The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
final/trial.
The
rontd
Ofl
Bank St Quotation Section
Railway Earnings Section
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, APRIL 27 1912
VOL. 94
The Throwicte.
PUBLISHED WEEKLY.
A
Terms of Subscription-Payable in Advance
NO. 2444
Week ending April 20.
Clearings at
1912.
1911.
Inc. or
Dec.
Dec.
271,582,160 +15.8
27,051,350 +7.8
19,250,306 +9.1
18,096,043 +23.7
+3.4
13,340,094
7,698,515 +9.5
5,940,700 +9.5
4,477,939 +2.3
2,911,497 +10.1
2,741,664 +18.5
2,343,668 -4.7
2,418,914 +0.5
646,143 +30.2
951,276 +36.5
1,021,659 -3.1
1,024,772 -15.3
819,627 +13.5
1,091,968 +37.5
765,000 +203.4
561,489 +22.1
666,024 -5.4
402,374 +27.0
1,226,193 +20.2
+6.4
56,004
628,740 -16.5
536,354 +13.2
396,040 +40.1
463,040 +10.0
229,283 +25.3
446,619 -5.7
158,402 -5.5
31,581 -21.1
411,925 +0.9
390,337,358 +14.5
1911.
1909.
Chicago
314,583,150
280,399,323 257,203,346
Cincinnati
29,162,700
23.397,400
25,957,050
21,004,271
Cleveland
14,532,374
18,834,696
Detroit
22,390,824
12,899,151
17,636,092
Milwaukee
13,796,085
10,148,201
12,348,699
Indianapolis
8,425,915
8,442,424
7,030,083
Columbus
5,959,500
5,877,300
5,735,700
Toledo
4,581,068
3,834,009
4,692,838
Peoria
3,204,675
2,415,131
2,905,317
Grand Rapids
2,223,779
3,249,238
2,853,163
Dayton
2,232,443
2,007,70
2,245,523
Evansville
2,430,576
1,998,021
2,326,563
Kalamazoo
841,328
636,441
777,270
Springfield, Ill_ _
1,298,055
963,361
977,020
Terms of Advertising-Per Inch Space
Fort Wayne__
989,717
1.018,185
1,038,985
$4 20 Lexington
8.57,084
Transient matter per inch space(14 agate lines)
541,595
612,294
22 00 Rockford
Two Months
(8 times
930,832
688,388
874,870
29 00 Youngstown __
rti`ihxrVn
I25ths (13 times
1,432,233
667,052
1,236,387
Cards
Business
Standing
60 00 Akron
(26 times
2,321,000
695,000
1,184,700
87 00 Bloomington__ __
Twelve Months(52 times)
685,400
480,772
571,666
630,000
561,756
688,637
CHICAGO OFFICE-Pliny Bartlett,613MonadnockBlock;Tel.Harrison 4012. Quincy
510,989
367,303
340,909
Decatur
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
1,474,420
1,120,570
794,440
Canton
570,399
440,238
532,810
WILLIAM( B. DANA COMPANY, Publishers,
South Bend
433,305
524,587
371,011
Springfield, Ohio.
New York.
P.0. Box 958. Front. Pine and Depeyster Sts.,
442,172
450,000
607,694
Jackson
:395,633
297,395
555,391
Danville
Published every Saturday morning by WILLIAM B. DANA COMPANY, Mansfield
4(36,182
337,864
509,518
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Jacksonville, 111.
188,218
268,278
287,219
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company. Lima
266,512
333,020
421,261
132,780
161,446
149,763
Ann Arbor
18,493
37,669
40,676
Adrian
425,000
415,658
Owensboro
CLEARING-HOUSE RETURNS.
_
406,330,433
Tot
.West
.Mid
447,073,649
353,448375
The following table, made up by telegraph, &c. indicates that the
total bank clearings of all clearing houses of the United States for week
48,006,658 +10.8
53,187,484
35,3113,678
44,327,929
ending April 27 have been $3,285,386,894, against $3,534,258,570 last San Francisco__ _
+19.7
18,703,103
13,305,270
18,090,203
Angeles
Los
22,495,154
week and $2,798,933,613 the corresponding week last year.
9 981 484 +18.8
11.862 433
10,185,293
11,554,853
Seattle
12,635,385 -2.2
6,923,021
12,351,790
11,937,273
Portland
Per
7,327,782
7,755,088 +1.7
7,888,173
7,365,172
Salt Lake City
(learings-Rcii rns by Tclegraph.
Cent.
1911.
5,284,286
4,204,063 +2.3
1912.
3,687,842
4,392,421
Spokane
Week ending April 27.
4,332,053
4,871,458
4,197,426 -5.4
3,971,31)0
Tacoma
+18.0
1,727,1:31
2,954,302
3,005,875
3,487,923
$1,563,837,297 $1,280,650,205 +22.1 Oakland
New York
1,187,724
886,683
118,334,403 +34.8 Sacramento
159,535,225
1,359,260 +21.3
1,648,219
Boston
1,495,000
+2.0 San Diego
117,980,564
121,397,555
1,705,000 +-1,550,000
2,739,963
Philadelphia
1,024,119
-2.3 Pasadena
27,569,918
26,933,165
971,410
058,274
Baltimore
539,630
214,161,802 +18.6 Stotitton
254,011,457
689,874 +14.1
786,391
403387
Chicago
465,711
+4.0 Fresno
62,140,655
709,105
64,604,924
706,589 +6.1
750,000
St. Loul9
437,161
431,940
14,458,422 +13.8 San Jose
16,460,659
474,586 +10.3
523,129
New Orleans
42,.,000
526,799
-30.7
Yakima
485,558
336,681
North
228.000
$2,206,780,292 $1,835,302,029 +20.2 Reno
230,265
323,498
257,955 +25.6
Seven cities, 5 days
493,972,468 +11.1
598,974,231
Other cities, 5 days
86,539;i10
Total Pacific... 127,702,909 115,318,814 +10.7 112,547,668
$2,755,754,553 82,329,274,497 +18.3 Kansas City__
Total all cities, 5 days
47,207,121
+5.0
53,520,580
99,835,421
52,319,052
469,659,116 +12.8 Minneapolis
52),632,341
All cities, 1 day
16,148,003
19,084,435
18,551,939
19,599,826 -5.4
12,878,013
+10.7
14,000,000
15,685,153
Omaha
12,646,680
for week
$3,285,386,894 $2,798,933,613 +17.4 St. Paul
7,852,280
10,559,044
9,512,993
11,580,880 -17.9
_Total all cities
8,737,342
-4.4
9,770,916
8,580,349
8,979,958
Denver
The full details for the week covered by the above will be given next St. Joseph
6,081,210
+21.3
8,105,605
6,740,451
8,176,419
Saturday. We cannot furnish them to-day, c12arine,•s being made up by the Des Moines
3,711,429
4,473,686
5,005,084
4,323,206 +15.8
clearing houses at noon on Saturday, and hence in the above the last day of Sioux City
2,350,533
2,950,828
3,056,156
2,186,866 +39.8
the week has to be in all cases estimated, as we go to press Friday night.
2,902.951
2 743,561
-4.5
3,389,782
8,237,000
Wichita
We present below detailed figures for the week ending with Saturday Duluth
2,708,000
3,204,753
2,629,173
2,197,241 +19.7
noon, April 20 for four years.
1,287,126
1,333,775
LinoIn
1,288,654 +31.0
1,688,575
1,409,127
1,374,269
1,514,526
1,238,213 +22.3
Davenport
1,440,016
1,519,275
Topeka
1,719,294 -1.2
1,699,431
Week ending April 20.
1,206,308
1,339,2134
1,546,842 +15.1
1,780,981
Cedar Rapids
Clearings al790,654
968,078
823,355
Fargo
795,130 +3.5
Inc. or
553 994
687 571
702,249
Colorado Springs.
754,780 -7.0
SC I1.
/)cc.
1910.
1912.
1909.
581,739
621,525
584,675
Pueblo
763,061 -23.4
210,426
295,936
Fremont
278,659 +6.1
295,801
8
$
$
%
$
1,114,380
1,093,908 +18.8
1,300,000
2,097,150,027 1,659,237,076 +26.4 1,796,556,262 2,026,303,034 Waterloo
New York
67:3,775
091,639
-5.0
Helena
1,052,404
1,000,000
156,382,121 160,638,149 -2.6 148,809,995 134,204,022
Philadelphia
183,1115
231,447
113,624 +18.6
324,791
45,614,615 }Pilings
52,767,693
60,704,214
55,281,583 -4.5
Pittsburgh
374,354
404,334 -7.3
375,000
24,681,514 Aberdeen
4-9.8
28,412,696
31,509,152
33,259,327
Baltimore
145,000
146,023 +38.2
201,839
8,331,539 Hastings
9,497,690 +11.9
10,812,211
9,760,8,1
flu Oslo
5,935,136
6,673,848
7,606,557 +11.6
7,821,065
Washington
Tot. otherWest 111,222,333 132,675,077 +3.5 141 133,27-4 118,852,103
5,591,655
6.095,416
+2.9
Albany
5,817,321
5,961,518
3,138,006
3,423,221
3,970,044 +20.2
5,12:3,570
Itoch:13ter
73,875,333
62,069,711
+6.0
76,235,901
80,794,434
St. Louis
2,523,187
12.3
2,980,422
Scranton
2,323,103 New Orleans_ _ _
2,613,379
17,301,004
15,342,652
19,056,807 -1.2
18.822,864
1,764,749
2,120394
+4.5
Syracuse
2,366,324
2,473,646
14,106,156
11,37(1.117
+10.2
14,440,726
13,107,658
Louisville
1,616,242
1,012,525
8.0
1,767,243
Reading
1,920,791
11,521,766
13,279,853
17,359,003
10,831,104 +60.3
1,316,407 Houston
1,537,045
1,528,344
wiimington
5.3
1,613,202
+30.4
5,420,000
5,089,000
6,763,000
8,819,000
Galveston
1,279,007
1,400,036
Wilkes-Barre _ _
1,377,120
1,366,073 +0.8
6,378,943
6.834,559
8,749,355
7,605,791 +15.0
1,686,053
1,611,658 Richmond
1,779,426
Wheeling
1,671,699 +13.2
0,179,944
6,476,646
6,448,740
Worth
5,170,601 +24.1
Fort
1,699,999
1,680,152
1,433,473
19.0
2,074,693
Trenton
5,052,971
10,188,438
13,877,410
11,238,735 +23.5
1,005,317
823,442 Atlanta
1,092,047
1,035,828 +5.5
York
5,465.477
5,625,414
7,130314
6.457,258 +10.4
Memphis
1,013,197
1,686,256
1,011,745 +61.9
Lancaster
4,181.331
3,472,315
-0.06
4,932,188
4,935,199
Savannah
046,795
127,582
586,927
887,147 +6.6
Erie
3,768,489
3,862,248
+21.1
.5,179,547
4,276,972
Nashville
501,800
607,500
433,300
522,700 +16.3
Binghamton
2,845,599
2,899,287
3,689,556
3,035,254 +21.5
436,721
604,524
360,172 Norfolk
603,921
+0.1
Alteona
2,335,901
2,008,604
3,132,536
3,194,199 -2.1
625,000
610,919 +2.3
382,449 Birmingham
650,744
Greensrg
2,416,069
1,593,696
+14.4
3,055,846
3,497,191
_
jaci;sonville
561,302 +1.5
569,062
598,059
486,028
Chester--------1,842,546
1,934,587
1,991,360 +30.3
2,514,559
Augusta
+18.9
1,351,443
1,603,983
1,762,105
_
__
2,096,225
Chattanooga
Total Middle__ 2,391,883,824 1,953,864,573 +22.4 2,078,054,697 2,248,446,538 Knoxville
1,499,408
+9.2
1,600,590
1,022,837
1,760,031
1,326,439
1,527,407
1,244,119 -5.1
1,181,702
Mobiln
146,154,816
160,646,694
+24.6
144,033,137
182,161,466
Boston
1,410,112
1,607,945
+25.1
1,993,178
1,503,406
Charleston
7,172,700 +26.6
6,604,500
7,668,000
0,077,200
Providence
1,500,407
1,555.026
1,755,817 +10.9
1,947,236
4,563,648 +33.3
3,367,497 Little Rock
4,003,900
6,085,151
Hartford
1,461,537
2,512,708
1.887.421 -19.8
1,513,268
3,056,537 +0.0
2,759,831 Oklahoma
2,705,341
3,082,445
New Haven
050,0001
776,422
+21.5
3,899,742
3.208.678
Macon
2,041,997 +27.8
1,786,905
2,157,631
2,608,010
Springfield
1,228,39,
1306,497
1,511,426
1,014,034 +49.0
1,786,600 -0.6
1,644,420
1;324,124 Austin
1,770,179
Portland
251,726
287,1'
-0.1
270,827
271,053
Vicksburg
1,386315
2,044,701
2,040,120 +50.6
3,195,725
Worcester
:190,411
561,021
809,141
507,795 +35.5
937,309
931,747 Wilmington, N.C
1,069,265
923,583 A-15.8
Fall River
318,000
420,00
350,000
403,475 -13.9
1,130,008
966,546 Jackson
924,462 +11.6
1,031,120
New Bedford__ _
+27.8
891,148
697,586
Tulsa
459,186
447,058
538,007
550,491 -3.3
Lowell
815,619
722,025 +12.9
413,128 Muskogee
502,947
550,029 -7.2
1318,917
Holyoke
Total Southern 218,661,772 103.1171.2131 +12.8 132.429.574 157,748.473
422,473
414,569 +1.9
Bangor
0^0}10;02-1g.4011--47-19.0 33734.258,57n ,
.08/.7}.285 3.146,215.49h
Total all
170 l',1 rsql 1.01 1 1117 .1On nin ion aq q AAC
011 .11,9.15
Total New En
Ot1tsiile N. Y..11,4137.108.543 1.201.011.42(0 -1-10.14 1.2.1.725.0: 31,119,912.461.
-For Canadian clearings see "Commercial and Miszellaueous News."
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Subscription includes following SupplementsBANE AND QUOTATION(monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
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STATE AND CITY (semi-annually) BANKERS'CONVENTION (yearly)
_
1140
THE CHRONICLE
[VoL. Lxxxxiv.
tween 1900 and 1911, a total increase in wages of
26.4%—this, too, without taking into consideration
THE.FINANCIAL SITUATION.
The political situation is disquieting, but the eco- the great increase in the opportunity for work from
nomic situation also has its disturbing aspects. No an average of 165 days in the five years 1897-1901 to
student of affairs can fail to perceive that renewed wage an average of 210 days for the five years 1906-10, with
advances, as also the readiness with which they are a further increase in 1911?
acquiesced in on the part of manufacturer, producer
and transporter, involve threatening possibilities.
In the case of the demands of the locomotive engiDuring the last two or three years there has been much neers, the outcome seems likely to be the same. Here
complaint, and justly so, of the high cost of living. a strike was narrowly averted on Monday night of this
The further wage advances now in contemplation will week, after the railroad managers had been notified in
certainly not relieve anxiety on that score. The in- an arrogant and dictatorial manner that only immedustrial world is at present facing two wage advances diate compliance would save the roads and the comof large importance. One is embodied in the demand munity from the consequences of a tie-up of the entire
of the miners for shorter hours and higher pay and railroad system of the country east of Chicago and
the other is the request for similar concessions by the north of the Ohio River. Presiding Judge Martin A.
locomotive engineers on the Eastern trunk lines. In Knapp of the Commerce Court and U. S. Labor Comboth cases those in control of the executive manage- missioner Charles P. Neill intervened as mediators,
ment of the properties have advanced impregnable and got the engineers to agree to a truce, so that atreasons why the higher schedules of compensation tempts might be made to bring the two sides tocannot and should not be granted. They have ad- gether and prevent a conflict. The mediators are
duced arguments and presented figures that are abso- now engaged in trying to find some common ground on
lutely unanswerable. In no labor controversy of re- which the opposing parties can meet and an agreement
cent years have the managers had such a clear and be reached. There are suggestions of submitting the
incontrovertible case on which to rest a justifiable matter for determination to arbitration. Whatever
refusal as in these two instances. Yet the news of the method of settling the points at issue may ultimately
week is to the effect that in both instances these man- be adopted, one thing may be accepted as a foregone
agers, so fortified in all the equities, have already conclusion if arbitration results—the engineers will obweakened in their position and are preparing to yield, tain a part of their demand, even if it is not the full
18% increase asked for. All recent experience goes
in part at least, to the demands of the labor leaders.
For several weeks representatives of the anthra- to show that arbitrators or mediators settle these things
cite companies have been in conference with .repre- in only one way, namely by a compromise. That is
sentatives of the miners with the view to reaching a the reason why labor unions are so prone to accept
basis of settlement. In the meantime mining in the offers of arbitration or mediation; they know they will
anthracite,regions has been suspended. Now reports get a portion of what they are demanding, and will
come that terms of settlement have been agreed upon,. never be left without anything.
and that a meeting of the general committee of operAfter the engineers have been successful in obtaining
ators and miners has been called for Thursday of next an increase in compensation, other classes of railroad
week to act upon the report of the sub-committee, employees will come along and insist on their demands
which will then submit for adoption the terms and con- being heeded. These, too, will threaten to tie up the
ditions looking to an adjustment of all differences. transportation industry of the country if their deThese terms and conditions, it is stated, will not be mands are not conceded, and then will graciously
made public until after the meeting referred to, but yield to arbitration or mediation in the certain knowlthere is no denial of the statement that the main fea- edge that in that way some advance to them will not
ture of the agreement is a 10% advance in wages. be refused. And what are the unfortunate rail carThe miners had demanded 20%, and thus they get riers to do in these circumstances? They were last
one-half of what they asked for, though reports have it year denied authority to advance rates by the Interthat certain offsets will slightly reduce the net amount State Commerce Commission in terms so broad and
of gain which the miners will receive.
comprehensive that there seems little likelihood that
In order that this action of the managers in thus re- the Commission can be induced to change its ruling
ceding from the valiant position which they took at now. Will the railroads nevertheless renew their apthe outbreak of the controversy may be seen in its plication, or will they court bankruptcy by continuing
proper light, it should be recalled that the operators, to work at existing rates?
originally, in rejecting the demand for higher wages
end we may be sure railroad rates will have
In
and other concessions, insisted that the total advance to be raised, no matter how the Commerce Commission
in wages demanded would amount to more than $28,- may feel about it, if the present tendency to raise the
000,000 annually, and said that to this would have to pay of railroad employees is continued. In every
be added the further substantial increase due to the other branch of human activity the increase in the
operation of the sliding scale, under which the mine cost of an article is added to the price. It will have
workers have heretofore had a participation in ad- to be the same in the railroad industry, otherwise it
vancing prices. Intimations now come that, in order will be impossible to get further supplies of capital for
to help the companies bear the added burden they have the development of the railroad systems. But why
assumed, the domestic sizes of anthracite are to be should not these demands be resisted to the end?
raised 25 cents a ton. If this be true, then again the The locomotive engineers are admittedly well-paid.
consumer will be called upon to foot the bill. But If their wages, already high, are raised still further,
how are we to reconcile the action of the managers with then other classes of railroad employees will have
their declaration, made at the outset of the contro- strong reason for contending that they, too, shall reversy, that the demands of the miners were (in effect) ceive similar consideration. As a matter of tact, some
without merit, and with their further statement that requests of this kind, it is understood, have already
the miners had previously had, during the period be- been prepared and are ready to be put in.
APR. 27 1912.j
THE CHRONICLE
Why, in this state of things, should the managers
fail to do their plain duty when they have right and
justice on their side? Why should they not tell these
misguided men that they will not consent to arbitration or mediation, since there is nothing to arbitrate, it
being well established that the roads, after their suffering of the last two or three years, are in no condition
to grant further advances in wages? Why not let the
engineers understand that a point that may jeopardize
the very solvency of the roads cannot be submitted
to arbitration?
But the railroad managers appear to lack nerve.
They dread the possibility of a strike. And. yet, as
the railroads would be clearly in the right, the blame
would not rest upon them but upon the engineers, and
these latter would have to take the consequences.
Why should there be such great dread, anyway, of a
strike? No one can deny that a strike would prove
decidedly inconvenient to the public for the time being.
But it could not last long, should the Government
extend proper protection, and that is about the only
legitimate function Government has. If conclusions
were once tried out in this way, we may be sure the
strike business would not soon be repeated.
Things have come to such a pass that the owners
and managers of great corporations find themselves
subject to constant intimidation. One class of employees after another sends in imperative demands for
higher pay, or shorter hours, or both combined, and
for other concessions, and seeks to force compliance
by threats of tying up transportation or production.
Government officials then rush to the rescue on the
plea that a suspension of transportation activities cannot be permitted or (in the case of an article of fuel,
like coal) that stoppage of supplies in that quarter
must not be tolerated, since fuel is an indispensable
article of daily consumption. Then mediation or arbitration is proposed. If the carrier or the producer
objects, an attempt to put him in the wrong is made
by saying that if he has right on his side he will not
he afraid to submit the controversy to arbitration.
As a matter of fact, as we have already seen, such
arbitration invariably means a compromise, under
which the employees succeed in obtaining a part, at
least, of what they ask.
Thus owners and managers are subject to constant
hold-ups. The employees purposely put their demands high,so that even after the demands have been
scaled down at the hands of arbitrators or mediators,
they will, nevertheless, get very substantial additiobs.
There will be no end to this process, no end to these
continual hold-ups, until the issue is once fought out
to a conclusion on a large scale and defeat visited on
unreasoning demands. As matters stand now, the
labor unions know that to put in a claim for increased
pay or other concessions, accompanied by threat of a
strike, is equivalent to having the demand granted in
good part, since a meddlesome Government is sure to
tender its good offices or good advice and secure sub'mission of the points at issue to arbitration which
eventuates in compromise and a substantial victory for
the men.
And does the employee gain anything by constantly
pushing wages up when at the same time the cost of
living is also further raised? Thus far the present year
there have been substantial advances in wages in the
cotton mills, which advances have been added to the
price of the goods; also advances in the woolen mills
with similar effect; and now advances in the coal
miners' wages are to be followed by an increase in the
1141
price of coal. Furthermore, the continued advances
in the pay of railroad employees are sure to lead in the
end to higher freight rates, and it is a well-established
fact that transportation enters into the cost of practically everything. With the further additions in
that way to the cost of living, employees in outside
industries will be compelled,.on their part, to ask for
increased pay to compensate for the advances in the
necessaries of life, and these increases will in turn
cause another rise in the cost of living. If the wageearner, because of these general advances, is obliged
to pay more for everything that he eats and drinks
and wears, in what way is he the gainer, though his
own compensation be placed on an improved level? If
the movement were confined to any single industry,
some advantage from it in that industry could he
claimed. But where it is general and assumes a
constantly widening form, no one can be said really
to derive any benefits from it. And yet all are perforce obliged to join in it. Is it not time to call a halt
in the interest of economic health?
The spread of radicalism, with the accompanying
attacks on the courts,came in for strong denunciation
at the ninety-second semi-annual convention of the
National Association of Cotton Manufacturers held
in Paul Revere Hall of the Mechanics' Fair Building,
Boston, on Wednesday and Thursday of the current
week. Mr. Franklin W. Hobbs, President of the
Association, in his annual address furnished the keynote to the discussion of the subject, and it seemed to
be the consensus of opinion that the wave of radicalism
was directly traceable to the misrepresentations of
political agitators, correctly described as demagogues.
The gist of Mr. Hobbs' remarks was that there has
been so much denunciation of the established order
that one naturally begins to wonder if, after all, this
nation and its form of government are failures. The
claim is made that "the people" can never do wrong,
and their opinion, even when expressed under stress
of excitement or swayed by misrepresentations of
demagogues, shall prevail regardless of law. If the
courts decide that such an expression is illegal, so
much the worse for the courts, for it is now proposed
to make their decisions amenable to popular clamor.
Mr. Hobbs naturally questions the value of the principles of justice embodied in our common law,or the
need of a written Constitution, if such things can come
to pass; and he ascribes the present situation to the
growth of Socialistic ideas that has followed criticism
and denunciation on the part of politicians and other
agitators.
India has right along been purchasing £200,000each
week of the Cape gold offered at the weekly auction
in London. Instead of diminishing the amount of
its weekly purchases, there seems a probability of an
increase, according to reports from London that the
gold surplus in Egypt, from which country India has
also been drawing the precious metal, has been, reduced to a point that will invite resistance to outside
demands. We find in the annual report of Mr. George
E. Roberts, Director of the Mint, a reference to the
demand by India that possesses considerable interest,
in view of the present activity of the Indian demand,
and the fact that such a demand promises to become
an increasingly important factor in the British money
market. A large part of the gold and silver that goes
to India, Mr. Roberts shows, sinks out of sight, and
whether it is made into ornaments or buried in the
1142
THE CHRONICLE
[VoL. Lxxxxxv.
The Turkish Government has replied to the offer of
ground, is withdrawn, at least in large part, from the
mediation
by the Powers by thanking them and acbe
may
it
monetary stock of the world. Some of
cepting
offer as in "the best interests of both
their
of
times
as
such
periods
of
emergency,
brought out in
famine, and re-converted into money,but in the past a belligerents'." The acceptance, however, the Porte
steady stream of the precious metals has moved into points out, must be conditional on the maintenance
India and disappeared as a factor in the commercial of the effective and integral sovereignty of Turkey
world. Sir James Wilson, K.C.S.I., for many years in Tripoli and the evacuation of that country by the
in the Government service in India, in a comprehensive Italians. Any other solution is declared to be imaddress delivered before the East India Association possible by the Turkish Government, which reiterates
of London, on June 14 1911,reported the net imports that Turkey is prepared to grant to Italy economic
of gold by India since 1840 at about $1,200,000,000, or concessions in Tripoli. Italian forces have been landed
one-tenth of the world's production in that time. "It on Imbros and Lemnos islands, which are immediately
may be questioned," continues Mr. Roberts, "whether opposite the entrance of the Dardanelles. These
the economists who are expressing fears as to the effects positions will give the Italian fleet a working base
that may result from the production of gold at the from which it can operate either to force or blockade
present rate are aware of the amount of that metal the straits. Forces were also landed on Taxos,Chio
taken by India since the gold standard was definitely and Samos Islands, along the Turkish coast. A cable
established and the Government began to pay out from Vienna states that Italy and Russia have
sovereigns freely. That occurred in 1900. For the reached an agreement under the terms of which Italy
10-year period 1890-1899 the net imports plus the will support Russian policies in the Balkans while
country's own production were $135,800,000; for the Russia will recognize Italian sovereignty in Tripoli.
eleven years 1900-1910 they aggregated $433,800,000. If necessary, the dispatch says, Russia will back up
For the British fiscal year ended March 31 1911 they Italy by a naval demonstration at the entrance of
amounted to $90,487,000, or about one-quarter of the the Bosphorus.
world's production after the industrial consumption
A mutinous outbreak of native troops at Fez, the
was provided for. If this ability on the part of India
to take and pay for gold proves to be permanent,it is capital of Morocco, is still another reminder of the
apparent that there will be no oversupply to trouble difficulties that must be encountered in establishing
the rest of the world." The finance department of modern civilization on the African continent. A
the Government of India, in its report for the fiscal massacre of widespread proportions and horrible
year ended March 31 1911, commenting upon these cruelties followed the false report that the Sultan
figures, says: "The gold figures are striking, but it is was a prisoner and that his life was in danger. This
perhaps equally remarkable that the increase in gold was sufficient to bring out all the fanaticism that
has not been at the expense of silver; the country, in had been lying dormant. The Jewish quarter of
other words, continues to take practically the same Fez has been desolated and it is reported that of the
amount of silver, but it prefers that the addition to the 12,000 Jewish residents of the capital no fewer than
imports of treasure which it has been able to claim 7,000 have been rendered homeless by fire and these
should be in the form of gold." Sir James Wilson, have taken refuge in the gardens of the Sultan's palace.
in the address alluded to, sums up his explanation by A large number of officers and men of the French
saying: "As for India, her prosperity is steadily ad- army were killed and wounded, whilo suppressing
vancing. Great numbers of her people prefer to spend the outbreak of the Moorish population.
their savings on gold rather than on bther commodiThe Mexican situation still remains delicate. Advices
ties. The probability is that, altogether apart from
questions of currency,India will continue to absorb gold to the State Department report that Americans in
all parts of the southern republic feel their safety is
in ever-increasing quantity."
being jeopardized by reports of American intervention.
The State Department is endeavoring to
upon
centres
now
Interest in the Italo-Turkish war
a
to what it regards as inflammatory and
put
stop
Turkish
the
which
Dardanelles,
the closing of the
Government at once proceeded to accomplish as soon sensational talk of the Government's purpose to
as the Italian warships last week attacked the outer intervene, by declaring that the reports of the Ameriforts. Cable advices state that more than 150 British can Consular officers in Mexico reiterate that there is
grain ships are thus tied up in the Black Sea and,aside not one reason for military intervention, but countless
from the delay in the shipment of the grain,it is feared strong reasons why there should be no intervention.
that this will prevent the meeting of bills drawn on Secretary Knox early in the week declared that the
London against the grain cargoes. Should the delay President had under consideration the question of
to the grain ships prove to be protracted, a natural dispatching a vessel to the West cost of Mexico to
result would of course be to cause a demand upon other look into the safety of the American residents there.
surplus-grain countries. The Russian Government This did not necessarily mean, he added, that a warhas sent a note to Constantinople protesting against ship would make the trip, as the principal object was
the closing of the Dardanelles, but the Turkish authori- to get news about these Americans, who were in a
ties announce that until a guaranty is given by the country where great disorder prevailed with no
Italians that they will not attempt to force them,the means of communication with the outside world. Of
straits will not be opened for international commerce. course, he said, if a United States Cruiser happened
It is evident that the matter is now reaching a point to be the nearest vessel available, it would be sent.
where it can hardly fail to result in international comUnfortunately, the later news that has been received
plications, which in view of the conceded failure of
Italy to make satisfactory progress in Tripoli is not from the dreadful ocean tragedy of last week has not
unlikely to have been the real object of the Italian in any way detracted from .the horror of the first
Government in attacking the outer forts of the Darda- reports. Everything appears to have been done
that could be done to alleviate the suffering of the
nelles last week.
APR. 27 1912.]
THE CHRONICLE
suvivors and to pay proper respect to the dead. The
cable steamship Mackay-Bennett, which was engaged by the owners of the "Titanic" to go to the
scene of the disaster and recover as far as possible
the bodies of the dead, reports having recovered 205
dead, of whom 91 have been identified. Among
those identified are John Jacob Astor and Isidor
Straus. Another steamship also reports recovering
the remains of C. M. Hays, late President of the
Grand Trunk Railway. One immediate effect of the
news of the disaster has been a movement to place
lifeboats upon all passenger steamers sufficient to
carry all on board. As a result of a strike of seamen
and stokers on the "Olympic", which is a sister
ship of the "Titanic", originating from dissatisfaction
of the men with the lifeboat equipment of the steamer,
the "Olympic's" sailing from the other side has been
delayed and arrangements have been concluded to
send her passengers by other steamers. A special
Committee of our Senate is making a thorough investigation of the circumstances surrounding the
foundering of the "Titanic", and has had before it
Mr. J. Bruce Ismay, the head of the White Star Line,
who was on board the unfortunate steamer at the
time of the accident, and also other survivors and
officers of the company, whose testimony may prove
of value. A similar investigation will be made by
the British authorities when the survivors reach
England.
In China the deadlock over financial arrangements
seems to have been broken, Tang-Shao-Yi, the premier,
according to a Peking cable, having virtually agreed to
recognize the demands of the Ministers of the United
States, Great Britain,Germany and Francefor the cancellation of the arrangement for aloan from the Belgian
syndicate. Until this matter has been officially adjusted,China is finding it necessary to make temporary
arrangements for funds, and the military authorities at
Shanghai have succeeded in borrowing,through a German firm, 2,000,000 taels (approximately $1,400,000)
for the payment of troops, the Chinese Chamber of
Commerce acting as guarantor. It is stated that
further efforts to arrange a loan of 10,000,000 taels
(approximately $7,000,000) from the same source are
in progress. The changes natural to a new government are now being reported from Peking. Thousands
of old Government employees have handed in their
resignations or been dismissed. The employees of the
Board of Interior have resigned in a body, and the
entire police forces of the inner and outer cities are
expected to take similar action, which may leave the
capital without police protection for a while. The
Cabinet has decided to abolish all courtesy titles. In
a speech at Wu-Chang Dr. Sun Yat Sen created a
sensation by arguing against the retention of Peking
as the capital on the ground that it was dominated
by foreign Powers, whose important and fortified positions would enable them to bombard and destroy
the Government. It was the foreign control of the
capitals of Indo-China and Korea, said Dr. Sun, that
had destroyed those nations. The removal of the
capital to Wu-Chang or Nanking, he declared, would
save much trouble.
While no action that may be regarded as official
has followed the Anglo-German proposition for a
mutual restriction of armaments, a significant indication of German sentiment is contained in the defeat
of the German Government on Thursday on the bills
1143
for the increase of the army and navy. The defeat is
not final. The Government succeeded in having the
bills read the first time, but after that the combined
National, Liberal, Radical and Socialist Parties,
which are dissatisfied with the proposed method
of financing the measures 1 and desire the imposition of an inheritance tax in order to provide the
necessary funds, succeeded by a majority of two in
having the bills referred to a special committee for
study.
On the Paris Bourse French 3% rentes have recently
been under severe pressure, the result, primarily, of
the offering of a 4% railroad loan guaranteed by the
Government. The higher rate proved a strong incentive for the small investor, who so widely abounds in
France, to sell the older securities and invest the proceeds in the newer. Under this depressing influence
French rentes touched a low record, 91 francs 80 centimes, on Saturday last. From this low figure there
has this week been a recovery of fully 2 francs, due
to covering by operators who had entered into large
short commitments to take advantage of the weakness
in the premier Government security. In 1897 French
rentes touched 105 francs 25 centimes. The French
Government recently decided thatsome action was necessary to at least modify the attractiveness of other
State-guaranteed issues, and early this week the Senate
Committee on Income Tax recommended that the rente
be freed of the impending impost, a recommendation,
the committee reported, that had the Finance Minister's approval. It is evident that investors in France,
as in other countries and especially in the United
States, are requiring high returns on their investments
—in other words, capital as well as labor is demanding
a higher wage as the result of the higher cost of living.
The income tax plan as submitted by the French
Senate's Committee,with the approval of the Minister
of Finance, is a substitute for a bill already approved
by the Chamber of Deputies. The Senate's proposal
is outlined as follows:
It fixes the minimum taxable income at 750 to 3,000
francs ($150 to $600), according to the population of the
commune. The rate is fixed at 5% for any fraction of income in excess of 25,000 francs ($5,000), decreasing proof 1% on any fraction of any income
portionately to
between the maximum sum taxable and 5,000 francs ($1,000)
The'tax is to be levied on the net income after the deduction of interest on debts. Special proportional rebates will
be allowed to heads of families whose income does not exceed
12,000 francs ($2,400). The taxpayer may make a declaration of his income or accept the assessment of a fiscal official.
French Government and colonial loans made prior to the
passage of this law are exempt from all special taxation.
Foreign government stock is to be taxed 2% stamp duty
on nominal or market value, plus 4% on the coupons attached to the stocks. Foreign stocks which have subscribed
to the system of composition payment of duties are to be
taxed as follows: Bearer stock, 12% on the dividend; personal stock (in principle), 12% on dividend, but companies
have the right to the same rate as French personal stock—
of 1% on transfer on
that is, 6% on the dividend plus
conversion to bearer stock, on condition that they open
transfer bureaus in France. Foreign stocks, which are not
subject to the composition system, whether bearer personal,
will pay 2% stamp duty on the nominal, or market value,
if the latter is higher, plus 1% every six years.
Private foreign bank discounts have suggested an
easier money market in London, which has been confirmed by a sharp decline in sterling exchange quotations in the New York market resulting from the withdrawal by New York bankers of some of the funds
they have recently been carrying at the British centre.
1144
THE CHRONICLE
Lxxxxiv.
The withdrawal of these funds acquires added signifi- change for the week, remaining at 3@,3A%
for all
cance when we take into consideration the undoubtedly maturities. Berlin, after an advance to 39@,4%
easier condition of the local money market for fixed for spot and to arrive, all maturities,, early in
the
maturities. This shows that the transfer was not so week closed at 3%@39%—last week's
figures.
much the result of a home demand, as of a sufficient Brussels continues without alteration at
3%% and
abundance of money in Lombard Street to justify pay- Amsterdam also is unchanged
at 3,74%. The official
ing off American loans. As we noted last week, the Bank rates at the centres named
still remain unprobable foreign subscriptions to the New York City changed as follows: London, 332
%; Paris, 33/2%;
stock issue of $65,000,000, which is to be offered on Berlin, 5%; Brussels, 43/2%, and
Amsterdam, 4%.
May 7, has unquestionably been a factor in the homeThe weekly statement of the Bank of England adds
ward movement of funds from London. The foreign further testimoney to the easier monetary
conditions
subscriptions in the usual course of sterling exchange in the English market. The gold and bullion holdings,
operations will take the place of the balances that are according to the cable of our special corresponde
nt,
being transferred. Trade and industry in England register an increase of £1,671,791, following
an ex- •
continue to show remarkable activity. Money in pansion of £1,424,149 last week. The total bullion
Paris is reported by cable to be resuming normal con- holdings are now £39.,489,031 and compare
with £37,ditions, the effect of the recent unsettling influence of 187,071 one year ago and £36,140,963
in 1910, which
the enormous subscriptions to the State railway loan certainly suggests a very comfortable
position. The
having culminated. One effect of the railway loan, reserve was increased by almost the exact amount
of
it will be recalled, was to cause a large transfer of sav- the gold holdings—namely, by £1,661,000—and
follow
ings by small investors from rentes to the new securi- an increase of £1,737,000 the preceding week
The
ties, because of the higher interest that the latter pay. total reserve now amounts to £29,299,000, and comThis selling of rentes became so severe that the pares with £27,617,986 a year ago, when, however,
Government sought some means of correcting the dis- the Bank rate was only 3%. The proportion
of reserve
turbed situation, and the solution was found in the to liabilities has this week increased to 48.42%
from
proposal of the Senate Committee to exempt invest- 45.39% last week. A year ago the
proportion was
ments in rentes from the obligations of the Income 46.94%, in 1910 it was 50.70% and 1909
50.39%.
Tax Bill. As a result of this provision, there has this The market paid off to the Bank this week
close to
week been a sharp recovery in the quotations of French' £2,000,000 (£1,913,000), but still owes £36,095,000
rentes on the Paris Bourse, last evening's closing figure, (as indicated by the item "other securities"), which is
as quoted by cable, being 93 francs and 80 centimes, the highest amount at the corresponding date since
comparing with 91 francs 90 centimes on Friday a 1906, in which year the total was £37,062,489. One
week ago and 91 francs 65 centimes on Saturday. The year ago the Bank's loans aggregated £33,971,894 and
Paris municipal 3% loan of 100,000,000 francs was in 1910 £29,526,659. Other items as cabled show that
taken by the Credit Foncier at par.
notes reserved increased £1,665,000 and notes in cirIn Berlin, money continues in demand and the sug- culation increased £11,000; public deposits were regestion in these columns last week, that the ease that duced by £401,000, other deposits increased £17,000
followed the turn from the old to the new quarter was and Government securities decreased £126,000.
Inlargely artificial, seems to be receiving direct corrobora- dia once again purchased an even £200,000 of the regution in the higher discounts. The end of February's lar weekly offering of Cape gold on Monday, the Bank
(hi-monthly) statements of eight large joint-stock taking the remainder (£400,000) at the Mint price.
banks, just received by mail, show that their holdings Our special correspondent furnishes the following deof cash, including balances with clearing-house bank- tails of the gold movements into and out of the Bank
ers, were only 183,000,000 marks, which is 152,000,000 for the Bank week: Imports, £773,000 (of which £14,marks below their holdings at the end of December. 000 from France,£12,000 from Australia and £747,000
The February returns indicate a less liquid banking bought in the open market); exports, £90,000 (of
position than at any time since the banks began pub- which £10,000 to Gibraltar and £80,000 German coin
lishing hi-monthly balance sheets, several years ago, sold) and receipts of £989,000 net from the interior
with the single exception of last October's returns, of Great Britain.
when the strain resulting from the Moroccan upheaval
was so pronounced. The German banks are endeavorThe Bank of France in its weekly statement reported
ing to comply with the desire of the Reichsbank that on Thursday an increase of 15,500,000 francs in the
they strengthen their position. Therefore, it seems gold holdings and of 350,000 francs in silver. The
safe to assume that Berlin will continue to require total of gold is now 3,250,095,000 francs, comparing
funds from outside sources right along, and will be with 3,233,200,000 francs one year ago. Notes in
willing to pay remunerative rental rates for them. circulation were reduced by 74,450,000 francs to
German estimates confirm the statements repeatedly 5,232,470,000 francs, against 5,160,697,775 francs at
made in the "Chronicle" during the last three months, this date last year. General deposits were reduced
that the volume of American money loaned abroad 50,700,000 francs to 645,318,000 francs (against 784,has been overstated in the newspaper reports. The 408,102 francs last year). Discounts registered it
present amount loaned in Germany does '11.ot,exceed traction of 21,000,000 francs and are now about
100,000,000 marks ($25,000,000) according'to' these 20,000,000 francs below last year's figures. Treasury
advices. No further evidence of strain is probable, deposits increased 129,500,000 francs during the week.
however, before the close of the June quarter.
The week's return by the Imperial Bank of Germany
shows an increase of 46,278,000 marks in gold and of
Closing discounts in London, as cabled yesterday, 73,927,000 marks in gold and silver combined. Notes
were 33'% for spot and 338% to arrive for both 60 in circulation were reduced 90,920,000 marks and
and 90 days' bankers' acceptances. A week ago the discounts 106,298,000 marks, while loans also were
rates were 3 7-16@t33/
2% for spot and 3,34% to arrive. 20,486,000 marks lower. General deposits increased
At Paris the closing quotations were without net 20,909,000 marks. The Bank's stock of gold and
APR.. 211912.1
THE CHRONICLE
silver clearly shows the progress that is being made in
strengthening the German banking financial situation.
It now amounts to 1,315,203,000 marks, comparing
with 1,175,320,000 marks in 1911 and 1,153,160,000
marks in 1910. Loans and discounts, however, are
still excessive, amounting to 1,152,124,000 marks,
against 996,480,000 marks one year ago and 984,920,000 marks in 1910. Trade and industry have
been so active recently in Germany that it will necessarily be a slow and gradual process to bring credits
down to the more conservative basis desired by the
Reichsbank
The local money market has shown a distinctly
easier trend, though call rates have been supported
and very little competition was evident to secure this
class of business by cutting rates. It is quite generally
conceded that the easiness in fixed maturities represents a reaction from the confidence in the political situation that existed a few weeks ago, and which
was so suddenly and thoroughly upset by the success
of Col. Roosevelt in the Illinois and Pennsylvania
primaries. There seems to be slight hope entertained
of any distinct improvement in the political situation
until the conventions of the two great parties in June.
Meanwhile neither manufacturers nor distributers are
likely to undertake new commitments on a large scale,
especially in view of the indifferent character of the
crop accounts that have been the feature so far this
season. Unless conditions in the mercantile world improve or a movement of large proportion takes place in
Stock Exchange speculation, there seems slight promise
of any sufficient demand for money in the near future
to justify any appreciable advance in money rental
rates.
The maximum rate for call money this week has
1 2% last week and
been 3%, which compares with 3/
4% the week preceding. On Monday and Tuesday
the range was 23%@3%, with the lower figure the
ruling one; Wednesday's extremes were 2@3%,with
1 and 3%
7
24%
the renewal basis; on Thursday 2Y
were the lowest and highest figures, respectively, with
3% the ruling rate; on Friday 23'% was the lowest,
2% the highest and 23%% the ruling rate.
Time money was easier both in sentiment and in
actual figures, but while the supply was abundant,
there was slight evidence of pressure. Quotations
1
for sixty days and 334% for
closed at 3@34%
was the range
1
ninety days. A week ago 34@33%%
for both sixty and ninety days. For 4,5 and 6 months
the final quotations are 334@33.1%, comparing with
33%% a week ago. Mercantile paper is not in active
supply, and buyers still quote 4 to 4I 2% for sixty
and ninety days' endorsed bills receivable and also for
4 to 6 months' single-name bills of choice character:
others are still quoted at 5%.
Sterling exchange has weakened perceptibly, owing
to the Withdrawal of American balances from London.
COintiaring• with closing quotations 9f. a week ago,
cableiranSfers .are about 30 points (lower, with demand 15 points lower. Arrangements are being
made - through London bankers to secure foreign
partidikation in the $65,000,000 issue of new New York
City stock, for which subscriptions are invited for
May 7, so that it is not unlikely that the proceeds
of the foreign subscriptions may in the usual routine
of sterling exchange operations replace the balances
that our hankers have been recalling from the English
centre. One of the rather curious developments
1145
of the week was the rep ort that London was bidding
33% in New York for thirty days' money, which
suggested a resistance to the withdrawals that have
unquestionably taken place.
Investigation of the report in banking circles here
shows, however, that it is at least inaccurate. London
has not, in a large way, been bidding in New York
for New York funds, but New York has been offering
funds in. London and the best bid that could be
secured was 33% for 30-day loans. It appears
that the unfortunate loss of the "Titanic" has been
a much more repressive influence in money circles in
London than on this side. An instance is the almost
complete failure of an Indian Government loan of
£3,000,000, which was offered for subscription this
week at 93. Notwithstanding that the issue carried
3% the subscriptions amounted to only 13% of the
total, the underwriters being compelled to take the
remaining 87%. This, according to London cable
advices, is highly suggestive of investment conditions
at the British centre and the explanation advanced in
a special London cable to the "Journal of Commerce"
is that the insurance companies and marine underwriters, who are usually large purchasers of Government securities, are desirous of keeping their resources
in liquid shape until their liabilities in regard to the
ocean disaster can be more accurately gauged. Should
the London and Paris subscription to the New York
City loan prove sufficiently high to call for a fair
part of the offering on May 7, it is not unlikely that
the sterling exchange quotations will respond. London
exchange in Paris closed yesterday at 25 francs
239' centimes; last week's close was 25 francs 25
centimes. London exchange in Berlin closed at 20
3 pfennigs. The rate a week ago was 20
marks 474
marks 483.1 pfennigs, indicating a movement of the
exchanges against London in Berlin, as well as in
Paris and New York.
Compared with Friday of last week, sterling exchange on Saturday was unchanged with demand
still quoted at 4 8725@,4 8730, cable transfers at
4 8775@4 8780 and sixty days at 4 8420@4 8430.
Exchange rates ruled easier on Monday on lower
discounts at London; although in the late afternoon
short covering brought about a rally; closing quotations were irregular, demand being unchanged at
4 8725@4 8730, while cable transfers declined to
4 8755@,4 8760 and sixty days advanced to 4 8430®
4 8440. On Tuesday rates moved unsteadily; after
a weak opening, the tone became slightly firmer,
though final figures were without change for demand
and sixty days at 4 8725@4 8730 and 4 8430@,4 8440,
respectively; cable transfers were weaker at 4 8750
®4 8755. Active selling on Wednesday caused a
decline of 15 points in demand sterling, which was
quoted at 4 8710@4 8715; cable transfers declined
5 points to 4 8745@,4 8750, while sixty days showed
no change. On Thursday the tone was weaker, due in
some measure to calling home of funds from abroad;
later, however, the market steadied on covpring
of shorts and the final range was unchanged from
Wednesday's close for demand and cable transfers;
sixty days declined to 4 8420@4 8430. On Friday
the market continued to show an easy tendency early
in the day, but closed without net change, owing to
some disposition to cover short commitments. Closing quotations were 4 8420@4 8430 for sixty days
4 87104 8715 for demand and 4 8745@4 8750 for
cable transfers. Commercial on banks was quoted at
4 823%et4 833% and documents for payment 4 8332@
J
1146
THE CHRONICLE
Lxxxxrv.
4 843/2. Cotton for payment ranged from 4 83% to operated more and more completely again as time
/
1.
4 84. Grain for payment from 4 84 to 4 841
went on; the strike would have been a failure, and the
prestige of the Brotherhood would have received a
The following gives the week's movement of money staggering blow. All this, we imagine, Mr. Stone and
to and from the interior by the New York banks.
his associates knew perfectly well. It explains the air
relief with which they accepted the Government's
of
Net Interior
Shipped by
Received by
Movement.
N. Y. Banks. N. Y. Banks
Week ending April 26 1912,
mediation.
$3,425,000 Gain $9,228,000
$12,653,000
Currency
The course of events which led up to this week's in1,067,000 Gain 2,030,000
Gold
3,097,000
$4,492,000 Gain $11,258,000 tervention by the Federal authorities may be briefly
315,750,000
Total gold and legal tenders
summarized. On Jan. 22 the Chief of the Brotherhood
With the Sub-Treasury operations, the result is as of Locomotive Engineers made application to the
follows.
general managers of the Eastern railways for an increase in wages which amounted on an average, acInto
Out ol
Net Change in
Banks.
Banks.
Bank Holdings.
Week ending April 26 1912.
cording to later computations, to 183/2%. It applied
$4,492,000 Gain $11,258,000
Banks' interior movement, as above_ $15,750,000
19,300,000
27,800,000 Loss 8,500,000 to fifty railroads east of Chicago and north of ChesaSub-Treasury operations
835,030,000 $32,292,000 Gain $2,758,000 peake Bay, which carry about one-half of the passenger
Total gold and legal tenders
•
and freight traffic of the United States. After further
The following table indicates the amount of bullion
exchange of views, the railway managers on March 25
in the principal European banks.
replied in detail to the request, pointing out that it
April 23 1912.
April 27 1911.
was less than two years since engineers' wages in that
Banks 01
Total.
Gold.
Silver.
Gold.
Total.
I Silver.
district had been increased by 10%%; that in that
E
X
adjustment of 1910 "all conditions of the service then
37,187,071
39,489,031 37,187,071
England_ 39,489,031
129,603,960 32,330,32 161,934,230 129,327,720 33,812,520 163,140,240
Franca
prevailing were considered and provided for, and since
Germany . 46,790,500 17,100,00 63,890,500 42,954,200 15,811,800 58,766,000
7,004,000 155,110,000 145,782,000 7,441,000 153,223,000
Russia a 148,106,00
Aus.-Hurifi 52,609,000 12,671,000 65,280,000 55,318,000 12,993,000 68,311,000 that time there has been no substantial change in these
Spain ____ 16,992,000 30,131,00 47,123,000 16,509,000 31,104,000 47,613,000
Italy d___ 42,113,000 3,700,000 45,813,000 39,770,000 3,505,000 43,275,000 conditions."
They further set forth that in 1911 net
998,000 13,068,000 11,057,000 2,194,900 13,251,900
Netherlds 12,070,000
Nat.Belg.d 6,706,000 3,353,000 10,059,000 6,509,333 3,254,667 9,764,000 revenues of the railways of this section had decreased
Sweden
4,793,000
4,793,000 4,620,000
4,620,000
SwItzerni. 6,486,000
6,486,000 6,113,000
6;113,000 $27,650,200 from the year before, in spite of which
Norway
1,981,000
1,081,000 2,028,000
2,028,000
compensation to employees had increased
Total week 507,739,491 107,287,320615,026,811 497,175,324 110,116,887607,292,211 decrease
Prey. week 503,129,800 108,308,72 611,438,520492,889,621 109,009,420601,899,041
$39,416,802. They recalled that their request for
tal of gold In the Bank of Russia Includes the balance held abroad— permission to increase rates had been denied by the
the amount held for Russian account In other Continental banks. The
that
Inter-State Commerce Commission, and further indiproportion so held, and consequently duoilcated in the above statement, Is about
one-eighth of the total this year, against about one-seventh a year ago.
cated their belief that "if these increases are given to
b The Austro-Hungarian Bank statement is now issued in Kronen and Heller
the
engineers,they will be followed by similar requests
Instead of Gulden and ICreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the. from other employees—which, if granted, would result
Kronen has really no greater value than 20 cents, our cable correspondent In London, in order to reduce Kronen to Pounds, has altered the basis of conversion by in actual bankruptcy to some roads and would leave
dividing the amount of Kronen by 24 Instead of 20.
d The division between gold and silver given in our table of coin and bullion In them as a whole unprepared to meet any sudden inthe Banks of Italy and Belgium is made from the best estimates we are able to crease in the demands for transportation."
obtain; it Is not claimed to be accurate, as the banks make no distinction in their
weekly returns, merely reporting the total gold and silver: but we believe the
To this communication the Chief of the Engineers'
division we make is a close approximation.
Brotherhood merely replied that he was submitting
the question of a strike to the individual engineers, and
ASPECTS OF THE RAILWAY ENGINEERS'
on April 12 he notified the managers of the 93.3%
DISPUTE.
vote of those engineers in favor of supporting the attiThe events of the past week, in the dispute between tude of the Brotherhood committee. A strike was
the railway managers and their employees, have both clearly intimated and another conference demanded.
an agreeable and a disagreeable aspect—an agreeable The railway managers answered that they were unable
one, because they have shown the power of public to get their full committee together immediately, and
opinion to stop a labor conspiracy which would sud- reiterated their statement of the reasons against condenly have tied up general trade and virtually block- ceding the wage demands. To this Mr..Stone, for the
aded the great cities of the East; a disagreeable one, Brotherhood, sent a defiant letter, describing the
because they have indicated the readiness of union managers' case as consisting, so far as the financial
leaders to invoke such a calamity, checked only by the question was concerned, of "nothing beyond the bare
positive intervention of the public authorities. Re- statement to substantiate it, regardless of the fact that
garding this second aspect of the case, however, there is financial reports show both increased earnings and
some ground for believing that the attitude of the volume or business." The Brotherhood would wait,
Brotherhood at the end of last week was in the nature he declared, until 8 p. Ifl. on that same day, after
of a "bluff," and that the intervention of the Fe eral which it would give only two hours' notice before withauthorities was in effect solicited by the Union lead- drawing the men from service. The character of this
ers, in order to get themselves out of a serious scrape.
ultimatum may be judged from the fact that it was
What the immediate result of,a strike of the loco- submitted last Friday, the day when the mind of the
motive engineers would have been, had such a strike whole community was diverted from all other things
been actually declared, can only be conjectured. by the tragic news brought in the night before by the
Much dislocation of the ordinary processes of life must Carpathia. Something of this consideration seems to
have occurred. But its ultimate result would have have penetrated the mind of the Brotherhood; at all
been certain. There are other locomotive enigneers events, they postponed their ultimatum until Monday
to be had; public indignation would have been of the present week. They then announced that the
ar, used, and would have protected these other men in strike would be called within thirty-six hours, and thus
no pting the positions: the lines would have been the matter stood on Monday eve2,1ilag•
APR. 21
1912,1
THE CHRONICLE
1147
There were present in the city at that time the two past few years, notably in France, Sweden arid Italy,
mediators appointed by the President under the have been avowedly based, in greater or less degree,
Erdman Act—Chairman Knapp of the Court of Com- first, on hostility to capital as such, second, on a demerce and Commissioner of Labor Neill. Under that termination to force'the issue into the halls of legislaAct the mediators had no absolute right to intervene, tion, third, on the program of the Continental Syndisave on request of one or the other party to a labor calists, that capital should actually be ousted from its
controversy. They stretched their authority, how- control of industry.
In these two recent American disputes there has
ever, and applied on their own initiative to the Chief
of the Brotherhood of Locomotive Engineers, stating been no such manifestation of purpose or motive; their
that, in view of the gravity of the emergency, "we history has at least proved that thus far our labor orare impelled by a sense of duty to tender our friendly ganizations are not tainted by the propaganda of war
offices to the contending parties." Mr. Stone replied against the industrial organization and against society
that "no body of organized labor is strong enough to itself. When one considers the spread of those docreject this offer, coming from the authorized represen- trines in industrial Europe, the fact that those propatatives of the United States." The strike was accor- ganda actually prevailed in this country for a time in
dingly postponed, and the matter is now in the hands 1886 and 1894, and the further fact that the European
agitators for a "general labor war" have for months
of the Government mediators.
of
been proclaiming that 1912 was to witness a world-wide
sequence
by
created
this
situation
What is the
averted,
battle on such lines, there is ground for comfort in the
the
time
for
being
been
has
strike
events? A
outcome.
to
in America. If, indeed, there is to be legisoutcome
early
final
the
predict
too
yet
as
is
it
but
The Erdman Act, which was passed in 1898 as a sequel lation on the matter in this country, it is more likely
to the serious railway labor troubles of 1894 and to be in the nature of positive prohibition of another
the ensuing years, provided that if the preliminary attempt to block the channels of trade and industry
mediation were unsuccessful, a board of arbitration through the concerted, overnight desertion of their
might be named to settle the controversy?, of which posts by railway employees.
one member should be named by the railway labor
organization, one appointed by the employers and
TAFT AND ROOSEVELT.
a third selected by those two. The reference of the
suddenly made although very slowly
change,
The
matter to such a board was not compulsory, but if
Mr. Taft's personal participation in
in
upon,
decided
accepted by both parties, its decree was to be binding.
not fairly open to objection as
is
the
campaign
under
the
railways
circumthe
how
We do not see
the situation and the cambecause
unprecedented,
Their
an
arrangement.
such
to
assent
stances could
refusal of the full demands of the Brotherhood was paign itself are unprecedented. It is neither desirable
based on plain financial reasons and involved, as we nor according to the best traditions that any Governhave shown, the question of the financial stability- mental officer should take a public part in a political
of at least some of the railways affected by the de- campaign, yet such participation by members of the
mands. In justice to the shareholders, therefore, it Cabinet has long been familiar, and since Mr. Taft is
will be readily seen that the railways could not have a candidate and properly enough desires a second
consented to abide by a possible award of all or qf term he cannot be expected to bear himself towards
most of the engineer's demands. We do not know current events like a disinterested outside observer.
how the matter will be finally adjusted; it is not im- He has been publicly assailed as unsafe, unresponsive
probable and, indeed, is urged by many of the railway to progress, and unfit; charges which are publicly
officers, that the questions at issue be submitted reiterated and are allowed to pass without contraas a whole to a formal public commission of inquiry,in diction will certainly be accepted by many people
order to determine not only the justice or injustice as substantially true, and, therefore, they cannot
of these particular demands for higher wages, but the remain unnoticed. Reply by Mr. Taft must be
whole financial status of the railways as affected by admitted as justifiable, sincejt has become compulthese additional demands of labor. Such an inquiry sory.
In a simple and orderly statement which is almost
would, at all events, bring into clear public light the
calm as if it were a chronological list of historical
as
question of where we are drifting in such an industry
Mr. Talt relates some incidents of Mr. Rooseevents,
the
employees.
by
under the circumstances created
velt's
his voluntary pledge in 1904, his recomcareer:
understood
clearly
be
to
ought
It is a question which
by the general public, for even if an increase of rates mendation as to a successor in 1908, and his efforts
were to be allowed by the Inter-State Commerce towards the election of that successor. His own
Commission, and that increase were at once to be personal indebtedness and his gratitude therefor
followed by another demand for wage advances are simply and frankly stated now by Mr. Taft, and
all along the line, it is perfectly easy to see that the he avers that never in thought, word or deed has
industry as a whole would merely be started in a he been disloyal to the friendship thus apparently
vicious circle, the result of whose successive turns cemented. Mr. Roosevelt adhered to his pledgewould be nothing but constant heavy increase in the of 1904 by discouraging all idea of another candidacy
for himself, but gradually became less and less firmburden on the consuming public.
The reassuring consideration, which is suggested in that position until the announcement to the
alike by the averting of this threatened railway strike governors in February. Then immediately came•
and by the reported settlement of the anthracite coal the Columbus address, in which appeared the alleged
trade trouble, is that it shows our working classes to be "charter of democracy". As this did not evoke
at any rate not animated by the spirit which has been the expected response from the people, Mr. Roosevelt•
so markedly in evidence during the recent labor trou- abandoned his "receptive attitude," relegated his
bles in England and on the Continent. The English Columbus doctrines to a second place, "and (says.
coal strike of last month, the English railway tie-up Mr. Taft) changed his campaign to one of criticism,
of a year ago, and the various similar outbreaks of the of me and my administration."
1148
THE CHRONICLE
[Vol, Lxxxxiv
Everybody who has read the news of the day for indications, and if Massachusetts follows, we may take
the last six weeks knows that this is a correct and renewed hope that this attack will incline Mr. Taft
unexaggerated statement, and as the "primary" more distinctly toward conservatism. If this result
elections came on in State after State, Mr. Roosevelt follows in a second term for him, we may well accept
has borne steadily harder upon this criticism and the whole Rooseveltian outbreaks against honor and
misrepresentation. He began his garbling and twisting reason as providential.
of quotations in his Carnegie Hall speech, and he has
continued it with increasing vehemence to this hour.
The matters treated by Mr. Taft in Massachusetts
CONSTITUTIONS AND CONSTRUCTIONS.
An interesting address by Chief Judge Cullen of
:Are outside the recall and the other monstrosities
which have been pushed into second place in the the Court of Appeals, at a recent reception a tone
talk of the campaign by the attacks upon himself. of the social clubs of Brooklyn, dealt with the criticism
For example, Mr, Roosevelt adroitly, and probably which is now so loosely directed at the judiciary,
*with considerable success, sought to link Mr. Taft with especially the high tribunal of which he is a member.
the Lorimer scandal, in the Illinois primary elections, While agreeing with the late Justice Brewer that,after
and he was aided in this by his own act of posing, a decision is rendered,the judges are subject to reasonmonths ago, when he refused to attend a dinner if able criticism like other men, he pointed out disSenator Lorimer was to be present as a guest. But tinctly that recent criticism has taken a wrong diMr. Taft produces a letter of his own to Mr. Roose- rection.
Two objections have been rhised to the course of
velt, written over a year ago, which proves that Mr.
recent decisions. While it is not claimed that
some
the
Lorimer
knew
that
he
believed
case
Roosevelt
reeked with corruption and that he "wanted the move- the courts have usurped authority in pronouncing
ment to oust him to succeed." Again, Mr. Roosevelt Acts of the Legislature unconstitutional, "it is said
discovered an anti-reciprocity feeling in the farming that the courts have for insufficient reasons set at
districts of Illinois and so he used Mr. Taft's efforts naught the acts of a co-ordinate branch of the Governfor Canadian reciprocity against him; but Mr. Taft ment and there has been a tendency on the part of the
now not only mentions several public addresses judiciary to unduly exalt its prerogatives in this
by his opponent in advocacy of a treaty but produces respect." That more Acts are now set aside than
a letter from him, written about a year ago, declaring ever before is a plain fact, said Judge Cullen, but the
the proposition "admirable from every standpoint," reaSons lie open to anybody who studies the political
saying how good it will ultimately be for the party, history of the State. The original constitution (1777)
and that "it is greatly to your credit to make the placed few restrictions on the Legislature and left it the
dominant branch. Not only did it control every
effort."
through the State but the upper branch
appointment
lauds
Wherever Mr. Rooseyelt
himself as the
champion of the common people against combinations (the Senate) constituted the highest court, the Court
and oligarchies, his own record proves him merely the for the Correction of Errors, and although three
most adroit and unscrupulous vote-seeker of modern judges and the Chancellor were added, they were
times; indeed, he is in many respects a reincarnation numerically insignificant in a body of thirty-two.
of Aaron Burr. He disclaims, says Mr. Taft, any Every constitution adopted since has limited legislapersonal desire for another term, hut deems himself tive powers, "and if the powers of the courts have
the only fit man for a needed "job", namely to bring been increased, it has been by action of the very
about by various means a change of our institutions people whose will it is now claimed we obstruct."
The constitution of 1846 abolished the Court of
by which the people will become more contented
and happy. But, says Mr. Taft, "an analysis of his Errors, creating in its stead the Court of Appeals
proposed remedies is impossible, because he proposes as the place of last resort, and forbade enactment
no remedies." As he offers nothing definite, we of any local bills unless containing only one subject,
must infer that his "job" will take a long time, and if and stating that in the title, thus leading to conthe third term is accepted there is no reason against demnation of many statutes as violating this proas many terms as his natural life will permit; "if he is vision. The present constitution (adopted in 1894)
imposed further restrictions on the Legislature, in
necessary now to the Government, why not later?"
It is impossible to doubt Mr. Taft's reluctance five separate matters, and this led to pronouncing
to say these things, and his pain in doing so; the void two statutes which were of much public importmanner of saying them, and the long maintenance of ance. For the first time, the apportionment of
dignified silence are ample proof. But, he says, legislators became subject to judicial review, and
he lies under a duty "of such a high and exacting in pursuance of this the apportionment law of 1906
character that I cannot escape it." He represents a was pronounced invalid, as was a law for re-canvass
cause. He stands for a wise progress in public of votes in contested elections.
A most pertinent explanation is offered in the
affairs. So unusual is the exigency that usual rules
that "so far from the courts being responremark
which limit a President in public utterances "must
sible
for
the geat number of bills held to be unconbe laid aside and the cold, naked truth must he
there is another potent caus,o1 and that is
situtional
serve
as
,a
warning
stated in such a way that it shall
that the Legislature, and at times the Executive,
to the pople of the United States."
The effect upon the excitable followers of this dan- shirk their duties and enact or approve statutes
gerous. man is not likely to be very marked,but those whose constitutionality they doubt, imposing upon
who have been creating an apparent sentiment in the courts the burden of determining their validity."
his favor through ill-regulated and superficial primary It is an incidental defect of representative governelections are not all the people, and so serious a ment that what the people are supposed to "want" is
call to sober thinking cannot fall unheeded by the more regarded by legislatures than what is really
"silent" voters who determine results. New Hamp- deemed practicable and best: Thus a custom seems
shire, Rhode Island and Iowa have given encouraging to have developed of passing an objectionable bill in
APR. 27 1912.1
THE CHRONICLE
one branch on the tacit understanding that it shall
be made to fail in the other, or sometimes it is allowed
to pass both Houses on the assumption that the
Executive will stop it; then sometimes the same
compliant disposition influences him, and he approves
in form what he really disapproves, an illustration
of that kind having occurred this very week. Then
the secretly-admitted duty of stopping the popular
thing is passed on to the courts. This disposition
to shunt one's own responsibility to somebody else
appears also in the sovereign people, and there is
a willingness, as we have already pointed out, to let
wild proposals be enacted into law and rely on the
courts to protect us from our own folly. Not long
ago, an esteemed friend wrote to the "Chronicle" to
urge that the courts can protect us against the effect
of unwise legislation, to which we were obliged to
reply that the courts pass only on the validity of a law,
not upon its wisdom, and that to declare a law invalid for any but constitutional reasons would be
to usurp the veto power, which is conferred only on
the Executive. He may veto because he disapproves;
a court may disapprove, but its power to review is
limited to the question of constitutionality.
Both legislators and executives, plainly declares
Judge Cullen, "often repress their belief in the unconstitutionality of a statute and send it to the courts
to reverse the consequences of their own neglect
• of duty, especially when the statute is a popular
measure." Nothing more irrational and inconsistent
could be imagined than to rush through doubtful bills
which the people are supposed to want, on the excuse
that the courts will see to them in due course, and
then denounce the courts for performing the very duty
which is thrust upon them.
Here we cannot refrain from pointing out something to which Judge Cullen does not refer, namely
the common misconception of what a high court does.
with a law. It is said to invalidate, or to overthrow
or to set aside or to reverse a law which is found
unconstitutional; these expressions are for the convenience of ordinary speech, but really no law is "invalidated." What a court may do is to find, and
anounce, that the law never had validity; therefore,
that it was a still-born measure and never attained
a legal existence. For example, every State constitution pescribes certain regular processes through
which alone a proposed bill can reach enactment.
Suppose a bill which has been approved and published
as valid law comes before the court in a concrete
case, and suppose the fact is established that the
constitutional conditions requisite for enactment
were not followed, the court merely certifies to this
fatal defect. The court is said by the newspapers to
have "killed" this law, and if the law happens to be
one which has been clamored for, the court is denounced for obstructing the will of the people, whereas
the court has only pronounced that the measure was
never ,alive. The court has not objected to the
quality of the. law; it has merely certified that the
people' have tried to put a certain idea into the form
of law and have failed to do so.
Another criticism is that the courts are too narrow;
"thta, instead of construing the Constitution in a
broad, liberal way, so as to accommodate it to the
march of progress, to changed condition and situations,
they construe it according to its terms." Here
Judge Cullen seems to quote from Mr. Gompers, whose
accusation of non-progressiveness in the courts has
since been taken up and roared through the country
1149
by Mr. Roosevelt. Judge Cullen repels the accusation
positively. Says he:
"The power, which exists solely in this country,
of the courts to pass on the validity and constitutionality of Acts of the legislature, rests on the assumption that courts will decide the questions involved
just the same as they would if litigation arose as to
the power of a corporation or municipality under its
charter . . . The power to modify the Constitution should never be given to the courts. You
can trust fair-minded judges to construe the Consti
tution, if they are to construe it, according to the
intent of the makers as near as may be ascertained.
But if the courts are to determine how far changes
of the times require modification of Constitutional
limitations,and to construe the Constitution accordingly, then I say the power should never have been
conferred upon the courts at all. In no country but
a despotism can one man, or five men, frame a constitution for the people. The- duty of the courts in
construing a constitution is just the same as it would
be in construing a deed. It should he construed in
the sense that the parties who made it understood it.
A modification of the Constitution, which can often
be effected under the guise of a change of interpretation,
is, in my judgment, not a judicial function, and such
action by a court is intellectually dishonest."
But what if the framers were not fully competent,
or lacked in breadth or forecast, or if conditions
have changed so as to make their work insufficient?
Judge Cullen does not raise this question, except by
implication. The only rational answer is then
amend the inadequate document, or frame a new
one. "Interpretative", changes are not only wrong
in manner but they are unstable, for they would be
exposed to change as often as the courts changed.
The revolutionary doctrines,.upon which the present
political campaign has largely turned thus far, would
leave the country (if they were once adopted) no
more stable foundation than the changing impulses
of a changing popular emotion.
ONE HUNDRED YEARS OF GAS.
Owners of millions of dollars of gas securities will be
interested in facts which were discussed at Philadelphia last week when the one-hundredth anniversary
of the introduction of gas as an illuminant was celebratea under the auspices of the American Philosophical Society, Franklin Institute, the American
Chemical Society and the American Gas Institute.
Among a number of distinguished speakers was Hon.
George B. Cortelyou, President of the Consolidated
Gas Co. of this city, from whose address most of the
facts related below are taken.
About the beginning of the nineteenth century experiments in the use of gas for lighting were being
made in England and France, and with such success
that a few dwellings and occasionally a factory were
lighted in this manner, but the importance of the discovery was first recognized when the Gas Light Sc Coke
Co. was chartered in London in 1812, to supply gas
for public and private illumination. Prejudice was
firmly set against the new lighting method. Gas was
regarded as an agent of the devil, and there was extravagant talk about the use of "fire and wind."
The discovery soon grew in popularity, howevet;.and in 1820 it obtained a foothold in Paris. The New
World was wonderfully quick to adopt gas as an illuminant. As early as 1806 it was used in a small way in
Newport, in 1813 in Watertown, Conn., and in 1816
the first gas company was chartered in Baltimore, Boston following in 1821, New York in 1826, New Orleans
1150
THE CHRONICLE
in 1835 and Philadelphia, after much bitter opposition,
in 1836. The first house so lighted in New York was
located at No. 7 Cherry Street, owned by Samuel
Leggett, the illumination occuring in 1823.
- Gas soon became the popular competitor of whale
oil, but it was not long before it faced a formidable
competitor itself. The discovery of petroleum in
large quantities, new processes of refining it and the
improvements in kerosene lamps which followed, gave
to the world a new and cheap method of lighting. In
recent times what seemed likely to become a still
greater competitor of gas was the use of the electric
current for illumination.
But in the face of all competitions,gas has continued
to more than hold its own, one reason being a cheapening in the cost of production. In 1873 the first watergas plant was constructed at Phoenixville, Pa. In
this process of gas manufacture, oil is used, and thus
what at first was regarded as a dangerous competitor
was made to be a valuable assistant. At present 75%
of the total amount of gas manufactured in the United
States is water gas. The scale of prices in New York
City illustrates one cause for the popularity of gas. In
1826 the cost to a consumer was $10 per 1,000 cubic
feet; in 1846 the price was $6, and a score of years
later it was reduced to $3 50; in 1886 to $1 25; in 1897
to $1 20; in 1898 to $1 15; in 1899 to $1 10; in 1901 to
$1 05 and in 1906 to 80 cents.
Improvements in gas fixtures, their ornamentation
and great convenience, the invention of mantels which
increased brilliancy and diminished consumption, all
tended to enlarge the field of gas-lighting for municipal
as well as private uses. In 1898, with the average
price of gas at $1 17 per 1,000, there were manufactured in this country 18 billions of cubic feet, which
were sold for $21,000,000. In 1908, when the average price had declined to 85 cents, there was sold 156
billions of cubic feet for about $133,000,000. It has
been demonstrated that the consumption of gas grows
as two to one when compared with the growth of population. It has also been found that periods of business
depression have slight effect upon consumption of gas.
In three years, 1899 to 1902, consumption of gas in 61
cities of the United States increased 31%. It is stated
by men in the gas business that there are 500 uses for
gas in addition to lighting, its use for fuel and power
having opened up many channels where it may be
applied for domestic and manufacturing purposes
other than illumination.
Notwithstanding this splendid record of achievement, which has appealed to investors and made gas
bonds of well-conducted companies highly regarded
securities, it is necessary that the investor should
have that protection which is afforded by long franchises upon liberal terms. In ordinary mercantile
and industrial pursuits, the capital invested is turned
over several times during a single year. In the gas
business a turn-over is made once in seven years.
There most, therefore, on the part of the public, continue a spirit of fairness which will encourage capitalists to construct and operate gas plants, especially
as the experience of 25 cities owning municipal plants
demonstrates that municipal ownership and operation
of gas works are a source of waste and a cause of public
dissatisfaction.
Among the unique relics exhibited at the Franklin
Institute, where the centennial exercises were held
last week, was a section of wooden gas pipe which had
been laid as a main in 1872 in Long Island, and was in
use until 1889.
Lxxxxiv.
THE COUNTRY'S LARGE STEEL PRODUCTION.
In the statement issued this week by Mr. James M.
Swank for the American Iron and Steel Association,
we have the first authentic information regarding the
extent of the country's steel production during the
calendar year 1911. The aggregate is found to have
been larger than would generally have been deemed
likely, bearing in mind the unfavorable conditions
whicliprevailed. The production,of course,falls below
the unprecedented amount of steel made in the calendar
year 1910, and is slightly smaller than for the calendar
year 1909; but, with those exceptions, is the very
largest in the country's history. In other words, 1911
was one of the large years in the steel trade, notwithstanding that the demand in certain directions was
sharply curtailed, and notwithstanding, also, that in
some other respects the year was a very unsatisfactory
one.
Stated in brief, the output of all kinds of steel in
1911 was 23,675,501 tons, as against 26,094,919
tons in the calendar year 1910, 23,955,021 tons in
the calendar year 1909 and only 14,023,247 tons in
1908, this last having been the period of intense
depression in the iron and steel and all other industries
following the panic of 1907. Prior to 1908 the years
of maximum production were 1906 and 1907, when
the make of steel was, respectively, 23,398,136 tons
and 23,362,594 tons. From these latter figures one
gets an idea of the magnitude of the 1911 production.
% million tons
On the other hand, the fact that 235
of steel were turned out in 1911, as against only
14,000,000 tons in 1908, makes it evident that if, on
the whole, the year 1911 was a period of depression—
or, perhaps, it would be more accurate to say, in
the language of Judge Gary of the Steel Corporation, a
period of reaction—it was, at all events, far from being
a time of intense depression and complete prostration
such as existed in 1908 as the aftermath of the financial
crisis of 1907.
That the decrease from 1910 was no larger is, no
doubt, to be ascribed to the complete demoralization in
prices which ensued in the summer and autumn of the
year, during which prices dropped to the lowest figures
reached in years. The direct effect of this was to
stimulate purchases of iron and steel, the low prices
tempting consumers to put in orders and inducing the
starting up of many new enterprises and undertakings
which otherwise would have been held in abeyance.
As far as profits are cohcerned, the year was a very
unsatisfactory one. In the early months prices were
still pretty well maintained, but this was the portion
of the year when the orders were at their lowest ebb.
In May the Republic Iron & Steel Co. announced a
cut of $3 a ton in steel bars at Pittsburgh, the price
being marked down from $1 40 per 100 lbs. to $1 25.
Later there was a drop of about $5 a ton more, the
quotation for steel bars at one time getting down to
$1 per 100 lbs. Then orders came pouring in in huge
volume, and this in turn brought some improvement in
prices, though entirely on future business, the Republic
Iron & Steel Co. making two advances in December,
first to $1 10 and then to $1 15, these prices applying
to 1912 shipments. Hence, as far as volume of business is concerned, the results for the latter part of the
year served to offset in considerable measure the losses
of the fore part of the year, but obviously,resumption
was at the expense of values. The Steel Corporation in
May reported its steel ingot capacity employed to the
extent of only 58%. In June there was an increase
APR. 27 19124
THE CHRONICLE
to 68%, and at the end of December the Corporation
was running to the extent of 80% of its capacity.
With the recovery in output which occurred the last
half of the year, total steel production in 1911 might, in
face of all obstacles and drawbacks, have equaled the
unprecedented production of 1910, except for the
unfortunate state of the railroad industry. And this
calls attention to the main depressing influence of the
year, namely the fact that the rail-carrying industry
was not prosperous, and that the railroads, which
ordinarily are the largest single consumer of iron and
steel, were obliged to restrict their purchases and
curtail operations in all directions. Radical governmental and legislative policies have crippled this most
important carrying industry and have for the time
being impaired confidence in the stability of railroad
income and engendered doubts as to the intrinsic merit
of the securities resting on these properties. In April
Judge Gary gave out a statement saying that the
railroads usually buy about 30 to 33 1-3% of the
Steel Corporation's entire product, but for some time
past had been buying only about 7@8%. The situation improved slightly in this respect the latter part
of the year, but in a general way the figures here given
indicate how greatly purchases by the railroads were
curtailed from beginning to the end of the year. The
production of rails alone, as we shall presently show,
fell off over 800,000 tons, and yet that is only one
of the numerous ways in which steel is used by the
railroads. Considering the magnitude of the railroad
industry and the extent of its demands for steel in its
various forms in ordinary times, and considering, furthermore, that the aggregate decrease in steel output
was only 2,419,418 tons, it would seem as if, outside
the railroad field, the 1911 consumption of steel must
have been close up to the maximum, if it did not
actually run somewhAt in excess of the same. Undoubtedly this is to be ascribed to the low prices which
prevailed, as a result of which most large plants booked
orders on a scale that will keep the mills busy for a
good part of the current half-year.
A feature of the production statistics in which great
interest is now always felt is as to the amounts of steel
made by the different processes, and particularly the
amount of Bessemer and of open-hearth steel turned
out. In this respect the showing for 1911 marks a
continuation of the record of previous years. Bessemer steel, which at one time constituted nearly the
whole of the country's steel production, is being very
rapidly relegated to an inferior position. In a word,
Bessemer steel production is on the decline—and very
markedly so. Whenever there is revival in the
steel industry, it shares in the upturn in only a relatively slight degree, while on the other hand, when
there is contraction, it is the first to feel the adverse
influence. The experience of 1911 furnishes a most
striking illustration of the situation in that regard.
The make of open-hearth steel in that year fell off only
905,859 tons, but the make of Bessemer steel fell off
1,464,923 tons. The result is that open-hearth steel
has further increased its lead. No less than 15,598,650
tons of open-hearth steel were produced in 1911, as
against only 7,947,849 tons of Bessemer steel.
As we have so often pointed out in these columns,
open-hearth steel production in the United States
during the last dozen years or more has advanced
by leaps and bounds. In 1897 the make of openhearth steel, which even at that time had been steadily
increasing year by year for a long while, still amounted
to:only 1,608,671 tons. • In the :ten years from 1897 to
1151
1907 the total rose nearly seven-fold, the product for
1907 reaching 11,549,736 tons; and during the whole
of this decade there was not a single year that failed
to record advance over its predecessor. Even in 1903
and 1904, when depression in the steel industry was
very marked, and as a consequence the Bessemer
product suffered noteworthy contraction, the openhearth output continued to expand, though, of course,
only in a small way. In 1908, under the unparalleled
indlIstrial depression which the United States then
experienced, there came the first break in the longcontinued series of yearly gains, and the open-hearth
output suffered a sharp falling off, the total for that
year dropping to only 7,836,729 tons. But the setback, as subsequent events showed, was only ternporary, and in 1909 the low figure of 1908 was nearly
doubled and a new high record established at 14,493,936 tons. In 1910 there was still further advance, to
16,504,509 tons, and from this wonderful total there
was a decrease in 1911, as we have already seen, only
to 15,598,650 tons, notwithstanding the unfavorable
conditions prevailing.
It was in 1908, at the time of the big general decline
in steel production, that the open-hearth make for the
first time exceeded the Bessemer make, the latter
having experienced a larger falling off than the former.
The excess in favor of open-hearth steel that year was
not quite 19 million tons. For 1911 the excess was
no less than 7,650,801 tons. The fact that a special
demand has sprung up for open-hearth rails within
the last four years will account for only a small part
of the marvelous growth in the open-hearth make
of steel during that time.
Besides the Bessemer and the open-health product
a small amount of steel is made by other processes.
In 1911 129,002 tons of steel altogether were produced
by these other processes. We add herewith a ediftll
parative table showing the steel production by each
leading process for the years from 1899 to 1911, inclusive.
STEEL PRODUCTION IN UNITED STATES IN GROSS TONS.
Calendar
Bessemer
OpenAU Other
Total Ingots
Year—
Hearth.
Steel.
Steel.
and Castings.
1899
7,586,354
2,947,316
106,187
10,639,857
1900
6,684,770
3,398,135
105,424
10,188,329
1901
8,713,302
4,656,309
103,984
13,473,595
1902
9,138,363
5,687,729
121,158
14,947,250
1903
8,592,829
5,829,911
112,238
14.534.978
1904
7,859,140
5,908,166
92,581
13,859,887
1905
10,941,375
8,971,376
111,196
20,023,947
1906
12,275,830
10,980,413
141,893
23,398,136
1907
11,667,549
11,549,736
145,309
23,362,594
1908
6,116,755
7,836,729
14,023,247
69,763
9,330,783
1909
14,493,036
130,302
23,955,021
9,412,772
1910
16,504,509
177,638
26,094,919
7,947,849
1911
15,598,650
129.002
23.675,501
We have spoken above of the decrease in the production of rails and have indicated the reason therefor.
Only 2,822,790 tons of steel rails were produced in
1911, against 3,636,031 tons in 1910. Asin the-case of
steel itself, the loss fell almost entirely on the rails
rolled out of Bessemer steel, very little of it on openhearth rails. In fact, with total production of rails
reduced 813,241 tons, the product of open-hearth rails
was 1,676,923 tons, against 1,751,359 tons, while on
the other hand, the production of Bessemer rails
dropped from 1,884,442 tons to 1,138,633. At this
latter figure the output of Bessemer rails is without
exception the smallest of any twelve-months period in
15 years—that is, the smallest since 1896. From
this one gets an idea of the marvelous rapidity with
which the railroads are turning from Bessemer rails
to open-hearth rails. It is worth pointing out again,
though we have done so many times in the past, that
up to within a very few years nothing but Bessemer
rails were made. As lately as the calendar year 1902
the total product of open-hearth rails in this country
was only 6,029Itons. There is:no absolute agreement
1152
THE CHRONICLE
among railroad operating officials as to the relative
merits of the two kinds of rails; but it is admitted that
the open-hearth rail possesses an advantage arising
out of the fact that open-hearth steel contains a smaller
percentage of phosphorus than Bessemer steel. It is
argued from this that, as a consequence, rail breakages
due to brittleness are reduced. Of course there are
other factors to be taken into consideration, and the
open-hearth rail has not been in use long enough to
make it possible to arrive at definite conclusions With
reference to the superiority claimed for it. The one
fact established by the statistics is that railroad officials
are now showing a decided preference for it.
While last year's total production of rails fell off
813,241 tons, the diminution in the home consumption
of rails was actually larger than this. For we
further increased our exports of rails, sending out
altogether 420,874 tons, as against 353,180 tons in
1910, 299,540 tons in 1909 and only 196,510 tons in
1908. In the following we furnish a comparative
statement for the last five years, showing production,
imports and exports, and the home consumption of
rails.
RAIL PRODUCTION AND CONSUMPTION.
1911.
1910.
1909.
1908.
1907.
1906.
Tons.
Tons.
Tons.
Tons.
Tans.
Tow.
Bessemer rails
1,138,633 1,884,442 1,767,171 1,399,153 3,380,025 3,791,459
Open-hearth ralls.....1,676,923 1,751,359 1,256,674 571,791 252,704 186,913
Miscellaneous rails
7,234
230 None
71
925
15
Total production.2,822,790 3,636,031 3,023,845 1,921,015 3,633,654 3,977,887
Imports
(?)
1,606
1,513
1,719
3,752
4,943
Exports
2,824,396 3,636,031 3,025,358 1,922,734 3,637,400 3,982,830.
420,874 353,180 299,540 196,510 338,906 328,036
Home consump'n_2,903,522 3,282,851 2,725,818 1,726,224 3,298,500 3,654,794
From the foregoing it will be seen that the home
consumption of mils in the late calendar year was only
2,403,522 tons, as against 3,282,851 tons in 1910. And
this comparison furnishes only a slight indication of the
extent to which the demand for steel as a whole must
have been reduced as a result of the unfavorable conditions prevailing in the railroad industry.
BUILDING OPERATIONS FIRST QUARTER
OF 1912.
Building construction operations in the United
States in the first quarter of 1912, notwithstanding
the continuously cold weather that prevailed quite
generally, hindering preliminary work and therefore
delaying the filing of plans, were of a little greater
magnitude than for the like period last year and only
slightly less than in 1910. Excluding Greater New
York, however, the outlay contemplated under the
permits taken out falls moderately below that of the
three months of either 1911 or 1910, but it is in excess
of any earlier year. At the same time, results have
varied widely in different sections and localities not
explainable by any general cause. Greater New
York as a whole, for instance, shows somewhat of a
spurt this year, but the outlying borough (Queens),
where increasing operations would be most likely expected, does not share in it.
Chicago records a large decrease from last year and
an even greater falling off from 1910, which,. while
partly accounted for by lahor troubles, doubtless indicates a halt in the demand for structures the erecting
of which had been so active. A similar explanation
would seem also to cover the smaller results this year
at such other prominent cities as Philadelphia, Washington, Cincinnati, Cleveland, Minneapolis, St. Paul,
Atlanta and Memphis. On the other hand, very
noticeable activity has prevailed at some other leading
points. Boston's plans for the first quarter of 1912
call for an expenditure very much in excess of 1911,
and the same is true in varying degree of Buffalo,
[VoL. Lxxxxiv.
Houston, Detroit, Los Angeles, San Francisco, St.
Louis, Hartford and a number of smaller municipalities.
For March, the last month of the quarterly period,
the number of cities showing increases is in the minority, 44 out of the 123 included in our statement
so standing, but the aggregate expenditure contemplated is only 2.8% less than for the month in 1911,
comparison being between $83,124,433 and $85,524,990, with the falling off from 1910, however, nearly
10 millions of dollars. Of the larger cities the March
showing for Greater New York is much more favorable
than last year, $27,049,988 contrasting with $16,375,280, the bulk of the gain being in Manhattan, but
Brooklyn and the Bronx sharing in it. For cities
outside of New York (122 in all) the combined total
for March 1912 is $56,074,445, against $69,149,710
in 1911 and $66,837,564 in 1910.
Obviously in a country so large as the United States
it is not possible to expect absolutely uniform results
in all localities. This has been particularly true thus
far in the current year, for, although, as indicated by
bank clearings, railroad earnings and trade reports,
the business situation is better this year than last, only
47 cities of the 123 from which we have returns for
the first quarter show greater activity in building
operations. For New England cities the exhibit is
collectively, quite favorable, for while 12 of the 20
municipalities report smaller figures than in 1911, the
total of all for the quarter, due almost wholly to large
operations at Boston, is 26 1-3 million dollars, against
only 16% millions in 1911.
In. the Middle section (exclusive of New York),
greater activity at Buffalo, Rochester, Allentown and
some smaller cities is more than offset by losses at
Philadelphia, Baltimore, Pittsburgh, Newark, Washington, Syracuse, &c., the aggregate for 29 municipalities in 1912 being only $26,642,921, against $31,600,474 a year ago. In the Middle West, Chicago,
Cincinnati, Cleveland, Indianapolis, Milwaukee and
Peoria are conspicuous in the matter of loss, and the
only important gain is at Detroit. Thus it is that for
the 19 cities comprising the group we have a total of
but 26 1-3 millions this year, against 36% millions in
1911. At the South the showing this year is a little
better than last in the aggregate for 22 cities, the most
noteworthy gains occurring at Dallas,Houston, New Or-leans, Jacksonville and Norfolk and the losses at Fort
Worth, Memphis, Oklahoma, Atlanta and Richmond.
The Pacific Slope reports indicate more doing there
than a year ago, as a rule, San Francisco exhibiting
quite a revival in activity, Los Angeles materially
greater contemplated expenditure than in 1911 and
San Diego an important gain, with the total for 19
cities 2434 million dollars, against 22 millions. The
"Other Western" group embraces 19 cities, of which
seven, including St. Louis and Kansas City, exhibit
gains, with the most• important losses in the twin
cities St. Paul. and Minneapolis; and the general
result a total of $15,145,294, against $17,430,325.
Finally, for the 122 cities outside of New York
the contemplated outlay for building construction in
the three months of 1912 aggregates $133,885,658,
against $139,697,567 in 1911 and an almost identical
amount in 1910; for Greater New York the results for
the corresponding periods are $52,200,557 and $40,461,336 and $52,549,820; and for the whole country
(123 cities) $186,086,225 in 1912, against $180,158,905
in 1911 (a gain of 3.3%) and $192,272,581 in 1910
(a loss of 3.2%).
APR. 27 1912.]
THE CHRONICLE
The activity in building operations in Canada heretofore noted continues to be one of the notable features
in the development of the country to the north of us.
In the eastern portion of the Dominion the March
returns from 19 cities indicated a decrease in expenditure arranged for this year, but the aggregate for the
quarter, at $8,729,419, compares with $7,483,839 a
year ago. In the West the month's total for 15 cities
exceeds that of 1911 by 13 million dollars, notwithstanding an important decline at Vancouver, and the
three months' aggregate is no less than $14,818,420,
against $10,434,841, with Edmonton, Calgary, Victoria and Winnipeg conspicuous for large gains. For
the whole of the Dominion (34 cities) the March total
4 millions, against 10 millions a year ago, and
is 111
the quarter's aggregate $23,547,839, against $17,918,680.
1153
It may be presumed that the quantity of products increased
somewhat more rapidly than the number of wage earners;
this might be expected from the fact that the amount of
primary power increased much faster than the number of
wage earners; in other words, each wage earner, on the
average, had greater assistance from mechanical pnwer in
1909 than in 1904 or 1899.
It is a matter of interest to note that during both of the
five-year periods, the wages paid showed a higher percentage
of increase than the average number of wage earners, thus
indicating an increase in the average wages. The table
follows:
Per Cent 01
Increase.
Number or Amount.
1909.
1904.
1899.
No. of establishments_ __
207,514
216,180
268,491
Persons engaged In man4,
ufactures
7,678,578
6,213,612
Proprietors and firm
members
273,265
225,673
a
Salaried employees
790,267
364,120
519,556
Wage earners (average
number)
6,615,046
4,712,763
5,468,383
Primary horsepower__
18,680,776
13,487,707
10,097,893
Capital
18,428,270,000 12,675,581,000 8,975,256,000
Expenses
18.453,080,000 13,138,260,000 9,870,425,000
Services
4,365,613,000 3,184,884,000 2,389,132,000
Salaries
938,575,000
574,439,000
380,771,000
Wages
3,427,038,000 2,610,445,000 2,008,361,000
Materials
12,141,791,000 8,500,208,000 6,575,851,000
Miscellaneous
1,945,676,000 1,453,168,000
905,442,000
Value of products __
20,672,052,000 14,793,903,000 11,406,927,000
Value added by manufacture (value of prod.
r ucts less cost of materials)
8,530,261,000 6,293,695,000 4,831,076,000
1904- 18991909. 1904.
24.2 4.2
23.6
a
21.1 a
52.1 42.7
21.0
38.5
45.4
40.5
37.1
63.4
31.3
42.8
33.9
39.7
16.0
33.6
41.2
33.1
333
50.9
30.0
29.3
60.5
29.7
CENSUS STATISTICS OF MANUFACTURES.
In an article in our issue of March 30 1912, entitled "A
Decade's Growth in Our Industries," we gave some statistics
derived from the Census Department bearing upon the
country's manufacturing development. These statistics
dealt chiefly with the figures of particular industries. The
35.5 30.3
Census Department has now issued a preliminary synopsis of
a Figures not available.
an advance bulletin in which comprehensive general data
are furnished, and we present this synopsis in full below,
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
just as given out:
-The public sales of bank stocks this week aggregate 146
Washington, D. C., April 15 1912.-According to the
advance bulletin on manufactures just issued by the Census shares,of which 53 shares were sold at the Stock Exchange
Bureau, in 1909 the United States had 268,491 manufactur- and 93 shares at auction. The transactions in trust coming establishments, which gave employment during the year pany stocks reach a total of 68 shares. A sale of 50 shares
to an average of 7,678,578 persons, of whom 6,615,046 were of Mercantile National Bank stock was
made at auction
wage earners.
These manufacturing establishments paid 4,365,613,000 (in Boston) at 175, an advance of 25 points over the last
in salaries and wages and turned out products to the value previous public sale price. Thirty shares of stock of the
of $20,672,052,000, to produce which materials costing Title Guarantee dr Trust Co. were sold at 585-590, as com$12,141,791,000 were consumed.
pared with 550 in January, when the last previous sale was
The value added by manufacture, namely the difference made. New York Trust Co. stock and Citizens'
Central
between the cost of materials and the total value of products, National Bank
stock also show large increases in price when
was $8,530,261,000. This figure best represents the net
wealth created by manufacturing operations, because the compared with the figures of the last previous sales, which
gross value of products includes the cost of the materials were made last year.
used, which are either the products of non-manufacturing Shares. BANKS-New York. Low. High. Close. Last previous sale.
industries, such as agriculture, forestry, fisheries and mining, 33 Citizens' Central Nat. Bank_ _179 1793..i 179 Nov. 1911- 155
*21 Commerce, Nat. Bank of _ _ _ _199
200
200
April 1912- 200
or else are themselves the product of manufacturing estab- .27
National Bank
202
203
202
April 1912- 200 3(
lishments. The value of products derived from this latter 10 Fourth
German-American Bank
147
147
147
Oct.
145
class of materials involves a duplication, inasmuch as the •5 Mechan. & Metals' Nat. Bank 263 263 263 Arch. 19091912- 265
value of these materials has already figured in the value of 50 Mercantile National Bank _ _ _175 175 175 Jan. 1912- 150
TRUST COMPANIES-New York.
products reported for the establishments manufacturing'
3 Bankers Trust Co
601
601
601
Jan. 1912- 756
them in the first instance; in some cases, indeed, where a
25
Equitable
Trust Co
545k 5453i 5453 Feb. 1912- 545
given product has passed through several distinct stages of
10
New
York
Trust
Co
638
638
638
May 1911- 601
manufacture in different establishments before reaching its
585
590
585
Jan. 1912- 550
final form, this duplication may be repeated several times. 30 Title Guar. & Trust Co
*Sold at the Stock Exchange.
All such duplications, as well as the original value of materials, are, however, eliminated in the figures for value
-The movement undertaken at the instance of President
added by manufacture. This value covers salaries and Taft, to bring into being a new national organization
through
wages-which represent over one-half of the total-overhead
charges, depreciation, interest, taxes and other expenses which it is aimed to secure united action on questions affecting
attendant upon the manufacturing operations, as well as the commercial interests of the United States, has resulted
in the'adoption of preliminary steps for the creation of a
the profits of the undertaking.
The table below shows that the manufacturing industries National Chamber of Commerce. The plans were perof the United States as a whole experienced a more rapid fected at a conference which opened in Washington on
growth during the five-year period 1904-1909 than during Monday, attended
by about 750 delegates representing 250
the period 1899-1904, although in both periods the progress
was very marked. During the first five years of the decade commercial organizations of the country.
President Taft addressed the conference. He stated that
the average number of wage earners increased 16%; during
the second five years, 21%. The value of products increased he was thoroughly imbued with the importance and neces29.7% during the first period and 39.7% during the second sity of the establishment of the proposed body, and in
period. The rate of increase in the value added by manufacture shows less difference between the two periods, being asking the co-operation of the conference in solving problems
30.3% during the first five years and 35.5% during the sec- which affect the business welfare of the country, he warned
ond five years. In this connection it may be noted that the members not to enter upon a discussion of the questions
there was a greater rate of increase in the cost of materials to the solution of which their organization might ultimately
during the second period than during the first.
be called to contribute. "Your purpose" he went on to
During the 10 years from 1899 to 1909 the number of
to effect that organization itself. This
establishments increased 29.4%; the capital employed, say, "muSt now be
105.3%; the average number of wage-earners, 40.4%; should, in my opinion, be broadly framed, providing for a
the amount of primary power, 85%; the value of distinct representation of all your interests, but trusting to
materials consumed, 84.6%; the value of products, experience to guide future growth and activities." The
81.2%, and the value added by manufacture, 76.6%. The purpose of the conference was outlined by Secretary Nagel,
gross value of products in 1909 exceeded that in 1899 by of the Department of Commerce and Labor, who made an
more than $9,000,000,000, and the value added by manu- urgent plea for a permanent
representative trade body to
facture in 1909 was, in round numbers, $3,700,000,000 more
assist the Federal Government in solving the economic
than in 1899.
It would be improper to infer that manufactures increased problems pressing for decision. Mr. Nagel said that he
n volume during either of the five-year periods covered by foresaw a conflict with business unless the Government met
the table to the full extent indicated by the increase in value these questions along the lines of progress and development.
of materials consumed or in the value of products, since the He added:
increase shown in these items is certainly due in part to the
So pressing are the problems that if the Government agencies did not
increase that has taken place in the price of commodities. find the solution, the commercial and industrial
forces would compel solu-
1154
THE CHRONICLE
Lion in one form or another. The conflict is irrepressible. If the Government does not find and establish rules by which the development may be
intelligently and normally had, then ultimately the expansion and the progress will be had in defiance of rules that do not fit. That has been the
tory, and that will be the story of development everywhere.
In my:judgment, much of the confusion which now exists to discourage
and to embarrass is to be attributed to the circumstance that impartial,
comprehensive, thoughtful advice has not been afforded by those who are
primarily interested, and whose experience is most essential to a correct
understanding. Instead of depending upon the advice or the demand of
specialized interests, we must have a common judgment of commerce and
Industry, and to get that common judgment we must have a common representation. This is the meaning of the organization which is here proposed. In other countries the relation between the government and the
industries and commerce is so close that the Board of Trade forms an immediate part of the government itself. This we may not be able to accomplish, and may not want to have. But, to my mind, it is true, beyond the
possibility of refutation, that by some means we must establish a common
commercial representation, which shall sustain a relation to the Government for purposes of general advance and intelligent direction with respect to proposed measures and the administration of existing law.
[VoL. Lxxxxxv.
—The U. S. Senate on the 19th inst. passed the immigration bill, which would exclude from admission to the United
States all aliens over sixteen years of age who cannot read
and write. It is provided, however, that "any admissible
alien, or any alien heretofore or hereafter legally admitted to
this country, may bring in or send for his wife, his children
under 18 years of age and his parents or grandparents over
50 years of age, if they are otherwise admissible, whether
they are so able to read and write or not." The educational
test is arranged for as follows:
"That for the purpose of testing the ability of the alien to read and write
or not the inspection officer shall be furnished with copies of the Constitution
of the United States, printed on uniform pasteboard slips, each containing
no less than 20 nor more than 25 words of said Constitution, printed in the
various languages or dialects of immigrants in double small pica type.
Each alien may designate the language or dialect in which he prefers the
test shall be made, and shall be required to read and write the words printed
on a slip in such language or dialect. No two aliens coming in the same
vessel or other vehicle of carriage or transportation shall be tested with the
same slip."
Harry A. Wheeler, Vice-President of the Union Trust Co.
of Chicago, was elected Chairman of the new organization
The following classes of persons are exempt from the operand, it is said, is being urged to accept the presidency. The
ation of the Act:
following board of directors was chosen:
George H. Whitcher, New Berlin, N. H.
J. H. Fahey, Boston.
A. M. Cooper, Bridgeport, Conn.
W. P. Truesdell and Ludwig NLssen,
New York City.
H.A. Logan,Pittsburgh.
Bernard N. Baker, Baltimore.
Wm. D. Mullen, Wilmington, Del.
John Joy Edson, Washington, D. C.
F. F. Prentiss, Cleveland.
.
F. A. Bode, Chicago,
H.T. Wicks, Saginaw, Mich.
A.M. Vogel, Milwaukee, Wis.
C. G. Craddock, Lynchburg, Va.
P. J. Kruesi, Chattanooga, Tenn.
Lewis W. Parker, Greenville, S. C.
W. B. Thompson, New Orleans, Lo.
I. H. Kempner, Galveston, Tex.
H. J. Hodge, Abilene, Kans.
Elias Michael, St. Louis, Mo.
B. F. Kauffman, Des Moines, Iowa.
E.P. Wells, Minneapolis, Minn.
E. G. Griggs, Tacoma, Wash.
A. C. Dickson, Eugene, Ore.
H. H. Allen,San Francisco, Cal.
(a) All aliens who shall prove to the satisfaction of the proper immigration officer or to the Secretary of Commerce and Labor that they are
seeking admission to the United States solely for the purpose of escaping
from religious persecution; (5) all aliens in transit through the United
States; (c) all aliens who have been lawfully admitted to the United States
and who later shall go in transit from one part of the United States to
another through foreign contiguous territory."
The authors of the bill, it is stated, claim that it will restrict immigration from Southern Europe, at which it is
aimed, at least 50%, while it will effect the immigration
movement in Northern Europe only about 2%. Under the
bill as passed by the Senate, the immigrant head tax is increased from $4 to $5.
—The U. S. Senate on ,the 22d inst. passed the Cummins
bill, directing the Attorney-General, on behalf of the independent tobacco interests, to appeal to the U. S. Supreme
Court from the .decree of the U. S. Circuit Court for the
Southern District of New York, which outlined the method
for the disintegration of the American Tobacco Co. The bill
also extends the time for the taking of such appeal.
—On the 18th inst. the Naval Committee of the House of
Representatives voted against provision for the building of
new battleships and cruisers as part of the year's addition to
the American fleet. The proposition, which had already
been voted down by a Democratic caucus of the House, was
defeated by a direct vote of the Committee, which,!agreed
;v •
upon the following program:
The directors, it is understood, have been authorized to
outline the plan of work and to apply for the incorporation
of the organization.
—Following the preliminary hearing had in New York at
the Waldorf on the 19th and 20th by the committee directed
to inquire into the Titanic disaster, the investigation was
continued at Washington this week. P. A. S. Franklin,
Vice-President of the International Mercantile Marine Co.,
which operates the White Star Line, and the American representative of the company, was one of the witnesses before the committee this week. J. Bruce Ismay, Managing
Director of the company, was also in attendance, as well
as members of the officers and crew of the ship.
It was announced during the week that Lord Mersey has
been appointed as Chairman of the British court of inquiry
will undertake an investigation of the disaster.
The resolution of Senator Martine, to which we referred
last week, favoring treaties with foreign nations with a view
Two fuel ships, $630,000 each; four submarines, $300,000 each; six
to regulating matters pertaining to vessels carrying passen- torpedo-boat destroyers, $558,000 each; and a tender for the destroyers.
—A resolution, introduced by Representative Pujo on
gers at sea, was passed by the Senate on the 20th inst. It
20th inst., broadening the powers of the Banking and
the
follows:
as
reads
"Resolved, That the President of the United States be, and he ishereby, Currency Committee in connection with the proposed inquiry
advised that the Senate would favor treaties with England, France, Ger- into the "money trust," was passed by the House of Repremany and other maritime governments to regulate the course and speed
on the 25th inst. by a vote of 237 to 15. Those
of all vessels engaged in the carrying of passengers at sea; to determine sentatives
carbe
to
apparatus
wireless
and
search-lights
rafts,
life-boats,
of
the resolution were the following: Republicans
against
number
voting
the
ried by such vessels, and to assure the use of such other equipment as shall —Representatives Austin of Tennessee, Calder of New York,
crews."
and
passengers
vessels,
such
be adequate to secure the safety of
Cannon of Illinois, Dalzell of Pennsylvania, Draper of New
That Germany is in sympathy with such a course is evi- York,
Henry, Higgins and Tilson of Connecticut, Howell of
Accordweek.
this
Washington
from
denced from dispatches
of New York and Sulloway of New Hampshire.
Malby
Utah,
Aming to these reports, Count von Bernstorff, the German
resentatives Brantley of Georgia, Bulkley
Democrats—Rep
bassador, on Wednesday informed the State Department that
Ohio and Evans of Illinois. The present
of
Whitacre
and
had
always
the safety of passengers on trans-Atlantic liners
to be similar to that of the Henry
understood
is
resolution
been a subject of deep concern to the German Government,
the views of William J. Bryan), which
(voicing
resolution
which, he said, believed the time was ripe for an agreement
was defeated in a caucus of the Democratic members of the
among all maritime nations. Germany, he added, stands
House on Feb. 7. This resolution had called for a special
ready to enter into negotiations to that end. Berlin cables
of the House to undertake the inquiry. A subcommittee
the
that
Germany
from
announce a suggestion emanating
adopted at that time directed that the inresolution
stitute
various governments enter into an international conference
by four committees of the House;
conducted
be
vestigation
to consider the question of adopting new measures for safepresent resolution the entire subject is placed in
the
under
to
the
According
guarding the lives of ocean travelers.
the hands of the Banking & Currency Committee. Samuel
New York "Sun," the German Government, acting under in- yntermyer Of New,York,. who was chosen to act as one of the
structions from the Kaiser, has also called a conference of
counsel in,'the im'res:iigation to be conducted by the Banking
representatives of the German trans74.t1antic lines, shi -1
Currency Committee,is said to have made his acceptance
'and
builders and marine specialists, which is,to meet on May 4:
offer contidgent upon the adoption of the latest resothe
of
The Minister of the Interior will preside over the meeting,
Edgar H. Farrar will act with Mr. Untermyer.
lution.
which will discuss questions suggested by the Titanic disupon the new resolution, Representative Pujo
Commenting
aster, such as ocean safety, lifeboats, trans-Atlantic routes
the New York "She with the following:
in
'credited
is
and wireless telegraphy.
"The adoption of the resolution to-day merely amplifies the scope of the
The directors of the Hanover National Bank and the Sec- investigation directed and ordered to be made by the Banking and Currency
has been acting.
ond National Bank this week adopted resolutions in memory Committee by H. R. 429, under which the sub-committee
The necessity for the adoption of the resolution grew but of the fact that
Titanic
the
catastrophe.
of Isidor Straus, who lost his life in
there was a difference of opinion between attorneys, members of the House
Mr. Straus was a member of the directorate of both these in- and even the members of the sub-committee as to the powers that could be
It was deemed advisable, upon
stitutions. The Retail Dry Goods Association has also re- exercised in making the investigation.disputes
hereafter, that the powers
advice of counsel, In order to eliminate
corded resolutions in his memory.
conferred upon the committee and the subject referred to it for inquiry
In tribute to Charles M. Hays, President of the Grand should be made more specific; hence the introduction of the resolution
House.
Trunk Ry., also a victim of the disaster, all the trains of the and its adoption by the
"Preliminary data are being asked for by the committee In order to detersystem stopped and business in the offices ceased for five mine where to start. Additional arrangements made with counsel to assist
the committee will be concluded as soon as possible."
minutes on Thursday.
mai
APR. 27 1912,j
THE CHRONICLE
1155
" and shall report accord-
petition in the supply thereof unduly restricted,
—Two bills, intended to prohibit "future" transactions in ingly.
all
Article 20 provides that copies of the board's report shall be sent to
grain and cotton, were ordered favorably reported by the
applying for it, and shall be pubnewspaper
any
to
and
in
The
interest,
parties
inst.
17th
the
on
re
House Committee on Agricultu
lished in the official gazette.
bill designed against dealings in cotton "futures" is that of
Article 23, which embodies the purpose and effect of an adverse finding
gambling
against
directed
one
under the Act, is as follows, viz.:
the
while
Beall,
Representative
"Any person reported by a board to have been guilty of unduly limiting
storin corn, wheat and oats was introduced by Representative the facilities
for transporting, producing, manufacturing, supplying,
the
of
ing or dealing in any article which may be a subject of trade or commerce,
Lever. The latter was ordered reported by the votes
ic or of restraining or injuring trade or commerce in relation to any such article;
Republican members of the Committee, the Democrat
or production
the or of unduly preventing, limiting or lessening the manufacture thereof,
or of
Committeemen, it is stated, having refused to vote on
of any such article, or of unreasonably enhancing the price
atives unduly preventing or lessening competition in the production, manufacture,
bill, basing their action on the ground that represent
ity purchase, barter, sale, transportation, storage or supply of any such article,
of farmers and grangers had protested because opportun
and who thereafter continues so to offend, is guilty of an indictable offense,
to be heard on the bill had not been given.
and shall be liable to a penalty not exceeding $1,000 and costs for each day
American after the expiration of ten days, or such further extension of time as in the
—The Humphrey bill, intended to bar from
board may be necessary from the date of the publication
ordered opinion of the
was
control,
tic
monopolis
ports vessels under
of the report of the board in "The Canada Gazette," during which such perMerchant
on
e
son so continues to offend."
favorably reported by the House Committe
York
Marine on the 18th inst. According to the New
—The Henry bill, providing for the publicity of contris:
and expenditures for the purpose of influencing or
"Journal of Commerce," the bill stipulate
butions
the provisions of the Act
That whenever in a proceeding brought under
the nomination of candidates for the offices of
securing
Act to protect trade and commerce against
of July 2 1890, entitled "An
the owners, President and Vice-President, was passed by the House of
unlawful restraints and monopolies," it shall be adjudged that
United States
managers or operators of any vessel or vessels, whether of the
Representatives on the 20th inst. The bill requires each
in a contract, combination or
or of any other foreign country, are engaged
or are candidate for either office to file with the Secretary of the
conspiracy in restraint of inter-State or foreign trade or commerce,
or com- Senate, both before and after primaries, nominating conmonopolizing or attempting to monopolize any part of such trade
or decree,
merce, in violation of such Act, the Court may, by its judgment
elections, "a full, correct and itemized
combination or ventions and general
prohibit all vessels employed pursuant to such contract,
enter- statement of all moneys and things received by him or by
conspiracy, or in such monopolization or attempt to monopolize,from
it shall be
consent from any
ing at or clearing from any port of the United States; whereuponCourt shall any one for him with his knowledge and
together with the
y,
unlawful for such vessel or vessels to so enter or clear until the
candidac
his
of
or
support
in
aid
source,
canceled,
find that such contract, combination or conspiracy has been
furnished the same in whole or in
terminated or dissolved, or such monopolization or attempt to monopolize names of all those who have
ended.
part sums in excess of $100." It is further provided that
Demothe
by
"such statement shall contain a true and itemized account
—The adoption of a banking reform plank
by
cratic State Convention of Alabama is commended by John of all moneys contributed, expended, used or promised
together
ative,
for
represent
or
his
agent
by
or
League
e,
candidat
Citizens'
such
National
V. Farwell, President of the
office or
the Promotion of a Sound Banking System; Mr. Farwell, in with the names of all those to whom promises of
influence
of
securing
purpose
the
__for
made
are
position
said:
other
inst.
21st
the
on
the
matter,
to
referring
names of
The action of the Democratic State Convention of Alabama at Mont- or support in such elections or conventions and the
gomery last week in putting a banking reform plank in its platform is all those to whom any gifts, contributions, payments or
have
who
country
the
extremely gratifying to business men throughout
made for the purpose of procuring his nominabeen urging the necessity of a businesslike reform of our antiquated bank- promises were
plank
The
Alabama
lines.
n
non-partisa
strictly
on
laws
ing and currency
tion or election."
reads:
the
of
—The bill revising the chemical schedules which passed
"We believe the honest farming, business and working classes
country could be largely relieved from panics and consequent unemploy- the House of Representatives on Feb. 21 was adversely rement 135 a Democratic revision and codification of our antiquated banking
Penrose
inde- ported to the Senate on the 19th inst. by Chairman
aws, which would create an elastic banking system and preserve our
of the Senate Finance Committee. The report in part says:
pendent banks from any dominant financial or political control."
The bill is a radical departure from any tariff legislatkllireVer enacted by
"MemorialO,.cpngress" for legislation to remove the Congress,for, while other bills have been passed reducing the rates oyl&ty;
,all been drafted with some reference to protecting the urnpre,sen,t uncertaintyl mairding the application of the Sherman they haveindustries
of this country. This bill, however:xis frardriV Yibfacturing
s'
the
Merchant
by
the
Anti-Trust Law adopted several weeks ago
mitted as a non-protective measure. Not only was it sd teportecrici
Association of New York, was presented to the United States House by the Committee on Ways and Means, but such fact was repeatedly
having
the floor of the House by the members of that committee
Senate on the 15th inst. by the Vice-President, and referred stated on
the bill in charge.
drafted with this
to the Committee on Inter-State Commerce. The "MemoMoreover, the bill in all its details appears to have been
duty upon raw materials
rial" is submitted with an argument by Henry R. Towne, view; since it consistently increased the rates ofthe
rates upon the manuwhich manufacturers must use and decreases
President of the Association, who cites some of the effects factured
product.
of 342,000,produced by the uncertainty now prevailing as to the law in
In addition, approximately 150 articles of an aggregate value
duty under the Payne Act, and which
its relation to business, and suggests the Canadian "Combines 000, which are now admitted free ofused
in manufacturing, will be subject
principally of raw materials
Investigation Act" as a solution to the problem. Mr. Towne consist
House by
to duty by this Act, as was stated in the report of the bill to the
in
tion
investiga
a
speedy
for
provides
law
Canadian
the
Means.
and
says
the Committee on Ways
to the
Many of the articles transferred by this bill from the free list
any case where six or more citizens unite in demanding it,
such as pepper, cinnamon, cloves, licorice and balsams, are articles
and
and for full publicity as to all the facts brought out by dutiable,
country
this
of common household use. They are not produced in
list,
such investigation. In each case a commission is created cannot be profitably produced here. To place them on the dutiable
a tax without any compensation by way of the
consisting of a member nominated by the parties complain- therefore, wouldofconstitute
home industry and without any possibility of the tax
encouragement
t,
a
the
and
parties
by
d
defendan
nominate
member
in the United States.
ant, a
being avoided by the production of such articles
third member nominated by the first two, all appointed by a
been appointed by
has
—Julia C. Lathrop of Chicago
court. The commission reports upon the facts, whereupon
eated Children's Bunewly-cr
the
of
Chief
as
Taft
President
the court announces its decision. Such an Act may be
reau in the Department of Commerce and Labor. Mica
passed and become effective, Mr. Towne argues, without
Lathrop is the first woman to be made a Bureau Chief under
altering or amending the Sherman law in any particular.
the
Government. She is a member of the Illinois State
The following outline of the provisions of the Canadian law Board of Charities. The bill establishing the new bureau
the
by
furnished
Act"—is
—the "Combines Investigation
was signed by President Taft on the 9th inst. We give its
Association:
herewith:
text
Article 2 includes the following paragraph: "(c) 'Combine' means any
contract, agreement, arrangement or combination which has, or is designed
to have, the effect of increasing or fixing the price or rental of any article.
of trade or commerce or the cost of the storage Or transportation therecif,
or of the restricting competition in or of controlling the production, mannfacture, transportation, storage, sale or supply thereof, to the detriment Of
consumers or producers of such article of trade or commerce, and includes
the acquisition, leasing or otherwise taking over, or obtaining by any person
to the end aforesaid, of any control over an interest In the husiness• or any
and also includes what is known
portion of the business, of any other person,•
•
• •
as a trust, monopoly or merger."
where
six
or
that
more
persons are of opinion that a
provides
Article 5
combine exists, which is injurious to trade, and that it Is in the public interests that an investigation be had, a judge shall direct such investigation
to be made; but that,if not so satisfied, the judge may refuse to order such
investigation.
Articles 10 and 11 provide that each board of investigation shall consist
by
of three members, appointed by the Minister of Labor, one nominated
the petitioners, one by the parties complained of and the third by the two
so chosen.
Article 18 provides that the board shall expeditiously, fully and carefully
or
inquire into the matters referred to, and as to whether or not "the price
rental of any article concerned has been unreasonably enhanced, or com-
[S. 252.]
An Act To establish in the Department of Commerce and Labor a bureau
ito be known as the Children's Bureau.
States
Be it enacted by the Sericite and House of Representatives of the United
established in the
Of Amertea in Congress assembled, That there shall' be
Children's
the
as
Department'of Commerce and Labor.a bureau to be known
•
Bureau.
of a
Section 2. That the said bureau shall be under the direction
the advice and
chief, to be appointed by the President, by and with
on
consent of the Senate, and who shall receive an annual compensati
and report
shall
investigate
bureau
of five thousand dollars. The said
children
to said Department upon all matters pertaining to the welfare of
and child life among all classes of our people, and shall especially investigate
juvenile
the questions of infant mortality, the birth rate, orphanage,
courts, desertion, dangerous occupations, accidents and diseases of chiland
States
several
the
in
affecting
children
legislation
t,
dren, employmen
Territories. But no official, or agent, or representative of said bureau
shall, over the objection of the head of the family, enter any house used
exclusively as a family residence. The chief of said bureau may from
1
time to time publish the results of these investigation in such manner an
al .
to such extent as may be precsribed by the Secretary of Commerce
Labor.
1156
THE CHRONICLE
Section 3. That there shall be in said bureau, until otherwise provided
for by law, an assistant chief, to be appointed by the Secretary of Commerce and Labor, who shall receive an annual compensation of two thousand four hundred dollars; one private secretary to the chief of the bureau,
who shall receive an annual compensation of one thousand Jive hundred
dollars; one statistical expert, at two thousand dollars; two clerks of class
four; two clerks of class three; one clerk of class two; one clerk of class one;
one clerk, at one thousand dollars; one copyist, at nine hundred dollars,
one special agent, at one thousand four hundred dollars; one special agent
at one thousand two hundred dollars, and one messenger at eight hundred
and forty dollars.
Section 4.—That the-Secretary of Commerce and Labor is hereby directed
to furnish sufficient quarters for the work of this bureau at an annual
rental not to exceed two thousand dollars.
Section 5.—That this Act shall take effect and be In force from and after
Us passage.
Approved April 9 1912.
[VoL. Lxxxxrv.
charged non-members, namely $12 50 per 100 shares on
purchases and sales.
—The question of adopting a uniform commission rate of
of 1% on bond transactions, which has been defeated on
several occasions by the members of the Philadelphia Stock
Exchange, has 'again been brought up. The present ruling
calls for a commission of 34 of 1%, but the Governing Committee has permitted exceptions to be made in some instances.
During the past few weeks a petition was circulated asking
for an expression of opinion on the question of amending the
constitution with respect to reducing the commission charges,
and the results were made known at a meeting of the Govern—In future, banks holding special deposits of the United ing Committee on the 15th inst.; 97 votes were cast in favor
the change, while 71 were opposed to it. The committee
States will be required to pay the Government 2% instead of
rules has been directed to prepare an amendment emof 1% as in the past. Assistant Secretary of the Treasury on
bodying the change, and to report it to the Governing ComA. Piatt Andrew has decided upon the increased rate in
mittee on May 6. The amendment will then be posted for
accordance with the authority granted by Congress to the
Treasury Department. The change, it is stated, refers two weeks, and if no objection to it is indicated by the memto the stationary deposits distributed among about 1,000 bers, it will be placed before the Governing Committee for a
banks scattered over the country, but not to the fluctuating final vote.
—Another substantial advance has been made in the
deposits at the disposal of disbursing officers.
price of Philadelphia Stock Exchange memberships, one
—The directors of the Bank of Montreal (head office,
having been sold for $10,000. This is a rise of $1,800 over
Montreal) have declared a bonus of 1%, payable, with the
the last previous sale and a doubling in value since the first
quartet, dividend of 2
on June 1 to stockholders of of the year.
The number of memberships is now 224.
record April 30.
—The Cleveland "Leader" announces that the Stock Ex—The Appellate Division of the New York Supreme Court
change of that city has adopted a new rule for computing
in a decision rendered on the 19th inst. upholds the constituinterest on bonds, to conform to the method in vogue on the
tionality of the law passed in 1911 prohibiting the sale of
New York Stock Exchange. The practice of the Cleveland
transfer tax stamps by any one not authorized by the State
Exchange had been to give three days for delivery after a
Comptroller. This opinion sustains the findings of Supreme
sale, and to compute interest from the coupon date to the
Court Justice Seabury, who last December decided in favor
of the validity of the law. The case in which the decision actual delivery. Under the new rule interest will be figured
was given, as noted in our earlier reference, concerns Alfred to, but not inclusive of, the first business day after the date
A. Isaacs, who had $1,000 worth of stamps on hand at the of the sale. Otherwise the computation is on the basis of
time the law went into effect, and who was arrested on his 360 days to the year and 30 days to the month.
continuance to sell the same without securing permission
—The "unlisted department" of the Chicago Stock Exfrom the Comptroller. Mr. Isaacs contended that the law change has been broadened under action taken by the
was in violation of the State and Federal_constitutions, inas- Governing Committee on the 17th inst. In explaining the
much as it took private property without due compensation. present movement, the "Record-Herald" states that, followJustice Seabury dismissed the writ of habeas corpus obtained ing the action of the New York Stock Exchange in abolishing
by Mr. Isaacs, and his action is affirmed by Presiding Justice its"unlisted department," the Chicago Exchange had adopted
Ingraham, Justices Clarke and Dowling, of the Appellate the policy of not extending its "unlisted" business. A
Division. Justices Scott and McLaughlin of tile latter Court movement to set aside this policy and add to the "unlisted"
gave a dissenting opinion, on the ground that since the stamps list was started, with the result that the stocks of eleven
had been legally purchased before tile law went into opera- companies and the bonds of twenty-five companies were
tion, the legislation was unconstitutional in that it de- admitted to the "unlisted department" on the 17th inst.
stroyed tile purchasers' property. It is stated that the pre- It is stated that traders in the various issues in the "unlisted"
vailing opinion maintains that the stamps were never in- class will be given to understand that the corporations repretended to be used as articles of merchandise, and that those senting such issues are not under obligations to make reports
who may have bought them without intent to use them to the Stock Exchange; it is pointed out, however, that some
dealt in them at their own risk.
of these companies do furnish statements of their condition.
—On the 23d inst. tile Ohio Constitutional Convention
—A plan for insuring deposits of the banking institutions of
defeated the proposal to incorporate in the proposed consti- the State of Wisconsin has been drafted by a committee
tution provision for tile recall of State and local officers, in- which was appointed at last year's meeting of the Wisconsin
cluding judges, through the adoption, by a vote of 57 to 45, Bankers' Association to look into the matter and submit a
of a motion to table the proposal. On the 17th inst. a mo- proposition which might obviate the enactment of legislation
tion to table both the majority and minority reports, the to that end. A bill which would have provided for the guarformer recommending the adoption of the proposal and the anty of bank deposits in that State was defeated in the Senlatter recommending its indefinite postponement, was re- ate at last year's session; it was understood that the bankers
ported as carried by a vote of 50 to 48; it was later an- as a whole were opposed to the measure, and steps were soon
nounced, however, that a mistake had been made by after instituted for the adoption of methods securing mutual
the clerk in his computation, and that the motion had insurance for the banks of the State. Tile committee which
been defeated by a vote of 49 to 49. On the 25th inst. the was called upon to work out a system of insurance consisted
convention compromised on the recall, when, by an almost of H. A. Moehlenpah of Clinton, Chairman; E. A. Dow of
unanimous vote, the members passed a proposal authorizing Plymouth, Earle Pease of Grand Rapids, C. R. Thomson of
the Legislature to enact a law providing for an impeachment Richland Centre and P. E. Woodard of Watertown. It procommission with power to remove any offending official. poses the organization of an insurance company under the
The law, it is stated, will not interfere with tile present plan name of the Bank Deposit Limited Mutual Insurance Comof impeachment by legislative procedure.
pany, with headquarters at Madison. The company, the
—The request for a modification of the ruling of the New Wisconsin "Sentinel",states, would be under the supervision
York Stock Exchange intended to discourage arbitrage of the Insurance Commissioner, tile Bank Examiner and the
dealings was denied by the Governing Committee on Wednes- Comptroller of the Currency, in case national banks entered
day. The petition came from a number of the members of the company. In addition to the usual force of officers,
the Exchange, who appealed to the Governing Committee to there would be a force of experienced bank examiners, conrescind the amendment to the constitution adopted last sisting of at least one for each group banking district, which
January with respect to joint accounts between members and force would conduct examinations of the banks'independent
non-members on both foreign and domestic business. Under of the examinations made by the State Bank Examiner's
the new rules, where transactions in Stock Exchange securi- force. Such an organization, it is said, is permitted under
ties are had between a Stock Exchange house and a foreign tile laws of Wisconsin, as amended at the last session of the
banking house in which the partners are similar, the foreign Legislature. The following facts concerning the company
house, instead of being pormitted to pay the $2 rate pre- are also taken from the "Sentinel":
In the company would be optional. Such banks as applied
vailing among members, is required to pay the amount forMembership
insurance would be examined, and If found In a satisfactory condition,
APR,. 27 1912.1
THE CHRONICLE
would be given insurance covering its deposits,'paying therefor a premium
of 25 cents on each $100 of deposits. In addition to the premium receipts
the company would create a surplus at the very beginning,thus insuring its
financial standing. From the premiums received,the expenses of conducting
the company, the losses sustained, if any, and a surplus to be created, are
to be deducted, after which the remainder, if any would be returned to
the policy holders, as no profits are to accrue to the company.
No bank where interest greater than 4 per cent was paid would be insured. The committee, in its tentative plan, suggests that only 90 per
cent of the deposits of banks paying more than 3 per cent should be insured
1157
"5. To require the proper taking up and canceling of bills of lading upon
surrender of goods.
"6. To establish any other practices which will safeguard the issue of
bills of lading."
—The business of the Gallatin National Bank of this city
was taken over yesterday by the Hanover National Bank,
following the consummation on Thursday of proceedings
whereby two-thirds of the Gallatin's stock was acquired by
interests in the Hanover National. The Gallatin had a
It is added that the company would be under the control capital of $1,000,000 in $50 shares; the price at which control
of bankers and business men instead of politicians, as is in is acquired by the Hanover interests is said to be 405%. A
some instances the case with State guarantees, and it is be- statement relative to the merger issued on Thursday said:
The absorption by the Hanover National Bank of this city of the Gallatin
lieved, therefore, that it will find approval with both bankNational Bank has been accomplished carefully and with the best results
ers and depositors. The proposition as outlined above is for the stockholders of both banks. The chief interests of each have had
but tentative; suggestions are sought, it is stated, by the the matter before them for some time and the management of the Hanover
has
to its force that of the other bank, so that the patrons of the latter
committee, and where they appear advantageous will be will added
find the usual familiar faces when they call at the bank. • * * •
Its policy has been conservative rather than aggressive, and It has alincorporated in a revised plan, which is to be presented to
the bankers at their forthcoming annual meeting. If ways had the confidence of the public and has enjoyed a prestige and influence second to that of no other bank. It has on its books the accounts of
adopted by the latter, it will at once be put into operation.
many of the old-established mercantile houses, bankers and large estates,
and it will bring to the Hanover National Bank a class of business and a
it
Railroad
that
Valley
Co.
announces
Lehigh
—The
which will be a valuable acquisition to that institution. • • •
will operate a "Bankers' Special" train from New York to connection
Ernest Iselin, representing the Iselin interests, has been added to the
Buffalo on Wednesday,"June 12,tleaving Jersey City at 10 a.m., board of the Hanover National Bank, also W. Emlen Roosevelt and Presito arrive in Buffalo 8:30 p. m. This train will be run to Samuel Woolverton of the Gallatin National, who will become a Vice-President, so
the Hanover will inherit in full measure the good-will of the
accommodate exclusively the delegates and their friends who Gallatin that
and an influence created and fostered by the distinguished men
will attend the annual convention of the New York State who have been connected with the institution during its long and honorable
Bankers' Association. The "Bankers' Special" will be a career.
The Gallatin, one of the oldest and most conservative
solid Pullman of library, buffet or club car, dining car, parlor
cars and observation parlor car—an exact counterpart of the banks of the city, began business in 1831 under a special
famous "Black Diamond Express" in schedule and equip- charter obtained in 1829. It entered the national system
ment. The daylight ride on the "Bankers'Special", with its in 1865. Albert Gallatin, Secretary of the Treasury under
specially provided comforts, will permita view of the wild scen- Thomas Jefferson, was its first President. James Gallatin,
ery along the route, which is regarded as the finest:east of the son of Albert Gallatin, served as President from 1839 to
Rocky Mountains. This picturesque route over the Lehigh 1868; the next incumbent, Frederick D. Tappen, officiated
Valley takes in an ever-changing panorama of rivers, moun- from 1868 until his death in 1902, since which time Samuel
tains, lakes and valleys through the States of New Jersey, Woolverton has been at the head of the institution. Mr.
Pennsylvania andlNew York. The Lehigh Valley will make Tappen was distinguished through his active connection
a special low rate for this train. Full particulars can be with the New York Clearing-House Association, especially
obtained from Charles S. Lee, General Passenger Agent, during the various crises from 1873 to 1893. The Gallatin
143 Liberty St., or A. J. Simmons, General Eastern Passenger National has continuously transacted its business at 36 Wall
Street, except during the periods of construction of the three
Agent, 1460 Broadway this city.
buildings which it has owned and occupied. Its original
—In reporting last week the appointment of Joseph An- capital was $750,000, which was increased to $1,500,000 in
drews as Cashier of the Bank of New York, N. B. A., of this 1857 and reduced to $1,000,000 in 1878. The bank has
city, we were in error in stating that he succeeded in that post continuously paid dividends since 1832. The deposits of
George P. Hall, who retires from the bank's service. Mr. the institution under the call of Feb. 20 were $10,994,084.
Hall had been Assistant Cashier, not Cashier. Prior to The stockholders of the Gallatin will meet on May 27
Mr. Andrews' elevation to the cashiership that office was
to formally place their institution in voluntary liquidation.
filled by Charles Olney, who officiated in the dual capacity of
The Hanover National Bank was organized in 1851. It
Vice-President and Cashier. Mr. Olney continues as Vice- began in an old store at the corner of Pearl Street and HanoPresident.
ver Square. Hence the name Hanover Bank. Its original
—Speaking before the convention of the Louisiana Bank- capital was $500,000, which was soon after increased to $1,ers' Association yesterday on "Necessary Bill-of-Lading 000,000. The Hanover went into the national system in
Reforms," Lewis E. Pierson, President of the Irving Na- 1865; in 1877 the present administration, headed by the late
tional Exchange Bank of New York, asserted that the con- James T. Woodward as President, took control, and shortly
tinued laxity in the handling of bills of lading by the railroads after the institution, which had in the meantime changed its
of the country is likely to precipitate a serious financial situ- location several times, moved into the Duncan Building atation almost any time. The frauds which have been per- Pine and Nassau streets, which they purchased in 1895, later
petrated in the past by means of the order bill of lading was erecting on the site the present twenty-two story building
made possible, Mr. Pierson said, by the conflicting laws of which it has occupied since 1903. In 1900 the capital of
the several States and by the connivance of the agents of the the Ilanover was increased from $1,000,000 to the present
railroads. To remedy the conditions Mr. Pierson urged the figure, $3,000,000. In 1881 the Hanover started in on an
prompt passage in all the States of the Bill of Lading Act of aggressive campaign to build up its business. At that time
the Commissioners on Uniform State Laws and the enact- its deposits were about $6,000,000 and it had twenty-five
ments by Congress of legislation which will hold the carrier employees, while to-day it ranks among the largest banks
for bills of lading signed by their agents. Mr. Pierson of the United States, its deposits approximating $100,000,000
strongly approved the bill now before Congress which has and its capital and surplus 1634 million dollars. In 1910
been drafted by the Commissioners on Uniform State Laws James T. Woodward died, after serving the bank as President
after many years of study. This law is designed not only for thirty-three years. He was succeeded by his nephew,
to be adopted in those States where no bill-of-lading legisla- William Woodward, who had been a Vice-President for
tion exists at present, but also to supersede present and in- the previous six years. James M. Donald, the senior Vicecomplete laws which may exist in other States, so that one President, who had been connected with the bank for over
complete uniform law may be secured for all the States. thirty years, was made Chairman of the board, and E. HayA summary of corrective measures suggested by him is ward Ferry, Second Vice-President (formerly Vice-President
furnished in the following:
of the National Shawmut Bank, Boston), became First Vice"First—Secure prompt passage in all the States of the Bill of Lading Act President, and Henry R. Carse was elected Second Viceof the Commissioners on Uniform State Laws, and the enactment by President. Elmer E. Whittaker, the present Cashier, was
Congress of legislation which will hold the carrier for bills of lading signed
appointed to that office in May 1904, after serving the bank
by their agents, whether with or without receipt of the goods.
"Second—As Congress two years ago increased the powers of the Inter- in all departments since boyhood. The Assistant Cashiers
State Commerce Commission, whose authority is now ample to govern the are W. I. Lighthipe, Alexander D. Cambell, Charles H.
railroads upon the methods of Issuing bills of lading, I would suggest that
William Donald and J. Niemann. Through all
the Inter-State Commerce Commission be vigorously petitioned to order— Hampton,
not recommend or request—but order and require all railroads to issue the varying mercantile and financial conditions the Hanover
order bills of lading:
has maintained a reputation for stability, and a feature of its
"1; On a uniform blank with proper uniform provisions.
policy has been the holding of a large cash resreve. It has
pencil.
indelible
or
ink
in
out
"2. Filled
"3. Signed in ink with stamp of issuing office near signature.
always made a specialty of Southern business and has on its
"4. To establish central checking offices, and there use the methods
books a great number of accounts of banks, mills and other
nowlin use by the Central Bureau, with improvements thereon, to check
enterprises in the Southern States.
and
export
all
domestic
order
of
of
bills
lading.
promptly the issue
1158
THE CHRONICLE
—Stockholders of the National Nassau Bank of this city
ratified on the 22d inst. the plan to increase the capital from
$500,000 to $1,000,000. In enlarging the capital the par
value of the shares will be changed from $50 to $100. As
indicated in our issue of March 23, the new stock is offered
to holders of record April 19, each holder of two shares of
the present stock (par $50) being accorded the right to subscribe to one new share (par $100) at $150, payable May 15.
The $250,000 premium will be added to the surplus.
—The New York Stock Exchange house of W. S. Lawson
& Co. will be dissolved on May 1, when both the senior
member, W. S. Lawson, and his son, Charles J. Lawson,
will retire from Wall Street. The house is one of the older
of the Stock Exchange concerns. W. S. Lawson became a
member of the Exchange in 1877 and in 1909 sold his seat
to his son; it has now been posted for transfer to Frederick
L. Richards, one of the other partners. William J. Sullivan
and Ernest M. Lockwood are also partners in the firm.
—The retirement of Charles D. Marvin on June 1st from
the old-time banking concern of A. M. Kidder & Co., 5 Nassau
Street, this city, was announced this week. Mr. Marvin
will continue to serve on the boards of the several corporations of which he is a director, but will spend most of
his time at his country island estate at Owego, N. Y. His
genial manner has made for him a large circle of good friends
in and out of financial circles and his retirement from active
business after thirty-two years of service with A. M. Kidder
& Co. will be the cause of regret to many of them. The
membership of the firm will include all the other partners:
Horace J. Morse, George S. Coe, George S. Goodrich and
Charles L. Morse.
—The Fulton Trust Co. of this city moved to-day into
larger banking offices in the Singer Building, 149 Broadway.
The company since its organization in 1890 has had its
quarters at 30 Nassau Street.
—The Old Colony Trust Co. of Boston has installed a private telephone line to New York, terminating in the Cortlandt Exchange here, the number being Cortlandt 4091.
The number will eventually appear in the New York City
telephone directory. The line is in charge of an operator
at the New York end, who will have no other duties to perforn?. and will be operative between 8 a. m. and 6 p. m.
ThisliS the first ,private line installed between the two cities,
which;,by terminating in one of the main exchanges in New
York, is made available for the general use of the correspondents and customers of the subscriber in New York
who wishes to call the Boston office of the trust company.
—The trustees of the Union Dime Savings Bank of this
city adopted minutes at their meeting on the 17th inst.
Commending the life-work of President Charles E. Sprague,
who died on March 21 last. Mr. Sprague has been succeeded by Alexander P. W. Kinnan, who had been First
Vice-President of the institution for fifteen years.
—A petition in bankruptcy was filed on Tuesday against
J. Thomas Reinhardt, a curb broker at 38 Broad Street,
this city, whose offices were closed on Monday. Mr. Reinhardt is now in London, where he had just opened a branch;
he also had branches in Boston and Toronto. He was a
promoter of Porcupine mining stocks, and the calling of
loans on these stocks is given as the reason for the difficulties
in the following notice which was posted in the local offices:
This business is temporarily suspended. The calling of several large
loans secured by Porcupine stocks is the immediate cause of the embarrassment. A statement of resources and liabilities will be prepared as soon
as possible, and it is believed that the intrinsic value of the assets will insure
the payment, in time, of all claims.
The liabilities, according to report, are estimated at $400,000. Benjamin W. B. .Brown was appointed receiver , on
Wednesday.
F—Henry C. Hulbert, Vice-F'yelicignt_2f the Importers'
& Traders' National Bank of this city, died on Wednesday.
He was in his eighty-second year. Mr. Hulbert had/been a
director of the institution since 1868 and became a VicePresident two years ago. He was senior director of the
United States Life Insurance Co., on whose board he had
served for thirty-six years, and at the time of his death was
Chairman of the company's Claim Committee. He was also
a director of the Franklin Trust Co. of Brooklyn, a trustee
of the New York Life Insurance & Trust Co., a member of
the finance committee of the Pullman Co., &c.
—Thomas T. Barr, Chairman of the board of directors of
the Nassau National Bank, Brooklyn and formerly President
of the institution, died on the 22d inst. Mr. Barr held the
presidency from 1890 until January of last year, when he
[VoL. Lxxxxiv.
became Chairman of the board. He was also a director of
the Corn Exchange Bank of New York and a trustee of the
Brooklyn Trust Co. He was seventy-nine years of age.
—Articles of incorporation were filed on the 11th inst. for
the Elizabeth Trust Co. of Elizabeth, N. J., to be capitalized
at $100,000. The organizers are: Dr. Arthur Stern, Julius
Isaac, Dr. Thomas E. Dolan, Frederick Kurtz, Daniel Dippel, Hans V. Radonitz, Michael Bender, Henry Schmidt,
Frank R. Fricke and George E. Thum.
—Articles of incorporation have been filed for the organization of the South Orange Trust Co., South Orange, N. J.,
with a capital of $100,000. The incorporators are: William
Riker Jr., R. Russell Brant, William W. Trimpe, William
F. Harris, Adrian D. Tichenor, Robert W. Wallace, Charles
W. Smalley, James Marshall and Adrian Riker. William
Riker Jr., it is stated, holds $91,000 of the stock.
—The Woonsocket Trust Co. of Woonsocket, R. I., was
granted a charter on the 11th inst. and will commence
business with a capital of $50,000. The incorporators are:
Charles W. Flagg, Frank A. Jackson, Frank A. Jillson,
Austin B. Rankin, Walter B. Greene, William Fanning,
Charles E. French, Joseph Hoyle, Henri Desrochiers, James
C. Cosseboom, James F. Gilbert, Patrick J. Bresnahan,
Howard K. Jackson, Warren A. Cook and James M. McCarthy.
—The Kingston Savings Bank of Kingston, R. I., which
the State Bank Commissioner took charge of in 1909 is to
be re-established as a branch of the People's Savings Bank
of Providence. Commissioner Goodwin, it is stated, succeeded in restoring the ' bank to a solvent condition in
January of the present year.
-.The directors of the Philadelphia National Bank of
Philadelphia have declared a dividend of 8% for the last
six months, free of tax, payable May 1 to stockholders of
record at the close of business April 30, and have added
$250,000 to the surplus, making that fund $3,750,000,
all earned.
—The suspension of Scully, Painter & Beech was announced on the Pittsburgh Stock Exchange on Thursday,
following the filing of bankruptcy proceedings against the
firm. The firm also holds membershiiiiii the New , York
Stock Exchange, the Chicago St'
, Pxchange and the
Chicago Board of Trade. It was fo'rmed about six Years
ago by James W. Scully, Charles A. Painter, Daniel I3eech
and Edwin S. Fairley. Mr. Painter has been a member
of the New York Stock Exchange since 1905. In referring
to the suspension on Thursday he said:
We are unable at this hour to give a statement of probable liabilities
and assets. The suspension was brought about when some of our best
securities were thrown out. I hope the embarrassment is only temporary.
The Commonwealth Trust Co. of Pittsburgh has been
named as receiver. Mr. Beech is President of the First
National Bank of Birmingham at Pittsburgh; Mr. Scully is
a director of that institution. Mr. Painter is a director of
the First National Bank of Pittsburgh; he is a member of
the stockholders' Committee which recently investigated
labor conditions in the mills and mines of the United States
Steel Corporation.
—Edward M. Seibert has been made an Assistant Cashier
of the Bank of Pittsburgh, N. A., at Pittsburgh, succeeding
E. C. Morey, who resigned to enter the bond business.
—In a report of the affairs of the failed grain firm of Pitt
Bros. & Co. of Baltimore, filed by the Auditor, Julian S.
Jones, on the 17th inst., the sum of $34,412 is shown as
available for distribution among 119 creditors, whose claims
aggregate $362,231—equivalent to a dividend of 932%.
The firm was placed in receiver's hands last November as
the result of the diAcoveryrof forged bills of lading and the
imrocurement of loanszton the same from local banking
institutions.
—The stockholders of the Second National Bank of Cincinnati, whose affairs are being conducted temporarily
under the supervision of the Cincinnati Clearing-Home
Association, will meet on May 18 to decide the plans with
respect to the future of the institution. In its issue of
April 20 the Cincinnati "Enquirer" reported that the
Clearing-House banks had to that date advanced the institution between $900,000 and $1,000,000 in cash. This advance is said to be in the shape of a loan on the note of the
Second National, carrying interest at 5%.
—Payment of a second dividend of 15% to the creditors
of the defunct Union National Bank of Columbus, 0., has
been authorized. The first dividend of 60% was paid in
APR. 27 1912.]
THE CHRONICLE
1159
The Western Metropolis National (capital
February, the depositors thus receiving to date 75%. The tional Bank.
month took over the business of the City &
last
)
$1,500,000
1911.
December
in
doors
bank closed its
Merchants' National Bank has a capital
The
Bank.
County
•
—A permit has been issued by the Auditor of Public of $500,000.
Accounts at Springfield, Ill., to organize the Logan Square
—W. K. Cole has resigned as Vice-President of the AngloTrust & Savings Bank of Chicago, with a capital of $200,000.
Trust Co. of San Francisco in order to devote his
California
C.
Theodore W. Schulz, Thomas W. Schulz and Henry
time to other interests.
Nieman are the incorporators.
—Ralph S. Stacy has resigned as Vice-President of the
Na—Henry M. Dearing, Cashier of the defunct Albion
Bank of Commerce of Seattle, Wash., to become
National
Dearing,
tional Bank, Albion, Mich., and his son, Palmer M.
of the Pacific National Bank of Tacoma,succeeding
President
tion
who pleaded guilty to charges of forgery and misapplica
the
J. Pentecost. Mr. Stacy was Cashier of the
L.
late
sentenced
of the bank's funds on the 13th inst., were both
Bank of Seattle until its consolidation
National
n
Washingto
on the 18th
by Judge Angell in the Federal Court at Detroit
Bank of Commerce, when he
National
in
the
1906
with
Leavento five years in the Federal penitentiary at Fort
the latter.
of
dent
a
Vice-Presi
became
The
2.
worth, Kan. The bank closed its doors on Jan.
--A. S. Jarvis, Manager at Montreal of the Union Bank of
was
elder Dearing is 73 years of age; the younger Dearing
has been appointed Superintendent of branches for
Canada,
to
said
are
both
Co.;
ring
Secretary of the Cook Manufactu
the
of Quebec and Maritime Provinces, headProvince
have admitted that the bank's money was used in financing quarters at Quebec. B. B. Carter, Manager at Regina, will
that concern.
succeed Mr. Jarvis in the Montreal office.
—The proposition to consolidate the Fidelity Trust Co.
—A dividend of 20% was declared payable to the creditors
&
Fidelity
and the Columbia Trust Co. of Louisville into the
of
the defunct La Banque de St. Hyacinthe, St. Hyacinthe,
Columbia Trust Co. was ratified by the respective stockon the 9th inst. This dividend will bring the amount
Canada,
union
the
which
under
holders on the 17th inst. The plans
to depositors up to 90 cents on the dollar. The
returned
will be effected were set out in our issue of Feb. 3. The bank failed in June 1908.
into
divided
,
be
will
$2,000,000
concern
new
the
of
capital
—At the annual meeting of the Bank of British North
shares of $100 each. The election of officers will be taken
on March 5, it was announced that it is proposed
America
Trust,
Fidelity
the
of
D.
Allen,
Secretary
Arthur
later.
up
the bank's financial year, so that the balance sheets
change
to
,
McPherson
G.
J.
by
been
has
succeeded
and
has resigned
be made up to May 31 and Nov. 30 each year
hereafter
will
of
temporarily. Mr. McPherson is Assistant Secretary
instead of, as hitherto, to June 30 and Dec. 31. The annual
the Fidelity.
meeting will be held, as heretofore, in March. For the year
—Capt. M. B. Loyd, President of the First National Bank ending Dec. 31 last, the net profits of the bank amounted to
of Fort Worth, Tex., died on the 16th inst.' Mr. Lloyd $632,117. An addition of $121,667 which has been made
founded the bank in 1876 and had been its President since to the reserve fund increases that item to $2,774,000; the
its formation. He was 77 years of age.
deposits increased over $4,000,000 in the year, bringing the
—Albert Baldwin, formerly President of the New Orleans amount up to $36,067,709, although it is stated that that
National Bank at New Orleans, La., died on the 21st inst. • total includes certain special deposits which are not expected
Mr. Baldwin guided the bank's affairs from 1874 to 1906. to be permanent. The total assets on Dec. 31 1911 stood
His son, Albert Baldwin Jr., is the present executive. The at $62,288,506. The bank now has 87 branches, compared
elder Mr. Baldwin was Vice-President of the "Times- with 80 at the close of 1910.
Democrat" Publishing Co. and a director in various organi—The fortieth annual report of the Swiss Bankverein was
zations. He was 78 years of age.
presented to the shareholders on March 20. We learn from
thet'stockholders
The Teutonia Bank & Trust Co. of New Orleans was an extract from the report that on Feb. 17
10 f
de Speyr
Anonyme
Societe
the
of
L.
W.
absorption
Examiner
the
Bank
State
sanctioned
on the 15tli inst. by
!capital froft
.owtg. Coincident With its closing Eugene F. Buhler, & Co. of Basle and the increase of the share
issue of 14.,000 new
13resident, and Joseph II. Gomila, Chairman of the Finance 75,000,000 fr. to 82,000,000 fr. by the
to the shareallotted
been
have
which
each,
on
fr.
500
of
arrested
shares
were
CoMmittee and a director of the bank,
de Speyr & Co. At the
the 14th inst. charged with making false statements and holders of the Societe Anonyme
utmann, Albert de Speyr and
wilfully concealing the true condition of the bank. A former same time Hans Schuster-G
directors of the Swiss Bankelected
were
Speyr
Assistant Cashier, F. J. Braud; was also arrested at the'same Alfred de
says:
also
report
The
embezzleverein.
the
being
stated,
is
it
him,
time, the charge against
between
With a view to consolidating the friendly relations existing
ment of $60,000 of the bank's funds. Later, embezzlement ourselves and the K. K. Priv. Bank & Wechselstuben Actien-Ge,sellschaft
and forgery charges were brought aganst Messrs. Buhler "Mercur" In Vienna, it has been considered desirable that our institutions
e on each other's board of directors. We shall
and Gomila. The New Orleans "Times-Democrat" on should have a representativ
of our board to represent us on the board of
member
a
designate
therefore
disto our
the 15th stated that, "owing to the destruction and
the Vienna institution; and, on the other hand, propose the election
appearance of certain records and papers, no definite state- board of Dr. Brettauer, President of the K. K. Priv. Bank and Wechselment as to the total loss to the bank could be obtained from stuben Actlen-Gesellschaft "Mercur."
For the year ended Dec. 31 1911 the gross profits of the
the authorities last night. It is said, however, that the losses
possia
Bankverein amounted to £529,941, exclusive of £14,with
and
$300,000
Swiss
$400,000,
between
to
amount
will
£187,bility of their reaching $500,000. Joseph H. Gomila admit- 672 brought forward from last year. After deducting
off £14,414 for bad and
writing
taxes,
is
and
"
At
bank
to
the
ss
$180,000.
expenses
for
indebtedne
581
his
that
ted
to the pension fund
the suggestion of Bank Examiner Young, who decided doubtful debts, &c., placing 48,000
remained net profits
after an examination of the affairs of the Teutonia Bank and .e40,000 to special reserve II., there
to apply £240,000
proposed
not
it
could
was
conthat
it
such
this
of
was
of
£294,618;
condition
its
that
& Trust
£34,993 for the
aside
set
to
Clearing
House
and
Orleans
(8%)
New
dividends
towards
tinue without assistance, the
After
Association, of which the institution was a member, held a directors and managers, carrying forward £19,625.
meeting on Sunday night, the 14th inst., and appointed a these appropriations the reserve funds will amount to 24,committee to investigate its condition. The committee re- 500,000 fr. (£980,000), equal to 32 2-3% of the share capital
ported to the Association that the situation wits such that the paid up Dec. 31 1911. The end-of-the-year statement
Clearing House could not intervene and‘thitit tile State authori. showed assets of £21,482,438.
ities should take charge. Mr. Youngp therefore, assumeql
61
custody of the institution with a view to liquidating its
affairs. It is understood that some of the charges against
DEATH OF PLINY BARTLETT.—We regret to have to
the defendants date back several years. The Teutonia,Bank announce the death of the 'Chicago representative of this
was organized in 1893; in 1903 its name was changed, with paper, Mr. Pliny Bartlett. Mr. Bartlett suffered a paralytic
the installation of a trust department, to the Teutonia Bank stroke on the 14th of last month, but appeared to be making
& Trust Co.,and its capital was increased at the same time rapid progress towards recovery, when on Friday last he
from $100,000 to $200,000. Its deposits are in the neighbor- suffered a second attack. He died last Saturday afternoon.
hood of $1,500,000; it carried a portion of the funds of the Mr. Bartlett was born in Hamilton, Ohio. He got his eduOrleans Levee Board, and had $9,000 of the funds of the cation at Amherst College, graduating in the class with the
Rev. Dr. Parkhurst. Soon after graduation he went into
State Board of Health.
in Minneapolis, where he resided almost continubusiness
Bank
Western
the
National
Metropolis
of
—Stockholders
to about 1891 or 1892. After that he became assoup
ously
Of San Francisco will meet on May 20 to act upon the quesa book-publishing house in Philadelphia and
with
ciated
Na'
of
the
that
with
Merchants
business
its
merging
tion of
•
1160
THE CHRONICLE
Boston, doing editorial work. This he gave up about fifteen
years ago in order to represent the business department of
the "Chronicle" in Chicago, where he remained continuously
until his death, making for himself in financial circles and
elsewhere many warm friends. Mr. Bartlett was loyal and
efficient in his services, and assiduous in his devotion to
duty. Besides his genial personality, he had one other
quality that still further enhanced his usefulness: he was
imbued with the spirit of the West, and progress was his
watchword.
IMPORTS AND EXPORTS FOR MARCH.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for March, and
from it and previous statements we have prepared the following interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all cases omitted.)
MERCHANDISE.
Exports
Imports
1912.
1911.
1910.
1912.
1911.
1910.
January __
$202,446 1197,083 1144,461 $143,606 $130,561 $133,671
February - _- 198,844
175,957
124,558
134,18,3
121,695
130,118
March
205,333
161,933
143,658
156,625
139,042
162,999
April
157,988
133,110
119,827
133.922
May
153,152
131,084
129,814
118,838
Jine
_
141,707
127,888
122,807
119,876
July
127,697
114,628
118,054
117,316
August
144,185
134,666
125,945
138,358
September.
195,799
168,874
125,172
117.265
October
210,366
207,709
133,206
124,046
November _
201,753
206,620
126,162
129,786
December
224,907
229,003
140,782
136,709
Total
$2,092,527 11,866,259
81,533,067 $1,562,904
GOLD.
Exports1911.
$924
425
505
1.506
0.817
3,075
2,178
481
2,353
3,984
13,941
994
1912.
$1,915
10,589
7,454
January __
February _ _ _
March
April
May
June
July
August
September_
October
November
December
Total
$37,183
1912.
$6,028
5,122
5,806
January __ __
February _ __
March
April
May
June
July
August
September_
October .....
November
December _
1910.
$6,163
2,937
1,816
36,284
719
1,598
829
3,150
1,823
750
1,376
1,330
1912.
15,141
2,937
4,336
.......
Imports
1911.
$9,541
5,806
4,119
4,525
5,015
4,768
2,595
4,105
4,704
4,102
3,458
4,707
1910.
32,131
3,063
4,374
2,101
3,143
. 4,576
10,283
12,819
3,192
4,250
4,313
4.977
157,445
$59,222
Imports
1911.
$3,551
3,898
3,197
4,252
3,556
3,506
3,921
3,653
4,163
3,404
3,339
3,307
1910.
14,248
3,155
3,995
3,841
3,355
3,308
3,795
4,119
3,442
3,395
4,827
4,398
$58,775
SILVER.
Exports1911.
1910.
$5,651
14,498
4,453
4,589
5,897
4,553
7,610 •
4,697
5,054
4,131
5,778
4,587
5,275
5,124
4,870
4,758
4,941
4,830
5,087
4,270
5,052
5,265
5,997
6,061
1912.
$4,358
3,781
3,712
Total.
165,665
857,361
$43,747
$45,878
EXCESS OF EXPORTS OR IMPORTS.
Merchandise-- -Gold
Silver
1912.
1911.
1910.
1912.
1911.
1912.
1911.
$
$
$
$
$
$
$
January _ __ +58,840 +66,522 +10,790 -3,226 -8,617
+1,670 +2,100
February __ +64,656 +54,262 -5.560 +7,652 -5,381 +1,341
+555
March __ _. +48,708 +22,891 -19,341 +3,118 -3,614 +2,094 +2,700
April
+38,161
-812
-3,019
+3,358
May
+23,338 +12,246
L
i-1
1:8
00
93
2
+1,498
June
+18,900
+8,012
+2,272
July
+9,643 -2,688
-417
August __
+18,240 -3.692
-3,624
+
+1
1,3
25
17
4
September _
+70,627 +51,609
-2,351
+778
October
+77,160 +83,663
-118
+11:683713
+
November
+75,591 +76,834
+10,483
December_+84,125 +92,293
-3,713
+2,690
Total_
+559,459 +303,354
-20.262
+21,918
+ Exports. -Imports.
We subjoin the totals for merchandise, gold and silver for
nine months since July 1 for six years:
Merchandise
Nine
Months.
Exports.
ports.
Excess
of
ExExports ports.
$
$
I
1
1911-12 1,711,33 1,203,113 508,217
1910-11111,596,474 1,154,778 441,606
1909-1 1,352.903 1,184,311 168,592
1908-09 1.297,0941 949,027.348.067
1907-081,498,436 930,755567,681
1906-0711,45o,90011,065,815 385,055
$
Gold.
Silver.
Excess
Insof
Exports. Exports ports.
Excess
Imof
ports. EXports
$
$
43,889 36,086 7,803
11,112 59,300 /48,188
79,963 33,520 46,443
65,676 36,027 29,649
22,774 139,225/116451
20,802 104,648 /83,886
5
48,177
46,308
41,872
40,797
44,993
42,189
1
33,636
34,624
34,714
31,536
34,348
31,986
Similar totals for three months since January 1 for six years
make the following exhibit:
Merchandise.
Gold.
Silver.
Excess
Excess
Excess
Exports. Imports
of Exports Imports of Exports Imports of
Exports
Exports
Exports
1912_ 603,623 434,41' 172,204
1911_ 534,974 391,298 143,676
1910_ 412,678 426,788 /14,11
1909__- 422,056 355,109 66,952
1908_ 515,460 258,869 258,596
1907_ 510,499 382,703 127,798
7 Excess of imports.
19,958
1,854
10,916
37,978
3,859
5,703
$
12,414 7,544
19,466 /17.612
9,578 1,338
12,159 25,810
17,295 /13,436
11,647 /5,944
16,956
16,001
13,639
14,474
12,586
14,6691
DEBT STATEMENT OF MARCH 31 1912.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Mch. 311912. For statement of Feb. 29 1912
see issue of Mch. 30 1912, page 888;* that of Mch. 311911, see
April 8 1911, page 931.
INTEREST-BEARING DEBT MARCH 31 1912.
Amount
Amount Outstanding---Interest
Issued. Registered.
Total.
Coupon.
Title of LoanPayable.
$
$
$
$
2s, Consols of 1980
Q-J. 646,250,150 642,135,750 4,114,400 646,250,150
38, Loan of 1908-18
Q-F. 198,792,660 43,948,500 19,996,960 63,945,460
48, Loan of 1925
Q-F. 162,315,400 99,918,700 18,571,200 118,489,900
2s, Pan. Canal Loan 1903_Q-F.
54,631,980 54.606,740
25,240 54,631,980
2s, Pan. Canal Loan 1908_Q-F.
30,000,000 29,653,820
346,180 30,000,000
35, Pan. Canal Loan 1911_Q-S.
50,000.000 31.070,700 18,929,300 50,000,000
230,Post.Sav.bonds 1911 J-J.
41,900
36,880
5,020
41,900
2Ms,Post.Sav.bonds 1912J-J.
417,380
• 314,800
102,580
417,380
Aggregate int.-bearing debt 1.142,449,470 901,685,890 62,090,880 963,776,770
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
February 29.
March 31.
Funded loan 01 1891, continued at 2%, called May 18
1900, interest ceased Aug. 18 1900
$7,000
37,000 00
00
Funded loan 011891, matured Sept. 2 1891
23,650 00
23,650 00
Loan of 1904, matured Feb. 2 1904
13,350 00
13,350 00
Funded loan of 1907, matured July 2 1907
852,050 00
842,550 00
Refunding certificates, matured July 1 1907
14,360 00
14,360 00
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
904,340 26
904,330 26
Aggregate debt on which interest has ceased since
maturity
$1,814,750 26 31,805,290 26
DEBT BEARING NO INTEREST.
February 29.
Marc./ 31.
United States
8346,681,016 00 1346,881,016 00
Old demand notes
53,282 50
53,282 50
National bank notes-Redemption account
25.714,812 50
27,860,532 50
Fractional currency, less $8,375,934 estimated as
lost or destroyed
6,866,639 90
6,856,639 90
Aggregate debt bearing no interest
$379;805,750 90 3381,451,470 90
RECAPITULATION.
Increase(+)or
ClassificationMch. 311912.
Feb. 29 1912.
Decrease (-).
Interest-bearing debt.
1963,776,770 00 1963,776,770 00
Debt interest ceased
1,805,240 26
1,814,750 28
-39,510 00
Debt bearing no interest
381,451,470 90
379,305,750 90 +2,145.72000
Total gross debt
31.347,033,481 16 11,344,897,271 16 +82,136,210 00
Cash balance in Treasury*_
281,534,096 15
271.892,70379 +9,641:39230
Total net debt
11,065,499,385 01 11,073,004,587 37 -37,505,182 36
*Includes $150,000,000 reserve fund.
The foregoing figures show a gross debt on Mch. 31 of
$1,347,033,481 16 and a net debt (gross debt less net cash
In the Treasury) of $1,065,499,385 01.
TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood
March 31 are set out in the following:
ASSETS.
LIABILITIES.
Trust Fund HoldingsTrust Fund LiabilitiesGold coin
11,028,432,369 00 Gold certificates
$1,028,432,369 00
Sliver dollars
487.163,00000 Silver certificates
487,163,000 00
Silver dollars of 1890._
3,010,000 00 Treasury notes of 1890 __
3.010,00000
Total trust fund ____$1,518,605,369 00
General Fund HoldingsCertified checks
31,039 102 42
Gold coin and bullion..
22,841,815 67
Gold certificates
81,295,114 00
Silver certificates
12,307,624 00
Silver dollars
7,577,904 00
Silver bullion
.1.703,87737
United States notes_ ....
8,880,271 00
Treasury notes of 1890..
11,004 00
National bank notes
34,887,276 15
Fractional silver coin _ _
24,306,074 25
Fractional currency_
196 47
Minor coin
2,330,083 92
Bonds and interest paid
4,037 50
Total trust liabIllties_11,518,605,369 00
Gen.Fund LiabilitiesNational Bank 5% fund_ 24,072,788 73
Outstanding checks and
drafts
9,961,551 09
Disbursing officers' balances
75,319,987 28
Post Office Department
account
4,968,558 03
Miscellaneous items
1,212,724 26
Tot. gen'l liabilities
3115,535,109 39
Tot. in Sub-Treasles 3197,184,380 75
In Nat. Bank DepositariesCredit Treasurer of U.S $33,836,839 48
Credit U.S. ells. officers
11,124,171 33
Total in banks
144,961,010 81
In Treas. of Philippine IslandsCredit Treasurer of U.S.
$1,752,678 08
Cash Balance and ReserveCredit U.S. dis. officers
3,171,135 90 Total cash and reserve__ 3281,534,096 15
Made up ofTotal in Philippines_
$4,923,813 98 Avallable_6131,534,096 15
and
Reserve Fund HoldingsReserve FundGold coin and bullion._ 1150,000,000 00 Gold&bull.150,000,000 00
Grand total
11,915,674,574 54
Grand total
11,915,674,574 54
TREASURY CURRENCY .IIOLDINGS.-The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the first of January, February, March and
April 1912.
14,541
11,684
7,158
9,281
10,645 '
10,253.
I Excess of imports.
Three
Months.
[VoL. Lxxxxv,
11,851 5,105
10,646 5,355
11,398 2,241
10,453 4,021
10,831 1,758
11,385 3,284
TREASURY NET HOLDINGS.
Jan. 1 1912. Feb. 11912. MM.1 1912. Apr.1 1912.
Holdings in Sub-Treasuries--$
$
$
$
Net gold coin and bullion
276,029,643 235,654,356 239,947,601 254,136.930
Net silver coin and bullion
14,289,630 24,935,035 26,439,046 21,589,405
Net United States Treasury notes
11,004
14,386
11,651
12,386
Net legal-tender notes
8,730,716 9,547,034
8.880.271
9,567,341
Net national bank notes
35,366,974 47,855,918 38,963,623 34,887,276
Net fractional silver
18,016,294 21,755,660 23,468,394 24,303,074
Minor coin, &c
2,144,282 2,863,378 3,146,026 3,373,420
Total cash in Sub-Treasuries _ _354,591,895 342,643,032 341,544,417/347,184,380
Less gold reserve fund
150,000,000 150,000,000 150,000,000 150,000,000
Cash balance in Sub-Treasureries.204,591,895 192,643,032 191,544,417 197,184,380
Cash in national banks
47,768,604 47,430,241 46,748,308 44,961,011
Cash in Philippine Islands
5,316,836 4,923,814
5,853,793 6,470,563
Net Cash In banks, Sub-Treas_258,214,292 246.552,826 243,609,559 247,069,205
Deduct current liabilities_a
131,288,300 123,139,323 121,716,855 115,535,109
Available cash balance
126,925,992 123,413,503 121,892,7041131,534,096
a Chiefly "disbursing officers' balances." / Includes $1,703,877 37 slyer bullion
and $3,373,420 31 minor'coin, &c., not Included in statement "Stockrpf[money.",ggi
1161
THE CHRONICLE
APR. 27 1932
Stock of Money Apr.1 1912. -Money in Circulation
April 1
April 1
Held in
In United
1911.
1912.
Treasury.d
States.
MottetarglOomintrcialignglitsligenTs
..........._.
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Sat.
Mon.
Week ending AprU 26.
Tues.
Wed.
d 27 5-16 27 5-16 27 7-16 2734
Silver, per oz
78
78
ConsoLs, 234 per cents
77 15-16 78
7834
For account
781-16 7814
7834
French Rentes (in Paris).fr_ 91.65 92.4234 93.0734 93.50
Amalgamated Copper Co __ _ _ 8434
8534
8434
8534
Amer. Smelt. & Ref. Co__ 87
87
8634
8734
bAnaconda Mining Co
834
834
834
834
Atchison Topeka & Santa Fe.111
11034
110%
11115
Preferred
106
106
106
106
Baltimore & Ohio
11034
11034
112
1103(
Preferred
91
91
91
91
Canadian Pacific
250
26134
25934
25734
8034
8114
82
81
Chesapeake & Ohio
19
19
191.4
Chicago Great Western
2034
114
113
Chicago Milw. & St. Paul_ _ _113%
11334
2334
24
24
2334
Denver & Rio Grande
43
43
43
42
Preferred
38
3734
3734
3834
Erie
57
5734
5734
5634
First Preferred
47
47
47
47
Second preferred
135
13434
13634
Great Northern, preferred...135
133
13334
13234
13334
Illinois Central
163
16334
Louisville & Nashville
16334
16434
30
3034
3034
Missouri Kansas & Texas__ _ 3034
67
6414
67
6334
Preferred
4414
4434
4414
4334
Missouri Pacific
66
6634
6534
Nat. RR.of Mex., 1st Pref._ 6554
3034
3034
3034
3234
Second Preferred
12134
12234
12334
N. Y.Central & Hudson Riv.122
4034
4034
4134
4034
N. Y. Ontario & Western11534
11534
11534
116
Norfolk & Western
92349214
Preferred
124
1 -127
13111
Northern Pacific
12534
64
64
aPennsylvania
6434
6434
8434
8514
8434
87
aRauling
4634
Preferred
aFirst
4634
463.4
4634
4934
_
aSecond preferred
4914
50
2934
2oej;
Rock Island
2334
3034
11534
115
Southern Pacific
11534
11634
3034
3034
Southern Railway
3034
3034
Preferred
76
76
76
76
17634
17834
175
Union Pacific
17634
Preferred
94
9334
9334
8334
7134
73
17. S. Steel Corporation
7234
7334
_11514
11534
11534
11534
Preferred
9
9
9
Wabash
934
22
22
22
Preferred
2234
65
65
6534
Extended 45
6434
Fri.
Thurs.
27 13-16 28
7834
7834
785-16
7834
93.80
93.90
c8534
8434
88
87
834
834
111 34 c11034
106
106
112
11134
91
91
26134 26234
8134
8114
2034
1934
114
114
2414
2434
43
43
3834
3834
5734
5734
4615
47
136
136
133
133
16434
164
3034
3034
6415
64
45
44
66
66
32
3134
124
124
4114
4134
11634
11534
9234
9234
125
125
6434
6434
88
87
4614
47
50
5034
3034
3034
116
117
3034
3034
7634
7634
17934
17734
9334
9334
7334
7434
11611
11634
934
934
22
22
6734
67
a Price per share. b £ sterling.
To=to:daland txtisceitantonsRCM
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for March 1911
will befound in our issuefor April 8 1911, page 933.
Bonds and Legal Tenders
on Deposit for
Circulation Afloat Under-
1911-1912.
Bonds,
Mch.31 1912
Feb. 29 1912
Jan. 31 1912
Dec 31 1911
Nov.30 1911
Oct. 31 1911
Sept.30 1911
Aug.31 1911
July 31 1911
June 30 1911
May 30 1911
Apr1130 1911
721,315,120
722,026,920
719,811,320
717,578,120
715,560,170
714.170,320
713,062,810
710,141,420
705.918.210
698.605,810
697.441.300
695,657,540
Legal
Tenders,
27,869,70)
25,724,070
26,167,972
26,240,119
27,649,008
28,065,375
28,811,903
30,025,825
31,396,930
33.169,435
34,812.726
36,675,998
Bonds.
717,001,493
718,548,203
715,493,996
714,363,068
712,115,338
711,099,938
708,976,458
707,181,923
701,427,086
695.025,073
693.665,285
691,468,720
Legal
Tenders.
$
27,869,790
25,724,070
26,167,972
26.240,119
27,049,008
28,065,375
28,811,903
30,025,825
31.396.930
33,169.435
34.812.726
36.675,998
Gold coin and bullion...,..i,798,389,525
Gold certificates_a
Standard sliver dollars__ __ 565,269,367
Silver certificates a
Subsidiary silver
6165,073,658
Treasury notes of 1890 _
3,010,000
United States notes
346,681,016
National bank notes
744,871,283
590,169,087
915,865,619
73,445,952
467,422,627
137,610,143
3,344,276
341,015,070
701,592,801
597,115,340
947,137,255
70,528,463
474,855,376
140,767,584
2,998,996
337,800,745
709,984,007
Total
3,623,294,849 342,107,083 3,281,187,766 3,230,465,635
Population of continental United States April 1 1912 estimated at 95,237.000:
circulation per capita. $34 45.
* A revised estimate by the Director of the Mint of the stock of gold coin was
adopted in the statement for Aug. 1 1907. There was a reduction of $135,000,000.
b A revised estimate by the Director of the Mint of the stock of subsidiary silver
coin was adopted in the Statement of Sept. 1 1910. There was a reduction of
$9,700,000.
a For redemption of outstandtng certificates an exact equivalent in amount ofthe
approprfate kinds of money is held In the Treasury, and Is not included in the account of money held as assets of the Government.
d This statement of money held in the Treasury as assets of the Government does
not Include deposits of public money in national bank depositarles to the credit of
the Treasurer of the United Stases, amounting to $33,836,839 48.
FOREIGN TRADE OF NEW YORK.-MONTHLY
STATEMENT.-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 New
York Custom House.
Merchandise Movement to New York.
Imports.
Month.
July
August _ _
September
October __
November
December
January _ _
February.
March
Customs Receipts.
at New York.
Exports.
1911-12. i 1910-11.
1911-12.
1910-11.
1911-12.
1910-11.
$
SI 69,966,872
69,247,136
74,673,583 81,340,437
73,313,594 68,590,619
77,195,842 70,317,977
76,462,095 75,083,744
81,713,427 76,681,915
87,174,822 74,513,318
80,426,110 66,677,912
94,289,890 84,752,890
$
58,702,124
62,055,957
70,132,541
65,514,265
67,843,513
77,965,832
66,475,206
69,345,534
72,192,950
56,019,567
65,279,115
66,183,119
61,166,950
60,821,026
63,598,538
61,365,707
61,749,886
71,039,369
16,481,668
18,023,013
15,834,097
16,968,775
15,870,054
15,249,906
17,425,585
17,291,791
18,961,616
16,911,067
20,276,113
17,699,966
16,3818070
18,533,078
16,487,755
16,808,957
16.334.953
19,487,78.5
Total_ __ 714,596,4991667,915,681 610,227,921567,223,277 152,106,505159,011,475
The imports and exports of gold and silver for the nine
months have been as follows:
Silver-New York.
Gold Movement at New York.
Imports.
Mona.
July
August..
September... _ _
October
November
December __ _ _
January
February
March
Total.
Total_
S.
744,871,283
744,272,273
741,661,968
740.603,187
710,764 396
739,165.313
737,788,358
737,207.748
732.824,016
728,194,508
728,478,011
728,144.718
172,841,816
81,295,114
7,577,904
12,307,624
24,306,074
11,004
8,880,271
34,887,276
Exports1911-12.
1911-12.
1910-11.
$
519,068
1,873,940
1,661,591
2,045,191
1,347,824
1,764,901
1,894,791
1,441,106
2,464,940
$
$
269,508
4,906,446
84,400
9,335,380
179,027
431,581
698,290 2,816,299
746,321 2,305,278
678,172
1,881,121
1,325,148 1,751,573
632,423 10,507,393
1,158,724 7,332,800
1910-11.
Imports.
Exports.
1911-12.
1911-12.
5
$
$
556.492 4,449,553
177,490
644,005 3,920,270
276,000
532,385 3,774,911
134,500
855,434 4,182,162
132,185
760,569 4,805,863
256,900
670,821 5,282,76
387,610
871,445 1,458,551 4,817,026
351,125 1,232,507 4,513,845
678,155 4,583,188
436,292
15,013,352 21,103,443 25,924,450 3,023,547 7,397,919 40,329,192
GOVERNMENT REVENUE AND EXPENDITURES.
1911-12.
1910-11.
(0005 omitted.)
Tan.
Feb,
Mch. 9 Mos. Jan.
Feb.
Mch. 9 Mac.
Receipts24,655 26,337 30,409 232,267 24,293 25,219 30,108 241,756
Customs
Internal 'Ordinary_ _ 22,041 23,102 23,758 219,619 21,749 21,244 24,116 217,191
585 6,958
229
443
91
494
434 3,186
Revenueleorp. tax_
5,323 3,999 4,695 39,635 5,872 3,699 3,65636,154
Miscellaneous
L.-The following shows the amount of each class of bonds
52,462 53,932 59,296 494,707 52,005 50,391 58,465 502,059
Total receipts
held against national bank circulation and to secure public
DisbursementsCivil and miscellaneous 15,703 13,562 12,824 134,533 14,954 12,302 14,851 134,069
moneys in national bank depositories on March 31:
11,825 10,477 11,371 117,601 12,736 11,184 14,342 124,308
War
11,175 10,750 10,690 102,860 9,480 9,560 9,729 91,266
Navy
770 1,377 11,364
U. S. Bonds Hell Mardi 31 to Secure- Indians
2.131 1,354 2,028 14,379 1,206
Bonds on Deposit
11,170 14,762 12,654 117,364 11,656 15,208 13,572 121,006
Pensions
Mardi 31 1912.
84 3,085
PublieDeposits
__ __
_
Total
Bank
49 ____ 2,174
Postal deficiency
123 15,982
in Banks.
Circulation.
501 16,925 3,274 1,908
Held.
Interest on public debt_ 3,288 1,904
2,921 2,861 3,133 26,984 2,823 2,587 2,863 28,198
Panama Canal
5
5
3,754,000
23,953,600
4%, U. S. Loan of 1925
27,707,600
Total disbursements_ 58,213 55,719 53,201 532,820 56,129 53,719 56,941 529,276
3,636,300
3%, U. S. Loan of 1908-18
18,738,080
22,374,380
Less repayment of un13,330,700 610,764,100
2%,U. S. Consols of 1930
597,433,400
713 1,410 1.196 1,034 1,081 2,428 2,039
1,870
expended balances
2%,U. S. Panama of 1936
1,547,500
52,513,300
54,060,800
AA 243 AA OOR 51 701 A21 R24 .65 00.6 52 ARA at 513 527 237
712,000
2%,U. S. Panama 01 1038
29,388,740
28,676,740
Total
15,232,000
3%, U. S. Panama of 1961
15,232,000
4%,Philippine Loans
4,267,000
4,267,000
Auction Sales.-Among other securities, the following, not
4%,Porto Rico Loans
744,000
744,000
3.65%, District of Columbia
872,000
872,000
dealt in at the Stock Exchanges, were recently sold at
usually
Various, Territory of Hawaii
685,000
685.000
auction in New York, Boston and Philadelphia:
4%, Philippine Railway
136,000
136,000
Various, State, City and Railroad...
317,000
317,000
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Per cent. Bonds.
Shores.
Total
45,233,500 766,548,620
721,315,120
830,000 Isabella Connellsville C.
601
3 Bankers Trust Co
Co. series B 5% notes, 1915... _1$9,000
33 Citizens' Cent. Nat. Bk.179-17934
The following shows the amount of national bank notes
54534 $5,000 Isabella Connellsv. Coke!
25 Equitable Trust Co
I lot
Co.lst 5s, 1939
10 German-Amer.Bank of N. Y.147
afloat and the amount of legal-tender deposits March 1 and
500 sh. McCrum-Howell Co.,cern.)
50 Hotel Cumberland, pref.- _ _ 25
$3,000 Lackawan. Teleph. Co. 1st
April 1, and their increase or decrease during the month of
37 Hudson Companies. pref ___ _ 60
3
5s, 1930; May 1908 and subse10 James R. Skinner Co
March:
75
quent coupons on
65
15 Jefferson Bank
National Bank Notes-Total Afloat-.
vot.
Club
$1,000
Jockey
Metropol. Jockey Club 1st
Metropol,
10
$744,272,273
Amount afloat March 1 1912
50
M., 1927
trust certificates_ - _ _610 per sh.
March
during
599,010
issued
Net amount
40 N. Y. & Bklyn. Brew.Co.,pf. 1234 $10,000 Mobile Portland Cern. &I
147
Co
Rubber
York
DI,
ser.
6s,
Co.
Coal
1928;
1st
New
10
$744,871,283
Amount of bank notes afloat April 1 1912
638
Sept. 1911 coupons on
10 New York Trust Co
Legal.Tender Notesso $15,000 Mobile Portland Cem. & $500
5 Peoples Surety Co
Amount on deposit to redeem national bank notes March 1 1912...... $25,724,070
Coal Co. 18t 6s, ser. D, 1928; lot
7 Remsen Bond & Mtge. Co_ - 20
2,145,720
Net amount of bank notes Issued in March
Sept. 1911 coupons on
30 Title Guar. & Trust Co..-.-585-590
of
Co.
Tr.
Yonk
Westchester
138
_155
sh. Internat. Lum. Dev. Co..
3
Amount on deposit to redeem national bank notes April 11912....$27,869,790 2,300 Wilbak Chem.Co.,$10 each _$25 lot
$50 each
Per cent. $24,000 Phenix Fuel Lt. & Water
STOCK OF MONEY IN THE COUNTRY.-The following Bonds.
Co. 1st 55, 1925; Jan. 1909 cou$4,000 Amer. Union Teleph. Co.,
$201ot
table shows the general stock of money in the country as well
pons on
Pa., 1st 55, 1957; Aug. 1910
$20,000
lot
2d Ave. RR. Co. 1st eons.
$100
on
coupons
Treasury,
and
the
the
by
in
amount
circulaholdings
as the
443(
deposit
certf.
co
tr.
of
1948,
Cos.
Telephone
5s,
Consol.
tion, on the dates given. The statementfor April 1 1911 will $10,000
$2,000 Tampa dr Jack. Ry. Co. 1st
Pa. 5s, 1931; Oct. 1910 and sub85
15
55. 1949; A. & 0
sentient coupons on
•be found in our issue of April 8 1911, page 933.
1162
TIIE CHRONICLE
By Messrs. R. L. Day & Co., Boston:
Shares.
$ per sh. Shares.
$ per sh.
4 Bates Manufacturing Co
263
10 Pere Marg. RR., 1st pref. scrip_ 10%
50 Cambridge Gas-Lt. Co. rights
% 4 Pemberton Bldg. Trust---_50 & int.
143
2 City Nat. Bank,Gloucester,Mass14834 1 Rockport (Mass.) Nat. Bank__ -90
10 Fall River Gas-W. Co., ex-div_ _311
7 Sealshipt Oyster Co., corn
20
50 Mercantile Nat. Bank (N. Y.)_ _175
69 Waltham Watch Co., corn30
83 Merrimack Mfg. Co., corn
46
5 W. L. Douglas Shoe Co., pref.- 99
5 Nashawena Mills, New Bedford 8034
By Messrs. Francis Henshaw & Co., Boston:
Shares.
$ per sh. Shares.
50 Arlington Mills
120
10 Pepperell Mfg. Co
157 Camb. Gas-L. Co., rights_1443-14% 24 Regal Shoe Co., pref
$ per sh.
281
994
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
100 Atlan. & Pacific RR. Co_ _ _$1 lot
300 Camden & Sub. Ry. Co.,
$25 each
184
7 COntinental Pass. Ry.
12434
124%
10 Delaware Ins. Co
18
500 Dunkard 011 Co
$1 lot
5 Farmers' & Meehan. Nat. Bk.143'%
5 Fidelity Trust Co
1100
12 Fire Assn. of Phila., $50
each
360-36034
94 1st Nat. Bank, Ambler,Pa.207-210
1 Franklin Fire Ins. Co.,825par 4834
2 Fourth St. Nat. Bank
331
11 German Theatre Realty Co- - 35%
55 Germant'nPass. Ry. Co_112-1125%
5 Girard Trust Co
994
6 Green & Coates Sts. Pass.Ry.125
1,000 Horse Neck & Burn. 011Co.$1 lot
20 Independent Fire Ins. Co.__ 45
16 John B. Stetson Co., pref. _ _1854
2 Nat. State Bank, Camden_ _200
17 N. Y. & Middle Coal Field
RR..$25 each
25
50 Nor. Pac. RR. Co., asst. unpaid, J. P. M. & Co., certf.
of deposit
$32 lot
5 Northern Trust Co
46034
10 Penn Construction Co
$1 lot
105 Penn Nat. Bank;$50 ea_190-1944
5 Pennsy. Co. for Ins., &c., &c.650
10 People's Nat. Fire Ins. Co.,
$25 each
25
Shares.
$ per sh.
3734 Penn. Salt Mfg. Co. rights__ 46
5 People's Trust Co., $50 each_50
100 Peoria Dec. & Ev. Ry. Co_ _$1 lot
10 Philadelphia Bourse, cork_.4-434
10 Phila. Life Ins. Co., $10 ea__ 1034
49 Pratt Food Co.,$1 each
3.85
5 Quaker City Nat. Bank...120.122
6 Real Est. Tr. Co., corn._5831-5934
2,000 Reinhard Petroleum Co.. $1 lot
5 Ridge Ave. Pass. Ry
250
13 2d & 3d Sts. Pass. Ry
25134
3 Tenth National Bank
119
200 Tol. Ann Arbor & No.
Mich. RR
$1 lot
20 U.S. Loan Soc. of Phil.,$10ea 15
2 Young-Smyth-Field Co., pref 90
Bonds.
Per cent.
$1,000 Automat. Elec. Co., Chic.,
1st 68,1928
8434
$500 Eastern Motor Car Co. 1st 5s,
1915
$100 lot
$2,500 Nor. Spring. Wat. Co. 5s,
1928
9934-100
$200 Philadelphia City 4s, 1931_...i01
$4,000 Phila. & Garretsiord St. Ry.
1st 5s, 1955
924
$500 South Del. Gas Co.1st 65, 1930 9334
81,000 Springfield Wat. Co.5s, 1926 100
$2,000 Wilkinsburg & Verona St.
Ry. 1st 5s, 1931
1004
$1,000 Wilm. & Chester Trac. Co.
coll. tr. 58, 1918
9534
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh.
5 Industrial T.T.&S.Co., $50 each_165
Bonds.
Per cent.
MO Berwyn Water Co. 1st 6s, 1920 105
$1,000 Nor. Spring. Wat.Co.55,'28 100
Bonds.
Per cent.
1014
$100 Phila. City 4s, 1938
$1,000 Phila. & Garretsford St. Ry.
1st 5s, 1955
93
$1,000 Springfield Wat.Co. 5s, 1926 100
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
Cent
When
Payable.
Books Closed.
Days Inclusive.
Railroads (Steam)
Atch. Topeka & Santa Fe, corn.(qur.
I% June
1 Holders of rec. Apr.30a
Atlantic Coast Lire RR., preferred
234 May 10 Apr. 30 to May 10
Central RR. of New Jersey (guar.)
1 Holders of rec. Apr.19a
2 . May
1 Apr. 20 to
Elmira & Williamsport, commen
2.26 May
Apr. 30
Georgia Southern & Florida 1st & 2d pref. 234 May 10 April 28 to May 10
Grand Trunk, guaranteed..
May
3 Mch. 16 to April 18
82
First and second preference
3 Mch. 16 to April 18
8234 May
Third preference
3 Mch. 16 to April 18
8134 May
Great Northern (quar.)
134 May
1 Holders of rec. Apr.12a
Mexican Northern
2
May
1 Holders of rec. Apr.20a
Mexican Railway, ordinary
11-16 April __ Apr. 9 to
Apr. 25
First preference
April
Apr. 9 to Apr. 25
4
Second preference
April
Apr. 9 to Apr. 25
3
May 10 Holders of rec. Apr.2ua
M ssouri Kansas & Texas, preferred.
2
1 Holdera of rec. Apr.25a
2
May
Morris & Essex Extension
434 May
1 Holders of rec. Apr.15a
Nashua & Lowell
Norfolk & Western, common (quar.)
134 June 19 Holders of rec. May 31
May 18 Holders of rec. Apr.30a
Norfolk & Western, preferred (guar.) .
1
Aug. 19 Holders of rec. July3la
Norfolk & Western, preferred•(quar.)_... 1
14 May
1 Holders of rec. Apr. 8a
Northern Pacific (guar.)
May
1 Holders of rec. Apr.25a
2
Passaic & Delaware Extension
9 Holders of rec. Apr.23a
Reading Company. common ((mar.)_
134 May
June 13 Holders of rec. May 29
Reading Company, first preferred (quar.) 1
Rome Watertown & Ogdensburg, guar.(qu.) I% May 15 Holders of rec. Apr. 30
May
1 Holders of rec. Apr.16a
St. Louis 8, San Francisco, 1st pref. (qu.) 1
Utica Chenango 8, Susq. Valley
3
May
1 Holders of rec. Apr.15a
Street and Electric Railways.
Cape Breton Elec. Co., Ltd., com.(No. 4) 2
May
1 Holders of rec. Apr.17a
Preferred (No. 12)
3
May
1 Holders of rec. Apr.17a
Columbus (0.) Ry., pref. (guar.)
14 May
1 Holders of rec. Apr.15a
Commonwealth Pow., Ry. & L., pf.(qu.) 134 May
1:11olders of rec. Apr.12a
Connecticut Ry.& Ltg.,com. & pref. (qu.) 1
May 15 May 1 to May 15
Detroit United Ry.(guar.)
14 June
1 Holders of rec. May 16
Easton Consolidated Electric Co
2
May
1 Apr. 21 to
Apr. 30
East St. Louts & Sub. pf.(Mi.)(No.24) _ _
14 May
1 Holders of rec. Apr.17a
Grand Rapids Ry., pref. (qu.)(No. 46)... 14 May
1 Holders of rec. Apr.15a
Hartford 8, Springfield Street Ry., pref
2
May
1 Holders of rec. Apr.10a
Havana Electric Ry., com.de pf. ((mar.). 134 May 18 May 2 to May 28
Jacksonville Traction, com.(qu.)(No. 5) 14 May
1 Holders of rec. Apr.16a
134 May
Preferred (guar.) (No. 5)
1 Holders of rec. Apr.16a
1
May 10 May 1 to May 10
Lehigh Valley Transit, preferred
Lew. Augusta & Watery pf.(qu.)(No.8) 134 May
1 Holders of rec. Apr.15a
tpref. (guar.). _
134 May
1 April 21 to April 30
Lincoln (Neb.) Traction,'
14 May
1 April 15 to April 30
Mexico Tramways (guar.)
Milwaukee El. Ry.8, Lt., pf.(qu.)(No.50). 13-4 April 30 Holders of rec. Apr,20a
1 Holders of rec. Apr.25a
14 May
Ohio Traction, preferred (guar.)
3 • June
1 Holders of rec. blayl5a
Pensacola Electric Co., pref. (No. 11)
Philadelphia Co., corn. (qu.)(No. 122)
1 Holders of rec. April 1
134 May
Public Serv. Invest., pref. (qu.)(No. 12). 134 May
1 Holders of rec. Apr.16a
1 Apr. 21 to,. Apr. 30
RailwaysCo. General (guar.)
1
May
1 Holders of rec,, April 10
Rio de Janerio Tram., L. & P.(quar.)_
14 May
Tampa Electric Co. (guar.)(No. 30)_ _ _ _ 234 May 15 Holders of rec. May la
Toledo Bowling Green & Sou., pf. (guar.) 134 May
1 Apr. 21 to Apr. 30
Union St.fly., New Bedford (guar.)
1 Holders of rec. Apr.18a
2
May
United figs. & Elec. of Baltimore, common 75a. May 10 Holders of rec. May 2
Apr. 24Washington-Va. Ry., common
134 May. 1
Apr. 2-1
Preferred
2
May
1
West Penn Rye., pref. (quar.)(No. 26).. 14 May
1 Apr. 25 to May 1
Banks.
American Exchange National
1 Holders of rec. Apr. 25
5
May
Bowery (guar.)
3
1 Apr. 27 to Apr. 30
May
Extra
3
1 Apr. 27 to Apr. 30
May
Chemical National (bi-monthly)
April 30
234 May
1 April 26 to
City National
5
May
1 Apr. 26 to Apr. 30
Corn Exchange (guar.)
4
May
1 Holders of rec. Apr.30a
Fidelity
3
May
1 Holders of rec. Apr.27a
Germania
10
May
1 Holders of rec. Apr. 20
2% May
Extra
Holders of rec. Apr. 20
Lincoln National (quar.)
2% May
1 Holders of rec. Apr.25a
Metropolis, Bank of the (dyer.)
4
May
1 Holders of rec. Apr.30a
4 • May
Nassau, National (NO. 118)
1 Holders of rec. Apr.29a
2 , May
1 Apr. 17 to
Pacific (mar.)
Apr. 30
Name of company.
[VOL. Lxxxxiv.
Per
Cent.
When.
Payable,
Books Closed.
Days Inclusive.
Trust Companies.
Astor (guar.)
2
May
1 Holders of rec. Apr.25a
Central.(extra)
9
May
1 Holders of rec. Apr.23a
Farmers' Loan & Trust (guar.)
12% May
1 Apr. 25 to Apr. 30
Hamilton,Brooklyn (guar.)
3
May
1 Holders of rec. Apr.25a
Kings County, Brooklyn (guar.)
4
1 Apr. 26 to Apr. 30
May
Nassau, Brooklyn (guar.)
2
May
1 Apr. 28 to May 1
Miscellaneous.
Amalgamated Copper (quar.)
1
May 27 Holders of rec. Apr.27a
American Bank Note, common (guar.) _ _ _ _
1
May 15 May 2 to May 15
American Beet Sugar, corn. (qu.)(No. 3)_
1)i May 15 Holders of rec. Apr.27a
, American District Teleg. of N. J. (quar.)_
1
April 29 Apr. 20 to
Apr. 28
Amer. Gas & Electric, preferred (guar.)
1% May
1 April 16 to May 1
American Glue, common
2
May
1 Apr. 21 to May 1
Common (extra)
1
May
1 Apr. 21 to May 1
Amer. Graphophone, pref. (No. 55)
1
May
1 Holders of rec. April 15
Amer. Light & Trac. corn.(quar.)
234 May
I April 17 to April 30
Common (payable in common stock) _ _
1 April 17 to April 30
234f May
Preferred (guar.)
1 April 17 to Apri130
1% May
American Malt Corporation, pref.(No. 8)_
2
May
2 April 20 to May 2
American Malting, preferred..
$1.24 May
1 Holders of rec. Apr.19a
Bergner & Engle Brewing, preferred _ _ $4
1 April 21 to May 1
May
Bond & Mortgage Guarantee (guar.) _
3% May 15 Holders of rec. May 8
Brill (J. G.) Co., preferred (guar.)
1 Apr. 26 to
14 May
Apr. 30
Butte Electric & Power, pref. (quar.)_ _
1 Holders of rec. Apr.20a
14 May
Cambria Steel (quar.)
134 May 15 Holders of rec. Apr. 30
Canada Cement, Ltd., pref. (qu.)(No. 9) 14 May 16 May 1 to May 10
Canadian Car & Foundry, common
2
Cities Service, common (monthly)
1-3 May
1 Holders of rec. Apr.20a
Preferred (monthly)
1 Holders of rec. Apr.203
34 May
Claflin (H. B.) 1st pref. (quar.)..
134 May
1 Holders of rec. Apr. 22a
Second preferred (quar.)
134 May
1 Holders of rec. Apr. 22a
Commonwealth Edison (quar.)
14 May
1 Holders of rec. Apr.15a
Consolidated Gas (guar.)
134 June 15 Holders of rec. May 15a
Consolidation Coal (quar.)
134 April 30 Holders of rec. Apr.25a
Subscription receipts for stock carrying
dividend after Jan. 31 1911
134 April 30 Holders of rec. Apr.25a
Cuyahoga Telephone, pref. (quar.)..
1% Apr. 30 Holders of rec. Apr.15a
Distillers Securities Corp.(quar.)(No.38)
34 April 30 Holders of rec. April 9a
Distilling Co. of America, preferred (qu.) 1
April 29 Holders of rec. Apr.10a
Eastman Kodak,common (extra)
10
May
1 Holders of rec. Mch.30a
Edison Elec. Ill., Boston (quar.)(No. 92) 3
May
1 Holders of rec. Apr. 15
Edison Elec. III. of Brockton (No. 49)
May
$4
Holders of rec. Apr.26a
Electrical Securities Corp. pref. (guar.).
ti May
1 Holders of rec. Apr.27a
Electric Bond & Share, pref.(qu.)(No.28) 1% May
1 April 19 to
April 30
Eureka Pipe Line
810 May
1 Holders of rec. April 15
Fall River Gas Works (guar.) (No. 70).. 3
May
1 Holders of rec. Apri123a
Federal Sugar Refg., corn. (quar.)
14 Apr. 29 Holders of rec. Apr.26a
Preferred (guar.)
1% Apr. 29 Holders of rec. Apr.26a
Ft.Worth Power & Lt., pf.(qu.)(No. 3). 14 May
1 Holders of rec. Apr.20a
General Chemical, common (quar.) •
134 June
1 Holders of rec. May 21
General Motors, preferred
1 Holders of rec.April 15a
4112 May
Goldfield Consolidated Mines (quar.)
30c. April 30 Holders of rec. Mch.30a
Extra.
20a. April 30 Holders of rec. Mch.30a
Gorham Manufacturing, corn. (quar.)
234 May. 11 Holders of rec. May 8a
Guanajuato Pow.& Elea. pt.(qu.)(No15) 1% May
1 Apr. 20 to May 1
Houghton Co. Elec. Lt., corn. (No. 14)_ 6234c. May
1 Holders of rec. Apr.16a
Preferred (No. 19)
75c.' May
1 Holders of rec. Apr.16a
Indiana Pipe Line
$3 May 15 Holders of rec. Apr.15a
Ingersoll-Rand Co., corn. (annual)
5
Apr. 30 Holders of rec. Apr.15a
Internal. Harvester, pref. (qu.)(No. 21)
14 Juno
1 Holders of rec. MaylOa
International Nickel, common (guar.). _- 7
tune
1 May 14 to June 2
Preferred (quar.)
1% May
1 April 14 to May 1
Internat. Silver, pref. (extra)
Is
May 15 May 2 to May 15
Chem.,
pref
'Inter. Smokeless Pow.&
4
May 15 Holders of rec. May 9a
Internat. Steam Pump., pf. (qu.)(No. 52) 1% May
1 Holders of rec.Apri120a
Kansas City Stock Yards (qum')
1 Holders of rec. Apr.15a
134 May
Kayser (Julius) & Co., 1st ct: 2d pfd. (gat.) 14 May
1 Apr. 23 to Apr. 30
Kellogg Switchboard & Supply (guar.)_ _
3
May
2 Holders of rec. Apr. 30
Lehigh Coal & Nay.(guar.)(No. 134)- - - 2
May • 3.1 Holders of rec. Apr. 80
Lowell Elec. L. Corp. (guar.)(No 64)_ _ _ 52
Holders of rec. Apr,;Oa
Massachusetts Gas Cos., common (quar.) 1
'
,
c 11 Holders of rec. Ant. na
Mexican Light dr Pow., Ltd., pref
3% Mayntl
April 20 to Mall 30
Mexican Petroleum, common
1
May 24 Holders of rec. Apr.30a
Miami Copper (quar)(No. 1)
60c. May 15 Holders of rec. May la
Milwaukee & Chicago Breweries, Ltd
1% May 15
Minneap. Gen. Elec., corn. (qu.)(No. 19) 2
May
1 Holders of rec. Apr.17a
Montreal L., H. & P.(quar.)(No. 44).... 2
May 15 Holders of rec. Apr.30a
National Carbon, pref. (guar.)
1% May 15 Holders of rec. May 4
.
National Lead, preferred (guar.)
14 June 15 May 25 to May 28
New Central Coal
May
1 Apr. 26 to May 1
2
Pacific Coast Co., common (quar.)
April 16 to May 1
134 May
First preferred (guar.)
1)1 May
1 April 16 to May 1
Second preferred (nuar.)
1 April 16 to May 1
1% May
Pacific Power& Light, pref. (qu.)(No. 7) 14 May
1 Apr. 21 to Apr. 30
1 Holders of rec. Apr.20a
Pennsylvania Steel, preferred
3% May
People's Gas Light & Coke (quay.)
14 May 25 Holders of rec. May 9a
Pope Manufacturing, preferred (nuar.) _ _
134 April 30 Holders of rec. Apr.25a
Portland(Ore.)Gas&Coke,p1.(gu.)(No. 9). 14 May
1 Apr. 23 to
Apr. 30
14 May 22 May 2 to May 21
Pressed Steel Car, pref. (qu.)(No. 53)-3
Procter & Gamble, common (guar.)
May 15 Holders of rec. Apr.30a
Illinois,
1
com.(Ml.)May
Public Service of Nor.
1 Apr. 25 to
Apr.30d
.. 1% May
1 Apr. 25 to Apr.30d
Preferred (quar.)
2
Pullman Company (guar.)(No. 181)
May 15 Holders of rec. Apr. 30
2% June
Pure Oil, common (guar.)
1 Holders of rec. May 15
1% May 31 Holders of rec. May la
Quaker Oats, preferred (quar.)
Sears, Roebuck & Co., common (guar.)
14 May 15 Holders of rec. Apr.30a
Siegel Stores Corporation, iref. (quay.) _
ln May
1 Holders of rec. Apr.15a
Sierra Pacific El. Co., pf. (au)(No. 11) $150 May
1 Holders of rec. Apr.15a
Silversmiths Co. (quar.)
1% May 15 Holders of rec. May 8a
Standard Oil of Indiana
(h) May 15 April 2 to May 14
corn. (quar.)
United Cigar
1
May
1 Holders of rec. April 25
Mfrs.'Cos., corn. (guar.)._ _
May
1 Holders of rec. April 25a
United Dry Goods
2
1 Holders of rec. Apr.18a
United Electric Securities, preferred
3% May
U. S. Bobbin & Shuttle, pref. (cmar.). _
1 Apr. 21 to Apr. 30
14 May
May 15 May 1 to May 15
United States Express (No. 157)
$3
1 Holders of rec. Apr.20a
U. S. Realty & Improvement (quar.) _ _
1% May
April 30 Holders of rec. Apr.15a
U. S. Rubber, common (quar.)
1
April 30 Holders of rec. Apr.15a
First preferred (quar.)
2
Second preferred (quar.)
134 April 30 Holders of rec. Apr.15a
1% May 15
U. S. Telephone (guar.)
Utah Consolidated Mining_
50c. May
6 April 25 to April 30
May 15 Holders of rec. Apr. 30
4
Warw ck Iron & Steel
Westinghouse Air Brake ((payable in stock) 133 1-3 July 10 June 29 to July 10
April 30 Holders of rec. April 5a
Westinghouse Elec. 4t Mfg. corn. (No. 1) 1
1 Holders of rec. April 20
White(J.G.)& Co., Inc., prei.(qu.)(No.3,6)• 134 May
3% May
1 Holders of rec. April 20
Worthington (H. R.), Inc., /fret....
MO
a Transfer books not closed.'fqr this div Send. b Less income tax. d Correction.
e On account of accumulated'diva. / Payable in common stock. h Stock divid.;nd of 2,900%. i Payable in stock.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED TO NATIONAL BANKS MCH. 28 TO APRIL 15.
10,168-The First National Bank of Van Nuys, Cal. Capital, $50,000*
H. J. Whitley, President; Lewis E. Bliss, Cashier.
10,169-The First National Bank of Pharr, Tex. Capital, $25,000.
Houston Jones, President.
10,170-The Latimer County National Bank of Wilburton, Okla. Capital,
$25,000. James McConnell, President.
10,171-The Indiana Harbor National Bank of East Chicago, Ind. Capital,
$100,000. G. J. Bader, President; J. G. Allen, Cashier. (Conversion of the Indiana Harbor State Bank of East Chicago.)
10,172-The Farmers & Merchants' National Bank of Hoff, Okla. Capital,
$25,000. Randolph Lawrence, President; F. E. Gilmore, Cashier.
(Conversion of the Farmers' Bank of Hoff.)
1163
THE CHRONICLE
APR. 27 1912.)
10,173—The First National Bank of Staunton, Ill. Capital, $50,000.
Charles F. Hackman, President; Ira L. Woodward, Cashier.
10,174—The First National Bank of Kent, Wash. Capital, $50,000.
M. M. Morrill, President; D. T. Coleman, Cashier. (Succeeds
private bank of M. M. Morrill.)
10,175—The First National Bank of Lacona, N. Y. Capital, $25,000.
George It. Blount, President; L. Carl Sargent, Cashier.
10,176—The Citizens National Bank of Merrill, Wis. Capital, $100,000.
S. Heineman, President; E. A. Krembs, Cashier. (To succeed
The National Bank of Merrill, which expires by limitation April 14
1912.)
10,177—The Mann County National Bank of San Rafael, Cal. Capital,
$50,000. S. H. Cheda, President; Geo. C, Hansen, Cashier.
APPLICATIONS TO CONVERT APPROVED.
The Bank of Tulare, Cal., into "The National Bank of Tulare". Capital,
$100,000. Correspondent, The Bank of Tulare.
The Commercial Bank of De Witt, Ark., into "The First National Bank
of De Witt." Capital, $25,000. Correspondent T. F. Sexton, De Witt,
Arkansas.
EXPIRATION OF CORPORATE EXISTENCE.
4,736—The National Bank of Merrill, Wis., expired by limitation at close
of business on April 14 1912. Succeeded by No. 10,176, The
Citizens National Bank of Merrill, chartered April 13 1912.
DETAILED RETURNS OF TRUST COMPANIES.
Net
On Dep.
Trust Cos. Surplus. Loans. Specie. Legate. withC.H Deposits. Reserve.
Average. Average. Average. Banks. Average.
005 omitted.
$
%
$
$
$
$
$
474,0 3,199,0 13,610,0 17.4+18.8
Brooklyn ____ 2,426,2 17,998,0 1,899,0
165,0 12,350,0 108,072,0 15.0+10.2
Bankers
14,376,4 144,152,0 16,062,0
491,0 5,465,0 24,918,0 15.1+17.8
17.5. Mtg.&Tr. 4,564,5 45,874,0 3,245,0
30,0 1,928,0 15,681,0 15.0+10.0
1,220,5 20,038,0 2,336,0
kstor
Title Guar. &T 11,870,4 35,433,0 1,712,0 1,636,0 2,390,0 22,306,0 15.0+ 9.6
Guaranty
23,064,5 167,122,0 14,889,0 1,391,0 18,132,0 110.024,0 14.7+14.1
810,0 6,034,0 15.4+10.8
241,0
693,0
Fidelity
1,278,0 7,733,0
LawyersTI&T_ 6,209,6 19,337,0 1,190,0 1,098,0 1,737,0 14,724,0 15.5+10.5
90,0 2,005.0 14,459,0 14.8+12.1
Columbia
1,950,0 22,055,0 2,060,0
24,0 1,798,0 14,557,0 15.5+10.9
Standard __ _ 1,377,9 16,074,0 2,237,0
472,0 1,934,0 15,465,0 15.1+10.8
Peoples
1,725,7 17,301,0 1,868,0
195,0 3,460,0 30,430,0 15.6+10.2
New York
11,631,3 45,881,0 4,567,0
992,0 9,069,0 15.1+ 9.7
329,0
Franklin
1,316,4 11,127,0 1,055,0
215,0 1,215,0 10,742,0 15.0+10.1
Lincoln
557,5 11,397,0 1,399,0
19,108,0 15.0+11.9
2,587,0
13,0
2,867,0
25,923,0
Metropolitan
6,147,8
882,0 8,608,0 15.8+ 9.1
367,0
998,0
Broadway __
559,9 8,663,0
Totals, Avge
90,271,6 616,108,0 59,077,0 7,231,0 60,884,0 437,817,0 15,1+12.2
Actual figures April 20 618,267,0 59,810,0 7,178,0 59,841,0 438,405,0 15.2+12.0
Canadian Bank Clearings.—The clearings for the week ending April 20 at Canadian cities, in comparison with the same
week of 1911, shows an increase in the aggregate of 15.3%.
Week ending April 20.
Clearings at—
1912.
Canada—
Montreal
Toronto
Winnipeg__
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
__
Total Canada_
1911.
Inc. or
Dec.
1910.
$
$
%
52,763,953
30,892,048 +70.8
42,349,186
35,559,443 +19.1
28,512,471
16,860,892 +69.1
13,037,489
8,051,246 +61.9
6,308,633
3,661,446 +72.3
3,100,85:
2,067,598 +50.0
2,068,138
1,314,459 +57.4
2,917,979
2,475,965 +17.9
1,828,981
1,318,730 +38.7
1,757,543
1,190,617 +47.6
4,840,690
3,140,327 +54.1
2,519,283
2,315,408 +8.8
4,179,709
2,106,902 +98.4
1,973,117
1,283,041 +53.9
542,056
486,928 +11.3
679,869
405,671 +67.6
2,167,030
787,633 +175.1
637,617
452,507 +40.9
1,236,415
870,000 +41.1
595,893 Not included in total
$
36,753,563
30,164,933
17,880,384
9,237,654
4,318,934
2,161,252
1,978,469
1,998,781
1,508,016
1,284,185
5,118,594
1,822,950
1,207,980
751,090
524,414
173,421,017
116,711,199
115,347,057 +50.3
1909.
$
35,296,303
27,939,463
13,855,536
5,008,745
4,115,261
2,206,677
1,755,933
1,498,236
1,288,988
1,151,108
1,784,330
1,682,502
1,030,531
98,673,613
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 20. The figures for the separate
banks are the averages of the daily results. In the case of
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.
005 omitted.
Capital. Surplus.
$
Bank of N. Y
2,000,0
Manhattan Co
2,050,0
Merchants' _ .._ 2,000,0
Mech. &Met__ 6,000,0
America
1,500,0
25,000,0
City
Chemical
3,000,0
600,0
Merchants'Ex
1,000,0
Gallatin
360,0
Butch. & Drov
500,0
Greenwich _ .
Am. Exchange 5,000,0
Commerce.... 25,000,0
3,000,0
Mercantile
500,0
Pacific
Chat. & Phen_ 2,250,0
200,0
People's
Hanover
3,000,0
Citizens' Cent_ 2,550,0
Nassau
500,0
Market & Fult. 1,000,0
Metropolitan _ 2,000,0
Corn Exchange 3,000,0
Imp. &Traci
1,500,0
Park
5,000,0
East River...
250,0
Fourth
5,000,0
Second
1,000,0
First
10,000,0
Irving Exch.._ 2,000,0
Bowery
250,0
500,0
N.Y. County_
German-Amer.
750,0
5,000,0
Chase
100,0
Fifth Avenue_
200,0
German Exch.
200,0
Germania
1,000,0
Lincoln
1,000,0
Garfield
250,0
Fifth
1,000,0
Metropolis ___
200,0
West Side__ __
1,000,0
Seaboar
Liberty -----1,000,0
N. Y. Prod $x 1,000,0
1,000,0
State
1,000,0
Security
1,000,0
Coal & Iron
1,000,0
Union Exch
1,000,0
Nassau,Bklyn
Loans.
Average.
Specie. Legals. Net Depos- ReAverage. Average. its. Aver. serve.
$
$
3
$
%
21,244,0 4,238,0
748,0 19,222,0 25.9
33,500,0 8,377,0 1,471,0 38,300,0 25.7
19,870,0 3,533,0 1,672,0 20,125,0 25.8
56,490,0 11,720,0 1,810,0 54,597,0 24.7
26,908,0 5,329,0 2,237,0 27,862,0 27.1
189,118,0 44,685,0 6,532,0 189,023,0 27.0
30,800,0 5,032,0 2,159,0 28,376,0 25.3
6,932,0 1,644,0
158,0
7,150,0 25.1
9,051,0 1,427,0
354,0
7,249,0 24.5
2,190,0
567,0
67,0
2,175,0 29.1
8,643,0 2,300,0
170,0
9,839,0 25.1
40,654,0 8,025,0 1,737,0 40,207,0 26.3
138,604,0 21,458,0 8,192,0 114,452,0 25.9
14,090,0 1,952,0 1,162,0 11,831,0 26.3
4,384,0
340,0
650,0
4,060,0 24.3
17,083,0 2,868,0 1,528,0 17,344,0 25.3
1,963,0
436,0
139,0
2,090,0 27.5
69,903,0 15,456,0 5,033,0 77,683,0 26.3
22,904,0 5,025,0
622,0 22,024,0 25.6
10,602,0 2,106,0 1,313,0 12,973,0 26.3
9,365,0 1,668,0 1,018,0
9,627,0 27.9
239,0 11,943,0 25.2
11,634,0 2,850,0
48,759,0 9,086,0 6,022,0 58,198,0 25.9
25,696,0 3,458,0 2,026,0 22,632,0 24.2
88,766,0 21,529,0 2,092,0 93,526,0 25.2
338,0
114,0
1,445,0
1,748,0 25.8
33,331,0 6,368,0 1,900,0 33,941,0 24.3
14,477,0 3,350,0
104,0 19,135,0 24.8
112,085,0 29,971,0 ;,2,151,0 108,283,0 29.2
25,7,27,0 ,,siis, ,i
,Q 27,747.41 45.2
3,385,0 ' , 4, , 5,9,0
3,538,0 „25.2
8,537,0 , -1,4 2,
741,0
8,818,0'26.2
4,196,0 ,n1853.0
225,0
4,000,0 ,26.9
93,128,0 2087,0 7,005,0 105,959,0 28.2'
13,567,0 2,829,0 1,157,0 15,447,0 24.8
3,386,0
927,0
519,0
3,743,0 25.2
5,547,0 1,413,0
255,0
6,522,0 25.5
15,761,0 3,438,0
797,0 16,432,0 25.7
9,106,0 2,215,0
243,0
9,405,0 26.1
3,408,0
393,0
572,0
3,613,0 26.6
12,822,0 1,226,0 1,893,0 12,726,0 129.5
I 4,419,0 1,033,0
260,0
5,149,0 25.1
24,708,0 5,874,0 2,069,0 29,504,0 26.9
20,607,0 4,289,0 .1,502,0 22,264,0 26.0
9,004,0 2,339,0
393,0 10,861,0 25.1
15,560,0 5,008,0
358,0 21,220,0 25.2
11,410,0 2,547,0 1,143,0 14,772,0 25.0
6,226,0 1,099,0
473,0
6,308,0 25.0
9,491,0 1,144,0 1,287,0
9,624,0 25.2
7,931,0 1,474,0
263,0
6,849,0 25.3
—
-Totals, Avge__ 135,150,0 199,918,5 1378,917,0 291,291,0 76,654,0 1405,122,0 26.1
—
1376,169,0 292,-971,0 76,440,0 1403,277,0 20.3
Actual figures April 20
$
3,724,8
4.765,3
1,949,6
8,497,5
6,214,6
27,824,4
7,078,0
551,1
2,560,5
142,1
929,0
4,672,3
15,917,8
2,775,4
952,9
1,239,0
461,6
13,105,5
1,996,0
598,6
1,831,2
1,605,6
5,559,4
7,631,1
13,075,7
62,9
5,807,7
2,391,3
21,270,7
2,050,3
803,1
1,673,8
709,2
9,102,7
2,205,0
834,1
1,057,0
1,701.0
1,249,5
533,6
2,156,1
1,041,1
2,136,2
2,741,5
861,1
867,1
457,6
479,2
964,6
1,092,7
,pAO
Circulation.—On the basis of averagetrcirculation of national banks in the Clearing
House amounted to $48,275,000, and according to actual figures was $48,192,000.
The capital of the trust companies is as follows: Brooklyn, $1,000,000; Bankeni;
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $4,375,000; Guaranty, 55,000,000; Fidelity, $1,000,000
Lawyers' Title Insurance & Trust, $4,000,000; Columbia, $1,000,000; StaOdord
51,000,000; People's, $1,000,000; New York, $3,000,000; Franklin, 51,000,000
Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total,
$39,625,000.
SUMMARY COVERING BOTH BANKS AND
Week
ending
Capital. Surplus.
April 20.
Loans.
Specie.
TRUST COMPANIES.
On Dep.
Legal with CR.
Net
Tenders. Banks. Deposits.
Averages.
$
$
$
$
$
$
$
Banks
135,150,0 199,918,5 1,378,917,0291,291,0 76,654,1
1,405,122,0
Trust cos_ 39,625,0 90,271,6 616,108,0 59,077,0 7,231,0 60,884,0 437,817,0
Total __ 174,775,1290,190,1 1,995,025,0350,368,0 83,885,1 60,884,0 1,842,039,0
Actual.
Banks
1,403,277,0
1,376,169,0292,971,0 76,440,0
Trust cos_
618,267,0 59,810,0 7,178,1 59,841,0 438,405,0
Total
1,994,436,0352,781,0 83,618,0 59,841,01,841,682,0
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 under which the various items
are made up, see "Chronicle," V. 86, p. 316.,,,
STATE BANKS AND TRUST COMPANIES.:,
Week ended April 20.
State Banks
Trust Cos, State Banks
Trust Cos.
in
in
outside of
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
$
Capital as of Dec. 21_.... .$22,387,400
$
61,956,000
$
9,402,900
5
9,525,000
_ __
Surplus as of Dec. 21 .
*38,732,700
176,850,100
11,874,943
11,826,516
Lonns and investments__
Change from last week_
291,750,100 1,175,783,300
—921,100 —4,621,000
106,022,500
+923,900
163,505,600
+839,300
112,397,300
+443,300
172,577,800
+257,200
22,096,900
—610,300
24,710,200
—667,600
Specie
Change from last week_
52,979,000
+67,400
119,383,800
—2,377,000
Legal-tenders & bk. notes
Change from last week
23,637,700
—116,100
11,863,100
+92,800
Deposits
Change from last week_
349,135,500 1,267,407,400
—353,000 —5,422,900
Reserve on deposits
Change from last week_
98,877,100
—3,256,400
P.C. reserve to deposits
Percentage last week
29.1%
30.1%
138,882,600
—2,517,500
16.4%
16.5%
20.9%
21.5%
15.4%
15.8%
+ Increase over last week. — Decrease from last week. * As of March 21 1912
Note.—"Surplus" Includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days:
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for It by any public department.
The State banks are likewise required to keep a reserve varying according to locatioft, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910) and exclusive of deposits secured (according to amendment of 1911) by boridk or obligations of the City or State of New York, and exclusive of an amount-'equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for It bY any public department.
—Trust Cos.—
—Stale Banks—
Total
01
Total
Of
Reserve Required for Trust Companies
Reserve
which Reserve
which
and State Banks.
Required. in Cash. Required. in Cash.
Location—
15%
157
Manhattan Borough
257
157
107
Brooklyn Borough (without branches in Manhat.) 15%
207
107
10%
Other Boroughs(without branches in Manhattan) 15%
15%
734%
Brooltign Borough, with branches in Manhattan 15%
15%
20%
20%
Other Boroughs, with branches in Manhattan__ _ _15%
15%
15%
15%
class
10%
Cities of the 1st and 2d
Cities of the 3d class and villages
10%
Elsewhere in the State
15%
6%
The Banking Department also undertakes to present separate figures indicating the totals for the State banks and
trust.companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
THE CHRONICLE
1164
[VOL. Lxxxxiv.
House banks and trust companies. In addition, we have
Boston and Philadelphia Clearing-House Members.-Beoombined each corresponding item in the two statements, low is a summary of the weekly totals of the Clearing-House
for
aggregate
the
whole
of the banks and institutions of Boston and Philadelphia:
thus affording an
trust companies in the Greater New 'fork.
We omit two ciphers (00) In all these figures.
NEW YORK CITY BANKS AND TRUST COMPANIES.
rS
Capital
and
Loans.
. Surplus.
Banks.
Clear.-House Clear.-House State Banks dc Total el all
Members.
Members. Trust Cos. not Banks &Trust
Week ended AprId 20
Aaualleigures
Average. in C.-H. Aver. Cos. Average.
(Nat. Baninsl
Olapital 1Feb. 20 ail
{State Banks
Surplus(March 21.
174,775,000
174,775,000
34,652,000
200,427,000
290,190,100
290,190,100
93,130,300
383,220,400
Loan.i and investments 1,994,436.000 1,995,025,000
Change from last week -9,263,000 -16,915,000
633,352,100 2,628,377,100
-1,020,300 -17,935,300
1,841,682,000 1,842,989,000
Deposits
L.Ctiange from last week -6,158,000 -91022,000
a639,644,900 2,482,583,900
+2,785,500 -7,136,500
.41
Specie
()lunge from last week
352,781,000
+3,700000
350.368,000
+6,280,000
66,074,100
-250,100
416,442,100
+6,029,900
1.,Ohange from last week
83,618,000
+259,000
83,885,000
+720,000
811,060,300
-75,100
94,945,300
-644,100
]3ank: cash In vault_
kliallo to deposits__ _ _
'•
'Ilrusteos.. cash in vault
369,411,000
26.32%
367,945,000
26.18%
12,181,700
13.43%
380,126,700
66,988,000
66,308,000
64,952goo
131,260,700
Aggete money holdings
()twinge from last week
436,399,000
+3,959,000
434,253,000
+7,900,600
77,134,400
-325,200
511,387,400
+6,674,800
Money on depot with
[other bks. tic trust cos.
@flange from last week
59,811,000
+265,000
60,884,000
+6,394,000
20,546,500
-0,431,100
81,430,500
+3,962,100
Total reserve
Change from last week
496,240,000
+4,224,000
495,127,000
+13,394,000
97,680,900
-2,757,100
592,817,900
+10,636,900
Surplus CASH reserve
Banks (above 25%)- Trust coa.(above15%)
18,591,750
1,227,250
16,664,500
635,45
Total
Mange from last week
19,819,000
+4,841;800
17,299,950
+8,783,2110
MI
Legal-tenders
% of cask reserves ofttr ust aos.15.27% B
LONA in vault
12.01% st,
On*on dep. with bks
27.28%
Boston.
Mch. 2
Mch. 9
Mch.16
1fch.23
1fch.30
Apr. 6
Apr. 13
Apr.20
Philadelphia.
1fch. 2
11ch. 9
1feh.16
1Ich.23
81ch.30
Apr. 6
Apr. 13
Apr.20
$
$
$
$
$
41,575,0 227,561,0 25,297,0 4,063,0 275,067,0
41,575,0 224,429,0 24,385,0 4,145,0 268,625,0
226,444,0
23,852,0
41,575,0
3,987,0 270,195,0
41,575,0 229,680,0 23,785,0 3,988,0 275,858,0
41,575,0 223,551,0 25,079,0 3,815,0 275,872,0
41,575,0 220,107,0 26,405,0 3,725,0 271,258,0
41,575,0 223,761,0 25,029,0 3,998,0 265,259,0
41,575,0 224,164,0 24,781,0 4,335,0 270,845,0
80,623,2 382,674,0
80,623,2 388,493,0
80,623,2 383,887,0
80,623,2 385,248,0
80,623,2 386,329,0
80,623,2 387,969,0
80,623,2 388,787,0
80,623,2 387,884,0
27.31%
16.41%
2
$
7,891,0 214,401,4
7,907,0 165,875,5
7,923,0 174,819,2
7,921,0 173,251,1
7,921,0 192,954,3
7,934,0 217,714,3
8,044,0 179,925,9
8,044,0 182,164,5
427,258,0 15,407,0 153,858,5
429,044,0 15,195,0 160,965,8
428,109,0 15,149,0 163,547,2
427,350,0 15,130,0 154,190,8
427,254,0 15,158,0 142,360,7
432,871,0 15,129,0 152,101,7
431,087,0 15,102,0 164,825,3
433,781,0 15,083,0 155,382,1
Imports and Exports for the Week.-The following are
the imports at New York for the week ending April 20; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.
For Week.
Dry Goods
General Merchandise
1912.
1911.
1910.
1909.
$2,288,864
19,443,340
$2,415,011
13,416,611
32,434,377
17,317,818
62,900,549
14,749,971
$21,732,204 315,912,522 219,752,195 $17,650,520
$48,603,881 $49,326,722 $55,638,610 $57,378,892
273,534,268 224,613,296 261,128,015 218,000,283
Total 16 weeks
15.38%
1.03%
103,057,0
103,691,0
102,295,0
101,852,0
101,610,0
103,578,0
99,849,0
102,136,0
Clearines
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $2,314,000 on April 20, against $2,375,000 on
April 13.
Total
Since January 1.
Dry Goods
General Merchandise
15.14%
13.20%
Specie, Legals. Deposits. Cireulotion.
a
3320,138,149 5273,940,018 2316,766,625 $275,469,171
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 20 and from Jan. 1 to date:
+ Increase over it week. -Decrease from Last week.
a These are the deposits after dininating the Item "Due from reserve depositories
and other banks and trust companies la Now York City"; with this; item included
deposits amounted to 8711,725,000, a deereasb of $3,894,900 from last week. In '
*a ease of the Clearing-House members, the deposits are "legal net deposits" both
For the week
kr *e average and the actual figures. b Includes bank notes.
Previously reported
EXPORTS FROM NEW YORK.
1911.
1912.
1910.
1909.
518,294,537 $20,044,484 313,54.1,729 $14,569,011
250,075,354 226,707,113 188,208,091 184,989,861
$268,369,891 $246,751,597 8201,749,820 $199,558,872
Total 16 weeks...
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
The following table shows the exports and imports of
and trust companies in Greater New York outside of the
Wearing House, compare as fellows for a series of weeks past: specie at the port of New York for the week ending April 20
and since Jan. 1 1912, and for the corresponding periods in
002IBINED RESULTS OF BANKS AND TRUST COMPANIES IN
1911 and 1910:
GREATER NEW YORK.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
We omit two claters in all these figures.
eelc
Muted.
Loans and
Investments .
liapostts.
17...
5`ek. 24....
Melt. 2 __
Men. O._
Mob. 16_,
Meh. 22_,_
Mob. 30._
Apr. 6...
Apr. 13_
Ago. 20_
2,626,743,3
2,832,117,7
2,526,1330,2
2,645,472,7
2,650,795,6
2,649,129
2,650,810,6
2,661,514,8
2,646,312,4
, 2 , 77,1
2,508,444,9
2,510,485,5
2,593,391,2
2,512,212,1
2,511,749,0
0,510,225,6
2,507,172,7
2,906,033,3
2,489,720,4
2,482,583,9
specie.
445,282,4
439,881,
434,068,
432,182,7
425,451,2
422,044,4
417,151,9
408,260,1
410,412,2
416,442,1
97,569,6
96,041,0
97,254,2
95,718,0
06,714,3
96,210,5
95,293,3
92,914,6
94,300,4
94,945,3
542,852,0
536,792,0
531,322,8
527,900,7
522,165,5
518,256,9
512,445,2
501,174,7
504,712,6
511,287,4
628,814,9
619,721,2
613,273,3
612,402,9
603,028;6
595,574,2
591,973,0
5801074,9
582,181,0
592,817,9
Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending April 20, based on average daily results:
We riot ties ciphers(00)1* all those /ilium.
llessese.
Capt.
Surtel. , wiz&
Loans,
Legal
On
Disc'ts
Tender Deposit
and
Speed. and
with
Net
InventBank
C.-H. Deposits
menu.
Notes. Banks.
,
Now York Club
Meotkettan & Bronx.
$
3
8
390,0
322,8 2,711,1
Aetna National
218,0 1,558,0
Washington Heights_ 100,0
200,0
107,9 1,391,0
Battery Park Nat __
500,0
514,5 5,402,0
Century
501 6 6 493,0
400;0
Colonial
799,9 6,931,1
__ 300,0
flokambla
J.71,4 1,304,0
200,0
Fidelity
123,0 1,261,0
Gotham Nation.al„ _ 200,0
240,7 2,694,0
250,0
Want Morris ___
402„.4 4,202,0
200,0
Mutual
286,8 2,936,0
200,0
New Netherlaad
72,8 19344,0
200.0
Twenty-third Ward
100,0
607,3 4,373,0
Yorkville
Brookins.
200,0
544,0 3,299,0
Broadway
300,0
664,8 2,522,0
First National
877,0 5,982,0
Mannfaeturers' Nat.., 252,0
1 000,0
862,0 10,920,0
mechanics'
300,0
578,2 3,864,0
NaMonal Carl
200,0
169,0 2,31610
North Side
Jersey City.
400,0 1,317,8 4,890,0
First National
Hudson County Nat, 250,0
788,9 3,840,0
200,0
Third National
419,1 1,964;0
Hoboken.
220,0
' 633,3 3,191,0
First National
125,0
second National
272,3 3,154,0
$
533,0
146,0
335,0
37,0
821,0
666,0
72,0
371,0
465,0
454,0
325,0
237,0
70,0
$
$
53,0
89,0
73,0
210,0
48,0
106,0
768,0 1,242,0
400,0
829,0
577;0
604,0
121,0
169,0
21,0
149,0
49,0
383,0
314,0
700,0
108,0
254,0
98,0
235,0
773,0
594,0
8
2,354,0
1,305,0
1,509,0
5,147,0
6,833,0
7,701,0
1,273,0
1,356,0
3,013,0
4,480,0
2,834,0
2,050,0
4,897,0
385,0 170,0
361,0 3,296,0
282,0 100;0
468,0 2,676,0
584,0 302.0
702,0 5,584,0
304,0 1,665,0 1,709,0 12,809,0
470,0 135,0
708,0 3,883,0
199,0 117,0
242,0 2,337,0
2'72,0
221,0
120,0
193,0
182,0
442,0 1,815,0
85,0
507,0
135,0
438,0
44,0
53,0
426,0
303,0
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Imports.
Since Jan.1
Week.
31,736
430,994
612,030,487
$9,850
560,650
402,148
7,894,452
32,590
$285,404
84,561
51,727
$411,998 320,518,039
831 2,039,125
6,618,220 25,608,594
Total 1912
Total 1911
Total 1910
101
26,360
10,800
24,968
304,920
$911,134 $15,484,256
869,406 15,003,257
650,970 13,308,729
Total 1912
Total 1911
Total 1910 _
75,570
4,869,361
885,704
574,069
3421,692 66,827,423
146,812 3,183,954
92,431 4,869,486
,
$900,234 $12,778,608
2,349,400
Silver.
Great Britain
• France
Germany
West Indies
. Mexico
South America
All other countries
Since Jan.1
$169,163
81,051
9,371
33,262
2,802
15,335
9,476
1,6,584
1,188,192
391,743
$259,585 $3,537,400
177,207 2,267,323
10,036 1,180,469
13.1
Of the above imports for the week in 1912, $_ __ were
American gold coin and $_ _ _ American silver coin.
ganUing and financial,
Railroad and Industrial Stocks
Write.for odr Circular No. 614, entitled "Railroad and Industrial
Stocks.' which deseribea 125 Issues listed on the New York Stook
Exchange, and elassilled by us as follows: Investmest Stdeks. SemiInvestment Stooks, Speculative Stocks.
Spencer Trask & Co.
r
43 EXCIAANOR PLACU-NEW YORK.
Chicago, III. Bosibn, Mass. Albany, N. Y.
Members New York Stook Iixolianoe.
4,049,0
2,094,0
1,633,0
0,568,0
1,343,0
Tongs April 20._ 6,597,0 11,694,9 96,712,0 7,725,0 6,651,0 131257,0 86,024,0
6,597,0 11,594,9 90,217,0 7,749,0 6,842,0 13,625,0 85,900,0
Totals April 13_
totals April 6_ _ 6,597,0 11,604,988,636,0 1,997,0 6,472,0 15,220,0 83,742,0
Exports.
Tot. Money Entire Res.
Holdinas, on Deposit.
Legal:.
White, Weld & Co.
Bonds and Investment Securities.
14 WALL W'REET,
NEW YORK
ROOKIIIST,
CHICAGO
TME
THE CHRONICLE
APR. 27 1912.]
featiktre
1165
azette.
these;have been exceptionally Nstrong, but changes are
pretty,,evenly divided betweenpigher and lower prices.
United States Bonds.-Sales of Government bonds at
Wall StreetI Friday Night, April 26 1912.
Board are limited to $91,000 Panama 3s coup. at 101%
The Money Market and Financial Situation.-Business in the
Wall Street is slowly but steadily recovering from the de- to 101%. Closing prices have been as follows; for yearly
pression which followed the appalling disaster of last week range:seelthird page following:
The recovery is manifest in both increased volume of busiInterest April April April April April April
ness and an advance in prices. For the latter there are some
Periods
26
20
22
23
24
25
additional reasons, the most important of which is a virtual 2s, 1930
registered Q-Jan •10034 *10034 *10034 *10034 *10034 *10034
settlement of labor troubles in the coal fields and the turn 2s, 1930
5 .10034 *10034 *10034 *10031
coupon Q-Jan *10034 *100,
3e, 1908-18
registered Q-Feb *10234 *10234 *10234 *10234 *10234 *10234
which affairs have taken in case of the railway engineers Is,
1908-18
coupon Q-Feb
*10234
and their demands for higher wages. Little else, indeed, 48, 1925
registered Q-Feb *114 *114 *114 *114 *114 *114
1925
coupon Q-Feb *11434 *11434 *11434 *11434 *11434 *11434
has been discussed in financial circles this week, although 45,
2s, 1936.Panama Canal regis Q-Feb *10034 *10034 *10034 *10034 *10034 noog
politics are again beginning to attract attention.
35, 1961_Panama Canal eoup Q-Mch *10134 10134 *10134 10134 10134 10131
Reports as to conditionsin the iron and steel industry con*This n the prise bid at the morning board; no stria was made.
tinue to be encouraging, but it is not to be forgotten that the
forthcoming report of the U. S. Steel Corporation for the
Railroad and Miscellaneous Stocks.-The stock market;
quarter ending March 31st is sure to reflect the low prices in harmony with other departments, is gradually assuming
prevailing during that period. The better general trade con- normal conditions, and, although in a halting irregular
ditions are illustrated by Clearing-House reports, which last way, prices are slowly recovering. There are, however, a
week showed an increase of 197% over the corresponding few notable exceptions to the general trend of the market.
Among the latter are the anthracite coal shares, which
period last year.
An advance in New York Central shares to a fraction above have advanced rapidly on the progress made towards an
price
at
which
1910,
it has sold since May
121, the highest
agreement between the operators and miners. As a result
is supposed to foreshadow the new financial plans of the of this, Reading is, in addition to the dividend which came
to
be
announced.
company, soon
off on Tuesday, 10 points higher than last week and at a
The foreign bank statements show increased reserves and new high record for the year. Lehigh Valley has advanced
43/i
market
conditions at the principal European
easier money
points, Central of New Jersey 20 points and Delaware
centres. The Bank of England's percentage of reserve is & Hudson 4. New York Central is 2 points higher and at
substantially above that of last week, and also above the a new high record-Canadian Pacific over 5 points higher.
ten-year average, and French rentes have been strong and American Can, continuing its upward movement, shows a
have made recovery from the recent depression.
net gain of 53 points. U. S. Steel and the copper stocks
The open market rate for call loans on the Stock Exchange have again been strong.
during the week on stock and bond collaterals has ranged
To-day's market, in which about 900,000 shares were
from 23,4@33'%. To-day rates on call were 2%@3%. handled, was by far the most active of the week and in a
Commercial paper quoted at 4C4436% for 60 to 90-day en- few eases advances were sensational.
dorsements and for prime 4 to 6 months' single names and
For daily volume of business see page 1173.
5% for good single names.
The following sales have occurred this week of shares not
The Bank of England weekly statement on Thursday represented in our detailed list on the pages which follow:
showed an Mcrease in bullion of £1,671,791 and the percentSales
Range for Week.
STOCKS.
Range since Jan. 1.
age of reserve to liabilities was 48.42, against 45.39 last week.
for
The rate of discount remains unchanged at 33%, as fixed Week ending April 26. Week.
Lowest.
Highest.
Lowest.
Highest.
t
Feb.8. The Bank of France shows an increase of 15,500,000
111 79 Apr 21 793.4 Apr 20' 76
Meh 7934 Apr
American Teleg & Cable
francs gold and 350,000 francs silver.
Batopilas Mining
1,100 $234 Apr 22 $254 Apr 23 87-4 Itch 8234 Apr
Brunswick Terminal
200 10 Apr 24 1034 Apr 24 8
Jan 1034 Apr
NEW YORK CITY CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1912.
Averages for
week enatinv
April 20.
CpitaI
Surplas
Loans and discounts
Circulation
Net deposits
Specie
Legal-tenders
Reserve held
25% of deposits
Sur,plus reserve
Differences
irons
previous week.
1911.
Averages for
week ending
April 22.
1910.
Averages for
week ending
April 23.
135,150,000
134,150,000 130,350,000
199,918,500
200,234,400 185,325,600
1,378,917,000 Dec. 12,477,000 1,359,047,400 1,217,319,700
48,324,900
1,405,122,000 Dec. 2,940,000 1,409,043,200 1,204;660,300
291,291,000 Inc. 8,402,000, 313,989,200 248,908,800
67,181,900
76,654,000 Inc.
760,0001
74,5611800
367,945,000 Inc. 9,162,0001 388,559,000
351,280,500 Dec.
737,250 352,260,8013
316,180,700
301,165,075
36,298,200
15,015,625
18664e6001100.
9,899,250,
Note.-The Clearing House now issues a statement weekly showingIthe actual
condition of the banks on Saturday morninglasjwell as'the above averages. These
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
time second page preceding.
Foreign Exchange.-The market throughout the week
showed a weakening tendency, chiefly owing to the easier
monetary situation at London.
To-day's (Friday's) nominal rates for sterling exchange were 4 85 for
60 days and 4 88 for sight. To-day's actual rates for sterling exchange
were 4 8420®4 8430 for 60 days and 4 8710 ® 4 8715 for cheques and 4 8745
(04 8750 for cables. Commercial on banks 4 82 h ®4 8334 and documents for payment 4 83% ®4 843. Cotton for payment 4 83% ®4 84
and grain for payment 4 84E4 84 %.
The posted rates for sterling exchange, as quoted by a representative
house, were not changed during the week from 4 85 for 60 days and 4 88
or sight.
To-day's (Friday's) actual rertes for Paris bankers' !canoe were 5 20 mo
5 20 less 1-16 for long and 5 17' loss 3-32 ® 5 173 less 1-16 for short. Germany bankers' marks were 94 34@94 11-16 for long and 95 3-16 less 1-32®
95 3-16 for short. Amsterdam bankers' guilders were 40 32 ®40 34 for
skort.
Exchange at Paris on London, 25f. 2334c.; week's range, 251. 25340.
high and 251. 23c. low.
Exchange at Berlin on London, 20ns. 48 pf.; week's range, 20m. 49 pf.
high and 211in. 47'% pf. low.
Tit..5 range for foreign exchange for the week follows:
Starling ActualCables.
Sixty Days.
Cheques.
High for the week __ 4 8440
4 8780
4 8730
Low for the week__ _ 4 8420
4 8745
4 8710
Paris Bankers' FrancsHigh for the week__ 5 20 less 1-16
5 17% legs 1-16 5 1734
_
5 20%
5 18 34
5 17% less 1-18
Low for the week__
Germany Bankers' Marks94 11-16
High for the week__95 3-16
9534
94 %
8534 plus 1-64 95 3-10 plus 1-64
Low for the week-__
Amsterdam Bankers' Guilders40 15
40 34
40 40
High for the week_-40 12
40 31
40 34
Low for the week__ _
thicago,
20c.
Boston, par.
Exchangg.
per
premium.
$1,000
Domestic
St. ',owls, 30c. per $1,000 premium. New Orleans, commercial, 250. per
$1,000 discount; bank. $1 premium. &e,11 Francisco, 10c. per $1,000
premium. Savannah, buying, 3-16% discount; selling, par. St. Paul,
50c. per 81,000 premium. Montreal, par. Charleston, buying, par; sellng, 1-10% premium.
State and Railroad Bonds.-Sales of State bonds at the
Board include $45,000 New York 4s 1961 at 102, $107,000
N.Y.Canal 4s 1901 at 102 and $1,040 Tenn. sett: 3s at 97k.
A demand for a few of the new industrial issues, as well
as for some older railway bonds, has given to this department
at the Hxehange the appearance of activity. Several of
Buff Rochester & PIttsis
200 105 Apr
Can Pao sub 2d paid
200247 Apr
Cent & So Amer Teleg
110 120 Apr
Chicago & Alton
50 2134 Apr
121 90 Apr
Preferred
cri Milw & St Paul tights38.396 % Apr
400 135 Apr
Ch St Paul Min & Om_
300 7434 Apr
Col & Southern, let pre
300 10c. Apr
Comstock Tunnel
601 79 Apr
Crex Carpet
42 13434 Apr
General Chemical
721 234 Apr
Rights
235107% Apr
Preferred
17 12 Apr
Green May & W deb B
27160 Apr
G W Helme
260 9334 Apr
Hotnestake Mining
250 6034 Apr
Nash Chatt & St Louis
3
N Y Chic & St Louis..
5834 Apr
N Y & Harlem...3335434 Apr
967 9234 Apr
N Y State Rys
1,900 1534 Apr
Peoria & Eastern
200123% Apr
Sears, Roebuck & Go, p
150 83 Apr
So Porto Rico Sugar__
Preferred
3110934 Apr
1,339 21 Apr
Standard Milling
510 6134 Apr
Preferred
100106% Apr
United Cigar Mfrs, pref..
400 2 Apr
U S Reduction & Refl.
50 68 Apr
Virginia Iron, C & C
50 2034 Apr
Vulcan Detinning
213 8434 Apr
Preferred
100 195 Apr
Weyman-Bruton
25 106 Apr 25 105
Jan 106
25249 Apr 26 22234 Feb249
24 120 Apr 24 11534 Jan 1221,4
24 2134 Apr 24 17
Jan 2234
26 40 Apr 26 35
Jan 40
2517-32 Apr 221
ti Apr946
2 138 Apr 26 135
Maim 194
20 75 Apr 22 7434 Mc 7634
22 13c. Apr 22 10e. Apr 16c.
24 80 Apr 24 70
Apr 80
Jan 13734
2413734 Apr 26 128
24 234 Apr 24 234 Mch • 234
2510734 Apr 25 10634 Mch 111
24 1234 Apr 22 1034 Feb 1234
23 160 Apr 23 159
Feb 17134
26 9534 Apr 26 8634 Mch 96
22 165 Apr 25i 16034 Apr 169
23 60 Apr 26,i 54
Feb 6134
2335434 Apr 21350Ap 355
2C 9334 Apr 26 8834 Ap 9334
2 1734 Apr 23 1334 Ap 1734
2512334 Apr 25 121
Jan 12434
23 83 Apr 23 79
Apr 88
26110 Apr 22 10934 J 110
20 25 Apr 26 1014 Jan 25
24 6234 Apr 26 53
Jan 6234
26106% Apr 26 105
Jan 109
26 3 Apr 24 134 Mch 3
23 66 Apr 23 54
Mch 90
23 21 Apr 24 15
Jan 273
2 85 Apr 20 70
Jan 85
23 195 Apr 23' 170
Jan 200
Apr
Apr
Mck
lick
Apr
Apr
Jim
Jan
Feb
Apr
Apr
Melt
Feb
Mek
Itch
Apr
Jan
Apr
Itch
Apr
Apr
Feb
Feb
Jan
Apr
Apr
Feb
Apr
Jan
Feb
lick
Apr
Outside Market.-Trading in the outside market was spasmodic throughout the week, the aggregate business being of
moderate proportions. An incident was the slump in the
Porcupine mining issues following the failure of a prominent
"curb" broker who had been particularly interested in these
stocks. The erratic movements of Marconi Wireless stocks
continue to absorb attention. The old stock, after being
forced up the preceding week some 300 points to 345, collapsed on Saturday last to 150, the new stock, "w. i.,"
tumbling at the same time from 16 to 113. The old stock
sold up again to 270 but broke sharply to 205. There wasa
slight recovery after this. Amer. Writing Paper coin. was
active and improved half a point to 3%,the final figure to-day
being 3344. British-American Tobacco sold up about a point
to 243i and closed to-day at 24. Guggenheim Exploration
advanced 7 points to 231 and reacted to 228. Intercontinental Rubber corn. dropped from 18% to 17, then moved up to
187s. Lehigh Valley Coal Sales improved 7 points to 255
and closed to-day at 254. Standard Oil of N. J. sank from
390 to 383 and ends the week at 386. Studebaker Corp. corn.
was conspicuous for a break of 3 points to 34, though it recovered subsequently to 38. United Cigar Mfrs. moved
down from 58 to 57 and up to 59%. United Cigar Stores advanced from 185 to 198 and finished to-day at 197. Bonds
were very quiet. Chicago Elevated 5% notes sold up from
98% to 99 and back to 98 15-16 finally. N. Y. City 43s,
"w. i.," improved from 100% to 1013'. Outside the Porcupine issues mining stocks were featureless. Greene Cananea
moved down from sy, to 9. Inspiration lost about half a
point to 19 and ends the week at 1978.
Owtside quotations will be found on page 1173.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING. TWO PAGES
For record of sales during the week of stocks usually Inactive, see precedini. page.
.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
- April 20.
Monday
April 22.
Tuesday
Aprit 23.
Wednesday
April 24.
Thursday
April 25.
Friday
April 26.
.
dates ol
the
Week
Shares.
•
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share lots.
Lowest.
Highest.
Range for Previous
Year 1011.
Highest.
Lowest.
Railroads
10818 10838 10778 108
108 10858 10812 10834 10812 109
10878 10938 24,700 A teh Topeka 4 Santa Fe 10314 Feb 1 11038 Apr 8 8978 Sep
*10338 10358 10314 10338 10314 10312 *10314 10358 10314 10314 810314 1031:
10138Jan 2 10414 Feb 10 10034 Jan
000 /1 Do pret
*14014 14112 *14014 1411: *14014 1411- 14034 14112 141 141
14118 1411: 1,000 Atlantic Coast Line 1111
13318 Jan 10 14312 Apr 0 117 Jan
10718 1071.4 1073t 10814 108 10818 10838 10038 10834 10918 10914 10934 14,650 Valttmore & Ohio
9312 Sep
r10114 Feb 1 10934 Apr 26
*8712 8912 *8734 8912 *8734 8914 *8734 8911 *8734 8914 88
8512 Aug
88 Feb 20 91 Jan 23
88
100 LP Do pref
72 Sep
8278 83
8278 83
83
8358 8333 8414 8312 8378 8334 8438 14,020 Brooklyn Rapid Transit_ 7634 Jan 2 8458 Meh20
252 252
25034 25134 25218 25378 25312 25478 25334 25431 25434 256
22612 Meh 4 256 Apr 26 19558 Jan
16,256 4' lanadian Pacific
*363 375 *363 375 *355 375
375 378
374 375
1,035 k•Pentral of New Jersey _ 305 Jan 9 382 Apr 26 260 Aug
380 382
6838 Sep
6814 Feb 1 8158 Apr 11
7978 7918 7978 7934 805f, 15,000 Chesapeake 4 Ohio
7818 781, 7834 7934 79
7812 79
17 Sep
1914 1934 1012 20
20
*1834 19 - 19
1712 Jan 23 2012 Apr 8
1834 19
1912 1934 4,100 Chic Gt West trust ctfs
3512 Dee
*36
37
Do pret trust etts
36
3612 367E
3734 3738 3738 3634 3712 37
35 Jan 31 3912 Apr 8
3738 2,054
11013 11078 11018 1103.,,L 11012 11118 11058 11114 111038 111
11034 11158 13,450 Chicago Milw & St Paul. x10312 Feb 5 11234 Apr 6 10534 Oct
*14212 14412 *14212 145 *143 145 *14212 145 /145 145 *14212 14478
- 14212Apr 17 146 Jan 2 141 Sep
100
Do pref
143 14318 *142 144
143 14312 193 143
3,910 Chicago & North Western 314014 Mch 1 145 Apr 26 13818 Sep
143 14338 14312 145
*194 196 *194 196 *194 197 *194 195 *194 196 *194 195
Do pref
194 Feb 29 193 Meh26 191 Nov
158 Sep
314 314 *234 312 *234 3
234 234 *212 3
378 Apr 18
118 Feb 16
400 Chto Un Traci ctfs stmpd
*234 3
9
*834 10
9
812 812 *812 912
*834 10
300
1014 Apr 18
Do pret Ws stmpd
834 834
434 Sep
4 Mch 21
6112 6112 60
00
4818 Sep
*58
60
*58
62
3,600 Cleve cm Chic & St L
60
5978 6212 61
5412 Mch28 6212 Apr 23
9414 Xly
*10118 105 *10118 105 *10118 105 *10118 105 *10118 105 *10118 105
Do pref
49578 Feb 24 10112 Apr 17
17058 17058 17112 17412 174 17412 4,222 Delaware 4 Hudson
170 170 *169. 171
170 172
167 Jan 10 17612 Feb 6 15912 Sep
563 563
561 561
*547 564 *547 564 *597 564 *547 UM
200 -11-xelaware Lack & West_ 540 Jan 16 569 Jan 29 605 Sep
*23
24
2334
*23
1758 Dec
24
*2212 24
*22
100 Denver do Rio Grande
2314 2314 2314 *22
1958 Jan 2 24 Mch27
42
*4134 4214
500
3634 Dec
4134 42
*41
42
Do pref
*4134 4214 *4112 4212 42
40 Mch 15 4614 Jan 24
1012 1014 1012
1012 *10
1014 1014 *10
9 Nov
1038 *10
1038 *10
300 Duluth So Shore & Atlan
812 Mch 4 1112 Mch291
*2012 22
21
21
350
Do pref
2012 2114 *2012 22
*20
*20
22
16 Mch 8 2134 Mch30' 1718 Dee
22
3738 378 3738 3814 56,250 Llrie
2714 Jan
3014 Jan 15 3918 Apr 11
3738 38
3634 37
3618 3634 3658 38
4558 Jan
5034 5512 56
5538 5538 5513 5558 5512 5614 56
5618 6638 6,400 Li Do 1st preferred
5018 Feb 3 577 Apr 11
35 Jan
Do 2d
40 Feb 3 48 Apr 11
4534 *4412 4614 *4434 4634 *4514 4614 4578 4578
*4412 461'8 *44
200
132 13214 13212 13312 13,122 Great Northern
126 Jan 15 13534 Apr 0 119 Sep
preferred...pre
13138 13212 132 133
13114 13112 13038 131
3334 Dec
4138 6,500
30 Jan 31 4478 Jan 2
Iron Ore properties
41
4012 4112 4034 41
41
40
3958 40
3934 40
12514 Mch 18 14118 Jan 23 132 Jan
129 12912 12034 12934 12914 1303
1,600 Illinois Central
12912 12912 12838 1287f 129 130
1318 Sep
I 1912 1958 1958 2018 1978 2018 1978 2014 19% 1978 1912 2014 12,250 A nterboro-Metrop v t ctfs 1638 Jan 3 2118 Me827
5858 5913 15,500
5338 Jan 3 62 Meh26, 3934 Sep
Do prof
5812 5958 5838 5938 5834 5914 5814 5914 5858 59
*1212 13
*1212 13
*1212 13
1012 Feb 8 15 Jan 9'' 15 May
Iowa Central
*1212 13
*1212 13
*1212 13
23 Apr
*25
24 Mch 15 30 Jan 4
30
30
30
*25
*25
Do preferred
30
*25
*25
30
29
*25
2514 Sep
2434 Apr 25 2914 Meh25
2712 2712 26
2734 2434 2534 2533 2612 11,300 Ifkr ansas City Southern
*2718 28
*2712 28
6112 Sep
6212 5978 6078 6034 6112 6,910 11-Do
0978 Apr 25 6558 Mch 25
6334 60
preferred
6434 *62
6434 6434 *62
*17
1812 *1612 1834 1,000 Lake Erie 6: Western
10 Sep
1634 1678 18
1112 Jan 26 18 Apr 24
*1512 161, *15
16 *15
3812 *35
*30
38
*35
38
*35
3734 3712 3858 38
40
30 Jan 8 3853 Apr 24
Do preferred
1,480
25 Sep
15578 Feb 5 18534 Jan 15 151 Sep
16414 16434 16312 16512 16514 16712 167 16778 16712 16912 1018 17034 159,900 Lehigh Valley
14978 Feb 1 163 Apr 9 13612 Sep
15812 15934 15958 16034 16018 16014 159 16038 15958 16112 7,100 LO1113ville & Nashville
*159 . 160
130 M anhattan Elevated
135 Jan 2 13834 Mch 13 13114 Sep
137 137 *136 138 *135 137 *135 138 *136 138 *136 138
23
23
4
2234
23
2112 Apr
2313 2314 4223
23
*2233 23
450 ."1•11111eap0119 14 St Louis 21 Mch 14 2712 Jan 23
*2212 23
51
4812 4812 *47
49
35 b,4 eh
*4734 4912 *4734 5012 49
200
440 Feb 26 457 Jan 15
Du preferred
49
*48
*14112 142
129 Feb 3 143 Apr 16 312434 Sep
14034 14034 14112 14178 14114 14138 14034 14138 14112 14171 1,407 Minn St I' & S S Marie
14714 Feb 1 152 Mch 15 140 Nov
15078 15078 *15014 151 *15034 15112 151 151
Do preferred
312
15012 15012 *15014 152
8712 J'ly
600
87 Apr 22 48878 Jan 17
Do leased line et's
8818 *8612 8812 *8634 8814
*87
*8612 89
88
87
*8612 89
27 Sep
2612 Feb 7 3158 Mch 291
30
2934 2938 2938 2934 3012 2914 30
31
6,800 Mo Kansas & Texas
2934 2934 *29
6234 Sep
01 Feb 29 66 Apr 17
Do preferred
330
62
*62
6312
6438 *02
6278 6278 62
6312 *62
*6278 65
3314 Sep
45
45,850 Missouri Pacific
3834 Feb 24 4734 Mch 27
4234 4338 4212 4338 4234 4418 44
43
4312 4214 43
60 Aug
65
*63
1\I at Rys of Mex lit tore! 6418 Mch30 71 Jan 4
65
0712 *63
66
*65
*62
66
_ _ *62
*62.
2578 Aug
28 Apr 1 3678 Jan 20
3112 3014 3078 3012 3034 2,700 11 Do 2d preferred__
2914 2914 2934 3014 31
*2933 -30
119 12012 12014 12118 12058 12112 12018 12119 79,650 N Y Central & Hudson__ 10614 Jan 9 12112 Apr 25 39978 Sep
119 11912 11814 119
600 N I N H & Hartford__ 136 Feb 1 14214 Apr 1, 12678 Sep
*136 138
13634 13634 5137 137
13712 13712 13712 13712 138 138 ,
4038 40
4014 40
4018 2,800 N Y Ontario & Western_ 3578 bleb 7 4N8 Apr 12' 3734 Sep
4018 40
4018 *39
40
*39
401F
600 Norfolk Southern
4614 4814 4612 4612
4514 Oct
4018 Feb 29 5213 Jan 24
*4614 48
*4614 48
*4614 48
*4614 48
113 11338 11234 11358 1131s 114
14.950 Norfolk & Western
9934 Sep
110734 Feb 1 11414 Apr 3
11212.11234 11214 1125E 11234 113
•
92
*913
*90
92
*88
Do adjustment pret
92
*90
92
8534 Apr
9012 Jan 4 02 Feb 17
92
*90
92
*90
67
64 *__
--------6514 6512 64
3912 Jan
400 Nor Ohio Trac & Light
56 Mchll 6718 Apr 16
67
6614 6614 *66
11538 Jan 15 12558 Apr 6 11034 Sep
12018 12078 12012 12214 12134 12212 12114 12134 121E8 12234 19,820 Northern Pacific
12058 121
12212 Jan 9 12618 Apr 26 /1834 Set)
12438 12478 12453 12514 12514 1257g 12533 12558 12514 12618 20,582 Pennsylvania
12434 125
105 10612 106 10718 106 1061
*104 105 *105.105
0018 Sep
9812 Jan 2 108 Apr 2
: 106 10034 5,400 Pittsb Cln Chic & St L
Do preferred
*105 10934 *1094.11614 *10914 11614 *10914 11614 *10914 116 *10914 11614
10812 Jan 2 117 Feb 20 10218 Sep
14818 Jan 11 17618 Apr 26 134 Sep
'1641,2.16558 1633416678 316478 16814 16712 16858 10712 17014 17018 17618 749,180 Reading
*91) 91
91
88 Mch
8914 Mch 5 92 Jan 17
1st preferred
400
9074,19078 9012 9012 9012 9012 *9012 9112 91
2d preferred
9012 Sep
94 Jan 11 101 . Apr 26
9712 9718 9912 9814 101
8,470
9012 9612 0634 9778 97
*9697
2234 Sep
2234 Feb 20 3012 Apr '8
2834 3018 2918 3038 2933 2978 2914 3014 59.025 Rock Island Company
28, 2918 2818 29
5712 5814 17,310
4334 Dec
Do preferred
48 Jan 3 5958 Apr 9
5634 5612 5858 5712 5858 5734 58
5612' - 5612 56
2612
2712 *25
800 Qt Louis & San Fran.... 23 Jan 6 2912 Mch26
23 Dec
*2612 2812 *25
2712 2514 2612 *2512 27
*27
6712 *05
6714 *05
59 Sep
*66
6612
425 kJ Do 1st preferred._
66
65 Jan 19 6912 Jan 23
65
65
65
68
.4,66
4114 2,345
31 Sep
Do 2d preferred
3812 Feb 5 4334 Apr 11
4079 4034 4118 4078 4078 41
3958 4012 40
41
41
3318 3318
33
24 Jan
33
34
300 St Louis Southwestern.... 2934 Jan 22 3458 Apr 2
34
*32
*32
34
*2912 2934 *32
5934 Jan
Do preferred
6812 Jun 17 7718 Apr 8
764 *7512 7012 *7512 7612
7612 *75
*73
77
7612 *74
*70
2014 2614 2638 5,680 Sea.board Air Line
2518 Apr 16 2712 Apr 4
2518 2658 20
2512 26
*2514 26
*2544 26
5038 Apr 16 531e Apr 26
5114 5112 5114 5112 5112 5112 5138 5234 5218 5278 5253. 5318 11,666
Do preferred
10312 Feb 1 11512 Apr 8 10412 Sep
11234 11278 113 11212 11258 11358 11278 11334 113 11312 11334 11412 17,100 Southern Pacific Co
2434 Sep
2612 Jan 31 3118 Apr 9
- 1 2958 2958 2912 2958 2912 2978 2934 2978 291e 2058 2938 2979 6,700 Southern v tr ctfs stmpd_
6114 Jan
do
900
6814 Feb 3 7012 Mch 28
Do pea
*7384 7414 7358 7334 *7378 7438 7414 7438 7438 7438 7414 7414
1978 Dec
2514 2434 2434 25
*24
2558 2,500 Arexas & Pacific
25
2012 Jan 3 2614 Apr 2
2478 *24
*24
*24
25
3978 4012 4,650 1- bird Ave New
31 Nov
3912 40
40
40
*39
40
37 Feb 16 4934 Jan 9
90
' 3834 4114 *39
012 *914 10
9
1,200 Toledo Railways & Lt.__
10
Nov
931 934
10
3 Jan 15 1058 Apr 16
' *912 1018
934 10
1234 Mch 4 16.38 Mch27
800 Toledo St L & Western
12 Dec
*1512 1558 1512 1558 1512 1512 1558 1558 1578 1578 1514 1534
*3212 35 *3212 35
100
Do pre:erred
3478 Deo
31 Apr 1 36 Apr 8
*3212 3538 3414 3414 *3212 35
35
*33
260 Twin City Rapid Transit_ 10412 Jan 5 10612 Feb 17 104 Sep
*10514 10634 *10512 107 *105 107 *105 10612 10618 10638 *105 107
220,750 1 1Ialon Pacille
160 Feb 1 1765g Apr 0 15312 Sep
17114 17218 17018 17112 1713.1 17312 17212 17334 17238 17312 17338 175
9114 1,100 kJ Do preferred
91 Mch 5 9358 Feb 27
80 Sep
9134 9138 9138 9138 9112 9138 9112 9118 9112 *91
*91
3514 *3414 35
3414 3412 1,300 Unit Rys Inv't of San Fr 3034 Jan 5 3714 Feb 14
34
2812 Sep
*3314 34
34
*33
*3314 34
63
6334 3,300
63
Do preferred
62 Sep
58 Jan 2 6512 Feb 14
*6012 6112 *6012 6112 6112 0134 6134 6334 63
9812
*47
4812
Virginia,
Ity & Power.-- 41 Jan 4 60 Apr 2
4812 *47
.4812 *47
37 Sep
*4612 4812 *47
4812 *47
Do preferred
- --- *8812 - _-- _
87 Jan 26 8812 Feb 12
77 Sep
-2,700 W abash
634 Dec
6 Jan 4
918 Apr IC
834 -U
if8 -W4 -11 -F
* '4 7i- -i.,4 9
-34 -W8.Al -I- -W
2178 3,800 'V
Do preferred
1678 Jan 2 2278 Apr 6
1414 Deo
2112 2158 2138 2134 21
' 2114 2114 *2114 2134 2112 22
1.850 Western Maryland Ry
4878 Apr
6534 Jan 0 6414 Mch25
6338 *0112 6312 63
- 63
6334 6238 6212 6112 6112 6173 62
Do preferred
8418 *8034 8312
75 Jan 9 81 Apr C
8418 *80
*80
75 Jan
84
844 *80
*80
84
*75
500 Wheeling & Lake Erie4 Jan 10
734 734 *712 8
8
8
8
914 Mat 13 • 212 Sep
812
8
834 *8
. *8
2414 2434
25
550
25
*23
Do 1st preferred
23
*23
1/l. Jan 3 2578 Apr 13 • 7 Sep
' 2514 2538 *2312 2514 *24
3 Aug
13
13
*1212 13
Do 2d preferred
13
500
6 Jan 19 14 Mch 12
1312 *1234 1338 1338 1338 13
*13
58
*5412 68
48 Sep
*55
58
*55
100 Wisconsin Central
48 Feb 5 5712 Apr E
5612 5613 *5412 58
*5412 58
Industrial&Miscellaneous
10 Adams Express
4191 Mch 12 521712 Apr 11 ;198 Nov
421712 21712 5205 . _ *205 - _ 1.205 _ _ *210 - „. *210 - ..
118 Dec
1
114 -1-12
138
3 Meh3i.
.111s-Chalmers
12 Mch 2G
118 158
78 -118
78 -1..18 9,745
118 114
658 Deo
412
418 438
4
314 312
Do prat
312 412
314 358 4,225
8 Jan 1
314 Mch25
. 31, 312
'
4434 Sep
8458 Apr If
L. 824 8338 8134 8278 8214 833s 8212 8318 8234 8378 x8312 8414 147,900 Amalgamated Copper
60 Feb 1
eo
6114 2,800 Amer Agricultural Chem_
6012 6012 5878 60
5812 Feb 27 6358 Mch2:
4434 len
60
6012 6012 60
60
60
9912 Oct
150
10014 Apr lb 10414 hich2(
Do met
10034 10034 510038 10038 *10038 101 *10038 101
' *9978 101 *10038 101
3914 Jan
7112 58,200 American Beet Sugar.-- 63 Feb 26 7112 Apr 21
70
7114 x70
i 6518 6618 6512 6614 6614 6712 6734 70
91212 Jan
9814 9812 9834 99
99
900
9838 98
97 Apr 3 10078 Jan if
Do pref
*9712 9812 *9712 9812 98
87 Sep
9112 Jan 2 93 Apr 2;
200 Am Brake Shoe & Fdry_
98
*9434 9612 *9434 9512 *9478 9612
96
98
*9434 9612 96
13412 13412
12212 Oct
200
130 Jan 2 138 Jan 22
Do pret
*13212 13414 *13212 13414 *13212.13414 13412 13412 *13334 135
3612 36
1114 Feb 1 3958 Apr 21
878 Jan
3912 3838 '398 188,200 American Can
. 3234 3412 338 3538 3414 3512 35
Do prat
77 Jan
90158 Feb 1 11734 Apr L
11512 11612 11538 11612 11512 11638 11512 11634 110 11718 11078 11733 15.494
6038 6012 6114 9,950 American Car & Foundry 49 Feb 5 6138 Apr 1
4238 Sep
5933 5834 5914 5938 6038 6013 6034 6014 11714
59
11758 11818
700
Do pref
11612 11612 11678 11678 *117 1/812 11634
115 Feb 14 11818 Apr 21
1 1/7 117
113 Oct
4513 Jan 19 5512 Apr ,
5478 4,600 American Cotton Oil
64
4158 Nov
5212 5213 53
I *5233 53
5334 5234 5334 5314 . 54
98
100
98
Do pref
98
*97
95 Jan 19 9914 Feb 1:
98
*90
98
98
*97
*97
92 Nov
98
*97
....,. non ..,,n 997 At,
,on
997 .990
9911
*990 992 *222 230
100 American Exoress
200 Feb 2 4225 Anr 1
201 Sep
11658 J'ne
10512 J'ne
13614 Nov
10934 J'ly
91 Jail
8418 J'ly
247 J'iv
320 Deo
8634 Feb
2514 J'ne
4914 Feb
13312 Feb
15512 Feb
15012 Jaw
;209 Jan
338 Feb
714 Feb
66 Jan
98 Feb
17478 J'ne
570 Nov.
35 Feb
74 Feb
1558 Mch
3018 Mch
3838 J'ly
0114 J'ly
4934 J'ly
140 J'ne
6334 Feb
147 fly
2038 Feb
6638 J'ly
22 Sep
42 Sep
3738 J'ne
6934 Yoe
17 Nov
40 Jan
18678 Dee
16034 Nov
14212 Jan
4212 Sep
6812 Sep
15214 Melt
160 Men
9012 Men
3818 J'ne
70 Oct
63 Feb
7238 Jan
3833 Feb
11512 Feb
15118 Feb
4978 JIY
60 Mch
11114 NOV
9114 J'ne
5534 Nov
13778 J'ne
13018 Feb
100 Jan
112 Fob
16178 J'ne
92 J'ly
131 , May
3438 J'ne
6858 J'ne
27 Oct
0914 J'ly
491i J'ly
34 Feb
72 J'uo
121138 J'ne
3338 Ply
7514 J'ly
3014 Feb
91 Deo
812 Jan
2434 Feb
5378 Jan
111 Feb
19238 J'ly
96 J'IY
49 Feb
7614 Mch
45 Apr
;83 Apr
1833 Feb
4038 Feb
66 J'ly
8814.J'ly
014 Feb
1758 Feb
8 Feb
7218 May
1245 Apr
934 May
34 Feb
7158 J'ne
6313 Deo
105 Dec
5934 Oct
101 Oct
97 Feb
138 Feb
1212 May
9318 Dec
5814 J'ly
120 May
6238 Feb
10512 Feb
;255 Jan
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
Aetna
America $
Amer Exch.
Battery Pk.
BowerylBrouxoro$
B
Broax Nat.
Bryant Pk $
tauten 63 Dr
Century 5..chase
Du
Ask
190
615
24212
125
400
3013
190
150
830
230
635
200
630
2471.
130 ____
__
2-00
155
140
____
____
Btl Ask
Bid
Banks
Ask I
Banks
Chat.scPhenix 185
190 Fifth Avet 4500 4750
Chelsea 5x5195 200 I Filth
300 325
__ _
1000
Chemical .._ 440_. First
Citizens' Ctl 1179 f3791J Fourth-...._ 1202 1203_
City
430 440 Gallatin _ _ 350
290
..-Ceal & Iron 155
160 Garneld -.. 275
__
1147
Colonial 1.._ 425
__ Germ-Am
Columbia 1. 335 fib Germ'n Ex 425
4-4-0
Commerce - 119J 1200 Germania 5 525 640
Corn Ex 11.._ 310 315 I Gotham _-_ 155
165
115 I Greenwich $ 250
East River_ 105
____
Fidelity 5.- 165
Elanover-- 65212 ---176
Banks
Bid
Ask
Harrimaa _ 290
Imp & Tad
r
567
57-E
trying N Es 230 235
Liberty__ 595 600
Lincoln_ _ 380
400
klanhattaull 335
_ _
Vlark't&FUI 250 2-60Ilech&Met's 1263_.
Mercantile.1175
-._
Nierch Exch 16212 11712
Merchants'. 185
___
/111
Banks
Metropolis I, 375
Metropol'n$ 195
it Morrill- 250
Mutual 1...... 288
Nassau _..
.. 6210
New Neth.l. 210
New Yorkeo 876
New York.. 335
Paciticl___ 258
Park
30712
People's 11-- 240
Ask
Banks
385 Prod Exch $
Reserve __
200
260 Seaboard_
29212 Second..,...._
230 Security II-220 Shermaa...._
__
._. State $_.
_ . 23d Ward$.
265: Union Exc.
37212 Wash ills li
West Side $
250
Yorkville 11.
111d
170
90
415
375
135
--250
175
155
275
__
(rob
•Bid and asked prices: no sales were made on this day. 8 Ex-rights. 4 Lase than 100 shares. II Sta o banks. a Ex-dividend and rights. b New stock.
1, t Sale at Stook Exehange oral auction this week. A lira Ilketallment pakI. a Sold at private sale at this price, •Ex-dIvidend. I Full paid.
483
.r00
145
276
170
ad'
-.
m
New York Stock Record----Concluded-Page 2
27 1912.1
1167
For two:el of sales during the week of stocks usually inactive. see second page preceding
001111/11.I.I.••••
STOCKS-HIGHEST AND LOWEST SALE FRICES.
Saturday
April 20
Monday
Aprid 22
Tuesday
April 23
Wednesday
April 24
Thursday
April 25.
Friday
Apri/ 26.
Sales 01
as
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share lots.
Lowest.
Lowest.
Highest.
Industrial and Misc.(Con)
478 478
514
*4
558 578 2,900 American tilde & Leather
578 Apr 26
5
434 434
3 Feb 19
514 512
6
Do pref
2558 2634 2634 27
27
2738 1,800
20 Fen 26 2738 Apr 28
2518 2518 2518 2518 *2412 26
2318 2318 2318 2358 2358 2358 2358 2438 2334 2378 2334 2378 4,250 American Ice Securities_
18 Jan 2 25 Apr 8
9 /deb 6 1778 Apr 23
1612 1738 1714 1734 1673 1778 1613 1714 1512 1678 1558 16 30,600 American Linseed
Do pref
4058 4178 3934 9078 3911 4014 17,200
30 Feb 20 43 Apr 23
3978 4158 4112 4238 4178 43
*4112 4212 42
4214 4234 4314 4314 4413 4358 4334 4312 4434 7,400 American Locomotive
3134 Feb 27 4434 Apr 9
*10812 10878 *10813 10878 10834 109
Do pref
900
10834 10878 *10812 10912 *10812 10912
103 Jan 15 110 Apr 8
3178 1178 1178 12
1212 1212 1212 13
*1178 1212 12
12
2,100 American Malt Corp
434 Jan 10 1312 Apr 8
Do pref
5458 55
5713 5712 5712 2,068
5312 5458 5314 • 5312 55
56
50
42 Jan 6 59 Apr 8
87
88
*87
400 Amer Smelters Sec pref B 86 Mch22 8734 Apr 2
87
*8738 88
8634 87
88
*87
*8714 88
8553 8478 8534 8534 87 29,600 Amer Smelting& Refining 6778 Feb 1 8958 Mch 25
8458 8514 84
8458 8412 8534 85
Do pref
10814 10812 108 108
10734 10734 10734 10778 108 108
10238 Jan 2 10812 Apr 24
10333 10838 1,250
600 American Snuff
13112 13112 *130 135
123 Mch 6 14478 Jan 27
132 133
130 130
13078 13078 *130 135
Do pref
10218 Jan 16 111 Jan 20
*105 108 *106 108 *104 108 *104 108 *104 108 *103 108
Do pref, new
99 Feb 9 102 Apr 4
*100 102 *100 102 *100 102 *100 102 *100 102 *100 102
3538 3514 3512 3512 3712 37
35
*3312 3514 *3412 35
3738 4,980 Amer Steel Found (new). 26 Jan 19 3712 Apr 25
127
American
12734
12834
Sugar Refining 11434 Jan 12 13078 Apr 6
12714
12734
126
12612
12713
16,700
1307
12712
8
"
128
*126
*12213
Do
*121
pref
*121 123
11512 Jan 6 123 Apr 3
200
122 122
12212 12212
*120 123 *120 123
14614 14634 14578 19618 146 14633 14614 14634 14612 14718 14638 14712 14,775 American Teleph & Teleg 13758 Jan 2 14913 Mch25
25778 25778 25514 260
26212 25514 255 257
24118 Feb 29 287 Jan 26
2,350 American Tobacco
258 - 259 " *255 258
10414
10414
*10418
106 *104 106
Do pref
102 Jan 9 10834 Jan 19
700
*10418 10518 1041_8 10414 *10334 10412
Do pref certfs of dep_ 102 Jan 10 10814 Jan 18
10578 10572 *10514 107 4105 107 *10512 107 *105 106
100
*100 107
10112 10134 10178 102
10158 102
Preferred, new
10114 Jan 11 10638 Jan 19
10178 10171 10134 1021s 2,940
10178 102
29
29
*28
29
29
2514 Feb 6 30 Jan 11
2918 2014 *2913 2938
400 American Wooten
*2814 2912 *28
Do pref
9112 *90
92
92 *90
9078 9073 0178 9172
86 Feb 7 9412 Mch 2l
200
*90 - 9214 *91
363! 3634 3712 9,745 Amer Writing Paper. prt. 2513 Jan 25 3712 Apr 26
3438 3412 3412 3612 36
3718 36
343s 3412 .
,
413
4
4244
_4258
4214 4214
43
4278 4312 431
.
4214 4234
- 4 435
, 12,650 aAnacondaCopper Par$25 $34 Feb 1 $4478 Apr 2
10513 Feb 7 123 Apr 19
200 Assets Realization
*122 125 *120 123 *120 12312 122 122 *120 125 *122 120
700 Baldwin Locomotive, pf 10234 Feb 2 10658 Apr 9
*1061, 10652 10618 10632 *106 10638 10612 10612 *10614 10658 *10612 1065$
ethlehem Steel
2734 Feb 27 42 Apr 19
385, 3818 3812 31,000
3834
- 4118 3834 3934 3814 3912 3714 3834 38
6612 Feb 27 7414 Apr 19
Do pret
7138 7234 72
7214 7134 7212 19,500
7312 7214 73
72
7031 73
14314 14314 *142 144
14212 143
13712 Mch21 144 _Apr 26
14312 14334 14312 144
*1421 144
1,600 Brooklyn Union Gas
34 - 34
3414 3412 3434 3518 37
*32
34
34
34
3778 2,260 Butterick Co
2912 Mch 18 3778 Apr 26
1612 Feb 27 2818 Apr 22
2712 2718 2753 25,800 Central Leather
2634 2778 2718 2818 2718 2734 2634 2(12 27
80 Feb 27 9538 Apr 22
9314 9412 9412 9533 9412 9514 9478 9478 9453 9434 9412 9434 4,860 i Do pref
2934 2934 3018 2973 3014 2934 3038 22,382 dChino Copper_ _ _Par $5 $25 Jan 15 $3033 Apr 26
2938 2958 2878 2958 29
2912 3052 3012 3012 3013 31
2318 Feb 28 3414 Apr 10
3038 31
3012 3034 4,360 Colorado Fuel & Iron
3038 31
14258 14312 14313 14414 144 14518 14358 14434 14418 14434 12,560 Consolidated Gas (N Y).. 13814 Feb 17 146 Mch28
14334 144
1558 1658 1658 1712 1634 1753 1578 1738 50,930 Corn Products Refining
10 Jan 16 1712 Apr 24
1512 1578 1538 16
Do pref
8212 8213 8278 8412 8434 87
83
z7614 Jan 3 87 Apr 24
*81
8578 8413 85
85
6,430
*32
33
33
*32
3212 3338 33
33
33
3334 33
3318 2,200 Distillers' Securities Corp 28 Feb 5 3438 Apr 8
*1413
20
*1412 20
Federal Mining & Smelt'g 1114 Feb 28 1834 Mch 26
*1412 20
*1413 20
*12
20
20
*12
46
*43
Do pre
4618
70
*43
48 *43
*43
48
3718 Jan 23 46 Mch 25
*43
*43
48
16914 170
170 17112 170 17114 170 17012 170 17114 6,400 General Electric
170 170
155 Jan 2 173 Apr 9
3634 3534 3512 3512 *35
600 Gen Motors vol tz offs
30 Feb 26 3814 Apr 9
35
3612 *35
3618 35
3618 *35
*7334 76 *7312 7412 7412 7473 *7334 75
Do prof vot tr ctn._
600
7334 Apr 25 82 Apr 8
7334 7334 7378 7378
414 438
438 433
414 414
414 438
414 414
414 438 4,425 dOoldfield Con Af Par $10 $418 Apr 2 $5 Mch 18
117 117
11612 11712 116 11712 116 11612 7,300 Int Harvester stk tr efts 10514 Feb 1 11812 Apr 18
11612 117
117 118
*._ 121 *120 122 *__ 121 *-__ 121
11612 Jan 26 12134 Apr 4
Do pref stk tr Ws
121 121 *120 122
100
413 458
438 412
434 434
4 Mch 7
478 5
778 Mch 29
412 434
478 478 3,426 Int Mer Marine stk tr eta
1878 1912 20
1918 20
Do pref
1878 Apr 22 26 Mch 29
2012 2058 21
2014 2038 20
2058 10,475
1378 1418 14
1514 15
938 Jan 17 1614 Apr 22
1514 1412 1514 1434 15
1458 1434 12,460 International Paper
56
5678 5612 5815 5833 5834 58 58
x4578 Jan 3 5912 ltich22
57
5712 5712 5712 6,350
Do pref
53014 3014 *29
30
*2918 30
2912 30
2958 2934 30
28 Feb 23 34 Jan 2
3058 1,625 Internet Steam Pump__ _
*80
*8013 84
83
*80
*80
Do prof
83
83 *81
79 Feb 1 8458 Apr 8
100
83
82
82
*106 10,612 *106 10612 *106 10612 510814 10814 10612 10712 10712 108
2,050 Laclede Gas (St L) com_ 104 Mch 16 10834 Jan 4
*185 189
186 187
187 187
185 187
186 186
3,100 Liggett & Myers Tobacco 15678 Jan 15 198 Apr 8
188 188
10934 10934 10912 10934 *10914 10934 10978 10978 *10914 110 *10912 11012
Do preferred
550
10512 Jan 12 11312 Jan 18
*8312 8712 *84
*8312 8712 18312 8312 *8312 87
84
84
7518 Jan 31 87 Apr 12
8712
125 MacVier.Companies
6934 *69
*69
6934 *6914 6934 6914 6914 69
69
DC' pref
*6812 6934
6812 Jan 11 7078 Jan 23
500
72
*70
72
69
72
72
*70
72
7234
*69
73
73
720 HEW DePartmere.; Stores_ 69 Apr 11 7412 Feb 7
*10834 10934 *10834 10934 *10834 10934 *10834 10934 10331 10934 *10834 110
100
Do prof
10934 Apr 2a 112 Jan 11
6513 651i 661r 6634 6914 6314 7114 7012 72 172,050 Mexican Petroleum
6234 0372 64
6234 Apr 20 12 Apr 26
2538 25
2558 2578 2558 2534 2538 2558 25
110C
Allaat1140
ao
2538 2518 2512 9:360000 dv
t pip3elsrc_u_ctPur $5 $2318 Feb 14 $2634 Apr 2
149 15014 150 150
159 159
*148 15012 150 151
150 15034 1
13912 Jan 2 15414 Mch 22
1 " 129 *12013 12912 *127 12912 *12712 12912 12938 12938 12912 12912
12634 Feb 20 12912 Apr 26
300 •I'' 1)o prof
850 Nat Enamel'g & Stamp'g 1214 Feb 29 1734 Mch 26
17 51614 ' 1614 17 .1714 *1612 1712 *16
171: *16
17
* 1til 96
490
Do pref
95
*93 • 95
*90
95
91
90
88 Feb 27 9512Jan 2
*90
94
37'1'l• 57
57
57
5714',.5734 5734 58
5118 Jan 9 60 Apr 10
5712 5712 5712 5812 3,300 National Lead
Do pref
350
109 109 *109 10914 09 10914 10918 10918 *109 10914
5lee"''109
10512 Feb 1 10934 Feb 16
1934 1972 1934 1934 1934 20
1978 20
1978 1978 1978 20
4,900 dNev Cons Copper-Par $6 $1814 Jan 29 $2034 Mch25
*63
56 *53
56
66
66 *53
55
57
50
200 New York Air 13rake__ _ _ 50 Feb 17 5738 Apr 8
*35
6712
8412 *8313 8412 84
84
84
8438 8412 8434 MOO North American Co (new) 7412Jan 3 8434 Apr 26
*8318 8334 83
3278 3278 3314 3434 34
3434 34
*3212 33
3412 3.153 3412 4,760 pacific Mall
30 Jan 3 35 Mch27
acific Telep & Teleg
4912 4914 503
47 Feb 5 5538 Apr 25
4834 4914 48
5012 5412 5358 5538 5314 5434 50,690
*10812 10858 10812 10858 10858 10858 10858 10858 10858 114
110 114. 12,450 People's G L & C (Chic) _ 103 Jan 8 114 Apr 25
2278 2253 2358 2314 2334 2278 2312 2258 2338 2234 2314 28,200 Pittsburgh Coal Co
22
1634 Mch 1 2334 Apr 23
Do pref
9218 90,
91
9158 8978 9114 29,910
9114 90
8712 8834 8834 92
77 Feb 8 9218 Apr 23
782 P. Lorillard Co
18212 186
18034 182 *180 .184 *182 184 *180 184
*184 189
167 Mch 11 19212 Apr 8
10912 10912 11013 11018 *10934 11014 *10912 11014 *10934 11014
3110 110
Do Preferred
10734 Jan 12 115 Jan 19
193
Steel Car
834Feb 27 3738 Apr 9
36
3612 2,400 Pressed2
3434 3512 3514 3534 *3512 38
3514 3413 35
35
00 Wei
10312 10312 103 103 *103 104
*10213 10312 10214 10214 *10212 104
96 Feb 28 10312 Apr 24
300
110 110 *10912 11012 11012 111 *11014 111 *11012 111
300 Pub Service Corp of N J_ 10634 Feb 17 11134 Mch28
*10913 111
316013
161
316112
101
*16013
*16012
162
304 Pullman Company
16112 161 161 516078 16114
16812 Feb 2 16112 Mch 14
634 8
612 7
758 8
814 812 3,400 Quicksilver Mining
*612 712 *612 714
3 Jan 4
812 Apr 26
*614 67, *6
678
678
678
678
9
812 878
9
978 3,326
Do pre
312 Feb 28
978 Apr 26
*33
35
*33
35
*33
34
35
34
3412 3412 3478 3612 4,700 n allway Steel Spring
2713 Feb 8 3612 Apr 26
100 100 *100 10114 *10018 102 *10018 10012 *100 101
100 100
100 Mch 12 103 Feb 21
300 1."" Do pref
1958 1978 1938 1934 22,010 dRay ConaCopper Par $10 $16 Jan 29 $2034 Apr 2
1958 1978 1938 1934 1914 1934 1912 20
2334 2438 2318 2312 2378 2438 2334 2438 2334 2334 2334 2414 6,236 Republic,Iron & Steel_
1534 Feb 26 27 Jan 2
*78
70
7718 7812 7812 7812 7734 7812 7814 7812 7812 7914 4,400
Do pref
6412 Feb 27 8538 Jan 3
16814 171
163 16314 16338 16414 14634 171
16233 17312 17212 17512 10,800 Sears, Roebuck & Co_____ 140 Jan 15 17512„„Apr 26
*46
48
48
62
*46
50
48
47
48
*4712 4912 47
1,600 81058-Sheffield Steel & 1r_ 3914 Jan 30 52 Apr 26
4134 4112 4134 4178 4238 6,900 dTennessee Copp_Par ;25 $3412 Feb 1 $4212
4134 4113 4134 *41
4138 41
41
Apr 8
9634 *94
9634 *94
*94
9634 *9412 9634
95
9614 95
100 Texas Company (The)___ 81 Jan 16 9914 Feb 8
*95
*100
103 310134 10134 101 10213
750 3 1-nderwood Typewriter_
*101 103 *100 102 *100 103
10538
Apr
98
Feb
3
3
4
23
3..) Do pref
*110 11112 *110 11112 *110 11112 *110 11112 *110 11112 *110 11112
111 Feb 26 11234 Feb 13
1058
934 1014
978 1038 9,250 Union Bag & Paper
1058 1078 1012 1058 1012 1034 10
458 Jan 25 1078 Apr 19
*5712 60
*5712 60
*5713 62
5978 5078
58
68
*5712 60
Do pref
200
4934 Feb 21 60 Apr 9
*98
*9712 99
99
10034 101 *100 101 *100 101 *100 101
200 United Dry Goods
9'7 Feb 10 10118 Apr 10
*10538 105513 *10518 10558 10512 10512 10578 10678 10578 10578 106 106
- 465
Do pref
10338 Feb 24 106 Jan 4
1838 1812 1738 1812 *1634 1858 11738 1733 1778 1778 1838 1838
895 U S Crust I Pipe & Founar 13 Feb 16 1812 Apr 20
5712 *5512 67
5613 57
5512 5712 *55
950
Do pref
5814 5614 5614 *55
50 Jan 4 5712 Apr 22
*96 100
*96 100
9712 398
*96 100 3100 100
*97 100
170 United States Express
84 Jan 31 310012 Apr 10
*30
3412 *32
3412 *32
*32
35
35
*32
*3278 35
U S Industrial Alcohol
35
26 Jan 8 35 Mch23
*101 102 *100 140
102 103 *101 106 *101 102 *101 108
Do pref_
300
95 Jan 5 104 Apr 4
*7534 7612 7634 7534 *7514 76
7514 7514 *75
77
*75
200 U S Realty & Improv't
67 Jan 31 7934 Apr 9
7512
5534 56
5614 5578 5534 5614 56
4514 Feb 1 6112 Apr 26
5638 5612 5078 5934 6112 24,800 United States Rubber
113 11312 11212 11212 113 113
11313 11313 114 114
11334 11414 1,550
Do 1st pref
109 Jan 30 11518 Apr 11
79
7812 7812 79
79
7912 *79
80
7913 8034 8013 8034 2,100
Do 2d pref
75 Jun 23 8034 Apr 25
6978 7058 7034 7178 71
7014 71
72
7034 7158 7134 7234 391,050 United States Steel
5314 Feb 13 7318 Apr 8
11212 11234 11214 11212 11212 11278 11234 113
113 • 113
113 11312 4,783
,..„
Do pref
10733 Feb 11 1133,. Apr 8
8358 6378 6278 6312 6318 6378 6312 6418
'6334 0414 • 6334 6412 23,200 dUtah Copper_,.,.Par ;10 55212 Jan 29 $6512 Apr 8
6078 5058 50786014S0
9913 4938 4938 4078 50
, 12 5058 5138 8,400 Virginia-Carolina Chem.... 49 Jan 17 5714 Jan 26
119 119 *118 11958 *118 1-11912 *117 11912
*11818 119 *11818 119
Do prof
100
11814 Apr 13 122 Mch27
*14414 147 *144 147 314414 14414 3140 14634 *14512 147 *146 147
143 Wells Fargo & Co
5112 Feb 7 151 Jan 3
8358 8414 84
85
8412 8478 84
8518 8412 8534 13,600 T T estern Union Teleg
8412 86
79 Jan 2 8614 Jan 18
7614 7714 7612 77
7513 7518 75'8 76
76
76
7612 7734 6,700 Westingla'seEl&Mtg assen 6614 Jan 3 8178 Meh 27
..... 1001. *118 1221, 120 1201, *113 1991. *11K
1971. *117
190
onn
r,„ !... „...,,
,1 47- Tn., R 109 .,.h93
2„
Range for Previous
Year 1911.
Highest.
312 Sep
5 i'lle
2658 J'ne
18 Sep
102 Aug
2534 J'iV
3 Aug
1238 Feb
2618 Oct
3413 Dec
4314 May
3218 Oct
102 Oct 11034 Nell
3 Sep
53s Jan
4358 J'iy
3112 Mch
82 Sep
8918 J'ilr
5658 Sep
8378 J'ne
9834 Sep 10812 J'ne
225 Sep 325 May
Aug 105 Dec
96
25 Sep
11214 Sep
111 Jan
13112 Aug
6212 Feb
12212 Feb
11913 Feb
15318 J'ne
87 Aug
9212 Sep
10514 Dec
105 Dec
2512 Dec
3612 Mch
8514 Oct
9614 J'ne
2412 Sep
3412 Feb
329 Sep 34113 J'ne
10612 Dec 108 Dec
10314 Dee 107 Dec
26 Sep
3818 Aug
64 Sep
6634 J'iy
z129 Sep 14814 Nov
28 Feb
31 Mch
1834 Sep
3338 Feb
9118 Dec 105 Feb
$1613 Sep $2712 Deo
25 Sep
3638 Feb
12834 Sep 14812 hie
958 Oct
1534 May
85 May
73 Sep
29 Sep
3814 Meh
13 Dec
38 Feb
6813 May
37 Dec
142 Sep 16838 May
35 Nov
5134 Aug
7412 Dec
8658 Aug
$312 Oct
$778 Jan
9918 Sep 12938 May
12814
115 Sep
May
314 Sep
678 Jan
14 Aug
2212 Dec
9 Sep
1333 Jan
4458 May 6638 Jan
23 Oct
44 Feb
80 Oct
9012 J'no
10114 Sep 11412 Jan
7112 Dec
68 Dec
70 Apr
10734 Sep
96 Feb
77 Mch
81 J'ne
11314 J'ne
510:
,8 Set)
11714 Jan
124 Jan
1212 Dec
85 Jan'
4212 Sep
104 Sep
$1518 Sep
45 Oct
64 Jan
2318 Apr
35 Sep
10112 Aug
17 Dec
6734 Jan
32413 Dec
14334 Nov
130 Feb
22 _ J'iy'
10034 J'13r
59 Feb
10934 Aug
$2114 J'ne
76 Feb
7834 May
3338 Nov
6458 Jan
109 Jan
2314 J'ne
9078 J'13
,
25 Sep
91 Sep
108 Oct
154 Sep
2 Apr
213 J'ne
28 Oct
92 Jan
$12 Sep
18 Oct
7418 Oct
12512 Sep
34 Sep
$3014 Sep
7412 Nov
63 Mch
103 Mch
434 Dec
6018 Nov
9712 Sep
10034 Sep
11 Sep
9012 Sep
84 Dec
24 Aug
90 Sep
6518 Jan
3013 Sep
104 Sep
66 Sep
60 Oct
103 Oct
$38 Sep
43144 Sep
114 Sep
139 Sep
7158 Apr
5858 Sep
3758 J'ne
10234 J'ne
120 Feb
163 Jan
412 Nov
512 Nov
39 J'ne
103 J'ao
$19 Dec
3514 Fqb
9953 Feb
192 Feb
6614 Feb
$44 J'ne
13612 F613
111 J'ne
11378 J'ly
9 Feb
6913 Jan
108 J'ne
10712 XIS,
19 Feb
z61 Feb
3105 Jan
30 Ma3
39934 J'ly
7934 Ma)
4812 Dec
11512 J'ly
79 Mcb
8213 Feb
12078 Feb
$67713 Dec
703s Feb
12812 Meb
177 Ma3
8413 Mai
79 Ma3
11111. a,,,,
192
Taos
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Bid
Ask
Broadway 3 370
395
155
Coney
210- 295
First
175
Greenpoint_. 165
125
100
Homestead,
Manutae'rs 4-1V- 425
245
Mechanics' 235
160
Montauk II.
225
212
Nassau
295
Not
289
Banks
Dia
Brooklyn
North Side
150
People's __ _ 150
Prosp'etPkT 140
Ask
170
160
155
Trust Co's
N Folly
366
Astor
Bankers' Tr 1601
13' way Tr.._ 170
375
Trust Co's
Ask
Bid
N Y City
Central Tr__ 1040
Columbia _ 365 311:0
Commercial
92
95
Empire
300 310
Kg ult'bie Tr 104514
Farm LodcT 1400 1E5-Fidelity .... 220 225
Fulton
315 325
Gueety Tr_ 1000 1020
Guardian Tr 90 105
Trust Co's
Hudson
_
Knickerb'kr
Law T IdeTr
Lincoln 'Fr_
DietropolTn
Mutual A111
ance
Mut.( Westchester)._
Bid
140
290
238
145
420
Ask
150
243
125
130
140
150
Trust Co's Bid
Ask
NY Life &Tr 1030 1045
N Y Trust_ 7638
Standard Tr 37712 385
TitleGu& Tr 1585 1590
Union Tr „- 1300
US Mtgde-Tr 470 480
Unit States. 1120 1130
Washington 390
410
Westchester 150
160
Windsor _. 192 196
Trust Co's
Brooklyn
Brooklyn Tr
Citizens' --Franklin _
Hamilton -Home
Kings Co
L Isl L & Tr
Nassau
Peoples
Queens Co..
Bid
485
140
260
270
105
520
295
150
295
100
Ash
275
286
115
310
160
05
110
*Illd and Asked prices; no sales on this day
Mess than 100 shares. tEx-right4i. b New stock. a Ex-div. and rights. d Quoted dollars per shares
3Sale at Stock Exchange or at auction tall week.
Ex stook dividend. liBanks marked with a paragraph (e) are State banks. s Er-dividend.
•
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 13,19 ths Exchange method of quoting bonds was changed. and prices are now all-"and inlerest"-except for income and defaulteil Sofas.
Price
Friday
April 26.
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 26.
Week's
Range gr
Las: SiZq
01
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 26.
Price
Friday
April 26.
Week's
Range or
Lest Sale
Mgt
Ask Low
Bid
Higll Chesapeake & Ohio(len funding & impt 53_1029 J -J ____ 10312 10234 1024
111 Sale 11012 111
1st consoi gold 5s
109 ___ 11082 Apr '1
1939 inRegistered
1992 M-S 10088 Sale 10012 1007
General gold 4 Hs
9983 Nov'11
1902 111-S
Registered
931
1930 F- A 9314 Sale 9318
Convertible 4 3,4s
89 89 Apr '1
Illg Sandy 1st 43
-D -8578 8958 8812 J'ne'1
44 31943
10135.10212ed1i - Coal lily Ry 1st gu 43
1940 J -J 10134_.__ 10234.7'1y '1
Craig Valley 1st g 5s
1946 1-3 83 87 8634 Jan '1
PottS Creek 131 1st 4s_
Foreign Government
95 9312 Apr '12
J -J
43_1989
A
&
It
g
Div
con
1st
97
9
99
Apr
'1
Argentirre--Internal 53 of 1009_ M.-.S 2 9814 0834 888
1
J'enbe:015
2144 F
13
_ 10
J -.J 884
198
2d conso! gold 4s
1 931.4 0512
95
Ininetio (Hukuang) Ry 5s Z.._ _ _ JD j 9.412 9548 95
Warm S•pr Val lit g 58_1941 M-S
Imperial Japanese Government
'1
Oct
95
1940
51-N
Greonbrier
49
Ry
g
gu
19
1st
02
92
94
9318
Sterliog loan 45s
1925 F-A I 9,34 Sale
1949 A-() 7114 7314 71 Apr '12
Chic & Mt RR ref g 3s
7' 9112 93
92
1925 J-.1 2 91.4Sale 9112
2d Series 4 Hs
• •
2
00
1,0
.1
34
13
99
10%1e 0
99258 8
Hallway 1st hen 3 Hs_195 J-J 6
1931 J J r 8588 871 86 Apr '12 ---- • 86 8818
Stelling4oan 4s
F-A
1922
Q
&
/8
4s
Denver
Div
114212
Ohio
10368
'12
Republic of Cuba as exten tiebt_ 31-S 210314 10312 10314.4kp8
_1940 1-3 8714 8712 87
1111noLs Div 3 Hs
8114
99. Apr '12 ..-- 99 99
External'loan 4 Hs
1949 F-A 9918
8512
139 Sep '1
98
1049 J-J
Registered
San Paulo (Brazil) trust 5s_1914) 3-3 I 1/74 971 0714 Apr '12 - _ 0718 98
1949 J-J
Illinois Div 4s
9914
9 94 95
94
Tokiro City loan of 1912, 5s-Ar_ 5 9433 Sale 94
r:1 2
ch
Ap
2M
914
90
914_ 0
913144 1796
1949 J J
Registered
05•4 13 9512 97.14
11.6 of'Mexico s f g 5s of__ _ _lio.7
1) Q-J 2 9558 Sale 9558
8 _ _ 105 Apr '1
IOUr4 Div sink fund 5s__ _1919 A-0 1547-- 88 0034
Gold 48 of 1904
1954 J-D 88 9012 9014 Apr'1
Sinking fund 4s
:These are p ces ontheba a,0 f Ea 10 £.
99
99
17 ,Ir-N
92
19
Nebraska Extension 43_1
Stott). and City Securities
1927 31-N 9712-- 9818 Mch'11
Registered
10134
98
19112
103
Sale
10112
19134
N Y City-4 Us
196 111-S
'11
Dee
9918
____
8
5
99
11-S
431921
Div
Southwestern
13, 9078 1004
4% Corporate Stock_
/959 M-N 9978 Sale 997_8 109
Joint bonds See Great North.
14 997,8 10018
9978 9978 109
• 4.% Corporate Stock_
1958 M-N
101
10034
101
4
3
100
m-N
in-s
8
13
5
9
0
1
5s
Debenture
7
10014,
10018
09%
8
997
9911100
M-N
4% Corporate stock
1957
9618
90 Sale 9578
General 4s
10771
5 107 1077
N 107 1071 10714 10714
• New 45s
1957
102 1.023 phte 4 Si III ref & Imp 4 gs_1955 J-J
... 10319 102 Mch'1
• New 434s
1917 M-N
17
91234
14
9
73
12
84
12
4
2
3
1
2
3
9
107
814
2
3
9
17
2
A
N
-I)
1Q7
1st
iu
Gs
consol
gold
107
8
10
4I'1% Corporate Stock_1957 01-N
40818 1095: 109 Apr '12
4 11
937
193
General consol 1st 5s........1
4 198 r0278
• • 4;4% assessment boncli_1017 M-N 102 _ _ 10214 10214
1937 11-N 1.108 ____ 10014 Feb '1
Registered
'8642
8 SO 48
sole sale 8633
3% Corporate Stock.. _1954 In10912 Apr '12
Chic & Ind C Ry 1;t 5s 1980 J-J 10812
192
4_0'10134 von
los sale 102.
InN Y State-4s
8018
a5 10158 10272 • Chic Gt Western let 4s_ _ _ _1959 51-S 8018 Salo 7918
102
Carral Improvement 4s_119
9.1 3-J 102 Sale tog
961
81
12,
2 Apr
718
,55
871, 12
123
1.4 ,
22 10134 103 ()hie Ind & Loulsv-Ref 6s..1947 J-3
102
, Canal Imp'ment (new) 4s 1061 J-J 10134 1044 log
1103
11034
Sale
4
J-J
1947
Refunding
gold
53
102
102----102
toz
'12
10284
Apr
Candi Improvement 3-1960 J-J
1917
Refunding 48 Series C
10342 J'iy '10 ----193' .1 -J
So Carolina 4 lAs 20-40
9012
Ind & Loulsv 181 gu 43_1956 J-J
g714 SalO 0734
1 0,784 07374
973.
Tend new settlement 3s_ _ _ _191 J-J
9113 -tifi 9912Jan '1
Chic Ind & Sou 50-yr 4s___ _1990 J
864 Dec '1
_199f J-J
Virginia fluid debt
103 104 Dec 'II
_1069
3_
Hs_
4
49 50 49 Apr '12 --- 46 5214 Chic L 8 it East 1st
• Os deferred Brown
Brosatis_
2-33_Chieldil &St P terml g 5s_ _1914 J-J 1011,2 1023:. 10138 Apr '12
11 Sale 9818
981
qen'l gold 4s Series A_ _e1080 J-J
Railroad
9834 9712 Apr '1'
819,89 Q-J
Registered
-,. Ms .8414
C4-J 80 81 kilq Apr '.1
• A Ian Arhor 1s1„g
Gen'l gold 3 Hs Series B.61980 J-J 8514 801 86 Apr '1
69 90 100
991
ilktob Top & S. e gen'g 43_1995 A4), 9914 Sale 594
80 J'ne'l
8912
Registered
2 98 9912
981
1993 A-0 9814 994 9814
Reglstesed
1034 J-J
1 9012 41238 , 25-year deben 45
903
Adjustment gold 48___/41995 Nov 0012 91178 0034
211e 101112 Ap1r0312
918 S9
93
Cony 4 Hs (when Issued)819" j-j 10
eglstered
111995 Nov 89 91 91 Feb '12 -----0014 91
Chic & L Sup.Div g 5s_ _1931 J--j
-. 10018 ____ mkt At'1
1,' 91 9258
01
Stamped
111995 51-N 9934 911 91
8 10884 Feb'1
.
i66.3
Chic & MO Rim Div 53_ _1926 J-J
itw 10734 10734 19' 19514 10734
-Oonargs issue of 1900____1955 -D jail; ..
106'
109
100
J-J
1021
Chic
P
61
W
5s
g
1st
10958
1081,
15'10534
104
1955 3-D
Cony gold 4s
933
CM & Puget Sd 1st gu 4s 1949 J-J 0334 Sale 9334
174 10014 10434
Cony 4s (isitte.qf 1910) 1060 J-D 10334 Sale 1034 101
Disk & 41-$ o gold 5s_ _ _ _1916 J -J 10234 103 103 Mch'1
10-year cony gold 53_ _:_1917 J -I) 20834 Salo 10834 10834 52 105 110
'1
Apr
116
11314
11314
4-3
192
6s
t
s
1st
Div
uburIlle
'II
J'ly
Debentures 43 Series K_1913 F-A ---- ---- 9014
192 3-J 115 ___ 11.738Aug'l
Far & Sou•assum g 6s_
, ,96 963496 Men 12 __
'East Okla Div 1st g 43_ _ _1928 111-S
„19111 J-J
LaCrbsse 64 D 1st Os_
1 9234 94
Shot% Line 1st 43 geld,
1958 J-4 93 04 0484 - .033
4s
144
-61'
.
are- 100
14 1r0
;1
91AP
1921. J-0 10
Wls• de Minn Div g 543...
8-Fe Pres & Pir,lst g 53_1042.51-h 10912 ____ 110 .Moh'1----41 110 11012
113 11234 Mch'l
1920 3-3
Wig Vall Inv 1st 6s
'
106383'1y''11
191501-S
Chic & St L lit as
vq 1
oc1
Ne
13413
1913 J-1) 100
o00‘
Mil it No 1st cons 6s
- -__ f
..
0115/43:
051
3'7 9438 9674
Ati Coast L 1st gold 43_1411)52 M-8 -653eSale 9438
19.13 J-1)
Extended 4 Hs
..,.... 08. Oct '06 ___..- ....... ---. Registered _____ _h1952 51-8 94
Chicago 64 N West cons Is _1915 Q-F 19714 1573 10712 A'pr '12
1st
geld.5s_ _1928 M-N 10734 -____ 10858 Auell
Ala
_ 98 Mehl
48
Extension
1886-192-6
F-A 9912
'12
{
.
63
9514
.
-9
4
-1iC
4Jan
--':',
___
-053
4
1938
&
43
gold.
W 111t414
!Irmo
11784 Nov'll
Registered
1880-19213 F-A 96
Charles & Say 1st gold 7s 1036 3-1 135
861
86 -8614 8918
Genersil gold 3 Hs
- "tiziict
.0438 'Sidi -4,133 -5it- Si) ;64
o1052
L & N coil gold 4s
86300 '1'
87
8412
.'
‘l
I
V
I
1
g
1
1)
1
•
_p1
RegIstercd
..,_
124
_
....1_
1253
i____
12.514Decli
4
A_193.1
_
lat
W
63_
&
gold
Say
4
973
4
973
Sale
97%
108711-N
4s
General
112
11058 May'll
193 A-0 10930
, 1,st golizt 5s _
Sinking fund 63-A879-1929 A-0 1114 ____ 11134 Noy'11
BIOS Oea & G gu g 4s_ _ _1918 3-J 9714 100 97 Ilan '12 ......, 97 '07
Nov'0
11114
___
11012
A-0
1879-192
•
Registered
92
9212
92
93
0134
.3g
0258
Mit Ohio'Prior 3 Hs __ _1025 J-J
Sinking fund 5s_ _ _ _4879-1920 A-0 10512 107 107re Oct '11
91
91, Apr..12 ___1 907i .9414.
111.925
1.4 Registered
1879-1920 A.-0 10412 ____ 10378 Ddb '11
Registered
0838 '81: 9734 9944
Sd • 9814
h19.48 A-0 9814 „-Gold 411 •
1921 A-0 105 ___ 10412 Apr '.12
Debenture 55
13
98
98
-.1
97
9784
-98
'12
Apr
*Registered_ _____ _ _h1948 Q-J
10612 Feb '1
103
Registered
.•
/12
J-J 11212 - - 12 An '12 -- 112
Pitts June.lat gold
I
10712 ____ 10191 Meh'12
ii 88 Mch'12 ,___ 88 387i Siniltreignigsteurnel deb 5.2
PJunc & M 101irjst g 3431112 111-N
M-N 10512 ____ 10734 Aug'11
1933
.
911
91
Sale
0118
• P LE & W Va Sys,rei4s_1941 M-N 91 Sale 91
From Elk it Mo V 1st 6s_1933 A-0 12012 12712 12718 Meh'12
112
92
2t 91 9
91
Southw Div 1st gold 3 Hs 1920 J--4
Mani GB 44N W 1st 3.1.43 1941 .1-.1
9012Sep '0
ceu'Oloa 1st c g 4 3,0_193 ltr-h 10012._ _ _ 03 Mehl()
_ 864
Milt & S List gu 11s_..1941 J -J
11
1,1012
%11.11
109
_
109
i0
. 104 Lpr & Wicon 1st g 53_1933 A,
11434 114f
Mil L S & West 1st g as_ _1921 11-S 113
_191 11,--A 10214 1041, 10378 Meh'12 ---- 10378 104
•Morton REY 1st gu g
Eat & imp s f gold 5s_ _1929 F-A 10958 ___ 110 Feb '10
/093813ch'12......91R 10938.
Ohio River Rg 1st g 53_ _193 3-B 10044
11
t :0
cb
Fe
1 o
1421
10
Ashland, Div 1st- g 6s..1925 -IS
in ' I1ill
1
105
19137,
4,-0 103 Wife. 10
• Gehefal geld 5s
Zdich Dtv 181 gold 6s....1924 J-J
Pitts Clev & Tol 1st;133_192.2 A-0
.11
112 ___ 115 J'iy.
M-8
_191,7
7s•g_
1st
orthw
if
Union
2
.
7tifzi
312
71
1
,9
1
1
2
1
1
7
,
71
_
7
0
:
rnt;
,1:
4
431e
'
2
-T
...
712
.
131
11)
7
Js..1
_191
_
48,_
g
lst
%Vest
&
PUts
- 11334 Aug'l
Wilterlopas,tetedSt,P.1st ext 73 1916 .7-1) 1111211478
8812 116-- 95 'Nov'll
Ity_lst Rug 4 Hs_1943
Stat
10814 Apr.'12
11212 __,... 1124 Apr '1 _-- itr8 11212- Mono Roe's Is it Pa Iis _ _1917 J-J 10814
1937 11Minato R.& P gen g as_
_ 109 Aug'10
1917 J,•.1 10712
8
5
105
10714
10712
Illeh'l
„10714
1
10714
957
MHs
4
Consol
•
96
96
06
J-J
Sale
1988
4s_.,.
gold
11
General
Feb
All & West 1st g 4s gu_ _1998 A-0 9018 ---% 97
1988 3-J 9434 99 9514 Mch'l
Registered
;
:
ii
t
i.
.
:
.1;
.0
104 J -J Hai ___ 103 J'iy 'vs :::
Ci & Mali lst gti 5s
891_
1934 A-0 89 Sale 89
Refunding gold 43
P,Itta_lst gold 63_192 1 F-A 183 ___, 113'3„kNoy'll
9734 Sep '11
Colt/rust Series L 4s _ _ _ _1914 Ill-N
•
Conte),lirtrg Gs..,____ 1922 -0 11588-_ 11678 MetrAl
9612 Noy'11
72 Meh'l
5.1- 43
Butt ef_Susq 1st ref g 4s,___d1051 J-J
04 Dec '09
1916
N 4s
E114
191,3 J-3 itiF 10144 lot
1st ext kis
9512 ____ 9414 Mari
4
12\• 400(4 101* '
(3 48
1004 1003 .10W.5
,_191
No lo,....
Can2d
•
P 46 t00% Jan '11
:2 'tor :
7
9
°
1:
2 14,
114
2.:
ne7
e
:
-;.
:
2 115415'11-990.5
118
1
.11278 11334. CEtle R lit Pa UR'.4d
Centhil o Ga 1st gold 5s_p1945 F-A 11233 . _ 1127s Apr '1 _
_ 7134 Mel,'1
2002 ni- IN
Rogistered,
10014 ;'-aie 11)914 1091 13;to 11012
1945 11Co.nsol gad 53_,
19_34 141-8 94 (1l4
n./
Atk
a.
iis
lit
Louis
4
19712,Nov'l
/.-N
4
/
11
10'45
-,
ReIst,etd
111381.reb '1
GUI' C R & N-1814 g 53_10.'34 A-0 .1/012
ist pia Meanie g 53_ _ _ _p194:5 Oct -_ _ _ _ 103. Deo '11
-0
2,A.0
.34
19
.
.
edig istau,_55
arN
.Fte
ug1.4
0.iRe
10GliMayvil ___ , ...
• Otiimped
idi
10344 siT '11
1
.
'1
Dec
105
____
---Oct
2d prof income- g
111 4 St L 1st.gu g 73_ _ _1927 .1 -1)
99 N'oy'll
• Z4 pret inco1ne-4;4s stamped- 10234 Aug'13
Choc Oir & 0 gen g 53:_01919 .1 -J 1,0714
.2(1 prof income g 53_ _p194 Oct --.--- -- 107 Dee '11
10814 Mch'12
Como! gold 5.3_,,_ _ _105 1-N
`
_„, 831s Opt '1
3d pet.income g'53'stamped_ _
1)1
A10034 4Pr'1
414
541.:....,1023
9918
1st
lies
M
Zeok
34
.Chatt Div pur mon g 43_,1051
-11V -94- 9112ckPr 'I ..-. 81a 9412
19234 1231 12078'Apr '1
10.00 J)M it 0 coh,63
'Mac* Nor Div.lst g 3s_.1949 3-0 107 110110714.5on '1 ___ 10714 10714 Chic ;I
03 Dec '03
91
Mrs kednoed to 3 Hs_1930 4113712 _ _ __ f1.5 1%71WD __".._ ___
Mid Gs A Atl Dly 5s____1947
12312 Meh'l
St P it Minn 1st g 63_1018 m,
lst-g 5s__1144 J-J 10713-.... 0534 May 11
tie
Mor
12918 alstr'0
'1_ -_'.1,5iliiii - • ,titor Wisconstn•Ist 63.. _ _ _1030 .1 -3 123 111 1/1
:
103
103 WW1 .!
Can't 1114 13 orGaicolg 5s..1937 in11078
Apr:1
13 12112I222. *P it 8City 1st g Gs_ _ _ _1910 A-0 103
1217
N J reen'i gold, 5s_.„..1.1)87 1-3 12178 Odle 12134
(leak
_
SuperiOr Short List 5s g.,1930 M-S
12012 123' 10234 Feb '.1 ..--; 12311 l214
7411187
•
Roglstened
10818 11418 10842
,
West hid geng 6s_q1933 1:4,
it
107
19818
Chic
:
,
.
'
_....:
107
Apr''
1064
10618
21
_I
53.._
VI
gu
Pup
&
Dock
A,111
1952 I-3 911
Consol 50-year 4s...._
Le & flud R'gen-gu g 5s..102 J-J 102. _-,
_ 104
91
91311 101
GUIli A p 2d gold 4)is___ _1037 J-.1.
'Leh &:Wiles-13'Coal 3s_101 51-N 1001 ___ io'd- Fe1-3-4- -_-_:!„, RIC,.4%.
IS 64 refunding 43..1959 J -J id '01
N Y & Long Br gen g 49_1941 11-S 10p .2,.. 400 Deerl
89
J-J
May'11
59
4s..„_.._19
gnoranteed
.1at
s
Arili
'5%7
li,
431.!9
4117
917
91.14
gent Vttmont 1st gwg 4s_ _81920 Q-F
lillkeRbLiOlgOUS 730Nb-dtratinugd ots Next Page.
U. S. Government.
117 S 23 consei registered_ _d1930 Q-J
1.1 8 is consol coupod____d1930 Q- J
31918 Q-F
117 8 38 registered
II S 35 coupon
31918 Q-F
1925 Q-11
II § 4p registered
,U 8 LIS coupon
1925 Q-F
II 8 Pan Canal 10-30-yr 25 31936 Q-N
U S Panama Canal 35g._ _ _ 1961 Q-S
Bid
Ask byw
High Na.
10012 101 10014Nov'11
10034 1013 10078 Apr .3
1024103 1025 Feb '12 -_ 10212 Apr '12
1023,
114 1143.4 11912 Apr '12
11414 115 1A434 Mch'12
10014 _ _ _ 10012 J'ile
10134 Sale 10158 10134 --gi
Range
Since
Jan. 1.
Low High
10234 10412
109,12 11134
110 11114
10014,103
Low
1007310114
102 10234,
10118 10314 ,
11314 11434
1131a 11434
6258 9
8718 88
-- - ndsi 8634
9312 96
7034 72 GA 0612
0984 100
87 88
-
99 166;
9914 11912
10473 105
0044 9958
9812 99
10012 10158
9534 0714
7912 8112
12334 125
109 11118
10914 10914
100. 10012
7978 83
12112 12612
11034 11034
1 037
2 -661-2
.
881
0012 -0012
10133 10134
4 991s
/
9.81
,
0712 08,
8378 8678
87
10212 10334
10614 108
108 108%
109 10058
5334 9514
103 103
113 1135
i4'&j i61
106 10638
11234 18234
idi
9,714 so .
851 87
8634. 8634
9714 9834
------
•
idi1-3 jai
INA VI
1085j Ili2
Hifi2
'
114 i W1no Ho
- -_
_
.0i7
108(4 I
-6512 "do/2"
'95 961-4
89 9034
4
-iT4
-4 1284
93'
11078 11112
_
.,‘
19814 iaic4
100 Iof
12272 124
125.12 123l
a
1011 1 2
.43
la'
191 101Z
_ -
Street 1&L way
9614 98
101_ 10512 vatauhat Ry(NY/ eons g 43,1090 A-0 3612 Da Ob12 Apr'1
W41
104 10512 104
TM 0634 9814
1971
Stamped tax-exompt,___1000 A-0 97 98 9714
8378 8838
8813
8738Sa1e 8634
9019102
_1997
Mch'l
F-A
102
53_
g
tr
St
01141o214
lict
ity
call
gen
3021
102
10212
102
„DI. 103/
4
1
_
99 -:.. 0914 Aor '12
Guarauty Tryst Co
'07 NoV'14 .,_ _
1584 5812
5812 Me/i'12
Refunding gold -49 cer"268E AO
00
6214
5712
lalell'1
_
_
_
Tr-etf_
62
....._
it
Loan
____
2
'Farmers'
t9i3
4
13
10
idgi.Fale
5758 62
_ 5984 Mell'Ii!
2
,
10142:1021
8t4mpes1
10212 Sale 10212 102
103 10412
13way rth Av Isteg 53_1943 J-13 118113 8810 1034 104
• 8352 Wi
8518 8434 85,
14l10l1l0318
1915,.
3
102
56,109
11-S
1031
guy
102
1st
•
se
844.
Av
9th
Col
,Apr12
it
8512 833) 85
02 • las
78 81
Lea Ay dc-P P let gug 5s..4.093 AI- S. ---- 103 1Q234 Moh'1
7958' 804 7038. 7
80
_ 7718 80 .1art'
101_ 101V
Third Av RR cons go 48-2000 3-J
10112 __ 101% Apr LI
76
76. 8114
70
certtt
-441_
CO
Trust
10144‘1Euv$
()Vitra/
,
10112 ..,..•., 10134-51th12
131 7434..8114
14 -731- 7434 .76
.784 76138 •
Cent Treo (its stamped, _
7878 70 `-79 Apr."12
99 i.11012
93
Thir,d Ave'Ity 1st g 5s......1937 --3 • ...--.10914 10194 Apr'1
- _.... 93 93 Apr '1'
9312 J'iy VC
.
4 ....t.- ..,..1
mot4 Slet W S El (Chic) let g 43_1038 F-A
o
40014 ____ 1004 Meh'12
- 1044 n CO..1
. -15648
'
.9034 Milw Elee Ry it Lt cons g 531026 F-A *:sliti
__.... 9038 Apr '1,2-...,_ 9
.
r
_
9314 Deo"1
-- p*--2 .8413 'Refunding it eaten 434s.1031
8272 1•69
-8034 Sale 8212
104 • 10438.1044. 19,41.2 t. 10318 195
9'Due Aug. a Due Oct.
Pass:NPv -4 Dile Deo• s 4131.01:1
•Fridityl latest thls week. 'd D110 Urn. • e'04o May. is WM f
• •
-treet Railway,
5
Drootlyq Rap Trah g 5s__ _194
..• ist'refund cony gold 48_2002
.1315 CRY 1st den 5s 1916-1941
.111.0 CO & S con gu g 53_1941
- 4 tyrt Q Co it S 1st 5s,...:1941
13 Yll Un El fat g 4-59„1950
. amped,guar 4-53_ _1950
1949 f''.Kings.Co El 1st g 4s
1949 F-A
/*Unlined guar 4s
Nassau-Elecgrsar geld 4321951 J -J
Goon ny&Wet .33 ref 5g 4 Hs..'151 3-3
_1951 3-3
tam ed. nar 4 Hs_
D ign ted st cons g 8 Krs_1032 J -J
lAt.Sm it/LTA.er'rrae istg 53_1936 51-S
Otand Rapids By 1st g 53_41316 J-D
Havana Alec ebnsol'g 5s__ _1952 F-A
-0
1iaterbore-51drrolor coll(H3_195
itkterboro nary M. Os Ser A_1952 Ai-
New York Bond Record-Continued-Page 2
Amt. 27 1912.1
1169
. '3
:
.
Price
Week's
Week's
BONDS
Price
Range
BQBDS
N. Y. STOCK EXCHANGE tt
Friday
Range or
Friday
N. Y. STOCK EXCHANGE
Sitee
Range or
g a, April 26
Week Ending April 26.
Last Sale
Jan. 1. I
Week Ending April 26.
April 28
Jan. 1.
Last Sale
Bid
Cln Ham & Dayton (Continued)
Ask Sow
High
Low High
Hi
Lens High St P M & M (Continued)Ask Low
Did
_1041 111-N 10314 ____ 10314 10334
Cin D & I 1st gu g
Pacific Ext guar 4s £_ __ _1940 J-J 924 _ _ 9258Mch'l
1014 10414
0 Find & Ft W 1st gu
5s__45g 1926 M-N _. 87 88 Mch'11
E Minn Nor Div 1st g4s/948 A-0 9734 683-4 0812.7an 'I
962 9813
Oin 1 & W 1st gu g 4s___ _1953 J-J
Minn Union 1st g 6s___1922 J-J 11434 116 11478 Mch'I
11472 116
iri12 ---- 8712 Feb '12
8712 8712
Day & Mich 1st cons 4}s 1031 J-J
2114 12714
Mont C 1st gu g 6s_ ___1937 3-J 12714 Sale 12714 12714
Ind Dec & W 1st g 5s____1935 J -J roil-2 10
.5
1937 J-J
Registered
7- jai" Feli'li
.-idi 1902
13614 Man
1935 J -J
_ 10712Dec '0
1st guar gold Os
1st guar gold 5s
/937 J-J iifia iii" 11234 sep '1. __-- _- ___
Cleve Clu C & St L gen 43_1993 J -D in 92 9134
'
1937 J-J
Registered
913 9314
92
Cairo Div 1st gold 42
1 939 J -J 9242 941 94 Deo 11
Will & S F 1st gold 53_1938 J -D 1.1-114 ::-..: ii2i2Set4'
--1
()In W & M Div 1st g 4s_ _1991 J -J 8034 91 91 Mch'12
Gulf & S I 1st ref & t g 53__51.952 J-J 9112 04 95 Jan '1 --- 95 05
9014 93
St L Div lsteol tr g 4s......1990 11-N ..--- 9012 9034 Apr 'I
Registered
b19'52 J -J
90; 9312
Registered
Uock
Val
1000 11-N /39 -___ 91 Oct '07
1st cons g 450_1999 J-J
Spr & Col Div 1st g 4s
.8-4 RegiStered
1940 1f-S 9014 __ 90 Deo '11
199 J-J ------:115ii 100
(12:12sep
i6.
1
.
:--i i_6
-i
-:i
-ai
--W W Val Div 1st g 4s__ _1940 J-J 90 ____ 91 Apr '12
Col & II V 1st ext g 4s
1948 4-0 -tif" "4"ifs 9412Ded '1 --91 - '91
..--,
C 1St L & C coasol 6s
Col
da
Tot
1st ex 4s
L920M-N 10534 ___ 10534 Dec '11
1055 F-A 9434 __ 961 Jan '1
964 9618
1st gold 48
Holm Belt & Term 18t 53_1937 J -J 9958 1911, 9934
/11966 Q-IF 96 07 97 Meh'12
96 - 07
993 . 1 9912 9134
Illinois CentralRegistered
161036 Q-F 9512 061- 9718 Dec '11
Cin S 44 CI con 1st g 5s _1928 J -J 10658....._ 10718Feb '12
10718 iCiff
8 '. lst•gold 45
1951 J-J 100 ____ 104 Feb '1 ---- 104 104
C C() & I consol 7s
Registered
1914 J-D 105 1051 10512Moh'12
1951 J-J
10512 10512
100 Sep '11 ---_ ____ _ _ _ _
Ist gold 3 5is
COnsol sinkinglfund 7s_1014 J-D
1951 J -J
0 901 01 Aug'1 ---Registered
• General consol gold 6s_1934 .1-J 12.
4i1-2fir i241-2AP-r-di
fial
89% moil - -- 8912 8912
1951 J-J
Extended 1st g 3;is
1934 J-J
Registered
, - __ - ____ --.
1
1951 4-0 66 -Registered
1940 A-0 -615-:::: -6i- J'ii-'bi
Ind 131 & W 1st pref 4s
1951 A-0 -___ lil2 ----------------------1st geld 3s sterling
0 Ind & W 1st pref 53_611938 Q-J
1951 M-S
-_ _ _
- 'o, ____
80 - J'iy
Registered
-'
--i
Pen & East 3s1-con 4s1940 A-0 gi- -658 -911-24pr
2951 M-S
01 02
Coll trust gold 4s
45 Sale 45'
1990 Apr
467
l'O 115 4578
Income 4s
1952 A-0
-69
1047 J-J 45 49 45
Registered
3 42 5812
45
Col Midland 1st g 4s
1952 A-0
1st ref 4s
1920 F-A 913 061 06
Colorado 6, sou 1st g 4s
0014
6 973 9158
M-N
1935 m-N 0634 Sale 9612
urchased lines 34is____1932 J-J i
9678 11 97 9818
Refund & eat 4 yis
a:112.1_a_6
,... -66
86:
4F
Aepb
-'
r;l
l ---- 1668614
, '8618
L N,0 & Tex gold 4s1953 51-N 97'2 Sate 9712
1921 J-D 11112 11134 11112 11112
1 1114 11212
• Ft W & Den C 1st g 6s
971, -6 97 994
Registered.
Conn & Pas Itivs 1st g 4s...1943 A-0
- -•N
9414 San '14
Cairo
10
52
J-J
50-yr
Bridge
gold
5g.
1st
4s
Cuba RR
100 Ma-f 0
J-D 65
-7_7.Fo
sep
b "2
1 ____
--Litchfield Div 1st g 33-__1119
9
95
5593
1 J- J 7412 _ _ _ _ 9
7571182
net Lack & WesternIi Morris & Essex 1st 7e_1914 M-N 10538 ____ 10558 Apr'12
Loulsv Div dc Term g 3 ti81953 J-J 87 871 86' Meh'l -._ 8412 86
10558 106
_19113
J
-I)
78___
guar
10814
Registered
consol
• J 84
___ 10814 Apr 'I
1st
_
10814 10018
8314•NQV'1
88 Gots 1113
1915 J -I) 105
..Regist'ered
Middle Div reg Os
De
0 8 mch1
c:10
F- A 10534__,. 123 May'9
-00 00
2000 J-1)
Omaha Div 1st g 3s
1st ref gu g 3,5
-___
19
95
5
23
11 F-A 75 7514 7618 J'ne'11 __
_1921
J
-J
6s_
1135
let
8 ..__ 11358 Apr '12
St Lotiis Div & term g 3s_1951 J -J 74 77 7612Mch '1 ----' 7512 7512
NY Lack & W
11358 11414
1923 F-A 106 108
Constraction 5s
Registered
J-J
_
, _1951
40712 1071e
1923 M-ly 98 09 10712Meh'12
Term & Improve 4s
Gold
3
;is
'11
51
Dee
8
8
5
4
19
J-J
3
14
2 _8_6_1_
08
- _
-1
.
:
!9: ii.
Warren 181 ref gu g 3;4s.2090 F-A 85 ____ 10218,Feb '03
ti3
Registered
J-J
4 o•c1138
1
-f
Del & Mud 1st Ph Div 7s_1917 11-S 113 117 11512 Aug'11
Spring Div ist g 334s
5.1
85 87 104)• Nov"'--- ____ - - - 1951
1017 111-$ 9;15
tRbgistered
Registered
Aug
'01
,
148
9
_
84
_ „...., _._-___
10-yr ebnv deb 4s
Sale
Western lines 1st g 4s
pr0811
71 9712 99
195
9511 F-A • 96 -961- -9614 Mch-'1- ___ 96 9614
3
192
12.6 5
1st lien equip g 4 5is
.1
Registered__
F-A
A
10114 10134
---_
2
1943 111-N 9858 90 985,
1st dc ref 4s
Bellev
9
&
Oar 1st 61
0812 091,
J-D iii4::-_ - ilif2Itali
........
• 'Alb Ss Sus cony 3Ms__,_1046 A-0 924 Sale 9212
Garb & Shaw.1st g 43
3 9.114 93
199
95
3
23
2
1 M-S g4 071- 9.514 Oct '1
Rens 44 Saratoga. 1st 7st _1921 At-N 121 --- 122 Deo'n
Gale St L & N 0.g 5s
1851 J-D 11412Sale 1141,2 1141
Denver & Rio Grande:Registered
J-D 113
_ 114 Feb '1
G ld 3;is„,_
1936 J-J 88 Salo ga
• 1st consol gold 43
91
7 83 91
1951o J-D sit :-..:_ po oet•,o
Consol gold 4 1s
1936 J-J 9312 _
98 Jan '1
Registered
98 98
.Itnprovernent gold 5s.. _ _ _1928 J -D 06 13878 99,12 Feb'
Mem
ph
DivtIstg 431
_ 10
05
51
96 0912
-611-2:::_"971251e11-.1st & refunding 5s
1055 F-A 8734 Sale 874
Registered
1951 5
3:13
8618 32 80 90
Rio Gr juno 1st gu g 63....1930 3-I) 95 __ 10484 Meh'11
St L SOQ 1St gu g 4s
1931 11-S
-45§1940 J-J ,, -------6,11 Apr '11
Rio ar So 1st gold 4s
Ind Iii & In lot g 4s_ __ _1050 J
9312 -94 94 Apr '1
94 96'
. 1940 J-J -_- -„ 85 Mch'08
• ___ Guaranteed
Ink & Great Nor 1st g 02_191 11-N
1081 108
108
1 108 10812
1939 J-J •8518
- - 67: 87
Rio.Gr West'1st g 4s
07
3 85 8858 Iowa Central 1st-gold Os
14 .10142 1021.
1938 J -D iCif1-2Sale 10142 on
•
Mtge & col truSt 4s 4._1940 A-0 80 -__ 81 Apr'I
itefundIng
gd 4s10 111-S 6512Sale 65
78 431 ,
651
51 Oa 6612
UtakCent 1st gug 48_01017 4-0 --- 97 Jan '02
Tamestdwn Franklin -430
DesMol Un By 1st g45s
4017 rd-N dr --- ao _Sop '0 -.....
412
94
948 0414 Me-17
'191
- 7
13
7 14
- - tO Clearfield 1st 4s1059 J-D
City Sou lot gbid 3s 1950 A-0 7334 Sale 73
3,
Dot & Mack 1st long 4s......1095 J-D 924 95 92 Nov'll
Gbid4s
1050 A-0
'3 go h2i KanRegistered
63 Oct"0
1995 .1-D 9212 Sale 9212 '921
Ref & impt 5s
J-J 99 .
/Jo;Illv 'Pun Det TerTian 4 50'61 M-N 9934 10018 100
.
atie 99
991
-4 Pod lows
100
Apr
Det T & it -.40 s phr list g 4s1041 111-S
9758 Sale 075g.
0 -.7
Feb '12 ___ 75 75, Kansa8 City Term! 1st
_195
1060
08
-9
62
6-14 i660.95
1:1
8
Dui MiSsaliae 43 Nor "on 5s...1041 J-J idg - 'i65" 106
75 Apr '12
' 10912 1091,
2 10.812 110
196 101' T ake Erie & W Is;g 5s,_ _1937 J-S 10012101
.1-1
J-J
2d
gold 5s. . Os___ 1104
Dui & Ron Range 1st Gs __ _ 1937 A-0 1055310614 107 Mch'12
404
104 105 104
1
945
4 104 19414
BA 10/
North Ohio lstgu g
Reptseered
/937-4-0 ___, ___,10612Meh'08 ---,
A-0 105
_ 10512 WW1 ---- 10512 1512
Leh Vail N Y 18t gu 4;46_1940
• 9d 6s_.
1016 J-4. 10318 -,-- WI Feb '11
L05.18 Apr '1 ____ 10514 105
SoBtiOre & Atl g 5s3„.„_1937 J -J 107- 108 107 Feb '1
Registered' _1940 • J 10412
ijf
0412 Apr '1' 10412 1044
110414 11014, Lehigh Vail.(Pat cons g 4s.200 Mgirl JO &East leek 5s 1941 m-N 1104112 1113S3 Feb '12
3 91 97
97 Salo 07
97
Eagle /stet:4.60i gold 7s_._.1920 51-S 11758 118 118 Apr '19 .... 117 11858 Leh V Per fly 1st gug 5s__1941 A11314 11314
113
_ 1134 Apr '4
01s
1947
extg
M-N
.3..nrkens't
101129'ne'1
Registered
NY
11058113, 11118 Dec '1
.1041 Aad eautgdid 5iiS.__ _e_49.10 51-S 10334 ---- 10414 Meh'12
Leh V Odal CO 151 rug 5s,.193. J -J 10714
io114
---- 108 Nov '.0
3d eXt•gdid 4,14s__...._1923 M-13 10214 --. 10242 Aleh'l
Registered
1021± 10234
J-J ____
_
1920 A-0' -4042---- 105 Feb"12
milttrext goida5S
ist'Int reducel to 4s _
105 10514
J-J
119
93
33
3
NY 1st guar g94511-S
1028 J -D 96 09 100 Jan '12
"t1.4 elt gold 43
100 100
"cdfsmeli
;
Reglst d_
116131,2012
NY,L'E-63 W 1St g (6176_11)20 51-S 11614 118 llfe. Apr '12
1-04 51-S
C
Eile'lse coa,g 4s ,prior.._ _190/3 .1 1.7 '8854 89 8A' 89
1st pl'et
8812 00
1914 A-0 165
10 Feb '1
Gold guar 5s
'Reg I ste'red
11196 J -J 86
8f3 Apr '1
1014 A-0 10014 - - lip Mort'1'
23 y778 7034' LongIs
se
lst constrigentlien g 4s_1906 J -J 791 Sale , 4'018
Icsolu
asmi
digold 53
Regthteted•
1096 J-J-------77 Apr'
77 77,
111931 Q-J 10018 112 110 Apr 1111 con0e1 gold Is
1951 F-A 804 90- 8912 x 89
Pennsoif tr g 4s
17 8813
m93-1
65
_ 9014 Aleh'i
General gold 4s...
M-year 000v`4s A
1053 A-0 8g3a _9118 9012
193 1-j
-D 94 __
1 8653 9111
004 Apr '1.
RS
Ferry gold 44s
do
.1
Series B_ __.1953 A-0 8 18 Sale 7972
192.. 11-S 97781901 100 Aug'11
5 7514 S07,
-Gold 4_,,
Bud N Y & Kilo lstv73_1916 J-1) 10031031 1,10 Apr '12
1083.4 11034
11)3! J -D 9118 97 9914 Oct '0
Unified gold 44'
Chit) VG Erie 1st gold 5s_ _1982 At-N 1,14 Sale, 114
1949 Al114
1124 114
0'ut 9233 Apr'
Debenture goid Os
C4nv lis ,Mahou Vol g Os_ _19313 J -a 105/ _,__ 1/1 Apr '11
• 1934 J-I)
.40i 10442 Dec '0
'llegeistered
Gear ref gold
M-S -68; 97 96
96
Lot* Dock cdnsorg 63_ _gr5
l.1184 ill
Reglatered
1949 M-S
•
95, Jan '11
Coal & 1114 1st-cur gu Oi_1022 m-N 10434 107 107 Afdlel
NY B &111 13 lsteong 5.1-11/85 A-0
11014N-8v:
1137 107
DOOk & Imp 1st cur 6s_ _1913 J.-J 101 ____ 10134 &WW1
M-S
1027
& R B 1st g 5s
10378 - - 10,5 Apr '0
N Y &Green I. gu g 53 10411 A1-N 1021.
10242Sep '11
Nor 414 B lsteOn g gtz 5s,o1932
-, 10612 111714
-105581071 10714%Tan '1
NV sits & w 1st ref Os_1037 J-.7 10412....„ 10412 Apy .1
Letlistshia & Ark 1st g as
103 108
941
4s'9452
1027 If-S ___ 06 9412
9,
1937 P-A 8012 ... _ .. 100,14 Deo "013.___
•:Zd 'gold 4 5is
Loidaville,& Nashville1040 F-A 88 ;1,41912 8812 Fob 12
aelabral gold Os
General,gold 621
8812 81)
1141
114
11 114 11712
1'930 -D 114 11
•Tirminal 1st gold 59._1943 At-N 11012 ,.. _ 10812 Deo '11
-Gold 8$
1037 M-N 1124 ____ 12' Apr 'I
'
IAN of N. J 1st ext OS_ _1940 AA) 11112 Ili 110120ct-'14
Unlfled gpid 4s
0914 Sale 99,
194 J-J
901
'1.9
183114
2 1.9
19%
2
idtict 100-2
W4fk & Ea 111, gu g 59_1942 J-1) 24.11 102 100 Apr !If
Registered
1940 J-J 0712 uS3 9838 Apr '1 _-_ 9838,OV8
110 Awl.
dollateral trust gold 5,s_ _1931 51-N 109
Ey & Intl 1st congug•64_10213 J -J 100
_ 11018 Mch
10912
April'
11218
1
13
19
2
1
-J 1
igi.5..8
11212 112% • 3111 & Ne§k 1s1 g6.,.1920 /-1) f
Maps 4 T LI l'st eons 6s__ _
15
.
133
14
;
141.13,
829a707 .1
1138
19
141.13 1
181
s,
1,
51 310
4
1
0
10118 102121
102
102
I. Cln tai.ex.gold 4 is,.
1942, A-0 102
4st sieliesal_gold Os
l931 M-N
_1931
N 9 & M 1st gold 6s
192.3 A-0 10758 _.... 11)8 NOv'l
41ft Vertton lst gold 6s
1930 J-J 121, 125 121 nTeh'l __ 121 121,
MO &Id 2il gold 6s_ _ _ _108 J
Still Co Drench 1st g 5s,.1930 A-0 95„ 03 J'ne'0
11712Jan '1 ___ 11'712 11112
117
-6Paducah & iem dlv 41_,_1946 F-A 994 __ 90 Apr '1' _-__ 9614 06
lilibrida p coarst lot 43s,.1050 J -D _ _- -073-4 9784
9734
• Penshcola iv golt1
:
11 oet St 11 D Co' 1st g 4 1is_4041 J-.1
90 ____ 92 Aug'It
81-S 10534 _
1 4 Meh'11
8112 8a12,
iszaDn
Ft.V)/ & Rio Gr lst g ila _ _ _1928 J-J -__ SO 8112Jan '12
St4L
dwito
ly lsJ gold is_1.95 1 1-S 1134 _
113 Oct '11
,rial If & H•of‘1882 1st 5sA913 A-0 0012 1001 0912APr'
9912 001,2
31130) 81-S 0918 721 6234
12
.144 6614
AU.Knox 4t Cin DIv,441_195.5 M-N 924 937 9/58
'.teat Northeen925
6 9212 03
Att Knox & Nor lit g,5194C
C 13 &41 colt'trust 4s
1921 i-J 0612 Sale 0612
91334 254 06 08N
11234 1131. 112 Oct '1
. rtegispered_h
1921 Q-J 1)68,„8 96 965e
0934 10 904 9836 .' Header Bdee ls't St g130-1931 111-S 105 _
1013 Apr 11
-1st.& -refund 4 4is ser A _1.1091 J. J 20078 WI 10053 Apr 412
Keraucky.Cent gold 4s.,_1087 J-J
10058 /011.58.
91A4 tii5
- 9438
043 :1.
,
1 -if - 136,
ItOgIStered •
1061 _
58 &••N & 51411160g4 1431945 11-8 1044 ____ 10414 Mch'1'
NON 10414
ScRaUi'M .4 Matarls
6s•,
1033 J---J- 9012.
._,
.. -.;01174Api•-ii
L'3cN-Sou1hlLjntnt4s,19S2 J-J
08i 9984
8' -8958
8012 8958
At-co/1301 gold
103a J-J 125' ____ .12512
12...1
10 12512 1445g
Registered_
_------81-05! Q-J -'841
i643
,
4 io6i4
95 Feb '1)
Registered
fr193 J•-J
.._ 130 Apr '09 ____
Fla &IS 1st gut g 5s,...193 F- A 10912 iff4-r 10034 Mob'1 ...
PWuced terf gdld 4 %ill=a'.7-.1
Apr
& C Bdge gen gu g 4 5is 194' J-J 10144
idif41.-5,5V
intovvi
. Reglstered__,...!-1933 J'-.1 ICTi174
103 1°13-4 10834.rne'09
----------Ppm) & A!ti 454 gu.g 68__ _JO 21 F-A 210019011122i901;j," 112 Mob's
30434
'12 ---IiIpalt .eXt 144 gold 4e._14137 J -D 9714.
971
071'
1107 .1107
1,1103411118
0714 081*
F-A
S
N Ala 363
g
1.937J- s
• RtIghttered i..
98 J'ne
JefUldge Co tsu 4s...,11145 M-B
.4' 9I14
MISCELLANEOUS BON D8:-Contili eikpal Next- Page.
ILcf: 1
-ggi -ix 8:85% Aug' 14 ELI i65-3
--------
-JD
1011.10112
•
___
Dill
107
112
,?--11).121,i2,6.-
*feet ltail way.
Kin ap St it cons g 58-.1010 J -J
New, i lay taLt gen-1;0-1035 5-J
S Y.
, Mist i E & ref 110 teinp .11,J
Tsireporary 41 ine 51•1_„_„___ 4-0
Portlead By 1st &ref 53_1930 >1
Fbitlantl•Gea Elec.lst'5s_ _ _1035 .1.- .
St 403 .11.Y..r.,11 & F lakr 48 1.9:17 y'
- ?_1037 -J
,(t/tbconsgt,
It Patti C1t3
MIA kfc 1st ref .4S ctri
A *lac 5slinter/tn clfl
_ /-.
I'd- pg Pi? & IA 1s1 s f 5b,1923 A-0
(Ju
round of "London Os_ t020 AVN
. 1038 J -J
.a
1948 , _
65.-,
i/4 on HIM (fide) 1st g.5,s_ _1045 Al()
il fed Nes nv 1st lien (toil
192 M-N
trti..49.5s Pitts Issue -
101.42 __,_ 1-tr7q Feb '0 _ .._ ._
..
85" 89 86 Apr '12 -, _ .841-2 884
80 Sale, 7973
, -100 7974 8162
54 Sale 53
437l2 95. hal 594
994 ___ 90 Feb '12 ____ 90 , 99
_..,.
..,..,_
"I's - - -- a Neriiiit f...- .._ „-10612 _ _ _ 1Q5 Feb '12 _ K1614.
- 106'
83588411e 8412
84
49 8212 86
.,
.,
'73
'
• sale 731/t
7412 tEl 72 50).
91S9
0814
esi
6 07614 um!!
----_ - ----_ 98 Apr,•,gt;
.,
,_
12 Safe, 0512
9M., 5; i'..; - -861-4
8
00 89
„
90 - 85 7412 PO
--- ----84 Oct '0. __
___, _,,_
Street Railways.
Unite, Big 4914 1st g 4s__1934 .1 -.I
1924 A-0
uisVrans1; gn Os
St
.Uulte Bits San Fr s,f 4s_1027 A-0
Va Hy & Pwr iatecref 51_1934 J -J
7812 Sale
83 137'
64 683,
9614 06',
7812
751
'''
85 Jan '1' .....,
68
611, 1
1/612 Apr 'L. ___
47714
85
00
06
80,
85
70
971,
asses Electric Llgtit
Atlattta G I, Co 1st g Os. _ __1047 J-0 104
li3klyn,(7 Oas 1$t cols g 5s-1114 51-N 10742 f413. io-f7190a 10.77,
8 Apr l'
194 A ,-40 61 63 62
Duttlilo Gas- 1st g Os '
1 60 62
02
'COlumbus, da.a 1st g 53 _ 4. __.1.932 J,
-J
95 _ _
,Gas vbs.
Thatrott C14
1923 J--1 10018 ifi‘ii: iiii - mt-ri'l
_ _ Nati
'
i4E .
Det Gas Co con ISt g 5s_ _ __191 1=-5
' _ 9558 Sop
Oct Ipli(an 1st colt tr Oe__ _193,3 J -J
Eq 0 L N Y 1st con g 5s__1933 4-.3 *1004
, 10634 April:. ,..._ 106 1068,
Ges A Elbe Berg Co c g 55_`..194 J -I) Loi
- Gli. Oct '0 ,
Cr Hap GI,C.° 1st g Os___1015 F -A 100: 11)1 100 Oct
'
,
8212 151 8612 Apr '1 ,, .___ 8114 3642 Hudson Co Gas lot g 58.___1414 111-N 10413 __
105 Apt'l .
-- fagli
}Can City15Lo)(ias .t '5 _ _1922 A-0
9934Jan' is 993,
•ao Acre lirlfiay: latest bid sad asked 1113-wt.:NA. a 4)tte Jon.• 9 Oars Fb
a 1)uu Xpril: 8 Due July. 1 blue Aug. o Due Oci s'OPttoll•
nib
?6,14."4. itii. 10134 1013. ' 1 higiiiiii
1170
I
'd -8
BONDS._.
:
i .E
N. Y. STOCK EXCHANGE i
"a,
26.
April
Week Ending
t
[VOL. Lxxxxiv.
New York Bond Record—Continued—Page 3
Price
Friday
AprU 26
Week's
Range or
Last Sale
l'
a
al —
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 26.
Pries
Friday
April 26
Week's
Range or
Last Sale
Range
• Since •
Jan. 1.
r
High No. Low Higla
Ask Low
Bid
nid
High No. Low High NYC& H R—(Con)NYChSt1,Ask Low
09 9934
1st g 4s Registered___ _1937 A-0 98l2_,. 9934 Mch'i2
,A/fanlla RR---Sou lines 49_1936 M-N ____ 88 _
8973 01
00
1931 M-N
Debenture 45
;4•T-1-exican Cent Inc g 3s tr rects.
-- . 2-61-2Ap-r-iig -.
10018 15 100 101
0
8012
34 10
88
142 10
83
80
'West Shore 1st 43 guar_ _2361 J -J 10
- ____
____ ____ ____
1917 A---o --____ ____
i„ Equip & colt g 55
10
9734 9812
98
98
08
97
J-J
2361
Registered
___
___
1919
___
A-0
2d series g 5s
L
10012 J'iy '11
N Y Cent Lines eq tr 4;is 1923 J-J
77
Ilex Internat 1st con g 45_ _1977 MS
Y New Haven & Hartf—
-_ -__1977 M-S ___ ____ 79 Nov'10
, Stamped guaranteed_
93 9438 Aug'11
1053 J-J
Non-cony deben 43
,Minn & St L 1st gold 7s___ _1927 J -D _ __.128 129 Feb '12 ___ 129 - 129
9213
9218
1956 Al-N 9218 9212 9218
Non-conv 4s
PacIdc Ext 1st gold 6s.._1921 A-0_ ____ 11018 Aug'11 --__ 105 .105
9238 38 90 945g
9212
1956 J-J 9214
Cony debenture 3 Ms_
t 1st consol gold 59
1934 1111-N _-_-__ 102 102 Apr'12 ...._, 10112105
13212
130
13
13014
13018
Sale
1948
J-J
8
667
6s
Cony
6112
debenture
014
9
64
62
1-- 1st and refund gold 4s
1940 M-S 62 64
9918 9918.
2
:3% m
993
2 _62-3_4 0
Apr :12
Harlem R-Pt Ches 1st 4s_1054 M-N 919314
Des M &° Ft D 1st gu 4s_ _1935 J-J ____ 80 7818 Mch'12 —_- 7818 81
93 9353
Cent New Eng 1st gu 45_1961 J-J
M StP&SSM con g 4s int gu.1938 J-J 0612 9734 97 Apr.'12 __ 9634 9734
119 115
115 Mch'12
Housatonic R cons g Is._1937 M-N 115
MS S M & A 1st g 4s Int gu _1926 J-J 00 97 9812Jan '10
1,958 50 9913 100
9938 Sale 9914
-NYW'ehes&Blstser I 4 Ms '46 S -J
9434 ___. 0812 Mch'11
Mississippi Central 1st 5s_1949 J- J
- N H & Derby cons cy 5s_1018 M-N 10258 ____ 107 Aug'09
Missouri Kansas & Texas—
1945 J-J 115
New England cons 5s
95
1 95 -97- • 1st gold 45
1990 J D 95 Sale 95
991. Did - Mch'12
9958 ____ -9912
1945 J-J
Consol 4s
812
gm° F- A 8112 83 8153
5 8112 8418
; 2d gold 43
Providence Sccur 0th 45_1957 51-N 80 8518 87 May'll
, 1st ext gold 5s
1944 11-N 10058 10214 10214 Apr 12 __. 101 10212
9413 -6d9414
1 7838 8112 NYO&Wreflstg4s- -01992 M-S 9414 Sale 9414
7338
2004 11-S 7712 7812 7838
; 1st & refund 45
S 9212 ____ 9314 Oct '11
Registered $5,000 only
8712
- 41992
7 87 8914
, Gen sinking fund 4 ;is_ _ _1936 J-J 8712 8814 87
-8658 -86371
4
02132
4 Felb'
38
95
82
_. 10
_2 _91
1055 J -D
General 43
'•• St Louis Div 1st ref g 49_2001 A-0 __ 84 7834 Noy'll
1021219234
_ 10538 Mch'12 ____ 1054 10538 Nod & South 1st gold 5s_1941 51-N
it- Dal & Wa 1st gu g 5s_ __ _1940 Ni-N 10558
1235812334
- 12358 Apr '12
Nod & West gen gold 6s_1931 M-N 12358 12334
91
1 9012 91
,.• Kan C 63 Pao 1st g 4s_ _ _1990 F-A 91 ....... 94
12633 12638
Improvement & ext g 6s_1934 F-A 124 12718 12638 12638
; Mo K & E 1st gu g 53_ _ _1042 A-0 108 ____ 10938 Mch'12 __-_ 10912 110
123120ct '11
New River 1st gold 65_ _1932 A-0 12278
1 10534 10712
i M K & Olc 1st guar Is _ _1942 M-N 10534 106 10534 ,10534
98 -667i
9914
N & W Ry 1st cons g 4s_ _1996 A-0 9914 Sale 9014
i- M K & Tot T 1st gu g 5s_1942 11-S 10114 10278 103 Mch'12 ____ 10234 104
1996 A-0 07 ____ 98 Jan '11
f- Sher Sh & So 1st gu g 59_1943 J-D 10234 104 10373 Feb '12._ 10334 10334
Registered
93 04
. 1st I & gen g 4s.._1944 J-J ____ 93 9318 Apr '12
Div'
103 10378 Mch'12 . 10378 10514
Texas & Okla 1st gu g 5s 1943 M-S
34 10712 11414
10-25-year cony 48_ _ _ _1932 J-D 11314 114 11234 113
107
34 107 10818
Missouri Pao 1st cons g 6s.._1920 M-N 107 Sale 107
11114 43 108 11134
11018
Sale
11114
mt.*
pd
10-20-yr
full
4s
cony
2
9934
0958
9958
Sale
9934
10034
• Trust gold 5s stamped_ _a1917 rtf-s
1 92 04
93
___ 9312 93
Pocah C & C joint 4s_ _1941
99 Mch'10 ____ ___
a1917 11-S ___
Registered
.
10634 10635
C C & T 1st guar gold 53_1922 J-J i0534 10634 10638 Itch'12
- 1003-4
_1920 F-A __ 100 9912 Mch'12 ____ 9914
1st collateral gold 5s
'12
95 0812
Apr
95
9638
04
11-N
4s_1980
V
Selo
&
NE
g
gu
1st
1920 F-A
; Registered
9978 112 9912 10034
9934 9978 9958
7414 ii "7058 7514 Northern Pao prior 1 g 4s 1997 Q-J
.iie 'Tr
1945 M-S 74-14 -.
i 40-year gold loan 4s
5
99
9814 9912
1997 Q-J 99 Sale 99
Registered
i ad 78 extended at 4% _ _1938 M-N 9214 9434 9612 MaY'll ---0934 28 69 701g
General lien gold 3s____a2047 Q-F 6919 6939 6912
.3 8612 8958
89
1956 fl-S 89 Sale 89
, 1st & ref cony 5s
a2047 Q-F 6712 6934 58 Dec '11
Registered
: Cent Br fly 1st gu g 43_1919 P-A 92 94 9112 Mch'12 ____ 92 92
4 9314 1
-66St Paul-Duluth Div g 49_1996 J-D ---- 97 9614 Mch'12
; Cent Br U P 1st g 4s___ _1948 J-D 80 8412 8312 Dec '11 _—_ ____ _ __ _
. 99 Feb '10
Dui Short L 1st gu 5s___1916 M-5
__ 102 110 Mch'05
t Leroy Ss C V A L 1st g 5s..1926 J-J
.
2
ii812 •
11514 116
- - 11514 11514
St P & N P gen gold 6s_ _1923 F-A 100t Pao R of Mo 1st ext g 49_1938 F-A - _ 9612 96 Apr '12 ___ 9512 06
___ __.
Registered certificates_1923 Q-F 11954 ____ 11534 Aurll
;
2d extended gold 59_1938 J-J 104 10912 10812 May'it
107
'12
Jan
_
DV
109
107
F-A
St
&
Paul
Duluth
10412
105
'7
1st
Sale
59_1031
1041-2 1063;
; StL Ir M&S gen con g 5s_1931 A-0 105
0234 J
10
'11
1917 A-0 10218
2d 5s
Ill Sep '09 ____
'Gen con stamp gu g 59_1931 A-0 ___
•
1st consol gold 4s
1968 J -D
1
e 12
h
9234 9234
Cr
n
Ap
M
"
8158 14 7912 9,33-4
81
Unified & ref gold 4s 1929 J-J
1948
Wash
Cent
1st
4s
gold
80
78
Mch'12
--_
80
-2
1929 J-J ---- ---Registered
11158 Saie 11118
Nor Pao Term Co 1st g 6s_ _1933
i
11158
8334 76 8212 84
Riv ..Sc G Div 1st g 4s 1933 M-N 83 -8312 83
28
8 -9138 4
:135
4 °
J-J
2
1118
9
4
Oregon-Wash
913
9112
_l901
9234
1st
10212
&
Jan
ref
'10
___
4s
M-S
1926
W
&
5s
/
g
1st
Verdi V
10312 104
pacific Coast Co 1st g 5_ _1946 J-D 10334 105 10312 Mch'12
1 12014 121
Mob & Ohio new gold 6s..._1927 J-1) 12014__ _ 12014 12014
5 101 102
0 molh0,112
01
enna RR 1st real est g 4s_1923 M-N ---- 10134 1 1
8 11534 Feb '12 -- 11534 11534
, 1st extension gold Os,.h1927 Q-J 115 1183108 110
110
Cons()) gold 5s
1919 11-S
1938 M-S 87 88 87 Apr '12 ____ 8678 8734
: General gold 4s
102 104
34 10234 Mch'12
.
1::
_
Consol gold 48
1943 111-N 1;4
• Montgom Div 1st g 53_1947 F-A 110 11034 11034 Mch'12 ____ 11018 11034
4 9912 10018
9978
Convertible gold 3 30_1012 M-N 997g Sale 997,3
' St L & Cairo coil g 4s_ _ _el930 q9-F 83 85 83 Apr '12 ___ 83 83
182 9634 974
8
975
8
973
Sale
-D
J
9758
_1911
30__
gold
Convertible
_
3
_
_
____
'11
Mch
9312
9334
_
__
Guaranteed gold 4s_ _ _1931 J-J
9712 0712
Registered
1915 J-D 96 .._ 9712Feb '12
1\l'ashv Ch & St L 1st 79_1931 J-J 10314 10378 10312 Meh'12 ---- 10312 104
1948 M-N 10212 10314 10318 10312 26 10212 109
Consol gold 4s
1 10938 10958
1928 A-0 10958 110 10918 10958
11 1st consol gold Is
'11
Apr
_
0978
100
9958
_1942
Alleg
11-S
Val
gen
g
guar
4s_
Jasper Branch 1st g 6s_ _1923 J - J 11334._.__ 11578 Nov'10
D 11 R R h lige 1st gu 4sg1936 F-A
4 1073-4
% McM M W & Al 1st 6s..1917 J-J 10714 --__ 10734 Mch'12 ____ 1C173igi8
1017
_1943
igi_
10134
Bait
Phila
&
M-N
W
1st
4s_
g
113
'04
J'ly
1O714..___
J-J
P
T&
Branch 1st Os__ _1917
102 Jan '03
____ _
Sod Bay h Sou 1st g Is_1024 J-J
90
8 lid 6219
9012 9118 90
Nat Rys of Mex pr lien 4 )i-s.1957 J-J
97
Sunbury & Lewis 1st g 49-1936 J-J
Guaranteed general 4s_ _ _1977 A-0 8414 87 8512 Apr '12 __-- 8412 8512
101 Dift-2
___ 151-1-2 Mch'12
10112
11-S
NJ
U
RR
h
4s,.,.1944
Can
gen
100
99
Mch'12
____
99
10138
99
J-J
30_1926
prior
Mex
lien 4
Nat of
2 10318 109
Penns Co guar Ist g4 3•0__ _1921 J-J 10312 Sale 10312 10334
78 80
1951 A-0 78 7938 7814 Apr '12 _
1st consol 48
103 103
1921 J-J 102 ____ 103 Mch'12
. Registered
9134 li 9112 95
NO Mob &Chic 1st ref gs 1960 J -J 914 Sale 9112
8812 Apr '12
8812 8812
_—_
4
883
11-S
3
_1937
Guar
30
coil
reg_
trust
103
-„
-„--7,
A-0
,
10014
69__p1915
..„
g
lien
prior
NO & NE
88 8834
4
883
4
883
89
81334
F-A
Guar
B.1941
;is
3
coil
scr
trust
12 --- 83 8812
New Orleans Term 1st 4s_..1953 J-J *88 -___ 881-2Feb;
9712 9734
Trust Co certfs gu g 3 50_1916 M-N 9734 ____ 9734 Mch'12
N Y Central fc Hud River—
83 8814
Mch'12
88
8331
8814
1942
Guar
J-D
Ms
3
trust
C
etfs
16
8714
8612
8812
1997 J-J 8714 Sale 87
Gold 3;11,... 4
12
1
8734 8734
Jan97
d
r
e
:
,
3
Guar
3-I)
Ms
1044
trust
D_
ctfs
807778
87
5 86 87
1997 J-J *86 87 87
Registered
6 lat,• 9812
Sam
Guar 15-25 year g 4s___ 1931 A-0
95
23 9214 9614
1934 M-N 9412 Sale 9412
" Debenture gold 4s
'11
Dec
-3101.191)12
.9634
04
Cln
Nor
&
Leb
gu
____
_1942
g__
M-N
48
__
___
'11
Sep
9234
___
1934 M-N
: Registered
4 - _
CI dc Mar 1st gu g 4 )0_ _1935 M-N 103)3104'. 110 Jan '05
- 85
8234 93 8078
, Lake ShoiT coil g 3 0.._..1998 F-A 823358.15 8214
_ 10734 Dec '11
Cl & P gen gu g 4 30 ser A 1942 J-J 1061g
14
84
•
8014
79
Sale
804
8018
F-A
1998
,Registered
Series B
1942 A-0 10618 ____ 10934 Sly '09
c. Mich Cent coil gold 3 3-s_1998 F-A 7878 7912 80 Apr '12 __ -- Ths4 8212
11714
-IJut reduced to 30_1942 A-0 91l4 ___ 9114 Feb '12
4 7.734 7912
777s
1998 F-A ___ 7838 7734
' Registeped
9114
9114 0114
1948 M-N 9114 93 9114
3
C
Series
;is
_
—
_
*10
Deo
_-_—__
9858
9918
J-J
i Beech Creek 1st gu g 49.._1936
May'08
90
9312
0114
D
1950
Series
30
F-A
99 May'll
1936 S-J 9833
r • Registered
9114 94 9012 Apr '11
Erie & Pitts gu g 33s 11_1940 J-J
____ ....„ ____ __
1936 J-J 10658-- ___...
••
2d guar gold 5s
9114 94 9834 Apr '04
1940 J-J
Series C
1936 J-J
• Registered
•
104 10434
105 104 Apr '12
104
J-J
50_1941
Grit
ex
/
&
1st
gu
g4
---- —__ --_- --, Beech Cr Ext 1st g 3 0_01951 A-0
un 10114
1912 J-J __ 101 101 Feb '112
Pitts Ft W & C 1st 7s
1981 J-D 90 ___ 971-2 Apr '09 ___ ___
, Cart & Ad 1st gu g 4s
101 10378Feb '11
J-J
1912
2d
Ts
____
___
___
__
,
___
____
108
I Ciouv & Oswe 1st gu g 59_1942 J-D
'11
Dec
101
7s
ad
81912
A-0
____
-- - __
____
8 Mch-'11
_ __ 991, Moh & Mal 1st gu g 4s_1991 M-S
109 May'10
Pitts Y & Ash 1st con 59_1927 M-N Rift;
'02
, N J Juno R guar 1st 49_1986 F-A -96 100 105 Oct
4
4 10151013'10134 Feb '12
10218
J-J
Tol
A__1931
V
W
&
0
4
gu
;is
1986 F-A
f- Registered
''
1933 J-J 1021
Series B 4;is
8 Feb '12 ____ gill 815;
4 -661-4 -g.3, N Y & Harlem g 3 As_ _2000 51-N -g195--------- -----1942 hiSeries C 4s
—__
—
-M-N
2000
Registered
'•
1051-2 16E14
P 0 C & St L gu 4;is A1940 A-0 10573 10014 10578Apr '12
E N Y Fe Northern 1st g 59_1927 A-0 _ 107 108 Oct '09
10034 20934
1942 A-0 106 10912 10634 San '12
_
Series B guar
I NY & Pu 1st cons gu g 491993 A-0._ 9812 9778 Aug'11
:
1942 M-N 10512 10612 109 J'ne'11
C guar
Series
____
--------____
___
_
A-0
1916
5s
: Nor & Mont 1st gu g
- -6'Mch'12
99
9918
97
M-N
1945
D
guar
Series
4s
_
_
___
'09
jan
13112
1932 J-D 1204 _....._
, Pine Creek reg guar 6s
9318 9312
Series E 3;is guar g.....1949 F-A 9378 ___ 9313 Feb '12
Mch'1?, ____ 10712 10714
; R W Fe 0 con 1st eat 58_81922 A-0 10634 — 10718 Mch'12
97 ____ 9778 Aug'11
1953
F
Jr-I)
g
Series
43
gu
101
____
101
101
____
__
F-A
e1915
-id- -66t 0Swe Ss R 2d gu g 5s
• 1957 5I-N 983g___. 09 Mch'12
Series G 49 guar
J'ne'10..,_,..
,• R W & 0 T R lat gu ig 59_1918 M-N ___-----104 Mch'12
St L & P 1st con g 5s 1932 A-0 11012 __ 11312 Nov'll
97.4 9814
_
' Rutland 1st con g 4 0 1941 J-J 9618 ...... 9814
May'll
109
____
104
1921
6s
g
Pek
1st
Un
0-F
&
Peo
86
84,
__
'12
Feb
84
871
51
Og&LCham 1st gu 4s g 1948 J-J
'
Jan0034'11
01921 M-N
2d gold 4 3•0
Rut-Canad 1st gu g 4s...1949 J-J -------- 92 J'ne'09 ____ ____ _ _ _ Pere Marquette—Ref 4s___1955 J-J ;6
20 -8634 -864
,
91e_ 6000833:442
.8.
!
!
- 14
51
'09
J'ne
115
.—
10718
J-J
1096
5s
g
• St Lawr & Adlr 1st
1955 J-J
Refunding guar 43
11912 Mch'121.1412 if912
1996 A-0 118
8 -565;
-6652d gold 6s
0058Feb '12
1921 J-I) —
Ch & W M 5s
_
9978 Noy'll
0934
108 108
, Utica & Blk Iliv gu g 49_1922 J-J
— 108 Mch'12
1920 A-0
6s
g
M
P
&
Flint
897;
4
873-2
8838
8838
4
883
---88
J-D
1997
Lake Shore gold 3 As
9934 100
Feb '12
100
9812
96
1939
A1-N
gold
5s
consol
1st
Mch'12
8714 8834
8858 88
1997 J-D
Registered
Pt Huron DIY 1st g 59_1939 A-0 *____ 101 98 Aug'11
9314 11 9314 9412
Debenture gold 4s__,._1928 11-S 9314 9358 9314
Sag Tus & H 1st gu g 49_1931
9338 51 93 937
1931 11-N 9338 Sale 9318
25-year gold 4s
•
-12
'
Fer3Wes
8)3
By 1st 30-yr s t 4s_'37 J-J
Philippine
9311
9258
1931 M-N ___ -___ 9258 Apr '12 __
Registered
•
1940 A-0 113 ___ 11214 Dec '11
____ ______ _--- Pitts Sh & L E 1st g 59
Ka A & G R 1st gu o 59.1938 J-J 10838 _ ____
11014____ 11314 Nov'll
J-J
5s
1943
gold
consol
1st
_
_
Mch'll
11112
__
11112
J-J
_1934
Mahon 09 RR 1st 5s_
9812 36 977 9834
1997 J-J 9818 Sale 9818
D outing Co gen g 48
5
105
98 Apr '12
. • Pitts & L Erie 2d g 5s__a1928 A-0 105 Sale 105
9734 9814
1997 J-1 6714
-3-L, Registered
_ .„
6712 97 Apr '12
• Pitts MoK & Y 1st gu 0_1932 J-J 12112 ___ 13018 Jan '00 -----------97 9812
A-0
1951
4s
g
coil
Jersey
Cent
12314
12314
____
Mch'12
____
121
12314
1934 J-...e1
2d guaranteed 8s
J-J
1951
95
Atlan
gu
City
g
.
_
McKees & B V lst g 69_1918 J-J 108
-- if
86 8614
-5
-8
1947
-li ____ ill iii at Jo & Gr Isi 1st g 4s
1931 51-S 111 fig- iii Jail'
Miohigan Central 5s
11578 11958
L &San Fran gen g 6s 1931 J-J 11878 11912 11038 Apr '12
_ -„1931 Q-M 109 112 119 J'ne'06
Registered
108
10712
Mch'12
10812
10718
10712
1931
J-J
gold-5s
General
98
98
99 98 Apr '12 _
1940 J-J
49
•
88 8814
St L & S F RR cons g 4s_1096 J-J 86 913. 88I Feb '12
1940 J-J :.-- ..*. 9812Noy'll .___ ___ ____
Registered
10 8739 8812
AI-N
_1927
yr
15-20
Gen
_
.
.._
__,
J'ne
90
'08
834
J L & S 1st gold 3 1.is_1951 52-S _____
•
9812 B
80
.10
ale
__
734 OctOct8'11
Southw Div 1st g 5a 1947 A-0 88
861-2,/863,
1952 M-N 8658 • _1! 8612 Meh'12
1st gold 33-s
•
7914 10 -id- "Hsi
1951 J-J 7914 Sale 79
Refunding g 48
1 90 9151
9012
20-year debenture 4s_1929 A-0 9012 -9118 9013 100
8034
J-J
Mch'll
1951
----•
—
Registered
997.10(7,
2
100
Inn
ow.
A-fla
in,/
Ass
la...
T.
Q.
nhi,..e..
, ,,,, v
MISCELLANEOUS BONDS—Continued on Next Page.
....
Gas and Electric Light
____ 105 10512
Kings Co El L & P g 59----1937 A-0...... 105 Mch'12
11512 1-17
_ 117 Apr'12
1997 A-0 1163-4
Purchase money 6s
.11818 Dec '1]
93
1922 M-S
Convertible deb 68
-8812 De0 '11 ---- ---- --_
• Ed El Il Bkn 1st con g 49_1939 J-J ------3 102 103
Lab Gas L of St L 1st g 59_01919 Q-F 10212 Sale 10214 10212
1934 A-0 1011g 10114 10114 10111 25 101 10158
Ref and ext 1st g Is
8978 90
1927 M-N 8971{ 9012 90 Feb '12
Milwaukee Gas L 1st 4s
1 10614 1064
10814
1948 J-1) 10614 ____ 1061A
Newark Con Gas g 5s
N Y G E L H dc l' g 53.-1948 5-13 103% Sale 103% 10358 29 1025810414
894 17 8814 8918
Purchase money g 4s_ - 1949 F-A 8812 89 8838
1995 J-J ____ 11238 1134 Mch'12 ___ 112411318
Ed El III 1st cons g 5s
NY & Q El L&P lat con g 55_1930 F-A 10114 ____ 10212 Meh'12 ....._ 102 10212
__
N Y & Rich Gas 1st g 5s_ _1921 M-N _ -- -___ 9212fly '09
Pacific G & El Co Cal CI &-E
9614 28 94 9614
Corp unifying & ref 53_1937 11I-N 964 Sale 95
____ ----- ____
___Pat & Passaic CI & E ISL.-1949 M-S 100
t„ *No price Friday; latest bid and asked.
Gas and Electric Light
Peo Gas dc 0 1st con g 6s-1943 A-0
1947 M-S
Refunding gold Is
1947 M-S
Registered
Ch G-L & Cite 1st gu g 59_1937 J-J
Con G Co of Ch 1st gu g 5s1936 .1*-1)
Ind Nat Gas & 011 30-yr 59 '36 M-N
Mu Fuel Gas 1st gu g 5s 1947 M-N
1947 M-N
Registered
Philadelphia Co cony 59-1919 F-A
Syracuse Lighting 1st g 59_1951 J-D
1954 .1.-J
Syracuse L & P 5s
Trenton G & E 1st g 5s......_1949 M-S
Union Eleo L & P 1st g 5s 1932 M-S
1933 Al-N
Ref & ext 5s
Utica El L & P 1st g 53—.1950 J -J
1957 J-J
Utica Gas de E ref 5s
Westchester LIght'g g 55-1950 .1-1)
a Due Jan. b Duo Feb. •Due May
g Due Juno.
..—
11614 Apr '12 ...... 1164 11712
1017 102
1017g 102 102 Apr '12
_ 103 Feb '09 ---------—_
6 103 104
10312 Sale 10312 10312
____ 10334 102 Nov'll -- ---..
8912 02 03 Mch'12 ____ 93 93
10034 _-- 10114 Mehl2 __ 10058 10114
____ --- -- "-"-- --'
10334 106 109 Feb 2 ____ 107 1011
10012 ____ 101 Deo '11 __ ____ __,
J'ne'll
---- ---- —,
85 ___ 81
102l4___.. 109 Feb '01 ---- ---- —.
____ 101 101
'12
Apr
101
___
101
9612 9714 0612 Apr '12 ____ 9612 9E
--,, ---- ---- --10312-- --__
4 Deo '11.
_ 1001101
2 if14410t
.614 10434 10434
10434 10
h Duo July. p Duo Nov. •Option sale.
APR. 27 1912
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 28.
New York Bond Record—Concluded—Page 4
Price
Friday
Airril 26.
Range
Since
Jan, 1.
Week's
Range or
Last Salo
High No.
Bid
Ask Low
St L & San Fran (Con)
117 11712 Apr '12 ---_
KC Ft S &M con g 68_1928 11-N
80
44
8 Sale 7978
C Ft S & M Ry ref g 48_193 A-0 7971036 A-0 -- 79 Sep '10
Reestered
KC&11111&B 1st gu 5s_1929 A-0 9858 _ _ 10014 Dec '09
9973 Apr '12
Ozark & Ch C 1st U 58 g_1912 A-0 9934 100
9218 14
St L S W 1st g 48 bd ctfs_ _1989 111-N 9158 02 92
8112 82 82 Apr '12 ---2d g 4s Inc bond ctfs____p1989 J -J
84
151
1932 J -D 8358 Sale 83
_Consol gold 48
10118 Apr '07 _
-Gray's Pt Ter 1st gu g 58_1947 J -D 9734
8634 -10
- 8012
S A & A Pass 1st gu g 4s__ _1943 J-J 88,4 804
101 Oct '09
SF &NP 1st sink f g 58_1919 J -J 10378 _ _
87 Apr '12
1950 A-0
Seaboard Air Line g 4s
?
8712
8712
1950
A-0
Gold 4s stamped
1950 A-0
Registered
13
o1949 F- A "lid" ..ttiJ §(1 Adjustment Is
8178 —1.86
1959 A-0 ____ 81% 8178
Refunding 43
88
2
S 8713 8958 88
Ati-Birm 30-yr 1st g 48_e1933
9212 98 9312 Apr '12 ---Car Cent 1st con g 48_ _1949 J-J
103 May'll
1918 J-J 10178 _ _
Fla Cen & Pen 1st g 5s
lit land gr ext g 5s___ _1930 J -J 103
_
1943 J-J 107
Consol gold 5s
MP
c-rh-:12
10614 10735 113-4 A
Ga 3: Ala Ity 1st con 58_01945 J Ga Car & No 1st gu g 53_1929 - J 10334 106 10534 Feb '12 —
10618
Feb
'12
10558
J
10714
J
1926
58
&
Roo.
1st
Scab
Southern Pacific Co—
9134 57
Gold 4s (Cent Pac coil) _1c1049 J-D 9114 Sale 9113
Ic1949 J-D 89 9114 9112 Nov'll
Registered
125
01929 M- S 98 Sale
20-year cony 4s
1)5
5114
2
4
96
512
Cent Pac 1st ref Cu g 4s_ _1949 F-A 04% Sale 9
Registered
1949 F-A 9512 9618 97 Feb '10
7
9,
0172
8
Mort guar gold 3 34s_ _k1929 J-D 0034 9114 103047384
Through St L 1st gu 48.1954 A-0 ____ 924 9278 Feb '12
_ 10614 107 Mch'12
Gil &SAM &P 1st 58.1931 M-N
Feb
Gila V G & N 1st gu g 5s_1924 .11-N lOi 10412
e p 128
2 Jan
Hous E & W
1st g 5s 1933 M-N 10411 10514 10413
1st guar 58 red
1933 M-N 10.114 10514 10414 Feb '12
H & c 1st g 58 int gu_ _1937 J-J 109_ 110 Apr '12
_ f618 1071 S
Consol g Os Int guar 1912 A-0 _
1
Gen gold 4s Int guar.. 1921 A-0 (453 _ _ _ 0518 Apr '12
Waco & N W div 1st g Os'30 111-N 11412 118 11914 W1110
412
1
,
i
s
Feb
e
1
7
2
1
1
1
0
100
_
_
_
_
J
-J
_1941
__
A & N W 1st gu g 5s_
Morgan's La & T 1st 7s_1918 A-0 11214
111 Mch'll
1920 J-J
1st gold 68
1912 A-0
gu 4s g
N Y Tex &
110141145 112 Feb '07
1938 A-0 ---:
No of Cal guar g 5s
017
1
ivilayy:
16
2 J
Ore & Cal 1st guar g 5s....1927 J-J 10114 _ _ _ _ 1()
11034
_
M-N
_1937
of
Cal—Go
g Is
So Pac
9112
90 J'ly '09
So Paz Coast 1st go 43 g_1937 J-J
_ 9078 0038 9038 2
San Fran Terml 1st 48_11)50 A-0
10034 111c14.12
Tex & NO Sab Div 1st g 6s'12 M-S 16612
7-o
lg 10158 May'll
1943 J-J
Con gold Is
6.1 8 Sale 9478
95,8 119
1955 J-J
110 Pac RR 1st ref 4s
10734 :3
Southern 1st consol g Is._ _1994 J -J 10738 10758 10738
105 Sep '11
Registered
1994 J-J
7878 141
Develop & gen 4s Ser A_1956 A-0 7858 Sale 7858
2
8718
Mob Fe Ohio colt tr g 4s_ _1938 51-S 8718 8734 8718
4 -...
012
8)
1 Feb0'1
Iletn Div 1st g 4 3i-5s__ _1996 J-J 10918 110 11134
8914 8034
5
1951 J-J
St Louts div 1st g 4s
1918 J-J 10734 10934 10778 Nov'10
Ala Ccn It 1st g 68
0012 Nov'll
8818 00
1048 J-J
Ati & Danv 1st g 4s
__ 8234 8214 Feb '12
1048 J-J
2d 48
Atl & Yad 1st g guar 4s_1949 A-0 86 89
1918 J-J 10512 106 10534 Dec'11
Col & Grcenv 1st Os
108
4
1930 J-J 10778 10818 108
E '1' Va & Ga Div g 5s
11134 13
Con 1st gold Is
1056 11- N 11134 Sale 11118
1938 111- S 10534 ..,,- 106 Mch'12
13 Ten reor lien g Is
'II
Dec
67
1946 A-0 6412 72
Ga Midland 1st as
11278 Mch'12
1922 J-J 11258
Ga Pac Sty 1st g Os
114
4
1925 J - J 114 115l 114
Knox & Ohio 1st g Os
_ 10512 Nov'10
Mob & 13Ir prior lien g 5s_1945 J -J 10418
78 ____ 78 Dec '11
1945 J-J
Mortgage gold 4s
Rich & Dan con g Os_ __ _191 5 J-J 10133 _ _ 10414 Apr '12
10434 Apr '12
1027 A-0 10114
Deb 58 stamped
_ _ 71 Mch'll
Rich & Meek 1st g 4s_ __ _1948 M- N 7214
So Car & Ga 1st g 5s.._ _ _1019 /11-N 10234 10314 10234 Apr '12
1
1 6
10414 O
J,ente :0
112
Virginia Mid scr C 68_ _ _ _1916 11- S 105 .._
Series D 4-58
1921 hl- S 10334 Series I:
, Is
1926 Al- S 10618 1075-8 100 Mch'll
Series P 58
1931 il-s 10512 - - - - 105 J'ne'10
10814 111ch'12
General 5s
1936 M-N 10814 •1
'
7113
71, 1y9
,
108123.
Va & So'w't 1st gu 58_2003 J -J
1st cons 50-year 5s_ _1958 A-0 97 9712
go
Mch
9113
W 0 & W 1st cy gu 4s_ _ _1924 F-A
10314 Mch'12
West N C lit con g 68_ _1914 J-J 103
_
103
. 10212 Apr '11
okone Internat 1st g 5s_ _1955 J-J 10112 .
r er A of St L 1st g 4 3•68_ _1930 A-0 10478 106 1(15 Meh'12 _
1
1st con gold 53.._ _1894-1944 F-A 11134 112 11212 11212
9414 9)3 9434
9434 17
1953 J-J
Gen refund. s f g 48
10813 Feb '11
St L M Bge Ter gu g 58_ _1930 A-0 10618
818
15
00
818
50
2000 J-D 108 lod7-8 10
Tex & Pac 1st gold 5s
1
02000 Mel) 50 59
2d gold Inc 5s
9912 Apr '11
1931 .1-J 100
La Div 13 L 1st g 5s
106)2 Nov'04
W Rio W & N W 1st gu 5s_'30 F-A
10858
1935 J-J 10812 109 10858
2
Tol & 0 C 1st g 58
_ 112 Sep '09
1935 A-0 108
Western Div 1st g 5s
,2
12 _ _
312 Meh
102
1035 J -D 103 10112 ,
General gold 5s
5
1090 A-0 02 Sale
Kan & let 1st U g 4s
1927 J -J
0814
9814 9834 9814
2d 20-year 58
9458 9518 9418 Apr '12
10 17 J-J
Tol P & W 1st gold 9s
2
1'3112
8614 _
80 Mc10
J -J
TOI St L & W pr lien g 3 ,6 s,.1925 1050 A-0
63 'Sale
63
50-year gold 4s
75 75 Nov'll
1917 F-A _
Coll tr 4s g Ser A
Tor Ham & Buff 1st g 4s_h1046 J -D 8034 _ _ _ 8973 Apr '12
lster & Del 1st con g 5s_ _1928 J -I) 103 ___ 106 Apr '12
8512 Dec '11
1952 A-0 8513 ..
1st refund w 4s
214 42
112 100
Union Pacific—Gold 48_ _ _ _1947 J -J 10113 Sale 100
10
1947 J-J 100 Sale
Registered
10358 111
1927 J-J 10314 Sale 10278
20-year cony 45
02008 11-S 0014 Sale 9614
1st & ref 48
9613 38
Ore Ity & Nay con g 48_ _1946 J -D ____ 9578 9538 Apr '12
Ore Short Line 1st g Os_ _1922 F-A 11258 Sale 11233 11258
194 J-J 11038 11034 11012 11012
8
lit consol g Is
94
1029 J-1)
24
_ 9413 9312
Guar refund 4s
Utah & Nor gold 5s__ _1920 J -J 10E13 _ _ _ _ 108 MaY'll
1033 J-J
0218 _
lit extended 48
94 67 -665; Meh'12 ._—
NTandalla cons g 4s Scr A_1955
V
Consol 4s Series 13___ _1957 SI-N 9538 9618 0712 Apr '12
Vera Cruz & P 1st gu 4 3,03_1934 J-J ____ 98 03 .Nov'll
y
u
N.
BONDS
Y. STOCK EXCHANGE
Week Ending April 28.
'I's
Price
t•
. April 20.(3
...,a.
bow High
Wabash 1st gold 5s
117 118
1939 M-N
2d gold Is
7934 8012 IV
1939 F-A
Debenture Series 11
1939 J-J
1st lien equips fd g 5s
1921 M- S
1st lien 50-yr g term 4s_ _1954 J-J
-66.14 RIO
1st ref and cat g 4s
01 9213
1956 J - J
Equit Trdst Co ctfs
8034 82
Do Stamped
79 8413
-Det & Ch Ext 1st g 5s__1941 -3_.1
Des Moin Div 1st g 4s__ _1930 J-J
-8614 8734
Om Div 1st g 35s
A-0
Tol & Ch Div 1st g 4s
-di- -di9111 M-S
194
8713 90 'Nab Pitts Term 1st g 4s
1954 .1
_ ....)_
-1Cent & Old Col Tr Co certfs_ _ ____
Columbia Tr Co ctfs
70 8414
Col Tr ctfs for Cent Tr ctfs
81 83
2d gold 4s
88 00
1914 -.11-15
Trust Co certfs
9234 9313
Wash Terml 1st gu 3 348_1945 F-A
1st
40-yr
guar 48
-_-_-_-_
F-A
West Maryland 1st g 4s
194
952
5 A-0
1063; 107-14 West N Y & Pa 1st g 5s 1937 J -J
1943 A-0
10512 10534 Gen gold 4s
Income Is
58 d11092463 Nov
10618 10618
Wheeling & L B 1st g
A-0
Wheel Div 151 gold 5s
1928 J-J
9118 9212
Exten & Imp gold 5s
1930 F-A
RR 1st consol 45
M-S
20-year equip s 58_1
'49 J-J
9
1922
Winston-Salem S B 1st 4s 1960 J - J
9012 9112 Wis Cent 50-yr 1st gen 4s 1049 • j
1st & refunding 4s
A-0
Sup&Dul div & ter m lit 41
89
'3
56
9 it-N
9
0
96-6
25E-3714.
;19109!727i10434 10434
Manufacturing and Industrial
10418 10118
1936 j_ j
10114 10114 Allis-Chalmers 1st 58
Am Ag Chem 1st c Is
5 A-0
918
192
110 110
Am Cot 011 ext 40
cl-F
Debenture Is
8 -9814
M-N
-6g1Am Hide &L 1st s f g 63_ 193
919
1 M-S
1925 A-0
10712 10713 Amer Ice Secur deb g Cs
Smelt Securities s f 68_1926 F-A
- - - - - Am
Am Spirits Mfg 1st g Os_ __ _1915 M-S
---Am Thread 1st col tr 4s___ _1919 J-J
____
Am Tobacco 40-yr g 6s
1944 A-0
Reglstcred
1944 A-0
Certificates of deposit
_
Gold 4s
1951 i'---A
Registered
-663-8 "91'
F-A
Certificates of deposit 19"
10034 10034
P Lorillard Co Is tem'pry bds_
58 temporary bonds
6-13-4 953
Ligg &Myers Tob Co7s tpy bds _--10738 10838
_
5s temporary bonds
7858 -763-4 Am Writg Paper 1st s f 5s__1919 J---J
..j
8512 8712 Bahlw Loco Works 1st 5s_ _1940 11.11-N
Beth Steel 1st ext s f 5s_ _ _ _1928
10814 111
8858 0014 Cent Leather 20-year g 58_1925 A-0
Consol Tobacco g 4s
F-A
Registered
F-A
4 Corn Prod Itef 8 f g Is
111-N
.21
8214 -8
1st 21-year 8 f 5s
M-N
_
Cuban-Amer Sugar coll tr 08111119
983355
18
4111 A-0
99
10734 id;14 Distil Sec Cor cony 1st g 5s1927 4-0
11084 11131 E 1(1,1 Pont Powder 41s_1936 J-D
10534 ma Gen Electric deb g 3 As
1942 F-A
10-yr g deb 5s
J -D
11258 11278 Gen'i Motors 1st lien Os
915
191
7 4-0
Ill Steel deb 4 30:
114 115
1940 A-0
Indiana Steel 1st Is (rects) 1952 M-N
lilt Paper Co 1st con g 68_1918 F-A
Consol cony s i g Is
1923,5 J-J
19
10414 10434
St-S
101 10434 Int St Pump 1st s 1 Is
Lackaw Steel 1st g 58
1923 A-0
1st con Is Series A
10254 104
M-S
5-year convertible 5s_ _1
955 )I-S
1919
_
Mexican Petrol Ltd cnv 68A '21 4-0
Nat Enam & Stpg 1st 5s__ _1929 J -D
National Tube 1st 55 rects_1352 it-N
ig14 N Y Air Brake 1st cony Os_ _1928 .11-N
Fly Steel Spgs 1st s f 5s_ _ _ _1921 J-J
-661; -073-4 Repub I & S lst&col tr 5s_ _1934 4-0
10-30-year 5s s 1
1940 A-0
1930 M-N
10
9314
9 103
9912 Standard Milling 1st 5s_
The Texas Co cony deb 6s_ _1931 J....1
J -J
Union Bag & Paper 1st 5s_ _1930
l
ti eta
1930
11218 11212 St
ptieldCo s f deb g 68__ _1913 iffg
9412 16 U
U S Realty & I cony deb g 58.'2.1 J-J
1641'8 iioaf2 Ii S Sled & Refg 1st g 6s 1931 S-J
U S Rubber 10-yr coil tr 68_1918 J-D
5
Registered
1918 J-D
-_
U S Steel Corp—Jcoup ___d1963 M-N
_ _d1963 M-N
S 10-60-yr 5sireg
10818 10912
Va-Car Chem 1st 15-yr 5s.._1923 J-D
103 104
West Electric 1st Is Dec 1922 J-J
9134 9212 Westinghouse E &,M s f 58_1931 J - J
10-year coil tr notes 5s 191 7 A-0
9814 9918
9314 9414
86 8712
Telegraph & Telephone
63 6958 Am Telep & Tel coil tr 4s_ _1929 J - J
_
Convertible 48
11I-S
8912 9J12 Chicago Telephone 1st 58_193
1926
3
Commercial Cable 1st g 48_2397 e)10578 106
-1
1
Registered
2397 Q-J
10038 10214 Keystone Telephone lit 5s1935 ..1-J
0912 10178 Metropol Tel & Tel 151 s t Ss 1918 111-N
Mich State Tele') 1st 5s_ _ _1924 F-A
10112101
9614 9778 NY &NJ Telephone Is g_1920 11I-N
9514 9613 NY Telep 1st & gen f 4 ;.is 1939 M-N
11258 1133.4 Pac Tel & Tel 1st Is
1937 J-J
West Union col tr cur Cs__ _1038 J-J
11014 112
Fcl and real est g 4 ;is__ _1930 M-N
9313 0534
1936 111-N
Cony 48, series A
Registered
1930 M-N
1941 M-N
Mut tin Tel gu cat 5s
9658 0658
07
• Northwest Tel gu 4 3i).: g_1934 J -J
9712
-1
1171
Range
Q. NE .5 Since
Jan. 1.
re
-High No. Low High
Ask Low
Bid
10712 20 10412 10778
10712 Sale 107
9912 46 98 100
0913 Sale 1812
1 100 100
100
90 100 100
1 99 100
99
9712 ____ 99
80 ---- 83 Dec '10 ____
.12
- -dgi
6538 734 -g8
6458 Sale 6314
6314 6112 Apr '12 ____ 6
50
914
2 62
13
18
2
6234 Sale 6114
6334 430
()7
;1.
2
106 _ _ _ _ 10612 Mch'12_ __ 10
1_2(
_:
6 l_i
79 8018 8112 May'll _
7013 ___ 7012 Mch'12 2_
_ 7234 8312
1
8313 Mch'12
--------3914 Apr '12 _ _ 38 3914
36 38 3712
3812 45 3712 4214
4112
3712 3'7
3'712 12 37
40
__ _ _
1
_ 3 - -2-- Ap-r-'U 2-2
- -2.58 Sale
212
258 22
178 3
.
8612 --- 8738 Oct '11
9718 ____ 974 Mch'12 __ 1-6
0i
73
14
3
- 1-0
6i
83
14
8
8714 Sale 87
8713 48 87 8814
10738 ____ 10812 Mch'12
8114 8818 8714 Apr '12.___ 8714 8812
:1?2
7 __ __ :
__ jo
.i.1_4 i
.dE _
i65.3-4 lOgl; 10
34
4 Apr
____ 104 111218 Nov'll ______
---- 10434 102 J'ne'10
_ ---- ---8314 851
985__._ 9812Feb '11
- _ _ _ 9232
4 9
85
1134
2
9
85
1314
2 --:3
8"
..t--,4 lg5:1-"2.
9318 Sale 9258
9318 34 9212 9333
---- - - - _
3 -911-2 ---i -611,"El;
9114 9134 -611Week's
Range or
Last Sale
6312 Sale 6312
0
6578 16
18
1
10214 Sale 102
10214 20
9818 9838 0818
9838 29
--- 95 9434 Apr '12 ___
091-2 9978 9934
0978 12
80 Sale 80
80
11
10478 255
10478 Sale 10413
100 101 10014
4
10014
9312 9412 9312 Apr '12 ___
1201 Sale 12012 12012
8
--------12012 Feb '12
12013 12012
iz'
ci
-6g1- -681
1 53
953518
3
---- ----_ 98
3
1
--- 9512 Apr '12
12178 'Sale 12158
12178 94
9538 Sale 95
12078 Sale 12038 12078 113
9412 Sale 9412
9434 112
8914 8934 80
8914 17
tt.
i..
e, 19
08
478 Feb '12 _iiii
10
9,
4 .
10134 10234
98 9812
9412 9512
99 100
7212 80
10212 10514
1004 101
9258 9312
11878 12112
11878 12138
11878 12112
78
8 9558
92
1174
9178 96_
11938 123o4
10966476814
11834 123
8934 96
8814 8q58
1095312118"
931:
13 10
,
2558
70 9134 9614
96 0614 9534
9614
---- 9512 9512 Apr '12
___ ---. 57 Nov'07 -_-_-_-_
97 Apr '12
9612 97
9534
---- 9558 9534
96 9634 9612 Apr '12 ____
7114 Sale 74
7412 88
8914 Sale 8914
8912 80
8318 ---- 83 Apr '12
__ ---- 159 Feb '12
9934 Sale 9058
100
-14
9212 Sale 9212
9234 70
10112 Sale 10138
10158 921
104 1045 104 Apr '12
8914 90 90
90
i
03 Sale 93
93
1
-,..... 9458 9458
9458
1
771-3 78 7712
7712
1
9118 Sale 9118
9138
2
9912 Sale 96
100
183
93 95 9413
9412
2
10114 Sale 10114
10138 171
99 100 99
99
11
9713 98 9712 Mch'12
104
1
10314 --,- 104
9212 Sate 9233
9234 32
88 Sale 8712
88
16
____
9858 Sale
„612 9412
9812 meh98172
8 28
95
9412 Meh'12 7.: —
101
-1
10078 101 101
89 8912 8834
89
24
-__ 50 50 Apr '12 _ _
4 Sale 10438
104310134 41
---- ----1031 Jan '10
- S'a-l-e- 1024
1E18
10238 -2
-1)L
10212 Sale 10178
10212 11
9978 21
9978 Sale 9934
10212 10234 10212
10234
9514 _ .2_16
6_
9514 Sale g5
9612 98 98 Apr '12
9034 Sale 9034
116 Sale 115
9078
11618
-951
4 -97-94
9(312
9614 9712
7158 7814
8478 0212
82 83)8
15313159
981i 10078
9213 9231
101 10153
10312 10431
8112 9154
9134 9312
97
14
77 8212
9034 9234
95 100
9334 9412
10058 10112
97 100
9712 0814
1024 104
0034 9338
8712 8834
9412 99
igiiig112
8712 90
50
412
9
50
4 9
10334 105
-04-1;
101-3-4 1.
10158 101
18
99:
29172
81 11
31118
4
31 90 9118
79 10834 11658
gii2
2 11
1\110
111 :::: -ii1-2 -01-di- -8-61-2 -83
2
-82
-- - -ii - 82 Feb '12
-ii - -ii10278 10314 103 Feb '12
100 10014 10014 Apr'12 :...._ 1193
00 193
01
....,.
102 .,..._ 10314 May'll
10018 Sale 100
10018 -51 100 - 10078
100 Sale 100
10014 66 9878 10012
____ 10314 10212 10212
2 101 10312
0812 Sale 98
9812 23 9714 10012
105 105 Feb '12 ___ 10458 105
---- ----103 Feb '11 ____-10138 _... 101 J'ne'11
95 —_ 103 J'iy '04 ------------
MISCELLANEOUS BONDS—Concluded
Coal & Iron
Buff & Susq Iron s f 5s_ _ _ _1932 J-D
a192 M-S
Debenture 55
Col 1,& I Co gen s f g 6s____1943 F-A
1019 M-N
Col Fuel gen Os
Col Indus 1st h coll 5s gu_ _1931 P-A
Cons Ind Coal Me 1st 58_1935 JD
Cons Coat of Md 1st & ref 35 1950 J-D
Cr lily Coal & C 1st g 68-81919 A-0
Kan 414 II C & C 1st s f g 58_1951 J - J
'Pocall Con Collier 1st s f 5s_1957 J-J
1955 J-J
St L Rock Mt & P 1st 5
1951 5- J
Tenn Coal gen Is
Birm Div 1st consol (38_1917 J-J
a1917 4-0
''• Tenn Div 1st g Gs
Cab 0 M Co lit Cu g 68_ _1922 J-1)
1931 11- S
'tah Fuel 1st g Is
1953 J-J
,Victor Fuel 1st 8 f 58
!'t a Iron Coal Fe Coke 1st g 581949 M-S
117 —__ 07 Feb '11
88
01 Nov'll
100 102 10013 100
3
10031 10812 10734 Jan '12
7612 Sale 70
7634 18
____
85 J'ne'11
9312 ____ 91 Dec '11 ____
94 ____ 10258 Apr '06 ___
16 9812 9813 Apr '12 ... __
89 8912 89
8914 27
8914 Sale 83
(1414 25
10214 1031, 10214
10214
1
10312 105 10312 Apr '12 ___
10313 106 1(34 Apr '12 ... _
-- 110 . 110 Jan '09 __
— — —.86 -ii/14 Ma-i'li _
9613 Sale 9613
9612
3
idci" 16638
10734 10734
7213 77
__ - _ _ _ _
__
-97371 -6i1-2
8112 8914
7934 8.114
10218 1034.
10312 10.118
103 104
.._ _ _ __._
96
9812
Miscellaneous
5 80 8818
8813
M-S 8612 Sale 8012
Adams Ex coil tr g 4s
27 9158 9214
92
Armour & Co 1st real est 4 54s '30 J -D 9134 Sale 9134
1952 A-0 89 90 9014 Apr '12 ____ 8914 92
Bush Terminal 1st 4s
97
1 97 99
1955
Consol 5s
90
7
112 13
J -- i 134
9037 S17(.1
13034 17 116 13034
Chino Copper 1st cony 63_1921 j
16 J'ne'11
1919
Comstock Tunnel Inc 4s
Irrigation Wks & D of A 4 %s'43 SE-N -_-_-_-_ -62— 9318 Nov '11 ---- - - - - - --A:0
(3 ..6
g.5
618
..2S
....l
a..
.e 6
8
,
3 Ap 6512 515 -di" -f6Int Mercan Marine 4 363_1922 l.
.
8 79 8214
r8,011 _ ..4
In), Navigation 1st s f Is_ _1929 F-A __-- 80 79
Mge 13ond (N Y) ser 2-4s_ _1000
- -- - - - -893 9112 Nov'11
Morris & Co 1st s f 4 y,s_ _ _ _1939
8512
N Y Dock 50-yr 1st g 48__ _1951 F- A 85 87 84 Apr '12
1932 J -J 10012 Sale 102 Apr'11
-.-_
Niag Falls Pow 1st 58
-_Refunding & gen Os_ _ _a1932 A-0
1945s
Ontario Transmission
50
9 A-N____________—_____._—_--O 3433 iiJ E8
5412 ii) 6i2 6413
93
Pub Serv Corp N J gcn 58_19
10012 Sep '05 _
J -J 87
St Jos Stk Yds g 4 3..is
___027id"
--g-i_---8
103 Mch' _________
1J
Wash Water Pow 1st 58_1939 -J 100
?No price Friday; latest bid and asked aDue Jan dDue April eDue May 0Duc June /iDue July kDue Aug oDue Oct dDue Nov qDue Dec sOptlon sale
CHICAGO STOC:C EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST BARE PRICES.
Saturday
April 20
Morytay
April 22
38
56
;
33
*10
*5
*18
*48
*812
*43
98
311f
101:
II
20
50
9
48
*93
3312
10
514
*18
*48
9
*40
38
Tuesday
April 23
3778 3778
96
3312 3358
10
10
512 *41.
*18 20
*48
50
g
*812
*40
50
98
34
10
512
20
50
9
50
Wednosday
April 24
90
*90
*93
34
*10
*5
*18
*48
9
*40
TAursday
April 25
Friday
April 26
42
*38
42
*38
40
93
03
93
93
93
Last Sale 05 Apr'12
96
3378 3372 3312 331:
34
10
1014 10
101 1 *10
51: *5
*5
511
6
Last Sale 19 Apr'12
20
Last Sale 4918 Apr'12
50
9
9
81.3 9
9
Last Sale 46 Apelf
50
Scua
of me
Week
Snares.
STOCKS
CHICAGO STOCK
A
EXCHNGE
Range for Year 1012.
Lowest.
Railroads
171 Chicago Elev Rys cont___
Do pref
58
Chic Rys part ctf "1"
758 Chit, Rys part ctf "2"
75 Chic Rys part ett "3"
203 Chic Rys part ctf "4"
Kansas City fly & Lt_100
Do pref...__100
05 Streets W Stable C-L_100
100
Do prcf
Highest.
32 Mch 10 90 Ape 24
91 Jan 5 9334 Jan 20
93 Apr 9 10438 Jan 13
3318 Mch S 38 Jan 9
9 Mc1i22 11 Jan 12
578 Jan 13
412 Mch 11
19 Mch 11 2012 tan 4
90 Apr 3 6012 Jan 19
1178 Apr 10
6 Mch 28
35 Jan 30 46 Apr 10
Miscerlineous
100 1112 Jan 2 3013 Apr 26
3812 3918 2,150 American Can
3014 39
36
100 91 Feb 1 117 Apr 15
Do pref
855
11014 11638 11636 117 117
Amerioan Radiator_ 160 325 Feb 1 335 Mch26
Last Sale 335 Mch'12
___
Do pref
100 131 Jan 15 133 Feb 6
Last Sale 130 Feb'12
_ _
59
59
*56
20 Amer Shipbuilding__ _100 47 Mch 19 59 Apr 11
-51 *56
Last Sale 10212Apr'12
Do prof
100 100 Feb b 10418 Jan 18
104
130 Jan 11 14873 Mch 17
50 Amer Teiep & Teieg
1461: *147 14732 14714 14714
52
39 Mob 14 54 Apr 2,6
54
52
51
965 Booth Fisheries com
50
4312 Feb 28 50 Jan 9
Last Sale 47 Apr'12
Voting trust ctf
77 Me1119 8433 Apr 26
Do
86
8838
1st
86
2,582
pref
8518
8I-a3IS;8372
IS;35;
4
8
170
541: -..
52
600 Cal & Chic Canal & D_100 49 Feb 1, 5412 Apr 25
50
50
50
5) *48
*48
50
*48
4812 *48 9812
55 Chit, Pneumatic Tool_100 44 Mch 1/. 51 N1ch27
981: 4812 481, .4.8
4712 4712 *4734 45." *48
Last Salc 195 Meh'12
Chicago Telephone___100 13712 Jan 4 145 Mch 9
Last Salt 103 Apr'12
Chicago Title & Trust.100 184 Jan 4 19814 Jan 9
3- fig- *165- 19-5
*No- 1IS- *55- 1-9-S- 4.5.___
_
196 196
403 Commonvv'th-Edison_100 13514 Jan 4 150 Meh 7
14612 147
146 147
1,16 196
19612 197
10 Feb 13 1718 Apr 26
18
7
1
1718
Corn Prod Ref Co com
171:
*1612
--75
-16
*1512
_
_
1513 1512
pref
do
Do
Last Sale 78
Jan'll
83
*82
100 106 Jan 2 11134 Feb 5
137 Diamond Match
10814 1081: 109 1-00. *10812 10012 10812 109
9 *10814 109
.
*108 1-0
275 Hart ShaOner & Marx pf_ 10038 Meh22 10212 Mch 8
101 1011:
101 101
10031 10034 101 10114 101 101
100 56 Jan 1 67 Apr 25
67
6012 if- 2,146 Illinois Brick
6312 6034 0318 6414 65
63
631
63
116 116': ___
_
125 Internat Harvester Co__ 208 Feb 14 118 Apr 17
117 117 - ------11713 1171: ____ _
134 Apr 29 9012 Jan 4
167 McCrum-Howell Co_ _100
4
21-4 -2-1234 234
4
134 -13212 212
215
2
3
*2
11 Mch 15 92 Jan 6
04
Do pref
____ . _
272
121, 1214 1234 1312 161: 14
1278 1276
100 143)2 Jan 15 154 Mch22
50 National Biscuit
---- -- *147 150 *147 150 *149 151 *149 151
150 150
100 126 Jan 15 129 men 9
Do pref
Last Sale 129 Meh'12
*127 129 *127 129 *127 129 *127 129
100 103 Mch 1 112 Jan 3 1
10434 11)5
105 110
545 National Carbon
105 105 *104 105
105 105
*103 105
100 115 Feb lb 120 Jan 2
Sal
Do pref
6 Apr'12
*118 120 *118 120 *118 120 *118 120
x 6614 Apr 26 x 07 Apr 22
752 Paciilc Gas & El Co
6638 6676 6612 661 ---------6614 663
6678 67
*6614 67
120
_
rights
3 05 Apr 23 x 65 Apr 23
_ ---Do
.65 .65 - ---- -------__
___. ____ ____ -_- .65 .65
921:
*91
491
9211
Do
...
preferred
920
*01
921:
*11
713 People's Gas L&Coke_100 10312 Jan 2 11334 Apr 25
109 113-34 112 11-3-34
10812 10812 10834 10871 109 109
*10814 100
z 9278 Apr 26 x 9912 Apr 24
*94
9414 9412 94
9418 9273 0338
130 Public Service corn
112 112
Bo rights __ ...... x 1 Apr 25 z 112 Apr 24
2,150
1
1
1
114
312
x105 Apr 26 310712 Apr 24
o preferred
---- ---- ---- ---_ 4i61 IA; Iowa 10712 ____ ____ 105 10012
: .7.59r2 1-0164 1.5::
150 Rumely Co, preferred_
22 9938 Apr 20 x 0053 Apr 20
0_ _ 9938 9958
16314 1633. 163 16414 iiir2 17-0-12 iagT4 1-7-1- 16012 17-4- 17253 17514 15,069 Sears-Roebuck com__100 140 Jan 6 17514 Apr 26
154
Do prof
100 12113 Jan 11 12412 Apr 18
12412 1240 124 12414 *124 12411 *124 12412 124 120
100 0834 Jan 2 10914 Apr 4
10414 1043; 109 1040 104 10414 1,0418 10418 104 10413 104 1114-18 1,066 Swift & Co
The Quaker Oats €o..100 215. Jan 15 275 Mch27
Last Sale 270 Apr'12
275 *265 275 0205 275
*270 275 .
66
100 10512 Jan 2 110 Jan 15
Do prof
--------10912 10912 10912 10912 10912 1091. ____ _ __
110 110
636 Union Carbide Co
3130 Apr 23 x14233 Apr 20
139 13912
31_,,.
139 139
139 139
14238 1421: 140 192
rights
x 312 Apr 23.3 312 Apr 23
Do
312 312 - 2 31: -------- 1,525
312 31.
__-_- --__
1; Apr 26
178 Jan,18
3-4 1,259 Unit Box lid & P Co_100
12
34
58
3,
53 l(33
7b
34
34
;14
34
8 Feb 13 7234 Apr 26
7132 7134 7234 1,135 United States Steel corn.. 58,
7135 7114 7173 71
7018 7015 71
7014 71
100 10 Jan 17 1473 Feb 7
Western Stone
Last Sale 12 Apr'12
1212
1212 *11
121, *11 .124 *11
*11
3438 3358 3512 3414 3512
33
11512 11536
11512 11512 11512 116
*350 ___ *350 -__ *350 _ _ _
_ _ *130 .. _ _
*130
*130
57*57 -58
57 -51 *56
*102 104 *102 104 *102 104
*14612 147 *14534 14614 *14534 14614
50
b48
50
50
50
*48
35
116
*354
*130
*56
*102
*146
50
Interest
Period
Price
Friday
April 26
Weelc's
Range or
Last Sale
B'ds
Sold
Range
for
Year 1912
ow
91158'H
High No. Lej
991ah
Ask Lou,
Bid
2114
J 29034 9112 91
Apr'12
Am Tel & Tel co1148_1929 J
9214 Apr'12
Armour & CO *54s__1939 J • D
8
8214 Apr'12
38214 214
Auto Eleo 1st M 68_1928
39618 9613
& r 58 '37 1-N 9578 9014 9618 Apr'12
Cal Gas&E1
Chicago City its, 5s_1927 F- A 510238 Sale 10238 10234 24 10212 103
9838
9838
9738 99
- J 29858 Sale
Chicago Elev By 58_1914
95
9434 Apr'12
96
0078 10114
92
204
Chic Poe fool 1st 58_411921 J
15
1927 P - A 210034 Sale 10034 101
Chic By 5s
97
24 96
97
9634 Sale
9634
Chlo Rya 5s _series "A" A 9614 9733
9633 Jan'12
Chic By 48...Eerles "A" A - 0
9158
9014 16 90
90
Chip Hys 4s-sertes "13" J - D -6(5" Sale
9334 9518
95 Apr'12
ChM itys 4s _series "C' F -A
100 100
Jan'12
100
Chic Rys coll 6s1913
8112 Apr' 2
Chic By Pr m M g 4s_c'27 .1 - J
56
7
5812 Sale
5812
Chic Rs Ad'/no 4s cl927 Mayl
873
472
4 10
14
210214 Sale 10214 10214 _70 10
5
683
014
Chic Telephone 5s____1923 J
9078 0158
Chl City& ConRysts_d1927 A-0 8938 9038 9078 Mch'12
9738 9038
- J 9912 9912 9933 Apr'12
Clcero Gas Co ref GM 1932
10314 Sale 10314 10312 28 10214 10334
Comthonw-Edison 5s.1943 fl10212 10334
210258 10314 10338 Apr'12
Commonw Elect 5801943 SI 0978 10034
Cudahy Pack 18tM53_1924 M -N 110014 10058 10038 Apr'12
12 107 11014
110
3110 Sale 100
Dla Match Con db 81_1020
2
39938 9934
/stLnotes'15 A-- 0 9938 10033 9934 Apr'12
Gen
5 310114 10112
Ind Steel 1st g 5s........1952 M - N 210112 Sale 10112 10112
1st g 63___19.28
'Do
x10038 10058
Int Har,3 yr 5% g notes'15 F - A 110033 10034 10058 Apr'12
310518 10518
10518 Apr'12
InI'd St'l 1st M g 6s_1928
Kan City ity & Light
8 0414 9914
97
N 296
0414 Apr'12
.......1913
Co a
89
8714 89
80
J 69 Sale
J
Lake St El-Ist
6 8434 853.1
8478
8434
8478 Sale
Metr W Side El 1st 4s1938 F - A
83
82)3
83
8 82
8273
8234
Extension g 4s____1938 J - J
310478 10478
MU El fly & List g 54 1926 F' - A 9514 9612 10978 Apr'12
95
J
305
95 Apr'12
do ref & eat 4 %s_1031 J
- D Cog" 96
do gen & ref 5s-1951
9014
91)
894
38934
Apr'12
N
M
4s__1927
4
3
9
3
.
-1
g
1st
Mil Gas Lt
, 2 8912 90
8912 Apr'l
8912 9014
.1
Morris cc Co.
310034 10114
Nat Tube 1st g 5a__ 1952 M - N 10034 10134 10114 Apr'12
310314 103)4
10314 Apr'12
Nor Sh El 1st g 5s___1922 A 310038 10038
do 1st & ref g 5s__1940 A - :OA folfri 10038 Apr'12
974 Apr'12
39718 9718
Nor Sh Gas of Ill 1st 58 '37 F - A
July'll
.
100
North West El 151 43... 1911 51
8 9978 51.31102
-553-4 1-66NW GL &Coke Co 5s1028 Q M 2-6554 g(1305
96 Apr'12
9534 9614
1945 It - N 294
Ogden Gas 58
9218
39178
Apr'12
9218
Pao gas & El ref g 58_1942 J - J
6 310018 10018
Pao T & T 1st col tr 58 1937 J - J 2100's Sale 10018 10018
10018 Mch'09
9812
1916 J - L
Pearsons-Taft 54
9612 Mch'10
--95
4.401
97 Feb'10
---96
-N
4.00s Series E
0814 Noy'll
9712
-N
4.80s Series F
Jan'12
11812118)2
11813
Peo Gas L & C 1st 63..1943 A - 0
10178 10214
jai% §-air; 10178 10178
'Refunding g 53.........1047
10314 10334
10338 Apr'12
Chic Gas L&C 1st 511937 J - J 110333 109
10218 103
Jan'12
Cons,um Gas 1st 53_1930 J - I) 2103 10312 1Q3
10112 10112
10112 Jan'12
Mut'l Fuel Gas Ist511947 11 N 210034
106
100
9912
100
x9634
2 9912 Sale
Pub Serv Co 1st ref g 5s '56
x100 100
Sou Bell T & T 1st tif 513'41 J - J 2100 10014 100 Apr'12
2 9412 9014
9412
9412
9412 Sale
South Side Eley 4 34s..1924 J - J
10014 10034
10012 M0h'12
Sllt & Co 1st g 5s___1914 J
J 210012
Tr -City fly & Lt coil tr
0814
x98
9814 Apr'12
1923 A - 0 298
lien s f 5s
80
85
85 Apr'12
UVn El (Loon) 53_1943 A • t. 2 7912 85
39073 9978
9978 Apr'19
U Gypsum 18t g 53 1922 AI - S 09 101
310212 10258
S Steel 10-60-yr sf g 5s_.
:10134 10278 10212 Apr'12
10214 103
J 210234 10312 103 Mch'12
Western Eiec Co 5s.... 1922 J
Note,-Accrued interest must be added to all Chicago b end prices.
2 94% 964
Lmest.
Ifigluld,
s
21 J'iy
32 Dec
85 Jrly
94 Nov
80 Apr 101 Aug
2034 May 3773 Dec
1212 Aug
8 May
412 Mob
712 Aug
25 Feb
15 Sep
7212 Feb
39 Sep
1314 Feb
7 Dec
50 Jan
38 Nov
9 Jan
1212 May
7673 Jan
93 Dec
265 Jan 304 Ocs
12612 Mob 133 Nov
"18 Nov
79 Feb
10612 Sep 113 May
13158 Aug 15214 Jrne
35 Apr
5914 Mch
5734 Mch
38 J'ne
8838 Dec
60 Sep
52 Feb
4912 Apr
5512 geb
3912 Sep
115 Jan 11114 Nov
15112 Jan 180 Dec
113 Jan 13738 J'ly
1538 J'ne
934 Oct
78 Jan
78 Jan
9212 Feb 11034 Nov
100 Sep 10334 Dec
4973 Sep
70 Jan
9914 Sep 120 May
07 Jan
3812 Nov
00 Oct
OS Feb
11714 Jan 14212 Dec
123 Jan 130 Mch
100 Aug 120 Mch
117 Sep 120 Mch
Sep
10858 Jan
12334 Sep
116 Sep
9734 Sep
165 Mch
10212 Feb
10234 Jan
122 Meh
101 J'ne
21'2 Dec
10712.1'1y
1 Dec
5012 Oct
13 Dec
7 Jan
81/8 Feb
25 Jan
191
Chicago Banks and Trust Companies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXOHANGE
Week:ending April 26
Ra::.g3 lor Previeus
Year 1911.
NAME
Surp.us
and
Profits
(2)
Diviaeru. liecora
Per- Lan Paid,
In 1 in
1910 1011 Sod
----- --$200,000 8168,130 Org. A pill 3 1011 V.92, p.1004
American State
An Jan '11,6
6
100,006
98,581
0
Calumet National
J-J Jan '11, 7
500,000
10
278,160 10
Chicago City
10
Q-J 51ch30 12 212
Conti'tal & Comm Nat.. 21,500,000 9,173.470
Q-J Apt '12,4
Corn Exchange National 3,000,000 x5,906,830 "IF
1.6
200,000
1,131 Beg. b uriday 31'1 1. 8'.02,01538
Douglas State
8
200,000
Drexel State
Q-J Apr '12, 112
55,034
Q-J Apr '12, 212
10
Drovers' Den National _
000,000
960,381. 10
Englewood State
63s Q4 Apr '12, 2
200,000
53,564
12 Q-51 Mch '124140
First Na,tional
12
10,000.000 x11 550724
Mch31'12 213
12
First Nat Englewood
150,000
203,168 10
Foreman Bros 13'k'g Co.. 1,000,000
Priv ate Da nk
536,917
Fort Dearborn National 2.000,000 3644,232
8
8
Q4 Apr *12, 2
(1)
1,500,000 1,335,692 8+2
Hibernian 13'k'g Ass'n _
(1) Q-J
400,000
J-J Dec30'11, 5
132,123 10+15 10
Kaspar State Bank_ _ _ _
11 V,11,2,p. 1004
200,000
15,441 Beg. b us Apr
Lake View State
287,778 [leg, b us. Ma '10 V.90, p51277
La Salle St National , 1,000,000
10 Q-M Ach3001,212
Live Stock Exclege Nat 1,250,000 3512,688 10
8
8
Q-J Mch3012,2
Nat Bank of Republic.. _ 2,000,000 x1,365,253
2,000,001) 3588,942
6
Q-J Apr, '12, 112
National City
Q-J Apr '12, 112
6
4
250,000
97,958
National Produce
200,000
7
634
72,250
North Avenue State
Q-J Apr '12, 134
50,000
6
Q-J Apr '12, 112
North Side State Sargs
36,931
5 ‘14 Apr '12, 112
200,000
4
North West State
32,304
934 Q-J Jan '12, 212
300,000
People's Stk Yds State_
7
145,092
w Prairie State
6 Q-1.1 Apr '12, 112
500,000
69,669
200,000
Second Security__......
3,557 Beg. b us.Nov 1' V.03, p.1235
sO (14 Apr '12, 112
414
400,000
Security
191;540
8 (114 Apr '12,2
200,000 2108,000
South Chicago Savings_
734
C/1.1 Apr '12, 112
6
200,000
South Side State
6
15,3411
12, Q-J Apr '12,3
12
State Bank of Chicago_ 1,500,000 ,200,588
-51 Mch 3tr 11, 2
8
250,000
Stock Yards Savings
203,337
6 M-N Nov '11,3
6
500,000
Union Bank of Chicago..
142,826
6
Q-J Apr '12, 112
Washington Park Nat'l
u9,820
100,000
-Id Deo31'08,112
10,078 None None
Wendeil State
50,000
8
Q-J Apr '12, 2
7;4
Je Central Tr Co of 111_ 3,500,000 1,524,579
6
Q . Apr '12,1112
6
234,115
Chicago Say Bk & Tr
1,000.000
Q-J Apr '12, 2
8
714
Chicago Title & Trust.. _ 5,000.000 12,031,511
10
Q4 Apr '12, 3
18,004
Citizens Trust & Savings
50,000
Colonial Trust & Saving
600,000 2173,683 8+2 8+2 Q-J Apr '12, 212
Cont & Comm Tr & Say, 3,000,000 1,222,180
8
834 Q-J Apr '12, 212
159,583
Drovers'Trust&Savings
200,000
16 Q-M Dec30'11, 4
First Trust & Sayings _ 5,000,000 21,646,208 12
213,094 ,Beg. b us.Apr 3' 11 V..92; p. 920
Ft.Dearborn Tr&Say Bk
250,000
50,000 Beg. b us.Apr 8'12 V.94,p, 1030.
Franklin Tr& Say Bank
200,000
91,486
234 Q-J Apr '12, 212
GreenebaumSonsBk & l'r 1,500,000
31,222
200,000
J-J Jan '12, 3
Guarantee Trust & Say_
Harris Trust & Savings _ 1,500,000 2,003,214 11+5 "iY Q-J Apr '12,3
60,138 Beg. b us Apr lu '1 1V.92.p.1001
300,000
Home Bank & Trust _
Illinois Trust & Savings 5,000,000 29.399,072 16+4 16+4
q Apr '12, 4
75,440 7+1.34
200,000
Kenwood Trust ap Savgs
Q-J Mch30'11134
200,000
Q-J Apr '12; 112
59,287
0
Lake View Trust'&Savga
534
15
Merchants' Loandar Co 3,000.000 26,492,518 12
Q-J Apr '12, 4
200,000
50,932 Beg. b us, Oct 29'1 0V91,p.1221
Michigan Ave Tr Co___
5110,000
Mid-City Tr & Say Bk_
76,665 Corn, b us. Ap r10' 11V92 p1004
Q-J 510130'11. 2
Northern Trust Co__ 1,500,000 22,644,159
8
8
J4 Jan '12. 4
250,000
North-Western Tr &Sav
6
117,794
8
y.92,p. 1537
50,000 Beg. b us J'ne
200,000
Old Coicny Tr & Say Bank
People's Tr 63 Say Bk__
101,270 _- -- Q-J Apr '12. 2
500,000
8
8
273,729
Q-J Apr '12, 2
300,000
Pullman Trust & Savgs _
200,000
32,502 Beg. b us. J'13, 12'O 9 Y.89,p.141
Sheridan Tr & Say Bank
Standard Tr & Savings_ 1,000,000
339,608 Ceram eased bus. Sept 6 1910
J4 Jan '12, 3
0
534
200,000
45,455
Stockmen's Trust & Say
1,200,000 1,928,925 18+2 0+2 Q-M bleh30'11,2
Union Trust Co
Apr '12, 2
8+2
6
400,000
West Side Tr&SayBank
59,647
Apr '12, 213
934
200,000
Woodlawn Tr JcSayBank
81,206
734
Sacs
(if
•fild and asked Prices: no sales were made on this day. 1Feb. 20 (close of business) for national banks and Feb. 21 (opening of business) for State nstitutions. I No
price Friday; latest price this week. S Sept. 1 1911. 1 Dividends not published. Stock all acquired by the Cont. & Comm. Nat. Bank. a Dim Dec. 31. 5 Due June.
Due.Feb. d Due Jan. 1. k Also 20% in stock. q Dividends are paid Q-J, with extra payments Q-F. s A dm of 50% paid in 1911 on Security Bank stock, to provide
capital for the new Second Security Bank, V. 93, p. 1235. t Dec. 30 1911. u March 19 1912. v 134% of this is a special dividend. to Prairie State Bank to be
merged trite tho Central Trust Co.; see V. 94. p. 957. x Sales reported beginning April 18. y Dae. 5 1011. z April 15 1912. z April 19 1912.
APR. 27 1912.
THE CHRONICLE
Volume of Business at Stock Exchanges
TRANSACTIONS Ar THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
April 26 1912.
Par Value.
Shares.
Railroad.
itc.,
Bonds.
231,505 .521,498,000
475,819 41,918,150
658,718 57,469,200
564,922 52,358,700
052,010 57,294,500
916,929 79,031,400
$20,000
84,000
31,000
120,000
65,000
69000
3,499,903 4309,569,950 513.007.500
8389.000
Sales at
New York Stock
Exchange.
Stocks-No. shares_ _
Par value
Bank shares, par
Bondi.
Government bonds_ _
State 1,onds
RR.and.misc. bonds_
U. S.
Bonds.
$1,532,500
2,222,000
2,269,000
2,347,500
2,032,500
2,574.000
Saturday
Monday
Tuesday
NVednesday
Thursday
Friday
Total
Stab
Bonds.
Week ending April 26.
1912.
1911.
$25,000
1,000
57,000
8,000
$91,000
Jan. 1 to April 26.
1911.
1912.
32,560,223
46,891,730
1,789,060
3,490,903
$309,569,950 3157.305,250 154,139,242,850 22,831,575,900
$9,300
$5,300
$282,200
$833,000
$3,20-6,500
14,290,000
8827,500
8,095,000
284,667,500
0122,000
43,360,000
240,446,000
$13,487,500 817,556,500
$293,591,000
$283,934,000
$91,000
389,000
13,007,500
Total bonds
DAILY TRANSACTIONS AT THE oosrox AND PHILADELPHIA
EXCHANGES.
Boston.
Week enging
Apri4 26 1912.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Listed
shares.
Unlisted
shares.
Philadelphia.
Bond
sales
Listed
shares.
Unlisted
shares.
Bond
sales.
16,54b
19,294
19,247
19,560
19,44h
24,454
18,255
21,104
24,299
30,610
90,628
27,719
$41,000
29,500
36,500
44,000
13,000
38,000
2,372
5,054
13,327
9,220
12,381
25,43b
3,283
9,259
6,304
6,870
6,850
13,610
$29,000
73,000
48,000
45,700
50,700
75,300
118,551
162,621
$202,000
67,792
46,176
$321,700
Inactive and Unlisted Securities
All bond prices are now -and Interest" except where marke'd "t."
1173
Ferry Compsni es-(Con.)
Bid Ask Indust and Miscell-(Cov.) Ltia Ask
NY&ER Ferry stock..100
*47;
gig
British Col Copper Co _,l
8
15
1st Is 1922
51-N
45
214
45 Caseln Coot Amer com _100
231
N Y & Hob 5s May '46..J-t) 9912 100
53
Preferred
100 50
Hob Fy 1st 5s1946 M-N 104 -- __ Casualty Co of America_100 115 130
NY &NJ 5s 1946_ _J-J 97
100 140 145
Celluloid Co
10th * 23d Sts Ferry_ 100 25
53
35 City investing Co
100 51
1st mtge Si 1919
100 101
J-D
57
65
Preferred
Union Ferry stock
103 21
2412 e ClaLlin (II B) Co corn...19
0(
0
. 90 192
1st 5s 1920
96
92
5I-N
99
e lst preferred
100 89
Short-Term Notes
93
e 2d preferred
101 90
Amal Copper 5s 1913 A-0 10038 10058 Consul Car Heating__ ..100 591: 6212
halt & Ohio 43is 1913_J-D 10018 10018 Consol Rubber Tire__ 100
8
9
13ethleh etee$ 65 1914 M-N 103 10312
45
Preferred
100 90
Ches & Ohio 455s 1914 J-D
9914 9912
55
Debenture 45 1951_11-0 /60
Chic & Alton 5a 1913..M.11 9314 9934 e Crucible Steel corn
100 1218 1238
Chic Elev Rys 5s 1914Iid
9834 159
e Preferred
100 84
8414
CM Ham & D 45 1913 _
9912 100
144
Davis-Daly Copper Co___10
Erie tie April 8 1914A-08 10114 10112 e Diamond Match Co
100 10,81• 109
Coll 5s Oct 1 1914,, A-0 9958 9978 duPont(I) de Nem Pow 100 170 180
Loll Si April 1 1915_ _A-0 99
9914
e Preferred
100 9034 95
eGeneral Motors 6s '15.A&O 9934 10018
e Gold 435s 1936_ _ ....I-D 8814 8912
fludsln CompaniesEmpire Steel Jr Iron corn 100
5
10
(is Feb 1 1913
P-A
9958 100
Preferred
45
100 35
63 Oct 15 1913___A&015 9912 100 e General Chemical com_100 135 140
Int & Gt Nor 5s 1914 _F-A
Greeae_canane
e Preferred..
a
100 107 108
Inter Harvester 5s '15_P&A 10
90
73
142 100393144
914
2
K C Ry & Lt 6s 1912_51-S 97
9734 Guggenheim Explorn_100 225 230
Minn & St L g 5s 1913 P-A
94
96 e Hackensack Water CoMo Ran & Tex 5s 1913.M-N
9938 9978
Ref g 9s '52 op 1912_ J-J 86
Missouri Pacific 59 1914_J-D 9
97
5-34 9
99
614 Havana
Co _ _..100
3
Nat Rys of Hex 4 Ms'13.J-D
Preferred
12
100
6
eNYC Lines Eq 5s 1912-22 64.40 4.30
1st g 5s June 1 1922_J-D / 64
(57
4 Ms Jan 1913-1925_
b4.45 4.30 Recker-Jones-Jewell Milling
Jan
1913-1927_ _J-J b4.45 4.30
4055
1st 68
102
5 104
Y Cent 4 Ms 1914 _ _M-S 10038 10058 Herring-Hall
-Marvin _...M100
15
1922-8
9912 100
St L 41,S F 5s 1913 opt .1-D
Hoboken Land Jr Improve't
South Ry g 58 1913
P-A 10014 10012
1st 5s Nov 1930
5I-N 104
Wabash 455s 1913 __ M-N
94
97
flocking Val Products_100
1(1
9
Westingh'se El & M tis 1913 101 10012
1st g 5s 1901 ..
J-J
59
62
Houston 011 corn ctfs
e5% notes Oct 1917.A-0 9612 98
100 10
1012
Railroad
Pret ctfs
1234
e Chic & Alton com
2434 e Ingersoll-Rand com......101
100 21
10
62
1'4
1
e Preferred
40
e Preferred
100 35
100 97
e Chic St P M
Om__ _ _WO 137 140
Inspiration Consol Cop___2i, *1911 11114
e Preferred
Intercontin Rub corn, 100
100 150 100
171
18
95
Internal Banking Co.,,100 88
e Colo & South corn__ 100 44
92
e 1st preferred
International Nickel__ ,.100 292 100 76
100 75
e 2d preferred
.100 6612 72
Preferred .00
109
e N Y Chic & St L cons 100 5912 61
1st g 51 1932
A1 0
0 100
!
0
101
e 151 preferred
International Salt
100 103 110
4
e 26 preferred
192
100
100 85
90
1st g 53
50
Northern Securities Stubs,, 105 115
International
1951A
Silver corn 100
Pitts Bess & Lake Erie__50 *31
35
Preferred
100 126 Fif
Preferred
50 *60
11112
70
1st Si 1948
e Railroad Securities CoInternat Smelt & Refg.......... 12
14
1 128
ln C stk it ctfs Ser A
8612 89 Jones & Laughlin Steel Co
West Pac 1st 5s 1933 __M-S 8712 8812
1st s f g bs 1939
M-N 1005; 10118
Standard Oil Stocks
Kayser (Julius) Jr Co_ __100 66
68
Angio-American 011
*1612 17
1st preferred
100 108 109
Atlantic Relining
e Lackawanna Steel____100 22
100 420 -140
27
porne-Scrymser Co
e 1st con Si 1050
.100 180 220
M-S 771. 78
Buckeye Pipe Line Co _50 135 145
e Deb 5s 1915
M-S
99;1 9138
Chesebrough Mfg eons .100 630 690
Lanston Monotype
97
100 95
Colonial Oil.
Lawyers' Mtge Co
.100 125 150
228
Continental Oil
100 825 909 .Lehigh Val Coal Sales _150
00 *25
223
6 254
61
Leh .5c Wilkes-B Coal___50 300 -Crescent Pipe Line Co...50 *59
9.5
Madison Sq Garden
Cumberland Pipe Line__100 85
ore2
8
Manhattan Transit
Eureka Pipe Line Co..,10(J 285 295
20 *178 2
Monongahelali Con C&C_50 *11
Galena-Signal Oil corn 100 230 240
Preferregi
140
150
Preferred
50
100
*32
Indiana Pipe Line C,5___50 *10(3 110
Mortgage Bond Co
100, 101 108
National Transit Co
.
25 *36
33 e National Surety
100 218 224
New York Transit Co_ __100 280 .30) e New York Dock com_100 201, - -Northern Pipe Line Co_100 100 110
e Preferred
49
Ohio Oil Co
N Y Mtge & Security. 6
25 *102 104
W 20
45
9 - 215
Prairie Oil & Gas
N Y Transportation
100 260 265
20 841: 012
Solar Refining
100 550 653
Niles-Bem-Pond corn. __100 88
90
Southern Pipe Una Co _100 190 210
Nipissing Mines
5 *718 8
South Penn 011
100 600 450 Ohio Copper Co
158
Sou West Pa Pipe Lines_100 130 150 e Ontario Silver
2'
Standard Oil of Calif_ _100 170 180
Otis Elevator corn
11)(1
00 *
75
112i 78
Stand Oil of Indiana
..100 220 230
Preferred
10',; 101 10212
Standard Oil of Kansas_100 180 220
Pittsburgh Brewing
50 *911 934
Stand Oil of Kentucky,.100 300 100
Preferred
50 *3912 40
Stand.011 of Nebraska _100 180 220
e Pittsburgh Steel pref __100 10114 10214
Stand Oil of N J (old). _100 z.405 320
Pope Mfg Co corn
100 35
38
Stand Oil of N J
380 390
Preferred
100 78
80
Standard 011 subsidiaries_ z42.5 445
Pratt & Whitney pref.....1
93 10212
Standard Oil of N Y
100 390 400
Producers Oil
100 93 100
Standard Oil of 01130_100 190 210
Realty Assoc (13klyn) 10 122 126
100
Swan 4a Finch
750
Royal Bak Powd com_100 195 203
Warrants (when issued). ;id
'30
Preferred
100 110 112
Union Tank LlneCo
100 48
54
Rumeiy (A) Co pref ____100 9912 9934
100 194 154 Safety Car Heat Jr Lt,,,100 119 12Q,
Vacuum Oil.
*42
52 e Sears, Roebuck & Co__100 173 17412
Warrants
35
Washington 011
e Preferred..
10 25
100 1221; 12418
Waters-Pierce Oil
100 2300 2600 Singer Mfg Co
100 288 292
Tobacco Stocks
South Iron Jr 9 com
100
1
2
(See also Stock ExchangeList)
Preferred
100
2
4
British-American Tobac.£1 *2378 24
Standard Coupler corn _10
100
0
90
Conley Foil
280
290
100
Preferred
1603,045112 110
e Heinle .(Geo W) com__100 160 175 e Standard Milling Co_ __1
10
00
0
23
e Preferred
100 105 110
e Preferred
63
Johnson Tin Foil &Metal 100 168 175
e 1st bs 1930
88
MacAndrews Jr Forbes _100 168 173 Stern Bros prer
111
10N
O 87
712 90
Porto-Rican-Amer Tob.100 220 240 Studebaker Corp corn_ 100 3612 38
Reynolds (it j)Tobacco.100 215 220
Preferred
100 97
98
United Cigar Stores Corp100 187 192 Sulzberger Jr Sons Co pf ,100 10114 102
Weyman-13ruton Co_ _100 180 200
Texas & Pacific Coal_ _100 99 102
e l'referred
100 103 114
3 Texas Pacific Land Tr_100
89
Young (J 9) Co
100 165 175
TiOe lir Co of N Y
100 123 4i4
Industrial and Miscellaneous
Tonopah Min (Nevada)_ .,1
678
Adams Exp g 43 1917 J-D 1 802 8518 Trenton Potteries com_100 *612
4
8
Alliance Realty
100 11712 12212
Preferred new
.100 so
55
50 *46
Amer Bank Note coin
48
Trow Directory
100 25
40
Preferred
50 *5112 5.3
4 Union Bag Jr Paper_ ,,100
934 1612
American Book
100 168 180
e Preferred.
100 5712 6012
American Brass
1(k) 126
Union Typewriter coin _.100 49
51
American Chicle corn_ 100 225 Ii61st preferred
116
Preferred
.100 105 108
2d preferred...1
100
0° 10
18
2 114
Am Graphophone com..100 -- - _ 25
United Cigar Mfrs corn..100 x58
5812
Preferred
100 10578 106
100 s 5512 65
e Preferred
American Hardware._ __100 130 133
United Copper.
100
1
112
Amin Malting tis
'Preferred
100 102
20
Amer Press Assoc'n__100
II 9 Casualty
85
100
0
00
0 2
100
10
6
Am Steel Fdy Os 1935__A-0 99 - 10012 U 9 Envelope co
corn-----100
.....100 94
98
Preferred
Deb 48 1923
F-A
6712 69
117
_
U S Finishing
American Surety
50 300
100 89
95
4 12 50
514
American Thread pref.. _5 1
P
1st
refg
err5s
ed 1016
100 103 108
Amer Typefounders com.100
J-J 100 103
100 99 101
Con g 53 1929
Preferred
J-J 95 100
M-N
Deb g 65 1939
e U 9 Indust Alcohol. i00 3278 35
318 338
-Amer Writing Paper_ __100 100e Preferred
100 101 106
8914 8934 U S Steel Corporationelst s f g Si'19 red 105_J-J
712 812
Atl Gulf & W 155 Llass_100
Colt 1 Apr 5s 1951 op 1911 1113.1 11212
Preferred
100 15
1/
Col s f Apr 58 1951 not opt 112 11314
J-J
Coll tr g bs 1939
65
6512 U S Tit Cu & Indem
100 oo
93
Barney & Smith Car com100 10
25
Westchester & Bronx Title
00 160
Preferred
100 •
90
Jr Mtge Guar
166
Bliss (E W) Co corn
50 75
85
Westingh'se Air Brake. 50 *168 16934
Preferred
50 12212 127
Woolworth (F W)Co__ 100 7712 7812
Bond & Mtge Guar
100 290
Preferred
11234
Borden's Goad Milk com 100 126 127
Worthington(HR)Co pf_1
199
00 1 107
2
Preferred.
100 109 110
Bid Ask' Street Railways-(Con.)
Bid Ask
United Rys of St LNew York City
Coin vol tr ctfs
100
1434 15
Bieeck St & Ful Fy stk 100 22
e Preferred
26
100 4614 4612
let mtge 4s 1950
J-J
Wash fly & El Co
66
100 8312 84
B'y & 7th Ave stk,
Preferred
100 170 185
160 9334 9412
49 1951
2d intge 5s 1914
J&J
9934 1001
J-D 8612 8634
Broadway Surface RRJ&J 10234 10312 Electric, Gas & Power Cos
1st 5s 1924
Cent Crosstown stock 100
New York City
5
10
1st mtge 65
1 85
91 Cont Un Gas 58 1927 ____J-4 102 10312
Con Pk N & E Riv Stock..100 10e Kings Co El L & P Co__100 130 13112
Chrlstopher&lOth St stk 100 130 ii"U" New Amsterdam Gas1st consol 5s 1948
Dry Doak E B &
J-J 10012 102
1st gold 5s 1932
J-D 99 10112 N I & E It Gas 1st 5.3'44 J-J 10112 106
Consol bs 1945
50
F-A 1 45
Scrip 5s 1914..
.1-3 101 103
Eighth Avenue stock, ,100 316 450 e N Y Mutual Gas L___100 177
F-A 1 99 1001 N Y & Q El L & Pow Co_100 50 "iki 'Scrip (is 1914
Preferred ...
92d & Cr St Fy stock_ __10U 285 .310
100 75
85
N Y & lilchniond Gas___100 39
920 St M & St N Ave___100
M'S / 99 la'- North'n Un 1st bs 1927 M-N 100 la1st 83 1910
,
2nd inc 63 Jan 1 1916...., / 75 -___ Standard Gas L cons__ __100 60
Ninth Avenue stock _100 160 180
Preferred
100 90 'al-•
Second Avenue stock,,..i00
3
6
1st 53 1930
M-N 10412 106
Consol Os 1948
F-A Is 4434 48
Other Gilles.
e Sixth Avenue stock,, 100 125 135 Am Gas & Elec coin
85
50 *82
5)) *4612 4712
33
Sou 13euley 53 1945
Preferred
J-J
80
So Fer let 5s 1919_ ____A-0 90
93 Am Lt & 'Frac corn
100 297 299
Tarry WP & 51 53'23 M&S 1 75
Preferred
80.
100 107 109
28 3c 29th Sts 5s '96 ctfsA-0 1 23
30 Antler Power & Lt corn. 100 70
73
7
.1154
Twenty-third St stock 100 230 250
6122 8,
Preferred
50
0 84,
10
Union fly 1st Si 1942__F-A 10314 101 Bay State Gas
Westchester 1st Si '43_J-J
75
90 Bingh'ton (N 1') Gas Wk
lilt
53 1946_ A-0 81
Yonkers St
95
1st g 53 1938
A-0 98 100
Brooklyn
Buffalo City Gas stock _100
4
5
Atian Ave RR con 53'31A-0 101 103 Cities Service Co corn_ ,.100 9212 91
5.9 1933A-0 96 100
Preferred .
100 87
84
Brooklyn City flit------10 160 103 Con Gas of NJ 53 193($__J-J
93 100
Bklyn lIgts 1st 5.3 1941_A-0 99 102 Consumers' L II dr Pow5s 1938,
Bklyn Queens Co & Sub.1-1) 100
98 101 Denver 0 & El Os 1949 /11-N
e 1st g 53 '41 op191(S.J-J
95
9612
9612 981 Elizabeth Gas Lt Co_ -100 300
e 1st con 5s '41 op '16 M-N
100 1oo ____ Essex & Hudson Gas_ _100 142 iig Coney Psi & Bklyn
90 Gas & El Bergen Co.. _100 Si)
10
1st cons g 45 194/3__J-J
90
77
82 e Clr Ray G L 1st 5.3 '15.F-A 100 101
Con g 4s 1.955_
J-J
96 100 Gr't West Pow 5s 194($...J4 843.i 8514,,
Brk C & N bs 1939_
Hudson County Gas ____100 142 145
Nassau Elea pref
,j00
51-N 10.112
e 1st bs 1919
1st 53 1944
A-0 102 104
Indiana Lighting Co.. ,100 43 -47
N Wmsburg & Flatbush1st 430 July 1911__F&A
74
72
F-A
4s 1953 opt
91
90
Steinway 1st 65 1922___J-J 103 101 Indianapolis Gas
25
50 18
Other Cilia?
80
A-0 70
1st g 53 1952
Buffalo Street flyJackson Gas Os g 1937 A-0 97 100
1st consul Si 1931.__F-A 103 .
1.
0
.
4
.
1 eLaclede Gas preferred _100 9834
Deb (is 1917
A-0 18
0)
134
Madison Gas (33 1926_ __ A-0 101 109 corm lty & Ltg com__100
811, Narragan (Prov) Ei Co _50 *93
96
e Preferred
100 31
Newark Gas 63 Apr'41_Q-J 126 128
Federal Light & Tree_ 100 37
34 Newark Consol Gas
100 97
99
Preferred
100 79
81
e Con g Si 1943
.1-1) 10614
e Havana Elea Ity com._100 115 -__ No Hudson L H & Pow100
e Preferred
-0 100
J-J 1186s
105 1051, PaeI fic.t8
e Loulsv St 5s 1930.
; Jr& E COM
100 6534 6614
e New On Rys & Lt cons 100 - --. 361
Preferred
100 9112 9214
10(3 73
e Preferred
7912 Pat & Pas Gas & Elec..100 9312 9112
eN Y Westch & Bost liye Con g Os 1949
M-S 10314 10414
9914 991 St Joseph Gas Os 1937. J-J
J-J
1st g 4345 1946
94
95
e Pub Seri Corp of N J--Sec Stk E x list Standard Gas & Elec(Del).50 *23
2312
perpot
6%
to
__
2%
Preferred
Tr ctfs
53
59 *x52
80
90 - United Electric of N .7_100 90
North Jersey St lty_101) 11195
83
M-N
8334
1st g 43 1919
1st 4s 1948
J-D
8314 8333
761 Western Power coin__ _JO) 3212 3314
Cons Tract of N J____100 36
J-1) 10412 105
Preferred
1st 55 1933,
103 6012 61
Islegraph and telephone
New'k l'ass fly 55 '30_J-J 10712 108
Rapid Tran St liy_....100 240-__ e Amer Teleg & Cable _ _ _100 77
80
e Central & South Amer_ 100 119 121
A.0 103
let 5s 1921
Comni'l Un Te1(N I)_25 103 115
J C Hob & Paterson11-N . 8112 8214 Empire & Bay State Tel _100 65
43 g 1949
75
So J Gas El & rrac_ ,.100 133 137 Franklin
50
.100 40
M-S 9912 100 e Gold & Stock Teleg_ _100 120 125
Gu g Si 1953
No Mid Co fly (Is 1914 J-J 10212 ---_ S. Northwestern Teieg_ _...50 113 120
J-J 103 ---- Pacific & Atlantic
Con NI 5s 19'28
25 65
75
,Ext Os 1921_ __M-N 100e Pac Telco & Teieg pref.100 100
1931_J-D 111 ii(i - Southern & Atiahtic
Pat 'RI, con
25 oo -6E2,1 Os 1914 opt___A-0 100 102 South 1911 Telep & Teieg1st g Ss 1911 Op 1916-1-.1 100 10012
Republic fly & Light _100 2812 29
Ferry Companies
Preferred
100 7812 791
Trent 1. & 11 5; 1943
J-D 97 100 13 & N Y 1st Os 1911 _ _J-.1 90
96
* Per shlro. b Basis. e Sells on Stock Excha'140: see sales-record on a preceding page. / Flat price. n Nominal. s Sale price. l New stock. z
Ex-d1v. p Ex-rights.
10 Ex-350 paid April 15, z Ex-dividend Standard 011 of Indlana
Street Railways
1
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
April 20.
Tuesday
April 23.
Monday
April 22.
Wednesday
April 24.
*108 10812 *10778 10818 *10312 10834 510838 10878
*10234 10314 *10314 10312 *10333 10334 *103 104
217 218
217 218 *217 220
217 217
130 131 *129 12912 1287s 129
130 130
210 210
*____ 211 *____ 211
2 100 100
100 10012 100 1-661100 100
300 *298 300
298 298
*298 300
*13
15
*13
15
15
*13
*13
15
78
*7612 8114 *7612 8114 *7612 8114 77
1012
1012
*---- 1012 *--__ 1012 *
___ _
*50
*50 ___ _ ;5()
*167 169 *167 169 *167 1'6'- -5167 169
5112
*____ 112 *____ 112 5112
__ 272
272 272
125- 118'- 125 1/S*125 126 *125 128
*126 12712 12712 12712 12712 1271, 12712 12712
8614
88
*8534 87
*8534 87
86
86
*143 145 *143 145 4143 145 *143 145
20
20
2014 20
21
*20
*2014 21
8114 81
81
81
81
81
81
81
13712 133
13714 138
13612 13714 137 138
14012 14012
.298
113-1-2
_ 183
4,-_-_-_6513
65
65
6512 *63
*64
172 17314
*17112 1713,4 171 171
9134
9112
*9133
*9114
9112
*91
160 160
84
84 1;41-2 84
84
84
10112 *____ 10012 10114 10114
Thursday
Apra 25.
Friday
April 26.
10834 10834 *109 10914
Last Sale 10358 Apr'12
217 218
218 218
12812 12812 12834 129
209 209
10014 10014 100- 10-014
293 293 298 29812
Jan'12
Last Sale 13
*7612 8114 *7612 7812
Last Sale 1238 .4)111.12
Last Sale 53 Apr'12
Last Sate 167 Meh'12
112 112 *112
126 126
127 127 .127 128
86
*3512 8612 88
Last Sale 143 Meh'12
*20
21
2012 2034
81
81
137 13712 1552 1-3-8i-
Last Sale 21512 Ja-1;i2
*____ 18312 182 18412
65
64
*63
65
65
61
17378 17378
17314 17338 173 173
*9118 9158
Last Sale 92 Aleh'12
160 160 *160 -___ *160
8412 8412
81
84
84
84
10112 10119 *___ 10112 102 102
Sales
of the
Week
Shares.
STOCKS
BOSTON STOOK
EXCHANGE
Range since January 1
On baits ol 100-share lots
Lowest.
Highest.
Railroads
50 Atoh Top & Santa Fe_100 10378 Feb 10 110 Apr 8
100 10112 Jan 12 10414 Feb 7
Do pref
100 216 Apr 15 22213 Apr 3
134 Boston & Alhany
100 12812 Apr 17 13434 Mch 25
328 Boston Elevated
100 209 Apr 25 218 Jan 4
46 Boston & Lowell
100 x984. Itch 2 10012 Jan 3
362 Boston 64 Maine
Feb 29
78 Boston & Provlience_100 293 Alch22 29914
13 Jan 24 13 Jan 24
Boston Suburban El Cos_
75 Jan 25 78 Apr 24
Do pref
110
12 Jan 6 1212 Jan 6
Boston & 'Wore Elea Cos_
53 Apr 6 57 Jan 8
Do pre(
Chic Juno Ry & US Y.100 x167 Alch 14 170 Jan 19
10312 Jan 2 111 Feb 19
Do pref
19
18
6 Connecticut River __100 271 Jan 3 272 Jan 25
100 125 Apr 12 128 Jan
62 Fitchburg, pret
669 Ga By & Eleo stmpd_100 125 Apr 11 3179 Apr 1
100 8512 Mch 21 9112 Jan 6
Do preC
40
100 143 Mch 7 145 Feb 27
..lalne Central
8
748 Mass Electric Cos__ _100 20 Feb 8 2318 Jan 28
7978 Feb 13 83 Feb
_100
Do
pret
Stamped
339
541 N Y N 11 & Hartford_101.1 133 Feb 2 14238 Apr 2
100 14012 Mch 10 143 Jan 24
2 Northern N II
Norwich & Wor pret_100 211 Jan 8 21212 Jan 29
100 182 Apr 26 187 Jan 31
45 Old Colony
100 41 Jan 2 70 Jan 24
95 Rutland pref
100 16012 Feb 1 17434 Apr 9
470 Union Pacific
100 91 Jan 26 9212 Feb 8
Do pre
Jan 113
16 Vermont & Mass__ _100 160 Apr 23 164
50 83 Apr 15 8878 Feb 26
298 West 145 St
50 10114 Jan 2 10312 Mehl:1
Do pret
24
Miscellaneous
6114 1,593 Amer Agricul Chem.._100 5814 Feb 28
60
60
6034 6034 60
100 100 Apr 11
D • pret
739
10012 10034 10012 10038 10038 10034
312 Itch 13
*334 378
4
4
378 378
250 Amer Pneu Servlo.;_ 50
50 14 Mch 26
Do Fret
1414
1414 14
15
*14
215
*14
11434
Jan 10
100
Iteflu
Sugar
Amer
13012
12714
12712
1,997
12712 12712 127
100 11512 Jan 4
Do pref
217
12112 12112 *12112 12214 12134 123
146 14634 14614 14714 14634 1471: 6,906 Amer TelJp & ieleg_100 13712 Jan 2
Amer.can Woolen.__.100 25 Jan 31
Last Sale 2912 141C1f1
100 86 Feb 5
Do prof
207
9114 -61- -111-2 9112 9112 9114 9114
9114 9114 9134 91
91
Amoskeag Manutacturing 77 Jan 3
80
80
238
80
80
*79
*79
7913
79
78
78
79
79
100 Jan 2
Do
prof
104
24
104
- 103 103 *103 104 5103 104 *103 109
*103
7 Jan 4
*733 8
*738 8
103 ALI Gulf 63 W I SS L_IOU
*738 _-8
714 714 *738 8
733 733
15 Mch 15
Do
pret
100
15
15
131
15
15
15
15
1514
1514 15
*15
*1512 16
14
1412 14
1,565 East Boston Land_ 10 1034 Jan 2
1434 *14
1414 14
1414 *14
*1414 1412 14
291 291 •
134 Edison Eleo Blum _ _100 x283 Apr 15
288 288 293 29012 290 291
28434 285
*28318 285
100 155 Jan 2
295 General Electric
170 17114 17114 17114 170 17012 17012 17114
16912 170
170 170
693 Massachusetts Gas Cos100 8912 Apr.25
9314 9014 8912 8912 8912 8912
90
90
90
9012 9034 00
100 9312 Jan 5
Do p_et
251
9/
97
97
97
9634 9634 97
9612 9612 97
97
*96
Aferzenthaler LIno_...IOU 218 Feb 1
Last Sale 220 Apr'12
*217 221 *217 221 5217 221 5217 221
10
.212 Mch14
Mexican Telephone
Apr'12
Last Sale 3
*314 4
*314 4
*314 4
*344 4
100 102 Mch20
9 N E Cotton Yarn
104 104 5102 105 5102 105 *102 105 *102 104
*102 105
Apr 25
10012
100
pref
Do
63
101 101 310012 10412 10012 10012 101 101
*100 105 *100 105
100 152 Jan 2
41 N E Telephone
15734 15734 *156 15734
156 158 5--.. 158
*156 158 4156 158
7212 Jan 17
(Me)
Elee_1J0
Portland
Meli'12
90
Sale
__
Last
_
_
*93
_
_
*93
100 158 Feb 1
227 Pullman Co
- 16012 16114 16118 16114
16112 16112
16012 161- 161 161 *1*9316012 161
61 Reece Button-Hole_ 10 1334 Jan 2
1612 1612 *1614
_
17
*1612
17
17
17
17
17
9813 Jan 2
&
Co
100
Swift
10412
373
10414
10418
104
104
10414
10414
104
10414
104 10412 104
23 30 Feb 20
32
32
691 Torrington
32
3112 3112 *31
32
32
3134 3134 3134 32
25 28 Jan 5
Do pref
31
2
*3034 31
*3034 31
*3034 31
31
31
*3034 31
325 Union Copper L & M 25 .85 Jan 6
312 *234 3
*3
314 314 31t6 3116
314 338
100 178 Jan 29
18712 189 703 United Fruit
*3034187 188
186 187
186 18612 185 186
186 187
847 Un Shoe Mach Core._ 25 4614 Jan 15
5012 5011 *5058 5112 5013 5012 5114 5114
51
51
5114 52
25 2758 Jan 10
pret
Do
168
29
2014
2914
2914
2914
2914
2914
2914
2914 2912 2834 2834
100 5833 Feb 13
7112 7134 7258 11,489 U S Steel Corp
7038 7118 'at) 7058 7034 7133 7118 7178 71
.100 10718 Feb 13
Do pref
93
11212 112/8 11212 11233 511234 11314 511234 11314 11314 11312
-112 112
Range lor Previous
Year 1911.
Lowest.
Highest,
•
10038 Sep 11314 J'ne
101 Sep 105 J'ne
210 Apr 226 Feb
12412 Sep 13012 Aug
207 Feb 218 Sep
9612 Oct 12238 Feb
292 Mch 300 Meh
16 Mch
12 Sep
7614 J'ne
70 Oct
13 fly
6 Feb
58 J'ly
3812 Jan
156 Apr 171 Deo
107 bleb 115123'1y
265 Jan 272 J'ne
125 Apr 130 Jan
311713 Jan 3164 Oct
86 Feb
9313 J'nt3
135 Sep 215 Jan
24 J'ne
16 Apr
12714 Sep
139 Jan
210 Jan
183 Mch
32 Jan
15312 Sep
90 Mch
152 NMI
85 Set/
10) Aug
15153 Feb
142 Mch
214 Nov
190 Nov
45 Deo
19213 J'ly
9518 May
16418 Dec
93 Mch
105 Jan
46 Sep
6334 Deo
6334 Mch 23
99 Jan 10514 Mch
105 Mch 22
612 Jan
312 Aug
518 Jan 15
Aug
1218
1914 Jan
1714 Jan 16
13034 Apr 6 112 Sep 122 Feb
123 Apr 6 11134 Jan 12018 May
13158 Aug 15314 J'ne
149 Mch
3614 Mch
2612 Dec
30 Mch 22
8512 Oct
9612 J'ne
9414 Mch 23
81 Nov
7712 Dec
8134 Mch 20
09 Dec 10012 Dec
105 Alch26
11 May
738 Dec
9 Feb 14
26 Jan
1412 Nov
20 Jan 18
12 May
714 Jan
1614 Jan 27
300 Mch 27 275 Sep 297 Dec
17238 Apr 9 142 Sep 16734 May
8734 Jan
9634 Aug
04 Mehl6
03 Dec
0812 Oct
9873 Feb 19
225 Jan 18 211 Jan 235 Aug
478 Jan
3 Oct
4 Jan 20
105 Jan 18 103 Oct 119 Mch
107 Mch 26 101 Nov 11612 Men
164 Men 14 13/ Jan 16512 Deo
7334 Nov
0234 J'ly
00 Mch 20
162 Jan 30 153 Sep 163 Jan
15 May
1738 Apr 11 x12 Jan
0734 Sep 104 J'ne
109 Alen 27
36 Jan
20 Sep
32 Jan 10
31 J ly
27 Mch
31 Apr 17
11i9 Mch
34 May
334 Apr 8
189 Apr 26 /6178 Dec 19712 J'ly
5878 Feb
4014 Aug
5314 Mch 13
2914 Jan
2612 Sep
2812 Apr 20
8218 Feb
50 Oct
73 Apr 8
11334 Mc1126 10312 Sep 12012 Feb
i•
1
II
r•
Mining
713 3-'110
4 Sep
514 Mch 28 1114 Apt 20
25
Con
Adventure
00
0
2
9
912
931
914
1018
912
1038
914
0
.
10
4
3
4
3
•1034 1119
212 Oct
11 ..4'ne
8 Apr 20
458 Jan 4
25
Algoman Mlnin714 8
714 8
21 Aug
4414 Deo
25 3814 Feb 1 50 Apr 18
718 1,48
47
.7
5 Allouez
10
29
2 4714V18
7
712 473
7 4 47
714 47
758 4734
47
49
43
47
48
7158 J'ne
4434 Sep
Copper 100 60 Feb 1 8458 Apr 16
8234 8314 8134 8212 8212 8.314 8212 8318 8234 8334 x8338 8414 11,031 Amalgamated
3058 J'no
1934 Oct
3134 Apr 26
2714 2712 27
2734 2712 2778 2133 2834 2814 3038 3012 3134 36.523 Ain Zinc Lead & :.:m_ 25 2412 Feb 15
21116 Dec
138 Dec
678 Apr 2
2 Jan 2
3,040 Arizona Com'i etts dep_
573 6
614
534 6
573 6-8
6
534 6
573 6
10 .40
614 Mch 1 .55 Apr 11 .30 Oct .75 May
Bonanza Dev Co
Apr'12
Last Sale 12
*,50 .55 5.50 .55 5 .50 .55 5.50 .55
1512 May
334 Aug
9 Jan 16
Feb
758 738 1,515 B os&Cori:Cop &SillIg 5
8
8
738 7/8
8
8
818
8
778 814
612 Jan
3 Nov
531 Apr 2
362 Jan 22
934 434
235 Butte-Balaklava Cop_ 10
412 412 *412 434 *412 458
434 6
5
5
14 Aug
2312 Dec
15 2134 Jan 18 2338 Jan 3
Butte Coalition
1.'eb.12
Last Sale2 3
25
Apr
3814
7
1912
Feb
10
(Ltd)
SupCop
Butte&
3814
h3534
37
26,096
3613
3212 -5272 14-1-2
"ai.- WI; 31
6334 Dec
45 Sep
2,269 Calumet & Arizona_ 10 57'2 Feb 1 73 Apr 1
7334 7334 74
73
7334 73
7314 74
74
74
73
74
1 500 Apr 1 360 Sep 545 Jan
b 6
Faen
1712 J
25 406
493 497
157 Calumet 46 Hecla
492 493
491 494
490 495 .494 494
490 499
19 Dec
Aug
8
lb
2712
Apr
23
lper
p
a
l
no
nc
o
in
2612 2614 2614 2612 2012 1,830
2712 26
2612 2612 2612 26
27
2712 Dec
1633 Sep
5 2314 Feb 28 3014 Apr 24
2938 2938 2878 2958 2914 2912 2912 3014 2934 3014 2978 3014 3,514 Chino
15 J'ne
Mch 26 .09 Jan 18 .03 Nov
.03
1
Gold
Cons
Mercur
.06
__
*_
*_.013
300
.06
.06
.08
5.06
.06 .06 *.06 .08
Feb
Sep
6934
11
4634
Apr
31
6612
Jan
50
100
Co
Con
flangeange
Jopper
64
6312 6334 6458 6134 1,583
134
6534 6534 6414 6512 6414 65
3 Feb
7 Dec
712 Mch 27
20
15 Daly-West
634 ,-, ,
834
634 634 *638 634 *612 634 *---1134 J'ne
878
April
Aug
15
1538
Jan
1214
10
Min__
East
Cop
Butte
2
1414,529
-1414
14
1418
14
1412
1433
1414 1412 1414 1433 1414
14 J'ne
512 Aug
9 1014 Apr 1
112 Jan 15
25 15
1334 1434 1418 1418 1418 1412 2,133 Franklin
1514
1433 15
15
15
15
338 Sep
818 Feb
418 Feb 27 611,0Apr 6
i
513, 578
51118 53, 5133,513.
6
515i, 51313 573
2,120 Giroux Consolidated
511
534 Vie
4312 J'ne
Aug
5
,
2
26
b
6014
eb
1,c
Apr
:
1.
12
3
7
3
Consolidated_100
612
Granby
7,702
58
6014
5712
5634
5812 5714 58
56
58
59
58
5
94j
858 Dec
Oct
Vitt
3
Apr
20
Greene Cananea
918
918
9
9
9143 814
918 97m3
918 933
3112 Dec
17 Sep
2
5 Hancock Consolidated 25 20 Jan 5 36 Apr 18
30
66
1,3
3312 3212 3312 3312 34
3312 3314 3312 33
3412 3412 33
Sep
2 Feb
11
Apr
kl
173
3
25
Jan
1
•
Copper
*113
158
Helvetia
112
570
17
112
8
158 158
158 134
J'ne
5'4 Oct
25 1138 Jan 16 23 Apr 24
2112 2213 20,678 Indiana Alining
2 121? 2134 23
1112
2038 2238
1934 2133 1978 21
4 21
18 Feb 6 2158 Jan 24
1914 1958 1918 1938 1918 1912 19)8 1918 1914 1914 1914 1938 2,841 Inspiration Consol 0_ 20 4012 Jan 17 46 Apr 26
May
44 Dec
2914
1
Coal
Creek
Island
46
45
45
346
44
4412 4412
4412 4312 44
8218 Sep
91 J'ne
1 85 Jan 13 8814 Apr 15
Do prof
88
509
88
8734 8734
88
88
88
88
88
88
8814 88
1112 Aug
23 Dec
5 2912 Apr 17
A 19
234 Jan
2814 1,480 Isle Royale Copper_ 25 20
2914 2812 2914 2834 2834 2834 2834 *2734 2812 28
29
258 Oct
773 Jan
13
Feb
318
5
Lake
273
Kerr
3
278
27g
234 234
991
234 234
234 21343
234 273
Nov
12
2
17
212
Jan
Apr
.80
354 J'ne
25
214 214 1,310 Keweenavr Copper
238 *214 238
218 214
2
213 212
2513 238
22 Aug
40 J'ne
3212 Feb 1 49 Apr 10
25
Co
Copper
Lake
46
46
47
46
4612
4612
3,575
47
4638
47
4712
46
47
3 Aug
8 Apr 17
Jan
25
714 714 1,320 La Salle Copper
714 712
718 718
738 712
714 712 ' 712 712 12
*F
612 Apr
Fe b 18
5 1334 Moil 29
1178 Deo
lliey Mines_ -5 A
ao
Alasm c0ns
1214 *1214 ---- 1214 1212
12
260 MasonV
12
1213 1214 1173 1214
412 Aug 310 J'ne
014 Jan 4
714 Feb 13
25
300
8
8
4
8
8
*73
4
'4
*73
*8
812
812
812 834 *8
3113 Dec
234 Jan 3 1812 Apr 23 .20 Feb
25
1734 1814 5,732 Mayflower
1714 1712 1634 1734 1714 1812 1712 1814 1712 18
1673 Sep
2438 Doo
2338 Jan 29 27 Apr 2
2514 2514 2512 7,425 Allarni Copper
25
*2512 26
2512 2534 2514 2538 2434 25
2
512 Apr 20
114 Nov
Jan
2
312 Jan
2
5
5
*312
4
Michigan
4
4
312
4
1,338
434 434
412 412
512
5
18
6713
Apr
30
36
Jan
57 Dec
5012
Apr
25
6514
6512 6512 6514
510 Mohawk
66
6412 6558 65
66
6614 6612 66
9 21 Mch 2S
b 28
en
15 Sep
2114 J'ne
8;1 ta
1978 1973
1934 20
835 Nevada Consolidated- 5 13
20
1934 1934 1934 1973 1953 1978 20
614 Apr 10
2 Aug
414 AIN
514 512
514 61513
534 6
3.690 New Arcadian Copper 25
514 514
511 514
514 514
833 Mch 25
x6l2 Dec
1138 Feb
713,6
778 778
392 NIpissIng Alines
74"818
*778 8
778 8
8
8
4 Pet 1 35 Apr 11
.14
20 Sep
3614 J'ne
3238 8,017 North Butte., _..15 213
3212 33
3134 3212 3212 3273 2.178 3258 3134 3212 32
934 J'ne
23 ', 514 Jan 30
834 Apr 22
334 Aug
814 , 814 • 9.126 North Lake
858
8
814 812
814 858
812
8
818 834
Jan
358 Deo
812 J'ne
25 • 412 Jan 5
534 534 .1,230 0 lbway Mining
534 534 . *534 51313
534 513t3
534 6
534 6
313 J'1Y
25 ' 253Jan 2 611313444
r 18
1 .50 Jan
1418 1138 1118 1112 1133 .1134 r ;8.306 Old Colony
1038 1034 11
1078 1114
1112
49 J'ne
55 44 Jan 31
3414 Sep
5534 5512 5534 8/0 5514 (1.), 5518 1,363 Old Dominion Co
5512 55
55
5534 56
25 106 Jan 15 121 Apr 17
81 Sep 124 Jan
119 11912 '-713 Osceola
118 , 118
117 118 . 118 119
11712 119
118 120
10 15 Mch 27 1612 Feb 10
15i8
1518 15
Pond CreekCoal ..-.. 25
803 Qicy
1514 '1 15
15
15
15
15
15
76 Dec
9 93 Apr 26
,
6 Jan 2
71311:
55 Sep
93
9112 9
1,581
8812 00.; • 88
8812 89
90
89
8912 90
19 Deo
Jan
10
12 Sep
2034 Apr 2
1938 1938 1912 1953 1913 1913 1912 1934 1012 1934 1938 1912 2,161 Ray Consol Copper
134 J'no
1
Jan
10
31
API"
313
Cop..
Apr
6
4
3
&
238
23
hn
3a
S
.
234
8
Gold
1,000
a
u
t
a
234
234
e
n
F
n0
234
278
27
8
21113 234
234 234
1214 Feb
Oct
31
9
Jan
10
2
Apr
7
1534
1434 1434 1412 1434 3,061
1434 15
1512 1512 1934 1518 1478 15
Mar
11to
Deo
13
114 Apr 3
118 -5 .99
5 .60 Feb 1
118 1,.95
118
950 South
tah M & S.
slt trioUtah118 *1
118 5.99
.99 .99 5.99
4212 Jan
20 Oct
25 24 Feb 1 39 Apr 20
3738 3,810
3714 37
3713 3712 37
3634 39
3834 3734 38
37
J'ne
814
Oos
3218
316Apr
2
10
13
13
Jan
478
2.1Iu
273 273 3,754
Boston
212 278
314
3
234 3
314 338
314 333e
52 Jan
20 Sep
25 20 Jan 31 51 Apr 18
4613 1,146 ramarrtl:aort
4512 45
4512 46
44
47
4912 4412 4712 46
44
512 Dec
278 Oct
5 Jan 15
23
912 Apr 9
8
8
8
966 3
24P
r1 nel
8
8
813 818
8
8
8
8
8
478 May
Sep
134
26
Mch
312
Jan 2 41115
1
*31313 4
378 4
*334 4
334 334 1,195 Tuolumne Copper
334 33)
334 334
4018 J'ne
3038 Sep
3834 3914 2,206 U S Smelt Ref 63 Min_ 50 34 'Jan 31 4034 Apr 11
3914 39
39
3912 3978 3912 3934 3914 3914 39
4912
J'ne
4514
AMC
28
Mch
42713
4914
Jan
2
50
10
4812
49
4834
4812
996
D,
49
4&33 49
4833 4858 4833 4811
met
4834
212J'ne
178 Nov
Jan
311i3 Feb 9
201021513
2134,3 278
705 Utah-Apex Mining-. 5
278 3
201621610 *234 3
*234 3
20 J'Ito
1)34 Jan
15
1473 15
14
1473 1512 14
1412 3,575 Utah Consolidated.... 5 1234 Apr 8 2038 Apr 2
15
14
1412 15
6753 Dec
38 Sep
10 5212 Jan 29 6518 Apr 8
6413
Uiteah
6313 6.373 64
820 v
6278 6312 *6312 6334 6378 61
iaopper Co
6312 64
orC
418 Deo
1 Aug
418 Mch 21
578 Jan 20
25
434 5
5
*434 478
415
5
*434 5
*473 5
*434 5
812 Feb
334 Nov
734 Mch 1
612 612
614 612
25
713 718
612 7
562 Jan 25
614 614
614 614 2,855 Winona
Feb
122
74
Nov
17
Apr
1121g
117
112
112
9
112
25
*112
26
113
913341
112
113
277 WolverIno
11334
112
114 114
3 Feb
314 Mch 4 .30 Nov
219 219
219 212
*258 278
25
Jan
230 Wyarulott
234 278 *212 273 *212 273
•Bid au,1 az2e.1 pr.ess d Novi stoc.c. e Mel pail o Ex-stoe: div. 4 E t-rizats. a Ex-dlv. and rights. z Unstamped.
50
60
10013 10034
378 378
1413 1412
128 128
*12112 12212
14614 14634
6012
60
10012 10034
*378 4*
14
14
12014 12712
12153 12158
14558 14614
61
*60
10012 10034
378 378
*1312 14
127 12712
12134 122
14553 14613
-.54r2 l37 -
1175
Boston Bond Record
APR. 27 1912.1
8
BO N DS
6
BOSTON STOCK EXCHANGE
Week Ending April 26
--,=.,
Price
Friday
April 23
1-,:t
Week's
Range or,4
''''.""'
Last Sale
Range
Sint4
Jan. 1.
High No Low 11.91.
Ask Low
:so
f 10114 10234
10233
Am Agricul Chem 131; 53_1928 A-0 102 Sale 102
61 9018 9114
91
Am Tclep 44 Tei coil tr 44_1920 J-J
9034 Sale 9053
1936 311-S 115 110 110 Apr '12 . 10834 11534
Convertible 4s
_
_ _
34 Oct '11
Am Writ Paper 1st s I .54 g_1911 J-J93
6 1-03- 1-1-6110
____ ----110
1913 21-Ni ---Am Zino L & S deb Os
Ariz Coin Cop 1st 65 ctfs 01 den_ —_ 81 Apr '12 ____ 51 82
9033
5 90 9934
Atch Top & S Fe gen g 4s1995 A:0 9918 9938 0913
9218
Adjustment g 4s____Juiy 1995 Nov 9012 0112 91 Meh'12 ____ 91
9114 9158
July 1995 11-N 9012 9112 911411/41ch'12 ____ 10818
Stamped
__
10818
'12
mei'
10818
_
1955 J -I) _ ___ - _ 50-year cony 4s
1917 J -D ______ 1195,3Meh'll
10-year cony Si
6 -6-512 -6814
06
--- 66
Atl Gulf & W 1 SS Lines 5s_1959 .1- J
'12 ....__ 05 9518
Boston Elev 30-yr g 4s__1935 ,n-N ---- ----9513Feb
1916 J -J --------10014 Meh'00 ____ ___ ___
Boston & Lowell 4s
10410ct '08
1944 J -J
Boston ec Maine 4341
___ ----------------------103, F-A -------Improvement 4s
Feb '12 --__ 95 95
1042 F-A ---- - -05_
Plain 43
1918 J -J 10314._ 10313 Apr '12 ____ 103 10318
Bur & Mo Illy cons Os
_
11158 Sep '11
Cedar Rap & Mo It 151 7s_1916 1I-N
, __ 92 9114 Apr '12 ____ -8912 -9214
Cent Vermt 1st g 4s___May 1920 Q-1.
(Jet
----1103
'07
__
A-0
---1919
5s
1st
GB & Q Iowa Div
9013 merc42
_
1h9-12 -0913
1919 AM
Iowa Div 1st 4s
1913 1I-N 100 101 100,3 Apr '12 --__ 100,8 10112
Debenture Os
3
997
Feb
'12
9978100
1922
A
F.
g912
4s
Exten
Denver
1927 11-N
9812 Meh'12 ---- 9812 9818
Nebraska Extcn 4s
1921 n-s -------- 9913 Feb '11
13 &SWer 43
87 Apr '12 ___ -864 -8-7-4
87 Ki
1949 J -J
Illinois Div 3 Hs
10078 15 10034 10134
Chic Jet fly & Stk Yds 5s_1015 J J 10078 Sale 10078
90 Apr '12 ____ 89 01
Coll trust refunding g 4s_1940 A-0 8912 91
'11 ____ __ ___
Jan
114
____
6s_1920
____
J-J
D
Dub
P
St
&
Milw
Ch
:
11318 ifeb '11
Ch M 63 St P Wis V div 6s1920 J J
-91) -991931 11-N -------- 99 Jan '12
Ch & No Mich 1st go 5s
101
97
07
__
1921
_
-------'12
Apr
J-[)
5$
gen
Mich
Chic & W
9712Sep '11 ___ ____ ___
1920 J -D
Concord & Mont cons 4s
Cudahy Pack (The) 1st g Si 1924 11-N -------- 10014 Aug'09
1 -9-914 1-(T31926 A-0
100
00
Current Myer 1st Si
1940 A-0 ---- -----8614Feb '12 ____ 8614 8614
Det Gr Rap & tV 1st 45
1940 11-N 9812 99-12 99 Apr'------9814 9914
Dominion Coal 1st s f 5s
1915 11-S
10313 Apr '05 _
Fitchburg 4s
1927 21-S
00 Apr 'Os
4s
12712 Nich'12 ____ 12712 12712
1933 A-0
Fremt Elk & Mo V 1st 8s
1933 A-0 -------- 127 Itch '12 ____ 127 1271f
Unstamped 1st 68
0
BONDS
BOSTON STOCK EXCHANGE
Week Ending April 26
4y
Jeneral Motors 1st 5-yr 65_1915 A-0
jt Nor C 13 & Q coil tr 4s 1921 J-J
Registered 43
1921 Q • J
Illinois Steel deben os
1913 A-0
la Falls & Sioux C 1st 73_1917 A-0
Kan C Cita & Spr 1st 5s
1925 A-0
Kan C Ft Scott & Mem 6s1928 11-N
Kan 0 M & B gen 4s
1934 14- S
Assented income 5s
1934 11- S
Kan C & M ItY & Br 1st 58-1929 A -0
Marq Hough & Ont 1st 6s 1925 A-0
Mass Gas 434s
1929 J -J
Mich Telephone 1st 5s
1017 J • J
New Eng Cotton Yarn 5s 1929 F-A
New Eng Tel ph 5s
1913 A-0
1916 A-0
--58
w England cons g 5s__1945 J-J
Boston Term 1st 4s
1939 A-0
New River (The) cony 53_1934 J-J
N Y NH & 11 con deb 3 34s_195o J -J
Cony deb 63
1941 J -J
Old Colony gold 4s
1924 F-A
Oregon Ry & Nay con g 45_1946 J-1)
Oreg Sh Line 1st g Gs
1922 F-A
Pere Marquette deb g 63_1012 J-J
Rcpub Valley 1st s t 6s
1919 J-J
Savannah Eiec 1st cons 5s 1952 J -J
1930 F-A
Seattle Eiec 1st g 5s
Shannon-Ariz 1st g Gs
1919 21-N
Terre Haute Elec g 55
1929 J-J
Torrington 1st g 5s
1918 M-S
Union Pac RR & 1 gr g 4s 1947 J-J
1927 J -J
20-year cony 4s
United Fruit gen 51 4 3,3_1923 J-J
1923 J -J
Debenture 434s
U S Steel Co 10-60-yr Os Apr 1903 11-N
1915 F-A
West End Street fly 4s
1914 11-S
Gold 4 3is
1016 111-N
Gold debenture 4.5
1017 F-A
Gold 4s
Western Telcpit & Tel 5s_ _ _1932 J-J
Wisconsin Cent 1st gen 4s_1949 J -J
NOTIC.—Buyer pays accrued intaost in addstion to the purchase price for all Boston Bonds.
Price
Friday
April 26
Ween
Raw,: sr
Last 8a13
High No
Ask Low
aid
100 10012 91)14 Feb '12
1)
9G58 _0658 Sale 9612
961,2
1
9614 ____ 9612
1
10018
10018 Sale 10018
117 Apr '08 ---_
-------- 97 Meh'12 _____ 117 11634 Apr'12 ____
0212 __ 9212 Mch'12 ....._
8112 851: 86 Apr '12 ___
021 13 10212 Meh'12 ____
--- ----- 115 J'ne'08 ..-34
99
99 9912 99
__ ____ 10018 Apr '12 __
98 --- 981s Apr '12 __-____ ____ 10138 Mch'11 ____
____ ____ 10012Sep '08
___ ____ 9978Jan '32 ____
--- — ---,
---_ _„--------75 Dec '11 ----------- 9214 Mch'12
-------- 132 Alch'12 ____
-------- 101 Apr '00 ____
---------9878 Sep '09
-------- 11314Feb '12 ____
-------- 95 Jan '12 ____
1031-2 -____ 103 Jan '11 ____
7014 Dec '10
RIi- 105 104 Mch'12 __
1
91
__ _ _ 91
____ ____ 97 Apr '07 ___
____ ____ 9934 Feb '12 __
10012 Nich'12 ____
-------- 10318Dec '11
I
9678
3 9718 9678
9639578 27
9558 0613 9578
2
10218
10218 Sale 10178
9918 Mch'12 ___
-------___ ____ 10014 Feb '12 ____
____ ____ 9878 Apr '12 ___
9812Noy'll
10014 V.
4 Sale 100
10519313Feb '1: __
• NJ price Friday; late.:t old and asked.
Range
Since
.7an. 1„
F
..,,,
,-
,..ow High
9914 9914
9612 9812
9633 9753
10018 10034
---- -96,2 97
11634 11712
92 9212
85 89
10212 11)212
- ----9-8- 9914
10018 10018
9612 9834
____ _—
-9-934 -9-9-78
---- --9i214 -9-233
13134 13212
____ ____
1-1-334 11334
95 95
____ ___.
1-04- 1-(1412
8312 91
4 -.9934
-99310012 1005s
8 -9-713
-17539534 9012
10158 104
9918 9918
10014 10014
__-1.0,S12 1-0012
9r8 9358
Ij Viat price.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Prices—Not Per Coutum Prices
Saturday
April 20.
Monday
April 22.
Wednesday
April 24,
Tuesday
April 23.
Thursday
April 25,
Friday
April 26.
Sales
ACTIVE STOCKS
ol the
Week (For Bonds and Inactive
Stocks see below)
Shares.
Range Since
January 1
&mast
Highest
64 Jan
89 Jan
7 Itch
45 Feb
121 Jan
20 Jan
33 Jan
1612 Jan
9512 Dec
101 Sep
10 Aug
70 J'ly
13034 J'ne
27 J'ne
50 Nov
1078 J•ly
5 Nov
7 Jan 10
2 Feb 9
42 Jan
4378 Apr 22 9512 Feb 1
4078 Sep
4112 Mch 2 4434 Itch 28
1112 Jan
1178 Feb 2 1214 Jan 29
4812 Jan
5234 Jan 10 5034 Ntch 21
2812 Aug
18 Apr 2 3314 Jan 3
68 Aug
5934 Apr 2 73 Jan 3
Gig Dec
0 Apr 4 8143 Jan 8
2112 Sep
2714 Jan 3 33 Apr 15
8773 Mch20 91 Apr 26
8312 J'ne
7534 Sep
7818 Feb 5 9278 Jan 16
614 Jan
812 Jan 3 1234 Apr
23 Jan 12 2373 Apr 6
1312 Jan
5933 Sep
6111* Jan 27 63113 Apr 26
51)12 Jan 11 5614 Feb 16
4814 Sep
1512 Nov
1673 Jan 2 1834 Jan 25
17 Apr
2234 Mch 22 2433 Jan 25
7414 Jan 11 871138 Apr 26 681•5113 Sep
512 J'iy
814 Apr 15
634 Jan 11
43 Jan
4934 Feb 28 5214 Jan 26
8414 Sep
8614 Jan 9 8934 Apr 26
1712 Jan
4312 Nov
4334 Feb
121, Jan
6618 J'ne
,",14 Oct
8378 Jan
918 Jan
32 Feb
93 Jan
931j Dec
'Jig Oct
2533 Oct
65 Feb
5314 J'ne
13 J'ly
2413 Aug
8034 Feb
1,;.3 Jan
5234 Aug
8933 Jan
Lowest
Highest
12 214
;Li1-4 ii- .•_-_-_': 11- • ii111 2.11,i 2
2133 2134 2112 211; 2158 2134 2133 2158
Baltimore
261 Con Gas El L & Pow_100
11114 11134 112 112
prof
100
Do
586
III 112
112 112
290 Houston OIL tr etr2_103
10
10
1014
*10
prat tr ctfs_100
Do
210
*0212 6234
*0212 63
50
Northern Central
*12812 139,
100
748 Seaboard Air Linc
103
pre:
Do
44 25'3%3 1,916
*212 2.31.21 23
2278 2312 11,955 United fly & ElezZ,ric_ 10
2112 22
96 Jan 3 115 Apr 15
101 Jan 2 116 Apr 3
814 Jan 3 1078 Feb 14
5334 Jan 25 6414 Alch 20
127 Feb 28 130 Apr 8
2212 Mch 7 27 Apr 3
9512 Men 14 5314 Apr 26
1814 Jan 2 2312 Apr 23
*134 214
44
41
44
44
*1213 1238
5134 5178
21
20
60
63
612
*0
3112
31
90
*83
8312 831343
1118 1112
2812 29
6212 62131.6
53
53
18134
18
2318 2313
8334 84310
15
6 it3 7,8
5038 5034
8773 88
Philadelphia
50
American Cement
*134 214 *112 2
50
79 American Ratiways
4414
*14
*4312 44
50
44
44
44
44,8 2,202 Cambria Steel
Electric Co of America 10
*1213 1212 *1218 .1212
5513 5534 1,079 Elec Storage Battery_100
55
55
100
21
2273 23
2312 4,434 Gen Asphalt tr ctfs
6734 2,235
67
pret tr ctts_100
Do
67
66
100 Keystone Telephone_ 50
612 *6
*5
7
927 Lake Superior Corp_.100
3112 32
3112 32'8
50
91
1,290 Leh C & Nay tr ctfs
93
93
90
50
8114 8412 8134 8512 2,495 Lehigh Valley
1114 1112 1112 1112 1,315 Lehigh Valley Transit 50
50
28
Do pref
893
2812 28
28
50
6238 6234 6234 63 1-11 2,064 Pennsylvania RR
53
155 Plilladel Co(Pittsl) _ 50
5312 53
*53
1814 1812 1838 1812 0,732 Philadelphia Eleell— 25
*2318 2314 2318 2313 1,457 Phil It T vol tr ars_ 30
50
837,5 8540 853to 87"1o 22,465 Reading
1
6151,3 718 6"is 6
1313 7,949 fonopah Mining
,
50
Union Traction
5012 5034 5034 0034
50
Impt
Gas
Union
6,527
8878 89
88
8934
111
*__ 117 *____ 116 *____ 114
112
*____ 115 *110 114 f112 114
1018 1018
101s *10
1018 1018 *10
i ____
*6238 ___ 6218 62--,F 6233 6234 ,
*129
*134. 214 *134 214 *134 214
41
44
*41334 4414 4378 44
4418
4i8 4114 4378 44 ' 44
*1 r,171212 *1218 1211 *1213; 121.
5555
*5458 55
'5 • :56
2014
*1912 20
20
1934 20
6512
6114 6134 65
65
*64
612 612 *0
612
3114
31
3112 3112 3034 31
*S012 93
8914 90
90
*89
*8214 8234 8134 8134 8313 83.146
1112 1114
12
1212 12
*12
2334 29
*29
29
2912 29
62718 62010 623.40 6212 6233 6233
5312
*53
53
53
53
53
1814
1814 1814 1818 1838 18
2318 2314
23
2314 2314 23
8278 8278 82 83310 X3273 0378
71510 8
712 7'5to
678 712
5038 505,8 5012 5034 5034 5034
8734 8734 8734 8734 8758 8734
PlilLADE.LPHIA
Ask
11111
11212
1018
63
PHILADELPHIA
Bid
Ask
PHILADELPHIA
Bonds
Ph & Read 2d 5s 1533 A-0
Inactive Stocks
Prices are all "and
118 114
10
Ex Imp ti 4s 1947_A-0
American Milling
interest"
50
Tenth:A 5s g 1941_Q-F
_..-..
Cambria Iron
Alt & L V Eiec 4 30'33F-A
91
P W & B col tr 45 '21 __J-J
Central Coal & Coke,, 100 80 82
-A
,
81334 87
Read Trac 1st 63 '33__J-J
Am Gas & Elec 5s '07_1
100 80 81
Preferred
A-0 9512 ____ Hoch fly & Leon 58'5-4J-J
Am Itys 53 1917
100
Consol Trac of N J
Spanish-Am Ir 8s '27__J-.3
50 -_-- _- Atl Gas 1st s f Os '60--J-J
• Germantown Pass
Stan'd Gas & E 6s'25 M-N
, Huntington & B T____5o -.- - ____ Berg& El3rew 1st 6s'21 J-J
115 Stand SU Wks Ist5s'28 J-J
Bethleli Steel Os 1998_Q-11
553
Preferred
Trite Ind gen 53 '19_J-J
Choc & Mc 1st Si 1949 _J-J 10814
Indiana Union Tr__ __100
J-.1 103
Un Itys Tr etts 4s'49__J-J
"if - -2114 Ch Oh & G gen Si 1919 '33
Insurance Co of N
United Rys Inv 1st colt
Con Trac of N J 1st 5s
Inter Sm Pow & Chem_50
Hs
53 102
Interstate flys, pref
10 —83-4 ____ Del Co Itys tr ctfs 4s'49J-J
Weisbach 3 f 53 1930._J-D
8134 88
' Kentucky Securitles_100 2212 ____ Mee & Peoples 'jr tr ctfs__
W11-13 G&E con 53'55_J-J
• Preferred
100 60
_ Fr Tac&H 1st 53 1940-J-J
York Itys 1st 5s 1937-J-D
Keystone Telep v t c. 553
(Ien Asphalt 5s 1916_M-S
Preferred
338
-1;1So
Indianap Ity 95 1033__J-J
BALTIMORE
6373
1 Keystone Watch Case_10u 96 100 - Interstate 45 1943___F-A
Inactive Stocks
Lit Brothers
8338
1() 1712 1812 Keystone Tel Os 1935_J-J
Ala Cons Coal & Iron_100
Little Schuylkill
77
50 --- ....
T.__ Lake Sup Corp Inc 5s'24_0
100
Preferred
Minehill & Schuyt
Lehigh Nay 434s '14 - Q-J
Allan Coast L (Conn)-100
Gen 51 4143 g 1924 Q-F
Nat Gas Elec Lt & P0_100 20 ____
100 70
100
Preferred
Leh VU 1st 53 g 1933-J-J I63-1-2 109 • Canton Co
---- Georgia Sou &
North Pennsylvania_ _50 -61;12 _ov _ Leh V cat 4s, 1st 194ELJ-D
50
100
J-D
Pennsylvania Salt
' 1st preferred
Cons°, 081923
100
2d preferred
Consol 4 3,s 1923_ _ _J-D
, Pennsylvania Steel__.100
10)Y
100 -6G-B--1- Brewing
J-D
Preferred
9-- --Annuity Gs
100
9778 9$ Seaboard Air Line
Gen cons ,_s 2003_ _21-N
!UM Co (Pitts) pref_ _50 4312 44
100
Preferred
Leh V Trait con 4s '85 J-D
Phil German & Norris._50 151 153
50 8312. 8412
Bonds
lit series A 48 1935_21-S
Phlia Traction
10
91
Prices ar3 all "and
1st series 11 53 1935 21-5
Railways General
-interes:"
0712
Tonopah Belmont Dev__1 10142-/018 MarketStEl 1st 4s'55 1I-N
____ Bait City 3 Hs 1930___J-J
:: NatLii&P ser II 5s '19 J-J
UnitEd Cos of N J____100
4s 1934-1955___Varlous
.._
New Con Gas 5s 1948 _J-1) i(iSt-2
United Trac Pitts pref_50 39
M-N
5s 1916
49
N I Ph 4,4 No 1st 4s'39 J-J
0814
Virginia fly & Pow_ —100
Anacostia & Potom 55 A-0
100 ---Income Is 193I)___ _M-N
Preferred
1011
4s1I-N
deb
-if
cony
L
AtCoast
Pa
Steel__10
&
5s
Y
N
'39_A-0
Can
Warwick Iron &
AU Coast L(Ct)ctfs 5s J-D
10., --- ---- Penn Steel lit Os '17_2I-N
Washington-Va Ity
100 --_
Pcople's Tr tr ctfs 4s 1943
0.3 -tRi- Ctfs of indebt 4s___J-J
Preferred
5-20-yr 48 1925
J-J
P
Co
21-S
53'40
_
.12
i
100
tr
ist&coll
Weisbach Co
B S P & C 1st 4 Hs'53 F-A
98
Con lk coil tr Os 'Si II-N
_—_
West Jersey & Sea 2lh....50
halt Trac 1st 55 '29__M-N
Phil Elee gold tr ctfs_A-0 .
1333-4 104
We4tmoreland
No Bait Div 5s 1042 J-D
100
'I'rust etls ,Is 1049 __J-J
8212 8234
Wilkes Gas & Elec
5 - -3- " 9 P & E g.en AI Os g '20.AM 105i, ____ Car Pow do Lt 5s 1938 F-A
York Hallway
Cent Ity cons 5s '32__M-N
Gen It 43 g 1920_ A-0
50 2934 30
Preferred
1
11Ex-di v.& ri,Thts.
II $13 paid. 1 $13 34 paid.
,131c1 and asked: no sales on this day
Range lor Previous
Year (1911)
Bid
Ask
BALTIMORE
Bid
Ask
1 1412 C fly Ext&Imp 54 '32 21
100
11614
9934
125
10034 10114
10114 10134
10034
_
78
_8_21_2_ 8234
91 ____
941
Hi'Hifi
145
-91-!H.
—4-1-2 512
2618 2638
53
5312
i6S5-,
1073-4
Chas City Hy 1st 5s'23 J-J
Chas fly G & 161 53'99 21-S
City & Sub 1st 53 1922 J-D
City & Sub(Was)1st Os '48
Coal & C Sly 1st 5s'19 A-0
Coal & I fly 1st Ss'20-F-A
Col &Grnv 1st 6s 1916 J-.1
Consul Gas 53 I939___J-D
Gen 434s 1901____A-0
Cons G E & P 4 Hs '35 J-J
Fair & Cl 're 1st 5438 A-0
Ga & Ala 1st con 5s'45 J-J
Ga Car&N 1st 5s g '2a_J-3
Georgia P 1st 6s 1922__J-J
Ga So & Fla lit 53 '45_J-J
G-B-S Brew 3-4s '51_21-S
Knoxy Trac 1st 53'28 A-0
Maconity&Lt 1st 5s'53 J-J
Md Elec sty 1st 53'31_A-0
Memphis St 1st 55 '43,J J
Mt Ver Cot Duck 1st 5s__
Npt N & OP 1st 53'3821-N
Nor&Port Tr 1st 53'36 J-1)
North Cent 434s
Hs 1925_A-0
Series A 53 1926____J-J
Series B 53 1926—__J-P.tt Un 'frac 5s 1997__J-..
Poto Val 1st 53 1941__J,
Say'Fla & West 54 '34 A-0
Scab Air L 4s 1950___A-U
Adjust 5s 1940____F-A
Scab & Roan 5s 1926__J-J
South Bound 1st 5s__A-0
U El L&P 1st 4 30'29 M-N
Un fly & El 1st 4s '49 M-S
Income 43 1949___J-1)
Funding 5s 1936___J-D
Va Mid 3d ser 6s '16__M-Ss
4th ser 3-4-53 1921..M-S
5th series 5s 192
Va (State) 31 new '32_J-J
Fund debt 2-35 1991 J-J
West N C con (Ss 1914_J-J
Wit & Weld 5s 1935___J-4
96
10412 10514
101
92
10112
5;73-4
90 9o14
10034 101
10534
111
5-114 5434
10612
9034 10114
7533
10112
8714
13414
8518
6633
90
8534
[VoL. Lxxxx.w.
THE CHRONICLE
1176
aiiroad
Poestntetxt anti
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEM,' railroad from which regular weekly or monthly return
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings,
ROADS.
Week or
Month.
Current
Year.
Latest Gross Earnings.
July 1 to Latest Date.
Previous; Current
Year.
Year.
Previous
Year.
a
a
a
a
Ala N 0 & Tex PaoN 0 & Nor East_ March ____ 341,084 304,027 2,892,038 2,761,875
Ala & Vicksburg_ March ___ 133,973 146,138 1,296,520 1,393,284
Vicks Shrev & Pa March __ 123,368 121,020 1,142,432 1,182,744
11,000
111,023
81,017
14.189
Ala Tenn & North__ February _
43,269
39,501 1,735,684 1,501,010
2d wk Apr
Ann Arbor___
8,821,567 9,267,520 30,683,663 81,532,910
Atch Topeka & S-Fe March
46,671 2,631,347 2,275,160
60,080
1)r
Atlanta Birm .53 Atl 2d wk -A-.
Atlantic Coast Line. February _ 3,043,542 2,952,543 21,578,125 20,578,014
p Baltimore & Ohio_ March ___ 8,143,297 8,953,914 88,437,417 68,277,040
B & 0 Ch Ter RR March _ __ 139,222 117,570 1,163,232 1,114,182
Bangor & Aroostook February _ 302,853 281,502 2,255,478 2,053,261
Boston 63 Maine.-- February _ 3,339,112 3,037,860 30,676,383 29,988,209
3,739
3,909
39,244
35,981
Bridgeton & Saco R February _
Buff Roch & Plttsb 3d wk Apr 139,383 173,980 7,641,181 7,586,070
Buffalo & Susq____ February . 189,702 179,305 1,855,626 1,553,325
Canadian Northern_ 3d wk Apr 356,100 301,400 15,451,.500 11,379,100
Canadian Pacific_ 3d wk Apr 2,594,000 1,951,000 36,857,055 32,537,433
Central of Georgia__ 2d wit Apr 252,600 222,800 11,448,429 10,677,284
Central of New Jer_ March ____ 2,745,293 2,390,912 23,073,360 21,739,968
Central Vermont-February , 280,515 259,798 2,711,780 2,605,621
Ches &Ohio Lines_ 3d wit Apr 713,782 600,030 17,392,082 28,523,977
Chicago & Alton___ 2d wk Apr 271,307 281,762 11,902,632 11,607,524
Chic Burl 63 Quincy February - 6,771,218 6,158.715 59,250,992 81,041.879
p Chia Great West_ za wk Apr 260,027 252,520 10,168,000 10,067,006
Chic Ind 60 Louisv_ 3d wk Apr 126,540 123,396 5,241,335 4,956,222
162,306
97,230
19,135
19,765
Chic Memph 60 Gulf January __
Chic Milw 60 St Paul February _ 1,903,318 1,483,670 12,504,222 14,742,683
Ch Mil & Pug S& February _ 1,143.187 1,090,266 10,498,294 9,504,839
vChle & North West;February _ 5,969,651 3,692,971 51,620,739 52,988,588
oChic St Paul M 60 0 February .. 1,153,938 1,186,289 10,396,889 11,379,113
Chic T H 63S E____ January __ 177,955 148,919 1,136,161 1,309,534
__ 764,903 761,794 7,518,410 7,172,894
Gin Ham 63 Dayton March
_- _ 118,685 117,972 1,315,999 1,374,535
Colorado Midland__ Fearb.ary
tr Colorado 60 South_ 3d wk Apr 229,452 248,192 11,663,307 13,341,867
February . 14,875
10,568
127.528
109,088
Cornwall
18,829
21,993
205,611
228,971
Cornwall& Lebanon February _
February _ 387.376 315,921 2,318,513 1,893,640
Cuba Railroad
Delaware & Hudson February _ 1,804,388 1,482,295 14,635,475 13,818,072
Del Lack 63 West__ February _ 2,763,755 2,477,778 24,760,905 23,890.108
Deny & Rio Grande 3d wit Apr 404,600 403,000 18,836,215 18,975,303
3,588,027
Western Pacific__ February _ 328,658
855.189
755,824
52,315
69,875
Denver N W & Pee_ February _
27,889 1,453,305 1,476,538
24,980
Dbtrolt Tol & front 2d wk Apr
987,241
955,647
24,054
28,495
Detroit & Mackinfic 3d wk Apr
Dul & Iron Range-- February - 113,998 138,312 4,644,701 5,365,800
51,340 2,446,117 2,463,371
59,072
Dui Sou Sh & Atlan 2d wk Apr
Elgin Joliet & East_ February _ 849,214 524,652 6,557,669 5,341,197
El Paso & Sou West February _ 668,589 567,110 4,939,039 4,858,418
February _ 4,391,671 4,061,893 38,627,162 37,864,813
Erie
16,068
17.548
Fairchild & N E.__ February 2,536
2,024
Florida East Coast_ February - 548,757 499,212 2,542,022 2,284,985
74,201
72,846
701,441
704,098
Fonda Johns & Glov March ____
February _ 292,708 271,884 2,341,915 2,217,802
Georgia Railroad
Grand Trunk Syst 3d Wk Apr 939,632 873,156 39,447,091 36,092,686
Grand Trk West.. 1st wk Apr 131,245 129,488 5,096,739 4,788,118
40,660
37,618 1,745,934 1,590,458
Dot Gr Hay 60 Mil 1st wk Apr
33,170 1,589,784 1,447,835
35,550
Canada Atlantic_ 1st wit Apr
Great Northern Syst March..... 1,799,511 4,429,957 19,546,288 46,111,370
Gulf & Ship Island_ February _ 165,461 159,025 1,339,191 1,348,278
Hocking Valley____ February _ 570,430 418.980 5,023,473 5,088,386
_ 5,043,805 5,194,038 14,537,393 47,742,895
Illinois Central ____
166,000 159,000 8,557,204 7,607,258
March_wit Apr
Internat & Grt Nor 3d
a Interoceanic Mex_ 3d wk Apr 176,6.19 212,035 6,881,895 7,281,913
Kana*ha 63 Mich__ January __ 231,529 233,930 1,962,386 1,929,497
___ 746,467 849,608 7,141,692 7,820,045
Kansas ClW South_
%larchwit Jan
53,346
58,323 1,000,008 1,169,028
KG Max & Orient__ ith
March _ _ 3,384,546 3,045,616 29,031,802 27,292,745
Lehigh Valley
38,734
37,444
358,236
330,169
Lexington & East February _
803,365
844,429
Louisiana & Arkan_'January .._ 125,248 121,394
88,636
864,578
830,288
Soulsv Bend & St L February _ 106,072
sLoulsville & Nashv 2d wit Apr 1,076,090 983,460 44,585,323 13,402,105
129,074
125,945
15,572
10,820
Macon & Birm'ham March ____
Maine Central-- February _ 807,059 698,678 7,138,284 6,618,336
290,626
289,789
27,787
28,732
Maryland & Penna. February _
a Mexican Railway_ 1st wk Apr 148,100 178,800 0,304,100 0,673,100
602,911
593,040
12,834
13,824
3d wk Apr
Mineral Range
Minn & St Louls_4 2d wk Apr 147,824 153,807 6,221,578 6,971,070
Iowa Central...!
Minn St P & S S Mi 3d wk Apr 502,328 405,280 21,319,838 17,847,578
Chicago Division'
818,995
60,804
72,725
591,255
Mississippi Central_ February _
u Mo Kan & Texas_ 3d wit Apr 454,705 460,458 23,348,808 24,101,430
Missouri Pacific_ _ 3d wit Apr 909,000 983,000 14,186,282 43,131,587
Nashy Chatt & St-L February _ 989,020 1,032,685 8,040,738 8,148.608
a Nat Rys of alex_t_ 3d wk Apr 1,080,218 1,171,308 30,415,653 31,508,771
8,115
6,512
273,708
202,935
Nevada-Cal-Oregon. 2d wk Apr
N 0 Great Northern February - 126,812 141,800 1,092,059 1,115,752
N 0 Mobile & Chic_ February _ 188,700 152,847 1,292,663 1,237,287
eV Y C & Ilud My_ February _ 7,539,464 7,113,781 70,832,927 17,838,544
Lake Shore 63M S February _ 3,065,558 3,414,725 33,429,389 12,838,314
n LakcErle& W. February _ 438,801 386,494 3,761,218 3,779,548
Chic Ind & South February _ 372,105 299,832 2,650,054 2,424.383
Michigan Central. February _ 2,311,431 2,188,321 20,805,408 20,257,852
Cleve C C a St L. February.2,424,027 2,232,456 20,674,721 20,819,073
Peoria & Eastern. February _ 262,507 252,550 2,147,465 2,502,988
81,796
900,749
885,715
Cincinnati North_ February _ 100,542
Pitts & Lake Erie February _ 1,257,911 1,017,173 10,882,037 10,800,945
N Y Chic & St L. February _ 013,835 8727,285 7,663,731 7,507,627
• Tol & Ohio Cent_ February _ 380,817 284,133 3,603,710 3,547,317
Tot all lines above February _ 19966998 18095531 177335112 173202107
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
a
a
s
N Y N It & Hartf_ February .. 4,848,962 4,182,774 12,695,568 41,325,715
N Y Oat & West __ February _ 727,033 601,552 6,153,535 6,263,794
N Y Susq 63 West__ February _ 295,218 310,652 2,617.228 2,516,254
Norfolk Southern__ Feoruary _ 251,182 228,622 2,078,815 1,880,934
Norfolk & Western_ February _ 3.049,562 2,563,081 25,973,397 23,988,740
Northern Pacific__ February _ 4,253,928 4,058,532 42,651,370 44,792,000
Pacific Coast Co ___ February _ 432823 449,023 5,088,250 5,356,875
Pennsylvania BR.,. February ..13171737 11136142 108113853 105454698
190,724
189,895
13,065
l8alt Claes 63 Atian February. 12.082
Cumberland Vall_ February _ 226,618 213,566 1,958,146 2,033,026
Long Island_ _ _ February _ 845,013 581.334. 7,145,756 0,683,535
6.231
95,032
94,115
4,958
Maryl'd Del &-Va February ..
N Y Plana & Norf February _ 244,152 229,907 2,197,415 2,243,558
Northern Central. February .. 1,003,638 881.427 8,497,298 8,576,459
Phlla Balt& Wash February _ 1,464,505 1,324,417 12,696,151 12(721,997
W Jaersey & Seash February _ 343,039 317,131 4,328,008 4.191,239
PennsYlvania Co___ February _ 3,938,007 3,446,324 35,203,782 35,532,863
Grand Rap & Ind February. 375,034 380,302 3,120.488 3,501,750
Pitts CinCh& St L February _ 3,137,832 2,746,203 36,890,977 28,731,635
February _ 837,247 751,617 6.886,588 7,228,586
Vandalla
Total linesEast Pitts & E_ February _ 17862477 15165501 151347631 151491751
West Pitts .53 E February _ 5,421,328 7,408,397 75,204,652 75,474,434
An East& West Febiliary _ 28283805 22871898 229552230 226960188
Pere Marquette____ 1st wk Apr 331,939 291,851 12,930,415 12,412,157
Reading CompanyPhi's, 63 Reading_ February _ 3,682,814 3,233,079 30,728,092 29,900.449
Coal & Iron Co__ February .4,031,482 2,306,915 28,097,656 22,489,605
Total both cos__ February _ 7,714,276 5,539,991 58,825,748 52,488,114
Rich Fred & Potom February . 224,328 189,191 1,591,170 1,463,571
616,110
62,050
829,402
67,261
Rio Grande Juno__ January __
398,088
453,560
9,041
10,414
Rio Grande Scruth_ 2d wit Apr
Rock Island Lines__ February.5,033,614 1,861,795 43,873,024 46,709,485
Rutland
Feoruary. 227,024 218,900 2,306,208 3,311,233
St Jos & Grand-1st_ February _ 114,382 107,180 1,075,996 1,164,493
St Louis & San Fran February _ 3.387.590 3,319,019 28,922,087 29,702,537
f Ohio (53 East Ill_ Ferbuary _ 1,216,725 1,117,874 10,598,159 10,405,817
Total all lines__ February _ 4,801,315 1,438,802 39,520,246 10,108,353
St L Rock Mt 60 P.- February _ 183,987 130,885 1.318,475 1.457.111
St Louis Southwest_ ad wk Apr 184,000 183,000 0,820,309 10,002,858
San Ped LA & S L. February _ 742,163 576,754, 5,815,310 5,337,828
Seaboard Air Line__ 2d wk Apr 506,198 489,429 18,230,180 17,367,667
Southern Pada° Co March-_ 10397,064 10658,024 33,464,337 101399 559
Southern Railway_ 3d wit Apr 1,228,238 1,128,888 51,738,176 10,667,511
Mobile (53 Ohio__ 2d wk Apr 110,949 199,129 8,853,515 8,777,583
Gin N 0 & Tex P. 2d wit Apr 173,146 180,753 7,558,748 7,248,267
78.531. 3,749,778 3,578,637
88,291
Ala Great South_ 2d wk Apr
43,859 1,962,543 1,935,634
48.214
Georgia Sou& Fla 2d wk Apr
83,520
77,045
2,361, 2,234
Tenn Ala & Georgia 2d wk Apr
998,005
Tennessee Central__ February _ 109,202 114,030 1,009.241
Texas & Pacific__ 3d wk Apr 291,454 243,900 14,183,330 13,344,630
134,028
71,920
8,808
7,303
_ _
Tidewater & West_
18,273 1,000,478 1,001,900
19,373
Toledo Poor & West 1st
wit Apr
March77,528
75,806 3,115,766 2,990,311
Toledo St L 63 West 2d wk Apr
53,438
69,141
7,728
10,013
Tombigbee Valley_ February _
Union Pacific. Syst_ March ___ 6,104,520 0,458,000 65,128,924 69,263,535
928,281
Virginia & So West_ February _ 139,240 114,829 1,150,174
Virginian
February _ 392,448 250,636 3,160,176 2,341,503
Wabash
March ____ 2,251,637 2,472,442 21,625,537 22,702,285
Western Maryland_ February _ 558,296 470,437 4,715,193 4,821,145
Wheel 63 Lake Erie_ March ___ 080,543 501,434 5,818,442 5,097.283
268,143
39,417
39,694
284,991
Wrightsv & TennIlle March
____ 862,501 910,177" 7,730,185 8,502,838
Yazoo & Miss Valley March _--..
Current
Previous
Year,
Year.
Period.
Various Fiscal Years.
Jan 1
Delaware 63 Hudson
N Y Central 63 Hudson River_e_ Jan 1
Lake Shore 63 Michigan South fan 1
Lake Erie 63 western_n..... Jan 1
Chicago Indiana 63 Southern_ Jan 1
Michigan Central..Jan 1
Cleve Cin Chicago 63 St Louis Jan 1
Peoria 40 Eastern_
Jan 1
Cincinnati Northern.__..._ Ian 1
Pittsburgh 63 Lake Erie_
fan 1
New York Chicago 83 St Louis Ian 1
fan 1
Toledo 60 Ohio Central
Total all lines
fan 1
fan 1
Pennsylvania Railroad_
Baltimore Chesap & Atlantic_ Jan 1
Jan 1
Cumberland Valley_
Valley....
... _ Ian
Jan 1
Long Island.
Maryland Delaware& Virginia Jan 1
NY Philadelphia & Norfolk__ Ian 1
Northern Central..ran 1
Philadelphia Bait .50 Wash... Jan 1
West Jersey & Seashore__ _ Ian 1
Pennsylvania Company- ___ Jan 1
Grand Rapids 83 Indiana.- Ian 1
Pittsb Chacin Chic & St Louis Jan 1
Jan 1
Vandalia
Total lines-East Pitts & Erie fan 1
West Pitts& Erie Jan 1
All lines E 60 W. Jan 1
Dec 1
Rio Grande Junction
Jan 1
Rutland
Jan 1
Texas & Pacific
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
5
$
Feb 29 3,501,557 3,054,908
Feb 29 15,686,728 14,900,864
Feb 29 7,813,434 7,131,231
881,566
837,103
Feb 29
610,474
700,289
Feb 29
Feb 29 4,700,333 4,550,240
Feb 29 4,668,69'1 4,577,338
558,678
493,460
Feb 29
181,404
192.756
Fob 29
Feb 20 2,490,773 2,031,869
Feb 29 1,797,529 1.718,273
778,337
623.018
Feb 29
Feb 29 10,186,896 37,720,492
Feb 29 25,952,128 23,516,274
21,608
25,980
Feb 29
458,007
446,510
Feb 20
Fob 29 1,311,100 1,198.422
9,778
Fob 29,
12,456
469,408
Feb 29
469,518
Feb 29 1,959,234 1,916,101
Feb 29 2,901.248 2,765,860
Feb 29
687,726
834,061
Feb 29 7,822,603 7,120,833
Feb 29
733,983
775,779
Feb 29 6,392,658 5,858,923
Feb 20 1,688,238 1,578,140
Feb 29 35:8
27
17
2:0
64
55
23
12
6
507
8
5:5565
08:6
Feb 29 18
Feb 29 52,089,698 18,072,178
Jan 31
145,036
137,981
Feb 29
463,380
447,741
Apr1121 4,977,655 4,399,508
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries,
Mien! Year Prev's Year Inc. or Dec.
%
Monthly Summaries.
Cuent Year Prey's Year Inc. or Dec.1 %
5
$
5Mileage.Our.Yr. Prev.Yr.
8
i
5
943,733 240,012 231,607,053 238,158,755 -5,459,702 2.71
let week yeb (39 roads)____ 13,109,182 11,938,471 +1,170,711 9.81 Juno
13,233,046 12,630,319
244,503 240,083 231,838,006 333,169,887 -1,481,881 0.65
+803,327 4.78 July
2d week Feb (40 roads).244,531 240,170 253,043,102 254,886,944 -1,843,842 0.72
+793,444 8.31
August
. 13,450,109 12,651,965
3d week Feb (42 roads)____
+507,987 0.19
4th week Feb (43 roads).- 14,943,017 12,852,001 +2,091,016 16.27 Seat° nber-245.491 240,825 257,250,762 256,748.775
5 0.92
26:773
-1-2
1:4
76702
+747,009 5.08 October _245,833 241,321 286,061,129 283,637,358 let week Mob (43 roads)____ 13,281,812 12,531,803
0.73
+471,471 3.59
November _234,200 231,563 241,313,783 213,111,388
2d week Mob (43 roads)____ 13,603,439 13,131,0'68
+1.339.735
0.57
235,685
232,275,177
13,740,405
13,045,757
_233,561
233,614,912
+604,613 3.32 December
3c1 week MO (41 roads)._
+213,310 1.29 January _..237,888 231,403 210,701,771 213,145,078 -2,440,307 1.14
4th wee' Mob (39 roads)._ 19,490,023 19,247,719
+303,911 8.89 February _237,033 233,191 218,031,091 197,278,939 +20,752,155 10.52
1st week Apr (43 roads)____ 14,119,697 13,209.788
88,495 68,401,330 81,701,402 +3,702,918 5.73
88.168
2d week April (41 roads)._ 13,858,411 12,560,991 +1,207,420 10.33 Nivea
a Mexican currency. 0 Does not Include earnings of Colorado Sprints & Cripple Creek District Ity. from Nov 1 1911: in 1910 these returns
are Included. e Includes the Boston & AlbanY, th3 New York & Ottawa, the St. Lawrence 40 Adirondack and the Ottawa 63 N. V. RV.. the latter
Haute and Evans.
of which, being a Canadian road, does not make returns to Mae Inter State Caminerce Commission. l' Includes Evansville & Terre
ville 63 Indiana RR. g Inf.:Ludes the Cleveland Lorain & Wheeling By. in both Years. n Includes the Northern Ohio Rit. 19 Includes earnings Of
Mason City & Ft. Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville 63 Atlantic and the Frankfort 63 Cincinnati. t Includes thli
Mexican International from July 1910. „u Includes the Texas Central. v Includes not only operating revenues, but also all other receipts.
APR. 27 1912
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second week
of April. The table covers 41 roads and shows 10.33%
increase in the aggregate over the same week last year.
Second Week of April.
1912.
1911.
$
$
Alabama Great Southern
86,291
78,531
Ann Arbor
42,269
39,501
Atlanta Birmingham de Atlantic
60,060
46,671
Buffalo Rochester & Pittsburgh
119,310
173,960
Canadian Northern
374,700
306,500
Canadian Pacific
2,528,000 1,989,000
Central of Georgia
252,600
222,800
Chesapeake Fc Ohio
655,810
602,502
Chicago & Alton
271,307
281,762
Chicago Great Western
266,027
252,520
Chicago Indianap & Louisville_
119,783
123,948
Cinc New On de Texas Pacific
173,146
160,753
Colorado & Southern
223,062
267,870
Denver & Rio Grande
421,600
420,300
Detroit & Mackinac
27,734
23,315
Detroit Toledo & Ironton
24,960
27,889
59,072
51,340
Duluth South Shroe & Ati
48,214
43,859
Georgia Southern .4: Florida_ __ _
Grand Trunk of Canada
937,900
Grand Trunk Western
891,154
Det Gr Hay & Milw
Canada Atlantic
167,000
International & Great Northern
166,000
173,280
149,127
Interoceanic of Mexico
1,076,090
983,460
Louisville & Nashville
13,824
Mineral Range
12,834
Minneap & St Louis
147,824
Iowa Central
153,807
521,527
391,098
Afinneap St P & S S M
Chicago Division
433,129
Missouri Kansas& Texas
452,136
930,000
928,000
Missouri Pacific
110,949
Mobile & Ohio
199,129
1,251,109
National Rys of Mexico
988,645
8,115
Nevada-California-Oregon ____
6,512
10,414
Rio Grande Southern
9,041
188,000
189,000
St Louis Southwestern
506,196
Seaboard Air Line
469,420
Southern Railway
1,266,557 1,144,913
Tennessee Alabama 6: Georgia..
2,361
2,234
Texas & Pacific
278,498
230,810
Toledo St Louis & Western_ __ _
77,528
75,806
Increase. Decrease.
$
7,760
2,768
13,389
$
Roads.
1177
-Int., Rentals, &c.
- -Bal. of Net Earns.
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
Central of New Jersey_ _Mch
526,023
761,290
524,206
496,765
July 1 to Mch 31
4,975,761 4,727,581 5,415,335 4,549,160
Chicago & Northwestern.Mch
821,451
518,277
1,027,220
786,616
July 1 to Mch 31
6,906,715 6,968,881 8,011,091 9,538,893
Colorado & Southern... Mch
282,473
275,658 zdf.32,883 '71 z78,558
July 1 to Mch 31
2,525,131 2,449,253 x1,453,316 z1,949,359
x After allowing for other income received.
54,650
68,200
539,000
29,800
53,308
10,455
13,507
4,165
12,393
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year,
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
5
American Rys Co____ March ____ 375,267 347,033 1,099.312 1,019.907
Atlantic Shore Ry___ March ____
23,770 20,700
63,724
54,969
cAur Elgin & Chic By March ____ 133,523 122,679
379,880
356.171
2,929 Bangor By & Elec Co February _
51,518 41,900
104,966
87,076
7,732
Baton Rouge Elea Co February _
11,019
8,351
23,180
18,187
Binghamton Railway March ____
4,355
33,160 29,000
96,623
84,054
Brock & Plym St Ry_ February _
6,882
6,420
13,891
14,045
Bkiyn Rap Tran Syst December 1920,274 1804,037 23,233,599 21,808,887
46,746
Cape Breton Elec Co_ February _
23,693 22,083
52,020
49,526
Carolina Pow & Lt Co March ____
33,692 29,151
104,033
89,117
Cent Park N & E Riv December
1,000
53.028
50,180
435,266
638,063
Central Penn Trac__ _ March ____
24,153
70,806 66,978
208,151
194.736
Chattanooga Ry & Lt March ____
92,630
81,332 72,395
238,993
215,193
Cloy Painesv & East_ February _
900
21,717 21,053
44,625
44,167
Clev Southw & Colum February _
77,418 74,906
156,989
154,513
5,983 Columbus (Ga) El Co February _
41,884 47,024
86,200
76,062
Coney Island & Bklyn December
130,429
103,190 103.508 1,409.273 1,496,386
Dallas Electric Corp_ February _ 129,751 119,965
264,921
255,145
19,007 Detroit United Ry__ 2d wk Mch 183,373 160,588 1,960,886 1,733,923
2,000
DDEB& Bat (Reel December
52,940 47,712
617,034
606,785
88,180 Duluth-Superior Trac March ____
90,998 88,760
262,489
251,047
262,464
East St Louts & Sub_ February _ 185,809 168,680
376,844
357,404
1,603
Paso
El
Electric____ February _
61,644
54,850
131,419
116,619
1,373
Fairm & Clarks Tr Co March ____
63,179
53,301
178,005
155,424
1,000 42dStM&SNAv (Bee) December
134,043 113,208 1,606,382 1,433,286
36,767
Galv-Hous Elec Co__ February _ 136,445 99,928
282,452
211,094
121,644
Grand Rapids By Co. March ____
98,599 89,706
287,674
263,609
127
Havana Electric By. Wk Apr 21
49,553 44,040
767,396
728,305
38,688
Honolulu Rapid Tran
1,722
& Land Co
February _
45,900 $7,824
91,386
76,745
Houghton Co Trac Co February . 21,970 20,567
44,095
43,823
Total (41 roads)
13,858,411 12,560,991 1,524,432 227,012 Hudson & Manhattan February _ 434,323 362,271
889,531
748,668
Net increase (10.33%)
1,297,420
Illinois Traction Co January_ _ _ 616,704 573,971
616,704
573,971
Interboro Rap Tran_ December 2845.096 2760,389 30,331.582 29,349,525
Jacksonville Trac Co_ February _
45,912 46,973
95,790
99,738
Eleo
Shore
February
Lake
By.
_
82,118 76,258
109,271
160,827
Net Earnings Monthly to Latest Dates.-The table fol- Long Island Electric_ December
14,070 13,211
209,256
207,547
lowing shows the gross and net earnings of STEAM railroads Metropolitan St(Rec) December 1148,685 1116,919 13,656,723 13,330,239
Milw El Ry & Lt Co_ March ____ 447,350 391,825 1,331,814 1,180,315
and industrial companies reported this week:
84,641
Milw Lt, Ht & Tr Co_ March ____
74,191
248,967
221,879
--Gross Earnings- -Net Earnings
March ____ 427,664 371,992 1,239,621 1,072,854
- Montreal Street Ry
Previous
Current
Nashville By & Light February _ 159,939 151,282
Current
Previous
326,073
313,185
Year.
Year.
Roads.
New Orleans Ely & Lt December
Year.
Year.
6,380,909 6,099.234
N Y City Interboro__ December
33,733 21,452
314,101
233,258
N Y & Long Isl Trac_ December
28,131
24,795
389,168
370,677
Atch Top & Santa Fe_b_Mch 8,821,567 9,267,520 52,839,149 53,094,325 N
Y & Queens Co ____ December
98,959 85,605 1,253,981 1,122,132
80,683,663 81,532,910526,407,597528,176,420 Northam
July 1 to Mch 31
Easton & W February _
11,969 10,868
23,473
22,790
Baltimore &
__Mch 8,142,297 6,953,914 2,532,052 2,209,779 No Caro Pub Serv Co December.. 24,124 20,873
252,174
217,312
July 1 toOhlo_b_68,437,417 66,277,040 20,267,567 18,178,252 North Ohio Trac & Lt February _ 198,209 172,413
Mch $1
407,598
358,685
228,183
Buffalo Roch & Pittsb.b.Mch
233,097
819,541
691,343
257,779
215,852 North Texas Elec Co_ February _ 113,488 109,088
4,253
3,101
123,087
July 1 to Mch 31
110,570
7,193,082 6,980,585 2,321,646 2,541,549 Ocean Electric (L I) _ December
PaducahTrac& Lt Co February _
22,930 20,705
47,623
42,492
Canadian Northern
Mch 1,572,700 1,270,600
426,800
$54,800 Pensacola Electric Co February _
23,015 22,320
45.278
44,689
July 1 to Mch 31
14,338,900 10,942,900 3,833,200 3,083,300
Phila Rapid Trans Co March ____ 1883,373 1781,679 5,417,254 5,099,381
Central of New Jersey_ b_Alch 2,745,293 2,390,912 1,285,496 1,022,788 Port(Orenty,L&PCo. March ____ 543,138 515,753 1,593,278 1,505,640
July 1 to Mch 31
23,073,360 21,739,068 10,391,096 9,276,741 Puget Sound Elec Co_ February _ 128,734 132,135
263,809
274,386
Colorado & South_ b_-__Mch 1,035,318 1,115,314
340,485
25,780 23,400
362,033
208,861
325,221 Richmond Lt & RR_ December
July 1 to Mch $1
10,978,849 12,576,767 3,613,413 4,362,199 Rio de Janeiro Tram
&
Light
Power
Co_
February
_
1080.926
1,940,788
941,213
2,189,945
Chicago do Northw_a___Mch /5,872,755 /6,059,715 1,339,728 1,813,836 St Joseph (Mo) Ry,Lt
(57493,494/59,026,281 14,917,805 16,507,774
July 1 to Mch $1
Heat & Power Co_ March ____
94,320 87,728
261,842
288,562
Detroit & Mackinac_ __Mch
107,954
113,192
24,702 Sao Paulo Tram,L&P February _ 357,782 279,457
31,619
721,293
561,813
July 1 to Mch 31
902,697
890,547
167,505
216,359 Savannah Electric Co February _
56,439 51,301
105,104
114,798
Seattle Electric Co__ February _ 413,838 428,557
907,285
863,654
Fonda Johnst & Glov_ b_Mch
74,201
72,846
37,941 Second
34,692
Ave (Bee)_. December
77,260 64,015
937,466
845,062
July 1 to Mch 31
704,098
701,441
359,927
368,753 Southern
Boulevard_ December
9,853
111,145
8,597
125,663
Kansas City Southern.b.Mch
746,467
849.608
178,469
306,523 Sou Wisconsin By Co March ____
17,840 14,591
52,766
43,232
July 1 to Mch 31
7,141,692 7,820,045 2,301,559 2,838,565 Staten IsI'd Midland_ December
18,026 15,789
279,730
261,276
Lehigh Valley_ b
Mch 3,364,546 3,045,616 1,122,980 1,157,811 Tampa Electric Co__ February _
59,659 57,335
120,410
110,559
July 1 to Mch $1
Third Avenue (Rec)_ December
29,031,802 27,292,745 9,541,354
316,629 291,416 3,680,409 3,432,013
December..
4,851.541 4,377,116
Southern Pacific _a
Mch10,397,064 10,658,024 2,720,274 9,641,939
2,934,403 Toronto Railway Co_
683,481
748,192
99,464,337 101399,559 30,496,075 33,243,353 Tri-City By .Se Lt Co_ March ____ 243,740 220,751
July 1 to Mch 31
Twin City Rap Tran_ 2d wk Apr 145,785 141,917 2,195,576 2,095,598
Southern Railway_ b_ __ _Mch 5,556,583 5,361,435 1,727,453 1,726,280 Underground Elec By
47,923,233
31
Mch
46,176,178
July 1 to
15,350,700 15,023,103
of
7,303
6,808
Three tube lines__ Wk Apr 13 £13,620 £12,665 £217,250 £211,000
Tidewater & Western_ _ _Mch
def.706
dcf.110
71,920
64,026
Metropolitan Dist_ Wk Apr 13 £12,070 £11,245 £187,915 £178,190
8,537
July 1 to Mch 31
6,796
United Tramways_ Wk Apr 13 £8,185 £6,750
£85,196
£80,621
Mch 6,104,520 6,458,000 1,661,042 2,140,927
Union Pacifica
London Gen'l Bus_ Wk Apr 13 £50,926 £35,739 £613,485 £467,651
65,128,924 69,263,535 24,329,028 28,069,017
July 1 to Mch 31
Union (Bee)
172,758 2,471,033 2,225,276
December
199,850
476,437
558,296
r161,417
Western Maryland _a_ _ _Feb
r155,066 UnionRy,G&ECo(III) February _ 293,554 251,685
528,067
607,276
4,745,193 4,821,146 r1,517,438 r1,673,293 United Rys of St L
July 1 to Feb 29
March ____ 977,501 982,271 2,804,315 2,767,180
39,604
$9,417
17,233
Wrightsv & Tennille_ b_Mch
18,355 United RRs of San Fr February _ 649,279 577,580 1,320,672 1,215,893
268,142
July 1 to 1.1ch 31
532,425
45,746 41,941
601,898
284,991
05,755
109,063 Westchester El (Bee) December
_
Whatcom Co Hy de Lt February _
64,787
34,004 31,350
69,513
Yonkers RR (Rec)._ December
036 52,375
a Net earnings here given are after deducting taxes.
678.427
v.-.,,,,,,..,•
.1.
(Th.,(Th.,I)k, Fahleloal.e.
57,
1, 1 ecn
1
R
a ft,
s
*IA
A19
R9 ,es
b Not earnings hero given are before deducting taxes.
Includes not only operating revenue, but also all other receipts.
c These figures are for consolidated company.
The company now includes the earnings of the Atch. Topeka 80 Santa Fe
•
Fe By., Gulf Colorado de Santa Fe fly., Pecos & Northern Texas By.,
Electric Railway Net Earnings.-The following table gives
Pecos River R. R. Southern Kansas ity. of Texas, Texas & Gulf By.,
G. & I. By. of Texas, 0. S. S. & L. V. RR. and R. G. F0 E. P. RR, the returns of ELECTRIC railway gross and net earnings
In both years. For March taxes amounted to $367,322, against $306,- reported this week:
438 in 1911; after deducting which, net for March 1012 was $2,471,-Gross Earnings- -Net Earnings
827, against $2,787,887 last year. From July 1 to March 31 taxes were
Previous
Current
Current
Previous
$3,182,891 in 1912, against $2,594,543 last year.
Year.
Roads.
Year,
Year.
Year.
r After allowing for miscellaneous receipts and net from coal and other
$
$
departments, total net earnings for February were $208,567, against
$
$
290,308
298,121
306,478
302,181
Arch
$221,117 in 1911, and for July 1 to Feb. 29 were $1,819,179, against Amer Light & Trac
Jan 1 to Mch 31
1,027,208 1,066,712
995,622 1,039,671
$1,934,017.
133,523
Aurora Elgin & Chic_b_Mch
122,679
53,831
47,766
INDUSTRIAL COMPANIES.
1,362,825 1,290,629
July 1 to Mch 31
596,602
546,478
State Street ByBay
-Gross Earnings- -Net Earnings
1,910,068 1,707,326
Jan 1 to Mch 31
548,513
Current
564,488
Previous
Current
Previous
6,775,726 6,494,911 2,320,651 2,404,321
July 1 to Mch 31
Year.
Companies.
Year.
Year.
Year.
$
Transit
Rapid
Brooklyn
Cosa
$
$
$
5,735,932 5,411,691 2,001,059 1,842,295
Oct 1 to Dec 31
104,574
Canadian Express_ b._ _ _Jan
85,482
def.388
4,386
12,120,552 11,428,492 4,470,215 4,262,161
July 1 to Dec 31
936,852
835,792
July 1 to Jan 31
170,089
183,039
23,233,601 21,867,544 8,088,512 7,630,996
Jan 1 to Dec 31
128,577
147,424
Northern Express _ b_ _ Dec
36,101
54,758 Chattanooga Ry & Lt_a_Mch
81,332
72,395
32,670
29,850
785,307
929,510
July 1 to Dec 31
238,773
400,290
Jan 1 to Mch 31
238,993
215,193
95,965
90,391
789,765
United States Express _ b_Jan
735,088 def.142,709 def.85,427 Coney Island & Brooklyn_a6,774,108 6,385,357
July 1 to Jan 31
291,947
521,585
Oct 1 to Dec 31
304,535
322,597
61,878
72,635
July 1 to Dec 31
699,295
828,024
172,435
286,893
Interest Charges and Surplus.
Jan 1 to Dec 31
1,409,274 1,498,301
348,963
394.278
-Int., Rentals, &c.- -Bal. of Net Earns.- ConsumersPower(Mich)aMch
233,165
193,457
101,917
95,580
Current
Previous
Jan 1 to Mch 31
Current
699,307
Previous
606,352
331,101
317,164
Year.
Year.
Roads.
Year.
Year.
Duluth-Superior
Trac_b_Mch
90,998
36,834
88,760
35,574
$
$
$
$
Jan 1 to Mch 31
262,489
251,047
97.123
98,700
Buff Roch & Pitts
175,440
Mch
194,692 z154,709 x104,766 Fairmt & ClarksburgTrb Mch
63,179
53,300
34,533
38,788
Jan 1 to Mch 31
1,559,516 1,593,565 x1,320,988 x1,613,247
Jan 1 to Mch 31
178,005
155,426
105,616
101,395
44,808
1,300
4,419
-Gross EEarnings- -Net EarningsPreeious
Current
Previous
Current
Year.
Year.
Year.
Year.
$
.
38,023
42,569
89,706
98,599
Grand Rapids Rya _ _ _ _Mch
112,203
122,985
263,609
287,674
Jan 1 to Mch 31
5,869
19,543
46,550
52,497
Kentucky Trac & Ter_b_Mch
136,959
197,015
493,828
514,569
July 1 to Mch 31
35,527
39,031
81,442
91,740
__Mch
Lehigh Valley
132,712
147,268
317,037
Mch 31
357,100
Dec 1 to Trans_Metropolitan St Rya1,042,396
3,503,712 3,468,828 1,502,173
Oct 1 to Dec 31
6,969,817 6,913,410 2,670,071 2,139,815
July 1 to Dec 31
13,656,723 13,389,003 4,072,021 3,141,827
Jan 1 to Dec 31
102,921
118,127
391,825
447,350
Milw Elec By & Lt_a___Mch
335,400
354,734
1,331,814 1,180,315
Jan 1 to Mch 31
21,900
26,227
74,191
84,641
Milw Lt, lit & Trac_a__Mch
72,223
65,964
221,879
248,967
Jan 1 to Mch 31
156,696
137,508
371,992
427,664
Montreal Street Ry_ b_ _Mch
832,442
963,862
2,533,429 2,202,915
Oct 1 to Mch 31
N Y & Long Island Trac_a11,399
29,018
88,002
88,661
Oct 1 to Dec 31
54,223
74,582
210,713
211,989
July 1 to Dec 31
108,174
112,971
370,730
389,169
Jan 1 to Dec 31
N Y City Interborough_a3,927
12,805
65,204
95,078
Oct 1 to Dec 31
25.110
20,699
129,466
176,290
July 1 to Dec 31
44,019
27,834
233,408
314,100
Jan 1 to Dec 31
• •
[VOL. Lxxxxiv.
THE CHRONICLE
1178
Roads.
N Y & Queens Co_a273,409 def34,445 def37,617
301,105
Oct 1 to Dec 31
26,333
615,315 def17,761
666,385
July 1 to Dec 31
55,491
16,921
1,253,981 1,123,152
Jan 1 Ur Dec 31
275,837
515,753
258,088
543,138
Portland(Ore)R,L&P a Mch
753,669
766,229
1,505,640
1,593,278
Jan 1 to Mch 31
Richmond Lt & RR73,920
7,425
78,686
Oct 1 to Dec 31
87,728
33,204
42,118
94,320
St Jos(Mo)R,L,H&P_a_Mch
261,842
107,457
128,536
288,562
Jan 1 to Mch 31
38,506
17,286
19,840
44,830
Springfield (Mo) Ry&Lt_Peb
42,917
37,391
81,973
94,099
Jan 1 to Feb 29
Staten Island Midland51,924
9,040
56,244
Oct 1 to Dec 31
Third Ave (Receivers)-a360,177
398,187
936,324
866,114
Oct 1 to Dec 31
779,991
1,901,444 1,784,190
878,587
July 1 to Dec 31
1,451,417
3,538,869
1,682,317
3,680,411
31
Dec
Jan 1 to
87,511
220,751
243,740
103,082
Tr -City By & Lt_a____Mch
683,481
280,034
748,192
320,331
Jan 1 to Mch 31
625,164
296,912
659,567
310,189
_Mch
b_
Twin City Rap Tran_
850,508
856,551
1,911,611 1,821,039
Jan 1 to Mch 31
982,271
299,022
311,825
977,501
United Rys of St L_aMch
888,412
856,821
2,804,315 2,767,180
. Jan 1 to Mch 31
taxes.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting
Interest Charges and Surplus.
•
ANNUAL REPORTS.
Annual Reports.-The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since March 30.
This index, which is given monthly, does not include reports in to-day's "Chronicle."
Page,
Industrials-(Concluded)Bethlehem Steel Corp., South Beth980
lehem, Pa
_ 1054
Butterick Company _
Canadian Westinghouse Co., Ltd ___ 914
Consolidation Coal Co., Baltimore _1053
Corn Products Refining Co., N.Y.._ 1117
Eastman Kodak Co., Rochester __ __ 979
Electric Bond & Share Co.-(Balance
980
Sheet Dec. 31)
979
Ingersoll-Rand Co _
International Agricultural Corp.,
909
N. Y.-(1 years)_
1117
International Salt Co
Julius Kayser & Co., N. Y.-(8 mos.) 980
Kinloch Long Distance Telephone
1122
Co. of Missouri
1052
Lehigh Coal & Navigation Co
Marconi Wireless Teleg. Co. of Amer. 909
909
May Department Stores Co
Electric Railways1117 Missouri & Kansas Telephone Co_ __ 915
Binghamton (N. Y.) Ry
921
Chicago City Ry..978 New York Edison Co
.1054
Chicago & Milwaukee Electric RR__ 910 New York (Bell) Telep. Co., City..
Cleveland South Western & Col. Ry_ 982 Niagara Lockport & Ont. Power Co.1060
1060
908 Nipissing Mines Co
Federal Light & Traction Co
1123
911 O'Gara Coal Co., Chicago
Illinois Traction Co
1060
979 Oklahoma Natural Gas Co
Indiana Union Traction Co
1054
New Orleans Railway & Light Co _1116 Phelps, Dodge & Co., N. Y
1052
Co
Coal
(Pa.)
Pittsburgh
New York Railways Co.(Application
1051
Stock Exch. Mch. 1 1912)..977 Philadelphia Electric Co Y
981
1057 Rubber Goods Mfg. Co., N.
New York State Railways
983 Sloss-Sheffield Steel & Iron Co.
Porto Rico Railways, Ltd
979, 988, 909
Public Service Corp., of N. J._ _908, 916
1053
Co
Rutland (Vt.) Ry., Lt. & Power C0_1120 Southern Iron & Steel
Co., San Fran_ _1123
United Rys. & Electric Co., Balt _1058 Spring Valley WaterN.
Y.-(Balance
United Railways Investment Co..- 984 Standard Oil Co. of
1117
Sheet January 11912)
Washington Baltimore & Annapolis
1124
Electric RR.(9 mos. Dec.311911)1051 Steel Co. of Canada, Ltd Bend, Ind_ 980
South
Corp.,
Studebaker
Co.1050
&
Elect.
C.)
By.
(D.
Washington
987
Co
West Indies Electric Co., Jamaica__ 922 Tamarack Mining
979
1117 Union Bag & Paper Co
Youngstown & Ohio River RR
979
Y
N.
Co.,
Typewriter
Union
Industrials1129
American District Teleg. Co., N. J__1121 United States Gypsum Co months
United States Motor Co.-(6
American Ice Securities Co.-(13u1909
31)
Jan.
ending
1117
ance Sheet Dec.31)
Co 1051
American Zinc,Lead & Smelting Co_ 984 U.S.Smelting Refining & Mining
987
Co
Mining
Consolidated
Utah
914
Ltd
Co..
Arizona Copper
1054
Associated 011 Co., California ______ 1059 Western Electric Co., Chicago
981
Atlantic City (N. J.) Electric Co _._ .._ 984 Yukon Gold Company
Page.
Railroads1048
Delaware &Hudson Co
1119
Grand Rapids & Indiana By
908
Green Day & Western RR
1049
Lake Erie & Western RR
1115
Long Island RR
New York Chicago & St. Louis RR_ _1119
1115
Pennsylvania Company
976
Peoria & Eastern Ry
Pittsburgh Cin Chic. & St. L. By..
976, 1048, 1081
1049
Pittsburgh it Lake Erie RR
1050
Rutland RR
907
Texas & Pacific Ry
978
Toledo & Ohio Central By
Toronto Hamilton & Buffalo Ry__ _ _1121
977
Venda Ila RR
1050
West Jersey & Seashore RR
Grand Rapids & Indiana Railway.
(Report .for Fiscal Year ending Dec. 31 1911.)
Pres. Joseph Wood, Grand Rapids, Feb. 25 wrote:
a decrease
-Bat, of Net Earns.
-Int., Rentals, &c.
Results.-The general income account of the company shows
Previous
Current
Previous
outside operations, of all
Current
of $120,055 in the operating revenues, including
Year.
Year.
Year.
and taxes, and an
Year.
lines, and a decrease of $309,787 in operating expenses
net income after charges
The
$189,732.
of
in
income
operating
increase
revenues, inoperating
total
The
11,818 was $185,746, an increase of $161,735.
16,896
35,948
36,935
Aurora Elgin & Chicago_Mch
237,785 cluding outside operations, of all lines were $5,044,504, and the operating
266,264
308,693
330,338
July 1 to Mch 31
of
$1,174,829,
revenue
operating
net
total
a
expenses $3,869,674, leaving
Bay State Street Ryx108,739 an increase of $179,529.
x58,821
455,749
489,692
212,121, or
of
decrease
, Jan 1,.to Mch 31
a
4,200.100.
was
lines
all
of
tonnage
total
The
x893.,643 x1,039,762
1,427,008 1,364,559
Of
• " July 1 te Mch 31
4.71%, and the total tonnage mileage Wasi,921).440,081, aindccrgIti
co
Brooklyn Rapid Trans Costons, or 9.48%. -The principal ,decrenses were
ifs', an
was
x548;643 x378,643 981,274
vh
6.8
mile
ton
rate:per,
average
The
forest.
- Oct. 1 to Dec 31 ...... 1,586,947 1,575,379
products of the
aditles
3,181,460 3,162,415 x1,550,501 x1,315,492 increase of 0.32 mill, due to the falling, off in movement of ca
1 to Dec 31
' July ,
7,336,845 6,289,975 x2,238,209 x1,745,943 taking the lower rates. The total passenger mileage was 90,229. 73, an
Jan 1 to Dec 31
10,450 increase of 1,217,149 miles, or 1.37%; average rate per pass. mile was
11,176
19,400
21,494
Chattanooga Ry & Lt_ __Mch
32,567 1.874 cts., the same as for 1910.
31,923
57,824
64,042
Jan 1 to Mch 31
to consider a reNo Dividend.-The board has not thought it advisable
made prior to 1910, on
Coney Island & Brooklynsumption of the payment of the small dividends
z8,958
zdef10,891
71,892
82,068
_
Oct 1 to Dec 31
the requirements for the year
meet
to
income
in
deficiency
the
of
account
x25,105 x150,488
144,625
164,447
July 1 to Dec 31
in the profit and loss account
x55,753 x112,707 1910 having seriously impaired the surplus
290,706
328,062
This, coupled with the
Jan 1 to Dec 31
accumulated since the reorganization in 1896.
of
56,455 steadily
59,831
39,125
42,086
ConsumersPower(MIch)_Mch
decreasing revenues, made necessary the most rigid curtailment
renewals were
209,202
important
No
200,347
107,962
1911.
130,754
during
31
Mch
all
departments
to
Jan 1
expenditures in
the
maintaining
beyond
14,794 undertaken in maintenance of way and structures
12,836
22,042
22,737
Duluth-Superior Trac_ _ _Mch
30,998 property in safe condition.
30.488
66,125
68,212
Jan 1 to Mch 31
Michigan lines.
Taxes.-Your company, in connection with several other of taxation in
17,596
20,527
16,937
18,261
to demonstrate the inequalities
Fairmt & Clarksburg Tr_Mch
57,315 has started an investigation
50,834
44,080
54,782
State Board
and
the
to
Governor
presented
Jan 1 to Mch 31
was
petition
a
and
Michigan,
22,957 of Assessors, which clearly explains the matter and will be found in an ap27,970
15,066
14,599
Grand Rapids Ry ____ Mch
66,915 pendix to the pamphlet report.
78,868
45,288
44,117
Jan 1 to Mch____
engineers was
GradeCrossings.-About two years ago a commission of
x6,042 zdf 11,548
20,131
17,177
Kentucky Trac & Term Mch
in Grand Rapids
x59,375 zdf.22,8 74 appointed to submit a plan by which all grade crossings
177,995
156,553
July 1 to Mch 31
that, without
indicates
report
preliminary
Their
eliminated.
z11,163 might be
z15,404
36,228
39,849
large- the cost will be several
Lehigh Valley Trans__ __Mch
x37,175 considering property damages-necessarily
x52,225
146,427
grade crossings be elimi160,340
Dec 1 to Mch 31
millions. While it is no doubt desirable that sometake
on the large obliga91,084 nated, this company is in..no financial condition to
101,175
46,423
55,521
Montreal Street Ry_ c
603,237 tions that might be assessed against it, either from its income or from the
702,560
229,205
261,302
Oct 1 to Mch 31
bonds.
unsold
of
amount
small
the
of
sale
Metropolitan St Rythis Michigan corporation,
Mackinac Transportation Co.-On April 15 1911 &
x441,098
648,883 x442,053
651,393
Oct 1 to Dec 31
Atl. By., Grand Rapids
by the Dul. South Shore
July 1 to Dec 311,303,834 1,301,871 x1,015,312 x949,454 which is owned equally
contract for a new steel car
a
let
RR.,
Central
Michigan
and
By.
$184,000 in 5%gold
Jan 1 to Dec 31 ---- -- -2,607,389 2,606,281 z1,204,212 x1,151,206 & Indiana
and
cash
in
$190,750
payable
x56.529 ferry to cost $374,750,
x54,804
& 0. 15, and the principal
66,144
51,906
__
3111w Elec By & Lt_
Oct. 15 1911, interest payable A.
$20,000, 1913; $22,000.
x167,989 x201,861 bonds, dated
196,763
1912;
151,017
$20,000,
follows:
Jan 1 to Mch 31
as
15
Oct.
payable annually
x11,018 1914; $22,000, 1015, and $25,000 yearly 1916 to 1919 incl. The cash payx13,762
57,751
55,978
3111w Lt, Ht & Trac...._Mch
x39,742 ment was made out of the replacement fund created in April 1906 by annual
x29,037
172,827
167,974
Jan 1 to Mch 31
stock of the Transportation Co.
assessments of $30,000 upon the capital
N Y & Long Island Tracto $209,503, which Included net income
x12,430 The fund at Dec. 31 1911 amounted
15,609
def3,022
16,702
Oct 1 to Dec 31
extra
assessment of $21,894 made in
an
and
investments
on
x40,748 of $15,109
32,434
34,085
x23,113
July 1 to Dec 31
payment on the new boat. The prinx50,876 October 1911 to complete the cashbe
65,627
63,969
z45,791
Jan 1 to Dec 31 _
paid as they mature out of the assesscipal and interest of the bonds will
be continued until all of the bonds
N Y City Interboroughment of $30,000 per annum, which will one
23,760 zdef18,095 zdef10,595 are
of the old boats, retaining the
22,860
Oct 1 to Dec 31
retired. It is the Intention to sell
47,520 xdc124,183 zdef21,637 other
45,720
steamer Chief Wawatam should be laid up. There
July 1 to Dec 31
new
in
the
case
92,120 zdef45,653 zdef62,886
91,593
on the old steamers $30,000.
for
depreciation
1011
Jan 1 to Dec 31 _
., was charged ont during
between
[The cornpany operates 'a cat ferry across the Straits of Mackinac
NY & Queens Comiles.
In
7
its gross revenues were
Ignace,
1911
02,875
ef100.8j63
and
554
xdef99,6432d
5.
City
------65,
Mackinaw
Oct 1 to Dec 31
taxes,
and
after
oper.
maintenance
deficit,
exp.,
125,869xdef148,229rdef100,479' $53,495 (increase $3',855);
130,723
July 1 to Dec 31
viz.:
251,653xdef278418xdef1 97,734 $40,246 (decrease $51336), absorbed by the three proprietary cos.,
Jan 1 to Dec 31------ - 219,838
by Dul.
$19,922
by
Cr.
and
&
$11,305
Rap.
Ind.
Cent.,
126,935
153,787 $9,019 by Mich.
122,050
131,153
Portland(Ore)Ry,L&P _ Alch
359,594
383,394 South Shore & Atlantic.)
370,275
406,635
Jan 1 to Mch 31
OPERATIONS OF ENTIRE SYSTEM.
Richmond Lt & RR-Operating Income
0.
x15,655
-Operating Revenuexdef14,494
Oct 1 to Dec 31-- ----31,742
1911.
All Lines Operated22,408
13,823
19,381
0:174
19
94
15
$
19,710
St Jos(Mo)Ry,L,II &P Mch
1:515
910
168
$
$4,003,664
$4,125,419
&Indiana
Rapids
Grand
69,490
49,507
0
57,950
34
23
9:4
84
59,046
Jan 1 to Mch 31
146,983
735,120
729,791
CM. Rich. & Ft. Wayne
63,583
8
90
77
8:0
14
27
212,657
Staten Island MidlandRap. & Ind__
xdef4,468 zdef11,548 Musk. Cr.
13,684
Oct 1 to Dec 31
Traverse City RR
3
*706,381
1 15618
3
,0
c8f
(616
'$89
7
24
19
1,9
88
Third Ave (Receivers)$5,031,661 $5,14
Total
41,396
37,007
x301,176
x263,807 Other
102,429
Oct 1 to Dec 31.._____
97,971
income-rents, he
x081,263
x582,226
204,178
$747,777
198,283
July 1 to Dec 31 ______
3933,120
Total
420,999 z1,256,787 z1,046,241
229,615
Jan 1 to Dec 31
Deduct$157,247
$215,598
33,764
26,667
60,844
69,318
Tr -City By & Light _ _Mch
paid roads operated on basis of net earns_
417,775
422,675
108,971
98,096 Rentals
181,938
211,360
Jan 1 to Mch
Bond interest of Grand Rapids & Indiana Ry
168,051
264,379
156,833 Other deductions
167,110
140,079
143,079
Twin City Rap Tran_ __Mch
$806,324
430,313
$839,401
430,270
_
_
420,238
426,238
Jan 1 to Mch 31
Total deductions
sur$126,706 def$91,624
x72,949 Balance
x90,449
229,544
225,651
United Rys of St Louis __Mch
(1 ,i)86,865
x222,574
x175,918 Dividends
676,849
691,793
Jan 1 'to Mch 31 __
sur$126,796 def$178.489
Balance
x After allowing for other income receided.
Roads.
g.
EARNINGS, ETC., OF GRAND RAPIDS & INDIANA RY. ONLY.
1908.
1909.
1910.
1911.
437
433
433
432
Miles operated
$
$
$
$
Revenues1,196,105
1,280,809
1,357,854
1,389,587
Passenger
2,045,874
2,404,573
2,344,511
2,490,105
Freight
256,169
232,989
289,566
277,460
Mall, express and misc
4,003,664
Total
Expenses697,558
Maintenance of equipm't
428,886
Maintenance of way, &c.
107,979
Traffic
1,709,871
Transportation
374,802
General and taxes
4,125,419
3,918,371
3,498,148
754,237
525,297
118.686
1,793,300
382,378
667,230
461,239
101,704
1,557,538
339,124
530,940
395,136
96,433
1,441,231
335,330
Total
Balance
Outside oper., net def
3,319,096
684,568
4,053
3,573,898
551,521
2,387
3,126,835
791,536
9,020
2,799,071
699,077
(x)
Operating income__ _ _
Add other income
680,515
37,007
549,134
41,396
782,516
36,203
699,077
28,674
Total
DeductInterest on bonds
Additions & betterments
Other charges, &c
717,522
590,530
818,719
727,751
422,675
35,984
132,067
417,775
92,670
171,709
412,675
40,901
138,668
412,075
52,390
75,595
Total
Balance
Dividends
540,660
592,244
682,154
590,726
dcf91,624 sur226,475 sur187,091
sur126,796
y(1 3)86,865 (3)173,730 (3)173,730
sur13,361
sur52,745
126,796 def178,489
Balance
x Included in other items in late years, the comparisons being therefore
slightly inaccurate. y The dividend in the year 1909-10 is shown in company's report as deducted from profit and loss, but is here given for the sake
of simplicity.
BALANCE SHEET DEC. 31.
1910.
1911.
1910.
1911.
$
Liabilities$
$
$
Assets5,791,700 5,791,700
Road& equipml. 16,483,167 16,344,736 Capital stock
10,125,000
10,125,000
Bonds
Sews. of prop.,
362,026
278,464
105,220 Equip. trusts
105,220
MU,&c.,co_ _
150,000
150,000
175,176 Misc,funded debt_
Other Investments 185,527
323,818
374,098
Traffic
729,787
balances__
730,561
Cash
543,207
14,605 Vouchers & wages 490,563
8,563
Traffic, &c., be's_
120,196
118,300
241,251
240,086 Matured int., &c_
Agents, &c
50,116
50,077
1
1 Unmatured int.,&c
Loans & bills ree
71,795
75,921
260,629 Miscell. accts
Material & supplies 242,340
2,915
2,641
credit
Items_
Def.
214,447
169,329
accts
Miscell.
331,118
22,943 Add'ns to prop__ 385,241
27,546
Temp.advan., &c.
285,747
50,008 Profit. and loss_ ._ 411,137
0th. def. deb. items 59,637
18,253,142 18,157,638
Total
18,253,142 18,157,638
Total
* After deducting reserve for accrued deprec'n, $43,778.-V. 94, p. 1119.
The United Railways & Electric Co. of Baltimore.
(Report for Fiscal Year ending Dec. 31 1911.)
Pres. House, Baltimore, April 10, wrote in substance:
Results.-Increase in gross earnings, $337,863, or 4.39%; increase
in operating expenses, $79,198, or 2.20%; increase in fixed charges, $58,050,
or 2.07%; increase in amount carried to credit of profit and loss for the
,5% sinking fund
year, $53,870, after deducting $60,000 representing 1;
on the $4,000,000 Md. El. Rys. Co. 5% bonds and $560,000 interest on
Income bonds and dividends on pref. stock. The increase In fixed charges
is due to increase In. park tax, the additional obligations Incurred for
rentals on property leased from the Md. El. Rys. Co. and Interest on
increased number of funding bonds.
percentage of operating expenses to gross earnings was 45.87%,
,
Ths
ar-ine3 were
erweas
nfilsnegrsvxc
osro
tvttreair
9n11).anc
ce
1
1.11.2
15
(
hrets
anwlinte
,ed
ar
.Af
i
24. it
'
ct. Number
.07
of
decrease
a
charges)
rehabilitation
and
taxes
(ez, , ,1 b'of
of A 'thiles run 28,698,339, increase 786,788 miles; revenue passengers
carried 161,467,727, increase 6,538,942; transfers used 64,643,636, increase 3,853,829, about 40% of the paying passengers having availed of
the transfer privilege.
Financial.-There was taken from income $450,944, which was credited
to extraordinary expenditures and put into the property. In addition
$330,920 was spent for maintenance of way and $426,925 for maintenance
of equipment (as against $287,033 and $413,725, respectively, during 1910.)
Current assets as of Dec. 31 1911 were $899,434 in excess of current
liabilities; accounts payable were decreased $22,428 and cash on hand
Increased $58,806.
There was expended $373,557 in 1911 under the arrangement with the
Maryland El. Rys. Co. for purchase, construction, &c., of property leased
to your company. There was in trust as of Dec. 31 1911 out of the proceeds of the sale of Maryland El. Rys. Co. 5% bonds $114,277, which is
available foethe acquisition of additional property.
• In the report for 1910 we stated that your company was endorser of
$450,000 of Baltimore Sparrows Point & Chesapeake By. notes and of
$100,000 notes of the Baltimore Halethorpe & Eikridge By. Co., representing part or all of the original construction of these roads. Prior to
Dec. 31 1911 your company had taken over from the banks $150,000 and
$100,000 of these notes. respectively, and now holds them in its treasury.
Three-Year Notes.-For the purpose of providing funds for the payment
of the $2,000,000 1st M. 5% bonds of the Bait. City Pass. By. Co. and
$500,000 43,6% certificates of indebtedness of same company that matured
certificates "B" and
Nov.2 1911,and for redeeming the $535,000 car trust3-year
5% collateral
"C", your company issued on July 15 $3,125,000
$100, $500 and $1,000.
trust convertible coupon notes in denominations of60
days notice, but the
TheseTnotes arc redeemable at par and interest on
holders have the right at any time up to and including Jan. 2 1914 on five
days' notice to convert the principal of each note into shares of common
stock at $25 per share. In the event of a notice of redemption, the right
to convert terminates five days prior to the date fixed for such redemption.
The 125,000 shares of stock into which the notes may be converted are
held by the trustee and are issuable only for conversion or In the event
of default upon the notes (V. 03, p. 165.)
Should the conversion privilege be availed of, the Company will have
in its treasury the $2,500,000 first consol. 4s now deposited as collateral
for these notes. By the payment of the bonds of the Bait. City Pass. By.
Co. our first consol. 4s became a first lien on all the railway lines, property,
&a., of the old Bait. City Pass. By. Co. and are now a first lien on 182
miles out of a total of 403.6 miles operated, as well as sail .ple Carroll Park
car and machine shops, the Pratt St. boiler house and eqttipment, NO; 2
engine house and the Harford Road, Eastern Ave. and 'Nunnery Laile
sub-stations.
Interest on Incomes and Dividends.-On June 1,tho payment of interest in
• cash on the Income bonds and dividends on the pref. stock was resumed.
[The first dividend on common stock, 75c. a share, or 1 3-%, was declared
yesterday. See another page.-Ed.1
Tracks.-The company now operates 403.64 miles of sinre track, of
which4170.86 miles are laid with T rail, mainly on suburban lines; 1.38
miles withduplex rail; 188.04 miles with 9-Inch girder rail and 43.36 miles
with various smaller girder sections. 170.61 miles have been cast or
electrically welded. - During the year 5.39 miles of single track were
reconstructed. There Were also constructed 2.74 miles of new track.
About 38,100 ties were installed on suburban lines.
Extensions.-The construction of tracks on Light St. between Baltimore
and Lee streets, was completed on April 11 and the routings so changed
as to give direct street car service to the steamboat wharves and at
same time furnish a shorter line to and from South Baltimore. A double
track railway, 3,404 ft. in length, was constructed under the arrangement
with Maryland El. Rys. Co., on Fremont Ave. and Hamburg St., connecting at Itidgely St. and at Charles St. with the Fremont Ave. and Fort
Avenue lines. The grade crossings of the Baltimore & Ohio RR. have
been eliminated by the construction of a 1,124 ft. viaduct by that company on Hamburg St. By ordinance approved Dec. 28 double tracks
were constructed on 7th St. between Edmondson Ave. and the Franklin
or Calverton road; the tracks on Calverton road, from Edmondson Ave.
line
to Bloomingdale road and Winchester St. were removed the 7th St.
,.,.J
.___.___!_v_kl o o o ki2j2
being a substitute therefor.i_j_j_j_j li ._j_.j_•
1119
THE CHRONICLE
APR. 27 1912.]
Pennsylvania Water & Power Co.-On Feb. 8 1911 an agreement was
entered into with the Pennsylvania Water Fc Power Co., covering the furnishing to your company of hydro-electric energy for a period of 15 years.
with the right to your company to terminate it at the end of either five or
ten year.. Under this contract the power company began furnishing current on July 17. Without changing the aforesaid contract, an arrangement was subsequently concluded under which on Oct. 25 the power
company began furnishing your company additional energy, designated
as "supplementary current," between 1 and 10 p. m., during the highest
evening peak, this arrangement to be terminable upon 48 hours' notice
by either company. River power is utilized in conjunction with the stem
genrated power at Pratt St., this latter station being always available for
emergency. River power is utilized in conjunction with the steam-generated power at Pratt St., this latter station being always available for emergency. River power is transmitted from the hydro plant at McCall's
Ferry on the Susquehanna River to the Highlandtown sub-station, thence
to your Pratt St. plant, whence it is transmitted to your sub-stations
and there "stepped down" from 13,000 volts, transformed into direct
current and distributed for the propelling of the cars at low-tension voltage.
The new work necessitated the placing under ground of 30,499 ft. of
cable; total length of underground cable in service Dec. 31 660,507.38 ft.,
or over 125 miles.
Graduated Park Tax.-Under the Act of 1906,the company, after July 7
1911, Pays the Graduated Park Tax on the lines included at the rate of
1% for the first year and thereafter increasing 1% each year until the
general rate of 9% is reached.
Maryland Electric Rys. Co.-Supplemental lease and agreement were
executed May 29 covering the following property, franchises, &c.: Double
track railway with necessary overhead construction, &c., upon Fremont
Ave. and Hamburg St. under city franchise approved April 10 1911;
single or double track railway with necessary overhead construction, &c..
on Monument St. in Baltimore County, from 8th St., Orangeville, to
Loney's Lane, granted by the Highways Commission July 14 1910.
Pay-as-You-Enter Cars.-Twenty-five large double truck semi-convertible cars were remodeled at the company's shops to adapt them to
this method of operation, and placed in service on Dec. 10. Three of the
lines are now equipped with this type of car.
Accounting,-Effective Jan. 1 1912, new classification of accounts was
adopted, following closely the classification of the Inter-State Commerce
Commission and that of the Street Railway Accountants' Association.
OPERATIONS AND FISCAL RESULTS.
1908.
1909.
1910.
1911.
Car miles
28.698,339 27,911,573 27,124.556 26,764,145
Revenue passengers _ _161,467,727 154,928,785 145,601,990 138,400,994
Transfers
64,643,636 60,789,807 57,030,556 54,587,949
Gross earnings
ExpensesConducting transport'n_
Motive power_
Maintenance of way __
Maintenance of cars__
General expenses
8,025,758
7,687,895
7,209,984
6,834,802
1,590,960
590,528
330,920
426,925
741,760
1,553,579
588,174
287,033
413,725
759,385
1,505,604
544,825
257,995
375,886
677,582
1,485,470
605,292
195,098
380,386
627,092
Total oper. expenses_
Net earnings_
Other income
3,681,093
4,344,665
2,640
3.601,896
4,085,999
2,490
3,361,872
3,848,112
2,490
3,293,338
3,541,464
3,240
4,347,305
4.088,489
3,850,602
3,544,704
2,095,775
725,559
8,052
2,043,839
705,292
7,567
1,964,764
600,931
8,842
1,808
60,837
DeductionsInterest on bonds _
Park and other taxes _Rentals
Interest and discount
Int. on car trust crtfs
16:36
44.937
2,007.830
650,546
7,911
13
52,888
Total ______________ 2,859,686
1,487,619
Balance
60,000
Md. El. Rys. M. sk. fd_
Written off for extraord.
expenditures subj. to
final distribution by
450,944
board of directors__ __
Int. on income bonds &
560,000
pref. dividends _
2,801,635
1,286,854
60,000
2,719,188
1,131,414
•15,000
2,637,182
907,522
864,049
1,013,413
813,751
416,675
362,805
103,001
93,771
Bal., surplus for year.
*For three months.
BALANCE SHEET DEC. 31.
1911.
1910.
1910.
1911.
$
Liabilities$
Assets15,054,000
16,025,000
stock
Capital
Cost of road,equip67,351,212 66,814,306 Bonds (see "Elec
ment, dtc
Ry. Section") __42,545,00.0 41,920,000
Investments-bds.
122,577 2d M. income 48 13,975,000 13,946,000
122,577
and stocks
116,045
93,617
Accounts payable_
Cos.' bds. In treas.548,754
3,000 Accrued interest__ 591,302
6,000
Cent. Ry.cons.5s
129,021
135,086
540,950 Accrued taxes
U.R.& E.cons.4s. 540,950
39,976
409,625 Settlement of taxes
468,431
Cash
13,596
14,991
89,235 Miscellaneous __ __
124,818
Acc'ts receivable
61,890 Deferred liabilittes.z4,331,160 4,979,892
309,862
Notes receivable
407,260
286,353 Surplus..833,043
Supplies and coal_ 284,369
Deferred assets__ _y8,335,980 8,826,608
Total
77,544,199 77,154,544 Total
77,544,199 77,154,544
y "Deferred assets" embrace real estate, buildings, machinery, cars, equipment,
&c., Maryland Electric Rys. (per contra), $4,000,000; equipment purchased (ad
interim) through Fidelity Trust Co., $96,250; income bond coupons held by Maryland
Trust Co., trustee, against funding bonds under funding agreement dated July 25
1906, $3,920,000; Mercantile Trust & Deposit CO., trustee, 1A% sinking fund,
Maryland Electric By. 58, $124,600; miscellaneous, $195,130.
z "Deferred liabilities" include: Accident reserve, $67,700; car trust Series A;
$105,000: Maryland Electric By. bonds, obligations under agreement to purchase
the leased property for an amount equal to principal of bonds at maturity, $4,000,000; sinking fund for retirement of Maryland Electric R3.-s. bonds, 8139,600;
other miscellaneous items. $18,860.-V. 94, p. 1058, 418.
Louisville Railway.
(Statement for the Year ending Dec. 31 1911.)
EARNINGS, EXPENSES, &c., FOR CALENDAR YEARS.
1910.
1911.
Deduct1911.
1910.
$229,000 $222,000
Passenger rev_ ..$2,905,784 $2,854,909 Taxes
436,649
475,416
88,172 Interest
miler revenue_ .. 124,814
125,000
Pref. dies.(5%) • 125,000
545,650
divs.
Corn.
545,650
$2,943,081
(10%).
$3,030,598
Total
'Open expenses.... 1,742,825 1,692.291 Depreciation, re.
newaLs, accident
81,000
.107,747
fund, &c
.773 $1,250,790
Net eamings $1,287178,256
• Other Income....._ 210,000
$1,482,813 $1,410,299
, Total
• $14.960
$18.747
Total net income$1,497,773 $1,429,046 •Balance, surplus
.Includes in 1911 825,000 for accident fund (against $35,000 In 1910), $20,000
for depreciation (against $30,000), $17,861 for expenses in connection with the bond
Issue (against $16,000), $24,886 for battery renewals and $20,000 for insur. fund.
CONDENSED BALANCE SHEET DEC. 31.
1911.
1910.
1910.
1911.
LiabilitiesAssetsCommon stock_ __ 5,456,500 5,456,500
Cost of roadwayil&
electric line__ __10,657,188 10,637,085 Preferred stock... 2,500,000 2,500,000
9,939,000 9,499,300
Real est. & bldgs_ 1,240,405 1,166,735 Bonded debt
83,476
271,833
Mach'y & equip't. 3,038,904 2,791,785 Current liabilities_
231,5411 211,250
Interest accrued
Louisv. & Interur.
RR.&oth. loves. 3,816,964 3,643,603 Dividends accrued 167,662f
153,773 Funds for taxes,
Material &supplies 122,980
189,181
273,230
insur. & aceld'ts 229,019
255,265
Cash
571,402
587,994
45,522
51,220 Income account
Bills & accts. rec.
Total
19,195,193 18,699,466
"Total
Adkif L.1 -V. 94, D. 826, 351.1 _
19,195,193 18,699,466
1180
THE CHRONICLE
General Electric Company.
(Reportfor Year ending Dec. 311911.)
The full report for the year ending Dec: 31 1911 is published on subsequent pages.
Following are comparative
statements with earlier periods compiled for the "Chronicle":
RecetptsSales
Cost of sales
INCOME ACCOUNT.
-Year ending Dec.31- 11 Mos. end. Year end.
1911.
Dec. 31 '09. Jan.31 '09.
1910.
$
$
$
70,383,854 71,478,558 51,656,632 44,540,676
62,460,557 63,134,602 46,950,760 41,649,573
Profit from sales
7,923,297
Profit on securities sold
240,010
Net profit controlled companies for year
Int. & disc., royalties and
sundry profits
1,358,860}
Income from securities
1,285,278
Net appreciation in value
of stocks & bonds, &c_
126,376
8,343,956
78,651
4,705,872
478,020
2,891,103
35,912
3,150,480
1,967,400
1,841,881
10,933,821
Total receipts
Deduct371,015
Interest on debentures
Dividends on stock(8%)_ 5,806,344
11,573,087
7,151,292
5,518,896
717,395
5,214,368
657,621
5,214,352
716,643
5,214,026
4,756,462
Surplus
Add surp. taken over from
Ft. Wayne and Sprague
1 241,725
companies
Surplus from prey. year _23,022,706
5,641,324
1,279,319 def.411,773
17,381,382
16,102,063
16,513,836
29,019,893
23,022,706
17,381,382
16,102,063
Total surplus
750,000
CONSOLIDATED BALANCE SHEET.
•Dec. 31 '11. Dec. 31 '10. Dec. 31 '09.
$
$
*
Assets1
1
1
Patents, franchises, &c_
19,538,922 15,516,314 14,330,958
Factory1 t
Real estate (other than
448,094
245,719
118,063
factory plants)
28,707,843 23,666,833 22,329,664
Stocks and bonds
17,898,709 14,912,400 17,623,467
Cash
Notes & accts receivable 19,084,106 19,047,459 19,377,972
399,708
589,789
462,224
Work in progress
2,923,483
Due from allied co's_ _ 2,891,761
2,805,077
3,048,604
Copper-mining invest'ts
Furn. & fixtures (other
3
1
than in factories) _ _ __
Inventories-Factories _ 22,709,581 24,546,901 21,610,284
3,249,316
3.321,871
Gen &local offices,&c. 3,352,930
263,664
367,473
217,881
Consignments
Jan. 31'09
;
1
13,900,000
85,125
21,922,189
22,233,671
18,873,058
607,276
115,399,131 107,767,017 102,440,989
M. Rumely Company, La Porte, Ind.
(Report for the Year ending Dec. 311911.)
President A. J. Rumely says in brief:
Earnings.-The total net earnings of M.Rumely Co., combined with those
of the Advance and Gaar-Scott companies, aggregated $1,464,309. The
annual requirement for dividend on $10,000,000 pref. stock is $700,000.
This requirement will be reduced,from time to time, through the retirement
of pref. stock by the sinking fund. The net profits were over twice the
pref. stock dividend requirement. Making allowance for the full year's
dividend of $700,000 on the pref. stock, there should remain a surplus of
$764,309 on the basis of operations before re-financing and without benefit
for the economies effected and provision for the increasing tractor business.
The year 1911 was largely one of development, during which large preliminary expenses were incurred.
Outlook.-Demonstrations were held in the field throughout the United
States and Canada of working machinery, extensive advertising campaigns
carried on, and all preliminary sales work done on the expectation of sales
of $6,500,000 of tractors in 1912. $3,000,000 of tractor orders have already
been received during the first two months of 1912. Prospects in hand and
sales reports from the various territories indicate an increased business that
will probably aggregate a total volume of over $16,000,000 for 1912, or
about 60% in excess of 1911.
Oilpull Engine Business.-During the first quarter of 1911 approximately
$1,000,000 worth of ollpull engines were sold for spring plowing. The
success of these engines so increased the demand that it Was necessary to
keep the factory running night and day. The separator output was increased 50%, but this proved to be inadequate to meet the demand; 30%
of the orders received could not be filled on account of lack of shop capacity.
In addition, local agents and customers were calling for clover hullers,
huskers, shredders, stationary gas engines, grain graders and similar
machinery.
Merger.-In Sept. the directors considered a plan to meet the increased
business in 1912. To supply promptly the necessary additional shop
capacity, the factories, assets and business of Gaar, Scott & Co. of Richmond, Ind., and of the Advance Thresher Co. of Battle Creek, Mich., were
purchased, and an opportunity thus afforded at once to manufacture a
larger number of separators; also corn huskers, corn shredders, saw mills
and certain types of steam engines, &c.. not previously manufactured by
us. These purchases were made by means of an issue of preferred and
common stock, the transaction being consummated early in Dec. 1911.
(See V. 93, p. 1538).
The Gaar-Scott plant is now running with the largest force of men ever
employed there. The factory acquired from theAdvanceThresher Co. will
double its corn husker and shredder output over the previous years. It
is furnishing separators and Rainbow grain graders, and its foundries are
working upon castings for our La Porte plant. The ollpull factory at
La Porte is now producing at the rate of 3,500 oilpull tractors per year.
3,174,581
RESULTS FOR CALENDAR YEAR 1911.
Sales, $10,586,585; miscellaneous receipts, $445,251; total____$11,031,836
Less cost of manufacturing, selling and general expense and
bad debts
9,251,369
15,682,256
2,547,326
164,317
Gross profit
$1,780,467
Less interest on old debentures (now retired, V.94, p. 213), &c_
316,158
115,399,131 107,767,017 102,440,989 99,189,800
Total assets
Liabilities77,3 35,200 65,179,600 65,179,600 65,178,800
Common stock
41,000
40,000
40,000
38,000
5% coup. deb. of 1892_ _
2,047,000
2,047,000
2,047,000
234% coupon deben_ __ _ 2,047,000 12,875,000
12,875,000
12,875,000
721,000
1907_
deb.of
5% coupon
107,633
83,665
83,665
33,014
Accrued interest on debs
2,836,834
2,753,617
2,706,230
4,305,173
Accounts payable
173,405
207,044
Accrued taxes
777,133
245,819
147,153
Adv.pay'ts on contracts
1,303,592
1,303,592
1,545,654
Dividend payable Jan
1,470
Unclaimed dividends__ _
29,019,893 23,022,706 17,381,382 16,102,063
Surplus
Total liabilities
[VoL. Lxxxxiv.
99,189,800
* The balance sheet of Dec. 31 1911 includes the accounts of the Fort
Wayne Electric Works and Sprague Electric Works.-V.94, p. 211.
Autosales Gum & Chocolate Co., New York.
(Reportfor 103/ Months ending March 31 1912.)
President Edgar H. Cook April 23 1912 wrote:
Organization.-The company was incorporated April 10 1911 and began
business May 15 1911, at which time it acquired either by purchase of the
properties or the stocks, or at least control, interests in 31 concerns
[including, along with Stollwerck do Co. vending and chewing-gum interests and the other concerns mentioned in V. 92, p. 1501, the Tenney Candy
Co. of N. Y. City and the Weighing & Sales Co., N. Y. City.-Ed.]
Bonds.-The $3,600,000 6% 20-year sinking fund gold bonds securing
the indenture provides that no other issue of bonds or general funded obligations may be created unless with the written consent of the holders of
four-fifths of the present bond issue then outstanding, and further provides
for a sinking fund of not less than $50,000 per annum, beginning May 10
1912 for the purchase and retirement of bonds at 107 M or better. (See
V. 92, p. 1503.]
Patents, &c.-The company controls 681 patent claims allowed by the
U. S. Patent Office on vending machines and weighing scales. Many of
these claims cover basic ideas in coin-controlled machines and give a wide
field of protection. In addition there are 29 applications pending, all of
which contain valuable claims. The company is enforcing its patent rights
by suits in cases where infringements occur. The company also acquired
well-known trade-marks and trade-names and valuable contracts granting
the privilege of locating and operating automatic merchandise vending
machines and automatic scales.
Improvements, &c.-Since organization the company has spent $91,569
in repairs and in doubling the capacity of 33,653 vending machines, so
that the cash returns have increased 65% where double machines have replaced single machines. We are now doubling the capacity of this type
of machine at the rate of 1,000 per month. The company is also building
20,000 machines of new types, of which 15,000 are for a new service and
will be ready for installation within 90 days.
In the concentration of the 12 gum plants acquired into 5 plants located
respectively in Long Island City, Chicago, San Francisco, Louisville and
Toronto, and the 10 plants for the manufacture of vending machines into
one located in Long Island City, and 2 repair plants-one in Boston and
one in Chicago-the moving and other expenses have up to this time largely
offset the economies which have been and are being introduced; but from
now on the savings due to concentration of plants and of management
should be reflected in earnings.
RESULTS FOR 1034 MONTHS ENDING MARCH 31 1912.
$1,282,056
Sales, net, $3,028,250; cost of goods sold, $1,746,194
858,009
Selling expenses, including administration
$424,046
Net profits
Deduct-Bond interest paid, $138,000, and bond interest ac192,000
crued, $54,000
60,000
Dividend paid (1% Feb. 1 1912, V. 93, p. 1728)
Net profit for the year
$1,464,309
CONSOLIDATED BALANCE SHEET DEC. 31 1911.
Assets ($24,636,013)Real estate, buildings, machinery, equipment, tools, patterns,
dies, fixtures, &c., at factories and branches
$5,042,650
Notes of American-Abell Engine & Thresher Co., &c
1,476,726
283,765
Other investments and miscellaneous real estate
1,500,000
Patents
6,951,202
Merchandise, materials and supplies
Customers' notes for sale of product ($5,861,962) and accounts
6,918,909
receivable ($1,056,947)
372,000
Notes received in payment of suti-eriptions for common stock
1,739,745
Cash in banks and on hand
351,016
arges (siace charged to surplus acct.)
Miscellaneous deferred
Liabilities ($24,6:6,013)*19,190,000
Capital stock, pref rred, v 10,000,000; common, $9,190,000
1311Is and acocunts payable, $4,528,340, and accrued taxes,
4,596,911
&c., $68,571
58,333
Dividend on preferred stock accrued tolDec. 31 1911
Balance, surplus
790,769
-V. 94, p. 1123, 921.
Hale & Kilburn Co., New York and Philadelphia.
(Report for Fiscal Year ending Dec. 31 1911.)
Pres. F. H.Greene, New York, Mch.14, wrote in substance:
The company has enjoyed a fairly profitable year; dividends on the
capital stock amounting to $394,138 were paid from earnings and $56,231
was transferred to extraordinary depreciation and special contingent
reserve fund; the balance of profit and loss account amounting to $360,251
was transferred to surplus account.
A larger volume of business was on hand Dec. 31 than at any period
for 12 months past. We are dependent on the railroads placing orders
for new passenger equipment for a very large portion of our business; we
have been fortunate in getting our share of the business placed and with
the revival of railroad purchasing we may expect a large increase in our
business, but, as there is a probability that the railroad buying may be
somewhat restricted during the coming summer, we are actively engaged
In extending our trade in other lines, such as building trim and steel automobile bodies.
The reorganization of the company from what was practically a private
partnership to a large stock company with the introduction of new methods,
changing of executive, selling and shop forces, and the improvement and
development in manufacturing and designs, has taxed the organization to
the utmost, and for the results I desire to express appreciation for the
loyal and efficient services of all the officers and employees.
PROFIT AND LOSS ACCOUNT YEAR ENDING DEC. 311911.
Earnings from operations after deducting manuf., maint., administrative and selling exps., royalties and deprec., $510,446;
$810,620
divs. on invests., rentals, &c., $300,174; total
Less reserve fund, $56,231 and dividends paid (7% on the pref.
_ 450,369
and at the rate of 4% on the corn.) $394,138; total _
---------$360,251
Surplus December 31 1911 as per balance sheet BALANCE SHEET DEC. 31 1911.
Liabilities
-($8,841,740)Assets-($8.841,7,10)---$2,000,000
Real est., mach., pats., &c.$4,361,254 1st pref. stock
3,154,263 2d pref. stock __
2,293,400
Investments
Common stock
4,000,000
Materials & supplies on
131,857
592,703 Accounts paabl _____
hand, &c
56,231
12,595 Reserve fund--_______
Bills receivable
484,410 Surplus
360,251
Accounts receivable
236,515
Cash on hand and in banks
-V. 94, p. 1059.
United Gas Improvement Co., Philadelphia.
(Report for Fiscal Year ending Dec. 311911.)
President Samuel T. Bodine says in substance:
$172,046
Balance to surplus
The net profits for the year were $7,223,491 (a gain of $144,438), of which
CONSOLIDATED GENERAL BALANCE SHEET MARCH 31 1912.
$4,440,236 was divided among the shareholders, $740,500 invested in sink[Including the entire assets and liabilities of the 31 cos. owned do controlled] ing funds created during the year 1908 to retire at the end of the lease the
Assets ($10,001,991)
investment in the Philadelphia gas works and $2,042,755 carried to undiReal estate, factories and equipment and vending machine plants $5,412,241 vided profit account.
Cash, $101,161; accounts and bills receivable, $269,620; raw maComparison of Sales for 1911 with 1910.
1,149,107
terials, supplies and manufactured goods, *778,326
4,08% Dec.
93,097 Mfg. gas., Philadelphia_ 2.96% Inc.[Natural gas
Bonds and stocks
12.54% Inc.
3,347,544
do outside Philadel_ 8.11% Inc. I Electric
Patents and trade-marks
extensions and improvements
for
1912,
for
expenditures
estimated
$3,600,000;
acThe
-Capital
$6,000,000;
6%
bonds,
stock,
Offsets
in which we own a majority of
counts and bills payable, $175,945; surplus, $226,046; total_ _10,001,991 by the various leased works and companies
*1,067,054 will be expended on
LJ the stoek, aggregate $3,471,117, of which
-V. 93, p. 1728.
APR. 27 1912.]
THE CHRONICLE
the Philadelphia gas works. Provision has been mado to meet these requirements.
INCOME ACCOUNT-CALENDAR YEARS.
1911.
1910.
Earnings from1909.
1908.
Leased works & invest's $7,945,047 $7,878,064 $7,398,698 $7,096,272
255,049
168,180
Interest received (net)_ _
169,524
76,860
57,963
65,487
Construction contracts..
34,452
16,291
13,619
Sales of store-room mat'l
12,171
9,240
2,700
Rental of offices
2,700
2,700
2,700
Rentals of bldg., Broad
& Arch Sts. to cos. in
which co. Is stockholder
31,298
31,480
31,840
31,690
Total earnings
$8,308,348
Deduct expensesState and Federal taxes.. $383,776
Salaries & traveling exp.
495,818
Cost oper. bldg. Broad &
Arch streets
47,263
Cost of litigation
22,608
General & miscellaneous
135,391
$8,150,530
$7,640,235
$7,216,912
$375,720
496,460
$317,320
476,077
$298,944
427,185
49,489
20,247
138,581
40,668
24,173
134,888
37,086
33,673
93,316
Total expenses
$1,084,856 $1,080,477
Net earnings
$7,223,492 $7,079,053
Dividends paid (8%)_- $4,440,236 *$4,338,872
Sink.fds. to retire Phila.
740,500
725,500
Gas Wks. investment
$993,126
$6,656,109
$3,790,371
$890,204
$6,326,708
$3.670,788
Bal.to undiv.prof.ac't $2,042,756
$2,014,681
692,500
678,500
$2,173,237
$1,977,420
• There was also paid March 1 1910 a special dtv. of 10% in non-Interestbearing scrip, calling for $5,046,080. (V. 89, p. 1546, 1600.)
BALANCE SHEET DECEMBER 31.
1910.
1911.
1911.
1910.
A sgets$
8
55,502,950 55,502,950
Invest.at cost price67,560,814 66,881,975 Capital stock
132,048 Taxes accrued_ __ 354,000
45,489
348,737
Constr'n contracts
Real est.,Phila.,&c.1,023,085 1,036,637 Due companies In
6,433,005 5,715,140
which we are
Cash _
569,350
214,093
shareholders _ 371,406
Acc'ts & bills recle 739,969
838,831 Sunrdy creditors__
Int.&gu.div.accrd 924,726
160,203
128,983
115,105
98,990 Undivided protits_22,621,774 20,579,018
Supplies
Sink, fund news_ 2,130,000 1,532,000
78,970,003 76,805,001
Total
-v. 94, p. 831, 836.
Total
78,979,093 76,805,001
The income account of the Bush Terminal Co. shows an increase in taxes
amounting to $124,471, which, combined with the increase in taxes on the
property of the Bush Terminal Buildings Co. of about *25,000, makes a
total increase of approximately $150,000. A large portion of the company's property is assessed for from three to four times its original cost.
The total increase in the assessed value exceeds $9,000,000. I hesitate
whether to express my regret at this increase in operating expenses or to
congratulate the stockholders upon the increase in the value of their property. This tax burden has seriously interfered with the net income for
1911, and will probably affect the net earnings for 1912. We believe, however, that the completion of additional buildings now in course of construction will substantially increase the net income for 1913.
The operations of the Bush Terminal Buildings Co. have been carried
through the development stage by the Bush Terminal Co.. and are at last
upon a self-supporting basis; the increase in surplus income should be important from now on. The present Income is averaging about $60,000 per
month, and two additional buildings which are largely leased will be ready
for occupancy between now and July 1. This portion of the general enterprise, while insignificant in the past, will ultimately be the most productive,
and we are confident of a substantial and increasing income affter the present
year. [See offering of $4,000,000 of the Buildings Co. 1st M.guaranteed
55 In V. 93, p. 1791; also see V. 92, p. 1034, 11801
INCOME ACCOUNT FOR FISCAL YEARS ENDING DEC. 31.
1911.
1910.
1908.
1909.
Gross earns, from storage, &c., and net Inc.
from RR. department _$1,213,982 $1,831,873 $1,160,970
$952,140
364,394
Operating expense
357,707
293,190
268,582
$849,588
170,723
$074,166
16,663
$867,780
35,556
$683,558
43,643
$1,020,311
Total net income
DeductInterest on bonds....5959,842
228,912
Taxes
$990,829
$903,336
$727,201
$458,013
104,441
$932,932
96,936
$434,049
90,141
$428,375
Surplus for the year__ $331,557
$373,468
$203,011
Preferred dividends_ _ _(6%)$81,667(5%)$75,000(5%)$75,000(2 %)$37,500
140,000
Common dividends (4%) 200,000
213,375
$298,468
Balance, surplus
$165,511
'849,890
Nola-The dividends as above arc charged directly against the earnings
of the several years for the sake of simplicity. Instead of against profit and
loss surplus, as In the pamphlet reports.
• The surplus for 1911, as above, was $49,890; adding the accumulated
surplus Dee. 31 1910, $557,171, and deducting sinking fund, $32,065,
miscellaneous adjustments and advertising, $9,418, leaves total surplus
Dec. 31 1911, as per balance sheet, of $565,578.
GENERAL BALANCE SHEET DECEMBER 31.
1911.
1911.
1910.
1910
Assets$
Liabilities$
a9,076,233 8,230,297 Preferred stock_ __ 2,000,000 1,500,000
Property
Construction exp_ 316,524
5,000,000 3,500,000
289,004 Common stock _
Stocks of subsidy
First mortgage 4s_ 3,19000 3,223,000
cos. & good-will.. 7,030,000 5,000,000 Consol. mtge. 5s... 6,629,000 6,624,000
Adv. to B.T. RR. 274,856
306,461 Accounts payable_ 274,872
207,822
do B.T.D.Co.
660,000 Exp., &c., accrued
11,744
17,961
Bush Term. IlIdgs.
Com.div.(paid Jan) 100,000
70,000
Co. bds. owned..
399,000 Bond int. accrued.. 199,965
199,135
Cash dr accts. rec.. c754,362
847,650 Sundries
11,898
14,589
Cos. & individuals. 413,306
81,203 Reserve for expense
74,506
Exp. paid In adv_
37,094
removal of stock
20,594
Inventory
20,152
14,248
from stores
19,917
Accr. star. & labor 103,120
137,335 Employers'liab.fd.
11,693
78,609 Sink. fund reserve.. 180,780
Due from agts.,&c. 154,702
148,715
1,575
505 Profit and loss ._
Miscellaneous
565,578
557,171
18,189,778 16,087,310
Total
Total
18,189,778 16,087,310
- a Property includes real estate, $1,793,510; improvements, $13,575.$11; equipmeat, $699,189; furniture and fixtures, New York and Brooklyn, $8,023.
c Cash and accounts receivable are now in great part collected.
EARNINGS OF BUSH TERM. BUILDINGS CO. FOR CAL. YEARS,
Net
Rentals
Taxes
Calendar
Other
Int. on Balance,
Received. Earnings. Paid. Income. Bonds &c. Surplus.
Year5435,496 $239,662 $51,017 50,191 $171,797
1911
$23,039
'
258,903
135.586
26,392
1910
642
20,94:1
88,893
-V.93, p 1791.
Homestake Mining Company.
(Report or Year end. June 1 ,11 and 7 Mos. end. Dec. 31 '11.)
Superintendent T.J. Grier, Lead,So. Dak., Dec.31, wrote:
From June 1 last to date operation at capacity and development as
thought advisable have gone on without interruption and In a very satisfactory manner. During the period 8,956 lineal feet of drifts and 940 feet
of raises were excavated
The finishing touches to our hydro-eleetrlo
power plant on Spearfish Creek have been badly hindered by severe weather
for more than 2 months past. A few weeks, however, we hope, will see us
begin the application of the energy at this end of the transmission line and
finish it soon thereafter. Everything about the plant Is in good order and
condition and running smoothly. We have broken in the mine and remaining in the stopes 1,883,277 tons of ore, and also enough blocked out but
unbroken to supply our 1,000 stamps for 20 years.
Under date of June 1 1911 Mr. Grier wrote:
Development and operation during the fiscal year ending to-day have
been continuous, at full capacity, and with satisfactory results. Excavation of the 24,000 feet of tunnel water conduit for our hydro-electrio
power plant on Spearfish Creek has been finished, and the work of lining
with concrete the tunnel bottom. the tunnel sides and the tunnel roof where
needed has so far progressed that it will reach completion about Aug. 1
We hope to have our transmission line built, all of the equipment at both
ends of it installed and the energy applied early In 1912. During the year
805 feet of raises and 21,387 feet of drifts were excavated. We have broken
in the mine 1,838,205 tons of ore, and enough unbroken but in sight for
our 1,000 stamps for 20 years.
j
RESULTS FROM OPERATIONS.
•
7 Mos. ending
Years ending May 31
Dec. 31 '11.
1911.
1910.
1909.
Tons of gold ore milled_ _
888.507
1,468,263
1,237,381
1,505,302
•,
Average proceeds per ton
4.120
Total proceeds of bars__ 3,661,152
Inc.from fdy.,supp.,&c.
123,490
3.576
5,251,454
123,609
3.635
4,498,751
122,484
3.803
5,725,047
140,607
Total income
3,784,642
5,375,063
4,621,235
5,865,654
DeductOper. and gen. expenses 2,208,467
3,917,494
3,304,743
3,967,866
Elliston shaft
54,231
93,575
92,797
93,504
Property purchase
806
367
1,803
7,447
Construction and surveys
250,119
391,754
327,742
116,594
Taxes
92,359
59,011
106.990
81,772
Divs. on $21,840,000 stk(3 34)764400 (6)1,310,400 (4 M)982800(63.4)1365000
Total deductions
3,370,382
5,772,601
4,816,875
5,632,183
Balance
sur.414,260 def.397,538 def.195.641 sur.233,471
Surplus brought forward
84,210
481,748
677,389
443,918
:
[.. Total surplus
498,470
84,210
481,7483_1. 677,389
BALANCE SHEET.
Bush Terminal Co.-Bush Terminal Buildings Co., N. Y.
(Report for Fiscal Year ending Dec. 31 1911.)
President Irving T. Bush, April 3, wrote in substance:
Net earnings
Other income
1181
AssetsJan. 1 '12. Junel '11.
*Property acct_$21,840,000 $21,840,000
Balance in banks
484,891
143,579
Balance with Superintendent_
165,322
70,453
Bullion In transit
262,592
202,030
Total
522,752,806 $22,256,062
Liabilities- Jan. 1 '12. June 1 '11.
Capital stock_ _ _$21,840,000 $21,840,000
Accts. payable_
41,311
6,250
Outstand'g drafts 367,093
325,602
Unclaimed diva.
5,931
Profit de loss_ _ _
498,971
84,210
Total
$22,752,806 $22,256,062
+Property account consists of mines, hoisting works,stamp mills, regrIndIng plant,
compressor plants, pumping plants, electric-lighting plants, timber lands, assay
office, buildings, refining plant, machine shop, foundry, water rights, franchises,
&c.; &c.-V. 91, p. 869.
The American Gas Company, Philadelphia.
(Report for Fiscal Year ending Dec. 31 1911.)
Prest. M. W.Stroud, Phila., March 19, wrote in substance:
The earnings of the company and its affiliated corporations show a very
satisfactory increase and the net profits applicable to dividends, based
upon the amount of capital stock upon which dividends were paid during
the year, was over 10%. In addition to the ordinary charges to maintenance there was charged to depreciation account $46,536 more than in
1910. We also received an extra dividend from the Western United Gas
& Electric Co.of $108,400, which we had the privilege of taking either in
cash o.r in stock of a new company called the "Coal Products Company".
We decided to take the stock in the Coal Products Co.of Joliet, Ill. (V.92,
p. 961.) This dividend is not shown in any way in the earnings of the
company for the year.
The fire at Bangor, Me., affected the earnings of the company at that
point to a certain extent, but the city is being rebuilt in a substantial
manner and the company is showing at present very satisfactory increases.
During the year we formed seventeen companies covering the districts
adjacent to and connected with the Phila. Suburban Gas & Electric Co.,
all of which companies were later merged with that company (V. 92, p. 530;
V. 93, p. 536) and in the same way we formed fourteen companies covering the districts adjacent to and connected with the Luzerne County Ga.
& Electric Co., all of which were merged with that company. (V. 94,
p. 565; V. 93, p. 534, 1262, 1326.) During the year the municipal electric
plant at Shickshinny, Pa., was purchased and will eventually be merged
with the Luzerne County Gas & Electric Co.
We also acquired the franchise to supply gas to Collinsville, adjoining
the St. Clair County Gas & Electric Co. and are rapidly extending the
mains of the latter company to that point.
In December your board purchased on a satisfactory earning basis the
capital stock of the Citizens Gas & Electric Co. supplying gas and electricity to Waterloo and Cedar Falls, Iowa. Waterloo
'
increased in population about 112% in the ten years ending 1910 (V. 92, p. 1567; V. 94, p. 70.)
During the year there were placed upon your various properties improvements to the value of $1,113,537, part of which were paid for by the
sale of some of your treasury bonds and part by the issuance of new stock,
your capital stock having been increased during the year from $2,625,100
to $4,007,000. In addition to assisting in paying for a portion of the
above improvements, part of this increase was for the purpose of retiring
loans of the company and part for the purchase of the Citizens Gas .3c
Electric Co. above mentioned. (V. 93, p. 1325; V. 94, p. 69.)
All of the properties are in excellent condition and the outlook for conUntied growth is satisfactory.
• •
ri
-7,14
INCOMEBACCOUNT YEARS ENDING DEC. 31.
1911
•
1910.
1909.
1908.
Gross receipts affil. cos_ 2,358,281
Oper.&maint.exp.&taxes 1,284,613
2,139,835
1,186,438
1,312,116
717,117
1,220,297
748,511
Net earns, of affil. cos. 1,073,668
682,337
Less bond int. of affil. cos
953,397
641,707
594,999
333,645
471,786
254,407
Net profits
Sundry items, incl. int. on
bonds in treas. & diva.
on stocks owned-not
Included above
391,331
311,690
261,354
217,379
161,008
122,770
81,109
43,495
Total inc. Am.Gas Co.
Int. on loans and American Gas Co. bonds_ _ _
Office expenses, taxes,
&c., Amer. Gas Co_ _ _
552,339
434,460
342,463
260,874
150,051
161,606
128,740
87,233
84,740
65,810
43,128
38,950
317,548
(7)210,511
207,044
(7)147,884
170,595
(6)116,865
134,690
(6)102,000
Net profit
Dividends
107,037
Surplus
59,160
53,730
32,690
Of this surplus there was invested at all of the plants in procuring new
business $51,256.
In
companies
which
of
list
the
The
American Gas Co. owns all the capital
stock remains practically the same as stated in V. 90, p. 1422, 1615, the
only changes being the new items of Galva (Ill.) Gas Lt. & Coke Co. and
&
Elec.
Co. of Waterloo and Cedar Falls, Iowa. The
the Citizens Gas
additions to those properties in which the company is interested by ownership of par/ of the capital stock (the last paragraph of the report. V. 90,
p. 1423) are the Ohio River Passenger By. Co. of Steubenville, O., and
the'Coal Products Co. of Joliet, Ill. •isitni
BALANCE SHEET DECEMBER 31 1911.
Liabilities-($7,620,449)Assets-($7,620,449)$4,007,000
Equity in cos. owned___•$5,586,984 Capital stock
1,500,000
46,790 Bonds, 6% issue
Insurance fund
683,500
4,378 Bonds, 5% issue
Prepaid Interest on loans_
25,348
1,438 Bond interest accrued__ __
Sundry merchandise
585,000
335,691 Accounts and bills payable
Accounts receivable
97,204
23,298 Commission on bond sales.
Sundry investments
56,480
1,477,348 Insurance, &c., reserve__
Bond investments
244,520
144;521 Depreciation reserve
Cash
421,397
surplus
• The equity (over and above the bonds issued) in the gas and electric
light plants, including original cost and cash advanced for betterments,
represented by the capital stock of the various cos. owned.-V.94, p. 61.
(The) Safety Car Heating & Lighting Co.
(Report for the Year ending Dec. 31 1911.)
The results of operation apparently compare as follows:
PROFITS FOR CALENDAR YEARS.
1909.
1910.
1911.
Net profits after depr.,8cc.$1,135,622 $1,326,874 $1,103,791
Divs. paid during year__ (9)887,580 (11)1084,820 (9)887,580
1908.
$970,552
(9)887,580
$216,211
$82,972
Balance, surplus
$248,042
$242,054
BALANCE SHEET DECEMBER 31.
1911.
1910.
1910.
1911.
$
$
LiabilitiesAssetss
$
(auth.,
stock
Cap.
,232
10,817,175
Real est,mach.,&c.11,243
*10,000,0(10) out 9,862,000 9,862,000
697,123
Materials & supp__ 734,082
657,214
16,638 Accounts payable.. 555,784
7,505
Ellis receivable....
Accts. receivable__ 1,189,768 1,599,948 Deduc.from earns.
for deprec., conInvesteets in mar694,394
tingencies, &c.. 777,718
974,947
betable securities 859.112
3,631,349 3,383,307
489,106 Surplus
791,930
Cash
1,978
1,222
Unexpired lnsur__
14,826,851 14,596,915
Total
14,826,851 14,596,915
Total
[The regular quarterly dividend of 2% and an extra dividend of 1% was paid
and 2% and 1% extra
1910,
Dec.
in
extra
3%
and
2%
Dec.22 1911, contrasting with
Dec. 1909 and 1908. The company pays its divs. on April, July and Oct. 1 an d
ate In December.-Ed.1-V. 94, p. 277.
(The) Central Foundry Company, New York.
(Report from April 22 1911 to Dec. 31 1911.)
Pres. Waddill Catchings, N. Y., April 10, wrote in subst.:
Organization.-On April 22 1911 the receiver of Central Foundry Co.
gave possession to your company of the properties purchased under plan of
reorganization (V. 92, p. 60, 190), consisting principally of foundries at
Newark, N. J.,• Baltimore, Md.; Anniston, Ala.; Bessemer, Ala.; Vincennes,
Ind., and Medina, N. Y., also former foundry property at South Pittsburg,
Tenn. some real estate in Wilmington, Del., and the entire capital stock
Central Iron & Coal Co., with supplies, finished product, &c. of cast'
of the
The principal business of the company has been the manufacture
with
pipe with thin wall and in short lengths for use in connection
soli
iron
the United
house plumbing. This pipe is sold in almost every city in
The
States, also in Canada, Cuba, Mexico, Hawaii and Philippine Islands.
of the United
company does approximately one-third of all of the businessmost
vigorous
the
under
States In this line, but secures this business only
competition, with more than 30 active competitors.
The company also manufactures "universal pipe," a cast-iron pipe with
a machined joint, the individual lengths of which unite to form an absolutely tight litre without caulking or without the use of rubber gaskets or
packing. This pipe is used for high and low-pressure gas and water, and
is manufactured under a patent'which is owned by your company subject
.to royalty to the inventor. The business in universal pipe is of large volume,
(although not so large yet as the business in soil pipe) and the highest expeetations ate held for it. This pipe, as perfected several years ago, is sold
at,a handsome premium over ordinary cast-iron pipe, due not only to its
superior merits, but also to the great saving in laying of pipe lines. It can
be used for all purposes for which other cast-Iron pipe can be used. This
universal pipe is manufactured at the Newark and Bessemer plants and at
times at the Baltimore plant, but our capacity has not been sufficient to
take care of large orders.
We also manufacture numerous specialties, in no case of large tonnage,
but all profitable, notably the F. & W. combinations of several ordinary
soil-pipe fittings. These are manufactured under an exclusive license from
the Fruin & Walker Co., to whom a considerable royalty is paid.
On Nov.8 1911 your company purchased from the trustee in bankruptcy
Radiator
of the Central Foundry Co. the entire capital stock of the Central company
Co. for a nominal sum, there being no outside bidder, and your
Co.
Radiator
Central
The
large
investment.
its
protect
to
forced
being
continuous
owns at Lansdale, Pa., a small radiator plant, which has been in
operation during the past year,though the equipment is greatly deteriorated.
operation
It is hoped that the changes under way will make profitable
year was
possible. The volume of business is small, and during the past
unfortunate,
conducted at a small loss. The original investment was most
enterprise.
general
the
of
part
as It is no proper
Iron & Coal Co.,
The company owns all of the capital stock of the CentralTuscaloosa, Ala.,
which has large properties at Holt, Ala., a few miles from
to the Gulf
navigable
made
be
will
that
on the Warrior River, a stream
the Central Iron
throughout the year within probably 18 months. At Holt
and ft
beehive,
and
retort
both
ovens,
coke
furnace,
blast
a
has
Co.
& Coal
product cf fernodulizIng for the preparation of pyrites cinder, the waste
also owns a large
tilizer plants, for use in the blast futnece. This company
Holt, and large propcoal mine at Kellerman, Ala., about 15 miles from
Giles; also a
erties a short distance from Holt at Friedman, Bibville and
the past
red ore mine at Valley View, in the city of Birmingham. During
operation.
in
been
not
has
Co.
year the furnace of the Central Ircn & Coal
continuously, and
The coal mine and retort coke ovens have been operatedoperating
expenses
the sale of coal and coke has yielded a large profit over
company's inand maintenance, and has gone far toward paying said furnace
is put
terest and sinking fund charges. Until, however, the
in blast, this company cannot be expected to earn a profit. Pig ironitconwill
ditions in the South have recently greatly improved,and apparently The
blast.
be wise within a few months to put the furnace once more into
theycar,
during
$40,000
we
expended
which
on
new washer at Kellerman,
coke.
has been in operation since January and gives us a most excellent
We are now receiving a good price for the new coke, and it is substantially
reducing the cost of our pig iron.
Should the final report of the expert regarding the furnace at Holt be
confirmed, and should the further testing of the Friedman property develop
proceed at onceit
the ore which we anticipate, in my judgment we should
to rebuild the furnace stack and to put the furnace in operation. Under
profitable.
highly
be
would
these conditions its operation
the
Results.-The operation of the Central Foundry Co. proper during and
past year has been exceedingly profitable. Between April 22on1911
the
this
$1,837,920;
of
business
Dec. 31 1911 the company did a gross
to $124,889, or
net profit, after meeting all expenses and charges, amounted
comnearly 7% net profit on the gross business done. This profit in theof the
expenses
overhead
the
pany proper was sufficient to provide for
coke business,
Central Iron & Coal Co. not carried by the latter's coal and
and the small loss of the Central Radiator Co., and leave a surplus of $63,344. In other words, the combined accounts of the three companies for
the period April 22 1911 to Dec. 31 1911 shows a net profit of $63,344
over and above all charges of every description.
The company has as yet not eceived the u timate advantages of the
money raised In gonnection with the reorganization. Large improvements
have been under way, but the result will not be felt until late in 1912. The
foundries, virtually in the same condition as prior to the reorganization,
have had to support the bond charge for developing the properties and reducing the cost of production. From April 22 1911 to Dec. 31 1011 the
company did almost as large a business as it was capable of, and the profit
was as much as could be expected under the conditions of manufacture.
Outlook.-Immediately upon reorganization it was clear that in order to
increase the earnings materially it would be necessary to increase the capacity. The branch which offers the greatest opportunity is that of universal pipe. In November the directors appropriated the money necessary
[VoL. Lxxxxxv.
THE CHRONICLE
1182
for building a new plant at lloit, Ala., adjacent to the furnace of the Central
Iron & Coal Co. The structural steel is up and the plant should be in operation before the middle of the summer. This plant should greatly reduce the cost of making universal pipe and soil pipe, should make it possible
to handle satisfactorily any business that may be offered in the immediate
future,and,with the development of the blast furnace properties,should enableus to show Substantial earnings under any conditions likely to prevail.
BALANCE SHEET CENTRAL FOUNDRY CO. AND COMBINED BALANCE
SHEET, INCLUDING CENTRAL IRON & COAL CO. AND CENTRAL
RADIATOR CO. DEC. 31 1911.
Central
Combined
Combined
Central
FoundryCo. Statement.
FoundryCo. Statement.
Assets$
$
$
$
LiabilitiesReal est., bidgs.,
892,910 2,792,302 Preferred stock.. _ 4,600,000 4,600,000
equip., &c
3,600,000 3,600,000
Patents & gd-will. 5,623,094 5,623,094 Common stock_
13,195 First mtge. bonds_ 1,000,000 x1,680,000
Investments .....a1,356,695
86,970
Accts. & pay-rolls.
64,918
C.I.&C. advances_ 401,364
4,596
4,596
Accrued taxes__ __
Disc. & comm. on
42,000
25,000
127,205 Accr'd bond mt...
C. I. & C.
3,565
11,351 Sinking fund
7,833
&c.
bonds.
Prepaid insur.,
793,294 Reserves.. 559,210
Inventories
70,837
Exhaust of min.
69,545
6,045
Bills receivable_ _ _
45,000
Relining fund
428,958
Accts. receivable_ 340,790
15,642
15,642
Depreciation __
203,981
214,904
Cash
3,975
3,975
Maintenance ___
4,239
Sinking fund
16,402
16,402
Reorg. expenses
b154,400
Deficit
c124,889
(b)
Surplus
Total
9,455,422 10,168,987
Total
9,455,422 10,168,987
x Includes 1st M.6s of Cent. Fdy. Co., 81,000,000: Cent. Iron & C. Co., $680,000.
a Includes Central Iron & Coal Co. stock at par, $1,000,000; $200,000 Central
Radiator Co. stock at cost. $1.000 (see text), $300,000 C. I. & C. Co. 1st M. 6%
bonds at 823. and accrued Int., $255,000 and $100,000 at 85 and accrued Int., $87,500; $14,000 City of Tahlequa 5% bonds at 93 and accrued int., $13,195.
b The deficit of Central Iron & Coal Co. and Central Radiator Co. April 22 1911
was $217,744, less profit of all companies April 22 to Dec.31 1191, $63,344.
C For period from April 22 to Dec. 31 1911.-V. 93, p. 591.
United States Gypsum Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1911.)
Prest. S. L. Avery, Chicago, April 11, wrote in substance:
Results.-Our sales both as to tonnage and value show a decrease reflecting
the general state of the country's industry. In view of the severe competition and consequent low prices, our net earnings arc particularly gratifying
as indicating the company's ability to earn a fair profit under adverse conditions. The benefits from construction of modern mills of larger capacity
are manifest.
Expenditures for new properties and improvements for the year amount
to $351,775, the principal items being the new steel and concrete mill at
Alabaster (replacing the old mill burned); the completion of a mixing mill
and warehouse at Milwaukee; the enlargement and improvement of the new
mill at Oakfield, N. Y.; and equipment for the manufacture of our Pyrobar
partition tile on the company's properties in Virginia, Michigan, Ohio
Illinois and South Dakota.
Outlook.-The demand for fireproofing gypsum products Is steadily Increasing and our development and sales departments are advancing its use
in many markets. While indications point to an Increased consumption, it
Is yet too early to determine whether the demand will be of sufficient
strength to warrant an improvement in the present low prices.
Note Issue.-At a meeting of the directors on March 6 1912 the finance
committee was authorized to sell to A. G. Becker & Co. of Chicago $1,500,000 5-year 6% gold notes of the United States Gypsum Co. The sale
was made In accordance with this authorization (V. 94, p. 703).
Notes to the amount of $400,000 are to be placed in the hands of a trustee
and to be used as desired in exchange for the outstanding bonds. Proceeds
from the balance will be used to pay bank indebtedness as It matures, and
supply ample funds for the erection of new properties required to supply
present business at much lower cost of manufacture, and the taking of new
trade on a remunerative basis. Giving effect to the sale of these $1,500,000
notes will Increase the cash on hand from $84,359 to about $530,459, and
the "expenses chargeable to future income" from $60,666 to $134,166, while
in place of the existing $411,500 1st M.boncis,,and $574,500 notes Pastable,
there will be outstanding the $1,500,000 gold notes [without other ,material
change in the balance sheet as shown below.]
ACCOUNTANTS'CONSOLIDATED NET INCOME OF U. S.GYPSUM
CO. AND SUB. COS. FOR YEARS ENDING DECEMBER 31.
[After deducting interest, depreciation, repairs, bad debts, etc.]
Total.
1907.
1908.
1909.
1910.
1911.
$1,920.342
$523,909
$237,664
$295,894
$503,506
$359,369
INCOME ACCOUNT AS SHOWN BY SUCCESSIVE REPORTS.
1909.
1910.
1911.
$651,118
$437,783
$566,835
Net profits
50,000
50,000
Transferred to bond reserve
150,870
148,414
174,914
Repairs, replacements & depreciation_
21,585
32,552
29,028
Bond interest, &c
Net earnings
Preferred dividends
$359,369
224,511
$423,675
219,734
$215,328
225,784
sur.$134,858 sur.$203,941 def.$10,456
Balance for year
391,753
361,760
867,244
Previous surplus, after adjustments__
$381,297
$565,701
$1,002,102
Total surplus_
BALANCE SHEET DECEMBER 31.
1910.
1911.
1910.
1911.
$
$
Liabilities$
$
Assets:228
2
9
2
4
4
0
2
3
0
:
9;6400
0
47
9
:6
2
4
cum
7%
stock,
Prof.
2,067,628
2,601,835
Plants
Common stock
Gypsum and gypsite
411,500
439,000
Bonds
4,878,428
5,088,370
(estimated)
574,500 437,294
27,000 531,800
Stock in other cos_
188,103 330,701
yapbaleyable_ _
licisoupnats
Bc
45,866 A
44,983
Secured loan
sinking
for
Reserved
Expenses charged to
einerenptsa.irs, e
ncd,
fprlia
73,422
future income.... 66,666
&c.-. 457,629 640,238
527,431 504,049
Inventories
Notes & accts. rec'le_ 745,688 732,379 Undivided profits. _ _1,002,102 505,701
84,359 122,362
Cash
.9,l88,3358.955,934
Total.
-V.94, p. 1124, 703.
Total ..
.9,186,335 8,955,934
Electric Storage Battery Co., Philadelphia.
(Statementfor Fiscal Year ending Dec. 311911.)
1908.
1910.
1909.
1911.
$636,580
$933,492
$1,283,608 $1,120,012
Total net income
093(3;4)528,093
(4)649,964(334)528,
(4)649,964
pref.
stock_
&
Less divs. on corn.
$108,487
$405,399
$470,048
$613,644
Surplus
CONDENSED BALANCE SHEET DEC. 31.
1910.
1911.
Liabilities1911.
1910.
Assets$175,000 $185,400
Plant investment_$1,415,959 $1,204,293 Preferred stock...
17,814,600
Treasury stock_ __ 1,750,575 1,750,575 Common stock_ _17,825,000
2
7
99
4
93
1
,8
15:
0 2,75
72
41
98
,0
9:
18
9
Stks. & bds. owned 1,899,128 1,729,141 Accounts payable_
liabilitles_.3,310,680
Patents, agreem'ts
and franchises _ _13,875,547 13,873,050 Surplus
40,000
40,000 Reserved for deMortgages
ad
ciiateloonnt,raebtz
ipsrhee(
535,146
588,740
Cash
debts and untin744,645
receivable_
1,000,642
Accts
_ 494,063
361,746
37,904
21,703
Notes receivable_
1,330,470 1,270,970
Inventory acc'ts
Total
21,922,764 21,191,724
Total
21,922,764 21,191,724
*After deducting adjustments and all Items not incident to the current year;
aggregating $67,505.-V. 94, p. 829.
t" •
Minneapolis General Electric Co.
(Reportfor the Fiscal Year ending Dec. 311911.)
INCOME ACCOUNT.
1910.
1010.
1911.
Deducrns(cond.)- $
50,602
Gross earnings._,1,459,567 1,276,041 Bond.sink. fund__
60,00
.6
492,647 Preferred dividends (6)60,000
Operating expens_ 563,797
Common diva _.(7M211,764(336)147,074
895,770
783,304
Net earnings _
•
DeductBalance for reserves
195,798
427,556
145,848
Interest & taxes__
380,522
& depreciation_
BALANCE SHEET DECEMBER 31.
1910.
1911.
1911.
1010.
AssetsLiabilities(cona.)- $
$
$
Plant
6,747,000 5,747,000
11,497,074 9,743,053 Bonds
3,124
Material & supplies 133,886
3,124
95,756 Prem. on corn. stk.
175,000
Adv. payments.._
19,498
15,802 Notes payable__ .... 313,500
87,258
Bills receivable_ _ 597,957
61,326
460,956 Bills payable
116,126
Suspense
294,836 Bills not yet due.. 156,770
338,350
28,229
81,173
Cash
197,729 Suspense
120,541
50,602
Accrued sink.fund
452,737
294,575
reserve
Replacemt.
10,808,132
Total
12,706,806
79,166
70,000
Accrued dividends
LiabilitiesCommon stock_. 3,374,900 2,500,000 Contingencies and
619,492
553,736
surplus
Corn. stock sub100
scribed for
Total
12,706,806 10,808,132
Preferred stock... 1,000,000 1,000.000
-V. 93, p. 1108.
1911.
Central & South American Telegraph Co.
(Report for Fiscal Year ending Dec. 31 1911.)
RESULTS FOR CALENDAR YEARS.
1911.
1910.
1909.
Receipts from all sources $1,646,931 $1,755,166 $1,665,029
Deduct$667,983
Oper. exp. & taxes.... $586,2291, $676,720
55,044f
Maint. rep. steamer __ __
42,184
17,605
18,340
-Cable repairs _ -.- -- -,
__ __ __
Deprec'n invest. bonds_
-Iiiti
3,096
Mexican Government._
13,473
Charter rep. steam Relay
Expenses exhibit at
2,804
Buenos Ayres_ _
574,260
574,260
574,260
Dividends (6%)
1908.
51,664,506
$648,643
12,349,585 12,051,394
Total
-V. 04, p. 914, 563.
Total
574,260
12,349,585 12,051,394
Mexican Telegraph Co.
(Report for Fiscal Year ending Dec. 31 1911.)
RESULTS FOR CALENDAR YEARS.
1910.
1911.
1909.
$848,597
$939,109
$946,007
1908.
$811,342
$176,531
$165,622
45,500
__ ____
358,940
15,677
37,772
14,834
358,940
$350,259
2,585,117
$361,941
2,223,176
$234,194
2,706,507
$324,612
2,381,895
52,935,376
Total
Additions and improv'ts
$2,585,117
$2,940,701
717,525
$2,706,507
Add to surp. for year_
Previous surplus _______
$160,206
.
34,560
68,565
340,942
10,121
$153,750
30,354
14,215
287,010
1,401
$2,935,376 $2,585,117 $2,223,176 $2,706,507
.
. . .
BALANCE SHEET DEC. 31.
Assets1911.
1911.
Liabilitks1910.
1910.
$3,566,594 $3,561,679 Capital stock
Plant
$3,589,400 $3,589,400
Cash at banks__ .... 195,480
280,560 Sundry creditors_
59,551
25,420
Investm't emus's_ 2,620,528 2,175.256 Dividend _
89,735
89,735
Sundry debtors_ _
113,871
272,177 Surplus revenue
Curs. traffic accts.. 177,589
end of year.. 2,935,376 2,585,117
..$6,674,062 $6,289,672
Total _
-V. 94, p. 915.
Total
Your company now has 110 wells with an open-flow capacity of 200,000,000 cu. ft. daily.
East Ohio Gas Co.-The operation of the East Ohio Gas Co. (25% of the
stock of which company you own) shows a net increase in their earnings of
approximately 15.58%, These earnings have been applied to the payment
of dividends on their pref. stock, amounting to $700,000, and to the retiremeat of $500,000 of their $15,000,000 bonded debt, leaving a net surplus
earning of $1,148,821, or over 11% on their common stock.
Maysville Gas Co.-In April 1911 we contracted to supply the Maysville
Gas Co. with natural gas at 18c. per 1,000 Cu. ft. We received from that
contract during the last six months of 1911 $3,761, but for Jan. 1912 52,363.
INCOME ACCOUNT.
1910.
Earnings1911.
Sales of natural gas
$1,324,826 $1,021,763
Earnings from other sources
1,621,108
1,647,763
Gross earnings
ExpensesGeneral, administration, taxes, &c
Maint. and oper. of wells, field and pipe lines
Natural gas purchased
59,972,589
$2,642,871
5274,553
179,4:58
432,741
5311,686
190,109
234,136
Total operating expenses
Net earnings
Columbia bond interest
Int. on bds., bds. retired & div on stk. leased cos
5886,752
$2,085,837
724,931
1,198,642
$735,931
$1,906,940
781,575
1,032,250
8162,264
BALANCE SREET DEC. 31.
$93,115
Balance. surplus
Assets-
1911.
1909.
1010.
Property
}$64,387,154{$67,053,285 565,356,693
Supplies and fIN tures
,. ,.
,
Accounts and Interest receivable_ _ _ _
224,998
708,176
363,342
Cash in banks
218,7921 1,232,490
799,6211
Cash in Covington guaranty deposit}
1
730,2001
Equity in surplus of other companies_
405,135
713,287
933,872
Advance
8,315
6,877
Total
$68,875,029 $68,306,468
LiabilitiesCapital stock
$50,000,000 550,000,000 550,000,000
Bonds outstanding
13,603,000 15,835,988 15,820,000
Bills payable) 567,009f
864,5581 1,205,790
Accounts payable
1
143,1865
Property betterment account:
283,850
352,101
134,312
Accrued interest and taxes
293,953
406,239
142,647
Surplus
1,377,248
1,272,057
1,003,719
•.$66,125,060
84,559
25,925
2,592
------
$374,445
$328,527
$404,446
$480,681
• Surplus for the year__
BALANCE SHEET DEC. 31.
1911.
1910.
1911.
1910.
g
LiabilitiesAssets$
$
9,602,741 9,467,116 Capital stock.
9,571,000 9,571,000
Plant
Construction acct 2,147,478 2,093,615 January dividend_
143,565
143,565
116,493
155,890 Sundry creditors__
Spare cable
20,952
103,355
Cash
269,021
119,480 Fire insur. fund_
6,149
Invest't seeur's_
143,055
9,256 Surplus revenue
Sundry debtors,&c. 170,797
2,607,919 2,233,471
Dec. 31
206,037
Receipts all sources..
DeductOper. exp. and taxes..
Mexican Gov'ts participation in earnings...
Cable repairs
Divs. (10% per annum)
Miscellaneous _________
1183
THE CHRONICLE
APR. 271912.]
_86,674,062 $6,289,672
• • • • • • • •
Columbia Gas & Electric:To., Cincinnati.
(Report for Fiscal Year ending Dec. 31 1911.)
President Archibald S. White says in substance:
Total
-V. 93, p.1467.
$66,125,060 $68,875,029 $68,306,468
Spring Valley Water Co., San Francisco, Cal.
(Report for Fiscal Year ending Dec. 31 1911.)
Pres. Bourn, San Francisco, Apr. 5, wrote in substance:
Results.-The number of connections on Jan. 1 1912 was 58,858, a gain
of 1,988. In our accounting, the rates collected under injuction are included in our statement of revenue. (V. 77, p. 93.)
Rates.-The decision in our rate case was rendered by the Circuit Court
on Oct. 21 1911. (V. 93, p. 1203; compare V. 77, p. 93). A decision
rendered by the Circuit Court in Iowa in a case entited Des Moine Wat.
Co. vs. City of Des Moines, was filed Sept. 16 1911 (V. 94, p. 914, 633:
V. 93, p. 799, 1326). The decision of the Des Moines case [which held
that a return of 8%,considering the hazards and liabilities is moderate.-Ed.]
further strengthens the position of your company and tends to further increase its value.
Appraisal.-Shortly after the decision of the rate cases your directors
authorized the employment of J. G. White & Co.. Engineers, to inventory
and appraise all the property of the company. We expect to receive their
report during the current month. (Compare V 78, p. 987.)
The Mayor and officers of the city have many times publicly stated
that they favor the acquisition of our properties at a reasonable price.
If this spirit actuates the community there is no reason to doubt tkat
differences heretofore existing in the community in reference to its water
supply will soon terminate.
•
INCOME ACCOUNT FOR CALENDAR YEARS.
Earnings1911.
1910.
1909.
1908.
____ 52,891,337 52,788,448 52,678,968 52,195,600
Water sales
74,807
Rents
58,463
34,202
29,593
collection
Suburban Co.
14,059
18,502
17,166
24,254
Interest
23,992
16,712
9,825
.Miscellaneous
13,133
9,558
23,927
5,088
Gross earnings ______ 52,993,336
Operating expenses....664,959
52,898,963
719,116
$2,770,975
706,315
$2,264,360
652,054
Net earnings
$2.328,377 $2,179,847 $2,064,660 $1,612,306
DeductAccrued taxes..
5392,228
$362,851
$331,485
$324,095
Interest on bona;-_-.. -_-_
714,360
714,360
714,360
714,360
Other interest _
6,979
Depreciation, &c
260,000
__
200,000260,000
260;es00
Contingent & insur. fund
240,000
170,000
120,000
20,000
Dividend
(2%)560,000(2%)560,000(2%)560,000(1%)280,000
Miscellaneous ___ __ -- __
18,098
12,318
12.473
Total deductions__ $2,173,567 $2,085,309 $1,998,163 $1,610,928
$94,538
$154,810
Balance, surplus _______
$66,497
$1,378
BALANCE SHEET DECEMBER 31.
of
growth
one
been
and
has
year
pa3t
Ftnancial.-The
improvement in
every department. After deducting all expenses, taxes, rentals, interest,
1910.
1911.
1911.
1910.
Assets&c., there was added to surplus a net profit of $162,264, making a total surLiabilities$
$
$
3
plus Dec. 31 1911 of $1,377,248.
Real estate, water
Capital stock
28.000,000 28,000,000
rights, rights of
The floating liabilities have been decreased $621,273 There were reStock assessment_ b228,664 b228,664
way, &is
tired and canceled $3,519,500 bonds, leaving $13,603,000 now outstanding.
48,466,480 46,286,765 General mortgage
We also retired and canceled 8108,000 bonds of the Cincinnati Gas Trans- Union Trust Co
a500,000
4% bonds
20,987,000 19,017,000
portation Co., and in the first two months of 1912 an additional $45,000, Gen. M. bonds ._c3,128,000 1,158,000 Current liabilities_ 1,819,041
296,437
thereby improving the value of the stock of that company, on which your Bills & acc'ts rec.
51,848
23,100 Depreciation, &c.,
company holds an option to purchase. Economies have been effected in Mat% supp., &c.. 323,882
331,934
fund
961,199
746,944
salaries of the Columbia Company amounting to nearly $26,000. On the Consumers' acels..
74,574
68,999 Contingent and inother hand, we have had an increase in taxes in all departments amounting Cash
130,641
40,201
surance fund... 550,000
310,000
Special deposit unto $102,814, which Is an increase of 31
Surplus net rev... 581,026
•
426,216
Electric Department.-The electric business shows an increase in current
der in unction
951,502
613,259
generated and distributed of 5
with a gain in the gross income of
5162,375, notwithstanding a readjustment of electric rates In accordance
Total
53,126,930 49,025,261
Total _
53,126,930 49,025,261
with rulings of the P. S. Commission of Ohio. The net earnings were
7.64% more than in 1910.
a Cash deposited on account of real estate sale. S After deducting reThe Union Gas & Electric Co. last year entered into a ten-year contract placement, $611,336. c Includes in 1911 $1,281,000 in treasury (against
with the City of Cincinnati, effective June 1 1912, which ,while at a some- $1,158,000 in 1910), of which 782 bonds pledged and $1,847,000 to be re,
what lesser rate than the previous contract, and for improved service and ceived for capital expenditures incurred prior to Dec. 31 1911.-V. 94. p.
better lights, nevertheless, due to the increased number of lights, we believe 1123, 491.
will maintain the company's revenue from that source.
Parke, Davis & Co., Detroit.
Gas Department-In 1911 we delivered through the pipe line conveying
natural gas from the West Virginia fields to this city 10,648,341,100 cu. ft.,
(Balance Sheet Dec. 311911.)
an increase of 2,550.731,100 Cu. ft., equivalent to about 31 ji%. Of this
amount, 45% was consumed by domestic users and 55% was consumed by
1910.
1911.
1011.
1910.
manufacturers. The number of customers increased 10,906, or 11 2-3%,
AssetsLiabilities$
$
yet the pipe line has a capacity for carrying twice the amount of gas de- Real est. & bldgs____1,866,431 1,683,225 Capital stock
7,600,000 7,600,000.
livered. Many of our Cincinnati customers (numbering over 100,000) use Inventory
4,042,880 3,826,260 (Compare V.87, p.
gas only for illumination and for light cooking, and as a result the average Cash
246,049 357,041
1608; V. 85, p.
Income from domestic customers in 1911 was only 810 32. We anticipate Bills & acc'ts receiv_2,113,841 2,012,214
923, 1007; V.76,
that within the next two years the consumption in Cincinnati will equal Investments
1,123,626 1,126,464
814, 708; V.
P.
like
Columbus, Dayton, Springfield and Xenia, Office fur. & fixtures. 190,682 168,049
that of surrounding cities,
72, p. 187.)
where the income per customer per annum is in excess of 335. For January Mash. & lab. appar.1.115,113 9S74,127 Accounts pay-able...
309,103 285,843
1912 our average collection per customer was $3 57, as against 53 19 last Treasury stock..
34,325
35,350 Surplus fund
2,823,754 2,296,887
year, a gain of over 538,000, practically all of which is net profit.
Gas Fields.-In January of last year we began taking gas at Branchland,
Total
10,732,94710,182,730
Total
10,732,94710,182,730
W. Va., from the United Fuel Gas Co., but, finding that the operation of
that contract was not advantageous, negotiations were opened which reIn January 1912 a special dividend of 5% was de,
,lared in addition to
sulted in our purchasing all of the gas holdings of the United Fuel Gas Co. the regular quarterly disbursement of 3%, making a total of 17%
in the Branchs and district of West Virginia, comprising about 5,5653i year 1911. In 1910 a similar extra dividend was paid in additionfor the
the
acres of gas leases and mineral rights, including 14 good producing gas wells. regular 2%% quer. distribution, making 15% for the year.-V.94, p.to
213.
1184
THE CHRONICLE
American Iron & Steel Manufacturing Co., Lebanon, Pa.
(Report for Fiscal Year ending Dec. 31 1911.)
President James Lord, Lebanon, Pa., Feb. 14 1912, wrote:
As in the previous year, prices continued to decline, without any recovery,
throughout the year. A special dividend of 2%, amounting to 8111,000, was paid
In addition to the regular dividend of 5%. Additions were made to plants and
equipment amounting to $129,026. The allowance for depreciation of plants and
machinery now amounts to $880,000.
BALANCE SHEET DEC. 31.
1911.
1910.
1911.
1910.
Assets$
$
Liabilities$
$
*Plant & equipment 5,040,662 4,936,636 Pref. 5% cum. stock.3,000,000 3.000,000
Supplies
1,281,319 1,537,643 Common stock.
2,550,000 2,550,000
Cash
_1,100,389 1,023,062 Undivided profits_ _ _2,339,014 2,593,158
Accts.&bilis rec.(net) 461,914 587,580
Unexpired insur.,&c.
4,760
6,237
Total
_ 7,889,044 8,143,153
Total
7,889,044 8,143,158
* After deducting reserve for depreciat on, $333,000 in 1911, against $855,000 in
1910. [Regular quarorly dividends of 111% have been paid since July 1907 on
both classes of stock and also special dividends of 2% each In June 1910 and 1911.
Compare V. 90, p. 1612.-Ed.1-V. 92, p. 1106.
North American Company, New York.
(Report for Fiscal Year ending Dec. 31 1911.)
President James Campbell, March 20, wrote in substance:
Assets.-The stocks owned are principally those of street railway, electric light and gas companies, hereafter referred to. The company acquired
during 1911 the entire capital stock of the North Milwaukee Light & Pow.Co.
The bonds and notes owned are: Milwaukee Light, Heat & Traction Co.
ref. and ext. mtge. 30-year 5s, $5,000,000; Racine Gas Lt. Co. consol. 55,
$318,000; Kenosha Gas & El. Co. 1st M. 5s, $45,000; Detroit Edison Co.
10-year convertible 6% bonds, $400,100; West Kentucky Coal Co. 1st M.
5s, $87,000; Hudson Co. 6% notes, $250,000.
Loans and advances [together aggregating 810,520,048 Dec. 31 1911,
$8,904,037 March 20 19121 consist of money loaned to individuals and corporations upon their notes, with ample collateral security, together with
advances to subsidiary companies.
• The company sold during 1911 at a profit $500,000 bonds, with $100,000
common stock, of the Mississippi River Power Co.
Liabilities.-Of the 5-year 5% collateral trust notes, dated May 1 1907.
there are still held by the public $1,910,000.
Notes payable [amounting Dec. 31 1911 to $3,157,765 and on March 20
1912 to $1,101,972] consist of money borrowed on account of loans made
to individuals, corporations and subsidiary companies.
The company has no contingent liabilities, except the interest and striking
fund on 1st M. Os of West Kentucky Coal Co., of which $90,000 retired,
leaving $1,910,000 outstanding (V. 81, p. 1192).
Milwaukee Companies.-The combined gross revenue of the Milwaukee
group increased 7.44%; operating expenses, taxes and reserves increased
7.24%; interest charges 7.86%,and net income 7.93%. Additions cost
$2,991,295, chiefly as follows: (1) Addition, &c., to Commerce St. station;
(2) Clinton St. and 20th St. sub-station; (3) 2.15 miles of track; (4) overhead and underground distribution lines for sub-stations, railway systems
and light and power consumers; (5) Cold Springs car shops, Milwaukee;
(6) 4,060 k.w. capacity generating apparatus in Racine power station; (7)
meters, transformers, &c.
The stockholders of thd Milw. El. Ry. & Lt. Co. on Dec. 30 1911 authorized a $90,000,000 "general and refunding" mortgagc. Of this issue
said company sold during 1911 $3,000,000 5% bonds (delivered after Deo.31)
to pay a part of its floating debt (V. 93, p. 1787).
United Railways Co. of St. LOUi3.-Gross revenue increased 4.04%;
operating expenses, taxes and reserves increased 1.06%; interest charge
decreased 1.91% and net income increased 39.45%. Additions cost
$115,400 (see V. 94. p. 413).
Union Electric Light ct Power Co.-Gross revenue increased 6.86%;
oper. expenses, taxes and reserves increased 9.4%; accrued Interest 3.13;
and net income 1.94%. Increased reserve for depreciation is the principal
cause for increase in operating expenses. Additions cost $371,608, embracing (1) 12,000 k.w. turbo-generator, installed at Ashley St. Station,
in excess of cost of one 5,000 k.w. turbo-generator replaced, and switchboard, &c.; (2) two 4,000 k.w. turbo-generators In Ashley St. Station In
excess of cost of two 1,000 le.w, turbo-generators replaced; (3) standby
storage battery in 20th and Locust streets sub-station;(4) distribution lines.
St. Louis County Gas Co.-Gross revenue increased 18.17%; oper. expenses, taxes and reserves increased 12.96%; interest charges increased
39.8% and net income increased 32.8%. There has been placed in operation a water gas plant, capacity 1,500,000 Cu. ft. of gas per day. Additions cost $80.635.
Suburban Electric Light & Power Co.-Gross revenue increased 16.32%;
oper. expenses, taxes and reserves increased 16.24%; interest decreased
9.74% and net income increased 19.15%. Additions cost $92,281.
Detroit Edison Co.-The gross revenue of this company and subsidiaries
increased 18.7%; oper. expenses and taxes (exclusive of depreciation) increased 19.8%; accrued interest increased 13.6%. Additions cost $2,405,619 (see V. 94, p. 554).
The authorized capital stock was increased from $9,000.000 to $15,000,000 and $1,500,000 was subscribed for as of Jan. 3 1912. The company also
sold the final $1,500,000 of the $3,000,000 convertible debentures.
West Kentucky Coal Co.-The company shinned 501,603 tons of coal In
1911; 483,933 tons in 1910. Decreased sales at the mines for locomotive fuel
tended to narrow the market, but the outside commercial market broadened
and the sales showed a satisfactory increase. The financial results are
encouraging and the policy of developing the nroperty and the market for
• its output will be continued. Work on Mine No. 8 was begun.
[VoL. Lxxxxiv.
BALANCE SHEETS OF SUBSIDIARY COMPANIES AS OF DEC. 31 1911
St. Louis Sub.Elev.
aMilw.El.Ry.&Lt.Co. UnitedRys. of St.Louis. Co.Gas Co. Lt.&P.Co.
1011.
1910.
1911.
1010.
1911.
1911,
Assets••
$
$
$
$
Prop.,ant,&c48,413,829 45,430,722 101000,000 103624,480 , 978,861
642,675
Secur.in treas.
1,452,000 1,3.57,300
Cash ... 218,834
80,169
835,791
624,770
3,392
23,858
Bills receiv__ _
15,512
13,6311 133,960
137,875
I 271
2,812
Accts. receiv. 323,356
328,1781
122,017
35,537
Mat. & supp_ 767,342
640,332
387,224
481,700
37,310
34,802
Def. chgs.,bond
(Wel & exp 490,375
400,375
Prepaid accts.
25,254
3,036
45,747
28,894
358
4,725
Sink.fund, &c
40,912
30,675
Miscellaneous.
3,050
2,807
4,200
Total
50,293,514 47,019,925 103837,872 106272,372 1,04(3,492
744,409
LiabilitiesCapital stock.c13,500,000c13,500,000 41,900,300 41,000,300
300,000
500,000
Fund. debt _ _24,665,500 24,673,030 59,480,000 59,480,000
Bills payable _15,691,195 2,973,920 1100,003 1,105,000
652,795
94,660
Accts. pay'le_J
1 73,512
31,064
138,154
54,458
Vouch.&pay-r
198,351
350,970
Surety,&c.,dep
24,827
24,688
7,785
7,700
5,197
2,561
Int.,tax.,&c.,acc 651,120
$85,072 1,152,846 1,109,013
4,784
Divs. accr.,&c
45,000
45.037
Reserves __ __ 3,505,564 3,155,145
623,617 1,326,440
35,314
55,325
Miscellaneous, 109,639
91,702
3,194
Surplus.
2,045,668 1,471,361
301,141
784,794
17,338
34,211
Total
60,298,514 47,019,925 103837,872 106272,372 1,046,492
744,409
• -Un.El. Lt.&P. Co.- -Detroit Edison Co.- --West Ky. Cool Co.1910.
1911.
1911.
1910.
1911.
1910.
Assets$
$
a
$
$
$
Prop.,p1nt,&c26,399,737 25,646,874 21,048,794 18,600,269 3,954,184 3,756,098
Secur. in treas. 402,369
399,868
33,900
32,550
Cash
28,266
57,397
341,522
451,627
17,610
31,933
Bills receiv
2,800
35,826
561,207
523,453 I 6,685
5,500
Accts. receiv_ 424,618
711.850
1159,031
122,609
Mat. & Dunn_ 311,600
210,650
720,189
489,502
104,490
86,313
Def.chgs.,bond
disc. & exp. 822,259
825,128
381,670
347,758
4,158
11,771
Prepaid accts.
15,011
8,767
Sinking fund_
18,037
12,989
Miscellaneous.
25,196
59,273
Dplicit
y1,643,043 1,449,326
Total
.28,416,845 28,026,865 23,111,293 26,543,926 5,907,247 5,476,540
LiabilitiesCapital stock_ 9,885,000 9,885,000 6,000,000 5,747,000
500,000
500,000
Sub. to cap.stk
332,350
Funded debt_16,039,000 15,559,000 14,021,000 12,292,000 1,910,000 1,943,000
Bills payable_
100,000
350,000
975,000
851,808
308
398
Accts. pay'le_ 338,655
586,806
378,771
432,783 3,324,162 2,889.060
Surety,&c.,dep
35,504
29,671
Int.,tax.,&c.,acc 314,398
209,712
317,453
271,532
50,072
49,828
Divs. accr.,iirc
63,481
50,479
Reserves ____ 805,971
455,909
517,584
412,394
122,615
94,254
Surplus
870,340
839,959 x533,631
506,738
Total
28,416,845 28,026,865 23,111,293 20,543,926 5,907,247 5,476,540
a Includes Milw. Elec. Ry. & Light Co., Milw. Light, Heat & Tree. Co. Milw.
Central Heating Co., Racine Gas Light Co., Kenosha Gas Bc Elec. Co. and
'
Watertown Gas & Elec. C.. c Including Milw. Elec. Ry. & Lt. Co. pref. stock and $9,000,000 Mliw. Lt. Ht. & Tr. Co. stock. x After deducting $360,000 appropriated
for depreciation and $51,952 for adjustments. y After charging to profit and loss
$28,981 for appropriation for depreciation and crediting $3,464 for adjustments.
-V .04, p. 825, 419.
GENERAL LNVESTMENT NEWS_
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Tennessee & Northern RR.-Notes Resold.F. J. Lisman & Co. have resold all of the $150,000 6% serial
notes recently purchased by them.
The notes are dated April 1 1912 and mature $5,000 monthly up to
Oct. 1915.-V. 91, p. 716.
Alberta & Great Waterways Ry.-Decision Affirmed.The Supreme Court of Alberta at Edmonton,sitting en bane,
on April 12 dismissed the appeal of the Royal Bank from the
decision rendered by Justice Stuart in the lower Court on
Nov. 6 1911, holding that the Province had the right under
the Act of the Legislature passed late in 1910 to receive from
the banks in which the same was deposited the $7,400,000
proceeds of the sale of the company's bonds, which were
guaranteed by the Province.
Chief Justice Harvey said that each member of the Court had written
a decision, but added that, on the main question, the Court was unanimous.
Justices Scott and Simmons dissented on one point, contending that the
Government should not recover interest on the deposit while it was In the
hands of the bank prior to the demand. See V. 94, p.277; V.93, p. 1323.
The income account of the North American Co. for the
Algiers (La.) Railway & Lighting Co.-Sale.-See New
year 1911, together with the balance sheet, was given in the Orleans & Grand Isle Traction, Light & Power Co. below.
"Chronicle" of March 23 last. Below are the income ac- -V. 82, p. 179.
counts and condensed balance sheets of the subsidiary cos.
Anthracite Coal Roads.-Wage Agreement.-The sub-comRESULTS OF SUBSIDIARY COMPANIES FOR YEAR ENDING DEC. 311911, mittees
of the anthracite mine operators and workers, who
L*Mit.El.Ry.&L.Co.- -United Rys.of &Louis.-West Ken.Coal Co.have been in daily conference in this city for some weeks,
1911.
1910.
1911.
1910.
1910.
1911.
$1
have, it is stated, reached a tentative agreement which is gen$$
Gross revenue 6,907,383 6,428,711 11,958,883 11,580,841
857,829 erally considered favorable to the miners.
844,557
Op. exp.,taxes
7,990,062 7,906,103
735,365
805,794
Net income. 2,207,466 2,046,100 3,968,821 3,674,738
Int. accrued_ 1,370,239 1,278,720 2,740,306 2,793,743
109,192
279,392
52,035
250,792
and reserve. 4,699,917 4,382,611
Sur. Income 828,227
Pref.stock dlv. 270,000
767,380 1,228,515
270,000
880,905 D.170,200 D.108,757
409,580
471,415
407,380 1,228,515
558,227
Bal., surp_
In 1910 the Milw. Lt., Ht. & Traction Co. paid dividends amounting to $390,000
(4 I-3%);'dividends paid in 1911 not made public.
St. Louis
Sub. Elec.
-Un.Elec.L.&P.Co.- -Detroit Edison Co.-Co. Gas. Co. Lt.&P.Co.
1911.
1910.
1910.
1911.
1911.
1911.
$
$
$
8
$
$
Gross revenue 3,602,666 3,371,520 3,598,094 3,030,207
186,033
162,210
Op.,exp.,taxes
and reserve. 1,955,550 1,767,211 2,061,190 1,720,124
136,913
115,646
Net income. 1,6.47,116
Int. accrued_ 850,878
1,604,309
823,341
1,536,904
683,729
1,310,083
601,701
49,120
18,601
46,564
1,975
Sur. Income 796,238
780,968
Dividends_ __(6) 593,100 (6)593,100
853,175
414,330
708,382
250,000
30,519
44,589
It will be taken tinder final consideration by the full committees of operators and miners on May 2, and, if accepted, will then be finally referred to
the anthracite miners, either in convention or by a referendum vote.
The 10% Increase to be recommended Is, Ills stated, not a net increase,
which will amount to approximately 5%, because the operators, In
lieu of
granting the 10% increase, demanded the abolition of the sliding scale
inaugurated by the Anthracite Strike Commission appointed by President
Roosevelt in 1902, and which gave the miners 20% of each advance In the
wholesale price of coal at tidewater over the $4 50 level. This premium
netted the miners nearly $30,000,000 in nine years.
Now, the 10% Increase, divided among the 170,000 anthracite workers,
amounts, it is said, to about $6,000,000 in wages. Subtracting the $3,000,000 which would be lost by the abolition of -the sliding scale, leaves
$3,000,000, the actual gain to the miners, which is an average net Increase of
5% above what they were getting when they struck. So a miner who has
received $1 50 a day would get about $1 58 if the new plan goes Into effect,
or the miner who has received $2 a day would get $2 10, but each woulu.
lose the average 5% he has been getting on increases in coal prices. '
A number of questions are left unadjusted In the tentative plan, but the.,
recognition of the unions, speaking In a general way, appears to be provided
for.-V. 88, p. 1196.
Atchison Topeka & Santa Fe Ry.-Improvemeats.--President Ripley says:
Practically the entire sum of [nearly $5,000,000] appropriated for im187,868
203,138
438,845
458,382
provements on the lines tributary to Los Angeles Is to be spent in building
double tracks preparatory to the great volume of traffic expected during
Elec.
Light
Ry.
Milw.
&
Co.,
Includes
Milw.
Light,
Heat
& Tree. Co., Milw. and after the year of the Exposition. About $2,000,000 will be expended
*
Central Heating Co., Racine Gas Light Co., Kenosha Gas & Electric Co. and Water- in Southern California and $3,000,000 will be spent in Arizona. A second
town Gas & Electric Co.
. track will be laid between San Bernardino and Keenbrook.-V. 94, p. 766.
Bal., surp.
Ant. 27 1912.]
THE CHRONICLE
Boston Elevated Ry.-Cambridge Subway.-The new Cambridge subway was opened to the public on March 23.
There are four stations in this subway-Park St., Kendall Sq., Central
Sq. and Harvard Sq.-and the running time from terminal to terminal Is
about 8 minutes.-V. 94, p. 67.
1185
will, upon presentation to it at its office, No. 55 Cedar St., New York, of
the bonds and defaulted interest coupons issued and secured by said mortgage, distribute ratably to the holders the net proceeds from the foreclosure
sale of the properties on April 3 1912.-V. 94, p. 1118, 1056.
Columbus Delaware & Marion El. Ry.-Bond Committee.Burlington (Vt.) Traction Co.-Purchase-New Bonds.- A bondholders' protective committee has been formed conThe company, it is announced, will make a new issue of Ehting of: •
Leo J. Van Lahr, Vice-Pres. of Provident Savings Bank & Trust Co.of Cin$500,000 bonds, of which $200,000 to buy the Vergennes cinnati,
bondholders; C. E. Stahinaker
Indianapolis; Wm. F. Burdell,
Power Co., $150,000 to take up bonds due in 1913 [meaning President of State Savings Bank & TrustofCo.,
Columbus. A fourth memprobably the Win. & B. Horse RR. 1st M. 6s due Jan. 1 ber will represent New York Interests.-V.93, p. 1599.
1914] and $150,000 to be kept for any purpose thought best.
Coney Island & Brooklyn RR.-Sale of Stock-Offer.The power plant at Vergennes was built at a cost of nearly $200,000 by a The Lawyers' Title Insurance & Trust Co., having, it is
number of individual stockholders of the Traction company. It will be understood,
as agents, acquired over two-thirds of the
ready for service to furnish power for the company and elsewhere early
$2,983,000 outstanding stock (including the block recently
In May. See p. 22 of "El. By. Sec."
Camden & Suburban Ry.-Bonds.-Bioren & Co., Phila., turned over by Geo. H. Prentiss & Co.) has issued a circular
are placing at 106 and int., yielding over 4.60%, $250,000 offering until May 1 to purchase any of the remaining shares
1st M. 5% gold bonds, tax-free in N. J. Dated July 1 1896 at par($100 per share). Compare V. 94, p. 767.
Denver City Tramway.-Called Bonds.-Forty-seven ($47,and due July 11946. Int. J. & J. A circular shows:
Auth issue, $3,000,000; reserved to retire stock of Camden Horse RR. 000) first mtge. 5% gold bonds of the Denver Tramway
(leased April 1 1896 for 99 years, maximum rental $60,000 per an.), Power Co., dated 1903, for payment at 105 and interest
on
11,000,000, and for extensions,at not over $20,000 per in., $60,000; remainder outstanding, Incl. the $250,000 now issued to retire $250,000 Camden May 15 at the International Trust Co. of Denver, Colo.
Horse RR. 58 due May 1 1912 (the only underlying bonds), $1,040,000.
-V.
94,
p.
207.
Operates 91.3 miles of track in Camden, N. J., and extending to the
Florida East Coast Ry.-Listed.-The New York Stock
suburbs of Riverton, Merchantville, Moorestown, Haddonfield, IIaddon
Heights, &c. Population served over 125,000 and constantly increasing. Exchange has
listed $1,000,000 additional 1st M. VA% 50Franchises perpetual except for those covering short extensions in Buryear bonds due 1959, which were issued for improvements
lington County, which run about 100 years.
Earnings for Calendar Years 1911 and 1009
and extensions, making the total amount listed $11,000,000.
1900.
1911.
1909.
1911.
Earnings.-For 6 months ending Dec. 311911:
Gross receipts_ _$1,004,375 $853,342 Cam.H.RR.rent. $60,000 $60,000
97,000
97,000
Net after taxes_ $312,361 $230,376 Fixed charges__
Gross
Net
Taxes,
Int., Hire
Balance,
79,376 Six Mos.- Earnings.
Surplus for stock
155,361
Earnings.
Accrued. Eguipt.,Bec.
Deficit.
The capital stock outstanding, $3,000,000 (par value $25, paid In cash, 1911
$1,569,658
$281,949
$93,000
$272,979
$84,030
$5 per share), is quoted at about $18 per share, representing an equity of
1,402,172
301,099
82,409
19V
10
over $2,000,000 behind these bonds.
. 94, p. 279, 207.
The property is leased to the Public Service By. Co. (by assignment from
Grand Trunk Ry. of Canada.-Car Trusts Sold.-Blair &
the Public Service Corporation and the South Jersey Gas, Electric Bo Traction Co.) for 999 years from May 1 1904; rental all fixed charges including Co. have purchased $3,940,000 .14% car trust notes dated
interest on the outstanding bonds, and also an annual sum beginning with
$30,000 in 1905 and gradually increasing to $120,000 in 1913 and each May 1 1912, maturing in 20 semi-annual installments of
year thereafter.-V. 94, p. 1117.
$197,000 each, beginning with Nov. 1 1912 and extending
Canadian Northern Ry.-Equipment Trusts.-A new
equipment trust agreement dated April 15 1912 has been
made between The Imperial Rolling Stock Co., Ltd., and
the Railway Company.-V.94, p. 697, 349.
Canadian Pacific Ry.-New Lake Shore Line to Toronto.The company late last month let a contract for a new singletrack line of about 185 miles between Montreal and Toronto.
The new line will take about 2 years to build and cost, it is
stated) approximately $12,000,000.
The new line will branch from the present main line at Glen Toy, 15 miles
west of Smith's Falls, and run along the shore of Lake Ontario to Agincourt,
where it will again connect with the main line for entrance into 'Toronto.
The present single-track line between the two cities will within a few years,
It is expected, have reached its traffic-bearing powers. It therefore became necessary to either double-track the existing line or build a new one
running through easier and more productive country. When the new line
(which will have a bed sufficiently wide to accommodate a second track
when conditions warrant) is completed, it will be used as an eastbound
freight route between Montreal and Toronto, the westbound freight taking
the northern route on the present line, which offers better grades on the
western run.-V. 94, p. 349, 206.
to
May 11922,but redeemable any interest day at 102M and int.
The proceeds of the notes will be used to purchase 3,000 steel underframe
box cars, 1,000 50-ton all-steel coal cars, 500 automobile cars and 500 refrigerator cars. The bankers will shortly offer the notes.-V.94'p.1119, 599.
Hudson's Bay & Pacific Ry.-Spurious Bonds.-A press
report from London states that £100,000 of spurious bonds
purporting to be bonds of this projected road are in circulation or being offered in London, Paris and Belgium.
On Aug. 5 1910 a public warning was published by Lord Strathcona,
High Commissioner of Canada, saying: "On several occasions the attention
of Lord Strathcona has been directed to misstatements which appear to
have been made by, or on behalf of, the Hudson's Bay & Pacific By. Co..
and the Hudson's Bay & Pacific Railway Development Co. Upon the
authority of Sir Wilfrid Laurier, Lord Strathcona desires to say that there
s no warrant for the statement contained in a prospectus issued by the
Hudson's Bay & Pacific Railway Development Co. claiming that the bonds
which, under its charter, the railway company is authorized to issue are
to be guaranteed as to principal and Interest by the Canadian Government.
This statement is an absolute fabrication, as the Canadian Government
has not given any such guaranty."
The line has long been projected to extend from Edmonton easterly to
Prince Albert and thence northeasterly to Fort Churchill, on Hudson's
Bay, also through Yellowhead Pass to Port Simpson on the Pacific Ocean.
Some amount of surveying has been done. In 1910 among those interested
were said to be J. E. Sinclair of Prince Albert, Dr. Reid, J G. F. Greville,
Herbert Spicer and George Atwood (of Atwood & Hopper), London. Eng.
The original Hudson's Bay & Pacific Ry., incorp. In 1896, was in April 1907
In the hands of H. M. Winearls as official receiver ("London Financial
News," April 26 1907).
Central Railway Co. of Canada.-Mortgage.--The company on April 16 1912 filed with the Secretary of State for.
Canada the deed of trust, to the City Safe Deposit & Agency
Co., Ltd.,.of London, trustees, to secure the 1st M.5% bonds.
(See V. 93, p. 345, 730.)-V. 94, p. 826, 278, 206.
Indiana 'Union Traction Co.-Merger Plan Approved.-At
Chicago Kalamazoo & Saginaw Ry.-Earnings.the adjourned meeting on Thursday the merger plan was apCalendar
Balance, proved by approximately the following vote:
Net (after
GT033
Interest
Other
YearRevenue.
1911
$197,619
1910
221,123
1909
204,115
-V. 92, p. 1178.
Taxes).
$53,184
89,092
58,361
Income.
$7,477
1,775
and Rents.
$56,853
64,042
30,341
Surplus.
$3,808
26,825
28,020
(a) Indiana Union Traction Co. out of a total of 50,000 shares, in favor
40,000; opposed 2,000. (b) Union
' Traction Co. of Indiana, out of a total
of 85,000 shares, In favor 50,000 shares; opposed 7,700.
[The basis for exchange of stock, as stated in the plan, was given last
week (p. 1119). The new consolidated company will have the right to make
a new mortgage bond issue, but only with the approval of two-thirds of its
outstanding 1st pref. stock and of a majority, of the 2d pref. and a majority of the common. The lien of the existing bond issues are to be restricted to the property now covered by each, respectively. Of the $5,000,000 1st M. 5s of 1903 of the Ind. Union Tr. Co., $3,380,000 unissued bonds
are to be canceled; of the remaining $1,620,000 bonds of this issue, the committee understands that $185,000 are in the sinking fund, $872,000 in hands
of holders and $583,000 owned by the company, of which $500,000 pledged
to secure a loan of $300,000.1-V. 94, p. 1119.
Chicago Milwaukee & Puget Sound Ry.-Listed.-The
London Stock Exchange has granted an official quotation
to the $26,095,000 1st M. 4% gold bonds, 1949, Nos. M 1 to
26,095, already listed in N. Y.-V. 94, p. 767.
Chicago & North Western Ry.-Listed.-The N. Y. Stock
Exchange has listed $15,000,000 Milwaukee Sparta & Northwestern Ry. 1st M. guar. 4% bonds, due 1947,(which were
Interborough Rapid Transit Co.-Payment of Notes.-The
recently assumed on purchase of the road by the C. & N.W., $10,000,000 43-% notes due April 29 will be paid at the ofEarnings.-For the 7 months ending Jan. 311912:
fice of J. P. Morgan & Co. Negotiations for financing the
Operating
Net
Int., Rea- Balance
Other
Taxes
matter, we understand, are pending.-V. 94, p. 630, 559.
Revenue.
Revenue. Accrued. Income. Cols, ct.c. for Divs.
Seven
Months5
Kansas City Mexico & Orient Ry.-Receivers' Certificates.
1911-12_44,142,776 12,725,468 1,925,000 1,508,312 5,228,134 7,080,646
-Application has been made to Judge Pollock in the U. S.
1910-11_46,005,805 13,687,158 1,880,000
Dividends at the rate of 7% on the $130,114,500 common and 8% on the
$22,395,000 preferred stock call for $5,313,009 and $1,045,100, respectively, District Court at Kansas City, Mo., for authority to issue
$2,225,000 receivers' certificates to improve the road. The
for the 7 mos.. leaving surp. for 7 mos. of $722,537.-V. 94, p. 1056, 697.
Chicago Railways Co.-Earnings.-For year end. Jan. 31, Court took the matter under advisement until to-day.
• Of the proceeds, $1,000,000, it Is stated,
Joint Account with the City.
Gross
Fiscal
Net (alter Int., 5%
Balance -Of which toyear- Income.
Taxes).
on Inv.
Divisible. City,55%.Co.45%.
n11-12.417,156,495 $5,043,393 $3,549,018 $1,494,375 $821,906 $672,468
1910-11_ 14,064,709 4,219,413 2,865,531 1,353,882 744,635 609,247
Company's Non-Partnership Account.
Int. on
Miscell.
Co.'s
Fiscal
Total
Int., Sink. Balance,
Invest.
Income.
Year-, '15%.
Fd., c. Surplus
Income
1911-12___$672,468 $3,549,018 $208,161 $4,429,648 $4,328,423 $101,224
1910-11_ _ _ 609,247 2,865.531 341,330 3,816,108 3,542,858 273,250
Notice to Non-Assenting Holders.-The Chicago Title &
Trust Co., as trustee under agreement with the Chicago Railways Co. dated May 27 1907, and the Harris Trust & Savings Bank, Chicago, as depositary under the reorganization
plan of Oct. 15 1907 (V. 85, p. 1269), give notice that after
June 15 no additional amounts of stock (or assessments
thereon), bonds or other obligations affected thereby will be
received on behalf of the Railways Co.-V.94, p. 982, 350.
Chicago Subway 0o.-Notice of Payment.Notice ingiven to holders of Chicago Subway bonds dated June 1 1908
that, pursuant to decree of U. S. District Court for the Southern District
of_New York, entered April 19, the U. S. Mortgage & Trust Co., trustee,
Is needed to complete the road
from Granada to Alpine. Texas, thus giving the road a much desired connection with the Southern Pacific.
The present plans do not, it Is said, contemplate construction work in
Mexico or the completion of the road from Wichita, Kan., to Kansas City
while the receivership lasts. Part of the money, it is proposed, is to be
used in paying Kansas creditors.-V.94, p. 1057, 911.
• Kansas City Terminal Ry.-New President.-Herbert,
Adams, Gen. Man. of the Toronto Hamilton & Buffalo RR.,
has been elected President, with office at Kansas City, Mo.,
succeeding W. S. Kinnear, who resigned to become President
of the United States Realty & Impt. Co.-V.93, p. 164.
Kentucky Securities Co., Limington, Ky.Results for Eight Months ending Feb. 29.
Oper'g
Oper'g
Misc, Int.,Sk.Fd. Bal., Sur.
Eight
Revenue. Income. Income. and Taxes. or Deficit.
Months$462,073 $177,472 $15,238 $139,377 sur.$53,333
1911-12
447,278
131,090
1910-11
15,448
157,864 def.11,326
"The surplus for the 8 mos. ending Feb. 29 1912 was earned without
having the advantage In any way of the great economies In the cost of
operation and maintenance which will follow the completion of the new
power-house station now in the course of construction. This station will
provide not only for all the immediate needs of the company but a satisfactory reserve to cover the growing business requirements."-V.93, p. 1191.
1186
THE CHRONICLE
Lehigh Valley Transit Co., Allentown, Pa.—Second Dividend.—A second semi-annual dividend of 1% has been declared on the $4,979,687 5% pref. stock (cumulative after
Nov. 3 1910), payable May 10 to holders of record April 30.
An initial disbursement of the same amount was made
on Nov. 10 last.
The surplus after charges for the 4 months ending March 31 1912 was
$52,225, against $37,175 for the corresponding period in the preceding
year. See monthly net earnings preceding "Annual Reports" in this
department.—V. 94, p. 982, 698.
Missouri & North Arkansas RR.—Receivers' Certificates
Offered.—Bids will be received at the company's office,
Security Bldg., St. Louis, until 12 m. May 10 for $1,250,000
5% 3-year receivers' certificates, callable at 101 and int. The
receivers in a circular of April 20 say in brief:
Lxxxxi%.
Dated Nov. 25 1911 and clue Dec. 1 1941, but redeemable on any interest
date at par and int. Par $500 . Int. J. Sc D., collectible free of charge
through any of said bankers. Mercantile Tr. Co. of San Fran., trustee.
The Met. Gas Corp., now merged into the Pacific Gas & Electric Co.
(see V. 93, p. 1671), owned a gas manufacturing plant in San Francisco in
city and 52 miles of mains all now operated by the Pao.
the heart of
Gas & El. Co. These bonds (originally assumed by tile San Fran. Gas &
El. Co.) are a direct obligation on the Pacific Gas & El. Co., by its express
assumption and covenant to pay same, and are also secured by first mortgage on the entire aforesaid property, the duplication value of which.
without allowing for franchises, good-will or other intangibles, is estimated
as in excess of the total issue of $1,368,000 (closed) 1st M. 58 of the Met.
Gas Corp. Sinking fund of $25,000 per annum, Nov. 15 1912 to Nov. 15
1940, is calculated as sufficient to retire over half this issue before maturity.
Outstanding Capitalization of Pacific Gas 8. Electric Co.
Stock: Common (5%), $28,908,750; pref. (6%), $10,000,000_ _$38,908,750
Met. Gas Corp. (closed) 1st M. 5s, $1,368,000; other divisional
bonds, $50,545,000
51,913,000
Pacific Gas & El. Co. "gen. and ref. mtge." 5s (V. 94, p. 351)
20,000,000
Sufficient "gen. and ref. mtge." 3s are reserved to retire the underlying
bonds, incl. Met. Gas Corp. first 5s.
Earnings of Pacific Gas ea El. Co. Year ended Dec. 31 (V. 94, p. 351, 699).
1910.
1911.
1909.
Gross earnings
$14,604,609 $14,044,596 $13,491,288
7,921,341
Operating exp., maint. and taxes__ _ 8,214,072
7,531,576
The receivers invite proposals for the first $1,250,000 of a $2,500,000
issue of 5%,$1,000, gold certificates, dated May 1 1912 and payable in three
years at the St. Louis Union Trust Co.: (1) For delivery as a whole, against
payment of the purchase price, as soon as temporary certificates can be
prepared and not later than May 15 1912; and, (2) for delivery in installments of $500,000 not later than May 15% $500,000 July 1 and $250,000
Net earnings
$6,390,537 $6,123,255 $5,959,712
Oct. 1, bearing interest from date of delivery.
The interest on Metropolitan Gas Corp. and other underlying bonds calls
The receivers are in charge of all the property, under appointment of the for $2,555,745, leaving a balance after same, on basis of operations of 1911,
U. S. Dist. Court for the West. Div. of the Eastern Dist. of Ark. and arc of $3,834,792.—V. 94, p. 1119, 983.
'purpose
duly authorized by the Court to borrow $2,500,000; and for that
Pawcatuck Valley Street Ry., Westerly, R. I.—Bankto sell $2,500,000 receivers' certificates, which shall have a first and paramount lien on all the property, rights, franchises and privileges and all the ruptcy.—The company has confessed involuntary bankequipment and improvements to be purchased and made with the proceeds
ruptcy because of failure to meet a judgment of $15,000
of the certificates.
The property comprises about 360 miles of main line (including 29 miles sustained through an accident, which was recently upheld
operating under trackage contracts), serving a fertile and rapidly developing
and prosperous country. There has been expended in the construction and by the highest court of the State on appeal.—V. 86, p. 920.
equipment of the road more than $9,000,000, or an average of about $26,700
Pere Marquette RR.—Receivers' Certificates Authorized.—
per mile. The road is practically free from floating debt and the proceeds
of this issue, over and above about $225,000 required to discharge a judg- Judge Angel in the U. S. District Court at Detroit on
will
certificate,
be
receiver's
expended in renewing
ment lien and a prior
-year
and increasing the equipment and making improvements and betterments April 23 authorized the receivers to issue $605,000 2
4% receivers' certificates_, to pay Michigan taxes due on
on the line, its terminals, stations and shops.
This issue of certificates is conditioned by the Court's order that not to April 30. The certificates have been taken by the People's
exceed $2,500,000 may be issued on an equality; that they shall be redeemable as a whole, at the option of the receivers, at 101 and int. on 60 days' State and First National and Union Trust Co. of Detroit.
'any certifi- They are dated April 25 1912 and callable at 101.
notice, at any interest clay after 12 months from date; and that
cates that may hereafter be issued shall have a lien subordinate to these
It is not expected to issue further receivers' certificates in the near future,
certifleats on all the property.—V. 94, p. 983.
as there Is now over $300,000 cash in the treasury, which will more than take
Montreal Tramways Co.—Bonds Ready.—Harris, Forbes care
of the bond interest and equipment obligations Immediately maturing,
material and supply vouchers, the
& Co., New York, Harris Trust & Savings Bank, Chicago, while current earnings will provide for
amount of which at this date is $569,000. The M y 1 coupons will be
total
and N. W. Harris & Co., Inc., Boston, give notice to holders paid at
the usual places on the Chicago Sc North. Mich. 5s, Flint Sc Pere
of 1st and refunding M. 5% temporary gold bonds that per- Marq. 1st consol. 5s and the Pere Marq. & Ind. 4s.—V. 94, p. 1057, 983.
manent bonds will be delivered upon surrender of temporary
Portland (Ore.) Railway, Light & Power Co.-5% TwoYear Notes Offered.—E. W. Clark &
bonds at any of the places named.—V. 94, p. 207.
Phila., are offering
99Y1 and int., twoCo.,
New Orleans & Grand Isle Traction, Light & Power Co.— by advertisement on another page, at
New Canadian Enterprise.—The "Monetary Times" of year 5% gold notes dated May 1 1912 and due May 11914,
but redeemable at 100 and int. upon 60 days' notice on or
Toronto in a statement dated at Montreal, April 2, says:
11912. Total issue $5,000,000. Guaranty Tr.
A group of Canadian financiers have recently become interested in a after Nov.
project In New Orleans and vicinity which, it Is claimed, promises large Co., N. Y., trustee. Int. M. & N. Par (coupon) $1,000,
returns. A considerable interest has been acquired in the New Orleans $5,000 and $10,000. A circular says in substance:
Southern Sc Grand Isle Ry., which runs from New Orleans to the Gulf of
Mexico. This railway has recently concluded arrangements for the purchase of the Algiers Railway & Lighting Co. Algiers is just across from the
city of New Orleans. The railway itself runs clown the bank of the Mississippi River, connecting Mexico with the Gulf, and it Is now proposed to
build a connecting line between this railway and Grand Isle, which Iles in
the delta at the mouth of the Mississippi.
The railway company owns the whole of Grand Isle with the exception of
a small strip of land. The soil of the Island is very fertile, and portions of
It, in common with other sections of the region placed under cultivation,
produce grape fruit and other products, such as sugar cane, In great
abundance. The new railway will bring the island within 60 miles of the
city of New Orleans, and it is the hope of the Canadian group not only to
make the most of the agricultural possibilities of the island but to establish
there a winter resort. The island is well situated for this purpose, and the
hard, sandy beach is said to be somewhat exceptional.
The company [incorp. In Canada Feb. 27 19121 has a capital stock of
$10,000,000 and bond issue of somewhere in the vicinity of $1.500,000. It
is understood that this bond issue will be increased to about $5,000,000 very
shortly, and It is stated that foreign capital therefor has been secured.
At the present time much of the ground over which the branch line railway will pass is swampy, as Is natural in a delta, and It is understood that
the railway will be so constructed as to aid in draining the lands.
Among the Canadians who are on the board of directors of the company
are C. D. Warren, President of the Traders Bank; Edmond Bristol, R.C.,
M.P., and Colonel James Mason, General Manager of the Home Bank of
Canada, all of Toronto, and W. Grant Morden, of the Prudential Trust
and Canada Securities, and B. Hal Brown, Vice-Pres. of the Prudential
Trust Co., both of Montreal. Sec also V. 94, p. 698.
These notes will be secured by deposit of the entire issue of $5,000,000
of the 1st M. sinking fund 30-year gold bonds of the Mt. Hood Railway Sc
Power Co. due In 1937; and the entire capital stock (exceptikig only directors' shares) of the Mt. Hood Co. (see V. 04, p. 983). Said bonds constitute a first lien on the properties formerly owned by the Mt. Hood Ry. Sc
Power Co., namely: A hydro-electric plant nearing completion on Bull
Run River, about 20 miles from Portland, with an installed capacity of 15.
000 h.p. and an ultimate development of 30,000 h.p.; a steam station in
Portland of 2,000 h.p. capacity; transmission lines to Portland and surrounding territory, and a railway 21 miles In length extending from the
power station on gull Run River to a connection with the lines of the Portland Ry., Light Sc Power Co., a short distance from Portland. This road
traverses a rich agricultural section and carries both freight and passengers.
These notes arc direct obligations of the Portland Ry., Light Sc Power
Co. which owns and operates over 265 miles of track, together with all the
electric light and power business in Portland and several neighboring cities,
also valuable water powers developing 60,000 h.p. It is paying dividends
at rate of 4% per annum on its $25,000,000 capital stock, which is 65%
times these notes.
paid, leaving $8,750,000 which can be assessed, or 1
Earnings of Portland Railway, Light ez. Power Co.
1911.
1910.
1910.
1911.
$1,510,280 $1,398,029
Gross earns_ 46,336,703 $5,638,896 Interest
Bal. for int. on
Net, after
5% notes__$1,756,526 $1,516,489
taxes
$3,260,806 $2,914,518
The surplus for 1011, applicable to the interest on the notes, is thus more
than seven times the necessary amount.
[The notes, we understand, were Bold by the company to J. Sc W. Seligman Sc Co. of New York and E. W. Clark Sc Co. of Philadelphia, jointly.]
—V.94, p. 1119, 983.
New Orleans Southern & Grand Isle Ry.—See New Orleans
Porto Rico Railways, Ltd.—Office.—The head office has
& Grand Isle Traction, Light & Power Co. above.
New York Railways.—Transfer Bill Vetoed.—Gov. Dix been or is to be moved to Toronto.—V. 94, p. 1057, 983.
on April 19 vetoed the Stilwell-Goldberg bill, passed by the
Portsmouth (N. H.)& Exeter Street Ry.—Receiver'8Sale.—
Legislature, providing for free transfers at 151 points on the The road was sold at receiver's sale at Portsmouth, N. H.
surface lines in Manhattan and the Bronx.
on April 23 for $55,000 to S. M. Russell.
The action Is based on the ground that the P. S. Commission has full
power to act in the matter. The companies have appealed to the courts
from the order of the Commission issued on Dec. 5 last (see Metropolitan
St. Ry. item, V. 93, p. 1600) restoring the transfers at the points named In
the bill on Jan. 1 last, and a decision is now pending.—V. 94, p. 977, 827.
The cars and other equipment will be taken away, the rails removed and
the road abandoned.—V. 93, p. 1669.
Quebec & Lake St. John Ry.—To Ratify Plan.—The shareholders will vote April 30 on ratifying:
shareSouthern
R.R.—Purchase—Bonds.—The
Norfolk
The agreement made by the company with the Railway Share Trust Sc
holders will vote May 10 on authorizing the purchase of the Agency Co., Ltd. and The Canadian Northern Ry. Co„ providing for the
of certain securities of the company for new 4% perpetual conexchange
Southern
&
Raleigh
of
Charlotte
franchises
property and
solidated debenture stock to be issued by the company and guaranteed as to
Ry. Co., and the execution and delivery of $5,456,000 addi- principal and interest by The Canadian Northern Ity. Co.
The agreement of Feb. le 1911, which is now to be consummated, protional bonds under Sec. 3, Art. I. of the "first and refunding vides
for the exchange of the prior lien 1st M. and income bonds (.£500,000).
mortgage," and the reservation of $851,000 of such addi- £442,400
and £640,600 respectively), for par, 70% and 13%, respectively
property
said
of
acquisition
4% debenture stock, carrying interest from January 1 1911 and
new
In
the
for
provide
to
bonds
tional
guaranteed p. Sc i. by Canadian Northern Ry. The immediate issue of this
imconnection,
the
for
cash
dditional
franchises
and
and
debenture stock Is expected to be $6,600,000, to take up the bonds on
Joseph hotel; also the floating debt (est. at
provement and extension of said road.—V. 94, p. 1057. the railway and Lake St.additional
rolling stock, $430,000, ttec.,• while
and pay for
Northern Ohio Traction & Light Co.—Stock Authorized.— $1,570,000)
additional amounts will be issued In the future at $30,000 per m. for new
amounts
for
further
new
terminals, rolling stock, betterand
The Ohio P. S. Comm. on Apr. 24 authorized the company construction
ments, &c. The company will have the right to create mortgage bonds
to issue $1,640,000 of the $2,000,000 additional pref. stock on
new extensions ranking ahead of the consol. debenture stock, proare guaranteed as to p. Sc I. by the Dominion of
applied for, to pay for improvements in progress, the stock vided that such bondslegislatures.—V.
94, p. 279.
to be sold at par. Only about $1,000,000, it is stated, is to Canada or Provincial
Rock Island Co.—New Officers.—John J. Quinlan has been
be issued at present.
The company is ordered to reduce its bonded debt by $322,000, when elected President to succeed Roberts Walker, who resigned.
the new power plant has replaced the old ones for which the bonds were
An official statement says:
issued.—V. 94, p. 417, 345.
H. Moore has been elected Chairman of the Executive Committee of
Pacific Gas & Electric Corporation, San Francisco.— theW.
Chicago Rock Island Sc Pacific By. Co., vice Roberts Walker, resigned.
Offering of Assumed Bonds.—Harris, Forbes & Co., New Mr. Walker has also resigned as general counsel to become a member of the
of White Sc Case (which Is to serve the Rock Island Lines as their
York, the Harris Trust & Savings Bank, Chicago and N. W. firm
Eastern counsel), and from his other positions, but continues a director
99 and int. of
Harris & Co. Boston, offered on Monday at'
the C. Ft. I. Sc P. Ry.
The following elections have been made: F. C. Dillard, Vice-Pres. and
$950,000 (pad of $1,368,000) Metropolitan Gas Corporation general
counsel in charge of the law department, at Chicago; Edward S.
first (closed) mortgage 5% gold bonds. A circular shows: Moore, Pres. of C. R. I. Sc P. 1111. (of Iowa) at Chicago; John J. Quinlan,
APR, 27 1912,1
THE CHRONICLE
for many years in charge of transfers and registrations, Pres. of the Rock
Island Co. (of New Jersey) at New York.
These elections complete the changes making Chicago the operating
headquarters with H. U. Mudge, Pres., and all operating officers of the
Chicago Rock Island & Pacific By. located at Chicago; and New York the
financial headquarters with W. H. Moore, Chairman of the Executive Committee and D. G. Reid, Chmn.of the board of the C. R. I. & P.(old) Ry.Co
The New York offices will be at the Bankers Trust Co. Building, 14 Wall
St.-V. 94, p. 912.
1187
bonds will probably be made by Lee, Higginson & Co. on or
about May 6 on behalf of the purchasing syndicate. The
bonds may be issued as follows:
(a) To the amount of $25,000,000 upon the main and branch lines and
other property now owned for the purpose of retiring the outstanding $25,000,000 1st M. bonds pledged as collateral for Tidewater Company notes
called for payment on June 1. (b) The remainder from time to time thereafter, for the purpose of constructing or acquiring additional property, real
or personal, and facilities. See V. 94, p. 1058, 828.
Rutland RR.-Hearing Re-opened.-The Public Service
West Penn. Traction Co.-Offer Approved.-The common
Commission on April 24 appointed a further hearing May 2
on the application of the N. Y. New Haven & Hartford RR. stockholders on April 24 voted to accept the proposition of
the American Water Works & Guarantee Co. to organize
to acquire the majority stock of the road.
The Commission states that it has received numerous communications a new company to be called the West Penn. Traction & Water
from minority stockholders, communities and officials for and against
granting the application; that it appears that various persons and locali- Power Co., with capital stock of $27,000,000, of which
ties interested have not realized that their interests are best insured by ap- $6,500,000 is pref. and the exchange of the stock of the West
pearance at hearings, and that the company should give detailed proof of the
plan of rate division it proposes to allow the Rutland RR. and the Rutland Penn company therefore on the terms stated in V. 94, p. 984.
Transit Co. on all traffic to and from Montreal and other Canadian points,
and to and from Chicago and Western points.
The committee in an advertisement urging stockholders not to sign petitions or telegrams to the Commission, urging that the transfer of the majority holding to the N. Y. N. H. & Hartford be permitted, say that the
most important of the questions before the Commission is as to whether the
New Haven road shall be required, as a condition of being permitted to
acquire the same, to acquire also the minority on the same terms (about
$105 per share); that when the committee entered upon its work the stock
was selling on the market at $28 per share; $87 per share being now bid,
and in their judgment It is worth intrinsically over par.-V. 94, p. 1120.
INDUSTRIAL, GAS AND MISCELLANEOUS,
Adirondack Electric Power Corporation, Boston.-Bonds
Offered.-Harris, Forbes & Co., N.Y.City, are offering at par
and int., by advertisement on another page, the unsold
portion of the present issue of $5,000,000 1st M. 5% gold
bonds, dated Jan. 1 1912 and due Jan. 1 1962, but redeemable at 1073 and int. on any interest date, Jan. 1 1917 to
St. Joseph (Mo.) Railway, Light, Heat & Power Co.- Jan. 1 1921, and at 105 and int. on or after July 1 1921.
Listed.-The N. Y. Stock Exchange has listed $550,000 addi- Par, c* $1,000, r* $1,000, $5,000 and $10,000. Int. J. & J.
tional 1st 5s, due 1951, making the total listed $4,716,000.
in Boston. New England Trust Co., Boston, trustee. TaxThe bonds just listed were issued for improvements ,the total of which
from May 1 1908 to Aug. 31 1911, aggregated $619,715, the -remainder of exempt in N. Y. State and issue approved by P. S. Compreviously
been
having
listed.
therefor
bonds
mission 2d Dist. of said State.
the
The bonds are also offered in Boston by N. W. Harris & Co. and Perry,
Earnings.-For calendar year 1911:
Net
PI.Divs.Com.Divs. Balance,
Fixed
Gross
Calendar
(2%). Surplus.
Earnings. Earnings. Charges. (5%).
Year$1,099,285 $470,134 $283,784 $78,000 $70,000 538,350
1011
66,598
488,656
70,000
1,038,056
274,058
78,000
1910
-V.87, p. 1476.
St. Louis & Southwestern Ry.-New Officers.
Edwin Gould, formerly President, has been elected Chairman of the
board, a newly created position. P. H. Britton, who was V.-P. and
Gen. Mgr., succeeds Mr. Gould as Pres., also maintaining the position of
Gen. Mgr.
II. B. Farrell, formerly freight traffic manager, has been made VicePresident in charge of freight traffic. All changes are effective as of May 1.
-V.94. p. 1120, 912.
Sao Paulo Tramway, Light & Power Co.-Earns.Gross
Net (after
Int.,
Calendar
Divs.
Renewal Balance,
Earnings. Maint.). Taxes,&c. (10%).
Year.
Acc't. Surplus.
$3,595,278 $2,320,786 $543,152 $1,000,000 *300,000 $477,634
1911
2,949,293 1,986,955 383,862
999,992 200,000 403,101
1910
-V.94, p.827.
Southern Traction Co., Dallas, Texas.-New Co.-The
company was incorporated in Texas on March 27 with
$7,500,000 authorized stock, of which $2,500,000 is preferred,
to build a system of roads from Dallas to Waco and Corsicana, a total of about 134 miles, and to own the local street
railway in Waco. There will be an authorized issue of $7,500,000 5% 30-year gold bonds dated June 11912; present
issue to be $5,500,000; par, $1,000.
Interest on the bonds will be payable J. & D. at St. Louis Union Tr. Co.,
trustee, and in New York. All of the $5,000,000 common stock and $2,000,000 of the 7% cum. pref. (p. & d.) will now be Issued. Contract for
the new line has been awarded to the Southern Engineering & Construction
Co., Burr Martin, President.
Officers: Pres.,-J. F.Strickland of Dallas, Pres. of the Texas Traction Co.;
V.-Presidents, Osce Goodwin and C. W. Hobson of Dallas, J. Lee Penn,
of Waxahachie, F. N. Draw of Corsicana and W. J. Neale; Treas., Osce
Goodwin; Sec., James P. Griffin; Executive Committee, J. F. Strickland,
R. E. L. Saner and C. W. Hobson, Dallas, and I. J. Cole, Waxahachie.
See V. 93, p. 1484.
Tennessee Railway, Light & Power Co.-Incorporated.The company was incorporated in Maine on April 23 with
$70,000,000 auth. stock, of which $50,000,000 is pref. and
$20,000,000 com. stock, per plan V. 94, p. 1120.
Terminal RR. Association of St. Louis.-Decision.-The
U. S. Supreme Court on April 22, reversing the Circuit Court
for the Eastern District of Missouri, held that the association
as at present constituted is a conspiracy in restraint of
trade in contravention of the Sherman Anti-Trust Law.
(V. 88, p. 1374; V. 90, p. 373; V. 91, p. 39.) Opinion
by Justice Lurton. The decision is unanimous.
The company is given 90 days to reorganize on the following basis:
(I) By providing for the admission of any existing or future railroads to
joint ownership; (2) by providing for use by other railroads, without becoming a joint owner;(3) by removing the provision of the present combination, which restricted the use of the terminal facilities to companies at present members of the association; (4) by abolishing the practice of billing to
East St. Louis and other junction points, and then re-billing destined
traffic to St. L01.113; (5) by abolishing arbitrary charges for the use of the
terminal facilities in respect to so-called 100-mile area; (6) by providing
that any disagreement between a company applying to become a joint owner
or user and the 14 proprietary companies may be submitted to the District
Court; (7) by still leaving the companies under the control of the InterState Commerce Commission as to rates.
If the parties fall to meet the conditions of reorganization, the lower
Court is ordered, after hearing, to make a decree dissolving the company
into its three original parts-the Merchants' Bridge Co., the Eads Bridge
Co. and the Wiggins Ferry Co.
H. S. Priest, counsel for the company, says: "I believe the order will
cause only a nominal change in the Association. The decision will affect
the Terminal on no vital point. and for that reason I consider It a great victory. With the adjustment of some minor matters, there will be a complete complisnce with the Court's decree."-V.91, p. 1448.
Texas & Pacific Ry.-Car Trusts Sold.-Blair & Co. have
purchased $500,000 5% car trust notes, maturing annually
in from 1 to 10 years.
The proceeds will be used to purchase 10 consolidation freight and 10
Pacific type pass. locomotives, 20 pass. cars and 200 coal cars.-V.94, p.907.
Coffin & Burr, and in Chicago by the Harris Trust & Savings Bank.
Digest of Statement by Stone & Webster, Boston, April 11 1912.
Organization.-Organized in N. Y.State Dec. 27 1911, and has taken over
the properties, franchises and rights of the Hudson River Water Power Co.
and its seven affiliated corporations (V. 93, p. 1790 348). Its business
includes: (a) Electric light and power business in various cities and towns
in Northern N. Y., including Amsterdam, Glens Falls, Watervliet, Saratoga
Springs, Canastota, Oneida and Ballston Spa. (b) General power business
In Cohoes. (c) Sale of power in wholesale quantities in Albany, Troy,
Utica, Waterford, Lansingburg, Ifechanicville and Stillwater, its customers
Including in Albany the United Traction Co. and the Municipal Gas Co.;
in Troy the Troy Gas Co. and in Utica the Utica & Mohawk Valley By. Co.
(d) Gas business in Saratoga Springs and Oneida. All of the capital stock
is held in a voting trust for five years from Dec. 27 1911.
CapitalizationAuthorized.
Issued.
Pref. stock,6%, cumulative after Dec. 27 1916_ _ _$2,500,000 $2,500,000
9,500,000
9,500,000
Common stock
10,000,000
5,000,000
First mortgage 5s
The remaining $5,000,000 escrow bonds can only be issued for 80% of
the cost of additions and extensions after approval by Public Service Commission of N. Y. The $5,000,000 bonds now sold are secured by a first and
only mortgage on the entire property, the replacement value of which, not
Including the value of undeveloped water-power sites or franchises, we
conservatively estimate to be more than *10,500,000. The proceeds of
these bonds were used in paying part of the cost of acquiring the property.
Approximate Combined Earnings of Properties Now Owned-Calendar Year
1911 (Compare V. 92, p. 1432).
[Rec'ship Earns, after adjust'g the Special Exp. to Normal Conditions.]
$897,161!Interest on present first 5s_$250,000
Gross earnings
Net earnings (after taxes) $415,4281Balance on above basis_ _$165,428
Comparative Statement for Years ended Dec. 31.
1911.
1910.
1909.
$897,161
$836,104
$792,932
Gross earnings
Properties Owned and Operated.-Hydro-eleetrio plants of 31,000 h. p.
rated capacity and steam generating plants of 10,800 h.p., total 41,800 h.p.
rated capacity; 275 miles of high-tension transmission lines; gas manufacturing plants; at Saratoga, 520,000 Cu. ft. per day, at Oneida 50,000
Cu. ft. per day. The hydro-electric plants include (a) 22,000 h.p. at Spier
Falls on the Hudson River, operating head 75 ft.; (b) 7,000 h.p. at Mechanic
villa on Hudson River, operating head 18 ft.; (c) 2,000 h.p. at Schoharie
on the Schoharie Creek, operating head 40 ft., all of substantial construeMon and connected by high-tension transmission lines which are largely on
the company's private right of way. Also owns several undeveloped
water-power sites. Steam generating plants: Turbine station at Utica of
9,000 h.p., reciprocating plant at Oneida of 800 h.p. and steam relay plant
of 1,000 h.p. located at Mechanieville. (See also V. 88, p. 228; V. 86, p.
1097; V. 87, p. 290). The franchises contain no burdensome restrictions
and in most instances are perpetual.
Territory Served.-A prosperous and thickly populated section with
numerous industries, well diversified, collar and shirt factories, iron and
steel foundries, machine shops, knitting mills, clothing factories, wood pulp
and paper plants, &c., &c. Population In 1910: Albany, 100,253; Troy,
76,813; Utica, 74,419. Total population served, either directly or indirectly (1910 Census), 377,877.
butiook.-Over $500,000 will be spent on Improving the efficiency of the •
plants and certain operating improvements and methods are proposed which
will tend to increase the use of electricity and gas In the communities served.
The natural increase in gross earnings has been approximately 430,000 per
year In the past few years, and with the contemplated campaign for new
business, a materially better showing than this should result.-V. 94,
p. 561, 700.
Allis-Chalmers Co.-Listed.-The N. Y. Stock Exchange
has listed $4,873,000 Central Trust Co. certificates of deposit
for 1st M. 5% bonds, with authority to add $6,275,000 on
official notice of issuance in exchange for outstanding bonds,
making total amount to be listed $11,148,000.-V. 94, p.
1121, 1058.
Asheville (N. O.) Power & Light Co.-Sale of Bonds and
Preferred Stock.-The Electric Bond & Share Co. has sold to
Hambleton & Co. of Baltimore and W. C. Langley & Co. of
New York $1,100,000 1st M. 30-year 5% gold bonds of the
Asheville Power & Light Co. and to Richardson, Hill & Co.
and Hornblower & Weeks of Boston $500,000 7% cumulative
preferred stock of the same company.
The entire $1,000,000 common stock has been acquired by the Carolina
Power ec Li-ht Co., which is closely identified with the Electric Bond &
Share Co. Incorporated March 25 1912 to succeed the Asheville (N. C.)
Electric Co. and does all of the commercial and municipal electric-light
business and all of the gas and street railway business of Asheville. The
authorized capitalization consists of 55,000,000 1st M. 30-year 5% gold
bonds, of which $1,100,000 are now issued; $1,000,000 pref. stock, of which
$600,000 is issued, although $100,000 is in the company's treasury, and
$1,000,000 common stock, all of which is issued. See V. 94, p. 982.
United Railways & Electric Co. of Baltimore.-Report.See "Annual Reports."
Baltimore Brick Co.-Preferred Dividend Deferred.-The
First Common Dividend.-An initial dividend of 75 cents directors on April 23 voted to defer payment of the usual
per share (or 1 4%) has been declared on the $15,000,000 dividend on the $1,500,000 5% cumulative preferred stock.
Warren Griffiss, formerly Asst. Sec. and Asst. Treas., has been elected
common stock (par $50) payable May 10 to holders of record
Gen. Mgr. to succeed S. R. Busey, who resigned. J. G. Cook succeeds Mr.
May 2.
Griffiss as Asst. Sec. and Asst. Treas.
0.
No
May
account
of
malted
d-ductions
to
made
on
be
Checks will bl
Baltimore County Electric Co.-Acquisition.-The P. S.
State, city, county or Federal taxes.-V. 94, p. 1058, 418.
Virginian Railway.-Mortgage.-The shareholders will Comm. of Maryland on Apr. 20 made an order permitting
vote May 4 on authorizing a new issue of not(;- xceeciing $75,- the purchase of the properties of the Baltimore County Wa000,000 1st M. bonds. A public offering of a block of the ter & Electric. Co.
1188
THE CHRONICLE
The Baltimore County Electric Co. Is permitted to issue $200,000
stock (par $50), to issue 2,000 shares to the County Water & Electric
Co. In part payment, and $50,000 stoc kto the individual stockholders of
that company. The Baltimore County Electric Co. requests permission to
issue $1,500,000 1st M. 5% 40-year bonds, of which $221,000 will be paid
to the County Water & Electric Co.-V. 91, p. 872.
I
[VOL. Lxxxxiv
Centreville (Iowa) Water Co.-Foreclosure.-Judge McPherson of the U. S. District Court at Des Moines granted a
decree of foreclosure under the mortgage of 1903 to the Fidelity Tr. Co., Buffalo. Upset price, $20,000.-V.92, p.1638.
Cleveland & Buffalo Transit Co.-Increase of Stock-Bonds
Authorized.-The stockholders have authorized an increase
in the capital stock from $1,500,000 to $2,000,000 and the
issuance of $1,000,000 5% ser. bonds, maturing in from
3 to 20 years.
Baltimore County Water & Electric Co.-Sale.-See Baltimore County Electric Co. above.-V.92, p. 1111.
Bethlehem (Pa.) Steel Corporation, New York.-New
Guaranteed Bonds.-The stockholders will vote May 14 1912
(a) on authorizing the pledge by Bethlehem Steel Corporation
The proceeds will be used to build a new steamer, to finance new depot
of all or any part of its holdings of the capital stock of subin Cleveland and to retire some floating debt. Stockholders may
sidiary companies to secure the guaranty by the Corporation facilities
subscribe for the new stock at $125 to the extent of 50% of their present
of the payment of the principal and interest of 5% 30-year holdings, payments to be made in ten installments, the last due Feb. 13
Stockholders will, it is stated, also be permitted to purchase the
mortgage bonds of Bethlehem Steel Co. of an issue limited to 1913.
new bonds, although Detroit interests are willing to purchase the same.
$50,000,000; and (b) on approving the sale of $15,200,000 -V. 89, p. 1350.
of said bonds to a syndicate consisting of Hallgarten & Co.,
Computing-Tabulating-Recording Co.--Earnings.--For the
Harvey Fisk & Sons and William Salomon & Co., in con- 3 months ending March 311912:
junction with Kuhn, Loeb & Co.
Feb.
Jan.
March. Total.
Digest of Statement by President C. M. Schwab, New York, April 24 1912.
Your directors have now concluded negotiations for the sale of $15,200,000 5% 30-year gold bonds of Bethlehem Steel Co. guaranteed as to principal and interest by Bethlehem Steel Corporation,
' to be secured oy a
general mortgage upon the real estate and manufacturing plants of Bethlehem Steel Co. and the stocks representing its investments In mining and ore
properties (subject to existing mortgages), and the guaranty of Bethlehem
Steel Corporation to be secured by the pledge of its holdings of the capital
stock of Its subsidiary companies. The proceeds of these bonds are to be
used In retiring the 5-year 6% sinking fund secured gold notes of Bethlehem
Steel Co., of which $6,428,000 are now outstanding, and in paying the floating debt of that company; [the notes payable, as shown in the consolidated
balance sheet, aggregated on Dec. 31 1911 $3,420,500.-Ed.] and in acquiring $2,608,000 of its outstanding first extension mortgage bonds, which
are to be available for the sinking fund requirements of the first extension
mortgage;[Total issue of first extension bonds, $12,000,000; deduct amount
retired to Dec. 31 1911, $1,332,005, and the above-mentioned $2,668,000
which, we are informed, have already been bought in; balance outstanding
$8,000,000, callable all or any part at 105].
The bonds so sold are to be part of an issue of bonds limited to $50,000,000, of which an amount sufficient to provide for the retirement of the
remainder [$8,000,000] of the first extension mortgage bonds of Bethlehem
Steel Co. Is to be reserved, and the balance [say, $26,800,000] is to be
issued from time to time, subject to proper restrictions, for additional
working capital, extensions and additions.
The new mortgage Is to provide for an annual sinking fund of 234% upon
the bonds outstanding (but in no year less than $300,000).
The proposed issue of bonds will provide for the present floating debt of
Bethlehem Steel Co., relieve that company from the onerous einking fund
provisions imposed by the agreement under which the 6% sinking fund
secured gold notes were issued, provide additional working capital for the
increased business, and will leave unissued a sufficient amount of bonds to
provide for its future needs for a considerable time to come. See annual
report, V. 94, p. 980.-V. 94, p. 1121.
Bituminous Coal Companies.-Wage Agreement Signed.The representatives of bituminous coal mine owners of Ohio,
Western Pennsylvania, Illinois and Indiana, and of the United
Mine Workers of those States have signed the new wage
agreement, which was ratified by the recent referendum vote
of the miners. The agreement will be the basis of contracts
to be entered into for the next two years by miners and operators of many States. Wage increase 5 cents a ton.
The miners' committee, it Is stated, dropped the demand for the closed
shop. The open shop, with check-off, or payment of union dues, by deduction from the men's salary, will be continued, but only for such men as
voluntarily become members of the union.-V. 92, p. 797.
Blackstone Valley Gas & Electric Co.-Legislation-Acguisition.-Notice is given by the Stone & Webster interests that the Legislature of Rhode Island has been petitioned to pass an Act to incorporate the Blackstone Valley
Gas & Electric Co., giving it rights as follows:
To lease, purchase and acquire the Pawtucket Gas Co., Pawtucket Electric Co., Woonsocket Gas Co. and the Woonsocket Electric Machine &
Power Co., and to acquire, hold and dispose of the stocks, bowls, securities
and obligations of each and all of said companies and of the Pawtucket
Gas Co. of New Jersey, and of the Blackstone Valley Gas & Electric Co.
a corporation organized under the laws of Maine, and to acquire by lease,
purchase or otherwise such real and personal estate and such water powers,
as may be necessary and to dispose of and convey all such real and
estate and all other property and all rights, powers, privileges and
personal
&c.'
franchises which said corporation may from time to time acquire, and to
guarantee the contracts, stocks, bonds and other obligations and the dividends and interest thereon of said companies, and to issue bonds and other
obligations,and to secure the same by mortgages or pledges of its franchises
and property.-V. 94, p. 489.
Computing Scales Co. of America_ _ _ _ $9,251
Tabulating Machine Co
26,396
International Time Recording Co.._ _ _ 47,678
_
Total
$83,325
$21,042
25,291
38,826
$30,523
32,024
x37,343
$60,816
83,711
123,847
$85,159 499,890 $268,374
xDoes not include earnings of London office.
The earnings for the 3 months ending March 31 1912 as above, $268,374,
compare with $225,517 in 1911.-V.94, p. 984.
Consolidated Gas Electric Light & Power Co. of Baltimore.-Favorable Decision.-The Maryland Public Service
Commission on April 24 denied the petition of complaining
gas consumers to rescind the order allowing the company
to issue $1,500,000 additional stock, which was authorized
some time ago, so far as it applies to the $700,000 recently
sold. (V. 94, p. 701, 633.)
The Commission modified the order so as to state that it does not represent that the stock shall be entitled to earn dividends. The Commission
is about to enter upon a hearing of the affairs of the company for the purpose of determining the investment valuation upon which a fair return
may be earned, and the Commission wished to make its finding without being prejudiced by its action in regard to the recent $700,000 stock issue.
V 94, p. 1122, 985.
Cuyahoga Telephone Co., Cleveland.-New Director.W. B. Whiting of the law firth of Squires, Sanders & Dempsey, has been elected a director to succeed Bascom Little.
-V.94, p. 829.
Dominion Coal Co., Ltd.-Bonds Called.-Ninety-two 1st
M. 5% sinking fund gold bonds dated May 11905, of $1,000
each, and 36 of $500 each,for payment on May 1 at 105 & int.,
at the Royal Trust Co., Montreal, trustee.-V. 93, p. 1467.
Dominion Steel Corporation.-Pref. Stock.-Press reports
say that $7,000,000 6% pref. stock is being offered at 93 in
London, Amsterdam and Brussels under the auspices of
Speyer Bros., the Banque de Paris et des Pays Bas and the
Dominion Securities Corp.-V.94, p. 282, 210.
Dufferin Light.& Power Co., Ltd., Shelburne, Ont.-Sale.
-The property is advertised to be sold on April 30 at office
of E. R. C. Clarkson & Sons, 33 Scott St., Toronto.
The property includes real estate and franchises, also plants, &c., inventoried at $97,321, locatl in town of Orangeville and villages of Shelburne and borings Mills, Ont. Sale ordered by High Court of Justice
March 21,subject to liens of $3,130 in bondholders' suit under mortgage of
Oct. 17 1008. Union Trust Co., Ltd., trustee.
Eastern Steamship Corporation, Boston.-Merger.-The
Boston "Transcript" on April 23 said:
It is now definitely stated that the Eastern Steamship Corporation has
arranged to purchase the steamers of the Dominion Atlantic SS. Co., operating between Boston and Yarmouth and other Nova Scotian points. The
purchase will be financed through the creation of a new Canadian steamship company, probably to be known as the Boston-Yarmouth SS. Co.,
all of whose stock will be in the Eastern Steamship treasury. The new
Canadian corporation will issue Its bonds In part payment for the three
steamers of the Dominion Atlantic line. [An official statement as to the
matter, we are informed, is delayed pending the "changing over of the three
corporations into the new Eastern Steamship Corporation."-Ed. "Chron."]
-V. 94, p. 70.
Bremerton (Wash.) Water & Power Co.-City Bonds Voted
Edison Electric Illuminating Co. of Boston.-New Stock,
for Purchase.-See "Bremerton" in "State and City" de&c.-The shareholders voted on April 24:
partment.-V. 94, p. 914.
(a) To purchase, subject to the approval of the Gas & El. Light Comand properties of the Hyde Park El. Lt. Co. and the
Butler Bros., Randolph Bridge, Chicago.-Sale of Notes.- mission, the franchises
Weston El. Lt. Co. [at a cost, it is said, of about $350,000; V. 94, p.70.]
The issue of 5% notes recently purchased and re-sold by the
(b) To issue $2,600,700 cap. stock for purpose of realizing funds, to be
heretofore or hereafter incurred for
First Trust & Savings Bank of Chicago amounted to $2,750,- applied to the payment of liabilities
additions to and extensions of the plant and property, including the pur000 (hot $7,750,000). Compare V. 94, p. 914.
chase of the franchises, locations and properties of the companies named:
Arrangements have been made to erect in Chicago by Jan. 1913 a new [The floating debt incurred for construction, &c., It is said, now amounts
building, 14 stories and double basement, total floor area 952,000 sq. ft., to about $4,000,000 The new stock issued, if approved by the Commission,
making the total connected floor space in Chicago 36 acres. There is also will be offered to the shareholders probably during the coming summer, to
a large branch in St. Louis. The company arc wholesalers of hardware, the extent of one share for six of present holdings, at a price to be deter&c.-V. 94, p. 914.
mined within a month or so. The last issue was made at $215per $100.]
(c) To make a mortgage on the estate numbered 23 to 27 Boylston St.
Calumet & Hecht Mining Co.-Output.--The estimated Boston,
acquired by deed dated Feb. 13 1912, to secure the purchase price
copper output of the company and its subsidiaries for March thereof. (V. 03, p. 1104, 941.)
and the 3 months ending March 31, stated in pounds, was:
Electrical Securities Corporation.-Bonds Called.-One
hundred and twenty-two ($122,000) first series 5% bonds,
dated Nov. 1 1904, and eighty ($80,000) third series 5%
Calumet & Hecia
Osceola
bonds, dated May 11905, for payment at 103 and interest on
Ahmeek
May 1 at Standard Trust Co., N. Y.-V.94, p. 211.
Tamarack
Isle Royal
Electric Co. of America.-Proposed Dissolution.-The
Other subsidiaries
stockholders some time since voted that upon the reduction
Total
11,812,643 11,963,179 33,412,640 32,781,605 of the stock unexchanged for American Gas & Electric Co.
-V. 94, p. 633, 125.
bonds from the present amount then outstanding (about
Central Leather CO.-Earns.for Quarter end. Mch. 311912. 13,000 shares, or $130,000) to 1,000 shares ($10,000), the
Total earnings of all properties after operating'expenses, Incl.
repairs and maintenance (approximately $336,874)
$2,316,670 company should be dissolved. The amount is being gradLess exp. and losses of all cos., incl. Int. on outstanding obliga'ually reduced. Compare V. 94, p. 354.
tions (except bonds)
775,866
Fitchburg (Mass.) Gas & Electric Light Co.-Additional
$1,540,804 Stock-Acquisition.-The
Massachusetts Gas and Electric
Add income from investments _
11,857
Light Commissioners have approved the issue of 3,274 shares
Total
41,552,661 ($163,700) of additional stock (par $50), the proceeds to pay
Deduct Int. on 1st M. 5s, $459,552; int. on debs., $40,200; total.... $490,752
Dividend payable April 1 1912 _
582,732 floating debt, cost of additions to plant and purchase of the
plant, rights and privileges of Wanoosnoc Power Co. Stock
Surplus for quarter
$470,177
-V. 94, p. 633, 624
outstanding at last accounts, $550,900.-V. 88, p. 161 .
March
1911.
1912.
6,713,038
6,350,109
1,536,360
'1,522,085
1,194,695
1,465,250
916,736
758,170
602,881
643,155
900,469
1,073,874
3 Mos. end. Mch. 311912.
1911.
18,511,747 18,075,607
4,343,325
4,350,270
3,878,430
3,284,910
2,136,205
2,503,571
1,916,894
1,841,498
2,626,039
2,705,749
APR. 27 1912:1
THE CHRONICLE
Four States Coal & Coke Co.-Earnings.-For the 9
months ending March 31 1912:
Net profits from coal sales, $210,907, and receipts from house rents, &c.,
$34,093; total, $245,000; less administrative and selling expenses, $26,734;
sinking fund, $30,854; insurance provision, $6,170; interest and taxes provision, $90,000; preferred dividends (4f%), $50,638; total deductions,
$204,398; balance, surplus, $40,604.-V. 93, p. 1107.
Gas Traction Co., Minneapolis.-Notes Offered.-Potter,
Choate & Prentice, N.Y., offer at par and int., by advertisement on another page, the unsold portion of $500,000 6%
gold notes, dated April 1 1912 and due April 1 1914, but
redeemable as a whole at any time at 1003/i and int., upon
60 days' notice. Authorized $1,000,000; issued $500,000.
Guaranty Trust Co. of N. Y., trustee. The firm reports:
1189
first and refunding mortgage bonds. Some of the pref. stock will be
exchanged for stock of companies to be acquired. All of the stock to be marketed at this time has, it is stated, been placed.
The incorporators are attorneys acting for the Commonwealth Edison
(Insull) interests. The properties centre at Sterling and Rock Falls,
where power rights have been acquired. The Trinity Power Co. on Ill.,
the
Rock River at Rock Island, Ill., one of the properties, was purchased some
time ago from the Halsey-Mackey.interests.
International Paper Co.-New Director.-Samuel L. Fuller,
of Kissel, Kinnicutt &Co., has been elected a director to succeed Warren Curtis, who resigned.-V. 94, p. 830, 413.
Lalance & Grosjean Manufacturing Co., New York.Called Bonds.-Fifteen 1st M. 6% gold bonds, dated May 1
1907, for payment on May 1 at 105 and interest at Brooklyn
Trust Co., trustee, 177 Montague St., Brooklyn, N. Y.-V.85, p. 1405.
Lincoln (Neb.) Gas & Electric Co.-Full Opinion.-The
opinion of Justice Lurton of the U. S. Supreme Court, giving
the grounds on which the decision of that Court was based
remanding the case to the lower Court, was given in full in the
"Water and Gas Review" of April 1912. CompareV.94,p.564.
Louisville (Ky.) Gas Co.-Offer to Purchase.-H. M.
Byllesby & Co., Chicago, representing, it is said, a syndicate,
have renewed the offer made some time ago to purchase at
120 the stock of the company, stock to be deposited with
the Fidelity Trust Co. or the Louisville Trust Co. by May 1.
Of the proceeds from the sale of these $500,000 notes,$151,200 is to be
deposited to retire $150,000 1st M. bonds, which have been called for
payment on July 1 1912. The balance is to provide additional working
capital.
Incorporated In Minnesota [Nov. 25 19081 and manufactures gas traction
engines, an indispensable factor in large acreagefarming. The"Big Four"
"30" traction engine was awarded the gold medal in the World's Motor
Competition at Winnipeg in both 1910 and 1911, which represents the
World's highest honor for a farm tractor. Plant of ample capacity located
in Minneapolis, a most advantageous distributing point. Also maintains
selling branches and agencies throughout the U. S. Canada and Europe.
Through pledge with the trustee of funds for the
'
retirement of the 1st M.
bonds, thenotes are virtually a first lien on all the assets. The company
obligates itself to maintain at all times net quick assets of at least 150%
of the amount of these notes outstanding, and agrees not to mortgage or
otherwise encumber any of its real property so long as these notes are
outstanding.
Tile earnings for the fiscal year ended Nov. 30 1911, applicable to interest
Of the $3,600,000
charges after liberal allowances for depreciation, were approximately outstanding, the Citypar value of capital stock of the Louisville Gas Co.
of Louisville owns $925,000, but the latter cannot,
$170,000, as against $110,000 in 1910. During the first five months of the it is said, be purchased.
Compare V. 93, p. 1195, 668.
current fiscal year orders have been taken for more engines than the entire
is
It
year.
estimated that the net profits for the current year
output of last
McCrum-Howell Co.-Stockholders' Protective Committee.will exceed $400,000, equal to four-fifths of the amount of these notes, or A stockholders'
protective committee consists of:
more than 13 times the interest on the same. [In May 1911 the authorized
J. M. Pratt, V.-P. Standard Trust Co., N. Y.•, H. T. Ambrose, Pres.
capital stock was $750,000 in $100 shares, outstanding $550,000, common
and $60,000 7% redeemable pref. Pro,
:s. & Treas., P. J. Lyons; Sec., Chas. American Book Co., N. Y.; A. L. Shapleigh, St. Louis; E. P. Russell,
Thompson.-Ed.J-V. 92, p. 191
Russell, Brewster & Co.; and William C. Niblack, V.-P. Chicago
Title &
Trust Co., with W. C. Cox, care of Standard Trust Co., N. Y.,as Secretary.
Globe-Wernicke Co. Cincinnati,-Bonds Called.-Forty- and
Chicago Title &Trust Co. and Standard Trust Co., N. Y., as depositaries.
-year 6% bonds of the New River
six ($46,000) 1st M. 20
The experts' reports on the condition of the property are expected
to be
Lumber Co., issued under mortgage dated June 1 1905, for ready
within a few days.-V. 94, p. 1059, 986.
payment at 105 and int. on June 1 at the Knickerbocker
Mackinac Transportation Co.-Bonds, &c.-See Grand
Trust Co., N. Y., trustee.-V.89, p. 997.
Rapids & Ind. under "Annual Reports."
Manufacturers' Light & Heat Co.-Earnings.-Gottlieb-Bauemschmidt-Straus Brewing Co.-Stock Transferred.-The majority interest in the stock, said to aggregate 3 Mos. end.
Gross
Net (after
Other
Int. de.
Net
Mch.
Earnings.
Taxes).
Income. Discount. Income.
over 20,000 shares, which was recently sold to new parties, 1912 31$1,917,250 $1,095,358 $4,997 $87,750 $1,012,605
was transferred on April 23.
17,327 139,313
734,997
The identity of the new Interests which will assume control at the annual
meeting on May 13 has not yet been announced.-V. 94, p. 1122.
19T
To
n the net income'
as above there v;as added $2,430 in 1912 for profit
and loss credits, against $40,358 In 1911, making the total balance to profit
and loss in 1912 $1,013,035, against $775,355.-V. 94, p. 986. 915.
" Great Lakes Dredge & Dock Co. (River and Harbor ImMarconi Wireless Telegraph
provements), Ohicago.-Stock.-This New Jersey corpora- Agreement.-See Western UnionCo. of America.-Traffic
Telegraph Co. below.tion recently obtained • authority to increase its capital stock V. 94, p. 1122, 955.
from $4,000,000 to $5,000,000. Par $100. Treas. H. C.
Metropolitan Gas Corporation, San Francisco.-Bonds.
Wild on April 8 wrote:
See Pacific Gas & Electric Corp. under "Railroads" above.
This is merely unissued stock; its disposition is for future consideration.
-V.
93,
1671.
p.
No statements of earnings have ever been given out, nor any statements as
to dividends paid except that its regular dividend rate Is 8% per annum,
Mexican Petroleum Co., Ltd., of Delaware.-First Divibesides which it has paid extra dividends. We have but one issue of stock
and no bonds. [The company builds foundations, bridges, piers, break- dend on Common Stock.-A quarterly dividend of 1% has
waters, light-houses, tunnels, pneumatic and submarine work. Incorp. as been declared on the
$31,986,200 outstanding common
a merger In N. J. May 2 1905 with $3,000,000 stock (V. 81, p. 901) and in
1006 to 1908, it is stated, bought also the plants of the Lake Superior Dock & stock, payable May 24 to holders of record April 30 1912.
Dredge Co. of Duluth, Cleveland Dredge & Dock Co., ackson & Corbett of
Chicago, and Hickler Bros., Sault Ste. Marie. Pres., Wm.A.Lydqn.-Ed.]
-V.81, p. 901.
On the $12,000,000 8% non-cum. pref. stock,3% was paid in the last 6
mos. of 1907 and the full 8% has been paid since.-V.94, p. 1059. 830.
At the re-sale the 15 plants were purchased for $440,000 by A. It. Tisdale
of Leominster, representing the managers of the constituent companies,
which were combined. There were no other bidders. Wm. H. Bonn of
Baltimore, on behalf of R. B. Fentress, who purchased the property at the
previous sale, objected to the proceedings. Compare V. 94, p. 564.
Calendar
Divs.
ExpendiNet
Previous
Divs.
Surplus
-Rec'd, &c. lures.
YearProfit.
Surplus.
Paid. Dec. 31.
$702,808 $17,472 $685,336 $159,651 $798,917 $46,070
228,456
14,640
211,817
127,834
180,000 159,651
11994
0
1 1he consolidated income account of the operating companies for the year
1911 shows receipts from bullion sales, &c., $2,777,833, against $2.892.808
operating
profits,
In 1910;
$875,219; other Income, $1,665; total income.
$876,884 (against $1,061,165); general expenses, $42,820; net profits.
$834,064. Total surplus and reserve Dec. 31 1911, after deducting $1,054,714 for dividends and depreciation, was $2,198,982.
Middle Western States Utilities Co.-New Insult Holding
Hardware & Woodenware Co.-Re-sold.--The property
was re-sold April 22, U. S. Judge Martin at Brattleboro, Vt., Co.-See Northwestern Gas Light & Coke Co. below.
Mines Co. of America.-Earnings.-For cal. years:
having held that the bid received on Feb. 21 was inadequate.
Hudson River Water Power Co.-Payment.--Holders of
the 1st M. bonds issued under the mortgage dated Nov. 15
1899 ($2,000,000 in amount) will, as provided in the order
of the U. S. District Court, Northern District of N. Y., upon' Nashville (Tenn.) Gas Co.-Sale.-See Nashville Gas &
surrender of their bonds and coupons at the Equitable Trust Heating Co. below.-V. 94, p. 1123.
Co., N. Y., receive payment of the full principal amount and
Nashville (Tenn.) Gas & Heating Co.-Purchase Con
interest thereon at 5% from Nov. 1 1908 to April 8 1912 summated.
-The company has exercised its option on
(total $1,171.80 per $1,000 bond). Holders of certificates
of deposit with the protective committee will receive the about $1,300,000 of the $1,380,000 of stock at the stipulated
price
of
105
and payment is expected to be made within
same amount less $20 per bond for the expenses of the
two weeks. The payment of $100,000 to the city under
committee.
the
terms
of
the recent franchise was made on April 16.
The Boston (Hooper) committee for the bondholders has issued a circular
dated April 20 to depositors announcing that payment has been received C. H. Geist & Co. have arranged to sell a majority of the
of the_proceeds of the sale of $5,000,000 first mortgage 5% bonds of Adiron- stock to the United Gas Improvement Co., which
will heredack Electric Power Corporation, the successor co. (see that co above) and
that upon surrender or deposit receipts for bonds of the companies named after operate the property as one of its subsidiaries. An issue
below to the depositary,payment will be made for the same in accordance of $2,000,000 bonds has been underwritten jointly
by
with the plan of July 31 1911 (V. 93, p. 348), as follows:
Drexel & Co. and Brown Bros. & Co.-V. 94, p. 1123.
Total per
Principal Interest to
Name of Company$1,000bond
per$1,000. Apr.22 '12.
National Surety Co., New York.-Listed.-The New York
Hudson River Water Power Co. 1st M_ _ _ _$1,000
$1,197 52
$197 52
Hudson River Power Transm. Co. ref. M_ 1,000
1,000 00 Stock Exchange has listed $500,000 additional stock, which
Saratoga Gas, Elec. Lt. & Pow. Co. 1st II_ 1,000
1,174 84 was recently subscribed for by stockholders of record Mch. 11
174 84
Madison County Gas & Elec. Co. 1st M___
500
500 00 at par, making
the total listed $2,000,000. The increase
do
do consol. M. 100
do "
100 00
deposit
receipts
for
of
Holders
Hudson River Electric Co. bonds who was voted by the stockholders on Feb. 29.
arc to receive voting trust receipts for 4 shares of pref. and 6 shares of comEarnings.-For calendar year 1911:
mon stock of the Adirondack Corporation for each $1,000 bond, and depositors of iludson River Electric Power Co. bonds who are to receive
voting trust receipts for one share of pref. and 9 shares of common stock
of tile Adirondack Corporation for each $1,000 bond deposited, will be
advised as soon as they are ready and how to obtain same.-V.93, p.1792.
Gross premiums written_ _$4,534,468
Paid for re-insur. and colurety, return premiums, &c
1,069,430
-v. 92. P. 326.
Net premiums written_ _ _ _$3.465,038
Interest, dividends & rents 184,947
Miscellaneous income_ _ _ _
12,748
Total income
3,662,733
Illinois Northern Utilities Co.-Insull Holding Co.-The
Nevada Consolidated Copper Co.-Earnings.-For the 15
company on April 24 filed in the office of the Secretary of
State of Illinois notice of increase of capital stock from $1,000 months ending Dec. 31 1911 and years ending Sept. 30:
Net Oper.
to $20,000,000, of which $10,000,000 is 6% cumulative preOther
Bond Maint.
DirtBalance,
Period
Profits. Income.
Int. Cum.-Ely.(lends.
Surplus.
ferred and $10,000,000 common stock.
Covered$
$
$
The Illinois Northern was incorp. April 11 1912, by Samuel Insull
and his associates, who will use it to combine the public utilities companies
In a number of cities and towns in the territory west of that served by the
Public Service Co. of Northern Illinois. Just what properties are to be
Included the promoters decline to state at this time.
Of the stock authorized, $2,000,000 of preferred and about $4,000,000
of common will be issued. In addition, there will be $2,000,000 of 5%
$
$
$
2,719,955 1,624,162
15 months
7,900 a3,746,895 589,322
Year 1909-10 _ __2,345,382 1,263,925 26.999 1,522 b2,982,644
598.1
Year 1908-09 _1,646,062 590.579 174,791
2,061
a 37 5%. 530%.
During the 15 months ending Dec. 31 1911,1there were produce. ,78,54
270 lbs. of copper, against 82,772,342 lbs. during the year 1909-1-t'and,
327,823 lbs. in 1908-09.-V. 93, p. 1729.
_._,__,_ ._ es...
1190
-
THE CHRONICLE
Niagara Navigation Co.-Offer to Purchase.-See Richelieu & Ontario Nay. Co. below.-V, 94, p. 213.
North American Co.-Notes Paid.-The remaining $1,910,000 5-year 5% collateral trust gold notes, due May 1,
will be paid on and after that date at the office of the company, 30 Broad St., New York.-V. 94, p. 824, 419.
Northumberland County (Pa.) Gas & Electric Co.-First
Dividend.-A semi-annual dividend of 23-% was paid on
April 15 on the $350,000 pref. stock. See bond offering,
V. 93, p. 1606.
Northwestern Gas Light & Coke Co.-Control Sold.Samuel Insull, President of the Commonwealth Edison Co.,
yesterday announced that he and his associates had contracted to acquire the control of the company.
It is intended to continue the operation of the property as at present and
not in connection with the Public Service Co. of Northern Illinois or any
other combination. Payment will be made in New York and control
turned over within a short time.
The Middle Western States Utilities Co. is being formed as a holding company by Mr. Insult to handle some of his numerous gas and electric projects in and around Chicago. It will begin with about $4,000,000 capital
stock, of which one-fourth has been placed in London and the remainder
in Chicago.-V.92, p. 960.
VoL. =may.
company has been organized by F. J. Lisman & Co. and
associates to finance and sell the output of the Edison Beach
car manufacturing plant. Of the stock $1,000,000 is 7%
cumulative preferred.
T. D. Rhodes, V.-Pres. of the N. Y. Westchester & Boston Ry. Co., and
receiver of Detroit Toledo & Ironton Ry., retircsfrom his connection with
those properties to become President of the new company. The manufacturers of the Edison Beach cars have the exclusive right to the use of
the Edison storage battery as applied to railway equipment. Cars have
been exported to Japan, New Zealand and lustrailia, and some are under
construction for the Chicago Great Western, Chesapeake & Ohio, Cambria
& Indiana and a number of other roads, and are said to be especially
adapted in point of economy in operation and maintenance for branch line
service on steam roads, as well as saving the expensive over-head construction and costly power plants of ordinary trolley roads.
Ray Consolidated Copper Co.-Listed.-The New York
Stock Exchange has listed $3,000,000 6% 1st M. convertible bonds due 1921 (V. 91, p. 1264, 1384, 1634).-V. 94,p.
770, 419.
Rhode Island Coal.-Sale.-Receiver John T. Burnett,
under order of the U. S. District Court in Rhode Island, on
April 17 announced that the property will be offered at
auction in Portsmouth, R. I., on May 17.
The sale will be made subject toa blanket mortgage of $100,000,underlying mortgages of $21,250, &c., Upset price $50,000. The property
real estate, leases, &c., aggregating about 2,446% acres, including
People's Gas Light & Coke Co.,Chicago.-Decision.-The includes
226;i acres owned in fee (4 parcels), the perpetual mining right at 300 ft.
Appellate Court on April 25, according to press despatches, below the surface on 433 acres, 20-year leaseholds (with a right to a 20-year
renewal) (a) on 1,750 acres at a yearly rental of $5 per acre (b) on 37 acres
reversed the decision of Judge Scanlan in State Circuit Court Including
mine and breaker at royalty of 25e. per ton taken from the
Dec. 5 last (V. 93, p. 1606), which restrained the company property,but
not less than $500 a month; also lease of coal yard in Newport.
from charging more than 80 cents per 1,000 Cu. ft. pending
Whitney on April 25 announced:
Plan.-Pres.
the final disposition of the litigation in the State courts and
is proposed to organize a new company to purchase the property and
impounded the difference between that rate and the 75-cent toItprovide
the money necessary for developing the mine to a capacity of
par value of $1 per
maximum rate fixed in the ordinance passed by the City 600 tons per day. The capital will be $800,000 with afuture
uses, 230,000
share; 150,000 shares will be left in the treasury for
Council on July 17 1911. The old 85-cent rate, was in force shares
used for cancellation of the floating debt existing previous to the
until the decision of the lower court was rendered-V. 94, appointment of the receiver ($637,000) and 420,000 shares allotted to the
stockholders of the Rhode Island Coal Co. share for share of their present
p. 702, 486.
holdings at $1 per share, payable In installments of 25c. per share, on or
the 10th of May, July, Nov. 1912 and March 1913. [The plan is
Philadelphia Electric CO.-Assessment.-The directors on about
approved by the committee named below.]
April 23 called an assessment of $2.50 per share, payable
Status.-The stockholders' protective committee, Charles
June 1, by stockholders of record May 23, making the $25
B. Jopp, Edward Page and Herbert A. Tucker, in a stateshares $17 50 paid up.
6, said in brief:
The proceeds,'about $2,500,000, will be used (a) to pay off the $1,500,000 ment issued on April
notes issued for improvements and (b) to provide for other improvements
incidental to the new power contract with the Philadelphia Rapid Transit
Co.(V.94, p. 1051). The auth. capital stock is 1,000,000 shares, par 525,
of which 999,510 are outstanding, on which $15 per share has been patd:up
since Oct. 5 1899 in six installments, ranging from $1 50 to $3 50 each;
these, to the extent of $5 per share in all, were covered by special dividends
out of accumulated surplus.
The following claims appear: Mortgage debt with accrued int. to Feb. 1
1912, $123,600; receivers certificates, $25,000; notes and unsecured claims
with interest to Feb. 11912, $637,026; total, $785,626.
The company's coal is of a friable nature and yields in mining and
handling some 50% in dust and fine coal, which at present is marketable
only in the form of briquettes. There is undoubtedly a large tonnage of
coal yet unmined. but the ground already opened by slopes and gangways
has been practically exhausted, and the problem now is to open up new
Pittsburgh (Pa.) Oil & Gas Co.-Earnings.-For the slopes and gangways below the present workings.
S. D. WarrIner, V.-Pres. and Gen. Mgr. of the Lehigh Valley Coal Co.,
31:
March
fiscal years ending
is of the opinion that to place an output of approximately 600 tons per day
1911-12. 1910-11. 1909-10. 1908-09. 1907-08. on the market at a profit, there would be required for development and opFiscal Year$715,854 $737,174 $803,659 $998,796 $1,236,512 erating at least $400,000, exclusive of working capital.
Gross earnings
728,330
600,301
696,580
566,373
565,758
't he property, however, possesses an extremely advantageous location,
Expenses & interest
and to-day enjoys a freight differential of about $1 65 per ton [Pres. Whit$150,096 $170,801 $203,358 $302,216 $508,182 ney says $1 95 to $2 40] on the average of Pennsylvania anthracite, which
Net
unfortunately is at present offset by the high cost of production and the
-V.94, p. 284.
quality of the product.
Princess Furnace Co.-Bonds Called.-The following bonds
[Pres. Henry M.Whitney, on the other hand, takes a very hopeful view
of the situation and presents favorable averages, estimates, &c.-Ed.]
have been called for redemption on June 1 at the Virginia -V.94,
p. 831, 356.
Trust Co. of Richmond, Va., viz.: Nos. 25, 41, 53, 89, 92.
Richelieu & Ontario Navigation Co.-Offer to Purchase.-V. 90, p. 14, 28.
The company has offered to purchase a controlling interest
Public Service Co. of Northern Illinois.-Bonds Offered.- in the stock of the Niagara Navigation Co.
Russell, Brewster & Co., Chicago and N. Y., and N. W.
The offer remains open until May 4, and may be accepted on or before
Halsey & Co., Chicago, N. Y., San Fr. and Phila., are offering that date by deposit of duly executed powers of attorney to transfer shares
the Montreal Trust Co. or the Royal Bank, Toronto.
at 9934 and mt. by advertisement on another page $3,300,- with
Upon acceptance of the offer by at least 51% of the shares of the company,
000 additional "first and refunding" mortgage 5% gold all shareholders who agree to sell have tile privilege of accepting payment
cash on June 1, at the Royal Bank, Toronto, or in stock of the Richelieu
bonds, dated Oct. 1 1911 and due Oct. 1 1956, but redeem- in
& Ontario Co. at $120 per share, that Is to say, 5 shares of the Richelieu
able on or after Oct. 1 1921 at 110 and int. Of these bonds & Ontario Co. will be given in exchange for 3 shares of the Niagara Navi$1,608,000 are issued to refund a like amount of outstanding gation Co.-V.94, p. 566.
bonds and the remainder for extensions and improvements.
San Angelo (Tex.) Water, Light & Power Co.-Sale.-A
The company is shown to be earning twice its interest charge, sale, it is stated, has been arranged to an Eastern syndicate.
incl. the bonds now offered. Authoritative data follow:
The consideration Is reported as $400,000. A new charter has been
This company, of which the President is Samuel Insull (Pres. of Commonwealth Edison Co. of Chicago), was formed in 1911 and took over the
properties of the North Shore Electric Co., Economy Light dc Power Co..
&c. It operates in 13 counties (practically surrounding Chicago), serving
a territory with a population approaching 500,000. The bonds offered
cover all property now owned or hereafter acquired and have a first lien on
properties which produce 30% of the gross earnings. The bonds are
furthermore secured by deposits of $2,858,000 of underlying bonds, viz:
North Shore Electric Co. $1,959,000 1st & ref. 5s and $183,000 1st M. 5s,
Economy Light & Power Co. $411,000 1st M. 5s, Kankakee Gas & El. Co.
$256,000 1st & ref. 55 and Citizens' Gas Co. $49,000 1st M. 55. See also
V. 93, p. 1607.
Earnings for Fire Months ending March 31.
Gross.
Bal.,Sur.
Net.
Bond Int.
Op.Exp.dt.Tax.
$840,521
1911-12___$1,477,525
$402,543
$637,004
$234,461
827,826
329,230
1910-11___ 1,378,487
221,431
550,661
As compared with net earnings of $637,004 above shown for tile 5 months
ending March 31 1912, the interest for 5 months on the total amount of
bonds now outstanding, including the present issue, Is only $292,896.
Outstanding Capitalization April 1912.
$10,063,500
Common stock authorized, $15,000,000
4,238,000
Pref. stock, 6% cum., authorized, $10,000,000
7,800,000
"First and refunding" 5s issued, incl. bonds now 'Mitred
Underlying bonds on portions of tho property ("1st & ref."
6,259,000
bonds are reserved to retire these)
Preferred Stock.-All shareholders of record May 4 will be
permitted to subscribe at par and int.for $3,325,125 6% cum.
pref. stock (dated May 1) in amounts equal to 25% of their
respective holdings, making the total prof. outstanding
$7,563,125.
granted and the stock increased from $225,000 to $500,000
Sawyer-Massey Co., Hamilton, Ont.-Bonds Offered.The Dominion Securities Corp., Montreal, Toronto and London, is placing at par and int. $750,000 1st M.6% bonds.
Issued to liquidate bank loans on account of additions to plant. Bonds
dated April 1 1912 and due April 11927, but redeemable as a whole at 105
& int. on any Int. date, or annually for sink.fund, beginning Apr. 1 1913,
Nat. Tr. Co., Ltd., Toronto, trustee. Par, $100, $500 and $1,000 and
sterling equiv. Total auth., $1,500,000; $750,000 issuable only for 60%
of cost of future additions, &c. Total net assets March 311912, $3,135,118.
Net earnings year ending Nov. 30 1911, $223,215. See V. 90, p. 1176.
Swan & Finch Co., New York.-Stock, &c.-The shareholders will vote May 7 on increasing the stock to $500,000.
On Dec. 31 1911 the company was indebted to the Standard Oil Co. of
N. J. In the sum of $285,448 for money borrowed as working capital at the
time that company owned control. The directors deem it advisable now
to increase the capital stock so that the company may pay the aforesaid
loan and be in a position to finance its own business. The right to subscribe at par ($100 a share) will be given stockholders pro rata.
Bal. Sheet Dec. 31 1911. Liabilities ($1,119,060)Assets ($1.119,060)$62,874 Capital stock_
$100,000
...
Plant and stable equipm't
285,448
Merchandise and material__ 677,733 S. 0. Co. of N. J. loan
190,426
Accounts receivable....... 361,656 Accounts payable
16,797 Surplus
543,186
Cash
-V.94, p. 1124.
Tonopah Mining Co.-Earnings.--Year ending Feb. 29:
Subscription must be filed and payment made in full at company's office
137 So. La Salle St., Chicago, by 1 p. m. May 18 (compare V. 93, p. 1538).
-V. 94, p. 213.
Net
Gross Value
Dividends Exhaustion Balance,
Year ending
Surplus.
of Ore.
Ore Shipped. Earnings.
Paid.
Feb. 29$3,488,400 $2,015,664 (01,600,000 $278,522 $139,142
1912
461,422
3,908,603
2,011,422 b1,550,000
1911
a 160%. b 155%.-V. 92, P. 1114.
Racine (Wis.) Water 00.-Negotiations for Purchase by
City.-See "Racine" in "State and City" Department.
-V. 92, p. 467.
Railway Storage Battery Car Co.-New Enterprise.-The
Corporation Trust Co. of New Jersey announces the incorporation of this company in. Maine on April 11 with
$4,000,000 of authorized capital stock in $100 shares. The
Torrington Co., Boston, Mass.-Increase of Stock, &c.The stockholders on April 24 ratified the proposition to increase the capital stock from $3,200,000 to $4,500,000, &c.
Compare V. 94, p. 1124.
Union Bag & Paper Oo.,.N. Y.-New Bonds Offered.-The
National City Bank, N. Y., and Lee, Higginson & Co.,
Boston, N. Y., and Chicago, offered on April 8 at 9434 and
APR. 27 1912.]
THE CHRONICLE
1191
int., yielding over 5.45%,$750,000 additional 1st M. sinking
—The 1912 edition of "The Earning Power of Railroads"
fund gold 5s of 1905, due July 1 1930, but callable at 105 &int. by Floyd W. Mundy, member of the New York Stock Ex1912.
President
Edgar
G.
Barratt
N.
Y.,
March
25
Condensed Data from
change house of Jas. H. Oliphant & Co., is now ready. The
The proceeds of these $750,000 bonds will retire all floating debt and will
correspondingly increase the working capital. Authorized issue $5,000,000, book is a handy aid to the investor and banker for making
of which $3,861,000 are outstanding, including the bonds now sold and
$500,000 in sinking fund. Except for $230,000 divisional bonds, this issue a comparative study of railroad securities,and in the simplest
is the only mortgage obligation of the company or its subsidiary companies. manner amplifies the fundamental principles which should
There are also $1,020,833 purchase money obligations (not mortgage) due
govern the investor's judgment of the value of stocks and
1912 to 1916, making the total funded debt $5,111,833.
Est. Value of Properties of ths Company and its Subsidiaries $20,033,321.
bonds of any railroad. The book is in its eleventh year. Its
[This statement excludes valuable patents, trade-marks and gooa will.]
Ground wood and sulphite plants, paper mills and bag factories_$6,000,000 526 pages contain the essential facts and statistics of 154
Timber properties, including saw mills, lumber mills, &c__
3,500,000 railroads of the United States, Canada and Mexico, condensed
Water powers (developed in whole or in part, $4,500,000; 6,000,000
Miscell. realty, tenements, railroads, shops, tugs, &c
825,000 and concise, with intelligent comment and explanation,
Net current assets
21
e making it possible for the investor to compare the "earnAverage annual net earnings for last seven years were over four3
t17
e m08fth
annual interest on the present funded debt. Annual sinking fund equal ing power" of any two railroads. Cloth, $2 50; carriage,
to 2% of total bonds issued should retire before maturity 80% of all the
12 cents. Address: Moody's Magazine Book Department,
bonds now outstanding.
Principal business the manufacture and sale of paper bags. Also sells sales agents, 35
Nassau St., New York City.
its surplus of ground wood, sulphite, paper of various kinds, logs and
lumber, not suitable for pulp wood, and electric; current. Properties:
—E.
W.
Clark
& Co., bankers, 321 Chestnut St., Phila
(1) mills and factories, chiefly (a) sulphite mill, 5 paper mills, 2 bag factories, 3 ground wood mills at Hudson Falls, N. Y.; (b) bag factory, 3 delphia, are advertising in to-day's issue, for conservative
paper mills and sulphite mills at Ballston, N. Y.; (c) pulp and paper mill
at Hadley, N. Y.; (d) bag factory, paper mill and ground wood mill at investment, $5,000,000 Portland Ry., Light & Power Co.
Kaukauna, Wisc.; (2) saw mills with capacity of 75,000,000 feet of spruce
and pine during season and 2,550 sq. miles of timber lands, including 485 2-year 5% notes at 993j and accrued interest, subject to
sq. miles owned in fee on St. Maurice River and cutting rights and fees on prior sale and change in price. For facts pertinent to this
75 sq. miles in Adirondacks;also the entire share capital of the following cos.:
Charlemagne & Lac Oureau Lumber Co. (607 sq. miles on Assumption and investment, see the advertisement on another page and our
Lao Oureau Rivers), Gres Falls Co. (1,173 sq. miles on St. Maurice River
and tributaries) and St. Gabriel Lumber Co., Ltd. (285 sq. miles on Maskin- "General Investment News Dept." The public offerings of
onge River and tribu. with, in case of each sub. co., mills and terminals securities which E. W. Clark & Co. are interested in and can
(3) Water Powers: (a) at Hudson Falls entire flow of Hudson River under
two heads (60 ft. and 12 )i ft.) sufficient for about 20,000 h. p. of electric recommend for private investment will appear regularly
current, with two hydro-electric plants of about 7,500 h. p. (excess current
sold wholesale at Glen's Falls, Hudson Falls and Fort Edward); (b) at hereafter in the "Chronicle" in tile last weekly issue of each
Hadley, N. Y., undeveloped about 8,000 h. p. on Sacandaga River; (c) In month on the advertising page opposite our "Bank Clearings
Canada undeveloped minimum of 45,000 h. p. on St. Maurice River, 11 miles
north of the St. Lawrence with 2,000 acres of land;(d) other water powers Statement."
used solely for its own mills. See report, &c., V. 94, p. 979, 921.
Union Carbide CO., New York.—Subscription Rights.—
Stockholders of record at the close of business May 6 are
offered the right to subscribe for $1,039,780 new stock at
•par, to the extent of 10% of their holdings, payment to be
made on or before May 31.
Formal applications will be mailed to stockholders by which theymay apply
or their pro rata share of the stock offered for subscription.—V. 92, p. 123.
United States Reduction & Refining Co.—Earnings.—
Calendar
Year—
1911
1910
Total
Exp.,Taxes,
Net
Income.
Maint.,&c. Income.
$96,779
$85,289
$11,490
85,351
101,831
83,520
Bond
Interest.
4191,900
159,000
Balance,
Deficit.
$80,410
75,480
tft* Does not include interest on bonds in sinking fund.—V. 93, p. 1026.
—The well-known banking concern of Hodenpyl, Hardy
& Co. announce the removal of their offices from 7 Wall St.
to the 24th floor of the Bankers Trust Co. Building, 14 Walt
St. Hodenpyl, Hardy dr Co. are specialists in railroad,
electric railway, gas and electric-light securities, and are
directly interested in the management and ownership of the
several properties whose bonds and stocks the firm has
placed with private investors. The firm will occupy the
entire 24th floor of the Bankers Trust Co. Building and have
its entire organization on this one floor.
—Harris, Forbes & Co. of this city are this week offering
for investment the balance of $1,000,000 Metropolitan Gas
Corporation first (closed) mortgage 5% sinking fund bonds,
due 1941. Price on application. Special descriptive circular furnished on request. See item in "General Investment News" Department to-day for particulars regarding the investment features of this property.
United States Smelting, Refining & Mining Co., Boston.-Notes Resold.—Lee, Higginson & Co. announce that the
$10,000,000 6% 5-yr. guaranteed collateral trust gold notes
of the Utah Company ,which were offered by them last week,
have all been sold.—V. 94, p. 1124, 1051.
United States Steel Corporation.—Listed.—The New
York Stock Exchange has listed $15,614,000 Illinois Steel
—Frederick L. Lutz, specialist in bank and trust company
guaranteed 5% debenture bonds due 1940. (V. 93, p. 289;
Jocks (whose office is with Callaway, Fish & Co., 37 Wall
V. 94, p. 986.)—V. 94, p. 1060, 987.
St.) has just issued a tabular list which shows the par, book
Utah Copper Co.—Report.--For calendar years:
marketvalue of the capital stock of every bank in New
i1
Cal.
Operating Net (after
Other
Bond
DillBalance,
Year— Revenue. Taxes,&c.) Income.
Surplus. York City. Particulars of when dividends are payable, rate
Int.
dends.
1911_ ___$12,825,953 $4,501,900 $1,766,995 $30,966 $4,703,022 $1,534,906
11,710,389 3,890,912 1,510,863
752,012 paid and present yield, net average deposits, capital, surplus
188 4,648,675
1910___Other income in 1911 includes divs. from Nevada Consol. Cop. Co., 31,- and profits,and date of each bank's organization,are also set
720,750, against $1,459,775 in 1910. Sales in 1911 include 93,514,419 lbs.
of copper at 12.6463 cts. (against 84,502,475 lbs. at 12.6723 cts. in 1910); out for quick reference. Free copies on application.
40,202.916 oz. gold at 520 (against 39,837.9 oz. at $20), and 366,906.96 oz.
silver at 53.3 cts. (against 381,331.22 oz. at 53.5837 cts.).
—Harris, Forbes & Co., Pine St., corner William, New
K. R. Babbitt has been elected a director to succeed Ernst Thalmann,
York, are offering by advertisement in to-day's issue the
deceased.—V. 04, p. 357, 213.
Western Union Telegraph Co.—Traffic Agreement with small remaining unsold portion of $5,000,000 Adirondack
Marconi Co.—The company on April 18 issued the following Electric Power Corporation first mortgage 50-year 5% bonds
"The company has entered into a traffic agreement with the Marconi Co. at 100 and interest. See advertisement of this offering elsewhereby the Western Union offices receive and deliver Marconigrams to where in the "Chronicle" and information in our "General
and from Europe. The agreement provides for the extension of the Marconi Investment News" Department.
system from the Pacific coast of the United States to Hawaii, China, Japan
and the Philippines, thus giving the Western Union Co. a wireless transPacific service." [The Western Union has no Pacific cables—Ed.]
Cable adviccs state that the Marconi Wireless Telegraph companies of
England and America have signed a working agreement with the Western
Union and the Great Northwestern Telegraph companies, under which they
will construct a number of long-distance wireless stations, providing the
Marconi system with the benefit of cable land stations for the receipt and
delivery of messages in the United States and Canada. The Marconi companies will affix their sign-boards to the Western Union sign-boards. Two
cables of the Western Union will have 25 wireless stations on the American
continent. The English Marconi Co. Is preparing to erect long-distance
wireless apparatus giving direct communication between New York and
London, and also stations communicating from San Francisco to the
Hawaiian Islands, the Philippines and China, with Japan probably taken in.
The American program provides for a long-distance station in the vicinity
of New York City which will permit communication with Cuba, Panama
and South American countries.—V. 94, p. 771, 567.
—Boettcher, Porter & Co., Denver, have issued a circular
regarding the 7% stock of the Mountain States (Bell) Telephone & Telegraph Co., which on April 20 was offered on a
basis to yield 6.39% income. The circular contains a
colored map showing the great extent of the system inMontana, Idaho, Wyoming, Utah,Colorado and New Mexico.
—The time to deposit securities of the Allis-Chalmers Co.
under the reorganization plan expires April 30. The details
of the plan are given in the advertisement on another page.
The Central Trust Co. certificates of deposit for the bonds
have been listed on the New York Stock Exchange.
Western United Gas & El. Co., Aurora, Ill.—Extra Divi—Burgess, Lang & Co., 34 Pine St., have moved into
dend.—See Am. Gas Co. under "Ann. Reports."—V. 92,
larger offices in the National City Bank Bldg., 55 Wall St.
p. 961.
These quarters will have a private wire to the Boston offices
Westinghouse Air Brake Co.—Stock Increase—Stock of the firm at 50 State St. The New York office is under the
Dividend.—The stockholders on April 24 voted:
management of AV. B. Smith 2nd.
(1) To increase the auth. stock from $14,000,000 to $20,000,000.
—P. W. Brooks & Co. are now represented in Philadelphia
(2) To amend the by-laws in certain resepcts.
(3) To list the stock on the New York Stock Exchange.
by Messrs. Cookman & Riter, 1318 Land Title Building.
The directors have declared a dividend of 33 1-3% payable The Philadelphia office is in direct communication with the
in stock on July 10 to holders of record June 29, calling for firm's offices in New York, Boston, and Augusta, Me.
$4,583,333 and increasing the amount outstanding to
—Douglas Fenwick & Co., who for the past three years
$18,333,333. Compare V. 95, p. 1060, 987.
have occupied offices at 34 Wall St., have taken larger
Westinghouse Electric & Manufacturing Co.—New Direc- offices on the third floor at the same address.
tor.—Paul M. Warburg, of Kuhn, Loeb & Co., has been elec—The American Bank Reporter blue book, "Bank Directed a director to succeed Charles A. Moore, who resigned.—
tory," semi-annual issue, is now ready; price $4. Steurer
V. 94, p. 922, 141.
Westinghouse Machine Co.—Increase of Indebtedness.— Publishing Co., 5 Beekman St., New York.
The company has filed notice of an increase of debt from
—The 1912 edition of the"Manual of Baltimore Securities,"
$865,000 to $1,135,000.—V. 94, p. 1124, 285.
I 144 pages, has just been issued by Baker, Watts & Co., Bait.
1192
THE CHRONICLE
[VOL. LXXXXIV.
ports and gliontuxents.
GENERAL ELECTRIC COMPANY
TWENTIETH ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 311911.
On December 31 1911 the book value of current accounts
Schenectady, N. Y., March 11912.
To the Stockholders of the General .Electric Company.
and notes receivable was $19,084,105 81, after allowance
The business of your Company for the year ended Decem- for losses and adjustments. Of the accounts receivable,
ber 31 1911 compares with that of 1910 as follows:
the total face value of unsettled accounts originating prior
to January 1 1911 was $871,514 80.
1911.
1910.
Sales billed
;70,383,854 34 $71,478,557 66
In addition there was due from affiliated manufacturing
Cost of sales
82,460,557 36
63,134,601 63 and selling
companies $2,891,760 79, making a total book
Profit from sales
$7,923,296 98
$8,343,95603 value of all notes and accounts receivable of $21,975,866 60.
Add interest and discount, royalties and
Merchandise inventories have been valued on the same
sundry profits
1,358,859 68
1,370,928 57
conservative basis as in prior years.
Deduct interest on debenture bonds
Add income from securities owned, profit
on sale of securities and net appreciation
of stocks and bonds
Net profit for the year
Dividends paid
Surplus for the year
$9,282,156 66
371,015 07
$9,714,884 60
717,395 02
$8,911,141 59
$8,997,489 58
1,651,664 02
1,858,202 55
$10,562,805 61
5,806,344 00
$10,855,692 13
5,214,368 00
$4,756,461 61
$5,641,324 13
The cost of sales includes, as in prior years, the cost and
expenses of development, manufacturing, selling, administration and patents, and also depreciations in factory plants
and book accounts.
The above figures do not include the business of the Fort
Wayne Electric Works and Sprague Electric Company. On
June 1 1911 your Company took title to the properties of
the Fort Wayne and Sprague companies. Those companies
have been dissolved, and their assets and liabilities are included in the balance sheet accompanying this report. These
changes have resulted in the addition of $1,517,335 81 to
the assets of your Company, $276,610 72 to its liabilities
and $1,240,725 09 to its surplus.
On January 31 1893 the book value of the Schenectady,
Lynn and Harrison plants was
$3,958,528 21
During the nineteen fiscal years to December 31 1911 expenditures have been made, including the cost of acquiring the Pittsfield plant, aggregating
46,212,476 05
Total
Written off during the nineteen years
$50,171,004 26
33,297,949 45
Book value of above plants at December 31 1911
;16,873,054 81
To the above have been added the value of the new plant
under construction at Erie (the property of the Pennsylvania
General Electric Company having been transferred to your
Company) and the values of the Fort Wayne and Sprague
Works.
Including these, the book value of factory plants at
December 31 1911 was as follows:
Schenectady
Lynn
Pittsfield
Lamp Works
Erie
Fort Wayne
Sprague ..
$9,125,720 24
4,283,763 29
2,148,699 46
1,314,871 82
1,355,834 28
938,102 37
371,930 34
To the surplus for the year
$4,756,461 61
must, therefore, be added the surplus taken over from the
Fort Wayne and Sprague companies
1,240,725 09
a total increase of
Surplus at January 1 1911
$5,997,186 70
23,022,705 82
Surplus at December 31 1911
1911.
388,520
$69,851,275
$15,200,000
1910.
338,272
$71,182,391
$15,500,000
Substantial increases in the sales departments were made
during the year to place these departments in a position to
thoroughly exploit the steadily increasing variety of electrical
appliances manufactured by your Company, and to provide
for the growth in number and complexity of orders received.
This has resulted in increased selling expenses, which have
been still further augmented as a result of the severe competition in nearly every branch of the business. The tonnage
output of the factories was greater than in the previous year,
but, due to reduction in selling prices, the sales billed
were less.
The area of manufacturing floor space, and the number of
employees in all departments, during the past five years,
were approximately as follows:
1907
1908
1909
1910
1911
Manufacturing Floor
Space—Sq.Ft.
6,460,000
7,000,000
7,180,000
8,530,000
9,770,000
Employees.
23,000
26,300
33,500
36,200
41,300
The figures for 1911 include floor space of 880,000 square
feet in the Erie, Fort Wayne and Sprague Works, whereas
the figures for the preceding years include only Schenectady,
Lynn, Pittsfield and Lamp Works. In the reports of prior
years, only the number of employees in the manufacturing
and engineering departments were given, while the above
figures also include employees of the commercial and administrative departments.
The land area of the several plants is as follows:
Schenectady
Lynn
Pittsfield
Lamp Works
Total
Acres.
336 Erie
185 Fort Wayne
64 Sprague
14
•
Acres.
300
13
9
—
921
During the year $769,842 44 was expended for the purchase of sundry patents, for applications and licenses under
patents, patent litigation and miscellaneous expenses all of
which- has been charged to Profit and Loss as heretofore,
,
leaving the patent account at $1.
Certain securities have been acquired and others sold,
and all the stocks and bonds owned by your Company have
been carefully re-valued, with the result that at December 311911 their par value of $27,264,086 22 was carried on
the books at $28,707,843 22.
The copper-mining investment has been written off against
surplus.
Erie, Ft. Wayne
Book value and Sprague Additions
Jan. 1 1911. added dur. year. duriny year.
$29,019,892 52
The orders received in 1911 compare with those of 1910,
on the same basis, as follows:
Number of orders
Amount
Unfilled orders at December 31
$19,538,921 80
A summary of the changes in factory plants account since
the last annual report is as follows:
Written
011.
$
Book value
Dec. 31 1911.
Real estate
and buildings
9,504,826 17 1,782,352 12 1,320,829 89 674,979 94 11,933,028 24
Machinery
6,011,486 30 1,247,335 58 2,139,374 28 1,792,305 10 7,605,891 06
1 00
Patterns
1 00
90,289 57
90,505 31
215 74
Furniture and
fixtures, and
1 00
35,963 55 519,727 26 555,690 31
1 50
sundries
Total
15,516,314 47 3,065,866 99 4,070,221 00 3,113,480 66 19,538,921 80
On June 1 1911 the gold debenture bonds of 1907 became
convertible at par into the capital stock of your Company.
Between that date and December 31 1911 bonds to the
value of $12,154,000 were thus converted, leaving the outstanding bonds of the 1907 issue at $721,000.
The increase in capital stock, due to the conversion of bonds,
made the amount outstanding at December 31 1911
;77,335,200 00
Reserve against debentures of 1892 (@120)
31,666 67
Reserve against debentures of 1907 (@par)
721,000 00
Unissued
1,912,133 33
Authorized capital stock-----------------------------$80,000,000 00
Quarterly dividends at the rate of eight per cent per annum
have been paid during the year.
The Company has no note payable nor is there any paper
outstanding bearing its endorsement.
The action brought by the United States against your
Company and others in connection with the manufacture and
sale of incandescent lamps has been terminated by the entry
of a decree. In compliance with this decree, the National
Electric Lamp Company and its subsidiary companies, operating under patent licenses granted by the General Electric
Company, will immediately be dissolved. The plants and
properties of these companies will be taken over and operated
by the General Electric Company as part of its organization.
It is believed that the business of your Company, in all of
its various branches, is now being conducted in such a manner as to avoid any possible ground for criticism as contravening the Anti-Trust Law.
Accompanying this report will be found the condensed
balance sheet, the profit and loss statement and the certificate of Messrs. Marwick, Mitchell, Peat & Company,
Chartered Accountants.
The duties which have devolved upon your administrative,
engineering, manufacturing and commercial staffs have been
especially burdensome and exacting. The work in these
departments has been of the .highest character and has been
distinguished by the most loyal and self-sacrificing devotion
on the part of all members thereof.
By order of the Board,
C. A. COFFIN,
President.
APR. 27 1912.J
THE CHRONICLE
CONDENSED PROFIT AND LOSS ACCOUNT DECEMBER 31 1911.
INCOME.
$70,383,854 34
Sales billed
62,460,557 36
Less cost of sales
$7,923,296 98
1,358,859 68
1.285,278 65
240,609 66
126,375 71
Interest and discount, royalties and sundry profits
Income from securities owned
Profit on securities sold
Net appreciation in value of stocks and bonds, etc
$10,933,820 68
DEDUCTIONS.
$371,015 07
5,806,344 00
Interest on debentures
Dividends on stock
6,177,359 07
$4,756.461 61
Net gain in surplus for the year
Add surplus taken over from the Fort Wayne and Sprague
1,240,725 09
companies
$5,997,186 70
23,022,705 82
Total addition to surplus
Surplus at January 1 1911
$29,019,892 52
Surplus at December 31 1911
'CONDENSED BALANCE SHEET DECEMBER 31 1911.
ASSETS.
S1 00
Patents, franchises and good-will
17,898,709 40
Cash
$28,707,843 22
Stock and bonds
448,094 43
Real estate (other than factory plants)
19,084,105 81
Notes and accounts receivable
2,891,760 79
Due from affiliated companies
Installation work in progress
399,707 05
$51,531,512 20
Merchandise inventories:
At factories
At district offices,
transit, etc
Consignments
$22,709,581 39
in
3,352,929 95
367,472 68
26,429,984 02
77,61,496 22
1193
The Tomutercial
COMMERCIAL EPITOME.
Friday Night, April 26 1912.
Business continues to expand, although here and there
trade reports are somewhat disappointing. The weather
has been more favorable for crop preparations, and considerable progress has been reported, especially in cotton. A
fair business has been witnessed in the iron and steel trade.
Commodity prices have in some cases eased somewhat from
the recent high levels. Bank clearings show a considerable
increase from last year. Collections are fair throughout
the country.
LARD on the spot has been active and higher, with heavy
buying for speculative account. Western 10.80c., Middle
Western 10.70c., City steam 101/0. Refined lard has also
advanced. Continent 11.40c., South America 11.75c. and
Brazil in kegs 12.75c. At the West lard has been firm, with
a heavy trade. Houses with foreign connections and stock
yards clients lead the buying. On the advance there was
considerable selling by packers and free realizing.
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Tues.
Wed. Thurs.
Fri.
Sat.
Mon.
May delivery _______ __10.45
10.65
10.65
10.95
10.45
10.45
July delivery_
10.70
10.80
10.88
10.70
10.70
11.20
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
May delivery
_ 10.15
10.50
10.85
10.30
10.223 10.20
July delivery
10.37% 10.473 10.45
10.52) 10.70
11.023
PORK has been in active demand at higher prices; mess
$19 50@$20; clear $18 25@$19 25; family $20@$21. Beef
has been in light demand and prices have been steady; mess
19,538,924 80
$12; packet $13; family $15@$15 50, and extra India mess
$115,399,131 42 $26@$26 50. Cut meats have been firm and in fair demand;
LIABILITIES.
pickled hams, regular, 10@20 lbs., 1240131/0.; pickled
Gold coupon debentures:
bellies, 6@12 lbs., 113'@11c. Butter has advanced.
$38,000 00
5% series of 1892
Receipts have been readily absorbed; creamery extras 333'e.
2,047,000 00
33.%" " 1902
721,000 00
5% " " 1907
Cheese has been lower. While receipts have increased, the
$2,806,000 00
out-of-town demand has been good; State, whole milk, cur$4,305,172 93
Accounts payable
207,043 94
Accrued taxes
rent made, white specials, 16c. Eggs have been firm at
147,153 45
Advance payments on contracts
33,014 58
Accrued Interest on debentures
22@223/
2c. for Western firsts.
1,545,654 00
Dividend payable January 15 1912
OIL.-Linseed has been quiet. Receipts of seed at the
6,238,038 90
77,335,200 CO Northwest have been light. Prices have been steady; City,
Capital stock issued
raw, American seed, 75@76c.; boiled 76@77c.; Calcutta,
Surplus:
raw, 80c. Cotton seed has been active and firmer; winter
$23,022,705 82
At January 1 1911
6.80@8c.; summer white 6.80(4)7.80c.; crude 5.60c. Cocoa5,997,186 70
Added during year
nut steady, with a fair demand; Cochin 9.60@l0c.; Ceylon
29,019,892 52 8.90@9c. China wood steady and in routine demand:
Total at December 31 1911
11@13c. Lard has advanced in sympathy with the raw
$114.399,131 42
material; 83@85c. Corn has been firm and in good demand;
-'Including the accounts of the Fort Wayne Electric Works and Sprague car loads 5.85@5.90c.; smaller quantities 5.95c. Cod quiet
Electric Works.
and steady; domestic 52@53c.
COFFEE on the spot has been quiet and steady; Rio
MARWICK, MITCHELL, PEAT & COMPANY,
%@144c.; Santos No. 4, 16@16Mc. West India
No. 7, 143
Chartered Accountants.
growths have been steady and in fair demand; fair to good
,'@163c. Speculation in futures has been on
New York, Boston, Philadelphia, Washington, New Orleans, Pittsburgh, Cucuta 163
Chicago, St. Louis, Kansas City, Minneapolis, Salt Lake City,
a heavy scale. Valorizationists were heavy buyers. There
Portland, San Francisco, Montreal, Winnipeg, Vanwas considerable switching of May to the later months.
couver, London, Paris.
Receipts at Brazil have been heavy. For the greater part
79 Wall Street, New York, March 21 1912.
of the week the weather at Sao Paulo has been fine.
To the Board of Directors, General Electric Company, 30 Church
Closing prices were as follows:
Street, New York City.
13.72c. October _ _13.83c. January _ _13.80c
13.48c. July
April
Dear Sirs:-We have examined the books and accounts May
13.49c. August __13.79c. November 13.820. February 13.80c.
13.850. December 13.81c. March____13.84c.
of the General Electric Company for the year ended De- June _ _13.59c. Sept
SUGAR has declined. Towards the end of the week the
cember 311911, and certify that the Condensed Profit and
Loss Account and Balance Sheet appearing on pages 11-13 market turned quiet. Receipts are expected to continue
of this report are in accordance with the books and, in our heavy at the principal ports. Centrifugal, 96-degrees test,
opinion, correctly record the results of the Company's op- 3.9834c.; Muscovado, 89-degrees test, 3.483'c.; molasses,
erations for the year and the condition of its affairs as at 89-degrees test, 3.23Mc. Refined has been steady; granulated 5.05@5.20c.
December 311911.
PETROLEUM.-Refined for export has been active and
We have verified the cash and securities by actual count
and inspection or by certificates received from the depos- firm, with an upward tendency; barrels 8.45c., bulk 4.85c.,
itories. The stocks and bonds held have been appraised by cases 10.35c. Gasoline has been active and firm; 86-degrees,
a committee of the Board of Directors on a conservative in 100-gallon drums, 213.c.•, drums $8 50 extra. Naphtha
basis. The Copper Mining Investment was also considered has been steady and in good demand; 73 to 76 degrees, in
by this committee and the whole amount invested has been 100-gallon drums, 19c. Spirits of turpentine steady at 48c.
Common to good strained rosin $6 50@$6 60.
written off.
TOBACCO.-Trading in tobacco continues of a routine
The notes and accounts receivable are included in the
Balance Sheet at their realizable value, due provision having character. While manufacturers are believed to be carrying
been made for possible losses through bad and doubtful debts. small supplies, they satisfy present requirements. Prices of
Certified inventories of work in progress, merchandise ma- domestic leaf remain steady. Sumatra is in fair demand,
.1
terials and supplies have been submitted to us, and we have but, owing to the unwillingness of packers to make concessatisfied ourselves that these inventories have,been taken in a sions,-ttansactions are few. A scarcity of binder is reported.
careful and conservative manner; that they have been valued Prices of Havana are firm.
COPPER has been easier. The export demand has been
at or below cost price, and that ample allowance has been
made for old and inactive stocks. Full provision has also light. In this country consumers' stocks are said to, be
been made for possible allowances or additional expenditures small, while large supplies are carried on the . Continent;
on recently completed contracts or on installation work Lake 15%@15.95c.; electrolytic, 15.80©15.85c. Tin has
been steady at 44E4c. on the spot. Lead has been quiet and
in progress.
.
All expenditures capitalized in tile factory plant accounts steady at 4.15c. Spelter has been active and higher at
during the year were properly so chargeable, being in the 6.85c. Pig iron has been in fair demand. After the heavy
nature of additions or improvements and full provision has buying recently noted, sales have been smaller. The heavibeen made in the accounts for repairs, renewals and depre- est buying of late has been at Buffalo. No. 1 Northern
$15 25@$15 75; No. 2 Southern $14 75@$15 25. The marYours truly,
ciation. ,4
ket for finished products has been stronger.
MARWICK MITCHELL, PEAT
Factory plants (including all lands, buildings and machinery)
$19,538,921 80
Furniture and fixtures (other than in fac3 00
tories)
1194
[VOL. Lxxxxiv.
THE CHRONICLE
On Shipboard, Not Cleared for-
COTTON.
Friday Night, April 26 1912.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
104,549 bales, against 105,319 bales last week and 142,631
bales the previous week, making the total receipts since
Sept. 1 1911 11,053,113 bales, against 8,025,351 bales for
the same period of 1910-11, showing an increase since Sept. 1
1911 of 3,027,762 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
6,661
2,442 28,381
Galveston _ _- _4,259 4,916
9,244
859
Texas City _ - __
680
11
74
__ __
40
__ __
805
__
Port Arthur,____
__
__
13,479 13,479
2,441
New Orleans__ __
2,236
1,'796 2,148 14,913
3,325
2,96'7
Gulfport
122
122
Mobile _
381
4
62
.
381
2,342
Pensacola
------_
-------1,800
200
000
---------------160
Jacksonville, .5cc.
_ __
100
60
Savannah-------1,918
3,362
2,'710
2-,igi
3,531
2-,figi 17,086
__
__
Brunswick__ __
3,100 3,100
48
364
338
559
258
Charleston
163
1,730
Georgetown __ __
-- --- --- ----- ---1,354
599
373
864
236
506 3,932
Wilmington __ __
2982
14
12
Norfolk
401 13,139
-------- -- -------------542
Newp'tNews,doe.
_
_
_
542
__ __
48
_- __
New York
5082
180
__ __
131
210
Boston
74
-Hi
21
582
Baltimore
315
1,315
-------741
Philadelphia ------------------741
Totala thla wrelr
11.926 15_850 19_811
8830 15 094 51 9:1R 104 mAn
The following shows the week's total receipts, the total
since Sept. 1 1911, and the stocks to-night, compared with
last year:
Receipts to
Apra 26.
1911-12.
1910-11.
This Since Sep
Week. 1 1911.
This Since Sep
Week. 1 1910.
Stock.
1912.
28,381 3,400,057 13,736 2,670,819
Galveston
805 584,517
306,852
Texas City
____
254,295
Port Arthur, ecc.. • 13,479 266,366
New Orleans__ 14,913 1,553,858 12,451 1,437,440
122
66,795
____
:34,239
Gulfnort
2,342 365,487
1,581 237,374
Mobile
2,000 208,217
112,843
Pensacola
23,456
Jacksonville, dee_
160
49,659
476
Savannah
.. 17,086 2,292,241
8,598 1,363,080
3,100 397,320
____ 221,184
Brunswick
Charleston
,'0
8,172
387 275,520
----- 1,019
Georgetown ---____
1,424
Wilmington
3,932 537,390 2,253 399,170
Norfolk
13,139 708,107 3,917 530,905
N'port News, dm_
542
34,686
____
3,924
180
New York
5,549
791
9,490
Boston
582
57,546
268
35,634
Baltimore
1,315 113,934
754 106,437
741
2,193
____
Philadelphia
365
Total
_ _
104.549 11053113 45.212 8.025.351
1911.
206,377
805
70,651
106,782
9,761
12,270
95,689
2,177
5,261
103,237
9,741
26,789
42,010
1,054
12,820
19,743
47,159
7,480
13,624
150,590
11,676
8,149
796
164,485
8,809
4,868
2,816
715.875
431 744
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1912.
Total this wk_
ChNie..
.i -
1911.
13,736
28,381;
14,9.84
14,913
2,342
17,086
3,100
1,730
3,932
13,139
542
5,100
Galveston _ _
TexasCity,&c.
New Orleans_
Mobile
Savannah
Brunswick__ _
Charleston,ecc
Wilmington_ _
Norfolk
N'port N., Fa
All others_ ___
..---
I
12,451
1,581
8,598
387
2,253
3,917
104,549
1910.
1909.
17,204
5,097
18,239
758
9,170
357
589
1,607
8,478
I
42,294
1,236
42,467
5,336
24,188
380
3,811
5,212
8,660
1908.
1
20,132
1,037
20,327
2,335
7,873
2,289
3,394
2,227
313
972
2,084
296
2,793
45,212
64,893
135,811
58,162
1907.
26,193
4,091
15,835
1,482
13,195
697
354
1,522
5,524
445
5,362
74,710
iltioolle o AOM 0M1 0! ,00 0,A A A00 110,
01.1 n,n n 004 0041.
The exports for the week ending this evening reach a total
of 107,233 bales, of which 33,715 were to Great Britain,
14,458 to France and 59,060 to the rest of the Conitnent.
Below are the exports for the week and since Sept. 1 1911:
Week erulin7 April 26 1912. From Sept. 1 1911 to April 26 1912.
Exported toExported toExports
from-
ContiGreat
ContiGreat
Britain. Fence neat. Total. Britain. France. neat.
Galveston
Texas City
Pt. Arthur,&c.
New Orleans..
Mobile
Pensacola
Gulfport
Savannah
Brunswick_ _I
Charleston_ '
Wilmington_ ..;
Norfolk
Newport Nero
New York
Boston
Baltimore
'
Philadelphia
Portland, Me
San Francisco.
Seattle
Tacoma
Portland, Ore
Pembina
Detroit
Total
Total 1110-11_
Total.
4,765 10,908 17,890 33,563 1,310,959 264 494 1,228,773 2,804,226
8,914 409,662 92,817
8,914
81,637 584,116
12,000 12,000 20,121 66,141 109,371 195,633
7,918 3,550 7,154 18,622 756,045 158,119 501,5801,423,744
4."8
----
"2;656
313' gg.81 211
113,M
2g:882
33,732
23,302
57,034
450,108 164,298 1,063,7621 A78,168
188,929 _____ 169,277 358,206
47,030
199,209 246,239
152,935 115,441 215,092 483,468
12,439
3,230
15,669
3,114
2,731
3,243
950
1,387
1,708
14,115
__
___
'
6,357 224,378 78,801 272,985 576,164
9,422 163,332
2,731 153,910
16,513 5,920
950
87,899 110,332
59,168
17,380
76,548
1,387
4,218
4,218
I
204,701 204,701
1,708
130,654 130,651
14,115
I
59,813
59,843
I
I
4,868
4,868
33,715 14,458 59,030 107,233 3,45,40911075514,59.3,1609,666,123
.•
. .
• ).
• .
•
•
„
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
I Great
April 26 at- Britain. France
New Orleans__
Galveston ____
Savannah ____
Charleston_
Mobile
Norfolk
New York
Other ports
12,940
26,626
2,.500
GerOther Coastmany. !Foreign wise.
2,487 4,955 7,609
8,498 13,621 10,627
2,000
7,300
2,000
_
119
2,460
_
Leaving
Stock.
Total.
27,991
61,912
11,800
2,000
-566 9,238
15,000 15,000
4,000
8,000
15,000
78,791
144,465
91,437
24,789
3,032
32,159
142,590
45,671
Total 1912
56,359 14,604 32,536 29,536 17,906 150,941
5,900 21,064 19,712
Total 1911_,.. 9,081
8,691 64,448
Total 1910_ 26,538 20,232 10,025 10,359 14,867 82,021
562,934
367,296
475,211
6,293
1,000
7,000
1,500
1,500
8,000
2;6;6
Speculation in cotton for future delivery has been fairly
active, and for a time prices advanced. Latterly they have
receded, owing to improved weather east of the Mississippi
River. The early advance was due to diametrically opposite conditions. Heavy rains prevailed in Mississippi, Alabama, Georgia and the Carolinas, as well as at some places in
Texas. The greatest rains have been, as already intimated,
east of the Mississippi River. In that section field work,
especially in certain localities, is said to be much behind last
year. Already there is talk of the possibility of a marked
falling off in the crop, for the reason that field work is late,and
it is said that there will be little opportunity for the very
careful cultivation of the soil, which contributed so largely
to the big crop raised last year. Floods in the lower Mississippi Valley have also tended to create uneasiness. There are
large tracts of fertile land overflowed. There has been large
loss in live stock and tools and implements of cultivation,
not to speak of considerable loss of life. Many of the negroes have had to leave for higher ground. The spot situation has continued very strong. The better grades of cotton
are reported difficult to buy. Exports have on the whole
been comparatively large. The dry goods reports have been
in the main of a favorable character, indicating a good trade
at strong and advancing prices. The new-crop months
have been bought to some extent by spinners. Waldorf-Astoria operators in the middle of the week were large buyers
partly to cover shorts, but also inpartfor the longaccount,on
the theory that weather conditions over much of the belt
have been so bad that it seems problematical, at least,
whether a good crop can be raised this season. Large spot
interests have also bought from time to time with more or
less freedom; so have well-known Wall Street people, and
also, at times, Southern operators. Manchester prices have
been firm. Silver has advanced quite noticeably in London.
At one time Liverpool was a buyer here. Not a little buying
by commission .houses was on waiting orders, waiting, that
is, for a reaction. The belief of many is that the crop season
is now so backward east of the Mississippi that it is extremely
doubtful whether a yield of adequate size can be raised.
The rainfall in Alabama, in particular, since March 1 is reported to be far above the normal. On the other hand,
the weather of late has cleared east of the Mississippi River,
and this has precipitated a good •deal of long liquidation, with
the result that on Wednesday prices showed quite a mark
decline. The gist of the crop reports from Texas is very
favorable. Predictions are frequently heard, nowedays, that
Texas in the season of 1912-13 will raise much the largest
crop ever produced in that State. Some very favorable reports, too, are being received from Oklahoma. The idea of
many is that, with cotton around 12 cents a pound, or $60 a
bale, the South will strain every nerve to raise as big a crop
as possible. It is believed that an abundance of fertilizers
will be used, and that if the weather from now on should be
as favorable as the average, the next crop may not iinprobably reach much larger pro_portiops than at one time recently
seemed likely. The South at times has sold freely, and towards the close of the week Waldorf-Astoria interests are
understood to have sold to some extent. The notion of not
a few is that, after so marked an advance, a further reaction
would not be at all unnatural. They also believe that after
so prolonged a season of bad weather it would seem natural
to expect a period of more favorable conditions. To-day
prices declined. May notices for 20,000 bales were issued.
Some well known spot interests sold July and bought May.
Spot cotton closed at 11.75c. for middling uplands, a decline
of 5 points for the week.
The official quotation for middling upland cotton in the
New York market each day for the past week has been
April 20 to April 26Middling uplands
Sat.
11.95
Mon.
12.00
Tues.
12.00
Wed. Thurs. Fri.
11.85 11.85 11.75
NEW YORK QUOTATIONS FOR 32 YEARS.
1912_c
1911
1910
1909
1908
1907
1906
1905
11.7511904_c
15.35 1903
15.25 1902
10.90 1901
10.10 1900
11.30 1899
11.75 1898
7.55 1897
13.75
10.50
9.89
_ 8.31
9.81
6.12
6.38
7.62
1896_c
1895
1894
1893
1892
1891
1890
1889
8.06
6.94
7.50
7.81
7.25
8.88
11.94
10.94
9.81
10.62
9.25
10.81
11.88
10.31
12.25
10.75
1888_c
1387
1386
1835
183.1
1883
1882
1881
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Market
'Closed.
SALES.
Spot. Contr'ct Total.
Saturday_ __ Steady, 15 pts. adv_ Steady _ __ _ _ Monday.
Barely steady
Steady, 5 pts. adv
Tuesday _ -- Steady
______ - Firm
Wednesday.. Quiet, 15 pts. dee_ Barely7 steady -Thursday __ Quiet
Steady
Friday ..__ Quiet, 10 pis. der _. Easy
'Ric")
_
75
-
75
200
--iao
• 275
THE CHRONICLE
APR. 27 1912]
1195
FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
New York the past week have been as follows:
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year-is set
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THE VISIBLE SUPPLY OF COTTON to-night, as made
8
up by cable and telegraph, is as follows. Foreign stocks,
:as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
.evening. But to make the total the complete figures for
The above totals show that the interior stocks have deto-night (Friday), we add the item of exports from the creased during the week 28,000 bales and are to-night
53,612
nited States, including in it the exports of Friday only.
bales less than at the same time last year. The receipts
April 281912.
1911.
1910..
1909.
Stock at Liverpool
bales.1,369,000 1,034,000 696,000 1,257,000 at all towns have been 20,372 bales more than the same
Stock at London
7,000
4,000
3,000
10,000 week last year.
4pic at Manchester
110,000
95,000
55,000
82,000
OVERLAND MOVEMENT FOR THE WEEK AND
Total Great Britain stock
1,482,000 1,136,000 755,000 1,349,000 SINCE SEPT. 1.-We
give below a statement showing the
'Stock at Hamburg
7,000
11,000
7,000
7,000
'Stock at Bremen
276,000 461,000 overland movement for the week and since Sept. 1, as made
700,000
232,000
'Stock at Havre
324,000
291,000
296,000 335,000 up from telegraphic reports Friday night. The results
for
Stock at Marseilles
4,000
3,000
4,000
2,000
stock at Barcelona
24,000
22,000
9,000
42,000 the week and since Sept. 1 in the last two years are as follows:
'Stock
at Genoa
'Stock at Trieste
Total Continental stocks
53,000
13,000
54,000
9,000
30,000
5,000
1,125,000
617,000
626,000
44,000
2,000
809,000
Total European stocks
2,607,000 1,753,000 1,381,000 2,248,000
'India cotton afloat for Europe__ _
61,000
151,000
170,000
140,000
Amer. cotton afloat for Europa_ _ 476,825
197,125 259,074
331,777
Egypt,Brazil,&c.,alit.for Europe_
44,000
22,000
17,000
32,000
108,000
*Stock in Alexandria, Egypt
185,000
120,000 228,000
721,000 616,000
Stock in Bombay. India
728,000
451,000
713,875 431,744
Stock in U. S. ports
557,232 622,169
368,961
Stock in U. S. interior towns__ _ _ 315,349
368,358
470,576
2,714
15,922
U. S. exports to-day
13,687
17,547
5,152,971 3,727,544 3,623,351 4,541,069
Total visible supply
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 1,256,000 904,000 625,000 1,147,000
Manchester stock
45,000
83,000
80,000
67,000
'Continental stock
573,000
587,000 855,000
1,094,000
American afloat for Europe
197,125
259,074
331,777
476,825
U. S. port stocks
713,875 431,744
557,232 622,169
U. S. interior stocks
315,349
368,358
470,576
368,961
'U. S. exports to-day
15,922
2,714
13,687
17,547
Total American
3,954,971 2,557,544 2,455,351 3,511,069
East Indian, Brazil. &c.
Liverpool stock
113,000
130,000
71,000
110,000
London stock
3,000
7,000
4,000
10,000
'Manchester stock
27,000
15,000
10,000
15,000
-Continental stock
31,000
44,000
39,000
44,000
India afloat for Europe
61,000
151,000
179,000
140,000
Egypt, Brazil, &c., afloat
44,000
22,000
17,000
32,000
'Stock in Alexandria, Egypt
198,000
185,000
120,000
228,000
Stock in Bombay. India
721,000
616,000 728,000 451,000
Total East India. eco
1,198,000 1,170,000 1,168,000 1,030,000
'Total American
3,954,071 2,557,544 2,455,351 3,511,069
•Total visible supply
5,152,071 3,727,544 3,023,351 4,541,069
Middling Upland, Liverpool
6.56d.
8.27(1.
7.04d.
5.53d.
Middling Upland, New York.... 11.75c,
15.35c.
15.25c.
10.90c.
Egypt, Good Brown, Liverpool
10 5(d.
11.00d,
1554d. 8 11-16d.
Peruvian, Rough Good, Liverpool
9.10d.
11.25d.
11.00d.
8.75d.
Broach, Fine, Liverpool
6d.
7;O.
754d. 5 5-16d.
Tinnivelly, Good, Liverpool
5 15-16d.
754d. 7 1-16d.
551d.
-1911-12-1910-11Since
Since
Week. Sept. 1.
Week. Sept. 1.
10,675 577,264
8,208 468,270
1,215
56,542
1,218
194,508
883
7,51425,907
147,345
4,185
1-,iii
122,038
1,482
115,368
2,767
72,688
2,248
179,888
2,984
163,175
10,416 412,325
1,078
161,088
April 26ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
31,104 1,496,246
179,222
94,393
49,091
7,454
17,396 1,207,674
1,813
2,589
563
151,926
57,229
40,576
322,706
4,965
249,731
23,650 1,173,540
12,431
957,993
Total to be deducted
Leaving total net overland •
2,818
2,863
1,773
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 23,650 bales, against 12,431 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 215,597 bales.
1911 12
In Sight and Spinners'
Since
Sept. 1.
Week.
Takings.
Receipts at ports to April 26____104,549 11,053,113
23,650 1,173,540
Net overland to April 26
Southern consumption to April 26 56,000 1,732,000
1910-11
Since
Week-.
Sept. 1.
45,212 8,025,351
12,431
957,943
49,000 1,613,000
184,199 13,058,653
*28,000
214,912
106,643 10,596,294
*35,137
$18,183
Total marketed
Interior stocks in excess
Came into sight during week._ _ _156,199 14_,_1_73
_ _it_i8
Total in sight April 26
North. spinners takings to Apr. 26 38,872
2,047,949
71,306
10,914,477
39,804
1,904,922
• Decrease during week.
Movement into sight in previous years
Week1910-April 29
1909-April 30
1908-May
2
Bales.
Since Sept. 1-
Bales,
98,296 1909-10-April 29
9,523,682
Continental imports for the past week have been 198,000
152,805 1908-09-Apel 30
12,309,299
84,390 1907-08-May 2
bales.
10,299,506
The above figures for 1912 show a decrease from last week
QUOTATIONS FOR MIDDLING COTTON
OTHER
of 134,284 bales, a gain of 1,425,427 bales over 1911, an ex- MARKETS.-Below as the closing quotations AT
middling
cess of 1,529,620 bales:over 1910 and a gain of 611,902 bales cotton at Southern and other principal cotton of
markets for
over 1909.
each day of the week:
TIIE CHRONICLE
1196
Closing Quotations for Middling Cotton onWeek ending
April 26.
Sarday. Monday. Tuesday.,Wed'day. Thursd'y.,'Friday.
Galveston ----- 12
New Orleans_ _ 11 %
Mobile
11'%
11 5-16
Savannah
118%
Charleston
Wilmington_ _ _ 118%
11
Norfolk
Baltimore
11 3
Philadelphia _ _ _ 12.20
Augusta
118%
Memphis ------ 118%
St. Louis _____ _ 1184
11 15-16
Houston
Little Rock
12
12
118%
118%
118%
11 5-16
11%
11%
12.25
12
11 %
11 312
118%
ii -11 %
11%
11 5-16
11 5-16
11 %
11%
12.25
12
11 %
11 %
12
12
118%
118%
118%
11'%
113-1
113-1
12.10
12
11 %
11'%
1131
118%
12
12
11'%
11 M
11'%
118%
1131
113-1
12.10
12
1131
118%
1131
118%
- 111%
11 %
8
11 %
11 M
1131
113-1
12.00
12
1184
1184
11 13-16
118%
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the nast week have been as follows:
Sarday,1 Monday, Tuesday, Wed'day, Thursd'y, Friday,
April 20. April 22. April 23. April 24. April 25. April 26.
AprilI
Range_ ® _____
® __ ® __ ® __ ® __ ® Closing
11.90 -,11.90 -11.97 -11.82 -11.89 -11.70 MayI
Range
11.94-.09 11.91-.06 11:79-.01 11.85-.98 11.82-.96 11.70-.92
Closing
11.96 -,11.95-.97 12.01-.02 11.87-.88 11.94-.95 11.71-.72
JuneRange
Closing
12.01-.03 11.99 -12.05 -11.90 -11.96 -11.77 JulyI
12.04-.11'12.06-.17 11.96-.19 12.00-.15 12.00-.10 11.84-.08
Range
Closing
12.07-.08,12.11-.12 12.17-.18 12.02-.03 12.09-.10 11.86-.87
August1
Range
11.95-.98 12.00 -- ® -11.97-.98 11.90 -- ® Closing
11.94-.96 11.98-.00 12.04-.06 11.88-.90 11.98 -11.75 -1
SeptemberRange- @ -11.89-.91-- ® -11.87 -- @ -- ® Closing ______ 11.88 -11.90-91 11.99-.01 11.80-.82 11.86-.88 11.61 October1
Range ______ 11.79-.86 11.83-.93 11.73-.97 11.76-.93 11.73-.83 11.56-.80
11.82 -111.86-.87 11.95-.96 11.76-.77 11.82-.83 11.56-.5'2
Closing__
November-,
_ ® _i_ ® _ _ ® _ _ ® _ _ ® _ _ ® Range
11.83 -111.86 -11.95 -11.77 -11.83 -11.57 Closing
December1
11.82-.88 11.86-.95 11.75-.98 11.77-.94 11.75-.85 11.58-.81
Range
11.83-.8411.87-.88 11.96-.97 11.77-.78 11.84-.85 11.58-.59
Closing
JanuaryI
11.85-.91 11.89-.96 11.81-.99 11.80-.01 11.77-.84 11.61-.81
Range _
11.84-.86'11.88-.90 11.98-.99 11.79-.80 11.85-.87 11.60-.61
Closing
ToneEasy. Steady. Steady.
Steady. Steady. Firm.
Spot
_____
O.•,...1•+
•
C•c.•••-i•
.
•
C..7.••••1•s
•
Q....1.-1.s
•
Arc.s,„
c•••
•
C4,aelri sr
•
EUROPEAN COTTON CONSUMPTION TO APRIL 1.By cable to-day we have Mr. Ellison's cotton figures brought
down to April 1. We give also revised totals for last year
that comparison may be made. The spinners' takings in
actual bales and pounds have been as follows:
October 1 to April 1.
Great Britain.
Continent.
Total.
For 1911-12.
2,500,000
3,831,000!
6,331,000
Takings by spinners__ __bales_
504
490
495.5
Average weight of bales__ __lbs_
_______ _ 1,260,000,000 1,877,190,000 3,137,190,000
Takings in pounds
For 1910-11.
bales..
2,350,000
3,425,0001
5,775,000
Takings by spinners
4821
506
Average weight of bales _ _lbs_
491.8
Takings in pounds _ ___________ 1,189,100,000 1,650,850,0002,839,950,000
According to the above, the average weight of the deliveries
in Great Britain is 504 pounds per bale this season, against
506 pounds during the same time last season. The Continental deliveries average 490 pounds, against 482 pounds last
year, and for the whole of Europe the deliveries average
495.5 pounds per bale, against 491.8 pounds last season.
Our dispatch also gives the full movement for this year and
last year in bales of 500 pounds.
October 1 to April 1.
Bales of 500 lbs. each.
(000s omitted.)
1910-11.
1911-12.
Great ContiGreat ContiBrirn. nent. Total. Brirn. nent. Total.
Spinners' stock Oct. 1 ________ _
Takings to April 1 _
312 1,104 1,416
169
972 1,141
2,520 3,754 6,274 2,378 3,301 5,679
Supply
Consumption, 26 weeks
2,832 4,858 7,690 2,547 4,273 6,820
2,080 2,860 4,940 1,852 2,730 4,582
Spinners' takings April 1
In
In
In
In
In
In
Weekly Consumption,
(0003 omitted.)
October
Novembe
December-----------------_ ___________
January
February
March _ __________________
752 1,998 2,750
80
80
80
80
80
80
110
110
110
110
110
110
190
190
190
190
190
190
695 1,543 2,238
60
70
74
74
74
74
105
105
105
105
105
105
165
175
179
179
179
179
MISSISSIPPI FLOOD.-No further breaks in the
Mississippi River levees have occurred since those we referred to last week but large sections of farm land are
under water. The river is reported to be falling, however,
showing a considerable drop at Memphis during the week.
An appropriation of $1,500,000 to be immediately available for the repair of the crevasses and levees on the Mississippi River between the mouth of the Ohio and the -mouth
of the Mississippi is proposed in a bill introduced in the
House of Representatives on April 24.
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening indicate that
rain has been quite general during the week, with the precipitation excessive in sections of Alabama and Arkansas and
rather heavy in some Atlantic districts. Conditions in Texas
are good as a whole but wet weather has delayed crop
preparations in Central and Northern portions. The Mississippi River continues at a high stage, but is falling.
Galveston, Tex.-Wet weather in central and northern
portions of Texas have delayed preparations for the new crop
[VOL.
about ten days. In southwestern sections conditions are
about normal, and about ten days of clear weather are needed
to cover delay. We have had no rain during the week. The
thermometer has averaged 71, ranging from 64 to 78.
Abilene, Tex.-We have had rain on one day during the
week, the rainfall being eighty-four hundredths of an inch.
Minimum thermometer 46.
Brenham, Tex.-There has been rain on two days during
the week, the rainfall being ninety-six hundredths of an inch.
Average thermometer 68, highest 82, lowest 54.
Cuero, Tex.-There has been light rain on two days during
the week, the rainfall being eight hundredths of an inch.
The thermometer has averaged 69, the highest being 88
and the lowest 50.
Dallas, Tex.-There has been light rain on one day the
past week, the rainfall reaching four hundredths of an inch.
The thermometer has averaged 65, ranging from 47 to 86.
Henrietta, Tex.-It has been dry all the week. The thermometer has ranged from 46 to 84, averaging 65.
Huntsville, Tex.-There has been rain on one day during
the week, the rainfall being sixty-four hundredths of an inch.
Average thermometer 64, highest 82, lowest 46.
Kerrville, Tex.-There has been light rain on one day during the week, the precipitation being eight hundredths of an
inch. The thermometer has averaged 61, the highest being
82 and the lowest 40.
Lampasas, Tex.-We have had light rain on two days
during the week, the rainfall reaching twelve hundredths of an
inch. Thermometer has averaged 62, ranging from 40 to 84.
Longview, Tex.-It has rained on two days of the week,
the precipitation being eighty-eight hundredths of an inch.
The thermometer has ranged from 50 to 86, averaging 68.
Luling, Tex.-It has rained lightly on one day of the week,
the precipitation being two hundredths of an inch. Average thermometer 71, highest 90, lowest 52.
-There has been good rain on three days
Nacogdoches, Tex..
during the week, the precipitation reaching two inches and
sixty-six hundredths. The thermometer has averaged 65,
the highest being 80 and the lowest 50.
Palestine, Tex.-There has been rain on two days the past
week, the rainfall reaching one inch and ninety hundredths.
The thermometer has averaged 66, ranging from 52 to 80.
Paris Tex.-It has rained lightly on two days of the week,
the rainfall reaching ten hundredths of an inch. The thermometer has ranged from 46 to 86, averaging 66.
San Antonio, Tex.-Rain has fallen on two days of the
week, the rainfall being sixteen hundredths of an inch.
Average thermometer 73, highest 90, lowest 56.
Weatherford, Tex.-We have had light rain on one day
during the week, the precipitation reaching six hundredths
of an inch. The thermometer has averaged 64, the highest
being 84 and the lowest 44.
Marlow, Okla.-We have had rain on two days during the
week, the rainfall reaching sixteen hundredths of an inch.
The thermometer has ranged from 45 to 83.
Ardmore, Okla.-It has rained on one day of the week,
the rainfall reaching seventy-four hundredths of an inch
The thermometer has ranged from 45 to 85.
New Orleans, La.-We have had rain on two days of the
week, the precipitation being fifty-seven hundredths of an
inch. Average thermometer 73, highest 84, lowest 61.
Shreveport, La.-There has been rain on two days during
the week, the precipitation reaching seventy-one hundredths
of an inch. The thermometer has ranged from 54 to 80.
Alexander, La.-We have had rain on one day during the
week, to the extent of ten hundredths of an inch. The thermometer has ranged from 53 to 84.
Columbus, Miss.-We have had rain on three days during
the week, the rainfall being seventy-eight hundredths of an
inch. The thermometer has ranged from 45 to 81.
Vicksburg, Miss.-Rain has fallen on three days during
the week, the rainfall being one inch and twenty-eight hundredths. Highest thermometer 83, lowest 55, average 68.
Helena, Ark.-Farm work is progressing on uplands, but
outside the levees the water is deep. The river, however,
has fallen sixteen inches. There has been rain on one day
during the week, the rainfall being thirty-six hundredths of
an inch. The thermometer has averaged 64, the highest
being 77 and the lowest 55.
Little Rock, Ark.-We have had rain on four days during
the week, the rainfall reaching three inches and thirty-four
hundredths. The thermometer has averaged 63, ranging
from 48 to 78.
Memphis, Tenn.-The river is now 38.2 ft. or the gauge,
or 7.1 ft. below extreme high-watermark and falling. 'There
has been rain On thi-ee days during the week, the preeipitation
reaching twenty hundredths of an inch. The thermometer
has ranged from 47 to 77, averaging 63.
Nashville, Tenn.--Rain has fallen on two days during the
week, the rainfall being -ninety-two hundredths of an inch.
Highest thermometer 76, lowest 40.
Mobile, Ala.-There has been rain on five days during the
week, the precipitation reaching five inches and forty-three
hundredths. The thermometer has averaged 67, the highest
being 87 and the lowest 55.
Montgomery, Ala.-There has been rain on three days the
past week, the rainfall reaching five inches and thirty hundredths. The thermometer has averaged 65, ranging from.
_____
• __ • . •
49 to 82.
APR. 27 1912
THE CHRONICLE
Selma, Ala.-We have had rain on three days the past
week, the rainfall being five inches. The thermometer has
ranged from 41 to 81, averaging 64.
Madison, Fla.-Considerable damage has been done by the
heavy rains. Many fields have been badly washed and will
have to be replanted. Lowlands now too wet to plant.
We have had rain on three days of the week, the precipitation being five inches and seventy-five hundredths. Average
thermometer 69, highest 86, lowest 57.
Augusta, Ga.-There has been rain on three days during
the week, the precipitation being two inches and twenty-one
hundredths. The thermometer has averaged 63, the highest
being 78 and the lowest 49.
Savannah, Ga.-There has been rain on three days of the
week, to the extent of three inches and thirty-six hundredths.
The thermometer has averaged 66, ranging from 56 to 78.
Washington, Ga.-We have had rain on three days during
the week, the rainfall being four inches and eighty-eight hundredths. The thermometer has ranged from 44 to 81.
Charleston, S. C.-Rain has fallen on three days during the
week, the rainfall being two inches and twelve hundredths.
Average thermometer 67, highest 76, lowest 58.
Greenville, S. C.-There has been rain on three days during
the week, the precipitation reaching three inches and fortythree hundredths. The thermometer has ranged from 41 to
80.
Spartanburg, S.C.-We have had rain on three days during
the week, the rainfall reaching three inches and one hundredth. The thermometer has ranged from 44 to 79.
Greensboro, N. C.-There has been rain on two days during
the week, the rainfall being one inch and ninety-one hundredths. The thermometer has ranged from 40 to 77.
Raleigh, N. C.-Rain has fallen on three days during the
week, the rainfall being two inches and twenty hundredths.
The thermometer has ranged from 46 to 78.
Charlotte, N. C.-There has been rain on three days during
the week, the rainfall being two inches and forty-four hundredths. The thermometer has averaged 62, the highest
being 79 and the lowest 45.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1911-12.
April 25.
Receipts at-
1910-11.
Since
Week. I Xept. 1.
Bombay
Week.
Bombay1911-12_ 2,000 6,000
__ __ 8,000
1910-1E_ 3,000 22,000 22,000 47,000
1909-10_ _ 3,000 15,000 30,000 48,000
Calcutta1911-12_ _
___ 2,000 6,000 8,000
1910-11_ _
____ 2,000
____ 2.000
1909-10._
__ 2,000
____ 2,000
Madras1911-12__
-___
-___
____
___
1910-11_
_____
1909-10_ __ _
__
____ ''.' ____
All other
1911-12__
__-- 10,000 4,000 14,000
1910-11__
4,000
____ 4,000
1909-10._ 1,000 10,000
___ 11,000
Total all; 1011-12_
. 1910-11-1909-10_
Week.
2,000 18,000 10,000 30,000
3,000 28,000 22,000 53,000
4,000 27,000 30,000 61,000
I 1111
Japan
Continent. & China. Total.
8,000 194,000 641,000 693,000
36,000 637,000 422,000 1,095,000
81,000 750,000 734,00 1,565,000
2,000
3,000
3,000
14,000
29,000
32,000
8,500
18,000
36,000
24,500
50,000
71,000
2,000
8,000
4,000
3,000
800
18,000 '
5
10,000
1,000
5,800
26,005
15,000
5,000
78,000
27,000 188,000
20,000 202,000
20,700 103,700
5,000 220,000
2,000 224.000
17,000 280,000 671,000 977,005
74,000 872,000, 445,0051,391,005
108.000 994.0001 773.000 1.875.000
EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND PETROLEUM.-The exports of these articles
during the month of March and the nine months for the past
three years have been as follows:
Exports.
1911-12.
from
United States. March. 9 Months,
1910-11.
March.
9 Months.
1000-10.
arch.
9 Months.
Quantities.
Wheat _bush 1,144,933 26,768,678 1,854,363 20,203,565
637,111 38,062,856
Flour__ __bble
828,221 7,495,512 .560,750 7,418,594
097,580 8,702,354
Wheat *.bush 5,634,043 65,929,266 5,581,357 53,933,369 3,160,486 72,346,529
Corn__ __bush 5,192,121 36,350,730 9,773,149 45,529,524 4,763 299 27 363,768
Total bush_ 10,826,164 102,279,906 15,354,506 09,462,893 7,923,785 99,710 297
Values.
$
Wheat & flour 5 556 433 65,147,312 5,652,510 55,547,701 3,658,441 70,276,568
Corn & meal_ 3,884,428 27,015,990 5,278,883 25,883,635 3,340,421 19,703,395
405
Rye
2,063
10
142
154,000
28
123,091
Oats & meal_
050,302
202,597 1,252.524
926 980
07,133
215 1,070,859
Barley
188,295 4,852,401
15 405 2,912,879
Breadatuffs_ 9,564,572 04,186,533 11,322,295 87,516,263 7,120,518 102,973,822
Provisions'- - 12 670,197 101,003,256 11,555,431 87,744,240 10,006,164 86,898,414
575,602 !.8,114,152 1,103,182 8,117,530 905,020 11,397,817
Cattle,hl&s.
Cotton
0 577 631194,978,030 29,673,378 530,884,82633,105,960381,218,656
Petroleurn,&e. 7,611,147 72,558,740 8,923,515 63,463,859 8,029,737 71,100,814
Cot'nseed oil. 2,838,763 19,464,405 1,954,219 11,943,552 1,311,477 11,036,673
Total value93,838,512 791,205,116 34,532,015 792,670,27060,479,476 604,626,196
LOWELL STRIKE ENDED.-On Monday last some
14,000 employees in six Lowell cotton mills returned to work
ending the strike which had lasted four weeks. The operatives received a wage increase of 10 per cent ,time and a
quarter for overtime work and the right to inspect the weight
and measuring of cloth. The strike at the Lancaster mills,
Clinton; Mass., also ended Monday with the return of 2,300
strikers who have been idle since March 20. The demand
of the employees for a 10 per cent wage advance has been
Cotton Takings.
Week and Season.
1910-11.
1911-12.
Week.
Season.
Season.
Week.
Visible supply April 19
5,287,255
3,844,294
Visible supply Sept. 1
1,603,418
1,495,514
American in sight to April 26_ _
156,199 14,173,565
71,506 10,914,477
Bombay receipts to April 25.._
55,000 1,871,000
78,000 1,892,000
Other India ship'ts to April 25_ _
22,000
134,000
6,000
296,000
Alexandria receipts to April 24_
3,000
955,000
3,000
995,000
Other supply to April 24 *
3,000
192,000
4,000
233,000
Total supply
DeductVisible supply April 26
5,526,454 18,928,983 4,006,800 15,825,995
5,152,971 5,152,971 3,727,544 3,727,544
Total takings to April 26
373,483 13,776,012 279,256 12,098,452Of which American
281,483 11,071,012 193,256 9,150,447,
Of which other
92,000 2,705,000
86,000 2,948,005.
• Embraces receipts in Europe from Brazil. Smyrna, West Indies, &c.
ALEXANDRIA_RECEIPTS
AND SHIPMENTS.
_
Alexandria, Egypt,
April 24.
Receipts (cantars)This week
Since Sept. 1
Exports (bales)To Liverpool
To Manchester
To Continent and India_ _
To America
1911-12.
1910-11.
1909-10.
27,000
7,164,871
22,000
7,463,768
4,000
4.867.829
This Since
Week. Sept. 1.
This Since
Week. Sept. 1.
This Since
Week. Sept. 1.
1,750 175,623
6,250 195,211
7,000 307,016
3,750 89,449
2,000 193,847
4,000 196,018
2,250 336,722
3,250 103,880
2,000 140,643.
1,250 113,477
3,000 258,203,
300 57,832
Total exports
18,750 767,299 11,500 830,467 6,550 570,155.
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
MANCHESTER MARKET.-Our report received by cable
to-night from Manchester states that the market continues
firm for both yarns and shirtings. Merchants are buying
very sparingly. We give the prices for to-day below
and leave those for previous weeks of this and last year for
comparison.
32.Cop
Twist.
Since
Sept. 1.
Since September 1.
Great
Great Conti- Japan 1
Britain. nent. &China Total. Britain.
granted by the company, although the matter of abolishing
the fines system has been held in abeyance pending a decision by the Massachusetts Supreme Court.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1909-10.
55,0001,871,000 78,000 1,892,000 66,000 2,705,000
For the Week.
Exports.
from-
Since
Sept. 1.
1197
83-1 lbs. Shirt- Cot'n
inys, common Mid.
Upl's
to finest.
d. 13. d.
s. d.
d.
Mar.
8 9 1-16@ 103i 5 9 @II 23-i
15 9 3.16(i103-l6 5 103-011 23-f
22 9 3-16@103-16 5 103.011 23-f
29 9 5-161)3 103-1) 6 0 011 3
Apr.
5 9 5-160 103-1) 6 o @ii 3
12 9%
@ 101) 6 1 @II 43-1)
19 9%
@ 1094 6 154(411 5
26 994 0 103-4 6 134011 5
32s Cop
Twist.
d.
d.
6.03
6.18
6.11
6.17
103103'
103103.1)
83-1 lbs. Shirt- Corn
ings, common Mid.
to finest.
Upl's
d. a. d.
@
()
0
0
113-1 5
113-i 5
113- 5
113.1) 5
s. d. d.
634@1010
11 @II 0
11 @II 0
11 @II 0
6.17 109-16@11 9-165 11 @II
6.94 10 9-16@11 9-165 11@11
6.62 103-1) 0 1194 6 0©11
6.56 1094 1)3 1154 6 1011
0
0
134
3
7.66
7.75
7.73
7.70
7.83
7.96
8.10
8.27
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 107,233 bales. . The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-April 24-Celtic, 703 upland, 30 Sea
Island, 481 foreign
1,214
To Manchester-April 20-Storstad, 1,900
1,900..
To Bremen-April 22-Barbarossa, 111
111
To Hamburg-April 24-President Lincoln, 157
157
To Antwerp-April 19-Lapland, 1
1
To Barcelona April 19 Filomachl, 300
300
To Genoa-April 23-Luislana, 300
300
To Naples-April 23-Luisiana.
_April 24-Saxonia, 550
730,
To Venice-April 19-Columbia,180..420
420
To Piraeus-April 25-Athenal, 146
146
To India-April 18-Schildsturm, 1,078
1,078
GALVESTON-To Liverpool-April 20-Inkum, 4,765
4,765
To Havre-April 19-Montauk, 10,908
10,908
To Bremen-April 20-Christopher Knudsen, 6,051
6,051
To Antwerp-April 23-Penrith Castle, 3,025
3,025
To Ghent-April 23-Penrith Castle, 2,580
2,580
To Genoa-April 19-Italia, 6,134
6,134
To Naples-April 19-Italia, 100
100
TEXAS CITY-To Liverpool-April 19-Inkum, 8,914
8.914
PORT ARTHUR-To Bremen-April 26-Wimborne, 12.000
12,000
NEW ORLEANS-To Liverpool-April 24-Jamaican, 7,502_ _ _ _ 7,502
To London April 26-Barbadian, 416
416
To Havre-April 24-Guatemala, 3,550
3,550
To Hamburg-April 23-Maresfleid, 3,600
3,600.
To Antwerp-April 19-Chaucer, 2,050.._ _April 26-Barbadian. 173
2,223,
To Barcelona-April 22-Margherita, 1,325
1,325
To Mexico-April 26-City of Tampico. 6
&
MOBILE-To Liverpool-April 19-Albanian, 4,886
4.886.
PENSACOLA-To Bremen-April 26-August Belmont, 1,800
1.800
To Barcelona-April 20-Carmen, 100
100.
To Trieste-April 20-Carmen, 100
100.
BOSTON-To Liverpool-April 20-Armenlan, 2,731
2,731
BALTIMORE-To Bremen-April 19-Neckar, 950
950
PHILADELPHIA-To Manchester-April 23-Manchester Commerce, 1,387
1,387SAN FRANCISCO-To Japan-April 24-Tenyo Maru, 1,708_
1.708
SEATTLE-To Japan-April 18-Indian, 12,253... _April 22
Kamakura Maru, 1,662
13,915
To China-April 22-Kamakura Maru, 200
200Total''
l
107,233
particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
,
Great French Get- -Oth.Europe- Mex.,
Britain. Ports. many. North. South. &a. Japan. Total.
New York
268
____
3,114
1 1,896 1,0'78
....._
Galveston
4,765 10,908 6,051 5,605 6,234
33
6:3
55
63
7
Texas City
6
8,
84 9
628
12
4
e.
8,914
-- - Port Arthur_ __ _
-------------12,6615
12,000
-New Orleans_. 7,918 3,550 3,600 2,223 1,3i
Mobile
4,886
----Pensacola
i
2,000
Boston
------------2,731
---------2,731
-- --Baltimore
_______ ___
i i:i
Philadelphia
1,387
____
1,3
98
53
San Francisco
____
__ _ 1,708
1,708Seattle
200 13915 14,115
Total
33,715 14,458 24.669
7,829
9,6551,284 15623 107,233.
THE CHRONICLE
1198
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
April 5. April 12. April2 9. April 28
61,000
52,000
32,000
26,000
bales_
Sales of the week
1,000
4,000
600
1,000
Of which speculators took_ _
_
600
2,000
1,000
1,000
took__
exporters
which
Of
44,000
54,000
24,000
29,000
Sales, American
11,000
7,000
4,000
24,000
Actual export
79,000
75,000
69,000
87,000
Forwarded
1,274,000 1,383,000 1,340,000 1,360,000
Total stock-Estimated
1,159,000 1,253,000 1,224,000 1,256,000
Of which American
117,000
59,000
72,000
200,000
Total imports of the week
109,000
42,000
67,000
178,000
Of which American
224,000
289,000
279,000
340,000
Amount afloat
184,000
258,000
246,000
305,000
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
Srot.
Market, 1
Moderate
12:15
P. M. 1 demand.
Monday.
Tuesday. Wednesday. Thursday.
Good
demand,
Fair
business
doing,
M ld .1.Tpl'ds
6.57
6.65
6.61
Sales
Spec.,texp.
7,000
500
10,000
500
8,000
500
Future/.
Market 1
5
opened
Quirt,
1 point
decline,
Steady at
7 points
advance,
Easy at
5 points
decline,
Fair
business
doing,
Fair
business
doing.
6.67
6.57
8,000
8,000
500
500
•
Steady at Easy at
8 points 8 points
advance, decline.
Friday.
Good
demand.
6.56
14,000
1,500
Quiet at
14 pts.
advance.
Vo I,. LXXXXIV
Indian corn has been irregular, prices rising for a time,
then receding, only to rally again. Late in the week May
touched 81c., the highest price in four years. Very prominent people in Chicago who, it is believed, were short of the
market, have latterly been large buyers. The Corn Products
Co. bought 100,000 bushels of No.2 mixed in store at Chicago
at %c. over May and earlier in the week a cargo of Argentina corn-the third thus far this season. This buying of
Argentina corn in the United States has not happened in
three or four years. St. Louis bulls have sold freely, but
offerings were well absorbed. On Tuesday interior dealers
sold some half a million bushels of cash corn for May-June
shipment, the largest business of this kind in some time. The
price of No. 2 mixed corn here is 30c. higher than a year ago.
Futures are also very much higher than then. Under the
circumstances it is natural to suppose that a big acreage will
be planted. To-day trading was quiet and prices declined
slightly on profit-taking.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
nom. nom. nom. nom. nom. nom.
nom. nom. nom, nom. nom. nom.
May delivery in elevator
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator.78 54 78 34 78 54 79
80 54 71)34
July delivery in elevator.7654 7654 7634 7734 7734 7754
September delivery in elevator _____ 74 A 74 34 74 54 75
7554 7554
Oats advanced, then reacted, owing to profit-taking,
partly by large interests. The cash situation has been in
nta don
nts. adv. nth_ fire
nts. dee_
r,t. adv.
I nt don
P As
the main firm. There is said to be some decrease in the
acreage of Illinois. Seeding this year is, as a rule, later
The prices of futures at Liverpool for each day are given
than usual. Large interests have bought May heavily
below. Prices are on the basis of upland, good ordinary
and sold July. Many of the commission houses have been
clause, unless otherwise stated.
buyers of July and September. No. 2 white oats here are
The prices are given in pence and 100111s. Thus: 6 37 means 6 37-100d.
24 cents a bushel higher than a year ago, but influential
Wed.
Tues.
Thurs.
Mon.
Fr I.
people are still bullish on the situation. The high prices
Sat.
Apr. 20
to
seem likely to cause an increased acreage. To-day, prices
Apr. 23. 12X i 1254 12% 4 12341 4 12% 4 12% 4 12% 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. declined slightly. Cash houses, however, were good buyers
37 43344554 39 138 4534423435 3634 34 3434 of May.
April _ _ _
6 33 3934 42 3534 343442 3834 31 33 3034 3034
April-May
DAILY CLOSING PRICES OF OATS IN NEW YORK.
May-June ... 6 33 303i 42 3534 34% 42 385431 33 31 30%
Sat. Mon. Tues. Wed. Thurs. Fri.
033 3934 42 35 34 34 34 42 38% 31 33 3134 31
64
64
64
64
June-July
Standards
-6454 64
38%
31%
A
41
31
333432
34
35
683 3934 42
•
6454 6434 64
6434 6434 6434
white
July-Aug_
2
No.
6 3054 3734 40 33 32 3934 3634 29 31343054 30
Aug.-Sep_
OATS
OF
DAILY CLOSING PRICES
FUTURES IN CHICAGO.
8 2734 3434 37 29 2834 36 3334 23 29 2754 27
Sep.-Oct _
Sat. Mon. Tues. Wed. Thurs. Fri.
25
Oct.-Nov_ ____ 6 2434 32 343420 26 3334 3134 24 27 2534
May delivery in elevator.57% 57% 5634 5734 5734 57%
Nov.-Deo. _ _ 6 2234 30 32% 24 24 31 34 29% 22 2534 25 34 25
_ 54 A 5434 53 A 54 54 5454 54 %
July delivery in elevator
Dec.-Jan __0 22 2934 32 233423 31 29 21 243423 22
4434 4434
September delivery in elevator---- 4334 4334 43% 44
Jan.-Feb
2134 29% 31% 23% 23 303429 21 243423 22
2934 21% 25 2334 23
Feb.-Mch ____ 8 22 34 30% 32 24 2341
quotations:
closing
are
following
The
253424
303422
32
2434
%
2354
24
33
31
23
O
Mch.-Apr.
FLOUR.
Winter, low grades____$3 70(3$3 801Kansas straights, sacks_$4 90@$5 25
5 35® 5 501Kansas clears, sacks___ 4 45@ 4 60
Winter patents
6 70Q 7 00
4 6Ot 4 801City patents
Winter straights
4 70155 5 35
4 251Itye flour
Friday Night, April 26 1912.
4 00
Winter clears
4 15Q 4 60
Graham flour
5
50155
5
patents
Spring
70f
most
still,
the
for
has
business
but
firm
Flour has been
5 10155 5 301Corn meal, kiln dried_ 3 90®
Spring straights
Nominal
mills
more
limits.
Four
moderate
cwt
very
4 40155 4 601Buckwheat,
Spring clears
part, kept within
GRAIN
are in operation at Minneapolis although business there
Cents.
Corn, per bushelWheat, per bushel-f. o. b.
was not at all active last week, taking the .week as a
Nominal
f.o.b.
$1 2634
No. 2
N. Spring, No. 1
Nominal
Steamer __elevator
1 2134
N. Spring, No. 2
whole, though now and then there were some reports of
Nominal
elevator
3
No.
22
1
2
No.
winter,
Red
Minneapolis,
at
improved business. The output of the mills
1 25 X Rye, per bushelHard winter, No. 2
98
No. 2 Western
Cents.
Duluth and Milwaukee, however, was noticeably larger Oats, per bushel, newo
o
Nominal
N
State & Pennsylvania$1 25
64
Standards
than in the previous week, reaching 327,610 barrels, against
64 34 Barley-Malting
No. 2 white
69
292,555 bbls. in the previous week and 377,370 bbls. last
No. 3
year.
The statements of the movement of breadstuffs to market
Wheat advanced for a time, owing to bad crop reportsfrom
are prepared by us from figures collected by
Illinois, Indiana and Ohio, as well as some other sections of indicated below
the New York Produce Exchange. The receipts at Western
the belt. The cables at one time, too, were very strong.
lake and river ports for the week ending last Saturday and
Speculation was active. The bull side was very popular and
since August 1 for each of the last three years has been:
shorts hastily covered; some reports have gone so far as to
assert that the winter-wheat crop is not likely this year to
Rye.
Oats.
Corn.
Wheat.
Barley.
Receipts at- Flour.
much exceed 350,000,000 bushels, as against 430,000,000
bbls.10131bs. bush.60 lbs. bush. 56 Ws. bush. 32 lbs. bush.481bs. bu.56 lbs.
last year. It has been claimed that the crop news from the
207,900
22,500
391,250 1,274,700
230,200
134,414
Central West is as bad as ever. One report puts the aver- Chicago __
157,300
180,000
25,300
84,960
24,980
44,850
Milwaukee..
20,171
60,078
646
139,001
7,565
age prospects for Illinois, Indiana and Ohio at 29 to 38.3% Duluth....
90,270
123,700
15,400
,150
2
5
801,380
of
Minneapolis
counties
central
the
on
A
report
72.2.
at
and Missouri
10,500
66,600
8,000
Toledo
20,790
Kansas shows 82 against 91 on April 1. Kansas City dis- Detroit
15,000
3,500
8,628
684
51,110
42,515
6,410
508
patches assert that there has been damage of 10 to 75% and Cleveland
4,800
401,600
418,440
106,928
59,860
St. Louts
Oklahoma
in
late.
is
reported
crop
are
Chinch
bugs
the
117;150
153,155
32,200
that
18,000
1,200
44,200
Peoria
86,700
396,000
218,400
and Hessian fly in Indiana. The spring-wheat acreage, it is Kansas City.
Duluth
steady.
Cash
been
prices
have
smaller.
be
will
said,
513,325
65,046
280,155 1,576,669 1,620,070 2,338,278
Total wk.'12
592,676
41,198
279 194 2,041,688 2,327,771 2,206,464
sold 700,000 bushels of cash wheat to Eastern mills, and it Same wk.'11
81,912
239,671 1,673,057 1,916,529 2,886,457 1,143,797
Same wk.'10
other
the
On
this
2,000,000
week.
bushels
ship
will
Is said
NorthCanadian
the
from
Europe
and
reports
crop
Since Aug. 1
hand,
1911-12... 9,363,484 119,125,631 152,012,096 116,553,191 58,279,887 7,337,476
west have been favorable. The world's shipments have in1910-11._ 11,991,945 180,314,816 222,073,895 145,586,836 57,009,630 4,661,431
bushels,
week
was
13,824,000
last
total
The
creased.
16,174,228 217,390,752 196,171,132 55,195,108 68,290,851 5,941,565
1909-10
against 11,072,000 in the previous week and 12,016,000 last
Total receipts of flour and grain at the seaboard ports for
year. Some of the crop reports, too, from the West and
20 1912 follow:
Northwest have been favorable. The soil conditions at the the week ended April
Rye,
Wheat,
Corn,
Oats, Barley,
Flour,
Northwest are said to be exceptionally good, though the size
bush.
bush.
bush.
bush.
bush.
Obis.
Receipts atwas
plowing
3,450
as
problematical,
12,479
somewhat
762,000
is
acreage
9,250
385,821
165,144
the
of
New York
45
123,563
110,854
40,650
2,000
interrupted last fall by unseasonably cold weather and the Boston
311,000
17,000
Portland, Me
in
and,
from
Kansas
Reports
winter.
1,000
of
advance
194,657
150,758
sudden
30,023
30,021
Philadelphia
8,551
11,520
17,328
29,654
64,987
fact, from most of the section west of the Mississippi River Baltimore
21,060
4,800
24,412
44,600
New Orleans'
have been either favorable or far less pessimistic than those Galveston
13,000
1,000
from the sections east of the Mississippi River. To-day Mobile..1,000
39,448 35,143
73,321
19,753
prices advanced on heavy covering and unfavorable crop Montreal
46,000
26,000
287,000
St. John
reports.
771,213 48,622 12,048
151,858
1912.. 353,654 1,780,870
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Total week11912..5,380,743
21,385,695 20,998,465 11,820,082 2737,957 226,443
Since Jan.
Sat. Man. Tues. Wed. Thurs. Fri.
21,098 28,191
828,494
472,574
337,667
615,393
1511
12334 12334 11934 12134 12034 12134 Week
No. 2 red
Since Jan. 11911_5,646,756 14,886,666 35,025,544 13,361,952 1773,566 239,974
12034 122
34 120
12254 11834
May delivery in
11734
elevator__ _.....-114 X 115X 114 X 11534 11534
July delivery in elevator• Receipts do not include grain passing through New Orleans for foreign ports
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
on through bills of lading.
Sat. Man. Tues. Wed. Thurs. Fri.
11434 11554
115
11434 11354 114
May delivery in elevator
The exports from the several seaboard ports for the week
10934 11034 10134 112.,.•
10934 110
July delivery in elevator
annexed statement:
10534 105 341O6/, 10834 ending April 20 are shown in the
$eptember delivery in elevator-.105 X 108
Market.
4
1 Steady at
f• 401 pt.
Quiet at B'ly st'y at B'ly st'y at Irreg. at B'ly sty at
4©6 pts. 4©6 pts. 14©24
7409
84010
BREADSTUFFS.
APR. 27 1912.]
Oats,
bush.
27,143
287,000
Flour,
bbls.
63,723
17,000
28,745
9,000
3,800
7,499
3,789
1,000
26,000
46,000
__1,532,155
527,280
484,454 160,556
674,802 188,961
78,043
81,650
Exports fromNew York
Portland, Me__
Boston
Philadelphia ____
Baltimore
New Orleans
Galveston
Mobile
St. John, N. B._
Total week
Week 1911
THE CHRONICLE
Wheal„ Corn,
bush.
bush.
24,636
418,170
311,000
285,985 102,857
206,000
20,000 310,961
46,000
4,000
Barley, Peas
bush.
bush.
1,421
Rye,
bush.
4,600
300
..........
1,421
212
The destination of these exports for the _week and since
July 1 1911 is as below:
Wheat
--Corn
Flour
Since
Since
Since
Week
July 1
July 1
Week
July 1
Week
1911. Apr. 20.
1911.
1911. Apr. 20.
Exports for week and Apr.20.
bush.
bbls.
bush.
bush.
bbls.
bush.
Since July 1 to-.
3,806,624
935,272
12,835,040
43,432,563
371,537
87,907
__
Kingdom_
United
18,925 1,559,070 589,881 28,066,295
70,509 16,459,190
Continent
7,002
686,026
977,690
22,000
Sou. dc Cent. Amer_ 36,113 928,275
16,992 1,034,672
18,328
19,289 1,597,808
West Indies
38,549
619
14,283
893
Brit. Nor. Am.Cols_
258,617
23,000
29,984
248
Other Countries
Total
Total 191O-11..
160,556 7,625,807 1,532,155 72,226,212
188,961 7,335,643 527,280 44,834,703
484,454 31,913,995
874,802 43,072,609
The world's shipments of wheat and corn for the week
ending April 20 1912 and since July 1 1911 and 1910 are shown
in the following:
1111
Wheat.
hal
1911-12.
Exports.]
Week
April 20.
Corn.
1910-11.
Since
July 1.
Since
July 1.
1910-11.
1911-12.
Week
April 20.
Since
July 1.
Zince
July 1.
Bushels. Bushels.
Bushels.
Bushels. Bushels. Bushels.
1
North Amer 2,968,000 140,180,000 103,089,000 408,000 28,881,000 38,879,000
744,000 67,086,000 174,496,000 563,000 34,903,000 16,689,000
Russia
1,536,000 67,297,000 79,130,000 ,312,000 69,556,000 24,187,000
Danube _
Argentina
5,608,000 56,282,000 66,130,000 170,000
589,000 88,780,000
1,480,000 47,204,000 47,008,000
Australia
1,264,000 36,178,000 38,212,000
India
countr's
224,000 8,917,000 6,640,000
0th.
•
Total._ __ 13824000 423,144,000 514,705,000 3,453,000 133,929,000 168,535,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Total.
Bushels. Bushels. Bushels.
April 20 1912.. 32,832,000 23,016,000 55,848,000
April 13 1912., 32,384,000 21,640,000 54,024,000
April 22 1911_ 24,024,000 32,632,000 56,656,000
April 21 1910_ 34,880,000 14,400,000 49,280,000
Bushels.
3,171,000
3,519,000
2,032,000
1,445,000
Bushels.
6,630,000
6,273,000
4,437,000
2,210,000
Total.
Bushels.
9,801,000
9,792,000
6,469,000
3,655,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports April 20 1912, was as follows:
In ThousandsNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
afloat
Milwaukee
Duluth
"
afloat
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush
bush
bush, bush, bush, bush, bush. bush.
451
474
290
623
68
6
83
312
103
273
1
1
1
205
14
45
15
.....
637
97 .... --46
__
406
1 „A
5
279
192
140
2
468
325 -181
__
270 -588
16
312
836
2
70 ....
277
137
21
84 .....
2
13,663
6,643 3,469 ._
105
89
873
444 2,181
-- -959
_.
187
103
.
._ -.85
79
8,191 '7,302 .... 1,451 3,720
121
299
174
81
854 ......
189
16,021
--17
906 .... "iii 430
335
865
265 -5
22
1,881403
81 - - -1
2
169 ....
349
436
21 ....
250 1,200 .... -54 --85
391
88 -- --- - -
Total April 20 1912 46,160 8,293
Total April 13 1912 47,960 8,152
Total April 22 1911_29,318
_ -Total April 23 1910._29,838 .....
CANADIAN
Li
Canadian Bonded
PI
Wheat. Wheat.
In Thousandsbush. bush.
Montreal
16
Fort William
10,871
"
afloat
'5,436
Port Arthur,.5,532
Other Canadian
0,238
10,586 11,993 3,830
12,443 12,892 3,532
8,295 11,022
11,825 9,864
GRAIN STOCKS.
Canadian Bonded
Corn. Oats. Oats.
bush. bush. bush.
326
9
2,504
82
1,410
3,765
680 1,517
771 1,825
80 1,761
563 2,331
440
436
Canadian Bonded
Rye. Barley. Barley.
bush. bush. bush.
86
_
--
-
_
Total April 20 1912..31,093
Total April 13 1912 29,797
Total April 22 1911..12,720
Total April 23 1910.. 8,076
In ThousandsAmerican
Canadian
9 8,087
86 ._
9 7,927
87
___
8 7,353
75 ._ _
_
31
246
50
_
SUMMARY.
Bonded
Bonded
Bonded
Wheat. 'Wheat. Corn. Oats. Oats. Rye. Barley. Barley,
bush, bush, bush, bush. bush, bush, bush.
bush.
46,160 8,293 10,586 11,993 3,830
Ci80 1,517
440
31,093
_.._
9 8,087 ....SR
Total April 20 1912..77,253 8,293 10,505 20,080 3,830
Total April 13 1912_77,751 8,152 12,452 20,819 3,532
8,303 18,375
Total April 22 1911..42,038
Total Apr1123 1910_38,812 __ 10,856 10,110
680 1,603
771 1,712
80 1,836
563 2.381
440
436
THE DRY GOODS TRADE.
New York, Friday Night, April 26 1912.
Activity has not been quite so pronounced in the dry goods
markets during the past week, owing to the unseasonable
weather and the convention of the National Cotton Manufacturers' Association at Boston, the latter taking many prominent representatives away from the market. The recent ad-
vances are, however, rigidly held, and sentiment, if anything,
favors still higher values. Jobbers in the cotton goods
market, who placed their orders early at prices which now
appear cheap, are insisting upon the prompt shipment of
these goods being determined not to allow manufacturers to
slip out of'
their contracts through want of shipping directions. Despite the recent sharp advances, the margin of
profit on manufactured cotton goods is again becoming very
narrow, owing to the constantly increasing cost of raw material. With 12c. spot cotton forcing advances on yarns and
gray goods, and stocks of manufactured goodsat their present
low level, no one is capable of estimating the extent to which
prices of finished material may advance. In spite of the
continued cool weather, jobbers were in receipt of fair mail
orders from country retailers, who seemed to be in need of
late spring and early summer supplies. Converters and
printers are in the market extensively for gray goods and are
taking all available spot supplies at full prices. Most mills
are not anxious to accept any forward business at present
market levels, and it is difficult to obtain anything but spot
delivery at present quotations. As a result of the firmness in
cotton yarns, all descriptions of knit goods are firmly held.
Buyers, however, are ordering liberally at prevailing prices.
The strong upward tendency shown in gray goods,, owing to
the cost of raw material, is expected soon to cause further
advances on ginghams and prints. The high prices are still
leading buyers for export account to move conservatively
and little activity is reported in this division of the market.
The recent heavy demand for Pepperell drills for India has
ceased as these are now being held at 8c. for delivery beyond
August. In dress goods mills are comfortably situated on
fall business and a good duplicate business is being done. It
is expected that when the weather moderates and retailers
come more heavily into the market, there will develop a
marked shortage on many popular lines. Mills are known
to be booked ahead well up to capacity, and jobbers' stocks
are in nowise sufficient to meet the demand.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending April 22 were 12,452
packages, valued at $852,036, their destination being to the
points specified in the table below:
Corn.
United
Kingdom. Continent.
1199
New York to April 20Great Britain
Other Europe
China
Indig
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
1912
Since
Week. Jan. 1.
53
1,052
38
480
2,770
33,690
20
7,099
5,071
22,349
5,015
106
17,535
911
153
1,071
169
5,476
1,016
23,449
2,145
22,028
12,452
139,244
1911
Since
Week. Jan. 1.
6
281
37
299
4,098
24,696
51
5,733
235
10,292
1,603
10
1,096
12,546
794
60
5,751
236
21,075
2,328
1,480
13,111
9,637
96,181
The value of these New York exports since Jan. 1 has been
$9,518,960 in 1912, against $7,214,229 in 1911.
While the undertone in domestic cotton markets continues
firm, many consider prices high enough for the present, and
demand in all quarters during the past week has been less
active. The textile labor troubles which have been a disturbing factor for some time past are gradually being settled,
and it is expected that production will soon be restored to a
normal basis. The large quantities of merchandise under
order, however, are not being shipped as promptly as buyers
anticipated, which fact adds to the already existing strength
of the market. Brown cottons and staple ginghams rule
firm, with a moderate trade, while colored domestics and
heavier goods are decidedly firm, with prospects of still higher
prices for many lines. A factor of interest in heavy cottons
during the week was the announcement that the United
States Government is shortly to be in the market for very
large quantities of duck. Wash fabrics are generally quiet,
as, owing to the activity of the past few weeks, demand is
mostly for small lots. Western trade reports continue to
note conservatism on the part of buyers, owing to the floods
and less favorable advices regarding the crops. Reports
from other localities, however, are optimistic. Print cloths
and convertibles are quiet and steady. Buyers appear unwilling to follow the rise in prices, in many cases being only
willing to take spot lots at concessions. A number of mills
are reported ready to sell future deliveries at figures below
those prevailing for spots, but trading is quiet. Gray goods,
383. -inch standard, are quoted at 5 to 5 1-16c.
WOOLEN GOODS.-Men's wear and dress goods markets
are firm with business satisfactory. Steady sales are reported of fall goods where early deliveries can be assured.
Demand is particularly active for serges, whipcords and a
number of lines of ratines. Re-orders on fancy woolen overcoatings have been substantial in the aggregate, and it is
reported that some mills, having sold up, have withdrawn a
number of lines from sale.
FOREIGN DRY GOODS.-Linen markets continue to
display decided strength, with the demand steady, particularly for colored dress goods,stocks of which are light. There
is also an active demand for housekeeping goods. It is reported that several large orders for colored dress fabrics have
been refused by foreign manufacturers, owing to insufficient
supplies. Prices are very firm. Nothing new of interest has
developed in the market for burlaps, trading continuing
quiet, with the undertone slightly easier. Lightweights are
quoted nominally at 6c. and 103/
2-ounce at 7c.
STATE MID CITY
News Items.
Atlantic City, Atlantic County, N. J.—Election on Commission Plan of Government.—The question of adopting the
commission plan of government will, it is stated, be submitted to a vote on May 14.
Everett, Wash.—Vote on Commission Form of Government.
—The City Comptroller advises us that the vote cast at the
election held April 16 is unofficially reported as 1,986 "for"
to 1,928 "against" the commission form of government
(V. 94, p. 644).
Hattiesburg, Forrest County, Miss.—Voters Decide to
Continue Commission Form of Government.—Reports state
that an election held April 16, to decide whether or not this
city was to continue the commission form of government or
return to the old aldermanic form,resulted in favor of the
former. The vote was 483 to 174.
Louisiana.—Supreme Court Decides Drainage Bond Cases.
—The New Orleans "Times-Democrat" refers to various
decisions rendered by the Supreme Court at its session Apr.22:
In the case of William F. Williams vs. Board of Commissioners Bayou
Sale Drainage District, the decision of the Twenty-sixth Judicial District
Court for St. Mary's Parish is affirmed by Chief Justice Breaux. Plans
were adopted, it appears, for the drainage of the district and bids invited
for the reclamation of the lands embraced within certain sections. The
plaintiff brought suit as the ower of 1,160 acres of land, claiming that his
Janus were left out of the plan of drainageentireiy;that he was not benefited
and that he did not see why he should be called upon to pay any amount
for the drainage. The syllabus of the decision indicates that the Court
believes that the result would be, it the tax were declared legal, that the
amount realized from the tax would be used in improving about 11,000
acres of land In a district in which there are 50,000 acres, without any
assurance that in time the remaining 39,000 acres would receive equal benefit.
In the case of the Board of Commissioners for the Bayou Terre-auxBoeufs Drainage District vs. George H. Randolph, the Supreme Court
holds that under .the provisions of Article 281 of the Constitution, as
amended in 1910, a special tax or contribution voted to secure the payment
,of negotiable bonds issued by any drainage district must be levied each year
by the Board of Commissioners, and the amount of the levy must be determined by the amount payable each year under the terms of contract for
the bond issue. A levy, in advance, of the full tax for the full term of
years is contrary to the constitutional requirement. It was ordered that
the judgment of the Civil District Court be affirmed.
Massachusetts.—Legal Investments for Savings Banks.—
The Bank Commissioner in his report for 1911 gives a list,
which we reprint below, of bonds and notes of railroad,
street railway and telephone companies which are considered
legal investments for Massachusetts savings banks under
the provisions of clauses third,fourth,fifth and sixth of Section 68, Chapter 590, Acts of 1908. Clause fourth, it is explained, provides that bonds which complied with the law
prior to its being amended in 1908 shall continue, under certain conditions, to be legal investments. The bonds which
do not comply with clause third of the Act, but continue to
be legal through clausefourth, are printed in italics, the reason
being in all instances given in the foot-notes. The issues
added to the list for 1910 (see "Chronicle" May 27 1911,
page 1448) are designated below by means of the word "new"
in black-faced type. The only bonds eliminated from last
year's list are issues which matured in 1911, with the exception of the bonds of one street railway. The street railway bonds omitted this time are the debenture 43s due
1920, debenture 5s, 1927, and first and refunding mortgage
4s, 1930, of the Worcester Consolidated Street Ry.
RAILROAD BONDS.
BANGOR & AROOSTOOK SYSTEM. a e
Aroos. Nor. RR., a, e, 1st 5s, 1917.
B. & A. RR., a, e, 1st 5s, 1943.
North Maine Seaport RR., a, e.
Piscat. Div., a, e, 1st 5s, 1943.
1943.
RR. and term. 1st 5s, 1935.
5s,
1st
e,
a,
Ex.,
Van Buren
Medford Ex.. a, e, 1st 5s, 1937.
BOSTON & MAINE SYSTEM.
Connecticut River RR.—
Boston & Maine RR.—
Plain, 3 Ms, 1923,
Plain, 330, 1921.
Plain, 4s, 1943.
Plain, 33s, 1923.
Plain, 330, 1921.
Plain, 34s, 1925.
Wore. Nashua & Roch. RR.
Plain, 45, 1926.
First, 4s, 1913.
Plain, 4 Ms, 1929.
First, 45, 1930.
Plain, 4s, 1937.
First, 4s, 1934.
Plain, 45, 1942.
First, 45,1935.
Plain, 4 Ms, 1944.
Concord & Claremont RR. 1st
Plain, 35, 1950.
4 Ms, 1914.
Portsmouth Great Falls & Conway
Peterborough & Hillsborough RR.
RR. 1st 4 Ms, 1937.
1st, 4 30, 1917.
Boston & Lowell RR.—
Fitchburg RR.—
Plain, 45, 1913.
Plain, 43.s, 1914.
Plain, 4s, 1915.
Plain, 4s, 1915.
Plain, 4s, 1916.
Plain, 4s, 1916.
Plain, 4s, 1917.
Plain, 35s, 1920.
Plain, 4s, 1918.
Plain, 4s, 1920.
Plain, 3 Ms, 1919.
Plain, 330, 1921.
Plain, 3J0, 1921.
4s, 1925.
Plain,
1923.
Ms,
3
Plain,
Plain, 4s. 1927.
Plain, 33.s, 1925.
Plain, 48, 1928.
Plain, 4s, 1926.
Plain, 4 30, 1928.
Plain, 45, 1927.
Plain, 4s, 1937.
Plain, 4s, 1929.
Troy & Bog. RR. 1st Is, 1924.
Plain, 4s, 1932.
Connecticut & Passumpsic Rivers Vt. & Mass. RR. plain 3)s, 1923;
St. Johnsbury & Lake Champlain
RR. 1st 45, 1943.
RR. 1st 5s, 1944.
Concord & Montreal RR. cons. mtg.
Sullivan Co. RR. 1st 4s, 1924.
4s, 1920.
Vermont Valley RR. 1st 4)s, 1940.
MAINE CENTRAL SYSTEM.
Dexter & Piscataquis RR. 1st 4s.
Maine Central RR.—
1929
Consolidated 4s, 1912.
European & North American By.
Consolidated 4 Ms, 1912.
Consolidated 55, 1912.
1st 48, 1933.
Consolidated 78, 1912.
Upper Coos RR.—
Mortgage 4s, 1930.
Collateral trust 5s, 1923.
Extension mtge. 43s, 1930.
Penobscot Shore Line RR. 1st 45,
Wash. Co. By. 1st 33.s, 1954.
1920.
Portland & Rumford Falls By. conMaine Shore Line RR.1st 68, 1923.
Belfast & Moosehead Lake RR. solidated 48, 1926.
Port. & Ogd. RR. 1st 4 Ms, 1928.
1st 4s. 1920.
Dexter & Newport RR. 1st 45, 1917. Somerset Ry.—
(new) First 5s, 1917.
(new) First refunding 45, 1955.
[VoL. LXXXXIV.
THE CHRONICLE
1200
NEW YORK NEW HAVEN & HARTFORD SYSTEM (See Note).
New Haven do Derby RR. consollN. Y. New Haven do Hartf. RR.—
dated 5s, 1918
Debenture 45, 1914.
Providence & Springfield RR. 1st
Debenture 4s, 1947.
5s, 1922.
Debenture 330. 1947.
Providence Terminal Co. 1st 4s,
Debenture 33s, 1954.
1956.
Debenture 4s, 1955.
Boston & Providence RR. plain,4s,
Cony. debenture 3 Ms, 1956.
1918.
Harlem River & Port Chester 1st
Holyoke & Westfield RR.(new) 1st
45, 1954.
430. 1951.
Housatonic RR.—
New Eng. Hit. cons. 4s, 1945.
Consol. 55, 1937.
Consolidated 58, 1945.
N. Y. Providence & Boston RR.
N. Y. & New England RR., Boston
general 4s. 1942.
Term., L, 1st 4s, 1939.
Boston & New York Air Line RR.
s12t Worcester RR.debenture
Norwich
4.9.
1st 45. 1955.
Danbury & Norwalk RR.—
Old Colony RR.—
Consolidated 55, 1920.
Plain, 4s, 1924.
Consolidated 6s, 1920.
Plain, 4s, 1925.
General 55, 1925.
Plain, 45, 1938.
Refunding 4s, 1955.
Plain, 330, 1932.
Naugatuck RR. 1st 45, 1954.
Prey. & Wore. RR. 1st 4s, 1947.
Debenture 330, 1930.
Note.—Chapter 463 of the Acts of 1906, entitled "An Act relative to
railroad corporations and street railway companies," provides, in Section 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
Indebtedness payable at periods of more than twelve months after the date
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.
BALTIMORE & OHIO SYSTEM.
1Baltimore & Ohio RR.—
Baltimore & Ohio RR.—
First mortgage 48. 1948.
Extension 45. 1935.
S. W. Div. 330, 1925.
Prior lien 3 Ms. 1925.
CENTRAL OF NEW JERSEY SYSTEM.
Central RR. of N. J. general 55, 1987.
WESTERN SYSTEM.
Winona & St. Peter RR. 1st Is,
1916.
Boyer Valley RR. '1st 330, 1923.
Minn. & Ia. By. 1st 35s, 1924.
Southern Iowa By.'1st 330, 1925.
Princeton & N. W.Ry. 1st 3 30,1926.
Peoria do Northw. By.•lst 3 30,1926.
Mankato do New Ulm By. '1st 3 Ms,
1929.
Northwest. Union Ry. 1st 75, 1917. Fremont Elkhorn & Missouri Valley
RR. cons. 6s, 1933.
Milw. Lake Shore & Western Ry.—
Minnesota & South Dakota By. '1st
Consolidated 6s, 1921.
3)g, 1935.
Marshfield Ext. 1st 5s, 1922.
Iowa M. & N. W.Ry. 1st 330, 1935.
Michigan Div. 1st 6s, 1924.
Sioux City & Pac. RR. 1st 330,1936.
Ashland Div. 1st 65. 1925.
Manitowoc Green Bay & N. W. Ry.
Ext. & impt. mtge. 5s, 1929.
1st 3 Ms, 1941.
Wise. Nor. By. 1st 4s, 1931.
CHICAGO & NORTH
Chicago & North Western Ry.—
General 330, 1987.
(new) General 4s, 1987.
Sinking fund cons. 75, 1915.
Extension 45, 1926.
Sinking fund mtge. 5s, 1929.
u Bd
e as. 1929.
Sinking fe;
19 6
.m
Cedar Rapids & Missouri River RR.
7
CHICAGO BURLINGTO N & QUINCY SYSTEM.
Chicago Burlington & Quincy RR.— Burlington & Mo. River RR. In Nebraska consol. 6s, 1918.
General 4s, 1958.
Illinois Div. mortgage 34s, 1949. Republican Valley RR. mortgage
Os, 1919.
Mortgage 45,.1949.
Tarkio Valley RR. 1st 75, 1920.
Iowa Div. mortgage 45, 1919.
Nodaway Valley RR. 1st 7s, 1920.
Mortgage 5s. 1919.
Denver Extension 45, 1922.
Nebraska Ext. mtge. 4s. 1927.
CHICAGO MILWAUKEE & ST. PAUL SYSTEM.
Chic. Milw. & St. Paul Ry.—
Chic. Milw. & St. Paul Ry.—
Wis. do Minn. Div. 1st 55, 1921.
General 3 Ms, 1989.
Chicago & Lake Superior Div.
General 4s. 1989.
1st 55, 1921.
La Crosse & Davenport Div. 1st
Chic. & Mo. Itiv. Div. 1st 5s, 1926.
5s, 1919.
Terminal 1st 55, 1914.
Dubuque Div. 1st 6s, 1920.
Dak. & Gt. So. By. 1st 55, 1916.
Wise. Valley Div. 1st 6s, 1920.
Chicago & Pacific, Western Div. Fargo & So. Ry. 1st 6s, 1924.
3,111w. & Nor. RR. ext. 4 Ms, 1913
1st 5s. 1921.
CHICAGO ROCK ISLAND & PACIFIC SYSTEM.
10. R. I. & P. Ry. gen. 4s, 1988.
C. R. I. & P. RR. mtge. 6s, 1917.
CHICAGO ST. PAUL MINNEAPOLIS & OMAHA SYSTEM.
Chic. St. Paul Minn. & Omaha By. Chic. St. P. & M. By. 1st 6s, 1918.
Consol. 3 Ms, 1930.
Nor. Wisc. Ry. 1st 6s, 1930.
St. Paul & Sioux C. RR. 1st 13s, 1919.
Consol. 6s, 1930.
DELAWARE & HUDSON SYSTEM.
D. & H. Co. 1st ref. 4s, 1943.
1Schenectady & Duanesburg RR. 1st
D. & H. Canal Co. 1st Is, 1917.
85, 1924.
Alb. & Susq. RR. cony. 3 Ms, 1946.
Adirondack By. 1st 4 Ms, 1942.
DELAWARE LACKAWANNA & WESTERN SYSTEM.
New York Lackawanna & Western By., c., 1st 6s, 1921.
GREAT NORTHERN SYSTEM.
Gt. Nor. Ry.(new) 1st ref.4 30,1961. Eastern By. of Minn.—
Northern Division 48,1948.
Minneapolis Union Ry.—
Montana Central Ry.—
(new) First 55, 1922.
First 5s, 1937.
(new) First 6s. 1922.
First 6s, 1937.
St. Paul Min. & Man. Ry.—
Willmar & Sioux Falls Ry.—
Consolidated 4s, 1933.
First 5s, 1938.
Consolidated 4 Ms, 1933.
Spokane Falls & Northern Ry.—
Consolidated 6s, 1933.
First 6s, 1939.
Montana ext. 45, 1937.
Pacific ext. 4s, 1940.
ILLINOIS CENTRAL SYSTEM.
RR._
i Central
IIICairoI os
Illinois Central
Bridge 1st
11 is.
—1950.
nR
Refunding mtge. 4s. 1955.
St. Louis Div. 1st 3s, 1951.
Sterling extended 4s, 1951.
do 1st 3s,
do
M 1951.
Gold extended 34s, 1950.
Purchased lines 1st 3 Ms, 1952.
Sterling 35. 1951.
Collateral trust 1st 34s, 1950.
Gold 45, 1951.
Western Lines b; 1st 4s, 1951.
Gold 3 Ms, 1951.
Louisville Div., b, 1st 330, 1953.
Gold extended 3 Ms, 1951.
Omaha Div., b, 1st 3s, 1951.
Sfpringfield Div. 1st 33.g, 1951.
Kankakee & South Western RR. Litchfield Div., '1st 3s, 1951.
Collateral trust, d, 4s, 1952.
1st 55. 1921.
•
LAKE SHORE & MICHIGAN SOUTHERN SYSTEM.
Lake Shore & Michigan Southern Mahoning Coal RR. '1st 5s, 1934.
By. 1st general 3 Ms, 1997.
Pittsburgh McKeesport & YoughioKalamazoo Allegan. do Grand Rapids
gheny 1115. '1st 6s, 1932.
RR.'1st 5s, 1938.
LOUISVILLE & NASHVILLE SYSTEM.
Louisville & Nashville RR.—
Loulsv. Cin. & Lex. By. general
Unified 45, 1940.
4 Ms, 1931.
General 65, 1930.
Southeast & St. Louis Div. Os, 1921.
1945.
First 5s, 1937.
Mobile & Montgomery 4 Ms,
Trust 55. 1931.
N. 0. dc Mobile Div. 55,000,000
Evansville H.&N. Div. s. f. 6s, 1919.
1st 6s, 1930.
MICHIGAN CENTRAL SYSTEM.
Mich. Cent. RR. 1st 3 Ms, 1952.
M. C.-Jackson Lansing & Saginaw
M. C.-Mich. Air Line RR. 1st 45,
RR. 1st 3 Ms, 1951.
1940.
M. C.-Joliet & Northern Indiana
M. C.-Detroit & Bay City RR. 1st
RR. •1st 45, 1957.
55, 1931.
M. C.-Kalamazoo de South Haven
RR. '1st 55, 1939.
APR. 27 1912]
THE CHRONICLE
NEW YORK CENTRAL SYSTEM.
N. Y. C. & H. R. RR. mortgage Oswego RR. Bridge, c, 1st 6s, 1915.
Syracuse Phoenix &. Oswego RR.. C.
3 Ms, 1997.
1st 6s, 1915.
Beech Creek RR. 1st 45, 1936.
Mohawk & Malone Ry. 1st 45, 1991. Carthage Watertown & Sackett's liarher RR.. c, cons. 55. 1931.
N. Y. & Harlem RR., c, mortgage
Utica & Black R. RR. c, 1st 4s, 1922.
3 Ms, 2000.
Rome Watertown & Ogdensburg RR., Boston & Albany RR.Plain, 3 MS. 1952.
C, consol. 5s, 1922.
Plain, 4s, 1913.
c consol. 3 Ms; 1922.
Plain, 3 Ms, 1951.
(new) C. consol. 4s, 1922.
Plain, 45, 1933.
Rome Watertown & Ogdensburg Term.
Plain, 4s, 1934.
RR., c, 1st 58, 1918.
45. 1935.
Plain,
58,1916.
Norwood cre Mont. RR.,c, 1st
NORTHERN PACIFIC SYSTEM (new)•
(new) Nor. Pac. Ry. prior 1. 48, 1997. (new) St. Paul & Dui. RR.lst 5s,'31.
(new) St. Paul & N. P. Ry. 68, 1923. (new) Wash. & Col. R. By. 1st 4s,'35
PENNSYLVANIA RAILROAD SYSTEM.
Philadelphia & Erie RR.
Pennsylvania RR.
General 6s, 1920.
Consolidated 5s, 1919.
General 55, 1920.
Consolidated 4s, 1943.
General 4s, 1920.
Consolidated 3 Ms, 1945.
Harrisburg Portsmouth Mt. Joy &
Consolidated 45, 1948.
Lancaster RR.'1st 48, 1913.
River Front HIS. •lst 4 Ms, 1912.
• 1st 45, United N. J. RR. & Canal Co.
Sunbury & Lewistown
General 45, 1923.
1936.
General 4s, 1929.
Sunbury Hazleton & Wilkes-Barre RII•
General 45, 1944.
'1st 55, 1928.
General 45, 1948.
West Chester RR. •18t 58, 1919.
General 3 Ms. 1951.
1928.
45,
cons.
RR.
W. Penn.
Pittsburgh Virginia & Charleston Ry. Cleveland & Pittsburgh it it.
General 4).s, 1942.
•1st 45, 1943.
General 3 Ms, 1942.
South West Pennsylvania RR. 1st
General 33s. 1948.
7s, 1917.
General 3 Ms, 1950.
Junction BR.• gen. 33.5, 1930.
Del. Riv. RR.& Br. Co.•1st 45, 1936. Pitts. Ft. W.& C.Ry c, 1st 7s, 1912.
Erie & Pitts RR.• gen. 3 Ms, 1940. Allegheny Val. By. gen. 4s, 1942.
MISCELLANEOUS.
Bridgeton & Saco River RR. cons.
New London Northern RR:45, 1928.
1940.
First 45,
Narragansett Pier RR., a, 1st 4s.
Boston Term. Co., I, 1st 3 Ms, 1947.
1916.
Boston Revere Beach & Lynn RR., a,
1st 4 Ms. 1927.
• 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
mtge. by the railroad corporation on the railroad of which the mtge. is a lien.
c Not guaranteed by endorsement.
d Railroad covered by one of the issues pledged as collateral is not operated by Illinois Central RR.
e Amount paid in dividends less than one-third of amount paid in interest.
t Legalized by special Act of General Court.
STREET RAIL WAY BONDS.
Lynn & Bost. RR.Co. 1st m5s.,1924.
Springfield St. fly. 1st 4s, 1923.
Linton St. Ry. cons. mtge. 5s, 1914.
Wakefield & Stoneham St. By. 1st
mtge. 5s, 1915 (new).
Gloucester Essex & Beverly St. Fly.
1st mtge. 5s, 1916 (new).
Boston Elevated Ry.Plain 4s, 1935.
Plain 4 34s, 1937.
(new) 4,145, 1941.
Bost. & Rev. El. St. Ry. 1st Os. 1928.
Bos.&North.St. Ry., ref. 1st 48,1954.
Citizens Elec. St. Ry. 1st 5s, 1920.
East Middlesex Street Ry.Plain, Os, 1918.
Plain, 4s, 1922.
Fitchburg & Leominster Street Ry.
1st 5s, 1917.
Cons. mtge. 43.s. 1921.
Holyoke Street Ry.Debenture 58, 1915.
Debenture 5s, 1920.
Debenture 5s, 1923.
West End St. Ry.Debenture 434s, 1914.
Debenture 4s, 1915.
Debenture 45, 1916.
Debenture 4s, 1917.
Debenture 4 348, 1923.
Debenture 4 Ms, 1930.
Debenture 4s, 1932.
Georgetown Rowley & Ipswich St.
Ry. 1st mtge. 58, 1920 (new).
Lowell Lawrence & Haverhill St. Ry.
1st mtge. 5s, 1923 (new).
People's St. By. 1st mtge. 5s, 1928
(new).
Leominster Shirley & Ayer St. Ry.
1st 5s, 1921 (new).
Western Mass. St. Ry. 1st 5s, 1926
(new).
Woronoco St. Ry. 1st 5s, 1920
(new).
Mystic Val. St. Ry. 1st mtge. 5s,
1919 (new).
Haverhill Georgetown & Danvers St.
Ry. 1st mtge. 55, 1919 (new).
Springfield & Eastern St. Ry. Co.
1St Os, 1922 (new).
TELEPHONE COMPANY BONDS.
American Telephone & Telegraph Co. collateral trust 4s, 1929.
Senate Rejects Federal Income Tax.-By a vote of 14 "yeas"
to 17 "nays" the Senate on April 25 rejected the resolution
ratifying the proposed Income Tax Amendment to the
Federal Constitution. The measure had passed the House
on April 16. See V. 94, p. 1131.
House Defeats Initiative and Referendum.-The House on
April 24 defeated a proposed amendment to the State Constitution authorizing the initiative and referendum. The
vote, it is stated, was 132 to 80, less than the necessary
two-thirds.
New York State.-Bronx County Bill Signed.-The Stilwell
Bill creating the County of The Bronx (V. 94, p. 862) was
signed by Governor Dix on April 19. The Governor's
memorandum follows:
While I do not feel absolutely assured that no constitutional question Is
involved In the method established by this Act for determining whether or
not it shall become effective, I consider that the people interested should
enjoy the benefit of the doubt. Whether or not the form of the proposed
county establishment is objectionable may, I think, be properly and safely
decided by the people themselves. While I believe that certain provisions
of the bill are of questionable wisdom, in view of the referendum safeguard
I find nothing which would apparently justify me in withholding my
approval.
Pittsburgh, Pa.-Suit to Enjoin Hump Improvement Project Dismissed.-On April 18 Judge Charles P. Orr of the
U. S. District Court dismissed the proceedings started by
Wensel Novoting of Steubenville, 0., to restrain the city of
Pittsburgh from starting the "hump improvement project."
According to the Pittsburgh "Gazette" of April 19 Judge Orr said no
Constitutional or Federal question was at issue; that the measure of damages to the plaintiff was the tax assessment which the cost of the work
would compel him to pay; that the plaintiff was brought into the case by
collusion; and that his property was some distance from the hump improveThe Judicial Code of the United States, Judge Orr said, gave the District
Court jurisdiction only where the matter in controversy exceeded, exclusive
of Interests and costs, the sum of $3,000, The bill of complaint showed that
the total assessment of valuation of property in Pittsburgh was $746,952,383. One mill of taxation on this sum would produce $746,953. Assuming
that the improvement resulted in damages aggregating $20,000,000, it
would require 27 mills on the total assessed valuation to raise the amount,
so that at the rate of taxation the plaintiff's property, valued at $5,623,
would have to stand a tax of $151 96.
-Port of Vancouver, Clarke County, Wash.-Vote.-We are
advised that the vote cast on April 6 in favor of the question
of establishing the Port of Vancouver (V. 94, p. 1073) was
•
631 "for" and 179 "against."
Racine, Wis.-Negotiations for Purchase of Water Plant.According to Milwaukee papers a tentative value of $775,000
1201
has been placed by the State Railroad Commission upon:the
plant of the Racine Water Co.,for the purchase of which the
city is negotiating. A hearing will be held before the
Commission in June.
St. John, N. B.-Commission Government Adopted.Toronto papers state that the commission form of civic
government will be given its first trial in Canada by the
Council which was elected in St. John April 23. The new
body will, it is said, consist of J. H. Frink, Mayor, and four
Commissioners, H. R. McLellan, H. B. Schofield, R. W.
Wiginore and M. E. Agar. The Mayor will be thellhead of
the Finance Department and each of the Commissioners
will head one of the four civic departments, the allotment of
office to be arranged among themselves. Messrs. McLellan
and Schofield, who led the polls, will serve four-year terms,
and the other Commissioners two years. In 1914 two more
Commissioners will be elected for four-year terms, and after
that two will retire every second year. The Mayor is elected
for a two-year term.
United States.-Senate Refuses to Recede from Amendment
Giving Congress Control of Direct Elections for Senators.-On
April 23 the U. S. Senate by a vote of 42 to 36 refused to
recede from the Bristow amendment to the resolution providing for the election of U. S. Senators by direct popular
vote. The amendment reserves to Congress the right to
control such elections. As stated in V. 92, p. 1713, the
House on June 21 1911 refused to concur in this amendment.
Vermont.-Railroad Bonds Considered Legal Investments
for Savings Banks.-Including the securities added March 1
1912, the list of railroad bonds which, in the opinion of the
Bank Commissioner, Frank C. Williams, are legal invest.
merits for savings banks in this State stands as follows:
Baltimore &10hio System.
Illinois Central System.-Concluded.
Ill. Cen. RR.gold 45. 1951
Is. .3r 0. RII., extension Is. 1935
"
prior lien 334s. 1925
gold 334s, 1951
first mtge. 48, 1948
gold extended 334s, 1951
Southwest. Div.3Ms, 1925
Springf.Div. 1st 3348. 1951
Boston & Maine System,
Kank.dr S.W. 1st 5s, 1921
Portsm.Grt. Falls &ConwayRR.4345,'37
Cairo Bridge 1st 45, 1950
St. Louis Div. 1st 35, 1951
Conn. & Pa.ssumpsic Rivers flit. 45, 1943
Concord & Montreal RR.consol. 4s, 1920
3;is, 1951
Purch. Lines 1st 334s, 1952
St. Johnsb. & L.Champ. RR.1st 5s, 1944
Collat. Trust 1st 334s, 1950
•Worc.Nash. &Jtoch. fiR. 18
5:
13 38
Lake Shore & Michigan South. System.
1st 4s, 1934 L. S. Sr M. S. RY. 1st general 334s, 1997
Louisville & Nashville System.
1st 45, 1935
Louis. & Nash. RR. Unified 4s, 1940
Central of New Jersey System.
general 6s, 1930
Central RR. of New Jersey gen. 5s, 1987
1st 5s, 1937
Chicago & North Western System.
Trust 5s, 1931
Chic. & N. W. Ry. gen. 4s dr 334s, 1987
s. f. consol. 78, 1915 Evansv.Hend.& Nash.Div. s. f. 6s, 1919
Louisv. Cin. & Lex. Ry. gen. 434s, 1931
exten. 48, 1926
Cedar Rap. & Mo. Illy.RR. Mtg. 7s, 1916 Southeast & St. Louis Division 6s, 1921
Northwestern Union Ry. 1st 7s, 1917
Mobile dr Montgomery 434s, 1945
Milw. L. S. & %V. Ry. consol. 6s, 1921
N.0.& Mob. Div.$5,000,000 1st 6s, 1930
Marshfield ext. 1st 55, 1922
Maine Central System.
" Michigan Div. 1st Os, 1924 *Somerset Ry. 1st 5s, 1917
Ashland Div. 1st 6s, 1925
refunding 45, 1955
ext. & imp. mtge. 5s, 1929 *Maine Central RR. Ref. mtge. 1961
Wisconsin Northern RR. 1st 4s, 1931
consol. 4s, 1912
RR.
Winona & St. Peter
1st 7s, 1916
consol 434s, 1912
'•
Minnesota & Iowa Ry. 1st 334s, 1924
consol. 5s, 1912
consol. 7s, 1912
Princeton & Northw. Ry. 1st 3;is, 1926
coll. trust 5s, 1923
Frem. Elkh. & Mo. Val. RR.cons. 681933
Iowa. Minn. dr Northw. Ry. 1st 3;0,1935 Maine Shore Line RR. 6s, 1923
Sioux City & Pacific RR. 1st 3348, 1936 Penobscot Shore Line flit. 4s, 1920
Manitow.GreenBay&N.W.Ry.lst 334s.'41 Portland & Ogdensburg Ry. 434s, 1928
Chicago Burlington & Quincy System. Washington County Ry. 1st 334s, 1954
Michigan Central System.
C. B. & Q. RR.general 4s, 1958
Ill. Div. mtg. 334s, 1949 Michigan Central RR. 1st 334s, 1952
48. 1949 Mich. Cent.-Mich. Air L. RR. 1st 45, 1940
Iowa Div. mtg. 45, 1919 Mich.Cent.-Det.&BayCityRR.Ist 5s, 1931
5s, 1919 M.C.-Jack. Lan.& Sag. RR.1st 334s,'51
New York Central System.
Denver Exten. 4s, 1922
Neb. Ext. mtg. 48, 1927 N. Y.C. & H. It. RR. mtge. 334s, 1997
Burl.& Mo.Riv.RR.In Neb. cons.6s, 1918 Beech Creek RR. 1st 4s, 1936
Mohawk & Malone Ry. 1st 45, 1991
Republican Valley RR. mtg. 6s, 1919
Boston & Albany RR. Plain 3;0,1952
Tarkio Valley RR. 1st 7s, 1920
Nodaway Varey RR. 1st 7s, 1920
45, 1913
rhicago Milwaukee & St. Paul System.
M. & St,P. Ry. general 334s, 1 i
48, 1933
989
48, 1934
4s, 1935
La Crosse & Day.
New York New Haven & Hart/. System
Div. 1st 5e. 1919
N.
Y.
Providence & Boston 4s, 1942
" Dub.Div. 1st 6s, 1920
" Wise.V.Dly.lst6s,1920 Housatonic RR. consol. 5s, 1937
Ch.&P.W.Ist 5s, 1921 Danbury & Norwalk RR. cons. 65, 1920
" cons. 5.9, 192()
Wis.&Minn.Ist 5s,'21
Ch.dr L.Sup.lst 58,'21 Providence & Springfield RR.1st 5s, 1922
Ch.&Mo.R.Ist 58,1926 New Haven & Derby RR. cons. 5s, 1918
Naugatuck RR. 1st 4s, 1954
Term. 1st 5s, 1914
Dakota & Great South. Ry. 1st 5s, 1916 Providence Terminal Co. 1st 4s, 1956
Fargo & Southern Ry. 1st 6s, 1924
Pawtuxet Valley RR. 1st 4s, 1925
Milwaukee dr North. RR. ext. 434s, 1913 Boston & N.Y. Air Line RR. 1st 4s, 1955
Chicago Rock Island & Pacific System New England RR. cons. 4s, 1945
C. It. I. dr P. RR. mtge. 6s, 1917
cons. 5s, 1945
Old Colony RR.4s, 1938
Ry. general 4s, 1988
48, 1924
Chic. St. Paul Minn. & Omaha System.
4s, 1925
Ch. St. P.M.& 0. Ry. cons. 3 1-3s, 1930
334s, 1932
Os, 1930
Chic. St. P. & Minneap. Ry. 1st 6s, 1918 *N.H.& Northam. RR.ref. cons.4s,1956
*Northern Pacific System.
North Wisconsin Ry. 1st 68, 1930
Northern Pacific Ry. prior lien 45, 1997
St. Paul & Sioux City RR. 1st 68, 1919
St. Paul & Northern Pacific Ry. 68, 1923
Delaware & Hudson System.
St. Paul dr Duluth RR. 1st 5s, 1931
Del. & Hud. Co. 1st refunding 45, 1943
Wash. & Columbia Riv. Ry. 1st 45, 1935
Canal Co. 1st 75, 1917
Pennsylvania System.
Adirondack Ry. 1st 434s, 1942
Schenec. & Duanesburg RR. 1st 6s, 1929 Pennsylvania RR. consol. 5s, 1919
" consol. 4s, 1943
Albany driSusq. RR.cony. 334s, 1946
" consol. 334s, 1945
Great Northern System.
" consol. 4s, 1948
Great Northern Ry. 1st dr ref. 43is. 1961
Western Penn. RR. consol. 45, 1928
St. P. M.& M. Ry. consol. 4s, 1933
Southwest Pennsylvania RR. 1st 7s, 1917
consol. 434s, 1933
Phila. dr Erie RR. 6s, 5s, and 4s, 1920
consol. 65, 1933
Un. N. J. RIt. & Canal Co. gen. 45, 1923
Mont. ext. 48, 1937
Pacific Ext. 48, 1940
gen. 45, 1929
gen. 4s. 1944
East. Ry. of Minn. Nor. Div. 4s, 1948
gen. 4s, 1948
Montana Central Ry. 1st 503, 1937
1st 6s, 1937
gen. 334s, 1951
Willmar & Sioux Falls Ry. 1st 5s, 1938 Clev. & Pitts. RR. gen. 434sdr334s, 1942
general 334s, 1948
Spokane Falls & North. Ry. 1st 68, 1939
"general 334s, 1950
Minneapolis Union Ry. 1st 6s, 1922
Pitts. Ft. Wayne & Chic. Ry. 1st 7s, 1912
" 1st 5s, 1922
Allegheny Valley Ry. general 45, 1942
Illinois Central System.
Miscellaneous New England Railroads.
III. Can. ItR. refunding mtge. 4s, 1955
Sterling extended 45, 1951 New London Northern RR.cons. Is, 1940
Gold extended 334s. 1950
* Added March 11912.
Sterling 3s, 1951
127
6d
ed
ed
"
"
de
6.
3548, 1951
de
O.
•e
46
66
6.1
de
THE CHRONICLE
1202
Bond Calls and Redemptions.
Abington Township, Montgomery County, Pa.-Bond
Call.-Call has been made for payment May 1 1912 at the
Jenkintown National Bank in Jenkintown of the following
.
bonds:
LOAN OF 1893.-Class D. Nos. 347 to 375, $100 each, $2,900. LOAN
1894.-Class G. 441 to 447, $500 each, 33.500. LOAN 1907.-Class A,
1 to 6, $1,000 each. $6,000.
Chaffee County School District No. 7, Colo.-Bond Call.Notice was given April 12 that payment will be made 30 days
from that date at the County Treasurer's office in Buena
Vista or at the office of Kountze Bros. in N. Y., of bonds
dated March 1 1898, numbered 29, 30, 31, 32 and 33 of $500
each.
Coos County School District No. 9(P. 0. Coquille), Ore.Bond Call.-T. M. Dimmick, County Treasurer, calls for payment at the N. Y. Securities & Trust Co. in N. Y. bonds Nos.
20, 21 and 22, dated May 1 1895. Denom. $500. Interest
ceases May 1 1912.
Denver, Colo.-Bond Call.-The following bonds are
called for payment April 30.
STORM SEWER BONDS.
North Denver Storm Sewer Dist. No. 1, bonds Nos. 268 to 279, inclusive.
South Capitol Hill Storm Sewer Dist. No. 2, bond No. 87.
SANITARY SEWER BONDS.
East Side Sanitary Sewer Dist. No. 1 bonds Nos. 248 to 250, inclusive.
Sub-Dist. No. 8 of the East Side Sanitary Dist. No. 1, bond No. 90.
IMPROVEMENT BONDS.
Capitol Hill Improvement Dist. No. 6, bond No. 9.
East Denver Improvement Dist. No. 3, bonds Nos. 62 and 63.
East Side Improvement Dist. No. 1, bond No. 55.
East Side Improvement Dist. No. 2, bonds Nos. 42 and 43.
North Side Improvement Dist. No. 1, bond No. 93.
North Side Improvement Dist. No. 2, bond No. 37.
North Side Improvement Dist. No. 3, bonds Nos. 138 to 141, inclusive.
South Broadway Improvement Dist. No. 2, bond No. 79.
South Denver Improvement Dist. No. 4, bond No. 31.
West Denver Improvement Dist. No. 1, bond No. 131.
PAVING BONDS.
Broadway Paving Dist. No. 3, bond No. 40.
Denver School District No. 1 (P. 0. Denver), Colo.Bond Call.-The County Treasurer, P. J. Sours, called for
payment April 1 the following bonds of former School Districts Nos. 2, 7, 17 and 21, now united into Schoolpistrict
•No. 1.
School District No. 2-Bonds Nos. 30 to 41 incl., of $1,000 each. Date
August 1 1900.
School District No. 7-Bonds Nos. 29, 30, 32, 33 and 34 of $1,000 each.
Date July 1 1898.
School District No. 17-Bonds Nos. 84 to 103 incl., of $1,000 each.
Date Dec. 20 1897.
School District No. 21-Bonds Nos. 31, 32. 33 and 34 of $1,000 each.
Date March 15 1898.
Lansdowne, Delaware County, Pa.-Bond Call.- The
following bonds are called for payment on July 1 1912:
Bonds Nos. 5 and 23, Series E. Interest and principal payable at the
Fourth Street Nat. Bank, Philadelphia.
Bonds Nos. 4, 9, 31, 32, 35, 43, 50, 54, 66, 89, 72 and 102, Series F.
/nt. and principal payable at the Guarantee Trust & Safe Dep. Co., Phila.
[VoL. Lxxxxiv.
Bond Proposals and Negotiations this week
ave been as follows:
ABERDEEN, Brown County, So, Dak.-Bonds Voted.-The election
held April 16 resulted in favor of the proposition to issue the $75,000 5%
20-yr. city-hall bonds (V. 94, p. 996.) Dcnom. $500 or $1,000. Int. semiannual. The vote was 897 to 616.
ABILENE, Taylor County, Texas.-Bond Election.-Reports state that
propositions to issue $7,000 crematory and $10,000 fire-department bonds
will be submitted to a vote on May 6.
ABINGTON TOWNSHIP, Montgomery County, Pa.-Bond Sale.Thls township has disposed of $35,000 4% gold coup. tax-free road-imptbonds. Date Sept. 1 1911. Int. M. & S. at the Jenkintown Nat. Bank,
Jenkintown. Due in 30 years, subject to call $15,000 in 1921 and $20,000
in 1931.
ADAMS COUNTY SCHOOL DISTRICT NO. 74, Wash.-Bond Sale.The State of Washington was awarded at par for 5s $8,000 refunding and
$8,000 bldg. 10-20-yr. (opt.) bonds. Dcnom. $1,000.
AFTON SCHOOL DISTRICT (P.O. Afton), Union County, Iowa.-Bond
Offering.-Proposals will be received until 8 p. m. June 10, it is stated, by
F. A. Shute, Sec. Bd. of Ed., for $20.000 5% 2-10-yr. (opt.) school bonds.
Int. semi-ann. Cert. check for $1,000 required.
AKRON, Summit County, Ohio.-Bond Election.-According to local
papers, an ordinance was passed on April 8 calling for an election May 21
to vote on the question of issuing $1,225,000 water-works-impt. bonds.
ALBANY, N. Y.-Bond Offering.-Proposals will be received until 11 a.
m. May 6 by J. M. Foil, City Comptroller, for the following 4 g% bonds,
aggregating $446,000:
$100,000 improved water-supply bonds, "Fifth Series." Denom. $1.000.
Due May 1 1932.
182,000 street-impt. bonds. Due $16,200 yrly. May 1 1913 to 1922 incl.
100,000 coup. (with priv. of reg.) State Street impt. bonds, "First Series."
Due May 1 1962.
40,000 public-impt. bonds (New Steamer House No. 2). Due $2,000
yearly May 1 1913 to 1932 incl.
21,000 public-impt. bonds (Fire Apparatus, etc.). Due $1,050 yrly.
May 1 1913 to 1932 incl.
12,000 publio-impt. bonds (Addition to Steamer House No. 8). Due
$800 yrly. May 1 1913 to 1932 incl.
8,000 public-impt. bonds (Furnishing Police Station No. 3 and Truck
House No. 4). Due $300 yriy. May 1 1913 to 1932 incl.
5,000 public-impt. bonds (South Pearl St. Impt.). Due $250 yrly.
•
May 1 1913 to 1932 incl.
Date May 1 1912. Int. M. & N. Cert. check for 2% of bonds bid for.
payable to C. E. Walsh, City Treas., required. Bonds to be delivered
about May 15.
ALCORN COUNTY (P. 0. Corinth), Miss.-Bond Sale.-On April 2 the
$11,500 5% 10-yrs. reg. tax-free refunding bonds (V. 94, p. 719) were
awarded to John Nuvcen & Co. of Chic. for $11,715 (101.869), int. and
blank bonds.
ALFALFA COUNTY (P. 0. Cherokee), Okla.-Bond Election.-The
people will vote on May 14, it is stated, on the proposition to issue $100,000
court-house bonds.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.-Bond Sale.-We are
advised that an issue of 4% reg. road bonds (Issue of Jan. 1 1912) will be
taken up by the Sinking Fund Commission and held to the credit of various
sinking funds.
ALLENTOWN. Lehigh County, Pa.-Bonds Proposed.-Reports state
that this city is considering the issuance of $80,000 bonds for street paving,
storm-sewers and children's play-grounds.
ALVIN. Brazoria County, Tex.-Bonds Registered.-The State Comptroller on April 18 registered the $10,000 5% street-impt. bonds(V.94,p.224).
ATHENS..McMinn County, Tenn.-Bonds Defeated.-The election held
April 20 resulted in the defeat of the proposition to issue the $5,000 funding and $20,000 street-impt. 5% 30-yr. bonds (V. 94, p. 1073).
ATHENS TOWNSHIP, Ohio.-Bond Electton.-The question of issuing
$7,000 bonds to erect a school house at Mechanicsburg will be submitted
to the voters on April 27.
ATTLEBORO, Bristol County, Mass.-Temporary Loan.-A loan of
$40,000 due Oct. 23 1912 was negotiated on April 22 with Loring,Tolman
& Tupper of Boston at 3.74% discount.
AUGUST SCHOOL DISTRICT (P. 0. Stockton), San Joaquin County,
Cal.-Bonds Voted.-An election held April 11 resulted in favor of the
proposition to issue $10,000 6% school bonds. Date June 4 1912. Int.
semi-ann. Due $500 yrly. for 20 years. The vote was 36 to 16.
Lawrence County (P. 0. Deadwood), So. Dak.-Bond
Call.-Payment will be made on May 1 at the Fourth Nat.
Bank in N. Y. or at the County Treasurer's office of the 5%
SCHOOL DISTRICT NO. 129 (P. 0. Aurora), Kane County,
bonds issued July 1 1899, numbered 6, 16, 18, 34, 40, 44, 48, III.AURORA
-Bond Election.-At an election to be held April 20 the voters will
decide, it is stated, whether or not this district shall issue $40,000 school
79, 84 and 87 of $1,000 each.
improvement bonds.
Missouri.-Bond Calls.-Whitaker & Co. of St. Louis in
AUSTIN, Travis County, Tex.-Bond Election.-According to local
papers,the election to vote on the propositions to issue the $250,000 street,
the
report
15
April
dated
pamphlet
following
quotation
their
$250,000 sewer, $150,000 school, $50,000 cemetery and $50,000 hospital
municipal bonds as having been called for redemption:
bonds(V.94, p.883) will be held April 30.
Butler County Sch. Dist. No. (17) 5-25-6, 6% bonds Nos. 1, 2 and 3,
$1,000 each, dated June 11906, were called for payment April 15.
Butler County Sch. Dist. No. (67) 5-23-5, 7% bond No. 1, for $800,
dated June 1 1896, was called to be paid April 15.
Clinton Sch. Dist., Henry County, 5% bonds, Nos. 22 to 25 inel.,$500
each, dated May 1 1897, will be paid May 1.
Doniphan, Ripley Co., 5% water-works bonds, Nos. 1 to 17 incl., $500
each, dated May 1 1902, will be paid May 1 1912.
Greenfield Sch. Dist., Dade County, 5% bond No. 10, $500, dated May 1
1896, will be paid May 1 1912.
Moniteau County Sch. Dist. No. 35-45-17, 4% bonds Nos. 7 and 8,
$500 each, dated Nov. 2 1899, will be paid May 2 1912.
Newton Co. 4% funding bonds, Nos. 19 to 28 incl., $500 each, dated
July 2 1900, will be paid May 1 1912.
Piattsburg, Clinton County, 4% school-building bonds, Nos. 23 and
24, for $500 each, dated May 1 1899, will be paid May 15 1912.
Wellsville Sch. Dist. No. 2-5-6, 4% bonds Nos. 3 and 4, $500 each, dated
Sept. 1 1903, were called and to be paid, No.3 April 8 and No.4 April 11.
San Mateo, San Mateo County, Cal.-Commission Form
of Government Approved.-Reports state that the election
held April 8 resulted in a vote of 479 to 266, in favor of the
adoption of the commission form of government.
Spokane, Wash.-Bond Call.-The following special
improvement bonds are called for payment on May 1 1912
at the City Treasurer's office.
BAKERSFIELD SCHOOL DISTRICT, Kern County, Cal.-Bond Offering.-Proposals will be received until 2 p. m. May 7, it is stated, by the
Board of County Supervisors (P. 0. Bakersfield), for the $120,000 5% 20yr. bldg. bonds voted March 30(V. 94, p. 1073). Deonm. $1,000.
BASTROP COUNTY (P. 0. Bastrop), Texas.-Bond Election.-The
Commissioners' Court ordered an election for May 14, it Is reported, in
the Bastrop Justice Precinct, to vote on a proposition to issue $80,000
good-road bonds.
BEAUFORT, Carteret County, No, Car,-Bond Sale.-The H. C. Speer
44 Sons Co. of Chicago has been awarded at par the $10,000 5% 20-year
coup. street and other impt. bonds offered on Jan. 25 (V. 94, P. 149).
Date Feb. 1 1912.
BEAUMONT, Jefferson County, Tex.-Bonds Registered.-On April 10
the State Comptroller registered the 580,000 park, $30,000 sewer and
$60,000 street-impt. 5% 20-40-yr. (opt.) bonds sold on April 4 to R. M.
Grant & Co. of N.Y.(V. 94, p. 1073).
BEE COUNTY (P. 0. Beeville). Tex.-Description of Bonds.-The $15,000 5% 5-10-yr. (opt.) bridge bonds voted March 30 (V. 94, p. 1073) are
n the denom. of $500 each and dated April 10 1912. Int. ann. in April in
Beeville. Official circular states that the bonds have never been contested
and that there is no controversy or litigation pending or threatened affecting the corporate existence or the boundaries of said county, the title of
its present officials to their respective offices or the validity of these bonds.
BELL COUNTY (P. 0. Belton), Tex.-Bands Registered.-The State
Comptroller registered on April 12 $12,000 refunding bridge and $1,990
bridge-repair 5% 10-40-yr. (opt.) bonds.
BELLECENTER. Logan County, Ohio.-Bond Offering.-Proposals
will be received until 12 m. May 7 by H. A. Sickles, VII. Clerk, for 51,800
5% coup, electric-light-meter-purchase bonds. Auth. Sec. 2835 Rev. Stat.
Denom. $200. Date May 1 1912. Int. ann. at the Vii. Treas. office. Due
$200 yrly. May 1 from 1915 to 1922, incl. Purch. to pay accrued Int.
GRADE1BONDS.
Ivory Dist. No. 91, Bonds Nos. 22 and 23-Pacific Dist. No. 238, Bonds
Nos. 33 to 35 inclusive.
WALK BONDS.
BEMIDJI SCHOOL DISTRICT (P.O. Bemidji), Beltrami County. Minn.
18th Dist. No. 207,IBond No.18-Tacoma Dist. No. 318, Bond No. 6.
-Bonds Voted.-Bv a vote of 92 to 5 the question of issuing $5,000 schoolSEWER BONDS.
building bonds carried, it is stated, at an election held April 3.
Dean Dist. No. 705, Bond No. 2-11th Dist. No. 322, Bonds Nos. 7 & 8BERKS COUNTY (P. 0. Reading), Pa.-Bonds Awarded in Part.15th Dist. No. 540, Bond No. 3.
70 coupon
Reading papers of April 20 state that $280,400 of the $475,000 3%,
PAVING BOND.
tax-free Penn St. bridge bonds (V. 94, p. 863) have been sold. Denom.
Monroe Dist. No. 2, Bond No. 61.
$100 & $500. Date Nov. 1 1911. Int. M. & N. The Reading National
Bank Is acting as agent in the sale of these bonds.
Tacoma, Wash.-Bond Call.-The following bonds are
BERRYTON SCHOOL DISTRICT (P. 0. Berryton), Shawnee County,
called for payment:
Kan.-Bonds Voted.-Reports state that on April 20 the question of issuing
DP(ridLocal Improvement District
Local Improvement District
Local Improvement District
Local Improvement District
Local Improvement District
Local Improvement District
Local Improvement District
Local Improvement District
No. 632
No. 518
No. 525
No. 692
No. 548
No. 774
No. 659
No. 420
No. of Bonds. Int. Ceases.
38 to 67 incl. April 2 1912
48 to 58 incl. April 4 1912
37 to 43 incl. April 4 1912
3 to 8 incl. April 7 1912
3 and 4
April 7 1912
1 to 4 incl. April 10 1912
14
April 20 1912
168 to 400 incl. April 21 1912
$2,500 building bonds received a favorable vote.
BIG CREEK DRAINAGE DISTRICT NO. 1, Johnson County, Mo.Bonds Offered by Bankers,-The Wm. ft. Compton Co. of Chicago and
St. Louis is offering to investors $46,000 6% drainage bonds. Denom.$500.
Date Feb. 1 1912. Int. F. & A. at the County Treas. office or at the Wm.
R. Compton Co. in St. Louis or Chicago. Due on Feb. 1 as follows: $2,500
in 1914 and 1915; $2,000 from 1918 to 1920 incl.; $2,500 from 1921 to 1924
incl.; $3,000 in 1925, 1926 and 1927; $3,500 in 1928, 1929 and 1930 and
$1,.500 in 1931.
APR. 27
1912.]
THE CHRONICLE
BIRDSBORO. Berks County, Pa.-Bond Election.-A vote will be
taken on May 14, it is reported, on a proposition to Issue $7,000 schoolbuilding Improvement bonds.
1203
ann. in April beginning In 1913. Due $1,000 in 4 years and $2,000 yrly.
from 5 to 20 years incl. Cert. check for 10% of bid, payable to the County
Treas., required. A like issue of bonds was offered on April 20(V.94, p.930)
CARROLLTON, Carroll County. Ga.-Vote.-The vote cast at the
BLISS SCHOOL DISTRICT, Tulare County, Cal.-Bond Election.-An
election will be held May 3 to vote on the question of Issuing bonds, reports election held recently which resulted in favor of the question of issuing
the 5 issues of 5% gold tax-free bonds (V. 94, p. 1132) was as follows:
state.
sewerage and drain bonds. Vote of 371 to 17. Due Jan. 10 1936.
BLUE ISLAND, Cook County, III.-Bond Election.-An election will be $3,000
4,000 water-works bonds. Vote of 378 to 11. Due Jan. 10 1936.
held in June, reports state, to vote on the question of issuing $30,000 elec25,000
city-hail bonds. Vote of 379 to 11. Due $8,000 Jan. 10 in 1937
trie-light bonds.
and 1938 and $9,000 Jan. 10 1939.
BOISE CITY, Ada County, Idaho.-Bond Election.-Reports state that 18,000 school bonds. Vote of 375 to 13. Due $9,000 on Jan. 10 in 1940
at an election to be held April 22, the voters will determine whether or not
and 1941.
this city shall issue $90,000 10-30-yr. (opt.) gold coup, refunding bonds. 10,000 street bonds. Vote of 380 to 10. Due Jan. 10 1942.
Int. rate not to exceed 5%.
Denomination $1,000. Interest Jan. and July. Date of sale not yet
A like issue of bonds was awarded on Dec. 8 1911 to E.H.Rollins &Sons decided.
CASS COUNTY (P. 0. Logansport), Ind.-Bond Offering.-This county
of Chicago (V. 93, p. 1680), but subsequently held invalid by the District
will sell on May 1 an issue of $9,577 75 5% Gardner-ditch bonds in BethleCourt in a friendly suit brought by C. S. McConnell.
hem Township, according to reports.
Stanisfans
DISTRICT.
County, Cal.-Bond Offering.
BONITA SCHOOL
CHARLESTON, Coles County. III.-Bonds Voted.-By a vote of 844 to
-Proposals will be received until 10 a. m. May 14, it Is stated, by the
Board of Co. Supervisors (P. 0. Modesto), for $35,000 5% bonds. Denom. 399 the question of issuing the $40,000 5% water-works bonds (V. 94,
p. 930), carried, it is stated, at the election held April 16. Int. annual.
$1,000.
CHATHAM. Pittsylvania County, Va.-Bonds Voted.-The election
BOULDER SCHOOL DISTRICT (P.O. Boulder), Boulder County, Colo.
-Description of Bonds.-The $30,000 4 %% bonds awarded to Well, Roth held April 18 resulted in favor of the propositions to issue the $20,000 street& Co. of Chicago at 98.63 and int. on April 5, subject to the election to be paving and $10,000 water-works and sewer 534% 15-30-yr. (opt.) bonds
held in May (V. 94, p. 1074), are in the denom. of $1,000 each and dated (V. 94, p. 930). The vote was 82 to 6 and 83 to 6, respectively.
March 1 1912. Int. M. & N. Due March 1 1952.
CHELSEA. Suffolk County, Mass.-Temporary Loan.-A loan of $120,BOX ELDER COUNTY (P. 0. Brigham), Utah.-Bond Offering.-Pro- 000, due Nov. 19, has been negotiated, reports state, with Curtis & Sanger
posals will be received until 11 a. m. May 11 for $175,000 4% 10-20-yr. of Boston at 3.54% discount and $1 65 premium.
(opt.) road bonds. Authority, vote of 436 to 294 at the election held
CHELSEA, Rogers County, Okla.-Bond Sale.-W. A. Brooks of Okla.
April 9 (V. 94, p. 863).
City has been awarded an issue of $8,000 water-works bonds.
These bonds take the place of the $200,000 bonds awarded to the Harris
CLARKS.
Merrick County, Neb.-Bonds Voted.-It is stated that at a
of
Chicago
Bank
on
Say.
Jan. 31 (V. 94, p. 428), the sale of which
Trust &
recent election the question of issuing $5,000 bonds to establish an electricwas not consummated.
lIgnt-plant received a favorable vote.
BOYNE CITY, Charlevoix County, Mich.-Bond Offertng.-This city
CLEVELAND, Ohlo.-Bond Sale.-On April 22 the $366,000 1.8-yr.
will offer at private sale on May 6 $5,000 refunding bonds.
'(aver.) and
1.7-yr. (aver.) 5% coup. street-impt. bonds (V. 94,
BREMERTON, Kitson County, Wash.-Bonds Voted.-By a vote of p. 779) were$75,000
awarded to C. E. Denison & Co. of Cleve. for $370,832 50
498 to 198 the question of issuing the $150,000 bonds to purchase the plant (101.32) and $75,902 50
(101.203) respectively. Other bids follow:
Bremerton
Water & Power Co. (V. 94, p. 930) carried, reports state,
of the
$75,000
$366,000
at the election held April 16.
issue
issue.
BRIGHAM CITY, Boxelder County, Utah.-Bond Offering.-Proposals New First Nat. Bank, Columbus
$ ,
$36
*50
40
will be received until 10 a. m. May 1 by P. R. Wight, City Recorder, for the Tillotson & Wolcott Co., Cleveland
75,870 00
370,684 80
$35,000 5% water-works bonds voted April 9 (V. 94, p. 1131). Denom. Otis & Hough and
iCieveland
75,855 00
370,580 00
$1,000. Date June 1 1912. Int. F. & A. at any place in Utah the purchaser Hayden Miller do Co__ f
may designate. Due June 1 1932. Cert. check (or cash) for 5% of bonds Security Say. Bank & Trust Co., Toledo
75,832 50
Mansfield Savings Bank, Mansfield
bid for, payable to the City Treasurer, required.
75,800 00
370,283 60
75,793 50
BRIGHTON SCHOOL DISTRICT (P. 0. Brighton), Adams County. Davies-Bertram Co. and
Breed
&
Harrison,
Cln___
Colo.-Bond Election.-An election will be held May 1 to vote on the
Well, Roth & Co. and
1Cmn
369,843 00
75,712 50
question of issuing $25,000 bldg. bonds, it Is stated.
Mayer, Deppe & Walter_ _
BROADWATER COUNTY SCHOOL DISTRICT, Mont.-Bond Offering. First National Bank, Cleveland
369,330 75
75,515 75
-Proposals will be received until 8 p. m. May 11, it is stated, by
J. A.
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.-Bond Sale.-On
Matthews, Clerk (P. 0. Townsend), for $10,000 10-20-yr. (opt.) school
April 16 the $9,000 434% 534-yr. (ay.) coup. highway-impt. bonds (V.94,
bonds. Int. (rate not to exceed 6%) payable semi-annually.
p. 779) were awarded, it is stated, to Hayden, Miller & Co. of Cleveland
BROOKSVILLE. N'oxubee County. Miss.-Bonds]Proposed.-This place at 101.40-a basis of about 4.221%.
proposes to issue $7,500 water-works-system bonds, according to reports.
COAHOMA COUNTY (P. 0. Friar Point), Miss.-Bond Offering.-ProBRYAN, Williams County, Ohio.-Bonds Authorized.-An ordinance posals will be received until 12 m. May 6 by T. S. Aderholdt, Pres. Bd. of
was passed on April 5 providing for the issuance of $5,000 4;i% coup. Super., for the $50,000 5% 30-yr. coup. tax-free road and bridge
bonds
water-works and electric-light-plant-improvement bonds. Denom. $500. (V. 94, p. 998). Auth., Secs. $31 to 333, Miss. Code of 1906. Denom.
Date April 10 1912. Int. A. & 0. Due $3,000 March 1 1924 and $2,000 $500. Date June 1 1912. Int. annual. Cert. check for $2,500, payable
Sept. 1 1924.
to Coahoma County, is required.
BUFFALO, N. Y.-Bonds Authorized.-Ordinances have been passed pro,
.
CODY. Park County, Wyo.-Bonds Defeated.-An election held April 16
viding for the Issuance of $500,000 20-yr. water-works-system, $300,000 resulted in the defeat by 21 votes of the proposition to issue $65,000 6% bds.
20-year pumping-station-equipment, $200,000'20-year site-purchase and
COEUR D'ALENE, Kootenai County, Idaho.-Bond Election.-An
school-building, $50,000 50-year trunk-sewer-constr., $50,000 20-year muelection will be held May 14 to vote on the question of issuing $15,000 firenicipal-hospltal and $78,708 33 25-year refunding 4 X% bonds. Date apparatus,
$15,000 auditorium and 8 issues of street-Improvement bonds,
June 1 1912. Int. J. & D. at the City Compt. office or at the Gallatin Nat. aggregating
$25.173 18.
Bank in New York, as purchaser may elect.
COLEMAN,
Midland County, Mich.-Bonds Defeated.-An election held
BUFFALO CENTER SCHOOL DISTRICT (P. 0. Buffalo Center),
Winnebago County. Iowa.-Bond Sale.-On April 11 the $8,000 5% 10-yr. April 1 resulted in the defeat of a proposition to issue $6,000 street bonds.
COLDSPRiNas TOWNSHIP, Kalkaska County, Mich.-Bonds Voted.
bldg. bonds (V. 94, p. 997) were awarded to the First Nat. Bank of BufAn election held recently resulted, reports state, in favor of the proposition
falo Center for Geo. M. Bechtel ec Co. of Davenport at 100.625.
BUFORD. Gwinnett County, Ga.-Purchaser of Bonds.-The purchaser to issue $5,000 road bonds.
of the $5,000 school and $5,000 water-works 5% bonds (V. 94, p. 1132)
COLLEGE PARK SCHOOL DISTRICT. Santa Clara County, Cal.
was the Robinson-Humphrey-Wardlaw Co. of Atlanta at par. Donom. Bond Offering.-Proposals will be received until 11 a. m. May 20 by the
Supervisors (P. 0. San Jose) for $10,000 5% bonds, it is stated.
$1,000. Date May 1 1912.
COLLINGSWOOD.Camden County,
Sale.-M.M. Freeman
• BURLINGTON, Coffey County, Kan.-Bond Election.-An election will
be held May 20, it Is stated, to vote on a proposition to Issue $4,4:100 street- & Co. of Philadelphia advise us that they were awareded jointly with
Adams & Co.of N.Y.$50,000 434% street-paving bonds offered on April 17.
lighting-system and water-works-improvement bonds.
Purchase price not mentioned. Denom. $1,000. Date Dec. 1 1911. Int.
BUTLER SCHOOL DISTRICT (P. 0. Butler). Butler County, Pa.
Bond Sale.-We are advised that an issue of $25,000 4j% coup. or reg, J. & D. Due Dec. 1 1941.
high-school-bldg. bonds has been disposed of. Date April 1 1912. Int.
COLONIAL BEACH, Westmoreland County, Va.-Bon,d Sale.-On
A. & 0. Due In 30 years subject to call $5,000 in 10 years, $10,000 in April 11 the $20,000 sewer and $17,000 water-works 6% 25-yr. coup. bonds
(Y. 94. p. 930) were awarded to S. A. Kean & Co. of Chicago. Bonds are
15 yrs. and $10,000 In 20 yrs.
CALHOUN INCORPORATED SCHOOL DISTRICT (P. 0. Calhoun), dated April 1 1912.
COOK COUNTY (P. 0. Grand Marais), Minn.-Bond Offering.-ProHenry County, Mo.-Bonds Not to be Sold Until May 1.-L. R. Simpson,
Clerk, advises us that the $5,000 5% bldg. bonds previously offered (V. 94, posals will be received until 10 a. m. May 2, it is stated, by C. Murphy:
p. 646) will not be sold until May 1. Denom. $500. Date about April 1 County Auditor,for the $60,000 6% road and bridge bonds(V.94. p. 1131).
1912. Int. annually at the Calhoun Bank. Cert. check for $100, payable Int. semi-annual.
to "Calhoun School Board", required. No debt at present. Asssessed
COOK COUNTY SCHOOL DISTRICT NO. 15 (Palatine),_ Ill.-Bond
val. 1911 $160,000.
Offering.-Proposals will be received until 8 p. m. May 3 by H. H. PohlCAMBRIA, Montgomery County. Va.-Bond Election.-An election will man, Secretary (P. 0. Palatine), for $17,800 5% bonds. Denom. (35)
be held May 14 to vote on the question of issuing $10,000 5% 15-30-yr. $500 and (1) $300. Int. semi-ann. Due $1,000 yearly July 1 1916 to
street-Improvement bonds.
1928, incl.; $1,500 on July 1 in 1929 and 1930, and $1,800 July 1 1931.
CAMDEN. Knox County, Me.-Bond Sale.-On April 16 $13,000 4% Certified check for $500, payable to the Secretary, Is required. The legality
10-yr. refunding bonds were awarded to the Camden Nat. Bank of Camden has been passed upon by C. B. Wood of Chicago. No other debt. Assessed
valuation, $375,673.
at 101. Other bids follow:
E. H. Rollins & Sons, Boston101.077 C. H. Gilman & Co., PortI'd_100.83
COVENTRY TOWNSHIP, Summit County. Ohio.-Bond Offering.
M. S. Bird & Co., Rockland_101.07 Hayden,Stone & Co., Boston_100.50 Proposals will be received until 9 a. m. May 20 by S. P. Marsh, Township
L. C. Tyler & Sons, Bangor_101.055
Clerk (P. 0. Barberton, R. F. D. 34), for $10,000
% coup. highway
Some of the above bids appear to be higher than that of the successful impt. bonds. Auth. Secs. 3294, 3295, 3939, 3940, 3941, 3942 and 3947,
bidder, but the Treasurer advises us that on account of the premium of- Gen. Code. Date "day of sale." Int. A. & 0. on and after Oct. 1 1912,
fered, the assumption of the expense of printing and also the proof of the payable at the Dime Savings Bank in Akron. Due $1,000 yrly. Oct. 1
legality of these bonds and the absence of any condition that might add from 1913 to 1922 incl. Bonds to be delivered and paid for within 10 days
to the expense incurred," It was decided to award the bonds to the Cam- from time of award. Cert. check on a bank other than the one making
den bank. Denom. to suit purchaser. Date May 1 1912. Int. ann. in May. the bid, for 10% of bonds bid for, payable to the Township Treasurer,
CAMDEN, Camden County N. J.-Bond Sale.-On April 22 the follow- required. Purchaser to pay accured interest.
ing bids were received for the $60,000 20-yr. paving and ;48,000 30-yr.
COWDEN (Shelby County School District No. 160). III.-Bond Sale.
refunding 4
coup, or reg. bonds (V.94, 13. 997):
R,0.0. Matheny & Co. of Springfield purchased,at 101.12,int. and blank
$60,000 issue. $48,000 issue. bonds, $10,000 5% bldg. bonds. The bonds were awarded Feb. 11, subSpitzer. Rorick & Co., New York..
106.026 ject to an election held April 10, which resulted favorably. Denom. $500.
Bond & Goodwin, New York----------- -- -----Date June 1 1912. Int. J. & D. Due $500 yriy.:119144to 1921 inchiand
:1
104.74
104'
•106.17
.74
M
E. H. Rollins & Sons, New York................._104.698
106.098 $1,000 yrly. 1922 to 1927 Incl.
A. B. Leach & Co., New York ................._104.578
105.578
CROOK COUNTY SCHOOL DISTRICT NO. 11, Wyo.-Bond Offering.
Estabrook & Co., New York
.104.466
105.876 Proposals will be received until 7:30 p. m. May 11 by S. D. Perry. Dist.
J. D. Everitt & Co., New York_ .
.104.375
105.625
(P. 0. Gillette), for $25,000 8% bldg. bonds. Denom. $500. Date
Cleric
N. W. Halsey & Co., New York
103.819
105.179 May 1 1912. Int. ann. on Jan. 1 at the Chemical Nat. Bank of New York.
Harris, Forbes & Co., New York
103.791
105.092 Due 25 years, opt. after 10 years.
Kountze Bros., New York.....................103.74
104.58
CUERO INDEPENDENT SCHOOL DISTRICT (P. 0. Cuero), De Witt
O'Connor & Kahler, New York
103.63
104.69
County. Tex.-Bonds Voted.-By a vote of 203 to 80, the proposition to
W. N. Coler & Co., New York _
_103.58
104.68
issue $35,000 building bonds carried at the election held April 16, accordR. M. Grant & Co., New York ------------------103.578
103,578
104.778
ing to reports.
J. 11. Magoffin, New York_ ___________________ 103.35
104.25
Merchants' Union Trust Co_102.71
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-Bond Offering.-Pro103.53
Camden Safe Deposit & Trust Co., Camden
posals will be received until 11 a. m. May 15 by the Board of County Com104.31
missioners, J. F. Goldenbogen, Clerk, for the following 434% coupon road• Successful bids.
improvement bonds:
CAMILLUS (Town) UNION FREE SCHOOL DISTRICT NO. 9, Onon- $3,100 Canal Road No. 2 assess. bonds. Denom. (1) $100 and (12) $250.
Due $100 April 1 1913, $250 yrly. April 1 from 1914 to 1919 incl.
daga County, N. Y,-Bond Offering.-Proposals will be received until
and $500 April 1 1920, 1921 and 1922.
3 p. m. May 1 by the Bd. of Ed. at Salt Springs Nat, Bank In Syracuse for
$40,000 4% bonds. Denom. (10) $1,000 and (20) $1,500. Date July 1 34,930 Canal Road,No. 2 (county's portion) bonds. Denom.(1) $930 and
(34) $1,000. Due $930 April 1 1913. $1,000 Oct. 1 1913, April 1
1912. Int. annually at the Standard Trust Co. of N. Y. Due $1,000 yrly.
and Oct. 1 1914 and April 1 1915 and $2,000 each six months from
Nov. 1 from 1913 to 1922 inol. and $1,500 yriy. Nov. 1 from 1923 to 1942
Oct. 1 1915 to Oct. 1 1922 incl.
incl. A deposit in cash, cert. check or bank draft for 5% of bonds bid for
Auth. Secs. 2294, 2295, 6912, 6912-1 and 691$, Gen. Code. Date May 1
requiredolitPurch.lto paylaccrued int. 4•Edward Fowler 15101k.
1912. Int. A. dc O. beginning Oct. 1 1912, payable at the County Treas.
111FCARPINTERIAIUNIONiSCHOOL DISTRICT, Santa Barbara County, office. Bonds to be
delivered and paid for within 10 days after time of
Cal.-Bond Offering.-Proposals will be received until 10 a. m. May 6 by award. An unconditional
cert. check on a bank other than the one makthe Board of Co. Supervisors, C.A. Hunt, Clerk (P. 0. Santa Barbara). ing the bid, for 1% of
bonds bid for, payable to the County Treas., required.
for $33,000 57
o/site-purchase and building bonds. Denom. $1,000. Int. Purchaser to pay accrued interest.
1204
THE CHRONICLE
[VoL. Lxxxxxv.
Feb. 1
bldg. bonds mentioned in V. 94, p. 780. Denom. $1,000.1 inDate
Bands Not Sold.-No award was made on April 24 of the $10,300 4% 1 1912.
1922, 1932
Int. F. & A. In New York City. Due $5,000 Feb.
coupon Fisher Road No. 2 impt. bonds (V. 94, p. 998.)
and 1942.
CUYAHOGA FALLS VILLAGE SCHOOL DISTRICT (P. 0. Cuyahoga
GLOUCESTER, Essex County, Mass.-Bond Sale.-On April 23&$20,000
4%
Co. of
Falls), Summit County, Ohio.-Bond Sale.-On April 16 the $6,000
1-20-year (ser.) bonds were awarded to E. M. Farnsworth
4%
11 1-6-yr. (ay.) coup. high-school-bldg. impt. bonds (V. 94. p. 930) were Boston at 103.03-a basis of about 3.65%.
awarded to the First Nat. Bank of Cleve. for $6,193 25 (103.22) and int.III.
County.
a basis of about 4.135%. Other bids follow:
GODFREY SCHOOL DISTRICT (P. 0. Godfrey), Madison
Seasongood & Mayer, Cinc___$6,192 1 C. E. Denison & Co., Cley.$6,175 80 -Bona Sale.-Wc are advised that $10,000 school-bldg. bonds have been
00
6,165
__
Clnc__
&
Co.
_
Roth
Clev__
Well,
6,191
Co.,
&
Miller
Hayden,
sold.
New First Nat. Bank, Col__ __ 6,183 Stacy & Braun,"foledo__ __ 6,161 20
GRANDVIEW HEIGHTS (P. 0. Columbus), Franklin County, Ohio.
Pros'. Say. Bk. & Tr. Co., Cin_ 6,183 Barto, Scott & Co., Colum. 6,161 00
Sale.-On April 11 the $2,000 4 )• % 10-yr. coup. funding bonds
Bond
Columbus.
six
the
of
of
description
Bank
Nat.
-The
ion
of
Bonds.
First
New
the
DAYTON. Ohio.-Descrtpt
(V. 94, p. 720) was awarded to
Issues of bowls autnorized on April 8 (V. 94, p. 1132) is as follows:
GRANVILLE SCHOOL DISTRICT. Fresno County, Cal.-Bond Sale.
$35,000 4% storm-water-sewer bonds. Denom. $1,000. Date June 1
were
incl.
1926,
to
On April 16 the $7,000 6% 5-11-yr. (ser.) bonds (V. 94, p. 1075) basis
1920
from
1
1912. Due $5,000 yrly. June
a
(104.385),
$7,307
for
Fresno
of
1,000 43% Clayton St. ext. bonds. Date April 1 1912. Due April 1 awarded to the Union Nat. Bank
of about 5.351%.
1914.
3,900 4 M % Brightwood Ave. ext. bonds. Denom. (2) $1,000 and
GREENE COUNTY (P. 0. Xenia), Ohio.-Bond Sale.-On April 19 the
(1) $1,900. Date June 1 1912. Due $1,900 June 1 1920 $40,000 4% 8 U-yr. (ay.) coup. refunding bonds (V. 94, p. 999) were
and $1,000 June 1 1921 and 1922.
it is stated, to the Dayton Savings ec Trust Co. of Dayton at
awarded,
$1,000.
8,000 4% sanitary-sewer (city's portion) bonds. Denom.
100.1125.
Date June 1 1912. Due $1,000 yrly. June 1 from 1920 to
1927 incl.
GREENVILLE, Greenville County, So. Caro.-Bond Electian.-The
-Improve20,400 4% street-intersection (city's portion) bonds. Denom. (19) election to vote on the propositions to issue the $115,000 street
5%
$1,000 and (1) $1,400. Date June 1 1912. Due $5,400 ment and $35,000 sewerage-system 30-yr. bonds at not exceeding
papers.
incl.
to
local
1923
1921
to
from
1
June
according
Int. (V. 94, p. 999) will be held May 7,
June 1 1920 and $5,000 yrly.
5,700 4 M % sidewalk, curbing and graveling (city's portion) bonds.
13.
NO.
DISTRICT
GREENVILLE TOWNSHIP SPECIAL SCHOOL
Denom. (4) $1,000 and (1) $1,700. Date June 1 1912.
$4,200 5% coup.
Darke County, Ohio.-Bond Sale.-On April 20 the
Due $1,700 June 1 1920 and $1,000 yrly. June 1 from
Columof
Bank
Nat.
First
New
the
to
awarded
bonds (V. 94, p. 1075) were
1921 to 1924 inclusive.
bus for $4,336 (103.23) and int. Other bids follow:
Interest semi-annual.
& Hough, Cleveland _ _$4,306 001First Nat. Bank, Ansonia-- _ _$4,251
866
Band Offering.-Bids will be received on May 20, it Is stated, for $385,000 Otis
Sec. Say. Bk. & Tr.Co.,Tol. 4,302 50!John Bixler (for $833
bonds.
retaining-wall
St.
Stewart
$3,200
$9,000
and
park-impt.
river.
. 4,283 501S. H. Albright, Greenville (for
Nat. Bk., Greens,
Farmers'
820
proposition to issue Hayden, Miller & Co.. Clev. 4,263 001 $800)
DELA VAN.Tazewell County, III.-Bonds Voted.-A
$10,000 water-works bonds carried, It is reported, by a vote of 98 to 70
Offering.-Proposals
GROTON TOWNSHIP, Erie County. Ohio.-Bond
0.
(P.
Clerk
Twp.
at an election held April 16.
Graves,
L.
L.
by
11
May
m.
will be received until 2
it is stated. for $10,000 43% 24-yr. (aver.) road
DINUBA SCHOOL DISTRICT, Tulare County, Cal.-Description of Castello, R. R. No. 2), p.
Bonds.-The $40,000 5% high-school-bldg. bonds awarded on April 1 to bonds. Int. semi-ann. Cert. check for 5% required.
city is offering
N. W. Halsey & Co. of San Francisco at 104.11 (V. 94, p. 1074) are in the
Logan County, Okla.-Bond Offering.-This
refunding
denom. of $1,000 each and dated April 1 1912. Int. ann. in April. Due forGUTHRIE,
sale, it is stated, an issue of $14,000 5% 25-year water-works
from 1922 to 1941.
York.
bonds. Int. semi-ann. at the fiscal agency in New
0. Dolgeville), Herkimer
FinanGould,
-J.
DOLGEVILLE SCHOOL DISTRICT (P.Board
Offering.
will sell, reports state,
HAMBURG, Ashley County, Ark.-Bond
6% gold coup.
County, N. Y.-Bond Offering.-The School
bonds. De- cial agent (P. O. Pine Bluff), is offering at private sale $5,000
Int.
1912.
at 7:30 p. m. May 8, an issue of $15,000 school-building impt.
1
May
Date
bonds.
electric-light-extension
water-works and
nom. $1,000. Int. rate not to exceed 5%. Due $1,000 yrly. June 1 from J. & D. Due $1,000 In 1924 and $2,000 in 1925 and 1926. No deposit
1913 to 1927 incl.
required.
Is
will be
DOVER. Cuyahoga County, Ohio.-Bond Offering.-Proposals
HANCOCK COUNTY (P. 0. Findlay), Ohio.-Bond Offering -Proposals
$7,000 4 M%
5%
received until 12 m. May 13 by F. A. Woodard, VII. Clerk, for April
1 1912. will be received until 12 m. to-day (April 27) for $12,500 and $16,000
street-impt. (village's portion) bonds. Denom. $250. Date
tax-free road-impt. bonds. Auth. Sec. 6949, Gen. Code. Denom.
coup.
months
six
each
$250
Due
Andover.
in
Bank
Int. A. & 0. at the Andover
Treas. office. Due
County
the
at
N.
&
M.
Int.
1912.
1
May
Date
$500.
paid
and
from March 1 1916 to Sept. 1 1929, Incl. Bonds to be delivered
for, from May 1 1913 to 1922 incl. Cert. check for $50, payable to W. J. Frey,
for within 10 days from date of award. Cert. check for 1% of bonds bid
County Treas., is required.
Int.
payable to the VII. Treasurer, required. Purchaser to pay accrued$30,500
HARDIN COUNTY (P. 0. Kountze), Texas.-No Bonds Voted.-We are
Bond Sale.-On April 22 the six issues of 4 M% bonds aggregating
Dover
Canal
of
Bank
Nat.
Exchange
now advised that the road bonds which it was reported were favorably
the
to
(V. 94, p. 930) were awarded
voted upon on Feb. 15 (V. 94, p. 647) failed to carry at that election.
for $31,361 66 (102.826) and int. Other bids follow:
826 67
NO. 10, Texas.
Tillotson&WolcottCo., Cl_$31,024 60 Otis to Hough, Cleveland.$30,
HARRIS COUNTY COMMON SCHOOL DISTRICT registered
00
30,819
Col__
Bk.,
Nat.
$10,000
First
Prov.Say.Bk.dar.Co.,Cin 30,906 60 New
70 Bonds Registered.-On April 16 the State Comptroller
Hayden, Miller & Co., Cl_ 30,904 00 Breed ec Harrison, Cin_ __a18,790
bonds.
(opt.)
10-40-yr.
5%
S. A. Kean & Co., Chic__ 59,600 60
Bonds.-The $25,650'
HASTINGS, Barry County, Mich.-Descripti(m of
of Toledo
a Bid for $18,500. b Bid for $9.500.
awarded on April 4 to Spitzer, Rorick & Co.and
dated
Dela- 4 % paving bonds
DUNDEE INDEPENDENT SCHOOL DISTRICT (P. 0. Dundee),
are in the denom. of $1,000 and $200 each
1075)
p.
94,
(V.
99
at
Davenport
ware County, Iowa.-Bond Sale.-Geo. M. Bechtel & Co. of 14 (V. 94, May 1 1912. Int. M. & N. Due from 1913 to 1917.
Neb.
have been awarded the $10,000 4 M % 10-year bonds voted Feb.
County.
Adams
HASTINGS SCHOOL DISTRICT (P.O. Hastings),
p. 647).
the $30,000 3% 10-20-yr.
-Bond Offering.-This district is offering for sale
required.
is
bid
Madison
of
Alton).
2%
0.
for
(P.
101
check
NO.
EAST ALTON SCHOOL DISTRICT
bldg. bonds (V. 94, p. 780). Cert.
the $12,000 building (opt.)
DISTRICT. Carroll an I
County, III.-Bonds Voted.-The question of issuing
HAYS CREEK SWAMP LAND DRAINAGE
award has yet
bonds received a favorable vote, it is stated, at the election held April 13 Montgomery
Counties, Miss.-Bonds Not Yet Sold.-No without success
(V. 94. p. 1075).
bonds offered
tax-free
6%
coup.
thb
of
$28,800
made
been
Sale.
-Bond
will be offered
Conn.
bonds
(Hartford).
these
DISTRICT
that
EAST HARTFORD FIRE
on Feb. 26 (V. 94, p. 647). We are advised
(with priv. of reg.) at
On April 22 the $50,000 4 M% 20-30-yr. (opt.) coup. Estabrook
private sale as soon as approved by Judge Oakley of Chicago.
& Co. of
vote was
water fund bonds (V. 94, p. 1075) were awarded to
favorable
HENRIETTA, Clay County, Tex.-Bonds Voted.-A
date and
Boston at 103.65 and int.-a basis of about 4.228% to opt.
cast recently, it is stated, on a proposition to issue $18,000 dam and lake4.282% to full maturity. Other bids follow:
construction bonds.
E.H.RollIns & Sons, Boston_ $51,7151Merrill, Oldham & Co.,$30,544
HERRIN SCHOOL DISTRICT (P.0. Herrin), Williamson County,
S. A. Kean & Co., Chicago__ 50,5501 Boston
by R. L.
Offering.-Proposals will be received until 1 p. in. April 30
election
Bond
-An
Voted.
-Bonds
III.
bonds
EAST MOLINE. Rock Island County,
Clerk Bd. of Ed., for the $23,000 4% 5-yr. (ay.) bldg.
issue
to
Adams,
proposition
$10,000.
debt,
held April 16 resulted, it is stated, in favor of the
Bonded
bid.
with
(V. 94, p. 1133). No deposit is required
$25,000 water-works bonds. The vote was 221 toI99.
val.
$1,019,862.
Assess.
debt.
No
floating
Bergen County.
EDGEWATER SCHOOL DISTRICT (P. 0. Edgewater),
Holly Hill), Orangeburg
HOLLY HILL SCHOOL DISTRICT (P. 0. McCoy
8 p. m. April 2.9
of Holly Hill were
N. J.-Band Offering.-Proposals will be received until
site & bldg. tax-free County, So, Caro.-Bond Sale.-A. E. & S. J.
bonds voted March la
by the Board of Education for $150,000 5% coupon
bldg.
20-yr.
6%
& 0. at the Edge- awarded at private sale the $8,000
Int. A. & 0.
bonds. Denom. $1,000. Date April 15 1912. Int. A. 1918
1912.
to 1942 incl. (V. 94, p. 931). Denom. $500. Date April 15
water Nat. Bank, Edgewater. Due $6,000 yrly. from of bonds
Proposed.-Reports
bid for,
Harris County, Tex.-Bond Election
HOUSTON,
Cert. check on a national bank or trust company for 5%
or not this city shall Issue
payable to Bd. of Ed., required. Bonded debt, incl. this issue, $203,000. state that an election to determine whether
street-impt. bonds will
$1,000,000 sewer, $250,000 park and $250,000
Assess. val. 1911, $5,764,686. T. F. Rigney is District Clerk.
June.
In
be
early
-Proposals
held
Offering.
-Bond
Ala.
ELMORE COUNTY (P.0. Wetumpka),
Registered -On Apr..
for
will be received until 12 m. May 8 by M. D. Still, Judge of Probate,174,
HOUSTON COUNTY (P.0. Crockett). Tex.-Bonds
18 the $150,000 5% Road Dist. No. 3 bonds (V. 94, p. 721) were registered
$50.000 5% gold coup. tax-free road-constr. bonds. Auth. Sec. 158 to
the
at
J.
ec
J.
Int.
1911.
by the State Comptroller.
Code of 1907. Denom. $1,000. Date Jan. 1
-Bonds Registered.Amer. Exch. Nat. Bank in N. Y. Due Jan. 1 1941. Cert. check for 2%
HOWARD COUNTY (P. 0. Big Springs), Texas.
5% 20-40-yr
of bid, payable to the County Treas., required.
State Comptroller on April 19 registered the $100,000
The
-Bonds
Tex.
94,
p.
80,
429.)
(V.
1
bonds
No.
NO.
Dist.
DISTRICT
Road
SCHOOL
COMMON
(opt.)
COUNTY
ERATH
registered
were
bonds
(opt.)
-Local papers state
Registered.-On April 18 $4,700 5% 10-40-yr.
HUBBARD, Trumbull County, Ohio:-Band Sale.
without success
by the State Comptroller.
that the $30,000 4 M% coupon water-works bonds offered
to Hayden, Miller
awarded
rebe
on Nov. 11 1911 (V. 94, p. 429), have been
EUGENE, Lane County, Ore.-Bond Offering.-Proposals will
ceived until 7:30 p. m. May 13 by R. S. Bryson, City Recorder, for $15,500 & Co. of Cleveland.
-On April 16 the
10-yr. city-hall-site bonds. Denom. not less than $500 nor more than
IDABEL. McCurtain County, Okla.-Bond Sale.
$1,000. Date "EIS the Mayor may designate." Int. rate not to exceed 6%. $35,000 6% 25-yr. coup. tax-free water-works-impt. and exten. bonds
City for $35,176
Okla.
required.
bid
of
price
of
Edwards
2%
for
Cert. check
(V. 94, p. 999) were awarded to R. J.
April 22 the (100.502) and int. Bids were also received from J. H. Wood of Dallas:
EVANSVILLE. Vanderburg County, Ind.-Bond Sale.-Onp.
& Dow of Fort
Speer
Chic.;
were
of
Co.
&
998)
(V.
Nuveen
94,
bonds
John
refunding
Trust
Co.;
Standard
$925.000 4% 27.8-yr. (ay.) coup.
of Okla. City and
Smith; A. J. McMahan; Pearsol & Co.: G. I. Gilbert
awarded to Chas. Finley Smith, President of the Mercanitle Trust & Savings
bids
other
The
3.9182%.*
Toledo.
Co.
of
about
&
of
Rorick
basis
Spitzer,
101.38-a
at
Evansville,
Bank of
Offering.-Proposals willibe
received were all from local parties.iplaitageltaatuelishui .T.gaileaviabill
IRVINGTON, Essex County, N. J.-Bond
Richmond), Tex.-BondivVoted.-An received until 8 p. m. May 6 by M. Stockman, Town Clerk, for $14,000
,
T. FORT BEND COUNTYr(P. 0.
to 4 M% coupon and registered fire-house bonds. Denom. $1,400. Int.
election held March 26 resulted, It is stated, in favor of the proposition
semi-annually at Irvington National Bank, Irvington. Due $1,400 yearly
Issue $30,000 bonds in Road District No. 5.
from 1 to 10 years inclusive. These securities were previously offered on
FORT BRAGG, Mendocino County, Cal.-Bonds Defeated.-An election
issue
April 15 (V. 94, p. 999).
to
the
proposition
of
defeat
in
state,
held recently resulted, reports
-Proposals will be
JACKSON, Jackson County, Mich.-Bond Offering.
street-improvement bonds.
City Recorder, for $65,000
5%
$20,000
received until 5 p. m. May 6 by J. Harrington,
-The
Sale.
1
FORTUNA, Humboldt County, Cal.-Bond
Denom. $1,000.
April
1912.
voted
bonds
hospital
and
sewer
sewer bonds voted Jan. 2 (V. 94, p. 150) were awarded to the Bank of 4% paving,
$34,000
Bank Date July 15 1912. Int. ann. In July. Due $31,000 in 1932 and
Eureka in Eureka at 103. A bid of par was also received from theyearly
required.
the
of
"City
Jackson",
to
payable
for
$500,
check
Cert.
1933.
$1,000
Due
In
of Fortuna in Fortuna. Denom. $500. Int. J. & D.
JACKSON COUNTY (P. 0. Gainesboro), Tenn.-Bond Sale.-Reports
on Dec. 1 for 20 years.
without
-The question of state that the 3150,000 20-30-yr. (opt.) coup. road bonds offered
FOUNTAIN, El Paso County, Colo.-Bonds Voted.
on March 16 (V. 94, p. 863) have been sold.
the
at
success
vote
favorable
a
received
bonds
water
Issuing $40,000 6% 15-year
23 the
April
-On
Sale.
JEFFERSON, Ashtabula County Ohio.-Bond
April election.
(V. 04.
-Pro- six issues of 43-% coup. street-paving bonds aggregating $124,500
$125,319
FRANKLIN COUNTY (P. 0. Brookville), Ind.-Band Offering.
for
Cleve.
o.
of
C
lc
Miller
to
Hayden,
awarded
were
for
p. 999)
posals will be received until 12 m. June 1 by C. G. Relfel, Co. Aud.,
and int. Bids were also received from Well,Roth & Co. of Cin.,
Tile
$17.000 4% court-house furniture bonds. Denom. $500. DatetoJune 11 (100.657)
Dec.
Otis & Hough of Cleve. and the Jefferson Banking Co. in Jefferson.
Chestnut St.
1912. Int. J. & D. Due $500 each six months.from June 1 1912
include $37,250 Jefferson St. and a like amount ofinadvertently
-4/81 •FIET1 13A 14 • OM bonds sold
1945 incl.
bonds. In V. 94, p. 999, the amounts of these Issues were
each.
GARY SCHOOL DISTRICT (P. 0. Gary), Lake County, Ind.-Bond
coup. reported as $37,500
state that the
Sale.-This district, we are advised, has disposed of $75,000 4 )1% Gary.
JOLIET, Will County, III.-Bonds Voted.-Early returnsp. 780), carried
In
Bank
Nat.
"Series 7" school bonds. Int. F. & A. at the First
the
issue
$35,000 4% water bonds (V. 94,
to
proposition
Due Feb. 1 1922. • Bonds are tax-exempt In Indlana.13 ...I • • • • • ikAia at
the election held April 16.
GENESEE COUNTY (P.0. Flint), Mich.-Bond Opering.-Proposals will
0. Johnstown),
JOHNSTOWN SPECIAL SCHOOL DISTRICT (P. April
road bonds
13 resulted
be received until April 30 for the $100,000 4 34% 'Series B"Int.
County, Ohio.-Bonds Voted.-The election held
In
ann.
Licking
(V. 94, p. 1133). Denom. $1,000. Date April 15 1912.Cert. check for papers state, in favor of the proposition to issue the $22,000 site-purchase
March. Due $25,000 yearly March 15 1917 to 1920 incl.
building bonds.
$1,000, payable to the County Treas., required.,:. These securities are part and
Voted-Bortl OfferKALAMAZOO. Kalamazoo County, Mich.-Bonds
of an issue o $500,000.
election held April 1 resulted in favor of the question olissuing
ing.-An
I
ln
by
offered
Bonds
Bankers.-Coft
County,q1a.nirENVILLE,'Tattnall
1912:
15
May
be
dated
to
4
%
bonds,
following
3
& Crawford of Chicago are offering to investors the $15,000 5% coup. school- the
APR. 27 1912.]
THE CHRONICLE
1205
$140,000 lighting bonds. Denom.$1,000 Due $7,000 yrly.from 1915 to 1934.
MONTGOMERY COUNTY (P. 0. Dayton). Obio.-Bond Sale.-On,
55,000 water-ext. bonds. Due $2,750 yrly. from 1915 to 1934 inch
April 25 the following bids were received for the $15,000 44% 4 3-yr.
25,000 hospital bonds. Due $2,500 yrly. from 1915 to 1924.
(aver.) emergency bridge bonds. (V. 94, p. 1076.)
35,000 police-station bonds. Due $1,750 yrly. from 1915 to 1934.
Dayt.Sav .deTr.Co.,Dayt_$15,206 00Weil,
Roth & Co., Cin_ _ _ _$15.180.
I
16,000 Mill St. bridge bonds. Due $1,000 yrly. from 1915 to 1930.
Breed & Harrison, Cin_ _ _ 15,202 50 S. A. Kean do Co. Chicago__ 15,175.
10,000 hospital bonds No. 2. Due $1,000 yrly. from 1915 to 1924.
Davies-Bertram Co. Cin_ 15,201 00 New First Nat. Bank, Col_ _ _ 15,161
Int. semi-ann. We are advised that the sale of these bonds is to be Seasongood de Mayer, On_ 15,191 00 Hayden, Miller & Co., Cleve_ 15,151
private and that proposals for the same will now be received by C. S.
Campbell, Pres. of Board of Bond Commissioners at First National Bank theMONTICELLO, Piatt County, Bt.-Bonds Voted.-By a majority of 157,
proposition to issue $15,000 city-hall-bldg. bonds carried at the election
in Kalamazoo.
held April 16, according to reports. A like issue of bonds was voted on
KANKAKEE, Kankakee County, III.-Bonds Defeated.-By a vote of Jan. 16 (V. 94, p. 296).
Id
931 "for" to 1,377 "against", the proposition to issue the $45,0005% cityMORRIS TOWNSHIP SCHOOL DISTRICT, Pa.-Bonds Defeated.-All
hall-site-purchase bonds was defeated, it is reported, at the election held election
held
April
13
resulted
in
the
newspapers
Dubois
defeat.
state,
of
the
April 16. These bonds were awarded to N. W. Halsey dc Co. of Chicago, proposition
to issue $39,600 bonds.
subject to the result of this election.
MOUND CITY, Holt County, Mo.-Bond Sale.-The $15,000 5-20-yr.
KAUKAUNA, Outagamie County. Wis.-Band Sale.-On April 15 (opt.)
and water-main-ext. bonds offered as 6s on April 5 (V. 94..
$50,000 434% electric-light-plant purchase bonds were awarded to the p. 781)sewer
were awarded to J. S. Smith of Mound City as 534s at 100.50 and
First Nat. Bank of Kaukauna at 100.81 and int. Denom. $500. Date
Feb. 11912. Int. F. ec A. Due serially from Feb. 1 1915 to Feb. 1 1932, blank bonds.
MT. KISCO, Westchester County, N. Y.-Bond Offering.-Proposals.
opt. after 5 years on 60 days' notice.
will be received
8 p. m. May 2 by Ed. Heller, VII. Clerk, for the folKEARNEY SCHOOL DISTRICT (P. 0. Kearney), Buffalo County, Neb. lowing registereduntil
road-improvement bonds:
$50,000
-Bond Sale.-The State of Nebraska was awarded at par the
$8,500 00 bonds. Denom. $500. Due $500 yrly. on July 1 from 1916
43% 5-20-yr. (opt.) refunding bonds (V. 94, p. 847). Denom.$1,000.
to 1932 incl.
Date Feb. 15 1912. Int. semi-annual.
3,330 30 bonds. Denom. $555. Due $555 50 yrly. on July 1 from 1916
KELLIHER. Beltrami County, Minn.-Bond Offering.-Proposals will
to 1921 incl.
advised,
are
we
for
These
$5,000 6% bonds.
be received until May 7,
Date May 10 1912. Int. (rate not to exceed 5%) J. & J. Cert.checksecurities were offered on April 9, but not sold.
on a national bank or trust company for 10% of bonds bid for required.
LACKAWANNA, Erie County. N. V.-Band Sale.-On April 1 the Bonds to be delivered at Mt. Kisco on May 10°1912.
$75,000 44% 1-15-yr. (ser.) tax-free city-hall and jail-bldg. bonds (V. 94,
MT. WHITNEY SCHOOL DISTRICT (P. 0. Visalia), Tulare County,
p. 931) were awarded to Curtis & Sanger of N. Y. at 101.212-a basis Cal.-Bonds Defeated.-An election
held April 9 resulted in the defeat of
of about 4.32%.
the proposition to issue $6,000 school bonds.
LAKE TOWNSHIP (P. 0. Lake Village), Newton County, Ind.-Bond
MURRAY
COUNTY
(P.
0.
Slayton),
Minn.-Bond Sale.-On April 20
Offering.-Proposals will be received until 9 a. m. April 29, reports state, the two issues of 5% coup. bonds aggregating
$50,000 (V. 94, p. 1077) were
by W. A. Rainford, Trustee, for $8,298 50 5% school bonds. Denom. (1) awarded to the Union Investment Co. of Minneapolis
at 100.857. Bids
$62850 and (13) $590. Int. A. & 0. Due $62850 April 15 1914 and were also received from the Minneapolis Loan & Trust Co.
C. B. Enkema
$500 yearly from 1915 to 1927, inclusive.
& Co., Wells & Dickey Co. of Minneapolis and the Security Trust Co. of
LAMONTE, Pettis County, Mo.-Bond Offering.-Proposals will be St. Paul.
received until 8 p. m. May 7 by J. R. Clark, City Clerk for $50,000 5%
MUSKOGEE SCHOOL DISTRICT (P.O. Muskogee). Muskogee County.
5-20-yr. (opt.) coup. city-hall bonds. Denom. $500. Date June 1 1912. Okla.-Bond Offering.-Proposals will be received
until p. m. May 1 by
Int. J. & D. In Lamonte. Cert. check for $200, payable to the City Clerk, W. H. Davis, Clerk, Bd. of Ed., for the $130,000 25-yr.5high-school-bidg.are
Bonds
exempt
required.
is
from city taxation. No other debt. Impt. bonds. Authority vote of 711 to 313 at the election held April
16
Assessed val. $216,000.
(V.94, p. 1134). Bids are requested for bonds bearing 44c,'; and 5% int.
LAVONIA, Franklin County, Ga.-Bonds Voted.-An election held A deposit of 2% of bid is required.
April 20 resulted In favor of the proposition to issue $5,000 5% electric-light
NASHVILLE. Davidson County, Tenn.-Bond Election Rescinded.extension bonds. The vote was 173 to 6. Bonds will mature In 1933.
Local papers state that the election which was to have been held to-day
LAWRENCE COUNTY (P. 0. Moulton), Ala.-Bond Sale.-On April 13 (April 27) to vote on the proposition to issue the $200,000 market-house
and
city-hall-erection and $150,000 street and bridge-improvement 43.4%
$123,000 turn-pike bonds voted March 18 were awarded, it is stated, to
John Nuveen & Co. of Chicago for $125,750, making the price 102.236. 30-year bonds (V. 94, p. 932), has been called off, because of a charter•
Bonds to be delivered as the money is needed. A bid of 102.64 for im- provision which prohibits holding a special bond election within six months
mediate delivery was also submitted by the purchasers. Another bid of of any other regular or special election.1010m16611441110461111
101.707 was received from a Birmingham firm.
NATCHITOCHES PARISH SCHOOL DISTRICT, La.-Bond Sale.LEWISTOWN, Fergus County, Mont.-Bond Offering.-At 10 a. m. The $50,000 5% bldg. bonds bids,for which were opened April 8,have been
May 20 $60,000 5% gold sewer bonds will be offered at public auction. awarded, we are advised, to the Inter-State Bank & Trust Co. of New Authority vote of 213 to 61 at the election held April 1 (V. 94. p. 1076). Orleans at par and int. Purchaser also to furnish lithographed bonds'
Denom. $1,000. Date Jan. 1 1912. Int. J. & J. at the City Treasurer's SceN• 94, P. 929• 1111111611111%161111110641101411.0sseiftv*Iliattavo.00Pr4 iii I
office, or a bank in N. Y. Due Jan. 1 1932 opt. after Jan. 1 1922. Cert.
NEW BERN, Craven County. No. Car.-Bond Sale.-On April 2 the
check for $1,500, payable to the City Treas., is required. F. P. Marshall is $50,000
5% 20-yr. coup. funding bonds (V. 94, p. 866) were awarded to
City Clerk. Official circular states that there has never been any default Farson, Son & Co. of N. Y. at 102.854 and int.-a
basis of about 4.777%
in the payment of the city's obligations.
Other bids follow:
LIBERTYVILLE, Lake County III.-Bonds Defeated.-An election held Seasongood & Mayer, Cin_$51,160 00 Prov.Sav.Bk.&Tr.Co.,Clev $50,385 OG•
April 16 resulted in the defeat o'
the proposition to issue $5,500 village- Well, Roth & Co., Cin____a51,063 00 W. N. Coler & Co., N. Y_ 50,318 50
hall bonds, it is stated.
Woodin, McNear de Moore,
First Nat. Bank, Clev_ __ 50,289 75
Chicago
a51,035 00 Douglas Fenwick & Co.,
LOGAN COUNTY (P. 0. Guthrie), Okla.-Bond Sale.-On April 13 the H.C.Speer&
Co.,Chic.
Sons
50,900
00
N. Y
50,12
'
;
00•
$37,000 53% 25-yr. coup. funding bonds (V. 94, p. 1076) were awarded, West. German Bk., Cin__
we are advised, to the holders of the judgments which are being refunded. McCoy & Co., Chicago_ _ _ _ 50.781 50 R. M. Grant & Co., N. Y. 50,103 09
50,751 00 Kean,Taylorde Co., N. Y _ _ 50,102 50.
for $37,150-making the price 100.405.
Mayer, Deppe & Walter,Cin.50,655 00 Harris, Forbes & Co., N.Y. 50,101 83
LONG BEACH CITY SCHOOL DISTRICT. Los Angeles, County, Cal.- Otis de Hough. Clev.
a50,500 00 Nelson,Cook& Co.,Balt
50,101 69
Bond Offering.-Further details are at hand relative to the offering on . InterestiMay and November. • •
•
May 6 of the $100,000 434% gold site-purchase and building bonds (V. 94,
p. 1134). Proposals for these bonds will be received until 2 p. m. on that MI NEWPORT, Newport County, R. I.-Loan Offering.-Proposals will be
day by tbe Board of County Supervisors, H. J. Lelande, ex-officio Clerk received until 5 p. m. May 2 by F. N. Fullerton, City Clerk, for a loan of
.,.1
(P. 0. Los Angeles). Denom. $1,000. Date May 1 1912. Int. ann. at $50,000, due in 4 months.
Bond Sale.-On April 25 the $30,000 4% 1-10-year (serial) gold coupon
the County Treasury. Due $10,000 yrly. May 1 from 1918 to 1927, incl.
Beach
Easton
Impt.
loan
(V.
bonds
1134)
94,
p.
were
awarded
to
A certified or cashier's check for 3% of bonds bid for, payable to the CifairEstabrook& Co. of Boston at 99.78.
man Board of Supervisors, required. Purch. to pay accrued interest.
Other bids follow:
LORAIN, Lorain County, Ohio.-Bonds Authorized.-An ordinance was Blake Bros. & Co., Boston__ _99.55 Curtis de Sanger, Boston
passed on April 15 providing for the issuance of $48,000 434% coup. E. M. Farnsworth & Co.. Bos _99.53 N. W. Harris & Co., Inc..Bos 99.17
_98.70
Broadway St. Inapt. (city's portion) bonds. Denom. $1,000. Date May 15 E. H. Rollins & Sons, Boston_99.527 Adams & Co., Boston
98.671
1912. Int. M. & S. beginning March 15 1913. Due $4,000 yriy. Sept. 15 Blodget de Co., Boston
99.30 Merrill, Oldham & Co., Bos_ _98.579
from 1914 to 1925 inclusive.
NEWTON FALLS. Trumbull County, Ohio.-No Action Yet Taken.LORAIN COUNTY (P.0. Elyria), Ohio.-Bond Sale.-On April 20 $100,- No action has yet been taken looking towards the issuance of the 315,090,
000 434% road bonds were awarded, it is stated, to the New First Nat. street-impt. bonds voted Feb. 21 (V. 94, p. 648.)
Bank of Col. at 104.05.
NEW YORK CITY.-Bond Offering.-Proposals will be received until
LOVE COUNTY (P. 0. Marietta), Okla.-Bonds Defeated.-An election
April 20 resulted In Ike defeat of propositions to issue $100,000 road and 2 p. m. May 7 by William A. Prendergast, City Comptroller, for $65,000,$26,000 bridge bonds, reports state.
000 434% gold registered or coupon corporate stock as follows:
LOWELL, Middlesex County, Mass.-Bond Sale.-On April 23 the $25,000,000:porporate stock for various municipal purposes. PPM `R'11,
9
$50,000 4% 1-10-year (serial) coupon sewer bonds (V. 94, p. 1134) were 120,000,000:corporate stockito provide for the supply
of water.
awarded to Blake Bros. & Co. of Boston at 101.57, reports state.
R20,000,000 corporate stock for;the construction of rapid transit railroads.
MARION, Grant County, Ind.-Bond Sale.-On April 16 the $8,000 4%
market-house-site bonds (V. 94, p. 1076) were awarded to Phillip Matter II1Stock issued in coupon form can be converted at any time into registered
of Marion at par. Date May 1 1912. Int. M. & N. Due $1,000 yearly. stock,fand stock issued in registered form can be converted at any time
A conditional bid at par was made by the Marion Nat. Bank of Marion and Into coupon stock in denomination'of1$1,000. c•t•-• illitil,11111$111111M.S "I '
'
I
one of par less $75 for attorney's fees was received from J. F. Wild de Co. MIThe above bonds are exempt from all taxation except for State
purposes.
of Indianapolis.
Interest from andlincluding May 7 1912 will be payable semi-annually
MECHANICVILLE, Saratoga County. N. V.-Bond Sale.-On April 17
March 1 and Sept. 1. Maturity March 1 1962. On all stock which
the $12,000 15-yr. water-refunding bonds (V. 94, p. 1076) were awarded on
may be issued in coupon form &interest will be paid'at the option of the
to Curtis & Sanger of N. Y. at 100.063 and int. for 4 Xs. Other bids follow:
holders at the office of the City Comptroller in New York or by the city's
For 4.30s.
For 4.35s.
It. M. Grant de Co., N. Y_ _ _100.178 Harris, Forbes de Co., N. Y_100.158 agent in London, Eng.. at the rate of $4 87 to the pound
sterling.
John J. Hart, Albany
100.131 Isaac W. Sherrill, Poughkep.100.15
Either money or a certified check drawn on a trust company or State bank
Adams de Co., N. Y
For 4.50s.
100.125
Douglas Fenwick de Co., N.Y.100.12 C. II. Venner & Co., N. Y_ _100.563 doing business in New York State or upon a national bank, to the order of
For 4.353.
Manufacturers Nat. Bank_ _..100
the City Comptroller, for 2% of the par value of the stock bid for, must
W. N. Coler & Co., N. Y_ _ _100.433
For 4.75s.
accompany proposals.
Farson, Son & Co., N. Y._.A00.20
Under the City Charter every bidder may be required to accept a portion,
Denom. $1,000. Date May 1 1912. Int. semi-annual.
MEDFORD. Middlesex County, Mass.-Temporary Loan.-Yesterday of the whole amount bid for by him at the same rate or proportional price
(April 26) Bond & Goodwin were awarded at 3.85% interest a loan of specified in his bid. The charter also provides that "all-or-none" bids
$50,000 due Jan. 17 1013,
cannot be considered by the Comptroller, unless the bidder offering toMEWS, Thomas County, Oa.-Bond Offering.-Proposals will be re- purchase "all-or-none" of the bonds offered for sale shall also
offer to
ceived until 2 p. in. May 6 by J. A. Sasser, Town Clerk, for the $15,000
water-works and $5,000 electrle-light 5% gold bonds voted Feb. 27 (V. 94, purchase "all or any part" thereof.
The following fiscal facts are contained in a circular issued by the city
p.721). Denom. $1,000. Date July 11912. Int. J. &J. in N. Y. Due
$2,000 yrly. July 1 1933 to 1942 incl. Cert. check for 5% of bonds bid for under date of April 20 1912: Assessed valuation of real estate 1912. $7,required. Purchaser to bear expenses of having bonds drawn and engraved. 861,898,890; bonds held by the public, Jan. 1 1912, $744,037,580,
of
MEMPHIS. Tenn.-Bond Sale.-On April 23 the $220,000 6% 1-5-yr. which $215,194,361 are self-sustaining, balance carried by other
revenues.
(serial) street-impt. and $450,000 434% 35-yr. Impt. coupon bonds (V. 94,
1908,
paid,
matured
bonds
$528,843,219;
1909,
1910
and
1911,
awarded,
were
$49,578,100:
according to reports, to Breed de Harrison of Cin.
p. 1076)
maturing bonds to be paid in 1912, $13,114,192.
for $677,664 and int.
The last public sale was on Jan. 24 1911 when the Comptroller sold
MILO, Warren County. low.-Bond Offering.-Proposals will be
received until 8 p. m. May 6 by E. B. Burgess, City Clerk, for $7,500 5% $60,000,000 50-yr. 434s. See V. 92, p. 276.
electric-light bonds. Int. semi-ann. Due in 20 years, opt. $3,000 in
The official notice of this bond offering will appear next week among the
5 years and $4,500 in 10 years. Cert. check for $500, payable to J. E.
advertisements elsewhere in this Department.
Clayton Treasurer. is required.
OAKLEY, Hamilton County, Ohio.-Bond Offering.-Proposals will*be
MINNEAPOLIS. Minn.-Bonds Authorized.-An ordinance was passed
on April 12 providing for the issuance of $80,000 coup. bonds to purchase received until 12 m. May 28 by 0. Kosche, Village Clerk, for $10,352
lands for public playgrounds and educational purposes. Denom. $50, Brotherton St., $2,066 48 Kline St., $3,957 64 Carpenter Ave. and $5,$100, $500 and $1,000, as purchaser may desire. Date May 1 1912. Int. 281 75 Ebersole Ave. 5% 1-10-yr. (ser.) !rapt. assess. bonds. Date
March 1 1912. Int. ann. at the Oakley Bank in Oakley. Cert. check for
(rate not to exceed 4%). Payable M. & N. Due May 11942.
bonds bid for, payable to the "Village of Oakley" is required. PurM I SSOUR I.-Bond Offering.-The 334% State Capitol bonds are being 5% of
offered for sale at par and int. at the Merchants-Laclede National Bank, chaser to pay accrued interest.1
ICI A
State fiscal agent; the Mississippi Valley Trust Co. or the German-American
ORANGE COUNTY (P.'0. Santa Ana). Cal.-Bond Election Proposed.Bank, State depositories; or James Cowgill, State Treasurer, Jefferson City. An election to vote on the question of issuing $150,000 bonds Is being
The total issue amounts to $3,500,000, of which $282,500 have previously considered, according to reports.
been disposed of. The Missouri Supreme Court on March 1 decided that • OSAGE COUNTY (P.O.
Pawhuska). Okla.-Bond Sale.-We areadvised
the State could sell these bonds on a commission basis. See V. 94, p. 717
by the County Clerk that the $75,000 funding bonds approved by tlic
1206
THE CHRONICLE
[VOL. Lxxxxiv.
SALINA. Saline County, Kan.-Bond Sale.-On April 15 the $17,800
District Court in February (V. 94, p. 648) have been sold to A. J. McMahon
5% 1-10-yr. (ser.) impt. bonds (V. 94, p. 1077) were awarded to the N. Y.
of Oklahoma City.
Life Ins. Co. of N.Y. for $18,005 23 (101.152)- a basis of about 4.76%.
OTTAWA COUNTY (P. 0. Grand Haven), Mich.-Bond Offering.- Other bids follow:
Proposals will be received until 9 a. m. May 6 by J. Glerum, County Clerk, J. A. Prescott & Co.. _ __ $17,972 66 Hoehler & Cum'gs, To!..$17,866 75
for $100,000 of the $600,000 coup.road bonds voted April 1 (V.94, p. 1000). Planters' State Bk., Salina 17,925 00 Security Say. Bank &
17,855 00
Denom. $500. Date May 15 1912. Due $5,000 yrly. May 15 1913 to 1932 Fidelity Trust Co
17,902 50
Trust Co., Tol
incl. Bids are requested for bonds bearing 4 A % and 4 X% int. Bidders
Denom. $500 and $280. Date Apr I 1 1912. Int. A. & 0.
to specify whether or not printing of blank bonds is Included in bid.
Bonds Voted.-The election held April 2 resulted in favor of the proposition to issue the $20,000 454% 20-yr. school-bldg. and impt. bonds.
PALMER. Hampden County, Mass.-Bonds Voted.-An election held (V. 94, p. 867). The vote was 935 to 130.
recently resulted, reports state, in favor of the proposition to Issue $50,000
4% coupon road bonds.
SAN BENITO DRAINAGE DISTRICT, Cameron County, Tex.-Bond
PASADENA. Los Angeles County, Cal.-Bids.--The other bids received Election.-Reports state that a proposition to issue $450,667 drainage-syson April 15 for the $60,000 4 A 7 1-15-yr. (ser.) gold coup. garbage-inciner- tem-constr. bonds will be submitted to the taxpayers on May 9.
the Security Nat. Bank of Pasadena at
'
ation-plant bonds awarded to
SANDERS COUNTY (P. 0. Tompson), Mont.-Bond Offering.-Propos100.833 and int. (V. 94, p. 1134) were as follows:
als will be received until 10 a. m. May 6 by N. H. Morgan, County Clerk,
$60,165 for $20,000 5% coup. tax-free refunding bonds. Authority Sec. 2905,
N. W. Halsey & Co. San Francisco
60,117 Revised Statutes. Denom. $1,000. Date not earlier than June 3 1912.
' San Francisco
E. H. Rollins & Sons,
60,075 Int. J. & J. at the County Treas. office. Due 20 years, redeemable $5,000
J. H. Adams & Co., Los Angeles
PAULLINA, O'Brien County, lowa.-Bonds Voted.-An election held in 5 and 10 yrs. and $10,000 in 15 yrs. Cert. check for $300, payable to
recently resulted, it is stated, in a vote of 111 to 12 in favor of the pro- Sanders County, is required.
position to issue the $8,000 water-works-plant and electric-light-systemSANGER UNION HIGH SCHOOL DISTRICT, Fresno County, Cal.
Improvement bonds (V. 94, p. 579.)
Bids.-On April 11 the following bids were received for the $60,000 5%
& Sons of San
PAYETTE, Canyon County, Idaho.-Bond Offering.-Proposals will be 5-24-yr. (ser.) gold bldg. bonds awarded to E. H. Rollins
received until 8 p. m. April 29 by M. O'Luther, City Clerk, for the $16,000 Fran. at 103.83 and int.-a basis of about 4.635%. (V. 94, p. 1135.)
5A % 10-20-yr. gold coup. funding bonds (V. 94, p. 1001). Denom. $500. N. W. Halsey & Co., San Fr_$61,8211J. H. Adams & Co., os Ang.$61,583
Date April 1 1912. Int. J. &J. at the Chase Nat. Bank or the City Treas- Wm.R.Staats & Co.. Los Ang_ 61,6251Harris Tr. & Say. dk., Chic__ 61,254
urer's office. Cert, check for 5% of bonds bid for, payable to the 'City of
SARASOTA, Manatee County, Fla.-Bonds Voted.-A favorable vote
Payette", is required. Bids must be unconditional.
was cast on April 10, reports state, on the question of issuing $20,000
bonds.
Improvement
County,
Keokuk
Iowa.
Pekin),
0.
(P.
PEKIN SCHOOL DISTRICT
Bonds Voted.-An election held recently resulted in favor of the proposition
SCOTT'S BLUFF. Scott's Bluff County, Neb.-Bond Sale.-On April 15
to issue $105,000 school bonds, according to reports.
the $12,000 5% 5-20-yr. (opt.) sewer bonds (V. 94, p. 1078) were awarded
received
PENDLETON COUNTY (P. 0. Falmouth), Ky.-Bond Offering.-Pro- to the H. C. Speer & Sons Co. of Chicago at par. Other bids were
posals will be received on May 13 for $55,000 4 A% refunding bonds. Due from Ulen & Co., S. A. Kean & Co. and C. H. Coffin of Chicago, and the
Security Say. Bank & Tr. Co. of Toledo. Denom. $500.
from 1931 to 1941.
SEDALIA SPECIAL ROAD DISTRICT (P. 0. Sedalia), Pettis County,
PERKINS, Payne County, Okla.-Bond Offering.-Proposals will be
road-construcreceived until 2 p. m. April 29 by J. C. Carlile, Town Clerk, for the $25,000 Mo.-Bonds Voted.-The proposition to issue the $200,000 5%
6% 25-yr. water-works bonds recently voted (V. 94, p. 1001.). Int. semi- tion bonds (V. 94, p. 1002) carried by a veto of 2,894 to 360 at the
20.
April
held
election
annual.
SENECA TOWNSHIP, Seneca County, Ohio.-Bond Offering.-Propos• PITTSBURGH, Pa.-Bond Offering Postponed.-Owing to an error in
S. Arbogast, Township Clerk,
the advertisement, the sale of the $1.871,000 4.t(% bonds which was to als will be received until 2 p. m. May 6 by F.Auth.
Sec. 17, Act of Gen. As$15,000 434% coup. road-impt. bonds.
for
been
has
1134)
m.
postponed
p.
3
until
p.
94,
(V.
30
April
take place on
April 9 1908. Denom.
Ohio,
amended
of
as
Laws
550,
p.
97,
Vol.
sembly,
May 2.
M. & N. Due $500 each six months from March 1 1913 to
Int.
$500.
67,
NO,
Neb.-Bond
DISTRICT
- Sept. 1 1927, incl. Cert. check for $500, payable to the Twp. Treas., reOffering.
PLATTE COUNTY SCHOOL
Proposals will be received until 10 a. m. May 20 by J. Boyer, Director quired. Bonds to be paid for within 10 days after May 16 1912.
(P. 0. Humphrey), for $20,000 5% building bonds. Authority, vote of
SHAMROCK, Wheeler County, Tex.-Bond Election.-An election will
89 to 3 at an election held April 13. Denom. $1,000. Date July 1 1912.
Int. J. & J. at the fiscal agency of Nebraska in New York. Due $2,000 be held May 1, it is reported, to submit to the voters the propositions to Isyrly. July 1 from 1917 to 1926, incl. Cert, check for $500, payable to the sue $12,000 water-works and $6,000 street-impt. bonds.
Dist. Treas., required. No other indebtedness. Assess. val. for 1911
SHARON, Mercer County, Pa.-Bond Election.-The election to vote on
$240,095.
the question of issuing the $85,000 434% 10-30-yr. (opt.) municipal-electricPOCAHONTAS COUNTY (P. 0. Pocahontas). Iowa.-Bond Sale.-On light-plant constr. bonds (V. 94, p. 782) will be held May 21.
April 17 the $364,000 6% drainage bonds (V. 94, p. 932) were awarded to
SHREVEPORT. Caddo Parish. La.-Description of Bonds.-The $50,000
Hoehier & Cummings of Toledo, Wm. R. Compton Co. of St. Louis and 434% fire-dept. bonds awarded on April 9 to the Louisiana State Life Ins.
Geo. M. Bechtel & Co. of Davenport.
Co. of Shreveport at 100.5035 and int. (V. 94, p. 1078) are in the denom.
to 20 yrs.
POCOMOKE CITY, Worcester County, Md.-Bonds Voted.-An election of $1,000 each and dated Jan. 1 1912. Int. J. & J. Due from 1
held April 23 resulted, it is stated, in favor of the proposition to issue $35,- e"SMOK YPH ILL TOWNSHIP, Saline County. Kan.-Vote.-The votecast
on April 9 in favor of the question of issuing bonds to aid the Salina Tipton
000 street-paving bonds. The vote was 180 to 169.
"for" and 30 "against," according
POLK COUNTY (P. 0. Des Moines), Iowa.-Bond Sale.-On April 15 & Northern By.(V. 94,1p. 1135) was 55
the $55,000 4 54% bonds to take up outstanding warrants in the bridge to.local papers.
Savings
German
the
to
stated,
-Temporary Loan.-A loan of
is
it
awarded,
were
1077)
Mass.
p.
94,
(V.
County,
Middlesex
fund
SOMERVILLE.
Bank for $55,545, making the price 100.99. Due on May 1 $9,000 in 1920, $100,000, due April 2 1913, was negotiated on April 23 with the Old Colony
Trust Co. In Boston at 3.68% discount and $1 premium.
$8,000 in 1922 and $38,000 in 1932.
SOUTHAMPTON TOWNSHIP SCHOOL DISTRICT (P. 0. Feasterville),
POLK COUNTY SCHOOL DISTRICT. Minn.-Bond Offering.-Proposals will be received until 7:30 p. m. May 2 by A. Hodgson, Clerk Bd. of Ed. Bucks County, Pa.-Bond Sale.-On April 20 the $8,000 4% gold coup.
(P. 0. Crookston), it is stated, for $150,000 15-yr. high-school-bldg. bonds funding bonds(V.94. p. 1135) were sold at par.
at not exceeding 434% int. Int. annual. Cert. check for 5% required.
SPRINGFIELD. Sangamon County, III-Band Offering.-Proposals
PORT ANGELES CITY SCHOOL DISTRICT (P. 0. Port Angeles), will be received until 10 a. m. April 29 by J. S. Schnepp, Mayor,for $39,000
resulted,
13
April
held
election
Voted-The
-Bonds
Wash.
bonds voted April 2 to pay claims against the city (V. 94, p. 1002).
reg.
County,
Clallam
It is stated, in favor of the propositions to issue $6,200 site-purchase and Denom. $1,000. Date May 1 1912. Int. (rate not to exceed 5%) payable
$45,000 high-school-building bonds, the vote being 493 to 204 and 476 to annually in May at the State Treas. office. Due $4,000 May 1 1912 and
217, respectively.
$5,000 yearly May 1 from 1913 to 1919 inel. Cert. check for $500 required.0
POUGHKEEPSIE. N. Y.-Bond Sale.-On April 22 the $98,000 414%
STAFFORD COUNTY (P. 0. Stafford), Va.-Bonds Voted.-The oleoto
were
p.
awarded
94,
1077)
(V.
20-yr. coup. tax-free refunding bonds
tion held April 18 resulted, according to reports, in favor of the proposition
Kountze Bros. of N. Y. at 105.173 and int.-a basis of about 4.19%. to issue the $100,000 road-impt. bonds (V. 94, p. 867).
Among the other bids received were the following:
STEUBENVILLE. Jefferson County. Ohio.-Description of Bonds.-The
E.H.Rollins& Sons,N.Y.$102,807 88 R.M.Grant & Co., N. Y_$102,692 24 $32,000
market-house-site-purchase bonds authorized by the City Council
102,832 41 A. B. Leach ec Co., N. Y. 102,508 00
Sutro Bros. N. Y
on April 5 (V. 94, 13. 1135) are coupon in form and bear int. at 434%. De00
102,753
N.Y.
Co.,
&
'
Read
Wm.A.
nom.
$500.
Int. M. & S. at the Sinking Fund Trustee's office. Due $4,000
Twenty-five other bids were received.
yearly Sept. 1 from 1914 to 1921,1inci.
PRINCETON. Bureau County. III.-Bonds Voted.-The election held
COUNTY,Tenn.-Bonds Not Sold.-We are advised that the
SULLIVAN
April 16 resulted, reports state, in a vote of 541 to 381 in favor of the ques- $200,000 434% road bonds, which it was reported had been sold on March 29
tion of issuing $20,000 city-hall-erection bonds.
at 100.1375 (V. 94, p. 1002) have not yet been disposed of.
RACINE COUNTY (P. 0. Racine). Wis.-Bond Offering.-J. J. Patrick,
SUMNER, Lawrence County, III.-Bonds Defeated.-A proposition to
County Treas., will offer at public auction the $165,000 4% coup. court- issue $7,000 electric-light bonds has been defeated, we are advised.
house-constr. bonds (V. 94, p. 866). Denom. $1,000. Date July 11912.
SWAINSBORO, Emanuelnounty, Ga.-No Action Yet Taken.-No
Int. J. & J. In Racine. Due $11,000 yearly.
the issuance of the $7,500
- action has yet been taken looking towards
RAMONA UNION HIGH SCHOOL DISTRICT. San Diego County.Cal.
bonds recently voted (V. 94, p. 649). It is expected
electric-light-plant
Sargent
L.
F.
to
wereltwarded
Bond Sale.-On April 15 $10,500 6% bonds
future.
near
the
issue
will
in
be
the
validated
that
for $11,389, making the price 108.466. Other bids follow.
TACOMA. Wash.-Bids.-The other bids received on April 18 for the
Wm.R.Stoats Co. Los A.$10,809 50 Stevens & Co., San Diego_$10,720 50
three Issues of 20-yr. gold coup. bonds, aggregating $843,000, awarded to
Wm. Quirk, San Diego _ 10,730 001
Mosser & Willaman of Chicago at 101.502 for 434s (V.94, p. 1135),
Bolger,
-The
Defeated.
-Bonds
La.
RED RIVER PARISH (P. 0. Coushatta),
were as follows:
proposition to issue the $75,000 5% 10-year bonds to build a court-house
Amt. Int.Rate. Premium.
and Jail at Coushatta failed to carry, it is reported, at the election April 16 S. A. Kean & Co., Chlcago
$843,000 434% $11,12500
9,863 10
(V. 94, p. 782).
Dexter-Horton Nat. Bank, Seattle, and} 843,000 434%
ROBERTSON COUNTY (P. 0. Springfield), Tenn.-Bond Sale.-The Merrill, Oldham & Co., Boston
5,56380
843,000 434%
$300,000 434% 20-30-year (opt.) coup. road bonds recently authorized E. H. Rollins & Sons, San Francisco
4,468 00
I 843,000 4;4%
(V. 94, p. 1135) have been awarded, it is stated in the Nashville "Banner," N. W. Halsey & Co. and
Tenn.,
Jackson,
B.
J.
Co.,
by
Tigrett
of
represented
Trust
to the Mercantile
A. B. Leach & Co., Chicago
3,276 10
843,000 4347
at 101.50.
Carstens & Earles, Inc., Seattle
,21
000 4347
{ 843:0
ROBERTSON COUNTY, Texas.-Bond Elections.-An election will be Harris Trust & Savings Bank, Chicago
5
51,627 00
held June 4, It is stated, to vote on the question of issuing $100,000 road
& Harri-} 368,000 434%)
bonds in Franklin Precinct. A proposition to issue $150,000 road bonds C. E. Denison ec Co., Cleve.; BreedCin.,
5%1 43,320 30
and 475,000
son, Cin.; Well, Roth & Co.,
for Calvert Precinct will be voted upon May 28.
Portland
Morris
Bros.,
to
300,000 7'4 34%
ROBINSON, Crawford County, III.-Bonds Voted.-The propositions
3,150 00
Co.,
de
Tacoma
Pratt
Henry
Issue $2,000 sewer, $13,000 funding and $5,000 current-expense bonds carTEMPERANCE SCHOOL DISTRICT, Fresno County, Cal.-Bond Sale.ried, it is reported, at the election held April 16. The vote was 350 to 177;
p.
94,
awarded
1078)
(V.
were
bonds
(ay.)
On AprI116 the $7,500 6% 4 3(-yr.
345 to 174 and 333 to 166, respectively.
to the Union Nat. Bank of Fresno for $7,747, making the price 103.293.
ROCHESTER. N. Y.-Note Sale.-On April 19 $125,000 3 A % fire-houseTOLEDO. Ohio.-Bonds Authorized.-Ordinances have been passed
construction notes were awarded to the "City of Rochester" at par Deproviding for the issuance of the following 5% coup. Impt. assess. bonds:
nom. 15,000. Date May 1 1912. Due May 1 1924.
$1,341 86 Sewer No. 1114 const. bonds. Denom.(1) $291 86 and (3) $350.
ROSCOE SCHOOL DISTRICT (P. 0. Roscoe), Coshocton County, Ohio.
Date April 16 1912. Due $291 86 March 16 1913 and $350 each
-Bond Sale.-On April 12 the $10,000 434% 1-20-yr. (ser.) school-bldg.
6 months from Sept. 16 1913 to Sept. 16 1914 inclusive.
(9) $510.
bonds voted March 25 (V. 94, p. 932) were awarded to Hayden, Miller &
5,050 16 Woodland Ave. No. 2 bonds. Denom. (1) $460 16 and and
$510
Co. of Cleveland at 102.01-a basis of about 4.262%. Denom. $500.
Date March 30 1912. Due $460 16 March 30 1913
Date April 11 1912. Int. A. & 0.
each 6 months from Sept. 30 1913 to Sept. 30 1917, Incl.
$175.
(9)
Marshall
and
Anthony).
95
1,708 95 Frank St. No. 1 bonds. Denom. (1) $133
ST. ANTHONY SCHOOL DISTRICT (P. 0. St.
Date March 28 1912. Due $133 95 March 28 1913 and $175 each
County, Iowa.-Bond Sale.-On April 17 the $10,000 5% bldg. bonds
'
6 months from Sept. 28 1913 to Sept. 28 1917 inclusive.
(V.94, p. 932) were awarded to Geo. M. Bechtel & Co. of Davenport at par.
$150.
1922.
to
Date May 1 1912. Int. M. & N. Due from May 111914
2,924 99 Belmont Ave. No. 2 bonds. Denom. (1) $74 99 and (19)
and $150 each
1913
14
March
99
Date
$74
Due
14
April
1912.
HennePark),
Louis
t. ST. LOUIS PARK SCHOOL DISTRICT (P. 0. St.
6 months from Sept. 14 1913 to.Sept. 14 1922, inclusive.
(9) $205
pin County, Minn.-Band Offering.-Proposals will be received until May 6
2,001 70 Collingwood Ave. No.8 bonds. Denom.(1) $156 70 and
by H. G. Freeman, Treas., for $5,000 4% bonds. Int. semi-ann. Due
Date Feb. 28 1912. Due $156 70 March 28 1913 and $205 each
inclusive.
1917
6 months from Sept. 28 1913 to Sept. 28
$1,000 yearly July 1 1915 to 1919 Incl. Assess. val. $1,000,000. Indebt$41 11 and (3)r570.
'
251 11 Sewer No. 1,124 const. bonds. Denom. (1)
edness $3,000.
Date March 29 1912. Due $41 11 March 29 1913 and $70 each
inclusive.
The official notice of this bond offering will be found among the advertise1914,
6 months from Sept. 29 1913 to Sept. 29
ments elsewhere in this Department.
Interest semi-annual at theTSecond4National Bank of Toledo.
Frank0.
FIFTH
WARD SCHOOL DISTRICT (P.
ST, MARY PARISH
TRECIO COUNTY (P. 0. Wakeeney). Kan.-Purcnaser of Bonds.-The
lin. La.-Bond Offering.-This parish is offering for sale $36,000 5% bonds. purchaser of the $20,000 high-school-bldg. bonds awarded at 101 anent.
Denom. $250. Date May 1 1912. Int. ann. at the St. Mary Bank & (V.94, p. 1136) was Spitzer. Rorick & Co. of Toledo.
Trust Co. of Franklin. Due on May 1 as follows: $1,000 in 1914, 1915,
TRENTON, N. J.-Bonds Authorized.-An ordinance has beenTpassed
1916 and 1917, $1,250 in 1918, 1919, 1920 and 1921; $1,500 in 1922, 1923
exceeding $7,000 4% reg. school bonds.
and 1924; $1,750 from 1925 to 1928 incl.; $2,000 in 1929 ,1930 and 1931- providing for the issuance of not office.
Due 30 years.
Int. semi-ann. at the City Treas.
$2,250 in 1932; $2.500 in 1533 and 1934 and $2,250 in 1935.
THE CHRONICLE
APR. 27 1912.
TRUMBULL COUNTY (P.O. Warren), Ohio.-Bond Sale.--On April 22
the following bids were received for the $6,300 5% 2 g-yr. (ay.) Braceville
Twp. Portage-Trumbull ditch-construction bonds (V. 94, p. 1078):
New First Nat. Bank, Colum_$6,482 Western Reserve Nat. Bank__$6,460
6,405
Hayden, Miller & Co., Cleve__ 6,468 Union Say. & Trust Co
6,401
Well, Roth & Co., Cinc
6,467 Seasongood & Mayer,
TULARE SCHOOL DISTRICT (P. 0. Tulare), Tulare County, Cal.Bond Election Proposed.-Local papers state that an election will be held
to vote on the proposition to issue the $40,000 bldg. bonds (V. 94, p. 581).
TYLER SCHOOL DISTRICT (P. 0. Tyler), Smith County, Tex.-Bonds
Registered.-The $50,000 5% 20-40-yr. (opt.) high-school-bdg. bonds
voted Dec. 5 1911 (V. 93, p. 1684) were registered by the State Comptroller
on April 10.
UNION (P. 0. Weehawken), Hudson County, N. J.-Bond Offering.-Proposals will be received until 8 p. m. April 29 by E. Bantz Jr.,
Town Clerk, for $12,000 4 M % gold coup. or reg. tax-free fire-house bonds.
Authority Chap. 250, Laws of 1911. Denom. $1,000. Date May 1 1912.
Int. M. & N. at the Town Treas. office. Due from 1913 to 1918. Cert.
check for $240, payable to the Town Treas., is required.
UNION IRRIGATION DISTRICT, Cameron County, Texas.-Bonds
Not Sold.-No award was made on April 16 of the $100,000 5% 21 to 30
year (serial) gold engineering and right-of-way bonds (V. 94, p. 934.)
VENICE CITY SCHOOL DISTRICT, Los Angeles County, Cal.-Bond
Offering.-Proposals will be received until 2 p. m. May 13 by the Board
of Co. Supervisors, II. J. Lelande, ex-officio Clerk (P. 0. Los Angeles),
forithe $60,000 5% gold building bonds voted recently (V. 94, p. 1078).
Denom. $600. Date May 1 1912. Int. M. & N. at the County Treasury.
Due $1,200 yearly May 1 from 1918 to 1932 incl.; $1,800 yrly. May 1 from
1933 to 1942, incl.; $2,400 yrly. May 1 from 1943 to 1947 inci and $3,000
yrly. May 1 from 1948 to 1951 incl. A cert. or cashier's check for 3% of
bonds bid for, payable to the Chairman Bd. of Co. Supervisors, required.
Purchaser to pay accrued int. Bonded debt, $15,500. Assessed val. for
1911, $3,660,730.
VENTURA COUNTY (P. 0. Ventura), Cal.-Bonds Voted.-An election
held April 15 resulted in favor of the proposition to issue $30,000 Ojai Road
Dist. bonds. The vote was 258 to 112.
VILLISCA, Montgomery County, Iowa.-Bonds Defeated.-The question of issuing the $10,000 municipal-electric-light-plant bonds (V. 94, p.
783) failed to carry, reports sttac, at the election held April 15.
VINELAND SCHOOL DISTRICT, Cal.-Bond Sale.-The American
Savings Bank of Los Angeles was awarded $15,000 5% school bonds on a
basis of about 4.75%. Denom. $500. Date March 5 1912. Int. ann. in
March. Due one-twentieth yearly.
VIRGINIA SCHOOL DISTRICT (P. 0. Virginia), Cass County, Ill.Bonds to be Offered About July.-We are advised that the $20,000 5% 1-20yr. (ser.) bldg. bonds voted Feb. 17 (V. 94, p. 649) will be offered for sale
about July 1.
WATERVLIET, Albany County, N. Y.-Bond Sale.-On April 22
$110,000 4 M % 1-20-year (ser.) storm-sewer bonds were awarded to A. B.
Leach & Co. of N. Y. at 102.39 and int.-a basis of about 4.217%. Denomination $1,100. Date April 15 1912.
WAYNESBORO, Wayne County, Miss.-Bond Offering.-Proposals
will be received until 3 p. m. May 7 by W.E. Lathram, Clerk, for the $16,000
5% coup. school-bldg. bonds voted March 7 (V. 94, p. 783). Authority
1207
Chap. 99, Code of 1906. Denom. $500. Date June 1 1912. Int. J. & D.
in Waynesboro. Due June 1 1932 opt. $8,000 in $10 and 15 years. No.
deposit required with bid. Bonded debt $2,000. Assess. val. $500,000.
WESSINGTON SPRINGS, Jerauld County, So. Dak.-Bonds Voted.An election held recently resulted in a vote of 137 to 58 in favor of the
proposition to issuelbonds.ltagitito
re,..'
6Am
rfr-9e:61‘101**
,iiiWEST CALDWELL(P.O. Caldwell), Essex County, N.J.-Bond Sale.On April 12 the $3,500 4
10-yr. water bonds (V. 94, p. 431) wereawarded to the Citizens' Nat. Bank in Caldwell atipar. ,Denom.$600.eln
7VtrgrMillINGTON SCHOOL DISTRICT (P. 0. West Farmington).
Trumbull County, Oho.-Bond Offering.-Proposals will be received until
May 7 for $15,000 43,% bldg. bonds. Auth. vote of 155 to 50 at an election held April 20.
,
4Due part each six months,
..stielfejor
-WrgrNEWTON SCHOOL DISTRICT NO. 16, Minn.-Bonds Votea.The election held April 13 resulted it is stated,, in a vote of 13 to 9 in favor
of the question of issuing $2,500 building,bonds.te 4,1 •;!,
WEST NEW YORK, Hudson County, N. J.-Bond Offering.-Proposals
will be received until 8 p. m. May 7 by the Town Council for the following
5% coupon or registered bonds:
$23,000 engine-house bonds. Due $1,000 yrly. July 1 from 1913 to 1935.
incl. A deposit for $250 required.
120,000 funding bonds. Due July 11927. A deposit for $1,500 required.
22,000 street-opening bonds. Due July 1 1922. A deposit for $250 required.
Denom. $1,000. Date July 1 1912. Int. J. & J. The above deposits
must be in cash or a cert. check., payable to the Town Treas. Purch..to
pay accrued int.J./L.5Wolfe isiTown]Clerk.
WETZEL COUNTY (P. 0. New Martinsville), W. Va.-Bond Electicra.An election will be held May 25 to vote, according to reports, on the proposition to issue $236,388 70 Church Dist. road bonds.
WHITAKERS, Edgecombe County, No. Car.-Bond Sale.-On Aprilt6
the $10,000 6% 20-yr. coup. electric-light-plant bonds (V. 94, p. 649) were
awarded to the Planters' Bank in Rocky Mount. Denom. $100 and $500.
Date Jan. 1 1912. Int. J. & J. In N. Y.
WILMINGTON SCHOOL DISTRICT (P. 0. Wilmington), Del.-Bond
Offering.-Proposals will be received until 8 p. m. May 13 for $20,000 4 1,5%
coupon tax-free school-bldg. and furnishing "Series F" bonds. Denom.
$1,000. Date May 1 1912. Int. M. & N. at the Union Nat. Bank in
Wilmington. Due May 1 1926. Bids must be made on blank forms
furnished by the Bd. of Ed. Bonds will be certified as to their genuineness by the U. S. Mortgage & Trust Co. in N. Y. and their legality approved by D.0. Hastings, Esq., City Solicitor, whose opinion as to legality
will appear on each bond. No deposit required with bid. • H. J. Guthrie is
Secretary Board of Education.
WINCHESTER, Middlesex County, Mass.-Bond Sale.-On April 22
the $12,000 4% 1-4-year (serial) coupon surface-drainage bonds (V. 94,
p. 1137) were awarded to Blodget & Co. of Boston at 100.68, It is stated.
.176i5
-1;4SOCKET SCHOOL DISTRICT(P. 0. Woonsocket), Sanborn
County, So. Dak.-Bond Sale.-On April 12 the $24,000 5% 10-20-yr. (opt.)
school-bldg. bonds (V. 94, p. 1004) were awarded to the Wells & Dickey
Co. of Minneapolis for $24,455 (101.879) int. and blank bonds. Other
bids follow:
Ulen & Co., Chicago
$24,450 Sec. Tr. Co., St. Paul
$24,255
Mitchell Tr. Co., Mitchell_ _ _ _ 24,350 Union Investment Co., MlnneC. B. Enkema & Co., Minn__ 24,260
apolis
24,140
Denomination $1,000.
NEW LOANS.
NEW LOANS.
$22,000
$225,000
TOWN OF SHELBY, MONTANA,
HUDSON COUNTY, N. J.,
WATER BONDS
Notice is hereby given by the Town Council of
the Town of Shelby, in the State of Montana
that the Water Bonds of said Town in tile sum of
Twenty-two Thousand ($22,000 00) Dollars,
bearing interest at the rate of six (6%) per cent
per annum, interest payable semi-annually on the
first of January and first of July in each year,
will be offered for sale at public auction to the
bidder offering the highest price therefor at the
Council Chamber of the Town Council of the Town
of Shelby, in the Town of Shelby, County of
Teton, State of Montana, on the 29TH DAY OF
MAY, A. D. 1912, at the hour of 2 o'clock p. m.
of that day.
The Council reserves the right to reject all or
any bids or offers of purchase.
Said. bonds are to be dated January First,
A. D. 1012, and issued in denominations of One
Thousand ($1,000 00) Dollars each, and shall be
payable in twenty years from tile date thereof,
and Two Thousand ($2,000 00) Dollars thereof
shall be redeemable in 5 years: Five Thousand
($5,0h00 00) Dollars redeemable in 10 years, and
Five ThOusand ($5,000 00) Dollars redeemable in
15 years, at the option of the Town Council. All
tenders, bids or oilers to purchase to be addressed
to F. A. Sullivan, Mayor, and a certified check
for not less than Three Hundred ($300 00) dollars
to accompany each bid to insure good faith on
behalf of tile bidder.
Dated at Shelby, Montana, this 8th day of
April, 1012.
By Order of UM Town Council.
II. F. GUTH, Town Clerk.
MUNICIPAL BONDS
Yielding 3.85% to 5.00%
STACY dt. BRAUN
Toledo, 0.
Cincinnati, 0.
Adrian H. Muller & Son,
AUCTIONEERS,
Regular Weekly Sales
4/
1
2% GOLD BONDS
By virtue of two separate resolutions of the B9ard of Chosen Freeholders
of the County of Hudson, passed at a meeting held Thursday, April 4, 1912, sealed
bids and proposals will be received and opened at a meeting of said Board to be
held in the Court House, Jersey City, N. J., on
Thursday, May 2 1912
at 3 o'clock P. M.
for the sale of bonds for the following improvements, viz.:
(1) $125,000 NEW FOURTEENTH STREET VIADUCT BONDS, to be
ssued under authority of an Act of the Legislature of the State of New Jersey, entitled "An Act to enable the Board of Chosen Freeholders of any county in this
State to erect, construct and maintain a viaduct between two or more municipalities in any such county, connecting streets or roads of such county or municipalities, and to extend roads to connect with such viaduct, and to acquire lands for
the same, and to issue bonds for the payment of the cost of the erection, construction and acquisition thereof," approved March 28, 1904, and the supplements
thereto and amendments thereof.
(2) $100,000 BRIDGE STREET BRIDGE BONDS, issued under authority
of an Act of the Legislature of the State of New Jersey, entitled "An Act in relation
to county expenditures," approved April 2, 1878, and the supplements thereto
and amendments thereof. (See supplements, Laws 1888, p. 362, and 1900, p. 66.)
Both of the above issues to bear interest at FOUR AND ONE-HALF PER
CENTUM (432%) per annum, payable semi-annually, and to bear date the first
day of May, 1912. Said bonds to be coupon bonds, with the privilege of registration both as to principal and interest.
The $1.25,000 issue to run for a period of THIRTY YEARS and the $100,000
issue to run for a period of TWENTY YEARS,and both will have the certification
of the U. S. Mortgage & Trust Company of New York City, and the legality thereof
approved by Messrs. Hawkins, Delafield & Longfellow, of New York City.
Each bid must be accompanied by a bank or certified check upon some National Bank or Trust Company, drawn to the order of Stephen M. Egan, County
Collector, or cash to the amount of one per centum (1%) of the bid.
Each proposal or bid must be enclosed in a sealed envelope, endorsed "Proposals for Bonds," and to be accompanied by the bank or certified check or cash
as aforesaid. Bidders may bid for the whole or.any part of each issue thereof.
The Board reserves the right to reject any or all bids if it deems it for the best
interest of the County so to do.
WALTER O'MARA,Clerk.
OF
ESTABLISHED 1885.
STOCKS and BONDS H. C. SPEER & SONS CO.
EVERY WEDNESDAY
Office, No. 55 WILLIAM STREET,
Corner Pine Street.
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS
Sutherlin & Company
MUNICIPAL BONDS
Commerce Building
KANSAS CITY
MISSOURI
Lxxxxiv.
THE CHRONICLE
1208
EDMONTON SCHOOL DISTRICT NO. 7 (P. 0. Edmonton), Alta.
Debenture Sale.-On April 18 the $840,000 43% 40-Installment coup.
debentures (V. 94, p. 1080) were awarded, reports state, to the Imperial
Bank at 95.
FERGUS. Ont.-Loan • Voted.-The election held April 15 resulted In
favor of the by-law providing for the $35,000 5% 30-Installment waterYAKIMA COUNTY SCHOOL DISTRICT NO. 14, Wash.-Band Sale.- works-construction loan (V. 94, p. 1080). The vote was 169 to 107.
On April 13 $11,500 bonds were awarded to the State of Washington as
FORT WILLIAM, Ont.-Debentures Proposed.-The proposition to Issue
1-20-yr. (opt.) 5s at par. Other bids follow:
Dexter Horton Nat. Bank, Seattle-$11,510 and int. for 5J.% bonds $17,365 school debentures is being considered, It is stated.
1
dated May 1912.
D. Sask.-Debenture Sale.-Nay & James of Regina have pur
First Nat. Bank, Barnesville-411,625 and int. for Os.
chased $2,000 6% 15-year debentures.
Municipal Bond & Stock Exchange, Chicago-511.550 for 1 to 20-yr. 6s.
S. A. Kean & Co., Chicago--$11,626 50 and blank bonds for 1 to 20 -yr.
GRAVENHURST. Ont.-Debenture Offering.-Proposals will be received
6s dated April 11912.
until 12 In. May 7 by %V. H. Cross, Town Clerk and Treas., for the $8,000
5)4% 20-installment gold refunding debentures (V. 94, p. 371). Date
YANKTON. Yankton County, So. Dak.-Bonds Voted.-A favorable vote May 1 1912. Int. ann. In May at the Dominion Bank of Gravenhurst.
was cast on April 16, it is stated, on a proposition to issue $60,000 waterHAMILTON. Ont.-Loan Election Proposed.-An election to vote on a
main bonds.
by-law to issue a $25,000 hospital loan is being considered, reports state.
KINGSTON. Ont.-Loan Election.-An election will be held, It is stated,
to vote on a $45,000 street-lmpt. loan.
LETHBRIDGE SCHOOL DISTRICT NO. 51. Alta.-Debenture Offering.
AYR, Ont.-Loan Voted.-An election held recently resulted, it Is -Proposals will be received until May 4 by C. B. Bowman, Secretary, for
reported. in favor of a by-law providing for a loan as a bonus to a woolen the $140,000 4;5% 40-installment debentures (V. 94, p. 1080). Date
May 1 1912. Int, annually at the Union Bank of Canada in Lethbridge,
industry.
Toronto and Montreal.
BATTLEFORD. Sask.-Debenture Sale.-C.H.Burgess & Co. of Toronto
MATTAWA,Ont.-Debenture Sale.-The following bids were received on
have purchased, it is reported. $27,000 5% 10 and 25-Instalimedt debenApril 15 for the $6,000 5% 20-installment cement sidewalk debentures
tures.
(V. 94. p. 784):
BEAVERTON. Ont.-Debenture Sate.-On April 20 the $4,000 5% 20- Ont. Sec. Co., Ltd., Toronto_ _$5,8171Nat. Finance Co.. Toronto__ _$5,708
year town-hall-erection debentures (V. 94, p. 1004) were awarded to the R. C. Matthews & Co., Tor__ _ 5,7641C. H. Burgess & Co.. Toronto_ 5,665
National Finance Co., Ltd., of Toronto at 100.45. Other bids follow:
MEDICINE HAT, Alta.-Loans Voted.-The election held April 12
W.A. Mackenzie & Co., Tor_ $3,985 Brent, Noxon & Co., Toronto_$3,946
favor of the following loan by-laws (V. 94, p. 1005):
Geo. A. Stimson & Co.. Tor__ 3,901 Ont. Sec. Co., Ltd., Toronto_ 3,937 resulted, it is stated, in
$16,000 for a Y. M. C. A. building, $5,000 to Improve Central Park and
BLYTH, Ont.-Loan Election Proposed.-A by-law providing for a loan $30,000 to assist a spur line to Ansley Coal Mines.
of $5,000 as a bonus to the Myth Flat Mill Co. will be submitted to the
MELVILLE, Sask.-Debenture Offering.-Proposals will be received
ratepayers, according to reports.
until 12 m. April 29 for the following 5% debentures:
CALGARY. Alta.-Debenture Election.-The proposition to issue $300.- $55,000 town-hall debentures. Int. annual at Merchants' Bank, Melville,
000 drainage-system, $88,000 street-impt. and $95,000 cemeteries and park
Sask., Toronto, Ont., or Montreal, Que. Due 40 years.
debentures will be submitted to a vote, it is stated, on May 3.
6,000 Melville Milling Co. bonus debentures. Date May 1 1912. Due in
6 equal annual installments of principal and interest.
CHATHAM. Ont.-Loan Voted.-A recent election resulted, reports
Purchaser to pay accrued interest, cost of printing debentures and bank
state, in favor of the proposition to Issue a loan of $15,000 as a bonus to
charges. John Crow is Secretary-Treasurer.
the St. Mary's Machine Co.
MIDLAND, Ont.-Loan Authorized.-A loan of $25,000 as a bonus to
Man.
Mound),
(P.O.
480
Pilot
COPPERFIELD SCHOOL DISTRICT NO.
-Debenture Offering.-Proposals will be received at any time for the $2,500 Bray & Benson has been authorized, according to reports.
6% 20-installment debentures (V. 94, p. 649). Int. ann. in June at the
MORSE, Sask.-Debenture Sale.-An issue of $4,000 6% 15-year debenBank of Hamilton In Pilot Mound. D. W. Stewart is Secretary-Treasurer. tures was pruchased by Nay & James of Regina.
stated
is
election
an
-It
that
Proposed.
Election
CUPAR. Sask.-Loan
NANAIMO. B. C.-Debenture Election.-An election will be held, it is
to vote on the issuance of a $15,000 road loan will be held In the near future.' stated, to vote on the proposition to issue $50,000 water-main debentures.
DUCK LAKE, Sask.-Loan Election.-A vote will be taken May 1, reNEW WESTMINSTER. B. C.-Debentures Voted.-At a recent election
ports state, on a by-law providing for a loan of $3,000 as a bonus to the the following eight propositions to issue debentures, aggregating $409,000,
Dominion Milling Co. and $6,000 for a town hall.
received a favorable vote, according to reports: $250,000 4 % 50-yr. street50-yr. electricEAST WHITBY TOWNSHIP. Ont.-Debenture Offering.-Proposals will impt., $40,000 4;i% 50-yr. water-works-ext., $25,000 4;5%
be received until 12 m. May 6 by W. Purves. Twp. Clerk (P. 0. Columbus), light-ext., $14,000 415% 20-yr.• fire apparatus, $35,000 4 Si% 50-yr. park
for $20,000 4 yi% debentures, repayable In 20 equal annual installments purchase, $20,000 4 35% 20-yr. exhibition-bldg., $19,000 4% 5-yr. cemeterysite-purchase and $5,000 Bunkers debentures.
of principal and interest.
WRAY, Yuma County, Colo.-Band :late.-On April 20 the $35,000 6%
10-15-year (opt.) coupon water-works bonds (V. 94, p. 1079) were awarded
to the American Light dc Water Co. of Chleago. Int. A. & 0. Other bids
follow:
971J. N. Wright & Co., Denver
Henry Wilcox & Son, Denver
96
Wm. E. Sweet do Co.. Denver_ .961Causey. Foster & Co., Denver_ _ _ _95
FormAR
Canada. its Provinces and Municipalities.
NEW LOANS
NEW LOANS.
MISCELLANEOUS.
can write your bills, state$5,000
youments,
balance sheets etc., in
LANCASTER, KENTUCKY, Board of Education, St. Louis Park, Minn., the usual way with the
$29,000
SCHOOL BONDS
Sealed proposals wanted, which will be opened
MAY 1ST, 1912, at The Garrard Bank & Trust
Company Building in Lancaster, Kentucky, at
1 o'clock p. m.
$29,000 00 Lancaster Graded Common School
Bonds 5s.
Interest due annually on the first day of April.
Denomination $1,000. one to be redeemed
each year.
Assessed valuation for taxation in District,
$1,500,000 00.
No indebtedness of any kind.
Endowment fund $45,000 00, well secured.
Population of district about 2,500.
Population of Lancaster. which is included In
the district. 1,507.
Located on L. & N. RR.In centre of State, in
Blue Grass Region.
Lancaster has three banks, each of which has
a capital of $50,000 00.
Aggregate deposits In three banks, $400,000 00.
Two flouring mills of large capacity and run
daily.
One first-class newspaper-weekly.
City indebtedness $16,000 00, balance due on
Water Works owned by City.
• Original cost of present buildings and grounds,
$24,000 00.
• Garrard Co. out of debt. Assessed valuation
Property, $5,000,000 00.
J. B. KINNAIRD. Seely Board.
• Lancaster, Ky., April 11, 1913.
HODENPYL, HARDY& CO.
14 Wall St., New York
4% BONDS
Bonds for $5,000 00 are to be issued by Board
of Education, St. Louis Park, Minn.; will draw
4% int., payable semi-annually. Mature $1,000
July 1 1915 and $1,000 each July 1st thereafter.
We have $1,000,000 assessed valuation and an
Indebtedness of $3,000.
Bids open May 6th. Address
H. G. FREEMAN, Treasurer,
St. Louis Park, Minn.
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
1312 FIRST NATIONAL BANK BLDG.,
CHICAGO, ILL.
Bolger, Mosser & Williaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUIL
CHICAGO
Remington Typewriter
Company
(Incorporated)
325-327 Broadway
New York City
SEND FOR LIST.
19 South La Salle St.,
CHICAGO
Ingalls Building
CINCINNATI
Charles M. Smith & Co
Adding and Subtracting Typewriter
(Wahl Adding Mechanism)
and when you come to the end you
will find the correct totals of each
BLODGET & CO. column-whether one or moreBONDS
actually staring you in the face.
60 STATE STREET, BOSTON
Writes and adds or subtracts as
30 PINE STREET, NEW YORK
the operator goes along, without any
STATE, CITY & RAILROAD BONDS
extra work on his
part.
Visible
Thus the work
F. WM. KRAFT
Writing and is. cut in half and
LAWYER.
Adding
absolute accuracy
Specializing In Examination of
is assured.
Municipal and Corporation Bonds
Railroad, Street Ry., Gas & Elec. Light
SECURITI ES
Remington
THE AMERICAN MFG. CO.
NATIONAL LIGHT,
HEAT & POWER COMPANY
GUARANTEED
BONDS
MANILA, SISAL AND JUTE
CORDAGE
65 Wall Street
-
An issues
A. H. Bickmore & Co.,
BANKERS
New York 30 Pine Street,
New Yor
APR. 27 1912
THE CHRONICLE
1209
NIAGARA FALLS. Ont.-Debentures Voted.-The election held Apr11 22 Curran. Laird &
Reg.$18,590 Dominion Securities Corp,
resulted in favor of the proposition to issue the $3,000 5% 10-yr. E. P. Brent, Noxon & Curran.
Co.,
18,411
Ltd., Toronto
$18,335
Pollard Mfg. Co. site-purchase bonus debentures (V. 94, p. 10801. C. H. Burgess de Co., Toronto
Toronto 18,364 Ontario Secur.
Ltd..Tor. 18,127
The vote was 368 to 101.
Nat. Finance Co., Toronto__ 18,338 Geo. A. Stimson
Co..
doCo.. Tor
17,900
Election.
by-law
Ont.-Loan
-A
will
be
NORTH BAY,
submitted to a
RIDGETOWN. Ont.-Debenture Sale.-On April 18 the $35,000 4 %%
vote May 6, it Is stated, providing for a loan of $80,000 for roads.
, 30-year water-works debentures (V. 94, p. 936) were awarded
to W. A.
NORTH GOWER TOWNSHIP. Ont.-Debenture Sale.-Reports state Mackenzie & Co. of Toronto, according to reports.
that an Issue of $10.000 5% 15-instaliment debentures was awarded to
RURAL MUNICIPALITY OF RUSSELL, Man.-Debenture Election.Brent, Noxon & Co. of Toronto.
An election will be held to-day (April 27), it is stated, to vote on a proONTARIO (Province of).-Bond Offering.-SubserlptIons will be received position to issue $2,600 debentures to build a teacher's residence. D. M.
for $2,000,000 4% coupon bonds or Ontario Government stock and $210,000 Kinnard is Clerk (P. 0. Russell).
4% coup. Algonquin Park loan. Denom. $1,000. Date May 1 1912.
Int. M. & N. at the Provincial Treas. office, or the Bank of Montreal in forST. THOMAS. Ont.-Loan Election Proposed.-Two by-laws providing
loans of $24,000 for electric-cars and equipment and $6,000 for streetMontreal or N. Y., at holder's option. Due Nov. 1 1941. The issue price
during/May will be 102 and after May 31 102 and int. from May 1 1912. railway -extensions will be submitted to the voters, according to reports.
ST. VITAL, Man.-Debenture Offering.-Proposals will be received until
A. J. Matheson is Provincial Treasurer.
OTTAWA. Ont.-Debentures Authortzed.-A by-law has been authorized 7 p. m. May 1 by J. P. Dumas, Sec.-Treas., for $20,000 5%% coupon building debentures. Date May 1 1912. Interest payable at the Imperial
providing for the Issuance of $40,000 school debentures, reports state.
Bank of Canada In Winnipeg. Certified check for 5% required.
PENTICTON. B. C.-Debenture Sale.-Nay de James of Regina have been
SASKATOON. Sask.-Consolidated Stock Offered in London.-Of a block
awarded $101,000 of an issue of $201,000 debentures, of which $100,000
were awarded early in the year to the Dominion Sec. Corp., Ltd., of Tor. of £229.726 4 54% tax-free consolidated stock recently offered on the London market at 99, only one-half was taken by the public, according to the
(V. 94, p. 509.)
"Financial Post of Canada." The loan consists of the various issues of
PERTH, Ont.-Loan Defeated.-According to reports, the by-law pro- debentures voted Dec. 11 1911 and referred
to in V. 93, p. 1742. Interest
viding for the loan of $25,000 as a bonus to the Winn Shoe Co., Ltd., was is payable April and Oct.
1. Due Oct. 1 1961, redeemable at par on or
defeated at the election held March 30 (V. 94, p. 724.)
after Oct. 1 1941.
PORT DALHOUSIE. Ont.-Loan Election.-It is reported that a by-law
SHOAL LAKE, Man.-Debenture Offering.-Proposals will be received
will be voted on May 6 providing for a loan of $6,500 to purchase the Maple until 12 m. May 18 by F. Dobbs, Sec.-Treas.,
for the $12,000 5% 20Leaf Rubber Co. and a loan of $10,000.
installment fire-hall debentures (V. 94, p. 155).
PORT STANLEY. Ont.-Debenture Offering.-Proposals will be reVIRDEN, Man.-Loan Proposed.-A $4,000 hospital loan is being conceived until May 4 by J. Gough, Village Clerk, for the *22.000 5% water- templated, according to reports.
works debentures voted March 11 (V. 94. p. 784.)
WALKERTON, Ont.-Loan Authorized.-A loan of $10,000
REGINA. Sask.-Debenture Offering.-Proposals will be received until the manufacturing industry has been authorized, it is stated. as an aid to
12 in. May 15 by G. A. Mantle. City Commissioner, for the following 43%
WELLAND. Ont.-Loan Election.-An election will be held, reports
debentures:
state, to vote on a $75,000 loan.
$200,000 water-works debentures, due in 40 years.
WESTON. Ont.-Loan Eledion.-It is reported that a loan of $7,500 for
63,000 common sewer debentures, due in 30 years.
a library will probably be submitted to the ratepayers.
89.000 trunk sewer debentures, due in 40 years.
51,000 fire-protection debentures, due In 30 years.
WEYBURN. Sask.-Debentures Lobe Offered Shortly.-Reports state
83,000 electric-light debentures, due in 30 years.
this town is about to offer for sale $50,000 hospital, $25,000 sewer that
and
75,000 general-hospital debentures, due in 30 years.
$9,000 sidewalk debentures.
150,000 street-railway debentures, due in 40 years.
WINDSOR. Ont.-Debenture Election.-The election to vote on the
100,000 street-railway debentures, due in 10 years.
question of issuing the $30,000 street debentures (V. 94, p. 868) will be
13,000 North fire-hall debentures, due in 15 years.
RED DEER. Alta.-Debenture Sale.-On April 15 the three issues of 6% held May 8, it is reported.
30-installment local-impt, debentures, aggregating $17,423 91 (V. 94, p.
WOO DSTOCK, Ont.-Loan Defeated.-The by-law providing for the
1080) were awarded to Wood, Gundy & Co. of Toronto for $18,650 (107.03) loan of $75,000 to build a city-hall failed to carry, reports state, at the
and interest. Other bids follow:
election held April 15. (V. 91. P. 1005.)
MISCELLANEOUS.
MISCELLANEOUS.,
NOW READY
OFFICE OF THE
FINANCIAL REVIEW
ATLANTIC MUTUAL INSURANCE COMPANY.
1912 ISSUE
A Year Book of Financial Information
300 Pages
New York, January 23d, 1912.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on the
.31st of December, 1011.
The Company's business hat been confined to marine and inland transportation insurance
Premiums on such risks from the let January, 1911, to the 31st December, 1911
33,653,325 18
Premiums on Policies not marked off 1st January, 1911
873,680 37
Total Premiums
34,527,005 55
Comprehensive Statistics for a Series of Years
CONTENTS
Retrospect of the Year 1911.
Listings of New Securities.
Bank Clearings.
Record of Transactions on Stock Exchan
Business Failures in United States.
Daily Rates for Call Money in 1911.
Weekly Range of Money Rates.
Yields of Leading Crops.
Anthracite Coal Production.
Gold and Silver Production.
Silver Quotations from 1837 to 1912.
British Trade and Finances in 1911.
United States Imports and Exports.
Daily Prices of Foreign Exchange.
United States Debt and Securities.
Prices of State Securities.
Railroad Statistics.
Monthly Range of Prices.
Stocks and Bonds-At New York Stock Exchange for five years, viz.: 1907, 1908. 1909,
1910 and 1911, and at Boston. Philadelphia,
Baltimore and Chicago Bxchanges for year 1911.
Dividends-1902 to 1911 inclusive.
•
Railway and Industrial Section.
The February 1912 issue of this important publication (190 pages) is bound up with the Review
Premiums marked off from January 1st, 1911, to December 31st, 1911
$3,773,578 22
Interest on the investments of the Company received during the year.. _.$333,897 03
Interest on Deposits in Banks and Trust Companies, etc
39,628 24
153,167 66
'tent received less Taxes and Expenses
Losses paid during the year
Less Salvages
Re-Insurances
526,692 93
$1,385,386 46
$220,704 52
205,151 34 425,855 86
$959,530 60
Returns of Premiums
$196,936 89
Expenses, including officers',fialaries and clerks' compensation, stationery, advertisements,etc
570,472 18
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday the sixth of February next.
The outstanding certificates of the Issue of 1906 will be redeemed and paid to the holders thereof, or their
legal representatives, on and after Tuesday the sixth of February next, from which date all interest thereon
will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 31st
December, 1911, which are entitled to participate in dividend, for which, upon application, certificates will be
issued on and after Tuesday the seventh of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
FRANCIS M. BACON;
HERBERT L. GRIGGS;
CHARLES M. PRATT.
JOHN N. BEACH,
CLEMENT A. GRISCOM;
DALLAS B. PRATT,
ERNEST C. BLISS,
ANSON W. HARD,
GEORGE W. QUINTARD.
VERNON II. BROWN,
ANTON A. RAVEN,
.THOMAS H. HUBBARD;
WALDRON P. BROWN:
LEWIS CASS LEDYARD;
JOHN J. RIKER,
JOHN CLAFLIN
CHARLES D. LEVERICH;
DOUGLAS ROBINSON.
GEORGE C. CLARK,
GUSTAV H. SCHWAB.
LEANDER N. LOVELL,
TERMS:
CLEVELAND H. DODGE;
GEORGE H. MACY,
WILLIAM SLOANE,
ELDER'''.
Price of the Review, bound in cloth
CHARLES H. MARSHALL;
LOUIS STERN,
$2 00 CORNELIUS
RICHARD H. EWART,
NICHOLAS F. PALMER.
WILLIAM A. STREET
Postage 20 cents
PHILIP A. S. FRANKLIN;
HENRY PARISH,
GEORGE E. TURNURE.
ADOLF PAVENSTEDT.
Commercial &
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President,
138 Front Street, New York.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES
E. FAY, 3d Vice-President.
Copies may also be had at 313 Monadnock
JOHN H. JONES STEWART, 4111 Vice-President.
Blk., Chicago; Edwards & Smith,
1 Drapers'
Gardens, London.
BALANCE SHEET.
ASSETS.
LIABILITIES.
Estimated Losses and Losses Unsettled
United States and State of New York
$700,000 00
in process of Adjustment
Bonds
32,310,027 00
Premiums on Unterminated Risks
New York City and New York Trust Co
753,427 33
1,777,900 00 Certificates of Profits and Interest Unand Bank Stocks
FOR 30 YEARS.
2,742,162 00
paid
Stocks and Bonds of Railroads
267,092 05
220,020 00 Return Premiums Unpaid
Other Securities
109,742 16
Reserve for Taxes
Special Deposits in Banks and Trust
57,512 16
1,000,000 00 Re-insurance Premiums
Companies
183.599 07
Claims not Settled, including CompenReal Estate cor. Wall and William Streets
sation, etc
69,104 08
and Exchange Place, containing offices 4,299,426 04
Certificates of Profits Ordered Redeemed.
Real Estate on Staten Island (held under
OUR ANNUAL
22,471 29
provisions of Chapter 481,Laws of 1887)
Withheld for Unpaid Premiums
75,000 00
7,401.390 00
Premium Notes
618.136 00 Certificates of Profits Outstanding
449,354 23
Itilis Receivable
Cash in hands of European Bankers to
pay losses under policies payable in
203,603 36
Gives a monthly range of Stock and Bond
foreign countries
930,321 99
Cash in Bank
Prices for five years. We can supply
450,000 00
New York City Revenue Bonds
-----1887 tissue which [(Ayes 1882-1886
$13,465,923
62
S117177,765 14
1892
'
1887-1891
1E4
18924896
$2,291,558 48
balance
Thus
of
leaving
a
1897-1901
December.
1911,
amounted to
$4187880
Accrued Interest on Bonds on the 31st day of
1902-1906
21,970 40
Rents due on the 31st day of December, 1911, amounted to
1912 ,
w "
1907-1911
Re-insurance due or accrued, in companies authorized in New York, on the 31st day of December,
1911,
214,367
amounted
00
to
PRICE ;2 PER COPY
Unexpired re insurance premiums on the 31st day of December, 1911, amounted to
83,096 43
Some:earlier issues may be had at 55 01) a copy
Note: The risttrance Department has estimated the value of the Real Estate corner Wall and
450.573 96
WIllilin Streets and Exchange Place in excess of the Book Value given above, at
63,700 00
And the property at Staten Island in excess of the Book Value, at
Chronicle The Market value of Stocks, Bonds and other Securities on the 31st day of December', 1911, ex- 1,588,635
ceeded the Company's valuation by
62
Fronts Pine and ii Depeyster Streets,
----On the basis of these increased valuations the balance would be
$4,755,780 75
NEW YORK.
Financial Chronicle
RANGE OF PRICES
1882-1911
The Financial Review
17
4.
6.
46
Commercial & Financial
Lxxxxxv.
THE CHRONICLE
1210
ganturs and -gutters .antsidt 4eux sort..
PITTSBURGH
LOUISVILLE
We Buy and Sell
J. J. B. HILLIARD & SON
Water Works, Hydro-Electric, Traction,
and General Public Utility Bonds
J. S. & W.S. KU HN
Incorporated
Pittsburgh, Pa.
Philadelphia
Boston
Chicago
New York
SAN FRANCISCO
LOUISVILLE, KY.
J. C. WILSON 8c CO.
New York Stock Exchange,
New York Cotton Exchange,
MEMBERS Chicago
Board of Trade,
The Stock and Bond Exchange,
MAIN OFFICE.
MILLS BUILDING. SAN FRANCISCO.
Y.
N.
71
11'way,
BROS..
Correspondents: WALKER
Branch offices: Los Angeles, San Diego, Cal,.
Portland. Ore.; Seattle. Wash.; Vancouver, B. G.
BANKERS AND BROKERS
INVESTMENT BONDS
STREET RAILWAY SECURITIES
A Specialty.
HENNING,CHAMBERS& CO.
Union Ry.. (las & Electric
Commonwealth Power, RY. & Light
Portland Ry., Light & Power
LOCAL SECURITIES
Members of New York Stock Exchange, Pitsburgh
71 Broadway,
Stock Exchange, Chicago Board of Trade.
116 S. 5th St.,
NEW YORK CITY
LOUISVILLE, KY.
Donner, Childs & Woods
INVESTMENT SECURITIES.
Union Bank Building,
Members
New York Stock Exchange
Louisville Stock Exchange
PITTSBURGH, PA.
Private Wire to Chicago and New York.
LOUIS SLOSS & CO.
Information Regarding
Pacific Coast Securities
Investment Securities.
Bonds, Preferred Stocks,
Alaska Commercial Bldg.. San Francisco,
Nicolaus Building, Sacramento.
John W.& D. S. Green
EL P. Taylor & Company
INVESTMENT BANKERS
We will purchase total issues of Munici-
pal, Railroad and Public Service Bonds.
NEW YORK.
Singer Bldg.
PITTSBURGH,
248 Fourth Ave.
Rochester Railway 1st & 2nd Mtge. 5s
Buffalo Railway 1st Consol 5s
Buffalo Crosstown 5s
Louisville Henderson & St. Louis 1st 5s
St. Louis & San Fran. RR. Co. ,New Orleans
Texas & Mexico Division 1st Mtge. 5s
LOUIS VILLE, ICY.
NASHVILLE
Quotations and Information Furnished on
PITTSBURGH SECURITIES
BALLARD & McCONNEL
Members Pittsburgh Stock Exchange
Commonwealth Bldg.
PITTSBURGH. PA.
Established 1887
WILLIAM R. STAATS CO.
CALIFORNIA
Municipal and Corporation Bonds
To YIELD 4i% TO 6%
LOS ANGELES
SAN FRANCISCO
PASADENA
HENRY S. FRAZER
BROKER
Cumberland Telephone (new) 5% Bonds
BOUGHT AND SOLD
SPECIALISTS FOR PACIFIC coAsr
in
Pacific Gas & Elec Co.
Common and Preferred
PHILADELPHIA
ATLANTA
SUTRO & CO.
H. S. HOPPER,
W. G. HOPPER,
Members of Philadelphia Stock Exchange.
SOUTHERN MUNICIPALS
Wm. G. Hopper & Co.
yielding
STOCK AND BOND BROKERS
PHILADELPHIA
28 South Third Street,
Investments receive our special attention. Information cheerfully furnished regarding present
holdings or proposed investments.
J. W. SPARKS & CO.
The Bourse, Fourth Street,
Philadelphia.
(PHILADELPHIA STOCK EXCHANGE
MEMBERS( NEV YORK STOCK EXCHANGE
(CHICAGO BOARD OF TRADE
REED & HUNTOON
Specialists in
INACTIVE SECURITIES
Philadelphia, Pa.
421 Chestnut St.
AUGUSTA
4% to
1
/
4
California
GOODWIN, GARBY & HOLTON, INC.
The Robinson-Humphrey-WardlawCo.
ATLANTA, GEORGIA
H I LLYE R TRUST COMPANY
Atlanta, Ga.
Capital and Surplus, - $300,000
BONDS
Georgia Municipal
Southern Public Service
SAN FRANCISCO, CAL.
Municipal and Corporation
BONDS
CALIFORNIA SECURITIES
G. G. BLYMYER & CO.
CALIFORNIA
MUNICIPAL BONDS
454 California St.,
SAN FRANCISCO
Trust Company of Georgia S. B. WAKEFIELD & CO.
Atlanta, Georgia
CALIFORNIA SECURITIES
Capital and Surplus
JOHN W. DICKEY
BROKER.
$1,800,000
WILLIAM E. BUSH
AUGUSTA, GA.
Southern Securities
Manager Bond Department
Established 1886.
Bonds
Stocks
OTTO MARX & CO.
Birmingham, Ala.
MOTTU & CO.
Established 1892.
NORFOLK. VA.
SOUTHERN SECURITIES
Municipals
State
MS
MOBILE
JNO. L. NORTON
MACARTNEY & SCHLEY
OAKLAND
- -------
Ry. Co. Securities.
SAN .FRANCISCO
BONDS
COMMERCIAL PAPER
Collateral
We Specialize in Short-Term
Notes yielding 5 to 6%.
ANGELES
LOS
FRANCISCO
NEV YORK SAN
60 Broadway
INVESTMENTS
Inquiries Solicited.
Members The S. F. Stock & Bond Exchange";
Specialize in San Francisco, Oakland Terminal
LUNDBORG IVIORGAN CO.
NORFOLK, VA.
BIRMINGHAM
---
Tractions
Industrials
4%
52/
Investment Brokers
San Francisco
Local Stocks and Bonds.
86 Madison Avenue,
STOCKS AND BONDS.
TENN.
ALABAMA MEMPHIS,
MOBILE,
LOS ANGELES
CALIFORNIA SECURITIES
J. H. ADAMS & CO.
Municipal
Bonds
Corporation
Correspondence Invited.
LOS ANGELES
SAN FRANCISCO
PORTLAND, ORE.
DENVER, COL.
EstabliShC(1 1887
CALVIN BULLOCK
GREAT WESTERN SUGAR
MOUNTAIN STATES TELEPHONE
OSWALD F. BENWELL
COLORADO MUNICIPALS
DENVER. COLO.
Western Municipal and School Bonds
MORRIS BROTHERS
PORTLAND,
PHILADELPHIA.
NEW YORK.
Municipal and Corporation
BONDS
PACIFIC COAST SECURITIES A SPECIALTY.
Local securities bought and sold.
B. W. Strassburger
Edwin M. Bosworth & Co.
SOUTHERN INVESTMENT SECURITIES
(las & Electric Bldg.,
DENVER.
MONTGOMERY, A LA
WILLIAM R. STAATS CO.
CALIFORNIA
Municipal and Corporation Bonds
To YIELD 432% TO 6%
LOS ANOELES
SAN FRANCISCO
PASADENA
D
P. B. HAMMON
and Bonds
Stocks
Union Oil Co. of Cal.
Mexican Petroleum Co., Ltd.
Southern Cal. Edison Co.
Member Los Angeles Stock Exchange
li. W. Hellman Bldg.. LOS ANGELES
@FedFRASER