Full text of Commercial and Financial Chronicle : April 26, 1913, Vol. 96, No. 2496

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TH?

animatia
IN C L U D IN G
Bank & Quotation Section

Railway & Industrial Section

Electric Railway Section

Railway Earnings Section

Bankers’ Convention Section

State and City Section

V O L . 96

SATURDAY, APRIL 26 1913

©terttitte.

1913.

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W I I H A M C II. D A N A C O M P A N Y , P u b lis h e r s ,
T . O . Ilo x 9 5 8 .
F r o n t . P in o n m l D c p o y a te r S t s ..
N ew Y ork .

Published every Saturday morning by WILLIAM B. DANA COMPANY
Jacob Seibert Jr., President nnd Treas.; George S. Dana and Arnold <3 Dana*
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all. Office of the Company

CLEARING-HOUSE RETUNRS.
T h o follow ing table, m ade up b y telegraph, & c., indicates that the
total bank clearings o f all clearing houses o f the United States for the week
S3,199,998,081, against $3,356,798,383 last
week and $3,244,159,421 tho corresponding week last year.
Clearings— Returns by Telegraph.
Week ending April 20.

1913.

1912.

Per
Cent.

New York.............. ......... ......................
Boston.................. ................................
Philadelphia__________________ ” ” ”
Baltimore......................................
C hicago......................................
St. L o u is ................................
New Orleans.... ........... ..... ......... .

$1,492,330,412
140,651,491
128,723,717
29,301,219
244,006,450
66,884,833
13,540,088

$1,563,837,297
159,535,225
121,397,565
26,933,165
254,011,457
64,604,924
16,460,659

— 4.6
— 1 1 .8
+ 6 .0
+ 8 .8
— 3.9
+ 3.5
— 17.7

Seven cities, 5 days_______________
Other cities, 5 days_______________ II

$2,115,438,210
535,942,628

$2,206,780,292
499,946,287

— 4.1
+ 7.2

Total all cities, 5 days_____________
All cities, 1 day...... ................................

52,651,380,838
548,617,246

$2,706,726,579 I — 2 .0
537,432,842 | + 2 .1

Total all cities for week_____ ______

53,199,998,084 1 53,244,159,421

1

— 1.4

oauuu ay
w o cannot ruroish thorn to-day, clearings being m ade up b y the
oni
v
S
Saturday, and hence in the afm veTheU st day
or the week has to bo in all cases estim ated, as we go to press Friday night
noon® ApHief 9 , f o ? fo u r y ^ L . flgUr° S f° r th° WC(^ CndlnK wIth Saturday
Week ending April 19.

Clearings at—
1913.

1912.

Inc. or |
Dec.

1911.

1910.

%
New York_____ 1,883,840,013 2,097,150,027 — 10.2 1,659,237,076
1,796,556,262
Philadelphia___
165,356,890 156,382,121
+ 5.7 160,638,149 148,809,995
Pittsburgh..
67,836,489
52,707,696 + 28.5
55,281,583
60,704,214
Baltimore__
38,792,095
36,509,152
+ 6.3
33,259,327
28,412,690
B u ffa lo____
12,115,141
10.812,201 + 12.1
9,497,690
9,760.891
Washington___
8,230,137
7,821,06
+ 5.2
7,006,557
6,673,848
Albany................
6,602,936
5,961,518 + 10.8
5,817,321
6,095,416
Rochester..........
4,884,430
5,128,590 — 4.7
3,970,0-14
3,426,221
Scranton............
3,401,282
2,613,379 + 30.2
2,980,422
2,523,187
Syracuse............
3,112,040
2,473,646 + 25.8
2,366,324
2.120.994
Beading..............
1,967,065
1,767,243 + 11.3
1,902,791
1,612,525
Wilmington____
1,781,046
1,528,344 + 16.6
1,613,202
1,537,045
1,571,407
Wilkes-Barre__
1,377,120 + 14.1
1,366,073
1,400,036
Wheeling ..........
2,524,980
1,779,426 + 41.9
1,571,699
1,686,053
T re n to n ............
1,693,208
1,680,152
+ 0.8
2,074,693
1.699.994
Y o r k ..................
1,144,713
1,092,047
+ 4.8
1,035,828
1,006,317
Lancaster...........
1,792,220
1,686,256
+ 6.3
1,041,745
1,013,197
E rie....................
1,045,360
946,795 + 10.
887,147
827,582
Binghamton___
733,500
607,500 +20.7
522,700
501,800
Altoona........
653,974
+ 8.2
604,524
603,921
436,721
Greensburg ___
754,965
625,000 + 20.8
610,919
650,744
Chester________
696,289
569,962 + 22.3
561,362
598,959
Montclair . . .
378,861 Not included In total
Total Middle. 2,210,530,186 2,391,883,824

— 7.6 1,953,864,573 2,078,054,697

Boston ____
Providence .........
Hartford___
Now H a ven ..__
Springfield . .
Portland............
Worcester...........
Fall Hivcr...........
New Bedford__
Lowell_________
Holyoke________
Bangor................

142,940,427
8,176,200
6,526,841
3,416,564
2,593,646
1,576,041
2,432,034
1,243,949
1,085,406
468,710
571,051
393,189

182,164,466
9,077,200
6,085,151
3,082,445
2,608,010
1,776,179
3,195,725
1,069,265
1,031,120
538,097
518,917
422,473

— 21.5
— 9.9
— 9.2
+ 10.8
— 0.6
— 11.3
— 23.9
+ 16.3
+ 5.2
— 13.0
+ 10.0
—6.9

146,154,816
7,172,700
4,563,648
3,056,537
2,041,997
1,786,600
2,040,129
923,583
924,462
556,491
559,029
414,569

144,033,137
7,658,000
4,003,900
2,705,341
2,157,631
1,644,420
2,040,701
937,309
1,139,068
459,186
502,947

T o t . New Eng.

170,430,058

211,589,048 — 19.4

170.194,561

167,285,640

For Canadian Clearings see “ Commercial and Miscellaneous News.




Week ending April

Clearings at-1

PUBLISHED W EEKLY.

Chicago ..........
C incinnati___
Cleveland____
D etroit............
Milwaukee___
Indianapolis__
Columbus____
Toledo ............
Peoria..............
Grand Rapids. _
D a yton ---------E vansville___
Kalamazoo___
Springfield, III.
Fort Wayne__
Lexington ..
Rockford ..
Youngstown__
A k ro n .......... .
Bloomington__
Quincy..............
D e c a tu r_____
C an ton_______
South Bend___
Springfield, O ..
Jackson _______
D anville______
Mansfield____
Jacksonville, 111.
L im a ______
Owensboro .
Ann A rbor..
A d ria n ___ ____
Lansing..............
Tot. Mid.West
San Francisco__
Los Angeles........
Seattle ___
Portland__
Salt Lake C lty..
Spokane________
T a c o m a __
Oakland..............
Sacramento____
San D iego..
Pasadena___
Stockton___
Fresno........ .
San Jose____
North Yakima..
R e n o .............. .
Total Pacific. .
Kansas City___
Minneapolis___
O m a h a ________
St. Paul..............
Denver........ .......
St. Joseph..........
Des Moines____
Sioux City______
Wichita........
Duluth_____
Lincoln ____
Davenport . .
T op ek a ____
Cedar R ap id s...
Fargo _____
Colorado Springs
Pueblo ____
Frem ont_______
W a te rlo o __
Helena -------Billings........ .
Aberdeen____
Hastings____
Total oth.West

St. Louis___
New Orleans___
Louisville__
H ouston___
Galveston . . .
Richmond .........
Fort W orth..
Atlanta........
M em phis__
Savannah ..........
N ashville_____
N orfolk____
Birmingham___
Jacksonville___
Augusta..............
Chattanooga___
K noxville_____
Mobile ........
Charleston........
Littlo R ock ..
Oklahoma..........
M a c o n ..............
Austin.............. .
Vicksburg___
Jackson........ .
Tulsa............
Muskogee___
Total Southern
Total all.........j;
Outside N. Y J l~

N O . 2496

1912.

19.

Inc. or I
Dec.

1911.
$
$
,A
%
323,957,973
'0
+3.<> 271,582,160 289,399,323
27,029,000
'0 — 7 .;*
37,051,350
25,957,050
28,591,595
1 +36.1t
19,250,306
18,834,696
27,920,199
4 +24.) 7
18,096,043
17,636,092
14,650,779
5
+6.1 !
13,340,094
12,348,699
8,857,493
5
+5.1
7,698,515
8,442,424
6,929,100
0 +16.51
5,440,700
5.735.700
6,322,138
8 +38.2 !
4,477,939
4,692,838
3.575.000
5 +11.6 ’
2,911,497
2,905,317
3,448,996
8
+6.1
2,741,664
2,853,163
1.600.000
3 — 28.31
2,343,668
2,245,523
2,303,942
6 — 5.2!
2,418,914
2,326,563
890,510
8
+5.8 ’
646,143
777,270
1,183,294
5 — 8.9
951,276
977.020
1,125,770
7 +13.7
1,031,659
1,038,985
832,549
4 — 2.9
1,024,772
612,294
1,086,541
2 +16.8
819,627
874,870
1,729,451
3 +20.7
1,041,968
1,236,387
1,972,000
0 — 15.0
765,000
1.184.700
683,176
0 —0.3
561,489
571,166
858,542
0 +36.3
666,024
6S8.637
531,702
3 +4.1
402,374
367,303
1,977,648
9 +34.1
1,226,193
1,120,570
1,595,364
3 +179.8
536,004
532,810
714,814
7 +36.2
628,740
433,305
550,000
4 — 9.5
536,354
450.000
444,232
l — 20.0
396,040
395,633
512,104
i
+0.5
463,040
466,182
330,193
) +11.5
229,283
268,278
513,450
l +21.8
446,614
333.020
468,283
i +12.7
411,925
425.000
200,164
1 +33.7
158,402
161,446
77,109
1 +89.6
51,581
37,669
544,303
> +21.0
400,000
474,007,414 447,523,6491 +5.9 390,737,358
406,330,433
52,581,400
53,187,464 — 1.2
48.006,658
44,327,929
27,484,828
22.495,154 + 22.2
18,793,103
18,090,203
13,088,061
11,862,433 + 10.3
9,981,484
11,554,853
14,355,691
12,351,790 + 16.2
12,635,385
11,937,273
4,951,207
7,888,173 — 37.3
7,755,088
7,327,782
4,869,603
4,392,421 + 10.9
4,294,063
5,384,286
2,867,003
3,971,390 — 27.8
4,197,426
4,871,458
4,020,398
3,487,929 + 15.3
3,005,875
2,954,302
1,751,231
1,648,219
+ 6.2
1,359,260
1,187,724
2,895,910
2,739,963
+ 5.7
1,705,000
1,550,000
1,139,229
958,274 + 18.9
971,410
1,024,119
903,171
786,391 + 14.9
689,874
539,660
1,047,469
750,000 + 39.7
706,589
709,105
607,859
523,129 + 16.1
474,586
431,940
429,720
336.681 +27.6
485,558
526,799
272,736
323,498 — 15.7
257.455
230.265
133,268,516 127,702,909
+ 4.4 115,318,814 112,547,668
58,889,363
52,319,052
+ 8.8
49,835,421
53,520,580
22,267,526
18,551,939 + 20.0
19,599,826
19,084,435
17,178,135
16,681,485
+ 3.0
12,646,680
15,685,153
9,790,889
9,512,993
+ 2.9
11,580,880
10,559,044
10,518,598
8,580,349 + 22.6
8,979,958
9,770,916
8,151,938
8,176,419 —0.3
6,740,451
8,105,605
5,362,850
5,005,084
+ 6.9
4,323,206
4,473,686
2,974,748
3,056,156 — 2.7l
2,186,8661
2,950,828
3,452,313
3,237,260
+ 6.6
3,389,782,
2,902,951
3,072,726
2,629,173 + 16.9
2,197,241
3,294,753
1,828,444
1,688,575
+ 8.3
1,288,6541
1,333,715
1,360,000
1,514,526 — 10.2
1,238,2131
1,274,269
1,834,841
1,699,431
+ 8.0
1,719,294
1,519,275
1,494,684
1,780,981 — 16.1
1,546,8421
1,339,264
479,362
823,355 — 11.8
795,130
998,078
622,573
702,249 — 11.4
754,780
687,571
613,289
584,675
+ 5.0
763,661
621,525
262,104
295,801 — 11.4
278,659
295,936
1,809,017
1,300,000 + 39.2
1,093,958
1,114,380
1,210,517
867,542 + 39.5
1,052,494
991,639
353,801
324,791
+ 8.9
113,624
231,447
402,944
344,018 + 17.1
404,334
374,354
203,734
201,839
+0.9
146,023
145,000
162,144,396 139,877,693
+ 8.8 132,675,977 141,133,274
86,518,710
80,794,434
18,016,248
18,822,864
12,665,353]
14,440.726
8,543,747 Not Included
9.440.000
8,819.000
7,988,957
8,749,355
8,349,116
6,448,740
13,123,684
13,877,410
7,565,612
7,130,314
4,626,489
4,932,188
7,488,992
5,179,547
4,112,706
3,689,556
3.097,913
3,132,536
3,932,276
3,497,191
1,744,769
2,594,559
2,282,565
2,096,225
1,536,079
1,922,837
1,298,483
1,181,702
1,758,995
1,993,178
2,350,825
1,947,236
1,689,298
1,513,268
3,131,461
3,899,742
2.400.000
1,511,426
230,909
270,827
487,559
350,000
1,257,395
891,148
779,662
815,619

+ 7.1
-4 .3
— 12.3
in total
+ 7.0
— 8.7
+ 29.5
— 5.4
+ 6.1
— 6.2
+44.6
+ 11.5
— 1.1
+ 12.4
— 32.8
+ 8.9
— 20.1
+ 9.9
— 11.8
+ 20.7
+ 11.6
— 19.7
+ 58.8
— 14.7
+39.3
+41.1
— 4.4

76,235,904
19,056,807
13,107,658

73,875,333
17,301,004
14,106,156

6,763,000
7,605,791
5,170,610
11,238,735
6,457,258
4.935.199
4,276,972
3,035,254
3.194.199
3,055,846
1,991,360
1,762,105
1,760,061
1,244,119
1,593,406
1,756,817
1,887,421
3,208,678
1,014,034
271,052
406,475
697,586
722,025

5,689,000
6,834,559
6,476,646
10,188,438
5,625,414
3,471,315
3,862,248
2.845.599
2,335,901
2,416,069
1,934,587
1,603,983
1.600.599
1,527,407
1,667,945
1,565,026
2,512,708
950.000
1,228,397
287,152
420.000

+3.6 1,286,002,671 17279,141.936

1178

T H E C H R O N IC L E

THE FIN AN C IAL SITUATION.
The finding of the “ Firemen’s Wage Arbitration
Board,” promulgated on Wednesday evening, was
so much a foregone conclusion that some of the
morning journals of that day, in announcing it as
ready, mentioned it in headlines as the “ award.”
As usual, it is “ in the nature of a compromise,” the
men not getting quite all they demanded, because
they have learned the simple lesson that in order to
obtain what they expect they need only demand
somewhat more than that. Here they do not get
a retroactive application over ten months past, nor
their demand for a second man on locomotives of
heavy weight, nor all the demand as to pay for over­
time and terminal delays; but they obtain uniformity
in wage as between roads and the contested rule of
computing wages, according to detailed schedule, by
the weight on driving-wheels. The average increase
in wages, we are told, will amount to 10@ 12% . I he
annual burden to the roads involved is another
“ only,” being estimated as three millions for this
time; but directly behind stand other classes of rail­
way workers, prepared to take their turn in putting
into practice so easy and agreeable a method of raising
wages periodically.
Certainly it is impossible to say anything on this
Subject which has not been said over and over.
The concluding sentence of this award asserts that
all parties to it have “ signed this award without dis­
sent in any particular to any of its provisions by
any one of them.” This imports unanimity, but it
is a unanimity like to that in the road incidents
which, in the vernacular, are termed “ hold-ups.
The railroads consent, not perceiving how they can
avoid consenting.
Yet nothing has been changed and nothing set­
tled; there is one more delay, one more putting for­
ward of the date of the determinative issue, and that
is all. The arithmetic has not been altered; the na­
ture of shippers and passengers and employees and
present and prospective investors has not changed.
N ot a man or woman having some capital to put at
interest will be more kindly towards common car­
riers or fail to judge any of their unavoidable appli­
cations for loans except by the hard rules of invest­
ment markets. To rob railroads for the benefit of
organized labor raises up no Samaritans for them;
it only makes them judged the more sternly. In one
respect this latest arbitration differs from preceding
ones: it does not refer to the roads’ plea of financial
inability and plead incompetency to pass upon that,
nor does it mention that merely to say that all that
lies outside its jurisdiction; this Board deals with that
part of the case by not mentioning it at all, except
that the award in respect to “ uniformity” adopts,
by implication, the plea of the men that the only
real question is what the employee fairly deserves anc.
the ability of his employer to pay it is extraneous and
irrelevant. On the contrary, the immovable condi­
tions of the case make it the one relevant and con­
trolling factor which cannot be evaded, though it
may be shoved along to the future.
This is the sum and the crux of it all; it must be
met and dealt with. The whole method of handling
these disputes is wrong— most so in that they are
deferred instead of disposed of and that they raise



[ V o l . X C V I.

other like disputes. The fear of strike is the club
which compels. But that club must be defied and
dared. Putting off the clinch only weakens the
position of the roads and certainly does not lighten
the cost to all interests. Apparently, the public
will stay aloof until the public is brought in.
The unfortunate situation of the railroads is well
illustrated in the case of the Baltimore & Ohio Rail­
road. That road lost $1,009,453 in net earnings in
March, according to the company’s return issued
the present week, a decrease of $352,440 in gross
earnings having been attended by an augmentation
of $657,013 in expenses. No doubt the floods in
the Middle West the latter part of the month con­
tributed in a material degree to produce an unfavor­
able return in this particular period, but the showing
is not very much better even if we take the results
for the nine months of the company’s fiscal year
from the 1st of July to the end of March. For this
period the company did a largely increased business
and added no less than $7,568,652 to its gross earn­
ings, but augmented expenses consumed $6,586,973
of the amount, leaving a gain in net of only $981,679.
Probably even this small gain in net will be wiped
out in April on account of the damage done by the
floods, leaving no improvement in net hwatever,
notwithstanding the great extension of business. At
the same time, like other large systems, the Baltimore
& Ohio is obliged all the time to float further amounts
of securities, in order to obtain the means to provide
additional cars and facilities to take care of the in­
creased business. For instance, in January, $63,­
250,000 4 ^ % 20-yr. convertible bonds were offered
to stockholders at 9534- Only about 16 millions
were subscribed for it is understood, the syndicate
being obliged to take the remaining 47 millions.
The subscription receipts for these bonds sold on
the Stock Exchange yesterday at 9234. It is un­
necessary to enlarge upon a situation of that kind.
It carries its own comment.
We have alluded several times in these columns
to the decision by Justice Blackmar in the New York
Supreme Court declaring in very broad terms that
employees may not conspire to injure the business
of their employers. This week there has been an­
other decision applying the same principles and we
refer to the matter again because it shows that in
this State at least employers have an effective remedy
by recourse to the courts against labor boycotts in­
tended to destroy their business. The case in which
Justice Blackmar wrote the opinion that has ever
since held such a commanding position, was that of
Albro J. Newton Co. vs. Erickson et al, and we dis­
cussed it in our issue of Jan. 21 1911 and again when
the injunction was made permanent in the issue of
June 15 1912. It is not necessary on this occasion
to re-state the facts of that case. Justice Blackmar s
conclusions were that the right of an employer to
carry on business is as absolute as the right ofjthe
workmen to control their own time and labor.
Furthermore, this right to carry on business, he as­
serted, was a property right. He pointed out that
the relation of a dealer to his customers and to the
trade generally is what is known as “ good-will” and
is property which the law is bound to protect.
The United Brotherhood of Carpenters & Joiners of
America, a union composed of about 185,000 wood-

A pe . 26 1913.]

T H E C H R O N IC L E

1179

workers, had sought to force the Newton Co. to violation it is declared “ sufficient to allege that” any
“ unionize” its mills and, when other proceedings to person or persons have participated in agreements,
that end had failed, undertook by strike and boycott without alleging “ how, when or where” the unlawful
to destroy the business of the Newton Co. Justice act was committed. Further, a part of prima facie
Blackmar, in granting against the union a preliminary evidence of violation shall be this:
injunction, which was subsequently made permanent
* * * “ if it be shown that such company or
by Justice Stapleton, pointed out, with much force, any agent or representative thereof in writing insur­
that to bring an “ obstinate” manufacturer to terms, ance has used any insurance rate, or made use of or
an attack on his good-will would be fully as effective consulted any ratebook, paper or card containing
any insurance rate prepared, published, kept or fur­
as to tear down his factory or to smash his machinery.
nished by any person, association of persons or
Accordingly, he held that a combination to attack bureau employed by, representing or acting on behalf
the Newton C o.’s good-will was illegal. Any other of any other insurance company or association in
decision, he argued, would be equivalent to exclud­ and about the making and publishing of insurance
ing this class of property from the protection of the rates for use in any portion of this State.”
This is nearly equivalent to saying that if one
law. In effect, the ruling would be, he said: “ You
company
writes at the same rate as any other com­
must not use violence towards persons or tangible
property, but you may cripple your adversary by pany that agreement or coincidence shall be prima
facie evidence of a violation of law; and inasmuch as
destroying his good-will and business connections.”
This week’s decision was by Justice Harrington such violation is declared a felony, there was only one
Putnam of the Supreme Court in Brooklyn, and made course open to underwriters and they took it. They
premanent a temporary injunction granted Oct. 20 voted, through one organization, to cease writing
1911 against the same organization, or, to be more business in Missouri after April 30 (when the law
specific, against the representatives of the Joint takes effect) until some safe method of doing so has
been devised. Company after company which was
District Council of the United Brotherhood of Car­
not embraced in this joint action has since taken this
penters and Joiners of America, known as the Car­
action separately.
penters’ Union. The plaintiff in the present instance
Business speedily took notice. Several leading
was the firm of Louis Bossert & Son, but the circum­
financial institutions in Chicago announced that they
stances were precisely the same as in the case will be unable to make loans on Missouri property
of the Albro J. Newton
Company.
The while this situation continues. A large institution
Bossert concern is a
non-union shop, like in New York is reported to have suspended negotia­
the Newton establishment, and the Carpenters’ tions for a loan of over a million on a new office build­
Union sought to put all non-union mills in Brooklyn ing in St. Louis. The credit head of a great mer­
out of business by declaring a boycott intended to cantile concern in Chicago is quoted as saying that it
exclude non-union trim in building operations. will be necessary to restrict accommodation usuallyIn other words a process of intimidation was adopted given to good customers. A like disposition to tight­
towards builders and contractors. On Sept. 15 1910, en credits is reported from all sides, and business
four strikes were called in one day against building circles are said to be aghast at the prospect.
Meanwhile soothing assurances have been put out,
operations where the trim of the Newton Co. was
being used. The Newton Co., as already stated, as they have been concerning the provisions of the
obtained relief through injunction proceedings. In pending income tax as first reported. The Missouri
Oct. 1911 strikes essentially similar to those against Attorney-General declares that he will be very
the Newton Co. were declared against the trim of enient in his enforcement, and he specifies a list of
L. Bossert & Son. Work stopped on four Brooklyn things the companies may do; but the law carefully
building operations using the Bossert trim. The authorizes prosecuting attorneys in all the circuits
aggrieved firm applied for a preliminary injunction of the State to proceed on their own account, anflflpr
assuring words do not guarantee safety. On the
to restrain the union; this was granted by the Special
other hand, the Governor is reported as angrily de­
Term on Oct. 20 1911. That injunction has now
claring that any company which leaves the State
been made permanent, the same as that in the New­
now (without any just cause, as he asserts) shall never
ton case, and thus the fact is again emphasized that
return while he is in office; and to the threats to revoke
in this State the right to carry on business is a
their existing licenses the companies reply by inti­
property right, that “ good-will” is property, and that mating that if they are forced to do it, they may cancel
the courts can and will interfere as effectually for existing policies as well as cease to write new ones.
its protection as for the protection of any other
This is the situation. Underwriters cannot afford
kind of property.
to add to their hazards that of a prosecution for fel­
A very strenuous situation in respect to insurance
has developed in Missouri. After trying in vain the
familiar anti-compact laws, that State made a sharp
turn by enacting a law which required companies to
make and file uniform schedules; the companies did
so, but their expenditure and trouble came to naught
because they were unable to get the Insurance Com­
missioner to officially pass upon the schedules. Now
the State has made another turn by repealing that
law and has enacted a long and really furious anti­
trust law, under which insurance is practically pro­
hibited. In any indictment or proceeding for alleged




ony. Credit cannot be granted as usual unless
insurance cover can be had for the property. It
remains for business and industry to recall a legis­
lative action that has gone a little ahead of the de­
mands of current manias.
Expectations that the gold yield of the current
year will run but little, if any, ahead of that for 1912
seem to find confirmation in the returns at hand for
the first quarter from such fields as furnish monthly
returns— localities that, in the aggregate, gave over
half of last year’s output. Africa shows for the three
months a moderate gain over a year ago, but in Aus-

1180

T H E C H R O N IC L E

tralasia the declining tendency in production no­
ticeable for almost a decade still continues, and in
India the yield for the period exhibits only a nominal
gain. From countries other than those mentioned,
no actual returns have been received, but information
from Canada leads to expectations of some gains
there this year. Taking altogether, however, the
present outlook does not appear to promise a yield
for 1913 materially greater than that secured from the
world’s mines in 1912.
As regards Africa, the Witwatersrand district pre­
sented more satisfactory results in January and
February than a year ago, but for March a decline
is reported, explained, however, by the inclusion last
year of 52,533 fine ounces taken from the mines’
reserves. The yield for the quarter ending March 31
1913, therefore, was only 42,704 fine ounces greater
than last year, 2,223,699 fine ounces, comparing with
2,180,995 fine ounces. The gain in 1912 over 1911
was no less than 320,059 fine ounces. Outside dis­
tricts of the Transvaal, moreover, show a slight loss
for the period, and the same is true of Rhodesia.
West Africa, on the other hand, exhibits a compara­
tively large increase. These results show in the ag­
gregate for the whole of Africa 2,567,064 fine ounces
as the quarter’s yield for the current year, against
2,501,896 fine ounces in 1912, or a gain of 65,168
fine ounces, or less than one-fifth of the increase
1912 recorded over 1911.
Australasian gold fields, as intimated above, have
still further decreased their aggregate yield, the fall­
ing off thus far this year having been most noticeable in
Queensland. In 1905 the first quarter’s result for
the whole of Australiasia (not including the small fields
of South Australia and Tasmania, for which no re­
turns are at hand) was a little more than 1,000,000
fine ounces, but, shrinking year by year, the product
had dropped to three-quarters of that amount by
1910, falling to 687,411 fine ounces the next year,
612,373 fine ounces in 1912 and only 578,665 fine
ounces the current year. Combining the totals for
Africa, Australasia and India, we have an aggregate
for the three months of 1913 of 3,289,287 fine ounces,
which contrasts with 3,256,969 fine ounces in 1912,
showing an exceedingly small increase— only about
1% . During the period of 1912 these same countries
exhibited a gain over 1911 of over 9Y i% and f ° r the
full year of some 5% .
Speaking approximately, the world’s yield of gold
for the first quarter of 1913 was about $120,000,000,
and during this interval the principal European banks
increased their holdings of the metal some 86 mil­
lion dollars, absorbing, therefore, an amount equal
to over 70% of the three months’ yield. The Bank
of Germany gained 36 million dollars, England 25
millions, France 10 millions and Italy about 20 mil­
lions, while Russia lost 5 millions. The United
States Treasury, on the other hand, decreased its
stock 20 million dollars in the interval, this being
due to the gold exports. The movement of gold to
India and South America continues to be a feature
of the times.
At a special election last week, Jersey City de­
cided to try the “ commission” plan of local gov­
ernment, under the permissive law of just two years
ago, after voting against this by 13,068 to 11,585 in
July of 1911. Hoboken and Bayonne, which also
voted negatively upon this optional plan in 1911,
voted against it a second time last week. The law




[Vol.

X C V I.

showed at least one glimmer of reason in requiring
not only a majority vote, but at least 30% of the
number voting at the last preceding Congressional
election, in marked distinction to the fatal looseness
which persists in allowing constitutional changes to
be effected by even a single vote if that single vote
happened to be “ a majority” of the votes cast upon
the particular proposition. In Jersey City the vote
cast on the proposition was about 50% of the total
regular one, and it was carried by a majority equal to
about 60% of the negative votes cast upon it.
Thirty-two municipalities in New Jersey had pre­
viously voted upon this plan and thirteen are now
living under it, the most important of them being
Trenton, which has had about nine months of it. It is
still experimental, and the strongest argument for
venturing it is that it is worth at least a trial, and
matters are already so bad that any change might
be for the better. The plan is used by about a dozen
cities of the South and West, and it is theoretically
according to rules of good business in seeking to cen­
tralize power and produce a definite responsiblity.
The New Jersey form of it contains the present
governmental fads of initiative, referendum and re­
call, and its difficulties and defects must plainly be
magnified, according to the size of the field where it
is attempted. The “ business” administration which
it seeks to produce is attainable in a small community,
but in a small community the evils in governing
flourish least rankly; in the great cities, which need
improvement most, the weeds of inefficiency and
corruption find their richest soil.
The plan, however, is superficially attractive,
especially to good citizens who are also half-discour­
aged. It is so enticing an error to imagine that
existing evils can be corrected by having a law passed
about them or that government can be quickly raised
in quality by constructing some new scheme of com­
missions and bureaus. Virtue is not producible in
such easy ways, and to rely on them is like relying on
the good resolutions of a New Year’s day. There is
no curative power in merely changing political forms.
The last appropriation bill making provision for
certain departments had a clause tucked into it
which was intended to accomplish a purpose that has
persistently been sought by Mr. Gompers and his
associates, namely exemption of labor unions from
restraint under the Sherman Act. The clause was
a “ rider,” and any proposition whatever which is
put in that form is thereby condemned; an honest
cause seeks legislative aid openly, while a bad one
tries to sneak in like a thief in the night, unnoticed,
and also to apply a coercion upon both Congress and
the Executive by fastening itself to a necessary meas­
ure. This one was particularly obnoxious in that,
instead of openly proposing an amendment to the
Sherman Act that farmers’ and labor organizations
be exempted from its operation, it aimed to effect
the result by indirection through forbidding use of
any part of the regular appropriation for prosecuting
the favored organizations.
Mr. Taft vetoed the appropriation bill because of
this thing which was attached to it. The bill has
been re-introduced in the same form, however, and this
week was passed by the House of Representatives
and has been favorably reported by the Senate
Committee on Appropriations. It seems unthinka­
ble that President Wilson can accept such a thing,
which is not only without a shred of excuse, but

A p r . 2 6 1 9 1 3 .]

THE CHRONICLE

is inconsistent with his own recorded condemna­
tion of riders; yet there are renewed intima­
tions that we will accept it. These intimations
have been disturbing enough to induce the head of
the National Association of Manufacturers, an or­
ganization of men who have had their ample share
of trouble from labor unions and the effort to force
the closed shop, to address an open letter to Mr.
Wilson on this matter. If the Sherman Act should
or must be amended by due legislative methods (says
this letter) that would be open for debate and an
expression of public opinion; but while the Act
stands and contains no exemptions, does it not
appear that to limit its enforcement “ by the subter­
fuge of a restrictive prohibition through the medium
of an appropriation is dangerously near to at least
implied nullification ?”

1181

the productiveness of the so il.^ M r. Arno Schmidt,
Secretary of the International Federation of M aster
Cotton Spinners' & Manufacturers’ Associations, in
an address on “ Cotton Growing in the AngloEgyptian Sudan” , outlined the general conditions
obtaining in that country and then described what
he saw during a journey of inspection.
Of more or less interest in connection with our
foreign trade figures are two bulletins just issued
by the Department of Commerce showing the dis­
tribution of American exports by leading countries
and the share of the United States in the international
commerce of the world. In the first of these it is
pointed out that three-fourths of the exports of the
United States went to ten leading countries in the last
fiscal year (1911-12), the remaining one-fourth being
distributed among 100 other countries and depend­
encies. Foremost among the ten receiving the threefourths is England, 523 million dollars, followed by
Canada, 329 millions; Germany, 307 millions;
France, 135 millions; Netherlands, 104 millions;
Italy, 65 millions; Cuba, 62 millions, and Mexico,
Japan and Argentina, 53 millions each. The ten
principal articles exported during the same period
were: Cotton, 566 million dollars; iron and steel and
manufactures, 268 millions; provisions, 156 millions;
breadstuffs, 124 millions; copper, 114 millions; min­
eral oils, 112 millions; wood and manufactures,
97 millions; leather and manufactures, 61 millions;
coal, 52 millions, and cotton manufactures, 51 mil­
lions.
As regards the international commerce of the world,
the imports of all countries other than the United
States aggregate 816,876,000,000, of which $2,­
375,476,000, or 14.1%, was reported as from the
United States. Their exports, exclusive of those
of the United States, are stated at 814,690,000,000,
and the’ amount to us $1,352,000,000, the year rep­
resented being 1911 in most instances. The com­
pilations from which these figures are drawn show the
total imports and exports of the various countries
and the extent to which in each case the United States
shared therein. From them we learn that this coun­
try furnished no less than 597 million dollars of the
imports of the United Kingdom, or 18% of all the
merchandise received there from abroad; to Canada
we sent 356 millions, or 63.4% ; to Germany, 320
millions, or 13.8%; to France, 159 millions, or
10.3%, and to the Netherlands, 133 millions, or
14.3%. Furthermore, the West Indies, Mexico and
the Central American States received collectively
more than half their commodities from here, but to
the South American republics our exports appear
much smaller than advantage of position would seem
to warrant; to Argentina, for instance, we furnished
only 14.3% of the goods imported and to Brazil
11.2%. In sending commodities to us, Germany
holds the leading position, with a value of 152 millions,
or 7.9% of the total outflow thence, followed by the
United Kingdom, 135 millions, or 6.1% ; Cuba
(mainly sugar), 123 millions, or 83.8% ; Brazil (very
largely coffee), 116 millions, or 35.6% ; Mexico, 112
millions, or 75.2% , and Canada, 102 millions, or
35.2%.

The cotton-goods and cotton-yarn schedule of the
Underwood Tariff Bill now under consideration by
Congress came in for strong condemnation at the
ninety-fourth semi-annual convention of the Nat­
ional Association of Cotton Manufacturers held at
Boston on Wednesday and Thursday of the current
week. The key-note of the subject uppermost in
the minds of those in attendance was struck by
President Greene in his opening address. A circular
was also distributed at the opening of the session
comparing the rates proposed by the Association
with the schedules in the tariff bill and the former,
offered as the lowest possible without causing serious
injury to the industry, were shown to be considerably
higher than those in the pending measure. With
thought thus concentrated upon the tariff matter
to the exclusion of all other subjects, the suspension
of the regular schedule of the convention to permit
of the introduction of resolutions expressing the sense
of the delegates was but natural. The resolutions,
which were unanimously adopted without debate,
expressed the conviction of the Association that the
proposed new rates are inadequate as a basis upon
which to revise the cotton schedule, that the classifi­
cations are illogical and impractical, and that the
drastic reduction in cotton manufactures and the
raising of rates upon materials entering thereinto
imposes an unnecessary expense upon both manu­
facturer and consumer. Furthermore, opposition
was expressed to ad valorem rates as against specifc
duties, and to the administrative feature of the bill
providing for a further reduction in rate if any part
of the schedule falls below a certain percentage of
importations. The resolutions in full will be found
in our “ Cotton Department” . Congress is strongly
urged to modify the bill.
M r. George W . Neville, President of the New York
Cotton Exchange, addressing the Convention on the
“ Spinning Values of Different Grades of Cotton” ,
reviewed at length and in an interesting manner the
work done by the Exchange in reaching conclusions.
He furthermore voiced the opinion of many cotton
merchants that manufacturers could cheapen the
cost of their raw material greatly by purchasing
the lower grades at prevailing discounts and using
them in cases where the yarns are dyed or the cloths
printed. Among other interesting papers read was
that by Mr. David R . Coker, of Hartsville, S. C .,
on “ The New Agriculture in the South and its
That at least an important partTof the^vnrious
Relation to the Cotton Spinning Industry” , a very absurd “ war scares” that have been a feature _of
comprehensive review of the efforts already made and Western European politics during the last few years
making in improving farming methods and increasing have been manufactured for the purpose of selling



1183

THE CHRONICLE

war material is clearly indicated by developments
reported by cable from Berlin. In brief, charges
have been m a i an in part admitted by German
armor-plate manafa^ urers that campaigns have been
systematically 3ond icted for stirring up the German
war spirit and
al asserted that the campaigns
were conducted not *1 ne in Germany but in France
and England as we
though, apparently, the sole
purpose was that o sell’ng additional war material
in Germany. The revelations of these scandals
started on Friday o last week, when amazing allega­
tions were made a the close of the night’s session of
the Reichstag by the Socialist leader Dr.jLiebknecht,
who charged that not only did the German armorplate manufacturers employ emissaries to provide
the French Chauvinist press with material for agita­
tion against Germany, and thus provoke international
discord, but that they employed German officers
and officials of the Prussian War Office in order to
obtain early information of forthcoming contracts
and also an insight into the offers of competing firms.
Herr Liebknecht named certain French papers which
he said had been provided with anti-German material
by agents of the Munitions and Waffenfabrik, and
added that the whole matter had been communicated
by him to the War Minister (General von Heeringen)
some time ago, and as a result of his information
prominent persons in Essen (the seat of the Krupp
works) had been arrested and that inquiries had
proved the information to be correct. The Berlin
socialistic newspaper “ Vorwarts” published on Sunday
the text of the instructions sent by the Deutsche
Munitions and Waffenfabrik to a Paris agent,
instructing him to “ leave no stone unturned” to
persuade some popular French newspaper to publish
a statement that France intended to double her
orders for machine guns, the object being to persuade
the German Government to give machine gun orders
to Munitions and Waffenfabrik.
A resolution has been introduced in the Budget
Committee of the Reichstag calling for the appoint­
ment of a committee composed of members of the
Reichstag and experts to examine into the whole sub­
ject of German army and navy contracts, their re­
port to be submitted to the various legislative bodies
concerned with the proposals and to suggest remedies
for the alleged abuses. When the military budget
came up for discussion in the Reichstag Committee
on M onday a large majority of members voted to
cut down some of the appropriations and to drop
the posts of commandants at Dresden, Darmstadt,
Karlsruhe and Stuttgart, although General von
Heeringen, the War Minister, and representatives
of the respective federated States protested in the
strongest way against the action both from a political
and military standpoint.
A statement offered by the Krupps in their own
defense admits the firm’s representatives in Berlin
maintain “ friendly relations” with their former
“ comrades” of the War Department for the purpose
of obtaining “ business information,” and bestowed
small presents “ on certain under-officials.” The
firm, the statement added, thoroughly disapproved
of such practices, and as soon as the revelations came
to light did not hesitate to place at the disposal
of the authorities all the documentary evidence in its
possession. The War Minister, in replying in the
Reichstag to the charges made by Dr. Liebknecht,
declared that he thought the whole affair had been




[ V o l . X C V I.

exaggerated. It was true that one of the Krupp offi­
cials had succeeded in bringing sergeants and others
to disclose certain information which was not,
however, what was technically described as military
secrets. He could not say how far the Krupp firm
itself had been concerned in the action of its official
and he denied the charge that the War Ministry
favored private firms and reduced the works in
Government factories. As for the accusations of
stirring up strife, it would, he argued, be as just to
accuse the German firm of provoking the Balkan War.
The political situation in Europe has again been
appreciably upset by the perseverance and final
success of Montenegro in capturing Scutari. This
action has been taken in direct defiance of the wishes
of the Powers as unequivocally presented to the M on­
tenegrin Government and as emphasized by a demon­
stration in the form of a naval blockage of the
Montenegrin coast by war vessels of the Great Powers.
Accounts differ as to the brilliancy of the attack.
Some, evidently prepared to appeal to the patriotism
of the Montenegrin people, tell of wonderful assaults
and hard fighting; on the other hand, a press dis­
patch from Cettinge intimates that the fortress
surrendered without the shedding of a drop of blood
and that even the redoubtable Tarakasch fortress
was handed over to the victors without firing a shot.
Negotiations for the surrender began on April 21,
as a result of advances that were made by Essad
Pasha, the Turkish commander, the previous day.
Before the terms of surrender had been signed,
Essed Pasha learned acidentally that the Servian
troops had been withdrawn from the attacking forces
and thereupon he stiffened his demands and negotia­
tions were held up for a time. Eventually the terms
of capitulation were signed which provided that the
defenders of Scutari should be accorded the honors
of war, Essad Pasha marching out at the head of the
garrison, who carried their arms and took their light
artillery with them and retiring to Tirana, located
50 miles to the south and 20 miles to the east of
Durazzo. Scutari is on Lake Scutari and the line
between Montenegro cuts the lake in two. Ih e
fall of the fortress, it is significant to record, caused
great rejoicing in Russia where there were many de­
monstrations which showed clearly the sympathies of
the people and officials. It is stated, however, in dis­
patches from St. Petersburg, that the Government
will not depart from its loyal adhesion to the Powers.
Meanwhile, Austria has sent a dispatch to the Con­
ference of Ambassadors at London calling upon the
Powers to take united action to force Montenegro
to vacate. It is suggested by well-informed London
correspondents that the Powers will allow time for
the excitement of the Slavs and anti-Slavs to cool
off before they have recourse to coercion m any form.
To quote a Berlin press dispatch, the international
situation growing out of the fall of Scutari, M on­
tenegro’s defiance of the Powers, and the threat of
Austria to oust the victors from that place, is re­
regarded as so grave that the Budget Committee
of the Reichstag in secret session on Thursday decided
to begin consideration of the military increase and
emergency war-tax bills immediately. These meas­
ures were taken up for consideration yesterday
instead of two weeks hence, as originally proposed.
A lively exchange of dispatches is said to be going
on between Vienna and Berlin. The armistice
between the Turks and the allies at Chaltalja, which

A p r . 2 6 1 9 1 3 .]

,THE CHRONICLE

expired on Wednesday, has been prolonged for ten
days, and it is not improbable that the fall of Scutari
will permit an early ending of the war. In fact it
is expected that a preliminary peace protocol will
be signed to-day.
David Lloyd-George presented in the House of
Commons on Wednesday what was probably the
most optimistic speech ever delivered by a British
Chancellor of the Exchequer. He attached particular
significance to the fact that there would be no in­
crease in taxation but made no suggestions looking
toward a decrease. The Budget, he said, showed an
expenditure of upwards of £195,000,000, and he was
faced with the necessity of finding £7,500,000 more
than the revenue had brought in during the fiscal
year just closed. But he had no fear but that he
would be able to secure the amount, and would there­
fore not suggest any new taxation. His optimism
was due to two prime causes— the first, the extra­
ordinary prosperity of the country; second, the unex­
hausted harvest of the new taxes of the famous
Budget of 1909, which had achieved a success beyond
the Chancellor’s highest hopes. These taxes, he
said, had not yet come to full fruition, but they pro­
duced last year some £25,000,000. Lloyd-George
took an extremely optimistic view of the future. The
year just ended, he said, despite the coal strike, the
bad harvests at home and the nervousness caused
by the Balkan War, had been one of unparalleled
trade; and, basing his calculations upon the wide­
spread inquiry for goods, he saw no reason to sup­
pose that Great Britain had even yet touched the highwater mark. “ I am justified,” he said, “ in forecasting
my revenue this year on the assumption that we have
entered the most glowing year that British trade has
ever seen.” Continuing, he said:
M y inquiries show mo that there is greater confidence,
a greater feeling of buoyancy, than existed a few weeks ago.
The goneral feeling is that the greatest danger is over.
Undoubtedly what constituted the greatest element of irri­
tation has been almost ontiroly eliminated, and it is folt that
in a very short time peace will bo restored and we will got
normal conditions.
The wasto of the war will, of course, have to bo repaired.
That will take time, but the trade boom has been so high,
the prosperity of all these countries has been so great and
the flood has attained such dimensions that it will not tako
long to ropair the devastations of the war, and the countries
of Europo will onjoy prosperity such as they novor witnessed
before.
That is the conclusion, I am glad to bo able to say, to which
business mon have come. I am not giving my own viows;
I am giving what I have gathered from business mon in all
parts of the country.

He estimated that the increase in the customs and
excise taxes would be £2,565,000, the increase in
the death duties £1,500,000 and the increase in the
income tax and supertax £1,144,000. The balance
of the shortage would be made up with the income
tax and other revenue due last year, but only paid
at the beginning of the current year, and £1,000,000
taken from the Exchequer balances, representing
money voted for the navy in 1911-12 but not ex­
pended. The Chancellor estimated that the total
revenue on the existing basis of taxation would be
£195,825,000, leaving a margin of £825,000 over the
estimated expenditure.
Protection for the cotton trade of Lancashire by
fostering the supply of cotton independent of Amer­
ica was the gist of the Chancellor’s argument when




1183

introducing in the House of Commons on Wednes­
day evening a resolution permitting the British G ov­
ernment to guarantee a Sudan loan of £3,000,000 for
the development of cotton-growing along the Nile.
The resolution was adopted without division. The
Chancellor remarked that occasional difficulties with
regard to supplies of American cotton, arising from
the market being cornered and thus causing a short­
age here, despite abundant crops, made it necessary
to foster the growth of cotton where it would be under
British control. Egyptian cotton, he asserted, was
better from the point of view of the manufacturer,
owing to the quality of the goods obtained from that
product and also better from the point of view of
the workman, because it was cleaner and healthier
to work than was American cotton.
England is still engaged in the highly difficult
task of suppressing the fanatical suffragette move­
ment. A bill aimed at “ hunger strikes” , which was
introduced in the House of Commons March 26,
by the Home Secretary, Reginald McKenna, passed
without amendment through its Committee’s stage
on Tuesday. M r. McKenna appealed for urgent
action because, pending the passage of the bill, he
felt it his duty to continue forcible feeding of the
militant suffragettes who were in prison. This he
was desirous of avoiding. At the same time he did
not desire amendment that would make it prohibitory
to feed forcibly for the reason that he wished to retain
the power to resort to this method when, in his opinion,
the release of a hunger striker might endanger public
interests. The bill provides for the temporary
discharge of prisoners whose detention is undesirable
on account of their condition of health. Prisoners
discharged in this way would have to be taken into
custody on the 'expiration of the period stated in their
order of release or would be liable to arrest without
warrant. All amendments were rejected or with­
drawn, and after several hours’ discussion Secretary
McKenna applied the closure amid strong protests.
The first clause of the bill was adopted by a vote of 208
to 30, which suggests the position of the House on the
suffragette question. New outrages by the militant
suffragettes are being recorded daily.
No final action has yet been taken by the Cali­
fornia State Legislature on the bill which seeks to
prevent the holding of land in that State by aliens
who are not eligible to citizenship in this country.
At the request of President Wilson, Mr. Bryan,
Secretary of State, has started for Sacramento, where
he will arrive next Monday afternoon, and by confer­
ences endeavor to suggest a satisfactory solution of
the difficulty. The action of President Wilson
seems to have calmed the war fever that is so
prone to display itself in Japan, but it is evident
that unless the Administration at Washington can
prevail upon California to abandon or appreciably
modify the bill that conditions in the M ikado’s
country will soon again be under strain. Governor
Johnson of California on Thursday, issued a state­
ment upholding the doctrine of State rights and
declaring that California, should be able to legislate
on the question without such a stir of public opinion
throughout the whole country. The Governor main­
tained that what his State was trying to do was only
what other States had done and that there was no
reason why California should not be allowed to pass
laws without interference from the Federal Govern-

1184

THE CHRONICLE

ment. In part the Governor said: “ Admittedly
California has a right to pass an alien land bill.
No one suggests that such a bill should in terms
describe the Japanese. It has been suggested that
such a law in California should follow the distinctions
which are already an unprotested part of the law
and policy of the United States. The United States
has determined who are eligible to citizenship. The
Nation has solemnly decreed that certain races, among
whom are the Japanese, are not eligible to citizen­
ship. The line has been drawn, not by California
but by the United States. Decrimination, if it
ever occurred, came and went when the Nation
declared who were and who were not eligible to citi­
zenship. If California continues the line marked
out by the Federal Government, the United States,
and not California, should be accused of discrimina­
tion . . . . The question in all its various forms is
an old and familiar one. The only new thing about
it is the hysteria which it seems to arouse when Cali­
fornia is the place in which it comes up.” The
situation is complicated somewhat by the fact that
Japan does not permit aliens to own land within her
own dominions and is therefore asking for something
she herself will not grant. A Japanese correspondent,
referring to this phase of the situation, says:
“ To this we say that Japan is about to put into effect the
new land law promulgated a year ago. According to this
law foreigners, to enjoy this privilege, must como from a
country where Japanese are allowed to become land-owners.
This reciprocal principle has already been adopted in treaties
which Japan has concluded with certain European countries.
In dealing with such a country as the United States, however,
she finds herself in an embarrassing situation, because hero
the principle of reciprocity cannot be applied. While many
of the States make no discrimination between American
citizens and aliens in the matter of land ownership, there
are several States which prohibit foreigners from becoming
land-owners.”

Before starting for Sacramento, the Secretary of
State, Mr. Bryan, presented to the diplomatic repre­
sentatives of the various nations accreditedto this
Government a plan designed to aid in the establish­
ment of international peace. The Secretary ex­
plained later that the outline of his plan he presented
to the diplomats did not go into details because de­
tails are a matter of agreement between the con­
tracting nations, and might be different in different
cases-. The draft of the proposed treaties as sub­
mitted to the foreign representatives was as follows:
“ The parties hereto agree that all questions of whatover
character and nature in dispute between them shall, when
diplomatic efforts fail, be submitted for investigation and
report to an international commission (the composition to
be agreed upon); and the contracting parties agreo not to
declaro war or begin hostilities until such investigation is
made and report submitted.
“ The investigation shall bo conducted as a matter of
course upon the initiation of the commission without the for­
mality of a request from either party; the report shall be
submitted within (timo to be agreed upon) from the dato
of the submission of the dispute; that the parties hereto
reserve the right to act independently of the subject-matter
in dispute after the report is considered.”

Secretary Bryan, in explanation of his plan, said:
“ The statement presented to the representatives is only
intended to set forth the main proposition, namely that the
President desires to enter into an agreement with each nation
severally for the investigation of all questions of every naturo
whatever. This agreement is intended to supplement the
arbitration treaties now in existence and those that may be
made hereafter. Arbitration treaties always exempt some
question from arbitration. The agreement proposed by tho
President is intended to close tho gap and leave no dispute
that can become a cause of war without investigation.




[ V o l . X C V I.

“ It will bo noticed that each party is to reserve the right
to act independently after the report is submitted, but it is
not likely that a nation will declaro war after it has had an
opportunity to confer during the investigation with tho op­
posing nation.
“ But whether or not the proposed agreement accomplishes
as much as is hoped for it, it is at least a step in tho direction
of universal peace, and I am pleased to be the agent through
whom the President presents this proposition to tho Powers
represented here.”

On Tuesday the Belgian Cabinet decided to com­
promise with the leaders of the strike for so-called
“ manhood suffrage’' that had kept Belgium’s indus­
try and commerce almost at a standstill for ten days.
It is estimated that at the close of the strike fully
a half million men were idle throughout the country.
The Government, on the advice of the King, accepted
the compromise proposed by the Liberal leader,
F. Masson, and the strike was called off and the men
ordered to return to work on Thursday. The
demonstration has been entirely orderly. A com­
mission was appointed to begin work toward equaliz­
ing the franchise. At the last returns 993,070 men
in Belgium had one vote, 395,865 men, wealthier and
better educated, had two votes, and 305,685 men had
three. Under this system of plural voting the
working-men had been defeated and the Clericals
kept in power for twenty years. What the strike
was specifically called for was to provide a single
vote for each man. The Masson compromise stipu­
lated for a commission to draft the “ one man vote”
demanded by the Socialists. The reform proposal
probably will not take effect until 1916.
Abrogation of the Hay-Pauncefote treaty and the
Clayton-Bulwer treaty, under which the construction
of the Panama Canal was undertaken, is the object
of a joint resolution which Senator Chamberlain of
Oregon, a Democrat, introduced on Monday in the
Senate. The brief debate on this radical resolution
indicated that Senator O’Gorman of New York,
Chairman of the Senate Committee on Interoceanic
Canals, is inclined to favor the resolution, which was
referred to the Committee on Foreign Relations,
where it will probably remain for some time. It was
pointed out as soon as the resolution was introduced
that there is no provision in the Hay-Pauncefote
treaty providing for its termination by either gov­
ernment. The Chamberlain resolution alleges that
Great Britain itself substantially abrogated the
Clayton-Bulwer treaty by refusing to abide by its
provisions.
In Havana on Wednesday the so-called amnesty
bill, which proposed a general release of prisoners,
throughout Cuba, including many dangerous char­
acters, and which was strongly and officially objected
to by our Government, was taken up in the House
and consigned to a committee for the elimination of
its objectionable features. The Conservatives are
now in the majority and propose passing the measure
within a few days and the bill as enacted will not
contain any feature to which the United States is
opposed. General Juan Mario Menocal, the newlyproclaimed President of Cuba, who will be inaugurated
on May 20, on Tuesday announced the composition
of his Cabinet.
The buoyancy that we noted last week as the
feature of the London Stock Exchange and Con­
tinental Bourses has given way to a more unsettled

A P E . 2 6 1 9 1 3 .]

THE CHRONICLE

1185

feeling although it may still be said that positive holdings in the Tehuantepec Railroad. A London
weakness has not developed. Cable advices from dispatch declares that Coutts & Co. deny that they
London report a sudden exhaustion to the demand have made such a loan. It is again announced by ca­
for new investments. Underwriters at the British ble that the Chinese loan has been agreed upon. The
centre who took advantage of the improved condition amount is reported to be $125,000,000, to be furnished
to come forward with new issues found that they had by the group of bankers that, since the withdrawing of
very quickly appropriated the amounts of new capital American bankers, has now become the “ Five
available for investments, notwithstanding a lower Nation group” . Reports from Paris state that the
lending basis for money. Paris which is usually new negotiations are for a 5% instead of a 5 % % loan.
such a relatively easy market has ruled firm from
Private bank rates in London closed at 3 % @
the money standpoint during the week as a result 3 9-16% for sixty-day bankers’ acceptances and 3 % %
of the large new issues of securities which have for long bills. These figures, which represent spot
there been taken up with quite a degree of success. bills as well as those to arrive, are a shade easier
The Japanese loan of 200,000,000 francs in 5% than a week ago. Day-to-day money in London is
bonds to which we referred last week is an instance. quoted at 2 % % , which compares with 2 % @ 2 % %
It has proven a distinct success, the bonds, according a week ago and 3 @ 3 % % a fortnight ago.
In Paris
to latest cable despatches, already selling at a the bankers’ combination rate is still quoted at 4 % ,
premium of 10 francs. In Berlin a local influence although 3 % % is available from outside bankers,
on the Bourse has been the weakness in steamship and some business has, in fact, been done o n a 3 % %
company shares, which have been under pressure as basis. At Berlin the private bank rate, as cabled
a result of reductions in third-class rates to Canada, last evening, was 4 % % , which represents a reduc­
and the fear that an ocean steamship rate war will tion of % % from the figures of a week ago. The
become general. An unsettling influence at the outside rate at Amsterdam remains at 3 % % , at
German centre, too, was the so-called Krupp scandal, Brussels 4 /-16% and at Vienna shows a reduction
showing, in brief, that the recent war fever had of % , to 5 % % . The official Bank rates at the lead­
been encouraged by bribery and other means, on ing foreign centres are: London, 4 % % ; Paris, 4 % ;
behalf of the armor manufacturers, for the purpose Berlin, 6% ; Vienna, 6% ; Brussels, 5 , and Amster­
of selling their products. This subject we refer dam, 4% . The Bank of Bengal at Calcutta and the
to more fully in a preceding column.
Bank of Bombay still quote 6% .
But while individual causes for reaction have
been current at the various European centres, the
This week’s return of the Bank of England, which
sudden change in the European political situation was published on Thursday, was a fairly strong one.
has undoubtedly exercised the most potent influence. An increase was reported in the proportion of reserve
The occupation of Scutari by Montenegro in defiance to liabilities to 49.63%, comparing with 47.93% last
of the desires of the greater Powers must be regarded week. A year ago this proportion was 48.42% and
as the chief source of the change in sentiment. We two years ago 46.94% . An increase of £281,186
refer to this subject at some length elsewhere. There was reported in the gold and bullion holdings and of
was, early in the week, some expectation that the £289,000 in tiie reserve. Public deposits were re­
Bank of England would make a further cut of % % duced £145,000, loans were contracted £1,538,000
in its discount rate, but the renewed strain in the and ordinary deposits declined £1,260,000. How­
political situation prevented even any serious con­ ever, the showing is still below that of a year ago at
sideration of the subject by the Governors of the this date. The bullion holdings now amount to
Bank. No reductions have yet been announced in £38,203,292, against £39,489,031 one year ago and
any of the official bank rates on the Continent. They £37,187,071 in 1911. The reserve aggregates £28,­
still continue on the war basis. So far as concerns 217,000. A year ago it was £29,299,196 and in 1911
the quotations of State securities that might be re­ £27,617,986. The loans are the lowest at this date
garded as being influenced by the European political since 1910, when the total was £29,526,659. The
unrest, it is of interest to note that Bulgarian 6s current amount is £33,559,000, which compares with
have advanced 1 point during the week, to 102, £34,834,310 in 1912 and £33,971,894 in 1911. The
Greek monopoly 4s, as quoted by cable from London Bank secured £620,000 of the £870,000 South African
last evening, showed a reduction of % point to 55%; gold that was offered in the open London market on
Servian unified 4s remain without change at 82. Monday, the remainder going to India. Our special
German Imperial 3s still continue at 75, Russian correspondent furnishes the following details of the
4s are % lower at 90% , British Consols are 75, com­ gold movement in and out of the Bank for the Bank
paring with 74 13-16, which was the closing price of a week: Imports, £493,000 (of which £13,000 from
week ago, and French Rentes are 27% centimes lower Egypt and £480,000 bought in the open market); ex­
at 86.323/«j francs. As an indication of the resistance ports, nil, and shipments of £212,000 net to the in­
of investment securities in London to the more dis­ terior of Great Britain.
couraging political outlook, it may be noted that
London & Northwestern, after touching 133 on Sat­
The Bank of France this week reports an increase
urday, closed yesterday % higher for the week at of 431,000 francs in gold holdings and a decrease of
132%, and Great Western closed without change at 3,179,000 francs in silver. The favorable feature is
116%, while Great Eastern has advanced 134 points a reduction of 11,250,000 francs in discounts and a
to 61% .
contraction of 119,700,000 francs in note circulation.
It was reported from Mexico City that the Mex­ While the Bank’s gold stock is slightly in excess of
ican Government has secured a loan of $7,500,000 last year (being 3,249,923,000 francs against 3,240,­
for one year at 88% , bearing 5% interest, through 100,000 francs), its discounts and circulation are
Coutts & Co. of London, Sir Weetman D . Pear­ still considerably in excess of the 1912 figures. The
son having, according to the report, arranged the former now amounts to 1,702,487,000 francs, which
transaction, the security being the Government’s compares with 1,161,184,971 francs one year ago,



1180

THE CHRONICLE

[ V o l . X C V I.

and the circulation stands at 5,665,032,000 francs, accurate to suggest that any improvement in the
which compares with the 1912 figures of 5,232,484,­ supply of capital available for fixed investments has
taken place. The New York Central early in the
820 francs.
week offered 810,000,000 in 5% one-year notes at
The weekly statement of the Imperial Bank of 993^. Naturally, such a favorable offering was taken
Germany was published on Friday and was an unusu­ advantage of very freely, as the discount made the
ally satisfactory document. It registered an in­ net return for the year 5 }4 % , and the subscription
crease of» 29,891,000 marks in the gold stocks and of lists were closed within an hour after they opened.
52.859.000 marks in all kinds of cash, including gold. But it is evident that, adding the bankers’ commis­
Outstanding circulation indicated a contraction of sion, the money must have cost the New York Cen­
96.951.000 marks, loans were reduced 23,043,000 tral very close to 6% , which is certainly a very high
marks, and discounts declined 104,986,000 marks. rate. Another example of the high rates required to
There was a reduction of 35,720,000 marks in treasury tempt investors is contained in the offering by
bills and of 23,096,000 marks in deposits. The total Speyer & Co. of 819,000,000 Missouri Kansas &
cash now stands at 1,305,808,000 marks. One year Texas Ry. two-year 5% gold notes. These notes
ago it was 1,284,860,000 marks, and in 1911 1,175,­ were offered at 98 and yield about 634$% income
320,000 marks. The total of loans and discounts on the investment. The proceeds of the notes are
reaches 1,305,576,000 marks, which compares with to be chiefly used to retire on May 1 817,500,000
1.152.120.000 marks in 1912 and 996,480,000 marks 5% notes. There is to be a delay in offering the
in 1911. Circulation is now down to 1,795,538,000 Interborough Company bonds, owing to the corre­
marks, and compares with 1,647,020,000 marks in sponding delay (of nearly a half-year) in the signing of
the contracts from the time that was expected
1912 and 1,559,940,000 marks in 1911.
when the financial arrangements were made. There­
A still further easing up in local money rates has fore the yearly requirements have been changed to
taken place this week which may be regarded as a apply to calendar years instead of fiscal years.
natural result of the almost nominal requirements Otherwise the financial plans have not been altered.
for Stock Exchange purposes and also of the smaller In the West a continued holding of grain by
demand for banking accommodation that follows the farmers is keeping money rates there above the
more restricted condition of our manufacturing and New York parity. Some Chicago bankers estimate
mercantile activities. The tariff bill was duly intro­ that there is more than 82,000,000,000 worth of grain
duced in the House of Representatives on Tuesday still in farmers’ hands. However, the opening of
and the present intention is to force it through the Lake navigation is not unlikely to encourage the dis­
House if possible without amendment, leaving it to tribution of this grain, especially in view of the favor­
the Senate and the Conference Committee to place able crop prospects indicated by the recent report
the measure in its final form. The fact that pro­ of the Department of Agriculture.
The range for call money this week has been
tests by manufacturers and by commercial inter­
2
K
@ 3 % . On Monday 3% was the highest and
ests generally have been so backward may hardly be
2M
% the lowest and ruling rate; Tuesday’s figures
considered a sign of satisfaction with the provisions of
the bill. It is not to be regarded as evidence that the were identical with those of Monday; on Wednesday
retarding influence of the proposed changes on trade 2/4j% was the lowest but 3% was again the highest
will be found correspondingly slight. Advices re­ and 3 % % the renewal basis; Thursday’s maximum
ceived by the banks at this centre indicate that a was 3% , minimum 2 % % and renewal basis once
gradual but general slowing down is taking place in more 2 % % . On Friday the maximum was 3% ,
mercantile and industrial commitments. With the minimum 2}/%% and ruling quotation 2 % % . Time
corresponding decrease in the demand for funds, money, as we have already noted, is easier. Closing
lenders have made concessions in their rates. Funds quotations are 3 % % for sixty days, 4 % for ninety
days and four months and 434% five and six months.
for fixed maturities are now available at
for all periods. The prospects of the money market Commercial paper also is easier, being quoted at
depend upon the volume of business that is to develop 5@ 53^% (against 5j/£@ 6% a week ago) for sixty
in the near future. Should speculation on the and ninety-day endorsed bills receivable and also
Stock Exchange remain at its current almost nominal for four to six month’s names of choice character;
level and should distribution of merchandise con­ others are quoted at 6 @ 6 j^ % .
tinue restricted by the tariff uncertainty, it is not
Notwithstanding the easier money conditions that
improbable that current rates will continue until
the crop requirements of the early autumn bring are ruling abroad suggested by the reduction in the
a specific demand to bear upon the supply of funds. Bank of England’s discount rate on Thursday of
Saturday’s weekly statement of the Clearing blouse last week, there has been a firm undertone to the
indicated an increase of 83,173,000 in the money market for sterling exchange this week. It is rather
holdings of the institutions. There was also a re­ difficult to ascribe any specific influence for this
duction in the cash requirements of 81,008,400 re­ firmness. The supply of commercial exchange has
sulting from a contraction of 86,288,000 in deposits. not been large and money rates as well as private
Thus the cash surplus for the week registered an discounts abroad have shown a continued tendency
increase of 84,181,400, which brought the surplus toward weakness. On the other hand cable advices
of cash holdings above requirements up to 819,085,­ from London indicate that a situation exists there
850, comparing with 819,819,000 a year ago. Cana­ similar to that which is current at home. Money
dian banks withdrew 81,200,000 in gold from New rates are low for ordinary banking uses but the
York this week, as they could use it to better advan­ supply of capital available for investment is small
and London underwriters who, particularly within
tage at home.
While the supply of funds for ordinary mercantile the last fortnight, have attempted to take advantage
purposes has continued adequate, it would not be of what at one time seemed the more settled political



Apr. 26 1913 ]

T H E C H R O N IC L E

situation in Europe to distribute their commitments,
soon found that they had reached a point at which
their formal offerings failed to draw response. A
London correspondent cables that there is evidence
that the emissions of new loans are going beyond
the ability of the market to absorb them. A West­
ern Australian loan of £2,000,000 in 4 % bonds that
for instance was offered at 98 last week was only
subscribed to the amount of 13% by the public, the
remainder being taken by the underwriters. The
enthusiastic character of Chancellor Lloyd George’s
budget speech also probably exercised a sentimental
influence in strengthening sterling exchange rates,
since the Chancellor predicted such active expansion
and prosperity that if his expectations prove to be
accurate, a substantial increase in banking require­
ments for conducting the greatly enlarged trade will
be necessary. Our own imports are now responding
adversely to the imminence of tariff legislation.
Last week, for instance, the imports of merchandise
at the Port of the New York decreased $2,588,545
from the corresponding week a year ago and the
previous week they decreased $8,424,328.
The Continental exchanges have moved still
further against London in favor of Paris because of
the active banking transactions that have been in
progress at the French centre during the week. The
London check rate in Paris closed at 25.22% francs,
comparing with 25.24 francs a week ago. At Berlin,
sterling closed at 20.46% marks, comparing with
20.48 marks last week. Berlin exchange in Paris, as
reported by cable yesterday, was quoted at 123.20
francs, comparing with 123.25 francs last Friday.
Compared with Friday of last week, sterling ex­
change on Saturday was firmer for demand and cable
transfers, which advanced to 4 8640@4 8650 and
4 8680@4 8690, respectively; sixty-day bills declined
to 4 83@ 4 8310. On Monday, after early weakness,
occasioned by the increasing ease in London dis­
counts, the undertone became firmer on a fairly
active inquiry and light offerings; demand advanced
to 4 8650@4 8660, cable transfers to 4 8690@4 87
and sixty days to 4 8320@4 8330. The market con­
tinued active on Tuesday and ruled very firm, with
a rise of about 10 points; the range was 4 8660@
4 8670 for demand, 4 87@ 4 8710 for cable transfers
and 4 8325@4 8335 for sixty days. A further ad­
vance in sterling was witnessed on Wednesday, due
chiefly to the hardening tendency in discount rates
at London and speculative operations by brokers
here; demand moved up to 4 8675@4 8685, cable
transfers to 4 8705@4 8715 and sixty days to 4 8340
@ 4 8350. On Thursday trading was dull and nomi­
nal; there was a decline of 10 points during the early
transactions, but later this was partially recovered,
and the close was only 5 points lower for the day,
at 4 8670@4 8680 for demand and 4 87@ 4 8710 for
cable transfers; sixty days remained unchanged at
4 8340@4 8350. On Friday the market ruled quiet,
without important changes in quotations. Closing
rates are 4 8340@4 8350 for sixty days, 4 8665@
4 8675 for demand bills and 4 8695@4 8705 for
cable transfers. Commercial on banks closed at
4 81 % @ 4 82% and documents for payment at
4 8 2 % @ 4 83% . Cotton for payment ranged from
4 8 2 % @ 4 83. Grain for payment 4 83@ 4 83% .
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $8,874,000 net in cash as a result of the cur­
rency movements for the week ending April 25.
Their receipts from the interior have aggregated
$14,039,000, while the shipments have reached
$5,165,000.
Adding the Sub-Treasury operations
and gold exports, which together occasioned a loss of
$5,550,000, the combined result of the flow of money



11 87

into and out of the New York banks for the week
appears to have been a gain of $3,324,000, as follows:
Week ending Aprl 25 1913.

Into
Banks.

Net Change in ]
Bank Holdings. !

Out of
Banks.

Banks’ Interior movement................
Sub-Treas. oper. and gold exports..

$14,039,000
18,500,000

$5,165,000 Gain $8,874,000
24,050,000 Loss 5,550,000

T o ta l...............................................

$32,539,000

$29,215,000 Gain $3,324,000

The following table indicates the amount of bullion
in the principal European banks.
Banks of

April 24 1913.
Gold.

£
England.. 38,203,292
France__ 129,996,400
Germany. 48,801,200
Russia__ 158,451,000
Aus.Hun.. 50.184.000
Spain___ 17.997.000
Italy ___ 46.666.000
Netherl’ds 13.545.000
Nat .B el.. 7.752.000
Sweden . .
5.719.000
Swltzerl'd. 6.881.000
Norway . . 2,137,000

Silver.

|

April 25 1912.
Total.

£

Gold.

£
I
£
1 38,203,292 39,489,031
23,956,600 153,953,000 129,603,640
14.250.000i 63,051,200 46,790,500
7.388.0001165,839,000 148,106,000
10.588.000i. 60,772,000 52.609.000
29.992.000i 47,989,000 16.992.000
4.049.000i 50,715,000 42.113.000
756,7001, 14,301,700 12.070.000
3.876.000 11,628,000 6.706.000
5.719.000 4.793.000
6.881.000 6.486.000
2,137,000 1.981.000

Silver.

|

Total.

£

£ m
39,489,031
32,330,240 161,933,880
17,442,700'1 64,233,200
7.004.000 155,110,000
12.671.000 65.280.000
30.131.000 47.123.000
3.700.000 45.813.000
998,000 13.068.000
3.353.000 10.059.000
4.793.000
6.486.000
1.981.000

Tot. week. 526,332,892 94,856,300621,189,192 507,739,171 107,629,940 615,369,111
Prev. week 525,404,133 95,189,153^20,593,286 |503,129,040 106,964,070-610,093,110

CALIFO R N IA

AND

JAPAN.

The controversy between our State Department
and the State of California— which, in actual fact,
represents a controversy between the Government
of Japan and the California Legislature, conducted
according to traditional diplomatic rules— is an inci­
dent whose importance has, we believe, been greatly
exaggerated. Nevertheless, it is one of those incidents
which might become an extremely serious interna­
tional matter if brought into irritating shape through
outburst of public passion, and it illustrates, in any
case, one of the difficulties inherent in our dual system
of government; difficulties which assume new shapes
with the progress of our national history.
It concerns, as everybody knows, the scope of
treaty 'provisions with a foreign Power in their rela­
tion to specific laws passed by a State legislature and
alleged to contravene the provisions of such treaty.
The Constitutional provision is clear enough. It
says (Article IV ., Section 6):
“ This Constitution * * * and all treaties
made, or which shall be made, under the authority
of the United States shall be the supreme law of
the land, and the judges in every State shall be bound
thereby, anything in the Constitution and laws of any
State notwithstanding.’’
In the present case, our Government’s existing
treaty with Japan guarantees to Japanese people
resident in the United States an absolute equality
of privilege with natives of other foreign nations.
The immediate question at issue affects the own­
ership of land by Japanese in California. Some of
our States prohibit altogether the alien ownership
of such property; New York and Texas are cited as
illustrations of that prohibition. To general legis­
lation of the sort, by any State, no objection can be
made by a foreign Power, in the absence of direct
pledge of such privilege by treaty, which has never
been made to any ^Power. California, however, has
not, in this case, been at all concerned about the gen­
eral question of alien ownership. The agitation
which has resulted in the submission to the Califor­
nian Legislature of the measures which are under
criticism has to do with the acquisition of certain
California farm lands by Japanese. It is, in other
words, a peculiar problem of the Pacific Coast; due,
like the Chinese problem of a generation ago, to the
geographical position of the Pacific Coast with rela­
tion to the Asiatic communities. It has been alleged,
in connection with the California proposals, that the
Japanese who have been acquiring lands in Calif or-

1188

THE C H R O N IC L E

nia were of the coolie class; that they live on practi­
cally nothing; that they undersell American farmers;
and that, having driven out American labor from the
farming districts in question, they obtain the oppor­
tunity for insisting on the leasing or transferring of
the land in question as an alternative to their aban­
doning the field.
To what extent this condition actually exists is
not altogether easy to say. Some of the debaters
in the California Legislature have this week made the
flat public assertion that, if the proposed measures
are not passed, the Japanese will in twenty-five years
own or control all the best farming lands in Cali­
fornia. This is prediction; as to actual facts and
tendencies there is much dispute. Census returns
are cited to prove that alien ownership of this type
has been decreasing instead of increasing during re­
cent years in California. It is impossible to forget
that, in the somewhat similar California controversy
of half a dozen years ago regarding the admission
of Japanese to the privileges of the public schools,
it was hotly contended that the children’s classes
were filled with grown Japanese; whereas the actual
facts, as subsequently elicited, proved that not more
than two or three incidents of the sort existed; that
for those there were peculiar reasons; and that the
State was entirely competent to regulate the abuse
on the general basis of barring grown pupils from such
grades— which was eventually done.
This aspect of the question, however, except as it
explains the attitude taken by the California authori­
ties and legislators, is not material to the main pres­
ent contention; which, as we have said, has to do
wholly with the alleged discrimination against resi­
dent Japanese citizens as compared with resident
citizens of other nations. Whether the strong feel­
ings which have promoted this discrimination in
California are the result of “ race sentiment,” or of
pressure from the California labor unions, or of a
broader view of social and public welfare, we do not
profess to say. The facts are, however, that the bill
in the Lower House of the California Legislature,
which had been expected to reach enactment, was
directed against the Japanese and Chinese alone,
because it applied in terms to individuals “ ineligible
to citizenship.” The bill proposed in the California
Senate differed in some respects, was less drastic,
and could possibly be interpreted as nominally af­
fecting all aliens.
There have also been pending substitute bills which
until this week received no great support, but which
explicitly denied the privilege of land ownership to all
aliens. During the present dispute, however, the
attitude of the advocates of the more drastic bill
was shown by a speech of one leading representative
in the California Legislature, declaring their absolute
purpose of preventing lands from falling into the
hands of Japanese or Chinese, and adding that the
measure enacted “ must not be so sweeping in char­
acter as to exclude all aliens,” because “ California
should welcome the farmers of Europe and Canada,
also the capital investments of those people.”
The situation became the subject of cautious
but firm remonstrance to our State Department by
the Japanese Ambassador at Washington. The first
declaration made by President Wilson on the matter
was in the nature merely of a general disavowal of
the wish to interfere; intimating, however, belief in
the greater merits of the California Senate Bill from
a diplomatic standpoint. This intimation having




[ V o l . X C V I.

evoked no particular response, the President last
Tuesday addressed the following telegram to Gover­
nor Hiram Johnson of California, in which, as the
text will show, he virtually addresses the people of
California:
“ I speak upon the assumption, which I am sure is
well founded, that the people of California do not
desire their representatives— and that their repre­
sentatives do not wish or intend— in any circum­
stance to embarrass the Government of the United
States in its dealings with a nation with whom it
has most earnestly and cordially sought to maintain
relations of genuine friendship and good will, and
that, least of all, do they desire to do anything that
might impair treaty obligations or cast a doubt upon
the honor and good faith of the nation and its Gov­
ernment.
“ I therefore appeal with the utmost confidence
to the people, the Governor and the Legislature of
California to act in the matter now under con­
sideration in a manner that cannot from any point
of view be fairly challenged or called in question.
If they deem it necessary to exclude all aliens who
have not declared their intention to become citizens
from the privileges of land ownership, they can do
so along lines already followed in the laws of many
of the other States and of foreign countries, including
Japan herself.”
Governor Johnson thus replied to the President’s
dispatch:
“ Immediately upon receipt of your telegram, it
was transmitted to both Houses of the Legislature.
I think I can assure you that it is the desire of the
majority members of the Legislature to do nothing
in the matter of the alien land bills that will be
embarrassing to our own Government or offensive
to any other.
“ It is the design of the legislators specifically to
provide in any Act that nothing herein may be con­
strued as affecting or impairing any rights secured
by treaty, though, from our local standpoint, this is
deemed unnecessary.
“ If any Act be passed, it will be general in charac­
ter, relating to those who are ineligible to citizenship,
and the language employed will be that which has
its precedent and sanction in statutes which now
exist upon the subject.”
Following this reply, President Wilson telegraphed
to California, asking if the Governor and the Legisla­
ture would be willing to entertain the Secretary of
State if he were to visit Sacramento and set forth in
person the position of our State Department. An
affirmative answer having been received, Secretary
Bryan was directed to undertake the task, and the
conference between him and the California legisla­
tors will constitute the next chapter in the episode.
Our own judgment is that the trouble will soon
blow over, and be as completely forgotten as the
school-children dispute of 1907 has been. The case
presents no element of legislative or diplomatic
deadlock— first, because the passage of a general
Act against alien ownership will cover the case of
the Japanese as well as others; second, because even
Governor Johnson’s reply to President Wilson fully
admits the fact that if the treaty guarantees to the
Japanese equal rights with other aliens, then any
legislation countervening such privileges would be
void in itself. But, manifestly, the settlement of the
problem through the submission of the Constitutional
question to the courts, at a time when public senti­
ment on the Pacific Coast is embittered, and when a
State would have to be overruled by decision of the
Supreme Court, is much to be deprecated.

A m . 26 1913]

T H E C H R O N IC L E

M r. Wilson’s policy in his two last moves deserves
high praise for its judgment and tact, not only because
of the carefulness with which it has avoided offence
to the susceptibilities of the Californians and has
avoided also any dispute on fundamental facts, but
also because, through stating the case of the United
States Government in advance of action by the
California Legislature, he has put the anti-Japanese
extremists of the Pacific Coast in the wrong. If the
drastic legislation, the conclusive arguments against
which the President has thus stated, were to be passed
on top of his tactful remonstrances, the State of Cali­
fornia would then be placed in a position where the
censure and criticism of the rest of the country
would justly be visited upon it. No one is better
aware of this fact than the California legislators, and
we entertain no doubt that they will find their way
out of the diplomatic difficulty without disturbing
through unnecessarily sweeping action the foreign
relations of the United States.
As for talk of war, that may as well be at once
dismissed as the mere vaporing of the sensational
press in America and in Japan, or as a disingenuous
recourse by extremists on both sides of the Pacific
Ocean. Friendly relations between the two Govern­
ments are quite as necessary to Japan as to the
United States, and the notion that anything like
collision would be invoked by the Tokio Go\ eminent
on a question of this sort, and with the position of
world politics as it is to-day, is simply unthinkable.
We find it difficult indeed to speak seriously regard­
ing this aspect of the controversy. If we were to do
so, we should go one step further, and suggest that
our Government itself has considerable interests at
stake in maintaining good relations with a strong
Oriental Power at a time when circumstances, if not
our own choice, have placed us in so vulnerable a
position through the extension of our sovereignty
over the Asiatic colony of the Philippines.
THE ACTION OF THE GOVERNMENT I N THE
STATE RAILROAD CASES.
After having waited month after month and week
after week for a decision of the United States Su­
preme Court in the Minnesota State rate cases, which
have been before that tribunal for final adjudica­
tion since 1911, the public received a surprise the
present week in the action of the Federal Govern­
ment in asking permission from the Court to file a
brief amicus curiae which the Government had
already filed with the United States Commerce
Court in another case where there are closely similai questions. Hie Government is to be com­
mended loi having taken this course. The Supreme
Court ought not to announce its conclusion on the
all-important questions at issue without considering
all the possible aspects arising, not only in the
Minnesota cases, but in all other related cases.
The action before the Commerce Court relates to
what are known as the Texas-Louisiana freight rate
cases, and as it happens a decision was handed down
yesterday by the Commerce Court sustaining the
order of the Inter-State Commission, setting aside the
rates. The case involves the question of the power of a
State to regulate local rates where there is conflict
with inter-State rates, and in a more grievous form
than do the Minnesota cases. For that reason it is
desirable that the Supreme Court should have the
facts in these cases also before it. The judicial de­



1189

termination in both instances is fraught with im­
portant consequences, but as far as relief to the rail­
roads from oppressive Government action is con­
cerned a disposition has developed to attach alto­
gether too much importance to the ultimate decision
of the Supreme Court. Speculators on the Stock Ex­
change have for a long time been looking forward to
the probable decision in the Minnesota cases as if the
outcome might mark the beginning of a new era in
the railway world after a long period of severe trial.
I his, however, is taking a short view of things.
It is not because of the action of the States that the
railroads have suffered so deeply, but because of the
action of Congress and the Inter-State Commerce
Commission. Except in a very few instances, the
States have been quiescent in more recent periods.
On the other hand, the Inter-State Commerce Com­
mission has had its powers broadened and extended
and under these enlarged powers has been working
serious harm to the railroad industry, crippling and
hampering the vitalizing energies of the country’s
transportation agencies.
It was the Inter-State Commerce Commission that
handed down the blighting decisions in February
1911 denying to the carriers all authority to make
general advances in rates, notwithstanding the in­
creases in wages and the rise in operating cost in
other ways. It is the Inter-State Commerce Com­
mission, too, that has persisted in refusing to the
railroads compensation, through higher rates, for the
continued increase in expenses ever since then, while
the States have largely ceased their harassing, the
Minnesota cases being not at all recent, but extending
back some time.
Nor have the roads much to fear from adverse
State action.
The courts have shownpver and over
that the States will be restrained if they proceed too
far— if their action is oppressive, if they seek to im­
pose unreasonable and non-compensatory rates, or if
they undertake to violate the obligation of contract.
Contrariwise, the courts are very slow and intensely
reluctant to interfere with the acts of the Inter-State
Commerce Commission, and on questions of fact
(where the Commission has been so egregiously at
fault in the past) they will accept its judgment as
final. In other words, the roads can count upon re­
lief from harmful action by the States, but are prac­
tically helpless as far as the Inter-State Commerce
Commission is concerned. Be the outcome, there­
fore, of these rate cases what it may, no one should
deceive himself into thinking that railroad prospects
will be materially bettered as a result of that single
event alone. Improvement— real, genuine improve­
ment— in the railroad situation can come only
through a complete change in the spirit and purpose
of the Commerce Commission, and of such a change,
we grieve to say, there is as yet no indication.
As to the Texas-Louisiana cases— the argument
regarding which the Federal Government through
the Attorney-General has now placed before the
Supreme Court in connection with the Minnesota
rate cases— we set out the facts fully in an article in
our issue of March 30 1912. We also indicated the
particulars in which these cases differ from the
Minnesota cases. Looked at in a broad way, there
seems little ground for taking exception to the ruling
of the Inter-State Commerce Commission and the
Commerce Court in the Texas-Louisiana cases,
namely that a State cannot regulate railroad
rates on traffic moving wholly within its borders in

T H E C H R O N IC L E

1190
g *"”

1

■”

'

-----

a manner and with a desire to affect injuriously
traffic to a competing point outside of the State.
As a corollary to this, it would also seem to follow
that the Commission was right in asserting that an
inter-State carrier cannot avoid its obligations under
the laws of Congress by yielding obedience to an
order of State authorities having such an object in
view. That the issue, however, is not as simple as
might be implied from this mere statement of the con­
clusions, but that it is immensely complicated by
collateral questions, and in particular the question
how a State's powers with regard to matters within
its borders can be curtailed without seriously impair­
ing its powers in other directions, is evident from the
wide attention that these suits have been com­
manding. It should be remembered, too, that the
Commission itself was divided, its ruling having
been by a vote of four to three, and that six of the
seven members of the Commission went on record,
each with some observation of his own. The pre­
vailing opinion was written by Commissioner Lane,
who is now a member of President Wilson's Cabinet
as Secretary of the Interior.
In the Minnesota cases Judge Sanborn held the
State rates unconstitutional on the double ground
that they were non-compensatory and that they
violated the Commerce Clause of the Constitution,
inasmuch as the effect of the rate schedules which
the State sought to impose was to burden inter-State
commerce, and to attempt to regulate the latter is
outside the province of a State. As was pointed out
b y us, however, a year ago, the Texas-Louisiana cases
present the question of State interference in a much
more serious form, and it is not surprising, therefore,
that the Government should want the Supreme
Court to be cognizant of the facts. In the Minne­
sota cases the general object was simply to secure
lower passenger and freight rates, and no discrimina­
tion, apparently, was intended against outside
traffic, whereas in the Texas case there was a distinct
and avowed purpose to help and protect the indus­
tries and jobbing centres of the State of Texas as
against competition from without the State— from
Louisiana in particular.
The suit in the Shreveport, or Texas-Louisiana,
case was brought by the Railroad Commission of
Louisiana under the direction of the Louisiana Legis­
lature for two purposes: (1) T o secure an adjustment
of rates from Shreveport into Texas and (2) to epd,
if possible, the alleged unjust discrimination prac­
tised by the railroads in favor of Texas State traffic
and against similar traffic between Louisiana and
Texas. Commissioner Lane, in his opinion, pointed
out that the carriers make rates out of Dallas and
other Texas points which are much lower than those
which they extend into Texas from Shreveport, La.
Thus, a rate of 60 cents carries first-class traffic
eastward from Dallas a distance of 160 miles while
the same rate of 60 cents will carry the same class
of traffic only 55 miles into Texas from Shreveport.
The railroads denied that the rates out of Shreveport
are unreasonable, but based their defense mainly
upon the proposition that they are compelled by the
Railroad Commission of Texas to effect the discrim­
ination involved.
The Texas Commission was not made a party|to
the proceeding, but frankly declared its position to
be one of protection to the State's own industries
and communities. The Texas Board contended that
Shreveport enjoys now, and has for years past, very



[VOL. XCYI.

low car-load rates from northern and eastern
points— much lower than the car-load rate on the
same commodities from the same points to Texas
jobbing points. The car-load rates in, plus the local
rates out, to Texas points gives Shreveport, it was
argued, an advantage over the Texas jobber, and to
offset this the Commission adopted an adjustment
of rates in Texas so as to overcome the advantage.
But Commissioner Lane argued that it is not the
function of a railroad to equalize the commercial ad­
vantages of cities. If Shreveport is so situated, by
reason of her position on the Red River and her
proximity to the Mississippi, that the railroads serv­
ing her are justified in extending to her in-bound
rates which are lower than those extended to Dallas
and other cities in Texas, this is her advantage of
which she may take full benefit. The carriers may
not say that they will absorb in the out-bound rates
such advantages as Shreveport has upon her in-bound
rates. If the in-bound rates to Shreveport are com­
pelled by natural conditions, the discrimination in
her favor is not undue. If, however, this is an arti­
ficial relation established by the railroads, it is un­
lawful. If natural, the railroads certainly should
not destroy it. If artificial, it never should have
been established and should now be removed.
It is important to note that the Commerce Com­
mission did not pass upon the relation between rates
into Shreveport from the north and east and those
extended by the carriers to Texas points. It based
its ruling on the broad generalization that a State
cannot regulate rates on intra-State traffic in a
manner and with a desire to affect injuriously inter­
state traffic. As to the rest, it said that if Texas
communities have just reason to complain of the rela­
tionship between rates into Shreveport from northern
and eastern points and those to Texas points, hearing
will be given these communities by the Commerce
Commission, and its power exercised to corrrect any
wrong which may be found to exist. In brief, the
Commission passed simply on the question of State
interference with inter-State traffic.
It so happened that shortly after the Commerce
Commission m adejts rulings in the Shreveport case,
an argument was addressed to the Supreme Court
in the Minnesota rate cases on behalf of a number of
States not at all directly concerned in those cases.
The brief referred to was filed with the United States
Supreme Court on April 1 by Governors Judson
Harmon of Ohio, Herbert S. Hadley of Missouri and
Chester H. Aldrich of Nebraska. These men had
been selected as a committee at a conference of
Governors the previous September to protest against
the decision of Judge Sanborn in the United States
Circuit Court. Newspapers stated that this was
the first time in the history of the nation that such
a protest had been made by parties not directly con­
cerned in a case in hand, and the fact that such inter­
vention occurred and that the Governors of the dif­
ferent States at a conference should have discussed
the matter and directed the intervention shows how
momentous the points at issue are considered as
affecting the sovereign powers of the States.
Governor Harmon's argument was a very able
one and served to give prominence to the conse­
quences injurious to the rights of the States that
must ensue if decision adverse to them is given in
the present instance. He insisted that the inevitable
effect of the idea that business necessities, peculiar
location of lines of transportation and of commercial

A P R . 26 19] 3 ]

T H E C H R O N IC L E

centres can make an Act of a State regulating its
local rates a regulation of inter-State rates, and
therefore invalid, would be the destruction of the
State’s control over its own affairs. “ The right of State
regulation,” reasoned M r. Harmon, “ extends to
every business conducted within its borders, though
such business may also extend into inter-State
commerce. Any Act regulating or affecting an enter­
prise having an inter-State character necessarily
affects the conditions under which it competes with
like enterprises carried on in other States. This will
apply to telephones, telegraphs, natural gas and
oil companies and many other enterprises. And the
passage of a law regulating the hours of labor within
one State might make it difficult or impossible for its
corporations or citizens to compete successfully with
those engaged in the same business in other States
where no such regulation exists. The same condi­
tion would arise from the passage of a workmen’s
compensation law or a law changing the liability
of employers in one State when other States have no
such law or different ones.” Continuing, Mr.
Harmon said:
“ If the doctrine is to be that the laws of trade may
make the performance of a lawful duty by a State in
the regulation of corporations doing business therein
a regulation of inter-State commerce, who is to
prescribe the test or rule for applying it? Or shall
we go to the logical conclusion that the laws of trade
are higher than the Constitution, and must prevail,
without regard to the directness or extent of real or
fancied interference with their full operation and
effect” ?
. Mr. Harmon contended with much force that the
test cannot be whether the effect of fixing the local
rates may or will be to lead the railroads to lower
their inter-State rates, but whether the local rates
are fair and reasonable; for if they are so, and the
sum of them is so much lower than the inter-State
rates as to lead shippers to take the trouble and risk
of re-billing or re-shipping at State lines, this is a
perfectly lawful condition, the advantage of which
the public is entitled to enjoy. And if, as a result,
the through rates should be reduced so as to equal
the sum of the local rates, the advantage would still
remain with the through rate because of the con­
venience of carriage in that way and the fact that the
shipments would not have to break bulk. He urged
that the railroads cannot invoke the Commerce
Clause of the Federal Constitution to shield them­
selves against fair and reasonable rates fixed by a
State for its own internal business. It is his view
that the effect of these local rates on inter-State
rates is not only incidental and indirect, but also
legitimate under the dual form of Government which
prevails in this country. He reasons that if the local
rates as reduced by Minnesota are still fair, and the
reduction leads the railroads to lower through rates
correspondingly, then inter-State commerce will have
been relieved of a burden instead of having one
imposed on it, and this would be accomplished, not
directly by the State’s regulation of its own com­
merce, but indirectly by the action of the railroads
themselves, which would be only just and right.
It will be observed that nothing here said touches
upon that aspect of State regulation that comes
up in the Shreveport case. In this last instance the
Railroad Commission of Texas, in fixing rates,
frankly declared its position to be one of protection
to the State’s own industries and communities. In




1191

other words, there was a distinct and avowed pur­
pose, as already pointed out, to help and protect
the industries and jobbing centres of Texas as against
competition from without the State. In doing this
the State, in effect, undertook to regulate inter-State
commerce— at least to the extent of protecting the
business of its own citizens. But, under the United
States Constitution, the power to regulate commerce
among the States and with foreign nations is expressly
reserved to Congress, and the Inter-State Commerce
Commission is the agency through which this Federal
power is exercised. It would hence seem to be
beyond the power of any State to arrogate such power
to itself, however well meant.
It appears not unlikely, therefore, that the Su­
preme Court will affirm the decision of the Com­
merce Court, entirely irrespective of whether the rates
fixed are reasonable or not. The reason is that the
Texas Commission acted with the sole object of affect­
ing business from without the State, and thus exceeded
its authority; hence its action must be held void and
the rates enjoined. Obviously, however, it is not neces­
sary for a State to declare its purpose in this frank
way. It can have the same object in view, but make
changes in rates on the ground that the existing
charges are too high and unreasonable. In the
Minnesota cases there was no attempt, apparently,
to affect inter-State commerce or inter-State rates.
In such instances is not Governor Harmon right in
asserting that the indirect effect on inter-State
commerce cannot be considered and that the only
test must be whether the rates are fair and reason­
able? At all events, we may be sure that the
Supreme Court will be slow in giving assent to any
doctrine the operation of which could not be con­
fined to railroad rate matters, and which might, when
applied to other matters distinctly within the prov­
ince of a separate commonwealth, deprive the States
to a dangerous extent of their powers to control and
regulate their own affairs.
THE PENDING INCOME T A X AS TO LIFE
INSURANCE.
In response to protest by the life insurance com­
panies, the Democratic caucus agreed to make two
changes (now incorporated in the bill as before the
House) by which two of the worst propositions of
the original bill are modified. One of those, by a
natural though probably not intended cpnstruction
of the language used, would have brought all death
claims paid within the tax scope, a total which would
not have been less than 200 millions in this year; a
new clause now puts this outside the income of a
taxable person.
The other matter protested and now changed falls
under taxing at the source. The law of 1909 (which
this is expected to replace) levied on the gross
receipts of insurance companies but exempted
“ the sums other than dividends paid within the year
on life and annuity contracts and the net addition,
if any, required by law to be made within the year
to reserve funds.” The clear interpretation of this
and the one followed by the tax collector is that
sums paid to policyholders (dividends excepted)
and the legal contributions to reserve are exempted.
A contest, however, arose over the “ dividends,”
and in August last one company was successful in
the Federal District Court, obtaining an award for
refund of nearly all the tax it had paid under pro­
test. The Federal Circuit Court of Appeals sus-

1193

T H E C H R O N IC L E

[Vol. XCVI.

tained this award in February, and there the matter crescence. Therefore, the companies have taken
rests. The original bill put the exemption thus:
action by direct communication to their policy­
“ And in the case of insurance companies the holders, telling them that they are interested, that
sums other than the'^amounts paid within the year this is their affair and that they should express them­
on policy and annuity contracts to policyholders selves at once to their Representatives and Senators,
as dividends or as return of premium payments, and lest their silence be interpreted as indifference or
the net addition, if any, required by law to be made consent. Exemption for the associations above
within the year to reserve funds.”
named is not objected to, but what is sought is a
It is probable that the framer of this had in distinct exemption from all tax under this bill of
mind the contention over “ dividends” and also the all life insurance except the relatively small portion
decision just mentioned, and that he sought to put which comes under the strictly “ stock” plan and is
the exclusion of “ dividends” from exemption beyond issued at “ stock” rates. This exemption is just.
all cavil, for he added as an alternate description It should be overwhelmingly demanded by policy­
“ or as return of premium payments.” But he pro­ holders.
duced a tangle of words susceptible of several inter­
A further objection lies outside of insurance. The
pretations. Read in the most natural way, the an­ worst vice of an indirect tax such as the tariff, for
nual reserve allotments, which will not be less than the correction of which this special session was called,
200 millions this year, would have been subject to is that it successfully aims to conceal itself; the great
levy; their exemption is now placed beyond doubt by excellence of any just and rational direct tax is that
simply transposing the two clauses of the above­ it comes home to the individual voter. He knows
quoted sentence.
what he pays; he observes the fact when he pays; his
The premiums, if any, returned by mutual fire own share in and responsibility for the conduct of
insurance companies to their members are distinctly government is impressed upon him; he wants to know
exempted, although they are precisely identical in what he pays his money for and what return he gets
character and origin with the disputed“ dividends” for it; his self-interest is so touched that he tends, to
in life insurance, both being payments once collected become a watcher and critic of political operations.
and subsequently returned as having proven un­ An income tax is the most direct and most stimulating
necessary. Here is an unjust and invidious dis­ of all forms, if properly laid; otherwise, it is one of
tinction. Another such distinction is made) by the most vicious of all. Now, the House Committee
offering, unsought, an exemption which was un­ has issued a table of the presumed number of incomes
successfully sought by the life companies in 1909 to be reached and the presumed yield therefrom; it
but granted to labor organizations, fraternal and is guesswork, yet by their own figures the proponents
building associations, and a number of other non­ of this tax expect to hit only 425,000 persons directly,
profit corporations. The life companies, especially aside from the blows dealt through corporations.
the few which have no formal capital stock at all, This means that less than two per cent of the elec­
urge unanswerably that they also are non-profit torate will be feelingly invited to study and partici­
organizations, mutual in character and working. pate in and criticize and help improve the Govern­
The real reason for this discrimination is palpable: ment; the other 98 per cent will be exultingly ex­
the exempted organizations are more closely affiliated empt (in their opinion), and will be more than willing
in membership and (in the politician’s sense of it) to see the rich stewed. Remembering the continual
have a “ vote” which must be cultivated.
appeals to the mass to hate the richer ones (declared
Moreover, insurance companies of all classes to be their natural enemies and oppressors), and the
are already subject to an income tax (although very recent mouthings of the Vice-President, it is
it is not called by that name) in the premium taxes clear that nothing could be more mischievously de­
levied by the States, ranging from one to three per moralizing than an income tax which aims to hit
cent; the variations in rate and in method of assess­ three per cent and exempts 97 percent.
Its educa­
ment are too many for expression in a single sentence, tion as to individual interest and responsibility in
but that is correct as a general statement. This government is exactly the reverse of what it ought to
proposed new tax is, therefore, cumulative and be.
______________________
duplicated. It falls upon the poor as well as the rich.
THE EIGHT-HOUR M A N .
The weekly nickel is not forgotten. The millions
The
communication
in our issue of April 5 with
who hold industrial policies will be touched, though
reference to the “ deadening, cramping effect” of
they may not recognize the touch, by this tax which
limiting a man’s labor to eight hours a day has drawn
they approve because they think it will pass high
from a wage-worker the following reply.
above their heads.
Hackensack, N . J . , A p ril 9 1913.
The so-called “ dividends” in life insurance are Editor F inancial Chronicle, New York, N . Y .:
Dear Sir: — I n t h e s e d a y s w h e n s o m a n y s in c e r o e f f o r t s a r e
miscalled and misunderstood.
They are no more
truly dividends to their recipients and no more truly b e i n g m a d e t o b r i n g l a b o r a n d c a p i t a l in t o c lo s e r t o u c h w i t h
e a c h o t h e r , p e r h a p s y o u w ill p a r d o n a w a g e w o r k e r f o r m a k i n g
income to the body of members who constitute the a f e w c o m m e n t s o n t h o c o m m u n i c a t i o n in l a s t w e e k ’s “ C h r o n ­
“ company” than the change handed back in ordinary ic le ” in r e g a r d t o “ T h e E i g h t - H o u r M a n . ”
small purchases is income. Moreover, the companies
I n th e fir s t p la c o , a fe w w o r d s a s to th o e ig h t -h o u r d a y it ­
justly and unanswerably go further in objecting to s e l f . T h e la t e M r . J . P . M o r g a n w a s q u o t e d a s h a v i n g s a id
being visited by an income tax; to lay a tax on thrift o n c o t h a t h e c o u ld d o a y e a r ’ s w o r k in n i n o m o n t h s , b u t n o t
in t w e l v e .
I n o th e r w o r d s , h o r e c o g n iz e d th o n e c e s s ity o f
and on an attempt to lessen the public burdens of t i m e f o r le is u r e a n d r e c u p e r a t i o n , a n d t o o k f r e q u e n t l o n g
pauperism is bad economy and wretched morals, and v a c a t i o n s . T h i s s a m o r e s u l t t h o w o r k i n g m a n m u s t s e c u r e ,
this truth was recognized in the income tax law of f o r o b v i o u s r e a s o n s , in a d i f f e r e n t w a y . N o t b e i n g a b l e t o
1904. All participating life insurance is essentially a f f o r d l o n g v a c a t i o n s , o r , in m o s t c a s e s , a n y v a c a t i o n s , h o
mutual and non-profit. The existence of capital s e e k s t o g a i n j i m e f o r r e c u p e r a t i o n b y s h o r t e n i n g t h o w o r k ­
in g d a y .
stock is only in compliance with statute, and except
M o s t w o r k n o w a d a y s , b o t h c le r i c a l a n d m a n u a l , is s o
in case of young companies is an insignificant ex­ y s t e m a t i z e d a n d s u b d i v i d e d t h a t t h o t a s k o f t h o i n d i v i d u a l



A pr. 20 1913,]

THE

w o r k e r is a r o u t i n e o f d e a d l y m o n o t o n y .

C H R O N IC L E

T h e r e is n o t h i n g

a b o u t h is w o r k t o stir th e fa c u ltie s o r g iv e s c o p e fo r
n a lit y , in itia tiv e o r c o n s tr u c tiv e a b ilit y .

o r ig i­

T h e m an w ho has

a p e r s o n a l s t a k e in a b u s i n e s s , o r a t a s k g i v i n g s c o p e f o r h is
h ig h e r

fa c u ltie s ,

tig u e .

can

perhaps

bear

lo n g

hours

w ith o u t

fa ­

B u t w ith th e w a g e w o r k e r , c o n s ta n t re p e titio n o f a

f e w s i m p l e o p e r a t i o n s d u ll s t h o s e n s e s , s t u p i f i e s t h e m i n d
w e a rie s

th e

body.

w ith -th e -H o e ”
v a tio n ,

th o

M o n o to n o u s

ty p o .

to il

produces

th e

and

“M an-

F o r h is in te lle c tu a l a n d s p ir itu a l s a l­

m od ern

fa c to ry

and

m a c h in e

w ork er

m u st

e s c a p e f r o m h i s t o i l f o r a t l e a s t a f o w o f h is w a k i n g h o u r s .
T h e n , t o o , t h e r e is a n o t h e r p o i n t t o c o n s i d e r .
a g e b u s in e s s m a n

u s u a lly lo o k s fo rw a r d

c o m p e t e n c y a t a r e a s o n a b le a g o .

T h o aver­

to r e tir in g w ith

a

T h o w ork m an , how ever,

fa c e s th o c e r t a in t y o f h a v in g to w o r k a s lo n g a s h o h a s th o
stre n g th .
as

S o h e m u s t g e t w h a t p le a s u r e h o c a n o u t o f li fe

he goes

a lo n g ,

and

h u sb an d

th e

s t r e n g t h , w h ic h

is h is

o n ly c a p ita l, fo r a s m a n y y e a rs a s ho c a n .
B u t M r . H o l m e s ’ m o s t s e r i o u s e r r o r is in h is e c o n o m i c s .
H e a s s u m e s ( in p a r a g r a p h 3 ) t h a t w a g e s v a r y w i t h t h e a m o u n t
of

th o

p ro d u c t,

and

henco

th a t

h ig h e r w a g e s to th e w o rk e r s.
to th o fa c t s ?

lo n g e r

hou rs

w o u ld

b r in g

I s th is n o t d ir e c tly c o n t r a r y

I s n ’ t it p r e c is e ly in th o m o s t s w e a te d a n d o v e r ­

w o r k e d t r a d e s t h a t w a g e s a r e l o w e s t , w h il e t h e y a r e u s u a l l y
h i g h e s t in t h o s e t r a d e s h a v i n g t h e s h o r t e s t h o u r s ?

W ages

a re n o t g o v e rn e d b y p r o d u c t, b u t b y c o m p e titio n , a n d re st
in t h e l a s t a n a l y s i s o n t h o c o s t o f l i v i n g .

T h e in tr o d u c tio n

product o f l a b o r , b u t d id
condition of the laborers. T h i n k

o f m a c h i n e r y v a s t l y in c r e a s e d t h o
n o t o f its e lf a m e lio r a te th e

o f w h a t th e s e w in g m a c h in e d id fo r th o la b o r o f th o s e a m s tr e s s ,
a n d o f t h e v e r y l o w w a g e s s t i ll p a i d i n t h o g a r m e n t i n d u s ­
tr ie s I
N o , lo n g e r h o u r s w o u ld n o t b r in g m o r o w a g e s to th o w o r k ­
ers,

b u t le s s .

c r e a sin g
creased.

h is

N ot

sh are

by
in

in c r e a s in g

th a t

th o

p ro d u c t,

p ro d u c t,

w ill r e a l

but

by

in ­

w ages

bo

in ­

L a b o r is f u n d a m e n t a l l y r i g h t in s e e k i n g t o r o g u -

l a t e h o u r s o f w o r k a n d le s s e n c o m p e t i t i o n in t h o l a b o r m a r ­
k e t — j u s t a s r i g h t a s M r . M o r g a n w a s w h e n , a s t o l d in
w e e k ’ s “ C h r o n i c l o ,”

h o le c tu r e d

t h e r a ilr o a d

la s t

p re sid e n ts

on

t h e f o l l y o f r a t e - c u t t i n g , i . o . , o f g i v i n g m o r o s e r v i c e f o r le s s
pay

th a n

th e ir c o m p e t it o r s .

h u r tfu l e x tr e m e s ,

of

cou rso,

T h o p o l i c y c a n b o c a r r ie d
but

wo

dare

not

abandon

to
it

le s t w e r e v e r t to c o n d itio n s w h ic h h a v e b e e n r e fo r m e d a t a
t e r r ib le c o s t .
V e r y tr u ly y o u r s ,
W M . G. L.

What our correspondent says is very plausibly
put but nevertheless embodies many fallacies.
In the communication to which he is taking exception
the point made was that “ the fundamental basis
for the demand for an eight-hour or other limit to
the working day is not the need for more leisure,
but for less competition. It is based on the same
thought that would prevent the use of machinery
or labor-saving devices, and is founded on the
principle that the man needs the job, rather than
that the job needs the man, and that he should do
his best.” Referring to the argument so frequently
made by the eight-hour advocates that with the
improvement in machinery and other productive
methods and processes, the need no longer exists for
a man to go forth and labor at his work till the
evening, the writer of the communication which our
correspondent criticises went on to say that this
would be “ difficult to prove until there is a surplus
of the necessities of life; until our big population is
properly housed and supplied with nourishing food,
and such a surplus is built up as will secure us from
the dangers of famine or drought.” That we have
not yet reached any such happy state was, and is,
of course self-evident. The high cost of living, of
which the whole world complains, proves very con­
clusively that there is no overproduction, but that
production is not increasing fast enough.
Our wage-working friend does not undertake to
controvert these statements, but dwells upon the
needs of the wage-earner for leisure and for rest and
recreation. The remark which he attributes to



1193

Mr. Morgan is probably apocryphal, for Mr. Morgan
was a tremendous worker, laboring not merely nine
months of the year but the whole twelve months;
he employed the whole of his energies without stint
and never put aside business even on his visits
abroad when apparently he was on a vacation.
Up to the very last M r. Morgan preached against
the wisdom of retiring from business. In this he
was like the ordinary business man, for, contrary
to the assertion made in the above letter, business
men in this country do not look forward to “ retiring
with a competency” . They continue in harness
until the very end of their days. The American
business man aims to keep active and fully employed.
It is part of his life and being. As a matter of fact
he never considers whether he has a competency or
not, and the idea of retiring from business is the thing
furthermost from his thoughts. It is the wage­
worker alone who regards the acquiring of a com­
petency as the only object of existence and who
seems to feel that the highest aim in life is to bring
one’s activities to an end, while the business man
seeks to maintain a useful existence— indeed to
promote and extend the sphere of his work.
It is because it limits and circumscribes a man’s
capabilities— because it impairs his usefulness to
himself and to society— that the eight-hour day is
peculiarly open to objection. The writer of the
above letter argues that the wage-worker needs more
time for leisure and for improvement. But his
possibilities in life are not dependent on his being
obliged to work only a few hours a day. A man who
wishes to better his condition or improve his mind
out of working hours will always find time and
opportunity. Some of the greatest men this country
has ever produced had to struggle for existence at a
time when it was the fashion to toil ten to twelve
hours a day and yet did not find their progress
cramped or their advancement hindered thereby.
On the other hand the labor unions of to-day, in
restricting the number of hours of work, distinctly
diminish a man’s chances of success in life.
Sup­
pose a workman wants to acquire a “ competency”
such as our correspondent appears to crave; suppose
he wants to make a little extra money for the purpose
of starting in business on his own account, so as to
gain the independence from restraint -which he
imagines is the fond lot of the business man, thereby
escaping from the “ routine of deadly monotony” of
which our correspondent speaks; will the labor union
aid him to attain his desires ? Most emphatically not.
We happen to know that our correspondent is a
printer, and a member of Typographical Union N o. 6,
or “ Big Six” as it is generally known. The typo­
graphical union is perhaps the most conservative
and most enlightened of all the trade unions and
has done much for the benefit and advancement of its
members. Yet the rules of that union, like the rules
of labor unions generally, prevent the worker from
applying his knowledge and experience in the making
of extra money in his own trade. He may work a
little overtime provided he gets increased pay for it,
but should the aggregate of this overtime at the
higher rate of pay reach the equivalent in any week
of a day’s wages he must knock off work for a day
so that no pecuniary benefits may remain with him.
In practical effect he is limited to his weekly stipend.
All chance of adding to his income through extra
hours in his chosen occupation, is denied him. The
union also rigidly limits the number of apprentices

T H E C H R O N IC L E

1194

in a shop. Here again it is made difficult for
struggling humanity to rise. If the employer put
such obstacles in the pathway of the needy, how
cruel it would seem. Yet the laboring man volun­
tarily imposes the yoke upon himself, and imagines
he is cheating his employer when he is cheating
himself.
Our well-meaning friend charges that the working
classes have received little or no benefits from the
introduction of machinery and from new discoveries,
and asserts that low wages are paid in the garment
industries notwithstanding the invention of the
sewing machine. We do not feel ourselves com­
petent to discuss the situation in the garment trade,
but we do know something about typesetting and
the printing trade. Typesetting machines, more
particularly the Mergenthaler Linotype and the
Lanston M onotype, have accomplished wonders in
that trade. Have those engaged in that trade
received no benefits from these marvelous achieve­
ments? Have they not, on the contrary, had
enormous benefits? Not to speak of those who
manipulate the machines, that is the operators,
has not even the ordinary hand compositor had his
pay immensely increased? When these composition
machines were introduced, a dozen years ago, the
ordinary typesetter was getting three dollars for a
day of ten hours work— that is he was paid thirty
cents an hour.
To-day he receives four dollars
for a day of eight hours work, which is fifty cents an
hour. In other words, the pay has risen from thirty
cents an hour to fifty cents an hour, which is an in­
crease of nearly seventy per cent. The operators
who work the machines, comprising many of the
former hand compositors, make of course a great
deal more than this, and specially capable men can
improve ten to fifteen dollars a week even on the
union scale price. So here at least it is plain that
machinery has served to ease the lot and to improve
the position of the workers.
Our correspondent says “ Not by increasing the
product, but by increasing his share in that product,
will real wages be increased.” In the printing trade
we do not see how the worker could increase his
share of the product any further, without taking
all there is. And speaking generally, we can not
perceive how the wage-worker is to get a larger share
of his product when his efforts are directed to limiting
that product instead of adding to it.

[ V o l . X CV I.

M is s o u r i a t th o e n d o f th e m o n t h .

T h o W e s te r n In su ra n c e

B u r e a u m e t in P it t s b u r g h o n th o 2 4 t h in s t . a n d a ls o d e c id e d
to w ith d r a w fr o m
T hese

th o S t a t e b e c a u s o o f th o n e w le g is la t io n .

t w o o r g a n i z a t i o n s , i t is s t a t e d , c o n t r o l o v e r 9 0 %

t h o f ir e in s u r a n c e b u s in e s s in M i s s o u r i .

of

I n a le tte r w r itte n

b y C h a r le s G . R e v e lle , In s u r a n c e C o m m is s io n e r o f M is s o u r i,
a n d p u b l i s h e d in t h e S t . L o u i s “ R e p u b l i c ” o f t h o 1 1 t h , M r .
R e v e lle
draw al

co n te n d e d
of an y

th a t

in s u r a n c e

th e r e

is n o

com pany

o c c a s io n
“ w i ll i n g

fo r

to

th e w ith ­

conduct

its

a f f a ir s o n s o u n d b u s in e s s p r i n c ip le s a n d a c o m p e t i t i v e b a s i s . ”
I n th is c o m m u n ic a t io n h e s a id :
“ B y th o rep ea l o f th o so-calle d O liv er law a n d th o e n a c tm e n t o f th o a n ti­
tru st m e asu re relatin g to in su ran ce c o m p a n ie s, th o busin ess o f firo in suran ce
is m e r e ly p la c ed u p on tho s a m e basis as o th e r b u sin ess.
" E a c h in suran ce c o m p a n y Is requ ired to sh a p e its p olicies, tra n sa c t its
b u sin ess an d fix its rates sep a ra tely an d in d e p e n d en tly o f o th e r c o m p a n ie s.
" I n fixin g its rates each in suran ce c o m p a n y can u tiliz e a n y a n d all a v a il­
ab le in fo rm a tio n regardless o f th e sou rce fro m w hich su ch in fo rm a tio n
c o m e s, an d can ta k e a d v a n ta g e o f tho rep orts o f their ow n a g e n ts, in spec­
to r s, ex p erts o r ev en th e rates an d rep orts o f o th e r c o m p a n ie s, p ro v id e d
th e y h a v o n o u n d erstan d in g or a g ree m e n t w ith su ch oth er co m p a n ie s as to
th e rates each is to ch arge.
“ T h e r e is n o occasion fo r th e w ith d ra w a l o f a n y in suran ce c o m p a n y fr o m
tho S ta t e o f M isso u r i w hich is w illin g to c o n d u c t its affairs on sou nd b u sin ess
principles an d a c o m p e titiv e b a sis.
" T h e law s o f th is S ta t e p e r m it, an d tho v ariou s S ta to d e p a r tm e n ts are
an x io u s to h a v o , th e b u sin ess o f in suran ce c o n d u c ted on le g itim a te lines
an d in a m a n n e r sa tisfa cto r y an d p r o fita b le to b o th co m p a n ie s an d th e
p eo p le o f th is S ta t e .
“ A s S u p erin te n d en t o f th e In su ran ce D e p a r t m e n t o f th o S tate) o f M isso u r i
I sin cerely h o p e th a t th o b e tte r an d m o re so b er ju d g m e n t o f tho in suran ce
offic ials w ill p r e v a il, an d if it d o es I h a v o n o ap preh en sion as to tho r e s u lt .”

M r . R e v e l l e is a l s o s a i d t o h a v e m a d e a s t a t e m e n t t o t h e
e ffe c t t h a t :
“ T h o co m p a n ie s m a y re-estab lish tho a ctu arial b u r e a u , m a y c o n su lt r a te
cards or b o o k s or a n y in fo rm a tio n fro m a n y sou rco in d eterm in in g th o rates
to b e ch a rg e d .
B u t th e b ureau m u s t n o t d icta te — as it h a s d o n e ; it sim p ly
m a y in fo rm or rec om m en d to tho c om p an ie s con cern in g r a te s.
T h o m e re
fa c t th a t tw o or m o r e c om p an ie s ch arge tho sa m e ra tes w ill n o t b o su ffic ien t
to c o n v ic t u nd er th is s ta tu te unloss th o S ta to go e s fu rth e r to show th o
r a te u n ifo r m ly is d u o to a m u tu a l a g r e e m e n t.
I f th e o ld c om p an ie s .w ith ­
d raw th ere sh ou ld b e n o d a m a g e to cred its o r in v e stm e n ts.
T h e r e are
fo r ty -tw o reciprocal an d m u tu a l in suran ce c om p an ie s in M is s o u r i, an d
en ough m o r e to h a n d le a ll risks can bo organ ized a t o n co.
“ T h o law s w ill n o t a ffe c t in a n y w a y th e in v e s t m e n t, m o r tg a g o an d
se c u rity , as h a s b een th r e a te n e d .”

T h e s e c tio n o f th e n e w la w

to w h ic h p a r tic u la r o b je c t io n

h a s b e e n r a is e d p r o v i d e s :
" I n a n y p roceed ing ag a in st or prosecution o f a n y in suran ce c o m p a n y
.inder th e p rovision s o f th is a rticle , it sh all b e p rim a facie ovid en co th a t
such c o m p a n y is a m e m b er o f a p o o l, tru st, a g r e e m e n t, con fe d e ration or
und erstand ing to c o n tr o l, effe ct or fix tho p rice or p rem iu m to b o p aid for
insuring p r o p e r ty ag a in st loss or d a m a g e b y fir o , ligh tn in g o r s t o r m , if it b e
shown t h a t su ch c o m p a n y or a n y a g e n t o r rep rese n ta tiv e th e re o f w ritin g
insurance h a s u sed a n y in suran ce r a to , or m a d e u so o f or c on su lte d a n y rate
b ook , p a p e r or card con tain in g an in suran ce r a to , p rep a red , p u b lish e d , k e p t
or fu rn ish ed b y a n y p erso n , a ssociatio n or person s or b u re au e m p lo y e d b y .
representing or a c tin g on b e h a lf o f a n y o th e r in su ran ce c o m p a n y or associa­
tion in an d a b o u t th e m a k in g a n d p u b lish in g o f in su ran ce rates fo r u se in
in y p o rtio n o f th is S t a t e .”

At

th e re q u e st o f S u p t.

le g i s la t io n

has

been

John T . B a r k e r .

R e v o llo , a n o p in io n o n

p ropared

by

S ta to

th e n ew

A tto r n e y -G e n e r a l

S u p t . I lo v e lle ’s re q u o st w a s m a d o a t th e

in s t a n c e o f t h e A m e r i c a n C e n t r a l I n s u r a n c e C o . o f S t . L o u i s .
In a n s w e r to th e c o m p a n y ’s q u e s tio n a s to w h o th o r th o b a s ic
ra to b o o k s m a d e b y

th o M is s o u r i A c tu a r ia l B u r e a u

( w h ic h

w a s t h e b u r e a u c r e a t e d in c o n f o r m i t y w i t h t h o r e q u i r e m e n t s
of t h o O l i v e r l a w ) c a n c o n t i n u o t o b e u s e d , a n d a l s o w h o t h o r
it c a n u s e t h o s p e c if ic r a t e b o o k s , p a p e r s , c a r d s a n d s u r v o y s
p rep a red b y

th e b u re a u w ith o u t v io la tin g th o O rr la w , A t ­

t o r n e y -G e n e r a l P a r k e r s t a t e s t h a t th o c o m p a n y m a y c o n tin u e
th o u s e o f t h e r a t e b o o k s , p r o v i d e d i t d o e s n o t e n t o r i n t o a

INSURANCE COMPANIES RETIRING FROM
MISSOURI.

c o n sp ir a c y

o r a g r e e m e n t w ith

th o s a m e r a t e .

o th e r

c o m p a n ie s

to

charge

T h o A t t o r n e y -G o n e r a l a ls o a d v is e s th o c o m ­

in s u r a n c e c o m p a n ie s

p a n y t h a t i t m a y c h a r g o it s p a t r o n s t h o s a m o r a t o a s h e r e t o ­

in M i s s o u r i , m a d e a t t h e r e c e n t s e s s io n o f t h e L e g i s l a t u r e ,

fo r e i f , in t h e i r o p i n i o n , t h o “ r a t e s a r o r e a s o n a b l e a n d f a i r ,

aro

com ­

a n d p r o v id e d

ra te ­

a g r e e m e n t Avith o t h o r c o m p a n i e s t o c h a r g o t h o s a m o r a t e s . ”

Changes

in

b r in g in g

p a n ie s

fro m

m a k in g

la w

th e

la w

about
th a t

a ffe c tin g

th e

w ith d r a w a l

S ta te .

an d . th o

f ir e

The

e n a c tm e n t

of

repeal
of

th o
of

an

in su ra n ce
th o

O liv e r

a n ti-tr u s t

h i b i t i n g t h e c o m p a n i e s t o c o - o p e r a t e in t h e m a k i n g
h a v e le d

to

th ese

d is tu r b in g c o n d itio n s .

At

la w

pro­

o f ra te s

a m e e tin g

in

P h i l a d e l p h i a o n t h e 9 t h i n s t . lo a d i n g f ir e i n s u r a n c e c o m p a n i e s
o f th e U n i t e d S t a t e s a n d E u r o p e a d o p t e d a r e s o lu tio n u n d e r
w h ic h it w a s d e c id e d to c e a s e d ir e c tly a n d in d ir e c tly o n A p r il
3 0 t o g r a n t i n s u r a n c e o n p r o p e r t y in

M i s s o u r i “ u n t il s o m e

s a f e a n d p r a c t i c a l m e t h o d f o r d o i n g b u s i n e s s in t h a t S t a t e
s h a ll h a v e b e e n d e v i s e d .”

T h o r e s o lu tio n s t a t e d t h a t :

W h ile w e k e e n ly deslro to d o b u sin ess in th o S ta t e o f M is s o u r i a n d to
e x te n d to p ro p e rty -o w n e rs therein th o p ro te ctio n o f ou r p o lic ies, w o are
n ev erth e less r e g re tfu lly c om p elled to c on clu d e t h a t w e c a n n o t tra n sa c t
b u sin ess u n d er th o h arsh an d u nu su al p rovision s o f th is law w ith o u t b ein g
In je o p a r d y o f p rosecu tion an d c o n v ic tio n , oven th o u g h a s la w -a b id in g
c o m p a n ie s w o sh o u ld c o n scien tiou sly en d eavor; to o b e y th e law in le tte r
a n d In s p ir it.

The

.

W e ste rn

U n io n

F ir e

U n d e rw rite rs

a lso

to o k

a c tio n

w i t h r e s p e o t t o t h e n e w le g i s l a t i o n a t a s e s s io n in P h i l a d e l ­
p h i a o n t h o 1 1 t h i n s t . , w h e n d e le g a t e s r e p r e s e n t i n g 1 2 0 c o m ­
p a n ie s

sig n e d

a




r e s o lu tio n

fa v o r in g

th e

w ith d r a w a l

fr o m

th a t th e y

do

n o t e n te r in to a

c o n sp ira c y o r

I n p a s s in g o n a fu r th e r q u e s tio n p r o p o u n d e d b y th o c o m ­
pany,

th e ' A t t o r n e y -G e n e r a l s a id :

“ I b eg to a d v ise t h a t th is c o m p a n y m a y issuo th eir policies a t th e s a m e
rate as o th e r policies issu ed on th e s a m e b u ild in g , an d tho niero fa c t th a t
th e y c hargo th o s a m e r a te is n o t a v io la tio n o f th e la w , p rovid in g th e y d o
n o t en ter in to a con sp iracy to chargo th e sa m o r a to .
I t is tho o p In on o
th is d e p a r tm e n t th a t th e m ero fa c t th a t In suran ce co m p a n ie s in th is S ta t e
use tho sam o rato b o o k or w r ite in suran ce a t th o sa m e r a te Is n o t o 'i t s e lf a
v io la tio n o f th e la w , b u t b eforo theso co m p a n ie s aro g u ilty o f a vio la tio n
o f th o law it m u s t ap p e ar th a t th e y h a v o en tered In to an agree m e n t or
c on sp iracy to ch arge tho s a m e r a te .
"A V h ilo th o O rr law p ro v id e s th a t b y u sing th o sa m o rate b ook it is p rim a
facie ev id e n c e o f a c o n sp ira c y , y e t p rim a facie ovid en co is o n ly ev id e n ce
on fir st ap p e a ra n c e , an d is n o t su ffic ien t to w a r r a n t a c o n v ic tio n , an d th e
o n ly w a y theso c om p an ie s can v io la te th o law is b y consp iring togeth e r to
chargo th e sa m o r a te , an d in.tho a b sen ce o f su ch a c on sp iracy or illegal ag ree­
m e n t th e y d o n o t v io la te th o law b y w ritin g a t th o sa m o rato.

A n e f f o r t t o s u s p o n d t h o e f f e c t o f t h e n o w la tv b y m e a n s o f
t h o r e f e r e n d u m is u n d o r w a y ; t o t h i s e n d

sig n a tu r e s to a r e f­

e r e n d u m p e t i t i o n , c a ll i n g f o r t h e s u s p e n s i o n o f t h o l a w u n t i l
a v o t e o f t h o p r o p le is t a k e n i n t h o m a t t e r , w ill

b o s o lic ite d .

M o r e t h a n 2 5 , 0 0 0 s ig n a t u r e s a r o n e c e s s a r y , i t is s t a t e d .

The

A pr. 26 1913.]

THE

C H R O N IC L E

1195

L iv e r p o o l & L o n d o n & G lo b e In su ra n c e C o ., L t d ., o n e o f th e

c r e d ito r s — t h e

l a r g e s t o f t h e in s u r a n c e c o m p a n i e s , w a s t h e f i r s t t o d i r e c t i t s

r e q u ir e d

S t . L o u is a g e n t t o a c c e p t n o b u s in e s s a ft e r A p r . 3 0 .

b e n e fit o f th o s h ip p in g a n d tr a v e lin g p u b lic .

to th is e ffe c t w a s g iv e n o n th e 1 1 th in s t .

N o tic e

U p to th e 1 8 th in s t.

a t o t a l o f 2 5 in s u r a n c e c o m p a n ie s w e re r e p o r te d t o h a v e a n ­
n o u n c e d th e ir in te n tio n o f q u it t in g th e M is s o u r i fie ld .

The

c ia l

to

p o lic y

b o n d h o ld e r s — a lo n e

p r o v id e

has

necessary

ten d ed

to

to

s u p p ly

fa c ilitie s

p reserv e

th e

fo r

th e

th e

c a p it a l
u se

and

S u c h a fin a n ­

in t e g r it y

of

th e se

c o m p a n ie s , a n d a s a n a t u r a l c o n s e q u e n c e h a s t e n d e d to p la c e
th e m

in a c o m p a r a t iv e ly fa v o r a b le p o s itio n to fu r n ish ser­

c o m p a n ie s s u sp e n d in g h a v e b e e n th r e a te n e d w ith th e r e v o ­

v ic e to th e p u b lic .

c a t i o n o f t h e i r l i c e n s e s b y S u p t . R e v e l l e , a n d i f t h i s is d o n e ,

is h e r e l a i d u p o n t h e f a c t s p r e s e n t e d a b o v e , w h i c h in d i c a t e

i t is s t a t e d , s o m e o f t h e c o m p a n i e s w i l l r e t a l i a t e b y

th a t

t h e i r p o l ic ie s w h i c h h a v e n o t y e t e x p i r e d .

c a n c e lin g

A s a r e su lt o f th e

a g i t a t i o n , t h e M e t r o p o l i t a n L i f e I n s u r a n c e C o . is s a i d t o h a v e

in v e s to r s

A l l o w i n g f o r a l l o f t h i s , e s p e c ia l e m p h a s i s

in

s e c u r i t ie s

of

at

le a s t

th ree

of

our

m ost

p r o m i n e n t r a i lr o a d s h a v e n o t b e e n r e c e i v i n g e v e n r e a s o n a b l y
f a ir r e t u r n s d u r i n g r e c e n t y e a r s .

c a lle d o f f n e g o t ia t io n s fo r a lo a n o f 8 1 ,2 0 0 ,0 0 0 , w h ic h w a s

T o w h a t m a y th is c o n d itio n b e a s c r ib e d ?

C e r ta in ly th e

to h a v e b e e n a d v a n c e d o n th e p r o je c te d b u ild in g o f th e R ic e -

w o r l d -w i d e c h a n g e i n e c o n o m i c c o n d i t i o n s is t o a l a r g e e x t e n t

S t i x D r y G o o d s C o . in S t . L o u i s .

r e s p o n s i b le ; y e t i t m u s t b e a d m i t t e d t h a t d e m a g o g y a n d r a n k

T h e C o n tin e n ta l & C o m ­

m e r c ia l N a tio n a l B a n k a n d th e C o n tin e n ta l &

C o m m e r c ia l

m is r e p r e s e n ta tio n

have

T r u s t & S a v in g s B a n k o f C h ic a g o a re a lso sa id to h a v e a n ­

about

nounced

t h e m s e lv e s p la c e d .

th a t

m a k e lo a n s

th e y

on

w ill

not

accept

M is s o u r i p ro p e rty

M is s o u r i

u n t il th e

m o rtg a g e s

or

in s u r a n c e c o n ­

t r o v e r s y is s e t t l e d .
The

v a r io u s

th is

o r g a n iz a tio n s

of

S t.

L o u is

are

th a t

fro m

m y

ow n

a r g u m e n ts

C o m m is s io n

th e

a c c u ra te a n d u n fa ir .

o ffic ia ls

and

th e

in s u r a n c e

c o m p a n ie s,

and

th e

in

k n o w le d g e

s u b m itte d

le n d in g th e m s e lv e s t o w a r d a d ju s t in g th e d iffe r e n c e s b e tw e e n
S ta te

p o te n t

p o s itio n

in f l u e n c e s i n
w h ic h

b r in g in g

in v e s to r s

fin d

T h e m i s r e p r e s e n t a t i o n r e f e r r e d t o is n o t t h a t o f p o l i t i c i a n s
a lo n e ;

c o m m e r c ia l

been

u n fo r tu n a te

have

by

fr e q u e n tly

I

m ay

th e

c o n fid e n tly

assert

In t e r -S ta te C o m m e r c e

been

g r o s s ly

m is le a d in g ,

in ­

I h a v e in m i n d r a n k e r r o r s a n d m i s ­

B a n k e r s ’ C l u b o f S t . L o u i s , in c o - o p e r a t i n g t o t h i s e n d , h a s

le a d i n g a r g u m e n t s , s u c h a s t h o s e w h i c h a r e t o b e f o u n d i n

nam ed

th e o p in io n s s u b m it t e d

as

a

c o m m itte e

E d w ard s

W h ita k e r ,

C h a ir m a n ;

A . O . W ils o n , O tto L . T e ic h m a n n , F e stu s J . W a d e , W illia m

cases

H . L e e a n d B r e c k in rid g e J o n e s.

re fu se d

by

in 1 9 1 0 , w h e n t h e
p e r m is s io n

th e C o m m is s io n e r s in

E a ste rn a n d W e s te r n

t o r a is e r a t e s .

JA S. H . O L IP H A N T

Total
Capital
Stock.

b e f o u n d in t h e a r g u m e n t s t h e m s e l v e s .
U nder

Amount Sold
at Par or Better
Since 1 9 0 0 .

Cash
Realized.

N o w Y o r k C en tra l ( 6 % ) ..............$ 2 2 2 ,7 2 9 ,3 0 0
B a lt . & O h io R R . C o m . ( « % ) - - 1 5 2 .2 4 6 .9 8 8
P ref. ( 4 % ) - .
6 0 ,0 0 0 ,0 0 0
P e n n sy lv a n ia R R . ( 6 % ) - ........... 4 9 9 ,2 6 5 ,8 0 0

$ 1 2 3 ,0 0 0 ,0 0 0
1 0 7 ,0 0 0 ,0 0 0
................. ..
* 3 4 4 ,7 7 0 .6 5 3

$ 1 2 8 ,1 4 8 ,2 2 5
1 0 7 ,0 0 0 ,0 0 0
.........................
* 3 8 5 .6 3 9 ,8 1 0

$ 9 3 4 ,2 4 2 ,0 8 8

$ 5 7 4 ,7 7 0 ,6 5 3

$ 6 2 0 ,7 8 8 ,0 3 5

I r e fe r to

th e e x p r e s s e d o r r ig h t ly im p lie d m is r e p r e s e n t a tio n w h ic h m a y

& CO.

New York, April 21 st 1913.
To the Editor Commercial & Financial Chronicle, New York
City:
Dear Sir:— Knowing that you have from time to time in
your columns pleaded the cause of the railroads against the
attacks to which they have been subjected, I take the liberty
of addressing you on this subject.
Hundreds of thousands of our citizens continue to believe
that as a general proposition our railroad companies are
heavily over-capitalized, that their capital stock represents
for tho most part “ water,” that such justification as may
warrant even existing prices for their shares is based in large
measure upon values which represent unearned increment in
one form or another; thousands are held to this persuasion,
despite the reiteration of authoritative statements and facts
which tend to disprove the existence of such a condition.
Allow me to submit the following table of figures which
I believe to be correct, showing the amount of stock out­
standing of the three prominent Eastern trunk line railroads,
the “ New York Central,” the Baltimore & Ohio R R . and the
Pennsylvania R R .:

ra te

I m a k e n o re fe re n c e to

t h e j u s t i c e o r i n j u s t i c e o f t h e d e c is i o n r e n d e r e d ;

RAILROAD MANAGERS SHOULD SPEAK DIRECTLY
TO INVESTORS IN RESISTING OPPRESSION.

th e

c a r r ie r s w e r e

e x is tin g

c ir c u m s ta n c e s ,

w hat

s h o u ld s to c k h o ld e r s

a n d b o n d h o ld e r s d o t o p r o t e c t t h e m s e lv e s ?

O n th e a u th o r­

it y o f th e p r e s id e n t o f o n e o f th e la r g e s t t r a n s p o r t a t io n c o m ­
p a n ie s in t h e U n i t e d S t a t e s , I s u b m i t t h a t i t is t i m e f o r t h e m
t o o r g a n iz e fo r th e p r o te c tio n o f th e ir p r o p e r tie s .
th e fo llo w in g p a r a g r a p h s fr o m
t h e p r e s i d e n t r e fe r r e d

a le tte r r e c e n tly

I q u o te

w r itte n

by

to :

“ T h e r e m u st b e hun dreds o f th ou san d s o f b on d h old ers an d stock h o ld ers
o f our railroads w ho are v ita lly Interested in th e su ccessfu l op eration
o f their p roperties, an d y e t w h o are a b solu te ly silen t a n d p assive w hile law s
aro b ein g en acted th a t d ep reciate th e v a lu e o f their securities a n d w ill
e v en tu a lly render th e m a lm o st valu eless, u nless so m e th in g Is d on e t o check
tho tid e o f ad verse le gislation an d u nin telligen t reg u la tio n .
" T h e railroad officials are d o in g their u tm o s t in th is d irec tion . A s
m a tte r o f f a c t , th o t im e o f th e se officials is b ein g m on o p o liz ed in ap pearin g
before com m ission s an d le gislative bod ies t o p r e v e n t ra te r ed u ction s or
tho ad o p tio n o f rules an d regu lation s w hich ad d m a te r ia lly to th e expenses
o f tho roads an d n o th in g to th eir effic ien cy or s a fe t y .
“ In all th is w ork th e y h a v e h ad b u t v e r y little h elp or co-o p era tio n on
th e p art o f th ose m o st d irec tly In terested— th e ow n ers o f th e p rop e rtie s.
" I s It n o t tim e fo r th e b on d h old ers an d sh areholders o f tho railroads
o f th e c o u n tr y to organ ize fo r th e p rotection o f th eir p rop erties, a n d to
afford so m e m easure o f su p p ort t o , an d c o -o p e r a te w ith , th e o v e r-w o rk e d
an d h arassed m a n a g e r s?”

a

I a s k y o u , M r . E d i t o r , h o w m a y th e p a r tn e r s a n d c r e d ito r s
o f o u r r a i lr o a d c o m p a n i e s b e s t b e b r o u g h t t o g e t h e r a s s u g ­
g e ste d , a n d

th e ir s u p p o r t a n d c o -o p e r a tio n

p r o te c tio n o f th e ir p r o p e r t ie s ?

secu red fo r th e

D o e s it n o t a p p e a r to y o u

t h a t i t is a l m o s t h o p e l e s s t o e x p e c t t h a t , in a d v a n c e o f r e a l
d is a s te r c o m in g

to

t h e i r s e c u r i t ie s

and

th e m s e lv e s ,

t h e y w ill b e p e r s u a d e d

th e

and

o f f ic e r s

d ir e c to r s

of

th e

ir r e p a r a b le

lo s s

to

t o g e t t o g e t h e r , u n le s s

r a i lr o a d s

t h e m s e lv e s

co­

In clu d es new stock Issue o f a b o u t $ 4 5 ,3 8 7 ,8 0 0

o p e r a te to b r in g th is a b o u t b y g e n e r a l a p p e a ls m a d e d ir e c tly

The table shows that of the $934,000,000 capital stock at
present outstanding or under offer of sale, $575,000,000
capital stock, or about 6 1 % % of the total amount, repre­
sents stock sold since 1900 for $621,000,000 cash. Over
one-half of tho present outstanding stock of the New York
Central & Hudson River R R . was sold at prices to net the
company about 103%; two-thirds of the Baltimore & Ohio
R R . common stock was sold at par; about two-thirds of tho
Pennsylvania R R . stock was sold at prices averaging about

to th e n a m e s a n d a d d r e s s e s o f th e s e c u r it y -h o ld e r s , a n d a lo n e

and

112.

b e e n a n d a r e b e i n g d i r e c t e d a g a i n s t t h e r a i lr o a d s b y r e p r e ­

Tho table does not, of course, include tho scores, even
hundreds of millions, of bonds which have been sold during
the last ten years at prices considerably above tho present
market prices, the greater part of which bonds bear interest
at 3 % % and 4% . If wo consider both the bonds and the
stock of these three companies referred to which have been
sold to investors for cash since 1900, we find that the average
income received by the investors over this twelve-year
period has been considerably less than 5% ; none of these
companies has in recent years showed any considerable
margin of safety over dividends paid.
Here are companies which have financed their capital
requirements in the most advanced fashion known to
modern finance, namely by causing the partners— stock­
holders— to contribute liberally instead of by permitting

s e n t a t iv e p u b lic b o d ie s , b y p o litic ia n s , b y le g is la t o r s , g o v e r ­

* A p p r o x im a te ly • orrect.
au th orize d A p ril 9 t h .




to th e in v e s to r ?

T h e o ffic e r s a n d d ir e c to r s h a v e e a s y a c c e s s

m ig h t s p e a k a u t h o r ita tiv e ly

to

t h e m , a d d u c i n g in

su p p ort

o f th e ir a p p e a ls c o m p le t e a n d e a s ily in te llig ib le fa c ts g a in e d
not

o n ly

based

on

fro m

th e

record s

but

a c t u a l e x p e r i e n c e in

a ls o

fr o m

th e ir

th e p ra ctic a l

k n o w le d g e

a d m in is tr a tio n

o f th e c o m p a n ie s ’ a ffa ir s .
I f i t b e a f a c t , a s h a s b e e n a l l e g e d , t h a t t h e r a ilr o a d s o n
th e

w h o le

are

b e in g

t h a t g r o s s ly

n o rs o f S t a t e s , e t c .;
le g i s l a t i o n

and

o p e ra te d

e c o n o m ic a lly

u n fa ir a c c u sa tio n s a n d

and

h o n e s tly ,

in s in u a tio n s

have

i f , a s r a ilr o a d o f f i c i a ls a s s e r t , a d v e r s e

u n in te llig e n t r e g u la tio n

is

b e in g

advanced,

a n d in m a n y i n s t a n c e s h a s b e e n a d o p t e d , t o t h e g r e a t h a r m
o f t h e r a i lr o a d s ;
aro b e in g

i f , f o r e x a m p l e , a s is a l l e g e d , t h e r a ilr o a d s

fo r c e d

to

e m p lo y

a d d itio n a l

o f la b o r u n i o n s , w i t h n o o b j e c t
th e

m e m b e rsh ip

of

la b o r

m en

at

in v i e w e x c e p t

o r g a n iz a tio n s

and

good

w o u ld

r e su lt

t o i n v e s t o r s in

beh est

augm ent

m u ltip ly

n u m b e r o f r a i l w a y e m p l o y e e s ; | th e n i t a p p e a r s
m uch

th e
to

to m e

r a i lr o a d

th e
th a t

s e c u r i t ie s

a n d t o th e p u b lic a t la r g e if th e m a n a g e r s w o u ld c o -o p e r a t e
in a n i n t e l l i g e n t a n d c o n s i s t e n t e f f o r t t o d i s s e m i n a t e b r o a d l y ,
a n d e s p e c ia lly a m o n g it s s e c u r ity -h o ld e r s , a d e q u a t e in fo r m a ­
t i o n in t h e p r e m i s e s .
by

th e

s ta te m e n t

T h i s c o u r s e m i g h t b e ju s t i f i e d a l o n e

m ade

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m an agers

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ste w a rd s

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p a rtn e rs

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th e

c r e d it o r s

r a ilr o a d s , t h e y fe lt t h a t a d u t y r e ste d u p o n th e m
in v e sto r s

w ith

w h a te v e r

of

reassu ran ce

th e y

C H R O N IC L E

of

th e

to fu r n ish

t h e p r e c is e f a c t s ,

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fr o m

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The
of

tim e

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th o se

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o f m is le a d in g a n d

com e,

v ig o r o u s

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w o u ld

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m anagers

p r o m in e n t

v ig o r o u s a n d

th a n

m u st

in v e s to r s ,

sp eak

th e

c o m p a n i e s , s a v i n g s b a n k s , in

u n ju s t s ta te m e n ts .

ap p ear,
have

fo r

th e

a d o p tio n

p r e v io u s ly
d ir e c tly

in s u r a n c e

tu rn

p u b lis h e d

to

been

d ir e c tly to

tru st

th e ir p o lic y ­

fo r th o e n ­

in th o p r o s e c u t io n o f la b o r

u n io n s a n d fa r m e r s ’ o r g a n iz a t io n s , w a s p a s s e d b y th o H o u s e
o f R e p r e s e n ta t iv e s o n

th o 2 2 d

in s t.

— A

b ill p r o v id in g fo r th e r e g u la tio n o f S t o c k E x c h a n g e s

w a s i n t r o d u c e d in t h e H o u s e o f R e p r e s e n t a t i v e s b y

R ep re­

s e n ta tiv e

on

21st

N e e le y

in s t.

by

on

th e

S en a to r

1 7 th

and

A sh h u rst.

in

th e

The

S en a te

pro p osed

th e

le g is la t io n

is i d e n t i c a l w i t h t h a t s u b m i t t e d b y t h o P u j o “ M o n e y T r u s t ”

to p r e s e n t th e fa c t s d ir e c t ly to th e p u b lic a t la r g e .
R e s p e c tfu lly ,
W .

p r o h ib itin g th o u se o f th o a p p r o p r ia tio n

fo r c e m e n t o f th o a n t i-t r u s t la w

em ­

h o ld e r s a n d d e p o s ito r s , a n d a ll c o m b in e d a s s is t in a n e ffo r t

FLO YD

— T h o S u n d r y C i v il A p p r o p r ia t io n B i ll, c a r r y in g th o p r o ­
v is io n

in v e sto r s;

c o m p a n ie s,

. X C V I.

o l

on oxp orted go ld w ill b rin g to tho C o m m itte e all tho business o f foreign
d ra fts an d ex ch an ges.
I t w ill b u y go ld a t p a r , th u s elim in a tin g th e sp ecu ­
lation th a t w o u ld bring h igh rates o f ex ch an ge.

(in v e s to r s )

m ig h t d e r iv e f r o m h a v in g s e t b e fo r o t h e m

[V

C o m m i t t e e a t t h e t i m e o f t h e p r e s e n t a t i o n o f i t s r o p o r t in

M U N D Y .

F ebruary.

R e p r e s e n ta t iv e

N e e le y ,

who

w as

a m em ber

of

th a t c o m m itte e , s ta te d o n th o 1 7 th in s t. th a t h e h a d in tro ­
d u c e d t h e b ill o n h is o w n r e s p o n s i b i l i t y a s a m e m b e r a n d t h a t ,

SUGGESTIONS FOR THE RAILROADS.
C h ic a g o , A p r il 4 , 1 9 1 3 .
W illia m

B . D a n a C o ., P u b lis h e r s , N e w

u n le s s

G e n t l e m e n . — I n y o u r lssu o o f M a r c h 2 2 y o u p resen ted a v e r y In teresting
artlclo e n title d “ R a ilr o a d O w n ersh ip a n d th e M o n e y I n t e r e s t .” T h i s a r ti­
cle su g g ests th e t h o u g h t t h a t b u t lit tle , if a n y , sin cere o ffo r t h a s been
m a d e to in te re st th e m a n y h u n d re d th o u sa n d e m p lo y ee s o f railroad s in
th is c o u n tr y in th e sto c k o f th o se ro a d s in w h ich th e y are e m p lo y e d .
The
o n ly o ffo r t t h a t I h a v e h ea rd o f h a v in g b een m a d o w as a sh o rt-liv e d e ffo r t
s o m e y e a rs a g o b y th o Illin o is C e n tr a l to in tero st its e m p lo y e e s, a n d th is,
a s fa r a s I h a v e b ee n a b le t o a sc e r ta in , w as n o t carried on an d p ersisted in
a lo n g sc ie n tific lin e s.
I f th e d ifferen t m a n a g e m e n ts o f th e railroad s o f this
c o u n tr y w o u ld m a k e an e ffo r t to soli sh ares in th o se ro a d s on a fa ir b a sis to
th o e m p lo y e e s, a llo w in g th e m a rea so n a b le p eriod o f y e a rs in w h ich to p a y
fo r th o s to c k p u r c h a se d , m ig h t n o t th e n e w ly a cq u ired stock h o ld e rs m a ­
t e r ia lly assist th e r o a d s, th rou gh in creased e ffo r ts , to sa v e an d to o b ta in
b u sin ess fo r th e ir r o a d s, as w ell as h olp t o fig h t th o b a ttle s o f tho ro a d s
eforo so m o o f tho le g isla tiv e b o d ies o f th o c o u n tr y ?
I h a v e ta lk ed w ith o v e r f o r t y c o n d u c to r s, b r a k o m e n , r e p a ir m e n , & c ., on
d iffe r e n t E a s t e r n , W e s te r n a n d P a c ific r o a d s, a n d , ex ce p t in o n e in sta n ce ,
a ll w oro fa v o r a b le t o th o id ea t h a t if tho railroad co m p a n ie s w o u ld arrango
t o sell s t o c k to tho e m p lo y e e s, it w ou ld assist th o e m p lo y e e s In b ec o m in g
m o r o s a v in g , a n d th e e m p lo y e e s, th rou gh v a rio u s m e a n s ,c o u ld assist tho
r o a d s in in crea sin g tho n e t r e tu r n s.
T h e th o u g h t o f b ein g a b le to p ro v id e
(th r o u g h tho gra d u a l a c cu m u la tio n o f sto ck ) a d d itio n a l m e a n s o f su p p o rt
fo r th eir fa m ilie s , a fte r their d e a th s , see m e d to p a r tic u la r ly a p p e a l to
m aU I o f th e m .

B ill w o u ld b a r fr o m
g r a p h ic

P . O . B ox 958, N ew

th e

p la n s

o f P re sid e n t

W ils o n ,

it

or

Y o rk C ity , N .

Y .:

sto c k

T e rrito ria l
A

a ll

m essa ges

21st

H ou se

in st.
in

c a llin g

fo r
T h is

th e P u jo

by

th o

R e p r e s e n ta t iv e N e e le y o n
in c o r p o r a tio n

le g is la tio n

w as

of

C lo a r in g -

li k e w i s e

recom ­

ro p o rt.

— T h o n o m in a tio n

o f D u d le y

F ie ld

A s s is ta n t S e c re ta r y o f S ta te w a s se n t

M a lo n e

to

b o T h ir d

to th o U . S . S e n a te

b y P r e s id e n t W i ls o n o n th o 1 2 t h i n s t ., a n d w a s c o n fir m e d o n
th o 2 1 s t in s t.
S en a to r

M r . M a l o n e is a s o n -i n - l a w o f U n i t e d S t a t e s

O ’G orm an .

E x -G o v e r n o r

John

E.

O sb orn o

of

W y o m i n g w a s n o m in a te d to b e F ir s t A s s is t a n t S e c r e ta r y o f
S ta te on

th e

lo th

in st.

I l i s n o m in a t io n w a s lik e w is e c o n ­

fir m e d o n th e 2 1 s t in s t .
th o

1 2 th

in s t.

th o P re s id e n t a n n o u n c e d

tio n o f J o h n B a s s e t t M o o r e o f N e w

Y ork

of

w as

th e

D e p a rtm en t

of S ta te ,

w h ic h

th e 2 1 s t .

D e a r S i r . — In read in g y o u r e d ito ria l, “ C o -o p e r a tio n w ith S h ip p ers th e
R e m e d y fo r R a ilro a d P r e d ic a m e n t,” ap p e a rin g in y o u r A p r il 1 9 th n u m b e r,
p a r tic u la r ly tho p aragrap h s m a k in g reference to tho p roposed in creased
w a g e s o f railroad e m p lo y e e s, it h as occu rred to m o th a t th is m a t t e r is
c a p a b le o f e a sy so lu tio n .
I t is c u rren tly ch arged th a t tho railroad s are in efficie n t in o p e r a tio n , an d
th o e x tr a v a g a n t u se o f fu e l is cited as an e x a m p le .
I h a v o been to ld b y
w e ll-in fo rm e d m e n th a t railroad s c ou ld ea sily red u ce their fu e l b ill to
a t le a st 8 0 % o f w h a t it n ow Is b y b e tte r m e th o d s o f fir in g .
W h y n o t s a y to tho e m p lo y e e s th a t if th e y w ill s a v e a n y g iv e n por c en t
o f th e fu e l, tho r a ilr o a d s, on their p a r t, w ill g iv e thorn a b o n u s fo r d o in g
s o , w h ic h w ill bo eq u iv a le n t to an in crease in w a g e s.
T h is th o u g h t is n o t origin al w ith m o— h a v in g b een b r o u g h t to m y
a tte n tio n b y a m a n w ell q u a lified to ju d g e as to tho w orth o f su ch a p la n ,
b u t I th o u g h t p erh ap s th e sc h e m e h ad n o t b een su g g ested to y o u , an d
recogn izin g tho w eigh t th a t it w o u ld h a v o , c o m in g th rou gh y o u r c o lu m n s , I
t h o u g h t it b u t p roper t o su g g e st it .
V e r y tr u ly y o u r s,
A . J. S P E N C E R .

tra n sa c­

u n d er S ta te

la w s .

A s s o c ia tio n s .

m en ded

te le p h o n e a n d te le ­
c o n c e rn in g

e x c h a n g o n o t in c o r p o r a te d

b ill w a s a l s o in t r o d u c e d

th e

T h e S to c k E x c h a n g e

th o m a ils a n d fr o m

c o m m u n ic a tio n

tio n s o n a n y

On
A. CHAPM AN.

T o le d o , O h io , A p r il 2 2 d 1 9 1 3 .
E d ito r “ T h e C h r o n ic le ,”

w ith

s o o n a s t h e T a r i f f B i l l is o u t o f t h e w a y .

V e r y tru ly y o u r s ,
JOHN

in c o n s is te n t

w a s h i s p u r p o s e t o i n s is t u p o n c o n s i d e r a t i o n a n d a c t i o n a s

Y o r k C ity :

th e

a ls o

approved

on

.

A m ong
on

th o n o m in a ­

to b o C o u n s e llo r

th e o th e r n o m in a tio n s tr a n s m itte d

1 5 th

in s t.

in

a d d itio n

to

th a t o f

to th o S e n a te

o x -G o v .

O sborn e

w e re th e fo llo w in g :
W a lte r I I . P a g e o f N e w Y o r k to b o A m b a s s a d o r to G re a t
B r ita in ;

c o n fir m e d b y th o S e n a to o n th e 2 1 s t .

W illia m

IT . O s b o r n o f G r e e n s b o r o , N . C . , t o b o C o m m i s ­

s io n e r o f I n t e r n a l R e v e n u e .
I I . S n o w d e n M a r s h a ll o f N o w

Y o r k , to bo U n ito d S ta te s

A t t o r n e y fo r th e S o u th e r n D is t r ic t o f N e w Y o r k , to su cceed
H e n ry A . W is e .

M r . M a r s h a l l is a m e m b e r o f t h o l a w f i r m

o f O ’ G o r m a n , B a ttle &

M a r s h a ll, o f w h ic h S e n a t o r O ’ G o r ­

m a n is t h o s e n i o r m e m b e r .
c o n fir m e d
H en ry

on

M r . M a r s h a ll’s n o m in a tio n w a s

th e 2 4 t h .

C la y

B r e c k e n r id g e

of

K e n tu c k y

w as

n o m in a te d

o n th e 1 7 th in s t . a s A s s is t a n t S e c r e ta r y o f W a r , a n d o n th o
sam e d a te S a m u e l H . T h o m p s o n J r. o f D e n v e r w as n a m ed

B A N K IN G , L E G IS L A T IV E A N D F IN A N C IA L N E W S .
— T h o p u b l i c s a le s o f b a n k s t o c k s t h i s w e e k a g g r e g a t e 1 4 8
s h a r e s , o f w h ic h 1 3 0 s h a re s w ero s o ld a t a u c tio n a n d 1 8 sh a re s
a t th e S to c k E x c h a n g e .

O n e lo t o f 6 s h a re s o f tr u s t c o m p a n y

s t o c k w a s so ld a t a u c tio n .

Shares.
10
20
*18
100
6

B A N K S— N ew Y ork.
L ow .
H ig h . C l o s e . L a s t p r e v i o u s s a l e .
C o m m e r c e , N a t . B a n k o f ------- 1881 4 1 8 8 K 1 8 8 ) 4 A p r . 1 9 1 3 — 19 0
C o rn E xc h an go B a n k ________ - 3 2 0
320
320
M a r . 1913— 32 0
F o u rth N a tio n a l B a n k ______ . 193
193
193
A p r . 1 9 1 3 — 19 5
R eservo B a n k , N a t io n a l_____ .
90
90
90
M a r . 1913—
91
T R U S T C O M B A N Y — N ew Y ork —
N . Y . L ife In s . & T r u s t C o . .1 0 3 6
1 0 30
1036
N o v . 1 9 1 2 — 1101

a s A s s is t a n t U n it e d S ta t e s A t t o r n o y -G e n o r a l.
— W ith

t h e c o n c l u s i o n o f c o n s i d e r a t i o n , in c a u c u s , o f t h o

t a r i f f r e v i s io n b ill b y t h e D e m o c r a t s o f t h o H o u s e o f R e p r e ­
s e n t a t iv e s o n S a t u r d a y th e 1 9 t h i n s t ., th o b ill w a s r e -in t r o ­
d u c e d in t h e H o u s e o n

th e 2 1 s t b y

R e p r e s e n ta t iv e U n d e r ­

w o o d a n d r e fe rre d b a c k to th o W a y s a n d M e a n s C o m m i t t e e ,
fr o m w h ic h it w a s r e p o r te d o n th e 2 2 d .

O n W e d n e s d a y th o

2 3 d i n s t . t h e b ill w a s c a ll e d u p f o r g e n e r a l d e b a t e , a n d , w i t h a
v io w to lim it in g th e d e b a t e to fiv e d a y s , it w a s a r r a n g e d t h a t
t h e H o u s e r e m a i n in s e s s io n f r o m

11 a . m . t o 1 1 p . m . e a c h

* S old a t th e S to c k E x c h a n g e .

d a y (e x c e p t T h u r s d a y n ig h t) u n t il M o n d a y n e x t .

— A N e w Y o r k S to c k E x c h a n g e m e m b e rs h ip w a s re p o rte d

s o t a p a r t f o r g e n e r a l d e b a t e w ill b o e q u a l l y d i v i d e d b e t w e e n

T h o tim e

p o s t e d fo r tr a n s fe r th is w e e k , th e c o n s id e r a tio n b e in g g iv e n

th e R e p u b lic a n s a n d th o D e m o c r a t s , th o R e p u b lic a n s , h o w ­

a s $ 4 5 ,0 0 0 , th o s a m o a s th e la s t p r e c e d in g t r a n s a c tio n .

e v e r , s h a r i n g s ix

— T h e U n iv e r s a l P u b lis h in g S e r v ic e o f th is c i t y a n n o u n c e d
th e r e c e ip t o n th e 2 3 d in s t . o f th e fo llo w in g c a b le w ith re g a r d
to

th e

now

M e x ic a n

la w

im p o s in g

a

ta x

of

10%

on

g o ld

e x p o rts:
M e x ic o C i t y , A p ril 2 3 .— A m orican an d other foroign in v esto rs in M e x ic a n
m in in g b o n d s a n d sh ares aro in terested in tho law sign ed t o -d a y b y P resid en t
H u e r ta , im p osin g an ex p ort d u t y o f 1 0 % on all gold sh ipp ed o u t o f M e x ic o
ex cep t w hen It is sen t o u t b y tho C o m m it t e e o f E xch an ges an d M o n e y .
T h is law is d esigned to d o a w a y w ith sp ecu la tion in tho ra tes o f foroign
ex ch an ge.
W it h a high rate o f oxchango th ere w ou ld bo a co n se q u en t
d ro p in tho prices o f M e x ic a n secu rities, esp ecially in m in in g stock s an d
b o n d s.
T h is is ju s t w h a t tho M in iste r o f F in a n c e w a n ts to p rovon t.
Tho
C o m m it t e e o f E xc h an ges an d M o n e y is a G o v e r n m e n t In stitu tion e sta b ­
lish ed t o m ain ta in throu gh ou t tho w orld a ste a d y rate o f oxchango for tho
M o x ic a n p eso.
In order to d o th is , tho C o m m itte e k eep s on gd ep o sit in
foreign b an k s th ir ty m illion p esos.
I t w as first created w hen M e x ic a n
cu rren cy w as p u t on a g old b asis, nine years a g o . E x e m p tio n fr o m th e d u ty




P a rty .

h ou rs

of

th e ir t im e

w ith

th o

P ro g re ssiv e

O n T u e s d a y t h o b ill is t o b o t a k e n u p f o r c o n s i d e r ­

a t i o n , p a r a g r a p h b y p a r a g r a p h , u n d e r th o fiv e -m in u t e r u le .
A s r e - i n t r o d u c e d o n M o n d a y t h o b ill d if f e r e d c o m p a r a t i v e l y
little

fr o m

C on gress on

th a t

o r ig in a lly

th e 7 th

in st.

s u b m itte d

w ith

th o

o p e n in g

of

T h o p r in c ip a l c h a n g e s aro th o

tr a n s fe r fr o m th e d u tia b le to th o fre e lis t o f sh o o m a c h in e r y ,
b u c k w h e a t , r y e , r a b b it fu r a n d p h o s p h o r ic a c id ; th o d u t y o n
o n y x is

r e d u c e d fr o m 0 5 to 5 0 c e n ts a c u b ic f o o t , to p u t it

o n t h e s a m e b a s is a s m a r b l e ; c u t d i a m o n d s in c r e a s e d f r o m
1 5 to 2 0 % ; c a s to r o il r e d u c e d fr o m
h e r r in g o il r e d u c e d f r o m

1 5 to 1 2 % ; c o d , seal a n d

5 to 3 % ; sp e r m

o il in c r e a s e d f r o m

5 to 8 % ; v a n illa b e a n s r e d u c e d fr o m 5 0 to 3 0 c e n ts a p o u n d ;
s a lts a n d o th e r c o m p o u n d s a n d m ix t u r e s , o f w h ic h b is m u t h ,
g o ld , p la t in u m , r h o d iu m , s ilv e r , tin a n d u r a n iu m c o n s t it u t e

A pr. 2G 1913]

THE

t h o c h io f v a l u e , c u t f r o m

1 5 to 1 0 % .

C H R O N IC L E

S o m e a m e n d m e n ts to

t h o i n c o m e t a x s e c t i o n o f t h e b ill w e r o a l s o m a d o t o m a k o
c le a r e r t h e

m e a n in g

a p p lic a tio n

of

th e

o f c e rta in
ta x

to

a m e n d m e n ts , a d o p te d o n

p r o v is io n s

in s u r a n c e
th e

1 8 th

d e a lin g w it h

c o m p a n ie s.

i n s t .,

Of

th o

th e se

o n e p r o v id e s

th a t

t h e p r o c e e d s o f l i f e in s u r a n c e p o l ic ie s p a i d o n - t h e d e a t h o f
t h o p e r s o n i n s u r e d s h a ll n o t b e i n c l u d e d in t h o i n c o m e t o b o
ta x ed

and

a n o t h e r t h a t t h e t a x is n o t t o b e a s s e s s e d a g a i n s t

r e s e r v e fu n d s o f in s u r a n c e c o m p a n ie s .

T h e s e c h a n g e s w ere

1197

I w a n t to sa y t h a t , th ou gh wo h a v e reduced tho ta r iff In fa v o r o f th e con ­
su m er, it w ou ld bo u n fair t o sa y th a t it w ill im m ed ia te ly reduce th e c o st
t o th e con su m er.
B u t there Is on e law w e can p oin t to — th e law o f s u p p ly
and d e m a n d .
R eta ilers h a v e go o d s on their sh elves b o u g h t u nder p rotec­
tion d u ties.
T h o m erch an t w ill n o t b u y m ore go o d s u n til h e h as sold th e se .
B u t I d o b elie ve th a t w hen tho p resen t stock s o f good s are sold an d th is b ill
b ecom es e ffe c tiv e , th o A m e rica n p eoplo w ill receive a real red u ction in th e
necessities o f lifo.

O n th e 2 1 s t in s t. th o D e m o c r a tic m e m b e r s o f th e S e n a te
F i n a n c e C o m m i t t e e c o n s e n t e d t o g i v e h e a r in g s t o t h o s e S e n ­
a t o r s w h o d e s ir e t o p r e s e n t a r g u m e n t s a g a i n s t t h e s u g a r a n d

m a d o a t th e in s ta n c e o f th e in s u r a n c e c o m p a n ie s , w h ic h a re

w o o l p r o v is i o n s o f t h e b i l l .

o p p o s e d t o s t i l l a n o t h e r f e a t u r e c a r r ie d i n t h o b i l l — t h o p r o ­

m i t t e e o f t h e S e n a t e , b y a s t r i c t l y p a r t y v o t e , d e c id e d

v is io n w h ic h r e q u ir e s t h a t d iv id e n d s p a id to

n o p u b l i c h e a r in g s b e g i v e n t h e b i l l w h e n i t r e a c h e s t h e S e n a t e .

s h a ll b e i n c l u d e d in t h e t a x a b l e i n c o m e .

A

p o lic y h o ld e r s

c h a n g e w a s a ls o

O n th o 2 2 d th o F in a n c e C o m ­
th a t

T h e H o u s e R e p u b lic a n s in c a u c u s o n th e 2 1 s t d e fe a te d a

m a d e in th o b ill so a s to e x e m p t m u t u a l s a v in g s b a n k s , n o t

r e s o l u t io n i n t e n d e d t o p r e v e n t t h e m

o o n d u c te d

m ea su res

U n d erw ood

r e d u c e b e lo w $ 4 ,0 0 0 th e m in im u m in c o m o to b e t a x e d fa ile d .

a lso a p p r o v e d th e P a y n e w o o l

b ill

e n d o rse d b y th e R e p u b ­

T h e b i ll a s r e - i n t r o d u c e d o n t h o 2 2 d w a s a c c o m p a n i e d b y a

li c a n s a t t h e l a s t s e s s i o n .

m a jo r ity

p re­

in g t h o H o u s e R e p u b l i c a n s , o n t h e 2 1 s t i n t r o d u c e d h i s b i l l

p a red b y R e p r e s e n ta tiv e U n d e r w o o d , a n d a m in o r ity r e p o r t,

o f tw o y e a r s a g o p r o v id in g fo r th e c r e a tio n o f a ta r iff b o a r d ,

r e p r e s e n tin g t h e v io w s o f th e R e p u b lic a n m e m b e r s , p r o p a r e d

c h a n g e d s o a s t o c a ll f o r t h e a p p o i n t m e n t o f a t a r i f f “ c o m m i s ­

b y R e p r e s e n ta tiv e P a y n e .

s io n ”

rep o rt o f

fr o m

th e

th o

W ays

in c o m e

and

ta x .

M eans

P r o p o s a ls

C o m m itte e

to

T h o re p o rt o f C h a ir m a n U n d e r ­

w o o d , a fte r o u t lin in g th o o p e r a tio n s o f th e p r o p o s e d in c o m o

am endm ent

o ffe r in g a s p a r t y

th e

p r o fit,

any

fr o m

to

fo r

b ill.

They

R e p r e s e n ta tiv e P a y n e , re p rese n t­

o f fiv e m e m b e r s .

— Tho

la te

C on gress,

ju s t

b e fo r e

its

a d jo u r n m e n t— th a t

ta x , sa id :

i s , o n M a r c h 3 — m a d e a c h a n g e in t h e r e g u l a t i o n s g o v e r n i n g

T h o rovonues fr o m all in com o taxes read ily resp on d to chan ges o f r a te s,
an d tho la tte r can bo raised or low ered w ithin a few d a y s ’ tim e w ith o u t
business d istu rba n ces su ch as general t a r iff chan ges occasion .
I t is b o liovod th a t a b u d g e t or o th er c ffo ctivo sy ste m b y w hich C on gress m a y bo
ablo closely to ca lc u la te an d d eterm in e in a d van co fo rth c o m in g ex p e n d i­
tures w ill soon bo d e v ise d , in w hich e v e n t it sh ould b ec o m e ea sy to m a in ta in
a closo b a la n ce b etw een ex pen d itu res an d r eve n u es, su ch as is p racticed
in m o st oth er civilized cou n tries.
W it h oth er sources o f rovenuo revised to an h onest an d fix e d b a sis, an d
tho In com e ta x a p erm an en t p art o f ou r rovenuo sy s te m an d a t a ll tim es
a fford in g a su b sta n tia l a m o u n t o f roven u o, C ongress c o u ld , an d If necessary
sh o u ld , a n n u a lly raise or low er th e in com o ta x rates in su ch m a n n e r as
w ou ld p roven t either a d efic it or a su rplu s in tho T r e a su r y . T h is c o m b in e d
tax sy s te m w ou ld a fford ju stic e in ta x a tio n , fle x ib ility an d sta b ility o f rev e­
nue an d rigid ec o n o m y in expend itu res.

th e u se

In

o u tlin in g

t h o ir p o l i c y

in

th o

p re p a ra tio n

of

th o

b ill,

t h o D e m o c r a t s a n n o u n c e d a n a b s o l u t e d is r e g a r d f o r t h e c o s t
o f p r o d u c tio n

th e o ry

as

r e g u la to r y

of

ta r iff r a t e s , a n d

de­

c la r e d t h a t i n th o p e n d i n g b ill t h e y h a d a t t e m p t e d —

c o m p u ta tio n

by

T r e a s u r y e x p e r t s p r e s e n t e d in t h e r e ­

p o r t s h o w s t h a t t h e G o v e r n m e n t r e v e n u e f r o m a l l s o u r c e s in
1 9 1 2 w a s $ 9 3 8 ,5 2 2 ,4 8 1
$ 9 0 1 ,2 9 7 ,9 7 9 ,
m a te d

and

th o

G overnm ent

e x p e n d itu re s

l e a v i n g a s u r p lu s o f $ 3 7 , 2 2 4 , 5 0 2 .

rev en u e fro m

The

e s ti­

a ll so u r c e s u n d e r th e U n d e r w o o d

b i ll

i s $ 9 2 6 ,0 0 0 ,0 0 0 a n d th o e s tim a te d e x p e n d itu r e s $ 9 9 4 ,7 9 0 ,0 0 0 .
T h is w o u ld
a m o u n tin g

l e a v e a d o f ic i t t o b o r a is e d
to

$ 6 8 ,7 9 0 ,0 0 0 .

Tho

by

e a r n in g

th o in c o m o t a x

p o w e r o f th e in ­

c o m o t a x t h o f i r s t y e a r o f i t s o p e r a t i o n is f i x e d b y t h o r e p o r t
at

$ 7 0 ,1 2 5 ,0 0 0 .

Tho

m in o r ity

R e p r e s e n ta t iv e s P a y n e o f N o w

r e p o r t , w h ic h

is s i g n e d

by

Y o r k , F o rd n o y o f M ic h ig a n ,

G ard n er o f M a ssa c h u se tts, M o o ro

o f P e n n s y lv a n ia ,

G reen

o f I o w a a n d A n d e r s o n o f M i n n e s o t a , in p a r t s a i d :
T h is b ill a lm s a t a c o m p le te reversal o f tho econ om ic p o lic y o f tho G o v ­
ern m e n t.
D u r in g a period o f n early 5 0 years wo h a v e h ad a p ro te ctiv e
ta r iff.
U n d er It wo h a v e b u ilt u p m an u factu rin g industries n o t ap proach ed
b y those o f a n y oth er c o u n tr y .
T h o farm e rs h avo prospered m a r v o lo u lsy .
I n purchasing p ow er, tho o n ly truo te s t , th e w ages o f our laborors h avo novor
boon ap proach ed b y tho w ages o f a n y oth er p oop lo.
U n d er presont t a r iff
law this p rosp erity h as reached Its crest.
E v e r y laborer w illin g t o w ork is
fu lly e m p lo y e d .
E v e n tho p oorest class o f laborors em p lo y ed a t low est
w ages h avo still been ab lo to sen d su rp lu s earnings t o their n atlvo cou n trie s.
*
*
*
*
*
*
*
*
*
In prosonting this b ill tho c o m m itte o is m o t w ith a threatonod d e fic it in
rovenuo o f a b o u t $ 1 0 0 ,0 0 0 ,0 0 0 , w hich It is com p elled to m e et b y ex traord i­
n ary m e th o d s o f ta xatio n used heretofore o n ly in tim o o f w ar.
*
*
*
I t is easily ap p a re n t th a t m a n y o f tho duties h a v e been placed on articlos
used b y ou r m a n u factu rers an d im p orted w h o lly fr o m a b r o a d , as a " t a x
on m a n u fa c t u r e s "; th a t m a n y d u ties h avo been low ered so th a t th oy are
m u ch less th an tho d ifferen ce In tho c ost o f lab or a t h o m e an d ab road ; th a t
m a n y articles n ow p a y in g v e ry low rates o f d u t y h a v o been p u t on th e free
list, w hile tho c o m p a r a tiv e c ost o f p rod u ction here an d a b road Is su ch th a t
It will b e im p ossib le for business to con tin u e w ith ou t brin gln g]d ow n ou r
scale o f w ages to th e level o f tho rates p aid ab ro a d .
In m a n y cases articles
are p u t on tho free list, w hile a p rote ctive d u t y is laid u pon th e m aterial
used in thoir m a n u fa c tu re.
*
*
*
*
*
T h ere Is n o excu se for th e radical chan ge In ou r revenu e sy ste m p roposed
b y tho U n d erw ood b ill.
T h o p eop le h a v e n o t ask ed it .
T h o p a rty p r o ­
posing It Is in p ow er, n o t b y tho graco o f a m a jo r ity o f tho A m e rica n p eoplo
b u t b y a division In tho ran k s o f tho m a jo r ity on other qu estion s th an th a t
o f p rote ction .
T h o A d m in istra tio n h as tho p ow er to on act this le gislation .
T h o a ccou n tin g for tho ab u se o f tho p ow er w ill com o later.

T h o g e n e r a l d o b a t o o n t h e b ill w a s o p e n e d o n W e d n e s d a y
b y C h a i r m a n U n d e r w o o d , w h o s a i d in d e f e n s e o f t h o b i ll t h a t
T lie m a in reason w h y a revision o f these c u sto m s d u ties w as d em an d ed
w as b ecau se o f tho increased c ost o f livin g sinco tho passage o f tho D in g lo y
la w .
A ll c o m m o d ities h avo increased an averago o f 4 6 % sinco th e passago
o f tho D in g lo y la w .
I t w ou ld b e u nfair to s a y th a t tho w liolo increaso
is duo to tho ta r iff, b u t it is fair to sa y th a t th e greater p roportion o f In­
crease h as grow n o u t o f a b n orm al p r ote ction .




c h e c k s fo r p a y m e n t s

to

th e

T reasu ry.

“ la w f u l f o r c o ll e c t o r s o f c u s t o m s a n d o f in t e r n a l r e v e n u e t o
r e c e iv e

fo r

c h e c k s ,”

d u tie s

& c.

on

U nder

im p o r ts
th e

now

and
A c t,

in te r n a l

ta x e s

c o lle c tin g

c e r t if i e d

o f f ic e r s

are

a u t h o r i z e d t o a c c e p t c e r t if i e d c h e c k s in p a y m e n t f o r d u t i e s
o n im p o r t s , in te r n a l t a x e s ,

and all public dues.

T h e n e w la w

re a d s a s fo llo w s :
T h a t it shall b e law fu l for collectin g officers to r eceive certified check s
d raw n on n ation al an d S ta te b an k s an d tru st com p an ies d u rin g su ch t im e
a n d u nder su ch regu lations as tho S ecretary o f tho T r e a su r y m a y prescribe.
In p a y m e n t for duties on im p o r ts, in tern al taxes an d all p u b lic d u e s, in clu d ­
ing sp ecial cu sto m s d e p osits; an d tho A c t o f M a r c h 2 1 9 1 1 , en titled “ A n A c t
to au th orize th e receipt o f certified checks for d u ties on im p orts an d in ­
ternal t a x e s ,” is h ereb y am en d ed acco rd in g ly .

R e f e r e n c e t o t h e c h a n g e in t h o l a w is m a d e b y S e c r e t a r y
o f t h e T r e a s u r y M c A d o o in t h e T r e a s u r y c ir c u l a r o f A p r i l 3 ,

T o elim in a te p rotection o f p ro fits a n d to c u t o f f d u ties w hich en ab led
n dustrial m an agers to oxact a b o n u s for w hich n o eq u iv a le n t is ren d ered .
T o in trod u ce in e v er y lino o f in d u stry a c o m p e titiv e ta r iff basis p rovid in g
for a su b sta n tia l a m o u n t o f im p o r ta tio n , to tho end th a t n o concern shall
bo ablo to feel th a t it h as a m o n o p o ly o f th e h om o m a rk et gained other th an
th rou gh t tho fa c t t h a t it is ab lo to furn ish b ette r goo d s a t low er prices
th an oth e rs.

A

o f c e r t if i e d

T h o l a w p r e v i o u s l y in f o r c e ( a p p r o v e d M a r c h 2 1 9 1 1 ) m a d e i t

in w h i c h h o s a y s :
I t is h ereb y d irected t h a t , In accord an ce w ith th e p rovision s o f th e A c t
referred t o , w hich p rovides th a t certified ch eck s sh all bo received u nder su ch
regu lations as tho Secretary o f th e T r e a su r y p rescribes, th o a cce p tan ce o f
certified check s shall bo su b je c t to th e p rovision s co n ta in e d in tho A c t o f
M a r c h 2 1 9 1 1 , w hich p rovid e th a t.
“ N o p erson , h ow ever, w h o m a y b e in d ebted to th e U n ito d S ta tes on
ac co u n t o f d u ties on im p o rts or in tern al taxes w h o sh all h a v o ten dered
a certified check or checks as p rovision al p a y m e n t for su ch d u ties or
ta x e s, in accord an ce w ith th e term s o f th is A c t , sh all b e released fr o m
tho o b ligation to m a k e u ltim a te p a y m e n t th e re of u n til su ch certifie d
check so roccivedlh as been d u ly p aid: an d if a n y su ch check so received
is n o t d u ly p aid b y tho b a n k on w hich it is d ra w n , an d so certify in g ,
tho U n ite d S tates sh a ll, in a d d ition to its righ t to ex act p a y m e n t
fr o m tho p a r ty origin ally in d e b ted th erefor, h a v e a lion for th e a m o u n t o f
su ch check u pon all tho assets o f su ch b a n k , an d su ch a m o u n t shall b e p aid
o u t o f its assets in p reference to a n y or all o th er claim s w ha tsoever a gain st
said b a n k , except the n ecessary c osts an d expenses o f a d m in istration an d
th e reim bu rsem en t o f th e U n ite d S ta tes for th e a m o u n t expended in th e
r ed em p tion o f tho circu lating n ote s o f su ch b a n k s .”
R eceivers an d all collectors o f p ub lic m o n e y s will the re fore, u ntil fu rth er
a d v ise d , a c ce p t in p a y m e n t for all p u b lic d ues o f w h a te ver d escrip tion ,
certified check s w hen d raw n in fa v o r o f th e receiver or collector on n ation al
an d S ta to b a n k s and tru st co m p a n ie s, locatod in tho sa m e c ity as tho d e ­
p o sita ry w itli which tho d e p osits are to bo m a d o , a n d su ch "o u t - o f -t o w n ”
certified check s as c a n b e cashed b y th e m w ith o u t c ost to th o g o v e r n m e n t

— “ C le a r in g H o u s e s a n d C u r r e n c y ” w a s th e s u b je c t o f a n
a d d r e s s d e li v e r e d o n T u e s d a y b y J a m e s G . C a n n o n , P r e s i d e n t
o f th o F o u r t h N a t i o n a l B a n k o f th is c i t y , a t th e a n n u a l b a n quot

of

th e

P h ila d e lp h ia

C r e d it

M e n ’s

A s s o c ia tio n .

M r.

C a n n o n in t h e c o u r s o o f h is r e m a r k s s t a t e d t h a t h e h a d l o n g a g o
b e c o m e c o n v i n c e d t h a t o u r c le a r i n g -h o u s e s y s t e m
u s th o m a c h in e r y
n o t read y

fo r a

th ro u g h
c o m p le te

w h ic h , in c a s e
r e o r g a n iz a tio n

fu r n is h e s

th o c o u n t r y
of

our

w as

m o n e ta ry

s y s t e m , a s u b s t a n t i a l m e a s u r e o f r e li e f c o u l d b e a f f o r d e d , a n d
t h a t s o m o p la n s h o u l d b e a d o p t e d t h a t w o u l d c o n t e m p l a t e
t h o u s e o f t h o e x c e p t i o n a l f a c ili t ie s t h e s e a s s o c i a t i o n s o f f e r .
I n s u b m i t t i n g h is i d e a s o n t h e s u b j e c t , M r . C a n n o n s a i d :
G r a n tin g , as w e h a v e a lr e a d y , th a t p ub lic p reju dice is su ffic ien tly stro n g
a t tho p resen t tim e to d iscou rage th e h op e th a t th e creation o f a cen tral
a ssoc iatio n , oven th o u g h it bo n o t a b a n k , is possib le o f a c co m p lish m e n t,
m y idea is to p rovid e b y F ederal law for tho in corp oration o f all clearing
h ou ses, a n d , fu rth e r, for th o in corp oration o f a d istrict associatio n in each
o f th e S u b -T re a su r y citie s, to com p rise as m e m b ers th e regu larly in corp or­
a ted clearing houses n a tu ra lly con tigu ou s to su ch S u b -T re a su r y cities, re­
sp e c tiv e ly , those b od ies to h a v o p ow ers and fu n ction s as hereinafter set
fo r th .
Such a plan w ould p rovid e o n ly for b a n k s th a t are n o w , or th a t m a y later
on b e c o m e , m em b ers o f estab lish ed clearing h ou se s, an d w ou ld leave a v e ry
largo n u m b e r o f n ation al an d S tato b a n k s an d tru st com p an ie s w ith o u t a n y
d irect conn ection w ith these d istrict a ssociatio n s.
I th in k it is q u ite im ­
p o r ta n t, in a n y proposed le gislation , th a t all b a n k s organ ized u nder b o th
n ation al an d S tato law s sh ould bo p laced u pon as n early an equal b asis as
p ossib lo.
I w o u ld , therefore, fa v o r a p rovision for associate m em b ersh ip
o f regu larly Incorporated clearing h ou ses, w hich c ould bo availed o f b y
b an k s n o t now m e m b ers o f a n y clearing h ou se a ssociatio n .
T h e se b an k s
w o u ld n a tu ra lly a ffiliate w ith tho clearing houses to w hich th e y were m o s t

1198

THE

c o n v e n ie n tly loc a to d .
S uch a ssociate m e m b ersh ip sh ou ld bo ex clu sively
for th e purposo o f en ab lin g th ese b a n k s an d tru st com p an ies to d eriv e th e
s a m e b en efits fr o m th e d istric t associatio n s as regular m e m b e r s, b u t n o t to
p a rtic ip a te oth erw ise in th e a c tiv itie s o f th e clearing h ou ses.
O n t h e o th e r
h a n d , asso c ia te m e m b er s sh ou ld b e placed on th o sam o basis as regu lar
m e m b e r s w ith respect to c o n trib u tio n s o f capital to th e d istrict a sso ciatio n s
a n d v o ic e in th e m a n a g e m e n t o f tho s a m e ....................................
A m o n g th o fu n ction s to bo lod ged w ith these district associatio n s I w o u ld
n a m e t w o th o im p ortan ce o f w hich wo h a v e a lre ad y d iscu ssed: F irst— T h e se
asso c ia tio n s sh ould bo em pow ered to h old p a rt o f th e reserves o f th o clear­
in g -h o u se b an k s in their resp ective d istric ts, w hich d istricts sh ould b o clearly
d o fin e d b y sta tu te .
S econd — T h e y sh ou ld b e em p ow ered an d req u ired
t o re-d isc o u n t su ch m ercan tile p ap er as m ig h t b e su b m itte d to th e m b y tho
in d iv id u a l clearing h ou se s, w ith their g u a r a n ty , w hich w ou ld m oan th e
jo in t g u a r a n ty o f all tho in stitu tion s com p risin g their m e m b e r sh ip .
S uch
p ap er sh ou ld bo lim ite d as to m a tu r ity an d b e th e o u rg ro w th o f b o n a fid e
co m m e rcia l tra n saction s, as d istin guish ed fr o m a c co m m o d a tio n or collateral
loan p ap er.
T o tak e care o f tho third fu n c tio n , th a t o f n o te issu o, I w ou ld b e in fa v o r
o f th e G o v e r n m e n t p r ovid in g n o te s, to b e held in tho S u b -T re a su rie s u nd er
p roper safeguard s.
T h e d istric t associatio n s sh ou ld bo em p ow e red to
d ep osit w ith th e S u b -T re a su rie s so m u ch o f th e co m m e rcia l p ap er re-d is­
co u n te d b y th e m for th e in d ivid u al clearin g-h ou so asso c ia tio n s, o r , in other
w o rd s, for their m e m b e r s, as m ig h t b e necessary to m e e t tho d e m a n d s o f
su ch m e m b ers for curren cy an d receive therefor n ote s to a certain p erc en ta g e
o f th e fa c e valu e o f th e m ercan tile p ap er th u s o ffere d .
O u r curron cy c a n n o t b e a b so lu te ly resp o n siv e to th e req u irem e n ts o f
b u sin ess in th is c o u n tr y u n til s o m e p rovision h a s b een m a d e fo r th o p ra c ­
tical retirem en t o f p a r t o f th e g ro a t v o lu m e o f o u tsta n d in g n a tio n a l b a n k
n o te s , w h ich a t th e p resen t tim e is in excess o f $ 7 5 0 ,0 0 0 ,0 0 0 .
O u r n a tio n a l b a n k cu rren cy is n o t o n ly n o t r esp on sive to grea ter d e ­
m a n d s u p o n it , b u t it is n o t a m e n a b le to retirem en t w hen n o t req u ired ,
th e in crease o r d ecrease in its v o lu m e d ep en d in g a lm o s t en tire ly u pon
th e co n d itio n o f th e m a r k e t fo r th o 2 % b o n d s.
T h o p o in t I seek to m a k e
is t h a t w hile w ith th is fo r m o f n o te s o u tsta n d in g it is c o m p a r a tiv e ly ea sy
to p r o v id e fo r an au x ilia ry expan sion o f th o c u rren cy , it is im p o ssib le to
p r o v id e fo r th e req u isite c on traction b e y o n d th o a m o u n t o f ou r p resen t
o u tsta n d in g c u rren cy , w hich in clu d es th e se b a n k n o te s an d w h ich is p ra c ­
tic a lly fix e d .
O f c ou rse th e p rin cip a l d iffic u lty in v o lv e d in th o s a tisfa c to r y a d ju s tm e n t
o f this p ro b lem is th o 2 % G o v e r n m e n t b o n d s , th o p rice o f w h ich is m a in ­
ta in e d so le ly u p on th e stre n g th o f th o circu lation p rivilege w hich th e y en ­
jo y .
D e p r iv e d o f t h a t , th e se b o n d s w o u ld sell b elo w p a r for in v e stm e n t
d e m a n d , w hich w e n a tu r a lly w ou ld d islik e to se e .
M y id ea o f h an d lin g
th is situ a tio n w ou ld b o to a b olish th o p resen t lim it o f m o n th ly retirem en t
o f b a n k n o te s , v i z ., $ 9 ,0 0 0 ,0 0 0 , in fa v o r o f a b so lu te free d om in th a t r e s p e c t.
I f th is w ere d o n e a n d p rovision also m a d o fo r an a sse t c u rren cy , a s herein
su g g e ste d , I b elie ve t h a t it w o u ld n o t b o v e ry lon g b efo re th e la tte r w ou ld re­
p la c e th e form e r e n tire ly .
W o w ou ld still h a v e th e b o n d s to d isp ose o f sa t­
is fa c to r ily , b u t it see m s to m o th a t th e G o v e r n m e n t c ou ld w ell affo rd to rofu n d th ese a t a h igh er r a te o f in terost for th e p u b lic g o o d .
F u r th e r m o r e ,
s o m e reim b u rsem en t to th e G o v e r n m e n t m ig h t r ea so n a b ly b e ex p e cted fr o m
p r o fits o f th e d istric t a sso c ia tio n s, a fte r a p e r c e n ta g e , to b e d eterm in ed u p o n ,
h a d b een d ed u c ted th erefrom as a d iv id en d to tho b a n k s on their sto c k ­
h o ld in g s in th o assoc iatio n s.
In ord er to p rop erly c o n tro l th o issue o f a curron cy su ch as I h a v e m en ­
tio n e d , a d e q u a te p rovision sh ou ld b e m a d o fo r its r e d e m p tio n , an d fo r th a t
p u rp ose a ll n ote s Issued th ro u g h ea ch d istric t associatio n sh ou ld b e m a rk ed
w ith th e n a m e o f su ch a sso c ia tio n , a n d it sh o u ld b e in cu m b e n t u p o n ev ery
o th e r associatio n to forw ard a ll n o te s receive d b y th e m to th e d ifferen t
d istr ic t asso c ia tio n s th ro u g h w h ich th e y w ere issu ed , s a y o n ce a w ee k or
o fte n e r , fo r r e d e m p tio n , a n d I w o u ld fa v o r a n y p rovision t h a t w ou ld servo
to p la c e su ch n ote s on a s n ea rly th o sa m o b a sis as ch eck s as p o ssib le , w ith
resp ec t to their q u ick r e d e m p tio n .
I n a d d ition to th is, I w ou ld su g g est a G o v e r n m e n t b o a r d , t o bo com p osed
o f tho Secretary o f th e T r e a s u r y , th o T re asu rer o f th e U n ite d S ta tes an d tho
C o m p tr o lle r o f th o C u r r o n c y , t o m oet w e e k ly , a n d , b ased u pon reports
received fr o m the m an agers o f tho d istrict associatio n s as to c o n d ition s in
th eir resp ective d istr ic ts, an d u pon su ch o th er in fo rm ation as th e y m ig h t
bo a b le to g a th e r , to n a m e th o rate o f d iscou n t w hich w ou ld a p p ly on
a ll loan s m a d e b y tho d istric t associations in tho in te rim .
T h e a b ility o f
th is b oard to raise or low er tho r a te o f d iscou n t upon paper offered to tho
d istric t associatio n s for d isco u n t, or for tho purposo o f securing curren cy
w ou ld bo an im p o rta n t ch eck u p on ex cessive n oto issu es, a n d , th rou gh the
asso c ia tio n s, g old c ould be a ttr a c te d or repelled b y th o action o f th is board
w ith resp ect t o th e rates o f d isco u n t, ju s t as th o great b an k s o f C o n tin e n ta l
E u r o p e raise and low er th eir rates for th is p u rp ose.
I t sh ou ld bo In cum b ent u pon all district associatio n s to m ain ta in an a d e ­
q u a te g o ld reserve a t all tim es u pon issues o f n o te s o u tsta n d in g th rou gh
th e m .
I th in k it is im p o r ta n t th a t ju risdiction o v e r th e issuo o f th e se n otes
sh o u ld bo given to tho Secretary o f tho T r e a su r y , so th a t if a n y lim it is
p laced u pon th e m a x im u m a m o u n t to bo issu ed , there can b e an eq u itab le
d istrib u tio n t o each se c tio n , b ased p o ssib ly on tho relation ship w hich the
c a p ita l an d surplus o f th e affilia ted b an k s o f each district associatio n bears
to th o w h o le, or on so m e oth er p la n ....................................
I f , therefore, a p lan su ch as I h a v e ou tlin ed is p ractic ab le, th e n w e m ig h t
p r o fita b ly u tilize th o d istrict associatio n s in tho collection a t par o f our
c o u n tr y check s as w ell.
In othor w ord s, each district associatio n w ou ld
m a in ta in a w ell-eq u ipp ed collection d e p a r tm e n t, w hich w ou ld c ollect
all check s on ban k s w ithin its d istric t received for collection fr o m other
associatio n s an d sen d for collection to o th er district associatio n s su ch checks
a s tho ban k s in its ow n district sh ou ld fin d it d esirable t o d ep osit for th a t
p u rp ose.
U n der an a rran g em e n t o f th a t ch aracter it Is clear th a t tho b a l­
an ces o n ly b etw een th o d istrict associatio n s need b e settled tw o or three
tim es a week th rou gh th e g o o d offices o f th e S u b -T re a su r ie s.
T h o S u b -T re asu rie s o f tho U n ite d S ta tes aro a t presen t located in tho
follow in g cities: B o s to n , B a ltim o r e , S t . L o u is , N e w Y o r k , C in c in n a ti, N e w
O rle an s, P h ilad e lp h ia, C h ic a g o a n d San F ra n cisc o .
I t m ig h t ap pear th a t tho p lan o f d esign atin g sim p ly th e se cities is som o w h a t in eq u itab le, sin ce, as Is q u ite a p p a re n t, thero are n o S u b -T re a su r y
cities betw een B a ltim o r e an d N e w O rleans an d b etw een S t . L ou is and
S an F ran cisco.
M y th o u g h t, the re fore, w ou ld be to h a v o the G o v e rn m en t
estab lish tw o or three a d d itio n a l S u b -T re a su r ie s, one o f w hich sh ou ld
b e located in tho S ou th an d on e or tw o m oro a t c on ve n ie n t p oin ts in the
W e st.
In th a t w ay th o c o u n tr y w o u ld , in m y ju d g m e n t, bo p r e tty well
covered.
A n arb itrary d istrib u tion o f existin g clearin g h ouses on a geograph ical
b asis for th e p u rp ose o f secu rin g an idea o f th e m em b ersh ip o f th e d istrict
asso c ia tio n s, based u pon the prosont S u b -T r e a su r y citie s, in dicates th e
follow in g:
B o s t o n .............................. . 1 2 IN o w Y o r k ..........................8 1P h ila d e lp h ia ..................... . 2 5
B a lt im o r e .......................... 171 C in c in n a ti______________ 2 7 1C h ic a g o ............................... 42
S t . L o u is -----------------------3 0 1N o w O rle a n s-----------------4 6 1San F ran cisc o_________ 2 5




[Vol .

C H R O N IC L E

XCVI

T h e m a c h in e r y o f ou r clearin g h ouses c o u ld lb o ea sily a d a p te d to d oin g
busin ess w ith th e d istrict asso c ia tio n s, so th a t it w ou ld bo th o n atu ral th in g
for th e b a n k m e m b e r s o f each associatio n to a p p ly throu gh their clearin g
h ou se to th o d istric t associatio n fo r re-d isc o u n ts an d currency p rivileges
a t all tim e s , accord in g t o their n e e d s, an d rules an d regu lations cou ld bo
p r o m u lg a te d t o effe c tiv e ly reach t h a t e n d .
T h is p lan w ou ld g iv e th o c o u n tr y an a b so lu te ly safe asset cu rren cy ,
flexibio in v o lu m e so as t o b e a d a p te d to th e c o u n tr y ’s n eed s, a n d ,
u nd er p roper su pervision an d gu a ra n tee .
W e c a n n o t a fford to p u t a n y ­
th in g less in to th o h an d s o f ou r p eo p le .

— T h o e m p lo y m e n t a t W a s h in g to n
B ank of N ow
p rep a re

by

c o m p ila tio n s

of

n a tio n a l

bank

r e s p o n s e t o t h o c a ll s o f t h o C o m p t r o l l e r
S e c re ta r y o f th e T re a s u r y
a d v a n ta g e

in

th e N a t io n a l C i t y

Y o r k o f a y o u n g w o m a n w h o se d u t y it w a s to
re tu rn s

m ade

in

is d i s a p p r o v e d b y

M c A d o o , becau se o f

th o

th e w a y o f a d v a n c e in fo r m a tio n ”

“ undue

th u s g iv e n

th e b a n k o v e r th o o th e r b a n k s o f th o c o u n t r y , a n d it w ill,
th e r e fo r e ,

no

lo n g e r

be

a llo w e d .

A

sta te m e n t

in d ic a tin g

t h e S e c r e t a r y ’ s a t t i t u d e w a s is s u e d o n W e d n e s d a y a s f o l l o w s :
A few w eeks a g o su ggestion s w ere m a d e to th e Secrotary th a t certain
b an k s h ad lon g m ain ta in ed p r iv a te e m p lo y ee s in tho T r e a su r y D e p a r tm e n t
fo r th e purp ose o f rep ortin g to th e m on tho transaction s an d busin ess o f
tho T r e a su r y .
A s a rosult o f an in v estig a tio n , w hich w as p r o m p tly bogu n , it d o v clo p s
th a t tho N a t io n a l C it y B a n k o f N e w Y o r k , a c tin g throu gh M . E . A ile s ,
V ic e-P r esid e n t o f th e B ig g s N a tio n a l B a n k o f W a s h in g to n , h as om p loyod
a clerk ou tsid o o f th e D e p a r t m e n t , w h o h as been g ive n a dosk in tho o ffic o
o f tho C o m p tr o lle r o f th e C u r r e n c y , an d w h o h a s, fo r tho p ast eig h t or
ten y e a rs, m a d o regu lar rep orts to th e N a tio n a l C it y B a n k on tho con ­
d itio n o f each n ation al b a n k in th e c o u n tr y p r o m p tly follow in g overy call
o f tho C om p tr o lle r o f tho C u r r e n c y .
T h is is , o f cou rso, irregular an d im p rop er, an d im m e d ia te ly u pon its dis­
c o v e r y , It w as sto p p o d . I t is o n ly fair to sa y th a t tho ban k s c la im th a t tho
in fo rm ation so o b ta in ed is o n ly su ch as in d u o courso is m ad o p ub lic b y tho
in d iv id u a l b an k s or tho D e p a r t m e n t , b u t tho m e th o d em p lo y ed o f in stallin g
a p r iv a te em p lo y e e w ith a d esk in tho T re a su ry D e p a rtm e n t gives th e ban k
so fa v o r e d an u nd uo a d v a n ta g e in tho w a y o f a d v a n c e in fo rm ation ove r
all o th er b an k s in tho c o u n try .
A t tho sam o tim e it ten d s to estab lish in tim a te relation ship s w ith th o
em p lo y ee s o f th o G o v e r n m e n t an d th e acq u irem en t o f in fo rm ation o f a con ­
fid en tial n atu ro th a t o u gh t n ot to bo give n to p riv a to in d ivid u als or cor­
p ora tio n s, an d w h ich , If given a t a ll, sh ou ld bo p ublish ed to tho entire
c o u n tr y .
I t is needless to p o in t o u t th a t if a n y larger n u m b e r o f b a n k s
sh ould c la im tho sam o prlvilego th e T r e a su r y D e p a rtm e n t w ou ld bo o v e r­
run w ith p r iv a te em p lo y ee s in tho seriou s in ju r y an d d e tr im e n t o f tho
service.
M a n y o f tho tra n saction s w ith tho D e p a rtm e n t aro necessarily o f a con ­
fid en tia l n atu ro, an d n o G o v e r n m e n t em p lo y co sh o u ld , upon a n y in d u ce­
m e n t or c o n sid eration , su p p ly in fo rm ation to a n y p rivato in terest b e y o n d
w h a t is g ive n o u t o ffic ia lly to a ll.
I t w as w ith those reasons in m in d , an d for th e p orposo o f d ovolop ing tho
fa c ts , th a t tho Secretary issued tho ord er, a few w eeks a g o , a g a in st g iv in g
o u t in fo rm ation b y tho h eads o f d op a rtm on ts oxcopt through tho S e c r e ta r y 's
o ffic e .
T o h a v o fu lly explained a t th a t tim o tho purposo o f this ordor
m ig h t h a v o d efea ted tho en d in v io w .
S o m e o f tho n ew sp ap ers, un­
h a p p ily , d en oun ced th is as “ g a g ru le” , an d h avo th e rob y g rea tly im paired
th o u sefulness o f an order w hich w as d esigned solely for tho p ub lic good and
to p rovon t tho T r e a su r y D e p a rtm e n t fr o m b ein g used for tho b on ofit o f a n y
sp ecial in te re st.
T h o p o lic y o f this A d m in istr a tio n is "p it ile s s p u b lic ity ” .
T h o S ecretary
is in fu ll s y m p a t h y w ith th a t p o lic y , b u t in ex ecuting it ho is a n im a ted
so le ly b y a desire to p rev e n t tho im p rop er g ivin g o u t o f in fo rm ation con ­
cerning th e business o f th e D e p a rtm e n t and to secure tho p u b lication o n ly
o f su ch le g itim a te and au th en tic now s as w ill conservo an d p rote ct th e
p u b lic in terest.

I n a s t a t e m e n t m a d e in a n s w e r t o t h a t o f

S e c re ta ry M c ­

A d o o th e N a tio n a l C it y B a n k s a y s :
F or a n u m b e r o f years tho N a tio n a l C it y B a n k h as h ad an age n c y in
W a sh in g to n for tho purposo o f furn ishin g a c on ve n ie n t m ean s to its corres­
p on d en t b an k s to h avo tho rep resen tative required b y law in conn ection
w ith tho d estruction o f n ation al bank n otes an d tho h an d lin g o f b on d s to
secure circu lation and d ep o sits. I t h as also been a practico, in w hich w e
h avo had tho full c o -op eration o f tho T r e a su r y D e p a r tm e n t, to h avo an e m ­
p lo y ee v isit tho C o m p tr o lle r ’s o ffic o to com p ilo su ch in fo rm ation fro m tho
sta tistic s in th e C o m p tr o lle r 's rep orts as it is c u sto m a r y to g iv e o u t to
a n y b o d y w h o desires to h a v e it.
T h e N a tio n a l B an k A c t p rovides th a t overy n ation al ban k shall m a k e a
rep ort o f its condition u pon tho C o m p tr o lle r ’s c all; sh all forw ard th a t to
th e C o m p tr o lle r 's o ffic e w ith in fiv e d a y s o f tho d a te o f tho c a ll, and shall
p ub lish it in th e local n ew sp aper.
T h o o b je c t o f tho periodic call o f tho
C om p tr o lle r is to d isp lay th e con d ition o f n ation al b an k s to thoso w h o h a v o
busin ess relation s w ith th e m .
T h e rep orts o f tho C om p tr o lle r o f th e C u r r e n c y , as is w ell k n o w n , aro
p ub lic p r o p e r ty , oxcopt in so fa r as th e y concern th e p rivato relation s o f a
b an k w ith its c u sto m ers, w hich aro n ever d iv u lg e d .
A s a m a tte r o f f a c t ,
th e sta tistics as to tho con d ition o f b an k s aro p ub lish ed in tho n ew sp apers
all over th e c o u n try an d b ec o m e p u b lic p ro p e rty lon g beforo tho N a tio n a l
C it y B a n k ob ta in s th e m in tho C o m p tr o lle r ’s offic o .
W o h avo for m a n y years k ep t a card index sh ow in g h a lf a d ozen o f tho
principal ite m s , su ch as su rp lu s, d e p o sits, loan s an d o v e rd r a fts, o f all
nation al b a n k s.
O rigin ally this w as o b ta in e d in m oro or lass in co m p le te
form b y securing tho in fo rm ation d irec tly fr o m in d ivid u al b a n k s.
Tho
in fo rm ation is n ot com p iled b y tho C o m p tr o lle r for th irty d a y s or m oro
after it Is p ub lish ed b y th e in d iv id u a l b a n k s.
I t is m a n ifestly an im ­
p ossible task to g e t 6 ,0 0 0 or 7 ,0 0 0 b an k s Xo sen d copies o f their s ta te m e n ts
p r o m p tly .
W o h a v e fo u n d , therefore, it w as a b ette r p lan to ob ta in tho
in fo rm ation d irectly a t tho C o m p tr o lle r ’s o ffic e , w here it is all centered an d
where it h as a lw a y s been open for a n y ono m a k in g in q u iry.
T h o w ork o f
com p ilin g this in fo rm ation for th e use o f tho N a tio n a l C it y B a n k h as to b o
d one in tho C o m p tr o lle r 's o ffic o , becau se tho rep orts aro n ot p erm itted to
bo taken fro m tho o ffic e. O b v io u sly , to niako u p tho statistics it Is necessary
to use a d osk , b u t thero Is n o regular p lace assign ed or an y conn ection h ad
w ith tho T r e a su r y D e p a rtm e n t ex cep t th is.
T h o N a tio n a l C ity B an k d oes n ot feel th a t thero is a n y th in g in its re­
lation s w ith tho T r e a su r y D e p a rtm e n t to req u ire ex p la n a tio n , b u t it d oes
feel th a t on all su ch occasion s tho p ub lic sh ould h avo the e x a ct fa c ts .

— B e f o r o t h o C l e v e l a n d C h a m b e r o f C o m m o r c e , o f w h ic h
he

was

r e c e n tly

e le c t e d

P re sid e n t,

W arren

S.

IT a y d e n ,

of

A pr. 26 1913 ]

THE CHRONICLE

Hayden, Miller C o ..commented upon “ The Iiightsof Private
Property” in his inaugural address. W o quote in part
his remarks as follows:
T h e p ra ctica l a p p lic a tio n o f s o m e o f th o p u b lic p o licie s in sisted u p o n
n o w a d a y s invades th o rig h t o f p r iv a to p r o p e r t y , a n d th a t is w h y th ese r e ­
m ark s seem to m o w orth m a k in g . T h o seed o f th is d iffic u lt y — fo r I c o n ­
sid er it a d iffic u lt y — m a y b o fo u n d in a tru ism o fte n heard an d m u c h a p ­
p la u d ed . T h is truism is th at h u m a n ity is m o re th a n p r o p e r t y . T h is is
an ep ig ra m m a tic w a y o f sa y in g th a t su ch rights o f p erson al s e cu rity as life
a n d health are su perior t o th e right o f p r o p e r t y . F r o m a p h ilo so p h ica l
s ta n d p o in t , th is d istin ctio n is c o r r e c t , b u t p r a c tic a lly it is s u p e rflu o u s. I f
o n o is asked w h ich he p re fe rs, a train ed m in d o r a tra in e d b o d y , a fa ir,
p ra ctica l answ er is, b o t h . I f the q u e stio n is be tw e e n o u r lifo o r health
and ou r p r o p e r ty , w e p r o m p tly answ er th a t w e c o n sid e r o u rselves e n title d
t o b o t h . T h is c o m m o n p la ce v ie w , h o w e v e r , is n o t w h a t is b ro u g h t o u t
b y p rocla im in g insistently th a t h u m a n ity is m o ro th an p r o p e r ty . T h o e f­
fe ct o f s u ch procla im in g is t o fo cu s a tte n tio n o n h u m a n ity an d le a v e o u t o f
view th e interests o f h u m a n ity in p r o p e r ty . T h o resu ltin g p u b lic p o licies
seek t o co n s e rv e s u ch p erson al rights as th o s o o f lifo an d h e a lth , w ith to o
little heed t o c on serv in g interests in p r o p e r ty . T o b e heedless o f a rig h t is
o fte n all th a t Is n ocossary t o assure its in frin g e m e n t, an d s o it c o m e s a b o u t
th a t m a n y p eop le w h o d o n o t c o n s id e r th em selves Socialists a c t v e r y m u ch
a s S ocialists w ou ld a n d d o .
* * *
In v es tig a tion s g iv e n o to r ie ty t o cases o f w h ite sla v e r y , o c c u p a tio n a l dis­
ease, c o r p o r a te w ro n g d o in g and fin a n cial o p p re ssio n . T h o cr u e lty o f these
th in g s s h o c k s us. W o are fille d w ith p ity an d in d ig n a tio n . W e passion ­
a te ly seek rem edies, an d w o b e c o m e so b u sy fig h tin g disease th a t w o d o n o t
con s id e r w h a t th e rem edies w ill d o t o s o u n d tissue. T h e fa sh io n a b le s tu d y
is socia l p a th o lo g y , a lth o u g h a v e r y g re a t p art o f s o c ie ty is s o u n d an d
w h oles om e.
* * * V e r y m a n y o f these m o d e rn p olicies c o m m a n d th e
s u p p o r t o f th e S ocialists. N o d o u b t this is becau se these po licie s re d u ce tho
c o n tr o l o f p ro p e r ty h e r e to fo re exercised b y p r iv a te in terests. S ocialists
c o n c e n tr a te m oro easily than o th ers u p o n a p o lic y a ffe c tin g p r o p e r ty b e ­
ca u se th e y are n o t d iv id e d b y a n ta g o n istic p r o p e r ty in terests. W h e n this
c o m p a c t m in o rity h ap p en s t o a c t w ith th oso co n s e rv a tiv e s o f w h o m I h a ve
ju s t been sp ea k in g, there is a v e r y po w e rfu l fo r c e . T h is o ccu rs o fte n en ou gh
s o th at w o n eed n o t b o surprised th at th e tr e n d , th o u g h n o t th o con sid ero
ju d g m e n t , o f tho tim e s is a gain st the rig h t o f p riv a te p r o p e r ty . T o m o
i t seem s o b v io u s th a t ju s t co n d itio n s w ill resu lt, i f en ou gh o f o u r p e o p le
s e e th o s itu a tio n w h o le .
I t is u n p a rd o n a b lo t o h a v e n o co n c e r n fo r w ron gs
a n d w a n t an d su fferin g, b u t it is dan gerou s t o fo rg e t th o interests o f m il­
lion s o f m en o f som e p r o p e r ty , m uch o r little, w h o in q u ie t, u n o b tru siv e c o n ­
ten tm en t w ork six d a y s a w eek, keep clea n h o m e s an d raise s o u n d c h ild re n ,
fo r thoso m en are th o u ltim a te trustees o f o u r e c o n o m ic w ell-b e in g .
T h e im p o rta n ce o f th e rig h t o f p riv a to p r o p e r ty to business interests
is p recisely th o im p o rta n ce o f air to a bre a th in g cre a tu re . W ith o u t this
rig h t there ca n bo n o business interests in th o presen t sense.
* * * It
c o m e s t o n oth in g t o call business m en se lfish , o r In d ifferen t, o r u n p a trio tic.
W o ca n n o t generalize a b o u t th em in th at w a y . T h e y are n o t a p a r t y , o r a
c la s s, o r an organ ized b o d y o f a n y s o rt. A m o n g th em c a n b e fo u n d e v e ry
p o in t o f view and e v e ry m anner o f c o n d u c t . T h e th in g I w o u ld d o is to
m a k e e v e r y business m an w ith in reach co n sid e r his d a n ger, his o p p o r tu n ity
a n d his r e sp on sib ility . T h a t a cc o m p lis h e d , I th in k th e re co u ld b o n o p r o p ­
e r ty issue t o discuss.

— Tho program arranged for the spring meeting of tho
Executive Council of the American Bankers’ Association,
to bo held M a y 5, 0 and 7 at Briarcliff Lodge, Briarcliff
M anor, N . Y ., provides for the committee meetings on
M onday the 5th, these to occupy most of the day. On tho
following day, Tuesday, tho Council will conveneat 10 a. m .,
holding an afternoon session at 2 o ’clock, and it will meet
again on Wednesday at 10 o ’clock. The annual banquet
of the Council, tendered by the Briarcliff Lodge, will take
place on Tuesday evening at seven o’clock in the main dining
room of Briarcliff Lodge and at this banquet there will be
some informal addresses by members of the Association
present.
— A mooting of tho Board of Governors of the Investment
Bankers’ Association of America will be held in St. Louis on
M ay 10 and 17.
— The will of tho late J. Pierpont Morgan was filed for
probate on M onday, tho 21st inst., following the announce­
ment of its provisions on the previous Saturday. It was
executed on Jan. 4 of this year— only a fow days before M r.
Morgan left New York for his trip abroad, he having sailed
for tho other sido on Jan. 7. Tho document is very compre­
hensive, and a key-note to tho man’s character and evidence
of his deep spiritual naturo is furnished in its very first
paragraph, in which he says:
“ I c o m m it m y soul in to th o han ds o f m y S a v io u r, in full co n fid e n ce th at,
h a v in g red eem ed it an d w ashed it in H is m o s t p re cio u s b lo o d , H e wiU p r e ­
sen t it fau ltless b efo ro th e th ro n o o f m y H e a v e n ly F a th e r; a n d I entreat
m y ch ild ren t o m aintain an d d e fe n d , at all h a za rd an d a t a n y c o s t o f per
son ai sa c r ifice , the blessed d o c tr in e o f the c o m p le te a to n e m e n t fo r sin
th ro u g h the b lo o d o f Jesus C h ris t, o n c e o ffe r e d , a n d th ro u g h th a t a lo n e .”

M r. Morgan sot out in the will his wishes in regard to his
funeral and burial. The will names as executors and trustees
M r. M organ’s son, J. P. Morgan Jr., and bis two sons-in-law,
William Pierson Hamilton and Herbert Livingston Satterlee,
and Lewis Cass Ledyard. No estimate as to the value of
the estate is given in the will. The bequests (direct and in
trusts) to M r. Morgan’s immediate family amount to $15,­
00 0,000; $700,000 is left to charity, and relations, close
friends and employees are also remembered either by out­
right gifts of moneys or annuities. Besides $1,000,000 in
trust left to his wife (with power to will), M r. Morgan made
provision for an annual income to her aggregating $100,000;
slio is also given the use during her lifetime of tho Madison




1199

Avenue residence and M r. M organ’s country place at High­
land Falls, N . Y . Each of M r. Morgan’s three daughters,
M rs. Satterlee, M rs. Hamilton and Miss Anne M organ,
receives $3,000,000 in trust, and his son, J. P. Morgan Jr.,
is bequoathed outright a similar sum, and is made residuary
legatee. M r. M organ’s sons-in-law, Messrs. Satterlee and
Hamilton, are given $1,000,000 each under the will. Some
of the other principal bequests are $500,000 in trust for the
ministry of St. George’s Episcopal Church, this city; $100,000
in trust for the establishment and support of missionary sta­
tions in New York of the Episcopal Church; $100,000 for
the House of Rest for Consumptives, which is to be desig­
nated tho Amelia Sturgis Morgan Memorial Fund, in memory
of his first wife; $50,000 to his librarian, Miss Belle Da Costa
Green; $10,000 to Miss Ada Thurston, an employee of his
library; $25,000 to his private secretary, Charles W . King,
and $15,000 each to his sailing master, Capt. W . B . Porter,
and his valet, Edward Phillips; an amount equal to one
year’s salary to all the employees of the firm of J. P. Morgan
& Co. at the time of his death and an amount equal to one
year’s salary to those who were employed by J. S. Morgan
& Co. of London at the time of its dissolution, and who have
survived him. M r. Morgan also directed that there be set
aside a fund sufficient to yield an annual income of $25,(XX)
for tho benefit of Dr. James W . Markoe, this income, upon
the latter’s death, to go to Dr. M arkoe’s wife. Similar
provision, that is, the creation of a fund yielding $25,000
a year, is made for another friend. Five trust funds of
$100,000 each are also set aside for near connections and
friends, and there is a gift of $250,000 to a friend; there is
an annuity of £1,000 to still another friend, and besides,
four other annuities, from £250 to £500 a year, to house­
keepers, a butler and a gardener. M r. Morgan also gives
$1,000 to each of his household servants who have been
in his employ not less than five years and who are not
specifically mentioned in the will. Ho also directs that a
piece of silver, valued at $1,000, be given as a souvenir of
himself and as a token of affection to each member of the
Corsair Club, a private organization.
The will ratifies and confirms all M r. Morgan’s partner­
ship agreements existing at the time of his death, and directs
his executors and trustees “ to perform and carry into effect,
all and every, the provisions, conditions or agreements
affecting m y estate contained in any articles of co-partner­
ship which may be subsisting between myself and m y part­
ners, or any of them, at the time of my death, notwithstand­
ing that the parties to such articles, respectively, or any of
them, may be executors, or an executor, of, or beneficially
or otherwise interested under, this my will.”
It was thought that the will might indicate M r. Morgan’s
desires with respect to the future of the Equitable Life A s­
surance Society and its contemplated mutualization. While
there is no specific reference to that organization, the will
contains directions as to securities carried in M r. Morgan’s
name (of which the Equitable stock is one) as follows:
Article X X V I. — I t lias freq u en tly h app en ed th a t secu rities, real e sta te
an d other p roperty b elongin g to or con n ected w ith m y business firm
o f J . 1*. M o r g a n & C o . and m y form er fir m o f J . S. M o r g a n & C o . h a v e been
taken or sto o d in m y n a m e .
I therefore direct an d em p ow er m y executors
an d tru stees to assign , c o n v e y an d transfer to said firm s, r e sp e c tiv e ly , or
t o their resp ective n om in ee or n o m in e es, a n y secu rities, real esta te or
p rop e rty sta n d in g in m y n a m e , w hich all m y partn ers o f said fir m s, respec­
t iv e ly , m o su rv iv in g , shall u n ite in d eclaring in w ritin g to bo th o p rop e rty
o f, or con n ected w ith , th o business o f said fir m s, re sp e c tiv e ly , an d I also
direct m y executors an d tru stees to accept w ith o u t q u e stio n , as ev iden ce
o f m y in terest in eith er o f said fir m s, an d o f th e busin ess, p rofits an d a sse ts
o f th o s a m e , su ch w ritten sta te m e n ts th e re of as m a y bo m a d e to th em from
lim e to tim e b y m y said su rv iv in g p artn ers.
*

*

*

*

*

*

*

*

*

Article X X X I I I .—

S ec . 1 2 . — I further au th orize m y said
executors
an d tru stees in their d iscretion to v o t e , in person or b y p r o x y , u pon all
stock s held b y th e m , to u n ite w ith other ow ners o f sim ilar p ro p e rty in
carrying o u t a n y plan for th e reorgan ization o f a n y corporation or c o m p a n y
w hose securities form a p ortion o f m y esta te or o f a n y trust fu n d u n d er th is
w ill, to exch ange th e securities o f a n y corporation for o th ers issued b y th o
sa m e , or b y a n y oth er c orp oration , upon su ch term s as th o said tru stees
sh all d ee m proper; to assen t to th e consolidation or m erger o f a n y c o r ­
p oration w hoso securities are held b y th e m w ith a n y oth er corp o ra tio n , to
tho leaso b y su ch corporation o f its p r o p e r ty , or a n y p ortion th e re o f, to
a n y other corporation , or to tho lease b y a n y other corporation o f its
p roperty to such corp oration , and u pon a n y su ch c o n so lid a tio n , m e rger,
lease or sim ilar arrangem ent t o exch ange th e securities h eld b y th e m for
other securities issued in connection w ith such arran g em e n t: to p a y ail su ch
a sse ssm en ts, expenses an d su m s o f m o n e y as th e y m a y d ee m ex p ed ien t for
the p rotection o f their in terests as h olders o f th e sto c k s, bon d s or o th er
securities o f a n y corporation or c o m p a n y , an d g e n era lly to exercise in
respect to all securities held b y th e m all the sa m e righ ts an d pow ers as a r a
or m a y be law fu lly exercised b y p erson s ow n ing sim ilar p roperty in their
ow n righ t.

As to the disposition of his art collections, a large part of
which is on exhibition at the Metropolitan Museum of A rt,
M r. Morgan’s will contains the following clause:

1200

THE CHRONICLE

A rticleX X X II. — I g h a v o b e e n g r e a tly Interested fo r m a n y years in
g a th e rin g m y co lle c tio n s o f p a in tin g s, m in iatu res, po rce la in s a n d o th er
w o rk s o f a r t , a n d it has been m y desire an d in te n tio n t o m a k e so m e su itable
d is p o s itio n o f th e m , o r o f s u c h p o r tio n s o f th e m as I m ig h t d e te rm in e , w h ich
w o u ld ren d er th em p erm a n e n tly av a ila b le fo r th e in s tru ctio n an d pleasu re
o f th e A m e r ic a n ; p e o p le . L a ck o f th e n ecessary tim e to d e v o t e t o it h as as
y e t p r e v e n te d m y ca rry in g th is p u rp ose in to e ffe c t .
U n less I shall a cco m p lis h it, or m a k e so m o d is p o s itio n o f th ese c o lle c ­
tio n s in m y life tim e , th ey w ill pass t o m y s o n , J o h n I’ ie rp o n t M o r g a n J r .,
o r <*> his s o u , Jun ius S pen cer M o r g a n J r ., u n d e r th e fo re g o in g clauses o f
th is w ill w h e r e b y I disp ose o f m y resid u ary e sta te .
S h ou ld eith er m y said son o r m y said g ra n d so n thus s u cce e d t o th e
ow n ersh ip o f these c o lle c tio n s, I h o p e h e w ill b e a b le , in s u ch m a n n er as
h e shall th in k b e s t, t o m a k e a p e rm a n e n t d is p o s itio n , o r fro m tim e t o tim e
p erm a n en t disp osition s, o f th em o r o f s u ch p o r tio n s o f them as h e m a y
d eterm in e, w h ic h w ill b e a su bsta n tia l c a r r y in g o u t o f th e in te n tio n s w h ich
I h a v e th u s ch erish ed . I t w o u ld b o a g reeable t o m e t c h a v e “ T h o M o r g a n
M e m o r ia l,” w h ich form s a p o r tio n o f the p r o p e r ty o f th o W a d s w o rth
A th en a eu m a t H a r tfo r d , C o n n ., u tilized t o e ffe c tu a te a p a r t o f this p u rp o se .
I d o n o t , h o w e v e r , b y th e expression o f th e se w ishes, in te n d t o im p o se
u p on m y said s o n , o r m y sa id g ra n d s o n , a n y d u t y o r o b lig a tio n , legal or
m o r a l, n o r t o q u a lify , in a n y m a n n er o r in a n y d e g r e o , his a b s o lu te and
u n q u a lified ow n ersh ip o f sa id c o lle c tio n s , s h o u ld th e y p ass t o him u n d er
th is w ill.

It was the Metropolitan Museum of A rt, and not the
Museum of Natural History, as we inadvertently stated last
week, which closed on the day of M r . M organ’s funeral.
— A bill introduced by Senator Foley, incorporating the
Rockefeller Foundation, passed the New York State Senate
on April 14, and on the 24th inst. was passed by tho As­
sembly. It is understood that the bill as adopted by
the Senate at Albany is in the samo form as originally in­
troduced in Congress in 1910. During the last session of
Congress the bill, amended so as to place certain limitations
upon tho powers of tho corporation, was passed by the House
of Representatives (on Jan. 20 ), but no action was taken
upon it in the Senate. Tho bill provides for the adminis­
tration of a philanthropic fund of $100,000,000, to be do­
nated by John D . Rockefeller. In answer to the question
as to whether the presentation of the bill in the State Legis­
lature indicated tho abandonment of plans for a Federal
charter, Jerome D . Greene, M r . Rockefeller’s personal
agent, is quoted by tho New York “ Tim es” as saying:
N o su ch in terp reta tion is t o b o p la c e d o n th o in tr o d u c tio n o f th e R o c k e ­
fe lle r F o u n d a tio n bill in tho S tate S en a te. W e c e r ta in ly shall n o t a tte m p t
t o o b ta in a F ed era l ch arter in th o p resen t ex tra session o f C o n g r e ss . W o
m a d e n o p rep a ra tion s fo r in tro d u c in g a b ill in to C o n g re ss in th is session
b eca u s e w o w ere led t o th in k th a t co n d itio n s w ero a n d w o u ld b e u n fa v o r a b le
fo r general leg isla tion , as th e ro p r o b a b ly w o u ld b o n o th in g b u t p u b lic law ­
m a k in g in th e e x tra session .
W h e th e r w o shall tr y t o o b ta in a F e d e ra l ch a rte r in th e regu lar session
o f C on gress I c a n n o t s a y a t this tim o . B u t tho S tate c h a r te r a n d th o F e d ­
eral ch a rter w ou ld n o t b o m u tu a lly e x clu s iv e , a n d th o bill in tro d u c e d in to
th e N o w Y o r k S en a te, th ere fo re , d o e s n o t in d ica te th a t w o h a v e g iv e n u p
th e idea o f ob ta in in g a F ed era l c h a r te r .

— The bill introduced in the New York Legislature in
M arch by Senator Pollock, calling for the appointment by
the Governor of a commission of five to revise the banking
law, was passed by tho Senate on the 16th inst. An appro­
priation of $50,000 is provided for the expenses of the
Commissioners, who, however, are to serve without compen­
sation. They are required to file their report in February
of next year.
..
— On the 24th inst. tho Senate Codes Committee at Al­
bany refused to report Assemblyman K n ott’s bill designed
to prevent alleged discrimination by the Now York Stock
Exchange in tho listing of securities engraved by tho Now
York Bank N ote Co. Senator Stilwell, Chairman of the
Codes Committee, who was recently tried and acquitted of
extortion charges growing out of the introduction of the bill,
declined to vote with the other members of tho committee
this week.
— Under a bill signed on tho 18th inst. by Governor Sulzer,
the combined capital and surplus which a trust company is
required to have as a requisite to opening a branch office
outside the State is reduced from $5,000,000 to $2,000,000.

[ V o l . X C V I.

provide that “ for items payable only at any bank or trust
company located in the States of Massachusetts, Rhode
Island, Connecticut, New Jersey and New York, whose
President, Cashier or Treasurer shall have notified, in writing,
tho Manager of the New York Clearing House Association
that it will remit in New York funds at par, on the day of
receipt by it, for all items drawn on it received from members
of the New York Clearing House or from non-members
clearing through members, the charge shall in all cases be
discretionary with the collecting bank.” It was urged by
some of the bankers who disapproved of the collection arrange­
ments of tho Association that a country collection bureau,
be established through which they might remit in bulk for
their items instead of being required to make separate remit­
tances daily, but the Association, at the timo of the adoption
of the now regulations, decided that it would for the time
being at least continue tho collection methods theretofore
followed. The views of the Hartford bankers, with regard
to the system, wero submitted to the Clearing IIouso Asso­
ciation on Wednesday by J. C . Hallock of Brooklyn, who
in his letter, according to tho “ Times” , says:
T w o years a go A tto r n e y -G e n e ra l W ick e rs h a m p e rm itte d Jam es M .
B e c k , in b e h a lf o f th o N o w Y o r k C learin g H ou so A s s o c ia tio n , t o file w ith
him a t W a s h in g to n a b r ie f in th e m atter o f its “ rules an d re gu lation s im ­
posin g u n ifo rm charges fo r m em bers o n c o lle c tio n s o u ts id e o f th o C it y o f
N ow Y o r k ."
Y o u r co u n se l c o n te n d e d th a t “ there w o u ld b o n o ju s tific a ­
tio n fo r th o F ed eral G o v e r n m e n t, eith er p ro ce e d in g c iv illy o r crim in a lly ,
t o p r o h ib it a loca l re gu lation fo r a lo ca l fa c ilit y .”
H o assum ed th a t “ fe w ,
if a n y , in d ivid u a ls w ill b o fo u n d w h o will qu a rrel w ith so reaso n a b le a
re g u la tio n .”
T h o H a r tfo r d ban ks d o n o t co n te s t the p rin cip le th a t tho C le a rin g H o u s o
m a y regu late its o w n bu sin ess, a n d s u b je c t a n y m e m b e r t o “ a r e a so n a b le
regu lation im p o se d n o t u p o n ban k s g e n e ra lly , b u t o n ly u p o n its o w n m e m ­
b e r s .”
T h e y c o m p la in th a t th o N e w Y o r k C le a rin g H o u so is n o t a “ lo ca l
a id o r f a c ility ” in th o c o lle c tio n o f o u t -o f-t o w n c h e c k s . I t c o lle c ts n o n e .
T h o c o lle c tio n o f su ch ch o ck s is a t presen t n o p a rt o f its bu siness. S u rely ,
u n til it h an dles thorn o r th e y pass th rou gh It, th o C learin g H ou se ca n n o t
la w fu lly regu late ch arges o n th eir c o lle c tio n . T h is fa c t em ascu lates th e
b rie f, strip s tho rules o f all d efen se, a n d leaves th o C learin g H o u se w ith ou t
w a y o f e scap e fro m p u n ish m e n t, sh o u ld ju s tlc o b o d e m a n d e d an d o b t a in e d .
T h e n ew rule establishes discrim in a tio n s, w orso th a n ever, in fa v o r o f
ce rta in lo ca litie s an d a g ain st th e rest. A ll ite m s p a y a b le in B o s t o n o r
P r o v id e n c e are u n co n d itio n a lly m a d e re c e iv a b le a t par in N e w Y o r k a t th e
d is cre tio n o f th o ban k s o r trust co m p a n ie s hero; w horeas all item s p a y a b le
elsew hero in M a ssa ch u se tts o r R h o d o Is la n d , o r a n y w h e re in C o n n e c tic u t ,
are r e c e iv a b le a t par b y m em bers o n ly o n c o n d itio n th a t th o p a y in g b a n k
o r c o m p a n y h as agreed t o rem it a t p ar t o all m em bers o f the C learin g H o u se,
o r n o n -m e m b e r s clea rin g th ro u gh m em bors; an im p ra ctica b le c o n d itio n .
T h u s , sin co M a r c h 1 1913, th e C learin g H o u se n o t o n ly d o o s n o t h a n d le
o u t -o f-t o w n ch e c k s , b u t also im p oses a m o n s tro u s ly u n reason a ble regula­
tio n o n th o business o f its m em bers w ith w h ich business it hxs n o th in g t o d e
as y e t .
A s a business p ro p o s itio n th o rule p u t in to e ffe c t o n M a r c h 1 is s im p ly
in to le ra b le t o b o th c it y a n d c o u n t r y . S o m e N e w Y o r k b a n k s, w h ile c o l­
lectin g, w ith o u t ch arge to cu s to m e rs ,ch e ck s o n all o f th o 298 b a n k s in th e d is ­
cre tio n a ry list, are n o t sen din g a c h e c k fo r d ire ct r e m itta n ce u n d er th o rule;
th u s t h e y a b o lish ch arges o n ch e ck s w h ich it co s ts th e m as m u ch as b e fo r *
t o c o lle c t
S o m o sen d fo r re m itta n ce u n d e r th o rule o n ly ch e ck s o v e r a
certa in a m o u n t, as $40 0. A b a n k h a v in g 3 ,0 0 0 fo re ig n ite m s d a ily sen ds
o u t a do ze n letters in this w a y . O n o c it y b a n k , as a m a tte r o f lo y a lty t o
th o ru le, sends d ire ct e v e r y c h e c k re ce iv e d b y it an d draw n o n a n y b a n k
agreeing t o rem it a t p ar in N o w Y o r k fu n d s. T h o o th e r d a y in M a s s a ­
ch u se tts a ca sh ier e xcla im ed a n grily th a t his c o m p a n y w o u ld n o t lo n g c o n ­
tin u e s e n d in g N o w Y o r k th irty o r f o r t y lo ttcrs d a ily in this useless fa sh io n .
B e fo r e th o en d o f M a r c h W a lte r E . F re w , C h a irm a n o f tho O le a r in g -Ilo u s e
C o m m itte e , to ld m o th a t th o existin g rule w o u ld bo re scin d e d in s ix ty d a y s
unless a co m p r o m is e w as e ffe c te d b y w h ich th e C le a rin g -H o u s o sh o u ld o r­
ga n ize a n d c o n d u c t a d e p a rtm e n t fo r o u t - o f to w n c o lle c tio n s , w h ilo th e
co u n tr y b a n k s , fo r th eir p a r t, sh o u ld agree to rem it t o th o m an ager as w ell
as t o m e m b e rs an d n o n -m e m b e rs clea rin g th ro u g h m e m b e rs.
T h o H a r tfo r d ban kers w h o sign ed th o lo tte r t o th o A tto r n o y -G c n o r a l w ere
im p ressed b y m y assurances (1) th a t a largo m a jo r it y o r y o u r m e m b e rsh ip
a p p r o v e d o f o u t-o f-t o w n c o lle c tio n s th ro u g h th e C learin g H o u se as a fa c ility
w h ich ea ch m e m b e r w o u ld b o fre o t o use m o ro o r less, a t pleasu re, as
n eed ed o r preferred; an d (2) th a t th o D e p a r tm e n t o f J u stlco w o u ld , if c a llod
u p o n , d e te rm in o w ith in telligen ce and im p a rtia lly w h eth er th e ch a n g e in
y o u r rules a n d re gu lation s w as v io la tiv o o f th o a n ti-tru st la w , a n d a c t w ith
resolu ten ess i f th e C le a rin g -H o u se C o m m itte e n e g le cte d t o m a k e p r o p e r
m o d ific a tio n s.

— Tho committee of the Ohio Senate designated to inves­
tigate the recent strike among the rubber workers at Akron
filed its report with the Legislature on the 18th inst. The
committee was named under a resolution of tho Senate
— A letter indicating their dissatisfaction with the recently adopted on Feb. 25, while tho strike, sinco ended, was still
adopted rides of the New York Clearing House Association in progress. The report, it is stated, makes no recommenda­
governing the collection of out-of-town checks has been tions for any specific legislation. It states that tho wages
addressed to U . S. Attorney General McReynolds by the in general paid by tho rubber companies of Akron compare
presidents of seven Hartford, Conn., banks, who suggest favorably with those paid in other industries, and expresses
that the regulations “ might well bo investigated by the Depart­ the opinion that the strike might have been avorted had there
ment of Justice.” This letter, as published in the “ New been a reasonable amount of timo for conference and delib­
York Times” says:
eration between tho date when notice of a readjustment of
Hon. James C. McReynolds, Attorney-General of the United Slates, IFus/i- wages was given and tho timo it would take effect. Tho
ington, D . C.:
members of tho Industrial Workers of the World aro criti­
Sir: In tiio ju d g m e n t o f the u n d e rsign e d , th e rules and regu lation s o f
th o N e w Y o r k C lea rin g -H o u se A s s o cia tio n regardin g c o lle ctio n s o u tsid e
cised in the report for their activities, the committeo stating
th o C it y o f N e w Y o r k , w h ich w ero p u t in to e ffe c t M a r c h 1 1913, are so
that from tho testimony taken at Akron it was shown that
u n s a tis fa cto r y th a t th e y m ig h t w ell b o in v e stig a te d b y th o D e p a rtm e n t o f
. J u s tic e , b e c a u s e w o b eliov o th a t i f a n y p o r tio n w ero fo u n d t o b o o f d o u b t ­ the leaders of that organization, instead of helping tho strik­
fu l le g a lity th o C le a rin g -IIo u s o C o m m itte e w o u ld m o d ify theso rules and
ing employees of the rubber factories, did them considerable
regu lation s in a m anner t o re m o v e all d o u b t o f th eir re g u la rity as legal an d
business p ro p o s itio n s , th e r e b y co n fe rrin g a p u b lic b e n e fit.
injury, and wero largely responsible for tho failure of tho
In addition to the points already included in the freo employees to obtain redress for tho wrongs which may have
zone, the rules of the Clearing House as amended on March 1 existed and the adjustment of alleged grievances. “ Tho




Ant. 26 1913.]

THE CHRONICLE

doctrine of ‘sabotage’ as taught by the I. W . W . leaders,”
says the report, ‘ ‘is a matter of gravo importance, and public
concern, not only in tho State of Ohio, but in the nation at
largo, and the line of demarcation between the doctrine and
anarchy is so indistinct as to be almost imperceptible.”
From the Cleveland “ Leader” wo learn that a record of the
capital stock and earnings of tho rubber corporations at
Akron is included in tho report, which states that tho tes­
timony showed that the earnings of tho rubber manufac­
turers aro such as to justify tho payment of high wages and
the maintenance of good conditions in thoir factories.
— A bill affecting loan, trust and safe deposit companies
was signed by Governor Ralston of Indiana on March 13.
Under it these institutions aro required to keep a 1 5 % cash
reserve against commercial deposits subject to check.
According to tho Indianapolis “ News” , up to the present
time there has been no law requiring the maintenance of a
reserve by tho State institutions, but the Banking Depart­
ment has sought to enforce a departmental ruling that trust
companies and State banks shall have on hand a reserve of at
least 1 5 % of thoir avorage deposits. As far as specific
legislation to this effect is concerned, the State banks are
still oxempt from tho requirement. Tho new law, in calling
upon trust companies to maintain a reserve against com­
mercial deposits in effect, it is argued, authorizes these
institutions to engage in a commercial banking business.
Whilo tho statutes have been silent on this point, former
Stato Auditor Billheimer held that the law could not bo con­
strued as preventing tho trust companies from entering into
a commercial banking business, and thoy had accordingly
addod that foaturo to their functions. Five reports a year,
instead of two as heretofore, will be made to the Banking
Department by tho trust companies under the law just
enacted. The calls of condition will be mado simultaneously
with those of the Comptroller of tho Currency. One of tho
provisions of tho now law authorizes trust companies to act
as commissioners for tho sale of real eatato in any county in
the Stato. This was prohibited, it is stated, under tho old
law, and Governor Ralston is said to have disapproved of tho
chango because of the possibility that tho larger trust com­
panies might attempt to reach out into counties outsido
those in which thoy wore located. Assurances, however,
aro said to have been given tho Governor by Harry Arnold,
bank clerk in tho Stato Auditor’s office, that his Depart­
ment, in tho absenco of a decision in the matter by the Court
or Attornoy-Genoral, will rule against permitting trust
companies to servo in tho capacity of commissioner outsido
their own counties.
— A “ full crow” bill passed by the Missouri Legislature
was signed by G ov. M ajor on tho 16th inst. It requires
railroads to employ threo brakomen on all freight trains of
forty cars or moro, and a flagman and brakeman on every
passenger train of six coaches or moro. Another bill signed
by G ov. M ajor on tho samo day requires railroads and elec­
tric lines operating in Missouri as foreign corporations to
incorporate under tho laws of that State. In approving
this legislation, G ov. M ajor is quoted in tho “ Globc-Democrat” as saying:
I sign this bill becau se it w ill o n ly h a v o a p ro s p e c tiv e a p p lic a tio n .
T h is
A c t , I tak o it, w ill n o t a p p ly t o fo re ign railroad c o r p o r a tio n s n o w d o in g
business in M is s ou ri. T h o p o lic y o f M isso u ri In re fe re n ce t o e n co u ra g in g
th o d e v e lo p m e n t o f th o S tato b y th e railroads has been an express o n e , c le a rly
s ot fo rth in ou r sta tu tes.
U p o n th e full fa ith a n d cr e d it o f g ra n t o f righ ts an d p rivileges c o n ta in e d
in ou r sta tu tes, in v estm e n ts w ero m a d o an d th o co m p a n ie s w ere assured
th a t th e y c o u ld o n jo y , possoss an d exerciso all th o rig h ts, po w e rs an d p r iv ­
ileges co n fe rre d b y o u r laws u p o n d o m e s tic r a ilro a d c o r p o r a tio n s .
H av­
in g d ecla red b y law th a t su ch w o u ld b o th o p o lic y an d r ig h t, th o g ra n t b y th o
S ta to b e c a m e a bin d in g o n e , an d fro m it flo w e d a c o n t r a c t be tw e e n tho
com p a n ies an d th o S tato o f M isso u ri w h ich is p r o te c te d b y th e c o n s titu tio n .
T h is A c t , p r o v id in g th at n o railroad c o r p o r a tio n e x c e p t th o se in c o rp o r ­
a te d an d ch a rtered in an d u nd er th o law s o f t h o S ta to |of M issou ri sh o u ld bo
p e r m itte d t o c a rry passengers o r fre igh t fro m o n e p o in t in th is S tato t o
a n o th e r p o in t in th is S tato w o u ld , if th o A c t h ad a n y o th e r th a n a p r o s p e c tiv e
a p p lic a tio n , v io la to th is g ran t an d c o n tr a c t a n d d iscrim in a te a gain st a
foreig n rallra od c o r p o r a tio n a lre a d y hero u nd er o u r law s, a n d in fa v o r o f tho
d o m e s tic ra ilroa d c o r p o r a tio n — a th in g w h ich th o sta tu te s o f th e S ta te
d e cla re d a t th e tim e w o u ld n o t b o d o n e if thei fo re ig n ra ilro a d s w o u ld entor
M is s o u r i, m a k e th oir in v e stm e n ts an d b u ild th e ir lin os.

— Tho Iowa Legislature is reported to have defeated a
“ full crew” bill, the measure, it is stated, having beon
lost in tho Assembly.
— W e give below the provisions of tho new W est Virginia
law affecting railroads, to which reference was made in these
columns March 1. Tho Act is designed to prevent consoli­
dations among railroads doing business in W est Virginia, and
prohibits directors, officers, agents, representatives or attor­
neys of any road in tho State from acting or serving in any of
the capacities nainod for any£railroad which controls or
is interested in any parallol or competing lino. Two or more




1201

residents of any county in which a road owns property or
transacts business may initiate a suit to restrain violations of
the law, and it is not necessary for them to show any special
injury. It is distinctly provided that no suit shall be dis­
missed for want of parties.
The toxt is as follows:
A b ill t o p re s e rv e c o m p e t it io n a m o n g c o m m o n ca r r ie r s lin th e S ta te o f
W o s t V irg in ia , a n d t o p r e v e n t m o n o p o ly o f th e b u sin ess o f c o m m o n carrier
an d p r o t e c t in tra -S ta te c o m m e r c e fr o m restra in t a n d m o n o p o ly .

Be it enacted by the Legislature of West Virginia:
S ec. 1. N o r a ilro a d c o m p a n y o rg a n iz e d an d existin g u n d e r th e law s o f th e
S ta to o f W e s t V irg in ia , o r o r g a n iz e d u n d er th e law s o f th e S ta te o f V irg in ia
p rio r t o Ju n e 21 1863, o r ex istin g b y a c o n s o lid a tio n o f o th e r r a ilro a d c o r ­
p o ra tio n s: n o r a ilro a d c o m p a n y o rg a n iz e d a n d e r th o law s o f a n y o t h e r S ta te
o r T e r r ito r y , w h ich o w n s , c o n t r o ls , o p e ra te s o r is in te re ste d in , a n y ra ilroa d
in th o S ta te o f W e s t V ir g in ia , o r w h ich tra n sa cts b u sin ess in th e S ta te o f
W e s t V irg in ia , shall c o n s o lid a te its s t o c k , p r o p e r t y o r fra n ch ise s w ith th a t
o f a n y o th e r r a ilro a d c o m p a n y , o r lease, p u rch a se o r in a n y m a n n er b e c o m e
ow ners o f , o r in te re ste d in , o r c o n t r o l a n y r a ilro a d c o r p o r a t io n o r a n y fra n ­
ch ise, rig h t o r p r o p e r t y th e r e o f, w h ic h o w n s , c o n t r o ls , o p e r a te s , is in ter­
ested in , a n y p arallel o r a n y c o m p e t in g line o f r a ilro a d w h ich is lo c a te d , o r
a n y p a rt o f w h ich is lo c a te d , in t h e S ta te o f W e s t V irgin ia : th o f a c t o f s u ch
co n s o lid a tio n o f s t o c k , p r o p e r t y o r fra n ch is e s , o r o f s u ch lease, p u rch a se
o r o w n ersh ip o f , in terest in o r c o n t r o l b y a n y s u ch r a ilro a d c o m p a n y o f a n y
railro a d c o r p o r a tio n o r a n y fra n c h is e , rig h t o r p r o p e r t y th e r e o f w h ich o w n s ,
c o n tr o ls , op e ra te s o r is in te re ste d in a n y parallel o r a n y c o m p e tin g lin e o f
railro a d w h ic h is lo c a te d , o r a n y p a r t o f w h ich is lo c a te d , in th e S ta te o f
W e s t V irg in ia , sh all b e ld e te r m in e d b y a ju r y i f, a n d w h e n e v e r , it shall b e
necessary t o s o d e te rm in e th o sa m e.
S ec. 2. I t shall b o u n law fu l fo r a n y d ir e c to r .'o ffic e r , a g e n t, r e p re s e n ta tiv e
or a tto r n e y o f a n y r a ilro a d c o m p a n y m e n tio n e d in t h o fir s t s e c tio n o f th is
A c t , o r o f a n y co r p o r a tio n s c o n tr o lle d b y a n y s u ch railro a d c o m p a n y ,
o r in w h ich it is in terested th ro u g h s t o c k o w n e rsh ip o r o th e rw is e , t o a c t
o r s erve as p re sid e n t, v ic e -p r e s id e n t, d ir e cto r o r general e x e c u tiv e
o ffic e r o f a n y k in d , o f a n y r a ilro a d c o m p a n y o w n in g o r c o n tr o llin g o r in­
terested in a n y parallel o r c o m p e tin g line.
S ec. 3 . O n a n d a fte r J u ly 1 A . D . n in eteen h u n d re d an d th irte e n , it shall
b o u n law fu l fo r a n y s u ch railro a d c o m p a n y as is m e n tio n e d in S e c . 1 o f th is
A c t t o h o ld , o w n o r c o n t r o l, o r in a n y m a n n er t o b o in te re ste d in , eith er
d ir e ctly o r b y th o o w n ersh ip o f c a p ita l s to c k o f s o m e o th e r c o r p o r a t io n , o r
t o o w n o r h a v e a n y e q u ita b le in terest in , a n y o f th o shares o f th e c a p ita l
s to c k o f a n y railroad c o m p a n y w h ich ow n s, c o n tr o ls o r is in te re sted in a n y
c o m p e tin g lino o r parallel line o f r a ilr o a d , all o r a n y p a r t o f w h ich is lo ca te d
in th o S ta to o f W e s t V irgin ia .
S e c. 4 . A n y r a ilro a d c o m p a n y v io la tin g a n y p r o v is io n o f th is A c t shall
b o g u ilty o f a m isd e m e a n o r, an d u p o n c o n v ic tio n shall b o fin e d n o t m o r o th a n
fiv e th o u s a n d d o lla rs fo r each o ffe n c e . E a ch d ir e cto r a n d gen eral o ffic e r
o f a n y railro a d c o m p a n y s o o ffe n d in g shall lik ew ise b e g u ilty o f a m is d e ­
m e a n o r , a n d u p o n c o n v ic tio n sh all b e fin e d n o t m o r o th a n o n e th ou s a n d
d o lla rs a n d c o n fin e d in ja il n o t less th a n six m o n th s n o r m o r e th a n o n o y ea r
fo r ea ch o ffe n s o . T h e cir c u it o r crim in al c o u r t o f a n y c o u n t y in th e S ta te
in w h ic h su ch r a ilro a d c o m p a n y is e n ga g ed in th o business o f a c o m m o n ca r­
rier shall h a v o ju r is d ic tio n t o tr y a n d pun ish a n y o ffe n d e r u n d er th is A c t .
S e c. 5. T h e se ve ra l c ir c u it c o u r ts o f th o c o u n tie s o f W e s t V irg in ia are
h e r e b y g iv e n ju r is d ic tio n to p r e v e n t a n d restra in v io la tio n s o f this A c t , a n d
b y m a n d a m u s t o c o m p e l o b e d ie n c e t o its p r o v is io n s , an d it shall b o th e d u t y
o f th e p r o s e c u tin g a tto r n e y s o f th e several c o u n tie s , u n d e r th o d ir e c tio n o f
th e A t to r n e y -G e n e r a l, t o in s titu te a n d p ro se cu te p ro ce e d in g s in e q u it y an d
also a t la w , in th e n a m e o f th e S ta te o f W e s t V irg in ia , t o e n fo r c e th e p r o ­
v is io n s o f th is A c t . T w o o r m o r e resid ents o f a n y c o u n t y in w h ic h a n y rail­
ro a d m e n tio n e d in th is1A c t o w n s p r o p e r ty o r tra n sa cts business m a y in sti­
tu te a n d p r o s e c u te in th eir o w n n am es a n y su it in e q u it y t o p r e v e n t a n d
restra in v io la tio n s o f , an d a n y su it in e q u ity , o r b y m a n d a m u s pr oth erw ise
a t la w , t o c o m p e l o b e d ie n c e t o , th e p ro v is io n s o f th is A c t , a n d it shall n o t
b e n ecessary fo r th em t o s h o w a n y special in ju ry in a n y su it o r p ro d e e d in g s .
N o su it w hen in s titu te d shall b e d ism issed fo r w a n t o f p arties, b u t a n y p e r­
son o r c o r p o r a t io n m a y b e m a d o a p a r ty a t a n y s ta g o o f th e p r o c e e d in g s
w h e n e v e r it a p p ears n ece ssa ry t o a p r o p e r d e cisio n o f th e s u it.

— W o learn from the “ Pacific Banker” that the Salt Lake
Clearing-House Association has rescinded the rule embodied
in its constitution prohibiting the payment of interest on
open or checking accounts. An investigation into tho as­
sociation and its operations was conducted by the Pujo
“ Monoy Trust” Com m ittee; during the course of that in­
quiry, W . W . Armstrong, President of the National Copper
Bank of Salt Lake, testified that when his institution had de­
clined to abido by the rule, tho eight other members in the
Clearing House dissolved the association and formed a new
ono, incorporating the rule in the constitution. According
to tho “ Pacific Banker,” there has been pending in tho Utah
Legislature legislation designed to abrogate this rule of the
association. President Boyer of the Clearing House is
quoted as stating that “ the withdrawal of the rule was due
to tho belief of some of the members, not all of them, that it
might be construed as a violation of the Sherman Anti-Trust
Law. The attitude of the National Copper Bank had noth­
ing whatever to do with the action of the Clearing H ouse.”
— In lino with a provision of the recently enacted banking
law in Tennessee, permitting the Tennessee Bankers’
Association to submit a list of five men from which the Gov­
ernor would select the newly-created Superintendent of Banks,
tho Association at its annual convention at Memphis on
tho 17th inst. named as the candidates J. N . Fisher of M or­
ristown, J. L. Hutton of Columbia, F . C . Stratton of Leba­
non, Walter Howell of Union City and S. F . Thomas of
Brownsvillo. From this list G ov. Hooper appointed to
tho post (on the 21st inst.) the first named of the candidates,
M r. Fisher. Tho new law, the Memphis “ Commercial
Appeal” states, is tho first complete banking Act that Ten­
nessee has ever had, and it is based on a bill drawn by the
Special Legislative Committee of tho Association appointed

1 2 0 2

THE CHRONICLE

four years ago. It will go into effect Jan. 1 1914. In
appreciation of the efforts of F . T . Collins of M ilan, a
member of the committee, in helping to secure the enact­
ment of the bill, the presentation to him of a watch was made
at the meeting. M r. Collins, who had also been Chairman
of the Executive Council, has been elected President of the
Association for the ensuing year. W . A . Law, Vice-Presi­
dent of the First National Bank of Philadelphis, a speaker
at the convention, in referring to the country’s exceptional
development, both industrial and banking, remarked that
the banking interests were greatly hampered by lack of
legislation and in some few instances over-legislation.
— Before the Committee on Banking and Commerce of
the Canadian Parliament at Ottawa, on the 10th inst.,
James B . Forgan, President of the First National Bank of
Chicago, outlined his viows with regard to banking legisla­
tion. In advising the Canadian Government “ to keep its
hands off bank supervision or anything approaching it,”
M r. Forgan declared that “ thore is nothing in legislative
inspection to compare with the well-organized, internal
system now in vogue in Canadian banking circles. M r. For­
gan expressed himself as opposed to a system of local banks
with small capital for the following reasons:
B ecau se I b e lie v e experien ce in C a n a d a , as In E n gla n d an d olsow here,
has sh ow n th a t sm all local ban ks c a n n o t s u cce s s fu lly c o m p e te w hero th e
m o r e e c o n o m ic a l sy s te m o f b ra n ch ban k in g has b e e n e stablish ed .
B eca u se c o m p e titio n a m o n g th e largo b a n k s w ith bra n ch e s a ffo r d s the
leg itim a te business o f all lo ca litie s b e tte r s e rv ice th a n ca n b e h ad fro m
sm all loca l in stitu tion s.
B ecau se sm all loca l ban ks are u su ally org a n ize d an d c o n tr o lle d b y lo ca l
b o r r o w in g in terests, w h ich loads t o b o rro w e rs le n d in g th e b a n k s ’ m o n e y
t o th em selves an d b e c o m in g th e ju d g e s o f th e lim its o f their o w n cr e d it,
th an w h ich there is n oth in g m ore d a n ge ro u s in th e b a n k in g business.
B eca u se sm all b a n k s, unless th e y are a ffilia te d w ith largo co n tra l ban k s,
aro at a d is a d v a n ta g e in th e m a tte r o f c a rry in g a d e q u a te cash reserves
a g ain st cu rren t liab ilities.

M r. Forgan also stated that:
T h e w eakness o f the b a n k in g s y s te m in th e U n ite d S tates an d the cause
o f th e p eriod ica l m o n e y p a n ics th ore, s u ch as w ith y o u r b ra n ch ban kin g
s y s te m in C a n a d a y o u h a v e be e n h a p p ily e x e m p t, aro a ttrib u ta b le t o th e
d iffic u lt y a large n u m b er o f sm all ban k s e xp erien ce in in d iv id u a lly co n tr o ll­
in g a n d c a r r y in g th eir cash reserves. S u ch a w id e d istrib u tio n o f the g o ld
reserves as is cau sed b y m ore th an 2 5 ,0 0 0 ban k s in th e U n ite d States, each
u n d erta k in g t o c o n tr o l a n d c a r r y its o w n share o f it, is u n scie n tific, w aste­
fu l, d an gerou s an d im p ra ctica l.

— Complimentary copies of a sixty-pago booklet dealing
with “ The New York Stock Exchange and the ‘Money
Trust’ ” are being distributed by Miller & C o ., members of
the Stock Exchange, at 29 Broadway. The book has been
prepared by II. S. M artin, Assistant Secretary of the Ex­
change, and presents a review of the report to the House
of Representatives by the Pujo Committee. In submitting
the review M r. Martin states that:
“ In these d a y s o f h u rry an d b u s tlo , o p in io n s aro fo rm e d largely fro m
headlinas in n ew spapers, m o s t o f us h a v in g tim e o n ly fo r th e m o st casual
rea d in g o f the te x t.
It is q u ito p r o b a b le , th erefore, th a t n o t o n e person
In ten th ou san d has read th e e v id e n c o .adduced b e fo re th a t S u b -C o m m itte e
o r its r e p ort: an d th a t fe w h a vo a n y id e a o f its real im p o rt. T h o op in io n
is s o gon eral th a t th e E x ch a n g o is p art o f a g ig a n tic c o n s p ir a c y , in a d d itio n
t o bein g a g ra v e m oral h azard , th a t It co m e s as a surprise to d is c o v e r th a t.
Instead o f g iv in g reasons fo r s u b je c tin g th o E x ch a n g e t o su pervision an d
c o n tr o l, a c tu a lly th o roverso has beon sh o w n .

All that is asked, ho says, is that the “ pamphlet be read
and considered, and then re-read; and that for a time the
bald, overworked fictions about the Exchange be allowed
to got a much-needed rest.”
— The Governors of the New York Stock Exchange on
Thursday suspended for six months two of the members of
the Exchange for a violation of tho rule prohibiting the taking
Or carrying of speculative accounts for employees of finan­
cial institutions. Tho two members are William Morris
Imbrie, of William Morris Imbrie & C o., and John W .
Kirkner, of Spaulding, McClellan & Co. A statement which
the first-named firm has issued says:
" W illia m M o r ris Im b r ie , B o a r d m e m b e r o f this fir m , has been su spen d ed
b y th e N ew Y o r k S t o c k E x ch a n g e fo r th e tech n ica l in frin gem en t o f the rules
o f th e E x ch a n g o, c o m m itte d b y the m an ager o f a bra n ch o ffic e o f this
h ou se in 1911, w h ich v io la tio n o n ly c a m e t o o u r a tte n tio n o n e m o n th a g o .
T h is bran ch o ffic e w as c lo s e d in 1911, a t th o tim e o f th e a b a n d o n m e n t b y
th is firm o f all its m arginal a c c o u n t s .”

With regard to M r. Kirkner’s suspension, his firm says:
M r . K irk n er w as ch a rg o d w ith h a v in g v io la te d th o rule p ro h ib itin g the
ca rry in g o f a m argin ed a c c o u n t fo r an e m p lo y e o f a trust c o m p a n y . T h o
v io la tio n , if a n y , w as w h o lly u n in ten tion al.
" T h e a c c o u n t in q u estio n w as carried b y an e m p lo y e e o f a railroad c o m p a n y
w h o g a v e a p ow er o f a tto r n e y t o a th ird p erson , a u th o rizin g th e latter to
deal w ith th o a c c o u n t.
“ N eith er M r . K irk n er n or eith er o f th o o th e r m em bers o f th e fir m o f
S p a u ld in g , M c C le lla n & C o . , k n ow o r su sp e cte d th a t this th ird p a r ty w as an
e m p lo y e o f a trust c o m p a n y , n or th at h o h a d a n y interest in th o a c c o u n t
u n til th e y w ore s o in fo r m e d b y th o trust c o m p a n y , an d this in fo rm a tio n
w as receiv ed a fter th o tra n sa ction s co m p la in e d c f h ad ta k en p la ce . It
w ill thus b o seon th a t a n y v io la tio n o f th o rules b y M r , K irkn er w as p u rely
tech n ica l an d w as w h o lly w ith o u t his k n o w le d g e o r th a t o f his f ir m ."

— The investigation of a complaint filed with the Now
York Stock Exchange by J. F . A . Clark of the Stock Ex­
change firm of Clark, Childs & Co. against William P. Salo­




[Vol. XCVI.

mon & C o ., growing out of the purchase from the latter of a
block of stock of the M . Rumely Company, has resulted in
the exoneration of Messrs. Salomon & C o. A statement
issued in the matter by the Governors of the Exchange on
Wednesday says:
“ In th e m a tte r o f c o n tr o v e r s y b o tw o e n J . P . A . C la rk an d W illia m
S alom on & C o . , as set fo rth in th e le tte r o f M r . C la rk t o th e G o v e rn in g
C o m m itte e u nd er d a te o f A p ril 7 , 1913, w h ich lo tto r, to g o th o r w ith d o c u ­
m ents th e re to an n exed , w as roferrod t o th o L a w C o m m itte e fo r co n sid era ­
tio n a n d r e p o r t.
" Y o u r co m m itte e fin d s , a fte r a carefu l exa m in a tion o f th o te s tim o n y
given b y all th o parties in interest at soveral hearings, th a t in m a k in g th e
sale o f 250 shares o f M . Itu m o ly C o m p a n y c o m m o n s to c k t o M r . C la rk
in O cto b e r , 1912, th o firm o f W illia m S a lo m o n & C o . a c te d in g o o d fa it h ,
and th a t th eir re p resen tation s regardin g tho fin a n cia l statu s a n d earnings
o f th e Itu m o ly C o m p a n y a t th a t tim o w ere ba sed u p o n o ffic ia l r e p o rts o f
th o c o m p a n y an d u p o n a d d itio n a l ro p o rts o f ch a rte re d a c c o u n ta n ts w h om
th o firm e m p lo y e d t o m a k e a n in d o p o n d o n t e x a m in a tio n , u p o n w h ic h rop orts
W illia m S a lo m o n & C o . relied .
" Y o u r c o m m itte e th erefore r e co m m e n d s th a t n o fu rth e r a c tio n b o taken
b y th e G o v e rn in g C o m m itte e in this m a t t e r .”

— J. P . Morgan & Co. havo vacated their building at W all
and Broad Streets, having opened on M onday last in tem­
porary offices in the Mills Building on Broad Street, which
will be occupied pending the erection of tho firm’s new build­
ing on the old site.
— The Mechanics’ & M etals’ National Bank, whose prem­
ises at 29-33 W all Street were acquirod by J. P. Morgan &
Co. last year, with a view to enlarging tho firm’s building site,
will vacate its quarters on M onday and movo to its new build­
ing at 50 W all Street.
— The Irving National Bank of this city will locato in its
new quarters in tho Woolworth Building on M onday next.
All the departments of tho institution will bo situated on the
main floor of the building.
— Tho Columbia-Knickerbocker Trust Co. announces the
opening of tho remodelod offices of its Bronx branch at 148th
Street and Third Avenue, in tho Borough of tho Bronx.
Tho trust company recently purchased tho building in which
this branch is situated. It is located in tho heart of tho
business centre of the borough, and tho offices which tho
Bronx branch now occupy aro perhaps tho handsomest in
tho Bronx. Tho offices will bo open for tho inspection of
the public to-day from 3 until 6 o’clock.
— In addition to the withdrawal of Joseph S. Marcus as
President and director of the Public Bank of this city and
the resignation of William F . H . Koelsch as Cashier, referred
to April 12, Goerge Rubenstein has also retired as Vice­
President. Anothor Vice-President, C . L . Marcus, son of
Joseph S. Marcus, is said to have resigned a short time since.
Control of the bank has been purchased by the banking house
of II. P. Goldschmidt & Co. from President Marcus. Gold­
man, Sachs & C o ., who were interested in tho bank to the
extent of about 100 shares, havo relinquished their interest.
— Philip Musica, President of tho U . S. Hair C o ., with
his two brothers, Arthur and George, woro arraigned before
Judge Crain in General Sessions Court this city, on the 11th
inst. Tho three, with their father, Antonio Musica, who is
seriously ill, arrived in Now York on April 10 from New
Orleans, where they wero arrested on March 19 on charges
of having defrauded Now York and European banks through
irregular dealings as importers of hair goods. Tho charges
on which they wero arraingod alleged larcenios amounting
to $134,754 and an attempt to obtain $25,000 from the Bank
of the Manhattan C o. on falso pretences. Bail at $25,000
was fixed in the case of Philip and Arthur Musica, while that
of tho youngost son George was placed at $20,000 and that
of the father at $10,000. Before District Attorney Whitman
on the 11th inst. Philip Musica confessed to having manipu­
lated fraudulent transactions to tho extent of some $000,000.
— The report that controlling interost in tho Mutual
Alliance Trust Co. of this city had been purchased by Eldridge
E. Jordan of Washington, whose election as Vice-President
of tho institution was announced in those columns a week
ago, is denied by President Webb Floyd. M r . Floyd states
that while M r. Jordan “ had purchased certain holdings
which amounted to a considerable intorost in tho company,
this did not by any means constitute a controlling interest.”
— Hugh D . Auchincloss, a director of tho Farmers’ Loan
& Trust Co. of this city, tho Franklin Trust Co. and the Bank
of tho Manhattan C o ., died on tho 21st inst. in his fiftyfifth year.
M r. Auchincloss was a member of tho firm of
Auchincloss Bros., merchants. In addition to his other
banking connections ho was a trustee of tho Bowery Savings
B ank.
— Tho Brooklyn Trust Co. has added throo trustoos to its
board to fill vacancies, as follows: John II. Emanuel J r.,

A

pr

. 2 6 ISUS.j

THE CHRONICLE

to succeed the la to Seth L . Keeney; H . Elmer Gibb, to suc­
ceed George W . Chauncey, resigned, and Robert L . Pierropont, to succeod his undo, John J. Piorrepont, resigned.
M r. Emanuel was a director of the Long Island Loan &
Trust C o. before it was merged with tho Brooklyn Trust on
Jan. 15.
— Robert M . Petty, former President of the defunct Wash­
ington National Bank of Washington, N . J ., was found
guilty of embezzling $30,295 of the bank’s funds, in the U . S.
District Court at Newark on the 17th inst. There were
twenty-five counts in the indictment and he was convicted
on all. The institution suspended on N ov . 17 1911.
— Henry Ilornblower of Hornblower & Weeks has been
elected a director of the First National Bank of Boston to
take the place of John W . W eeks, who resigns because of his
election as a United States Senator.
— H . C. Spiller, of H . C . Spiller & C o ., Inc., Boston, has
been elected a trustee of the County Savings Bank, Chelsea,
M ass.

1203

IN T E R E S T -B E A R IN G D E B T M A R C H 31 1913.

Interest

Title of Loan—
Payable.
2s, Consols of 1930. ............Q.-J.
3s, Loan of 1908-18 ......... Q .-F.
4s, Loan o f 1925___ -------- Q.-F.
2s, Fan. Canal Loan 1906.Q .-F.
2s, Pan. Canal Loan 1908.Q .-F.
3s, Pan. Canal Loan 1911.
2 ^ s , Post. Sav. bds. 11-12. J.-J.
2>^s, Post. Sav. bds 1912. J.-J.

Amount
Issued.

------------ Amount Outstanding---------- —

Registered.

$
646 250,150
198,792,660
162,315,400
54,631,980
30.000.
Q.-S.
50.000.
1,314,140
1,074,980

Coupon.

S

Total.

$

$

642,510,150 3,740.000 646,250,150
44,751,700 19,193,760 63,945,460
100,579.400 17,910,500 118,489,900
54,608,380
23,600 54,631,980
000
29,669,420
330,580 30.000.
000
36,910,000 13,090,000 50.000.
1,088,560
225,580
1,314,140
885,600
189,380
1,074,980

Aggregate int.-bearlng d e b t ..1,144,379.310 911,003,210 54,703,400 965,706,610
D E B T B E A R IN G N O IN T E R E S T .
TTt,., , ~
„ ,
February 28.
United States notes........................................................$346,681,016 00
Old demand notes........... ............................
53,282 50
National bank notes redemption account................ 22,871,078 50
fractional currency, less $8,375,934 estimated as
lost or destroyed.......................................................
6,854,864 90

March 31.
$346,681,016 00
53,282 50
22 659 281 00
’
6,854,609 90

Aggregate debt bearing no interest........................$376,460,241 90

$376,248,189 40

D E B T ON W H IC H IN T E R E S T HAS CE A S E D SIN CE M A T U R IT Y .
Funded loan of 1891, continued at 2 % , called M ay 18
1900, Interest ceased A ug. 18 1900
Funded loan of 1891, matured Sept. 2 I 5 l8 ....................
Loan of 1904, matured Feb. 2 1904
Funded loan of 1907, matured July 21907111................
Refunding certificates, matured July 1 1907111111111
Old debt matured at various dates prior to Jan. 1 1861
and other Items of debt matured at various dates
subsequent to Jan. 1 1861.

February 28.

March 31.

$5,000
23,650
13,250
718,150
13,820

$5,000
23,650
13,250
716,200
13,710

00
00
00
00
00

00
00
00
00
00

— A t a meeting of tho stockholders of tho Frankford Trust
C o. of Philadelphia on the 16th inst., tho proposition to i
903,780 26
903,780 26
increase the capital of tho institution from $125,000 to $250,­
Aggregate debt on which Interest has ceased since ma000 was ratified. The now stock will be sold to shareholders
t u r lt y .................................................................................. $1,677,650 26 $1,675,590 26
at $100 a share (par $50), one-half of which will go to capital
R E C A P IT U L A T IO N . •
Increase ( + )
and the other half to the surplus account. Subscriptions are
Classification—
Mar. 31 1913.
Feb. 28 1913.
Decrease (— )
Interest
bearing
debt.........
$965,706,610
00
payable oither in full on Juno 30 or in two equal installments
$965,706,610 00
D ebt Interest ceased...........
1.675,590 26
1,677,650 26
— $2,060 00
on Juno 30 and September 30.
D ebt bearing no Interest___
376,248,189 40
376,460,241 90
— 212,052 50
— Tho stockholders of the First National and Second
National banks of Pittsburgh ratified on the 18th inst. the
morger proceedings of the two, as arranged on March 15.
Under tho consolidation tho Second National changes its
namo to tho First-Second National Bank, increases its
capital -from $1,800,000 to $3,400,000 and enlarges its
directorate from a membership of fifteen to thirty-five.
William S. Kuhn heads the consolidated bank as President.
Oscar L. lolling President of tho First National becomes a
Vice-Prosidont of the enlarged institution. Other details
of tho morger wero outlined in our issuo of March 22.
— Edward C . Wentworth has been elected President of
tho Old Colony Trust & Savings Bank of Chicago to succeed
Thaddous II. Howe, who retired in order to devoto more of
his time to other interests. M r. Wentworth also replaces
M r . Howo as a director. Sterling B . Cramer, former
cashier of tho Ilinsdalo Trust & Savings Bank of Hinsdale,
111., has become Cashier of the Old Colony, succeeding
Hugo Moyer. F . G . Hoagland has retired from tho director­
ate and is succeeded by Judge Jule F . Bower.
— Tho Southern National Bank of Louisville, K y ., is
enjoying a marked degree of prosperity, as is readily seen
by tho following statement showing tho growth in its de­
posits for tho past three years, the figures being taken from
tho various calls of the Comptroller of the Curroncy:
D e p o s its A p r il
“
“
‘

4 1 9 1 3 ............................................................................................... $ 4 ,6 4 0 ,6 4 5

Fob.
4 1 9 1 3 ...............................................................................................
F o b . 2 0 1 9 1 2 ...............................................................................................
Jan.
7 1 9 1 1 ..........................................................................................
J a n . 31 1 9 1 0 ................................................................. ............................

4 ,5 2 8 ,3 7 1
4 ,0 7 8 ,5 8 7
3 ,9 9 3 ,5 9 9
2 ,2 2 2 ,3 3 5

Thus, in tho three years the deposits have more than
doubled, having advanced from $2,222,335 on Jan. 31 1910
to $4,640,645 undor tho latest call. Albert S. Rice is Presi­
dent, E . B . Robertson is Active Vice-President, and H .
Thiemann is Cashier.
— W . H . Gass and W . W . Willis, President and Cashier
respectively of tho defunct Knoxville Banking Trust Co. of
Knoxville, Tenn., have been indicted in tho Knox County
Criminal Court on threo counts each. The accused are
charged with misappropriating $2,892 and $5,533 respectively
and with receiving doposits when tho bank was known to
bo insolvent. The institution closed its doors on Decem­
ber 16 last.
— Tho stockholders of tho Utah Savings & Trust C o. o
Salt Lake City aro reported to havo taken action toward in­
creasing the capital to $300,000. Preliminary to enlarging
tho amount, tho capital was first reduced from $250,000 to
$200,000, and then raised from the latter figure to $300,000;
with tho increased capital the surplus and undivided profits
aro said to exceed $100,000.
D E B T S T A T E M E N T OF M A R C H 31 1913.
Tho following statements of the public debt and Treasury
cash holdings of tho United States are made up from official
igures issued March 31 1913. For statement o f Feb. 28 1913,
see issue of March 29 1913, page 920; that of M arch 31 1912,’
see issue of A p ril 27 1912, page 1160.




Total gross d e b t ...............$1,343,630,389 66
Cash balance In Treasury »
298,496,280 17

$1,343,844,502 16
297,036,682 68

— $214,112 50
— 1,459,597 49

Total net d ebt..................$1,045,134,109 49

$1,046,807,819 48

— $1,673,709 99

* Includes $150,000,000 reserve fund.

The foregoing figures show a gross debt on March 31 of
$1,343,630,389 66 and a net debt (gross debt less net cash
in tho Treasury) of $1,045,134,109 49.
T R E A S U R Y C A S H A N D D E M A N D L IA B IL IT IE S .—
Tho cash holdings of the Government as the items stood
March 31 are set out in tho following:
ASSETS.
L IA B IL IT IE S .
Trust Fund Holdings—
Trust Fund Liabilities—
$
Gold coin ........................... 1,068,610,169 00 Gold certificates..............1,068,610,169 00
Silver dollars....... ............ 474,826,000 00 Sliver certificates........... 474,826,000 00
Sliver dollars of 1 8 9 0 ...
2,722,000 00 Treasury notes o f 1890
2,722,000 00
Total trust fund......... 1,546,158,169 00
Oen’l Fund Holdings—
Certified checks on bk s.
10,527 20
G old coin and b u llio n ..
32,824,252 35
G old certificates.............
85,105,928 00
Silver certificates............
10,216,445 00
Silver d o lla rs ................
18,443,843 00
Silver bullion..................
1,887,070 78
United States notes____
8,560,513 00
Treasury notes o f 1 8 9 0 ..
6,886 00
National ban k'notes___
33,648,311 08
Fractional silver coin ___
21,865,084 97
Fractional currency____
163 02
1,356,699 48
M inor coin...................
Bonds and Interest paid.
56,926 63

Total trust liabilities. 1,546,158,169
Oen’l Fund Liabilities—
National Bank 5% fund
23,807,969
Outstanding checks and
drafts ..............
20,658,181
Disbursing officers’ bal­
a n c e s .................. ..........
87,066,917
Post Office Department
a c c o u n t........................
11,603,920
Miscellaneous Items____
1,799,018

00
60
84
99
31
95

Total gen’l liabilities.
Less paid checks and
warrants In transit___

144,936,008 69

N et gen’l liabilities___

118,410,820 68

Total In Sub-Treas’les 213,982,650 51
In N at. Bank Depositaries:
Credit Treas. of U. S .
42,869,569 22
Credit U .S .d ls . officers 4,861,962 18

26,525,188 01

Total in banks______
47,731,531 40
In Treas. Philipp. Isl’ds:
Cash balance and reserve—
Credit Treas. of U . S .
1,671,419 23 Total cash and reserve.. 298,496,280 17
Credit U. S. dls. officers 3,521,499 71
M ade up of—
Available $148,496,280 17
Total In P hilippines..
5,192,918 94
and
Reserve Fund Holdings—
Reserve Fund—
G old coin and b u llio n .. 150,000,000 00 Gold& bulll50,000,000 00
Grand total.................. 1,963,065,269 85

Grand total.................. 1,963,065,269 85

T R E A S U R Y C U R R E N C Y H O L D IN G S .— The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on tho first of Jan., F eb ., March and April 1913.
Jan. 1 1913. Feb. 1 1913. Mar. 1 1913. Apr. 1 1913
Holdings In Sub-Treasuries—
$
$
$
$
Net gold coin and bullion .
299,730,929 255,750,031 262,745,118 267,930,180
Net sliver coin and bullion........... 14,321,660 30,068,649 33,858,670 30,547,359
N et United States Treasury notes
10,115
7,089
9,843
6,886
N et legal tender notes....... .......... .. 6,995.837
9,971,816
7,729,631
8,560,513
N et national bank notes..............I 30,787,777 46,623,063 39,756,894 33,648.311
Net fractional silver...................... 17,814,855 20,621,533 21,562,760 21,865,085
M inor coin, & c _ .............................. 1,584,127
2,197,696
2,287,552
1,424,316
Total cash In Sub-Treasuries..371,245,294 365,239,877 367,950,468/363,982,650
Less gold reserve fund..................150,000,000 150,000,000 150,000,000 150,000,000
Cash balance In S ub-T reasuries..221,245,294 215,239,877 217,950,468 213,982,650
Cash In national banks.................. 46,524,543 46,580,889 49,068,483 47,731,531
Cash In Philippine Islands............ 6,269,211
6,380,564
4,847,339
5,192.919
N et Cash In banks, Sub-T reas.274,039,048 268,201,330 271,866,290 266 907,100
D educt current Uabllltles.a......... 130,462,667 122,355,310 124,829,607 118;410,820
Available cash balance..............143,576,381 145,846,020 147,036,683 148,496,280

a Chiefly “ disbursing officers’ balances.”

/ Includes $1,887,070 78 silver bullion
and $1,424,316 33 minor coin, & c „ not Included In statement “ Stock o f m oney.”

^ o tic ta v u s C o m m e v c u tlg u g lis h ^ X m s
E n g lis h

F i n a n c i a l M a r k e t s — P e r C a b le .

The daily closing quotations for securities,'&o., at London,
as reported by cable, have been as follows the past week:

000
000

THE CHRONICLE

1204
London,

Weekending Apr. 25.
Sat
Silver, per o z -------------------- d - 27)$
tfConsols, 2)$ p ercen ts --------7 4 H

Tues.

M<m.

Wed.

Thurs.

Fri.

27 11-16 27)4
27)4
27 13-16
74 13-16 74 13-16 74 13-16 75
74)4
74)4
75 1-16
d F o r a c c o u n t ________________ 7 4 1 3 -1 6 7 4 1 3 -1 6 7 4 K
86.47)4 86.30
86.38)4
d F r e n c h R e n t e s ( in P a r is ) f r . 8 6 .6 5
8 6 .6 5
8 6 .5 0
78)4
79)4
79)4
78)6
77
A m a l g a m a t e d C o p p e r C o . . . 7 8 \i
27 9-16
74M

A m . S m e l t . & R e f in i n g C o . . 7 0 ) $
f t A n a c o n d a M i n i n g C o ...................... 8
A t c h . T o p e k a & S a n ta F e .- - 1 0 4 J $
P r e f e r r e d . . ........................... . 1 0 3
B a l t i m o r e & O h i o . . ....................102
P r e f e r r e d ____________
8 2 )$
C a n a d ia n P a c i f i c .........................2495-6
C h e s a p e a k e & O h i o ......................6 8 J4
C h i c a g o G r e a t W e s t e r n ...............1 5 )4
C h ic a g o M ilw . & S t . P a u l . . .1 1 2 ) 4
D e n v e r & R i o G r a n d e ................. 2 1 ) 4
P r e f e r r e d ..............................
38
E r i e ....................................................... 3 0 H
F ir s t p r e f e r r e d ........................... 4 7 ) 4
S e c o n d p r e f e r r e d ...................... 3 7 ) 4
G r e a t N o r t h e r n , p r e f e r r e d . . 1 3 1 )4
I ll in o i s C e n t r a l .............................. 1 2 3 )4
L o u is v i ll e & N a s h v i l l e ...............1 3 7 )4
M is s o u ri K a n s a s & T e x a s . . . 2 6 )4
P r e f e r r e d ....................................... 6 5
M i s s o u r i P a c i f i c --------------------------3 8 ) 4
N a t . R R . o f M e x . , 1 st p r o f - - 6 3 ) 4
S e c o n d p r e f e r r e d ------------------- 2 5 ) 4
N . Y . C e n t r a l & H u d . R i v e r . 106
N . Y . O n t a r io & W e s t e r n . . . 32
N o r f o l k & W e s t e r n . . .............. 1 0 9 )4
P r e f e r r e d ........... .................. —
87
N o r t h e r n P a c i f i c .........................1 18 54
a P e n n s y l v a n i a ........... ................- 5 8 ) 4
a R e a d i n g C o m p a n y -----------------8 4 ) 4
a F ir s t p r e f e r r e d ............... — 4 7
a S e c o n d p r e f e r r e d -----------------4 7 ) 4
R o c k I s l a n d _____________________2 2 ) 4
S o u t h e r n P a c i f i c ----------------------- 4 0 3
S o u t h e r n H a l l w a y ...................... - 27
P r e ’e r r e d ..............................
81
U n i o n P a c i f i c ---------------------------- 1 5 7 )4
P r e f e r r e d ........... ............................ 8 7 ) 4
U . S . S t e e l C o r p o r a t i o n ---------- 6 3 ) 4
111
P r e f e r r e d .......................
W a b a s h ..................................
3 )4
P r e f e r r e d ..........................
lU i
E x t e n d e d 4 s .................................5 9
a P rice p e r sh a re .
f l a t p r ic e s .

8
8
7)4
104)4 c l0 2 M
104)4
103
103
103)4
102
101)4
101)4
101)4
81)4
81)4
81)4
249
248 H
251M
250 H
69
69 >4
70
69)4
15
15
15
15
in
112
113
112)4
21)4
22
21)4
22
37)4
37)4
37)4
30
30)4
30)4
30)4
46
47
47)4
47)4
37
37)4
38)4
131
131)4
131)4
131)4
118
122)4
124
123)4
124
136
137
137
137)4
137)4
26)4
26)4
26)4
27
26)4
63)4
63)4
62)4
61 %
38)4
38)4
39
39)4
61)4
61)4
61)4
61)4
25
24)4
25
25)4
25)4
105
106
105)4
106)4
106
31)4
31)4
32
31)4
32
109
108)4
109
109
109)4
____
87)4
87)4
119
118)4
119)4
118)4
119)4
59
59
59)4
58)4
59)4
C83)4
85)4
85)4
85)4'
84)4
46)4
47
47
47)4
____
47)4
-17)4
22)4
22)4
22)4
23)4
22)4
101)4
102)4
103
104«
103)4
26)4
26)4
26)4
27)4
26)4
80
80)4
80)4
81)4
156)4
158 H
158)4
159)4
157)4
86)4
87)4
87)4
8 7 14
63)4
64)4
63)4
64)4
63)4
111)4
111)4
111)4
112)4
111)4
3)4
3)4
3)4
3)4
3)4
11
11
11
11
11)4
59)4
59)4
59)4
59)4
c Ex-divldend. d Quotations here given are
7)4
104)4

6 £ s t e r li n g ,

7)4
105
103)4
102)4
82)4
251)4
70)4
15
113
22
38 K
31)4
43

(gommcvclttl inicimtsceUaucous I tems
G O V E R N M E N T R E V E N U E S A N D E X P E N D IT U R E S .
1911-12.

1912-13.
(000s omitted.)

Jan.

Mar. 9 MOS.

Feb.

Jan.

Feb.

Mar. 9 Mos.

$
S
$
$
$
$
$
$
Receipts—
C u s t o m s ....... .......... — 29,334 27,606 27,457 250,345 24,655 26,337 30,409 232,267
Internal
(O r d in a r y .. 24,600 22,418 23,525 231,175 22,041 23,102 23,758 219,619
3,186
434
443
494
4,197
993
519
307
Revenuc\Corp. t a x ..
M iscellaneous................ 6,301 4,261 4,745 41,133 6,323 3,999 4,695 39,635
Total receipts . . .
Disbursements—
Civil and miscellaneous
W a r .................................
N a v y _________________
I n d ia n s ......... .................
P e n s io n s ....... .................
Postal deficiency--------Interest on public d ebt.
Panama Canal......... —

60,542 54,804 56,720 526,850 52,462 53,932 59,296 494,707
14,549
12,643
11,590
2,824
12,358
3,284
4,057

13,904
11,143
9,753
1,752
16,110
212
633
1,317
3,093 3,568

12,862
10,613
10,641
1,438
17,620

132,348
124,624
98,705
14,893
128,310
676
16,755
31,068

13,562
10,477
10,750
1,354
14,762
49
3,288 1,904
2,921 2,861

15,703
11,825
11,175
2,131
11,170

134,533
117,601
102,860
14,379
117,364
2,174
501 16,925
3,133 26,984

12,824
11,371
10,690
2,028
12,654

Total dlsbursements. 61,305 57,584 57,075 547,379 58,213 55,719 53,201 532,820
Less repayment of un­
1,196
713 1,410
2,081 1,870
expended balances . . 3,642 1,651 2,029
57,63 55,933 55,046 545,298 56,343 55,006 51,791 531,624

F O R E IG N T R A D E OF N E W Y O R K — M O N T H L Y
S T A T E M E N T .— In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
N ew York Custom House.
i
1
Month. !

ferchandtse Movement to New York.
1912-13. | 1911-12.

1911 12.

! 1912 13.
J u l y .........
August- - ­
September
October . .
N ovem ber
Decem ber
January. .
F ebruary.
M arch . . .

Exports.

Imports.

$
85,764,897
86,569,092
84,440,226
109,821.079
85,700,274
94,190,034
92,638,634
86,490,086
89,456,045

$
69,247,136
74,673,583
73,303,594
77,295,842
75,572,105
81,713,427
87,174,820
80,426,110
94,289,890

$
1
$
66,670,270 58,702,124
72,500.822 62,055,957
73.336.565 70,231,541
76,908.550 65,514,865
82.031,311 67,751,913|
78,460,992 77,965,832,
83,086,109 66.475,205
74,536,674 69,345,534
84,214.736 72,192,950,

Customs Receipts
at New York.
1912-13.
$
18,180,492
18,322,736
17,936,175
19,983,599
16,430.391
16,406,794
18,769,817
18,152,304
17,476,298

1912 IS.
$
16,481,668
18,023,013
15,834,097
16,968,975
15,969,854
15,249,906
17,425,585
17,291,791
18,901,616

691,746,029 610,235,92^161,658,006 152,206,505
T o t a l . . 815,070,367 713,696,507
i

The imports and exports of gold and silver for the nine
months have been as follows:
Cold Movement at New York.
Month.

Imports.
1912-13.

J u l y ____
August___
September
October . .
N ovem ber
Decem ber
Jan u ary.. ;
F ebruary.
M arch . . .
T o ta l. .

$
1,838,482
2,376,892
1,481,485
8,799,437
1,291,578
6,748,644
2,831,377
1,215,243
2,080,332

1911-12.

\

Exports.
1912-13.

1911-12.

$
$
$
269,508
858,180
519,068
84,400
38,800
1.873.940
179,027
404,852
1,661,591
186,996 2,816,299
2,045,192
192,833 2,305,278
1,547,826
678,172
347.970
1,764,901
1,750,573
1,894,791 17,154,217
1,441,106 12,242,965 10,507,393
2.464.940 17,588,897 7,332,800

Silver—New York.
Imports.

Exports.

1912-13.

1912-13.

i
S
585.335 1
893,282
613,718
1,383.460
1,038,301
1,920,363
2,358,323
1,099,776
1,624,950

$
5,687,472
5,006,940
5,410,412
4,909,601
4,546,630
6,565,294
4,935,045
4,159,853
4,467,353

28,663,470 15,213,355j 49,015,710 25,923,450j 11,517,508 45,088,600

B A N K N O T E S — C H A N G E S IN T O T A L S OF, A N D IN
D E P O S IT E D B O N D S , & c — W e give below tables which
show all the monthly changes in bank notes and in bonds




[V o l . XCVI

and legal tenders on deposit. The statement for M c h . 31 1912
will be found in our issue for A p ril 27 1912, page 1161.
Circulation Afloat Under—

Bonds and Legal Tenders
on Deposit for
1912-1913

Bonds.
M ar.
Feb.
Jan.
D ec.
N ov.
O ct.

Sept.
Aug.
July
June
May
April

31
28
31
31
30
31
30
31
31
30
31
30

1913.
1913.
1913.
1912.
1912.
1912.
1912.
1912.
1912.
1912.
1912.
1912.

$
732,688,750
731,943,480
734,273,150
732,544,640
731,366,680
7302257,280
728,984,230
727,317,530
725,505,460
724,493,740
724,265,600
723,035,910

Legal
Tenders.

Legal
Tenders.

Bonds.

Total.

S

22,659,331
22,871,039
20,550,148
21,193,423
21,670.491
22,179,643
22,384.311
22,595,751
23,282,793
24,710,882
25,631,642
27,115,655

729,400,001 22,659,331 752,059,332
728.246,755 22,871,039 751,117,794
729,931.621 20,560,148 750,481,769
729.778.823 21,193.423 760,972,248
728.516,285 21,670,491 750,185,776
727.169.316 22,179,543 749,348.859
725,395,343 22,384,311 747,779,654
723,906,556 22,596,751 746,501,307
721,623.148 23,282,793 744,905,941
720.424,110 24,710,882 745.134,992
719,861,030 25,631,642 745,492,672
718,604,693 27,115,655 745,720,348

The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositaries on March 31._________
U. S. Bonds Held Mar. 31 to Secure—
Bonds on Deposit
Mar. 31 1913.

Bank
Public Deposits
Circulation.
in Banks.

2 % , U . S. Panama of 1 9 3 6 ..............
4 % , U .S . Loan o f 1925-------------------3 % , U . S. Loan of 1908-1918----------2 % , U . S. Con3ols o f 1930..................
2 % , U . S. Panama o f 1938..................
3.65% , D istrict of Colum bia..............
Various, State, C ity and Railroad__
Various, Territory o f Hawaii......... ..
4 % , Philippine Loans________ _____
4 % , Porto R ico Loans......... ..............
3 % , U . S. Panama of 1 9 6 1 ................
4 % , Philippine Hallway------------------

Total
Held.

$
$52,550,620
30,880,500
20,902,240
599,538,750
28,816,640

$
$1,654,500
3,882,000
3,603,300
12,994,200
684,000
837,000
386,000
1,030,000
4,900,000
1,273,000
15,948,500
739,000

$
$54,205,120
34,702,500
24,505,540
612,532,950
29,500,640
837,000
386,000
1,030,000
4,900,000
1,273,000
15,948,500
739,000

$732,688,750

$47,931,500

$780,620,250

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits March 1 and
April 1, and their increase or decreaso during the month of
March:
National Bank Notes—Total Afloat—
Am ount afloat M arch 1___________________ ___________________ ________3751,117,794
N et amount Issued during M arch------------------------------------------- ---------- 941,o88
Am ount of bank notes afloat April 1 1913------- --------------------------------J752.059.332
Legal-Tender Notes—
Amount on deposit to redeem national bank notes M arch 1 1913........... 122,871,039
N et amount o f bank notes retired In M arch----------------------- --------------- 211,708
Am ount on deposit to redeem national bank notes April 1 1913--------- $22,659,331

S T O C K OF M O N E Y IN T H E C O U N T R Y .— The follow­
ing table shows the general stock of money in the country as
well as the holdings by the Treasury, and the amount in cir­
culation on the dates given. The statement for A p ril 1 1J12
will be found, in our issue of A p ril 27 1912, page 1161.
Stock of Money Apr. 1 1913--------- Money on Circulation----In United
Held in
April 1
AprU 1
Slates.
Treasurg.d
1913.
1912.
S
$
G old coin and b u llio n ... *1,858,569,894 182,824,252
85,105,928
G old certificates.a_____________ _________
Standard silver dollars_ 565,556,020
18,443,843
Silver certificates.a . .......................... ..
10,216,445
Subsidiary silver___ cl7 4,9 S l,948
21,865,085
Treasury notes of 1890_
2,722,000
6,886
U n'ted States notes
. . . 346,681,016
8,560,513
National bank notes. 752,059,332
33,648,311

$
607,135,473
983,504,241
72,286,177
464,609,555
153,116,863
2,715,114
338,120,503
718,411,021

$
597,115,340
947,137,255
70,528,463
474,855,376
140,767,584
2,998,996
337,800,745
709,984,007

T o ta l..............
3,700,570,210 360.671,263 3,339,898.947 3,281,187,766
Population of continental United States April 1 1913 estimated at 96,916,000.
circulation per capita, $34 40.
,
. __ ..
a For redemption of outstanding certificates an exact equivalent In amount of the
appropriate kinds o f money Is held In the Treasury, and Is not Included in the
account o f money held as assets of the Government.
♦ a rnvifipcl estimate bv the Director o f the M int o f the stock of gold coin was
adopted K e s t a ^ n t o f Aug. 1 1907. There was a reduction of $135,000,000.
c ^ r e v is e d estimate b y the Director of the M int o f the stock of subsidiary sliver
coin was adopted In the statement o f Sept. 1 1910. There was a reduction of

" a *Thbfstatcmpnt o f money held in the Treasury as assets o f the Government does
not include deposits o f public money in National Bank Depositaries to the credit
of the Treasurer o f the United States, amounting to $42,869,569 22.

A u c tio n 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:
B y Messrs. Adrian H . Muller & Sons, Now York:
Shares.

Per cent. Shares.

450 Cons. Mines C o ., $1 ca-40c. per sh.
8,150 Ouray Un. M g. C o., $10 c a .l $15
42 Adgate Rotary Loom C o . . - / lot
50 Lawyers’ Mortgage C o ........ 207
10 N at. Bank o f Com m erce___ 188)i
6 N . Y . Lire Ins. & Trust C o . 1036
3 Herring-Hall-M arvInSafeCo.
and $83 33 scrip............. ..
9)1
100 Composite T ype Bar C o ____$2 lot
10 South Chattanooga C o ......... 100
25 Am .Cham plonG asLam pCo.] $52
3)» Cascado M g. C o ., $10 c a .
lot
114 So. Chattanooga Land C o . - j
200 Herkimer Realty C o ......... - - - 40
100 Alice G old <fc Silver Mining
C o., $25 e a c h ...$ 3 10 per share
1 Seminole Fruit * Land C o . - - 13
5 Cornell Construe. Co. tr. ctfs.$7 lot
50 The Herbert Land C o ., $10
each............................ .$3 per share

Per cent

348 Chestnut Ridge W hite Brick
C o., Pa., $50 each............. $105
10 Chestnut Ridgo White Brick lo t
C o., N . Y „ prof......... ........
2 11-12 Delovan Cond.M Ilk Co. 10
6 Old Pt. Com fort Im pt. Co. - 1 $44
$400 O. Pt. Com . Im pt. C o. 2d 6sJ lot
362 Thos. W . Pangborn C O ..N .Y . 11
100 M artha Realty C o .............. '*
100 National Reserve Bank........ 90 •
20 Corn Exchange Bank--------- 320
10 Eastern Underwear M fg . - - 10
2,000 Argonaut Consol. M g. C o . - l
5,500 White K nob Copp. & D e v .) $710
C o .. L td., pref., $10 each-J

Bonds.

Percent.

$1,000 Federal Publishing C o. coll.
6S
_______________ 90)4 & lnt.
$4,400 M artha Realty C o. bond &
mortgage ............................. - «200

B y Messrs. Francis Honshaw & C o ., Boston:
Shares.

$ per sh. I Shares.
.
2 Merchants* National Bank--------305
1 Lowell Gas Light C o .................... 295
3 Hopklnton (Mass.) N at. B ank_. 70 |

By Messrs. R . L . D ay & C o ., Boston:
$ per sh.
$ per sh. Shares.
10 Pero Marquette R R ., 1st prof.
2 National Shawmut Bank............235
scrip................- .............. ............ 15%
15 West Point M fg. C o ...................-110
48 Central Vermont Ity., scrip____7 )4 %
1 Boston W harf C o ................
120

Shares.

By Messrs. Samuel T . Freeman & C o ., Philadelphia:

Shares

$ per sh. I Bonds.

Per Cent.

5 Phl'la. City Pass. R y ., $50 e a c h . 155)4 $1,000 Pitts. & 8usq.RR lst5s.1940 10
10 W. Phlla. Pass. R y„ $50 e a c h . .204 I $800 Fhlla. City 4s, 1939-40......100

THE CHRONICLE

ArR. 20 1913.]

B y Messrs. Barnes & Lofland, Philadelphia:
S per sh.
11,220 Rice Gasoline Rock Drill 1
Co., common.................. 11.30
2,250 Rice Gasoline Rock Drill
Co., preferred.................. ]
5 Nat. State Rank, Camden,.200
13 Real Estate Tr. Co., pref.. 90K
39 People’s Tr. Co., §50 each.. 45
50 People's Nat. Fire Ins. Co.,
$25 each......... ........ .........18)4
30 Sprlng-IIouse & llllltown
Turnpike Co-------------------- 41
0 Bank of North America____2941$
1 Corn Exchange Nat.Bank.300>$
10 First Nat. Bank, Phlla___ 225
10 Philadelphia Nat. Bank___ 475^$
20 Tenth National Bank..........118
20 Columbia Ave. Trust Co__ 173
11 Finance Co. of Pa., 1st pref_112}$
50 Hamilton Tr. Co., $50each. 45
05 Indep. Tr. Co., $50 each__ 95K
20 Mutual Tr. Co., $50 each.. 40
10 Penn. Mutual Life Ins. Co.,
S10 each ......................... 714
30 Elmira * Wmsport. RR.,
pref., $50 each.................. 70
Shares.

$ per sh
3 Pennsylvania Fire Ins. C o ..400
22 Germantown Passenger Ry_112
8 John B. Stetson Co., com ..383
10 Amcr. Pipe & Construe. Co. 00
5 Amer. Academy of Music. .210>$
15 Nor. Liberties Gas Co., $25
each___ ______ _________41 *5
75 Phlla. Life Ins.Co.,$10each. 10K
5 Fire Association_________ 350
5 Buff. & L. E. Trac.Co.,com.$4 lot
55 Standard Roller BoarlngCo.,
common________________10
0 Phlla. Bourse, pro., $25each 10
20 Prudential Loan Society of
Philadelphia, $10 each___ 12)$
22 U. S. Loan Society of Phila­
delphia, $10 each............. - 10
500 Kimberly Cons. Mines Co.,
$1 each_____ ___________ 26c.

Shares.

Bonds.

Per Cent

$1,500 \V. Chester Kennett &Wllm.
El. Ry. Co. 1st 5s, 1935.......... 60
$1,000 Springfield \Vat.Co.5s,1920. 94)$
$1,000 West. N. Y. & Pa. Ry. gen.
4s, 1943........................... .......... 82

DIVIDENDS.
The following shows all the dividends announded for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.

Per
Cent.

Books Closed.
Days Inclusive.

Railroads (Steam).
Atch. Topeka A Santa Fe, com. (quar.)—
Atlantic Coast Line RR., preferred.
' Central of New Jersey (quar.)--------

Holders of rcc April 30a
30 to May
Holders of rcc . Apr.18a
Holders of rec May 17
Apr. 20 to Apr. 30
1 Apr. 27
to May 1
Holders of rec . Apr.12a
Apr. 15 to May
Apr. 15 to May
Apr. 15 to May
Holders of rec . Apr.19a
Holders of rec May 31
Holders of rec . Apr .30a
Holders of rec .April 10a
Holders of rec Apr.21a
Holders of rec. May27a
Holders of rec. Apr. 16a
1 Apr.

Cripple Creek Central, com. and pref.(quar.)

Elmira & Williamsport, common_____
Georgia Sou. <t Florida, 1st & 2d pref.
Great Northern (quar.)_____________
Mexican Railway, Ltd., ordinary___
First preference__________________
Second preference______ _________
Missouri Kansas A Texas, preferred__
Norfolk & Western, common (quar.)__
Norfolk & Western, preferred (quar.)..
Northern Pacific (quar.)......................
Reading Company, common (quar.)..
First preferred (quar.)................ ...
St. Louis & San Fran., 1st pref. (quar.)...
Tonopah & Gohlfleld, common......... .
Street and Electric Railways.
American Railways, preferred (quar.)----Brazilian Tr., L. & l’ow., I.td. (quar.)----Cape Breton Elec. Co., common (No. 7)----Preferred (No. 14)---------- -------- ------Columbus Ry., pref. (quar.) (No. 54)----Commonwealth Pow., lly.&L , com.(No.1)
Preferred (quar.).........
Connecticut By. <fc Big., com. <t- pref. (quar.)
Cumberland Co. Pow. it; Lt., pref. (quar.)..
Detroit United By. (quar.).

Easton (Pa.) Consolidated Electric Co___
EastSt. Louis A Sub. Co., pf. (qu.)(No.28)
Grand Rapids Ry., pref. (quar.) (No. 50).
Havana Electric lty., L. & P., common..
Preferred ....................
Jacksonville Traction, com. (qu.) (No. 9).
Preferred (quar.) (No. 9).
Kokomo Marlon & West. Trac., prcf.(qu.)
Lehigh Valley Transit, preferred________
Lewiston Aug. A Wat., prcL (qu.) (No.12)
Lincoln Traction, pref. (quar.)__________
Mexico Tramways (quar.)_____________
Milwaukee El. Ry. A Lt., pf.(qu.)(No.54)
Ohio Traction, pref. (quar.)............. ........
Philadelphia Co., com. (quar.) (No. 126)
Cumulative preferred stock--------------Public Service Invest., pref. (qu.) (No. 16)
Railways Company General (quar.)-------Rio do Janeiro Tram., L.AP.,Ltd. (quar.).
Sao Paulo Tram., L. A P., Ltd.,com.(qu.).
Sierra Pac. Elec. Co., prof, (qu.) (No. 15)
Tol. Bowling Green A Sou. Trac., pf. (qu.)
Union St. By., New Bedford, Mass. (quar.).

Washington (D. C.) Ry. A El. com. (quar.)
Preferred (quar.).................... .............
West Penn Ilys., pref. (quar.) (No. 30) —
Banks.

May
May
May
May
May

Holders of rcc. Apr.30a
Holders of roc. Apr. 30
Holders of rec. Apr.25a
Holders of rec. Apr.25a
Holders of rec. Apr. 15a
M ay
Holders of rec. Apr.10a
May
Holders of rec. Apr.10a
May
May 1 to May 15
May
Holders of rec. Apr. 21
Holders of rec. May 17
June
Apr. 20 to Apr. 30
May
Holders of rec.April 15a
May
Holders of rec. Apr. 15
May
Apr. 20 to May 15
May
Apr. 20 to May 15
May
May
Holders of rec. Apr.18a
May
Holders of rcc. Apr.18a
Juno
Holders of rec. May25a
May
Holders of rec. Apr. 30a
May
Holders of rec. Apr. 15
May
Apr. 20 to Apr. 30
May
Apr. 13 to Apr. 30
April: Holders of rec.Apri!21a
May
Holders of rec. Apr.25a
M ay
Holders of rec. Apr. la
M ay
Holders of rec. Apr.10a
M ay
Holders of rec. Apr.15a
May
Apr. 20 to Apr. 30
M ay
Holders of rec. Apr. 15
May
Holders of rec. Apr. 15
May
Holders of rec. Apr.23a
May
Apr. 22 to Apr. 30
May
Holders of rec. Apr. 17a
June
■May 21
June
May 21
May
Apr. 24 to May 1

American Exchange National.
Bowery (quar.).............................
Eztra ......................... - .......... .
Chemical National (bi-monthly)..
City, National....... ................. .
Corn Exchange (quar.).. ............. .

Fidelity......................................

Germania ----------------------------Extra ................ i ................... .

Pacific (quar.)..........................
Trust Companies.
Astor (quar.)--------- --------------Broadway (quar.)---------------- Farmers’lLoan A Trust (quar.)...
Hamilton, Brooklyn (quar.).........
Kings County, Brooklyn (quar.)----Nassau, Brooklyn (quar.)...........
Miscellaneous.
Amalgamated Copper (quar.)..

American Bank Note, com. (quar.).

American Cigar, common (quar.).
Amer. Gas A Elec., pref. (quar.) (No. 25)
Amorlcan Glue, common------ - - - - - - - - - Amer. Graphophone, pref.(qu.) (No. 60)..
Amcr. Light A Traction, com. (quar.)----Common (payable In common stock) —
Preferred (quar.)___________________
American Malt Corporation, preferred----American Mailing, preferred.
Amerlcan Utilities, pref. (quar.) (No. 5 )..
Bergner <fc Engle Brewing, pref...........
Bond A Mortgage Guarantee (quar.)..
Brill (J. G.), pref. (quar.)................
Brown Shoe Co., Inc., pref. (quar.).
Burns Brothers, preferred (No. 1)..
Cambria Steel (quar.)_____ ______
Canada Cement, Ltd., pref. (qu.) (No. 13)
Canadian Converters, Ltd. (quar.).
Cities Service, common (monthly)..
Preferred (monthly)....................
Clnflln (H. B.), 1st pref. (quar.)___
Second preferred (quar.)-----------Columbus (O.) Gas A Fuel, com. (quar.)___
Commonwealth Edison (quar.)................
Consolidated Gas (quar.)_________ _____
Consolidation Coal (quar.).................... .
Cuyahoga Telephone, pref. (quar.).........
Distilling Co. of America, pref. (quar.)...
Dominion St. Corp.,I,td.,i>rof.(qn.)(No.5)




May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
June
May
June
April:
April I
Apr. !
May

Holders of rec.
Apr. 27 to
Apr. 27 to
Apr. 26 to
Apr. 25 to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Apr. 16 to

Apr. 22
Apr. 30
Apr. 30
Apr. 30
Apr. 30
Apr. 30
Apr.29a
Apr.2la
Apr.21a
Apr. 30

Holders of rec.
Apr. 22 to
Apr. 25 to
Holders of rcc.
Apr. 26 to
Apr. 27 to

Apr.26a
Apr. 30
Apr. 30
Apr.25a
Apr. 30
May 1

Holders of rec.
Holders of rec.
Holders of rcc.
April 2
to
April 23 to
Holders of rec.
April 17 to
April 17 to
April 17 to
Apr. 16 to
Holders of rec.
Holders of rec.
Apr. 20 to
Holders of rec.
Apr. 25 to
Holders of rec.
Holders of rec.
Holders of rec.
May 1 to
Holders of rcc.
Holders of rcc.
Holders of rec.
Holders of rcc.
Holders of rec.

Apr.26a
May la
Apr.15a
May 1
May 1
May 1
April 30
April 30
April 30

Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Apr. 16 to

Apr. 15
May 14
Apr.23a
Apr.16a
Apr.19a
May 1

Apr. 15
Apr. 30
May 5
May 8
Apr. 30
Apr.26a
Apr. 19
Apr.30a
May 10
Apr. 30
Apr. 15
Apr. 15
Apr.24a
Apr.24a

120.5
Per
When
[Cent. Payable.

Name of Company.

Miscellaneous (Concluded). < -%t
Eastern Steel, first preferred___________
Eastman Kodak, common (quar.)_____ ”
Common (extra)______ ______
Preferred (quar.)____________ -I I ” II
Edison El. Ilium, of Bos.(quar.)(No. 96)
Edison Elec. III. of Brockton (No. 51)
Electrical Securities Corp., pref. (quar.).I
Electric Bond & Share, pref. (qu.) (No. 32)
Emerson-Brantlngham, pref. (quar.)__
Eureka Pipe Line (quar.)............... II
Fall River Gas Wks. (quar.) (No. 74)11”
Federal Sugar Rcfg., com. (quar.)..
Preferred (quar.)________________
Ft. Worth Pow. & Lt., pref. (qu.) (No. 7)
Galena-Signal Oil, com. (pay. In com. stk.)
General Chomical, common (quar.).
General Motors, preferred (quar.)..
Goldfield Consolidated Mines..........
Gorham Mfg. Co., common (quar.)I _
Granby Consol. Min., Smelt. & Pow., Ltd'
Guanajuato Pow. & El.,pf.(qu.) (No. 19)
Harrison Bros. <fc Co., Inc., pref. (quar.)..
Houghton Co. Elec. Lt., com. (No. 16). 11
Preferred (No. 21)._______ ________
Illinois Northern Utilities, pref. (quar.).
Ilium. & Power Sec. Corp., pf. (qu.)(No.3)
Indiana Pipe Line (quar.)_________
Ingersoll-Rand, common_________
Special (payable In common stock)
International Banking Corporation.
International Nickel, common (quar.)___
Preferred (quar.)............. .....................
Internat. Silver, pref. (on acct. acc. dlvs.)
Int. Smokeless Powder & Chem., preferred
Island Creek Coal, common (quar.)_____
Kansas CUy Stock Yards of M o. (quar.)___
Kayser (Julius) & Co., lst& 2d pref. (qu.)
Kellogg Switchboard & Supply (quar.)___
La Belle Iron Works, common (quar.)___
Lackawanna Steel, preferred (quar.)______
Loosc-Wllcs Biscuit, second pref. (quar)..
Lowell El. Lt. Corp. (quar.) (No. 68).........
Massachusetts Gas Cos., common (quar.)
Preferred .................... .......................
Mexican Light & Power, Ltd., preferred..
Mexican Petroleum, common (quar.)____
Miami Copper (quar.) (No. 5)........... .....
Milwaukee & Chicago Breweries, Ltd___
Montreal Light, lit.A: P. (quar.) (No. 48)..
National Carbon, pref. (quar.)____
National Lead, preferred (quar.)___
New Central Coal.................. ........
New England Cotton Yarn, pref. (quar.)..
Osceola Consolidated Mining (quar.)___
Pacific Coast Co., common (quar.).
First preferred (quar.)..................
Second preferred (quar.)________
Pacific Power <fc Lt., pref. (qu.) (No. 11)..
Pennsylvania Steel, preferred__________
People’s Gas Light A Coke (quar.)_____
Portrd(Ore.)Gas&Coke ,pref .(qu.)(No.l3)
Pressed Steel Car, pref. (quar.) (No. 57)___
Procter & Gamble, common (quar.)_____

Books Closed.
Days Inclusive.

1K Apr. 30 Holders of rec. Apr. 15
Holders of rec. May31a
July
Holders of rec. Apr.30a
June
Holders of rec. May31a
I K July
Holders of rec. Apr. 16
May
3
Holders of rec. Apr.22a
May
$4
Holders of rec. April26a
1K May
Apr. 21 to Apr. 30
IK May
Apr. 18 to Apr. 30
IK May
10
Holders of rec.April 15a
May
3
Holders of rec. Apr. 18a
May
I K Apr. 28 Holders of rec. Apr.25a
IK Apr. 28 Holders of rec. Apr.25a
Apr. 30
IK May 1 Apr. 23 to
50e
1 to Apr. 14
May 15 Apr.
IK June 2 Holders of rec. May 22
3 K May 1 Holders of rec.Apr. 15a
30c. April 30' Holders of rec. Mar.3la
2K May 12 Holders of rec. May 10a
$1.50 June
Holders of rec. May 19a
Apr. 18 to May 1
I K May
1
May
Apr. 27 to April 30
G2Kc. May
Holders of rec. Apr.2la
75o. May
Holders of rec. Apr.21a
Holders of rec. Apr.19a
IK May
IK May 15 May 1 to May 12
$4 May 15 Holders of rec. Apr. 23
5
April 30 Holders of rec. Apr. 15a
25e May
Holders of rec. Apr.21a
2K May
April 16 to April 30
3
June 2 May 15 to June 2
I K May
April 13 to May 1
If May 15 May 2 to May 15
4
May 15 Holders of rec. May 5a
50c. May
Holders of rec. April 26
IK May
Holders of rec. Apr. 15a
1K May
Holders of rec. Apr.21a
3
May 2 Holders of rec. Apr. 30
K Apr. 30 Apr. 20
to Apr. 30
I K Juno 1 Holders of rec. May 31
IK May 1 April 16 to
May 1
$2
May 1 Holders of rec. Apr.22a
$1 May 1 Holders of rec. Apr. 15
2
May 31 Holders of rec. May 15
3K May 1 Apr. 20 to
Apr. 3<i
IK May 24 Holders of rec. May 10
50c. May 15 Holders of rec. May la
IK May 15 Holders of rec. Mar.135
2 K May 15 Uoldere of rcc. Apr.30a
May 15
IK May 15 May 6 to
May 27
IK June 16 May 24 to
May 1 Apr. 29 to May 1
2
IK May 1 Holders of rec. Apr. 17
$3 Apr. 30 Holders of rec. Mar.29a
Apr. 19 to May 1
IK May
Apr. 19 to May 1
IK May
Apr. 19 to May 1
IK May
Apr. 24 to Apr. 30
IK May
Holders of rcc. Apr. 19a
IK May
IK May 26 Holders of rec. May 3
Apr. 30
IK May 1 Apr. 24 to
1K May 21 May 1 to May 20
4
May 15 Holders of rec. Apr.30a
Public Service Corp. of Nor. III., com.(qu.).
1
May 1 Holders of rec. Apr. 19a
Preferred (quar.)____________________
I K May 1 Holders of rec. Apr. 19a
Pullman Company (quar.) (No. 185)___ I I
2
May 15 Holders of rec. Apr. 30
Pure Oil, common (quar.)_______________
3
Juno 1 May 15 to May 31
Common (extra)____ ____ ______ ____
2
June 1 May 15 to May 31
Quaker Oats, preferred (quar.)_________
May 31 Holders of rec. May 1
IK
Railway Steel-Spring, common...............
2
May 20 May 2 to May 20
Sears, Roebuck <t Co., common (quar.)..
I K May 15 Holders of rec. Apr.30a
Siegel Stores Corp., pref. (quar.)_______
I K May 1 Holders of rec. Apr.15a
Silversmiths Company t(quar.)__.............
IK May 15 Holders of rec. May 8a
South. Calif. Edison, com. (qu.) (No. 13)..
IK May 15 Holders of rec. Apr. 30
Standard Oil of Indiana (quar.)_________
May 31 May 13 to June 1
3
Extra.......................................... .........
May 31 May 13 to June 1
3
Standard Sanitary M fg., com. (quar.)____
Holders of rec. Apr. 24
IK
Preferred (quar.).... .......................... .....
Holders of rec. Apr. 24
IK
Stewart-Warner Speedometer Corp., com___
Apr. 20 to May 1
IK May
Preferred __________________________ 2 1-3 * May
Apr. 20 to May 1
Texas Power <t Lt., pref. (quar.) (NoIV)'. I K May 1 Apr. 23 to Apr. 30
United Cigar Mfrs., common (quar.)____ 1
May 1 Holders of rcc.Apr. 24a
United Cigar Stores of Am., com. (quar.).
May 15 May 2
to May 15
United Dry Goods Cos., common (quar.).
May
Holders of rec. Apr.24a
United Electric Securities, preferred.........
May
Holders of rec. Apr.18a
United Equities Corp, pref. (No. 1)...........
May
Apr. 24t
o Apr. 30
U. 8. Bobbin <t Shuttle, pref. (quar.)........
May
Apr. 20
to Apr. 30
U. S. Realty & Impt. (quar.)...................
May
Holders of rec. Apr.19a
United States Rubber, common (quar.)__
Apr. 30 Holders of rec. Apr.15a
First preferred (quar.)_____ ____ ____
Apr. 30 Holders of rec. Apr.15a
Second preferred (quar.)........................
April 30 Holders of rec. Apr.15a
Utilities Improvement, common (monthly)
May 1 Holders of rec. Apr. 15
Preferred (monthly)_______________
May 1 Holders of rec. Apr. 15
Vacuum Oil..................... .......
May 15 Holders of rec. May la
Warner(Chas.)Co.ofDel.,1st <t 2d pf.(qu.)
Apr. 24 Holders of rec. Mar. 31
Warwick Iron & Steel......... .....................
May 15 May 1 to May 15
Westlnghouse Elec. & Mfg., com. (quar.).
Apr. 30 Holdera of rec. Mar.31a
° ) Co,,Inc.,pf.(qu.)(No. 40).
May 1 Holders of rec. Apr. 21
WIUys-Overland, common (quar )
May 1 Holders of rec. Apr. 21
Woolworth(F.W.)Co., com. (qu.) (No. 4)
June 1 May 2 to May 21
Worthington (Henry R.), preferred.
May 1 Holders of rec. April 19
a I ransfer books not closed for this dividend, b Less income tax. d Correction.
I ayablo in common stock. /O n account of accumulated dividends, h Transfer
books closed from May 2 to May 15, both days Included, i At rate of 7% per an­
num for period from Jan. 13 1913 to May 1 1913. k For four months’ period end­
ing Apr. 30.
2K

5

Canadian Bank Clearings.— The clearings for the week
ending April 19 at Canadian cities, in comparison with the
same week of 1912, show a decrease in the aggregate of 0 .7 % .
Week, ending April 19.

Clearings at—

1913.
C anada—
M o n tr e a l................
T o ro n to ......................
W innipeg...... ............
V ancouver_______
O tta w a __________
Q uebec........................
H alifax ........................
H am ilto n ...................
S t. J o h n _________
.o ndon__________
C a lg a ry ......................
V ictoria.......................
E d m o n to n_______
R egina.........................
B ran d o n .....................
L ethbridge................
Saskatoon________
B ran tfo rd ...................
Moose J a w ................
F o rt W illiam ...........
New W estm inster.

S
55,956
41,500
25,581
13,114
3,946
2,958
1,904
3,630
1,646
1,954.
4,539
3,821,
3,920,
2,275,
600,
456,
1,953,
598,
1,180,
747,
676,

1912.

Inc. or
Dec.

$
%
,763,953 + 6.1 30,892,048 36,753,563
,349,186 —2.0 35,559,443 30,164,933
.512,471 — 10.3 16,860,892 17,880,384
,037,489 + 0.3 8,051,426 9,237,654
,308,633 —21.6 3,661,446 4,318,934
,100,858 —4.6 2,067,548 2,161,252
,068,138 —7.9 1,314,459 1,978,469
,917,979 + 24.4 2,475.965 1,998,781
,828,981 —10.0 1,318,730 1,508,016
,757,543 + 11.2 1,190,617 1,284,185
,840,690 —6.2 3,140,327 5,118,594
,519,283 +51.7 2,315,408 1,822,950
,179,709 —6.2 2,106,902 1,207,980
,973,117 + 15.3 1,283,041
751,090
542,056 + 10.7
486,928
524,414
679,869 — 18.1
405,671
,167,030 —9.9
787,633
637,617 —6.1
452,507
,236,415 — 4.5
876,066
595,893 + 25.5
, lncl. in total

T o t a l C a n a d a -------------- 172.285.662 173.421.017

— 0 .7 115.347,057 116,711,199

THE CHRONICLE

1206

N a tio n a l B a n k s .— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S T O C O N V E R T A P P R O V E D .
T h e F a y e tte C o u n ty B a n k o f F a y e tte , A la . , in t o “ T h e F ir s t N a t io n a l
B a n k o f F a y e tte .”
C a p it a l, $ 5 0 ,0 0 0 .

[ V o l . XCV I

DETAILED RETURNS OF TRUST COMPANIES.
T r u s t C o s.
00s omitted.

Brooklyn____

Bankers..........
C H A R T E R S IS S U E D T O N A T I O N A L B A N K S .
U.S.Mtg.* Tr.
A p ril 1 0 to A pril 1 5 .
Astor.......... __
1 0 .3 5 7 —
T h e N a t io n a l B a n k o f B a k e r s fie ld , C a l.
C a p i t a l , $ 1 0 0 , 0 0 0 . Title Gu.&Tr.
C . L . C l a f l i n , P r e s i d e n t ; J . O . M i c h e l l e , C a s h ie r .
Guaranty____
10.358— T h e B a b y l o n N a t i o n a l B a n k . B a b y l o n , N . Y . C a p i t a l , $ 5 0 , 0 0 0 . Fidelity_____
W a s h in g t o n F . N o r t o n , P r e s i d e n t ; W . W . W o o d , C a s h i e r .
(S u c ­
Lawy.T.I.A Tr.
c e e d s t h e B a b y lo n N a t i o n a l B a n k , B a b y l o n . N . Y .
N o . 4 9 0 6 .)
Colum-Knick .
1 0 .3 5 9 — T h e F i r s t N a t i o n a l B a n k o f A t t i c a , K a n s .
C a p it a l, $ 2 5 ,0 0 0 .
People’s..........
V . B . B a l l a r d , P r e s id e n t : A . N . M c B r i d e , C a s h ie r .
New York___
1 0 .3 6 0 —
T h e V ic t o r ia N a tio n a l B a n k , V ic t o r ia , T e x .
C a p i t a l , $ 5 0 0 , 0 0 0 . Franklin.........
J a s . F . W e ld e r , P r e s i d e n t ; F . S . B u h l e r , C a s h i e r .
(S u c c e e d s th e
Lincoln....... F ir s t N a tio n a l B a n k o f V ic t o r ia . )
,
Metropolitan .
1 0 .3 6 1 — T h e N a t i o n a l B a n k o f C o m m e r c e o f C o l u m b u s , M i s s .
C a p it a l,
Broadway___
$ 1 0 0 ,0 0 0 .
W . S . L i n d a m o o d . P r e s i d e n t ; E . O . C h a p m a n , C a s h ie r .
1 0 .3 6 2 —
T h e J a m e s to w n N a t io n a l B a n k , J a m e s to w n , C a l.
C a p i t a l , Totals, Avge..
$ 2 5 ,0 0 0 .
W . E . B o c k e r . P r e s i d e n t ; P a u l E . M e r t z , C a s h ie r .
(S u c c e e d s t h e F ir s t B a n k o f J a m e s to w n .)
Actual figures

Surplus.

On Dep.
Net
Specie. Legals. withC.H. Deposits.
Loans.
Average. Average. Average. Banks. Average.

$
3.784.3
15.733.3
4.554.0
1.300.2
11,469,0
24,240,8
1,315,5
6.085.2
7.222.4
1.665.1
11.866.3
1.242.2
567,5
6,187,9
612,1

$
23.594.0
116.294.0
35.249.0
19.742.0
34.367.0
160.221.0
7.331.0
17.452.0
47.494.0
16.681.0
43.547.0
9.212.0
10.916.0
22.039.0
8.732.0

S
$
$
$
%
717.0 3.075.0 18.149.0 15.8+14.4
2.153.0
37.0 11.191.0 90.635.0 15.0+10.9
13.589.0
334.0 3.714.0 29.368.0 15.0+11.1
4.085.0
79.0 1.583.0 13.633.0 15.1 + 10.0
1.989.0
2.075.0 1,276,0 2.334.0 22.238.0 15.0+ 9.4
955.0 12.834.0 109,475,0 15.0+10.4
15.545.0
733.0 5.583.0 15.7 + 10.9
646.0
236.0
506.0 1.339.0 12.082.0 15.3 + 10.0
1.350.0
770.0 4.291.0 39.497.0 15.0+ 9.8
5.186.0
391.0 1.802.0 15.361.0 15.0 + 10.3
1.926.0
4.136.0
325.0 3.194.0 28.729.0 15.5 + 10.0
887.0 7.308.0 15.3 + 10.8
171.0
952.0
225.0 1.105.0 9.310.0 15.3 + 10.6
1.184.0
9,0 1.803.0 12.267.0 15.0+12.8
1.832.0
986.0 8.586.0 15.3 + 10.0
366.0
954.0

97,845,8 572,871,0 57,602,0 6,397,0 50,871,0 422,221,0 15.1 + 10.7
April 19 569,063,0 59,312,0 6,541,0 53,107,0 418,406,0 15.7+11.2

VOLU N TARY LIQU IDATION S.
7 ,1 3 6 — T h e F i r s t N a t io n a l B a n k o f W a u t o m a , W is . , M a r c h 2 6 1 9 1 3 .
A b s o rb e d b y th e W a u t o m a S ta te B a n k , W a u t o m a , W is . N a m e
o f liq u id a t in g a g e n t n o t g iv e n .
. _
,
. _
, ,,
_
7 ,4 0 2 — T h e F a r m e r s ’ & M e r c h a n ts ’ N a t io n a l B a n k o f F r a n k lin , K y . ,
A p r il 1 1 9 1 3 . A b s o rb e d b y th e M c E lw a in - M e g u ia r B a n k &
T r u s t C o . o f F r a n k lin .
L iq u id a tin g a g e n t, J o h n B . F in n , F r a n k -

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; Columbla-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.

6 ,6 0 5 — T h e F ^ rs t N a t io n a l B a n k o f L o n e O a k , T e x . , M a r c h 3 1 9 1 3 . S u c ­
ce e d e d b y th e G u a r a n ty S ta te B a n k o f L o n e O a k , T e x . N a m e o f
iq u id a t in g a g e n t n o t g iv e n .
_
, , ,
2 ,1 0 9 — T h e N a t io n a l B a n k o f B a r r e , V t . , A p r i l 5 1 9 1 3 . S u c c e e d e d b y
t h e Q u a r r y S a v in g s B a n k & T r u s t C o . o f B a r r e , V t .
L iq u id a t­
in g a g e n ts , F . G . H o w la n d , A . P . A b b o t t a n d T . H . C a v e , J r .

SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.

2 ,5 0 6 — T h ? N a t io n a l E x c h a n g e B a n k o f L y n c h b u r g , V a . , A p r il 8 1 9 1 3 .
C o n s o lid a t e d w i t h t h e L y n c h b u r g N a t i o n a l B a n k , L y n c h b u r g ,
Va.
L iq u id a t in g c o m m itte e . W . I I . M i l l e r , C h a s . E . H e a ld ,
l i . J . H a n c o c k , N . C . M a n s o n J r . a n d H . T . N ic h o la s , L y n c h b u r g ,
Va.
8 .3 0 3 — T h e F i r s t N a t io n a l B a n k o f D ic k e n s , T e x . , M a r c h 2 6 1 9 1 3 .
A b s o rb e d b y th e S p u r N a tio n a l B a n k , S p u r , T e x .
L iq u id a t in g
a g e n t W . G . S h e r ro d , c a re th e S p u r N a tio n a l B a n k , S p u r , T e x .
4 j g 4 __ q 'h e F i r s t N a t i o n a l B a n k o f V i c t o r i a , T e x . , A p r . 1 5 1 9 1 3 .
S uc’
c e e d e d b y th o V ic t o r ia N a tio n a l B a n k , V ic to r ia , T e x .
L iq u id a t­
in g a g e n ts , d ir e c to r s o f t h o F ir s t N a t io n a l B a n k o f V ic t o r ia .
C H A N G E O F C O R P O R A T E T IT L E .
4 ,3 1 9 — T h o T r e d e g a r N a t io n a l B a n k o f J a c k s o n v ille , A l a . , t o " T h e F ir s t
N a t io n a l B a n k o f J a c k s o n v ille .”
E X P IR A T IO N O F C O R P O R A T E E X IS T E N C E .
4 , 9 0 6 — T h e B a b y l o n N a t i o n a l B a n k , B a b y l o n , N . Y ., e x p ir e d b y l i m i t a ­
t i o n a t c lo s e f o b u s in e s s A p r . 1 3 1 9 1 3 . S u c c e e d e d b y N o . 1 0 ,3 5 8 ,
T h e B a b y lo n N a t io n a l B a n k . B a b y lo n . N . Y .

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 19. The figures f r 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 all cases.
Banks.
00s omitted.
New York___
ManhattanCo.
Merchants’ . .
Mech. <fe Met.
America____
City .............
Chemical___
Merchants’Ex.
Butch.&Drov.
Greenwlch —
Amer. Exch..
Commerce__
P acific_____
Chat. & PhenPeoDle's____
Hanover____
Citizens’ Cent.
Nassau_____
Market &Fult.
Metropolitan .
Corn Exchange
Imp.&Traders
Park.............
East River__
Fourth_____
Second_____
First_______
Irving______
Bowery ____
N .Y . County.
German-Amer.
Chase______
Fifth AvenueGerman Exch.
Germania___
Lincoln _____
Garfield........
Fifth.............
Metropolis__
West Side----Seaboard-----Liberty _____
N.Y.Prod.Ex.
State.........
Security........
Coal <fc Iron . .
Union Exch..
Nassau,Bklyn.

Loans.
Average.

I

Legals. Net Depos­ Re­
Specie.
Average. Average. its, Aver. serve.

Capital.

Surplus.

$
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
300,0
500,0
5.000,0
26,000,0
500,0
2,250,0
200,0
3,000,0
2,550,0
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,T>
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0

$
$
$
$
$
%
738,0 17,666,0 26.5
4,306,4 20,507,0 3,960,0
4,960,1 28,350,0 8,085,0 1,513,0 32,700,0 29.3
2,134,7 19,579,0 3,958,0
943,0 19,275,0 25.4
8,853,2 54,119,0 9,236,0 3,066,0 51,687,0 23.8
6,381,3 24,193,0 4,267,0 1,529,0 23,077,0 25.1
31,006,7 171,343,0 37,930,0 5,568,0 160,767,0 27.0
7,465,2 28,989,0 4,398,0 2,117,0 25,464,0 25.5
172,0
6,443,0 25.0
530,4
6,548,0 1,444,0
62,0
2,071,0 25.0
2,197,0
456,0
127,2
195,0 10,428,0 26.3
9,212,0 2,413,0
1,032,3
4,842,6 40,359,0 8,591,0 1,595,0 38,585,0 28.2
16,553,9 126,788,0 19,093,0 10,357,0 104,316,0 27.5
963,4
4,745,0
4,411,0 25.2
550,0
664,0
1,285,2 18,268,0 3,089,0 1,555,0 18,392,0 25.2
2,381,0
473,6
150,0
2,293,0 25.8
377,0
14,282,4 74,844,0 15,990,0 5,304,0 82,383,0 25.8
2,255,5 22,782,0 4,899,0
613,0 21,358,0 25.8
477,0 11,114,0 1,885,0 1,018,0 12,293,0 23.6
9,244,0 1,667,0
905,0
9,127,0 28.1
1,898,1
256,0 14,191,0 24.7
1,803,5 13,632,0 3,261,0
5,911,5 50,878,0 8,839,0 5,996,0 59,453,0 25.0
7,831,9 25,622,0 3,854,0 1,860,0 22,618,0 25.2
13,813,7 86,159,0 20,900,0 1,885,0 88,842,0 25.6
351,0
115,0
1,694,0 27.5
65,4
1,409,0
5,836,7 30,317,0 5,995,0 2,133,0 30,840,0 26.3
193,0 13,117,0 25.5
2,644,3 13,626,0 3,160,0
21,937,3 107,939,0 27,077,0 3,061,0 101,700,0 29.6
3,227,7 35,102,0 5,575,0 3,528,0 35,121,0 25.9
80,0
3,613,0 24.4
802,0
791,3
3,473,0
724,0
8,752,0 -24.8
2,015,0
8,694,0 1,449,0
230,0
4,227,0 26.7
902,0
4,308,0
715,2
9,910,1 92,419,0 21,351,0 5,104,0 103,115,0 25.6
2,225,1 13,514,0 2,785,0 1,144,0 15,303,0 25.6
3,696,0 25.1
370,0
559,0
3,681,0
815,8
6,151,0 25.3
254,0
1,056,4
5,313,0 1,306,0
727,0 14,604,0 25.5
1,717,7 14,447,0 3,004,0
9,080,0 26.3
306,0
1,270,4
8,822,0 2,089,0
4,099,0 25.2
635,0
401,0
484,5
3,792,0
2,251,8 12,893,0 1,490,0 1,662,0 12,790,0 24.6
4,796,0 24.7
282,0
4,159,0
904,0
924,0
2,382,0 25,059,0 5,926,0 1,997,0 29,457,0 26,8
941,0 24,440,0 25.8
2,831,0 22,474,0 5,378,0
293,0 10,943,0 26.6
9,411,0 2,627,0
910,0
388,0 23,023,0 25.2
560,3 18,019,0 5,415,0
442,8 11,963,0 2,436,0 1,225,0 14,356,0 25.5
6,026,0 23.9
355,0
544,6
6,221,0 1,087,0
9,063,0 25.5
997,0
9,101,0 1,966,0
350,0
6,031,0 25.0
7,409,0 1,323,0
187,0
1,119,8

Totals, Avge. 133,650,0 206,866,0 1325,418,0 274,500,0 74,345,0 1323,877,0 26.3
Actual figures April 19.

.......... 1330,560,0 275,604,0 72,612,0 1328,889,0 26.3

Circulation.—On the basis of averages, circulation of national banks In the Clearing
House amounted to $46,333,000, and according to actual figures was $40,263,000.




Week
ending
April 19.

Capital.

Surplus.

Loans.

Specie.

On Dep.
Legal with C.H
Tenders. Banks.

Net
Deposits.

S
$
1 $
Averages.
%
%
1
S
$
1,323,877,0
Banks__ 133,650,0 206,866,01,325,418,0 274,500,0 1 74,345,0
Trust cos. 45,750,0 , 97,845,8 572,871,0 57,602,0 j 6,397,0 50,871,6 422,221,0

Total-. 179,400,0304,711,81,898,289,0 332,102,0 j 80,742,0 50,871,0 1.746.098.0
Actual.
1.328.889.0
..........1 .......... *1,330,560,0 275,604,0 72,612,0
Banks__
Trust cos. ..........| _____ | 569,063,0 59,312,0 | 6,541,0 53,107",6 418,406,0
Total..

......... 1 .......... 11,899,623,0334,916,0 j 79,153,0 53,107,0 1,747,295,0

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 upder which the various items
are made up, see “Chronicle,” V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.

Week ended April 19

Capital as of March 7----Surplus as of March 7___
Loans and Investments..
Change from last week.

Trust Cos.
State Banks,
Trust Cos.
State Banks,
outside of
outside of
in
in
\areater N . Y. Greater N . Y. Greater N . Y. Greater N . Y ,
$

65,900,000

38,888,200

168,762,700

12,932,285

16,524,200

300,033,300 1,061,021,900
—51,500 —5,761,300

116,984,500
—46,700

180,334,600
+ 178,600
............... .
............. .

Specie________________
Change from last week.

55.376,600
+901,700

113,965,000
+230,300

Legal-tender & bk. notes.
Change from last week.

20,903,300
—710,600

10,025,800
—163,500

DeDoaits._____________
Change from last week.

$
8,798,000

S
22.850,000

--

- -

%

11,950,000

.................

............. .

343,364,000 1,117,295,000
+471,300 + 4,478,800

123,018,700
+ 724,400

184,674,000
—402,400

Reserve on deposits.......
Change from last week.

91,249,100
+ 293,100

130,745,300
+230,500

22,103,900
+ 344,200

21,745,300
—1,002,300

P. C. reserve to deposits.
Percentage last week..

27.3%
27.3%

16.5%
16.5%

19.1%
18.9%

12.7%
13.3%

+ Increase over 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 Now York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo­
cation as shown below. The percentage of reserve required Is computed on tho
aggregate of deposits, exclusive of moneys hold In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty dyas
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
tho 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 loca
tlon, the reserve being computed on the whole amount of deposits exclusive or time
deposits not payable within thirty days, represented by certificates (according
to tho amendment of 1910), and exclusive of deposits secured (according to amend­
ment of 1911) by bonds or obligations of tho City or State of Now York, and ex­
clusive of an amount equal to tho 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 Cos.---- — State Banks—
Reserve Required for Trust Companies
and Slate Banks.
Location—

Total
Of
Total
Of
Reserve
which
Reserve which
Required, in Cash. Required, in Cash.

Manhattan Borough........................................... 15%
Brooklyn Borough (without branches In Manhat.) 15%
Other Boroughs (without branches In Manhattan) 15%
Brooklyn Borough, with branches In Manhattan. 15%
Other Boroughs, with branches In Manhattan...15%
Cities of tho first and second class........................10%
Cities of the third class and villages___________ 10%
Elsewhere In State......................................................

15%
10%
10%
15%
15%

25%
20%
15%
20%
15%

20%
15%

3%
......

....
15%

..%
6%

jj%

16%
10%

%

............ %

The Banking Department also undertakes to present sepa­
rate figures indicating the totals for the State Banks and
trust companies in Greater New York n o t i n the C le a r in g
H o u se.
These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-

House banks and trust companies. In addition, we have
combined each corresponding item in the two statements,
thus affording an aggregate for the whole of the banks and
trust companies in the Greater New York.
N E W Y O R K C IT Y B A N K S A N D T R U S T C O M P A N IE S.

S

$

S

$

179,400,000

179,400,000

304,711,800

304,711,800

27,550,000

206,950,000

77,586,800

382,298,600

Loans and Investments 1,899,623,000 1,898,289,000
Change from last week — 10,786,000 —9,179,000

568,633,100 2,466,922,100
—2,503,900 —11,682,900

Deposits___________ 1,747,295,000 1,746,098,000
Change from last week —6,288,000
+ 1,126,000

<z570,043,500 2,316,141,500
—729,100
— 1,855,100

Change from last week

334,916,000
+ 6,517,000

332,102,000
+ 5,972,000

64,729,500
— 141,000

396,831,500
+ 5,831,000

Change from last week

79,153,000
—3,344,000

80,742,000
—209,000

68,273,900
— 134,300

89,015,900
—343,300

Banks: cash In vault..
Ratio to deposits___

348,216,000
26.35%

348,845,000
26.35%

13,009,200
14.22%

361,854,200

Trust cos.: cash In vault

65,853,000

63,999,000

59,994,200

123,993,200

Aggr’te money holdings
Change from last week

414,009,000
+ 3,173,000

412,844,000
+ 5,763,000

73,003,400
—275,300

485,847,400
+ 5,487,700

Money on deposit with
other bks. & trust cos.
Change from last week

53,107,000
+ 5,394,000

50,871,000
+ 2,236,000

15,778,000
+ 264,200

66,649,000
+ 2,500,200

467,176,000
Change from last week
+ 8,567,000

463,715,000
+ 7,999,000

88,781,400
— 11,100

552,496,400
+ 7,987,900

,.................

.................

Surplus CASH reserve
Banks (above 25%)
Trust cbs.(abovci5%)

15,993,750
3,092,100

17,875,750
665,850

Total
Change from last week

19,085,850
+ 4,181,400

18,541,600
+ 5,691,500
15.15%
10.75%

26.99%

25.90%

.................

.................

16.01%
1.11%
17.12%

.................

The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing-House, compare as follows for a series of weeks past:
C O M B IN E D RE SU LT S OF B A N K S A N D T R U S T C O M PA N IE S IN
G REA TE R N EW YO RK .

W e ek E n d ed —

Feb. 15.........
2 1 .........
M ch . 1........
M ch. 8 .........
M ch. 15.........
M ch. 2 2 ____
M ch. 29____
5 ____
April 1 2 ____
April 19____

tw o

c ip h e r s

in

a ll

th ese

Loans and
In v es tm e n ts

D e p o sits.

S p e cie.

$
2,571,113,0
2,555,845,1
2,537,706,3
2,537,841.3
2,520,950,6
2,479,043,8
2,471,291,0
2,480,000,2
2,478,605,0
2,466,922,1

$
2,424,340,1
2,404,481,0
2,384,828,3
2.384,382,3
2,365,131,7
2,320.345,1
2,311,797,8
2,323,497,8
2,316,870,6
2,316,141,5

S
404,821,2
403,299,8
399,729,8
394,970,9
391,172,5
386,493,5
389,322,2
391,021,4
391,000,5
396,831,5

L e g a ls .

S
90,272,9
89,929,4
89,767,5
89,618,7
90,547,2
91,605,4
91,962,6
88,953,2
89,359,2
89,015,9

T o tM on ey
H o ld in g s .

E n tir e R es
o n D e p o sll

S

S
563,805,8
560,009,5
558.904,1
552,648,9
547,076,9
542,086.8
540,523.9
545,825.7
544,508,5
652,496,4

495,094,1
493,229,2
489,497,3
484,589.6
481,719,7
478,098,9
481,284,8
479,974,6
480,359,7
485,847,4

follow­
ing is the statement of condition of the clearing-non-member
banks for week ending April 19, based on average daily results:

B an ks.

New Y o r k C ity.
M a n h a tta n a n d B ron x.

C a p i­
ta l.

$

Aetna N ation a l,.......Washington Heights.

500,0

Century ......................

500,0
400,0
300,0

C o lu m b ia ................. ..
F id elity ........................
M ount M orris_______
M u t u a l........................
Now Netherland------Tw enty-third W a r d ..
Yorkvllle ..................
B r o o k ly n .

1 0 0 ,0
2 0 0 ,0

2 0 0 ,0

250,0
2 0 0 ,0
2 0 0 ,0
2 0 0 ,0
1 0 0 ,0

S ur­
p lu s .

S
544,5
350,4
115,0
507,5
615,9
758,1
178,8
346,8
461,0
305,5
1 0 1 ,8

527,4

(00)

L oan s,
D l s c ’ ls
and
I n v es t­
m e n ts.

$
2,840,0
1,671,0
1,627,0
5,896,0
6,898,0
6,278,0
1,005,0
2,445,0
5,572,0
3,673,0
1,964,0
4,313,0

S p e cie.

On
D e p o sit
w ith
C .-I I .
B an ks.

$

$

$

583,0
156,0
313,0
649,0
941,0
605,0
61,0
417,0
591,0
414,0
231,0
600,0

71,0
89,0
56,0
374,0
311,0
512,0
118,0
40,0
405,0
137,0
1 0 1 ,0

290,0

N et
D e p o sits.

$

109,0
176,0
113,0
564,0
856,0
771,0
289,0
273,0
674,0
170,0
296,0
603,0

2,505,0
1,433,0
1,674,0
6,813,0
7,114,0
7,113,0
949,0
2,736,0
5,877,0
3,533,0
2,129,0
4,820,0
3,036,0
5,320,0
13,037,0
4,549,0
2,625,0

134,0

481,0
843,0
1,549,0
789,0
268,0

1,365,4
815,8
428,4

4,432,0
3,326,0
2,361,0

295,0
208,0
109,0

264,0
78,0
138,0

1,849,0
541,0
456,0

3,043,0
1,901,0
1,517,0

660,8
283,8

4,324,0
3,391,0

265,0
199,0

33,0
60,0

373,0
439,0

1 ,6 6 8 , 0
1,564,0

Totals April 19____ 6,597,0 11,365,6 89,746,0 9,574,0 4,247,0 12,482,0
Totals April 12____ 6,597,0 11,346,1 89,717,0 9,575,0 4,382,0 12,518,0
Totals April 5 ____ 6,597,0 11,346,1 89,239,0 9,268,0 4,049,0 13,506,0

84,956.0
85.345,0
84,414,0

National C ity_______
North S ld o ....... ..........
Jersey C ity .
First N ational----------Hudson County N at.
Third National______
H ob o k e n .
First N ational_______
Second N ational.........




300,0
2 0 0 ,0

400,0
250,0
2 0 0 ,0
2 2 0 ,0

125,0

a

S
60,735,4
60,735,4
60,735,4
60,735,4
60,735,4
60,735,4
60,735,4
60,735,4

$
224,826,0
225,870,0
229,396,0
228,665,0
225,916,0
223,976,0
223,150,0
223,092,0

103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3

379,036,0
380,679,0
379,855,0
376,513,0
374,392,0
374,657,0
373,867.0
373,693,0

$
24,768,0
24,294,0
23,758,0
23,016,0
23,873,0
22,678,0
23,785,0
23,953,0

C le a rin g s

$
270,362,0
262,128,0
264,164,0
258,752,0
256,227,0
262,172,0
259,993,0
269,890,0

$
8,028,0
8,057,0
8,015,0
7,998,0
7,990,0
8,016,0
8,008,0
7,999,0

S
188,959,2
180,046,4
156,354,1
151,313,9
150,794,9
186,687,9
155,628,3
142,946,4

*422,067,0
*415,430,0
*412,101,0
*410,323,0
*404,847,0
*413,371,0
*409,070,0
*415,312,0

13,597,0
13,293,0
13,019,0
12,736,0
1 2 ,2 2 2 , 0
12,048,0
12,046,0
11,998,0

177,098,8
174,609,1
159,121,0
144,987,8
154,303,4
183,963,5
154,464,6
165,356,9

$
3,554,0
3,159,0
3,246,0
3,455,0
3,279,0
3,213,0
3,221,0
3,414,0

89,7j 0 , 0
86,7? 8 , 0
84,3fl3,0
83,6” 2,0
83,8„ 5,0
86,831,0
87,639,0
89,681,0

a Includes Government deposits and the Item "due to other banks.”
A t Boston
Government deposits amounted to $1,234,000 on April 19, against $1,338,000
on April 12.
* “ Deposits” now Include the Item of "Exchanges for Clearing House,” which
were reported on April 19 as $14,503,000.

Imports and Exports for the week.— The following are
the imports at New York for the week ending April 19,also
totals since the beginning of the first week in January:
FO R E IG N IM P O R T S A T N E W Y O R K .
1912.

1913.

F or W eek .

D ry goods.......................... —
General merchandise......... ..
T o ta l-------------------------------S i n c e J a n u a r y 1.
D ry goods__________________
General merchandise_______

1911.

1910.

$2,792,100
16,351,559

$2,288,864
19,443,340

$19,143,659

$21,732,204

$15,912,522i $19,752,195

$51,606,339
271,382,591

$48,603,881
273,534,268

$49,326,722; $55,638,610
224,613,296, 261,128,015

1

$2,415,911
13,496,611

$2,434,377
17,317,818

1

'

EXPO RTS FROM NEW Y O R K .

For the w e e k .. _ __________
Previously reported________

j

1913.

1912.

$18,580,264
288,646,195

$18,294,537
250,075,354

j

1911.
$20,044,484
226,707,113

1910.
$13,541,729
188,208,091

Total 16 weeks_____ _____ $307,226,459 $268,369,891 $246,751,597 $201,749,820
1

1

1

The following table shows the exports and imports of
specie at the port of New York for the week ending April 19
and since Jan. 1 1913, and for the corresponding periods in
1912 and 1911:
E X P O R T S A N D IM P O R T S OF SP E C IE A T N E W Y O R K .

1 2 1 ,0

E x p o rts .

Im p o rts .

G o ld .
W eek .

S in ce J a n .

1

W eek .

S in ce J a n .

1

$23,329,401
714,000
112,251
3,124
25,000 22,057,639
1,009,264

$16,176
196,082
89,255
15,392

$46,692
53,723
1,513
271,562
3,298,302
999,561
552,496

$25,100 $47,225,679
411,998 20,518,089
831
2,039,125

$316,905
421,692
146,812

$5,223,849
6,837,433
3,183,954

1 ,0 0 0

$38
61,928
39,494
35,686

$13,279
24,310
4,169
73,504
1,718,554
833,621
407,351

Total 1913.......................................- $1,279,393 S16.563.805
911,134 15.484.256
Total 1 9 1 2 ............. .........................
869,406 15.003.257
Total 1911____________ _____ ____

$137,146
259,585
177,207

$3,074,788
3,537,400
2,267,328

$ 10 0

Total 1913........................ .................
Total 1912.........................................
Total 1911......... ...............................
Silver.

$1,203,311 $14,681,893
1,865,104
73,807
2,175
All other countries...............................

L egal
T en d er
and
B ank
N o te s.

76,0
224,0
625,0

300,0
252,0
1 ,0 0 0 , 0

C ir c u ­
la tio n .

D e p o sits.

L e g a ls .

S p e cie.

11,858
3,950

i n a ll th e se f i g u r e s .

689,7 3,739,0 334,0
917,6 5,880,0 511,0
639,1 10,970,0 1,359,0
575,5 4,586,0 538,0
195,0
176,8 2,555,0

F lrstN atlonal........ ....
M anufacturors’ N a t -.

B o s to n .
M ar.
1.
M ar. 8 .
M ar. 15.
M ar. 2 2 .
M ar. 29.
Apr.
5.
Apr. 1 2 .
Apr. 19.
Phi a.
M ar.
i.
M ar. 8 .
M ar. 15.
M ar. 2 2 .
M ar. 29.
5.
Apr.
Apr. 1 2 .
Apr. 19.

L oan s.

a ll th ese fig u r e s .

fig u r e s .

Reports of Clearing Non-Member Banks.— Tho

W e o m it tw o c ip h e r s

C a p ita l
and
S u r p lu s .

(00) In

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 19 and from Jan. 1 to date:

+ Increase over last week. — Decrease from last week.
a These are the deposits after eliminating the Item "D u e from reserve depositories
and other banks and trust companies In New York C ity” ; with this Item Included,
deposits amounted to 8628,976,900, an Increase of 33,034,000 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. b Includes bank notes.

o m it

W e o m it tw o c ip h e r s

Total 16 weeks.................... $322,988,930 $322,138,149 $273,940,018 $316,766,625

% of cash reserves of tr ust cos.—
15.73%
Cash In vault--------11.26%
Cash on dep. with bks.

W e

Boston and Philadelphia Banks.— Below is a summary
of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:

B a n ks.

Clem.-House Clear.-House StateBanksand Total of all
Members.
Members. Trust Cos. Not Banks <fcTrust
Week ended April 19 Aclu
alFlgures Average. InC.-H. Aver. Cos. Average.
[Nat. Banks!
Capital]April 4 and!
State Banks
Surplus (March 7___ J

1207

THE CHRONICLE

A P R . 26 1913 ]

10 0

Of the above imports for the week in 1913, $18,375 were
American gold coin and $100 American silver coin.

jBiuihina and f in a n c ia l.

White, Weld & Co.
B onds

14 WALL STREET
NEW Y O R K

and

In v estm en t

S e c u r it ie s .

THE ROOKERY 111 DEVONSHIRE STREET
BOSTON
CHICAGO

THE CHRONICLE

1208
% m k tx $ 7

(j& u a e ite .

W a l l S tre et, F r id a y N i g h t , A p r i l

25 1913.

The Money Market and Financial Situation.— The
volume of business at the Stock Exchange this week has
been the smallest in recent months. One must, indeed,
go back to the dullest week in 1912, that ending February
24th, to find its counterpart. Changes in the general situa­
tion are for the most part of a favorable character, if wo
except the possibility of now complications in the BalkanTurkish W ar.
Easier money markets at home and abroad are, perhaps,
first of all in importance, among the favorable influences
of the week. Bids for the $10,000,000 New York Central
notes were for about twice tho amount issued, commercial
paper has been more in demand and, if reports are true, there
is more inquiry for railway and other bonds than there was
last week. This inquiry is due, in part at least, to the
heavy disbursements of interest and dividends, estimated
at over $106,000,000, that will be made next week, and is
stimulated by the present low quotations for that class of
securities.
The Bank of England reports an increase of two points in
its percentage of reserve, the latter now being above the
ten-year average at this season.
The number of idle freight- cars decreased somewhat
during the first half of April and reports from sources which
are regarded reliable as to crop prospects in tho Southwest,
and especially as to winter wheat, are highly favorable.
On the other hand, latest statements of railway earnings
show, in some important cases, an ominous decrease, and
there are other evidences of diminishing activity in various
industrial lines. To tho latter fact may bo attributed,
perhaps, increasing ease in the local money market as well
as to the absence of demand from Stock Exchange houses and
from abroad.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2 Yi @ 3 % . Friday’s rates on call were 2 > 2 @ 3 % .
Commercial paper on Friday quoted at 5 @ 5 % % for 60 to
90-day endorsements and for prime 4 to 6 months’ single
names and 6 @ 6 ^2 % for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £281,186 and tho percentage
of resorve to liabilities was 49.63, against 47.93 last week.
The rate of discount remains unchanged at 4 3 ^ % as fixed
April 17. The Bank of France shows an increase of 4 3 1 ,­
000 francs gold and a decrease of 3,179,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)

1913.
A verages for
week ending
April 19.

Differences
from
previous week.

1912.
Averages for
week ending
April 20.

1911.
Averages for
week ending
April 22.

S
$
S
S
133.650.000
Capital_____________
135.150.000 134,150,000
199,918,500 200,234,400
Surplus.................. ..... 206.866.000
Loans and discounts— 1.325.418.000 Dec. 5,820,000 1.378.917.000 1,359,047,400
61,000
Circulation................
46.333.000 Dec.
48.275.000
46,062,300
974.000 1.405.122.000 1,409,043,200
Net deposits............... 1.323.877.000 Dec.
Specie........................ - 274,500,000 Inc. 4,829,000 291.291.000 313,989,200
101.000
Legal tenders...............
76.654.000
74.345.000 Deo.
74,569,800
Reserve held________
25% of deposits______
Surplus reserve____

348,845,000 Inc. 4,728,000
243,500
330,969,250 Dec.

367,945,000
351,280,500

388,559,000
352,260,800

4,971,500

16,664,500

36,298,200

17,875,750 Inc.

Note.—The Clearing House now Issues a statement weekly, showing tho actual

[ V o l . X C V l.

To-day’s (Friday’s) nominal rates for sterling exchange wore 4 84 for
sixty-day and 4 87 for sight. To-day’s actual rates for sterling exchange
were 4 8340@4 8350 for sixty days, 4 8665@4 8675 for cheques and 4 8695
@ 4 8705 for cables. Commercial on banks 4 81 % 0 4 82% and documents
for payment 4 82 % @ 4 83% . Cotton for payment 4 82% @ 4 83 and
grain for payment 4 83 @ 4 83 %
The posted rates for sterling, as quoted by a representative house, wero
not changed during the week from 4 84 for 60 days and 4 87 for sight.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 2 i % @
5 21% plus 1-32 for long and 5 18% less 1-6405 18% plus 1-64 for short.
Germany bankers’ marks wero 94 7-16094% for long and 95% loss 1-320
95% for short. Amsterdam bankers’ guilders were 40 3-16 loss 3 -320
40 3-16 less 1-16 for short.
, Exchange at Paris on London, 25 fr. 22% c.; week’s rango, 25 fr. 23% c.
high and 25 fr. 20Mc. low.
Exchange at Berlin on London, 20 m. 46% pf.; week's rango, 20 m .
48 pf. high and 20 m. 47 pf. low.
The rango for foreign exchange for tho week follows:
Sterling Actual—
Sixty Days.
Cheques.
Cables.
High for tho week__ 4 8350
4 8685
4 8715
Low for tho week__ 4 83
4 8640
4 8680
Paris Bankers' Francs —
High for the week__ 5 21% plus 1-32
5 17% plus 1-32
r%
Low for the week__ 5 21%
5 18%
5% less 3-64 5 17% less 5-64
Germany Bankers’ M arks —
High for tho week__
94%
95%
95%
Low for tho week__
94 5-16
95 1-16
95 3-16 loss 1-32
Amsterdam Bankers' Guilders—

High for the week__ 39 15-16 plus 1-32 40 3-16 less 1-16 40 3-16 plus 1-32
Low for the week— 39 15-16 less 1-32
40%
40 3-10 less 1-16
Domestic Exchange. Chicago, par. Boston, par. St. Louis, 30c.
per .$1,000 premium. San Francisco, 30c. per $1,000 premium. St. Paul,
40c. per $1,000 premium. Montreal, 46% c. discount. Minneapolis,
40e. per .$1,000 premium. Cincinnati, par.

Railroad and Miscellaneous Stocks.— Extreme dulness
has, as mentioned above, been the chief characteristic of
the stock market. Prices generally advanced early in the
week, the highest having been recorded on Tuesday. Since
Tuesday the market has shown a tendency to weakness and
closing quotations are an averago of about 3 points below tho
highest. Great Northern is the only stock of a list of 30
most prominent issues which closes liigher than last week.
Canadian Pacific on tho other hand has covered a rango
of 534 points and shows a net loss of 3 }^ .
Tho newer industrials have been erratic. Rumeloy preferred
has declined 21 points, Rumeloy common 11, Sears, Roebuck
nearly 8 and American Tobacco 8 points.
United States Bonds.— Sales of Government bonds at
the Board are limited to $10,000 Panama 3s coup, at 1 0 2 %
and $1,000 3s coup, at 1 0 2 % . F o r t o - d a y 's p r i c e s o f all
the d i ff e r e n t i s s u e s a n d f o r y e a r l y r a n g e s e e th ird p a g e f o l l o w i n g .
F o r d a i ly v o lu m e o f b u s i n e s s s e e p a g e 1218.
The following sales have occurred this week of shares not
represented in our detailed list on tho pages which follow:

STOCKS.

Week ending April 25.

Allls-Chal recta 3d paid.
Trust recta 4th paid..
Pref rcct3 4th paid —
American Express_____
Am Wat Wks & G, pref.
Batopllaa Mining_____
Brunswick Terminal___
Buff Rochester & Pitts.
Can Pac subs 2d paid. . .
Colorado & Southern...
1st preferred.............
Comstock Tunnel.........
Deere & Co, pref..........
Detroit United.............
E I duPont Powd, pref..
General Chemical.........
Gt Nor subs 40% paid..
Green Bay & W, deb B ..
Helmc (G W)................
Homcstako Mining........
Int Agrlc Corp v t c___
K C Ft S & Mem, pref..
Mackay Companies___
Preferred ..................
N Y Chic & St Louis...
Norfolk Southern_____
Ontario Silver Mining..
Pacific Coast................
Pac Tel & Tel, pref___
St L & S F—C «t E Ills.
new stock tr certfa...
So Porto Rico Sug, pref.
Toledo Rys * Light.. . .
United Dry Goods, pref.
U S Express__________
U S Reduc & Ref, pref..
Virginia Ry & Power...
Preferred..................
Vulcan Detlnnlng_____

Sales
for
Week

Range for Week.
Lowest.

Highest.

Range since Jan 1.
Lowest.

Highest.

700 3
30( 4%
30( 11
20( 159
200 95%
477 *1%
20( »
100 108%
800 234
31C 31
20C 68
15C 8c.
60C 96
10C 75%
lOOi 93
491 184
30C 124%
16 14
400 160%
24 105
300 8%
200 70
100 83
300 67%
120 56
100 45
100 2%
100 80
160 95

Apr 19 3% Apr 21 2%
Apr 21 4% Apr 24 4%
Apr 21 11 Apr 24 It
Apr 2i 161 Apr 25 159
Apr 24 96 Apr 25 95%
Apr 21: Sl% Apr 22 SI
Apr 22 8 Apr 22 7%
Apr 19 108% Apr 19 105
Apr 24 236 Apr 24 234
Apr 23 32 Apr 22 26
Apr 21 68 Apr 21 60
Apr 22 8c. Apr 22 8c.
Apr 25 97% Apr 22 96
Apr 25 75% Apr 25 73
Apr 24 93 Apr 24 93
Apr 23 185% Apr 23 175
Apr 21 125% Apr 22 121
Apr 23 14 Apr 23 13%
Apr 24 168% Apr 19 160%
Apr 21 105 Apr 21 100
Apr 22 9 Apr 22 7%
Apr 25 70% Apr 24 70
Apr 19 83 Apr 19 81
Apr 23 67% Apr 24 00 H
Apr 24 56 Apr 24 56
Apr 23 45 Apr 23 40
Apr 25 2% Apr 25 2
Apr 21 80 Apr 21: 80
Apr 25 95 Apr 25 95

Apr 4%
Apr 4%
Apr 11
Apr 170
Apr 99
Jan 51%
Jan 8%
Mar 116
Apr 239
Feb 33
Feb 69
Jan 13c.
Apr 100%
Apr 80%
Apr 93
Jan 185%
Fel> 125%
Mar 17%
Apr 180
Mar 120%
Apr 39
Apr 78
Mar 87
Jan 69
Jan 63%
Mar 47 %
Apr 2%
Apr 85
Apr 96%

Feb
Apr
Apr
Feb
Jan
Jan
Mar
Jan
Apr
Jan
Mar
Feb
Jan
F'eb
Apr
Apr
Apr
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Apr
Feb
Apr
Apr

5 47
31 107%
200 2%
100 101%
210 56
100 3
100 51%
100 93
225 16%

Apr 23 47
Apr 24, 107%
Apr 25 2 %
Apr 21 101%
Apr 24 69%
Apr 25 3
Apr 23, 51%
Apr 25 93
Apr 21 17

Apr 23 45
Apr 24 107%
Apr 25: 3%
Apr 21 101%
Apr 21! 50
Apr 25, 3
Apr 23! 51
Apr 25 91
Apr 22, 16

Feb 54%
Apr 110
Apr 3
Mar 105%
Feb 66
Apr 4
Jan 58
Jan 93
Feb 21%

Jan
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Jan

Outside Market.— Speculation in the “ curb” market this
week was on an extremely small scale with prices most of
tho time ruling steady, though, as tho week closed, a generally
weaker tone was in ovideno. United Cigar Stores, com. after
between 9234 and 9 3 % , ran down to 90. Tobac­
State and Railroad Bonds.— Sales 'o f State bonds at fluctuating
co Products pref. sold up from 8 8 % to 8 8 % and to-day was
the Board includo $3,000 New York 4s, 1961, at 100, $11,000
traded in at 8 6 % . British-Amer. Tobacco advanced from
Now York 4s, 1 9 62 ,a t 9 9 % to 100 and $234,000 Virginia 6 s
2 3 % to 2 4 % and closed to-day at 2 3 % . Intercontinental
deferred trust receipts at 50 to 54.
Rubber com. gained over a point to 1 0 % and reacted finally
There has been no perceptible increase in bond transactions
to 1 0 % . Standard Oil of N . J. improved from 350 to 354,
at tho Exchange, although there is reported to be a little more
then sold down to 348. The now N . Y . Central 5 % notes
inquiry, perhaps, for bargains in the outside market. The
wero the feature in tho bond department and wero heavily
downward movement of prices, noted as conspicuous last
traded in “ w .i.” up from 9 9 % to 1 0 0 . B ’klyn Rap.Transit
weok, has continued, but in a modified form, and of a list
5 % notes advanced fractionally to 96. Western Pacific
of 30 relatively active issues 5, are fractionally higher.
5s dropped from 8 3 % to 8 1 % . N . Y . City issues, both tho
Wabash ref. & ext. 4s are exceptional in a declino of nearly
4 % s of 1960 and 1962, weakened from 9 0 % to 96 3-16. In
5 points. Inter.-M et. 4 % s liavo been weak in sympathy
the mining group Giroux was conspicuous for a loss of half
with tho shares. Other bonds are a point, moro or less,
a point to 1 13-16. Braden Copper improved from 8 % to
lower.
8 % but sold down to 834British Columbia receded from
Foreign Exchange.— Sterling exchange this week ruled 2 % to 2 % . Weakness developed in Greeno Cananea, tho
exceedingly dull, but rates taken altogether were well main­ price falling from 7 % to 7 with 6 % for odd lots.
tained and even slightly advanced.
Outside quotations will be found on pago 1218.
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.




1209
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN a

T W O

PAG ES

For record o f sales during the week of stocks usually inactive, sec preceding page
STOOKS— M Q B E S T A N D LOWEST SALE
Saturday
April 19.

Monday
April 21.

Tuesday
April 22.

Wednesday
April 23.

Sales 0/

PRICES.

Thursday
April 24.

1017* 102 10134 1051* 10134 1 0 2 k IOH4 1017* 1007* 101»4
•1 0 0 k 1 0 0 k 1001 * 1 0 0 k 1001 * 1 0 0 k * 1 0 0 1 0 0 k 1 0 0 '* 1 0 0 k
*121
123 123 ♦1211* 123
123
12 1
121
121k 121k
093* 9384 99k 98k 99k
08k 98k 98k 998* 99
*79
80
*79
80 SSO 80
*79
80
*79
80
893* 00'8 893* OOk 90k 903.| 90k 91
90 9058
242k 243k 248 245 244k 2-153* 243k 244k 240 242k
*320 350 *320 350 *320 350 *320 350 *320 350
6634 67
06k 6884 67J4 6 8 k 673* 6 8 k 67k 67k
*1412 10 *14k 16 *145* 16 *14l2 16 *14k 10
30k 30k 34
31
*29k 32
*29l2 32
§29k 29k
109 109 109k 110
109k 110k 1093* 1097* 108k 109k
*138 133k 138k 138k ♦137 13834 *137 138k *13612 138
•1321* 133k *132l2 1331? 1321* 133 132k 133
130 132
*185 187 *185 187 *185 187 ♦135 187 ♦185 187
603* 503* 505* 50k *503* 53
♦505* 53
*50k 63
*85
95
*85 95
*85
95
*86
95
*85 95
*159 161 *160 163 *160 161 *160 161
160 160
*300 420 *390 420 *390 409 *390 420 *390 410
*21
22
*20
22
*20
22
*20
22
*2 0 k 22
37
37
*30
37
37
37
36k 30k *30 38
*6
7
*6
7
*612 8
7
7k *6 k 8
*12
13k * 1 2
14k *13
14k
13k 13k 138* *13
29k 295*
29k 29k 295* 303* 30 303* 30 30
♦45k 46k *45k 40k 46k 46k *45k 46k 44k 45
36
37k 36
*36
37k *36
37
37 37k *36
*127k 128k 12712 128 1277* 1283* 128 128k 12712 127*4
35
35
36 36 ♦34 30
35k 35k 35k 36
116 119k
•119k 12034 119*4 1193* 1193* 11934 *119U 120
16k 167* 165* 167* 107* 167* 16k 17k 168, 16k
503* 5034 57k 5734 67k 58>* 575* 6 8 k 50
57k
*243* 25
25 25
*23k 25
♦2334 25 *2312 25
*59k 01k *aoi2 61k *59k 61k *5934 61k *59k 60k
*8
9k * 8
9k *8
0k
*8
9k * 8
0k
30
*23
30 *23
30 *23 30 ♦22
30 *23
60
159 1591* 159 16034 160 161k 160 160k 159
*133 134 *133 134k *183 135 1133k 133k 132k 134
128k 12934 {1208* 1293* *128 130

Friday
April 23.

1007,

Week
Shares.

9,676
700
409
123
98k 99k 6,300
97
{SO 80
14,425
89k 90
241 242 35,732
*320 350
65k 67k 24,595
230
14k 141?
235
*29k 32
1071* 1081? 7.960
500
136k 137
6,352
1287* 130
*185 187
505* 50k
600
*85
95
159 160
650
150
{400k 400*8
100
*121

101k
100

*20

22

*6

8

36

*13
28k
4334
♦35
126
34
113*4
153*
54k
23k
*55

89

14k
29k
44k
37
127
34k
116
163*
56k
23k
60k
*8
9k
___ ___
15734 159k
♦1331* 134k
18

18

1 ,0 2 0

309
309
13,975
1,300
309
4,407
1,800
8,290
12,750
12,609
300
_.
11,609
530
520
300

STO C K S

NEW YORK STOCK
EXCHANGE

Range lor Previous
Year 1912.

llanoe Since Jan. 1.
On basis o] IQQ-share lots.

H tgliest.

H iohest.

Railroads
Atchison Topeka & S F__
Do pref____________
Atlantic Coast Line R R .
Baltimore A Ohio........
Do pref___________
Brooklyn Rapid Transit
Canadian Pacific---------Central of New Jersey__
Chesapeake & Ohio_____
Chicago Gt West tr ctfs_.
Do pref trust ctfs__
Chicago Mllw & St Paul.
Do p r e f ___________
Chicago & North Western
Do p r e f ________ ___
Oleve Cin Chic & St L __
Do pref___________
Delaware & Hudson___
Delaware Lack & W est..
Denver & Rio Grande__
Do pref_____________
Duluth So Shore & Atlan
Do pref_____________
E rie..................................
Do 1st preferred____
Do 2d preferred____
Great Northern pref___
Iron Ore properties__
lldnols Central_________
Interboro-RIetrcp v t ctf.
Do pref......................
Kansa- City Southern__
Do pref.................. ..
Lake Erie & Western___
Do p r e f....................
Lehigh V alley ................
Louisville & Nashville__
Manhattan Elevated___
Minneapolis & St L ouis..
Do pref____________
Minn St P & S S M arie..
Do preferred________
Missouri Kan & Texas__
Do preferred_____
Missouri Pacific________
Nat Rys of Mex 1st pref.
Do 2d preferred-..
N Y Central & H R ...
N Y N II & Hartford___
N Y Ontario A Western.
Norfolk A Western_____
Do adjustment p ref..
Northorn Pacific____
Pennsylvania_______
Plttsb Cin Chic & St L . .
Do preferred.____
Reading_____________
1st preferred______
2d preferred_______
Rock Island Com pany..
Do preferred-----------St i/ouis A San Francisco
Do 1st preferred..
Do 2d preferred . .
St Louis Southwestern. .
D o preferred________
f eaboard Air Lino—
Do preferred_____
f

100 Feb 25 106k Jan
99k Mch20 102k Jan 29
121 Apr 19 133k Jan
98>4 Apr 18 106k Jan 22
80 Apr 15 88 Jan 10
*S6k Mch 10 92k Jan 9
21Si2 Mch 10 266k Jan 9
325 Mch 19 362 Jan 13
65i2 Apr 25 80 Jan 2
13 Feb 25 177* Jan 9
28 Mch 10 35 Jan 9
106 Feb 25 116k Jan 9
136k Feb 25 145 Jan 30
128?* Apr 25 138 Jan 11
5182 Feb 7 {189 Jan 6
50k Apr 15 54 Jan 21
90 Apr 11 U4k Jan 16
159 Apr 25 167 Jan 8
395 Feb 25 445 Jan 13
18k Feb 25 23k Jan 9
33 Mch 15 41 Jan 10
0 Feb 24
8k Jan 2
12 Apr 11 16k Jan 2
25k Feb 25 32k Jan C
42 Feb 25 49k Jan 30
32k Mchl9 41 Jan 30
124 Feb 25 132k Jan 9
33 Feb 25 4lk Jan 3
113k Apr 25 1 2 8 k Feb 5
15k Apr 25 19k Jan 30
54i2 Apr 25 C5kJan 30
23k Apr 25 27k Jan 9
59k Mch 10 61k Jan 7
6k Apr 3 Ilk Feb 6
25 Mch 18 35 Jan 6
152 Mch 20 168k Jan 2
129i2 Feb 25 142k Jan 10
127k Mch 19 132k Feb 7
17i2 Feb 25 23k Jan 2
40 Apr 14 47 Jan 29
*128k Mch 20 142k Jan 9
14U2 Mch 11 5150 Jan 22
24 Mch 19 29k Jan 7
59k Jan 14 G4i2 Apr 11
30 Feb 25 43k Jan 9
* 50k Feb 10 59 Mch 3
22k Feb 18 27k Jan 2
101k Apr 24 109k Jan 30
109i2 Apr 23 129k Jan 10
29k M~h24 33k Jail 11
103k Mch 20 113k Jan 3
82k Mch 17 87 Feb 13
113k Feb 20 122k Jan 6
113k Apr 15 123k Jan 7
94 Mcn31 104 Jan 11

132^4 13234 *13234 134
134 134
134 134l2 133k 1337* 133k 133k
900
*142 150 *142 150 *142 150 *140 140 ♦142 150 *140 150
26 20
25k 257* 255* 255* *25k 26
*26** 26k 2534 2 0
1 ,0 0 0
*60'* 61k *60k 613< { 0 0 k 60k *601* 6 Ik *G0 k 61k 60k 60k
130
37-k 333* 37k 37k 37k 371? 36k 373 * 7,065
37k 37k 37k 38
*59 61k *57 63k ♦57k 62k *54l2 581?
*59
63
*58 62
24
24
24
24
23
3,000
2 Ik 24 24k 24 24k 24
23
10234 1027* 102k 103k 10234 103k 1027* 103k 1013* 1023, 101l2 1017* 10,759
115 115 1137* 115 11034 113k 109k l l l k 110k 111
110 111
8,950
{30
30
30
*30k 3Ua 30k 30k 30k 30k *30k 31
30 k 1,800
*105k 10834 106k 100k 106 1003* *105*2 106*4 *105k 106k 105 105k 1,530
*837* 86 *837* 86
*837, 86
♦837* 86
*84
80
115 115k 1147* 115k 7,005
115k 115k 1153* 116k 116 116k 1157* 116
114k 1147* 1141* H4k 29,290
114k 114k 1143* 1145* 1145* 114*4 1115* 115
947, *8884 94
*90
91
*94 947* *89
*94
947*
*98 110 *90 110 ♦100 117 *100 117
*96 ___
152k Mch 10 1687* Jan 2
1637* 1653* 1637* 165k 1625, 1041* 1613* 103k 274,200
164k 165k 116234 165
c 89k Feb 25 921* Apr 10
91
400
91
91
91
91
*01
02 k 91
92k *91
92k *91
87k Feb 25 95 Apr 10
93
200
*90 94 *90 94
92«j 92k *9112
*90 93k 93 93
20k Mch 20 247* Feb 4
217* 217, 21k 21*4 2U* 21k 7,700
213* 21k 215* 22
22 22
347S Mch 20 44k Jan 2
3,400
371* 377* 37 37
30k 36k 35k 36
38
*30
36k 37
12i2 Apr 25 19k Jan 11
1,000
13
15k 13
*15
17k *15
17k 15
13k 12k
17k *15
55 Mch 8 59 Feb 11
57
*50
67
*50
*53
57
*54
63 *53
57
58
*53
19 Apr 25 29 Jan 11
20*4
19
21
4,350
§243*
243*
*24k 25
25
23 24k
22k
24k
30k Mch 10 35k Jan 13
100
*30k 3484 *30k 3484 *30k 3434 *30k 3434 *3012 3434 30l2 30k
72 Apr 15 75 Jan r
73k
*71k 73k *70 73k *70
73k *70 73k ♦70 73k *70
18k Jan 22 20k Apr
19
*18
100
19 *18
19 *18
*18k 19
18k
18k 18k *18
42k Feb 20 48k Jan 2
*43 k 44
100
43k *43
*43
44
43k
43k 43k *43
43k *43
98k Mch 14 110 Jan 30
10 > 100 10034 1013* 09k 101l2 993* 100k 98k 99k 93k 09k 20,909
2412 Feb 25 28k Jan 2
*26k 26k 26k 26k 26k 26k 26k 26k 25k 21
251* 25k 4,600 i
Do preferred
do
77k Apr 25 81k Mch 26
*78k 79k *78k 79k 7812 78k 78k 78k 77k 78
77k 77k 1,305
19
IVk Mch 10 23k Jan 8
*18
18
18 *18
19 *1734 19
400
18
18
*17k 19
34
Mchl9 40k Jan 2
30k
*30
35-k
341*
35
3,300
'
39k *35k 36k 35k 35k
*35k
*35k
11 Jan 21 13 Jan 9
*10
13 *10
13
13
12k *10 . . . . *10
*10
13
*10
23k Mch 20 29k Jan 9
Do preferred25 *23
25 *231* 25 *23k 25
*20
*23k 25
100
23k 23k
103k Mch 24 108k Jan 23
*104k 1057* ♦104k 1057* *104k 1057* *104 1057* 1041* 101k *104 103
100 '
145k Mch 19 162k Jan 6
151k 1627* 109,290 1
1523* 153k 152k 155 1543* 155k 154 155 152k 154
83 Mch 13 93k Jan
85 *84k 85k 84>2 85
Do preferred.
85
84k 85
84k 84k 1,800
*84k 85
24 Feb 26 35k Jan
*20
27
27
28
25
*2612 28
28
760 1 nited Rys Inv't
*27
28 *27
26k
47 Mchl9 63k Jan
48k 48k *47
50 *47
60
Do preferred.
60
60 *47
100
*47k 50 *47
4 Feb
3 Feb 17
•3
*3
*3
3k
3k
3k
3k
600
*3
3k
3tg 3k
3k
9 Feb 21 13k Jan 14
12
Do preferred___
100
*10
12
10k ♦103* 10k 10k 10k *10
•10
♦10 12
37k Jan 7 40 Jan
38k 2,975 Western Maryland.
*40
41
463a 40k 40k 40k 40k 40k 3712 397* 38
8 Jan
7
6k Feb 27
6k 6k *6
*5k 7
600
*0
♦5k 7
6k 6k
6k
19 Feb 21 28>« Jan 13
20
{20
21k 21k
700
Do 1st preferred___
25
*19
23
22
21
21
24k *22
13
12
*10
8k Mch 19 14 Jan
600
Do 2d preferred_____
13 *10
•9
12
10
10
10k Ilk *10
66
7,500 Wisconsin Central______ 46 Jan 15 58k Apr 23
*51
54
63k 64
637* 65
65
58k 66k 58k 56
"
’ (t r ia l
&
M is c e ll
7534 763* 75k 777* 771* 78k 767* 77k 76k 767* 273k 75k 112,000 ,
65k Feb 25 80k Jan
♦61
55
♦50 54
•52
46k Jan 17 67 Jan
54
53k *49
♦51
51k
200
Do preferred,
94 Apr 2 99 Jan
*95
95k ♦9412 95k ♦94k 95k "95k 95k *9412 05k 041* 94k
merlcan
Bent
Si
3«7* 32
5,800
.
30
25 Mch 19 60k Jan 2
♦32 33
30k
29k
30k
31
31*4
3lk
30k
«
D o
preferred_____
70k 70k
100
84 *___ 84 *__
80
70k Apr 25 86 Mch 6
*65
84
84
31 43,440
nencan Can______
'33 k 33k 33k 35
25k Jan 14 407* Jan 31
’ §43* 35k '34k 35
33k 34k 33
Do
preferred_____
9334 95
94k
2,970
93k Apr 21 129k Jan 30
943*
94k
93k 04k 95k 95k 95
95
03k
1.2C0 American Car A Foundry 47k Feb 25 66k Jan 2
*50k 51
60k 50k 5ik 51k *50k 5H* 50
60k 49k 60
•114 115 5115 115 {114 114
Do preferred____
112 Feb 25 117 Mch 6
176
1141* 1141* *114 116 {1147* 1147*
*3734 40
*37k 40
38 Apr 10 48k Jan 6
American Cities____
*37k 40
♦37k 40
♦37k 40
*37k 40
*697* 70k •697* 70k 703* 70k ♦69k
Do preferred____
69k Apr 10 78k Jan 2
100
72
*69 k 71
*70l2 71
47
47
*47
48
*47 49
457* 46
42k Mch 18 57k Jan 2
825 American Cotton OH___
*40
49
47
47
*95 100 *95 100
Do preferred..............
95k Mcb 28 96k Jan 10
*98 100 ♦95 100
96
49
{96
*95 100
4 Jan 14
6k Jan 8
*4k 4k •41* 43* •41* 4k *41* 4k *4
100 American HldeA Leather
4k 41*
4k
25k 25k 247* 25k ♦24 25k *24
26
22k Feb 25 28k Feb 10
Do preferred........
*25
400
25k 24k 24k
27
20
Jan 2 27k Apr 4
♦26
26
American
Ice
Securities..
27
26k
26k
26k
♦25*4
25k 25k 2,400
25k 26
10 *10
9 Feb 25 Ilk Jan 31
10k *10
{10
*10
1012
200 American Linseed...
10k 10
10k 10
10
29 *26k 29k ♦26k 29k *26k 20i* *26
25k Feb 26 31k Jan 31
*26
Do preferred____
28
27
*20
36
33k Feb 25 44i2 Jan 6
35k 3534 35k 35k 35
35
1,000 American Locomotive__
*35k ?3k 36k 36k 30
103k Apr 14 106k Jan
Do preferred____
*103 101 *103 104 *103 105 ♦103 104k 103k 103k *103 104
100
10k *9
77* Feb 18 13 Jan
10k: *9i2 10
American Malt Corp__
*9k 10
♦9k 10k *0i2 10k *9
*50
62
54 *50 52
47 Feb 18 61k Jan
*50
Do preferred____
*50
10>
*48
55
49k 49k
61k
250 Amer Smelters Sec pref B 83k Apr 25 86 Jan
83
83k 83k
*85
87
85k 85k1 *84 85k *84 86b1 {83
683* 69
08k 701;! 70 707* 69k 70
68k 08k 67k 68k 16,700 Amer Smelting & Refin'g 637* Mchl9 74k Jan 30
i 10212 102*4 101k 101k 1,610
Do preferred__ _
100k Mch 19 107 Feb
*103 104
103 1031:. 103k 103k iua>4
105 Apr 25 193 Jan 22
108k 168k 165 168
700 American Snuff____
103 170 *170 177 *176 177 *168 178
105 Jan 21
•103 105 *103 105 ♦103 105 *103 105 ♦103 105 *103 105
Do preferred, now__ 104 Jan
34
*34
*34
35
36
34
34
♦32 35 1 34
34
34
566 Amer Steel Found (new). 32 Mch 24 40k Feb

103k Feb
101 k Jan
rl30k Dec
rlOlk Feb
SOI* Aug
763* Jan
226k Afcb
305 Jan
081* Feb
155* Dec
30k Dec
99k J’ly
139k Dec
134k Dec
188 Nov
45k Dec
95 Dec
162 Dec
530 Aug
18i2 J’ly
34k J'ne
8 Sep
14 Dec
30 Dec
47k Dec
38 Dec
126
Jan
36 .Tan
1205* May
16k Dec
633* Jan
22k May1
56 May
l l i 2 Jan
30 Jan
155'* Feb
133 Dec
1287* Dec
18k J’ly
{40 Feb
;29 Feb
146 Dec
25k Dec
57k May
35 J’ly
02's Oct
201* Oct
1061* Dec
126 Dec
2'j7* J’ne
il07k Feb
88 J’ne
115k Jan
1197* Dec
98k Jan
108k Jan
1481* Jan
87k J’ne
92 Dec
223* Dec
42k Dec
17k Dec
58k Deo
26k Deo
2934 Jan

68k Jan
18 Dec
4434 Dec
103k Dec
26k Jan
68k Feb,
20k Jan
83k Dec
10k Dec
28 J’ne
103 Dec
15034 Dec
88k Oct
28 J’ly
57 J’ly
33* j ’ne
123* J’ne
45 Dec
4 Jan
11 Jan
6 Jan
48 Feb
60 Feb
54t* Dec
98 J’ly
46i2 Dec
s.O Nov
Ilk Feb
903* Feb
49 Feb
115 Feb
30k Oc,t
75k Aug
45i2 Jah
95 Jan
3
Feb
20 Feb
18 Jan
9 Mch
30 Feb
3134 Feb
103 Jan
43* Jan
42 Jan
84 Deo
66k Deo
1023* Jan
123
Mch
99 Feb
26 Jan

111*4 Oct
104k Feb
148k Aug
HD* Apr
91 Jan
94k J’ly
283 Aug
395 Apr
85k Oct
20k Oct
39k Apr
1 17 k N o v

146 Jan
145 Apr
19S Mob
02k Apr
101k Apr
176k Feb
697 Dec
24 Mch
4Gk Jan
Ilk May
23 May
391* Apr
577,, Apr
48 Apr
14334 Aug
53 Sep
141k Jan
22 J’ly
673* Oct
•31k Sep
655* Mch
18 Apr
40 May
18534 Jan
170 Aug
138k Mch
27k Jan
{57 Jan
154k Aug
158 Aug
315* Mch
06 Apr
47k Mch
71 Jan
367* Jan
121k Apr
142k Apr
4 D* Apr
119k Aug
02 Feb
131k Aug
1 2 0 k May
l l l k Sep
117 Feb
179k Apr
93k Apr
ion* Apr
30k Apr
693* Apr
•29k Mch
09k Jan
43k Apr
403* Oct
805* Oct
27k Apr
6bk J'ne
115k Apr
32 Sep
807* Oct
2 0 k Nor
4934 Jan
163* Mch
3 b Apr
1111* Sep
170k Sep
96i2 Dep
307* Deo
69k Deo
934 May
227* Apr
64k Mch
Ilk Oct
36k Oct
17k Oct
02 * Aug
92k Oct
033* Mch
104k Mch
7/ Sep
101k J’ne
473* Oct
120k Sep
635* Sep
120 May
60k Deo
8334 Deo
60k Nov
99k Feb
<k Sep
34 Sep
30k m y
i7 k Abr

43 Apr
47k Nov
110k Aug
191 * Aug
69k Aug
89k J’he
91 Sep
1093* Sep
203k Deo
105 Aug
443* Oct

B A N K S A N D T R U S T C O M P A N IE S — B R O K E R S ’ Q U O T A T IO N S.
Rid
Banks
Chat A Phen. 172
108
205
Chelspa
Ex?
V/liCUCts 12A|— 135
600
610
Chemical . _ 415
r228
232
Citizens’ Cen 185
130
140
City
390
425
Coal A Iron. 160
300
___ Colonial ? _ ._ 425
195
180
C o lu m b la ? .. 300
. . . _ Commerce . . 1188*4
150
130
140
Corn Exch 11. t320
___ 220 Cosm opol’n 11 85
-Chase ......... 650 700 East R iv e r .. —
B anks
New York
A e t n a ______
America 11__
Amer Exch..
Battery Park
Bowery 11____
Bronx Boro?
Bronx N a t ..
Bryant Park!
Butch A D r.
Century H___

Ria

Ask

Ask
177
150
425
190
400
165

B anks
Fidelity? ___
Fifth Ave ? ._
F ifth ..............
F ir s t ...........
F o u r t h _____
G a r fie ld ____
. . . . Germ-Amer ?
330 German Ex ?
. . . . G e rm a n ia ?..
G o th a m ____
*” Greenwich ? .
H anover ___
75

105

RU
166
4500
300
900
f 193

Rid
Banks
Harrlm an___ 290
Imp & T rad. 535
192
32Y
T.lhflpf.y
630
10 0 0
Lincoln . . . . .
276 " Manhattan 11 3 4 0 '
140 ' 150 Mark A Fult. 246
400
Mech A M et. 247
475
600*' Merch Exch. 150
170
Merchants’ . . 190
260
265’ " M etrop olis?. 340
690
M etropol'n ? 188
700
Ask
175

Ask
298
545
197
640
375
350
250
252
160

200

360
194

Banks
M t Morris ? Mutual ? . . .
N assau ____
New N e th ? ..
New York Co
New Y o r k ...
Pacific ? ____
Park .............
People’s ? . . .
Prod Exch ? .

RtJ

200

290
195

210
850
395
255
360
240
165
250

PubllcH____
Reserve ____ t 90

Ask.
250

Banks
S e a b o a r d ....

2*10*

Security ? . . .
Sherman . . . .
S ta te ? .........
23d W a r d ? ..
Union Exch.
Wash H’ ts ? .
Westch AvU_
West S id e ? .
Yorkvllle ? . .

225
875
405

265
367
250
175
300

—

Second

Rid
450
375
133
135

m '
160
275
160
450
690

Ask

400*
140
225*

1Y0"

. -«
175

610

•Bid and asked prices: no sales were made on this day. tEx-rlghts. {Loss than 100 shares. IfState banks.
0 New stock, j Ex 24% accum. dlv.
tSale at Stock Exchange or at auction this weok. c First installment paid, n Sold at private sale at this price, x Ex-div. t Full paid.




1210

New York Stock Record— Concluded— Page 2

[ V o l . X C V I.

For record o f sales during the week o f stocks usually inactive, see second page preceding.
STiK'KS— HIGHEST A N D LOWEST SALE
Saturday
April 19

Monday
April 21

Tuesday
April 22

April 23

TRICES

April 24

S«l«» 0/

Friday
April 25

the
Veek

Shires

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1.
On basis ty 100-share lots.

Range lor Previous
Year 1912.

Highest

Highest.

Industrial & Misc (Con)
•113 1141? 114 114 ♦113 1141? *113 11412 113 113
500 American Sugar Refining 109*4 Mch 19 118 Jan 31
111*4 1117*
•113 116*4 *114 113 *11512 116*4 11512 115l2 115 115
1137* 1137*
300 Do preferred________ 113 Mch 20 1165* Jan 28
129*2 1297* 1295* 130** 1295* 130*4 129*4 130
12912 1295* 129*4 1295* 3,462 Amer Telephone & Teleg 129*4 Apr 18 140 Jan 3
•233 245 234 2343* 235*4 235*4 232 235l2 230l2 231*2 226 230*2 2.350 American Tobacco.
226 Apr 25 29434 Jan 10
1027* 1027* *10212 103 103 103
103l2 103l2 103** 103l2 103 103*4 1,333 .Preferred, new ..
101 Mch 12 106t* Jan 27
22*4
207* 21
*19
*19
22
*20 22
21
21
*20
22
300 American Woolen.
16*4 Mch 10
21 Apr 17
*7734 79*2 *7734 791? *7734 79*2 ♦77*4 79l2 *77*4
Do preferred________
7912 *77*4 79*2 _____
77*2 Feb 3
81 Jan 3
30
*28*4
29
29
♦28 30
♦28 30
*28*2 29*2 28
28*8
300
Amer
Writing
Paper,
pref
26
Mch
31
32>4
Jan 2
373* 38** 38
38*4 38*4 387* 3812 38l2 *38
38*4 37*2 38*2 3,500 aAnaconda Oop Par $ 2 5
337 * Feb 25
4li2 Jan 2
« . . . ___ * 1 0 0 106 * 1 0 0 106
104 104
104 104 *103 106
220 Assets Realization______ 104 Feb 28 120 Jan 7
46
40
*45*4
46
*45*1 46
*4514 46
46
46
45*4 45*4
600 Baldwin Locomotive
53*2 Jan 8
45*4 Apr 25
•1045* 105 *10412 105 *104l2 105
1047* 1047* 104*2 104*2 *104 106
200 Do preierred_______ ” 1035* Feb 17 1047* Apr 16
•337* 34*4 34
341- ♦34 35
*337* 35
337* 337* 33*2 34
1,800 Bethlehem Steel............... 33 Mchl9 4U2Jan 9
705* 71
*69*2 71*4 70*2 70*2 71
71% 71*4 71*4 69*2 70*8 1.600 Do preferred________
635* Feb 26 7212 Apr 4
•129 133 *129 133 ♦129 133 *128 133 *129 133 5 1 2 6 126
20 Brooklyn Union Gas___ 128 Feb 25 1377* Jan 27
28** 285* *2712 29
♦2712 29
*27*2 29
*27*2 29
*2712 29
10 0 Butterick C o__________
27**
Mch24 31 Feb 8
4212 4314 42*4 43*4 43
441* 43U 435* 42
43*4 40*2 41*4 15,900 Ca.iforma Petrol v t ctfs. 39*4 Apr 15 56*2 Feb 3
74
74
743* 7434 7312 74
73*4 74
73
73*2 70*2 7212 1,450 Do preferred______
70*2 Apr 25 80 Jan 30
•99*4 105 ♦10 O 105 *100*2 103*2 '100% 103% '100*2 103*2 99*2 100*2
300 Case(JI)ThreshMpftr cfs 99*4 Mchl9 1035* Feb 6
25 25
2534 2534 25*2 2534 *25% 25*4 247* 25
24*2 25
2,050 Central L eather...
24*4 Mch 19 30i* Feb 5
•927* 93
93
93
93
93
*92*4 94
*92*4 93*4 927* 927*
400 Do preferred............... 927 * Apr 25 97i4 Mch 3
3934 40** 397* 4U? 40*4 41
40** 40*4 40*8 40*2 395* 40** 17,450 dChino C op p er.. .Par $5 357 * Feb 27 47*8 Jan 2
*32
34
33
34** 34
34*2 *32 3514 33*4 33*4 *32** 33*4 2,100 Colorado Fuel & I r o n ...
31 Jan 14 4112 Feb 3
•13112 132*2 1317* 132 *13212 134 >131% 133*4 1317* 132
130*4 1 .6 0 0 Consolidated Gas (N Y ). 127 Feb 25 1423* Jan »
*105* 107* 105* 1034 {107* 107* 107* Hi* 107* 107* 130
10*4 10*4 1,205 Corn Products Refining.
10 Mch 4 17t* Jan 31
*64
67
66
66
67U 6 8 I4 *66*2 68*2 ♦65 6712
414 Do preferred________
63*2 Mch 13 79U Jan 31
*16
17
16*2 16"*? 167* 17*8 *161* 17
16*2 16*2
000 Distillers' Securities Corp 16 Mch 24 2ls4Jan 2
15
15
*13
*14
18
18 *14
18
*14* *18 *14
18
100 federal Mining & Smelt’g 13*4 Jan 13 18 Jan 22
43*4 4334 *34 44
43*4 *34 44
*34
*34 43
*34 44
33 Mchl9 44 Jan 2
100 Do preferred___
139*2 13934 139*4 141*4 140*2 141*2 140 14014 140 140
138*2 13912 3.350 General Electric________ *134*2 Jan 24 187 Jan 2
*28
29
28
29
28
26*2 26*2 *26
*26*4 29
27 27
26*2 Apr 22 34*2 Jan 7
300 Gen Motors vot tr ctfs__
*73
77
74
74
♦70 77
*74
78
*70
74
*70 74
74 Apr 23 79 Jan 7
120 Do pref v t ctfs_____
2*4 2*4
2*8
3»* 21*
2*8
2 '*
2
2*4
21*
2
21* 8,200 dGoldfleld Con M Par 510
2
Jan
3** Mch 19
*34*2 35
35
35*2 *3434 35*4 3414 34% 325* 3 4
321* 32 l* 2.600 Goodrich Co (B F)_.
28 Mch 18 68 Jan
95
95l2 9512 947* 95
♦94*2 98*? ♦95 99
95
94*2 947*
600 Do preferred________
91*2 Feb 18 ,05*4 Jan 7
*45*2 46*2 467* 48
47*2
47i2
48
47*2
46 475* 457* 46*4 7,650 dGuggenh Explor Par 525 42i* Mchl9 533* Jan 9
*17*4 18*2 *17*4 18*4 18
18*4 *17*4 18%! ♦17*4 18*4 17*2 175*
700 d Insp’n Con Cop Par$20 155* ,Mchl9 20*8 Jan 3
*104*4 —
*103*4___ *103*4___ 103*4 104
— ♦10334
—
200 Internat Harvester (old) 10334 Apr 25 1155* Jan 30
113
112 112 *----- 112
100 Do preferred________ 111*2 Mch 8 116 Jan 28
¥
♦104*2 106
106 *104*2 106 1-----106
104*2 10412 1037* 1037*
200 Internat Harvester of N J 1037* Apr 25 108 Mch 7
_ 112---113 *112
•112
116 ♦112
116 ¥
113 *112 . . .
Do preferred________ 112 Apr 7 112*2 Mch26
¥
*
*__
106
106
106
----- 106
*----- 106 *----- 106
Internat Harvester Corp. 104 Apr 16 10734 Mch 29
*1 1 2
116 ¥__ 116 * 1 1 2 ___ 113 113 5113 113
113 . . .
150 Do preferred________ 112** Apr 17 113 Mch 13
*3% 4% *37* 4% *37* 4% *37*
45* Jan 2
3 *4 Mch 2 0
4
4
400 Int Mer Marine stk tr cts
4
Mch
*17*2 1834 *17*4 18*4 *17*2 1834 173s 173S *17
18
16*4 Mch 13 19*2 Jan 7
*17
18
120 Do pref stk tr ctfs__
15*4 J’ly
10
9*2 9*? *9*4 10
*9*4 93, *9
*9
9i* Apr 12 125* Jan 30
10
9*4 9*4
400 International Paper_____
93* Jan
42
41
{42
♦40 42
*40
40
40
*40 41
39 Apr 10 48*2 Jan 30 * 457 * Jan
39*2 397*
620 Go preferred________
*10
1 0 ** * 1 0
1012 * 1 0
1 0 *? ♦10
1012 * 1 0
Internat Steam Pump__
12
8
Mch 17 18*2 Jan 9
10*2 *10
12 Dec
*38 ___ *38*2 45
38*2 38*? 38*2 38*2 ♦35
*33
200 D o preferred________
37 Mch31 70 Jan 9
45
63 Deo
92
*85
*87
91*2 * 8 6
92
*8 6
91
♦86
91
100 Kayser& Co (Julius)___
87
87
85*4
Jan
18
94
Feb
3
90
Dec
•100
110
*100
108*2 * 1 0 2 108 *1 0 0 1081? * 1 0 2 108*2 *101 108
Do 1st preferred___ 107*4 Jan 22 110 Jan 2 107 Dec
*65
74
*65
74
*65
74
*65
74
Kresge Co (S S)___
♦65 74
*65
74
61 Mch 19 81 Feb 5
71 Sep
99
*97
99
*08
*98
99
*97
99’ *98
99
Do preferred___
*97
99
98 Apr 14 102 Jan 4 1 0 0 Oct
♦39 40
*39
40
40 40
*40 42*2 41*4 411* 37
858 Lackawanna Steel.
37*4
37 Apr 25 497* Feb 4
29 Mch
9834 99*4 *98 1 0 0
*99*2 100*2 * 1 0 0 101
*98 ' 1 0 0
95
1,300 Laclede Gas (St L) com .I 95 Apr 25 104*2 Jan 8 102** Dec
97
*2 2 2
229 * 2 2 2 230 223 223
219 2 2 2
219 219 215 21712 1,100 Liggett & Myers Tobacco 213 Jan 2 235 Mch 6 156'*
Jan
*113*2 118 *113*2 H5
11412 114*2 *113*2 115
1141? 1141? *114*2 118
300 Do preferred________ 113 Mch 6 116*2 Jan 23 105i2 Jan
347* *32
347* *33
34*4 *32
•32
347S *32
3412 32 32*2
300 Loose-Wiles Bis tr co ctfs 30 M ch l 8 397* J^,n 6
36i2
Dec
•100
102*4 * 1 0 0 103 * 1 0 0 103 *1 0 0 103
*98 103
99*2 9912
116 Do 1st preferred___
99*2 Apr 25 105 Jan 9
l 0 ?*2 Oct
*90*4 94*2 *90*4 94*2 *90*4 94*2 *90*2 94*2 *90*4 94*2 ♦90*4 9412
Do 2d preferred.
92 Jan 6 95 Jan 8
90 J’ly
*175 178 ♦175 178
178 178
175 175 *170 175
165 168
600 Lorillard Co (P )____
165 Apr 25 2 0 0 Jan 28 167 Mch
♦1 1 2 ** H 31 ? *111*2 113*2 1123* 1123* *112*a 113*2 *112*s 1131? *1121
* 1131 .,
100 Do preferred________ 112** Apr 22 116*2 Jan 22 10734 Jan
*70
75
*70
75
*70
74
*70
74
♦70 74
May Department Stores. 6 6 Feb 20 767* Jan 2
♦67 74
09 Apr
*100
105 ♦ 100 105 * 1 0 0 105 * 1 0 0 105 *1 0 0 105 ♦100 105
1007 * Feb 20 105*2 Jan 2
200 Do preferred___
105 Dec
6434 66*4 6412 67
66*4 675s
655s 665« 64% 651? 6234 647* 34,980 Mexican Petroleum.
561* Apr 15 78*4 Feb 4
6234 Apr
245* 2434 247* 25
247* 247. 25
25
24*2 245, 243* 24*g 2,000 dMiami Copper__ Par 56 21** Feb 19 26*2 Jan 4 *231* Feb
•116 118 ♦116 119 ♦116*2 118
117 117 *115 1171? 116 116
112 Feb 21 128*2 Jan 3 114 Dec
200 National Biscuit___
•115 120 *118 1 2 0 *118 119»4 119*4 119L *1185. 1193, ♦1185* 119*2
100 Do preferred_______ 1161* Mch 24 1247* Jan 8 122 Deo
*13*2 14*2 *13*2 14*2 *14
14*2 14
14
3 0 O;Nat Enamel'g & Stamp’g
135* 135*
14
14
135* Apr 25 19*4 Jan 30
1214 Feb
•82 8 8
*81*2 87*2 *82
88
{84
84
80! Do preferred___
*82
86
*81
86
84 Mch24 92*4 Jan 30
88
Feb
*49
51
50
50*4 *49*4 50*8 *49
6 0 0 !National Lead_____
50*8 *49
50*8 493* 49*2
45*2 Mchl9
56*4 Jan 2
511*
Jan
•106 108 *106 108 ♦105*2 1073j *105*2 10734 *105*? 10734 *105*2 10734 .......
Do preferred_______ 104 Mch 14 1075* Jan 27 105i2 Feb
•17*2 175* 17*2 17*2 175* 175, *17*2 1734 173s 17*2
1,300 dNevada Cons Cop Par 55 16 Feb 18 20 Jan 2 $1814 Jan
72
72
72
*69
72
*68
*68
*68
2 0 0 New York Air Brake___
*70
72
70
69 Mch 19 8 2 i2Jan 8
60 Feb
•76 78
76 Mch 28 81*2 Jan 14
74i2 Jan
♦25 27
♦25 26*2 *25
26
*25
27
25
25
♦24
26
1 0 0 Pacific Mail....................
241* Mch 2 0 31*2 Jan 22
28*4 Dec
*35
3712 ♦35 37*2I *35
37*2 35
37*2 *35
35
34
34%
327 Pacific Telep & T e le g ...
34 Apr 25 40 Jan 4
45 Dec
1115s 1115s ♦111*2 113 *111*2 113 ♦111*2 113 ♦111 113
110
500 People’s G L 4 C (Chic). 109 Feb 24 116 Jan 8 103 Jan
111%
•19 21
20
20
*19 21
20
20
19*8 19*8 18% 19
1,170 Pittsburgh C o a l............. I 8 I4 Apr 25 243* Jan 2
1634 Mch
83
83
83
85
83% 83% 82
8312 *82
82% 81
82% 2,040 Do preferred________
80*4 Mch 19 95 Jan 9
77 Feb
•2512 2612 26
26
*28
2612 25*2 26
25% 251? 241? 25
1,550 Pressed Steel Car_______
24l2 Apr 25 36 Jan 7
283
4 Feb
*96 10 0
*96 1 0 0
*97 10 0
*97 10 0
*96*2 100
Do preferred________
♦96*2 100
97 Feb 28 101** Jan 7
98 Feb
*115 . . . . *115 ___ *115 __ ♦115 . . . . *115
*115 118*4
Pub Serv Corp of W J __ 116*4 Feb 28 118 Jan 21 106*4 Feb
*159*2 160 *15912 160 *159 160 ♦15912 160 159*4 159*4 159*4 159*?
500 Pullman Company______ 156*2 Feb 25 165 Jan 2 158*2 Feb
*30 33*2 31*2 31*2 32 32
*31*2 33
31% 31%
*31% 33
400 Railway Steel Spring___
24*4 Feb 25 35 Jan 9
27 1? Feb
*90
98
♦90 98
*90 98
*90
98
♦90 98
{97
97
60 Do preferred________
98 Mchl7 100 Jan 13
98*4 Dec
183s I 8 I2 18*2 18*4 18*2 18*8 18*4 18*2 18% 18% 18
18% 6,360 dRay Cons CopperPar510 16*4 Feb 19 22 Jan 2 Sio Jan
*2434 26
25*4 25*4 *24*4 26
25 25
♦25
1534 Feb
25*2 24*8 24*4 1,215 Republic Iron & Steel__
23*4 Feb 26 28** Jan 31
•83% 84*2 84
84% 84 84*4 *837g £5% 837g 837g 83% 83% 1,500 Do preferred________
6412 Feb
82** Jan 14 89*4 Feb 1
32
32
♦32 34 *30*2 35
31»4 32
26
23 Apr 25 92*4 Jan 7
26
30% 23
4,950 Rumeiy Co (M )............
89*4 Deo
74
72
72
*71
717S 717g 71
72
65
70
513* 571? 4,670 Do preferred________
513* Apr 25 9934 Jan 4
99*2 Dec
•185 18712 186 186 ♦186 190 *185 190
184% 185
177*4 184
2,300 Sears, Roebuck & C o___ 177*4 Apr 25 213*2 Jan 2 140 Jan
*30
37
*30
37
♦30 37
*30 36
♦30
36
*30
35%
Sloss-Sheffield Steel & Ir 33 Mch 20 45*2 Jc,n 28
3914 Jan
*35
38
*35
38
3518 35*8 34 35
33*4 33% 32*8 33
1 ,0 0 0 Standard Milling.............
32** Apr 25 40*2 Jan 31
10*4 Jan
♦59 63
62 *
*59
63
*59
62 «_
62 *
Do preferred________
60 Apr 18 667* Feb 4
61%
63 Jan
•28 30
28*8 28*a 28*2 2834 *2 7 ” 30
*27" 29% *27% 29
300 Studebaker Corp (T h e ).. 26 Feb 20 36 Feb 6
30 J'ly
*89
93
*89
93
*89
93
*89
91*2 89% 89% 89
89
400 Do preferred_______
*88*2 Feb 20 93*4 Jan 13
90i2 J’ne
*35*4 36*2 36
___ . . . .
36*2 36
36
35
35% 34*s 34% 2,525 dTennessee C o p . .Par 525 32*4 Jan 27 39*2 Jan 4 *34*2 Feb
109 109
109 109
109 1 1 0
108*2 109 108 108
2,530 Texas Company (T h e).. 106i2 Apr 25 122*4 Jan 10
106*2 107
81 Jan
*89 91
{89*4 8914 89*8 89*4 *89 91
*8 8
91
88*4 89
540 Underwood Typewriter.. 8 8 U Apr 24 9912 Jan 3
96 Dec
•107 HH 2 ♦107 111*2 *107 112 *107 112 ♦107 112 *107 107%
Do preferred________ 110 Apr 8 113 Jan 21 1 1 0 J’nc
6
{ 6 % 6*2
6%
5*2 5*2
1,405 Union Bag & Paper_____
5% 5*4
6*8
6*2
6*4
6*8
7*4 Jan 3
41* Mch 18
45* Jan
34
34
35
35
34*2 35
34*2 35 *3412 36
35
35
1 ,0 0 0
D o preferred________
29*4 Mch 13 41*4 Jan 3
36** Deo
13*2 13*2 *1 2
*1 2
15
*1 2
15
*13*2 15
15
1 0 0 U S Cast Iron Pipe & Fdy
*13*2 15
133* M chl 8 10*4 Jan 30
13
Feb
•___
*___
53
♦49*2 55
53
53
63 * ...
*49
53
Do preferred________
50t* Apr 17 66*4 Jan 31
60 Jan
♦6634 70
*66*4 70 ♦6634 68*2 6 6 % 66*4 *6634 6 8
' 66*4 67
300 U S R ealty * Im prov't.. 6634 Apr 23 77 Jan 9
67 Jan
64
6378 64*4 63*4 64
63%
64
63*2 64
60*4 62*2 4,950 United States Rubber__
63*8
57i2 Fob 24 69*2 Apr 4
45U Feb
106*2 106*2 ♦10578 1 0 6 34 ♦1057s 106*4 *1057g 106*2 105% 1057g 104 105% 1 ,1 0 0
D o 1st preferred___ 104 Mchl9 109*4 Apr 9 1055* j ’ly
D o 2d preferred_____ 76** Jan 3 81*2 Jan 9
75 Jan
6 G4 6 US
61*1 63*8 62*8 633s 62*8 6234 61*4 62*4 60*4 61% 200,825 United States Steel_____ 58% Mch 10 69** Jan 2
58*4 Feb
•108 108*? 108*4 109
Do preferred_________ 107 Mchl9 110*4 Jan 30 107*4 Deo
108% 108% 108*4 108*4 *108% 108*2 108*4 108% 1 ,0 0 0
5234 52% 53
5378 5334 637g 63*4 53% 52*4 53
52% 53
4,400 dUtah Copper__ Par 5 1 0
485* Mch 19 605* Jan 2 *52)2 Jan
33
32
33
3214 33
32
32*2 32*4 2 ,2 0 0 Virginia-Carollna Chem. 301* Feb 25 43** Jan 3
33
33
33*2 33
40*4 Deo
•107*2 1 1 0 *107*2 109*2 *107*2 112 ♦107% 110 ♦107% 110
Do preferred________ 105*4 Apr 25 114 Jan 3 1147*
105% 105*4
10 0
Dec
*66*4 67*2 *66*4 6734 66*8 6658 *6 6
66%
1 ,2 0 0 Western Union T e le g ...
67*4 6 6 % 66*4 6 6
651* Mjch20 75** Jan 9
71*4 Dec
6334 63% 6334 64*2 *64
63% 6334 2,721 Westinghouse El & M fg. 60i2 Mch 19 79*4 Jan 2
65*2 64*8 64*8 637g 64
60*4
Jan
•116 1193i *115 11931 *117 119*4 *117*2 11934 *117% 119% *117*2 119*?
Do 1st preferred____ 116** Apr 12 119*4 Jan 17 1147* Jan
94
93*4 93*4
94
„ „ ______
90*2 91% 4,700 Wool worth (F W )______ „85i2
93% 93*2 91% 93
2 9412
Mchl9 112 Jan 2 112*2 J’ly
«___ 113 *1 1 2 113 * 1 1931
112% 112%
2
100
113 ♦112 113 * 1 1 2 113
D o preferred...............I iqqi4 Mch 13 115*2 Jan 8
9 3 %J’ly

77* Mch
26 Mch
1934 May
627* May
34 Jan
845* Apr
95*4 Oct
10J Oct
89l2 Oct
105*2 Oct
5512 Sep
10S34 Jan
225 Oct
118 Aug
47** J’ly
105*8 NOV
92*4 Oct
215*2 Oct
118 Aug
88 Oct
112 Jan
9012 Oct
$30*4 Sep
161 Apr
131 J’ne
26 Oot
95*2 Jan
68*4 Oct
1107* Nov
*24i* Sep
85 Nov
877* Aug
38 Sep
65*s Apr
122*2 Oct
27*4 Aug
100*4 Aug
407* Sep
103*4 Aug
1207* Aug
175 Aug
40*4 Sep
105 Aug
$241* Sep
35 Oct
933* Oct
101 Nov
103*2 Oct
221 Nov
6934 Sep
36 Dec
66 Oct
49*2 Aug
981* Aug
*47*i May
1305* Sep
11534 j'n e
114*2 Sep
177* May
67*1 May
22i2 May
643* Oct
86l2 J’ly
677* May
116 May
86*2 May
80*4 Sep
117 Sep
$67*2 Sep
67L Jan
122 Mch
86*4 Jan
891? Aug
126 Aug
1177* Oct
1163* J'ly

B A N K S AN D T R U ST COMPANIES— B A N K E R S ' Q U O TATIO N S.
■Banks
Brooklyn

Coney Isl’d 1
First......... .
Flatbush —
Greenpolnt..
HlllsldeU___
Homestead U
Manufact’rs .
Mechanics'?.
Montauk 7 ..
Nassau____

Bid

Ask

135 155
280 300
150 165
___ 160
. 125
85 100
400 425
200 225
. . . . 140
205 220

Banks

Bid

Ask

Trust Co’*

National City 275
North SldeH- 175
People’s ___ 145

295
200
155

Central Trust
ColumblaKnlckerboc
Commercial .
Empire____
Equitable Tr.
Farm L & Tr
Fidelity____
Fulton_____
Guaranty Tr

Brooklyn

Trust Co’s
N Y City

A stor_____ 360
Bankers’ Tr. 465
B’way Trust. 165

375
475
175

N Y City

Trust Co’s
990 1005
500
300
490

520
92

505*
1275
220' 230
290 305
580 590

BUI

N Y City

Hudson___

Ask

133
195
123
Metropolitan 440
Mutual Alli­
ance_____ 130

140
205
133
455

140

150

Chester)___

140

Trust C o ’s
N Y City

Bid

N Y Life & Tr 11036
N Y Trust__ 620
Title Gu & Tr 470
Transatlantic 175
Union Trust. 1240
U 8 Mtg & Tr 450
United States 1100
Washington . 376
Westchester .

Ask

Trust Co’s
Brooklyn

Brooklyn Tr.
630 Citizens’ ___
485 Franklin___
___ Hamilton__
1270 Home_____
460 Kings County
1130 Nassau____
390 People’s . . . .
160 Queens Co . .

Bid

Ask

490
160

600
165

270
118
630
130
295
100

285
125

. . . . 250

so*”
105

•Bid and Mked prices: no sales on this day
{ Less than 100 shares. tEx-rights. o Ex-dlv. and rights, b New stock, d Quoted dollars per share.
TS&le at Stock Exchange or at auction this week, s Ex-stock dividend. 1fBanks marked with a paragraph (If) are State banks, x Ex-dlvldend.




1211

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
th e E x c h a n g e m eth o d o f g a o lin g b o n d s w a s c h a n g e d , a n d p r ic e s a r e n oxo a ll— " a n d i n t e r e s t " — e x c e p t fo r in c o m e a n d d e fa u lte d b o n d s .

i

B ON DS
. stock ex ch a n
Week Ending April 25.

iTJ S
‘U S
U 8
TJ S
U S
U S
U S
U S

U. S. G ov e rn m e n t.
2s consol registered..dlOSO Q2s consol cou pon......... dl030 Q
3s registered--------------*1018 Q
3s c o u p o n .....................*1018 Q
4s registered----------------1025 Q
4s c o u p o n ------------------- 1025 QPan Canal 10-30-yr 2s *1036 Q
Panama Canal 3s g ---- 1061 Q

y

ge

F oreign G o v e r n ,c n t .
Argentine— Internal 5s o f 1000
Chinese (Hukuang) lty 5s £____
Imperial Japanese Governm ent
Sterling loan 4 ^ s ________ 1925
2d Series 4>£s__________ 1025
Sterling loan 4s__________ 1031
Republic o f Cuba 5s exten d eb t.
External loan 4 3^s________ 1040
8 an Paulo (Brazil) trust 5 s .1010
T ok y o C ity loan o f 1012 5s____
U S o f M exico s f g 5s o f ___1800
Gold 4s o f 100 4 ..................1054

2S
S fc
“ a,

Price
Friday
April 25

Range
Since
Jan. 1

Week'*
Range or
Last Sale

Bid
High
Ask Low
IOOI4 10034 lOOiyMch’ 13
IOOI4
101 >4 Jan '13
102*2 163*14 102*2 Apr '13
1 0 2 l2
10212 Sale 1 02 12
113l2 114 113*2 Apr '13
113l2 114Lt 113l2 Apr '13
IOOI4 101 100*2 J'ne 'l l
10234
10234
10212

M-S t 97U 98
J -D I 8 8 ____
F -A 1 87i2 Sale 87l2
8 Sl2
J -J t 8634 887s 87>s
87‘s 12
J -J 1 ------ 805« 803s Apr 13
997s ' l 0
M-S t 997g 1 0 0 i2 097g
F-A 1------ 9514 95L Apr '13
J -J 1 07 07U 0C78 Feb '13
8612 88
87
87L 34
M -S
043s Apr '13
Q -J 1 93% 06
84 Apr '13
80 89
J -D
1 These are v rice* on the b as Is

S ta te a n d C ity S e cu ritie s.
41
9714
96U Sale 96U
N Y C ity— 4 y {s ___________ 1060 M-S
027s 20
4% Corporate stock _____ 1050 M-N 0214 Sal' 92
92*4 159
4 % Corporato stock_____ 1058 M-N 92i2 93l2 0 2 12
027r 13
02l2 927g 02l2
4 % Corporate stock_____ 1057 M-N
39
102*4
New 4 ^ s ..............
1057 M-N 1 0 2 l2 ___ 1 0 2 l2
1
101
Now 4 H s ............................. 1017 M-N 101 102 101
32
102*8
4>$% Corporate stock ___1057 M-N 1025g Sale 10212
2
1015s
4 H % assessment bonds_.1017 M-N 101 ____ 1 0 1 *s
825a . . . . S3 A p r '13
3 y ,% C orporate stock ---- 1054 M-N
1 00
N Y State— 4s____________ 1061 M-S 100 Sale 1 00
Canal Im provem ent 4 s _ ..1061 J - J ____ 1 0 0 i2 I00l2 Apr '13
Canal lm provom ont 4s---- 1062 J - J ____ * 1 0 0 101l2 Feb '13
100*8 Apr '13
Canal Im provem ent 4s___1060 J - J
98 ____ 103i2 J’ly '10
South Carolina 4
20-40..1033 J - J
001 * ____ 99 A p r '13
Tenn now settlement 3s___1013 J -J
S612Dee 'l l
Virginia funded debt 2 - 3 s ..1,001 J -J
54
6114 Sale 50
0 s deferred Brown Bros ctfs
R n ilroa d .

Arbor 1st g 4s_____ MOOS
Ann
tch T op Sc S Fe gen g 48.1005

Q -J
A -O
R egistered _______________ 1005 A -O
Adjustment gold 4s_____ /il005 N ov
R egistered____________ 51005 N ov
Stamped_______________51095 M-N
C onv 4s Issue o f 1 0 0 0 .. .. 1055 J -D
Oonv gold 4 s ------------------- 1055 J -D
C onv 4s (Issue o f 1010)___ 1060 J -D
1 0 -year conv gold 5s_____ 1017 J -D
Debentures 4s Series K ___1013 F -A
East Okla D lv 1st g 4 s ...1 0 2 8 M-S
Short Line 1st 4s g o l d . . _1058 J -J
Cal-Arlz ls t & ref 4>$s___ 1962 M-S
S Fo Pres & l ’ h 1st g 5s_1942 M-S
Chic & St Louis 1st 6 s . . .1015 M-S
Atl Coast L 1st gold 4s___51052 M-S
R egistered____________ 51052 M-S
Ala M id 1st gu gold 5s___1028 M-N
Bruns & W 1 st gu gold 4 s .1938 J -J
Charles Sc Sav 1st gold 7 s .1036 J -J
L Sc N coll gold 4s______ 01952 M-N
Sav F & W 1st gold 6 s ____1034 A-O
1st gold 5s______________1034 A-O
811 Sp Oca Sc G gu g 4s___1018 J -J
alt & Ohio prior 3>3s___ 10~" J -J
R egistered__________ 51025 Q-J
•Gold 4s......... ................. ..51948 A -O
■
Registered___________ 51048 Q - J
20-yr conv 4}^s (wh lss)..1 0 3 3
Pitts June 1 st gold 6 s ____1922 J - J
P June & M D lv 1st g 3 s i 025 M-N
P L E & W Va Sys ref 4 s. . 1941 M-N
. Southw D lv 1st gold 3 J^s. 1 0
J -J
. Cent Ohio It ls t c g 4 )^ s ._ 1 9 3 0 M-S
Cl L or& W con 1st g 5 s ..1033 A -O
Monun Itlver 1 st g u g 5s . . 1 0 1 0 F -A
Ohio River R R 1 st g 5 s . . . 1036 J -D
General gold 5s-------------- 1937 A-O
Pitts C lev& T ol 1st g 6 s ._ 1 0 2 2 A -O
Pitts & West 1st g 4s------ 1917 J -J
Stat Isl lty 1st gu g 4 ^ 8 .-1 9 4 3 J -D
Buffalo It Sc P gen g 5s------1037 M-S
Consol 4 U s ______________1057 M-N
A1I& West 1st g 4s gu ____1008 A -O
Cl & Mali 1st gu g 5s____1043 J -J
Koch & Pitts 1st gold 6 s . . 1021 F-A
Consol 1st g 6 s _________ 1 0 2 2 J-D
B uff& Susq l s t r o g g 4 s ___</1051 J-J
anada Sou cons gu A 5s. 1962 A -O
R egistered_____________1 0 6 2 A -O
Central o f Ga ls tg o ld 5 s._p l9 4 5 F-A
Consol gold 5s___________ 1 0 4 5 M-N
R egistered______________ 1 0 4 5 M N
1st prof income g 5s____pl045 Oct
2 d prof Income g 5s____pl045 Oct
2d pref incom e g 5s stam ped.
3d pref income g 5s____pl045 Oct
3d pref incom e g 5s stam ped.
C hatt D lv pur inon g 4 s ..1051 J -D
M a c & N or D lv 1st g 5 s ..1046 J -J
M id Ga & Atl Dlv 5s____1047 J -J
M obile Dlv 1st g 5s______ 1046 J - J
Cen R R & B o f Ga col g 5s. 1037 M-N
Cent o f N J geu’l gold 5s___1087 J -J
R egistered____________ 51087
Am Dock & Imp gu 5 s ...10 2 1 fcj
' Leh & Ilud It gen gu g 5 s .1020 J -J
N Y & Long Br gen g 4 s . . 1041 M-S
Oont Vermont 1st gu g 4 s ..e l0 2 0 Q -F

B

C

7412 76
7434
75
0314
03i8 Sale 927S
93U
031..
83___84
84 Apr '13
____8712
86 Mch 13
84
84 Sale 84
10818 Sep 12
10114
I 6614 Sale" 10014
00*e Sale 993g
100*2
100's Sale 100l8
IOH4
99L J 'ly 'l l
023g 93i2 92*8 Apr '13
80
87 . 87*4
87i.i
1978 100 M ch’ I3
)514 107 Feb 13
103 108 I03ia Feb '13
90U Sale 90
90*2
♦00
____ 98 Oct '06
106*4 Feb 13
> . . . 10414 05 Aug 12

125
...
88l2 Salt S8 l2
8 8 i2
____ 124i2 1231mJ’no 12
____ 112l2 110*8 May 11
07 100
07 Oct 12
89U Sale 89
89>2
88

____ 89 Apr '13

21

"l2
92i2 9238 93
9334
____ 94i2
98i2 Apr '1
92>4 Sale 9214
927S 1479
I I I I 87 12

Jan 12
8712J$n '13
87 • 87

112

____ 87
87
88
87
87b
100 Sale 100
1 00
____ 100i2 10612 Mc)l'13
1 02»2

102'4 J ’ne'12

'IOOI4 . . . 103*2 Apr '13
____ 104l2 lpoi2 Apr '12

’ml os

113*2 Feb T
9612 Oct ’ 12

91 ____ 01 J ’ne'12
105 ____ i07i2 Mch*13
. . . 103<4 103U
103L

0534 Mch '13
103 J'ly
10812____ 11074 Apr '13
IIOI4 ___ 111*1 M c h '13
45i2 Sale 45l2 48
100*8
lOGig Sale 105*4
100*4 Jaa '11
i o o .......... 110*8 Mch '13
____105
105*4
106
106U Mch'13
103 Dec 'l l
105 Dec 'l l
96 N o v ’ ll
107 D e c 'l l
80*3 Oct 'W
------ 0 0
00 Feb '13
>100*4 . . . IO7 I4 Jau '12
115 N o v '05
>100*4 * r 109*4 May 11
0934 1013S 99*4 Apr T3
115 Sale 115
115
. . . 116 ll0 i 2 Apr 13
10434 Sale IOD4
1043.,
102U May'12
100i2 Jan '13
83
86
88
Mch'13

A Y lS C liL L A N E O U S

R ailw ay
Brooklyn Rapid Tran g 5s. 1045
1st refund con v gold 4s___2002
Bk C ity 1st eon 5 s. .1916-1941
Bk Q C o Sc S con gu g 5s. .1041
Bklyn Q C o & S 1st 5 s . . . 1041
Bklyn Un El 1st g 4 -5S ...1 0 50
Stamped guar 4 - 5 s ......... 1050
Kings County El 1st g 4 s. 1040
Stamped guar 4 s.
1049
Nassau Elec guar g >I<1 4 s . 1051
C onn Ry & L lst& ref 5g 4 4 s ’51
Stamped guar 4 4 s . . .
1951
S tr e e t

"BONDS
Y . ST O C K E X C H A N G E
YVeek Ending April 25

Low High Chesapeake & Ohio—
Gen funding & impt 5s___1929 J -J
100*2 101*8
1st consol gold 5s_________ 1930 M-N
101*4 101*4
R egistered______________1930 M-N
102*2 1027a
General gold 4 .His________ 1002 M-S
102*2 103
R egistered______________1092 M-S
113*2 113*2
Convertible 4 ) 2s_________ 1930 F-A
113*2 114*4
Big Sandy 1st 4s_________ 1044 J -D
Coal River lty 1st gu 4 s ..1945 J -D
1 6 2 ’ M3>8
Craig Valley 1st g 5s_____ 1040 J - J
F oils Creek Br 1st 4s____1946 J - J
R & A Div 1st con « 4 s . . . 1980 J -J
96*8 09*8
2d consol gold 4s________1089 J -J
86
92
Greenbrier lty 1st gu g 4s. 1040 M-N
87*2 90*8 Chic Sc Alton It it ref g 3 s ..1040 A -O
Railway 1st lien .'1j-is____1050 J - J
8 6 78 89).|
Chic B & Q Denver D iv 4 s. 1022 F-A
80
83
Illinois D iv 3>2s_________ 1040 J - J
99*8 102*2
R egistered______________1040 J - J
94l2 0714
Illinois D iv 4s___________ 1949 J - J
06*8 07*2
R egistered______________1049 J - J
8 6 * 4 89*2
Iowa D iv sink fund 5s___ 1 0 1 0 A -O
02
05*6
Sinking fund 4s_________ 1910 A O
83*2 81*2
Nebraska Extension 4s___1027 M-N
of $5 to £
R egistered______________1027 M-N
Southwestern D iv 4s_____ 1921 M -S
96*4 100*4
Joint bonds. See Great North
92
97*8
Debenture 5s____________ 1013 M-N
9212 07*4
General 4s________________ 1958 M-S
92*2 97*.
102*2 105*2 Chic Sc E 111 ref Sc imp 4s g_1955 J -J
1st consol gold Gs_________ 1034 A -O
101
102
General consol 1st 5s_____ 1037 M -N
102*2 105'R egistered______________1037 M -N
100*4 101*4
Fur m oney 1st coal 5s____1042 F -A
83
86
R egistered__________________
100
101*2
100*4 1013.1
Chic & Ind C lty 1st 5s___1936 J -J '
101*8 101*8 C hic Great West 1st 4s____1950 M-S
1003s 10134 Chic Ind & Louisv— R ef 6 s . 1947 J - J
Refunding gold 5 s ________1947 J - J
Refunding 4s Series C ____1017 J - J
00
09
Ind Sc Louisv 1st gu 4s___1056 J - J
C h icln d & Sou 5CFyear4s._ 1956 J - J
49*2 59
Olllc L S & East I s t 4 * 4 s ...l9 6 9 J -D
Chic M il Sc St F terml g 5s__10Y4 j - j
74*4 797S G en’l gold 4s Series A ___el989 j - j
9278 OS's
R e gistered ____________ cl089 Q -J
03*4 08
G en’l gold 3>is Ser B _ ..e l9 8 0 J -J
83
88*4
R egistered____________ el089 J -J
86
86
25-year dobon 4s_________ 1034 J - J
S3 8 8
Convertible 4J^s_________ 1032 J -D
Convertible 4
( wh iss u e d )..
100*4 105*4
Gen 4)^s (wh iss)______ e 1080 J -J
087g 103*8
Chic Sc L Sup D iv g 5s___1021 J - J
100*8 105*s
C hic & M o liiv D lv 5s___1026 J - J
C hic & F W 1st g 5 s ......... 1021 J -J
92 93*2
C M Sc Fuget Sd 1st g u 4 s . 1040 J -J
867S 02
Dak & O rt Sou gold 5s___1016 J -J
00*4 100*2
D ubuque D iv 1st s f 6 s___ 1 0 2 0 J -J
107 107
Far & Sou assum g 6 s ____1024 J -J
103*8 103*8
La Crosse & D 1st 5s____ 1910 J - J
00
05*4
VVls Sc M inn D iv g 5s____ 1 0 2 1 J - J
05 05
Wls Vail D lv 1 st 6 s ______ 1 0 2 0 J -J
105 100*4
Mil & N o 1st co m 6 s _____ 1913 J -D
Extended 4 U s__________ 1913 J -D
Chic Sc N or W est cobs 7 s ..1015 Q -F
Extension 4s________1886-1926 F -A
88*2 02*2
R e g iste re d ________1886-1926 F -A
General-gold S'As________1087 M -N
R egistered____________ pl987 Q -F
89 01*4
General 4s_______________ 198 M-N
89 <J0l2
Sinking fund Gs____1870-1029
03
97*8
R e g iste re d .............. 1870-1029 A -O
Sinking fund 5s____1870-1020 A -O
03*2 07
R e g iste re d ________1870-1029 A -O
02*8 97*8
Debenture 5s____________ 1 0 2 1 A -O
R egistered______________1 0 2 1 A-O
87*2 80*2
Sinking fund deb 5s_____ 1933 M-N
87 90*4
R egistered_____________ 1033 M-N
87
<J0*4
100
101
From Elk & M o V 1st CS..1933 A -O
106*2 106*2
M a n G B & N W 1st 3 H s 1041 J - J
M ilw & S L 1st gu 3 ,4 s ___ 1941 J - J
103*2 103*2
M il L S & West 1st g 6 s ..1921 M-S
E xt & im p. s f gold 5 s ..1920 F -A
Ashland D iv 1 st g Cs___1925 M -S
M ich D iv 1st gold Cs___1024 J - J
M ilS p a r& N YV 1st gu 4 s .1947 M-S
107*2 110’s
N orthw Union 1st 7s g ___1017 M-S
103 10434
YVinona & St F 1st oxt 7 s .1016 J -D
f534 9534 Chicago R ock Isl Sc l ’ac 6 s . 1017 J - J
Registered ..................
1017 J -J
100*2 110*2
General gold 4s____
’ l988 J -J
111*4 1 1 178
R egistered....... ...........
lo s s -J -J
38 48
Keiunding gold 4s............ .1034 *A-D
105*4 106*4
20-year debenture 5s_____ 1 0 3 2 J -J
C oll trust Series L 4s____ 1014 M-N
F 4s-------------------------------- 1918 M-N
110
110*8
Chic R 1 & Fac R R 4s____2002 M-N
105*8 109
R egistered_____________ 2 0 0 2 M-N
106*4 100*4
R I Ark Sc Louis 1st 4 4 s . 1034 M-S
Bur C R Sc N — lr„ g 5 s ...1 0 3 4 A-O
O l t l F & N YY' 1st gu5s. 1 0 2 1 A -O
M & St L 1st g u g 7s____1027 J -D
C hoc Okla& G gen g 5st_ol919 J - J
Consol gold 5s__________ 1952 M-N
90 90
Kook & Dos M oines 1st 5s.1923 A-O
St l'aul & K C Sh L 1st 4 4 s ’41 F -A
Chic St F M & O con 6 s . . . 1930 J D
09*4 9934
Cons 6 s reduced to 3 4 s . . l 0 3 0 J I)
Debenture 5s____________ 1030 M-S
115 119*8
C h St F Sc M inn 1st g 6 s ..1018 M-N
115*8 118*2
N orth YViscoiisin 1st Cs___1030
104*8 105*2
St F Sc S C ity 1st g 6 s ____ 1010 A-O
Superior Short L 1st 5 s g 0 l 9 3 OM-S
100*2 100*2
C hic& YY'ost Ind gen g Cs..?1932 Q-M
88
90
Consol 50-year 4s________ 1052 J - J
B O N D S — C o n tin u e d o n

Week's
Range or
Last Sale

Rang*
Since
Jan. 1

i

High No.
Bid
Ask Low
1007g Apr 13 __
____103
6
106*2
106*2 Sale 106
100*8 N o v '1 2
6
05*4
95*8 Sale 05*8
99*2 M ch ’ 13
21
89
88*4 Sale 88*4
83*4___ 85*8 Feb 13 ___
85
884 Oct 12
10134 ____ 101*4 Mch '13 ___
80*4____ 843j Jan '13
90 Apr '13 "___
____ 94
83
89
87 M ch ’ 13
8312
____67'
67 Feb 13
20
58 59
58*2
59
997g
097a Sale 907g
1
843.! 65
83*4 Sale 83*4
-- 86*4 Aug *2
------ 947g 945g
945g
3
97 Sep '1 2
10U2 104 1033g Feb '13
98*2 08*4 08 Mch'13
05 98*2 96*4 Apr '13 ___
. . .. ' 06*8 Sep ' i2
97*2____

Low High

100 Apr 13
91*2
02
53
74
74
8
119 Jan 13
107*8 Feb '13
106*2 Jail '13
07*4 Feb '13 . . . .

99*4 1001 *
911* 961*
74 SO
110 119
106 108
106*2 1061*
97*4 08

100

100*8

91*2 Sale
74 Sale
____115
105 109
________
____ 96*2

* . . . 105*4 105*4 Mch'13
75*4 76
76
76
120
___ 128*2 1 20
102*2
105*4 Feb '13
____ 90*2
86 J ’iy 12
____ 85
___ 01
00*4 Aug 12
101 Dee 11
1 0 0 * 8 ___ 100*8 Apr '13
01*4
01*4 Sale 0034
08*2 Feb 13
____96*4
70
70
79
80
86
J'nc 11
8634
86
Sale 8 6
102
101*8 Sale 101*8
102
101*8 Sale 101*8
99%
99*8 Sale 093*
1027S ____ 103
103
1043s____ ,1043a
1043g
103*8 Sale 103*8
103*2
88*4
88*4 .-wii 87
1 0 0 -Yi____ 101
101
109*2 Sale 109*2
109*2
1 1 2 * 8 ____ 117*8 Aug n
1 0 2 * 8 ____ 102*8 Apr '13
1027,____ 104 A p r '13
108*8____ 109*4 Feb 13
100
____ 100*8 Mch'13
fOO 100*8 100*8 Aug 12
104
103 104*8 104
05 ____ 06 F e b '13
96 Jau '13
____ 05
81
80 Sale 80
>. . . . . . . 84% Jan '13
93*4
03*4 Sale 03

....
1
1

68

121*4

10012 101*4

81*4 8434
90
931*
87
88
67
68
55>2 631*
9.1 100
83*4 85**
04 tj 98*4
1033s 103**
98
901*
96*4 97

105*4 1051*
75
77*»
120 125 ,
105*4 1051*
1

01^
5 86
194 101*4 106**
176 100*4 104**
625 .00*4 993*
2 103 1045*
3 1043s IOOI4
3 103*8 105*4
94
31 87
5 101 101
24 109*2 DO**
102*8 1021 *
104 104**
10U34 109*4
100
1001 *

104
90
96
13 80
84
35 9234
1

104

107*2 Mch'13
____
____
___

1 02

■" n ::i
...J
100*8 1 0 0 **!
00*4 90
22
.
07
081*.
85
3 70

104 ____ 101 Apr 13
» ____104*2 104*8 Oct 12
102 Apr '13
100*4 102

119
> 68

100

106 1 10
___ __ _
OS's 101 I
99*2 991*
8834 92**
85*8 851*

105U
96
90
85»*
81*4
9SU

100

105
__ _
103

107

1071*

121*4 1211 *

Mch'13

100
111*2 109*2 Apr '13
I 6 9 I2 1121 *
105*2 110 107*4 Feb '13
107*4 1*17*4
112
____ 114*8 Feb '13
114*8 U41*
111
___ 113*2 Mch'13
113*2 1131*
____ 92*4 02*2
0 2 l2
6 92*2 94
115 J'ly 'l l
107*2
107*4 108*2 108*2 M ch ’ 13
108*2 108'*
106 106*4 106 Apr 13
105 106**
____105*2 100 A u g ‘ 10
89
94**
89 Sale 89
5 89
. . . 00
01 Dec 12
84 Sale 83*8
84
34 83*2 89
86
867S 8 6 Apr 13
86
90
93 ____
____ 95" 04*4 j ’ne 'l l
60*4 Sale 60*8
61*2 152 60*2 66*4
63*8 Jan '13
63*% 64*»
* . . . 85*2 87*4 Feb '13
86
87*4
107*2____ 107*8 Apr '13
107*8 108*4
___ 106
10 o*4 Sep '11

100*4 100*4 Apr
___ 106 Jan
97*2 09*4 98 A pr
80 Feb
____ 89
97'

♦ 10 0

110*2 121*2 120

’13
T3
13
13

1 20

io 6*2 i'i*J*4
1 00

4

98
80
1 20

1 00

98
89
1207*

101
66
10038 101 1 0 1
116*2____ 110*2 Feb '13 __
1 2 J*s MaV'09
1101 ?
106l2 108*4 108*8 Mch'13
105 ____
*106*2___ 107 Mch'13
84
86
84 A p r '13 -.--J

1001t 1027*
119 1201*

104*4

104*2
91
Apr '13

102*4 104*4
90*2 95

May'12
62*2 Jan T3
50*4 Mch 12
___ 102 Mch'13
101
------ 1 00
101i2 Dec 12
101 Feb T3
74 J'ly T2
74*2 J'ly T 74 N o v '12
105*2
104 105*2 105
____ 84*s 03*2 J'ly Ou
10012 103 104*2Dec 11
91
91*2 04*4 91
102 Nov'12

62*2 621*

108*8 109*4
10658 107
84
80*1

N ext P age.

S t r e e t R a ilw a y

A -O
J-J
J -J
M-N
J -J
F-A
F-A

100*4 100*2
.. . - - --

J -J
J -J
J -J
J -J
Ft Smith L t & l r 1st tr 5s 1056 M-S
Grand Rapids R y 1st g 5sIIluiG J -D
Havana Elec consol g 5s
1052 F-A
Interboro-M ctrop coll 4 4 s l 1 0 5 6 A-O

80 81
76*4 Sale
•97*4___
. . . 9834
72*4 Sale
. 92
08*2
___ 97
76ia Sale

F-A
F-A

____ 102
89 Sale
____ 102*4
___ 08

SO ___

102*4

88*4

102*4

100*2
100*4

18 101*4 103*4 Intcrboro R ap T r 5s Scr A . 195
86*4 02*8 M anhat R y (N Y ) cons g 4s. 1000
Stamped tax-exempt_____ 1000
101
102*2
Metropolitan Street R y —
98 98
Refunding gold 4s------------ 2002 A-O
Farmers’ Loan & T r c t f_____
1 1 00
101*2
S ta in p o d ---------------------------1 00
101*4
Bway Sc 7th A v 1st C g 5 s .1043
1
Col Sc 0th Av 1st gu g 5S-.1993
Lex A v & F F 1st gu g 5s. 1903
6
Third A v R R cons gu 4 s ..2000
Central Trust Co ccrtifs.
987* 0078
30 71
Ceut T r C o ctfs stamped
75*4
Third A vo R y 1st g 5s-------1037
M et YV S El (Chic) 1st g 4 s .1938
M ilw Elec R y A L t cons g 5sl02C
08
08
353 70*2 81*4
Refunding & exten 4 4 s . .1031
Minneap St 1st cons g 5s-----1919
1

ao*
4 476

Mch'13
98 Apr '13
08*2 Dec '12

102*4

100*2

Apr '13
83*2 Dec '12
84
84
76*4
7034
10 l a J'nc '1 2
0878 Apr '13
72
72*4
93 Apt T .
100 Sep 12
93 Feb '13
76i2
77?s

*No price Friday; latest this week, dDue April, e Due May, gDuo June, hDue July.




Price
Friday
AprU 25

Bonds
Sold

,
Sn .

1 1909

Inure*
Period

Jan.

£ Duo Aug.

oDue Oct.

104*4 S a le
00*2 S a le
01*4 02*4

0012
9U2
64

p Due Nov. gDue Doc.

01*2

102

05*i

103*4

100*4 101

105

107*|

2 01

91
St

Option sale.

1212
N.

N ew

Price
Friday
April 25

BONDS

Y . STOCK E X C H A N G E
W e e k E n d in g A p ril 25

C In n & D 2d g o ld 4 M s _____ 1037 J - J
1st & refu n d in g 4 s _________ 1950 J - J
1st g u a ra n teed 4 s ________1959 J
C in D & 1 1st g u g 5 s _____ 1941 M -N
C F in d & F t W 1st gu 4s g _ 1923 M -N
C in I Sc W 1st g u g 4 s ____ 1953 J - J
D a y & M ic h 1st c o n s 4 >£s. 1931 J - J
I n d D e c & W 1st g 5s_____ 1935 J - J
1st gu a r g o ld 6s __________ 1935 J - J
C le v e C in C & St L g en 4 s._ 1 9 9 3 J - D
2 0 -y r d eb 4 * ^ s _____________ 1931 J - J
C a ir o D iv 1st g old 4 s ______ 1939 J - J
C in W & M D iv 1st g 4 S ..1 9 9 1 J - J
S t L D i v l s t c oll tr g 4 s___ 1990 M -N
.R e g is te re d _______________ 1090 M -N
S p r & C ol D iv l s t g 4 s ____ 1940 M -S
W W Val D iv 1st g 4s____ 1940 J - J
C I S t L <fc C con sol 6s ____ 1920 M -N
1st g old 4 s .......... _ ..............*1936 Q -F
R e g is te r e d ____________ *1936 Q -F
C in S & Cl c o n 1st g 5 s . . . 1923 J - J
C C C & I con sol 7s_______ 1914 J - D
C on sol sin k in g fu n d 7s__1914 J - D
G eneral co n s o l g o ld 6 s . .1 9 3 4 J - J
R e g is t e r e d _______________ 1934 J - J
I n d U & W 1st p r e f 4 s . . .1 9 4 0 A -O
O I n d & W 1st p r e f 5 s . . . d l 9 3 8 Q - J
P e o & E a s t 1st c o n 4 s ____ 1940 A -O
I n c o m e 4 s ________________ 1990 A p r
C o l M id a n d 1st g 4 s.............1947 J - J
C o lo r a d o & S ou 1st g 4 s ____ 1029 F -A
R e fu n d Sc e x t 4 ^ s ________ 1935 M -N
F t W Sc D e n C 1st g 6 s . ..1 9 2 1 J - D
C o n n & P as R iv s 1st g 4 s ._ 1 9 4 3 A -O
C u b a U R 1st 5 0 -y r 5s g ..1 9 5 2 J - J
el L a ck & W estern —
el M o r r is Sc E ssex I s t 7 s .l9 1 4 M -N
1st con sol gu a r 7s____ 1915 J - D
R e g is t e r e d __________ 1915 J - D
1st r e f g u g 3 H s _____2000 J - D
N Y L a c k * W 1 s t 6s ____ 1921 J - J
C o n s tr u c tio n 5s_________1923 F - A
T e r m & Im p r o v e 4 s ____ 1923 M -N
W a rren 1s t r e f g u g 3 H s ._ 2 0 0 0 F - A
P e l Sc I lu d 1st P a D iv 7s— 1917 M -S
R e g is t e r e d ______________ 1917 M -S
1 0 -y r c o n v d e b 4 s _________1916 J - D
1st lien eq u ip g 4 J 4 s______1922 J - J
1st & r e f 4 s .............................. 1943 M -N
A lb Sc Sus cob v 3J4 s_____ 1946 A -O
R e n s Sc S a ra tog a 1st 7s___ 1921 M -N
D e n v Sc R G r 1st cob g 4 s ._ l9 3 6 J - J
C o n s o l g o ld 4>$s_________ 1936 J - J
Im p r o v e m e n t g e ld 5 s____ 1928 J - D
1 s t & refu n d in g 5 s________ 1955 F - A
R i o G r Ju n e 1st g u g 5s___ 1930
D
R i o G r S o 1st g e ld 4 s ____1940 J - J
G u a r a n t e e d _____________ 1940 J - J
R i o G r W es t 1st g 4 s _____ 1939 J - J
M t g e & coi tru st 4 s A ___ 1949 A -O
U ta h C e n t 1st g u g 4 s .a l9 1 7 A -O
es M o i U n R y 1st g 5s___ 1917 M-N
e t & M a c k 1st lien g 4 s ___ 1995 J - D
G o ld 4 s ____________________ 1993 J - D
D e t R i v T u n - T c r T u n 4 H s .l 9 6 1 M -N
D e t T & I— O S D iv 1st g 4s 1941 M -S
D u l M is s a b e & N o r gen 53.1941 J -J
D u l & Ir o n R a n g e 1st 5s___ 1937 A -O
i R e g is t e r e d ________________ 1937 A - O
2d 6s .......................................... 1916
J
D u S o S h ore & A t g 5 s ____1937
J
lgin Jol & E a s t 1st g 5s__1941 M -N
rle 1st con sol g o ld 7 s ____ 1920 |M-S
N Y & E rie 1st e x t g 4 s . . .1 0 4 7 M -N
2d e x t g o ld 5s__________ 1919 M -S
3 d e x t g o ld 4 ^ s ...............1923 M -S
4 t h ext g o ld 5s_________ 1920 A - O
5 th ext g old 4 s_________ 1928 J - D
N Y L E & W 1st g fd 7 s . .1 9 2 0 M -S
E r ie 1st c o n g 4s p r io r____ 1996 J - J
R e g is te r e d _______________ 1996
J
1st co n s o l gen lien g 4 s___ 1996
J
R e g is t e r e d _______________ 1096
J
P e n n coll tr g 4 s ___________ 1951 F -A
5 0 -y e a r c o n v 4s A ________1953 A -O
do
Series B ............. 1953 A -O
B u f f N Y & E rie 1st 7 S ...1 9 1 6
D
C h ic & E rie 1st g o ld 5 s___ 1982 M -N
C le v & M a h o n Val g 5 s . .1 9 3 8 J - J
L o n g D o c k con sol g 6s ___ 1935 A - O
C oa l & R lt 1st cu r gu 6 S ..1 9 2 2 M -N
D o c k & Im p 1st c u r 6s ___ 1913 J - J
N Y & G reen L g u g 5 s___ 1946 M -N
N Y Sus & W 1st r e f 5 s . . . 1937 J - J
2 d g o ld 4 M s . . . .................1937 F -A
G en era l g o ld 5s_________ 1940 F - A
T e rm in a l 1st g o ld 5s____1943 M -N
M id o f N J 1st ext 5 s . . . . . 1 9 4 0 A -O
W illc & E a 1st g u g 5 s____1942 J - D
E v & In d 1st c o n g u g 6s ___ 1926 J - J
E v a n s & T II 1st c o n s 6s __ 1921 J - J
1st ge n era l g o ld 5s________1942 A -O
: M t V ern on 1st g o ld 0s ___1923 A -O
Sull C o B ran ch 1st g 5s___1930 A -O
TjMorida E C o a s t l s t 4 > £ s -_ 1 9 5 9
D
•L o r t S t U D C o I s t g 4 ^ s . l 9 4 1 J - J
F t W Sc R io G r 1st g 4 s ____ 1928 J - J
al II & II o f 1882 1st 5 S ..1 9 1 3 A -O
re a t N o rth o r n —
C B & Q c o il trust 4 s _____ 1921
J
R e g is te re d h ____________1921
l s t & r e fu n d in g 4 J o s s e r A 1961
R e g is t e r e d ______________ 1901
S t P aul M & M a n i s ..........1933 J - J
1st c o n s o l g old 6s ______ 1933 J -J
R e g is te r e d _____________ 1933 J - J
R e d u c e d t o g o ld 4 ^ s . l 9 3 K J - J
R e g is t e r e d ____________193*1 J - J

D

g

E

G

Y ork

£5

B ond

Ratios
Since
Jan. 1

'•Feck's

Range or
Last Sale

Bid
Ask Low
High
____ 1 0 U4 10034 O ct -12

98*4 1001*
86*4 86*4

90*4 923*

88*2 92*3

90 90
89*4 89*4
89 91

1047* 105*4

90 Mch’ 13
1071* J'ly '12
105 J’ne’ 12

____ 124

____I 2 U4
____

120

M c h ’ 13

94

J ’ly ’08

88I4 Jan '13
- 43
44 M c h ’ 13
30
34
30
30
90
91
90
90
9U 2 Sale 9U2
915*
____ lOOti 100i2 A p r ’ 13
100

1 1 U2 Sale 111*2
____ 1 00
10U j

90

1 20

120

88*4 89
43*8 49*4
29
36*4
90
0478
91*4 94 *j
106*2 108

102*4 103*8
10412 105*2
110

110*8 110*8

96*4 98
98 101**
O-Ha 99*8
84
88*4

34

83*2
93
96*2
78*2

89*2
957j|
90
84*4

20
1

82
78

85*4
81

88

88

97

99*g

104*4 104*4
1 00

1 00

100«8 103*8
111*2 115

111*2

947*
94*a Sale 94**
94*4 95*2 94*4 A pt T3
977* A p r T3
. . . a 97

1 1 1 **

104t2 106*s
90*8 97

J ’ n e 'l l
____ 103
103 F o b T3
09*4 O ct T2
100 ..
103 Meh*13
92
100 Jan ’ 12
U23* 115*4 J ’n e '12
82U 83
82*4
82*2
85 S ep T2
' f f 7g Sale 71*4
72
____ 74
77 A p r T2
80 Salt 89
89**
74i2 Sale 74*2
75*2
1 71 Sale 71
71*2
103*4 109*4 110 Apr T2
106 Sale
106
____ 109i2
M a y ’ 12
124
A p r T3
. 10712 ___ D ec T2
. . . 101 10013 Jan T3
IOU2 109 1031* A u g '12
96U 100
97 A p r T3
____ 90
10014 D ec '06
____ 87
87 A pr '13
____ 108*2 1073* Feb T3
111*2 May-12
. 1 . . 98
98 M c h ’ 13
____ HO
106 M ay'12
110 Jan T3
102
987* M ch T3
108 N o v 'U
J 'n e '1 2
93*2
M c h ’ 13
A u g TO
____ 74
M a r ’ 13
M c h ’ 13

____ 99*4
118*2____
____ 124
100*2 104*4

90

M ay TO

1025*------- 1027* F e b T3
1041* 105*4 104*2 A p r T3
1113* D ec TO
90 M c h ’ 12
110 Sale 110
110*2
1031* 1055a 1055* F eb T3
92
9634 97 A p r T 3
1021* F e b '03
109 ____ 1105* M ch T3
149 A u g '01
967* Sale 90S*
97
98 Sale 98
98
943* 90
94*4
947*
84 Sale 84
84
115 ------ 1211* M ay'12
85*g------- 87 " A p r T3
93i2 M ch T3
____ 97i2
96i2 M a r ’ 13
78*2 7»7s 78*2
79*4
109 D ec T2
____ 77*i 6U* A p r ' l l
85 M ch ’ 08
82*i 83
82*4
83
____ 77*2 78
78
97 Jan ’08
110 Sep '04
88 A p r T3
. . . . »7
87 D e c T2
____ 9744 97 A p r T3
75 F e b T2
100 ------- 104*4 M c h '13
____ 103*8 100 M a r ’ 13
10012 M ch ’08
104 F e b ’ l l
1033* F eb T3
110 A u g ’ 12

N.

103 " 103 ’
103" " 103*i
82

87

71*1 76
89
90
7312 8214
69*4 77*8

106

111

122*8 124
100*4 100*2
"97 ’ 101*2
85
87
107*8 108
93

99

109 1 10
9378 9S78

147

98 M c h ’ 13
120*2 M o h ’ 13
119*4 M ch T3
103*4 A pr T3
108*4 J ’ ne ’09

94

90*4

72

7612

100

100*8

93*2 96*4
93*2 96
97*8 1005S
98
120*2
119*4
102*4

98*4
124*2
119*4
104*2

[V o l . XCVI.

2
Price

BONDS
Y. STOCK E X CH AN G E
W e e k E n d in g A p ril 25

Veck's
Range or
Last Sale

Friday

April 25

Low High St P M & M ( Continued) —

____ 9U 2
____ 91
’86*4 J ’no' 12
____ OOh 98*4 M c h ’ 13
88 Mch 11
____ 90
86*4 F e b ’ 13
*98 . . .
____ 105
103 D ec ’ 12
107i2 D e c ’02
____ 92l4 9U 2 A pr ’ 13
88*2 S9l2 88*2
89
90
94i2 90 M c h ’ 13
____ 90l2
89U F e b '13
89
91
89
89
91 O c t '07
90 D e c ' l l
____ 92
91 A p r '12
1047*____ 1047* M c h ’ 13
*87 ------- 97i2 Nov '12

*84

R e c o r d — C o n tin u e d — P a g e

Bid

A&t Low

High

Rang*
Sine*
Jan. 1
Low High

M o n t e xt 1st g o ld 4 s ____ 1937 J - D ___ 95
96*4 A p r T3
95*8 96*4
R e g is te r e d ______________1937 J - D ____ 95*4 98 J ’ n e ’ l l
92*8 M c h 'l l
P a c ific ext gu a r 4s £ _____1940 J -J
97 Sep T2
E M in n N o r D iv 1st g 4s 1948 A -O ____ 97
114*4 Sep '12
M in n U n io n 1st g 6s ____ 1922 J -J 109 . . .
M o n t C 1st g u g 6s ______1937 J -J 1 2 0 . . . 12-4*2 F e b '13
124 124*t
136*4 M a y ’ 06
R e g is te r e d ______________ 1937 J -J
1st g u ar g o ld 5 s_______ 1937 J -J 107 111 103 A p r T3
108 109
R e g is t e r e d ___________ 1937 J -J ____ 111
W ill & S F 1st g o ld 5 s . . .1 9 3 8 J - D 107 . . . 110 F e b T3
110
110
G u lf & S I 1st r e f & t g 5 s . .6 1952 J -J
90
95*f
90
90 Sale 90
R e g is t e r e d _______________ 61952 J -J
L T o c k V a l 1st c o n s g 4 ^ s _ _ 1 9 9 9 J -J
96 Sale 96
98
96 101*4
R e g is te r e d ______________1999 J -J ___ 99
100l2 Sep ’OS
C o l & H V 1st e xt g 4 s____ 1948 A -O
92 A p r T3
92
92
C o l Sc T o i 1st e xt 4 s _______ 1055 F - A ___ 92*a
92*8 A p r ’ 13
92*8 92*4
1 0 0 U Dec '1 2
H ous B e lt & T e rm 1st 5 s . . . 1937 J -J
100 M a r ’ 13
___ 1 00
100
102*4
I llinols C e n tra l 1st g o ld 4s_1951 J -J
100 Sep ' 11
1 R e g is te r e d _______________ 1951 J -J
887, F e b 'hi
887, 8872
1st g o ld 3 H s ............................1051 J -J
88*2 F eb 13
88*2 88l4
R e g is t e r e d _____
1951J -J
93*2 .May'0U
E x te n d e d 1st g 3 ^ s ______ 1951 A -O
R e g is t e r e d _______________ 1951 A -O
£6 ' J ’ly "'Oil
1st g o ld 3s s te rlin g _______ 1951 M -S
R e g is t e r e d _______________ 1951 M -S
05 . . .
C o ll trust g o ld 4s __________ 1952 A -O
94*4 M a r ’ 1 3 ____ 94*4 9612
R e g is t e r e d _______________ 1952 A -O ___ 92
95*4 Sep ‘ 1 2 ___
96
1st re f 4 s ..........................
1955
91
91
4
M -N ___ 91
83
P u rch a sed lines 3 *^ s______ 1952 J -J ____ 83
S3 F e b 13 . . .
96**
L N O & T e x g o ld 4 s ______ 1053 M -N ____ 07*2 93*2
94*1
5
R e g is t e r e d _______________ 1953 M -N ____ 93
01*4 Jan 'I T ___
9478 J ’ ly n ___
C a iro B rid g e g o ld 4 s ______ 1950 J - D
L itc h fie ld D iv 1st g 3 s ___ 1951 J -J '.H I "75*8 75*8 NOV Til .__
81 Sale 81
81
2i
L o u is v D iv & T e r m g 3 k a 1953 J -J
S3 A ug il . . .
R e g is t e r e d _______________ 1953 J -J
123 M ay'u: _____
M id d le D iv reg 5 s _________1021 F - A
O m aha D iv 1s t g 3 s _______ 1951 F - A
75*8 A u g 15 •-----St L o u is D iv & term g 3 s . 1051 J -J ____ 77
75i2 Mch ’ I S ___
R e g is t e r e d _______________ 1951 J -J ____ 75*s
7412
____
G o ld 3 > is .......................
1951
85i2 O c t *12 c m
J -J
R e g is te r e d ______________ 1051 J -J
101*8 O ct '90 .
100 N o v '0(1 .
S prin g D iv 1st g 3 ^ 3 _____ 1951 J -J
R e g is t e r e d _______________ 1951 J -J
94
04
W estern lines 1st g 4s _____ 1951 F - A
06*2 94 F e b T3
R e g is t e r e d __________
1951 F - A
B e ile v & C a r 1st 6s _______ 1923 J - D
117*2 May T
C a rb & Shaw 1st g 4s _____ 1932 M -S
94*2 J’ly
105*2 105*1
C h ic S t LSc N O g 5s............ 1951 J - D 107*8 H I 105*2 Apr
114 Feb T
R e g is t e r e d ______________ 1951J - D ____ 111
G o ld 3 H s ............................... 1951 J - D
90 Oct '0 * .
R e g is te r e d ______________ 1951 J - D
"9212 AuV'ia r ■■
M e m p h D iv 1st g 4s _____ 1951 J-D
R e g is te r e d ______________ 1951 J-D
. 06*2 08 " J ’ l y 'o i
St L S ou 1st gu g 4 s________ 1931 M -S
94*4 92 A p r ’ ll
In d 111 & l a 1st g 4s _________1950 J -J
92
92
03H
l n t Sc G re a t N o r 1st g 6s ____ 1919 M -N 1 00 105 105*4 A p r ’ It.
105*4 107
947g 94i2
94
94
9OH
94^
Io w a C e n tra l 1st g o ld 5s ___ 1938 J - D
697, 60
00 04*4
R e fu n d in g g o ld 4 s ________ 1951 M -S
53
60
am e sto w n F ran k lin Sc
91
93
04
93 M a r ’ l l
1950 J - D
C le a rfie ld 1st 4s ___ __
70
an C it y Sou 1st g o ld 3 s . . 1950 A -O
71*| 72
7U 2 F ob '13 .
R e g is t e r e d .____________ 1050 A -O
63 O c t ’00
R e f & im p t 5s_______ A p r 1950 J - J
97*2 99
9*3*
97*2 Sale 97*2
921a 90*4
92*j
K a n sas C it y T e r m 1st 4 s ____ 1960 J -J
02*2 Sale 92l2
104 106*»
T ak o E rie & W 1st g 5 s . . .1 9 3 7 J -J ____ 103i2 105 A p r ’ 1i
97 102H
____
100
97 M ch T B
J-9 2d g o ld 5s.........................1941 J -J
104U J ’ ne 12
N o r t h O h io 1st g u g 5s____ 1945 A - O ____ 102
1017a 104*4
Leh V ail N Y 1st gu g 4 )^ 8 .1 9 4 0 J -J 1 00 102*8 102 M c h ’ lS
104*8 M ay’ 12
R e g is t e r e d ________________ 1940 J -J
96*a 97*«j
95i2 F o b T3
L eh igh V ail (P a ) c o n s g 48.2 0 0 3 M -N ____ 90
110*8 11U4
L eh V T e r R y l s t g u g 5 s ___ 1941 A - O 109*2 111 111*4 A p r T3
111*8 D ee ’ l l
R e g is t e r e d ________________ 1941 A -O
105»i 105*»
105*2 M c h ’ 13
L eh V al C o a l C o 1st gu g 5 s . 1933 J -J
R e g is t e r e d ________________ 1933 J -J
1st ln t re d u ce d to 4 s ______ 1933 J -J
Leh Sc N Y 1st gu a r g 4 s ___ 1945 M -S
03 ” J 'n o ’12
R e g is t e r e d ________________ 1945 M -S
E l C & N 1st p re f 6s ______ 1914 A -O
101*2 F eb TO
G o ld gu a r 5s____________ 1014 A -O
103 M ch 12
L o n g Isld 1st c o n s g o ld 5S.61031 Q -J ____ 107
107 108
107 M o h ’ 13
1st co n s o l g o ld 4 s________ 61031
•91*4____ 96*4 M ch T2
G eneral g o ld 4 s .......... ..........1938
03
94
93 F e b T3
F erry g o ld 4> £s...........
1922 M -S ___ 1 00
06*4 N o v ’ 12
G o ld 4 s____________________ 1032 J - D ____ 97
99*4 O ct ’00
89
80*«
U n ified g o ld 4 s ___________ IlU 49 M -S ____ 88
89 F e b *13
D e b e n tu r e g o ld 5s________ 1934 J - D
104i2 D eo ’OS
91 95*2 90
90
G u ar r e f g o ld 4 s ___________ 1940 M -S
95 Jnn T
R e g is t e r e d _______________ 1040 M -S
110*4 NOV'00
N Y B & M B 1st co n g 53.1935 A -O
103 103
N Y Sc R B 1st g 5s..............1927 M -S ____ 104*2 103 Jan '13
101 104
N o r Sh B 1st c o n g gu 5 s .o l9 3 2 Q -J 101 ____ 104 A p r T3
93
93*i
93 F e b T3
L ou isian a & A rk 1st g 5s___ 1927 M -S ____ 95
L o u isv ille & N a sh v ille —
112 114*1
12 A p r T3
G en eral g o ld 6s ___________ 1930 J - D * ____1 11
11 M c h ’ 13
110*2 111
G o ld 5 s________
1937 M -N
94
99*4
94*4
U n ified g o ld 4 s ____________ 1940 J -J
94*s Sale 94
06*2 Sep T2
R e g is t e r e d _______________ 1940 J -J
106*4 100*4
C o lla te ra l trust g o ld 5s___ 1931 M-N 104U - - - - 106*s M c h ’ 13
E H Sc N a sh 1st g 6s ______ 1919 J-D ____ 111*1 110*2 D ec ’ 12
L C in Sc L e x g o ld 4 H * _____1931 M-N
104*4 M ay'12
120*4 130*4*
N O & M 1st g o ld 6s ______ 1930 J -J
120*4 M c h ’ 13
N O J t J l 2d g o ld 6s ..............1930 J -J
114*8 114*4
114*8 F e b T3
P a d u c a h Sc M e m d iv 4 s ___ 1946 F -A
94 O c t T ’4
P en sa cola D iv g o ld 6s _____1920 M -S 105*2____ 105*2 M ch T3
105*2 106*4
S t L ou is D iv 1st g o ld 6s __ 1921 M -S ____ 1 12
112*2 J ’ly 12
2d g o ld 3 s . ...........
1980 M -S ____ 70
69*8 Sep T2
A ti lvn o x Sc C in D iv 4 s ___ 1955 M -N
8 8*2 92*4
89
89
88*2 91
A tl K n o x Sc N o r 1st g 5 s . .1 9 4 6 J-D 105 ____ 111 Jan T3
1 10
1U
B o n d e r B d g e 1st s f g 6s __ 1931 M-S 102 ____ 106 A p r ’ l l
K e n tu c k y C e n t g o ld 4 s ___ 1987 J -J
90
91
90
92*4
90*4
907),
L & N & M & M 1st g 4 ^ s 1945 M-S 100 103*4 103*4 F e b *13
103 103*4
L & N -S o u th M Joint 4 s . .1 9 5 2 J -J ____ 877g 87*4 F e b ’ 13
87*4 90
R e g is t e r e d _____________ 61952 Q -J
95 F eb ’05
N F la & S 1st gu g 5 s ........... 1937 F - AA 102*4____ 1091a O ct T2
1 0 1 *1 1 0 1 t*
N & O B d g e g en g u g 4 H s 1945 J - J
99*a____ 101*2 Jan T3
P e n s & A t l l s t g u g 6s _____1921 F - A 105 110 110*4 O c t T2
S Sc N A la c o n gu g 5s_____1036 F - A
109*8 J 'ly ’ 12
L & J e ff B d g e C o g u g 4 s ___ 1045 M -S
91*4 M ch *124
75

J
K

n

MISCELLANEOUS BONDS— Continued on Next Pas».
S t r e e t R a ilw a y
N e w O rl R y & L t gen 4 t is .1 9 3 5
N Y R y s 1st R E & ref 4s te m p
3 0 -y e a r a d j Inc 5s______ a 194 2
P o r tla n d R y 1st & ref 5 s___ 1930
P o r tla n d R y L t & P o w 1st
& r e f c o n v s f 5 s_________1942
P o r tla n d G en E lec 1st 5 s . 1935
S t J o s R y , L , II Sc P 1st g 5s 1937
S t P a u l C i t y fljab c o n s g 5S.1937
T h ir d A v e 1st r e f 4 s _______ 1960
A d j Inc 5s________________ ttlOOO
T r i-C it y R y & L t 1st s f 5 s . 1923
, U nderground o f L on d on —
4 > * s .....................
1933
Incom e* 6s __________________1948
U n io n E le v (C h ic ) 1st g 5 s . 1045
U n it e d R y s l n v 1st Uen c oll
, tr u s t 5s P itts issu e_________1926

Street Railway
J -J
J -J

A -O

M-N
F -A

____ 87*2 85*4 F e b ’ 13
75. Sale 75
75*2
66*4 Sale 50*4
57*4
101 J an T3
____

90

95

A -O
A -O

J -J
---A -O
M -N

69** Sale 69*4
00*4 96*4 96*4

7012
90*4

06*4 93*2 93*2 A p r T3
89
90
89*2 A p r 13
84 O ct ’08
7$12 . . . . .

76

• No price Friday; latest bid and oakud this week,




M c h '13

J -J ____ 101
M-N
98 N ov '08
J -J
103*2 Feb T3
80
80*2 80*3
J -J
80*2

A p r ’ 13

a Duo Jan.

85*4
85
74*8 79
50*4 60*8
101 101
95
103*2
79 ?8
69*4
06*2
93
87
73

96

U n ited R y s 8 t L 1st g 4 s___ 1934
S t L o u is T r a n sit gu 5s____ 1924
U n ited R R s San Fr s f 4s__1927
V a R y Sc P o w 1st & re f 5 s . .1 9 3 4

7312 M c h ’ 13
83 N o v '12
85
62
62*4 02
95 Jan T3
95

J -J

A -O

A-X>
J -J

73*4 73*4
60*4 67
04
05

G as a n d E le ctric L igh t

A tla n ta G L C o . 1st g 5 s___ 1947 J - D
B k ly n U G a s 1st c o n g 5 s . .1 9 4 5 M -N
B u ffa lo G as 1st g 5s________ 1947 A -O
C o lu m h u s G as 1st g 5s____ 1932 J - J
D e tr o it C it y G as g 5s_____ 1023 J - J
D e t G as C o . c o n 1st g 5s___ 1918 F -A
D e t E d iso n 1st c o ll tr 5s___ 1933 J - J
95*4 E q G L N Y 1st c o n g 5 s ___1932 M -S
93*2 G a s & E l e c B c r g C o e g 5 s . . l 9 4 9 J - D
G r R a p G L C o 1st g 5 s ____ 1915 f - A
H u d so n C o G as 1st g 5s___ D>ih,ivi-N
83
K a n C it y (M o ) G as 1st <e £.1 19221 A -O

1(93*2
82*8
767S
99*2

0Due Feb. dDuo April.

A Due July.

101

104

105*4 104
64
62

09

1 00

I6l ' 103
107
io d '
io f
*91

A Due Aug.

104
O ct 12
100

95*8 S ep 08
101*8 M c h ’ 13
100*2 O ct 12
100 F e b ’ 13
100 O c t ’09
102 A p r '13
98*2 Sep T2

» Duo Oct.

104

106H

907| 100

iof* Io2'£
100 100
idi*4 i M #

s Option sale.

A P R . 26

New York Bond Record—Continued—Page 3

1913 ]

Price
Friday
April 25

BO N D S
N . Y . STOCK E X C H A N G E
Week Ending April 25

r

R R — Sou linos 4s_1936 M-N
M anila
exican C ent inc g 3s tr rects.

E quip & coll g 5s-------------- 1917 A -O
M e x Internat 1st con g 4s._1977 M -S
Stamped guaranteed-------1977 M -S
M in n & St L 1 st gold 7s-------1927 J -D
P a cific Ex 1 1st gold Os------1921 A -O
1st consol go.d 5s-------------- 1934 M-N
1st and refund gold 4s------ 1949 M-S
D cs M & Ft D 1st gu 4 s . . 1035 J - J
M StP&SSM con g 4s in tg u 1938 J - J
1st C hic Term l s f 4s--------1041 M-N
M S S & A 1st g 4s lilt gu_1926 J - J
Mississippi Central 1st 5S..1949 J -J
M o K an & T ex 1st gold 4s__1990 J -D
2d gold 4s----------------------- (7 1 9 9 0 F -A
1st oxt gold 5s___________ 1944 M-N
ls t & refund 4s___________ 2004 M -S
Gen sinking fund 4 *^s____ 1936 J - J
fit Louis D lv 1st ref g 4s . _ 2 0 0 1 A -O
D a l& W a I s t g u g S s _____ 1940 M-N
K a n C & Pac 1st g 4s......... 1900 F -A
M o K & E 1st gu g 5s____ 1042 A -O
M K & O k 1st guar 5s____ 1042 M-N
M K & T o f T 1st gu g 3s_1042 M -S
Bher Sh & So 1st gu g 5s__1942 J -D
Texas & Okla ls t g u g 5s__1943 M -S
M issouri P ac 1st cons g0 s_.1 9 2 0 M-N
T ru st gold 5s starnpcd__al917 M -S
R egistered ................... __al017 M-S
1 st collateral gold 5 s _____ 1 0 2 0 F -A
R egistered ......................... 1920 F -A
40-year gold loan 4s..........1045 M-S
3d 7s extended at 4 % ____ 1938 M-N
1st & ref con v 5 s_________ 1959 M -S
C ont B r R y 1st gu g 4 s ___1919 F -A
C en t B r U P 1st g 4s......... 1948 J -D
L erov & (3 V A L 1st g 5s_1920 J -J
P a c R o f M o 1st ext g 4s__193fi F -A
2d extended gold 5s____1938 J - J
fit I, Ir M & S gen con g 5s_103l A -O
Gen con stam p gu g 5 s . . 1931 A -O
U nified & ref gold 4s____ 1929 J -J
R egistered_____________1929 J -J
R iv & G JJiv 1st g 4s____ 1933 M-N
Verdi V I & VV 1st g 5 s.__l9 2 0 M -S
M o b & Ohio new gold Os___1927 J -D
1st oxtonsioii gold Gs____ A1927
General gold 4s................... 1938
M on tgom D lv 1st g 5s____ 1947 F -A
F
8 6 L & C airo coll g 4s------ c l 930
Guaranteed gold 4s-------- 1931 J -J
ashville Ch & St L 1st 7s 1913 J -J
1st consol gold 5s------ 1928 A -O
Jasper Branch 1st g Gs— 1923 J -J
M CM M W & A1 1st G s-,.1017 J -J
T & P Branch 1st Gs......... 1917 J - J
N a t R ys o f M ex pr lien 4 Ms 1957 J - J
Guaranteed general 4s— 1077 A -O
N a t o f M ex prior lien 4 M s . 1926 J - J
1st consol 4s--------------------- 1051 A -O
N O M ob & C hic 1st ref 5s_ 19G0 J - J
N O & N E prior lien g Gs_.pl915 A -O
N ew Orleans Term 1st 4s__1053 J -J
N Y Central & H R g 3 M s . 1997 J - J
Registered_____________1907 J -J
D ebenture gold 4s________ 1934 M-N
Registered_____________1934 M-N
L a k e Shore coll g 3 M s____ 1903 F -A
Registered_____________1903 F -A
M ich C ent coll gold 3Ms_1098 F -A
R egistered_____________1098 F -A
B eech Creek 1st gu g 4S..1U36 J - J
Registered_____________1936 J - J
2d guar gold 5s_________ 1036 J - J
R egistered_____________1936 J - J
Beech Or E xt 1st g 3Ms.61951 A -O
Cart<Sc A d 1st gu g 4s____1981 J -D
G ou v & Oswe l s t g u g 5s__1942 J -D
M oh & M ai 1st gu g 4s___1991 M -S
N J June R guar 1st 4s___1986 F -A
R egistered ______________1986 F-A
N Y & Jiarlcm g 3 M s____2000 M-N
R egistered ______________ 2000 M-N
N Y & N orthern 1st g 5s__1927 A -O
N Y & Pu 1 st cons gu g 4s_1993 A -O
N o r& M on t ls t g u g 5s___1916 A -O
Pine Creek reg guar Cs___1932 J -D
R W & O con 1st ext 5s__h i 922 A -O
Oswe & R 2d gu g 5s____ C1915 F -A
R W & O T R l s t g u g 0 s ..1918 M-N
R utland 1st con g 4 M s .— 1041 J - J
O g & L Cham 1st gu 4a g 1948 J -J
R ut-Canad l s t g u g 4 s ..1940 J -J
S t Lawr & A dir 1st g 5s___1996 J -J
2d gold 6 s........................... 1996 A -O
*U tica & Blk R iv gu g 4 s ..1922 J -J
L a k e Shore gold 3 M s____ 1997 J -D
R egistered ______________ 1997 J -D
Debenture gold 4s______ 1928 M -S
25-yr gold 4s___________ 1931 M-N
R egistered_____________1931 M-N
K a A & G It ls t g u e 5 s. .1938 J - J
M ahon C ’ l R It 1st Gs___1934 J - J
P itts & L Erie 2d g 5s___«1928 A -O
P i t t s M c K & Y l s t g u 0 s _ _ l9 3 2 J - J
2d guaranteed 6 s________ 1934 J - J
M cK ees & B V l s t g 0 s ..1918 J - J
M ichigan Centra* 5s______ 1931 M -S
R e g i s t e r e d . ... ._______1931
4 s ........................................ 1940
R egistered--------------------1940 J - J
J L &c S 1st gold 3 M S --.1951 M -S
1 st gold 3 M s..................... 1952 M-N
20-year debenture 4s---- 1020 A -O
N Y C hic& S t L l s t g 4 s - . 1937 A -O
R egistered ......................... 1937 A -O
Debenture 4 s ___________ 1931 M-N

fcl

N

VS

■Veck's
Range or
Last Sale

«2__
gS

R e f and ext 1st g 5 s . . . ...1 9 3 4

n

M-N
J -D
J -D
F-A
J -J
F-A
M-N

BO N D S
Y . STOCK EXCH AN G E
W eek E nding April 25

Price
Friday
April 25

Vuk 4
Range or
Last Sale

Rang*
Since
Jan. 1

Ask Low

25*2 Apr '09

*:

n

S

B O N D S — C o n tin u e d on

N ext Page.

G a s a n d E le c t r i c L i g h t

100 104%
____ 112
____123
8 8 % -----____ 101
. . . 101
89*4 90
102
-----101*2 102

! Purchase m oney g 4s_____ 1949
84 Bale
El 111 1st cons g 5s____ 1005
106 ____
N Y & Q E i I, Sc P 1st con g 5s 1030
____ 100*8
N Y & Rich Oas 1st g 5s_._1921
.................
P a cific G & E l C o Cal G 5c E
Corn unifying & ref 5 s ____ 1037 M N 93% Sale
P a c P ow & L t 1st 5c ref 20-yr
5s Internat Sories________ 1930 F -A ____95
P a t 5c Passaic G 5c 10 5s____ 1949 M -S 100 103

• No price Friday; latost bid and asked,




N.

Low High
Did
High
Ask Low
High No. Low High N Y O & II R— (Con)
95*4
95%
93
95*4 98*4
96
W est Shore 1st 4s guar___2361 J -J
94
93
97*2
9334 93
R egistered ______________2361 J -J
93
N Y C ent Linos eq tr 4 U s 1932 J - J
100*2 J ’ly 11
N Y N ew Haven A H artL—
77 Mch TO
84
80t|
84
84 8 8 % 84
N on-con v deben 4s______ 1955 J - J
87
8 8 *j
_________
N on-con v 4s______________1956 M-N ____ 87
87 Apr T3
------ 120
1241? Oct T2
78 87
78
78
C onv debenture 3 H s _____ 1956 J - J
78 82
11018 Aug 11
119 126
120*8
C onv debenture 6 s________ 1 9 4 8 |J - J 119% Sale 11978
____96
94 100
94 M ch'13
99*4 Now 12
2 69*2 027a
Harlem R-Pfc Ches 1st 4s_1954 M-N
60*2 Sale 60*2
60*2
99*2 J ’ n e ’ 12
__ _
B & N Y A ir Line 1st 4s__ 1955 F -A
------ 81
79*4 Dec T 2
90*4 M ch’ 13
917g
92
C ent N ew Eng 1st gu 4s__ 1961! J - J ------ 90
90*4 90U
0
9173 97
____92*2
no no
llou sa ton ic R cons g 5s___1937|M-N 108 . . . 110 Feb ’ 13
97*4 J’ne T2
94*4
96*4____ 90*4 M a r 12
93
98*4
93 Sale 93
N Y W ’chesJcB 1st ser I 4
’46
107 Aug '09
N II & D erby cons cy 5s__1918 M-N
98*2 Mch 11
N ew England cons 5 s ____ 1945 J - J
90
92
2
90*8
90%
89*2 95*4
U9l2 M ch’l:
Consol 4s______________ 1945 J - J
2
79
79
------ 70i2
78*2 8 D4
Providence Secur dob 4s__1957 M-N
83*4 83*4 Feb ‘ 13
81% 83*4
97% 99
99
99
1 98
99%
893s
89*8
87
92*2
89
------ 76*2 75 Apr '13 ___ 74% 77*2 N Y O A W ref l s t g 4s____ #1992 M -S
M
-S
9212 J ’ne 12
Registered $5,000 only__ffl992
84
87
------ 84
84% A pr '13 —
895* Feb '12
General 4s_______________ 1955 J -D
77% 78*4
78*4 Apr T3
N orfolk Sou ls t & ref A 5s__19Gl F -A
98
»77* 97%
96*2 99*4
102
____ 102 Apr T3
102
102
100
1 00
1 00 M ch’ 13
82 ____ 82 Apr '13 __
82
877s N o rfA Sou 1st gold 5s_____1941 M-N
M-N
118 1 2 0
N orf A W est gen gold 6 s___1931,____
12 103 108
11958 118 A pr T3
103
102*2 103*2 103
123 Jan 13
121
123 123
Im provem ent A ext g 6s__1934; F -A
103% 104%
____ 104*4 103 Apr T3
123 120*4 Feb '13
N ow R iver 1st gold 6 s ____1932 A -O
120*4 120*4
97*2 99«4 100*4 A pr T3 . . . . 99 101*4
93
99
93
93
N A W R y 1st cons g 4s___1996
92*x 93
____ 101*2 103 Jan '13 . . . . 103 103
98 Jan '11
R egistered _____________ 1996
101*2 1 0 1 %
101*2 M ch'13
____ 90*8
91*2 Apr T3
D iv 'l 1st 1A gen g 4s____ 1944
90*2 92*4
5 104 106*2
105*4 Sale 105
105*2
104l2 1127g
104*2 M ch’ 13
10-25-year con v 4s_____ 1932
99
2
98*4 100
9834 99*4 99
105 107 107 Apr '13
1067g 111*2
10-20-year con v 4s_____ 1932
97
May 12
10-1
104l2 104*2
C on vertib le43^s (wh.ls.)1938
9938
104*4 21 102*2 107
____98
98*4 Apr T3 . . . . 07
91
88
89*2 A pr ’ 13
P ocah C & C join t 4s___1941
87l2 92
106 106*4 Jan T3
69 70
C C A T 1st guar gold 5s__ 1922
60*4
69*4
1 69% 70*4
105*4 105*4
’ 8 5 ’ 90% 89*2 A pr '13
89*2 95*8
Scio V A N E l s t g u g 4s__1939
96*2 M a y 'll
____96*2
04 Sale 94
8434 sale 84*2
943s 8 8 94 98*8
N orthern P acific prior 1g 4s 1997
8434 11 84% 8 8
95 Apr ’ 13
91
9134
90 ____ 91 M ch 'l 3
R egistered______________ 1997
95 97*8
"66” Sale 60
661;
66
08*4
79 ____ 81 Dec T2
General lien gold 3s_____ a2047
68
C8
Jan U
65
R egistered____________ a2047
68
68
110 M ch'05
90
94
Apr
'13
90*4
00*4 92*t
2
St Paul-Duluth D iv g 4s_.1996
•90
92*2 92%
92%
92% 03*8
10112 O ct ’ 12
98*8
102
____ 103 Apr T3
103 103
D ul Short L 1st gu 5s____ 1916
: 1 1 3 ' 113 M ch’ 13
113 ’ 113 "
St P A N P gen gold 6 s ___ 1923! F -A
8 102
106
____103
1027a
103
. 112*2 115*8 Aug ’ l l
104 Oct T2
Registered certifica tes..1923!Q -F
107 Jan T2J
St Paul A Duluth 1st 5 s__193ljF -A
10
81
81 Sale 81
81
82%
102*8 Jan ’ 13___ 102*8 102*8
2 d 5s............................................. 1917A -O
8034 ____ 807a Oct T2
94 J ’ neT3
80»2 82
1st consol gold 4s_______ 1 9 6 8 ! J -D
82 Apr T3
82
83%
91*8 A p r 1 1 -----00 Jan '13
Wash C ont 1st gold 4s___ 1948IQ-M
90
96
1107
8 Apr '1 3 ___ 110*4 1 11*8
1107|
11234 119*2 114 Apr '13
114 117% N or Pac Term C o 1st g 6 s__ 19331 J - J
89% 90 Apr T3 . . . . 90 91*4
____113*2 11234 Jan T3 . . . . 112*4 112*4 Oregon-W ash ls t & ref 4 s _ .1961! J - J
160
99 101*2
82 Apr '13
82
85% p a c i f i c C oast C o 1st g 5s__1946j J -D ' 9 9 % 100 100
1 6 /3 4 1 1 0
108 M ch'13
108 109
*• ennsyivania R R —
8734 ___ 857a Dec T2
101*4 M ch’ 13___ 101*4 IOH4
1st real e s tg 4s________________ 1 9 2 3 M-N
87
023.1 92 N ov 12
Consol g o ld 5s....... ............1919 M -S 103 107 110 M ch' 12 .
100*4 10034 lOOU Apr '13
100*2 100*2
100*2 Mch 13 . .
1 0 0 % 101
Consol gold 4s_________________1943M-N
106 106*4 106*4 Apr T3
967a Sale 90*4
96% 2M 90*8 97*2
Convertible gold 3 >£g___ o l 915! J -D
106% 108*4
------ -------- 111 Jan T3 . . . . 111 111
R egistered _________________ o l 9 1 5 !J -D
96*2
96*2
a 96*2 97
105*2 Jan ’ 13
10®
61 99*2 102*4
99ta Sale 99*2
105*2 105*2
Consol gold 4s________________ 1948M-N
113 JTy *04
------ 1 0 0 % 99*4 Feb 13
90*4 99*4
Alleg Val gen guar g 4s__ 1942 M -S
------ 85
81 Apr '18
100 Sep *IS
82% 8 8 %
D R R R & B ’ge 1st gu 4 s g ’ 36 F -A
------ 82
77 Feb T3
100
Jan
'1
70% 78
Phila Balt A W l s t g 4s__ 1943 M-N ____ 1 0 0 %
100 100
____ 99
U6 7a Feb T3
96% 96%
102 Jan
Sod Bay A Sou l s t g 5s___1924 J - J
70%Jau T3 ___ 7«*t 76%
____ 70
Suubury A Lewis lstg 4 s _ 1 9 3 6 J - J
____74
75
75
1
75
87
101*2 May li
U N J R R A Can gen 4s__1944 M -S
100*2 103*4
Pennsylvania C o—
80tj Feb '13
------ 85
86*8 87*2
Guar 1st g 4J^s_______ ..1 9 2 1 J - J 10258 . . . 102*2 I t 102*8 104
84
81*4 26 83% 87
R egistered___________________1921J - 1J0 1 . . . 102*4 Jan 'l
83*2 85
102*4 102*4
82
8634
89 Sep 1
82 Apr T3
Guar 3 Ms coll trust r e g ..1937 M -S ____ 87
88
5 87% 01%
Guar 3 *.$s coll trust ser B_ 1941 F -A
8 8 Bale 8 8
8 6 * 8 ------ 86*4 A p r T
85*s 86*4
9758 Dec ’ 1
93 M ay’ 12
97
T rust C o ctfsg u g 3 34s________ 1016M-N
85*8____ 88 M c h 'l
82% 107 76*4 82%
81% Sale 80
Guar 3
trust c t fs O __ l _1942 J -D
87*4 Jan 1
4 76
80
80
80
Guar 3 34s trust c t f s D ____ 1944 J -D
85*a
94*2 « 6*8
95*2
95
____ 79
77 MchT3
76 78%
Guar 15-25-year g 4 s _____ 1931 A -O ____ 95*2
92*2 Feb ’ I
92*2 92*2
78 Sep T2
------ 75
Cln Leb A N or gu 4s g ____ 1942 M -N
05
98 Apr '13
98 93
Ol A M a r 1st gu g 4 *^s__l & 3 5 M-N •98 ____ 110 Jan Vw
107*4 Deo 'l l
09 M a y 'll
C1& P gen gu g 4>4s ser A 1942 J - J
10934 J ’ly V~
103 ____
1942 A -O
Series B ..............
91U Keb '1
In t reduced to 33^s________ 1942A -O
86
90*s Got '1
Series C 3 U s ________________ 1948M-N
90 May (L
Series D 334s.............................. 1050F -A8 6
B8 Oct '12
104 ____
91% M ay'12
Erie A Pitts gu g 3 34a B . .1940 J - J ____901a
90*8 J ’ly ' 12,
------ 95
98% Jan '13
Series C ...................................... 1940J - J
98*s 99%
106 Oot '02
G r R A I ex 1st gu g 4 34e_1941 J - J 1____ 102*2 101*2 Peb IS
101*2 101*2
109 May TO
Pitts Y A Ash 1st cons 5 8 . 1 9 2 7 M-N
83 ____ 87% Dec '1 2
102*8 J'ne'12
T o l W V A O gu 434s A . ..1 9 3 1 J - J
102*8
N
ov
‘
12
J
J
Series B 4 3Ss.....................1933
____107*2 107 Feb T3
95*8 Get T2
105% 107
Series C 4s......................... 1942 M -S ____ 98
____ 91
077, Aug '11
101 M ch‘ 13
1 01
10312
P O Q A St L gu 434a A . . . 1940 A -O ____ 102
1 01
101
Series B guar___________ 1942 A -O ____ 103*4 101 M ch’ lS
112
____ i31*2Jan '09
106 J ’ne 11
Series O guar___________ 1942 M-N
102
____ 104 Meh T3
104 106%
97 Dec T2
Series D 4s guar________1945 M-N ____ 98
101 Mch T2
____100
90 Apr '13
00 90
Series E 3*^s guar g ____ 1949 F -A
101
____ 104 J 'n « TO
Scries F gu 4s g _________ 1953 J -D
95*4 Jan T3
95*4 95*4
90 Apr T3
90 0 0
Sories G 4s guar.................1957 M-N
97*2 07*2
95*a____ 971a Jan 13
83*4
Feb
'13
83*4
84
1131? N ov 'l l
____ 84*2
....
O St L A P 1st con g 5s.__1932 A -O
92 J no 09
Peo A Pek Un 1st g 6 s_____ 1921
106 Feb '13
106 106
2d gold 4 34s..................... .61921
93*a Jan 'l l
____ 109*2 108 Sep '1 2
____ 95
Pcro M arquette— R e f 4s___1955 j - j ____65
54 Jan T3
119*2 Mch’ I2
54
54
Refunding guar 4s________1955 j - j ____49
51 M ch‘ 13
51 51
907 g N o v 'll
C h A VV M 5s_____________1921 J -D
98 Oct '12
80
85*2 8 8 %
1
88
Sale 8 6
Flint <$p P M g 6 s_________ 1920 A -O ” 1 1 101*2 100*2
100*2
85 ____ 853, Feb ' 13 ___ 86*4 8 8
100*2 100*2
1st consol gold 5s_______1939 M-N ____ 97
96 Feb 'IS
00*4 91*2 91
12
90*4 923,j
95
96
91
P t H uron D iv 1st g 5 s _ _ l 9 3 9 A -O ____97
90*2 Feb '13
____ 0 0
96*2 06*2
90
00*4 13 00 92%
Sag Tus A II 1st gu g 4 s ..1931 F -A
03 Oct T 2
83*4 Feb ’ 131
83 83*4
Philippine R y 1st 30-yr s f 4s ’ 3 7 J - J ____ 80
108 108
Pitta Sh A L E l s t g 5s..........1940 A -O 105*1____ 108 Apr T3
107 110% 1 1 1 % Mch i i
113*4 Nov 'l l
100
____ 106 Apr T2
1st connol gold 5s_________ 1943 J - J
95*8
130% Jau '09
T> eadlng C o gen g 4s_____ 1997 J - J
94*4 97*2
94*4 Sale 94*4
123% Meh T2
H
Registered_____________1997 J - J
95*4 Apr T3
95*i 96*f
Jersey Cent coll g 4s_____ 1951 A -O : : : : ' o s ' 96 M ch’ 13
95 96*4
106*8____ i l l Jan T2
Atlan C ity gu 4s g ________1951 J - J
------106
119 J’n e '06
81
84
81 Apr T3
t Jo A G r ls l 1st g 4 8 . . . . .194 7 J - J ____ 82
98 Apr '12
t Louis A San Francisco—
98% N o v '11
IHI 4 Jan T3
General gold 6 s __________ 1931 J - J ____115
14U 114*4
102*2 104«|
102*2 Mch T3
General gold 5s__________ 1931 J - J ____103
86
Apr T3
____ 86*8
85*2 Dec '12
86
86%
St L A 8 F R R cons g 4s._1996 J - J
____ 83
88
Apr T3
873, 8 !)
Gen 15-20-yr 5s.................1927 M-N
78*4
84 78 82*4
78*4 Sale 78
94*4 96
94*4 Apr T3
100 Jan T3
94*4 oot?
Southw D iv 1st g 5s____ 1947 A -O
100
100
97% Jan T3
7412
R efunding g 4 s______ ...1 9 5 1 J - J
z i 72*2 76*|
97% 97%
73 Sale 72*2
84
87
87*2 Apr T3 . . . . 86*4 89
fc0*4 M c h 'll
Registered____ ________ 1951 J - J

Bid

M IS C E L L A N E O U S

QaS a n d E le c t r ic L i g h t
K ings C o E l L & P g 5 s .___1937 A-O
A-O
! Convertible dob 6 s______ 1922 M-S
j -j

Range
Since
Jan. 1

1213

104*4 Fob
114 Feb
1 2 2 % Dec
8 8 % Apr

T3
T3
'12
T3

104*4 104*4 P eo Gas & C 1st con g 6 s ___1943
Refunding gold 6 s______1947
113 114
R egistered ______________1947
Ch G -L 5c C ke 1st gu g 5 s _ l 9 3 7
88*8 8 8 %
101
101
Con G C o o f Ch 1st gu g 5sl936
101
102*2
100
100%
Ind N a t Gas 5c Oil 30-yr 5s '36
100
102
89*4 Apr T3
M u Fuel Gas 1st gu g 5 s .. 1947
89*2 90
Philadelphia C o conv 5s___ 1919
106% Apr T 2
101*4
10134 10 101*4 1031?
C onv a ebon g 5s..... ........... .1922
84
85
4 84
8 6 I2 Stan Gas 5c El con v s f 6s_.192C
106% Apr T3 ___ 10658 10812 Syracuse Lighting 1st g 5s__1951
100
Mch'13 ___ 1 00 101*8 Syracuse L 5c P 5s_________ 1954
02% J’ly ’09
T ren ton G 5c, E 1st g 5s____ 1949
Union Elec L 5c P 1st g 5 s . .1932
03%
2
93*2
0312 0 0
R e f 5c ext 5 s . . . . . . _______1933
Utica E l L 5c P 1st g 5s____1050
94*2 Mch'13
94*2 04t2 Utica Gas 5c E ref 5s............ 1957
102% J'ly '12
W estchester L tg g Gs---------- 1950

a Due Jan.

1

0Duo Fob. e Due May. g Due Juno,

A -O

____117

116*8 M e t ’ 13
101*4
101*?
103 Feb '09
102*2 Apr 13
103*4 O ct 'IT
93 M ch'l!
IOU4 Aug '12
I I I I "99 100 N o v ’ 12
____97i2
97*2 F eb T3
____ 99*4
99 Apr T3
------ 100*8 101 Dec 'l l
83*2 J’ne'12
166' ” ” 109 Feb '01
102 Jan '13
98 . .
93 ------ 97 Dec T 2
1 02
..
100*4 Dec ’ l l
102*4 103 103
103

M S 101*2 Sale
M-S
J -J
J-D ____103*8
M-N ____90
M -N

F-A
M-N
J-D
J -D

J -J

M -S
M -S

M-N

J -J
J -J
J-D
hDuo July, 0Duo Oct.

p Duo Nov.

..8115*2 116*1
3 100*2l017a
*1

102*2 103*8

07*2 6 6 ’
09 100%

102

10a

-J22S’
5Option sale* J

1214
N.

BONDS
T. STOCK EXC H AN G E
W eek Ending April 25.

fit L & San Fran (Con)
K O F t S & M con g 6 s . ..1 9 2 8 M-N
K O F t H & M R y ref g 4 s. 1936 A -O
R eg istered _____________ 1936 A -O
K C & M R & B 1st gu 53.1929 A -O
Ozark i t C h C 1st gu 5s g.1912 A -O
8 t L S W 1st g 4s bd ctfs ___1989 M-N
2d g 4s Inc bond ctfs ____p 1989 J - J
C onsol gold 4s___________ 1932 J -D
G ra y’s F t T er 1st gu g 5s. 1947 J-D
8 A & A Pass 1st gu g 4s___1943 J -J
8 F & N P 1st sink f g 5 s . . . 1919 J -J
Seaboard Air Line g 4s____ 1950 A-O
G old 4s stam ped_________ 1950 A-O
R e g iste re d _______________ 1950 A-O
A djustm ent 5s__________ ol949 F-A
R efunding 4s_____________1959 A -O
A tl-B irm 30-yr 1st g 4s._el9 3 3 M-S
C ar C ent 1st con g 4s____ 1949 J -J
Fla C ent & Pen 1st g 5 s . .1918 J -J
1st land gr ext g 5s_____ 1930 J -J
C onsol gold 5s__________ 1943 J -J
G a & Ala R y 1st con 5s__ol945 J - J
Ga O a r * N o 1st gu g 5 s ..1929 J -J
Seab & R oa 1st 5s________ 1926 J -J
Southern P acific C o—
G old 4s (C ent Pac c o l l ) .*1949 J -D
R eg istered _____________*1949 J -D
20-year con v 4s_________ 01929 M-S
C e n t Pac 1st r ef gu g 4 s . .1949 I<’-A
R eg istered ______________ 1949 F-A
M ort guar gold 3J^ s..*1929 J -D
Through St L 1st gu 4 s . 1954 A-O
G l l & S A M & P 1st 5 s .1931 M-N
G ila V G & N 1st gu g 5S.1924 M-N
H ous E & W T 1st g 5 s . . 1933 M-N
1st guar 5s red _________ 1933 M-N
H S T C 1st g 5s int gu__1937 J -J
G en gold 4s int gu ar____ 1921 A-O
W a co& N W div 1st g 6s 1930 M-N
A & N W 1st gu g 5s_____ 1941 J -J
M orga n 's La & T 1st 7 s . . 1918 A-O
1st gold 6s______________ 1920 J -J
N o o f C al guar g 5s---------- 1938 A -O
Ore & C al 1st guar g 5 s ..1927 J -J
S o P ac o f C al— G u g 5 s . . 1937 M-N
S o P a c C oast 1st gu 4s g-1937 J -J
San Fran T erm l 1st 4 s . .1950 A-O
T ex & N O con gold 5s— 1943 J -J
So Pac R R 1st ref 4 s ____ 1955 J -J
Southern—
1st consol g 5s___________ 1994 J -J
R egistered . . . __________ 1994 J -J
D e v elop & gen 4s Ser A . .1956 A-O
M o b & Ohio coll tr g 4 s ..1938 M-S
M em D iv 1st g 4>£-5s___ 1996 J -J
S t Louis div 1st g 4s.......... 1951 J -J
A la Ceu R 1st g 6s............ 1918 J -J
A tl & D anv 1st g 4s.......... 1948 J -J
2d 4s.................................... 1948 J -J
A tl & Y a d 1st g guar 4 s ..1949 A-O
C o l & G reenv 1st 6s_____ 1916 J -J
E T Va & Ga D iv g 5 s ...1 9 3 0 J -J
C on 1st gold 5s-------------- 1956 M-N
E T en reor lien g 5s_______1938 M-S
G a M idlan d 1st 3s............ 1946 A-O
G a P ac R y 1st g 6s_______1922 J -J
K n ox & Ohio 1st g 6s____ 1925 J -J
M o b & B ir prior lien g 5 s. 1945 J -J
M ortgage gold 4s_______1945 J -J
R ich & D an con g 6s____ 1915 J -J
D e b 5s stam ped...............1927 A-O
R ich & M eek 1st g 4s____ 1948 M-N
S o C ar & Ga 1st g 5s____ 1919 M-N
Virginia M id ser C 6s____ 1916 M -S
Series D 4-5s.....................1921 M-S
Series E 5s...................... .1926 M-S
Series F 5s.........................1931 M-S
G eneral 5s_____________ 1936 M-N
V a & S o’ w 'n ls t gu 5 s ..2003 J -J
1st cons 50-year 5s____ 1958 A-O
W u & VV 1st cy gu 4s___1924 F -A
W est N O 1st con g 6s— 1914 J -J
S pokane Ipternat 1st g 5 s . . 1955 J -J
*T*er A o f St L 1st g 4 H S--1930 A -O
J- 1st con gold 5 s. ..1894-1944 F-A
Gen refund s f g 4s_______1953 J -J
St L M B ge T er gu •; 5 s ..1930 A -O
T ex & P ac 1st gold 5s.......... 2000 J -D
2d gold Inc 5s_____ ______02000 Mch
La D iv B L 1st g 5s.......... 1931 J -J
W M i n W & N W 1st ;u 5s. 1930 F-A
T o l & O C 1st g 5s.................1935 J -J
W estern D iv 1st g 5s____ 1935 A -O
General gold 5s__________ 1935 J -D
K an & M 1st gu g 4s____ 1990 A-O
2d 20-year 5s..................... 1927 J -J
T o l P & VV 1st gold 4s____ 1917 J -J
T o l St L & VV pr lien g 3 ^ s .lU 2 5 J -J
60-year gold Is__________ 1950 A-O
C oll tr 4s g Ser A . . ............ 1917 F-A
T o r Ham & B u ff 1st g 4s._/il94 6 J -D
lster & D el 1st con g 5S.1928 J -D
1st refund g 4s________ 1952 A -O
Union Pacific
1st R R & land grant g 4 s. 1947 J -J
R e g is te re d _____________ 1947 J -J
20-year con v 4s__________ 1927 J -J
1st & ref 4s______________02008 M -S
Ore R y & N a v :on g 4 s ..1946 J-D
Ore Short Line 1st g 6s__1922 F -A
1st consol ; 5s__________ 1946 J -J
Guar refund 4s_________ 1929 J -D
Utah & N or gold 5s____ 1926 J -J
1st extended 4s_________ 1933 J -J
andalia cons g 4s Ser A . 1955 F -A
C onsol 4s Series B ____ 1957 M-N
• * Cruz
7 11*1 1& P 1st gu ■4/^ s .l 9 3 41 J -J
Vera
Virginian 1st 5s Series A __1962IM-NI

U

V
VMVa VX AOU

[VOL. XOVI.

New York Bond Record— Concluded— Page 4

j

VU y llI

Price
Frida;/
April 25

Vtek's
Range or
Lott Sale

Bid
Aik Loio
____ 111 110
73
____ 74
7712

Range
Since
Jan. 1

is

Hit No. Low High
1 110 113U
110
45 73
74
78
J ’ly ’ 12

991 , 100

991, 1001,
86l2 90
78
80
78*4 81

87 Sale
781, 79
79 Sale

87
87 ***2
79 Apr ’ l:
783*
79 ” n
ioii8 Apr 0
82 Apr ’ 13
82
84
*82 "85*4
104 O ct ’0U
861, 8512 Feb ’ 13 . . . . 85
851*
821 , ge
82l2
8212 83
7212 Sale 721,
75
75
741, 76
88
85
UOI4 917, M ch’ 13
1031* Jan ’13
104 N o v 'i2
■101 ____ 107 J
103*, 10412 104 /
10212 104l£ 1023*
____10618 105 t
9H2 Sale

91

021*

9
4

*“ 2

65

88U Sale
90i2 Sale
.
95
88 Sale
____ 8912
____ 106ig

881*
883*! '125
51
90i2
911*
94l2 J ’ly 12
88
88 " i
8934 Apr T3
104 M ch’ 13
1021, J ’ly 12
103 Dec 12
____105
10414 May’ 12 . . . .
------ 109
1091* Sep 12
____ 94
93 M ch’ 13 . . . .
1191* M ch’ 10
100 10412 106 Jan ’ 13 . . . .
____112
UU 4 A u g ’12
------ 1071, 107 Jan ’ 13 . . . .
112 Feb '07
101 ____ 102 M ch’ 13 —
116 May 07 —
*80" " "
9H, Sep 12
------ 88. 883g Feb ’ 13 : : : :
------ 100i8 1015, M a y 'll
8978 40
89U Sale 891*
1041* sale 104),
10412 84
105 Sep ’ l l
761* " i e
76U sale 76l8
------ 84
831* Apr ’ 13
. . . . 107 107 M ch ’ 13
84
85
84 M c h ’ 13
1051*____ 10514 Sep *2
83 ____ 8 7 >*Jan ’ 13 . . . .
83 ____ 82‘* Feb T4
♦8012____
....
'10312____ 1053* D e o 'I I
106 Feb 13
------ 105
108 109 108‘*
108i2 " 5
99**____ 1051, J ’ly 12
.63
63l2 64i8 M ch ’ 13
------ 1103, 110 M c h ’13
------ 113
llli2 M ch '1 3 ____
1051, Nov-12
79 M ch ’ 13
10112 1 0 2 b 1021* M ch’ 13 : : : :
—
10412 10312 Jan '13
73 Sep 12
*98* 16214 101 Feb ’ 13
112 O c t ’06
103.% N o v '1 2
1043* J an ’ 13

104 M ch ’ 13
1081* Jan ’ 13
_
107 M ch’ 13 : : :
92 Apr 13
95
____ 93>2 Sep ’ 12
. . . . 101 Feb ’13 —
. . . . 103 1021, Apr ’ l l
____ 102 104 Feb ’ 13 . . . .
103 108 111 A u g ’ 12
____ 89*4 943, Oct T2 . . . .
____ 1041, 1061, Sep ’ 12
103 100 104l2 Apr
T3 . . . .
.
. . 48
51 N
i o v ’12
■95 . . . . 001,­Apr '11 . . . .
10012 N
J o v ’04
103l2 103*4 1051, .A p r ’ 13 . . . .
___ _ 10512 1073* .J 'ne'12
____ 1 0 0 100 .Apr ’ 13
__ _ 9112 Oil, Feb
'13
)
973a 98
973, ' " 2
973,
90
92
90 M ch’ 13
____ 85
84 Dec ’ 12
537, * 2
53
537,
64
____ 65
68 Dec ’ 12
____ 88*2 89 A pr 13
1027, ' * * 3
____ 1027, 1027,
—
84
85*,.J ’ ne 12
107U
104
9312
92
1001 ,

957, Sale 951*
957, 97
9378 ____ 981, Feb 13
923*
92i2 92*4 9212
91
915, 91
9H,
8
9112 92l2 911* A pr ’ 13
1091* U034 11034 Apr ’ 13
10514 A pr ’ 13
89i2 " 1 7
8912 Sale 891*
108 M a y 'll
____ 99
93 ____ 93 ' Apr"’ 13
9212 ____ 93 M c h ’ 13 ___
94 O ct '12
____ 96
6
971*
971*
____ 98

70* 7714
75
79
8414 88
91*4 917,
103U 103L
104 * 105‘
102*4 1031,
89
95

8 8 I4

901,

98

9512
93*4
<
J0 i2

'8 8 ' '91 '
8934 91:.
104 10434
------ . . . .
93“
160"

C o a l & Ir o n

"

'9 3

ioo*.

107

107

162'

162'

------------8 8 sj

89

'9 6 '
941,

1041, 1071,
104*4 104*4
761, 78l2
831, 8fil2
107 107
84
881,
861, 87i4
------ ------106

108

166"
1095,

63* 641 ,
loo?, n o
1 1 1 1 ,1 1 2

79
1031,

102

79
1021 ,
1031 ,

161

161"

10434 16434
104 105
IO8 I4 IO8 I4
107 108*,
92
957,
I0 1 ' i o i '
103*2 104"
—

—

1031,

16714

.................
1051, 10614
166 1 00
OH, 9H2
971, 99
00
9U,
537, ~57~l2
88' 89"
1027, 1041 ,
961,
981,
91
91
91
109
105
88*4

993,
98l2
07
95*,
9334

1121,
109
931,

"93* '9 4 '
93
93
9714 98*4

M IS C E L L A N E O U S

B u ff & Susq Iron s f 5 s . . . .1932
Debenture 5 s . . _________ al926
C ol F & I C o gen s f g 5s___1943
Ooi Fuel gen 6s__. . . _____1919
C ol Indus 1st & coll 5s gu__1934
C ons Ind Coal M e 1st 5s___1935
C ons C oal o f M d lst& ref 5s 1950
G r R iv C oal & C 1st g 6s._hl919
K an St H C & C 1st s f g 5s. 1951
P ocah C on Collier 1st s f 5 s .1957
St L R ock M t & P 1st 5 S ...1 9 5 5
T enn C oal gen 5 s . . . ___ ..1 9 5 1
•Birin D iv 1st consol 6s___1917
T enn D iv 1st g 6s_______01917
- C a b C M C o 1st gu g 6s_1922
U tah Fuel 1st g 5s_________1931
V icto r Fuel 1st s f 5s............ 1953
Va Iron C oal& C oke 1st g 5s 1949

N.

BONDS
r . STOCK E X C H AN G E
Week Ending April 25.

P'ice
Friday
April 25

W a b a s h 1st gold 5s______ 1939 M-N
vv 2d gold 5s........................1939 F -A
Debenture Series B _______ 1939 J -J
1st lien equip s fd g 5s____1921 M-S
1st lien 50-yr g term 4 s ..1954 J -J
1st ref and ext g 4s______ 1956 J -J
C ent Trust C o ctfs ___
D o Stam ped_______
E qu it Trust C o c t f s ...
D o Stam ped_____________
D et & Ch E xt 1st g 5s___1941 J - J
Des M oin D iv 1st g 4s___1939 J -J
Om D iv 1st g 3 ^ s ............ 1941 A -O
T o l & Ch D iv 1st g 4 s____1041 M-S
Wab P itts Term 1st g 4 s . . 1954 J -D
C ent and Old C ol T r C o certs.
Colum bia T r C o ctfs ___ ____
2d gold 4s________________ 1954 J -D
T rust C o certfs____________
Wash Term l 1st gu 3>$s___ 1945 F -A
1st 40-year guar 4s_______ 1945 F -A
West M aryland 1st g 4 s ___ 1952 A -O
W est N Y & Pa 1st g 5 s ...1 9 3 7 J - J
Gen gold 4s______________ 1943 A -O
Incom e 5s_______________ <11943 N ov
W h e e lin g * L E 1st g 5s___ 1926 A -O
Wheel D iv 1st gold 5s___ 1928 J - J
E xten & Im pt gold 5s____ 1930 F -A
R R 1st consol 4s_________ 1949 M -S
20-year equip s f 5s_____1922 J - J
Winston-Salem S B 1 st 4 s . .1960 J - J
Wis Cent 50-yr 1st gen 4 s ..1949 J - J
Sup& Dul d iv & term 1st 4s ’36 M-N
/M a n u fa ctu rin g & I n d u s tria l
AlHs-Chaliners 1st 5s______ 1936 J -J
Trust C o ctfs deposit_________
Am A g Chem 1st c 5s_____ 1928
-6
Am C o t Oil ext 4 ^ s ____ *1915 -F
D ebenture 5s..................... .1931
•N
■8
Am H id e& L 1st s f g 6 s ___1919
Amer Ice Secur deb g 6 ___1925
O
Am Smelt Securities s f 6 s .1926
A
Am Spirits M fg g 6 s ............1915
S
Am Thread 1st col tr 4s___1919
J
Am T o b a cco 40-yr g 0 s ____ 1944
O
R e g iste re d _______________ 1944
O
G old 4s___________________1951
A
R egistered ______________ 1951
A
Am W ritg Paper 1st s f 5 s .1919
J
Baldw L o co W orks 1st 5 s ..1940 -N
B eth Steel 1st ext s f 5s____ 1926
J
1st & ref 5s guar A ______ 1942
-N
C ent Leather 20-year g 5 s . 1 9 2 5
-O
C onsol T o b a cco g 4s............1 9 5 1
A
Corn P rod R e f s f g 5s____ 1 0 3 1
•N
1st 25-year s f 5s.................1934
-N
-O
Cuban-Am er Sugar coll tr 6 s 1 9 1 8
D is tllS e cC o r con v I s t g 5 s .l9 2 7
o
E I du P ont Pow der 4 > is ..l9 3 6
I)
General Baking lst2 5 -y r 6 s . 1936
D
Gen E lectric deb g 3y$s___1942
A
D ebenture 5s .........
1952
-S
G en’I M otors 1 st lien 6 s ___1915
o
111 Steel deb 4 H s __________ 1940
■o
Indiana Steel 1st 5s________ 1952
-N
Int P aper C o 1st con g 6S..1918
-A
C onsol con v s f g 5s______ 1935
-J
Int St Pum p 1st s f 5s_____ 1029
S
Lackaw Steel 1st g 5s_____ 1923
O
1st con 5s Series A ______ 1950
■S
5-year convertible 5s____ 1915
•s
Liggett & M yers T ob a c 7 s .1044
o
5 s -----------------1951
A
Lorillard C o (P ) 7s_________ 1 9 4 4
O
5 s .............................................1 9 5 1
A
M exican Petrol Ltd env 6 s A . ’ 21
O
N at Enam & Stpg 1st 5 s ..1929
D
N at Starch 20-yr deb 5s___1930
J
National T ube 1 st 5s______ 1952
■N
N Y A ir Brake 1st con v 6 s . 1928
■N
B y Steel Spgs 1st s f 5s____ 1 0 2 1
J
Ropub 1 & S 1st & col tr 5 s .1934
O
10-30-year 5s s f _________ 1040
o
Standard M illing 1st 5s____ 1930
N
The Texas C o con v deb 6 s . 1931
J
Union Bag & Paper 1st 5 s .1930
J
Stamped ________________ 1930
J
U S Leatb C o s f deb g 6S..1913
■N
U S R ealty & I con v deb g 5 s .’ 24
J
U S R ed & R efg 1st g 6 s ...1 9 3 1
J
U S R ubber 10-yr coll tr 6 s .1918
D
R e g iste re d _______________ 1918
D
U S Steel Corp— Icoup __dl903
■N
S f 10-60-yr 5s{ reg ...<11963
■N
Va-Car Chem 1st 15-yr 5 s .1923
D
W est E lectric 1 st 5s D e c 1922
•J
W estlnghouse E & M s f 5 s .1931
•J
10-year coll tr notes 5s__1917
O
T e le g r a p h & T e le p h o n e
Am T elep & T el coll tr 4 s . . 1029
C onvertible 4s___________ 1936
20-yr conv 4 V$s (when iss) 1933
Chicago Telephone 1st 5s__1023 „
Commercial C able 1st g 4S.2397 Q
R e g iste re d ............................2397
C um b’d T & T 1st & gen 5 s . 1937 f„
Keystone Telephone 1 st 5s_1935 J
M etrop olT el& T el l s t s f 5s_191" "
M ich State Telep 1st 5s____ 192 . .
N Y & N J Telephone 5s g.1920 M
N Y Telep 1 s t * gen s f 4 Ha 1930 M
Pac Tel & T el 1st 5s...............1937 J
South Bell T el & T l s t s f 5s 1941 J
West Union col tr cur 5s___1938 J
Fd and real est g 4J^s------ 1950 M
M u t Un T el gu ext 5s------ 1941 M
N orthwest T el gu 4 > js g.1934 J

Bid

Ask Low

103*, 1041* 10334
96 Sale 96

97 100
80 . . .
587, Sale
5212 Sale
5212 54

II

High No Low High
10334 10 103 1061,
96
24 95
991,

00 J’ne .2

98l2 Apr ’ 13
M ch ’ 13
57U
5914
6212
54
61 M ch ’13
64 N ov'12
54
64 Sale 54
1067, 107*4 107 Feb ’ 13
80 Aug 12
65 A pr T3
65 .
801,____ 80 A p r '13
____ 231, 19
19*2
205,
18 Sale 18
19 Sale 19
19 ,
1
is, 1 Apr ’ 13
1
2
112
112
82
84l2 873, Oct 11
90 . . . 100 Sep 12
79 80
795,
8 OI4
103 . . . 10634 Feb ’ 13
____ 861*
86 Oct ’ 12
34 Feb '07
100
IOOI4 1 01 t2 Feb ’ 13
100 F e b ’ 13
____ 99
09 Feb U
____ 80
80 Apr ’ 13
981, i.'ub •*[
893, Feb ’ 13
____ 90
00l2
90 Sale 90
893* Mch ’ 13
88 89
80

____ 62
67 Dec ’ 12
621, 53
53 Apr ’ 13
9934
993* Sale 995,
96i4 Apr T3
96 97
931,
93
9312 93i2
1001 ,
1 0 0 l2 1011 * lOOU
76
7518 Sale 751,
1037,
1033* Sale 1031,
991, Jan ’ 13
____ 100
82 ____ 9U, M ch ’ 13
____ 12H, 120 A pr ’ 13
120 Nov'12
96l2
961, Sale 961,
953, j ’ne 12
881,
88 Sale 8 8
103 Sep 12
00*4
00«4 Sale 961,
841*
84i* Sale 833*
9534
951* Sale 051*
____97
9014 Apr ’ 13
90>, 963, U0U Feb ’ 13
90s, 93
90U
90U
9434 Feb ’ 13
90 96
05
64t, Sale 641,
86
8614
85
86
____06i2
95 Apr ’ 13
751, 78l2 781, M ch ’ 13
10114
10334 104t2 1041,
9834 99
99 A p r ’ 13
87i4 Sale 8714
88
100
99i2 Sale U912
1023*
1023 * Sale 1023*
____ 8634 87 Ap.' ’ 13
74
1 747,
____ 74
06
95 Sale 95
761, 781, 761, Apr ’ 13
057,
951, Sale 95i,
121
12034 Sale 1201 ,
981*
98U Sale 98
120*4
1201 * 1203.1 1201 ,
973* Sale 071,
9734
97
9/ i2 • ■ s
971,
____ 91
- 3
89l2
____ 87
so*, Feb '13
963,
963 , Sale 96
iooi 2
1001, Sale 1001 ,
96)4 07
965s Apr T3
1027,____ 1027, M ch'12
89 >4 OOI4 90U A pr ’ 13
____ 8334 881, A p r ’ 13
98<4
0734 Salt 97*2
90 Feb ’13
79
86
OU4 Jan '13
____ 87
100 1003, 100 A pr ’ 13
86
86
____ 87
20
321, 25 Jan 13
102*2
102U 102*2 102U
10318 Jan '10
10114
1007, Sale 1007,
10034
10114
95U Sale 95
O6 I4
101*2 10214 10H,
101*4
917, Sale 917*
9234
961, 0634 97
97
877, Sale

101
1 0 2 i2
102*4 Sale

Rang*
■Since
Jan. 1

871,
877,
103 A p r '13
10H,
1027,

821, Deo *12
831, N o v 'l l
____ 985, 983,
086,
891,------ 86 Aug'12
100i2 1007, 10034 M ch’ 13 09>, 9912 993, Apr ’ 13 .
103*4 May ' 1 1 . . .
0634
0(ii2 Sale 963,
987,
08l2 ».ne 98*4
09 0912 99*2 100
100l2
99U 100l2 100*2
921,
021, Sale 02
104 J’ ne ll .
93 Jan '13 .

"oY*, '98'ia
80
6414
51
61

80
647,
54
61

5312 613*
107 107
65
80
26*,
27>i
28
2
1'2 21*
79
837,
106», 107U
10U2 1011,
100 100
99 lOH*
80
803,
893, 9 1
89*2 913,
891* 901*

62
63
99 1017,
961* 971,
93
95
100 1031,
74
763,
102 105
991* 991,
91*2 93*4
11912 1203,

96>4 971,
871*
95
96*4
825, 86**
93*4 97
961* 97U
953* 90 i*
90
931,
943* 90
64
70
86
90
95
953*
771, 82
1027, 1051,
98*2 100
86
891,
99l2 1011*
102 106
913*
88**
963*
801*
96
1197, 122>,
9612 U9*«
120 1221,
971* 997,
97 100
89*2 951,
88*2 881,
96
991,
993* 103
955, 981,
1027, 1027,
897, 921,
88
891,
97 1007,
90
92
891, 9U*
100 1001*
86
89
25
25
100 1033*
1001* 102
1001* 102
04l2 98
1003, 1023*
903* 9 4
965, 967,
86
90
10212 1107,
IOU2 104U

98

100*4

100** ioi3i
99 101>*
'96* *98"
98>* 101
99 101
991, 1021,
9H* 961,
93*' ' 9 3 "

B O N D S — C o n c lu d e d .
M i s c e ll a n e o u s

97 J ’ly 22
91 N o r ’ l l
961,
96i, Sale 9612
1071* J ’ne 12
80
*78*a *79*' 80
75 80
85 J ’ B4'11
____ 94
93 O ct '12
1023, Apr '08
____100
98 Jan ’ 13
____ 873, 873, M ch ’ 13
78 79
76 M ch’ 13
102l2
100 Sale 100
102 103*4 101 A p r ’ 13
____103*4 102 Feb 13
IOH2 104 110 Jan 09

M-S
J -D

____ 84
95 97

J -J
J -J

'____98

reeks
Range or
Last Sate

Adams Ex coll tr g 4s______ 1048
A rm o u r* C o 1st real est4H s ’39
961, 99', Bush Term inal 1st 4s______ 1952
Consol 5 s .............................. 1055
781, 85
Bldgs 5s guar tax ex_____ 1960
Chino C opper 1st con v 6 s ..1921
Inspir Cons C op 1st 6s ( r e c t s )..
Int M ercan M arine 4 H s ___1922
98
98
int N avigation 1st s f 5s___1929
87*2 877, M ge B ond (N Y) 4s ser 2 . . 1 U6 6
78
80
10-20 yr 5s series 3 _______ 1932
53 100 103
M o r r is * C o 1st s f 4 H s . . . 1939
101 103
N Y D ock 50-yr 1st g 4s___1951
102 102
Niag Falls P ow 1st 5s_____ 1932
Ontario Transmission 5s___1045
Fub Serv C orp N J gen 5 s . .1959
79>4 F e b ’13___ 79*4 79*4 RayConsCopuer 1st con v 6 s l 0 2 1
95
95
30 94*2 93
Wash W ater Pow 1st 5s___1030

A-O
J -J

A -O

J -J

A -O
F -A
A -O

J -J
J -J

F -A

J-J

M -N

A -O

____ 80
90
90-1,
____ 89
____ 047,
. . 95
155 100
____ 10312
63 Sale
78*2 79

80
80
1
897,
001* 34
89 Feb ’ 13 . . . .
94 Apr ’ 13 ___
04 Apr T3 ___
150 M ch’ 13 ..
103
3
10314
03
63i4 33
78*4
783*
6

791* 827,
89»* 92
89
891,
94
90
94
94
145 190
991, 108*,
63
66*«
781, 794,

99 .
861, 881,
. . . 83
1001,1017,

991, Dec ’ 12
891, Feb ’ 13
891, 89*.
83 A p r ’ . . . . 82*4 84
1021, M ch ’ 13 — 102 ioat*
92 Dec L
"oi*. Sale 913,
91*4 33 91*, 9 3
2 109 121
111
110 Sale 110
102 Dec ’ 12

♦No price Friday; .atest bid and asked aDuoJan dDue April eDue May ^DueJune /tDueJuly ADuo Aug oDueOct pDueNov ijDue Dec , Option sal#




1 2 15

C H IC A G O S T O C K E X C H A N G E — S to c k R e c o r d .
STOCKS—HIGHEST AND LOWEST SALE PRICES
Saturday
April 19

Monday
April 21

35
89
91%
22%
7%
414
20
40

*27
*85
90%
20%
7%
3%
*17
*34%
*7
*4 4 % 4 5 % *44%

35
89
90%
22
7%
3%
20
40
8
45%

33%
33% 33%
93%
94% 94%
450 450 *
•133 136 *133
53% 53% 54
102
*101 102
129% 129% *129%
*60
*60
61
83%
*82% 85
54
*50
*50
50% 50% *49%

35
94%
455
136
54
102
130%
61
83%
54
52

•27
•85
90%
21%
7%
•31•17
•3412

204 204 *202 204
135% 135%
•135% 137
11%
11% *11
*11
*100%
35%
♦96
69

101
35%
97
69%

*74
*116
*116
*116%
*116
*
*91%
112 *111%
♦76
79
*97%
98
32
34
*73
75
186% 180
122 *121
29
28
*89
91
106
106
260 *245
107% 108
168 *167
1% *1%
617* 62
107% 107%
12
11%

77
118
120
120%
120
58%

101
35
97
69

101
*34
*96
*68
*74
•116
•116
*116%
*116
•
•9112
111%
•77
98
*30
•73
185
*121
*28
*89
105%
*245
•107
168
•1%
61%
107%
•10

77
118
120
120%
120
58%

112%
79
98
32
75
187%
122
28
91
106
200
108
168
1%
6278
167%
12

Tuesday
April 22
•27
*85
90%
21%
7%
*3%
*17
*34%
*7
*44%

35
89
91
21%
7%
414
20
40
8
45%

Wednesday
April 23
♦27
88
91%
21%
♦7i2
4
*17
*34%
*7
*44%

35
88
91%
22%
8
4
20

40
8
45%

Thursday
April 24

Friday
April 25

Last Sale 30
91% 92
22
22l&
*7% 8
[jest
least
Last
Last

Jan’ 13

21*2 22
*7% 8

Sale 18
Sale 41
Sale 8
Sale 45

Nov’ 12
Nov’12
Apr’ 13
Mar’ 13

34
33% 34% 33
94% 94% 94t4 94%
*___ 455
*___ 455
Last Sale 133 Apr’ 13
*52% 54% *5212 5412
*101 102 *101 102
129% 120% 12912 12912
58
59
___ - __
83
83
84
84
Jan’ 13
Last Sale 55
49% 50
Last Sale 142*MayT2
202 202
*202 204 *202 204 *202 204
136% 130% 136 130% 135% 135% 132 135
10% 10% IOI4 lOU
*11
11
11% 11
Last Sale 77 Feb’ 13
100% 100% 100l2 10012
100% 101
101 101
32
32
33
33
35
35
36
*35
93% 95%
96
*95
*9512 90
*6814 *69 ’
*08% 09
68% 68% *68% 69
Last Sale 106l4Mar’ 13
Last Sale 76% Aus’ 12
77
*74
♦74
77
116»2 116%
*116 118 *117 119 *117 119
Last Sale 118 Mar’ 13
♦116 120 *110 120
Last Sale 118 Apr’ 13
*110% 120% *11612 120%
116 116
*116 120
Last Sale 57% Apr’ 13
57
*56% 58% *56
*91% ___ *91% ___ * 9 1 % ___ * 9 H 2 ___
112% 112% *111% 1 1 2 % •111% 112% 111 111%
♦75% 79
*75% 78
Last Sale 79 Mar’ 13
98
9t8
*97% 08
98
98
*30
3-1
35
*30
35
*2 5 * 2*5"
*30
72% 72% 67
75
*73
67
56
56
184% 180
187 188 *180% 188
177% 184%
121 121
*121 122 ♦121 122
*27
28
♦27
28
28
*27" 28”
28
*89
Last Sale 92 Dec’ 12
91
91
*89
106 106% 105% 106
105% 106% 106 106
255 265 *255 205 *255 265 *255 265
108 108 *107% 108% *107% 108% 108 108
*167 168 *167 170% 167 167
167% 167%
1% *1%
Last Sale 1% Apr’ 13
*1%
1%
62% 63% 62% 62% 61% 62% 60% 61%
107 107% 107% 107%
- - ___ 107% 107%
12
*10
12
*10
*10
12
•10
12
Last Sale 91% Mar’ 13

35%
35
95% 95%
*__
455
*133 136
52%
52
*101 102
130% 130%
01
*G0
♦83% 84%
64
*50
*49% 50%

34% 34%
95
95
455
*133 136
*52% 54%
*101 102
129% 129%
60
60
*83% 84%
*50
54
50% 50%

Sales
of the
Week
Shares

Dividend Record
NAME.

In
1912.

Per­
iod.

Lowest.

Last Paid.
% Bid. Ask.

American Stato.. *200,0 *177,6
2K __ Apr ’ 13?1 IK 210 215
60,9
6
190.0
Nono An Jan T3, 6 150 __
220,8 Org. J an. 27 T3. V. 95, p. 1585 110 112
200,0
Capital State___
17,1 Beg. b us. Oct 7 ’ 12 V. 95, p. 944 142 146
250,0
Central Mfg Dlst.
10
10
Q-J Apr T3, 3 302 304
Cont A Com Nat. 21,500,0 9,768,6
16
10
Q-J Apr Y3, 4 412 417
Corn Exch N at.. 3,000,0 6,307,5
105,6
0
200,0
6
0-1 Apr T3, 1)4 202 206
365,4
750,0
10
10
Drovers’ Dep Nat
O-J Apr T3, 2)5 250 254
258,6
Englewood State.
200,0
6)5
8
Q-J A pr'13, 2 175 178
12
First National__ 10,000,0 11,696,1
17 G-M Mch31’ 13,4 K 434 437
223,8
12
FlrstNatKnglcw’ d
160,0
12)5 Q-M MC031T3, 2% 315 __
_
510,6
Foreman Bros__ 1,000,0
Priv ate Ba nk
766,7
8
260
Ft Dearborn Nat. 2,000,0
8
Q-J Apr’ 13, 2
223,6 Org. N ov 25 1912
200,0
Halsted St State.
136 140
Hibernian Iik Assn 2,000,0 1,118,5 Not pu bllshcd — fiC “ note (1[)
(1!)
35,0 Beg. b us Aug '12. V. 95. p. 273. 138 142
200,0
Hyde Bark State.
194,7
10
400,0
10
J-J Jan 13, 5 235 238
Kaspar State___
25,3 Beg. b us. Apr 8 ’ H V. 92, p. 1004 105 110
200,0
Lake View State.
258,6 _ _ . _ __
Q-J Apr ’ 13, 2 210 220
200,0
662,5 10 10A2e Q-M Apr T3, 3 205 209
1,250,0
62,6 Beg. b us.Aug 2 *7 2 V 95, p 693 132 139
200,0
8
8
Q-J Apr1 13. 2 22(1 229
2,000,0 1,445,1
Q-J Apr T3, 1)5 194 198
694,9
6
6
2,000,0
Apr T3, 1)5 165 168
6
6
109,8
259,0
Q-J Apr 13, 1)1 143 146
91,4
7
7
200,0
Q-J Apr '13, 1)4 119 122
6
10,6
6
200,0245,3
6
Q-J Apr 13, 1)1 205 210
6
S20t,0.
7,2 Org.'N ov. 27 T2. V. 9 5 ,1). 1944 100 111
200,0
Ogden Ave State.
104,1
Q-J AprT3, 2 K 240 250
Fcople'sStk YdsSt
500,0
UH 10
11,0 Beg. b us Nov I ’ ll V. 93, p. 1235 . . . __
Second Security..
200,0
Q-J Apr 13, 2 250 260
6
6
164,8
400,0
Security........ .
Q-J A pr’ 13, 2 205 __
122,8
8
200,0
8
South Chicago Sav
Q-J Apr T3, 1)4 132 135
20,3
6
0
200,0
Q-J Apr T3, 3 396 399
12
12
State Bank of Chic 1,600,0 2,622,1
40,8 Beg. b us .Aug 19 T 2 V .95, p.623 142 145
200,0
State Bank of Italy
245,0
8
250,0
10 Q-M Mcli31 13,3 300 __
Stock Yards Sav.
181,1
0
600,0
e M-N MayT3, 3 173 170
Union BU of Chic.
16,0
6
100 J)
Washlngt’ni’kNat
6)1 Q-J Apr '13, 2)4 200 - - 8
CcntralTrCoof III 4.500,0 1,984,1
8
Q-J A pr’13, 2 230 232
303,5 10
600,0
Chicago City BAT
10A2« J-J Jan T3, 7 285
302,1
Chicago Sav B &T 1,090,0
a
Q-J Apr T3. 1)4 148 152
6
8
Chicago Title A Tr 6,000,0 12,263,2
8
*202
Q-J A p r’13, 2
600,0
488,8 8A2« 842* Q-J Apr T3, 2)4 223 220
Colonial Tr A Sav
Cont & Com Tr A S 3,000,0 1,844/1 ___
250,0
147,8
Drovers Tr A Sav
8)5 __ io
Q-J Apr T3, 2)4 255
10
First Trust A Sav 5,000,0 2,879,2
None Q-M Dec30’ ll, 4
14,8 Beg. b us.Apr 3 ’ l l V. 92, p.929
250,0
Ft Dearborn Tr AS
109,1 Bog. b us. Apr 8 '12 V, 94, p. 1030 164 108
300,0
Franklin Tr A Sav
244,9
2H
10
Grecnebaum Sons 1.600,0
Q-J Apr T3, 2)4
*43,3 . . . .
200,0
0
J-J Jan T3, 3
135
Guarantee Tr & S
12
Q-J Apr T3, 8 525
Harris Tr A Sav.. 1.500,0 2,274,8 12
271,8 Beg. b us.Apr 10 T 1.V.92,p.1004 148 is i
300,0
Home Bank A Tr.
16A4e
10,180,6
16A4e
5,000,0
? Apr T3, 4 490 600
Illinois Tr A Sav.
7
7A2« Q-J Apr ’ 13, IK 170
87,7
200;o
Kenwood Tr A Sav
6
0
279,3
Q-J Apr T3. 1)5 200 207
200i0
LaJceVIcwTrASav
us.
Mn
263,4
Beg.
b
y
TO
EaSallcStTrASav 1,000,0
102 105
26,1 Org. D ec. 6 T2.
I.lbcrty Tr A Sav.
250,0
150
220,7 Org. S cpt. 5 *12. V. 95, p. 593 122 125
Market Tr A Sav.
200,0
1
12
us
.J’ly
Beg.
b
39,7
V. 94. p. 481 105
Merc’ntlleTrASav
250,0
10
15
Q~J Apr T3, 4 428 435
Merchants’ L A Tr 3,000,0 7,067,7
___
Q-J A pr'13, IK 142 144
Michigan Ave Tr.
67,2 ___
200,0
10*1
Com
.b
us.
Ap
Mid-City Tr A Sav
102,0
1.V.92,p.1004 219 222
500,0
8
8
(j-j Mch31 13,2
Northern Tr Co._ 1,500,0 2,837,5
325 328
j -j Jan T3, 4
8
8
Nor-West Tr A S .
141,9
268 275
250,0
1
n
us.J’nc
V .92. p. 1537 123 125
Old Colony Tr A S
250,7 Beg. b
200,0
Q-J Apr T3, 2)4 310 310
8
l ’coplo’s Tr A Sav
215,2
500,0
8
Q-J Apr '13, 2
Pullman Tr A Sav
8
180
300,0
269,6
3
Sheridan Tr A Sav
Q-J >Apr T3, 1 )5 133 137
48,3 —
200,0

NAME.

Range for Previous
Year 1912.

Range for Year 1913

R a ilro a d s
Chicago E lcv Kys cc
30 Jan 3
D o pref______ .. .1 0 0 ' 88 Apr 23
5
435 Chic Itys part c tf “ 1 " ___
88 Jan 14
1,435 Chic Kys part c t f " 2 ” ___
20% Apr 21
250 Chic Kys part c t f " 3 ” ___
6 Mch 11
30 Chic Kys part c tf “ 4” ___
3% Jan 7
Kansas C ity K y it L t.1 0 0
D o pref__________ 100
Streets W Stable C E .100
8 Mch 1
D o pref__________ 100
45 M ch 18
M isce lla n e o u s
26 Jan 14
2,100 American C an _______ 100
D o prof__________ 100 93% Apr 21
645
5 American Kadiator_100 450 A pr 8
Do
pref__________100 133 A pr 2
50 Jan 22
73 Amer Shipbuilding___100
pref__________100 100 Feb 8
15 D o
340 Amer Teiep & Teleg__100 129% Apr IS
58 Apr 25
110 Booth Fisheries co m . 100
Do
1st pref______ 100
81% Apr 15
81
65 Jan 29
Cal & Chic Canal & D 100
Chic Pneumatic T o o l. 100 48% M ch 19
Chicago T elephone. .100
Chicago T itle & Trust 100 202 Apr 8
464 C om m on w’th- Edison. 100 132 Apr 25
10% Mch 19
200 Corn P rod K ef C o comlOO
77 Feb 11
Do
pref__________100
167 Diam ond M a tch _____ 100 100% Apr 23
225 Goodrich (B .F .) c o m .100 , 28 Mch 18
12 Hart Shaff &j M arx pHOO 94 Mch22
66% Mch 24
85 llinois B r ic k _________ 100
Internat Harvester C o l 00 106% Feb 24
Knickerbocker Ice pf.100
N ational B iscuit_____ 100 112 Feb 24
Do
pref__________100 118 M chl9
N ational C arbon------ 100 115% Mch 14
Do
pref_________ 100 114 Mch 10
57% Apr 2
Pacific Gas & El C o ..100
Do
preferred____ 100
231 P eoplo’s Ga&L&Coke.lOO 109 M ch i9
Pub Serv o f $ 0 111 com 100 79 Mch 6
Do
p ref__________100 98 Feb 13
60
25 Apr 25
100 Kumely com m on____100
56 Apr 25
Do
p r e f . . _______ 100
125
4,597 Sears-Roebuck c o m ..100 177 Mch24
Do
p r e f . . _______ 100 121 Apr 24
17
27 Feb 21
150 Studebaker C orp com . 100
Do
prof__________100
299 Swift & C o __________ 100 105 Feb 28
12 T he Quaker Oats C o . 100 235 Jan 22
Do
p ref__________100 106 Mch 5
51
165 Union Carbido C o ___100 165 Mch 19
1 Jan 17
Unit B ox Bd & P C o . 100
58% Mch 10
’¥,226 U S Steel co m ________100
210 W ard, M o n tg ’y Sc C o pref 105% Feb 19
10 M chl7
100 Western Stone______ 100
87% Mch 24
W oolw orth, co m _____ 100

C hicago B anks a n d T ru st C om pa nies
Capital Surp. >k
Stock.* Profits 1 In
1911.
(00s om itted.)

STOCKS
C H IC A G O ST O C K
EXCHANGE

Capital Surp. cfc
Stock. 1 Profits. T In
(00s om itted.)
1911.

Southwest Tr & S *200,0
Standard Tr & Sav 1 ,0 0 0 .0
Stockmen’s Tr A S
200,0
Union Trust C o .. 1,200,0
West Side Tr A Sav
400.0
Woodlawn Tr & S
200.0

Highest.
30 Jan
91 Jan
98% Jan
26% Jan
8% Jan
4% Apr

3
20
30
13
2
5

9% Jan 3
45 M chl8
46% Jan
129% Jan
500 Feb
134% Jan
55 Jan
103% Jan
139% Jan
71 Jan
897* Jan
65 Jan
52 Jan

31
30
11
6
13
2
3
3
6
29
10

212 Jan
145 Jan
16% Jan
77 Feb
110% Feb
53 Feb
98% Jan
76% Jan
115 Jan

31
11
3
13
14
31
29

128% Jan
123 Jan
122% Feb
118 Jan
63 Jan

3
14
17
25
27

116 Jan
82% Jan
101% Jan
69 Feb
97% Feb
214% Jan
124% Feb
34
Feb

25
13
21
6
2
17
13

7
5

9

1077* Mch 6
280 Feb 15
108% Feb 15
206% Jan 10
1% Feu 10
68% Jan 2
108% Mch 6
14% Jan 2
112 Jan 3

Lowest.

Highest

25 Nev
90 May
83 Dec
19% No^
6 J ’ne
3 Oct
14% Aug
40 Oct
6 Mch
35 Jan

40 Apr
93% Jan
104% Jan
38 Jan
11 Jan
67* Jan
25 Sep
50% Jan
11% Apr
62 J ’ne

47 Oct
111* Jan
91 Feb 126 Sep
325 Feb 405 J ’ly
131 Jan
135 Apr
61 Oct
45 Aug
100 Feb 106% Oct
138 Dec 198% Moh
39 Mch
70 Deo
95 J ’ne
77 Mch
65% May
49 Feb
44 Mch
55% Oct
137)2 Jan 145 Mch
184 Jan 222 J ’ne
135% Jan 150 Mch
2 1 % Oct
10 Feb
87 Oct
87 Oct
103 J ’ly 111% Feb
63 Dec
80% Sep
97 Dec 102% Mch
56 Jan
73% Sep
105% Dec 126% Sep
67 Mai
76% A ug
114 Dec 161% Apr
122% Oct
130% May
103 Afch 135 Sep
115 Feb , 120 Jan
f ' 67 Apr
103% Jan
122% Oct
: 80 Dec I 94% Apr
: 98 Dec xl07% Apr
94% Dec
987* N ov
: 99% Apr il03% Oct
140 Jan 221% N ov
121% Jan
125% J ’ne
30% J’ly
49 Aug
92 Dec
97% Aug
98% Jan
109% Apr
215 Jan 397 N ov
105% Jan 110 Jan
rl30% May 234 N ov
17* J an
% May
80% Sep
58% Feb
9

Sep

15

N ov

Dividend Record
In
1912.

Per­
iod.

*23,8 Org. J uly 6
414,8
54,8 ” <T " e "
1,558,9 8A2e
8
121,3 842« 8A2e
100,6
10
9H

T2.
Q-M
J-J
QM
Q-M
Q-J

Lost Paid.

Bid. As*.

V. 95, p. 18.
Mch 10-13,1%
Jan '13, 3
Mch 31T3.2
Apr '13, 3
Apr 13, 2K

123
170
150

128
171
153

300
210

III
...

C h icago B o n d R e c o r d
BONDS
CHICAGO STOCK
EXCHANGE
W eek

e n d in g A p r i l

25

I n ter­
est
p eriod

Am Tel A Tel coll 4s___ 1929 J - J
Armour A Co 4Ks_____ 1939 J -D

P r ic e
F rid a y
A p r i l 25.
Bid

W eek 's
R a n ge or
L ast Sale

A sk Low

Interest m uet

be added t

N o.

R a n g*
fo r
Y e a r 1913

91 Feb T3
90 AprlTia ■. 82% April’ 12
96% May’ 12
100% 101
82% Aprina
96%
96%
i
91% April’15
98%
98%
8
94 April’ la
81%
82
7
93 Jan 13 ___
100 Jan 12
72 Mch T3
47 Mch ’ la
100%
100% 60
96% Dec T2
102%
102% 2ft
1
10 1%
10 1%
100% Mch T3
6
105%
165%
99% April’ 12
100% May ’ 12
105% Aprh’ 12

JS9% 90
1 80
84

Cal Gas A El unlf A ref 5s 1937 M-N
Chicago City Ky 5s....... 1927 F - A 1100% Sale
84%
Chic City A Con Kys 53.1/1927 A - O : hi
Chicago Elcv lty 5s____ 1914 J - J t 97% 97%
92
Chic l’neu Tool 1st 5s..al921 J - J : 9 0
Chicago Itys 5s________ 1927 F - A : «8% Salt
Chic Itys 5s____ series ’A" A - O t 9 3 % 94
Chic Itys 4s____ scries “ B” J -D
81% Sale
ChlcJtys 4s____ scries “ C" F -A t----- 94%
Cldc Kys coll 6s......... 1913 F - A
Chic lty I>r m M g 4s.cl997 j - j t 71% 74
Cldo lty Ad) Inc 4s.._cl927 Mayl t 50
55
Chicago Telephone 5s...1923 J -D 1100% Sale
Cicero Gas Co ret G m..l932 J - J J___ 98
Cominonw-Edlson 5s___ 1943 .»!- S 1102% Sale
Commons Elco 5s__ 61913 M - S *101
Cudahy Pack 1st M 5s__ 1924 M- N 1100% 101%
Dla Match Con deb 6s__ 1920
1105% Sale
Ge« Mot 6% 1st L notes.1915 A -O
Int liar 3-yr 5% g notes. 1915 F - A
Inland Steel 1st M g 6s.. 1928
Kan City lty A I.ight Co
5 s .............................. 1913 M-N
Bake St El—1st 5s_____ 1928 J - J 1----- 87"
Metr W Hide El 1st 4 s... 1938 F - A 179% 80
Extension g 4s_______ 1938 J - J 1 78% 80
Mil El lty A Lt 1st g 5S..1920 F - A 1103 104%
94%
do ref A ext 4KS..1931 J - J 1 94
Morris A Co 4Ks______ 1939 J - J 1 86
M-N
Nor Shore El 1st g 5s___ 1922 A -O 1102%
do
let A ref g 6s__ 1940 A - O l 99% 100%
Nor Sh Gas of Bl 1st 5s.. 1937 F - A
North West Ei 1st 4s___ 1911 M - S
NVVGL S Coke Co 5s..1928 Q-M 1 99%
97
Ogdon Gas 5s__________1945 M-N 1 95
A- O
Refunding gold 5s....... 1947 M- S 1101% 101%
Chic Gas 1, A C 1st 53.193 7 J —J
Consum Gas 1st 5s___ 1936 J -D ___
Mutual Fuel Gas 1st 6s 1947 M-N __ _
1 94% 95%
South Side Kiev 4Ks___ 1924 J - J 1 90
91
Swift A Co 1st g 5s_____ 1914 J - J 1 99% 100%
Tri-City Uy A Lt coll
A -O
A -O
U S Gypsum 1st % 6s___ 1922 M - S
Western Elec Co 6s____ 1922 J - J 1100% —
N o t e —Accrued

H ig h

Bids
Sold

L ow

H ig h

91
91
89% 917,

100%
82%
96%
90
98%
93
81%
93

1017,
89
98%
94
100%
94%
86%
93

72
75
47
68
100% 1017,
101 103%
101 102%
100% 100%
105% 108%

90 Oct T2
87 Jaa T3
87
87
797, April’ 13
79
82
79 AprilT3 __
77% 81
1047, April 12 ___
95 Aprll‘ 12 ___
877, Mch T3
87% 89
103% April’ 12 ___
100 Jaa 13 ___ 100 100
95% Sept T2
100% July ’ ll
99% Mch ‘13
99% 100%
90 April’ 13
95
97
115% Sept T2
101% 101%
3 100% 102%
102U 103
102% Aprli’ 13
100% Aprll’ 13
1 0 0 % 100%
100 Aprll’ 13
100%
100
9 714 Feb' 13
91 ’ April’ 13
91
93%
100 AprU’13
100 100%
98’4 April* 12
85 ’ Aprll*12
100 May T2 ___
101 Aprll’13 —
0

all Chicago bon

101
A

101

price*.

• Bid and asked prices; no sales were made on this day. 7 April 4 (close of business) for national banks and April 5 (opening of business) for State Institutions, t Ne
prlco Friday; latest price this week, i Sept. 1 1911. II Dividends not published; stock all acquired by the Continental & Commercial National Bank, a Due Dec. 3L.
• Due Juno c Duo Fob. d Duo Jan. 1. e Extra dividend, x Sales reported beginning April 18. g Dividends are paid Q.-J. with extra payments Q.-F. * Capital
to be increased to *300,000, V. 96, p. 1135. I Dec. 31 1912. * Ex. 21/, accumulated dividend, to Fob. 4 1913. y N or. 26 1912. * Feb. 5 1913.
.




1216

B O S T O N S T O C K E X C H A N G E — S to c k R e c o r d .

SHARE PRICES—NOT PER CENTUM PRICES
Saturday
Arru 19

Monday
April 21

Tuesday
Wednesday
April 22 | April 23

1023a 1023*
1 0 2 *.
1003a 1 0 0 -\ * 1 0 0 1001 j
206
205*2 205*
97
97
971
97
♦188 195 *188 195
6434 67*,
65
66
260 260
260 260
*7*2
*7*2
*
*
*
*
8
8
*43
*43
*166 168 *166 168
105*2 105*2 *104*2 105*2
+
230
230 230
107 107
107*2 10753
*119 1 2 0
11953 1195#
*8334 84
*S334 84
*101
104 *1 01 104
*
*
76
76
76*2 76
110*2 114
113*2 115
*102

.

•1 0 U4 102 *101
1003s * 1 0 0
*100
96

206
963.
187
65

64
*260
*7*2
*.
8
43
43
♦166 168
*104*2 105

Sales

Thursday
April 24

Friday
April 25

101*4 * 1 0 1

101*8

1 0 0 *. * 1 0 0
10014
205 *200 205
96
96
95*2 96
Last Sale 188 Apr’ lt
62*2 64
64*3 65
260 260
260 260
Last Sale 7*2 Apr’ 13

Last Sale
43
43
Last Sale
105 105
230
107 108 *107 109
*119*2 121
*11933 120
Last Sale
*8334 84*2
102
1 02
101
101
*
70
♦75
70
70
109-h 1 U *2 1 10 llO-T,
Last Sale

7

Mar’ 13

166 Feb’ i;
105 105
___ ___
107 107
*___ 1 22
8334 Apr’13
___ ___
1734 Apr'U
70
70
110
11034
120 Apr'13
200 Dec’ 12
*160
163 163
*160
166 166 *180
Last Sale 35 Apr’ 13
42
*34
*34
42
♦34
42
*154*2 1543.1 15134 15i34 *15414 154*2 153 163 *151 151*4
Last Sale 8334 Mar’ 13
*85
85*, *84*2 85*2 *8434 85*2
*140
*145 ___
140 140 *140
140 140
75
75
75
*75l2 76
75*2 75*2 75
75*2 76
95 *----- 95
95
*95 —
95
95
52*2 53
95
95*2
Last Sale
20
*19*2 2 0
114
113*2 113*2
115*2 115 115*2
12934 130
130

52
52
95
95
37a Apr’ 13
1912 19*2
112*2 113*4
114*2 l i e
1293a 12958
18 Mar’ 13
78*2 7834 78*2 787« 78*4 78*2 78*4 78*2 78U 78*2
65 *___
64i2 64*2 64l2
65
043.1 6434 *
97 *___
96*2 90*2
9G
06
96
96 *
*578 0
Last Sale 0
Apr’ 13
*578 6
*573 6
12
12
11
11*2 *1078 1112 *1078 111 ?
*n
11*2
113,
113.1
*1
2
13*,
*1 2
12
12
13*4
275 275 *___ 277
277 277
276*2 277
277 277
140 14H4 140-li 141*2 140*8 140*2 13978 140*4 138*2 1393J
875s 875g 8734 8734 *87»2 8 8
88
88
88*2 88*2
92
*91
92
92L 92 b
92*2 92*-> *91*2 92i2 92
218*2 21812 218*2 218*2 *21858 21912 *218*2 2 2 0
218 218*2
*3*4 3*2 *3*4 3*?
31, 3*4 *3U 3*2 *3*4 3*2
*23
25
*23
25
26
*23
25
30
*25
30
*69
Last Sale 6 8
Apr’ 13
*69
*68*2
145 115*2 145 145
144 144*2 144 144
143 143
90 Mar’ 12
159L 160
15933 159*2 159*s 159*2
159*2 159*2 159*2 160
145# 15
15
15
*14-r>3 15
10534 10534 105sg 106
10558 106
1053t loo
105*2 100
*2712 2734 27l2 2712 2734 2/3.1 *27*2 27«4 *27*2 2734
Last
Sale
28*3
Apr’ 13
28*4
*28
28*2 *28
28*4 *28
5334
05
*378
♦19*2
113*2
115*2
129*2

53
£3*4 •52
95
‘95*4 95*2
*378 4
*37s
20
20
*19*2
20
114
114 114
114
115*4
116
115*2 H 6
130*3 12934 130*4 129*4
5334
95*2
4

1*2

■<
0

163 163*? 162
48*2 48*2 48*2
27*2 27*2 *27*2
63
62L
*10853 1085a 108*4
>

163*2 161
48*2 48*4
28
27*2
63*4 62L
108*4
109

54
95*2
4

162
161
48*4 43
28
*27*2
625s 6134
10834 ♦108*4

162
160
48*s 48
*27*2
28
62*4 C0«4
1085s 108*4

161
48*4
28
61*2
108*2

Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

R a ilro a d s
5 A tch T o p & Santa Fo_100
D o p rof__________ 100
10
18 Boston & A lb a n y-------100
646 Boston E le v a te d --,___ 1 0 0
Boston & Low ell---------100
1.449 Boston & M aine_____ 100
32 Boston & P rov iden ce. 100
Boston Suburban El Cos
D o p rof-------------------Boston & W ore E loc Cos_
ii
D o pref__________
Chic June B y & U SY -100
80
D o prof--------------------Connecticut R iver— 100
Fitchburg prof----------- 100
1 0 Ga R y & E lec stm pd-100
D o pref________ --1 0 0
18 M aine Central______ 100
Mass E lectric C os— 100
320
D o pref stamped _ 100
6,454 N Y N H & H a rtford . 100
Northern N H ______ 100
Norwich & W or p re f-100
39 Old C olon y__________ 100
Rutland, pref________100
2 0 Union P a cific________ 1 0 0
D o p ref__________100
2 Vermont & M ass____ 100
79 West E nd S t__________ 50
1
D o prof__________ 50
M isce lla n e o u s
242 Amer Agrlcul Chem__100
226
D o p r e f ___- ___ -100
Amer P neu S ervice-- 50
185
D o pref__________50
357 Amer Sugar R ofin ---- 100
D o pref__________100
241
3,722 Amer T elop & Teleg-100
American w o o le n ____ 100
D o prof__________ 100
231
14 Amoskeag Manufacturing
12
D o pref_____________
Atl G u lf & W 1 S S L -100
D o pref__________ 100
473
25 East Boston Land___10
53 Edison E lec Ilium ___100
557
al E lectric_____ 100
347 MassachusettsGasCoslOO
20
D o pref__________ 100
30
orgenthaior Lino___100
250
exican T elephone. _ 10
10
E C otton Y a rn ____ 100
D o pref________ _100
147
E T elephone____ --1 0 0
Portland (M e) Elec__100
389
Reece
B u tto n -H o le .- 10
55
& C o .................... 100
283
18
Do
pref___________ 25
2 0 0 Union Copper L & M 25
1,204 United P rint____ „ _ _ 1 0 0
945 Un Shoe M ach C o ip - 25
Do
pref___________ 25
235
6,628 U S Steel C orp ----------100
89
Do
pref__________100
M in in g

2 l4
♦2
2U
2*4 *2
2*4 *2
2*4
.99
*.90
.98
.99
1
1
36
36
*36
36*2 36
35
30
35*2 34*2 34*2
76
773,| 77*4 78*8 77
Z7353
747a
76V8
7753 70*2
27
27*4 27*2 27*4 27*2 27*4 27*2 27*2 2712 27
Ck
3*2 3*2
*3i2
3*4 338
334 *3*2 334 •3*2 334
Last Sale .40 Mar'13
* .38 .40 * .38 .40 • .37 .40
6
6
*5*2 6
6
6
6
G
6*4
6
23* 234
25s 25s
2*4 2*.i
25« *2 i4 23,
2*2
30*2
30*s 3,0*4 30
30*i 30
30*2 30*2 S03-1 31
66
65*4 6 6
66*2 67
66*4
66*2 67
6 6 *s 66*2
468 470
480 480 *475 480
476 480
476 476
♦14
14*4 143.1
15
15
15
16
*14*2 15*2 *15
403.i 40
41
40** 41
40*2 41*3
*
.02 *___
.03 * .0 1
.03
.02
* .0 2
.04
.02
43
44
44
43*2 44*2 43
44*2 44*2 44*8 45
3
3
3
*3
3
3*,i
3
3*4 *3
3*4
12
12
1 2 *«
12
12
3214 12
12*4
12*4 12
7
03,
6*3
6*2
7
7
7
7
7
6*2
178 2
2*4
2*4 2 ‘A
2 >s
2‘A 2 %
2*4 2*4
62*3 6312
63
64
63
05
63*4 64
03*2 64
7
783
7
733
7
7
7*?
73«
7*4
20
20
20*4 2 0
20*4 20*2 20*2 2112 21*2 2 0
Last Sale 34
Feb’ 13
3.1
h
**4
*4
**4
**4
13
13
13
13
*1 2
12*2
10
10
IK , 12
1734 17*4 *17*2 18*2 *17*2 18*4 *17
*17*« 18
18
52
*52
52
*52
63
♦52
53
53
x52
52
*8434 8 6
85
*84
85
*84
85
85
84*2 84*2
26
20
26
26*3 26*2 26
25
25*2 25*2 25
3*4 3'4.
*3*4 3 A
*3U 3»«
3*4 3*4
3 '. 3 ‘A
*134 2 ‘A
♦13., 2 «<6
2*8
*21.3 2*4 *2*3 2*4
2*8
123.,
1438 1412 13*2 14*8 13*3 1312
13
12*4 1234
41* *4*3 4», *4*4 43s
4*4 4*.,
*4*4 434 *4
7
678 0 /8 *65s 7
*6*2
*6*2
7
0 S.
6’ 4
*378
4lf
4
4
•312
373
3lj
3*2 3*2
*83.1 9i2 •8 *i
778 8
8 *?
*8*2 9
8*2
*2434 25
♦2414 25
24*2 24*2 *2453 25
*11.1 2
*1*1 2
*1*4 2
1*4 lli
53
53
53
53
61
*5W2 52*2 61 *2 521? 51
17*2 1/&3 17*2 17*2 *17*2 173., *1733 17ia 17*4 17*4
Last Sale 2
Apjj’ 13
*1*4 2*8 *134 2*4 *134 2
9
9
9
9
9
9
9
9
9*3
9
297S 303.1 30*i 31
30*4 30*? 29*4 30
29*s 2984
153 134
1»4 1»4
1*8 1*8
1% 1%
1*2 13,
•13.1 2
*2
2
2
2
2
214 *2
3*4
•478 5*4 •473 6*4
434
4*2 5
412 412
4*4
49
49
48*2 48*2 49
49
43T,
♦48*2 49*4 *47
89
89
88
88
88
88
*83
85
84
85
2178 22
22
22*4 22
22
2034 21
20
20*3
69
69
*69
70
69
69
69
70
68
69
*18*2 183,1 1834 18*4 18*4 183s 18*8 18*4 15
18
K# 15s
1*2 l*z
*1*3 I1'*
1*8 1*8
1*2 1*2
11
11
11
11
1034 10/8 10*2 I03i
10*2 10*2
2334 2334 33*2 2334 ♦22l2 2234
23*2 23*2 23*2 23*2
.35 * .2V, .32 * .25 .32
Last Sale .33 Apr’ 13
31
31
3153 31*4 *3ll2 32
30
31
31*2 29
353
378
334
334
33, 4
3*4 358
3*4 3*2
*30*2 31
31
31*4 30
30*2 29*2 29*2 *28
29*2
*4
43g *4
41 ?
*4
4*2
4
4
4
4
*238 25fi *23s 25« *23S 25*
233 2*?
2*4 2*4
41
41
41
41
403.1 4034
41
11*4 41*4 41
48*8 48*4 48
48*4 48*4 48*4 4778 48*3 47-3.1 48
2
1*2 D?
1*2 1*?.
1*2 1*2 *1*2 2
3*2 9
8*2
81?
7*2 8*4
7*2 8
7*2 7?3
*5334 51
•53*2 533., 5353 53s8 *527g 63
*52
62*.,
*1
1*4 *1
1
1*4 *1
1*4
1*8
1*4 1*4
*3.*2 3
*2*2 3
2
2
*134 2
2*2 2*2
61
61
01
61
58
60
51*2 5712 50
63
1
,* .90
1
1*4
1
1*3 1*8
1*4 1*4 *.99
1*4
• Bid and asked)prices, a New stock.
Aas’ t paid. b Ex-atock dlv.
*2
1

21 ?
1




Range Since Jan. 1.
On bash of 100-s/wre lots
Lowest.

/ / Igfiest.

lOOJg Feb 26
100 MchlO
205*2 Apr 18
92 Apr 15
188 Apr 12
G2t2 Apr 25
260 Alch 17
7i2 Feb 19
65 Mch 7
5 Feb 25
43 Mcb 6
166 Fob 14
1 0 2 Mch25
230 Apr 22
101 Mch 17
118*2 Apr 2
S278 Feb 4
101 M ch 17
16U Jan 9
731$ Mch 24
10934 Apr 23
120 Apr 18

106*4 Jan
10133 Feb
215 Jan 2
114U Jan 30
205 Jan ~~
97 Jan
290 Jan
7*2 Feb 19
65 Mch 7
7*4 Mch 6
45 Jan 24
166 Feb 14
107 Mch 5
260 Jan 13
122 Feb 8
120 Feb 10
85 Mch 27
110 Mch 13
193a Feb 4
79 Feb 6
130 Jan
130 Feb 21

103 Apr 25
34 Mch25
1473a Mch 13
83*2 MchlO
140 Apr 21
73l2 Apr 16
93 Mch 20

176*2 Feb 11
36 McU25
162*4 Jan 6
90*2 Jan 9
150 Feb 27
81*2 Feb 8
100 Jan 3

47*4 Jan 17
95 Apr 2
378 Feb 14
19i2 Feb 13
110i2 Mch 19
lll3 4*Mchl2
129i4 Apr 18
16*4 Fob 2 8
78 Feb 3
64*2 Apr 23
06 A pr 21
5 Jan 10
10 Jan 7
11 Jan 14
275 A pr 18
135 F eb 25
875a Apr 23
01i2 Jan 31
212 Mch 17
3 Jan 16
17 Apr 9
03*8 Apr 7
143 Apr 25

57 Jan 11
09*4 Jan 2
412 Jan 3
2334 Jan 11
118*2 Jan 3
117*4 Feb
140*2 Jan 3
13 Jan 14
8 H2 Jan 7
75 Jan 14
100 Jan 23
6
Apr 15
12 Jan 3
15 Feb 8
288*2 Jau 10
l&634 Jan 2
93*2 Jan 2 2
955s Mcll24
219&8 Apr 12
3*2 Feb 8
50 Apr 2
91*2 Jan 11
160 Jan 11

156i2 Mcli20 105*2 Jan 2
14i2 Apr 15 16*2 Apr 21
10478 Mch 13 103 Mch 5
27*4 Jan 2 8
28*2 Jan 15
27 Mch28 28*4 Jan 20
1 Apr 22
2 Jan 4
157 Feb 25 1 82 Jan
43 Mch 29 55*4 Feb 4
27 Jan 20 28*2 Feb 3
58*8 Mch 10 69 Jan 2
107 MchlO 111 Jan 30

0 Jan
2*4 Mch 31
2*4 Jan
.90 Apr 22
32 Feb 18 42*4 Jan
6578 Feb 25 80*4 Jan _
2634 Jan 15 327 S Feb 10
2i2 Feb 18
4i2Mch 6
.31 Jan lb .43 Mch 13
5 Jan 15
7 Feb 3
" Mch 10
4 Jan
29 Feb 25 45 Jan
59 Feb 18 72*2 Jan _
aid 5 Feb 21 5 5 5 Jan 2
21
13*4 Feb 25 18 Jan 6
140
3534 Feb 27
444
. *2 Jan 2
1 00
. 1 .02 Mcll25 x 2 Mch25
781
) 100 42*2 Feb 19 53 Jan 2
3 Apr 12
. 29
4 Jan 27
460
11*4 Feb 24
1,081
15*3 Jan
. 10
573 Feb 25
0 Jan
637
17a
Apr
25
3
% Jan
1,925
55 Feb IS 73*2 Jan
1,313
9*2 Jan
7 Apr 23
3,244
16*2 Feb 10 25 Jan _
325
34 Jan 3
34 Jan 3
1 Copper.
..........
10 Apr 25 17 Jan 2
Mining.
700
15*2 Feb 19 1S78 Apr 14
..........
40 Mch25 59 Jan 4
443
84 Jan 23 87*2 Jan 10
D o pref40
22 Feb 19 3 3 /3 Jan 2
401
258Jan 14
3 ’Ao Feb 15
485
1*2 Jan 7
333 Feb 4
00
12 Feb 18 26*2 Jan 3
2,477
5*4 Jan 3
334 Mch 1
60
634 Apr 25 10*2 Jan ^
40
5*2 Jan 2
3*2 Apr 2
380
778 Apr 25 15*4 Jan 2
407
2134 Feb 10 26*2 Jan 3
10
1*4 Apr 21
2 Apr 8
60
47 Feb 24 65 Jan 7
02
16*8 Feb 18
193.i Jan 4
136
1?8 Apr 16
2*3 Jan 2
..........
3*2 Mch 4
9 i2 Mch29
696
24*4 Feb 10 34*3 Jan 2
5.011
1*« Apr 25
800
23.1 Jan 2
2 Feb 17
300
3*4 Jan 4
4*2 Feb 19
83* Jan 2
167
44
Feb
26
158
56 Jan 2
84 Apr 25 107 Jan 2
51
20 Apr 25 28*4 Jan 2
2,091
ncy_______________
05 Feb 24 80 Jan 3
235
’ Consol C o p p e r -- 10
1658 Feb 19 2 2 Jan 3
295
125
3 Jan 2
ta Fo G old & Cop_ 10
U* Apr 22
13*2 Jan 2
905
10*3 Feb 27
120
21 Feb 19 28*2 Jan 3
..........
.20 Jan 8 .35 Jan 18
285
24*2 Feb 13 40*2 Jan 2
3,023
c138 Feb 4
1 % Jan 2
26 Feb 19 38 Jan 3
85
225 '
0 Jan 9
4 Feb 19
670
3*2 Jan 28
2*4 Apr 25
477
38*4 Feb 25
43*2 Jan
D o prof1,209
4734 Apr 25
60 Jan
250
238 Jan
1*2 Feb 13
1,761 H
7*3 Apr 23 11*4 Jan
...........
60 Jan
49 MchlO
445
2 Jan
1 Apr 4
350
4*2 Jan _
2 Apr 24
759
50 Apr 25 76 Jan 3
130h
li2Jan 0
3.1 l'Vb 20
Ek-rl
h Ek-rlghts.
a Ex-dlv. and rlehts. x Unstamped.
20

■400
108
6,269 Amalgamated C opper 100
015 m Zinc Lead & Sin- 25
C om ’l ctfs d e p .
440
- - - - - - onanza D ov C o ------ 10
410 ~ ' T orbC op& SilM g 5
-Balaklava C o p 10
245
& Sup Cop (Ltd) 10
4,357
let & A rizo n a ._ 1,0
1,444

Range lor Previous 'a
Y ear 1912.
j
Highest. i
10373 Feb
Nov
Sep
Dec
202 NOV
04 Dec
290 Dec
10 Dec
70 Dec
7 Dec
60 Aug
165 May
10712 Oct
260 J ’iy
119 Dec
124
J'ne
83 Dec
125 Dec
10 Dec
7238 Dec
126 Dec
128*2 Oct
200 Oct
rl74 J ’ne
41 Jan
162 Dec
89*8 Sep
150 Dec
80 Oqt
96 Nov

IIU 4 Oct
104*4 Feb
2221* Apr
13434 Mch
218 Jan I
10012 Jan
300 Apr I
14 May
80 J'no'
12*2 Jan ■
67 J a n j
170 Jan .1
112
j ’no:
272 Jan :
128 Jan j
zl79 Apr
91*2 Jau J
14733 May,
2318 Jan j
83 Feb
142-33 Apr j
143 Jan 1
212i2 Jan
187 Jan
70 Jan !
176*4 Sep
9378 Deo
104 Jan j
8873 Feb
103*2 Mch

64 Dec
08 Dec
3 Aug
14 Mch
11334 Dec
114*4 Dec
137i2 Jan
22
N ov
79*4 Nov
75 N ov
z9 U*4 J ’ne
5 Aug
10*2 Aug
1034 Jan
272!* Sep
155 Jan
3:88*8 J’ly
93 Dec
214i2 Dec
2l2 Mch
90 Dec
90 Dec
H 8 I4 Oct
72*2 Jan
163 Feb
1334 Jan
98*2 Jan
2/ May
28 Jan
.85 Jan
/* 174 Sep
46*4 Jan
27*a Dec
583a Feb
107*8 Feb

6334 Mch
105 Mch
5*4 J’no
2412 N ov
13358 May
123-34 Aug
149 Mch
30 Mch
94*4 Mch
84 May
105 Mch
9 Feb
20 Jan !
17*4 May
300 Mch
189 Dec
95 Oct
987S Feb
2 2 .> Aug
4*2 J’no
105 Jan
107 Mch
164 Mch
90 Mch
184 Aug
173s Apr
109*8 Sep
32 Jan
31 Apr
334 Apr
208i2 J’no
67*2 Aug
293.J Sep
80-38 Sep
11633 Oct

IOU4
211*2
112

6
Dec
w *4 Apr
8*4 May
2 Doc
50*8 J ’no
35 Dep
925 a Oct
60 Feb
35 Oct
21*2 Feb
078 Apr
2 Jan
.25 Nov ,55 Apr
4*2 Dec
9*4 J’no
5-34 Apr
2 l5ic .J’ ly
61-34 J’ne
19*2 Feb
83i2 Aug
571* Feb
105 Feb 615 Sep
27*2 Apr
15*2 Dec
60*4 N ov
2514 Feb
.01 Nov- .09, Jan
66*2 Apr
4812 Dec
7*2 Mch
3 *2 Oct
16-3.1 Sep
1214 Jail
16*4 Apr
078 Sep
3 Dec
6 ll1(JApr
7734 N ov
33 Feb
11*8 Obt
7*2 Feb
37 J ’ 110
22
Oct
2
May
.70 Deo
23 Apr
11*8 Sep
1033 Dec
21$8 Jan
o5 -34 J ’ne
40*2 Jan
85 Jan
91*4 Aug
2034 Jan
37*4 N ov
2 Apr
3L Feb
.80 Jan
3 May
22*4 Dec
49 Apr
8
Apr
4i* Feb
10*4 Dec
141,2 J’no
UI4 Jan i
5 Dec
234 J an
18i2 Apr
23-38 J an
3038 Sep
158 Deo,
fii2 Apr
73 J’no
50i2 Jan
I8 I4 Jan
24-38 Sep
6 I4 Apr
2 Dec
9*4 Dec
534 Jan
393S Oct
2234 Feb,
83.1 Apr
2 i8 Deo
e034 Jan
U2 Deo
13*4 May
25g Jan
04
Oct
44 Jan
100 Dec 13012 J ’no
29 N ov
15 Mch
u> J ’ne
72*2 Dec
24*3 Sep
16*8 Jan
478 May
1 Jan
1773 Aug
9 Jan
3112^OV
17 Feb
1*4 Apr
*4 Dec
4 S78 . J’ly
24 Fob
47a Jan
1
Dec
61 .Apr
26 Jan
4 Dec
9i2 Apr
2 l2I)CO
4ut« Mch
34 Jan 250»8 Sfcp
52-34 Hep
47 Jan
1
Nov 3**10 Feb
20 *8 AY>r
91* J’ ly
521g Jan
07-33 Sep
134 Dec
678 Jan |
3*a Dec
734 Mch
65 Dec
133.i Apr
1 Dec
. 17 .Mbh

A p k . 26 1913.]

Ask Low

Bid

High

Range
Since
Jan. 1.

BONDS
BOSTON STOCK EXCHANGE
Week Ending April 25.

Low High

Price
Friday
April 25
Bid

Week’s
Range or
Last Sale

Ask Low

Bonds
Sold

Week’s
Range or
Last Sale

Price
Friday
April 25

1 2 1 7
Interest
Period

BONDS
BOSTON STOCK HXOHANGE
Week Ending April 25.

: i J * Bonds
: qd: 5 ■ ? \ Sold

Boston Bond Record
1interest
|Period

\

High No

Am Agrlcul Chem 1st Os__ 1028 A-O
99 102 General Motors 1st 5-yr Os.1915 A-O 99 99*g 99*8 Apr T3 _ __
9934 Apr T3
Am Tolop <&Tel coll tr 4 s..1020 J -J
86 89*4 Gt Nor C B S iQ coll tr 4 s . .1921 J -J
87*4 83 874
88
94*8 945s 94-ig
945g 10
Convertible 4s________ 1036 M-S 101 105 1034s Mch’ 13
102*2 106
Registered 4s__________ 1921 Q-J
94ia ___ 95's Apr ’ 13
20-year conv 4 %s______ 1933
10212 IOB4 Illinois Steel deben 5s_____1913 A-O
102’g 103
097g Feb ’ 13
Am Writ Paper 1st s f 5s g _1910 J -J
897g J’n ' 12
la Falls & Sioux C 1st 7s__ 1917 A-O
117 Apr ’08
Am Zinc L & 8 dob Os______1915 M-N
131 ,1'ne 12
Kan O Clin & Spr 1st 5s__ 1925 A-O ___ 98
92 Feb 13
Ariz Com Cop 1st Cs ctfs of dop.
82 J’ly ’ 12
Kan O Ft Scott & Mem 6 s..1928 M-N 1084 1U 110
110
5
Atch Top & S Fo gen g 4 s.. 1095 A-O 93 Sale 93
93 ' “ 4 ”93*’ *98 ' Kan C M & B gen 4s______1934 M-.S ___ 90
90i2Feb ’ 13
Adjustment g 4s------July 1993 Nov 827* 85ig 875s NovT2
Assented income 5s_____1934 M-S 78'4 79 79
79
7
Stamped------------ July 1995 M-N
Kan C & M R y & B r 1st 5s.l929 A-O 99 9978 9912 Apr T3 ___
50-year conv 4s_______ 1955 J-D 994 i0O5g
Marq Hough & Ont 1st 6 s ..1925 A-O
U6
J’ne'08
10-year conv 5s_______ 1917 J-D 994 100*8 110*8 Mch Tl
Mass Gas 4 ^ s ____________1929 J -J
9G12 9712 9612Apr 13
Atl Gun & W I SS Lines 5s.1959 J -J
69 62*g Mich Telephone 1st 5s_____ 1 9 1 7 J-J
60
‘
3
99 100 99ig Apr T3
Boston Elev 30-yr g 4s_____1935 M-N 86 83
New Eng Cotton Yarn 5s. 1029 F-A 90U___ 90
9014
11
Boston
Lowell 4s_______ 1916 J -J
New Eng Teleph 5s_______ 1915 A-O 99 ___ 101 A p r'13
Boston & Maine 4 J^s______1944 J -J
A-O 10114 Sale 1 0 Ug IOU4 14
5s
7,---.-------------------------1932
Improvement 4s________ 1937 F-A
New England cons g 5s____1945 J -J
Plain 4s________________ 1942 F-A
Boston Term 1st 4s_____ 1 9 3 9 A-O
05 r
Bur & M o Riv cons 0s____ 1918 J -J 10U2102 102 J
102 102 New River (The) conv 5 s..1934 J -J
75 Dec Tl
Cedar Rap & M o Riv 1st 7s 1916 M-N
N Y N H & II con deb 3 Ms-1956 J -J
UlSgSep Tl
92K Mch '12
Dent Vermt 1st g 4s__ May 1920 Q-F
Conv deb 6s____________ 1 9 4 8 J -J
6 82 89*4
83U
84
120 Mch’13
B B & Q Iowa Dlv 1st 5s__ 1919 A-O
Old Colony gold 4s________ ig24 F-A
1103 Oct 'C
101 Apr '09
Iowa Div 1st 4s_________ 1919 A-O 1014 101*a 95 Apr '1
95 98 Oregon Ry & Nav con g 4 s .1946 J-D 01»8 91*8 987g Sep '09
Denver Exten 4s________ 1922 F-A 99 100 997* Feb T
Oreg Sh JJtne 1st g 6s______1922 F-A 10878 1107g 111*8 Oct '12
Nebraska Exten 4s.
1927 M-N
Pere Marquette deb g 6s_1912 J -J
984 Mch T2
B & S W s f 4s............. 1 " l9 2 1 M-S
Repub Valley 1st s f 6s___ 1 9 1 9 J -J 1 0 2 1 4 ___ 103 Jan Tl
Illinois Div 3 Ms________ 1949 J -J
837g 851* Savannah Elec 1st cons 5S..1952 J -J
... .
70R Dec TO
Chic Jet Ry & Stic Yds 5s._1915 J -J
98*g 1004 Seattle Elec 1st g 6s_______ i960 F-A 100 10218 1031* Mch T3
99*8 100 9944
Cqll trust refunding g 4s_1940 A-O 83 8512 8 6 4 A . _ _
8612 86l2
M-N 92 ___ 92 A p r’ 13
Oh Miiw & St P Dub D 6s__1920 J -J
1103g 1103g Terre Haute Elec g 5s_____1929 J -J
1 1 0 ’s Feb '13
97 Apr '07
Ch M & St P Wis V dlv 6s..1920 J -J
Torrington 1st g 5 s . .......... 1918 M-S
113&3 Feb Tl
100*4 Mch T3
Ch & No Mich 1st gu 5s__ 1931 M-N 88 89 91 May'12
Union Pac RR & Id gr g 4s_1947
95lg 957g 1001* JTy T 2
Chic.& W Mich gen 5s____ 1921 J-D 9312 96 94 A . .
20-year conv 4s_________ 1927 J -J
9212 98
92U 93is 1017* May’12
Concord & Mont cons 4 s . ..1920 J-D
United Fruit gen s f 4 Ms__ 1923 J -J ----- 95?g 95i2 Apr '13
971* Sep Tl
Cudahy Pack (The) lstg 5s 1924 M-N
Debenture 4M »________ 1925 J -J ___ 95
IOOI4 Aug’12
4
91*4
9434
Curront Rivor 1st 5s______1926 A-O
U
S
Steel
Co
10-60-yr
5s
Aprl963
100 Aug'12
\i~-N 10034 Sale 100*4 10U*
9
West End Street R y 4s____1915 F-A
Det Or Rap & W 1st 4s___ 1946 A-O ___ 78l2 80UScp T2
99
May'12
Dominion Coal 1st s f 5s__ 1940 M-N
Gold 4 H s . . . ................... 1914 VI-S 9 7 1 4 ___ 993* Oct T2
99 Feb T3 . . . . 09 994
Fitchburg 4-s--------------------- 1915 M-S 98 ___ 1031s Apr '05
Gold debenture 4s______1916 Vl-N
971* Feb T3
4 s .......................................1927 M-S
Gold 4s............................. 1917 F-A
95 Oct '12
984 Nov Tl
Fremt Bilk & M o V 1st 6 s.. 1933 A-O 1187*___ 122 Feb T3 . . . . 122 122 Western Teleph & Tel 5s__ 1932 J-J
09 9918 99U
99t2
4
Unstamped 1st 6s_______ 1933 A-O
122 Mch T2
Wisconsin Cent 1st gen 4 s ..1949 J -J ___ ____ 93*8 Feb T2
NOTE .—Buyer pays accrued Interest in addition to the purchase price lor all Boston bonds. * No price Friday; latest bid and asked. 1] Flat prices.

Range
Since
Jan. 1
Low High

90% 9934
93i2 96R
94i2 957g
99*4 100

92 92
109 113
90l2 9012
78 80
99l2 101**
94 961*
98*4 991*
90 93
101 101
10H* 101U

120 125l|

1031* 1031*
92 96
100*4 100*4
95U 96*4
93*4 95**
1001* 101*4
971* 971*
977* 100**

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
Share Prlcoi—Not Per Centum Prices
Saturday
April 10

Monday
April 21

•1 1 U* 1 1 2 > 1 11 1 1 2
1151* 1151* ♦
1151*
2 0 U 2 0 h ♦2 0 T 2 1
65
*G3l2 6412 ♦03
•18
•43
26>* 26U

Tuesday
April 22
♦__

Wednesday
April 23

♦

112

18l2 18*4

1154 * 1 1 2
20*4 2034, 204
63
634 ♦624
121L
18*4 1834 18*i

26

204 267S

26l4

*112

•38
*50
•1134
50
37*4
74

Nil

Ask

*111

1154 * 1 1 2
20'4 20
634 63
1211<
>
18*4 184

207* 274

38l2 *38
38l2 38
88
38
50*4 60l2 501* 604 61
50*s
___ *117g ___ *117* ___ *1178
501* *49l2 50l2 50
604 49*8
38
40
40
37U 4b
397g
74
74
75>2 75 75*8 734
12*4
1212 12 12 * 1 2 4
*12 14
124
12*8
28*8 28*8 281* 2812 *28
29
*28
8&4 8834 8 8 l2 8 8 4 8 8 % 88-4 883g
80
80 4
79*4 79«4 80
804 ♦80
22
2 2 <i
224
•21*4 22
22*8 *2 2
36
*35
30
*35
*35>* 36
*354
67ig 57% 574 57*8 67% 574 67%
444 444 444 414
*4U4 4434 *41
23 2 2 4
2 2 l2 224
221 * 2 2 4
22
25
25
*214 25
24*4 2434 25
82% 82l2 1 8 1 % 824 83 82% 82%
54 64
0
^3
6
6
6%
»50
60'2 *50
604 504 504 60
86*4 8 6 I4
8 6 I4 804
864 864 86
PHILADELPHIA

112

Thursday
April 24

38
60*8
4934
404

76
127S
29
883g
804
224

36
674
414
224

25
82*g
534
60
86*4

Friday
April 25.

*----- HD 4
115 ♦112 115
204 194 20
63
6214 627,
12212 ♦120
___
184 *18lg 1834

Sales
ol the
>Veek.
Shares.

112

27

27«g

38
38
504 504
*1178
49*4 4934
3878 394
757g 76
*124 1 2 4
♦28 29
884 884
794 80
*217g 2 2 4
*351* 26
574 57%
44
44
224 2 2 4
*244 25
814 82
6% 534
504 504
80
864

2044 27
*2
24
33 38
50 601
*117g . . . .
49U 4912
*384 39U
♦75U 76
*12l4 124
27*g 27*8
8 8 U 8 8 I4
79%79%
22U 227g
354 364
44
223g
2412
80%
534

50
86

PHILADELPHIA

44
22*8
247g
8U2
534
5014
86lg
Did

60
545
180
3
250
13.869

ACTIVE STOCKS
Slocks see below)

Baltimore
Con Gas El L & PoDo
p r o f ______ 100
Houston Oil tr ctfs__ 100
Do
pref tr ctfs. 100
Northern Central___ 50
Seaboard Air Line__ 100
Do
pref_______ 100
United Ry & Electric. 50

Philadelphia
American Cement__ 50
231 American R ailways.. 50
1,002 Cambria Steel________ 50
Electric Co of America 10
204 Elec Storage B attery.100
3,805 Gen Asphalt tr c tfs ..100
1,591
Dq
prof tr ctfs. 100
275 Keystone Telephone. 50
125 Lake Superior Corp--100
305 Lch C & Nav tr c tfs .. 50
274 Lehigh Valley________ 50
2,325 Lehigh Valley Transit 50
235
Do
pref________ 50
7,010 Pennsylvania R R ____50
181 Philadel Co (P ittsb ).. 50
9,059 Philadelphia E le c t}.. 25
626 Phila R T vot tr ctfs_50
6,835 Reading______________50
3,312 Tonopah Mining___
1
460 Union Traction______ 50
765 United Gas Im pt____50
Ask

Range Since Jan. 1.
Lowest

Range for Previous
Year (1912).

Highest

105 Jan 13 120 Jan 16 96 Jan
110 Jan 13 120*4 Jan 31 101 Jan
17*4 Jan 2 23 Apr 4
8 I4 Jan
614 Mch 24 68 Jan 9 5 3 ’ 4 Jan
120 Jan 2 123 Apr 2 121 Dec
184 Mch 10 21 Jan 30 18 Dec
434 Feb 28 47*4 Jan 24 45i2 Mch
23
Jan C 274 Apr 3 I 8 I4 Jan
2 Feb 6
38 Apr 4
4 9 4 Feb 24
117S Jan 29
494 Apr 25
37 Mch 10
714 Feb 25
114 Jao 14
20 Feb 26
87 Feb 20
764 Mch 10
15*4 Jan 4
32 Jan 13
67 Apr 15
434 Apr 3
22 Apr 22
24 Mch 19
764 Mch 10
54 Mch 13
494 Mch 13
88 Apr 23

Highest

117 May
116 Apr
25lg Nov
72l2 JTy
130 Apr
2714 May
5534 j ’ne
26*8 Sep

2 Feb 6
1 J’ne
7 Jan
r494 Feb 24 4012 Oct
47 Sep
634 Jan 9 411j Mch
55ig Oct
1 2 4 Jan 9
12l2 J’ly
l l i 2 J’ly
544 Jan 9 62-’ 4 Jan
583g Aug
427g Feb 4 18 Apr
39i2 Deo
7312 Dec
774 Feb 4 5934 Apr
13 Apr 1
6 Apr
13 Sep
314 Jan 9 27 Feb
354 Sep
934 Jan 3 877S Mch 100 Sep
927g Jan
84% Jan 3 78ig Feb
237g Mch 28
8i2 Jan
167g Sep
33i2 Deo
374 Mch28 23 Jan
61% Jan 9 6 0 Dec 6 3 Apr
50 Jan 8 49*4 Deo
SOU Feb
31*4 Feb 14 II167g Jan
24s4 Sep
284 Jan 3 22i8 May 29 Sep
84% Jan 2 7414 Jan
8 9 )4 Apr
8 4 Jan 13
6 Dec
8U Apr
614 Jan 9 4934 Feb
53 Sep
914 Feb 3 8 6 I4 Jan
923g A tig

PHILADELPHIA
Bid A*!;
BALTIMORE
Ph & Road 2d 5s 1933 A-O
Coal Sc O Ry 1st 5s TOA-O
95
Ex
Imp
M
4s
1947.A-O
14
98*4 Coal S c I Ry 1st 5s’20 F-A 99i2 101
Terminal 5s g 1941 Q-F 113*4 1144 Col & Grav 1st 6s 1916 J-J 102 104
Alt & L V Elec 4 Ms’33F-A
P W & B col tr 4s ’21. Jj-J
Consol Gas 5s 19 39..J-D 106
' » * 90 * Am Gas & Elec 5s ’ 07.F-A ‘ 854 80** Road Trac 1st 6s ’33. J-J
Gen 4 Ms 1954_____A-O
9414
81 82 Am Rys 5s 1017_____ArO —
064 Hoch Ry & L con 5s '54J-J
101 Cons 6 B & P 4 J } * ’J5 J-J 871
7X4
Atl O Gas 1st s f 5s ’60 J-J
Spanlsh-Am Ir 6s ’27. J-J 1 0 0 4 101 Consol Coal 5s 1950..J-D 88l2
Berg&EBrow lstOs’21 J-J
Stan’d Gas & El 6s'26 J-D
99ig Fair & Cl Tr 1st 5s '38 A-O 100 100*4
3r«i 38 Bothloh S’tl Cs 1998.Q-F 1107a
Stand StI Wks lst5s’28 J-J 1 0 2 4
Ga & Ala 1st con 5s ’45 J-J, 103l2 104
Ch Ok S c G gen 5s 1919 J-J ___ 1007s U Trac Ind gen 5s T9 J-J
Ga Car&N 1st 5s g ’29 J-J 103
Con Trac or N J 1st 5s ’33 102 —
Un Rys tr ctfs 4s ’49 .J-J 734 7*4 Georgia P 1st 6s 1922..J-J 101’4
~ix\ 22 " Del Co Rys tr ctfs 4s’49J-J
United Rys In v lst coll tr
Ga So & Fla 1st 5s '45.J-J 104
Edison Elec 5s 1946..A-O ____ 1 0 0 4
s f 5s 1926.............M-N
76
G-B-S Brow 3-4s '51.M -S 394 41
764
Elec & Peoples Tr tr ctfs. 83-4 844 Welsbach s f 5s 1930..J-D
924 Houston Oil div ctfs__F-A 8U4 82
Fr Tac S c It 1st 5s ’40 _J-J
WU-B G&E con 5s ’55.J-J
Knoxv Trac 1st Gs ’28 A-O
10512
471*1 484 Gen Asphalt 5s 1916.M-S
York Rys 1st 5s 1937.J-D —
94 MaconRy&Lt 1st 5s’ 53J-J *944
Harw Elec 1st 6s 1942 M-S 102*4 1024
Md
Elec
Ry
1st
5s
’31
A-O
97l2
98U
* i f *18 " Interstate 4s 1943__ F-A
594 59*4
BALTIMORE
Memphis St 1st 5s ’45. J-J
Keystone Tel 5s 1035..J-J 924 924
Inactive Stocks
Monon V Trac 5s ’42 J-D
Lake Hup Corp inc 5s’24 O —
744 Atlan Coast L (Conn). 100 240 250 Mt Ver Cot Duck 1st 5 s ..< 7312
30 —
Lehigh Nav 4Hs T4.Q-J
Canton C o________ 1 0 0
NptN & O P 1st 5s’38M-N
80
Gen M 4 ) }s g 1924.Q-F ___ ___ Consolidation Coal. .100
100 N & A Terml 5s ’2 9 ..M -S *90
Leh V C 1st 5s g 1933.J-J 100
Georgia Sou & Fla___ 100 25
Nor&Port Tr 1st 5s’36 J-D 8Si2 89
64 ih Loh V ext 4s 1st 1948.J-D — —
1st preferred_______100 90 —
Norf Ry & L 5s ’4 9 ..M -N 99 100
104
Consol 6s 1923___ J-D
78 . a . North Cent 4M* 1925 A-O 100
Consol 4 ^ 3 1923...J -D 1024
G-B-S Browing______100
Series A 5s 1926____J-J 108
1
72“ 7V
Annuity 6 3 ______ J-D
Series B 5s 1926____J-J 108
Bonds
39 394
Gen cons 4s 2003..M -N 944 *94*4
Prices are all “ and
Pitt Un Trac 5s 1997..J-J 99
Lch V Tran con 4s '35 J-D
Poto Val 1st 5s 1941...J -J 103
"824 824
1st series A 4s 1935 M-S
. . . . Balt City .3 ^ 8 1 0 3 0 ...J-J 9212 . . . . Sav Fla & West 5s ’34 A-O 106
1st series B 5s 1935 M-8
94
Seab Air L 4s 1950__ A-O 82
6%
—
5s 1916...................M-N
07
. . . . Seab <55 Roan 5s 1926..J-J 103
229*4
*99*4
South Bound 1st 5s. A-O 105 108
. . . . — * Atl C ’st conv deb 4s.M -N 954 . . . . U El L&P 1st 4 Ms’29M-N 90 92
N Y Ph & No 1st 4s’39 J-J
Atl Coast L(Ct)ctfs 5s J-D ini
Un Ry & El 1st 4s ’49 M-S 84
Incomo 4s 1939__ M-N . . . . . . . .
5-20-yr 4s 1925 _. -J-J 01 90
Incomo 4s 1949___J-D 64 644
10*8 11 f*» & N Y Can 5s ’39. A-O
II H P Si C 1st 4M* ’53 F-A
954
Funding 5s 1936..J-D 87
Paun Steel 1st 5s '1 7 .M-N
__
Balt Trac 1st 5s '29.M -N 101
Conv notes 5s 1914 J-J 103
People’s Tr tr ctfs 4 s.1943 ___
. . . . 78
No Balt Div 5s 1942J-L) 105
Va Mid 3d ser 6s T6.M -S
P Co lst&coll tr5s’49M-S ___ 9 6 4 Cont Ry cons 5s ’3 2 .M-N 101
4th ser 3-4-Gs 1921 M-S
Con & coll tr 5s '51 M-N 894 90
—
Ext & Imp 5s 1932 M-S 101
series 5s 1926..M -S
II”
hjl Elec gold tr ctfs. A-O KW4, 103*4 Chas City Ry 1st 5s’23 J-J 101 103 Va5th
(State) 3s new '32.J-J
Trust ctfs 4s 1949._J-J 814 82 Chas Ry G & El 5s ’99MS 96 97
Fund
debt 2-3s 1991 J-J
14 144 Si E gen M 5s g ’20. A-O 1014
City & Sub 1st 5s 1922 J-D 102*4
West N C con Gs 1914.J-J
37 38
Gen M 4s g 1920----A-O -----1 —
City&Sub (Was) 1st 5s ’48 101 1 0 2 4 Wil S c Weld 6s 19 35...J-J,
• Bid and asked; no sales on this day. fl Kx-dlv. *ad rights. II J15 paid, t 13M paid, t S17H paid.

Inactive Stocks
American Milling_____10
Amer Kys pref_______ 100
Cambria Iron-------------- 50
Central Coal & C o k e .. 100
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 3m Pow & Chem 50
Kentucky Securities.. 100,
Preferred_________ 100
Keystone Telep, pref. 50
Keystono Watch Case 100
Lit Brothers---------------- 10
Little Schuylkill------- 50
Mlnehlll & Schuyl H - . 50
Nat Gas Elec Lt & P ..100
lT eferred_________ 100
North Pennsylvania.. 50
Fennsy warrants (w 1)----Pennsylvania Sait___ 50
Pennsylvania Steel__ 100
Proferred_________ 100
Phila Co (Pitts) 5% prf 50
Phila German & Norris 50
Phila Traction________ 50
Railways General___ 10
Tonopah Belmont Dev 1
United Cos or N J___ 100
United Trac Pitts pref 50
Virginia Ry & Power. _100
Preferred_________ 100
Warwick Iron Sc Steel. 10
Wasldngton-Va R y __ 100
Preferred_________ 100
Welsbach C o________ 100
Wost Jersey & Sea Sh. 50
Westmoreland C o a l.. GO
Wilkes Gas & Elec___ 100
York Railway______ 50
Preferred__________ 50




I
1014

Bonds

Prices are all " and
interest"

THE CHRONICLE

1218

Volume of Business at Stock Exchanges
Stocks.
Shares. Par Value.

U. S.
Bonds.

3887.000
P,737,000
1.800.000
1.748.500
1,734,000
2.050.500

$138,000
248,500

01,000
100,000

310,000

63,000
42,500

1,000

1,289,337 $113,323,1 5o!

$9,963,000

$653,000

$11,000

Salesat
New York Stock
Exchange.

Jan. 1 toApril 25.

WeekendingApril 25
1912.

1913.

1913.
29,546,279
$2,657,180,650
$60,100

46,891,730
$4,139,242,850
$282,200

$91,000
389,000
13,007,500

$338,000
6,673,500
184,015,000

$827,500
’ 8,096,000
284,667,500

$10,627.000l $13,487,500

$191,026,500

$293,591,000

3,499,903
1,289,337
Stocks— N o. shares___
Par value_________ $118,323,150. $309,509,950
S5.300
$1,800
Bank shares, par_____

Bonds

$11,000

Government bonds___
State bonds_________
R R . and mlsc. bonds.
Total bonds.............

State
Bonds.

$7,139,000
19,800,700
19.280.900
12,881,100
22.509.900
31,711,560

79,940
225,832
215,559
150,986
260,819
356,201

S a tu r d a y ...
M onday___
T u e s d a y ...
W ednesday.
T h u rsd a y ..
Friday___ _
T ota l.

Railroad,
Ac.,
Bonds.

653,000
9,963,000

D A IL Y T R A N SA C TIO N S A T T H E BOSTON A N D P H IL A D E L P H IA
EXCH AN GES

Philadelphia.
Listed | Unlisted Bond
Shares. Shares. Sales.

Boston
nlisted Bond
Listed U
Shares. Shares. | Sales.
5

Weekending
April 25 1913.

1

Saturday_____ ____ _
M onday_____ - _____
Tuesday__________
Wednesday______ —
Thursday______ ____
Friday________ _____

8,927
9,451
9,061
9,945
11,530

T ota l........................

48,914

. ..H O L I D A Y ____
$21,500
7,170
31.000
4,007
24.000
5,320
30.000
0,125
7,100
8,458
31,980|

$113,600l

3,425
7,813
9,688
12,227
6,037
6,365

4,865
6,834
7,692
6,263
10,848
15,720

$38,600
39.500
56,100
37,800
52.500
37,700

45,5551

52,222

$262,200

Inactive and Unlisted Securities
All b o n d prices are n ow “ an d Interest’ ’ e xcep t w here m arked “ f .”

New York City

17

Blecck St A Ful Fy s t k .. 100
1st mtge 4s 195#______ J-J
B ’y A 7th Ave stk______ 100
2d mtge 5s 1914........... J-J
Broadway Surface R R —
1st 5s 1924......................J-J

60
160
99

100
104
1
125

1st mtge 6s 1922____M-N
Cen Pk N A E It ltstock. 100
Christopher A 10th St stklOO

100
/ 30
300
/ 99
42d A Gr St Fy s t o c k ... 100 260
1st gold 5s 1932......... J-D

/
Ninth Avenue steck------100
Second Avenue stock___100
Consol 5s 1948 ctfS— F-A
rSlxth Avenue stock____100
Sou Boulev 5s 1945______l-J
BoF er 1st 5s 1919______ A-O
Tarry W P A M 5s ’ 2 8 . -M-S /
28 A 29th Sts 5s '9# etts A-O

____
155
1
20
110
89*2
91
75
5
240
103
85
88

J
f

Union R y 1st 5s 1 9 4 2 ..F-A
Yonkers St R R 5s 1946.A-O

Brooklyn

Atlan Ave R R con 5s ’31A -0
B B A W E 5s 1933____A -O
Bklyn HgtS 1st 5s 1911. A-O
Coney Isl A Bklyn--------- 100
1st cons g 4s 1948......... J-J
Con g 4s 1955........... — J-J
Brk C A N 5s 1939____J-J
Nassau Elec 1st 5s 1944 A-O
N Wmsburgli A Flatbush—
1st 4H s July 1911___F-A
Btclnway 1st 6s 1922____ J-J

OtherCities.

102
97
154
101
98
80
78
9812
102
92
100

Bull St Ry 1st cea 5s ’31 F-A 103*2
Deb 6s 1917________ A-O 105
06*4
C om 'w ’lth Pow R y A L.100
87
P referred ____________100
70
« Conn Ry A Ltg com — 100
72
Preferred___________100
e D elrolt United R y ____100
75*2
28
Federal Light A T r a c .. .100
78
P referred..... ............ ..1 0 0
Havana Elec R y L A P 100 783
P a d erred __ ________100
93
Loulsv St 5s 1930______ J-J

e

t
e
*

75

78
71

e

e

OtherCities.

N o Hud L H A P 5a 1938A-0
Pacific Gas A E com ____100
P re fe rre d ____________ 100
Pat A Pas Gas A Elec___100
St Joseph Gas 5s 1937___J-J
Standard Gas A El (Del) 50
P re fe rre d ____________ 50
United Electric of N J__ 100
1st g 4a 1940............... J-D
United Gas A Elec C o rp . 100
Preferred_____________100
Western Power com ------100
P referred _____ _____ -100
Western States Gas A El—
1st A
g 5s 1941 o p . J-D

ret

Ferry C om panies
B A N Y 1st 6s 1911......... J-J
N Y A E It Ferry s to c k ..100
1st 5s 1922..................M-N
N Y A Hob 5s M ay ’4 6 ..J -D
H ob Fy 1st 5s 1 9 4 6 . -M-N
N Y A N J 5s 1946........... J-J
10th A 23d Sts Ferry____100
1st mtge 5s 1919_____ J-D
Union Ferry stock______ 100
1st 5s 1920..................M-N

k

79

80
74

1138 1138
3(534 36 <8
94
93
9 2 (4
93
8334 84
3234 3334
77
78

NewYorkCity

105 Cent Un Gas 5s 1927____J-J
Kings Co El L A P C o . 100
38
___ _ New Amsterdam Gas—
101
1st consol 5s 1948_____J-J
285 N Y A E R Gas 1st 6s ’44 J-J
Consol 6s 1945............. J-J
N Y Mutual Gas L ____100
170 N Y A Q El L A Pow C o . 100
P re fe rre d ......................100
3
32 N Y A Richmond Gas___100
120 N orth’ll Un 1st 5s 1 9 2 7 . M-N
100 Standard G L 1st 5s ’30 M-N
99
80 Am Gas A Elec c o m . . . . 50
P referred ____________ 50
20
265 Am Lt A Trac com ......... 100
P referred ____________100
107
Amer Power A L t c o m .. 100
95
P referred ____________100
95
Bay State Gas_________ 50
lo t
Buffalo City Gas s to c k .. 100
101 Cities Service Co com __ 100
100
P referred_____ _____ .100
103 Columbia Gas A Elec__ 100
101
1st 5s 1927....................J-J
85 Con Gas o l N J 5s 1936—J-J
83 Consumers’ L H A Pow—
100*2
5s 1938......... ................ J-D
103*4 Consumers Power (Minn —
1st A ref 5s ’29 opt ’ 14M-N
95 Denver G A El 5s 1949.M-N
103 Elizabeth Gas Lt C o ____100
Essex A Hudson Gas____100
105 Gas A El Bergen C o ____100
Gr’ t West Pow 5s 1946.-J-J
68 Hudson County G as___ 10)
89
Indiana Lighting C o ____1UJ
4s 1958 o p t ..................E-A
71*2
76
Indianapolis Gas______ 50
78
1st g 6s 1952________ A-O
30 Jackson Gas 5s g 1937.-A-O
80 rLaclede Gas preferred.. 100
8334 Madison Gas 6s 1 9 2 6 ..A-O
99*2 Narragan (Prov) El C o . 50
105*4 Newark Gas 6s Apr ’44.Q-J

e Preferred__________ 100
67*2 69
90*2
«N Y State ltys com ____100
eNor Ohio IT A Lt com . 100
69
73
Stk E X listl
Pub Serv Corp of N J
Tr ctfs 6% perpetual____ 10012 107*2
SO
N o Jer St 1st 4s 1948 M-N
78
Cons Tract o f N J ____100
73** 74
1st 5s 1933________ J-D 101 102
New’k Pass R y 5s ’3 0 .J-J 105*2 106*2
__
Rapid Tran St R y ____100 230
1st 5s 1921.......... .A -O 102
J C H ob A Pat 4s ’49 M-N
7812 80
So J Gas El A T rac__ 100 124 125
Gu g 5s 1953.......... M-S
98*2 99*2
N o Hud Co R y 6s 1914 J-J 100*4 ___
Con M 5s 1928......... J-J 101
Ext 6s 1924______ M-N
98
Pat R y con 6s 1931 —J-D n o
2d 6s 1914 o p t____A-O 1 0 0
103
Republlo Ry A L ig h t ... 100
24
2412
P referred _______
100
74
7412
Tennessee Ry I.AP com . 100
19
21
Preferred ................... 100
74
75*2
«Toledo Rys A Light____100
2*4
23s
Trent P A H 6s 1943...J - D
UG
Union R y Gas A El com . 100
05
60
P referred..... ................ 100
87
88

—See

—(Con) ma Atf*

Street R ailw ays
United Lt A Rys com ___100
1st preferred_________ 100
2d preferred_________ 100
20 United Rys of St L—
Com vot tr ctfs_______ 100
70
e Preferred___________100
170
Wash R y A El C o ........... 100
100
P re fe rre d ____________100
4s 1951.......................... J-D
103
10 West Penn TrAW atPow 100
Preferred ............. ........ 100
____
3
135 E lectric, G as & Pow er Cos

Bid Ask

Street R ailw ays

117

103
118*4

100
103
100
157
45
68
53
100
102

101*4
105
102
164
55
77
60
102
104

10 1

80
44*2
380
107
73*2
82
X.
3*2
5
115 117
85
87*2
13*4 14
72
74
95 ____

*78
*43
370
105
72*2
801*

*‘A,

100

____

87*2
94*2
325
130
85
8412
128
38
6)
70
90
97
99*2
103
»90
124
96

89
95*2
____
135
90
85*2
130
42
69
80
93
100
____
109
91
126
97*4

10 0

64
90
90
90

55
90*2
93
95

15
♦43*2 4 4
88
93
81
82
33
35
83
85
16
17*2
47
49
88

95

80
8
60
98

90
11
60
100

403
97

25
55
15
95

Bid Ask

35
65
17
100

Bid

T e le g ra p h and T e lc p h o m
____ lpo
Amer Teleg A Cable___10i 1 551 641*
71
731*
____ 110
Central A South Amer.lOi
98 110
195 200
Com m ’l Un Tel (N Y )._ _ 2 .
American Surety________ 50j 195
72
41,
*4
60
American Thread pref____5
Empire A Bay State T e l. 101
50
40
43
46
Amer Typefounders com . 100
Franklin............................lot
115 ____
P referred ____________loo 100 103
Gold A Stock Teleg__ 10(
87
82
Deb g Cs 1930........... ivt-N
99 101
M ackay Cos com _____ 10(
06
134 2
68*2 IAmer Writing Paper____100
P referred___________10(
no
110
Harney A Smith Car com 100
Northwestern Teleg____5(
65
75
P referred ____________100
Pacific A Atlantic_______ 25
75
95
97
Bliss (E W) Co com ______ 50
80
Pae Telep A Teleg pref. IOC
87
95 I Preferred)_____________ 50 122 130
Southern A Atlantic_____25
Bond * M tge Guar_____ 100 307 312
Short-T erm N otes
Borden’s Cond Milk co m .100 114 115
Amal Copper 5s 1915—M-S
P referred ____________100 106 107*2
9858 987S
*234 27,
Balt A Ohio 4Ms 1913.J-D 100 100*s British Col Copper C o____5
48
52
Bklyn Rap Tr 5s 1 9 1 8 ...J-J
95?s 96*s Brown Shoo com ________100
91
95
Ches A Ohio 4>*s 1914..J -D
9S78 99*s
Preferred .................... .100
Chic Elev ltys 5s 1914..J-J
901* 97
Casualty Co of Am erica. 100 110 120
99S8 100
Cln Ham A D 4s 1913...J -J
Celluloid C o .......................100 134 137
Erie Os April 8 1 9 1 4 ..A-OS
9914 9934 City Investing C o______ 100
40
Coll 5s Oct 1 1914...A -O
99 100
95
P re fe rre d ____________ 100
80
Coll 5s April 1 1 9 1 5 ..A-O
97l.i 98*4
84
Claflin (H B) Co c o m .. 100
84
86
G cn’l M otors Os ’ 15
NY StkEx list.
1st preferred_______ 100
80
90
Hudson Companies—
2d preferred________ 100
52
58
98*2
Os Oct 15 1913__ A-015
97
Cluett,P eabody* Co comlOO
98 1001*
993s 9934
HI Cent 4H s 1914___ J-J
P re fe rre d ____________ 100
70
73
Int A G t N or 5s 1 9 1 4 ..F-A
97l2 98*2 Consol Car Heating____100
16
20
99'2 100
Inter Harvester 5s ’ 1 5 .F-A
Consol Rubber T ire____100
64
05
K C R y A Lt Os 1912 —M-S ___ ___
P referred ____________ 100
60
Lake Sh A M ich So 4i2s . ’ 14
Debenture 4s 1951___A-O / 50
9938 9978
9938 9958 Continental Can com ___100
52
49
Michigan Central 4l2s . 1914
91
95
97*2 98*2
Minn A St I, g Os 1914..F -A
P re fe rre d ____________ 100
98
15
M o Kan A Tex 5s 1915.M-N
Crucible Steel com ____100
15U
9734
90*4 91
Missouri Pacific 5s 1914. J-D
9714
P referred.................. .100
4.80 Davls-Daly Copper C o __ 10
« N Y C Lines Eq 5s 1913-22
* 178 a*»
5% 4.90 duPont(E I) do Nem Pow 100 U130 135
Jan 1914-1925...J-J
5% 4.90
P referred___________ 100
95
4 ^ s Jan 1914-1927— .J-J
993s 9934 Emerson-Brantlngham_100 *40
N Y Cent 4>is 1914____M-S
47
87
91
4i2s 1915......................M-N
P re fe rre d ____________ 100
987s 99*s
10 13
5s Apr 21 1914____A-021 9 9 % 1 uo % Empire Steel A lfo n com 100
40
45
P referred ____________ 100
N Y N II A Hartf 5s ’ 13.J-D 100 100*8
9912 100
General Chemical com . 100 181 200
St L A S F 5s 1913 o p t.J -D
P referred___________ 100 100 1071*
99 100
6s Sept 1 1914 o p t - ..M -S
Seaboard Air L R y5s’ 16 M -S
98*4 9834 * Hackensack Water Co—
84*2
99*2
R ef g 4s ’52 op 1 9 1 2 ...J -J
99
Southern 5a 1916______ F-A
58
05
West Maryland 5s 1915.J-J
97L 98*2 Halo & Ktlburu com ___100
07,*2 99
1st preferred__________ 100
Wcstingh’se El A M Os 1913 100 100*2
98
90
2d preferred__________ 100
6% notes O ct’ 17
N Y Stk E X list
3
6
Havana Tobacco C o____100
10
5
P referred ____________ 100
R a ilroad
10
15
05
1st g 5s Juno 1 1922._J-D / 61
e Chic A Alton com _____ 100
25
50
Preferred___________100
Hccker-Jones-Jcwell Milling
Chic St P M A Om ------100 120 140
1st 6s 1922.................... M-S 101 1021*
e Preferred___________100 135 150
15
7
Herrlng-Hall-Marvin ..1 0 0
30
32
Colo A South com ......... 100
Hoboken Land & Im provc’t
1st preferred............. 100
68
70
1st 5s N ov 1930......... M-N 103
2d preferred________ 100
00
70
3
Hocking Val P rodu cts.. 100
N Y Chic A St L c o m .. 100
55
58
35
1st g 5s 1961.................. J-J
c i s t preferred_______ 100
97 102
100
2d preferred............... 100
92
SOU 80l2
P referred___________ 100
Northern Securities Stubs
103 107
10 11
Intercontln Rub com __ 100
Pitts Bess A Lake E r i e ...50 *28
31
Internat Banking C o ____100 108 115
62
P referred ...................... 5 0
*57
International Nickel____100 137 139
Railroad Securities Co—
P referred ____________ 100 102 105
___ 85
1I1C stk tre tfsse r A .........
International Salt______ 100
312 4
SO
82
West Pac 1st 5s 1933.-M -S
52
49
1st g 5s 1951_________A-O
Standard OH Stock s
International Sliver pref. 100 131 133
j Anglo-American Oil_____£1 •17
18
1st 6s 1948.................... J-D 10912 1101*
Atlantic Refining............. 100 595 610
Internat Smelt & Itefg— 100 105 115
84S4 80
Borne-Scrymser C o ......... 100 300 320
207 212
Buckeye Pipe Lino C o __ 50 *105 170 *
215 225
Chesebrough M fg Cons. 100 670 080
00
50
115 125
Colonial d l l ......................1 0 0
99 103
P re fe rre d ____________100
Continental Oil________ 100 1875 1950
60
*158 11*
Crescent Pipe Lino C o — 50 ♦02
100 104
Cumberland Pipo Line. .100
78
83
185 195
Eureka Pipe Line C o __ 100 365 375
19
Galena-Signal Oil c o m .. 100 190 200
P re fe rre d .....................100 142 147
P referred___________100 *30* 32
*132
Indiana Pipe I.ine C o ____50
136
198 206
National Transit C o_____25 * 43
47
105 110
New York Transit C o . . . 100 335 345
♦2*2 5
Northern Pipe Line C o . . 100 113 117
84
88
Ohio Oil C o......... ................ 25 *128 • 132
1
♦%
Prairie Oil A Gas............. 100 285 295
21*
2
Solar Refining................. 100 020 640
81
80
Southern Pipe Line C o . . 100 255 265
99
98
P re fe rre d ____________ 1 0 0
20 26
South Penn Oil............... 100 955 965
Pettlbone-Mulliken Co 100
88 94
Sou West Pa Pipe Lines. 100 155 163
e 1st preferred________ 1 0 0
101*
Standard Oil of Calif____100 182 184
lttsburgh Brewing______ 50 *10
Stand Oil of Indiana____100 315 320
P re fe rre d _____________ 50 *35*2 36
94 100
Standard Oil of Kansas. .100 550 560
Pittsburgh Steel pref. .100
19
10
Stand Oil of K en tu cky-.100 385 395
ope M fg C o com ______ 100
57
53
P re fe rre d ____________ 100
Stand Oil of N ebraska.. 100 305 115
___
ratt A Whitney pref___ 100 101
Stand Oil of N J ( o ld ) .. 100 1050
i3o
Stand Oil of N J ............. 100 315 350
115 118
Standard Oil subsidiaries__ •700 ____
38
39
Standard OH of N Y .._ .d 0 0 030 638
1st preferred_________ 100
99 1001*
Standard Oil of O h io .-.1 0 0 265 275
2d preferred_________ 100
99 1001*
Swan A F in c h ..................100 185 195
60
04
195 200
Union Tank Line C o____100
P re fe rre d ____________100 10-1 106
Vacuum O H ____________100 178 183
33
Rumcly (M ) C o com
Stk Ex list
Washington Oil_________ 10 *30
j Watcrs-Pierce Oil______ 100 1500 1600
112 113
Stk E X list
Preferred
Chic Stk Ex lls t.
T o b a c c o Stocks
inger M fg C o ..................100 1298 302
Amer Cigar com _______ 100 120 130
40
35
95
85
P referred ......................100 105 111
P referred ____________100
55
45
Amer Machine A F d y ..l0 0
75
70
96
Brltish-Amerlcan T o b a c .£ l *235s 2378
93
Conley Foil........................100 280 295
95 100
« Heime (Geo W) com . .100 160 175
91 100
Stk E x list
Preferred ...................100 108 110
7
4
Johnson Tin FollAMetnl 100 170 190
55
50
Preferred new________ 100
MacAndrews A F orbes.. 100 195 205
Porto-Rlcan-Amer T ob .100 220 230
u
Reynolds (R J) T ob acco. 100 200 275
31* 7
Tobacco Products c o m .. 100 110 130
P referred ____________ 1 0 0
96
94
S0t2 90
United Dry G oods-------100
P referred____________100
45
46*2
United Cigar M frs com 100
P referred___________ *22 101 104
190 200
Preferred________
100
98<4 103
110 120
United Cigar Stores com .100
90
90*8
102 1051*
P referred____________100 110 114
56 02
Weyman-Bruton C o . . . 100 230 300
5
10
Preferred___________100 110 120
30
35
P re fe rre d -------------------100
Young (J S) C o............... 100 160 175
80
90
1st g 5s 1919. --------J -J
In du strial& M lscella n cou s
65
70
Con g 5s 1 9 2 9 .. .. . . . J - J
Adams Express_______ 100 135 145
U S Indus Alcohol____100
28
45
Col tr g 4s 1947........... J-D / 78*2 79*2
P referred___________ 100
87 100
Alliance Realty________ 100 105 110
U S Steel Corporation—
50
Amer Bank N ote com ____50 *49
Col s f Apr 6s 1951 op 1911 114
P referred ........................50 *52
53*2
Col s f Apr 5s 1951 not opt 114
American B ook________ 100 170 175
U S T it Gu & Indem____100
82
American Brass............... 100 138 140
'4*8'' 53
American Chicle com __ 100 195 200
112 lao
99
96
P referred ____________100
Westchester A Bronx Title
American Express.........100 161 102
& M tge G u a r ............100
165
Am Graphophone c o m .. 100 ____ 50
Westlngh’so Air B rake.50 *134 137
Preferred ..................... 100 ____ 80
61
66
American Hardware____100 134 ____ Willys-Ovcrland com __ 100
Preferred ............. ...... 100
90 93
Amer Malting 0s 1 9 1 4 ..J-D 100 101*4
94
50
Worthington (H R) Co p f. 100
45
1 Amer Press Assoc’n _____ 100

e
e

T R A N SA C TIO N S A T T IIE N EW Y O R K STOC K E X C H A N G E
DALLY, W E E K L Y A N D Y E A R L Y

Weekending
April 25 1913,

[ V o l . X C V I.

e
e
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e

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—See

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th
> 5%
t>

4'As

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e

e

e

—See

e
e
te
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e
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Per share

S

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—See

c

(SeealsoSlockExchange List)

—See

e

e

e

e

e

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e

e

e

t

• Per share.
a And accrued dividend.
6 Basis.
Listed on Stock Exchange but usually Inactive.
/"Flat price.
n Nominal
»Salo price.
New stock.
______
_ included all new stock dividends and subscriptions.
u Ex subsidiaries.
.y Ex-rights.
Ex-dlv.
Listed on Stock Exchange but Infrequently dealt In; record ol
sales. If any, will be found on a preceding page.

x




z

e

Aril. 26 1913. J

1319

THE CHRONICLE
In v estm en t

’

h

^

il

and

Tr x J a d

j^ a ilr a a d
g r o s s

l;U te lIic * e n x e *

e a r n

In g s .

T h e f o llo w i n g t a b le s h o w s t h e g r o s s e a r n in g s o f e v e r y S T E A M r a ilr o a d f r o m w h ic h r e g u la r w e e k ly o r m o n t h l y r e t u r n s
can bo o b ta in e d .
T h e f ir s t t w o c o lu m n s o f f ig u r e s g i v e t h e g r o s s e a r n in g s f o r t h e l a t e s t w e e k o r m o n t h , a n d t h e la s t t w o
c o lu m n s th e e a r n in g s f o r t h e p e r io d f r o m July 1 t o a n d i n c l u d in g s u c h l a t e s t w e a k o r m o n t h .
W e a d d a s u p p le m e n ta r y
stat m e n t t o s h o w t h e f is c a l y e a r t o t a l s o f t h o s e r o a d s w h o s e fis -al y e a r d o a s n o t b e g in w it h J u l y , b u t c o v e r s s o m e o t h e r
p e r i >d.
The returns o f the electric railways are brought together separately on a subseiuent pa te. ____________________________ _

Latest Gross Earnings.
Week or Current Previous
donlh.
Year.
Year.

ROADS.
Ala N O & Tex PacN 0 4 Nor East
Ala & V'cksburg
Vicks Shrev & P
Ann A rbor______
Atch Topeka & S Fo
Atlanta Birm & Atl
Atlantia Coast Lino
. Chariest & W Car
Lou Hend & St L
a Baltimore & Ohio.
B & O C h T erK R
& Aroostook
I angor
essem & Lake Erie
Irmlngham South.

July 1 toLatest Date.

Current
Year.

Previous
Year

$
2,941,012
1,428,989
1,740,150
1,752,740
89,498,443 i
2,182.601
23,694.040 :
1,261,570
_
828,923
7 76,006.069
‘ 1,203.286
2,016,660
6,860,522
695.230
32,886,119
8,796,800
1.630.446
18,017,9"~
1118814
11,392,037
21,930,600

M a r c h ....
March____
March____
1st wk Apr
March____

February
February .
February .
February .
M a r c h .._
February .
February .
Felwuary _
January . .
February .
3d wk Apr
February .
3d wk Apr
3d wk Apr
2d wk Apr
February _
February .
Fobruary .
3d wk Apr
2d wk Apr
February .
2d wk Apr
3d wk Apr
February .

ROADS.

Latest Gross Earnings.
Week or
Month.

July 1

toLatest Date.

N Y Ont Sc West__ February _
N Y Susq Sc West. February .
Norfolk Southern. 2d wk Apr
Norfolk & Western February _
Northern Pacific__ February .
Northwestern Pac _ February .
Pacific Coast C o__ February _
Pennsylvania K R .. February .
Balt Ches Sc A tl. February .
Cumberland Vail February _
Long Island_____ February .
Mary I’d Del Sc Va February _
N Y Phi la & Norf February .
Northern Central Fobruary .
Phil Balt & Wash February .
W Jersey & Seash February .
February .
Pennsylvania Co.
Grand Rap & Ind February .
Pitts O O Sc St L . February .
VandaUa _______ February .
Total Lines..
East Pitts & E __
West Pitts Sc E ._
AU East AWest
Pere Marquette _
Reading Co—
Phlla & Reading.
4,040,873
2,887,205
Coal Sc Iron C o._
6,928.138
Total both Cos_
Rich Fred & Potom
Rio Grande June__
13.260
Rio Grande South. .
5,193,444
Rock Island Lines.
239,248
Rutland_________
100,419
St Jos & Gr Island.
St L Irou Mtn Sc So
2,091,744
200,600
St L Rocky M t & P
St Louis & San Fran
3,404,211
/ Chic Sc East 111.
1,330,419
Total all lines.
4.794.
217;
St Louts Southwest.
San Pod L A & S L .
797.569
Seaboard Air Line_
538,877
Southern Pacific__
11415290
Southern Railway_
1.270.871
Mobile & Ohio__
128,52c
C ia N O & T e x P .
Ala Great South.
Georgia So & Fla.
44.582.
Spok Port Sc Seattle
837.108
Tenn Ala Sc Georgia
2,966
Tennessee Central
130,791
Texas Sc Pacific__
301,830
Tidewater & West.
Toledo Peor & \Vest
Toledo St L Sc West
Union Pacific Syst.
Virginia Sc So West.
Vlrgmlan...............
W abash_________
Western Maryland.
Wheel Sc Lake Erie.
Wrlghtsv & Tennllle
YaaOO Sc Miss Vail.

oston S c Maine__
uff Boch S c P itts..
uffalo S c Susq___
Canadian Northern
Canadian P acific..
o f Georgia.
p m
8entral
28,015,060
ent of New Jersey
12,157,446
Cent New England.
65,372.143
Central Vermont..
11,082.588
Ches S c Olrto Lines.
Chicago S c A lto n ...
5,598,746
Chic Hurl Sc Gulnoy
64,350,302
p Chic Great W cst.
Ohio Ind & Louisv. M a r ch .._
872,02 65,053,679
ChicMllw & St P.\ February .
“ ,93 11,879,838
Chic Mil & PugB/ Fobruary _
.695 1.3 pChlc S c North West February .
97.154
tOhic St Paul MAO February .
118,603
Chicago T H & 8 E . 2d wk Apr
232,055
Oln 11am Sc Dayton Fobruary _
14,875
Colorado Midland. February .
21,993:
b Colorado S c South Fobruary _
367,370
Cornwall-------------- February .
,804,389
Cornwall S c Leban. February .
Cuba Railroad----- 3d wk Apr
& Hudson
March____
Delaware
olLack& West—February .
env Sc Rio GriKideFebruary .
Western Pacific. . 2d wk Apr
leaver N W & Pac. February .
latfolt Tol S c Iront 2d wk Apr
Detroit S c Mackinac February _
Dul A Iron Range.. ebruary . 743,916
Bui Sou Sh A A tl.. f ebruary . :.606 i 8
21,362
2.63
Elgin Joliet A East. March____
3,083,183
XI Paso Sc Sou VVest February . 663,49 _
657,576
07.238
E r ie _____________ February Fairchild A N E __ Fobruary _ 2W .8U
2,035.814
43.307,148:
Florida East Coast. 2d wk Apr .057.63!)
Fonda Johns A Glov 1st wk Apr 146,93"
Georgia Railroad . . 1#* wk Apr
44.40:
Grand Trunk Syst. 1st wk Apr
1,853.80
42,04
Grand Trk W est. March___
58,721, {
Det Gr H A M il. February .
1,379,|
Canada Atlantic. February _ 497.61*1
6,207,3
Great North System March____ i.185,664
49.138
Gulf A Ship Island. d wk Apr 176,000
Hocking Valley____ 2d wk Apr 178.597
Illinois C e n tra l.... February _
Various Fiscal Years.
Period.
lnternat A Grt Nor March____
a Interoceanlc Mex March____
Kanawha A M ich .. February .
to Feb
Kansas City South. 2d wk Apr
Delaware & H u dson..__ . . . . . Jan
,-„,.057
to Feb
126,377
N Y Central* Hudson Rlver.e. Jan
Lehigh Valloy------- M a r c h __
to Feb
7,553,7?Lake Shore * Michigan South Jan
Louisiana A Arkan. February .
337,21
to Feb
Lake Erie & Western.n_____ Jan
a Louisv A N ashv.. February _
to Feb
Chicago Indiana * Southern. Jan
Macon A Blrni’ham 1st wk Apr
to Feb
Michigan Central__________ Jan
Maine Central___ 2d wk Apr
7,882.66
Cleve Cln Chic Sc St Louis__ Jan
to Feb
Maryland A Penna. 2d wk Apr
Peoria Si Eastern___________ Jan
ft Mexican Railway.
to Feb
Cincinnati Northern________ Jan
Mineral Range.— February _
1.052.287 14,618.846
to Feb
Pittsburgh & Lake Erie____ Jan
Minn A St L ou is.. \ February .
to Feb
740,111 7,222,365
New York Chicago Sc St Louis Jan
. Iowa Central— J Fobruary
693,054
to Fob
66.804
Toledo * Ohio Central
M in n S t P A S S M . 3d wk Apr
Jan
to Feb
469,448 26,779,480
Total all lines____________ Jan
Chicago Division. 3d wk Apr
to Feb
928,000 50.831.628
Pennsylvania Railroad________ Jan
to Feb
Mississippi Central. February _
089,02" 8,809,959
Baltimore Chesan & Atlantic Jan
to Feb
U M o Kan A Texas. 2d wk Apr
1,294,95 48,131,234
Cumberland Valley________ Jan
to Fell
x Missouri P acific.. 2d wk Apr
824,487
Long Island_______________ Jan
to Feb
Nashv Chatt A St L February .
1,146,825
m il
Maryland Delaw s
Sc
c Virginia.
Virginia.. Jan
to Feb
« Nat Itys of Mex f. February _
160.790 1,670,235
Nevada-Cal-Orogon February .
N Y Philadelphia Sc Norfolk_ Jan
to Fob
7.528,070 76,642,668
to Feb
Northern Central____________ Jan
N O Great Northern Fobruary .
3,906,558 38,765,430 I
N O Mobllo A Chic. Fobruary .
to Feb
Philadelphia Balt & Wash— Jan
438,801 4,129,368
West Jersey * Seashore____ Jan
to Feb
«N V C A Hud R iv. February _
372,105 2,959.745
Lake Shore A M S February .
Pennsylvania Company______ _ Jan
to Feb
2,311.431 123,257.09(3
» Lake Erie A W . Fobruary .
Grand Rapids Sc Indiana___ Jan
to Feb
,2424,027 ,23,4O3.940
Chic Ind A South February _
Pitts Glncln Chic Sc St Louis. Jan
to Feb
262,507 2,507,515 2,147.467
Michigan Central February .
Jan
Vandalla
to Feb
998,198
900.749
100,M2
Cleve O O A St L Fobruary .
to Feb
Total lines— East Pitts & Erie Jan
13,140,602 10,802,038
Peoria A Eastern February .
— West Pitts* Erieljan
to Fob
8.644,290 7.663,732
— All lines E & W .lJan
to Feb
Cincinnati North February .
380,817 3,763,342 3,008,711
Pitts A Lake Erie Fobruary .
19955610 198111157 177825024 Rio Grande Junction__________ Dec 1 to Jan
-------------------- --------Jan 1 to Feb
N Y Chic A St L . February .
4,348,962 46,277,229 42.095,568 Rutland
Tol A Ohio Cent.
T ot all linos above
AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
N Y N H A Ilartf.

«

fS:f|

f i f

‘•82:88

#fe§8

‘f a

Current
Year.

Weekly Summaries.

$
12.305.913
13.540.008
14,066.724
15,306,958
12,792,883
14,205.850
13.777.914
19,450,337
12.980,560
13,544,890

Previous
Year.
S
11,785.576
13,143,890
13,205,501
14,764,047
12,094,000
13.181,128
13.159,330
19,016,822
13.312,977
13.489,096

Increase or
Decrease.
s

%

Monthly Summarie: ■
Mileage. Cur. Yr. Prev. Yr.

Current
Year.

Previous
Year.

28 4,025,091 3,501.558
28 17,298,263 15,661,779
28 9,517,735 7,813,434
864,566
28
943,300
700,290
28
749,718
28 5.582,730 4,700.333
28 5.384,524 4,668,691
493,460
28
584.097
192,757
196,302
28
28 3.057.88C 2,490,773
28 2,145,326 1,797,529
778.337
619,372
28
28 46.270.267 40.161.949
2H 28.410.15C 25,952,128
21,608
28
29,080
453.098
28
607,70c
23 1,404,662 1.311,400
9,776
28
17,501
469,407
28
641,54-1
28 2,001,45c 1.959,234
23 3,142,452 2.901.246
607,726
700,291
28
28 9.369.53* 7,822,603
733.983
813,682
23
28 7.266.59C 6,392.658
?s 1,820.815 1,686,230
38.685.131 35,277,543
28 19,501,932 16.837,735
58.187.07C 52.115,285
31
170,055 I 145,034
2
503,507 1 463,381

Current
Year.

Previous
Year.

%

S

Increase or
Decrease.

Juno .. ... .2 3 5 ,3 8 5 2sQ,S?4 243,226,498 228,647.883 +14.579.115 6.38
J uly.............. 230,712 227,194 245.595,532 232,687.872 +23,007,600 10.34
August_____ 239,230 235,404 276.927.416 261,007,082 +25,860,384 10.30
September_237,591 235.140 272.209,629 252,318,597 +19.891,032 7.88
October ____ 237,217 233,515 293.738,091 258.473,408 +35,264.083 13.64
N ovem ber..237,376 233,305 276,430,016 244,401,845 +31,968,171 13.07
Deeember_238,072 234.146 263.763.003 234.087.361 +29.681,242 12.6|
January___235,607 232,179 240,663.737 508.535,060 +38.128,677 18.23
F e b ru ary ...240,986 237,756 232,726.241 218,336,929 + 14,389,312
85,963 71.710,960 67,400,090 +4,310,860
M a r c h ... . . 88,311
a Mexican currency, b Does net Include earnings of Colorado Springs* Cripple Creek District Railway from N or. 1 1911. e Includes the Bos­
ton & Albany, the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa * New York Railway, the latter of which, being a Canadian
foad,does not make return* to the Inter-State Commerce Commission. /Includes Evansville * Terre Uaate and Evansville * IndlanaRR.r In­
cludes the Cleveland Lorain * Wheeling Ry. in both years, n Includes the Northern Ohio RR. p Includes earnings of Mason City * Ft. Dodge ana
Wisconsin Minnesota & Pacific. * Includes Louisville & Atlantic and the Frankfort * Cincinnati. ( Includes the Mexican International, u Includes
the Texas Central In both years and the Wichita Falls Lines In 1912, beginning N or. 1. v Includes not ooiy operating revenues, but also all other
receipts, s Includes 8t. Louis Iron Mountain * Southern.

1st
2d
8d
4th
1st
2d
8d
4th
1st
2d

week
week
week
week
week
week
week
week
week
week

Feb (38
Fob (40
Feb (40
Feb (40
Mar (30
Mar (39
Mar (89
Mar ( 39
April (39
April (39




r o a d s )....
roads)___
roads)__
roads)___
r o a d s )....
roads)__
r o a d s )....
ro a d s).._
roads)-----roads)------

_________

+670,337
+396,110
+861,223
+542,911
+ 098.233
+ 1.024,222
+618,584
+433,515
— 332,417
+55.799

4.84

2.99
6’ 52
3.68
6.77
7.77
4.70
2.22
2.60
0.41

____________

ja

1220

THE CHRONICLE

L a te st G ross E arn in gs by W e ek s.— In the table which
follows we sum up separately the earnings for the second week
of April. The table covers 30 roads and shows 0 .4 1 % in­
crease in the aggregate over the same week last year.
1913.

Second, week o f A pril.

Alabama Great Southern..:.
Buffalo Rochester & Pittsburgh
Canadian Northern___________
Canadian Pacific_____________
Central o f Georgia____________
Chesapeake & Ohio___________
Chicago & Alton _ _.....................
Chicago Great Western_______
Chicago Ind & Louisville______
Cine Now Orl & Texas P acific..
Colorado & Southern_________
Denver & Rio Grande.................
Detroit & Mackinac__________
Duluth South Shore & Atlantic.
Georgia Southern & Florida___
Grand Trunk of Canada_____
Grand Trunk Western_____
Detroit Gr Hav & M ilw___
Canada Atlantic__________
Internat & Great Northern___
Interoceanic of M exico________
Louisvillo & Nashville________
Mineral Range________________
Minneapolis & St Louis______ 1
Iowa C entral____________ /
Missouri Kansas & Toxas______
Missouri Pacific_______________
Mobilo & Ohio________________
National Railways of M ex ico..
N evada-Californ iar-Oregon_____
Norfolk Southern____________
Rio Grande Southern_________
St Louis Southwestern________
Seaboard Air Line_____________
Southern Railway_____________
Tennessee Alabama & Georgia.
Toxas & Pacific_______________
Toledo Peoria & Western--------Toledo St Louis & Western------

1912.

Increase. Decrease.

89,952
86,291
204,780
153,809
398,600
374,700
2,645,000 2,528,000
243.300
257,400
669,109
491,954
221,624
260,149
269,533
262,251
181,512
127,263
173,146
126,337
232,055
246,547
421,600
408.300
27,734
25,817
59,072
60,855
46,168
44,532

3,661
50,971
23,900
117,000

937,900

119,739

167.000
159.000
183,387
179,597
1,120,155 1,096,115
13,824
18.414
165,055
178,687

24,040
4,590
13,632

1,057,639

38,525
54,249
14,492
1,783

437,913
502,887
1,073,000
952.000
128,523
120,580
915,019 1,294,955
8,624
8,115
67,142
65,569
13,266
10,414
209.000
193.000
538,877
517,985
1,276.871 1,300,203
2,966
2,158
299,588
278,410
17,762
19,102
77,907
87,992

64,974
121,000
7,943

Total (39 ro a d s)------------------ 13,544,895 13,489,096
Net increaso (0 .41% )------------

734,396
55,799

509
1,573
2,852
16,000
20,892
808
21,178
10,085

14,100
177,155
7,282
46.809
13,300
1,917
1,636

8,000
3,790

379,936

23,332
” 1,340
678,597

N et E arn in gs M o n th ly to L a test D a te s.— The tablo
following shows tho gross and net earnings of S T E A M rail­
roads and industrial companies reported this week:
------ Gross Earnings-------------- N et Earnings------ Current
Year.
$

Roads.

Previous
Year.
$

Current
Year.
$

Previous
Year.
$

Atch Top & Santa F e .b .M a r 9,523,890 8,821,567 j3 ,083,324 12,839,149
July 1 to Mar 31...........89,498,443 80,683,663 ;29962,847 j26407,597
Balt & O h io .b ------------ Mar 7.789.857 8,142,297 1,522,599 2,532,052
July 1 to Mar 31--------- 76,006,069 68,437,417 21,249,246 20,267,567
Boston Revere Beach & Lynn—•
195,155
182,740
4,145
4,179
Jan 1 to Mar 31______
July 1 to Mar 31...........
735,708
689,726
94,413
93,392
Chicago & Nor W est.a --M ar 6,845,476 5,872,022 1,734,406 1,338,995
July 1 to Mar 31______ 65,653,679 57,677,973 19,549,124 15,102,284
Colorado Southern.b--M ar 1,165,972 1,035,318
247,155
208,861
July 1 to Mar 31........... 11,608,675 10,978,849 3,690,560 3,613,413
Fairchild & Northeast b Mar
2,630
3,853
1,322
2,355
July 1 to Mar 31...........
21,362
21,402
def6,526
5,865
Kansas City Southern b Mar 891,434
734,481
296,899
174,094
July 1 to Mar 31______ 8,102,196 7,031,703 3,090,470 2,260,399
Lehigh V alley.b_______ Mar 2,963,284 3,364,546
684,347 1,122,980
July 1 to Mar 31........... 31,973,908 29,031,803 10,459,769 9,541,353
Southern Pacific a _____Mar 11,415,290 10,397,064 3,174,884 2,720,274
July 1 to Mar 31______108286,635 99,464,337 34,414,850 30,496,075
680,543
26,742
215,018
Wheeling & Lake E rie.-M ar
464,031
July 1 to Mar 31--------- 5,945,375 5,816,442 1,830,180 2,005,719
IN DU STRIAL COM PANIES.
—— KJKOSS irmngs------ ------ N et Eatrnings -----Current
Year.

Companies.

S
429,338
1,331,424
454,476
1,461,413
63,979
199,263
130,287
916,733

Detroit Edison.............M a r
Jan 1 to Mar 31--------Kings Co El Lt & Pow a Mar
Jan 1 to Mar 31______
Northern Ont Lt & P .a .M a r
Jan 1 to Mar 31______
San Joaquin L & Pow a Fob

Previous
Year.

$
351,043
1,081,291
423,022
1,369,068
100,307
676,246

Current
Year.

$
183,721
601,642
166,456
581,724
47,631
149,881
77,568
579,406

Previous
Year.
9

145,786
479,667
149,031
546,311

In terest C harges an d Su rplu s.
— In t., Rentals, & c. -------- Bal. o f N et Earns .—
Current
Year.

Roads.

Chicago & Nor W e st...M a r 782,688
July 1 to Mar 31........... 7,577,954
Colorado & Southern__ Mar
279,534
July 1 to Mar 31........... 3,536,353

Previous
Year.

821,451
7.018,282
282,473
2,525,131

Current
Year.

Previous
Year.

$
517,544
951,718
11,971,170 8,084,002
s i ,404 sdef32,883
s i ,553,379 s i ,453,316

IN DU STRIAL COM PANIES.
— In t., Rentals, & c.— — Bal. o f N et Earns.—
Companies.

Detroit Edison------------ Mar
Jan 1 to Mar 31...........
Kings Co El Lt & P ow ..M a r
Jan 1 to Mar 31______
Northern Ont L t& P ow .M ar
Jan 1 to Mar 31______
San Joaquin Lt & P ow ..F eb
July 1 to Feb 28...........

Current
Year.

47,431
150,705
80,046
244,384
22,633
67,844
39,037
271,284

Previous
Year.

$
52,237
157,782
72,733
217,906
37,677
253,588

x After allowing for other Income received.




Current
Year.

S
136,290
450,937
S92.153
S353.427
S25.328
S83.018
38,531
308,122

E L E C T R IC R A I L W A Y A N D T R A C T IO N C O M P A N IE S .
Latest Gross Earnings.
Nam e of
Road.

Previous
Year.

3
93,509
321,885
S81.062
S343.308
18,218
108,151

Week or
M onth.

Current
Year.

Previous
Year

$
$
$
March
American Rys Co
399.664 374,346
Atlantic Shore R y — M arch____
25,674 23.770
c Aur Elgin & Chic Ry February . 123,383 120,640
Bangor R y & Elec Co February _ 54,385 51,518
Baton Rouge Elec Co February .
11,018
11,835
Binghamton Railway December
37,094 33.785
Brazilian Trac, L & P February _ 1821,715 1544,802
Brock & Plym St R y . February .
6,883
6,849
Bklyn Rap Tran Syst January
1802,475 1821,950
Cape Breton Elec Ry February .
26,141
23,693
Cent Park N & E Riv January
70.852 47,567
Chattanooga R y & Lt February .
76,657
88,878
Cleve Palnesv & East February .
24,548 22,820
Clov Southw& Colum February .
77,419
81,277
Columbus (Ga) El Co February _ 45,690
41,885
Commonw P Ry & Lt February
549.665 488.859
Coney Isl & Bklyn__ January _ 108,152 98,218
Dallas Electric Corp. February . 163,243 129,751
Detroit United R y __ 4th wkMar 318,325 269,327
D D E B & Bat (Rec) January _.
48,477 50,749
Duluth-Superior Trac M a r c h __
99,276 90.998
East St Louis & Sub. February . 200,100 185,809
61,644
El Paso Electric Cos. February _ 75.298
153,831 127,313
42d St M & St N Ave January
Galv-Hous Elec C o._ February . 168,773 136,445
Grand Rapids Ry Co. February _ 93,049 91,627
69.188 67,076
Harrisburg Railways Fobruary .
49,553
Havana Electric R y . Wk Apr 20 52,451
Honolulu Rapid Tran
52.336 48,129
& Land C o______ December
21,970
Houghton Co Tr Co February _ 22,111
Hudson &Manhattan January . . 330,380 318,699
Illinois T raction------ February . 602,601 583,550
Interboro Rap Tran. M a r c h __ 2958,105 2859,256
Jacksonville Trac C o. Fobruary _ 49,555 45,912
88,680 82,118
Lake Shore Elec R y. February .
Lehigh Valley Transit M a r c h __ 134,065 109,302
41,349 37,213
Lowis Aug & Waterv. February .
12,742
15,090
Long Island Electric. January . .
Milw El Ry & Lt C o. February . 465.508 453,695
Milw Lt, lit & Tr Co February .
95,462 80,794
Monongahela Vail Tr M a r c h __
71,997 63,179
Nashvillo Ry & L t__ February . 171,322 159,939
N Y City Interboro.. January . .
46.915 33,005
N Y & Long Isl T r__ January _.
28,163 24,131
N Y & North Shoro.. January _.
10,791
9,815
N Y & Queens Co . . January _. 103,585 90,624
Now York Railways. February . 1046,502 1031,167
Northam Easton & W M a r c h __
14.188
13.771
North Ohio Trac & Lt February . 222,570 198,209
North Texas Elec Co February . 142,784 113,488
Ocean Electric (L I ). January ._
4,531
5,154
Paducah Tr & Lt C o. February .
24,372 22,930
Pensacola Electric Co February .
22,506
23,015
Phila Rap Trans C o. M a r c h __ 2009,442 1883,373
Port(Orc) Ry.L& I’Co. February . 530.071 518,927
Portland (Me) R R .. February .
62,100
64,487
Puget Sd Tr Lt & P__ February . 655,734 661,206
Richmond Lt & R R . January . .
25,192 23,667
St Joseph(Mo) Ity.Lt,
91,701
95,736
Heat & Power C o. February .
Santiago Elec Lt & Tr March____
37,713 31,432
56,439
62,403
Savannah Electric Co February .
81,368 70,780
Second Ave (R ec)__ January . .
9,076
14,081
Southern Boulevard. January _ .
16,320
17.915
Staten Isl M idland.. January . .
Tampa Electric C o .. February .
59,659
62,356
Third Avenue______ January _. 326,444 305,568
Twin City Rap Tran. 2d wk Apr 161,236 145,785
Underground Elec Ry
of London—
London Elec R y .. Wk Apr 12 £14,495 £13,620
Metropolitan Dist. Wk Apr 12 £13,288 £12,127
London Gen B u s.. Wk Apr 12 £55,109 £50,926
Union Ry Co ofNYC January . . 201,749 180,130
UnlonRyG&ECo(Ul). February . 383,131 293,554
United Rys of St L . . February . 924,368 803,419
Unlted lilts of San Fr January._ 697,317 671.393
Westchester Electric. January . .
40,805 41,277
52,207
Yonkers Railroad__ January . .
28,486
56,003
61,052
York Railways______ M a r c h __
17,159
Youngstown & Oliio. February .
17,185
10,551
10,931
Youngstown & South February..

Jan. I to latest date.
Current
Year.

Previous
Year.

1,172,548
68,058
263,961
113,178
25,262
425.028
3,734,670
14,722
1,802,475
57,976
70,582
184,511
52,643
172,820
96,213
1,167,770
108,152
234.058
2,851,357
48.477
278,662
413,314
156,219
153.831
328,388
197 035
142,976
841,593

1,097,784
63,724
246.356
104,966
23,179
386.631
3,128,147
14,046
1,821,950
52,020
47,567
157,661
46,721
156,989
86,201
1,024,765
98,218
264,921
2,408,421
50,749
262,489
376,846
131,419
127,313
282,451
189.075
137,345
767,396

564,723
46,490
330.380
1,256,391
8.461.708
99,378
189,053
374,116
86,301
15,090
986,718
191,911
206.381
357.321
46.915
28,163
10,791
103,585
2,207,315
39.478
460,036
299.831
4,531
51,038
48,823
5,786,667
1,083,669
135,987
1,357,374
25,192

500.270
44,095
318.699
1,199,985
8,329,474
95,790
169.271
310,515
73,072
12,742
936.622
164,326
178,005
326.074
33,005
24.131
9,815
90,624
2,114,837
37,244
407,598
228,183
4,154
47,623
45,276
5,417.254
1,050,140
125.700
1,381,992
23,667

$

194 242
203.059
96.274
114,133
114,797
129,786
70.780
81,368
14,081
9,076
16,320
17.915
130,513
120,410
326,444
305,568
2.361.708 2,207,809
£218,095 £217,980
£197,945 £188,599
£819,465 £612,539
180.130
201,749
607.276
802,891
1.921,563 1.825,814
671,393
697,317
41,277
40.805
52,207
28.486
167,859
176,960
34,417
35,326
20,648
22,668

c These figures are for consolidated company.
E l e c t r i c R a i l w a y N e t E a r n i n g s . — T h o fo llo w in g t a b le
g iv e s th o r e tu rn s o f E L E C T R I C r a ilw a y g r o ss a n d n o t
e a rn in g s r e p o r t e d th is w e e k :

55,895
361,739

a Net earnings here given are after deducting taxes.
b N e t earnings hero given are before deducting taxes,
j The company now includes the earnings of tho Atch.Topeka & Santa Fe
R y ., Gulf Colorado & Santa Fe R y., Pecos & Northern Texas Ry., Pecos
River R R ., Southern Kansas Ry. of Toxas, Texas & Gulf R y., G. & I. Ry.
of Texas, C. S. S. & L. V. R R . and R. G. & E. P. RR. in botli years.
For March taxes amounted to 8389,666, against $367,322 in 1912; after
deducting which, net for March 1913 was $2,693,658, against $2,471,827 last
year. From July 1 to March 31, taxes were $3,506,910 in 1913, against
$3,182,891 last year.

[V O L . XC V I

------ Gros Earnings------ -------- N et Earnings-----Roads.

Current
Year.

$
American Light & Trac.M ar
320,271
Jan 1 to M ar 21______ 1,090,894
Bangor Ry & E lec.a ___ Feb
54,385
Jan 1 to Feb 28...........
113,178
Duluth-Superior T rac.b Mar
99,276
Jan 1 to Mar 31______
278,662
Federal Light & T ra c...F o b
206,460
Jan 1 to Feb 28...........
424,706
Ifttcrboro Rapid Tran.a.Mar 2,958,105
July 1 to Mar 31______ 24,198,878
Jacksonville Traction.a.F eb
49,555
Jan 1 to Fob 28...........
99,378
Lehigh Valley Transit..M ar
134,065
Jan 1 to Mar 31______
374,116
Monongahela Val T r.b .M a r
71,997
Jan i to Mar 31______
206,381
Northam-East & W ash.Mar
14,188
Northwestern Penn___ Mar
24,084
Jan 1 to Mar 31...........
73,555
Phila Rapid Transit___ Mar 2,009,442
July 1 to Mar 31........... 17,712,792
Puget Sound T r,L & P .a .F e b
655,734
Jan 1 to Feb 28........... 1,357,374
Twin City Rap Trans.b.M ar 710,624
Jan 1 to Mar 31........... 2,036,454
York Railways.b...........Mar
61,052
Jan 1 to Mar 31...........
176,960

Previous
Year.

Current
Year.

Previous
Year.

•$
•$
S
302,181
310,765
290,308
1,027,208 1,059,476
995,622
51,518
27,480
26,360
104,966
57,340
53,815
90,998
34,408
36,574
262,489
96,883
98,700
175,734
93,289
78,273
365,645
190,981
164,755
2,859,250 1,018,178 1.545,736
23,180,395 12,715,198 11,943,604
45,912
15,885
14,782
95,790
32,141
32,712
109.302
69,136
.§6,590
310,515
189,306
152,279
63,179
47,353
38,788
178,005
135,112
105,6io
13,771
5,715
6,537
22,933
,§*§47
5,330
64,989
15,754
6,790
1,883,373
790,174
714,289
16,761.662 7.074,077 6,446,742
661,206
246,182
286,963
1,381,992
509,908
595,395
659,567
345,261
310,189
1,911,611
941,076
856,550
56,003
27,603
25,232
167,859
79,05-1
74,758

a Net earnings here given aro after deducting taxos. I
u b Net earnings hero glvon aro boforo deducting taxos.

A

p r

. 26

THE

1 9 1 3 .]

C H R O N IC L E

1 2 2 1

In terest Charges and Surplus.

R u tla n d R ailroad.

-I n t ., Rentals, A c .— — Pal. o f N et Earns .—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

Roads.

$
$
16,502
17,340
10,140
9,858
Bangor Ry & Eloc______Feb
32,264
34,680
22,660
21,551
Jan 1 to Feb 28...........
25,198
22,738
9,210
12,836
Duluth-Superior T rac.-M ar
73,225
6 8 ,2 1 2
23,658
30,488
Jan 1 to Mar 31--------924,343
z738,808
2654,307
Interboro Rapid Transit.Mar 925,794
July 1 to Mar 31--------- 8,274,812 8,248,457 24,757,301 23,978,426
10,819
Jacksonville Traction— Feb
9,463
5,319
5,066
21.857
18,737
Jan 1 to Feb 28--------10,284
13,975
46,067
Lehigh Valley Transit..M ar
39,847
23,069
16,743
Jan 1 to Mar 31--------136,119
118,601
53,187
33,678
Monongahela Val Trac.M ar
24,105
18,261
23,248
20,527
Jan 1 to Mar 31______
72,310
54,782
62,802
50,834
Fhila Rapid Transit___ Mar
765,092
def30,287
25,082
744,576
July 1 to Mar 31______ 6,862,519 6,654,664
211,585 def207,922
Puget Sd Trac, L & P — Feb
148,365
151,421
135,542
97,817
Jan 1 to Feb 28--------294,379
268,996
215,529
326,399
Twin City Rap. Tran— Mar
149,807
143,079
195,454
167,110
Jan 1 to Mar 31--------438,476
430,313
426,237
502,600
York Railways----------- Mar
2 1 ,2 1 0
26,809
20,863
24,665
Jan 1 to Mar 31______
63,441
216,743
213,410
62,366
x After allowing for other incomo received.

New York Street Railways.
------ Gross Earnings-----Net Earnings-----Current
Year.

Roads.

$
330,380
1,565,315
1,338,020
2,903,344
1,802,475
1,160,813
70,582
81,368
326,444
48,477
153,831
46.915
14,081
201,749
40.805
28,486
15,090
28,163
10,791
103,585
4,531
108,152
25,192
17.915

Previous
Year.

$
318,699
1,501,426
1,332.710
2,834,136
1,821,950
1,083,669
47,567
70,780
305,568
50,749
127,313
33,005
9,076
180,130
41,277
52,207
12,742
24,131
9,815
90,624
4,154
98,218
23,667
16,320

Current
Year.

Previous
Year.

$
ITudson & M anhattan.a. Jan
C188.852
C177.214
Interboro It T (Su b).a.-Jan
945,297
893,351
Interboro R T (E lev).a.Jan
638,993
618,732
Total Interboro R T .a .-J a n
1,574,290 1,512,083
Brooklyn Rap T ran.a-.Jan
494,064
547,334
N Y Railways.a_______ Jan
395,160
287,730
Central Pk N & E R iv.a.Jan
4,280
def3,760
Second Avenue.a-----------Jan
735
7,644
Third Avenue, a ------------ Jan
116.330
134,537
D D E Bway & B att.a .-Ja n
10,359
5,718
42d St M & St N A vo.a.Jan
49,625
21,208
N Y City Intorboro.a__ Jan
def81
6,326
Southern Boulevard.a.-Jan
defl0,903
1,404
Union Ry of N Y City.a-Jan
16,911
21,924
Westchester Electric.a.-Jan
3,827
def8,068
Yonkers.a______________Jan
def3,126
7,531
Long Island E lectric.a.-Jan
defl ,509
def4,487
N Y & Long Isl T ra c.a.-J an
def2,589
def5,282
N Y & North Shore.a— Jan
def43
991
N Y &Queens C o .a ----- Jan
5,199 def27,812
Ocean Electric (L I).a .-J a n
defl2,311
defl ,256
Conoy Isl & Bklyn.a— Jan
21,046
17,717
Richomnd Lt & R R .a .-J a n
def3,727
def7,538
Staten Island Midland.a.Jan
746
defl ,510
a Net earnings hero given aro after deducting taxes.
c Other incomo amounted to $80,720 in Jan. 1913, against $76,676 in 1912.

ANNUAL REPO RTS.
A n n u a l R ep orts.— The following is an index to all annual
roports of steam railroads, street railways and miscellaneous
companies which have been published since M ar. 29.
This index, which is given monthly, does not include re­
ports in to-day’s “ Chroniclo.”
Railroads—
Page.
Industrials (Concluded) —
Delaware A Hudson Co.... ........... ..1082 Hart-Parr Co., Charles City, la___ 1020
Green Bay A Western RR................toil Harwood (Pa.) Electric Co............. 949
Hudson A Manhattan RR..............1083 Havana Tobacco Co............
1015
Lake Erie A Western RR............
940 Hawaiian Commercial & Sugar C o.. 1159
Long Island RR................................. 939 (Geo. W.) Iiclme Co____ __________ 9 4 5
Pitts. Cin. Chic. A St. L. Ry______ 1082 Hucbner Toledo Breweries Co______ 949
Toledo A Ohio Central Ry................. 940 Indian Refining Co., Inc., N. Y.
Vandal la R R .................................. 1013
(6 months ending Feb. 28)
.
1017
West Jersey A Seashore RR..............1014 Ingersol 1-Rand Co. .
10 8 5
International Silver Co ................. 1 0 2 0
Electric Railways—
American Cities Co__________1014, 1028 Island Creek Coal Co......... ............. 4 0 25
Calumet A South Chicago Ry_____ 1088 (S. S.) Kresgc Co., Detroit A N. y " 9 40
1087
Chicago City Ry............................1015 Lehigh Coal A Nav. Co., Phlla
115 9
Chicago A Milwaukee Electric RR..1156 Mangum (Okla.) Electric C o ...
Massachusetts
Lighting
Cos.
(6
mos.
Chicago Rys_____ ______
1088, 1153
ending Dec. 31)............
4159
Federal Light & Traction Co............1154
Georgia Ry. * Pow. Co., Atlanta... 941 Maxwell Motor Co., Inc., N. Y. (tentatlvc
bal.
sheet
Jan.
31)_______
1085
1015
Louisville Ry_____ _______
Pacific Gas * Elec. Co., San Fran.. 1015 Mexican Petroleum Co., Ltd. (Del.) 1085
Porto Rico Rys., Ltd.......................1022 Mexican Telegraph Co..................... 1092
Public Service Corp. of New Jcr. 941,951 Montana Power Co., N. Y_______ 1017
Puget Sound Tr., Lt. * Pow. Co___ 1153 Nevada Consol. Copper Co.... ......... 1160
St. Joseph Ry., Lt., Ht. & Power Co.1090 New River Co...................................946
Toronto Ry............
942 New York Telephone C o.................1087
Union Traction Co., Indiana............ 1083 New York Transportation Co_____ 1092
United Rys. Invest. Co......... .1153, 1161 Niagara Lockport A Ont. Power Co. 1019
West India Electric Co., Jamaica__ 948 North American C o ........................ 943
O’Gara Coal Co., Chicago............... 1093
Industrials—
Ohio Oil Co., Findlay, O. (bal.sh.)_1160
Adirondack Electric Power C orp... 1090 Old Dominion Copper Mining A
1015
American Cigar Co.....................
Smelting Co., Now Jersey............ 1026
Amcr. District Telegraph Co., N. J.1023 Ontario Power Co., Niagara Falls. _. 1019
Amer. Gas Co................................ 1158 I aclflc Light A Power Corp., Los An.1160
Amer. Ico Securities (Bal. sheet
Phelps, Dodge A Co., New Y ork... 943
Dec. 31)......................................1155 Philadelphia Electric Co_________ 1084
American Piano Co----------------------- 948 I ocahontas Consolidated Collieries
Amer. Smelting A Refining Co..........042
Co., Inc______________________ 9 5 0
American Snuff Co............................945
) Coal Co., Boston.1085
Amcr. Zinc, Lead A Smelting Co— 1023 Pure Oil Co.,(Ry
Philadelphia................. 9 4 5
Arkansas Natural Gas Co., PIttsb..l023 Quincy Mining C o ..........................4040
Atlantic Gulf A W. I. S. S. Lines,
Ray Consolidated Copper Co_____ 1160
New York City____ _____
1155 Remington Typewriter Co................. 9 4 3
Atlantic Refining Co., Phlla. (bal.
J ) Reynolds Tobacco Co......... 945
sheet Dec. 31).......
1020 (M.) Rumely Co., Inc., La Porte,
Bethlehem Steel Corp_____________ 944
Brunswlck-Balke-Collcnder Co____ 1158 s iiv e r s m T t ^ c o ::::::::::- -- 1 0 1 8 - 1 ?8*
Buffalo General Electric Co_______ 1158 Sloss-ShefflcUl Steel A Iron Co
los t
California Wine Assoc., San Fran. 1020 Southern Calif, Edison Co
........inon
Calumet A Hccla Mining, Boston ' .1084 Steel Co. of Canada...
4 093
Canadian Wcstlnghouso Co., Ltd
949 Tennessee Copper Co......... ............. 4 9 9 3
(J. I.) Case Threshing Machine Co.,
Texas Pacific Land Trust Co..............9 5 0
Racine, Wise............................. 944 Underwood Typewriter Co., N. y ” 9 4 3
Central Foundry C o ........... . . . I T ool Union Bag A Paper Co........... 9 4 2 ' 1 0 2 6
Central A Sou. Amcr. Telcg. Co___ 1091 United Cigar Stores Co. of Amcr
Chino Copper Co............
.1158
(fiscal period ending Dec. 31)
115 5
Coast Counties Lt. A Pow. Co. (0
United Service Co., Scranton, Pa ~1 160
months end. Feb. 28)................... 1158 United States Envelope C o..
10 19
Computlng-Tabulat’g-Record’g Co. 1086 United States Gypsum Co., Chicago 950
Consolidation Coal Co., Balt., Md_.l01G U. S. Smelting Ref. A Mining C o ...1154
Detroit Edison C o .._____ ________ 1086 United States Telephone Co............. 9 5 0
Eastman Kodak Co.,Rochcstcr,N.Y.1018 Utah Consolidated Mining Co......... 1027
Emerson-Brantlngham Co. (5 mos.
Vacuum OH Co., Rochester............ .1154
end. Dec. 31)............................... 1018 Vulcan Dctlnnlng Co., New Y ork... 1027
Federal Min. A Smelt. Co., N. Y.
\\ashlngton OH Co__
.
1027
(6months end. Feb. 28)................1086 Weyman-Bruton
Co___ .
945
Goldfield Consol. Mining Co______ 1024 Yale ATowne Mfg. Co............... IIIlOSO
Halo A KUburn C o................942, 956 Yukon Gold Co., New York______ 1017




{Report for Fiscal Year ending Dec. 31 1912.)

Pres. William C . Brown, New York, wrote in substance:
Results.— 'Total oper. revenues increased $195,808.

There was an in­
crease In freight revenue of $122,579, in passenger revenue of S li,5 i4 and
in mule revenue of $34,187. Tho increase in milk revenue is explained by
the continued growth of traffic developed by through millc-train sendee
between Ogdensburg and New York City.
Net income from operations was $886,962, an increase of $38,365. The
amount of taxes accrued was $149,063, an increase of $24,126, due to a
general increase of rates in N . Y . State and increased earnings in Vermont.
1 ie
lorot <-,ov,t - tax on income was also increased $1,977. Other income
was $99,880, a decrease o f $5,629, caused by miscellaneous rents for year
1911, incl. a settlement covering several years o f use o f Bellows Falls Term.
.,P ® <4 Rct‘?'i1,s.from gross corporate incomo v'ere $546,833, an increase o f
§<A’ *Z§’ ,
. • accounted for by increased interest on funded debt of
$12,750, duo to issue of $500,000 equipment trust certificates during the
year and increased rent of joint facilities o f $12,421 and a decrease o f car
mileage and per diem balance of $6,327.
There was expended and charged to incomo for additions and betterments
the sum of $21,961, while the entire balance o f $268,985 was appropriated
for further improvements, consisting of new rails, ballasting, reconstruction
ot bridge masonry and culverts, construction and extension of side tracks,
new track scales, water stations, elimination of grade crossings, &c.
Improvements.— In Dec. 1911 the directors appropriated for improve­
ments from the sun>lus for the year $239,300; balance from 1910, $20,792;
total, $260,092. From this total expenditures aggregating $194,457 have
been made, notably for new rails, ballast, new side tracks and extensions,
Malone shop extension and elimination o f grade crossings.
N ew Equipment 1 rust.— To obtain the locomotives and cars necessary for
immediate requirements, the company entered into an agreement and lease
dated M ay 1 1912, providing for an issue o f $500,000 4K % equipment trust
certiticatcs, being 90% o f the total cost of the following new equipment:
6 passenger locomotives, 4 steel underframo passenger coaches and 500
l v - 94V M , “ . ' f e ” V h95b.ypN 48Y 6 8 d ."s o il “ '

112° “ «

O PE R A TIN G S T A T IS T IC S .
Operations—
1912.
1911.
1910.
1909.
Miles operated________
468
468
468
468
Passengers carried......... 1,753,782
1,688,377
1,670 362
1,644,249
Pass, carried one m ile.. 53,540,188 51,743,334 48,759,442 46,840,197
Rate per pass, iier mile. 2.20 cts.
2.25 cts.
2.26 cts.
2.23 cts.
Tons rev. freight carried 2,383,964
2,047,325
2,120,625
1,993,725
Tons rev. fgt. car. 1 mile26l ,143,405 235,894,818 253,285,609 244,098,746
Rate per ton per m ile .._ 0.76 cts.
0 . 7 9 cts.
0.73 cts.
0.70 cts.
IN C O M E A C C O U N T .
Earnings—

1912.
Freight.............
$1,981,676
Passenger......................... 1,176,718
Mail, oxpressand miscell.
393,150
Other than transportation
60,977

1911.
$1,859,097
1,165,204
346,251
46.161

1910.
$1,847,674
1,101,147
330,541
60,472

1909.
$1,721,305
1,043,562
281,631
55,934

..$3,612,521

$3,416,713

$3,339,834

$3,102,432

?. $425,014
..
692,904
..
93,482
J. 1,434.559
..
79,601

$402,280
a622.876
87,525
1,372,148
83.288

$467,671
a482,669
80,408
1,247,796
77,712

$468,164
a459,687
79,099
1,124,892
70,003

Expenses-

Traffic expenses. _
Transportation exi
General expenses.

.$2,725,559 o$2,568,117 a$2.356.256 a$2.201.845
. (75.45)
(75.16)
(70.55)
(70.97)
. $886,962 a$848,596 a$983,578 o$900,587
.
149,064
124,937
121,922
114,306
.. $737,898 a$723,659 a$861,656 a$786,281
al05,510
..
99.881
a57,240
052,791
G ross corp. income. .. .

8837,779

a$829,169

a$918,896

a$839,072

..
:.
.
•-

$19,000
15.773
491,285
20.775
290,946

$19,000
a8,959
478.535
23,060
277.158
(a)

$19,000
aCr. 13,071
480,358
19,597
291,029
a 1 0 0 ,0 0 0

$19,000
a8,303
484,183
23,581
204,005

Deduct—

Other interest.

0 1 0 0 ,0 0 0

a$806,713
a$896,913
Total deductions......... $837,779
a$839.072
Balance, surplus.............
None
$22,456
$21,983
None
N ote .— The items marked a having been changed in 1911 for purposes of
comparison with 1912 figures, the comparisons of those items with earlier
years are inaccurate.
C O N S O L ID A T E D B A L A N C E S H E E T D E C E M B E R 31.

1912.

1911.

Road A equlp’t__ 21,475,967 20,606,401
Stocks and bonds. 1,505,421 1,648,380
Cash on hand, Ac. 357,104
350,958
Material A supp.. 327,524
303,489
Loans A bills rec’le 235,000
125,000
Items in suspense, it. 5,816
193,484
Agents and con­
ductors----------49,459
52,824
Sundry collectible ’
1
accounts...........
275,8.55 C 255,805
Miscellaneous___ ii.1,35,376
32,435

T otal...............24,267,523 23,568,776
— V. 96, p. 984.

1912.
19 11.
Liabilities—
s
5
Common stock...
199,400
1 9 9 400
Preferred stock... 9,057,600 9,057,600
Bonds (see “ Ry. A
Ind. ’ ’Section)..11,661,000 11,262,000
Loans A bills pay.
403,000
423,000
Vouchers A wages.
359,069
410,599
Traffic bal., pay’le
51,501
71,224
Int., Ac., accrued.
66,365
60,525
Matured lnt.Adivs
10,536
10,536
Trust fund..........
70,500
____
Sinking fund____
55,500
Items In susp., Ac.
33,428
32,268
Approp. surplus.. 1,540,002 1,170,017
815,122
Profit and loss__
816,107
Total............... 24,267,523 23,568,776

PeoriaJ&|Eastern Railw ay.
^{R ep ort for Fiscal Year ending Dec. 31 1912.)

President WiIliam£C.£Brown says in substance:
llesutts. — Opcarting revenues increased $211,583, tho increaso in freight
revenue being $232,906, which was partly offset by decreases in revenues
of other character. There was an increase in tho tonnage handled of 450 124 tons and the average haul per ton increased 3.1 miles, resulting in an
increase of 66,236,773 ton miles. Of the increased tonnage, 413 1 9 4 tons
is represented by increase in the product of mines group, and this is re­
flected by a decrease of 2 . 2 cents in the average receipts per ton while the
average receipts per ton per mile decreased from 5.73 mills in 1 Q11 to 5 \ 1
mills in 1912, or .32 mills.
’ 1
Tho increase in renewals o f equipment, $85,773, is represented almost
wholly by the retirement of eight locomotives in 1912, none having been
retired in 1911.
The net income for the year amounted to $256,101. out of which w a s n a ld
[on April 1 1913] 4% interest on the income bonds of $lC0 000 (V 9(f p
554) and appropriated for additions and betterments $36,646, leaving a
balance of $59,455, which was carried to the credit of profit and loss.
I N C O M E fA C C O U N T .

Miles operated.

EF

Reven ves—

1912.
352

Freight ........................... $2,496,711
Passenger_____________
709,638
Mail, express and miscel.
200,066
Other than transports.
24,052
Totalloperating rev.

$3,429,867

1911.
35?

1910.
352

1909.''
352

$2,263,805
712,516
217,000
24,963

$2,571,487
718,415
224,257
21,909

$2,122,97
676,60
204,99­
22,27'

$3,218,284

$3,536,068

3,026,IT-)
55

THE CHRONICLE

1222
1912.
Expenses—•
$430,731
M aint. o f way & struc.
582,363
Maint. o f equipment—
54,757
Traffic expenses----------Transportation expensesi 1,358,682
General expenses--------67,991

1911.
$469,217
510,006
66,616
1,382,088
73,490

1910.
$454,762
577,811
70,844
1,393,352
66,351

1909.
$363,016
527,281
64,216
1,116,355
59,275

[V o l . XCVI

C h ic a g o I n d i a n a

&

S o u th e rn R R .

(Report fo r Fiscal Year ending Dec. 31 1912.)

President William C . Brown says in substance:

Results.— The rovenues from rail operations wero $4,235,819, the largest
in tho history of the road and an increase o f $413,207 as compared with
Total operating ex p .- $2,494,523 $2,501,417 $2,563,120 $2,130,143 1911. Transportation of freight brought in $3,807,686, an increase of
(70.37) $397,711, attributable to greater tonnage carried, especially of products
P . c. of'exp. to revenue.
(72.49)
(72.73)
(77.73)
$896,712 of
Net operating revenues.
$716,867
$972,948
$935,344
agriculture, mines and forest and manufactured articles. Tho increaso
104,594 in total
Taxes accrued-------------113,078
115,203
127,548
tonnage carried was 849,776 tons. Miscellaneous overhead traffic
with connecting carriers via tho Kankakee Division has been
$792,118 interchanged
$859,870
Operating income___
$807,796
$601,664
especially
good.
18,824
28,011
Other incom e_________
28,966
26,922
Tho increaso of $37,198 in maintenance o f way and structures expenses
is duo to relaying 1,385 tons of rail and renewing 6,867 ties in excess o f pre­
Gross corporate inc._
$834,717
$630,630
$887,881$810,942
vious year, and also to additional ballasting of main line tracks. The de­
Deduct—
$80,197 creased charge of $41,590 to maintenance of equipment expenses was
Iliro of equipment_____
$119,563
$164,498
$165,330
by a reduction in freight-train car repairs and tho fact that no loco­
53,338 caused
Rents, & c .......................
51,666
52,088
52,752
were retired from service during tho year.
405,651 motives
Int. on funded debt, &c.
407,387
405,671
405,670
Other income was $631,010, an increase of $127,051, largely due to a
30,024
Additions & betterments
36,646
86,302
81,040
greater excess of the company’s equipment in use on foreign lines. Deduc­
160,000
Int. on income bds. (4%)
160,000
--------160,000
tions from gross income amounted to $1,283,934, an increaso of $47,393,
$729,210 principally duo to interest accrued on additional promissory notes issued
$864,792
$708,559
Total deductions___
$775,262
during
tho year.
sur.$81,732
sur.$23,089
___________ sur.$59,455 def.$77,929
Balance
Additions .— Thero was expended for now construction, additions and bet­
terments $474,914, which was charged direct to capital account, notably
C O N D E N SE D G E N E R A L B A L A N C E S H E E T D E C . 31.
construction of elevator at Schneider, $133,572, and Dune Park extension,
deferred construction charges covering facilities provided by Elgin Joliet
1912.
1911.
1912.
1911.
& Eastern R R . C o., $141,707.
L ia b ilitie s —
8
$
Assets—
$
S
Notes. —The company issued on Feb. 29 1912 its demand promissory
,000,000
10,000,000
10
Common
stock__
Hoad Aequtpm’t 024,544,735 24,392,381
Stock, unpledged. 125,000
125,000 Mortgage funds.. 9,982,500 9 ,982,600 notes in favor of the Lako Shore & Michigan Southern Ry. Co. and tho
121,500 Income bonds___ 4,000,000 4 000,000 Michigan Central RR. Co. foratotal amount of $1,000,000, to provido tho
115,500
Funded debt do"
10,498 company with funds to carry on its improvements and to liquidate outstand­
36,721
800 Advances...........
800
Marketable stock.
t , „„
104,364 ing accounts.
Sinking, Ac., funds 106,614
4,257
Advances.............
Contract.— OnNov.19 1 9 1 2 a contract was executed, effective Jan. 1 1911,
25,636
104,364 Dot. credit Items.
Sinking, Ac., funds 106,614
471,673 granting to tho Lake Erie & Western R R . Co. the right to use your tracks
Add’ns to property 6508,320
174,910 between Walkerton Junction, Ind., and South Bend, Ind., about 19 miles,
Profit and loss___ c237,116
for through passenger train service between South Bend anti Indianapolis.
N ew York Central Lines Equipment Trust o f 1912.—Tho cost o f tho now
Total...............24,896,906 24,744,045
Total...............24,896,906 24,744,045
and tho pro rata amount
equipment assigned to this company was $215,867,
$21
a After deducting equipment replacement fund, $11,843. b Additions of certificates representing 90% of the cost amounted to $194,281.
to property through income since June 30 1907. c After adding $2,751 for
R E SU L T S FOR C A L E N D A R Y E A R S .
adjustment o f sundry accounts.— V. 96, p. 791, 554.
1912.
1910.
1909.
1911.
359
359
341
353
Miles operated-----------$
S
S
Revenues—
$
W a s h in g to n Baltim ore & A n n a p olis Electric R R .
3.409,974
2,890,954
3,360,986
Freight________________ 3.807,686
286,468
Passenger____________
293,155
273,931
248,096
(Report for Fiscal Year ending D ec. 31 1912.)
95,085
104,214
Mail, express and misc.
72,89!
71,074
Other
than
transporta’n
.
30,764
31,085
13,189
31,860
Pres. George T . Bishop, Cleveland, writes in substance:
Results.— The net income for the year after deducting taxes and interest
was $124,101. The number of revenue passengers carried was 1,703,409.
Property .— The net total expenditure for additions and betterments for
tho year was $73,030, including “ for road,” $62,571 [right of way, $38,291;
Interlocking and other signal apparatus, $21,199, &c.J, and equip., $10,459.
Tho track, roadway, ditches, culverts and bridges are in first-class condi­
tion; a total of 9,700 tie renewals were made. Tho overhead system, which
is of the Catenary typo, the rolling stock and all our five sub stations havo
also been well maintained. On account of tho growth in the freight and
express business, four now express cars wero purchased, three being trailers
and one equipped with motor.
During tbe year an automatic block signal system of tho track circuit
type was installed on tho Eastern division between Naval Academy Junc­
tion and Annapolis, 13.8 miles, being the most modern of safety devices
for the prevention of abutting and rear-end collisions.
Power is purchased from the Potomac Electric Power Co. of Washington,
tho total miles operated on power so purchased being 1,861,348 (total con­
sumption 6,896,950 k.w.h., or 3.70 k.w.h. per car mile), not including
Including operation on tho tracks of tho Washington Railway & Electric
Co. or tho joint trades of the United Railway & Elec. Co. of Baltimore.
Contracts.— In Juno 1912 a 10-year contract with tho American Exp. Co.
was entered into, giving them tho right to operate an express servfco be­
tween Washington, Baltimore, Annapolis and all points on our line.
New Freight Terminal, Baltimore.— On account of the increasing growth
of the package freight business and tho business handled in connection with
tho American Express C o., our terminal facilities at Lombard St. freight
station Baltimore, wero inadequate, and tho directors authorized tho ex­
penditure of $38,030 for the purchase of property immediately in the heart
of the present Lombard St. terminal, fronting on West Pratt St., in tho heart
of the wholesale district, with entrances from two of tho most prominent
streets
A freight house will bo completed the coming summor.
N ew Washington Passenger Terminal.— Tho directors recently authorized
the leaso of three store rooms in the Bond Bldg., at the corner of 14th St.
Northwest and New York Ave., one of tho most prominent corners in Wash­
ington. These rooms have been made into one large waiting room, and it
Is believed will attract tourist and local passenger traffic.
Connecting Lines. — In May 1912 tho Eastern Shoro Development SS.
Co. inaugurated a steamboat service between Annapolis and points on tho
Eastern Shoro of Maryland, enabling Washingtonians to reach the Eastern
Shore via our electric lino to Annapolis and thence across tho Cheaspeake
Bay, thereby saving five hours’ time. We are now operating under a traffic
arrangement and soli through tickets from Washington and Baltimore in
connection with this new lino.
At Claiborne boats connect with tho Balti­
more Chesapeake & Atlantic R y., which operates to Ocean City, Maryland,
on the Atlantic Coast.
_ .
„
[A dividend of 4 H % was paid on tho $1,460,000 6% non-cum. pref.
Dec. 31, making, with tho 1
paid Oct. 1, 6% for tho year 1912.
As to the new subsidiary Annapolis Public Utilities Co., see V. 96, p. 555.1
-----M iles Track Operated---- - ------ Car M iles (40-7’on Cars) -----Single. Second. Sidings. Total

Pass'ger. Freight. Service.

Total.

W.B.&A.54.950 33.570 8.708 97.228 1,782,464 83,327 24,398 1,889,189
Trackago 6.970 6.970 ___
13.940
287,825 4,603 .........
292,428
Total
61.920 40.540 8.708 111.168 2,070,289 86,930 24,398 2,181.617
S U M M A R Y OF O PE R A TIO N S.
Y e a r e n d . d m o s .e n d .
Y e a r e n d . 9m o s .e n d .
Dec.31T2.Dec.31Tl.
kJ
Drc.31T2.Dec.31Tl.
Total net*................$395,638 $296,133
Gross operating rev­
enue ............. . 5778,287 $555,901 Taxes and interest-- 271,537 200,478
Operating expenses- 388,956 261,958 Pref.dlv.,6%.......... 87,600 ............

Netoper. revenue- $389,331 $293,943
Net income------ - $36,500 $95,655
* Includes miscellaneous, $6,306 in 1912, against $2,190 in 1911.
W3Passcngers carried, 1,703,409 in 1912, against 1,239.332 in 9 mos. of 1911.
Car miles, 2,181,617 in 1912 (against 1,530,341 in 9 mos. of 1911), viz.:
Passenger, 2,070,289; freight, 86,930, and service, 24,398.
B A L A N C E S H E E T D E C . 31.
1912.
1911.
1912.
1911.
L ia b ilitie s —
$
S
ft A38CtS“~~“
$
S
Road &(equlpment..9,303,716 9,230,685 Pref. stock............... 1,400,000 1,400,000
1,000 Common stock____ 3,000,000 3,000,000
Stock Term.R.E.Co.
1,000
Working assets____
24,654
21,149 First M. 53-............5,000,000 5,000,000
25,899
43,174
Cash........................ 118,642 196,657 Vouchers, A c -------7,689
Other current liab.. -------Notes and accounts
81,557
current_________
43,344
7,977 Int., Ac., accrued.. 82,652
42,881
06,304
Co.’s bonds In treas. 217,000 243,214 Reserves_________
265
Other current assets.
425
8,063 Miscellaneous____
95,655
Miscellaneous____
76,057
5,935 Profit and loss____ 132,441
T otal-

...........9,784,837 9,713,681

Total.................. 9,784,837 9,713,681

miios; sidings and turnouts, 8.708 milos; total owned, 97.228 miles; operated
under contract, single track, 6.97 miles, and second track, 6.97 miles.
Total operated, 111.168 miles.
Directors: President, George T . Bishop, and Vico-President, F. II. Ginn,
Cleveland; Gen. Mgr., J. J. Doylo, and Secretary, George Weems Williams,
Baltimore; Treasurer, George A. Craig Toledo; F. F. Graves, Cleveland.
andJGeorge R . Sheldon, New York.— V . 96, p . 655. 287,




Total oper. revenuo..

4,235,819

3,822,612

3,739,668

3,223,313

570,483
Maint. of way, &c_____
1,108,900
Maint. of equipment__
93,953
Traffic expenses_______
Transportation expenses; 1,473,341
102,637
General expenses______

533,285
a 1,150,490
90,360
1,401,234
101,960

488,817
a705,843
107.643
1,412,797
103,254

489,809
0604,839
96,679
1,142,189
94,569

Total expenses______
P. c. of exp. to earns—
Net operating revenuo. .
Not outside operations.

3,349,314
(79.07)
886,506
sur.5,907

a3.277,329
(85.74)
a545,283
def.756

02,818,354
(75.36)
0921,314
sur.646

02,428,075
(75.33)
0795,238
sur.608

Total net oper. rev__
Taxes accrued--------------

892,413
181,706

a544,526
158,499

a921,960
161,693

0795,846
149,503

Operating revenue—
Hire of equip., rents, &c..
Other income--------------

710,707
610,785
20,225

0386,028
a476,907
27,052

0760,267
0619,664
41,195

0646,343
a477,607
9.469

1,341,717

a889,987

al,421,126

01,133,419

(a)
75,459
01,017,921
142,075
o 1,086

al92,116
71,427
O800.000
42,785

0174,299
67,049
aSOO.OOO
42,000

Expenses—

Gross corporate In c..
Deduct—

Int. on equip, certfs-----Rent, joint facilities, &c..
Interest on bonds. ^___
Other interest_________ .
Other deductions______

66,822
1.009,050
206,191
1,870

Total deductions____ 1,283,934 al.236,541 al.106,328 a 1,083,340
Balance, surpl. or def_. sur.57,784 def.346,554 sur.314,798 sur.50,079
N ote. — The Items marked a having been changed in 1911 for purposes
of comparison with 1912 figures, tho comparisons of thoso items with earlier
years are inaccurate.
C O N D E N SE D G E N E R A L B A L A N C E S H E E T D E C . 31.

1912.
1912.
1911.
L ia b ilitie s —
S
$
$
A s s e ts —
Road & equip’t-,647 ,293,604 46,915,444 Common stock— 15, 000,000
Preferred stock__ 5, 000,000
D. & I. II. RR.
1 Funded debt........20, ,000,000
1
stock unpledged
145,555 Equip, trusts....... 4 ,134,392
Agents A conduc’s 336,871
970,384 Vouch. A wages.. 1,228,793
963,374
Cash..................
21,000
16,587 Int. A rent accr’d.
3,108
Loans A bills rec. .
08.434 Loans and bills pay 3 ,945,469
80,012
Remit'ces in trans.
961,325 Traffic, Ac., bals. 203,064
Miscellaneous___ 994,215
17,721 Miscellaneous___
434,208
19,384
Accrued Int., A c..
560,144 Add’ns to prop'ty 543,306
Mat’l A supplies., 384,117
74,783 Prof. A loss, deb- 371,397
64.748
Defer, debit items

1911.
3
15,000,000
5,000,000
20 ,000,000
4 ,301,350
,439,178
23,100
.945,469
129,625
074,088
543,306
325,738

Total............... 50,139,434 49,730,378
Total...............50,139,434 49,730,378
6 After deducting $59,128 for replacement fund and $735,430 for trust
installments.— V. 96. p. 789.
Illin o is

T r a c tio n

C o m p a n y , C h a m p a ig n , 111.

(Report for Fiscal Year ending Dec. 31 1912,)

Tho report, signed by Pres. lio n . W m . B . M cK inley.
Champaign, 111., and Vice-Pros., Executive and Gen. M gr,
H . E . Chubbuck, Peoria, 111., says in substanco (compare
map, p. 26 of “ Electric R y. Section” ):
Results.— Tho company has shown most satisfactory progress. The in­
crease in tho gross and net earnings and surplus aro very gratifying. I ho
gross revenue for the year was $7,415,647. derived from the following
sources: Intemrban railroads, 39.98%; city lines,27.39%; electric-lighting
and power, 22.78%; gas lighting, 5.78%; steam heating, 2.96%; miscel­
laneous, 1.11%. The gross revenuo shows
increaso of •$•>13,426, or
7.43%, the net earnings an increaso of $293,853, or 10.61%, and the not
surplus $176,835, or 31.29%. Tho net surplus after paying 0% dividends
on our pref. stock, was $741,917, equivalent to 7.43% , upon the common
stock, as against 5.66% for 1911.
.
Tho surplus account Dec. 31 1912 stood as follows:: Balance from.1911,
$1,988,233; net surplus for 1912, $741,918: total, $2,730,151. Deduct
appropriated for depreciation (in addition to $832,885 chargwi to operating
account for maintenance, betterments and renewals), $330,785, and bond
discount of controlled cos., $43,483; balance forward $2^360,883.
There was expended for maintenance and renewals $1,168,670, which was
15.7% of the gross receipts, as against $1,012,864, or 14.7%, In 1911.
Improvements.— Thero was also expended for improvements on tho prop­
erties controlled $1,106,421.
„
, ,
Sleeping Cars.—This service between Peoria, Springfield and St. Louis has
shown a steady improvement, the receipts having increased 33% over 1911 Freight Business.— The management has given much consideration to
tho question of solving freight-traffic problems, broadening tho carload
business and increasing terminal facilities by connection with steam radroads. A contract was entered iuto with tho Wabash R R , for a physical

connection and general interchange at D ecatur. This gives us a working
arrangement now with all the steam roads in our territory that can be o f
bonefit to us except tho Pennsylvania and N ew Y ork Central lines. There
should bo a gradual increase in tho freight traffic during 1913. During the
year 50 box cars, 75 coal cars, 5 refrigerator cars and 25 cinder cars were
purchased, made necessary b y the increased freight business. Additional
elovators have been built to be served by our lines, and connections made
with other industries, such as coal mines, brick yards, warehouses, A c.
Block Signals.— Tho protection afforded b y tho autom atic electric block
signals, and tho feeling o f safety imbued in tho minds o f tho traveling public
b y these signals lias proven further tho wisdom o f their installation. T he
tra ck a g e between S t.Louis and tho cities o f Granito C ity , M adison and Ven­
ice, including tho St. Louis Bridgo, was protected b y the installation o f a
signal system early this year.
Power.— A contract was m ade for the installation o f a 5,000 k. w. turbine
unit at Venice, which additional capacity will bo required to take care o f tho
heavy power business to be secured in that territory.
Acquisitions.•— The several small properties acquired b y tho com pany this
year com prise the Carlinvillo Utilities C o ., serving gas and electricity to
Carlinvillo, M acoupin C ounty; Georgetown E lectric C o ., serving electricity
to G eorgetow n, Indianola, Vermilion G rove, Ridge Farm , Sidell and Chrism an, to bo connected with tho D anville plant b y a transmission line; the
electric plants at El Paso, Gridley and C henoa, to bo served b y transmission
lino from Bloom ington; and tho M orton Light, H eat & Power C o ., serving
electricity to M orton and T rem ont.
T ho Illinois Traction System is furnishing 48 cities and villages, and the
inhabitants and industries therein, with electric light and power.
Office Building, & c.— Late in 1912 a site was purchased near tho business
centre o f Peoria, on which next year will bo erected a seven-story terminal
and office building. A t Champaign also a site, advantageously located,
was acquired, on which will be erected next year a three-story building for
our Champaign offices. T ho now freight houso and office building at
Springfield, remodeled under a long-term lease, was occupied in tho early
summer b y tho operating officials at Springfield.
RESULTS FOR C ALE N D AR YEAR S.
1910.
1911.
Earnings—
1912.
Interurban lines.............. $2,964,955 $2,864,793 $2,440,592
1,835,698
1,950,880
C ity lines........................... 2,030,994
428,977
357,315
G as................ .....................
383,325
1,282,443
1,689,477
1,473,937
E le c tr ic ________________
164,062
219,170
197,738
H ea t___________________
82,074
26,140
31,548
M is ce lla n e o u s _________

1909.
$1,980,779
1,371,119
293,072
793,667
138,486
7,512

T otal gross earnings. . $7,415,647
T o ta l oper. exp. & t a x .. 4,353,214

$6,902,221
4,133,641

$6,106,250
3,608,023

$4,584,635
2,657.371

N et operating rev en u e.. $3,062,433
Deduct—
Interest on bonds, A c . . $1,975,969
Preferred dividend_____
344,547

$2,768,580

$2,498,227

$1,927,264

$1,885,221
318,276

$1,536,687
273,286

$1,258,051
259,146

Balance, surplus..........
$741,917
$565,083
$688,254
$410,067
Thero was expended during 1912 $1,168,670 for m aintenance, renewals
and betterm ents (15.7% o f gross earnings), as against $1,012,864 (1 4.7 % )
for 1911.
B A L A N C E SHEET D E C . 31.
1912.
1911.
1912.
1911.
Assets—
S
Liabilities—
$
S
$
Stock of sub. cos.. 10,340,272 14,728,571 Preferred stock__ 0,488,400 5,304,600
Aclv.to sub.cos.,Ac 2,088,517 2,170,584 Common stock__ 9,984,900 9,908,700
552,670
530,081 Accr’d int. A divs.
Duo by sub. cos..
285,549
of controlled cos
335,990
Accts. A notes rec. 263,979
341,773
454,613
247,169 Accts. A notes pay
Stores on hand__
258,935
538,231
61,265
179,583
171,676
Surplus................ ♦2,350,883 1,988,233
T o ta l................ 19,676,056 18,141,537

T o ta l................ 19,676,056 18,141,537

* A fter deducting $43,483 for discount on bonds o f controlled com panies
and $335,785 for depreciation.
IN D E BT ED N E SS OF PROPERTIES CONTROLLED DEC. 31 1912.
(Interest 5 % except as otherwise m arked.)
Bonds—
Outstanding.
Bonds—
Outstanding.
Bloom. Dec. A Cham. R lt.
Peoria Ry. 1st A ref. M .......... $2,275,000
first refunding mtge____ $1,496,000
630,000
General mortgage_________
General mtge. 5%, 1940__
800,000
953.000 Spring. A Northeast. Tr. C o ..
Bloom. * N. Ry.,El.AIIt.Co.
600.000 St. Louis Elec. Bridgo Co.
Bloom. A N. Ity. A Lt. Co__
783.000
(2 'A% to 5 % )...................... 2,542,000
Central Ky. Co. of Peoria___
570.000 St. Louis Elec. Term. Ry.
Chic. Bloom. A Dec. R y____
4,000
(2H % to 5 % ).........
1,724,000
Danvlllo Consumers’ Coal C o.
22,000 St. L. A Springfield R y..........
451,000
Danville A E. 111. Ry. (1927).
50.000 St. L. Spr. A Pco. RR. 1st M . 3,198,000
Danville A Northern ItR ----17.000
General mortgage_________ 3,951,000
Danville A Southeastern R y ..
60.000 Topeka Ed. Co.(V. 92, p. 730)
835,000
676.000 Topeka R y. Co. (V.80,p.998) 1,175,000
Danville St. Ry. A Lt. Co----865.000 Urbana A Champaign R y.,
Debcns. (5 A 6 % , ’29-’30). .
Gas A Elec. 1st M ..........
146,000
Danvlllo Urb. A Champ. Ry.
Consolidated mortgage___
354,000
l s t M . 5 % ........................ 2,000,000
Debentures (5% A 6 % )___
521,000
6 % ........................................
772,000
92,000
255.000 Urbana Lt., H. A P. Co. cons.
Decatur Gas A El. Co. 1st M
First mortgage....................
32,000
00,000
Second mortgage.......... —
Decatur Ry. A Lt. Co. first
Total Dec. 31 1912............$37,085,000
743.000
consolidated mortgage__
Total Dec. 31 1911............$36,632,500
603.000
General mtge. (V. 91, p. 38)
212.000
Decatur Trac. A Elec. Co___
Des Moines Electric Co. (V.
Preferred Stock—
88, p. 378)............................ 1,817,000
Des Moines Ry. A Lt. Co___
838,000 Bloom. Dec. A Ch. R R . Ser. A $412,500
Series B ................................
111. Cent. Trac. Co. 1st M ___ 1,469,000
225,000
Temporary gen. M.(5A6%)
570,000 Bloom. A N. Ity.ALt.Co.(6%)
300,000
Jacksonv. Gas I,. A Coke C o ..
160,000 St. L. Elec. Term. R y----------- 1,000,000
Jacksonv. Ry. A Lt. Co. 1st M. 573,000 St. L. Spr. A Peo. R R . Ser. A . 1,835,000
Kansas Ry. A Light Co........ .. 1,448,000
Scries B _________________
737,000
Madison Co. Lt. A Power C o.
433,000
Peoria Bloom. A Cham. Tr.
Total Dec. 31 1912.............. $4,509,000
Co. 1st mortgage..................
280,000
.
Total Dec. 31 1 9 1 1 ............$4,100,000
A s to bonds o f St. Louis Spring. & Peoria, see V . 95, p. 177,1542.— V . 90,
p. 304.— V. 96, p . 652, 62.

Western Railways & Light Co., Champaign, 111.
(Report for Fiscal Year ending Dec. 3 1 1 9 1 2 . )
T h o r e p o r t , s ig n e d b y P r e s i d e n t H o n . W m . B . M c K i n l o y ,
C h a m p a ig n , a n d V .-P r e s ., E x e c u tiv e a n d G e n . M a n . H . E .
C h u b b u c k , P e o r i a , s a y s in s u b s t a n c e :

Results.— Tho system shows for tho year an incrcaso in gross earnings o f
$237,905, or 11.72% ; in total net revenue o f $99,088, or 12.80% ; in interest
on bonds o f $61,707, or 13% ; in dividend on pref. stock o f $17,775, or
1 2.4 9% , and in net surplus o f $19,605, or 1 2.4 9% . T ho net surplus was
$176,667, equal to 3.9 0 % upon com m on stock, as against 3 .4 7 % for 1911.
T ho surplus account stood D ec. 31 1912 as follows: From 1911, $457,235;
surplus for 1912, $176,567; total, $633,802. Appropriated for renewals
and betterm ents, $86,230, and discount on bonds o f controlled co s., $29,­
400; balanco forward, $518,172.
,
Expenditures for maintenance and renewals aggregated $321,010, or
14.16% o f the grass receipts, against 13.10% in 1911.
A t W ichita, owing to tho general business stagnation, tho gross receipts
did not show tho usual gain. Conditions givo promiso o f im provem ent.
Y ou r system is furnishing electric light and power in 24 cities and vil­
lages. There was expended on improvements $682,507, which included
tho com pletion o f tho hydro-electric plant o f tho N orthern Illinois Light &
T raction C o. at Marseilles.— (Seo V. 95, p . 1123.)
Interurban Extension.— T ho extension o f tho Chicago Ottawa & Peoria
K y . from M orris to Joliet, establishing through scrvlco, has materially
increased tho receipts, tho gross earnings for 1912 being $373,874, or an
lncreaso o f $54,494, and the not earnings $118,352, an incrcaso o f $53,833.
Owing to delays in ballasting, the lino from Morris to Joliet was not taken
over from tho construction com pany in 1912. Tho net receipts o f the M orri
Princeton lino show an increase o f $53,833 for 1912 over 1911, which




1323

T H E C H R O N IC L E

APil. 2b 1913.

largely duo to through business over tho additional 22 miles from M orris
to Joliet. T he prospects for the com ing year are very encouraging.
Hydro-Electric Plant.— The hydro-electric plant o f the Northern Illinois
Light & T raction C o ., mentioned in the report o f 1911, was in full operation
during the year, increasing the gross earnings o f that com pany from $121,­
593 in 1911 to $189,020 in 1912, or over 5 5 % , and tho not earnings from
$61,567 to $90,485, or about 4 7 % . M u ch additional new business is being
secured and the increase in earnings in 1913 should be very satisfactory.
Flood.— The highest water ever known in the Mississippi and Ohio rivers
was experienced at C airo. T he levees finally broke, and the interurban
railway between C airo, M ounds and M ou nd C ity was obliged to discontinue
operation for 60 days. T he high water materially affected the business o f
this entire com m unity, stopping contem plated improvem ents and causing
a setback to the Cairo property which will last several m onths.
„
Atchison Ry ..Light & Power Co.— A t Atchison, a com paratively new acqui­
sition, extensive improvements have been made in the electric plant and
the results from this department will be materially inproved in 1913 over
past operation. T he gradual failure o f natural gas in Kansas, which is
distributed by this com pany in Atchison, has decreased tho incom e from
this source over previous years, and will probably lead to tho installation
o f an artificial gas plant in the near future.
Acquisitions.— Properties purchased during this year were M ou nd C ity
Light & W ater C o ., which supplies electricity and water to M ou nd C ity ,
four miles from Cairo, and will be operated b y the Cairo C om pany, elec­
tricity being furnished over a transmission lino from the Cairo plant, and
the Jefferson C ity Light, H eat & Power C o. o f Jefferson C ity, M o . , which
supplies gas and electricity to Jefferson C ity , the capital o f M issouri, and
furnishes current for the operation o f the street railway.— (V . 94. p . 282).
A new street railway franchise was secured at Quincy, containing favorablo terms. Track extensions were m ade to cross-town lines and four new
modern cars ordered.
IN C O M E A C C O U N T .
Earnings—
1912.
1911.
1910.
1909.
In te ru rb a n ...............
$430,679
$373,920
$353,198
$302,893
Street railway..................
919,569
925,105
839,956
781,386
Gas------ ------------------------354,703
340,659
210,859
188,857
E lectric light and power
528,942
362,052
251,878
247,471
Steam, heat, water, & c .
33,367
27,619
23,810
27,807
Gross earnings............ $2,267,260 $2,029,355
Expenses__
Operating expen ses------ 1
($1,188,891
T a x e s -----------}$1,421,829
/
61,774
G en’l and overrhead exp/
(
20,317

$1,679,701

$1,548,414

$997,784
58,340
16,175

$844,590
46,650
12,619

T otal expenses & taxes $1,421,829
N et earnings,..................
$845,431
Other revenue__________
27,570

$1,270,982 $1,072,299
$758,373
$607,402
15,540
12,717

$903,859
$644,555
______

T o t a l .......................... .
Less net earns, o f props.
prior to purchase____

$873,001

$773,913

$620,119

$644,555

T o ta l net revenue____
Interest on bonds, & c_.
Preferred dividends____

$873,001
$536,399
160,035

$773,913
$474,691
142,260

$620,119
$356,488
134,700

$591,154
$269,427
116,987

53,401

______

$204,740
Balance, surplus. . . .
$176,567
$156,962
$128,931
B A L A N C E SH EET D E C . 31.
1912.
1911.
1912.
1911.
Liabilities—
$
Assets—
S
$
$
Stocks A securities..? ,317,250 6,883,600 Common stock_____4,521,800 4,521,800
Preferred stock_____3,169,000 2,413,000
Due by controlled
cos .-construe.,A c. 1 ,870,231 1,266,044 Debenture bonds___1,006,000 781,000
98,187
62,234 Accrued interest_____________87,610
do revenue____
72,823
57,932 Accounts payable___________ 35,395
50,690
Accounts receivable.
43,897
5,070 Accrued taxes of con­
4,399
Miscellaneous accts.
37,567
51,578
Cash in bank............
trolled companies40,347
36,703
Surplus...................... *518,172 457,235
T o ta l.................... 9,378,324 8,326,458

Total

.......... 0,378,324 8,326,458

* A fter deducting $86,230 for betterm ents and renewals and $29,400 for
discount on bonds o f controlled com panies.
BON DED DEBT D EC. 31 1912 OF PROPERTIES CONTROLLED B Y
WESTERN R YS. & L T . CO. UPON W H IC H I T P A Y S IN TE R E S T.
[Compare pages 28 and 29 o f “ E lectric R ailw ay Section .” ]
Bonds—Outstanding. In t. Date D u e.
A bingdon Light & Power C o
A tch . R y .,L t.& P o w .C o .(V .9 1 ,p .l0 9 4 1628)
Cairo Railway & Light C o . (V . 88, p . 2 9 3 ) ..
Cairo C ity Gas C o . (V . 87, p . 6 16 )________
C airo E lectric Traction C o ________________
Central Lighting C o __________________________
Chicago Ottawa & Peoria R y .C o .(V .8 7 ,p .8 1 2 )
C onsolidated W ater & Light C o ------------------Galesburg R y . & Light C o . (V . 83, p . 2 3 8 4 ).
Galcsburg E lectric M o to r & Pow er C o ___
Galesb. Gas & E l. L t. C o . (V . 76, p . 8 6 8 )-.
Illinois Valley R y . C o ................ .......................... 1,500,000
Marseilles W ater & Light C o ----------------------N orthern 111. L t. & T ra c. C o . (V . 93, p . 1788)
Quincy Horse R y . & C . C o . (V .94, p . 1628)Quincy Railway C o . (V . 94, p . 1628)-------W ichita Railroad & Light C o ________________
do
do
do
________________
Jefferson C ity L igh t, H eat & Pow er C o ____
T o ta l D e c . 31 1912.......................................... $10,660,900
T o ta l D e c . 31 1911.— (V . 95, p . 2 3 3 .)____ $9,678,000
N orthern Illinois L ig h t * T raction C o . n o te s .
$67,986 6 H % July 1913
— V . 95, p . 233.

United Railways & Electric Co. of Baltimore.
(Report for Fiscal Year ending Dec. 3 1 1 9 1 2 . )
P re sid e n t W illia m A . H o u s e , B a lt im o r e , A p r il 9 , w ro te
in s u b s t . ( c o m p a r e m a p o n p . 1 2 o f “ E l e c t r i c R y . S e c t i o n ” ) :

Results.— Tho increase in gross earnings was $545,731, or 6 .8 % , while the
incrcaso in operating expenses was $187,782, or 5 .1 % and tho increase in
fixed charges was $84,729, or 2 .9 6 % . For maintenance o f w ay, structures
and equipment there was spent $843,914 in addition to tho $379,116 depre­
ciation, or a total o f $1,223,030.
Dividends Begun on Common Shares.— A fter deducting taxes, interest,
rentals, depreciation, & c., there remained $677,082 available for dividends,
being equal to 4 H % on the $15,000,000 com m on stock outstanding Jan. 1
1912 (tho stock, however, was increased during tho year b y the conversion
o f notes). The board did not distribute this full am ount, but, follow ing
their conservative policy, declared in April a dividend o f 75 cts. per share
( l 'A % ). the first dividend ever paid on the com m on stock, and in O ctober
another dividend o f 75 cts. per share. [V. 94, p. 1187; V . 95, p . 1124. On
A pril 15 1913 the semi-annual dividend on com m on shares was m ade $1
per share, or 2 % . V . 96, p . 1090.]
Status.— For 13 years past the com pany has devoted its resources to up ­
building its property and im proving its service at an expenditure o f about
$19,500,000. T ho com pany has no floating d ebt and on D ec. 31 it had
on hand $485,595 cash, $450,000 notes o f Balt. Sparrows F t. & Chesapeake
R y . C o. and $100,000 notes o f Balt. Halethorpe & Elkridgo R y . C o . (these
notes representing part o f cost o f building their properties); also unpledged
$889,000 o f its own first cons. M . 4 % bonds.
Taxes.— The total taxes and public charges in 1912 paid b y the com pany
were $992,397, an increase o f $164,014. This represents 11A % o f our
gross revenue, 21% o f net receipts and the total net earnings o f about one
car In every fiv e . T h e taxes here m entioned include w ith others, park
tax ($550,677, an increase o f $34,935), cost o f paving streets, track changes
necessitated by re-grading o f streets and highways, sewerago com m ission
work, widening o f streets, & c. The Federal excise tax was $15,720.
Wages.— Wages were increased April 11 1912 to m otorm en,conductors,& c.
Bonds.— During tho year the Central R y . m ortgage, m aturing July 1
*912, was released. The first consol, m ortgago 4% bonds o f your com pany
-r e now an absolute first lien upon 182 miles o f the system

1224

T H E C H R O N IC L E

Three-Year Conrerlible Notes and Capital Stock.— O f tho 53,125,000 3-year
secured convertible notes o f 1911, $435,000 had up to Dec. 31 1912 boon
con verted into 17,400 shares (5870,000) o f com m on stock (par $50).
O f the $2,500,000 first consol. M . 4s pledged as part collateral fo r these
notes, there have been withdrawn an amount proportional to tho notes
con verted , nam ely $348,000, increasing tho amount o f these bonds held
freo in tho treasury to $889,000.
Power Plants.— In view o f the fact that the com pany’s power require­
m ents were to a largo extent supplied from tho H oltw ood plant o f the Penn­
sylvania W ater & Power C o ., very little work was necessary at tho Pratt
S t. pow er house. T h e generator capacity o f tho Owings M ills station
was increased from 930 k.w . to 1,080 k.w. by tho installation of a 150 k.w .
generator form erly used in the abandoned Carey St. power station.
Owing to the increased power demand incident to the growth in traffic,
and especially that anticipated b y reason o f tho Dem ocratic National C on­
vention held last June, an order was placed for tw o 2,000 k.w . rotary con­
verters, with the necessary transformers and switching apparatus.
P -A -Y -E Cars.— Follow ing our policy o f increasing tho P -A -Y -E equip­
m ent, 60 new double-truck sem i-convertiblo cars were placed in service
during the year on the G ay St. line. Five double-truck sem i-convertible
cars Were remodeled to the P -A -Y -E type, and added to tho equipment o f
the Calvert St. line. T otal P -A -Y -E cars in operation on system , 182.
OPERATIONS A N D FISC AL'R E SU LTS.
„
„
1912.
1911.
1910.
1909.
C ar m iles .......................... 29.472,537 28,698,339 27,911,573 27,124,556
Revenue passengers____172,233,341 161,467,727 154,928,785 145,601,990
Transfers........................... 69,344,828 64,643,636 60,789,807 57.030,556
•
$
s
s
%
R e v . from t r a n s p o r t s .. 8.454,0271 8,025,758
7,687,895
7,209,984
R e v . other than tra n s ..
117.462J
Expenses—
M aint. o f way & structs
M aint. o f equipm ent___
T ra ffic expen ses..

T otal oper. expenses.
Other incom e.
Deductions—
Interest on bonds______
Park and other taxes___
R e n t a ls ________________
Interest and discount___
Int. on car trust certfs. .
T o t a l .............................
M d . E l. R ys. M . sk. fd .
W ritten o ff for extraord.
expenditures su b j. to
final distribution by
board o f directors____
E xting. disc. & s e cu rs ..
Depreciation___________
Int. on Income bonds &
pref. dividends______

8,571,489

8,025,758

7,687,895

7.209,9 84

432,528
411,386
9,3561
2,339.309/
676,296

330,920
426,925
2,181,488

287,033
413,725
2,141,753

257,995
375,886
2,050,4213

741,760

759,385

677,562

3,868,876
4,702,613
5,515
4,708,128

3,681,093
4,344,665
2,640
4,347,305

3,601,896
4,085,999
2,490
4,088,489

3,361,872
3,848,112
2,490
3,850,602

2,133,959
796,076
7,658
1,909
4,812
2.944.415
1,763,713
60,000

2,095,775
725,559
8,052

2,043,839
705,292
7,567

30,300
2,859,686
1,487,619
60,000

44,937
2,801,635
1,286,854
60,000

2,007,830
650,546
7,911
13
52.888
2,719,188
1,131,414
*15,000

450,944

864,049

1,013,413

38,056
428,574

560,000
560,000
a463,050
B al., surplus for yea r. ’ 214,032
416,675
362,805
103,001
* For three m onths, a T h e dividends on tho com m on stock paid during
the year (two distributions o f 114% each) were charged b y tho com pany
against profit and loss, but arc here shown for the sake o f sim plicity.
A
semi-annual dividend o f 2 % was paid on A p r. 11 1913 on tho $19,568,­
800 com m on stock as increased b y exchange for convertible notes.]
B A LA N C E SHEET DEC. 31.
1912.
1911.
1912.
Liabilities—
8
Assets—
S
S
Common stock
15,870,000
Cost of road, equip­
ment, A c ......... 67,806,484 67,351,212 Pref. stock........ .
24,000
Bonds (see "Elec.
Investments— bds.
Ry. Section” ) . . 42,458,000
and stocks........
122,577
122,577
2d M. income 4 s.. 13,976,000
Cos.’ bds. in treas.—
Cent. R y. cons. 5s
8,000
6,000 Accounts payable102,014
U. It. & E. cons.4s 888,950
540,950 Accrued interest..
580,912
Cash........ .............
485,595
468,431 Accrued taxes___
152,053
Accts. receivable.
87,049
124,818 Miscellaneous____
16,374
Notes receivable..
622,891
309,862 Deferred UabllitlcaH,461,516
Supplies and coal.
314,598
284,369 Surplus................ 1,038,775
Deferred assets__ i/8,343,499 8,335,980

1911.
s

15,000,000
25,000
42,545,000
13,975,000
93,617
591,302
135,086
14,991
4,331,160
833,043

T o ta l................ 78,679,644 77,544,199
T o t a l . .............78,679,644 77,544,199
V “ Deferred assets” embrace real estate, buildings, machinery, cars, equipment,
A c., Maryland Electric Rys. (per contra), 84,000,000; equipment purchased (ad
interim) through Fidelity Trust Co., 861,250; incomo bond coupons held by Maryland
Trust Co., trustee, against funding bonds under funding agreement dated July 25
1906, 83,920,000; Mercantile Trust & Deposit Co., trustee, l.H% sinking fund,
Maryland Electric Ry. 5s, $191,750; paving commission (suspense), $18,664; mis­
cellaneous, $151,835.
2 "Deferred liabilities” Include: Accident reserve, $90,698; car trust Series A,
$70,000; Maryland Electric R y. bonds, obligations under agreement to purchase
the leased property for an amount equal to principal of bonds at maturity ,84,000,000;
sinking fund for retirement of Maryland Electric Rys. bonds, $206,700; reserve for
depreciation, $49,459 (after deducting 8379,116 expended); city paving (suspense),
$18,664; other miscellaneous items, $25,916.— V. 96, p. 1158, 1090.

Portland (Ore.) Railway, Light & Power Co.
{Report for Fiscal Year ending Dec. 3 1 1 9 1 2 . )
P r e s . B . S . J o s s e l y n , P o r t l a n d , O r o ., M a r c h 1 , w r o t e
[o o m p a r e m a p o n p a g o 1 0 8 o f “ E l e c t r i c R a i l w a y S e c t i o n ” ]:

Results.— The increase in gross earnings, amounting to $305,605, or 4 .8 % ,
Is less than in previous years, duo to tho fact that the general business d e­
pression did not m ako itself felt in Portland until 1912. Tho operating
percentage o f 42.9% is lower than before, resulting in an increase in net
earnings o f $185,580. During 1911-12 thero was an increase in taxation
applicable to 1911-12, and part o f the 1911 increase which had not been
properly provided for in that year was absorbed in the first six months of
1912, resulting in a largo total increase in taxes for tho year 1912. Bettorments and im provem ents during 1911 and the financing accomplished
early in 1912 resulted in an increase o f fixed charges in 1912, resulting in
a decrease in surplus o f $204,120. M any o f the improvements and bet­
terments started in 1911 were com pleted in 1912. including extensions and
improvem ents o f the railway lines, now cars and now car housos and carrepair shops, additional generating capacity, sub-stations, transmission
lines, distribution lines and custom ers’ installations.
Acquisitions.— In tho spring o f 1912 tho property o f tho M ount H ood
Railw ay & Power C o. was purchased, including a hydro-electric plant o f
abou t 18,000 h. p ., first Installation, 21 miles o f Interurban railway, steam
power station, sub-stations, transmission and distribution lines. During
the year this hydro-electric plant was com pleted except for tho diversion
dam on the Big Sandy River, work upon which will be finished in a few
m onths, after which time this plant will be o f great value to your com pany.
A now 7,500 k. w. turbino has been installed in one o f our steam stations.
N ever in our history have wo been so well provided with generating capacity
to meet the demands o f the immediate future. The com pany is constantly
preparing for additional generating capacity, and the comprehensive plans
now under way will bo carried out as required. The total expenditures
during 1912 for improvem ents and betterments, asoutlined above, and for
tho purchase o f tho M ou nt H ood Railway Sc Rower C o. properties, were
$7,671,021 (V . 94. p . 983, 1119).
Sales of Properly.— T w o detached pieces o f railway property were sold
during tho year, namely tho railway property in Salem, semo 50 miles
south o f Rortland, for $355,333, and a small interurban lino on tho south
side o f the W illamette River at Oregon C ity , for $170,000.
For somo years past negotiations have been progressing with tho U. S.
Governm ent covering the salo o f tho canal and locks at Oregon C ity .
A n agreement to sell for $375,000 ivas mado about a year ago, and wo an­
ticipate tho recoipt o f tho purchase price within a few m onths.




[Vol. XCVI

Property.— Our railway system consists o f 283.677 miles on single-track
basis, equipped with 634 passenger, 506 freight and work cars and 14 lo co ­
m otives (V . 96, p. 654, 1157; V. 95, p. 1542).
T ho connected light and power load on D ec. 31 1912 was 70,043 lc. w . an
increase o f 10,684 k. w ., or 18% . Tho number o f light and power custom ers
on D ec. 31 1912 was 38,415, an incroaso o f 5,223, or 15.7% .
Bonds— Call on Stock— Special Dividend.— Early in 1912 an issuo o f S16 000,000 o f first and refunding 5 % bonds upon the entire property was sold
the proceeds boing used to retiro outstanding bonds and notes, to pay o ff
floating debt and provido for improvements (V . 94, p . 631 1110 i 9 6 0 V. 95, p. 1473, 1746; V . 95, p. 1274, 1332). Additional fluids were pro­
vided in the latter part o f the year by a call o f $5 per share (amounting to
$1,250,000) upon tho stock o f the com pany.
A t the same time a special
dividend o f $5 per sharo was declared payable b y crediting that amount on
tho balance remaining uncalled on the stock, making tho stock 75% paid.
PRODUCTION OF E LEC TR IC ITY— TOTAL E A R N S ., EXPE N SES, & c.
T_,|
. .
, ,
1909.
1910.
1911.
1912.
E lectricity p rod ., k . w . .
98,154,374 120,703,715 152.244,267 169,609,004
Per cent o f increase.
13.2%
23.0%
26.1%
11.4%
P. c. generated b y water
91,9%
84.4%
8 6.4 %
88.5%
Gross receipts..............
$4,818,022
$5,638,895 $6,336,703 $6,642,308
Operating expenses------ 2,196,496
2,444,178
2.729.629
2,849,654
u
$2,621,526 $3,194,717
Fixed charges--------------1,493,039 1,678,228

$3,607,074
1,850,548

$3,792,654
2,240,248

Balance, su rp lu s.----------$1,128,487 $1,516,489 $1,756,526
$1,552,406
P. c. o f operating e x p ..
4 5.6 %
4 3.3 %
43.1%
4 2.9 %
B ALA N C E SHEET DECEMBER 31.
1911.
1912.
1912.
1911.
Asset?—
s
$
Liabilities—
S
$
Plant, prop. & eq.48,526,918 57,883,884 Capital stock___ 16,246,875 18,750,000
Securities owned..
351,062
258,027 Funded debt........ 29,615,000 39,000,000
Supplies........ .......
686,627
672,042 Bills payable____ 1,128,821
20,300
Def. & susp. items 325,515
309,279 Accounts payable296,739
351,871
Cash...............
240,717 1,102,924 Paving assessm’ts 1,110,475 1,087,055
Sk. fd. investm’ts.
297,454
298,672 Accrued accounts.
585,747 1,035,429
Bills & accts. re c..
535,912
746,752 Surplus ................ 1,980,548 1,026,925
T o ta l................ 50,964,205 61,271,580
— V. 95, p. 1157, 1022.

T o ta l................. 50,964,205 61,271,580

Augusta-Aiken Ry. & Electric Corp. of South Carolina
{Report for 2 6 Months ending Dec. 3 1 1 9 1 2 . )
P re sid e n t F r a n k lin Q . B r o w n , N e w Y o r k , M a r . 2 5 , w ro te
in s u b s t a n c e (s e e m a p p a g e 1 0 “ E l e c t r i c R y . S e c t i o n ” ) :

This corporation owns the properties formerly belonging to tho A ugusta
R y. & Electric C o ., the Augusta & Aiken R y. C o. and tho N orth Augusta
Electric & Im pt. C o ., including the street railway and electric lighting sys­
tems in A u gu sta,G a., and vicinity; electric interurban railroads from A u g­
usta to A iken, 8 . G .; the wtaer works in N orth Augusta and certain real
estate; all o f tho securities o f tho N orth Augusta Hotel C o ., which owns tho
H ampton lerra co Hotel in N orth Augusta, S. C ., and all o f tho securities
(except one missing share) o f the North Augusta Land C o ., which owns
real es;ate in North Augusta and vicinity.
This roport shows the operations for the 26 months ending D ec. 31 1912
o f all o f tile properties now owned b y tho corporation, and its subsidiaries,
these properties having been operated b y the corporation since July 1 1911,
but prior to that time by Its predecessor companies.
During this period a largo amount of m oney has been spent in extensions,
betterments and rehabilitation. A steam power plant has been built o f
tiro-proof construction, with m odem equipment. T ho electric-lighting
wires have boon placed underground in tho business centro o f Augusta,
now linos o f street railway have been built and equipment purchased.
Realizing that tho growth o f Augusta and its suburbs will croatc a greater
demand for power, tho corporation has endeavored to arrange for sufficient
power to meet any demands that m ay bo made upon it. A hydro-electric
plant is being built for tho Georgia-Carolina Rower C o. on tho Savannah
River near tho m outh o f Stevens Creek, about eight miles from Augusta,
and the initial developm ent, which is now well under way, should bo com ­
pleted before July 1 1914, affording an estimated capacity o f about 12,000
h. p. tor delivory to customers in a low-water year. Provision is being mado
in tho power house su b structure for tho installation o f additional units o f
a generating capacity o f 12,000 h .p ., whenever business warrants. Upon
com pletion o f the initial developm ent, the plant is to be turned over to the

stock o f tho Georgia-Carolina Rower C o .), and has guaranteed the bonds o f
tho Rower C o ., o f which $2,500,000 are now outstanding, as to interest,
sinking fund and principal at m aturity, in 1952, in so far as they are not
retired by the sinking fund, and has also guaranteed dividends from July 1
1915 upon tho $750,000 prof, stock o f the Georgia-Carolina Investm ent C o .
1’ho above arrangements will furnish the Augusta-Aiken R y. Sc Elec. C orp.
at favorable terms with electrical power for the operation o f its street rail­
ways and lighting and power system (see V. 95, p . 175, 234).
T he physical condition o f the property is excellent, and our relations w ith
our em ployees, m unicipal authorities and the public are harm onious.
E AR N IN G S A N D EXPENSES 26 M O N TH S E N D IN G DEC. 311912.
Gross earnings......... .......... $1,426,368 ! Int. Sc s. fd .. underlying bds.gl 19,167
Oper. expenses and taxes.
772,068 Int. oil 5s o f 1910__________ 273,980
— — -------- 1Interest on floating d ob t
367
N et earnings___________ $65-1,3001
-------------Surplus for dividends, & c______________________________________ $260,786
Dividends on pref. stock from O cj . 1 1911, 1f i % quar. ( 7 % ) III 1121.500
N ot surplus for 26 m onths_____________________________________ $148,286
CONSOLIDATED BAL. SHEET. IN CL . SU B S ID IAR IE S , DEC. 31 1912.
Assets ($8,555,979)—
Cost o f properties, plant, franchises, construction and equipment,
and investment accou nt_______________________ ____
. _ _ $ 8 137 950
Augusta-Aiken R y . Sc Elec. C orp. 5 % sink. fd . gold bonds, 19351 ’200’,000
Current assets; Materials and supplies________________
55 473
A cc’ts and bills receivable, $89,882; less reserve for doubtful
’
accounts, $ 1 ,0 1 1 ; balance______________________________
88,871
l ’ repaid accounts, S8.974; cash on hand and in banks, $17,041
26,015
Sinking fund Augusta R y. & E lec. C o. 1st M . 5s purchased.
$47,000; cash, $664; to ta l_______________________________
47,064
Liabilities ($8,555,979)—
Com m on stock, $2,250,000; pref. stock, $1,500,000; total
$3,750,000
Sinking fund gold bonds. $3,000,000; Augusta R y. & El. C o . 1st
M . 5s, $1,000,000; to ta l_____________
*
4.000,000
--------- *-«------------------------•
- ............
" ’ "5 9 8
827
.
_______________ ___________________
_ .663
Reserves, $348,526; surplus, $265,365; t o t a l._____ ______ _______
613,891
V. 95, p . 1683,1121.

The Duluth-Superior Traction Co.
{Report for Fiscal Year ending Dec. 3 1 1 9 1 2 , )
P r e s . C . G . G o o d r i c h , J a n . 2 9 , w r o t e in s u b s t a n c e :

Strike.— T he deficit o f $71,338 for the year 1912 is tho result o f tho car­
men s strike during September and October. T o have yielded to tho domauds o f the new organization would have been unfair to 90% o f our loyal
em ployees, who appeared to be as m uch averse to being put under tho eontroi
o f union labor leaders as the com pany was. Your directors Instructed the
m anagem ent to stand firm ly for the open-shop principle. T ho strike lasted
from Sept. 9 to N ov. 6, being then officially declared o ff by tho local union,
but normal earnings wero not com pletely restored until about Dec. 1.
This is the first labor trouble tho com pany has experienced slnco 1899.
Now cars, construction and extensions have cost $180,022. There was
expended for renewals and charged against depreciation resorvo $45,067.
T ho appropriation to depreciation reserve for tho year was $70,114. D e­
preciation reserve for tho year now amounts to $310,269.
BfttBonds.— During tho year 276 general mortgago 20-yoar 5% gold bonds o f
tho Duluth Street R y. C o. havo been sold and tho proccods applied against
the cost o f construction, new care, &c.
Dividends.— T ho usual dividends havo boon declared and paid.

T H E C H R O N IC L E

A pr. 2G 1913.]
IN C O M E ACCOU N T.
1911.
1912.
Rovenuo pass, ca rr ie d .. 21,132,003 22,186,930
3,787,791
Transfers redeem ed____ 3,716,619
$
Revenues—
$
1,110,246
Transportation rovenuo. 1,060,937
25,054
22,322
Other revenue__________

1910.
21,624,039
4.036.815
g
1.082.815
8,767

1909.
19,431,381
3,778,780
$
972,509
25.097

1,083,259

1,135,300

1,091,582

997,606

38,205
49,868
618
414,886
126,610

46,634
51,067
700
389,907
119,727

49,994
52.872
786
366.185
134,238

42,571
47,457
910
345,873
122,999

608,135
604,075
527,165
487,507
208,161
190,779
60,000
60,000
(5) 175,000 (4 44) 157,500
54.579
58,288

559,811
437,795
172,366
60.000
(2)70.000
48,578

T otal rovenuo_______
Expenses—
W ay and structures____
E q u ip m e n t____ ________
T ra ffic _____________ C onducting transporta’n
General and m iscoll------

T otal exp en ses---------N et earnings. ------------Interost anti t a x e s -------Pref. dividends ( 4 % ) ---Com m on dividends__ (5 % )
D eprec’n appropriation.

630,187
453,072
219,295
60,000
175,000
70,114

86,851
Balance, surplus_____
71,338
24,649
25,715
B ALA N C E SHEET DEC. 31.
1912.
1911.
1912.
1911.
s
Assets—
S
Liabilities—
Road way,equip., A C-8 989,150 8,809,134 Common stock........ 3 ,500,000 3.500.000
Reserve fund (invest.) 273,493 273,493 Preferred stock____ 1 ,500,000 1.500.000
Cash on hand........ .
33,373
20,328 First M. 5% bonds. .2 ,500,000 2.500.000
Accounts rccelvable.
13,571
8,070 Gen. mtge. bonds— 833,000 557,000
54,229
Material & supplies. 110,097
82,400 Hills payable---------- 171,500
71,659
53,546
Approved vouchers.
Interest prepaid----871
119,515
Prepaid Insurance. .
1,580 Accrued int. & taxes 77,130
1,585
Accrued interest___
2,412
2,413 Renewal, Ac., funds 339,979 304,113
4,216
Miscellaneous____
3,552
Surplus----------------- 427,075 605,529
T o ta l.................... 9,424,559 9,197,484
— V . 90, p. 710.

Deduct-

1 9 1 2 .)

E AR N IN G S, EXPE N SES A N D CHARGES.
-------------Years ending Dec. 31------------- 15 M os. end.
Dec. 31 '09.
1912.
1910.
1911.
$519,002
;.$1,227,772
$238,117
$702,981
. $108,390
.
63,163
.
51,022
K % )9 4 ,3 2 1

$118,116
68,400
32,978

$94,865
50.983
25,526

$107,037
56,686
51,547
(154)36,674

T o t a l ............................ .
.

$316,895
$910,876

$219,494
$483,487

1'

400,332

263,379

814,729

1,026,357

$1,311,208
710,080

$746,866
346,534

$1,162,357
898,978

$1,012,530
197,801

T o ta l.

;.

$171,374
$251,944
$347,628 def.S 13,827

Surplus and reserve ac­
counts at end o f year $601,128
$100,332
$263,379
B A L A N C E SHEE T DECEM BER 31.
1912.
1912.
1911.
Liabilities—
S
A ssets—
$
8
Common stock........2 ,627,550
Patents, franchises,
good-will, &c____ 2,016,598 2,021,062 Preferred stock........2 096,630
Plants...............
2,341,575 2,383,521 Mortgage on fnctory
real estate______
Raw material (cost). 259,906
176,023
Mtge. bonds 1910-30 1 374,900
Goods in process of
72,370
manufacture (cost) 263,739
191,355 Debentures..............
Coupon notes_____
Goods completed, on
hand (cost)_____ 835,714
723,709 Curr .accts. ,accr .Int.
Accts. & bills recelv. 1,258,594 1,108,420
A taxes not yet due,
Cash............
152,179 176,174
and bills payable. . 847,965
648,718 Surplus and reserve
Stocks and bonds__ *449,658
Miscellaneous assets. 42,579
30,557
accounts________ 601,128

$814,729

2,627,550
2,095,630
100,000
1,408,900
73,770
01,400
091,957
400,332

Total.....................7,620,543 7,459,539
Total. ...................7,620,543 7,459.539
* Stocks o f allied com panies only In 1912.— V . 96, p . 792, 137.

Homestake Mining Co., New York.
(Report for Fiscal Year ending Dec. 3 1 1 9 1 2 .)
S u p t . T . J . G r ie r r e p o rte d to P r e s . J . B . H a g g in o n D e e . 3 1 :

Another year in the life o f the Hom estake ends to-day, with tire property
in fine physical condition, everything about it running sm oothly, and many
years o f ore reserves in sight. Our hydro-electric power plant on Spearfish
Creek was com pleted and the power applied. Num erous lesser betterments
also were added. During the year 914 lineal ft. o f raises, 15,264 ft. o f
drifts and 550 ft. o f shafts were excavated, making the Ellison shaft 1,850
ft . deep, 13. & M . shaft 1,550 ft. deep, Golden Prospect 1,100 ft . deep'
G olden Star 1,400 ft. deep, Old 13rig 800 ft. deep. Golden G ate, 800 ft. deep.
W o have broken in the mine, but there remain in the stones 2,030,217 tons
o f ore, and wo hope for as much prosperity in 1913 as in the last 12 months.
[Beginning on Jan. 25 1913, tfxe m onthly dividend was increased to 65c.
per share, com paring witli 50c. m onthly from M ar. 1910 to D ec. 1912, incl.
A stock dividend also o f 15% was paid Alar. 25 1913, the authorized capital
stock being increased thereby from $22,000,000 (including $160,000 unis­
sued) to $25,116,000, to reimburse stockholders for expenditures for capital
purposes from Juno l 1905 to N o v . l 1 9 1 2 , aggregating $3,359,786.—
V. 96. p. 138, 205, 793.]
RESULTS FROM OPERATION S.
Year end'y 7 M o.end. — Years end. M ay 31— 1
D ec. 31 '12 Dec. 3 1 '1 1
1910.
1911.
T on s o f gold oro m ille d .. 1,528,923
888,507
1,408,263
1,237,381
A vgo. proceeds per t o n ..
$4,317
$4,120
$3,635
$3,576
T otal proceeds o f bars— “ 6,600,953 $3,661,152 $5,251,454 54,498,751
Inc.from fd y .,s u p p .,& c ..
189,944
123,490
122,484
123,609
T otal incom e__________ $6,790,897

$3,784,642

$5,375,063

$4,621,235

Oper. and gen. expenses $3,944,933 $2,208,467 $3,917,494 $3,304,743
54,231
Ellison shaft____________
81,088
93,575
92,797
806
P roperty purchase______
151,5b7
307
1,803
250,119
C onstruction and surveys
232,930
391,754
327,742
92,359
T a x e s____________________
112,491
59,011
106,990
D1 vs.on'$2i,840~,660stk(6) 1,310,400(3^ )7 6 4 ,4 0 0 (6)1,310,400(4 ^ )9 8 2 [8 0 0
$3,370,382
.$5,772,601 ^
-----------------------------T otal deductions..........$5,833,409 -------$4,816,875
B a la n c e ______ ________ sur.$957,488 sur.$414,260 del.$397,538 def.S 195,641
641
Surplus brought forw ard498.470
84,210
481.748
6 T* QOn
389
T otal su rp lu s .............. .$1,455,958
$498,470
$84,210
$481,748
B A L A N C E SHEET J A N U A R Y 1.
1913.
1912.
1913.
1912.
Assets—
5
$
Liabilities—
S
S
♦Property accmmt21,840,000 21,840,000 Capital stock........ 21,840,000 21,840,000
Balanco In banks.
1,614,929 484,891 Accounts payable.
2,942
41,311
Balance with Su­
Outatand’g drafts.
492,713 307,093
perintendent___
83,051
105,322 Unclaimed diva__
5,661
5,931
Bullion in transit.
273,790 202,592 Profit and loss___ 1,470,400
498,471
Total................. 23,811,776 22,752,806
Total..................23,811,770 22,752,800
* Property account consists o f mines, hoisting works, stamp mills, rogrinding plant, compressor plants, pum ping plants, electric-lighting plants,
tim ber lands, assay ollico, buildings, refining plant, m achine shop, foundry,
waterjrlghts. franchises, &c\, &c.— V . 96, p. 793, 719.




Wellman-Seaver-Morgan Co., Cleveland and Akron.
(Statement for Year ending Dec. 3 1 1 9 1 2 . )
T h i s c o m p a n y o p e r a t e s e x t e n s i v e p l a n t s in C l e v e l a n d a n d
A k r o n , O h io , m a n u fa c t u r in g o r e a n d c o a l-h a n d lin g m a c h in ­
e r y , c a r -d u m p e r s , h o is tin g e n g in e s , w a te r -p o w e r a n d s t e e lp la n t e q u ip m e n t s , a n d o th e r h e a v y m a c h in e r y .
I t s p la n t s ,
a t la s t a c c o u n t s ( 1 9 1 1 ) , c o v e r e d 5 6 a c r e s a n d c o n ta in e d o v e r
4 5 0 ,0 0 0 s q . f t . o f flo o r s p a c e .
D iv id e n d s h a v e b e e n p a id o n
t h e p r e f . s t o c k w i t h o u t i n t e r r u p t i o n s in c e d a t e o f i s s u e , b u t
t h e p r e s e n t c o n s e r v a t i v e m a n a g e m e n t s in c e i t s a c c e s s i o n
s e v e r a l y e a r s a g o h a s m a d e n o d i s t r i b u t i o n o f e a r n in g s t o
c o m m o n s h a r e h o ld e r s .
T h e b o n d e d d e b t w a s o r ig in a lly
S I , 1 0 0 ,0 0 0 .
T h e b o n d s ( 5 K s ) m a t u r e 8 4 0 , 0 0 0 e a c h s ix
m o n th s.
N o p r i n t e d r e p o r t s a r e is s u e d , b u t t h e f o l l o w i n g
d a t a a re u n d e r s to o d to b e a u t h o r it a t iv e (se e V . 9 4 , p . 2 8 5 ) .

IN C O M E A C C O U N T YEARS E N D IN G DECEM BER 31.
1912.
1911.
1910.
$2,395,239 $1,826,255 $2,770,347
. 1,895,598
1,445,6391
.
254,579
228,752 / 2,422,754
Deduct—
Interest on borrowed m oney.
Bond interest________________
Depreciation________________
Preferred dividends (7 % ) —
Balanco, surplus.

T o ta l.................... 9,424,559 9,197,484

American Graphophone Co.
(Report for Fiscal Year ending Dec. 3 1

M a intenance_____
D epreciation, & c.

1225

Assets—
Plants..................... «2
Pat’ts, goodwill, Ac.
Office furniture........
Organ’n, Ac., accts.ft
Cash to pay bonds.c
Cash on hand_____
Accts.A bills rec.,Ac.
Inventory_________

.

$245,062

.
.
.
.

$26,186
29,333
50,371
43.134

$151,864

$347,593

$21,312]
37,217)

$80,240

43,134

43,134

.
$96,038
$50,202
$224,219
B A L A N C E SHEET DECEM BER 31.
1912.
1911.
1912.
1911.
s
$
Liabilities—
§
$
,416,772 2,390,125 Common stock____ 1,834,900 1,834,900
453,678 315,837 Pref. stock(5700,000) 616,200 616,200
..........
12,805 First mtg. serial 5Hs 480,000 640.000
______
145,616 Accounts payable__ 1
115,120
_____
85,000 Bills payable.......... . [ 927,527
360.000
103,440 Acer. Int., wages, Ac.J
107,113
53,575
399,586
513,044
Profit and loss........ 454,036
366,150
822,057 533,535

T o ta l.................. .4,312,663 3,985,945

Total..................... 4,312,663 3,985,945

a Less depreciation reserve, b Organization and re-financing expense
accounts, c Called for paym ent M ar. 15 1912.— V . 94, p . 285.

American Piano Co.
(Report for Fiscal Year ending Dec.

31

1 9 1 2 .)

RESULTS FROM OPERATION.
1912.
1911.
1910.
Sales......................................$3,287,171 $3,138,618 $3,425,670
$382,799
$439,206
N et earnings____________ $392,493
Preferred dividends (7 % )
270,102
270,102
270,102

1909.
$3,100,000
$469,995
270.102

Balance, su rp lu s........... $122,391
$112,697
$169,101
$199,893
B A L A N C E SH EET DECEMBER 31.
1912.
1911.
1912.
1911.
Assets—
$
s
Liabilities—
S
S
Real estate, plant A
Preferred stock_____ 3 ,858,600 3,858,600
equipment........ . 1,605,950 1,603,421 Common stock_____3 ,161,100 3,161,100
Patents, trade-marks
Notes payable______ 1,553,000 1,585,500
and good-will___ 3,736,008 3,732,861 Accounts payable__ 184,780
75,421
Investments......... ..
135,052
132,767 Accrued wages........
17,590
5,983
Cash_______
343,008
263,494 Preferred dividend,
Accts. A notesrecciv.2,025,989 2,054,987
payable Jan. 1__
67,525
67,525
Fin .prod.,mat .Asup. 1,521,042 1,398,163 Surplus ..................... 707,688 585,297
Miscellaneous........... 182,635
153,733
Total..................... 9,550,284 9,339,426
- V . 96, p. 948.

T o ta l.................... 9,550,284 9,339,426

Brunswick-Balke-Collender Co.
(Report for Fiscal Year ending Dec. 3 1 1 9 1 2 . )
RESULTS FOR CALENDAR YEAR.
1912.
1911
1912.
1911.
Net, after deprec.*$l,786,608*$l,5 41,289 Balance for d iv s ..$1,580,617 $1,541,289
S indry charges,
Pref. dlvs. ( 7 % )..
415,427
$419,662
reserves, Ac___ a205,991
---------Bal. for d iv s ...$1,580,617 $1,541,289

Bal., surplus...$1,165 ,190 $1,121,627

* The net profits, after providing for depreciation, were $1,268,748 and $1,384,748 in 1910 and 1909, respectively, a Sundry special expenditures and charges.
Including additional reserves for contingencies and other purposes (net).
BALANCE SHEET, DEC. 31.
1912.
1912.
1911.
1911.
Assets--Liabilities—
$
$
$
$
Real est., plant,
Preferred stock__ 5,8S0,000
5,940,000
mach’y, A c----- 4,645,723 3,804,359 Common stock__ 6,000,000 6,000,000
Sundry loans and
Minority stockh’rs
investments___
233,043
233,294
int.in sub.co.stk.
21,942
21,942
Inventories.......... 5,518,088 4,913,030 Acc'ts A bills pay. 1,511,067
569,211
Acc’tsA b illsre c.. 5,038,645 4,254,828 Sundry reserves..
150,000
123,433
C a s h ............. .
402,008
579,094 Iliv. pay. Jan. 1 ..
102,900
103,950
Uncxp. lnsur., A c.
115,218
95,558 Profit A loss........ 2,286,817 1,121,627
Total .......... ...15,952,726 13,880,163
V. 96,p. 1158.

T o ta l................ 15,952,726 13,880,163

Midvale Steel Co., Philadelphia.
(Report for Fiscal Year ending Oct. 3 1 1 9 1 2 . )
RESULTS FOR YEARS E N D IN G OCT. 31.
1911-12.
1910-11.
1909-10.

Profits over all costs,
charges and expenses,
Including depreciation
Deduct— D iv id e n d s ____
Firo Insurance f u n d ..

$770,951
$585,000
100,000

$816,518
$487,500
100,000

$1,411,181
*$367,500
100,000

1908-09.
S 555,347
$150,000

Ilal., sur. for year____
$85,951
$229,018
$943,681
$405,347
* Also stock dividend o f 1200% paid to stockholders o f record Feb. 1910,
calling for $9,000,000.
N ote.— In addition to the deductions from profit and loss account there
has been further charged $127,650, representing a fund for distribution as
salary bonus.
B AL A N C E SHEET OCT. 31.
1912.
1911.
1912.
1911.
Liabilities—
S
5
Assets—
(
S
10,942,848 10,560,531 Capital stock----- 9,750,000 9,750,000
Prop. A eqt
100,000 Bills payable........ 1,900,000 1,350,000
100,000
Patterns . .
2,625,173 1,744,872 Accounts payable.
616,681
296,119
890,884 Miscellaneous . . .
004,046
Raw materials__
13,342
8 562
479,745 Fire insur. fund..
459,488
Mdse., coal, A c ..
400,000
300,000
1,178,637 1,180,601 Surplus................ 3,738,152 3,652,200
300,000
400,000
Invcstm’ts In bds.
107,983

100,248

T o ta l.............. . 16,418,175 15,356,882
- V . 96, p . 557.

T o ta l................ 16,418,175 15,356,882

1*26

T H E C H R O N IC L E
Bush Terminal Co., New York City.

[In c lu d in g

B u sh

T e r m in a l B u ild in g s

(Results for Fiscal Year ending Dec.

31

[V o

l

. XCVI.

The Goldfield (Nev.) Consolidated Mines Company.
(Report for 1 4 Months ending Dec. 3 1 1 9 1 2 . )

C o .]
1 9 1 2 .)

P r e s . G e o . W i n g f i e l d , G o l d f i e l d , D e e . 3 1 , w r o t e in s u b s t . :

P r e s . I r v i n g T . B u s h , A p r i l 2 , w r o t e in s u b s t a n c e :

D uring the 14 m onths tho property has produced 415,786 tons o f ore o f
an average value o f $19 77, or $8,220,238. D educting metallurgical losses
o f $564,218, and the cost o f a small am ount o f ore purchased, v iz., $3,975,
leaves the values realized from the production o f tho period $7,652,046, or
$18 40 per ton. T h e gross expenses o f the period, which include mining,
m illing, transportation, construction, taxation and general expense,
were $2,765,646, leaving net realizations from operation $4,886,399.
T h e costs per ton during the 14 m onths’ period were less b y $1 36 than
during the previous fiscal year. T h e notew orthy items m aking up this
figure are reduced costs of: M illing, .28 per ton: m arketing concentrates,
& c., .61 per ton; marketing bullion, .08 per ton; general expense, .10 per ton.
T w o dividends at 50 cents per share each and two dividends at 30.cents
per share each, or $1 60 per share, were disbursed within the period, aggre­
gating $5,694,637. W hile these disbursements exceeded the net realiza­
tions o f the period, tho surplus o f previous years m ade them possible.
T h o m aintenance o f a cash reserve o f $1,000,000 was not strictly adhered
to, as the status o f the com pany’s plants was such as to m ake adherence to
the policy unnecessary. N o radical departure from that p olicy occurred,
how ever, and the com pany closes the period with cash balances o f $728,­
823, with bullion and miscellaneous products settlements outstanding o f
$214,774. T h e com pany has no debts.
T h e additional milling facilities costing approxim ately $79,000, referred
to in the last annual report, becam e operative in F eb. 1912, resulting in
an Increase o f profit from milling operations o f 50 cents per ton o f oro m illed,
through the elimination o f the marketing o f concentrates.
Depreciation o f plant and equipment has been written o f f to the extent
o f $140,790. A rbitrary depreciation o f mine property, at $16 36 per ton ,
has also been written o ff, as was done last year. Developm ent work has
been perform ed within the period to the extent o f 48,146 feet.
C o n d e n s e d E xtra cts from R e p o r t o f G e n e ra l S u p t. J . F. T h o r n .
Development Work.— In tho Com bination mine, 6,236 ft. o f developm ent
work was perform ed, w hich, together with tho new sill floors, produced
6,040 tons o f ore, averaging $27 12 per ton, or a total value or $163,805.
T h e principal new ore b od y is located abou t 300 ft. northwest o f tho shaft
on the second level, which has produced 8,931 tons o f ore averaging $34 73
er ton. T his ore b od y at present is 150 f t . in length and 40 ft. in w idth,
eight and depth not yet determ ined, except that two raises show the same
grade o f ore 45 ft. above this level.
In tho M ohaw k mine 16,332 ft. o f developm ent work was perform ed,
w hich, together with new sill floors, produced 21,084 tons o f oro averaging
$19 38 per ton, or a total value o f $408,608.
In the Jum bo-Clerm ont m ine, 14,599 ft. o f developm ent work was ac­
com plished, which, together with tho new sill floors, produced 16,695 tons
o f oro averaging $19 51 per ton, or a total value o f $325,719. T h o greater
part o f the developm ent was on the lower levels o f the Grizzly Bear, where
an im portant discovery was m ado on the 1,300-foot level. This ore b o d y
was found after passing thorugh a barren zone at the 1,200-foot level, and
has produced 1,453 tons o f ore, averaging $32 80 per ton in gold , silver
and copper. T h e Grizzly Bear shaft has been sunk to the 1 ,400-foot level,
where the progress has been slow on accou nt o f the high temperature
and a largo flow o f water, that necessitated additional pum ps. A new hoist,
also, should be In operation b y M arch 1, after which time developm ent work
on the 1,300 and 1,400-foot levels can bo carried on m ore rapidly.
V ery little new ore was discovered in the Red T o p and Laguna properties
during the 14 m onths, and since A pr. 1 1912 all underground work has been
carried on through tho Laguna shaft, tho surface plant at tho R ed T o p
having been dism antled. T otal developm ent work perform ed, 9,541 feet.
T h e present exposures in you r mines indicato oro o f good grado In reserve
am ounting to 300,000 tons, with an additional large tonnago o f low-grade
ore that can be mined and milled at a p rofit. T o enable us to m ore tho­
roughly prospect territory below tho 1,400-ft. level, wo have purchased a
diam ond drill with a capacity o f 3,000 ft ., and will begin drilling within a
very short tim e.

Incom e Account o f Bush Terminal Buildings Co. ( Stock A ll Owned by Bush
Terminal C o.)— T h e surplus earnings o f the Bush Term inal Buildings C o .
fo r 1911 were $23,039 and for 1912 $127,640. F or 1913 they are estimated
at over $200,000 and they should be considerably larger for 1914.
Results.— T h o warehouse business o f the com pany has been affected b y
the general business conditions o f the past year. T h e outlook at tho pres­
ent tim e, how ever, indicates inprovem ent. It is probable that tho incom e
fo r 1913 will bo somewhat better than for 1912, but a decided im provem ent
is expected in 1914, when a number o f new leases becom e operative.
IN C O M E AC C O U N T FOR FISC AL YEAR S E N D IN G DE C . 31.
1910.
1909.
1911.
„
1912.
Gross earns, from stor­
age, & c., and net inc.
from R R . department $1,166,822 $1,213,982 $1,331,873 $1,160,970
293,190
Operating exp en se.____
362,597
357,707
364,394
$804,225
200,516

$849,588
170,723

$974,166
16,663

$867,780
35,556

T otal net incom o____ $1,004,741
Deduct—
Interest on b on d s............
$458,491
T a x e s .............. .................
224,049

$1,020,311

$990,829

$903,336

$459,842
228,912

$458,013
104,441

$432,932
96,936

N et earnings_________
Other in c o m e __________

$373,468
$428,375
$331,557
Surplus for the y ea r. .
$322,200
Preferred divid end s. . (6 % )$ 133.000 (6) $81,667 (5) $75,000 (5) $75,000
200,000
140,000
C om m on dividends (4 % )
200.000
B a la n ce,su r.or d e f..* d e f.$ 1 0 ,8 0 0 sur.$49,890sur.$213,375sur.$298,468
N ote.— T h e dividends as above are charged directly against the earnings
o f the several years for the sake o f sim plicity, instead o f against p rofit and
loss surplus, as in the pam phlet reports.
____
,
.
.
* T h e deficit for m 2 , as a bov e, was $10,800: adding the accumulated
surplus D ec. 31 1911, $565,578, and miscellaneous adjustm ents, $457,766,
and deducting sinking fu n d, $31,730; depreciation and extraordinary re­
pairs, $50,000: bad debts and claim s, $10,000, and miscellaneous, $22,675,
leaves total surplus D e c . 31 1912, as per.balance sheet, $898,139.
GEN ERAL B A L A N C E SHEET D E C . 31.
1912.
1911.
1911.
1912.
Liabilities—
5
S
$
Assets—
$
Property________a9,023,570 9,076,233 Preferred s to c k ... 2,300,000 2,000,000
316,524 Common s to c k ... 5,000,000 5,000,000
Construction exp.
321,633
First mortgage 4s. 3,156,000 3.190.000
Stocks of subsld’y
cos. A good-will 7,302,550 7,000,000 Consol, mtge. 5 s.. 6,629,000 6.629.000
274,856 Accounts payable276,894
320.000
274,872
A d v .t o B .T .R R Exp., Ac., accrued
3,186
170.000
11,744
do B .T . B .C o.
754',362 Com.div.(pd.Jan.)
782,290
100,000
Cash & accts. rec.
100,000
413,306 Pf.dlv. (paid Jan.)
69,000
Cos. A Individuals 691,878
74,506 Bond lnt. accrued.
Exp. paid In a d v ..
199,125
31,508
199,965
20,594 Sundries________
23,968
Inventory............
16,498
11,898
Acer. stor. A labor
98,059
103,120 Reserve for expense
154,702
removal of stock
Duo from agts.,Ac. 118,688
from stores___
10,900
14,248
1,575
116
M iscellaneous__
11,693
Employers’llab.fd.
13,009
180,780
Sink, fund reserve 212,510
565,578
898,139
Profit and loss___
T o ta l.................18,884,261 18,189,778
T o ta l................. 18,884,261 18,189,778
o Property Includes real estate, $1,754,640: im provem ents, $6,550,826:
equipm ent, $708,348: furniture and fu tu res. N ew Y ork and B k lyn ., $9,758.
E A R N IN G S OF B U SII TERM . B U IL D IN G S CO. FOR C A L . YE AR S.
Calendar
Rentals
N et
Taxes
Other
ln t. on
Balance,
Year—
Received. Earnings.
Paid.
Incom e.
Bonds.
Surplus.
$71,771 $9,160 $255,376 $127,640
1 9 1 2 ............... .$680,419 $445,627
239,662
51,017
6,191
171,797
23,039
1911 .............
435,496
135,586
26,392
642
88.893
20,943
1910 ................ 258,903
— V . 96. p . 1090. 865.

Alaska Packers Association, San Francisco.
(R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 3 1

1 9 1 2 .)

P r e s . H e n r y F . F o r t m a n n , S a n F r . , J a n . 2 1 , w r o t e in s u b s t *

E

PRODUCTION FOR 14 M O N T H S E N D IN G DECEM BER 31 1912.
— 14 M os. end. Dec. 31 '12—• — Year end. Oct. 31 ’ l l —
M in e—
Tons.
Avge. GrossValue Tons.
Avge. GrossValue.
C om bination............ 70.578 $18 88 $1,332,525 55,878 $24 48 $1,367,783
2,615,752 106,358 22 99 2,444,999
M oh aw k ........ ............140,147 18 66
R ed T o p . . ............... 18,748 22 15
415,2261
L aguna_____ ______ 36,776 13 01
478,591/ 55,948 25 74
1,440,069
J u m bo......................... 149,537 22 58
3,378,145 112,365 49 01
5,507.347
A ll m ines..............415,786 $19 77 $8,220,239 330,549 $32 55$10,760,198
COM BIN ED PROFIT A N D LOSS AC C O U N T OF GOLDFIELD CONSOL.
M IN E S CO. A N D GOLDFIELD CONSOL. M IL L IN G & TRANS­
PORTATION CO.
lAM os.end. ---------- Years ending Oct. 31---------1910-11.
1909-10.
1908-09.
Receipts—■
Dec. 31 '12
$734,494
$156,158
$935,258
Ore shipments___________ $177,068
239,524
241,259
143,021
Concentrates____________
57,657
5,191,276
9,383,193
8,620,724
Sales bullion......................... 7,215,794
252,386
---------M ill products on hand---181,191
250,983
109,419
M iscellaneous___________
n68,414

I n s u r a n c e F u n d . — F o r 1 9 1 2 th e fu n d earned $ 3 9 0 ,8 4 3 : th e a m o u n ts
ch arged fo r losses a n d expenses aggre gate d $ 1 7 ,7 9 4 .
T h e fu n d n o w
a m o u n ts to $ 1 ,5 3 7 ,3 5 7 : o f th is, $ 1 ,3 8 0 ,7 4 6 is in v ested in b o n d s.
P a c k . — T h o A sso c ia tio n ’s p a c k o f sa lm o n fo r th o season aggregated
1 ,2 0 2 ,7 7 9 cases (again st 1 ,0 5 3 ,0 1 5 in 1 9 1 1 ) , in clu d in g c h ie fly " r e d , ” 8 6 7 ,­
6 0 3 ca ses, a n d " p i n k , ” 2 3 3 ,9 1 2 .
S a lt s a lm o n , 8 ,9 8 8 b arrels.
M a r k e t s . — D u r in g 1 9 1 2 th e sa lm o n m a rk ets w ere Irregular a n d , la r g e ly
ow in g t o u n sa tisfa cto r y In d ustrial c o n d ition s in variou s cou n tries, c a n n ed
sa lm o n d id n o t sell as b r isk ly as in 1 9 1 1 .
T o g e th e r w ith a large n u m b e r o f
oth e r c a n n ed fo o d p r o d u c ts, th e te n d e n c y o f prices o f cann ed s a lm o n h a s
.$7,518,934 $9,890,029 $9,949,985 $6,598,871
been d o w n w a rd s.
T h o P a c ific C o a s t sa lm o n p ack s o f 1911 an d 19 12 w ere
Expenses—
larger th a n th ose o f a n y tw o p rev io u s y ears an d tho co n su m p tio n h as n o t
$1,109,458 $1,032,059
$839,178
.$1,409,001
Increased in p ro p o rtio n to th e Increase o f p a c k , alth o u g h th e cheaper grad es
626,294
662,881
460,646
.
670,427
o f 1 9 1 2 p ack aro selling b elo w th e c o st or p ro d u c tio n .
27,001
72,864
.
30,354
Incom e tax______
P l a n t s . — F o u rte en cann eries w ere op era ted in A la s k a an d on e in P u g e t
137,831
445,864
.
87,396
Construction,
&
c.
Sound.
C u rre n t repairs an d rep lacem en ts a m o u n tin g t o $ 2 9 9 ,8 6 4 h a v e
126,319
130,808
117,463
.
53,635
Bulllon tax______
been c harged to op eratin g c o s t.
N e w im p r o v em en ts an d a d d ition s t o
336,280
357,818
154,964
i.
381,722
p la n ts h a v e b ee n m a d e a t a c o st o f $ 1 5 6 ,9 1 2 .
T h e r e h as been w ritten o f f
147,195
[189,6361
*373,543
-\
140,790
fr o m p la n ts o n a c co u n t o f dep reciatio n $ 1 2 4 ,8 2 2 , m a k in g th e presen t a p ­
l 93,487/
-/
p raised v a lu e o f p la n ts $ 4 ,3 3 6 ,2 6 2 .
F l e e t . — T h e r e h as been ex p en d ed for Im p ro v e m e n ts a n d repairs $ 1 8 1 ,2 3 9
T o ta l_________________ $2,773,325 $2,510,378 $2,885,417 $1,945,794
an d thero h a s b een w ritten o f f fr o m fle et v a lu es for d ep reciation $ 8 3 ,3 9 6 .
N et profits for dividends
_____ ____ ____
_
le a v in g tho presen t ap praised v a lu e o f th e fle et $ 1 ,3 6 2 ,0 0 0 .
T h e A sso c ia ­
(see note b elow )______ $4,745,609 $7,379,651 $7,064,568 $4,653,077
tion n ow ow n s n ine sh ip s, eleven b a r k s, on e b a rk e n tin e, th ree sc h oon ers
D iv id e n d s..............- (1 6 % )5.694,637(20)7118,296 (20)7118,271 (9)3,201,239
an d 6 2 steam e rs an d lau n ch e s, to ta l 8 6 vessels.
E x p e n d i t u r e s i n A l a s k a . — T h e A sso c ia tio n m a in ta in s six m edical s ta tio n s
Balance for year____def.$949,028 sur.$261,355 d ef.$53,703sur.$1451838
In A la s k a .
A ll em p loyee s a n d all n a tiv e s are give n free m e d ical tr e a tm e n t.
T h e p o lic y o f th e A sso c ia tio n to assist in th e d ev e lo p m en t o f A la s k a has
* This item covers a period o f 3 years, no depreciation having been
been c o n tin u e d , an d ex p en d itu res exceed ing $ 2 5 0 ,0 0 0 w ere m a d e therefor.
charged o ff heretofore.
S a l m o n H a t c h e r i e s . — T h e tw o sa lm o n h atch eries o f tho A sso c ia tio n h a v e
a A fter deducting ore purchased, $3,975.
c on tin u ed o p e r a tio n s, 1 3 7 ,8 3 0 ,1 0 0 fr y b ein g lib era ted .
. . .
N ote.— There Is deducted, b y tho reports from tho earnings o f the 14
I n A la s k a th e G o v e r n m e n t c on tin u ed op era tin g largo sa lm o n h atch eries
months ending D ec. 31 1912 and tho fiscal year 1910-11, respectively, for
on M c D o n a ld L a k e an d a t L it n ik , A fo g n a k Isla n d .
depreciation o f mine property, $6,789,498 and $5,407,282, ropsectlvely
B o n d s . — D u r in g 1 9 1 2 $ 1 0 0 ,0 0 0 b o n d s w ere red eem ed a n d ca n c ele d , r e­
($16 36 per ton ), leaving “ depreciation written o ff in excess o f net realiza­
d u cin g th e b o n d e d d e b t t o $ 9 7 8 ,0 0 0 .
tion from operations," $2,043,889 in 1912, and tho “ com bined net profits
[T h e rep o rt sh ow s o n ly th e a m o u n ts o f d iv id en d s p a id an d tho a m o u n ts
in the fiscal year 1910-11, after such item o f depreciation, $1,971.869 instead
w ritten o f f .
T h e ap p a re n t n e t p r o fits an d su rp lu ses or d efic its for tho re­
o f net profits o f $4,745,609 and $7,379,651, as given abovo. It is explained,
sp e c tiv e y e a rs b ased on th e d ifferen ces in p r o fit an d loss su rp lu ses fo r tho
however, in the reports that this item o f depreciation should do auaea to
sev eral ye a rs w ere a s follow s:]
com bined net profits (def. $2,043,889 and $1,971,869, respectively), to
R E S U L T S FO R F IS C A L Y E A R S E N D IN G D E C . 31.
ascertain the fund available for dividend purposes, m aking tno total
$4,745,609 and $7,379,651, reapectlvely, as shown In the foregoing table.
„
1912.
1911.
1910.
1909.
15
16
15
17
C an n erie s o p e r a t e d _____
B ALA N C E SHEET OF GOLDFIELD CONSOL. M IN E S CO. D E C . 31 1 12.
C a se s p a c k e d ......................
1 ,2 0 2 ,7 7 9
1 ,0 5 3 ,0 1 5
9 7 1 ,7 1 6
1 ,3 3 8 ,2 5 4
Dec. 31’ 12. Oct. 31 ’ l l .
Dec. 31’ 12. Oct. 31 ’ l l .
N e t p r o f i t s ............................
$ 2 9 4 ,1 9 7
$ 6 7 7 ,1 4 0
$ 7 2 1 ,7 2 0 $ 1 ,0 2 7 ,6 0 6
Liabilities—
$
$
Assets—
$
$
W r it te n o f f ............................
2 0 8 ,2 1 7
2 1 7 ,2 0 2
2 1 0 ,9 5 2
2 4 7 ,8 7 7
Capital stock........35,591,480 35,591,480
Mine
properties--a9,565,60S
16,355,106
3 4 5 .0 4 8
3 4 5 ,0 4 8
3 4 5 ,0 4 8
.............
D iv id e n d s ( 6 % ) .................
Accounts payable98,400

S urp lu s or d e fic it-------d e f .$ 2 5 9 ,0 6 8 s u r .$ l 1 4 ,8 9 0 su r.$ 1 6 5 .7 2 0 su r .
T o t a l su rp lu s D e c . 3 1 . .
$ 3 7 2 ,8 3 1
$ 6 3 1 ,8 9 8
$ 5 1 7 ,0 0 9
G E N E R A L B A L A N C E S H E E T D E C . 31.

.$779,729
$779,729

1912.
1911.
1912.
1911.
Assets—
$
$
Liabilities—
S
$
Canneries, fleet, Ac.fi,698,262 8,756,815 Stock ($7,500,000)..5,750,800 5,750,800
Inventories............... 1,983,741 1,351,162 Bonds .............. ..... 978,000 1,078,000
Insurance fund in­
76,336
Current Indebtedness 285,212
vestment .............1,380,746 1,158,196 Insur. reserve fund..1,537,357 1,164,307
Accounts receivable. 48,206 292,401 Contingent reservo. . 465,053
178,202
Cash on hand.......... 278,298 320,970 Profit and loss_____ 372,831 631,899
T o ta l.................... 9,389,253 8,879,544
— V . 94. p . 349.




T o ta l.................... 9,389,253 8.879.544

Organization exp. 4,079,970 4,079,970
Bullion tax res’ves
4,832
Real estate, build­
ings, plants, A o.
183,309
246,060 Prop, tax reserves...................
Stocks ow ned----- 1,660,553 1,660,291 Undivided profIts.a4,249,241
Accts.rec. ,supp. ,Ao 188,369
169,310
Dlstrlb. as dlvs__ 23,839,067 18,144,430
Cash......................
427,083
989,187
Total................. 39,943,959 41,644,355

85,950
34,388
1,795
5,930,742

Total................. 39,943,959 41,644,355

a A fter deducting $21,934,588, the am ount com puted as representing
exhaustion o f ore deposits to dato.
......
„ „
T he balance sheet o f the Goldfield C onsol. M illing & Transp. C o . D ec. 31
1912 shows total assets (lncl. cash, $301,740), $ 1 ,111,219; offsot b y capital
stock, $400,000; accts. payable, A c ., $69,496; undiv. profits, $641,723.—
V . 96. p . 1024, 656.

APR.

T H E C H R O N IC L E

26 1913.]

B A L A N C E SH EET D E C . 31.
Assets—
1912.
1911.
1910.
1909.
Investm ent.......................$20,868,464 $21,117,430 $20,599,800 $18,887,139
Treasury stock ............
179,200
179,200
182,700
- ..........
Plate glass, & c-------------- 2,746,715
3,005,736
2,860,344
2,939,439
M aterials, & c., accounts
2,119,982
1,764,874
1,814,201
1,507,003
C ash.......................
479,990
584,286
1,098,8571 5,590,363
B ills& a ccts. receivable.
5,141,825
4,884,804
5,369,805/
Bal. stock subscriptions _________
________
416,200
_________

California Petroleum Corporation, Los Angeles, Cal.
(Report for Fiscal Period ending Dec. 3 1 1 9 1 2 . )
P r e s . E . L . D o l i e n y , L o s A n g e l e s , Avrote in s u b s t a n c e :

Organization.— T h e corporation was Incorporated Sept. 27 1912, taking
over 80% o f the outstanding capital s,tock oif the A m e r ic a n 1 etrolcum C o.
(approxim ately 99% now ow n ed), also 80% o f the
stock o f the American Oilfields C o. (approxim ately 90% now ow n ed).
B oth these com panies aro heavy producers o f crude’
erties owned b y them , the form er from lands principally in thei Coalinga
oil district Fresno C ounty, C a l., the atter from property chiefly in the

T otal . . .........................$31,536,176 $31,536,330 $32,341,907 $28,923,944
Liabilities__
Com m on stock .................$22,600,000 $22,600,000 $22,600,000 $17,350,000
Preferred stock -------------150,000
150,000
150,000
150,000
Bills & accts. p a y a b le ..
3,312,071 3,400,487
4,276,868
6,132,842
105,000
105,000
100,000
225,932
Insurance reserve---------Sinking fund— buildings
62,033
55,649
50,650
45,650
5,307,072
5,225,194
5,164,390
5,019,520
S u rp lu s __________

^^Th^A m er^ai^B etro'lelun^C ^and thoA m erican Oilfields C o. have stock
ownershin In tho following producing and incom e com panies: (a) Niles Lease
C o n*at Sherm an, Los Angeles C ou n ty, C al.; 9 0% o f stock owned b y Ameri^ ^1*5* . .
y, ___i i Arrf n.iH/thnea/1 Rtr Po lifoi'nlo Tlntnoloimi nrn clnnn

T o ta l...............- .............$31,536,176 $31,536,330 $32,341,907 $28,923,944
— V . 96, p . 557, 494.

stock owned b y Am .Oilfields C o .;(c)M id la n d Oil C o ., lands located in M id w ayoil district, Kern C o ., C al.; entire stock owned b y A m . Oilfields C o.
Production■— There has been produced from tho above properties over
18,000,000 bbls. o f oil, and for the year 1912 the gross production amounted
to approxim ately 5,600,000 b bls., ora t tho rate o f abou t 15,300 bbls. daily.
T he production o f 27 wells upon one o f tho properties o f tho American
Oilfields C o. in the M idw ay district in 1912 aggregated 2,885,881 bbls.
(tho daily production per well ranging from 36 bbls. to 1,098 bbls. and aver­
aging 317 b b ls .), making tho production o f these wells to date 6,941,872 bbls.
Developtnent.— B y the additional capital secured through tho form ation
o f the California Petroleum C orporation (Sept. 27 1912), there has been
started considerable new developm ent work in tho way o f drilling new wells,
tho building and com pletion o f a topping plant (refinery), additional camp
buildings, lcaso equipm ent, &c. Within the next 90 days tho wells now
drilling should add considerably to tho present production. A t present
there aro 120 wells actually producing, seven wells under repairs, redrullng
& c., and fourteen wells drilling (now w ork), in proven territory.
Topping Plant (Refinery).— There lias been erected in the M idw ay dis­
trict a plant capable o f topping 5,000 bbls. o f crude petroleum daily. Obis
process separates the gasoline and engino distillate from the crude ou,
leaving tho residuum to bo sold at crude oil prices and the lighter products
at a very much higher price, thereby increasing our sales price per b bl. con­
siderably
T he plant is proving so satisfactory that we aro adding m oro
units in order to increase its capacity. A s soon as these are com pleted
there should be additional net earnings o f $30,000 to $40,000 per month
increase over handling the same am ount o f oil as strictly crude petroleum .
Other Incom e.— In addition to the earnings o f the subsidiary companies
for tho year, amounting to $1,976,867, you r corporation, which owns ap­
proxim ately 97% o f their stock, receives interest on $1,326,000 o f the bonds
o f tho subsidiaries owned b y it and from interest on advances to subsidiaries.
Three Months' Earnings o f California Petroleum Corporation.— These were
$527,845. D educt prof, dividend payable Jan. 1 1913, $217,192; dividend
payable Jan. 1 1913 on com m on stock, $184,384; balance, $126,269. There
Is also available surplus o f tho subsidiary com panies amounting to $2,973,­
589, which is a protection to dividends.
Outlook.— W e estimate for the calendar year 1913 the com bined not earn­
ings o f these com panies will lie in excess o f $2,400,000. T h e present out­
look for the California oil business is m ost encouraging, duo to the great
increase in tho consum ption o f tho lighter products, such as gasoline, en­
gino distillate, & c., and tho expanding market for fuel oil, becauso o f its
m oro general use and promise o f still greater use after tho com pletion o f
tho Panama Canal. T ho futuro certainly promises higher prices and better
market conditions generally.
RESULTS FOR 3 M O N T H S E N D IN G DEC. 31 1912.
Earnings before d e p r o c 'n .. .$ 6 2 7,84 6 1C om m on d ividend...............$184,384
Deduct— Preferred dividend 217.1921Balance, s u r p l u s .------ . . . 126,270
Tito net earnings o f tho subsidiary com panies for the cal. year 1912,
before providing for depreciation, were $1,976,868, against $1,742,252 in
1911 (see text).
CON SOLIDATED B A L A N C E SHEET DEC. 31 1912.
Assets ($34,881,064)—
,
.
.
Oil lands and leases, wells and other properties .b a s e d on appralsal, $33,066,166; investments at cost, $ 1 2 2 ,3 3 6 ; t o ta l-- --$33,188,502
Oil inventories, a$488,595; other inventories, $404,094; total .
892,689
Bills and accounts receivable, $297.401; cash in banks, $493,273;
deferred charges, $9,199: total_______________________________
7JJ.8/4
Liabilities ($34.881.064)—
Preferred stock, $12,436,514; com m on stock, $14,823,070; capi______
tal stock o f sub. cos. (at p ar), $1,002,000; total_____________ $28,261,584
B onded debt: A m . Oilfields C o . 6 % bonds, $1,320,100; A m . Pe­
troleum C o. 6 % bonds, $956,100; tota l------------------------------------ 2,276,200
Deferred paym ents on land contracts, $236,000; accounts paya­
ble, $179,046; accrued in t., $45,607; total---------------------------460,653
S u r p lu s _________________________________________________________ 63.882,627
a Oil inventories, $488,595, as abovo, includes 1,089,480 bbls. certifi­
ca ted b y Independent Oil Producers’ A gency ( @ 3 5 c.), $381,318, and 306,­
506 bbls. in storage ( @ 3 5 c .), $107,277.
. ,
.
6 T h e total surplus, $3,882,627, as above, includes capital surplus,
$782 768; available surplus o f sub. cos., $2,973,589, and tho surplus earn­
ings for the three m onths ending D ec. 31 1912, $126,269.— V . 96, p . 948.

Western Electric Co., New York and Chicago.
(Report for Fiscal Year ending Dec. 3 1 1 9 1 2 . )
P res. I I . B . T h a y e r, M a r .

N ot
Other

D epreciation_______ ___
Fire loss N o v . 4 . _____ _
Balance, surplus_____




1 ,5 6 9 ,4 4 5

489,558
______

$81,877

1 ,5 6 0 ,5 7 8

303,265
______

$60,804

1 ,2 8 4 ,2 3 2

713,835
379,230

$144,870

1 ,2 1 4 ,5 0 0

591,506
----------

$86,030

earnings..................$4,515,990
incom e.................. 1,194,010

$3,797,908
337,293

$4,932,864
486,305

$2,404,010
--------

T otal net incom e____$5,710,000
$4,135,201 $5,419,169 $2,404,010
Deduct—
Interest paid....................
$856,735
$854,909
$884,893
$313,746
Ues’ves for con ting’ie s .. 2,000,0001
d o for em ploy, ben’s
285,855/
800.000
1,150.000
................
Dividends paid____(1 0% ) 1,500,000(10) 1,500.000 o l . 700,000 (8)1.200,000
T otal deductions____ $4,642,590
Balance, su rp lu s.............$1,067,410
a 11 1-3 /0 .
Assets—

$3,154,909
$980,292

$3,734,893
$1,684,276

$1,513,746
$890,264

B AL A N C E SHEET J A N U A R Y 1,
1913.

1912.

S

$

P l a n t s ..................... * 1 0 ,3 4 1 ,5 6 4 1 0 ,5 7 5 ,1 6 4
M e r c h a n d i s e _____1 8 ,9 4 7 ,1 6 4 1 8 ,1 8 7 ,0 1 5
C a s h ________________ 2 ,3 1 7 ,8 8 5
2 ,7 6 0 ,7 2 7
H ills r e c e i v a b l e . . . 1 0 , 6 8 4 , 6 7 2
7 ,9 9 2 ,5 6 1
A c c t s . r e c e i v a b l e - 1 5 ,4 7 0 ,9 3 7 1 4 ,1 3 7 ,5 9 0
S u n d r y in v e s t ’ t s . . 4 ,3 8 8 ,7 1 0
3 ,7 5 8 ,7 5 8

1913.

Liabilities—

$

C a p i t a l s t o c k _____ 1 5 ,0 0 0 ,0 0 0
M ortga g es & b on d s
c o n s t it u e n t c o s .
8 1 ,5 0 1
F ir s t m t g e b o n d s 1 5 ,0 0 0 ,0 0 0
H ills p a y a b l e ______ 1 6 ,3 2 9 ,6 8 6
A ccou n ts p a y a b le ./
H cs’ v e fo r e m p lo y ­
e e s ’ b e n e fli fu n d 1 ,0 7 0 ,0 0 0
I P s . f o r c o m i n g ’ s . 3 ,5 0 0 ,9 8 1
S u r p lu s ..................... 2 1 ,1 6 8 ,7 6 4

1912.

$
1 5 ,0 0 0 ,0 0 0
9 1 ,1 1 8
1 5 ,0 0 0 ,0 0 0
(
5 7 ,8 6 2
(4 ,1 8 9 ,6 2 4
7 8 6 ,8 8 9
2 ,1 8 4 ,9 6 8
2 0 ,1 0 1 ,3 5 4

T o ta l.............. .62,150,932 57,411,815
T o ta l......... ....... 62,150,932 57,411,815
* Includes Jan. 1913, real estateand buildings, 512,909.126, less deprecia­
tion reserve, $4,187,825; balance, $8,621,301 (67.3% or cost); machinery
and equipment, $9,442,214, loss depreciation reserve, $7,721,951; balance.
$1,720,263 (18.2% o f cost); total, $10,341,564 (46.5% o f co s t).— V. 96,
p. 867.

C h i n n . J o h n P i t c a i r n , P i t t s b u r g h , F e b . 1 7 , w r o t e in s u b s t . :

D lv s . on c o m m o n ( 7 % ) .

1 9 , w r o t e in s u b s t a n c e :

Tho sales for 1912 were $71,727,329, as com pared with $66,211,975 for
1911. T he sales to tho companies o f the Bell Telephone system did not
differ materially from those o f 1911, tho increase being in sales to other d o ­
mestic customers and to foreign customers. There has been no marked
chango in conditions affecting our business and the increased sales m ay be
therefore attributed directly to our increased efficiency. Our products
are distributed through 28 houses located in the principal cities o f tho United
States and 37 houses located in foreign countries.
W o now have 32,000 customers on our books, o f whom about 8,000 are
telephone companies and Governmental telephone departments.
From
these customers we received 932,182 orders during 1912, as com pared with
881,331 for 1911, tho average value o f an order for 1912 being $ 7 9 ,a sco m pared with $77 for 1911. The number o f employees at Jan. 31 1913 was
24,564, as com pared with 23,423 at Jan. 1 1912.
During tho past year additions to the factory plant have been authorized
at Antwerp and L ondon, and additional buildings providing 186,000 sq. ft.
o f floor space are in process o f erection at Hawthorne.
Tho pension fund which tho com pany had maintained for seven years
has been replaced for employees in the United States by an em ployees'
benofit fund, which provides certain benefits in case o f sickness, accident
or death in addition to the pensions granted heretofore. There aro now 57
pensioners on tho roll, which is an increase o f 8, and the average pension paid
was $634 per annum.
Abnorm al expenditures and expenditures which should properly bo spread
over a period o f years, although form erly charged to expensos o f tho year,
aro now charged to a ‘ ‘reserve a ccou n t,” form erly called “ general reserves.’
As tho amounts credited to this reserve during 1910 and 1911 wero insuffi­
cient to meet the charges against it during 1911 and 1912, your directors
have considered it advisable to credit to this account tho sum shown in
tho earnings statement.
EARN IN GS A N D EXPENSES.
-----------Year ending- 13 M o. end.
Year ending
Dec. 31 ‘ 12. Dec. 31 ' l l . Dec. 31 TO. Nov. 30 09.
Gross sales______________ $71,727,329 $66,211,975 $68,375,150 $45,5(5,138
C ost o f m erchandise____ $61,181,0841
Expenses _____________
5,602,146[$62,414,067 $63,442,286 $43,171,128
Taxes _________________
428,109]
__________

Pittsburgh (Pa.) Plate Glass Co.
(Report for Fiscal Year ending Dec. .11 1 9 1 2 . )
Results.— Notw ithstanding that our sales o f plate glass, in fcctago, were
over 20% greater than they wero in 1911, yet tho total selling price for this
increased quantity was m oro than $100,000 less than for the smaller quan­
tity sold (luring tno previous year. This was due to the decreased selling
price resulting from the keen com petitive conditions existing among tho
manufacturers and to tho increaso in sales o f small sizes o f glass. 1 he aver­
age soiling price for plate glass for 1912 was the lowest we have over had.
Coal Property Sold.— Since Jan. I wo have contracted to sell the Charleroi
coal property at a price based on survey to bo m ade, which will somewhat
exceed $1,000,000, o f which $200,000 is to be paid in cash and the balance
In bonds payable $100,000 per annum. This coal operation had been shut
down owing to the destruction b y fire o f the tipple and a portion o f the
equipm ent, and in view o f the small fuel requirements o f N o. 6 factory,
which aro provided for in tho contract o f sale, your board deemed it well
to sell this p roperty. (See Carnegie Coal C o .. V. 96, p . 490, 1023.]
Coal Operations.— T h e Creighton mine has been operated to full capacity
throughout tho year, furnishing a supply o f coal to works N os. 1 ,2 ,4 and 5,
and showing profits on outstanding sales. A djacent acreage was purchased
in 1912 at a cost o f about $50,000; this mine is an excellent asset.
Properties.— Our factories have been maintained in excellent condition;
now and patented appliances have been installed and are being operated
successfully, wud the cost o f production has been reduced to the lowest
poin un mr r* steady. Inventories o f stocks have been taken on the usual
conservative basis and a depreciation charge o f $489,558 has been made,
as indicated below . On the basis o f our book values, which we believe aro
sound, tho present intrinsic value o f our stock is about $123 per share.
During the year wo acquired an additional interest in Bennous, Kleinle &
C o ., who manufacture tho brushes sold through our warehouse system .
Outlook.— All o f our factories are running to full capacity, excepting N o. 6,
which is being partially operated in tho m anufacture o f Carrara glass and
heavy plate glass. Our stocks in the factories and warehouses are light,
and tho present demand insures tho sale o f our product for at least the first
half o f tho current year, but, nevertheless, the margin between tho cost
and the selling price is still too narrow to give much profit. Our profits
on tho whole, however, have been satisfactory, owing to tho largo volum e
and tlie rising market in window glass and to the returns from investments
in our Belgian plate glass factory at Coureelles, in tho i ’atton Paint C o .,
In tho Creighton coal operation and in several other lines.
OPERATIONS A N D FISC AL RESULTS.
1912.
1911.
1910.
1909.
T otal sales____
$21,328,883 $21,136,170 $22,874,934 $16,925,800
P r o fit s _______
2,158,880
1,942,647
2,540,167
1,913,036
D ivs. on pref. (1 2 % )___
18,000
18,000
18,000
18,000

1221

Crex Carpet Co., New York.
(Statement for Year ending Dec. 3 1 1 9 1 2 . )
P ros. M y r o n

W .

R o b i n s o n s a y s in

su b sta n ce :

Although our business lias steadily increased In past few years, we can re­
port still a further increase. N ot only has the business been profitable, but
wo have im proved our holdings at the mill and camps very materially. W e
have further im proved our manufactured goods and believe wo have a firm
hold on the public, creating a large demand for “ C rex” as the m ost univer­
sally used o f all floor coverings. Our first m onth's business for 1913 is
materially larger than first month o f last year, so we feel that, barring any
chango in general business conditions, over which we have no controi, wo
aro assured o f a good increase o f business on conservative lines.
S T A T E M E N T OF E AR N IN G S.
1909.
1910.
1912.
1911.
$416,688
$534,513
$534,278
Gross ea rn in g s_______
5575,744
152.111
148,372
122,236
E xp .— Sell., admin ,&gon.
134,824
N ot earnings_________
Extraord. exp.— M aint.
o f Oskosh and Superior
plants not in oper., &c.
Depreciation ch a r g e s ___

$440,920

$386,141

$382,167

$294,452

6,237
80,603

6,759
70,610

8,779
69,549

8,331
34,871

$308,772
$303,839
(6) 180,000(5M ) 165,000

$251,250
(5)150,000

N et surplus for y e a r ..
$354,081
D iv id e n d s ......... .............(6 % ) 180,000

'
!
1
i

$128,772
$138,839
$174,081
Balance, surplus_____
B A L A N C E SHEET DEC. 31.
1912.
1912.
1911. I
L ia b ilitie s A s se ts S

$101,250
1911.

P r o p e r t y ..................... * 2 ,1 8 3 ,6 4 6 2 ,1 7 7 ,9 7 1 C a p i t a l s t o c k . .............. 3 ,0 9 0 ,0 0 0 3 ,0 0 0 , 0 0 0
5 6 3 ,7 1 0 A c c o u n t s p a y a b l e . .
9 9 ,0 7 2
1 9 ,5 6 6
P a t ’ t s , g o o d - w i l l ,& c . 5 5 0 ,0 0 0
1 6 6 ,8 1 7 P a y - r o l l , S t . P a u l a n d
C a s h . . . ...........................
1 5 1 ,9 8 7
1 5 4 ,8 1 1 !
grass d e p a r tm e n t.
1 3 ,1 1 4
1 4 ,3 2 8
H ills & a c c t s . r e c e l v .
1 9 5 ,3 0 2
3 6 8 ,0 0 1 i D iv id e n d a c c t . ( b a l .)
1 ,1 2 1
900
M f d . p r o d u c t s (c o s t ) 4 2 2 ,0 2 6
8 4 1 ,3 1 2
2 9 1 ,1 1 9 P r o f i t a n d l o s s _______
6 3 7 ,6 3 8
R a w m a te r ia l & s u p p 4 5 1 ,6 5 7
T o t a l ...........................3 ,9 5 4 ,6 1 9 3 ,7 2 2 ,4 3 2 I

T o t a l ........................... 3 ,9 5 4 ,6 1 9 3 ,7 2 2 ,4 3 2

* Includes: St. Paul plant, $1,258,433; Superior plant, $50,030; Oshkosh
plant, $12,209; Minnesota Transfer plant (less m irtgage $30,000), $30,141;
grass dep t., $831,340; furn. & fixt., $3.523.— V. 91, p. 1311. 935.

1338

T H E C H R O N IC L E

GENERAL

IN V E S T M E N T

NEW S.

RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Tennessee & Northern Ry — Consolidation.—
T h e c o m p a n y h a s b e e n o r g a n i z e d in A l a b a m a a s a c o n s o l i d a ­
tio n o f th e A la b a m a T e n n e sse e & N o r th e r n R R . , th e T o m .
b ig b e e V a lle y R R . a n d th e M o b ile T e r m in a l & R a ih v a y A m o n g t h e d ir e c t o r s a r o F . J . L i s m a n a n d W i l l i a m G o o d m a n
o f F . J . L is m a n & C o . o f N e w Y o r k C i t y .
T h e n e w c o m p a n y h a s e x e c u te d a m o r tg a g e fo r $ 2 5 ,0 0 0 ,0 0 0
t o s e c u r e a n is s u e o f 3 0 - y e a r f i r s t a n d r e f u n d i n g m o r t g a g e
b o n d s , o f w h ic h $ 3 , 6 6 3 , 0 0 0 a r e i s s u a b l e a t o n c e , b u t o n l y
$ 2 ,0 0 0 ,0 0 0 h a v e b e e n is s u e d , a n d th e s e h a v e b e e n d e p o s ite d
to secu re $ 1 ,0 0 0 ,0 0 0 secu red 3 -y e a r 6 % g o ld n o te s d u e M a y 1
1916.
T h e la t t e r a r e b e in g o ffe r e d b y F . J . L is m a n & C o .,
3 0 B ro a d S tre e t, N e w Y o r k C it y .

T ho Alabam a Tennesseo & N orthern R y . extends from M ob ile, on tho
G u lf o f M exico, where extensive and valuable terminals aro owned in and
opposite tho city, to R eform , A la ., on the M ob ile & Ohio R R ., a distance o f
about 225 miles, including approxim ately 25 miles o f trackago via other lines.
T ho balance o f tho bonds aro issuable under carefully guarded restrictions
at the rate o f $25,000 per mile for additional m ileage, and to take up, at or
before m aturity, all underlying liens, with an extra allowance for equip­
m ent and terminals.
•

Alberta & Great Waterways Ry.— Rumor Denied.—
A n official o f tho Grand Trunk Pacific R y . writes denying tho recent
newspaper report that the latter had arranged to take over the project and
build the line.— V . 96, p. 486, 359.

Birmingham & Northwestern H R . — Notes Offered.—
W e l l s , H u m p h r e y , N ic h o l & F o r d , D e t r o i t , a re o ffe r in g a t
p a r a n d i n t . t h o u n s o l d p o r t i o n o f a n is s u e o f $ 4 5 0 , 0 0 0 6 %
c o l l a t e r a l t r u s t g o l d n o t e s m a t u r i n g in t h r e e y e a r s .
An
a d v e r tis e m e n t s a y s :
Theso notes are guaranteed, principal and interest, b y tho M ercantile
Trust C o. o f Jackson, T en n ., and aro an absolute first lien on tho entire
property, being secured b y .$800,000 1st M . bonds and all the com m on stock
o f tho Birmingham & N orthwestern C o ., which aro hold in trust by tho
Continental & Com m ercial Trust & Savings Bank o f C hicago, trustee.
T h o railroad runs through rich tim ber and agricultural lands in Tennessee,
and is tho connecting link between tho main lines o f tho Illinois Central,
Louisville & N ashville, N ashvillo C hattanooga & St. Louis, M ob ile & Ohio
and C hic. M em phis & G u lf R R s. V . 93, p. 1105; V. 94, p. 1762.

Cape Breton (N. S.) Electric Co.— Dividend.—
A semi-annual dividend o f 3 % has been declared on the $1,125,000 com .
stock, together with the regular half-yearly paym ent o f 3 % on tho $234,000
pref. stock, both payable M a y 1 to holders o f record April 25. This com ­
pares with 2 % and 1% extra in N o v . last and with 2 % (without any extra)
in M a y 1912 and semi-annually in 1911, and with l ' A % , tho first distri­
bution m ade, on N o v . 1 1910.— V. 95, p. 1121.

Chicago Burlington & Quincy RR.— Bond Redemption.
— T h e d e b e n t u r e 5 s ( g i v e n f o r H a n n i b a l & S t . J o s e p h ) w ill
b o p a i d tit m a t u r i t y a t i t s o f f i c e s in N e w Y o r k o r B o s t o n .
T o facilitate examination and prom pt j)aym ent, bonds should bo doposited at once.— V. 96, p . 789, 651.

Chicago Kalamazoo & Saginaw Ry.— Earnings.—
Calendar
Gross
Year—•
Revenue.
1912...........................$207,672
1911------------197,619
— V . 94, p . 1185.

N et (after
Taxes).
$72,852
53,184

Other
Incom e,
$7,576
7,477

Interest
Balance,
and Rents. Surplus.
$61,625
$18,803
56,853
3,808

Cleveland (Electric) Ry.— Fares Reduced.— T h o C i t y
C o u n c il o n A p r . 2 1 r e je c te d th e r e q u e s t o f th e c o m p a n y th a t
i t b e g r a n t e d in c r e a s e d a l l o w a n c e s f o r o p e r a t i n g a n d m a i n t e ­
n a n c e f u n d s , b u t u n a n i m o u s l y a d o p t e d a r e s o l u t i o n o r d e r in g
th o r a te o f fa ro to b e r e d u c e d o n M a y 1 to 3 c e n t s , o r 2 tic k e ts
fo r 5 c e n t s , w ith 1 c e n t fo r tra n sfer s w ith o u t r e b a te .
The
p r e s e n t f a r o is 4 c e n t s f o r a s in g le f a r e o r 7 t i c k e t s f o r 2 5

cts.

T ho Council took no action on President Stanley’s letter asking for an
arbitration under the franchise to determino tho amounts per car milo that
should bo allowed for maintenance, renewal and depreciation o f the prop­
erty, and to enable tho com pany ‘ ‘to meet tho legitimate expenses o f o p ­
eration, insurance, accident and damage claims, to make good any deficit
now existing,” and “ to provent any d eficit” in the future on account o f
maintenance or operating expenses. M r. Stanley named as arbitrator on
behalf o f the com pany C . N . D u ffy o f M ilwaukee. T ho city is expected
to make its appointm ent later, probably next week.— V . 96, p. 789, 419.

Columbus (O.) Ry., Light & Power Co.— Merger.—
T h o p la n o f c o n s o lid a tio n h a s n o t , w e a r e in fo r m e d , b e e n
a c t e d u p o n b y t h o b o a r d s o f t h e v a r i o u s c o m p a n i e s , a n d is
th e r e fo r e n o t r e a d y fo r p u b lic a tio n .
T h e a p p lic a tio n to th e
O h io P . S . C o m m is s io n , h o w e v e r , a p p r o v e d A p r il 2 2 , sh o w s:

The Colum bus Traction C o. recently changed its name to C ol. R y ., L t. &
Pow er C o. and is intending to increaso its capital stock from $1,000,000
(one-half preferred) to $10,226,800, tho new stock, $9,226,800, to consist
o f $1,163,040 series A 6 % pref. stock: $4,353,260 series B 5% pref. stock
to bo participating up to 6 % , and $3,710,500 com m on stock.
Proposed Basis o f Exchange for New Stock.
Underlying
Amounts -----------------------New Slock in Exchange----------------------Stock Issues— Outstand’g.
“ A ” Pref. 6%
“ B" Pref. 5%
Common.
Col.Ity.5% pref.S3,500,000
............... (100%)$3,500,000
_..............
Common stock 3,500,000
..............
................ (100%)S3,500,000
Col. Edison Co.
6% pref____
750,000 (100%)$750,000
................
................
Common stock 750,000
.......... __
(100%) 750,000
. . ______
Col. Lt.,Ht.& P.
Co. 6% pret_.
516,300 (80%) 413,040
(20%) 103,260
................
Common stock 210,500
________
_________
(100%) 210,500

Total ...................................... $1,163,040

$4,353,200

$3,710,500

[Later it is expected that permission will be sought to issue $3,000,000
additional com m on stock as consideration for a 2 0% assessment on the
$5,000,000 faco value o f stock o f tho C olum bus R y . & Light C o . (to pro­
vide for floating d eb t, & c.), and in exchange for said stock.)— V . 96, p. 652

N o r t h w e s t e r n & P a c i f i c R y .— Sale Postponed
2 8 . — T h e f o r e c lo s u r e s a l e , s e t f o r A p r i l 1 8 , w a s
p o s tp o n e d u n til A p r i l 2 8 .— V . 9 6 , p . 1 1 5 6 .
D enver

Till April

I r o n t o n R y .— Notice to Holders of
ls £ M. Bonds.— T h e c o m m i t t e e o f
h o ld e r s o f O h i o S o u t h e r n D i v . 1 s t M . b o n d s (s e e V . 9 6 , p .
1 1 5 6 ) in a l o n g c ir c u l a r l e t t e r d a t e d A p r i l 2 3 s a y in s u b s t a n c e :
D e tr o it

T o le d o

&

Ohio Southern Division

[V

o l

. XCVI

am ount will be required to pay tho proportion o f tho certificates and indebt­
edness o f the receiver chargeable against tho Ohio Southern Division and
ranking prior to tho Ohio Southern Division m ortgage, leaving practically
nothing for distribution out o f tho purchase price as a dividend to tho b on d ­
holders. T ho plan adopted b y you r com m ittee contem plates tho raising
o f $2,247,500 o f now m oney, o f which $1,550,000 will bo required to pay tho
upset price, and tho balance o f $697,500, after paym ent o f tho expenses o f
reorganization, will be available for the purposes o f tho now com pany re­
ferred to in tho plan, to defray the cost o f contem plated im provem ents and
betterm ents tho acquisition o f new equipm ent, working capital, &c. & c.
In case tho reorganization plan is not accepted and does not becom e
binding upon tho depositors, the com m itteo will be unablo to obtain the
funds necessary to pay the balance o f tho pttrehaso price, and tho property
will have passed to others without any substantial or possibly without any
paym ent whatsoever on account o f the bonds.
Y ou r com m ittee is advised b y receiver Cieorgo P . Johnson that b y tho
expenditure o f the amounts above stated for betterm ents, im provem ents
and additions to the property and for new equipm ent, the gross earnings
o f the railroad should, in his judgm ent, bo $1,000,000 a year, and net
operating revenues at least $250,000, and that by the construction o f
certain short extensions to tho road tho gross earnings can bo increased
to $1,500,000 a year. T ho com m ittee is further advised b y tho receiver
that tho taxes upon tho property will am ount to about $40,000 a year,
leaving a net incom e to new com pany, after paym ent o f operating oxponsos
and taxes, o f approxim ately $210,000. O f this am ount $112,500 will bo
required for the paym ent o f interest on the new adjustm ent m ortgage bonds,
leaving a balance o f $97,500 available for the paym ent o f dividends. Seo
also V . 96, p . 1156.
E r ie

&

C e n tra l
P e n n s y lv a n ia
(In te ru rb a n )
R y .—
6 % Collateral Gold Notes Convertible into
s ig n e d b y P r e s . C h a r l e s W . M a c k e y a t
T it u s v ille , P a ., o n A p r il 1 1 9 1 3 , g iv e s s u b s ta n tia lly th e f o l­
l o w i n g p a r t i c u la r s r e l a t i n g t o t h e is s u e o f 3 - y e a r 6 % c o u p o n
g o ld n o t e s : T o t a l a u t l i ., 8 6 5 0 ,0 0 0 , b u t p o s s ib ly n o w to b e
lim ite d to a b o u t § 4 0 0 ,0 0 0 , d a t e d A p r il 1 1 9 1 3 a n d d u e A p r il 1 ,
1 9 1 6 , b u t r e d e e m a b le a t e n d o f a n y y e a r fr o m th e ir d a te a t
1 0 2 a n d in t.
P a r $ 1 ,0 0 0 a n d $ 5 0 0 .
C o n v e r tib le a t p a r
a t o p t i o n o f h o ld e r s in t o f i r s t a n d r e f u n d i n g m o r t g a g e b o n d s
a t 9 0 w i t h a b o n u s o f 2 5 % in s t o c k .
In tere st A . & O .
T r u s t e e , E r ie ( P a .) T r u s t C o .
T h e c ir c u la r fu r th e r r e p o r ts :

Prospectus— 3 -Year
Bonds.— A c ir c u l a r

For the purpose o f com pleting and equipping its 36 miles o f railway be­
tween Titusville and Cam bridge Springs, P a., tho com pany is about to issuo
$650,000 3-year collateral notes, secured b y $960,000 o f its 1st M . & ref.
5% 30-ycar gold bonds, tho proceeds to bo used as follows:
T o pay present $56,000 bonds o f the com pany, duo July 1 191 3 -. $56,000
To purchase $200,000 o f tho bonds o f tho Titusville Electric T ra c­
tion C o ., duo July 1 1913 (the owner o f tho remaining $100,000
having agreed to accept a junior security payable one year
after all tho coupon notes issued have boon paid in fu ll)_________ 200,000
T o com plete & equip tho railway between Titusv. and C am b. Spgs_ 394,000
Estimated Tangible Value Now and When Completed to C. Spgs.
Expended on gra d e -..............$365,0001Road in operation................. $96,000
Real estato and right o f way
|Value o f T itusv. El. T r. C o. 300,000
ow ned— ------------------------ 111,000' C ost new road & equip____ 394,000
Against this estimato o f $1,266,000 there will be outstanding coupon
notes $650,000 and bonds o f the railway $40,000, leaving a surplus in actual
valuo o f $576,000.
Estimate o f earnings for tho first year after com pletion to C am bridge
Springs [not including any allowance for freight and express business, which
will be large]: Gross earnings, $180,000; net earnings, $72,000: interest on
coupon notes, $39,000: interest on 1st M . bonds, $2,000; balance, surplus,
(over 3 % on the total capital stock ), $31,000. Our properties with no
important outlet have for the past five years earned not an averago o f nearly
one-half o f tho annual interest on the 3-year coupon notes.
When tho line is com pleted to Cam bridge Springs tho maximum grade
will not be over 7-10 o f 1% per mile, and 70% o f tho entire distance between
Titusville and Cam bridge Springs will bo a tangent, anil tho maximum
curvature only 6 degrees. Will give a direct connection with tho Erio R R .
and W ells Fargo Express C o. at Cam bridge Springs, and afford a through
route thence to Titusville for passengers, freight and express, eliminating
74 miles o f distance and over $2 on tho fare between the points mentioned,
as well as make accessible 153,600 acres o f good tillable land.
(R oad is to bo operated b y self-propelled electric or gasoline electric cars .1
Since tho foregoing prospectus was written, a contract has been entered
into with a responsible construction com pany to com plete road from C am ­
bridge Springs to Titusville, except tho bridges and equipment. This will
reduce the amount o f the coupon notes to bo issued and sold to about
$400,000, tho construction com pany agreeing to accept first and refunding
mortgage bonds for all tho work and labor done and materials and supplies
furnished b y it except about $50,000, which is to bo paid in cash. T ho total
amount o f the contract aggregates about $300,000. [The “ first & ref. M .”
5 % 30-year gold bonds aro part o f auth. issue o f $1,000,000, o f which $40,­
000 have heretofore been sold for construction o f 2 miles o f railway and tho
remaining $960,000 aro deposited to secure the notes. Bonds dated Juno 1
1912, duo Juno 1 1942, but red. on any int. date at 10214• In t. J. & D .
at Erio (I’a.) Trust C o ., trustee. Par $500 and $1,000.
Further projected extensions covered by charter would run from Cam ­
bridge Springs to Erio, P a ., about 20 miles, and from Titusvillo via Pleasantville, Tionesta and Brookville to Punxsutawney, say 50 miles. Incorpo­
rated in Pa. April 1 1911 as a reorganization with $1,000,000 in $50 shares,
all issued. Officers are: Pres., Charles W . M ackey; V .-P res., Win. J.
Smith; Sec.-Treas., G . M . M aynard. O ffice, Titusvillo.)— V . 96, p. 1156.
& N o r t h w e s t e r n ( E l e c t r i c ) R y . — Reorgan­
T h i s c o m p a n y w a s i n c o r p o r a t e d in I n d i a n a
o n A p r il 12 w ith § 1 ,9 5 0 ,0 0 0 o f a u t h . c a p ita l s to c k , a s su cce s­
s o r o f t h e T o l e d o & C h i c a g o I n t e r u r b a n R y . , w h ic h w a s b id
in a t f o r e c lo s u r e s a le o n A p r i l 1 4 b y G e o r g e R . S h o l d o n o f
N . Y . , r e p r e s e n tin g b o n d h o ld e r s ’ ( V . 9 6 , p . 1 1 5 8 ) .
F ort W ayn e

ized Company.—

H a g e rsto w n

&

F r e d e r ic k

(M d .) R R .—

New President.—

E m ory L . C oblcn tz has resigned as President, to tako effect at tho next
meeting o f tho board, and will bo succeeded b y Edward S. P eck. M r.
C oblentz, it is understood, will be m ade First Vico-Prosldent and remain
a m em ber o f tho board.— V . 96, p. 947.
.
,<
Illin o is

C en tra l

R R .—

Favorable Decision.—

T he Illinois Supremo C ourt, affirming tho Circuit C ourt, on April 15
overruled tho m otion o f several objectors to a ratification o f the lake-front
agreement between tho com pany and tho South Park Comm ission. This
will enable the necessary deeds to bo interchanged as soon as the details
can bo arranged.— V. 96, p . 716, 419.
I n t e r b o r o u g h R a p i d T r a n s i t C o . — Delivery of Bonds.—
T h e c o m p a n y h a s a g r e e d w ith J . P . M o r g a n & C o . to e x te n d
th e t im e fo r th e ta k in g o f th o fir s t in s t a llm e n t o f § 7 8 ,0 0 0 ,0 0 0
o f t h e § 1 7 0 , 0 0 0 , 0 0 0 t o b e p u r c h a s e d b y t h o b a n k e r s in 4 y e a r l y
in s ta llm e n ts fr o m J u n e 3 0 to D e c . 3 1 n e x t , a n d th o d a te s fo r
ta k in g th e 2 d , 3 d a n d 4 t h in s ta llm e n ts o f § 3 0 ,0 0 0 ,0 0 0 , § 3 0 , 0 0 0 , (XX) a n d § 3 2 , 0 0 0 , 0 0 0 , r e s p e c t i v e l y , f r o m J u n e 3 0 1 9 1 4 ,
1 9 1 5 a n d 1 9 1 6 to D e c . 3 1 o f th o s e y e a r s . S e e V . 9 4 , p . 1 5 0 7 .

T ho com pany has been furnished with sufficient funds to meet the pay­
ment o f $15,000,000 notes maturing on M a y 1 by a eall on tho underwriting
syndicate for 12H % o f tho total underwriting o f $170,000,000 bonds. T his
A t the foreclosure sale on April 17 1913 tho property covered b y tho Ohio call furnished $21,250,000. T he com pany will also havo to pay for subway
Southern Division m ortgage was sold to Herman J . Schumacher and Daniel construction, under agreement with tho Public Scrvico Comm ission, $18,­
B . M urray at tho upset prlco o f $1,550,000, subject to confirm ation o f tho 000,000 b y D ec. 31 1913 (seo below ), but it has no uso for tho entire $78,­
sale b y th oC ou rt. Y our com m ittee furnished tho bidders with tho $100,000 000,000 before Juno 30, as its paym ents for construction work will bo spread
necessary to qualify them to bid, under contract that if it supplies tho through tho calendar year. T ho $33,018,000 1st M . 5s, which aro to bo re­
balance o f tho purchase prlco, tho properties sliaii bo vested in a tired at 105, from tho proceeds o f tho first block o f now bonds, cannot b o
now corporation which would Issuo tho securities to bo distributed In tho called until tho next Interest date, N o v . 1.
manner set forth in tho plan o fr e o r g . dated April 14 1913 (V .9 6 ,p . 1156).
Shonts, In a statement Issued yesterday, says: “ Inasmuch as
Under tho decree of foreclosure tho upset price of $1,550,000 is required thoPresident
contract with tho city was not signed until M ar. 19 1913, whereas it
to be paid In cash, and It is estimated that all, or substantially all, of this had been expected it would be signed in the fail o f 1912, the com pany




A

pr

THE CHRONICLE

. 2 6 i y 13 ]

arranged with the bankers in the interest of the Interborough Co. to change
tho annual requirement from the fiscal year to tho calendar year. There
has not been any delay or postponement or other hitch o f any kind or
character in tho Interborough’s financial plans.”

Agreement with City.— A n a g r e e m e n t lia s b e e n e n t e r e d i n t o
w i t h t h o P u b l i c S e r v ic e C o m m i s s i o n u n d e r w h ic h t h e a n n u a l
a m o u n t o f m o n e y t o b o s u p p l ie d b y t h o c o m p a n y u n d e r it s
c o n tr a c t fo r c o n s tr u c tio n a n d e q u ip m e n t o f a p o r tio n o f th o
d u a l s y s t e m o f s u b w a y s is a s f o l l o w s :
From'Mar. 19 1913 to end o f year, 518,000,000; for year ending Dec. 31
1914, 520,000,000; year ending Dec. 31 1915, 520,000,000, and year ending
Dec. 31 1910, 519,260,000. iThe company agrees to contribute 558,000,000
towards tho cost o f construct on of now subways and 522,000,000 for equipt.
It is provided in tho agreement that if tho total cost of construction shall
bo loss than 5110,000,000, the company’s contribution shall be diminished
by ono-half o f tho difference, and also if tho cost of equipment for initial
operation shall bo less than 520,000,000, tho difference between such cost
and 522,000,000 shall bo added to tho company’s contribution toward tho
cost of construction to tho extent necessary to mako contribution equal to
ono-half o f tho construction cost.—-V. 90, p. 1089, 9 4 7 .

Metropolitan Street Railway of Kansas City — Coupon
Payment.— T h o O l d C o l o n y T r u s t C o . o f B o s t o n , m o r t g a g o
t r u s t e e , g i v e s n o t i c e t o t h o h o ld e r s o f t h o $ 7 , 2 4 2 , 0 0 0 c o n s o l .
M . 5 s th a t th o c o m p a n y h a s p r o v id e d it w ith fu n d s s u ffi­
c ie n t to p a y th e c o u p o n s d u e M a y 1.
Tho bondholders’ protective committee will collect and distribute the
interest duo to the holders of tho committee’s certificates.— V. 90, p. 553.

Mexico Northwestern Ry.—Prior Lien Bonds Offered.—
T h is c o m p a n y o ffe r e d th r o u g h th o B a n k
d o n , F e b . 2 4 to 2 8 , a t 9 3 £ 1 , ( 3 0 0 , 0 0
lie n b o n d s , p a r t o f a n a u t h o r i z e d is s u e
i n 1 9 2 8 b u t r e d . a n y t i m e o n s ix m o n t h s ’

o f S c o t l a n d in L o n ­
0 6 % 1 5 -y e a r p rio r
o f £ 2 ,5 0 0 ,0 0 0 , duo
n o t i c e a t 1 0 2 Yz%.

The proceeds will bo used to pay tho floating debt of approximately
£ 1 , 1 0 0 , 0 0 0 and tho balance for general purposes.
Far £100. Interest payable M. & S. in London at Bank of Scotland
and in N . Y . and Toronto. Trustee, Nat. Tr. C o., Ltd.. Toronto.
Digest of.L etter from President P. S. Pearson, Feb. 22 1913.
Organized in 1909 under laws of Canada, and has outstanding 525,000,000
of share capital, £8,459,700 5% 50-year 1st M . bonds, £2,859,700 of which
will bo returned to the treasury on tho payment of the floating debt, leaving
outstanding £5,600,000 5% 50-year 1st M . bonds and £750,000 of 0% con­
vertible income bonds. This £1,000.000 of 0% 15-year prior lien bonds is
part of an authorized issuo of £2,500,000 [ranking ahead of tho earlier issues]
and tho balanco o f £900,000 is reserved for ruturo requirements
Tho properties Include: 512 miles o f well-built standard-gauge railway
(which would cost approximately £4,250,000 to replace); about 3,200,000
acres of freehold lands estimated to contain 1 0 billion feet of good pino
timber and a large area of agricultural and grazing lands; two well-equipped
lumber mills, one at Madera and the other at Pearson, having an annual
capacity of 400 million feet; one finishing mill and box factory at El Paso,
T ex ., with an annual capacity ot 200 million feet, in tho acquisition and con­
struction of which tho company has expended more than £6,500,000. Tho
net incomo in 1910 amounted to £191,530, though we only manufactured
54 X
A million feet of lumber and operated 305.4 miles of railway. During
1911 and 1912 political disturbances mado it impossible to carry on nor­
mal operations.
The company has a claim against tho Government o f Mexico for approxi­
mately £1,000,000 for destruction o f property and losses. We have on
hand ready for shipment about 85 million feet of lumber and orders on
tho books for 71 million feet of lumber. Operations will be resumed as
soon as order is restored. [A press despatch from Chihuahua on March 8
stated that tho destroyed portions of tho road were to bo immediately
reconstructed at tho expense o f the Federal Government.] Sec also V. 90,
p. 285, 053.

Mexico Santa Fo & Perry Traction Co.— Sale May

17.

Judge Barnett in tho Audrain County Circuit Court at Moxico, M o.
on April 22 fixed the date of foreclosure salo at May 17. V .9 6 ,p . 1089,716

Missouri Kansas

Texas Ry.—

&
Notes Offered.— S p e y e r
& C o . , h a v i n g s o l d a la r g e a m o u n t o f t h e p r e s e n t is s u e , o f f e r
b y a d v . o n a n o th e r p a g e , a t 9 8 % , y ie ld in g a b o u t 6 ^ %
on
th o in v e s t m e n t , th o r e m a in d e r o f th e 8 1 9 ,0 0 0 ,0 0 0 t w o -y e a r
5 % se c u r e d g o ld n o t e s , d a te d M a y 1 1 9 1 3 a n d d u o M a y 1
1915.
P a r t o f a t o t a l is s u o l i m i t e d t o 8 2 5 , 0 0 0 , 0 0 0 .
Cou­
p o n n o te s o f 8 1 ,0 0 0 e a c h .
P r i n c i p a l a n d in t e r e s t ( M . & N . )
p a y a b l e i n N . Y . , o r in L o n d o n t h r o u g h S p e y e r B r o t h c r t f e
R e d e e m a b le , a ll o r a n y p a r t , a t a n y t im e a t p a r a n d in t ­
e r e s t, o n 3 0 d a y s ’ n o tic e .

At the office of Speyer & Co. it was learned yesterday that subscriptions
for tho new 2 -year 5% notes are coming in satisfactorily from this city and
from tho country, botli from institutions and from investors. Tho old
notes, now maturing, wero widoly scattered.
Condensed Extracts from Letter of Chairman, Dated April 18 1913.
Tho 519,000,000 notes aro issued now against deposit, under a trust
agreement with tho Central Trust Co. of N. Y ., as trustee, o f 524,510,000
Missouri Kansas & Texas Hy. Co. consolidated mortgage 5% 30-year gold
bonds, duo 1910. Tho proceods of these 519,000,000 notes aro to bo used
to retire 517,500,000 5% notes maturing May 1 1913 [including SI,500,000
which fall duo July 1 but have been called for payment on May 1.— Ed.j
and for other corporate purposes. Tho remaining $6,000,000 notes aro
reserved for issuo against tho deposit of an additional amount of consoli­
dated mortgago 5% gold bonds, taken at 77 'A % of their par value.

surplus of the Systemafter Providingfor all FixedCharges, Taxes, Rentals, Ac.

Annual average for flvo fiscal years ending Juno 30 1912_____ S I,108,381
For tho 8 months endod Feb. 28 1913 (an increase of $2,321,307
over same period of 1911-12)_______________________________ 2,693,120
From July 1 1912 to March 31 1913 tho operating revenuos (partly esti­
mated) of tho system amounted to $25,251,140, an incroase of $3,239,401.

Secured Gold Notes Due May 1 1 9 1 3 . — -T h e s e n o t e s w ill b e
a c c e p t e d , a t p a r a n d i n t . , in p a y m e n t f o r t h o n e w n o t e s a t
t h o a b o v e p r i c e , a n d h o ld e r s o f t h o s e n o t e s w ill b e g i v e n t h e
p r e f e r e n c e in t h o s u b s c r i p t i o n .
B o t h p r in c ip a l a n d in te r e s t
o f s a i d 8 1 6 , 0 0 0 , 0 0 0 n o t e s w ill b o p a i d a t m a t u r i t y M a y 1
a t th e U n io n T r u s t C o ., N . Y . C i t y .— V . 9 6 , p . 1 1 5 7 , 1 0 8 9 .

Mobile Terminal & Railway.— C o n s o l i d a t i o n .—

Seo Alabama Tenncssco & Northern Ry. above.— V.

91

, p.

717.

New York Central & Hudson River RR.—

N e w N o tes
S o l d .— J . P . M o r g a n & C o . , F i r s t N a t . B a n k a n d N a t . C i t y
B a n k o f f e r e d p u b l i c l y o n A p r i l 2 1 a t 9 9 ^ a n d i n t . a n e w is s u o
o f $ 1 0 ,0 0 0 ,0 0 0 o n e -y e a r 5 % n o te s , d a te d A p r il 2 1 1 9 1 3 a n d
d u e A p r il 21 1 9 1 4 .
In tere st A . & O . 2 1 .
N o te s, coupon
f o r m , o n d o r s e d in b l a n k , p a r $ 5 , 0 0 0 , $ 1 0 , 0 0 0 , $ 2 5 , 0 0 0 a n d
$ 1 0 0 ,0 0 0 .
T h o a b o v o is s u o w a s o n t h e s a m e d a y q u i c k l y
o v e r s u b s c r i b e d , a d v a n c i n g t o a p r e m i u m a b o v e ‘ t h e is s u e
p ric e .
O u t o f th o p r o c e e d s o f th e so n o te s a n d th o $ 1 0 ,0 0 0 ,­
0 0 0 o n e - y e a r 5 s p la c e d r e c e n t l y a b r o a d ( V . 9 6 , p . 1 0 8 9 ) ,
t h o c o m p a n y , i t is s t a t e d , w ill t a k e u p a b o u t $ 1 4 , 0 0 0 , 0 0 0 o f
t e m p o r a r y lo a n s s h o w n in th o b a l a n c o s h e e t o f D e c . 3 1 1 9 1 2 .
( V . 9 6 , p . 7 1 2 .)
T h o f o r e i g n is s u o h a s t h e s a m e m a t u r i t y a n d
in te r e s t d a te s a s th o n o te s n o w
s o l d , b u t i t is p a y a b l e
in s t e r l i n g , t h o p a r
o n ly .




value being £1,000

1329

^
salo mcroases tho amount of tho company’s short-term notes (4 H %
and 5% ) to 870,000,000, all duo early in 1914 and 1915. As is well known,
the management has for some time past been perfecting a comprehensive
plan for permanent financing, embracing tho merger with the parent com­
pany of numerous subsidiaries and the making of a blanket mortgage whic3
will provide for the retirement of all existing indebtedness and for present
capital needs and further requirements in tho way of addition and improve­
ments into the far futuro.

.—

M o rtg a g e on N e w
Y o r k W a t e r -F r o n t P r o p e r t y
A 3J^%
m o r t g a g o f o r 8 1 , 0 0 0 , 0 0 0 , d u e M a y 1 1 9 2 3 , h a s b e e n f i le d t o
S u sa n L . V iv ia n (R o b e r t s ), o n e o f th e v e n d o r s , a n d o th e r s , a s
tr u s te e s , c o v e r in g th o H u d s o n R iv e r w a t e r -fr o n t p r o p e r ty in
t h o n e i g h b o r h o o d o f 3 5 t h a n d 3 6 t h s t r e e t s , N . Y . C i t y , Avhich
lia s b e e n h e ld u n d e r le a s e f o r s o m e y e a r s , b u t t i t l e t o w h ic h
w a s a c q u ir e d o n M a r . 1 4 fo r $ 1 ,2 5 0 ,0 0 0 .— V . 9 6 , p . 1 1 5 7 .

New York Chicago & St. Louis RR.— E a r n i n g s .—

„ ,

Operating Net (after
Revenue.
Taxes).

Other

Interest, P f.D ivs.

Common

Dal.,

In c.
Rents,A c . (5% ).
Divid'ds.
Surp.
5
S
5
s
5
S
’o^s’nni o ’U n ’nol ?12 - 1 9 3 L551.470 800,000 (4)560,000 421,860
1 9 i l nn1 1 ’ 2 5 i8 ,’ KQ8 M 5 0 ’ 0 8 5 149-83i L484.850 800,000 (3)420,000 295,068
—
V. 90, p. IlOo, oO‘i»
Cal.

Y ea r.

Ocean Shore RR.

— A p p l i c a t i o n D e n i e d .— T h e C a l i f o r n i a
R R . C o m m is s io n o n A p r il 7 d e c id e d t o s u s p e n d fo r th e p r e s ­
e n t a d e t e r m i n a t i o n o n t h e a p p l i c a t i o n t o is s u e $ 7 0 0 , 0 0 0 a n d
t o p le d g e t h e s a m e a s c o l l a t e r a l s e c u r i t y f o r a l o a n o f 8 2 5 0 , 0 0 0 .

Tho Commission held that_as substantial litigation is now pending in tho
Superior Court, it should withhold action until a court of jurisdiction should
act upon tho legal matters now before it.

.—

Stock A s s e s s m e n t
A n a s s e s s m e n t o f $ 2 5 0 p e r s h a r e , i t is
r e p o r t e d , h a s b e e n le v i e d o n t h e c a p i t a l s t o c k . — V . 9 6 , p . 7 9 0 .

Pere Marquette RR.—

.—

L e g is la tiv e C o m m i t t e e R e p o r t
T h o jo in t le g is la t iv e c o m m i t t e e , w h ic h h a s b e e n in v e s t ig a t in g
a l le g e d ir r e g u l a r i t ie s in t h e a f f a i r s o f t h o c o m p a n y , o n A p r . 2 4
m a d e its fin a l r e p o r t.

Tho committeo recommends that tho State bo given broader control of
railroads, and attributes tho company’s difficulties to mismanagement and
manipulation. Tho present management under tho receivership, it is
stated, is capable,and it is doing its utmost to improve tho service and should
be given a reasonable opportunity to demonstrate whether tho road can be
mado to earn its fixed charges. If it fails to do this, a reorganization must
be had on a basis that will bo sound.
The committee also says: “ Much has been said about watered bonds,
but your committeo is satisfied that the money represented by the funded
debt of approximately 570,000,000 has been paid into tho Pere Marquette
corporation; that all tho bonds are honest; that none of them is watered,
and that tho persons owning them have honest claims against tho Pero Marquetto on account of said bonds.”
Tho abrogation of the State two-cent passenger fare law on branch linesof tho road is recommended where tho passenger business does not pay.

Rates.

— G o v e r n m e n t B r i e f A l l o w e d .— T h e U . S . S u p r e m e
C o u r t o n M o n d a y g r a n te d p e r m is s io n to th e A t t o r n e y -G e n ­
e r a l t o file a b r i e f a s a “ f r ie n d o f t h e c o u r t ” in t h e “ S t a t e r a te c a s e s ,” a b o u t 4 6 in n u m b e r , w h i c h w e r e a r g u e d a n d s u b m i t ­
te d to th a t C o u r t o v e r a y e a r a g o , a n d in v o lv e th o q u e s tio n
o f th e v a lid i t y o f r a te s fix e d b y v a r io u s S t a t e s .
T h e s e in ­
c lu d e t h e M i n n e s o t a r a t e c a s e ( c o m p a r e G r e a t N o r t h e r n R y .
ite m , V . 9 2 , p . 1 0 3 2 ).
S e e a ls o e d ito r ia l r e m a r k s o n a p r e ­
c e d in g p a g e .

Tlio Government in its brief contends:
“ First, tho power of Congress under the commerce clause extends
every act which substantially impedes or affects inter-Stato commerce.
Tho means by which such commerce is affected or impeded is immaterial
if tho effect itself is substantial.
“ Second, a rato fixing order made by a State railroad commission with
tho intention to discriminate and actually discriminating against inter­
state commerce in favor of intra-State commerce is void even in tho absenceof Federal action. It is void where Congress, through the Inter-State
Commorco Commission, has forbidden such discrimination.
“ Third, tho Inter-State Commerce Commission has power to regulate all
commerce over which Congress itself has jurisdiction. The proviso in the
first section of tho Inter-Stato Commerce Act is a disclaimer, not an excep­
tion.
“ Any other construction would seriously impair tho functions of inter­
s t a t e commerce. If rates on traffic between two termini In tho same State
are to bo exempt from regulation by tho Inter-Stato Commerce Commis­
sion, no matter how much they may discriminate against inter-State com­
merce, such discrimination will escape regulation altogether. It has been
oxprossly decided that the States cannot regulate them.” — V. 96. p. 1157:
V . 96. p. 1058.

St. Louis & San Francisco RR.— B o n d s
i n g s .— T h o c o m p a n y , i t is a n n o u n c e d
w e e k s a g o c lo s e d n e g o t i a t i o n s f o r
c o m p a n y ’s g e n e r a l li e n 5 %
bonds
b a n k o r s , a n d th o se b a n k e r s h a v e ju s t
o f t h e b o n d s in P a r i s .
A sta te m e n t

—

S o ld .
E a rn ­
b y Speyer
C o ., s o m e
a la r g e b l o c k o f t h e
fo r a c c o u n t o f P a r is
m a d e a s u c c e s s f u l is s u e
is s u e d b y t h e c o . s a y s :

&

Tho earnings continue to make an excellent showing, tho third week
of April reflecting a gain of S115,800 over tho same period last year. For
tho first three weeks in April the gain was $296,600. The Chicago & East­
ern Illinois also shows a gain, tho increase for tho first three weeks in April
being $76,000. Taking tho two properties together, there is an increase to
gross oarnings of $372,600 for tho first three weeks of this month.
Through tho salo recently of a block of tho 5% goneral lien bonds to Paris
bankors, tho company has reimbursed itself for certain expenditures and
provided for its immediate requirements.— V. 96, p. 1 0 2 2 , 203.

St. Louis Southwestern Ry.—

I n t e r -S t a t e
C om m erce
R u lin g A f f i r m e d that I n t e r -S t a t e T r a f fi c M u s t B e A c c o r d e d S a m e
R a tes a s I n t r a -S t a t e u n d e r S i m i l a r C o n d i t i o n s

.—

Soo editorial on provious pages and compare editorial V. 94, p. 879. 881.
— V. 96, p. 1090.

Southern Pacific Co.

— N e w O f f i c e r .— A . D . M c D o n a l d ,
w h o w a s r e c e n t l y e le c t e d C o m p t r o l l e r o f t h e c o m p a n y t o
s u c c e e d W ill ia m M a h l , th e la t t e r r e sig n in g o n a c c o u n t o f
ill-h e a lt h a ft e r 3 1 y e a r s ’ s e r v ic e , h a s b e e n m a d e a ls o C o m p ­
t r o lle r o f t h e S o u t h e r n P a c i f i c C o . o f M e x i c o a n d o t h e r s u b ­
s id ia r ie s .
S e e a l s o U n i o n P a c i f i c R R . b e l o w .— V . 9 6 , p .
1158, 1090.

Toledo & Chicago Interurban Ry.— S u c c e s s o r

C om p a n y.

Seo Ft. Wayne & Northwestern Ry. Co. above.— V. 96, p. 1158.

Tombigbee Valley RR.— C o n s o li d a t i o n .—

Seo Alabama Tennessee & Northern Ry. above.— V. 91, p. 718.

Tonopah & Goldfield RR.—C o m m o n

D i v i d e n d .—

A iltvidond of 4% has been declared on the $1,650,000 common stock,
making with tho dividend paid in Oct. last 7 % for the year. The distri­
bution of 3% on tho common and 7% on the preferred in Oct. 1912 were
tho first distributions slnco April 1907, when both classes receivod 10%, the
payments in 1906 having aggregated 27% . Compare V. 83, p. 1591.—
V. 95, p. 1542.

THE CHRONICLE

I3i0

Toronto Hamilton & Buffalo Ry.— E a r n i n g s .—

[ V o l . XCVI

The 1st M . bonds are a first lien on the entire property, and also cover
all the bonds and stock of the Lake Borgne Canal, which cost $1,491,000,
the combined properties representing a total investment in canal, steel
barges, lighters, loading and unloading plants, shipyards, machinery, &c.,
19 12.......... $1,702,713
$823,510
$57,326
$330,130
$550,706
of over $1,861,900. Sinking fund to rotiro bonds, $50,000 annually, be­
19 11______ 1,256,012
523,224
46.334
269,450
300,108
Tho total profit and loss surplus Dec. 31 1912, after deducting 20% divi­ ginning July 1 1915, and beginning July 1 1922 $100,000 annually.
Estimated earnings for the first year under full operation, secured by
dend ($500,000) paid therefrom, was $858,892.— V. 96, p. 361.
tolls from thd Lake Borgne Canal, contracts [with Gilmore Bros.] cover­
Union Pacific RR.— A p p l i c a t i o n f o r E x t e n s i o n o f T i m e .— ing the transportation of 600,000 tons of coal, return freight from New Or­
leans to Alabama points, &c., $786,000; interest on $724,000 1st M . bonds
T h e c o m p a n y o n T h u r s d a y re q u e ste d th e U . S . S u p r e m e
now Issued, $43,440; balance, surplus, $742,560.
C o u r t to a u th o r iz e th e U . S . D is t r ic t C o u r t fo r U t a h to ex­
The receipts from tho Lake Borgne Canal aro now quite sufficient to pay
the interest on all outstanding bonds. From time to time additional bonds
t e n d in i t s d is c r e t i o n t h e t i m e a l l o w e d b y t h e S u p r e m o C o u r t
may be issued to pay for equipment and property of equal valuo, maintaining
in i t s m a n d a t e f o r s u b m i t t i n g a n a c c e p t a b l e p l a n f o r t h e c o m ­ the equity of over $1,000,000. Tho Great Lakes Eng. Works of Detroit
are now constructing for us at our shipyard on the canal 16 self-propelling
p le te s e p a r a tio n o f th e U n io n P a c ific a n d S o u th e r n P a c ific
steel barges of 1,000 tons displacement, to cost $416,000 each. 240 ft. long,
c o m p a n ie s , w h ic h e x p ire s o n M a y 1 2 .
32 ft. wide, draft 6 ft. and 17 ft. high over all, particularly adapted for
Tho petition includes, besides the 4 proposed plans which have failed coal, iron, ore and heavy freight. One about ready to launch, others will
for different reasons, a certificate from Judges Sanborn, Uook and Smith, be ready about one every six weeks.
approving the same. A fifth (tentative) plan was informally presented to
Officers and directors: Phineas W . Sprague, President, Boston, of C. H.
the U. S. District Court on April 21 and suggestions were made regarding Spraguo & Son, largo coal shippers; John II. Bernhard, Manager; Charles
the same by the judges above named.
R. Dunn, Detroit, V.-Pres. Union Trust Co.; Vincent Goldthwaite, Boston;
The amended plan submitted to tho lower Court provides that the $126-, John R. Turner, Jersey City: Breck Musgrovo, Birmingham, Ala.; A. S.
650,000 Southern Pacific stock to be distributed shall be deposited with a Lyons, Mobile; Henry S. Fleming, N. Y ., Cecil A. Gronfoll, London.
trustee and disfranchised while so held. That certificates of interest shall
be issued by the trustee against said shares which shall carry no voting
(Dean) Alvord Securities Co., New York.— R e p o r t —
right and which shall be exchangeable for Southern Pacific shares held by P l a n .— T h e b o n d h o l d e r s ’ a n d s t o c k h o l d e r s ’ c o m m i t t e e , 7 0 7
the trustee only upon the filing o f an affidavit by tho applicant for such
exchange, showing that such applicant does not own 1 , 0 0 0 shares or more of W i l d e r B l d g . , R o c h e s t e r , o n A p r i l 1 2 r e p o r t e d i n s u b s t a n c e :
Union Pacific and that these certificates of interest shall- be offered for
A very large proportion, both of tho $776,000 debenture bonds outstand­
subscription and purchase to all Union Pacific stockholders ratably at a ing and of the common stock of tho company, has been deposited with the
Fidelity Trust Co. of Rochester, N . Y ., as depositary under our agreement
distribution ratio o f not less than 38% .— V. 96, p. 1158, 864.
of Dec. 10 1912. On Jan. 10 1913, at tho instance of tho former directors,
Wabash-Pittsburgh Terminal Ry . — E l y P l a n .— T h e a receiver was appointed by the N . Y . Supreme Court, contrary to our
wishes. On Jan. 22 your committee obtained control of tho company and
p l a n o f r e o r g a n i z a t i o n w h ic h D a n i e l B . E l y & C o . o f N e w Y o r k
elected a new board.
h a v e b e e n p r e p a r in g in d e p e n d e n tly o f th e e x is tin g c o m m it t e e s
In addition to interests in other companies and syndicates of unknown
value, the corporation owns six vacant city blocks on Thompson Avo.,
w ill p r o b a b l y b e a n n o u n c e d e a r l y n e x t w e e k .
Long
Island City, east of the terminus o f the Queensborough Bridge: 48
The plan provides for the merger of the Wabash-Pittsburgh Tormlnal
at Springfield, L. I.; 104 acres at Babylon, L. I., and small holdings
and Wheeling & Lake Erie R R ., and as now drawn calls for an issue o f acres
at
Roslyn,
also an apparently trifling equity in a houso and lot at
$21,000,000 3-year 6 % collateral notes secured by deposit o f $30,000,000 M t. Vernon,L.NI.;
. These properties (all subject to the lien of mortgages,
now first and refunding 50-year bonds. This note issue reduces tho total except, perhaps,. Y
plot 8 6 , Roslyn Estates) cost tho company about $926,000
secured debt to slightly over $40,000,000, which is far below the nominal — $507,400 In mortgages
and $418,751 in cash. Thoprlnclpal assets consist,
value o f the properties, while thoir surplus earnings after fixed charges, it of the six Long Island City
blocks, which cost three years ago $721,515
is estimated, should be over $1,100,000. The net earnings of the properties ($402,900 in mortgages and $318,615
in cash), having been purchased in
operated separately during the current fiscal year will, it is thought, aggre­ anticipation
of
the
completion
the Queensborough Bridge and tho making
gate $400,000 above the new fixed charges under tho plan. Tho Wallaco of tho property accessible by of
a trolley line now in operation and the new
committee, it is understood, is not unfriendly to tho plan, provided the dual subway system which will have
stations at or near tho blocks mentioned.
necessary financing can be arranged. V . 96, p. 791, 421.
The enhancement in values has probably not been fully discounted, but
It is certain that the properties cannot be sold now at forced sale for any­
Wages.— A w a r d o f A r b i t r a t i o n B o a r d .— T h o a w a r d o f t h e where
their cost. Unless some plan is adopted which will provido for in­
terest, taxes, &c., the mortgages will be foreclosed and it is doubtful
b o a r d o f a r b i t r a t i o n s e le c t e d u n d e r t h e E r d m a n A c t , b y
whether there will be any surplus for division among debenture bondholders.
a g r e e m e n t d a te d F e b . 1 8 la s t , to s e ttle th e d is p u te o v e r
It is also certain that the company cannot pay its other charges and con­
w a g e s a n d w o r k in g c o n d itio n s o f th e fir e m e n o f 5 4 E a s te r n
tinue to pay the interest upon the outstanding debenture bonds.
The directors expect shortly to realtzo about $64,000 from certain
r o a d s ( a b o u t 3 1 , 0 0 0 in n u m b e r , w i t h w a g e s a p p r o x i m a t i n g
assets, which will pay tho taxes now duo, tho mortgage interest
3uick
$ 2 9 , 0 0 0 , 0 0 0 in 1 9 1 2 ) , w a s f i l e d o n A p r i l 2 3 in t h e o f f i c e o f t h o
ue and to become duo prior to July 1 1913, the expenses of receivership
and reorganization, estimated at $15,000, and leave a balance of substan­
C le r k o f th e U n ite d S ta te s D is tr ic t C o u r t.
tially $35,000. It is hoped that by carefully husbanding this balance on
The award is unanimous. Under it the men receive a general increase hand and from the sale of one or two properties, sufficient moneys can bo
in wages (somewhat less than demanded), estimated by men familiar realized to pay the taxes. Interest and carrying charges until the balance
with conditions as ranging from 10 to 12%, or aggregating, say, about $3,­ of the properties can be sold at fair prices. A competent real estate man
0 0 0 ,0 0 0 , but under calculations said to have been made by tho adhoronts
will devote his entire timo to the allied companies when reorganized, and the
of the firemen, the amount will be much loss. Tho demand of the men that expenses will bo reduced to a minimum.
tho award be made retroactive from July 1 1912 was denied, and the award
Plan .— Exchange the debenture bonds for an equal amount of 7% pref.
will go into effect 10 days after its filing. The firemen, however, win their stock of tho corporation, payable semi-annually cumulative, from Oct. 1
contention that tho rates and wages should be standardized and based on 1912, when the last interest was paid on tho debenture bonds. It may
weight of locomotives on drivers, and further by the specification of ten bo issued in series and will be retirable at par at company’s option on 60
hours or less or 1 0 0 miles or lass as constituting a day’s pay in all classes days’ notice. It is not our purpose to proceed with tho plan unless it re­
of service. This was opposed by tho railroads as an inequitable method of ceives tho practically unanimous approval of tho security-holders. If all
figuring the wages and the valuo of their services. This is said to be the the debentures are not deposited, it may be necessary to go to the expense of
first time in which in an award under the Erdman Act the wages fixed wore putting the corporation in bankruptcy for the purpose o f a compulsory
based on weight o f locomotives on drivers. The firemen are relieved of exchange of debenture bonds for preferred stock.
the cleaning of engines. Many of the other demands of the men for im­
[Tho shareholders will vote April 29 on increasing the capital stock from
proved working conditions were denied and overtime charges and allow­ $1,000,000. all common, to $1,776,000, by adding $776,000 7% pref.]
ances for initial and final terminal delays remain almost unchanged.
Committee.— Henry H. Stebbins, Chairman, Harcourt W . Bull. William
It should bo noted that the application for two firemen on large locomo­ B. Leo, John J. McMaster and E. 1’ . Reed, with Franklin II. Smith as
tives was denied. Under Article 6 of tho award, it is provided, however, Secretary. See also Belle Terre Estates and Roslyn Estates below.
that where a second fireman’s deemed necessary on any onglno (or assist­
American Can Co.—O p e r a t i o n s — D i s t r ib u t io n A d v a n t a g e s
ance where one fireman is employed) the matter will be taken up with the
proper officials by the firemen’s committeo. Falling to reach a settle­ M a k e f o r L o w T r a n s p o r t a t io n C o s t s .— L e e , H i g g i n s o n & C o .
ment, tho matter shall be referred to an adjustment commission, to be com­
posed of 5 persons, 2 o f whom are to be chosen by the railroad company, h a v e is s u e d a s t a t e m e n t s a y i n g in s u b s t a n c e :
The company’s customers in Kansas City, St. Louis or New Orleans can
2 by the firemen’s committee and a chairman to be selected by tho 4 thus
chosen. Should the 4 fail to agree on the 5th, then 3 days after tho last of have thoir goods direct from Its factories located in those cities, and tho
the 4 is solected the presiding judge of the U.S. Commerce Court shall name same can bo said regarding 35 other cities where its factories aro in opera­
the 5 th, or, if for any reason tho latter cannot make tho selection, then tho tion. Tho sardino pack of 1912 required mcro than 250,000,000 cans;
5th man shall be named by tho U. S. district judge of the district In which theso were packed in Maine, whero tho American Can Co. lias two factories.
the controversy may have arisen. All expenses incurred in connection with In 1911 the salmon pack took 288,000,000 cans on tho Pacific Coast;
American Can Co. has four factories out there which supplied most of the
the settlement o f such matters shall be borne equally by tho two parties.
Tho board says that the roads involved include practically all of that part cans. Tho canning of oysters, shrimp, cano syrup, &c.. Is largely centred
of the country east of the Mississippi and north of tho Ohio and Potomac in New Orleans, Kansas City and St. Louis; tho company has factories in
rivers, with trackage of approximately 70,000 miles of main lino, or some­ each of these cities, and gets its share of tho business.
In 1912 336,000,000 cans wero used for tho tomato trade; 312,000.000
thing more than one-fourth o f the entire trackage of the United States.
These roads, it is stated, “ represent practically 40% of tho total capitali­ cans wero used for the corn tradeand 170,000,000 cans for tho pea trado—
a
total
of 820,000.000 cans used last year for putting up corn, peas,tomatoes,
zation of all railroads in the United States; they carried about 47% of the
ton miles and about 43% of the passenger miles of all railroads of the United &c. Tho California Fruit Canners’ Association has ccntracts with the
States." The testimony, it is stated, takes up 3 printed and bound vol­ American Can Co. calling for 750,000,000 cans a year for flvo years, sub­
umes comprising more than 2,000 pages with 4 volumes of printed oxhibits. ject to change in tho price of tin plate.
It is not probablo that tho American Can Co. will go into tho export
S e e e d i t o r i a l r e m a r k s o n p r e v i o u s p a g e .— V . 9 6 , p . 1 0 2 2 .
business extensively, due to the high cost of ocean freight on such light ma­
terial. It has already four plants operating in Canada, two of which aro
in Vancouver, supplying tho salmon trado there, and in Alaska. In the
latter place alone it is estimated that tho salmon pack requires from 2 0 0 ,­
000,000 to 250,000,000 cans each season. Another venturo is in tho Ha­
INDUSTRIAL, GAS AND MISCELLANEOUS.
waiian Islands, whero tho company has a plant to supply cans for tho pine­
apple trado. an Infant industry that is competing successfully with the
Alabama & New Orleans Transportation Co.— Bonds Singapore pineapple business becauso of tho duty on the latter brands.
While the American Can Co. does its sharo of tho can business (about
&c.— L e w i s B r o s . & C o . , B o s t o n , a r o p l a c i n g a t p a r a n d 40%
), it has keen competition in a number of lines. In N. Y. Htato alone
the American Can Co. sells to 147 canners out of a total of 150. showing
i n t ., w ith 2 0 % p r e f. s t k . b o n u s , $ 5 0 0 ,0 0 0 1 st M . 6 %
s in k ­
that,
while its prices aro on a par with independents, tho location of its
in g fu n d g o ld b o n d s , d a te d J u ly 1 1 9 1 2 a n d d u e J u ly 1 1 9 3 2 ,
factories is of great advantage in securing business. A single factory in
b u t r e d e e m a b le a t 1 0 5 o n a n y in t , d a y .
I n t e r e s t J. & J . a t
Maine, two stories high, has a capacity o f 600,000 cans per day and em­
ploys but 200 men. Tims, though tho number of cans used in different
U n io n T r u s t C o . o f D e tr o it, tru ste e .
P a r $ 1 ,0 0 0 ( c * ) .
locations looks large, yet one or two factories will in most cases take care
D ig e s t o f S t a te m e n t b y T r e a s u r e r V in c e n t G o ld t h w a it e , B o s t o n ,
of the requirements of their respective districts. The eompany ein|>Ioys
no skilled men oxcept a few machinists, engineers, &c. (V. 96, p._489, b55).
Organization.— Controls the Lako Borgne Canal (7 % miles in length—
D e b e n t u r e 5 s . — N o t w i t h s t a n d i n g t h e d e p r e s s i o n in f i n a n ­
see V. 92, p. 960), connecting tho Mississippi Sound with the Mississippi
River at a point 12 miles below New Orleans, and thus controls and operates c ia l c ir c le s d u r i n g t h e p a s t f e w m o n t h s , t h e s y n d i c a t e w h i c h
an all-water route connecting tho coal and iron deposits near Birmingham, h a s b e e n s e lli n g t h e A m e r i c a n C a n C o . s i n k i n g f u n d d e b e n t u r e
Ala., with Mobile, New Orleans. &c., shortening the water distance be­
tween New Orleans and Mobile more than 180 miles and affording an inside 5 s h a s a l r e a d y s o l d h a l f t h o is s u e t o i n v e s t o r s , a n d s a le s a r e
passage, avoiding the Gulf of Mexico. The Tomblgbee River and tribu­ p r o g r e s s i n g s a t i s f a c t o r i l y .
T h o s y n d ic a te h a s b e e n e x te n d e d
taries north from Mobile are navigable to within 40 miles of Birmingham,
Ala., the U. S.C.ovt. having expended $8,500,000 in building 17 locks and t o A u g . 1 . — V . 9 6 , p . 7 1 7 , 6 5 5 .
dams to make them navigablo tho year round.
American Hide & Leather Co. — E a r n i n g s .—
The Birmingham district ships to Mobile, New Orleans and the West,
ending
*Net
Bond
Sinking
J n t.o n
Balance for
outside of coal and coke, over 1,400.000 short tons yearly o f pig iron,steel, 3 Months
March
31—
Earnings. Interest.
la n d .
S .I.B d s.
Period.
pipe, wire, cement, lime, bricks, cotton, lumber and general merchandise, 1913_______
$45,043
$82,590
$37,500 $45,285 def.$120,332
much of which is available for this company.
During 1911 New
87,375
37,500
40,500
sur.11,379
Orleans used about 3,000,000 tons of coal; 1,100,000 tons wero transported 1912_____________ 179,754
N ine M onths —
_ ..
from Ala. at a cost of $1 35 per ton. Our company has signed contracts
$792,911 $254,880 $112,500 $128,745 sur.$296,786
to transport yearly up to 600,000 tons o f coal to Now Orleans, requiring 1912-13........
262.125
112,500
121,500
sur.106,684
the entire barge fleet now under construction. Wo estimate that 6,500,000 1911-12.................. 602,809
tons of freight per year are moved from Gulf ports to inland Alabama; our
Not
♦After
charging
replacements
and
ronewals
and
interest
on
loans,
company should secure of this at least 300,000 tons in the first year.
current assets March 3i i 013, $8,992,680.
Capitalization— (Company incorp. in N. J . in 1912) Authoriz ■d. Issued.
Bros. Thomas W. Hall and George A. Hill say that the statement for the
Common stock (par $20).................................................. $500,000 $500,000
Preferred 7% cumulative (par $100).......................... .. 587,500
248,500 3 and 9 months ending Mar. 31 1912 has been prepared on the same ac­
First mortgage 6 % - - ........................................................2,000.000 I 724.000 counting basis as tho annual statement of Juno 30 1912 and finished leather
Second mortgage 6 % ------------------------- ------ -------------- 350,000
350,000 has been taken at the same prices, which arojbelow those now prevailing

Calendar
Year—

Gross
Revenue.




(after
Taxes).

Net

Other
Income.

Charges,
<&c.

Balance,
Surplus.

A

pe

iTTresent conservative market prices wero applied to inventory of finished
leather thoy would bo an increase of $184,545 and if this higher range of
values continues, effect will bo given thereto in tho accounts at tko ond of
tho current fiscal year.— V. 90, p. 555. 287.

American Naval Stores Co., Savannah.— Loan.—

The “ Oil, Paint A Drug Reporter” recently said that tho committeo in
cliargo of tho company’s affairs had arranged to borrow'$750,000 to kcop
It going actively. The creditors wero asked to subscribe 10% of tho amount
owed to them to the company, such loans to take] priority over all unse­
cured claims against tho company, these subscriptions to bo mado for a short
time with tho privilege of a maximum extension for 6 months at tho dis­
cretion o f tho committee. Tho creditors holding warehouse receipts for
rosin wero requested to send them to tho committeo to bo handled by it.
Tho committeo desires to realizo on all possiblo collateral, and tho selling
o f rosin is to bo its first stop. Tho company is to enter tho market to buy
nnlv for quick disposal, and stocks on hand will bo decreased as quickly
as possible.— V. 96, p. 948, 864.

American Road Machinery Co.

— Bonds Offered.— W i l ­
lia m M o r r is Im b r io & C o . , N . Y . , h a v in g s o ld o v e r 8 0 % o f
th o is s u e , aro o ffe r in g , a t p a r a n d i n t ., t o y ie ld 6 % ( s e o a d v .
o n a n o th e r p a g e ) , th o r e m a in d e r o f th e ir b lo c k o f 1 1 ,0 0 0 ,0 0 0
1 s t M . s in k in g fu n d 6 % g o ld b o n d s , d a te d F e b . 1 1 9 1 3 , d u e
F e b . 1 1 9 3 8 , c a l l a b l e in w h o l e o r p a r t t h r o u g h s i n k i n g f u n d
a t 1 0 5 a n d in t.
A n a b s o l u t e f i r s t lie n o n e n t i r e p r o p e r t y .
P a r $ 1 ,0 0 0 a n d $ 5 0 0 ( c * ) .
In t. F . & A .
A u t h ., $ 1 ,5 0 0 ,0 0 0 ;
o u ts ta n d in g , $ 1 ,0 0 0 ,0 0 0 .
T ru ste e ,
E q u it a b lo
T ru st C o .
T a x - e x e m p t in P e n n .
T h o d e m a n d f o r g o o d r o a d s , i t is
s t a t e d , is r a p i d l y b r o a d e n i n g t h o m a r k e t f o r c o ’ s p r o d u c t .

Digest o f Statem ent by Vice-Pres. S. Jones Phillips, Feb. 26 1913
Organization.— Has taken over tho following companies and lias purchased
and now owns all their piants, covering about 14 acres, engaged in tho
manufacture of machinery and appurtonanccs for the building of good,
roads, such as road rollers, levelers, rock crushers, road graders, elevating
graders, road drags, elevating, screening and conveying machinery traction
engines and culvert pipe, viz.: (The) American Hoad Machine Go., Kennett
Square l»a near Philadelphia; Climax Hoad Machine Co., Marathon,
N Y “ ’ M onarcif Road Roller Co., Groton, N. Y .; Indiana Road Machine
Co Fort Wayno Ind.; Lima Contractors & Supply C o., Delphos, O.
The'not assots as appraised aro $2,560,793, or about 2 H times tho total
bonded debt. Not quick assots, after present financing, over $1,300,000.
Successor o f (The) American Road Machino C o., which, as owner of a
majority of tho capital stock of tho companies named above, paid dividends
on its stock every year after the first year of its existence (1886),
except in 1891 and 1901, when it earned 4.46% and 24.6%, respectively,
on its stock (originally $250,000 outstanding, later $825,000). Its averago
not incomo for tho last ten years was $137,000.
The combined not earnings of tho subsidiary companies applicable to
tho interest on these bonds, for tho year ending Oct. 31 1912, wero $213,000,
or about 3 }4 times tho interest chargo for tills issuo. These earnings wero
made up, allowing for tho result of tho present financing, which will provide
not only for tho purchaso of tho plants, but a substantial amount of cash
for improvements and additional working capital.
Tho authorized capitalization is: Common stock, $2,000,000, all out­
standing; 7% cum. pref. stock, $2,000,000 ($1,000,000 out); and $1,500,­
000 1st M . 5s, o f which Sl.OOO.OOO aro now offered, and tho remaining
$500,000 can bo issued only for 75% of tho cost of future extensions or per­
manent improvements when tho annual net earnings aro twico tho interest
charges, including tho bonds then to be issued. [Incorp. in Del. Feb. 1913.]
Tho mortgage provides that tho net liquid assets must equal tho par
value of tho bonds of this issuo outstanding. No dividends can bo paid
which will reduce net quick assets below this figure. Cumulative sinking
fund for retirement of bonds, 2% o f amount outstanding, beginning in 1915.
[The sinking fund, it is said, should retiro tho bond issue by maturity.]
Directors.— Charles Pago Perin (Pres.), 8 . Jones Philips (V.-P. A Gon.
M gr.); II. G. Prout, Vice-Pres. Union Switch & Signal C o.; A . Ludlow
Kramer, Vico-I’ res. Equitablo Trust C o., Now York; Ii. G. Hutchins,
V.-Pros. Nat. Bank o f Commerce, N. Y .; Wm. Wost; o f Henry A West,
bankers, Phila.; James Imbrie, of Wm. Morris Imbrio A C o., bankers.
New York; Knox Taylor and Adolphe E. Borio, respectively Pres, and
V.-Pres. Taylor-Wharton Iron& Steel Co.; J .M . Landenberger, Ft.Wayno.

American Steel Wire Co.— Suit Dropped.—

On account of tho oxpenso involved, tho Government, it is stated, has
dropped tho criminal proceedings brought in 1911 against tho four mem­
bers of tho Wire Rope Association, all of St. Louis, M o., who declined to
plead nolo contendere. Tho remainder of thoso indicted throw them­
selves on tho mercy of tho Court and wero fined.— V. 93, p. 409, 287.

Amer, Type Founders Co.— Pref. Stock Increased.—■

The stockholders on April 22 authorized tho increase of tho pref. stock
from $2,000,000 to $3,000,000. Tho directors will meet on April 29 to
declare a scrip dividend on tho $4,000,000 common stock, which may bo
applied in part payment of tho purchaso prico of tho new pref. stock.
Compare V. 96, p. 865.

Associated Oil Co.— Earnings.—
Calendar
Year—■

N et (after
M a in t., &C.)

1912...........................$3,992,128
1911..............._.......... 4,172,215
— V. 96, p. 1090, 948.

Interest on
Bonds.

$933,157
687,754

F o r c a le n d a r y e a r :
Depreciation
Balance,
Reserve.
Suriilus.

$1,828,526
1,718,215

$1,230,445
1,766,246

Atlantic Gulf & West Indies Steamship Lines, N. Y.—
Sub-Cos. Reduce Stock — A t

th o a n n u a l m e e tin g o f th o s t o c k ­
h o ld e r s o f t h o s u b s i d i a r y c o m p a n i e s , h e ld in
M a in o on
T u e s d a y it w a s v o t e d to re d u c e th o c a p it a l s to c k o f e a c h o f
t h o f o u r l e a d i n g s u b s id i a r i e s 5 0 % b y c h a n g i n g t h o p a r v a l u e
o f e a c h sh a ro th e re o f fr o m $ 1 0 0 to $ 5 0 .
Sub-Companies' Stock Authorized, Issued and Owned by Parent Company.
----------- Before Reduction------------------------- After Reduction----------Authorized. Issued.
Owned. Authorized. Issued.
Owned.
s
s
s
$
ss
s

Clyde...........14,000,000 14,000,000 13,814,800 7,000,000 7,000,000 0,907,400
7,000,000 7,000,000 0,890,750
N. Y. A Cuba20,000,000 20,000,000 19,793,000 10,000,000 10,000,000 9 ,8 9 0 ,8 0 0
N.Y.& Por.It. 10,000,000 8,000,000 8,000,000 5,000,000 4,000,000 4 ,0 0 0 ,0 0 0
Mallory ........14,000,000 14,000,000 13,781,500

Total........ 58,000,000 56,000,000 55,389,900 29,000,000 28,000,000 27,094,950
Sco annual report for 1912 in V. 96, p. 1155.

Beatrice Creamery Co., Lincoln, Neb.— Earnings.—
Calendar
Year—

Net
Inc.ftom Total
Earns. I n v .& c . Income.

Total

P f.D iv.

Com.

Sal.,

Deduc. ( 6 % ).
Div.
Surp.
jP
^
££
$
$
1912
- 479 993 127,398 607,391 182.191 120.000al50,000 155,200
1911.................569,053 148,607 717,660 339,824 120,000 697,500 160,336
a 10%; 6 6 % .— V. 94, p. 489.

Belle Terre Estates, Inc., N. Y.—Report— Plan.— T h o
b o n d h o ld e r s ’ a n d sto c k h o ld e r s ’ c o m m it t e e , 7 0 7 W ild e r B l d g .,
R o c h e s t e r , N . Y . , A p r i l 1 2 , w r o t o in s u b s t a n c e :

A very largo proportion,both of the $1,000,000 debenture bonds outstand­
ing and the$1,000,000 stock, lias been deposited with tho Fidelity Trust Co.,
of Rochester, as depositary under our agreement o f Dec. 10 1912. On
Jan. 10 1913, at the Instance of the former directors, a receiver was ap­
pointed by tho N. Y . Supremo Court. On Jan. 22 your committeo obtained
control of tho company and had a now board elected. A thorough examina­
tion has been mado of tho affairs of tho corporation [also of Dean Alvord
Sec. Co. and Roslyn Estates], for tho receiver.
Tho corporation owns approximately 1,000 acres of land at Port Jefferson,
L . I., much of it improved with roads, water pipes, Ac. (original tract,
1,300 acres; 300 sold); a club-house that cost $120,000, golf course, wharf,
docks, pergolas, &c. This land should soil at retail for about $1,500,000.
Sales in tho past havo averaged $1,500 per aero; recont sales much more, in
somo casos $4,000 per aero. Tliero aro quito a number of handsomo
rosidonccs on tho tract, with an established colony of property-owners.




1231

THE CHRONICLE

. 2 6 1913.]

Practically all of tho unsold property was mortgaged to secure $300,000
of 6 % 1st M . bonds not due until July 31 1921; int. J. A J. 31: 5 ?,000 have
been paid and canceled: $106,000 sold are outstanding, and $191,0011
pledged with the Union Mortgage Co. to secure a note of $95,000. There
aro also a note o f $5 , 0 0 0 secured by mortgages receivable; unpaid taxes
and labor claims, &c. (Jan. 10 1 9 1 3 ), $5,605, and also tho $ 1 ,0 0 0 , 0 0 0 deben­
ture bonds (V. 87, p. 1606).
,
.,
Plan.— (1) Soli to the debenture bondholders the $191,000 pledged 1st M .
bonds (par $1,000 and $500) at 90, and with tho proceeds ($171,900) pay
(a) $ 1 0 0 , 0 0 0 notes, thus releasing their collateral; (6 ) the taxes and small
debts; (c) tho expenses of receivership and reorganization, possibly $16,000,
leaving at least $50,000 net cash in tho treasury.
(2) Exchange the debenture bonds for an equal amount o f 7% pref. stock
of the corporation, cumulative from Aug. 1 1912, when the last Interest was
on the debenture bonds. This stock may be Issued in series and will
Said
o retirablo at par at option of company on 60 days’ notice.
The debenture holders must generally subscribe for the 1st M . bonds at
par to the extent of at least 2 0 % of their debenture bond holdings (contin­
gent on at least $175,000 1st M . bonds being subscribed for), if the com­
mittee is to proceed with the plan. If the plan fails, the Union Mortgage
Co. will become the owner of the pledged 1st M . bonds and will foreclose; in
that case the surplus, if any. divisible among tho debenture bondholders,
will probably be small. If all the debentures do not assent, it may be neces­
sary, in carrying out our plan, to put the corporation in bankruptcy and to
take advantage of a compulsory composition agreement in order to exchange
the debenture bonds for pr.ef. stock.
. .
.
. .
Outlook.— It has been arranged to have a competent real estate man
devote his entire time to the business of the allied companies when reor­
ganized, reducing the expenses to a minimum. The former management,
we believe, was wildly extravagant. The new board estimates that the
$50,000 cash on hand will pay tne interest upon the 1st M . bonds and the
running expenses for the selling seasons of 1913 and 1914.
.....
Bello Terre is a very handsome property. The Long Island lilt, faculties
aro being rapidly improved. The last piece of the new State road connect­
ing Bello Terre with New York City is to be completed this summer.
While sales may be slow for a year or two, many believe that within live
years substantially all of the plots may be sold for good prices, and some
even predict a handsome dividend upon the common stock. A t all events,
a substantial amount, if not all, of the principal of the debenture bonds
should be returned to the investors if our plan is carried out.
[The shareholders will vote April 29 on authorizing the $1,000,000 7%
cum. pref. (p & d.) stock, par $ 1 0 0 , dividends semi-annual.
Committee.— Wm. A. Hubbard Jr., Chairman, E. E. Buchanan, Burdette
A. Rich, Leo Richmond and George M . Traber, with Franklin H. Smith as
Secretary. Compare Dean Alvord Securities Co. above and Roslyn Estates
below.]— V. 87, p. 1606.
Bond

&

M o rtg a g e

G u a ra n te e

C o .—

Dividend Increased.

A quarterly dividend of 4% (or at the rate of 16% annually) has been
declared on tho $1,000,000 stock, payable May 15 to holders of record
M ay 8 , comparing with 3)41% from M ay 1912 to Feb. 1913.
Dividend Record 1898 to Date (Per Cent).
1898. 1899. 1900. 1901 to 1905. 1906 to 1911. 1912.
19!3.
6
7M
8
10 yearly.
12 yearly. 13H Feb.,3J£, M ay, 4
— V. 94, p. 914.
B y -P r o d u c t s C o k e C o r p o r a t io n .—

Option to Subscribe.—

Stockholders, it is stated, aro offered the right until M ay 10 to subscribe
for $ 1 ,0 0 0 , 0 0 0 new stock at par. increasing tho amount outstanding to
$4,000,000.— V. 96, p. 556.
C e n t r a l L e a t h e r C o . — New Officer.— I I . R a p h a e l
b e o n e le c t e d T r e a s u r e r t o s u c c e e d G e o r g e W . P l u m .
Earnings for Quarter ending March 3 1 1 9 1 3 . —

has

1913.
1912.
Total earnings of ail props, after oper. exp., incl. repaiis and maint. (approx. $265,532 in 1913, against
„
$336,874 in 1912)_______________________________$2,525,656 $2,316,6/0
Loss oxp. and losses of all cos., incl. int. on outstand­
ing obligations (except bonds)______________
748,149
775,866
Add incomo from investments______________________
Total

$1,777,501 $1,540,804
3,412
11,857

...............................................- .....................$1,780,913 $1,552,661
$494,802 $499,752
582,732
58Z,tA&

Deduct int. on 1st M . 5s and'int. on d e b s ---------------

Dividend payable April 1 1912----------------------------

Surplus for quarter_____________________________ $^03,379
Total surplus Mar. 31 1913, $5,879,791.— V. 96, p. 648, 656.
C a lifo r n ia

P e tr o le u m

C o . — E a r n i n g s .— F o r

$470,177

3 m o n th s:

Net earnings for the three months ending Mar. 31 1913, before deprecia­
tion, wero $535,186. The earnings for the quarter ending Dec. 31 1912
wero $527,846. Compare V. 96, p. 948.
C h a l m e r s M o t o r C o . , D e t r o i t . — Pref. Stock Offered.—
S p e n c e r T r a s k & C o ., E a s t m a n , D illo n & C o . a n d A . G .
E d w a r d s & S o n are o ffe r in g , a t 1 0 2 K a n d a c c ru e d d iv id e n d ,
t h o u n s o l d p o r t i o n o f S I , 5 0 0 , (XX) 7 % c u m . p r e f . ( p . & d . )
sto c k .
Par S100.
D i v . p e r io d s t o b e Q .- J .
R e d e e m a b le a t
c o m p a n y ’s o p tio n u p o n 6 0 d a y s ’ n o tic e , o n a n y d iv . d a te , a t
1 1 5 an d d iv .
R e g is t r a r , U n io n T r . C o ., N . Y . ; tr a n sfe r
a g e n t, B a n k e rs T r . C o ., N . Y .
D ig e s t o f L e t t e r fr o m

P res. H u g h

C h a lm e r s , D e t r o it ,

A p r il 12 1 91 3.

Organized in Mich, in 1908. Original investment, $300,000; Present
net tangible assets, $6,900,386, all the increase except tho proceeds of this
$1,500,000 pref. stock (which will all be used for working capital) having
come out of surplus earnings.
. . .
r
.
Capitalization (N o Mortgage or Bonded Debt)—
Authorized.
Issued.
Preferred stock (7% cumulative)_________________ $2,000,000
Common stock__________________________________ 5,000,000 4,000,000
It is estimated that the sinking fund provided in charter will retire $1,500,
000 of tho authorized prof, stock by March 1 1924.
Plant at Detroit.— Upwards of 21 acres, having excellent railway facilities;
15 manufacturing buildings, total floor space 36 acres. All equipped with
sprinkler system. Present output, 8,000 cars, employing 4,000 mon; could
lio increased to upward of 1 0 , 0 0 0 cars without materially increasing plant
investment. Main buildings, steel and concrete, fireproof, well illuminated
both day and night. Equipment modern, purchased during past three
years. Depreciation ahvays ample; for instance: 3% on buildings, 10%
on machinery, 15% on patterns.
., .
...
.
Tho most stable demand for automobiles is for the car of high quality at
medium price, such as we produce, our present models being a 4 -cylinder
36 h. p .. selling at $1,950 fully equipped, and a 6 -cylindcr 54 h. p., selling
at $2,400 fully equipped. We make our own castings, motors, transmis­
sions, axles, self-starters, tops, steering gears, fenders, running-boards,
tool boxes, fee. We sell through 186 distributors and some 300 dealers,
not through branches, and each agent is responsible for the ro-sale of cars
taken in exchange. We also have representatives in nearly all foreign
countries,our exports steadily increasing. We have 35,000 cars now in use.
Net Profits Available for Dividends after Deducting Depreciation and Interes1
on Borrowed Capital.

Annual average for 4 years ended June 30 1912, as reported by
public accountants, equal to over 13 times the div. on this pref.
stock, and in no year less than 9 H times same---------------------- $1 *391,740
For 9 mos. ended Mar. 31 1913 (against $796,239 in 1911-12) — 1,108,421
Tho sale of tho present pref. stock will make a substantial saving in
interest on borrowed money.
Assets per Balance Sheet Feb. 28 1913 (after Incl. Neic Capital), $7,526,789.
[Offsets: Capital stock, $5,500,000; payables, $553,287; reserves (spe­
cial), $73,115; surplus, $1,400,387.]
„
Plant,as appraised, patterns, Ac., (patents, good will, &c., $1) $1,774,374
♦Investments, $373,834; int., taxes, &c., paid in adv., $55,086..
428,920
Cash, $306,943; receivables (after res., $167,044), $520,436-----827,379
Merchandise (cost), $4,755,670, less reserve, $259,554-------------- 4,496,116

♦ Tho American Appraisal Co. reports the net tangible value of the in­
vestments at $5.57,155. The book value hero shown ($358,957) includes:
Metal Products Co. (axle plant), $192,400; Fairview Foundry Co. (brass
bronzo and iron foundry), S166.557; sales branch, A c., $14,877.

1232

THE CHRONICLE

N et quick assets, equal ito $316 per share on $1,500,000 pref. stock; total
net tangible assets, $6,900,386, or $460 per share on the preferred stock.
. Sundry Pref. Stock.Provisions.— (1) Cumulative annual sinking fund, be­
ginning Mar 1 1914, to retire pref. stock, $175,000 (after paying prof. div.
for year), which will bo increased to $235,000 when remaining $500,000
pref., is issued and also by dividends on stock retired. No dividends on
common until sinking fund requirements are satisfied. Sinking fund pay­
ments may bo anticipated. (2) Net surplus of $250,000 and net quick
assets equal to 175% of outstanding pref. must be maintained. (3 ) Itomainlng $500,000 pref. is issuable for cash at par or better, but only when
net earnings are three times the pref. div. charge, including the proposed
issue. (4) JNo additional pref., nor any prior stock, nor mortgage or other
maepteaness having more than one year to run, nor guaranties (except
snort-term commercial paper o f controlled companies), without consent in
writing or 75% o f outstanding pref. (5) Commercial paper must be regisif? *
No voting power except in case o f default on (a) dividend or
sinking fund, or (b) net surplus or quick asset provision, but such defaults
comer equal voting power with common, and this power will become ex­
clusive if the defaults continue for (a) one year, (b) two years. (7) Pref.
shareholders to have sole right to subscribe for all new pref.— V. 96, p. 792.

gJColumbus (O.) Gas & Fuel Co,— No Extra Div.—

A quarterly dividend of ]4 o f 1 % has been declared on the $2,750,000 com­
mon stock, payable Juno 1 to holders of record M ay 20, comparing with
K of 1% and
of 1% extra in March last and y o f 1% without any extra
quarterly from Sept. 1911 to Dec. 1912 and 1% in Aug. 1910.— V .96,p.288.

Consolidated Gas, Electric Light & Power Co., Bal­
timore.— Authorized— Sale of Debenture Stock.— T h e s h a r e ­
h o l d e r s y e s t e r d a y a u t h o r i z e d ( 1 ) .a n a d d i t i o n a l $ 5 , 1 3 9 , 9 4 6
c o m m o n s t o c k , m a k in g th e t o t a l c o m m o n s to c k $ 2 0 ,0 0 0 ,0 0 0 ;
(2 ) a d e e d o f tr u s t to th e F id e li t y T r u s t C o . o f M a r y la n d to
s e c u r e a t o t a l a u th o r iz e d isu se o f $ 6 0 ,0 0 0 ,0 0 0 c o n s o lid a te d
m o r tg a g e d e b e n tu re sto c k o r b o n d s.
A p ress re p o rt s a y s :

Arrangements
have
already been made for the sale of $3,500,000
of . 5 %
o f«-» c M m r lie o tn h n n d n r l Ktr T.” I t .. i o_ 4 ! i i _ i
; n -w
''

b h o n tiin n

mo
Wcib uisymsuu ui uu a o.^oyo uiiorost DJiSlS. 1 hO D3
$60,000,000 debenture stock or bonds will be issued from time to time
bearing interest at 5% or such lower rate as may bo fixed by the company!
Five million dollars of the debenture stock will bo convertible into com­
mon stock on the basis of £25 debenture stock for $100 par valuo of common
stock, which is equal to slightly more than $121.66. The debenture stock
is also redeemable at any timo at $110.
Comparo V. 96, p. 1091, 949.

Fifth ‘Avenue Building Co., N. Y .— To Extend Notes.—
N o t i c e is g i v e n , b y a d v . o n a n o th e r p a g e , t h a t a r r a n g e m e n ts
h a v e b e e n m a d e to e x te n d th e ( $ 1 ,0 0 0 ,0 0 0 ) 6 %
Secu red
N o t e s , d u e M a y 1 1 9 1 3 , a t s a m e r a te o f in te r e s t u n t il M a y 1
1914.
U n til 3 P . M . M a y 1 1 9 1 3 B r o w n B r o s . & C o ., a t
t h e i r o f f i c e s in N . Y . a n d B o s t o n , w i ll s t a m p t h o n o t e s f o r
e x te n s io n a n d a ffix th e n e w c o u p o n s .
T h e y w ill a ls o p u r ­
c h a s e n o n -a s s e n t in g n o te s a t m a t u r i t y a t p a r a n d in t .
Tho
$ 6 , 5 0 0 , 0 0 0 1 s t M . is h e ld b y t h e M e t r o p o l i t a n L i f o I n s u r a n c e
Co.
See V . 9 1 , p . 156.

Hilton-Dodge Lumber Co.— Stock Increase.—

This Georgia corporation has filed a charter amendment to Increaso tho
capital stock from $7,500,000 to $8,000,000, consisting o f $5,500,000 com­
mon, $2,000,000 pref. and $500,000 (new) first pref. stock. Compare
V . 94, p. 985, 914.
.

Ingersoll-Rand Co., New York.

— Listed.— T h e N e w
Y o r k S t o c k E x c h a n g e h a s a u th o r iz e d t o b e lis te d o n a n d a fte r
M a y 1 t h e $ 1 , 6 9 3 , 9 0 0 c o m m o n s t o c k t o b e is s u e d o n a n d
a ft e r t h a t d a te a s a 2 5 % s t o c k d iv id e n d , m a k in g th e to ta l
a u t h o r iz e d to b e lis te d $ 8 ,4 6 9 ,4 0 0 .
C om p are V . 9 0 , p .
1092, 1085, 139.
1

Interlake Steamship Co., Cleveland.— Bonds Sold.—

Seo Lackawanna SS. Oo. below for bonds, morger plan, &c.

International Cotton Mills Corporation, New York.
— Modified Plan.— T h e d i r e c t o r s a n n o u n c e t h a t it h a s p r o v e d
im p o s s ib le t o c o n s u m m a t e th o p la n o f D e c . 1 7 1 9 1 2 ( V . 9 5 ,
p . 1 6 8 6 ; V . 9 6 , p . 2 0 6 ) , a n d t h a t th e re fo r e th e y r e c o m m e n d
t h e im m e d ia t e a c c e p ta n c e o f th e fo llo w in g “ m o d ifie d p la n ”
a s b e in g e s s e n tia l t o th e o b t a in in g o f th e n e w c a p it a l re q u ire d
t o f i n a n c e t h e b u s in e s s o f t h e c o m p a n y a n d i t s s u b s id i a r i e s

Digest o f “ Modified Plan.” Dated April 19 1913.
It is proposed to transfer to a Massachusetts corporation all the prop­
erty and assets of International Cotton Mills Corporation, now In process
of liquidation, subject to and upon the assumption by the Massachusetts
company o f all tho debts and obligations o f tho International company.

Securities tobe Issuedby theMassachusetts Company.

Pref. stock 7% cum. (red. at 105 for 3 years, th e r o % ’ Plan‘ Ori0- Plan.
after at 115)- .........
........... ...................about $3,000,000 $2,000,000
All to be sold at par with an equal amount o f common
(see below) to present shareholders, or to bankors.
2 d pref. stock, no dividends for
years, thereafter none
6.400.000
6 % cum. [$6,332,246, or 109% , was to be issued in
exchange for present pref.l
Common stock, approximately------------ ------------- - . . 1 0 ,0 0 0 , 0 0 0 5,600,000
Exch. for present com. stk., 16 1-3%
[previously proposed 3 3 1 - 3 %] and
for presont pref. 7 7 % ------------ about $5,800,000
Issuable with $3,000,000 pref. stock for
$3,000,000 cash to present stockhold­
ers who may subscribe for amounts
equal, respectively, to 30% and 15% 3.000,000
T o bankers and syndicate managers as
commission, & c . . ........................ ........ 1 ,2 0 0 , 0 0 0
<5% notes (due in 5 years, but rod. after <no year at
1 0 1 ) to be sold (with other securities to bankers) 4 ,0 0 0 , 0 0 0
5 ,0 0 0 , 0 0 0
About $5,800,000 o f the new common stock will bo distributed amongst
tho pref. and common stockholders o f tho International company In ex­
change for their presont holdings, the pref. stockholder to rcceivo 7 7 % and
the common stockholder 16 1-3% o f his holdings in^such new common stock.
The stockholders o f record o f tho International company will also bo
allowed to purchase $3,000,000 new pref. stock and $3,000,000 new com­
mon stock upon tho following basis: The owners o f pref. stock for each share
thereof will be entitled to purchase $30 in par value o f newpref. stock and
$30 in par value of now common stock for $30 in cash; and tho ownerslof
common stock, for each share of such common stock, will bo entitled to
purchase $15 in par valuo o f pref. stock and $15 in par value o f common
stock for $15 in cash. No fractional shares will bo issued.
Subject to the consummation o f the transactions above mentioned, the
financial requirements of the Massachusetts company and its subsidiaries
havo been provided for (to theextentof approximately $7,925,000) asfollows:
(1) By arrangements with bankers (Blair & Co. of N. Y . and Leo, Iligginson & Co. of Boston) providing for the purchaso by them o f tho $4,000,­
000 o f notes o f tho Massachusetts company, for furnishing the J. Spencer
Turner Co. with $800,000 in cash by tno purchaso of prof, stock of the J.
Spencer Turner Co. and for tho purchase for $600,000 in cash of certain
securities now owned by the International company; and
*i.
By,arrangements with a syndicate for tho purchase by it (subject to
the privilege-—wtiich Is hereinbefore stated—accorded the stockholders of
the International company) of $3,000,000 o f pref. stock and $3 ,0 0 0 , 0 0 0 of
For their services lu ’ connectJnn wUh




a r0

Iiobert F - IIerrick and
,

iV O L . XCVI.J

Such stockholders of International Cotton Mills Corporation as desire
£?nPVuCh? f e new ?tofck as afor^aid must signify their election (on tho blank
furnished) on or before May 5 1913, and must on or before M ay 15 1913
deposit to the credit of the directors of International Cotton Mills Conoora­
tion (as trustees in liquidation thereof) in the Continental Trust C o., Balti­
more, on account of such purchase, an amount in current Baltimore funds
equal to 33 1-3% o f the pref. stock agreed to bo purchased, and on or
before June 2 1913 must likewise deposit the balance ( 6 6 2-3%) nrico
All funds deposited by common stockholders of tho International company
under the plan submitted under date of Dec. 17 1912 will be returned to the
respective depositors thereof and will not bo credited upon any part oftho
purchase price of any stock under the provisions of tho "modified plan.”
Abridged Extracts from Letter of S, Davies W arfield. Balto., Apr. 19.
After further investigation by the bankers, considerably moro cash than
originally proposed is considered essential for tho company’s business,
lo r this reason, and because of the changed conditions of the times, modi­
fications of tho plan have become necessary.
Under tho modified plan, the note issue does not maturo for five years,
and no 2 d pref. stock will bo issued; all tho equity in tho property and all
net earnings after providing for tho comparatively small amount o f new
pref. stock, belonging to the new common stock, without limitation as to
time or rate of dividends thereon.
Tho now arrangements contemplate raising approximately $7,925,000 In
cash [as against $6,675,000 uncler tho earlier plan]. Of this amount
$800,000 is to bo supplied tho J. Spencer Turner Co., tho subsidiary selling
ho^s2k/SrAvi licl?„it.s °\vn SI ,000,000 7% cum. prof, stock is toboissued,
and $(>0 0 , 0 0 0 will be the proceeds of certain securities now ownod by tho
International Corporation. (All tho common stock of the Turner Co. will
bo owned by the now International Company.) The modified plan will,
therefore, produce approximately $1,250,000 moro cash and will involve
for the new International Company $2,000,000 loss capitalization (notes and
stock) than the original plan.
All stock underwritten, subscribed for or exchanged may bo held in one
or more syndicates for 12 months from July 1 next, and, upon tho assent
of 75% in amount of any syndicate, the managers thereof may continue
such syndicate for a further term not to exceed one year, with power to tho
managers of the pref. stock syndicate to market tho stocks at such price
as may be approved by not less than two-thirds of the subscribers
The
price at which common stock may bo sold by the syndicate managers shall bo
fixed by tho written consent of not less than two-thirds of the owners thereof
Any subscriber may withhold his stock from salo.
For holders of certificates of deposit who wish to subscribe as afore­
said, but who do not desiro to pay in cash, It has boen arranged that, upon
the payment by them of 33 1-3 % of their subscription, tho balance ( 6 6 2-3 % )
shall be loaned to them for one year on tho stock as collateral, tho interest
rato to be 6 % and 1 % commission (oqual to the rate of 7 % on pref. stk).
It is contemplated that tho following shall bo tho directors of tno now com­
pany, viz.: F. P. Carpenter, Manchester, N. II.; Jno. B. Dennis pf Blair
& Co. and Myron C. Taylor (Pres, old International Corp.), both o f Now
York; Edwin Farnham Greene (Treas. Pacific Mills), Harold F. Greene
(Treas. Lawton Mills), Frank .T. Ifale, Robort F. Herrick, Albort L. Scott
and Jas. J. Storrow of Leo, Higginson & Co., all of Boston; S. Davies WarHeld (Pres. Cont. Trust C o.), W . H. Grafflin and J. II. Wheelwright (Pros.
Consol. Coal C o.), all of Baltimore Ithus bringing in strong now interests].
I have accepted the modified plan for myself and for such other holdings
as I am authorized to represent and have deposited with your committee
— V. 96, p. 289, 206.

International Lumber & Development Co.— Convicted.

— A jury in the U. S. District Court at Philadelphia on April 19 after a
trial lasting > weeks found two promoters and three officors guilty o f con­
spiracy in using tho mails to defraud investors out of $6 ,0 0 0 , 0 0 0 or more.
S e e n — V 95rep°I47r6 maln

t0

b° trlCd‘

An appea1’ i<; ls said>

w il1

bo

International Salt Co., N. Y .— Stock Reduced.—

Tho stockholders on April 21 ratified tho proposition to reduce the auth.
am puntofstock from $30,000,000 (of which $18,231,390 has.beon issued)
to $6,077,130, and also cancel the $1,604,610 held in tho troasury. Com­
pare V. 96, p. 1025.

Jefferson City (Mo.) Light, Heat & Power Co.— Sold.—

See Western Railways & Light Co. under "Reports.” — V. 94, p. 282.

The Lackawanna Steamship Co., Cleveland, O.—
Proposed Merger— New Name — New
Securities— Stock
Dividend.— T h e s h a r e h o ld e r s v o t e d A p r i l 2 5 o n t h e p l a n
to p u r c h a s e a d d itio n a l v e s s e ls , t h e r e b y in c r e a s in g th e fle e t
fro m se v e n to 3 9 .
I n t h i s c o n n e c t i o n i t is p r o p o s e d t o i n ­
c re a se th e a u t h . c a p ita l s to c k fr o m 8 1 ,2 5 0 ,0 0 0 to $ 6 ,5 0 0 ,0 0 0 ,
t o a u t h o r i z e a n is s u e o f $ 3 , 0 0 0 , 0 0 0 1 s t M . 6 s , t o c h a n g o t h e
n a m e to “ T h e In t e r -L a k e S te a m s h ip C o .” a n d to p a y a s to c k
d i v i d e n d in o r d e r t o e q u a li z e v a l u e s .

Digest of Circular of April 1 , signed by President H. G . Dalton and
Secretary Henry S. Pickands.

A short time ago 17 steol steamers, formerly belonging to tho Gilchrist
Transportation C o., were sold at judicial salo to a committeo representing
the creditors of said company, at approximately two-thirds of their appraised
valuo (V. 96. p. 718, 422). Tho purchasing committeo have now offered
to sell said vessels to this company at tho exact cost thereof to said com­
mitteo. Said purchase is doslrablo because if effected and 15 other vessesl
hereinafter referred to are acquired, experience shows that with a fleet
consisting of 39 vessels tho company can prudently carry its own insurance
and thus make a saving which will ultimately enure to the benefit of its
stockholders. All of theso vessels will be purchased at their fair valuo
carefully arrived at, and In case tho stockholders authorlzo tho increaso
of its stock recommended in the notlco, the necessary shares will bo
issued for such purposes at par. Tho balance will be left In tho treasury
In order to complete tho purchase of the 17 Gilchrist vessols, to furnish
tho company with a working capital, to retire underlying bonds and also
to permit tho establishment of an insurance fund and to provide for other
corporate purposes, tho directors have determined on an issue of S3 000 000
1st M . $1,000 6 % gold bonds to bear date May 1 1913 and to be payable,
by their terms, one-twelfth thereof on November 1 of each of the vears
1914 to 1925, both Incl. and to be secured by first mortgage on all o f tho
vessels which it is expected will then belong to this company. Tho mort­
gage will contain a self-insurance clause permitting the company itself
to maintain an insurance fund by tho initial payment of $250,000 to three
trustees, one the trustee of tho mortgage (Guardian Savings & Tr. C o., of
Clev.) and two others; and by payments thereafter equal to tho annual
premiums which would bo required to pay If full insurance wero carried
on all its vessels. From this fund all fosses may bo paid, improvements
and betterments made, new vessels purchased and outstanding bonds either
purchased or retired. A salo of said bonds has been negotiated at 97% .
There will bo no promotion fees whatever and no stock will be issued
except at par for money or property, at tho fair valuo thereof.
It is proposed, out o f tho accumulated surplus of this company, to dis­
tribute to stockholders of record as of March 26 1913 a dividend payable in
stock which will equalize values as shown in the statement annexed.
In order to carry out this plan, the increase of the authorized capital
stock of this company to $6,500,000 in shares of $ 1 0 0 each, as well as tho
issue of said mortgage bonds, Is necessary.
It has also been thought best to change tho name of the corporation to
The Inter-Lake Steamship C o.” and to increase tho directors to seven.
The plan has met with the approval of our majority stockholders.
Basis of Acquisitions (Other than the 17 Former Gilchrist S t’m shios).
Company—

/I
1ft1
O
Appraisers’
1912
Valuations. Earnings.

Company—

A Mr/11 c»/>*■n• 11A911A
7
Appraisers’
2
Valuations. Earnings.

MesabaSS. C o .$1,407,980 $194,404 Provident SS.Co. $663,000
Lackawa. SS.Co. 1,944,730 191,157 Acme S S .C o ...
996.660
990,660
Interlake C o . . . 353,000
31,643 Standard SS.Co.
335.610
Huron BargoCo. 220,000 27,2601
T?. taL.r - v , .............. 7- -

- 5^hT k

-

$67,701
1
0 6 .R2 Q
106.629
26,254

- r - - - $5, 920, 980 $645,109

jJuaU oS as i n d S d ^
shown In tho next table; deducting therefrom the outstanding bonds and

A

pr

THE CHRONICLE

. 20 — 13. i
Mesaba.

Lackawanna

Vessels, Number----------------4
7
“ Average valuations” -------SI,596,131 $1,849,588
264,000
510,000
Bonds and notes----------------New stock...........................$1,332,134 $1,339,588
Present stock-------------------- $940,000 $1,120,000
Provident.

Vessels, number----------------3
"Avcrago valuation” ........ - S642.470
Bonds and notes.....................
174,000

A cm e.

3
$987,669
226,500

Interlake. IIuronB'ge.
2

2

$321,742
22,500

$235,110
31,500

$299,242
$250,000

$203,610
$300,000

1

22

Standard. Total of A ll.

$288,267 $5,920,980
106,800 1,335,300

1333

disbursements being made out of the earnings of tho calendar year 1912.
Tho "Philadelphia Ledger” says that the management is preparing to finance
the company’s requirements for extensions and improvements from time
to timo at tho rate of $3,000,000 for three years. If earnings should
warrant a return to the 7% basis within that time, it would not be im­
probable, it is stated, if the 2 % decrease were restored before that time.
Tlie reduction in tho dividend rate will effect a saving of $411,216 yearly.
— V. 96, I). 1160. 557.
.

People’s Gas Light & Coke Co., Chicago. —

N e w P la n t.

We have official confirmation of the report that tho company is planning
to build in tho city of Chicago a modern coal-gas-manufacturing plant of
steel, brick and cement, and expects to spend thereon between $6 ,0 0 0 , 0 0 0
and $8,000,000 within the next two years.
The plant, it is thought, will
ultimately be the largest in the world and will cost between $25,000,000
and $30,000,000.— V. 96, p. 485.

Now stock........................... $468,470 $761,169 $181,467 $4,585,680
Present stock.........- .............. $482,200 $680,000 $209,300 $3,981,500
[All o f the bonds of these seven companies, it is announced, will be called
and redeemed this year at the prices stipulated in thorespective trust deeds,
Pond Creek Coal Co., Boston.— Bonds.—
viz.: Huron, $31,500 M ay 1; Provident, $174,000, and Mesaba (Amasa
Of the $3,000,000 bonds authorized on April 9, the present issue of $2,­
Stone), $ 9 4 ,0 0 0 , Juno 1: Lackawanna, $510,000 June 15: Acmo, $2 0 0 ,0 0 0 ;
Standard, $100,000, Interlake, $22,500, Mesaba (J. O. Morse and D. O. 000,000, having been underwritten by Hayden, Stone & C o., is offered at
par in multiples of $500 to stockholders of record on April 24 1913,in amounts
Mills, $112,000, July 1; Mesaba (Samuel Mather), $58,000 Sept. 1.
The Guardian Savings & Trust Co. of Cleveland on April 18 offered, equal to 100% of their respective holdings of stock. Subscriptions in full
subject to stockholders’ ratification, to exchange for tho bonds of the must be paid cn or before Juno 2 1913. No fractions will beissued. See
above issues, at their redemption price, an equal amount (averago ma­ V. 96, p. 1085. 1093.
turities) of the proposed issue of $3,000,000 Interlako SS. Co. (Lacka­
Pure Oil Co.— Extra Common Dividend.—
wanna SS. Co.) 1st M . 6 % gold bonds, to be dated May 1 1913, maturing
An extra dividend of 2% has been declared on the $4,535,245 common
$250,000 annually Nov. 1 1914 to Nov. 1 1925, at par and int. This offer stock, along with the regular quarterly disbursement of 3% (the rate in
has been withdrawn, the new bonds having all been sold to investors by effect since Sept. 1911), both payable June 1 to holders of record M ay 1.
Kean, T a y lo r * Co. and Kissel, Kinnicutt & Co. of N . Y . Tho mtge. This compares with 3% without any extra in March last and 2 'A % and
trustee is the aforesaid trust company; interest M . & N .; bonds red. on 2 A % extra in Sept. 1912.
any int. date at 105 after 2 weeks notice.]
Common Dividend Record (Per Cent).
1906 to 1909.
1910.
1911.
1912.
1913.
Approximate A pplication o f Stock and Bonds of Interlake SS. Co.
8 yearly.
8 'A
12A
M ar., 3: Juno, 3 and 2 extra
(1) Capital slock— Total amount authorized to bo $6,500,000—
— V. 96, p. 945, 291.
To bo issued in payment for and to equalize values of vessels
as above (including stock o f Lack. SS. Co. already out) abt. 4,585,680
Roslyn Estates Inc., New York.— Report— Plan.— T h e
To bo issued for cash, &c., as below shown________________ 1,196,807
Leaving in treasury unissued a balance o f_______________ $717,513 b o n d h o l d e r s ’ a n d s t o c k h o l d e r s ’ c o m m i t t e e , 7 0 7 W i l d e r B l d g . ,
(2) $4,106,806 Cash Requirements— To be met with Proceeds of $3,000,000 R o c h e s t e r , N . Y . , o n A p r i l 1 2 r e p o r t e d in s u b s t a n c e :
Thero liavo boon deposited with the Fidelity Trust Co. of Rochester, de­
Bonds and Said $1,196,807 Stock.
positary undor our agreement of Dec. 10 1912, a very large proportion, both
Purchase 17 Gllch. st’m ’rs $2,362,6691Interest on said bonds to
S9,000 of the $300,000 debenture bonds outstanding and of the $300,000 capital
Retiro bonds and notes o f
I redemption date_______
tho several companies.. 1,335,3001Working fund----------------100,070 stock. On Jan. 10 1913, at the instance of the former directors and contrary
Premium on such bon ds..
49,8301 Initial insurance fund___
250,000 to our wishes, a receiver was appointed by the N. Y . Supremo Court. On
Tho total o f these cash requirements, $4,106,806, will be mot out of pro­ Jan. 22 your committee obtained control of the co. and elected a new board.
The corporation owns approximately 155 acres of land at Itoslyn, L. I.
ceeds from sale of $3,000,000 new 1st M . bonds at 97, $2,910,000, and by
salo of $1,196,807 stock at par. The sale of this $1,196,807 stock has been Original tract, 282 acres; 47 acres were used for roads and 80 sold. ‘ Water
arranged as follows: (a) To bo paid for by tho following companies by appli­ pipes, &e., have been installed, and it is believed that the remaining land
cation o f their surplus cash assets (after providing for their obligations not can bo sold at retail for from $500,000 to $600,000. Thus far sales have been
assumed by the purchasing company): Mesaba SS. C o., $133,500; Inter­ averaged $3,944 per acre, having run as high as $4,500 per acre. Quite
lako C o., $26,000; Huron Barge C o., $19,500; Provident SS. C o., $58,500. a number of handsome residences and a colony of property owners aro now
(b) Cash in treasury o f Lackawanna SS. Co. against which stock will bo located there. Tho Long Island UR. officials promise that the electrifi­
issued at par to its present stockholders, $73,000. (c) Balanco sold to cation of the Oyster Bay branch will immediately follow the completion, this
others, $886,307. The foregoing figures are subject to final audit.
summer, of tho Jamaica impts. Roslyn will then bo within easy commuta­
[Gross ton capacity of vessels reported as 17 Gilchrist, 5,300 to 9,800, tion distanco of N. Y . City. It is now within about 35 or 40 minutes of the
avgo. 7,041; others 22, from 3,120 to 10,000, avgo, 7,951; grand total, city by infrequent steam trains with change of cars at Jamaica.
294,620. It is estimated that the net earnings o f tho 39 vessels for tho cur­
Practically all of the property is mortgaged to securo an Issue of $150,000
rent year will bo considerably in excess o f $1,600,000. Pickands, Mather & 1 st M . 6 % bonds not due until March 12 1922 (interest M . & S. 12)— $16,C o., ono of the largest shippers of iron ore and coal on tho Great Lakes, will 500 outstanding and $133,500 on hand or pledged to tho Union Mortgage
bo tho controlling interest In the company.]— V . 93, p. 733.
Co. to securo a note of $65,000. Thero aro also outstanding a $24,000 note
secured by somo mortgages receivable, impaid taxes, &c., Jan. 10 1913,
Laclede Gas Light Co.— Earnings. —
and $300,000 debenture bonds.
3 M o s . end. Cross
Net ( after Deprecia- Interest
Pref. Balance, $2,179,
Plan.— ( 1) Sell to the debenture bondholders the $133,500 pledged 1st
M a r. 31— Earnings.
Taxes).
tion.
Paid.
IHvs.
Surplus.
M
.
bonds
90 and with tho proceeds ($120,150) pay (a) the two notes
1913_____ $1,181,573 $603,785 $71,848 $259,867 $31,250 $246,820 aggregatingat$89,000,
thus releasing tho collateral, (d) tho taxes and small
67,440
253,518
31,250
1912_____ 1,142,728 583,057
231.849 debts, (c) expenses of receivership and reorganization, say $15,000, leav­
— V. 96, I). 484.
ing in tho treasury at least $14,000 net cash, about $30,000 mortgages re­
ceivable and perhaps $40,000 cash from other sources. (2) Exchange the
Lindsay Light Co., Chicago.— New Slock.—
Tho Chicago Stock Exchange has been notified of tho company’s inten­ debenture bonds for an equal amount of 7% pref. stock of tho corporation,
tion to issue next Juno $1,000,000 new stock, the present $200,000 stock to cumulative from Sept. 1 1912, when tho last interest was paid on tho deben­
bo replaced by $400,000 7 % pref. and $600,000 com., which “ would give ture bonds. This stock may be issued in scries and will bo retirablo at par
each shareholder for one present share two shares preferred and three shares at the option of tho company on 60 days’ notice.
Tho plan to succeed must have the practically unanimous approval of
common,” being equivalent to a stock dividend of 400%. Compare V. 96,
tho security holders, and the debenture holders must subscribe for the 1 st
p. 1092, 1025.
M . 6 s (par $500 and $1,000) to an amount equal at par to 50% of their
Manufacturers’ Light & Heat Co.—Earnings.—
debenture holdings, contingent upon at least $107,000 of the bonds being
3 M o s . end.
Gross
N et (after
Other
In t. & Balance for
so subscribed. If all the debentures aro not deposited, it may be necessary
March SI —
Earnings.
Taxes).
Income. Discount.
Dies.
to resort to the bankruptcy court in order to carry out the plan. _
1913 .......................$1,977,846 $1,037,967 $21,191 $65,660 $993,498
Outlook.— A competent real estate man will devote his entire timeto tho ,
1912 ...................... 1,917,250
1,095,358
4,997 87,750
1,012,605
business of tho reorganized companies, and the expenses of management
Prom the balanco as above in tho 3 months of 1912 there was deducted will be reduced to a minimum. The directors believe that the cash on hand
for dividends $402,500 (1 M % ), leaving net income of $590,998.
will suffice to pay the interest upon the first mortgage bonds and the run­
From this net income there was deducted $43,719 for profit and loss deb­ ning expenses for at least two full years.
It is believed that after this
its, against a credit of $2,430 in 1912, making tho balance to profit and loss year (hero will be no difficulty in selling tho property with a fair degree of
in 1913 $549,279. against $1.015,035.— V. 96. p. 1159.
rapidity at good prices, in which case, if tho plan is carried out, a substantial
if not all, of the principal of tho debenture bonds can be returned.
Michigan State Telephone Co.—Earnings.—For cal. yr: amount,
[Tho shareholders will vote April 29 on increasing the stock from $300,000,
Calendar
Gross
Net Interest P f.D iv s .
Common
Bal.,
all common, to $600,000 by the creation of $300,000 7% cum. pref. (p.&d.)
Year —
Earnings. Earnings. Paid.
(6 % ).
Dividends.
Surp.
stock.] Charles P. Ford, Chairman: Charles A. Brady, John F. Dinkey,
1912..............$5,193,923 $917,485 S593,929 $136,994 (6kO$216,156 $405
1911
. 4.642,012 1,003,969 516,026 136,992
(7)242,095 108,856 John C. McCurdy and Lauriston L. Stone, with Franklin II. Smith assec.]
Southern Utilities Co., Jacksonville, Fla., and New
— V. 96, p. 949.

Nevada Consolidated Copper Co.—Listed.—

The New York Stock Exchange has authorized to bo listod $2,715
additional stock on notice of payment in full, making tho total amount to
be listed $10,000,000.— V. 96, p. 1160.

(Geo. B.) Newton Coal Co., Phila.—Initial Dividend.

A semi-annual dividend of 3H % has been declared on tho $1,750,000 7%
cum. 1st prof, stock, payable May 1. Action on tho $1,710,000 cum. 2d
pref. stock was deferred to tho next board meeting. Comparo V. 95, p.
1477. 1212.

New York Telephone Co.—Rate Bill Passed.—

York.—

Pref. Stock Offered.— T h e E n g i n e e r i n g S e c u r i t ie s
C o r p o r a t i o n , N e w Y o r k ( c l o s e l y a l lie d w i t h J . G . W h i t e &
C o . ) , a r o p l a c i n g a t p a r a n d d i v . , w i t h b o n u s o f 2 0 % in
c o m m o n s t o c k , th e 7 % c u m . p r e f. (p . & d .) s to c k o f th is
re c e n t F lo r id a c o n s o lid a tio n .
A u th o r iz e d issu e , $ 5 ,0 0 0 ,0 0 0 ,
o u tsta n d in g
$ 1 ,1 5 0 ,0 0 0 .
F u ll
v o tin g
p ow er.
D iv id e n d s
p a y a b lo q u a r te r ly .
G u a r a n t y T r u s t C o . o f N . Y . , r e g istra r.

Digest of Letter from V.-P. Hanford C. Adams, Jacksonv., A pr.19 13.
Properly.— Recently incorporated in Florida. Owns all of tho following
properties, either directly or by ownership of all of tho outstanding securi­
ties (except as below noted), and will lease them to local companies which,
under tho supervision of the parent company and the J. G. White Manage­
ment Corporation, will operate the several plants for tho purpose of
maintaining direct relations with the public in each of tho 19 communities:
Lake City Ice
Electric & Ice
Saint Augustine Ice
Niagara Falls Power Co.— Combined Income Account.— Arcadia
Sanford Gas, Electric,
Bradentown Manatee & Lakeland Ice
3 M o s . ending Gross
Net
Other
Fixed
Balance,
Water & Ice
Live Oak Electric & Ice
Pahnotto Electric
March 31—
Earnings. Earnings.
Income.
Charges, N c.
Surplus.
Miami Ice
Tarpon Springs Electric
Fernaiulina Ice
&c Ice
19 13--.............. $629,573
$507,137
$10,480
$314,408 $203,209 Fort Lauderdale Elec­ Palatka Ice
West Palm Beach Elec­
Pensacola Ice
1912
...... 611,785
478,996
11,515
305,170
185.341
tric & Ice
tric
Ice
— V. 96, p. 1024. _
_____&___
Fort Myers Elec. & Ice Punta Gorda Ice
___ ____
__________„ underlying securities are 18 shares and $37,000
The
only_ outstanding
Nipissing Mines Co.—Earnings.—For years end. Dec.31: bonds
of
Sanford
Lt.
&
Fuel
Co.
and
$20,000
bonds
of
Ariston
Ice & El.
Calendar
Dies, from Other
Total
D ies. Paid
Balance,
Co. (West Palm Beach) and to retire theso new bends aro reserved.
Year—
N .M .C o .
Inc.
Expenses.) (30% ).
S u r .o r D e f .
communities served aro located in nearly every section of the State
1912 ........................ — $1,842,555-—
$35,054 $1,800,000 sur. $7,501 of The
Florida, and, with their surrounding districts, enjoy a large tourist busi­
1911 ........................ $1,843,297 $22
51,290 1,800,000 def.
7,971 ness
in many cases and also produce a great variety of commodities, notably
Net incomo of tho Nipissing Mining Go. for theyear 1912 was $2,896,990
citrus
and other fruits, winter vegetables and garden truck, cotton, cypress,
(against $2,820,257 in 1911); other incomo, $50,375 (against $47,168); total pine and
other agricultural and timber products, phosphates, sponges and
income, 12,947,365. From this was deducted the cost o f mining and all salt
and fresh-water fish. Population, 44,123 in 1900; 71,469 in 1910
other expenses, $865,655 (against S772,184), and dividends as above (U. S.
Census);
1912 estimated 82,400. Bank deposits in those towns
stated, $1,842,500, leaving a balance, surplus, o f $239,210 (against $251,­ $6,699,000 in 1905;
$15,628,000 in 1912. Company’s franchises mostly
944). The total accumulated surplus Dec. 31 1912, zs per bal. sheet,
extend
beyond
1933.
was $1,443,953.— V. 95, p. 174.
Capitalization—
A uth.
Outstanding.
Nova Scotia Steel & Coal Co.— Debenture Stock Issued.— 1 st M . 5% bonds, dated Apr. 1 1913, due A p r .'33 $20,000,000 $1,100,000
1,150,000
Tlio £1,500,000 porpotual debenture stock referred to in the annual re­ 7% pref. stock (par $100 a share)---------------------- 5,000,000
port Is boing offered at 98 and int. Part of the issue will bo placed in Common stock (par $100 a share)---------------------- 5,000,000 *2,375,000
* $550,000 additional com. stk. issued but held by trustee for benefit of co.
London, while some o f tho bonds are being offered in Toronto by the Bank­
ers Bond Co.— V. 96, p. 1026, 656.
The bonds aro an absolute first lien covering all property of the company,
and also a collateral trust mortgage on the franchises of the local operating
Oklahoma Natural Gas Co.—Earnings.—
companies.
Additional bonds to the extent of $1,400,000 may be issued
Year end.
Gross
Oper.
Gas
Int. on
Divi~
Balance,
upon order of the board to provide for extensions, improvements or addi­
Feb. 28.
Earns.
Exp.
Purch. Bonds.
dends.
Surplus.
tions,
which
will
bo expected to earn substantially more than interest on cost.
1913
.$807,257 $252,010 $100,496 $71,768 (4 J4)$170,000 $212,983 Tho remaining bonds
1912
---------------- - - - 854.402
186,906
83,599 83.717 (4% ) 160,000 340.180 may be issued only at par, for not over 80% of the
From tho surplus as above in 1913, $212,983, there was deducted $98,­ cash cost of betterments, extensions or additions, when the net earnings
and those of tho property to be acquired are twice the interest charge, includ­
472 for deprec. (agst $124,439 in 1911), leaving $114,511 .— V. 96, p. 65.
ing bonds proposed to be issued. Sinking fund (a) A of 1 % of outstand­
Pennsylvania Steel Co.— Pref. on 5% Basis.—
ing bonds, to be retired each year; (b)a like amount of cash to be used yearly
Tho semi-annual dividend of 1J^% declared payablo May 1 on tho for extensions and additions on account of which no bonds shall bo issued.
[Par of bonds, $ 1,000 coupon. Interest A.&O. in N. Y ., and also in Lon­
$20,560,800 7% non-cum. pref. stock, together with tho 3 # % paid oo
N ov. 1 last, it should bo noted, places tho stock on a 5% basis, tho twn don at $4.86H to £; callable at 105. TrusteeJU . M ort. & Tr. Co. N. Y.]
Tho Now York State Assembly on Thursday passed the Walker Bill
providing for unlimited telephone servico at a maximum ehargo of $50
a year for residences and $125 for business houses, with not moro than
$ 1 0 0 a year for each additional pair of wires for a business houso and not
moro than $ 1 0 for any switchboard nor moro than $ 6 a year for each
extension telephono.— V. 96, p. 1160, 1087.




1234

T H E C H R O N IC L E

Combined Earnings— 1912 Audited, Partly Estimated — 1914 Estimated by
J. O. White Eng. Corporation.
1912 E st.1914.
1912. Est. 1914.

Gross earnings.$794,651 $1,055,570 Bond interest.. $55,000
$80,000
Net earnings... 273,112
432,720 P r e f.d iv .,7 % -- 80,500
80,500
Managem’t exp................
2 0 ,0 0 0
_____
_ .$137,612 $252 220
Balance, surp
.c.on
Net income------$273,112
$412,720 P .c.o
n com
co m stk .' ’'55.79%
.7 9 % '
10.62%
The balance, surplus, would be available for depreciation, dividends, &c.
Improvements and extensions in 1913 and 1914 will cost about $475,000
and should return at least 1 0 % per annum on cost.
[President, W . B. Crawford, Kissimmeo; V .-P. & Gen. M gr., II. C. Ad­
ams, Jacksonville; V .-P ., S. Z. Selden, New York. Main office, Kissimmee
Fla.; management office, 1110 Heard Nat. Bank B ldg., Jacksonville,Fla.;
Financial transfer office, 43 Exchango PI., New York.]

Standard Oil Co. of Indiana.— Dividend.—

A quarterly dividend of 3% and 3% extra have been declared on the
$30,000,000 stock, payable May 31 to holders of record May 12, comparing
with 3% and 4% extra on Feb. 28 last, 3% and 7% extra on Nov. 30 last,
and 3% (without any extra) on Aug. 31 1912.— V. 96, p. 1160, 950.

Stewart-Warner Speedometer Corp.— Initial Divs.—

A dividend of 2 1-3% has been declared on the $1,000,000 7% cumulative
pref. stock for the 4 months ending April 30; also a dividend or 1** % on the
$10,000,000 common stock, both payable M ay 1 to holders of record April
2 0 — V. 96, p. 207, 140.

Tobacco Products Corp., New York.— Foreign Plans.—

Plans, It is said, are under way to enter the foreign tobacco field. It has
not been definitely settled what countries will bo entered, but indications
at this time are that tho start will bo mado in England, although it may
possibly be in Germany. Albert Baker & C o., Ltd. (1898) mentioned in
this connection, is said to have over 50 retail stores, largely in London and
to havo paid last year 6 % on £2 0 0 , 0 0 0 stock.
An insider is quoted as saying: “ Tho Corporation is in a very strong po­
sition as regards Its cash supply. The proceeds of tho salo of securities last
year havo not all been used yet, by any manner of moans, in tho actual ac­
quisition o f properties already taken in. . Of courso tho foreign tobacco
situation, as far as wo aro concerned, has not yet straightened itself out.
But I believe there are great possibilities abroad for cigaretto manufacture."
— V. 96, p. 867, 657.

Tonopah Mining Co.— Earnings.—Y e a r
Year end.
Gross Value
Feb. 28— Ore Shipped.

N et
Earnings.

1913.............$3,144,173 $1,467,709
1 i 160% - V ’ 948 p 1190 ’
5 ’664

end. F eb. 28:
*Dividends Exhaustion
Balance.
Paid.
o f Ore.
Sur. or D ef.

$1,600,000
1,600'00°

$274,443
276,522

def.$406,734
sur. 139.142

Union Bag & Paper Co.— Receivership Denied.—

^hc

[V o l

© ow n terd a l

C O M M E R C IA L

X CV I

^ in te s .

E PIT O M E .

Friday Night, April

25, 1913.

T r a d e o n t h e w h o l e is g o o d , t h o u g h n o t s o a c t i v e a s r e c e n t ­
ly .
Y e t b a n k e x c h a n g e s m a k e a m o r e fa v o r a b le e x h ib it
th a n t h e y d id la s t w e e k .
T h e W e s t a n d th e S o u th are c o n ­
fid e n t.
T h e E a s t is c o n s e r v a t i v e , m a i n l y o w i n g t o t h o i m ­
p e n d in g ta r iff r e v is io n ^ th e B a lk a n s itu a tio n a n d E u r o p e a n
p o litic s .
.M o n e y is e a s i e r .
I n t e r e s t a n d d i v i d e n d d is b u r s e ­
m e n t s in M a y w ill c o n s id e r a b ly e x c e e d th o s e o f la s t y e a r .
T h e ir o n a n d s t e e l t r a d e is c o n f i d e n t a n d p i g ir o n is m o r e
a c tiv e .
W a r m e r w e a t h e r h e lp s t r a d e .
T h e o u tlo o k fo r
t h e c r o p s is f a v o r a b l e .
T h e lu m b e r tr a d e in th e N o r t h w e s t
is a c t i v e .
C o p i o u s r a in s in t h e S o u t h w e s t h a v e b e e n b e n e ­
f ic ia l f o r t h e c o t t o n a n d w h e a t p r o s p e c t s .
V e r y la r g e sa le s
o f w h e a t fo r e x p o r t h a v e b e e n a fe a tu re o f th e w e e k .
L A R D h a s b e e n f i r m e r ; W e s t e r n $ 1 1 4 5 ; r e f in e d f o r t h o
C o n tin e n t $ 1 1 8 5 ; fo r S o u th A m e r ic a $ 1 2 5 0 , a n d fo r B r a z il,
in k e g s , $ 1 3 5 0 .
L a r d f u t u r e s h a v e b e e n ir r e g u l a r , a n d ,
th o u g h s tr o n g e r a t o n e t im e , h a v e la t t e r ly r e c e d e d .
Som e
l e a d i n g p a c k i n g in t e r e s t s h a v e b e e n s e lli n g J u l y a n d S e p t e m ­
b er.
A t th e s a m e t im e th e r e h a s b e e n s o m e d is p o s itio n to
b u y o n d o w n w a r d r e a c tio n s.
T o - d a y p r ic e s a d v a n c e d , th e n
d e c lin e d .
A r is e in h o g s c a u s e d t h o a d v a n c o , a c c o m p a n i e d
T h e n liq u id a tio n g a v o th e
a s i t w a s b -ir
y /.Aimi-ir,™
c o v e r i n g r.f
o f sh o rts,
m a rk e t a se tb a c k .

DA ILY CLOSING PRICES OF LARD FUTURES IN C H IC A G O .
Sat.

M on.

May delivery......... cts.11.22** 11.15
July delivery.................11.12** 11.05
September delivery------11.15
11.05

Tues.

W ed.

Thurs.

Fri.

11.07** 10.95 11.10
11.02**
10.97** 10.90
11.02*4 10.95
10.97** 10.92** 11.02** 10.95

P O R K w as ste a d y ;
m ess $ 2 1 7 5 @ $ 2 2 5 0 ;
c le a r $ 2 1 @
$ 2 2 5 0 ; fa m ily $ 2 3 5 0 @ $ 2 5 .
B e e f d u ll b u t s t e a d y ;
m ess
$ 1 9 @ $ 2 0 ; p a c k e t $ 2 1 @ $ 2 2 ; fa m ily $ 2 2 @ $ 2 4 ; e x tr a In d ia
m ess $ 3 5 @ $ 3 6 .
C u t m e a t s in f a i r d e m a n d a n d s t e a d y ;
p ic k l e d h a m s , 1 0 t o 2 0 l b s . , 1 3 H @ 1 4 K c . ;
b e llie s , c le a r ,
f .o .b . N e w Y o r k , 6 to 12 lb s ., 1 5 @ 1 5 ^ c .
B u tte r, cream ery
e x tr a s, 3 3 H o .
C h e e s e , S t a t e , w h o lo , m ilk , c o lo r e d , s p e c ia ls ,
Extension for Deposits.
E g g s , fre sh g a th e r e d , e x tr a s , 2 1 c .
The preferred stockholders’ protective committee (Dudley Olcott 2d, 1 6 % @ 1 7 j 4 c .
Chairman) announces that more than 50% o f the pref. stock has been de­
O I L S . — L i n s e e d s t r o n g e r a n d in g o o d d e m a n d ; f l a x s e e d
posited with the Central Trust Co. under tho agreement dated Mar. 15,
C ity , raw ,
and that to afford a further opportunity to tho pref. stockholders to partici­ p r i c e s a t D u l u t h h a v e l a t t e r l y b e e n h i g h e r .
pate in the benefits o f said agreement, the time to make doposits has been A m e r i c a n s e e d , 4 9 @ 5 0 c . ; b o i l e d , 5 0 @ 5 1 c . ; C a l c u t t a , 7 0 c .
extended to and including M ay 15. The committee having determined
upon an assessment o f 30 cents In respect to each share of stock deposited, C o t t o n s e e d o il e a s i e r ; w i n t e r 7 c . , s u m m o r w h i t e 7 . 1 0 c . C o no deposits will be hereafter received except upon the payment of said c o a n u t o il s t e a d y ; C o c h i n l l @ l l j ^ c . , C e y l o n 1 0 H @ 1 0 H c .
amount. Deposits must be made either with Central Trust C o., New York
C h in a w o o d e a s ie r a t 7 M @ 7 % c .
C o rn ste a d y a t 5 .8 0 @
or Old Colony Trust Co. o f Boston. V. 96, p. 867, 494.
N . Y . First Div. 5 . 8 5 c . C o d s t e a d y a t 3 9 @ 4 1 c .
C O F F E E h a s c o n tin u e d fo r th e m o s t p a r t q u ie t b u t f ir m ;
An initial semi-annual dividend o f 3**% has been declared on the
$4,000,000 7% cumulative and participating pref. stock, payable M ay 1 N o . 7 R i o 11}4@11%<}. M i l d g r a d e s q u i e t ; f a i r t o g o o d
to holders of record April 23. Compare V. 95, p. 1750.
C u c u ta 13 @ 1 3 H e .
C o ffe e fu tu r e s a d v a n c e d fo r a tim e o n
New Director.
c o v e r i n g o f s h o r t s , c o i n c i d e n t w i t h a r is e in B r a z i l i a n m a r k e t s
Thomas Murray, Assistant Secretary, has been elected a director to suc­
ceed the lato J. Pierpont Morgan pending the selection of a permanent a n d m o d e r a t e r e c e i p t s . A l s o , i t w a s s a i d t h a t l e a d i n g i n t e r e s t s
successor.— V. 96, p. 1093, 859, 8 6 8 .
w h i c h w e r e i d e n t i f i e d w i t h t h o o l d v a l o r i z a t i o n p l a n w e r e li k e ­
Earnings.— F o r c a l e n d a r y e a r s :
ly to s to p th e M a y n o tic e s . T h e c o u n t r y , h o w e v e r , p u r c h a se s
Cal.
Operating
N et (after
Other
Bond
D iviBalance,
o n ly fr o m h a n d t o m o u t h . O n T h u r s d a y p ric e s d e c lin e d .
A
Year — Revenue.
Taxes.&c. . Income.
Int.
dends.
Surplus.
1912-.$15,345,953 $6,307,243 $2,222,563 $80,532 $4,729,747 $3,719,525 r e s o l u t i o n h a s b e e n o f f e r e d in t h e U . S . S e n a t o c a l l i n g f o r a n
1911-- 12,825,953 -4,501,900 1,766,995 30,966 4,703,022 1,534,906 i n v e s t i g a t i o n o f t h e a c t i o n o f t h e A t t o r n e y - G e n e r a l i n d is ­
Other income In 1912 includes divs. from Novada Consol. Cop. C o., $2,­
176,000, against $1,720,750 in 1911. Salas in 1912 include 91,366,337 lbs. c o n t i n u i n g t h e s u i t a g a i n s t t h e s o - c a l l e d c o f f e e t r u s t , a n d o f
of copper at 15.839 cts. (against 93,514,419 lbs. at 12.646 cts.); 34,255 oz. t h e q u e s t i o n w h e t h e r p u r c h a s e s o f t h o 9 0 0 , 0 0 0 b a g s o f v a l o r ­
gold at $20 (against 40,202 oz. at $20) and 311,391 oz. silver at 60.6 cts.
iz a tio n c o ffe e w e r e b o n a fid e o r o th e r w is e .
T o -d a y p ric e s
(against 366,906 oz. at 53.3 cts.).— V. 96, p. 494.
w ore s lig h tly h ig h e r .
M a y n o tic e s fo r 7 5 ,0 0 0 b a g s w e r e
s t o p p e d , i t is b e l i e v e d , b y l e a d i n g i n t e r e s t s . C l o s i n g p r i c e s :
— T h e 1 9 1 3 e d itio n o f “ M o o d y ’s A n a ly s e s o f R a ilr o a d
A pril_____10.90® 10.94 August . . . 11.24@11.261December 11.36@11.37
I n v e s t m e n t s ,’ ’ b y J o h n M o o d y , h a s ju s t b e e n is s u e d .
The
M a y .........10.93® 10.94 September 11.34® 11.35 January . . 11.37@11.39
b o o k c o n ta in s v a lu a b le in fo r m a tio n r e q u ir e d b y th o b a n k e r
J u n o . ..1 1 .0 3 ® 11.05 October
11.34@ 11.35 February . 11.38® 11.40
July . ..1 1 .1 4 ® 11.15 November 11.34@11.35|March . . . 11.40@11.41
a n d t h o i n v e s t o r , a n d a l s o c o n t a i n s a n a n a l y s i s o f r a ilr o a d
s y s t e m s s h o w in g p h y s ic a l c o n d it io n , e a r n in g p o w e r a n d fin a n ­
S U G A R .— R a w , h ig h e r.
C e n t r ifu g a l, 9 6 d eg rees t e s t ,
c ia l c h a r a c te r is tic s o f e a c h o f th e c o m p a n ie s .
O th e r fe a ­
3 .3 6 c .; m u s c o v a d o , 8 9 d e g r e e s t e s t , 2 .8 6 . ; m o la s s e s , 8 9 d e g r e e s
t u r e s in c l u d e d i g e s t s o f v a r i o u s m o r t g a g e s .
T h e b o o k is
te s t, 2 .6 1 c .
T h e t o t a l s t o c k o f r a w s u g a r in E u r o p e a n d
p u b lis h e d b y T h e A n a ly s e s P u b lis h in g C o . , 3 5 N a s s a u S t . ,
A m e r i c a is 3 , 8 4 1 , 9 2 5 t o n s a g a i n s t 2 , 7 0 1 , 1 1 9 t o n s a y e a r a g o .
N ew Y ork .
P rice $ 1 5 .
T h e t o t a l in s t o r e a n d a f l o a t is 4 , 0 0 2 , 9 2 5 t o n s a g a i n s t 2 , 8 4 3 , ­
1 1 9 t o n s a y e a r a g o , s h o w i n g a n in c r e a s e t h i s y e a r o f 1 , 1 5 9 , ­
— C . E . D e n is o n & C o ., B o s to n a n d C le v e la n d , aro o ffe r­
8 0 6 t o n s . R e f i n e d v e r y d u ll b u t s t e a d y . E v e n w a r m e r w e a t h e r
in g $ 1 0 0 ,0 0 0 O n ta r io P o w e r C o . 5 s a t 9 7 a n d in te r e s t.
See
d o e s n o t s t i m u l a t e b u s in e s s t o a n y e x t e n t . G r a n u l a t e d , 4 . 2 0 c .
a d v e r tis e m e n t o n a n o th e r p a g o .
T h o f ir m s a y s th e fir s t
m o r tg a g e b o n d s e q u a l a b o u t o n e -h a lf th e t o t a l v a lu e o f s to c k s
P E T R O L E U M s t e a d y ; b a r r e ls , 8 . 5 0 @ 9 . 5 0 c . ; b u lk , 4 . 8 0 @
5 .8 0 c .; c a se s, 1 0 .8 0 @ 1 1 . 8 0 c .
N a p h th a ste a d y ; 7 3 to 7 6
a n d b o n d s a n d t h e 1 9 1 2 n e t e a r n in g s w e r e t w o a n d o n e - h a l f
d e g r e e s , in 1 0 0 g a l l o n d r u m s , 2 5 H c . ; d r u m s , $ 8 . 5 0 e x t r a .
t i m e s t h e in t e r e s t p a i d o n f i r s t m o r t g a g e b o n d s a n d f o r t h e
G a s o l i n e , 8 6 d e g r e e s , 2 9 H e . ; 7 4 t o 7 6 d e g r e e s 25x
A a.; 6 8 t o
la s t q u a r te r w ere o v e r th ree t im e s .
T h e com pany pays 5 %
7 0 d e g r e e s , 22}4e., a n d s t o v e 2 1 c .
S p ir its o f tu r p e n t in e ,
d iv id e n d s .
42H e.
C o m m o n to g o o d s tr a in e d r o s in , $ 4 .7 5 .
— Spencer T rask &
C o . h a v e is s u e d f o r d i s t r i b u t i o n
T O B A C C O . — A l t h o u g h th e r e is a f a i r b u s in e s s in S u m a t r a
a m o n g i n v e s t o r s t h e t w e l f t h e d i t i o n o f t h e i r g e n e r a l c ir c u l a r
t o b a c c o , t h e r e is l i t t l e t r a d e in d o m e s t i c .
T o b a cco m er­
o n c o n v e r tib le b o n d s .
T h e c ir c u l a r d e s c r ib e s f o r t y - o n e w e l l c h a n t s h a d h o p e d f o r s o n io r e d u c t i o n in t h o g e n o r a l t a r i f f
k n o w n is s u e s , i n c l u d i n g t h e f i v e is s u e s b r o u g h t o u t s in c e t h e
o n t o b a c c o , a n d t h e y r e g r e t t h a t t h i s h a s n o t b e e n g r a n t e d in
fir s t o f th e y e a r .
T h e p a r v a lu e o f th e o u t s t a n d in g a m o u n t
th e n e w b ill.
S t ill, a p ro p o se d r e d u c tio n o f 8 % w h e re le a f
o f t h e f o r t y - o n e is s u e s a g g r e g a t e s m o r e t h a n $ 8 0 0 , 0 0 0 , 0 0 0 ,
is b r o u g h t i n t o t h e c o u n t r y o n A m e r i c a n v e s s e ls is h e l p f u l a s
w h ic h in d ic a te s th e w id e p o p u la r it y o f c o n v e r tib le b o n d s .
fa r as it g o e s .
T h e t o b a c c o t r a d e in a l l i t s b r a n c h e s j u s t n o w
— M ille r & C o ., b a n k e r s , o f 2 9 B r o a d w a y , N e w Y o r k , aro
is s l u g g i s h , h o w e v e r , a n d j u d g i n g f r o m p r e s e n t a p p e a r a n c e s ,
o ffe r in g a lim it e d a m o u n t o f 5 % b o n d s s e c u r e d b y a n a b s o ­
it is l i k e l y t o c o n t i n u e s o f o r a t i m e .
lu t e fir s t m o r tg a g e o n a c o m p a n y w h ic h s e r v e s w it h o u t c o m ­
COPPER
le s s a c t i v o b u t s t e a d y ; L a k o 1 5 H @ 1 5 H c . ;
p e t i t i o n e le c t r i c l i g h t a n d p o w e r t o a p r o s p e r o u s a n d g r o w i n g
e le c t r o l y t i c 1 5 . 6 0 @ 1 5 . 6 5 c . ; L o n d o n h a s l a t t e r l y w e a k e n e d
c it y in N e w Y o r k S t a t e .
C i r c u la r o n a p p l i c a t i o n .
so m e w h a t.
T i n d u ll a t 4 9 .5 0 c . o n th o s p o t .
L o n d o n has
— T h e b u s in e s s h e r e to fo r e c o n d u c te d b y R ic h a r d W . M a u r y
la tte r ly b e e n e a sie r.
L e a d 4 . 5 0 c ; s p e lt e r 5 . 6 0 c .
P i g ir o n
a s a s t o c k b r o k e r a t 1 0 1 5 E a s t M a i n S t . , R i c h m o n d , w ill
m o r e a c t i v o ; s t o c k s h e ld b y f u r n a c o s in t h o C e n t r a l W e s t
h e r e a fte r b o k n o w n a s C a s k io G . B u r c h & C o ., c o n d u c te d
a r e a b o u t h a lf w h a t t h e y w e r o a y e a r a g o ; N o . 2 f o u n d r y
b y C a s k ie G . B u r c h , w h o fo r th e p a s t th irte e n y e a rs h a s b e e n
E a s t , $ 1 6 2 5 @ $ 1 6 5 0 ; N o . 2 S o u th e r n , B ir m in g h a m , $ 1 2 2 5
a s s o c ia te d w ith M r . M a u r y .
@ $ 1 2 7 5 ; 3 0 , 0 0 0 t o n s o f N o . 2 S o u t h e r n s a id t o h a v o b e e n
— L o u i s S lo s s & C o . o f S a n F r a n c i s c o a n n o u n c e t h e a d ­
s o ld l a t e l y a t $ 1 2 .
S t e e l m a t e r i a l le s s a c t i v e , b u t s p e c i f i c a ­
m is s io n t o t h a t f ir m a s a p a r tn e r o f T . T . C . G r e g o r y , a t t o r ­
t i o n s s t i ll la r g o ; s t r u c t u r a l s t e e l $ 1 . 5 0 , P i t t s b u r g h b a s i s , f o r
n e y -a t-la w .
d e liv e r y s e c o n d q u a r t e r .

Chancellor Walker on April 19 denied tho application o f the minority
stockholders for a preliminary injunction against the directors and tho ap­
pointment o f a receiver pending the final trial of the suit (V. 96, p. 558,
942). The Court held that the refusal to name receivers at this time would
not result in irreparablo injury to the complainant, while to do so would in
effect grant them the full measure of rollef to which they would bo entitled
on final hearing.— V. 96, p. 1026, 942.

United Copper Co.—

—

(The) United Equities Corp. (of Va.),

—

United States Steel Corporation.—
Utah Copper Co.—




—

C

O

T

T

O

N

On Shipboard, N ot Cleared for —

.

Great
A p ril 25 at— Britain. France.

Friday N ight, A p ril 2 5 , 1913.

T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
81,197 bales, against 89,095 bales' last week and 95,205
bales the previous week, making the total receipts since
Sept. 1 1912 8,970,717, against 11,053,113 bales for the
same period of 1911-12, showing a decrease since Sept. 1
1912 of 2,082,396 bales.
Sat.

Bort Arthur----Aransas l’ ass.&c.
Now Orleans----Pensacola--------Jacksonville, &c.
Brunswick------Georgetown___
W ilm ington____
Nowp’t News.&c
Now York______
B o s to n ________
Baltimore _____
Philadelphia__

M on.

Tues.

Total.

Fri.

Thurs.

W ed.

2,619
51

5,445
164

7,033

4,797
468

2,770

4,248 26,912
683

2",809
299

2,367
293

5',021
185

4',329
111

2,611
316

1,367
l",367
1,488 18,625
1,502
298
1,700
1,700

2.055

l",595

4,285

2 ,387

l",830
"364
'182
463

203

'649

” 70

181

'610
767

"800
855

'267
1,414

'282
1,195

"8 4

"l44
—

"lOO
9,513

Totals this weck_

—

” l5
210
'148

” 25

8,909

13,894

18,384

12,168

1,405 13', 557
2,350 2,350
1,555
88
2,264
5,730
2,563
15
549
1,652
173

"123
1,036
2,563
” ii
1,652

18,329 81,197

The following shows the week’s total receipts, the total
since Sept. 1 1912, and the stocks to-night, compared with
last year:
1912-13.
Receipts to
A p ril 25.

This
Week.

Stock.

1911-12.

Since Sep

This Since Sep
Week.
1 1911.

1913.

1912.

G alveston-------Toxas C ity..........
Port Arthur........
Aransas Pass, &c.
Now Orleans___
Gulfport________
M o b ile ------------Pensacola---------Jacksonville, &c.
Savannah______
Brunswick_____
Charleston ____
G eorg etow n ___
W ilm in g ton ----N o r fo lk ________
N ’port Nows, &c.
Now Y ork_____
B oston _________
Baltimore______
Philadelphia__

26,912 3,667,183 28,381 3,400,057
683 660,803
805 584,517
123,556 113.479 266,366
l",367 124,233
18,625 1,300,215 14,913 1,553,858
122
66,795
1,502 196,915 2,342 365,487
1,700 115,482 2,000 208,217
160
14,241
49,659
13,557 1,189,539 17,086 2,292,241
2,350 227,875 3,100 397,320
1,730 408,172
1,555 294,079
110
1,019
3,932 537,390
2,264 335,661
5,730 494,135 13,139 708,107
542
34.686
2,563 100,858
180
5,549
13,674
15
582
57,546
43,055
549
1,315 113,934
66,469
1,652
2,193
741
2,634
173

194,747
16,898
...........
100,620

206,377
805
...........
106,782
9,761
12,270

T o t a l ________

81,197 8,970,717 104,549 11053 113

1 1912.

14,603
1,700
1,296
75,603
8,156
29,427

103,237
9,741
26.789

18,673
49,873

19,743
47,159

134,077
8,650
6,063
4,838

150,590
11,676
8,149
796

665,224

713,875

In order that comparison may be made with other years,
wo givo below the totals at leading ports for six seasons:
Receipts at—

1913.

1911.

1912.

1910.
17,204
5,097
18,239
758
9,170
357
589
1,607
8,478

1909.
42,294
1,236
42,467
5,336
24,188
380
3,811
5,212
8,660

1908.
132
037
327
335
873

Galveston —
ToxasCity,&c.
Now OrleansM obile—
Savannah ---Brunswick—
Charleston ,&c
Wilmington—
N orfolk_____
N ’port N ., &c
Allothors..

26,912
2,050
18,625
1,502
13,557
2,350
1,555
2,264
5,730
2,563
4,089

28,381
14,284
14,913
2,342
17,086
3.100
1,730
3,932
13,139
542
5.100

13,736

2,289

3,394

2,227

313
972
.084
296
,793

Total this wlc.

81,197

104,549

45,212

64,893

135,811

58.162

12,451
1,581
8,598
387
2,253
3,917

Since Sept. 1. 8.970.717 11053113 8,025,351 6,722,370 9,083.113 7,614,930

The exports for the weok ending this evening reach a total
of 50,984 bales, of which 23,543 woro to Great Britain,
600 to France and 26,841 to the rest of the Continent.
Bolow are tho exports for the week and since Sopt. 11912:
W e e k e n d i n g A p r i l 25
E x p o r t e d to —
E x p o rts
fro m —

Galveston..
Texas CityPort Arthur
Ar.Pass.,&c
NowOrlcana
Mobile----Pensacola..
Savannah. .
Brunswick .
Charleston.
Wilmington
Norfolk__
N'portNews
Now York.
Boston___
Baltimore..
Philadelphia
Portl'd, Mo,
San Fran ..
Pt.Towns’d

G rea t
C o n tiB rita in . F r a n ce . n e n t.

0,994
'

5 ,2 4 0
’ 667
600

—

—

2 3 ,5 43
3 3,715

1913.

T o ta l.

F r o m S e p t.

G rea t
B rita in .

1 1912 t o A p r i l
E x p o r t e d to —

F ra n ce.

C o n tin en t.

25 1913.

T o ta l.

11,155 1,230,989
3 ,280 393,742
31,4 80
12,921
5,704 12,098 053,732
5 1,593
22,258
5 ,044
119,261
5,044
108,347
60,292
106,043
14,990
2 91
214,190
5,840 11.08C
667 142,320
3 ,994
60C
35,241
____
507
_______
6,122
6,122
338
338
.............

377,120 1,296,709 2 ,9 1 0,8 18
82,630 623,171
146,793
07,184
24,892
123,550
8,600
16,048
37,575
132,857 357,999 1,144,588
25,562
40,0 88
117,243
34,791
113,782
56,7 33
0 2,869 500,357 742,487
90,768
199,115
5,000
138,759
204,051
59,673
138,985 304,701
6 9,374
60C
53,878
291
41,924
135,217 391,331
151,070
9.35C
34,804
2.50C
28,310
4 2,641
7,300
_______
_______
507
_____
200,682 206,082
88,8
90
88,8
90
.............

50,984 3 ,2 0 8,1 97

930,529 3,36 8,4 51 7 ,5 0 7,1 77

3,793
'____

7 ,3 6 2
3 ,280

____
____

000 26,841

14,458 69,0 60 107,233 3 ,9 6 5,4 09 1,10 7,5 54 4 ,5 9 3,1 60 9 ,0 6 6,1 23

Note.—N.Y. exports since Sept. 1 Include 19,440 bales Peru, &o., to Liverpool.

In addition to above exports, our telegrams to-night also
givo us the following amounts of cotton on shipboard, not
cleared, at the ports named. W o add similar figures for
N ew York.




1235

THE CHRONICLE

A pr . 26 1313.]

New Orleans.. 15,809
Galveston____ 30,373
Savannah ____
Charleston___
2',825
1.500
New York___
1.500
Other ports__
5.500
Total 1913. .
Total 1912. .
Total 1911..

57,507
56,359
9,081

Other
Ger­
many. Foreign

Coast­
wise.

Leaving
Stock.

Total.

3,124 4,992 10,538
7,625 17,078 26,333
5,125

276 34,739
2,900 84,309
500 5.625

2 ,612

5,816
'379
20,128 21,628
5,500
—
15,000

65,881
110,438
69,978
29.427
8,787
28,245
128,577
51,274

11,449 38,407 40,271 24,183 172,617
14,604 32,536 29,536 17,906 150,941
5,900 21,064 19,712 8,691 64,448

492,607
562,934
367,296

700

800
8,600

2,500
900

Speculation in cotton for future delivery has been only
moderately active and prices as a rule have taken a downward
drift. That was owing in the main to favorable weather and
particularly to the fall of needed rains in Texas and elsewhere
in the Southwest section, which received a pretty thorough
drenching. Also the weekly Government weather report
was in the main more favorable, particularly in the matter
of temperatures, which were higher. From many parts of
the belt very favorable crop reports have been received.
That is to say, planting is making good progress in not a
few sections, and where cotton is up it is apparently doing
well. This applies more to the Southwestern portion of
Texas and the southern portions of Louisiana, Georgia and
Alabama. Spot markets have been more or less depressed.
Yarns have been declining. Cotton goods generally have ap­
parently been less active, being under a cloud, owing to the
impending tariff revision. This is expected
to be
more drastic than at one time seemed probable. Reports in­
dicate a falling off in business in England, Germany, France
and Italy, and a prevalent idea is that spinners are pretty
well supplied up to about the first of August, and that until
the tariff cotton schedules are really decided upon, trade is
j to suffer. The Mississippi River situation, on the whole,
has been better. A break occurred in the levee atM ayersville, M iss., but it does not affect any large cotton territory.
One estimate was to the effect that it cannot cut down the
production more than 25,000 bales, even assuming that the
water will not retire in time for planting, which is by no
means clear. Spot markets have shown an easier tendency.
The actual cotton, it is said, has been more freely offered here
of late from Alabama and Mississippi, where large supplies
are said to be in existence.
New low records for this
year have been made during tho past week, M a y
touching 11.36 cents and July 11.42 cents, tho lowest since
20, when M a y sold at 11.69 cents and July at 11.57
cents.
This showed a marked decline from the high point
of the present year, which was reached on Feb. 11, when M a y
touched 12.50c. and July 12.45c. The South, including New
Orleans and Memphis, have at times been liberal sellers.
On the other hand, after so severe a decline, the question is
often asked whether a substantial rally may not be due.
This query has received greater point from the complaints
of cold weather in the Southwest. Germination, according
to some reports, has been retarded in Northern Texas by
unduly low temperatures. Light frost occurred in Texas.
From some parts of the Eastern belt come reports that a
little more rain and warmer weather would be beneficial.
Of late Liverpool has been firmer. The Continent
has
bought
new-crop
months
there more freely.
On Thursday spot sales, which have been about 8,000
bales a day, suddenly rose to 10,000 bales. Also on that day
the temperatures in parts of the Southwest looked rather low
and the forecast was for colder weather with frost in Northern
Texas and Oklahoma as well as cooler weather in Alabama and
Georgia. It is argued, by not a few, that what the cotton belt
now wants is a period of warm weather to facilitate planting
and germination. Of late New Orleans, Memphis and
Liverpool have bought here to a fair extent. M a y , during
tho week, has dropped to a discount of nine points under
July. To-day prices declined. The weather map was
better than expected. The week-end figures were bearish.
Thero was heavy Southern selling.
W all St. and the
Waldorf sold; Liverpool bought.
Spot cotton closed at
11.85c. for middling uplands, showing a decline for the week
of 40 points.
Tho official quotation for middling upland cotton in the
New York market each day for the past week has been:
A pril 19 to A pril 25—
Sat.
Middling uplands-------------------12.15

NEW

YORK

1913.C......... 11.85
1912............. 11-85
1911............. 15.15
1910............. 15.25
1909............. 10.70
1908............. 10.10
1907..............11.30
1906..............11.65

Fri.
Mon. Tues. W ed. ;Thurs.
12.15 12.05 12.00 12.00 11.85

Q U O T A T IO N

1905-C__ . . 7.60
1901____ ...1 3 .7 5
1903____ ...1 0 .5 0
1902____ . . . 9.09
1901____ . . . 8.38
1900____ . . . 9.81
1899____ . . . 6.25
1898------ . . . 6.38

F O R 32 Y E A R S .

1 89 7 -c—
1896-----1895-----1894-----1893-----1892____
1891____
1890____

. . 7.50
. . . 8.06
. . . 6.94
. . . 7.50
. . . 7.81
. . . 7.31
. . . 8.88
...1 1 .8 8

1889-C......... 10.94
1888............. 9.75
1887..............10.62
1886..........
9.25
1885............. 10.81
1884..............11.88
1883..............10.25
1882............. 12.25

M A R K E T A N D SA LE S A T N E W Y O R K .
Spot Market
Closed.

Saturday—
Monday —
Tuesday —
Wednesday.
Tliursday . .
F r id a y -----^ T o t a l ___

Quiet, 10 pts. d e c ..

Futures
Market
Closed.

Very steady__
Quiet, 10 pts. d o c-. Steady________
Quiet, 5 pts. dec__ Steady________
Steady________
Quiet, 15 pts. dec . . Steady________

SALES.
Spot.

102
II”

—
102

Contr’cl

Total.

100

102
100

'1 6 6

"166

200

1302

—

123 iy

THE CHRONICLE

F U T U R E S . The highest, lowest and closing prices at
N ew York the past week have been as follows:
Saturday Monday Tuesday Wed’day Thursd’y Friday,
April 19 April 21 April 22 April 23 April 24 April
25

A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week and since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period for the previous year— is set out in
detail below.

Week.

April—
Map—

- — © - — @ — — © - — © — 11.55 —
11.63 — 11.67-.72 11.55 — 11.42 — 11.57-.59
11.63.73
11.58-.68
11.51.71
11.36.62
11.39-.48
11.63.64
11.67-.68
11.51.52
11.37.39
11.47-.48

July—
August—
Sept.—
October—

— © — 11.55 —
11.40 —

11.4711.47-

.54
11.42-.53
11.36.48
11.52-.53
11.37-

.54
11.29.38
11.30-

11.33
11.27-.30 11.25-.30 11.1611.29-.30 11.35-.36 11.21-.23 11.16-

R a n g e ____ 11.26Closing____ 11.26-

Nov.—

.30
11.23-.31
11.17.27
11.30-.31
11.17-

.31
11.1311.14.18

Movement to April 25 1913.
Receipts.

11.31-.46 11.31-.73
11.33-.34

— @ — 11.48 — — © —
11.64-.66 11.7CK72 11.55-.57 11.47-.49 11.57-.59
11.63.71
11.58-.70
11.54.72
11.45.57
11.47-.57
11.63.65
11.69-.70
11.54.55
11.46.47
11.55-.56

Week. | Season.

— + — 11.48 —
11.41-.43
11.37-.54
11.39-.40 :

.39
11.34-.42
11.24.31
11.41-.42
11.25-

:

-

Montgomery
Selma.
-

:

ll.24-.54
.39
.26

Athens ..
Atlanta.
Augusta.
Columbu
Macon ..
Rome...

.24
11.21-.27
— 11.19 11.16-.33
.18
11.23-.25
.23
11.17-.26
11.10-.20 11.10-.31
.16
11.21-.22

R a n g e ____ — @ — — © — — ® — — @ —
Closing____ — © — — @ — --- @ --- — @

R a n g e ____ 11.29Closing____ 11.29-

.34
11.26-.35
11.20.35
ll.14-.24
ll.19-.27 11.12-.21 11.12-.35
.30
11.34-.35
11.20-.21 11.17-.18 11.24-.25 ll.14-.lfi

R a n g e ____ 11.23Closing____ 11.23-

.29
11.22-.30
11.17-.29 11.10.18 11.14-.22 11.07-.17 11.07-.30
.24
11.29-.30
11.16-.18 11.11-.12 11.18-.19 11.09-.10

Feb.—

R a n g e ____
Closing____ — @ — — @ --- -

March—

@ —

--- (g) --- — @ — — © — -

R a n g e ____
11.14__ Closing____ 11.2®-.291 11.34^.35 11.21-.23 11.18-.20 11.24-.26 11.14-

1910.
696,000
4,000
55,000

Total Great Britain stock.......... 1,270,000 1,482,000 1,136,000
Stock at Hamburg______________
14,000
7.000
7.000
Stock at Bremen_______________ 471,000
700.000
232.000
Stock at Havre_________________ 326,000
324.000
291.000
Stock at Marseilles_____________
2,000
4.000
2.000
Stock at Barcelona. ......................
28,000
24.000
22,000
Stock at Genoa_________________
28,000
53.000
54,000
Stock at Trieste________________
26,000
13.000
9,000

755.000
7.000
276.000
296.000
3.000
9.000
30,000
5.000
626,000

617,000

Total European stocks-----------2,165,000 2,607,000 1,753,000 1,381,000
India cotton afloat for Europe__
85,000
61,000
151.000
179.000
Amer. cotton afloat for E urope.. 275,999 476,825
197,125 259,074
Egypt,Brazil,&c.,aflt.for Europe.
39,000
44,000
22,000
17.000
Stock in Alexandria, Egypt_____ 207,000
198.000
185.000
120.000
Stock in Bombay, India________ 897,000 721.000
616.000 728,000
Stock'in U. S. ports____________ 665,224
713,875 431,744
557,232
Stock in U. S. Interior towns___ 479,150
315,349
368,358
368,961
U. S. exports t o -d a y ...................
4,035
15,922
13,687
2,714
--------- 4,817,408 5,152,971 3,727,544 3,623,351
Total visible supply.
Of the above, totals or American and other descriptions are as follows:
American —
Liverpool stock----------------- bales. '993,000 1,256,000
904,000 625,000
Manchester s t o c k .....................
56,000
83,000
80,000
45,000
Continental stock_______________ 860,000 1,094,000
573,000 587,000
American afloat for Europe_____ 275,999
476,825
197,125 259,074
U. S. port stocks---------------------- 665,224
713,875
431,744 557,232
U. S. Interior stocks------------------ 479,150
315,349
368,961 368,358
U. S. exports to-day----------------4,035
15,922
2,714
13,687
Total American-------- ------------- 3,333,408 3,954,971 2,557,544 2,455,351
East Indian, Brazil, & c .—
Liverpool stock----------193,000
113,000
130,000
71,000
5,000
3,000
7,000
4,000
London stock.......................
Manchester stock---------------------23,000
27,000
15,000
10,000
Continental stock----------35,000
31,000
44,000
39,000
India afloat for Europe.................
85.000
61,000
151,000 179,000
Egypt, Brazil, &c., afloat---------39,000
44,000
22,000
17,000
Stock n Alexandria, Egypt......... 207,000
198,000
185,000 120,000
Stock in Bombay, India------------ 897,000
721,000
616,000 728,000
Total East India, &c................ 1,484,000 1,198,000 1,170,000 1,168,000
Total American......................... 3,333,408 3,954,971 2,557,544 2,455.351
. r?t0n^ visible supply----------------4,817,408 5,152,971 3,727,544 3,623,351
Middling Upland, Liverpool........
6.77d.
6.56d.
8.27d.
7.94d.
Middling Upland, New York____ 11.85c. 11.75c.
15.35c.
15.25c.
Egypt, Good Brown, Liverpool..
10.50d.
lo k d .
ll.OOd.
I5% d .
Peruvian, Rough Good, Liverpool
9.90d.
9.10d.
ll.OOd.
11.25d.
Broach, Fine, Liverpool________
6Jfid.
o>i»u.
6d.
7% d.
7'A d .
Tinnevelly, Good, Liverpool____
'Zd.
‘ 5 15-16d.
67
7% d.
7 l-16d

Continental imports for the past week have been 69,000
bales.
The above figures for 1913 show a decrease from last week
of 92,789 bales, a loss of 335,563 bales from 1912, an excess
of 1,089,864 bales over 1911 and a gain of 1,194,057 bales
over 1910.
Q U O T A T IO N S
FOR
M ID D L IN G
COTTON
AT
O T H E R M A R K E T S .— Below are the closing quotations
of middling cotton at Southern and other principal cotton
markets for each day of the week.
Week ending
A p ril 25.

Galveston___
New Orleans__
Mobile ____
Savannah . . .
Charleston___
N orfolk _______
Baltimore_____
Philadelphia . . .
A u g u sta --------M e m p h is_____
St. Louis...........
H ou sto n ...........
Little R ock------

Closing Quotations for M iddling Cotton on—
Sat’day. \M onday. Tuesday. W ed’day.\Thursd'y

8*16

12 7-16

\12%

12^
12%
12 %
12H
12%

12 % „

12 5-16

12
12 %
12
12

12%
12%
12%

12 7-16

12




Friday.

12 5-16
12 5-16

a*

12M
12.10

12.40

ii g

12 7-16

12 5-16

12%
12M
11%

1
i
.
i

11.14-.28
.20
.16

A p ril 25—
1913.
1912.
1911.
Stock at L iv e rp o o l....b ales.1.180,000
1,369,000 1,034,000
Stock at London...................
5,000
3,000
7,000
Stock at Manchester___________
79,000
110,000
95,000

895,000 1,125,000

Natchez

© -

t h e V IS IB L E S U P P L Y OF C O T T O N 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 conse­
quently 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.

Total Continental stocks-------

12V s

12%
12%
12%
11%

.
.
.
.
.
t
.
.
.
.
.
.
.
.
.

— © — — © —

Dec.—
Jan.—

[ V o l . X C V I.

Houston____
Paris. .

Ship­
ments.
Week.

Movement to April 26 1912.

Stocks
April

Receipts.
Week.

25.

20
372
215
12
588
17
447
384
1,201
199
223
123
191
43
1
200
573
5
124
..
10,363
93
1,672

20,995
528
5,461
151,752
1,384 20,911
116,771
786
4,147
41,417
11
123
178,301
3,238 29,489
23,958
75
1,558
104,967
1,655 15,102
155,693
893 11,386
325,924
4,392 53,570
73,933
1,800 19,408
36,3 18
290 11,754
50,187
150
8,101
140,327
597
4,790
26,097
338
1,480
49,081
167
88
108,687
700 10,500
54,533! 2,1 1 8
9 ,2 4 0
18,0451
355
1,050
28,992
154
1,227
22,416;
19
3,4 4 3
521,029! 10,275 32,7 09
9,983:
150
381
203,884
1,829 27,903
30,194:
15
IIII
19,138
2,6 9 8
5,874
778,873 16,273 93,7 82
7,182!
3
74
322
17,187
65
265
1,000
_
43,907|
28
400
600
129,590:
600
4 ,5 0 0
50
44,9 62
138
900
17,354 3,223,513: 22,1 05 98,9 12
200
150,007
409
2,800]

Ship­
ments.
Week.

Season.

Stocks
April
26.

39

24,802
532
1,499
1,686 190,037 1,723 5 ,6 1 6
369
142,784
834
3,371
1S6
68,553
133
2 70
969 206,349
2,874 17,591
32,3 40
50
800
412 180,277
2,751 15,0 42
1,638 272 ,14 0
1,266 12,756
4,539 527 ,57 5
4,463 57,1 44
245
82,502
1,110 7 ,4 6 0
149
69,919
313
2,6 9 7
337
65,799
950
3 ,9 0 8
239
139,320
180
7,023
88
36,811
496
582
1 44,443
166
95,091
2",666 5 ,0 0 0
"560
99,861
1,668 9 ,8 8 5
34
19,792
1,737
133
37,640
"1 83
139
29,898
32
400
10,993 597,352 10,675
2 2 ,7 35
498
21,477
500
4 70
6,057 237,205
6,112 13,608
204
7,220
164
200
16,542
200 5 ,2 1 2
2,894 895,984 15,079 50,684
594
6,164
564
408
153
17,095
383
720
54,763
59
"4 00
97,462
1 ,9 0 0
50,651
” 20 .
40
1 7 ,1 7 0 2 ,9 6 9 ,5 9 8 2 3 ,2 17 65,801
224
" '
105,743
336
426

Total, 33 towns 41,21216,907.843' 71.796!479,15ol

5 0 ,8 1 1

7,503.1891 78,811315.349

♦Last year’s figures are for Louisville, Ky.

S T N r ^ q ^ P i M O V E M E N T FO R T H E W E E K A N D
blJNCL SLI T . 1. W e give below a statement showing the
overland movement for the week and since Sept. 1, as made
up trom telegraphic reports Friday night. The results for the
weeic and since Sept. 1 in the last two years are as follows:
m

A p ril

25—

Shipped—
Via
Via
Via
Via
Via
Via
Via

week.

St. L ouis................................ 10,275
Cairo ...................................... 1,905
Rock Island.................
700
Louisville...................
1,881
C incinnati_________________
516
Virginia points.....................
4,589
other routes, &c......................... 8,421

Total gross overland.................. 28,287 1,385,204

Deduct Shipments—

Overland to N. Y ., Boston, &c___ 2,389
Between interior towns_______
1,186
Inland, &c., from South..............
714

32,104 1,665,561

125,832
112,244
79,191

2,818
2,803
1,773

179,222
94,393
49,091

Total to be deducted.................... 4,289
317,267
7.454 322,706
Leaving total net overland*_23,998 1,067,937
24,650 1,342,855
* Including movement by rail to Canada, a Revised.

,

The foregoing shows the week’s net overland movement has
bales, against 24,650 bales for the week last year,
a i-L •
f ° r the season to date the aggregate net overland
exhibits a decrease from a year ago of 274,918 bales.
1912-13-

Receipts at ports to Apr. 2 5 ............ 81,197 8,970,717
Not overland to April 25_________ 23,998 1,067,937
Southern consumption to Apr. 25. 59,000 1,910,000

-1911-12Sin ce
Sept. 1.
104,549 11,053,113
24,650 1,342,855
56,000 1,732,000

Total marketed...........................164,195 11,948,654
Interior stocks in excess_________*30,584
382,114

185,199 14,127,968
*28,000
214,912

Came into sight during w e e k ... 133,611 ________
Total in sight Apr. 25.............................. 12,330,768

157,199
______ 14,342",880

In Sight and Spinners'
Takings.

Since
Sept. 1.

Week.

North’n spin's'takings to Apr. 25 37,474
* Decrease during week.

2,196,143

Week.

39,872

2,217,264

Movement into sight in previous years.
Week—
1911— Apr. 28----------1910— Apr. 29.....................
1909— Apr. 30...................

Bales.
Since Sept. 1
71,506 1910-11— Apr.
98,296 1909-10—Apr.
152,805
1908-09—Apr.

Bales.
28 .............10,914,477
29 ............. 9,523,682
3 0 ............12,309,299'

N E W O R L E A N S O P T IO N M A R K E T — The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for tho past week have been as follows:
Sat’day, M onday, Tuesday, Wed’day. Thursd’y. Friday,
A pril 19. A pril 21. A pril 2 2 . April 2 3 . A pril 2 4 . A p r il 2 5 .
April—

R a n g e ________ — @ — — @
„ C lo sin g ------------ 1 2 .1 1 — 1 2 .2 0

M ay —

— —
—

©
1 2 .1 1

— — ©
— 1 2 .0 4

— — ©
— 1 2 .0 8

— — ©
— 1 1 .9 9

—
—

R a n g e _______ 1 2 .2 1 - .2 6 1 2 .1 8 -.3 3 1 2 .2 0 -.3 1 1 2 .1 5 -.2 4 1 2 .2 0 -.2 5 1 2 .1 0 -.2 2
C lo sin g .............. 1 2 .2 3 -.2 4 1 2 .3 2 -.3 3 1 2 .2 3 -.2 4 1 2 .1 6 -.1 7 1 2 .2 0 -.2 1 1 2 .1 1 - .1 2

July—

R a n g e ________ 1 2 .0 6 - .1 2 1 2 .0 4 - .1 6 1 2 .0 3 -.1 4 1 2 .0 0 -.0 9 1 2 .0 5 - .1 0 1 1 .9 2 - .0 6
C lo sin g _______ 1 2 .0 8 - .0 9 1 2 .1 5 -.1 6 1 2 .0 6 -.0 7 1 2 .0 2 -.0 3 1 2 .0 5 -.0 6 1 1 .9 2 -.9 3 -

August—

R a n g e .............. 1 1 .8 0 -.8 3 1 1 .7 3 -.8 3 1 1 .7 0 -.8 3 1 1 .6 4 -.7 2 1 1 .6 6 -.7 1 1 1 .5 9 - . 6 8
C lo sin g _______ 1 1 .8 0 -.8 1 1 1 .8 3 - .8 5 1 1 .7 0 - .7 2 1 1 .6 4 -.6 5 1 1 .7 1 -.7 2 1 1 .5 4 -.5 7

September—

R a n ge ______
C lo sin g ______

October—

1 1 .4 2 — © —
© — 1 1 .3 4 —
1 1 .4 5 — — @ — —
1 1 .4 4 -.4 6 1 1 .5 0 -.5 2 1 1 .3 9 - .4 0 1 1 .3 7 -.3 9 1 1 .3 9 -.4 1 l l . 2 9 - . 3 1

R a n go .............. 1 1 .3 3 - .3 8 1 1 .3 1 —.41 1 1 .2 7 -.3 8 1 1 .2 4 -.3 2 1 1 .2 9 -.3 5 1 1 .1 9 - .3 0
C lo s i n g ............. 1 1 .3 3 -.3 4 1 1 .4 0 -.4 1 1 1 .2 8 -.2 9 1 1 .2 6 -.2 7 1 1 .2 9 -.3 0 1 1 .1 9 - .2 0

December—

R a n g e ________ 1 1 .3 4 -.3 9 1 1 .3 2 -.4 3 1 1 .2 8 - .4 0 1 1 .2 4 - .3 2 1 1 .2 9 -.3 4 1 1 . 1 9 - . 3 0
C lo sin g _______ 1 1 .3 4 -.3 6 1 1 .4 2 -.4 3 1 1 .2 9 - .3 0 1 1 .2 6 -.2 7 1 1 .2 9 -.3 0 1 1 .1 9 - .2 0

January—

Range ______ 1 1 .3 7 — 1 1 .3 8 -.4 0 1 1 .3 1 -.4 1 1 1 .2 8 -.3 4 1 1 .3 2 -.3 6 1 1 .2 7 -.3 1
C lo sin g .............. 1 1 .3 7 - .3 9 1 1 .4 4 -.4 5 1 1 .3 2 - .3 3 1 1 .2 8 -.3 0 1 1 .3 1 -.3 2 1 1 .2 1 - .2 2

Tone —

flriAt
OJJUl . . . . . . .

On
Inf
VlULl.

O p t i o n s ______ B ’ly s t ’ y .

Q u iet.
S te a d y .

Q u iet.
S te a d y .

Q u iet.
S te a d y .

Q u iet.
S te a d y .

Q u ie t.
S te a d y .

A p r . 26 19i3.]

THE CHRONICLE

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Advices to
us by telegraph from the South this evening are, in the main,
of a favorable nature. Texas reports good rains during the
week, and the precipitation in the remainder of the Southwest
has been satisfactory, on the whole. Along the Atlantic,
however, and in Alabama, dry weather has been general, and
from some sections there are complaints that rain is much
needed. There have been some breaks in the levees along
tho lower Mississippi and the river continues at a high stage
at Memphis and Helena, but is falling rapidly.
Galveston, Tex.— Very low temperatures reported in the
northern portion of Texas with frost and snow in the pan­
handle. Cold weather was preceeded by good rains which
will offset any material damage done to crops. It has rained
on one day of the week, the rainfall reaching one inch and
fourteen hundredths. The thermometer has averaged 68,
ranging from 58 to 78.
Abilene, Tex.— W e have had rain on two days the past
week, the rainfall being eight hundredths of an inch. Lowest
thermometer 38.
Brenham, Tex. — There has been rain on two days during
the week, the rainfall being one inch and thirty-four hun­
dredths. The thermometer has ranged from 46 to 82,
averaging 64.
Cuero, Tex.— It has rained on two days of the week, the
rainfall reaching one inch and sixty-six hundredths. M ini-,
mum thermometer 44, highest 82, average 63.
Dallas, Tex.— W e have had rain on one day of the week,
tho rainfall reaching one inch and four hundredths. The
thermometer has averaged 64, ranging from 42 to 86.
Henrietta, Tex.— Tho week’s rainfall has been one inch
and seventy-two hundredths, on two days. Average ther­
mometer 65, highest 88 and lowest 42.
Huntsville, Tex.— W e have had rain on one day of the week,
tho rainfall reaching one inch and eighteen hundredths.
Tho thermometer has averaged 63, the highest being 84
and the lowest 42.
Kerrville, Tex.— W o havo had rain on three days of the
past week, tho rainfall being one inch and four hundredths.
Tho thermometer has averaged 63, ranging from 46 to 80.
Lampasas, Tex.— W e have had rain on one day of the week,
the rainfall reaching ninety-two hundredths of an inch.
Tho thermometer has averaged 61, the highest being 84
and the lowest 38.
Longview, Tex.— There has been rain on ono day during
the week, to the extent of ninety-two hundredths of an inch.
Tho thermometer has ranged from 50 to 86, averaging 68.
Luling, Tex. — There has been rain on two days during the
week, to tho extent of seventy hundredths of an inch. The
thermometer has ranged from 44 to 84, averaging 64.
Nacogdoches, Tex.— It has rained on two days of the week,
the precipitation being one inch and nine hundredths, and
it is now raining. Averago thermometer 65, highest 84,
lowest 46.
Palestine, Tex.— W o have had rain on two days the past
woek, the rainfall being one inch and nine hundredths.
The thermometer has averaged 67, the highest being 84
and the lowest 50.
Paris, Tex. — W e havo had rain on one day during the week,
the rainfall being seventy hundredths of an inch. The ther­
mometer has ranged from 44 to 86, averaging 65.
San A n tonio. Tex.— W e have had rain on two days during
the week, the rainfall being seventy-nine hundredths. The
thermometer has ranged from 42 to 82, averaging 62.
Taylor, T ex. — It has rained on two days during the week,
the rainfall reaching ono inch and six hundredths. Minimum
thermometer 40.
Weatherford, Tex.— W e have had rain on two days dur­
ing the week, the precipitation being ono inch and thirty-four
hundredths. Tho thermometer has averaged 64 tho highest
boing 84 and the lowest 44.
N ew Orleans, L a. — W e have had rain on ono day during
the week, to tho extent of two inches and twenty-one hun­
dredths. Average thermometer 74, highest 86, lowest 62.
Shreveport, La. — It has rained on ono day of tho week, tho
rainfall reaching one inch and fourteen hundredths. Tho
thermometer has averaged 71, the highest being 86 and the
lowest 57.
Alexandria, La.— It has rained on two days of tho week,
tho precipitation being four inches and fifty-fivo hundredths.
Averago thermometer 71, highost 88, lowest 54.
Ardm ore, Okla.— W o have had rain on ono day the past
week, tho rainfall boing fifty-eight hundredths of an inch.
Tho thermometer has averaged 65, tho highest being 88 and
the lowest 41.
.
M arlow , Okla.— There has been ram on two days during
tho week, the rainfall reaching sixty-soven hundredths of an
inch. Averago thermometer 65, highest 91 and lowest 40.
Columbus, M is s . — It has rained on one day of the week,
tho rainfall reaching nineteen hundredths of an inch. The
thermometer has averaged 68, the highest being 90 and the
lowest 47.
•
.
M eridian , M is s . — There has been ram on one day during
tho weok, the precipitation reaching twelve hundredths of an
inch. Tho thormometer has averaged 70, the highest being
86 and the lowest 54.
Vicksburg, M is s . — Rain has fallen on two days during the
week, tho precipitation reaching three inches and fifty-seven
hundredths. Tho thermometer has averaged 69, ranging
from 56 to 85.




1237

Eldorado, A r k . — There has been rain on two days during
the week, to the extent of one inch and eighty-six hundredths.
The thermometer has ranged from 50 to 86, averaging 68.
Helena, A r k . — River is falling rapidly.
Rain has fallen
lightly on two days during the week, to the extent of ninetynine hundredths of an inch. Average thermometer 67.1.
Little Rock, A rk . — There has been rain on two days during
the week, the precipitation reaching seventy-eight hundredths
of an inch. The thermometer has averaged 68, the highest
being 86 and the lowest 50.
Dyersburg, Tenn.— The week’s rainfall has been fifty hun­
dredths of an inch, on one day. The thermometer has aver­
aged 67, ranging from 47 to 86.
M em phis, Tenn.— The river is 38.6 feet on the gauge, or
3.6 feet above the flood stage and falling. W e have had rain
on one day during the week, the rainfall being twelve hun­
dredths of an inch. The thermometer has ranged from 53 to
82, averaging 68.
M obile, A la . — Considerable cotton is up and some replant­
ing is being done. W e have had rain on one day the past
week, the rainfall being nine hundredths of an inch. The
thermometer has averaged 79, the highest being 87 and
the lowest 6 1 ....
M ontgom ery, A la . — Rain is very much needed. W e have
had no rain during the week. The thermometer has ranged
from 53 to 87, averaging 69.
Selma, A la . — Dry all the week and rain is badly needed.
The thermometer has ranged from 52 to 84, averaging 68.
M ad ison, Fla.— D ry all the week.
The thermometer has
averaged 68, ranging from 52 to 85.
Tallahassee, F l a — The week’s rainfall has been fifty-five
hundredths of an inch on one day. Average thermometer
70, highest 90 and lowest 51.
Augusta, Ga.— Dry all the week. Average thermometer
65, highest 88, lowest 42.
Savannah, Ga.— W e have had no rain during the week.
The thermometer has averaged 66, the highest being 82
and the lowest 49.
W ashington, Ga.— W e have had no rain during the week.
The thermometer has averaged 64, ranging from 42 to 85.
Charleston, S. C.— W e have had no rain during the week.
The thermometer has ranged from 49 to 79, averaging 64.
Greenville, S. C . — There has been no rain the past week.
Average thermometer 60, highest 83, lowest 37.
Spartanburg, S. C . — W e have had no rain during the week.
Thermometer has averaged 63, the highest being 87 and the
lowest 38.
Charlotte, N . C . — Dry all the week. The thermometer has
averaged 62, ranging from 42 to 83.
Greensboro, N . C .— It has been dry all week. The ther­
mometer lias ranged from 38 to 85, averaging 62.
Raleigh, N . C . — There has been no rain during the week.
Average thermometer 63, highest 86, lowest 40.
N A T IO N A L A S S O C IA T IO N OF C O T T O N M A N U F A C ­
T U R E R S — R E S O L U T IO N S A D O P T E D .— The resolutions
on the tariff adopted on Wednesday at Boston and to which
reference is made in our editorial columns are given in full
below:
Whereas, T he members o f the National Association o f C otton M anu fac­
turers in annual convention to-d ay view with m uch profound apprehen­
sion the rates cn cotton manufactures proposed in the new U nderwood
T a riff llill;
Resolved, T hat the regular crder o f business be suspended and the follow ­
ing protest be unanimously adopted that the American people and its repre­
sentatives in Congress shall understand and appreciate the unexpected
and unfortunate disturbance threatening one o f the greatest American
industries— unexpected, for the platform o f the D em ocratic Party intro­
ducing this measure distinctly and unequivocally pledged itsolf against
anything so drastic; and misleading, for tho bill is offered to the American
prople as a com petitive measure and not as one injurious to American in­
dustry and to American labor.
Resolved, T hat it is the sincere and firm conviction o f the members o f this
association that the proposed new rates are not only inadequate in m any
cases as a basis upon which to revise the cotton schedule, but that the clas­
sifications are illogical and impractical and surely represent, to say the
least, a grave oversight, or lack o f appreciation o f the manufacturing ex­
pense differentiating one class o f product from another. It is inconceivable
that yarns advanced in manufacture b y m any difficult and expensive pro­
cesses shouls not be entitled to higher rates than single yarns In the gray,
and it is even m ore incomprehensible that tho mast elaborate and com ­
plicated weaves, dyed, bleached or finished, should have only 2 H % higher
rates than for plain gray cloths o f corresponding numbers o f yarns.
Resolved further. That the drastic reductions in cotton m anufactures and
the raising o f tho rates upon materials entering into their manufacture,
such as indigo and other dye stuffs, is contradictory and imposes an un­
necessary expense upon both manufacturer and consumer.
Resolved further. T hat the administrative feature o f the bill, which p ro­
vides that if any part o f the schedule does not result in im portations to
the extent o f 5 % , m ay bring about a further reduction c f rate, should
carry with it a corresponding provision requiring the raising o f rates on
such portions where importations exceed that amount.
Resolved further. T hat this association records itself as unalterably op ­
posed to ad valorem rates as against specific duties, which protect when
protection is m ost needed, which aro definite and easy o f administration,
which offer the only sure m ethod yet devised b y any country to prevent
undervaluations and fraudulent importations, and which havo not only
stood the test o f fifty years in our customs service, but are based upon the
actual description o f goods as bought and sold in the markets o f the world
every day o f tho year.
Resolved, That the spokesmen for the cotton industry, in which is directly
concerned tho welfare and livelihood o f over two million people, not local,
but distributed over a large area o f the United States, the members o f tho
National Association o f C otton M anufacturers d o hereby voice their m ost
emphatic protest against the threatened crippling o f this industry in the
name o f revenue and price regulation when neither can possibly be regarded
as the essential features o f tho bill in its present form , and when there is no
need whatsoever for m onopolistic curbing, nothing even rem otely approach­
ing m onopoly existing in this industry; and at a time when it has been suf­
fering for the past three or four years a period o f unexampled depression
on account o f over-production, with attendant dom estic com petition in its
bitterest and m ost relentless form .
W e urge upon Congress such m odification o f the bill as will bring it at
least within the expressed and declared platform upon which tho political
party in power was elected and charged with the responsibility o f this tariff
revision.
Be it further resolved. That a co p y o f the resolutions be sent to the Presi­
dent, the Chairman o f the C om m ittee on W ays and Means o f the House
o f Representatives, the Chairman o f tho Com m ittee on Finance o f tho
Senate and to all individual Senators and Representatives in Congress.

1238

THE CHRONICLE

W O R L D ’S S U P P L Y A N D T A K I N G S OF C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
since Sept. 1 for tho last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for tho like period:
C o t t o n T a k in g s .
W eek a n d S e a s o n .

1912-13.
Week.

1911-12.

Season.

Week.

Season.

V isible supply A pr. 18_________ 4,910,197
5,287,255
V isible supply Sept. 1__________
2,135,485
1,603,418
A m erican in sight to A p r. 25___
133.611 12,330,768 157,199 14,342,880
B om b a y receipts to A pr. 2 4____
89.000 2,033,000
55.000 1,871,000
O ther India ship'ts to A p r. 2 4 . .
7.000
134.000
242.000
2 2 .0 0 0
Alexandria receipts to A pr. 2 3 . .
1 .0 0 0
955.000
986.000
3.000
O ther supply to A p r. 23*______
1 0 .0 0 0
192.000
255.000
3.000
T ota l supply_________________ 5,150,808 17,982,253 5,527,454 19,098,298
Deduct—
Visible supply A p r. 25_________ 4,817,408 4,817,408 5,152,971 5,152,971
T o ta l takings to A pr. 25 a _____
333.400 13.164.845 374.483 13.945.327
O f which A m erican__________
259.400 10.362.845 282.483 11.240.327
O f which other_______________
74,000 2,802,000
92.000 2.705,000
* Em braces receipts in E uropo from B razil, Sm yrna, W est Indies, & c.
a This total em braces the total estim ated consum ption b y Southern mills,
1,910,000 bales in 1912-13 and 1,732,000 bales in 1911-12— takings not boIng available— and the aggregate amounts taken b y N orthern and foreign
spinners, 11.254,845 bales in 1912-13 and 12,213,327 bales in 1911-12, o f
which 8,452,845 bales and 9,508,327 bales A m erican.

I N D I A C O T T O N M O V E M E N T F R O M A L L P O R T S.
1911-12.

1912-13.

April 24.
Receipts at—

Week.

Bombay.............. .................

Since
Sept. 1.

Week.

For the Week.

Bombay—

Japan
A China.

1.00C
8.00C
2,000

3,000
2,000
3,000

12.00C
14,000
29,000

11,000
8,500
18,000

26,000
24,500
50,000

___
___

4,000
2,000
8,000

18,000
3,000
18,000

______
800
5

22,000
5,800
26,005

1,000 6,000
4,000 14,000
4,000

11,000
5,000
27,000

122,000
78,000
188,000

61,000
20,700
5,000

194,000
103,700
220,000

8,000 6,000 17,000
2,000 18,000 10,000 30,000
3,000 28,000 22,000 53,000

36,000
17.000
74.000

390,000
289,000
872,000

1912-13..
1911-12..
1910-11..

__
__

1,00C
2,00C
2.00C

___
___

___

Madras—

1,000

___

—

4,000
10,000
4,000

6,000
« ...

___
___
___

3,000

642,000 898,000
641,000 843,000
422,000 1,095,000

714,000 1,140,000
671,000 977,000
445,005 1,391,005

Alexandria, Egypt,
A p ril 23.

1912-13.

1911-12.

1910-11.

Receipts (cantars)—
This week_______________
Since Sept. 1 . . ----------

8,500
7,395,883

27,000
7,164,871

7,463,768

Exports— (.bales).

Since
This
Week. Sept. 1

This
Since
Week. Sept. 1.

This
Since
Week. Sept. 1.

1,750 181,831
186,665
6,566 331,429
1,250 112,675

1.750 175,623
6,250 195,211
7.000 307,016
3.750 89,449

193,847
4,000 196,018
2.250 336,722
3.250 103,880

2 2 ,0 0 0

2 ,0 0 0

T otal exports_________ 9,500 812,600 18,750 767,299 11,500 830,467
N ote.— A cantar is 99 lbs. E gyptian bales weigh abou t 760 lbs.

M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester states that the market is
quiet for both yarns and shirtings. Spinners are considered
to bo well under contract. W e give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1913.
lb s. S h ir t in y s , co m m o n
to f i n e s t .

Cop
T w ist .

d. s. d.

84*

lb s. S h i r t in g s, co m m o n
to f i n e s t .

32s

Cop
T w ist .

C o t ’n
M id .
U p l ’S

d.

d.

6
6
6
6

344@11 0
3 @ 116
3 @116
3 @11 6

6.81
6.85
6.91
6.94

9 1-16
9 3-16
9 3-16
9 5-16

@ 104* 5 9 @11 24* 6.03
@10 3-16 5 104* @11 244 6.18
@10 3-16 5 1044 @11 244 6.11
@ 104* 6 0 @11 3
6.17

10 3-16® 11 3-16
10 3-16 © 1 3-16
10 1-16© 11 1-16
10
@
11

6
6
6
6

3 @11
3 @11
24S @ 11
2 @11

6.96
6.95
6.91
6.77

9 5-16
944
94*
9J*

©

944
944
10
10 %

@
@
@
@

s. d.

C o t 'n
M U l.
U p l 's

1044
10 44
11
11 44

d.
M eh

7
14
21
28
Apr.
4
11
18
25

1912.

8H

32s

6
6
5
4>*

d. 8. d.

@
@
@

104*
104*
104*
104*

6
6
6
6

s. d.

0 @11
1 @11
144 @11
144 @11

d.

3
6.17
444 6.14
6.62
5
6.56
5

S H IP P IN G N E W S .— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 50,984 bales.
The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
N E W Y O R K T o Liverpool— A pr. 23— A driatic, 4,958 upland,
82 P e r u . . . ................ .............................................................. ______
T o London— A pr. 18 M inneapolis, 200______________________
T o Bremen—'Apr. l8 Georgo W ashington, 224_____________
T o R otterdam —'Apr. 19— Czar, 350___________
_ _ _
T o Antwerp A pr. 19 M ichigan, 296..................................... ___
T o Genoa- A pr. 18 M oltk o, 1,950: Perugia, 9 7 9 . .-A p r. 24
Indiana, 941_________
T o Naples— A pr. 18— M oltke, 100........... A p r. 22- "Napoii,” 100
A pr. 24 Indiana, 300..... .......................
T o Leghorn— A pr. 18— Perugia, 300.................... ........ I I I .............
T o Japan— A p r. 21— B loem fontein, 300______________ H I




4 894

2 000
’ inn
33
1 223
l ’879
*400
2,169
5,044

6

667
600
122
333

L IV E R P O O L .— B y cable from Liverpool we have the
following statement of the week’s sales, stocks, &c . 1 at that
port:
_ .
. _
A p ril 4.
Sales o f tho w eek........................
48,000
O f which speculators t o o k ..
3,000
O f which exporters to o k
____
Sales, Am erican....... .................
37,000
6,000
Actual e x p o r t . . . .................
fo rw a rd e d .......................
97,000
T otal stock— Estim ated............1,281,000
O f which Am erican------------- 1,099.000
T otal imports o f the week___
53,000
O f which Am erican________
39,000
A m ount a f l o a t . . . ...................... 117,000
O f which Am erican............
84,000

A p ril 11.
47,000

A p ril 18.
47,000

3 ,0 0 0

2 ,0 0 0
1000

•

_.
37,000
4,000
74,000
1,246,000
1,058,000
42,000
29,000
120,000
88,000

A p ril 25.
43.000
2,000

39,000
5,000
76,000
1,220,000
1,031,000
51,000
32,000
155,000
124,000

35', 0 6 6
11.000
67.000
1,186,000
993.000
43.000
22.000
158.000
125.000

The tone of the Liverpool market for spots and futures
each day of the past week and tho daily closing prices of
spot cotton have been as follows:

Market,
12:15
P. M.

Saturday.

Monday.

Tuesday.

Quiet.

Fair
business
doing.

Fair
business
doing.

f
(

bales.
5,040
200
224
350
296
3,870
500
300
300

Wednesday. Thursday.
Fair
business
doing.

Friday.

Easier.

Quiet.

Mid .Upl’ds

6.84

6.79

6.83

6.70

6.74

6.77

Sales ___
Spec.& Exp

6,000
600

8,000
800

8,000
500

8,000
500

10,000
500

6,000
500

Futures.
Quiet
Market 1 5@6 pts.
opened / decline.

Quiet
2@ 3 pts.
decline.

Quiet
Quiet
1@144 Pts. 1@3 pts.
advance.
decline.

Market,
4
P. M .

Steady
1@3 pts.
decline.

Easy
3@4 pts.
decline.

f
[

Steady
5@7 pts.
decline.

Quiet
1@2 pts.
decline.

Quiet at
144@2
pts. adv.

Steady Steady un- Steady at
15*«@3 pts. ch. to 144 It" 2 pts.
decline.
pts. adv.
decline.

The prices of futures at Liverpool for each day aro givon
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100tlis.

A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S .

T o M anchester__________
T o Continent and In d ia .

7,362
793
3 000
3.280

T o ta l................................................................................................... 50,984

Spot.
Total.

238,000
194,00C
637,000

Calcutta—

Total all—
1912-13..
1911-12..
1910-11..

Conti­
nent.

18,000
8,000
36,000

2.00C
2,00C
3.00C

G A L V E S T O N — T o L iverpool— A pr. 19— B enedict, 7,362 .
.
T o R otterdam — A pr. 24— C ayo M anzanillo, 7 9 3 ..
T o Barcelona— A pr. 18— C ondo W ilfredo, 3,000_____
T E X A S C I T Y — T o L iverpool— A pr. 19— M agician, 3,280
N E W O R L E A N S T o Liverpool— A p r. 18- N estorian, i.8 9 4
A pr. 24 Californian, 3,000_____________________________
T o M anchester— 'A pr. 25— Aim erian, 2,000______________ I
T o L ondon— A pr. 21— Cestrian, 100___________________ I
T o R otterdam — A pr. 22— Fridland, 33
___________H i l l ’
T o Antwerp— A pr. 21— Belie o f Ireland, 1,223____________
T o Venice—'A pr. 23— E rodiade, 1,879__________________ H I . I I
.1
T o Triesto—'Apr. 23— Erodiade, 400_____ _________ I I _ H
T o M oxico— A p r. 19— C ity o f M exico, 2,169
.
S A V A N N A H — T o Brem en— A pr. 21— Gulistran, 5,044....................
B O S T O N — T o L iverpool— A pr. 16— M ichigan, 166— A p r. 18—
Canadian, 1— A pr. 21— C ym ric, 500.
B A L T IM O R E — T o H avre— A pr. 18— Philadelphian, 600................
SAN F R A N C IS C O — T o Japan— A pr. 19— C hiyo M aru, 6,122
”
P O R T T O W N S E N D — 'To Japan— A pr. 16— Ixion, 8 8 -^ A p r, 22—
T am ba M aru, 250______________________

Since September 1.
Great
Britain.

5,000 10,000
3,00C
___
8,000
o.ooc
22.00C 22,000 47.00C

1912-13..
1911-12..
1910-11..

1912-13..
1911-12..
1910-11-.
All others—
1912-13..
1911-12..
1910-11..

Since
Sept. 1.

Week.

89,000 2,033,000 55,000 1,871,000 78,000 1,892,000

Great Conti­ Japan
Britain. nent. AChina Total.

from—

1910-11.

Since
Sept. 1.

[ V o l . XCVI

A p l. 19
to
A p l. 25.

A p r il____
A p r .-M ay
M ay-June
Juno-July
July-A ug.
A u g.-S cp.
Sept.-O ct.
O ct.-N ov .
N ov.-D ee
D ec.-Jan .
Jan .-F e b .
Feb .-M a r
M ar .-Apr.

S a t.
12>*
p.m .
d.

—
—
—
—
—
—
___
___
___
___
___

M on .

1244
p.m .
6
6
fj
6
«
6
6
6
6
6
6
6
6

T ues.

Thus:

6

| W ed.

58 means

6

58-100d.

T h u rs.

F ri.

124* 4 124* 4 Il24*
4 124* 4 124* 4
p.m . p.m . p.m . p.m . p.m . p.m . p.m . p.m . p.m . p.m .

d.
5844
55
5444
5244
38
25
1644
1344
1244
1144
1244
13

d.
53
4944
49
4744
4344
33 44
20 44
12 4*
09 44
08 44
07 44
08 44
09

d.
5544
52
5144
5044
4644
3644
23 44
1644
12
11
10
11
1144

d.
57
53
5244
5144
47 44
3744
2444
16 44
13
12
11
12
1244

d. I d.
5244 50
49 |4544
4844 45
47 i4 3 44
43 140
3244 30
20 |1844
12 111
0844 08
9744 07
0644 06
07 44 07
08
0744

d.
d.
d.
5 0 1* 4844 5044
46
44
46
4544 4344 4544
44
42
44
•1044 38 44 40 44
28 V, 30 44
30
1744 16 44 1844
10
10
11 44
07
07
08 44
06
06
07 44
0 6 44
05
05
06
06
0744
0644 0644 08

11 . . d
50
49
4644 i4 4 4 4
44
46
4444 4244
41
39
31
29 44
19
1644
12
09 44
09
0644
08
0544
07
0444
08
0544
0844 06

BREADSTUFFS.
Friday Night, A p ril 25 1913.
Flour, although it has been in only moderate demand, and,
in fact, at times has beon quite dull, has, nevertheless, been
firm, partly in sympathy with tho strength of tho wheat
market. In some cases mills havo beon asking higher prices.
On the whole, however, buyers adhere to tho old policy of
buying from hand to mouth, and until this policy is aban­
doned and they adopt a more aggressivo courso, tho flour
trade will drag along in tho saino unintersting cliannols.
Tho production at Minneapolis, Duluth and Milwaukee last
week amounted to 358,585 barrols, against 314,100 in tho
previous week and 327,610 barrols in tho same week last year.
W heat has advanced in response to strong foreign mar­
kets. In other words, Europo has sot tho paco. Tho United
Kingdom is urgently in need of wheat to replenish its roservos. Also, there is an insistent Continental demand.
The requirements of the Continent aro said by European
wheat authorities to be abnormally largo. English stocks
of spot and near-by wheat are very light. This fact accounts
for the unabated demand from England. Just at present,
too, England is receiving a comparatively small percentage
of the weekly world’s shipments. Last week the United
Kingdom got only 3,448,000 bushels, against 4,440,000
in the previous week and 5,840,000 in the same week ’last
year. Tho world’s shipments, moreover, fell off quite no­
ticeably. They reached a total of 14,554,000 bushels,
against 15,104,000 in tho previous week and 13,824,000
in the samo week last year.
The weather has
been unsettled in the United Kingdom and therefore unfav-

THE CHRONICLE

A pe . 26 I9i3.|

orable for seeding
In France the weather has been very
unfavorable and shorts have been covering in Pans. It may
bo reiterated that the crux of the situation seems to lie in the
European outlook and hinges on the smallness of the supplies
of desirable wheat and the unfavorable weather. As already
intimated, the wet weather has retarded seeding in the United
Kingdom. The offerings of native wheat in France are small
and foreign wheat has to be used freely. In Germany the
offerings of native wheat have been rather small. In Rus­
sia there has been some damage to winter crop. In lioumama
the shortage in the wheat acreage will amount to 1,185,000
acres. In Italy offerings of native wheat are small. On
the other hand, crop reports from our winter-wheat section
are favorable.
Copious
rains have
dispelled fears
of drought.
Early in the week
there
was
talk
to the effect that Western Kansas
badly
needed
rain. On Wednesday, however, came reports of general
rains over the great winter-wheat States of the Southwest.
Kansas, Nebraska, Oklahoma and Texas got a good soaking.
On the whole, however, bullish influences have been para­
mount. It should not be forgotten that these include a
steady demand for export. On Tuesday, the 22nd inst., the
export sales reported amounted to 70 loads here and at the
Northwest or in other words 560,000 bushels. On tho follow­
ing day close to 50 loads or 400,000 bushels were reported.
M uch of the business on tho two days mentioned was via
tho Lako from Duluth. Somo of it was N o . 1 Northern
to arrive and some was Manitoba. They also includo sales
of hard winter via the Gulf ports. On Thursday the sales
amounted to some 640,000 bushels, mostly via the Lako from
Duluth. That is to say, there has been a largo export busi­
ness during the week. This might have been foreseen from
the smallness of the supplies in Europe. Tho shipments
from tho Danubian States are much smaller than thoso of
a year ago. During the past week the world s supply of
wheat decreased 1,191,000 bushels as against an increase
during the same time last year of 1,580,000 bushels. Tho
world’s stock of American and European wheat now amounts
to 199,270,000 bushels. This is nearly 3,000,000 bushels
smaller than a year ago. To-day prices advanced. Re­
newed activity in export business was noticed. European
markets were generally stronger.
D A IL Y C L O S IN G P R IC E S OF W H E A T FU T U R E S IN N EW Y O R K .
Sat. M on . Tues. Wed.. 1 hurs. F ri.
114
115
_______ cts.1 16
116
116
116
N o 2 red
101R 101R
mV « X w
in elevator.................. 0 | « 100
100H 101
100
100R
98 % 99
D A IL Y C LO S IN G PBICF.S OF
^H JC A Q O .

88

M a y delivery in elevator..........c t s . 9 2 R
July delivery In elevator----------------- 91%
September delivory in elevator------ 90%

?S“ .

92%
91%
90%

91% 92%
91% 92%
90 A 9 1 A

-

9 2%
91H
91 A

92%
92%
91 A

Indian corn has made no great response to the rise in wheat.
Even last Wednesday, when wheat advanced sharply, corn
was sluggish. M a y delivery was offered freely, heavy liqui­
dation carrying it down to 55 cents. Large interests were
steady sellers of July. Planting has begun in tho Soutnwost. Thero has been less demand, on the whole, for cash
corn, although earlier in the week quite a good cash business
was done. A t that time the light movement, tho excellent
cash domand and reports at Chicago that country shippers
were buying back corn sold for M a y and June shipment had
tho effect of causing a moderate rally. But at best the move­
ment of the market has been listless. On Thursday, how­
ever, thero was a sudden rally, partly owing to a better
shipping demand from the East. It is pointed out, too, that
big interests in Chicago have been selling for three weeks past
and have mado no great impression on tho price. On the
other hand, thero has been of late an increased demand for
grain cars at Missouri River points, and although, latterly,
tho crop movement has been light, it is expected to increase
next week. The available supply of corn decreased last
week 5,340,000 bushels, against a decrease in the same week
last year of 1,891,000 bushels. To-day prices advanced
early but reacted later, owing to predictions of increased
receipts and reports that planting has begun in Kansas.
D A IL Y C L O S IN G P R IC E S OF N (X 2 ; M C C E D O O R N I N N E W Y O R K .
Cash corn
__________ cts - n om - nom . nom . nom . nom . nom .
D
A Iir,Y
LO
DA
LY O
OL
O SSIN
liN vG
x P R IC E S OF SC
a [O R N
M oFnU T TUuR
eE
s S WIN
e d C THh IuCr sA G FOr .i
M a y delivery in elevator............c t s . 5 6 R
July delivory in e l o v a t o r ............56%
September delivery in elevator------ 57%

66

56 R
57

5 5%
56A
57

55%
06

57

55 R
55 0
56 A

55 R
55A
o6 %

1239

D A I L Y C L O S IN G P R IC E S OF OA TS F U T U R E S
Sst. M on . Tues.
M a y delivery in elevator______ c t s . 3 5 R
35
34R
July delivery in elevator....... .......... 3 4 R
3 4%
34R
September delivery in elovator____ 34 %
34 %
3 4%

IN C H I C A G O .
Wed. Thurs. F ri.
34R 35R 34R
34R 34R
34R
34 % 34%
34 R

The following are closing quotations:
FLOUR.
W inter, low grades____$3 3 5 @ $3 75] Spring cle a rs ................... $3 80
W inter paten ts................ 5 250 5 75 I Kansas straights, sacks. 4 200
W inter straights............. 4 500 4 60 Kansas clears, sacks— 3 750
W inter clears---------------- 4 250 4 3 0 1 C ity patents___________ 5 950
Spring patents................ 4 650 4 90 R ye Hour................. ........ 3 650. _ .
Spring patents_________ 4 500 4 6 0 1Graham flour____________ 4 0 0 @ 4 75
G R A IN .
W heat, per bushel— f. o . b .
C orn, per bushel—
N o . 2 ____________elevator Nominal
N . Spring, N o . 1--------------- $1 03 R
N . Spring, N o . 2 ................ .. 1 01 R
Steam er............. .elevator N ominal
R ed winter, N o . 2 ------------1 15
N o . 3 ..................
c .i.f. Nominal
Hard winter, N o. 2 ----------1 05
R ye , per bushel—
Oats, per bushel, new—
N o . 2 ____________ _______ 6 9 R
Standards........................ -_ 4 0 R @ 4 1
State and P enn sylvania..N om in al
N o . 2, w hite____________
nom . Barley— M a ltin g................... 5 8@ 6 5
N o. 3 . . . ..........................- - 4 0 @ 4 0 R

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the N ew 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—

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

6614.19616*. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.'bush ASlbs. 6u.56 164.
344.000
44 ,000
586.000
148,000
1,7951.000
601,000
Chicago-----93.000
63, 000
60,000
280,000
61,000
268 ,000
Milwaukee 1,000
124.000
201.000
65,000
Duluth------28,000
1,248,000
55,000
257 .000
313,000
Minneapolis.
54 ,000
37.000
31.000
Toledo-------29.000
591,000
7.000
D etroit___
129.000
103 ,000
14.000
1.000
Cleveland . .
438.000
000
2751,000
240.000
55.000
St. Louis__
169.000
1501,000
000
40.000
60,000
66.000
Peoria_____
215.000
171 ,000
290.000
Kansas City.
175.000
182i,000
264.000
Omaha. ..
Tot. wk. ’ 13.
Same wk. ’ 12
Same wk. ’ l l

328,000
280,155
279,194

2,694,000
1,576,669
2,041,688

3,334, 000 1,319,000
2,338 ,278j 513,325
2,296 ,464
592,676

1,867,000
1,620,070
2,327,771

188 ,000
65 ,046
41 ,198

Since Aug. 1
1912-13... 13,491,520 215,043,966 178,616,228:189,018,688 86,176,330 14831642
1911-12... 9,363,484 114,125,631 152,012,996 116,553,191 58,279,887,7,337,476
1910-11__ 11,991,945 180,314,816 222,073,895 145,586,836 57,009,630 4,661,431

19 1913 f o l l o w :
Receipts at—
New York............
Boston...................
Portland, Me........
Philadelphia..........
Baltimore________
Now Orleans *___
Newport News__
Norfolk..................
Galveston_______
Mobile...................
Montreal...............
Halifax...................

Flour,
bbls.
174,000
33,000
13,000
46,000
29,000
53,000
5,000
6,000
______
10,000
6,000
4,000

Total week 1913.. 464,000
Since Jan 1 1913 6,718,000
Week 1912
353,654
Since Jan. 1 1912.-5,380,743

Wheat,
bush.
290.000
115.000
313.000
19,000
144.000
194.000
55,000
35",666

Corn,
bush.
34.000
32.000

Oats,
bush.
329,000
67,000

40.000
173,000
90.000
181,000

72.000
71.000
23.000

10,000
8,000

12,000

Barley,
bush.
126,000
17,000
7,000

Rye,
bush.
14,000
13.000
22.000

14,000

1,499,000 568,000
630,000 178,000 49,000
39,958,00037,688,000 15,402,000 9370,000 1039,000
1,780,870 151,858
771,213
48,622
12,046
21,385,69520,996,465 11,820,982 2737,457 226,443

* Receipts do not Include grain passing through New Orleans for foreign porta
on through bills of lading.

The exports from the several seaboard ports for the week
ending April 19 are shown in the annexed statement:
Oaf4,
bush.
116,691

..........

Flour,
bbls.
68,913
13,000
22,045
54,000
10,817
11,000
5,000
2,000
10,000
85,000
4,000

Total week___1,723,253 1,205,044
Week 1912..........1,532,155 484,454

291,775
160,556
.

195,741
78,043

Exports from—
New York..........
Portland, M e___
Boston..... ...........
Philadelphia___
Baltimore.......... New Orleans___
Newport N ews..
Galveston.......... ..
Mobile.................
St. John.N. B . . .
Halifax.................

Wheat,
bush.
253,909
313,000
450,344
40,000
143,000
109,000
____
80,000
334",666
..........

Corn,
bush.
86,402
165,651
44,000
706,991
13,000
181,000
8,000

800
......
21,250
1,000
—
______
_____
56,000
...........

Rye, Barley,
bush.
bush.
90,820 254,358
. . 17.000
.........
........
_____
____
_____
4,285
_____
.....
—
—
------.....
_____
.....
. . . . . 14,000
—
—
95,105 285,358

Peas,
bush.
4,544
____
____
___ _
—
—
----- —
—
.........
4,544
1,421

The destination of these exports for the week and since
July 1 1912 is as below:
-FlourWeek
Exports for week and Apr. 19.
since July 1 to—
bbls.
United Kingdom...131,955
Continent_________ 59,911
Sou. & Cent. Amer. 23,675
West Indies_______ 26,889
Brit. Nor. Am. Cols. 1,275
Other Countries___ 48,070

Since
Slnce
Week
July 1
July 1
1912.
1912. Apr. 19.
bush.
bush.
bbls.
4,323,623 883,971 65,185,516
762,215 63,471,603
1,849,871
34,227
975,167
1,033,284
2,840
112,181
1,633.507
75,020
Vo",666 2,130",751
350,600

Since
July 1
Week
1912.
Apr. 19.
bush.
bush.
488,544 13 ,465,911
693,411 21 ,328,295
599,882
1,000
21,017 1 ,688,935
48,165
360
139,519
712

Oats havo shown a slight advance. This is only another
way of saying that no very pronounced features have devel­
Total....................291,775 9,265,905 1,723,253 131875,218 1,205,044 37,270,707
oped. M ost of the Iowa acreage has been sown. The Total 1911-12..........160,556 7,625,807 1,532,155 72,226,212 484,454 31,913.995
weather is vory good for farm work. Large interests in
The world’s shipments of wheat and corn for the week
Chicago havo been liberal sellers at times of September. ending April 19 1913 and since July 11912 and 1911 are shown
Cash pricos havo shown more or less depression from time to in the following:
time, owing to the sluggishness of tho trade. A t Chicago
tho Eastern domand is noticeably small. Still, the tact re­
Corn.
Wheat.
mains that prices havo maintained a certain steadiness, dis­
1911-12.
1912-13.
1911-12.
1912-13.
Exports.
regarding, on the whole, any weakness in corn.
I he avail­
Since
Since
Week.
Since
Since
able stock of American oats decreased last week 1,613,000
Week.
July 1.
July 1. April 19. July 1.
April 19. July 1.
bushels, against a decrease in the same week last year of
Bushels.
Bushels.
Bushels.
Bushels.
836,000 bushels. N o . 2 white oats are 23 cents a bushel
Bushels.
Bushels.
140,180,000 1,080,000 35.223.000 28,881,000
cheaper than they were at this time in 1912. The available North Amer. 3.568.000 202.638.000
Russia......... 2.640.000 86.901.000 67.086.000 213.000 8,251,000 34.903.000
-------- -----—at
v
L1QV 25,737,000
v bushels
stock "is 23,492,000 bushels, against
Danubo____ 920.000 47.919.000 67.297.000 400.000 11.834.000 69.556.000
589,000
uliAa time
„ „ „ „ last ,year.
____ To-day
______ __prices
____ j ad
advanced early, and later Argentina . . 5.864.000 105.038.000 56.282.000 1,488,000 174,390,000
this
Australia__ 1.248.000 35.764.000 47.204.000
recoded on favorable crop reports.
36.178.000
45.548.000
264.000
India...........

D A IL Y C L O S IN G P R IC E S OF O ATS IN N EW Y O R K .
Sat. M on . Tues. Wed. Thurs. h n .n
Standards...............- ..................... c t s . 40
41
41
41
41 4 0 R -4 1
N o . 2 white______ ______- - - - - ____ nom . n om . nom . nom . nom . nom .




Oth. countr’s

40,000

6,532,000

8,917,000

Total____ 14544000 530,340,000 423,144,000 3,181,000 229,698,000 133,929,000

1240

THE CHRONICLE

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:

April 19 1913..
April 12 1913..
April 20 1912..
April 22 1911..

Continent.

Corn.
Total.

Bushels.
Bushels.
Bushels.
26,200,000 39.848.000 66.048.000
27.576.000 36.464.000 64.040.000
32.832.000 23.016.000 55.848.000
24.024.000 32.632.000 56.656.000

United
Kingdom. Continent.
Bushels.
3.196.000
3.375.000
3.171.000
2.032.000

Bushels.
7.761.000
6.996.000
6.630.000
4.437.000

Total.
Bushels.
10.957.000
10.371.000
9.801.000
6.469.000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports April 19 1913 was as follows:
UNITED
Amer.
Wheat.
In Thousands—
bush.
New York____
.
649
Boston_________
.
94
Philadelphia................ .
32
Baltimore.................... .
516
New Orleans.............. .
409
Galveston.................... .
340
B uffalo.......... ............ .
336
Toledo______________ .
571
D etroit-....................... .
253
Chicago........ ............... . 4,633
Milwaukee__________ .
193
Duluth......... ............... .14,509
"
afloat......... . 2,112
Minneapolis................. .21,470
St. Louis.... ................. . 1,776
Kansas City................ . 2,650
Peoria......... ............... . .
3
Indianapolis................ .
238
Omaha......... ............... .
597
On Lakes.................... . 1,614
Total
Total
Total
Total

STATES GRAIN STOCKS.
Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheal. Corn. Oats. Oats.
Hue. Barleu. Barley.
bush. bush. bush. bush. bush. bush.
40
151
842
12
59
145
48
77
150
29
3
6
32
62
195
727
138
61
1
126
82
60
1,012
605
38
83
266
210
6
50
37
7
5,352 4,136
33
109
394
565
43
11
3,732
46
456
815
97
922
922
361
72
236
49 1,152
265
661
156
302
5
8
_.
453
85
45
255
19
508
47
903 1,242
63
18
1,539
—
—
—
431
—

April 19
April 12
April 20
April 22

1913. .52,995 3,881 12,353 10,435
874
1913. .55,457 3,698 17,419 11,549
847
1912. .46,160 8,293 10,586 11,993' 3,830
—
1911. .29,318
8,295 11,022
___
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian
loaded
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush. bush. bush.
In Thousands—
112
Montreal____________ 17 1,540
Ft. WUltam&Pt. Arthur .14,310
5,968
“
afloat.......... . 8,255
670
Other Canadian.......... . 3,758
—
—
2,100 —
Total April 19
Total April 12
Total April 20
Total April 22

1913. .26,435
1913. .25,761
1912. .31,093
1911. .12,720

17 10,278
19 10,476
9 8,0.87
___
___
8 7,353
SUMMARY.
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
In Thousands—
bush. bush. bush. bush. bush.
American___________ .52,995 3,881 12,353 10,435
874
Canadian..................... 26,435
—
17 10,278
—
Total
Total
Total
Total

April 19
April 12
April 20
April 22

1913.
1913.
1912.
1911.

79,430 3,881 12,370 20,713
81,218 3,698 17,438 22,025
77,253 '8,293 10,595 20,080
42,038
—
8,303 18,375

874
847
3,830

—

724
832
680
80

2,631
2,613
1,517
1,761

970
380
440

Canadian
Rue. Barleu. Barleu.
bush.
57
—

___

—

—

57
101
86
75

Bonded
Rue. Barleu. Barleu.
bush. bush.
724 2,631
970
—
57
724
832
680
80

2,688
2,714
1,603
1,836

970
380
440

T H E D R Y GOODS T R A D E .
#
N ew York, Friday Night, A p ril 25 1913.
Anxiety over the changes in the tariff is causing a steady
falling off in the dry goods business, and little activity in
the direction of new business is oxpected until after the
passage of the bill. Demand in all departments is slow,
especially for delivery beyond the mid-summer months,
while manufacturers and selling agents are also restricting
operations, being unwilling to accept business beyond that
period. A fair volume of business is moving against old
orders upon which deliveries are overdue, but new business
is restricted entirely to immediate and near-by requirements.
Jobbers report mail orders light, while local store trado is
not heavy. The opinion is expressed in some quarters that
tho present restriction of business on all hands is unwar­
ranted by conditions and that when buyers shall require
goods on short notice later, they will have difficulty in getting
them. Cotton goods prices aro easier, concessions being
made on most all business recently placed. Tho lower
prices, however, are not causing buyers to show increased
interest in the market beyond small purchases for prompt
delivery. Tho decline in tho cotton markot has had little
effect except to encourage buyers in their conservatism in
expectation of still lower prices for finished goods. There
is absolutely no demand for cotton goods for export, with but
very few inquiries received. Buyers for export aro closely
watching prices and the easier tendency is encouraging them
to hold off longer in expectation of further reductions.
China has considerable goods on order for delivery over tho
next three months and, taking into account the unsettled
political situation in that country, it is doubtful how soon
demand from that quarter will bo revived. India also shows
little interest in tho market, prices on drills being too liigh
to attract buyers. In dress goods tariff fears aro restricting
business, manufacturers of all grades of goods feeling that
they are in for a period of severe competition with foreign
manufacturers, following the now tariff. A good demand is
reported for high-grade foreign novelty goods, and there is
a moderate re-order business on domestic spring and summer
lines. M en ’s wear demand is slow, with some duplicate
orders on piece goods. Fancy woolens aro in best demand
with little being done in worsteds. Fall business is slow,
with buyers refusing to place business except when prices
are guaranteed by selling agents.
D O M E S T IC C O T T O N G O O D S .— The exports of cotton
goods from this port for tho week ending April 19 were
2,195 packages, valued at $160,060, their destination being
to the points specified in tho table below:




-------- 1913— -----New York to A p ril 19—

Week.

Great Britain.............................................

Wheat.
United.
Kingdom.

[ V o l . XCV 1.

16

Other E urope.............. _ ..........................................
C h in a...................... ...................................................
........................................- ................. ..
--A ra bia .................................. ....................... __ . . .
I I I Z I I I 441
A frica ________________________
W est Indies______________________
472
M e x ico ______________________________ 4 0
Central A m erica__________ 11111111
18,5
South A m erica________________ 756
Oher countries_________________V .V .V .” 285

ZZZZ

T o t a l- .............. - ...............- ....................... 2.195

Jan. 1.

W eek.
53
38
2,770
20
5,071
106
911
153
169
1,016
2,145

420

276
19,137
6,480
10,902
10,129
13,276
1,027
5,420
I S ,125
20,753
105,951

12.452

1912Since
Jan. 1.
1 ,052
480
33,690
7,099
22,349
5,015
17,535
1,071
5,476
23,449
22,028
139,244

The value of these New York exports since Jan. 1 has been
$8,018,481 in 1913, against $9,518,960 in 1912.
While business in primary markets for domestic cotton
goods is gradually becoming smaller and the general under­
tone is more or less easy, improved weather conditions aro
stimulating the retail trade and reports of late have been
more encouraging in wash and white goods departments.
Demand for printed wash fabrics is steadily increasing, while
there is also an improved demand for crepes and voiles for
near-by delivery. Purchases in tho primary markets are
confined to near-by deliveries, as jobbers generally are not
disposed to operate very far ahead in viow of tho proposed
tariff legislation outlined in the present Underwood bill.
According to reports, a number have asked to liavo goods
ordered for delivery beyond mid-summer canceled, but sellmg agents are reluctant about accepting these. Drills are
easier and brown sheetings aro said to bo available at con­
cessions for future delivery. Demand for ginghams has
quieted down and the latter are not easy to sell except in
tho moro select patterns. Tickings, denims and colored
duck, despite the easiness displayed in other goods, aro hold­
ing steady and are well sold. It is reported that many sellling agonts representing prominent cotton mills, notwithstand­
ing the easy tone of the market, aro not offering concessions
9 1 1 goods for fall delivery in order to stimulate business, as
jobbers as a rule are not ready to operate on any extensivo
scale, preferring to wait until the tariff question is settled.
V,lor.oare others. however, who are in need of business and are
ottering concessions in order to move stocks
Print cloths
early in the week were quiet and easy but developed steadi­
ness during the latter part, as owing to tho decline in prices,
mills were offering less freely. Gray goods, 38M -inch
standard, aro quoted %o. lower at 5 c.
W O O L E N G O O D S.— Little improvement is noted in
markets for men’s wear and dress goods, which continue
quiet. Clothiers no doubt will need moro goods later on,
but at the moment, owing to the tariff, thoy are in an un­
settled condition and aro curtailing purchases as much as
possible. O1 1 men’s wear lines for immediate delivery
prices hold very steady, but on goods for fall delivery
concessions are offered and mills aro said to bo curtailing
their output.
F O R E IG N D R Y G O O D S .— Linens aro fairly activo and
steady for near-by delivery. A 1 1 encouraging feature in the
situation is the decrease, according to reports, in the number
ot cancellations which were in evidence a short time ago as
a lesult of the tariff and backwardness of deliveries. During
the past week there has been a modorato improvement in
the demand for housekeeping fabrics, but as regards dress
Linens demand is only moderate. Somo uneasiness has
existed among importers of linens on account of tho Socialist
strike in Belgium, in viow of tho fact that Belgium sends
annually a very large yardage to this country. Burlaps
continue to rule quiet and featureloss. Lightweights aro
quoted at 5.80c and heavyweights at 8.40c.

Importations and Warehouse Withdrawals of Dry Goods
The importations and warehouse withdrawals of dry goods
at this port for tho week ending April 19 1913 and sinco
Jan. 1 1913, and for the corresponding periods of last year,
were as follows:
Im ports Entered for C onsum ption

or tho W eek and Since Jan. 1

Week Ending
A p ril 19 1913.
Pkgs.
Value.
M anufactures o f—
$
W o o l . . ...............
453
114,716
C o tto n .......... ................................... 3,007
722,375
S ilk---------------1,483
592,285
F la x.......... ...................................
2,173
461,353
M iscellaneous................................ 2,282
205,555
T otal 1 91 3 ..................................... 9,398
T otal 1912..........
7 ,7 4 1

2,096,284
1,813,704

W arehouse W ithdrawals T hrow n U pon

Since Jan. 1 1913.
Pkgs.
Value.
$
10,565
2,659,272
51,114 14,792,916
24,393 10,825,456
38,060
7,853,001
55,405
5,525,517
179,537
186,273

41,656,162
39,321,407

the Markot.

M anufactures o f—
W o o l____________
197
C o tto n ............
524
s ilk ......................................................... 2 0 4
M a x_____ _____________________
444
M iscellaneous_____ ______
1,633

38,090
147,954
88,145
998,00
90,335

4,312
11,082
2,972
9,148
43,697

1,031,545
3,280,844
1,281,432
1,990,050
1,772,154

T otal withdrawals___________ 3,002
Entered for consum ption____
_ 9,398

464,324
2,096,284

71,211
179,537

9,356,025
41,656,162

T otal markoted 1913...............12,400
to ta l marketed 1912------------- 15,173

2,560,608 250,748
2,257,880 280,239

51,012,187
49,245,377

Im ports Entered fo r W arehouse During Same Period.

M anufactures o f—
W o o l ........................
C o tto n .................................
|Uk................ — - ..........................

596

885
201

M iscellaneous___________________ 7,376
_
T o ta l............................................ 9,811
Entered for consum ption_______ 9,398
T otal Imports 1913__________19,209
T otal imports 1912............. ..1 0 ,4 5 0

120,138
252,563
81,233
177,357
64.525

5,713
11,968
2,897
11,270
60,526

1.347.947
3,355,632
1.136.947
2,361,407
1,748,244

695,816
2,096,284

92.374
179,537

9,950,177
41,656.162

2,792,100
2,288,864

271,911
286,226

51,606,339
48,603,881

A n t . 2G

THE CHRONICLE

.9 1 3 ]

S w re

C ity p E ^ p tiv r e w T.
N ew s ite m s.

n , Jones C o u n ty , T ex. — Commission Form of
Government Adopted .— According to reports, the question of
establishing a commission form of government carried at an
election held April 1.
Baltim ore C ou n ty, M d .— Purchase of Sewer Plant De­
clared Void .— In an opinion filed April 22 in the Circuit Court
at Towson Judge Frank I. Duncan held that the purchase
by tho County Commissioners of tho plant of the Baltimore
Suburban Sewerage Co. at M ount Washington for $600,000
was void (V. 95, p. 1143). Judge Duncan says in part:
There is no evidence in the case that any plans for the establishment o
a sewerage system for tho Jones’ Palls Valley were ever submitted to the
State Board of Health or approved by them or some qualified representa­
tive designated by tho said board. On the contrary, tho evidence shows
that before the contract in evidenco was entered into, Dr. Biotler, Acting
of the State Board of Health, entered a protest against it and that
William 1*. Goughian, a member of the County Commissioners’ Board,
offered a resolution in that board “ that tho matter be referred to tho State
Board ot Health for its approval, and tho majority membersof the Board
refused to entertain it.” Prom theso views it necessarily follows that
without tho approval of the State I3oard of Health tho County Commissioners
acted ultra vires in making tho purchase and tho agreement of purchase and
it was invalid and the conveyances taken and the notes given in pursuance
thereof void.
The question of good faith has taken up a largo portion c f the voluminous
record in this caso and it is extremely unfortunato that there should bo any
foundation for tho many accusations of bad faith, collusion and secrecy
in connection with tho transaction. . . . Whether those features,
referred to at length by tho witnesses for tho taxpayers, aro sustained or
whether they have been satisfactorily answered by tho defendants I leave
to tho court of last resort, having myself decided the case on tho first ques­
tion involved.

Bay C ity,

Bay C o u n ty , M ich . — Commission Form of
Government Adopted .— Reports say that tho proposition to
establish a commission form of government was adopted by
a voto of 1,270 to 428 on April 7.
Clarem ore, Rogers C o u n ty , O k la . — Comrnission Form
o f Government Voted .— Local papers stato that tho commis­
sion form of government was approved by tho voters at an
olection held April 1.
C olorad o. — Legislature A d jou rn s .— Tho Colorado Legis­
lature adjourned on April 16.
D allas C o u n ty (P. O. B u ffa lo ), M o. — Court Again Issues
Order for Tax Levy to Pay Old Railroad Bonds .— Judgo Arba S.
Van Valkenburgh in tho Federal Court at Springfield lias
issued an order directing tho present Judges of the County
Court to make a tax levy equivalent to $70,000, tho same to
be used as an initial payment to David Yost of Pittsburgh,
one of tho holders of bonds issued by Dallas County in 1871
for tho building of the old Fort Scott & Laclede I ll l., which
was nover completed. A similar order was issued on M a y 1
1912, but two of the three members of tho County Court,
John B . Hackler and George W . Wallace, refused to obey tho
same. Numerous attempts by tho U . S. Marshal’s force to
apprehend those two ami tako thorn to Kansas City to an­
swer contempt proceedings liavo been unsuccessful. A l­
though both men have sinco retired from office, they aro
still held to bo in contompt of court, and tho attachments
were renowed by Judgo Van Valkenburgh at the same time tho
second order was issued for a tax levy. The original issuo
of bonds amounted to $235,000, while the accrued interest
is said to mako tho amount involved over $2,000,000. See
V . 94, p. 1263.
Edgew ater, N. J . — Commission Form of Government Re­
jected .— An election held April 22 resulted, it is said, in the
defeat of the plan to establish a commission form of govern­
ment, tiro voto being 143 “ for” to 252 “ against.”
Io w a . — Legislature A d jou rn s .— The Thirty-fifth General
Assembly, which convened Jan. 13, adjourned on April 19.
Constitutional amendments providing for equal suffrago
and tho inititativo and referendum were approved and re­
ferred to tho next Legislature. A “ Blue-Sky” law was
enacted on tho last day of tho session. Another bill passed
authorizes cities of tho first class to issuo flood-protection
bonds up to 5 % of tho actual value of tho taxable property
as shown by tho last preceding assessment roll. This meas­
ure follows:

1241

prevent default on maturing bonds of the State.
lution reads:

The reso­

Whereas, The State of Louisiana, through its Board of Liquidation, failed
to secure bids for the sale of its bonds with which to provide funds for the
Pa MTi0Ilfc °* *iS constitutional bonds which will mature Jan. 1 1914; and,
H hcrcas, the time is fast approaching when some ways and means should
bo devised for protecting the State’s credit; therefore, be it
Resolved, rhat the convention representing the banking interests of
Louisiana does hereby tender its good offices, assistance and co-operation
to the Ciovernor of the State in any manner necessary to prevent a default
on its maturing bonds, and to that end a committee of nine be appointed
by tho chair to carry out the intent and purposes of this resolution.

Tho committee named consists of J. PI. F’ulton, Chairman,
New Orleans; A . Breton and Lynn II. Dinkins, New Orleans;
Henry Palfrey, Franklin; W . J. Bayersdorffer, Shreveport;
T . E . Flournoy, Monroe; Joseph Gottlieb, Baton Rouge;
Frank Roberts, Lake Charles, and J. W . Bolton, Alexandria.
President Jastremski, in referring in his annual address to the
failure of the State to receive bids, stated that this would
tend to prevent the funding of the outstanding indebtness
for the present, and advocated the calling of an extra session
of tho Legislature at once so that a constitutional con­
vention might be held to deal with the subjec tin a
proper manner.
M arietta, W a sh in g to n C o u n ty , O h io .— -Commission
Form of Government Defeated .— The question of establishing
a commission form of government was defeated, it is reported,
at an election held April 22 by a vote of 218 “ for” to 408
“ against.”
N eb raska. — Legislature A d jou rn s .— The Nebraska Legis­
lature ended its thirty-third session on April 21.
M a ssach u setts. — Legal Investments for Savings Banks .—
Tho report of the Bank Commissioner for 1912 includes a
list, which we reprint below, of bonds and notes of railroad,
street railway and telephone companies which aro considered
logal investments for Massachusetts savings banks under
tho provisions of clauses third, fourth, fifth and sixth of Sec­
tion 68, Chapter 590, Acts of 1908. Clause fourth, it is ex­
plained, provides that bonds which complied with the law
prior to its being amended in 1908 shall continue, under cer­
tain conditions, to be legal investments. The bonds which
do not comply with clause third of the A ct, but continue to
be legal through clause fourth, are printed in italics, the reason
being in all instances given in tho foot-notes. The issues
added to tho list for 1911 (see “ Chronicle,” April 27 1912,
pago 1200) aro designated below by means of the word “ new”
in black-faced type. The only bonds eliminated from last
year’s list aro issues which matured in 1912, with the ex­
ception of tho bonds of two street railways. The street rail­
way bonds omitted this time are the plain 4s due 1935 and
plain 4 ^ s duo 1937 and 1941 of the Boston Elevated R y .,
and the first 5s due 1920 of the Citizens’ Electric Street R y .
R A IL R O A D B O N D S.

BANGOR & AROOSTOOK SYSTEM, a e
B. & A . R R ., a, e, 1st 5s, 1943.
Aroos. Nor. R R ., a, e, 1st 5s, 1947.
Viscat. D U ., a, e, 1st 5s, 1943.
North M aine Seaport R R ., a, e.
Van Buren E x ., a, e, 1st 5s, 1943.
R R . and term. 1st 5s, 1935.
Medford E x ., a, e, 1st 5s, 1937.
BOSTON & MAINE SYSTEM.
Boston & Maine R R .—
Connecticut River R R .—
Plain, 3 Ms, 1923.
Plain, 3 Ms, 1921.
Plain, 4s, 1943.
Plain, 3 Ms, 1923.
Plain, 3 }^s, 1925.
Plain, 3 Ms, 1921.
Plain, 4s, 1920.
Wore. Nashua & Roch. R R .—
Plain, 4 Ms. 1929.
First, 4s, 1913.
Plain, 4s, 1937.
First, 4s, 1930.
Plain, 4s, 1942.
First, 4s, 1934.
Plain, 4 Ms, 1944.
First, 4s, 1935.
Plain, 3s, 1950.
Concord & Claremont R R . 1st
Portsmouth Great Falls & Conway
4 Ms, 1914.
R R . 1st 4 MS, 1937.
Peterborough & Hillsborough R R .
Boston & Lowell R R .—
1st, 4 Ms, 1917.
Plain, 4s, 1913.
Fitchburg R R .—
Plain, 4 Ms, 1914.
Plain, 4s, 1915.
Plain, 4s, 1916.
Plain. 4s, 1915.
Plain, 4s, 1916.
Plain, 4s, 1917.
Plain, 4s, 1918.
Plain, 3 MS, 1920.
Plain, 4s, 1920.
Plain, 3 Ms, 1919.
Plain, 3 Ms, 1921.
Plain, 3 Ms. 1921.
Plain, 3 Ms, 1923.
Plain, 4s, 1925.
Plain, 3 Ms, 1925.
Plain, 4s, 1927.
Plain, 4s, 1926.
Plain, 4s, 1928.
Plain, 4s, 1927.
Plain, 4 Ms, 1928.
Plain, 4s, 1929.
Plain 4Ms. 1932 (new ).
Plain, 4s, 1932.
Plain, 4s, 1937.
Connecticut & Passumpslc Rivers Troy & Bos. R R . 1st 7s, 1924.
R R . 1st 4s, 1943.
Vt. & Mass. R R . plain 3 Ms, 1923;
Concord & Montreal R R . cons. mtg. St. Johnsbury & Lake Champlain
4s, 1920.
R R . 1st 5s, 1944.
Section 1. That cities o f tho first class, including cities acting under tho
Sullivan Co. R R . 1st 4s. 1924.
commission form of government, having more than twenty-four thousand
Vermont Valley R R . 1st 4 Ms, 1940.
(24,000) population aro hereby authorized to contract indebtedness and to
issuo bonds for the purpose o f protecting tho lots, lands and property within
NEW Y ORK NEW HAVEN & HARTFORD SYSTEM (See Note).
their limits from danger and damage from floods and high water by deepen­
Y. New Haven & Ilartf. R R .—
New Haven & Derby R R . consoli­
ing, widening, straightening, altering or changing or otherwise improving N.Debenture
4s, 1914.
dated 5s, 1918
wator-coursos within their limits and by constructing lovees, embank­
Debenture 4s, 1947.
Providence & Springfield R R . 1st
ments and other works. Such bonds shall be payablo in not exceeding
5s,
1922.
Debenture
3
Ms,
1947.
twenty (20) annual installments and bear interest at not exceeding five
Debenture 3 Ms, 1954.
Providence Terminal Co. 1st 4s.
porcontum (5%) per annum, and shall bo mado payable at such place and
1956.
Debenture 4s, 1955.
be of such form as tho City Council shall, by ordinance, designate: but no
Conv. debenture 3 Ms, 1956.
Boston & Providence R R . plain,4s,
city shall become indebted in excess of five per centum (5% ) o f the actual
Harlem River & Port Chester 1st
value of tho taxable property of said city as shown by the last preceding
is, 1954.
Holyoke & Westfield R R . 1st 4 Ms,
assessment roll.
1951.
Section 2. This Act shall bo construed as granting additional power Ilousatonlc R R .—
5s, 1937.
New Eng. R R . cons. 4s, 1945.
without limiting the powrer already existing in cities of the first class*, N.Consol.
Y. Providence & Boston R R .
Consolidated 5s, 1945.
including cities acting under the commission plan o f government.
general 4s, 1942.
N . Y . & New England R R ., Boston
section ,f. tins Act, being deemed o f immediate importance, shall tako
Term ., i., 1st 4s, 1939.
elifect and bo in force iroin and after its publication in tho “ Register” and Boston & New York Air Line R R .
1st 4s. 1955.
Norwich & Worcester R R . debenture
city of Des Moines,
‘leS Cai,UaI<” newspapers published in tho Danbury & Norwalk R R .—
4<? 1Q?7
Consolidated 5s, 1920.
Approved April 17 A . i>. 1913.
Old Colony R R .—
Consolidated 6s, 1920.
Plain, 4s, 1924.
General 5s, 1925.
L ou isian a. Bankers’ Association Appoin ts Committee to
Plain, 4s, 1925.
Refunding
4s,
1955.
Plain,
4s, 1938.
Co-operate with Governor to Prevent Default on Maturing State Naugatuck R R . 1st 4s, 1954.
Plain, 3 Ms, 1932.
Bonds .— The recent failure of tho Stato of Louisiana to reDebenture 3 Ms, 1930.
Prov. & Wore. R R . 1st 4s, 1947.

coivo bids on its now issuo ol bonds brought about tho adop­
tion of a resolution at tho annual convention of tho Louisiana
Bankers’ Association on tho 18th inst. calling for tho appoint­
ment of a committee to eo-operato with tho Governor to




Note .— Chapter 463 of the Acts of 1906, entitled "An Act relative to
railroad corporations and street railway companies,” provides, in Sec­
tion 66 of Part II., that:
“ A railroad corporation, unless expressly authorized by Its charter or
by special law, shall not Issue bonds, coupon notes or other evidences of

1242

THE CHRONICLE

Indebtedness payable at periods of more than twelve months afterthedate
thereof to an amount which, Including: the amount of all such securities
previously Issued and outstanding, exceeds in the whole the amount of Its
capital stock at the time actually paid In.”
As the New York New Haven & Hartford Railroad Co. Is a Massachusetts
railroad corporation. It Is the opinion of the Attorney-General that, under
either the old or the new savings bank law, only those of Its Issues of bonds,
coupon notes and other evidences of Indebtedness which, taken In the order
of their Issue, do not exceed the amount of the capital stock of the company
actually paid In, are legal Investments for Massachusetts savings banks.
MAINE CENTRAL SYSTEM.
Maine Central R R .—
European & North American R y.
Collateral trust 5s, 1923.
1st 4s, 1933.
Penobscot Shore Line R R . 1st 4s, Upper Coos R R .—
1920.
Mortgage 4s, 1930.
Maine Shore Line R R . 1st 6s, 1923.
Extension mtge. 4 Ms, 1930.
Belfast & Moosehead Lake R R . Wash. Co. R y. 1st 3 Ms, 1954.
1st 4s, 1920.
Portland & Rumford Falls R y. con­
Dexter & Newport R R . 1st 4s, 1917.
solidated 4s, 1926.
Dexter & Piscataquis R R . 1st 4s, Port. & Ogd. R R . 1st 4 Ms, 1928.
1929.1
Somerset R y.—
First 5s, 1917.
First refunding 4s, 1955.
ATCHISON TOPEKA & SANTA FE R A ILW A Y SYSTEM (NEW).
Atchison Topeka & Santa Fe R y.— Chicago Santa Fe & Cal. R y. 1st 5s,
General mortgago 4s, 1995.
1937.
Trans. Short Lino 1st 4s, 1958.
Hutchinson & So. R y. 1st 5s, 1928.
East Oklahoma 1st 4s, 1928.
San Francisco & San Joaquin Valley
Chicago & St. Louis R y. 1st 6s, 1915
R y. 1st 5s, 1940.
BALTIMORE & OHIO SYSTEM.
Baltimore & Ohio R R .—
I Baltimore & Ohio R R .—
Extension 4s, 1935.
First mortgage 4s, 1948.
Prior lien 3 Ms, 1925.
| S. W . Dlv. 3 Ms, 1925.
CENTRAL OF NEW JERSEY SYSTEM.
Central R R . of N. J. general 5s, 1987.
CHICAGO & NORTH WESTERN SYSTEM.
Chicago & North Western R y .—
Winona & St. Peter R R . 1st 7s
1916.
General 3 Ms, 1987.
General 4s, 1987.
Boyer Valley R R . *lst 3 Ms, 1923.
Sinking fund cons. 7s, 1915.
Minn. A la. R y. 1st 3 Ms, 1924.
Extension 4s, 1926.
Southern I o w a R y. *lst 3 Ms, 1925.
Sinking fund mtge. 5s, 1929.
Princeton & N. W. Ry. 1st 3 Ms,1926.
Sinking fund mtge. 6s, 1929.
Peoria A Northw. R y . * 1st 3 Ms,1926.
Cedar Rapids & Missouri River R R . Mankato & New Ulm R y . «lst 3 Ms,
1929.
mortgage 7s, 1916.
Northwest. Union R y. 1st 7s, 1917. Fremont Elkhorn & Missouri Valley
Mllw. Lake Shore & Western R y.—
R R . cons. 6s, 1933.
Consolidated 6s, 1921.
Minnesota A South Dakota R y. ‘ 1st
Marshfield Ext. 1st 5s, 1922.
3 Ms, 1935.
Michigan Dlv. 1st 6s, 1924.
Iowa M. & N. W. R y. 1st 3 Ms, 1935
Ashland Dlv. 1st 6s, 1925.
Sioux City & Pac. R R . 1st 3 Ms,1936
Ext. & lmpt. mtge. 5s, 1929.
Manitowoc Green Bay & N. W. Ry.
Wise. Nor. R y. 1st 4s, 1931.
1st 3 Ms, 1941.
CHICAGO BURLINGTON & QUINCY SYSTEM.
Chicago Burlington & Quincy R R .— Burlington & Mo. River R R . In Ne­
General 4s, 1958.
braska consol. 6s, 1918.
Illinois Dlv. mortgage 3 Ms, 1949 Republican Valley R R . mortgage
Mortgage 4s, 1949.
6s 1019.
Iowa Dlv. mortgage 4s, 1919.
Tark’lo Valley R R . 1st 7s, 1920.
Mortgage 5s, 1919.
Nodaway Valley R R . 1st 7s, 1920.
Denver Extension 4s, 1922.
Nebraska Ext. mtge. 4s, 1927.
CHICAGO MILWAUKEE & ST. PAUL SYSTEM
Ohio. Mllw. & St. Paul R y.—
Chic. Mllw. & St. Paul R y.—
General 3 Ms, 1989.
Wls. & Minn. Dlv. 1st 5s, 1921.
General 4s, 1989.
Chicago & Lake Superior Dlv.
La Crosse & Davenport Dlv. 1st
1st 5s, 1921.
5s, 1919.
Chic. & Mo. Rlv. Dlv. 1st 5s, 1926.
Dubuque Dlv. 1st 6s, 1920.
Terminal 1st 5s, 1914.
Wise. Valley Dlv. 1st 6s, 1920.
Dak. & Gt. So. R y. 1st 5s, 1916.
Chicago & Pacific, Western-,Dlv. Fargo & So. R y. 1st 6s, 1924.
1st 5s, 1921.
Mllw. & Nor. R R . ext. 4 Ms, 1013
CHICAGO ROCK ISLAND & PACIFIC SYSTEM
C. R . I. & P. R R . mtge. 6s, 1917.
|C. R . I. & P. Ry. gen. 4s. 1988.
CHICAGO ST. PAUL MINNEAPOLIS & OMAHA SYSTEM.
Chic. St. Paul Minn. & Omaha R y.lC hlc. St. P. & M. Ry. 1st 6s, 1918.
Consol. 3 Ms, 1930.
Nor. Wise. Ry. 1st 6s, 1930.
Consol. 6s, 1930.
|St. Paul & Sioux C. R R . 1st 6s, 1919.
................
DELAWARE & HUDSON SYSTEM.
D. & II. Co. 1st ref. 4s, 1943.
I Schenectady & Duancsburg R R . 1st
D. & H. Canal Co. 1st 7s, 1917.
6s, 1924.
Adirondack R y. 1st 4 Ms, 1942.
|Alb. & Susq. R R . conv. 3 Ms, 1946.
DELAWARE LACKAWANNA & WESTERN SYSTEM.
New York Lackawanna A Western R y ., c., 1st 6s, 1921.
GREAT NORTHERN SYSTEM
Gt. Nor. Ry. 1st ref.4 Ms,1961.
Eastern Ry. of Minn.—
Minneapolis Union R y.—
Northern Division 4s, 1948.
First 5s, 1922.
Montana Central R y.—
First 6s, 1922.
First 5s, 1937.
St. Paul Min. & Man. R y.—
First 6s. 1937.
Consolidated 4s, 1933.
Wlllmar & Sioux Falls Ry.—
Consolidated 4 Ms, 1933.
First 5s, 1938.
Consolidated 6s, 1933.
Spokane Falls & Northern R y.—
Montana ext. 4s, 1937.
First 6s, 1939.
Pacific ext. 4s, 1940.
ILLINOIS CENTRAL SYSTEM.
Illinois Central R R .—
Illinois Central RR.—
Refunding mtge. 4s, 1955.
Cairo Bridge 1st 4s, 1950.
Sterling extended 4s, 1951.
St. Louis Dlv. 1st 3s, 1951.
Gold extended 3 Ms, 1950.
do
do 1st 3 Ms, 1951.
Sterling 3s, 1951.
Purchased lines 1st 3 Ms, 1952.
Gold 4s, 1051.
Collateral trust 1st 3 Ms, 1950.
Gold 3 Ms, 1951.
Western Lines 0; 1st 4s, 1951.
Gold extended 3 Ms, 1951.
Louisville D iv., b, 1st 3 Ms, 1953
Springfield Dlv. 1st 3 Ms, 1951.
Omaha D iv., b, 1st 3s, 1951.
Kankakee & South Western RR
Litchfield D iv., •1st 3s, 1951.
1st 5s, 1921.
Collateral trust, d, 4s, 1952.
LAKE SHORE & MICHIGAN SOUTHERN SYSTEM.
Lake Shore’ & Michigan Southern Mahoning Coal R R. *lst 5s, 1934.
Ry. 1st general 3 Ms, 1997.
Pittsburgh McKeesport A YoughioKalamazoo Allegan. A Grand Rapids
gheny R R . *lst 6s, 1932.
R R . *1st 5s, 1938.
LOUISVILLE & NASHVILLE SYSTEM.
Louisville & Nashville R R .—
Loulsv. Cln. & Lex. Ry. general
Unified 4s, 1940.
4 Ms, 1931.
General 6s, 1930.
Southeast & St. Louis Dlv. 6s, 1921.
First 5s, 1937.
Mobile & Montgomery 4 Ms, 1945.
Trust 5s, 1931.
N. O. & Mobile Dlv. $5,000,000
Evansville II.&N. Div. s. f. 6s, 1919.
1st 6s, 1930.
NEW YORK CENTRAL SYSTEM.
N. Y. C. & II. R. R R . mortgage Oswego R R . Bridge, c, 1st 6s, 1915.
3 Ms, 1997.
Syracuse Phoenix A Oswego R R ., c,
Beech Creek RR. 1st 48, 1936.
1st 6s, 1915.
Mohawk & Malone Ry. 1st 4s, 1991. Carthage Watertown A Sackett's Har­
N . Y . & Harlem R R ., c, mortgage
bor R R ., c, cons. 5s, 1931.
3 Ms. 2 0 0 0 .
Utica A Black R . R R . c, 1st 4s, 1922.
Rome Watertown A Ogdensburg R R ., Boston & Albany R R .—
c, consol. 5s, 1922.
Plain, 3 Ms, 1952.
c consol. 3 Ms; 1922.
Plain, 4s, 1913.
(new) c, consol. 4s, 1922.
Plain, 3 Ms, 1951.
Rome Watertown A Ogdensburg Term.
Plain, 4s, 1933.
R R ., c, 1st 5s, 1918.
Plain, 4s, 1934.
Norwood A M ont. R R ., c, 1st 5s,1916.
Plain, 4s, 1935.
Plain, 4Ms, 1937 (new).
NORTHERN PACIFIC SYSTEM.
Nor. Pac. Ry. prior lien 4s, 1997.
ISt. Paul & Dul. R R .lst 5s, 1931.
St. Paul & N. P. Ry. 6s, 1923.
|Wash. & Col. R. R y. 1st 4s, 1935




[Vol. XCVI.

MICHIGAN CENTRAL SYSTEM.
Mich. Cent. R R . 1st 3 Ms, 1952.
M. C.-Jackson Lansing & Saginaw
M. C.-MIch. Air Line R R . 1st 4s,
R R . 1st 3Ms, 1951.
1940.
A/. C.-Joliet A Northern Indiana
M. C.-Dctroit & Bay City R R . 1st
R R . *lst 4s, 1957.
5s, 1931.
M . C.-Kalamazoo A South Haven
R R . *lst 5s, 1939.
PENNSYLVANIA RAILROAD SYSTEM.
Pennsylvania R R .—
Philadelphia & Erie R R .—
Consolidated 5s, 1919.
General 6s, 1920.
Consolidated 4s, 1943.
General 5s, 1920.
Consolidated 3 Ms, 1945.
General 4s, 1920.
Consolidated 4s, 1948.
Harrisburg Portsmouth M l. Joy A
Sunbury A Lewistown R y ., • 1st 4s,
Lancaster R R . •Ist4s, 1913.
1936.
United N. J. R R . & Canal Co.—
Sunbury Hazleton A Wilkes-Barre R y .
General 4s, 1923.
•1st 5s, 1928.
General 4s, 1929.
West Chester R R . *lst 5s, 1919.
General 4s, 1944.
W. Penn. RR. cons. 4s, 1928.
General 4s, 1948.
Pittsburgh Virginia A Charleston R y.
General 3 Ms. 1951.
•1st 4s, 1943.
Cleveland & Pittsburgh R R .—
South West Pennsylvania R R . 1st
General 4 Ms, 1942.
7s, 1917.
General 3 Ms, 1942.
Junction R R. * gen. 3 Ms, 1930.
General 3 Ms, 1948.
Del. R iv. R R . A Br. Co. ‘ 1st 4s, 1936.
General 3 Ms, 1950.
Erie A Pitts. R R . * gen. 3 Ms, 1940.
Allegheny Val. Ry. gen. 4s, 1942.
MISCELLANEOUS.
New London Northern R R ,
Bridgeton & Saco River R R . cons.
First 4s, 1940.
4s, 1928.
Boston Term. Co., i, 1st 3 Ms, 1947.
Narragansett Pier R R ., a, 1st 4s.
Boston Revere Beach A Lynn R R ., a,
1916.
_________
1st 4 Ms, 1927.
Portland Terminal 1st 4s, 1961 (new)
• Secured on less than 100 miles of railroad.
a Dividends paid for Insufficient number of years.
b Bonds do not cover 75% of the railroad owned in fee at the date of the
tntge. by the railroad corporation on the railroad of which the mtge. Is a Hen.
c Not guaranteed by endorsement.
d Railroad covered by one of the Issues pledged as collateral Is not op­
erated by Illinois Central RR.
e Amount paid In dividends less than one-third of amount paid In Interest.
i Legalized by special Act of General Court.

S T R E E T R A IL W A Y BO N D S.

Lynn & Bost. R R . Co. 1st m5s.,1924.
Springfield St. Ry. 1st 4s, 1923.
Union St. Ry. cons. mtge. 5s, 1914.
Wakefield & Stoneham St. R y. 1st
mtge. 5s, 1915 (new).
Gloucester Essex & Beverly St. Ry.
1st mtge. 5s, 1916 (new).
Bost. & Rev. El. St. Ry. 1st 5s, 1928.
Bos.&North.St. R y., ref. 1st 4s,1954.
East Middlesex Street Ry.—
Plain, 5s, 1918.
Plain, 4s, 1922.
Fitchburg & Leominster Street Ry.
1st 5s. 1917.
Cons. mtge. 4 Ms, 1921.
Holyoke Street R y.—
Debenture 5s, 1915.
Debenture 5s, 1920.
Debenture 5s, 1923.
Nahant & Lynn St. R y.—
(new) 1st 5s, 1925.
(new) 1st 5s, 1929.

West End St. R y.—
Debenture 4 Ms, 1914.
Debenture 4s, 1915.
Debenture 4s, 1910.
Debenture 4s, 1917.
Debenture 4 Ms, 1923.
Debenture 4 Ms, 1930.
Debenture 4s, 1932.
Georgetown Rowley & Ipswich St.
Ry. 1st mtge. 5s, 1920.
Lowell Lawrence & Haverhill St. Ry.
1st mtge. 5s, 1923.
People's St. Ry. 1st mtgo. 5s, 1928
Leominster Shirley & Ayer St. Ry.
1st 5s, 1921.
Western Mass. St. R y. 1st 5s. 1920
Woronoco St. R y. 1st 5s, 1920
Mystic Val. St. Ry. 1st mtge. 5s,
1919.
Haverhill Georgetown & Danvers St.
Ry. 1st mtge. 5s, 1919.
Springfield & Eastern St. Ry. Co.
1st 5s, 1922.

T E L E P H O N E C O M PAN Y BO N D S.
American Telephone & Telegraph Co. collateral trust 4s, 1929.
W e st V irgin ia. — Governor N am es Commission to Confer on
Debt Settlement Question .— In accordance with the resolution

recently passed by the Legislature (V . 90, p. 664), Governor
Hatfield of W est Virginia on April 18 appointed a commission
of 11 members to take up tho Virginia dobt question. Tho
following are tho members selected: U . S. Senator Goff and
W m . E . Chilton, A . B . Fleming, former Governor of West
Virginia, J. E . Lanhart, W . G . Ice Jr., W . G , Young, R . J.
Boerman, B . M . Ambler, W . D . Ord, John II. Holt and
W . E . Wells. The Governor urges immediate action on tho
part of the commission. Tho text of the resolution passed
by the W est Virginia Legislature is as follows:

Creating a commission known as tho Virginia Debt Commission to provldo for arranging and settling with tho Stato of Virginia tho proper pro­
portion of the public debt of tho original Stato of Virginia, if any, which
should be borne by West Virginia; to tako Into consideration all matters
arising between tho Stato of Viglnla and tho Stato of West Virginia in
reference to said original public debt, and to roport its proceedings to tho
Governor of tho State.
Whereas, tho Commonwealth of Virginia instituted a suit in tho Supromo
Court of tho United States against tho Stato of West Virginia to havo tho
State of West Virginia’s proportion of tho public dobt of Virginia as It
stood before 1861, ascertained and satisfied; and.
Whereas, at tho October term 1910 tho Supromo Court of tho Unitod
States mado a finding that tho share of tho principal dobt of tho original
Stato of Virginia to be borno by tho Stato of West Virginia was $7,182,­
607 46; and,
Whereas, tho said Court did not fully and finally decldo tho question
involved, but suggested that such proceedings and negotiations should bo
had between tho States upon all tho questions involved In said litigation
as might lead to a settlement of tho same.
Thereforo, bo It resolved by tho Senato of West Virginia, tho IIouso o f
Delegates concurring therein:
That a commission or cloven members known as tho Virginia Debt Com­
mission is hereby created. Tho members of said commission shall bo
appointed by tho Governor, two of whom shall bo clioson from each Con­
gressional district of tho Stato, and ono at largo, not more than six of whom
shall belong to any political party, and all resignations or vacancies in tho
said commission as thoy occur shall bo filled by tho appointment of tho
Governor.
Said commission is authorized and directed to negotiate with tho Stato of
Virginia, or with any person or committee owning or holding any part of
the said indebtedness, for a settlement of West Virginia’s proportion of tho
debt of the original Stato of Virginia proper, to bo borno by tho Stato of
West Virginia.
The commission is hereby directed to ascertain and roport upon and give
tho utmost publicity to all tho facts in relation to tho pending suit against
tho Stato of West Virginia by tho Commonwealth of Virginia and to ascer­
tain and report upon and givo like publicity to:
All of tho facts and conditions under which tho West Virginia certifi­
cates are held or owned, together with the names and residences of tho per­
sons having tho legal or equitable right to receivo from West Virginia
whatever may bo ascertained to bo payablo thereon.
To ascertain and report as to any part of the Virginia debt claimed
against the Stato of West Virginia which is owned or held or claimed to
be due, at law or in equity, to tho Commonwealth of Virginia in her own
right; and having made tho investigation required heroby, sakl commission
is authorized and directed to negotiate with tho Stato of Virginia for a settle­
ment of West Virginia’s proportion of tho dobt of tho original Stato of Vir­
ginia proper to bo borno by tho Stato of West Virginia.
A majority of said commission shall have authority to act. Tho commis­
sion shall choose its chairman and appoint Its secretary and other necessary
officers.
Tho expenses properly incurred by tho commission and Its Individual
members, including compensation of said members at tho rate of ten dollars
per day for the time actually employed, shall bo paid by the Stato out of
tho moneys appropriated for said purpose.
The commission shall make a roport to tho Governor as soon as prac­
ticable, and upon receipt of said roport the Governor shall convene tho
Legislature for tho consideration of tho same.
The commission is hereby authorized to sit within or without tho Stato.
and to send for papers and records and to oxamino witnesses under oath.

A p r . 26

1243

THE CHRONICLE

913

B o n d C a l ls a n d R e d e m p t io n s .
D enver, C o lo .— Bond Calls.— The following bonds were
called for payment March 31:

Vernon County, M o.. 4 H % refunding bonds. Nos. 27, 28, 29, 30, 31.
32, 33 and 34, for $1,000 each, dated Aug. 22 1898, have been called and
will be paid March 1 1913.
,
n
Weaubleau, Hickory County, M o., school district bond No. 9, for $500,
bearlng^.5^^ int., dated June 1 1903, has been called and will be paid

Storm Sewer Bonds.
__
Sub. Dist. No. 7 of the Capitol Hill Storm Sewer Dist. No. 1, Bonds
Nos. 13 to 18, inclusive.
„
„ _
, XT
,,0
North Denver Storm Sewer Dist. No. 1, Bonds Nos. 313 to 318, inclusive.
Washington Park Storm Sower Dist., Bonds Nos. 66 to 112, inclusive.

Wellsvillo, Montgomery County, M o., School District No. 20-50-6, 4%
building bond No. 5, for $500, dated Sept. 1 1903, has been called and
will bo paid March 22 1913.
O u ray C o u n ty (P. O. O u ray), Colo — Bond Call.— Pay­

Sanitary Sewer Bonds.

ment will be made on or before M a y 1 at the Co. Treasurer s
office of the following bonds:

Sub. Dist. No. 10 of tho West and South Sido SanitaryJ3ewor Dist.,
Bonds Nos. 13 and 14.
, T, .
Improvement Bonds.

Capitol Hill Improvement Dist. No. 7. Bonds Nos. 1 and 2.
Montclair Parkway Suburban Imp. Dist. No. 1, Bonds Nos. 27 to 44,
Nortli Sido Improvement Dist. N o. 12, Bond N o. 8.
North Sido Improvement Dist. No. 15, Bonds Nos. 10 and 11.
South Denver Improvement Dist. No. 8, Bond No. 17.
West Denver Improvement Dist. No. 1, Bonds Nos. 137 and 138.
I'aving Bonds.

Alloy Paving Dist. No. 15, Bond No. 16.
Alloy Paving Dist. No. 16, Bond No. 7.
Alloy Paving Dist. No. 21, Bond No. 13.
Speer Boulevard Paving Dist. No. 1, Bonds Nos. 15 to 18, Inclusive.
West 23d Avenue Paving Dist. No. 2, Bonds Nos. 7 to 9. inclusive.
Surfacing Bonds.

Surfacing Dist. N o. 4, Bond No. 12.

Tho following bonds aro called for payment April 30:
Storm Sewer Bonds.
„r ,
Part " A ” of Sub-Dist. No. 1 of tho Capitol Hill Storm Sower Dist. No. 1,
Bonds Nos. 5 to 14 inclusive.
„
„
_x,
..
,
.
Sub-Dist. No. 7 of tho Capitol Hill Storm Sewer Dist. No. 1, Bonds

North Denver Storm Sewer Dist. No. 1, Bonds Nos. 319 to 326 inclusive.
South Canitol Hill Storm Sewer Dist., Bond No. 59.
South Capitol Hill Storm Sewer Dist. No. 2. Bonds Nos. 132 to 150 incl.
Washington Park Storm Sower Dist., Bonds Nos. 113 to 115 incl.
West Denver Storm Sower Dist. No. 1. Bond No. 54.
Sanitary Sewer Bonds.

Sub-Dist No. 2 of the East Sido Sanitary Sewer Dist. No. 1, Bond N o.19.
Sub-Dist No. 5 of tho East Sido Sanitary Dist. No. 1, Bond No. 28.
Sub-Dist. No. 8 of the East Sido Sanitary Sower Dist. No. 1, Bond
N Highlands Special0Sanitary Sower Dist. No. 8, Bond No. 27.
South Capitol Hill Spociaf Sanitary Sower Dist., Bond No. 16.
Sub-Dist. No. 10 of tho West and South Sido Sanitary Sower Dist.,
Bond No. lo .
improvement ponds.
Capitol Hill Improvement Dist. No. 5. Bonds Nos. 117 to 120 inclusive.
Capitol Hill Improvement Dist. N o. 6, Bond No. 25.
East D e n v e r Im p r o v e m e n t Dist. N o . o, Honci No. 72.
East Denver Improvement Dist. No. 5. Bonds Nos. 59 and 60.
East Sido Im p r o v e m e n t Dist. No. 1, Bond No. 80.
East Sido Improvement Dist. No. 2, Bond No. 64.
Fast Side Improvement Dist. No. 5, Bonds Nos. 1 to 7 inclusive.
Fast Side Im p r o v e m e n t Dist. No. 6, Bonds Nos. 1 t o 6 in clu siv e .
Evans Improvement Dist., Bonds Nos. 79 and 80.
North Sido Improvement hist. No. 1, Bonds Nos. 102 and 103.
North Side Improvement Dist. No. 2, Bond No. 41.
North Side Improvement Dist. No. 3, Bonds Nos. 175 and 176.
North Side Improvement Dist. No. 4, Bonds Nos. 57 and 58.
North Side Improvement Dist. No. 6, Bonds Nos. 49 and 50.
North Side Improvement Dist. No. 11, Bond No. 20.
North Side Improvement Dist. No. 12, Bond No. 9
North Sido Improvement Dist. N o. 15, Bond No. 12.
South Broadway Improvement Dist No 2 Bonds Nos. 113 and 114.
South Denver Improvement Dist. No. 5, Bond No. 46.
South Denver Improvement Dist. No. 6, Bond No. 13.
South Denver Improvement Dist. No. 8, Bonds Nos. 18 to 41 inclusive.
South Side Improvement Dist. No. 1, Bonds Nos. 140 to 142 inclusive.
West Denver Improvement Dist. No. 1. Bond No. 13J.
Paving Bonds.

Alley Paving Dist. No. 16. Bonds Nos. 8 to 11 Inclusive.
Alley Paving Dist. No. 21, Bond No. 14.
Alley Paving Dist. No. 27, Bond No. 15.
Broadway Paving Dist. No. 3, Bond No. 45.
. ,
Colfax Avo. Paving Dist. No. 3, Bond Nos. 39 to 42 inclusive.
Market St. Paving Dist. No. 2. Bond No. 30.
Curbing Bonds.

South Sido Curbing Dist. No. 3, Bond No. 89.
Park Bonds.

East Denver Park Dist.. Bonds Nos. 1 to 535 inclusive.
South Denver Park Dist., Bonds Nos. 675 to 702 inclusive.
H aw aii.— Bond Call.— Fire Claim bonds N os. 298 to 309

inclusive and 311 to 320 inclusive (828,000) Have boon called
for payment at tho National Park Bank in Now York. In­
terest will ceaso M a y 1 1913.
M issou ri.— Bond Calls.— Whitaker & Co. of St. Louis, in
recont issuos of thoir quotation pamphlets include tho fol­
lowing list of municipal bonds which have been called for
redemption:
Butler Co. School District No. 2-24-5 6% building bonds Nos. 3 and 4,
for $100 each, dated July 1 1907, have been called and will bo paid April 29
19Butler Co. School District No. 4-23-7 6% building bonds Nos. 1. 2, 3. 4
and 5, for $100 each, dated July 2 1906, havo boen called and will bo paid
Cano1Girardeau County 4 A % refunding township bonds Nos. 49. 50.
51 55 S3 54755 and 57, each for $1,000, dated April 2 1900, havo boon
called and'will bo paid April 2 1913.
Carthage water works 5% bonds Nos. 1 to 9 incl., 18, and 47 to 64 incl..
dated Apr. 1 1908, havo been called and will bo paid April 16 1913. $500
^ C oln County. M o., 4% courthouse bonds, Nos. 69, 70, 71, 72, 73, 74
76, 76, 77. 78, 79 and 80, for $500 each, dated Juno 1 1896, havo boon called
anFaTm*ngtot'f^tfUFrancis C o ., 5% municipal electric-light plant bonds
Nos. 1 ,2 ,3 , 4 ,5 ,6 and 7, for $500 oach, datod May 1 1908, havo boon called
ami will bo paid May 1 1913.
. ,. , .
. ....
.
.
Grant Citv Worth County, M o., school district 5% building bonds,
Nos; 24, 25, 26 and 27. for $500 oach. datod April 1 1903. havo boon called
^G reenfld(P^D adeC o!, School District, Township 31-26-27, 5% building
bond No. 11,’ fo r $500?dated May 1 1896. has boen called and will bo paid
AILawrence County, Pierce Township M o., 4% refunding railroad-aid
bonds. Nos. 3, 4 and 5, for $500 oach, datod Oct. 1 1899, havo boon called
and will bo paid April 1 1913.
. ,
Livingston County, M o., District No. 2-58-24 (now number District
32-58-24) 8% building bond No. 4, for $200, has been called and will bo paid
a tPerrv County. M o., 5% court-houso bonds, Series “ A ,” for $500 oach,
and Sories “ B , for $100 each, dated April 1 1904. Nos. 38, 39, 40. 41, 42
and 43 or Series “ A , and Nos. 40, 41, 42, 43, 44, 45, 46 and 47 of Sorles
"B ” have been called and will bo paid April 1 1913.
Plattsburg School District 4% building bonds Nos. 25, 26 and 27, oach
for $500 dated May 15 1899, have been called and will bo paid M ay l(i 1913.
Polk County Mo . 4 % court-house bonds. Nos. 33. 34. 35, 36. 37, 38.
39 45 51 and 52 each for $500, datod Oct. 2 1905, havo been callod and
will be paid at once or within 30 days from Fob.1 2 1913.
Sweet Snrlngs Saline Co., 4% electric-light and water-works bonds Nos.
7.879 10, 11 and 12, for $500 each, dated April 1 1903. havo been called
and’ will bo paid April 11 1913.
. ,,
.
. ...
Tipton. Moniteau C o.. School District No. 35 4% refunding bonds Nos.
9 and 10, for $500 oach, havo been called and will bo paid M ay 2 1913.




Funding bonds, series “ A ,” Nos. 16 to 20 inclusive, each for $1,000,
dated M ay 1 1901.
, .
Refunding bonds, sories “ A ,” Nos. 16 to 20 inclusive, each for $1,000,
dated jM ay 1 1901.
Spokane, W a s h . — Bond Calls .— The following special im­

provement bonds are called for payment at the City Treas­
urer’s office.
BONDS CALLED FOR APRIL 15.
W alk.
Grade.
N o . o f Bds.
Name —
Dist.
D ist.
Stevens__________ 817
Cataldo S treet------427 11-14, incl.
---------------------------------------4
Sewer.
Jefferson-------------- 888
9
A lle y _____________ 533
L a u r a ------a-------------- 1
19-20
First Ward________10
Twenty-first-----------99
Twelfth Avenue__ 398
BONDS CALLED FOR M A Y 1.
Paving.
~
Name —

Name.

D ist. N o. N o. o f Bds.

Monroe Street--------- 2 62-53
Grade.
Ivory Street------------91 24-25
Pacific Avenue_____ 238 36-41 incl.
Walk.
Eighteenth A venu e..207 9-10

N am e.

N o. of

2

Bds.

10-12, incl.
49-55, incl.
8

S<D is L N o . N o. o f

Bds.

Dean Avenue____________ 7053-4
9
Eleventh Avenue____322
Fifteenth Avenue------540 4-5
Twenty-seventh Ave.826 4-5
2
Wright Street_______ 575

B o n d P rop osals and N egotiations this week
lave been as follows:
ADRIAN, Lenawee C ounty, M ich.— BONDS D E F E A T E D . — The ques­
tion of issuing $7,500 bonds was defeated, reports state, by a vote of 744
‘ ‘for” to 1,710 "against.” J J an*
-A
< i ■ 4 ‘4
* J
ALBANY, Gentry C ou n ty, Mo.— BO N D E L E C T IO N PROPOSED.—
This city is contemplating calling an election, it is stated, to vote on the
proposition to issue $19,000 electric-light and water-works-system bonds.
AMSTERDAM, Jefferson C ounty, O hio.— BO N D E L E C T IO N . — An
election will bo held May 1, reports state, to submit to a vote the question
of issuing $15,000 water-works-constr. bonds.
ANAMOSA INDEPENDENT SCHOOL DISTR IC T (P. O. Anam osa),
Jones C ounty, Iow a.— BO N D S A L E . — On April 21 tho $60,000 5% taxfreo bldg bonds (V. 96, p. 1109) were awarded to tho Fiddlity Trust Co.
of Kansas City for $60,350 (100.583) and int.
ANDERSON SCHOOL DISTRICT (P. O. A nderson), Shasta
C ou n ty, Cal.— BOND E L E C T IO N PROPOSED.— This district is contemMating calling an election to vote on tho Question of issuing S /0,000 school
jonds.
ANDERSON SCHOOL D ISTRICT (P. O. A nderson), A nderson
C ou n ty, So. Caro.— BOND E L E C T IO N .— An election will be held May 6,
it is reported, to submit to the voters the proposition to issue $100,006
school-construction bonds.
ANGLETON INDEPENDENT SCHOOL DISTR IC T (P. O. A ngleto n ), Brazoria C ounty, Tex.— BONDS V OTED .— The proposition to
issuo tho $15,000 high-school bonds (V. 96, p. 963) carried, reports state
at tho election held April 15.
ANN ARBOR, W ashtenaw C ounty, M ich.— BO N D O FF ER IN G .—
According to newspaper reports, proposals will bo received until May 1 by
E . C. Mann, City Treas., for $34,382 10 1-10-yr. (ser.) paving bonds.
ARMIJO UNION HIGH SCHOOL D ISTRICT (P. O. S uisun), So­
lano C ounty, Cal.— BOND E L E C T IO N . — An election will be held May 17,
it is stated, to vote on the question of issuing $70,000 high-school-constr.
bonds (V. 96, p. 581).
ASBURY PARK, M onm outh C ounty, N. J.— BO N DS D E F E A T E D .—
Wo aro advised by tho City Clerk under date of April 22 that the proposi­
tion to issue $275,000 water bonds was defeated at the election held April 1$
by a vote of 342 “ for” to 701 “ against.
ASHLAND, S chuylkill C ounty, Fa..— BOND ,SMLE.— This borough
has disposed of an issue of $26,000 4% refunding bonds. Date Jan. 8 1913.
Int. ann. In Jan. Duo Jan. 3 1928, subject to call beginning Jan. 3 1918.
ASHLAND COUNTY (P. O. A shland), O h io.— BOND S A L E .— On
April 21 tiie $25,000 5% road bonds (V. 96, p. 964) weroiawarded, it U
stated, to Hoehler & Cummings of Toledo at 100.11.
ASHLEY, Delaware C ounty, O hio.— BOND OFFER IN G . — Proposals
will bo received until 12 m. May 12 by G. L. Richards, Vil. Clerk, for $2,000
6% town-hall bonds. Auth. Sec. 3939, Gen. Code. Denom. $100. Date
Mar 20 1913. Int. M . & S. Due $100 each six months from Sept. 20
1913 to Mar. 20 1923 incl. Cert, check for 10% of bonds bid for, payable
to Vil Treas , required. Bonds to be delivered and paid for within 10 day*
from time of award. Purchaser to pay accrued int.
ATASCOSCA COUNTY COMMON SCHOOL D ISTR IC T NO ^
Tex.— BONDS R E G ISTE R E D .— On April 7 an issue of $16,000 5% 10-30yr. (opt.) bldg, bonds was registered by the State Comptroller.
ATHENS INDEPENDENT SCHOOL D ISTRICT (P. O. A thens),
H enderson C ounty, Tex.— BO N DS R EG ISTERED . -1 he State ( ,°niptroller registered on April 7 the $10,000 5% 5-40-yr. (opt.) bldg, bond*
voted in January (V. 96. p. 221).
AUGUSTA COUNTY (P. O. Staunton), V a.— BOND O FFER IN G .—
Proposals will bo received until 12 m. May 1, by J. N. McFarland, Co.
Treas. for $250,000 4% coup. 10-30-yr. (opt.) tax-free South River Dist.
road impt. bonds (V. 95 p. 1420). Denom. $1,000. Int. J. and J.
Cert, check for 10% of bid required. Bonds will bo issued as needed, the
first issuo being for not over $100,000.
BANGO SCHOOL TOWNSHIP (P. O. Elkhart), Elkhart C ounty,
In d .— BO N D O FFER IN G . — Reports state that proposals will be received
until 10 a. m. May 10 by J. D. Bristol, Trustee, for $15,000 4 A % school
bonds. Denom. $500. Int. annual. Duo $1,000 yrly. on July 1 from
1914 to 1928 incl.
B ARR TOWNSHIP SCHOOL DISTRICT (P. O. W ashin gton ),
Davies 3 C ounty, In d .— BOND OFFER IN G .— Reports state that proposals
will bo received until M ay 6 (postponed from April 16) by G . B. Drew,
Twp. Trusteo, for $17,500 4 A % school bonds (V. 96, p. 1109). ^enom .
$625. Int. semi-ann. Duo $625 each six months from Juno 30 1914 to
Juno 30 1927 incl.
B A R R Y SCHOOL DISTRICT (P. O. Barry), Pike C ounty, 111.—
BO N D S A L E . — Tho $9,000 bldg, and impt. bonds voted M ar' 1 (W in’
p. 811) havo been sold, it is stated, to the farmers State Bank atl ittsfield.
BARTLESVILLE, W ashin gton C ounty,
BO N D E L E C T IO N
PROPOSED. — Reports state that an election will bo held in May to vote
on tho question of issuing $25,000 public-improve. bonds. (V .96.P .504)
BATH SCHOOL D ISTR IC T (P. O. Bath), N ortham pton C oun ty,
p a .— BOND E L E C T IO N PROPOSED.— Local pap ere state that an elec­
tion will bo hold in tho near future to decide whether this district shall Issue
$24,000 school constr. bonds.
tt
BATTLE CREEK, C alhoun’ C oun t” , M ich.— BO N D S A L E .— On
Apr. 21 the Harris Tr. and Savs. Bank of Chicago was awarded tho following
$S^00°snewert boands. , Date May 1. 1913.
10,000

paving0borSsN°D ate Mar’. 1 1913.

10 000 bridge tJonds. Date Mar. 1 1913.
Denom. $500: Interest semi-ann.

Due $5,000 N ov. 1. 1925
Duo $5,000 on Sept. 1 1916
Due Sept. 1 1915.

1244

THE CHRONICLE

B A Y CITY, Bay C ounty, M ich .— BOND O FFER IN G . — Proposals will
^ r e c e iv e d untii 3 p. m. Apr 28 by K. E. Prohazka. City S p , for
8100,000 5% iocal-lmnt. bonds. Denom. $1,000. Date M ay l 1913
830 000 ^ qia a n ?
Vooi' ^ ue.on May 1 as follows: $50,000 1910,
52, ui
«20*000 1021. Cert, check for 2% of bonds bid for
payable to City Comp., required. Purch. to pay accrued interest.
'
BAY C IT Y, M atagorda C ounty, Tex .— BO N DS R E n T S T E P i^n Or»
^
^ e ’^ works8^
r ° f }m
t r^ bonds
StertedvotedHJan.
1,00°18Ktreot“
impt.
and $6,000
wacei
wonts o ^ 2^4l^
20-40-yr.
(opt.)
(V. 96,
p. 300).
BELL COUNTY (P. O. B elton), Tex.— BOND E L E C T I O N __It Is

s g

i?s s °nT

r

to

[ V o l . XCV1

CARROLL COUNTY (P. O. Delphi), In d .— BOND O F F E R IN G ___
Reports state that proposals will bo received until Apr 28 bv W II Lesh
S3° li'nny S.
8 H n h ' f°,r the I0'!0" '1
, "" Denom.
% tax-free
’
$3,100
F. Allbaugh road bonds.
$.310 road bonds: '
5,000 Joso Garrison road bonds. Denom. $250
Date April 8 1913. Int. semi-annual.
CARSON, Pottawamie County, Iow a.— BOND election__T?nports stato that an election will bo held May 13 to voto on the nronosithfn
to issue $15,000 water-works-system construction bonds ( V 'Hi p ° 32) ° D
CASCADE IR R IG A TIO N DISTRICT (P. O. Ellonsburg) K ittitas
W ash.— BONDS V O T ED .— The proposition to issue the $700 000

l t t 2835-J5SSM! (V‘ 9Glp-904) carriedbyayotoof d0100
CASS COUNTY (P. O. Plattsm outh), Neb.— NO BONDS V O T ED .—
h lw
C o'.c lc r k under dato of April 23 that tho election
nnrfoH^n v cm J?'°5it-?nVS!te*T* th“ issuance of .812,000 jail bonds, as roported in v . J6, p. 11/0, but to voto a direct tax lovy.

c o ^ ° S
Chap
S w q ,lQ
% W Denom.
n ,00° 6 T°
g0,1? purchaser.
couVon drainage
v^nap. ™gS,
u o , Laws
1912.
to suit
Int. Mbonds.
. & N. Auth.

Ca?EN/F
M ^s'CFi?
7 v v iD I u'TR ICT 1P‘Los B anos>> Merced C ounty,
Cal.—
BOiVDS
VOTED .— The proposition to issue $3,750 6% 10-vear
ReponsT ?t^toCth^N,T
Y (Pi °will
-.llF,ow
ler)’. I n duntil
.— BOND O FFER IN G .—
he°d°A’priF 12b° ndS < U° 1923 carried by a votc of 33 to 10 at an election
stat0 that proposals
bo received
April 30 by W ir
road 87
for S7,4? ° Glynn gravel road, .$7,480 Moore gravel Bc/xv? p m - n n J r ' NSHIp (P. O Centre), Howard C ounty, In d .—
BOND O FFKRIN O .— Proposals will bo received until 7:30 p. m. Mav 3
e S - W o » V M ^ r A P u 5 7 A d3 , i . l ! i 4W ooro « “ " * r“ “ « * *
it is stated, by C.,11. F. Clark, Twp. Trustee, for $12 000 4 K % bonds’
BERKELEY, Alameda C ounty, C a l.— R E S U L T OF BOND E L E C T IO N
Denom. $1,000. Duo part yearly from 3 to 15 years
7 oonus.
«o -n n n ? 1,I0nihe!d ^VptV 12 the Questions of issuing the $475,000 sewer
CHAMBERS COUNTY (P. O. A nahuac), Tex .— BONDS V O T E D __
1
2039
and°3
o
n
T
fo
1
?
^
m
>nds
(V
\?
6’iP‘
96ml
)
carried,
T
ho
voto
was
.3,793
to
1,204 and 3,609 to 1.343, respectively. The proposition to issue $235 000 recent "elec tlon?^ Ulng S100-000 roatl bonds carried, reports state, at a
playground bonds was defeated by a vote of 3,040 “ for” to 1,844 “ against ’
a two-thirds majority being necessary to carry.
CHARLES C IT Y SCHOOL DISTR IC T (P. O. Charles City) Floyd
C ounty. Iow a.— BONDS V O T E D .— Rrports stato that the qua4tion o f
p y?T R K i COUN^
(P- O- R eading), P a .— BO N DS A W A R D E D I N issuing
$40,000 building bonds carried at tho election held April 16 by
S7 4 *RnrTg^V™,'?'Ivised that this county has disposed of to local peoplo
vote of 416 to 121*
l ’7,V9.;3i l % coup, bonds. These bonds are part of a issue of $400,000
o wmen $325,200 were previously sold.
CHEHALIS COUNTY SCHOOL DISTR IC T NO. 28, Wash — BO N D
.u Bl?A,I^ C 0.UNT Y (p - O. H ailey), Id ah o!— BOND S A L E .— On Apr. 16 SALE.— On April 12 $90,000 2-20-yr. (opt.) bldg, bonds wore awarded to
the $12,000 refunding bonds (V. 96, p. 7.39) were awarded to the Central the Stato of Washington at par for 4 J4s. A bid of $91,376 for 6s was re­
ceived Irom Farson, Son & Co. of Chicago. Denom. $1,000
Savings Bank & Trust Co. of Denver at 100.55 and int. for 5s. Other bidsCausey Foster & Co., Denver, par and interest for 5s.
'
CHELTENHAM TOWNSHIP (P. O. O gontz), M ontgomery C ounty,
N. Wright & Co., Denver, par and interest for 5s.
f a; — . l\ n RALE.— Reports state that on April 2.3 Ncwluirger, Henderson
C. H. Coffin, Chicago, $11,601 for 5s.
& Loeb of Philadelphia were awarded tho $110,000 4 K % 10-30-yr. (ont )
Security Sav. Ilk & Tr. Co., Toledo, $12,277 75, int. & blank bds. for 5 A s
coup, tax-free bonds (V. 96, p. 1170).
v P ''
John i\ uvecn & Co., Chicago, $12,150 & blank bonds fer 5 J4s.
CHEROKEE COUNTY (P. O. G affney), So. Caro . — BOND S A L E .—•
Spitzer Rorick & C o., Toledo. $12,051 25, int. & blank bonds for 5)4s.
Reports state that the Security Trust C o., Spartanburg, has boon awarded
Union Tr. & Sav. nank, Spokane, $12,015 & int. for S g s.
an issue of $47,500 4)4% funding bonds.
Bolger, Mosscr & Wlllaman, Chicago, par and int. for 5 '4 s .
■P O W N S m p (P O. Chester), E aton C ounty, M ich.—
H. C. Speer & Sons, Chicago, par for 5 'As.
E. II. Rollins & Sons, Denver, par for 514s.
bonds V O T ED .— It is reported that this township recently voted $1,500
road bonds.
C. II. Coffin, Chicago, $12,121 for 5!4s.
Sidnoy, Spitzer & C o., Toledo, $12,375 and int. for 6s.
CHICO H IGH SCHOOL DISTRICT (P. O. C hico), B utte C oun ty.
C. II. Coffin, Chicago, $12,361 for 6s.
hf!
'
T! 0
— Report s stato that an election will
Terry, Briggs & Slayton, Toledo, $12,336 and int. for 6s.
Do held shortly to voto on tho following propositions to issuo bonds, aggro­
C. S. Kidder & Co^ Chicago, $12,217, int. and blank bonds for 6s.
gating $111,000: $65,000 high-school, $25,000 Oakdale School, .80,000
First Nat. Bank, Barnesvillo, Ohio, $12,126 for 6s
S n l?k ^ nHlrati" |i! an<1 equipment, $10,000 West Side school-bklg. and
Minnesota Loan & Trust Co., Minneapolis, par, int. and blank bonds for 6s
$5,000 Chico Vecino impt. bonds (V. 96, p. 300).
Denom. $500 and $1,000. Date July 1 1913. Int J & J
Due 81 909
CHILDRESS INDEPENDENT SCHOOL D ISTRICT (P.O. Childress)
yearly July 1 from 1923 to 1932 incl.
10 51,200
Childress C ounty, Tex .— BONDS R E G ISTE R E D . — The Stato Comp­
8 o n i f ™ n H i Mass .— T E M P O R A R Y L O A N .— This city has borrowed troller on April 7 registered $30,000 5% 15-40-yr. (opt.) bldg, bonds.
plus $3 5 0 *ntU N
1j from Curtls & Sanger of Boston at 4.42% discount
9 b 1°'r T 4> O FF ER IN G .— Proposals will be received
12
M ay 5 by I. D. VVashburn, Auditor, for $125,000 4)4% riood,s c ; H O O L DISTRICT, Fresno C ounty, C al .— BO N DS
emorgency bonds. Denotn. $500. Date April 21 1913. Int. semi-ann.
April 15 it i7statedLS WCr° receivetl for an issuo of *5.000 5% bonds offered XiL? la,,201yrs- r BIds: to be on printed forms furnished by tho Auditor.
Cert, check for 5% of bonds bid for, payablo to Auditor, required. Pur­
chaser to pay accrued interest.
p /? n /w n E
° UNT,Y <P' ° ' C ochran). O a .— BO N D E L E C T IO N
™ PJ
This county is contemplating calling an election shortly to
CLAIBORNE COUNTY (P. O. F ort G ibson), Miss .— BOND S A L E .—
Jn rlin .Hnn TloSnnnS
issu'ug $45,000 court-house sito-purcliaso and PnrfV'u ‘ iG,000 5% 20-yr. road bonds were awarded, it is stated, to tho
5% 30-year bonds000 slt<>'purchase antl Jail construction and $8,000 road ? ° t t Gibson Bank at 101. Bids for issues of $25,000 and $ 15,000 refunding
bonds offered on tho samo day were rejected, it is also reported.
BLISSFIELD SPECIAL SCHOOL D ISTR IC T (P. O. Blissfield), ,. 9 k EAP' iI!A? E'
tie! County, So. D ak.— BONDS V O TED .— A t tho
C oshocton C ounty, O hio.— BOND O FFER IN G .— Proposals will be re­ election held Apr 15 the question of issuing tho $10,000 5% 5-20-yr.
ceived until 12 m. May 9 by J. E. Milligan, Clk. Bd. of Ed., for $7,000 5% (opt.) city-hall bldg, bonds (V. 06, p. 1039) carried by a voto of 137 to 41.
school bonds Auth. Secs. 7625, 7626, 7627 and 7628, Gen. Code. De­
CLEAR LAKE UNION HIGH SCHOOL DISTRICT (P. O. Lakeport),
noin. (10) $250, (8) $.300, (6) $350. Dato M ay 9 1913. Int. W . & S. at Lake
C ounty, Cal.— BOND E L E C T IO N PROPOSED.— An election will
the Farmers & Merchants' Bank Co., Warsaw. Due $250 on Mar. 1 and
Son
nnn ili S 10 f 01*,
it is stated, to voto on tho question of issuing
f n o i 'i 1 from .1iU r«to l 9,18 inch, $300 on Mar. 1 and Sept. 1 from 1919 to §30,000
high-school bonds.
.
1922 inch and $350 on Mar. 1 and Sept. 1 from 1923 to 1925 incl. Cert check
COACHELLA SCHOOL D ISTRICT (P. O. C oachella), Riverside
for 4% of amount of bid, payable to Treas. of Bd., required. Purchaser
to pay accrued interest.
C ounty, Cal. BONDS D E F E A T E D . — Tho question of issuing $25,000
BON HOMME COUNTY (P. O. T yndall), So. Dak.— BOND S A L E — school bonds was defeated at an election held Apr. 4.
COATESVILLE SCHOOL DISTRICT (P. O. Coatesville) Chester
On Apr. 16 the $65,000 5-20-yr. (opt.) court-house and jail bldg, bonds
dated May 1 1913 (V c 96, p. 8901 were awarded to tho Continental & Com­ C oun ty Pa .— BO N D O FFER IN G .— Further details are at liaml relative
mercial Trust & Sav. Bank o f Chicago at par and int. for 5s. Other bidshnmic ? v ° M g ° n
28 I°,f th0
0°° 4 '4 % coup, or rog. tax-free bldg,
k h l l ' y ^ i n T p TrustCo.. Minneapolis--------------$64,350 and int. for 5s bonds (V. 96, p. 1110). Proposals for these bonds will be received until
John Nuveon & C o ., C hicago__________
(i.l 200 and int for
K. m. on that day by II. E. Stone, Sec. pro tom. Dato about June 1 191.3.
Due part year v beginning 10 years after dato. Cert, check for $500.
<n0 , ,T0rl^ ° ------------- 1 - 11H I - H I 6.3,750 and int! for 5s
Harris Tr. & Sav. Bank Chicago--------------------------- 6.3,70.3 and int. for 5s payable to the “ School District," required.
II. C . Speer & Sons, Chicago----------------------- -------- 65,076 for 5,J4s
COFFEYVILLE, M ontgomery C ounty, Kana .— BONDS V O T ED .—
BOSSIER PARISH (P. O. B enton), La .— BOND E L E C T IO N PRO­ The proposition to issue $30,000 5% 20-yr. railroad-aid bonds (V. 96. p.
964), carried by a vote of 1.485 to 360 at tho election held Apr. 1.
POSED . — Dispatches state that tho citizens of this parish adopted a reso­
lution recently petitioning tho Police Jury to order an election to voto on m
SCHOOL D ISTRICT NO. 58 (P. O. Clarkson),
tho question of issuing $300,000 road-improvement bonds.
,bo'nr7/!OA/) RALE.— On Apr. 16 tho $24,500 5% bldg, bonds (V. 96,
BROGDEN TOWNSHIP (P. O. G oldsboro), W ayne C ounty, No. p. 1039), wero awarded, it is stated, to Emil Folda of Clarkson for $24 250—
Caro.— ROND E L E C T IO N . — Tho question of issuing $40,000 good road making tho price $98,979.
bonds will be submitted to the voters on Juno 24, according to local news­
COLLEGE CORNER, Butler County, O hio.— BOATDS N O T SOI D __
paper reports.
No sale was made on Apr. 14 of the $1,500 5% 8-year (av.) streot-impt.
BOW/ M cCurtain C ounty, O kla .— BOND E L E C T IO N bonds offered on that day (V. 96, p. 964).
/ ROPOSEI).— An election will bo held shortly to voto on tho question of
COLUMBIANA COUNTY (P. O. Lisbon), O h io .— BOND S A L E .— On
issuing $60,000 water-works bonds. These bonds, as stated in V. 96 p. April 15 $4,478 17 5% tuberculosis hospital bonds wore awarded it Is
i 1luWero Previously voted, but tho proceedings wero declared Irregular stated, to the Dollar Sav. Bank of East Liverpool for a premium of $75.
Dy tne courts.
COLUMBUS, Muscogee County, G a .— BOND E L E C T IO N .— An elec­
BRUNSW ICK COUNTY (P. O. S outhport), No. C a r o __ DEScrip- tion will be held on July 5 to voto on tho proposition to issuo $60 000 4)4 %
FnP vfPV
810'000.s,1
1:lllo « o Twp. and $10,000 Lockwood’s
gold coup, hospital-constr. bonds. Denom. $1.000. Int. J. & J. at City
Polly 6% road-impt. bonds awarded on Apr 7 to C. N. Malone & Go of Treasury. Due $2,000 yrly. on Jan. 1 from 1915 to 1944 inch
Asheville at par (V 96. p. 1110) aro in the denom. of $1 OOO eae and bear
COLUMBUS, Platte C ounty, Neb.— BOND E L E C T IO N . — On M ay 20
dato of Mar. 1 1913. Int. M . & S. Duo Mar. 1 1943.
an election will be held to submit to a voto the quastion or issuing $10,000
issmwTf^gor?hnn'a \
SALE.— Reports state that tho remaining watcr-works-ext. bonds. It is reported.
issue of $238,000 4 '■( % rog. tax-free Bird Avo. sewer-refunding bonds of­
CONCORD SCHOOL DISTRICT (P. O. C oncord), Cabarrus
fered without succoss on April 16 (V. 96, p. 1170) was awarded at nuhlic
C ounty, No. Car .— BOND E L E C T IO N . — An election will lie hold May 0
auction on April 23 to tho Columbia Nat. B a h k o f B u ffa lo a t par.
to submit to the voters tho auestion of issuing $20,000 school-constr. bonds.
BURREL SCHOOL DISTRICT, Fresno C ounty, Cal .— BOND S A L E
COOK COUNTIf (P. O. C hicago), 111.— BOND O FFER IN G . — Prolosals will bo received botween May 1 and 2 p. in. May 15, reports state,
Nationa^Bank of F r^im ^tbB)o!65Vere aWarded> U 13 Stated’ to the First
by R. E. Kenyon, Supt. of Public Sorvico, for tho $1,500,000 4% 20-yair
CABELL COUNTY (P. O. H u n tin g ton ), W. Va .— BONDS TO BE hospital bonds offered without success on April 5 (V. 96. p. 1110). Certi­
8
'nnn7i S1\°.RT!‘ Y. — ™ s county wil* off«r for sale within a fow weeks fied check for 2% required.
$100,000 road-impt. bonds, reports state.
COPLEY TOWNSHIP SCHOOL DISTR IC T (P. O. C opley), Summit
C ounty, Ohio.— BOND O FFER IN G . — Proposals will be received until
7i/')^ ?sAw?io. n IS^ R IC T (P< ° ‘ Paw P aw )’ Mor» an C ounty, W. Va.—
B<'NDS V07 E D .— Reports state that at a recent election held in this dis­
12 m. May 6 by Ed. Adair, Clerk Board of Education, for tho $14,000 5%
trict the question of issuing $15,000 to erect a school building at Paw Paw coup, school-bldg, bonds voted Mar. 18 (V. 96, p. 964). Denom. $500.
carried by a vote of 172 to 171.
B
Dato May 6 1913. Int. M. & N. at offico of Clerk of Board of Education.
Duo $1,500 yearly on May 6 from 1925 to 1930, inclusivo, $1,000 on May 6
CALHOUN COUNTY COMMON SCHOOL DISTRICT NO 11 Tex
1931
and $2,000 on May 6 1932 and 19.3.3. No deposit required.
m ' oo^
^ G /B T ^ F D - T h o State Comptroller registered on April 7
52,000 5% 5-20-yr. (opt.) bldg, bonds.
CORCORAN UNION HIGH SCHOOL DISTR IC T, Kings C ounty
^ ,. ? A I‘ lF P ^ P 1P , : ~ ri0N D RALE.— On April 7 tho $800,000 4% State
Cal.— BOND O FFER IN G . — Proposals will bo received until 2 p. m. Mav
the 8M°fod «cnn non
11101
soI<l, at l)ul)lic auction to various banks of by Francis Cunningham, Clerk Bd. of Co. Supervisors (P. O. Hanford)
tno state, $600,000 at par and int. and $200,000 at 100.005.
for the $45,000 5% goldhigh-school-constr. and equip, bonds voted Feb 19
825 nnnDiP/N ’onCam(]-fn P ° ? n,t y - N- J-— ■
BOND S A L E . — On April 21 tho (v . 96. p. 665). Denom. $1,000. Int. semi-ann. Duo $1,000 vcarlv
April 7 from 1929 to 1933 incl. and $2,000 yearly Apr. 7 from 1934 to
sTni-inj0
°^yr' Cro-dept. bonds (V. 96. p. 1170) wero awarded to tho on
lyoo incl.
Sinking Fund at par. Denom. $1,000. Dato April 1 1913.
CAMERON COUNTY (P. O. Brownsville), Tex .— BONDS VOTED —
(V.P96,SpS 5 8 1 ) thafc this county recently voted $20,000 road-impt. bonds
w iY iT jwiu . } i o ,u u u w acu r-w u riv s u y 0 o u - y r
CAMP COUNTY COMMON SCHOOL DISTR IC T NO 9 Ter — ( V . 96, p. 582). D a te J a n riril) 1,3. Int. J. and J.
$

5

0

0

*

5

%

Stat° ComptroIk‘;- ^ t e v e d

CARO, T uscola County, M ich .— BONDS V O T ED . — Reports stato that
bonds

The' vote M




t o a l ’ S11,9° ° Stat° Str‘ PaV' (city’s portlon)

CORPUS CHRISTI, Nueces C ounty, Tox.— BOND E L E C T IO N PRO­
POSED .— Council is said to bo considering calling an olection to voto on

tho question of Issuing $30,000 wator-ptant-constr. bonds.
CRESTON SCHOOL D ISTRICT (P. O. C reston), U nion C ounty,
Iow a. — BONDS V O T ED .— Local nowspapers stato that at tho oloctlon

A p r . 26 IP 3 1

THE CHRONICLE

held Apr. 16 the proposition to issue $20,000 hich-school-impt. bonds re­
ceived a favorable voto.
CUSHING, Payne C ounty, Okla .- B O N D S V O T ED .— This place,
according to reports, recently voted $15,000 well-constr. bonds.
CUYAHOGA COUNTY (P. O. Cleveland), O hio.— BOND O F F E R ­
I N G S .— Proposals will bo roccived until 11 a. m. M ay 7 by J.F .G oId enbogen, Clerk Bd. of Co. Comm'rs, for the following 4M % coup, la y lo r
____ ____ . _ .
_
_
Road No. 2 impt. bonds:
$32,150 (assess.) bonds. Dcnom. (1) $150, ( 3 2 ) *1,000.. Duo $150 on
Oct. 1 1915, $1,000 Apr. 1 1916 and $2,000 each six months from
Oct 1 1916 to Apr. 1 1920, incl., and $3,000 each six months from
Oct. 1 1920 to Oct. 1 1922 incl.
33.890 (county’s portion) bonds. Donom. (1) $890, (33) $1,000. Duo
«890 on Oct. t 1915, $1,000 on Apr. 1 1916. $2,000 each six months
from Oct. 1 1916 to Oct. 1 1919 Incl., $3,000 each six months from
Apr. 1 1920 to Oct. 1 1922.
Auth. Secs. 2294, 2295, 6912, 6912-1 and 6913, Gon. Code. Int. A. & O.
at office o f County Treas. Cert, check for 1% of bonds bid for, payable
to County Treas., required. Bonds to bo delivered and paid for within
10 days from time of award. Purchaser to pay accrued int. Separate bids
must l)o made for eacli block of bonds.
Proposals will also be received until 11 p. m. M ay 10 by J. F. Goldenbogon, Clerk, for the following 4% % coup. Prospect Road No. 2 bonds:
$4,400 assess, bonds. Donom. (1) $400, (8 ) $500. Duo part yrly. on
April 1 from 1914 to 1922 incl.
34,195 (county’s portion) bonds. Denom. (1) $195, (34) $1,000.
Duo
part each 6 mos. from Oct. 1 1914 to Oct. 1 1922 incl.
Auth. Secs. 2294, 2295. 6912, 6912-1 and 6913. Date M ay 1 1913.
Int. A. & O. at offlco of Co. Treas. Cert, check for 1% o f bonds bid for,
payablo to Treas., required. Purchaser to pay accrued int. Bonds to be
delivered and paid for within 10 days from time of award. Bids must bo
unconditional. These bonds were offered without success as 4K s on
March 26. V. 96, p. 1039.
Proposals will also be received until 11 a. m. May 14 by .1. F. Goidenbogen, Clerk County Commissioners, for $26,270
coupon Richmond
Road No. 3 impt. bonds. Denom. (26) $1,000 and (1) $270. Date May 1
1913. Int. A. & O. at the County Treas. office. Duo $270 Oct. I 1914,
$ 1 , 0 0 0 each six r
" ‘
. . .
■■
"
*
six months from
bonds bid for,
accrued int. A similar---------good & Mayer of Cine, for 4 i4 s (V . 96. n. 0 8 2).
DAVIDSON COUNTY (P. O. L exington), No. Caro.— BONDS
D E F E A T E D . —Tho proposition to issue the $300,000 road-lmpt. bonds
(V. 96, p. 1110) was defeated at the election held Apr. 22.
DECATUR, De Kalb C ounty, Ga.— BO N D S A L E .— On Jan. 1 this
city disposed of $5,000 school bonds. Due July 1 1942.
DECATUR COUNTY (P. O. G reensburg), In d .— BOND O FFER IN G .
— Proposals will bo received until 1 p. in. June 3, it is stated, by Linton
W . Sans, Co. Aud., for $30,000 4 'A % bonds. Denom. $500. Int. ann.
on Dec. 2.
DECATUR SCHOOL DISTR IC T (P. O. D ecatur), Wise C ounty,
T e x — BOND E L E C T IO N P RO PO SED — An election will be held shortly.
It is stated, to voto on tho proposition to issue $25,000 high-school-constr.
bonds.
DEER PARK, Spokane C ounty, W ash.— BONDS A U T H O R IZ E D . —
An ordinance was passed Apr. 2, reports state, providing for tho issuance
of $11,500 municipal bonds, recently voted by tho people.
DEER WOOD, Crow W ing C ounty. M inn.— BOND O FFER IN G .—
•Proposals will be received until 8 p. m. Apr. 29 by tho Vil. Recorder for
the $15,000 5% water-works bonds voted Mar. 26 (V. 96, p. 1039). Auth.
Chaps. 9 and 10, Revised Laws of 1905. Denom. $1,000. Int. J. & J. at
First Nat. Bank, Deerwood. Due $3,000 yearly on July 1 from 1928 to
1932, incl. Official circular states that there is no controversy or litiga­
tion ponding or threatened affecting tho corporate existence or the boun­
daries of said municipality or tho titlo of its present officials to their re­
spective offices, ot tho validity o f these bonds, and that there lias never
boon any default in payment of either principal or interest on any of its
obligations: also that no previous issues of bonds have ever been contested.
Bonded debt (including this issue) $25,000. No floating debt. Assess,
val. (equalized) 1912, $152,218.
DELAWARE, Delaware C ounty, O h io.— BOND O FFER IN G .— Pro­
posals will bo received until 12 m. May 19 by F. D. King, City Aud., for
tho .$10,000 5% coup, street-impt. (city’s portion) bonds authorized Jan. 22
(V. 96. p. 504). Denom. $500. Date Mar. 1 1913. Int. M. A S. at tho
Sinking Fund depository.
Duo $1,000 yrly. on Mar. 1 from 1914 to 1923
incl.
BONDS A U T H O R IZ E D . — An ordinance was passed Apr. 11 providing
for the issuance of $4,500 5% coup, street-impt. bonds. Denom. $500.
Date not later than Sept. 1 1913. Int. M . & S. Due $500 yearly on Sept. 1
from 1914 to 1922 incl.
DELTA COUNTY (P. O. E scanaba), M ich.— BONDS V O T E D .—
According to unofficial election returns, tho proposition to issuo $10,000
almshouse construction bonds carried at tho election held Apr. 7.
DENNISON, Tuscarawas C ounty, O h io.— BO N DS A U T H O R IZ E D . —•
An ordinance was passed Apr. 14 providing for tho issuance of $24,000
5 'A % coup. First St. impt. bonds. Denom. $500. Date Apr. 15 1913.
Int. A. A O. at Dennison Nat. Bank, Dennison. Duo $2,000 yearly on
Apr. 15 from 1914 to 1925 incl.
DENNISON SCHOOL DISTRICT (P. O. Visalia), Tulare C ounty,
Cal.— BONDS D E F E A T E D .— Tho question of issuing $1,000 7 % school
bonds was defeated at tho election held Mar. 29.
DENTON COUNTY SCHOOL DISTRICT NO. 3 (P. O. D en ton ),
T e x .— BONDS VOTED . — Newspaper dispatches state that this district
recently voted $1,000 school bonds. Tho voto was 18 to 14.
DENTON COUNTY SCHOOL DISTRICT NO. 89 (P. O. Plainview),
Tox.— BONDS V O T ED . — By a vote of 12 to 5 cast at a recent election an
issue of $4,000 school bonds was voted, according to reports.
DE W ITT COMMON SCHOOL D IS T R IC T (P. O. Gonzales), G on ­
zales C ounty, Tex.— BONDS D E F E A T E D .— A t the election held Apr. 5
tno proposition to Issue school-construction bonds was defeated, it is stated.
m,DIC.KEN MC°.U^ T Y (p - O. Dickens), Tox.— BONDS D E F E A T E D .—
1 ho proposition to issue $160,000 road bonds was defeated, local papers
stato, at an election recently held.
.
DISTR IC T (P. O. D on iph an), R ipley C oun­
ty, Mo. BOND S A L E . — On Apr. 22 the Win. It. Compton Co. of St.
Louis was awarded at par tho $25,000 5% 10-20-yr. (opt.) high-school
bonds (V. 96, p. 1110). Denom. $500. Date Juno 1. 1913. In t.J .a n d D .
D U Q U ^ N E SCHOOL DISTR IC T (P. O. D m u e sn e ), A llegheny
County, Pa .— BO N DS TO BE OFFERED SH O R T LY .— 'This district will
offer for sale in tho near future about $180,000 high-school-constr. bonds.
DYERSBURG SCHOOL D ISTR IC T (P. O Dversburg), Dyer
C ounty, T enn. -BOND E L E C T I O N - A n e le c t i o n w i X h o M lM a y 5 to
voto on tho proposition to issue $2o,U00 •>% coupon high-school-bldg, bonds.
DYSART, Tama County, Iow a.— BOND O FFER IN G .— Proposals will
bo received until 8 p. tn. May 2 by tho Town Clerk, J. [>. Redmond, Mayor
for $10,000 20-yr. municipal electric light bonds (V. 96, p. 1110). Int.
somi-ann. Cert, check for $300 required.
EAST CLEVELAND, Cuyahoga C ounty, O hio.— BOND S A L E . — On
Apr. 22 the $13,900 5% assess, bonds (V. 96, p. 891) wero awarded to tho
Sinking Fund at par and int.
EASTLAND COUNTY COMMON ’SCHOOL D ISTR IC T NO. 43, Tex.
— BONDS R E G ISTE R E D . — The State Comptroller registered on April 7
S17.000 5% 10-20-yr. (opt.) building bonds.
ELIZABETH, N. J .— BONDS A U T H O R IZ E D .— We aro advised that
‘Fdluanco was passed Mar. 18 providing for the issuance of $303,000
Vo school bonds, due July 1 1952. These bonds take the place of tho
issuo ° f 8003.000 school bonds offered without success as 4 \is (V. 96, p .
1 ' ,are further advised that the now issue of bonds will bo offered
f
Si^ly Part of May.
,.
PPr O SED. —-An ordinance authorizing tho issuance of $203,000
lLm'/,’,iSf!w<i ,.!U s due Apr. 1 1953, introduced Mar. 181913, was ro-conimitted to the Financo Committee Apr. 15.
U nion C ounty,
’ " ‘ in to issuo the
be submitted




t 2 4 ,3

EUREKA, L in coln C ounty, M ont.— BO N DS D E F E A T E D . — The
proposition to issue the $7,000 sewer bonds (V. 96, p. 1039) was defeated
at the election held April 7.
EVERETT, Snohom ish C ounty, W ash.— BOND S A L E . — On April 8
the Citizens’ Bank & Trust Co. of Everett was awarded the following 7%
bonds: $1,436 55 District No. 280 bonds for $1,453 78 (101.199) and
$3,736 28 District No. 274 bonds for $3,781 12 (101.20). Denom. $100.
Date April 17 1913. Int. annually in April. Due April 17 1918, subject
to call at any installment date.
FAIRMEAD SCHOOL DISTRICT, Madera C ounty, Cal.— BOND
OFFERIN G. — According to reports, proposals will be received until 2 p. m.
May 5 by the Clerk Board of Supervisors (P. O. Madera) for the $48,000
school bonds recently voted.
FERNANDINA, Nassau C ounty, Fla. — BOND E L E C T IO N PRO­
POSED .— An election will be held in tho near future, it is reported, to vote
on tho question of issuing $50,000 municipal-ice-plant, dock and recreationpior bonds.
FLINT, Genesee C ounty, M ich.— BO N DS N O T SOLD.— No bids we e
received on Apr. 17 for the $93,125 4 1 4 % sewer bonds offered on that day
(V. 96, p. 1111).
FONTANELLE, Adair C ounty, Iow a.— BO N DS V O T ED . — It is re­
ported that this town recently voted $10,000 electric-light-plant and
$ 1 2 , 0 0 0 water-works-system-construction bonds.
FORT DODGE SCHOOL DISTR IC T (P. O. F ort Dodge), W ebster
County, Iow a.— BOND E L E i'T IO N . —-A vote will be taken on May 5
on the question of issuing $65,000 building bonds.
FORT PAYNE, DeKalb C ounty, A la. — BOND E L E C T IO N . — An
election will be held M ay 5 to vote on the question of issuing $10,000 4%
20-yr. school-bldg, bonds.
FORT BID WELL SCHOOL DISTR IC T (P. O. Fort Bidw ell), M odoc
C ounty, Cal.— BONDS V O T ED . — By a vote of 85 to 20 cast at a recent
olection tho question of issuing school-impt. bonds carried, reports state.
FO R K TOWNSHIP (P. O. G old sboro), W ayne C ounty, No. Car.—
BOND E L E C T IO N .— On M ay 27, reports state, the proposition to
issuo $15,000 good road bonds will bo submitted to a voto.
FRANKLIN COUNTY (P. O. R ussellville), A la. — BO N D E L E C T IO N .
— An election will be held May 19, reports state, to vote on the question
of issuing $125,000 pike-construction bonds.
1TFREDONIA, C hatauqua C ounty, N. Y .— BOND O FF ER IN G . —
Proposals will bo received until 7:30 p. m. M ay 1 by II. B. Espy Clork, for
tho $16,700 rcg. East Main St.-paving bonds not exceeding 5% int.. voted
Mar. 10 (V. 96, p. 812). Denom. $1,670. Dato July 1 1913. Int. J. & J.
Duo $1,670 yearly on July 1 from 1914 to 1923 incl.
FRIENDSHIP, A llegany C ounty, N. Y .— BO N D O FF ER IN G . — Pro­
posals will be received until 8 p. m. May 8, it is reportod, bv II. L. Blossom,
Villago Clork, for $16,000 5% 1-16-year (serial) paving bonds. Int. semi­
annual.
FRIO COUNTY (P. O. Pearsall), Tex.— BO N D O FFER IN G . — Pro­
posals will be received until 2 p. m. May 12 by J. L. Pranglin, Co. Clerk
for $80,000 5% 10-40-yr. (opt.) road bonds. Int. A and O. in Austin or
at Hanover Nat. Bank, N. Y. A similar issue of bonds was awarded to
Sutheriin & Co. at 100.25 (V. 96, p. 740).
G ARZA COUNTY COMMON SCHOOL D ISTR IC T NO. 7, T ex.—
BO N DS IlE G ISl'E R E D . — On April 7 an issuo of $1,200 5% 8-15-year (opt.)
building bonds was registered by tho Stato Comptroller,
GERMAN FLATTS, Herkimer C ounty, N. Y .— BOND O FF E R IN G .—
At 2 p. m. April 29, Henry Spohn, Town Supervisor, will sell at public
auction in Mohawk $6,000 coup, bonds at not exceeding 5% interest,
Denom. $1,000 Dato March 1 1913. Int. M . & S. at tho Ilion Nat.
Bank. Due $1,000 on March 1 from 1916 to 1921 incl. Certified check or
Now York draft (or cash) for 10% of bonds required.
GLENDALE, H am ilton C ounty, O hio.— BO N D O FF ER IN G . — Pro­
posals will be received until 12 m. May 12 by J. G. Gutting, Villago Clerk,
for $4,000 4 lA % coupon water-works-impt. bonds. Auth. Sec. 3939, Gen.
Codo. Denom. $500. Dato Mar. 1 1913. Int. M . & S. at First National
Bank, Lockland. Due $1,000 yearly on Mar. 1 from 1918 to 1921, incl.
Cert, check for 5% of amount of bid, payable to Village Treasurer, required
Bonds to bo delivered and paid for within 10 days from time o f award
Purchaser to pay accrued int. A similar issue of bonds was awarded to the
Atlas Nat. Bank of Cincinnati on Mar. 17 (V. 96, p. 891).
GLENN UNION SCHOOL D ISTRICT (P. O. G lenn ), G lenn C ounty.
Cal.— BOND E L E C T IO N . — The question of issuing $6,000 school bonds
will bo submitted to a voto on May 14, it is stated.
GOLDSBORO TOWNSHIP (P. O. G old sboro), W ayne C oun ty,
No. Car.— BO N D E L E C T IO N . — An election will bo held M ay 27, it is
stated, to voto on tho question of issuing $100,000 good-road and $40,000
school bonds.
GRANT SCHOOL DISTR IC T (P. O. G rant), M ontgomery C oun ty,
Iow a.— NO BOND E L E C T IO N . — We are advised that the reports stating
that an election will bo held to vote on tho question of issuing $40,CCO
building bonds (V. 96. p. 1040) are erroneous.
GREENE COUNTY (P. O. Greeneville), T en n . — BO N DS A U T H O R ­
IZ E D . — According to reports, an ordinance was recently passed by the
County Court providing for the issuance of $25,000 school-building bonds.
GREENLAND TOWNSHIP SCHOOL DISTRICT (P. O. G reenland),
O n ton agon C ounty, M ich.— BOND OFFERED B Y B A N K E R S . —-Bolger,
Mosscr & Willaman of Chicago aro offering to investors $58,000 5%
bonds. Denom. $500. Dato Apr. 15 1913. Int. ann. in Chicago. Duo
$4,000 yrly. on Mar. 15 from 1914 to 1923 incl. and $4,500 yrly. on Mar. 15
from 1924 to 1927 incl. Bonded debt $58,000. Real val. $1,459,880.
Actual val. (est), $5,000,000.
GREENVILLE, Montcalm County, Mich.— BONDS D E F E A T E D .—
At tho election held April 7 the question of issuing $5,000 lighting bonds
was defeated.
GREENVILLE, H u nt C ounty, T ex .— BOND E L E C T IO N .— An elec­
tion will bo held M ay 12, it Is stated, to submit to a vote tho question of
issuing $18,000 market squaro site-purchase bonds.
GREGG COUNTY (P. O. Longview), T e x .— BO N DS R E G IS T E R E D .
— On April 7 tho Stato Comptroller registered $30,000 5% 5-20-year (opt.)
road bonds.
GRIDLEY SCHOOL D IST R IC T (P. O. G ridley), B utte C oun ty,
Cal.— BONDS D E F E A T E D .— At the election held April 5 the question of
issuing the $33,000 school bonds (V. 96, p. 965) were defeated by a voto
of 80 "for” to 252 “ against.”
GROSSE POINTE, Wayne County, M ich. — BOND O FF ER IN G .—
Proposals will bo received until 8 p. m. M ay 7 by \V. G. Dicgel, Villago
Clerk, for $60,000 10-20-year (opt.) Jefeerson Ave. tax-free paving bonds,
voted April 15. Denom. $1,000. Date Juno 1 1913. Int. (rate to bo
named in bid) J. & D. at Villago Treasurer’s office. An unconditional certi­
fied check for 2% of bonds bid for, payable to Village Treasurer, required.
HADDON HEIGHTS, Camden County, N. J .— BOND E L E C T IO N .—
An election will bo held Apr. 29 to submit to a voto the question of issuing
$30,000 paving bonds.
H ARDW ICK GRAMMAR SCHOOL DISTRICT (P. O. H ardw ick),
Kings C ounty, Cal.— BOND OFFERIN G. — Proposals will be received
until 2 p. m. May 6 by Francis Cunningham, Clerk Bd. of County Super­
visors (P. O. Hanford), for the $10,000 6% gold school-constr. and equip,
bonds (V. 96, p. 1171). Denom. $1,000. Int. annual. Due $1,000
yearly on April 7.
HARRIS COUNTY (P. O. H ouston), Tex.— BOND E L E C T IO N
PROPOSED.— Local newspapers state that the question of issuing $15,000
road-construction bonds in Mount Houston District will be submitted to
a voto in the near future.
HARRIS COUNTY DRAINAGE DISTRICT NO. 7 (P. O. H ou ston ),
T e x .— BONDS PROPOSED.— Reports state that the County Commission­
ers havo ordered tho issuance of $140,000 drainagc-system-constr. bonds.
HASKELL COUNTY COMMON SCHOOL D ISTR IC T NO. 17, T ex.—
BONDS R E G IS T E R E D — An issuo of $1,200 5% 15-20-yoar (opt.) bldg,
bonds was rogistorod by tho Stato Comptroller on April 7.
HAVEN, R eno C ounty, K an .— BONDS D E F E A T E D .— T h e proposi­
tion to issue the $15,000 municipal water-works-system-construction bonds
(V. 96, p. 1040) was defeated at tho eloction held April 7, by a v ote'of
91 "for” to 142 “ against.”

1246

THE CHRONICLE

HENDERSON COUNTY (P. O. A thens), Tex .— BO N DS D E F E A T E D .
— The question of issuing the $100,000 road-impt. bonds (V. 96, p 1040)
was defeated at the election held in Athens Precinct No. 1 on Apr. 5 by a
vote of 203 “ for to 111 against, ' a two-thirds majority being necessary
to carry.
HENDERSON INDEPENDENT SCHOOL DISTR IC T (P. O H ender? o n ); R usk C ou n ty, T e x .— BONDS R EG ISTE RE D .— A n issuo of $25,000
5% 10-40-year (opt.) budding bonds was registered by the State Comp­
troller on April 7.
HIGHLAND (P. O. H ighlandville), C hristian C oun tv Mo —
BO N D E L E C T IO N P R O P O S E !).-T h is place will votfshortly on the quest­
ion o f issuing $.30,000 water-works-constr. bonds, reports state.
P ' R/n um on d )> H enrico C oun ty, V a.—
B O N D E L E C T IO N -— An election will beheld M ay 15, it is stated, to submit
to a vote the question of issuing $50,000 5% street and permanent im­
provement bonds (V. 96, p. 505).
sACI*0 p L DISTR IC T N o . 1 (P. O. Havre), M ont.—
i n P
i
8 $4,000 6% 5-10-year (opt.) site-purchase and
bi‘ ,
rbo?,ds,
0a)var(4ed to the First Nat. Bank of Barnesville, Ohio,
S '.m o '65; . H. Coffin of Chicago bid $4,004. Denom. $500. Date April
o 1913. Interest annually in January.
HINDS COUNTY (P. O. Jackson), Miss.— BO N DS PROPOSED.— 1This
county will issue on M ay 1 $200,000 5% tax-free road construction bonds
in Districts Nos. 1 and 5. Denom. $500.
HOLLAND, M ich.— BONDS D E F E A T E D .— A recent election is said
to have resulted in the defeat of a proposition to issuo $10,000 bonds to
purchase the fair grounds.
.H O L L E Y , Orleans C ountv, N. Y .— BO N D S A L E .— On Apr. 16 the
$4,000 light-ext. bonds (V. 96, p. 1111) wero awarded to the Rochester
Savings Bank of Rochester at par for 5s. A bid of $4,010 for 5s, less attor­
ney s fees, was received from M . W . Greene of Rochester. Denom. $500.
Date May 1 1913. Int. ann. on Aug. 1. Due $500 yearly on Aug. 1 from
1914 to 1921 incl.
HEBRON SCHOOL D ISTR IC T (P. O. H ebron), L icking County,
O hio.— BO N D E L E C T IO N . — Reports state that an election will bo held
April 29 to vote on the question of issuing $30,000 bldg, bonds.
HUMBOLDT, M innehaha C oun ty, So. Dak.— BOND E L E C T IO N
PROPOSED. —According to reports, a petition is being circulated asking
for an election to vote on the issuance of $3,000 city-hall bldg, bonds.
HUNTINGTON, w _ Va .— BO N D S PROPOSED.— Reports state that
the meal Chamber of Commerce has endorsed a bond issue of $1,000,000, to
provido $800,000 for tho installation of a wator plant and $200,000 for pav­
ing and sower improvements.
HURON SCHOOL D ISTR IC T (P. O. H uron), A tch ison C ounty,
Kan3.— BO N DS V OTED . — Newspaper reports state that on Apr. 16 a fa­
vorable vote was cast on the issuance of $8,000 school-constr. bonds.
HYDE COUNTY (P. O. Swan Q uarter), No. C aro.— BO N D OFFER­
I N G . — Proposals will bo received until 12 m. May 20 by II. II. Watson,
Register o f Deeds, for the following 6% coupon refunding bonds:
$2,000 Series " A .” Denom. $500. Duo $500 yoarly on Juno 2 from 1918
to 1921, inclusive.
10,000 Series “ B .” Dononi. $1,000. Duo $1,000 yoarly on Juno 2 from
1922 to 1931, inclusive.
Dato Juno 2 1913. Interest annually at offico of County Treasurer.
Certified check for $50, payablo to the County Treasurer, required.
INDIAN GAP INDEPENDENT SCHOOL D ISTR IC T (P. O. In d ian
G ap), H am ilton C oun ty, Tex.— BONDS R E G ISTE R E D . — An issuo of
$9,500 5% 10-40-yr. (opt.) building bonds was registered by tho Stato
Comptroller on April 7.
„ IOW A FALLS INDEPENDENT SCHOOL D ISTRICT (P. O. Iowa
Falls), H ardin C ounty, Iow a .— BONDS VOTED .— Reports stato tiiat
tho question of issumg the $75,000 high-school-building bonds (V. 96, p.
1171) carried at tho election held April 19.
IRON MOUNTAIN, D ickinson C ounty, M ich.— B O N D S D E F E A T E D .
— nnare advised that at tho election held April 7 tho question of issuing
$40,000 sower bonds was defeated by a vote of 500 “ for" to 596 "against.”
ITASCA COUNTY INDEPENDENT SCHOOL D ISTR IC T NO. 9
(P. O. N ashwauk), M inn.— BOND S A L E . — On Apr. 21 tho $150,000 6%
8-yr. (av.) bldg, bonds, dated M ay 1 1913 (V. 96, p. 1111). wore awarded
jointly to Wells & Dickey C o., Minneapolis,and Bolgor, Mosser & Willaman, Chicago at 101.60. Other bids follow:
ITHACA, G ratiot C ounty, M ich.— BOND E L E C T IO N PROPOSED.—
An election will bo hold in tho near future, reports state, to vote on tho ques­
tion of issuing $20,000 street-paving bonds.
JEFFERSON COUNTY (P. O. B eau m on t,) Tex.— BO N D E L E C T IO N
— On M ay 22, it is reported, tho proposition to issuo $500,000 road-con­
struction bonds will be submitted to tho voters.
JEROME TOW NSHIP SCHOOL DISTR IC T, U nion C ounty, O hio.
— BO N D O FF ER IN G . — Proposals will be received until 1 p. m. M av 1 bv
W . O. Vigor (1\ O. Plain City R. F. D. No. 3), for $3,500 6% coupon
school bonds. Auth. Secs. 7629 and 7630, Gen. Code. Denom. $500.
Date M ay 1 1913. Int. M . & N. at Bank of Marysville, Marysville
Due $500 each six months from M ay 1 1914 to M ay 1 1917 incl. Certified
check, or cash, for $100, payable to Treasurer Board of Education, required.
Bonds to be delivered and paid for on day of sale. Bids must bo uncondi­
tional .
JERSEY C ITY, H u dson C ounty, N. J .— BOND S A L E .— On April 22
tho two issues of 4>4% gold coup, or reg. tax-free sinking fund loan bonds
aggregating $287,000 (v . 96, p. 1111) wero awardod to Adams & Co. of
N . Y . for $287,540 (100.199) and int. Other bids follow:
A . B. L each * C o., N. Y.$287,086 101Parkinson & Burr, N .Y .*$137,047 00
*For school bonds only.
W JOHNSTOWN TOWNSHIP (P. O. H astings). Barry C ounty, Mich.
•
—■N O BO N D E L E C T IO N . — We aro advised by the Twp. Clerk that’ tho
reports stating that an election will be held to submit to a voto tho proposi­
tion to issuo $35,000 road bonds (V. 96, p. 1040) are erroneous.
JOHNSTOWN VILLAGE SCHOOL D ISTRICT (P. O. Joh nstow n),
L icking C ounty, O hio.— BO N D OFFER IN G . — Further details aro at
hand relative to tho offering on May 8 of the $16,000 5% school-impt.
bonds (V. 96, p. 1171). Proposals for theso bonds will be received until
12 m. on that day by G. Rowe, Clerk Board of Education. Auth. Secs.
2294, 7625 to 7627 incl., Gen. Code. Denom. $500. Date May 8 1913.
Int. M . & N. at Citizens’ Bank, Johnstown. Due $500 each six months
from M ay 8 1914 to Nov. 8 1929 incl. Cert, check for cash) for 10% of
bonds bid for, payable to President Board of Education, required. Pur­
chaser to pay accrued interest. Bids must bo unconditional. Bidders
are required to satisfy themselves of tho legality of the issue and sale of bonds.
JORDAN SCHOOL DISTR IC T (P. O. Midvale), Salt Lake County,
U tah.— BOND S A L E . — Wo are advised that this district recently sold to
E. II. Rollins & Sons of Denver tho $125,000 5% 20-yoar coupon sitepurchase building bonds authorized by a voto of 286 to 181 at an election
held April 12 (V. 96, p. 813). Denom. $1,000. Interest semi-annual.
JUSTIN INDEPENDENT SCHOOL D ISTR IC T (P. O. Ju stin ),
D en ton C ounty, Tex.— BONDS R E G ISTE R E D .— 'Tho Stato Comptroller
on April 7 registered tho $15,000 5% 20-40-yr. (opt.) school-bldg, bonds
voted Nov. 30 1912 (V. 96, p. 80.)
KANSAS CITY, W yandotte C ounty, Kans.— BONDS A U T IIO R I Z E D .— An ordinance was passed April 15 providing for tho issuance of
*21.002 5% coupon internal hnpt.. Series ‘ K ” No. 17 bonds. Denom.
(42) $500, (1) $200. Date April 1 1913. Int. F. & A . at office of Stato
Treasurer. Duo $2,002 on Fob. 1 1914, $2,000 yearly on Feb. 1 from 1915
to 1917 incl.. and from 1919 to 1922 incl., $2,500 on Feb. 1 1918 and 1923.
KEENE TOWNSHIP SCHOOL DISTRICT (P. O. Keene), C oshocb o u n ty , O hio.— BOND O FFER IN G . — Proposals will be received until
12 m. May 1 by O. R. Crawford, Clerk Bd. of Ed., for $14,000 5% coup.
Mgh-school-constr. bonds. Auth. Secs. 7625 to 7627 incl., Gen. Code.
Denom. $o00. Date May 1 1913. Int. M . & S. at People’s Bank, Coshoc­
ton. Due $500 yearly on Mar. 1 from 1914 to 1925 incl. and $1,000 yrly.
on Mar. 1 from 1926 to 1933 incl. Cert, check for 3% , payablo to Treas.
or jveene Twp., required. No debt at present. Assess, val. 1912, $819.KINGSVILLE INDEPENDENT SCHOOL DISTR IC T (P O K ings­
ville), Nueces C ounty, Tex.— BONDS V OTED .— A t tho olection held
April 17 the question of issuing $40,000 bldng. bonds carried, roports state.




[Vol. XCVI.

KINSTON, Lenoir C ounty, No. Caro.— B ID S R E J E C T E D .— All bids
received for an issue of $17,000 5% school bonds offered recently wore re­
jected, according to local papers.
BOND E L E C T IO N . — It is reported that in May the voters will have
submitted to them a propostiton to issuo $50,000 building and coulDment
bonds.
K N O X COUNTY (P. O. V incenn es), In d .— BOND O F F E R IN G __
Proposals will bo received until 2 p. m. April 28, it is stated bv W V,
Rubio, Co. Treas., for the following 4 >4 % road-impt. bonds- ’ y
’ *
$2,720 road bonds. Denom. $136.
6,440 road bonds. Denom. $322.
2,800 road bonds. Denom. $140.
4,280 road bonds. Denom. $214.
2,320 road bonds. Denom. $116.
Date April 8 1913. Int. A . & O.
K N O X COUNTY (P. O. Knoxville). T en n .— BO N D S A L E .— All bids
for the $24,000 5% 20-yr. high-school bonds offered on Mar. 27 (V. 96,
p. 740) were rejected and the bonds sold to the county sinking fund.
KNOXVILLE, Knox C ounty, T en n .— BO N D O FFER IN G . — Proposals
will bo recoived until 1 p . m. M ay 1, it is stated, by W. It. Johnson, Mayor,
for $18,000 6% 10-yr. impt. bonds. Int. somi-ann. Cort. check for 10%
required.
LA FAYETTE, La Fayette Parish, La .— BO N D E L E C T IO N .— Tho
City Council has ordered an election to be held to vote on tho issuanco of
$75,000 road bonds.
LAKE C ITY, W abasha C ounty, M inn.— BO N DS V O T E D .— It is
stated that at a recent election tho proposition to issuo $15,000 water­
works bonds carried by a vote of 125 to 11.
LAKE TOWNSHIP SCHOOL DISTR IC T (P. O. B ellefontain e),
Logan C ounty, O hio.— BO N D O FFER IN G . — Proposals will bo receivod
until 12 m. M ay 14 by E. M . McLaughlin, Clerk Bd. of Ed., for the $3,500
514% school-constr. bonds voted Mar. 18 (V. 96, p. 1040). Auth. Secs.
7626, Gen. Code. Denom. $500. Dated day or sale. Int. somi-ann.
Duo $500 yrly. on Mar. 1 from 1917 to 1923 incl. Cert, check for 5% of
bonds bid for, payablo to Treas. of Board, required. Purchaser to pay
accrued int. Bonds to bo delivered and paid for within 10 days from time
of award.
LAWRENCE COUNTY (P. O. D eadw ood), So. Dak .— BONDS RE­
F U S E D . — We aro advised that II. C. Speer & Sons Co. of Chicago have
refused to accept tho $150,000 5% 10-20-yr. (opt.) rog. funding tax-froe
bonds awarded to them on Dec. 17 1912 (V. 96, p. 152),as they claim that
tho county was bonded for more than tho amount allowed by law.
LAWRENCE COUNTY (P. O. Law renceburg), T en n .— BOND S A L E .
— Tho $15,000 5% 10-15-yr. (opt.) coup, school-bldg, bonds offered on
April 8 (V. 96. p. 892) wero awarded, it is stated, to John Nuvoon & Co.
of Chicago at par.
LEADVILLE, C olo.— BO N DS D E F E A T E D . — Tho question of issuing
$310,000 warrant-funding bonds failed to carry at an election held Apr. 1.
The vote was 116 “ for” to 612 “ against.”
LEGGETT, Polk C ounty, Tex.— BONDS R E G ISTE R E D .— On April 7
tho State Comptroller registered $2,000 5% 10-20-yr. (opt.) school-bldg,
bonds.
LE ROY, McLean C ounty, 111.— BO N DS D E F E A T E D .— The question
of issuing $6,000 site-purchase and liltching-racks-constr. bonds was de­
feated at tho election held Apr. 15 by a voto of 99 “ for” to 288 "against.”
LIMESTONE COUNTY (P. O. G roesbeck), T e x .— BO N DS D E ­
F E A T E D . — The question of issuing $100,000 road-constr. bonds in Thorn­
ton Procinct (V. 96, p. 583) was defeated, it is stated, at tho election hold
April 15 by a voto of 70 “ for” to 159 "against.”
LINCOLN COUNTY SCHOOL DISTRICT NO. 90, W ash.— BOND
S A L E . — On April 19 $2,000 bldg, bonds wero awarded to tho Stato of Wash,
at par for 5.14s. A bid of 100.25 for 6s was received from tho First Nat. Bk.
of Barnesville, Ohio. Denom. $500. Dato May l 1913. Int. ann. in
M ay. Due M ay 1 1918, subject to call part yearly.
TLE ROCK, Ark .— BOND S A L E . — Local papers stato that an issue
or $70,000 Street Dist. No. 196 paving bonds has been awarded to tho
Mercantile Trust Co. of Littlo Rock.
LIVINGSTON, Park C oun ty, M ont .— BONDS VOTED.— Tho pro­
position to issue $225,000 water-works bonds carried, reports stato, at the
election held April 14 by a vote of 382 to 74.
LIVINGSTON SCHOOL D ISTRICT (P. O. L ivingston), Polk
C ounty, Tex.— BOND ELECTION.— Roports stato that an election will
be held May 3 to decide whether or not this district shall issue $7,000 schoolimprovement bonds.
LODI SCHOOL D ISTRICT (P. O. Medina), O hio.— BOND S A L E . —
On April 19 $24,000 5% 1114-year (aver.) bonds wero awarded, it is stated,
to tho Exchange Nat. Bank of Lodi at par and int.
LOGANSPORT SCHOOL C ITY (P. O. L ogansport), Cass C ounty,
In d .— BO N D OFFER IN G . — Proposals will be recoived until 2 p. ni. May 10
by G. A . Gamblo (Suito 5 and 6, Masonic Templo Bldg.) for $175,000 taxfree school-constr. bonds.
LONG BRANCH, M onm outh C ounty, N. 3.— BOND OFFERING.—
According to reports, proposals will bo recoived until 4 p. m. May 5 by
F. L. Howland, City Comptroller, for $120,000 5% 30-yr. paving bonds.
Certified chock for 5% required.
LONGVIEW, Gregg C oun ty. Texa3.— BONDS REGISTERED.— On
April 4 the Stato Comptroller registered tho $60,000 5% 2040-year (opt.)
street bonds voted Feb. 11. V. 96, p. 583.
LOS ANGELES, Cal.— VOTE. — Tho voto cast at tho election held Apr.
15 on tho propositions to issuo bonds (V. 96, p. 1172) aggregating $17,600,­
000 was as follows:
BONDS VOTED.
“ For." ‘ ‘ Against ”
4,891
$1,500,000 Los Angeles City trunk lino bonds--------------- .38,903
38,903
-----2.500.000 harbor-improvement bonds---------------------------.47,374
47,374
6,131
BONDS DEFEATED.
$6,500,000 electrlc-power-sito-purch. and constr. bonds-.31,015
21,249
.31,045
2.000
water-distribution bonus---------- ------- -- ---- --2 1.21,460
,4 6 0
‘>
u ‘>nn
28.290
2.500.000 Pasadena-Glondora and San Dimas high-lino
34,762
bonds _____________________ - — ------------- .15,888
15,888
__
1.000. 000 city-hall-site-purch. and constr. bonds----------7 ,9 7 s
42.194
42,194
. 7,978
1.000. 000 constr. railroad between Los Angelos and tho
27,373
harbor-----------------22,085
.22,085
600,000 municipal auditorium bonds.......................... .10,105
40.29ft
10,105
A two-thirds majority was necessary to carry on all propositions.
LOWELL, Mas3.— T E M P O R A R Y L O A N .— On Apr“ 23Tlie * 1 0 0 ,1 " )
loan duo Nov. 5 1913 (V. 96, p. 1172) was negotiated with Blake Bros. &
Co. of Boston at 4.33% discount and $2 premium. Other bidders wero
It. I,. Day * Co. of Boston, at 4.39% discount, and Curtis & Sanger of
Boston at 4.42% discount.
L O W R Y C IT Y SCHOOL D ISTRICT (P. O. Lowry C ity), St. Clair
C ounty, Mo.— BOND O FFERIN G. — Proposals will bo recoived until M ay 1,
reports stato, for $7,000 5% 5-20-yr. school bonds. A deposit of $500 re­
quired.
LUCAS COUNTY (P. O. T oledo), O h io.— BOND S A L E . — On April 18
tho $90.697 67 5% 1 4 4 -year (averago) road-improvement bonds (V. 96,
p. 1041) wero awarded to Stacy & Braun of Toledo for $90,702 67—'making
the price 100.005. The following conditional bids were also received:
Hoehler* Cummings, Tol. $90,712 67 IWestern German Bk.,Cin.$90,711 67
McCOLL, Marlboro C ounty, So. Caro .— BOND OFFER IN G .— Bids
will bo opened at 8 p. m. May 15, by J- R. Bivens. Mayor, for the $60,000
5% 20-42-yr. (opt.) impt. bonds voted Mar. 31 (V. 9b, p. 1112). Int.
M . and N.
McL e n n a n COUNTY (P. O. W aco), T e x .— b o n d e l e c t i o n p r o ­
p o s e d .— Reports stato that the question of voting on tho issuanco of tho
$1,000,000 road bonds (V. 95, p. 1698) is being agitated.
MADISON COUNTY (P. O. M adison), F la.— BOND O FFER IN G .—
Proposals will bo received on or before 11 a. in. May 7 by tho Board of
County Commrs., D. F. Burnett Jr.. Clerk, for $50,000 5% 30-year court­
house bonds. Dato “ day of sale." Int. J, & J. Certified chock on N . Y.
exchange for 5% of bonds bid for required. Bonds liavo been validated by
Circuit Court. No bonded debt. Assessod valuation $3,000,000: actual,
$10,000,000.

A pr. 20 191-5.1

THE CHRONICLE

M ahnomen C oun ty, M inn .—BOND OFFERING.
I n t . J . <SC

•

ooru iM M

Villago Treasurer, roquirod

T he
MANISTEE, M anistee C oun ty, M ich.— BONDS D E F E A T E D .— T1

orts
proposition to issue abou t $ 3 5 , 0 0 0 paving bonds was defeated, repot
state, b y a voto o f 395 ‘ Tor” to 800 “ against” at an election held A pril 7.
MARCUS HOOK, Delaware C ounty, Pa.— BOND E LEC TIO N .— An
election will be held M a y 6 to subm it to a v oto tho question o f issuing
$59,000 street-im provem ent bonds.

MARICOPA COUNTY SCHOOL D ISTR IC T NO. 68 (P. O. Phoenix)

» _ ! _ BOND ELECTION.— An election will be held M a y 5 to voto on tho
question o f issuing $15,000 5 % 20-year refunding and school-site-purchase
and construction bonds.
M A R Y S V IL L E , U nion C ounty, O hio.— BOND OFFERING.—'Further
details are at hand relative to tho offering on M a y 20 o f tho $120,000 5%
M ill Creek Purification bonds (V . 96, p. 1172). Proposals for these bonds
will be received until 12 m . on that day b y W . F. Brodrick, Village Clerk,
A uth. Sec. 1259, Gen. C ode. D onom . $1,000. D ate M a y 20 1913- Int
every 5 years from M a y 20 1928 to 19.>3 Inch
M . & N . Duo $20,000 overy
.....................
.......3 % o *f 'bonds
is bid for,. payable
to Villago Treasurer, reCertified
check for
. .
----- * interest,
----- Bonds to bo delivered and
quired. Purchaser to pay accrued
paid for within 10 days from time o f award.
MASSILLON, Stark C ounty, O hio.— DESCRIPTION OF BONDS.—
T he $15,000 4 lA % city-repair bonds authorized on A pr. 1 (V . 96, p. 112)
are in the denom . o f $1,000 each and are cou p, in form . D ate A pr. 1 1913.
Int. A . & O. at tho State Bank o f Massillon, Massillon.
Due $1,000 each
six m onths from April 1 1915 to A pr. 1 1922 incl.
MEADVILLE, Crawford C ounty, Pa.— BOND ELECTION .— A n .o lcction will bo hold A pr. 29 to v oto on tho proposition to issue $00,000 street
and sower im pt. bonds (V . 96, p . 1041).

MEIGS TOWNSHIP SCHOOL D ISTRICT (P. O. R oute 7, Cum ber­

1247

95, M unicipal C ode. D en om . (13) $500, (1) $40. Date April 1 1913.
Interest annually. D ue $1,040 on O ct. 1 1914, $1,000 on O ct. 1 1915 and
,500 yearly on O ct. 1 from 1916 to 1918, incl. Certified check for 2 % o f
_ nds bid for, payable to C ity T reas., required. Bonds to be delivered and
paid for within 10 days from time o f award. Purchaser to pay accrued int.

NILES SCHOOL D ISTR IC T (P. O. Niles), Trum bull C ounty, O hio.

__ BOND ELECTION.— An election to voto on tho proposition to issue
$195,000 higli-school bonds will be held M a y 12, it is stated.

NORWOOD C ITY SCHOOL D ISTR IC T (P. O. N orw ood), Ham ilton
County, O hio. — BOND OFFERING.— Proposals will be received until
12 m M a y 5 b y II. U yland, Clerk B d. o f E d ., for the following 5 % bonds:
1 000 high-school-erection bonds. Due S10.000 on April 30 1915, 1916,
1917 and 1918.
10 000 M arion St. school-bldg, bonds. D ue $5,000 on April 30 1919
and 1920.
Autli. Sec. 7629, Gen. C ode. D enom . $500. D ate April 30 1913. In t.
A & O. at tho First N at. Bank, N orw ood. Bonds to be delivered and paid
for within 10 days o f time o f award. Cert check for 5 % o f bid, payable to
tho Clerk Bd. o f E d., required. Purchaser to pay accrued int. These bonds
were offered without success as 4 ]4 s on April 14. (V . 96, p . 1041).
OKANOGAN COUNTY (P .'O . CpncomuHy), W ash. — W A R R A N T
S A L E — On April 10 $15,000 8 % Local Im pt. Dist. N o . 1 warrants were
o warded to tho Northern Bank & Trust C o. o f Seattle at par and Int. W .
i ‘lw‘u
u
- C
- o. o -f -Seattle bid -----’
------------------------™-----------------D Perkins
&
par —
less $50 ' for
expenses as 8s. D enom .
$100 to $1,000. Due in 10 years, subject to call at any tim e.

OLEAN UNION FREE SCHOOL D ISTR IC T NO. 1 (P. O. Olean),

C attaraugus C ounty, N. Y .— BONDS VOTED.— W o are advised that
tho question o f issuing tho $40,000 school-bldg.-im pt. bonds at not exceed­
ing 4 U % int. (V . 96, p. 966) carried at the election held A pr. 19 b y a vote
o f 111 to 38. Int. semi-ann. Due $2,000 yearly from 1923 to 1942 inch
ONTARIO, Malheur C ounty, Ore.— BOND SA LE .— On April 14 the
$17,000 6 % 10-20-yr. (op t.) city-hall-constr. and sewerage-system-ext.
bonds recently voted (V . 96, p. 1042) were awarded, it is stated, to Causey,
Foster & C o . o f Denver for $17,433— making tho price 102.541.

OPELOUSAS SCHOOL DISTR IC T (P. O. O pelousas), St. Landry
land). Muskingum C ountv. O hio. — BOND SALE. On April 21 the
$4,000 5 'A % 4J/f-yr. (av.) high-school bonds (V . 96, p. 1041) wero awarded Parish, La. — BONDS VOTED.— An election held April 16 resulted, reports
stato, In fa vor o f the proposition to issue $15,000 bldg, bond s. T he vote
to the State Security Bank at 102 a n d int ; other bids follow:
...................
Sidney Spitzer & C o ., T ol--$4,041.00|S pitzer, R orick & C o ., Tol, $4 000 was87 to 10.
is’,87
M . 8. Pond. Somerset----------4.039.601
_
loss
< ORANGE, Orange C ounty, Tex. — BONDS REGISTERED.— The Stato
fJOTJNTY (P. O. Mon.omin.6 0 ), M ich.— BONDS DE- Com ptroller on A pr. 10 registered the $20,000 5 % 20-40-year (op t.) streetF F A T F D __The questions o f issuing $125,000 road-construction and
im pt. bonds voted M arch 3 (V . 96. p. 814).
$20,000 almshouse-construction bonds was defeated, reports state, at a
PALM BEACH COUNTY (P. O. W est Palm Beach), F la.— BOND
recent election.
OFFERING.— Proposals will bo received until 12 m. M a y 5 b y the C o .
MERIDIAN, Lauderdale
ju u u u o iu o iu C
v uounty,
u u u j, Miss.—. BOND
. . .ELEC
. , TIO
. N■.—- An (joinm
C om mr r’s,
s, ex.
GM
. yj.
O.
K lU
jiu
Butler.
UuiiU
e r .’i ,«.,iorK,
Clerk, lor
for w$45,000 special road and bridge dist.
election will bo hold Juno 3, reports stato, to voto on tho question or issu- bon(js . C ert, check for 1% required.
ing $13,279 12 (assess.) sidew alk-paving cortificatos, $25,000 ^city s sttaro | p A L O AIlTo , Santa Clara C ounty, Cal. — BOND ELECTION PRO­
stroot paving, $50,524 41 street paving cortificatos and $10,000 sanitary POSED.— 'The C ity C ouncil, it is stated, is to be petitioned to call an elecsewer bonds. These bonds wore reported sold to Breed, E lliott & Harrison tion to vote on the question o f issuing park bonds.
o f Cincinnati N o v . 8 1912 (V . 95, p. 1425).
PANOLA COUNTY (P. O. Batesville), Miss .— BONDS D E F E A T E D .
MERTZON INDEPENDENT SCHOOL DISTR IC T (P. O. M ertzon)
•A proposition to issue bridge bonds recently subm itted to tho voters o f
Irion C ounty, T e x .— BOND ELECTION PROPOSED.— An election will this county was defeated. It is stated.
bo held shortly, it is reported, to submit to a voto tho question o f issuing
PARK C ITY, Knox C ounty, T en n . — BOND OFFERING.— Proposals
$8 ,000 school com pletion bonds.
MIDDLESEX COUNTY (P. O. Lowell), Mass.— N O TE OFFERING.— will bo received until 1 p. m . M a y 1 b y W . It. Johnson, M a yor (P . O.
Ilcnson
B ld g., K noxville), for $10,000 sewer-construction and $8,000
A ccording to roports, proposals will bo received until 10 a. m . A pr. 29 b y
tho C ounty Commissioners for $28,000 4 % notes. D ate M a y 1 1913. school-building 6 % coupon 10-year bonds. D enom . $100. D ate M a y 1
D uo $2,000 yearly from 1913 to 1926 incl.
1913. Int. at H anover N a t. Bank. N . Y . C ity . Official circular states
MIDDLETOWN, Orange C ounty, N. Y . — BOND OFFERING.— P ro­ that tho city has never defaulted in the paym ent o f interest on any previous
posals will bo received until 2 p . m . April 30 by I. B . A . T a ylor, C ity T reas.,
,
for $1S
444% rog. stroot lrnpt. tax-free bonds. D onom . $1,000. Int. issue.
The official notice o f this bond offering will be found among the advertise­
M & S at office o f C ity Clork. D uo $1,000 on M ar. 1 in 1925 and $2,000
vrlv from 1926 to 1932 incl. Cert, check, cash or draft on a solvent New ments elsewhere in this Department.
Y ork Stato bank or trust com pany for 2 % o f bonds bid for, payable to
PA RK COUNTY (P. O. L ivin gston ), M ont. — BOND OFFERING.—
C ity T roa s., roquirod. Purchaser to pay accruod intorost.
Proposals will bo received until M a y 3 b y John O ’ L eary, C ounty Clerk, for
MILAM COUNTY (P. O. Cameron), Tex. —•BONDS VOTED.— It is tho $65,000 5 % refunding bonds offered without success as 4s on April 19
(V . 96, p. 814). D onom . $1,000. Date July 1 1913. Int. J. & J. at office
reported that tho proposition to issue $50,000 road bonds carried at the
o f C ounty Troas. or at som o bank in N ow Y ork C ity , at option o f purchaser.
eloction held in Gauso on April 12.
T h nil nation o f issuing $150,000 road-construction bonds in Justico Due 20 years, o p t. after 15 yrs. C ert, chock for $500. payablo to Frank
Precinct N o. 1 (V . 96, p. 892) carried, reports stato, at tho eloction hold
Boloy, Chairman, required.
PASSAIC, Passaic C ounty, N. J. — BOND OFFERING.— Proposals
A pril 18 b y a v oto o f 711 to 192.
will bo received until 3 p . in. A pr. 28 (postponed from A pr. 24) by Z . A .
MINDEN SCHOOL D ISTRICT (P. O. M inden), Kearney C ounty
Neb.— BONDS VOTED. — T he proposition to issue 814,000 hlgh-school- Van H outen, C ity C om p, for tho $236,000 444% 30-yr. reg. impt. and re­
funding bonds (V . 96, p. 893).
im pt. bonds carried, according to reports, at tho election hold April 14
T ho voto was 274 to 91.
. i
PA U L S V A L L E Y , Garvin C ounty, O k la .— BOND ELEC TIO N .— A
M O N M O U TH , W arren C ounty, 111.— BONDS VOTED.— Roports nronosition providing for tho issuance o f $15,000 school bonds will, it is
stato that the proposition to issuo clty-liall bonds carried at tho election
, b subm jttcd to tho voters o f this place,
held April 15 b y a voto o f 1,149 to 868.
’
‘
« t
.. v
COUNTY (P. O. L am ed), Kans. — BOND E L E C TIO N .—
MONTVALE, Bergen C ounty, N. J . — BONDS N OT SOLD.— N o bids AnPAWNEE
election
will be held M a y 20, reports state, to submit to a voto tho ques­
wero received on A pr. 18 for tho $30,000 5 % 30-yr. cou p, or reg. funding tion o f issuing
$80,000 (not $75,000, as first reported) court-house-constr.
bonds offored on that day (V . 96, p. 966).
bonds (V . 96, p. 1112).
MOSCOW INDEPENDENT SCHOOL DISTRICT NO. 5 (P. O.
PENNINGTON
COUNTY (P. O. Rapid City). So. Dak.— BIDS RE­
M oscow), Latah C ounty, Id ah o.— BOND OFFERING.— Proposals will
bo recoived on or before 8 p . m . M a y 2 b y W . S. M orloy, Clerk Board of JECTED.— All bids received on A pr. 12 for tho $44,000 5 1-3 yr. (av.)
Trustees, for $12,000 10-20-year (op t.) coupon liigh-school construction coup, bridge bonds offered on that day (V . 96. p. 1042) were rejected.
and equipment bonds voted M ar. 31. Bids are requested at 5, 5 H and 6 %
PERRY COUNTY (P. O. Hazard), K y .— BOND ELECTION PRO­
int
D enom . $500. D ate M a y 1 1913. Int. M . & N . at offico o f District POSED.— According to local papers, tho proposition to issuo $30,000
Treasurer. Certified check for 1% o f bonds bid for required.
court-houso bldg, bonds will be submitted to a vote shortly.
MT. CARMEL SCHOOL DISTRICT (P. O. Mt. Carmel), N orthum ­
PERU La S alle C ounty, 111.— BONDS VOTED.— Reports stato that
berland C ounty, Pa .— BONDS PROPOSED.— W o are advised that this
favorablo voto was cast at the election held A pr. 15 on tho proposition
district will issuo about Juno 1 $100,000 4 >4 % tax-free school bonds. Due
to
issuo $7,000 water-system im pt. bonds.
$4,000 yearly for 25 years.
PHILADELPHIA, Pa. — BOND OFFERING. Subscriptions will b«
MUNICH SCHOOL DISTRICT, Madero C ounty, Cal .— BOND
OFFERING.— Proposals will bo received until 3 p. m . M ay 5, it is stated, received at par. beginning M a y 1 at the C ity Treas. offico for $7,000,000
by tho Clerk Board o f Supervisors (P . O. M adero), for $4,500 school bonds 4 % 30-yr. rog. or cou p, tax-free bonds (V . 96, P • 1173). D enom . $100,
ipios thcroor.
ftlaa y 1
i 1913.
m io . Int.
m o. jJ.. o
or multiples
thereof. D ate M
&s jJ.. Cert, check or
votod at a recent election.
MUSCATINE, M uscatine C ounty, Iowa .— BONDS VOTED.— Re- cash for 5 % o f subscription, payablo to the C ity Troas., roquired. Settle­
ment
must
bo
made
in
full
within
fourteen
days
after
subscription. WhII«
ports stato that a favorable vote was cast at the election held April 7 on tho
tho ontiro loan is being advertised the M ayor announces that it is not
proposition to issuo $90,000 city-hall-construction bonds.
intended to sell more than $3,500,000 o f tho bonds at this tim e, as this will
MUSKINGUM COUNTY (P. O. Zanesville), O h io.— BOND OFFER­ provide all tho funds o f which tho city is in immedlato need.
I N G — Pronosals will bo recoived until 11 a. m. M ay 19 b y the Board o f
PITTSBU RGH , Pa .—BOND SA LE.—Local papers stato that the
C ounty C o S . ; H . H . K ennedy, Clerk, for tho following 444% roadSinking Fund C om m ittee o f tho Board o f Education has purchased th*
im provem ent bonds (V . 96, p. 1172):
_ ,
remaining $500,000 o f tho issuo or $3,000,000 444% gold coupon or rcgls*23 500 Uix
Mills
road-im
pt.
bonds.
Duo
on
Apr.
1
as
follows:
$3,500
In
iu x ^i J5 000 Jn 1916 and
50Q ,n lg l7 and 191g
torod tax-freo building bonds (V . 96, p. 584).
22 000 M adison T w p . road-im pt. bonds. Duo on A pr. 1 as follows:
$4,000 In 1915, $5,000 In 1916 and $6,500 in 1917 and 1918.
A uth. Hoc. 6956-15, Gen. C ode. D enom . $500. D ato A pr. 1 1913. until .
Int A . & O. C ert, chock on Muskingum C ounty national bank (or cash)
M^lfc N ?*at office o f C ity Treas. or at fiscal agency o f'C it y o f Portland
for *2% o f bonds bid for, payable to Board o f C ounty Com m rs., required. in N . Y . C ity . D ue M a y 1 1943. Cert.^or cashier’s c h e c k in ^ P o rtla n d
Purchaser to pay accrued interest.
bank for 5% o f bonds ' ' *
NASHVILLE T enn . — BONDS A U TH O R IZE D .— Reports stato that C om m ’rs, required
tho Legislature recently passed a bill providing for tho issuance o f $100,000 Storey, T horndike
negro normal school bonds.
received on April 7 for $632,
NASSAU COUNTY (P. O. Fernandina), Fla.— BOND E LEC TIO N .—■ tl°BOND SALE.— T he following bids were offered
on that day:
On June 3. Veports state, tho question o f issuing $180,000 5 % 30-year 609 22 6 % 10-yr. local-im provem ent bonds
Bidder—
Amount.
Price.
Bidder—
Amount.
Price.
—
highway-construction bonds will bo submitted to the voters.
*1,000.-103.00
•**100,000.-104.01 C. D. M cC onah y...
NEWARK, Essex C ounty, N. J.— BON DS PROPOSED .— An ordinance
B.
F.
Dowell............
1.000..103.00
•50.000..103.675
Lumbermen’s Nat.
providing for tho Issuance o f $525,000 park bonds was introduced at a
50.000. . 103.375The Citizens’ Bank,
Bank....................
23,000.. 102.76
50.000. .103.125 P ortland________
mooting o f tho Board o f Freeholders on April 24.
'
25,000.. 102.72
50.000.
. 102.861
NEW KENSINGTON SCHOOL DISTR IC T (P. O. New K en sing­
50.000.
. 102.63
to n ), W estm oreland C ounty, P a. —•BOND E LEC TIO N .— An election Ladd & Tilton Bank. *200,000.-103.75
50.000.
. 102.53
Morris Bros, and
to voto on tho question o f issuing .$150,000 school-com pletion bonds will be \V. F. White_______*105,000.-103.67
Dexter-HortonNat.
50.000.
.
102.53
U. S. Nat. Bank, J 25,000..103.51
hold M a y 14, it is reported.
50.000.
-102.47
Bank, Portland..
Portland................\ 25,000.-103.66
NEW LEXINGTON, Perry C ounty, O hio.— BOND E LEC TIO N .— Security
50.000.
.102.41
Savings
&[
*200,000.-103.81
.La election will bo held Juno 16 to vote on tho quostlon o f Issuing $50,000
25.000.
. 102.36
Trust C o..............| 200.000..103.51
bonds to purchase tho plant o f tho New Lexington W ater C o.
25.000.
.102.27
\ 200,000.. 103.51
25.000.
.102.02
1.000.
.
103.50
NEW LONDON, Now L ondon C ounty, C onn .— BOND OFFERING.—
B. F. Dowell............
1.000. .103.50 Merchants’ Nat.
Proposals will bo received until 12 m. April 28 b y F . L. C om stock, C ity
C. D . McConohy —
100,000..102.75.
Bank, Portland.
4,500.-103.50
Treasurer, for $100,000 4 % cou p, m unicipal-bldg. bonds. D ate A pr. 1 John Holm_________
2,000..102.00
F. Henderson____
3.000.
.103.50
1913. Int. A . & O. at tho offico o f tho Treasurer. Duo A pr. 1 1943. 8. F. Siferd............
500..103.125 A. G. Rushlight,
Theso bonds will bo certified as to genuineness b y tho Old C olony Trust John Murphy
52,000.. 100.00
25.000.
-103.03M a y o r..................
C o. and their legality approved by Itoper, Gray & Gorham o f Boston, whoso
25.000.
. 102.78
opinion will bo furnished to tho successful bidder.
N. W. Halsey A Co.
25.000..102.53
_
NILES, Trum bull C ounty, O hio. — BOND OFFERING.— Proposals
W
.
F.
W
hite
was only awarded $82,609 22 all
*
Successful
bid.
will bo received until 2 p. m. M ay 14 by Hom er Thom as, C ity Clork, fo r
103.67. All bidders offered accrued Int. in addition to their bids.
$6 540 444% Beaver St. improvem ent (assessment) bonds. A uth. C hap.




1248

THE CHRONICLE

POLK COUNTY (P. O. B artow ), Fla. — BOND O FFE R IN G __T his

[Vol.

X C V I.

SANDUSKY, Erie C ounty, O hio. — BOND O F F E R IN G __Further
details are at hand relativo to the offering on M a y 1 o f the fo lio w in g 4 %
coupon street-im provem ent bonds:
y
cno Iollow m g 4 /o
$19,000 Central A vo. grading bonds. Duo $1,000 on M a v 1 1916 and
m
$?.000 yearly on M a y 1 from 1917 to 1925, inclusive 1
d
10.000 First St. graclmg^bonds. D uo $2,000 yearly on M a y i from 1916

cou nty Is offering for sale $62,500 5 % special road and bridge D ist. N o . 1
W
8: D on om . $500. Date A pr. 1 1913. Int. ann. at o ffice o f 'l l . W .
Snell Sc C o ., W inter H aven. D uo $2,500 yrlv on A dp 1 from 1 0 7 9 tn io t a
Incl. and $6,000 y rly on A pr 1 from 1939 ^ 194Tlncl
C e r tc h ^ k fo ?
fo n ^ cF e r ^ o r V d
B d ' o f c ? - C om m rs., required. J . A . Johnf o ? s a le o rf A prip7 \ v . 96°; p^
tT
A
1SSUe ° f bonds was offered

n v ^ ° ? v sa« i’or these bonds will be received until 12 m . on that day b y
th o ?v ^ o \ ?im s So^At T J i'Et; ^ ash .— BONDS A W A R D E D I N P A R T .— O t Fred W . Bauer, A uditor. A uth. Chap. 6, Sec. 3939, M unicipal C ode
D enom . $500
Date M a y 1 1913. Int. M . & N . at O ity TreasVwer's
(V 9 f i D l 0 1 2 f
* 1 ^o°ooo a 8 8 Feyating 8350,00). offered on April 17
on ADrilP19 to th o^ rn v M P ’^a0 Ea?,fc ^ a terw a y -im p t. bonds wore awarded office. Certified check for $100, payablo to A . II. Wiasler, C ity A uditor
I i n n ^ n n tbe Provident Sav. Bank & Trust C o. o f Cincinnati at 92.
Jlfp'-Uhed with bids for each series. Bonds to bo dolivored and paid for at
B O m s T- \ V n C,™ A,RiD'' Kitsap C oun ty, W ash. — PRICE P A ID FOR payCaccrued7 i n t e r S wltb,n 10 days from time o f award. Purchaser to
N o 4 9 a n d $1 n n n T ^ ,fedr.tih? t AThe g ^ c e paid for the $3,500 Im pt. D ist.
awarded on M ^rch ? P ? H P ,s<k N o . 52 l-H P year (op t.) street-im pt. bonds . S A N FRANCISCO, Cal .— BOND SALE.— Tho follow ing fiv o issues o f
on M arch 31 to the State o f W ashington ( V . 96, p . 1113) was par
t1?!5 bond^ a" grogatln^ $ 5 .1 0 1.000, offered on April 18, have been
f
w
D en om ' 5 3 5 0 and 8200. Interest Annually
P
T1 r^
n Vand
n*1??at?TC
P.?sed.&°of
N ' o'J
- hicago
Halsey
C o .,and
N .int.
Y .; A
Harris
r. v5te?. ^a ?r.'° Tik.
E . II. l°nn
Rollins
Sons
fC
at par
con P ro nosab^GM* h? SIE ’• D u te h e ssC o u n ty , N. Y .— BOND OFFERING.—
i i 7 o one 7 ,1' 1 bo receiyed until 12 m . M a y 5 b y W . H . Frank, M a y o r, for S n r ° n i h0 Purchase was that no further sales be m ade until O ctober:
$ 4 0 0 X 0 ) sewer bonds dated July 1 1908 and com prising 10 bonds o f oach
M a v ’ l l O l 4^ ^
coup U x-free refund, bonds. D en om . $1,000. D ate
c\i\t\ y ^ar *1 m aturity from 1915 to 1954 incliisivo.
or M
n N,' at C olum bia-Itnickerbocker T rust C o ., N . Y .
300.000 school bonds dated July 1 1908 and com prising 12 bonds o f each
M-?v 1 ?(i9 o k o N a t. B ank, Poughkeepsie, in N ow Y ork exchange. D uo
? ear 8 m aturity from 1914 to 1938 inclusive.
o l
k -,1 i ‘fc' check on an incorporated bank or trust com pany fo r
3UU.000 hospital bonds dated July 1 1908 and com prising 15 bonds o f
hfirw M fi ^ 5'I fo r ’ Payable to C ity T rea s., required. These bonds will
1
oach year’s m aturity from 1913 to 1932 inclusivo.
?nHC?h 1 f al .J ° genuineness b y the C olum bia-K nickerbocker T rust C o
144.000 garbage-system bonds dated July 1 1908 and com prising 8 bonds
and their legality approved b y Hawkins, D elafiold & Longfollow o f N Y
C ity , whose opinion will bo furnished to successful bidder.
•} n m ™ O,f oach year’s m aturity from 1913 to 1930 inclusivo.
JJJbU.UOO city-hall bonds datod July 1 1912 and com prising 90 bonds o f
P R IE S T R IV E R S C H O O L D IST R IC T (P. O. Priest River), B onner
each year’s m aturity from 1917 to 1960 inclusivo.
C oun ty, Id ah o. BOND ELEC TION PROPOSED.— An election will be
’ J,’
3 • at
T’j’eas. o ffice or fiscal agency in
N
’
.
i
C
lJy
’ , Bonds t0 b e delivered, $ 1,000,000in M a y, Juno, J u ly , A ugust
$15 600%°urn d ifg b o n d s '8’ t0 SUbm it t0 a V°te thG qUeSti0n o f Issu in g ana Septem
ber.
a R % ! ? ^ Y „ GOTJNTY (p - O- St. P aul), M inn. — BOND S A L E — On
SANGER UNION HIGH SCHOOL DISTRICT, Fresno C ountv
A pril 7 $25,000 4% lake-chaining bonds were awarded to the C o Sinking Ca.1.—
BONDS N O T SOLD .— N o bids were received on April 19 it is stated
Fund at par. D en om . $1,250. D ate A pril 2 1 1913. Int A . & O
gu|
1042)*°
850,000 5<^ go 'd couP- bldg, bonds offered on that d ay (V . 96, p!
$1,250 yearly for 20 years, subject to call at any int.-paying date
RAN DOLPH COUNTY (P. O. A sh boro), No. Caro. — BOND F I FCnnS
A
%
,
? ^ r ? ’, ? A . S C H O O L DISTRICT, San Mateo C oun ty, Cal.—
T/OAT.— An election will bo held M a y 20 to submit to a v ote tho question
BOND O H B R IN G .— Proposals will be received until 10 a. m . M a y 5, it is
(V . 90 pg l o h h
’° ° ° 4Q' year r° ad b ° ndS at n ot
3% in "
schm d’b o n d s6 Board o f C o ’ Supervisors (P . O San M a teo) fo r $25,000 5%

RAYMOND SCHOOL D ISTR IC T (P. O. Raym ond), U nion C ountv

rA^%R ^ Ti.0 G ,A Sp R INGS, Saratoga C oun ty, N. Y .— BOND OFFER/W G .— John J. D avin , V il. Clerk, will offer for salo at p u b lic auction at
An'nA p T
ri 3 °. ^ 5 °’OOO reg. bonds at not exceeding 4
Int. D cn om ti<;00« ’ , Dnt<] Jl^ '° y 9 13J- & D . at C iti?ens’ N a t. B ank. Sara1]
5°ga ^pr " gsQ- ,ln N ew Y ork exchange. D ue $2,000 yearly on Juno 1 from
HH3 to 1942 incl. Cert, check on a national bank or trust co . or cashBJ
for 2 % o f bonds bid for, payable to R eceiver o f Taxes, required.

° £ i o .— BOND ELEC TIO N .— According to newspaper reports an elecM<fn
will bo hold M a y 3 to vote on the proposition to issue $25,OOO bldg bonds °

REAGAN INDEPENDENT SCHOOL DISTRICT (P

O "R eagan)

Falls C oun ty, T a x .— BONDS REGISTERED.— The Stato C o m S o r
on April 7 registered $13,000 5 % 20-40-yr. (op t.) bldg, bonds Oom ptrollor
RED LODGE, C arbon C ounty, M ont. — BONDS VOTED — T h o ques­
tion o f issuing $30,000 water-works-im pt. bonds at not exceeding ? % int
carried at the election held April i 4 b y a vote o f 116 to 17
Duo in 20
years, op t. a n y Interest-paying date after 1 0 years.
°
'
Ue 1

SAUSALITO, Marin County, C al .—-BONDS VOTED —The miosHnn
S

7

W 'ICI?pI,ANDiC O M fTY fPC olu m bia), So. Caro.— BOND OFFER­
IN G .— Proposals will bo received until 11a. m. M a y 16 b v A PattersonJr
bondsV/v °r 0 6 n n 'Yh9>\ Tnfh™ 8’ i ° lfTki !)f B oard - for $50,000 5 % cou p, jail
nnK ? r„l|
Ut i' ! n , ll, o f l 11 to 134 at an election held A pr. 1.
JJenom. J&oOi). Hate July 1, 1913. Int. J. and J. at nlace designated b v
purchaser. D uo Juno 30 1933. Cert, check for $1,000 requirwl
raf

V DI^ T ?,TCT fP- °

Richvalo), B utte C ounty,

in*
M ay 17> ,t; is stated, tho question o f issu­
ing $ 1 0 , 0 0 0 school bonds will be submitted to a vote.
Co,url fcyl>. O a .— BOND SALE.— W e are advised
v o t e d ^ p r f 9 (V .h96 p S1173)1 ° f tb ° wator' works and electric light bonds

ROCHESTER, N . Y .— NOTE SA LE .— On April 24 $35,000 park Im pt.
notes, due eight months from April 28 1913, were awarded to T . J Swanton
o f R ochester at 100.02 for 4.80s. Other bidders were:
H . Lee A n stey, N ew Y o r k .. . .
^4% %
Parkinson Sc Burr, N ew Y o r k ___
4 8 5%
L ; von H offm an & C o ., N ew Y o r k . ! . . . : : : : : :
............4 85%
W . N . C olor & C o ., Now Y o r k -----------------------4 9 0 %
Bond & G oodw in , Now Y o r k _______
”
5 00%
D ouglas Fonw lck & C o ., N ew Y ork
'
5 10%
Goldm an Sachs Sc C o ., N ew Y o r k . . I l l :
5 2 5%
Bath National B ank, B ath, N . Y .
% 4 n%
Harris, Forbes & C o ., N ew Y o r k . _ 11 _ _ 11111111111111 ~

«toR £ C?

i

on
1 00
1 °°
iV R o

7_50
' 50
ffo o

R O C K Y FORD SCHOOL D ISTR IC T (P. O. R ock y Ford) Otero
C oun ty, C olo.— BONDS D E F E A T E D .— At the election held A p r. 1 the
question o f issuing $30,000 bldg, bonds was defeated.
y
ROSEVILLE Placer C ounty, Cal.— BONDS VOTED.— 'The propositv0!1
UC tho $20,000 5% street-paving bonds (V. 96, p. 967) carciedat
for 2*0drears h° d Aprl 15 by a Voto o f 208 to 58’ Due 81.000 yearly
ROUNDUP SCHOOL D ISTR IC T (P. O. R ou n du p) Musselshell
Mavn27’ f<^°M
? Z o ^ R I N P ' T T TOXi QSai [fi wUl bo received until
at an NecUon heid March 2 2 ' yr’ (° Pt>) scho°*-b>dg " bnpt. bonds voted
Iow a SSnnivnS£r7Y 'T m ivIST R I9 T (P ' ° ’ R usselP. Lucas C ounty,

I
t
— Local papers stato that on M a y 12 tho ques­
tion o f issuing $15,000 bldg. bonds will b o submitted to a vote.

rjv/-A ^*\A^ Er ^ ° i BOUNTY (P. o . Sacram ento), Cal

— BONDOFFER-

W ? — Ac? ordiZ Z , to nowspaper reports, proposals will bo received until
tirict'No". ^ r b £ bsy ^ S S T / l S S T f0r *33'000 6 % Reclamartion
ST. FRANCIS LEVEE D ISTR IC T, Ark.— BOND OFFERING — Pro­
posals will bo received untd M ay 13 (not Juno 15 as first reported) b v O N
Killough, I res. B oard o f Directors (R andolph B ldg., M em phis, Tonn to
ftn °r& d
A r ic p .r o r $1.500,000 5 ^ % 30-50-yr. Le'vee
W
A
f d B
, required?’ *'ann
$ 5 .0 0 ^ ®
p^ E D ^ t S
i f Aa?k10?is^dng'$45.(W 0 ro^ d lm p t.’ b o n ^ a c S i n g ^ f o
newspaper reports,
ST. PAUL, M inn. — BOND SALE.— On April 23 6 issues o f 6 % 3 -yr.
C n . h h T c . ' f a ; aggregating $209,732 85, were awarded to W hite,
GrulVbs & C o. o f St. Paul and W ells & D ick oy C o ., M inneapolis at par
^ b ° Capita,l Trust O o . bid $108,134 04 for $108,080 worth. Plenom. $100
ere?l M ? v T l Po r!n ht .?XC0,>dinp: 81.000. In t. semi-ann. Bonds to bo deliv­
ered M ay l 1913; balanco as m oney is neoded.
. ST.- THOMAS Pem bina C ounty, No. Dak.— BOND E LEC TIO N . —
t o b lu e * 5 non
Apr11
. It is stated, to v o te on tho proposition
t o issue. $5,000 5 % 15-year electric-light-plant bonds.
SALEM M arion C ounty, O re .— BOND OFFERIN G .— Proposals will
foGr thCn $ ^ n nnn°rwe fo m 5 p- nK lXray 5 b y R - A - Crossman, C ity Treas.,
i*rnn\G $380,000 5 % gold sewer-construction bonds voted D ec. 2 (V . 9 5 p
J ;™ /; ,
,SlIi.t, purchaser not exceeding $1,000. Int. ann. on
J, ? 7 1 ai^ ,,if i 'n nonty 1T as- or,at flsC!‘ l agency o f State o f Oregon in N . Y .
?heciV
1nf°Kdi year y » ? n M;\yr 1 from 19l /l to 1°33 in cl- Certified
corH flw ?a«Voo.nm .in' Pavahll' , to M a y()r, required. Theso bonds will be
cert fled as to genuineness b y tho Old C olon y Trust C o. o f Boston and their
legality approvod bv Storey, Thorndiko, Palmer & D od go o f Boston whose
o p lnlon win be furnished successful bidder. Bids must be unconditional
r ,Y ^ w IN A ’ ,S al! n a C o u n ty ,K a n s .— BOND SA L E — On Apr 21 tho $8 300
d(.aV-) S0WCr
ndS (V ‘ 96’ P - 1 U 3) wcro aw arded^to the State

SANDERS COUNTY (P. O. T hom pson Falls), M o n t __BOND o f

F E E IN G .- Proposals will be rec dved until 10 a. m. M ay 5°by Frank Foster
,Dennrlrr^iti^<
o o o 15,0rir»^^w;.!l?/,ll^,(.li,1
,\?.,^a(e.b^.I.V
5 %than
' inti
D enom . $1,000.
' DM® when purchase
T ^comi.s..K!i.
pU tod exceeding
(not t\arUor
___v , J l „
J une 2 ____
\n \ L Z A - r ™ ” *
in 20 yrs., subject
tofcal! $5,000 In 5 16land 15 yrs. Cert, check for$3007 p a y a "]^ t o '1'C o u n ty
o f Sanders,« required, except bid from Stato B d . o f Land Com m rs. o f M on t.




M

I M

W

v o t o o f 6 8 5 to*I 77 V '

9C’7 )

t l0

(V?lP96?°pd 1174)' aSSCSS‘ bonds- aggregating $52,404, offerod on that day

niNsf'RDvr

D ISTR IC T, Madera C oun ty, C al.— BOND
b v th o7ru£.'i7~u 0p<,.sals. ' o 11 bo rocelv°d until 4 p. m . M a y 5, reports state,
P y h e C l e r k B oard o f Supervisors (P . O . M adera), for the $5,000 6%
1-8-year (ser.) school bonds recently voted (V . 96, p. 667).
'
SENECA FALLS (T ow n), Seneca C ounty, N. Y .— BOND OFFERING.
Proposals will be received until 2:30 p. m . M a y 7 b y W . E . Hull, T ow n
Supervisor, for $110,000 refund, bonds (V . 96, p. 1174). A uth. Sec. 8, Gen.
M unicipal Law. D enom . $1,000. D ate July 1 1913. Int. (rato to bo
named in bid) J. & J. D ue $10,000 yrly. on July 1 from 1915 to 1925 incl.
Cert, check on a nat. bank for 1% o f bonds bid for, payablo to T ow n Super­
visors, required.
The official notice o f this bond offering will be found among the advertise­
ments elseichere in this Department.
SHELBY COUNTY (P. O. Shelbyville), In d .— BOND OFFERING.—
According to reports, proposals will be received until 10 a. m . M a v 24 bv
f - W .F a g e l, C ounty A uditor, for the $80,000 4M % cou p, road ami bridge
toipt. bonds authorized A pr. 10 (V . 96, p. 1174). D enom . $1,000. Date
1914
to5No9v.3i 5 1932 M ’ & N ‘ D uo part each slx months fr°m M a y 15

DISTRICT (P.O. R ock H ill), Y ork C oun ty,

So. C a r o — BOND SALE.— On April 21 the $75,000 20-yr. coup, tax-free
school-bldg, bonds (V . 96, p. 1173) were awarded to tho N ow Y ork Life
Ins. C o ., N . Y ., for *77,049 75 (102.733) and int. for 5s. Bids were also
received from R . M . Grant & C o ., N . Y .; W ell, R oth * C o ., Chas. H . C o f­
Un B ankgo f R ock jn n °d & C ° " D etroit: Pe°P Ie’s N at. Bank and N at.

t o S

SHELBY, R ichm ond C ounty, O hio. — BOND OFFERING.— ProDosals

S ' t e S 'K r K i i 2M S 12by Bert

vu c '” k' f»

“
Duo
uo
2 ,b 5 ° Church St. m int, assess, bonds. D enom . (9) $250. (1) $400.
D
v ? 5myr y ’o°.n , pr 1 from 1 9 1 1 10 1922 incl. and $400 in 1923.
M ohican St. im pt. assess, bonds. D enom . (9) $350, (1) $100.
D uo $350 yrly. on April 1 from 1914 to 1922 incl. and $100 in 1923.
B lackfork St. im pt. assess, bonds. D onom . (9) $300. (1) $150.
D uo $300 yrly. on April 1 from 1914 to 1922 incl. and $150 in 1923.
Tucker and M ack aves. im pt. assess, bonds, D onoin. (9) $500,
(1) $1,065. D uo $500 yrly. on April 1 from 1914 to 1922 Incl. and
^
$1,065 in 1923.
D ato April 1 1913. In t. semi-annual. Cort. check for $200 required.
Bonds to bo delivered and paid for within 10 days from tlm o o f award.
Purchaser to pay accruod interest.
SHELBY COUNTY (P. O. Memphis), T enn .— BOND OFFERING.__
Proposals will be received
uy
3d unui
until iz
12 in.
m . ivmy
M a y o5 b
y cue
tho u
C oo.. uom
C om m rs., T_ . B.
K ing, Chairman, for S600.000 5 % road, turnpike and bridge bonds
De­
n o m .$1,000. Dato Jan. 1 1913. I n t .J .& J . D uo $40,000 yrly. on Jan 1
from 1914 to 1917 incl., $50,000 yrly. on Jan. 1 from 1918 to 1921 incl
•and $60,000 yrly. on Jan. 1 from 1922 to 1925 incl. Cert, check on a
M em phis bank for $1,000, payablo to “ Shelby C ou n ty,” required.
SIDNEY, Cheyenne C ounty, Neb. — BOND ELECTION PROPOSED
— Reports stato that a petition is being circulated calling for an election to
plant°bonds quostlon °* lssuing $25,000 municipal electric-light and heat3

3,250
o o -n
2,850
,
5,o65

SID N E Y , Shelby County, O h io. — BOND SALE.— On April 21 tho
5 /9 .9 0 0 5 % coupon street-im pt. assessment bonds (V . 96 n. 1042) were
Interest4, 41 S statod' to tbe Citizens' N ational Bank o f Sidnoy at par and

SILVER CREEK, M errick C oun ty, N e b .— BONDS V O T E D — T ho
lss» 9 the $ 8 , 0 0 0 water-works and electric-light bonds
r,f 0 7 / Po / ‘ l 2 iC?oo ^d ’ J ?ports st*ato. at the election held A pril 15 b y a vo to
o f 97 to 24 and 102 to 22, respectively.
SMILEY INDEPENDENT SCHOOL D ISTR IC T (P.

O. 3m iley),

^
B ONDS REGISTERED.— On April 7 an issue
^ID’Dp.0 .°
lO- lO-yr. (op t.) bldg, bonds (V . 96, p . 304) was registered
b y the State Com ptroller.
Pacific C ounty, W ash.— BOND SALE.— On M arch 1
5 /5 ,0 0 0 8 % 10-year Im pt. Dist. N o . 88 bonds were awarded to H enry Pratt
& C o. o f la co m a at 100.128. D enom . $100.
SPOTSYLVANIA COUNTY (P. O. Spotsylvania), V a .— BOND
7 iY
— On April 21 tho $40,000 5 % 5-30-yr. (op t.) cou p, road bond
[ X; 90, P- 1113) were awarded $19,000 to the I’ lantors’ N a t. Bank a
id l-6 0 , $19,000 to the Farmers’ Sc M erchants’ Stato Bank at 101.60 and
$2,000 to H . Silver at 104.
STIVFFORD, Stafford C ounty, K an. — BOND OFFERING.— Proposals
i-m A,?Ar! r ' ‘,yA'd until 8 p. m. M ay 2 b y G . A . M ikesell, C ity Clerk, for
$30.p00 10-20-yr. (op t.) 5% and $7,500 1-10-yr. (ser.) 6 % sewerage-impt.
bonds. Denom . $1,500 and $750. Int. semi-ann. through Kansas State
hiscal A gency. C ert, check for 2 % o f bonds bid for required.
STARKE COUNTY (P. O. Knox), In d .— BOND OFFERING .— Local
newspapers state that proposals will bo received until April 28 by Frank
W

:

&°N L gin n in geXiL°yr

15

’l 9 ? 44 ^ % WayU° ^

grave,-road b °nds.

STEARNS COUNTY (P. O. St. C loud), M inn.— BOND OFFERING.—
rm
*!ntil 9 a- m- M a y 1 b y J. P. R au, C o. A n d ., for
$18,278 4 % rcg. ditch fund tax-freo.bonds. D a to Juno 1 1913. in t pay­
ablo at o ffico o f C o . A ud. Duo on Juno 1 from 1914 to 1923 Incl. B o n d e d
d1912 $20 0(X)UDOOg tWs 1SSUC’ 895,000.A N o floating debt. Assess, val.

A pr.

1913 ]

THE CHRONICLE

1249

SUMMERVILLE SCHOOL DISTRICT (P. O. Summerville), C hatta­
n oog a County, Q a .— BOND O F F E R I N G . —-Proposals (sealed or verbal)
will lie received until 10 a. in. July 10 by 15. II. Edmondson. Sec. and Treas.,

C ert, check on a State or nat. bank or trust co . for $1,000, payable to
E d. A . M cG uirk, T ow n Treas., required. Bonds to be delivered M a y 14
unless a subsequent date shall bo mutually agreed upon. These bonds will
be certified as to genuineness b y the U. S. M tge. & T r. C o. o f N . Y . Pur­
chaser to p ay accrued interest. Bids must bo made on blank forms fur­
nished b y the T ow n Clerk.
1914 to 1917 incl $500 in 1918, 1919 and 1920, $600 from 1921 to 1925
WICKES, Polk C ounty, Ark .— BOND S A L E — Reports state that
lnclT, $700 from 1926 to 1930 incl., $800 in 1931, 1932 and 1933 and $600 $5,000 school-building bonds have been awardod to Speer & D ow o f Fort
from 1934 to 1943 incl. Cert, check for $500 req u ired . Bonds to be d e ­ Smith.
livered July 15 1913. N o other indobtednosss.
W ILLOW LAKE, Clark C oun ty, So. D ak.— BOND ELEC TIO N PRO­
S U N N Y V A LE S C H O O L D I S T R IC T (P. O. S u n n y v a le ), S a n ta C la ra
N ewspaper reports state that an election will bo held in the near
C o u n t y C a l — BONDS D E F E A T E D .— A t tho election hold April 12, POSED.—
futuro to subm it to the voters the question o f issuing $11,000 water-works
the question o f issuing $25,000 5% school-bldg, bonds was defeated b y a bonds- A t a previous election the issuance o f $15,000 electric-light and
v o te o f 145 “ for” to 84 “ against,’ a two-thirds m ajority being necessary water-works bonds received a favorable v ote, but as the city cannot issue
to carry.
electric-light bonds, the election was declared illegal.
TA C O M A , W a s h .— BOND SALE.— On April 19 tho three issues o f
WILMERDING, Allegheny C ounty, Pa.— BOND OFFERING.—
gold coupon refunding bonds, aggregating $2,100,000 (V . 96, p . 967),
Further details are at hand relative to the offering on M a v 5 o f the $40,000
woro awarded at 100.42 for 5s to a Chicago syndicate com posed o f A . B .
(not $46,000 as first reported) 4 H % st. im pt. bonds (V . 96, p. 1175).
Leach & C o., E. II. ltollins & Sons, N . W . U alsoy & C o. and the Continen­
tal & Commercial Trust & Savings Bank. D ate Juno 1 1913. Int. J. & D . Proposals for these bonds will be received until 8 p. m. on that day b y G . M .
T O D D C O U N T Y (P. O. E lk to n ). K y .— BONDS D E FE A T E D .— 'T ho Graham, B oro Clerk. D enom . $1,000. D ate April 1 1913. Int. A . & O.
East Pittsburgh N at. B ank, W ilm erding. D uo on April 1 as follows:
proposition to issue tho $190,000 pike bonds (V . 96, p. 507) failed to carry at
$7,000 in 1923, $6,000 in 1928, $7,000 in 1933, $9,000 in 1938and $11,000
at tho election held April 12. T ho vote wat 907 “ for” and 1,716 “ against.”
in 1943. C ert, check on a nat. bank or satisfactory trust co . for $400 re­
—On
April
24
tho
$100,000
5%
certificates
T R O Y , N . Y .— BOND SALE
quired.
o f indebtedness or rovenuo bonds (V . 96,. .p . 1174). wore awarded to tho T:L'roy
WILSON SCHOOL DISTR IC T (P. O. W ilson), W ilson C ounty,
Savings Bank, T ro y , at 100.075 and int. Othor bids follow:
No. Caro. — BOND ELEC TIO N .— On M a y 2 reports state, an election will
100
Parkinson & Burr, N . Y_ 100.0627 IW . N . C olor & C o ., N . Y
M fr s .’ N at. Bank. T r o y . 100.0525 [ Harris, Forbes & C o ., N . Y —
100 bo held to decido whether or not this district shall issue school bonds.
WOLFE C ITY SCHOOL DISTRICT (P. O. W olfe City), H u nt
T R O Y S C H O O L D I S T R I C T (P. O . T r o y ), M o n tg om ery C o u n t y ,
County, Tex.— BOND ELECTION PROPOSED.— R eports state that an
N o .C a r o .— BONDS VOTED.— A ccording to newspaper reports thoquestion
o f issuing $25,000 school-construction bonds carried at an election held election will bo hold in the near future to submit to a vote tho question o f
issuing $10,000 school-construction bonds.
A pril 8 by a vote o f 135 to 26.
WORCESTER, Ma3S.— BOND SALE.— On April 21 the 8100,000 4 %
T U S C A R A W A S C O U N T Y (P. O. N ow P h ila d e lp h ia ), O h io .— BOND
SA LE .— On April 21 the $100,000 6 % bridge bonds (V . 96, p. 1113) were 1 OH-year (average) reg. water bonds (V . 96, p . 1175) were awarded to
Blodgot & C o. o f Boston at 100.076 and interest. Other bids follow:
awarded jointly to N ow Philadelphia banks at 100.70.
T W IN F A L L S , T w in F a lls C o u n ty , I d a h o .— BOND S A L E N O T F. S. M oseley & C o ., B os___100.0211W orcester Sinking Fund CornC O N S U M M A T E D .— W o are advised that tho sale o f tho $150,000 10-20- P erry,C offin & B urr,B os___100.0061! missioners______________________100
All bidders offered accrued interest in addition to their bids.
year (opt.) coupon water bonds to tho Security Savings Bank & Trust C o.
Y O R K COUNTY (P. O. Y orkville), So. Caro.— BOND OFFERING.—
o f T oled o on Feb. 8 (V . 96, p. 743) was not consummated.
T Y L E R C O U N T Y (P. O. W o o d v ille ), T e x .— BOND E LECTION PRO­ Proposals will bo received until 12 m . M a y 15, reports state, b y J. G .
PO SE D .— R eports stato that a petition is being circulated for an election Anderson, Chairman C ourt-H ouse Commission, for $75,000 4 H % 20-year
court-houso bonds. Certified check for $1,000 required.
to voto on tho question o f issuing $200,000 road-construction bonds.
Y O U N G S T O W N , O h io .— BOND OFFERING.— Proposals will bo re­
U N IO N T O W N S H IP S C H O O L D I S T R IC T (P. O. M ilfo rd C e n tre ),
ceived
until 2 p . m . M a y 5 b y D an J. Jones, C ity A u d ., fo r tho follow ing
U n io n C o u n ty , O h io .— BONDS NOT SOLD.— N o bids were received
on April 18 for tho $5,500 5 % cou p. bldg, bonds offered on that day bonds:
$350 5 % Spruce Street sewer bonds. D u e O ct. 1 1914.
(V . 96. p. 1113).
1,900 5% Salt Spring St. bridge (city's portion) bonds. D u e O ct. 1
U PPE R D U B LIN T O W N S H IP S C H O O L D IS T R IC T , M o n tg o m e ry
1914.
C o u n t y , P a .— BOND OFFERING.— Proposals will bo received until
72,200 4 H % water-works-equip. bonds (V . 96, p. 154). D u e $7,000
April 28 by tho Bd. o f Directors, W . C . Aichelo, Sec. (P . O. A m bler), for
yrly. on O ct. 1 from 1914 to 1922 incl. and $9,200 on O ct. 1
the $15,000 high-school-constr. bonds voted last N ov . (V . 95, p. 1428).
V IC K S B U R G , W arren C o u n ty , M iss.— BOND OFFERING.— Proposals 100,000 5 % 1923.
p ublic-bldg.-constr. bonds (V . 96, p . 305). D u o $10,000
will bo received until 5 p. m . M a y 5 b y A . M . Paxton, C ity Clerk, for $50,­
yrly. on O ct. 1 from 1915 to 1924 Incl.
12,605 5 % Saranac A ve. paving bonds. D u e $2,521 y rly. on O ct, 1
000 5 % high school bonds. D a te Apr. 1 1913. Int. A . and O. in N . Y . C .
from 1914 to 1918 incl.
D u o S500 yrly. on A pr. 1, from 1914 to 1932 incl. and $40,500 on A p r. 1
D a te M a y 12 1913. Int. M . & N . at offico o f Sinking Fund Trustees.
1913. Cert, check on an incorporated bank for $1,000, payablo to C ity
Bids must bo for each block separately. C ert, chock for 2 % o f bonds bid
C lerk, required. Bids must bo made on blank forms furnishod b y tho C ity
for, payablo to C ity A u d ., required. Bonds to bo delivered and paid for
not later than M a y 12 at one o f the banks in Youngstow n or at office o f
Clerk or Caldwell, M asslich and Reed o f N . Y . whoso opinion will be
C ity Treasurer.
furnished to purchaser.
YOUNGSTOW N SCHOOL DISTR IC T (P. O. Y ou n g stow n ), Ma­
The official notice o f this bond offering will be found among the advertise­
h on in g C ounty, O h io. — BOND OFFERING.— Proposals will bo received
ments elsewhere in this Department.
until 12 in. M a y 5 b y the Clork B d . o f E d . for $100,000 5 % cou p, bonds.
V IC T O R IA C O U N T Y (P. O. V ic to r ia ), T e x .— BOND ELECTION .—
A uth. Sec. 7629, G en. C ode. D enom . $1,000. Int. sem i-ann. at offico
An election will bo held to-d ay (April 26) to voto on tho propositions to o f C ity Treas. D ue $25,000 yearly on Sept. 1 from 1921 to 1924 incl.
issuo $45,000)Nursery precinct road; $54,000 Bloom ington precinct drainago Cert, check for 10% o f bonds bid for required. B onds to be delivered and
paid for within 10 days from tim e o f award. Bids must be unconditional.
and $45,000 Lake F lacedo precinct road bonds, according to local papers.
W . N . Ashbaugh is D irector o f Schools. Those bonds were offered with­
V IN T O N , R o a n o k e C o u n ty , V a .— BOND ELECTION PROPOSED.—
R eports state that an election will bo hold in the near future to voto on a out success as 4 H s on M arch 27 (V . 96, p. 1043).
ZANESVILLE, O h io .— BONDS NOT SOLD.— N o bids wero received
proposition to issue $50,000 sower, water and park bonds.
on A pril 1 for tho fiv e issues o f street bonds aggregating $10,320 offered
W A K E C O U N T Y (P. O. R a le ig h ), N o. C a ro.— BOND OFFERING.—
Proposals will lie received until 12 m . Juno 2 b y II. G . Holding, C o. A u d ., on that day (V . 96, p . 816).
BONDS A U T H O R IZ E D .— An ordinance was passed M arch 31, it is
fo r $25,000 5 % 20-yr. coup, school bonds. D enom . $500. D ato Jan. 1
stated, providing for tho issuance o f $25,000 sanitary-fund bonds.
1913. Int. J. & J.
W A K E L A N D G R A D E D A N D H IG H S C H O O L D IS T R IC T , W ak e
C o u n t y , N o. C a r o .—-BONDS VOTED.— A. ccording
..
to reports, tho prop ositlon to issue $15,000 i8 % 25-yr.
_ „
__________
_ (V . 96, p . 894) carried C a n a d a , i t s P r o v i n c e s a n d M u n i c i p a l i t i e s .
cou .p. bldg,
bonds
a t tho election held April 22 by a voto o f 149 to 22.
W A L N U T S P R IN G S , B o s q u e C o u n t y , T exa s .— BONDS VOTED.—
T h o question o f issuing tho $10,000 5 % 10-40-year (op t.) street-im prove­
m ent bonds (V . 96, p . 816) carried b y a vote o f 48 to 46 at tho election
held April 15.
W A S H IN G T O N C O U N T Y (P. O . M a rietta ), O h io .— BONDS N OT
SOLD.— We are advised that tho bids for the $20,000 5 H % 5 H -y r. (av.)
county-farm -experim ent bonds offered April 1 (V . 96, p. 967) were received
too late to bo considered.
W A S H IN G T O N C O U R T H O U SE, O h io .— BOND SA LE.— An issuo
o f $11,580 5 % 1-10-year street bonds has been awardod, it is stated, to tho
Com m ercial Bank o f Washington C ourt Houso at par.
W A T E R V A L L E Y S C H O O L D I S T R IC T (P. O. W a ter V a lle y ), T o m
G r e e n C o u n ty , T ex .— BOND ELECTION .— An election will bo held
April 29, it is reported, to submit to a vote tho question o f issuing $8,000
school-construction bonds.
W A T T S , L os A n g e le s C o u n t y , C a l.— BOND ELECTION PROPOSED.
— This city is contem plating calling an oloction to voto on tho proposition
to issuo $100,000 water-works and firo-dept. bonds.
W A Y N E C O U N T Y (P. O. R ic h m o n d ), I n d .— BOND OFFERING.—
Proposals will bo rocoivcd until 12 m . M a y 1, it is stated, b y A . Chainnoss,
C o . Troas., for $51,000 national road bonds. Donoin. $500 and $550.
W A Y N E T O W N S H IP S C H O O L D IS T R IC T (P. O. W a s h in g to n
C. H .), F a yette C o u n t y , O h io .— BONDS N OT SOLD.—‘No bids wero
received on April 19, reports stato, for an issue o f $5,000 5% bldg.-irapt.
bonds.
W ELCOM E S C H O O L D I S T R I C T (P . O. V is a lia ), T u la re C o u n t y ,
C a l.— BONDS D E F E A T E D .— A t tho election held M arch 18 tho question
o f issuing $8,000 school bonds was defeated.
W EN A TC H E E , C h o la n C o u n t y , W a s h .— BONDS REFUSED.— W o aro
advised that G eo. II. Tildcn & C o. o f Seattlo have refusod to accept the
several issues o f bonds, including $15,500 general and $27,000 water bonds,
awarded to them on Dec. 31 1912 (V . 96, p. 153). Their attorneys refusod
to approvo the bonds because no rate o f interest was stated in tho ordinance
authorising tho election, and also because it was claimed tho city had ex­
ceeded tile debt limit provided in the law authorizing tho issuance o f such
bonds.
W E N O N A , M arshall C o u n ty , 111.— BONDS D E FE A T E D .— 'T ho quostion o f issuing concrcte-constr. bonds was defeated, reports stato, at an
election held April 15.
W E S T C H E S T E R C O U N T Y (P. O. W h ite P la in s), N, Y .— BOND
OFFERING.— Proposals will lie received until 10 a. m . April 28 b y G . T .
Burling, C o. Treas., for $ 3 0 ,0 0 0 4 H % rcg. bridge bonds. Denom. $1,000.
D ato April I 1913. Int. A. & O. at offico of C o. Treas. Due $5,000 yrly.
on April 1 from 1933 to 1938 incl. C ert, check on a nat. or Stato bank or
trust co. for 5% o f bonds bid for required. Bonds to bo delivered and paid
for at office o f C o. Treas. at 10 a. m . M a y 12, unless a subsequent dato
shall bo mutually agreed upon. These bonds will be certified as to genu­
ineness by the U. H. M tgo. & T r. C o. and their legality approved by Haw­
kins, Delafield & Longfellow o f N . Y . C ity, a cop y o f whoso opinion will
bo furnished successful bidders. Parch, to pay accrued int. Bids to be
made on blank form s furnished by the county.
W E S T F A R M IN G T O N , T ru m b u ll C o u n ty , O h io .— BOND ELEC­
T IO N .— An election will lie hold to-day (April 26), reports state, to decido
whether this town shall issuo $50,000 road-construction bonds.
W E ST O R A N G E , Essex C o u n ty , N. 3 .— BOND OFFERING.— Pro­
posals will be received until 8 p. m. M ay 6 by G . W . Foster, Tow n Clerk,
for tho following 4 H % gold cou p, bonds:
$55,000 funding bonds. D enom . $1,000. D ato Sept. 1 1912. D uo
Sept. 1 1942.
15.000 fi'-e-enuin. bonds. D enom . $500. D ato M a y 1 1912. Duo
M a y 1 1927.




ALBERTON

SCH O OL

D IS T R IC T

NO.

1 2 03

(P .

O. M oon

H ills ),

S a s k . — DE B EN TU R E SA LE.— On M arch 7 $2,200 7 % cou p, debentures
wero awarded to tho W estern School Supply C o . o f Regina for 2204— m ak­
ing the price 100.189. D ato M arch 7 1913. In t. semi-annual.
B E A V E R T O N , O n t .— DEBENTURES VOTED.— Roports state that a
favorablo voto was cast at the election held April 21 on tho issuance o f $8,000
stroot-im pt. and sidowalk-construction bonds.
B IR C H

H IL L S

(R u r a l M u n ic ip a lity N o . 460)

(P . O . B i r c h H i l l s ,

B o x 3 ) , S a s k . — DEBEN TU RE OFFERING.— Furthor details are at hand
relativo to tho offoring on M a y 15 o f the $10,000 6 % perm anent-im pt. de­
bentures (V . 96, p. 1175). Proposals for these debentures will bo received
until that day by J. It. T aylor, Soc.-Treas. D uo in 20 ann. installments.
B U R N A B Y , B . C . — DEBEN TU RE ELECTION PROPOSED.— An elec­
tion will be held shortly, it is reported, to submit to a voto tho questions
o f issuing $500,000 road-im pt., $40,000 hospital, $25,000 school-im pt.
and $50,000 sidewalk debentures.
B U S H V IL L E ,
S a s k .— DEBEN TU RE ELEC TIO N PROPOSED.— An
election will bo held In the near future, it is stated, to vote on tho issuance o f
$9,000 p ublic-im pt. debentures.
C A L E D O N I A , O n t . — DEBEN TU RE OFFERING.— This place is offer­
ing for sale, it is stated, $4,624 25-yr. hydro-electric debentures. A p ply
to John A very (P . O. R eeve).
C A R L E T O N P L A C E , O n t . — DEBEN TU RE OFFERING.— Proposals
will bo rocoived until 6 p. m . April 30 b y A . R . G . Feden, T ow n Clerk, for
$150,000 40-installment sower and water-works and $3,100 20-yr. (ser.)
local im pt. 4 H % debentures.
C H A R L O T T E T O W N , P . E . I .— DEBEN TU RES TO BE OFFERED
SHORTLY.— This placo will offer for sale shortly an Issue o f $13,000 2 H %
refunding debentures, reports state.
C R E E M O R E , O n t . — DEBEN TU RE E L EC TIO N .— T ho question o f
issuing $7,000 town-hall debentures will be subm itted to a v oto, it is stated
on A pr. 28.
D R Y D E N , O n t . — DEBENTURE ELECTION .— An oloction will be held
M a y 3, it is stated, to submit to the ratepayers tho follow ing by-laws:
$2,500 land-purchase, $5,000 hall, fire-protection and jail-constr., $2,500
telophono-system and $6,000 electric-light-system -acquiring debentures.
E D M O N T O N , A l t a . — DEBENTURE SA LE.— T h o “ M on etary T im es o f
Canada” in its issue o f April 19 states that this city has disposed o f £2,000,­
000 5 % debentures a t 95.
E S Q U I M A L T T O W N S H I P , B . C .— DEBENTURES VOTED.— It is
reported that tho burgesses recently voted In favor o f tho by-law providing
for tho issuance o f $27,500 school debentures.
F E R N I E , B . C . — DEBEN TU RE OFFERING.— I t is rep orted th a t th is
c ity is offerin g for sale tho follow in g 6 % d eb en tu res ( O . W . R o ss is C it y C lk ) :
$25,000 sc h o o l-c o n str. d eb en tu res. D e n o m . $ 1 ,0 0 0 .

5.000 school-oquip. debentures. D enom . $1,000.
10,000 e le ctr ic -lig h t-o x t. debentures. D enom . $500.
5.000 city storehouse constr. debentures. D enom . $1,000.
F E R T I L E V A L L E Y , S a s k . — DEBEN TU RES DE FE A TE D .— T h e v o te r s
recently defeated a proposition to issue $15,000 road debentures.
G A L T , O n t . — DEBEN TU RE E LEC TIO N PROPOSED.— A v o to will
bo taken shortly, it is expected, on the question o f issuing $60,000 sewer
debentures.
G L A C E B A Y , O n t . — DEBENTURES PROPOSED.— A ccording to news­
paper reports, this placo is contem plating tho issuance o f $13,500 30-yr.
debentures.
G O D E R I C H , O n t . — L O A N ELEC TIO N .— On M a y 3 a by-law to loan
$4,000 to Dledrich & Sons will be voted u pon , it is stated.

1250

GULL LAKE, O nt. — DE B EN TU R E ELECTION PROPOSED.— A c­
cording to reports, by-law s providing for the issuance o f tho following de­
bentures will be subm itted to tho voters in tho near future- $ 1 300 for
cem etery purchase, $3,500 for fair-ground-purchaso and $10,000 t o ’provido
for a municipal hall.
H AILEYBU RY, Ont.—DEBEN TU RE ELECTION .— Reports stato
that voting on the issuing o f $5,000 debentures for tho purchase o f tho Farr
property to be presented to tho Provincial Governm ent as cou nty bldgs, site
will tako place on M a y 5.
HAMIOTA CONSOLIDATED SCHOOL DISTRICT NO. 692, Man.

— D E B EN TU R E ELECTION .— ’Tho question o f issuing $10,500 6 % schoolim pt. debentures will bo submitted to a voto on M a y 3, reports stato.
HERBERT Sask.— DEBENTURES N O T SOLD.— N o award was
m ado on April 15 o f the $7,850 fire-hall and apparatus and $1,150 local
inapt. 6 % debentures offered on that day (V . 96, p. 1044).
r rLr9.^£f'rAR?11spH9°L DISTRICT NO. 1033, Man .— DEBEN TU RE
E L E C TIO N . An election will ho held M a y 15, reports state, to submit to
a vote a by-law to raise $3,500 6 % 2 0 -yr. debentures.
MACLEOD Alta.— DEBENTURE OFFERING.— Proposals will bo re­
ceived until 12 m . M a y 15 by E . F. Brown, Soc.-Treas., for $46,000 water
and light-ext., $23,000 sewer-ext., $100,000 m unicipal-bldg, sito-purch.
constr., $81,000 water-works-im pt. and fiitration-plant-constr., $50,­
000 sowago-disposal-plant-constr. and $36,000 sewerago-system-ext. 5%
40-yr. debentures. D ate O ct. 1 1912. In t. annual.
„ MEOTA (Rural M unicipality No. 468), Sask .— DEBEN TU RE OFp ERINQ.— A ccording to reports, this m unicipality is offering for salo
$10,000 5 % 20-yr. debentures. F . N . H oboy is Sec.-Treas.
MIDLAND, O nt. — TENDERS REJECTED.— All tenders received on
April 14 for tho tw o Issues o f 5 % 30-year debentures, aggregating $23,000,
ffered on that day (V . 96, p. 1115) wero rejected.
MOOSE JAW, Saak—DEBENTURES VOTED.— A ccording to reports,
this city recently voted $24,000 bonus debentures.
NEW WESTMINSTER, B. C.— D E B EN TU R E ELECTION PROPOSED.
— R eports state that arrangements are being m ado to subm it to tho voters
propositions to issuo $200,000 street-im pt. and $45,000 water-works-oxt
debentures.
NORTH VANCOUVER, B. C.— DEBEN TU RE OFFERING.— Proposals
will be received until 8 p .m . April 30 b y W . A . Brown, C ity Clerk, for $ 6 ,­
000 road m achinery, $32,000 water-works, $27,000 street. $5,500 lanes,
$28,000 subway and $215,000 school 5% 50-yr. debentures voted recently
(V . 96, p . 1115). Int. semi-annual.
PETROLIA, O n t.— DEBEN TU RE SALE.— This place has sold $11,901
5 % 15-lnstallment debentures to W ood , G undy & C o. o f T oron to.
PORT DOVER, O n t — DEBENTURES VOTED.— Reports stato that
this place recently voted $ 1 0 , 0 0 0 high-school debentures.
PRESTON, O n t. — LO A N OFFERING.— This placo is offering for salo
$18,000 5 % loan debentures (V . 96, p . 1176). A uth. voto o f 242 to 34 at
an election held A p r. 21. D ue in 10 ann. installments.
REGINA, Sask.— D E SC R IPTIO N OF L O A N .— T h o proceeds or tho
£553,900 5 % consol, reg. stock recently sold in London Dy tho Bank o f
M ontreal at 1 0 1 are to bo used for sowers, water-works, electric-light and
pow er, electric railway, civ ic buildings and other public works. R edeem ­
able July 1 1963, with option to tho city to redeem on or after July 1 1943,
on giving six m onths’ notico. Prin. & int. payable at Bank o f M ontreal,
L o n d on , or at the holder’s option at par o f exchange at the Bank o f M on treal,

NEW LOANS

Rogina, or, other office where the stock m ay bo registered for tho time b e in g ..
In t. will bo payablo on Jan. 1 and July 1. C oupon for three m onths’
interest, payablo July 1 1913, will bo attached to tho scrip.

RICHMOND HILL, O nt. — LO A N E LECTION PROPOSED.— R eports
state that an election will bo hold shortly to submit to a vote tho proposi­
tion to raise $5,000 as a loan to a local party.
ST. M ARY’ S, O nt. — TENDERS REJECTED.— All tonders recoived on
April 1 for tho $17,000 5 % 20-year coupon sinking fund debentures offered
on that day (V . 96, p. 1176) were rojected.
ST. THOMAS, O nt. — DEBENTURE OFFERING.— Proposals will bo
received until 12 m . M a y 2 b y S. O Perry, C ity T reas., for tho following
5 % debentures:
$35,000 00 bonus debentures. Duo $5,000 yrly. on M a y 1 from 1917 to
1923 incl.
15.000 00 bonus debentures. Duo $5,000 yrly. on M a y 1 from 1918 to
1920 incl.
53.000 00 factory-sito-purch. and constr. debentures. D u o in 20 equal
ann. install, o f prin. and int.
6,000 00 hospital debentures. D uo in 10 equal ann. install, o f prin.
and int.
19,263 63 1 0 -y r ., $23,813 90 15-yr. and $21,413 90 20-yr. local im p t.
debentures.
SCOTT (Rural M unicipality), Sask.— DEBENTURE SALE.— The
Flood Land C o . o f Regina has, it is said, purchased $8,000 6 % 20-yr. dobs.
STRATFORD, O n t, — LO A N E LECTION .— An election will be hold
M ay 8 , it is stated, to vote on a by-law providing for a loan o f $30,000 as a
bonus to tho Stratford M ill B ldg. C o.
STRATHROY. O n t.— DEBEN TU RE SALE.— Reports state that tho
Dom inion Securities C orp. o f T oron to has purchased $40,000 5% debentures,
due in 30 annual installments.
TILLSONBURG, O n t — DEBEN TU RE ELECTION .— T ho proposition
to raiso $25,000 as a loan to the Snedigar-Hathaway C o. o f Detroit will bo
Placed boforo the|voters on April 28, according to reports.
WAIN W RIGH T, A lta.— DEBEN TU RE OFFERING .— Proposals will
bo recoived until M a y 1 b y N . S. K enny, S ec.-T reas., for $25,000 5 H %
debentures.
WEST MISSOURI TOWNSHIP, O nt.— DEBENTURE E LECTION .—
A by-law providing for tho issuanco o f $8,000 permanent im pt. debentures
will bo voted upon, reports state, on M a y 6 .
WESTON, Ont .— DEBENTURES N OT SOLD.— N o sale was mado
on Apr. 19 o f tho tw o issues o f debentures aggregating $50,000 (V . 96,
p. 1044).
WHITEMOUTH CONSOLIDATED SCHOOL DISTRICT, Man.—
DEBENTURE ELECTION .— T ho question o f issuing $5,000 school-constr.
and equip debentures will bo submitted to a voto on M a y 8 , reports stato.

WINGHAM, O n t —DE B EN TU R E ELECTION PROPOSED.— An elec­
tion will be hold shortly, it is stated, to voto on a by-law to Issue $6,500 for
machinery debentures.
W OODSTOCK, O nt. — TENDERS REJECTED.— All tonders recoived
on April 16 for tho four issues o f debentures aggregating $46,429 79 offorod
on that day (V . 96, p. 1044) wore rojected.

NEW LOANS

NEW LOANS

$ 5 0 ,0 0 0
TOWN OF SENECA FALLS, City of Vicksburg, Mississippi,
$ 1 1 0 ,0 0 0

Seneca Co , New York
R E F U N D IN G

H IG H

BONDS

Sealed proposals will bo received b y tho under­
signed until M A Y 7T H , 1913, at 2:30 o'clock
p. m ., for tho purchaso o f $110,000 o f Refunding
Bonds o f tho T ow n o f Seneca Falls, N . Y ., to be
issued to pay o ff, retire and cancel a like amount
o f bonds o f said T ow n maturing July 1, 1913.
T he issuo is to bo com posed o f 110 bonds o f
$1,000 each, to bo dated July 1 1913, and to bo
payable $10,000 on July 1 1915 and $10,000 on
July 1 o f each and every year thereafter until all
are paid; with semi-annual Interest, payablo
January 1 and July 1 o f each year from their dato
until paid; and said bonds to bo issued in pur­
suance o f Section 8 o f the General M unicipal Law
and In accordance with tho requirements o f said
General M unicipal Law and o f tho C ounty Law.
Intending purchasers will quote the am ount
offered for said bonds and tho proposed rato o f
Interest which said bonds must bear under their
offer.
T ho entire d eb t o f tho T ow n is $130,000, o f
which $ 1 1 0 , 0 0 0 is proposed to bo retired and paid
o ff b y the Refunding Bonds o f this issue; and tho
value o f the real estato o f said T ow n , as shown by
tho last assessment-roll, to be taxed for the pay­
m ent o f tho said Refunding Bonds is in excess of
three million dollars.
A certified check on a national bank, payable
to the order o f W illiam E . Hull, Supervisor, for
one per cent o f tho am ount o f the bid, must ac­
com pany each proposal.
T he right to reject any or all bids is reserved.
D ated Seneca Falls, N . Y ., April 21st, 1913.
_____________W IL L IA M E . H U L L , Supervisor.

Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
F IR S T

[VOL. XCVi

THE CHRONICLE

N A T IO N A L

BAN K

BLDG.

$ 5 8 2 ,7 8 6 .5 0

CITY OF MINNEAPOLIS
BONDS

SCHOOL BONDS

Sealed bids will b o received b y tho C om m ittee
on W ays and M eans o f tho C ity C ouncil o f the
C ity o f M inneapolis, M innesota, at the office o f
tho undersigned, T H U R S D A Y . M A Y 8 T H ,
1913, at 2 o ’clock p . m ., for tho whole or any part
o f $25,000 00 Park Bonds, to bo dated M arch 1st,
1913, payable M arch 1st, 1943; $300,000 00
High School B onds, to bo dated April 1st, 1913,
payablo April 1st, 1943; $100,000 00 W ater W orks
B onds to bo dated M a y 1st, 1913, payablo M a y
1st, 1943; $125,000 00 H ospital and $27,500 00
W orkhouso B onds to be dated M a y 1st, 1913,
payablo M a y 1st, 1943. A ll o f tho above bonds
to bear interest at tho rato o f four (4 % ) per cent
per annum, payablo semi-annually, and no bid
will be entertained for a sum less than 95 per cent
o f tho par valuo o f tho same.
N otice is hereby given that tho abovo C om ­
m ittee will, at tho same place and at the same tim e,
offer at public sale $5,286 60 Special Certificates
o f Indebtedness for which no bid will bo enter­
tained for a sum less than the par valuo o f said
Certificates and at a rato o f Interest not in excess
o f 5 per cent per annum, payablo annually. Said
Certificates will bo dated April 1st, 1913, and pay­
ablo one-fifteenth each year up to and including
April 1st, 1928.
IM P R O V E M E N T B O N D S.
T ho right to reject any or all bids Is reserved.
A certified check for T w o (2 % ) per cent o f
Sealed bids will b e jrcco iv e d until 1 P. M. the par value o f tho bonds and certificates bid
MAY 1 by tho M ayor (P . O. Henson Building, for, m ado to C . A . B loom quist, C ity Treasurer,
Knoxville) for $10,000 sower and $8,000 school- must accom pany each bid.
construction 6 % coupon 10-year bonds. D e­
Circular containing full particulars will
nomination $100. Dato M ay 1 , 1 9 1 3 . Interest mailed upon application.
b*
at Hanover National Bank in New York C ity
DAN C. BROW N,
A deposit o f 10% is required. Bonded debt
C ity C om ptroller,
(including this issue), $168,000. Assessed valu­
M inneapolis, M innesota,
ation, $1,750,000.
W . R . JOH N SO N ,
M a yor.
Dated April 1 , 1913. Interest 5 % , semi-an­
nually, N ew Y ork. Bonds mature serially, $500
annually April 1, 1914, to 1932: $40,500 April 1,
1933. N o option of prior redemption.
Sealed proposals for tho purchaso o f said bonds
wil be received b y A . M . Paxton, C ity Clerk,
Vicksburg, Mississippi, until 5 P. M. MA Y 5, 1913,
when all bids will bo opened and considered in
tho presence o f tho M ayor and Aldermen. Certi­
fied check upon an incorporated bank for $ 1 ,0 0 0 ,
payablo to tho order o f tho C ity Clerk, must ac­
com pany each bid. Bids must bo upon blank
forms to bo furnished by said C ity Clerk or Cald­
well, Masshch & Reed, Attorneys, New Y ork,
whose favorable opinion will be furnished to the
purchaser without charge.
J. J. H A Y S , M ayor.

$ 1 8 ,0 0 0

PARK

CITY,

TENNESSEE,

B LO D G E T

F. WM. K R A F T
LAW YER.

&

C O .

B O N D S

60 STATE STREET, BOSTON
30 P IN E STREET, N E W YORK

S p e c ia lt t z n g i n E x a m in a t i o n o f

C H IC A G O

Municipal and Corporation Bonds

E S T A B L IS H E D 1885.

H. C. SPEER & SONS CO.

1037-9 F IR S T N A T IO N A L B A N K B L D G .,

STA TE , C IT Y & R A IL R O A D BO N D S

M U N IC IP A L

C H IC A G O , IL L .

a n d

r a il r o a d

First Nat. Bank Bldg., Chicago

BONDS

SCHOOL,

L IS T ON A P P L IC A T IO N

C O U N T Y

AND

M U N IC IP A L

BONDS

Bolger, Mosser & Willaman S E A S 0 N G 0 0 D & M A Y E R
In g a lls B u ild in g

STACY

&. B R A U N

In v e stm e n t
Toledo




B onds
Cincinnati

MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIS T.
29 S o u t h L a S a lle S t .,

C IN C IN N A T I

JOHN

H. W A T K I N S

NO. 1 WALL STREET
C H IC A G O

IN V E S T M E N 1

BON DS