses, 5 gasoline motor
cars,84 electric passenger cars, 25 separate locomotive tenders and 114 locomotives, and 90 passenger motor cars at a ccst of $11,249,000, of which
10% is to be paid in cash and the remainder by the certificates.
-Charles W. Harkness and L. F. Loree
New Directors.
(Pres. of Delaware & Hudson Co.), both of New York, have
been elected directors to succeed C. H. Kelsey and George B.
Leighton.
Charles W. Harkness has been elected a member of the executive committee to succeed William Rockefeller, who resigned.
-V.96, p. 948,864.
Stephenville North & South Texas Ry.-Merger, &c.
-V.94, p. 623.
See St. Louis Southwestern By. above.
-New Trustee.
Tampa Northern RR.
-The Continental
Trust Co. of Baltimore has succeeded the Title Guarantee &
Trust Co. of Atlanta as trustee under the $5,000,000 1st M.
of 1906.-V. 95, p. 892.
-Merger.
Texas7&iNew Orleans RR.
-The Texas Legislature at its.recent session, it is reported, authorized the com.Browndel & Chester
pany to consolidate with the Burrs Ferry
RR., 11 miles4which was recently acquired by the Southern
Pacific4Co. (V. 95, p. 618).-V. 90, p. 168.
United/Railways & Electric Co. of Baltimore.
-Dividend Increased.
-A semi-annual dividend of $1 per share
(2%) has been declared on the $15,870,000 common stock,
payable April 15 to holders of record Apr. 11, comparing
with 13/2% in Nov. and May 1912, the initial payment.
Earnings for Year Ending Dec. 311912:
Net.
°thine. Chgs.,&c. Extraord.Bal., Surp
Gross.
Year- I
38,571,489 $4,702,613 $5,515 $3,004,415 $38,056 $1,665,657
1912
2,640 2,919,686 450,944
8,025,758 4,344.665
976,675
1911
From the surplus as above in 1912, $1,665,657, there were deducted Income bond interest and pref. dividends of 4% each, amounting to $560,000,
Bush Terminal Co., New York.
-Earnings.
-
Calendar
Net
Gross
Other Int. & pf. Div. Com.Div.
Year- Earnings. Earns. Income. Taxes. (6k) (4%). Balance.
.
$
$
1.166,822 804,225 200,516 682,540 133,000 200,000 def.10,800
1912
1911
1,213,982 849,588 170,723 688,754 81,667 200,000 sur.49,890
-V. 96, D. 865.
-See "Reports."
Calumet & Hecla Mining Co.
-The estimated copper output of the company
Output.
and•its subsidiaries for March and the three months ending
March 31, stated in pounds, were:
Calumet & Hecla
Osceola
Ahmeok
Tamarack
Isle Royale
Other subsidiaries
Total
-V.96, p. 1023. 556.
- 3 Mos.end. Mar.31March
1913.
1912.
1913.
1912.
6.350,109 14,920,194 18,511,747
5,030,697
1,522,085
1,374,200
4,211,475
4,343,325
1,465,250
1,220,320
3,555,925
3,878,430
592,770
758.170
1,788,420
2,136,205
567,852
643,155
1,736,398
1,916.894
1,086.665
1,073,874
2,626,039
3,016,338
9,872,504
11,812,643
29,228,750 33,412,640
Cambria Steel Co.
-Redemption of Notes.-
Effingham B. Morris, Chairman of the Executive Committee, announces
that the company will call for payment at par on May 1 the entire issue of
$2,000,000 5% notes sold in 1911 and also $800,000 notes of Manufacturers'
Water Co.notes guar. by the Cambria Steel Co. Formal notices of redemption will be sent out April 15. Payment will be made from surplus in
the treasury.
-V. 96. D. 861.
-Earnings.
Canadian Consolidated Rubber Co.
The combined net profits of the company and its subsidiary companies
for 1912 amounted to $832,847 (against $415,310 in 1911); bond int., int.
on borrowed money, prepayment allowances to customers, divs. on pref.
and common stocks and dividends to minority shareholders amounted to
$813,844 (against $405,842 in 1911); balance, surplus, $19.003, against
$9,468.-V. 94, p. 1312.
-Sale-Successor.
Central Colorado Power Co.
-
A press dispatch from Boulder, Colo., on April 1 announced that the
property had been bid in at receiver's sale for the bondholders' committee
at $2,500,000. The Colorado Power Co. has been incorporated in Colorado
as the successor company in accordance with the plan, with $15,000,000 of
authorized common stock and $5,000,000 preferred.
-See V. 96, p. 205,
656; V. 95, p. 1544, 1606, 1610.
Central District & Printing Telegraph Co., Pitts-This subsidiary of the Am.Teleburgh, Pa.
-New Name.
phone & Telegraph Co. on April 2 changed its name to "The
Central District Telephone Co."
-V. 91, p. 40.
THE CHRONICLE
APR. 12 1913.]
-For periods:
-Earnings.
Central Foundry Co.
.1k.
C. F. Co. C. F. Co. Cent. Rad. Co. Cent.' C. Combined
Period
Profits.
Deficit.
Gross Inc. Net(aft.Chgs.) Profits.
CoveredYear 1912_ _ _ _$3,010,459 $188,424 sur.320,199 def.$34,297 $174,326
Apr.22 1911 to
64,344
(7)
?)
(
Dec.31 1911 1,867,920 124,889
-V.94, p. 1182.
-Sale.
Central N. Y. Gas & Electric Co.
-V.94, P. 1251.
See Empire Gas & Electric Co. below.
Consolidated Gas, Electric Light & Power Co., Baltimore.
-The meeting of stockholders to vote on the new
debenture stock has been adjourned from April 8 to April 25
to allow further time to work out the necessary legal details.
A supplemental circular has been issued showing that the
stockholders will be asked to approve a more comprehensive
.financial plan than at first proposed.
-Earnings.
Co.
Central & South American Telegraph Balance, Total
Net Mexican Divs.
Total
Calendar
Income. Income. Gov't. (6%).
Year.
$574,260
$1,616,224 $988.152
1912
1,646,931 950,001 $1,296 574,260
1911
-V.96, P. 949.
1091
Surplus.
Surplus.
$413,892 $3,021,811
374,445 2,607,919
-Henry
-Stock Recommended.
Cities Service Co., N. Y.
L. Doherty & Co. wish it understood that in the circular
cited by us last week they were recommending the stock of
-V.96, p. 1023.
the company, not offering a new lot.
-Payment of Notes.
Cleveland Cliffs Iron Co.
The indenture. it is proposed,shall provide that debenture stock or bonds
or both may be issued which shall be convertible into or exchangeable for
common stock at such time and in such manner as may be fixed by the in'
denture. The stockholders will also be asked to authorize an additional
issue of $5,139,946 common stock which, with the authorization last January, will increase the authorized common stock to $20,000,000.-V. 96,
. 949, 718.
-Re-incorporation.
Continental Oil Co., Denver.
The stockholders of the company, Incorporated in Iowa, and having
$300,000 outstanding stock, will vote on May 8 on dissolving the same and
selling the assets to a new company of the same name, which was recently
organized in Colorado with $3,000,000 stock. Stockholders of the Iowa
co. of record April 7 will receive ten shares of Colorado co.for each share of
their stock. The plan therefore virtually calls for a 900% stock dividend.
The company has called for payment at 101 and int., on May 1, the throe -V. 96, p. 492.
series of $500,000 each of 6% collateral trust gold notes due Nov.1 1913
Derby (Conn.) Gas Co.
-Increase of Stock.
and May 1 and Nov.1 1914. This leaves outstanding only the two series
The company has applied to the State Legislature for permission to inof the same amount maturing May 1 and Nov. 1 1915.-V. 95, 1:.• 51.
crease its capital stock from $1,000,000 to $2,000,000.-V. 91, p. 1632.
-An initial
Cluett, Peabody & Co.
-First pref. Dividend.
Detroit
-The New York Stock Ex-Listed.
dividend of 13 % was paid on April 1 on the $8,000,000 7% change hasEdison Co.to
4
authorized
be listed the $3,150,000 stock re-V. 96, p. 491.
cumulative preferred stock.
cently offered to stockholders at par (V. 96, p. 289, 205) on
-Reorganized Company.
Colorado Power Co.
notice of issuance and payment in full, making the total
Soo Central Colorado Power Co. above.
thorized to be listed $13,650,000.
(The) Connecticut Power Co. (of Connecticut), BosOf the $3,150,000 stock, $3,074,400 has been subscribed for, of which
-Securities $2,580,500 has been paid in full and 505w paid upon the balance. The stock
ton., Operating in New London, &c., Conn.
not subscribed for will be disposed of by the directors as they may deem
Offered.-Stone & Webster, N. Y., Boston and Chicago, are advisable. The proceeds of the subscriptions heretofore received have been
applied to
offering for sale the unsold portions of the present issues of tion of thethe discharge of $2.046,264 floating debt incurred in the construeDelray power stations, and of extensions of the distributing sys$1,100,000 "first and consol. mtge." 5% gold bonds, due tem, and the remaining $1.103.736 will be applied to the cost of further
-V.96, p. 492. 364.
1963, and $1,250,000 6% cum. pref. stock, the bonds at construction.
-Dividends
Eastern Steel Co., N. Y. and Pottsville, Pa.
96 and int. to yield about 534%,and the pref. stock,at 923/2,
'
to yield about 63/2%. See adv. on another page.
-An initial dividend of 1%% has been declared on
Begun.
Bonds dated April 1 1913 and due April 11963, but callable as a whole, or the $2,000,000 7% cum. first pref. stock, payable April 30
in part for the sinking fund, at 107A and int. on any int. date. Sinking
fund 1% per annum of bonds outstanding, first payment April 1 1916. to holders of record April 15.
Int. A. & O. at Old Colony Trust Co., Boston, trustee. Par c*$1,000 and
-For calendar years 1912 and 1911:
Earnings, &c.
$500; r* 35,000 or multiples.
-M.
The $1,250,000 6% cum. pref. (p. & d.) stock is entitled to divs. Q.
and is redeemable at 115 and accumulated divs.
-Authoritative Data.
The Connecticut Pow. Co.(Connecticut Corp.)
This co., through consolidation with the New London Gas & Elec. Co.
(gas plant capacity 600,000 cu. ft. daily, elec. gon. plant 2,280 k. w.) and
the Middletown Elec. Light Co.(now steam turbine plane, capacity 2,250
k. w.), does the entire gas, electric lighting and commercial power business
in Now London, Conn.,serving a population of about 22.500, and the entire
electric lighting and commercial power business in Middletown, Middlefield, Durham, Portland and Cromwell, Conn.,population about 28,400.
Also owns lands and rights for flowage on the Housatonic River at Great
Falls, Falls Village, Conn., for the development of approximately 16,000
h. p. The initial development of about 12,000 h. p. is already under way
and should be ready for operation early in 1914. It is expected that the
Village.
entire output of this plant will be sold within 40 miles of Falls made to
-year contracts for about half the output have been
Already 30
the electric light and power companies serving Torrington, Bristol,
supply
Plainville and Terryville.
Through the acquisition of the Berkshire Power Co. (by purchase of its
now hydro-electric plant of 450k. w.capacity and steam relay of 300k. w.),
also the Sharon Elec. Light Co. and Norfolk Elec. Light Co., does the
entire electric lighting and commercial power business in North Canaan,
Norfolk, Sharon and Salisbury, power being developed on the Housatonic
-year lease operates the Thomaston
River above Falls Village. Under a 999
Elec. Light Co., which serves Thomaston and vicinity.
Total population served about 67,000, and, when the initial water-power
development at Falls Village is completed, will approximate 105,000.
Capitalization Issued or Presently to Be Issued.
$1,250,000
Preferred stock, 6% cumulative, in $100 shares
1,000.000
Common stock, in $100 shares
First and cousol. 5% gold bonds, due 1963 (of which $200,000
1,300,000
face value will be treasury bonds)
Power Co. 1st 5s, duo 1956 (closed mortgage,
(The) Connecticut
517,000
V. 95, p. 1042)
(The) New London Gas & Elec. Co. 5s, due 1927, 1929 and 1933
728,000
(closed mortgage, V. 78, p. 232)
100,000
(The) Berkshire Power Co. 5s, duo 1934 (closed mortgage)._ _ _
Note -The amount of capital stock which the company has authority to
additional stock may be auth. only by vote of stockissue is unlimited, but
holders and as much shall be pref. stock as stockholders may determine.
The amount of "first and consol." bonds authorized under the mortgage
is not limited, but in addition to the bonds presently to be issued, as above
stated, and bonds to be issued in exchange for like amounts of underlying
bonds,further bonds can be issued (a) only when net earnings are 1% times
all interest charges, including the bonds then to be issued; (b) for only 75%
of the actual cost or value of permanent additions, alterations, improvements or extensions, or of the actual cost or value of securities of other operating companies deposited with the trustee (which shall always include a
voting control), or of permanent additions, alterations, improvements or
extensions to the properties of such companies, evidenced by their stocks,
bonds or notes, all of such bonds or notes and a share of such stocks proportionate to the share previously held to be deposited with the trustee.
Combined Earnings of New London Gas & Elec. Co., Middletown Elec. Light
Co. and Berkshire Power Co. and Its Subsidiaries (1913 Estimated).
1908.
1909.
1912. 1913 Est.
1910.
1911.
Gross ----$289,686 $300,455 $330,185 $348,846 $370,973 $400,000
126,498
129,031
180,000
Net
165,783
150,344
153,193
Combined Results for Calendar Years-1913 and 1914 Estimated.
1914 after completion of Falls Village plant).
(1913 before and
1913 Est. 1914 Est.
1912.
$370,973 $400,000 $584,000
Gross earnings
180,000
299,000
Net earnings, after oper. expenses and taxes 165,783
z67,25() z67,250
122,000
Interest on bonds
98,533
112,750
177,000
Balance _ __
Dividends on -% --------- stock require.. _ _75,000
z This is interest on the underlying bonds still out. Interest on the
$1,100,000 First and Consol. bonds now offered will be charged to 'interest
during construction" until completion of Falls Village development.
-At Falls Village
New Development to Be Completed Early in 1914.
there are double falls on the Housatonic River known as Great Falls and
Little Falls, with a head of about 90 ft., which can be economically developed. By utilizing the pool above Little Falls, which the company controls under a 999
-year lease, and the pondage formerly owned by the
Berkshire Power Co., the stream flow can be advantageously regulated.
Above Little Falls the pondage is about 4) miles in length, and above the
Berkshire Power Co. over 10 miles; the company thus owns or controls a
pondage above its development at Great Falls of about 15 miles. A
modern concrete and steel power station will be erected below the foot of
Great Falls, containing at first three generating units of 3,000 lc. w. each,
or a total of about 12,000 electrical h. p., and ultimately 16,000 electrical
h. p., the station being designed to permit of this. The first steel tower
transmission lino will be built to Torrington, Thomaston and Bristol, a
total of about 40 miles, substantially all on private right of way.
Franchises -Dots business in the various cities and towns under authority of special charter, the terms of which are favorable and not limited in
time, all Connecticut public service companies doing business through State
charters and not through franchises from the local authorities. See also
V. 96, p. 1024.
Bond Int. Bal.,Sur. To Res. To Surp.
Net.
Gross.
(7)
(7)
$9,155,858 $465,733 $121,158 $344,575
1912
446,445
120,686
325,759 $67,355 $258.404
3,847,598
1911
The remarkable increase in gross for 1912 is due to the acquisitiion of the
Warwick Iron & Steel Co. The gross earnings for 1912 include: Sales of
structural shapes,$4,276.152; of fabricated materials, $556,778; of pigiron,
$4,299,524; other income, $23,405; total, $9,155,859.
Balance Sheets Dec. 31.
1912.
1911.
1912.
1911.
Liabiliaes$
Assets
8,695,270 8,564,990 Stock (see below). 5,850,000 5,850,000
Plant
1st 5s ($300,000 In
Current assets
treasury)
2,715,000 2,789,000
Cash, accounts,
883,808 Accts. & bills pay.. 1,793,428
556,146
&c., receiv_ _ _ 1,568,979
-bond int. 50,313
Reserves
50.604
Inventories
434,037
301,134
Mfg.& deprec
693,275
Metals & supp_ 4,515,848
969,439
374,250 Profit & loss,surp_ 1,251,569
Treas. bds. & stk. 314,250
12,094,347 10,516.322
Total
Total
12,094,347 10,516,323
On Dec. 31 1912 the auth. stock issues were: Common, $4,700,000; first
pref., $4,500,000; 2d pref. 7% cum., $200,000. Outstanding: Common,
$3,650,000; 1st pref. $2,000,000; 2d pref., 200,000. First mtge. bonds
auth., $3,000,000; mitstanding Dec. 31 1912, $2,415,000; held in treasury,
$300,000; retired by sinking fund, $285,000.
-A. E. Fitkin & Co., N. Y., &c., offered some
Bonds.
time ago at a price to yield a little over 6%, a block of the
$3,000,000 1st M. 5s of 1906, due Aug. 1 1931. See also
V. 94, p. 120.
-Acquisition.
Empire Gas & Electric Co.
The company has acquired, subject to the approval of the P. S. Commission, the entire capital stock of the Central New York Gas & Electric
-V.92, p. 1035.
Co.
--Earnings.
Fifth Avenue Coach Co., New York.
See New York Transportation Co. below.
-Sale.
Federal Gas Co., Titusville, Pa.
The company's property will be offered for sale at public auction today to satisfy a lien of $176,558, with interest from Feb. 24 1913.
(B. F.) Goodrich Co.
-New Director.
D. M. Goodrich has been elected a director to succeed W. B. Miller,
who resigned.
-V. 96, p. 793, 649.
-100% Cash
Gulf Oil Corporation, Pittsburgh, Pa.
Dividend-Applicable toward Subscriptionfor 200% ($22,416,at Par.
400) New Stock
At a meeting of the stockholders Mar. 20 1913 the authorized capital
stock was increased from *15.000,000 to $60,000,000, and it appearing that
the present outstanding stock consisted of 112,082 shares, the directors were
authorized to issue and sell at par 224,164 additional shares, and for these
new shares each stockholder was given the right to subscribe to the extent
of two shares of new stock for each share owned.
At the same meeting the stockholders requested the directors to declare
a dividend of 100% on the present stock. This dividend is payable in cash
April 15 1913, and the stockholders have a right to apply the cash dividend
In part payment of their stock subscriptions under the authorized increased
capital stock.
-An official circular is quoted as saying:
Balance Sheet.
The consolidated balance sheet of the corporation and its subsidiaries
as of Dec. 31 1912 shows (including all inter-company items) a total indebtedness of $14,922,388. Against this, however, the balarce sheet shows
bills and accounts receivable of $2,876,851, leaving a net indebtedness of
$12,045,537. The balance sheet also shows that after deducting all such
liabilities and allowing liberal depreciation, the net value of assets was $23,120,014. This would represent the value applicable to the present $11,208,-V. 96. p. 865. 718.
200 of issued stock.
-Listed in Montreal.
Hillcrest Collieries, Ltd.
The Montreal Stock Exchange has listed $705,700 pref. stock and
$1,000,000 corn. stock and $325,000 5% bonds.
-V.96, p. 1024.
-Bonds Called.
Hot Springs (Ark.) Water Co.
All of the outstanding ($454,000) 5% serial gold bonds dated June 1 1909
have been called for payment on June 1 at 105 and int. at Union Trust Co.,
-V.89, p. 106.
St. Louis.
-The plan of
-Plan.
Idaho-Oregon Light & Power Co.
readjustment and of merger with the Idaho Ry., Lt. & Power
Co., under which the holders of "first and refunding" mortgage bonds of the Idaho-Oregon Lt. & P. Co. are asked to
deposit their holdings with the depositaries mentioned last
week, is outlined by the committee representing said bonds
in a circular dated March 26 1913, substantially as follows:
1092
THE CHRONICLE
[VOL. xcvi.
Bonds, &c., of Idaho-Oregon Light & Power Co.
Advance to Depositing Bondholders of Amount of April 1 Coupons.
For its general corporate purposes and to construct the works at the Ox
The committee will, upon the security of the bonds received advance
Bow on the Snake River, the Idaho-Oregon Lt. & P. Co. authorized an depositing bondholders the amount of their coupons maturing April to
1.
issue of $7,000,000 of • first and refund
bonds, under which bonds Depositors will not be called upon to bear any part of the expense of carryhave been issued substantially as follows: For properties purchased and ing out said plan.
for improving them, $500,000; for development of the Ox Bow,$1,974,000:
[Committee: Charles E. Bockus, Old Colony Trust Co., Boston; L.
for equipment, extensions and betterments, $738,000; total, $3,212,000. Franklin, Guaranty Tr. Co., N. Y.; Samuel L. Fuller, Kissel, KinnicuttB.
&
[See V. 84. p. 1490; V. 88, p. 120, and compare V. 93, p. 533.1
Co., New York; William Mainland, Wm. & S. Mainland, Oshkosh, Wis.:
As the cost of that work proved to be far greater than the first estimates, Homer W. McCoy, McCoy & Co., Chicago; Daniel E. Pomeroy, Bankers
the Oregon Co. has, in addition to the proceeds of said $1,974,000 bonds, Trust Co., and Stacy C. Richmond, Winslow, Lanier & Co., N. Y. Secreexpended thereon considerable sums from earnings and the proceeds of tary, N.D. Putnam Jr., care Guaranty Trust Co., 30 Nassau St., N. Y.
approximately $800,000 of junior securities. While interest has heretofore City.] See also V. 96. p. 1024.
been paid on all of these bonds [I. e., prior to April 1 1913, on which date
Ingersoll-Rand Co.
default occurred on the coupons of the first and. ref. 5s
-Report.
-See "Annual Reports."
-Ed.], no income
whatsoever has been received from the Ox Bow investment and none can
25% Stock Dividend.
-A stock dividend of 25% has been
be obtained without large additional expenditures. To keep pace with the
demand for power the company has found it necessary during the past year declared on the $6,775,525 common stock, payable May 1 to
to make large expenditures for the extension of its transmission lines, the holders of record Apr. 21., being the same rate as that paid
construction of additional transforming stations and placing under ground
Its wires in the city of Boise. The greater part of these expenditures were in Oct. 1911. The new dividend calls for $1,693,881 stock
of such nature that they could not proportionately increase its earnings.
and will increase the amount outstanding to $8,469,406.
The regular yearly dividend of 5% has also been declared on the common
Earnings of Idaho-Oregon Light & Power Co.
Accordingly, while gross earnings increased, operating expenses, taxes stock, payable Apr. 30 to holders of record Apr. 15, being the same rate as
and interest charges also increased to such an extent that the operations disbursed in the three preceding years.
-V.96, p. 139.
for 1912 show a deficit of more than $48,000 (compare V. 93, p. 533).
-Quarterly Statement.
Lackawanna Steel Co.
-The comAdditional capital also must be provided at once for further ext. & better'ts.
The earnings for 1912 were made under non-competitive conditions which bined earnings of the company and subsidiaries for the three
admitted of the sale of power at satisfactory rates. The present situation months ending March 31 were:
is, however, further complicated by the fact that since Jan. 1 an active
competitor has completed its transmission lines into Boise and has cut Three
Int. on Bds. Sk. Fd. and DepreciaTotal
Bal., Surp.
Income.
and Notes. Exhaustion. lion, &c.
rates on power for all purposes. These rates the company has been com- Mos.
or Deficit.
pelled to meet, and so severe is the reduction that it is estimated that, at 1913 --$1,603,545
$437.479
$107,668
$315,878
sur.$742,520
the rates now in force, net earnings for 1913 will be reduced about 40%, 1912__
89.500
312,403
437,495
236,180
def. 450,772
which, upon the basis of present interest charges, will result in a deficit 1911 __
437,500
54,410
789,839
262,200
sur. 35,729
of more than $140,000. Under these conditions it is obvious that, unless
There was also in the quarter ending Mar. 31 1913 a special profit of
-by agreement fixed charges can be greatly reduced, the company must go $267,201 on sale of assets of subsidiary companies, making the total surthrough a drastic compulsory reorganization. Because of this situation, plus for the quarter $100,721. The unfilled orders on hand on Mar 31
the undersigned were, at the request of holders of a large amount of the 1913.
were 623,816 gross tons, against 401.475 in 1912 and 244,561 in 1911.
Oregon company's securities constituted a committee to consider the situ- -V. 96, p. 793, 802.
ation. The Idaho Railway, Light & Power Co. (hereinafter termed the
-Rumors of Stock Increase.
Lindsay Light Co., Chicago.
railway company) is the owner of the following bonds, notes and stock:
Secretary J. M. Sherburne, replying to our inquiry of April 4 as to the
Bonds, &c., of Idaho-Oregon Co. Owned by Idaho Ry., Lt. & P. Co.
First and refunding bonds.. _3718,000 Pref. stock (par value)-__32,148,400 reported plan for increasing the stock, says: "We have no information to
Consol. 1st and ref. bonds_ 854,000 f Common stock (par value) 6,415,100 give on this matter."
Chicago papers. recently said: "Directors have proposed to the
Notes (secured by $500,000 consul. first and refunding bonds)__
250,000
Manifestly, therefore, both on account of its large holdings of the se- stockholders that the capital stock be increased from the present outstanding $200,000 to $1,000,000,t hrough the issuance of $400,000 7% pref. and
curities of the Idaho-Oregon Co. and because of its dominant position as
the owner of very large consumers of power in the territory served by the $600,000 common stock. The plan is to declare a 200% dividend in the
Idaho-Oregon Co., the co-operation of the railway company will be essen- new pref., making $400,000, and 200% in new common, making up the
,
tial to the success of any plan of readjustment. The committee has taken total of the proposed new capitalization. The par value of the shares is
up the matter with the railway company and, after careful consideration to be $10 as at present. The company pays 16% on its present outstanding
-V. 96, p. 1025.
of the entire situation,is able to report that it has arranged with the railway stock.
company to consent to a readjustment of the relations of the two companies
Mexican Telegraph Co.
-Earnings.
-For year.
and of the obligations of the Oregon Co., upon the following basis:
Calendar
Total
Total
Net Mexican
Divs.
Balance,
Exchange of First and Ref. M. 5sfor100% Adjust. Incomes and 25% Stock.
Year.
Income. Income. Gov't. (10%). Surplus.
Surplus.
If the company can be placed in a position where its properties, rights and 1912
$1,026,252 $812,141 $45,638 $358,940 $407,563 $3,342,939
franchises may be conveyed to the railway company free and clear of all 1911
946,907 754.699 45,500 358,940 350,259 2,935,376
liens, except [$534,000] underlying divisional bonds, the railway company -V.96, D. 949.
will ca,ncel its $718,000 of the Idaho-Oregon Co.'s "first and refunding"
-Plan.
Michigan Lake Superior Power Co.
bonds, and will create an adjustment mortgage covering all of its property,
The holders of certificates of deposit for the 1st M. 5s are notified that a
rights and franchises, to secure an issue of $2,494,000 5% non-cumulative
income bonds, which it will exchange, par for par, for the $2,494,000 "first plan of reorganization has been adopted by the bondholders' committee,
and refunding" bonds of the Idaho-Oregon Co. held by others; and will also John Pitcairn, Chairman, and that copies thereof have been filed with the
issue to each bondholder such number of shares of its common stock as at Guaranty Trust Co.,32 Nassau St., N. Y., and with the Commercial Trust
the par value thereof will equal 25% of the face value of his bonds. In Co., Arcade Bldg., Phila., the depositaries under the bondholders' agreesuch event the railway company will also cancel its 3854,000 of the Idaho- ment. Unless on or before May 12 1913 holders of outstanding certificates
Oregon Co.'s "consul. first and ref. bonds" and the 5250,000 notes of the of deposit representing one-half of the deposited M bonds shall file notice
latter held by it, and will surrender $500,000 of such consol, bonds which of dissent and shall present their certificates for identification, said plan
will become effective and binding on all depositors.
are held as security for said notes.
Press reports say that the plan calls for a foreclosure sale at an early
Idaho Railway, Light & Power Co. to Provide $1,250,000 New Capital.
date, the property, if bid in by the committee for $3,500,000 (the face value
In the events aforesaid, as further consideration for the transfer of the of the bonds) to no turned over to a new company that will be organized
property of the Idaho-Oregon Co., the railway company will, as the same in the interest of the Union Carbide Co. The new corporation will make an
shall be required, furnish for the purposes of the properties now held by the auth. issue of $4,500,000 5% bonds, drawing interest from Jan. 1 1913.
Idaho-Oregon Co. additional capital to the extent of $1,250,000. Because and guar., prin. and int., by the Union Carbide Co. Of these bonds an
it is surrendering these very large claims, and arranging to supply such amount equal, at par, to 50% of the face value of the present deposited
additional capital, the railway company has stipulated that interest shall bonds will be turned over to the Pitcairn committee and the Union Carbide
be paid on the adjustment bonds only when and as earned, and that such
will then be canceled.
-V.96, p. 199.
interest shall not be cumulative. As appears from the foregoing figures, power contract
National Fireproofing Co.
-New Directors.
qui Idaho-Oregon Co.'s properties will have cost the railway company
$4,316,000 in bonds and notes, represented by $2,494,000 of its adjustment
C. F. Andrews Jr., D. M. Campbell and J. S. Craig (representing the
bonds and $1,822,000 of the bonds and notes to be canceled.
minority interests) and W. L. Curry have been elected directors. The
Properties of Idaho Ry., Lt. & Power Co., ncl. Railway Lines (72.31 m.)&e. board, formerly consisting of 13 members, now has only 11 members, viz.:
1. What was formerly known as the gaise Valley Ry.,as lately re-located D. F. Henry, J. B. Finley, W. A. Milker, John R. Cregg, It. H. Straub.
T. Hartgiven, W.D. Henry, W.L. Curry, J. S. Craig, O. P. Andrews Jr.
and rebuilt, together with a new railway from Nampa to Caldwell.
and D. M. Campbell. J. B. Finley, John B. Gregg and J. S. Craig have
2. What was formerly known as the Boise & Interurban By.
-V. 96, p. 860, 719.
3. What was formerly known as the Boise Ry. in the city of Boise, to- been made members of the finance committee.
gether with large holdings of real property in the city of Boise.
-Consolidation.
New London (Conn.) Gas & Elec. Co.
4. The hydro-electric plant at Swan Falls, which, with improvements
See (The) Connecticut Power Co. above.
-V.78, p. 232.
lately installed, will develop 7,330 h.p., normal rating, together with about
93 miles of transmission lines from Nampa to Caldwell, Starr, Eagle, Pierce
New River Co.
-Receivership Denied.
Park, Murphy, Dewey and Silver City, including transformer sub-stations
The Supreme Court of Appeals of West Virginia on Mar. 21 reversed
and electrical equipment for furnishing light and power in places mentioned. the decision of the Circuit Court of Fayette Co. which, upon the petition
If the proposed arrangement is put into effect, to the foregoing will be of minority stockholders, appointed Samuel Dixon, a former President of
'
added all of the property of the Idaho-Oregon Light & Power Co.
the corporation; William F. Deegans and Eugene Carver, receivers of the
The adjustment mortgage 5% bonds will be a lien upon all of the proper- company and 17 subsidiary companies.
-V. 96, p. 946.
ties mentioned, and when issued will be subject only to the following:
-New President.
New York Edison Co.
Bonds that will Underlie the $2,494,000 Adj. Inc. Bonds of Idaho fly., L.& P.
Nicholas F. Brady has been elected President to succeed his father.
,
(a) First and ref. M.5% bonds of railway company covering all
-V.96, p. 65.
Anthony N. Brady, who becomes Chairman of the board.
the properties, rights and franchises of the railway company
$4,500.000
and of the Idaho-Oregon Co. when acquired
-Receivership.New York State Steel Co., Buffalo.
1,068,000
1st M.57 bonds of Boise & Interurban By. Co
389,000
1st M.5 ) bonds of Boise RR. Co.
Judge John R. Hazel of the U. S. District Court at Buffalo on April 3
3
o. a ytand superintendent
'
) Bonds subject to lien of which the properties of Idaho-Oregon
appointed F. nr ILPor-er
intant aE Is
pled
den!i y &
534,000 of
Co. will be acquired (see below)
ed
y
a?
ty,h ili ti fe l e n141../
as receivers of the propert onl t rt Ontb} the . H. Hilman & Sons Co..
$6,491,000 Pittsburgh, which,in a suit to recover $3,000 for coke, stated that the comTotal
pany had a bonded debt of $3,850,000 and was unable to meet its notes.
Estimated Earnings of Properties when Combined.
The "Iron Age" of N. Y. on April 10 said' "At a meeting of the stockOn the basis of estimated earnings under the present severe competition
the reorganization
and cut-rate conditions existing in Boise and the neighborhood, it is esti- holders March 13, plans foradditional money and development of the comwas placed in the treasury to
from the combined properties will show interest pany were formulated and
mated that the income
earned upon the adjustment bonds to the extent of approximately 4% continue the full operation of the plant. Shortly after this meeting,
however, Frederick Davidson, the new President, was taken seriously ill
during the present year, 6% during 1914 and 6% during 1915.
As against the foregoing, taking the earnings of the Idaho-Oregon Co. and it was found impossible, for the time being at least, to continue the
on the same basis as in the preceding estimate, under existing conditions, plans which he had inaugurated. On his recovery it is expected that plans
to work out.
the amounts earned and applicable to the payment of interest on the "first will be put in effect which will enable the company eventually receivership
and refunding mortgage" bonds now outstanding will be at the rae of 2.4% from its financial difficulties. It is hoped, therefore, that the
will be of brief duration.
for the year 1913, 2.8% for 1914 and 3.6% for 1915.
"The receivers are arranging to continue the operation of the four mines
Plan for Readjustment of Idaho-Oregon Co.and Merger with Railway Company. on the Mesaba Range. There is sufficient ore on hand at tile plant for
To be
Description of Securities:
Now Out- To be
Out After the near future. The completion of lift bridges, on which work is now
Idaho-Oregon Lt. & Paw. Co.- standing. Cancerd. Exch'ged. Readjust. under way, over the Buffalo River and the deepening of the river channel
to a depth of 23 ft., to be completed the coming fall, will enable ore carriers
Boise Payette River Elec. Power
$483,000 to discharge their cargoes directly at the plant." [The plant, which had
Co. 20-yr. 1st M.6s of 1901_ _ __ 483,000
16,000 been operated intermittently during 1911 and 1912, was started in Dec. 1912
Capital El Lt., Motor & 0. Co. 6s_
16,000
and is now in operation.I-V. 96, p. 793.
Inter-State Lt. & P. Co. 20
-year
35,000
35,000
5% bonds of 1907
-Earnings.-$2,474,000
New York Transportation Co.
2,474,000
First and ref. M.6 bonds
738,0005718,000
$20,000
First and ref. M.5% bonds
f
Net o ter o her
York Tra n sporttat onCo.
Consol. 1st and ref. M.6% bonds.1,020,000 854,000' 1166,000
-Profit
Loss- Balance,
Period
Gross
{for stockf
Earns. Taxes,&c.) Income. Cred. Charges. Sur. or Def.
CoveredNotes secured by $500,000 consol.
6 mo.end.Dec.31'12 $25,387def.$6,318 $30,626 $8,386 $15,779 sur.$16,915
first and ref. M.6s
250.000 250,000
67,354 47,515 29,415 164,666 def. 20,383
Yr.end.June30'12.901,261
Idaho Railway, Light & Power Co.
Fifth Avenue Coach Co.
Boise & Intertulo. Ry.Co.5% bds.$1,068,000
$1,068.000
Boise Ry. Co. 5% bonds
389,000 6mo.end.Dec.31'12$396,909 $41,725 $3,343 $857 $1,644 sur.$44,281
389,000
43,185
3.426 2,143
4,500,000 Yrend.June30'12- 675,447
4,500,000
1,853 sur. 46,902
First and ref. M.5% bonds
Adjustment M.5% bonds
2,494,000
The total surplus of the New York Transportatioh Co. on Dec. 31 1912
was $2,842,773, against $2,859,688 on June 30, and of the Fifth Avenue
income bonds convertible into
5%
against $418,196 June 30.-V. 95, p. 1334.
2,000,000 Coach Co. Dec. 31, $373,915,
"first & ref." bonds at end of5 yrs2,000.000
In this connection it must also be considered that, unless the work at the
New Directors.
Ox Bow is completed with reasonable diligence, the company's rights there
The board having been increased from 6 to 8, Theodore P. Shonts and
will abate and its entire investment therein will be lost. The only alternative to the plan proposed would seem to be for the bondholders to take over W. Leon Pepperman, Pres. and Asst. to the Pres., respectively, of the
Interborough-Metropolitan Co., have been added thereto.
-V.94, p. 1334.
bit property and themselves finance its development.
b)
1
THE CHRONICLE
APR. 121913.]
-For year:
-Earnings.
O'Gara Coal Co., Chicago.
Gross
Oct. 31
Year- Profits, &c.
$519,574
1912
664,188
1911
-V.95, p. 1477.
Net
Profits.
$284,102
479,962
Bond
Taxes,
&c.
Interest.
$17,935
$136,419
$144,792
Balance,
Surplus.
$129,747
335,171
-Preferred Stock.
-Canadian Co.
Otis Elevator Co.
-V.96, p. 862.
See Otis-Fensom Elevator Co. below.
.
Otis-Fensom Elevator Co., Ltd., Toronto.-Pref. Stock.
-Blair & Co. N. Y. are offering at par and int. the unsold
,
00,0007% cum. pref. (p. & d.) stock, redeemportion of $1,0
able at 115°/ of par and divs. Total auth. $1,500,000.
-J. The Otis Elevator Co.(V. 96, p. 862) owns upDivs. Q.
wards of 80% of the common stock, and W. D. Baldwin,
President of that company, is President.
1093
-Preferred Dividends.
San Joaquin Light & Power Co.
The company announces that the dividends on its 6% cum.
pref. stock will hereafter be paid on the 15th days of April,
July, Oct. and Jan., instead of on the 1st of these months,in
-V.96, p.
order better to distribute the work in the office.
558, 139.
-Harris,
Scranton (Pa.) Electric Co.
-Bonds-Earnings.
Forbes & Co., N. Y., and their associated houses are publicly
offering at 1023/i and int. $778,000 "first & ref. mtge." 5%
bonds. Tax-free in Penn. Dated 1907; due July 1 1937.
Total now out, $3,891,000.
Earnings for Year ended Feb. 28 ("Net" is after deducting taxes).
Bal., Sur.
Interest.
Net.
Year.
Gross.
$335,777
$194,550
2530,327
1912-13
$897,256
480,996
1911-12
835,482
*The net earnings for year 1912-13 as above are over 23 times the interest on all bonds outstanding,including interest on $778.000 bonds which
have just been issued. Total pop. served, about 225.000.-V.95, p. 548.
Data from Letter of President W. D. Baldwin, March 29 1913.
Incorporated in Ontario March 6 1913, and has acquired all the good-will,
assets, credits, &c. of the Otis-Fensom Elevator Co. Ltd. organized in
'
March 1905. Over 80% of the common shares is owned by the Otis Elevator Co., which has given to the company the right, for the Dominion of
(The) Silversmiths Co.-Earnings.
Canada, to use all patents, inventions, patterns, plans, &c., owned or con--Real For year ending Feb.28 earnings (including subsidiaries) were
trolled by it. Approximate balance sheet April 15 1913. Assets
Bal.
Gross
estate, buildings, &c.(plant covering 23 acres at Hamilton, new office bldg. Fiscal
Int. Gor'm Co. Depre. Divs.
Net
'
Sum.
Sales.
YearIncome. Paid. Pfd.Div. &Res've. Paid.
at Toronto, offices and warehouses in Montreal, Winnipeg, Vancouver and
$
Calgary), $1,500,000; materials, supplies, &c., $650;000; cash, 2275,000;
accounts and bills receivable, $275,000; total, $2,700,000. Offsets-Prof. 1912-13-- _8.476,479 1,206,095 290,162 120,000 248,590 479,958 *74,256
_8,150,873 1,190,441 271,592 120,000 251,102 479,958 *65,539
stock, $1,000,000; common stock, $1,500,000; accounts payable, $200,000,
*Aftertaking into account certain adjustments, &c.
including $52,933 purchase money mortgages the only funded debt), which 1911-12_will be paid off during the next six months.
The profits, including dividends and interest of the Silversmiths Co., the
The growth of the business since 1905 has been phenomenal. For 1912 parent company,for the year ending Feb. 28 1913, were $592,957; deduct
the net earnings, inclusive of interest charges, were $190,000. Estimated ing charges.$96,929, balance, net income,$496,028.-V.90, p. 1106, 1048.
net earnings for 1913 about three times the pref. dividend. The outstanding common stock must at all times exceed the pref. stock by $500,000.
Standard Oil Co. of Kansas.
-Increase of Stock.
The consent of 60% of the pref. stock is necessary in order (a) to authorize
The stockholders will vote on May 14 on increasing the stock from
or issue any stock having equal or any prior rights to said pref. stock, 21,000,000 to $2,000,000.-V. 96, p. 291.
(b) to create any mortgage or (c) to authorize a consolidation or a sale of
all or substantially all of its properties. On other matters the pref. stock
Steel Co. of Canada, Ltd.
-For cal. year:
-Earnings.
has no right to vote,except after default in the prompt payment of dividends, Cal.
Net
Deprec.. Int. on
Miscel- Pref. diva. Balance,
in which event the owners thereof will have the same right to vote as the
Year- Profits. Rent'ls,&c. Bonds. laneous. (7%).
Surplus.
stock while such default continues.
owners of any other
21,547,040 $150,000 -2465,327
$454,741 $476,972
1912
- 1911
337,681
1,373,523
100,000 $442,100 $39,000 454.741
Peerless Motor Car Co., Cleveland.-Initial Dividend.
An initial quarterly dividend of 1%% was paid on April 1 on the $2,- -V. 96, p. 1026.
100,000 new 7% cum. pref. stock. Compare V. 96, p..366, 290.
-For calendar years:
-Earnings.
Copper Co.
Tennessee
General Balance,
DiviCalendar Total Int. on Oth.Int. DeprePeople's Water Co., Oakland, Cal.
-Note Issue.
Reserve. Surplus.
dends.
Year. Income. Bds.,&c.Disc.,&c. ciation.
The California RR. Comm. on Mar. 29 authorized the company to issue
$3,125,000 gen. M.5% 30
-year bonds and pledge the same as security for 1912__$1,303,873 $80,250 227,748 $100,000 (16)2500,000 250,000 $545,875
an issue of. 1,250,000 7% notes to be sold at not less than par, to refund 19i1... 577,928 90,542 20,337 60,000 (6)300,000 40,000 67.049
outstanding debt. At the time of the application the floating debt in the
After deducting $150,000 appropriation for surplus reserve in 1912, there
form of outstanding notes was given as 2991,166. Under a clause in the remained $395.875.-V. 96, p. 657.
mortgage securing the bonds the latter cannot be sold at less than 85. A
-Proposed Guaranty &c.Union Carbide Co.
sale to the municipalities of Alameda County is expected,to be arranged.
V. 93, p. 1126.
'
-V.96, p. 140.
See Michigan Lake Superior Power Co. above.
Pond Creek Coal Co.
-Bonds.
--The stockholders have •
authorized the proposed issue of convertible 6% .bonds.
-V. 96, p. 866.
See "Annual Reports" above.
-Bonds Called.
Port Huron (Mich.) Light & Power Co.
All of the outstanding 1st M.5% gold bonds issued under mortgage dated
July 1 1901 have been called for payment at 105 and int. on July 1 at Con-V.73, p.680.
tinental & Commercial Trust & Savings Bank,Chicago.
--Listed.
Riordon Pulp & Paper Co., Ltd.
The Montreal Stock Exchange has listed $1,000,000 pref. and $4,500.000
coin. stock and 21,500,000 debentures.
Earnings for Calendar Year 1912.
-Foreclosure Sale.
United Box Board Co.
William J. Magie, as Special Master Commissioner appointed by the
U.S. District Court, will on May 20 sell the properties of the company under
the decree of foreclosure under the general mortgage. The sale will take
-V.96,
place at the Hanover mill at Whippany, Morris County, N. J.
P. 558, 423.
-Earnings.
United Cigar Stores Co.
For the period from July 24 to Dec. 31 1912 (not including the surplus
of subsidiary companies not declared out by way of dividends):
Dividends received, less charges and net surplus of Corp. of United Cigar
Stores, acquired, 21,879,362; deduct first quarterly dividend. 131%. on
pref. stock, $79,151; amount charged off to profit and loss on
re
tlon. and adjustment of capital accounts between companies.rint
balance, profit and loss surplus Dec. 31 1912, $1,087,552.-V. 96. p. 66.
For 5 months ending May 31 1912 of Riordon Paper Co., Ltd., and of
Pulp & Paper Co., Ltd.,for 7 months ending Dec. 311912: Sales, 21,859,-Earns.for 3 Mos.U. S. Light & Heating Co., N. Y.
824; cost of sales. $1,509,844; gross profit, $349,980; other income, $8,937;
For the quarter ended Mar. 31 last, net profits, after all charges and
total income, $358,917; deduct selling and distributing expenses, $22,857;
general and administrative expenses,$59,626; balance, $276,434(comparing depreciation, were $191,460, or sufficient to pay the dividend for the entire
with $222,428 and $291,404 respectively in 1911 and 1910);'Interest on year on the 22,500,000 7% pref. stock and leave a balance of 216,460.
bonds,loans, &c., $50,185; net profit,2226,249; deduct approximate profit They were at the annual rate of 7% on the outstanding pref. stock and over
for the 5 months ending May 311912, which has been appropriated to meet 43 % on the 212,600.150 outstanding common stock. Orders on the books
adjustment on physical inventories of logs, &c., $66,498; bond interest, on Mar. 31 1912 amounted, it is stated, to over $7,000,000.-V. 96, p.650.
235,522; dividend on preferred stock for the half
-year ending Dec. 311912,
-Unfilled Orders Jan.
United States Steel Corporation.
$35,000; leaving balance, per balance sheet, $89,228. Compare V.95,p.54.
Russell Motor Car Co.
-No Common Dividend.
-
-See "Trade and Traffic Movements" on page 1064.31.
The directors on April 10 decided to make no further payment on the V. 96, p. 859, 868, 794.
common stock until the results for the year ending July 31 are known.
-Corn. Div. Increased.
(F. W.) Woolworth 00.
The stock has been receiving 7% annually. The regular quarterly divi-'
A quarterly dividend of 1 % has been declared on the $50,000,000 comdend of 1X % has been declared on the pref. stock, payable May 1.- mon stock, payable June 1 to holders of record May 1, comparing with
V. 96, p. 200.
1% on Mar. 1 1913 and Dec.20 and Sept. 20 1912, the initial payment.
St. Lawrence Pulp & Lumber Corporation, PhiladelSales for One and Three Months Ending Mar. 31.
phia.
1913. -3Mos.- 1912. /nc.%
-Bonds Offered.-Chandlor Bros. & Co., Lawrence
1913. -March- 1912. /nc.% I
$10,823,843 19.51
$4,324.585 21.341212,935,233
$5,247,466
Barnum & Co. and White & Co. are offering at par and int. -V.96. p. 731. 714.
serial
sinking fund
the unsold portion of $3,000,000 1st M.
6% gold bonds. See advertisement on another page.
Dated Feb. 1 1913. Due serially, $150,000 each Feb. 1 from 1916 to
1932 incl. and $450,000 Feb. 1 1933 but redeemable on any interest date
in order of serial numbers at 103 and int. Par $1,000c*. Int. F. & A. at
Phila. Trustee, Girard Trust Co.. Phila. Authorized, $4,000,000; issued,
$3,000,000; remaining $1,000,000 reserved for future extensions, additions,
Improvements, &c., at 80% of cost. In the Boston territory Pingree.
McKinney & Co., as well as Chandler Bros. & Co., are offering the bonds.
Abstract of Circular, Based on President's Letter, Cruiser's Rep., &c.
Organized in N. Y. State with 40.000 shares of stock (no par value) and
has taken over the timber rights (grant from Crown) of a tract of over 630
sq. miles and about 3,000 acres owned in fee simple on the Gaspe Peninsula,
Gaspe and Bonaventure counties, Quebec, with lumber mills, rossing mills,
equipment, wharves, &c., at entrance of the Grand Pabos River, to the
harbor of Bale dos Chaleurs. The Atlantic Quebec & Western RR. connecting at Matapedia with the Intercolonial, gives a good rail outlet.
T
he proceeds of these bonds will pay all debts, furnish ample working
capital, build a logging railroad, increase the capacity of the lumber mill
(now about 80,000 ft. per day) to probably over 30,000,000 ft. per annum,
build, and,at a cost of approx.$1,000,000,a sulphite pulp mill with output
of about 30,000 tons per annum. The bonds are a first mortgage upon the
entire property, including the present and proposed mills and standing
timber cruised, as follows: 1,212,000,000 ft. balsam at 23 per 1,000, $3.636,000; 969,600,000 ft. spruce at $3, 22,908,800; 121,200,000 ft. cedar at
$2, 2242,400: 4,040,000 cords pulp wood, $4,040,000; total,210,827,200.
Sinking fund $3 per 1,000 on timber cut and $1 per cord on pulp wood,
which, with the proposed capacity of plants, will amount to $150,000 per
annum available to retire bonds of the first maturity, Feb. 1 1916; any
excess, together with surplus earnings, may be used to retire other bonds
in serial order at 103 and int.
•
President's Estimate of Annual Earning Capacity.
30,000,000 ft. lumber, $16 per 1,000, and 30,000 tons pulp,
.242 per ton
$11:719401:000000
ton)._
Cost a mfg.(lumber, $7 80 per 1,000; Pulp, $31 90 per
Sinking fund $3 per 1,000 and $1 per cord
150,000
Balance available for interest and dividends
Interest $3,000,000 bonds at 6%
$399,000
180,000
Balance applicable surplus and dividends
$219,000
Directors: It. F. Whitmer (Pres.), W.II. Sharp (V.-Pres.), Fred. H. Ely
(sea.), T. E. Coale, P. M. Chandler and W. F. Fuqua, all of Philadelphia;
J. G. Campbell of A. B. Leach & Co. and Ralph P. Buell, New York;
Geo. W. Robertson, Shamoldn, Pa. Mr. Whitmer is President ofParsons
PUlp & Lumber Co. and Wm. Whitmer & Sons, Inc._
_
Yale & Towne Mfg. Co., Stamford, Conn., and N. Y.
City.
-New Stock.-Shareholders of record at noon April 1
are entitled to subscribe at par ($100 a share) at the N. Y.
office on or before May 10 for $1,000,000 new stock to the
extent of 50% of their respective holdings.
Subscriptions are payable 30% May 10, 30% July 10 and 40% Oct. 10
and the final payment may be paid with the second or the second and third •
installments with the first. In any case, holders of Treasurer's receipts '
will participate in all dividends declared subsequent to the date of each
receipt proportionate to amount paid on each subscription.
Arrangements have been made with L. von Hoffmann & Co. of N. Y.
City whereby on or before April 24 a minimum price of $15 is assured
for each "right" I. e., the right attaching to each share of existing stock,
two of such rights permitting subscription at par for one new share.
Financial Statement.
-See "Reports" on a preceding page.
New York Offices to be Moved on or About April 20.
On or about April 20 the general offices will be removed from 9 Murray
-V.96. ro• 867.
St. to 9 East 40th St., N. Y. City.
-E. P. Truett, for several years with Clark, Dodge &
Co., and for the past year manager of their Chicago office,
has resigned to become Vice-President of the S. Sanford &
Sons of Amsterdam, N. Y.
-Messrs. A. B. Leach & Co. have issued a booklet entitled "The Selection of Investments," in which they have
cndeavored to put before the investor the methods and principles to be pursued in the selection of safe investments.
Copies may be had on application.
The April letter on public utility stocks issued by Lamarche & Coady, 25 Broad St., this city, is ready for distribution. Income yield ranges from 3.05 to 12.50%.
Copy on request.
Borton & Borton, Cleveland, are offering at 101 and
div., Wellman-Seaver-Morgan Co. 7% cum. pref. stock,
yielding 6.93%.
..
1094
THE CHRONICLE
[Vol, xen.
ti:VOTtS altd
THE PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS RAILWAY COMPANY.
TWENTY-THIRD ANNUAL REPORT-FOR THE YEAR ENDING DECEMBER 31 1912.
ABSTRACTS.
Pittsburgh, Pa., March 26 1913.
To the Stockholders of The Pittsburgh Cincinnati Chicago dc St. Louis Railway Company:
The Board of Directors herewith submit their report for the year ending December 31 1912, with the data relating to the
lines embraced in your system necessary to give a clear understanding of their physical and financial condition.
The mileage of the Lines directly operated by your Company is as follows:
Comparison
with 1911.
Mileage Inc.(+)or
Dec. 31 1912. Dec.(-).
+5.39
1,137.07
Road owned
Lines Operated Under ContractSteubenville Extension, Pennsylvania Railroad
Ohio Connecting Railway
Pittsburgh Wheeling & Kentucky Railroad
Little Miami Railroad
Englewood Connecting Railway
Chicago Indiana & Eastern Railway
1.18
9.07
28.02
194.87
2.34
43.02
Total mileage operated under contract
Road used jointly with other companies
-.01
278.50
56.57
-.24
1,472.14
Total
The Mileage of the Lines Operated Under Their Own Organization is as Follows
Cincinnati Lebanon & Northern Railway
Waynesburg & Washington Railroad
Pittsburgh Chartiers & Youghiogheny Railway
+5.14
45.66
28.16
20.56
Total
----
+.22
94.38
Total mileage directly operated and under their own organizations
1,566.52
+5.36
The statements give in detail the financial, operating, traffic and other statistics for the Lines directly operated, and
also the financial results of the other Railway Companies in which your Company is interested but which are operated under
their own organizations.
Railway Operating Income.
Rail Operations-Revenue.
Freight
-Merchandise
Ore
Coke
Coal
OPERATING RESULTS YEAR 1912.
Pgh. Cin. Chi. Little Miami Pgh. Wheel. & Ohio Connect- Englewood Con- Chi. Indiana
& St. L. Rib
Railroad.
Ky. RR.
ting Railway. ing Railway.
Eastern Ry.
Total.
1,194.82 miles 194.87 miles. 28.02 miles.
9.07 miles.
2.34 miles.
43.02 miles. *1,472.14 miles
Total
Rail Operations-Expenses.
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
General
Total
$180,222 54
9,546 18
22,014 01
86,186 13
$57,321 71 $21,313,147 90
25,044 87
748 37
758,782 83
12,095 32 8,837,329 06
$297,968 86
128.550 60
3,500 87
16,461 13
46,053 66
4,328 80
$430,514 37
106 50
$42,019 13
422 04
$70,165 40 $30,934,304 66
16,247 10 8,107,058 62
1,802 21
1,174,693 66
1,655 79
1,451,201 83
1,690 79
1,633,366 56
372 16
303,456 81
$38,218,025 34 $4,324,197 39
Total freight
Passenger
Mail
Express
Other transportation
Non-transportation
$18,920,134 39 $2,155,469,26
8,512 06
6,986 63
718,561 32
17,459 13
8,460,594 10
278,453 51
$28,107.801 87 $2,458.368 53
6,956,352 57
1,005,908 35
953,773 33
215,617 25
1,219,003 27
214.081 64
726,056 72
387,031 89
255,037 58
43,189 73
$496,863 92
$430,620 87
$42,441 17
$91,933 45 $43,604,082 14
$91,468 78
61,819 58
7,855 27
188,047 60
8,324 07
$36,118 49
445 79
468 01
14,804 92
3,100 22
$8,801 32
40 31
5 62
18,698 49
303 03
$32,402 55 $5,980,691 03
14,381 83 8,252,980 56
2,163 55
828,006 48
52,000•34 15,777.440 06
1,451 11
843,844 72
$5,101,306 99
7,486,320 68
707,065 00
13,768,431 15
739,153 33
$710,592 90
689,972 37
110,449 13
1,735,457 56
91,512 96
$27,802,277 15 $3,337,984 92
Net Revenue-Rail Operations
$357,515 30
$54,937 43
810,415,748 19
$139,348 62
$375,683 44
$986,212 47
$27,848 67
$102,399 38 $31,682,962 85
$14,592 50 def.$10,465 93 $11,921,119 29
* Includes 56.57 miles of lines of other Companies used under trackage rights.
INCOME STATEMENT OF THE PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS RAILWAY COMPANY FOR THE YEAR ENDED
DECEMBER 311912, COMPARED WITH THE YEAR 1911.
-Comparison with 1911
Railway Operating IncomeglI
t
Increase.
1912
Decrease.
Frei
$30,934,304 66
$4,750,796 37
Passenger
8,107,058 62
93,045 14
Rail OperationsMail
1,174,693 66
• $72,438 34
{Express
Revenues
1,451,201 83
39,754 06
Other transportation
1,633,366 56
194,587 08
Non-transportation
303,456 81
48,404 37
Total
$43,604,082 14 $5,054,148 68
Rail OperationsExpenses
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
General
$5,980,691 03
8,252,980 56
828.006 48
15,777,440 06
843,844 72
Total
31,682,962 85 $4,181,568 20
Net Revenue-Rail Operations
Auxiliary
Operations
Total revenues__________________________________ ____________
Total expenses
$11,921,119 29
$17,003 25
26,552 17
Deficit
Total deductions
Net Income _
$1,287 80
g7
7
$873,868 28
34,329 22
$839,539 06
N?
$11:24,
$54,500 10
$455,096 73
87,654 70
176,671 90
212,175 79
21,660 43
. Total other income--------------------------------------------------Gross Income ______________________________________________________________________________
Deductions for lease or other roads
Hire of equipment-debit balance
Deductions from
IJoint facility rent deductions
.
Gross Income_ _ Mlscellaneous rent deductions
Separately operated properties-loss
Interest deductions for funded debt
Miscellaneous deductions
$7.468 19
6,180 39
$10,307,348 70
Railway Operating Income
Other Income
$872,580 48
9,548 92
Net Railway Operating Revenue
Railway Tax Accruals
__________________________________________________________
Joint facility rent income
Miscellaneous rent income
Dividend and interest income
Income from unfunded. securities and accounts
Miscellaneous income
$1,148,679 59
1,202,158 20
5,369 44
1,774,589 66
50,771 31
50,620 00
49,165 33
$147 60
6,083 41
953,259 64
$148,054 42
$11,260,608 34
$987,593 48
$1,353,568 33
523,302 77
363,862 22
55,631 13
13,785 13
2,729,507 82
34,701 22
$62.546 32
24,721 24
6,637 91
$64,048 985,776 72
28,190 92
5,074,358 62
$30,047 08
$6,186,249 72
11956,646 40
21,323 61
1095
THE CHRONICLE
APR. 12 1913]
$6,186,249 72
$765,645 00
Disposition of Net Income
Appropriation to sinking fund
Dividends aggregating five per cent on preferred stock
Dividends aggregating five per cent on common stock
Portion of principal of equipment trust obligations
Appropriations for addition and betterments—Amount expended
$1,373,818 75
1,858,650 00
3,232,468 75
725,163 87
1,400,000 00
Profit and Loss Statement.
$3,722,171 99
62,972 10
91,113 60
Amount to credit of Profit and Loss December 31st 1911
Balance of income for the year
Sundry net credits during the year
Amount to credit of Profit and Loss December 31st 1912
GENERAL REMARKS.
MILEAGE.
The increase of 5.39 miles in the mileage of road owned is
due to extension of branch lines near Pittsburgh, Pa.
INCOME STATEMENT.
The Income Statement is shown in the form prescribed
by the Inter-State Commerce Commission, effective July 1
1912, which requires a more extended analysis of the items
classed as Other Income, and a re-arrangement of certain
items heretofore classed as deductions from Gross Income.
The Net Income, compared with similar item in the last annual report, appears to have increased $1,696,161 40, due
principally to the change in stating the appropriation to
sinking fund as a deduction from Net Income in the report
for 1912. The Company is not permitted to include as interest on funded debt amounts accrued on its bonds in the
sinking fund, and such amounts are now included in the appropriations to sinking fund deducted from Net Income.
The revenues of the lines directly operated show an increase of $5,054,148 68, or 13.1 per cent, duo principally to
a large increase in the freight traffic. The total operating
expenses increased $4,181,568 20, or 15.2 per cent, due to
very severe weather conditions in January and February,
to heavier expenditures for ties, rails, ballast and track maintenance required to repair the effects of continuous rains and
floods in the summer, and to keep the track and roadbed in
proper condition for the heavy traffic, and to much heavier
repairs to the locomotive and car equipment, and the naturally increased cost of handling and moving the enlarged
volume of traffic. The roadbed, bridges and tracks between
Bridge No. 35, about one mile east of Collier, and New Cumberland Junction were very seriously damaged by a cloudburst on the night of September 1st, which converted Harmon Creek into a raging river, filling the narrow valley and
covering the village of Collier and the main and side tracks
in Collier Yard with 3 to 5 feet of water and carrying away
tracks, bridges and embankments, and all traffic was suspended for three and one-half days between Wheeling Junction and Dinsmore, and on the New Cumberland Branch
for seven days.
In the wage questions that arose during the past year with
the Enginemen and Firemen on the railroads in the Eastern
District of the United States, represented by their respective
Brotherhoods, a general strike was averted in the case of
the Engineers by the appointment of a special Board of Arbitration, consisting of seven members, one selected by the
Railroad Companies, one by the Brotherhood of Locomotive
Engineers and the other five appointed by the Chief Justice
of the Supreme Court of the United States, the Presiding
Judge of the Commerce Court and the United States Commissioner of Labor, collectively. This Arbitration Board
was constituted after attempts had failed to settle the difficulty through mediation under the Erdman Act, and because
the parties in the controversy, while agreeing to the principle
of arbitration, would not accept arbitration under the provisions of that Act.
In the difficulties of the present year with the Firemen,
represented by the Brotherhood of Locomotive Firemen, a
strike was averted by the Railroad Companies agreeing to
submit to arbitration under the provisions of the Erdman
Act, which they did not believe to be satisfactory, but accepted rather than impose on the Country,the railroads and
the employees the lamentable consequences of a general
strike, involving over fifty railroads, having over 25 per cent
of the mileage and nearly 40 per cent of the total Operating
Revenues and Operating Expenses of all the railroads in
the United States.
Considering the magnitude of the interests in this Country
and those Countries with which it has commercial relations
that would be affected by the interruption of railroad traffic, and the serious results that would ensue therefrom; the
stoppage of food supplies, fuel and other traffic, the inconvenience, losses and suffering to the general public, whose interest is paramount, and to the workers in other Industries
dependent on a reliable transportation service and in no way
responsible for railway disputes, and the failure of strikes
to produce any permanent advantages to either the employees
and their families,or to the transportation companies,careful
consideration should be given to the recommendations for the
amendment of the Erdman Act,which have been made from
so many sources interested in the well-being of the Country.
The experience arising from these large wage controversies
places a serious responsibility upon those whose duty it is
to enact proper legislation governing the relations between
employer and employee, to consider whether the Erdman
Act should not be amended to increase the number of ar-
6,123.277 62
$62,972 10
Balance transferred to credit of Profit and Loss
$3,876,257 69
bitrators and thereby constitute a Board of sufficient size
to properly represent the public as well as the parties to the
controversy, and to direct the necessary far-reaching investigations and fully share the responsibility of an impartial
determination of the equitable and economic questions arising
from such disputes. It will also be found necessary to provide a longer time than thirty days specified in the Act for
the consideration of the subject and rendering of a decision.
.
It may not be possible to prevent strikes or lockouts by
requiring compulsory arbitration, but it is wise to consider
whether an obligation should not be placed upon the employer and employee to advise the authorities of the questions. issue before any lockouts or strikes can become
at
effective, so that by due publication and inquiry the Government and the public may be fully informed of the extent
of the controversy and its causes.
The Net Income for the year was $6,186,249 72, an increase of $956,646 40, and was disposed of as follows: Appropriated to the sinking fund,$765,645 00; dividends aggregating five per cent upon the Preferred and Common Stock,
$3,232,468 75; portion of the principal of maturing equipment trust obligations, $725,163 87, and appropriated for
expenditures for additions and betterments to Road and
Equipment, $1,400,000 00, leaving a balance of $62,972 10,
which was tranferred to the credit of Profit and Loss.
TRAFFIC.
The total tonnage handled upon the Pittsburgh Cincinnati Chicago & St. Louis Railway was 36,390,682, an increase of 5,761,060 tons, or 18.81 per cent, and upon all lines
directly operated was 42,352,038, an increase of 6,258,668
tons, or 17.34 per cent. The tonnage mileage upon the
Pittsburgh Cincinnati Chicago & St. Louis Railway increased
26.14 per cent, and upon all lines directly operated increased
24.92 per cent.
The total number of passengers carried by the Pittsburgh
Cincinnati Chicago & St. Louis Railway was 10,288,070, a
decrease of 84,532 passengers, or 0.81 per cent, and upon all
lines directly operated 11,802,720, a decrease of 127,667 passengers, or 1.07 per cent. The passenger mileage of the
,
Pittsburgh Cincinnati Chicago & St. Louis Railway decreased
1.69 per cent, and of all lines directly operated 2.14 per cent.
CAPITAL STOCK AND FUNDED DEBT.
The amount of Capital Stock outstanding December 31
1912 was as follows:
Preferred (authorized 300,000 shares), 274,$27,476,600 00
766 shares
20000
Preferred scrip
$27,476,800 00
Common (authorized 450,000 shares), 371,$37,173,000 00
730 shares
110 50
Common scrip
37,173,110 50
$64,649,910 50
There was an increase of $850 00 in the Preferred Stock,
due to the conversion of stocks of a constituent company.
In addition to the amounts of Preferred and Common Stocks
issued, there are reserved to retire outstanding stocks of
constituent companies $522,064 03, making the aggregate
Capital Stock $65,171,974 53 out of a total of $75,000,000 00
authorized in the Articles of Consolidation.
The amount of Consolidated Mortgage Bonds authorized
in the Articles of Consolidation is $75,000,000 00 and the
amount outstanding December 311912,including unmatured
funded debt of constituent companies,was $58,407,000 00,
a decrease of $797,000 00, due to the redemption of 792
Pittsburgh Cincinnati Chicago & St. Louis Railway Company
Consolidated Mortgage Bonds of Series "E" and 5 Bonds
of Series "B."
The Little Miami Railroad Company created a General
Mortgage dated November 1 1912 and maturing November 1
1962 to secure the issue of $10,000,000 bonds for the purpcse
of providing funds for the retirement of its First Mortgag
five per cent bonds at maturity November 2 1912, and f
betterments and improvements to its property. There
.
have been issued $1,070,000 of these bonds, des nated
Series "A," bearing interest at four per cent per annum, to
retire a like amount of the $1,500,000 First Mortgage five
per cent bonds, of which the Little Miami Railroad Company held in its treasury $430,000, and which were (sviceled
pursuanttoan agreement between that Company,The Pittsburgh Cincinnati Chicago & St. Louis Railway Company
and the Pennsylvania Railroad Company, dated April 9_
1907, under the terms of which The Pittsburgh Cincinnati
Chicago & St. Louis Railway Company is obligated to.pay
interest on the last-named amount direct to the Little Miam
Railroad Company as part of the rent of that Competa
road under the lease of February 23 1870.
1096
xcvi.
THE CHRONICLE
EQUIPMENT TRUSTS.
cipal obligation of $3,238,420 00 and the payment of maturThe amount of Equipment Trust Obligations outstanding ing obligations on cars heretofore acquired aggregating $1,December 31 1912 was $7,125,645 14, an increase of $1,777,- 461,093 59. The following statement shows the status of
-326 41, due to the acquisition of 3.000 cars entailing a prin- the Car Trust Contracts at December 31 1912:
44
Paid to
Balance of Cost
Principal.
Dec. 31 1912. Dec. 311912.
Cars.
Pennsylvania Steel Equipment Trust, Series F, G,H,I and KI
$339,036 46
2,790 $3,390,364 60 $3,051,328 14
Pennsylvania Steel Rolling Stock Trust, Series V and C
1,236,095 10
123,609 51
1,000
1,112,485 59
Pennsylvania Steel Rolling Stock Trust, Series G
500
847,500 00
84,750 00
762,750 00
'Pennsylvania Steel Rolling Stock Trust, Series H,I and K
2,308
2,169,974 36
650,992 30
1,518,082 06
Pennsylvania Steel Freight Car Trust, Series A and B
1,692
1,615,638 00
1,130,946 60
484,691 40
Pennsylvania Steel Equipment Improvement Trust, Series D,E and F
1,524
1,693,620 12
508,086 05
1,185,534 07
Union Trust Co.-Pittsbur h & Eastern Coal Co. Cars
800
800,000 00
400,000 00
400,000 00
Pennsylvania General Freight Equipment Trust, Series D,C and E,of1910
1,500
1,620,074 28
324,014 86
1,296,059 42
'Pennsylvania General Freight Equipment Trust, Series A, B, C and D, of 1912__ 3,000
3,238,420 00
3,238,420 00
Total
15,114 $16,611,686 46 $9,486,041 32 $7,125,645 14
ROAD AND EQUIPMENT EXPENDITURES.
In pursuance of an agreement with the Pittsburgh Chartiers & Youghiogheny Railway Company, a main track was
laid on the right of way of that Company between Junction
No. 1, south of Carnegie, Pa., arid Lewis Run Junction, a
.
• distance of 2.38 miles, and is now operated in connection with
the main track of the Pittsburgh Chartiers & Youghiogheny
Railway, as a double-track system, thus giving the large
•coal traffic from the Chartiers Branch the benefit of a doubletrack line from the mines to Scully Yard and relieving your
main line between Carnegie and Rosslyn Junction from the
• dangers and delays to through traffic caused by the movement of the loaded and empty cars via Carnegie.
The extension of the branch at Burgettstown to reach new
coal mine openings was practically completed, the work of
eliminating the grade crossing at Second Avenue,Pittsburgh,
has been partially finished, the track elevation work west of
the Scioto River, Columbus, Ohio, was entirely completed,
• a large portion of the grading, masonry, etc., for the second
track through Piqua and grade reduction between Jordan
and Summit had been completed at the close of the year and
a small portion of the new main track laid, the second track
work between Dublin and Dunreith was substantially completed, and right of way is being secured for second trapk
from Knightstown to Irvington, additional yard facilities
-op beuig constructed at Logansport and Hartsdale, substantial progress was made in grade reduction and in the work
of closing the eight-mile gap of single track between Alton
and Glade Run, and about three miles of second track and
the new interlocking plant east of Alton were practically
• completed. The preliminary work incident to track elevation in the City of Indianapolis has been completed, and
substantial progress made toward the erection of a large outbound freight house on Delaware Street, and a new engine
house is being erected at Indianapolis Shops. A new interlocking is being installed west of Anderson, new brick passenger stations were erected at Cambridge City, Ridgeville,
Dunkirk, Gas City and Converse, all in the State of Indiana;
a large brick freight house was built at Sangamon Street,
• and a frame freight transfer house at Sixtieth Street, Chicago;combined freight and passenger stations were completed
• at Pikeville, Mill Grove, Onward, Kentland, McGrawsville,
Nevada, Manilla and Dunreith, Indiana; new freight houses
were partially completed at Wellsburg and Warwood, West
Virginia, and a brick passenger station was nearly completed
at South Charleston, Ohio.
The expenditures on Road and Equipment were:
Right of way aid real estate
$774,421 21
Second track,Pittsburgh Indianapolis & Logansport Divisions 975,555 10
Track elevation in Pittsburgh, Pa., and Chicago, Ill
94,997 58
Additional yard tracks, sidings, etc
268,573 68
Interlockers and signal apparatus
26,690 84
Additional station and terminal facilities
254,134 75
Additions to aid improvement of equipment
3,758,404 07
Total
$6,152,7773
v./0.01.11•Nr
The expenditures include $1,058,263 21 for additions and
betterments to your road and equipment which have been
• charged against the income of the year, and, together with
$341,736 79 similar expenditures prior to 1912, accounts for
the $1,400,000 00 appropriation of income heretofore mentioned.
The Additions and Betterments expenditures on the Little
Miami Railroad, operated by your Company under lease for
99 years, were $71,867 66 during the year 1912, which,
together with $206,865 97 expended from June 30 1907 to
December 31 1911, a total of $278,733 63 not chargeable to
the Betterment Account of the Little Miami Railroad Company under the lease, have been included in the General
Balance Sheet under Road and Equipment as"Leased Lines."
The Statement of Betterment Account with the Little
Miami Railroad Company is as follows:
Balance due by Lessor December 31 1911
$80,040 64
'Charges during 1912
Second track between Alton and Glade Run, Ohlo_$52,503 34
Real Estate, Cincinnati, Ohio
83,840 95
Additions and Improvements at sundry points.. 40,976 83 177,321 12
Received on account from Lessor Company under terms of lease
Balance due December 31 1912
$257,361 76
33,150 00
$224,211 76
SECURITIES OWNED.
The Securities owned by your Company at December 31
1912 and held at a valuation of $4,661,665 31 produced an
-income-of $176,671.90. Your holdings were increased dur-
•
Final Pay-meat Due.
Mar. 1 1913
May'l 1913
Aug. 1 1913
May 1 1915
Sept. 1 1915
Jan. 1 1916
May 1 1916
May 1 1920
June 1 1922
ing the year by the receipt of $33,150 00 of Special Better ment Stock from the Little Miami Railroad Company i1.
payment on the Betterment Account and of $1,026,000 O''
of Little Miami Railroad Company General Mortgage Fou
Per Cent Bonds for an equal amount of cash advanced to
that Company to assist it in redeeming $1,500,000 00 of its
First Mortgage 5% Bonds which matured November 2 1912.
CONTROLLED AND AFFILIATED ROADS.
The Waynesburg & Washington Railroad Company
showed a slight decrease in revenues and an increase in operating expenses and taxes, but was able to pay the usual
dividend.
The Cincinnati Lebanon & Northern Railway Company
showed a substantial gain in its revenues and in its net income, and was able to pay a dividend of four per cent upon
the capital stock and add to its surplus account.
The Pittsburgh Chartiers & Youghiogheny Railway Company showed a large increase in its revenues and the track
elevation work through MoKees Rocks Borough having been
completed, the payment of dividends was resumed.
SAVING FUND,RELIEF AND PENSION DEPARTMENTS.
Detailed statements showing the operations for the year
of the Employees' Saving Fund and the Relief and Pension
Departments are attached to this report.
GENERAL BALANCE SHEET.
The General Balance Sheet is hereto appended, together
with a list of the securities owned by the Company, and the
usual statistical statements giving the details of operations.
ORGANIZATION CHANGES, ETC.
Under the revised organization of the Traffic Department,
effective July 1 1912, Mr. J. T. Johnson was appointed
Assistant General Freight Agent, and Mr. E. F. Austin
appointed Division Freight Agent to asucceed Mr. Johnson,
promoted, both with office at Pittsburgh, and Mr. H. H.
Gray was appointed Commercial Agent at Columbus, Ohio,
to succeed Mr. Austin, promoted.
Effective November 1 1912 Mr. W. C. Downing was appointed Superintendent of the Pittsburgh Division to succeed Mr.P. A. Bonebrake, relieved on account of ill health.
On April 1 1912 Mr. Wm.Borner, Assistant to the Freight
Traffic Manager, with office at Chicago, Ill., was retired
under the regulations of the Pension Department. Mr.
Borner had been identified with the Pennsylvania System
since his boyhood, and on June 1 1910 was appointed Assistant to Freight Traffic Manager of your Company, in
addition to like duties in connection with the lines operated
by the Pennsylvania Company.
Mr. Albert McElevey, Assistant Comptroller since 1891,
who had served your Company with marked ability and fidelity for over forty-seven years, having reached the age of
seventy years, was retired under the pension regulations.
Mr. James McCrea, after a long, honorable and most useful service with this Company, having tendered his resignation as President, effective January 11913, in order that
he might obtain the relaxation necessary for the restoration
of his health, it was accepted with sincere regret. The minute adopted by the Board in,regard to Mr. McCrea's retirement is published in full in this report. Mr. Rea was
elected President to succeed Mr.McCrea,effective Jan.1 1913.
The organization of your Company was enlarged in order
to meet the growing demands upon your Executive and Operating Officers, and the following changes were made,
effective January 1 1913: Mr. George L. Peck was elected
Fifth Vice-President, Mr. Benjamin McKeon was appointed
General Manager, succeeding Mr. Peck, promoted; Mr. F. J.
Kron was appointed Superintendent of the Logansport
Division to succeed Mr. I. W. Geer, resigned to accept serE. 1\jeyv9omet
vice with the Pennsylvania Company; Mr.
was appointed Superintendent of the Louisville Division to
succeed Mr. Kron, promoted; and Mr. R. C. Harris was appointed Supervising Engineer. Mr. C. M. South was appointed Assistant to the First Vice-Presid.ent and Mr. W. G.
Phelps was appointed Assistant Purchasing Agent.
Under the revised organization of the Accounting Department, effective January 1 1913, the following appointments
were made: Mr. J. W. Orr, Asst. Comptroller; Mr. John B.
Brittain, Asst. Comptroller; Mr. John Hurst, Asst. Comptroller, and Mr. H. J. Walker, General Accountant.
1097
THE CHRONICLE
APR. 12 1913.]
The Board records with regret the death on November 24
1912 of Mr. Briggs S. Cunningham of Cincinnati, Ohio, who
had served continuously as one of your Directors since September 16 1890. The vacancy caused by Mr. Cunningham's
death was filled by the election of Mr. William S. Rowe of
Cincinnati, Ohio.
The Board acknowledges the faithful and efficient services
rendered by the officers and employees during the year.
Respectfully submitted,
SAMUEL REA, President.
MINUTE RELATIVE TO THE RESIGNATION OF JAMES McCREA
AS PRESIDENT, ADOPTED BY THE BOARD OF DIRECTORS AT A MEETING HELD DECEMBER 281912.
Mr. James McCrea entered railroad service in his early
.
youth, having adopted the profession of civil engineering.
After an official connection of eight years' duration in the
service of the engineering and transportation departments
of The Pennsylvania Railroad Company, he was, on the
thirty-fourth anniversary of his birth, May 1 1882, appointed
Manager of The Pittsburgh Cincinnati & St. Louis Railway
Company, which, with its leased and operated lines, comprised fifteen hundred and nine miles of railroad and now
forms the Southwest System. Such was the character of
his work that on September 2 1885 Mr. McCrea was made
General Manager of all the Pennsylvania Lines West of
Pittsburgh in order to secure a mere effective and harmonious
management and operation of these vast interests.
On November 1 1887 he was elected a Director and Fourth
Vice-President of this Company, and as an evidence of his
splendid qualifications and executive ability, promotions
came rapidly to him. He was made Second Vice-President
February 24 1890; First Vice-President April 23 1891, and
on January 9 1907 he was elected to the highest office within
the power of the Directors to confer, the Presidency of the
Company.
The close attention which Mr. McCrea gave to all the
problems of engineering, finance, traffic and transportation
was reflected in the marked development of the lines under
his immediate charge, the gross earnings of which increased
from over forty-four millions of dollars in the year 1891 to
over one hundred millions in the year 1906.
Splendidly fitted for his life work, both in mind and body,
Mr. McCrea discharged his duties in an able and painstaking
manner, and caused the application of the best scientific
standards of railroading to the development, maintenance.
and operation of the Pennsylvania Lines. The results of
his ability to organize men into powerful and effective working forces and to inaugurate and prescribe uniform and
comprehensive business methods are now everywhere apparent throughout the System. They are found not only.
in the physical and business situation, but also in the spirit
of industry and integrity of purpose actuating those who
have had the benefit and felt the influence of his example.
In deference to our President's insistent desire to be relieved from the cares of his office this Board accepts his
resignation with great reluctance and sincere regret. It is
a source of gratification that Mr. McCrea will continue to
serve as a member of this Board and that the Company will
have the beneift of his ripe experience and wise counsel.
The members of this Board assure Mr. McCrea that he
will ever have the best wishes of his former associates and
of all the officers and employees who have served with him;
and it is our sincere hope that he will be long spared to enjoy
that good health and happiness which he so richly merits.
S. B. LIGGETT, Secretary.
GENERAL BALANCE SHEET OF THE PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS RAILWAY CO. DECEMBER 31 1912.
LIABILITIES.
ASSETS.
Capital Stock
Property Investment
Preferred
$27,476,800 00
Road and Equipment:
Common
37,173,110 50
Investment to June 30 1907:
Stock liability for conversion of outstanding
Road
396,963,873 70
securities of constituent companies
522.064 03
Equipment
13,321,386 57
Mortgage, Bonded and Secured Debt$65,171.974 53
$110,285,280 27
Con. Mtg.4%,Series "A," due 1940__310,000,000 00
Con. Mtg. 4%%, Series "B," due 1942_ _ _ - 3.781,00000
Investment since June 30 1907:
Con. Mtg. 4%%,Series "C," due 1942_ _ .... 1,379,000 00
Road
317.018,856 81
Con. Mtg. 4%, Series "D."
Equipment
16,429,434 76
$5,120,000 00
due 1945
33,448.291 57
Less 137 bonds in sink.fund 137,000 00 4,983,000 00
Leased Lines:
Road
3150,087 41
,
Con. Mtg. 356%, Series "E,"
Equipment
128,646 22
$11,998,000 00
due 1949
278,733 63
Less 6,865 bds.in skg.fund 6,865,000 00 5,133,000 00
Reserve for accrued depreciation (equipment)-Cr
3144,012,285 47
1,346,703 72
$142,665,581 75
Securities:
Securities of proprietary, affiliated and
controlled companies--unpledged$2,522,164 31
Stocks
Bonds
150,000 00
Other Investments:
Advances to proprietary, affiliated and
controlled companies for construction,
equipment and betterments
Miscellaneous investments:
Securities--unpledged
2,672.164 31
3426,820 71
541,618 00
968,438 71
Working Assets
Cash
32,838.686 50
Securities issued or assumed-held in treasury
421,800 00
1,026,100 00
Marketable securities
Loans and bills receivable
2,065 69
due from
Traffic and car service balances
1,003,567 54
other companies
1,021,073 93
Due from agents and ticket receivers
1,358,535 48
Miscellaneous accounts receivable
2,988,353 54
Materials and supplies
24,043 17
Other working assets
Deferred Debit Items- '
Temporary advances to proprietary, affiliated and controlled companies
Working funds
Other deferred debit items
10,684,225 85
$183,054 38
83,365 65
1,255,761 09
1,522,181 12
Total_____________________________________________$158,512,591 74
Con. Mtg. 4%. Series "F," due 1953
Con Mtg 4%,See es "G," due 1957
Series "H," due 1960
Con. Mtg. 4
*
1st Mtg.(ext.) 5% reg. bonds, S.& I. RR.
Co., due 1914
Con. Mtg. 5% Coup. bonds, C. St. L. & P.
RR. Co., due 1932
Con. Mtg. 5% reg. bonds, C. St. L. & P.
BR. Cb .due 1932
‘
,
1st Mtg. 3) % bonds, Chartiers Ry. Co.,
due Oct. 1st 1931
10,000,000 00
10,000,000 00
3,000.000 00
3,000,000 00
1,182,000 00
324,000 00
625,000 00
Equipment trust obligations
'Working Liabilities
Loans and, bills payable
3225.000 00
Traffic and car service balances due to
other companies
531,030 03
Audited vouchers and wages unpaid
2,990,101 73
Miscellaneous accounts payable
333,955 07
Matured interest, dividends and rents unpaid
95,199 38
Matured mortgage, bonded and secured
debt unpaid
11,712 07
Other working liabilities
82.683 72
Accrued Liabilities Not DueUnmatured interest, dividends and rents
payable
$1,413,491 83
1,206,236 45
Taxes accrued
Deferred Credit Items$196,312 13
Operating reserves
245.06651
Other deferred credit items
Appropriated SurplusAdditions to property since June 30 1907
through income
$9,718,938 97
Funded Debt retired through sinking fund... 6,819.772 70
Reserves from income or surplus
In sinking and redemption funds
62,213 79
68,407,000 0(
7,125,845 14.
4 ,269,682_00
2,619.728 28
441,378 64
18,600,925146'
3.876.25 / 9•
76
Profit and Loss
$158.512.591174,
JNO. W. RENNER, Comptroller.
Total
INCOME STATEMENTS OF ALL CORPORATIONS FOR THE YEAR ENDED DECEMBER 31 1912.
Results of Operation by
Operating Company.
Mileage.
Lines Operated Directly.
Financial Results of Respective Companies
Mentioned.
Rental
Operating
Due
Operating E'xpenses, Operating Respec- Other
Gross
Revenues. Including
tive Cos. Income. Income.
Taxes.
from0per'gCos.
Net
Interest
and Other Income.
Charges.
Dividends.
Surplus
or
Deficit.
Increase
or
Decrease.
$
$
1,194.82 Pitts. Cin. Chi. & St. L. Ry 38,235,028 29,142,584 9,092,444
953,259 10,045.703 a3,859,454 6,186,249 3,232,468 3.2,953,780 +919,162194.87 Little Miami Railroad_ --- 4,324,197 3,674,926
229,277 548,181 b548,181
749,271 777,459
777,459
28.02 Pitts. Wheel.& Ky. RR...496,863
35,984 108,922
60,150 S. 48,772 -29,358
377,002
119,861 119,861 25,045
144,906
9.08 Ohio Connecting By
430,620
80,982 345,942 140,000 S. 205,942 +92,569
426,924
77,004
353,616 353,616 73,308
2.33 Englewood Connecting_Ry42,441
7,754
20,254
20,254
32,769
9,681 9,681 10,572
12,500 S.
-915
43.02 Chic. Ind. & Eastern Ry- 91,933
35,465 -52,911
D 52,911 -5,575
80 -17,446
109,459
*17,526
1,472.14 Total
43,621,085 33,313,736 10,307,348
Lines Operated Under Their
Own Organizations.
45.66 Cin. Lebanon & Nor. Ry-52,600
161,077
509,633
108,477
82,322
78,755
60,000 S. 18,755 +5,289
401,156
28.16 Waynesb. & Wash. RR__ _
10,426
138,621
35,773
25,346
33,625
113,274
2,147
20,055 S. 13,570 -1,894
20.56 Pitts. Char. & Yough.
4,521
161,428
348,229
+3,222
191,322
156,907
56,400 S. 69,724
35,304 126,124
94.38 Total
996,484
705,753
290,731
a Includes the deficit from operation of fixed rental road. b Dividends guaranteed by The Pittsburgh Cincinnati Chicago & St. Louis Railway ColnDaily. •Excess of operating expenses and taxes over operating revenue.
THE CHRONICLE
1098
[VOL. xcvi.
SLOSS-SHEFFIELD STEEL & IRON COMPANY.
THIRTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING NOVEMBER 30 1912.
To the Stockholders of the Sloss-Sheffield Steel & Iron Co.:
The iron trade of the country was depressed throughout
1911, and production showed a sharp curtailment; but in the
early spring of 1912 the total production of all irons showed
a marked increase, and it continued to increase throughout
the year, until, in December, it surpassed any previous
monthly record, being for the month at the rate of 33,327,000
tt tons for the year, against the largest previous year's record
of 26,845,000 tons.
This increase in production during the early part of the
year was confined largely to the steel-making irons—the
furnaces making foundry iron showing very little, if any,
Increase in production until well into the second half of the
year—the increase in the year being only 962,500 tons over
that of 1911 and 1,386,000 tons less than in 1910.
The price of foundry iron moved very much as did the
production, and no material advance in the selling price was
realized until late in the summer, and as iron is almost universally sold for delivery well into the future, and your fiscal
year closing November 30, very little of the improvement
in price was realiied by your company during the year—the
.
average delivery price of all iron delivered in 1912 being
only 10 cents per ton higher than was realized in 1911, which
was a poor year for the trade.
Your company began the year with an accumulation of
over 88,000 tons of iron on its yards, which was increased
considerably during the early part of the year, and it was
considered prudent not to increase our production and borrow
the money to carry the iron, so that during the year we had
an average of only three furnaces in blast throughout the
year, although they produced within 5,000 tons as much iron
as was made in 1911, when more furnaces were in blast
throughout the year. At the close of the fiscal year, we had
reduced the stock of iron on the furnace yards to about
25,000 tons, which enabled us to pay off the floating debt
which we had carried since the flooding of our iron ore mines,
and the company closed the year entirely free from floating
debt. Since the close of the fiscal year, our deliveries of iron
have been at the better prices at which it was sold late in the
fiscal.year, which is reflected in greatly improved earnings.
Notwithstanding there is a slowing up in business generally,
and some weakening in the price of iron, we trust that this
is only temporary, due to the agitation of the tariff question
and change in the administration of the Government, which
has caused an uneasy feeling; and that no radical changes
may be made in the tariff, and business may soon revive, and
result in a more prosperous year to your company than the
.
year just closed. Trusting to this, we have under consideration a number of improvements at some of your various
.
plants, involving the expenditure of a considerable amount
of money, which must be provided from earnings.
The working capital shows a decrease of $112,000 during
the year, notwithstanding the surplus, as shown by the statement,after providing for the dividends on the preferred stock,
which is accounted for by the expenditures made during the
.
year in improvements to your properties, and paid for out of
earnings, as has been the fixed policy of the company—no
securities of any kind being issued to cover expenditures.
FURNACES.
As has been stated, owing to the large accumulation of
iron in the company's yards, and the dull and unsatisfactory
iron market which existed throughout a large part of the year,
an average of only three of our furnaces was in blast throughout the year; but they showed large increases in daily output.
The cost of iron for the year showed an increase over that of
1911 of nine cents a ton, which is just about the increase in
the average price of the iron delivered during the year ending
November 30.
No. 3 furnace was blown in early in the year, after having
been refitted; and No.4 was put out of blast about the same
time, and has been relined and other work done on her, and
she has been ready for the fires to be lighted in her for some
months, but it has not been thought best to put her in blast
until an improved demand for iron is shown. The Hattie
Ensley furnace, after a record-breaking blast, was put out of
commission in 1911, and has been fully overhauled and refitted (stack, stoves, engines, boilers, &c.), and was put back
into blast during October, and is making a most satisfactory
output.
From some unaccountable cause, the stack of your No. I.
furnace, which was at the time making a good record, careened, and it was thought only prudent to take it down, and
it has not been rebuilt, awaiting the result of the negotiation
with the City of Birmingham regarding the opening of certain streets, which negotiation is still pending. Everything
connected with the furnace is in good shape except the stack—
the rebuilding of which will entail only a moderate expenditure.
No. 2 furnace was put in blast early in 1912, when No. 1
was stopped, and has done good work since, having averaged
251 tons for every day of the ten months during which she
has been in blast, to the end of the fiscal year, although it
was not at all times supplied with a full quota of our best ores.
.
The Lady furnace is awaiting repairs. The Philadelphia
furnace was in operation throughout the entire year.
•
COAL MINES.
There was a good demand for coal during almost the
entire year, but the output of your mines was considerably
curtailed by bad railroad service, mines being frequently
closed down an entire day for want of railroad cars. Some
of the roads are deficient in cars, and such as they have were,
in many cases, very badly handled; so that the output at
your mines shows an increase of only about 100,000 tons,
which came almost entirely from new openings made in the
previous year.
The advance in wages which was made during the year
caused a small increase in the cost, so that the profit from
coal for the year was some $5,000 smaller than in 1911.
Three new openings are now being made in the Brookside
field, which should increase our tonnage considerably during
the present year. A profit on the coal furnished the 288 city
coke ovens is charged and shows in coal profits, but the coke
from all other ovens is charged to the furnaces at a profit of
35 cents a ton. As we made about 40,000 tons of this latter
coke during the year less than in the previous year, having
no use for it, the coke shows to this extent a decrease in profit.
There was a small decrease in the cost of coke during the year.
Additional boilers, air compressors and gasoline motors
were installed at your coal mines during the year. Something
like $65,000 was expended at the coal mines, in addition to
such expenditures as were charged directly to the cost of
coal, of which $10,000 was spent in repairs and improvements
to your convict prison. Since the close of the fiscal year
contracts have been made for the erection of a large fireproof washer at Flat Top and another at the Brookside mines.
IRON ORE MINES.
The Sloss mines show but a small increase in the output
of ore over 1911,and the cost was seven cents a ton more;
but an effort is now being made to reduce the cost, and we
hope to be successful in it. A new hoist engine at each of
the two slopes and additional air compressors were installed,
and 70 new miners' houses erected and old ones repaired at
these mines.
The brown ore mines at Russellville increased their output
for the year by 26,000 tons and made a little lower cost.
Two of the five washers remained out of commission throughout the entire year, as in 1911, although No. 4 washer has
been started up since the close of the fiscal year. Your Executive Committee is now considering the expenditure of a
considerable amount in this field during the present year,
including, among the improvements to be made, the erection
of two new ore washers and increased pumping facilities.
No. 1 and No. 2 Irondale mines, which were closed down
the middle of last year, remained closed during the entire
year, as we did not require the ore for our operations. No.3
mine was worked throughout the entire year, and furnished
as much ore as was needed by us.
The usual financial statements are annexed.
All of which is respectfully submitted, by order of the
Board of Directors.
J. C. MABEN,
President.
Birmingham, March 1913.
BALANCE SHEET.
SLOSS-SHEFFIELD STEEL & IRON COMPANY FISCAL YEAR
ENDING NOVEMBER 30 1912.
Resources.
Property Accounts
Treasury Securities
Stocks and Bonds of Other Companies
Cash Bills and Accounts Receivable
guppjles, Raw and Finished Materials at cost
Stoe s in Company's stores and warehouses at cost
Extraordinary Repair and Renewal Fund
Insurance and Taxes unexpired
$22,136,196 52
244,320 11
400,306 07
889,342 99
366,337 40
74,926 59
180,379 52
5,784 78
$24,297,593 98
Liabilities.
Capial St.nk.
Croeferrg
Sloss Iron & Steel Company:
Mortgage 6% Bonds. 1920
4% " 1918
$6,700,000
10,000,000
$16,700,000 00
$2,000,000
2,000,000
Current Accounts—Accounts Payable (current month)
Pay Rolls (current month), after deducting checks issued__ _
Bills Payable
Profit and Loss
4,000,000 00
401,715 11
68,930 93
None
3,126.947 94
$24,297,593 98
THE CHRONICLE
APR. 12 19]3
STATEMENT SHOWING EARNINGS.
1099
WORKING CAPITAL.
SLOBS-SHEFFIELD STEEL & IRON COMPANY,FOR FISCAL YEAR
' NOVEMBER 30 1912
ENDING NOVEMBER 30 1912.
Cash, Bills and Accounts Receivable
$889,342 99
Raw and Finished Material on hand, at cost
Profit on Pig Iron shipped:
268,508 28
Merchandise and Supplies in Co.'s stores and warehouses
After charges for depreciation on coal and iron ore, twenty172,755 71
five cents ($0.25) per ton on iron for extraordinary reInsurance and Taxes, unexpired
5,784 78
pairs and renewals, and thirty-five cents ($0.35) per
Treasury Securities, Stocks and Bonds,at market value--543,203 50
ton profit on coke manufactured
$453,961 59
for depreciation
Profit on coal after charges
74,756 36
$1,879,595 26
Profit on coke
108,60560
CONTRA
Profit on ore sold
1,854 00 Pay-Rolls and Accounts Payable (current acRents (after deducting repairs), Royalties, Stores and other
counts), including accrued interest on bonds,
revenues
217,776 13
unadjusted freights, supplies,&c
$470,646 04
Dividends on Treasury Stocks, &c
14,47500
Balance Working Capital
$1.408,949 22
$871,328 68
Deduction
COMPARATIVE STATEMENT SHOWING GROSS REGeneral Expense not charged in Cost Sheets,.
83
Taxes and License
CEIPTS, EXPENDITUERS AND NET SURPLUS.
64,117 54
Interest and Exchange
16,548 56
FOR YEARS ENDING NOV.30 1911 AND NOV.30 1912.
($108,073 93
1911.
1912.
Inc. or Dec.
$763,254 75 Gross Sales and Earnings
$5.299,719 $4,521,360 Inc. $778,359
Year's Bond interest
210,000 00 Operating Expenses, Taxes, Maintenance, &c
4,422,055 3,789,602 Inc. 632.453
$553.254 75
Dividends Paid:
Net Earnings
$877,664
$731,758 Inc. $145.906
On Preferred Stock
Charges
469,000 00 Fixed
210,000
210,006
Surplus after dividends
Balance
$84,254 75
$667,664
$521,758 Inc. $145,906
Surplus November 30 1911
3,042.693 19 Depreciation
114,409
117,110 Dec.
2,701
surplus November 30 1912
$3,126,947 94
$553,255
$404,648 Inc. $148,607
M. RUMELY COMPANY
(I NCOR PORATED)
ANNUAL REPORT FOR THE FISCAL YEAR ENDING DECEMBER 31 1912.
To the Stockholders of the M. Rumely Company:
The books of account of your company for the year ended
December 31 1912 have been audited by Messrs. Barrow,
Wade, Guthrie & Co., Certified Public Accountants, whose
report will be found attached hereto.
For convenience,the accounts of yotir company have been
presented in combination with the aebounts of the Rumely
Products Company and the Northwest Thresher Company,
thellpsin9ss and assets of the latter company having been
acquired in the course of the year.
GROSS SALES.
Gross sales for the year 1912 were $17,597,431 26, showing
a large increase over all previous years. When reduced to
aTnet basis by deducting discount, they were 41.5% greater
than the aggregate of the sales of the previous year of the
M. Rumely Company and the other companies whose assets
and businesses it acquired.
For statistical purposes the following comparative state.
ment is given, showing the operations of M. Rumely Company combined with those of the companies whose businesses
it acquired, covering the past five years:
creased amount has been reserved against the conversion
privilege of the Two-Year Notes referred to below.
Total Current Assets
Current Liabilities
CURRENT ASSETS.
$21,738,678 31
9.462,851 92
Net Current Assets
$12,275,826 39
Since December 31 1912 $10,000,000 Two-Year 6% Convertible Notes have been sold on terms favorable to the Company, pursuant to the policy of your Directors to fund its
current liabilities, and to limit its future short time borrowings as nearly as possible to its seasonable requirements.
INVENTORY.
All inventories have been valued at cost or market, which
ever was the lower, and no profits have been booked on any
product shipped on consignment or to the branches of theRumely Products Company or to the local distributing agencies. During the year there has been an increase in inventory from $6,951,201 75 to $11,324,224 37, or $4,373,022 62.
This increase was undertaken by your Company to place it.
self in a position to deliver promptly engines required for the
.
prizIg trade by obtaining raw materials in anticipation of the
.
Profits.
!nobility of manufacturers to assure prompt deliveries later
Net Sales.
1908
$6,033,000
$476,000
in the season. In the spring of 1912 lack of a sufficient sup1909
6,959.000
937,000
1910
ply of tractors during the early months caused a loss of
7,701,000
794,000
1911
11,266.000
1,665,000
approximately $1,500,000 of desirable business, with a result1912
15,924,000
1,824,000
ant loss sales effort. As a result of the increased efficiency
Notwithstanding the growing demand for Oil-Pull tractors, of your of
Company's plants as mentioned later in this
that commodity aggregates less than 25% of the total busi- it ought to be possible to make prompt delivery with report,
a relaness.
tively smaller inventory than in the past.
Six years ago the M. Rumely Company was one of the
DEFERRED CHARGES.
smallest of the thresher concerns. Its volume of business
In pursuance of the policy of your Directors that no goodwas too small to permit either of economical manufacture or
distribution. Its market, confined to the Mississippi Vol- will item shall appear in your balance sheet and that the inley, was so restricted as to be subject to local crop failure ventory shall represent only tangible values, your Directors
and/the Company was thereby deprived of the benefit of a have set up as deferred charges certain extraordinary exdistributed risk. The growth up to and including the pres- penses incurred in connection with taking over the businesses
ent year has placed your Company in the front rank as one and assets of the companies which have been purchased, to
of the leading implement concerns of the world, and the be written off at convenience over a period of years.
Contracts were entered into during the year for the purposition so attained will now enable it to manufacture and
chase of stationary farm engines ranging from 1 to 20 h. p.
sell at the most economical unit cost.
A further increase in volume is no longer, as it has been in in size, cream separators, corn shellers, plows and similar
the past, a matter of prime importance. The attention of small implements. The addition of this merchandise has
the selling organization is now being devoted to shortening enabled the Rumely Products Company to offer to the implethe terms of credit and otherwise improving the standards ment dealer a more valuable commission contraet. The sales
of the business so as to secure the largest net return upon that effort necessary to attain a substantial volume in the small
volume which can conveniently be handled within the limits lines was put forth during the second half of 1912, the returns
from which are becoming evident in the steady increase,of
of the Company's capital.
orders since received. The advance sales expenditure inNET PROFIT.
curred to obtain this foothold in a desirable market has been
The net profit of your Company combined with that of the treated as a deferred charge in view of the fact that the reNorthwest Thresher Company and the Rumely Products turns for the expenditure can come only in 1913 and subseCompany was $1,824,500 38, as stated in the accounts quent years.
attached, which was the final figure for the year 1912
SURPLUS AND UNDIVIDED PROFIT.
after writing off all bad debts ascertained during the year by
There was shown on the balance sheet of December 31 1911
a thorough examination of the notes taken over from the
acquired companies. Of the above amount, $3,960 was con- a surplus of $790,769 39,from which there has been deducted,
as indicated in the last annual statement, an amount of
tributed by the Rumely Products Company.
$351,015 90,leaving a net surplus at the beginning of the year
CAPITAL STOCK.
of $439,753 49. To this was added the net profit of $1,481,The amount of common stock outstanding was Increased 691 22, including but two months' earnings of the Northwest
during the year by $1,718,300, which was issued for the pur- Thresher Company from November 1st, the date of acquisichase of the Northwest Thresher Company, the Johnson tion, the previous ten months' earnings having been taken
Orchard Tractor and to secure additional working capital. into the assets of the M. Rumely Company.
There was no change in the amount of outstanding preferred
The surplus at December 31 1912 was $590,830 60,after
stock.
providing for dividends on the preferred stock of $700,614 11
Since January 1 1913 the stockholders have approved an and for certain other deductions which were charged off by
increase of the authorized common capital stock from your directors. These were: $50,000 experimental expense
312,000,000 par value to 822,000,000 par value, and this in- incurred in 1911 for a marine engine which proved successful
1100
THE CHRONICLE
in burning oil and is an asset of potential value,and $580,000
estimated cost of taking over the distributing agencies of the
old companies.
FUTURE POLICY.
The past five years have been a: period of continuous
growth, during which your Company has established its
position in the implement trade. Its volume of sales increased from $821,000 in 1907 to $17,597,431 26 in 1912 (this
latter figure including the volume acquired by the purchase
of the business of the Advance and Gaar-Scott plants,
amounting in 1911 to $5,344,661). This twenty-fold increase in volume was accompanied by a fifteen-fold increase
in its capital and surplus from $1,359,307 63 to $21,499,130 60.
The volume of business now attained by your Company is
sufficient to form the basis of a national sales organization
with a trade dense enough to attain a low-unit cost of manufacture and distribution. The present and future policy of
your Company is to secure the greatest margin of net profit
from the volume attained.
A. J. R-UMELY, President.
La Porte, Indiana, April 2 1913.
COMBINED PROFIT AND LOSS ACCOUNT OF THE M. RUMELY
COMPANY,THE RUMELY PRODUCTS COMPANY AND THE
NORTHWEST THRESHER COMPANY FOR THE YEAR
ENDING DECEMBER 31 1912.
Males
Less—Discount, Freight and Duty
Interest and Miscellaneous Income
$17,597,431 26
2,453,561 46
$15,143,869 80
586.164 77
Manufacturing, Selling and General Expenses
$15,730,034 57
13,032,777 12
Bad Debts and Notes
$2,697,257 45
319,391 62
Interest and Discount
$2,377,865 83
553,365 45
Net Profit
$1,824,500 38
There is included in the above $3,960 of profits of the Rumeiy Products
Company and 3342,809 16, representing net earnings of the Northwest
Thresher Company for the ten months prior to its purchase by the M.
Rumely Company on November 1 1912. but during which period practically all of its product was marketed by the Rumely Products Company.
—The culmination of 11 years of highly successful work
in the field of industrial, mechanical, scientific and public
utilities engineering business was celebrated Saturday, Apr.5,
by the firm of Day & Zimmermann, with a reception and
"housewarming" at their new offices, 611-613 Chestnut St.,
Philadelphia. As a result of the steady growth of the large
business conducted by this firm, their Philadelphia offices
have been moved from 608 Chestnut St., which were outgrown, to the present new location, which is now formally
thrown open to the public for business. To observe the
event, a reception was tendered to guests, which included
manufacturers, bankers, railroad officials, both steam and
electric, electrical and mechanical supply dealers and friends
and clients of the company. The offices are splendidly
equipped, modern and complete throughout, and it is doubtful if there is an engineering concern in the country doing this
class of work with better arranged or equipped offices. The
firm originally occupied offices in the Drexel Bldg. prior to
1907, and since that time has been located in the Washington Bldg., 608 Chestnut St. The rapid growth of their
business required still further additional space, so that the
move to the present location was made necessary, the firm
now occupying all but the first floor of the four-story building, which was entirely reconstructed to meet the requirements. Day & Zimmermann also maintain a branch New
York office at 43 Exchange Place, and, of course, offices at
the various properties which they control in various sections.
The business of this concern was started in 1902, and at the
beginning had largely to do with the re-arrangement of equipment in industrial plants, together with the application of
motors to machine tools. This work naturally led to the
study of the industrial problems involved in their entirety.
Having perfected an organization to handle this work, which
included many large industrial power plants, the firm gradually developed the business in power plant work for public service properties, and this necessarily led them into the
transmission and distribution of power by these companies,
and finally into the management and administration of public utility properties, which has become a large and important
feature of the work, and which now extends to and includes
avnumber of cities and towns and which work is constantly
growing. Thefirm of Day and Zimmermann is composed of
Charles Day and John E. Zimmermann, both of whom are
well-known residents of Philadelphia, and extensively and
favorably known in the engineering and industrial world
generally.
—The new firm of Moore, Leonard & Lewis was formed
on April 1 to succeed Darr & Moore, 115 Broadway. Joseph
H. Moore and Charles R. Leonard of the old firm of Darr &
Moore, with Bernard Wesley Lewis and Jere Macgonigle,
[VOL. xcvi.
M. RUMELY COMPANY AND RUMELY PRODUCTS COMPANY,
La Porte. Indiana.
COMBINED BALANCE SHEET DECEMBER 31 1912.
ASSETS.
Patents
$1,656,036.10
Discount on Securities Sold and expense in connection
with reorganization
338,407 46
Fixed Assets, consisting of factory land, buildings and
equipment at La Porte, Richmond, Battle Creek and
Stillwater: and Branch real estate and equipment
6,938,049 74
Investments—
Canadian Rumely Company Stock at Cost_ $700,360 00
Indiana Manufacturing Co. Stock at Cost_
104.200 00
Miscellaneous Stocks and Life Policy
42,280 00
846,840 00
Current Assets—
Merchandise Inventories at Cost
$11,324,224 37
Prepaid Interest and Unexpired Insurance_
282,396 55
Notes Receivable and A.ccrued Interest
$8.122,621 39
Less—Commission Certificates! 269,317 29
6,853,304 10
Accounts Receivable, less reserve
2,065,127 67
Cash in banks and on.hand
1,213,625 62
21,738,678 31
Deferred Charges—
Estimated cost of reorganizing factories,
eliminating duplicate lines of machinery,
etc
3400,000 00
Estimated cost of establishing new lines of
machinery salable during the dull season
250,000 00
650,000 00
$32,168,011 61
LIABILITIES
Capital Stock—M. Rumely Company-Common—Authorized $12,000,000, Issued.$10,908,300 00
Preferred—Authorized and issued
10,000,000 00
$20,908,300 00
Capital Stock—M. Rumely Products Company—
Authorized $50,000, Issued
25,000 00
Current Liabilities—
Notes Payable
$7,785,000 00
Accounts Payable and Accrued Taxes_ _ _ _ 1,677,851 92
9,462,851 92
Reserve for Loss on Notes Receivable
1,181.0290*
Surplus and UndividedProfits—
Balance—January 1 1912
$790,769 39
Less—Deferred Charges, as per last year's
balance sheet to be written off Surplus
in 1912
351,015 90
Add—Net Profit for the year 1912
$439,753 40
1,481,691 22
$1,921,444 71
Deduct—
Dividends on Preferred Stock_$700,614 11
1911 Experimental Expense
written off
50,000 00
Estimated cost of taking over
old companies
580,000 00
1,330,614 11
590,830 6
$32,168,011 61
compose the partnership of Moore, Leonard & Lewis, organized to do a general commission business in securities.
—Under the caption "Prosperity in the Southwest,"
O'Connor & Kahler, of this city and Chicago, are advertising
six long-maturity bonds of representative cities which they
own, at prices to return 4.38 to 4.70% income. The firm
states: "One of the sections of the United States that continues its growth in wealth and population is Texas. This is
evidenced by the largest bank deposits in the history of the
State. The Texas cotton crop alone, for the year 1912,
yielded to the growers approximately $350,000,000. The
leading Texas cities are all sharing in this growth in wealth
and population."
—C. E. Mitchell & Co., investment bankers at 37 Wall
Street, this city, have purchased from the railroad company
and now offer for sale to investors $488,000 Denver & Salt
Lake Railroad Co. equipment trust 5% notes at prices to
return 55%% on the investment. The Denver & Salt Lake
R. R. Co. is the reorganization of the Denver Northwestern
& Pacific Ry. Co. For details see advertisement in to-day's
"Chronicle" and for other facts regarding this property
see news item in our "General Investment News Department." Descriptive circular upon request.
—Having sold the major portion, Chandler Bros. & Co.,
111 Broadway; Lawrence Barnum & Co., 27-29 Pine St.,
and White & Co., 30 Pine St., this city, are jointly offering
the unsold balance of the 6% 1st M.serial sinking fund bonds
of the St. Lawrence Pulp & Lumber Corporation. Price
100 and int. for all maturities, to net the investor 6%.
New York exemption tax will be refunded. For particulars
see advertisement elsewhere in this issue, and other information in to-day's "General Investment News Department."
—The new firm of Moore, Leonard & Lewis was formed on
the 1st inst., to succeed Darr & Moore, 115 Broadway.
Joseph H. Moore and Charles R. Leonard of the old firm of
Darr & Moore, with Bernard Wesley Lewis and Jere Macgonigle, compose the partnership of• Moore, Leonard &
Lewis, organized to do a general commission business in
securities.
—The April issue of "The Rollins Magazine," published
by E. II; Rollins & Sons of Boston, New York and Chicago,
isjust off the press, containing many timely articles of interest to the investing public. Free copy will be mai ed upon
application to the bankers.
—The Dominion Securities Corporation, Ltd., Toronto,
Montreal and London, has issued its quarterly bond list
recommending to investors various issues of Canadian Government, municipal and corporation bonds.
Tixt
Tranuxtraal
Times.
COTTON.
COMMERCIAL EPITOME.
Friday Night, April 11 1913.
General trade has slowed down. This is the effect of
recent wet weather, Western floods, fears of an overflow of
the lower Mississippi, and finally the natural disposition to
adopt a cautious policy pending the proposed changes in,the
tariff. The trade in textile goods has been most influenced
by such considerations. Speculation is dull. Trade is
confined for the most part to legitimate transactions. It is
now either small or of only fair magnitude, whereas recently
it was very large. High rates for money have prevailed.
The seeding of spring wheat has been delayed. The outlook
for the winter wheat erop,however, is favorable. Recent
floods have more or less disorganized the iron and steel trade,
although some descriptions of steel are in brisk demand.
At the moment American trade is feeling its way. This does
not mean necessarily that it has met with any lasting check,
but unquestionable conservatism is the dominant note.
LARD in better demand at $11 25 for prime Western;
refined for the Continent $11 85; South America $12 35;
Brazil in kegs $13 35. Lard futures have declined, but
latterly have shown more firmness. Packers have been buying. The increase in the cash trade has had its effect on futures, and the firmness of other provisions has also of late
had a somewhat stimulating influence. To-day prices advanced on buying by big interests and a Government crop
report showing a decrease in supply of nearly 7,000,000 pigs.
DAILY CLOSING PRICES
Sat.
cts_10.90
May delivery
10.85
July delivery
September delivery_ _ _10.82
1101
THE CHRONICLE
APR. 12 1.913.]
OF LARD FUTURES IN CHICAQ0.
Fri.
Wed. Thurs.
Mon. Tues.
10.95
10.85
10.75
10.65
10.85
10.85 10.95
10.773i 10.70
10.85
10.97
10.85
10.85
10.75
10.70
•
Friday Night, April. 11 1913.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipt have reached
95,205 bales, against 110,473 bales last week and 86,951
bales the previous week, making the total receipts since
Sept. 1 19128,880,425 bales, against 10,843,245 balesfor the
same period of 1911-12,showing a decrease since Sept. 1 1912
of 2,042,820 bales.
Sat.
Galveston
Texas City
Port Arthur
Aran. Pass, Sre
New Orleans
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
4,112
389
6,274
____
7,779
116
4,688
93
4,891
_-_-
7
2,698
37.896
2,474
7,118
1,I§5 1,123
1,946 '3,074 20,306
6,752 34,496
341
939
59
565 1,272 1,556 1,d5o 2,:a; 7.55
a
o t ce
?PiI tcrt
Pensacola
_
2
Jacksonville. &c.
....,.,
-----------------------2
1,8'73 2;775 2.8.i
Savannah
..67§ 2,731 1,483 14,071
2
Brunswick2,100 2.100
381
Charleston
308 2,'711
795
691
404
132
_
_ _
Georgetown _
252
Wilmington
iititi -5115 -5§15 -44'i -iiii 3,02e
1,4'70 2,16'7 1,020 1,580
Norfolk
528 1,433 8,198
_ __ _
_ __ _
_ ___
__
'
78
N'port News, &c
----135
New York135 ---30
200
____
i§
148
Boston
____
Baltimore
____
____
29'7
297
TntnIs this week_ 10.666 16.972 1.5.84:1 1 a 81.44. 10 RAR en San On ens
The following shows the week's total receipts, the total
since Sept. 1 1912, and the stocks to-night, compared with
last year:
IVIL-10.
1V11-1.Z.
6tOCk.
Receipts to
This Since Sep This Since Sep
April 11.
PORK firm; mess $22 ©$22 50; clear $$21 ig$22 50;
Week 1 1911
Week 1 1912
1912
1913
family $22 50©$24 50. Beef strong; mess $19 ©$20;
34,496 3.615,479 34.842 3.342,872 201.899 228,834
packet $21©$22; family $22©$24; extra India mess $35© Galveston
939 659,702 2,168 580,743
19,136
4,860
Texas City'
$36. Cutmeats steady; pickled hams, 10 to 20 lbs., 13M Port Arthur
____ 123,980 1 2,138 243,918 1
14%c.; bellies, clear, f.o.b. New York, 6 to 12 lbs., 15© Aransas Pass,&c. 1,123 122,320 J
20,306 1,257,344 22,525 1,522,663
95,210 116,678
New Orleans_
15%c. Butter, creamery extras, 35Me. Cheese, State Gulfport
2,850
64,984
7,950
whole milk, colored, specials, 17@173c. Eggs, fresh gath- Mobile
7,323 190,471 2.759 360,205
18,444
21.967
____ 113,782 13,000 206,217
Pensacola
ered extras, 20M ©21c.
46
14,191
2
1,443
49,001
Jacksonville, &c_
79,301 127,969
14,071 1,159,361 22,365 2,255,809
OILS.
-Linseed fairly active and steady. City, raw, Savannah
7,011
7,692
2,100 223,475 4,560 394,220
American seed, 47@48c.; boiled 48@49c.; Calcutta 65c. Brunswick
26,344
28.901
2;711 290,320 2,600 404,529
Charleston
919
110
-Cottonseed oil higher; winter 6.85@7.30c.; summer white Georgetown
14,450
23,833
3J526 ;L328,244 6,755 528,742
Wilmingtoh
6.85 ©7.49c. Cocoanut oil stronger; Cochin 11(0)11 Yo.; Norfolk
51,246
48,807
8,198 481,812 15,664 684,277
Ceylon 10.3©103'c. Chinawood fairly active at 73'@8c. N'port News,&c_
97.968 3,948
32,762
278
5,319 137,115 155,004
13,566
1351
New York
Corn steady at 5.80©5.85c. Cod steady at 40©41e.
9,382
9.225
2001 42,269
53,781
Boston
COFFEE has continued quiet, a sharp fall in futures not Baltimore....29'7 63,570 3,268 111,297
6,841
7,625
2,987
____
2,002
2,309
2,461
66
967
inducing jobbers to abandon the policy of buying from-hand Philadelphia
to mouth; No.7 Rio has dropped to 11 Ye. Mild grades have ' Total
95,2058.800.425 142,631 10843 245 681.607 773.871
also remained quiet; fair to good Cucuta 133-©1334c. Coffee futures have been very active and not without excitement,
In order that comparison maybe made with other years,
as prices have sharply declined. Foreign markets have also we give below the totals at leading ports for six seasons:
at
declined materially. Brazilian firm offers have been
lower prices. To all appearances there has been very heavy Receipts at- I 1913.
1910.
1912.
1909.
1911.
1908.
long liquidation at home and abroad and also vigorous selling
34,382
34,842
29,866
13,367
34,496
23,856
Galveston _ _
for the decline. Bears think the outlook points to abundant Texas City,&c
497
13,522
4,306
2,062
supplies and a further decline of prices. The total quantity New Orleans_ 20,306 22,525 13.301 25,535 25.173 26,248
3,621
4,834
619
2,759
1,883
7,323
Mobile
of Brazil in sight is 2,323,882 bags, against 2,261,268 a year Savannah __ _ 14.1171 • 22,365
5,545
7,302
22,161
10,127
ago. To-day prices opened higher but closed lower.
2.100
1.450
4,650
2,100
Brunswick_ _ _
348
1,453
418
234
2,600
2,711
ChariestonAc
Closing prices have been as follows:
1.251
1,224
579
7,176
April
M
May
*June
July
10.62
10.77
10.89
11.02
10.671August _ _ _11.10 11.12
10.801September 11.25 11.26
10.9110ctober_ _ _11.27 11.28
11.051November 11.27i11.29
December 11.28
January _11.28
February _ 11.28
March _ _11.32
11.30
11.30
11.30
11.33
Wilmington_ _
Norfolk
N'port N.,&c.
All others_ _ _ _
3,026
8,198
278
634
6.755
15.664
3,948
22,217
804
4,790
2,741
7,750
8,6441
948
1,402
3,191
2,648
-Raw, easier. Atlantic port receipts for the Total this wk. 95,205 142,631 37,190 82,410 121,795 69,595
SUGAR.
week were 97,990 tons against 74,593 last week and 74,821 Since Sept. L. 8,800,425 10843245 7.928.595 6,573,648 8,810,225 7.497,813
last year. Centrifugal, 96-degrees test, 3.39c.; muscovado,
89
-degrees test, 2.89c.; molasses, 89-degrees test, 2.64c.
The exports for the week ending this evening reach a total
Refined has been dull but steady; granulated, 4.30e.
of 104,341 bales, of which 30,156 were to Great Britain,
PETROLEUM,steady; barrels, 8.50©9.50c.; bulk 4.80© 2,190 to France and 71,995 to the rest of the Continent.
5.80c.; and cases 10.80 ®11.80e. Naptha, steady; 73 to Below are the exports for the week and since Sept. 1 1912:
76 degrees in 100-gallon drums, 25Me._; drums, .50 extra
Gasoline, 86 degrees 23/2c.; 74 to 76 degrees, 2534c.; 68 to
Week ending April 11 1913. From Sept. 1 1912 to AprL 11 1913.
Exported to
Exportsd to
70 degrees 2234e. and stove 21e. Spirits of turpentine, 44e.
Exports
common to good strained rosin, $5.40.
GreatConSConti- I
Great
from
neat.
Total.
Britain.France . sent. I Total. Britain. Ftanee.
-Trade has continued quiet, but prices have
TOBACCO.
been generally steady. The supply of binder is small. It Galveston
28,838 28,838 1,213,341 377,12 1,284,541,2,875,002
82,630 619,891
300 390,462 146,79
300
City
looks now as though the damage from floods in Ohio had been TexasArthur
67,643. 123,980
31,4451 24,89
exaggerated. Still, it is actually heavy, and this fact is not Port ,Ate,
8,606 37,575
12,921
16,04
Ar.Paas
lost sight of. A small business is being done in Sumatra New Orl'ns 21,060 1,421 7,815 3O.296i 629,3161 132,85 348,726 1,110,899
32,311 109,466
4,421 51,5931 25,56
Mobile _ _ 4,421'
tobacco. Trade in it would be larger, no doubt, but for the Pensacola
22,258 34,791 56,733 113,782
12,168 119,261 62,86 542,524 724,654
537
high prices asked. Thequality, however, is admittedly Savannah_
11,6311
105,419
90,76 196,187
Brunswick
very good. Cuban leaf is in moderate supply and meets Charleston _
5,00 138,75 204,051
6,20(1 6,200 60,292
93,466 59,673 138,98 292,124
with a brisk demand.
Wilm'ton
1
14,99
50
53,453 68,949
Norfolk
COPPER more active and higher. Lake 15%©15
29]
281
N'port N's_
electrolytic 15%©15%c.; liberal sales are reported for June New York. 507 769 5,2981 6,5741 192,401 41,85 126,21 360,476
149,398
78 3,709 140,04
9,3
firm at 4832c. spot. Boston _ _ _ 3,631
and July delivery. Exports large. Tin
/
34,154
28,31
3.994!
1,8
Baltimore
:Lead 4.35e. Spelter 5.75c. Pig iron active at easier prices Philadel
41,311
7,05
34,261
507
507
nominally $16 75©$17; Ftland, Me
in some cases; No. 2 foundry East
189,34 189,340
11,491 11,491
Southern No. 2 $13 ©$13 50. Recent floods have hampered San Fran _ _ I
78,537 78,537
344
3441,
.
trade in Ohio and Western Pennsylvania. There is much in- Seattle _
terest in proposed changes in the tariff. Some. say they - Total_ _ _ _ 30,155 2,190, 71,995,104,346,116,272 929,811 3,284,491 7,330,574
cannot harm the large concerns and perhaps none, not even Tot.1911-12 70,695 32,863 111,258 214,814 3,892,089 1,080,433 4,450,03 9,422.558
the smallest. Finishing mills are running at full capacity.
-N Y.exports since Sept. 1 include 19,350 bales Peru, arc., to Liverpool.
Note.
Many blast furnaces banked or blown out during the recent
resumed operations, though small concerns will
In addition to above exports, our telegrams to-night also
floods have
suffer. A big demand prevails for light rails and wire. give us the following amounts of cotton on shipboard, not
'Railroads are expected to buy considerable quantities of cleared, at the ports named. We add similar figures for
track material and structural steel for repairing washouts.'New-York.
1102
THE CHRONICLE
April 5 to April 11Middling uplands
Sat. Mon. Tues. Wed. Thurs.
12.60 12.60 12.60 12.60 12.50
Fri.
12.50
NEW YORK QUOTATION FOR 32 YEARS.
The quotations for middling upland at New York on
April 11 for each of the past 32 years have been as follows:
1913_c
1912
1911
1910
1909
1908
1907
1906
12.50
11.45
14.70
15.10
10.25
10.25
11.00
11.80
1905_c
1904
1903
1902
1901
1900
1899
1898
8.05
14.90
10.50
9.25
8.31
9.81
6.19
6.19
1897_c
1896
1895
1894
1893
1892
1891
1890
7.44
7.88
6.56
7.62
8.38
7.00
8.94
11.60
1889..c
1888
1887
1886
1885
1884
1883
1882
10.50
9.81
190..2652
11.06
11.81
10.06
12.06
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday-__
Monday ___
Tuesday ___
Wednesday_
Thursday __
Friday
Quiet
Quiet
Quiet
Quiet
Quiet, 10 pts. dec..
Quiet
Total___ _
Futures
Market
Closed.
SALES.
Contr'ct Total.
Spot.
Quiet
Steady
Steady
Steady
Steady
Steady
100
I
100
?I cll 21'1
;
',
4
v
'
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41
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Thursday,
April 10.
Friday,
April 11.
.'52?
7
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_L!
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Wednesday,
April 9.
If.ti
...406
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.
Monday,
April 7.
Speculation in cotton for future delivery has been on a
small scale during the week at gradually declining prices.
No marked decline has taken place and at one time there
was a rally, but for all that the trend has been downward.
There has not been any very aggressive trading, however,
on either side. The things which have tended to prevent
any very marked decline have been heavy rains-nearly ten
inches in thirty-six hours at Little Rock, Ark., in Louisiana,
Oklahoma, Arkansas, Mississippi and Tennessee. A break
has occurred in the Mississippi levee at Wilson, Ark., and
also at the St. Francis basin 23 miles below Memphis.
Reports were current at one time on Friday that the levee
had broken at Beulah, Miss., half way between Memphis and
Vicksburg, but this proved to be untrue. Liverpool prices, on
the whole, have been well maintained. Liverpool has bought
quite a little cotton here on straddle operations. Large Wall
Street operators bought October freely on Wednesday.
Leading spot interests have been buying July if they sold
May. The South has bought the new-crop months to some
extent at the current discounts, particularly when the Mississippi River at Memphis reached the unprecedentedly high
stage of 46.5 feet. Liverpool at times has also bought the
new-crop months. Earlier in the week the spot sales at
Liverpool reached 10,000 bales a day. The cotton trade
across the water has been watching the news from the cotton
belt and the Mississippi River with undisguised interest.
Spot markets have remained steady. Exports at times have
shown some tendency to increase a little. New Orleans
operators on Friday were bidding for large blocks of July:
The steady decrease in the visible supply was
naturally viewed with satisfaction by bulls. There
are those who think that there are too many bears and
that the chances and uncertainties of the season will very
likely cause weather scares and certain upturns in prices from
time to time. On the other hand, however, there has been
some uneasiness on account of the proposed reduction in the
• tariff on cotton goods. This is more noticeable, it would
seem, among the Southern spinners than among those of New
England. Silver has latterly been declining in London.
That, of course, reduces the buying power of the Far East.
The effects of the Balkan War are still apparent on the trade
of the Continent of Europe in cotton goods. Business in
cotton fabrics in this country has recently shown
a tendency to slow down, preparatory to an adjustment to a reduction in the tariff. Within the last few days
the Mississippi River at Memphis has been falling. The
weather has also become more favorable. Buyers early in
the week have latterly become sellers. The May premium,
which was recently 15 or 16 points over July, has latterly
fallen to as low as 1 point. It ended yesterday at 2 points.
This is believed to be the effect of persistent selling by certain large spot interests. New Orleans and Memphis at
times have been good sellers. Several spot houses have been
selling not only May but other months. Crop reports have
been on the whole favorable. To-day prices were nearly
stationary. The Mississippi within 24 hours has fallen 1.8
feet at Memphis. The prediction was for fair weather over
the Western belt and Eastern Gulf States, with rain elsewhere and frost in Texas. Spinners' takings show a tendency
to decrease. Forwardings to spinners from Liverpool fell
• off noticeably for the week. Spot cotton closed at 12.50c.
for middling uplands,showing a decline for the week of 10 pts.
The official quotation for middling upland cotton inthe
New York market each day for the past week has been:
FUTURES.
-The highest, lowest and closing
New York the past week have been as follows: prices at
Saturday,
April 5.
On Shipboard, Not Cleared for
Great
GerOther CoastApril 11 at- Britain. France. many. Foreign wise. Total. Leaving
Stock.
New Orleans__ 10,959
330 3,390 7,975
768 23,422
71,788
Galvesto
1'
4
198 16,681 3,425 72,384 129,515
Savannah------------------90_
---__-2,900
400 4,200
75,101
Charleston
____
____
28.901
Mobile
1,445
--_- 8,841
--__
828 11,114
7,330
Norfolk
20,034 20,034
31,212
New York.._
500
300
300 2,000
_--- 3,100 134,015
Other ports_ - _ 5,000
-___ 7,000 2,000
____ 14,000
55,491
Total 1913_ 49,661 4,953 36,629 31,556 25,455 148,254
Total 1912.. 54,925 24.087 26,815 30.129 22,579 158,535 533,353
615,336
Total 1911
18.5142
A 95A 14:1 nal 1249R
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THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
April 11Stock at Liverpool
Stock at London
Stock at Manchester
1913.
1912.
1911.
1910.
bales.1,246,000 1,363,000 1,113,000 737,000
4,000
3,000
7,000
5,000
86,000
97,000 100,000
53,000
Total Great Britain:stock
1,336,000 1,463,000 1,220,000 795,000
Stock at Hamburg
14,000
7,000
7,000
7,000
Stock at Bremen
481,000 646,000 253,000 291,000
Stock at Havre
359,000 359,000 320,000 322,000
Stock at Marseilles
2,000
4,000
2,000
2,000
Stock at Barcelona
31,000
27,000
22.000
7,000
Stock at Genoa
24,000
54,000
57.000
3,000
Stock at Trieste
29,000
13,000
9.000
5,000
Total Continental stocks
940,000 1,113,000 667,000 657,000
Total European stocks
2,276,000 2,576,000 1,887,000 1,452,000
India cotton afloat for Europe- _ - 68,000
84,000 134,000 217,000
Amer. cotton afloat for Europe_ 300,141 603,986 211,382 222,565
Egypt,Brazil,&c.,aflt.for Europe-. 38,000
37,000
37,000
20.000
Stock in Alexandria, Egypt
221,000 225,000 199,000 129,000
Stock in Bonbay, India
855,000 674.000 580.000 718,000
Stock in U. S. ports
681,607 773,871 466,543 481,752
Stock in U. S. interior towns_ --.. 547,991 375,274 438,585 424,186
U. S. exports to-day
42,081
300
1,831
19,607
Total visible supply
4,988,039 5,391,212 3,955,341 3.784,110
Of the above, totals of American and other descriptions aro as follows:
American
Liverpool stock
bales.1,058,000 1,253,000 993,000 672,000
Manchester stock
60,000
58,000
82,000
41,000
Continental stock
905.000 1,082,000 621,000 617,000
American afloat for Europe
300,141 603.986 211,382 322,565
U. S. port stocks
681,607 773,871 466,543 481,752
U. S. interior stocks
547,991 375,274 438,585 424,186
U S. exports to-day
42,081
300
1,831
19,607
Total American
3,551,039 4,190,212 2,814,341 2,578,110
East Indian, Brasil. &c.
Liverpool stock
188,000 110,000 120,000
65,000
London stock
3,000
4,000
5,000
7,000
Manchester stock
28,000
37,000
12,000
18,000
Continental stock
35,000
40,000
31,000
46,000
India afloat for Europe
68,000
84,000 134,000 217,000
Egypt, Brazil, &c., afloat
38,000
20,000
37,000
37,000
Stock in Alexandria, Egypt
221,000 225,000 199,000 129,000
Stock in Bombay, India
S4 855.000 674,000 580,000 718,000
Total East India, &c
1,437.000 1,201,000 1,141,000 1,206,000
Total American
3,551,039 4,190,212 2,814,341 2,578,110
Total visible supply
4,988,039 5,391,212 3,955,341 3,784,110
Middling Upland, Liverpool
6.44d.
6.95d•
7.96d.
7.81d.
Middling Upland,New York
11.65e.
12.50c.
14.85c.
Egypt.Good Brown, Llverpool
10d.
10.50d.
Iwo. 15.25c.
16}id.
Peruvian, Rough Good,Liverpool 9.90d. '9.10d. 11.25d. 11.00d.
Broach, Fine, Liveripool
6tAd. 5 15-16d.
7;id.
7Hd.
Tinnevelly, Good, Liverpool........
6d.
5Nd•
73d. 7 1-16d.
Continental imports for the past week have been 86,000
bales.
The above figures for 1913 show a decrease from last
100 week of 138,888 bales, a loss of 403,173 bales from 1912, an
excess of 1,032,698 bales over 1911 and a gain of 1,203,929
100 bales over 1910.
THE CHRONICLE
APR. 12 1913.]
1103
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f Shiprnents.
Week. I Season. I Week.
q°°
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57,97716,638,9101 78,3271547,991 74,025
I
NEW ORLEANS OPTION MARKET.
-that
-The highest,
AT THE INTERIOR TOWNS the movement
is, the receipts for the week and since Sept. 1, the shipments lowest and closing quotations for leading options in the New
for the week and the stocks to-night, and the same items Orleans cotton market for the past week have been as follows:
for the corresponding period for the previous year-is set
Sat'day, Monday, Tuesday, Wed'day. Thursd,y. Friday;
out in detail below.
,
z000ie4 E.
1
+,
6
t.
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3
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- .
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t12,
WV1
/
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0C4mD00401:40',4010=4(a,
.
*Last year's figures are for Louisville, Ky.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE SEPT. 1.
overland movement for the week and Once Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
-1912-13Since
Week. Sept. 1.
7,844 475,424
__-- 218,252
18,914
69,361
475
965 119,216
961 113,908
12,482 313,380
Total gross overland
Deduct Shipments
Overland to N. Y.,Boston,&c
Between interior towns
Inland,&c.,from South
-1911-12-Since
Week. Sept. 1
13,742 553,385
a1,157 0222,322
6,399
637
4,204 139,511
3,072 111,367
3,482 175,951
7,693 395,585
22,727 1,328,455
April 11ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes,&c
33,987 1,604,520
632
6,273
892
7,797
Total to be deducted
Leaving total net overland*
121,866
107,760
77,478
307,104
6,321
5,691
706
12,718
14,930 1,021,351
171,364
87,738
40,673
299,775
21,269 1,304,745
* Including movement by rail to Canada. a Revised.
The foregoing shows the week's net overland movement
has been 14,930 bales, against 21,269 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 283,394 bales.
-1912-13
1911-12
Since
Since
In Sight and Spinners'
Week.
Sept. 1.
Sept. 1.
Week.
Takings.
95,205 8,800,425 142,631 10,843,245
Receipts at ports to Apr. 11
21,269 1,304,745
14,930 1,021,351
Net overland to April 11
South'n consumption to Apr. 11_ _ 58,000 1,792,000 56,000 1,620,000
168,135 11,613776 219,900 13,767,990
274,837
*20,350
450,955 *27,105
Total marketed
Interior stocks in excess
, (:)za(i Ri t:g hghigl
a
l i s t during week_ _..147,785
ir
12,064,731
North'n spin's takings to Apr. 11.. 15,934
19
2 795 14, --'
- 42;85'7
0
2,143,274
56,016 2,160,013
* Decrease during week.
Movement into sight in previous years.
Bales. I Since Sept. 177,628 1910
-11-April 14
102,781 1909 -April 15
-10
143,604 1908-09
-April 16
Week1911-April 14
-April 15
1910
-April 16
1909
Bales.
10,760,291
9,312,969
12,011,781
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing .
OTHER MARKETS.
quotations
of middling cotton at Southern and other principal cotton
markets for each day of the week.
Week ending
April 11.
Galveston
New Orleans
Mobile
Savannah
Charleston
Wilmington
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock
Closing Quotations for Middling Cotton on
Sat'day. Monday. Tuesday. Wed'day. Thursd'y. Friday.
12 11-16
12 9-16
12%
12%
12%
12%
12%
12%
12.85
12 9-16
12%
12%
12%
12%
12%
12%
12g
12%
1234
12%
1234
12.85
12 9-16
12
12
12
12
12 11-16
12%
12%
12%
12%
12%
12%
12%
12.85
12 9-16
12%
12%
12%
1231
1234
12
12
12
12
12
12
12
12.85
12 9-16
12 11-16
12
12
1234
1234
1234
12%
12.75
12 9-16
12%
12
12
12341-16 12
12
1234
12 11-16
12%
12%
12%
12 3-16
12
12
12 8
,
12.75
12
12
12
12
12
April 5. April 7. April 8. April 9. April 10. April 11.
April
g neg
Closing
May
Range
July
gloansfng
--.
Aig,
Closing
ne
Sevt.Ijlacksnrig
Oct.
Range
Closing
Dec.ganfneg
Closing
Jan.Closing
sn
Tone
Spot
Options
a _ _ 0 _ ...._
a ..._ _ (a 12.38-.45 12.32-.37 12.37-.42 12.57 12.36-.41 12.36-.40
12.45-.51 12.36-.45 12.43-.49 12.54-.64 12.47-.61 12.44-.52
12.48-.49 12.41-.43 12.47-.48 12.63-.63 12.49-.50 12.46-.47
12. -.35 12.26-.35 12.34-.39 12.43-.53 12.36-.49 12.30-.38
12.39-.40 12.33-.34 12.37-.38 12.52-.53 12.37-.38 12.33-.34
12.23 -12.03 -12.07 -12.18-.21 12.06-.19 11.98-.06
12.16-.18 12.07-.08 12.10-.12 12.22-.24 12.05-.07 12.03-.04
-- 11.64
-- 11.78 -11.68-.6969
11.61-.71 11.63-.64 11.61..70 11.80-.82 11.67-.69 11.61.68
-11.58-.62 11.49-.56 11.54-.59 11.64-.71 11.57-.68 11.54-.59
11.59-.60 11.53-.54 11.58-.59 11.71-.72 11.57-.58 11.55-.56
11.61-.64 11.53-.6() 11.60-.61 11.67-.73 11.59-.69 11.57-.61
11.63-.64 11.56-.57 11.61-.62 11.73-.74 11.58-.59 11.57-.58
- @ -11.56 -11.61
11.71 -11.60-.70- 0 61
11.63-.64 11.56-.57 11.61-.63 11.75-.77 11.60-.61 11.59-.60
Steady
Steady
Quiet
Steady
Steady
Steady
Steady
Steady
Quiet
Steady
Quiet
Steady
HIGH WATER IN THE MISSISSIPPI.
-As a result of
the high water in the Mississippi River, there have been
several breaks in the levees within the last few days. The
first break occurred at Columbus, Ky., on March 31, and by
April 5 water was pouring through the old crevasse at Drinkwater, Mo. On the 8th the embankment at Graves Bayou,
Ark.,
Ark. gave way,flooding, it is stated, portions of Crittenden,
and Lee counties in that State; and on the 9th
St.
the levee at Wilson, Ark., succumbed. Latest reports do
not indicate any further breaks in the cotton region, but advices indicate that the levee at Beulah, Miss., 120 miles
north of New Orleans, which has given way twice in the past
year-in April 1912 and in January last-is weakening. A
break at Beulah will flood considerable cotton and sugar
territory. Fear of the flood at New Orleans has caused
extraordinary efforts to be made to strengthen the levees
there. A press dispatch of yesterday states, in fact, that a,
special train loaded with steel piling left Pittsburgh at express speed in the morning with the hope that it will reach
New Orleans in time to save that city from the rapidly rising
waters of the Mississippi. The Government officer in charge
of the train expected to cover the distance in time to beat
the flood waters to the points endangered. Every preparation has already been made to run the cars to the exact spots
where the piling will be driven.
WEATHER REPORTS BY TELEGRAPH.
-Telegraphic
reports to us this evening from the South are on the whole of
a satisfactory character. Good progress has been made with
farm work and planting is going ahead as rapidly as possible
in most sections. The Mississippi River is at a very high
stage, but is now falling at Memphis. There have been some
breaks in the levees, but as yet no serious crevasses in cotton
territory.
Galveston, Tex.
-Beneficial rains have fallen throughout
Texas, conditioning the soil for this year's crop. Reports
from the Rio Grande section indicate that damage done to
new cotton by extreme cold weather will not materially
curtail yield there. Planting is progressing as rapidly as
possible. It has rained on one day during the week, the
rainfall reaching one inch and thirty-two hundredths. Average thermometer 64, highest 73 and lowest 54. March rainfall 1.43 inches.
Abilene, Tex.
-We have had rain on one day of the past
week, the rainfall reaching fifty-four hundredths of an inch.
Month's rainfall 1.26 inches.
Palestine, Tex.
-There has been rain on three days during
the week, the rainfall being one inch and forty-three hundredths. Lowest thermometer 42. March rainfall 2.69
inches.
-Rain has fallen on three days of the
San Antonio, Tex.
week, the rainfall reaching fifty-one hundredths of an inch.
Minimum thermometer 44. Month's rainfall 1.36 inches.
-There has been rain on three days the past
Taylor, Tex.
week, the rainfall reaching fifteen hundredths of an inch.
Lowest thermometer 40.
New Orleans, La.
-There has been rain on one day of the
past week, and the rainfall has been one inch and ninety-six
hundredths. Thermometer has averaged 67.
Shreveport, La.
-We have had rain on two days during the
week, to the extent of two inches and thirty-five hundredths.
Average thermometer 64, highest 79, lowest 48.
Vicksburg, Miss.
-We have had rain on one day during the
week, the precipitation being one inch and fifty-six hundredths. The thermometer has averaged 64, the highest
being 80 and the lowest 47.
-The river is near high-water mark, but will
Helena, Ark.
do no damage to Helena. There has been rain (thunderstorms)on two days the past week,to the extent of five inches
and fifty-six hundredths. The thermometer has averaged
58, ranging from 40 to 75.
-It has rained on two days of the week,
Little Rock, Ark.
the precipitation being nine inches and sixty hundredths.
Average thermometer 57, highest 76, lowest 38.
THE CHRONICLE
1104
44
[VOL. xcvi.
MANCHESTER MARKET.
-Our report received by
-The river is 44.7 feet on the gauge, or
Memphis, Tenn.
'9.7 feet above the flood stage and falling. There has been cable to-night from Manchester states that the market i8
Spinners are
rain on three days of the week, the precipitation being three firm for yarns and steady for shirtings.
inches and ninety-eight hundredths. Minimum thermom- considered to be well under contract. We give the prices for
to-day below and leave tho§e for previous weeks of this
eter 46, maximum 71 and average 59.
-Planting on uplands is making fine progress, and last year for comparison:
• Mobile, Ala.
but bottoms are too wet to work. It has rained on two days
of the week, the precipitation being two inches and ninety1917.
1913.
1
eight hundredths. Average thermometer 66, highest 76,
83( lbs. Ani- Cot's
83( lbs. Shirt. Col'
lowest 49.
mas, common Mid
lags, common Mid.
32: Cop
32: Coo
Uprs
to finest.
Co finest.
Uproi
Twist.
Twist.
• Montgomery, Ala.
-Weather has been favorable during the
week and planting is general. Half an inch to an inch of
s. d.
s. d. d. 6.
d. 8. d.
8. s. d.
Feb.
rain in this territory yesterday was beneficial.
I.
5.93
21
61.10
5 7346411
6
Selma, Ala.
-We have had rain on three days of the past 28 10 @ 10% 6 334011 8 6.77 9 15-18y0 10 5 7%011 1 6.91
334011 8
10%
6.898
1
10
week, the rainfall reaching two inches and ten hundredths. Mcb
6.81 9 1-18
O 10% 8 3%011
7 9%
1034 5 9 011 2% 8.03
The thermometer has ranged from 44 to 80, averaging 62.
6.850 3-18 (0103-16 5 1034011 234 8.18
O 10% 8 3 011 8
14 9%
0.91 9 3-18 0103-18 5 10346411 234 8.11
Savannah, Ga.-It has been dry all the week. Mean ther- 21 10 64 11 6 3 011
8.94 9 5-18 0 1034 8 0 011 3
11% 8 3 011 8
8.17
28 10%
mometer 66, highest 83, lowest 50.
Apr.
6.080 5-18 0 10%
Charleston, S. C.
-There has been rain on two days the
8.17
0 011 3
4 103-16 all 346 6 3 011 6
IPA 6 3 @II 8
0 103.1 6 1 011 4%_23.44
.
6 06 934
11 10/, (u)
,
past week, the rainfall reaching seven hundredths of an inch.
The thermometer has averaged 64, ranging from 48 to 80.
SHIPPING NEWS. As shown on a previous page, the
-There has been rain the past week, the
Charlotte, N. C.
rainfall reaching thirty-five hundredths of an inch. The exports of cotton from the United States the past week have
thermometer has ranged from 42 to 78, averaging 60.
reached 104,341 bales. The shipments in detail, as made
mail and telegraphic returns, are as follows:
- up from
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Total bales.
The following brief but comprehensive statement indicates NEW YORK
507
-To Liverpool-April 9-Laurentic, 507
769
-Singapore. 678 upland, 91 Sea Island_- _
To Havre-April 9
at'a glance the world's supply of cotton for the week and since
500
-Prinz Friedrich Wilhelm, 500
-April 7
To Bremen
Sept. 1 for the last two seasons, from all sources from which
500
Rotterdam-April 5- Russia, 500
To
125
-Manhattan, 125
To Antwerp-April 8
statistics are obtainable; also the takings, or amounts gone
650
To Barcelona-April 5-Emmanuele Accame, 650
out of sight, for the like period:
2,400
-Re d'Italia, 2,400
9
To Genoa-April
-San Giorgio,83 1,123
-April 4-Ivernia. 1,040__April 7
To Naples
GALVESTON-To Bremen-April 5-Alster, 4.418; Iowa, 17,858- 22,276
1912-13.
1911-12.
Cotton Takings.
-Mada1,813;_ _ _April 4
To Hamburg-April 3-Cayo Bonito.
Week and Season.
4,825
waska,3,012
Season.
Week.
! Week.
Season.
-April 7-Mongibello, 1,737
To Genoa
-City of Tampico,300
-To Mexico-Aprii 10
TEXAS CITY
5,126.927
5,521,161
Visible supply April 4_
1'370307
-April 5
-Monarch, 8,264
-To Liverpool
2,135,485
1.603,418 NEW ORLEANS
Visible supply Sept. 1
17,114
April 8
-Mechanician, 8,850
American in sight to April 11_ __' 147.785 12,064,731 192,795 14,042,827
4
3,946
92
1: 4?
To Manchester-April 8-Memphian, 3,946
62,000 1,755,000
Bombay receipts to April 10.._ _ • . 70,0001 1,872,000
To Havre-April 8-Californie, 1,421
106,000
9,000
224,000
19,000
pril
India ship'ts to April 10_ _!
To Bremen-April 5-Nessian, 3,428
3,428
948.000
7,000
983,000
4,0001
Alexandria receipts to April 9.. _ 1
To Antwerp-April 4
-Kansan. 80; Ovidia, 470
550
187,000
1,000
239,000
5,000
'
Other supply to April 9*
To Genoa-April 4-Mongibello, 3.737
To Naples
-April 4-Mong.ibello, 100
3'710307
5,372,712 17,518,216 5,792,956 18,642,245 .
- Total supply
MOBILE-To Liverpool-April 5
-Asian, 4,421
4,543271
OA Deduct1
W
-To Liverpool-April 9-m Cliff, 537
Visible suppiy April 11
,4.988,039 4,988,039 5,391,212 5,391.212 SAVANNAH
To Bremen-April 5-Narcls, 3,400
3,400
-April 5
-Astoria, 3,746: Hohenfelde, 3,618;
To Hamburg
Total takings to April 1 la
1 384.673 12,530,177 401,744 13,251,033
7,749374
Narcis, 70
1 247,673 9,879,177 294,744 10,705,033
Of which American
To Rotterdam-Apnl 5-Callisto, 797
1 137,000 2,651,000 107,000 2.546.000
Of which.other •
6,200
-Vermont, 6,200
Bremen-April 7
CHARLESTON-To B
West Indies, &c.
Europe fromBrazil,
'a*ETTitratcoetsat•eceicrats
BOSTON-To Liverpool-April 3-Sagamore, 413- __April 4mills.
a,
consumption b
embraces
3,631
Ultonia, 2,746; Winifredian, 472
atrings
-12
1,792,000 bales in 1912-13 and 1,620.000 bales in 19151 -takings
78
To Genoa-April 4-Crette. 78
-and the aggregate amounts taken by Northern and SAN FRANCISCO-To Japan-April 1-Ikalia. 10,085___April 4
being available
foreign spinners, 10,738,177 bales in 1912-13 and 11.631,033 bales in
11,491
-China,1.406
1911-12, of which 8,087.177 bales and 9,085,033 bales American.
344
PORT TOWNSEND-To Japan-April 8-Shidzuoka Maru, 344..
INDIA COTTON MOVEMENT FROM ALL PORTS.
104,341
Total
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
-By cable from Liverpool we have the
LIVERPOOL.
;
4
Sept. 1 for three years have been as follows:
following statement of the week's sales, stocks, &c., at
that port:
1910-11.
1911-12.
1912-13.
April 4. April 11.
Mar. 21. Mar. 28.
April 10.
32,000
47,000
48,000
30,000
Sales of the week
Since
Since
.
Since
Receipts at
3,000
3,000
2,000
3,000
Of which speculators took_
Week. I Sept. 1. Week. Sept. 1. Week. Sept. 1.
1,000
Of which exporters took..
26,000
37,000
26,666
37,666
70,000'1,872,000 62,000 1,755,000 60.000 1 730 000 Sales, American
Bombay
4,000
4,000
6,000
11,000
Actual export
74,000
45,000
97,000
64,000
Forwarded
.352,0
1,331,000 1,281,000 1,246,000
Since September 1.
Total stock-Estimated
For the Week.
1,185,0oo 1,142,000 1,099,000 1,058,000
Of which American
Exports
42,000
53,000
Japan 1
53,000
Cont Great
27,00
Total imports of the week_ _ _ _
Great Conti- Japan
from29,000
39,000
18,000
nent. de China., Tote.
14,000
Of which American
nent. &China! Tota1.1 Britain.
Britain.
120,000
117,000
122,000
116,000
Amount afloat
88,000
84,000
I
88,000
77,000
Of which American
!Bombay
18 000 218 000 61000l 842 000
1912 13....
i,000l 500185,000 71 000
,
5,000 175,000 825,000 805,000
The tone of the Liverpool market for spots and futures
4,001 75,000 79,000
1911 12_
1910 11.. - 1;66- 18,001 18.000 40 0001 29,000 587,000 370,000! 980,000 each day of the past week and the daily closing prices of
'Calcutta
3,000
10,000
11,00Q 24,000 spot cotton have been as follows:
1,0001 2,000
1912 13_
14 500
2 500
10 000
2 000
1,000
1,001
1911 12
3,000, 24.000' 18,000, 45,000
5,0001 6,000
1 000
191011_
Friday..
Tuesday. Wednesday. Thursday.
Saturday. Monday.
Spot.
•
Madras
22,000
18,000
4,000
1,000
1.00
1912 13_ _
Fair
Fair
800
2,000
Market,
5,000;
1
1911 12
Quiet.
Moderate
business
business
Quiet.
276;002
Quiet.
12:15
8,000i 18,000,
' 1910 11
demand.
doing.
doing.
1
P.M.
All others
10,0001 111,000j 57,000 178,000
9,000 7,00 18,000
1912 13_ _
6.95
7.00
6.98
6.95
18 700! 83 700 Mid.Uprds
6.99
7.00
5 000 62 000I
8 000
8,000
1911 12
, 57,000! 178,000
10,000 111,000
7,001 16,700
9 00
1910 IL_
7,000
8,000
10,000
- Sales
10,000
-1
10,000
6,000
500
800
500
1,000
800
300
Spec..texp.
• 1
'Total all
1,00 18,00 73,000 90,000 33,000 355,0001 878,0001 1066,000
1912 13
0
Quiet, Quiet,unch.
Quiet,
Steady,
Futures. Steady at Quiet at
14,000 252.000, 845,000 911,00
13,00 75,000 88,000
1911 12
67,000 808.000. 393,005!1,288,005 Market } 1 point gen. 1 pt. %01 pt. 101% PM to 134 pt. 0/15 pts.
5,00 27,000 28.700 58,700
1910 II
decline.
decline.
advance. advance. advance.
advance.
opened
inAccording to the foregoing, Bombay appears to show an
Steady,
Quiet,
Quiet at Quiet,tinch. Very sty.,
Steady,
Market.
'
1%03% 3%05 pts. to 1% pts. 33405 pts. 13402 pia. 103 pts.
crease compared with last year in the week s receipts of 8,000
4
decline.
decline.
2,000
pts. adv. decline.
advance. advance.
P.M.
.bales. Exports from all India ports record a gain of
bales during the week and since Sept. 1 show an increase
The prices of futures at Liverpool for each day are given
of 155,000 bales.
below. Prices are on the basis of upland, good ordinary
ALEXANDRIA RECEIPTS AND SHIPMENTS.
clause, unless otherwise stated.
The prices are given in pence and 100lhs. Thus, 6 74 means 6 74-100d.
1910-11.
1911-12.
Alexandria, Egypt,
1912-13.
Fri.
Thurs.
April 9.
Wed.
Tues.
Aprils
Sat.
I Mon.
-f
to
1231 4
Receipts (cantars)April 11. 1251 1254 1234 4 123.1 4 1234 4 1251 4 p.m. p.m.
38,000
35,000
p.m. p.m p.m.
26,000
h„This week
3
1 .m. p.m. , p.m. p.m. p.m. p.m. p.m.
7,412,071
7,092,433
7,369,187
Since Sept. 1
d.
d.
d.
d.
d
d.
d.
d.
d.
d.
d.
d.
674 72% 70% 69 7034 72 74% 74% 72% 69% 70
April ___ _
Since
This
This Since
This I Since
Export (bales)
70 72% 7234 70% 67% 67A
672 70% 68% 67 6854
-May
Week.,Sept. 1 Week. Sept. 1. Week. Sept. 1. Apr.
70 67 67
;
672 70 68 66% 68 6934 72 72
May-Juno
669 67 65 63% 65 67 69% 69% 67% 64% 65
2.7501 179.526
--1167,386 1,250 187.363 June-July
To Liverpool
664 62 59% 58% 60 62 64% 65 63 60 6034
-Sep__
--__ 192,158 July-Aug
182,358 5.500,194,366
To Manchester
6 52% 5034 48 47 49% 50% 53 53% 5134 48% 49)i
and India_ 10.250 317.495 7,700292.785 10,000 329,418 Aug.
To Continent
6 37% 35 32 32 33% 35 38% 39 37% 35 36
-Oct _
400 98,786 Sep.
3,700 110.799 3,8001 83,472
To America
6 28% 26 23 23 24% 26 29% 30 28% 26 27
Oct.-Nov.
22 26 26% 25 22 2356
6 24% 22% 19% 19% 21
-Dec.
16,750790,178 17,000138,009 11.650 807,725 Nov.
exports
Total
623 21
18 18 19% 20% 24% 25 23% 2034 22
-Jan..
Dec.
-A cantar Is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
17 17 18% 19 23 A 24 22% 20 21
622 20
Jan.-Feb _
1934 20 2434 25 23 20 22
18 18
623 21
-Mar.
.4.Tho statement shows that the receipts for the week were Feb.
2234
19
24 22
19 20% 21% 25 2434 23% 21
-Apr.
Mar.
6,000 cantars and the foreign shipments 16,750 bales.
------
------
------
------
I
THE CHRONICLE
APR. 12 1913 1
BREADSTUFFS.
Friday Night, April 11 1913.
Flour has been quiet and trade is likely to be more or less
unsettled, owing to the fact that in the proposed new tariff
law the duty on flour will be removed. A committee of the
flour trade has gone to Washington to discuss this question.
It is maintained that if the proposed reduction in duties is
carried out, Canadian mills could undersell American mills
in the New York market. The new bill provides that the
flour shall be on the free list with the exception of 10% ad
valorem on flour imported from countries which have a duty
against American flour. Yet, with wheat latterly advancing,
quotations for flour have been pretty well maintained. At
the Northwest, however, sales have been light. Foreign business is small. First clear has been firm. The production
last week at Minneapolis, Duluth and Milwaukee reached the
total of 322,555 bbls., against 356,190 in the previous week
and 330,430 in the same week last year.
Wheat has been irregular. May has been stronger than
July. Some factors in the situation had a tendency to bring
about an advance. There has been some delay in the seeding
of spring wheat at the Northwest, owing to bad weather.
Three States there are covered with snow to the depth of 4
inches. Foreign reports have also given the impression
that Europe will have to be a large buyer. Native wheat
is scarce there. There is a steady European demand for
foreign wheat. It was large and persistent during March,
and it still continues. The absorption of imported wheat by
Europe has been something beyond precedent. It looks to
European authorities as though the total imports this season
will exceed those of two years ago,when they reached the
high record of 632,000,000 bushels. This year they
may even exceed 700,000,000 bushels. This was foreshadowed many months ago by the bad weather in Europe
and the poor quality of the wheat. To all appearances
Europe will have to continue to buy foreign wheat for some
time to come. The acreage in the United Kingdom is 3 to
4% smaller than that of a year ago. The sowing of spring
wheat there is backward. The wheat plant in France looks
thin and supplies of native wheat are so small that holders
are very firm. In Germany there was a small decrease in
the acreage and supplies have fallen off. In Russia good
wheat is very scarce. In Roumania the acreage shows a decrease of 20%. The supply of native wheat there is of fair
size, but the quality is poor and the country needs rain. In
Bulgaria the sowings are so small that famine conditions are
feared. Strong foreign markets have been a feature. Fears
of a clash between Montenegro and the Powers have en
couraged bulls. There has also been an increased
export demand. On the other hand, the world's shipments
rose to 15,488,000 bush. last week, against 13,520,000 in the
previous week and 13,888 000 last year. The Government
report on the condition of winter wheat in this country was
favorable. On April lit was 91.6
of a normal, as against
93.2 in the last December preliminary estimate, 80.6 last
April and 83.3 on the same date two years ago, while the 10
year average for April 1 is 86.3. With 32,387,000 acres
sown and the condition 91.6, the crop is figured at 535,000,000 bushels, against 399,919,000 last year and 430,656,000
two years ago. On Thursday there was 18 inches:of snow
in Nebraska. It is likely to do much good. Rains were predieted for the latter part of the week in the winter-wheat section generally, and also better weather for the Northwest.
Still, bulls have been encouraged by some things. During
the week export sales are said to have reached some 850,000
bushels. The world's wheat supply last week decreased
527,000 bushels, as against an increase in the same week last
year of 4,414,000 bushels. European markets have risen,
partly owing to higher prices in Australia and Argentina and
continued injurious rains in France. To-day showed little
net change in prices. Some further business was done for
export. The weather was better at the Northwest and seeding has begun in a few sections there.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
114
114
No.2 red
114
113
113
cts-113
May delivery in elevator
99
99% 99
99
100
98
July delivery in elevator
97
9794 981 979i 98g 977
September delivery in elevator
97
97% 969
973 96% 96%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_
92p 91
921 91N 91%
May delivery in elevator
90
9034 90%
91
90
906
July delivery in elevator
90
90%
90
89'% 90
September delivery in elevator__ _ _ 903
Indian corn has advanced with an active speculation and
a larger cash business. May has reached a new high level
for the season. The better demand coincident with prospects of a delay in shipments from the interior was the
most potent influence in raising prices. Offerings, in other
words, have been for the most part light. Wet weather
over the entire corn belt has militated against the bear
interest. It tends to delay field work and impede marketing. Also the world's shipments last week fell off to 2,984,000 bushels, against 4,308,000 in the previous week and 4,302,000 in the same week last year. For a time big operators
bought heavily. Later on they liquidated a considerable
portion of their holdings. In the fatter part of the week
the buying was not so vigorous from any source and the
cables were irregular. Also country offerings increased
somewhat. To-day prices advanced slightly on futures.
Large interests bought. The weather, however, is improving and cash prices declined in anticipation ofa larger crop
movement.
1105
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
nom. nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
64 55
56
4
S5a4t Mon. Toes. Wed. Thurs. Fri.
5
5x 5
May delivery in elevator
cts
3-4
34
July delivery in elevator
September delivery in elevator_ _ _ _ 55
5 4 574 5
6
5
6
6
7
5577% 55761 565754
Oats have advanced with corn. There have been some
fears, moreover, that the seeding of oats would be greatly
retarded by the wet weather which has latterly prevailed at
the West. Yet later in the week prices reacted on liquidation
of long holdings. Increased offerings of cash oats by interior elevator interests were a feature at Chicago. Country houses, however, are buying the distant futures, owing to
the delay in seeding. To-day prices advanced slightly after
an early decline. The weather is better but the fields are
still too wet for much progress in seeding, which, however,
will begin next week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 40
40
Standards
40
40
4034 4031
nom. nom. nom. nom. nom. nom.
No. 2 white
pr C1-VAG4i1
e4 2
DAILY CLOSING PRICES OF
,:i.
Sat. Mon.
34N 3g7 35
1
35% 354 35%
'
May delivery in elevator
34% 347
34g 35% 34% 35
July delivery in elevator
September delivery in elevator_ _ 3454 3434 343.( 3434 3434 3434
closing quotations:
The following are
FLOUR.
$3 80084 15
Winter. low grades____$3 35@i3 75 Spring clears
5 251 5 75 Kansas straights,sacks_ 4 20 4 50
Winter patents
3 75 6 05
5 4 20
Winter straights
4 50 4 60 Kansas clears, sacks...... 5 9
Winter clears
4 25 4 30 City patents
3 65t 3 90
Spring patents
4 500 4 75 Rye flour
4 00 4 75
Spring straights
4 400 4 60 Graham flour
GRAIN.
Corn, per bushel
Wheat, per bushel
-f. o. b.
elevator Nominal
No. 2
N. Spring. No. 1,
61 0234
elevator Nominal
Steamer
nom
N. Spring, No. 2,
c.i.f. Nominal
No.3
Red winter. No. 2,
1 14
Hard winter. No.2
1 0334 Rye, per bushel
66
No. 2
Oats. per bushel, newCents.
Nominal
State & Pennsylvania
Standards
4034
Barley-Malting
57©64
No. 2. white
No. 3
n
3934@40
AGRICULTURAL DEPARTMENT REPORT.
-The report of the Agricultural Department showing the condition
of winter grain on April 1 was issued on April 8 as follows:
The Crop Reporting Board of the Bureau of Statistics, United Statte
Department of Agriculture, estimates, from the reports of correspondents
and agents of the Bureau, that the average condition of winter wheat o
April 1 was 91.6% of a normal, against 80.6 on April 1 1912.83.3 on April 1
1911 and 86.3 the average condition for the past 10 years on April 1. Ther
was a decline in condition from Dec. 1 1912 to April 1 1913 of 1.6 points'
as compared with an average decline in the past 10 years of 3.6 points be
tween these dates. The average condition of rye on April 1 was 89.3% on
a normal, against 87.9 on April 1 1912, 89.3 on April 1 1911 and 90.1 the
average condition for the past 10 years on April 1. Comparisons for winter
wheat and rye States follow, figures representing per cent of normal:
Winter Wheat.
State or Division.
Vermont------------Massachusetis __________
Connecticut
New York
New Jersey
Pennsylvania
____ ___ ____ ____
____ ___ ___ ____
91
97
96
--8
9
88
85
--8
9
90
88
114
98
95
North Atlantic Div.._ _ _ 95.4 86.0 88.3 94.9
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Rye.
Condition April 1 Con- Condition April 1 Condidi10- tion
10- Hon
1913. 1912. year Dec.1 1913. 1912. year Dec.1
Awe. 1912.
Ance. 1912.
98
96
97
91
95
89
91
88
90
89
89
87
83
81
90
89
89
87
91
88
88
94
93
92
91
92
94
94
95
93
93
90
89
85
93
94
96
91
96
95
95
93
96
90
92
90
gg
97
98
96
97
97
94.1 87.1 90.4 96.8
90
91
95
90
91
93
88
90
91
91
89
89
89
91
93
85
88
96
84
90
95
96
97
94
91
92
90
92
South Atlantic Div.._ _ _ 95.7 88.1 89.0 92.4 93.3 88.7 90.2 92.3
91
63
80
95
92
72
84
93
91
61
82
92
93
72
88
94
93
62
85
94
75
94
90
95
83
80
85
86
90
86
91
88
86
92
90
88
93
93
93
95
North Central, East_ _ _ 90.6 64.5 82.7 93.5 88.2 86.1 89.5 93.1
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota -----------------------------82
90
91
90
92
93
Iowa
Missouri
93
76
93
86
95
____ ____ ____ ___.. 83
North Dakota
83
South Dakota
Nebraska
bi 91 19 --- 90
- 96
85
90
92
86
92
Kansas
North Central, West_
Kentucky
Tennessee
Alabama
Mississippi
Texas
Oklahoma
Arkansas
South Central
Montana
Wyoming
Colorado
New Mexico
Arisona
Utah
Nevada
Idaho
Washington
Oregon
California
Far Western
United States
92
93
83
87
90
95
89
90
94
89
__ _
92
91
87
92
35,
94
86
89
95
35
91.1 85.4 86.7 93.6 84.7 91.4 90.1 92,0
92
93
94
89
88
94
90
70
81
83
79
88
82
-75
86
89
89
88
82
82
87
85
89
88
85
83
92
91
92.3 80.4 84.3 88.5
93
93
94
80
96
95
95
94
94
90
72
94
95
92
91
94
93
97
97
96
98
80
-----_
----------___
_
-97
92
93
91
95
95
97
88
89
89
91
75
$2
86
86
88
90
85
88
90
86
93
87
-0
885
83
80
85
88
81
90
94
90.3 78.8 86.0 87.5
95
96
93
____
_ 99- 96
93
99
-- _
96
94
100
96
97
94
91
85
90.4 93.7 91.9 96.7
95
95
93
94
95
90
97
97
97
100
85
96
94
89
95
98
94
99
__
98
95
97
92
98
99
99
93
97
92.7 94.4 93.2 98.3
91.6 80.6 86.3 93.2 89.3 87.9 90.1 93.5
For other tables usua ly given here, see page 1065.
1106
[VOL. xcvi.
THE CHRONICLE
The visible supply of grain, comprising the stocks in packages, valued at $464,251 and since January 1 the totals
granary at principal points of accumulation at lake and are 94,817 packages and $7,172,680, these comparing with
115,249 packages and ,003,629 for the same period in 1912.
seaboard ports April 5 1913 was as follows:
UNITED STATES ORAIN STOCKS.
Trading in domestic markets for cotton goods is without
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded special
feature and prices are tending downward, this being
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
most noticeable in print cloths for nearby delivery, sales havbush, bush. bush. bush. bush. bush. bush. bush.
In Thousands66 ing been reported at concessions from recent top
71
931
48
New York
189
36
355 1,033
prices.
18.2
468
30
2
2
377
Boston
In cotton goods generally, business for the most part is conPhiladelphia
60
84
28
300
Baltimore
53
432 ____ 1,966
4
200
fined to nearby deliveries, as, in view of the tariff changes,
New Orleans
159
308
504
selling agents prefer to hold off, and buyers are not inquiring
Galveston
375
130
Buffalo
-65 139
for goods other than what are needed to supply immediate
933 ---- 1,361
ga."
127
159
afloat
requirements. There is a steady demand from retailers for
Toledo
7
266
656
Detroit
16
298
such goods as sheets, pillow cases, towellings and novelty
67
166
70
Chicago
164
6,034 - 8,749 4,388 ____
lines of wash fabrics. Certain lines of ginghams are also in
'
afloat
829
51
48
good demand, while bleached cottons are being purchased by
Milwaukee
861 -378
275
85
274 the
878
718
Duluth
456
42
14,544 3,032
underwear trade. The movement of merchandise on
72
611
"
361
3,458
afloat
old contracts continues quite liberal, and much to the surprise
322
673
74 1,357
Minneapolis
21,618
5
12
474.
St. Louis
267
2,123
of merchants, cancellations received from the flooded dis81
764
Kansas City
3,188
tricts in the West are few. Instead, inquiries for additional
24
370
310
4
Peoria
64
756
273
Indianapolis
goods are coming to hand. According to reliable reports,
76
28
1,683 1,480
Omaha
756
the territory affected by the floods is rapidly recovering to
768
912 2,635
340 normal conditions, and it is hoped that within another two
Total April 5 1913_56,771 3,717 19,726 12,254
21,494 13,115
698 1,063 2,558
316
Total Mar.29 1913...58,996 3,625
882 2,585
443 or three weeks transportation facilities will be working in fair
Total April 6 1912__49,767 7,858 14,790 13,111 3,216
_
98 1,514
Total April 8 1911_32,580 _ 10,259 12,375
shape. Cotton yarns continue quiet, with prices displaying
GRAIN STOCKS
.
CANADIAN
and convertibles are selling
Canadian Bonded
Canadian Bonded
Canadian Bonded an easy undertone. Print cloths
Rye. Barley. Barley. in a moderate way, with a number of constructions working
Wheal. Wheat. Corn. Oats. Oats.
bush. bush. bush, bush. bush. bush, bush. bush. lower. Owing to the disturbing influence of the new tariff
In Thousands20 1,651
160____
53 --Montreal
-----5,782 ____
bill, it is not likely that any activity will develop in the near
Ft.William & Pt.Arthur.14,144
440
7,499
"
afloat
.
future, and as a result some mills are inclined to force sales
---- 2,383 ____
-__4,202 ------____
Gther Canadian
____________
when it can be done quietly. Gray goods, 38%-inch stand20 10,256
Total April 5 1913_26,005 ____
53
ard, are quoted 53c.
22 9,851
Total Mar.29 1913_25,223 ---50
6 7,856
Total April 6 1912__29,368 ____
95
-Owing to the uncertainty as to the
WOOLEN GOODS.
7 6,444
__Total April 8 1911_12,454
73
date when the proposed new tariff bill, with its radical changes,
SUMMARY.
Bonded
Bonded will go into effect, markets for men's wear and dress goods
Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
bush, bush, bush, bush. bush. bush, bush. bush. are devoid of any great amount of activity. The best grades
In Thousands56,771 3,717 19,726 12,254
340 of domestic dress fabrics, however, are in quite active demand
American
768
912 2,635
26,005 ____
20 10,256
____
Canadian
53 ---- from retailers for the fall season, while there have also been a
340 number of inquiries for additional supplies of spring goods.
Total April 5 1913__82,776 3,717 19,746 22,510
768
912 2,688
316 As regards men's wear, mill agents have been more occupied
Total Mar.29 1913__84,219 3,625 21,516 22,966
698 1,063 2,608
443
Total April 6 1912__79,135 7,858 14,796 20,967 3,216
882 2,680
with the delivering of samples of goods for the spring and fall
Total April 8 1911__45,034
____ 10,266 18,819 _-98 1,587
seasons than booking new business.
FOREIGN DRY GOODS.
-Despite the unsettling influTHE DRY GOODS TRADE.
New York, Friday Night, April 11 1913. ence of the prospective tariff revision, there is a good demand
Dry goods markets have ruled very quiet during the past from jobbers for linens for fall delivery, and it is quite eviweek, the new tariff bill being the all-absorbing feature. dent that supplies in many quarters are light. Demand for
While there has been no noticeable weakening of values, the crashes has been particularly good, and with consumption
volume of new business coming to hand with jobbers is very of these goods going on in a remarkable way, the outlook is
small and limited chiefly to filling-in orders to complete that this will continue for some time to come. Business reseasonable lines. Jobbers continue to move out a substan- ceived from the flooded sections in the West has been of
tial amount of goods against overdue orders, but report an very small proportions, but as mills are well booked with busiactive inquiry only on such lines as are in short supply. ness, this has not been felt. Nothing new of interest has
Business is somewhat restricted through the tightness of the occurred in the market for burlaps, business continuing quiet
money situation, but with the April settlements over, this and prices steady. Lightweights are quoted at 6c. and
will cease to be a factor. Eastern wholesalers are consider- heavyweights at 8.75c.
ably disturbed over the long credits which Western merchants Importations & Warehouse Withdrawals of Dry Goods.
are extending to retailers in the flood-stricken districts, and
00
CO
fear that they will lose much of this business through their
ci
compete with the Westerners. Trading in all
inability to
Nt.
001
H
divisions of the market has been slow and without special
06g CO
feature. The easiest tendency in prices is found in print
cloths, but this has failed to stimulate sales. Export busi01C0ONN 00
4iNt.00 m o
hcOMON 0. Co
MM.00. O.
ness is dull, aside from moderate sales of sheetings for Red
C'
C:
W.W 000
m0N0S C.4
CO
Sea account. The situation in China continues to puzzle
V.NhN
000
.0 gS
ci
C4
and it is a matter of doubt with them whether
exporters,
it is our present scale of prices or conditions at home which is
MM ci
0M co
CO
000m
NO
mo ci 2
,
m..myy Cs
keeping Chinese buyers out of th market. However, a ".N
MM CO
CO
CO ci4
- mq Co hi
CO
45
ir-to CS hi 2,2g2410 CO CS 06, 41)
Co
due from this quarter, and may be expected r=143, *286;
good business is
t
gW.:12°° COci
ci
Co
2N 45)
.r o
at any time. Summing up the textile situation, 0,->
to develop
ci ci
01 ci
ci
is rather blue. The publication of
the outlook at present
.4 q.00 0M
1
cs0mOMN 000 co
the new tariff bill, with its startling reductions, has put an r4
m co .00 CO
110h,
OVN 0.
MNOWC. h. oo
000.
0
N0.00.
.C.VN
immediate stop to buying for forward account, as no one
WOOMMg
CO
06 00
ko
C`i •-• C4 VD
ci
seems to have any conception of what conditions will obtain,
should the same become law. Despite the shortage of suphM
00'2
ci
plies in all quarters buying for future account has come
CoCk CO
COOS
0?.
practically to a standstill, through fear of a heavy movement
60
'
co
10
40 1
0
00
.0
of foreign goods to this market and a consequent slump in çd
CS
1
'1°1
Wh Co
prices. On the other hand, mills are not accumulating
CO
material, as they, too, do not know what their future policy
CO
.14
C.00.M0
will be, and when goods are needed later on, it is a matter 0
CO'010 5V0 co
00
ci
,•••
4D.
of speculation where they will be obtained,unless the heavy
o5
o GO
voNoN ON.
MO..142 ci
C.,0
C0
Co
N
VNM
importation of foreign goods materializes. As no such X
ci
•••4
radical change in the tariff has been seen in generations, no
LOOMMC h. 00
Oh0,00
cb
CO
as
one knows what steps to take to cope with it, and it is a
gi CO
00
.4.1:coj-N
00
4
.
matter of question whether the conservatism advocated v 5
oo
CO 00
M --:"
.rocoNo
ci
everywhere is justified. It must be remembered that the m g o ;;Z;
ci CO
ci CO
ci
country is just recovering from a long period of curtailment, X m
0
with a scarcity of supplies in all quarters, and that the 0 V4
c‘r
ITZ4.%8
ci
F41%1814
00)Noom
consumption of goods is always increasing. Labor condi00.c4.t:C1
tri
m.c4m
tions in European textile markets are none too good, and N
foreign manufacturers are in no position to greatly increase A
their output, as illustrated by the present state of affairs in
the linen trade. With these things under consideration, we hi
are not so sure that merchandise will be in any too great
supply, despite a freer entry for foreign goods. Should the X
1
flood of foreign manufactured goods which is expected to
A
follow the lower tariff fail to materialize, and manufacturers
continue to curtail their output, they may find it difficult
to meet the domestic demand.
0
DOMESTIC COTTON GOODS.
-The exports of cotton
goods from this port for the week ending April 5 were 8,204
F,
-•
q-sasign
0
cti_g
°a8s0
46,359,340
CC Co
THE CHRONICLE
APR. 12 19131
STATE. AVD CITY
DEfielitinliT.
News Items.
Detroit, Mich.—Charter Amendments Adopted.—The voters of this city on April 7 declared themselves in favor of
four proposed amendments to the city charter submitted
under the "Verdier Home Rule Bill" given in full in a subsequent item under the head of "Michigan." One of these
amendments authorizes the city of Detroit to acquire by
purchase or condemnation or construction and to own and
maintain and operate street railways within the city and
within a distance of ten miles from any portion of its limits,
and to provide for the cost thereof by an issue of general
city bonds to the amount of 2% of the assessed valuation,
and other bonds upon the property and revenues of the street
railway, including a security franchise. The other amendments adopted relate to the civil service, to an increase in.
the city's bonding power, and to an increase in the borrowing capacity of the water board.
Duncan, Okla.—To Abolish Commission Form.—An election held April 1 resulted, it is said, in favor of abolishing
the commission form of government.
Durham, Durham County, No. Caro.—Commission
Form of Government Defeated.—The question of establishing
the commission form of government (V. 96, p. 889) was defeated at the election held April 1 by a vote of 82 "for" to
837 "against".
Enid, Okla.—City to Retain Commission Form of Government.—A proposition to abolish the present commission
form of government was defeated at an election held Apr. 1.
Inglewood, Cal.—Bonds Declared Invalid.—The District
Court of Appeal on April 4 upheld the action of the City
Clerk, James H. Kew, in refusing to sign an issue of $30,000
.
street-improvement bonds. It is held that the election
ordinance failed to state the necessary information as to
estimated cost, etc. An issue of $10,000 bonds for fire
apparatus was favorably voted at the same time as the street
bonds, but the Clerk had no objection to signing this issue.
.
Superior Court Judge Conroy, who is now reversed, had
directed the signing of both issues.
Michigan.—Equal Suffrage Loses—Other Amendments
Adopted.—Returns from the election held last Monday
(April 7)indicate that the proposed constitutional amendment
granting the right of suffrage to women was defeated. Four
other amendments submitted, including provisions for firemen's pensions, initiative and referendum in legislative matters, initiative and referendum on constitutional amendments
and recall of elective officers (excepting judges of courts of
record), appear to have carried.
Home Ru e Act.—On March 11 the Michigan Legislature passed an Act (No. 5 P. A. of 1913), amending Act.
.
No. 279 of the Public Acts of 1909, providing for the incorporation of cities. We print the measure in full below,
italicizing the words added to and placing in brackets those
eliminated from the Act of 1909:
(Act 5, P. A. 1913.)
The People of the State of Michigan enact:
Section 1. The title and sections 4, 18, 21, 22, 23, 24, 25, 27 and 35 of
Act No. 279, P. A. 1909, entitled "An Act to provide for the incorporation
of cities and for changing their boundaries. as amended by Act No. 203,
P. A. 1911,are hereby amended,and a new section is added to said Act to
stand as Section 38,said amended and added sections to read as follows:
TITLE.
An Act to provide for the incorporation of cities and for revising and
amending their charters.
city may in its charter provide:
Sec. 4. Each
(a) For annually laying and collecting taxes in a sum not to exceed 2% of
the assessed value of all real and personal property in the city;
_(b) For borrowing money on the credit of the city in a sum not to exceed
8% of the assessed value of all real and personal property in the city: Provided, That in cities where the amount of money which may be borrowed
is now limited by law, such limit shall continue until it shall be raised or
lowered by a [two-thirds] three-fifths vote of the electors voting on the question at a general or special election' and in such cities, bonds issued for pubfor improvements in connection with which a special assessment district is
made to pay therefor, and which are a charge upon such district, shall not
be included unless the contrary is provided by the charter, and the resources
of the sinking fund shall be deducted in determining the amount of such indebtedness. (The limit of such indebtedness shall not be increased oftener
than once in two years.) No single increase shall exceed 2% of the assessed
value of the real and personal property of the city. When a city is authorized to acquire or operate any public utility,it may,for the purpose of acquiring the same, borrow money on the credit of the city in a sum not to exceed 2%
of the assessed value of all the real and personal property of the city, and the
city may also, for the purpose of acquiring such public utility, issue mortgage
bonds therefor beyond the general limit of bonded indebtedness prescribed
by law: Provided. That such mortgage bonds issued beyond the general
limits of bonded indebtedness prescribed by law shall not impose any
liability upon such city,but shall be secured only upon the property and revenues of such public utility, including a franchise stating the terms upon
which, in case of foreclosure, the purchaser may operate the same, which
franchise shall in no case extend for a longer period than 20 years from the
date of the sale of such utility and franchise on foreclosure:[Provided, how
ever, That no city shall have power to borrow money or issue bonds imposing any liability upon the city in the purchase, construction or maintenance of a public utility for transportation purposes which liability, added
to the then existing general indebtedness of the city, shall cause the net
general indebtedness of the city to exceed 4 of the assessed value of all
the real and personal property of the city.)' And provided further, That
the charter shall provide for the creation of a sinking fund by setting aside such
percentage of the gross or net earnings of the public utility as may be deemed
sufficient for the payment of the mortgage bonds at maturity. In case of fire,
flood or other calamity, the legislative body may borrow for the relief of
the inhabitants of the city.and for the preservation of municipal property,
a sum not to exceed M of 1% of the assessed value of all real and personal
property in the city, due in not more than three years. even If such loan
would cause the indebtedness of the city to exceed the limit fixed in the
charter. No city shall have power to incur indebtedness or issue bonds of
any kind, except for emergency purposes as above stated, and bonds secured only by mortgage on the property and franchise of a public utility
which shall exceed in the aggregate 10% of the assessed value of all the
real and personal property in the city: Provided, That the cities now incorporated as fourth class cities may, while so incorporated, incur indebtedness
up to the limits contained in the Act of incorporation;
(c) For laying and collecting rents, tolls and excises;
1107
(d) For the regulation of trade, occupations and amusements within its
boundaries, and for the regulation and restriction of the territory within
which saloons where intoxicating liquors are sold at retail may be located,
but no charter shall permit the sale of such liquor in any county where such
sale is prohibited by operation of the general local option law of the State;
(e) For the punishment of those who violate its law or ordinances, but
no punishment shall exceed a fine of $500 or imprisonment for 90 days, or
both,in the discretion of the Court; said imprisonment may be in the county
Jail or city prison, or in any workhouse in the State authorized by law to
receive prisoners from such city;
(f) For the establishment of any department that it may deem necessary
for the general welfare of the city,and for the separate incorporation thereof:
Provided, however, That these provisions shall not be construed to extend
to and include public schools;
(g) For the [reasonable] use, regulation and control of the surface of its
streets, and of the space above and beneath them;
(h) For assessing and re-assessing the cost, or any portion thereof, of any
public improvement to a special district;
(i) For the purchase or condemnation of the franchises, if any exist, and
of the property used in the operation of companies or individuals engaged
in the plank road, cemetery, hospital, alms house, electric light, gas, heat,
water and power business, and in cities having not less than 25,000 inhabitants the purchase of the franchise, if any, and the property of street
railway and tram railway companies; State and county taxes shall be paid
upon such transportation property so purchased and owned by any such
city; also local taxes on any portion of such property lying outside of city limits,
the same as would be paid by private corporations: Provided. That the operation
and management of all such franchises and property acquired hereunder shall
be conducted under a system of civil service which shall be adopted by the electors voting thereon at the time of such acquisition, and not otherwise;
(j) For owning, constructing and operating transportation facilities within
its limits, and in its adjacent and adjoining suburbs within distance of ten
miles from any portion of its city limits, if, according to the next !preceding
United States Census, it had a population of not less than 25,000 inhabitants;
(k) For the purchase and condemnation of private property for any public
use or purpose within the scope of its powers; also for the acquirement, ownership, establishment, construction and operation, either within or without its
corporate limits, of public utilities for supplying water, light, heat,
transportation to the municipality and the inhabitants thereof, forpower and
commercial and municipal purposes; and for the sale and delivery domestic,
water,
heat, power and light without its corporate limits to an amount not of exceed
to
25% of that furnished by it within its corporate limits for like purposes; and
for the operation of transportation lines without the municipality and within
ten miles from its corporate limits: Provided, That the right to own or operate
such transportation facilities shall not extend to any city of less than 25,000 inhabitants, according to the last preceding United States Census. The acquirement of any such utility, together with all properties, franchises and rights
necessary for its establishment, ownership, construction, operation, improvement, extension and maintenance, whether such properties, franchises and
rights are situated within or without the corporate limits of such city. may be
either by purchase or condemnation. If by condemnation, the provisions of
Act No. 149, P. A. 1911. entitled "An Act to provide for the condemnation
by State agencies and public corporations of private property for
benefit of the public and to define the terms :public corporations,' the use or
.
agencies and 'private property,' as used herein, or such other appropriate provisions therefor as exist, or shall be made by law. may be adopted and used for
the purpose of instituting and prosecuting such condemnation proceedings:
Provided, however, That no such public utility shall be so acquired unless the
proposition to do so shall have first received the affirmative vote of 3-5 ofthe
tors of such city voting thereon at a regular or special municipal election, elecand
upon such proposition women taxpayers having the qualifications of male
electors shall be entitled to vote;
(I) For the use, by others than the owner, of property located in streets.
alleys and public places and used in the operation of a public utility, upon
the payment of a reasonable compensation to the owners thereof;
(m) For the initiative and referendum on all matters within the scope of its
powers and for the recall of its officials
(n) For a plan of streets and alleys within and for a distance of not more
than three miles beyond its limits:
(o) For the use, control and regulation of streams, waters and water
courses within its boundaries, but not so as to conflict with the law or action
thereunder where a navigable stream is bridged or dammed;or with riparian
or littoral rights without their corporate limits:
(p) For altering, amending or repealing any special Act affecting any
municipal concerns or existing municipal department, but the department
in control of the public schools shall not be construed to be a municipal department;
(q) For the enforcement of all such local, police, sanitary and other regulations as are not in conflict with the general laws:
(r) For a system of civil service;
(s) For non-partisan primaries and elections,
(t) For the exercise of all municipal powers in the management and control of municipal property and in the administration of the municipal government, whether such powers be expressly enumerated or not: for any Act
to advance the interests of the city, the good government and prospertity
of the municipality and its inhabitants, and, through its regularly constituted authority, to pass all laws or ordinances relating to its municipal concerns subject to the constitution and general laws of this State; (same as
Sub-division "S" in Act of 1909.)
(u) For the issuance of bonds of said city for the purpose of providing first
cost of installation and connection of sewers and water works on and to property
in said cities used solely for dwelling house purposes, when such installation
and connection shall be ordered by the proper health authorities, and to provide
a lien on such property for and manner of payment of, moneys so used.
Sec. 18. Any city desiring to revise its charter shall do so in the followinmanner, unless otherwise provided by charter: When its legislative body
shall by a (two-thirds) three-fifths vote of the members-elect declare for a
general revision of the charter, or when an initiatory petition shall be presented therefor as provided in Sec. 25 of this Act, the question of having a
general charter revision shall be submitted to the electors for adoption or
rejection at the next general or municipal election, or at a special election.
In case the electors shall, by a majority vote, declare in favor of such revision, a charter commission shall be elected within 60 days, consisting of
one elector from each ward and three electors-at-large, and four electors
at-large in cities haring an odd number of wards, having a residence of at least
three years in the municipality,[no city officer or employee, whether elected
or appointed, shall be eligible to a place upon said commission, or the legislative body by a three-fifths vote of the members-elect or the initiatory petition
may provide that the charter commission be selected at the same election at
which the proposition to revise is submitted; the selection shall be void if the proposition to revise is not adopted no city officer or employee, whether elected or
appointed, shall be eligible to a place on said commission. Candidates shall
be nominated by petition without reference to or designation of party affiliation,
signed in the case of the commissioner from each ward by not less than 50 electors residing in such ward, and in the case of c mmissioners-at-large by not
less than 50 electors residing in each ward in such cify, asking that the name
of the candidate designated be placed upon the ballot. The foregoing provisions
shall not be deemed to apply to nominations or proceedings or nominations
already had. The names of all candidates so nominated who have been
duly nominated as hereinafter provided) shall be placed upon a separate
ballot at the election designated to beheld for the election of a charter commission, and without their party affiliations designated; the candidate having the greatest number of votes in each ward shall be declared elected, and
the 3 candidates-at-large (or the 4 in cities having an odd number of wards)
having the greatest number of votes cast in the city shall be declared elected:
the nomination and election of the members of such commission, except as
herein specified,shall be conducted as near as may be as now provided by law
for the nomination and election of city and ward officers in the respective
cities of this State. If upon the rejection by the electors of a proposed charter, whether submitted heretofore or hereafter, or prepared or submitted under,
and pursuant to this Act or to any of the provisions of the law of which-this Act
Is amendatory or supplemental, a petition shall be filed with the legislative
body, signed by a number of eletcors equal to ten per cent of the number voting
for executive officer at the last preceding election, the legislative body shall thereupon submit such charter at the next general or municipal election with only
such changes therein as shall be necessitated therein by postponement
In taking effect. The foregoing provisions shall not be limited, restricted or
subject to any provision limiting the time when the question of adopting a revised charter may be submitted to the electors.
Sec. 21. Any existing city charter, whether passed pursuant to the provisions
of this Act or heretofore granted or passed by the State Legislature for the government of a city, may,from time to time be amended in the manner following:
An amendment(to a charter) may be proposed by the legislative body of the
city on a [two-thirds] three-fifths vote of the members-elect or by an initta-
1108
44
THE CHRONICLE
tory petition as herein provided, and shall be submitted to the electors
of such city as herein provided at the next general or special election. When
it originates in the legislative body it shall be published and remain on the
table for [thirty] fifteen days before action is taken thereon. Amendment
proposed for submission to the electors after April 10 1913 shall remain on
the table of the legislative body 30 days before action is taken thereon. The
form in which any proposed amendment to a city charter shall be submitted
on the ballot, unless provided for in the initiatory petition, shall be determined
by resolution by the legislative body.
Sec. 22. Every amendment to a city charter, whether passed pursuant to
the provisions of this Act or heretofore granted or passed by the State Legislature for the government of such city, before its submission to the electors,
and every charter before the final adjournment of the commission, shall
be transmitted to the Governor of the State. If he shall approve it, he
shall sign it; if not, he shall return the charter to the commission and
the amendment to the legislative body of the city, with his objections
thereto, which shall be spread at large on the journal of the body receiving
them, and if it be an amendment proposed by the legislative body, such body
all
[and it] shall reconsider it, and on such reconsideration] if two-thirds of
-elect agree to pass t, it shall be submitted to the electors.
the members
f it be an amendment proposed by initiatory petition, it shall be submitted to
electors notwithstanding such objections.
the
Sec. 23. Every city charter and amendment thereto, whether of cities incorporated under the provisions of this Act, or under an existing charter of the
city heretofore granted or passed by the Legislature for the government of the
city, before submission to the electors, shall be published as the commission
or legislative body respectively may prescribe. There may be submitted
with any charter or an amendment to a charter independent sections or propositions, and such of them as receive a three-fifths vote ofthe electors voting thereon
shall become a part of such charter, or shall prevail as such amendments. incorSec.24.If the charter, or any amendment thereto,whether of cities city
dorated under the provisions of this Act or under an existing charter of thecity,
the
he etofore granted or passed by the Legislature for the govermnemt of against,
be approved, then two printed copies thereof,with the vote for and vote is
duly certified by the city clerk, shall, within thirty days after the
taken, be filed with the Secretary of State, and a like number with the
County Clerk of the county within which such city is located, and shall thereupon become law.
by the
Sec. 25. The initiatory petition herein referred to shall be verifieda numperson or persons who obtain the signatures, and shall be signed bycast for
equal to [twenty] ten per centum of the total vote
ber of electors
the executive officer at the last preceding election, and shall befiled with the
city or village clerk. Such verification shall state that [said] such signatures were obtained by the person so verifying said petition, that [said]
such signatures are the signatures of the persons purporting to sign the same,
that the signers
and that the person verifying such petition verily believesperson who shall
electors. Any
[thereof] obtained thereto are duly qualifiedin any particular shall be deemed
subscribe and swear to a verification false shall be deemed to be an elector
guilty of the crime of perjury; [no person male electors whose names shall
under the provisions of this section except
village.] Provided, howsuch
appear upon the registration books incalled city or on any initiatory petition
to vote
ever, That no special election shall be of electors equalto fifteen per cent of the
number
unless the same is signed by a
charter
total vote cast for the executive officer at the last preceding election. Noand reor amendment to any charter submitted to the electors by the initiative
ceiving an affirmative majority of the votes cast thereon shall be held unconstitutional, invalid or void on account of the insufficiency of the petition by which
submission of the same was procured.
Sec. 27. Each city [except as is otherwise provided by law] shall have at
least one representative on the board of supervisors of the county. The
superpresent representation of cities now organized on such boards of but no
visors shall remain as now fixed, until changed according to law, superto increase its representation on such board of
city shall have power
visors: Provided, however, That any existing city of not to exceed fifteen thouprosand population shall have the right and authority to amend its charter toward
vide for at least one representative on the board of supervisors for each
of such city as now constituted
Sec. 35. Any city may acquire by purchase or condemnation proceedings
any lands within or without its corporate limits necessary for disposing
of sewage or for obtaining or protecting a water supply for the city and the
inhabitants thereof, and may acquire by purchase or condemnation proceedings when authorized by the electors of such city any public utility and any water
power and water rights for the use of such city within the corporate limits of
consist
said city. The jury in condemnation proceedings shall find theof twelve
freeholders drawn from the body of the county and if theyproposednecessity
will not
for such use exists, and, in case of sewag , that the use
materially injure th health or safety of persons living adjacent to the land,
proceedings
they shall award the compensation to be paid therefor. Other and villages
cities
in such cases shall conform to the general law authorizing limit as contained
to take or hold land or property outside of their corporate
Act
in Chapter 90 of the Compiled Laws of 1897, or any other appropriate
now or hereafter existing.
re-enact Sections 21, 22, 23 and 24,
Section 38. It is intended by this Act to
22
amendment to
as above amended, pursuant to the adoption if theelectors on Nov.Section so
5 1912,
of Article 8 of the State Constitution by vote of the
the Legislature shall
that cities under existing charters heretofore granted by under the Act hereby
have the same right and power to amend such charters
amended as cities that have adopted complete charter revisions.
Act
Sec. 2. All Acts or parts of Acts contravening the provisions of this
are hereby repealed.
hereby declared to be immediately necessary for
Sec. 3. This Act is
the preservation of the public peace, health and safety.
This Act is ordered to take immediate effect.
Approved March 11 1913.
-Commission Form
Montrose, Montrose County, Colo.
-The question of establishing a
of Government Adopted.
commission form of government carried, reports state, at a
recent election.
-Governor
-Special Session of Legislature.
New Jersey.
Fielder has now announced that he will convene the Legislature in special session on May 6, not May 1, as at first
stated. V.96, p. 1038.
-The $1,593,000 4%
-Bonds Listed.
New York State.
-year Barge Canal terminal improvement bonds sold on
30
Feb. 28 (V. 96, p. 741) have been added to the list of the
New York Stock Exchange.
-The following bill conferring on
Home Rule Bill Signed.
all cities full powers of local self-government, was signed by
Governor Sulzer on April 10.
AN ACT TO AMEND THE GENERAL CITY LAW, IN RELATION
TO THE POWERS OF CITIES.
The People of the State of New York, represented in Senate and Assembly,
do enact as follows:
Section 1. Chapter twenty-six of the laws of nineteen hundred:and nine,
twenty-one
entitled "An Act in relation to cities, constituting chapter therein after
of the Consolidated Laws," is hereby amended by inserting
new article, to be a two-a thereof, to read as follows*
article two a
ARTICLE 2-A.
Powers of Cities.
Section 19. General grant of powers.
20. Grant of specific powers.
21. Public or municipal purpose defined.
22. This grant in addition to existing powers.
23. Powers hereby granted, how to be exercised.
24. Construction of this article.
power to
Sec. 19. General grant of powers. Every city is grantedgranted all
regulate, manage and control its property and local affairs and is
privileges and jurisdiction necessary and proper for carrying
the rights,
such power into execution. No enumeration of powers in this or any other
law shall operate to restrict the meaning of this general grant of power, or to
exclude other powers comprehended within this general grant.
Sec. 20. Grant of specific powers. Subject to the constitution and
general laws of this State, every city is empowered:
1. To contract and be contracted with and to institute, maintain and defend any action or proceeding in any courtl
[VOL. xcvz.
2. To take, purchase, hold and lease real and personal property within
and without the limits of the city, and acquire by condemnation real and
personal property within the limits of the city, for any public on municipal
purpose, and to sell and convey the same, but the rights of a city in and to
its water front, ferries, bridges, wharf property, land under water, public
landings, wharves, docks, streets, avenues, parks, and all other public
places, are hereby declared to be inalienable, except in the cases provided
for by subdivision seven of this section.
3. To take by gift, grant, bequest or devise and to hold and administer
real and personal property within and without the limits of the city, absolutely or in trust for any public or municipal purpose, upon such terms and
conditions as may be prescribed by the grantor or donor and accepted by
the city.
4. To levy and collect taxes on real and personal property for any public
or municipal purpose.
5. To become indebted for any public or municipal purpose and to issue
therefor the obligations of the city, to determine upon theform and the terms
and conditions thereof, and to pledge the faith and credit of the city for
payment of principal and interest thereof, or to make the same payable
out of or a charge or lien upon specific property or revenues; to pay or compromise claims equitably payable by the city, though not constituting
obligations legally binding on it, but it shall have no power to waive the
defense of the statute of limitations or to grant extra compensation to
any public officer, servant of contractor.
6. To establish and maintain sinking funds for the liquidation of principal
and interest of any indebtedness, and to provide for the refunding of any
indebtedness other than certificates of indebtedness or revenue bonds issued
in anticipation of the collection of taxes for amounts actually contained or
to be contained in the taxes for the year when such certificates or revenue
bonds are issued or in the taxes for the year next succeeding, and payable
out of such taxes.
7. To lay out, establish, construct, maintain, operate, alter and discontinue streets, sewers and drainage systems, water supply systems and lighting systems, for lighting streets, public buildings and public places, and to
lay out, establish, construct, maintain and operate markets, parks, playgrounds and public places, and upon the discontinuance thereof to sell
and convey the same.
8. To control and administer the water front and waterways of the city
and to establish, maintain, operate and regulate docks, piers, wharves,
warehouses and all adjuncts and facilities for navigation and commerce
and for the utilization of the water front and waterways and adjacent property.
9. To establish, construct and maintain, operate, alter and discontinue
bridges, tunnels and ferries, and approaches thereto.
10. To grant franchises or rights to use the streets, waters, water front;
public ways and public places of the city.
11. To construct and maintain public buildings, public works and public
improvements, including local improvements, and assess and levy upon the
property benefited thereby the cost thereof, in whole or in part.
12. To prevent and extinguish fires and to protect the inhabitants of the
city and property within the city from loss or damage byfire or other casualty.
13. To maintain order, enforce the laws, protect property and preserve
and care for the safety, health,comfort and general welfare of the inhabitants of the city and visitors thereto; and for any of said purposes to regulate and license occupations and businesses.
14. To create, maintain and administer a system or systemsi for the enumeration, identification and registration, or either, of the inhabitants of the
city and visitors thereto,or such classes thereof as may be deemed advisable.
15. To establish, maintain, manage and administer hospitals, sanitaria, dispensaries, public baths, almshouses, workhouses, reformatories, jails and other charitable and correctional institutions; to relieve,
instruct and care for children and poor sick, infirm, defective, insane or inebriate persons; to provide for the burial of indigent persons; to contribute
to and supervise charitable ,eleemosynary, correctional or reformatory institutions wholly or partly under private control.
16. To establish and maintain such institutions and instrumentalitiesfor
the instruction, enlightenment, improvement, entertainment, recreation
and welfare of its inhabitants as it may deem appropriate or necessary for
the public interest or advantage.
17. To determine and regulate the number, mode of selection terms of
employment, qualifications, powers and duties and compensation of all
employees of the city and the relations of all officers and employees of the
city to each other, to the city and to the inhabitants.
18. To create a municipal civil service; to make rules for the classification of the offices and employments in the city's service, for appointments,
promotions and examinations, and for the registration and selection of laborers.
19. To regulate the manner of transacting the city's business and affairs
and the reporting of and accounting for all transactions of or concerning the
city.
20. To provide methods and provide, manage and administer funds for
pensions and annuities for and retirement of city officers and employees.
21. To investigate and inquire into all matters of concern to the city or
Its inhabitants, and to require and enforce by subpoena the attendance
of witnesses at such investigations.
22. To regulate by ordinance any matter within the powers of the city,
and to provide for the enforcement of ordinances by legal proceedings, to
compel compliance therewith, and by penalties, forfeitures and imprisonment tO punish violations thereof.
23. To exercise all powers necessary and proper for carrying into execution the powers granted to the city.
Sec. 21. Public or municipal purpose and general welfare defined. The
terms "public or municipal purpose," and "general welfare," as used in
this article, shall each include the promotion of education, art, beauty,
charity, amusement, recreation, health, safety, comfort and convenience,
and all of the purposes enumerated in the last preceding section.
Sec. 22. This grant in addition to existing powers. The'Dowers granted
by this article shall be in addition to and not in substitution for, all the powers, rights, privileges and !Unctions existing in any city pursuant to any
other provision of law.
Sec. 23. Powers hereby granted, how to be exercised. 1. The powers
granted by this Act are to be exercised by the officer, officers, or official
body vested with such powers by any other provision of law or ordinance
(subject to amendment or repeal of any such ordinance), and in the manner
and subject to the conditions prescribed by law or ordinance (subject to
amendment or repeal of any such ordinance), but no provision of any special
or local law shall operate to defeat or limit in extent the grant of powers contained in this Act; and any provisions of any special or local law which in any
city operates, in terms or in effect, to prevent the exercise or limits the; extent of any power granted by this article,shall be superseded. Whore any
such provision of special or local law is superseded under the provisions of
this subdivision, such power, freed from the limitations imposed by such
provision, shall be exercised by the same officer, officers or official body
that would be vested with the same under the provisions of this subdivision,
if such provision had not been superseded, but the exercise thereof shall be
subject to the limitations provided for in subdivision two of this section.
2. In the absence of any provision of law or ordinance determining by
whom or in what manner or subject to what conditions any power granted
by this Act shall be exercised. the common council or board, of alderman or
corresponding legislative body of the city shall, subject to the provisions
whom and in
of this section, have power by ordinance to determine bybe exercised. what
The
manner and subject to what conditions said power shall
exercise by any city of any power granted by this article not now vested in
city or now vested in such city subject to provisions which are supersuch
seded by the provisions of subdivision one of this section, shall be subject
to the following limitations:
a. No city shall issue say obligations for expenses for maintenance, repairs or current operation or administration of the property or government
of the city or otherwise than for betterments improvements and acquisition of property of a permanent nature, or for the purpose of refunding
obligations of the city. No city snail issue obligations until there shall first
have been filed in the office of the city clerk a certificate of the comptroller
or other chief financial officer of the city, under his hand and seal, stating
(1) the then existing indebtedness of the city;(2) how much,if any, thereof
consists of certificates of indebtedness or revenue bonds issued in anticipation of the collection of taxes, and how much, if any, of such certificates
or revenue bonds has not been paid out of the taxes for the year when such
certificates or revenue bonds were issued or for the year next succeeding
(3) the amount of the assessed valuation of the real estate of the city subject
-roils of said city on the last preto taxation, as shown by the assessment
vious assessment for State or county taxes;(4) a description of the property
improvement for the acquisition or making of which the debt is to be
or
created; and (5) the probable life of such property or improvement. Such
certificate shall be a public record. The term of payment of any obligations
APR. 121913.]
THE CHRONICLE
Issued to secure such debt shall not exceed the probable life of such property
or improvement as stated in such certificate, and shall in no case exceed fifty
years. This subdivision shall not apply to certificates of indebtedness or
revenue bonds issued in anticipation of the collection of taxes for amounts
actually contained or to be contained in the taxes for the year when such
certificates or revenue bonds are issued and payable out of such taxes. This
subdivision shall not apply to certificates of indebtedness or revenue bonds
Issued in anticipation of the collection of taxes for amounts to be contained in the taxes for the year next succeeding the year when such certificates or revenue bonds are issued and payable out of such taxes, except that
a certificate shall be filed as required by this subdivision before any such
certificates or revenue bonds shall be issued.
b. No sale or lease of city real estate or of any franchise belonging to
or under the control of the city shall be made or authorized except by vote
of three-fourths of all the members of the common council or corresponding
legislative body of the city. In case of a proposed sale or lease of real estate
or of a franchise, the ordinance must provide for a disposition of the same
at public auction to the highest bidder, under proper regulations as to the
giving of security and after public notice to be published at least once
each week for three weeks in the official paper or papers. A sale or a lease
of real estate or a franchise shall not be valid to take effect unless made as
aforesaid and subsequently approved by a resolution of the board of estimate and apportionment in any city having such a board, and also approved
by the mayor. No franchise shall be granted or be operated for a period
longer than fifty years. The common council or corresponding legislative
body of the city may, however, grant to the owner or lessees of an existing
franchise, under which operations are being actually carried on, such additional rights or extensions in the street or streets in which the said franchise
exists, upon such terms as the interests of the city may require with or without any advertisement, as the common council may determine; provided,
however,that no such grant shall be operative unless approved by the board
of estimate and apportionment in any city having such a board, and also
by the mayor.
In any city the question whether any proposed sale or lease of city real
estate or of any franchise belonging to or under the control of the city shall
be approved shall, upon a demand being filed, as hereinafter provided, be
submitted to the voters of such city at a general or special election,after
public notice to be published at least once each week for three weeks in the
official paper or papers. Such demand shall be subscribed and acknowledged by voters of the city equal in number to at least ten per centum of the
total number of votes cast in such city at the last preceding general election
and shall be filed in the office of the clerk of such city before the adoption
of an ordinance or resolution making or authorizing such sale or lease.
If such demand is filed, as aforesaid, such sale or lease of real estate or such
franchise shall not take effect unless in addition to the foregoing requirements a majority of the electors voting thereon at such election shall rote
in the affirmative.
The foregoing limitations shall not apply to the exercise by any city of
any power now vested in it, where the existing provisions of law determining
by whom or in what manner or subject to what conditions such power shall
be exercised are not superseded by the provisions of subdivision one of this
section; but in such case the exercise of such power shall be subject only to
such provisions of law, and shall not be limited or restricted by any provision of this section.
Section 24. Construction of this Act. This article shall be construed,
not as an Act in derogation of the powers of the State but as one intended
fi
to aid the State in the execution ots duties, by providing adequate power
of local government for the cities of the State.
Section 2. This Act shall take effect immediately.
Adjourns-Special Session.
-The
Texas. Legislature
Texas Legislature adjourned on April 1. Owing to the failure of the Legislature to make appropriations at this session
for the support of the State, Governor Colquitt has issued a
proclamation convening the Legislature in special session at
10 a. m. July 21.
-Direct Election of United States Senators
United States.
-Press dispatches state that the proposed amendRatified.
ment to the Federal Constitution providing for the direct
election of United States Senators by the people has been ratified by the legislatures of the requisite thirty-six States
necessary to make it a part of the Constitution. The names
of the thirty-six States is given as follows: Arizona, Arkansas, California, Colorado, Connecticut, Indiana, Illinois,
Idaho, Iowa, Kansas, Maine, Massachusetts, Michigan,
Missouri, Minnesota, Montana, Nebraska, Nevada, New
Hampshire, New Jersey, New Mexico, New York, North
Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Dakota, Tennessee,Texas,Vermont, Washington, West Virginia, Wisconsin and Wyoming.
The list, it will be noticed, includes the State of South
Dakota. We are advised however, by the authorities of
that State, that the Legislature which adjourned March
7th did not ratify the Amendment. A resolution to that
effect was introduced but failed to pass. This would leave
only thirty-five States as having ratified the Amendment,
or one short of the number necessary to adopt. The legislatures of only two of the States which have not yet ratified
the Amendment are now in session, namely Rhode Island
and Florida. A favorable resolution has been passed by
the Lower House of the Rhode Island Legislature, but
there appears to be opposition in the Senate. The Georgia
legislature meets in June.
Bond Proposals and Negotiations this week
have been as follows:
ABBEVILLE, Wilcox County, Ga.-BONDS VOTED.
-The proposition to issue $8,000 6% 30-yr. electric light bonds carried by a vote of
101 to Ocast at the election held April 8.
-BONDS NOT SOLD.
-No bids were received on Apr.4
AKRON, Ohio.
for the four issues of 434% bonds aggregating $146,500 offered on that day
(V. 96, p. 811).
-BONDS AUTHOR/
ZED.
ALBANY,N. Y.
-Ordinances were passed by
the Board of Aldermen on April 7, providing for the issuance of $450,000
repaving, $200,000 school and $16,000 fire and police-dept.-impt. bonds.
-BOND OF'FBRING.-W. D.
ALICEVILLE, Pickens County, Ala.
Boyles, Mayor, is offering at private sale the $11,000 6% gold coup. waterworks-ext. tax-free bonds voted Mar. 17 (V. 96. p. 890). Denom. $500.
Date May 11913. Int. semi-ann. at place to suit purchaser. Due May 1
1923. Bonded debt Apr. 2 1913, $11,000. No floating debt. Assess.
valuation 1912. $287,000.
-BONDS VOTED.
-On Apr.7,
ALLEGAN, Allegan County, Mich.
the question of issuing $3,000 6% library-constr. bonds (V.96. p. 963).
carried.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-BOND SALE.On April 8 the $1.000,000 road and $550,000 bridge 4X% 30
-year coupon
or registered tax-free bonds (V. 96. p. 890) were awarded to a syndicate
composed of J. S. & W. S. Kuhn, the First-Second National Bank and
Pittsburgh Bank for Savings at par and interest.
ALPENA SCHOOL DISTRICT (P. 0. Alpena), Jerauld County,
So. Dak.-BONDS DEFEATED.
-The proposition to issue $10,000 bonds
was defeated by a vote of 106 "for" to 107 "against" at the election held
April 2.
ANAMOSA INDEPENDENT SCHOOL DISTRICT (P.O. Anamosa),
-BOND OFFERING.
Jones County, Iowa.
-Proposals will be received
until 12 m. April 21 by E. F. Miller, Secy., for the $60,000 5% tax-free
school-construction and equipment bonds. Date June 11913. lot, semi•
1109
annually at Anamosa. Due $1,500 on June 11914,$2,000 on June 1 1915
and 1916. $2,500 on June 1 from 1917 to 1920 inclusive, $3,000 on June 1
1921 and 1922 and 338.500 on June! 1933. Cert. check for $1,200, payable
to the Secretary, required. Purchaser to furnish blank bonds. Official
circular states that there has never been any default or compromise in payment of any of the district's obligations, and that no previous bonds have
been contested. Bonded debt (this issue), $60,000. Assessed valuation
1912 (equalized), $729,690. True value (est.), $2,918,760. These bonds
were offered for sale April 1 and the bids received rejected. V. 96. p. 890.
ANSONVILLE HIGH SCHOOL DISTRICT (P. 0. Ansonville),
-On May 6 an election
Anson County, No. Caro.
-BOND ELECTION.
will be held to vote on the question of issuing $4,500 bonds,it is stated.
-BOND ELECARBOGA SCHOOL DISTRICT, Yuba County, Cal.
-An election will be held in this district on Apr. 18, it is stated, to
TION.
vote on the question of issuing $6,000 6% building bonds. Denom. $600.
Int.semi-ann. Due $600 yrly.from 1918 to 1927 incl.
ARCADIA SCHOOL DISTRICT (P. 0. Arcadia), De Soto County,
-An election will be held shortly.
-BOND ELECTION PROPOSED.
Fla.
reports state, to vote on the question of issuing high-school-construc. bonds.
-BONDS DEFEATED.
ARENAC COUNTY(P.O.Standish), Mich.
The proposition to issue $4,000 courthouse and jail-repair bonds (V. 96.
to carry at the election held Apr. 7.
p. 503), failed
ARTHUR SCHOOL DISTRICT (P. 0. Arthur), Ida County, Iowa.
-An election will be held April 14, reports state, to
-BOND ELECTION.
vote on the question of issuing $10,000 school-building bonds.
-On
-BOND SALE.
ASHEVILLE, Buncombe County, No. Caro.
April 1 the $30,000 5% 30-yr.funding bonds(V. 96, p. 964) were awarded
to N. W. Halsey & Co. of N. Y.at 102.77 and int.
ASHLAND, Ashland County, Wis.-BONDS NOT TO BE ISSUED
AT PRESENT.
-We are advised by the City Clerk that the $50,000
municipal dock construction bonds(V.96. p.504) will not be issued this year.
-The proposition
-BOND ELECTION.
AURORA, Kane County, Ill.
to issue $30,000 water-works-system,bonds will be submitted to a vote
on April 15.
-The election
-BONDS VOTED.
AURORA, St. Louis County, Minn.
held April 1 resulted in favor of the proposition to issue 565,000 4% school
bonds. The vote was 49 to 1. We are advised that these bonds will be
,
sold to the State of Minnesota.
AZUSA SCHOOL DISTRICT (P. 0. Azusa), Los Angeles County,
-Reports state that petitions are
-BOND ELECTION PROPOSED.
Cal.
being circulated asking the school trustees to hold an election to vote on
the question of issuing $50,000 grammar-school-building bonds.
BARR TOWNSHIP (P. 0. Washington), Daviess County, Ind.
-According to reports, proposals will be received until
BOND OFFERING.
G. B. Drew, Twp.Trustee,for $17,500 4%% school bonds.
Apr. 16 by
Int. semi-annual.
-Proposals
-BOND OFFERING.
BAYONNE, Hudson County, N. J.
will be received until 8 p. m. May 6 by W.P. Lee, City Clerk,for $338.000
privilege of registration) school bonds, consistingof
434% gold coup.(with
three issues of $164,000 8113,000 and $61,000. Denom. $1,000. Date
Jan. 11913. Int. J.& 1. at Mechanics' Trust Co., Bayonne. Due Jan. 1
1933. Cert. check on an incorporated bank or trust company for 234%
of bonds bid for, payable to Custodian of School Moneys,required. These
bonds will be certified as to genuineness by theColumbia-Knickerbocker
Trust Co. of N. Y., and their legality approved by Hawkins, Delafieid
Longfellow of N. Y., whose opinion will be furnished successful bidder.
Purchaser to pay accrued interest.
BEACH CITY SPECIAL SCHOOL DISTRICT (P. 0. Beach City),
-On April 5 the two issues of 5%%
-BOND SALE.
Stark County, Ohio.
school bonds,aggregating $17,500(V.96, p.964) were awarded to the Beach
City Banking Co., Beach City,for $17,882 (102.125). Other bids follow:
Spitzer,Rorick&Co.,Tol _*$18,080 00!Citizens Bank, Beach City.. _$17,600
Secur. Say.& Tr. Co.,Tol. 17,782 501
* Bid said to be irregular.
-Pro-BOND OFFERING.
BEAVER FALLS, Beaver County, Pa.
posals will be received until 8 p. m. Apr. 22, by Dr. W. F. Rayh, Bore.
coup. tax-free sewer-system bonds. Denom.
Secy., for $110,000. 4
$1,000. Date Apr. 11913. Int. A and 0. at office of Treas. Due 1941.
Cert. check for $500 payable to "Bore. of Beaver Falls," required.
/* BEAVERHEAD COUNTY SCHOOL DISTRICT NO. 10, Mont.
-20
-On Mar. 18 the $44,000 5% 10 -year (opt.) building
BOND SALE.
bonds(V. 96, p. 581) were awarded, it is stated, to the First National Bank
of Dillon at 102.
BELL COUNTY (P. 0. Pineville), Ky.-BOND ELECTION POST
PONED.-The election which was to have been held on March 4 to vote
on the issuance of $500,000 road bonds(V. 96, p. 581) has been postponed.
It is stated, until May 13.
BELLEVUE SPECIAL SCHOOL DISTRICT P.0.Bellevue), Huron
-Proposals will be
-BOND OFFERING.
and Sandusky Counties, Ohio.
received until 1 p. m. May 1 by J. E. Wise, Clerk Bd. of Ed., for $40,000
schooi-impt. and constr. bonds. Auth. Sec. 7625, Gen. Code.
5% coup.
Denom. $500. Int. semi-ann. Due on May 1 as follows: $500 1914 to
1917 incl.* $1,500 1918; $2,500 1919 to 1921 incl.; $2,000 in 1922; $2,500
from 1923 to 1932 incl. and $2,000 in 1933. Cert. check for 1% of bonds
'
bid for, payable to Clerk, required. Bonds to be delivered and paid for
within 10 days from time of award.
BELLINGHAM SCHOOL DISTRICT (P.O. Bellingham), Whatcom
-An election will be held April 14
-BOND ELECTION.
County, Wash.
(not April 19 as first reported) reports state, to vote on the proposition to
issue $225,000 high-school-constr. bonds(V. 96. P. 665.)
-BONDS DEFEATED.
BENTON COUNTY (P. 0. Camden) Tenn.
-The proposition to issue $200,000 4',i% 15-30-yr. road bonds (V. 96.
p. 811) was defeated at an election held Mar. 15 by a vote of 900 "for" to
1.000 "against."
BESSEMER CITY SCHOOL DISTRICT (P. 0. Bessemer City),
-An election will be
-BOND ELECTION.
Gaston County, No. Caro.
held April 14,reports state, to vote on the question ofissuing $30,000school
building and equipment bonds.
BIG PINEY SCHOOL DISTRICT (P. 0. Big Piney), Uinta County,
-Reports state that this district recently voted
Wyo.-BONDS VOTED.
$10,000 school bonds.
-On April 2
-BOND SALE.
BINGHAMTON, Broome County, N. Y.
the $10,500 4% 2 1-3-year (average) municipal lighting-plant bonds(V.96.
p. 964) were awarded to the Board of Water Commissioners, Binghamton,
at par. Denom. (2) $5.000. (1) $500. Int. A. & 0.
BISMARCK SCHOOL DISTRICT (P. 0. Bismarck), St. Francois
-An issue of $14,000 school-constr. bonds
County, Mo.-BONDS VOTED.
was voted, it is stated, at the election held April!.
-BOND SALE.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-On Apr. 7 the two issues of 434% townshi p road bonds aggregating
$8,500 (V. 96, p. 1038) were awarded to A. G. Lupton. Denom. $210.
Date March 3 1913. Int. M. & N. Due 1923.
-We are
-BONDS 1%0T SOLD.
BLOOMFIELD, Essex County, N. J.
advised by the Town Clerk that no sale has yet been made of the $190,000
% 30-yr. coup. or reg.finding bonds offered on Mar.24(V.96. p. 739)•
BLOOMINGTON SCHOOL DISTRICT (P. 0. Bloomington), Vict.u3
-The proposition to , $8,800
-BONDS VOTED.
toria County, Tex.
school-constr. bonds carried, according to local newspaper reports, at the
election held Apr. 5.
BLOOM TOWNSHIP (P. 0. Bloomville), Seneca County Ohio.
96. p•
-On April 4 the $18,000 5% road-impt. bonds
BOND SALE.
811) were awarded, it is stated, to Terry, Briggs & Slayton of Toledo for
$18,421, making the price 102.387.
-BOND
PO' BOARDMAN TOWNSHIP SCHOOL DISTRICT, Ohio.
-10
-On Mar.25 the $4,500 5%% 2 -year (serial) water bonds(V.96.
SALE.
p. 811) were awarded to the City Say. Bank of Youngstown at 102.19.
-A proposition to issue
-BONDS DEFEATED.
BOULDER, Colo.
$70,000 light and power plant bonds submitted to a vote on April 1 failed
carry, it is stated.
to
-We are
BRATTLEBORO, Windham County, Vt.-BOND SALE.
advised that this town recently issued $28,000 4% coupon refunding bonds.
Int. payable at the People's Nat. Bank at Brattleboro. Due on Jan. 1 as
follows: $1,000 in 1914. $3,000 in 1915. 1916 and 1917. and $9,000 in 1924
and 1925.
1110
THE CHRONICLE
BRODHEAD, Wis.-BOND SALE.
-On Mar. 27 the $40,000 5% water
and light bonds (V. 96, p. 891) were awarded to the Bank of Brodhead at
101.625 and interest.
BROOKFIELD, Linn County, Mo.-BONDS VOTED.
-Reports state
that the propositions to issue $40,000 city-hall and $10,000 water-mainsext. bonds carried at the election held Apr. 1.
BROWN TOWNSHIP (P. 0. Wilkinson), Hancock County, Ind.
BOND OFFERING.
-Proposals will be received until 9 a. m. Apr. 25, it
Is stated, by 0. W. Kuhn, Twp. Trustee, for $10,000
% school bonds.
Denom. $500. Date July 15 1913. Due not over 5 years.
BRUNSWICK COUNTY (P. 0. Southport), No. Caro.
-BOND
SALE.
-On April 7 $10,000 Shallotte Twp. and $10,000 Lockwood's Folly
6% 20-yr. road bonds were awarded, it is stated, to C. N. Malone & Co.
of .Asheville at par.
•
BUFFALO, N. Y.
-BOND OFFERING.
-Proposals will be received
until 12 m. April 16 by W. G. Justice, City Comp.,for the following 434%
registered tax-free bonds:
$238,000 Bird Ave. sewer refunding bonds. Due $11,900 yearly on
May 1 from 1914 to 1933 inclusive.
200,000 grade-crossing bonds. Due May 1 1933.
55,000 park bonds. Due May 1 1963, opt. after May 1 1933.
145,200 water-works refunding bonds(V.96,p. 1038). Due May 1 1938.
75,000 Buffalo & Jamestown RR.refunding bonds(V.96, p. 1038). Due
$3,750 yearly on May 1 from 1914 to 1933 inclusive.
Date May 11913. Int. M.& N. at Hanover Nat. Bank, N. Y. City, or
at office of City Comp., or as purchaser may elect. An unconditional certified check on an incorporated bank or trust company for 2% of bonds bid
for, payable to City Comptroller, required.
BUHL, St. Louis County, Minn.
-BOND ELECTION PROPOSED.
This village is discussing the advisability of holding an election to vote on
the question of issuing $100,000 funding and municipal improvement bonds.
BURBANK, Los Angeles County, Cal.
-BONDS VOTED.
-It is reported that propositions to issue $50,000 municipal water-plant and $20,000
municipal electric-light-plant bonds carried at the election held Mar. 26
(V. 96, p. 581).
BURTON, Geauga County, Ohio.
-BOND SALE.
-On Mar. 11 the
$2,000 5% 2 2-3-yr. (ay.) coup. Huff St. impt. (village's portion) bonds
(V. 96, p. 581) were awarded to the First Nat. Bank of Burton at par.
CADDO, Bryan County, Okla.
-BOND OFFERING.
-Proposals will
be received until 8 p. m. Apr. 14, by the B'd of Trustees, W.
Boone,
Chairman, for $30,000 6% 25-yr. reg. coup. sewerage bonds W.
authorized
by vote of 104 to 57 at an election held Apr. 1. Date Apr. 1 1913. Int.
A. and 0. Cert. check for $1,000 required.
CALIFORNIA.
-BOND OFFERING.
-Further information is at hand
relative to the offering on April 17 of the $800,000 4% State road bonds
(V. 96. p. 1038). These bonds will be offered for sale at public auction in
Sacramento at 1:30 p. m. on that day by E. D. Roberts, State Treas.
Denom. $1,000. Date July 3 1911. Int. J. & J. Due $400,000 July 3
1925 and $400,000 July 3 1926.
E. D. Roberts, State Treas. will also offer for sale at public auction in
Sacramento at 1:30 p. m. April 21 $1,000,000 4% harbor-impt. bonds.
'
Denom. $1,000. Date July 2 1911. Int. J. & J. Due July 2 1985, opt.
after July 2 1950.
CAMDEN, Camden County, N. J.
-An
-BONDS AUTHORIZED.
ordinance has recently been passed providing for the issuance of $75,000
Newton Creek bridge-constr. bonds, according to reports.
CAMDEN, Kershaw County, So. Caro.
-Bids
-BOND OFFERING.
will be opened at 12:30 p. m. April 22 by J. J. Goodale, Sec. Bd. of Public
Works, for $90,000 municpal water-works and $35,000 municipal electriclight plant 5% 20-40-yr. opt. coup. bonds. Denom.$1,000. Date May 1
1913. Int. M.& N. Cert. check for $2,000, payable to said board,required.
CARROLL, Carroll County, Iowa.
-BONDS VOTED.
-The election
held April 4 (V. 96, p. 964) resulted in favor of the proposition to issue
$15,000 city-hall bonds The vote was 648 to 82. Denom. $1,000. Int.
semi-annually at place designated by purchaser.
CASTLEWOOD, Hamlin County, So. Dak.-BOND ELECTION
PROPOSED.
-According to newspaper reports, an election will be held in
the near future to submit to a vote the question of issuing water-worksconstruction bonds.
CEDARHURST, Nassau County, N. Y.
-BOND OFFERING.
-Proposals will be received until 8 p. m. April 14 by L. M. Raisig, Village Clerk,
for the $30,000 gold street-impt. bonds voted Mar. 18 (V. 96, p. 891).
Denom. $1,000. Date Mar. 11913. Int. (rate not to exceed 5%)M.& S.
at the Bank of Long Island. Far Rockaway, N. Y. Due $2,000 yearly on
Mar. 1 from 1918 to 1932 inclusive. Certified check for $1,000 on an incorporated bank or trust company to the order of G. W. Craft, Treas.,
required. Bonds to be delivered and paid for on April 22.
CELESTE SCHOOL DISTRICT (P. 0. Celeste), Hunt County,
Tex.
-BONDS VOTED.
-An eiection held Mar. 29 is said to have resulted
in favor of the issuance of $12,000 bldg. bonds, the vote being 103 to 2.
CELINA, Ohio.
-BOND OFFERING.
-Proposals will be received until
12 m., May 6, by J. K. Carlin, Village Clerk, for $80,000 43 % coupon
,
6
sewerage bonds. Denom. $1,000. Date Mar. 1 1913. Int. annually at
office of Village Treasurer. Due $4,000 yearly Mar. 1 1933 to 1952, incl.
Bidders must make cash deposit of $500 with Treasurer. Successful bidder
to prepare and furnish bond blanks. Complete transcript of proceedings
furnished.
CERES HIGH SCHOOL DISTRICT (P. 0. Ceres), Stanislaus
-BONDS VOTED.
County, Cal.
-Local newspapers state that on Mar. 28
the proposition to issue $35 000 high-school-bldg. and site bonds carried
by a vote of 173 to 63.
CHARLESTON INDEPENDENT SCHOOL DISTRICT (P. 0.
Charleston), Kanawha County, W. Va.-BONDS NOT AWARDED.
According to reports, all bids received on April 8 for the $300,000 5% 2534-yr. (opt.) coup. site-purchase and bldg. bonds (V. 96, p. 1038) were
taken under consideration until April 15, when the awards will be made.
CHISHOLM SCHOOL DISTRICT (P. 0. Chisholm), Saint Louis
County, Minn.
-BONDS VOTED.
-By a vote of 142 to 6 the question of
issuing $150,000 5% high-school-construction bonds carried at the election
held Mar. 31. Due $25,000 yearly on Sept. 1 from 1918 to 1923 inclusive.
CINCINNATI, Ohio.
-BOND SALE.
-On April 5 the following 4%
registered tax-free bonds were awarded to a syndicate composed of Breed,
Elliott & Harrison, Mayer, Deppe & Walter, Field, Longstreth & Co.,
Fifth-Third National Bank, Brighton German Bank, German National
Bank, Western-German Bank, Atlas National Bank, A. E. Aub & Co. and
the Davies
-Bertram Co. of Cincinnati at par
$283,000 Gilbert Ave. viaduct bonds. Date April 15 1910. Due April 15
1950.
100,000 new hospital bonds. Date July 11911. Due July 11961.
The above issues are not new securities but bonds held by the Sinking
Fund.
CIRCLEVILLE, Pickaway County, Ohio.
-BOND SALE.
-On Apr. 7
the $3,750 5% 2•U-yr. (ay.) coup. water, sewer-ext. and constr. bonds
(V.96, p. 964) were awarded to the First Nat. Bank of Circleville at 100.28.
There were no other bidders.
CLARENDON SCHOOL DISTRICT (P. 0. Clarendon), Douley
County, Tex.
-BOND SALE.
-On April 1 the $25,000 5% coup. schoolbldg. bonds (V. 96, p. 582) were awarded to Cutter, May & Co. of Chicago
at par and int. Other bids follow:
Fidelity Tr. Co., Kansas C'y $25,011 IC. H. Coffin, Chicago
$24,651
A. J. Hood & Co.. Detroit_.. _ 25,026 Texas Tr. Co., Austin
25
CLAIBORNE PARISH SCHOOL DISTRICT NO. 13 (P. 0. Homer),
Claiborne Parish, La.
-Proposals will be received
-BOND OFFERING.
until 10 a. m. May 3 by the Bd. of School Directors, J. H. Davidson, Sec.,
for the $40,000 5% coup. constr. bonds voted Feb. 20 (V. 97. p. 740).
Denom. $1,000. Date May 11913. Int. ann. on May 1 at Homer Nat.
Bank. Due $1,000 yrly. on May 1 from 1914 to 1953 incl. Cert. check
for 2% of bonds bid for,'Payable to Treas. of said board, required. Assess.
valuation 1912, $656,650.
CLAR ESVILLE, Ark.
-BOND SALE.
-Reports state that the LesserGoldman Co. of St. Louis purchased on March 29 $65,000 electric-light,
water and sewer bonds.
CLINTON, Custer County, Okla.
-BOND SALE.
-The City Clerk
advises us that the $25,000 6% coup, hospital bonds (V. 96, p. 150) have
been sold. Date Feb. 15 1913. Int. semi-annually at fiscal agency.
Due 20 years.
I
[VOL. xcvi.
CLINTON COUNTY (P. 0. Albany), Ky.-BONDS DEFEATED.
The election held Mar. 29 resulted in defeat of the question of issuing the
$50,000 4% road bonds(V. 96, p. 811) by a vote', of 201 "Per" to 825 "agst.'
CLINTON COUNTY(P.O. St. Johns), Mich.
-BONDS DEFEATED.
-The question of issuing the $20,000 county-infirmary bonds (V. 96, p.
504) was defeated at the election held April 7.
COATESVILLE SCHOOL DISTRICT (P. 0. Coatesville), Chester
-According to reports, proposals will
County, Pa.
-BOND OFFERING.
be received until 12 m. April 28 by H. E. Stone, Sec., for $37,000 4%
school bonds.
COBLESKILL UNION FREE SCHOOL DIST. NO. 1, N. Y.
-BONDS
-No award was made on Apr. 8 of the $68,000 4% coup,
NOT SOLD.
high-school bonds offered on that day (V. 96, p. 811).
COLFAX COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Raton),
N. Mex.-BOND SALE.
-On April 1 the $60,000 20-30-yr. (opt.) highschool bldg. gold coup. bonds (V. 96, p. 891) were awarded to A. J. Hood
& Co., of Detroit as 5s for $60,007 less $589; other bids follow:
Keeler Bros., Denver $60,600, less $1,490 for expenses, as 5s; C. H.
Coffin, Chicago, $60,601, less $1.800 for expenses, as 5s; J. N. Wright &
Co., Denver $60,100, less 2,500 for expenses, as 5s; Wm. E. Sweet & Co.,
Denver, $60,000 and int, less $737 for expenses, as 5s; Causey, Foster &
Co., Denver $60,000 and int., less $1,490 for expenses, as 5s; C. W.
McNear & Co., Chicago, $61,266 for 6s; John Nuveen & Co., Chicago,
$60,912 for 6s.
COLOME, Tripp County, So. Dak.-BOND ELECTION PROPOSED.
-Reports state that an election will soon be held to decide whether this
place shall issue school-construction bonds.
-BONDS VOTED.COLORADO SPRINGS, El Paso County, Colo.
On Apr. the question of issuing the $1.532,000 water and $120,000 cityhall 4% refunding bonds (V. 96, p. 964) carried. The vote was 1,064 to
515 and 903 to 616 respectively.
BONDS DEFEATED.
-The proposition to issue $20,000 fIre-dept.impt. bonds was defeated, reports state, at the election held Apr. 1.
-BOND SALE.
CONSHOHOCKEN, Montgomery County, Pa.
-On
Mar. 31 the $27,000
% coup. tax-free street-impt. and funding bonds
(V. 96, p. 964) were awarded to Newburger, Henderson & Loeb of Philadelphia at par and a small premium.
-BID REJECTED.
-The only
COOK COUNTY (P. 0. Chicago), 111.
bid received on April 5 for the two issues of 4% hospital bonds, aggregating
$1,500,000(V.95, p. 1560),offered on that day was $1,500,155,less $47,330
for expenses, it is stated,from a syndicate composed of A. B. Leach & Co.,
N. W. Halsey & Co., First Trust & Savings Bank and the Merchants' Loan
& Trust Co. of Chicago. This offer was rejected.
CORINTH TOWNSHIP (P. 0. Humboldt), Humboldt County, Is.
-BONDS DEFEATED.
-By a vote of 28 "for" to 87 "against" the proposition to issue $5,000 school bonds was defeated at the election held Mar. 10.
COTTAGE GROVE SCHOOL DISTRICT (P. 0. Cottage Grove),
Lane County, Ore.
-BOND ELECTION.
-An election will be held Apr. 26
sig0rNi g onride whether or not this district shall issue $40,000 highr 0
0 lttterbto
COUNCIL BLUFFS SCHOOL DISTRICT (P. 0. Council Bluffs),
Pottawattamie County, Iowa.
-Reports state
-NO BONDS VOTED.
that the election held March 10 was not to vote on the issuance of bonds, as
reported in V.96,p. 891, but to vote for a direct levy for school purposes
CRESCO SCHOOL DISTRICT (P. 0. Cresco), Howard County,
Iowa.
-BOND ELECTION.
-Reports state that an election will be held
April 22 to vote on the proposition to issue $15,000 school bonds.
CRESTLINE, Crawford County, Ohio.
-BOND SALE.
-On April 7
the two issues of 5% street-impt. bonds (V. 96, p. 811), aggregating $22,500, were awarded to the First Nat. Bank of Crestline at par and int.
Spitzer, Rorick & Co. of Toledo were the only other bidders.
CROSBY COUNTY (P. 0. Crosbyton), Tex.
-BONDS VOTED.
-It
is reported that the question of issuing $35,000 court-house and $5,000 jail
construction bonds carried at a recent election.
CRYSTAL LAKE TOWNSHIP (P. 0. Frankfort), Benxi° County,
Mich.
-BONDS VOTED.
-By a vote of210 to 155 the issuance of $20,000
road bonds was authorized at an election held April 7.
-On Apr. 7th $1,000
-BOND SALE.
CUSTAR, Wood County, Ohio.
6% 3-yr. (ay.) coup. light bonds (V. 96, p. 964) were awarded to the First
Nat. Bank of Barnesville at 102.70. There were no other bidders.
-BONDS VOTED.
-The election held
DALLAS, Dallas County, Tex.
April 1 resulted in favor of the propositions to issue bonds aggregating
$1,150.000(V.96, p. 812)-$500,0100 park and playground, $400,000 municipal-electric-light and $250,000 school-site-purch. and construction.
DANBURY TOWNSHIP(P.O. Danbury),Stokes County,No. Car.
-A favorable vote was cast, it is stated, at the recent
BONDS VOTED.
election on the issuance of $15,000 road-constr. bonds.
DAVIDSON COUNTY (P. 0. Lexington), No. Caro.
-BOND ELECTION.
-It is reported that an election will be held April 22 to submit to a
vote the question of issuing $300,000 road-impt. bonds.
DAYTON, Campbell County, Ky.-BOND SALE.
-On Mar. 17 the
$20,000 4% 1-20-yr. (ser.) coup. street bonds (V. 96, p. 375) were awarded
to the Newport Nat. Bank at par and int.
-Proposals will
-BOND OFFERING.
DAYTON,Yamhill County, Ore.
be received until 3 p.m. Apr. 17,it is stated, by W.T. H.Tucker, Town Recorder, for $12,000 6% water bonds. Int. semi-ann.
-BONDS VOTED.
-According
DECATUR, Decatur County, Iowa.
to newspaper reports, the voters recently ratified an issue ofi $135,000 filter
-construction bonds.
plant
DENISON SCHOOL DISTRICT (P. 0. Denison), Grayson County,
-On March 30 the $100,000 5% 1-20-yr. (ser.) highTex.
-BOND SALE.
school-bldg. bonds offered on Mar. 26 (V. 96, p. 812) were awarded, it is
stated, to J. F. Shaer of San Antonio at 101 and int.
DONIPHAN SCHOOL DISTRICT (P. 0. Doniphan), Ripley
-According to reports, proposals will
County, Mo.-BOND OFFERING.
be received until 10 a. m. April 22 by J. U. Swain, Clerk Board of Educa-20
tion, for the $25,000 5% 10 -year (opt.) high-school bonds recently voted
(V. 96, p. 1039). Int. semi-annual. Certified check for $200 required.
-Proposals will be received until
-BOND OFFERING.
DOVER, Ohio.
12 m. April 28 by E. F. Wible, City Auditor (P. 0. Canal Dover) for
$7,000 5% storm-sewer bonds. Denom. $500. Date April 11913. Int.
A. & 0. at office of Sinking Fund Trustees. Due $500 each six months
from April 1 1918 to Oct. 11924, incl. Certified check for 10% of bonds
bid for, payable to A. Nydegger, City Treas., required. Bonds to be delivered within 10 days from time of award. Purchaser to pay accrued int.
DUSHANE SCHOOL DISTRICT (P. 0. Bellefontaine), Logan
-BONDS VOTED.
County, Ohio.
-By a vote of 22 to 9, the question of
issuing $35,000 school-constr. bonds carried at the election held Mar. 28.
-BOND OFFERING.DUVAL COUNTY (P. 0. Jacksonville), Fla.
Proposals will be received on or before 12 m. May 7, it is stated, by Frank
Brown, Clerk Bd. of Commrs.,for the $250,000 5% gold coup. road bonds.
Denom. $1,000. Date Dec. 11909. Int. J. & D. at Jacksonville. Due
Dec. 1 1939. Each bidder must give as security a bond for 5% of bid.
Official circular states that the county has never defaulted and that there
is no litigation threatened whatever affecting in any manner this issue, which
has been approved by Storey, Thorndike, Palmer & Dodge, Boston. Bonds
will be certified as to genuineness by the U. S. Mtge.& Trust Co., N. Y. C.
These bonds are the last installment of the issue of $1,000,000 voted Oct. 26
1909. They were sold on Oct. 1 1912, as stated in V. 95, p. 918, to E. H.
Rollins& Sons of Boston, but the sale was not consummated,as the Supreme
Court of Florida on Feb. 18 held that the Bd. of County Commrs had no
power to dispose of the bonds until after Dec. 1 1912. The following bids
were received on April 3(V. 96, p. 812), but were all rejected:
Estabrook & Co., N. Y_ _ _ _$257,5001R. M. Grant & Co., N. Y_a$254,650
othat. Ban c nccio_i
Atla
Spitz, Rorick & Co., T0l_*255,780 lvelintRic N & Co ,k,IJain :252 1275
er
3 5
:9
*Received too late to be considered. a And accrued interest from Dec. 1
1912 to date.
-Proposals will be received, it
DYSART, Iowa.
-BOND OFFERING.
Is stated, by J. P. Redmond, Mayor,for $10,000 20-yr. electric-light bonds.
Certified check for $300 required.
EAST ST. LOUIS SCHOOL DISTRICT (P. 0. East St. Louis), St.
Claire County, Ill.
-An election will be held Apr. 19
-BOND ELECTION.
to vote on the question of issuing $60,000 bldg. bonds, according to reports.
APR. 12 11P3.1
THE CHRONICLE
-At an election held Apr. 1 the citiEATON, Colo.
-BONDS VOTED.
zens decided, it is said, in favor of refunding $20,000 water bonds.
-BOND ELEC
ELIZABETH CITY, Pasquotauk County, No. Caro.
TION PROPOSED.
-An election will be held in the near future,it is stated,
to submit to a vote the proposition to issue $200,000 municipal water and
light bonds.
ELK POINT SCHOOL DISTRICT (P. 0.Elk Point), Union County,
-Reports state that petitions
So. Dak.-BOND ELECTION PROPOSED.
are being circulated calling an election to submit to a vote the question of
issuing school-construction bonds.
-This place reELMO, Nodaway County, Mo.-BONDS VOTED.
cently voted $3,000 electric-light bonds, according to local newspaper reports. .
-BOND OFFERING.
ESCAMBIA COUNTY (P. 0. Pensacola), Fla.
Further details are at hand relative to the offering on Apr.29 of the $101.500
4%% coup. bonds (V. 96, p. 1039). Proposals for these bonds will be received until 10 a. m. on that day by Jas. MacGibbon, Clerk Bd. of Co.
Comm'rs. Denom. $500. Int. ann. on Oct. 1. Cert. check for 2%% of
bonds bid for, required. These bonds are the unsold portion of an issue of
$180,000.
ESSEX FELLS, Essex County, N. J.
-On Apr. 4
-BOND SALE.
$10,000 5% 30-yr. borough hall bonds were awarded to Spitzer, Rorick &
Co. of New York at 102.881. Other bids follow:
R. M. Grant & Co., N. Y__102.281J. S. Rippe!, Newark
101.69
Denom. $1,000. Date Apr. 11913. Int. J.& J.
EVERETT, Middlesex County, Mass.
-On
-TEMPORARY LOAN.
April 10 a loan of $50,000, due Oct. 20 1913, was negotiated with Loring,
Tolman & Tupper of Boton at 4.65% discount. The notes can be given
in such denominations as the purchaser may elect and are exempt from
taxation in Massachusetts.
FALKVILLE, Morgan County, Ala.
-BOND ELECTION PROPOSED.
-According to local newspapers a proposition to issue sidewalk bonds will
be decided upon at an election to be held shortly.
FARIBAULT, Minn.
-All bids received for an
-BIDS REJECTED.
issue of $25,000 43 % water-ext. and impt. bonds offered on Apr. 3 (sale
deferred from Mar. 25-V. 96, p. 812) were rejected.
FELLOWS SCHOOL DISTRICT (P. o. Fellows), Kern County,
Cal.
-BONDS VOTED.
-At the election held Mar. 21 the question of
Issuing the $20,000 school-impt. bonds (V. 96, p. 812) carried by a vote of
39 to 2.
FENNVILLE, Allegan County, Mich.
-BOND OFFERING.
-This
town is offering for sale $11,600 5% water-works bonds. Auth. vote of
162 to 32 at an election held Mar. 10. Due $100 in 1918 and $500 yrly.
from 1919 to 1941 incl. C. L. Fosdick is Town Clerk.
FLINT, Genesee County, Mich.
-BOND OFFERING.
-Proposals will
be received until 3 p. m. Apr. 17 by D.E. Newcombe,City Clerk,for 393,125 454% general obligation sewer bonds. Due $3,625 in 1 yr., $3,500
yrly. for the next thirteen yrs. and $4,000 yrly. for the succeeding 11 yrs.
Cert. check for 5% of bonds bid for required.
FLORENCE SCHOOL DISTRICT, So. Caro.
-BOND SALE.
-On
March 31 the $13,000 5% 15-yr. bonds (V. 96, p. 812) were awarded, it is
stated, to Well, Roth & Co. of Cinc. at 100.636. '
FOND DU LAC, Fond du Lac County, Wis.-BONDS VOTED.
-The
question of issuing the $50,000 school-constr. bonds (V. 96, p. 891) carried
by a vote of 1,774 to 1,234 at the election held Apr. 1.
FRANKLIN TOWNSHIP, Coshocton County, Ohio.
-BOND SALE.
-On April 7 the $1,500 5% 13-yr. (ay.) township-hall-constr. bonds
(V. 96,p. 965) were awarded, it is stated, to C. A. Royer of Coshocton for
$1,503 50
-making the price 100.233.
FULTON, N. Y.
-BOND OFFERING.
-Proposals will be received until
8 p. in. Apr. 15 by F. Summerville, City Chamberlain,for $50,866 23 registered paving bonds at not exceeding 4 % int. Duo $4,000 yrly. May 1
1931 to 1942 incl. and $2,866 23 May 11943. Bids must be made on blank
forms which will be furnished by the Chamberlain or the U. S. Mtge. &
Trust Co., New York.
GARFIELD, Bergen County, N. J.
-BONDS VOTED.
-The election
held Apr. 3 resulted in favor of the propostlion to issue the $85,000 43 %
30-yr. water-works bonds(V. 96, p. 965) by a vote of 135 to 36.
GARRISON, McLean County, No. Dak.-BONDIOFFERING.-Proposals will be received until 8 p. m. May 1 by Fred. Gehner, Vii. Cleric, for
$3,000 5% 10-yr. funding and street-impr. bonds. Denom. $500. Cert.
check for $200 required.
GENEVA, Ashtabula County, Ohio.
-Proposals
-BOND OFFERING.
will be received until 12 m. May 9 by W. E. Morgan, Village Clerk, for
$10,000 5% Grand River dam bonds. Auth. Secs. 3912, 3913, 3914, 3918,
3920,3922, 3923 and 3924, Gen. Code. Denom.$500. Date Mar. 1 1913.
Int. M.& S. Due $1,000 yearly on Jan. 1 from 1914 to 1923, incl. Certified check on a Geneva bank for $1,000, payable to Village Treasurer, required. Bonds to be delivered and paid for within 5 days from time of
award. Purchaser to pay accrued interest.
GEORGETOWN, Copiah County, Miss.
-BONDS AUTHORIZED.
-An ordinance was passed April 1, reports state, providing for the issuance
of $7,500 water-works
-construction bonds (V. 96, p. 1039).
GILROY Santa Clara County, Cal.
-BOND OFFERING.
-Proposals
will be received until 8 p. m. Apr. 15 (time extended from Mar. 31. V.
98, P•891) by E.F. Rogers,City Clerk, for the $25,000 5% 8%-yr. (aver.)
water-works impt. bonds voted Feb. 18. Cert. check for 5% required.
-BOND SALE.
GLOVERSVILLE, Fulton County, N. Y.
-The $20,000 4%% reg. tax-free funding bonds(V. 96, p. 812) were awarded to local
investors as follows: $12,000 on April 8 for $12,008 (100.066) and int. and
$8,000 on April 9 at 100.0585.
GRAND RAPIDS, Kent County, Mich.
-RESULT OF BOND ELECTION.
-At the election held April 7(V. 96, p. 1040) the question of issuing
the $1,000,000 school bonds was defeated by a vote of 4,989 "for" to 9,720
"against," and the proposition to issue the $100,000 pump and water
bonds carried by a vote of 7.605 to 6,869.
GRANT COUNTY SCHOOL DISTRICT NO. 80, Wash.
-BOND
OFFERING.
-Proposals will be received until 2 p. m. Apr. 28 by C. T.
Sanders, Co. Treas.(P. 0. Ephrata) for $10,000 school bonds. Int. (rate
not to exceed 6%) ann. Duo in 5 yrs.; opt. on any interest-paying date
after one yoar. Purchaser to furnish blank bonds.
GREENVILLE TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0.
Greenville), Darke County, Ohio.
-BOND SALE.
-On April 5 $3,000
6% 10-yr. coup. bldg. bonds were awarded to the First at. Bank of
Barnesville for $3,061 (102.036). Denom. $300. Int. J. & D. at the Co.
Treasury.
GROTON TOWNSHIP (P. 0. Castalia R. F. D. No. 2), Erie County,
-On April 1 the $15,000 4%% 64-yr. (ay.) coup.
Ohio.
-BOND SALE.
road bonds offered without success on Mar.28(V.96,p. 1040) were awarded
it is stated, to the Citizens' Banking Co. of Sandusky at par and int.
GULFPORT, Harrison County, Miss.
-BONDS PROPOSED.
-According to reports, this place is contemplating the issuance of $80,000 bonds
for a central market.
-BOND SALE.
GULFPORT, Pinellas County, Fla.
-On March 18
the $1,500 city-hall and jail, $4,000 road, $1,500 ditch and culvert, $500
-crossing and $1,500 general exp. bonds
bridge, $500 sidewalk, $500 street
voted Feb. 5 (V. 96, p. 505) were awarded to the Hanchett Bond Co. of
Chicago at par and int. Denom. 3100, Date Apr. 11913. Int. A.& 0.
GUTHRIE CENTRE, Guthrie County, Iowa.
-BOND OFFERING.Proposals will be received until 1 p. m. Apr. 22 by J. E. Batschelet, Town
Clerk, for $9,000 5%% water-mains-ext. bonds. Denom. $500. Date
May 1 1913. Int. M. & N. Due May 1 1928, out, after May 11918.
Cert. check for 5% of bonds bid for, payable to W. K. Hamilton, Town
Treas., required. Bonded debt, incl. this issue, $12,000. No floating
debt. Assess. val. 1912, $1,206,947.
HARRIS COUNTY COMMON SCHOOL DISTRICTS, Texas.
BONDS 11EGI57'ERED.-On April 4 the State Comptroller registered
$20,000 Dist. No. 25 and 310,000 Dist. No. 21 5% 20 -year (opt.) bonds.
-40
HASKELL, Haskell County, Tex.
-BONDS VOTED.
-Local papers
state that the question of issuing water-works ext. bonds recently carried.
HEMLOCK SCHOOL DISTRICT (P. 0. Hemlock), Saginaw Coun-BONDS VOTED.
ty, Mich.
-Reports state that an issue of $10,000 bldg.
bonds has been voted.
1111
-BOND SALE.
HENDERSONVILLE, Vance County, No. Caro.
-On
,
Mar. 12 $20,000 6% 30-yr. refunding water bonds were awarded to A. J.
Hood & Co. of Detroit at 105.055. Denom. $1,000. Date Apr. 1 1913.
Int. A. & 0.
HENDRICKS COUNTY(P.O. Danville), Ind.
-BOND OFFERING.
Proposals will be received until 10 a. m. Apr. 15, reports state, by Geo.
Macomber, County Treas., for $9,040 43. % 10-yr. tax-free Washington
Twp.road bonds. Denom.$452.
-According
HOLLEY, Orleans County, N. Y.
-BOND OFFERING.
to local newspapers, proposals will be received until 8 p. m. April 16 for
$4,000 bonds. -Denom. $500. Due $500 yearly on Aug. 1 from 1914 to
1921 inclusive.
IDAHO.
-BOND OFFERING.
-Proposals will be received up to anincluding Apr.30 by C. V. Allen State Treas., at Boise City,for the follow
ing 4% 10-20-yr. bonds aggregating $310,000:
$19,000 Ft. Hall road bonds. Denom. $1,000. Int. J. & J.
40,000 Interstate bridge bonds. Denom. $1,000. Int. A. & 0.
200,000 Idaho highway bonds. Denom. $1,000. Date July 1 1913.
Int. J. & J.
25,000 Penitentiary impt. bonds. Denom. $500. Int. A. & 0.
6,000 Experimental station bonds. Denom. $500. Int. J. & J.
10,000 Lava Springs impt. bonds. Denom. $500. Int. J. & J.
10,000 Boise-Yellowstone Park highway bonds. Denom. $500. Int.
J. & J.
Certified check for 5% of bid required.
IOWA CITY, Johnson County, Iowa.
-BONDS AUTHORIZED.
Reports state that the City Council has authorized the issuance of $10,989 95 sewer bonds.
ITASCA COUNTY INDEPENDENT SCHOOL DISTRICT NO. 9
-BOND OFFERING.
-Proposals will be re(P. 0. Nashwauk), Minn.
ceived until April 21 for $150,000 6% school-bldg. bonds. Auth. vote of
58 to none at an election held Mar. 31. Denom. $1,000. Int. semi-ann.
Due $10,000 yrly. on May 1 from 1914 to 1928 incl.
JAMESTOWN, Chautauqua County, N. Y.
-BOND OFFERING.
According to reports proposals will be received until 12 m. April 15 by 0.F.
Price, City Treasurer, for $15,000 104-year (ay.) water bonds. Interest
semi-annual. Certified check for 2% required.
JASPER COUNTY (P. 0. Paulding), Miss.
-BOND OFFERING.
Proposals will be received until May 5, reports state, by T. Q. Brame,
Clerk Bd. of Sup., for $25,000 5% 25-yr. bonds. Int. semi-ann. Cert.
check for $500 required.
JEFFERSON COUNTY (P. 0. Madison), Ind.
-BOND SALE.
-On
Mar. 31 the four issues of 43-i % coup, gravel-road bonds aggregating
$25,193 60 (V. 96, p. 965) were awarded as follows:
$210 00 Monroe Twp. bonds to Geo. W. Mickel of Monroe Twp. for
$213 22 (101.533) and int.
12,600 00 1\411ton Twp. bonds to the Madison Safe Deposit & Trust Co. of
Madison for $12,700 (100.793) and int.
8,090 60 Madison Twp. bonds to the Madison Safe Deposit & Trust Co.
of Madison for $8,100 60 (100.123).
4,293 00 Monroe Twp. bonds to Joseph F. Niesse for $4,303 75 (100.25)
and interest.
-BOND
JEFFERSON COUNTY DRAINAGE DISTRICT NO.3, Tex.
-This district, we are advised, has sold the $92,000 5% bonds,regisSALE.
tered by the State Comptroller on Feb.4(V.96, p. 505).
-BOND OFFERING.
-ProJERSEY CITY, Hudson County, N. J.
posals will be received until 3 p. m. Apr. 22, by R. J. Vreeland, Clerk
B'd of Finance,for 3150,000,30-yr. water and $137,000 50-yr. school 4%%
gold coup. or reg. tax free sinking fund loan bonds. Denom. $1,000.
Date May 11913. Int. M.& N. at office of City Treas. Cert. check on
an incorporated bank or trust co. for 2% of bonds bid for, payable to Carl
G. A. Schumann, City Treas., required. These bonds will be certified
as to genuineness by the U. S. Mtge. & Tr. Co. and their legality approved
by Hawkins, Delafield & Longfellow of N. Y. City, whose opinion will be
furnished to successful bidder. Purchaser to pay accrued interest.
The official notice of this bond offering will be found among the advertisements elsewhere in this department.
JOHNSTOWN, Colo.
-BONDS VOTED.
-A proposition to issue $20,000 water bonds is said to have carried at an election held April 1.
-BOND OFFERING.
JOHNSTOWN, Cambria Coun_ty, Pa.
-Proposals will be received until 12 m. May 7, by H. W. Slick, City Treas..
for the $50,000 4% 10,-30-yr. (opt.) coup. Haynes St. bridge bonds offered
without success on Sept. 2 1912 (V. 95, p. 1071). Denom. $1000,. Int.
J. & J. Certified check for $300 required. Purchaser to pay accrued
interest.
JORDAN TOWNSHIP (P. 0. Sterling), Whiteside County, Ill.
BONDS DEFEATED.
-The question of issuing the $25,000 road-constr.
bonds (V. 96, p. 965) was defeated at the election held Apr. 1 by a vote of
87 "for" to 92 "against."
KENOSHA, Kenosha County, Wis.-BONDS VOTED.
-We are advised that the questions of issuing $70,000 sewer and $30,000 breakwater
bonds carried at the election held April 1. The vote was 883 to 594 and
874 to 602, respectively.
-BONDS VOTED.
-It is reported
KENTON, Obion County, Tenn.
that the question of issuing $30,000 water-works-installation bonds carried
at the election held Apr. 4 by a vote of 100 to 18.
KIOWA COUNTY (P. 0. Greensburg), Kans.-BOND ELECTION
PROPOSED.
-According to newspaper reports an election has been petitioned for to vote on a proposition to issue $60,000 court-house-constr. bds.
-On Mar. 19
-BOND SALE.
LA GRANDE, Union County, Ore.
$56,312 21 6% 1-10-yr. (opt.) street-impt. bonds were awarded to the Security Say. Bank & Tr. Co. of Toledo for $56,764 21-making the price
100.802. Denom.$500. Date Jan. 21913. Int. J.& J.
-It is reported that proposals will be received until
BOND OFFERING.
-year
8 p. m. April 16 by Lee Warnicic, City Recorder, for $15,227 6% 1-10
(opt.) street impt. bonds. Int. semi-ann. Cert. check for 5% required.
-BOND SALE.
-On Apr. 1 the three
LAUREL, Jones County, Miss.
issues of 55 20-yr. coup. tax-free bonds, aggregating $70,000 (V. 96, p.
892) were awarded to the North German Bank of Cincinnati for $70,076
making the price 100.108.
LAWRENCE, Mass.
-TEMPORARY LOAN.
-On Apr. 8 a loan of
3300,000 due Oct. 24 was negotiated with Blake Bros. & Co. of Boston at
4.98% discount.
LESTER PRAIRIE SCHOOL DISTRICT (P. 0. Lester Prairie),
-BONDS VOTED.
-This district has voted
McLeod County, Minn.
$3,500 school bonds, according to newspaper reports.
LIBERTY, Sullivan County, N. Y.
-BOND SALE.
-On Mar. 7
$12,000 street-impt. bonds were awarded to Douglas Fenwick & Co. of
New York at 100.225 for 4.60s. Denom. $1,000. Date Feb. 20 1913.
Int. ann. Due $1,000 yrly. from 1915 to 1926 incl.
-BIDS REJECTED.
LOUISIANA.
-The following bids received on
Apr. 2 for the $11,108,300 4% 50-yr. coup. tax-free refunding bonds offered on that day (V. 96.p. 813) were rejected:
Louisiana Nat. lsiank of Baton Rouge offered to take $100,000 at par, deIlverable Jan. 1 1914.
Mrs. G. C. Ilowell of St. Francisville offered to exchange $2,000 worth of
the old bonds for the new bonds.
George Sheib of New Orleans offered $104 for $100 worth
-BOND OFFERING.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-Proposals wil be received until 10 a. in. Apr. 29 by C. J. Sanzenbacher, Aud.
bonds. Auth. S .
Sec.
.
for $22,000 5% Wildwood Addition hi
31,000. Date May 12 1913. Int, semi6912-1, Gen. Code. Denom.
ann, at office of County Treas. Due $2,000 yrly.from 1914 to 1922 incl.
and $4,000 in 1923. Cert. Check on a Toledo bank (or cash) for $500 re(mired. Purchaser to pay accrued int. Bonds to be delivered May 12.
flids must be unconditional.
Proposals will also be receiyed until 10 a.m. Apr. 24 by the Auditor for
$8,000 5% sewer bonds. Auth. Secs. 6602-5, Gen. Code. Denom.$1,000.
Date May 1 1913. Int. semi-ann. at Co. Treas. office. Due $1,000 in
1914 and in 1915 and $2,000 in 1916, 1917 and 1918. Cert. check on a
Toledo bank (or cash) for $500 required. Purchaser to pay accrued int.
Bonds to be delivered May 1. Bids must be unconditional.
1112
THE CHRONICLE
LUNENBURG COUNTY (P. 0. Lunenburg), Va.-BOND SALE.
433) were
On Mar. 1 the $20,000 6% 20-yr. road-impt. bonds (V. 96,
p.
awarded to Mayer, Deppe & Walter of Cincinnati at 100.543. Denom.
$500. Date Mar. 1 1913. Int. M. & S.
MADISON TOWNSHIP SCHOOL DISTRICT (P. 0. Trotwood),
-BOND SALE.
Montgomery County, Ohio.
-On Mar. 8 the $14,000
% coup. school-bldg. bonds (V. 96, p. 666) were awarded to Iloehler
& Cummings of Toledo at 102.90.
MAHONING COUNTY ROAD DIST. NO. 1 (P. 0. Youngstown),
Ohio.
-BOND SALE.
-On Apr. 7 the $150,000 5% road bonds (V. 96, p.
892) were awarded to C. E. Denison & Co. of Cleve.for $150,775 (100.516)
and int. A bid was also received from Spitzer, Rorick & Co.of Toledo.
MANCHESTER, Mass.
-TEMPORARY LOAN.
-A loan of $40000
has been awarded,it is stated, to the Manchester Trust Co. at 4.70% disct.
MANCHESTER, Hillsborough County, N. H.
-This
-BOND SALE.
city has disposed of $100,000 354% improvement bonds. Int. J. & J.
Due $5,000 yrly. from 1913 to 1932 incl.
MAHNOMEN SCHOOL DISTRICT (P. 0. Mahnomen), Mahnomen
County, Minn.
-BONDS VOTED.
-According to reports, this district
has recently voted $25,000 school-construction bonds.
MARION SCHOOL DISTRICT (P. 0. Marion), Marion County,
Ohio.
-BOND OFFERING.
-Proposals will be received until April 25.
reports state, for $40.000 bldg. bonds.
-BONDS VOTED.
MARSHALL COUNTY (P. 0. Guntersville), Ala.
-Reports state that a favorable vote was cast at the election held Mar. 31
on the issuance of the $120,000 road-impt. bonds (V. 96, p. 965).
-BOND SALE.
-Local
MARSHALLTOWN, Marshall County, Iowa.
Papers state that Geo. M. Bechtel & Co. of Davenport have been awarded
an issue of $30,000 refunding bonds.
MARYSVILLE SCHOOL DISTRICT (P. 0. Marysville), Union
-We learn that the question of issuing
County,Ohio.
-BONDS VOTED.
$80,000 school-constr.- bonds carried on April 1 by a vote of 321 to 294.
-BONDS AUTHORIZED.
-AcMASSILLON, Stark County, Ohio.
cording to newspaper reports, the City Council passed an ordinance on
Mar. 29 providing for the issuance of $15,000 city-repair bonds.
-BONDS VOTED.
-Reports
McCOLL, Marlboro County, So. Caro.
state that the questions of issuing the $30,000 water, $20,000 sewer and
$10,000 electric-light bonds(V.96, p. 965) carried at the election held Mar.
31.
MEADOWS TOWNSHIP (P. 0. Meadows), Stokes County, No. Car.
-BONDS VOTED.
-The question of issuing the $40,000 30-yr. road-impt.
bonds(V. 96, p. 965) carried, it is stated, at the election held Apr. 1.
MECKLENBURG COUNTY (P. 0. Charlotte), No. Caro.
-BOND
OFFERING.
-Further details are at hand relative to the offering on Apr. 28
% 30-yr. coup.funding and impt. bonds(V.96, p. 1041)•
of the $325,000
Proposals for these bonds will be received until 11 a. m. on that day by
W. M. Long, Chairman I3d. of Co. Commrs. I)enom. $1,000. Date
May 1 1913. Int. M.& N. at Nat. City Bank,N. Y. City. Cert. check
or bank draft for $3,250, payable to Co. Treas., required. The legality
of these bonds will be approved by either Dillon, Thompson & Clay of N.Y.
or Storey, Thorndike, Palmer & Dodge of Boston.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
MIDDLEFIELD, Geauga County, Ohio.
--BOND OFFERING.
Proposals will be received until 12 m. May 5 by J. A. White, Vii. Clerk, for
$16,800 5% High and Elm St. impt. (village's portion) bonds. Auth.
Secs. 3939 to 3953 incl., Gen. Code. Denom. $400. Date Mar. 1 1913.
Int. M.& S. at Vil. Treas.office. Due $400 each six months from Sept. 1
1914 to Mar. 1 1935 incl. Cert. check for 1% of bonds bid for, payable
to Vil. Treas., required. Bonds to be delivered and paid for within 10
days from time of award. Purchaser to pay accrued interest.
MIDDLETOWN, Del.
-On Apr. 1 $12,000 5V bonds
-BOND SALE.
were awarded to the Citizens' Nat. Bank of Middletown at par. Denom.
$500. Data Apr. 1 1913. Int. A. & 0. Due Apr. 1 1933; opt. beg.
Mar. 311923.
MILLVILLE, Cumberland County, N. J.
-BOND OFFERING.
Proposals will be received until 8 p. m. May 2 by T. C. Wheaton, Chairman
Finance Committee, for $60,000 434% 20-yr. reg. or coup. st. impt.bonds.
Denom. $500. Date Dec. 20 1912. Int. J. & D. Cert. check on a
N. J., N. Y., Pa., Dela. or Md. bank or trust co. for 5% of bonds bid for,
payable to Mayor and Common Council, required. Bonds to be delivered
and paid for at 2 p. m. May 20 at office of City Treas. Bids must be made
on blank forms furnished by G. B. Worstall, City Treas.
The official notice of this bond offering will appear next week among the advertisements elsewhere in this Department.
-Proposals will be received
MILWAUKEE, Wis.-BOND OFFERING.
until 11 a. in. Apr. 15 by W. H. Upmeyer and 0. L. Kuehn, Commrs. of
Public Debt, at the office of L. M.Kotecki, City Compt.,for the $300,000
434% coup. water-works-constr. and ext. tax-free bonds (V. 96, p. 740).
Auth. Chaps. 40B and 41. Statutes for 1898. Denom. 81,000. Date
Jan. 1
Int. J. & J. at office of City Treas. Due $15,000 yrly. on
Jan. 1 from 1914 to 1933 incl. The validity of these bonds has been favor1913.
ably passed upon by Wood & Oakley of Chicago. Bids to be made on
blank forms furnished by the City. Cert. check on a national bank for
1% of bonds bid for, payable to City Treasurer,required. Accrued interest
to be paid by purchaser.
MINGO COUNTY (P. 0. Williamson), W. Va.-BOND ELECTION
PROPOSED.
-Local papers state that an election will be held May 1 to
vote on the question of Issuing 8400,000 road-constr. bonds.
MOHLER SCHOOL DISTRICT (P. 0. Mohler), Lincoln County,
Wash.
-BONDS VOTED.
-Reports state that this district recently voted
to issue $2,000 gymnasium-constr. bonds.
MOLINE SCHOOL DISTRICT (P. 0. Moline), Rock Island County,
Ill.
-BONDS VOTED.
-Reports state that the question of issuing $200,000 high-school-constr. bonds (V. 96, p. 302) carried by a vote of 1,138 to
566 at an election held Mar. 29.
MONTGOMERY COUNTY (P.O. Clarksville), Tenn.
-BOND SALE.
--On Mar. 22 $72,000 5% funding bonds were awarded to Seasongood &
Mayer of Cinc. at 100.377. not 100.31 as at first reported. Denom. $500.
Date Apr. 1 1913. Int. A. & 0. Due Apr. 11943. opt. in 1923, 1928.
1933 and 1938.
MORRISTOWN, Hamblen County, Tenn.
-On
-BOND SALE.
Mar. 15 the $20,000 5% 10-yr. paving bonds (V. 96, p. 740) were awarded
to Stacy & Braun of Cincinnati at par. Denom.$500.
MOUNTRAIL COUNTY (P. 0. Stanley), No. Dak.-BOND OFFERING.
-Proposals will be received until 2 p. m. Apr. 22 by W. C. Gibb,
County Aud., for the $50,000 4% 20-yr. coup. court-house constr. tax-free
bonds voted Nov.5(V.96. p. 81). Denom.$500. Cert. check for $1,000,
payable to Chairman Bd. of Co. Comm'rs, required. Bonded debt Apr. 3
1913, $70,000; floating debt, $50,000; assess. val. 1912. $4,130,740.
MUNHALL, Allegheny County, Pa.
-BOND SALE.
-Reports state
that J. S. & W. S. Kuhn, Inc., of Pittsburgh have been awarded at par
320,000 434% school bonds.
MUSKEGON SCHOOL DISTRICT (P. 0. Muskegon), Muskegon
County, Mich.
-BOND SALE.
-We are advised that this district has disposed of an issue of $25,000
% gold coup. tax-free refunding bonds.
Date Feb. 15 1913. Int. F.& A. at Chicago. Due $5,000 in 1915, 1916,
1918, 1919 and 1920.
-BOND OFFERMUSKINGUM COUNTY (P. 0. Zanesville), Ohio.
ING.
-Proposals will be received until 10 a. m. Apr. 29 by the Bd. of Co.
Commrs., H. H. Kennedy, Clerk, for $100,000
% 20-yr. bonds. Auth.
Sec. 2434, Gen. Code. Denom. $500. Date May 11913. Int. M.& N.
Cert. check (or cash)for 2% of bonds bid for, payable to Bd.of Co.Commrs.,
required. Putchaser to pay accrued interest.
NEVADA CITY, Nevada County, Cal.
-BOND ELECTION PROPOSED.
-An election may be held in the near future to submit to a vote the
question of issuing $20,000 city-hall bonds.
V. 96, p. 152.)
NEWARK SCHOOL DISTRICT (P. 0. Newark), Licking County,
Ohio.
-BONDS NOT SOLD.
-No bids were received on April 1 , reports
state,for the $30,000 434% bldg. bonds offered on that day (Y• 96, to • 813).
[VOL. mom
-BONDS DEFEATED
NEWAYGO COUNTY(P.O. Newaygo), Mich.
-We are advised that the question of issuing the $50,000 bonds to build
a court-house, jail and sheriff's residence at Vftite Cloud (V. 96, p. 377)
WM defeated at the election held April 7.
-LOAN OFNEWBERRY COUNTY (P. (). Newberry), So. Caro.
FERING.
-Proposals will be received until April 25 by W.A. Hill, Co. Sup.,
and W. A. McSwain, Chairman, for the following 5% notes No. 1 for
$15,313 33; No. 8 for $5,401 15 and No. 9 for $2,688 94. These amounts.
it is expected, will be slightly reduced by tax collections since figures were
made. The notes will be taken by assignment from the Sinking Fund
Cknnmhmdon of So. Caro. Proposals will also be received for $3,000 (possibly only $2,000) 7% railroad-aid bonds. In addition bids are asked for
a loan of $20,000 at not exceeding 7% int. for past-due current expenses
to be pail by annual levy of X of 1 mill tax on property now assessed at
$7,277,581 or upon 8 notes of $2,500 each due one yrly. on Mar. 1 for 8 yrs.
NEW HAMPTON SCHOOL DISTRICT (P. CI. New Hampton),
Chickasaw County, Iowa.
-BONDS VOTED.
-On Apr. 3 a vote of 570
to 144 was cast in favor of the proposition to issue the $65,000 1-1G-yr.
school-bldg. bonds (V. 96. P. 966)•
NEW HOPE IRRIGATION DISTRICT (P. CI. Independence), trim.
tah County, Utah.
-BONDS NOT YET SOLD.
-We are advised by the
Dist. Sec. under date of Mar. 21 that no award has yet been made of the
remaining $20,000 of the $40,000 6% coup. bonds of which $20,000 were
sold Sept. 10 1912 (V. 96, p. 81).
NEW KNOXVILLE VILLAGE SCHOOL DISTRICT (P. O. New
Knoxville), Auglaize County, Ohio.
-BOND SALE.
-Reports state
that on Mar. 28 the $18,500 5% 734-yr. (ay.) coup. bldg. bonds (V. 96,
p.892) were awarded to the People's Nat. Bank of Cincinnati at par and hit.
-BOND SALE.
-On Apr. 8 $15,350
NILES, Trumbull County, Ohio.
5% 18-yr. impt. bonds were awarded, it is stated, to the Brighton-German
-making the price 103.046.
Bank of Cincinnati for $15,817 50
-This disNODAWAY DRAINAGE DISTRICT, Mo.-BOND SALE.
trict, it is stated, has sold $15,000 bonds to the Little & Hays Co. of St.
Louis at 100.50 and int.
-During the month of March the
-BOND SALES.
NORTH DAKOTA.
following bonds, aggregating $34.000, were purchased by the State at par
Amount.Int. rate. Purpose.
Date.
Due.
Name.
Building
Jan. 2'13 Jan. 2'33
4
$8,000
Brandon S. D
Refunding Feb. 10'13 Feb. 10'33
4
2,800
Cavalier S. D
Building .Feb. 10 '13 Feb. 10 '23
4
2,000
Elm River 8. D
Fund.& Bldg. Dec. 21 '12 Dec. 21 '27
4
1,300
Koenig S D
Building
Dec. 21 '12 Dec. 21 '32
1,800 4
Lincoln S. D
Building
Jan. 2'13 Jan. 2'33
800 4
Lonsome S. D
Fund.StStreet Jan. 30'13 Jan. 30'23
2,500 5
Max
•
Building
Jan.
4
'13
'33
1.000
Riverside S. D
4
Building
Feb. 10 '13 Feb. 10'33
School Dist. No.5_ _ _12,000
Building
Aug. 1 '12 Aug. 1 '32
800
4
Sermon S. D
4
Building
Feb. 10'13 Feb. 10'33
Stewart S. D
1,000
-BONDS DEFEATED.
OAKLAND Comm!'
(P. CI. Pontiac), Mich.
-The proposition to issue the $6,000 county-house-hospital bonds (V. 96,
p• 302) was defeated, according to local papers, at the election held April 7.
-We are advised by the Chief
OKLAHOMA.
-BONDS NOT YET SOLD.
Clerk under date of Apr. 3 that no sale has yet been made of the $3,000,000
4% coup.refunding bonds offered without success on Feb. 1 (V. 96. P. 506).
ONTARIO SCHOOL DISTRICT (P. (). Chltsaio), San Bernardino
County, Cal.
-BOND ELECTION.
-An election will be held Apr. 29.
it is reported, to submit to a vote the question of issuing $50,000 schoolbldg. bonds.
ORANGEBURG, Orangeburg County, So. Car.
-BOND ELECTION.
-An election will be held Apr. 29 to submit to a vote the question of issuing the $60,000 water and light bonds (V. 96. p. 966).
ORLAND JOINT mum HIGH SCHOOL DISTRICT, Glenn
-BOND SALE.
County, Cal.
-On March 28 540,0005% bldg. bonds were
awarded, it is stated, to Torrance, Marshall & Co. of San Francisco at
100.3125.
OREVILLE MEWL DISTRICT (P. (). Orrville), Wayne County,
Ohio.
-BOND OFFERING.
-Proposals will be received until 12 tn. May 2
by 0. H. Irvin, Clerk Md. of IM., for $25,000 5% school-htmt. bonds
(V. 96, p. 814). Auth. Secs. 2294, 7626, 7627, 7629 and 7630, Gen. Code.
Denom. $500. Date April 1 1913. Int. Al. & S. Due yrly. on Sept. 1
as follows: $500 from 1915 to 1918 incl.. $1,000 from 1919 to 1921 Incl.and
$2,000 from 1922 to 1931 incl. Cert. check for 5% of bonds bid for, payable to Clerk of Bd. of Ed., required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued interest.
-BOND SALE.
-On April 8
OSSINING, Westchester County, N. Y.
the $75,000 17%-year (ay.) coup. or reg. municipal-bldg. bonds (V. 96, P
1042) were awarded to Farson, Son & Cd. of N. Y.for $75,155 (100.206).
as 434s. Other bids follow:
$75.097 50 for 414 a
Estabrook & Co., New York
Adams St Co., New Nrmic
75,101 00 for 4.55s
R. D. White, New Nemic
75,308 08 for 4.60$
Harris, Forbes & Co., New York
75,225 75 for 4.60s
75,177 00 for 4.60e
Douglas Fenwick & Co., New York
75,050 00 for 4.70s
N. W.Coler & Co., New York
°SWIG°, Kan.
-BONDS DEFEATED.
-The question of issuing $30,000 water-works-ext. bonds was defeated by the voters on Apr. 1, the vote
being 79 "for- to 525 "against".
OTTAWA SCHOOL DISTRICT (P. CI. Ottawa), Franklin County,
-The question of issuing the $100,000 high.
Kan.
-BONDS DEFEATED.
school-bldg. bonds (V. 96, p. 667) was defeated at the election held Apr. 1.
-BOND SALE.
-On Apr. 1 the
allriCraffiLi, Steele County, Minn.
$10,000 5% coup. light-system bonds (V. 96, p. 966) were awarded, to Kinyon & Kinyon and the First Nat. Bank of Owatonna at 100.50 and int.
Other bids were as follows
C. H. Coffin, Chicago _ _ _ _*$10,011 Minn.Loan & Tr. Co.,Minn.$10,000
John Ahaveen ,St Co., Chic___ 10,016 Kam,St ()o., Minneapolis_ _ _ 4110,003
Security State Bk., Owatonna 10,000 i A.J. Hood & Co., Detroit _ __*10,003
* No check.
-BONDS NOT SOLD.
-No bids
OXNARD, Ventura County, Cal.
were received on Apr. 1 for the $100,000 5% 22-yr. (aver.) gold coup. taxfree municipal water-works bonds offered on that day (V. 96, p. 893).
PALL SCHOOL DISTRICT P.(). Pala), San Diego County, ca.--An election will be held Apr. 19, reports state, to
BOND ELECTION.
vote on the question of issuing $7,500 bldg. bonds.
PARKERSBURG SCHOOL DISTRICT (P. (). Parkersburg), Wood
-We are advised that
County, W. Va.-BOND ELECTION POSTPONED.
the election which was to have been held April 8 to vote on the questlongof
Issuing the $300,000 4% bldg. bonds (V. 96, p. 966) has been postponed
until June because of the floods.
PAVIPICIAI ,cottlivr (P. 0. Lamed), Kans.-BOND ELECTION PROPOSED.
-Reports state that an election will be held shortly to submit to a
vote the question of issuing $75,000 court-house-constr. bonds.
-BOND
PENN TAN ingIcm FREE =HOW, DISTRICT, N. Y.
966)
SALE.
-On Apr. 7 the $30,000 434% reg. school bonds (V. 96,
p'
Co. of Rochester at 100.1325 & int. A
were awarded to the Union Trust
bid of $30,001 was received from Adams & Co. of New York.
-BOND OFFERING.
PINELLAS COUNTY (P. O. Clearwater), Fla.
-Further details are at hand relative to the offering on April 15 of the
$370,000 5% coup, tax-free road constr. bonds voted Dec.3(V.96, p.814).
Proposals for these bonds will be received until 12 m. on that day by C. W.
Wiecking, Co. Clerk. Auth. Sec. 1, Chap. 6237, Acts of 1911. Denom.
$1,000. Date May 1 1913. Int. ann. in N. Y. or Clearwater. Due
May 11943, opt. after May 1 1938. Cert. check for $5,000, payable to
Co. Clerk, required. Official circular states that there is no controversy
or litigation pending or threatened affecting the corporate existence or the
boundaries of the county or the title of its present officials to their respective offices or the validity of its bonds, and that no previous issue of bonds
has been contested.
•
PINEVILLE SCHOOL DISTRICT (P. (). Pineville), Mecklenburg
-The question of issuing the $20 County, No. Caro.
-BONDS VOTED.
,
000 6% 30-yr. bldg. bonds(V. 96, p. 967) carried at the election held Apr.8
by a vote of 70 to 0. We are advised that these bonds will be offered for
sale about June 1.
-Reports state that
PLANT CITY, Fla.
-BONDS AUTHORIZED.
$75,000 bonds will be issued for paving, sewerage and drainage.
APR. 12 1913.]
THE CHRONICLE
PLEASANT RUN SCHOOL DISTRICT NO. 28, Tarrant County,
Tex.
-BOND ELECTION.
-An election will be held Apr. 26, reports state,
to submit to a vote the proposition to issue $7,500 school-bldg.1bonds.
-BONDS VOTED.
PONTIAC, Oakland County, Mich.
-Local papers
state that on April 7 the question of issuing the $50,000 city park bonds
(V. 96, p. 741) carried.
-BOND ELECTION PROPOSED.PORTLAND,Ionia County, Mich.
-Reports state that an election will be held in the near future to submit
to a vote the proposition to issue municipal dam-constr. bonds.
-BOND OFFERING.
-Proposals will be received
PORTLAND, Ore.
until 2 p. m. May 7 by A. L. Barbttr, City Aud., for $500,000 4% gold
bonds. Denom. $1,000. Date May 1 1913. Int. M. & N. at the
water
City Treas. office or the fiscal agency of Portland in N. Y. Due May 1
1938. Cert. check on some responsible bank in Portland for 5% of bonds
bid for, payable to the Mayor, required. Bids must be unconditional
except as to the legality of the bonds.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
BONDS NOT SOLD.
-No award was made on April 2, it is stated, of the
$300,000 4% 30-yr. gold public auditorium bonds offered on that day
(V. 96. p. 667).
BOND ELECTION PROPOSED.
-According to local newspapers, an
election will be held in June to vote on the question of issuing $90,000
park-site-purchase bonds.
PORTOLA SCHOOL DISTRICT (P. 0. Portola), Plumas County,
Cal.
-BONDS VOTED.
-Reports state that
resulted In favor of the proposition to issue the the election held Mar. 29
$4,500 school-constr. bonds
(V. 96. p. 967).
PORT ORCHARD, Kitsap County, Wash.
-On
-BOND SALE.
Mar. 31 $3,500 'met. 1)1st. No. 49 and $2.000 Impt. Dist. No. 22 1-10-Yr.
opt.) street-impt. bonds were awarded to the State of Waahington as 545.
PRESQUE ISLE COUNTY (P. 0. Rogers), Mich.
-BONDS DEFEATED.
-The question of issuing $25,000 jail-constr. bonds was defeated,
it is stated, at a recent election.
RACINE, Racine County, Wis.-BONDS VOTED.
-The election held
Apr. 1 resulted in favor of the proposition ot issue the $95,000 school-bldg.
bonds(V.96, p. 584). The vote is reported as 2,400 to 1,392.
RAMONA, Lake County, So. Dak.-BONDS NOT SOLD.
-We are
advised by the Town Clerk under date of April 7 that no award has been
made of the $3,500 5% 15 -year (opt.) water-works-impt. bonds offered
-20
on March 11. (V. 96, p. 507.)
RAVENNA, Buffalo County, Neb.-BONDS DEFEATED.
-The
question of issuing the $5,000 water-bonds was defeatedat the election
held April 1 by a vote of 119 "for" to 121 "against.
RED OAK INDEPENDENT SCHOOL DISTRICT (P. 0. Red
Oak),
Ellis County, Tex.
-BOND ELECTION.
-An election will be held
reports state, to submit to a vote the proposition to issue $15,000 May 3,
schoolconstr. and equip. bonds.
RED RIVER COUNTY (P. 0. Clarksville), Texas.
-BOND ELECTION PROPOSED.
-Reports state that an election will be held in
future to submit to a vote the question of issuing from $150,000 to the near
$250,000
road-construction bonds.
RICHLAND COUNTY (P. 0. Columbia), So. Caro.
-BONDS
VOTED.
-According to early returns, the question of issuing the $50,000
$% 20-yr. coup. jail-constr. bonds (V. 96. p. 967) carried on April 1.
RIDLEY PARK, Delaware County, Pa.
-BONDS NOT SOLD.
No award was made on Apr. 8 of the $35,000 4% 30-yr. bonds offered on
that day (V. 96. p. 1042). We are advised that these bonds will be re
advertised as 4 Ms.
ROANO F, Randolph County, Ala.
-BOND ELECTION.
-The
question of issuing $20,000 sewer and $20,000 5% 30-yr. light bonds will
be submitted to a vote on May 1.
ROBERTSON COUNTY (P. 0. Franklin), Tex.
-BOND OFFERING.
-Proposals will be received until 12 . Apr. 14 by J. L. Goodman, County
Judge, for $50.000 of an issue of $100,000 5% 10-40-yr.(opt.) Justices Precinct No. 5 road-impt. bonds. Auth., vote of 256 to 76 at an election held
July 24 1912. Denom. $1,000 or $500, as desired.
Jan. 1 1913,
Int. J. & J. Cert. check for 1% of bonds, payable to Date
County Judge, required. Official circular states that there is no controversy or litigation
pending or threatened affecting the boundary
precinct
13onds, and that this precinct and said county lines of saiddefaultedor these
have
in payment of either principal or int. on any obligations. never
ROBSTOWN SCHOOL DISTRICT (P. 0. Robstown), Nueces
County, Tex.
-.VOTE.
-The vote cast
the propositions to issue the $2,000 andat the election held March 22 on
$5,000
p. 1042) was 49 to 16 and 45 to 15 respectively.5% school bonds (V. 96,
Due $5,000 in 20 Years
and 112,000 in 40 years.
ROCHESTER, N. Y.
-NOTE SALE.
-On April 4 $370,000 revenue
notes were awarded to Parkinson & Burr of N. Y. at 5% int. and $21.75
remium. Other bids follow:
nion Trust Co., New York
$370,000 00 for 5s
Bond &Goodwin,New York
370.015 00 for 5.20s
Luther Robbins, Rochester
370,011 50 for 5.25s
H. Lee Anstey, New York
370,007 00 for 5.25s
W. N. Color& Co., New York
370,000 00 for 5.50s
The notes are due two months from April 10 1913.
ROCKAWAY TOWNSHIP SCHOOL DISTRICT (P. 0. Itocka"
-ay
Morris County, N. J.
-An election will be hold
-BOND ELECTION.
April 25, according to renorts, to submit to a vote the question of issuing
$10.500 school-building bonds.
ROSEBURG Douglas County, Ore.
-BONDS DEFEATED.
-The
question of issuing the $15,000 gold coup. fire-apparatus bonds at not exceeding 6% int. (V. 96, p. 814) was defeated by a vote of 442 "for" to 467
"against" at the election held Mar. 31.
RUSHTON FIRST SEWERAGE DISTRICT (P. 0. Rushton),
Lincoln Parish, La.
-BOND OFFERING.
-Proposals will be received
until 12 m. May 15 by the Board of Commrs., S. D. Pearce, Pres., for
$40,000 5% 35
-year sewer-construction bonds. Date Nov. 1 1912. Int.
annual. Certified check for $1,000 required.
SAINTE GENEVIEVE SCHOOL DISTRICT (P. 0. Sainte
Genevieve), Sainte Genevieve County, Mo.-BONDS VOTED.
-By a
of 255 to 27 the question of issuing $6,000 bldg. bonds carried, reports vote
state,
at the election held April 1.
SALINA, Salina County, ans.-BOND OFFERING.
-Proposals will
be received until April 21 for $8,300 5% sewer-constr. bonds. Denom.
$830. Date April 11913. Int. A.& 0.at fiscal agency of State of Kansas
in Topeka. Due $830 yearly on April 1 from 1914 to 1923 incl.
-BOND SALE.
SAN DIEGO, Cal.
-We are advised by the Clerk,
under date of April 5, that this city recently disposed of $89,500 water-ext..
$74,000 North and East Side sewer and $26,500 street bonds to local banks
as follows: $20,000 to the Bloclunan Banking Co.,$30,000 to the San Diego
Savings Bank,$40,000 to the Merchants' Nat. Bank,$35,000 to the Southern Trust & Savings Bank $30,000 to the American Nat. Bank, and
$35,000 to the Citizens' Savings Bank.
-BOND
SANDUSKY, Erie County, Ohio.
-Proposals
will be received until 12 m. May 1. it is stated. by OFFERING.
tor, for $29.000 4% street-impt. bonds. Int. F. W.Bauer, City Audisemi-annual. Certified
check for $200 required.
SAN FRANCISCO, Cal.
-BONDS NOT SOLD.
-No award
on Mar. 31, it is stated, of the two issues of tax-free bonds, was made
aggregating
$5,248,000, offered on that day (V. 96, P. 814)•
SAPULPA, Creek County, Okla.
-BOND SALE.
-We are advised
that the $75,000 5% 30
and sewer-system-extension
-year
bonds offered without success on water-works p. 507) have
Feb. 3(V. 96,
been
to J. R. Sutherlin & Co. of Kansas City, Mo., at 95 and interest. awarded
SAURATOWN TOWNSHIP (P. 0. Walnut Cove), Stokes
County,
No. Can-BONDS VOTED.
-Reports state that the
the $50,000 30-yr. road bonds (V. 96, p. 507) received question of issuing
a favorable vote at
the recent election.
SCOTLAND NECK GRADED SCHOOL DISTRICT (P. 0.
Scotland
Neck), Halifax County, No. Caro.
-BOND OFFERING.
-Proposals will
1113
be received until 12 m. May 5 by A. L.Purrington, Sec. Board of Trustees,
for the $16,000 6% school bonds voted April 1 (V. 96, p. 1042). Certified
check for 5% of bonds required.
•
SCOTT COUNTY (P. 0. Gate City), Va.-BOND ELECTION.
-On
Apr. 29 an election will be held,it is stated. to vote on propositions to issue
$100,000 bonds to construct roads in Estillville District, $36,000 for
Fulkerson District and $36.000 for Johnson District.
SEATTLE, Wash.
-BOND SALE.
-This city issued the following 6%
1-1()-yr. (opt.) special-impt. bonds, aggregating $70,799 82, during the
month of March.
Amount.
Purpose.
Date.
$14,024 78_ _ _ _ Grade and Curbs
Mar. 3 1913
2,985 24__ _ _Walks
Mar. 8 1913
6,797 66_ __ _Sidewalks
Mar. 15 1913
13,247 80_ _ _ _Sewers
Mar. 15 1913
16,310 74 _ _Paving
Mar.22 1913
5,364 30_ _ _ _Curbs and Walks
Mar.24 1913
12,069 28_ _ _ _Curbs and Walks
Mar.24 1913
SENATOBIA CREEK DRAINAGE DISTRICT (P. 0. Senatobia),
Tate County, Miss.
-BONDS TO BE RE
-ISSUED.
-We are advised that
the $10,000 20-yr. bonds offered without success as 5s last fall (V. 95_, P.
1637) will be re-issued as 6s. Denom. $500. Date June 1 1913. Int.
ann. in June.
SHAMOKIN SCHOOL DISTRICT (P. 0. Shamokin), Northumberland County, Pa.
-BOND ELECTION.
-According to local newspaper
reports, an election will be held May 21 to authorize a loan of $150,000
for a new high school.
SHELBY, Richland CountyOhio.-BOND OFFERING.-Prpposals
will be received until 12 m. April'21 by Bert Pa Vii. Clerk,for $1,000 5%
coup. storm-sewer bonds. Denom. $500. Date April 1 1913. Int.
A.& 0. at office of Vil. Clerk, Due part yearly on April 1 1921 and 1922.
Cert. check for $100. payable to 0.R. Mott, Vii. Treas.,required.
SOLON TOWNSHIP (P. 0. Solon), Cuyahoga County, Ohio.BOND OFFERING.
-Proposals will be received until 1 p. m. May 5 by
J. H. Brown, Twp. Clerk, for $10,000 5% coupom highway-impt. bonds.
Auth. Sec. 3295, Gen. Code. Denom. $1,000. Date April 1 1913. Int.
A. & 0. at Superior Say. & Trust Co., Cleveland. Due $1,000 yearly on
Oct. 1 from 1914 to 1923 incl. Cert, check on a bank other than the one
making the bid,for 10% of bonds bid for, payable to Twp. Clerk, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest. These bonds were offered without
success on March 18 as 4Ms (V. 96, p. 585)•
SOUTH MILLS SCHOOL DISTRICT (P. 0. South Mills), Camden
County, No. Car.
-BONDS VOTED.
-It is reported that this district
has voted to issue $10,000 high-school-constr. bonds.
SOUTH PORTLAND, Cumberland County, Me.
-TEMPORARY
-On April 8 the loan of $60,000 (V. 96. p. 1042) was awarded, it is
LOAN.
reported, to the New England Mutual Life Insurance Co.at 4% discount.
-BOND ELECSPARTANBURG, Spartanburg County, So. Caro.
-Reports state that petitions are being circulated askTION PROPOSED.
ing an election to vote on the question of issuing $100,000 street-impt.
bonds.
SPOTSYLVANIA COUNTY (P. 0. Spotsylvania), Va.-BOND
OFFERING.
-Proposals will be received until 12 m. April 21 by A. H.
Crismond, Co. Clerk, for the $20,000 Berkeley Dist. and $20,000 Livingston Dist. 5% 5-30-yr.(opt.) coup. tax-free road bonds offered but not sold
on April 3(V.96. p.967). Denom.to suit purchaser. Int.semi-annual.
-BONDS NOT
STONE SCHOOL DISTRICT, Glenn County, Cal.
-No bids were received on Mar. 28, it is stated, for the $5,000 5%
SOLD.
building bonds offered on that day.
SUMMERVILLE, Chattanooga County, Ga.-BONDS VOTED.By a vote of 160 to 1 the question of issuing $18,000 school-bldg. bonds
(V. 96, p. 668) carried at the election held Mar. 29.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-BONDS NOT SOLD.
-No
award was made on Mar. 28. reports state, of the $78,000 5% coup. bridge
constr. bonds offered on that day (V. 96, p. 742).
SUPERIOR, Douglas County Wis.-BONDS AUTHORIZED.
-Reports state that the City Commission on Mar. 29 passed a resolution providing for the issuance of $65,000 4% 20-yr. Matt Carpenter school-addition bonds. Denom.$1,000.
SUTTER COUNTY RECLAMATION DISTRICT NO. 1001 (P. 0.
-The proposition to issue the
-BONDS DEFEATED.
Yuba City), Cal.
$357,784 90 bonds(V.96, p.893) was defeated at the election held Mar.29.
-Pro-BOND OFFERING.
SYRACUSE, Onondaga County, N. Y.
posals will be received until 1 p. m. April 15 by M. E. Monohan, Comptroller, for the following 4M % reg. tax-free bonds:
$75.000 Vocational high-school-site bonds. Due $3,750 on April 1 from
1914 to 1933 incl.
65,000 Fire-alarm-system bonds. Due $3,250 yrly. on April 1 from 1914
to 1933 incl.
Denom. to suit purchaser . Date April 1 1913. Int. semi-ann. Bonds
will be certified as to genuineness by the Columbia-Knickerbocker Trust
Co. and their legality approved by Caldwell, Masslich & Reed of N. Y.
City, whose opinion will be furnished to successful bidder or bidders. Cert.
check for 2% of bonds bid for, payable to Comptroller, required. Purch.
to pay accrued int. Bonds to be delivered on April 25. Bids must be
on blank forms furnished by city and include accrued interest.
-BONDS VOTED.-Reportestate that
TEMPLE, Belt County, Tex.
the question of issuing $75,000 sanitary-sewer-system bonds(V.96, p. 742)
carried at the election held April 1. The vote was 353 to 194.
-On April 2
-RATE OF INTEREST INCREASED.
TOLEDO, Ohio.
the Finance Committee of the Council increased the rate of interest on the
$175,000 park impt. bonds offered without success on Mar. 19 (V. 96.
p. 893) from 4% to 4 %.
BOND SALE.
-Local papers state that on April 2 the Board of Sinking
Fund Trustees was awarded the $750.000 4% 31 1-16-yr (ay.) coup. cityhall bonds offered but not sold on Mar. 5(V. 96. P. 743)•
TOWNSEND TOWNSHIP (P. 0. Collins), Ohio.
-BOND OFFERING.
-Proposals will be receiv until 12 m. April 28,it is stated, by C.B.
Canfield, Clerk, for $25,000 5 road bonds. Int. semi-annual. Certified check for 5% required
TRAVERSE CITY SCHOOL DISTRICT (P. 0. Traverse City),
-BONDS VOTED.
Grand Traverse County, Mich.
-A favorable vote
was cast on April 7, it is stated, on the question of issuing $78,000 highschool-building bonds.
TUSCARAWAS COUNTY (P. 0. New Philadelphia), Ohio.
-BOND
-Proposals will be received until 1 p. m. April 21 by W. C.
OFFERING.
Shott. Co. Aud.. for $100,000 6% bridge-constr.-bonds. Denom. $1,000.
Date April 25 1913. Int. A. & 0. Due 30 bonds each six months from
Feb. 25 1914 until all are paid. Cert. check for 1% of bonds bid for, payable to Co. And., required. Bonds to be delivered and paid for within
4 days from time of award. Purchaser to pay accrued interest.
-BONDS PROPOSED.UNION COUNTY (P. 0. Marysville), Ohio.
Local papers state that this county is contemplating issuing $250,000 road
and bridge-repair bonds.
UNION TOWNSHIP SCHOOL DISTRICT, Union County, N. J.-Proposals will be received until 7:30 p. m. April 15.
BOND OFFERING.
it is stated, by A. P. Morris, Chairman of Finance Committee (No. 99
Chestnut St., Newark).for $47,500 5% coupon or regis. school bonds offered
without success as 44s on Feb. 18 (..96, p. 435). Denom. $500. Due
inlequal installments in from 15 to 30 years. fCert.'check for 1% required.
UNION TOWNSHIP SCHOOL DISTRICT (P. 0. Milford Centre),
-BOND OFFERING.
-Proposals will be received
Union County, Ohio.
until 1 p. m.Apr. 18 by J. A. Kennington. Clerk Bd. of Ed.,for $5,500 5%
coup. school bonds. Auth. Secs. 5656 to 5659,incl., Gen. Code. Denom.
$500. Date May 1 1913. Int. M. & N. at Milford Centre. Bank. Due
$1.500 May 1 1914 and $1,000 each six months from May 1 1915 to Nov. 11916 incl. Cert. check (or cash) for $200, payable to Treas. Bd. of Ed..
required. Bids must be unconditional.
UNIVERSITY PLACE, Lancaster County Neb.-BONDS DEFEATED.
-On Apr. 1 the question of issuing $6.000 city-hall-constr. bonds
(V. 96. p. 81) was defeated by a vote of 295 "for' to 170 "against," this
being less than the necessary two-thirds majority.
•
UTICA, Oneida County, N. Y.-BONDSAUTHORIZED.-An ordinance was adopted, reports state, providing for the issuance of $100,000
Wetmore St. school-impt. bonds.
[VOL. xcvi.
THE CHRONICLE
1114
VAN ZANDT SCHOOL DISTRICT (P. 0. Fort Worth), Tarrant
-According to local newspaper re-BONDS VOTED.
County, Tex.
ports, the question of issuing bonds for a new building to cost $13,500
carried by a vote of 27 to 1 at an election held Mar. 28.
-BOND ELECTION.
VICTORIA COUNTY (P. 0. Victoria), Tex.
On April 26, reports state, the question of issuing drainage bonds in Bloomington District will be submitted to a vote.
VILLISCA INDEPENDENT SCHOOL DISTRICT (P. 0. Villisca),
-According to reports,
-BONDS VOTED.
Montgomery County, Iowa.
the question of issuing the $45,000 high-school-constr. and equip. bonds
carried at the election held Mar. 25(V. 96, 1). 816)•
-BOND OFFERING.
WAKEMAN TOWNSHIP,Huron County, Ohio.
-Proposals will be received until 12 m. May 7 by W. G. Fervor, Twp.
Clerk (P. 0. Wakeman),for $25,000 of an issue of $50,000 5% coup. Wakeman Dist. road-impt. bonds voted Mar. 24 1913. Auth. Secs. 7033-7052
Incl., Gen. Code. Denom. $500. Date April 15 1913.. Int. A. & 0. at
the Wakeman Banking Co. at Wakeman. Due $1,000 each six months from
April 15 1914 to Oct. 15 1918 incl.and $1,500 each six months from April 15
1919 to Oct. 15 1923,incl. Cert. check on a bank other than the one making
the bid for 5% of bonds bid for, payable to the Township Clerk, required.
Bonds to be delivered within 10 days from time of award. Purchaser
to pay accrued interest.
-BOND SALE.
WALLA WALLA, Walla Walla County, Wash.
On April 1 the $5,772 13 6% 10-yr. (ser.) local-impt. bonds(V. 96, p. 507)
were awarded to the Farmers Savings Bank of Walla Walla for $5,782 13
(100.163) and int. Other bids follow.
96
Edgar B. Hoover
par. 1W. D. Perkins & Co., Seattle
WATER VALLEY SCHOOL DISTRICT (P. 0. Water Valley),
-On April 29 an election
-BOND ELECTION.
Tom Green County, Tex.
will be held, reports state, to decide whether or not this district shall issue
$8.000 building bonds.
WAYNE TOWNSHIP CENTRALIZED SCHOOL DISTRICT (P. 0.
-On April 1 the
-BOND SALE.
Lees Creek), Clinton County, Ohio.
$15,000 6% 23i-yr. (aver.) coup. bldg. bonds(V. 96, p. 894) were awarded
to the First Nat. Bank of Blanchester, 0.. for $15,310 75, making the
price 102.071. Other bids follow:
Sec. Say. Bk.&Tr.Co.,Tol.$15,162 501Hoehler & Cum'gs, Tol__$15,103 75
First Nat. Bk., Sabina,0. 15,151 00 Well. Roth & Co., Cin___ 15,090 00
First Nat. Bk.. Wilm.,0. 15,150 00
-Pro-BOND OFFERING.
WELDON, Halifax County, No. Caro.
posals will be received until 12 m. May 19 by W. W. Wiggins, Mayor, for
bonds. Auth. vote of 159 to 10 at an election
$40,000 6% water-works
held Sept. 19 1911. Date Jan. 1 1913. Int. ann. or semi-ann. Due in
20 ann. installments beginning Jan. 1 1923. Cert. check for $500, payable
to Mayor, required.
-On
-TEMPORARY LOAN.
WELLESLEY, Norfolk County, Mass.
April 8 a loan of $40,000 in anticipation of taxes, due Nov. 10, was negodiscount, $20,000 with R. L. Day & Co. and $20,000 with
tiated at 4.80%
Loring, Tolman & Tupper of Boston.
-No
_WHEELING, Ohio County, W. Va.-BONDS NOT SOLD.
award was made on March 27, it is stated, of the four issues of 5% coup.
street-impt. bonds, aggregating $31,000 offered on that day (V.96, p. 742.)
-It is reported
WHIGHAM, Grady County, Ga.-BOND ELECTION.
that an election will be held Apr. 18 to submit to a vote propositions to issue
$6,000 electrio-lIght-plant-constr. and $2,000 water-works-impt. bonds.
-On Apr. 10
-BOND SALE.
WILMINGTON,Newcastle County, Del.
the $45,000 47 registered refunding sinking fund loan bonds(V. 96, p. 894)
'
were awarded to Estabrook & Co. of N. Y. at 93.28 and int. Other bids
A B.
follow
93.2101Harris, Forbes & Co., N.Y_ _ _92.401
each & Co., N Y
90.252
R. M.Grant & Co., N. Y_ __ _92.678 Bledget & Co., N. lima
N. W.Walsey & Co., N. Y_ _ _92.517
WINNEBAGO COUNTY (P. 0. Oshkosh) Wis.-VOTE.-The vote
favor of the question of
cast at the election held April 1 which resulted
issuing the $30,000 hospital bonds(V. 96, p. 1043) was 3,937 to 2.686.
-On April 1 the
WISNER, Cuming County, Neb.-BOND SALE.
-20
% 5 -year (opt.) water-works bonds offered on Mar. 17
$7,000
(V. 96, p. 816) have been awarded to local parties at par. Denom. $500.
Date April 1 1913. Interest annually on April 1.
-BOND OFFERINGS
WOOD COUNTY(P.O. Bowling Green), Ohio.
-Proposals will be received by C. E. Stinebaugh, Co. Aud., for the following 5% coup. road-impt. bonds
Until 1 p. m. April 25.
$50,000 A. W. Graham, William Ducat and Charles Kapp road bonds.
Date May 11913.
50,000 Geo. A. Blair and Jacob Schramm road bonds. Date May 5 1913.
Until 1 p. m. May 5.
50,000 A. B. Shanower and Henty Siek road bonds. Date May 10 1913.
Until 1 p. m. May 19.
50,000 Andrew Hanley, James W. Turley and W. F. Spilker road bonds.
Date June 5 1913.
50,000 C. F. Rider and Chas. Schumacher road bonds. Date June 10'13
Auth. Secs. 6926 to 6956, Gen. Code. Denom. $1,000. Int. M. & S.
at Co. Treas. office. Due $5,000 of each issue every six months from Mar. 1
1914 to Sept. 1 1918 incl. Bids must be made separately for each issue.
Cert. check on a Bowling Green bank for $1,000 of each Issue bid for required. Purchaser to pay accrued interest.
-BOND
WRIGHT COUNTY SCHOOL DISTRICT NO. 44, Minn.
-On March 20 $2,000 6% bldg. bonds were awarded to the State
SALE.
Bank of St. Michael, Minn., at 101. Date March 22 1913. Int. ann. in
July. Due on July 1 as follows: $650 in 1914 and 1915 and $700 in 1916.
-BONDS DEYADKIN TOWNSHIP, Stokes County, No. Car.
-The proposition to issue road bonds was defeated, reports
FEATED.
election.
state, at a recent
-BOND OFFERYELLOWSTONE COUNTY (P. 0. Billings), Mont.
ING.
-Further details are at hand relative to the offering on April 22 of the
$50,000 5% 10-20-yr. (opt.) coupon jail bonds (V.96, p. 968). Proposals
for these bonds will be received until 12 m. on that day by the Board of
Co. Commrs., C. H. Newman, Chairman. Denom. $1,000. Date Jan. 1
1913. Int. J. & J. at office of County-Treas. or Am. Ex. Nat. Bank,
N. Y. C. Cert. check for 5% of bonds advertised for sale, payable to
C. H. Newman, required.
Canada, its Provinces and Municipalities.
-A by-law to issue $200,-DEBENTURES VOTED.
AMHERST , N. S.
000 debentures carried, reports state, at a recent election.
-Wood, Gundy & Co.
BATTLEFORD, Sask.-DEBENTURE SALE.
of Toronto have, it is stated, purchased $25,000 6% debentures. The same
-day option on the remaining $75,000 of the issue.
firm was given a 30
V. 96. p. 743.
NEW LOANS.
NEW LOANS.
•••••••••••••••••
NOTICE OF SALE OF
$325,000
Mecklenburg County,North Carolina,
$137,000
BONDS FOR SALE
CITY OF JERSEY CITY, NEW JERSEY,
FIFTY-YEAR SINKING FUND SCHOOL BONDS
AND
$150,000
CITY OF JERSEY CITY NEW JERSEY
- THIRTY-YEAR SINKING FUND 45i PER CENT WATER BONDS
Sealed proposals will be received by the Board of Finance at its meeting to be held in the City Hall,
on Ail 22, 1913, at 3 o'clock P. M., when they will be publicly opened, for $137,000 School Bonds
and 150,000 Water Bonds.
Said Sc iool Bonds will be dated May 1, 1913, payable May 1, 1963, and said Water Bonds will be
dated May 1, 1913, and payable May 1, 1943, and both issues will bear interest at the rate of Four and
one-half per centum (43-i %)per annum, payable semi-annually on the first days of May and November
In each year, both principal and interest being payable in gold coin of the United States of America
of the present standard of weight and fineness, or its equivalent, at the office of the City Treasurer.
Said bonds will be coupon bonds of the denomination of $1,000 each, with privilege to the holder of
registering same as to principal only, or of converting the same into bonds registered as both principal
and interest.
Said bonds are exempt from taxation by the Laws of the State of New Jersey.
Proposals must be enclosed in a sealed envelope and endorsed "Proposals for .Bonds of Jersey City,"
and handed to the Clerk of the Board of Finance in open meeting to be held at the time and place aforesaid.
Each bid must be accompanied by certified check upon an incorporated bank or trust company,
payable to the order of the City Treasurer of Jersey City (Carl G. A. Schumann), for two per cent
(2%) of the amount of the par value of the bonds bid for. The amount of said check to be credited
upon said bid, if accepted: and, to be returned forthwith, if not accepted.
All bids must provide for the payment of accrued interest from the date of said bonds to the date
of delivery.
Said bends will be prepared and certified as to genuineness by the United States Mortgage and Trust
Company, and will be approved as to legality by Messrs. Hawkins, Delafield & Longfellow, attorneys
of New York City, N. Y., whose opinion will be furnished to the successful bidder.
The Board reserves the right to reject any or all bids.
RICIIARD J. VREELAND,
Clerk of the Board of Finance.
Dated, April 8, 1913.
F. WM. KRAFT
LAWYER.
in Examination of
Municipal and Corporation Bonds
Specialiizng
1037-9 FIRST NATIONAL BANK BUM.,
CHICAGO, ILL.
Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BLDG.
CHICAGO
HODENPYL, HARDY & CO Bolger, Mosser & Willaman
MUNICIPAL BONDS
14 Wall St., New York
Legal for Savings Banks,
l'ostal Savings and Trust Funds.
Railway, Street Ry.,Gas & Elec. Light
SEND FOR LIST.
SECURITIES
29 South La Salle St., CHICAGO
Charlotte, N. C.
Sealed bids will be received by the undersigned at the office of the Board of Commissioners of Mecklenburg County, in the City of
Charlotte, N. C., until 11 o'clock A. M., on
the 28th day of April, 1913, for $325,000 4%
per cent 30-year funding and special improvement coupon bonds of the county of Meckleburg.
N. C., in denominations of $1,000 each, and
dated May 1, 1913, and due May 1. 1943, interest payable semi-annually, and both interest
and principal payable at the National City Bank
of New York in New York City.
These bonds are issued by direct authority
of an Act of the General Assembly of North
Carolina, ratified the 1st day of March, 1913.
which Act authorizes the issuance of said bonds
without submitting the question of their issuance
to a vote of the people, Which is permissible under
the Constitution of North Carolina, and therefore no litigation as to their validity can possibly
arise. However, the county will furnish the
purchaser the legal opinion of Dillon,Thompson
& Clay of New York City, or Storey, Thorndike,
Palmer & Dodge of Boston, Mass., whichever
may be preferred, as to the legality of said bond
Issue. The assessed value of property in the
county for 1912 was $28,748$51. The total
bonded indebtedness, including this issue, will
be $625,000. The tax rate for all purposes is
$1.05 on the $100 property valuation.
This bond issue will take up all floating indebtedness and provide funds for special improvements, which will render the present tax rate
more than sufficient to meet all current expenses,
including the payment of interest on all bonded
indebtedness. Population of county by Census
1910, 67,031. Certified check or bank draft for
$3,250, payable to the Treasurer of Mecklenburg
County, must accompany all bids, but no bid
can be considered for less than par and accrued
interest. The Commissioners reserve the right
to accept or reject any and all bids. Full information will be furnished upon application.
W. m LONG,
Chairman Board of Commissioners
of Mecklenburg County.
W. M. MOORE,
Clerk to the Board.
BLODGET SE CO
BONDS
60 STATE STREET, BOSTON
30 PINE STREET, NEW YORK
STATE, CITY & RAILROAD BONDS
JOHN H. WATKINS
NO, I WALL STRMET
INVESTM EN 1 eomos
APR. 121913.]
THE CHRONICLE
BELLEVILLE, Ont.-BIDS REJECTED.
-Tenders for an issue of
123,414 debentures offered recently were rejected, it is stated.
-DEBENTURE SALE.-Geo. A. Stimson & Co
EDMONTON, Alta.
of Toronto have, it is stated, purchased $60,000 4%% and 5% 20 & 40-yr.
debentures.
-The question of issuing 12,700,000 civicDEBENTURES DEFEATED.
property-purchase debentures (V. 96. p. 968) was recently defeated,
reports state.
ELMSTHORPE (Rural Municipality No. 100), Sask.-DEBENTURE
-Proposals will be received until April 20 by Thos. H. Clay,
OFFERING.
See.-Treas. (P. 0. Avonlea), for 112,000 6% general impt. debentures.
Due in 20 annual installments.
FERRODALE SCHOOL DISTRICT NO. 1902 (P. 0. Vulcan), Alta.
-The Alberta School Supply Co. of Edmonton has
-DEBENTURE SALE.
been awarded at par $2,000 7% 10-yr. bldg.-impt. bonds. Int. ann. in
March
FORT FRANCES, Ont.-DEBENTURES NOT SOLD.
-Up to April 8
no sale had been made of the $9,691 34 5% electric-light debentures
offered on Mar.8(V. 96, p. 586)•
FREEMOUNT SCHOOL DISTRICT NO. 1303 (P. 0. Daysville),
Sask.-DEBENTURE SALE. On March 18 $1,700 634% bldg. bonds
were awarded to the Western School Supply Co. of Regina for $1,695
making the price 99.646. Date March 18 1913. Interest in March.
GOOSEBERRY PLAIN SCHOOL DISTRICT NO. 2777 (P. 0. Longheed), Alta.
-DEBENTURE SALE.
-On Feb. 10 $16,000 634% 10-yr.
bldg. debentures were awarded to the Western School Supply Co. of Regina
at par. Date Feb. 10 1913. Int. annually on Feb. 1.
HAMILTON, Ont.-DEBENTURE SALE.
-This city, it is stated, has
sold $435,000 43% debentures, $267,000 to N. W. Harris & Co., Inc., of
Boston, $118,000 to Wood, Gundy & Co. of Toronto and 150,000 to G. A.
Stimson & Co. of Toronto.
LAVINIA SCHOOL DISTRICT (P. 0. Lavinia), Man.
-DEBENTURES DEFEATED.
-At the election held Mar. 11 the proposition to
Issue the 35,000 school-house debentures (V. 96, p. 669) was defeated.
-DEBENTURE OFFERING.
LETHBRIDGE, Alta.
-Proposals will
be received until 2 p. m. April 28 by G. W. Robinson, Sec.-Treas., for the
following coup. debentures: $25,308 434% sewers, $1,787 52 4%% plank
walks, $14,430
% grading. $24,119 90 4%% cement walks, $52,330
434% sewers, $31,
4%799 79 51cement walks, $36,044 39 5% paving, $32,312 5% sewers, $12,125 24 5 grading, $14,894 59 5% grading, $12,149 39
5% cement walks,$25,221 5 5% paving,1100.0005% debenture discounts
(V. 96, p. 509) and 145,000 5% (city's share) local impt. debentures. Int.
J.& J. All debentures are due in 30 yrs., except the $1,787 52 plank walks,
which are due in 10 yrs.
MARIPOSA (Rural Municipality No. 350), Sask.-DEBENTURE
-On Mar. 15 the $15,000 5%% 20 installment debentures (V. 96,
SALE.
P. 436) were awarded, it is stated, to the Flood Land Co. of Regina.
MIDLAND, Ont.-DEBENTURE OFFERING.
-Proposals will be received until 12 m. Apr. 14 by F. R. Weston, Clerk, for $8,000 sidewalk
and 115.000 water and light-Impt. 5% 30-yr. debentures.
NORTH BATTLEFORD, Sask.-DEBENTURES VOTED.
-Propositions to issue the following debentures have been approved by the ratepayers, it is stated, $85,000 for street grading, 170,000 for parks, &c.
$20,000 for subway under C. N. RR., 140.000 for trunk sewer, $40,000 for
extensions of electric power plant and $70,000 for ext. of water-works system
1115
NORTH VANCOUVER, B. C.
-DEBENTURES VOTED.
-Reports
state that at a recent election the issuance of the following debentures was
authorized: $6,000 for acquisition of machinery, $32,000 for water-works
system, $27,000 for street-impt. purposes; $32,000 for construction of a storage reservoir, $5,000 for lanes, $28,000 for construction of subway,$150,000
for shares in the Burrard Inlet Tunnel & Bridge Co., $140,000 for school
expenses and $75,000 for site for new central school.
PEYTON SCHOOL DISTRICT NO. 2855 (P. 0. Chinook), Alta.
DEBENTURE SALE.
-On Mar. 20 11,200 6% bldg. debentures were
awarded to the Alberta School Supply Co. at par.
PORT ARTHUR, Ont.-DEBENTURE SALE.
-Press dispatches state
that E415,700 5% debentures recently offered in London at 99 were well
I
PRINCE ALBERT, Sask.-NEW LOAN.
taken
P
-Newspaper reports state
that an issue of C100.000 4%% debentures recently offered in London was
fully subscribed.
PRINCE RUPERT, B. C.
-DEBENTURE SALE.
-Terry, Briggs &
Slayton of Toledo, Ohio, have,it is reported, purchased $90,491 debentures.
ST. ANSELME SCHOOL DISTRICT, Que.-DEBENTURE OFFER-Proposals will be received until 12 m. Apr. 29 by L. N. Richard,
ING.
Sec.-Treas., 234 Amherst St., Montreal, for $200,000 5%% 40-yr. school
debentures. Denom. $1,000. Int. M. & N.
ST. CLEMENTS, Man.
-DEBENTURE OFFERING.
-Proposals will
be received until 12 m. Apr. 15 by Thos. Bunn, Sec.-Treas.(P.0. Selkirk).
for $12,000 4% highways-impt. debentures. Due in 30 ann. installments
of principal and interest.
ST. JAMES SCHOOL DISTRICT NO. 7 (P. 0. St. James), Man.
DEBENTURE ELECTION.
--An election will be held May 3 to vote on
the question of issuing $125.000 school-site-purchase, construction and
equipment debentures.
SMITH'S FALLS, Ont.-DEBENTURE SALE.
-On April 7 the $29.169 60 5% 20-yr. local impt. debentures (V. 96, p. 895) were awarded to
Brent, Noxon & Co. of Toronto for $28,011 and int. A bid of $27,431 was
from C. H. Burgess & Co. of Toronto.
received
STEELTON Ont.-DEBENTURES NOT SOLD.
-We are advised under date of April 8 by the Town Clerk that no sale has been made of the two
issues of 5% local-impt. debentures, aggregating $100,000, offered on Mar.
25 (V. 96, p. 818).
STRASSBURG, Sask.-DEBENTURE ELECTION.
-On April 14 a
vote will be taken, it is stated, on the question of raising $12,000 to cover
cost of electric-light system.
SUDBURY ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT
(P. 0. Sudbury), Ont.-DEBENTURE OFFERING.
-Proposals will be
received until April 14 by S. Fournier, Treas., for $35,000 5% school debentures. Due in 30 ann. installments of principal and interest.
TRANSCONA, Man.
-PRICE PAID FOR DEBENTURES.
-We are
advised that the price paid for the 118,000 (not 117,000, as first reported)
6% sidewalk debentures recently awarded to the City of Winnipeg (V. 96.
D. 1044) was 94. Int. annually on Jan. 3. Due part yearly for 7 years.
WALKERTON, Ont.-DEBENTURES VOTED.
-The election held
Mar.26 resulted in favor of the proposition to raise $8,000 to guarantee the
bonds of the Canadian Saddlery & Hardware Co.(V. 96. p. 818).
WINNIPEG, Man.
-DEBENTURE ELECTION.
-An election will be
held May 1 to submit to a vote the questions of issuing 1450,000 Princess
St. and $1,250,000 Isabel and Salter streets subway constr. debentures.
NEW iMa•J‘
NEW LOANS.
$500,000.00
$2,100,000
CITY OF PORTLAND, OREGON,
CITY OF TACOMA, WASHINGTON,
WATER BONDS
REFUNDING BONDS
Notice is hereby given that on SATURDAY. Said bonds will be general
Selaed proposals will be received by the underbonds of sat d City
signed until 2 o'clock P. M. on WEDNESDAY, THE 19TH DAY OF APRIL, 1913, at the hour of the par value of $1,000 each, and will bear interTHE 7TH DAY OF MAY, 1913, for the whole of eleven o'clock in the forenoon, at the office of est at not exceeding five per cent per annum, payor any part of 1500,000 of the Water Bonds of the City Treasurer of the City of Tacoma, Wash- able semi-annually, at the fiscal agency of the
the City of Portland in denominations of $1,000 ington, sealed bids will be received by the cor- State of Washington in New York City.
each, payable twenty-five years after date, and porate authorities of said City for the followingSaid Bridge Bonds and said Water Refunding
bearing interest at the rate of 4 per cent per described issues of municipal bonds, viz.:
Bonds are guaranteed as New York Savings
1. 1100.000 of Bridge Refunding Bonds of Bank Securities.
annum, payable half
-yearly, principal and interest payable in United States gold coin at the 1913, authorized by Ordinance No. 5251. passed • The opinion of Messrs. Dillon, Thompson &
office of the Treasurer of the City of Portland, or March 6, 1913; principal payable as follows)
Clay, Attorneys at Law, of 195 Broadway, New
Nos. 1 to 10 inclusive, June 1, 1914;
in the City of New York, said bonds to be dated
York, certifying the legality of all of said bonds.
Nos. 11 to 30 inclusive, June 1 1915:
May 1st, 1913.
and the sufficiency of said Bridge and Water
All bidders are requested to submit separate
Nos. 31 to 60 inclusive, June 1, 1916:
Refunding Blinds as New York Savings Bank
Nos. 61 to 100 inclusive, June 1, 1917.
or alternate proposals based upon the place of
Securities will be furnished to bidders and pur2. $250,000 of Light Refunding Bonds of 1913, chasers.
payment.
authorized by Ordinance No. 5252, passed March
The above-described bonds are issued for the
Bids for said bonds will be received based on
construction of aniadditional pipe line or conduit 6. 1913, principal payable as follows:
the interest rate proposed by
50 Bonds, Nos. 1 to 50 inclusive, June 1. 1918; cannot exceed five per cent. the bidder, which
from the headworks on the Bull Run River to
50Bonds.Nos.51 to 100 inclusive,June 1, 1919;
the City of Portland for the purchase of land for,
Bids will be received for one or more of said
70Bonds,!Nos. 101 to 170 inclusive,June 1,1920; issues.
and the construction of reservoirs necessary in
80 Bonds, Nos. 171 to 250 inclusive, June 1,
connection therewith, and for laying water mains,
Each bid, except a bid of the State of Washingincluding laterals, distributing mains and mains 1921.
ton, must be accompanied by
3. $1,750,000 of Water Refunding Bonds of bidder, certified by some bank the check of the
for reinforcement, and for the purchase of water
other than itself,
meters and for the installation of a meter system 1913, authorized by Ordinance No. 5253. passed for a sum equal to five per cent of the bid, but
in the supply of water in the City of Portland. March 6, 1913, principal payable as follows:
not exceeding $10,000 with any one
100 Bonds, Nos. 1 to 100 inclusive, June 1, 1922: check of the purchaser will be retainedbid. The
The authority for the issue ofsaid bonds is granted
100 Bonds, Nos. 101 to 200 inclusive, June 1 bonds covered by it have been taken Up.until the
by an amendment to the Charter of the City of
Portland, adopted November 8th, 1910. The 1923;
The successful bidder will be required to take
110 Bonds, Nos. 201 to 310 Inclusive, June 1, and pay for the bonds purchased by him on or
bidders will be required to submit unconditional
bids, except as to the legality of the bonds, and 1924;
before June 1st, 1913, by depositing the par value
120 Bonds, Nos. 311 to 430 inclusive, June 1. of the bonds with the fiscal agent of the State of
each bid must be accompanied by a certified
check on some responsible bank in the City of 1925;
Washington, in the City of
130 Bonds, Nos. 431 to 560 inclusive, June 1, credit of the City of Tacoma,New York. to the
Portland, Oregon, for an amount equal to five
for the redemption
per cent of the face value of the amount of bonds 1926;
of bonds to be refunded, and by paying any excess
140 Bonds, Nos. 561 to 700 Inclusive, June 1, of bid to the City Treasurer; Provided, that any
bid for, payable to the order of the Mayor of the
City of Portland, to be forfeited as liquidated 1927;
other convenient method of payment may be
150 Bonds, Nos. 701 to 850 inclusive, June 1, ranged for between the City and the bidder. ardamages in case the bidder shall withdraw his
bid or shall fall or neglect to take and pay for 1928:
The City reserves the right to reject any or
160 Bonds, Nos. 851 to 1010 inclusive, June 1, bids
said bonds, should the same be awarded to him.
.
The right to reject any and all bids is hereby 1929:
Dated Tacoma, Wash.. March 12, 1913.
1930170 Bonds, Nos. 1011 to 1180 inclusive, June 1.
reserved. All proposals should be marked
SINKING FUND BOARD OF TACOMA.
"Proposals for Water Bonds", and addressed to
W. W. SEYMOUR,
180 Bonds, Nos. 1181 to 1360 inclusive, June 1,
A. L. Barbur, Auditor of the City of Portland,
Mayor.
1931.
Oregon.
J. F. MEADS.
190 Bonds, Nos. 1361 to 1550 inclusive, June 1,
By order of the Council of the City of Portland,
City Controller,
1932:
Oregon.
RAY FREELAND,
200 Bonds, Nos. 1551 to 1750 inclusive, June 1,
A. L. BARBUR,
Commissioner of Finance.
1933.
March 15 to April 19 inclusive.
Auditor of the City of Portland.
ACCOUNTANTS.
ESTABLISHED 1885.
H. C. SPEER & SONS CO.
CERTIFIED PUBLIC ACCOUNTANTS.
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS
New York, Chicago, Cincinnati and
London, England.
STACY & BRAUN
PARK, POTTER & CO
AUDITORS FOR FINANCIAL INSTITU
TIONS, INDUSTRIAL AND
MINING COMPANIES.
Investigations. Financial Statements,
Periodical Audits and Acconntias
Investment Bonds
Toledo
Cincinnati
MUNICIPAL AND RAILROADA
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
GEO. B. EDWARDS
Tribune Building, NEW YORK. N. Y.
FOR SALE
-Timber, Coal, Iron, Ranch and
other properties.
Negotiations, Investigations, Settlements
Purchases of Property. Information.
[VOL. xcvi.
THE CHRONICLE
1116
Naniitts and VICOttrff outside gew Stmt.
CHICAGO
ST. LOUIS
E.BAum
r.•
41,1"- BANK
Founded
1855.
Incorporated
dok
SAINT PAUL
St. Paul Union Depot Se and 61
—
St. Paul Gas Light 5s and 6s
Minneapolis Union 6s
Superior Water, Light & Power 4s and 5$
Minnesota Transfer RY. 4s and lls
Co.
White, Grubbs &Paul
St.
%.7 AND TRUST COMPANY ‘.1*
A.G EDWARDS &SONS
1 Wall Street
In St. Louis at 412 Olive:Street
Corner Clark and Randolph Streets, Chicago.
State Savings Bank Bldg.,
Capital and Surplus, $1,650,000
SECURITIES
of the
CENTRAL WEST
F. E. MAG RAW
535% BONDS CHICAGO FIRST MORTGAGE
Legal Investment for Banks,
Suitable fur Estates, Trustees, Investors, &c_
Write for Bond Circulars.
General Domestic and Foreign Banking
SANFORD F. HARRIS
at. CO
MUNICIPAL AND CORPORATION
BONDS
Commercial Paper
1
, Local Securities of the Twin Cities
INVESTMENT SECURITIES
THE ROOKERY
CHICAGO
TelePhones{,vaitgiamsinc6180-119
MERRIAM & JAMES
Investment Securities
405 pioneer Bldg., ST. PAUL
312 Fourth Ave., South, MINNEAPOLIS
A. 0. Slaughter & Co.,
BANKERS AND BROKERS
110 WEST MONROE STREET
William R. Compton:Co.
CHICAGO, ILL.
Mchts.-Laclede Bldg., ST.§LOUIS
111 West Monroe St., CHICAGO
Pine St., cor. William, NEW.YORK
New York Stock Exchange,
New York Cotton Exchange,
New York Coffee Exchange,
Members New York Produce Exchange,
Chicago Stock Exchange,
Chicago Board of Trade.
St. Louis Merchants Exchange
MUNICIPAL
and other
HIGH-CLASS BONDS
Atherton, Greene & King
DEALT IN
CIRCULARS AND LIST ON APPLICATION
RAILROAD, MUNICIPAL AND
CORPORATION BONDS
PROVIDENCE
ALBERT P. MILLER Jr.
INDUSTRIAL TRUST CO. BUILDING
THE ROOKERY. CHICAGO
List
on Application
Municipal and
Corporation
BONDS
PROVIDENCE, R. I.
SHAPKER, ANDERSON&CO.
Local Securities
& Railway
234 SOUTH LA SALLE STREET
Gas, Elec. Lighting
Bonds and Stocks
CHICAGO
BODELL & CO.
PROVIDENCE, RHODE ISLAND,
Boston Office, 35 Congress St.
Bonds and Preferred Stocks
of Proven Value.
Richardson & Clark
Established 1893.
25 Exchange Street, Providence, R. I.
INVESTMENT SECURITIES
10 SOUTH LA SALLE STREET
CHICAGO
A. G. Becker & Co.,
(INCORPORATED.)
COMMERCIAL PAPER
BRIDGEPORT, CONN.
BUFFALO
HINCKS BROS. & CO.
JOHN T. STEELE
BUFFALO, N. Y.
Government, Municipal
and Corporation Bonds
Buffalo and Western New York Securities
NEW HAVEN, CONN.
ROCHESTER, N. Y.
SPECIALISTS IN
NEW YORK
IOWA
INDIANA
WISCONSIN
WASHINGTON
MUNICIPALS
TO YIELD
43'5% TO 6%
THE W. T. FIELDS CO.
4
MYRON - W.q-GREENE
SPARTANBURG, S. C.
MILWAUKEE
WANTED.—Union-Briffalo Mills; Bibb Mfg.
Co.; Columbus Mfg. Co. stock and bonds;
Chlutrola Mfg. Co. corn.; F. W. Poe Mfg. Co.;
Eagle & Phoenix bonds: Elm City Mills.
EDGAR, RICKER & CO.
PAUL PETTY, Broker
Wisconsin Corporation Issues
MILWAUKEE
FREE PRESS BLDG..
SPARTAN BURG, S. C.
MINNEAPOLIS, MINN.
Original purchasers of City of Minneapolis
and high-grade Northwest ;Municipal Bonds
Twin City Rapid Transit Co.5% Bonds.
Minneapolis National Bank Stocks.
-
WILLIAM W. EASTMAN
BONDS
Local Securities.
McKnight Bldg.,
MINNEAPOLIS. MINN
INDIANAPOLIS
ELLIOTT & HARRISON
BREED American National Bank Bldg..
Fletcher
INDIANAPOLIS, IND.
Local Securities
Traction, Gas and Electric
Lighting Bonds and Stocks.
NEWTON TODD
S AND
LOCAL SECURITIE
INDIANA TRACTION BONDS & STOCKS
Fletcher Amer. Bank Bldg.. INDIANAPOLIS
WEIL, ROTH & CO.
deal In
High-Grade Municipal Bonds
issued throughout the U. S.
CINCINNATI
MUNICIPAL
and
CORPORATION
BONDS
Field, Longstreth & Co.
UNION TRUST BLDG.. CINCINNATI.
Dealers in Bonds and other Securities for the
Connecticut Market
Cities Service Co., Prof. & Corn.
Utilities Impt. Co., Prof. & Corn.
Standard Gas & El. Co., Pf. & Corn.
ALL LOCAL SECURITIES
WELLS & DICKEY CO.
CHICAGO
S. W. Cor. Monroe & La Salle Sts., Chicago.
Members New York Stock Exchange.
MINNEAPOLIS
CINCINNATI
A. RAWSON WALLER
Transact a General Banking Business,
deal in Bonds,Stocks and Local Securities
BRIDGEPORT, CONN.
ST. PAUL, MINN.
GLOBE BUILDING,
INVESTMENT SECURITIES
EDGAR FRIEDLANDER
DEALER IN
Cincinnati Securities
CINCINNATI,
-
01110
"
DENVER, COL.
Standard Gas & Elec. Pf. & Corn.
Consumers' Power Company 6s
Nor. States Pow. Co. Prof. & Corn.
Ark. Val. Ry. Lt. & Pow. Co. Prof.
JAMES N. WRIGHT & CO.
DENVER, COLO.
AUGUSTA, GA.
JOHN
W. DICKEY
BROKER
AUGUSTA, GA.
Southern Securities
Established 1886.
@FedFRASER