Full text of Commercial and Financial Chronicle : April 5, 1913, Vol. 96, No. 2493

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VOL.96

APRIL 5 1913

NO.2493 I

Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold 0.Dana,Sec. Addresses of all. Office of the Company.

CLEARINGS-FOR MARCH,S'INCE JANUARY 1, AND FOR WEEK ENDING MARCH ,29
March.

Clearings
1913.

1912.

Three Months.
Inc. or
Dec.

1913.

,

1912.

Week ending March 29.
Inc. or
Dec.

1913.

1912.

Inc.or
Dec.

1911.

1910.

$
$
$
$
%
New York
7,886,185,910 8,416,954,222 -6.3 25,019,571,411 24,565,184,125 +1.8 1,603,672,759 1,997,028,884 -19.7 1,651,458,638 2 038,868,584
Philadelphia
682,044,141
687,295,888
+0.8 2,117,625,033 1,997,469,594 +6.0
154,303,379 142,360,701
+8.4 133,219,373 159,676,472
Pittsburgh
237,448,517
834,637,626 +14.0
218.274,530 +8.8
57,393,144
51,713,103 +11.0
48,565,271
53,756,150
723,781,767
33,879,000
Baltimore
472,024,719 +11.7
165,844,282
29,518,384
527,143,235
147,636,616 +12.3
30,436,358
31,209,775 +8.6
Buffalo
135,545,322 +8.4
45.973,684
9,674,648
9,235,054 +4.7
8,190,592
8,850,356
146.981,020
40,517,990 +13.5
Washington
99,536,012 -3.0
33,228,486 +0.9
33,519,572
6,557,844
96,568,427
7,616,294
7,459,490 +2.1
6,897,728
Albany
23,759,834
75.372.641 +10.0
22,740,635 +4.5
4,639,033
4,380,339
82,918,114
5,088,160
5,300.285 -12.5
Rochester
19,506,529
57,237,258 +12.6
18,712,949 +4.2
4,026,471 -15.2
3,267,213
64,421,940
3,413,797
4,333,727
Scranton
12,269,248
111581,701
36,492,028 +4.2
+5.9
2,583,462 +0.4
3,128,298
38,498,831
2,594,072
3,149,390
12,565,171
Syracuse
10,367,893 +21.2
32,202,040 +13.7
36,604,736
2,451,577
1,984,216 +23.5
2,044,568
2.109,368
Reading
7,936,348
20,724,552 +10.1
7,234,136 +9.7
22,812,005
2,318,866
1,737,629
2,036,790
1,858,513 +9.6
7,181,682
Wilmington
6,584,761
+9.1
19,565,451 +13.9
22,269,388
1,638,726
1,441,892 +13.7
1,444,938
1,603,484
6,614,664
Wilkes-Barre
6,083,337 +8.7
18,824,162 +8.2
20,371,294
1,466,341
1,317,449
1,128,662
1,360,281 +7.8
Wheeling
10.298,841
8,180,511 +26.8
23,664,362 +23.3
19,171.772
1,712,141 +23.0
1,954,084
2,106,940
1,742,309
Lancaster
8,168,491 -2.8
7,935,789
21,307,232
17,629,648 +20.9
2,800.121 -26.2
1,626,867
2,067,700
Trenton
7,762,560
7,327,176 +5,9
22,092,113 +8.9
24.069,784
1,364,657
1,602,885
1,630,580
1,485,589 +9.8
5,241,052 +25.4
6.572,119
Harrisburg
19,476.040
16,055,271 +21.3
York
3,958,681
4,085,889 -3.1
11,417,308
11,722,964 -2.6
978,405
1,026,633 -4.7
1,130,446
1,693,776
Erie
3,727.550 +14.9
4,281,577
12,005,575
11,715.703 +2.5
812,843
917,665
895,294
864,896 +3.5
Binghamton
2,814,800
2,591,100 +8.6
8,723.700
7,809,100 +11.7
535,400
550,100 --2.7
459,100
463,400
Greensburg
3,938,218
2,330,853 +26.1
8,360,165
7,440,971 +12.4
658.871
568,373
712,711
446,984 +59.5
Chester
2,771,019
2,399.284 +15.5
8,697,988
7,431,220 +18.5
613,266
560,885 +20.8
651,358
677,199
Mtoona
1,946,926 t24.6
2,425.883
6,894,716
6,004,566 +14.5
428,895
647,322
418,975 +30.6
403,719
Franklin
1,283,488
38.1
929,757
3,718,447
2,631,508 +41.3
Frederick
1,212,403
1,400,428
15.5
4,271,219
3,545,184 +20.5
2,084,462
Beaver County, Pa...
1,923,119 +8.4
6,749,125
5,980,779 +12.9
Norristown
2,045,157
1,928,141
+6.1
5,871,238
5,504,735
+6.7
1,591,596 Not included in total
Montclair
5,142,294 Not included in total
368,499 Not included n total
172-0-4,674251 "0:673,591,650 -4.9 29,090,299,510 28,3147403.654 -7Total Middle
1-2.7 I:801,898r11 2.267,428- 4'61 7==rea 1,903,542,613 2,326,497,731
691,674,175
784,462.585 +11.8 2,226,293,459 2,369,125,615 -6.0
Boston
150,794,870 192,954,275 -21.9 169,765,938 190,750,563
33,611,000
33,607,400 +0.01
Providence
109,294,900
108,348,000 +0.9
7,674,400 -10.2
6,894,800
6,742,100
8,083,900
20,175,669
Hartford
20,174,966 +0.05
66,875,986
60,174,408 +9.8
4,361,902
4,375,426 ---0.3
4,057,934
4,701,932
13450,460
12,560,321
+4.7
New Haven
39,708,223
38,482,283 +3.2
2,536.896 +7.0
2.713,510
2,870,238
3,236,192
, .
-.
,
Springfield
,
„
6.7
2,894,269 -11.7
2,555,172
2,025,654
2,000,000
8.815,191
8,949,133 -1.5
Portland
25,516,596
29,762,268 --14.3
1,879,351 -10.8
1,676,689
1,712,930
1,787,306
11,472,016
10,721,073 +7.0
Worcester
34.660,283
31.710,128
2,752,881 -4.7
2,621.185
2,425.720
2,444,402
5,034,572
5,387,844
Fall River
15,504,610
15,412,697 +0.6
1,246,242 -10.4
1.116,672
971,428
1,017,532
4,506,371
4,310,607
+4.5
New Bedford
13,522,853
12,738,417 4-6.1
1,056,978
1,007,748 +4.9
749,078
1,241,994
2,695,461
2,639,064 +2.1
Holyoke
8,509,460
8,101,045 +5.0
626,128
615,468 +1.7
528,623
628,439
2,322.450
2,399,303 -3.3
Lowell
6,758,087
7,157,591 ---5.5
505,260
551,122 ---1.1
496,048
468,268
Bangor
1,915,696
2,001,098 -4.3
4,073,617
6,019,101
4-0.9
454,501
443,175 +2.6
347,588
Waterbury*
3,056,600 +28.3
3,921,700
11,963,700
3,056,600
Total New England 8
-06.91-2-X3 -08,945,771
27887,261,597 -2772073-647
-176,377,667 218,931,253 -49.9 192,693.323 n8,360,528
06
Chicago
1,384,006,707 1,302,396,484 +6.3 4,036,672,593 3,708,351,543
4-8.8
271,207,391 286,232,232
259,623,910 281,683,247
Cincinnati
109,147,350
115,107,850 -5.2
342,385,700
336,219,400 4-1.8
24,192,700
17,230,550 .25,929,550 -33.6
25,900,000
Cleveland
98.458,041
81,150,554 +21.3
308,167,693
254,520,772 1-21.1
17,651,321 +11.8
19,734,975
17,025,287
19,832,326
Detroit
101,371,246
83,850.472 +20.9
307,129,692
251,951,111 4-21.9
18,842,230 +11.3
14,976,220
16,467,507
20,973,889
Milwaukee
62,574.148
61,801,301
+1.3
193,093,230
184,652,105 +4.6
12,099,487 +3.1
11,339,985
12,046,675
12,470,952
Indianapolis
31,354.180
34.445.892 -9.0
107.281.969
105,829.942 +1.4
8,314,482
7,977,546
3,740,409
6,432,878 -41.8
Columbus
26,031.000
26,170,300 -0.5
80,266,200
77,071,200 +4.1
4,308,900
6,037,300 -28.6
5,047,000
6,135,900
Toledo
23,079,492
21,584,237 +6.9
67,194,594
60,190,010 4-11.6
3,852,212 +17.0
4,117.096
4,507,562
3,614.878
Peoria
17,379,631
16,089,222
+8.0
48,529,605
45,412,006 4-6.9
2,947,410 +15.1
2,660,751
3,391,516
2,940,250
Grand Rapids
13,829,830
15,223,701 -9.2
42,022.109
39.792,570 4-5.6
2,733,213
2,481,124
2,867,783 --4.7
2,399,138
Dayton
7,205,000
8,483,065 -14.0
28,553,624
26,919,317 +6.1
1,871,070
1,714,027
2,018,470
Evansville
10.300,000
9,699.672 +6.2
30,154,595
29,004,764 4-4.0
1,7757,133
1,892,039 -7.1
1,999,351
2,205,364
Kalamazoo
3,526,811
3,165,576 +11.4
10,137,379
718,182
9,348,827 +8.4
702,727 +2.2
526,710
610,872
Springfield, Ill
5,546,865
6,108,388 -9.2
13,004,541
1,140,269 -3.5
16,385,357 ---8.4
1,100,208
1,056,149
1,018,619
Fort Wayne
5,009.594
5,407.986
+7.9
15,413,729
955,020
1,133,636 -15.7
14,202,782 +8.5
978,384
1,003,487
Lexington
5,000,000
5,856.597 -14.6
17,512,259
1,174,076 -47.3
619,754
15,713,651 -11.5
747,875
599,845
Youngstown
6.855.223
7,444,585 ---7.9
20,785,722
1,426,515 -17.6
18,773,891 4-10.7
1,175,075
2,070,724
981,506
Rockford
4,647,110 +5.8
4,917,654
12,947,474
11,428,825 +13.3
1,094,545
1,217,983 -10.1
850,302
867,046.
Bloomington
5,040,407
5,003,299 +0.7
10,828,138
10,910,602 --0.8
715,058 -20.9
565,813
681,486
689,572
Quincy
3,694,728 +26.7
4,682,523
11,673,909
9,345,411 4-24.9
665,279 +13.7
627,810
756,974
649,908
Akron
8,606,000
0,707,000 +28.3
25,014,000
18,904,000 4-32.3
1,574,000 ---9.2
539,400
1,430,000
817,800
Canton
5.135.295 +33.7
6,868,849
18,521,283
18,874,353 4-24.5
1,113,007
1,040,626
1,075,000
1,020,000
-Decatur
2,402,437 +1.3
2,434,695
7,036.673
6,770.379 +3.9
371,952 -3.9
355,715
512,834
357,435
Springfield, Ohio- _
2,672,027 +2.5
8,936,992
2,738,313
7,368,367 +21.3
466,005
353,068
471,139 -25.1
574,318
South Bend
2,307,022 +149.3
18,987,122
6,752,376
6.825,551 +178.2
1.091,902
515,206
561,946 +94.3
509,552
Mansfield
5,864,834
2,138,475
1,907,020 +12.1
5,644,176 4-3.9
340,797 -12.0
330,834
413,144
300,000
Danville
2,271,792 10.1
6,182,358
2,274,405
5,977,012 4-3.4
403,675
482,560 -16.4
478,618
865,179
Jackson
2,171,320
7.4
2,331,404
7,161,578
6,343,809 t12.9
518,559
469,366 +10.5
374,994
410,000
Jacksonville, Ill
1,927,846
1,796,377
7.3
4.833,627
4,226,382
14.4
237.879
306,204 -22.3
285,548
304,817
Lansing
2,079,148
1.897,056
9.6
6,156.395
5,396,308
14.1
387,453
338,255 +14.5
365,748
Lima
1,718,257 +2.4
5,604,432
1,760,000
5,043,368 4-11.6
278,267
309,836
473,017
307,383 -9.4
Owensboro
2,202,564
1,969.199 +11.8
6,970,224
7,018,246 --0.7
390,367
375,739 +3.9
357,552
510,000
Gary
944.386 +46.0
1,378,345
3,974,802
2,949,476 +34.8
Flint
1,926,386 +0.5
1,936,450
5,586,417
5,487,209 4-1.8
557,281
Lorain
602,097
+8.1
1,525,201
1,405,512 4-8.5
850,684 +16.3
980,650
Ann Arbor
2,702.579
2,370,803 4-14.0
177,461
180,363 -1.6
189,386
193,633
222.877
146,363 +52.3
Adrian
604.631
455,961 4-32.7
38,838
26,387 +47.2
31,841
34,173
1,972,046,684
1,854,3217529
WestTotal Middle
5,841,418,083 5,333,093,897 4-9.0
376,0477681 401,75071M
366,738,273 398,142,001
Details of Pacific and Other Western
+3.3 1,636,564,721 1,577,949,782 +3.7
Total Pacific
560,930,191
107,941,271 110,702,894 -2.5 101,210,138 106.657,626
Total Other West_ _
679,285,130
610,432,978 +11.3 1,966,890,962 1,793,350,667 +9.7
138,091.021 124.661,333 +10.8 121,857,396 141,481,235
335,362,657
St. Louis
327,383,359 +2.4 1,051,375,829
979,590,882 +7,3
67,724,925 -4.4
64,723,975
66,412,131
69,022,007
74,670,064
88.415.976 -15.5
New Orleans
253,832,524
289,325,112 --12.3
18,850,219 -3.2
18,246,295
16,729,480
18,556,910
Louisville
58,876,705
62,548,890 -6.9
196,589,930
194,522,640 +1.1
14,553,593 -34.3
9,567,606
12,758,875
12,542.182
41,670,726
Houston
8.759,617 Not included In total
40,876,500
38,945.500 +5.0
Galveston
1287
,438,500
120,256,050 +88
9,516,500 -11.5
8,422,000
6,644,500
3,7/8,000
35,514,262 ---2.2
34,720,538
Richmond
106,308,214
111,533,240
8,568,297 -17.4
7,079,533
6,842,450
7,000,000
24,146,061 +46.3
Fort Worth
35,323,637
105,952,802
81,884,703 +29.4
5,642,015 +38.2
7,799,088
4,774,564
6,555,395
32.604,247 +6.0
Memphis
34,553,174
110,396,319
110,779.127 --0.3
6,616,478 +11.8
7,398,450
5,574,585
6,854,957
59,068,082 ---0.3
Atlanta
58.903,459
182,699,763
189,364,225 ---3.5
12,018,504
12.121,791
10,100,355
+0.9
9,617.297
Pavannah
24,244.936 -21.1
19,126,574
62,056,419
78,179,352 -20.6
3,955,637
5,544,275 -28.7
4,002,335
3,758,031
Nashville
23,108,679 +38.4
31,990,851
93,316,703
71,855,275 t34.0
6,747.605
4,438,230 +52.0
4,107,468
4,185,086
Norfolk
14,166,106 +16.2
16,464,125
51,081,073
45,740,814
3,682,478
11.7
3,118,583
+14.9
2,716,604
2,625,534
Birmingham
11,441,445 +25.6
14,369,715
45,608,789
37,100,634
3,104,457
2,177,694
2,385.576
+30.2
2,511,664
22.9
Augusta
8,990,594 +0.2
9,012,430
27,914,097
30,664.010 -9.0
1,972,359
2,346,184 -13.9
1,927,474
1,907,807
Jacksonville
14,458,737 +12.7
16,302,859
46,144,241
3,541,932
43,389,230 +6.4
3,122,000 +13.4
2,339,419
2,775,364
Mobile
6,228,254 ---8.8
5,679,442
18,667,960
1,200,000
19,641,273 ---5.0
1,267,997 -5.4
1,356,885
1,456,940
8.863,653 -18.7
Knoxville
7.215,464
2,043,364 -25.5
21,348,000
1,522.351
25,119,984 ---15.0
1,408,348
1,567,048
Little Rock
8,446,010 +12.0
9,461,685
1,574,192 +12.6
28,601,866
1,773,696
27,084,100 4-6.6
1,551,829
1,440,874
Chattanooga
10,392.386 +13.2
11,769,775
2,179,994 +1.6
34,796,068
2,214,173
1,548,451
31,486,030 4-10.5
1,354,979
Charleston
8,507,931
-14.2
7,205,648
2,048,362 -22.9
24,951,229
1,578,261
26,351,104 ---5.3
1,496,638
1,320,941
Oklahoma
6,287.830 +11.7
7,021,620
22,753,119
1,330,298 +7.7
1,433.843
20,424,902 +11.4
1.656,350
2,257,552
Macon
16,603,481 -10.3
14,895,133
3,396,574 -8.9
46,890,400
3,092,301
53,447.639 ---12.1
2,872,168
975,000
Beaumont
2,680,348 +6.3
2,850,000
8,605,672
8,210,406
+4.8
Austin
17,007.895 -25.5
12,664,119
1,981,147 +1.3
46,118,197
2,007,697
44,815,297
4-2.9
1,010,196
2,623,409
Wilmington, N. C......
3,391,266 -7.9
3,123,347
9,764,048
10,274,605
476,928
Vicksburg
1,466,806 -15.9
1,233,000
264,787 -5.7
4,365,406
249,627
4,981,630 ---12.4
279,712
242,574
Columbia
4,116,195 +3.7
14,778,398
4,268,555
12,499,072 +18.2
Columbus, Ga
2,136.999
-5.8
2,011.869
6,286,611
6,762,024 -7.2
Jackson, Miss
1,775,802 +0.7
1,787,628
5.916,113
298,221
355,692 -16.0
6,986,328 --15.3
307,318
350,000
Meridian
1,542,342 +16.7
1,800,000
4,815,403
5,089,889
5.4
Tulsa
59.2
2,636,983
4,198,71)0
12,289,052
869,774
8,157,283 +50.6
604,090 +44.0
511,709
Muskogee
11.7
3,564,884
3,190,424
10.861,061
4-0.7
10,182,091
710,991
667,292 +6.5
664,333
El Paso
7,065,616
5,790,888
19,219,243
16,256,641 +18.2
Total Southern...,_ -$811,459.773 870;102,207 +1.4 2,805,853,784 -27121,956.028
2,159:1-T8 -3.8 163,406,946 165,639,478
--1-7621-4T139
Total all
14,112,204,430 14,456,844,153 -2.4 43,928,164,365 42,461,118,564 4-3.5 2,867.569,800 3,305,633,232 -13.3 2,849,448,689 3,352,778.691
Outside New York- 132260T8.020 -6,039,889,931
'18,908,592,954 17,895,934,439
4-5.7 1,263,897,011 r,308.604,348 -3.411,197,980.051 1,31-3,910,00
+993

on,P4r8.081,

I22.0

BW"Clearings by Telegraph and Canadian Clearings on
request of Houston Clearing-House Association.




Page

995. * Not included in total for month and three months; comparison incomplete.

Omitted at

972

THE CHRONICLE •

THE DEATH OF MR. MORGAN.
It is no exaggeration to say that in the death of
J. P. Morgan the country loses the greatest constructive force it has had in its history—a massive
and masterful figure. Others have dwelt upon the
tremendous power he acquired and wielded at the
time of his death. We prefer at the outset to lay
emphasis upon what he accomplished by the
exercise of these vast powers, for a man's usefulness
to his age and the world must be measured by what he
has achieved for the world's good. Judged by that
standard—and that is the standard by which future
generations will gauge his work—his place will always
be a very exalted one. No one has ever done morefor
the growth and development of the country. No single individual can be truthfully declared to have
done as much. This is saying a great deal, for his activities were carried on in an age and at a time when
the world in general, and the United States in particular, enjoyed greater industrial advance than at
any other period of the human era—at least as far
as the history of the race has been revealed to us.
His part in bringing about this expansion, as far
as his own country is concerned, was easily of preeminent importance. The significance of this statement will not be grasped unless it is remembered that
he was contemporary to constructive geniuses of the
first order, all of whom contributed their part to
the country's forward march. The United States has
been blessed during the last fifty years with almost untold "captains of industry" and with "empire builders" of the very first rank, who by their efforts aided in
a'prodigious way to promote the industrial advance of
the country. Great railroad systems have been created in different sections by men of superb minds.
Among all these constructive forces and agencies,
Mr. Morgan by common consent stands foremost.
That he was an incomparably great man is evidentfrom
the fact thatiall his contemporaries qualified to express an opinion concede the fact—have yielded first
place to him because he was so clearly entitled to it.
He was in truth and in fact a colossus among colossuses.
In seeking the causes of such unique distinction,
certain basic elements in his make-up stand out with
wonderful clearness. Mr. Morgan acquired considerable wealth, but the power and the influence
he wielded were not due to that circumstance. It was
his character, his breadth of view, his unconquerable optimism, his undying faith in the limitless
resources and boundless future of the United States,
his unquenchable spirit—it was all this that
gave him his commanding position over the
energies and activities of his fellow men. In addition, he possessed the rare faculty of being able to
pick out with unerring accuracy the men best qualified for performing the difficult and trying tasks so
necessary in the execution of the numerous enterprises and schemes and projects that his fertile brain
was all the time devising. In his recent testimony
before the Pujo Money Trust Investigating Committee, he stated a truth which was readily recognized,but which the investigators had failed to grasp
when seeking to establish a money trust, namely,
that credit was personal and depended upon character. The fact is, that without character, and all
that it implies, the concentration of banking power
and financial power, except of a very limited kind,
out of the question; but even if it were conceivable



[VoL. xcvi.

that a reckless adventurer should come into the possession of vast banking powers, it would be quickly
demonstrated that he could not use them to advantage, and the vast potentialities supposed to be connected with the same would quickly vanish.
When we speak of character, we employ the term
in its broadest sense. We do not mean merely the
meeting of one's obligations. That is compulsory
under the law. We have in mind the rigid adherence
to correct principles and the undeviating pursuit of a
course of action founded upon ethical standards of
recognized merit. Mr. Morgan was direct in
his methods and straightforward in his dealings, and
no man ever lost a dollar because of lack of scruple
on ,his part. As a banker, the display of these qualities early secured for him an assured position in the
financial world, where he was able to put to fruitful
use not only the resources at his own immediate command but the resources of other huge banking and
financial concerns. In the practice of banking he
essayed only its highest functions. There are bankers and bankers. Each performs a useful function.
He was not a banker of the pawnbroking variety,
engaged in shaving notes and scheming to get the last
penny possible out of a needy borrower. He did
not even engage in making loans to any considerable
extent to mercantile borrowers, which is such a
prime and important function of the banking world
generally. The vast means at his command were used
in one chief way, namely in promoting reproductive enterprises—in calling into being vast undertak •
ings for the promotion of the growth and development of the country and its varied and various industries, in all their extended ramifications. In
a word, he was a financier rather than a banker, providing the financial means without which progrr
has never been possible at any stage of the world b
history.
It is in his capacity as a financier, aiding commerce
and enterprise, that he stands unequaled, and probably will never have a peer. It is in this capacity, too, that the community owes him most.
And here, likewise, the marvelous success that attended his efforts is to be ascribed to his methods.
In the greater part of his career his work was chiefly
with the railroads, and no force has ever been more
intimately connected with the country's railway transportation system. It was the constructive period
in the country's development, and Mr. Morgan of
course recognized that adequate railroad facilities
—adequate means of communication with the nearer
sections of the country and means of communication
of any kind with the remoter sections, many of which
had not yet been trodden by the foot of man—were
indispensable to the country's advance. Many new
roads had been built, but, through lack of funds, or
lack of traffic, had fallen into insolvency. It became necessary to reorganize such properties, put
them firmly on their feet and place at their command the money for their proper extension and development. The task of undertaking these reorganizations devolved upon Mr. Morgan and his firm, and
how well this task was performed the position of these
properties to-day and of the railroads generally,
in face of Government regulations and restrictions
of the most crippling character, amply testifies.
As a reorganizer of bankrupt railroads, the position of Mr. Morgan and his firm was absolutely
unique. In those days home capital was wholly inadequate to our needs. The country was in its forma-

APR. 5 19131

THE CHRONICLE

tive period, and had as yet accumulated little wealth.
It was, therefore, dependent chiefly upon foreign
capital. And here Mr. Morgan's services were of inestimable advantage. His character, his straightforward methods, his high business ideals, coupled
with the record made by his father's firm in London,
opened to him limitless supplies of foreign capital
and foreign wealth, and upon these he drew with
unbounded freedom, knowing the possibilities for
its profitable employment here.
Here, also, it remained for him to inculcate new
principles and set up new standards. When Mr.
Morgan first embarked in business on his own account, railroads in the United States, with comparatively few exceptions, were in a very discredited
state. They were looked upon with disfavor, not
merely because so many of them had proved failures, but still more because of the objectionable
methods pursued in their management and control.
Their shares were speculative footballs, and they were
the prey of financial adventurers who used the
Stock Exchange and the printing presses (with the
easy facilities the latter afforded for the issue of
stock and bonds without consideration) in aid of their
nefarious schemes. It was the day of Jim Fisk, of
Daniel Drew and of Jay Gould. Men sought control
of railroad properties for the purpose of exploiting
them for personal ends. Mr. Morgan changed all
this. He inaugurated a new era in railroad methods
and in railroad management. He developed the roads,
not for personal profit, but that they might serve the
public and yield successful results to their stock and
bondholders.
He abolished intrigue and did away with secrecy
in railroad affairs. Previously it had been the policy
of those who held control of railroad properties to regard them as private preserves. Information regarding their finances, their revenues and their traffic was given out only niggardly. The public was
treated as having no concern whatever in such information. As for the security-holders, they had to
be satisfied with what those in control were willing
to dole out to them if it suited their whim or their
purpose to divulge anything at all. And this rule of
action was practiced even as regarding some railroad
properties of the highest type. One important company until a quite modern date had not even deemed
it necessary to incorporate a balance-sheet in its
annual report. Such methods did not appeal to
Mr. Morgan. He saw that they were not calculated
to win support either from the public or from investors, and yet that the favor of both was necessary to
insure success. Concealment was entirely foreign
to his nature. Those who contributed their money
on behalf of these undertakings were entitled to
know how this money was being employed and
whether and to what extent it was yielding profitable results.
It was never Mr. Morgan's view that directors and
others could claim the exclusive right to inside knowledge. The moment he obtained complete domination
over a railroad, the event was signalized not only by
the furnishing of complete annual statements regarding the company's affairs, but also by rendering
regular periodic returns of earnings and expenses—
invariably of monthly statements of earnings and
expenses, and usually also of weekly returns of gross
earnings. Thus, it was made possible for every investor,and the public as well,to know how the course
of income was running, thereby placing the security


973

holders and outsiders upon the same plane of vantage
as the insider. Atthe present time, when every steam
road is perforce obliged to render monthly returns,
there may seem nothing remarkable in such a course,
but Mr. Morgan was the pioneer in the work. The
significance of the event, and of his action, will perhaps be realized when we say that when the law of
this State requiring the publication of quarterly
reports of earnings was under consideration by the
Legislature at Albany, delegations of railroad men
actually appeared in opposition to the measure.
To Mr. Morgan also must be given credit for important reforms in railroad accounting. A conspicuous instance of this was furnished at the time of the
first attempt at the rehabilitation of the Baltimore &
Ohio RR. The Morgan firm was then in only temporary control of the property, but tided over its
more immediate needs. Mr. Morgan placed Samuel
Spencer, an experienced railroad man, in charge of
the property. A reconstruction of the company's
accounting system and bookkeeping methods was one
of the first fruits of the new management. Mr.
Spencer, as President, completely revised the accounts and also had the various classes of assets
re-valued. Under the domination of John W. Garrett, to whose daring genius the road owed its existence, a huge surplus, aggregating over 48 million dollars, had been accumulated on the books, and
it was supposed that this surplus would safeguard the
property against financial troubles. The company
became financially embarrassed nevertheless. Mr
Spencer, acting for Drexel, Morgan & Co., showed
that this surplus was not an available fund, that it
simply represented credits of earnings to profit and
loss, and that though the credits undoubtedly comprised real earnings,it was now necessary to consider
what disposition had been made of the same; accordingly, twenty-five million dollars of the surplus was
marked off as having no longer any tangible existence.
This happened in 1887-88, a quarter of a century ago,
and we have remarked on a previous occasion that
reform in railroad accounts in the United States may
be said to date from that time Later,the task of rehabilitating the lines now composing the Southern Railway system was also delegated to Mr. Spencer, and
with like success. In order to undertake the work, Mr.
Spencer then retired from membership in the Morgan
firm, to which he had in the meantime been admitted.
Mr. Morgan's efforts were ever on the constructive
side. He sought to give new vigor, new strength—
to rehabilitate, to rejuvenate. If a railroad, an industrial enterprise, or even the Government itself,
got into peril, he came to the rescue, and provided
means for the restoration of the normal functions
and to lay the foundations deep and wide for a new and
enduring existence which would redound to the advantage of all. In 1895, when the United States was
on the verge of the suspension of gold payments, he
took a leading part in the celebrated Morgan-Belmont contract for the protection of the gold reserve.
The floating of $62,300,000 of United States bonds on
that occasion was the least of the task. In addition, the syndicate contracted to prevent further
exports of gold through regulation and control of
foreign exchanges, and it faithfully fulfilled this part
of the agreement. In 1896, with the nomination of
William J. Bryan for President on a free silver plat
form, the situation again became critical and Mr.
Morgan once more intervened to prevent a disturbing
gold outflow. The gold reserve was never in danger

974

tt

THE CHRONICLE

[VOL. xcvi.

thereafter. At an earlier date the Morgan house and helped out some of the
other anthracite companwas an active factor in refunding the old high-rate ies. Control of the Central of
New Jersey was acbonds of the United States into bonds bearing quired and the property made part
of the Reading
lower rates of interest. The inestimable ser- Company, since it constituted a
link in Reading's
vices rendered by him at the time of the panic of Bound Brook route between Philadelph
ia and New
1907, when he intervened so effectively to prevent York. We have mentioned only
a few of the most
general ruin, are still within memory and need no striking instances of Mr. Morgan's
railroad achievedetailed mention here.
ments, so as to furnish a rough idea of the compreTo attempt to state the railroad reorganizations hensive nature of his work in that
respect. The daily
in which the Morgan house took part during Mr. papers have gone more at length
into the details, and
Morgan's life, or the railroads to which succor was yet have only half covered the ground.
extended at one time or another, would be to reIn his efforts to build up and to conserve, Mr. Morhearse the greater part of the railroad history of gan devoted a large portion of the earlier
years of his
the last generation. Such an enumeration would life to the prevention of destructive rivalry
among the
include most of the railroads east of the Mississippi railroads. Perhaps the most notable
achievement
River. Such names as the Reading, the Erie, the of that kind was his action in 1884 in
acquiring conChesapeake & Ohio and (in the West) the Northern trol of the West Shore RR. for the
New York CenPacific come readily to mind. But of all the stupen- tral. The West Shore line parallels
the Central all
dous tasks of this kind carried through, that of the the way from New York to Buffalo, being,
as a matRichmond & West Point Terminal Co., comprising ter of fact, for most of the way much like an
extra
the lines of the Richmond & Danville system and the track for the Central. A bitter warfare occurred
as
East Tennessee Virginia & Georgia, undoubtedly the result of the construction of this line. Mr. Morstands first. These are the properties that were gan saw that these two roads could not permanent
ly
welded together and constitute the present Southern exist as separate properties, and must
be combined
Railway system. So complicated was the problem under common control. Accordingl
y he acquired
in this case, so supremely difficult and so apparently possession of the West Shore for the
Central and
hopeless, that two previous attempts to rehabilitate ended a conflict that had threatened to
involve the
the lines by others had resulted in failure. The'methods Central in ruin and had already bankrupte
d the
pursued by Mr. Morgan in the resurrection of these West Shore.
lines illustrate the scrupulous regard he always showed
Mr. Morgan's unique faculties for composing differin seeing that every equity in a property received ences among the railroads had to
be employed on
just the treatment to which it was entitled. There many occasions. He probably rendered no
more
were scores of securities involved in this reorganiza- notable services than on these occasions. It was
tion, each with different liens. The exact merit of common in those days to indulge in rate-cutting
of
each was worked out with absolute precision, and the most reckless sort, and to engage in
wars of rates
when the reorganization scheme was presented, every on the slightest pretext, and, indeed,
often without
bond and stockholder could feel certain that the any pretext at all. Over and over again Mr. Morgan
scheme was absolutely fair and just in its treatment was obliged to step in and put an end to such deof his own particular security. To what a plane of structive warfare. No one else had either sufficient
prosperity the Southern Railway, created out of the influence or sufficient resolution and courage
for
dilapidated and discredited lines already referred to, the purpose. When everything else failed
to bring
has been brought, how it has been developed into the warring factions together, his interventi
on
the strong and powerful system of to-day, and how proved successful. The meetings of the railroad offiit has aided in stimulating the growth and progress of cials at the office of the Trunk Line Commissioner,
the whole Southland, are facts within the ken of Albert Fink, used to be stormy affairs. Mr. Moreveryone.
gan would attend and in emphatic language lecture
Mr. Morgan's connection with the railroads was the railroad presidents as to their duties and induce
not by any means confined to insolvent properties. them to turn over a new leaf. His services
Back in 1879-80 he found for the Vanderbilts a market were also often called into requisition for similar
for $25,000,000 of New York Central & Hudson work on the Western roads. "Gentlemen's agreeRiver RR. stock (a large part of which was placed ments" without number were made both among
abroad), and made a handsome profit for him- Western roads and among the Trunk Lines long after
self on the operation. He was ever on the alert the enactment of the Inter-State Commerce Law
in
to prevent injury to the railroads, especially 1887. None of these proved lasting, but
were genduring the time when railroad control was still erally efficacious for the time being, and
such vitality
widely distributed and many free lances re- as they possessed came entirely from Mr. Morgan's
mained among the roads with great capacity for connection therewith.
inflicting harm upon the general body of roads. In
In the later years of his life, Mr. Morgan's activi1902 he bought control of the Louisville & Nash- ties were directed into still another channel. A new
ville RR., so as to prevent its being used to promote era had developed in the country's commercial life.
speculative ends in the stock market and produce —an era involving the incorporation of industrial
general demoralization, and turned it over to the enterprises on a huge scale. Mr. Morgan's
efforts
Atlantic Coast Line system, where it remains at the were now directed towards financing these, and
he
present day. He was undoubtedly -a prominent fac- immediately became as dominant a factor here
as he
tor in restoring sane business methods in the anthra- had been in the railroad field. His organization
of
cite coal world. For many years prices of anthracite the United States Steel Corporation ranks perhaps
had been most recklessly cut, and the coal thrown as the greatest achievement of his life. A billion
upon the market at a sacrifice. The financial neces- dollar concern, it is the largest single corporatio ever
n
sities of the different carriers were the main cause of called into being. But it is to be noted that in estabthis. Mr. Morgan's firm reorganized the Reading lishing this gigantic organization Mr. Morgan. was




APR. 5 1913.]

THE CHRONICLE

975

sapped and the inevitable end was only a short time
delayed. The Money Trustinvestigators—quite without design, of course—had dealt him his death blow.
Let any man of middle age imagine himself in Mr.
Morgan's place and conceive if in his own personal
case the result under similar circumstances would not
also have been disastrous. Mr. Morgan was in the
witness chair part of one day and the whole of another day. Other witnesses had been previously
examined and had not fared well at the hands of the
Committee's counsel. Their testimony, it was known,
was intended to furnish a basis for more effectually
grilling Mr. Morgan, who was looked upon as the
head and front of the alleged Money Trust and as the
individual responsible for its existence and the practices charged against it. Mr. Morgan had been made
nervous by the prospect of what was coming and was
accompanied to Washington by members of his family and by some of his partners. After he appeared in
the witness room he was kept waiting, and while listening to the examination of other witnesses had
ocular demonstration of what he might expect in
his own case. He nerved himself, however, for the
occasion. When he was finally allowed to take the
witness chair, question after question was hurled
at him with reference to every conceivable transaction in which he or his firm had been engaged or with
which it might in any way have been connected, directly or indirectly.
Mr. Morgan had a character to maintain,a reputation to sustain. A clever counsellor, with preconceived
notions of what the investigation ought to disclose,
was seeking admissions that would support these notions. Mr. Morgan had to be constantly on his
guard lest some inadvertent statement on his part
might be twisted out of shape and made to do duty
on behalf of the investigators, or possibly be given a
significance which it did not possess and be made to
reflect discredit upon him or his house. Mr. Morgreat mental powers served him well and his
gan's
THE FINANCIAL SITUATION.
There is occasion for very plain speaking with tremendous will did the rest. More than any other
reference to the causes of J. P. Morgan's death. witness who appeared on the stand, he succeeded in
There can not be a shadow of doubt that the Pujo confuting the investigators and their theories. But,
Money Trust Committee and its counsel are directly as subsequent events have proved, the tax on his
responsible for the sad event—responsible for re- physical powers was too great.
The ordeal was such that even a man forty years
moving forever from his sphere of usefulness on earth
man
his
of
other
might have succumbed to the strain. To
younger
the individual who more than any
a
the
man
of
advance
to seventy-six years of age, as was Mr.
close
time contributed to the industrial
dethe
Morgan,
strain was bound to prove fatal, no matobvious
an
is
conclusion
The
United States.
duction from the plain facts of the case. Three of ter how splendidly his system might behave for the
the world's celebrated physicians, in officially signed time being, under his supremely powerful will. In
statements, declare that Mr. Morgan had no organic a statement given out the present week, the Comtroubles whatever, but that his nervous vitality was mittee has sought to break the force of the damaging
•completely shattered, that all his energy was gone, facts we have here recited, by pointing out that at
and that, as a consequence, he had no powers of re- one stage of the examination the Committee offered
to take a recess to give Mr. Morgan time for relaxacuperation and that his life therefore ebbed away.
How is this sudden, complete collapse to be ex- tion, but that he elected to go right on. This proves
plained? Mr. Morgan had not been seriously ill at nothing except that it shows that Mr. Morgan was
.any time before he was notified that he would be ex- anxious to be done with the whole business and evipected to appear before the Committee. Up to that dently wanted to avoid being obliged to appear
time he was a perfectly well man. His evidence was again for further examination on still another day.
given in December—Dec. 19 and 20. Less than The relentless way in which the work of the Comthree weeks afterwards, when he started on his trip mittee was carried on was well illustrated in the case
to the Mediterranean, he was no longer a well man. of William Rockefeller, who, though an indubitaThis is now admitted, though the fact was kept bly ill man, had to submit to being followed into his
quiet at the time. When he arrived in Egypt he sick retreat in Florida,where the cross-examiner be.suffered an attack of indigestion, undoubtedly be- gan to ply his trade only to find, after twelve mincause the loss of his nervous strength had impaired utes, that he must desist lest the witness should die
The digestive functions. He rallied under skilful in the very presence of the representatives of th
medical treatment, but his vital powers had been Committee.

not aiming at size. The Steel Corporation was the
result of the same constructive endeavors as those
in which he had been engaged all his life, namely he
was imbued with a desire to prevent destruction.
His firm had been prominent in organizing the Federal
Steel Corporation and some other steel undertakings,
and now it seemed as if a bitter warfare with the Carnegie Steel Company and other steel makers was to
be precipitated which might involve all in ruin. Mr.
Morgan was anxious to avert such a catastrophe, and
therefore arranged to bring the leading concerns
together, so that a common plan for their general
development could be pursued. This purpose has
been faithfully adhered to since the Steel Corporation came into existence. The plants of the separate companies have never been dismantled, but all
have been improved and their facilities of production
cheapened and extended. New plants have been
added to further strengthen the position of the united
properties. The work of the independent properties
outside the Steel Corporation has not been interfered
with. The Steel Corporation has not sought to establish a monopoly or even to enlarge its share of the
total production. Mr. Morgan would never have
tolerated attempts to crush rivals. On the other
hand, the Steel Corporation has by its own wise
action sought to prevent such violent fluctuations in
iron and steel prices as used to mark the course of the
iron and steel trade. On such a firm foundation
has the Steel Corporation been placed as a result of
the farsighted policy pursued in the administration
of its affairs that it has been able to pay dividends on
common and preferred shares alike even in periods of
great depression. Mr. Morgan lived long enough
to see his efforts, his constructive efforts,along these
lines crowned with success. If for no other reason
than for his constructive work, his fame will increase
u the years roll on.




4-

976

THE CHRONICLE

We hope that the lesson which such examinations
and investigations teach will be duly learnt, and that
the legislative zeal for victims will abate. The
country has not yet reached a stage where it can
afford to see valuable lives like that of J. P. Morgan
sacrificed to political exigencies.

44

After listening with his ears to the protests of the
railroads on Saturday last, Gov. Sulzer carried out
what was evidently a foregone conclusion with him
by signing the so-called "Full Crew" bill on Monday.
This bill prescribes a minimum number of brakemen,
and the roads reply that in some cases more men than
this requires are already employed and on other trains
there is nothing whatever for the extra men to do.
They say that arbitrarily increasing the crew makes
neither for safety nor for efficiency, and this seems
sound when we remember that in this day of automatic brakes the brakeman does not "brake up" as
he once did, but control is by the engineer; as to
freight trains, air-brakes and automatic couplers
have lessened the work for trainmen and added to
their safety. In seeking to base his approval on
the paramount ground of the public safety, Gov.
Sulzer makes a futile attempt to excuse an action
which is condemned by plainly needing excuse.
The roads say, unanswerably, that the requirement means a diversion of two millions a year in
this State and a half-million in New Jersey, whose
Executive approved a similar bill on Tuesday. This
is a diversion of so much from improvement of signals,
elimination of grades crossings and other changes
which directly increase the public safety. They refer to the devastation of railway property by the
floods, and when they declare this outlay to be just
so much taken from imperative needs and thrown to
waste, reasonable men ought to believe them. Accidents are so expensive that carriers need no other incentive to precaution.
A further and serious objection is that the matter
already lies within the jurisdiction and duty of the
Public Service Commission, now several years old,
in this State. If the Commission has power to make
such an order, says the Governor, it has not exercised it. There is no "if"; the power conferred by
the law of 1907 could not be made more absolute by
words, for failure to comply "with any order" is
punishable by a $5,000 fine for each day. If the
power exists, says the Governor, it should have been
exercised. But the purpose of establishing the Commission was to give it full discretion and turn all
supervisory control over to it, and "crew" bills have
been vetoed by Gov. Hughes and Gov. Dix (as well
as in two other States) expressly for that reason.
Gov. Hughes was particularly clear about it when
vetoing a two-cent fare bill. After putting the railroads absolutely under control of a special body, to
interfere with such body and impose further burden
on the roads by enacting single requirements subsequently is against reason. If general control by a
Commission is to stand, special control subsequently
is preposterous.
The genesis of this bill is as bad as its nature.
One journal asstimed it to be one of several conceived
expressly to embarrass Gov. Sulzer, but it is probably
a labor union device to force employment of more
men. The conductors are said to have sent a letter
of objection, through their representative, but the
Governor is openly accused of having given secret
pledges to the trainmen of support of such a bill as




[VoL. xem

a bid for their support at the polls. Clearly, this
is class legislation of a most obnoxious and dangerous
type, and we dwell upon the subject more at length
in a subsequent article. A body of engineers at a
meeting on Sunday last passed a resolution demanding that no contract for operation of new subways be
made without including an eight-hour day for all
employees "and the recognition of their organization
as the proper authority to regulate hours, wages and
working conditions."
So far the appeal of the roads to public opinion by
newspaper advertisements has been fruitless; readers
continue didr apathetic view that it all concerns the
roads and is no affair of theirs. Notwithstanding,
we think the roads will have to keep at it; there must
come an awakening somehow.
It is difficult to reconcile the sustained advance
that has taken place in the market for securities this
week with fears that had previously been expressed
regarding the probable influence of the passing away
of so important a financial figure as Mr. Morgan.
This difficulty becomes even more notable when the
firmness in security values is viewed in connection
with the heavy losses accruing in a large section of the
Middle West from disastrous floods and from the interruption in business activities that must necessarily
follow such losses and disorganization in the sections
affected. The advance in the market seems to be
predicated upon optimistic expectations of an early
announcement of the formal termination of the war
in Southeastern Europe and of a less radical revision
of the tariff by Congress than had been feared. In
addition there has been great relief at the absence
of financial disturbances as a result of financing the
quarter-end settlements in Germany. But the failure of such an important event as the death of Mr.
Morgan to exercise an appreciable influence in restraining the advance in share properties must, we
think, be ascribed to two main reasons, which are
connected with the management of the banking firm
itself. First is the open and frank way in which the
news of Mr. Morgan's real condition was permitted
to become generally known.'When it became evident that the illness was of a really serious character, no attempt was made to becloud the fact. Dispatches cabled from Rome on Sunday told the full
truth, and there was no ground for unexpected shock
when the announcement of the sad event reached the
markets of the world shortly after nine o'clock, New
York time, on Monday morning. The second reason for the absence of important depression when the
final news was announced is the general confidence
in the business ability of Mr. Morgan's firm. This
was responsible for the world-wide belief that every
necessary precaution had been taken to provide for
the contingency of Mr. Morgan's death. This confidence was increased by the official announcement
that was promptly made, that the event would not
mean any changes in the personnel or the policy of
the great banking house.
The February 1913 immigration bulletin indicates
a turn in the tide of the alien movement to and from
this country, for, whereas in January there was a
net efflux of the foreign born of 1800, the result for
the latest month was a net inflow greater than in
either 1912 or 1911 and not very materially less than
in 1910. Furthermore, unofficial figures we have
compiled for March indicate a larger inward move•

1

APR. 5

1933 j

THE CHRONICLE

ment in that month than was witnessed last year or
the year before, and no more than normal departures.
The outlook, therefore, is for an adequate supply of
the class of labor this immigration supplies. There
is nothing in this latest official bulletin calling for
special reference except that the departures of Greeks
Bulgarians, Montenegrins and Servians continued
in excess of the arrivals, but only moderately so,
the need for further help in the war with Turkey
having apparently passed. The movement of Italians showed a complete turnabout the net outflow
of 2,500 in January having been changed into an inflow of 8,442. Altogether, the number of aliens who
entered at the various ports of the country in February this year was 71,355 (made up of 59,156
immigrants and 12,199 non-immigrants), against
which there were departures of 30,119, leaving a net
influx of 41,236. This compares with a gain of
only 25,587 in 1912 and 24,463 in 1911. For the
eight months of the fiscal year 1912-13 (July 1 to
Feb. 28) the arrivals were greater than in the similar
period of any year since 1906-07, having aggregated
767,568, against 538,314 in 1911-12 and 624,479 in
1910-11. Departures were less than a year ago,
and consequently the net immigration for the period
was 352,662, against only 109,548 in 1911-12 and
291,683 in 1910-11.
Bank clearings for March 1913, reflecting the
dulness of speculation at leading centres and the
' check to business activity in important sections of
the country toward the close of the month, consequent upon floods and cyclonic storms, do not make
as favorable a comparison with 1912 as during
previous months. The exhibit, however, is far from
being an unsatisfactory one, as, notwithstanding
the adverse developments, the aggregate for all the
cities reporting falls but little below the total for
the corresponding period a year ago, while with New
York excluded, there is a very fair gain. Furthermore, for the first quarter of the year all but 31
of the 152 cities included in our compilation on the
first page of this issue record gains over the same
interval of 1912 with an augmentation in the grand
total of 3.5%. The effect of the wide and disastrous
floods of last week in Ohio and Indiana is clearly
apparent in the result for cities in the Middle Western
section for the month, but the quarter's aggregates
are nevertheless, in almost all cases well above a
year ago. A main cause for the drop in clearings
in March at the financial centres, it will be readily
inferred, has been the decided lack of activity in
stock speculation. It in fullest measure accounts
for the decline at New York and presumably so at
Boston, but notwithstanding smaller stock dealings,
Philadelphia and Chicago show increases.
Total clearings for March this year, at the 152
cities are $14,112,204,430; this compares with
$14,456,844,153 in 1912, and, therefore, exhibits a
loss of 2.4%, but contrasted with 1911 there is a gain
of 4.8%. For the first quarter of 1913 the increase
over 1912, as remarked above,is 3.5% and compared
with 1911 the gain reaches 9.2%. At New York,
there is a decrease from a year ago of 6.3% for the
month and an increase of 1.8 for the three months,
and gains of 3.5% and 6.7% respectively over 1911.
Moreover, this year's result for the first quarter was
only exceeded (and then not very materially) in
1910, 1907 and 1906, when notable activity prevailed
n the Stock Exchange. Outside of this city the




977

1913 figures for both periods set new records,the
augumentation over 1912 being 3.1% and 5.7%,
respectively. As regards the individual cities, losses
for the month, where shown,have been as a rule small,
the most conspicuous in matter of percentage having
been Salt Lake City, Tacoma and Savannah.
Stock transactions on the New York Stock Exchange were of only slightly greater volume in March
than in February, less than half the total of the corresponding month of the previous year and much below
the period in mostiearlier years since 1900. The
dealings reached only 7,229,732 shares against 14,552,052 shares in the month a year ago and no less
than 32,208,525 shares in 1907. For the three
months]the:total sales, at 22,742,337 shares, contrast
with 32,544,734 shares a year ago, over 5532 million
shares in 1910 and the first quarter record of 79,680,032 shares in 1906. Inactivity in trading extended
to bonds also, the extent of the dealings in all classes
(Government, State and foreign) having been but
403/ million dollars par value for the month, against
70 millions last year, and for the three months the
sales were only 143 millions against 2353/2 millions
a year ago and 3333/rmillions in 1909. On the
Boston Stock Exchange, likewise, marked dulness
is to be noted during the month, and for the first
quarter of 1913 operations covered only 1,629,378
shares, against 3,136,596 shares a year ago. At
Philadelphia the three months' transactions aggregated 1,418,076 shares and 1,637,622 shares, respectively, in the two years.
The occurrence of the Easter holidays in the month
this year served to hold down the totals of clearings
at Canadian cities for March, but the month's
aggregate for 20 cities, nevertheless, made a new high
mark for the period, exceeding 1912 by 2.6%. For
the three months the gain reaches 9.8%. Large percentages of increase are to be noted at Regina,
Moose Jaw, Fort William, Hamilton, Victoria and
Quebec.
Turkey on Tuesday, April 1, unreservedly and
irrevocably accepted the terms of peace proposed by
the European Powers. These terms, as offered by
the Powers, are as follows:
I. The frontier of the Ottoman Empire in Europe shall
start at Enos, and, following the course of the Maritza
River, and then that of the Ergene, shall end at Midia.
All territories situated to the west of this line shall be ceded
by Turkey to the allied States with the exception of Albania,
the delimitation of which shall be fixed by the Powers.
II. The question of the Aegean Islands shall be settled
by the Powers.
III. Turkey shall abandon all claim to Crete.
IV. The Powers cannot favorably entertain the demand
for indemnity, but they will admit the Allies to participate
in the discussions of the International Commission in Paris
for an equitable settlement of their participation in the
Ottoman debt and in the financial charges of the districts
to be handed over to them. Turkey is to be asked to take
part in the labors of this Commission.
The great Powers declare at the same time that as soon as
these bases are accepted hostilities shall cease.

On March 28 Bulgaria accepted the offer of mediation. But it persisted in a demand for a war indemnity and declined to agree to the suggested frontier,
proposing as a substitute a frontier line from Midia
on the Black Sea to the Gulf of Saros at the top of
the peninsula of Gallipoli. The European ambassadors in London have since been considering the sitution but have not yet reached any conclusion. A
complication has arisen in the peace situation as a

978

4

THE CHRONICLE

result of the refusal of Montenegro to accede to the
wishes of the Powers to cease hostilities at Scutari
and in the territory allotted by the Powers to Albania.
Montenegro answered the note of the Powers which
requested the withdrawal of civilians from Scutari
by stating that army headquarters had refused for
military reasons to permit the transmission to the
commandant of the beleagured town of a cipher
dispatch from his Government. The Montenegrin
Government, however, offered to submit to headquarters a request for the transmission of a message
in plain language. Following the refusal of the little
kingdom to grant the requests of the Powers, the
latter decided on a naval blockade or demonstration
on the Montenegrin coast. This demonstration
was coincident with the first real success of Montenegro from a military standpoint, which consisted
of getting a foothold at Tarabosch, the key to
Scutari. Should the naval demonstration prove ineffective, it is understood that the Montenegrin
ports of Antivari and Dulcigno will be occupied.
That the refusal of Montenegro is a part of the
general policy of the Allies to defy European domination is suggested by a note from Servia to the British
Minister stating that it was impossible to withdraw
Servian troops from Scutari, as Servia is bound to
Montenegro until peace has been signed, and that
any drawing back at the present time would be the
death-knell of the Balkan Alliance. Servia, too, is
reported to be preparing for the permanent occupation of Durazzo. This action would be directly
against the announced wishes of the Powers. A
partial agreement is reported as having been arranged
between Bulgaria and Roumania whereby the latter
is to get possession of Silistria. A Paris paper
announces that the Provisional Government of Albania has proclaimed the Duke of Montpensier as
King. The Duke is the only brother of the Duke
of Orleans, head of the Royalist Party in France. A
Vienna dispatch to the "London Daily Telegraph"
quotes a report that King Nicholas of Montenegro is
about to abdicate in favor of Crown Prince Danilo.
Secretary Bryan has notified the DiplomaticCorps
at Washington of the intention of the United States
Government to recognize China on April 8 after a
President of that Republic shall have been elected
by the Constitutional Assembly. It is the expectation that the Assembly will choose Yuan Shi-Kai
as the Constitutional President. Secretary Bryan
has proposed that all other governments simultaneously recognize the new republic on the same day.
The form which the recognition of China will take
has not been disclosed, but it is understood that it
will be through a proclamation by President Wilson,
countersigned by Mr. Bryan as Secretary of State,
and that the issue of this proclamation will be followed by a congratulatory message by President
Wilson to President Yuan Shi-Kai.
The entire membership of both houses of the first
Chinese Assembly under republican government
has already been elected, and the first meeting will
be held on April 8 at Peking. There are about 800
members in the Lower House and 300 in the Upper
Chamber. The London "Times" has printed a letter
which it says was received from a London business
house by its Peking correspondent in which it is
stated that the Standard Oil Co. has offered China
a loan of $35,000,000 gold in return for the sole right
to the exploitation of petroleum in China for a term




[VOL. xcvr.

of years. Another loan is available for China. It
was described to President Wilson by J. P. Sears,
representing H. B. Hollins & Co., as head of a
syndicate of American financiers who are, he said,
prepared to furnish $10,000,000 as a short-term loan,
and later to negotiate a long-term one running as
high as $100,000,000. Mr. Sears told President
Wilson that all his firm sought was a free hand and
that the members of the syndicate were in entire
accord with the Administration's policy of the nonendorsement of such a loan. Cable dispatches from
Paris announce that a Chinese bank, bearing the
title Banque Industrielle de Chine, is soon to be
established there by a group of French, Belgian and
German capitalists who have obtained from the
Government of the Chinese Republic a concession
to undertake all kinds of banking business in China as
well as to finance and operate certain industrial
enterprises. The Chinese Government has agreed
to subscribe one-third of the capital, which will be
45,000,000 francs, divided into 87,000 ordinary shares
and 3,000 founders' shares of 500 francs each. The
bank will have the right to issue bank notes, which
will be legal tender in certain provinces to be fixed
by the Chinese Government, or even throughout the
entire territory of the Chinese Republic until such
time as the Government promulgates a law regulating
the issue of bank notes.
Affairs in Mexico are still far from pacific. Press
accounts state that General Huerta, Provisional
President, has agreed to the naming of Pedro Lascurain as Provisional President to serve out the uncompleted term of the late President Madero. Ag
Minister of Exterior Relations in Madero's former
cabinet, Lascurain is entitled to serve as next in line
in view of the deaths of Madero and Vice-President
Suarez. The Huerta Cabinet would be retained by
the compromise. This arrangement, it is said, has
been offered to the Constitutionalists now fighting
the Huerta Government in Northern Mexico. It is
declared that Governor Carranza of Coahuila has
agreed and that the Sonora insurrectionists will fall in
line. The decision of the present Provisional President is said to have been occasioned by the recent
uprising of Zapata in the South, which places the
Huerta forces between two fires.
The much dreaded April settlements in Germany
have been completed without very damaging results..
A local banker at Kuestrin, Gustav Puppe by name,
suspended payment on Tuesday with liabilities
estimated at not exceeding $750,000. Puppe and
his son disappeared, and the failure, according to
Berlin dispatches, is attributed to irregular methoda
of speculation. In addition, two bank failures at
Darmstadt involved two smaller banking institutions and at Munich there was another bank failure,
involving losses of $200,000. Obviously these areinconsequential embarrassments. They are evidences, however, of the strain that has been current
throughout the Fatherland and which for that matter
is still present. There were also some smaller failures,
in the form of building concerns and commercial
enterprises, but that general relief has been experienced since the first of the month is indicated by
the reduction of 1% that has taken place in open
market discounts, and the reduction in the ruling
rate for money to 5@532% from 6%. The weekly
statement of the Imperial Bank which was published

APR. 51913.]

THE CHRONICLE

on Wednesday obviously represented conditions as of
April 1. It showed how active had been the preparations for the quarterly settlement. An increase
in note circulation of 544,486,000 marks was recorded
as well as an increase of 47,016,000 marks in loans
and of 484,175,000 marks in discounts. Meanwhile,
the gold on hand indicated a reduction of 27,842,000
marks for the week and the cash items (including
gold) showed a reduction of 63,977,000 marks.
The Bank's deposits were reduced 54,536,000 marks.
The changes thus recorded indicate that the cash
holdings now stand at 1,180,222,000 marks. One
year ago the amount was 1,151,640,000 marks and
in 1911 1,059,000,000 marks. An increase is thus
shown in cash of 28,582,000 marks for the year.
However, loans and discounts during the same period
have expanded 100,000,000 marks while circulation
is 225,261,000 marks in excess of the figures of 1912
at this date. To be more specific, the loans and discounts this week aggregate 1,842,699,000 marks and
compare with 1,742,260,000 marks one year ago and
1,576,080,000 marks in 1911. The outstanding
circulation now amounts to 2,324,741,000 marks and
compares with 2,099,480,000 marks in 1912 and
1,973,580,000 marks in 1911.
We are informed by press cablegrams from Berlin
that there has been no serious movement towards
reducing the military estimates and that the suggested increase of the German army will be voted
practically without opposition except from the
Socialists, who will resist as a matter ofform. After
the passage of the Army Bill the land forces of Germany on a peace footing will comprise 33,800 officers,
119,000 non-commissioned officers, 621,176 privates
and 15,000 one-year volunteers. The remainder of
the total of 870,000 men will include medical, veterinary and pay officers, the hospital corps and other
non-combatants. The details of the German army
increase have been officially published in the North
German Gazette. The sum of $262,500,000 ($11,250,000 more than the highest figure hitherto mentioned) is to be spent. The plan proposes to increase
the "war chest", which has hitherto consisted of
$30,000,000 in gold, by $60,000,000. The present
"war chest" is made up of gold which formed part
of the French war indemnity. It is kept to enable
Germany to mobilize her forces at any moment
regardless of existing monetary conditions. The
gold, which is stored in the famous Julius Tower at
Spandau, will be raised to $90,000,000 instead of
$30,000,000. The annual cost of maintaining the
increased military establishment, will be from $45,000,000 to $47,500,000. The gross increase of army
personnel in two years will be 136,000 officers and
men, and 27,000 horses will be added. The initial
cost of the increase will be met by a "defense tax"
on all fortunes over $2,500 at the rate of one-half of
1%. There will also be a supplementary tax of 2%
on incomes over $12,500. The recurring expense
will be met mainly by increasing the so-called "matricular contributions" of the Federal States to the
Imperial Treasury at the rate of 30c. per head of
population. The army increase also provides "fresh
means for the development of the aerial fleet" but
no details are given. The reason advanced for the
increase of the military establishment is the alteration of the balance of power in Europe in consequence of the Balkan war. "Germany", says
the Gazette, "if war were forced upon her, would
have to defend her long frontiers simultaneously



979

against several enemies." The underlying idea
of the increase is described as an "extension of the
principle of universal military service in accordance with the present status of population." Reigning princes are to bear the same taxes as subjects.
On the European bourses the tone during the early
days of the week was one of confidence. Active
hopes were entertained of an early cessation of the
Balkan War because of Turkey's official and unreserved acceptance of the terms of peace suggested
in the note of the Powers. As the week advanced,
however, it became evident that the outlook had not
entirely cleared, inasmuch as the allied nations continued to insist upon a war indemnity from Turkey
and in one instance there was complete defiance of
the expressed wishes of the Powers. This instance
was the refusal of Montenegro to discontinue its
attack upon Scutari, as demanded by Austria, whose
demands, Montenegro was informed, had the approval of the Powers. The effect of the renewal of
the political uncertainty was to cause dulness rather
than any distinct weakness, however, and an additional cause of the inaction was the occurrence of
the quarterly settlements, which in the case of Germany, particularly, had been the source of misgivings at all the financial centres of the world. In
London British Consols finished yesterday at 704
which compares with 74 7-16 a week ago. Balkan
securities, as quoted on the London Stock Exchange,
show few changes. Turkish 4s, according to cable
dicpatches, closed yesterday without alteration for
the week at 86; Bulgarian 6s remain at 102, Greek
monopoly 4s at 55 and Servian unified 4s at 81. Russian 4s closed Wi lower for the week at 903/2 and German Imperial 3s declined 1 point additional to 75.
The general investment market closes the week
slightly lower at London, the final quotation for
London 6,z Northwestern Ry., for instance, being
2 a week ago, Great
130%, compared with 1313/
Western finishing at 115% as against 116, and Great
Eastern closing I% lower at 5932.
Paris has experienced continued weakness in
Rentes. This has exercised a rather disconcerting
influence on the general market. The closing quotation of the Government issue was 86.623/2 francs, as
against 87.65 francs. This weakness, we are informed by cable, is due to liquidation, and represents
preparations to subscribe to new issues of State funds,
and is also due in some measure to the fear of increased taxation resulting from the duel in military
armaments that is already in progress with Germany.
Last week there was a large issue of Indo-China 332%
bonds and on April 10 there will be an offering of
100,000,000 francs new 4% State railway bonds.
Furthermore, a rumor has become current that a new
issue of Rentes is in prospect which will amount to
possibly 1,500 million francs, 800,000,000 of which
will be used to retire maturing obligations and the
remainder will be required in connection with the
new military propaganda. In addition, a new
Moroccan loan exceeding 200,000,000 francs is soon
to be offered. Paris correspondents report that the
Government has already begun to educate public
opinion in favor of the bill providing for the new
issue of Rentes, which will, it is understood, be introduced in the French Parliament early in May.
In Lombard Street discounts were quoted at 4 5-16
@4N% for short bills and 49/% for long. There is
no difference at the moment between quotations for

980

THE CHRONICLE

spot bills and those to arrive. A week ago sixty-day
acceptances were 4%@5% and ninety-day bills 45%
@4 11-16%. A substantial reduction is indicated in
day-to-day money at London, which, according to
closing cable advices, were 34
1 @4%,comparing with
49j% a week ago. The easier monetary situation
at the British centre suggests a reduction in the official Bank minimum as soon as the political situation
clears. However, the suggestion is advanced by
some London banking authorities that, should London continue to buy. American securities, a return
movement of gold to this country might be threatened which the Bank might desire to control. In
that event, or until the danger of such a movement
is eliminated, the Governors of the Bank may feel
inclined to maintain the present discount basis. In
Paris the private bank rate is continued at 4%, but
some cable dispatches quote it "soft" at that figure.
In Berlin, since the settlement, the private bank rate
has declined to 4%@5% for all maturities, spot and
to arrive, which compares with 54%
7
a week ago.
Money in Berlin was yesterday quoted at 5@5327o,
comparing with 5% on Friday of last week. In
Brussels the rate remains at 4 7-16%, in Amsterdam
34
7 % and Vienna is M% lower at 59%. The official Bank rates at the leading foreign centres are:
London, 5%; Paris, 4%; Berlin, 6%; Vienna, 6%;
Brussels, 5%, and Amsterdam, 4%.
The Bank of England return this week is rather
more favorable than recent statements, though it
not unnaturally reflects the usual large movements
incident to the close of the March quarter. Lombard Street paid off loans at the Bank of £4,941,000
net and the amount outstanding ("other securities")
is now slightly below the figures of a year ago, the
total being £41,091,000. In 1912 at this date the
loan account was £41,856,000, but in 1911 only
£36,460,624. The gold holdings indicate a decrease
'for the week of £237,336 and also provide a total
slightly in excess of that of a year ago, the amount being £36,303,979, which compares with £35,997,439 in
1912 and £37,907,457 in 1911. The reserve during
the week showed a contraction of £1,013,000, and the
proportion of reserve to liabilities has risen to 41.85%,
which compares with 39.66% last week and 39.71%
at this date a year ago. Note circulation increased
£775,000 for the week. Public deposits were reduced £5,026,000, this representing Government disbursements, and ordinary deposits were reduced
£918,000. Our special correspondent.furnishes the
following details of the gold movement into and out
of the Bank for the Bank week: Imports, £1,838,000
(of which £227,000 from Egypt, £30,000 from Ecuador, £1,200,000 gold guaranteeing Indian paper currency released and £381,000 bought in the open market); exports, £1,265,000 (of which £5,000 to Gibraltar and £1,260,000 earmarked Indian gold currency), and shipments of £810,000 net to the interior
of Great Britain.
Advices by cable from Paris state that the Bank of
France has received during the last fortnight 50,000,000 francs in gold from New York. However,
its gold holdings have increased only about 30,000,000
francs, of which 10,666,000 francs was reported in
this week's statement. This suggests that there
may have been a substantial basis for recent reports
that France had forwarded considerable amounts of
the precious metal to Germany to aid the quarterly
crisis in the Fatherland. While the gold holdings of



[VOL. xcvi.

the French Bank are now slightly (20,412,000 francs)
above last year's figures and are also in excess of the
stock of two years ago, the Bank's position in relation to its obligations is by no means as strong as in
either of the years noted. Its silver holdings increased during the week 3,055,000 francs,for instance,
but the total on hand is only 610,112,000 francs,
as against 808,400,000 francs one year ago and 842,350,000 francs in 1911. The outstanding circulation showed an expansion of no less than 259,950,000
francs during the week, discounts were increased
158,725,000 francs and treasury deposits decreased
102,125,000 francs and general deposits were lowered
112,525,000 francs. The outstanding circulation
now amounts to 5,850,620,000 francs and has each
year been showing a steady, unbroken increase since
1908, when the total was only 4,876,289,940 francs,
which compares with the present amount outstanding
of 5,850,620,000 francs. A year ago the total was
5,510,669,365 francs and in 1911 5,301,759,330
francs. Discounts stand at 1,939,670,000 francs
and compare with 1,463,089,275 francs in 1912 and
1,079,033,625 in 1911.
In local money circles the easier tendency to which
we referred last week has continued, with the exception of a slight flurry in demand rates on the
closing day of March. This flurry, it will be appreciated, resulted from the calling in of loans by the
banks and trust companies in preparation for the
April dividend and coupon payments. Funds for
fixed maturities were not correspondingly affected,
and call money rates, after touching the high level
of 7% on the day referred to, also moderated as soon
as the April disbursements began to return to the
banks. Time money at the close is down to 4@4%,
which is a reduction of 3/2@1% from our quotations
of a week ago. The weekly statement of the Clearing House published on Saturday of last week indicated an increase of $6,947,000 in the cash reserve.
But there was, however, an increase in reserve requirements of $4,740,600, resulting from a deposit
expansion of $21,548,000, so the actual increase in
cash surplus was only $2,206,400, which brought the
total up to $15,762,600 and compares with only
$487,550 at the corresponding date a year ago. The
concessions in rates for time funds this week are the
result of a reduction in the demand rather than any
special increase in the supply. The opening of the
special session of Congress on Monday, at which real
revision of the tariff is expected to be taken up as a
practical proposition, is not unnaturally beginning
to exert somewhat of a restraining influence on the
lines of trade that will be most intimately connected
with reductions in the tariff schedules. Currency
shipments from New York this week have been rather
free, which is not unnatural in view of the remittances
of relief funds to the flooded sections of the West
and also to the demand of those sections for facilities
with which to begin the restoration of the waste that,
fortunately, seems to have been exaggerated. The
Western losses having borne but slightly upon insurance companies, there has been no pressure by
these institutions to borrow at New York or to obtain
funds by means of sales of securities. Western advices indicate a falling off of banking requirements for
ordinary industrial and mercantile purposes in the
flooded sections. That is not surprising in view of
the suspension of activities brought about by the
catastrophe and the restraining influence, senti-

APR. 5 ;913.j

THE CHRONICLE

mental and otherwise, on trade generally. This is an
influence, it is figured, that in the immediate future
will temporarily increase rather than decrease, and
will to that extent furnish something of an offset to
the demand for funds for repairihg buildings and for
other reconstruction work. It is understood that
as soon as monetary conditions justify the experiment, the New York market will again be tested by
bankers as to its ability to absorb new securities.
Interborough bonds are, for instance, to be offered
in the near future.
• The range for call money during the week has been
23/2@7%,the higher figure being touched on Monday,
the last day of March,as a result, as we have already
noted, of the calling of loans in preparation for the
April payments. On that day 532% was the lowest
with 6% the renewal basis; on Tuesday 6% continued
the renewal basis and was the highest quotation, with
3% the lowest figure; Wednesday's extremes were
3%@41A%, with 43/2% the ruling rate; Thursday's
highest was 432%, lowest 23/2% and ruling rate 4%;
on Friday the range was 3@4% with 39% the renewal basis. Time money closed on the basis of
4@432% for all maturities, which is a reduction of
3/2@1% for the week. Commercial paper is rather
easier, but is not in active supply. The closing rate
is 53/2@6% (against 5%@6%)a week ago) for sixty
and ninety-day endorsed bills receivable and also for
four to six months' names of choice character; others
are quoted at least IA% above these figures.
In sterling exchange circles the tone has been a good
one and rates for bills have been slightly advanced.
Cable transfers, however, are lower in sympathy
with lower discounts and easier money conditions
generally abroad after the successful conclusion of
the April settlements. The usual seasonal demand
to remit quarterly dividends and coupons to foreign
holders of American securities has been present. Our
exports of merchandise and products are keeping up
on an active scale, and, curiously enough, the import
side of our foreign trade movement is likewise running
under full steam, notwithstanding the near approach
of tariff revision, which should, it would seem, suggest caution to interests on this side using foreign
raw materials and manufactured articles. The quarterly demand having subsided abroad, there were no
additional engagements of gold for export, and the
expectation in banking circles here is that Germany
will soon be in a position to return to London and
Paris gold that was recently secured to aid in financing the regular quarter-end settlements. London
and Paris, in turn, feeling the easier conditions, will
be able to furnish their own gold to South America
instead, as has been the case during the last few
months, of calling upon New York to provide the
precious metal. London has been quite an active
buyer of American securities since Easter; and
usually conservative London correspondents assert
that American securities at the moment are increasing
in favor among bankers at the British centre. Should
this movement in securities assume any great proportions—to correspond, for instance, to the sales
by foreign holders at the outbreak of the Balkan
War—it is not unlikely that the foreign exchange
will move in favor of New York and that it will be
possible to bring back some of the gold that we have
recently exported abroad. Day-to-day money rates
in London have declined this week about 1% and
2% lower for the
private discounts close fully /



981

week. When the first reports of the floods, fires
and tornadoes in the Central West were received, it
was expected that losses by English insurance companies might possibly become a factor in the sterling
exchange situation. More complete returns, however,
show that losses by insurance underwriters are comparatively slight—they are estimated in London at
not more than L250,000—and are not likely to become
important factors in the general situation. The
temporary check to the satisfactory progress of peace
negotiations abroad has somewhat reduced .the foreign demand for funds. It is conceded that as soon
as the war is definitely over that there will be a
remarkable degree of activity in capital demands
by the Balkan States, which will have a stimulating
influence on European interest rates as a whole.
It is not impossible that this influence may also extend across the ocean to this side.
Sterling exchange in Paris has moved slightly
against London, closing at 25.25 francs, against
25.26 francs a week ago. Exchange at Berlin on
London has, however, moved decisively in favor of
the British centre, closing at 20.479. marks, against
20.453/2 marks a week ago. Berlin exchange in Paris
closed at 123.30, against 123.523/
2 last week.
Compared with Friday of last week, sterling exchange on Saturday was firmer, with demand quoted
at 4 8715@4 8725, cable transfers at 4 88@4 8810
and sixty days at 4 8315@4 8325. On Monday,
after a firm opening, demand declined 20 points .to
4 87,on the sudden,sharp rise in local money rates,
although later this was in part regained on covering
of shorts, and the close was 4 8710@4 8720; cable
transfers were relatively weaker at 4 8770@4 8780,
while sixty days declined only 5 points,to 4 8310®
4 8320. Rates moved irregularly on Tuesday, the
weakness at the opening being followed by a firmer
tendency; demand receded to 4 8705, then rallied,
and closed 5 points.higher at 4 8715@4 8725; cable
transfers contiriued weak, declined to 4 8755 at one
time and finished 5 points down at 4 8765@4 8775;
sixty days ruled firm:and advanced to 4 8320@4 8330.
On Wednesday sterling opened weak and declined
to 4 87 for demand and 4 8750 for cables on the improved outlook abroad and speculative selling here;
during the day, however, the easing up in local call
money caused a partial rally, though final figures
were below Tuesday's close, at 4 8710@4 8720 .for
demand, 4 8760@4 8770 for cable transfers and
4 8310@4 8320 for sixty days. The sterling market
was firm on Thursday and advanced 5 points, demand being quoted at 4 8715@4 8725, cable transfers at 4 8765@4 8775 and sixty days at 4 8325®
4 8335; the chief factor of the day was the continued
ease in rates for money. On Friday the market
ruled quiet but continued steady. Closing quotations were 4 8325@4 8335 for sixty days, 4 8715@
4 8725 for demand bills and 4 8765@4 8775 for cable
transfers. Commercial on banks closed at 4 813i@
4 823/
a and documents for payment 4 823@4 83.
Cotton for payment ranged from 4 82%@4 83.
Grain for payment 4 83®4 833.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $7,972,000 net in cash as a result of the currency movements for the week ending April 4.
Their receipts from the interior have aggregated
$15,897,000, while the shipments have reached
$7,925,000. Adding the Sub-Treasury operations,

THE CHRONICLE

982

which occasioned a loss of $4,756,000, the combined
result of the flow of money into and out of the
New York banks for the week appears to have been
a gain of $3,216,000, as follows:
Week ending April 4 1013.
Banks' interior movement
Sub-Treasury operations
Total

Out of
Banks.

Into
Banks.

Net Change in
Bank Holdings.

$15,897,000
18,851,000

$7,925,000 Gain $7,972,000
23,607,000 Loss 4,756,000

$34,748,000

$31,532,000 Gain $3,216,000

The following table indicates the amount of bullion
in the principal European banks.
April 4 1912.

April 3 1913.
Banks of
Silver.

Gold.
England_ _ 36,303,979
France _ _ _ 129,835,520
Germany 46,153,800
Russia _ _ _ 157,383,000
Aus-Hunb 50,151,000
Spain _ _ __ 17,883,000
Italy _ _ _ 46,566,000
Netherrds 13,464,000
Nat Beig. 7,640,667
5,704,000
Sweden _
Switaerrd. 6,920,000
Norway _ _ 2,124,000

Total.

Gold.

36,303,979 35,997,439
24,404,400 154,239,920 129,019,950
14,000,000 60,153,800 40,981,700
7,373,000164,756,000 148,373,000
10,455,000 60,606,000 52,684,000
30,076,000 47,959,000 16,927,000
4,042,000 50,608,000 41,936,000
818,900 14,282,900 12,139,000
3,820,333 11,461,000 6,598,667
5,704,000 4,793,000
6,920,000 6,476,000
2,124,000 2,042,000

Biker.

Total.

35,997,439
32,336,300 161,356,250
16,610,600 57,592,300
7,226,000 155,599,000
12,822,000 65,506,000
30,363,000 47,290,000
3,680,000 45,616,000
1,088,700 13,227,700
3,299,333 9,898,000
4,793,000
6,476,000
2,042,000

Tot. week.520,128,966 94,989,633615,118,509497,967,756 107,425,933605,393,689
Prey. week 521,134,428 05.563,567616.697,095 505,584,195 108,023,333613,607,528

PEACE IN THE BALKANS,
AND AFTERWARDS.
It was the general consensus of opinion throughout
diplomatic and financial Europe that the fall of
Adrianople on Wednesday, March 26, after a stubborn defence of more than five months, marked the
virtual end of the Balkan war. Talk of an early settlement on the terms of peace at once became general. Assurances to that effect were publicly given,
with much more definiteness than before,by Cabinet
Ministers of the various Powers, and a decided rise
on the European stock exchanges ensued. The
formal ending of the war has not yet come; for,
although Turkey has renewed her offer to accept
the previous stipulated terms of peace, with the exception of the cash indemnity, the Allies have not
acceded, and the Bulgarian troops have advanced
to thelines around Constantinople, where the fighting,
by the latest information, has been still proceeding.
All of these circumstances raise the question
whether the Balkan war is actually over, and, if so,
what is to be its political and financial sequel. It is
to be presumed that the movement of the Allies on
Constantinople is designed, not for the purpose of
• capturing and retaining the city, but for the further
emphasizing of their demands on Turkey. That the
European Powers are united in disapprobation of
the actual seizure and retention of Constantinople
by any of the Balkan Powers has been all along recognized, even by the victorious Allies. The real
crux of the present situation is the demand for a heavy
cash indemnity from Turkey—a demand formally
made by the Allies, formally refused by Turkey,
and formally disapproved by the neutral Powers,
on the presumable ground that Turkey is in no condition to sustain the burden.
. The problem is in some respects a most curious
one. Had the Ottoman Government, for instance,
refused to agree to .the cession of Adrianople until
the Allies should actually have captured it, one might
take the ground that all that has happened as a result of these events of the war is that Adrianople,
as well as the other conceded territory, must now be
given up. But, as it happens, Turkey had already
agreed to give up Adrianople as a condition of peace,
and had so agreed while its own army was still holding out against the seige. Therefore, from the Bul


[VOL. xcvi.

garian point of view, thq actual taking of Adrianople by storm creates a new situation, warranting
larger demands by the Allies than they had submitted
in the London conference. Furthermore, it will
undoubtedly be argued by the Allies that the territory which they acquire by the terms of peace will
be burdened with what is virtually a heavy mortgage
lien—since it is everywhere accepted that the new
possessors of such territory must, like Italy after its
capture of Tripoli, assume the portion of the Turkish debt fairly allotted to that territory, and must
confirm the pledge, for payment of the interest,
of the revenues from that territory which Turkey
itself had pledged in its original debt agreement.
But here at the start the Allies will, not unnaturally,
argue that they are handicapped in recouping themselves through the revenues of the conquered territory, and are placed in that position at a time when
their own losses, both in men and treasure, have been
prodigious, and when the burden of reconstruction
which will fall on them after peace will demand enormous additional expenditure. Yet, on the other
hand, not only is it a reasonably simple matter to
show that Turkey, with the revenues even of her
Asiatic provinces so largely pledged to secure existing loans, would find it no easy matter to procure
the requisite credit for payment of a large indemnity,
but at the same time Servia and Bulgaria are entirely
aware that they, for their own future interests, must
look to the bankers of the European capitals, and
must, at least to a certain extent, heed the judgment
of those money centres regarding the financial propriety of a Turkish indemnity.
These circumstances undoubtedly open the door
to troublesome negotiations. The Balkan governments will probably have to deal with strong feeling
at home regarding the indemnity question; it is not
to be forgotten how, after the Manchurian peace
of 1905 event, the thrifty Japanese were thrown into
a tempest of resentment through the waiving of a
cash indemnity from Russia. In the end, the matter
will undoubtedly be settled—perhaps through a
partial compromise—for the excellent reason that
the Allies themselves have the strongest inducements
for bringing the fighting to an end. When one
considers not only the enormous expenditure by the
Balkan States for war materials but the exceptionally large losses of citizen soldiers on the battlefield,
and keeps in mind also the fact that the total population of Bulgaria at the opening of the war scarcely
exceeded four millions, while that of Servia did not
reach three millions, it requires no very extensive
argument to show that demand for peace on any
reasonable terms must be making itself felt with the
Balkan peoples. Not only have they to consider this
question of outright losses through the campaign
itself, but, by all accounts,such business as ordinarily
exists in the Balkan States has been completely in
suspense; the business men being very generally at
the front. Expenses run on in the meantime, and
now comes the moment when the young men of the
army are peremptorily needed at home to put in the
spring crops of the Danube Valley, unless to all these
other losses is to be added a general failure to produce the autumn harvests, which are the paramount commercial reliance of the Balkan communities.
After peace has been definitely settled, what then?
Politically, it is not unreasonable to expect a season
of diplomatic calm, resulting from the exhaustion of

APR. 51913.]

THE CHRONICLE

the belligerents and from the weariness of other
countries over the irritating quarrels of the Powers.
Later on, there are numerous interesting possibilities which will arise, not least of all in regard to the
relations of Austria, Germany and Russia to the new
Slav Powers and the proposed new kingdom of
Albania.
Of the financial sequel, the probabilities are somewhat similar. The end of the war and the subsidence
of the war talk should logically bring about relaxation
in the money tension which has so long prevailed
throughout Europe. That expectation has, indeed,
been reflected in advance by the sharp recovery on
the European stock exchanges since the fall of Adrianople. This week's quarterly settlement on the
German markets, which has passed off with unexpected smoothness, and with money rates falling
from 6% to less than 5%, was certainly influenced
to a large extent by the feeling that peace was near.
Peace would, however, leave open the two problems
—first, as to whether a period of European trade reaction, such as often follows a strain of this character, is ahead,and,second, as to what will occur in relation to the money hoarding which has for four
months been a phenomenon of peculiar interest in
Europe, and which is roughly estimated to have resulted in the hiding-away of more than $300,000,000.
Will the existing trade activity of Continental Europe
continue without relapse, and will the hoarded cash
come back into the market? Perhaps even those results
depend on the view which Europe's people take hereafter regarding the political situation. There was
admitted hoarding of cash in France during the Morocco dispute of 1911, and the cash came back very
slowly to the channels of trade. In addition, the
large requirements of new capital, for the rehabilitation of the Balkan States and for other purposes,
have now to be kept in mind.
Back of all these important considerations stands
the fact of an epoch-making political and social
change in Europe through the victory of the Slav Allies. Turkey is about to be virtually expelled from
Europe, after having maintained its footing there
during 460 years, and after having at one time ruled
a territory extending almost to the gates of Vienna.
In the longer political future, the problem will be the
reconstruction of the Continental alliances. It remains to be determined, first, what will be the relation of the new Slav Powers to one another. Their
mutual attitude has by no means been always
friendly. Bulgaria and Servia have fought before
this over boundary questions, and it is one of the
teachings of experience that jealousies arise very
quickly between States which have been temporarily
drawn together through a common vital purpose,
when that purpose has been achieved and the old
disputes recur. Whether the outside diplomatic affiliations of the new Balkan Powers is to be with
Russia, or with Germany, or with France; whether
the different States may not ally themselves with different neutral Powers, and what will be the attitude
of Austria., with its own dominions populated so
largely with Slays, predisposed to racial sympathy
with the victors in the Balkans—these are momentous
problems of the future.
The extensive plans of Germany for increasing its
army and its armament have been avowedly based
on the shifting of the diplomatic centre through the
rise of these new Southeastern Powers. That such
considerations promise a period of complicatcl. and




983

possibly troubled diplomacy, it would be difficult
to deny. Yet perhaps the very fact that peace-loving European people have in the past few months
looked in its face the danger of possible international
collision may of itself serve to discountenance the
belligerent elements among their governments and
people. As against the sudden preparations for
war or for defence against invasion, undertaken by
Germany and France, may be placed, at any rate, the
British Government's tentative proposition for a
provisional interruption to the sea power expenditure
of the nations.
It may, in fact, be said that, while the experience
of the past few months has thrown into clearest light
the possibilities of a "European Armageddon,"
it has also brought into equally strong relief the underlying disposition of the people, even in such traditionally belligerent States as Germany and France, to
insist on maintenance of peace. At the moment, the
situation seems to indicate clearly this fundamental
fact—that the people of the various Continental nations have no wish for war unless thay are attacked,
and that, therefore, so long as the ambitions of rulers and governments can be restrained, there is no
reason to look for war.

"THE COURTS AND LEGISLATIVE FREEDOM."
Not many days ago Mr. Roosevelt indulged anew
in his strictures upon the higher courts and declared
that the power to interpret is the power to enact.
This is epigrammatic in form, catchy in sound, and
destitute of truthful substance; but it reminds us
that the growing impatience with the higher courts is
a phenomenon which has made serious progress in
the past year. There had been signs of it before—as
when a proposition which did not get far and drew
no public attention appeared in Congress (see "Chronicle," May 23 1908, p. 1256), the covert aim of which
was to get rid, by indirection, of some of the older
members of the Supreme Court by offering them
a pension on condition of early retirement. In
this last year the recall of both judges and decisions
has been insidiously preached; the courts have been
denounced as obstructive, and the disposition to retaliate whenever their action displeased the popular
temper at the time has been manifested more than
ever.
One form of this is the proposition, put into a
Senate bill in January, for increasing the membership
of the Supreme Court. Another form is the suggestion that legislation shall be enforced exactly as
it is and its Constitutionality shall not be inquired
into. Another is shown by a recent report of the
Senate Committee on Inter-State Commerce, headed
by Mr. Cummins of Iowa, who discourses on "uncontrolled and unguided judicial discretion."
In ordinary times it would suffice to point out
tkat no such absolute discretion exists. Discretion
in all courts from the lowest to the last from which
appeal can be taken is both guided and controlled by
those higher, which declare and emphasize the control by reversals. The highest courts themselves
are guided and controlled by the limitations of the
Constitution—that is to say, by the people themselves, who form the unorganized and rather overimpulsive court of last resort. When some "social"
statute, as, for instance, some concerning hours and
other conditions of labor, has been found by the final
court to be barred by a constitutional provision,

984

THE CHRONICLE

[Vol, xcvi.

there have been hasty charges that the courts are separable duty that popular displeasure is likeliest
ohstructive in not reading the Constitution as it to arise. In the March issue of the "Atlantic,"
"ought" to be rather than as it is. But the Court Mr. George W. Alger of the New York Bar writes
only holds up to the people what they have already interestingly but with some vagueness, perhaps exenacted as their own highest governing law; if they cusable, concerning "the courts and legislative
deem that contrary to their later view of the un- freedom." We quote a few sentences:
written "higher" law, it is for them, and for them
"Underlying a great part of the current discussion
44 only, to change the written document into corre- of the
judiciary, and as a main basis for the nostrum
spondence with what they deem the "moral concept." entitled the recall of judges, is this matter of the
It escapes the objectors that if judges decided ac- potential domination of the legislative idea of reasoncording to what ought to be and not to what is ableness. . . . . What the conservative refuses
they would be acting extra-judicially and would be to see, in his resistance to the new forces in public
guilty of just what they are now charged with doing, opinion, is that the more progressive or radical influences in our society are themselves endeavoring to
namely, following judge-made law.
accomplish an essential conservative reform through
It,has already been pointed out in the "Chronicle" this insistence upon the recognition by the courts of
that no court has ever assumed to "nullify" a the need of greater legislative freedom. . . .
statute; there has been an attempt, in our political The permanence of our constitutions in their present
history, to do that, but to apply that word here is form depends upon the establishment of a broad
inaccurate. All a court ever undertakes to do is to doctrine which permits a free exercise of all the
essential attributes of legislative power.
find that a statute was not passed in conformity
. . . The part of this program [of democracy
to Constitutional forms and hence never had validity; expressing itself] which affects the courts is that which
or that it conflicts with some Constitutional pro- seeks to bring them in line with this movement by
vision and is therefore void; or that it is inconsistent compelling them to recognize a shift in the balance
with some basic principle of justice, long accepted of power, a necessary change in their relation to a,
through time and embodied in the fundamental system which must depend for its strength, its effidocument which the people have enacted as their ciency and its growth upon the power to create, and
not upon the power to complicate and prevent."
rule of conduct. As for declaring (or solemnly
Mr. Alger is not pessimistic, for while he says that
enacting) that every law shall stand as final without
question, this would be reduction to absurdity. No "what may be called the expansionist theory is tolaw—not even so plain a law as that against murder— day rapidly gaining ground," he immediately adds
can be executed until somebody has decided what the that "the notion that the courts form an adamantine
language declares shall be done, for an agent cannot barrier to progress is false." In this he seems to us to
act until he finds what his principal wants. Inter- effectually answer himself. There is no power, and
pretation is unavoidable because it is a part of en- there was never any attempt, in the courts "to comforcement, and for the same reason it cannot be plicate or prevent." There is no hindrance to
shifted; a law attempting to add judicial functions growth in lack of "power to create," for there is no
to the lawmaking body would be void because im- such lack. There is no domination, actual or popossible to carry out. What the law-making body tential, of the judicial over the legislative "idea of
can do is to conform its behests to the earlier law reasonableness." The legislative power declares; the
that limits it and to couch them in such terms (the judicial cannot alter, though it disapprove. It is
new Income-tax Amendment being a perfect example for the people to decide what is just and reasonable.
of this) that they become like the multiplication table, When they seek to establish what is not just and not
tolerable, it will be for them to discover and amend
incapable of being read except in one way.
their
action or see society disintegrate. All the
Senator Cummins himself unconsciously replies to
clamor
against one of their instrumentalities seems
himself. He thinks the courts have too much power,
but he suggests no means of curbing them; he dis- to us like denouncing one's own feet because they
courses rather than recommends. "It has become do not carry us where we want to go.
imperative (he says) to enact additional legislation"
for strengthening action against trusts, but he is LABOR UNIONS AND THE EXTRA CREW BILLS.
vague as to what that should be. He suggests none,
Passage of the extra crew bills in New York and
but thinks Congress ought to devise something New Jersey, together with the pledge which the labor
quickly that shall "specifically prescribe certain con- unions are alleged to have exacted from Governor
ditions upon which persons and corporations shall be Sulzer in advance of the election last fall that he
permitted to engage in commerce . . .; these would, if successful, sign such an extra crew bill,
conditions should be of a character that will brings to public attention some thought of the
tend to preserve reasonable competition or substan- present attempts of labor unions, through legislatially competitive conditions and to compel inde- tion, to interfere with the management, to deplete
pendence in both organization and conduct." Just the revenues and to destroy the discipline of railso. But the Supreme Court has declared the "rule ways.
of reason" to be the touchstone for finding what
The situation discloses an organization of workingcombinations are and are not permitted, and this men using its influence in politics to secure the
report, which criticizes it as having too much liberty, adoption of class legislation for themselves at the
wants to preserve "reasonable competition."
sacrifice of every other consideration. Its members
When final courts judge a statute according to basic will vote for particular party candidates for governor
principles of justice they enter'upon a field whose or legislators because they favor some special legisboundaries are not the most sharply defined, yet lation in their own behalf. Candidates are induced
one which they cannot avoid. Laws and constitu- to promise to do so in order to obtain the labor vote.
tions are "to establish justice"; courts are to execute
There was a time, of course, when corporations
and enforce justice; therefore, courts must discover were in politics,and they assisted men to get elected on
and interpret justice. Yet it is in the line of this in- the assurance that when elected they would carry out



APR. 5 1:n3]

THE CHRONICLE

'the instructions of the corporations. Now,under the
stress of an active and very proper public opinion,
the corporations have retired from politics. Public
sentiment, however, does not discourage labor leaders
from actively engaging in political work. They do
not work with money, as the corporations may have
done in the past, but, what is far more deadly in its
effect, they offer to deliver or to withhold votes at
.the next election. It is a weapon the legislative
politician cannot stand. He surrenders.
Labor unions, with deadly effrontery, attack the
situation at the very seat of political action, namely
the primary. The labor leaders see to it that men
nominated for office pledge themselves to labor
measures even before they are nominated. Then,
after the man is nominated, the labor leaders see
to it that the men on both sides pledge themselves
to these measures, else the objector is publicly advertized as a "foe to labor." Is not this exactly like
the old plan whereby corporations contributed to
the campaign funds of both sides in order to make sure
that whichever side was successful in the election
the corporations would be well taken care of?
Railways companies are being betrayed by their
own men. The labor politicians claim, at public
hearings, that the men dare not demand their rights
before public service commissions lest they be discharged or become marked for discipline. Yet the
railway companies give large numbers of employees
indefinite leaves of absence to go to State capitols
during legislative sessions to fight for measures
utterly repugnant to the prosperity of the very companies on whose pay-rolls these men remain. The
employees are given this privilege for the very purpose of letting the men understand that they are free
to do any proper act to improve their condition.
And such employees receive free passes from the
railway companies with which to go and come from
the State capitols.
See how the men are striking at the very heart
of those proper rules of discipline designed to conserve the safety of railway passengers! A few days
ago Assemblyman McGrath introduced into the New
Jersey Legislature a bill prohibiting railroads from
making tests of their signals at times when engineman have not been warned that such tests were proposed.
It is the practice of the Pennsylvania RR., for instance, to make constant tests, both for the purpose
of seeing that its signals are in proper order, and also
to assure itself that the men are at all times alert.
It is a measure palpably in the public interest, but
out of 51,000 tests made on the lines of the Pennsylvania RR. last year, about 1% showed that the
enginemen did not properly observe signals. These
510 failures represented as many opportunities for
accidents, and we assume that the result was 510
cases of discipline. The men are restive under this
checking of their performances and in the resulting
discipline, but is it not a duty of the railroads to take
no chances?
A flood of railway union measures are designed
to force the employment of unnecessary men. Such
is the effect of the extra crew laws. Of this
character is the proposed Pennsylvania law limiting
the length of freight trains to 60 cars where 80 are
now often run. Such a law would mean that four
full crews would be employed where three now do the
work. The firemen are now fighting before the
Arbitration Board in New York to secure two fire


985

men in addition to the engineer on every locomotive.
At one of the conferences held between the railway
managers and their firemen, before the arbitration
proceedings started, the President of the Firemen's
Brotherhood said to the Conference Committee of
Managers on Dec. 20 last:
"So far as the firemen were concerned, they would
have to have relief, and if they could not get it
across the table they would have to get it at Washington. We are here trying to get it across the table.
If we don't get it here, you can depend upon it they
will get it at Washington. Now I don't mean that
they will get two firemen at Washington. I mean
they will get the ten or twelve-hour day, and they
will not get it through this organization, but they
will get it through the individual members of Congress. I believe I speak the truth that if we fail here to
get relief for firemen,they will turn to Congress for it."
The railway unions are seeking higher pay at every
opportunity and they evidently mean to see to it
that every additional man who can be forced on to a
railroad pay-roll is put there under conditions which
will make it extremely difficult, if not impossible, for
the companies to dispense with his services, no matter
how acute the financial depression which may from
time to time arise.
But the plan goes even further. Not only do the
unions seek through legislation to force the employment of unnecessary men, but they are taking steps
to enable their men, through strikes, to practically
force through any demands and to make it impossible
for railways to fill their places with men willing to
work, if the regular men decide to strike. For
example, a so-called vservice bill" introduced in the
Pennsylvania Legislature, presumably as a safety
measure, is in reality nothing but a bill to prevent
the operation of a railroad in the event of a strike.
A provision in this bill requires that the last three
months' service immediately preceding any man's
promotion shall have been in the same railroad on
which he is to be appointed. In other. words, in
cases of emergency men may not be employed, no
matter how competent they may be to perform the
work required of them.
This entire movement is plainly along a line so
hopelessly uneconomic as to make its ultimate defeat
inevitable. But in the meantime both the general
public and railway shareholders will have to suffer
the immediate effects. Such measures will, with the
unerring recurrence of the procession of the equinoxes,
bring about curtailment of railroad development and
consequent injury to public interests. It is difficult
to make the pill& realize this in advance, but when
the crisis comes, it will be so plain that all can see.
THE EIGHT-HOUR MAN.
"From forge and farm and mine and bench.
Deck, altar, outpost lone—
Mill, school, battalion, counter, trench,
Rail, senate, sheepfield, throne—
Creation's cry goes up on high
From age to cheated age;
'Send us the men who do the work
"
For which they draw the wage I'
KIPLING.

The Preacher said: "Whatsoever thy hand findeth to do,
do it with thy might." A modern reading would probably
add "but not over eight hours in any given day, lest there
be not enough for both of us."
For the fundamental basis for the demand for an eighthour or other limit to the working day is not the need for
more leisure, but for less competition. It is based on the
same thought that would prevent the use of machinery or
labor-saving devices, and is founded on the principle that the
man needs the job, rather than that the job needs the man
and that he should do his best.

THE CHRONICLE

986

44

The fallacy of the eight-hour argument is not readily
apparent to the average mind, but its results soon become
evident on any extended review or historical comparison
of men and events. That it is exactly contrary to what we
call the American spirit of enterprise, the pioneer spirit,
that built this Western civilization in a wilderness and
wrested it from the savage, is not to be disputed. But the
argument is given that with the improvement in machinery,
and other productive methods and processes, the need no
longer exists for a man to go forth and labor at his work till
the evening. This will be difficult to prove until there is a
surplus of the necessities of life; until our great population is
properly housed and supplied with nourishing food, and
such a surplus is built up as will secure us from the dangers
of famine or drought. How far we are from such a position
needs only the statement. The growing increase in costs
of food supply, and its relative shortage as compared with
population, is a grave and threatening fact, and the housing
problem, as it affects the health and well being of our city
dwellers, demands an answer that is not readily forthcoming.
That any trade should refuse to let its workers ride to
their work on a bicycle, for fear that too much might be
accomplished in the prescribed time, as is the case in some
of the building trades, is only one instance of the absurd
length to which this method can be carried.
Doubtless, in a sense, the plan does "make work", and
makes it last longer, but that it has so increased building
costs in many localities that decent houses for working
people, at a moderate rental, can not be had, is beyond
dispute.
Carried to a point of uniform and rigid law, we see the
results in salient example in Australia. Here is a country
nearly as large as the United States, with a population but
little larger than that of Ireland, and the increase in ten
years is stated to be barely a thousand souls per year.
And yet Australia is held up as an example for us, especially
in the item of "labor laws" and other social legislation.
The deadening, cramping effect of limiting a man's energies, of forbidding him the full use of his full powers, must
be admitted when we see that Australia produces neither
science, art, poetry, or even useful mechanical invention.
Rich in resources, but bound in rigid industrial fetters, she
has become an object lesson of what a free people should
avoid.
With our more enlightened social conscience, seeking to
safeguard the welfare of the weak, especially of womankind,
and childhood, we should also see that sentimentality does
not carry us to the other extreme. We should remember the
old fable of `The Miller, His Son and the Ass," lest we find
ourselves burdened, and our journey halted, by misuse of
theimeans that should have been helpful to our progress.
The world's work is yet to be done; much pioneering is
yet needed. As the old school book had it—"Depend upon
it, the ancients were right—`Quisque Suns Fortunae Faber'.
There is no excellence without great and patient labor."
And as another poet has said—
"The heights by great men reached and kept
Were not attained by sudden flight.
But they, while their companions slept
Were toiling upward in the night."

JOSEPH D. HOLMES.
March 25 1913.
LIABILITY TO MILITARY DUTY OF GERMAN
RAILWAY EMPLOYEES.
New York, April 2 1913.
Editor of the "Financial Chronicle":
Dear Sir: In your issue of March 22d you have a criticism
of a previous article on the military liability of German railway employees. As the critic seems to be a German it would
appear rash for an American to criticize his statement, but I
have inquired of a German citizen whether Mr. Winchell's
article regarding this liability was correct or not. He stated
that the probabilities were against the summoning of strikers as
members of the army or the different reserve forces but it
was possible, by a technicality,to force them into military service at any time up to the age limit. If the "interests of
the Kaiser and the Empire" demand it, all able-bodied men
can be summoned to the various divisions of the army or reserves for practice or maneuvers. If the authorities consider it advisable these maneuvers,can take place on the every
railroad deserted by the strikers and any refusal to operate
the trains then becomes military insubordination. Technically speaking, such insubordination could be punished




[VOL. xcvi.

by shooting, but, as 'your correspondent states, no such
thing has ever occurred. The fact that a German citizen
has finished his one, two or three years of active service
does not relieve him from the liability to a call to one of the
Yours very truly,
reserve bodies.
H. S. BURROUGHS.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
—The public sales of bank stocks this week aggregate
188 shares, of which 123 shares were sold at the Stock Exchange and 65 shares at auction. No trust company stocks
were sold. Extensive tables reporting the bid and asked
quotations, deposits, surplus, &c., of banks and trust companies in all important cities in the United States are published monthly in the "Bank and Quotation Section," the
April issue of which accompanies to-day's "Chronicle."
Bid and asked quotations for all New York City bank and
trust company stocks are also published weekly in another
department of the paper, and will be found to-day on pages
1000 and 1001.
Low. High. Close.
Shares. BANKS—New York.
131
131
15 Butch. & Drov. Bank, Nat.. 131
400
400 400
*15 City Bank, National
192
193
*108 Commerce, Nat. Bank of.. _ _ 192
475 475 475
50 Germania Bank

Last previous sale.
Mar. 1913— 410
Mar. 1913— 192
Jan. 1913— 526k

* Sold at the Stock Exchange.

—A New York Stock Exchange membership was reported
posted for transfer this week, the consideration being $45,000,
an advance of $4,000 over last previous transfer.
—The announcement from Rome early Monday morning
of the fatal termination of the illness of J. Pierpont Morgan,
received with universal regret in all parts of the world, has
overshadowed all other events of the week. The fact that
Mr. Morgan was in a critical condition was not made public
until Sunday last, and the news of his death on Monday came
with unexpected suddenness. For more than a month past
Mr. Morgan's health had been the subject of frequent cables,
anxiety as to his condition having developed when he suffered
a sharp attack of indigestion in February while traveling up
the Nile from Cairo. The severity of the attack forced his
return to Cairo, where, upon the advice of the physicians
summoned to attend him, he remained until Mar. 10, when
he proceeded to Italy with the intention of resting there for
a few weeks. He landed at Naples on Mar. 13, going from
there direct to Rome. On Easter Sunday (Mar. 23) Mr.
Morgan attended services at the American Protestant
Episcopal Church in Rome, but that effort proved too great
a tax on his strength, and he thereafter failed rapidly. The
seriousness of his condition was evidenced in a statement
issued last Sunday night by the attending physicians in which
they said:
A week ago Mr. Morgan was persuaded to go to bed and remain there,
to conserve his strength. Until Wednesday afternoon he did very well
under this regimen; he rested and slept without the aid of drugs and took
a satisfactory amount of nourishment.
Wednesday afternoon he began to refuse food, and since then it has been
impossible to nourish him. He has lost weight and strength very rapidly.
His nervous system is showing this, and it has added to the strain seriously.
Mr. Morgan has not developed any organic trouble, but is so exceedingly
weak that his present condition must be considered most critical.
(Signed) G. BASTIANELLI.
M. ALLEN STARR.
G. A. DIXON.

From the Wednesday preceding his death until his demise
on Monday Mr. Morgan had been in a semi-comatose condition. As he had been unable to swallow for the five days,
it had been necessary to administer nourishment artificially,
and injections to strengthen his heart were also resorted to.
On Sunday night, however, when he ceased to assimilate the
nourishment, his death became a question of hours,
and occurred on Monday at 12:05 p. m., or 6:15 a. m. New
York time. Mr. Morgan left New York for the Mediterranean on Jan. 7, accompanied by his daughter, Mrs.
Herbert L. Satterlee, who, with Mr. Satterlee, was with
him when he died.
Mr. Morgan's health at the time of his departure was not
all that could be desired; only a short time before he was subjected by the Pujo "money trust" committee to a lengthy
examination which occupied a considerable part of two days
(Dec. 19 and 20), and to that inquisition Dr. M. Allen Starr
of New York, one of the physicians attending him during
his last hours, attributes his collapse. Supplementing the
statement issued by the physicians last Sunday, and quoted
above, another statement regarding Mr. Morgan's illness was
given out by them on Wednesday as follows:
When Mr. Morgan left New York he was a very tired man, physically
and mentally. Digestion and nutrition were impaired. It was hoped
thatihis usual trip to Egypt would be of great benefit, giving him rest and

APR. 5 1913.1

THE CHRONICLE

•
building up the nervous force, especially as he had no organic disease.
His appetite, however, failed, and consequently his strength and weight
did not improve.
Mr. Morgan contracted a severe cold while in Egypt, which further
weakened him. A state of mental depression and feebleness developed.
He arrived at Cairo in a very run-down condition, but during the three
weeks in Cairo he improved mentally and physically, his powers of concentration and memory showing no impairment. The trip to Rome did not
fatigue him and he continued to gain slowly for ten days.
A week before his death his strength began to fail. He was put to bed
on Wednesday afternoon (March 26). He became delirious, and extreme
exhaustion followed. This continued until Sunday evening, when he
passed into a state of coma. He died at 12:05 p. m. on Monday.

The news of Mr. Morgan's death was received here on
Monday before the opening of the Stock Exchange; it had,
however, no unwonted effect upon the market. An air
of mourning has pervaded the financial district since the receipt of advices of Mr. Morgan's death, the entire locality
being shrouded in flags at half-mast. Action upon the death
of the late banker was at once taken by the Governing
Committee of the Stock Exchange at a special meeting on
Monday when a tribute was paid him in the following resolution:
Resolved, That the death of John Pierpont Morgan has removed from
America's large creative activities its most conspicuously useful figure.
To the development of the resources of our country he has contributed
more than any other man of our day. His immense constructive genius
was devoted not merely to American finance and industry, but to the wide
field of philanthropy and humanity. The whole world has lost a wise
counsellor and a helpful friend.
Resolved, That a copy of these resolutions be engrossed and sent to Mr.
Morgan's family with the sincere sympathy of the members of this Exchange.

The above is one of countless tributes offered in his memory
publicly through the press and privately; and they have come
not alone from every section of the United States, but from
all parts of the world, attesting the international fame
achieved by the late magnate. As a power in the financial
world Mr. Morgan has never had, and probably never will
have, a peer in the United States; to his extraordinary ability
as a financier must be credited, as to no other one man,'
the financial and industrial development of the country, and
his judgment in the handling of affairs during critical periods
in the country's history had long since earned for him a
world-wide reputation as a leader.
Mr. Morgan at the time of his death was seventy-six years
old; he was born in Hartford, Conn., on April 17 1837 and
was the son of a banker—the late Junius Spencer Morgan,
who in 1864 succeeded to the senior partnership of George
Peabody & Co. of London, of which firm he had been a
member since 1854. Upon becoming its head, the elder Mr.
Morgan changed the firm name to J. S. Morgan & Co., this
title being retained until 1910, when it became Morgan,
Grenfell & Co. J. P. Morgan,after leaving the University of
Gottingen in Germany, in 1857, became a clerk in the New
York banking firm of Duncan, Sherman & Co., and three
years later was appointed American agent for the firm in
which his father was interested. With his father's backing,
J. P. Morgan started in partnership with Charles H. Dabney
in 1864, when the firm of Dabney, Morgan & Co. was formed.
With the dissolution of this partnership in 1871 Mr. Morgan
affiliated himself with the Drexels of Philadelphia and established in New York the firm of Drexel, Morgan & Co.,the
partners in which were Mr. Morgan, Joseph W. Drexel and
J. N. Robinson; the partners in the Philadelphia house of
Drexel & Co. at that time were F. A. Drexel, A. J. Drexel
and J. H. Wright. Following the death of Anthony J.
Drexel, the name of the New York house was changed in
December 1894 to J. P. Morgan & Co., the Philadelphia firm
being continued under the name of Drexel& Co.; the membership of the two firms was identical, being made up of Mr.
Morgan, George C. Thomas, George S. Bowdoin, Edward T.
Stotesbury, Charles H. Coster, Robert Bacon, James W.
Paul Jr., J. Pierpont Morgan Jr., Temple Bowdoin and
Edward M. Robinson. The Paris house of these interests,
which had theretofore operated under the name of Drexel,
Harjes & Co., was changed to Morgan, Harjes & Co. at the
time of the adoption of the name of J. P. Morgan & Co. by
the New York house.
On Monday after the announcement of Mr. Morgan's
death a statement emanating from the Wall Street office of
the firm said that "in answer to the many inquiries received,
J. P. Morgan & Co. state that Mr. Morgan's death will
occasion no change in the firm—that is, his interests will
remain and the business be conducted as heretofore". With
Mr. Morgan's son, J. Pierpont Morgan Jr., the partners in
the firm are Edward T. Stotesbury, Charles Steele, Henry P.
Davison, Temple Bowdoin, Arthur E. Newbold, Wm.
Pierson Hamilton, William H. Porter, Thomas W. Lamont
and Horatio G. Lloyd. A notice of Mr. Morgan's death
remained posted on the doors of the firm's building all week




987

up to Thursday, its offices being closed to all business during
that time except that most urgent. Mr. Morgan's death
occurs on the eve of the demolition of the building occupied
by the firm at Wall and Broad streets, which was erected in
1872 for the original firm of Drexel, Morgan & Co. A
modern structure is to be erected on the site.
41),
Mr. Morgan was pre-eminent as a collector of art objects,
his search for valuable pictures, tapestries, ivories, sculpture, porcelains, jewels and other treasures which he gathered
in the Old World, having been continuous through a long
series of years. In addition to those which he retained in
his home and library, a vast number has been given to the
Metropolitan Museum of Art, besides which a number have
been loaned to it. Mr. Morgan was President of the
Museum at the time of his death, and at Tuesday's meeting
of the Trustees the esteem in which he was held was expressed in the following resolution.
The trustees of the Metropolitan Museum of Art have received, with
profound regret, the sad tidings of the decease of their distinguished President and fellow-trustee, J. Pierpont Morgan. He had been deeply interested in the project of the Museum from its inception, and had been connected with it ever since its organization, beginning as a patron in 1871,
becoming a trustee in 1888 and being elected President in 1904. At all
times he was one of the most active and munificent benefactors, taking
a most broad and liberal view of its relations to the city and country and
of the high places which it ought to occupy among institutions of art the
world over. His devotion to the welfare and true interrest,s of the Museum
was unceasing, and for many years hardly a meeting of the board of trustees
took place at which some rich and valued gift from him to the Museum
was not announced.

Mr.Morgan also gave freely to charitable and philanthropic
interests.
Brief funeral services were held in Rome on Wednesday
the 2nd inst., after which the body was conveyed to Havre,
(where it was received with French military honors), and
borne to the steamer La France, which leaves for New
York to-day (Saturday). In addition to his son, Mr. Morgan
is survived by his wife and three daughters, Mrs. Satterlee,
Mrs. William Pierson Hamilton and Miss Anne Morgan.
At a memorial meeting of the New York Chamber of
Commerce on Thursday, when its regular monthly calendar
was suspended until April 10, Joseph H. Choate, Senator
Elihu Root, President John Claflin, and others equally well
known,joined in eulogizing Mr. Morgan. The late financier
had been a member of the Chamber for fifty years and for
four terms one of its Vice-Presidents. The meeting was
marked by an exceptionally large attendance, and probably
no more representative body of bankers and business men
was ever before gathered together to pay tribute to one
from the civilian ranks of *life. All the members of Mr.
Morgan's firm were present except his son. President
Claflin opened the meeting, and in laudation of Mr. Morgan
made the following remarks:
The greatest financier of his time, the man who above any other combined and embodied the American ideals of enterprise and integrity and
courage, has gone from our earthly activities. Like the founders of this nation, Mr. Morgan had prophetic vision; like them he believed in this country and in its future; like them he was an organizer of scattered possibilities and a builder of mighty structures such as no man had built before.
Those opposed to him questioned his motives, belittled his achievements, and at times even strove to make his deeds of beneficence appear
acts of rapacity and selfishness. The panic year of 1907 furnishes an example with which we are all familiar. It is well-nigh impossible for this
community to exaggerate the debt it owes to Mr. Morgan for his splendid
services to public and private credit then; yet sensational criticism has often
charged him with promoting the panic for his own ends. Happily, the
story is plain and open, and history will make it evident that he labored
assiduously for months to stem the rising tide of distrust and, when finally
it became a wild flood of fear and threatened to demolish all enterprise.
by an exhibition of master will and leadership unparalleled in the annals of
finance, he rallied other strong men to his side to join in untiring and constant work until their combined efforts had stayed the rush of destruction.

Mr. Choate, in praise of Mr. Morgan's character, spoke in
part as follows:
When Mr. Morgan, in that examination at Washington to which Mr.
Root has referred, to which he looked forward with so much dread, and from
which he emerged with so much glory, when he said that "character is the
true secret of all success in life," he wrote his own epitaph and told in one
short sentence the whole story of his life. This innate, pure,high,unselfish
character seemed to be inherent and transmissible in the noble stock from
which he sprang.
It is only once in a generation that such a mind is born in such a body;
and Mr.Morgan made the very best use of it from his first entrace into the
banking house in 1857 until he died in 1913. And then he had certain other
qualities which all may hope to have, but which he developed in a wonderful degree; and I should say that the first one was loyalty—loyalty to his
country,loyalty to all his associates, loyalty to every enterprise in which he
had engaged, and, above all, loyalty to himself—to his noble conscience
and the great character of which he was the owner.

We also quote from Senator Root's remarks voicing the
esteem in which Mr. Morgan was held, the following:
During his active life as a banker the most amazing development of
wealth,of capacity for production,of commercial intercourse,of interchange
among the nations of men, of transition from individual activity to the tremendous power of organization,the utilization of discovery and of invention;
the power of leadership—all transformed the world of industry and of commerce and are transforming the social life of the world. The transactions
of the day would have been_impossibleLdreams half a century ago.

988

THE CHRONICLE

• And this, our friend, whom we honor and mourn to-day, was the first,
the commanding and controlling figure above all other men in this amazing
movement of the forces of civilization. First among all in our own country,emerging from its provincialism to its place in the great world of finance
and industry, and then, by gradual recognition of his position hero and its
world influence, first In the world, the great, the greatest of bankers, the
greatest organizer of production, the greatest master of commerce of the
world in the mightiest epoch of power applied to finance, to production and
to commerce. * * *
He carried in his affairs the supreme capital of character, as was shown
under stress of excitement in the Pub:. investigation. To the wonderment
and confusion of smaller minds who had been thinking upon a lower plane
than ho stood upon, he illustrated this great truth.
So he found the railroad system of this country the inheritor of the fruits
of fraud and rapacity. Railroads that had been bled by their builders and
managers all over the country he reconstructed upon the basis of absolute
Integrity, so that faith took the place of distrust and consternation. * * *
Mr. Morgan played no game of chance, he acquired no fortunes by
deceit or over-reaching or unfair advantage. He took from no man, but
he acquired a great fortune by making the prosperity of many and by taking his fair and just share of the prosperity that he created. The scope
of his enterprise gave him a relation to public affairs that was unexampled
not only in our own country but I think in any country.
There were so many investors in so many enterprises whom his chivalric
sense of honor led him to desire to protect that the financial condition of
the country was a matter of immediate interest to him, and he took the
place that Government should have taken many and many a time. The
faults of our financial system, made possible by the incapacity Of lawmakers
to reconcile confidence and knowledge ho remedied from time to time as
occasion arose by his own tremendous power, and that was government.

Ex-Mayor Seth Low and Robert W. de Forest, director
of the Metropolitan Museum of Art, also paid honor to Mr.
Morgan's memory, and the following resolutions, presented
by Frank A. Vanderlip,President of the National City Bank,
were adopted at the meeting:
We have lost a leader. Our country has lost a noble citizen. Other
countries, too, are mourning the passing of a great hearted man, a private
citizen whose high character and dominant personality made a world-wide
impression, and whose loss has caused world-wide sorrow.
The death of John Pierpont Morgan brings us together to-day to give
expression to the grief of a whole nation. It is fitting that we should
inscribe upon our tablets for posterity a lasting tribute to his name and our
reverent and affectionate memory of his character and noble qualities.
The responsibilities of great power rested long upon his shoulders.
Rarely,if ever,has a private citizen swayed such power; but in a true sense
it was not the power of a private citizen—it was the delegated authority
of an international constituency that trusted him and by their franchises
freely selected him as their representatives and trustee.
He commanded because he was endowed through nobility of character
.with the right to command. He was strong because he ever saw in power
only the opportunity for right doing. lie was trusted with vast administration because pre-eminently he recognized fully the high responsibility
of trusteeship.
lie was a leader of men because in him men saw right-mindedness,
purity of purpose, groat courage, breadth of vision, wise optimism, and
always a relation to his associates and to society that subordinated selfinterest and emphasized his desire to be of service.
Let the career of this man, the position he attained, the influence he
wielded, stand ever as a refutation of the thought that business is without
sentiment. His great power over men had its roots in sympathy. It
was a quality of spirit that gave him the power and dominance which he so
rightfully maintained.
His was not a leadership of cold intellect, but of high character, of
inflexible trustworthiness, of broad sympathies, of a desire always to upbuild and develop and to be of service in the largest measure to his community, to his country and to many countries—for he was truly a citizen
of the world; be it, therefore.
Resolved, That the Chamber of Commerce of the State of New York
directs that there be placed upon its records its sentiments of deep reverence
for the memory of John Plerpont Morgan, man of character; its enduring
appreciation of the dominant force for good which he wielded through a
long life of masterful endeavor and far-reaching accomplishment; and be
It further.
Resolved, That a copy of these resolutions be suitably engrossed and
sent to the family, and that the entire proceedings of this meeting be compiled in a memorial volume.

The directors of the National Bank of Commerce in New
York on Thursday adopted resolutions in memory of Mr.
Morgan. From 1875 to 1910 Mr. Morgan had been a director of the institution and he had also formerly been its
Vice-President from 1893 to 1904.
—A ten days holiday throughout the flooded district of
Ohio was declared by Gov. Cox on March 27, on behalf of
the financial institutions in the locality affected which might
be handicapped in caring for maturing notes and paper.
In answer to a query of the Cincinnati Clearing House
Association, Gov.Cox states that that city comes within the
meaning of the flooded district. It was reported from Zanesville, on the 3rd inst., that the banks there had resumed
business on that day after a week's suspension due to the
disastrous floods. Extended reference to these floods and
the tornadoes suffered in the West appeared in the "State
and City Department" of our issue of Saturday last and
further reference to the subject is made in that department
the present week.
—A.J. Hemphill, President of the Guaranty Trust Co. of
New York, returned this week from a trip of a month or
more to the Pacific Coast. Mr. Hemphill said that he did
not encounter any trouble as a result of the floods until he
reached Kansas City: His long experience as a railroad
man and his observations on the way home led .him to believe that the estimates of damage to property in Dayton,
Omaha and the flood centres has been greatly exaggerated.




[VOL.

He is equally confident that the losses of the railroads will
not be anywhere near as large as has been reported.
—John Burke, formerly Governor of North Dakota, on
the 1st inst. took the oath of office as Treasurer of the United
States, succeeding Carmi A. Thompson. The latter turns
over to the incoming Treasurer $1,426,422,051. It is stated
that the practice of counting, piece by piece, the money held
in the vaults will not be followed in the present instance,
the cash being counted this time by packages. As Mr.
Thompson, who succeeded Lee McClung, held the office
only since the latter part of November, it is but a short time
since a detailed count was made.
—Walter H. Page, of Garden City, Long Island, Editor
of "The World's Work", has accepted the appointment as
American Ambassador to Great Britain to succeed the late
Whitelaw Reid. Both Richard Olney of Boston, who was
Secretary of State under President Cleveland, and Dr.
Charles W. Eliot, President emeritus of Harvard, had been
tendered the post during the past month by President Wilson
but had declined the offer. Mr. Page is a member of the
publishing firm of Doubleday, Page & Co. He was formerly
editor of "The Forum" and of the "Atlantic Monthly".
He is a native of North Carolina and is fifty-eight years of
age.
—The appropriations of the last session of Congress, including those under the Sundry Civil and Indian bills, aggre
gated $1,098,647,960. While these appropriation figures of
Chairman John J. Fitzgerald of the House Appropriations
Committee were agreed to by Joseph G. Cannon, the Republican leader of the Committee, the latter pointed out
that with the additional sum of $76,956,174, representing
contracts authotized or public works provided for involving
further and ultimate expenditures, the grand total of obligations against the National Treasury is $1,175,604,134. The
appropriations of $1,098,647,960 for the late session compare
with $1,019,412,711 for the previous session. According to
Chairman Fitzgerald, "the increase in the total of appropriations is due to many causes. The continued growth and
development of the country, the increased activity of many
services of the Federal Government, and the constant
pressure to divert to the Federal Treasury burdens which
properly belong elsewhere, are all facts which tend more
or less legitimately to increase the cost of the Federal Government." In presenting $1,175,604,134 as the total of the
nation's obligations, Mr. Cannon took occasion to remark
that "all performances of Republican Houses pale into
utter insignificance when placed in contrast with what the
Democratic House of Representatives of the Sixty-second
Congress has accomplished in emptying the Treasury and
piling up obligations against revenues to be derived by direct
taxation and from revenues or free trade tariff laws for which
the new Administration stands committed and solemnly
pledged." In the statement submitted by Mr. Cannon the
grand total appropriations and contracts of the Sixty-second
Congress reach $2,238,470,990—this representing the combined figures of $1,175,604,134 for the fiscal year 1914 and
$1,062,866,856 for the fiscal year 1913. For the Sixty-first
Congress a total of $2,151,610,941 is shown, made up of
$1,097,628,437 for the fiscal year 1912 and $1,053,982,504
for the fiscal year 1911.
—Instructions to the American diplomatic officers in
Europe to secure courtesies from the foreign governments for
the American commission which is to visit Europe this spring
under the auspices of the Southern Commercial Congress to
investigate rural credit systems were issued on March 17
by Secretary of State William Jennings Bryan. Before
leaving office Secretary Knox gave the State Department's
approval to the rural credit investigation but since that time
the American commission has received approval by Congress
and President Wilson, which gives it a semi-official status.
In his instructions Secretary Bryan points out that Congress
has appropriated $25,000 for the expenses of the commissioners appointed by President Wilson to co-operate
with the American commission. The appointees of President
Wilson are Senators Duncan U. Fletcher and Thomas P.
Gore; Ralph W. Moss of Indiana; Col. Harvey Jordan of
Georgia; Dr. John Lee Coulter of Minnesota; Dr. Kenyon
L. Butterfield of Massachusetts and Clarence J. Owen of
Maryland. No salaries will be paid to these commissioners.
Congress also passed a joint resolution directing the Secretary
of State "to bespeak for the proposed American commission
the diplomatic courtesies of the various European governments." In carrying out these directions Secretary Bryan
has instructed the American ambassadors in Europe to secure

APR. 5 1913.1

THE CHRONICLE

for the commission "such courtesies and assistance in the
line of its endeavors as it may be possible to obtain," and
adds, "it will be seen that by this joint resolution the commission, under the direction of the Southern Commercial
Congress,is given semi-official standing."
There now exists a committee of nine governors of
States to consider legislation necessary for the organization
of co-operative credit and other associations. This committee, as well as the Federal Congress, will receive the
report of the National Commission, and it appears now that
next fall a nation-wide campaign will be waged in the interest
of the co-operative movement among American farmers as a
means to increase agricultural production and lower the
cost of living.
—As a matter of record we give herewith the response
made by Franklin MacVeagh (before his withdrawal as
Secretary of the Treasury) to the Senate resolution of February 11 which called for information as to his authority in
directing that accounts of Federal officers be made payable
by national banks as well as by the Treasury and SubTreasuries. Secretary McAdoo announced last week(on March
26th) that a fair trial would be given the new system.
TREASURY DEPARTMENT.
Office of the Secretary.
Washington, February 211913.
The President of the Senate.
President,
I
the
have
the honor to make reply to
Sir:-133,direction of
the inquiry contained in the resolution of the Senate agreed to February 11 1913, concerning the order which wont into effect on February 1,
directing certain changes in the methods of handling the receipts and
disbursements of the Government.
Before the establishment of the national banking system in 1863, the
Government's fiscal machinery consisted principally of the Treasury and
the Sub-Treasuries. A predominating feature of this system, still in part
prevailing, is that it requires the use of money as distinguished from
checks in the daily fiscal operations of the Government; that is to say,
an Assistant Treasurer can only issue certificates of deposit to collection
officers upon the receipt of currency—can only accept their collections in
actual money; and checks drawn on the Sub-Treasuries are paid in actual
money.
The National Bank Act(Sec.5153,Rev.Stat.) provided that all national
banks, when designated as depositaries by the Secretary of the Treasury,
shall be the financial agents of the Government; and in them may be
deposited the revenues "except receipts from customs". So that since
1863 all revenues except from customs could be and mainly have been
deposited in banks like the funds of private persons, and those of State,
municipal and other governments. Congress removed the restriction
as to customs by an Act approved March 4 1907, entitled "An Act to
amend the National Bank Act and for other purposes" and thus abolished
an exception that had ceased to have any use and had become a mere
survival. Under the above provision of the National Bank Act it has been
the practice for many years to have the banks receive internal-revenue
taxes and transmit them to the Sub-Treasuries. In the year 1870—in
order to meet the public convenience and to conform to general business
customs—collectors of internal revenue began to take checks in payment
of internal revenue; but did so at their personal risk. When, at the request of the Treasury Department, this form of payment was made legal by
the Act of March 2 1911, the practice had already become universal as to
internal revenue. Up to that time, however, customs payments were
still made in currency—though some practical mitigations of this cumbersome practice had in the course of the years been introduced. Since the
passage of the Act of 1911, both customs and internal revenue are paid by
check. But, as stated, notwithstanding the present legal practice of
receiving checks in payment of customs and internal revenue, these checks
must be cashed before the proceeds can be deposited in the Sub-Treasuries. In all Sub-Treasury cities except Cincinnati and Philadelphia,
this is done through the agency of the clearing house.
As the daily payments of the Government are practically equal to its
daily income, the desirability of a method whereby the receipts and payments shall clear each other is apparent; and the method to be complete
should bring about this clearing before the point is reached of converting
the checks into currency in the Sub-Treasuries. The now plan, regarding
which the Senate has made inquiry, is designed to accomplish this result,
and will accomplish it as a matter of course.
Its operation cannot result in an automatic accumulation of Government
funds in national-bank depositaries, for there are the restrictive regulations
which are applied under Section 5153 of the Revised Statutes to national
banks holding Government funds. Under these restrictions every nationalbank depositary is required to have on deposit with the Treasurer of the
United States security in the form of bonds to the full amount of the
authorized balance the Government has with the bank. I say authorized
balance, because the limit of the deposits in each bank is fixed by the
Treasury Department and usually continues at one amount for a considerable time; and under the new plan these strictly limited amounts,
secured by bonds, will be dependent upon the amount of the daily business done by the bank for the Government. With special exceptions, these
bonds have been either Government bonds or bonds for which the Government is financially responsible. The bank is permitted to hold the amount
of its authorized deposit with which to transact the Government's business, but must transfer immediately all amounts in excess of this authorized balance from whatever source received. The department directs
these transfers under standing instructions to the points where funds are
needed for payments. Under this system the depositary banks have for
years handled the entire income from internal revenue without any accumulation of funds in the banks in excess of their authorized balances. Last
year internal-revenue receipts exceeded the income from customs, amounting to $321,612,199.
Under the new plan customs receipts are to be handled in the same
manner as tho internal revenues—under the excellent and progressive law
of March 4 1907; and, of course, with the restrictions and limitations on
the banks unchanged.
Moreover, in times like the present, when the Government's income
and outgo practically offset each other, it is hardly necessary to take seriously the fear that the deposits in New York banks will be increased by
hundreds of millions. Beforenroursan deposit hundreds of millions you
must have the money.




989

Why this law of 1907 was not availed of at once I do not know. I authorized the preparation of plans to put it into effect as soon as I heard of it,
which was about September 1 of last year.
Instead of the authorized balances held by banks being more or lees
inactive as they have been in the past, a feature of the new plan provides
that the banks shall pay the checks of disbursing officers which are now
drawn on the Treasurer of the United States instead of on the banks or
Sub-Treasuries and charge the same to the account of the Treasurer, in
whose name the funds in the bank are 'deposited. Section 3593 of the
Revised Statutes provides that " all public moneys paid into any depositary shall be subject to the draft of the Treasurer of the United States.
drawn agreeably to appropriations made by law." Section 3620 of the
Revised Statutes authorizes disbursing officers to keep their accounts
with the Treasurer of the United States and with Assistant Treasurers.
The accounts or credits of all disbursing officers have accordingly now
been placed with the Treasurer of the United States, as authorized. No
balances are held in any banks to the credit of disbursing officers; but al
Government moneys in the banks are to the credit of the Treasurer of the
United States. This feature of the new plan makes it possible for the
first time for the Treasury to have a far more exact daily knowledge of the
financial accounts of the Government; for against the credit given each
disbursing officer with the Treasurer of the United States is charged the
checks drawn by the disbursing officer and paid by the depositary banks
and Sub-Treasuries and sent daily to the Treasury. The banks making
these payments for the Government out of their authorized balance are
furnished daily with Governenent deposits sufficient to restore the balance
to its fixed amount. In this way, as previously stated, the daily income
will in the banks meet and clear the daily expenses of the Government,
and only the excess of income over disbursements will be deposited in
currency with the Sub-Treasuries.
Another advantage of the new plan which is of peculiar importance is
the added convenience to the creditors of the Government. Checks drawn
on the Treasurer of the United States are now good at par wherever they
may be presented, since any depositary will pay them. Particularly will
this benefit pensioners. Heretofore in a great many cases exchange has
been charged pensioners by banks in cashing their checks because they
were payable only at Sub-Treasuries or at the Treasury. The new plan for
pension payments,approved by Congress August 17 1912, became effective
February 1 and was the controlling reason for fixing that date for making
the entire change.
The purpose,therefore,of the new system is to so handle the Government's
ncomo as to meet its payments with the same convenience to its creditors
and with the same par values that are customary in the best regulated
private business, and so that only the excess of Government receipts shall
find its way into the Treasury or Sub-Treasuries.
One of the necessary requirements of the plan is the distribution of tha
revenues to the banks in just the proper amounts to keep their authorized
balances filled. Another requirement of the plan is to make those authorized balances suited to the amount and character of the business done;
that is to say, to give them funds just in proportion to the payments they
make for the Government. Up to the present time, under the new system,
the bank balances have still been replenished by transfers direct from the
Sub-Treasuries. The feature of depositing customs receipts direct with
the banks—which has not yet been begun in the Sub-Treasury cities and
is, therefore, not yet in full operation—will obviate much of the necessity
for those transfers. These deposits, however, will not exceed the payments
made by the banks.
It may be stated that in the brief trial the new plan has had, it is working
satisfactorily. The department has found itself able to handle the accounts
and take care of all the disbursements throughout the country without
serious hitch. Of course, in making such a comprehensive change, it must
be expected that there will be details to adjust, all of which require a little
time. Meanwhile the banks throughout the country have co-operated
cordially.
The necessity under the new plan of having additional depositary banks
in tho Sub-Treasury cities made necessary an adjustment of the bank
accounts in general. This resulted in net increased deposits being made
amounting too total of $363,000. While no depositaries were discontinued,
there has been ordered withdrawn from existing depositaries a total of
$6,090,000; there has been added in new depositaries $6,453,000, making,
as stated, a total increase in banks of 9363,000. Of this sum $4,963,000
has been placed in the nine Sub-Treasury cities. The total amount in
banks is approximately $50,000,000; but. as the reductions ordered are to
take place on March 1, this amount will be cut down to approximately
$46,000,000 at that time. Security has been required to the full amount
of the deposits, consisting of United States bonds, District of Columbia,
Porto Rico, Hawaiian, Philippine, Philippine Railway and Manila Railway
bonds. No interest is or ever has been charged on these deposits, as they
constitute the active accounts of the Government upon which no interest
charge is contemplated by law.
In making new depositaries it has been specified to each that the balances
would be adjusted from time to time to meet the Government needs.
The total payments made by the Sub-Treasuries during the last fisca
year, which indicates also the amount of disbursing officers' accounts
during that time, is as follows:
$276,038,159 92
Baltimore
$14,781,760 03 New York
Boston
34,702,796 95
32,636,655 40 Philadelphia
43,436,595 97
Chicago
49,946.1.50 02 San Francisco
33.890,565 62
Cincinnati
18,923,771 38 St. Louis
New Orleans
81,854,121 97
16.841,291 95 Washington
Total
$603,051,869 21
There is transmitted a list of the depositary banks with their balances
on December 31; a list of the depositaries added on account of the new
system; and the amount of their balances; and a list of the banks holding
inactive accounts upon which interest is paid to the Government. The
postal savings funds are handled by the Post Office Department, and that
feature of the resolution has been referred to the Postmaster General.
Respectfully,
FRANKLIN MAC VEAGH.
Secretary.

—The following letter is self-explanatory:
Boston, Massachusetts.
Editor Commercial and Financial Chronicle—
an
from
article
on currency reform,
quote
you
1
March
of
issue
In your
written by Edgar II. Scnsenich, in which he says that there should be some
institution to which a banker should be able to take the approved notes
of his customers and secure currency for them, but that,"only the Government, or some great organization under Government supervision or control,
will meet such a requirement."
Now a central banking institution performing functions similar to those
of the central banks of Europe is unquestionably a desideratum, but WU
nottrue that such an institution is the only one that could be safely entrusted
with the authority to issue credit currency.
The fundamental consideration which must be constantly borne in mind
In this connection is that there is no essential difference between a bank-

990

THE CHRONICLE

note credit and a bank-book credit, for each is simply and solely a deposit
payable on demand. The bank note, like the check, is nothing but a
potential demand upon the cash reserve of the bank upon which it is
a liability, and, consequently, it is immaterial to the banker whether the
credit which he grants assume the form of notes or of checks. The integrity
of the two instruments is solely dependent upon the maintenance of a cash
reserve, which experience has shown to be necessary to provide for the
liquidation of demand liabilities.
Once this point is fully grasped, it will be seen thaCthere is no valid
reason why any bank should not be permitted to issue currency with the
41
same freedom as it is permitted to grant bank-book credits. Inflation is
no more possible in one case than in the other, so long as the banks are
under the constant obligation of maintaining an adequate cash reserve.
Whatever objection applies to the employment of the one form of credit
applies with equal force to the employment of the other. If it is not safe
to allow a bank to issue its notes, it is not safe to allow it to grant credit in
the form of deposit liabilities subject to check.
;If there still be some doubts, however, as to the soundness of this theory,
it will be effectually removed by a study of the history of banking development and, more especially, of the justly famous Suffolk bank system
of New England. Despite the fact that it operated in six States, there were
no laws governing the amount of notes which could be issued, nor even
providing for their redemption in coin. Indeed, there was no law which
required a bank to have a bona fide capital. Moreover,of the 306 banks
in the system in 1848, no fewer than 159 possessed an average capital of
less than $100,000. It might be added, too, that all this was in the days
before the telephone and telegraph. Surely, then, the issuance of credit
currency would here be attended with the greatest danger. As a matter
of fact, however, the credit currency which was issued under the Suffolk
bank system between 1840 and 1860 was admittedly the most perfect in
existence. Notwithstanding the extraordinary absence of legal restraints,
the redemption of circulation went constantly forward at the Suffolk
Bank in Boston, with the result that there was never any excess of notes in
any part of the six Now England States, the notes invariably commanded
their full face value, and it is estimated that a tax of ono-eighth of one
per cent on all the notes in circulation would have paid the notes of all the
banks which failed during the twenty years of the system's operation.
Were all the national banks to-day to be authorized to issue asset currency, wisdom would undoubtedly dictate the placing of certain limitation
upon the amount which could be issued and the imposition of a tax, which,
though trivial in itself, would provide a fund sufficient for the immediate
redemption of the outstanding notes of failed banks. But the important
point is that the issuance of credit currency is by no means a function
which must be assumed necessarily by one large financial institution.
Respectfully yours.
L. L. McL.

—An investigation into charges of extortion made against
Senator Stephen J. Stilwell of the New York Legislature is
to be undertaken next week by the Judiciary Committee
of the Senate. The charges against Senator Stilwell have
been preferred by George H. Kendall, President of the
New York Bank Note Co., who alleges that the Senator
demanded that a payment of $500 each be made to four
members of the Senate Codes Committee and $1,500 to
members of the Assembly Codes Committee to effect the passage of the bill which makes it a misdemeanor for any association or corporation dealing in stocks or secueties to refuse
to place any stock or security on its list on the ground that
the certificates were not engraved or printed by any particular firm or corporation. The bill is designed to prevent
the New York Stock Exchange from discriminating against
the New York Bank Note Co. Mr. Kendall also charged
that $250 was paid to Samuel Lewis Jr., a clerk in the Senate
Revision Committee, for drawing up the bill. After the
allegations were presented to Governor Sulzer by Mr. Kendall the resignation of Senator Stilwell was requested by the
Governor, on Tuesday, the 1st inst. Mr. Stilwell, however,
refused to tender his resignation and asked for a full investigation of the charges. Mr. Lewis's resignation was
asked for and tendered during the week. The bill in question was introduced by Senator Stilwell on February 27 and
reported by the Senate Codes Committee on March 27.
It was introduced in the Assembly by Assemblyman Knott on
March 10, and on Monday night of this week was advanced
to the order of third reading. The Judiciary Committee,
before which Senator Stilwell will be tried, will merely hear
the testimony in the case and transmit the facts to the
Senate for decision. Pending the investigation the Senator
M.regigned as a member of the Judiciary Committee and
has been excused from attending the sessions of the Senate.
—The bill designed to prevent brokers from doing business
after insolvency, and also prohibiting the hypothecating of
customers' securities, was passed by the Senate at Albany
on the 1st inst. The bill passed the Assembly on March 25.
—The bill prohibiting the Stock Exchange from preventing
Its members from dealing with members of other exchanges,
which passed the Assembly on the.25th ult., was favorably
reported by the Senate Codes Committee on the 2nd instt
—Despite the objections voiced against the Jackson "Full
Crew" bill, at the hearing last Saturday, Governor Sulzer
of New York signed the bill on March 31. A similar measure
passed by the New Jersey Legislature, and known as the
Egan "Full Crew" bill, was signed by Governor Fielder on
the 1st inst. The New York bill requires trains of more than
25 cars to carry,in addition to the engineer, fireman and con-




[VOL. xcvr.

ductor, at least three brakemen; trains, not freight, of more
than five cars to carry at least two brakemen, and a passenger
train with a baggage car to carry not less than two brakemen.
Violation of the law,which goes into effect September 1,will
render the railroad company liable to a fine of not less than
$100 and not more than $500 for each separate offense.
A "full crew" law is already in operation in Pennsylvania.
In a public argument against the New York and New Jersey
bills submitted, preliminary to their approval,by the Presidents of the various roads affected by the legislation, it was
stated that "an absolute waste of $2,000,000 per annum in
New York and of $500,000 per annum in New Jersey will
result if these bills are enacted into laws. This money must
be provided by the public in payment of freight and passenger
charges. It must be charged out Of the running expenses
of the railroads and prevents to just this extent real improvements,such as removal of grade crossings, signals and other
measures,which add to the comfort and safety of the public".
This protest emanated from Presidents Samuel Rea of the
Pennsylvania; W. C. Brown of the New York Central;
C. S. Mellen of the New England Lines; W. H. Truesdale of
the Delaware Lackaware & Western; E. B. Thomas of the
Lehigh Valley; Ralph Peters of the Long Island, and L. F.
Loree of the Delaware & Hudson. There was furthermore
addressed to Governor Sulzer an open letter, signed by the
foregoing and in addition by President Underwood of the
Erie and President Noonan of the Buffalo Rochester & Pittsburgh,in which they said:
The following railroad companies, representing substantially all the mileage of the State, who oppose the said bill because it arbitrarily fixes by statute the number of employees on each train, without considering actual operating conditions, believing that the decision of this important question should
be left to the Public Service Commissions(who,as we are advised by counsel
now have the power to make this decision, and have exercised that power),
very respectfully request you to veto the bill. In lieu of its enactment we
will join you in requesting said Conmmissions to institute an inquiry as to
the number of trainmen necessary in their judgment to insure safe and
efficient operation of all trains...
If those who favor the "Full Crow" bill fool that the Public Service
Commissions have not sufficient authority to issue orders specifying the
number of employees on trains, we will co-operate in securing the passage
of an Act for that purpose.

Among various other opinions as to the uselessness of the
bill, a communication from A. L. Mohler, President of the
Union Pacific RR., was also presented, this stating that
"this bill has been recently defeated in Kansas, Nebraska,
Colorado, Wyoming and Utah, for the reason that it produced an additional tax upon the people and the railroads
without one scintilla of benefit in the way of safety or
protection to property."
A memorandum justifying his action in signing the bil
was issued by Governor Sulzer on Monday, this in part
saying:
This bill provides, in substance, that railroads running through Now
York State shall have their trains suitably manned by a sufficient number
of competent men to.prevent wrecks, protect property and conserve human
life and limb.
It is a most important measure and I have given the subject matter careful consideration with a view to doing substantial justice to all concerned
and promoting the greatest good for the greatest number.
Similar bills have passed the Legislature before, but did not meet with
executive approval, because it was believed the Public Service Commission
has power to remedy the evils of which complaint has frequently been made.
The only objection to the measure on the part of the railroads appears
to be that it will increase to some extent the cost of operation by reason
of the fact that a few more men will have to be employed on some of the
trains. The same objection could be urged with equal force to any improvement in the method of railroad operation.
My Judgment is that the conservation of human life and limb is as important to the people as a little additional expense in the operation of
these common carriers. The State, for its own welfare, has the right to
demand the employment upon railroads of every safety appliance, whether
mechanical or human, in the interest of life and limb and greater safety
standards.
The bill, in my opinion, is not unjust to the railroads, but a justice to
the railway employees and to the much concerned traveling public.

The publication in the New York "Times" on Tuesday of a
letter said to have been written on November 3 1912 by John
Fitzgibbons, Legislative Representative of the Brotherhood
of Railroad Trainmen,in which Governor Sulzer was quoted
as saying that if he were elected he would sign the "full crew"
bill and would aid in securing its passage, resulted in the
introduction in the Senate on the 1st inst. of a resolution
directing attention to the Governor's oath that he had not
made any promise to influence the giving or withholding
of a vote; the resolution, which was presented by Elon R.
Brown, and was immediately adopted by the Senate,stipulates that the matter be referred to the Judiciary Committee
to decide whether any action should be taken relative thereto
by the Legislature. Governor Sulzer not only denies having
made the statements attributed to him in the circular letter,
but, according to the press dispatches on Thursday,'he
declares that Mr. Fitzgibbons assures him that the latter

APR.5 19134

THE CHRONICLE

never made any of the statements contained in the communication.
The New Jersey "Full Crew" bill, we learn from the Jersey
City "Journal," requires a crew of six men upon freight
trains of more than 30 cars, adding another brakeman to
the crews already carried on such trains; on freight trains
of less than 30 cars the crew must comprise not less than five
men, as at present, consisting of engineer, fireman, conductor,one flagman and one brakeman. Passenger trains of not
more than three passenger cars and one baggage car shall have
a crew of not less than five persons, electric trains of not more
than three passenger coaches shall carry a crew of not less
than four men. On passenger trains of four or more passenger cars and one baggage car the crew must consist of six
men, except that on electric trains of four or more passenger
coaches the crew shall consist of not less than five men. The
Act does not apply to any passenger train of less than three
cars.
Gov. Lee Cruce of Oklahoma is reported to have vetoed
a "Full Crew" bill.
—The appointment of a commission of five which is to
be charged with the work of revising the banking law of
New York State is authorized under a bill introduced at
Albany on the 25th ult. by Senator Pollock. A recommendation to this effect was contained in the report of Gov.
Sulzer's Commission of Inquiry, which was presented to the
Legislature on the 24th. At the instance of the Governor
an investigation into the affairs of the failed Union Bank
of Brooklyn Borough was conducted by this Commission,
and its suggestion that a revision of the banking laws be
undertaken is an outgrowth of that inquiry. In its report,
as quoted in part in the New York "Times," the Commission
says:
In making our investigation it became evident that the failures of so
many State banking institutions resulted not only from remissness in the
execution of law by past administrations, but also from defects in the law
itself. It also appears that, while efforts had been made from time to time
to remedy these defects, the result of this desultory legislation was not satisfactory, and many defects still exist.
In order that the State of New York may have a clear, concise and comprehensive banking law adapted to present conditions of finance, we recommend that the Superintendent of Banks be authorized to appoint a
commission of five or more persons having a technical knowledge of banking
law and a practical knowledge of present banking methods to revise the
banking laws and submit to the next Legislature a complete and comprehensive statute which will eliminate the abuses that have existed in the
past and prevent any recurrence of such conditions as led to the failure
of the Union Bank of Brooklyn and other institutions. While the commissioners themselves should serve without pay, we recommend that the
sum of $50,000 be appropriated for the purpose of paying the expenses
of such commission and the employment of expert assistants. If this recommendation is adopted we believe that the banking law of the State of
New York will hereafter servo as a model, not only for the future laws of
other States, but to some extent for the National Government.

A series of bills intended to correct defects in the banking
law pending its general revision was submitted to the Legislature this week.
• —Roger W. Babson, President of the Babson Statistical
Organization, Wellesley Hills, Mass., and Vice-President
of the Gloucester Safe Deposit & Trust Co., the Manchester
Trust Co. and the Rockport National Bank, was entertained
on March 19 at Paris by officials of the French Government.
There were twenty guests present, and the Prefect of
Paris presided. Among those present were M. Y. Guyot,
Minister of Public Works, and M. Lucien March, Chief of
Statistics of France. After the dinner Mr. Babson spoke
of his plans for the organization of an international institute
for measuring the real growth of nations.
—The Guaranty Trust Co., of this city, will open its new
bank building on the southeast corner of Broadway and
Liberty Street on Monday morning. Here the company
has erected a monumental building which will rank with the
best individual bank structures in this country. Every
physical modern convenience which can facilitate the
banking business of its twenty-two departments has been installed so as to increase the working efficiency of its entire
organization to the highest point of perfection. The exterior design is simple and dignified, the building rising six
full stories—an almost unbroken granite wall from sidewalk
to cornice. The facade on the Broadway and Liberty Street
sides are decorated with Ionic colonnades. The building
has entrances from three streets, the main entrance being
onlBroadway; another allows direct access to the banking
rooms from Cedar Street through a court adjoining the New
York Clearing House, while from Liberty Street one enters
the:elevator lobby which serves the upper floors and through
which there is an entrance to the rear of the banking room.
Theimain banking room is over a quarter of an acre in area
and is fifty -two feet high. It is floored with Knoxville




991

marble with inlaid panels of Roman mosaic of a design and
character not heretofore employed in this country and for
the equal of which one must go to those fragments of antique
pavements preserved in Pompeii or in the Vatican. The
walls and columns are of Hauteville, a warm buff-colored
marble from France. The ceiling, painted in blue,gold and
marble tones by Garnsey, supplies the only positive touch
of color in the decorations of the room. Situated in the
centre of the main floor is a group of departments comprising
the "island" enclosing the loan department, paying tellers,
collection department and pass-book window. From the
center of the "island" an elevator drops to the great safedeposit establishment in the basement. All cash handled by
the various tellers and all loan securities can be transferred
to the vault without being exposed in the public space.
In the beautifully modeled marble of the counter screen
of this "island" are disks representing a selection of more
than twenty of the best Greek coins, which for beauty of
design and execution have not been equaled or approached
in all the centuries since. These coin designs are used in
the bronze panel of the counter screen and in the bronze
work of the vestibule and doors symbolizing banking, commerce and exchange. The character of the architecture
of the exterior of the building and the general banking room
is Roman,the counter screen and bronze work is Renaissance,
although four distinct designs of columns are used in the
counter screen rather than one uniform column,for the sake
of enhancing the artistic interest of the work. In other
particulars the same rule has been applied. The officers
of the company occupy platforms on either side of the main
banking room and also directly in front of the "island"
across the floor from the Broadway entrance. The first
desk on the left is occupied by President Alexander J.Hemp.
hill while Vice President Charles H. Sabin has the first
desk on the right. The bond department occupies the full
width of the rear of the banking room. On the mezzanine
floors, hid from public view, are conference rooms, also
filing department, the archives room and special room for
stenographers, with private elevator connecting all departments. The foreign department is located on the Cedar
St. side of the building, the coupon department in the rear,
the transfer, reorganization and registration departments
also occupy space on the second floor above the Liberty
Street side. The spacious board room is on this same floor
running across the Broadway front. There are fourteen
conference rooms besides the board room for the use of outof-town visitors or customers. The trust department is on
the third floor and also the commercial book-keepers and
auditing departments. The credit and publicity departments occupy adjoining offices on the sixth floor and in the
entire front of this floor are the dining room and kitchens
where the employees will receive substantial luncheons
daily. On the ninth floor is the photostadt for the quick
photographic reproduction of valuable papers, etc.; also an
incinerating plant for the cremation of expired bonds and
other papers that are to be destroyed. Some other features
are: convenient drinking fountains throughout the building,
furnishing pure filtered cold water, instant communication
between distant parts of the building by means of pneumatic
tubes, a double telephone system whereby both inside and
outside connections may be made on the same telephone
at the same time, the modern ventilating system which
washes the air, and then cools or heats it as necessary, a
news bureau containing a financial library, and ample
locker rooms, etc., with shower baths in the basement.
Practically every piece of furniture has been designed to
meet the requirements of the trust company's work. The
tops of the counters and many of the desks of employees
have been finished with a cork surface on which light cannot
reflect or will the surface show scratches. Cork floors have also
been used extensively in a number of the banking rooms on
the second and third floors. Down under the building in the
basement and sub-basement is the immense vault, which the
company considers the strongest in the world. It is two
stories high and contains nearly three-quarters of a mile of
lineal feet of shelf space.
—George W. Quintard, a director of the Mechanics &
Metals National Bank of this city, and a trustee of the Atlantic Mutual Insurance Co., died on the 2d inst. in his
ninety-first year. Mr. Quintard was formerly interested
in the Morgan Iron Works, and after disposing of that interest established the Quintard Iron Works, the active management of which he relinquished a few years ago. Besides
serving on the boards of the two institutions referred to

992

THE CHRONICLE

[VOL. xcvx.

above, Mr. Quintard was a trustee of the Manhattan Sav—Reports that negotiations had been entered into with
ings Institution and a director of the Manhattan Life In- the view to the consolidation of the Merchants'
National
surance Co.
Bank and'the National Bank of Commerce of Boston are
—Charles Henry Mattlage has been elected to the direc- denied by their respective presidents.'
torate of the Fidelity Trust Co. of this city to succeed his
—A merger between the West End Trust Co. and the
father, the late Charles F. Mattlage.
Independence Trust Co. of Philadelphia was agreed on by
—The International Banking Corporation has declared a the directors on Wednesday of this week, and, with
the
dividend of 2M%, payable May 1 to holders of record April endorsement of the stockholders, is to become effective on
15, placing the stock on a 5% per annum basis. The last May 1. Both institutions have a capital of $1,000,000 each
ft semi-annual dividend was paid on October 10, 1907, when in shares
of $50. The Independence Trust Co. was organized
2% was distributed.
in 1889 and has deposits of about $2,225,000. The West!End
—Joseph Byrne, Cashier of the Merchants' National Bank Trust Co. dates from 1891; its deposits amount to $4,175,000.
of this city was elected a director and Vice-President of the It is understood that the latter name will be retained by the
Institution on the 3rd inst.
consolidated institution. Henry A. Doan is at the head of
—Julius Kruttschnitt, Chairman of the Executive Com- the West End, while Charles B. Dunn is President of the
mittee of the Southern Pacific Co. has been elected a director Independence Trust Co., of which Rodman Wanamaker is
Vice-President.
of the Harriman National Bank of this city.
—Alexander Dunbar, who had been Cashier of the Ex—The State Bank of this city will open a branch at 7 West
26th Street about May 15; the new quarters will be known as change National Bank of Pittsburgh since June 1909, retired
its Madison Square Branch. The institution is also pre- from that office on the 1st inst. to accept a similar post with
paring to open a branch in the Bronx in the Knickerbocker the Bank of Pittsburgh, N. A., succeeding W.F. Bickel, who
Building, which it owns, at Westchester and Union avenues has been elected a Vice-President of that institution. J. P.
McKelvey, heretofore Assistant Cashier of the Exchange
and 158th Street.
—A settlement made with the creditors of Blair Brothers National,succeeds Mr. Dunbar as Cashier, and P. D.Beatty,
of this city, who assigned Sept. 30, at 100 cents on the dol- Second Assistant Cashier, takes the place of Mr. McKelvey
lar, in notes of 33 1-3% each, payable in one, two and three as Senior Assistant Cashier. F. M. Polliard and D. B.
years, was confirmed by Judge Mayer of the Federal District Carson become assistant cashiers of the Exchange National.
Court on the 31st ult. The assets are to be turned over to In the Bank of Pittsburgh, J. M. Russell, Assistant Cashier,
a committee of creditors consisting of P. G. Stamm, H. C. Er's been elected with Mr. Bickel to a vice-presidency.
Canavan and J. H.Burkhard. The schedules in bankruptcy George F. Wrigle Auditor, has been made an Assistant
filed in November showed liabilities of $135,667 and nominal Cashier, while Frank D. Young takes Mr. Wright's place as
Auditor.
assets of $63,834.
—On the 16th inst. application will be made for a charter
—Group No. 7 of the New York State Bankers' Association, which includes bank officials in Brooklyn and Long for the First-Second Savings & Trust Co. of Pittsburgh, which
Island, will hold its annual dinner on the 19th of this month is to be organized as an adjunct of the recently consolidated
First-Second National Bank of that city. The new company
at the Hotel Astor.
—Stephen M. Clement, President of the Marine National will occupy the handsome banking quarters left vacant by the
Bank of Buffalo, N. Y., died at Atlantic City on March 26, Second National, as indicated in our issue of Mar. 22. The
after nearly two years' illness. Mr. Clement, who had re- merger proceedings of the First and Second national banks
cently gone to the New Jersey resort in the hope of bene- were also outlined in that number.
—A. II. Trimble, President of the Manchester Savings
fiting his health, suffered from acute heart trouble, with which
he had been stricken in July 1911. It was on account of his Bank & Trust Co. of Allegheny, has retired from that office
impaired health that a large portion of his holdings in the because of the pressure on his time as President and Manager
bank were taken over last January by Seymour H. Knox, of the Humboldt Fire Insurance Co. Mr. Trimble has been
Vice-President of the Columbia National Bank of Buffalo, retained as a Vice-President. The new President of the
this transfer being followed by the election of Mr. Knox as Manchester Savings Bank & Trust Co. is G. C. Gerwig,
a director of the Marine. Mr. Clement became President heretofore Cashier of the Bank of Secured Savings of Pittsof the Marine in 1895; he entered the institution in the early burgh. In addition'to Mr. Gerwig, three others were elected
eighties and before becoming its chief executive had served directors to fill vacancies, namely H. W. Fisher, H. G. Rose
as both Assistant Cashier and Cashier. His father had be- and M. W. Stoner.
fore him long been identified with the management of the
—On Mar. 26 the Western National Bank of Baltimore
bank. The senior Mr. Clement's connection with the insti- held a. public reception in its remodeled building at 14 N.
tution dated from 1869, when he became its Cashier, and he Eutaw Street. The quarters have undergone extensive alheld the presidency from 1881 until his death in 1892. terations and improvements, the exterior presenting a
It was during the younger Mr. Clement's administration marked change, the brick front being replaced by an ornate
that the bank was changed (in 1902) from a State to a na- marble front. The main banking room has been enlarged
tional institution. Stephen M. Clement assisted in the for- and is otherwise remodeled and provided with modern equipmation of the Buffalo Clearing-House Association in 1888, ment. A new steel vault also forms part of the added faciliand since 1892 had been Chairman of the Clearing-House ties. Charles E. Rieman is President of the bank, which has
Committee. He was President and Treasurer of the Buf- a capital and surplus of $500,000 each and profits of $75,000.
falo Steamship Co., Vice-President of the Rogers-Brown
—The question of increasing the capital of the Market
Iron Co., a director of the Power City Bank of Niagara Falls,
Bank Co. of Toledo from $100,000 to $200,000 will
Savings
N. Y., a director of the Ontario Power Co., &c. Mr. Clement was in his fifty-fourth year at the time of his death. be submitted to the stockholders for approval at a meeting
A son, Norman P. Clement, is an Assistant Cashier of the on April 28.
—The stockholders of the Swedish-American State Bank
Marine National.
—Arthur D.Bissell, President of the People's Bank of Buf- of Chicago, the organization of which was undertaken last
falo, with other business associates, is reported to have pur- year, have decided to change its name to the Capital State
chased the Marine National Bank building on the southwest Savings Bank. The institution is scheduled to begin business
corner of Main and Seneca streets. The Marine National will about May 15. It has been formed with a capital of $200,vacate this site and move into its new structure on the oppo- 000.
—Adequate provision is being made by H. M. Brown,
site corner about May 1,and it is expected that eventually the
People's Bank, which is now located at the southeast corner Secretary of the Michigan Bankers' Association, forIthe
of Main and Seneca, will occupy the present quarters of the accommodation of the Michigan bankers and their guests,
who will assemble at Lansing for the twenty-seventh annual
Marine National.
—A third dividend of 15% was paid on Mar. 18 to the convention on June 10, 11 and 12. Benjamin F. Davis,
creditors of the failed Bank of Wayne at Lyons, N. Y. President of the City National Bank of Lansing, is President
Two previous dividends have been paid since the bank's sus- of the Association.
pension on Nov. 9 1910—one of 50% in April 1911 and the
—Control of the First State Bank of Oklahoma City, Okla.,
other of 25% in July 1911. The 15% dividend just paid is reported toihave recently passed to interests in the:Comaggregates $10,749, and, with the earlier payments, covers merce Trust Co. of Kansas City, Mo. The State Bank will
all but 10% of the liabilities, which at the time of the failure operate under its present capital of $61,000. William T.
amounted to $78,412.
Kemper and R. C. Menefee, President and Treasurer,




APR. 5 1913]

THE CHRONICLE

993

respectively, of the Trust Co., are the new owners of the ployees of the Whitney Central National Bank, the Whitney
bank. S. A. Berry of Fort Worth is expected to succeed Central Trust & Savings Bank and the Carrollton Branch of
the Whitney Central Trust & Savings Bank.
C. F. Elerick in the presidency of the First State Bank.
-The Commercial National Bank of New Orleans is another
-In announcing the declaration on Mar. 25 of the quarwhich has provided for the insurance of its em.
institution
the
of
for
first
share
the
quarter
per
50
$2
of
dividend
terly
year, the directors of the National Bank of Commerce in ployees; for more than three years, it is stated, it has been
St. Louis state that the board, by unanimous vote, has carrying insurance policies for each if its employees.
-We learn from the monthly financial letter published
deemed it wise to reduce the dividends hereafter to the rate
of 8% per annum. This, it is stated, has been decided upon by the Anglo and London Paris National Bank of San Fran"in order that we may have a considerable amount with which cisco that the work on the Panama-PacificExposition is proto build up an increased reserve of undivided profits to the gressing most favorably. The letter says:
With two full years before the opening of the Exposition the reclamation
amount of at least $1,000,000 more than we had Jan. 1 1913.
work and seawall are completed, sewerage, service and high-pressure fire
We believe we will be able to do this in a reasonably short protection water systems, bulkheads, wharves and, in fact, all the ground
time." The bank has a capital of $10,000,000. Its surplus installations are well under way. The service building is completed and
It is evident even to the casual observer that no construction
on Feb. 4 was $2,000,000, and its undivided profits at that occupied.
work remains to be done which cannot be completed as promised nine
deposits
were
the
date
$200,213. Under the February report
months before the opening of the gates. That will give ample time for
were $54,829,826, while the aggregate resources were the leisurely installation of machinery and exhibits before opening day
without interference with the parking and other work for the embellishment
$75,984,134.
of the grounds, which in fact is already in progress.
-The Commercial Trust 86 Savings Bank of Memphis,
-J.F. Bunn,an Assistant:Cashier of the All Night & Day
Tenn., has taken steps toward increasing its capital from Bank of Los Angeles, has been elected to succeed H.P.Spen$250,000 to $500,000. Two-fifths of the increase,or $100,- cer, resigned, as Cashier of the City & County Bank of that
000, has been sold to old stockholders at par, while the re- c.
maining $150,000 has been disposed of to the public.at $300
-W.E. Johnson, President of the Nevada Bankers' Assofor each $100 share. The bank is planning to erect a new ciation and Vice-President of the John S. Cook & Co. Bank
building to cost about 81,000,000 and work will be started
of Goldfield, Nev., was elected a director and Vice-President
on its construction about Sept. I. The necessary funds for of the Merchants' National Bank,San Francisco, on the 13th
its erection will be supplied from the surplus.
ul
-An order has been issued to the receivers of the defunct
-The Bank of Montreal, head office Montreal, Canada,
Virginia Safe Deposit & Trust Corporation of Alexandria,
that it has opened a second office in London, Engannounces
authorizing
Va., by Judge Barley in the Corporation Court,
new branch is located in the West End of LonThe
land.
the payment of a 5% 'dividend to the depositors of the
Place, Pall Mall, S. W., situated in the
Waterloo
9
at
don
failed institution. This,it is stated,is the third distribution,
hotel and shopping district. American
club,
the
of
centre
and brings the dividend payments up to 35%. It is believed
of credit and travelers' checks issued
letters
holding
travelers
that this will be the last dividend to be paid to the creditors.
by this bank will find the new office a great convenience, on
The institution suspended in December 1910.
account of its close proximity to the principal hotels, steam-The consolidation of the Lynchburg National Bank and ship and railroad offices. The bank's other London office
the National Exchange Bank of Lynchburg, Va., was rati- is at 47 Threadneedle Street.
fied by the stockholders of the two institutions on the 1st
-W.I. Gear,a director of the Crown Trust Co. and Vice..
inst. The merger goes into effect on Tuesday next, when
of the Robert Reford Co., Ltd., both of Montreal,
President
the National Exchange will surrender its charter. The unithas been elected a director of the Bank of Toronto (- head ofing banks each has a capital of $250,000.
fice Toronto), succeeding the late Robert Reford.
-In order to handle properly its increasing business, the
City Bank & Trust Co. of Mobile, Ala., has secured the lot
OF GOLD AND SILVER AT
adjoining its building on Royal Street,, and is erecting an MPORTS AND EXPORTS
SAN FRANCISCO.
addition which, when completed, will give the enlarged
The Collector of Customs at San Francisco has furnished us
structure a total frontage on Royal Street of 73 feet, as against
only 23 feet, the width of its present home. Two more stories this week with the details of the imports and exports of gold
will also be added to the old building, making it eight stories and silver through that port for the month of February,and
high. With the entire banking room and offices remodeled we give them below in conjunction with the figures pre
and improved, the reconstructed quarters will be among the ceding, thus completing the results for the eight months of
finest in the South. The City Bank & Trust Co.has a capital of the fiscal year 1912-13.
$500,000, surplus and profits of $519,455, deposits of $4,IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.
847,722 and aggregate resources of over $6,000,000. E. J.
Sliver.
Gold.
Buck is President, P. J. Lyons and George A. Tonsmeire
Months.
Total.
Bullion.
Coin.
Total.
Bullion.
Coin.
Vice-Presidents and A. C. Tonsmeire Cashier.
1912-13.
-G. C. Street Sr. of the firm of G. C. Street & Co., com- July
39,807
45,061
5,254
195,341
195,341
53,717
53,717
223,755
223,255
500
mission merchants, of Houston, Tex., was elected President August
30,600
30,600
178,565
178,565
September_
91,100
443,300
352,200
of the National Bank of Commerce of that city on the 25th October
513,287
253,993
259,294
16,995
16,995
62,723
51,639
November
11,084
ult., to succeed the late 0. T. Holt. J. C. Hutcheson Sr. December
44,609
37,709
6,900
290,187
290,187
35,647
35,647
136,784
129,784
107,000
was elected Vice-President and a director, and Mrs. 0. T. January
104,622
107,222
2,600
3,108
174,873
February
177,981
Holt, widow of the former executive, was elected to succeed
366,954
410,197
777,151
mos.
280,986 1,497,637 1,778,623
8
Total,
him on the directorate. The institution is less than a ;year
old, having opened for business on July 15 last. It has a 8 mos. 1911-12 1,866,095 1,309,352 3,176,047 446,648 446,462 893,110
capital of $500,000.
EXPORTS OF GOLD AND1SILVER FROM SAN FRANCISCO.
-The Trust Company of Georgia at Atlanta, which for
Silver.
Gold.
the past year has been paying 8% to its stockholders, payaMonths..
Bullion.
Total.
Coin.
Bullion.
Total.
Coin.
ble semi-annually, has increased the yearly rate to 10%, the
payments hereafter being quarterly. The first _quarterly
$
$
s
$
s.
$
1912-13.
840,487
S
840,487
dividend is payable to-day, the 5th inst. The inaitiftTon July
7,150
400,631
407,781
August
1,000
508,997
508,997
1,000
September_ _ _ _
has a capital of $1,000,000.
1,500
1,154,572 1,154,572
1,500
October
103,790
1,122,662 1,122,662
103,350
440
-The Whitney Central National Bank of New Orleans Novenber ____
500
1,001,089 1,001,089
500
December ____
has put in force a pension plan and death-benefit fund in the January
1.000
1,426,975 1426,975
1.575
575
1,600
1,600
1,080,259 1,080,259
February
interest of its employees. According to the "Picayune,"
7,150 7,535,672 7,542,822
105,950
4,015
109,963
Total,8 mos.
the system adopted retires all employees of the bank at the
age of sixty years, a liberal pension being provided in each 8 mos. 1911-12
17,000 5,894,985 5.911,985
7,330 1,990,707 1,998,037
t ..i •.,
____
case, based upon the length of service. The death benefit
is likewise based on the years of service and is payable to the
widows and children of the employees. It is stated that to
IMPORTS AND EXPORTS FOR FEBRUARY.
carry out the insurance feature and ",to-protect the pension
The Bureau of Statistics at Washington has issued the
fund, a policy on the life of each employee is carried in the
Pan-American Life Insurance Co. The system will be under statement of the country's foreign trade for February, and
the control of the bank and will be maintained:without any from it and previous statements we have prepared the tel
xpense on the part of the employees. It will cover all em- lowing interesting summaries:




994

[VOL. xcn.

THE CHRONICLE

FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all cases omitted.)
MERCHANDISE.
Exports
Imports
1912.
1913.
1911.
1913.
1912.
1911.
January --- $227,033 $202,446 $197,083 $163,064 $143,586 $130,561
198,844
February --- 194,026
175,957
149,569
134,188
121,695
205,412
March
161,933
157,577
139,042
April
179,300
157,988
162,571
119,827
May
175,380
153,152
155,698
129,814
June
138,234
141,707
131,031
122,807
July
148,885
127,697
148,667
118,054
August
167,845
144,185
154,757
125,945
September_
199,678
195,799
144,820
125,172
October
254,634
210,366
177,988
132,606
November
278,244
201,753
153,095
126,162
December
250,316
224,907
154,095
140,674
Total

$2,399,218 $2,092,527
GOLD.
Exports
1913.
1912.
1911.
$17,238
$1,915
$924
12,373
10,589
425
7,454
505
1,817
1,506
4,451
6,817
7,171
3,075
7,265
2,178
2,498
481
568
2,353
3,984
330
13,941
2,710
657
994

ft
January ...._ _
February -March
April
May
June
July
August
September_
October
November
December
Total

$47,425

January
February March
April
May
June
July
August
September...
October
November
December

Exports
1912.
$6,028
5,122
5,806
4,941
6,726
5,046
6,591
6,077
6,011
6,172
5,834
7,608

1913.
$6,436
5,314

$1,818,073 $1,532,359
1913.
$6,210
5,357

Imports
1912.
$5,141
2,937
4,336
3,893
3,347
5,611
3,748
5,577
4,201
11,887
4,474
11,397

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

$66,549

$57,445

Imports
1912.
$4,358
3,781
3,712
4,189
4,345
4,880
3,436
3,952
3,649
4,684
3,417
3,998

1911.
$3,551
3,898
3,197
4,252
3,556
3,506
3,921
3,653
4,162
3,404
3,339
3,307

$37.183
SILVER.
1911.
$5,651
4,453
6,897
7,610
5,054
5,778
5,275
4,870
4,940
5,087
5,052
5,997

1913.
$4,201
2,480

Total

$71,962
$65,664
$48.401
$43,746
EXCESS OF EXPORTS OR IMPORTS.
Merchandise- -Gold
Silver
1913.
1912.
1913.
1912.
1912.
1913.
1911.
January --- +563,969 +558,860 +566,522+511,028 -$3,226 +52,235 +51,670
February ---+44,457 +64,656 +54,262
7,016 +7,652 +2,834 +1,341
March
+3.118+2,094
+47,835 +22,891
April
-2,076
+752
+16,729 +38,161
May
+1,104
+2,381
+19,682 +23,338
+1,560
June
+7,203 +18,900
+166
July
+3,517
+9,643
+218
+3,155
-3,079
August
+13,088 +18,240
+2,125
-3,633
+54,858 +70,627
September__
+2,362
+76,646 +77,760
October ____
-11,557
+1,488
November....+125,149 +75,591
-1,764
+2,407
+96,221 +84,232
December_
-10,740
+3,610
Total

+5581,145+5560,168

-319,124

-$23,561

+ Exports. -Imports.

Totals for merchandise, gold and silver for eight months:
Merchandise.
Eight
Excess
Mona,
Imof
Ex(000
Exports. Exports ports.
Omitted) ports.
1912-13 1,720,661 1,246,054 474,607
1911-12 1,505,997 1,046,388 459,609
1910-11 1,434,540 1,015,736 118,804
1909-10 1,209,245 1,021,312 187,933
1908-09 1,157,803 816,153 341,650
1907-08 1,356,848 841,641 515,207

Gold.

Silver.

Excess
tinExof
ports. Exports pons.

Excess
Imof
ports. Exports

$
$
43,639 52,851 /9,212 50,042 29,818 20,224
36,436 31,751 4,685 42,371, 29,924 12,447
10,607 55,181/44,574 40,4111 31,426 8,985
78,147 29,146 49,001' 37,311 30,719 6,600
44,424 30,865 13,559 35,718 28,257 7,461
21,327;135,5761114249 40,664 30,591 10,073
1
1

1

I Excess of imports.

Similar totals for the two months since January 1 for six
years make the following exhibit:
Merchandise.
Two
Months
(000
omitted)

Exports.

lieports.

1913___
1912___
1911_
1910___
1909___
1908___

421,059
401,291
373,040
269,019
282,765
373,871

312,633 108,426
277,775 623,516
252,256 120,784
263,788 5,2311
222,231 60,534'
169,750 204,1211

Gold.

Excess
of
ExExports ports.

Silver.

Exam
Imof
Exports. Exports pons.

Excess
Insof
ports. Exports

29,611 11,567 18,044 11,750
12,504 8,078 4,426 11,150
1,349 15,347113 ,998 10,104
9,100 5,194 3,906 9,086
16,726 6,997 9,729 9,395
2,412 13,646111 ,234 8,257

6,681
8,139
7,449
7,403
7,174
7,074

5,069
3,011
2,655
1,693
2,221
1,183

March.

Three Months.

Clearings at1913.

Inc. or
Dec.

1912.

$
$
San Francisco- 221,426,208218,137,049
Los Angeles-- 108,214,599' 93,242,804
Seattle
55,940,283 50,200,357
Portland
59,119,791 54,836,324
Salt Lake City 23,582,469 33,409,478
Spokane
17,930,743 18,359,175
Tacoma
13,513,805 19,893,468
Oakland
16,731,472 16,097,870
Sacramento
8,389,983 6,524,711
San Diego..
12,695,548 11,183,366
Stockton
3,606,359 3,211,866
Fresno
4,098,541 3,647,152
San Jose
2,711,921 2,415,901
North Yakima 1,827,4851,918,506
Pasadena
4,783,640 3,515,886
Boise
2,600,000 2,994,107
Reno
1,155,989 1,049,970
Ogden
2,601,357 2,460,969

1913.

%
+1.5
+16.1
+11.4
+7.8
-29.4
-2.3
-32.1
+3.9
+28.6
+13.5
+12.3
+12.4
+12.2
-4.7
+36.1
-13.2
+10.1
+5.9

Total Pacific 560,930,191 543,098,958

Inc. or
Dec,

1912.

$
$
%
664,066,851 650,327,393 +2.1
318,478,379 273,325,504 +16.5
152,962,059 136,771,278 +11.8
151,223,909 141,448,519 +6.9
79,115,540 101,419,589 -22.0
51,998,029
53,384,238 -2.6
55,227,627 -36.7
34,961,590
49,621,961 -0.5
49,353,713
19,546,852 +26.1
24,645,016
30,934,166 +21.2
37,493,425
9,787,012, +11.3
10,892,218
13,304,447
10,492,768 +26.8
8,175,895 +4.0
8,506,379
4,937,734 -2.8
4,800,328
13,727,209
11,320,240 +21.3
9,367,136
10,203,040 -8.2
3,393,331
3,287,638 +3.2
8,275,162
7,738,328 +6.9

+3.3 1,636,564,721 1,577,949,782

Kansas City 229,959,400 204,496,533 +12.6
Minneapolis
98,768,751 82,949,599 +19.1'
Omaha
79,600,000 72,810,120 +9.3
St. Paul
49,592,683 54,504,056 -9.0
Denver
41,104,354 36,374,163 +13.0
St. Joseph_ _ _ _ 37,354,562 36,856,654 +1.4
Des Moines
29.269,632 22,954,402 +27.5
Sioux City.- 17,086,990 16,000,653 +6.8
Wichita
13,895,708 13,548,754 +2.5
Lincoln
8,604,013 7,498,085 +14.7
Davenport
8,739,004 7,383,249 +18.4
Topeka
7,294,224 6,417,205 +13.7
Cedar Rapids_ 9,638,462 7,209,059 +33.7
Colorado Spgs_ 2,939,137 2,820,015 +4.2
Pueblo
2,910,245 2,824,195 +3.0
Fargo
2,218,279 3,340,264 ---33.6
Sioux Falls- 3,700,000 2,394,913 +54.5
Duluth
12,958,489 11,387,396 +13.8
Waterloo
8,275,319 5,993,212 +38.1
Helena
4,791,919 3,549,123 +35.0
Fremont
1,771,159 1,621,535 +9.2
843,446 +19.7
1,009,589
Hastings
1,590,473 1,173,988 +35.5
Billings
1,546,945 1,306,857 +18.4
Aberdeen
3,138,001 2,771,902 +13.2
Joplin
1,423,500 1,403,600 +1.4
Grand Forks

697,085,922
303,093,115
224,103,307
129,542,722
117,055,765
106,371,430
68,675,894
42,778,809
42,949,939
23,729,977
23,114,464
22,221,639
23,671,152
8,053,614
8,918,261
5,996,670
9,544,556
45,090,655
19,975,820
12,664,379
4,479,774
2,674,146
4,713,791
6,034,736
9,932,533
4,313,600

+3.7

640,586,402
246,361,838
208,778,305
142,179,742
114,705,046
103,490,476
57,005,676
37,386,400
42,330,533
21,538,422
20,684,305
20,519,820
16,950,542
8,148,144
8,524,653
9,397,664
6,204,816
34,653,775
15,294,029
10,903,033
4,383,882
2,404,467
3,511,969
3,734,397
8,505,741
4,266,600

+8.8
+23.1
+7.3
-8.9
+2.0
+2.8
+18.6
+14.4
+1.7
+10.2
+11.7
+8.3
+39.6
-1.2
+4.6
-36.2
+533
+30.1
+30.6
+16.1
+2.2
+11.2
+34.2
+61.6
+16.8
+1.1

Tot.oth.West679,180,838 610,432,978 +11.3 1,968,786,670 1,793,350,6671

+9.7

Week ending March 29.

Clearings at1913.
San Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Stockton
Fresno
San Jose
North Yakima
Pasadena
Reno
Total Pacific
Kansas City_ _ _
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Davenport
Topeka
Cedar Rapids_ _ ..
Colorado Springs
Pueblo
Fargo
Duluth
Waterloo
Helena
Fremont
Hastings
Billings
Aberdeen
.

.

.

Inc. or
Dec.

1912.

1911.

1910.

$
43,527,359
20,591,939
11,031,397
10,381,081
4,627,579
4,315,384
2,352,016
3,148,980
1,796,273
2,490,444
653,714
896,494
529,013
377,088
935,010
247,500

$
45,594,979
19,084,878
9,722,064
10,222,513
7,777,199
4,500,000
4,202,602
2,970,015
1,392,698
2,037,129
682,642
700,000
432,132
408,256
750,787
225,000

%
-4.5
+7.9
+13.5
+1.5
-41.9
-4.1
-44.0
+6.0
+29.0
+22.2
-4.2
+28.1
+22.4
-7.6
+24.6
+10.0

$
42,534,400
16,765,293
10,500,000
9,582,398
5,114,872
3,838,520
4,117,187
2,751,854
1,257,446
1,276,736
952,702
550,950
463,000
410,686
838,094
250,000

$
44,345,267
14,407,940
12,737,842
10,127,402
5,677,250
4,257,664
6,062,837
3,359,619
1,316,977
1,250,000
602,897
563,738
468,000
475,138
765,095
240,000

1_107,941,271

110,702,894

-2.5

101,210,138

106,657,626

47,243,971
23,154,296
15,500,000
11,721,804
8,465,147
6,987,919
4,793,043
3,195,936
2,985,140
1,441,282
1,050,000
1,481,396
1,406,194
504,479
612,688
452,227
3,003,294
1,627,482

43,633,324
16,995,026
13,991,815
12,817,811
7,474,130
7,554,783
4,338,764
2,726,952
3,030,980
1,369,704
1,2911,272
1,299,416
1,381,672
750,000
580,790
634,811
2,693,113
1,274,794
839,588
238,199
164,130
291,268
283,911

+8.3
+36.2
+10.8
-8.5
+13.3
-7.5
+10.0
+17.2
-1.5
+5.3
-19.0
+14.0
+1.8
-32.8
+5.5
-28.7
+11.5
+24.6
+55.3
+11.4
-7.0
+ 28.9
+ 30.5

46,337,306
17,175,161
13,945,560
9,009,988
7,372,532
6,706,016
3,770,841
2,451,775
3,102,205
1,306,528
1,488,434
1,315,291
1,028,926
744,000
638,453
579,043
2,110,543
1,090,780
655,015
263,256
184,159
84,015
317,509

50,288,002
21,629,729
16,256,571
12,179,640
9,447,144
7,052,182
4,172,379
3,152,415
2,832,913
1,499,256
1,756,032
1,453,049
1,375,938
800,000
466,759
903,052
3,383,743
1,048,557
732,666
295,700
160,000
218,890
376,612

a1,301,206

265,400
152,667
375,000
370,350
„

1h5,00L, .5.3.)

tLU.3

),)I,.3.JU1tt„

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the three months of 1913 and 1912 are given below.

I Excess ofimports.

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out once
a month. The figures are received by telegraph from other
leading cities.
Clearings-Returns by Telegraph.
Week ending April 5.

1913.

1912.

Per
Cent.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,739,923,762
158,088,878
156,058,780
34,934,039
261,122,448
61,878,097
14,682,992

$1,912,741,178
194,292,435
118,313,629
26,701,951
254,878,993
63,421,699
18,421,235

-9.0
-18.6
+31.9
+30.9
+2.4
-2.4
-20.3

Seven cities, 5 days
Other cities,5 days

52,426,688,996
565,923,418

$2,588,771,120
541,217,923

-6.3
+4.6

Total all cities, 5 days
All cities, 1 day

$2,992,612,414
513,294,617

53,129,989,013
394,507,417

-4.4
+30.1

$3,505,907.031

$3.524.496.460

-0.5

Total all cities for week

Pacific and Other Western Clearings brought forward
fromifirst page.




Descripnon.

Three Months, 1913.
Par Value.
or Quantity.

Actual
Value.

Three Months, 1912.
rAver.1 Par Value.
Price.' or Quantity.

Actual
Value.

Aver.
Price.

St'k Sh's_ _
22,742,337
32,544,734
I
1Val_ _ $2,066,507,450 52,021,348,588 97.852,927,418,050$2,873,629,677 98.2
RR. bonds
137,612,500
134,376,157 97.6, 228,726,500
219,506,974 00.0
304,000
Gov't bds_
314,840103.61
587,000
601,994 102.6
5,128,500
State bds_ _
4,555,070 88.8
6,300,000
6,180,815 08.0
39,700
Bank stks_
84,104211.8
572,497 248.3
230,600
Total..__ $2,209,592,150$2,160,678,759 97.8$3,161,262,150 23,100,491,957 98.1
1

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1913
and 1912 is indicated in the following;
tit
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE,
1913.

1912.

Mth
Number
of
Shares.

Values.
Par.

Actual.

Number
of
Shares.

Values.
Par.

Actual.

$
$
$
s
Jan _ 8,748,973 809,787,8501 800,879,464 10,906,138 970,876,425 958,417,280
Feb.. 6,763,632 617,315,100 600,464,308 7,086,544 621,704,400 602,463,418
Mch. 7,229,732 639,404,5001 620,004,816 14,552,052 1,334,837,225 1,312,748,973
1.,,.,.99 TAO 557.) AAA KAT AKA .3 Aql 112 RCM 5') fi.i. t 75,)
(1)7 Al Q nKn o 2-, non A77

APIL

THE CHRONICLE

5 1913.1

995

The following compilation covers the clearings by months
since Jan. 1.

London,
Fri.
-Wed. Thurs.
Week ending April 4.
Sat.
Mon. Tues.
26-11-16
Silver, per oz
26 7-16 2634
d 26 13-16 2634
2634
d Consols, 234 per cents..._ 74 7-16 7434
74 5-16 7434
74 5-16 7434
MONTHLY CLEARINGS.
d For account
749.16 7434
749-16 7434
74 7-18 7434
d French rentes (In Paris).1r87.6734 87.75
86.4234 86.6234
87.3734 86.95
78
Amalgamated Copper Co_ _ _ 7434
75
75%
75%
34
Clearings
York.
Outside
New
AU.
Clearings, Total
Am. Smelt. & Refining
74
72
7134
72
7234
7334
Month.
b Anaconda Mining Co
834
7%
73(
734
734
734
1912.
1913.
1912.
1913.
Atch. Topeka & Santa Fe_ _ _105
10534
10534
105
10634
10534
Preferred
103
10234
103
10234
103
103
$
$
Baltimore & Ohio
10334
103
104
10394
1033-4
10334
Jan _ _ 16,220,981,572 15,103,490,133 +7.4 6,882,240,368 8,267,908,594 +9.8
Preferred
8534
8534
8534
8534
8534
8534
Feb _ _ 13,594,978.363 12,900,784,278 +5.4 5,800,334,068 5,588,135,914 +3.8 Canadian Pacific
24234
24234
24234
24434
24034
24034
Mch_ _ 14,112,204,430 14,458,844,153 -2.4 8,226,018,520 8,039,889,931 +3.1 Chesapeake dr Ohio
7334
74
7334
7334
733.4
7394
Chicago Great Western
15
18
15%
15
15
1534
let qr_ 43,928,164,365 42,481,118,564 +3.5 18,908,892,954 17,895,934,439 +5.7 Chicago Milw.& St. Paul.-._113
11434
11534
114
11534
11434
2134
Denver & Rio Grande
2134
2134
2134
213
2134
Preferred
36
37
35
36
The course of bank clearings at leading cities of the C011/13534
3534
30
29
2934
2934
2834
2934
try for the month of March and since Jan. 1 in each of the last Erie
First preferred
4734
47
46
4734
4634
4634
Second preferred
3534
37
four years is shown in the subjoined statement:
3534
36
3634
3834
Great Northern, preferred_ _132
132
133
133%
13354
13454
BANK CLEARINGS AT LEADING CITIES.
Illinois Central
124
125
125
128
126
125
13834
139
14054
140
14054
1403-4
March
Jan. 1 to March 31- Louisville & Nashville
Missouri Kansas & Texas_ _ _ Ng
2634
2734
2634
2634
2634
1913. 1912. 1911. 1910. 1913. 1912. 1911. 1910.
(000,0008
Preferred
64
8434
64
6434
6434
6434
$
omitted.
IS
3
$
$
$
$
$
40
3834
3934
39
3934
3934
7,886 8,417 7,622 9,046 25,020 24,565 23,448 28,448 Missouri Pacific
New York
80
60
60
60
60
3,562 Nat. RR.of Mex., let pref
5934
3,408
1,384 1,302 1,288 1,341
Chicago
4,037 3,708
2534
Second preferred
25
2534
2534
2531
2,301
2534
2,154
2,369
692
Boston
784
709
752 2,228
11034
10834
10934
10954
10834
1,943 N. Y. Central Sr Hud. Riv_ _10834
1,890
Philadelphia
2,118
1,997
687
878
682
647
31
31%
3134
3134
323-4
912 N. Y. Ontario & Western... 31
980
980
1,051
St. Louis
335
327
324
333
10834
11034
10934
11034
10834
623 Norfolk & Western
10934
724
635
624
Pittsburgh
212
237
218
227
Preferred
__ _
88
88
8634
559
571
864
850
202
204
San Francisco
229
218
120-34
122
lii-12134
12034
12034
317 Northern Pacific
342
336
323
110
108
Cincinnati
115
109
61
8034
6034
61
61
6034
392 a Pennsylvania
527
472
434
136
144
Baltimore
148
188
8234
8234
8534
84
8394
8394
697
658 a Reading Company
248
841
661
225
204
Kansas City
230
47
47
47
47
a First preferred
47
47
308
254
234
235
80
79
81
Cleveland
98
46
a Second preferred
4734
47%
279
87
254
84
289
259
88
New Orleans
75
22%
iiii
ii. 253-4 2334 2334
276 Rock Island
101
83
303
246
230
83
99
Minneapolis
104
10394
10434
105
10834
10494
59
197
186 Southern Pacific
59
83
61
195
190
Louisville
27
26%
2634
2734
2634
2634
77
76
307
222
213 Southern Railway
252
84
101
Detroit
83
82
'
82
83
83
Preferred
8234
62
58
57
165
193
185
180
83
Milwaukee
15634
15534
15734
194 Union Pacific
1577.4 15734 15994
93
80
73
218
318
273
108
Los Angeles
88
8734
87
89
8934
89
Preferred
34
33
105
34
34
109
108
106
Providence
6534
8374
62%
633-4
6434
639-4
190
220 U.S.Steel Corporation
80
73
75
87
224
209
Omaha
11134
112
11034
.11034
Preferred
1107-4
11194
46
41
125
124
40
41
147
138
Buffalo
434
4
454
134 Wabash
394
434
454
50
55
50
132
53
130
142
St.Paul
12
1134
12
12
1134
31
34
Preferred
38
106
111
116
39
107
113.4
Indianapolis
62
62
6134
59
59
59
41
36
Extended 4s
36
110
122
45
117
115
Denver
35
36
33
35
106
112
97
103
Richmond
35
33
29
96
a Price per share. b £ sterling. d Quotations here given are flat prices.
33
110
111
91
Memphis
58
50
47
58
153
137
128
149
Seattle
20
20
20
22
86
60
80
56
Hartford
24
33
25
79
26
79
101
76
Salt Lake CityTotal
Other cities

13,002 13,414 12,446 14,064 40,634 39,384 37,280 42,584
1,110 1,043 1,028
987 3,294
3,077
2,977
2,795

Tounnerciat airdWiscellantousttrtin

14,112 14,457 13,472 15,051 43,928 42,481 40,237 45,359
Total all
Outside New York_ 8,226 8,040 5,850 6,005 18,908 17,896 16,789 18,913

DIVIDENDS.
The following shows all the dividends announced for the
Canadian Bank Clearings.-The clearings of the Cana- future by large or important corporations:
Dividends announced this week are printed in italics:
dian banks for the month of March 1913 show an increase
over the same month of 1912 of 2.6%, and for the three
Books Closed.
Per
When
months the gain reaches 9.8%.
Days Inausivell
Cent. Payable.
Name of Company.
Railroads (Steam).
Atchison Topeka st Santa Fe, corn.(guar.)_ 1% June 2 Holders of rec. April 30
134 April 5 April 1 to April 5
Brazil Ry., preferred (guar.)
$2 May 1 Holders of rec. Apr.18a
Central of New Jersey (guar.)
1913.
1912.
1913.
1912.
1% Apr. 21 Holders of rec. Mar. 28
Clev. Cinc. Chic. & St. L,, pref. (guar.)._
2% Apr. 21 Holders of reo. Apr. 4a
Delaware Lackawanna ar Western (quar.)_
$
$
$
$
CanadaApril 15 April 2 to April 14
3
+6.2 686,496,234 592,648,003 +12.5 Georgia RR.& Banking (guar.)
207,858,733 195,780,541
Montreal
Apr. 25 Mar. 8 to Apr. 10
2
guaranteed
Toronto __ 171,305,591 157,908,947 +8.5 530,968,432 480,522,567 +10.5 Grand Trunk,
2% Apr. 25 Mar. 8 to Apr. 10
First and second preference
Winnipeg_ _ _ 102,585,120 108,198,378 ---5.2 343,053,705 319,227,848 +7.5
234 Apr. 25 Mar. 8 to Apr. 10
Third preference
+4.9
Vancouver_ _ 47,535,145 49,902,878 -4.7 150,807,879 143,625,211
13-4 May 1 Holders of rec. Apr.12a
81,975,542 -21.9 Great Northern (guar.)
48,400,001
Ottawa _ _ _ 15,088,543 21,991,015 -31.4
Chicago
(guar.)
1% April 7 Mar. 23 to April 7
&
Joliet
+18.7
31,690,643
Quebec
37,627,348
11,583,793 10,014,764 +15.5
Apr. 15 Holders of rec. Mar.31a
City
Southern,
preferred
(quar.)_
_
1
Kansas
Halifax
23,129,837 +5.2
7,672,588 7,148,118 +7.3
24,334,841
Apr. 10 Holders of rec. Mar.31
2
Hamilton_ _ _ 13,231,933 11,727,029 +12.8
35,181,804 +19.3 Meadville Conneaut Lake at Linesville_ _ _ _
41,983,293
corn,
S.
S.
M.,
and
pref._
Apr. 15 Holders of rec. Meh.20a
St.
P.
&
Minn.
334
5,998,958
_
5,945,984 +0.9
19,559,889 +5.7
20,878,843
St. John-.-.
2
May 10 Holders of rec. Apr.196
7,882,721 6,432,750 +22.5
London _ _ _
19,105,122 +20.7 Missouri Kansas & Texas, preferred
23,058,051
(guar.)._ _
134 Apr. 15 Mar. 21 to Apr. 16
58,433,319
Calgary _ _ _ _ 18,072,245 19,450.310 -7.1
55,918,773 +4.5 N. Y. Central & Hudson River
(guar.)
1
May 19 Holders of rec. Apr.30a
45,273,101
37,759,723 +19.9 Norfolk & Western, preferred
Victoria _ _ _ 15,335,494 13,246,577 +15.8
13( May 1 Holders of rec. April 10
50,947,005
48,527,200 +5.0 Northern Pacific (guar.)
Edmonton_ _ 16,600,000 17,550,385 -5.4
Apr.
234
10 Apr. 1 to Apr. 10
(guar.)
Trenton
Philadelphia
&
33,852,574
8,787,403
+7.5
9,425,000
23,825,256 +42.9
Regina _ _ _
7,218,617
2,089,515 2,076,821 +0.5
6,585,140 +10.0 Pitts. Ctn. Ch.& St. L.,com.& pf. (qu.)-.-. 13.4 Apr. 25 Holders of rec. Apr.15a
Brandon _ _ _
8,714,584
7,512,230 -10.8 Pitts. Ft. Wayne & Chic., reg., guar.(qu.) 1% Apr. 8 Mar. 16 to Apr. 8
2,187,229 2,388,834 -9.2
Lethbridge _
May 8 Holders of rec. Apr.21a
2
23,983,530
22,441,571
+8.9 Reading Company, common (guar.)
7,677,047 8,403,431 -8.6
Saskatoon _ _
April 10 Holders of reo. Mar.25a
1
7,857,971
7,281,059 +5.2 Reading Company, 2d pref. (guar.)
+8.5
2,388,235 2,183,901
Brantford _ _
15,575,332
12,099,378 +28.7 St. Louis Rocky Mt.&Pac.Co., pref.(qu.) 1% April 5 Mar. 27 to April 4
4,870,194 4,216,220 +15.5
Moose Jaw_
May
1 Holders of rec. Apr.18a
1
(guar.)
_
pref.
St.
Louis
Fran.,
lsr
&
San
10,145,085
6,572,752 +54.7
Fort William 3,150,000 2,080,556 +51.4
134 April 15 Holders of rec. April Sc
7,115,555 Not Included in total St. Louis Southwestern, pref. (guar.)
New W'm't'r 2,400,000 Not includ. In tot.
2% Apr. 24 Holders of rec. Mar.29a
Southern Railway, preferred
April 10 Mar. 21 to Mar. 31
Tot. Canada 672,452,082 855,408,810 +2.6 2,147,003,745 1,955,687,128 +9.8 United N.J. 1211. & Canal Cos., guar.(qu.) 2% Apr. 15 Holders of rec. Apr. Sc
334
Warren, guaranteed
Street and Electric Railways.
The clearings for the week ending March 29, covering the Auburn & Syracuse Elec. RR., pref. (qu.) 1% Apr. 15 Holders of'rec. Mar.31a
Elgin & Chic. RR.,corn. (guar.)._
3-4 April 10 Holders of rec. Mar.22a
Easter holidays, show a decrease of 13.7% in comparison Aurora
Preferred (guar.)
134 April 10 Holders of rec. Mar220
with the same week of 1912.
Boston Suburban Elec. Cos., pref. (guar.) $1 Apr. 15 Holders of rec. Apr. 2a
April 15 April 2 to April 15
Brooklyn City RR.(guar.)
2
Cin. Newp. & Coy. Lt. & Tr., COM.(qu.). 1% Apr. 15 Apr. 1 to Apr. 15
Week ending March 29. I
134 Apr. 15 Apr. 1 to Apr. 15
Preferred (guar.)
Clearings atMay 1 Holders of rec. Apr.10a
Commonwealth Pow.,Ry.&L..com.(No.1) 1
Inc. or
134 May 1 Holders of rec. Apr.108
Preferred (guar.)
1913,
1912.
1910.
Dec.
1911.
April 14 Holders of rec. April 3a
Dallas Electric Corporation, 1st pref.(No.8)_ 3
234 April 14 Holders of rec. April 3a
Second preferred (No. 11)
Canada$
134 April 15 Holders of rec. Mar. 31
37,508,170 44,071,433 --14.9 48,993,811 27,789,513 Ft. Smith Light & Traction, pref.(stmt.)._
Montreal
35,872,060 37,300,000 ---3.8 35,724,086 23,191,517 Germantown Pass. Ry., Phila.(quar.)--$ 1.3134 Apr. 8 Mar. 19 to Apr. 7
Toronto
(qua?.)-.
April 7 April 1 to April 7
$1.50
Pass.
Phila.
Ry.
Coates
St
-s.
Green
.1
19,278,676 25,155,501 ---23.4 17,059,198 11,718,412
Winnipeg
9,104,388 11,230,860 ---18.9 9,193,784 6,250,367 Kokomo Marion & West. Trac., pref.(qu.) 134 June 1 Holders of rec. May25a
Vancouver
2
April 15 Holders of rec. April la
Pow.(guar.)
Tract.,
L.
&
Manchester
2,702,275
4,869,910
7-42.1 3,079,397 2,510,174
Ottawa
Mar. 31 Mar. 23 to Mar. 31
1
2,044,461 2,185,128 ---8.5 1,897,075 1,598,159 Memphis Street Ry., common
Quebec
134 Mar. 31 Mar. 23 to Mar. 31
Preferred (guar.)
1,266,899 1,478,393
14.2 1,270,858 1,240,527
Halifax
1 Holders of rec.Mar. 27a
April
guar.)
common
1
Traction,
Ohio
2,887,777 2,593,595 4-11.4 1,829,416 1,741,816
Hamilton
134 April 15 Holders of rec. Mar. 31
1,094,577 1,249,397 --12.4 1,264,310 1,057,724 Ottumwa Ry. & Light, Pref.(par.)
St. John
April 1 Mar. 16 to Mar. 31
corn.
pref(
qu.)
134
St.
Ry.,
&
Coun.
Bl.
Om.
st
1,340,109
1,224,328
1-9.5 • 1,200,140 1,018,479
London
April 1 Holders of rec.Mar.31a
3
3,766,958 4,567,788 ---17.5 4,745,022 1,938,439 Ottawa Electric Ry. (guar.)
Calgary
April 15 Holders of rec. Marl5a
2,760,961 2,849,600 --3.1 2,820,882 1,260,327 Pacific Gas & El. Co., com.(qu.)(No. 5) 134 May
Victoria
1 Holders of rec. Apr. la
128)
(guar.)
(No.
corn.
134
Philadelphia
Co.,
3,888,582
---19.8
3,118,372
Edmonton
1,913,728
970,823
May
1 Holders of rec. Apr.10a
stock
preferred
Cumulative
1,818,240 2,043,994 ---11.0 1,181,871
Regina
577,811
Apr. 15 Holders of rec. Mar.25a
L. & P., com.(qu.)(No. 3) 1
432,913 --14.8
Brandon
388,005
389,822
350,000 Puget Sd. Tr.,
Apr.
15
134
Holders of rec. Mar.25a
(guar.)
(No.
3)
Preferred
590,535
--27.1
Lethbridge
430,295
510,420
Republic R.dr Light, pref. (qu.)(No. 7) 1% Apr. 15 Holders of rec. Mar.31
Saskatoon
1,407,848 1,799,230 ---21.8
888,118
Rio de Janeiro Tram., L. st P., Ltd. (guar.) 1% May 1 Holders of rec. Apr. 15
492,986 ---8.8
Brantford
429,479
460,387
May 1 Holders of rec. Apr. 15
Sao Paulo Tram., L. & P., Ltd., com.(ffu.)- 234
924,917 4-0.5
Moose Jaw
578,998
929,439
3-4 April 1
Stark Electric flit. (guar.)
511,556 4-11.0
567,744
Fort William
1%
April 10 Holders of rec. Mar.20a
common
Power,
Virginia
Ry.
&
total.
Westminster
In
incl.
452,695 Not
New
1% June 1
Washington(DC)R.& El., corn. (qu.)_
154 April 10 Holders of rec. Mar.22a
second pref. (guar.)._
128,725,421 149,256,386 -13.7 132,747,995 83,213,888 Western Ohio Ry., pref. (guar.)
Total Canada
1% April 15 April 9 to April 15
West Penn Traction,
Banks.
April 1
3
Fifth National (guar.)(No. 151)
April 15 Holders of rec. April 8
4
Produce Exchange, New York (No. 56)
Trust Companies.
1234 Apr. 10 Apr. 6 to Apr. 9
Union (guar.)
Miscellaneous.
April 15 Holders of rec. Mar.24a
Amer. Agric. Chem., corn. (qu.)(No.6).-. 1
English Financial Markets-Per Cable.
April 15 Holders of roe. Mar.24a
Preferred (guar.) (No. 31)
The daily closing quotations for securities, &c., at London, American Chicle, common (monthly)
Apr. 19 Holders of rec. ADr.14a
1
134 April 15 April 11 to April 15
American Coal Products, pref. (guar.)
as reportedibytcable Ahavekbeen as follows the past week:
Three Months.

March.

Clearings at

Inc. or
Dec.

Inc. or
Dec.

tilkonetarifF,Tommercialgiagityalf5ms




[VOL. xcvx.

THE CHRONICLE

996
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Amer. Gas dr Elec., pref. (quar.) (No. 25) 134 May 1 April 2
May 1
to
American Glue, common
3
May 1 Holders of rec. April 23
Amer. Light & Traction, cont. (guar.)
234 May 1 April 17 to April 30
Common (payable in common stock)
234e May 1 April 17 to April 30
Preferred (guar.)
134 May 1 April 17 to April 30
American Locomotive, preferred (quar.)_ _
134 Apr, 21 Apr. 6 to April 21d
American Malt Corporation, preferred__- 234 May 2 Apr. 16 to
Malting,
American
preferred
$1.55 May 1 Holders of rec. Apr. 15
American Seeding Mach., corn. (quar.)
1
Apr. 15 Holders of rec. Mar.31a
Preferred (quar.)
134 Apr. 15 Holders of rec. Mar.31a
American Shipbuilding, pref. (quar.)
134 April 15 April 1 to April 15
2
Apr. 15 Holders of rec. Mar.31a
44 American Telep. & Teleg.(guar.)
American Type Founders, common (guar.) 1
April 15 Holders of roe Apr. 104
Preferred (quar.)
134 April 15 Holders of rec. Apr 100
American Woolen, pref. (quar.)(No.56)
134 April 15 Mar. 25 to April 3
AnacondaCopper Mining (qu.)(No. 50)
75e. Apr. 16 Holders of rec. Apr. 54
Associated Gas & Electric, pref. (quar.)_ _
135 Apr. 15 Holders of rec. Mar. 31
Associated Merchants, first pref. (quar.)_ _
134 Apr. 15 Holders of rec. Apr. 8a
First preferred (extra)
34 Apr. 15 Holders of rec. Apr. 84
Second preferred (quar.)
13.6 Apr. 15 Holders of rec. Apr. 8a
Second preferred (extra)
34 Apr. 15 Holders of rec. Apr. 8a
Associated Oil
134 Apr. 15
Bell Telephone Co. of Canada (quar.)---- 2
Apr. 15 Holders of ree. Mar.25a
Bell Telephone of Pennsylvania (quar.)-- _
134 Apr. 15 April 6 to April 15
Bethlehem Steel Corporation. preferred__
134 April 25 Holders of ree.April 10a
Bonbright(Wm.P.),Ine.,let pf.(qu.) (No.1) 1% Apr. 10 Holders of rec. Mar. 31
(I) May 1 Holders of rec. Apr. 19
Burns Brothers, preferred (No. 1)
Canadian Car & Foundry, pref. (quar.)..
134 Apr. 25 Holders of rec. Mar.31a
Canadian WestInghouse,Ltd.(qu.)(No.33) I% Apr. 10 Holders of rec. Mar. 31
134 Apr. 15 Apr. 1 to Apr. 15
Central Coal de Coke,common (quar.)
134 Apr. 15 Apr. 1 to Apr. 15
Preferred (quar.)
Central & South Amer. Telegraph (quar.)- 134 Apr. 9 Holders of reo. Mar.31a
1
Apr. 25 Apr. 16 to Apr. 25
Chicago Pneumatic Tool (quar.)
Cincinnati Gas & Electric (quar.)
134 April 12 Mar. 15 to Mar. 21
134 April 15 Holders of rec. April 8a
Claflin (H. B.), corn. (guar.)
Commonwealth Gas & Elec. Cos., pf.(q11.) $1.25 Apr. 15 Holders of ree. Apr. 1
1
Apr. 10 Holders of rec. Mar.31a
Comput.-Tab.-Record. Co.(qu.)(No. 1)_
Corn Products Refining, pref. (guar.)
134 April 15 Holders of rec. April 7a
134 April 15 Holders of rec. Mar.31a
Dayton Power & Light, pref. (quar.)
234 Apr. 15 Holders of rec. Apr. la
Delaware Lack. & Western Coal (quar.)_ _
20
Apr. 15 Holders of rec. Apr. 14
Extra
Apr. 15 Holders of rec. Mar.310
Detroit Edison (guar.)
Distilling Co. of America, pref. (quar.)- _
35 Apr. 30 Holders of rec. Apr. 19
duPont (E. I.) de Nem. Pow., pref. (qu.) 134 Apr. 25 Apr. 16 to Apr. 25
Eastern Steel, first preferred
134 Apr. 30 Holders of rec. Apr. 15
Electrical Securities Corp., pref. (quar.)_ _
134 May 1 Holders of rec. Apri1264
Electrical Utilities Corp., com.(qu.)(No.3)
34 Apr. 15 Holders of rec. Apr. 6a
134 Apr. 15 Holders of reo. Apr. 5a
Preferred (quar.) (No. 12)
10
Eureka Pipe Line (guar.)
May 1 Holders of rec. April 15
Galena-Signal Oil, corn.(pay. in corn. stk.) 50e
May 15 Apr. 1 to Apr. 14
General Electric (guar.)
2
April 15 Holders of rec. Mar. 14
General Motors, preferred (quar.)
334 May 1 Flolders of rec.Apr. 154
Goldfield Consolidated Mines
30e. April 30 Holders of rec,Mar.31a
Homestake Mining (mthly.)(No. 461)
65e. Apr. 25 Apr. 20 to Apr. 25
Indiana Pipe Line (quar.)
$4 May 15 Holders of rec. Apr. 23
International Banking Corporation
234 May 1 April 16 to April 30
Diternal.Button-HoleSew.M.(gu.) (No.62)_
April 15 Holders of rec. April 5
1
Extra (No.2)
April 15 Holders of rec. April 5
1
Internat. Harvester Co. of N.J.,com.(qu.) 134 Apr. 15 Holders of reo. Mar. 25
Internat, Harvester Corp., corn. (guar.).134 Apr, 15 Holders of rec. Mar. 25
June 2 May 15 to June 2
International Nickel;common (quar.)
- 3
Preferred (quar.)
134 May 1 April 13 to May 1
34 Apr. 15 Apr. 2 to Apr. 23
International Paper, preferred (quar.)_ _ _ _
Internat. Silver, pref. (on acct. ace. diva.) if May 15 May 2 to May 15
Int. Smokeless Powder & Chem., preferred 4
May 15 Holders of reo. May 54
Island Creek Coal, common (quar.)
50c. May 1 Holders of rec. April 26
Kayser (Julius) & Co., 1st & 2d pref. (qu.) 134 May 1 Holders of rec. Apr.214
La Belle Iron Works,common (guar.)
34 Apr. 30 Apr. 20 to Apr. 30
La Rose Consolidated Mines (quar.)
234 Apri120 April 1 to
April 17
Lehigh Valley Coal Sales (quar.)
$1.25 Apr. 21 Holders of rec. Apr. 10
Loose-Wiles Biscuit, second pref. (guar)._
134 May 1 April 16 to May 1
MacAndrews & Forbes, common (quar.)_ _
234 Apr. 15 Holders of rec. Mar.31a
134 Apr. 15 Holders of ree. Mar.31a
Preferred (quar.)
Manufacturers' Ht.& Lt., Pittsb. (quar.). 134 Apr. 15 Apr. 1 to Apr. 15
Massachusetts Gas Cos., common (guar.) $1 May 1 Holders of rec. Apr. 15
Massachusetts I,tg. Cos.(guar.)(No. 38). 134 Apr. 15 Holders of rec. Mar.254
Apr. 15 Apr. 6 to Apr. 14
1
MexicanLight & Power, Ltd., corn. (qu.)_
April 20 Holders of roe. Mch.31a
2
Mexican Petroleum, preferred (quar.)
234 Apr. 16 Holders of rec. Mar.31a
Mexican Telegraph (quar.)
134 May 15 Holders of ree. Mar.13h
Milwaukee & Chicago Breweries, Ltd.__
Mountain States Telep. & Teleg. (quar.)_ _
134 Apr. 15 Holders of rec. Mar.31a
National Biscuit, corn. (quar.) (No. 59)....
Apr. 15 Holders of rec. Mch.284
NationalCarbon, common (quar.)
134 April 15 April 6 to April 15
National Fireproofing, preferred (quar.).- 1
Apr. 15 Holders of rec. Apr. 5
New York Transit (guar.)
10 April 15 Holders of rec. Mch. 25
Niagara Falls Power (quar.)
Apr. 15 [Solders of rec. Mar.314
2
Nipissing Mines Co.(quar.)
April 21 April 1 to April 17
5
234 April 21 April 1 to April 17
Extra
134 April 15 Holders of rec. Mar.31a
Northern States Power, pref. (par.)
Nova Scotia Steel & Coal, Ltd., corn.(qu.) 134 Apr. 15 Mar. 21 to Mar. 31
2
Preferred (guar.)
Apr. 15 Mar. 21 to Mar. 31
Osceola. Consolidated Mining (quar.)$3 Apr. 30 Holders of rec. Mar.293
Otis Elevator, common (guar.)
April 15 Holders of rec. Mar. 31
1
134 April 15 Holders of rec. Mar. 31
Preferred (quar.)
Pacific Telep. & Teleg., pref. (quar.)
134 Apr. 15 Apr. 1 to Apr. 15
Pay-As-You-Enter Car Corp., pref. (gu.)_ _
13( April 15 Holders of rec. April 7
Pennsylvania Salt Mfg (No. 100)
6
April 15 Holders of rec. Mar. 31
Pittsburgh Coal, preferred (quar.)
134 Apr. 25 Holders of rec. Apr. 154
Pittsb. Term. Wards.& Trans. (mthly.) 1834e, Apr. 16 Apr. 9 to
Procter & Gamble, preferred (quar.)
2
Apr. 15 Holders of rec. Mar.31a
234 April 15 Holders of rec. April 1
Quakir Oats, common (quar.)
134 May 31 Holders of rec. May 1
Pre'erred (gear.)
2
-Railway Steel-Spring, common
May 20 May 2 to May 2
Reece Buttonhole Mach. (guar.) (No. 108).. 3
April 16 Holders of rec. April 5
Reynolds (R. J.) Tobacco (extra).
Apr. 10 Holders of rec. Apr. 1
3
Apr. 16 Holders of rec. Apr. 3a
1
Rhode Isl. Perkins Horseshoe, pref. (qu.)_
134 Apr. 19 Holders of rec. Apr. 7
Shawinigan Water & Power (quar.)_ _
Southern Calif. Edison, pf. (qu.) (No. 15) 134 Apr. 16 Holders of rec. Mar. 31
Apr.. 15 Apr. 1 to Apr. 15
Southern New England Telephone (guar.)__. 134 Ma
31 Mar. 17 to Mar. 31
Spring Valley Water.(quar.)
50e.
234 April 15 April 6 to April 15
Standard Milling, preferred (No. 20)._.
_
Union Natural Gas Corp. (quar.) (No. 39) 234 Apr. 15 Holders of rec. Mar. 31
Union Switch & Signal, corn. & pref. (cm.) 3
April 10 Holders of rec. Mar. 31
May 1 Holders of rec.Apr. 244
1
United Cigar Mfrs., common (guar.)
United Dry Goods Cos., common (quar.)_
2
May 1
United Fruit (quar.) (No. 55)
April 15 Holders of rec. Mar.264
2
United Gas Improvement (quar.)
April 15 Holders of rec. Mar.31a
$1
United Shoe Machinery, common (quar.)_
50c April 15 Holders of rec. Mar. 18
Preferred (quar.)
37340 April 15 Holders of rec. Mar. 18
U. S. Indus. Alcohol, pf. (qu.) (No. 26).... 13.4 Apr. 15 Holders of rec. Apr. 8a
United States Rubber, common (guar.)
134 Apr. 30 Holders of rec. Apr.154
Pirst preferred (guar.)
Apr. 30 Holders of rec. Apr.15,4
2
U. S. Smelt., Refg. & Min., corn. (quar.) 75c. Apr. 15 Holders of rec. Mar. 31
Preferred (quar.)
8734e. Apr. 15 Holders of rec. Mar. 31
Utah Consolidated Mining
80c. Apr. 12 Mar. 30 to Apr. 15
Virginia-Carolina Chem., pf. (qu.)(No.70) 2
Apr. 15 Apr. 1 to Apr. 15
VulcanDetinnino, preferred (guar.)
134 Apr. 21 Holders of rec. Apr. 10
Western States Gas & Electric, pref. (quar.)_
13.4 April 15 Holders of rec. Mar. 31
Western Union Telegraph (quar.)(No.178)
34 April 15 Holders of rec. Mar204
Westinghouse Air Brake (quar.)
2
April 15 Holders of rec. Mar.31a
Extra
April 15 Holders of rec. Mar.31a
2
Stock dividend
April 15 Holders of rec. Mar.31a
5g
Westinghouse Elec. & Mfg., cons. (qtmr.)_
1
Apr. 30 Holders of rec. Mar.31.4
134 Apr. 15 Holders of rec. Mar.31a
Preferred (quar.)
Worthinglen (Henry R.), preferred
334 May 1 Holders of rec. April 19
2
Young (J. S.) Co., corn. (quar.)
April 15 April 1 to April 5
Preferred (quar.)
13.4 April 15 April 1 to April 5
a Transfer books not closed for this dividend. b Less income tax. d Correction.
e Payable in common stock. f On account of accumulated dividends. g Payable
in stock. h Transfer books closed from May 2 to May 15, both days included.
f At rate of 7% per annum for period from Jan. 13 1913 to May 1 1913.




134

134

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTER ISSUED TO NATIONAL BANK.
March 20.
10,351-The Citizens' National Bank of Frankfort, N. Y. Capital, $50.000. S. S. Richards, Pres.: II. S. Bostwick, Cashier.
VOLUNTARY LIQUIDATION.
4,664-Tho First National Bank of Arlington, Mass., March 18 1913.
Succeeded by the Menotomy Trust Company of Arlington, Mass.
Liquidating agent, John A. Easton, Arlington, Mass.

Breadatuffs Figures brought from page 1034.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts atChicago_ _ _ _
Milwaukee__
Duluth
Minneapolis
Toledo
Detroit
Cleveland _
St. Louis......
Peoria
Kansas City
Omaha

Flour.

Corn.

Wheat.

Rye.

Barley.

Oats.

bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu.66 lbs.
146,000
310,000 1,086,000 1,389,000
64,000
615,000
140,000
127,000
39,000
37,000
212,000
286,000
2,000
438,000
94,000
3,000
110,000
79,000
1,694,000
151,000
30,000
302,000
34,000
7,000
21,000
54,000
55,000
1,000
8,000
106,000
109,000
13,000
1,000
206,000
362,000
279,000
49,000
16,000
6,000
145,000
119,000
55,000
44,000
79,000
14,000
71,000
141,000
121,000
189,000
271,000
134,000

287,000 3,262,000 2,267,000 2,686,000 1,408,000 154,000
Tot. wk. '13
Same wk.'12
275,074 2,269,104 3,009,982 3,135,774
498,642 117,926
266,914 2,188,244 3,523,365 2,527,741 1,080,587 135,669
Same wk.'11
Since Aug. 1
1912-13.- 12,526,520 295,746,966 171,773,228 170,850,688 81,989,330 14259642
1911-12._ 8,569,463 108,490,590 146,649,036 108,985,358 55,830,241 7,128,326
lot ct.i 1
11.202.891 174.683.174 215.105.258 139.310.044 54.216.321 4.479.1118

Total receipts of f our and grain at the seaboard ports for
the week ended March 29 1913 follow:
Flour,
Receipts albbls.
New York
178,000
Boston
37,000
Portland, Me
3,000
Philadelphia
45,000
Baltimore
31,000
New Orleans._
64,000
Newport News_ _ _
Galveston
Mobile
17,000
Montreal
2,000
St. John
26,000

Wheat,
bush,
515,000
146,000
142,000
18,000
293,000
251,000
79,000

Corn,
bush,
60,000
205,000
60,000
110,000
829,000
77,000
180,000
12,000
60,000

Oats, Barley,
bush.
bush.
398,000 143,000
61,000
18,000
121,000
2,000
111,000
24,000
283,000

Rye
bush
10,000
1,000
52,000
3,000

9,000

14,000
409,000

82,000

Total week 1913._ 403,000 1,867,000 1,593,000
742,000 508,000 66,000
Since Jan. 1 1913_5,543,000 35,012,000 35,486,000 13,360,000 8074,000 861,000
Week 1912
360,549 1,720,371
331,815
26,686
870,157 223,733
Since Jan. 1 1912_4,247,719 15,631,872 20,365,30a 0,398,986 2477,154 183,904
*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending March 29 are shown in the annexed statement:
Exports fromNew York
Portland, Me_
Boston
Philadelphia
Baltimore
New Orleans_ _ _ ..
Newport News
Galveston
Mobile
Montreal
St. John

Rye, Barley,
Oats,
bush,
bush,
bush.
48,820 19,532 20,284
18,000

Corn, Flour,
Wheat,
bbls.
bush.
bush,
750,974 130,208 79,190
60,000 3,000
142,000
222,882 264,741
9,433
110,000 103,000 19,000
133,766 1,086,352
8,693
66,000 181,000 17,500
180,000
9,500
60,000 17,000
409,090

Peas,
bush.
6,785

5,000
283,000

26,000

82,000

Total week_ _ __1,834,612 2,065,301 189,325
Week 1912
1,487,3113 659,578 153,481

71,820 19,532 385,284
34,050

8,785
683

The destination of these exports for the week and since
July 1 1912 is as follows:
-Flour- -Wheat
--corn
Since
Since
Since
TVeek
July 1
Week
July 1
Week
July 1
1012. Mch. 29.
1912. Mch. 20.
Exports for wetland Mch.29.
1912.
bush.
bush.
bush.
bbls.
bush.
since July 1 tobids.
United Kingdom__ 87,191 3,966,212 776,409 61,179,955 847,242 11,536,00a
40,734 1,695,268 1,018,447 59,836,139 1,121,440 18,971,737
Continent
840,502
592,195
15,525
30,026
Sou. & Cent. Amer.. 14,029 953,154
80,582 1,485,206
105,506
West Indies
40,788 1,522,621
512
47,762
Brit. Nor. Am.Cols 1,403
73,095
4,280 301,438
3,730 2,087,951
Other Countries.
137,690
Tntal
Total 1911-12

189,000 8,511,788 1,834,612 124050,053 2,065,301 32,771,498
153,481 7,064,258 1,487,363 66,827,930 659,578 30,707,296

The world's shipments of wheat and corn for the week
ending March 29 1913 and since July 1 1912 and 1911 are
shown in the following:
Wheal.
Experts.

1912-13.
Week. I
Mar. 20.

Corn.
1911-12.

Since
July 1.

Since
July 1.

1912-13.
Week.
Mar. 29.1

Since
July 1.

1911-12.
Since
July 1.

Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
North Amer. 8,688,000 190,566,000 131,036,000 1,980,000 30,947,000 28,049,000
Russia
720,000 81,307,000: 63,854,000 196,000, 7,681,000 33,508,000
Danube _ _ _ _ 1,112,000 45,287,0001 60,873,000 340,000 11,119,000 62,042,000
Argentina _ _ 6,104,000 86,046,000 43,962,000 1,783,000 171,661,000
281,000
Australia _ 1,192,000 31,000,000: 42,588,000
India
488,000 44,720,000, 33,740,000
0th. countr's 216,000 6,278,000, 8,301,000
Total ____ 13520000486,204,000384,360,000 4,308,000 221,408,000 123,878,000

The quantity of wheat and corn afloat for Europe on dates
mentioned were as follows:
Corn.

TV/teal.
United
Kingdom. Continent.
Afar. 29 1913.._
Mar.22 1913.._
Mar.30 1012_ _
Anril 1 1011_

Total.

Bushels.
Bushels.
Bushels.
24,336,000 33,152,000 57,488,000
24,456,000 35,176,000 50,632,000
32,400,000 17,162,000 49,552,000
58.056.000

United
Kingdom. Continent.I
Bushels.
3,953,000
5,117,000
3,273,000
2,975.000

Total.

Bushels.
Bushels.
7,973,000 11,926,000
8,024,000 13,141,000
6,009,0001 9,282,000
6,350,000 9,325,000

THE CHRONICLE

APR. 5 1913.1

Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
By Messrs. Adrian II. Muller & Sons, New York:
Per cent.
Shares.
All the assets and effects of
Standard Cotton Compress
Co
804
100 H. B. Clanin Co. 1st pref
475
50 Germania Bank
106 Hamilton Bank Note Co__ _ _$60 lot
15 Nat. Butch. & Drovers' Bank_131
35 Gordon Batt. Co., com.$50 ea
10 Clark Mfg. Co., $10 each._ _ _
5 Sterling-Meaker Co., pref _ _
10 Sterling-Meaker Co., com____ $6 lot
8 EisenhuthllorselessVehIcleCo.
145 White Knob Cop. Co.,$10 ea_
100 Amer. Bicycle Co., pref

Per cent.
Shares.
1054
6 Swift & Co
170%
12 United Fruit Co
10 U. S. Light & Heat Co., pref 63%
Per cent.
Bonds.
$25,000 D. D. E. Bway. & Batt.
RR. Co. 5% certifs. of indebt.,
36-384
1914 (Trust Co. receipts)
$1,000 Bklyn. & Montauk RR. 2d
1053
5s, 1938, J. & D
$1,000 Rockford Gaslight & Coke
92
Co. 59, 1950, M.& S
$8,000 Indiana Lighting Co. 1st 4s,
643's
1958, F.& A

By Messrs. Francis Henshaw & Co., Boston:
Shares.
8 York Manufacturing Co

$ per sh. Shares.
115 110 Pacific Mills

By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares.
30 Commercial National Bank.. __ _166
1 Warren Nat. Bank (Peabody)__105
5 Beverly (Mass.) Nat.Bk.,ex-div.152
120
1 Lyman Mills
16 Pere Marq. RR. 1st pt., undepos 15

DETAILED RETURNS OF TRUST COMPANIES.

Trust Co..
00s omitted.

$ per sh.
Shares.
20 Con. & Mont. RR., class 4..__130-131
5334
94 Pope Mfg. Co., Preferred
12 Pope Mfg. Co., common
17
10 Portland Electric Co., preferred.100

Net
On Dep.
Surplus. Loans. Specie. Legate. withC.H. Deposits. Reserve.
Average. Average. Average. Banks. Average.

a
$
i
$
I
V.
$
Brooklyn
3,784,3 24,135,0 2,205,0
734,0 2,578,0 18,760,0 15.6+12.0
Bankers'
15,733,3 117,903,0 13,729,0
71,0 10,397,0 91,933,0 15.0+ 10.1
U. S. M.& T.. 4,554,0 36,729,0 4,305,0
347,0 3,794,0 31,006,0 15.0+10.8
Astor
1,300,2 19,965,0 1,981,0
100,0 1,611,0 13,906,0 15.0+10.2
Title Guar.&T. 11,469,0 34,836,0 2,239,0 1,232,0 2,442,0 22,806,0 15.2+ 0.2
Guaranty
24,240,8 171,642,0 17,391,0
979,0 13,736,0 119,201,0 15.4+10.3
1,315,5 7,337,0
Fidelity
632,0
235,0
747,0 5,641,0 15.3+11.1
Lawyers
6,085,2 17,147,0 1,317,0
512,0 1,368,0 12,009,0 15.2+10.2
Col.-KnIcker_ 7,222,4 47,653,0 5,130,0
800,0 4,446,0 39,352,0 15.0+10.1
1,665,1 16,433,0 1,881,0
People's
402,0 1,713,0 15,148,0 15.0+10.0
11,866,3 44,421,0 3,824,0
New York
738,0 3,333,0 30,081,0 15.1+10.0
1,242,2 8,918,0
Franklin
942,0
832,0 6,956,0 15.5+10.6
139,0
567,5 10,731,0 1,207,0
Lincoln
233,0 1,065,0 9,521,0 15.1+10.0
Metropolitan _ 6,187,9 22,121,0 1,966,0
9,0 1,754,0 12,961,0 15.2+11.9
612,1 8,577,0
Broadway
934,0
354,0
958,0 8,405,0 15.3+10.1
Totals, Avge

1 per sh.
119%

997

97,845,8 588,448,0 59,683,0 6,885,0 50,774,0 437,686,0 15,2+10.3

Actual figures Mar. 29 592,374,0 59,685,0 6,702,0 52,329,0 444,556,0 14.9+10.4
The capital of the trust compan as is as follows: Brooklyn, $1,500,000; Bankers.
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers'Title Insurance dr Trust,$4,000,000: Columbia-Knickerbocker,$2,000,000:
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,750,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
1 per sh.
206%
10 Northern National Bank
190
2 Penn Nat. Bank, $50 each
7 John B. Stetson Co., com_ _400-4004
25 Ins. Co. of N. Am.,$10 each.... 214
154
4 Alliance Ins. Co., $10 each
4
4 Phila. Bourse, corn., 350 each
16
22 Phila. Bourse, pref., $25 each
65 Rights to subscribe to Fidelity
5084-513
3100
Trust Co. at
11 Farmers' & Mech. Nat. Bank _ _140
3 Finance Co. of Penn., 1st pref_ _113
1 Penn. Co. for Insurance ,&c_ _ _650
45 Pennsylvania Fire Ins. Co_ _ _ _398-400
16 Elmira & Wmspt. RR., pref.,
7034
$50 each
34 Green & Coates Sta. Pass. Ry_1204
122
1 Continental Passenger Ry
3 13th & 15th Streets Pass. Ry__ _241

Shares.
1 perch.
5 John B. Stetson Co., pref_ _180-180%
57 American Pipe & Construe. Co_ _ 60
12 J. G. Brill Co., preferred
10054
1 De Long Hook & Eye Co
99
10 Standard Roller-Bear's Co., pf_ 1234
5 German Comm. Acc. Co.,310 ea. 65.1
Bonds.
Per cent
$2,000 Southern Trac. Co. of Pitts_ 80
31,000 Phila. Bourse 1st 5s
100
$1,000 Standard C.I. Pipe & Fdy
80
$2,000 N. Ind. Gas & Elec. Co. let
ref. 5s, 1929
9034
$000 N.SprIngf. Water Co.5s, 1928 94
$1,000 Springf. Water Co. 5s, 1926_ 9434
$7,000 Union Elec. Telep. & Teleg.
Co. 1st 5s, 1922, Aug. 1908 coup.
on
$75 lot

Week
ending
Mar. 29

Capital. Surplus.

Loans.

Specie.

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

Averages.
1,304,991,0
Banks _ _ _ 133,650,0204,973,3 1,314,068,0264,125,0 76,844,0
Trust cos- 45,750,0 97,845,8 588,448,0 59,683,01 6,885,0 50,774,0 437,686,0
- 179,400,0302,819,1 1,902,516,0323,808,0 83,729,0 50,774,0 1,742,677,0
Actual.
1,319,839,0 269,779, 75,175,0
1,315,580,0
Banks _
592,374,0 59,685,
6,702,0 52,329,0 444,556,0
Trust cos..
Total__

1,912,213,0 329,464,0 81,877,0 52,329,0 1,760,136.0
1

The State Banking Department also 'furnishes weekly
returns of the State banks and trust companies under its
By Messrs. Samuel T. Freeman & Co., Philadelphia:
charge. These returns cover all the institutions of this class
$ per sh. Bonds.
Shares.
Per cent.
in
the whole State, but the figures are compiled so as to
Co_
_
60
I
$100
Construction
Philadelphia
City
334s, 1932.... 924
10 Amer.Pipe &
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
Statement of New York City Clearing-House Banks following:
For definitions and rules under which the various tem
and Trust Companies.—The detailed statement below
shows the condition of the New York City Clearing-House are made up, see "Chronicle," V.86, p. 316.
members for tho week ending Mch. 29. The figures for the
STATE BANKS AND TRUST COMPANIES.
separate banks are the averages of the daily results. In
the case of totals, actual figures at the end of the week
State Banks.
are also given.
Trust Co..
Trost Coe.
State Banks.
outside of
outside of
For definitions and rules under which the various items Week ended March 29. GreaterinN. F. GreaterinN. F. Greater
N. Y. Greater N. Y.
are made up,see "Chronicle," V.85, p.836,in the case of the
i
$
$
$
banks, and V.92,p.1607,in the case of the trust companies.
8,708,000
11,950,000
22,850,000
65,900,000
Capital as of March 7____
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.

Capital. Surplus.

Loans.
Average.

Surplus as of March 7__

Specie. Legals. Net Depot- Re.
Average. Average. its, Aver. serve.

$
1
$
1
1
925,0
2,000,0 4,212,8 20,301,0 3,620,0
—
New
Manhattan
York_-Co 2,050,0 4,960,1 29,200,0 6,069,0 1,555,0
Merchants%... 2,000,0 2,077,6 19,007,0 3,674,0 1,273,0
Mech.&Metals 6,000,0 8,847,7 53,184,0 9,673,0 3,246,0
America
1,500,0 6,381,3 23,536,0 4,254,0 1,831,0
City
25,000,0 30,006,0 173,946,0 40,345,0 5,625,0
3,000,0 7,394,0 28,549,0 4,155,0 1,982,0
Chemical
Merchants'
_-Ex
600,0
191,0
506,4
0,356,0 1,413,0
300,0
Butch.&Drov.
122,8
447,0
62,0
2,212,0
Greenwich .._
500,0 1,032,3
9,012,0 2,393,0
185,0
5,000,0 4,703,6 40,465,0 8,217,0 1,929,0
Am. Exch._
25,000,0 16,578,7 128,345,0 17,615,0 8,700,0
Commerce
500,0
963,4
4,759,0
560,0
Pacific
645,0
2,250,0 1,293,5 19,263,0 3,319,0 1,578,0
Chat. & Phen_
People's
200,0
473,6
2,322,0
458,0
147,0
Hanover
3,000,0 14,123,4 73,149,0 15,925,0 5,291,0
Citizens' Cent. 2,550,0 2,254,2 22,826,0 4,919,0
611,0
1,000,0
461,4 11,101,0 1,686,0 1,255,0
Nassau
1,000,0 1,901,3
Market&Fult_
9,434,0 1,580,.0
935,0
2,000,0 1.803,5 12,704,0 2,982,0
Metropolitan _
270,0
CornExchange 3,000,0 5,911,5 48,922,0 8,419,0 6,194,0
Imp.&Traders 1,500,0 7,718,7 24,831,0 3,386,0 1,940,0
5,000,0 13,745,2 83,201,0 19,545,0 1,846,0
Park
250,0
59,5
East River.. _ _
1,461,0
300,0
118,0
5,000,0 5,832,3 29,392,0 5,352,0 2,950,0
Fourth
1,000,0 2,601,3 13,454,0 3,160,0
Second
161,0
10,000,0 21,967,3 108,573,0 24,485,0 3,471,0
First
4,000,0 3,248,1 34,189,0 5,037,0 3,452,0
Irving
791,3
3,446,0
250,0
Bowery
835,0
95,0
8,862,0 1,449,0
500,0 1,961,6
N.Y.County_
724,0
715,2
4,157,0
750,0
872,0
German-Amer.
222,0
5,000,0 9,906,7 91,443,0 21,580,0 4,975,0
Chase
100,0 2,225,1 13,121,0 2,599,0 1,153,0
Fifth Avenue_
3,574,0
815,8
200,0
558,0
German Exch.
345,0
5,267,0 1,264,0
Germania
200,0 1,056,4
254,0
Lincoln
1,000,0 1,710,2 14,086,0 3,000,0
607,0
9,192,0 2,252,0
Garfield
1,000,0 1,261,4
288,0
3,817,0
Fifth
250,0
395,0
481,7
642,0
Metropolis ..._
1,000,0 2,251,8 12,955,0 1,701,0 1,788,0
4,228,0
898,0
West Side
200,0
924,0
281,0
Seaboard
1,000,0 2,356,3 23,108,0 4,915,0 2,139,0
1,000,0 2,782,9 21,546,0 3,980,0 2,031,0
Liberty
9,147,0 2,492,0
N.Y.ProdEx. 1,000,0
910,0
341,0
1,000,0
560,3 17,815,0 5,402,0
386,0
State
1,000,0
Security
442,8 11,798,0 2,520,0 1,269,0
6,270,0 1,096,0
Coal & Iron_
1,000,0
401,0
537,4
Union Exch... 1,000,0
8,884,0 1,970,0
960,0
350,0
7,658,0 1,370,0
Nassau, Bkiyn 1,000,0 1,138,0
187,0

$
17,299,0
31,400,0
18,757,0
51,402,0
22,766,0
166,136,0
24,730,0
6,341,0
2,057,0
10,203,0
38,584,0
102,250,0
4,448,0
19,567,0
2,342,0
80,703,0
21,451,0
12,345,0
9,415,0
12,984,0
57,269,0
21,482,0
84,408,0
1,673,0
30,379,0
12,636,0
100,484,0
33,664,0
3,649,0
8,921,0
4,025,0
102,036,0
14,804,0
3,568,0
6,054,0
14,103,0
9,588,0
4,167,0
13,137,0
4,880,0
26,624,0
23,220,0
10,656,0
22,846,0
14,297,0
6,155,0
8,847,0
6,239,0

%
26.2
24.2
26.3
25.1
26.7
27.6
24.8
25.2
24.6
25.2
26.2
25.7
27.0
25.0
25.8
26.2
25.7
23.8
26.7
25.0
25.5
24.7
25.3
25.0
27.3
26.2
27.8
25.2
25.4
24.3
27.2
26.0
25.3
25.3
25.0
25.5
26.4
24.8
26.5
24.1
26.5
25.8
26.6
25.3
26.5
24.3
26.2
25.0

Totals, Avge_ 133,650,0 204,973,3 1314,068,0 264,125,0 76,844,0 1304,901,0 26.1
Actual figures March 29

1319,839,0 260,779,0 75,175,0 1315,580,0 26.2
1

Circulation.—On the basis of averages, circulation of national banks in the Clearing
House amounted to $46,279.000, and according to actual figures was 346,340,000,




168,762,700

12,932,285

16,524,200

Loans and investments__
Change from last week_

294,883,900 1,077,718,600
—1,916,800 —2,394,900

38,888,200

116,738,100
+158,600

180,420,200
—48,300

Specie
Change from last week..

52,536,800
—1,856,200

116,929,700
—13,300

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

21,450,700
+1,051,300

10,645,900
—151,300

Deposits
Change from last week_

335,021,000 1,127,893,800
—4,138,200 —5,368,600

121,890,700
—528,200

184,069,300
—663,600

Reserve on deposits
Change from last week..

88,235,300
—1,045,600

133,614,500
—364,000

21,777,600
—381,700

20,940,500
—471,000

P. C. reserve to deposits_
Percentage last week

27.17
27.17:

16.57
16.47:

19.0%
19.2%

12.3%
12.5%

..

+ Increase over last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. -'Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days
represented by Certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trues
for it by any public department.
—Trust Cos.— —State Banks—
Total
Of
Total
Of
Reserve Required for Trust Companies
Reserve which Reserve which
and State Banks.
Required. in Cash. Required. in Cash.
Location—
%
15%
25%
Manhattan Borough
15%
10%
20%
Brooklyn Borough (without branches In Manhat.)15%
10%
10%
15%
Other Boroughs (without branches in Manhattan)15%
734%
15%
Brooklyn Borough, with branches in Manhattan.15%
20%
20%
15%
15%
15%
Other Boroughs, with branches in Manhattan.....15%
10%
5%
Cities of the first and second class
10%
3%
Cities of the third class and villages
Elsewhere in State
"OK,

The Banking Department also undertakes to present separate figures indicating the totals for the State Banks and
trust companies in Greater New York not in the Clearing
110U88. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-

998

EvoL. xcvi.

THE CHRONICLE

House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.-Below is a summary
oombined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
We omit two ciphers (00) in all these figures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House
Week ended March 29
Members.
ActualFigures

Clear.-House State Banks and Total of all
Members. Trust Cos. Not Banks & Trus
Average. in C.-H. Aver. Cos. Average

8
'Nat. Banks(
Capital Feb. 4 and
State Banks
Surplus March 7_ _ _

8

179,400,000

179,400,000

302,819,100

302,819.100

16

8

27,550,000

206,950,001

77,586,800

380,405,90(

Loans and investment i 1,912,213,000 1,902,516,000
Change from last wee: A-14,618,000 -5,385,000

668,775,000 2,471,291,000
-2,367,800 --7,752,800

Deposits
1,760,136,000 1,742,677,000
Change from last wee : +21,548,000 -5,896,000

a569,120,800 2,311,797,801
-2,651,300 -8,547,301

Specie
.
Change from last wee ;

329,464,000
+7,908,000

323,808,000
+2,340,000

65,514,200
+488,700

389,322,201
+2,828,701

81,877,000
-961,000

83,729,000
+329,000

b8,233,600
+28,200

91,962,601
+357,200

344,954,000
26.22%

340,969,000
26.12%

12,740,400
14.28%

353,709,400

Legal tenders
Change from last wee
Banks: cash in vault_
Ratio to deposits_ _ _ _
Trust cos.: cash in vault

66,387,000

66,568,000

61,007,400

127,575,400

Aggr'te money holding
Change from last wee

411,341,000
+6,947,000

407,537,000
+2,669,000

73,747,800
+516,900

481,284,800
+3,185,000

Money on deposit with
other bks. dr trust cos_
[Change from last week

52,329,000
+2,456,000

50,774,000
+1,840,000

14,466,100
-588,800

66,239,100
+1,251,200

[Total reserve
[Change from last week

463,670,000
+9,403,000

458,311,000
+4.509,000

Surplus CASH reserveBanks (above 25%)_ _
16,059,000
Trustees.(above 15%) dot.296,400

14,721,250
sur.915,100

15,762,600
+2,206,400

15,636,350
+3,843,600

% of cash reserves of tr ust cos14.93%
leash in vault
10.49%
, Cash on dep. with bks.

15.20%
10.39%

16.13%
.92%

25.42%

25.59%

17.05%

'Total
I Change from last week

[Total

88,212,900
-71,900

Capital
and
Loans.
Surplus.

Banks.

546,523,000
+4,437,100

Boston.
Feb. 8
Feb 15
Feb. 21
Mch. 1
Mch. 8
Mch. 15
Mch. 22
Mch. 29
Philadelphia
Feb. 8
Feb 15
Feb. 21
Mch. 1
Mch. 8
Mch. 15
Mch. 22
Mch. 29

Circulation.

Clearings

$
60,735,4 227,424,0 24,415,0 3,861,0 271,821,0 8,144,0 190,646,6
60,735,4 234,657,0 22,979,0 4,006,0 271,308,0 8,078,0 166,718,8
60,735,4 238,613,0,24,733,0 3,676,0 280,367,0 8,049,0 169,022,6
60,735,4 224,826,0 24,768,0 3,554,0 270,362,0 8,028,0 188,959,2
60,735,4 225,870,0 24,294,0 3,159,0 262,128,0 8,057,0 180,046,4
60,735,4 229,396,0 23,758,0 3,246,0 264,164,0 8,015,0 156,354,1
60,735,4 228,665,023,016,0 3,455,0 258,752,0 7,998,0 151,313,9
60,735,4 225,916,0 23,873,0 3,279,0 256,227,0 7,990,0 150,794,9
1
103,684,3 380,282,0
90,875,0
*416,803,0 14,928,0 173,755,2
*424,245,0 14,635,0 150,318,4
103,684,3 380,793,0
91,567,0
*422,174,0 14,106,0 142,569,2
91,406,0
103,684,3 379,536,0
89,730,0
*422,067,0 13,597,0 177,098,8
103,684,3 379,036,0
86,748,0
103,684,3 380,679,0
*415,430,0 13,293,0 174,609,1
103,684,3 379,855,0
84,383,0
*412,101,0 13,019,0 159,121,0
83,602,0
103,684,3 376,513,0
*410,323,0 12,736,0 144,987,8
83,895.0
103,684,3 374,392,0
*404,847,0,12,222,01154,303,4

a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $1,254,000 on March 29, against $1,371,000 on
March 22.
* "Deposits" now include the item of "Exchanges for Clearing House," which
were reported on March 29 as $13,947,000.

Imports and Exports for the week.-The following are
the imports at New York for the week ending Mch.29; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
1913.

For Week.
Dry Goods
General Merchandise
Total
Since January 1.
Dry Goods
General Merchandise
Total 13 weeks

+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $623,914,100, a decrease of $2,030,200 from last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
or the average and the actual figures. b Includes bank notes.

Specie. Legals. Deposits.
a

1912.

$2,707,347
16,624,345

I

1911.

$2,535,0361
18,581,2251

I

1910.

82,656,5111 $3,287,461
17,427,196, 16,000,964

819,331,692 $21,116,2611 $20,083,7071 $19,288,425
$43,422,229 $40,436,6661 $42,015,0981 $47,763,887
222,682,533 214,409,6491 183,575,444, 210,768,869
$266,104,762 $254,846,315,8225,590,542 8258,532,756
1
!
I

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Mch. 29 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1913.

1912.

1910.

321,648,0511 $16,931,353 $14,727,019 $11,062,189
229,981,8591 199,563,503 184,911,083 152,024,447

For the week
Previously reported

$251,629,910 $216,494,856 $199,638,102 $163,086,636
Total 13 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
at the port of New York for the week ending Mch.29
Clearing-House, compare as follows for a series of weeks past: specie
and since Jan. 1 1913 and for the corresponding periods in
1912 and 1911:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK,
Exports,

Week Muted-

Loans and
Investments Deposits.

Specie.

Totfancy. EntireRes
Legals. Holdings. onDeposit

I==.•••

Jan 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mch. 1
Mch. 8
Mch.15
Mch. 22
Mob_ 29

2,517,393,4 2,396,487,8 414,841,6
2,533,418,3 2,398,302,9 416,961,1
2,564,228,6 2,419,986,9 412,466,4
2,571,113,0 2,424,340,1 404,821,2
2,555,815,1 2,404,481,0 403,299,8
2,537,706,3 2,384,828,3 399,729,8
2,537,841,3 2,384,382,3 394,970,9
2,520,950,6 2,365,131,7 391,172,5
2,479,043,8 2,320,345,1 386,493,5
2,471,291,0 2,311,797,8 389,322,2

92,842,8 607,684,4 580.518,7
91,799,4 508,760,5 587,223,9
89,653,6 502,120,0 577,993,2
90,272,9 495,094,1 563,805,8
89,929,4 493,229,2 560,069,5
89,767,5 489,497,3 558,004,1
89,618,7484,580,6 552,648,9
00,547,2 481,719,71547,076,9
91,605,4 478,098,9 542,086,8
91,962,6 481,284,8 546,523,9

Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing-non-member
banks for week ending Mch.29,based on average daily results:
We omit two ciphers (00) In all these figures.

Banks.

Capital.

SurPlus.

Loans,
Legal
On
Tender Deposit
Disc'ts
Specie. and
with
Net
and
Bank
C.-H. Deposits
InvestNotes. Banks,
ments.

New York City
fanhattan and Bronx.
81,0 2,654,0
70,0
500,0
545,1 3,014,0 594,0
Aetna Rational
212,0 1,409,0
350,4 1,642,0 159,0 107,0
Washington Heights_ 100,0
80,0
143,0
297,0
1,602,0
200,0
_
_
_
108,3
1,684,0
Nat
_
Park
Battery
479,0 6,629,0
500,0
507,5 5,845,0 661,0 400,0
Century
813,0 6,923,0
615,9 6,695,0 933,0 311,0
400,0
Colonial
758,1 6,499,0 588,0 490,0
699,0 7,210,0
300,0
Columbia
59,0 116,0
08,0
178,8 1,053,0
200,0
995,0
Fidelity
46,0
346,8 2,419,0 395,0
326,0 2,669,0
250,0
Mount Morris
461,0 5,533,0 614,0 436,0
549,0 5,877,0
200,0
Mutual
419,0 3,575,0
305,5 3,542,0 356,0 118,0
200,0
New Netherland
260,0 2,086,0
101,8 1,915,0 235,0 101,0
Twenty-third Ward_ _ 200,0
527,4 4,395,0 636,0 189,0
606,0 4,848,0
100,0
Yorkville
Brooklyn.
300,0
90,0
694,3 3,637,0 321,0
482,0 2,923,0
First National
916,8 5,841,0 487,0 298,0
536,0 6,312,0
Manufacturers' Nat.._ 232,0
1,000,0
639,1 10,623,0 1,338,0 652,0 1,569,0 12,721,0
Mechanics'
572,9 4,533,0 515,0 145,0
300,0
669,0 4,509,0
National City
200,0
176,8 2,523,0 196,0 123,0
273,0 2,561,0
North Side
Jersey City.
400,0 1,362,9 4,702,0 275,0 276,0 2,023,0 3,492,0
First National
816,1 3,106,0 183,0
71,0
418,0 1,658,0
Hudson County Nat.. 250,0
425,4 2,429,0
88,0 152,0
200,0
507,0 1,479,0
Third National
Hoboken.
657,4 4,254,0 248,0
49,0
355,0 1,675,0
220,0
First National
56,0
372,0 1,525,0
277,8 3,344,0 215,0
125,0
Second National
Totals March 29_ _ 6,597,0 11,346,1 89,146,0 9,393,0 4,376,0 11,889,0 84,414,0
Totals March 22__ 6,597,0 11,346,1 89,974,0 9,223,0 4,315,0 11,727,0 84.776,0
Totals March 15__ 6,597,0 11,346,0 89,614,0 9,361,0 4,204,0 12,605,0 84,317,0




Imports.

Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

Since Jan.1

Week.
$12,139
48
1,440
184,459
102,208
6,622

23,329,401
714,000
112,051
$100
3,124
109,760 21,828,639
970,053
$109,860 $46,957,268
20,100 19,490,666
351,767 1,578,362

Total 1913
Total 1912
Total 1911
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

8,501

200

3,950
800

$902,548 $13,043,857
827,068 12,690,704
870,784 12,246,699

Total 1913
Total 1912
Total 1911

$46,602
53,723
48
212,833
2,701,726
762,935
442,812

$306,916 $4,220,769
366,897 5,632,394
104,280 2,763,175

$901,773 $11,617,657
1,412,949
575

Since Jan.l.

$1,761
81
5,751
103,764
26,642
7,350

$13,279
12,810
4,169
72,202
1,516,053
689,269
286,245

$145,349 $2,594,027
259,750 2,868,796
85,616 1,774,133

Of the above imports for the week in 1913, $2,010 were
American gold coin and $39 American silver coin.

Vanking and

rinandat

Railroad and Industrial Stocks
Write for our Circular No. 614 entitled 'Railroad and Industrial
Stocks," which describes 124 issues listed on the New York Stock
Exchange, and classified by us as followas: Investment Stocks, SemiInvestment Stocks, Speculative Stocks.

Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YOR C.
Chicago, III, Boston, Mass. Albany, N. Y.
dembers Neto,York Stock Exchange.

White, Weld & Co.
Bonds and Investment Securities.
14 WALL STREET
NEW YORC

THE ROOKERY
CHICAGO

111 DEVONSHIRE STREET
BOSTON

Vantiers' iazette.
Wall Street, Friday Night, April 4 1913.
The Money Market and Financial Situation.-No
better illustration was probably ever given of the esteem and
confidence with which the public regards one who is universally known as an upbuilder and upholder of industry and
enterprise than has this week been seen. Because of this
esteem and confidence the passing of the most prominent
figure in the financial and industrial world has caused not
a ripple of disturbance or excitement in the security markets
here or elsewhere. Rarely,indeed,has an entire week passed
with less disturbance or irregularity of values than is now the
ease. Incidentally, one can but wonder who may be relied
upon in time of alarm or panic in Wall Street to successfully
stand in the place left vacant. It is also interesting to note
that security values have, except in a few isolated cases,
been unaffected by the most widespread and disastrous
floods ever known in this country. Evidently the steady
advance throughout the week is the result of a more cheerful
feeling now prevailing in financial circles,as well as elsewhere.
As a favorable influence, there has been a decided improvement in the financial situation abroad. The Bank of England reports a substantial increase in its precentage of reserve,and at Berlin rates are lower than for some time past.
In this market rates for both call and time loans show a downward tendency. The copper metal market is decidedly
strong and prices are advancing, indicating a larger demand
from consumers. On the other hand, the railroads in this
State and in New Jersey are further handicapped by the passage of apparently needless laws, and some roads, while
showing a large increase in gross earnings, are now unable to
keep their net income up to the standard of last year.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 23'@7%. Friday's rates on call were 3@4%.
Commercial paper on Friday quoted at 514@6% for 60 to
90-day endorsements and for prime 4 to 6 months' single
names and 6@63/2% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £237,336 and the percentage
of reserve to liabilities was 41.85, against 39.66 last week.
The rate of discount remains unchanged at 5% as fixed
Oct. 17. The Bank of France shows an increase Of 10,666,000 francs gold and 3,055,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1913.
Averages for
week ending
March 29.

Differences
from
previous week.

1912.
Averages for
week ending
March 30.

1911.
Averages for
week ending
April 1.

$
$
$
$
133,650,000
135,150,000 134,150,000
Capital
204,973,300
199,918,500 200,234,400
Surplus •
Loans and discounts_ 1,314,068,000 Dec. 5,110,000 1,423,810,000 1,353,773,400
46,279,000 Inc.
43,000
49,414,000
45,705,700
Circulation
1,304,991,000 Dec. 2,902,000 1,449,113,000 1,392,614,800
Net deposits
264,125,000 Inc. 2,646,000 290,890,000 301,875,700
Specie
481,000
76,844,000 Inc.
77,134,000
75,693,300
Legal tenders
Reserve held
25% of deposits
Surplus reserve

999

THE CHRONICLE

APR. 5 1913.]

340,969,000 Inc. 3,127,000
725,500
326,247,750 Dec.

368,024,000
362,278,250

377,569,000
348,153,700

14,721,250 Inc. 3,852,500

5,745,750

29,415,300

Note.-The Clearing House now issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House appear on the second
page preceding.

State and Railroad Bonds.-Sales of State bonds at
the Board are limited to $7,000 N. Y. Canal 4s 1961 at 1003
to 1003
4 and $84,000 Virginia 6s deferred trust receipts
at 523/
2to 54.
There is more activity in the market for railway and
industrial bonds as the we2k draws to a close and in moth
cases prices are higher.
Among the exceptional features, Wabash ref. & ext. 48
are up 23-i points, Brooklyn Rapid Transit ref. cony. 48
2% and N. Y. C.-L. S. col. 332s 2. Several issues have
advanced from 1 to 2 points.
United States Bonds.-Sales of Government bonds at
the Board include $4,000 4s reg. at 1133/9. $500 3s coup. at
1023/i and $20,000 Panama 3s coup. at 102%. For to-day's
prices of all the different issues and for yearly range see third
page following.
Railroad and Miscellaneous Stocks.-The strong tone
noted in the stock market at the close last week has continued
practically without interruption and a further advance,
averaging from 2 to 3 points for all active issues, has been
recorded. The trading in this department has, as noted
above, been on a limited scale until to-day, amounting to
between 300,000 and 500,000 shares per day, and evidently
is the result chiefly of professional operations. To-day
690,000 shares were traded in and the market at times
was almost buoyant. Some recession, however, near the
close left prices generally below the highest, although a
considerable list shows a net gain of 1 to 2 points for the day.
The coal carriers have been conspicuous features of the
railway group. Lehigh Valley has advanced 7% points
within the week and Reading 63. Union Pacific moved up
5% points on discussion of a new plan to be submitted to
the Court. Canadian Pacific was strong on purchases for
foreign account and closes 63 points above its selling price
on Monday.
The copper stocks have been in demand on higher prices
for the metal American Can shows an advance of 73 points,
4 and Beet Sugar over 5. U. S. Steel has
U. S. Rubber 43
steadily advanced and is now 33 points higher.
For daily volume of business see page 1007.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending April 4.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range since Jan. 1,
Lowest.

Highest.

Allis-Chal rects 3d paid_ 1,700 234 Apr 1 334 Apr 3 2% Apr 434
Preferred recta 3d pd. 500 751 Apr I 9 Apr 3 6% Mar 12%
Am Brake Shoe & Fdry_
100 9334 Apr 4 9334 Apr 4 93% Apr 96%
Preferred
20013034 Apr 3 134 Apr 4 129
Mar 136%
American Express
260 160 Apr 316434 Apr 1 160
Jan 170
Amer Teleg & Cable
10' 58 Mar 31 58 Mar 31 58
Mail 66%
Batopilas Mining_
100 $131 Apr 3 $134 Apr 3 Si
Jan $1%
Brunswick Terminal_ _ _ _
300, 834 Apr 4 834 Apr 4 7% Jan 831
Can Pac subs 1st paid_ 1,100.230 Apr 223234 Apr 4 215% Ma1232%
Feb 69
Colorado & Sou, 1st pref
100 68 M r 31 68 Mar 31 66
Feb 65%
2d preferred
185 6534 Apr 1 6534 Apr 1 60
Deere & Co, preferred_. 400 98 Mar 29 98 Apr 1 97% Feb 100%
Jan 185
General Chemical
45 180 Apr 1 184 Apr 2 175
Gt Nor subs 40% paid_..
Feb 125%
30012534 Mar 31 12534 Apr 1 121
Green Bay & W,deb B.
7 14% Apr 215 Apr 1 13% Ma 17%
100 22 Apr 1 22 Apr 1 22
Int Agric Corp v t C._ _ _
Ap 39
100 76 Apr 1 76 Apr 1 78
Preferred v t c
Feb 90
100, 7034 Apr 4 7034 Apr 4 70% Ap 78
K C Ft S & Mem,pref_ _
500 83 Apr 1 8334 Apr 1 81
Mackay Companies_ _
Ma 87
600 67 Mar 31 6734 Apr 1 66% Ja 68%
Preferred
100, 57 Apr 1 57 Apr 1 56
Ma 63%
N Y Chic & St Louis...
200, 44 Mar 31 4434 Apr 1 40
Mar 44%
Norfolk Southern
100 70 Mar 29 70 Mar 29 70
M
75%
Nor Ohio Trac & Light_
100' 85 Apr 4 85 Apr 4 85
Ap 85
Pacific Coast Co
100 434 Apr 1 43-i Apr 1 4
Feb 4%
Quicksilv Mining, pref.
Feb 97
TexasPee Land Trust.... 100 95 Apr 1 95 Apr 1 95
1,700 44 Mar 29 4734 Apr 4 43% Ma 50%
United Cigar Mfrs
Feb 101
United Dry Goods
350 973-4 Apr 3 98 Apr 1 97
Preferred
15010334 Mar 31 10334 Mar 31 10134 Mar105%
United States Express
Feb 66
400 55 Apr 2 61 Apr 4 50
U S Indus Alcohol
Feb 44
100 35 Mar 29 35 Mar 2-3 30
U S Reduc & Refg, pref_
100 334 Apr 3 33-4 Apr 3 334 Feb 4
Virginia Iron, Coal & C.
150 47 Apr 3 47 Apr 3 44% Feb 54
West Maryland, pref
600 60 Apr 2 6234 Apr 4 57
Jan 67%
Weyman-Bruton
150 265 Mar 31275 Apr 1 265
Mar330%

Feb
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Apr
Mar
Apr
Jan
Mar
Apr
Jan
Jan
Jan
Jan'
Jan
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Jan
Jan

Jan
Jan
Jan
Jan

Foreign Exchange.-While quiet, the market for sterOutside Market.-There was a larger volume of business
ling exchange this week has, on the whole, ruled steady. reported
on the "curb" this week, though activity was
There have been the usual April demands for dividends and
interest payments to foreign holders of American securities. confined, as for some time past, to the higher-priced industrials. Higher levels .in prices were reached in most
To-day's (Friday's) nominal rates for sterling exchange were 4 84 for
sixty-day and 4 88 for sight. To-day's actual rates for sterling exchange instances. Standard Oil issues were generally active and
were 4 8325©4 8335 for sixty days. 4 871504 8725 for cheques and firmer, Standard Oil of N. J. especially enjoying an advance
4 876504 8775 for cables. Commercial on banks 4 81304 8234 and of 13 points to 373,
the close to-day being at 371. United
documents for payment 4 8234 ©4 83. Cotton for payment 4 823-I04 83
Stores corn, was heavily traded in, though price
Cigar
and grain for payment 4 8304 8314.
quoted
by
a
sterling,
as
representative
rates
for
house,
were movements were irregular. From 983/2, the
The posted
stock sold up
week from 4 84 for sixty days and 4 88 for sig.ht.
not changed during theactual
3 then down to 97% and up again, reaching 101%.
rates for Paris bankers' francs were 5 21% © to 994
To-day's (Friday's) and 5
for
1834
less 1-3205 1834
short. Germany
5 213-I less 1-16 for long
The final figure to-day was 101. Tobacco Products pref.
bankers' marks were 94%094 7-16 for long and 95 3-16 less 1-32095 3-16
for short. Amsterdam bankers' guilders were 40 316 less 3-32040 3-16 moved up from 90 to 903. and back to 90. British-Amer.
less 1-16 for short.
Tobacco gained over half a point to 243' and reacted finally
Exchange at Paris on London, 25 fr. 25c.; week's range 25 fr. 253-Ic
to 24. Houston Oil corn. advanced from 193' to 223-i and
high and 25 fr. 2434c. low.
Exchange at Berlin on London, 20 m. 473j pf.; week's range 20 m. closed to-day at 22. Amer. Light & Traction corn. advanced
4834 pf. high and 2() m. 4634 pf. low. the week
23 points to 415 and ends the week at 413. Bonds were
follows:
The range for foreign exchange for
Cheques.
Cables.
Sterling, ActualSixty Days.
moderately active and strong. Brooklyn Rap. Tran. 5%
4 8725
4 8810
High for the week___4 8335
notes advanced from 95% to 96 11-16. Western Pacific
4 87
4 8750
Low for the week ___4 8310
Paris Bankers' Francs5s eased off from 83 to 823' and recovered to 833.. N. Y.
51734
High for the week___5 21i. less 1-16 51834
City 43/s of 1962 were actively traded in between 983/i and
Low for the week ___5 2134 less 1-16 5 1834 less 1-16 5 1734 lass 1-16
Germany Bankers' Marks98% and at 983's finally. The 43-is of 1960 moved down from
9534
95 7-16 less 1-32 98% to 98
High for the week--- 941
and back to 98%. There was a firmer tone
9534
Low for the week ..-- 94
9534
to copper shares. Braden Copper advanced from 8% to 93/
Pak Amsterdam Bankers' Gu lders8.
High for the week....30 15-16 plus 1-16 40 3-16 loss 1-16 0 31
1-16
4to 3% and closed to-day
British Columbia improved from 27
40 316
Low for the week _-.39 15-16 less 1-32 40%
Giroux rose from 2% to 3. Greene Cananea
1' Domestic Exchange.-Chicago, 20c. per $1,000 premium. Boston, at 3%.
declined from 83/i to 73-' and recovered to 7%. Nipissing
par. St. Louis, 5c. per $1,000 eremium bid, 10c. asked. San Francisco
premium.
$1,000
St. raul, 60c. per
premium. Montreal, lost half a point to 9, but recovered to
Oc. Per $1,000
938.
4634e. Per $1,000 premium. Minneapolis, 50c. per $1,000 premium. CinOutside quotations will be found on page 1007.
cinnati, par.




1000
New York Stock Exchange--Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page
S7'OCKS-HIGHRST AND LOWEST SALE PRICES.
Monday
Saturday
Tuesday
Wednesday Thursday
Friday
March 31
April 1
March 29
April 2
Apra 3.
April 4.

Sales of
the
Week
Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1.
On basis of 100-share lots
Lowest.

Highest.

Range for Previous
Year 1912.
Lowest.

Highest,

R..11:oads
10214 10234 10214 10233 102% 10318 10278 10318 103 10338 10313 104
15,141 Atchison Topeka & S F.._ 100 Feb 25 10638 Jan 6 10314 Feb
100 10013 10018 10018 10014 10035 10014 10038 *100 10013 1,200
.101 100
Do pref
9958 Mch20 10214 Jan 29 10133 Jan
12312 12414 121 12412 12412 125
125 12512 125 125 .12412 12612 1,400 Atlantic Coast Line RR,. 12212 Mch 20 13338 Jan 9 z13034 Dec
10012 10114 10078 10112 10034 10112 10114 10112 101 10112 10114 10134 5,410 Baltimore & Ohio
994 Feb 26 10633 Jan 22 z10114 Feb
*8212 8312 *8212 8312 .8212 8312 .8212 8312 *3212 8312 .8212 8313
Do pref
83 Mch 7 88 Jan 10
8618 Aug
81% 8014 8814 8938 8878 9038 89% 9158 9014 9112 9114 91% 31,525 Brooklyn Rapid Transit.. z8613 Mch 10 9253 Jan 9
7634 Jan
231 23513 23314 23434 23518 23814 23614 23734 23513 23733 23834 24018 43,805 Canadian Pacific
21813 Mch 10 26634 Jan 9 22613 MO
*320 350 .320 359 .320 350 .320 350 *320 350 .325 350
Central of New Jersey___ 325 Mch 19 362 Jan 13 305 Jan
7238 70
72
7134 7118 7238 71
7214 70
7114 6914 7034 41,150 Chesapeake & Ohio
6014 Apr 4 80 Jan 2
6814 Feb
15
15
15
15
1514 1512 16
1634 16
16
1618 1634 2,400 Chicago Gt West tr ctfs
13 Feb 25 1773 Jan 9
1553 Dec
.2812 3012 29
29
Do pref trust ctfs
30
30
30
3114 3114 3114 3114 3114
28 Meh 10 35 Jan 9
800
3013 Deo
11018 11138 11033 11134 11073 11212 11134 11214 11114 113
11213 113% 40,350 Chicago Milw & St Paul,. 108 Feb 25 11614 Jan 9
9933 J'ly
13812 13812 *13713 13912 *138 13912 13812 139 *13713 139
pref
Do
139
5314
3 138
3912
13612 Feb 25 145 Jan 30 13914 Dec
400
13518 136
13534 136
136 138
136 136 *136 137
1,600 Chicago & North Western 132 Feb 25 138 Jan 11 13413 Dec
*181 190 .181 189 *181 187 .185 187 *185 186 .185 187
Do pref
1182 Feb 7 3189 Jan 6 188 Nov
*5212 5412 5218 5218 53
5218 5213 5218 5218 *5218 5313 4,000 Cleve Cln Chic & St L
53
52 Feb 25 54 Jan 21
4514 Dec
.90 95 .90 95
Do pref
95 .90 95
*90
15
*90 95 *90
9013 Feb 25 0434 Jan 16
95 Dec
*157 160 *157 160
160 180 *163 165 *160 165 .160 164
400 Delaware & (udson_ _
15914 Feb 27 167 Jan 8 162 Dec
415 415 .401 429 .400 420 *405 420 415 415 .38712 421
395 Feb 25 445 Jan 13 530 Aug
200 Delaware Lack & West
*20
21
.29
22
*20
22 *20
21
1834 Feb 26 2318 Jan 9
1034 1934 *2034 22
100 Denver & Rio Grande
1812 J'iy
*3412 35
Do prof
3514 3512 33
135
35 .
35
3178 35
3614 3612 1,150
33 Mob 15 41 Jan 10
3414 J'ne
*5
7 .
*6
Duluth So Shore & Atlan
7
8
7
.6
*3
7
7
7
6 Feb 24
812 Jan 2
8 Sop
13 .1213 1312
Do prof
.1212 14
*124 14 .1234 14
13
*12% 14
13 Feb 19 1614 Jan 2
14 Deo
100
2812 2734 2814 2814 29
28
2813 29
2315 29
28% 2978 27,100 Erie
2512 Feb 25 3212 Jan 6
30 Dec
4513 4512 45
Do 1st preferred
4613 47
4538 4512 4614 46% 4514 4534 48
42 Feb 25 4913 Jan 30
4713 Dec
2,400
Do 2d preferred
3412 3113 .34
37 .3434 36
*3412 3534 *3414 3512 .3512 3612
3234 Mch19 41 Jan 30
38 Dec
350
12312 12834 12813 12912 12914 13058 130 13012 12938 13058 13013 131
124 Feb 25 13233 Jan 9 126 Jan
14,821 Great Northern pref_
Iron Ore properties
3314 37 .3513 3712 37
36 Jan
33 Feb 25 4114 Jan 3
38
3514 3514 3518 35% 3514 37
1,600
121 12212 *12134 12513 *12112 1281 121 12112 121 121 *12114 123
11913 Mch27 12373 Feb 5 12053 May
740 Illinois Central
1714 1712 17
1613 Feb 26 1933 Jan 30
1614 Deo
17% 1714 1778 1713 1814 1733 17% 17% 1838 16,700 Interboro-Metrcp v t ctf_
Do pref
5612 Feb 26 6533Jan 30
5338 Jan
5338 5712 5958 5913 6034 5913 60
58% 5334 57
26,350
2513 2434 251g 5
25
2434 25
2412 2412 .24
25
25
2373 Feb 25 2714 Jan 9
.13
978 68
2213 May
2 12 2,700 Kansa- City Southern
61
60 60
Do pref
6013 6012 1,103
58 May
5914 Mch 10 6112 Jan 7
*5934 6012 .5912 6012 6014 6012 *60
.812 10
*9
111 Jan
11
.9
*812 11
12
834 834
834 834
834 Apr 3 1112 Feb 5
204 Lake Erie & Western....
*25
28
*22
*22
28 *22
23 *25
28
28
Do prof
*25
25 Mch 18 35 Jan 6
30 Jan
28
15638 15773 157 15378 15838 160% 160 18138 16018 16218 162 16414 73,550 Lehigh Valley
152 Mch 20 16833 Jan 2 15573 Feb
13512 13612 13338 13712 13612 137
13813 137
13612 13658 13634 138
3,725 Louisville &
12913 Feb 25 14214 Jan 10 138 Dec
12914 12914 *127 129 *123 130 *127 130 112934 12934 12) 12914
386 Manhattan Elevated_ _
12734 Mch 19 13253.Feb 7 12873 Dec
1824 1834
20
19 .17
*1712 1812 19
360 Minneapolis & St Louis_
1712 Feb 25 2314 Jan 2
1813 J'ly
45
*40
42 *____ 44 .40
45
42
Do pref
340 76150
42 Mch 14 47 Jan 29 540 Feb
134 134
13573 13712 13834 13734 i5i- 13712 137 13734 2,370 Minn St P & S S Marie.._ z12834 Mch 20 14214 Jan 9 •129 Feb
135 135
*145
Do
.12
*145
4
6
5
12
150
150
12
50
714
514113 150 *142 150 .145 150
preferred
14112 Mch 11 1150 Jan 22 146 Dec
25% 26
2614 251.1 2738
2578 26
25% 2618 26
5,500 Missouri Kan & Texas..
24 Moh 19 2918 Jan 7
2513 Dec
Do preferred
62
36434 6431 .62 6412 • .624 6434 .
65
63 63
5934 Jan 14 6314 Jan 7
63 63
310
5733 May
3314 3834 3814 3834 38% 4012 17,503 Missouri Pacific
39
38 Feb 25 4358 Jan 9
38
3834 38
39% 38
35 J'ly
58
5813 *57
200 Nat Rya of Mex 1st pref.. 5634 Feb 10 59 Mch 3 6218 Oct
60 *8712 80 .5513 60 *57 60 .5713 60
Do 2d preferred
2-13g 2438 .
24
2412 *24
2258 Feb 18 2712 Jan 2
2412 *2312 2412 2378 2378 .21
500
2638 Oct
2412
108 106
10538 10534 10513 10634 10512 107
10413 Feb 13 10934Jan 30 106% Dec
1063.1 10712 10738 108
5,500 N Y Central & H R
*118 119
11713 118
118 11812 1173.4 118
11718 118
118 11812 1,560 NYNH& Hartford_-_ 11338 Mch 18 12973 Jan 10 126 Dec
*2914 3114 3034 3114 3078 30% 13034 3034 3038 3114 3134 321g 1,100 N Y Ontario & Western.. 2914 M.L.b24 3378 Jan 11
2973 J'ne
10533 106
10534 10638 10634 10738 10712 107% 101 10734 107% 103
10334 Mch 20 11313 Jan 3 110734 Feb
4,705 Norfolk & Western
*8313 8412
Do adjustment pref
8214 Mch 17 87 Feb 13
88 J'ne
11714 11734 11678 118
11713 11834 11734 113.5-8 11734 11878 11814 119 32,720 Northern Pacific
11378 Feb 26 12233 Jan 6 11533 Jan
11838 11873 11838 11834 11813 11914 119 11914 11834 119
114) 11914 11,778 Pennsylvania
11713 Feb 19 12334 Jan 7 11978 Dec
*00 96
94 944 95
9514 9513 9512 0534 9534 9638 96% 1,650 Pittsb Cin Chic & St L.... 94 Mch31 104 Jan 11
9812 Jan
Do preferred
*__ _ _ 120 .____ 120 .____ 120 *100 120 *109 120 .1(X) 120
10812 Jan
15978 16158 16058 16178 18178 16414 16278 164
16214 16638 16512 16714 561,800 Rea.dinz;
15213 Mch 10 16873 Jan 2 14813 Jan
9113 91
9112 92 *91
92 .
93 .
91
93
1st preferred
*91
91
91
500
z 8934 Feb 25 92 Apr 2
8713 J'ne
9214 .9112 93 *89
93
8912 PO
91
91
91
9214 0412 2,500
2d preferred
8773 Feb 25 9412 Apr 4
92 Dec
2213 2318 • 2234 24
2233 23
2134 2214 2158 2178 2214 23
17,600 Rock Island Company
2238 Dee
2018 Mch 20 2473 Feb 4
37
3712 3834 3734 3812 3713 3813 3838 4011 14,000
3713 38
37
Do preferred
4214 Dec
34% Mch 20 4434 Jan 2
*14
1712 1758 18
17
17 *15
16
16
17)2 Dec
17
18
1838
900 St Louis & San Francisco 14 Mch 11 1934 Jan 11
5612 5612 *55
59 .53 59
5712 574 *52
60
5812 Dec
Do 1st preferred
200
55 Mch 8 59 Feb 11
2453 2614 25
2614 2514 28
2512 23
Do 2d preferred
57
2614 2712 *2
5 6
2613 Deo
2334 Feb 26 29 Jan 11
20
712 3,575
*3133 3434 *3113 3434 *3114 3434 *3013 3434 *3112 3434 *3113 3434
2934 Jan
St Louis Southwestern... 3014 Mch 10 3513 Jan 13
74
74
7458 *72
7458 *73
Do preferred
*74
7453 x73% 73%
73 Mch20 75 Jan 9
6812 Jan
200
2012 2013 2034 19% 20
1814 Jan 22 2034 Apr 1
1913 20
1912 2014 20
1934 19% 2,500 Seaboard Air Line
18 Dec
44
4434 44% 45
Do preferred
4278 Feb 28 4833 Jan 29
4533 4412 4412 4414 444 4412 4412 1,650
45
4434 Dec
10114 10134 10014 10133 10138 10218 10158 10212 101 10214 101% 10212 24,340 Southern Pacific Co
9818 Mch 14 110 Jan 30 10312 Deo
2578 2618 2534 2618 2614 2612 25
2638 2814 2718 9,300 Southern v tr ctfs stmpd_ 2412 Feb 25 2858 Jan 2
2814 25
2612 Jan
Do preferred
81
8038 8038 1,000
77% Feb 25 8112 Mch 26
80% 8034 7034 8012 8014 8012 8038 8038 *80
do
6814 Feb
*1812 20 *19
2013 20
20 *19
204
*18
1113 Mail 10 2258 Jan 8
500 Texas & Pacific
19
19
19
2012 Jan
3734 374 3833 3713 38
33
3834 10,350 Third Avenue (N Y).._..... 3,1 Mch19 4012 Jan 2
37
3578 3678 37
37
3312 Dec
12
11
*10
*10
11
11
11
*913 12
100 Toledo St L & Western.... 11 Jan 21 13 Jan 9
*913 1212 *10
1012 Dee
Do preferred
*2312 28 .2313 2458 .
2312 24% .2312 2458 *2313 2434 24
2514
510
2312 Mch 20 2934 Jan 9
28 J'ne
*10312 106 *104 106 *10412 10612 10512 10512 .105 103
105% 10578
600 Twin City Rapid Transit 10313 MC1124 10814 Jan 23 103 Dec
15034 15234 15112 15258 15212 154% 153% 15412 15223 15513 155 15678 215,300 Union Pacific
14578 Mch 19 16234 Jan 6 15034 Dec
85 85 *8213 86
8613 8612 8(314 8612 86% 874 8834 8714 2,006
Do preferred
83 M eh 13 9313 Jan 6
8814 Oct
*28
28
2812 *2712 2812 28
28% .2734 2812 23 28
2812 1,100 United Rys Inv't of S P.._ 24 Feb 28 3518 Jan 3
28 J'ly
5014 50
51
Do preferred
5013 5012 50
5012 4912 4912 *49
5012 5112 2,250
47 Mch19 6313 Jan 2
57 J'ly
*338 4
3% 3%
313 312 *313 4
*313 4
*312 4
4 Feb 3
3 Feb 17
334 J'ne
300 Wabash
12
Do preferred
1114 1112 12
1134 12
9 Feb 21 1314 Jan 14
1233 J'ne
11
1114 1112 1114 1114 11
1,900
*4014 4212 *4012 4212 4134 4134 §4214 4214 4113 4112 42
3738 Jan 7 416 Jan 2
45 Dec
4214
750 Western Maryland
7
7 .
514 Feb 27
6
612 612 .6
7
4 Jan
7
7
400 Wheeling & Lake Erie
8 Jan 3
612 612 .6
24
*19
*19
2114 2114 *19
22 .19
23
23
Do 1st preferred
*19
19 Feb 21 2813 Jan 13
11 Jan
24
100
.9
11
*3)
11
12
Do 2d preferred
*9
*9
*9
12
12
*9
858 Mch19 14 Jan 3
6 Jan
12
*4512 50
*47
4912 50
50
503.1 .
*49
45
46 Jan 15 53 Feb 8
48 Feb
50%
200 Wisconsin Central
Industrial & Miscall.
256,200 Araalgamated Copper
6534 Feb 25 8038 Jan 2
7212 7378 7173 7333 7314 7412 7312 7414 7338 7614
60 Feb
*53
55 .54
53
54
*51
53 .5112 53
57 .5
74
534 6
70
5%
300 American Agricul Chem_ 4614 Jan 17 57 Jan 3
5418 Dec
94
95 .93
97
05% *95
*9514 96
*951t 96 .95
9534
Do preferred
800
94 Apr 2 99 Jan 2
98 J'ly
3334 3213 3414 3213 33
3134 3212 3112 3238 32
3414 3712 18,300 American Beet Sugar--- 25 Mch 19 5012 Jan 2
4612 Dec
80 .86
'80 89 '80 90
*80 90 *80 90 .80
Do preferred
80
8313 Mch 10 88 Mch 6
90 Nov
324 33% 32% 3338 3314 3434 33% 3534 35
3734 3734 3834 118,140 American Can
2512 Jan 14 4678 Jan 31
1114 Feb
97
0812 98
9914 9834 9912 18,298
1214 12214 122 12234 30613 99
Do preferred
J9612 Apr 1 12913 Jan 30
0053 Feb
5118
52
52
5212
5134
5038
5114
52
5113
51%
61
5112
2,700 American Car & Foundry 4713 Feb 25 5638 Jan 2
49 Feb
114 114 .114 115
115 115
Do preferred
114 114
114 11412 114 114
810
112 Feb 25 117 Mch 5 115 Feb
4212 1,400 American Cities
42
*40
42
41
48
O40 48
414 42
40
41
40 Mch 31 4834 Jan 6
3034 Oct
75
75
Do preferred
*70
7312 7312 *70
300
7314 *70
*70 75
7178 *71
71 Mch25 7812 Jan 2
7514 Aug
4734 5012 6,400 American Cotton Oil
4812 47
43
48
47
46
48 .47
4234 Mch 18 5738 Jan 2
474 48
4612 Jan
Do preferred
100
.03 ____ *93
0512 Mch 28 9614 Jan 10
98
*93
95% 95% *93 100 .93 100
98
95 Jan
458 453
30 American Hide & Leather
518 Jan 8
*418 434
41.4 414 *44 434 *414 434 *414 434
4 Jan 14
3 Feb
700
27
*25
27
Do preferred
*25
*2434 2512 2412 2534 *25
*2514 27
27
2213 Feb 25 2814 Feb 10
20 Feb
2558 25% 25
2538 2713 2634 2712 2634 2734 8,662 American Ice Securities
2512 2533 28
20 Jan 2 2734 Apr 4
18 Jan
103
4 1034 1013 1034 1013 1012 .1012 11
*1013 11
11
1112
9 Feb 25 1112 Jan 31
900 American Linseed
9 Mch
28
2813 2914
28
29 .23
29
2513 Feb 26 3113 Jan 31
2813 2812 2834 2834 *26
600
Do preferred
30 Feb
3812 3812 39
3734 378 *37
3813 3358 3814 3814 3338 304 2,225 American Locomotive...... 3312 Feb 25 4413 Jan 6
Feb
3134
0105 106 *105 106
106 106 *105 107 *105 107 .10312 10613
Do preferred
10478 Feb 5 10634 Jan 2 103 Jan
100
.1012 1112 10
10
10
10
10
773 Feb 18 13 Jan 3
1038 *938 1012 1018 1018
700 American Malt Corp..
434 Jan
*53
preferred
*534 55
55
55
47 Feb 18 6112 Jan 3
55
55
5513 55% 1.400
55
5514 55
Do
42 Jan
*8614 8612 85
85 *8412 86
88 .8,4
86 .8513
*85
150 Amer Smelters Sec pref B 8373 Mob 25 86 Jan 9
84 Deo
69% 70
6612 Deo
70
7158 701.4 7114 7053 7178 7218 70 71
513
- 24,800 Amer Smelting & Refin'g 6373 Mch19 7434 Jan 30
1103
preferred
103
104 104
Do
103 103
10334 104 *10312 10412 10513 10518
660
10014 Mch 19 107 Feb 7 10233 Jan
175 175 .175 183
180 180 .175 182 *175 182
0170 180
400 American Snuff
171 Mch 8 193 Jan 22 123 MO
Do preferred, new...... 104 Jan 6 105 Jan 21
99 Feb
*10113 105 *10112 104 *1014 104 *10113 104 .
101 105 .10112 105
38
36
3612 3614 37 .36
35
37 .
3613 3713 1,500 Amer Steel Found (new)_ 32 Mob24 4012 Feb 3
26 Jan
36
36

11134 Oct
10414 Feb
14812 Aug
11178 Ail':
91 Jan
9413 J'ly
28:3 Aug
395 Apr
8514 Oct
2034 Oct
3012 Apr
11753 Nov
148 Jan
145 Apr
198 Mon
6212 Apr
10113 Apr
17613 Feb
597 Dec
24 hich
4614 Jan
1134 May
23 May
3913 Apr
577„ Apr
48 Apr
14334 Aug
63 Sep
14118 Jan
22 J'ly
6733 Oct
3114 Sep
6553 Merl
18 Apr
40 May
18534 Jan
170 Aug
13834 bleb
27l Jan
§57 Jan
15113 Aug
158 Aug
3158 Mch
66 Apr
4734 Merl
71 Jan
3678 Jan
12112 Apr
14214 Apr
413s Apr
11914 Aug
92 Feb
13112 Aug
12614 May
11112 Be
117 Feb
17214 Apr
9314 Apr
10113 Apr
3013 Apr
5938 Apr
'2913 Mch
6912 Jan
4334 Apr
4033 Oct
8053 Oct
2712 Apr
5613 J'ne
11513 Apr
32 Sep
8673 Oct
2612 Nov
4934 Jan
1633 Itch
38 Apr
11118 Sep
17634 Sep
9613 Dec
3918 Deo
6918 Deo
934 May
2278 Apr
6414 Men
1114 Oct
3612 Oct
1712 Oct
6213 Aug
9234 Oct
6358 Sich
10414 Mch
71 Sep
10114 J'ne
4733 Oct
12614 Sep
6353 Sep
120 May
6018 Dec
8334 Deo
6014 Nov
9914 Feb
714 Set)
34 Sep
3034 bfay
1773 Apr
43 Apr
4713 Nov
11012 Aug
1918 Aug
6914 Aug
8012 J'ne
91 Sep
10938 Sep
20314 Dec
105 Aug
4438 Oct
=:e

• *Rid and asked nrices: no sales were made on this day.
tichango or at auction this week.




OCOCAO0C.ntADOCOCT

Banks
Fidelityl___
Fifth Ave IfFifth
First
Fourth.
Garfield ___,
Germ-Amer 1
German Ex i
GermaniaI
Gotham _
Greenwich1Hanover

14.
E

BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Bid Ask
Banks
bid Ask
Banks
New York
Chat & Phen. 172 182
195 200 Chelsea Exl_ 135 150
Aetna
America 1_,... 600 810 Chemical _ 420 430
Amer Excel_ 233 238 Citizens' Cen 190 198
Battery Park 130 140 City
1400
425
--. Coal & Iron_ 160 185
Boweryll
Bronx Borol 300__ Colonial 1...., 425
_ __
105 Columbia
300 do
Bronx Nat_ 180 1_
___ Commerce
t192 t193
Bryant Park1 150
...... Corn Exchl_ 318 323
Butch & Dr.. t131
Century '3...... 220 230 Cosmopol'n li 85 105
60
75
Chase
650 700 East River

Ask
175
825
1000
197
275
--.......
.......
_ __
2643
700

Banks
HarrimanImp & TradIrving
Liberty
Lincoln
Manhattan 1
Mark & Full.
Meeh & Met_
Merch Exch..
Merchants'.._
Metropolis I_
Metroporn 1

1314
290
535
193
630
348
250
240
158
190
350
190

Ask
300
545
198
640
375
350
255
245
162
200
360
197

1312
Banks
Mt Morris T. 200
290
Mutual II
Nalliall

New Nethi_
New York Co
New York_ _
Pactflo 1 __
Park
People's 1......
Prod Each 1_
Publiell
Reserve

210
850
390
255
363
240
168
250
90

Ask.
Banks
250 Seaboard____
Second
205 Security 1._
225 Sherman.-815 StateI
l
400 23d Ward_
265 Union Exch.
363 wash WW1_
250 Wcstch Avlf_
173 West Side 1..
300 Yorkville i
91

•

Bid
450
376
133
136
r _-.
17-5
160
275
160
- .590
-

Ask,
,,,-aUU

143)
- ..
2.2i
1-70
-.
1-7-8
495
ele

21Cx-rlahta. Mess than 100 shares. ITState hanks. I) New stock. j Ex 24% accum. MY. •
I Full paid,
en p d. n Sold at priva e sale at thLs price.

Ant. 5 1913.1

1001

New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive. see second page preceding.

STOCKS-HIGHEST AND LOWEST SALE PRICES
Baturday
March 29

lionflay
March 31

Tuesday
Apr14 1

Wednesday
April 2

Thursday
April 3.

Friday
April 4.

Sales o,
STOCKS
NEW YORK STOCK
Me
EXCHANGE
Week
Shares.

Range /or Previous
Year 1912.

Range Since Jan. 1.
On basis o/ 100-share lots.
Lowest

Highest

Industrial & Misc (Con)
1,320 American Sugar Refining 10934 Mch 19 118 Jan 31
114 115
11312 114
11458 11434 *114 115
11418 1144 114 114
150 Do ,,preferred
_preferred
113 Mch 2O 11638 Jan 23
11512 11512 *114 118
*113 115 .113 115 *11312 116 *114 116
& Teleg 13014 Mch20 140 Jan 3
13214 13258 8,880 Amer
13312 13438 z13214 13234 13212 13234 132 13212 132 132
1,350 American Tobacco
23212 Mch 8 29434 Jan 10
2437 24712 244 214 2'Al2 24412 245 248
240 240 240 240
300 Preferred. new
101 Mob 12 10618 Jan 27
103 103
10338 10338 10312 10312 *103 104
*102 10312 *10112 103
American Woolen
*1712 25
*174 21 .1712 21
1634 Mch 10 1834 Jan 11
*1784 25
*1734 25
*1734 21
700. Do _preferred
7712 Feb 3 81 Jan 3
41812 84
81
*7812 7912 787 70
*78
7S7a 70
*7812 80
500 Amer writing Paper, pref 26 Mch 31 3214 Jan 2
2512 2812
274 2712 *27
29
28
26 *26
28
*264 28
3778 3834 377 3812 3814 3834 3818 3812 384 3914 23812 393 25,300 dAnaconda Cop Par $25 3378 Feb 25 414 Jan 2
220 Assets Realization
___
_ 107 107_ __ _ __ .
104 Feb 28 120 Jan 7
10514 10514 *105 109
_ *10612 100
900 Baldwin Locomotive
4712 474 48
4612 Feb 25 534 Jan 8
48
43 -48
48
48
48
48
43 48
300 Do preferred
1034 Feb 17 10434 Aids 4
104 104 104 104 *103 105 *10212 105
10112 10112 *10312 105
364 37
3512 36
33 Mch19 4112 Jan 9
3612 3738 3614 37
3738 8,700 Bethlehem Steel
36
37
33
6352 Feb 26 7212 Apr 4
71
72
7158 7178 72
*8978 71
7212 2,200 Do preferred
72
72
7112 72
128 Feb 25 137% Jan 27
131 131 *129 132
132 132 *130 133 *132 134
13314 13412 1,120 Brooklyn Union Gas
2718 Mch24 31 Feb 8
2838 285s 2818 2818 28
28
128
2814 2814 1,450 Butterick Co
28
28
28
4878 5014 4818 50
484 4958 488 4914 4812 4934 404 50 13,450 Ca ifornia Petrol v t at's_ 454 Mch18 5612 Feb 3
300 Do preferred
7612 etch 18 86 Jan 30
*77
774 *76
7712 77
7712 *77
77 *734 7734 *76
78
100 Case(JI)ThreshMpftr cfs 9914 Mch19 10353 Feb 6
*1l9 101
*9914 101
100 100 *100 101 *100 101
*9914 101
2414 Mch19 3018 Feb 5
3,655 Central Leather
2634 2634 12638 2638 27
2714 2734 234 2678 2713 23
23
934 9314 9312 9312 94
•
93 Mch24 9714 Mch 3
775 Do preferred
9414 9414 9414 '
19418 9412 9414 9414
407 417
4034 4112 4112 4218 414 417
4238 4338 37,000 dChino Copper_ _Par $5 351 Feb 27 4758 Jan 2
4012 427
31 Jan 14 4112 Feb 3
3412 3512 3414 3512 3478 3634 358 3612 3478 3014 3818 3718 9,200 Colorado b uel 8rIren
13312 13338 13234 133
133 13478 13438 135
13512 13714 8,500 Consolidated Gas(N Y)_ 127 Feb 25 14238 Jan 9
1341a 135
11
1113 1034 1118 1118 1134 1112 12
1118 1112 1114 1173 7,350 Corn Products Refining_ 10 Mch 4 1718 Jan 31
6312 Mch 13 7914 Jan 31
1,270 Do preferred
6912 6912 7018 17014 7014 70 70
*68
70
8812 89 *68
17
1,800 Distillers' Securities Corp 16 Mch24 2134 Jan 2
17
1714 17
1714 1738 1714 1714 1612 1678 17
17
600 Federal Mining & Sraelt'g 1314 Jan 13 18 Jan 22
*12
20 *12
10 *12
1734
16
15
*12
15
15 *12
33 Mch10 44 Jan 2
400 Do preferred
*30
3934 3934 4334 44
40 *30
40 *3212 40 *33 40
z13412 Jan 24 187 Jan 2
141 14214 6,539 General Electric
13914 1402 14034 14134 141 141
139 13934 13912 140
2912 Mch17 3412 Jan 7
200 Gen Motors vot tr ctfs
33
*30
3012 3012 3012 *3033 33
3012 3012 *30
3012 *30
75 Feb 27 79 Jan 7
710 Do pref v t ctfs
80
7734 7713 7712 7758 7818 *78
7634 7634 7612 7612 *713
34 Mch 19
2 Jan 3
238 212
27
27
3212 238
213 212 11,800 dGoldfield Con M Par 810
233 212
233 212
28 Mch 18 68 Jan 2
11,150 Goodrich Co(B F)
18
3234 3313 3313 35
35
34
35
3214 3218 33
32
9112 Feb 18 10514 Jan 7
05 95
600 Do Preferred
193
0034
95
9512 95 95
9513 *93
07
*93
4312 1,000 dGuggenh Explor Par ;25 4218 Mch19 5338 Jan 9
4612 464 48
4612 47
48
4734 48 *48
*47 48
1673 17
17
1714 1838 3,300 d Insp n Con Cop Par$20 1558 Mch19 2038 Jan 3
17
1658 1658 *1634 17
1634 17
700 Internet Harvester (old) 10412 Mc1313 11558 Jan 30
108 10812
109 109 *--- 100 .---- 108 *105 103
103 109
100 Do preferred
11112 Mch 8 116 Jan 28
__ .___ 11212 *____ 112 *____ 112
11112 11112 *11012 11112
Internet Harvester of N J 105 Mch 26 108 Mch 7
700
107
107
1074
10714
107
073
4
*105
1
107 107
10714
*105
107
Do preferred
11212 Mch28 11212 Mch26
___ *11178 11512 *11178 11512 *11178 11512
$11178 116 .1111 113 .._
150 Internet Harvester Corp.. 105 Mch 26 10734 Mch 29
10734 10734 * __ 10712 *__ -- 1-08 *105 10714 *105 10714 *105 107
113 Mch 13 113 Mch 13
011234 116 *ii2$3 116 111212 11212 *11212 11512 *11212 11512 *11212 11512
10 Do preferred
458 Jan 2
334 Mch20
100 Int Mer Marine stk tr cts
*4
412 *4
412 *312 412 *312 412
434
44 418 *4
600 Do pref stk tr ctfs___ 1634 Mch13 1012 Jan 7
*17
1712 *1684 18
*1714 18
174 1712 1778 1838 *18
1914
912 Mch 21 1258 Jan 30
400 International Paper
1112 1113 1012 1012 1033 1038 *1012 1112 1012 101 *10
11
42 Jan 21 4812 Jan 30
4258 424 4234 4338 44
4478 1,600 Do preferred
4412 *43
44
45
4413 *43
8 Mch17 1812 Jan 0
1013 103,1 1013 1013 1013 1012 *10
550 Internat Steam Pump
12
12
§10
*10
10
37 Mch31 70 Jan 9
37
37
*33
*33 40
40 .33
3712 37
37
425 De preferred
*35
39
92
*87
92 .8812 9113 *8712 92
4187 02 .87
100 Keyser & Co (Julius)_.._.. 8514 Jan 18 94 Feb 3
*87
92
*10212 110 *10213 110 *10212 110 *10212 110 *10212 110 *10213 110
Do 1st preferred__ 10734 Jan 22 110 Jan 2
61 Mch 19 81 Feb 5
70
74 .63
*60
*64
*63
74
Kresge Co (8 S)
64
*63
74
74
*63
99 Mch 10 102 Jan 4
300 Do preferred
9912
99
*03
99
99
"9714 9012 *97
0912 *9712 9912 99
*40 4112 4112 4112 *4012 421k *4012 45
38 Mch27 4978 Feb 4
41
41
*40
200 Lackawanna Steel
424
101 101 1101 101 .101 102 *101 102
10012 10012 .100 101
98 Feb 25 10412 Jan 8
350 Laclede Gas (St L)com
22518 22612 928 22872 1225 225 *226 228
1,615 Liggett & Myers Tobacco 213 Jan 2 235 Itch 6
*225 229
229 229
Do preferred
$111 117 *111 117 *111 115 .112 115 *111 115 *111 115
113 Mch 6 11612 Jan 23
*30
33
*3012 3434 3212 3212 3258 3258 3312 3312 3312 3414 1,100 Loose-Wiles Bis tr co ctla 30 Mch18 397 Jan 6
100 100 *109 102 *100 102
*9978 102
350 Do 1st preferred
994 Mch 13 106 Jan 9
*9978 102
$100 102
Do 2d preferred
*90 92
02 Jan 6 96 Jan 8
*00 92 .90 92 *90 92
*90 92
92
*90
175 Mch 8 200 Jan 28
10 Lorillard Co (P)
$175 184 *175 185 *175 185 *175 185 *175 185 §182 182
113 Feb 25 11613 Jan 22
110 Do preferred
0111 11314 *111 11314 113 113 111314 11314 *11212 11314 *11212 11312
309 May Department Stores_ 66 Feb 20 7678 Jan 2
75
*70
75
7238 *70
72
75
.70
*70
75
75
*70
10078 Feb 20 10513 Jan 2
100 Do preferred
*100 104 *100 101 *100 104 *100 104. 10312 10312 10412 10412
6112 Mch20 7814 Feb 4
9,900 Mexican Petroleum
67
66
67
64
65
6534 6313 6512 65
6572 6414 65
23
2334 237 2418 24- 2418 2414 2434 2434 24% 2,890 dMianal Copper...._Par 45 214 Feb 19 2612 Jan 4
2334 237
112 Feb 21 12813 Jan 3
3,250 National Biscuit
12034 121
116 116
117 120
11614 11634 117 117 .115 117
11618 Mch 24 12478 Jan 8
200 De preferred
11912 11912
0117 119
118 118 *117 120 .117 125 *117 125
350 Nat Enamel'g & Stamp'g 13% Mch 10 1914 Jan 30
11478 147 *14
15
1434 15
*1334 15
*14
16
1538 153a
84 Mch24 9214 Jan 30
Do preferred
92
082
*80 92
*83 92
*80 92
*83 93 *80 93
4512 Mch19 5614 Jan 2
810 National Lead
*48
50
4978 4972 50
14758 4758 4814 4814 49 40
5118
Do preferred
104 Mch 14 10758 Jan 27
$105 10518 *105 10612 *105 107 *105 107 *105 107 *105 108
177 18
1734 17% 1734 1818 18
1814 181a 1838 0,500 dNevada Cons Cop Par 15 16 Feb 18 20 Jan 2
1818 18
.73 74 *70
74 *70
7238 72
200 New York Air Brake__ __ 69 Mch 19 824 Jan 8
*72
74
75
72
72
848 North American Co(new) 76 Mcb 28 8112 Jan 14
7714 *75
*75
80
7714 7738 *75
78
7772 7918 7938 794
*2514 27 *25
241s Mch20 314 Jan 22
27
*25
400 Pacific Mail
28 .2578 2712 257 257
2614 2634
36 Mch 10 48 Jan 4
900 Pacific Telep & Teleg
36% 37
37
37
*38
384 *36
39
3712 3734
37
37
511012 114 *1104 114 .111 114 1113 113
736 People's G L & 0(Chic)_ 109 Feb 24 110 Jan 8
113 11312
1134 114
20
1078 2038 *20
19 Itch 20 2438 Jan 2
*1912 20 .19
21
2012 2112 21
2112 1,000 Pittsburgh Coal
85
8514 *84
85
84
8034 Mch 19 1.5 Jan 9
85
86
85
84
8514 8578 2,610 Do preferred
85
2434 Mch19 33 Jan 7
2313 2814 2314 28
*2612 2712 2673 2712 23
23
2312 2812 2,000 Pressed Steel Car
97
97
97 Feb 28 10118 Jan 7
98
*96
*96
93 .96
98
325 Do preferred
99
*98
98
98
Pub Serv Corp of N J__.. 11614 Feb 28 218 Jan 21
_______ ----- ---- -- *11334
1664 Feb 25 165 Jan 2
8 1115012 15012 *15912 16012
269 Pullman Company
160 160 '159 1-60 1160% 1-5971435 159
2434 Feb 25 35 Jan 9
*33
3334 3334 34
goo Railway Steel Spring_ _
3212 3212 3212 3212 324 3234 33
*32
*93 100 *93 100 *98
98 Mch17 100 Jan 13
99 99
09
100 Do preferrwi
*9314 100 *98 100
1912 1914 1938 19
1912 10
194 187 105s 1958 20
10
13,850 dltay Cons CopperPar$10 1634 Feb 19 22 Jan 2
2314 Feb 26 2833 Jan 31
27
257 2638 28
2614 2634 2714 2634 2678 263* 27
2818 4,800 Republic Iron & Steel
8614 8633 8832 1,823 100 preferred
8218 Jan 14 8014 Feb 1
8434 8534 8534 8638 8534 8612 *8512 8613 86
3812 4412 404 454 12,470 Rumely Co (M)
3714 Apr 2 9214 Jan 7
3714 42
41
*41
4134 43
42
44
8212 8534 844 864 2,020 Do preferred
8212 Apr 3 9934 Jan 4
83
83
83 *____ 8812 83
85
*83
188 18812 19134 192
2,600 Sears, Roebuck &
18718 189
,
.. 178 Mch20 2131 Jan 2
185 18712 188 189
185 185
36
*3512 40 .35
30
40
400 Sloss-Sheffield Steel
*354 40
37
Co_3718 3613 3612
ilt ir 33 Mch 20 4512 Jo.n 28
34% mch 8 4012 Jan 31
610 Standard Milling
3938 *3812 3914 *37
3914 *3713 3914 3914 3914
13814 3814 39
100 Do preferred
*6212 6413
67
66 .65
62 Mch 11 6678 Feb 4
68
67
67 .65
67 .65
*65
30
30
30
30
3112 1,100 Studebaker Corp (The)._ 28 Feb 20 38 Feb 6
30 *30
291 2978 30
*29
30
100 Do preferred
9234 9234
*88
93
s8812 Feb 20 9314 Jan 13
*00 93
*90 93
93 *90 93 *90
38
38
3514 3534 36
3612353s 3534 30
3734 7,900 dTennossee Cop__Par ;25 3214 Jan 27 3913 Jan 4
384 37
$108 111 *110 11212 11212 11212 *---- 112 *_ 112
400 Texas Company (The)._ 1081 Mch 18 12234 Jan 10
112 112
924 93 .904 94
300 Underwood Typewriter
*90 93 *90 93
89 Mch19 901 Jan 3
93
93 *92
95
112 *___ 112 ...__ 112
112 Mcb 4 113 Jan 21
Do preferred
0..- 112 ..--,.. 112 ...,.. 112 $__
44 Mcb 18
734 Jan 3
514 1,100 Union Bag & Paper
5
518 .5
513 518
5
5
513
b
513 5%
81
32
*31
81
32
35
.30
33 .30
33 *30
460 Do preferred
33
2934 Mch 13 4134 Jan 3
1438 1412 11518 154 *14
14 .1312 14
15 *14
15
725 US Cast Iron Pipe & Fdy 1338 Mch18 1634 Jan 30
14
53
52
524 5258 5258 *52 84 *51
*52
460 Do preferred
56
63
*52
52 Mch 20 5634 Jan 31
70
*69
70
70
6834 6918 6912 697s 70 *68
71
860 U 8 Realty & Insprov't_ 6814 Mch 10 77 Jan 9
*68
6374 65
644 67
6234 67
6314 6414 6212 64
674 6912 60,440 United States Rubber- 574 Feb 24 624 Apr 4
106 10612 1064 10658 107 10714 1074 10738 1074 10712 108 10834 1,700 Do 1s1 preferred
104 Mch19 100 Jan 8
Do 2d preferred
7638 Jan 3 8112 Jan 9
4 -i1-2.
.
14 Ili -BF% 631-2 8338 6434 420-.010 United States Steel
5814 Mch 10 6913 Jan 2
-olT8 -611-4 -6575 If -iiiiii -6-31108 1084 10814 10834 10834 1084 1087 10378 3.700 Do preferred
10712 108
107 Mch19 11034 Jan 30
10778 108
53
5358 54
534 5338 5414 534 5378 5314 544 544 5518
810 4858 Mc1119 6038 Jan 2
3-.8 10,605 dUtah Copper__Par
354 3612 3812 36
3534 3534 *33
*33 37
39
I'
1,450 Virginia-Carolina Chem_ 3012 Feb 25 4318 Jan 3
*35
110 110 *10712 110
1074 Feb 21 114 Jan 3
110 Do preferred
0108 110 *106 110 110812 1084 *106 110
7014 70
6914 7014 704 7012 70
70
70
7014 4,100 Western Union Teleg
65/2 Mch20 7518 Jan 9
70
69
67
88
6638 66
6614 6638 6714 8,050 Westinghouse El & Mfg_ eoi
26578 6612 68
6812 67
:Itch 19 7914 Jan 2
11934
*115
11912 *115 119 *115 11714
ii
311714 11934 2117 117 *115
Do 1st preferred
117 Feb 14 1104 Jan 17
934 9112 93
9333 92
93 954 10,200 Woolworth (Ir W)
0014 9014 9014 9112 91
8512 Mch19 112 Jan 2
11112 11112.110 112 .112 114 *112 114
$110 ____ *110 112
100 Do preferred
10914 Mch 13 11512 Jan 8

Lowest

Highest.

11312 Dec
11512Jan
13758 Jan
24118 Feb
10114 Jan
18 Nov
79 Dec
2518 Jan
$34 Feb
10512 Feb
49 Deo
10234 Feb
2734 Feb
5612 Feb
13712 Mch
28 Nov
4914 Dec
84 Dec
991 Dec
1612 Feb
80 Feb
$25 Jan
2318 Feb
13534 Dec
10 Jan
75 Dec
20 Dec
1114 Feb
3718 Jan
155 Jan
30 Feb
7014 May
$138 Dec
6014 Dec
105 Dee
$47 Dec
$1658 Dee
10514 Feb
11312 Nov

13312 Ma7
124 Set)
14918 filch
32412 J'ly
10638 Jan
31 MeV
0412 Mch
4138 May
$48 Oct
12712 Oct
6034 Aug
10818 J'ne
5138 Oct
80 Sep
149 Aug
404 Apr
7212 Oct
0512 Oct
10112 Deo
3358 Sep
10017 Oct
$5038 Nov
4334 Sep
14912 Aug
224 Oct
8912 Oct
3614 Aug
2134 Sep
5234 Sep
18812 J'ly
4273 Sep
8234 Sep
$5 Mch
81 Sep
10912 Sep
r$6233 J'ne
$2118 Oct
12673 Sep
12134 Apr

4 Mob
1531 J'ly
93s Jan
z4578 Jan
12 Dec
63 Dec
90 Dec
107 Dec
71 Sep
100 Oct
29 Meh
1024 Deo
15678 Jan
10512 Jan
3612 Dec
10212 Oct
90 J'ly
167 Mch
10734 Jan
60 Apr
105 Dee
6234 Apr
$2312 Feb
114 Dee
122 Doe
1214 Feb
88 Feb
5118 Jan
10512 Feb
$1814 Jan
50 Feb
7412 Jan
2834 Dec
45 Dec
103 Jan
1634 Mch
77 Feb
2834 Feb
98 Feb
10634 Feb
15812 Feb
2712 Feb
9814 Dec
$13 Jan
1534 Feb
C412 Feb
8914 Dee
9912 Dec
140 Jan
3914 Jan
1614 Jan
53 Jan
30 J'ly
9012 J'ne
$3412 Feb
81 Jan
95 Dec
110 J'ne
458 Jan
8618 Deo
13 Feb
50 Jan
67 Jan
4514 Feb
1055e J'ly
75 Jan
5814 Feb
20714 Dec
$5212 Jan
4034 Dec
11478 Dec
7134 Dec
6814 Jan
11478 Jan
1124 J'ly
9314.Fly

778 etch
26 Mch
1934 May
6273 May
34 Jan
8458 Apr
9534 Oct
10•J Oct
8912 Oct
10512 Oct
5512 Sep
10834 Jan
225 Oct
118 Aug
4718 J ly
10538 Nov
9234 Oct
21512 Oct
118 Aug
88 Oct
112 Jan
9012 Oct
23014 Sep
161 Apr
131 J'ne
28 Oct
951 Jan
8814 Oct
1107 Nov
$2418 Sep
85 Nu*
8778 Aug
38 Sep
5638 Apr
12212 Oct
2714 Aug
10034 Aug
4078 Sep
10334 Aug
12078 Aug
175 Aug
4034 Sep
105 Aug1
$2418 Sep
35 Oct
9338 Oct
101 Nol
10312 Oct
221 Nol
5934 Sep
38 Dec
66 Oct
4912 Axil
9818 Aul
$4714 Ma;
13058 Sep
11534 J'n,
11412 Sep
177 Ma
6734 Ma
2212 Ma
8438 Oci
8612 J'13
6778 Ma
116 Ma
8512 Ma
8034 Sel
117 Set
$6712 Set
5714 Jar
122 Mc
8614 Jar
8912 Au
126 Aug
1177 0c,
11634 J'll

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Coney Isl'd I
First
Flatbush _
Greenpoint
Hillaide0.- _
Homestead 9
Manufacers
MeohanIes'4Montauk 9...
Nassau

i

Bid

Ask

135
280
150

155
300
165
160
125
100
430
225
160
220

85
405
200
205

Banks
Brooklyn
National City
North Side 1..
People's --

Dia

Ask

275
175
145

205
200
135

Trust Co's
N F City
350
Astor
Bankers' Tr_ 470
B'way Trust_ 165

375
475
175

Trust Co's Bus Ask
N Y city
Central Trust 995 1005
ColumbiaKnickerboc 520 530
Commercial
93
90
Empire
300
Equitable Tr 490 605
Farm L dc Tr 1250 1285
Fidelity
220 230
Fulton
295 313
Guaranty Tr. 575 586

Trust Co's
NY City
Hudson
Law T I & Tr
Lincoln Trust
Metropolitan
Mutual Allance
Mut'l (Westchester)

Bid

Ask

130
202
180
440

140
207
135
450

135

145

140

150

Trust Co's Bid Ask
N Y City
NY Life &Tr 1030 1055
NY Trust_ _ _ 620 630
Title Gu & Tr 475 485
Transatlantic 175
Union Trust_ 1260 1275
S Mtg & Tr 450 460
United States 1095 1105
Washington
375 390
Westchester
180

Trust Co's
Brooklyn
Brooklyn Tr_
Citizens' _Franklin
Hamilton
Home
Kings County
Nassau
People's
Queens Co -

Bid

Ask

495
150

505
155 ,
250
285
125

270
118
520
130
295
100

305

no

*Bid and asked prices; no sales on this day. 1Less than 100 s iares. Mx-rights. a Ex-dIY. and rights. b New stock. d Quoted dollars per share.
Vial° at Stock Exchange or at auction this week. 5 Ex-stock dividend, If Banks marked with a paragraph (II) arc State banks, z Hz-dividend.




1002
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

Jan. 1 1909 the Exchange method of quoting bonds was changed, and prices are now all—"and interest"—excep for
income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 4.
-,z.

U. S. Government.
U 9 2s consol registered__d1930 Q- 3
U S 2s consol coupon
(11930 Q-J
U 9 Is registered
k1918 Q-F
U 9 3s coupon
k1918 Q-F
U 9 4s registered
1925 0-F
U S 43 coupon
1925 0-F
13- 9 Pan Canal 10-30-yr 2s11936 Q-N
U 9 Panama Canal 3s g
1961 Q-S

Price
Friday
April 4

Veers
Range or
Last Sale

1
4

Range
Since

340i

Jan. 1

Z.g.
BONDS
N. Y. STOCK EXCHANGE te
Week Ending April 4.
..... a_

Price
Friday
April 4

Veers
Range or
Last Sale

0301

Range
Since ,
Jon. 1

Bid

Ask how
High No. Low High Chesapeake & Ohio—
• Bid
High No Low High
Ask Low
10012 101 10012 Mch'13 --._ 10012 10118
Gen funding & impt 5s..„1929 J -J 101 Sale 10014
101
3 100 102
10012
1014 Jan '13
10114 10111
1st consol gold 5s
1939 31-N 0
1087
109
2 1(1812 110
1024 10314 1025 Feb '13
10258 10278
Registered
1939 M-N ---- ----10938 Nov'12 ___ __ ...._
10212 10314 10238 Mch'13
1025,103
General gold 430
1992 11-S
9938
9912 24 087 101
11312 114 11312
11312
4 11312 11312
Registered
1992 11-S ---- ---_ 9912 Mch'13 _--_ 0912 9912
11312 11414 114 Mch'13
Convertible 434s
11378 11414
1930 F- A 9014 Sale 004
9034 42 9014 9238
10012 101 10012 J'ne '11
Big Sandy 1st 48
1044 J -I) 8314 --- 8518 Feb 13 ____ 8518 854
10212 103 10278
10278 20 102 10318
Coal River Ry 1st gu 48_ _1945 J -D 85 ___ _ 8812 Oct 12 --. --- ---Craig Valley 1st g 5s
1940 J -J
09 ___ 10134 Mch'13 _... 10012 10134
Foreign Govern,ent.
Potts Creek Br 1st 4s
80 __ _ 8434.Jan'13 --__ 8434 8434
1940 J -J
Argentine—Internal Is of 1909_ 111-S I 97 98 97
97
1 9618 9918
R & A Div 1st con g 4s
1989 J -J ........ 94
9134 Mch'13 _ -- 9134 034
Chinese (Hukuang) Ry 5s £____ J -D 1 86 00
87 Mch'13 ....— 86 02
2d consol gold 4s
1989 J -J _ _ _. 89 87 Men'13_-__ 87 88
Imperial Japanese Government
Greenbrier Ry 1st gu g 48_1940 11-N 85 .___ 95 Oct 10 ____ __
_
Sterling loan 430
1925 F-A I 89 90 885
, 89
6 8712 908 :Thic & Alton RR ref g 3s 1949 A-() 366 ____ 67 Feb 13 --- 67 -(3.
82d Series 43s
8818
1025 J -J I 884 89 88
2 8678 8914
Railway 1st lien 33,0___1950 J -J
58 Sale 58
5512 631a
58
1
Sterling loan 4s
8038 Lich 13 __ 80 83
1931 J J I 8034
Thie B & Q Denver Div 4s:1922 F -A 9818 09 08 Lich'13 ____ 98 100
Republic of Cuba 55 exten debt_ 51-S I-- _ 1007
-__-8 101
101
1 100 10912
Illinois Div 330
8412 1() 8,1
8434 ____ 8412
1940 J -J
8532
External loan 4,0s
1949 F- A t--- 9614 964 Mch'13 __ 9612 974
Registered
_
864 Aug 12 ___ __
1940 J-J .._
an Paulo (Brazil) trust 5s_1919 J -J t 07 9738 9678 Feb '13 - - -- 961 9712
Illinois Div 4s
-J
9512
13 9513 9834
964
J
1040
okyo City loan of 1912 5s.__ M-S 8714 8814 8818
8818
2 8614 8912
Registered
1949 J J --- - ----- 97 Sep '12 ____ ____
9 of Mexico s f g 5s of
1899 Q-J I - - - - 93 02 Feb '13 ....._ 02 9518
Iowa Div sink fund 58_1919 A-0 103 104 10338 Feb '13 ..... 10338 10332
8414 Jan '13 ---- 8414 8412
Gold 48 of 1004
1954 J -I) --- 84
Sinking fund 4s
1919 A-0 98 9834 08 Mch'13 --- 08 994
I These are prices on the basis of S5 to £
Nebraska Extension 48_1927 11-N
9014
0614
5 0514 97
State and City Securities.
Registered
11-N ---1027
_ ----9638 Sep '12 _. _., ___
N Y City-430
100
41 0934 10034
1960 11-S 9934 Sale 9034
Southwestern Div 48
1921 51-5 9712 --- 9834 Nov'12
__
4% Corporate stock
1959 51-N 0433 0434 95 Mch'13 -.__ 95 975
Joint bonds. See Great North
4% Corporate stock
1958 111-N 945 Sale 945
948 13 9438 9734
Debenture 5s
1913 11-N 100
100
100
7 0034 1004
4.% Corporate stock
0478 49 0438 0734
1957 11-N 0414 0434 0438
Genera148
Sale 0338
9414
1955,11-S
964
9312
044
86
New 43is
10312 16 10314 10512 -- )hic & E III ref & imp 4s g_1955 J -J -_— 75 74 Mch'13 ____ 74 80
1957 5.1 N 10338 1035, 10314
New 45-is
10114
1917 11-N 10112 102 10114
3 10114 102
1st consol gold 63
120 110 Jan 13 __ 119 119
—
A-0
1934
43i% Corporate stock
10312 40 10314 10512
1957 31-N 10312 Sale 10314
General consol 1st 5s
1937 51-5--109 10718 Feb '13.—_ 106 108
4U % assessment bonds 1917 11-N 10112 10178 101 Mch'13 ---- 10034
Registered
1937 11-N __ -----10613Jan '13 ____ 10612 10612
3 % Corporate stock
1954 11-N 83 8312 8334
8334 22 83 10134
86
Pur money 1st coal 5s
1042 F-A ____ 07 0734 Feb '13 ___ 9734 98
N
State-4s
1961 M-S - — 10034 10078 Mch'13 --- 10078 10112
Registered
Canal Improvement 4s
1961 J -J - --- 1005, 10014
10034
7 10014 10131
Chic & Ind 0 Ry
7. -..:.._ 7 ii5.14- meici5 7::: ioLr4 105-1;
5s___1936 -J---5 ::::
Canal Improvement 4s1962 J J *10034 — _ 10112 Feb '13 -- 10118 10118 Dhic Great West 1st4s____1959 1I-S 76 Sale 76
76
7 75
7738
1st
Canal Improvement 4s_1960 J 1 10114 ____ 10134Jan '13 __-_ 10134 10134, 3hic Ind & Louisv—Ref
03_1947 J -J 120 ___ .. 124 Feb '13 ___ 124 125
South Carolina 430 20-40...1933 J 98 -- — 10312 J'iy '10
Refunding
10814
10414
gold
__
10514
'13
10514
1054
Feb
Is
1947
-J
J
99 091 99 Mch'13 ...... 99- W. Refunding
Tenn new settlement 3s
1913 J -J
4s Series C
1017 J-J .. — 9012 95118 Apr 11 ____ ---- -Virginia funded debt 2-3s 1991 J -J --------_ 8612 Dee '11
, Ind & Loulsy 1st gu 4s
1956 J-J _._. 85 85 J'ly '12
Os deterred Brown Bros ctfs___ ___ 63 Sale 5212
54
70 -51
.Thic Ind & Sou 50-year 48_1956 J .1
9
0014 Aug'12 __ __ __
',)hic L 9 & East 1st 43-s_.1969 J-1) ---- ---- -101 Dec '11
Railroad.
2hic Mil& St 1'terml g 5s_ _1914 J -J 10012 ____ 10034
10012
3 10014 10034
75 70 7412
A nn Arbor 1st g 4s
h1095 Q-J
7414
_
797
8
7512
la
Golf' gold 4s Series A___e1.989 J-J
96 Sale 06
0612 15 06 09
Extch Top & 9 Fe gen g 4s.1995 A.-() 96 Sale 0478
119 9434 9818
96
81989 Q-J _ _ _ 0614 9812 Feb '13 ___ 07 0812
Registered
Registered
1995 A-0 — — 974 9734 Feb '13 --- 9512 98
Gen'l gold 330 Ser B
41 833411c11'13 _ _ _. 8334 85
e1989 J-J
3
813 87 8612
Adjustment gold 4s
87
4 83 8814
/11095 Nov
Registered
e1980 J -J ---- -- -_ 86 3110 11 ___ ____
_
Registered
8512 36 Lich 13 _-_ 80 86
h1095 Nov
25-year deben 4s
8712 89 8714 Mch'13 ____ 8714 017
1934 J-J
Stamped
-- 87 8514
h1095 11-N 1304
80
2 83 88
Convertible 43s
1932 J-1) 10312 Sale 10214
10312 450 10114 10038
Cony 48 issue of 1909_1955 J -D -,-. - - - - 10818 Sep '12 ____ ____
Convertible 430(wh issued) ---_ 10312 Sale 10214
10312 585 10034 1044
Cony gold 4s
10314 41 10014 1-051
1955 J -D 10314 Sale 10134
Chic & L Sup Div g 53_1021 J -J 10-1 ____ 10438Jan '13 ..... 10412 104%
4
Cony 48 (issue of 1910)_1960 J -D 10214 Sale 10078
10214 346 9878 1035s
Chic & Mo Illy Div 5s
J -J 10578.-__ 106 Feb '13 _ _ 103 10614
1926
10-year cony gold 5s
1917 J -D 1034 Sale 10178
10314 132 10012 105%
Chic & I' w 1st g 5s
1021 J -J 104 10418 104
104
2 101 10514
Debentures 4s Series K
1913 F-A --------991 4_ J'ly '11 ____
C M & Puget Sd 1st gu 4s_1949 J -J
8938 Sale 8812
8912 274 88 94
East Okla Div 1st g 4s
1928 ,11,-S 02% 04 0312
9312
Dak & Grt Sou gold 5s
3 92 1312
10112 _-__ 10214 Oct 12 ...._ ___ ____
J-J
1916
Short Line 1st 4s go1d_., 1958 J -J
87 8818 8712 Lich 13 -___ 8678 92
Dubuque Div 1st s f 6s
1920 J -J 11038 111 11012 Mch'13 ___ 11038 110%
Cal-Ariz 1st & ref 430
1962 11-S 119 9978 100 Mch'13 _-- 9034 10012
Fa & Sou assum g 6s
1924 J -J 113 ____ 11738 Aug '11 ____ ____ __
r
8 Fe Pres & Ph 1st g 5s_1942 51-S
10612 107 Feb '13 — -.. 107 107
La Crosse & D 1st 5s
J -J 10318 ___ 10434 J'ne'12 ____ ____. ---1919
Chic & St Louis 1st 6s
10034 - - - - 10318 Feb '13 _-__ 1031a 10318
1015 ill-S „„Wls & Minn Div g 58
1921 J ...I 10314 _ _ 104
104
1 104 10434
1181 Coast L 1st gold 4s_h1052 M-5 934 Sale 91
0312 10 0034 9514
Wis Vail Div 1st 13s
1920 J -J 100 11234 10034 Feb '13 ____ 10034 10934
Registered
---- 08 Oct '00..h1952 11-S
—
05 95
Mil & No 1st cons 6s
1913 JD 10018 —_ 10018 Mch'13 ___ 100 1004
Ala Mid 1st gu gold 5s___1928 5I-N „„.10534 ---- 10634 Feb '13___ 105 10634
Extended ,I,s
1913 J -D 100 ____ 10018 Aug'12 .___ ___- ____
Bruns & W lst gu gold 4s_1038 J -J 01 _ ---- 95 Aug 12 ___
_
Dille & Nor West cons 7s 1915 Q-F 104 10478 1044
2 104 10514
10414
--------------- _
- I Extension As
Charles & Say 1st gold 7s_1936 J -J 125
1886-1926 F-A -------90 Feb '13 ____ 06 96
L & N coil gold 4s
938
01952 11-N 0014 Sale 9014
aors I2-1-21
Registered
1886-1926 F-A -___ 9512 1/13 Jan '13 ___ 06 06
Bay .'& W 1st gold 6s__1934 A-0 — _.12412 12318
I
General gold 330
Sale 8234
58 82 854
83
1087 51-N
.:' 1st gold 58
1034 A-0 -,-- 11212 11038 May'll
Registered
p1987 Q-F -------- 8434Jan '13 ___ 134
8434
Bil Sp Oca & G gu g 4s
97 100 97 Oct '12
1918 J -JI
ale 97
9714 41 0078 9814
General 48
1987 11-N 07
pt alt & Ohio prior 330
0012 - — - 9012
9114 12 8978 -011
1925 J -J
Sinking fund 6s____1879-1920 A-0 --------11134 Nov '11 ____ ____ __
4
I) Registered
9014 Feb '13
h1925 Q-J
8813 __
00 9012
Registered
1879-1029 A-0 --------10934 Aug'12
Gold As
96
//1948 A-0 953 Sale 95
32 0434 9778
Sinking fund 5s
1879-1929 A-0 104 Sale 104
10-1
1 104 105
0312 Sale 0312
Registered
h1948 Q-J
0312
1 0312 97
Registered
1879-1929 A-0 ._ 10412 10438 Oct '12 __ __ __
;0-yr cony 43-is (wh iss)-_1933 ____ 9478 Sale 9478
0538 513
Debenture Is
-0718
1921 A-0 101 103 103 Alch'13__ 101 103
Fitts June 1st gold 6s_ _1922 3 -J - --- ---- 112 Jan '12 ____ _93., ___
Registered
1921 A-0 --------101 Dec '12 ____ __
P June & M Div 1st g 3-301925 51-N — 8712 8713 Jan '13 ____ 874891
Sinking fund deb 5s
1933 31-N ....... 104 10712 Alch'13 ___ 107 1074
ails Sale 8814
8814
2 8814 0014
1' L E & W Va Sys ref 4s__1941 51-N
Registered
-_ 10734 Auiell
__
1033 11-N
Southw Div 1st gold 30-s1925 J -J
8812
8812 ---- 884
Frem Elk & Mo V 1st 6s.._1933 A-0 121 __ 12114 Mch'13 _.. 12114 12114
9 884 9014
Cent Ohio 18 1st c g 4 30_1930 51-S 100 -„.101 Jan '13 __ 101 101
Man G B & N W 1st 330 1941 J -J
73 -- 0012 Sep '09 — ---- ---PI Lor & IV con 1st g 5s_1933 A-0 ,„- 10312 10612
1001
5 1004 10012
M11W & 9 L 1st gu 330
1941 J -J
73 - - - - --- - - ---- ---- ---Monon River 1st gu g 5s__1910 F -A 10212 - - - - 10214 J'no'12 ___ ___ ____
Mil L 9 & West 1st g 6s 1921 11-S -: • 12 11112 11112 Mch'13
.__. 111 1124
Ohio River RR 1st g 5s___1036 J -D 10014 - - - - 10834 Nov'12 ___ ___ __
Ext & imp. 8 f gold 5s_1929 F-A 4; :12 __ 10714 Feb '13 ____ 10714 10714
General gold 58
1937 A-0 ----- -----10512 Apr '12 —_ ______
Ashland Div 1st g 631_1925 11- S 11, 12 - - _ 11418 Feb '13 —. 11418 1144
rItts Cloy & Tol 1st g 6s1922 A-0 1
---- 11312 Feb '12 ____ ___ ____
Mich Div 1st gold. 6s
1924 J-J 113 ____ 11312 McIt'13.__ 11312 11313
Pitts & West 1st g 4s
1917 J -J
1 012 ---- 9612 Oct '12 ___. ____ __
Mil Spar& N W 1st gu 4s_1947 11- S 9234 9314 9312
9312
2 02% 04
fitat Isl Ry 1st gu g 4 3is_1943 J -D 1)1 ---- 01 J'ne'12 ....... ---- _
Northw Union 1st 75 g
1917 11-5 100 10934 115 •,1J'iy '11 ____ ___ .._
Buffalo R & 1' gen g 5s- _1037 51-S 107 .....- 10712 Mch'13 __ 10712 1103-8
10812
Winona & St P 1st ext 7s_1916 J-D 108 _ _ _ 10812
3 10812 1084
Consol 430
1957 M-N 103 — - 103
103
2 103 10134 Dhicago Rock Is!& Pac 68_1917 J-J 105 100 10512
10512 1064
All & West 1st g 4s gu
j...j --------109 Mch'13....
1008 A-0 - - - - ---- 9534 Mch'13 ....._ 0534 9534
Aug 10 ___ ____
Registered
Cl St Nish 1st gu g 5s
1043 J -J --------103 J'ly '08
____
03
9 0134 044
03 Sale 93
General gold 43
J-J
1988
Roch & Pitts 1st gold 6s1921 F-A 10014 ---- 10912 Meh'13 ---- 10012 1-1-012
934 01 Dec '12 ___ __ ---Registered
Consol 1st g 6s
1922 J -D 11034 ---- 11114 Mch'13 _
11114 11178
Sale
Refunding gold 95
8412 88 8334 89
48 ..„ - 46 Feb '13 ____ 38 4614
Buff& Susq lst reg g 4s___d1951 J -J
20-year debenture Is
87
414
8714 10 80 00
--61
3 -88-74-142
1
119
993
384
8
2A
.
J
1Sou cons gu A 5s_1992 A-0 100 1064 106
1064 28 106 10614
Coll trust Series L 4s
1914 11-N 93 --__ 9734 Sep '11 ____ ___ ___
Registered
1062 A-0 ,— - - - - 10034Jan '11
P 4s
1918 11-N _ _ _ _ 95 94343'110'11
Pentral of Ga 1st gold 5s__p1045 F-A 10018 - - - 11038
11038
1 110 1105,
Chic R I & Pac 1111 4s
2002 11-N 6418 Sale 63
6414 188 6112 6634
Consol gold 5s
1945 51-N 106 10712 10638 Moh'13
10014 109
Registered
2002 M-N ___ -___ 03%Jan '13 ____ 6338 6434
Registered
1945 1I-N --------10614 Mch'13 __ 10614 10614
R I Ark & Louis 1st 43,0_1034 31-S ___ 88 8734 Feb '13 ____ 86 87%
1st pref income g 5s____p1045 Oct ----.— 103 Dec '11
Bur 0 11 & N—Ist g 5s
1934 A-0 __ 1011 10812 Fen '13 ____ 10812 10834
$(.1 prof income g 5s____p1945 Oct --------105 Dec '11
Registered
1934 A-0 --------12012 Mch'03 __ ---2d prof income g 5s stamped_ _
---- ---- 96 Nov'll ___ __ ___
0181 F& N W 1st gu58_1921 A-() ____ 100 10514 Sep '11 _.-- -11d prof income g 5s____p1945 Oct --------107 Dec '11
LI & St L 1st gu g 7s
1927 J -D
---- ----_-_ ..... -- --d prof income g Is stamped__ _ _- -.— - 8518 Oct '10
Choc Okla& G gen g 5s__011119 J -J ____ 10034 10034 10034
1 10012 10034
hatt Div pur mon g 4s 1951 J---1) --------90 Feb '13 _—_ -90- 00
Consul gold Is
1952 in-N Imo ____ 106 Jan '13 __ 106 100
& Nor Div 1st g 5s....1946 J -J 10014 ---- 10714 Jan '12 _. ____ ____
ICeok & Des Moines 1st 58.1923 A-0 974 9812 98 Mch'13 __ 98 98
G a vA1tsltD
g15
./35s_ _ _ 104
7 J - J 1_0_0_1_4 ________ 11010534
946
...._:_. _......:
St Paul & IC 0 Sh L 1st 430'41 F-A -- 89 89 Feb '13 __ 89 89
Div
May 11
-J
Dille St P M & 0 con 6s
1930 J -D
0
20 Mch'13 ____ 120 12034
RR & 11 of Oa col g 5s_1937 11-N ____ 1013 10112 Nov'12
Cons 138 reduced to 330 1930 J -D ..
--------8014
_
_._
Dec '12
---- ---Pent of N 3 gen'l gold 5s_1987 J -J 117 11812 117
Debenture Is
118
6 117 1163;
1930 ,n-s 101 Salo 1005
101
16 10012 1027
Registered
h1987 Q-J 11514 11812 1164
1104
5 115% 11812
Ch St P & Minn 1st g 6s 1918 11-N 118 -___ 11912 Feb .13 ____ 119 1204
Am Dock & Imp gu 5s___1921 J -J - ___ 10512 10512 Feb '13 ....._ 105 10512
North Wisconsin 1st 68_1930 J -J 118 ___ 12938 May'o9 __ ---- —.
eh & Hud R gen gu g 55_1920 J -J —
--__ 10212 May'12
St P & S City 1st g 6s
1019 A-0 1074 11'3814 10818 Mch'13 ___ 10818 10914
Y & Long Br gen g 4s__1041 11-S -- - -----10012Jan '13 —__ 10012 10012
Superior Short L 1st Is g_1930 M-S 106 ---- ------- ---- ---- ---Oent Vermont lst gug 4s_e1920 Q-F 1
844 83 Mch 13 ---- 88 00
Dhic & West Ind gen g 6s_g1932 Q-M 1064 _-__ 107 Mch '13 ____ 10638 107
Consol 50-year 4s
8838 Sale 8838
8834
1052 J-J
5 854 8911
MISCELLANEOUS BONDS—Continued on Next Page.

t

Canada

MacMidMobile

::::

gen

Street Railway
Brooklyn Rapid Tran g 58_1945 A-0 10212 103 10212
198

Street Railway
10114 10314 Interboro Rap Tr 58 Ser A_1952 51-N 10334 10434 1034
104
84 10
02
2%19
05
4:
8614 0238 Manhat Ry(NY)cons g 4s..1090 A-0 ---- 9334 02
92
101 10212
logo A-0 03 Sale 9212 93 132 92 95
Stamped tax-exempt
98 98
Metropolitan Street Ry—
Refunding gold 4s...,
2002 A -0 --__ 50 04 May'12
0212 8216
la" foil;
Farmers' Loan & 'Tr ctf
62l Jan '13
100 10134
Stamped
5934 Rich '12
Bway & 7th AY isle g 58_1943 J-D
04
102 Mch'13
-al- -14Col Sc 9th AY 1st gu g 5s__1093 51-S
10112 Dee '12
76 78
Lex Av & 1' F 1st gu g 53_1903 11-S
101 Feb '13
Third Av 1111 cons gu 4s__2000 J -J
74 J'iy '12
-15.
Central Trust Co certifs
94 .-667;
744 J'ly '12
72 7514
Cent Tr Co ctfs stamped__-74 Nov'12
Third Ave Ry 1st g 5s____1937
100
106 Sale 100
a hio' 1674
Met W S El (Ohio) 1st g 48_1938 F- A ____ 8418 9312 J'ly '06
98 98
Milw Elec By& IA cons g 581926 F-A ____ 103 10412 peo '11
meowa
774 814
Refunding & eaten 43i8_1931 J-J ---- 944 9412 Oct '12
Minneap St 1st cons g 58_1919 J -J
— - - 102 Nov'12
e Due May. h Due July. k Due Aug. o Due Oct. p Due Nov. qDue Doe. r Option sale.

103
17
refund cony gold 4s___2002 J-J
9034 821
9038 Sale 57%
Bk City 1st con 5s_ _1916-1041 J J
_ 10214 10214 Mch'13
Bk Q CO & S con gu g 58._1941 fl-N :7— 98 08 Jan '13
Bklyn Q Co & 9 1st 58_1941 J-J
9812 Deo '12
igklyn tin E1 1st g 4-5s___1050 F-A
Rif" Sale 10038 101
Stamped guar 4-5s
2
1950 F-A
10078
10034
Kings County El 1st g 48-1949 F-A
8312 Dec '12
. Stamped guar 4s
1049 F-A
84 Mch'13
Nassau Elec guar told 48_1951 J -J 7613 77 7634
1
7634
Ponn 1Ly & L lst&rof 5g 43-la '51 J-J 98% 100 101,-3 J'no'12
Stamped guar 00
1051 J -J
98% 09 9914 Feb '13
et United 1st cons g 430-1032 J -J
4
72 Sale 72
7218
t Smith Lt & Tr 1st g 5s 1036 111-S
- 92 93 Apr '12
rand Rapids Ry 1st g 5s 1016 k
-D
A 98.4
100 5ep '12
avana Elec consol g 5s
1052
__
08 Feb '13
terboro-Metrop coil 43is_1056 A-0 794 Sale 7814
7912 270
,

No price Friday;latest this week




4 Deg) April.

ioi

APR. 5 1913.1
z
Zg
BONDS
N. Y. STOCK EXCHANGE =I:
Week Ending April 4
,r...„

New York Bond Record—Continued—Page 2
Prwe
Friday
Alai) 4

reek's
Range or
Last sale

4
53

Range
Since
Jan. 1

BONDS
Z
N. Y. STOCK EXCHANGE ,g a
Week Ending April 4
t-4'

1003
Price
Friday
April 4

Range
.cincs
Jan. 1

.Veet's
Range or
Last Sale

Bid
High No. Low High St P M & M (Continued)—
Iligh No. Low Higli
Ask Low
Ask Low
Bid
efts ii js D 2d gold 4 Ms___1937 J -3 ....10114 10034 Oct '12
Mont ext 1st gold 4s____1937 J -D 9614 Sale 9614
1 9558 961
9614
Registered
1959 J - J
1st & refunding 4s
1937 J -D____ 9534 98 J'ne'11
—9112 -- ._
Pacific ext guar 45 L._
1059 J J ___ 91
1940 J -J
1st guaranteed 4s
.. _ _ 9258 tutch 11
8614 J'ne'12
E
Minn
M-N
g
5s_.._1941
Nor
lOO1s
Div 1st g-4s 1948 A-0
1 9814 Mch'13.-- 9814
97 Sep '12
-- -97
Cin D & I 1st gu
Minn Union 1st g es
1922 4-3 111 ___ 11414 Sep '12
C Find& Ft IV 1st gu 4s g_1923 M-N ---- ---- 88 Mch 11 __....
Mont C 1st gu g 6s
1953 J -3 __ 90 8634 Feb '13 _— 8034 8634
124 124$
1937 J -J 123 -- 1241! Feb '13
Cin I & W lst gu g 4s
Registered
___ 13614 May'08
1937 J -J
Day& Mich lstcons 4 Ms_1031 j j
1st guar gold 5s
1935 3 -J ---- job 403 - De '
1937 J -J 108 109 109
2 idi 109
109
- -17
.2 .....
Ind Dec & W 1st g 5s
1935 J -3
Registered
1937 J -J __ 111
10713 Dec '02
1st guar gold 5s
Will & S F 1st gold 5s
110 110
1938 J -D 10812 _ _ __ 110 - Feb...15
9014 92,
8
Cleve Cin C & St L gen 4s 1993 j-D 9034 9214 9014
1931 J-J
0034 Sale 0034
20-yr del) 43s
90 9512
9934
4 9014 0238 Gulf& 81 1st ref St t g 5s__b1952 J -4 90 96 90 Mar'13
1939 J J
Registered
b 1952 J -J
Cairo Div 1st gold 4s
9112 90 Mch'13 _— 90 90
_ -_—
Cin %V & M Div 1st g 4s 1091 J -3 ___ 904 8914 Feb .13
894 8914 'Jock Val 1st cons g 4 Ms 1999 J-3 10014 Sale 100
10014 17 98i 101¼
II- Registered
1990 M-N --- 92 90
1999 J-J ____ 100 10012 Sep '08
St L Divlst colt tr g 4s
i 90 91
90
Col & li V 1st ext g 4s
Registered
1990 M -Is, -------. 91 Oct '07 „1948 A-0 92 93 92 Feb '13 _
92 92
Col & Tol 1st ext 4s
1940 M-S --------90 Dec '11
1955 F-A ___ 924 9234 Mch'13 _
Blow & Col Div 1stg4s
9234 92%
_
lions Belt & Term 1st 5s_1937 J -J . _ --- 10014 Dec '12
1940 J -3
W W Val Div lst g 4s
. _ _ 92 91 Apr '12 .......
1920 M-N 1047a ---- 10478 Mch'13
C I St L& C consol 6s
loci- lois;
- 106.14- Illinois Central 1st gold 45_1951 J -J 100 - ---- 100 Mar'13
15478
i Registered
1951 J -J
1st gold 4s
k1036 Q-F 8712
00 Sep '11
0712 Nov 12
847k 887s
lst gold 3 Ms
Registered
---------8878 Feb '13
1951 J-J --k1936 Q-F. . 93 90 Mch'13 _
90 90
Registered
1951 A
J(
-- .1
) ... .:. __ . . . ..... ..- .... 08831122 MayFela ,0
Cin S & Cl con 1st g 5s___1923 J -3 .100 ____ 10718 J'ly '12 ..... ---8812 881
1
,
3
Extended lst g 3Ms
0 C C & 1 consol 7s
105 105 J'ne'12
1914 J.D •
- -_
Registered
1951 A-0
Consol sinking fund 7s....1914 4 -D --------------------------- ar.mir-ix5
1st gold 3s sterling
1951 m-s ---General consul gold 6s 1934 3 -3 -- 124 120 Mch'13 -- 120 120
- -1951 13-SS
Registered
Registered
_ -122
1934 3 - 3
9414 0614
Coll trust gold 4s
1952 A-0 ;6E1s ..,.2._ -941 Mar'13
Ind I) & W 1st prof 4s
1940 A-0 84 „... 94 J'iy '08
_
_
_
_
93
A-0
1952
0 lnd & W 1st pref 5s___d1938 (,)-J -------------Registered
9514 Sep '12
-------,
937 -Citr
944
1st, ref 4s
1955 13-N 94 944 9378
8814 89
Pet)& East 1st con 4s
1940 A.0 — - 92 8814 Jan '13
_ 47 44 Mch'13
Purchased lines 330
1052 J-J -- 83 83 Feb 13
83 83
4318 40,
Income 4s
4
1990 Apr
9414
L
N
O&
9713
1953 M-N
93 9614
Tex gold 9s
9312 Mar'13
Col Mid and 1st g 4s
1947 j.3 29 34 30 Mar'13
20 3614
Registered
1953 M-N
93 9434Jan '11
9212
1929 F -A 9112 Sale 90
Colorado & Sou 1st g 4s
00 9478
Cairo Bridge gold 4s
1950 J -D ---- ----0478 J'ly '12
9114 9413
Refund & ext 430
193551-N 93 934 9212
93
Litchfield Div 1st g 3s_1951 J -J -....- 70'8 7518 Nov'12
1074105
I,t W & Den 0 1st g 6s- 1921 J -I) 107 10734 108 Mch'13
Louis,
'
Div& Term g 3Ms 1053 4-4 79 84 86 Oct '12
Conn & Pas Rivs 1st g 4s_1943 A-0 -------------------Registered
1953 J -J --------83 Aug'12
-Cuba RR 1st 50-yr Os g —1952 J -J --------100 Mal°.—
Middle Div reg 58
1921 F-A --------123 May'99
el Lack & Western—
Omaha Div 1st g 3s
1951 F-A --------7514 Aug 12
cl Morris & Essex 1st7s_1914 m-N 10258 - — 10278 Feb '13 _- 10234 10318
-- -- -••
65 77 '7512 Mch'12
1915 J -D 1051 1053 1053s
- — St Louis Div & term g $8_1951 J-J
3 10514 10512
105
1st consol guar 7s
_
. 72 _
1015 J-1) ---- ---—Registered
Registered
1951 J-J
- 11138 Dec '1
2001 3-D --------Gold 330
1951 J-4 ;i .... 8512 Oct .ii
1st ref gu g 3 Ms
-90 Mch'12
.
1021 3 ...) 1104 --- 11012 Mat"13 --- 11012 11138
-- -1951 J-3 --------10114 Oct '99
NY Lack & W 1st 6s
Registered
1023 F-A 100 1053a 10558 Feb '13 -- 10412 10618
Construction 5s
Spring Div 1st g $3,s
--------100 Nov'00
1951 J -J --1923 /11-N 9634 9714 9634 Feb '13 --__ 964 9014
Term & Improve 4s
,...,..,
---- _,,.
Registered
1951 J-J
04 94
Warren 1st ref gu g 330_2000 F-A-Western lines 1st g 4s
-- 10218 Feb '03
1951 F-A ---- 9612 94 - Feb '13
1917 m_s HO --- 11052/daw13
Del & Iluct 1st, Pa Div 7s
Registered
1052 11038
---1951 F-A
_
1017 M-S-149 Aug '01
Registered
----11713
1923
J-D
--ma
y
---io
Miley
&
Car
1st
65
,
10-yr cony deb 4s
Carb & Shaw 1st g 4s
1932 M-S .._ _ --- 9412 J'ly '12
9778 17 96149614 08
1916 J -I) 9733 9734 97
1922 3 _J
1st lien equip g 4 Ms
9934 984
Chic St L& NO g Is
1951 J-D __ Ill 11314 Nov'12
0813
2 98 1014
1943 m-N 0634 Sale 9614
1st & ref 4s
1111 114 Feb 'II
Registered
1951 J-D
9634 17 96 9918
1946 A-0 8718 8712 8613
Alb & Sus cony 330
Gold 3 Ms
8714 17 86 8834
1951 J-D ---- ---- 90 Oct '09
1921 M-N 11612 --„ - 12112 May'12 _ _
—
liens & Saratoga 1st 7s
Registered
1951 J -D ---- ---- - -87 89 8712
Deny & li Or 1st con g 431936 ,j -J
Memph Div 1st g 4s
8712
3 -8512 891
1951 J-D --- -- -- 921-2 Au-g-ii
1936 3-3 --- -,,- 9312 Mull'13
Consul gold 4 Ms
93 9578
Registered
__
1951 J-D --- -,- -___
1928 i-1) 9412 9712 9612 Mar'13
Improvement gold 5s
St L Sou 1st gu g 4s
9012 99
1931 M-S -„„.. 9612 98 J'ir '08
8014 Sale 7934
1955 F-A
92 -934
8014 -29 79 8414 Ind III & la 1st g 4s
1st & refunding 5s
92 9434 92 Mar'13
1950 J-J
1939 3-I) --------100 Deo '12
Int & Great Nor 1st g es
Rio (Jr June 1st gu g 5s
- - -1919 M-N 10514 107 10514 Mar'13-- 10514 107
9718
Iowa Central 1st gold 5s
Rio (Jr So 1st gold 4s1940 j-3___ 77 612 Apr '11
1938 J -D 94 97 974
-2 94 1)938
1940 j-3 -----86 Mch'08
Guaranteed
Refunding gold 4s
2 60 6414
1951 Al-S 69 60 00
60
82
3 82 8514 1 amestown Franklin &
1939 3.. 3 82 8334 82
Rio Or West 1st g 4s
93 94
U Clearfield 1st 4s
1959 J-D __-_ 9312 93 Mar'13
78 81
• Mtge & col trust 4s A
1949 A-0 70 77 78 Mar'13
7113 72
Utah Cent 1st gu g 4s_a1917 A-0 82 ----07 Jan '08 __----- Iran City Sou 1st gold 3s 1950 A-0 —.. 7012 7112 Feb '13
-1.1- Registered
19501A-0 ---------63 Oct '00
--Des Moi Un Ry 1st g 5s1917 m-N -------110 Sep
971 99
95 9/12 974 Mar'13
Ref & impt 5s
Apr 1950 J-J
1995 j-r) 88 90 92 Nov'11 __
Det & Nlack 1st lien g 4s
934 964
9313 Sale 934
Kansas City Term 1st 4s___1960 .1-4
944
1995 j-1) 56 88 87 Dec '12
Gold 4s
104 10612
104
ake Erie & IV 1st, g 5s.„1937 3-J 104 10512 104
07
Dot lily Tun-Ter Tun 43.0_1061 M-N 9612 9734 97
07 -6
'
64
97 10234
2d gold 5s
1941 J-J ---- 100 97 Mch'13
Dot T & 1—OS Div 1st g 4s 1941 m.5 __ 6212 75 Feb '12
10414 10414
Dul Missabe & Nor gun 5s..1941 J -j _ __ 105 10414 Mch'13
1945 A-0_ 102 10414 Inc'12
North Ohio 1st gu g es
1517-2 fat;
Dul & Iron Range lst 5s
1937 A-0 100 10353 100 Mar'13
Leh Vail N Y 1st gu g 4 Ms_1940 J-J fed 1024 102 Mch'13
100 100
--- 10418 May'12
Registered
- 10612 Mch'08
1940 J-J
Registered
1937 A-0
9512 971k
1916 3-3 -------- 104 Feb '11
2d es
Lehigh Vail (Pa) cons g 4s_2003 M-N —_ 96 9512 Feb '13
11018 1104
1937 3-3 --------10338 Feb '13
Du So Shore & At g 5s_
10338 10338 Leh V Ter Ey 1st gu g 5s_1941 A-O 11052 ---11014 Feb '13
Dec
'11
____
1941
A-0
Registered
----11114
jillgIn Jot & East 1st g 5s_1941 M-N --------110 Aug'12 .. __
106'z 1051g
1 113 115
113
Leh Val Coal Co 1st gu g 5s_1933 J -J
-- — 10512 Mch'13
1920 m-5 11114 113 113
Lido 1st consol gold 7s
1933 J -J
Registered
J'ne '11
N Y & Erie 1st ext g 4s...._1947 M-N -----10112
,..,
1933
to
4s
J-J
1st int reduced
---103 la2d ext gold 5s
1919 NI- S 10212 194 103 Feb '13
1945 M-S 80 ---- 93 - J'n-e-ii
Loh & NY lst guar g 4s
3d est gold 4-s
1923 13..5 -------9914 Oct '12 ......
1945 M-S __— -4th eat gold 5s
Registered
1920 A-0 100
- 103 Mch'13 - id —
---- FebFeb'10
1914 A-0 — — ---- 10112
5th ext gold 4s
El C & N 1st pref es
1928 J_D 92
100 Jan '12
1914 A-0 — ---- 103 Dich'12
N Y LE & NV lstg fd 7s1020 ‘1. 5 — - 11388 11534 J'ne'12
Gold guar Is
kW" kir
Erie 1st con g 4s prlor
1090 J.j 8334
- Sale 8314
Long Isld 1st cons gold 5s_h1931 1-J __-__ 112 107 Mch'13
8334 28 8314 87
Registered
1996 3.3 81 83 85 Sep '12
1 ---- 9614 Mch'12
h1931 -J
1st consol gold 48
93 04
1996 J
73 734 73
1938 -D --------93 Feb '13
1st consol gen lien g 4s
General gold 4s
7314 21 7212 76
1096 j-j
_j
--74 77 Apr '12
Registered
1922 11-S ____ 102 9014 Nov'12
Ferry gold 430
1932
j..1)
1
8918
ma
__
S912
8918
97 994 Oct '06
1951 F.A
Penn coil tr g 4s
Gold 4s
894 90
-89 894
1953 A-0 7714 Sale 76
7738 100 75 824
Unified gold 4s
50-year cony 4s A
1949 Al- S _-__ 90 89 Feb '13
73
117 6914 7712
I)ebenture gold 5s
do
1934 J-D __ -,-. 10412 Dec '08
Series B
1953 A-0 73 Sale 71
-61 9438
Guar ref gold 4s
1949 M-S 913 964 9112Mch'13
Duff N Y & Erie 1st 78_1016 4-1) 10034 109 110 Apr' 12
108 111
1982 m_N 10614 10912 100 Mch'13
Registered
1949 M-S ---- ---- -95 Jan '11
Chic & Erie 1st gold 5s
____
10912
109
Nov
'06
N
Y
13
1014
May'12
&
III
.-13 1st con g 55_1935 A-0 ____
Cloy & Mahon Val g 5s 1938 j_.1
103 103
N Y & li )3 1st g 5s
Nies iiiLong Dock consol g 6s
192713-S 10312 1053- 103 Jan 13
1935 A-0 123 - _ — 12258 Mch'13
Nor Sh B 1st con g gu 5s_o1932 Q-J 103 -___ 10414 Dec '1
Coal & RR 1st cur gu 68_1022 m-N --------106 Dec '12
93 "sii1;
Louisiana
10012
&
Ark lst g 5s
Jan '13
iski1;10012
Dock & Imp 1st cur 65-1913 j..3 ____ 101
1927 13-S - — 9414 93 Feb '13
Louisville & Nashville-X Y & Green L gu g 5s
1946 M-N 10112 109 10312 Aug'12
1 112 nos
112
General gold 6s
1930 J-D *112 -- 112
10012
/I Y Sus & IV 1st ref 53-1937 J -j __10134 10013
I 100 1.511-2
11012 111
1937 m-N --------111 Mch'13
Gold 5s
1937 F-A 821; 90 1004 Dec '06 ___ _
2d gold 4 Ms
87 87
1940 J -j 941
9634 9512
9534 91 9512 994
1940 F-A
87
General gold 5s
1 -ig" "if - • Unified gold 48
1940 J -3 --------11612Sep '12
Registered
Terminal 1st gold 5s
1043 m_N __ 10812 10738 Feb '13 ___ 10738108
156.14 IOW,
1931 M-N 1054 ....- 10638 Mch'13,
Mid of NJ 1st ext 5s
Collateral trust gold 5s
1940 A-0 --------11112 May'12
1919 J-D __ 11112 11012 Dec '12
E 11 & Nash lst g Os
Wilk & Ea 1st gu g 5s
- if;11142 J -D ---- VS 98
08
N
Ev & Ind 1st con gu g es
L Chi & Lex gold 430
1926 J-3 ____ 108 106 May'12__
1931 M-N --- --__ 10434 May'12
1204
N 0 & M 1st gold es
109 110
Evans & T 11 1st cons Gs-1021 j- 3 -- 10834 110 Jan '13
1930 J-J _-__ ---. 12014 Mch'13
102 987s Mch'13
lstgeneral gold Os
1942 A-0
N O& M 2d gold (Is
9873 9873
11418 Feb '131
1930 4-3
Oct '12
1923 A-0 -- ---- 108 N ov'11 _
—
Mt Vernon 1st gold es
Paducah& Mem div 4s
1946 F-A --------04
10512 10534
Bull Co Branch 1st g 5s
1930 A-0 -------95 J'ne'12
Pensacola Div gold 6s
1920 M-S 1051-3 ___. 10512 Mch'13
Vlorida E Coast 1st 4 Ms 1059 J -D 1)313 9612 94 Mch'13
94 "0634
St Louis Div 1st gold Os_1921 M-5 ___ 112 11212 J ly '12
'l'A
--------6038
Sep
A ort St U D Co 1st g 4 M5-1041 3-j ___ ,—. 92 Aug'10
1980
M-S
2d gold 3s
0238
1928 j.3 72--74 72 Mar'13 _. 72 "i61-2
Ft IV & Rio Cr 1st g 4s
1955 M-N ___ 91 91 Mch'13
Atl Knox & Chi Div 4s
110 iii
(la'II& H of 1882 1st 5E1_1913 A-0 --------100 Mch'13
too loots • Atl Knox & Nor 1st g 58_1946 .1-1) 103 ____ Ill Jan '13
%-xreat Northern—
Hender Ildge 1st s f g es 1931 M-S *105 ____ 106 Apr '11
"sir -Ell
1921 3.3 0513 Sale 9334
90 __ 90 Mch'13
1987 j-.1
CD & Q colt trust 4s
Kentucky Cent gold 4s
9512 261 9312 984
103 1934
1921 Q- J
Registered It
0414 954 9438
9413
L& N& M & Al 1st g 4 Ms 1945 11-S ,,__10314 10314 Feb '13
1 9312 96
8734 90
fil 9812 10058
99
9872 Sale 984
L& N-South M joint 43 1952 J-J _.. 8778 8734 Feb '13
1st & refunding 430 ser A 1961 J J
_ 95 Feb '05
1961
1952 Q-J •____
Registered
Registered
Oct
'12
108
1094
•____
10335-i
1937
F-A
4s
S
1st
Man
gu
g
5s
N
Fla
&
&
Paul
M
98Mch'13
___. 98 -98-14
St
10113 Jan '13
10112 1011k
994
1933 J-3 120 --__ 12012 Mch'13 _. 12012 1244
N & 0 Bdge gen gu g 4 Ms 1045 J-J
1st consol gold Os
1933 J..3 __ 124 11914 Mch'13 ...... 11914 11914
1921 F-A 105 110 11014 Oct '12
Pens & Atl 1st gu g 6s
Registered
--------10915
1936
F-A
J'ly
'12
g
5s
con
J
J
gu
101
Ms_1933
Ala
1048
N
S&
10214 Mar'13 —. 1024 1044
Reduced to gold 4
1945 M-S 80 ____ 9114 lich'12
Bdge Co gu g 45
_ 10834 J'ne'09
1933 J -J -------Registered
- L & Jeff
MISCELLANEOUS BONDS—Continued on Next Page.
--

_

D

L

---

---

----

-

1304
1144

-_-

_-_-

-if-

1._

....

Street Railway
New On liy & Lt gen 40_1935 J -J
8713 8534 Feb '13 ____
N Y Rys 1st K E & ref 4s temp J -J -7634 Sale 7612
77
48
60 933
30-year adj Inc Os
1942 A-0 5834 Sale 5778
101 Jan '13 ---Portland liy 1st & ref 53_1930 M-N
Portland Ey Lt Se Pow 1st
90 95 Mch'13
& ref cony s f 5s
1942 F.A Portland Gen Elec 1st 55_1935 J J __ 101
98 Nov'08
SI, Jos liy L,.11 & P 1st g 5s 1037 M-N
103!! Feb '13 .--St Paul City Cab cons g 53_1937 J -J
8072 65
Third Ave 1st ref 4s
2 Sale 804
.
671960 J- J -6
7272 20
Adj inc 5s
a1960 A-0 7234 Sale 724
Tr -City liy & Lt 1st s f 55_1923 A-0 __ 9712 97
9712 14
Underground of London43-s
9313
7
9212 9312 9313
1933 J -J
894 9214 8912 Mch'13 ---.
Income Os
1948
Union Bloc (Chic) 1st g 55_1045
---.- 84 Oct '08
United Rya Inv 1st lien coll
trust 55 Pitts Issue
4
76
1926 M-N 76 Sale 7314
.
'
4 No price Friday; Latest bid and tusked this week. a Duo Jan.




Street Railways
85 8534 United Rys St List g 4s___1934 J -J
Transit gu 55____1924 A-0
Louis
St
7452 79
57 004 United ERs San Fr s f 4s__1927 A-0
Va Ity St Pow 1st & ref 63_1934 J-J
101 101
Gas and Electric Light
Atlanta G L Co. 1st g 55.-1947 J-D
Bklyn U Gas 1st con g 5s__1945 M-N
1947 A-0
1031;1031; Buffalo Gas 1st g 55
7978 8258 Columbus Gas 1st g 55-1
932
23 J -J
19
J -4
7012 7678 Detroit City Gas g 5s
1918 F-A
97 9912 Det Gas 00. con 1st g 5s
5s
.1933
coll
tr
.1 -J
Edison
1st
Dot
1932 M-S
93 9534 Eq G L N Y 1st con g 53
87 9312 Gas & Elec Barg Co c g 5s-1949 J -D
1915 F-A
(Jr Rap G L Co 1st g 5s
Hudson Co Gas 1st g 55-1949 M-N
73 83
Kan City(Mo)Gas 1st g 5s 1922 A-0
0 Due Fab. d Due April.

h Due JUlY.

7312 Mch'13
86 83 Nov'12
6278
624 -- 62
_— 96 95 Jan '13
___
101 ___ _ _
-___ 10634 105 1053
124
EA Oct

7314 7344
44

754 if"
94

96

105s;
loi
----

'
-C45-4 Dili - 160 - mcii-qi I::: "iiii Rid
9558 Sep 08
—_
jai" isiiiii
1014 102 - 1014 Mch'13
nt 11
.. 1213 ve
7
___ 11)
.
NCI'
100
___
4
i joia; lailii
....1-. igis4 Oc101139
101 - 10
---- -....
__-. --- 9812 Sep '12

k Due Aug. o Due Oct. s Option sale.

1004

woL. xcvi.

New York Bond Record—Continued—Page 3

BONDSg
'
g.
N. Y. STOCK EXCHANGE "t
.,e..
Week Ending April 4

Price
Friday
April 4

Week's
Range or
Last Sale

.3

a

cO
)

Range
Since
Jan. 1

BONDS
113 '•,i.'
N. Y. STOCK EXCHANGE Z
LWeek Ending April 4
-..a..

Bid
Ask Low
High No. Low High N Y C & H R'—(Con)--Alanila RR—Sou lines 48_1936 M-N __ _ _. _
West Shore 1st 4s guar_ __2381 J -J
iv!exican Cent Inc g 3s tr recta_
2361 J-J
___. -2'54 Ap-r-ii9 -_-_-_- - - -- -Registered
1917 A---0
Equip & coil g 5s
N Y Cent Lines cq tr 4 M s 1932 J -J
___ __
Mex Internat 1st con g 4s 1977 .11-S ---------77
Mch'10
N Y New Haven Sz Hard1955 J-J
Stamped guaranteed _ 1977 M-5 ___ __ 79 Nov'10 __
Non-cony deben 4s
_
12412 Oct '12 -Minn & St L 1st gold 7s_ _ 1927 J -D 1956 111-N
- ____ _ _ _
Non-cony 4s
Pacific Ext 1st gold 6s_ __ _1921 A-0 _ 108 11018 Aug '11
1956 J-J
Cony debenture 330
1st consol go.d 5s
1934 Al-N 96 94 Mch'13 _
1948 J-J
94 100
Cony debenture Gs
1st and refund gold 4s___ _1949 M-S ____ 6012 6014
60/4
Harlem R-Pt Ches 1st 4s_1954 M-N
7 5_912 6273
Des M & Ft D 1st gu 48_,1935 J-J __. 81
7934 Dec '12 __
B & NY Air Line 1st 4s_1955 F-A
_
M StP&SSM con g 4s int gu 1938 J-J ..
9458 9414
9412 -5 -941Cent New Eng 1st gu 4s 1961 J-J
4 -97 1st Chic Terml s f 4s
1941 M- N _ --_. ---9714 J'ne'12 ____ ____ __ _ _
Housatonic R cons g 5s_ _ _1937 11-N
MS S& A lst g 4s int gu_1926 J -J
NYW'ches&B lst ser I 43••65 '46 J -J
9614 —_ 9614 May'12 ___
Mississippi Central 1st 58_ _1949 J-J __ ____ 9812110'11
---- - —
N H & Derby cons cy 55.._1918 111-N
Mo Kan& Tex 1st gold 4s_ _1990 J 1) 92 Sale 92
92
New England cons 5s
2 90 9514
1945 J-J
2d gold 4s
7812 13 7812 813
Consol 4s
g1990 F-A 79 7912 7812
1st ext gold 5s
j:A
1944 1,1-N ___ 9912 9912 Mch'13 ____ 98 9913
Providence Secur deb 4s_1
7 11
19
95
45
1st & refund 48
2004 II- S — 7(12 7713 Mar'13 _
7412 7712 N Y CI& W ref lst g 4s____g1992 M-S
Gen sinking fund 4 Ms__ _1936 J-J $4 8473 84
8414
Registered $5,000 only__g1992 11-S
4 84 87
St Louis Div 1st ref g 4s.._2001 A-0 ____ 7712 77 Dec '12
General 4s
Dal & Wa 1st gu g 5s
10478 Sep '12
j-D
A
Norfolk Sou 1st& ref A 53_1
1940 11-N 97
1 la
96
55
19
Kan C & Pac 1st g 4s
8778 877k Feb 13 __
1990 F-A
8778 8778 Norf& Sou 1st gold 5s
Mo K & E 1st gu g 5s__1942 A-0 104 10458 10413 10412
1 10312 108
Norf & West gen gold es_1
h1-1
93
41 Al
19
M K& Ok lst guar,58
1942 Al-N _-__ 10314 104 Jan '13 _-__ 104 10412 Improvement & ext g 68_1934 F-A
M K& T of T 1st gu g 58_1942 14-S 94 10014 10014
10014
1 9912 10114
New River 1st gold 6s
1932 A-0
Sher Sh & So 1st gu g 5s_ _1942 J-D _ _ _ 10114 103 Jan '13 _-__ 103 103
N& W Ry 1st cons g 4s
1996 A-0
1996 A-0
Texas& Okla 1st gu g 5s 1943 11-S 101 102 10112 Mch'13 — _ _ 10112 10112
Registered
105
10 104 10612
Missouri Pac 1st cons g 6s_1920 1.I-N 10514 10512 105
DWI lstl& gen g 4s___ _1944 J.-J
9834 11 9814 100
10-25-year cony 4s
Trust gold 5s staznped_a1917 AI- S 9884 Sale 9812
97 May'12 .
10-20-year cony 4s
a1917 11-S
Registered
9812 16 97 9938
1st collateral gold 55
338
22 1j1:13S
1920 F-A 9712 9812 97
093
Convertible 4Ms (wh.is.)11
19
_1
1920 F-A .. _ _ _ _ . _ _ _
Pocah C & C joint 4s
1941 J-15
Registered
i 6412 "i634 0 C & T lst guar gold 5s_ _1922 J-J
id
40-year gold loan 4s
1945 M-s id Sale id
3d 7s extended at 4%
1938 bi-N ____ 9612 9612 May'll
Scio V & Nil 1st gu g 4s_ _1939 bi-N
1st & ref cony 5s
86
6 8514 88 - Northern Pacific priori g 4s 1997 Q-J
1959 11-S 8513 8614 8513
1919 F-A 90 ___ 91 Mch'13.....,.. 91 9134
Cent 13r Ey 1st gu g 4s
1997 Ql.
Registered
81 Dec '12
Cent Br U P 1st g 4s
General lien gold 3s
1948 J-D
a2047 ()... _ _ 110 Lich'05
Leroy & 0 V A L 1st g 5s_1926 J-J
Registered
D
s
:
Pee Rot Mo 1st eat g 4s_1938 F-A ___9234 9314 9318
9318
6Y
2 9212 931; St Pa.ul-Duluth Div g 4s_154
NI2d extended gold 5s___ _1938 J -J 103 ____ 103 Feb '13
103 103
Dul Short L 1st gu 5s_
10312 14 103 106
St P& NI'gen gold 6s_ _1923 F-A
St L Jr M & S gen con g 5s_1931 A-0 101 Sl 103
Gen con stamp gu g 5s 1931 A-0 --------104
Registered certificates__1923 Q-F
-Oct'
12
r. -,--- -zr
82 Sale 8178
82 --- U
St2(P
1 a56
u1& Duluth 1st 5s_ _1931 F-A
SI
Unified & ref gold 4s
1929 J -J
LiZ C8
D
8034 _ 8078 Oct '12 ___ _ _
18
7A
J:O
1929 J-J
196
Registered
8314 12 8214 8312
1st consol gold 4s
3 Sle 8234
Riv & G Div lst g 4s
1933 M-N
Wash Cent 1st gold 4s__,._1948 („)-M
Verdi V I & W 1st g 58_1926 M-S --------- 96 Jan '13 __ 96 96
Mob & Ohio new gold es
1927 J-1) -- 11812 117 Mch'13 ___ 11658 11714 Nor Pac Term Co 1st g es 1933 J-J
1st extension gold es____h1927 Q-J .__ 11312 11234 Jan '13 ____ 11234 11234 Oregon-Wash 1st & ref 4s 1061 J -J
acific Coast Co 1st g 53_1946 J-D
General gold 4s
1038 ki- S 83 — _ 8418 Mch'13 ___ 8418 8578
1947 F-A 10734 110 108 Itch'13____ 108 1Crj
Montgom Div 1st g 58
ennsylvania RR—
1st real est g 4s
s
u-N
St L & Cairo coil g 4s_ __e1930 (,)-F 89 _ __ _ 8573 Dec '12 ____ ____ _ _ _ _
13
9 iflt19
92
____
_
9234 92 Nov 12
1931 .1-J
Guaranteed gold 4s
Consol gold 5s
_ 10038 101
ashville Ch & St L 1st 7s 1913 J -J 10038 10034 10013 Alcii'13
Consol gold 4s
1943 31
J D
TI
1 10612 10814
1st consol gold 5s
1928 A-0 1061 Sale 10612 10612
Convertible gold 330_ _ _o1915 Jasper Branch 1st g 8s
1023 J-J -- _ ----111 Jan '13 ___ Ill ni
Registered
01915 J-D
mcm m W& Al 1st 6s 1917 J-J 21 .... _ 10312 Jan '13 ___ 10512 10512 Consol gold 4s
___
'04
--113
J'ly
---N
T & P Branch 1st Gs
Alleg Val gen guar g 4s___1
1917 J-J
2 'A''1-S
1948
83
15 8218 8812
D R R R& ll'ge 1st gu 4s g '36 F-A
Nat Itys of Mex pr lien 4 Ms 1957 J -J ___ 85 8218
Phila Balt& W lst g 4s_ 1943 M-N
1977 A-0 .— 82 77 Feb '13 _ __ 7614 78
Guaranteed general 4s
Sod Bay & Sou 1st g 5s_ 1924 3-i
Nat of Alex prior lien 430_1926 J-J —__ 99 9678 Feb '13 ____ 9678 9678
Sunbury & Lewis 1st g 4s_1936 J -J
1st consol 'Is
1951 A-0 ____ 76 7612 Jan '13 ____ 7612 7613
80
'1 '78 87
UN 3 RR & Can gen 4s....1944 M-S
N 0 Mob & Chic 1st ref 58_1960 J -J _ — 80 '79
r — - --- —__ __ _ _ Pennsylvania CoNO & NE prior lien g 6s__p1915 A-0 1001-2 10314 -8 Feb '13 ___ 8618 8712
Guar 1st g 4 Ms
1921 J-J
New Orleann Term 1st 4s 1953 J-J ...... 88 86185
43 84 87
Registered
1921 J -J
NY Central & IL R g 330_1997 J-J 85 80 8412
Registered
1997 J-J 8212 ---- 83 Mch'13 ___ 82 8634
Guar 33.s coil trust reg_ _1937 Al- S
8913 11 8712 9112
91 Sae 8878
Guar 330 coil trust ser B_1941 F-A
Debenture gold 4s
1934 A1-N
May'12
_ --- -93_
1934 M-N -- - Registered
Trust Co ctfs gu g 33.0_1916 M-N
82 148 763-4 if
Sale 8012
1993
Guar 330 trust ON 401.-1942 JD
Lake Shore coil g 330
7913 10 76 7913
7934 83 7912
Guar 3348 trusrt cesD
1944 J-D
Registered
1993 F-A
Guar 15-25-year g 4s
Mich Cent coil gold 330_1998 P-A --- 7814 77 Mch'13...._ '75 '7812
____
A-O
N
1032
1941 M
Cin Leb & Nor gu 4s g
Registered
1998 F-A ---- 7712 78 Sep '12 ____ ___
Cl & Mar 1st gu g 430_1935 111-N
Beech Creek 1st gu g 4s1936 J -J 97 9818 98 Feb '13 ____ 98 98
CI& P gen gu g 4 Ms ser A 1942 J-J
—__ 99 May'll ....... ___ __
Registered
1936 J-J
Series B
1942 A-0
2d guar gold 5s
1936 J-J idd
• Jut reduced to 330_1042 A-0
Registered
1936 J-J -------------------_
Series C 3 Ms
1948 bi-N
..
Beech Cr Ext 1st g 330..51951 A-0 --------------__ __
Series D 3Ms
1950 F-A
Cart & Ad 1st gu g 4s
1981 J-D -------83 Oct 'i __
__ _ . Erie & Pitts gu g 33s B 1940 J-J
_-_- __
Gouv& Oswe lstgug 5s 1942 J-D 106 --- -Series C
1940 J -J
1991 M-S ..,..., ---- 0838Jan '13 ____ 983; 6138
Moh & Mel 1st gu g 4s
____ _ _
Gr R & I ex 1st gu g 430_1941 J -J
1986 F-A 94 — — 105 Oct '02
N J June R guar 1st 4s
Pitts Y & Ash 1st cons 5s_1927 SI-N
---- ---1986 F-A ---- ---- --_,
Registered
__
__
'12
2000 M-N 85 --. 871-2 Deo
Tol W V & 0 gu 430A
1931 J-J
X Y & Harlem g 330
____ ____
2000 M-N ____ ...,_ ____
Series B 43-is
1933 J -.I
Registered
Series 0 4s
N Y& Northern 1st g 5s 1927 A-0 105 1071-2 107 Feb '13_-- 10512 107
_
__
P C C & St L gu 4 Ms A
194
40
2M
A.-S
O
N Y & Pu 1st cons gu g 4s_1993 A-0 ____ 9438 9778 Aug'11
1942 A-0
1916 A-0 ---- ---- ---- --__ __-- -_____
Series B guar
Nor & Mont 1st gu g 5s
Series 0 guar
1942 LI-N
Pine Creek reg guar 6s
1932 J-D 112 .....- 13112 Jan '09
Series D 48 guar
1945 M-N
R W & 0 con 1st ext 5s__h1922 A-0 10313 ......_ 104 Mch'13___ 104i 10614
1949 F-A
Series E 33s guar g
Oswe & It 2d gu g 58____61915 F-A ___ 10514 101 Alch'12 _ _ ____ ____
1953 J-1)
Series IP gu 43 g
R W& OT It 1st gu g 5s 1918 ill-N 10112 — 104 J'ne'10 ____ _ _ ___
Series G 4s guar
1957 MN
J-J - — 9738 06 Oct '12 ____ ___ ___
01941
Rutland 1st con g 4 3,
_
peo
C S8,t
1932 A-0
P
un
lstsc
togn6g
85s
Og & L Cham 1st gu 43 g 1948 J-J - — 8.5 8314 Feb '13 ___ 8314 84
Pelt
1921 (,)-F
Rut-Canad 1st gu g 4s 1949 J-J --------92 J ne'09 ___ ___ ____
_
2d gold 4 Ms •
St Lawr & Adir 1st g 5s_1996 J-J —.110 108 Sep '12 ___
195
21
5 114
J-11
2d gold Gs
1996 A-0 --------11913 Meh'12 ___ _ ____ Pere Marquette—Ref 4s 61
Refunding guar 43
1955 J-J
Utica & Blk Riv gu g 4s 1922 J-J ---- — - 9978 Nov '11 __ ..... —__
Ch & W M 5s
1921 J-1)
Lake Shore gold 33s..,.,,,1997 J-D 8618 8612 8512
8512
3 Ws 8812
87 8684 Feb '13
N
Flint & P M g es
9 4A
n-O
30
192
8634 88
Registered
1997 J -D
1st consol gold 5s
9112 34 9014 0234
Debenture gold 4s
1928 bi- S 91 9112 91
9112 106 9014 9258
Pt Huron Div 1st g 5s 1939 A-0
1931 M-N 9114 Sale 9078
25-yr gold 48
Sag Tus & IL 1st gu g 45_1931 F-A
Registered
1931 M-N ---- ---. 93 Oct '12 ____ ____ __
_ Philippine By 1st 30-yr s f 4s '37 J-J
1Ka A& G R lstguc 5s 1938 J-J ---- --- ___
.. __ —_
1934 J-J 107 1101-2 1111-2 Mc12-'11 __
1940 A-0
Mahon 0'1 RR 1st 5s
_ Pitts Sh & L E lst g 5s
1943 J-J
1st consol gold 55
_
Pitts & L Erie 2d g 5s_ __a1928 A-0 10818 - _ 105 Apr '12.._
_ D eadIng Co gen g 4s
Pitts McK & Y 1st gu 6s 1932 J-J ....... ----13018Jan '00 __
-L‘ Registered
1997 j
J -1
1934 J -J
12314 Mch'12
2d guaranteed Gs
Jersey Cent coil g 4s
1951 A-0
McKees& B V 1st g 63-1918 J-J
iii Ili Jan-'12 ____________
Atlan City gu 4s g
1951 J-J
Michigan Central 5s
1931 m-s
1947 J-J
-1 t Jo& Gr Is% 1st g 4s
Registered
1931 Q-M 16638. -119 J'ne'06
_
t Louis & San Francisco—
4s
1940 J-J- --------98 Apr '12 ........
9812 Nov'11
General gold 6s
1931 J-J
Registered
1940 J.Ø
General gold 5s
1931 .1- J
J L & S 1st gold 330_1951 M- S ___ 90 J'ne'08
St L& SF RR cons g 43_1996 J-J
1st gold 33'35
1952 M-N 4418 8618 88 Feb '13 ___ 86 8612
1927 111-N
20-year debenture 4s
Gen 15-20-yr 5s
1929 A-0 -___ 88 8734 Mob'13 __ 8734 89
9712
Southw Div 1st g 5s
NY Chic & St L 1st g 48 1937 4-0 9712 98 97
2 97 9912
1947 A-0
1951 J-J
Refunding g 4a
Registered
1937 A-0 ---- ---- 0712 Jan '13
9712 9712
Registered
1951 J-J
8634
Debenture 4s
. 8634 89
1931 Al-N __ 8712 8634

p

N

e-A82

Price
Friday
April 4

IVeek a
Range or
Last Sale

la

Range
Since

Bid

Ask Low
High a'
46
o/a JugS
N!
. Low
9812 9612
9634
9514 9534 9514
9514
1.
.
95_9!
.
.
12
10012 J'ly '11

84 8818 8878 Feb '13 _—_
82 8513 8814 Feb '13 ___
81 8512 81 Mch'13 __-_
12138 Sale 12118' 12112 50
— 9914 Nov'12
9913 J'ne'12
0014- 0014 Mch'13
11014__,._ 110 Feb '13:27
95 .
9
.
.
5.
12 10075
g9509
38
Aug
_ -0
.61-2 Me-ii-''H
-84 - 8314 Feb '13 .___
4,
8978
-_1-i';,: ..8
..
:
97_: 8
99
212 J'ne '12 ...._
8058 Feb '12 —_
98 98
100 Mch'
9813 —_7
_
118
1
iii"iii5;118
123 Jan 13 __
__ . _ 12134 12034Feb '13 .___
9434 19
9514 9634 9434
_ 98 Jan '11 --__
91 92 111 Mch'13 __
107 108 10412 Mch'13 -___
10714 128
107 _._ . 10678
10534 Sale 10118 10534 749
8853 90 8712
8912
5
_ _ _ _ 106 10534 Jan '13 —_
90 ____ 05 Feb '13 -___
90
1
512
95
9512 Sale 9518
95
6713 49
-6712 Sale 6614
65 6012 63 Jan 13 ____
3 ..........
112
2O
AIc
etli 412
021
9
53
•71. .7.7:: 10
_—_ 113 113 Mch'13 —
113 11538 Aug '11 —._
--- ---_ 107 Jan '12 —
10238Jan '13 ____
94 J'ne'12 ____
- --- -1i3.- 9113 Apr 'II
1I-6.78 _ — 11073 11078
2
90 Sale 90
9014 22
1
9934 10012 100/2 10012

8714 8912,
8814 8312
81 87'
119 17
.3
014
110 110 •
9434 9814:

"
-iiii's -8114,
87 9212'
__-- _10
90
8 10
90
914
118 120 :
123 123
12084 12034
94 99
-91)4 -5W4
10.113 11278
10678 11112
10212 107
8712 02
10534 10534
94 9533
05 985
74
66 6814
68 68
9214 9212
Ili............
Hi"
1152-18 i0i32;
_ _3_ _ _ _ _
ini; iiiii
90 9114
99 10112

10114 Mch'13
10114 10114
—.107 110 Meh'12
16.612 i6(12
1— ....— 10012 Mch'13
9678 102 97
658 0
9712
7
9678
- Sale 9634
97 Mch'13
9 10
0,
014 19
10078
iddi Sale 100/8
09
20
144
.._ 10018 9914 Feb '13
____ .... 100 Sep '12
100 Jan '13
.
100- for
"g-:::: 102 Jan '03
_ — _94 ---........ --- iii11-2 bia-37'li -----------10233 104
10212 — 10212 lich'13
10214 10234
10134 ___ 1024 Jan '13
_ — 87 89 Sep '12
-i*E3-8 "id—
8534 ____ 8538 Mch'13
97 -___ 9758 Dec '12
8538 _— 88 bich'12
8538 ____ 8784 Jan '12
9412
-tiii-2 -964
95 9612 9412
3:
.
.
9
.72
;
- :9:2:1:2
9213 9312 9218 Feb '13
98 ....... 110 Jan '05
10734 Dec '11
---- —.
10934 J'ly '00
.............
0114 Feb '12
.
_—
85 ..... 9018 Oct '12 -----------85 -___ 90 May'08
....... ..
9013 911- May'12
90 ,J'iy '12
iji1-2 1611:::: 10213 1011 Feb '13
2
109 May'lO
—
— — -- 10218 J'ne'12 -----------93 ____ 10238 Nov'12
98 9552 Oct '12
iff" iddi;
101 10234 101 Mch'13
101. 101
101 10314 101 Mch'13
--......
--__ - — 106 J'ne 11
- — 98 97 Dec '12
90 _ _ _ 9514 Sep '12
95(4 Jan '13
-65.1;-figi
7122 Janv.13
1
13
-9
-71- 3 9714
9513 — _ _ 19
.
...—
idi- M6'-_-- 106 Feb '13
9313
Jan '11
94 95
'
-5-i- "U.
5912 54 Jan '13
5478 51 Mch'13
08 Oct '12
104 19
0,12
3 Oct :1132
. 97 96 Feb '13
--5
:1
;
11 :--6
1)--6
1:
Feb
9512 961s
I
:
a
:
f
-2
,:I: .
9
g8
i
.
.3
,
i .F
Neoliv:15
1.1
05 _ .._ 113 J'ly '12 ----------11,12
-i1.63-2 Yale 9614
9634 64 --9 is --9
tgiii-i
9512 Mch'13
0513 064
-iiti- 98 Mch'13
OD

gi.14
4

"ii:

"if - ---i 'if""ii"

____ 115 11414 Jan '13
- 1043t 10212 Lich'13
86 8512 Deo '12
7912
794
-7
-9-1.!!.,_le_ 100 Jan '13
7538
7514 Sale 7434
1034 Mob'11

11414 11414
68 10212 10434
:
1
.6
/1i;
74 -7
-7
100 100
35.4.
. 38
.!

MISCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
Kings Co El L & P g 5s____1037 A-0
Purchase money Gs
1997 A-0
Convertible deb Gs
1922 in-s
Ed El Ill Ilkn 1st con g 48_1939 J-J
Lac Gas L of St L 1st g 5s..e1919 Q-F
Ref and ext 1st g 5s
1934 A-0
Milwaukee Gas L 1st 4s
1927 11-N
Newark Con Gas g 55
1948 J-D
NYGELH&Pg 5s
1948 J-D
Purchase money g 48
1949 F-A
Ed El III 1st cons g 5s
1995 J -J
NY&QE1L & P 1st con g 55 1930 F-A
N Y & Rich Gas 1st g Is......1921 M-N
Pacific G & BIC° Cal G & E
Corp unifying& ref 5s_._....1937 M-N
Pee 11(nv & Lt 1st & ref 20-yr
58 Internal Series
1930 F -A
1949 M-S
Pat & Passaic G & B 5s

Gas and Electric Light
10434 10434 Peo Gas & 0 lat con g 6.51943 A-0
Refunding gold 5s
1947
113 114
S
Registered
1947 bl-S
8818 881, Oh G-L & Cke 1st gu g 58_1937 J-J
Con G Co of Ch 1st gu g 5s1936 J-D
10138 10212
Ind Nat Gas & Oil 30-yr 5s '36 11-N
10012 102
N
8912 90. Mu Fuel Gas 1st gu g 5s 1947
Philadelphia Co cony 5s
1919 F- A
Cony deben g 53
1013; 10313
1922 11-N
84 8812 Stan Gas & El cony s f es....1926 J-D
10658 10812 Syracuse Lighting 1st g 5s..,_1951 J-D
100 1014 Syracuse L & P 55
1954 J-J
Trenton G & B 1st g 5s
1949 111-S
Union Elec L & P lat g 58_1932 bi- S
Ref & ext 5s
23 9434 96
1933 M-N
Utica El L & P 1st g 5s
1950 -I
9412 9412 Utica Gas & E ref Is
1957
Westchester Leg g 5s
1950 j•:1

--- 10412 10434 Feb '13
115 114 Feb '13
__ 123 12212 Dec '12
1
881s
ig18 _ _ 8818
2
10134
10134 Sale 10134
3
— 101 10012 10078
2
8934
ii84 sale 8934
102_ 10614 Apr '12 -42
102 Wale 10134 102
4
85
85 Sale 85
1
10652 10638
---- 10118 100 Mch'13
_ 9212 J'ly '09
9478 '9538 9478

95

9312 9412 Mch'13
100 103 10258 J'ly '12

_ 117 11612 Mob'13
i0034 10184 10034 Mch'13
103 Feb '09
102 idifs 10213 10258
100 101 10314 Oct '12
___ 90 93 Mch'12
- - - 10114 Aug •12
- _ 104 100 Nov'12
_ 9712 9712 Feb '13
9934 Sale 9934
9934
10018 101 Deo '11
8512 J'ne'12
109 Feb '01
idd"
03
102 Jan '13
93 9714 97 Dec '12
102 ____
1.6614 Dcc '11
10.124 Sale 10414
10414

2

2

rod

•No Drico Friday;latest bid and asked. a D110 Jan. 5 DUO Feb. •Due May. a Dae June. la Due Jul'. o Due Oct, p Due Nov. a OPtion sali.;




1005

New York Bond Record-Concluded-Page 4

APR. 5 1913.]

"IX

BONDS
N. Y. STOCK EXCHANGE
Week Ending April 4.

we

b

Price
Friday
April 4

Week's
Range or
Last Sale

10:0%3

Range
Since
Jan. 1

Range
Since
Jan. 1

,Vest's
Range or
Last Sale

Price
Friday
April 4

BONDS
N. Y. STOCK EXCHANGE
Week Ending April 4,

High No, Low High
Ask bow
/kid
High No. Low High
Bid
Ask Low
St L & San Fran (Con)
19 103 10612
1939 11-N 10312 Sale 10312 104
11112 11314 Wabash lot gold 5s
K Ft /3 & M con g 6s___1928 M-N-112 11112 Mch'13
18 95 9912
96
9514
•
2d
0612
95
gold
5s
saw
'8
F-A
f412
1939
7
74
75 K Ft S & M Ry ref g 4s_1936 A-0
90 J'ne'12
Debenture Series B
1939 J-J
1936 A-0
7712 J'ly '12 -----------Registered
991
_Dec
'12
1st
lien
100
-6.1
equip
Ms
fd
S
g
5s
1921
_
_
_
'12
.
10312
J'ly
1st
gu
MR&B
53_1929
A-0
KC&
80 80
1st lien 50-yr g term 4s 1954 J-J
it)
_ _ 80 Mch'13
15 i-601-8
Ozark & Ch C 1st gu 5s g_1912 A-0 9914 9912 9062 Mch'13 ____ -9961 36 5414 64%
1st ref and ext g 4s
6012 Sale 5634
1956 J-J
7 8612 90
88
1989 11-N 8612 88 8012
St L S W 1st g 4s bd ctfs
51 6212
Mch'13
52
Cent
Trust
Co
80
ctfs
____
78
Mch'13
ctfs____p1989
70
83
bond
J
-J
80
2d g 4s Inc
51 51
Do Stamped
;83.12 55 Si Mch'13
7914 43 79 81
Consol gold 4s
1932 J-D 7914 Sale 7914
64 Nov'12 -Equit Trust Co ctfs
Apr '01. ............
Gray's Pt Ter 1st gu g 5s_1947 2-D--Do Stamped
5712 bale 552 57% 15 -5313'ifs;
-1 - i1 -8E3.
1943 J-J 8278 Sale 198211128
S A& A Pass 1st gu g 4s
Dot & Ch Ext 1st g 5s_1941 J-J 103 10712 107 Feb '1 ---- 107 107
IN Oct '09 ..------------1919 J-J
N P 1st sink f g 5s
80 Aug'1' -131; Des Moin Div 1st g 4s___1939 J-J
_
Seaboard Air Line g 4s1950 A-0 ---- 881s 8512 Feb '13
Om Div 1st g 330
69 Dec '12
1941 A-0
1050 A-0 83% 8434 835
85 --2 83's86
Gold 4s stamped
1 -116- 80
80
Tel & Ch Div 1st g 4s
1941 At-S 80 Sale 80
1950 A-0
B stered
24 Mch'13-.-. 24 2612
Pitts Term 1st g 4s-1951 J-D
"733; --ii "i6- "iiCs Wab
01949 F-A 7334 Salel "iiia
Adjustment 5s
23 271s
33
24
23%
Cent
and
Old
§itie
Col
Tr
Co
cert.,2312
Refunding 4s
- 7712 7712 filch 13 -_ 7714 79
1959 A-()
24 28
24 Mch'13
Columbia Tr Co ctfs
Atl-Birm 30-yr 1st g 4s__e1933 1I-S 841a
- - 8414 Mch'13 ____ 8414 88
1
2
1 Mch'13
2d gold 4s
1
2
1954 J-D
Car Cent 1st con g 4s
1949 J-J
-- 9134 9178 Mch'13 ____ 9134 917
134 214
Trust Co certfs
2 Mch'13 .,-1% 2
10314 Jan '13 ____ 10314 10314
Fla Cent & Pen 1st g 5s 1918 J-J
873 Oct '11 -1st land gr ext g 5s
104 Nov'12 ........ _--.- Wash Termi 1st gu 330_1945 F-A 8332
1930 J -J idi_
1st 40-year guar 4s
1945 F-A 90 _ _ 100 Sep '12 -Consol gold 5s
107 J'ne'12
1943 J -J
West Maryland 1st g 4s
16 79 -81;
7
82
1952 A-0 82 Sale 80%
6 19412 109
Ga & Ala By 1st con 5s_ _o1945 J-J 10112 Sale 104% 104%
103 108 10634 Feb '13 --- 106%10714
10312 Mch'13 _-_ 103% 10318 West N Y & Pa 1st g 5s......1937
Ga Car& No 1st gu g 5s 1929 J-J 10314
--__
Oct
'12
Gen
gold
86
4s
-__
80
1943
May'12
loafs
105
Seab & Boa 1st 5s
1026 J-J
34 Feb '07 ---Income 5s
d1943 Nov
'Southern Pacific Co2
Wheeling_& L E 1st g 5s_1926 A-0 iOa 10112Feb '13 -- 10112 1-6f18 89 98
9012
Gold 4s (Cent Pac coll)_k1949 J-D 90% Sale 90
Wheel
Div
100
Feb '13 ---- 100 100
98
5s_1928
1st
J-J
gold
95
9512
_
Feb
Registered
95'2
k1949
99
---Feb
'13
Exten
&
99
10112
Impt
-„55____193
64
0
gold
F-A
'13-262 8878 9334
0014
20-year cony 4s
61929 M-5 90 Sale 89%
RR 1st consol 4s
9334
1949 1CS bo 80% 80 Mch'13 -- 80 80%
9334 ....1
. 9212 9612
Cent Pac 1st ref gu g 4s__1949 F-A
20-year equip s f 5s
1922 J-J ___ 9914 9812 Feb '11 _9112 J'iy '12
Registered
1949 F-A
_ 90% 8958 Feb '13 ---- -995-s
Winston-Salem
S B 1st 48_1950 J-J
4 iiMort guar gold 33is....k1029 J-D 891k 1*0 9014 Feb '13 ____ -9918 90 9152
9012
9112 Feb '13 ......____ 0112 9112 Wis Cent 50-yr 1st gen 4s 1949 J-J 901-2 9034 90
Through St L 1st gu 4s_1954 A-0
883
4 8914 8934 Mch'13 ---- 8914 9012
Sup&Dul
div
&
'36
4s
term
__
104
104
1013
Sich'13
4
1st
G II &S AM& P 1st 55_1031 M-N
10
12
9114
8 J'ly
:
1(2
).... _-.Gila V G & N 1st gu g 53_1924 M-N
Manufacturing & Industrial
103 Deo '12 ___ _Hous E & W T 1st g 5s.1933 51-N
54 62 57 Dee '12
105 10414 May'12 .... _---- Allis-Chalmers 1st 5s
1936 J-J
1933 M-N
1st guar 5s red
"61-'di'
5312
64 681 5312
Trust Co ctfs deposit
& T C lst g 5s int gu_1937 J-J la 110 10914 Sep '12 ___. ...- _ _
99
6
96
95288 31 99 10178
995
8 997k 938
Am
92
Ag
94
Chem
lot
93
93
A-0
c
93
8
5s
192
Mch'13
A-0
_1921
guar_
Gen gold 4s int
1
9614 9714
Am
Cot
Oil
_
ext 430
1915
- 1930 81-N
Waco& N W div 1st gels
01111 93
734 9334 Mch 13 ____ 93 95
!108 Jan '13
fail- i66/8 Debenture 5s
1941 J-J ioa Rift
A & N W lst gu g
3 100 10312
11p2 11134 Aug'12 __::
Am Hide & lst s f g 6s_1
10014
19
1 11-S 100 10114 100
Morgan's La & T 1st 7s_ _1918
193
7 74 78%
idi" iiii i Amer Ice Secur deb g 6-_,1925 A-0 78 Sale 78
7634
10712 107 Jan '13
1920
1st gold 6s
Am Smelt Securities s f 6s_1926 F-A 103%105 1031
10314 12 102 105
112 Feb 'VT ___
• of Cal guar g 5s
1938 0
99% 9912
Jan
'13
100
99'2
102 Mcli'13 ___ _ 192- ioi Am Spirits Mfg g 6s
Ore & Cal 1st guar g 5s 1927 J-J id
1915 41-S
91% 9334
9112 Mch'13
So Pac of Cal-Gu g 5s_ _1937 1I-N 103 ...„ 116 May 07 _-__ -___. _ _ Am Thread 1st col tr 4s-1919
11912 120%
Am Tobacco 40-yr g 6s
120 ifir2 12014 12014
9112 Sep '12So Pac Coast 1st gu 4s g_1837
1944 120 Nov'12
8834 88% Feb '13 _-__ 8
Registered
San Fran Terml 1st 4s 1950
.5-s -9'6 A
54
1A
p.-()
194
1 9614 9712
9634
4 98 9034
Gold 4s
Tex & N 0 con gold 5s 1943 J -J 19918 101 10153 May'll
1951 F-A -9618834
88
9632 Pne•12
9134 Sale 9114
92 137 -9012 -941;
Registered
So Pac RR 1st ref 4s
J -J
74ids;
4
Sale
Ana
Writg
Paper 1st s f 5s_1919 J-J 8834
Southern103 Sep '12
13 10414 10718 Baldw Loco Works 1st 5s 1940 if
1904 j-j 1004 105 10452 105
1st consol g 55
9614 sale 9514
9614 24 -91- -964
- - -- 105 Sep '11 ___ 10434 10434 Beth Steel 1st ext s f 5s
1094 J-J
Registered
1926
83% 77 8234 8634
4
.
1 Sale
9
a
- 8-li - 82%
771
1st & ref 5s guar A
54 77 7812
Develop & gen 4s Her A 1956 A-0 77% Sale 7705
61 9334 97
95
NJ
22
5:
94
Mob & Ohio colt tr g 4s.._1938 11-5 8318 851 81 Mch 13 ...„ 81 8612 Cent Leather 20-year g 5s219
9614 97%
94
758 Mch'13
107 107 /4/Ich'13 ___ 107 107 Consol Tobacco g 4s
1996 J-J
Mem Div 1st g 43-5s
9534 9014
9614
_
9618
Feb
'13
84
8812
8512
Mch'13..- 84 8812 Corn Prod Ref s f g 5s
1951
F- A
'St Louis div 1st g 4s
19
93
51 A1-N
6 90 9312
105
93 9014
9014
10514 Sep '22
lot 25-year s I Is
1918
- -.
Ala Con B 1st g is
9434 90
92
134 Feb '13
8714 Jan '13 __ 8612 8714 Cuban-Amer Sugar colt tr 6s 193
1948 J-1 83
Atl & Danv 1st g 4s
A-N
O
8M
1914
•83
19 84 70
6
99
6512 Sale
9
6le
8214 Feb '14._ ---- _
Distil Sec Cor cony 1st g 5s-1927
1948 J2d 4s
15 86 90
83 .87
8012 87 86
E I du Pont Powder 4%s_ _1936 Ati & Yad 1st g guar 4s1949
10312
it;i3-4 De-C'
- -li -_-_-_: ---- -- General Baking 1st 25-yr 6s_1936 J-D 95 0612 95
9512 14 95 95%
191 J Col & Greenv 1st is
_ 82 7812 Mch'13 63 7712 82
106 Feb 13 ___;._ i9(i- Rid - Gen Electric ueb g30_119942
62 -A
s
E T Va & Ga Div g 5s1930 J-J
joi12 Sale 1033
1047s 63 10276 1051g
v 108 10058 Debenture 5s (rects)
It
Con 1st gold 5s
195 11-N 10812 109 19812 10834
10518 J'ly '12
10014
Gen'l Motors 1st lien Os
987g 22 9812 100
1015 A-0 9s34 Sale 9812
1938 stE Ten reor lien g is
8878 10 86 89%
63 6412 6118 Mch'13.- -63" -641; III Steel deb 4 3-is
2 -O
-NN 6878 Sale 87
104
1960
Ga Midland 1st Is
1946 A-Q
10012 Sale 100
10012 65 9978 10114
#1
Ga Pac By 1st g Os
1922 j J __- 110 110 Mch'13 ____ 1097 110 Indiana Steel 1st 5s
1031
1 102 105
10212
1031
10318
Int
Mch13...
Paper
Co
1111
1st
__
1131.
12
con
g
6s_1018
11112
F-A
Knox & Ohio 1st g 6s_
1925 J-J
87 91%
Consol e,onv s f g 5s
1935 J-J 86 87 87 Mch'13
10512 Nov'12 __ --------Mob & Bir prior lien g 5s_1945 J7812
Sale 197
4 78 8834
:
7
2
1
507
1
3
2
4
4
Int
79
97
5
5;4
-7
1
6
St
Pump
1st
192
of
79
5
1:
1
4
a
2
5s
192
19
2
9
3
11-i
Mch'13
79
Mortgage gold 4s
1945 J-.
3
95
96%
063
963
8
4
95
Lackaw
102
Steel
1st
OA
g
101'&
10212
Mch'13
5s
10214
10214
Rich & Dan con g 6s_1915
7612 21 75 80%
lot con 6s Series A
_ 1041. 10312 Jan '13
10312 10312
1950
Deb 5s stamped
1927 2
29 03 95%
5-year
__
;i1
.
12
_
.
_
convertible
5s
1915
-S
12
Sep
73
1948
Rich & Mock 1st g 4s
42 119% 12253
.
.Sale l20-3
9812 10214 101 Feb '14 ___ 101 Rif. - Ligg&Myers Tob.Co 7s tpy bds_
- 121
So Car & Ga 1st g 5s
1919
0834 11 9612 9934
_
5s temporary bonds
_
112 Oct 'OE, ___ ___
Virginia Mid ser (7 65-1916 #1-S
9712 100
98
9918
9
9
7
5
12110'13
Mexican
a
o
n
v
:
Petrol
J
N
Ltd
1
cnv
3
2
:
...
__
.._
1
03
04
:::
6s
A_'21
A-0
Series D 4-5s
1921 M-S
9758 21 91 96%
91
974
086
14 Sale 91
Nat Enam & Stpg 1st 5s__1929 J -D -6
Series E 5s
---1926 111-8
8812 88'2
88's Feb'13
Nat Starch 20-yr dob 5s___1930 -J
Series 10 5s
104 Mch'13 __ _ 104 106
1931 51-S ---82 9714 9912
i
16i3
081-44 108
General 5s
1952 M-N
65
;
4 National Tube 1st 5s
10814 Jan '13
193681-N
4 103
1
990
l
0
203
1
4
1
0
21
1
101
19
0
281
0
112
Va &
1st gu 5s 2003
107 Mch'13 ____ 107 1085 N Y Air Brake 1st cony 6s_1928
47 120 122%
91 955-4 94
94 9572 P Lorillard Co 7s temp.ry bds_
1st cons 50-year 5s
94
1958
_
7
9714
49
99%
2
8
S
ai
ale
e
92
5s
_
_
97
temporary
983
4
bonds
•
-------& W 1st cy gu 4s
'12
Sep
9312
1924 F-A
9714 9812
3
ju
lkie
ch :13
10012_ 101 Feb '13 ____
i Rif i Ry Steel Spgs lst s f 5s____1921 J -J
West N C 1st con g 6s
1914
95 97 10
102%1027s
92
518
lad 10212 Apr '11 --- ..._ Repub I 1c S lst & col tr 5s_1934 A-0
Spokane Internat 1st g 5s 1955
612 Sale 90%
9054 32 90% 921s
10-30-year 5s s f
1940 A-0-6
104 Feb '13 ___ 1031-2 104
rrer A of St L 1st g 4)s_1039 A-() 102
88 8912
87
8% 8
ioi Ill Aug'12
9824
878 9
885
84 Mch
Standard Milling 1st 5s
9;13
1930 112-N 9
-L 1st con gold 5s__1894-1944 F-A
7 97 1007s
883, 94% Oct '12 ____ ---- -1953 J-J
__ The Texas Co cony deb 6s_1931 J-J
Gen refund s f g 48
90 92
10312
107
86
90
Feb
.
13
10618
Sep
'12
Union Bag & Paper let 5s_1930 J-J
--._ -St L M Bge Ter gu g 5s
8912 9114
103 10414 104
_ 87 10
9114 Jan
10'13
1 1031-2 107i4
141
Stamped
YOIS
Tex & Pac 1st gold 5s
1 100 100%
jot; 10038
--- 51 Nov'12
19
3
93
U S Leath Co s f deb g 6s_219
q2000 Itch
2d gold Inc 5s
1 88 89
87 Sale
1099.1:
04
11
Realty & I cony deb g 5s_.24
La Div B L 1st g 5s
1931 J-J ---26 25
5
25
1118 Jan 13
Nov'
U 13 Red & Refg 1st g 6s-1931
WMInW&NW lstgu 5s..11130 F-A
100 103%
1021
.1
0
106%
1103214
29
0
05
Sale
32
105%
5
12
10
22
U
1
Vlb1tr
Rubber
6s_1918
2
10-yr
coll
Tol & 0(3 1st g 5s
1991-4
19353-i
Jan
1.. 1-2 106
561e 10734 rtle'
Registered
1918 J-13
12 ---- ---- ___
Western Div 1st g 5s---1
1935
,36
Yaii 10058 lova 215 1991-4 1E'
U S Steel Corp-Icoup _41963 11-N
---- 100 103 Nov'12
General gold 5s
20 100%103
91l Feb '13 .....9112 9112 S f 10-60-yr Isilreg ___d1963
10078 Sale 10012 1007
Kan & M 1st gu g 4s
1990 A-0 _ _ 9134 97%
9534 Sale 9434
i 9712 99
9712
9534 15 9412 gg
Va-Car Chem lot 15-yr 59_1923 32(1 20-year 5s
1927 J -J 0712 Sale
9112 19 100%10234
,58
112 102
Sale
Sale: e 100
90 9112 West Electric 1st 5s Dec 1922 J-J 10021.
9
Tol P 5c W 1st gold 4s
1917 J-J 00 92 90 Mch'13__.
20 9034 94
Westinghouse E&M sf 5s_1951 J-J
Tol kit LSc W pr lien g 330_1925 J -J - - 83 84 Dee '12
96% 943%
612 10-year ooli tr notes 5s 1917 A-0 _ ._ 97 9672 Feb '13
55
55 as
8 15
150-year gold 4s
1950 A-0
-----ii
_
Dec
8
.
12
9i
iti
.
60
8
8
6
8
9
5
Telegraph
_
_
&
Coll tr 4s g Fier A
Telephone
1917 F-A
88 90
Am
Tele')
21
mgri
Sc
8878 8754
Tel cell tr 4s 1929
8834
Tor Hain tic Buff 1st g 4s__//1946 J-D
Convertible 4s
9 1024 1107s
10312 1041 103
T'Ilster & Del 1st con g 5s_1928 J -D 10214 103 103 Mch'13 __ 103 10112
10312
1936
ion
10212
20-yr
conv
4.) 1st refund g 48
721
84
4
30
Sale
8612J.118
1_(
.
.
1
3__
'12
(when
las)
1933
10418
1952 A-0
(Mileage Telephone 1st 5s.._1923
'Union Pacific1st lilt & land grant g 45_1947 J-J 97% Sale 0518
978 130 951
74 80 8212 Dec '12
08; 993
984 Commercial Cable 1st g 1s_2397
Registered
8312Nov'll
Registered
_ 0812 Feb '13
2397
1047 J -J
-081-2 Sale 98
9812 38 98 1004
Cumb'd T & T ist & gen 5s_1937
20-year cony 4s
1927 J - J -9414 F3-alj 9278
9436 187 91 07
90 85 Aug'1'
1st & ref 4s
62008
9314 11 9
91
134 93
S 9314 Sale 925
95L2 Keystone Telephone 1st 55_1935 :1 8912 10112
10034 10034
6 id65;
Ore By & Nov 300 g 4s....1946 J -I) 92 ._. 92
Metropol Tel&Tel lot s f 5s_1918 M-N 101
92
12
99 101%
Ore Short Line 1st g 6s__1922 F-A 11011111 110
1101s
3 109 11218 Mich State Telco 1st 5s_ _ _ _1924 F-A Ms 10014 9012 Mch'13
1st consol •• 5s
105
4 18
1946 J-J 10514
08
524 19
.105
09
3.8 N Y& NJ Telephone 5s g-192 M-N *190 ---- 10314 May'll
-991;
97
98
Sale
00
97
39
Teiep
3Ss
1
9
1st&
3
0634
gen
NY
s
f
4
21
3
7
9
Guar refund 4s1929
iiiie 89
M
90 .
j..
-N
J
9904 Sale 9912
9934 28 99 101
1926
102 . _ 108 May'll
Utah & Nor gold 5s
..--.. --- l'ac Tel & Tel 1st 53
9912 Sale 9916 100
22 99 101
.....,_ .._
1933 J-J _-_,. ETo.
South Bell Tel& T 1st s f 5s 1941 J -J
1st extended 4s
3 9913 10212
99
West Union col tr cur 5s,, 1938 J-J 9918 Sale 994
andalla cons g 4s Set A.1955 F-A ...... 9378 -6,1- Fe173-ii ____ 94 94
9 914 9612
921
2._ _ 93 Mcli.13__._ 1)3 93
1957 M-N 9111950 M-N 9214 Sale 9114
Fd and real est g 4;is
Consol 4s Series 11
_ 94 Oct '12 _._
104 rns'11
Mut Un Tel gu ext 5s_1941 ;11-N
Vera Cruz 3e P lst gu 4 30_1934 J-J
93 93
1962 M-N .-. -- --: -9i12 9838
93 Jan '13
9812
Northwest Tel gu 430 g_1934 J-J
-98)4
- -983-4
Virginian 1st is Series A
-

931
/
4 941/4
90

A--K

-

-

--o

ft-g

Ny

1:8

US

1211
j:

1:7

V

MISCELLANEOUS BONDS-Concluded.
Coal & Iron
95 98 97 J'ly '22
Buff & Susq Iron s f 58-1032
....-_
86 __ 91 Nov'11
Debenture 5s
a1926
Col le & I Co gen s f g 58_1943 F-A 9812 Sale 9811
7 98 9918
99
Col Fuel gen 6s
10714 J'ne'12
1919 ,11-N
Col Indus 1st & coil 55 gu 1934 F-A 79% 807 8
7812
8 r0.38011
8 7818 85
Cons Ind Coal Me 1st 5s
1935 J-1)
___---Cons Coal of Md Ist&ref 5s 1950 J-D ---- -iii- 93 Oct '12
lily
Coal
'or
& 0 lot g 63_//1919 A-0 :7- 100 102% Apr '06
Uttn & II 0& C 1st s f g 6s_1951 J-J
98 Jan '13 --- -6:
87E17-8
8tiv "i
rocah Con Collier 1st s f 5s_1957 J-J
ii5; 97B8 8752 2 - -St L Rock Mt& P 1st 5s.-1955
77 79 76 Mch'13
76 80
Tenn Coal gen 5s
1951 J-J 100 10212 100% Mch'13 --- 100Ig 103
Dim Div 1st consol 6s___1917 J-J 101 10?12 101
101
I 101 103
Tenn Div 1st g is
102 102
a1917 A-0 . 10334 102 Feb '13
Cab M Co 1st gu g 62-.1922 J-I) .... HA 110 Jan '09
.... ____
'Utah Fuel 1st g 5s
1931 Al-S
'Victor Fuel 1st s I 5s
-iii4 Pe6-'15
1053 J-J
'ids; "fis:
va Iron Coal&Coke lot g 5s 1949 .11-S -91 9712 94% Mch'18
94% 98

Miscellaneous
Adams Ex cell tr g 4s
1948 51-5
Armour & Co 1st real est43,Ss '39 j-D
1952
Bush Terminal 1st 4s
50
54
A-1
196
Consol 5s
1.3Idgs 5s guar tax cx
Chino Copper 1st cony 6s 1921 J -J
Inspir Cons Cop 1st 6s (recta)
1922 k-b
Int alercan Marine 4 Ms
19
92
39
2 JF-A
-.1
Int Navigation 1st s f 5s
Mg° Bond (N 1() 4s set 2_1966 A-0
10-20 yr 5s series 3
Morris & Co 1st s f 430_1939 j_ j
1951 F-A
N Y Dock 50-yr 1st g 4s
1932 J-J
Niag Fails Pow 1st 5s
Ontario Transmission 5s
1945 ht-N
Pub Serv Corp N J gen 5s_1959 A-0
itayConsCopper 1st cony 6s1921 J -J
Wash Water Pow 1st 5s__ _1939 J - J

___ 7958 7912
80
8
9078 Sale 9018
9078 __1!
____ 89 89 Feb '13
94 9512 96 Jan '13 ____
96 97 Nov'12
185 17.5 150 Mch'13
103 10112 10112 103
61
6154 Sale 6334
6454 23
7834 7914 7812 Feb 13

79% 821$
9
80
9 9
82
9%
1)6

96

fig- NO'
9912 10812
63 Me
7812 7954

7
9912 _ 641-2 DeC-.-1 2
.
1;
_ 8912 8912 Feb '13 ___ 8912 -99
82 83 83 Mch'13_._- 83 84
10012 102 10218 Mch'13 ___ 102 10214
.
90 9158 92 Dec '12 _4_8
-if34
92 Sale 9293
11314 Sale 11172 11314 l'7 109 121
102 Dec '12 _

•No price Friday;latest bid and asked aDue Jan aD110 April 8DUe May anue Jana hDue July kD ac Aug oDue Oct pDue Nov qDue Dec :Option sale




1006

CHICAGO STOCK EXCHANGE-Stock Record.

STOCKS-HIGHEST AND LOWEST SALE PRICES

..Saturday
March 29

,fonday 1
ifarch 31.

Tuesday
April 1.

ELECTION DAY—EXCHANGE CLOSED

*27
35
35
*27
*88
90 .88
90
90
*88
*88
90
s2112 22
2133 22
*0
7
*8
7
*312 4
*312 4
*12
16
*12
16
*3413 40
*3412 40
*8
812 *8
812
*4413 4512 *4413 4512
•
324 3312 3314 3312
12134 12214 122 12212
475 475
____
*133 136 *133 118
•349
52
*49
52
*100 101 *100 101
13334 13334 13214 13214
*59
65
*59
65
'83
85
*84
85
*53
57
*53
67
*4913 5012 4913 50

sioa- iii- *ill' gei139
11

139
11

13712 13934
1034 1034

roaiz- f63T2_ 14
iiiii
*33
3312

-

iii -a

*6713 6818

94
95
8812 6812

-4.51- Iii- ;'-7
.8- "iii"
*114 118 *116 117
*118 119 *118 119
*120 125 *120 125
*115 116 *115 118
*504 87,2 *5634 5712
*9112
.. *9113
111 III 112 1-1-2
*78
79
*78
79
*9712 98
98
98
43
45 .42
45
*83
*83
85
85
185 18563 183 18712
*121 123 *121 123
*29
30
*29
30
*89
91
91
*89
10573 10614 1054 10614
3260 270 *260 270
*107 10712 10712 10712
*174 177
170 170
*Ds 134 *Ds 134
6113 62
614 6113
10612 107 *107 1074
*3
11
*8
11

Wednesday
April 2.

Thursday
April 3.

Friday
April 4

Sates
of Me
Week
Shutt

STOC KS

EXCHANGE
.

Lowest.

Lowest.

Highest.

•
Outstandino
Stock.t

NAME.

uunaena necora
Ouistanding
Stock.t

Range for Previous
Year 1912.
Highest.

Railroads
827
35
Last Sale 30 Jan'13
Chicago Eley Rys com100 30 Jan 3 30 Jan 3
25 Nov
40 Apr
.88
90
Do pref
Last Sale 91
Jan'13
100 90 Jan 6 91 Jan 20
90 May 9334 Jan
*85
88
Chic Rys part ctf "1"--- 88 Jan 14 9814 Jan 30
Last Sale 90 Mar'13
83 Dec 10432 Jan
214 22
1 22
06 Chits Rys part ctf "2"___
23
2112 Mch17 2613 Jan 13
38 Jan
1934 Nov
634 634 -----25 ChIc Rys part ctf "3"--_
8 Mch 11
..------------- 812 Jan 2
11 Jan
6 J'ne
*312 4
Sale 3.2 Mar'13
Last Vie
Chic Rys part ctf "4"___
578 Jan
414 Jan 16
312Jan 7
3 Oct
*12
16
Last Sale 18 Nov'12
Kansas City By & Lt_100
25 Sep
1414 Aug
*3412 40
Last Sale 41 Nov'12
Do pref
100
504 Jan
40 Oct
Last Sale 8
*8
Mar'13
812
Streets W Stable 0 L_100
8 Mch 1
114 Apr
912 Jan 3
6 Mch
*4412 4512
Last Sale 45 Mar'13
Do prof
100 45 Mch18 45 Mch18
52 J'ne
35 Jan
Miscellaneous
3334 3413 3513- 3713 3734 3833 1,360 American Can
100 26 Jan 14 4612 Jan 31
47 Oct
1112 Jan
e97
99
98
9814 99
9914
700 Do prof
100 v97 Apr 2 12914 Jan 30
91 Feb 126 Sep
---- ----- --- 3 American Radiator...100 470 Jan 3 500 Feb 11 325 Feb 405 J'I y
133 133
---- --------1
Do prof
----100 133 Apr 2 13433 Jan 6 131 Jan 135 Apr
-51
51
25 Amer Shipbuilding_ _100 50 Jan 22 55 Jan 13
45 Aug
61 Oct
*100 101
100 1-0, ---- 15 Do prof
100 100 Feb 8 10312 Jan 2 100 Feb 10633 Oct
*132 1321
132
1 1-32-150 Amer Telep & Teleg 100 13014 Mch20 13934 Jan 8 138 Deo 1984 ?doh
----- ------60
60
--- 100 Booth Fisheries com_100 59 Mch 26 71 Jan 3
39 Mch
70 Dec
80
85
8413 14712 84 -84
116
Do 1st pref
100 83 Mch 13 894 Jan 8
95 J'ne
77 Mch
*53
57
Last Sale 55
Jan'13
Cal & Chic Canal & D 100 55 Jan 29
8538 May
49 Feb
55 Jan 29
*4934 51
*4934 51
*4934 51
125 Chic Pneumatic Tool_100 4812 Mch19 52 Jan 10
5512 Oct
44 Mch
Last Sale 142 May'12
Chicago Telephone_ 100
13713 Jan 145 Men
*203 206
203 203
20 Chicago Title & Trust 100 203 Any 3 212 Jan 7 184 Jan 222 J'ne
1394 13934 13912 13912 ----------350 Commonw'th-Edlson.100 13913 Mch31 145 Jan 5 13514 Jan 150 Mch
12
12
1114 1114 1114 11-14
300 Corn Prod Ref Co com100 1018 Mch 19 1812 Jan 31
2112 Oot
10 Feb
Last Sale 77 Feb'13
Do prof
100 77 Feb 11 77 Feb 11
87 Oct
87 Oct
165 10313 10314 1o312 1034 1034 270 Diamond
Match
100 10234 Mch 25 11014 Feb 3 103 J'iy 11184 Feb
*3412 351
35
50 Goodrich (B.F.) com_100 28 Mch 18 53 Feb 13
804 Sep
83 Dec
95
95 --------- ---- .. -157 Hart Shaft 8r, Marx pf100 94 Mch22 9813 Jan 14
97 Dec 10212 Mch
6812 69
69 -6913 70 -76870 ilinois Brick
_100 6812 Mch 24 7612 Jan 31
7312 Sep
58 Jan
-_-__
Last Sale 10614Mar'13
Internat Harvester 00100 10614 Feb 24 115 Jan 29 10513 Deo 1284 Sep
*78
78
Last Sale 7633 Aug'12
67 May
Knickerbocker Ice pf_100
Ws Aug
*1161s 11813 117 11734 121 12134
300 National Biscuit
100 112 Feb 24 12812 Jan 3 114 Deo 16113 Apr
*118 119
Last Sale 118 Mar'13
Do pref
100 118 Mch19 123 Jan 14 12214 Oct 13034 May
120 120 ...
40 National Carbon...._100 1154 Mch 14 12212 Feb 17 103 Meh 135 Sep
•115 116
Last Balelir573-M3?
-15
Do prof
100 114 Mehl() 118 Jan 25 115 Feb 120 Jan
5714 5714 8714 5714
00 Pacific Gas & El Co I00 5712 Apr 2 83 Jan 27 z 61 J'iy s 67 Apr
*914 _ -- *9113
-- *9112
Do
preferred_ _100
*110 112
11312 1-174
1134 114
110 People's Gas L&Ceke.100 109 MCh19 118 Jan 9 1034 Jan 12233 Oct
79
*78
Last Sale 79 Mar'13
Pub Serv of No III com 100 79 Mch 6 8212 Jan 25 2 80 Dec s 9412 Apr
98
9812 9812 9812 98
179 Do pref
98
100 98 Feb 13 10133 Jan 13
98 Dec z10712 Apr
*38
40
*38
40
*38
40
500 Rumely common
100 42 Mch28 69 Feb 21
9413 Dec
9878 Nov
*83
85
Last Sale 8913 Mar'13
Do pref
100 8912 Mch18 973s Feb 6 z 0913 Apr z10312 Oct
18634 190
18713 190
191 1024 5,300 Sears-Roebuck com100 177 Mch24 21434 Jan 2 140 Jan 22113 Nov
*121 123 *121 123
122 122
50 Do pref
100 122 Apr 4 12434 Feb 17 12112 Jan 12534 J'ne
*29
30
Last Sale 294 Mar'13
Studebaker Corp com.100 27 Feb 21 84 Feb 13
304 J'iy
49 Aug
*89
91
Last Sale 92 Dec'
Do pref
9712 Aug
92 Dec
100
10614 10858 ----------------588 Swift & Co
9834 Jan 10914 Apr
100 105 Feb i§ 10773 Moll 6
*260 270
Last Bale28912Mar'13
The Quaker Oats 00-100 235 Jan 22 280 Feb 15 215 Jan 397 Nov
*107 10712 *107 10712 10734 10734
30 Do lira
100 106 Mob 5 10812 Feb 15 10512 Jan 110 Jan
17513 17512
_
1784 180
681 Union Carbide Co.....100 185 /doh 19 2064 Jan 10 213534 May 234 Nov
*113 134
Last Bale113 Feb'13
Unit Box Bd & P 00-100
1 Jan 17
113 Feb 10
38 May
14 Jan
6214 6234 6213 6313 6313 6414 1,838 U S Steel corn
100 5812 Mch 10 6834 Jan 2
8012 Sep
5833 Feb
107 10714 10612 107
____
239 Ward. Montg'y& Co prof 10512 Feb 19 10834 Mch 5
*8
11
Last Sale 10 Mar'13
Western Stone
100 10 Mch17 1413 Jan 2
9 Sep
15 Nov
Last Sale 9134 Mar'13
Woolworth,corn
100 8714 Mch 24 112 Jan 3

Chicago Banks and Trust Companies
NAME,

Range for Year 1913

CHICAGO STOOK

Surplus
and
Profits.t

in
in
Per1911. 1912. lad.

Dunaena Recora

in
Per.
/n
1911. 1912. iod.

Southwest Tr.& Say.Bk.
22,836 Org. J uiy 5
200,000
_ ...
_
410,122
Standard Trust & Savings 1,000,000
6
Stockmen's Trust & Say_
6
53,359
200,000
1,200,000 1,548,645 8&2e
8
Union Trust Co
113,139 8&2e 84c2e
400,000
West Side 'Tr & Say Bank
96,020
200,000
10
Woodiawn Tr & Say Bank
934
Ara..

'12.
Q-M
J-J
QM
Q-M
Q-J

Last Paid.
%

V. 95, p. 18.
Mch 10'13,113
Jan '13, 3
Mch 3113,2
Apr '13, 3
Ap r 13, 23.4

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE

Week ending April 4

Interest
period

Price
Frlaay
April 4.

IVeers
Range or
Last Sale

Bids
Sold

Range
for
Year 1913

1
Bid
Ask Low
High No. Low
High
Am Tel & Tel coil 4s____1929
__
_ _
91 Feb '13 ____ 91
91
Armour & Co 4348
9013
1939
5 90
2-90 Sale 90
9182
Auto Eleo 1st M tie
8214 April'12
1928
84
2 80
Cal Gas & El mit& ref 68 1937
9013 May'12
loot2 ii i6574iiiii
Chicago City Ry 5s
10014 Sale 10014
1927
t 81
84l2 84 Mch '13 ____ 84
Chic City & Con Rys 58_41927
89
Chicago F.ley Ry 5s
97
2 9714 9763 97 Mch '13
1914
984
8_
95
94 Mali'13 _-_
Chic Pneu Tool 1st 5s_a1921
94
94
9833 10 9813 1004
98E3 Sale 9813
Chicago Rys 53
1927
• 9414 13 93
9414 Sale 93
Ohio Rys 5s
9434
series 'A"
Chia Rys 4s
82
t 8212 8312 8233 Mch'13 __
8634
aeries "B"
8._ 9412 93 Jan '13 ____ 93
Chia Rys 48
93
series "C"
__
___ 100 Jan '12
Chic, Rys coil 6*1913
t_ _ -7212 72 Mch '13 __
72
Chic Ry Pr m M g 4s_c1997
75
47 alch '13 ____
53
148
Chic Ry Adj Inc 48..-c1927
47
58
10012
5 10014 10134
10012 Sale 1004
Chicago Telephone 58_1923
Dec
____
.
'12 __
0615
t...._ 98
Cicero Gas Co ref 0 m_1932
0178 mch
.
10.113 _..! 10
e 10
12
Commonw-Edison 5s____1943
.
1 S
..i
.
.l
t.
0112
Commonw Eleo 58_51943
1
3
4
6
0 2
-1
110013 Moh '13 --- 10012
Cudahy Pack 1st al 53_1924
:100 101
Dia Match Con deb 63_1920
110512 10534 10513 Mch'13 ___ 108 10812
Gen Mot 6% let L notes_1015
---- ---- 9934 April'12 _.
tot Ear 3-yr 5% g notee_1915
--- --. 10033 May'12 - ---- ---Inland Steel 1st M g 8.1_1928
------ 1054 April'12
Kan City Ry & Light Co
88
1913
.- ---- 90 Oct '12 _ -- .--- ---Lake St El-lst Ss
t___ 00
87 Jan '13 .:-- 87
1928
87
Metr W Side El 1st 43_1938
7914
7034
7934 Sale
7 79
82
Extension g 42
r_ - 80
8012 Feb '13 ._- '774 81
1938
1111E1 Ry & Lt 1st g 53_1926
811)i 10412 1044 April 12 __.- ..... ----do
ref & eat 4)0_1931
9412 95 April'12
i 94
Morris & Co 434s
t__ 5734 874 Mch '13
874 89
1939
Nat Tube 1st g 5s
10034 May'12 1952
Nor Shore El 1st g 5s____1922
10314 April'12 ____.__. _,
.
11024
do
let & ref g 58_1940
0984 1-0012 100 Jan '13 ____ 100 ..
...
Nor Sh Gas of 111 1st 53_1937
9512 Sept '12
---- ---North Wait El 1st 43._1911
10014 July '11
N W 0L & Coke Co 58_1928
9934 1004
i 9973
-- 9934 Mch '13 __
Ogden Gas 53
97
96 Mch'13____ 95
1945
8 95 10
Peep Gas L & C 1st 63_1943
___ 1154 Sept '12 __._ -_ ---_
Refunding gold 58
1947
2 1003810213
101
1.01- Sale 101
103
Chic Gas L & C 1st 58_1937
210214 ....-- 10213 Mob'13 ._ __ 10213 ___
Consum Gas 1st 53.. __1936
-_-- ---- 10114 Sept '12 __ ___
Mutual Fuel Gas 1stSs1947- 10014 Jan '13 __ 10014 10014
Pub Serv Co lit ref g 53_1956
::::: -lif
9714 Feb' 13 ..--- 97
978s
8
.
9112 9112
914 10 9112 934
South Side Eley 434s____1924
1 100 1o014
100
Swift & Co 1st g 5s
1914
2 9934 100Is 100
Tr -City Ry & Lt coil
.... ......._
trust lien s 1 Eat
1923
____ -- 9814 apriT12
85 Aprir12
Union Eke (Loop) 53
1945..... .--Y'1122
US Gypsum 1st g 53_1922
------ 110412
O
Nicat ' -- --Western Elea Co 53
-- .....--••••
1922
.... .
ii.111111:iltiosio. II

"P :4•go"'")•COA•C.g"74C1'"'cQZ :0'4 : Z"b<",•<'"Z00•<v) 40m",AZ :^1"00a,
'

III I

11111111111111.,111.11

III,

Last Paid,
%
American State
$200,000 $186,816 __ _
234 ....... Apr'13, 13
Calumet National
100,000
039,084
6
None An Jan '13, 6
Central Mfg District Bk.
250,000
14,427 Beg, b us.Oct 7'12 V.95,p, 944
Continental ar Comm Nat 21,500,000 9,656,716 10
10
Q-J Apr '13, 3
Corn Exchange National_ 3,000,000 8,255,731 18
16
Q-J Apr 13, 4
Drexel State
200,000
100,365
8
Q-J Apr'13, 114
8
Drovers' Dep National
355,277 10
750,000
10
Q-J Apr'13, 234
Englewood State
200,000
58,668
Q-J Apr '13. 2
8
63.4
First National
10,000,000 11.897317 12
17 Q-M Mch31'13,434
150,000 y209,125 12
First Nat Englewood
1234 Q-M Dec31'12,5
Foreman Bros Bank'g Co. 1,000,000
531,301 Priv ate Da nk
8
Fort Dearborn National. 2,000,000
Q-J Apr'13, 2
8
730.178
200.000
23,647 Org. N ov 25 1912
Halsted St State Bank__
Hibernian Banking Man_ 1,500,000 1,811,957 Not pu blished -see note 05
Hyde Park State
200,000
33,884 Beg. b us Aug 12. V.95, p. 273.
Kaspar State Bank
400,000
174,155 10
10
J-J Jan '13, 5
Lake View State
200,000
5,304 Beg b us.Apr 8'11 V.92, p. 1004
Lawndale State
200,000
58,637
Q-J Apr '13, 2
Live Stock Exchange Nat 1,250,000
579,387 10 10&2e Q-M Apr '13, 3
Mach & Traders State
200,000
52,623 Beg. b us.Aug 28,1 2 V 95, p 593
Nat Bank of Repubilo..._ 2,000,000 1,441.175
8
Q-J Apr' 13, 2
8
National City
2,000,000
686,127
0
6
Q-J Apr '13, 134
National Produce
250,000
108,866
6
6
Q-J Apr '13, 134
North Avenue State
200,000
80,634
7
Q-J Apr'13, 134
7
Forth Side State Savings
200,000
8,342
6
Q-J Apr'13, 13.4
6
North West State
200,000
45,327
5
6
Q-J Apr '13, 134
Ogden Ave State Bank
200,000
7,292 Org.N ov. 27 '12. V.95, p. 1944
People's Stk Yards State_
500,000
105,558
934 10
Q-J Apr'13, 2 34
Second Security
200,000
10,962 Beg. b us Nov i'11 V.93, p. 1235
400,000
Security
179,041
6
• 6
Q-J Apr 13, 2
South Chicago &vino
200,000
117,500
8
Q-J Apr'13, 2
8
South Side State
200,000
18,794
6
8
Q-J Apr'13, 134
State Bank of Chicago.... 1,500,000 2,477,759 12
12
Q-J Apr '13, 3
State Bank of Italy
200,000
56,357 Beg. b us.Aug 19'1 2 V.95, p.523
250,000 237,903
Stock Yards Savings
8
10 (2-M Mch 31 13.3
Swedish-Amer. State Bk.
200,000
20,886 Org. J an, 27 '13. V.95, D. 1585
Union Bank of Chicago
500,000
6
168,594
6 M-N Noy'12, 3
Washington Park Nat
17,991
100,000
6
634 Q-J Apr'13, 234
Central Tr Co of Illinois_ 4,500,000 1,960,253
8
8
Q-J Apr'13, 2
Chicago City Bk & Tr Co
349,094
10
500,000
10,t2e J-J Jan '13, 7
Chicago Say Bank & Tr.._ 1,000,000
6
Q-J Apr'13, 134
6
290,996
Chicago Title & Trust... 5,600,000 82,263,235
Q-J Apr '13, 2
8
8
Colonial Trust & Savings.
488,230 8eas 8&2e (4-J Apr '13, 234
600,000
Cont &Comm Tr & Say_ 3,000.000 1,883,289
Drovers Trust & Sayinge.
143,724
250.000
Q-J Apr'13, 214
834 10
First Trust & Savings.... 5,000.000 2,644,849 16
None Q-M Dec30'11,4
Ft Dearborn Tr & SayBir
17,812 Beg, b us.Apr 3'l1 V.92. p.929
250,000
Franklin Tr & Say Bk....
104,416 Beg. b ua.Apr 8'12 V.94, p. 1030
300.000
Greenebaum Sena Bk&Tr 1,500,000
Q-J Apr '13. 234
254,576
23.4 10
Guarantee Trust & Say_
43,316 ____
200,000
J-J Jan '13, 3
6
Harris Trust & Sayings
1,500,000 2,205,224 12
12
Q-J Apr '13, 8
Home Bank & Trust
300,000
71,809 Beg. b us.Apr 10,1 1.V.92,1).1004
Illinois Trust & Savings_ 5,000.000 10,188,503 16&48 16&4s f Jan '13, 4
Kenwood Trust ar Savings
200,000
7&2s Q-J Apr '13, 134
7
84,853
Lake View Trust dr Say_
200,000
79,330
6
Q-J Apr '13, 13.4
8
La Salle St Tr & Say Bk.. 1,000.000
256,508 Beg. b us. Ma y'10
Liberty Tr. & Say. Bank_
25,121 Org. D eo. 6 '12.
250,000
Market Tr.& Say. Bank_
26,746 Org. S ept. 5 '12. V. 95, p. 593
200,000
Mercantile Trust & Say__
40,576 Beg. b us.J'ly 1'12 V. 94. p. 484
250,000
Merchants' Loan & Tr Co 3,000,000 6,988,840 15
Q-J Apr'13, 4
16
Michigan Ave Trust Co__
68,009 ....__ - Q-J Aar'13, lli
200,000
Mid-City Tr & Say Bank
500,000
117,754 Corn.b us. Ap 10'l 1.V.92,p.1004
Northern 'Trust Co
1,500,000 2,857,380
Q-J Mch31 13,2
8
8
North-Western Tr & Say250,000
J-J Jan '13, 4
139,141
8
8
Old Colony 'Tr & Say Ilk_
200,000
50,781 Beg. b us.J'ne 1'11 V.92, p. 1537
People's Tr dt Say Bank_
500,000
209,665 __
8
Q-J Apr'13, 231
Pullman Trust & Savings_
300,000
280,151
Q-J Apr'13, 2
8
8
Sheridan Tr & Say Bank_
200,000
97,677 ____
8
Q-J Apr'13, 134

Surplus
and
ProfUs.t




..

Note-Accrued interest m
be added t o all Chicago bon d prices.
•Bid and asked prices; no sake were made on this day. t Feb.4 (close of business) for national banks and Feb. 5 (opening of business) for State institutions.
8 No
price Friday; latest price this week.
Sept 11911. ¶j Dividends not published; stock all acquired by the Continental & Commercial National Bank. a Due Dee.
b Due Juno. c Due Feb. 4 Duo Jan. 1. e Extra dividend. x Sales reported beginning April 18. q Dividends are paid Q.-J. with extra payments Q.-F. I Doc.31.
81
1912. v Ex. 24% accumulated dividend. if Nov. 26 1912.

APE. 51913.1

THE CHRONICLE

1097

I.

Volume of Business at Stock Exchanges

Telegraph and Telephone
e Amer Teleg & Cable.. 100
s Central dc South Amer_100
Conun'l Un Tel (N Y)___25
Empire & Bay State Tel_100
Franklin
100
e Gold & Stock Teleg
100
e Mackay Cos corn
100
e Preferred
100
e Northwestern Teleg____50
Pacific 4 Atlantic
25
e Pac Telep & Teieg pref_100
Southern & Atlantic
25

Bi4 Ask
Indust and Miscell-(Con
American Thread •pref____5 *3,2 5
Amer Typefou,nders com 100 46 • 43
100 100 103
Preferred
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
99 101 "_r
NI-N
Deb g 6s 1939
DAILY, WEEKLY AND YEARLY
Amer Writing Paper_ _ _ _100
112 2,
15
_
Barney & Smith Car corn 100
t5
Stocks.
100 70
Preferred
Railroad,
80 ..
Bliss(E W)Co corn
Week ending
50 75
dee.,
U. S.
State
Shares.
Par Value.
Bonds.
50 122. 130 ,
Bonds.
Preferred)
April 4 1913.
Bonds.
Bond & Mtge (iwtr
100 302 310 1
292,452 $24.631,300 $1,347,000
Borden's Cond Milk com.100 114 115 .1
Saturday
$ 26,000
382,200 33,225,000
54,000
Preferred
Monday
100 106 10712
101.000
1,743,500
314
495,842 43,936,700
British Col Copper Co...._ ..5
Tuesday
53;500
2,239,00
Short•Term Notes
310,221
III
27,684,600
Brown Shoe corn
Wednesday
100 60
65,000
2,550,000
417,198 36,517,300
98.1
9812
500 Amal Copper 5s 1915 M-S 98
Thursday
Preferred
27,500
100 90
1,872,000
Bait & Ohio 430
, 1913..J-1) 9978 10618 Casein Co of Amer corn 100
690,006 01,148,100
Friday
S0,000
2,485,000
Birlyn Rap Tr 5s 1918- _J-J 06
9312
Preferred
100
2,587 919 4227,143,0001 $12,236,500
Total
$4,500 Ches & Ohio 430 1914__J-I3 9858 084 Casualty Co of America 100 110 120
$313,000
Chic Elev Rys 5s 1914__J-J 97
9712 Celluloid Co
100 134 137
Cin Ham & D 4s 1913___J-J 994 100 City Investing Co
413 •
100 43
Sales at
Week ending April 4.
Jan. 1 to April 4.
Erie Os April 8 1914__A-08 100 10048
Preferred
100 100 101
New York Stock
Coll bs Oct 1 1914.....A-0 9912 100 e Claflin (H B) Co com 100 80
84 •
Exchange.
1912,
1913.
1912.
1913.
Coll ba April 1 1915__A-0 9784 10014
16
e 1st preferred
100 84
Gen'l Motors(Ss'15-See NY StkE:c 11
e 214 preferred
90
100 86
35,200,463
Stocks-No. shares...._
2,587,9191
24,655,604
2,981,809
Hudson Companies61
luett.Peabody& Co com100 56
Par value
$227,143,000 $271,122,600 $2,235,794,150 $3,071,953,150
Os Oct 15 1913___A-015 97
Preferred
100 98 loOlg
$247,2C0 Ill
Bank shares, par
$60,500
$17,400
$12,300
Cent 43-5s
t'-.. Consol Car Heating___ -100 70
_
J-J 99
74
Bonds.
Int & at Nor 5s19141914__F-A
22
Preferred°lRubber Tire_ _ _ _100 18
2068,500
Government bondr
$304,100
$4,500
281,500
Inter Harvester Is '15_F-A 99
7
12
198
60
00
C
75
ons
100
6,692,500
State bonds
5,314.500
313,000
452,600
K C By & Lt Os 1912__M-S / 87
65
91
Debenture 4s 1951__ _A-0 z55
241,357,000
RR. and misc. bondi•.. 12,236,000 14,771,500
146,758.000
Lake Sh & Mich So 412s..'14 994 9912 Continental Can corn._..100 51
53
Michigan Central 412s_ 1014 9914 9912
92
93 •
Preferred
100
$248,718,000
Total bonds
$152,377,000
412,553,500 $15,305,500
Minn & St L g 5s 1914__F-A 98
9812 e Crucible Steel corn....._l00 1534 1614
1\Io Ban 6c Tex 5s 1913_M-N 9934 10018
95
e Preferred
100 92
DAILY TRANSACTIONS AT THE BOSTON AND PIIILADELPHIA
Missouri Pacific 55 1914_J-D 96
9612 Davis-Daly Copper Co ....1O *2
21s
EXCHANGES
eN YC Lines Eq be 1913-22 o 5% 4.80 duPont(EI) de Nem Pow 100 u130 135
Jan
1914-1925___J-J 5 b% 4.80
45s
e Preferred
100 9012 95
430 Jan 1914-1927___J-J b 5% 4.80 Emerson-Brantingharn 100 40
Philadelphia.
Boston.
47
N Y Cent 4_,3_3
6__
1_914____M-S 99
Week ending
96
9934
100 92
Preferred
4128 1915
Bond
99
87
Listed jUnlisted
Bond
18
2 1,
Listed Unlisted I
1-N 9
90
April 4 1013.
13
8% Empire Steel& Iron corn 100 10
Sales.
NYNH& Hartf-Is'13.J-II
Sales.
Shares. Shares.
Shares. Shares.
45 •
100 40
St L & S F Is 1913 opt_J-D
9914 100 e General Chemical com..100 171 185 1
$65,600
Os Sept 1 1914 opt_ _M-S 9914 100
8,625
6,593
$26,600 411,423
13,030
Saturday
e Preferred
100 100 10711
48,600 Seaboard Air L Ry5s'16
- M-S 98
12,541
13,480
9,029
34,500
14,478
Monday
9834 k Hackensack Water Co44,600 Southern Is 1916
9812 9818
16,323
F-A
21,131
9,066
91,800
17,657
Tuesday
86
Ref g 4s '52 op 1912
J-J 84
45,100 West Maryland Is 1915_J-.1 97
9,123
37,700
5,776
12,306
6,487
9812 Hale & Kilburn com_100 58
Wednesday
65
43,500 Westingh'se El & SO 13s 1913 100 10012
14,013
7,428
Thursday
61,100
11,024
9,438
1st preferred
100 9712 99
I.
5%
08,200
notes Oct'17-See NY •itii
Friday
20,203
14,712
X .1)
17,368
84,700
15,187
2d preferred
98
100 9(3
Railroad
Hapvraena
7erred
Tobacco Co. .._100 -- 6
20
Total
100 10
79,782
53,315 $330,400
74,640 $315,000 e Chic & Alton corn
88.788
4
100
7
25
e Preferred
50
100
1st g bs June 1 1922_ _J-I3 f 60
63
e Chic St P
& Om
100 120 140
Hecker-Jones-Jewell Milling
e Preferred
100 140 150
10211
10112
let Os 1922
M-S
30 Herring-Hail-Marvin -.100 10
e Colo & South corn
100 28
20
70
e 1st preferred
All bond prices are now "and interest" except where marked "L"
100 68
Hoboken Land & Improve't
e 2d preferred
70
100 60
let 5s Nov 1930
51-N 103
Ask
Street Railways-(Con ) 1$14i
e N Y Chic & St L corn..100 67
6034 Hocking Val Products...100
3
Street Railways
Bid Ask United Lt & Rys corn__ _100 7)3
78
97-.
e 1st preferred
1st g Sc 1961
J-J
35
40
let preferred
81
100 79
e 214 preferred
10
8g 8014 90 e Ingersoll-Rand corn......100 105
New York City
74
2d preferred
100 71
Northern Securities Stubs__
e Preferred
92
100
Bleeck St & Ful Fy stk__100 10
20 United Rys of St LPitts Bess & Lake Erle___50 *28
32 Intercontin Rub m131_100
74 -1;
1
1st mtge 4s 1950
60
76
3-J
1312
100
Com vol tr ctfs
62 Internat Banking Co.....100 110 120
Preferred
50 *57
B'y & 7th Ave stk
100 160 170
e Preferred
100 384 3812 e Railroad Securities Co- . . 85 Inp
138 140
terrenfa
ertire
on
dal Nickel..
2d mtge 5s 1914
J-J
09 100 Wash fly & El Co
100 914 97
il! C stk tr ctfs Ser A
104 107
Broadway Surface RRPreferred
100 8934 0114
West Pac 1st Is 1933__M-S 84
112 3
85 International Salt
J-J 100 103
4s 1951
1st bs 1924
J-D 8314 8414
Per share
Standard Oil Stocks
53
let g 58 1951
A11-0
8(1 f 51
10 West Penn Tr&WatPow 100 3234 3312 Anglo-American 011
Cent Crosstown stock....100
62
13
8 63
£1'
19
0 International
131 133
f_
I
tifoon4
a8
1 Silver pre100
Preferred
100 77
78
1st mtge Os 1922____M-N
Atlantic Refining
100
16912
11012
JD
Os
3
Con Pk N & E B Itstock_100 10
Borne-Scrymser Co
100 315 330 Internal Smelt & Refg 100 105 115
Christopher & 10th St stk100 125 135 Electric, Gas & Power Cos
Buckeye Pipe Line Co___50 .165 169
Lanston Monotype
100 8412 8514
New York City
Dry Dock E B & BattChesebrough Mfg Cons_100 670 680 Lawyers' Mtge Co
100 212 218
J D 100 105 Cent Un Gas 5s 1927__J-J 102 103
1st gold 55 1932
Colonial Oil
100 120 130 Lehigh Val Coal Sales_ 50 210 225
F-A 1 30
38 e Rings Co El L & P Co_100 119 120
Scrip Is 1914
Continental Oil
100 1800 1900 Manhattan Shirt
60
100 50
Eighth Avenue stock_ _100 300New Amsterdam GasCrescent Pipe Line Co.....50 "05
08
Preferred
100 100 10312
F-A / 09 1611st consol 53 1948
J-J 100 102
Scrip 6s 1014
Cumberland Pipe Llne....100 75
80 Manhattan Transit
172
20 '1N
42d & Gr St Fy stock...100 260 283 NY&ER Gas 1st 53'44 J-J 103 105
Eureka Pipe Line C0_100 380 390
Mortgage Bond Co
100 100 105
J-J 100 103
Consol 53 1945
4,214 St M & St N Ave_ _100
Galena-Signal 011 com 100 208 212 e National Surety
100 185 105
M-S
100 157 164
e N Y Mutual Gas L
1st Os 1910
•
Preferred
100 141 143 e New York Dock com_ _100
_ 19
100 155
Ninth Avenue stock
55
N Y & RElL & Pow CO_100 45
Indiana Pipe Eme Co.._50 '140 146
43
e Preferred
100 30
Second Avenue stock ..100
1
77
3
100 68
Preferred
National Transit Co
49
25• 48
Security
100 108 205
N
Mtge
&
Y
Consol Is 1948 ctfs F-A / 25
60
35 N Y & Richmond Gas_ _ _10
63
New York Transit Co......100 338 344
100 100 110
N Y Title Ins Co
/Sixth Avenue stock_.._ .100 115 124 North'n n 1st 53 1927.M-N 100 102
Northern Pipe Line Co__100 113 116
N Y Transportation
20 .5
u Bouiev Is 1945
J-J
8012 100 Standard G L 1st 5s '30 M-N 103 105
Ohio Oil Co
12
26
7 3
13
20
8 O
25"3
88
Niiiiieos-C
Boepmp-eP
roc
no
d corn.....100 84
A-0 9712 - _
For 1st Is 1919
Other Cities.
Prairie 011 & Gas
100
10
1,f6 SI
rry WP & M Is '28 M-S 75
80 Am Gas & Elcc com
*78
81
60
Solar Refining
600 615 e Ontario Silver
100
2
212
100
28 & 29th Sts Is '96 Ws A-0 I 5
20
47
Preferred
50 *45
Southern Pipe Line Co 100 260 265
Otis Elevator cone
81
100 80
Twenty-third St stock..100 240 265 Am Lt & Trac corn
100 410 415
South Penn Oil
100 950 960
98
Preferred
99
100
Union By let bs 1942 F-A 103
Preferred
100 100 107
Sou West Pa Pipe Lines_100 160 165 e Pettibone-Mulliken Co 100 22
28
Westchester 1st Is '43..J-J 90 100 Amer Power & Lt corn.. 100 71
73
Standard 011 of Callf
100 190 193
e 1st preferred
100 92
Yonkers St RR Is 1046_A-0 88
84
Preferred
100 z83
Stand 011 of Indiana_ ..100 340 344 Pittsburgh Brewing
•1012
50
Brooklyn
Bay State Gas
50 'ifs
X. Standard 01101 Kansas .100 585 000
37
Preferred
50 •36
Atlan Ave RR con 5s'31A-0 102 104 Buffalo City Gas stock.._ 100
312 5
Stand Oil of Kentucky 100 420 430 e Pittsburgh Steel pref.
94 100
A-0 97 101 Cities Service Co com
11 13 Sr W E Is 1933
100 112 114
Stand Oil of Nebraska_ _100 320 330 Pope Mfg Co corn
15
20
.
100
10 157 160
Brooklyn City RE
Preferred
100 8534 _
Stand Oil of N J (old) 100 1100 1125
60
100 50
Bklyn Hgts 1st Is 1941_A-0 101 103 Columbia Gas & Elec._100 1414 1412 Stand Oil of N J
100 370 373 Pratt dr Whitney pref
100 101 103
Coney Isl & 13klyn
100 98 101
1st Is 1927
J-J
7314 70
Standard Oil subsidiaries-*725 760 Producers 011
100 130
let cons g 4s 1948
J-J
80
85 Con Gus of N J 5s 1936....J-J 97
99
100 850 660 Realty Assoc (Bklyn)..„100 110 ifti"
Standard Oil of N Y
J-J
Con g 4s 1955
83 Consumers' L II & Pow78
Standard 011 of Ohio.. 100 275 285 Royal Bak Powd corn._ 100 195 200
J-D
J-J
9812
1039
10012
Brk C & N bs
100
53 1938
Swan & Finch
100 200 210
Preferred
100 104 106
Nassau Elec 1st 5s 1944 A-0 102 10314 Consumers Power (Minn Union Tank Line Co....._100 68
70 e Rumely (M) Co corn-See -AI,Ex list
N Wmsburgh & Flatbush1st dc ref 53'29 opt'14M-N 8714 8812 Vacuum 011
100 180 182 Safety Car Heat & Lt.. 100 11134 11212
92
05 Denver 0 ec El Is 1949_M-N
1st 430 July 1941_1f-A
9412 9612 Washington 011
10 .32
36 Sears,Roebuck&Co--SeeN 11 Stk E x Its
Steinway 1st Os 1922
J-J 100
312 103 Elizabeth Gas Lt Co..
100 325
Waters-Pierce Oil
100 1400 1500
e Preferred-See Chic Stk Ex us
Other Cities.
Essex & Hudson Gas._...100 132 137
Tobacco Stocks
b2
Singer Mfg Co
100 z298
'31F-A
At
By
105
Is
Buff
1st con
Gas & El I3ergen Co__ _100 87
80
(See
also
Stock
Exchange
List)
35
Standard
Coupler corn....
40 '
A-0 105
Bob 6s 1917
Gr't West Pow Is 1946_ _J-.1
8512 8012 Amer Cigar corn
100 128 137
Preferred
100 105 111
Com'w'Ith Pow By & L_100 6712 6814 Hudson County Gas_......10) 128 130
Preferred
100 80
90 Stern Bros pre
100 65
100 89
Preferred
91 Indiana Lighting Co__ _100 33
42
Amer Machine & Fdy...100 40
50 Sulzberger & Sons Co pf_100 934
72
•Conn By & Ltg corn......100 70
4s 1958 opt
F-A 60
08
British-American Tobac.L1 *2374 2418 Texas & Pacific) Coal.. 100 95 100
100 75
e Preferred
78 Indianapolis Gas
50 70
80
Conley Foil
100 280 290 e Texas Pacific Land Tr_100 9312 9011'
•Detroit United Sty..__10t) 7634 77
1st g bs 195"
A-0 90
05
e Helms (Geo W) corn. 100 170 180 TonopahMin(Nev)-SeePhila Stk E x list
Federal Light & Tree_..100 29. 31 Jackson Gas Is g 1037 A-0 97 100
e Preferred
100 111 113 Trenton Potteries com.._100
4
7
100 79
Preferred
81 eLaclede Gas preferred.. 100 9914
Johnson Tin Foll&Metal 100 175 190
preferred new
100 50
55 •
•Havana Flee By L & P 100 8514
Madison Gas 69 1926 A-0 103 jai MacAndrews & Forbes_100 195 205 Trow Directory
100 20
100 96 -- Narragan (Prov) El Co_ 50 *9012 03
e Preferred
230 240 Union Typewriter oom 100 3612 38
Tob_100
Porto-Rican-Amer
J-J 105 10514 Newark Gas 6s Apr '44..(14 124 126
I Louisv St 5s 1930
Reynolds(R J) Tobacco 100 275 288
let preferred
100 100 103
S New On Itys & Lt corn_100 2412 _--- Newark Consol Gas
09
100 07
Tobacco Products corn 100 110 130
2d preferred
100 97 101
100 67 ___ No find L H & P Is 1938A-0 100
e Preferred
100 90
Preferred
93 United Conner
100
...._100
0012
Pacific
Gas & E com
eN Y State Rys corn..
100 574 18
48
e United Cigar Mfrs corn 100 45
Preferred
100
--4 72
Preferred
elm* Ohio Tr & Lt com_100 -093
100 0012 91
100 9814 103 e United Dry Goods_.._.100 05 .
e Preferred
164
.
•
Pub Serv Corp of N J-See 81k E x Hsi Pat & Pas Gas & Elec._ _100 93
05
United Cigar Stores com.100 1004 101
10234 104
100
s
Preferred
Tr ctfs 6% perpetual--- 10'3 10612 St Joseph Gas Is 1937_
90
95
Preferred
100 190 200 '
100 113 117 U S Casualty
81 Standard Gas & El (Del) 60 •17
No Jer St let 4s 1948 M-N 80
18
e Weyman-Bruton Co_....100 265 300 U S Envelope corn
100 115
Preferred
7312
100 73
Cons Tract of N J
50 *47
4712
e Preferred
100 103 105
100 112 120
Preferred
J-13 101 102 United Electric of N J_ .100 90
1st Is 1933
95
Young (J 5) Co
100 53
100 170 180 U S Express__ ___
50
1st g 4s 1949
New'k Pass Ry 58 '30_J-J 10512 10612
J-I) 81
82
Industrial&Miscellaneous
4
100
U S Finishing
8
Rapid 'Iran St fly..._100 230 -- United Gas & Lice Corp _100 35
37
e Adams Express
Preferred
100 140 148
100
30
1st Is 1921
Preferred_ _
A-0 102
_
100 84
86
Col tr g 45 1947
1st g Is 1919
J-D / 7918 81
J-J 80
95
J C Hob & Pat 4s'49 M-N
- Western Power corn.....100 17
78
7812
20
Alliance Realty
Con g Is 1929
100 105 110
J-J 60
So J Gas El & Trac_100 124 125
Preferred
100 49
61
e U S Indus Alcohol
Amer Bank Note com____50 .4912 51
100 28
Cu g Is 1953
M-S 904 994 Western States Gas & El5312
s Preferred
Preferred
60 •52
100 9012
No Ilud Co By Os 1914 J-J 10014
1st & ref g bs 1941 op-J-D 92
95
American Book
100 170 175 U Et Steel CorporationCon M Is 1928
J-J 103 10312
100 138 140
American Brass
col s f Apr Is 1951 op 1911 114
Ext Is 1924
M-N
Ferry Companies
08
100 195 200
American Chicle corn
Cole f Apr Is 1951 not op 114
Pat fly con (34 1931_j-D 11212
J-J 80
- 13 & N Y 1st 68 1911
90
100 95
98 U S Tit Gu & Indem
Preferred
100
2d 6s 1914 opt
A-0 100 103 N Y &ER Ferry stock _100
100 160 166 s Virginia Iron C & C
9
12
e American Express
100 "if Republic By & Light_100 25
26
M-N
1st bs 1922
50
GO
Am Graphophone corn 100 ---- 61
e Wells Fargo & Co
100 115 111
Preferred
100 75
Is
May
Hob
77 N Y &
'46--J-D 90 100
100 ,-, 80
Preferred
Westchester & Bronx Title
Tennessee fly L&P corn..100 20
Hob Fy 1st Is 1046 51-N 104
21
4
American Hardware_ _100 zi-341& Mtge Guar
100 165
Preferred
100 7412 78 NY&NJ 5s 1946
97 _-_- Amer Malting Os 1914._J-D 100 i61-.
14 e WeatIngtese Air 13rake.50 .13614
froledo Rya & Light._.100
258 6 10th at 23d Ste Ferry.......100 25
100 45
35
Amer Press Assoc'n
50
com
Willys-Overland
100 62
Trent P dr H Is 1943._ _J-13 98
j.D
let mtge Is 1919
55
65
Am Steel Fdy Os 1935..A-0
.100
Preferred
100 00
Union fly Gas & El com..100 61 "
• G12 Union Ferry stock
100 14
F-A
16
Deb 4s 1923
71
'1312 tWoolworth (F W)-See NY SUL E
100 86
Preferred
let Is 1920
88
M-N 89
92
American Surety
50 195 200
Worthington(HR)Co pf-100
•
a And accrued dividend.
•Per share.
Listed on Stock Exchange but usually inactive. /Flat price.
Basis.
n Nominal.
a Sale price.
I News
1k-subsidiaries. s Ex-div.
y Ex-rights. s Includes all new stock dividends and subscriptions.
is Listed on Stock Exchange but infrequently dealt in; recor
Obi, if any, will be found on a preceding page.
Bid
60
110
98
60
40
115
80
66
114
65
95
85

Act;
63
113
110
72
50
12112
8312
68
120
74
100
95
•

Inactive and Unlisted Securities

•

I




3

if

BOSTON STOCK EXCHANGE-Stock Record.

1008

SHARE PRICES-NOT PER CEN2'UM PRICER
Saturday
March 29

Tuesday
April 1

Monday
March 31

Wednesday
April 2

Thursday
April 3

Friday
April 4

Last Sale 102 Mch'13
*10238 10278 *10218 10238 *103 10314 *103 10314
*100 10014 *100 10014 *10013 10038 10018 10014 *10014 10012 *1011g 10012
*209 210 209 20912 *208 209 *206 209 *206 209 208 200
10612 107
10612 10612 10612 10634 106 10812 108 108
107 107
*190 195 *190 195 *190 195 *____ 19312
194 194 *190
7012 70 "71"
7114 7114 7112 7214 7214
7012 71
71
70
_ __
'*260 290 *260 ____ 275 275 *260 292 *260 290
712 Fe14'13
Last Sale *260*'712 ___
*712 --- *712 --- *712 ___
Last Sale 65 Mch'13
_ -66 *____ -66 *___ _ -66
____ __
Mch'13
Last Sale 7
*714 8
*714 8
*714 8
*714 -8
*43
4512 *43
4512 *43
4512 *43
4512
4512 45 45 *13
Last Sate 16(1 Feh'13
*166 168 *166 168 *166 168 *166 168
103 103 *102 103
103 103
103 103 *103 ____ *103 10412
235 * . 235
235 *
235 235 235 * .235 *
*
lai2 10912 iiiii1.
2 10912 109 10912 4iiiii 10912 iiiira log12 'log' 109
_
_
*112 118 *____ 11812 *117 11812 11812 11812 *118 122
8434 -843-4
8412 8434 84 84
84
84
*8334 85 *8334 85
*101 105 *103 105
104 104 105 105 106 10634 105 10614
18
18
18
1814
1734 18
1734 1734 1734 18
*1713 18
7613 7612
76
76
7712 7634 77
7612 7512 7612 7534 78
11878 119
117 11812 11812 119
11734 11858 117 11813 11734 11814
Last Sale 125 Mar'13
*120 130 *122 133 *122 133 *122 133
Last Sale 200 Deo'12
_
.
167 167 *'1 70
Fro" 17-6" Fro- 1-70 168 168 *160 170
___ *35 --- ------3512 3512 *35 ____ .36
*37 42
'815212 15234 15258 15258 15234 15412 154 1-5418 *155 15518 15514 1-5612
Last Sale 8334 Mar'13
8612
8534 *86
8512 *85
*85
*85 86
Last Sale 150 Mar'13
___
•____ 165
_ _ *___ 155 *____ 155
*7712 -- _
77
77
78
7914 7914 78
80 -81•7634
96 *____ 96 *---- 98 *--s---..96
90
96
98
96 -96
*5312 5412
52
52
52 52
9512 9534 9558 9578 9512 9534
4
4
4
4
*373 4
02058 2078 2012 2058 2012 2012
114 115
114 11412 11334 114
11412 115
11458 116 • 11412 115
13314 13418 x132 13234 1324 13234
*17
. *17
*17
7914 Iii12 79 -7953 7914 -793
--4
70
68 68
70
71
•66
9812 *98
9812
93 9814 98
*534 6
*534 6
*534 6
12
*11
12 *11
12
:•11
1213 1213 *1112 1212 *1134 1234
278 278 278 280 *____ 280
139 140
139 140
13912 14118
01
914 9218 01
9134 92
91
94
9212 93
94 94
*21212i3 213 213 213 213
*314 312
*314 312 *314 31
0.. __ 50 *____ 50 •_......•_......50
*7978 8112
80
80 80
130
14912 150
149 149
149 150
BF fii16
16
10512 1054
2714 2714
2734
27
*1
112
165 167
48
4814
27
27
6138 0214
10712 10778

i85" 161
1534 16
106 10638
2712 2712
*27
23
*1
112
165 167
4834 50
27
2714
6078 6113
10712 103

io5" loll"
1534 16
106 10653
2713 2712
28
28
*114 153
16712 171
50 5034
2712 2712
6112 6318
10712 10712

STOCKS
BOSTON STOOK
EXCHANGE

Range Since Jan. 1.
On basis of 100-4/zare 1013
Lowest.

lily/zest.

Railroads
Atch Top & Santa Fe-100 10038 Feb 26 10614 Jan 2
100 100 Mchl0 10138 Feb 4
14 Do prof
100 206 Mch18 215 Jan 2
37 Boston & Albany
100 105 Mch 24 11414 Jan 30
837 Boston Elevated
100 190 Mch20 205 Jan 27
1 Boston & Lowell
100 65 Mch 1/ 97 Jan 3
465 Boston & Maine
10 Boston & Providence_100 260 Mch 17 290 Jan 3
712 Feb 19
Boston Suburban El Cos_
712 Feb 19
65 Mch 7 65 Mob 7
Do pref
5 Feb 25
Boston & Wore Elec Cos_
714 Mch 6
43 Mcb 6 45 Jan 24
5 Do pref
Chic Juno By & USY_100 168 Feb 14 166 Feb 14
102 Mch25 107 Mch 5
29 Do pref
25 Connecticut River_100 235 Apr 1 260 Jan 13
100 101 Mch 17 122 Feb 8
186 Fitchburg prof__
10 Go. By de Elec stmpd_100 11812 Apr 2 126 Feb 10
100 9278 Feb 4 85 Mch27
42 Do prof
100 101 Mch17 110 Mch 13
76 Maine Central
760 Mass Electric Cos-100 1614 Jan 9 1938 Feb 4
1,203 Do pref stamped _100 734 Mch 24 79 Feb 5
1,033 N Y N II & Hartford_100 11312 Mch 18 130 Jan 9
Northern N H
100 125 Mch25 130 Feb 21
Norwich & Wor pref_100
8 Old Colony
100 fa ivichia ifol2 i'lli ii
-6 Rutland, pref
100 34 Mch25 36 Mch25
100 14738 Mch 13 16214 Jan 6
1,094 Union Pacific
100 8312 Mch19 9012Jan 9
Do prof
100 150 Feb 27 150 Feb 27
Vermont & Mass
60 76 Feb 26 8112 Feb 8
61 West End St
60 93 Mch 20 100 Jan 3
41 Do pref

Miscellaneous
5412 5412 *-- 5512 5412 5412
140 Amer Agricul Chem_100 4714 Jan 17 57 Jan 11
0514 9514 9514
100 95 Apr 2 9914 Jan 2
9534 95
95
878 Do pref ____
4
*378 4
4
378 Feb 14
418 418
160 Amer Pneu Service.... 50
4'1 Jan 3
20
2112
20
2012 21
20
50 1912 Feb 13 2334 Jan 11
465 Do pref
114 11478 114 11414 11418 11434 1,045 Amer Sugar Refin
100 11012 Mch 19 11812 Jan 3
115 11512 11512 116
11514 118
551
Do pref
100 11134 Mch 12 1174 Feb 1
132 13253 132 1324 13214 13212 7,037 Amer Telep & Teleg_100 13038 Mch20 14012 Jan 3
100 1634 Feb 28 18 Jan 14
Woolen_,
*17
._100
__
Last Sate
le 18 Mar'
American Woolen
100 78 Feb 3 8112 Jan 7
765 Do prof
7913 -8-0
79
7912 7913 7934
70 70
70 70
70 70
102 Amoskeag Manufacturing 65 11,Ich 14 75 Jan 14
97 Mch20 100 Jan 23
142 Do pref
9812 9812 9834 9834 9.23 9812
5 Jan 10
578 Jan 23
20 Atl Gulf & W I S S L_100
578 578 *578 6
*534 6
100 . 10 Jan 7 12 Jan 3
87 Do pref
12
1078 1112 1112 1112
12
10 11 Jan 14 15 Feb 8
70 East Boston Land
13
1134 1134 *1112 13 •12
120 Edison Elec Illum_100 27634 Mch 28 28812 Jan 10
27912 280 280 280 280 280
141 142
100 135 Feb 25 18034 Jan 2
913 General Electric
1404 141
1404 142
432 MassachusettsGasCos100 88 Mch 13 9312 Jan 22
9134
91
91
91
91
91
984
341
93
Do pref
100 9112 Jan 31 9558 Meh24
9278 9278 0213 93
113 Morgenthaler Lino_100 212 Mch 17 219 Jan 2
214 214 *21412.. .,._ 21734 21734
=Mexican Telephone
10
3 Jan 18
312 Feb 8
314 -U14 *314 21
*314 312
__. *__ 50
1 N E Cotton Yarn
___
50
50
100 50 Apr 2 50 Apr 2
164 Do pref
*7973 81
753,3 -7938 7438 7478
100 7438 Apr 4 9112Jan 11
150 150
149 149
148 149
132 N B Telephone
100 144 Moll 19 160 Jan 11
Last Sate 90 Mar'12
..
_.
Portland (Me) Elec_100. _
MT 16013 no 16o13 160 loo
125icii
243 Pullman Co
.25 165-1-2 3ail i
100 iiii.
16
*154 1568
1612 16
16
437 Reece Button-Hole.... 10 15 Jan 20 1612 Apr 2
100 10478 Mch 13 108 Mch 5
10614 10834 10614 10012 10634 10634
280 Swift & Co
25 2714 Jan 23 2812 Jan 15
2712 2734 2712 2712 *27
2734
122 Torrington
25 27 Mch28 2814 Jan 20
2734 2734 •____ 28
*2712 23
65 Do pref
*118 158
118 Mch25
Last Sale 112 Mar'13
2 Jan 4
Union Copper L & M 25
100 157 Feb 25 182 Jan 3
17012 173
170 172
171 17112 1,014 United Fruit
50 5012 50 5014 6013 5018 2,019 Un Shoe Mach Corp.. 25 48 Mch 29 5534 Feb 4
25 27 Jan 20 2812 Feb 3
094 Do pref
*2712 2734 2712 2734 27 27
100 584 Mch 10 69 Jan 2
6212 6234 63 6312 033
, 6458 17,697 U S Steel Corp
100 107 Mch19 111 Jan 30
17i Do pref
10834 10834 *10353 10918 12812 10614

212
214 214 *214 212
*2
218 258
212 212
24 214
1
1
1
1
118
*1
114
1
114 *1.
1
*1
3712 38
3714 3714 3713 3718 3773 384
38
3634 37
37
7234 7334 7178 7314 7333 7413 7358 744 7314 70
7578 7818
2914
2914 30 229
2914 29
294 2014 2914 2912 294 29
378 VAG
358 37a
34 35s
•324 334
334 334
312 3513
Last Sale .40 Mar'13
.38 .42 •.38 .40 •.38 .40 •.37 .43
-7
7 -7
7
7
7
7'
712
7
*7
2%--218
2% 2%
2 2%
214 *178 214
2
*214 212
34
3452
334 3334 3313 34
3314 34
34
3414 3234 34
66
6612 0613 6678 60 6714 6714 68
66
6618 65
86
460 465 465 470 470 472 470 470 485 465 472 480
*1614 16
1512 1512 *1014 10
16
16
15
15
*1478 16
4234 4234 4314
4113 42
4112 4113 42
41
4134 41
41
__ ___ Last Sale .02 Mar'13
18___ .05 *____ .05
4534 4558 46
45
45 -4-514 4514 -4518 45
45
4312 45
*3%, 4
312
312 312 *3
312 312
312 312 *3
313
1212 1212 134
1212 1213 1212 1212 124 1234 1218 1212 12
' 614 014
618 614
614
614
613 653
7
7
64 612
278 3
278 3
278 3
3
278 3
•273 3
3
6334 85
8113 62
6212 64
61
62
62
0314 6234 64
758 778
778 8
7% 8
734 8
734 778
784 734
24
2112 2212 22
22
2212 24
22
2114 23
2214 22
Feb'13
Last Sale 34
34
*14
.14
34
*14
*14
34
kt
1311 1384
13
1314 13
1212 1212 13
13
13
13
13
*1612 17
*1812 17
*1612 17
*1612 17
Last Sale 16 Mar'13
54
54
*53
*5212 61
54
53
55
*54
54
51
53
*S44 8512 *8412 IA
86
86
*8512 86
*85
86
86
• 86
2512 2534 25
25
2718
25
2534 2534 2534 254 2531 26
*34 314
34 314
314
34 34
314 34 *318 314
, •2
212 *2
212 *2
212
213 24 •2
212 ..- __
15
1512 1513 1614 1512 1512 1538 16
1534 16
*3%1614 167-3
414 434
434 434
*418 413
434 434 *453 5
5
5
738 738
7
714
712 712
7
7
7
7
7
7
4
4
*4
412
*414 412
414 413 *414 413
313 412
97
8
012
9
9
93
4
012 012
983
013
9
10
92
*2312 2482 *2312 2112 244 2438 2413 2412 2433 2433
*2314 24
•138 2
*138 2
•133 112 *138 112 *138 2
134 134
5313 5434
524 5113 53
5058 52
62
52
5212 52
52
1813
18
1814 18
18
18
18
1734 1734 175* 17541 18
24
214
214
212
214
212
*214 212
2114 214 *214 212
0
9
9
0
913
9
9
918
9
938 912 29
2933 3014 2834 30
2958 3058 2913 3014 2834 3014 1304 305*
153 15$
158 138
113 168 *112 134 *14 158
.0113 158
212
2
214
2
*2
24 24
212 *2
*2
212 *2
533 5513
512
5
514
5
512 578
51s 533
54 512
4812 4912 49
504 51
50
4912 4912 5012 5012 5012 50
95 95
02 03
91
93
93
93
93 94
95
95
2433 2438 2478
2478 24
24
24
244 24
2414 2414 25
71
71
7112 70
70 *6812 6934 6913 71
73
71
89
1938 19
19
1938 1938 1912 1913 1912 *1933 1958 1934 20
2
2
*178 2
2
2
*134 2
1% 1%
*134 2
1034 1078 11
1018 1034 1058 11
11
1113
11
1118 11
23
23
234 24
2312 2312 2313 2312 23
23
2334 23
•.30 .32
.30 .30 * .25 .32 •.25 .32 * .25 .32 •.25 .32
3212 33
32
32
31
3212 32
334
3113 32
3314 .32
*312 338
3% 3%
338 312
312 31X6
VA 378
3% 34
80
31
31
324 34
81
35
*3812 34
34
3312 35
414 414
4
414 414 *413 434
414 413
414
414 414
*234 3
234 234
278 278
234 2% *258 278 0258 278
4114 4112 e404 4038 4034 41
4113 4114 4113 4134 4134 4234
41834 49
4818 49
4814 4812 484 4814 4818 4813 434 4814
2
2
*134 2
134 134
134 134 *134 2
134 134
*IN 012
914 914
914
914
9
g
.0
913
94 913
5813 5312 5333 5338 5312 5418 *5213 5234 5312 5312 5113 5478
114 114
114 114 .
114
113
114
112
11 1
.114
1
1
*2
234 *212 3
•24 278 *258 234
212 212
212 212
82 63
61
61
6134 64
63 63 *61
6312
63
04
_51 .90
114 •.00
114 *I
114,
114 114 *1
114 *14 114
•Bid and asked prices, a New stock. e Awet paid. b Ex-stock dlv.




Sales
of the
Week
Shares

Range tor Previous
Year 1912.
Lowest,

.

Ilighest.

10378 Feb 11114 Oct
10114 Nov 10414 Feb
21112 Sep 22212 Apr
112 Dec 13434 Mch
202 Nov 218 Jan
94 Dec 10012 Jan
290 Dec 300 Apr
14 May
10 Dec
80 J'ne
70 Dec
1212 Jan
7 Dec
57 Jan
50 Aug
165 May 170 Jan
10712 Oct 112 J'ne
260 J'ly 272 Jan
119 Dec 128 Jan
121 J'ne 2179 Apr
83 Dec
9112 Jan
125 Dec 1474 May
2318 Jan
16 Deo
83 Feb
7238 Dec
126 Dec 14238 Apr
12812 Oct 143 Jan
200 Oct 21212 Jan ,
/174 J'ne 187 Jan
70 Jan
41 Jan
162 Dec 17614 Sep
8913 Sep
9378 Dec
150 Dec 164 Jan
80 Oct
8878 Feb
90 Nov 10312 Mch
54 Dec
98 Dec
3 Aug
14 Mch
11334 Dec
11414 Dec
13712 Jan
22 Nov
7914 Nov
75 Nov
19014 J'ne
5 Aug
1012 Aug
1034 Jan
27212 Sep
155 Jan
18818 Ply
93 Dec
21412 Dec
213 Mch
90 Dee
90 Dec
14814 Oct
7212 Jan
158 Feb
1334 Jan
9812 Jan
2/ May
28 Jan
.85 Jan
h174 Sep
4614 Jan
274 Dec
5533 Feb
10718 Feb

6334 Itch
105 Meh
514 J'ne
2412 Nov
13358 May
12334 Aug
149 Mch
30 Mch
9414 Mob
84 May
105 Mch
9 Feb
20 Jan
1714 May
300 Mch
189 Dec
95 Oct
9873 Feb
229 Aug
412 J'ne
105 Jan
107 Mch
164 Mch
90 Mch
184 Aug
1738 Apr
10913 Sep
32 Jan
31 Apr
334 Apr
20812 J'ne
5712 Aug
2934 Sep
8058 Sep
11638 Oct

Mining
214 Mch 31
6 Jan 4
25
Dec
1114 Apr
405 Adventure Con
25
814 May
1 Feb 20
214 Jan 3
2 Dec
670 Alsomah Mining
25 82 Feb 18 424 Jan 3
35 Dec
5018 J'ne
915 Allouez
60 Fob
9258 Oct
14,329 Amalgamated Copper 100 6578 Feb 25 8014 Jan 2
2412 Feb
2,892 Am Zinc Lead & Sm. 25 2634 Jan 15 3273 Feb 10
35 Oct
212 Feb 18
2 Jan
412 Moh 6
1,995 Arizona Com'i ctfs dep..
678 Apr
Bonanza Dev Co..
10 .31 Jan 18 43 Mch 13 .25 Nov ;55 Apr
5 Jan 15
460 Bos&CorbCopicSilMg 6
7 Feb 3
412 Dec
914 J'ne
2 Mch 19
850 Butte-Balaklava Cop 10
4 Jan 4 21640 J'ly
534 Apr
8,818 Butte& Sup Cop(Ltd) 10 20 Feb 25 45 Jan 2
1912 Feb
5134 J'ne
2,582 Calumet & Arizona- 10 60 Feb 18 7212 Jan 2
5712 Feb
8312 Aug
25 x435 Feb 21 555 Jan 2 405 Feb 615 Sep
53 Calumet & Recta
165 Centennial
25 1314 Feb 25 18 Jan 6
1513 Dec
2712 Apr
1,420 Chino Copper
6 3534 Feb 27 4712 Jan 2
2514 Feb
5014 Nov
Cons Mercur Gold_ .. 1 .02 Mch25 .02 Mch25 .01 Nov .09 Jan
48l Dec
664 Apr
- 100 4212 Feb 19 53 Jan 2
1,089 CopperRange Con Co
312 Oct
712 Meh
20
312Jan 13
4 Jan 27
20 Daly-Weet
1634 Sep
1214 Jan
3,250 East Butte Cop Min- 10 1114 Feb 24 1518 Jan 2
25
1614 Apr
578 Feb 25
078 Sep
9 Jan 2
885 Franklin
212 Feb 21 3%j„ 2
3 Dec
61140Apr
760 Giroux Consolidated.. 5
33 Feb
7734 Nov
8,832 Granby Consolldated_100 55 Feb 18 7312 Jan 2
713 Feb 19
9)3 Jan 2
712 Feb
1118 Oct
20
7,390 Greene-Cananoa
22 Oct
37 J'ne
1,420 Hancock Consolidated 25 1612 Feb 19 25 Jan 2
8
4
3
84
Jan
3
Jan
Dec
.70
25
2 May
Helvetia Copper
23 Apr
1118 Seri
25 1012 Feb 20 17 Jan 2
425 Indiana Mining
1638 Deo
2158 Jan
Inspiration Consol C_ 20 164 Feb 19 1812 Jail 8
Jan
4
59
4012 Jan
0534 J'no
1 49 Mch25
109 Island Creek Coal
85 Jan
9114 Aug
41
Do pref
1 84 Jan 23 8712 Jan 10
2034 Jan
3714 Nov
2,485 Isle Royale Copper.... 25 22 Feb 19 334 Jan 2
Feb
258
15
5
Jan 14 3%
2 Apr
318 Feb
275 Kerr Lake
388 Feb 4 ,80 Jan
112 Jan 7
25
3 May
50 Keweenaw Copper
2234 Dec
25 12 Feb 18 20)2 Jan 8
11,258 Lake Copper Co
49 Apr
54 Jan 3
25
334 Mch 1
499 La Salle Copper
412 Feb
8 Apr
7 Feb 25 1012 Jan 2
663 Mason Valley Mines.. 5
104 Dec
1412 J'ne
535 Mass Consol
512Jan 2
5 Dec
914 Jan
313 Apr 2
20
25
8 Feb 18 1514 Jan 2
1,135 Mayflower
234 Jan
1812 Apr
41 Miami Copper
5 2/34 Feb 19 2612 Jan 3
2333 Jan
3038 Sep
10 Michigan
25
134 Jan 2
112 Feb 6
158 Deo
513 Apr
25 47 Feb 24 65 Jan 7
870 Mohawk
5013 Jan
73 J'ne
368 Nevada0onsolidated
5 1134 Feb 18 1934 Jan 4
1814 Jan
2438 Sep
875 New Arcadian Copper 25
213 Jan 2
2 Jan 14
2 Dec
014 Apr
1,257 Nipissing Mines
6
812 Mch 4
912 Mcb29
914 Dec
534 Jan
8,553 North Butte
2234 Feb
15 2414 Feb 19 3412 Jan 2
3933 Oct
590 North Lake
25
114 Feb 24
218 Dec
234 Jan 2
834 Apr
314 Jan 4
145 Ojibway Mining
25
2 Feb 17
112 Dec
8634 Jan
838Jan 2
1,535 Old Colony
25
258 Jan
41
:Feb 19
1314 May
1,283 Old Dominion Co......_ 25 44 Feb 26 56 Jan 2
et Oct
44 Jan
393 Osceola
25 85 Feb 25 107 Jan 2 100 Dec 13012 J'ne
2,785 Pond Creek Coal...-. 10 22 Feb 18 2814 Jan 2
29 Nov
15 Mch
j.
J'ne
25 05 Feb 24 80 Jan 3
407 Quincy
7212 Dec
2118 Sep
725 Ray Consol Copper_ 10 1658 Feb 19 22 Jan 3
1618 Jan
478 May
158 Feb 27
155 Santa Fe Gold & Cop.. 10
3 Jan 2
1 Jan
1778 Aug
1,905 Shannon
10 1013 Feb 27 131t Jan 2
9 Jan
3112 Nov
560 Shattuck-Arizona._ 10 21 Feb 19 2812Jan 3
17 Feb
300 South Utah M & 8_ 5 .20 Jan 8 .35 Jan 18
114 Apr
14 Dec
4878 J'lv
1,890 Superior
26 2:
24 Feb
?
1 Feb 18 40'2 Jan 2
1,530 Superior &Boston Min 10 1•.Jan 2 8438 Feb 4
478'Jan
1 Dec
1,105 Tamarack
51 Apr
28 Jan
25 2 Feb 19 33 Jan 3
550 Trinity
4 Deo
912 Apr
25
4 Feb 19
6 Jan 0
1,810 Tuolumne Copper_ _ - 1 2% Feb 15
213 Dec
312 Jan 23
4"48 Mch
2.913 U S Smelt Ref & Min- 60 3814 Feb 25 4312 Jan 2
34 Jan /5058 Sep
1,126 Do pref
47 Jan
5234 Sep
50 48 Feb 14 60 Jan 0
195 Utah-Apex Mining_ 6
1 Nov 3"ta Feb
238Jan 3
113 Fob 13
424 Utah Consolidated
012 J'ly
5
84 Fob 25 1114 Jan 2
2038 Apr
156 Utah Copper Co
5212 Jan
10 49 Mch19 60 Jan 2
6738 Sep
185 Victoria
134 Dec
2 Jan 2
1 Apr 4
25
678 Jan
285 Winona
34 Dec
413 Jan 2
26
212 Feb 19
734 Men
261 Wolverine
65 Deo
25 60 Mch 19 70 Jan 3
1334 Apr
20 Wyantlott
Jan
1)
112
1
20
25
Si Feb
Dec
17 Zilch
3 Ex-rights. a Ex-dly. and rights s Unstamped.

APR. 5 1913.)

1009

Boston Bond Record

BONDS
BOSTON STOCK EXCHANGE
Week Ending April 4.

Price
Friday
April 4

Week's
Range or
Last Sale

b

Range
Since
Jan. 1.

BONDS
BOSTON STOCK EXCHANGE
Week Ending AprIl 4.

Price
Friday
April 4

Veek's
Range or
Last Sale

cO.

Lange
Since
Jan. 1

Btd
Ask Low
High No. Low IIfgh
9012Sale 99
6 99 102
991
8834 Sale 8714
8834 82 86 8934
10212105 10338 Mch'13
10212 106
10418 159 10212 104%
10418 Sale 10314
8978J'ne12
...._ 131 J'ne'12
82 J'ly '12
-65372 66 965 Feb '13
86 871 8.8s Nov 12
8912 J'ly '12
103 i031 10434 Sep '12
103 10314 11013 Meh'll
60
""jik
60
2
U51 Feb '12
10014 Mch'09
10412 Oct '0,
_

Bid
High No !,orr rt.gli
Ask Low
General Motors let 5-yr 69..1915 A-0 98% 99 9934 Feb '13
9912 994
(It Nor C B & Q coil tr 45._1921 .7..) 0538 Sale 9458
9512 25 9311
Registered 4s
1921 Q95 __ 9412
1 9412 9578
9412
deben
Steel
Is
Illinois
997 Feb '13
1913 A-0
9914 100
1917 A-()
fa Falls & Sioux 0 let 7s
117 Apr '08
Kan C din & Spr let 52_1925 A-0
92 Feb '13
92 92
Kan C Ft Scott & Mew 69._1928 n-N 1101; Sale 11012 11012
10013 113
1934 n-s — 90 9012 Feb '13
Kan C Id & B gen 48
9012 90%
1934 n-S '16 80 80
Assented income Is
80
80 80
Man C & M Ry & Br let 5s_1920 A-0 9818 9912 10118 Feb '13
101% 101%
115 .1'ne'08
Marq Hough & Ont 1st Os_.1925 A-0
_
_1929 J -3 97 9712 951 Mch'13
Mass Gas 40
94 96%
1917 J -J
99 99% 9834
99
Mich Telephone let Si
9834 99
9014 Mch'13
New Eng Cotton Yarn 52_1929 F-A 9012
90 93
1915 A-0 99% Sale 9978 101
2 99% 101
New Eng Teleph 5s
1916 A-0 99 ___ 10012Sep '08
55
New England cons g 5s
1945 J-J
-—
Boston Term 1st 4s
1939 A-0
75 Dec 11
102 Jan 13
101
jai"102i New River (The) cony 52_1934 J-J
9214 Mch'12
NY Nil & H con deb 3As_1956 J -J
10,3_ 11158 Sep '11
120 Mch'13
120 1261
Cony deb es
83
1948 J -J
5 "ii" "8934
83 gi 821k
101 Apr '01,
1103 Oct '07
Old Colony gold 48
1924 F-A
981 Sep '09
103 101 98 Mch'13...., 98 98 Oregon Hy & Nay con g 42_1946 J -D
.11132 Oct '12
1922 F- A
981s 99 9978 Feb '12 _
Oreg Sh Line 1st g 65
-- 9812 Mch'12
95 Jan '12
Pere Marquette deb g 62_1912 J-J
'11
Jan
___
Dec
103
'12
9812
_ Repub Valley 1st s f 6s_ _ _1910 J-J 102
7014 Dec '10
837 Mch'13 _
83% 851s Savannah Elec let cons 58.._1952 J-J
0012
3 08581003r Seattle Elec let g Is
roil; 1o31-2
664 901 gels
1930 F-A 10674 Radii 10312 Mch'13
2 92 96
93
93
2 8613 8011: Shannon-Arts 1st 68 g
861
1910 11-N
861 8612
1108 Fob '13
11038 1103* Terre Haute Elec g Is
07 Apr '0
1929 J -J
10054 10034
1132 Feb '11
Torrington let g 58
10034 Mch'13
1918
10018,1'1y '12
-661-2 -91 91 May'12
Union Pac RR & Id gr g 42_1947 J -J
92
93 94 92
1927 J-J
2 921k 98
20-year cony 48
10172 May'12
-United Fruit gen s f 4 As
11223 J-J
3 95(4 2814
9618
98 98
---- 9712Sep '11
Debenture 44s
10014 Aug'12
___
1925 J -J 0334
95
3 9354 9528
_- 9512 95
100 Aug'12
U 8 Steel Co 10-80-yr 5sApr1063 11-N 10078 Sale 10078 Mch'13
10012 10134
West End Street By 48
1915 F-A
79 i614 8014 Sep '12
99 May'12
1914 M"ii" -61/1, Gold 43-is
99 Feb '1
998 Oct '12
Gold debenture 42
1916 /11-N
98 99 103% Apr '05 _
971 971k
97%Feb '13
Gold 4s
1017 F-it
98% Nov'll
93% 95 Oct '12
_ _ 122 Feb '13 ____ 122 122 ,Western Teleph & Tel 5s 1932 J-J
9812
26 "jfi 1065;
9913
1Wiscons1n Cent 1st gen 4s1949 J-J
035s Feb '12
- - - 122 M eh '12 ____
NOTR.—Buyer pays accrued interest in addition to the purchase price for all Boston bonds. S No price Friday; latest bid and asked.
Flat prices.

Am Agricul Chem 1st 52_1928 A-0
Am Telep 84 Tel coil tr 42_1929
1938 411
Convertible 48
j
10;13
20-year cony 4s
Am Writ Paper isle f 52 g_1910 J 1915 M-N
Am Zinc L & 8 deb 62
Ariz Corn Cop 1st 65 ctfs of dep_
Atch Top & S Fe gen g ,,s 1995
Adiustrnent g 42....- _July 1906 Nov
July 1993
Stamped
1055 J-1)
50-year conv 45
1917 J -D
10-year cony 5s
Atl Gu.f & W 128 Lines 5s-1959 3-.1
r g 4s
Boston Elev
1935 M-N
Lowell 4s
Boston
1916 J.,
Boston & Maine 4;s
1944
Improvement 48
1937 -A
Plain 4s
1942 F- A
Bur & Mo Itiv cons Os
1918 J
Cedar Rap & Mo Ely 1st 72 1916 M-N
Cent Vermt 1st g 48__May 1112u Q-F
0 13 & Q Iowa Div 1st 5s
1919 A-0
Iowa Div 1st 43
191 A-0
Denver hIxten 48
1922 F- A
Nebraska Eaten 4s
1927 N1-N
B&SWsf 48
1921 11-S
Illinois Div 3725
1949
Chic Jet lty & Stk Yds 58.._1915 JJ
Coll trust refunding g 42_1940 A-0
Ch Milw & St I' Dub D 6s 1920 J-J
Ch M & St P Wis V div 6s_ _1920 J j
Ch & No Mich 1st go 58
1931
Chic & W Mich gen Is
1921 J -I)
1920 J-1)
Concord & Mont cons 4s
Cudahy Pack (The) lstg Si 1924 M-N
1926 A-0
Current River 1st 52
194 A-0
Det Cr Rap & W 1st 4s
Dominion Coal 1st s f 52_11040
Fitchburg 4s
1915
42
1927 '4- S
Fremt Elk & Mo V 1st 62_1933 A-()
Unstamped 1st (is
1933 A-0

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Pecos—Not Per Column Pecos
Saturday
'lard, 20
*108 ____
*113 120
1934 20
6212 63
____
*121
1934 2018
4412 4412
2412 25

;landau
Ifarch 31

Tuesday
Aril 1

Wednesday
April 2

Thursday
April 3

__ ____ *110 118
___ ____ *110 __
__ *113 119 *____ 118 *112 ____
......_
2012 21
2012 2012 2034 21
2034 2134
64
6312 64
13312 6412 *6312 6412 64
__—_-_
___ ____ *122
123 123
2014 2014
20
2018 201
207 2072
---4415
4412
--------_ 4534 453
26% 2612 2634 27
27
2514 26
2734

;5634 3914 3834 3834 *38
89
3834
*5038 51
5072 51
5078 5114 5012
*1178 ___ .1172 ____ *1172 ____ *1178
3
5012 5012 50 5032 5012 51
507
8934 3954 3912 3912 40 40
*391
7312 731 *7314 74
7334 7414 7414
1214 1234 1212 1258 1212 13
1238
2712 2734 2734 28
28
2912 *29
8814 8814 8778 8778 8818 8814 8868
7
788 785
79
7914 79
8014 80%
23
2338 2238 23
23
2314 2278
36
3614 361
3612 3612 3634 3618
5938
5911
5911
/459 ife 50-(, 5034 5913
447 4472 4434 4434 443 4434 *4334
23
2234 23
2234 23
23
23
*2512 2534 2512 2534 2614 2612 28
79% 8034 80%80% 81 1X482'A 8134
514
518 514
5%, 6%4
5% 534
493 4934 4978 50
50 5034 5012
877s 877 7867a 86% 8634 8734 86%

Friday
AprU 4.

Sales
ACTIVE STOCKS
of the
Week. (For Bonds and Inactive
Stocks see below)
Shares.

*109
116 1151k
106
22
23
5.555
037
64% 65
72
123 123
1978 20
816
25
----2714 2712 17,152




Lowest

Highest

Range for Prerious
Year (1912).
Lowest

Baltimore
Con Gas El L & Pow..100 105 Jan 13 120 Jan 16 96 Jan
Do
prof
100 110 Jan 13 12034 Jan 31 101 Jan
Houston Oil tr etfs
100
1734 Jan 2 23 Apr 4
814 Jan
Do
prof tr ctts_100
6112 Meh 24 68 Jan 9 5334 Jan
Northern Central
50 120 Jan 2 123 Apr 2 121 Dec
Seaboard Air Line
100
1812 Mch 10 21 Jan 30 18 Dec
Do
prof
100 4312 Feb 28 4734 Jan 24 4512 Mch
United By & Electric_ 50 23 Jan 6 27% Apr 3 1814 Jan

Philadelphia
3 American Cement
50
86 American Railways.. 60
3834 3814 3834 39
35
50
4,340 Cambria Steel
5034 5018 5112 5114 52
__ *117 __ *1172
_ ______ Electric 06 of America 10
5012 5034 5018 5012 1,006 Else Storage Battery_100
51
40
39
8912 3912 397
1,278 Gen Asphalt tr ctfs_100
Do
411
prof tr ctfs_l00
74
7414 74
74
74
13
1278 127
1234 1234 6,295 Keystone Telephone.. 50
2,239 Lake Superior Corp_100
2914 2878 2878 29
29
790 Leh C & Nal
9014 89
,tr Ws
8934 89
50
8918
431 Lehigh Valley
8034 803 8034 81% 8134
50
2318 2278 2318 *2314 2334 7,450 Lehigh Valley Transit 50
365
Do
pref
3614
2,315
3614
60
3618 3612
50
5911s 5912 5938 5938 5934 2,608 Pennsylvania I4It
44
4312 4312 44
534 Philadel Co (Pittsb)_ 50
44
23
Philadelphia
23
ElectS
5,099
23
25
227 23
28
2534 2534 2534 2534 1,300 Phila It T vol tr ctfs
50
8134 81",f4 8234 8211483°X. 20,349 Reading
50
Sri
014
514
514
514
1
655 Tonopah Mining
5038 5012 5012 50
50
5012 2,183 Union Traction
87
87
87
8634 8672 2,198 'United Gas Impt
50

PHILADELPHIA
llid Ask
Did Ask
PHILADELPHIA
—
Inactive Stocks
Bonds
Ph & Read 2d 58 1033 A
10
1
American Milling
132
Prices are all "and
Ex Imp M 4s 1947_A
Amer Rys prof
100 101 - interest"
Terminal Sc g 1941 QCambria Iron
60 43 ti Alt & L V Elee 4418'33F-A __ ___ P W 8; 11 col tr 42 '21__J-J
Central Coal & Coke_l00 92
3 Am Gas & Elec 5s'07_F-A 86 881-4 Read Trac 1st Is '33 __J-J
Preferred
100 81% 8212 Am Itys 5s 1917___ A-0
61 Rods Ry & Leon 52'54J-J
Consol Trac of N J
100 74 ___ 4t10 Gas 1st 8 f Si '60 J-J ----- --- Spanish-Am Jr Is '27__J-J
Germantown Pass
_, Berg&Enrow lst6s'21 J-J ___ _ _ __ Stan'il Gas & El 63'26
50 ___
J-D
parwood Electric
100 41 - -42 - 13ethleh 8'11 62 1098_Q-11' 1161-2 11714 St4Dvi St1 Wks Ist51'28 J-J
Huntington & B T
50 ___ 11 Ch Ok & GI gen Ss 1919 .J-J
U Trac Ind gen 54 19_J-J
Preferred
50 ...... 30 Con Trac of N J 1st 52 '33 101 _._ Un Rys tr ctfs 4s '49 _J-J
Insurance Co of N A
10 2112 22 Del Co Rys tr ctfs 42'49J-J __ __ United Rys Inv 1st coll tr
Inter Sin Pow & Chem 51
___ ..... Edison Elm 5s 1040__A-0 ____ 100-2
s f 5s 1926
M-N
Interstate Rys, prof
10 :_ __ __.. Cleo & Peoples Tr tr ctfs_ 8412 86 Welsbach s f 52 1030—J-D
Kentucky gecurities 100 ________ Fr Tao & II lit 52 '40_J-J ____ ___ Wil-B G&E con 5s '55_J-J
Preferred
100 .... __ ._ Gen Asphalt Si 1016.M-S ..__ ._ York Rys let 52 1937_J-D
Keystone Telep, pref. 60 461-2 4712 Harw Elm 1st 63 1942M-8 100 _ —
Keystone Watch Case 100 _; _
Interstate 4s 1943___F-A 59 60
BALTIMORE
10 -171-2 -1812 Keystone Tel 5s 1935__J-J „ 90
Lit Brothers
Inactive Stocks
50 ... ...__ Lake Sup Corp Inc 53'24 0 -74 - 741 Allan Coast L (Conn)_100
Little Schuylkill
Minehill & Schuyl H.- 50 564 —.. Lehigh Nav 4Ms '14_Q-J -------. Canton Co
100
Gen M 4%s g 1924.Q-F
Nat Gas Elec Lt & P..100 89 ---Qonsolidation G'oal_ _ _1 00
100 80 ....... Leh V 0 1st Is g 1033_ -J 105%10534 Georgia Sou & Fla
Preferred
100
50 ___ _,.._ Leh V ext 42 let 1948-J-13 __ ____
North Pennsylvania
let preferred
100
Qonsol Cs 1923____J-D ----ennsylvania Salt
50 103 - 104
Zd preferred
100
Consol 4 s 1923_,J-D ____ ..... 0-13-8 Brewing
Pennsylvania Steel
100 .__ .___
100
Annuity 6s
Preferred
100
J-D_
_
Bonds
Phi's Co (l'itts) pref
Gen cons 4s 2003_M-N 943-4 -95 50 39 40
Prices are all "and
Phlla German & Norris 50 140 145 Leh V Tran con 42'35 3-D
interest"
__
Phlia Traction
1st series A 4s 1935_Al-S __
50 8012 8112
_ Bait City 3J.s 1030__ J-3
Railways General_
10 _
1st series B Is 1935 M-S 10214 io614
4s 1954-1955__Various
Tonopah Belmont .13i; 1 "65-8 - -6% MarketStEl lit 4s'55M-N —_ 96%
M-N
Is 1916
1 , lilted Cos of N J_
100 229 233 NatLH&P serll 52 '19 J-J _
_ Anacostia 8; Potom Is A-0
United Trac Pitts prof .50 _ ......
._ New Con 00.9 Is 1048_J-D
Atl C'st cony deb 4s_M-N
-----_Virginia By & Power_..100 _._ . __ N Y Ph le No 1st 42'39 J-J _ :. -98 All Coast L(0t)ctfs Si J-D
Preferred
100 „. __
Income 9s 1039.__M-N
5-20-yr 4s 1925
.7-3
.
Warwick Iron & Steel_ 10 101-2 -11 - Pa 8; N Y Can 5s '39..A-0 .:
...-• -...- 11 $1'& C 1st 4515 '53 F-A
Washington-Va Ry
100 - - — --- penn Steel 1st 5s '1 7_M-N — ....
____- Balt Tree 1st 56 '29-M-N
- - -Preferred
100 _ --- — _ People's Tr tr ctfs 42_11)43 ___ 8912
No Balt Div 52 1942.1-0
Weishach Co
100 .... P Co lst&coll tr 58'49M-S 09 100 Cent Ry cons Is '32_M-N
West Jersey & Sea Sh. 50 0012 6112
Cop & coil tr Is'51 141-N 90 91
Ext & Imp Si 1932 M-8
Westmoreland Coal._ 50 74 78 Phil Eiec gold tr ctrs-A-0 103
10312 Chas City Rs, 1st 5821 J-J
Wilkes Gas & Elec.-100 _
.
Trust ctfs 4s 1940__J-J 8012 81 Chas fly 0 & El Is '99MS
'York Railway%
50 ii a - P & E gen M Is g '20-A-0 101 _—. City & Sub let Sc 1922 J-D
Preferred
50 36 37
Gen M 4s g 1920- _ _A-0
City&Mub (Was) 1st 5s '48
_
* Bid and asked; no sales on this day. II Ex-d1v. and rights. 11 $15 paid. I 13!i paid. 4 $17A Paid.
PHILADELPHIA

Range Since Jan. 1.

2 Feb 6
33 Apr 4
4912 Fob 24
11% Jan 29
4934 Mch 25
37 Mch 10
7112 Feb 25
1118 Jan 14
26 Feb 26
87 Feb 26
7638 Mch 10
1534 Jan 4
32 Jan 13
5878 Feb 19
4312 Apr 3
2218 Mch 10
24 Mch 19
7612 Mch 10
518 Mch 13
4938 Mch 13
8614 Mch 10

Bid

Ask

Highest
117 May
118 Apr
25% Nov
7212 J'ly
130 Apr
2714 May
5534 J'ne
26% Sep

2 Feb 6
1 j'ne
7 Jan
24912 Feb 24 4012 Oct
47 Sep
5352 Jan 9 4112 Mch
5512 Oct
1212 J'ly
1212 Jan 9 1112 J'ly
5838 Aug
5414 Jan 9 5234 Jan
3912 Dee
4278 Feb 4 18 Apr
7312 Dec
7712 Feb 4 5934 Apr
13 Sep
6 Apr
13 Apr 1
3514 Sep
3112 Jan 9 27 Feb
9312 Jan 3 8773 Mch 100 Sep
92% Jan
84%,Jan 3 7818 Feb
1673 Sep
812 Jan
2378 Mch 28
3712 Mch 28 23 Jan
3312 Deo
61% Jan 9 60 Dec 634 Apr
5614 Feb
50 Jan 8 6934 Dec
2434 Feb 14 51678 Jan
24% Sep
2812 Jan 3 2218 May
29 Sep
804 Jan 2 7414 Jan
8914 Apr
612 Jan 13
814 Apr
6 Dec
5112 Jan 1
53 Sep
4934 Feb
9112 Feb 3 8614 Jan
9232 Aug

BALTIMORE

11212 11314 Coal & 0 Ity lst 52'19A-0
_ _ . ... Coal & I By 1st 5s'20 F-A
11834 11414 ol & Grnv let 6s 1916 J-3
991nsol Gas Sc 1930__J-D
----__...
----(ion 4142 1954
A-0
_ Cons clf B & P 4 3is '35 J-J
101 10114 Consol coal Si 1950.._J-1)
9912 100 Fair & Cl Tr 1st Si '38 A-0
10212 _. Ga & Ala lit cop Si '45 J-J
___ __ §a Car&N 1st 52 g '29 5-.)
73 - ...... eorgia 1' 1st 68 1922__J-J
a So & Fla 1st Is '45_J-J
76 __ C1-13-8 Brew 3-42 '51_M-S
__.. 93 Houston 011 div ctfs F-A
._ _. Knoxv Trac 1st 52'28 A-0
____ 94 MaconRy&Lt 1st 58'53J-J
Md Elec fly 1st 52'31 A-0
Memphis St 1st Ss '45_J-J
Monon V Trac 5s '42 J-D
24712 25C1 Mt Ver Cot Duck 1st 5s__
. NptN & 01'1st 5s'38M-N
9984 --_ N Sc A Tor1111 52'
29 M-S
25 ____ Nor&Port Tr 1st 5s'36 J-D
90 ____ Norf By & L 58'49__M-N
78 .... North Cent 4 As 1925 A-0
Series A 5s 1926___-J-J
3
2
Series B 5s 1926____J-J
Pitt Un Trac 5s 1997__J-3
Polo Val 1st Is 1941___J-J
92 ____ Say Fla & West 5s'34 A-0
9614 Scab Air L 4s 1950
A-0
16284
_ Seab & Roan 5a 1926__J-J
9912 100 South Bonnol 1st 58 A-0
96 98 II El L&P 1st 4348'29M-N
10212 ____ Un Ity & El 1st 4s '49 M-b
89 ____
Income 42 1949
J-D
95 9512
Funding Is 193S_J-D
10412 __ ...
Cony notes 58 1914 J-J
10614 ____ Ira Mid 3d ser 132 '16_M-S
104 ___
4th ser 3-4-58 1921 M-S
WI ___
5th series Is 1926 M-S
10212 10314 Vs, (State) 38 new '32_J-J
96 97
Fund debt 2-3s 1991 5-,1
10314 10412 West N C con 62 1914_J-J
102 1031 Wil & Weld Si 1935___J-3

Bid

Ask
—
____ ____
100 -- _
_
.
106
9417 96
87 _.
90 _ -10038 _
104 -10312 104
103 -104 10412
44 ..,81 82
--- ---.
-,--98 - 9811
___ ......
.
7414 741g
97 ..,,,
9314 95
..._ 9112
991
4 .--100 _.
1064 .-10634 -99 _
103 _—
108 _ __.._ _ _
103 .106 _.
90 92
___ 44
653-4 54
87 ---.
1()7 .....
__. — -...... .,...
_ _ 105
—.. ....
._ ......
1007-8.
____ 10/14

[VOL. xcvi.

THE CHRONICLE

1010

ituestInent and ftaitrcrad intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
atAment to show the fiscal year totals of those roads whose fis-ml year does not begin with July, but covers some other
peni 4:1. The returns of the electric railways are brought together separately on a subsement page.
Latest Gross Earnings.
ROADS.

Week or
font/i.

Current
Year.

Previous

Year.

July 1 to

Latest Date.

Current
Year.

Previous
Year

Ala N 0& Tex Pac$
$
$
N 0 & Nor East_ 1st wk Mar
70,000 2,661,696 2,620,954
69,000
Ala & Vicksburg_ 1st wk Mar
26,000 1,296,725 1,188,556
33,000
Vicks Shrev & P.. 1st wk Mar • 28.000
24,000 1,609,730 1,596,244
Ann Arbor
44,043 1,663.443 1,686,639
42,661
3d wk Mar
Atch Topeka & S Fe February _ 9,047,303 8.592.050 79,974,552 71,882,096
Atlanta-Birm & Atl February _ 250.491 275,327 2.182,604 2,232,275
Atlantic"Coast Line February _ 3,360,451 3,046.518 23,594,040 21,599,819
Chariest & W Car January _ _ 153.819 144,427 1.097,436 1,139.119
Lou Hend & St L February. 97,452 106,072
828.923
864,578
g Baltimore & Ohio_ February _ 7,362,870 6.802,614 68,216,212 60,295.120
B & 0 Ch Ter RR February _ 121.040
99,890 1,203,286 1,024,010
Bangor & Aroostook February _ 206.262 302.858 2,016,660 2,255.479
Bessom & Lake Erie February - 865,341 280,901 5,860,522 5,397,390
Birmingham South_ January -- 113.143
69.746
695,230
485,986
Boston & Maine... February _ 3,496.714 3,339,111 32,886.119 30,676,387
Buff Roch & Pitts 4th wkMar 288.017 2$7.713 8,211,971 7,265,451
uffalo & Susq_
February _ 197,357 189,701 1,636.446 1,655,626
Canadian Northern 4th wkMar 636,500 603,503 16,837,600 14,338 900
Canadian Pacific 4th wkMar 3,557,000 3,441,000 103918484 89.216.055
Central of Georgia_ 3d wk Mar 302,100 289,700 10,478,337 10.511.829
Cent of Now Jersey January __ 2,480.301 2,303.370 19,531,052 17,946.076
Cent New England_ February _ 258,491 291.507 2.484,443 2,285.485
Central Vermont
January, __ 315.383 286.014 2.503.732 2.431,265
Ches & Ohio Lines _ 3d wk 1%lar 681.87(3 696,642 25.835,216 24,417,720
Chicago & Alton
2d wk Mar 264,561 293,925 11.006.546 10,697,155
f)hic Burl & Quincy January __ 7,623,161 6,509.074 58.336,846 52,479,773
Chic Great West_ 3d wk Mar 284,562 265,849 10,299.635 9.422,163
hic Ind & Louisv_ 3d wk Mar 124,367 120,611 5,038,877 4.718,344
hie Nilw & St P_1 February - 6,564,392 6,048,506 64.350.302 53,002,516
' Chic Mil & PugSf
Chic & North West February _ 6,658.695 5.969,923 58,808,200 51,805,949
tChic St Paul M&O February - 1,250.054 1,153,936 11,879,838 10,396,889
'Chicago T H & SE.. January __ • 166.120 177,955 1,200,063 1,136,161
Cmn Ham & Dayton February _ 749,326 697,154 7,088,544 6,753,501
Colorado Midland_ February _ 108,489 118,663 1,361.111 1,315,999
b Colorado & South 3d wk Mar 258,757 237,524 11,213,590 10,664,745
Cornwall
February _
19,626
14,875
127,528
161,533
Cornwall & Leban_ February _
35,950
21,993
205,611
283,300
Cuba Railroad
February _ 465,147 867,376 2,874,422 2,318,513
Delaware & Hudson February _ 1,944,913 1,804,389 16,333,154 14,635.475
Del Lack & West
February.2,896,012 2.763,755 27,485.177 24,760,965
Deny &Rio Grande 3d wk Mar 414,600 382,100 18,258.733 17,005,816
Western Pacific February - 413.800 326,658 4,137,140 8,588,027
785,315
745,426
Denver N W dc Pac_ January __
75,934 107,531
Tol & Iront January ..- 129.598 142,062 1,049.925 1,062.836
23,575
866.760
880,557
26,104
etrolt & Mackinac 3d wk Mar
ul & Iron Range February _ 108,087 113,997 4.755,095 4,644,700
66,949 2,401.057 2,250,270
61.700
Dul Sou Sh & AU 3d wk Mar
' 'gin Joliet & East_ January __ 1,091,445 761,771 7,739,183 5,708.455
1 Paso & Sou West February _ 743,916 668,588 5,731.914 4,939,039
February _ 4,606.883 4,391,671 42,261.584 38.627,162
Erie
Fairchild & N E. February...
2,536
2,078
18,732
17,549
Florida East Coast_ January __ 520,149 423.304 2,419,685 1,993,265
Fonda Johns & Glov February _
67,239
65,849
657.576
629,897
eorgia Railroad
February _ 255,814 292,706 2,085,814 2,341,915
rand Trunk Syst_ 3d wk Mar 1,110,964 910.536 39,599.212 35,200,466
Grand Trk West_ 3d wk Mar 148.642 123,594 5,269,899 4,787.367
Pet Or H & Mil_ 3d wk Mar
39,248 1,800,718 1,650,224
43,058
Canada Atlantic_ 3d wk Mar
37,569 1,749,644 1,499,029
49,117
Oreat North System February _ 4.581,109 4.322,292 53,282,318 44.746.757
Gilt & Ship Island.. February _ 174,894 165,052 1,379,827 1,332,859
70,431 5.207.394 5,023,473
ocking Valley
February _ 497,615
Illinois Central_ __ _ February _ 5,159,269 4,942.580 43,953,518 39,488,528
nternat & Grt Nor 3d wk Mar 167,000 173,000 8.618,705 7,809,094
nteroceanic Mex. 3d wk Mar 139.720 179,013 6,228,676 6,221,207
anawha & Mich February _ 233.319 195.875 2,200.792 2.158,261
nsas City South_ February - 806,278 778,103 7,210.763 6,297,222
February _ 3.071,330 2,968,954 29.010,624 25,667.257
'Lehigh Valley
960,536
806,365
Louisiana & Arkan_ January _ _ 149,550 125,246
a Loulsv & Nashy 3d wk Mar 1,101.465 1,140,520 43,453,658 40,971,007
15,154
110,143
115,763
12,215
'Macon & Birm'liam February _
February _ 824,670 807,059 7,553,739 7.137,284
Maine Central
28,732
290,626
337,218
34,040
Maryland & Penna. February _
Mexican Railway- 2d wk Mar 176,100 164,000 6,050,700 5.864,700
15,406
553,650
611,819
Eineral Range.... 3d wk Mar
15,598
• inn & St Louis-1 4th wkMar 208.853 175,266 7,523,418 5,831.915
Iowa Central...J
Winn St P & S 8 M_ February - 1,344,456 1,052,287 14,618,846 11,306,792
' Chicago Division. February - 837.696 740,111 7,222,365 6,198,932
,Alississippi Central_ February _
66,804
80.326
591,255
693,954
i
i Mo Kan & Texas_ 3d wk Mar 593,122 473,716 24,392.387 21,370,387
Missouri Pacific... 4th wkMar 1,559.000 1,369,000 47,555,005 41.449,530
ashy Chatt & St L February _ 1,100,271 989,026'8,869.959 8,046,738
at Rye of Mex_t_ 3d wk Mar 725,479 1,060,542 44,450,664 45,522,632
,Nevada-Cal-Oregon 3d wk Mar
5,805
7,147
301,027
249,223
0 Great Northern February _ 156,634 126,812 1,145,825 1,092,069
0 Mobile & Chic. January __ 198.594 163,446 1,479,370 1,125,872
Y 0& Hud Ely_ February 8.251.340 7,528,076 76,542,558 70,821,541
Lake Shore& M S February 4,638,643 3,965,558 38,755,430 33,429,388
462,521 438.801 4,129,368 3,761,218
' n Lake Erie & W. February
Chic Ind & South February
352,609 372,105 2,959,745 2,650,054
; Michigan Central February 2,681.351 2,311,431 23,257,096 20,805,409
•'Cleve 00 & St L February 2,656,524 .2424,027 23,403,946 20,674.720
292,992 262,507 2,507,515 2,147,467
aorta & Eastern February
99,451 100,542
incin”ati North February _
900,749
998,198
Pitts & Lake Erie February .. 1,455,626 1,257,911 13.149,562 10,862,038
Y Chic & St L. February 1,027.650 913,835 8,644,290 7.663,732
395,671 380,817 3.763,342 3.608.711
ol dc Ohio Cent_ February
Tot all lines w)oye February
22316381 19955610 198111157 177325024
YNH& Hartf February 4,953,554 4,848.962 46,277,229 42,695,568

t

Eetroit

8

Va

.•i

V

July 1 to Latest Date.

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

N Y Ont & West__ February.. 669,695 727,068 6,425,182 8,153,585
N Y Susq & West__ F bruary
298,465 295.216 2,482.650 2,617,227
Norfolk Southern_ _ 3d wk Mar
75,816
69,229 2,517,226 2,254,658
Norfolk & Western.. January
3,823,572 2,938.264 25,962,508 22,923,835
Northern Pacific___ February - 4,611,326 4.252,927 49,567,381 42,651,370
Northwestern Pac February - 230,605 206,677 2,497,353 2,393,068
Pacific Coast Co... January
542,639 530,849 4,790,012 4,605,637
Pennsylvania RE... February _ 13718462 13171738 12098'7632 108113859
Bait Ches & Ati_ February 14,735
12,082
189.898
218,914
287,502 226,617 2,324,759 1,958,144
Cumberland Vail February
677.147 645.043 7,673,259 7.145,757
Long Island
February
8.634
Maryl'd Del & Va February
4,958
110,135
95,031
267.813 244,152 2,411,589 2.197,415
N Y Phila dc Norf February
Northern Central February 1,012,995 1,003,636 8,895,566 8,497,299
Phll Bait & Wash February 1,507,012 1.464,505 13.919,898 12,696,152
W Jersey & Seash February
340,588 348,039 4.404.710 4,328,007
Pennsylvania Co.... February 4,327.191 3,936,097 44,820,241 37.232,395
Grand Rap & Ind February
382,846 375,034 3,753,241 3,420,487
Pitts 00 & St L. February 3.432.218 3,187,833 30,612,292 26,890.973
February.. 870.712 837,247 7.749.816 6,886,568
Vandalla
Total Lines__
February.. 18888901 17862500 171273045 154360731
East Pitts &
February.. 9,122,460 8.434,006 87,921,997 75,314,261
West Pitts &
All East &West February - 27789361 26296506 259195043 229674992
Pere Marquette __ _ February - 1.244,568 1,048,236 11,909.609 11,299,160
Reading CoPhila & Reading_ February 4,040,873 3.682,814 34,921,297 30,728,092
Coal & Iron Co.. February 2,887.265 4.031,462 29,664.144 26,097,656
Total both Cos_ February 6,928,138 7,714,276 64,585,441 56,825,748
Rich Fred & Potom February
241,684 224,328 1,850,722 1,501,170
Rio Grande June_ January __
629,402
76,189
742,091
67,261
Rio Grande South... 3d wk Mar
478,691
6,250
10,772
366,683
Rock Island Lines February - 5,196,444 5,033.614 48,816.117 43,873,024
Rutland
February _ 239,248 227,624 2.503,742 2.306,266
St Jos & Or Island_ January - 117.180 118,448
979.379
961,614
St L Iron Mtn & So February _ 2.691,744 2.581.683 23,301.387 20,509,139
St L Rocky Mt & P February _ 200,608 183,987 1,488,747 1,318,474
St Louis & San Fran February _ 3,464,211 3,387,590 31,466,303 28.922,088
f Chic & East Ili_ February _ 1,330,419 1,216,725 11,098,701 10,598,158
Total all lines... February 4,794,631 4,604,316 42,565,005 39,520,247
St Louis Southwest_ 4th wkMar 323,000 283,000 10,316,513 9,280,309
San Pad L A & S L_ February _ 797,569 742,169 6,818,163 5,815,310
Seaboard Air Line_ 3d wk Mar 547,053 522,706 17.645.853 16.485,517
Southern Pacific.... February - 10453543 9,992,757 96,871.345 89,067,273
Southern Railway.._ 3d wk Mar 1,332,306 1,175,969 50,177,300 46,134,607
Mobile &
3d wk Mar 234,644 232,939 8,842,287 8,344,350
Cin N 0& Tex P.. 3d wk Mar 209,980 174,142 7,701,411 6,921,124
Ala Great South_ 3d wk Mar
83.795 3.766,910 3,435,926
93.911
Georgia So & Fla. 3d wk Mar
50.029 1,876,644 1,801,879
53,246
Spok Port & Seattle January __ 496,613 298,294 3,297.418 2,919,989
94,491
1,964
76,762
Tenn Ala dr Georgia 3d wk Afar
2,865
Tennessee Central_ February _ 130,791 109,202 1,114,839 1,009,241
Texas & Pacific_ _ _ 3d wk Mar 815.262 304.043 13,593,129 12,916.212
70,212
7,166
64,617
8,315
Tidewater & West_ February _
25,125
Toledo Poor & West 3d wk Mar
23,169 1,020,241
944,948
Toledo St L & West 3d wk Mar
84,781 3.122,240 2,884.547
84,376
Union Pacific Syst_ February -6,474,882 6,198,320 64,793.389 59,024,403
Virginia & So West_ February _ 145,116 139,240 1,189,382 1,156,174
Virginian
February
573,197 397,844 4,046,479 3,198,398
Wabash
February _ 2,260,062 2,031,013 21,565,026 19,373.899
Western Maryland_ January _ 649,141 523,314 4,441,436 4,186,847
Wheel & Lake Erie_ February _ 538,281 577,138 5,481,344 5.135,899
Wrightsv & Tennille February _
26,188
29,470
212,055
245,574
Yazoo & Miss Vail. February _ t8,936 783,864 7,484,190 6,867,684
Various Fiscal Years.

Period.

Delaware & Hudson
Jan
N Y Central & Hudson River_e_ Jan 1
Lake Shore & Michigan SouthJan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern.'Jan 1
Jan 1
Michigan Central
Cleve Cin Chic & St Louis...... Jan 1
Jan 1
Peoria& Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Baltimore Chesap & Atlantic.. Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Delaw & Virginia_ Jan 1
N Y Philadelphia & Norfolk Jan 1
Northern Central
Jan 1
Philadelphia Bait & Wash..- Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids & Indiana_ _ _ _ Jan 1
Pitts Clncln Chic & St Louis. Jan 1
Vandalia
Jan 1
Total lines-East Pitts & Erie Jan 1
-West Pitts& Erie Jan 1
-All lines E & W_ Jan 1
Dec 1
Rio Grande Junction
Jan 1
Rutland

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
t0
to
to
to
to
to
to
to
to
to
to

Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Fob
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb •
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb

Current
Year.

Previous
Year.

3
28 4,025,094 3,501,578
28 17,298,263 15,601,779
28 9,517,735 7,813,434
943,300
28
884,566
749,718
28
700,290
28 5,582,735 4,700,333
28 5,384,524 4,668,691
584,097
28
493,460
196,303
192,757
28
28 3,057,880 2,490.773
28 2,145.326 1.797,529
819.379
28
778,337
28 46,279,267 40,161,949
28 28.410,150 25,952,128
28
29,080
21,608
28
567,704
458,098
28 1,404,669 1,311,400
28 • 17,501
9,776
28
541,544
469,407
28 2,061,453 1.959,234
28 3,142.453 2,901,246
28
700,291
667,726
28 9,3(39,539 7,822,603
28
733,983
813,688
28 7,266,590 6,392,658
28 1,820,815 1,686,236
28 38,685,131 35,277,549
28 19,501,938 16,837,735
28 58,187,070 52,115,285
145,036
31
170,055
463,381
28
508,507

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Therms( •-r
Increase or
Previous
Current
Previous
Ciirrent
D.?,TJUSe.
• Weekly Summaries.
Monthly Summarie:.
Year.
Decrease.
Year.
Year.
Year.
r
s
((neaps. Cur. Yr. Prey. Yr.
$
$
S
$
S
gd week Jan (40 roads)........ 12,631,763 10,981.115 +1,650,648 15.03
May
235,410 231.597 232,229,364 226,184,686 +6,044,698 2 67
ad week Jan 40 roads)...... 13.572,942 11,616,351 +1,956,591 16.84
June
235,385 230,894 243,226,498 228,647,383 +14,579,115 8.38
July
th week Jan 36 roads)..... 19.776.977 17,986,901 +1.790,076 9.96
230,712 227.194 245.595,532 222,587.872 +23,007,660 10.34
st week Feb 38 roads)....... 12,305.913 11.735,576
+570,337 4.84
August
239,230 235.404 276.927.416 251,0137,032 +25,860.384 10.30
week Feb 40 roads)..... 13,540,006 13,143,890
+396,116 2.99
September-237,591 235.140 272,209.629 252,318.597 +19,891.032 7.83
A week Feb 40 roads).___ 14,066.724 13,205,501
+861,223 6'52
October ........237,217 233,545 293,738.091 258.473.408 +35,264,683 13.64
th week Feb 40 roads)...... 15,306,958 14,764,047
+542.911 3.68
November_237,376 233,305 276,430,016 244.461,845 +31,968,171 13.07
st week Mar 36 roads)_... 12,792,883 12,094,600
+698,283 5.77
December -.238.072 234,146 263.768,603 234,087,361 +29,681,242
94 week Mar (39
January -235,607 232,179 246,663,737 208,535,060 +38,128,677 ail
---- 14,205,350 13,181,128 +1,024,222 7.77
Ild week Mar (39 roads)....... _ 13.777,91 13,159,330
_
+618.584 4.7 _ February.-.440,529 _ 5. e
88.333
86.054 65.275.208 61,834,
•_
'
a Mexican currency. b Does not Include earnings of Colorado Springs& Cripple Creek District Railway from Nov. 1 1911. 6 Includes the Bos.
Vsi& Albany. the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa SG Now York Hallway, the latter of which, being a Canadian
road,does not make return.s to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville & IndianaRR.a In.
eludes the Cleveland Lorain & Wheeling Ry. in both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City & Ft. Dodge and
?Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. t Includes the Mexican International. u Includes
41as Texas Central In both years and the Wichita Falls Lines in 1912, beginning Nov. 1. v Includes not only operating revenues, but also all °the,
vicants. x Included $t. Louis A= goutatu 45 10.10herp,

id




Latest Gross Earnings by Weeks.-For the third week
of March our final statement covers 39 roads and shows
4.70% increase in the aggregate over the same week last
year.
Third week of March.

1913.

1

1912.

Increase. Decrease.

Previously reported (23 roads). 10,921,12010,398,853 917,389
93,911
Alabama Great Southern
83,795
10,116
42,661
44,043
Ann Arbor
284,562
Chicago Great Western
18,713
265,849
Chicago Ind & Louisville
124,367
120,611
3,756
Cinc New On & Texas Pacific
209,980
174,142
35,838
Georgia Southern & Florida
53,246
50,029
3,217
Louisville & Nashville
1,101,465 1,140,520
Minneapolis & St Louis
1
27,548
193,790
166,242
Iowa Central
Nevada-California-Oregon
7,147
5,805
Norfolk Southern
69,229
6,587
75,816
Rio Grande Southern
4,522
10,772
6,250
Seaboard Air Line
522,706
24,347
547,053
Tenn Alabama & Georgia
1,964
901
2,865
Toledo Peoria & Western
1,956
25,125
23,169
Toledo St Louis & Western
84,781
595
85,376
Total (39 roads)
13,777,914 13,159,330 1,055,485
Net increase (4.70%)
618,584

395,122
1,382

39,055
1,342

436,901
---_

Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM railroads and industrial companies reported this week:
Roads.

-Gross Earnings- -Net Earnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.

987,449
Atlantic Coast Line_a__Feb 3,360,451 3,046,518 1,220,414
23,594,040 21,599,819 6,516,985 6,312,967
July 1 to Feb 28
674,993
3,339,112
388,868
3,496,715
Feb
Boston & Maine_b
32,886,120 30,673,388 7,400,125 7,236,162
July 1 to Feb 28
187,533 £101,540
Feb £222,733 £219,195
Brazil By
.C446,933 £444,419 £189,800 £210,348
Jan 1 to Feb 28
Feb 9.747,685 8,931,907 2,520,069 2,383,867
Canadian Pacifica
July 1 to Feb 28
92,953,484 78,827,055 31,313,595 27,936,973
Chicago Great West_b__Feb 1,070,607 1,001,400
149,355
267,291
July 1 to Feb 28
9,455,444 8,624,660 2,697,952 2,059,094
Chicago Ind & Louisv___Feb 485,324
493,349
93,377
103,600
July 1 to Feb 28
4,657,596 4,351,093 1,355,888 1,286,326
Chic Milw & St Paul (includ
Chic Milw & Pu Sd)b_Feb 6,564,392 6,046,506 1,196,761 1,244,653
July 1 to Feb 28
64,350,302 53,002,516 23,473,469 14,861,970
Feb
19.626
Cornwall-b
14,875
7,395
11,063
July 1 to Feb 28
161,533
127,528
93,897
65.535
Feb 465,147
Cuba RR
367,376
229,474
183,468
July 1 to Feb 28
2,874,422 2,318,513 1,304,676 1,060.036
632,221
753,248
Delaware & IIudson_b__Feb 1,944.913 1,804,389
4,025,094 3,501,558 1,577,953 1,189,257
Jan 1 to Feb 28
37,972
35,354
223,763
Duluth So Shore & Atl_b Feb 237,387
559,136
458,959
2,217,352 2,083,077
July 1 to Feb 28
271,488
285,318
668,588
El Paso & Southwest_ b_Feb 743,916
July 1 to Feb 28
5,731,914 4,939,039 2,455,780 1,967,558
833,704
970,895
Feb 4,606,883 4,391,671
Erie..a
July 1 to Feb 28
42,261,584 38,627,162 10,992,464 9,966,704
55,358
58.167
Georgia RR_ b
Feb 255,814
292,706
659,795
uly 1 to Feb 28
239,596
2,085,814 2,341,915
136,872
204,585
Hocking Valley_ b
Feb 497,615
570,431
July 1 to Feb 28
5,207,394 5,023,473 1,904,390 1,911,008
1,366
Kansas City & Mem____Feb
1,462
4,252
4,516
July 1 to Feb 28
10,877
20,850
46,696
36,760
Louisville & Nashville_ b_Feb 4,797,818 4,687,043 1,142,204 1,414,495
July 1 to Feb 28
39,941,712 37,545,727 11,043,327 11,848,948
Mineral Range_ b
Feb
10,240
1,097
66,738
67,370
July 1 to Feb 28
569,018
85,055
504,014
111,600
Minn & St Louis a
Feb 761,175
585,729 h200,006
h61,868
July 1 to Feb 28
6,739,971 5,308,003 h1,899,523 h916,176
Minn St P & S S M_a-__Feb 1,344,456 1,052,287
313,321
228,485
1
to
14,618,846
11,306,792 6,006,525 4,376,136
July
Feb 28
175,421
740.111
205,790
Chicago Division_a___Feb 837,696
7,222,365 6,198,932 2,247,784 1,616,970
July 1 to Feb 28
24,250
80,326
66,804
29,446
Mississippi Central_ b___Feb
235,621
591,255
July 1 to Feb 28
287,545
693,954
Missouri Kan & Tex_ b__Feb 2,509,160 2,184,488 _f585,848 1482,018
July 1 to Feb 28
22,790,995 19,995,405 17,589,231 15,274,177
Missouri Pacific_ b
Feb 4,682,000 4,413,330 1,320,000 1,335,262
July 1 to Feb 28
42,655,345 37,160,281 11,658,760 8,439,954
Nash Chatt & St L_ b_ _Feb 1,100,271
989,026
233,020
241,371
Jan 1 to Feb 28
8,869,959 8,046,738 2,006,303 1,896,292
Nevada-Cal-Oregon_ b _ _Jan
20.533
17,078
def.682 def.2,065
July 1 to Jan 31
207,398
84.487
59.269
262,786
NY Cent & Bud Riv_b_Feb 8,251,340 7.528,076 1,690,359 1.075,168
Jan 1 to Feb 28
17,298,263 15,661,779 3,852,950 2,681,826
Lake Shore & M S_b__Feb 4,638,643 3,965,558 1,351,924 1,199,475
Jan 1 to Feb 28
9,517,735 7,813,434 2,962,725 2,244,798
Lake Erie & Western b Fob 464,521
438,801
81,261
79,786
Jan 1 to Feb 28
943,300
864,566
163,451
130,771
Chic Ind & Southern b Feb 352,609
372,105
57,272
71,839
Jan 1 to Feb 28
749.718
700,290
150,165
93,385
Michigan Central_b__Feb 2,681,351 2,311,431
567,186
527,234
Jan 1 to Feb 28
5.582.736 4,700,333 1,268,041 1,111,307
Cloy Cin Chic & StL b Feb 2,656,524 2,424,027
520,902
443,519
5,384,524 4,668,691
Jan 1 to Feb 28
990.347
683,863
262,507
Peoria & Eastern_ b___Feb 292,992
61,776
63,109
584,097
493,460
Jan 1 to Feb 28
118,360
92,516
99,451
_Feb
100,542
Cincinnati North_ b _ _
192,757 def.9:
196,309
Jan 1 to Feb 28
Pittsb & Lake Erie_ b_Feb 1,455,626 1,257,911
652,655
560,349
3,057,880 2,490,773 1,393,363 1,058,966
Jan 1 to Feb 28
913835
NY Chic & St L_b_ __Feb 1,027,650
188,961
186,968
2,145,326 1,797,529
Jan 1 to Feb 28
454,011
340,553
380,817
Toledo & Ohio Cent_ b Feb 395.671
79,747
66,472
Jan 1 to Feb 28
778,337
152,506
819,379
145,976
Total all lines- b
Feb 22,316,381 19,955,610 5,255,568 4,270,773
Jan 1 to Feb 28
46,279,267 40,161,949 11,496,039 8,576,935
N Y Ontario & West_a_ _Feb 669,695
727,068
149,774
156,876
July 1 to Feb 28
6,425,182 6,153,585 1,925,102 1,533,605
N Y Susq & West_a____Feb 298.465
295,216
58,992
76,148
July 1 to Feb 28
581,867
2,482.650 2,617,227
818,834
Northern Pacific_b
Feb 4,611,326 4,252,927 1,374.934 1,492,738
July 1 to Feb 28
49.567,381 42,651,370 20,373,534 17,518,349
Pennsylvania RR _a
Feb13,718,462 13.171,738 2,315,492 2,481,465
Jan 1 to Feb 28
28,410,150 25,952,128 4,790,531 4,217,311
Bait Ches & Atl__a_ __Feb
14,735
12.082 def.2,761 def.3,941
Jan 1 to Feb 28
29,080
21,608 def.5,620 def.8,810
Cumberland Vall_a___Feb 287,502
226,617
74,418
49,241
Jan 1 to Feb 28
567,704
458,098
152,379
97,078




1011

THE CHRONICLE

APR. 5 1913.]

R18 3gUIS

-Gross Earnings- -Net EarningsCurrnet
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
Pennsylvania (Con.)Long Island_a
645,043 def.38,272 def.41.118
Feb 677,147
Jan 1 to Feb 28
1,404.669 1,311,400 def.54,790 def.69,517
Maryland Del & Va_a_Feb
4,958 def.3,146 def.3,599
8,634
Jan 1 to Feb 28
17.501
9,776 def.7,440 def.7.465
47,565
39,170
244.152
N Y Phi% & Nolfolk a Feb 267,813
73.864
Jan 1 to Feb 28
541.544
469,407
77,475
8,471
Northern Central_a_..Feb 1,012.995 1.003,636
20,964
2.061.453 1,959,234
28,933 def.56,852
Jan 1 to Feb 28
162,006
110,034
Phila. Bait & Wash_a_Feb 1,507,012 1.464,505
275,239
3,142,453 2,901,246
276,679
Jan 1 to Feb 28
348,039 def.39,924 def.39,639
West Jersey & Sea_a_Feb 340,588
700.291
667.726 def.101.204 def.155,341
Jan 1 to Feb 28
478.129
Feb 4,327,191 3.936.097
281,619
Pennsylvania Co_a
989,676
9,369.539 7.822.603 1,036,465
Jan 1 to Feb 28
13,179
375.034 def.1.914
Grand Rapids & Ind a Feb 382,846
2,741
733.983
37,963
Feb
28
813.688
Jan 1 to
626.362
508.552
Pitts Cin Chic & StL a Feb 3,432.218 3.187,833
Jan 1 to Feb 28
7.266.590 6.392.658 1,196,789 1,235.428
129,786
157,796
837,247
Feb 870.712
Vandalia-a
306,820
301,091
1.820,815 1.686,236
Jan 1 to Feb 28
Total East of P & E_a_Feb18,666.901 17,862,500 2,409,240 2,578,221
38.685,131 35,277,549 5,104,240 4,217,618
Jan 1 to Feb 28
933.021 1,298,205
Total West of P&E_a_Feb 9,122.460 8,434,006
Jan 1 to Feb 28
19,501.938 16.837,735 2,611.765 2.577,137
Total all lines_a
Feb27,789.361 26,296.506 3,342,261 3,876,426
Jan 1 to Feb 28
58.187.070 52,115,285 7,716.005 6,794,755
Pere Marquette_a
195,642 def135,527
Feb 1.244,568 1,048,236
July 1 to Feb 28
11,909.609 11,299,160 2,280,247 1.833,247
Rock Island Lines_ b____Feb 5,196,444 5,033,614
983,158 1,122,458
July 1 to Feb 28
48.816,117 43,873,024 13,051,131 11,583,086
Rich Fred & Potomac__Feb 241,684
86,693
101,922
224,328
July 1 to Feb 28
561,224
1,850,722 1,591,170
688,965
Rutland_b
Feb 239,248
28,851
27,889
227,624
Jan 1 to Feb 28
56,525
508,507
62.749
463,381
872,420
St Louis Iron Mt & So a_Feb 2,691,744 2,581,663
908,820
July 1 to Feb 28
23,301,387 20,509,139 6,972,253 5,805,214
183,987
60,491
56,195
St L Rocky Mt & Pac_a_Feb 200.606
1,488,747 1,318,474
404,778
428.725
July 1 to Feb 28
St Louis & San Fran_bFeb 3,464,211 3,387,590 1,160,313 1,041,199
July 1 to Feb 28
31,466,303 28,922.088 10,821,235 9,556,138
314,829
206.317
Chic & East Ill_b____Feb 1,330.419 1,216,725
July 1 to Feb 28
11,098,701 10,598,158 2,805,635 2,927,848
Total all lines_b
Feb 4,794,631 4,604,315 1,475,142 1,247,515
July 1 to Feb 28
42,565.005 39,520,247 13,626,869 12,483,985
256,108
292,658
St Louis Southwest_a__Feb 1,040,084 1.008,160
July 1 to Feb 28
9.260.513 8,307.309 2,842,748 2,535,918
514,459
Seaboard Air Line_a_Feb 2.161,398 1.970,456
626,950
July 1 to Feb 28
15.981.179 14,931,616 4.205,147 3,698,690
Southern RailwayMobile & Ohio_b____Feb 978.824
226,113
908,593
221.465
July 1 to Feb 28
8,167.992 7,671,788 2,209,720 2,128,726
Cin N 0 & Tex Pac_b_Feb 948,749
781,081
363,541
229,999
July 1 to Feb 28
7,061.049 6,399,464 2,486,162 2,220,958
Alabama Great Sou_b_Feb 420.799
385,305
111,922
110,097
983,244
July 1 to Feb 28
3,489,949 3,182,656 1,047,970
57,985
51,645
210,536
Georgia Sou & Fla_b__Feb 225,233
363,915
410,556
July 1 to Feb 28___, 1,716,807 1,651,800
157,674
190,552
Feb 1,324,284 1,371,944
'rexas & Pacific_ b'
12,719,661 12,042,255 2,830,500 3,562,296
July 1 to Feb 28
1,328
762
7,166
Tidewater & Western_ b_Feb
8,315
9,244
10,965
64,617
July 1 to Feb 28
70,212
347,721
'Poi St L & Western_a__Feb 360,835
283,437 s107,855
July 1 to Feb 28
2,864.060 2,643,597 s835,539 s613,540
Roads.

INDUSTRIAL COMPANIES.
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Companies.
Year.
Year.
Year.
$
$
$
$
Abington & Rockland Elec
10.958
9,516
1,958
2,963
Light & Power_a-__ _Feb
22,940
19,786
4,805
3.776
Jan 1 to Feb 28
32.170
30.596
13.304
13,001
Atlantic City Electric___Feb
61,400
66,345
27,734
Jan 1 to Feb 28
28.006
Atl Gulf & W I SS Lines298,908
139.877
Subsidiary cos
1,424,532
Jan 1,621.214
45.631
27,717
Blackstone Val G & E_a_Feb 110,599
100,914
Jan 1 to Feb 28
101,352
62,556
213,488
234.475
17,779
15,873
Canton Electric
Feb
30,495
33,983
14.484
16,880
Edison El (Brockton)_a_Feb
34,076
39,659
29,294
34.023
Jan 1 to Feb 28
81,866
69,651
13.009
9,823
35.211
Fall River Gas'Works_a_Feb
38,639
24.182
Jan 1 to Feb 28
28,837
78,202
81,936
lIoughton Co Elm Lt-a-Feb
15,418
14,120
28.282
28,494
Jan 1 to Feb 28
32,401
30.006
60,003
59,647
Lowell Elec Lt Corp_a__Feb
38,987
35,143
16.092
13,426
Jan 1 to Feb 28
82.088
71,912
33.207
26,275
Feb
Muncie Elec Light
13,706
39.886
32,044
15,675
Jan 1 to Feb 28
81.659
65,869
33.353
27,835
Feb
40.269
37,722
20,942
17,274
Rockford Electric
37,083
45.560
85,055
77.544
Jan 1 to Feb 28
46,043
70,887
Feb
73.984
39,206
Scranton Electric
99,603
147.603
82,545
Jan 1 to Feb 28
156,593
36,444
49,926
32,252
Sierra Pacific Elec_a___Feb
55.087
65,221
102,273
110.607
62,876
Jan 1 to Feb 28
•
22.396
11,624
Feb
24.632
Wheeling Electric
11,741
45,259
54;223
27.226
Jan 1 to Feb 28
24,005
after
given
are
deducting
here
taxes.
earnings
a Net
b Net earnings here given are before deducting taxes.
f After allowing for outside operations and taxes, operating income for
Feb. 1913 was $476,309, against $398,880; from July 1 to Feb. 28 was
$6.676,856 in 1913, against $4,545.348 last year.
g These results are in Mexican currency.
h After allowing for miscellaneous charges and credits to income for the
month of February 1913, total net earnings were $211,994. against $42.967
last year. and for period from July 1 to Feb. 28 were $1,886,881 this year,
against $909,254.
s After allowing for miscellaneous charges to income for the month of
February 1913, total net earnings were $97,336, against $38,771 last year,
and for the period from July 1 to Feb. 28 were $748,903 ths year. against
$504,040.

Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
$
$
273.890 xdef.82.402
242,005
Chicago Great Western_Feb 204,690
July 1 to Feb 28
1,760.889 1,832,725 z1,007,223 z315,651
65.125
162,682
118,34
Cuba Railroad.. Feb
66.792
569,03
July 1 to Feb:I28
491,000
770.620
534.056
Roads.

-Int., Rentals, &c.- -Bat, of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Dul So Sh & Atlantic_ _ _Feb 106,984
95,601 zdef70,505 zdef57,092
767,572zdef352.728xdol178,606
833,511
July 1 to Feb 28
Feb
Georgia Railroad
61,341
z5,429 zdef4,550
69,402
July 1 to Feb 28
514,025zdef183,887 x222,586
499,205
Mineral Range
Feb
14,575
12,869 zdef13,324 zdef2,481
July 1 to Feb 28
x11,020 zdef7,521
103,438
98,551
x46,195
x7,000
Missouri Pacific
Feb 1,473,000 1,445,272
x1,002,369xdf1670,439
July 1 to Feb 28
12,067,604 11.445,227
Nevada-Cal-Oregon------Jan
8,075
15.032 zdef8,446 zdef16,125
z15,619
July 1 to Jan 31
x38,317
49,538
46,558
51,509
24,247
N Y Ontario & West...._ _Feb 125,527
105,367
966,735
C42,822
July 1 to Feb 28
890,783
958,367
St Louis Iron Mt & So.. Feb 625,404
591,109 x304,057 x336,471
July 1 to Feb 28
5,108,990 4,805,473 x2,095,717 x1,245,269
25,257
28,333
St L Rocky Mt & Pac__ _Feb
30,938
32,158
145,619
175.826
July 1 to Feb 28
252.899
259,159
198,419 z168,437 x124,479
St Louis Southwestern_ _Feb 232,228
July 1 to Feb 28
1,827,797 1,583,936 x1,631.554 z1,496.979
INDUSTRIAL COMPANIES.
- -Bat. of Net Earns.-Int., Rentals, &c.
Current
Previous
Prveious
Current
Year.
Year.
Year.
Year.
Companies.
Roads.

Abington & Rockland Elec
2,670
188
Light & Power
293
1,770
Feb
375
4,140
665
3,401
Jan 1 to Feb 28
8,800
4,473
8,831
Atlantic City Electric_ __Feb
4,201
16,403
10,351
17,383
11,603
lito Jan 1 to Feb 28
Atl Gulf & W 185 Lines126,966
152,710
Subsidiary Companies_Jan 146,198
12,911
16,067
8,879
29,564
Blackstone Val 0& EL _Feb
18,838
31,436
17,685
69,916
Jan 1 to Feb 28
44,871
4,699
4,756
Feb
13,080
Canton Electric
11,117
2,240
1,970
14,640
Edison Elec (Brockton)_Feb
12,514
4,570
3,964
Jan 1 to Feb 28
29,453
25,330
711
648
Fall River Gas Works__ _Feb
12,298
9,277
1,596
1,132
Jan 1 to Feb 28
27,241
23,050
3.508
Houghton Co Elec Lt _ _ _Feb
3,508
10,612
11,910
7,016
Jan 1 to Feb 28
7,016
22,990
25,385
271
Lowell Elec Light Corp_Feb
1,524
15,821
11,902
543
Jan 1 to Feb 28
3,034
32,664
23,241
Muncie Electric Light_ _Feb
6,333
8,669
7.006
7,373
12,631
19,325
14,028
15,204
Jan 1 to Feb 29
Feb
7,842
13,044
9,432
Rockford Electric
7,898
15,684
29,737
15.823
21,399
Jan 1 to Feb 28
Feb
32,227
27,651
13,816
11,555
Scranton Electric
27,660
24,144
71,943
58,401
Jan 1 to Feb 28
26,827
5,425
30,732
5.712
Sierra Pacific Electric_ __Feb
53,631
52,009
11,590
10,867
Jan 1 to Feb 28
8,452
5,854
Wheeling Electric
Feb
3,289
5,770
15,686
17,438
Jan 1 to Feb 28
11,540
6,577
x After allowing for other income received.
EXPRESS COMPANIES.
-July 1 to Dec. 31December
1912.
1911.
1911.
1912.
$
$
American Express Co.$
$
Gross receipts from operation 4,873,870 4,088,954 25,807,370 22,516,061
2,282,879 1,894,117 12,213,507 10,480,159
Express privileges-Dr
Total operating revenues.. 2,590,990 2,194,836 13.593,862 12,034,901
Total operating expenses.. _ __ 2,184,355 1,809,135 111,924,94110,127,423
Not operating revenue__ _
One-twelfth of annual taxes_

406,635
34,712

385,701 1,668,921 1,907.478
32,855
193,983
190,688

352,845 1,474,937 1,716,789
371,923
January- -July 1 to Jan. 311912. 1913-12. 1912-11.
1913.

Operating income
Canadian Express Co.Gross receipts from operation
Express privileges-Dr

62,345
23,946

42,768
16,507

576,534
224,855

348,134
134,985

Total operating revenues..
Total operating expenses.. _ _ _

38,399
28,836

26,261
16,064

351,678
211,524

213,147
113,972

Net operating revenue_ _ _ _
One-twelfth of annual taxes..

9.562
578

10,197
498

140,153
3,236

99.176
1,811

9,699
8,984
December
1912.
1911.

Operating income

136,917
97.365
July 1 to Dec. 311912.
1911.

Globe Express Co.Gross receipts from operation
Express privileges-Dr

76,236
38.057

68,368
34.153

494,814
245,516

432,713
215,746

Total operating revenues_
Total operating expenses_ _ _ _

38,178
31.916

34,215
32,035

249,297
195,018

216.967
189,032

Net operating revenues.. _ _
One-twelfth of annual taxes_

6,262
850

2,179
800

54,279
4,900

27,935
4,800

Operating income
Northern Express Co.Gross receipts from oper
Express privileges-Dr

[VOL. xavi.

THE CHRONICLE

1012

5,412
1,379
49,379
23,135
-Month of December- -July 1 to Dec. 311912.
1911.
1911.
1912.
$
$
$
$
301,862
261,947 1,828,528 1,597,955
162,014
141,703
981,148
862,648

Total operating revenues...._
Total operating expenses._

139,848
99,305

120,243
92,476

847,379
680,216

735,307
546,534

Net operating revenue
One-twelfth of annual taxes..

40,542
4,500

27,767
4,500

267,163
27 000

188,772
27.000

Western Express Co.Gross receipts from °per_ _ _
Express privileges-Dr

-Month of October- -July 1 to Oct. 311912.
1911.
1912.
1911.
125,227
65,328

99,806
50,495

494,547
256,558

387,604
200,195

Total operating revenues..
Total operating expenses..___

59,898
46,034

49,310
40,657

237,989
186,853

187,409
169,876

Net operating revenue_ _ _ _
One-tweifth of annual taxes_

13,863
668

8,653
783

51,135
3,288

17,532
3,003

13,195

7,870

47,847

14,528

Operating income

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.

Previoui
Year.

$
3
$
$
$
American Rye Co__ _ February _ 367,118 350,002
723,438
772,884
Atlantic Shore By::: February _ 20,087 19,834
42,379
39,954
c Aur Elgin & Chic Ry February _ 123,383 120,640
263,961
246,356
Bangor By & Elec Co January __ 58,793 53,448
53,448
58,793
11,836 11,018
Baton Rouge Elec Co February _
25,262
23,179.
Binghamton Railway December
37,094 33.785
425,028
386,631
Brazilian Trac, 14 & P February _ 1821,715 1544,802 3,734,670 3,128,147
6,849
6,883
Brock & Plyrn St By.. February _
14,722
14,046
Bklyn Rap Tran Syst December 2005,538 1920,274 24,353,298 23,233,599
Cape Breton Elec By February _ 26,141 23,693
57,976
52,020
44,824 53,028
Cent Park N & E Riv December
638,532
638.063
Chattanooga By & Lt February _ 88,878 76,657
184,511
157,661
Cleve Painesv & East January __ 28,095 23,901
28,095
23,901
Clev Southw& Colum February _ 81,277 77,419
172,820
156,989
Columbus(Ga)El Co February _ 45,690 41,885
96,213
86,201
Commonw P By & Lt February _ 549,665 488,859 1,167,770 1,024,765
Coney Isl & Bklyn_ _ _ December 111,529 103,190 1,590,039 1,409,273
264,921
234,088
Dallas Electric Corp_ February _ 163,243 129,751
Detroit United By.... 2d wk Mar 220,506 178,160 2,471,188 2,082,766
617,034
612,000
DDEB& Bat(Rec) December
49,393 52,940
171,491
179,386
Duluth-Superior Trac February. 86,030 83,647
376,845
413,314
East St Louis & Sub.. February _ 200,100 185,809
131,419
El Paso Electric Cos.. February _ 75,298 81,644
106,219
42d St M & St N Ave December 149,939 134,053 1,808,674 1,606,382
Galv-Hous Elec Co__ February _ 158,773 136,445
282,451
328,388
Grand Rapids By Co. February _ 93,049 91,627
189.075
197 035
Harrisburg Railways Ja.nuary __ 73,788 70,269
70,269
73,788
Honolulu Rapid Tran
& Land Co
December
52.336 48,129
500,276
564,723
Havana Electric By.. Wk-Mar 30 51,583 47,741
617,080
681,089
Houghton Co Tr Co.. February _
22,111 21,970
46,490
44,095
Hudson& Manhattan December 339,203 315,467 3,630,060 3,044,705
Illinois Traction
February _ 602,601 583,550 1,256,391 1,199,085
Interboro Rap Tran_ February _ 2600,260 2636,083 5,503,603 5,470,218
Jacksonville Trac Co January __ 49,823 49,878
49,878
49,823
Lake Shore Elec By.. January __ 100,373 87,153
87,153
100,373
Lehigh Valley Transit March -__ 109 987 91 740
258,184
306,848
Lewis Aug & Watery_ February _ 41,349 37,213
73,072
86,301
Long Island Electric- December
15,411 14,070
209,256
220,900
Milw El Ry & Lt Co_ January.... 521.210 482,927
482,927
521,210
Milw Lt, lit & Tr Co January __ 96,449 83,532
83,532
06,449
Monongahela Vail Tr February _ 65,748 56,086
114,826
134,384
Nashville By & Lt.. _ _ February _ 171,322 159,939
326,074
357,321
314,101
N Y City Interboro December
466,743
46.230 33,733
N Y & Long 1st Trac_ December
28,819 28,131
391,999
389,108
December 104,607 98,959 1,331,318 1,253,981
N Y & Queens Co
New York Railways_ February _ 1046,502 1031,167 2,207,315 2,114,837
11,503
13.841
13,841
11,503
Northam Easton & W January __
460,036
407,598
North Ohio Trac & Lt February _ 222,570 198,209
299,831
228,183
North Texas Elec Co February _ 142,784 113,488
5,426
124,107
142,020
4,253
Dcean Electric (L I).. December
47,623
51,038
24,372 22,930
Paducah Tr & Lt Co_ February _
45,276
48,823
Pensacola Electric Co February _ 22,506 23,015
Phila Rapid Trans Co Februar- _ 1775,158 1725,408 3,777,225 3,533,881
Port(Ore)Ry.L&PCo. February _ 530,071 518,927 1,083,669 1,050,140
Portland (Me) RR February _ 64,487 62,100
125,700
135,987
Heat & Power Co_ February _ 95,736 91,701
194,242
203,059
Puget 8d Trac. Lt Sr P January __ 701,640 720.786
720,786
701,640
Richmond Lt 86 RR_ December
25,464 25,780
362,033
375,374
it Joseph(Mo)Ry,Lt,
Heat & Power Co.. January __ 107.323 102,541
102,541
107,323
3antiago Elec Lt & Tr February _ 37,052 30,791
64,841
76.420
3avannah Electric Co February _ 62,403 56,439
114,797
129,786
3econd Ave (Rec)
937,466
December
989,209
82,922 77,260
125,663
iouthern Boulevard_ December
153.243
14.123
9,853
279,730
289,374
3taten Isl Midland December
18.468 18,026
120,410
130,513
rampa Electric Co February _ 62,356 59,659
December 334,501 316,629 3.845,569 3,680,409
rhird Avenue
[`win City Rap Tran_ 3d wk Mar 161,023 146,876 1,799,958 1,690,803
Underground Elec By
of LondonLondon Elect By.... Wk Mar 22 £13,170 £14,245 £175,240 £177,640
Metropolitan Dist_ Wk Mar 22 £12,615 £12,328 £158,472 452,352
London Gen'l Bus_ Wk Mar 22 £52,186 £39,271 £648,561 £464,383
Union By Co ofNYC December 207,138 199.850 2,540,138 2.471,023
607.276
802,891
U nionRyG&ECo(I11). February _ 383,131 293,554
United Rys of St L February _ 924,368 893,419 1,921,563 1,825,814
671,393
097.317
United R Rs of San Fr January__ 6 97,317 671,393
42,117 45,746
801,798
579,925
Westchester Electric.. December
734,446
60,108 57,036
678.427
December
Yonkers Railroad
56,058 54,369
115,908
111.856
February _
York Railways
17,185 17,159
35,328,
34,417
Youngstown & Ohio_ February _
10.097
11.737 10.097
11.7371
irminfratnarn k Smith January _ _
c These figures are for consolidated company.

Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net earnings reported this week:

--Net Earnings-Gross Earnings
Previous
Previous
Current
CurrentCurrent
Year.
Year.
Year.
Year.
$
$
$
$
5,059
Baton Rouge Elect_ a _ _ _Feb
11,835
11,018
4,758
10,907
Jan 1 to Feb 28
9,713
25,262
23,179
Southern Express Co.810,738
Gross receipts from oper____ 1,938.612 1,71,746 8,231,217 7,642,051 Brazilian Tract Lt & P_ _Feb 1,821,715 1,544,802
982,015
814,220 4,033.214 3,614,265
Express privileges-Dr
939,445
Jan 1 to Feb 28
3,734,670 3,128,147 1,995,498 1,639,351
912
94
& Plyrnouth.a.Feb
6,849
6,883
939,526 4,198,002 4,027,786 Brockton
Total operating revenues _ 999,166
1,197
Jan 1 to Feb 28
777
14,722
14,046
627,533 3,390,868 3,103,226
Total operating expenses_ _ _
714,376
8,337
Cape Breton Elect_ a_ _ _Feb
9,136
26,141
23,693
23,211
19,169
Jan 1 to Feb 28
807,134
Net operating revenue.. __ _
924,559
52,020
311,993
284,790
57,976
81,914
One-twelfth of annual taxes..
89,229 Chattanooga Ry & Lt_a Feb
14,939
14,988
33,373
30,382
76,657
88,878
69,765
Jan 1 to Feb 28
63,295
184,511
157,661
Operating income
725,219
835,329 Cleve
269,802
297,053
28,549
Southw & Col_ b_ _Feb
25,929
77,419
81,277
-July 1 to Nov. 30-November-60,813
Jan 1 to Feb 28
52,702
156,989
172,820
1912.
1911.
1912.
1911.
21,564
Columbus (Ga) Elect_ a_Feb
41,885
21,111
45,690
Hells, Fargo & Co.-$
$
$
44,572
Jan 1 to Feb. 28
86,201
41,848
96,213
Gross receipts from operation 3,198,905 2,809.818 15.389,102 10,599,370
254,577
Express privileges-Dr
488,859
1,532,248 1,352,840 7,407,687 4.991,369 Com'Ith Pow By & Lt_a Feb 549,665
203,473
Jan 1 to Feb 28
567,184
437,082
1,167,770 1,024,765
Total operating revenues.. 1,667,657 1,456,977 7,981,414 5,608.000 Consumers Pow (Mich)aFeb 265,840
226,494
139,288
107,560
Total operating expenses..___ 1,438,061 1,226,686 6.759,307 4,547.642
476,142
Jan 1 to Feb 28
303,923
229,183
664,389
Co
146,889
Cumb
(Me)
P
02,925
&
157,616
48,215
L_
a
Feb
Net operating revenue_ _ _ _ 229,595
230,291 1,227,107 1,060.357
296,600
Jan 1 to Feb 28
133,907
330,203
113,481
Ono-twelfth of annual taxes_
30,000
24,744
150,000
81,901
129,761
Dallas Elect Corp_ a _ _ _ _Feb 163,243
69,414
47,436
Operating income
199,595
205,54611,072,107
Jan 1 to Feb
978,456 •
264,921
234,058
134,135
96.364
Operating income




23,267
240,163
161,771
36,042
-Month of December---July 1 to Dec. 311911.
1912.
1911.
1912.

Roads.

Roads.

-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.

Feb 899,683
Detroit United_b
1,884,291
Jan 1 to Feb 28
Feb
200,100
East St L & Sub_a
413,314
Jan 1 to Feb 28
Feb
75,298
El Paso Elect_a
156,219
Jan 1 to Fob 28
Galv-Houston Elect _a_ _Feb 158,773
328,388
jan 1 to Feb 28
93,049
Grand Rapids R y_a_ _ _ _Feb
197,035
Jan 1 to Feb 28
22,111
Houghton Co Tract_a__Feb
46,490
Jan 1 to Feb 28
Feb 602,601
Illinois Traction_a
Jan 1 to Feb 28
1,256,391
Lewis Aug & Wat a_ _ _ _Feb
41,349
Jan 1 to Feb 28
86,301
Nashville By & Lt_a___Feb 171,322
Jan 1 to Feb 28
357,321
Feb 1,046,502
N Y Railways_a
Jan 1 to Fob 28
2,207,315
North Ohio Tract & Lt.a.Feb 222,570
460,03fi
Jan 1 to Feb 28
North Texas Elect_a_ _ _ _Feb 142,784
299,831
Jan 1 to Feb 28
24,372
Paducah Tract & Lt _a_ _Feb
51,038
Jan 1 to Feb 28
22,506
Feb
Pensacola Elect_a
48,823
Jan 1 to Feb 28
64,487
Portland (Me) RR_a_ __Feb
135,987
Jan 1 to Feb 28
Portland (Ore)Illy L&P a Feb 530,071
1,083,669
Jan 1 to Feb 28
95,736
St JOs Ry L H & P_a_ __Feb
203,059
Jan 1 to Feb 28
Feb
62.403
_a
Savannah Elect
129,786
Jan 1 to Feb 28
62,356
Feb
Tampa Elect-a
130,513
Jan 1 to Feb 28
383,131
a
(Ill)
Feb
El
&
0
By
Union
802,891
Jan 1 to Feb 28
United Rys of St L_a_ __Feb 924,368
1,921,563
Jan 1 to Feb 28

774,729
1,598,015
185,809
376,845
61,644
131,419
136,445
282,452
91,627
189,075
21,970
44,095
583,550
1,199.985
37,213
73,072
159,939
326,074
1,031,167
2,114,837
198,209
407,598
113,488
228,183
22,930
47,623
23,015
45,276
62,100
125,700
518,927
1,050,140
91,701
194,242
56,439
114,797
59,659
120,410
293,554
607,276
893,419
1,825,814

276,164
582,996
82,268
172,984
39,228
78,307
59,619
124,110
37,002
81,634
5,592
14,195
253,160
531,477
10,571
22,431
67,742
142,865
353,736
748,896
84,441
179,657
58,466
121,540
8,882
18,321
8,393
18,231
8,823
20,292
282,714
566,103
41,071
89,572
17,398
25,113
29,501
62,920
168,297
350,668
256,995
531,023

249,591
527,053
79,783
162,865
29,386
63,542
48,089
103,360
37,628
80,416
7,586
11,367
232,852
494,610
5.859
8,329
61,254
128,067
278,427
666,157
78,654
165,507
45,649
89,501
6.444
12,825
8,938
15,781
5,390
31,265
249,888
508,140
39,856
86,417
15,868
31,828
29,057
57,361
116,000
244.737
279,606
575,587

a Net earnings here given are after deducting tuxes.
b Net earnings here given are before deducting taxes.

Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
3
$
3,329
2,682
1,730
2,076
Feb
Baton Rouge Elect
7,447
5,904
3,460
3,809
Jan 1 to Feb 28
def136
def993
1,048
1,087
Brockton & Plymouth_ _Feb
def906
def1,401
2,103
2,178
Jan 1 to Feb 28
2,701
3,065
5,636
6,071
Feb
Cape Breton Elect
7,879
11,316
11,242
21,895
Jan 1 to Fob 28
9,103
9,633
21,279
23,740
Chattanooga Ry & Lt __Feb
20,747
21,626
42,548
48,139
Jan 1 to Feb 28
def4,206
30,135 def2,156
30,705
Cleve Southw & Col____Feb
def7,617
def834
Jan 1 to Feb 28
60,319
61,647
8,428
8,825
12.739
Columbus (Ga) Elect_ ....Feb
12,0$3
13,473
29,306
28,375
15,266
Jan 1 to Feb 28
108,235
95,238
112.250
Com'ith Pow Ry & Lt_ _Feb 142,327
311,583
223,886
213,196
255,601
Jan 1 to Feb 28
40,256
66,184
73,104
(Mich)Feb
67,304
Power
Consumers
88,668
127,837
176,086
140,515
Jan 1 to Feb 28
52,685
6,211
def4,470
56,714
Curab Co(Me)Pow & LtFeb
100,843
12,638
20,460
Jan 1 to Feb 28_ ...,- -- 113,447
24,020
23,416
44,778
24,636
Feb
Dallas Elect Corp
55,734
87,821
40,630
46,314
Jan 1 to Feb 28
89,909
118,043
175,156
Feb 178,603
Detroit United
267,113
199,701
359,759
357,104
Jan 1 to Feb 28
32,188
32,487
47,595
49,781
East St Louis & Sub_ __Feb
67,210
74,847
95,650
98,137
Jan 1 to Feb 2822,253
34,988
7,128
4,240
Feb
El Paso Elect
49,259
72,096
14,283
6,211
Jan 1 to Feb 28
13,487
25,959
34,602
33,660
Gals-Houston Elect_ __ _Feb
34,638
56,790
68,722
Jan 1 to Feb 28
67,320
22,901
Feb
22,181
14.821
Grand Rapids Ry
14,727
50,899
Jan 1 to Feb 28
29,558
52,076
29,517
5,690
2,360
def98
Houghton Co. Elect _ _ _ _Feb
5,226
28
Fob
to
1
11,442
914
Jan
2,753
10,463
Lewist Aug & Water_ __Feb
def3,914
14,443
14,485
def8,584
28,889
dof6,530 def20,560
Jan 1 to Feb 28
28,961
30,654
34,813
37,088
Feb
Nashville By & Lt
26,441
69,535
68,783 - 58,532
74,082
Jan 1 to Feb 28
214,918 x157.755
Feb 224,369
z95,683
NY Railways
429,702 x361,835 x200,146
449,040
Jan 1 to Feb 28
43,821
55,889
28,552
34,833
North Ohio Tract & Lt_ _Feb
87,646
28
110,910
Fob
77,861
68,747
Jan 1 to
24,645
_Feb
20,845
Elect_
33,821
24,804
Northern Texas
41,690
49,481
47,811
72,058
Jan 1 to Feb 28
7,323
7,057
def613
1,559
Paducah Tract & Lt___ -Feb
13,784
13,301
def476
4,537
Jan 1 to Feb 28
6,370
6,377
2,561
Feb
2,023
Pensacola Elect
12,671
12,754
3,027
5,560
Jan 1 to Feb 28
10,274
10,238 def1,451
def4,848
Feb
Portland (Me) RR
def 236
18,447
20,528
12,818
Jan 1 to Feb 28
138,787
111,101
Portland (Ore) By L & PFeb 152,509
130,205
Jan 1 to Feb 28
275,482
305,530
232,658
260,573
St Jos Ry L II & Pow_ _Feb
19,710
20,053
20,146
21,018
Jan 1 to Feb 28 39,336
47,081
49,334
40,235
Savannah Elect
15,864
7
4
17,391
Feb
Jan 1 to Feb 28
31,820
8
13
35,100
Tampa Elect
4,675
24,382
Feb
24,742
4,759
Jan 1 to Feb 28
9,226
48,136
53,367
9,553
Union By Gas & El (Ill) Feb
71,215
50,436
65,564
97,081
to
28
Feb
Jan 1
113,690
160,298
131,147
190,379
x57,291
United Rys of St1Louls_ _Feb 223,130
x40,868
225.652
446,342
598,882 x131,125
Jan 1 to Feb 28
451,198
Roads.

X After allowing for other income received.




1013

THE CHRONICLE

APR. 5 1913.]

ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will . be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Mar. 29. The next will appear in that of Apr. 26.
Vandalia Railroad Company.
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. Joseph Wood, Mar. 24 1913, wrote in substance;
Results.-The income statement is in the form prescribed by the InterState Commerce Commission, effective July 1 1912. The net income,
compared with the similar item for 1911, shows an increase of $630,397.
The appropriation to the sinking fund which in 1911 amounted to $178,239,
and was included in fixed charges and deducted from the gross income, is
now in the new form of statement deducted from the net income.
Growing activity marked the country's industries, and the expansion of
the traffic and earnings of your company was only what might reasonably
have been expected following a long period of restricted purchases on the
part of the railroads, and in a country whose natural resources are not fully
developed and whose traffic consequently doubles in every ten or fifteen-year period.
The revenues of all lines show an increase for the year of $778,382, or
7.81%; the freight revenue showing an increase of $834,359, or 12.99%; the
passenger revenue a decrease of $25,650, or 1.06%; the mail revenue a decrease of $67,252, or 12.52%, due to shipment of certain classes of mail via
freight service, the express, other transportation and non-transportation
revenues showing an increa.se of $36,925, or 6.21%. The large incfreaso
in freight revenue was due to an increase of 12.58% in tonnage, 15.37% in
ton mileage, with a slight decrease in the average revenue per ton mile.
The commodities showing the largest increases in tonnage were anthracite
and bituminous coal, grain, sand, stone and like articles, lumber and ceinent, brick and lime.
The total operating expenses increased $370,169, or 4.75%, chiefly due
to heavier repairs to locomotives and cars, to increased amounts paid road
and yard enginemen and trainmen and station employees, and for fuel
used, incident to the large increase in tonnage handled.
The net income of the year, after meeting all liabilities and providing for
the sinking fund, was sufficient to pay a dividend of 4% and leave a balance
for additions and betterments to road
of $274,032, which was appropriated were
expended in 1912 and $111,460
and equipment, of which $162,572
prior thereto.
Capital Stock.-The stock outstanding Dec. 31 was $14,613,950, an increase of $7,200, due to the conversion of 48 shares of stock of the Terre
Haute & Indianapolis RR. Co. There is also $35,566 reserved for conversion of outstanding stock of constituent companies, making the aggregate capital stock $14,649,516 out of a total of $25,000,000 authorized.
Bonds.-Tho funded debt authorized is $25,000,000 and the amount
outstanding Dec. 31 1912, including unmatured funded debt of the Terre
haute & Indianapolis RR. Co., one of your constituent organizations, was
$19,408,000, a decrease of $179,000, duo to the redemption of that amount
of consol. mortgage 4% bonds, series "B," through the sinking fund.
Additions.-The expenditures on road and equipment, amounting to
$612,247, of which $162,571 was charged against the income for the year,
was expended as follows: (a) $151,331 on road, mainly in continuing the
work of improving the alignment and reducing the grades on the Vincennes
division between Bushrod and Indianapolis, and the installing of new coaling
and water-supply plants at Rose Lake yard; and (b) $460,916 to cover the
cost of 16 additional locomotives.
Securities Owned.-These. held Dec. 31 1912 at a valuation of $299.568,
produced an income during 1912 of $27,851.
Terre Haute ec. Peoria RR.-This leased line shows a reduction in revenues
of $38,339 and a consequent decrease in the rental, 30% of operating revanues, of $11,502. The result to your company in operating the road shows
a loss for the year of $222,045, a decrease of $50,834 compared with 1911.
OPERATIONS AND FISCAL RESULTS.
All Lines
Vandatia Rn...27
17
12
x8
9
Freight
-l
7.27
2.
12
98
1x
..52
11
16
196
..52
21
16
Miles of road operated.... 196
$6,620,470 $5,740,292 $7,268,719 $6,424,360
Freight earnings
(67.53)
(66.61)
Per cent of total earnings
34
4 47
68,3
2 10,434,668 9,26
2)
90
2,7
62
6
(
9,385,713 8,0
Tons carried
Tons carried one mile 1,013,458,215 851,678,549 1120651,074 971,320,837
$7,766
$10,007
Earns, per mile of road_
7ts.
c
.661 eta.
.674
8,74
cis.
.648
$8,677$
.653 eta.
Earns. per ton per mile..
.
6i
388cts
.508
.555 eta.
.555 eta.
Av.cost per ton per mile .503 eta.
353.10
404.05
Av. train-load (tons)
$2.517
$2.249
$2.380
$2.639
Earn. per rev. frt. tr. m_
Passenger32,259,737 $2,290,582 $2,388,767 52,414,418
Passenger earnings
3,149,362
3,154,787
2,838,585 2,852,458
Passengers carried
Passengers carried 1 m..106,786,408 110,283,055 112,996,740 116,275,986
2.076 eta.
Av. earns. p. pass. p. m. 2.116 eta. 2.077 eta. 2.114 cis.
$1.227
$1.198
31.273
51.240
Earns. p. pass. p. tr. m_
x Including Terre Haute & Peoria RR., 165.75 miles.
GENERAL INCOME ACCOUNT FOR YEARS ENDING DEC. 31 FOR
ALL LINES DIRECTLY OPERATED.
1909.
1910.
1911.
1912.
$
$
Earnings7,258.719 6,424,360 7>010 ,270 549,002
Freight
2,180,535
2.370,833
2,414,418
2,388,768
Passenger
192,207
239,062
292,304
270,965
Other transport. revenue
84,504
70,286
78,638
89,981
Non-transport. revenue_
518,436
518.381
537,291
470,039
Mail
234,724
215,820
244,655
248,898
Express
Total oper. revenue._ 10,748,709
Expenses1,398,004
Maint. of way, &c
2,116,084
Maintenance of equip
293,202
Traffic
4,142,960
Transportation
219,424
General
357,995
Taxes
Total
Net earnings

8,527,669
2,221,040

9,970,327 10,528,374

9,136,286

1,419,064
1,880,471
312,599
3,952,816
234,555
332,458

1,508,491
1,993,189
318,820
4,083,133
235,876
320,528

1,353,491
1,573,468
281,105
3,391,917
222,806
286,500

8,131,963
1,838,364

8,460,037
2,068,337

7,109,282
2,027,004

INCOME:ACCOUNT:al-.,11,110.11011•1111111111•••=1=
Deductions (con.)1911.
1912.
aze.,rents $154,420 $165,267
$2,221,040 1,836,364 J't
Net earnings
804,270
Joint facil.rentaote 112,748 A 123,238 Bond interest__ 797,100
15,276
10,410
Miscellaneous._ _ _
178,239
176,654
Gross income...62,333,78S $1,961,602 Sinking fund
(4)584,556(250401684
Dividends
DeductTotal deductions$2,059,755 $1,958,440
Lease of 0th. roads $251,804 $263,306
$3,182
84,811
130,398 Balance, surplus_ $274,033
hire of equip.-bal.
tiurplus as shove in 1911-12 was appropriated for additions and better'ts.
BARNINGS1OF TERREMAUTE &TPEORIA RR.
Net Renta1,30% Rents Hire of Balance,
Oper.
Gross
Loss.'in
Paid. Equip,
Gross.
Earns.
Exps.
jar. Earns.
1912_3809,346 $746,583 562,763 $242,803 -$42,005-- $222,045
53,615-- 272,879
254,305
35,041
1911- 847,684 812.643
244,949
854,379 104,552 287,679 22,611 39,211
1910_ 958,931
31,793 224,770 22,614 25,532 241.123
1909.. 749,234 717,441

1014

THE CHRONICLE

VANDALIA RR. CO. GENERAL BALANCE SHEET DEC. 31.
1911.
1912.
1912.
1911.
Liabilities$
$

Assets-

Road & equip_a_ _34,267,597 33,839,261 Capital stock......14,649.516 14,649,516
Securities proprie'y,
Funded debt
19,408,000 19,587,000
&c., companies'
Equip. tr. oblig's.. 134,457
179,276
Stocks, unpledg. 230,567
230,567 Traffic, &c., Ws_ 228,934
199,312
Bonds, unpledg.
69,000
69,000 Vouch. & wages
731,956
726,621
Advs.for constr.,&c 200,000
200,000 Matured int.&rents 320.141
324,256
57,226
Miscel. Investm'ts
57,226 Miscell. accounts.. 190,132
160,305
1,463,808 1,253,238 Unmatured int.,&13 215,957
Cash
217,150
Loans & bills rec._
600,000 1,000,000 Taxes accrued__
341,548
318,168
Traffic, &c., bats. 300,606
168,850 Def. cred. Items__
73,721
68,940
Agents,&c
319,678
240,171 Add'ns to property
Mat'l & supplies
696,086
790,049
tbrough income_ 1,154,279
880,247
Miscell. accounts_
396,386
471,415 Sinking, &c.,funds 472,081
308,045
Temporary adv'ces
46,757
26,223 Profit and loss.... 861,211
849,679
Oth.def.deb.items 134,222
122,516
Total

38,781,933 38,468,515

Total

38,781,933 38,468,515

a After deducting reserve for accrued depreciation of equip.. $338,228.
p. 864, 791.
•

Green Bay & Western Railroad.
(Report for Fiscal Year ending Dec. 31 1912.)
Gross EarningsFreight
Passenger
Mail, express and miscall

1912.
$520.781
173,268
67,454

1911.
$436.949
165.331
58,204

Total earnings
Operating ExpensesMaintenance of way,&c.
Maintenance of equip't_
Traffic expenses
Transportation expenses
General expenses

$761,502
$125,379
88,905
5,369
230,493
28,460

Total oper. expenses..
Net earnings
Miscellaneous earnings_
Total
Taxes, rents, &c
Depreciation
Add'ns & betterments

1910.
$413,474
160,377.
85,710

1909.
$375,395
157,967
55,557

$660,484

$659,561

$588,919

$148,829
72,768
5,221
203,921
22,541

$114.539
89,767
4,547
202,647
28,615

$98,813
85.474
5,738
175,813
25,436

$478,605
$282.897
39,260

$453,280
$207,204
33,982

$441,115
$218,446

$391,274
$197,645

$322,157
$47,923

$241.186
$43,366

$218,446
$26,876
14,471

$197.645
$24,735

26,000

[VOL. xcm
INCOME ACCOUNT.

1911.. Deduc. (Con.)- 1912.
1912.
$1,491,390 $1,411,775 Joint fac.,&c.,r'ts_ $180,736
296,625
350,788 Misc, tax accels__
3,367
Bond interest..... 255,473
Operating Inc_ _$1,194,765 $1,060,987 Divs.-Gu.stk.(6%) 6,240
Add-Lease of rd. $154,777 $176,203 Other interest_ _ _ _
62,646
Joint fac.ets,&c.
100,044 Miscellaneous
99,429
Corn. dlvs. (5%). 482,080
Gross Income_ _$1,448,971 $1,337,234 Add'ns & better'ts
26,707
App. to sk.,&c.,fds. 78,792
DeductHire of equip.,bal- $43,521
$50,846
Total dedue'ns_$1,148,670
Lease of ferries.-...9,108
12,954 Bal. to bet't res've $300,300
GENERAL BALANCE SHEET DECEMBER 31.
Net earnings
Taxes

1911.
$169,303
3,347
265,175
6,240
59,091
46
482,080
66,537
$675,619
$221,615

1912.
1911.
1911.
1912.
Assets$
LiabilitiesRoad & equip_ _a19,741,796 19,382,631 Stock (see "Ry. &
Stk. of prop., &c.,
Ind." Section). 9,747,305 9,747,305
cos., unpledged_
164,665
164,665 Funded debt
7,942,000 8,022,000
Marketable securs.
90,000 Equip. trusts_ _
16,100
20,125
Misc. investments 192,898
192,897 Real est. mtges_ _ _
46,300
46,300
Cash
595,174
519,459 Traffic, &c., bait.. 600,468
483,960
Agents & cond'rs_
143,210
192,470 Vouchers & wages 264,363
225,379
Material & suppl's 181,694
280,859 Miscellaneous_ .__
131,446
103,342
Traffic, &c., bals_ 292,616
166,393 Accr'd int. & rents 176,779
165,713
Miscellaneous
196,948
58,774 Accrued taxes_ _ _ _
321,850
342,626
Temporary adv's
Def. credit items_
1,036
34,832
to prop.,&c.,cos. 299,265
303,67 Appropr'ted surp_b1,650,382 1,244,583
Oth.def.debit items
12,272
14,108 Profit and loss__ _ _ 022,507
930,057
Total
21,820,538 21,366,223
Total
21,820,538 21,366,223
a After deducting reserve for accrued depreciation of equipment, $312,878, and of road, $71,654. b Includes additions to property since June 30
1907, through income, $894,682; invested in sinking and redemption funds,
$439,300; car trust principal charged out in advance, $16,100; reserve for
additions and betterments, $300,300.-V. 96, p. 948. 864.

American Cities Company (of New Jersey), New York.
(Report for Fiscal Year ending Dec. 31 1912.)
The report for the year ending Dec. 31 1912 is given at
length on another page, including the remarks of President
George H. Davis, the condensed balance sheet and income
statement of the holding company, the income statement of
the combined constituent companies and a description of the
properties of the latter.

Balance
$248,234
$197,820
$177,099
$172,910
Paid on deb."A," 5%...$30,000
$30,000
$30,000
$30,000 Cos. Controlled-Stock Outstanding and
Paid on stock. 5%
Proportion Controlled by Am.Cities Co.
125,000
125.000
125,000
125,000
Paid on deb."B"
(13087,500 (M)35,000 (%)35,000 (U)17,500
-Preferred *Stock--Common Stock
Total Issued. Owned. Outstanding. Owned.
$242,500
$190,000
$190.000
$172,500 New Orleans(La.) Ry.& Lt. Co_$10,000,000 87.967 $20,000,000 96.65
Balance
$5.734 sur.$7,820 def.$12,901
Birm.
(Ala.) By., Lt. & P. Co.._ 3,500,000 79.16V
sur.410
3,500,000 88.83
Memphis (Tenn.) St. By. Co.... 2,500,000 88.35%
2,500,000 86.14
GENERAL BALANCE SHEET DECEMBER 31.
Little Rock (Ark.) Ry.& El. Co_
750,000 80.12%
1,500,000 80.87
1912.
Knoxville (Tenn.) By.& Lt. Co_
1911.
1912.
1911.
2,050,000
100
AssetsHouston (Tex.) Ltg. & Pow. Co
Liabilities
1,500,000 100

Construe. dr equip. 9,892,087 9,965,571 Capital stock
2,500,000 2,500,000
Add'ns & better'ts 120,035
"A" debentures
600,000
600,000
Material & suppl's
27,086
22,300 "B" debentures... 7,000,000 7,000,000
Coal account
2,928 Pay-rolls
1,105
22,722
18,432
Bills receivable.._ 29,693 Accounts payable..
54,694
66,383
68,695
Cash
27,841 Replacement funds 138,075
43,318
112,498
Treasurer
384,211 Due to railways...
419,404
8,526
5,717
General Auditor_ _
11,124
16,876 Sundry accounts
827
5,812
Due from agents.._
8,787
8,163 Divs. due Feb_ _
242,500
190,000
Due from RR.cos.
33,632
32,091 Add. thro. Income
26,000
Stocks and bonds..
97,578
97,578 Profit and loss.. _ _ _
142,320
123,699
Old rail account_ _
15,352
21,881
Insurance premium
3,419
Tie account
810
8,552
Miscellaneous_
18,923
7,168
Total
10,747,354 10,624,853
-V. 96, p. 947, 789.

Total

10,747,354 10,624,853

West Jersey & Seashore Railroad.
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. Samuel Rea March 14 wrote in substance:
Results.-The rail operating revenues were $6,395,256. an increase of
$147,589. or 2.36%, as compared with 1911. There was a decrease of
$22,041 in other income, due to establishing a depreciation reserve for the
Atlantic City & Longport branch out of the income received from rental of
that line. The net income for the year was $887,879,an increase of 15.27%.
After charging against net income the dividends, amounting to 5%,on common stock, aggregating $482,080, appropriations to sinking fund and other
reserve funds amounting to $78,792, and additions and betterments amounting to $26,707. there remained a balance of $300,300, which was transferred
to the "reserve for additions and betterments" for future expenditures
chargeable to that account. .
Expenditures for Road and Equipment.-These aggregated $534,336 and
were disposed of as follows: Charged to capital account, $285.632 (road,
$14,998; equipment, $270,634); charged to reserve for additions and betterments appropriated out of income of previous years, $221,997; charged to
income of 1912. $26,707.
Three new passenger locomotives were acquired, two as additions and
one as a replacement. Thirteen new steel passenger cars, two new steel
combined passenger and baggage cars and one new steel baggage express car,
equipped with motors for electric service, were added to the electric passenger car equipment, and one tool and block car added to the maintenance of way equipment of the road; 51 passenger cars, 13 combined passenger and baggage cars and 26 steel underframe gondola cars were also
provided for replacements.
Bonds and Stock.-As all of the first consol. mtge. gold bonds have been
issued, and there is a margin of only $358,400 of authorized capital stock
that may be Issued for the purpose of raising additional funds, it is necessary that consideration be given to the creation of a general mortgage, and
also an increase in its authorized capital stock, so that the directors may
from time to time issue and sell, as in their discretion is deemed proper,
either bonds or stock, to provide, first, for the payment of the certificates
of indebtedness for $1,394.000 due July 1 1913, which represents moneys
advanced by the Pennsylvania RR. Co. in previous Years; and, secondly.
to meet expenditures for new construction work on your railroad, the extension and improvement of its terminals, tracks and facilities, the purchase of additional equipment and all other corporate purposes.
OPERATIONS AND FISCAL RESULTS.
1912.
1911.
1910.
1909,
Miles operated
356
356
353
356
Revenues$
Passengers
4,097.749 4,019,180 3,808.779 3,473,458
Freight
1,903.346 1,838.598
1,798,906
1,585,731
Miscellaneous
394,161
389,889
373.988
362,245
Total

6,395,256

6,247,667

5,981,673

5,421,434

928.209
969,239
171,205
2,634.760
157.733

960,315
927,015
152,225
2,629.203
124,334

1,045,667
731,514
179,696
2,452,436
121,403

918.331
680,852
146,302
2,168,957
101,490

Total
4.861,146
Net operating revenue.._ 1,534.110
Outside oper.-net
def.42,720

4,793,092
1,454,575
def.42,800

4,530,716
1,450.957
def.65,975

4,015,932
1,405,502
sur.22,626

1,411,775

1,384,982

1.428,128

Expenses-

MaInt. of way & struc
Maint. of equipment _
Traffic
Transportation
General

Net earnings

1,491,390




Total

$16,750,000

$31,050,000

COMPARATIVE INCOME ACCOUNT OF AMERICAN
CO.
(Showing also undivided earnings of sub, companles for CITIES
each year.]
Year end. June19 to
Year end. June19 to
Dec.31'12.Dec.31'11.
Dec.31'21. Dec.31'11.
Divs. on sec. owned $1,832,336 $899,109 Net earnings
$1,826,405 $907,659
Int. on bank bats__
18,447
16,737 Bond interest
500,000 250,000
Int. on bills reedy_
30,806
6,099
Net income
$1,326,495 $657,659
Total receipts_ _ _$1,881,589 $921,945 Pref. dIvidends....(6)1,233,210(3)615,426
Op. exp. and taxes_
55,094
14,286
Balance, surplus_
$93,285 $42,233
Net earnings.. _ _ _$1,826,495 8907,659 Undivided earnings
of sub. cos
456,099 303,851
Total
549,384
346,085
AMERICAN CITIES CO. BALANCE SHEET DEC. 31.
1912.
1911.
1912.
1911.
Assets$
LW ilitfes$
$
$
Securities owned_ _45,778,819 45,659,287 Preferred stock......20,553,500
20,514,200
Cash
477,947
679,981 Common stock_ _ _16,264,700 16,250,600
Bills receivable...._ 696,861
786,000 8-year 5-6% coll.
Accounts reedy_
258
trust bonds_ .....10,000,000 10,000,000
Adv. for expenses_
91
195 Due other co's_
318,688
Deposits for InterInt.&divs.(contra) 870,193
865,426
est & dividends_ 870,192
865,426 Profit and loss.... 135,518
42,233
Total
47,823,911 47,991,147
Total
47,823,011 47,091,147
EARNINGS OF CONTROLLED COMPANIES FOR CALENDAR YEAR 1912.
Gross
Net, after
Fixed
Balance,
Earnings.
Taxes.
Charges. Surplus.
New Orleans (La.) Ry.& Light Co
$6,652,936$2,666,589$1,671,556 $905,033
Birmingham (Ala.) Ry., Lt. & Pow. Co.. 3,005,888 1,213,772 597,385 616,387
Memphis (Tenn.) Street Ry. Co
1,937,308 712,175 481,298 230,877
Little Rock (Ark.) Ry.& Electric Co_ _ _
874,527 398,986 157,513 241,473
Knoxville (Tenn.) Ry.& Light Co
728,035 339,654 181,410 158,244
Houston (Tex.) Lighting dr Power Co..... 680,266 368,705
79,170 289,535
Total
$13,878,961 85699,882 83168,333 82531,549
Year ending Dec.311911
*$13,257,549 85328,874 $3007,856 82321,018
Increase, per cent
4.7
7.0
5.3
9.1
EARNINGS FOR CALENDAR YEARS 1912, 1911 AND 1910.
Gross Earnings-. Surplus after Interest, &c..
.
1912.
1911.
1010.
New On.... $6,052,936 $6,408,281 $6,153,323 $995,033 $771,695 $638,734
131rm'ham 3,005,888
2,819,585
2,681,960
616,387
565,911
573,292
Memphis_ 1,937,308
1,890,496
1,803,008
230,877
236,335
179,293
LittleRock
874,527
868,875
772,244
241,473
277,939
203,375
Knoxville..
728,035
709,604
716,110
158,244
192,095
224,682
Houston..!.
680,266
606,841
529,789
289,535
277,043
127,377
Total __$13,878,961*$13,303,682 $12,656,434 $2,531,549.12,321,018 $1,040,753
*The gross earnings for 1911 in the first of the two tables next
above shown (taken
from the annual report for 1912) differ from those previously reported for that year
(as shown in the second table) because of certain changes in bookkeeping methods
In order to afford proper comparison with the 1912 figures; inter-department electricity charges being eliminated especially with regard to the New Orleans company.

STATISTICS OF OPERATING COMPANIES.
1912.
1910.
1909.
1911.
Birmingham-No. elec.
meters
13,355
10,285
11,426
9,092
'No. of gas meters
7,482
9,897
8,293
6,675
No.steam heat meters.
204
240
222
195
Passengers carried---46,000,782 44,272,042 41,564,593
36,380,690
Houston-Elec. meters_
9,690
8,298
7,451
6,382
Knoxville--Ltg.customers
4,567
3,912
3,543
3,211
Connected load (16 c.p.
equivalent)
181,824
159,297
138,101
126,121
Passengers carried_ _ _ _10,960,344 11,254,845 11,729.926
9.979,629
Little Rock-Lighting
customers
5,151
4,725
4,288
4,023
Connected load (16 c.p.
equivalent)
171,807
149,231
127,922
110,466
Passengers carried........12,956,965 13,067,399 12,068.010 11,422,357
mem ph is-Pass. carried.48,49 .„8 486 46,439,655
NewOrleans-Passcarr.107.407,921 82,524,955 80,408,085 78,643,680
Kilow. hours produced.
77,644,104
(?)
(?)
Amt. k. w. hours sold_35,534,733 33,216,584 28,808,603

(I)

BALANCE SHEETS OF 00ERATING COMPANIES DEC. 31.
-N. 0. (La.) Ry.&L.- -Birm.(Ala.)R.L.& P.--Mem.(Tenn.)St.Ry.1912.
1911.
1911.
1912.
1912.
1911.

Assets-

$

$

$

$

Propertyassets_66,232,802 65,707,525 19,913,343 19,255,327 15,023,222 14,605,044
97,321
401,651
Work in prog'ss
29,724
41,152
75,926
12,983
17,047
1,030,276
Cash
202,431
370,967
272,103
153,221
380,658
67,020
Materials&sup_
42,180
12,999
13,589
3,214
37,871
3,018
Prep'd ins., &c_
399,171
478,012
546,231
239,818
239,945
Int.&divs.-dep.
114,761
219,543
127,725
Miscellaneous
382,765
64,913k 205,830
382,765
92,541
69,826
Bills receivable_
326,762
235,441
460,007
Accts. recetv
208,386
Adv. to affil.cos
27,915
20,115
Stocks & bonds 1,562,828
Unamort. debt
1,139,586
disc. & exp_ _ _
70,312,751 68,768,029 21,563,826 20,381,996 15,521,930 15,001,969
Total
LiabilitiesPref. stock_x_ A0,038,800 10,038,800 3,500,000 3,500,000 2,500,000 2,500,000
Corn. stock _x 20,180,500 20,180,500 3,500,000 3,500,000 2,500,000 2,500,000
Bonded debt
32,934,900 33 129,950 12,484,000 11,455,000 9,343,000 9,000,000
225,000
Bills payable_ _ _112,500 675,044
511,000
300,000
67,772
Accts. pay., &c.f2,325,177 {751,839
112,264
155,316
156,826
Consum. depos.
44,614
58,839
Accr.int.,txs.,&c 714,370
307,933
288,173
728,820
738,840
615,154
Reserves
1,353,188 1,348,496
12,599
Miscellaneous
26,297
25,599
Profit & loss
481,492
401,263
460,422
588,188
2,739,519 2,541,505
Total

70,312,751 68,768,029 21,563,826 20,381,996 15,524,930 15,001,969

x Includes $38,800 pref. and $180,500 common stock of leased and affiliated companies held by others.
-Lit. Ric. Ry.& El.Co.- -Knoxv. Ry.&Lt. Co.- -Hens. Lig. & P. Co.1912.
1911.
1911.
1912.
1911.
1912.
$
$
$
$
$
Assets$
Property assets_ 5,461,493 5,388,659 5,597,310 5,301,637 2,652,606 2,486,245
61,176
14,777
Work in prog'ss
154,050
15,848
191,210
12,130
46,439
109,470
Cash
37,133
53,006
57,366
81,102
37,214
44,169
Materials &sup_
3,041
3,545
719
512
2,210
2,266
Prep'd ins., &c_
32,525
3,075
33,225
11,487
7,925
52,570
Int.&dtvs.-dep.
320,707
313,757
303,591
441,729
72,278
80,727
Accts. rec.&mis.
46,000
120,352
Stocks & bonds_
Unamort. debt,
disc. & exp
71,635
Total

Liabilities-.

1015

THE CHRONICLE

APR. 51913.]

5,942,082 5,600,725 6,144,271 5,887,748 3,103,014 3,048,478

Pref. stock_
1,500,000 1,500,000
750,000
Common stock_
750,000 2,050,000 2,050,000} 1,500,000 1,500,000
3,000,000 2,800,000 3,625,000 3,375,000 1,300,000 1,300,000
Bonded debt
40,000
50,000
Bills payable
31,150
35,291
35,306
38,613
Accts. pay., &c.
25,721
15,427
20,665
13,362
14,061
Consum. depos.
22,860
19,367
90,628
62,015
99,160
Accr.int.,txes,&c 148,100
29,913
15,337
21,329
33,629
64,835
23,351
Reserves
53,809
35,778
340,100
335,013
314,516
390,396
149,856
115,331
Profit & loss_
5,942,682 5,600,725 6,144,271 5,887,748 3,103,014 3,048,478
Total
-V. 96, p. 715, 486.

Pacific Gas & Electric Co., San Francisco, Cal.
(Preliminary Statement for Fiscal Year ending Dec. 31 1912.)
Telegraphic advices from San Francisco quote Comptroller
A. F. Hockenbeamer in substance as follows:

INCOME ACCOUNT YEAR ENDING JANUARY 31.
1910.
1911.
1913.
1912.
Passenger receipts, incl.
Southern Street Ry-$10,838,714 $10,321,770 $9,762,275 $8,735,705
358,343
343,169
Other receipts
405,267
389,707
Total receipts
$11,243,981 $10,711,477 $10,105,444 $9,094,048
Oper. exp. taxes,renewals and int. on capital
invest't and Southern
St. Ry.net earnings_ _ *9,485,823 9,057,223 8,596,509 8,230,735
$1,758,158 $1,654,254 $1,508,935
Net earnings
City's proportion, 55%,
966,987
909,840
as per ordinance
829,914
Company's proportion,
45%,as per ordinance
Int. on capital, as certified by Board of Supervising Engineers

Income from oper'n
Other income

$863,313
474,822

$791,171

$744,414

$679,021

$388,491

2,217,266

2,088,089

1,994,939

1,864,901

$3,008,437 $2,832,503 $2,673,960 $2,253,392
439,180
555,715
295,259
260,172

$3,268,609 $3,127,762 $3,113,140 $2,809,107
Net income
$1,286,102 $1,181,722 $1,127,708 $1,110,667
Interest on bonds
x(10%)1.800.000y(10)1800000z(10)1800000(6)1,080,000
Dividends
Balance, surplus

$182,507

$146,040

$618,440

$185,432

* Includes contingent reserve fund of $60,000 to apply on account of
increase in wages and barnmen from Aug. 1 1912 to Feb. 1 1913.
x Also extra dividend of 1% paid Dec. 30 1912.
y Also extra dividend of 13- % paid Dec. 1911.
z Also extra dive, of 4% and 2%, paid Mar.and Dec. 1910, respectively.
BALANCE SHEET JANUARY 31.
1912.
1912.
1913.
.1913.
Assets$
$
Pur. price of prop.
1st M.5% gold bds27,200,000 25,200,000
in terms of ord_ _45,467,704 42,897,478 Accts. payable,&c. 1,019,617
871,290
Accounts receiv_ __
44,832
46,867 Surp. assets, repreReal estate & treas.
sented by equity
securities
19,974
19,974
of $18,000,000
699,222 1,155,783
Cash on hand_
capital stock__ _18,012,115 18,048,812
Total
46,231,732 44,120,102
-V. 96, p. 62.

Total

46,231,732 44,120,102

Louisville Railway.
(Statement for the Year ending Dec. 31 1912.)
Passenger revenue
Other revenue

1912.
1911.
1910.
$3,005,123 $2,905,784 $2,854,909
125,369
124,814
88,172

Total
Operating expenses

$3.130.492 $3,030,598 $2,943,081
1,790,037
1,742,825
1,692,291

Net earnings
Other income

$1,340,455 $1,287,773 $1,250,790
234,885
210,000
178,256

$1,575,340 $1,497,773 $1,429,046
Total net income
$222,000
Deduct-Taxes
} $786,1275 $229,000
Interest
436,649
1 475,416
Preferred dividends (507)
125,000
125,000
125,000
Common dividends (10%)
545,650
545,650
545,650
Deprec.,renewals,accident fund,&c.__
81,000
107,747
90.000
Total
$1,546,777 $1,482,813 $1,410,297
Balance, surplus
$28,563
$14,960
$18,749
CONDENSED BALANCE SHEET DECEMBER 31.
1912.
1911.
1912.
1911.

Sales of gas during 1912 exceeded 06 billion cu. ft., an increase of more
Liabilities-than 407 million Cu. ft. over 1911. The company made a net gain of
Assets$
•
$
33,764 consumers of gas, electricity and water, or almost 12%. Except for Cost of roadway &
Common stock__ 5,456,500 5,456,500
reductions in rates made to consumers, the larger volume of business in
electric line____11,153,156 10,657,188 Preferred stock__ 2,500,000 2,500,000
1912 would have increased the company's revenues by more than31,000,000. Real est.& bldgs__ 1,622,218 1,240,405 Bonded debt
10,999,000 9,939,000
The reductions in rates benefited approximately 90% of all the com- Mach'y & equip't_ 2,997,426 3,038,904 Current liabilities_ 123,893
83,476
pany's consumers and have, in the opinion of those familiar with the value Louisv. & Interur.
257,959
231,541
Interest accrued
of the company's properties, established a firm basis for its future growth.
167,662
RR.& 0th. Inv_ 3,988,396 3,816,964 Dividends accrued 167,662
The company expended during 1912 $7,849,830 for additions, improve- Material & supp__ 173,439
122,980 Funds for taxes,
ments and betterments. It is estimated that fully $5,000,000 of this in- Cash
229,019
273,230
307,745
Insur.& accident 230,711.
vestment produced little or no income at all during 1912, but should ma- Bills & accts. rec
587,994
109,895
45,522 Income account _ 616,551
terially add to the earnings in 1913 and to a still greater degree in 1914,
when the company will begin deriving benefits from its hydro-electric
20,352,276 19,195,193
Total
Total
20,352,276 19,195,193
developments on Bear River, which will have an ultimate capacity of about -V. 96, p. 553.
160,000 h.p.
with
the
company
express the opinion that the year
People in close touch
Havana Tobacco Company.
1912, with its general readjustment of rates and large burden of construc(Report for Fiscal Year ending Dec. 31 1912.)
tion, afforded as severe a test of stability of the company as it is likely to
ever have to undergo, and that during 1913,and in a still greater degree
thereafter, the company should show remarkably good results.
The report of Treasurer George G. Finch states:
[Tho San Fran. "Chronicle" on March 13 said that the Livermore Water
There has been no change during the year in the capital stock and bonds.
& Power Co. and W. A. Bissell had agreed to sell their plant to the Pacific
The earnings come from dividends on holdings of stocks of Henry Clay
Gas & Electric Co.for $142,000 and that the last-named had asked for au- and
Bock & Co., Ltd., Havana Cigar & Tobacco Factories, Ltd., Havana
thority to issue 1,400 shares of common stock at 65 in part payment.]
Commercial Co., H.de Cabanas y Carbajal and J. S. Murias y Ca.
combined earnings of the above companies for 1912,after deductThe New York bankers have received by telegram from ingThe
all expenses for management, depreciation, interest on debentures.
the Comptroller the following figures showing results for &c., were $857,180, against $717,532 in 1911. The proportion of the Ha-.
vana Tobacco Co.. based on its holdings of their respective securities, was
1912 which we have compared with previous years:
$680,002 in 1912, against $552,916. but,owing to the deficits that existed
1912.
1911.
1910.
Gross earns. (incl. miscell. income)_ _$14,744,652 $14,604,609 $14,044,596 prior to 1912, only a portion of the year's earnings is available for dividends.
Maintenance, op. exp., reserves, &c_ 8,431,561
8,214,072 7,921,341 Included in the statement below are dividends from Havana Cigar & Tobacco Factories, Ltd., aggregating $49.448. as compared with $16,461 reNet revenue
$6,313,091 $6,390,537 $6,123,255 ceived from that company in 1911.
Deduct-Interest on bonds, &c_ _ _ _ 3,568,944 3,254,133
3,006,256
RESULTS OF OPERATIONS FOR CALENDAR YEARS.
Amort. of bond disc't & expense..
127,871
75,672
47,220
1912.
1911.
1910.
1909.
Divs. on stocks owned__
$50,822
$17.301
$630
$630
Balance
$2,616,276 $3,060,732 $3,069,779. *Operating
expenses___
243,308
212.493
245.828
145,918
Other income
25,380

Total
Preferred dividends (6%)
Common dividends (5%)
Balance, surplus
-v.96. P. 716. 654. •

$2,641,656 $3,060,732 $3,069,779
$600,000
$600,000
$600,000
1,520,435
$521,221

$2,460,732 $2,469,779

Chicago City Railway.
(Report for Fiscal Year ending Jan. 31 1913.)
Pres. L. A. Busby, Chicago, March 31, wrote in substance:

Net earnings, def_ _ _ _
Int.on 5% gold bonds.._

$192,486
375,000

$195.192
375,000

$245.198
375,000

$145.288
375,000

Leaving this co.to secure
from other sources in
order to meet fixed chgs. $567,486

$570,192

$620,198

$520,288

*Operating expenses include interest on bills payable in 1912 and 1911,
and in 1910 also includes amount written off as loss on investments; and in
1909 loss on depreciated equipment.
FINANCIAL STATEMENT DECEMBER 31.
1911.
1912.
1912.
1911.
Assets-

$

$

Liabilities-

$

stock___30,000.000 30,000,000
Results.-The property has produced a net income of $1,982,507, from Stock in other cos_39,058,626 39,051,002 Common stock
___ 5,000,000 5,000,000
which four quarterly dividends of 234% have been paid, aggregating a total do In foreign corp's 2,810,692 2,810,692 Preferred
15,005
40,156 5% gold bonds__ 7,500,000 7,500,000
of 10% upon the $18,000,000 capital stock, and leaving a surplus for the Accts. receivable_
296,200 Accrued Interest on
Treas. stock, pref. 296,200
year of $182,507.
bonds payable
209,059
Sufficient reserves having been set aside, under the provisions of the 1907 Treas. stock, corn.. 209,059
June 1
2,793
16,866
31,250
31,250
ordinance to provide for maintenance and renewals, the directors decided Cash
12 Accounts and bills
to distribute from earnings an extra dividend of 1% upon the capital stock. Miscellaneous
payable
4,524,115 3,956,629
4,399,312 3,835,293
Deficit
Balance in surplus account Jan. 31 1913, $12,114.
New Track.-During the year the company has built and acquired by
Total
46,930,562 46,366,543
46,930,562 46,366,543
Total
purchase, authorized by ordinance, 25.42 miles of single track. The total
-V. 96. P. 719.
mileage of single track now owned is 292.07 miles.
Labor.-The 3-year contract with our employees, members of the AmalAmerican Cigar Company.
gamated Association, expired Aug. 1 1912, and after some negotiations all
questions in controversy were submitted to a board of arbiters, consisting
(Report for Fiscal Year ending Dec..31 1912.)
of II. B. Fleming, our Vice-President, Judge Kickham Scanlan of the Circuit Court of Cook County, and Judge Orrin N. Carter of the Supreme
Treasurer Geo. G. Finch says:
Court of Illinois. The board handed down its findings on Mar. 29 1913,
giving the men an approximate increase of 2c. per hour, to take effect as
There has been no change in capital stock during the year, the total
amount outstanding being $10,000,000 preferred and $10,000,000 common
of Aug. 1 1912.




1016

THE CHRONICLE

[VOL. xcvi.

stock; $5,000,000 4%. gold notes were paid at maturity, Mar. 15 1912. I
Of the auth. issue of $40,000,000 1st & ref. 5s, $10,495,000 are held to
leaving none outstanding. The statentent below does not include the com- retire underlying bonds, $95,000 are in sinking fund, $14,956,000 are held
pany's share in the undivided net profits of companies in which it holds for future additions, improvements, &c., $1,479,000 are in treasury and
stock which they have deemed it advisable not to declare as dividends. $12,975,000 are held by public. [Compare convertible bonds below].
Taking these earnings into account, so far as applicable to the proportion of
Tonnage.-The tonnage produced by all mines of the company
1912
the securities of such companies held by the cOmpany,the profits of the com- was 10,347,100 net tons, compared with 9,219,731 net tons in from
1911.
pany, after the payment of fixed charges and dividends, on pref. stock,
Coal Mined by the Company and Its Subsidiaries by Divisions. ,
amount to 11.9% on the common stock.
Maryland IV. Va.
Penn. Mill.Cr. Elkhorn Tot.Gross. Tot. Net,
RESULTS FOR CAL. YEARS 1912 AND 1911 AND 1907 AND 1906.
1912...2,162,996 4,576,984 1,748,091 522,900 228,011 9,238,482 10,347,100
1911...2,178,391 3,925,329 1,671,639 456,544
8,231,903 9,219,731
1912.
1906.
1911.
1907.
Elkhorn Field.-The development work of the company in its 100,000Total earns, aft, all chgs.
acre
Elkhorn
Field
in Eastern Kentucky has progressed most satisfactorily.
Po& management exp.,&c$1,540,185 $1,612,832
Not
Not
The town oil Jenkins, on the eastern or Sandy Valley & Elkhorn By. side
Int. on gold notes (rostated.
stated.
of the field now has a population of over 5,000 people. The central power
tired Mar. 15 1912)_ 41,667
241,666
plant is now supplying all the power for the mines in the entire field, and
I-5F loci
Net
$1,498,518 $1,371,166 $1,887,098 $2,682,379 these minas have been equipped with electrical haulage locomotives and
DedUct-Fret. divs.(6%) $600,000
$600,000
$600,000
$600,000 electrical mining machines designed to cut this Elkhorn seam of coal.
Owing to the unusually high waters last spring, the construction of both
Common dividends(43i)450,000(1 %)150,000
railroads into this field was seriously delayed, and it was Oct. 1 before the
r Balance, surp. for yr_ $448,518
$621,166 $1,287,098 $2,082,379 Sandy Valley & Elkhorn Ry. was taken over for operation by the Baltimore
Add-Tot.sur. begin.yr. 7,428,576
5,320,050 5,477,677 4,145.298 & Ohio RR. Co. On the western side the L. & N. RR. was not completed
until several months later, and tile buildings are not so far advanced as at
Profit from side of secs.
939,8
Jenkins, but some have been completed and a large number are under
Sundry other profits_ _
166,418
547,461
construction. The Louisville & Nashville RR. Co. has ordered 3,000 all1
Total
$8,043,512 $7,428,676 $6,764,775 $6,227,677 steel cars to take care of our output and they are now being delivered. The
Deduct-Depr in sec's
a356,917
750,000 Baltimore & Ohio RR. Co., for the Sandy Valley & Elkhorn By., has had
built and delivered to that read 2,000 all-steel cars, and we understand
ppit
Total stir. end of year_ $7,686,595 $7,428,576 $6,764,775 $5,477,677 have an order for an additional 1,000 all-steel cars in the process of being
placed. Considering that the construction of neither railroad was commenced until April 1911, and the fact that their construction and equipment
a Loss in disposition of interest in American Stogie Co. under decree o
expenditures made and to be made are estimated at $40,000,000, shows the
Courts in case of U. S. vs. Am. Tobacco Co. et al.-V.96, p. 717.
desire of the railroad companies to reach this field as quickly as possible and
the value placed by them upon the traffic originating therefrom.
It is our belief that the production this year from the Elkhorn field will
Quincy Mining Company.
be at least 1,750,000 tons. During 1913 miners' houses and other necessary
buildings
will be constructed so as to provide homes for the miners required
(Report for Fiscal Year ending Dec. 31 1912.)
to produce the increasing output of these mines. At present the mines in
operation
on
the field are producing and shipping 100,000 tons per month.
Pres. William IL Todd, Feb. 28, wrote in substance:
All the important steel producers have built, or are building, by-product
The increased cost per pound of copper is partly due to an advance in plants, and have, therefore, adopted this method of making coke. Several
wages during the year, as well as to an increase of mine openings, referred hundred thousand tons of our Elkhorn Coal have boon used in the largest
to in the report of the General Manager. The sale of our 1912 product by-product plants and gas works in this country, and the coal has been
was made at prices ranging from 134 to 174 cts., and has averaged about found to be uniform in quality and analyses show only % of 1% in sulphur 3% or under in ash, with only a trace of phosphorus. This is run16.24 cts. per lb.
A dividend of $1 50 per share, or $165,000 for 3 months ending Dec. 31 of-mine coal as it reaches the consumer and not an analysis of picked samlast, has been declared, payable March 24, making a total of $605,000 ples.- By practical use, therefore, it has been proven an ideal fuel for by(22% paid from earnings of the past year, this including $110,000 paid product purposes, yielding a pure metallurgical coke, a large and rich yield
March 25 1912,$137,500 Juno 24. $137,500 Sept. 23 and $165,000 Dec.23.] of illuminating gas, together with the other resultant by-products, tar, &c.
Outlook.-The conditions show an improvement over last year and it is
The final note of $150,000 given to the St. Mary's Canal Mineral Land
Co. will be paid on July 1 next, thus completing the payment of $600,000 believed that the production of 1913 will greatly exceed the tonnage of 1912.
[The stockholders on Feb. 18 1913 authorized the issuance of $6,500,000
for mineral land purchased in 1910.
6% 10-year bonds convertible into stock at 105 prior to Feb. 1 1922, and
Extracts from Report of Gen. Mgr. Charles L. Lawton' Jan. 9 1913. also an increase of $6,190,500 stock, to take care of the convertible feature
The operations of the Quincy mine, railroad, stamp mills and smelter of the bonds. A public offering of the bonds was made in March. See
for the year 1912 have included more development and construction than V. 96, p. 792. Pres. Wheelwright on Feb. 27 1913 reported the company's
for several preceding years. This feature of the work, however, has been total bonded debt as $28,613,000, including $11,645,000 "1st & ref. M."
met to a considerable degree by the increased price of copper, which has 58, $10.468,000 underlying issues and the $6,500,000 new convertible bonds.
also permitted the wider distribution of efficiency installation. Notwith- Ho also reported the collateral for the new bonds as $1,800,000 Northstanding the shortage of labor and the more perceptible decrease In the out- western Fuel Co. corn. stock; $500,000 Metropolitan Coal Co. stock, and
put of No. 7 shaft, the tonnage of rock sent to the stamp mills was 1,309,- 86,500,000 Consol. Coal Co. 1st & ref. M.5s, or their equivalend in cash,
253 tons. This means a consequent lessening of the total production of pending deposit of bonds. There are now listed on the N. Y. Stock Exch.
copper for the year,which, together with the increased cost of labor, entails $16,345,000 1st & ref. M. 5s, which amount, we learn, includes $4,605,000
of the $6,500,000 which are to be pledged for the convertible issue. See
a higher cost.
No material change has been noted in the copper contents of the rock also V. 96, p. 421, 491, 556, 949.),
In the now lower, or bottom, openings of the mine, as compared with recent
years,though the good showing of copper in the new openings of the bottom RESULTS FOR YEAR ENDING DEC.31(INCLUDING SUBSIDIARIE S)
of the mine north of No.8 shaft is worthy of mention.
1910.
Pmnale-1912.
1909.
1911.
The openings for the year have been greater by 2,665 feet than during
9,238,482 8,231,903 9,370,633 7,325,123
the previous year; this was attained in spite of the fact that No. 7 shaft Coal mined
96,692
62,441
62,647
43,740
openings Were necessarily less by 1,661 lineal feet than in 1911. The total Coke manufactured..__
524,858
466,087
536,401
473,008
new openings made during the year were 31,405 lineal feet and 2,734 feet Coal mined by lessees
of diamond drilling, a combined total of nearly 63's miles. All the shafts Gross earnings (mining .$13,708,564 $11,420,694 $12,712,256 $10,223,087
are in good physical condition.
Operating expenses
9,896,157 a8,467,662 9,186,013 7,144,567
251,410
206,647
At No. 7 shaft the available stoning ground is being steadily mined out. Deprec. mining plant
221,618
247,508
59,607
68,491
The loss in tonnage from this shaft amounted toe million pounds of copper Deprec. misc. equipm't_
78,999
96,284
222,194
212,179
169,213
during the year. The 2,484 feet of drifting in this shaft was almost ex- Taxes
220,216
22,437
5,969
clusively on one of the east branches, averaging about 7 feet wide. It is Interest and exchange.._
62,092
37,850
41,803
rich stamp rock and carries much small and heavy mass Copper. The shaft Insurance
39,424
29,306
25,140
produced 376 tons of mass copper.
212,847
172,343
Royalties
234,180
197,335
A new 20-million-gallon centrifugal pump has been purchased as a dupliTotal
cate pumping plant for increased protection in cases of emergency.
$10,773,527 $9,227,056 $9,978,664 $7,849,243
Net earnings
$2,935,
$2,193,638 $2,733,592 $2,373,844
PRODUCTS, EARNINGS, EXPENSES, &e.
Int.& diva, on sec. owned
811,853
311,431
197,848
277,815
1912.
1911.
1910.
1909.
Total income
Mineral produced, lbs__ 30,040,360 32,550,440 34,177,380 35,025,225
$3,746,890 $2,505,089 $2,931,440 $2,651,659
Refined copper, lbs____ 20,634,800 22,252,943 22,517,014 22,511,984
Deduct$3,381,587 $2,854,805 $2,974,086 $3,034,810
Gross income
$517,084
$265,094
$263,520
1,778,825
1,786,460
Mining expenses
1,762,313
1,765,965 mt. on Cons. Coal. bds_ $639,224
650,376
Int.
on sub. cos. bonds..
355,926
650,610
334,858
223,178
267,173
Opening mine expense...
219,647
216,131
153,618
108,950
79,930
162,958
Smelting, transp n, &c..
182,441
198,662
209,522
206,461 Sink.fd. Cons. Coal Nis.
194,444
94,605
106,492
165,631
63,475
Taxes paid in Michigan..
50,186
56,733
58,749 Sink. fd. sub. cos. bonds
1,141,552 b1,009,883
1,201,513
Cash dividends(6%) -- 1,358,865
$2,291,913 $2,258,486 $2,248,216 $2,247,306
Total expenses
Total deductions
$2,602,397 $2,322,746 $2,360,416 2,169,583
$1,089,674
$596,319
Net profit
$725,871
$787,504
$182,323
$571,024
$482,076
$1,144,492
15,245
Other income
17,869
28,732
12,756 Balance, surplus
amounting
to
depreciation
$108,230
Cumberland
&
RR.
Pennsylvania
a
$614,178
Total net income_ _ _ $1,104,919
$754,603
$800,260
to operating expenses in acConstruction, cost
$110,049
$106,581
$111,910
$111,410 in 1911, and insurance, $3,544, is charged
cordance with Inter-State Commerce Commission classification.
34,091
Accident account
Dividends
(22)605,000 (16)440,000 (18)495,000 (18)495,000
S Also 60% stock dividend callinz for $6,150,000 paid March 1909 from
accumulated surplus, the profit and loss surplus, including subsidiaries, on
$147,693
Balance,surplus
$355,779
$67,597
$193,850 Dec. 31 1909, after such payment being $6,406,421.
GENERAL SUMMARY OF RECEIPTS FROM ORGANIZ'N TO DEC. 31.
COMBINED GENERAL BALANCE SHEET DECEMBER 31.
To 1913. To 1912.
To 1913. To 1912.
1912
1912,
1911
Expendituresfor- $
S
t
1911.
ReceiptsfromLiabilitiesStock ($2,750,000)
Real estate & per$
ope
ssrerTaccount a47,918 32 45,255,105 Capital stock
2,150,000 2,150,000 PrA
25,000,000 25,000,000
manent improv. 7,318,490 7,058,442 and scrip
Bonded debt
108,598 Copper and silver*74,405,166 71,023,579 Adv. plyments on
Miscellaneous ___ 108,598
24,410,000 23,234,000
land
parch_
coal
1,355,855 1,145,763 Car trust bonds-Operating exp_ _ _ _48,265,808 45,939,802 Interest
434,228
421,757
b
lsstt&
e
mtfgreo.mtru
assumed by C.&
Due
20,430,000 19,880,000 Sale real estate,
Dividends
,650,901 1,236,702 P.RR
972,499 &c
532,000
Net current assets 1,233,278
366,770
456,000
364,005
allied
of
Stocks
cos.c3,636,888 2,846,688 Fur. money oblig's
31,429
58,229
91,400
Total
41,400 Briar Hill C. & C.
77,356,173 73,959,341
Total
77,356,173 73,959,341 Other investments.
Sinking funds._ __ 776,934
774,450 bds.retiredJunel
Coal and coke_ _ -- 260,785
30,000
*Represents sales of 500,791,147 lbs. of copper.
345,553 '11 & Juno 1 '12
60,000
1,050,000
Note.-On Jan. 1 1913 the current assets, including cash, copper, sup- Materials,supP.,&c 1,130,882
942,930 Bills payable
779,319
plies and investments amounted to $1,500,275; accounts, &c., payable, Bills receivable.....271,650
54,160 Accounts payable_ 833,767
Accts. receivable__ 4,643,426 4,606,158 Pay rolls
308,805
282,250
$266,997; bal., net current assets as above, $1,233,278.-V. 96, p. 950.
186,044
Cash In banks, &c.. 971,401 1,231,856 Royalties payable.. 205,953
61,921
62,223
Cash for bond int.
Bd.int.& divs.due.
243,293
and diva. due__
61,921
62,223 Bond int. accrued- 246,686
The Consolidation Coal Co., Baltimore, Md.
Special deposits to
133,629
Sink. fds. accrued- 136,340
to_ 205,128
302,158
o l royalties..
185,110 Div. pay. Jan. 31- 376,000
(Report for Fiscal Year ending Dec. 31 1912.)
Special deposits for
Individuals & cos.. 1,640,181 1,204,132
Elkhorn improv.
358,371 Profit and losS.__ 8,159,416 7,039,192
Pres. J. H. Wheelwright, Bait., Mar.

19, wrote in subst.:

Total
62,975,498 59,086,469
Bonds.-The following 5% 1st Ms. have been released of record and bonds
62,975,498 59,086,469
Total
canceled* Consolidation Coal Co. Kentucky Div., $3,000,000; Somerset
a Property account ($47,918,327) includes' Coal lands and other real
Coal Co., $4,000,000; Clarskburg Fuel Co., $2,500,000; Pittsburgh &
estate, $34,192275; less reserve for exhaustion, $2,607,086; balance,
Fairmont Fuel Co., $1,300,000.
$31,685,189; mining plants and equipment, $14,333,781; less reserve for
Bonds in Sinking Funds and Pledged under First and Refunding fortgage.
depreciation,$2,635,803; balance, $11,697,982; Cumberland & Penn.'RR.,
Pledged.
In S.F. 33,271,450; less sink, fund for redemption of bonds, $714,506, balance,
Consolida-{4%% 1st M
$444,000 $2,556,944; Cumberland & Penn.
RR.; equipment, $1,832,626; lass reserve
% ref. M
tion
$322,000 446,000 for depreciation,
$523,174; balance, 31,309,452; floating equipment,
Coal Co 5% 1st and ref
95,000 $1,141,730; less reserve
for depreciation, $472,971; balance, $668,759.
Cumb.& Penn. RR. let 5%
b For 75% of cost of improvements, extensions, &c., $329,773; for exFairmont Coal Co. 1st 5%
189,000 64,000
So.'Coal & Trans. Co. 1st M 5%
486,000
14,000 penditures on Northern Coal lands, $1,261,127, and for Briar 1101 Coal &
Coke bonds retired June 1 1911 and June 11912,$60,000; total, $1,650,901.
Briar Hill Coal & Coke Co. 1st M.5%
Somerset Coal Co. 1st M.5% of 1910
3,585,000
c Stocks of other companies owned include 18,900 shares Northwestern
Fuel Co. common stock, 2,700 shares Northwestern Fuel Co. prof. stock
Sinking fund holds $678,000 bonds of other companies.
and 7,513 shares Metropolitan Coal Co. common stock.-V.96, p. 949.




TIIE CHRONICLE

A pn. 5 19'

1017

surplus. These estimated earnings do not take into account the present
economies now in operation, which were not then in force. Tho advance in
the market price of oil will also considerably add to these estimated earnings.
The earnings for the present year are substantially assured by the fact
that 77% of this year's estimated refinery production is already requisitioned for by contracts and station sales requirements. The board of
During the year we have acquired by purchase or lease control of the directors, therefore, earnestly urges upon
the committee the importance
principal properties of the Iditarod District, Alaska, which we believe will of immediately adopting some financial plan
meet the loan now past
add substantially to our gross product and net profits. The cash required due, thus safeguarding the stockholders their to
equities in what now shows
for purchase, advanced royalties and equipment of the Iditarod properties every evidence of becoming a profitable investment.
increase
of about $'725,00
approximated $1,600,000; this accounts for the
in the amount owing to the Guggenheim Exploration Co. The Iditarod NET PROFITS AND CHANGES IN BALANCE SHEET DURING
HALF-YEAR ENDING FEB. 28 1913.
property was equipped with a dredge moved from the Klondike, and after
the other dredges have completed their work in that district, it is our inten- Reduction in (a) accts. and bills receivable,(b) cash,(c) deferred
tion to transfer them to such other properties as we maypurchaso or acquire
charges and (d) sinking fund items
$485,977
which
our
scouts
for
are
lookout.
on
and
continually
the
time,
from time to
Net profits after-deducting depreciation of physical properties_ _ 657,466
Depr'n written off, $81,152, less net capital exp., $51,265
Digest of Statement by 0en. Mgr. 0. B. Perry Jan. 31 1913.
29,887
Property.-We have secured on Flat Creek, the principal producing creek
Total not profits and assets to be accounted for
$1,173,330
of the Iditarod District, Alaska, 24 placer claims, either by working agreeDisposition of Aforesaid Resources, fully Accountingfor Samements with the owners or outright purchase, including all the dredgable
retired: 1st M. bonds (par value). $334,000; car trust
ground for a distance of 4 miles, containing approximately 5,500,000 cu. Securitiesretired,
notes
$90,570
$424,570
yds., a large percentage of which is thawed. In the Klondike District some Reduction
of accounts payable, $283,335, and bank loans, $416,few purchases of outstanding claims were completed on Upper Bonanza
less increase in bills payable,&c.,$26,631 672,704
$699,335;
total,
000;
and other creeks.
accounts
76,056
The No. 7 dredge completed its work on Upper Hunker Creek in Oct. Increase in inventories and other
1911, and was shipped to Flat Creek on the Marietta Claim. To furnish
COMPARATIVE CONSOLIDATED BALANCE SHEETS.
the dredge with power a 300k. w. plant was erected, consisting of a steamAug. 31'12. Feb.28 '13.
Aug. 31 '12. Feb.28'13.
driven turbine direct connected to a 4,400-volt generator, boiler plant, and
Assets$
$
transmission line 2 miles in length.
Dredging.-The eight Dawson dredges commenced operations in the first Capital assets__ _ _ 5,694,441 5,664,554 Common stock__ _ 3,000,000 3,000,000
Preferred stock_ __ 3,000,000 3,000,000
week of May and worked continuously,until Oct. 24, when they were forced Inventories of oils,
&c. (cost)
831,089 1st M. bonds out. 3,585,000 3,251,000
764,835
to suspend, owing to the failure of the power supply, which at the end of
52,223 Car trust obliga69,856
the season is purchased from the Granville Power Co. The yardage mined Advances
tions
581,424
490,855
totaled 5,157,280 cu. yds., which produced $3,346,026, or an average of Accounts reedy.,
less reserves_ _ _ _ 1,001,392
740,828 Purchase money
64.88c. per cu. yd.; average cost 30.64c. per Cu. yd. The results, as com20,905
mortgage
28,650
33,368
28,650
pared with last season, show an increase in yardage of approximately Bills receivable_ _ _
accounts,
Vouchers and ac1,000,000 yards and an increase in gross production of $674,181. The Foreign
less ressrves__ _ _
170,703
90,521
counts payable_ 510,870
227,535
value per cu. yd. increased 0.53c. and the cost decreased 4.79c. per cu. yd. Cash
143,244
126,846 Secured bank loans 2,600,000 2,184,000
The gain in yardage and production is accounted for in part by increased
substanBills payable
301,426
274,929
capacity duo to the addition of one dredge. The physical conditions were a Accts.
tially assumed__ 594,786
604,588 Int. accrued
98,573
98,707
better, a large percentage of the material being thawed,and both the thaw- Int.,
taxes and ins.
Unclaimed diva...
1,333
1,333
ing and dredging operations showed improvement. Of the area mined,
unexpired
28,450
15,643 Insur.fund reserve
14,791
14,573
509,544 sq. yds., or -73.58%, was frozen and had to be thawed by,steam.
14,791
Ins.fund assets_ _ _
14,572 Bk. fd. profits (lees
The two new all-steel dredges, finished late in 1911, did excellent work Sink,
fund assets_ 237,234
191,245
exp. in suspense)
35,983
49,778
under severe conditions.
584,905
The Iditarod dredge commenced operations on Aug. 15 and closed down Organ., &c., exp_ _ 635,970
for the winter on Oct. 29. The dredge handled 172,333 cu. yds., which Prof. Sr loss deficit 4,354,939 3,697,473
produced $404,040 gross gold, or an average value of $2 34 per cu. yd.
13,731,553 12,647.857
Total
Total
13,731,553 12,647,857
Some of the gravel in the main pay produced $8 90 per cu. yd. This was
on the Marietta, which is known as one of the best claims on Flat Creek.
a Accounts substantially assumed by Richard Levering in process of
The total operating cost was $79,114, which is 45.91c. per Cu. yd. The adjustment. Compare statement of Nov. 4 1912 in V. 95, p. 1330.
low daily average yardage (2,361 Cu. yds.) and the high costs were due to 1334, 1405.
the delays incidental to starting up a new plant, the excessive grade of the
creek at the upper end, and the heavy wash. These last two adverse (The) Montana Power Co. (of N. j.), New York, N. Y.
conditions will disappear in working down the creek.
(Official Statement of March 15 1913.)
Hydraulic Operations.-A total of 2,967,750 Cu. yds. of gravel were
handled in the hydraulic mines, which produced $629,043 gross gold; an
Sec. Henry F. Kroyer, 71 Broadway, March 15, wrote
Increase of 842,000 yds.,and $195,000,approximately, in gross production.
The value per cu. yd. increased slightly, while the average cost was 9.37c., in substance:
as compared with 15.5c. for 1911. This decrease was largely due to the
Merger.-By the consolidation of Dec. 12 1912(V.95,_p. 1334), the Monbetter water conditions and the decrease in maintenance and operating cost
of the main ditch system. The Twelve Mile water system delivered tana Power Co. acquired the physical properties of the Butte El. & Power
524,249 miners' inches, an increase of 41,669 over 1911, at a total cost for Co. Missouri River El. & Power Co., Madison River Power Co., Billings
oiperation and maintenance of $76,760, as compared with $135,710 for 1911. & Eitstern Montana Power Co. and the stocks of other companies, includWith a normal water supply the hydraulic costs should remain in the neigh- ing one-half of the capital stock of the Great Falls Water Power & Townsite Co., which was the owner of all of the stock of the Great Falls Power
borhood of 10c. per Cu. yd. for the remainder of the life of the mines.
Outlook.-The figures given indicate a material gain in all branches of our Co. (V. 94, p. 985). The company also received $3,900,000 cash paid in
srm
soi:13;
favorable physical conditions, on a like amount of its pref. stock and upwards of $2,500,000 in cash
rvneeign
ftuiromratapTo
o
sriga
through the exercise of subscription rights by holders of Butte Electric &
Power Co.stock-purchase warrants,in all over $6,400,000 cash, without any
increase of indebtedness.
OPERATING RESULTS FOR YEAR ENDING DEC. 31 1912.
Since the consolidation the company has acquired all the capital stock of
Production. Work'g Costs. Open Gain. the Thompson Falls Power Co.[Thompson Falls and Missoula River power
Dawson-dredges
$3,346,027 $1,580,290 $1,765,737 sites and development], and the remaining half of the stock of the Great
Dawson-hydraulics
351,090 Falls Water Power & Townsite Co.; in consideration of the issue of $5,000,277,953
629,044
Iditarod--dredge
324,926 000 pref. stock and of $22,500,000 common stock, that is not to share in
404,040
79,114
Pacific, Atlin, Lay operations on propdividends except as hereinafter stated.
erties owned and winter drifting_
484,338
279,666
204,672
Capitalization-Outstanding in Hands of Public.
Bonds and notes of constituent
$15,146,000
$4,863,448 $2,142,029 $2,721,419 Pref. stock, 7% cum., red. after companies
3 years at 120% and diva.
Deduct-Royalties paid. $692,995; amortization and deferred
(authorized $25,000,000)
9,700,000
charges, $577,146; interest charges, general expense and
Common stock (auth.$75,000,000),issued and entitled to share
examinations, $378,686; divs.(6%). $1,050,000; total_ _ _ _
2,698,827
in dividends
27,134,000
Issued but not entitled to share in divs. except as hereinafter
Balance, surplus for year
$22,592
stated
22,500,000
BALANCE SHEET DECEMBER 31.
Of the above-mentioned $22,500,000 common stock,(a)$17,500,000 is not
bearing dividends until after the complete installation of a new dam
to
begin
1911.
1912.
1912.
1911.
and hydro-electric plant near Great Falls, with a capacity of at least 30,000
LiabilitiesAssetss
$
3
Capital stock
Prop. & inv. (lnel.
17,500,000 17,500,000 h. p., and is then only to share in dividends as follows: When the Ch. Mil.&
St. Paul Ry. Co. has taken power for six months under the contract heresurveys,&c.)___12,026,121 12,163,413 Guggenheim Exploration Co.__ 2,524,972 1,798,160 inafter referred to with the Great Falls Power Co., or whenever the gross
Ditches, dredges,
earnings
of the Great Falls Power Co. shall for any fiscal year have
accounts
Bills
and
pipe lines, &c.
payable
(cost)
202,272
6,935,801 6,495,481
127,947 amounted to $1,750,000, then $2,500,000 of this stock is to become entitled
Deferred charges
Depreciation ___ _ 586,893
434,108 to share thereafter in dividends, and the balance is to become entitled to
share in dividends in installments of $3,000,000 at intervals of one, two,
(stripping, &c.) 441,279
559,457 Surplus after diviAdvanced royalties 340,004
386,684 three, four and five years thereafter. (b) $5000,000 is not to begin beardend Dec. 31.... _ 409,276
ing dividends until after the complete installation of the new dam and hydroSupp. & material_ 879,292
605,063
electric plant at Thompson Falls, which it is estimated will have a capacity
Accts. receiv.(1nci.
of 30,000 h. p., and is then only to share in dividends as follows: When the
321,985
adv. to sub.cos.) 502,965
Mil.& St. Paul Ry. Co. has taken power for six months under the conCh.
97,351
Cash
101,500
tract hereinafter mentioned with the Thompson Falls Co., then $2,503,000
Total
21,223,414 20,246,899
21,223,414 20,246,899 thereof shall become entitled to share thereafter in dividends and the reTotal
maining $2,500,000 shall become so entitled after another year.
Quarterly, dividends of 2% (10c. per share, par $5) were paid from
[Thompson, Towle & Co. report the $15,146,000 underlying bonds and
Sept. 301900 to Sept. 301911,inclusive; in Dec. 1911 the rate was reduced notes in the hands of the
public as of Mar. 15 1913 as follows:
to 7 c. per share quer.(1 %), and five dividends at that rate have since
Butte El. & P. Co. 1st 5834,283,0001Mo. Riv. El. & Power Co.
been paid, the last on Mar. 31 1913.-V. 95, p. 425.
Mad. Riv.Pow. Co. 1st 5s 2,396,000
Ref. and ext. 5s
$28,000
Mont.P.Transmission Co.
9-year 6% notes
286,000
Indian Refining Company, Inc., New York.
1st 55
585,000 United Mo. Riv, P.Co. Os 977,000
Butte M.& Bill. Cos.joint
Mo. Riv. Pow.Co.6s.._ -- 575,000
(Statement for Half-Year ending Feb. 28 1913.)
M non-convert. 6s_ _ _ _ 1,120,000 Capital City Pow. Co. 6s_
1,000
Great Falls Power Co. 5s- 4.895,000
Pres. Theodore L. Pomeroy, under date col March 29,
Compare Montana Power Co. and Great Falls Power Co. in "Ry. and
writes to the stockholders' protective committee (see a sub- Indus." Sec. and Missouri River El. Power Co. in V. 95, p. 300, United
Missouri River Power Co.in V. 88, p. 752.]
sequent page) substantially as follows:
DESCRIPTION OF PROPERTIES.
From the comparative balance sheet of Aug. 31 1912 and Feb.281913,
it will be seen that the liabilities have been reduced in the six months'
Butte El. & Power Co. Property.-(1)System distributing electric light and
period $1,097,274, while the inventories of oils, merchandise and packages power throughout
and suburbs and also furnishing power to the street
Butte
have been increased $66,254, a total betterment exceeding $1,163,000,
(2) Central steam heating plant (exhaust steam), boiler capacity
about two-thirds of which accrued from earnings and one-third from the railway.
steam
heating
1,600
in 6-ft. tunnels. (3) Gas generating plant,
h.
p.;
liquidation of accounts receivable. This period embraced the three winter mains, &c. (4) Plant for pipes
manufacture of tar paper, pitch and paint from
months, which from the nature of our business, considerably detracted from coal tar product of gas plant.
(5) At Divide, on Big Hole River, 22 miles
the earnings as compared with a normal period. The earnings are further from
Butte, hydro-electric plant of 4,000 h. p. rated capacity, with doublereduced by heavy expenses in settling contracts for the sale of crude oil that circuit
transmission line to Butte. (6) Dam at Divide, storage capacity
were being filled at a loss and extended over a considerable period. Taking
Cu. ft. (7) At Great Falls, Aleut., street railway and elecinto consideration these conditions, there can be no doubt but that the 400,000,000
tric
lighting
system. (8) At Conrad, Mont., steam electric generating
company has demonstrated its ability, to make substantial earnings.
h. p., and lighting system. (9) At Lewistown, Mont., two
The remarkable change in the company's earning capacity has to a great station of 150developments,
steam reserve plants and distribution system
extent been made possible through the radical economies effected by the water power
electric light and power to city,&c.(V.87, p.41; V.88, p. 1623).
management. The salary expense for February 1913, as compared with supplying
mines of the Butte district produce annually over 300,000,000 lbs.
February 1912,shows a saving of $29,000 per month,or over 36%, and the ofThe
copper, which is about 25% of the American production.
general administration expense shows a like economy in excess of$13,000
Madison River Power Co. Property.-(1) Two hydro-electric plants on
per month, or over 42%, all exclusive of foreign offices' expense, now disMadison River, aggregate capacity 15.000 h. p. (2) Reservoir area 9 sq.
continued. Further economies are contemplated.
miles, capacity one billion cu. ft. (3) Three transmission lines, one on steel
It would, therefore, appear conservative in estimating the earnings
for towers, to Butte, 61 miles, and including also Livingston, Whitehall,
the years 1913 and 1914 to use the actual figures for the six months'
period Parrot, Divide, Manhattan, Three Forks, Ruby, Alder, Laurin, Sheridan.
ending Dec. 31 1912. and from the statement of prospective earnings
for Twin Bridges and Hunter's Hot Springs. (4) At Bozeman, Mont., electhose two years it will be seen that after providing $1,000,000 for the
tric lighting property. (5) At Livingston, Mont., electric light and power
sinking fund for the 1st M. bonds for these years and $790,000
for the car property; hydro-electric plant 2,000 h. p. on Yellowstone River.
trust notes maturing and capital expenditures, there are estimated surplus
Billings & Eastern Montana Power Co. Property.-Two hydro-electric
earngs
in excess of 2,500,000-more than sufficient to pay off the present plants
ni
at Billings, Mont., on Yellowstone River, combined capacity 2,000
loan and,together with the funded liabilities discharged during the
period,
h.
p.; steam turbine auxiliary, 1,000 h. p. capacity, and lighting and power
wipe out the deficit now carried on the books and show an actual disbursable , distributing
system in Billings and its suburbs. 'transmission lines west-

Yukon Gold Co., New York.
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. S. R. Guggenheim, N. Y., Feb. 28, wrote:




73lethexexc
uatIly

1018

[VOL. xcn.

THE CHRONICLE

ward to Big Timber, Mont., 84 miles, supplying also Laurel, the shops of
the Northern Pacific Ry. and power for pumping water for irrigating lands.
Missouri River Electric & Power Co. Property.-Two water power plants
on the Missouri River and an auxiliary steam power plant at Butte, combined generating capacity 30.000 electrical h. p. Also owns additional
power sites and water rights on Missouri River capable of developing 46,700
electrical h. p. The transmission lines extend to Anaconda, Butte, Helena.
East Helena, Boulder, Deer Lodge, Stuart, Holier, Mitchell, Radersburg,
Townsend, Wolf Creek, Wickes, &c. Extensions are contemplated. The
territory served is rich in agricultural and mineral resources, and is being
rapidly developed. Has contract to pump water for irrigation purposes in
the Prickly Pear Valley, near Helena, Mont.; about 20,000 acres will be
Irrigated, 6,000 acres of this in spring of 1913(V.95, p.300).
Great Falls Water Power & Townsite Co. Property.-Includes all the stock
of the Great Falle•Power Co.and two-thirds of the capital stock of the Great
Falls Townsite Co., which company owns valuable lands and lets in and
about the city of Great Falls, and the Rainbow Hotel, built in 1911 at
a cost of over $400,000.
ft
Great Falls Power Co. Property.-All the water powers and appurtenant
rights on the Missouri River at Great Falls, including the dam and water
power at Black Eagle Falls of over 8,000 h. p. capacity; dam and hydro
electric plant at Rainbow Falls, completed in 1910, 36,000 h. p. rated capacity; double steel-tower high-tension transmission line to Butte, 135
miles, single steel-tower line from Butte to Anaconda. 21 miles. (V. 94,
p. 985; V. 93, p. 472).
Thompson Falls Power Co.-Owns and is developing a water power site
at Thompson Falls, on Clark's Fork of the Columbia River, near the western boundary of Montana, that will generate about 30,000 h. p. Also
has in operation a 1,000 h. p. plant on Prospect Creek, near Thompson
Falls, furnishing light and power to Plains, Paradise and Thompson Falls.
Montana Reservoir & Irrigation Co.-The Montana Power Co. owns the
entire issued capital stock, $985,000. This subsidiary has Just completed
at head of Madison River the Hebgen Reservoir, with a dam 40 ft. high,
having a storage capacity of thirteen billion cu. ft., to equalize the flow of
the Madison and Missouri rivers and provide more water for irrigation.

EASTMAN KODAK CO. OF NEW JERSEY AND SUBSIDIARY
COMPANIES-COMBINED BALANCE SHEET DEC. 31.
1911.
1912.
1911.
1912.
AssetsPlant, pat'ts, good
Common stock ..19,522,800 19,512,300
32,014,371 28,917,763 Preferred stock.._ _ 6,165,701) 8,165,700
will, &c
510,220 Accounts payable_ 1,511,010 1,187,169
Welfare fund assets 1,025,521
9,733,650 7,367,105 Pref. div. Jan. 1_
Supplies
92,486
92,486
Corn. div. Jan. I__ 488,070
Accounts and bills
•
489,655
receivable (net)_ 3,317,703 2,731,654 Welfare fund res__ 1,025,521
510,220
Bonds and stocks_y1,335,914 2,038,798 Reserve for depr.,
5,634,064 4,912,766
renewals, capital
Cash
139,652
Miscellaneous
purposes, &c... 6,937,853 6,413,102
78,614
Surplus
17,507,435 12,186,288
Total

53,250,875 46,556,920

Total

53,250,875 46,556,920

y Market value Dec. 311912, 31,606,912.-V. 95, p. 820.

Emerson-Brantingliam Co. (Agricultural Implements),
Rockford, Ill.
(Results for Five Months ending Dec. 311912.)
This company, whose pref. stock was offered by William
Salomon & Co. last August (V. 95, p. 363), began paying
quarterly divs. of 1Vi% on said stock on Nov. 1 1912.

Regarding the earnings as shown by the income account, it is unofficially
pointed out that the monthly earnings of all agricultural implement companies fluctuate widely in accordance with the season, the months of big
sales and earnings falling much more in the spring and summer than in the
autumn and winter. Under the circumstances, the five months' earnings
PRESENT CAPACITY AND MAXIMUM AND AVERAGE OUTPUT OF are regarded as very satisfactory and quite up to expectations. Since the
first of the year the booking of new business has gone forward rapidly,
COMBINED PLANTS.
unfilled orders on Feb. 8 amounting to more than $4,000,000
Capacity.
Max .Output. Av. Output.
The company, it was stated last week, has borrowed no money at more
Montana Power Co.system...._ 59,000 h. p. 45,000 h. p. 27,000 h. P• than
notwithstanding prevailing high rates,
5% during the past sixty
Great Falls Power Co
44,000 h. p. 41,000 h. p. 35,000 h. p. and a good deal of its paperdays,
has been put out at 4%%. The company
Thompson Falls Power Co_
1,000 h. p.
enjoys the right to borrow from its regular banks of deposit, according to
arrangements made, to an amount aggregating over $3,000,000, none of
Total
104,000 h. p. 86,000 h. p. 62,000 h. p. which lines are at present being used at all.
The estimated capacity of water power sites owned by the company, undeveloped and in course of development, is 243,000 h. p., making a total INCOME ACCOUNT FOR FIVE MONTHS ENDING DEC. 31 1912.
capacity developed and undeveloped of 347,000 h. p.
*Gross manufacturing profit, $1,202,985; misc. (int. on notes
revolvable, &c.), $189,050
$1,392,035
COMPLETED HYDRO-ELECTRIC PLANTS (Rated_Capacity, H. P.).
Selling and general expenses,$762,150; int. on notes,&c.,$77,250 839,400
36.000 Madison No. 1 (Mad. Ely.)
•
Rainbow Falls (Mo. Riv.)
3.000
Net income available for dividends (see above)
8,000 Madison No.2
do
Black Eagle Falls do
_ _12,000
$552,635
Hauser Lake
do
_ _ _19,000 Livingston (Yellowst. Ely.) __ 2,000
* Based on estimated inventories and subject to revision to such extent
do
_ _ _10,000 Billings
Canyon Ferry
do
__ 2,000
plant
as
River
may
be
found
necessary whn physcial inventories are taken.
Big Hole
4,000 Near Lewistown
do
-- 1,000
Steam Reserve Plants.-At Butte (2). 4,750 h. p.; Billings, 1,000
BALANCE SHEET DECEMBER 3 1912 (total each side 326,789.820)•
h. p., and Lewistown, 250 h. p
6,000
Property, plant. &c
$.5,914,365 Preferred stock
$12,170,500
POWER SITES UNDEVELOPED AND IN COURSE OF DEVELOPMENT Patents and good-will..__ 4,449,270 Common stock
10,132,500
Cash
890,249 Notes and accounts payAGGREGATE EST. CAPACITY 241,700 H. P.
Notes & accts. receivable 8,112,549
able
3,871,755
At or near Great Falls
150,000 Clark's Fork at T'ps'n Falls.. 30,000 Inventories
7,052,513 Accrued taxes
126,707
At Holier Lake
46,700 I Missoula River
15,000 Prepaid Ins., int. & taxes
157,365 Profit and loss _
__
488,358
Transmission Lines.-Owns and operates 1,200 miles of transmission Advances
213,509 -V. 95, p. 1042,
_----- lines by which all of its hydro-electric developments are connected. ensuring continuous service,342 miles being steel tower and 858 substantial pole
lines. These lines reach and connect with all of our plants the following
M. Rumely Co., Inc., La Porte, Ind.
cities and towns, in which we furnish power and light:
Huntley
Moccasin
Boulder Hot Conrad
Anaconda
Stuart
(Report
for Fiscal Year ending Dec. 311912.)
Deer Lodge
Havre
Springs
Amazon
Manhattan Trident
Alder
Box Elder
East Helena
Holter
Mitchell
Three Forks
Rumely,
La Porte, April 2, wrote in substance:
Pres.
A.
J.
Butte
Belt
Fort• Benton
Keating
Park City
Townsend
Accounts.-For convenience the accounts of the company are presented
Belgrade
Columbus
Great Falls
Laurel
Radersburg Twin Bridges
of the Rumely Products Co. and the
accounts
the
combination
with
in
Big Timber Canyon FerryGregson
Lewistown Ruby
Whitehall
Northwest Thresher Co., the business and the assets of the latter company
Billings
Clancy-Al- Helena
Livingston Sheridan
Windham
having been acquired in the course of the year.
Boulder
hambra
Hunters' Hot Laurin
Sand Coulee Wickes
Gross Sales.-Gross sales for the year 1912 were $17,597,431, showing a
Bozeman
Cascade
Springs
Moore
Stockett
Well Creek
large increase over all previous years. When reduced to a net basis by
Extensions have been authorized to Joliet, Fromberg, Bridger, Bear deducting discount, they were 41.5% greater
than the aggregate of the sales
Creek and Red Lodge.
of the previous year of the M. Rumely Co. and the other companies whose
Uses of Power.-Furnishes electric power and lighting and owns lighting assets and businesses it acquired.
Billings,
Falls,
Livingston,
systems and franchises in cities of Butte, Great
okIncluding the Operations of the Companies Acquired.
Bozeman, Lewistown and 45 smaller towns; owns the property and fran- Comparative Stateman
1909.
1910.
1911.
chises of the Great Falls Street Ry. Furnishes power at wholesale for the
$6.033,000 $6,959,000 $7,701,000 $11,256,000 $151,92
lighting and street railways of City of Helena and for the street railway of Net sales
14
2;000
$476,000 $937,000 $794,000 $1,665,000 $1,824,000
Butte. Furnishes power for mining operations throughout the State, Profits
principally at Butte, where 12,000 men are employed by the mining comNotwithstanding the growing demand for oil-pull tractors, that commodpanies and where approximately 25,000 electrical h. p. is used in the opera- ity aggregates less than 25% of the total business.
tion of the mines. Also furnishes power for the copper smelting plants at
Capital Stock.-The amount of common stock outstanding was increased
Anaconda and Great Falls, employing about 4,000 men and using about during the year by $1,718,300. which WAS issued for the purchase of the
18,000 electrical h. p. Coal mines take about 2,500 h. p.
Northwest Thresher Co., the Johnson Orchard Tractor and to secure
Contracts with Ch. Mil. & St. P.Ry.-The Great Falls Power Co. and the additional working capital (V. 95, p. 1750).
Thompson Falls Power Co., the complete ownership of whose stock has
Since Jan. 1 1913 the stockholders have approved an increase of the
been acquired, have entered into contracts with the Ch. Mil.& St. Paul Ry. authorized common capital stock from $12,000,000 to $22,000,000,to profor the electrification of about 450 miles of its main transcontinental line, vide for the conversion privilege of the 2-year notes referred to below
from Harlowtown, Mont., to Avery, Idaho.and for electric power to oper- (V. 96, p. 207).
ate the same. Under these contracts, which cover a period of 99 years,
Fixed Assets and Investments.-The present amount of $7,784,890 corm
to go into effect on or before Jan. 11918, the railway company is bound to pares with $6,803,141 at Jan. 11912. and is based on appraisal with additake and pay for 20,000 k. w. (about 26,500 h. p.), and has taken options tions during the year by purchase of the Northwest Thresher Co.and actual
on additional power to the extent of 30,000 k.w.(about 40,000 h.p.),which additions and construction at cost(V.95, p. 1750).
option must be exercised one-half in five years and one-half in ten years,
Current Assets.-Total current assets, $21,738,678; current liabilities,
but not less than one-half the amount under option must be taken,if any. $9,462,852: net current assets, $12,275,826.
(Compare V. 96, P. 135.)
Convertible Notes.-Since Dec. 31 1912 $10,000,000 2-year 6% convertible
notes have been sold on terms favorable to the company,to fund current
EARNINGS FOR CAL. YEARS (1913 TO 1915 ESTIMATED), WITH liabilities, and to limit future short-time borrowings as nearly as possible
PRESENT INTEREST AND PREF. DIV. CHARGE.
to its seasonal requirements (V. 96, p. 494, 557)•
Deferred Charges.-In order that no good-will item shall appear in the
(No revenues(ron the 0. M.& St. Paul contracts included.)
balance sheet, the directors have set up as deferred charges certain extraor1912.
1913 (est.). 1914 (est.). 1915 (est.). dinary
expenses incurred in connection with taking over the businesses and
Gross earnings
$3,029,875 $3,280,000 $3.664,000 $4,121,000 assets
of the companies which have been purchased, to be written off at
Net earnings
1,991,469
2,284,000
2,636,000
3.059,000
over a period of years.
Interest on bonds & notes 786,510
[Int. on $15,138,000 bonds and convenience
Inventory.-During the year there has been an increase In inventory
notes now out.]
from
$6,951,202
or $4,373.022, in order to place the com7% on preferred stock__ 679,000
(Div. on $9,700,000 pref.stock now pany in a positiontoto$11,324,224,
deliver promptly engines required for the spring trade.
out.)
Surplus and Undivided Profits.-There was shown on the balance sheet
of Dec. 31 1911 a surplus of $790,769, from which there has been deducted,
Balance, surplus
$525,959
as indicated in the last annual statement, an amount of $351,016, leaving
Territory Served and to Be Served by Plants now Developed or in Course of a net surplus at the beginning of the year of $439,753. To this was added
Development.-From western line of State to Billings, 540 miles, and from the net profit of $1,481,691, including but 2 months' earnings of the NorthYellowstone Park, on southern line of State, to Havre,on the Great North- west Thresher Co. from Nov. 1. the date of acquisition, the previous 10
ern Ry., within a few miles of the Canadian border, embracing the prin- months' earnings having been taken into the assets of the M. Rumely Co.
cipal agricultural, timber and mining section of the State, and practically
The surplus at Dec. 31 1912 was $590,830,after providing for dividends
all of its large cities and towns. This territory is traverserd by the Ch. Mil. on the
stock of $700,614, and for certain other deductions which were
& St. Paul Ry., Northern Pacific Ry., Great Northern Ry. and Union chargedpref.
off by your directors. These were: $50,000 experimental expense
Pacific Ry., while the Soo Line, owned by the Canadian Pacific Ry., has incurred in 1911 for a marine engine which proved successful in burning oil
begun the construction of a large mileage in the territory tributary to Great and $580,000 est. cost of taking over the distributing agencies of the old cos.
Falls and Lewistown.-V.96, P. 949, 793.
Analysis of Sales.-Of the total gross sales, $11,595,000 approximately
were domestic business and $6,000,000 export. Sales by commodities:
Regular thresher lines, $11,172,000 (63.5%); oil-pull tractors, $4,138,000
Eastman Kodak Co., Rochester, N. Y.
(23.5%); repairs and supplies, $1,125,000 (6.4%); jobbing merchandise,
$1.162,000 (6.6%).
(Report for Fiscal Year ending Dec. 31 1912.)
Northwest Thresher Co.-The Rumely Products Co. purchased on a jobbing basis
the entire output of the Northwest Thresher Co.
COMPANY AND ITS SUBSIDIARIES-INCOME ACCOUNT FOR during the substantially
year. The sales of these engines increased,so that it was necesCALENDAR YEARS.
sary to increase the factory output from two per day in the spring to six
1911.
per day in the fall to meet the demand. As of Nov. 1 the plant, business
1910.
1912.
1909.
Net profits after deprec..$13.999,047 $11,649,263 $8,975,177 $7,852,575 and assets of the Northwest Thresher Co. were acquired by the M.Rumely
Divs. paid and accruedCo. in exchange fcr common stock.
On pref. stock (6%)-- $369,942
Growth.-The past five years have been a period of continuous growth,
$369,942
$369,942
$369,942
On common stock .....- 7,807,958
7,806,300
7,804,905
5,856 210 during which the volume of sales has increased from $821,000 (in 1907) to
• Do rate per cent..__ (40%)
$17.597,431 in 1912 (this latter figure including the volume acquired by the
(40%)
(31
0)
(40%)
Reserve for renewals.. _ _
1,00 ,000 purchase of the business of the Advance and Gaar-Scott plants, anounting
in 1911 to $5.344,661). This twenty-fold increase in volume was accomTotal
$8,177,900 $8,174,847 $8,176,332 $7,226,152 panied by a fifteen-fold increase in its capital and surplus from $1,359,308
Surplus
$5,821,147 $3,474,416
$798,845
$626 , to $21.499,131.




IVPli. 6 1913.]

RESULTS FOR CALENDAR YEARS.
1911.
1912.
1911.
1912.
Deduc.(Con.)615,143,870 10,588,585 Mfg., &c., exp.. _ A3,032,7771 9,251,369
Gross sales
445,251 Bad debts & notes 319,392f
586,165
Other income
b Pref. divid. (7%) 700,814 (7-12)58,333
-Total income_ _ _15,730,035 11,031,836
Total deduc'ns_14,606,148 9,625,860
Deduct316,158 Balance, surplus__ 1,123,887 1,405,976
553,385
Interest &
duty.
a After deducting, in 1912, $2,453,561 for discount freight and accrued
b The pref. div. deducted above from the earnings of 1911 is that
infor the month of December 1911. A payment for 4 months (2.34%)
recluding this month, was made on April 1 1912. The company was
capitalized on Dec. 1 1911, and no deductions for dividends are shown
prior to that time.
An initial quar. div. of 13,6% was paid on tho corn. stock Mar. 15 1913.
Note.-The above statement includes $3,960 profits of the Rumely
Products Co. and $342,809 representing net earnings of the Northwest
Thresher Co. for the 10 mos. prior to its purchase by the M. Rumely Co.
on Nov. 1 1912, but during which period practically all of its product
was marketed by the Rumely Products Co.
CONSOLIDATED
1912.
AssetsReal est., bldgs,ts 6,938,050
1,658,036
Patents
x848,840
Investments
Inventories
11,324,224
282,397
Prepaid int., &c
Disc. on secs. sold. 338,407
Notes receiv., &c.16,853,304
Customers' notes
Accts. receivable 2,065,128
Cash
1,213,826
Deferred items_ e650,000

BALANCE SHEET DECEMBER 31.
1911.
1912.
1911.
$
5,042,650 Common stock_ _ _10,908,300 0,190,000
1,500,000 Preferred stock_.10,000,000 10,000,000
1,760,491 Capital stock of
25,000
Rumely Prod.Co
6,951,202
Notes payable_ __ _ 7,785,000 4,596,911
Accounts payable
& accrued taxes_ 1,677,8521
372,000
5.861,962 Reserve for loss on
notes receivable. 1,181.029
1,056,947
58,333
1,739,745 Dividend accrued_
790,769
351,016 Profit and loss_ _ _ _ *590,831

Total
32,168,011 24,836,013
32,168,011 24,838,013
Total
x Includes in 1912 Canadian Rumely Co.stock at cost, 3700,360; Indiana
and
$104,200;
misc.
I/ After
stocks, $42,280.
Mfg. Co. stock at cost,
deducting $1,269.317 for commission certificates. z Includes $400,000.
reorganizing
factories,
of
lines
duplicate
eliminating
of
cost
estimated
the
machinery, &c., and $250,000, the estimated cost of establishing new lines
of machinery salable during the dull season. *After writing off $351,011'
deferred charges as per last year's balance sheet; '1911 experimental exp.,'
$50,000, and estimated cost of taking over old companies, $580,000.V. 96, p. 657, 557.

The Ontario Power Co. of Niagara Palls.
(Report for Fiscal Year ending Dec. 31 1912.)
The report, signed by Pres. J. J. Albright and Sec.-Treas.
Robert C. Board, at Buffalo on Jan. 27, says in substance:
Business.-The growth of the business during the past year shows a very
marked increase over the previous year. The gain of 1912 over 1911 is
greater than the increase shown at any other period. In every year since
the company began business there has been an increase over the previous
year, as shown by the following totals:
Number of Kilowatt Hours Generated (000 Omitted).
1907. '06(6 mo.)
1908.
1909.
1910.
1911.
1912.
9,133
139,816
60,837
510,966 382,180 310,737 226,744
Contracts for Sale of Power.-The power generated is sold under contract
as follows: (a) To the Niagara Lockport & Ontario Power Co. at the international boundary lino, for distribution over 816 miles of high-voltage
transmission lines.from the Niagara River to Syracuse, and from Lockport
to Dunkirk, N. Y. This power is used to operate 13 traction lines, over
610 Miles of railroads, including the trolley systems in Oswego, Syracuse
and Rochester, and the interurban roads between Rochester and Canandaigua, Rochester and Mount Morris, Rochester and Sodus Bay and between Buffalo and Dunkirk. (b) Through the Hydro-Electric Power Commission of Ontario for distribution throughout the Province of Ontario.
This commission has in operation 768 miles of lines and has made contracts
with 35 corporations and municipalities, including the cities of Hamilton,
Toronto, London and Guelph. (c) To distributing companies, manufacturers, olectro-chemical, electro-metallurgical and other industries at
Niagara Palls, Ontario and the territory adjacent to the Welland Canal.
Capacity of Plant.-We now have ten generators installed, with a rated
capacity of 117,000 h. p. The two additional generators and turbines ordered about a year ago are now being installed. They will each have a
rated capacity of 13,000 h. p., which will give us a total capacity of 143,000
h. p. Generator No. 11 will probably be in service next month, and generator No. 12 will be ready for operation in April. Units Nos. 13 and 14,
of 13,000 h. p. each, have been ordered. The company has the right to put
in a third conduit 18 feet in diameter, which will furnish water for the development of approximately 70,000 additional h. p., the headworks having been originally constructed for the full development of three conduits
18 feet in diameter each. All of the principal buildings are of fireproof
construction and are kept insured for a nominal cost, the risk being
rated so that the premium paid is the very lowest rate. (V. 96, p. 493.)
As the earnings increased so rapidly during the last half of theyear, your
directors felt justified in declaring in November an initial dividend of 134
which was paid on Dec. 2 1912, calling for $109,587. [Quarterly dividend
No. 2, also of IX %,has been declared, payable Mch. 1.-Ed.)
A map attached to the pamphlet report shows the transmission lines over
which the power generated by us is distributed. The total length is about
1,812 miles. The most distant point where the power is used is Osweho,
which is 196 miles from the power house by the route of the transmission
lines.]
ONTARIO POWER CO. AND ONTARIO TRANSMISSION CO. INCOME
ACCOUNT. [Eliminating Inter-Company Payments.]
1911.
1910.
1912.
ofpower
$773,498
$925,628
*$1,229,995
vernmont rental
51,597
66,471
57,576
Gross earnings
Operating expenses
Not earnings
Other receipts
Total net income
Interest: Ont. Pow. Co. 1st 5s
Ont. Transmission Co. 1st 5s
Out. Power Co. deb. 6s
Total interest
Surplus

$1,163,524
171,434

$868,052
148,395

$721,901
136,100

$992,090
22,286

$719,657
14,629

$585,801
22,161

$1„014,377
$377,008
92,306
179,622

$734,286
$341,408
88,818
180,000

$607,962
$264,257
76,192
180,000

$648,936
$365,441

$610,226
$124,060

$520,449
$87,513

* After deducting purchased power, $3,674.
CONSOLIDATED BALANCE SHEET DEC.311912.
1911.
1912.
1912.
Liabilities$
Assets$
Property & plant_23,523,424 22,213,957 Ont. Pow. Co.stk. 8,798,000
Ont. Tr. Co. stock 1,000,000
Stocks & bonds of
other companies
100,614 Ont.Pow.Co.Ist 5s. 8,795,000
16,300
Prepaid insurance_
13,770
15,693 Ont. Tr. Co. 1st 5s 1,935,000
Cash
123,864 Ont.Pow.Co.deb.6s 2,985,000
223,094
Accts. receivable...1 472,483 1270,498 Bills & accts. pay_
9,772
Bills receivable__.1
1 6,880 Accr. int.,taxes4c 280,945
Ont. Transm. Co.
Dble, bills rec. (see
1st 5s sink. fund
contra)
807
16,720
Contingent a.ssets.
17,140
16,939 Reserves
Miscellaneous _
131IIS receiv.-diso.
74,748 Profit
(see contra)_
445,355
443
500
Miscellaneous-_
24,266,213 22,824,301
Total
-V. 90, p. 493.




1019

THE CHRONICLE

Total

1911.
8,215,000
1,000,000
8,272,000
1,803,000
3,000,000
39,863
186,924
74,748
37,335
500
194,931

24,266,213 22,824.301

Niagara Lockport & Ontario Power Co.
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. Francis V. Greene, Buffalo, Feb. 28, wrote in subst.:
Securities.-The $2.000.000 5-year 5% notes matured on June 1 1912;
$2,000,000 new first pref. stock was sold at par and the notes were paid and
cremated. [John J. Albright of Buffalo, the Electric Power Securities Co.
and Westinghouse Elec. & Mfg. Co. agreed to purchase at par the $2,000,000 first pref. stock, and the Securities Co. (which is controlled by the
Westinghouse Elec. & Mfg. Co.) stated to the P. S. Commissioners in
April 1912 that it owned $918,700 of the 2d pref. stock and $627.500 corn.
stock, and desired to purchase $1,000,000 of the new 1st prof. and $68,500
2d pref.]
Customers.-Among our customers nearly all of whom are large users of
power, are 13 public service corporations delivering power to every town of
considerable size (excluding the towns and cities bordering on the Niagara
River) along the lines of the N. Y. Central RR. system between Syracuse
and Dunkirk, including Syracuse, Auburn, Rochester, Batavia and Lockport; 17 electric traction lines operating nearly 900 miles of road; four
manufacturing corporations, including the Lackawanna Steel Co. with its
7,000 employees. The territory thus supplied has a population of upwards
of 1,250,000.
Additional Power Supply.-In view of the growth of the business your
directors decided to provide for future growth by adding a hydro-electric
plant on the Salmon River and steam power stations at Lyons. N. Y., and
Auburn, N. Y. The two steam plants [acquired from the Rochester
Syracuse & Eastern RR.and the Auburn & Syracuse Elec. RR.for $600,000
and $226,000, respectively] are to be paid for in quarterly installments
extending over a period of 20 years. They have a present capacity of about
9,500 b. p., but at comparatively small expense this can be increased to
14,000 h. p.
The Salmon River plant is the property of the Salmon River Power Co.,
but is leased to your company for a term of 40 years, and will be operated
by your company, which has already acquired all of its capital stock
hitherto issued. The initial development of 15,000 h. p. is now under
construction, and the contracts call for its completion in time to deliver
power by Nov. 1 1913. [As to present issue of $2,353,000 guar. 1st M.5%
bonds of Salmon River Power Co., see V. 95, p. 1043.1
In connection with the purchase of these steam plants, the company
entered into a contract to supply power to the various trolley roads, known
as the Beebe system, and recently consolidated under the name of Empire
United Railways Co.[V.96. p. 553]. By this contract the mileage of electric railroads to which we supply power was increased 231 miles. The company also acquired valuable transmission privileges along these railroads.
RESULTS FOR CALENDAR YEARS.
1910.
1911.
1909.
1908.
1912.
K.NV. hours
delivered230,899,434 193,864,268 177,722,627 159,008,298 96,575,110
38,131
25,500
44,834
H. p. sold_
48,493
57,144
$592,103
$863,774
Total rects. $1,329,643 $1,123,723 $1,051,522
$216,526
$448,513
$555,634
$587,322
$644,781
Gross inc__
$42,876
$251,956
$381,231
$351,521
Net income $432.451
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1911.
1912.
1911.
1912.
$42,979
Sales of elec.power $1,306,232 $1,100,744 Taxes, rents, d,c__ $45,691
250,000
536,401 Int. on 1st M.bds. x250,009
Coat of power_ _ .684,863
100,000
41,667
Int. on 5-yr. notes.
Gross earnings__ $621,369 $564,343 Sinking fund pay49,653
55,147
ments
Net earns. (after
operating exp.).. $451,30 $401,231
23,412
22,979
Other income
Balance,surp.*r
deficit
$478,142 $424,210
sur.$85,637 def.$18,422
Gross income
* Includes in 1912 power purchased, $674.179, and power produced.
$10.684. x Includes interest on bonds in sinking fund ($7,835 in 1912)•
GENERAL BALANCE SHEET DECEMBER 31.
1912.
1911.
1911.
1912.
Liabilities-$
$
Assets$
$
Property & plant _11,201,831 10,326,944 1st pref. stock.... 2,700,000
31 2d pref. stock _ _ _ _ 2,000,000} 4,001,000
596
Sinking fund cash_
a851,000 Common stock.._ 1,230,000
Treasury stock_
57,096 First mtge. bonds_ 4,779,000 4,850,000
b760,000
Investments
64,182 5-year 5% coupon
71,122
Working assets_ _ _
2,000,000
notes
189,048
Current assets__ _ _ 296,536
50,376
106,731 Accrued liabilities_
45,197
Cash for construe_
44,548
Contingent assets_
24,639 Contr. pur. plants. c815,675
257,707
18,913 Current liabilities.. 315,412
8,099
Notes reedy. disc_
492
3,213
Unearned int., d,c_
420,592
355,417
Reserves
18,913
8,099
Disc. notes receiv_
89,880
170,736
Profit and loss_ _ _ _
Total

12,427,929 11,838,584

Total

12,427,929 11,838.584

a Includes $4,000 (par value) common stock and $847,000 voting trust
certificates evidencing ownership of certain treasury sock deposited with
a voting trust trustee. b Includes $700,000 Salmon River Power Co.stock
and $60,000 Niagara & Erie Power Co. stock. c Contract of purchase of
Lyons and Auburn steam plants.
The company has a contingent liability as guarantor, both as to principal
and interest, of 50% of the 1st M.5% 30-year gold bonds of the Niagara
Erie Power Co.. of which there were $510,000 outstanding at Dec. 311912,
and of 50% of the annual sinking fund payments to be made by that
company, commencing Jan. 1 1916; also as guarantor both as to principal
and interest of the 1st M.5% gold bonds of the Salmon River Power (Jo. of
which there was $680,000 outstanding at Dec. 311912.-V.96, p. 950. 866.

United States Envelope Co.
(Report for Fiscal Year ending Dec. 31 1912.)
Treas. William 0. Day says: "There has been-added during the year to our permanent plant and equipment, in
machinery,$144,770, and in real estate and buildings, 087.
EARNINGS, CHARGES, &C.
6 Mos. end.
Year ending Dec. 31
1910.
Dec. 31 '09.
1911.
1912.
$751,971
$335,913
$722,378
$727,035

Profit
Deduct$97,292
$99,792
$50,000
$94.792
Int. on first mtge. bonds_
1,400
3,196
104
2,400
Int. on deb. bonds, &c
Div. on pref. stock_ _ _ (7%)262,500 (7)262,500 (7)262,500 (3)112,500
(1)37,500
(2)75,000
Def. div. on pref. stock(2Y5)93,750 (23)93,750
68,737
48,822
Depredation
75,887
42,784
Total
Carried to surplus

$519,883
$207,152

$503,764
$218,614

$478,875
$273,096

$282,684
$53,229

* Leaving amount of deferred dividends as of Jan. 1 1913, 434 %, which
was paid March 1 1912 along with the regular semi-annual distribution of
35.5%•
BALANCE SHEET JANUARY 1.
1912.
1913.
1912.
1913.
Liabilities$
$
Assets4,000,000 4,000,000
Plant investment. 6,156,951 6,179,095 Preferred stock
1,053,824 944,187 Common stock
1,000,000 1,000,000
Stock on hand
Accts.& bills rec.,&c. 893,454 858,588 First mtge. bonds.._1,850,000 1,900,000
200,018 234,829 Debenture bonds
25,000
Cash
7,500
7,225 Bond coupons
6,500
7,225
Cash for coupons_ _ _
Treasury stock, corn_ 250,000 250,000 Accts.& bills payable 420,079 307,015
Treasury stock, pref. 250,000 250,000 Reserve for deprec'n. 725,000 700,000
1,000
Itns've for 1st M.bds.
*809,168 784,684
Surplus
8,811,747 8,723,921
8,811,747 8,723,924
Total
Total
*After deducting $182.667 for adjustment of patent and good-will account.-V. 06, p. 494.

1020

THE CHRONICLE

Atlantic Refining Co., Philadelphia, Pa.
(Balance Sheet of Dec. 31 1912.)
President J. W. Van Dyke, March 29, says:

[VOL. xcvi.

Belt Line Railway Corporation, New York.-Mortgage
Filed.-The company has filed its new mortgage to the Central Trust Co. of N. Y. to secure an authorized issue of $4,000,000 30-year 5% gold bonds; present issue, $1,750,000.
Compare V. 96, p. 862, 789.
Birmingham (Ala.) Ry., Lt. & Power Co.-Earnings, &c
See American

The company when segregated from the Standard Oil Co. of Now Jersey did not have sufficient working capital to conduct its business. This
deficiency has for the past year been supplied by funds borrowed on notes.
All current available profits have been used in reducing this obligation,
leaving the same as of Dec. 31 last standing at $3,000,000. This policy
Cities Co. under "Annual Reports."-V.96, p. 61.
will be continued in 1913.
Boston & Maine RR.-Consolidation.-The company on
PROFIT AND LOSS STATEMENT 1912.
April 1 applied to the Mass. RR. Commissioners for authorProfits from oper. of 1912 $4,953,952 I Total surp. Dec. 31 1911 $10,890,463
Prof. apprec. of invent. _ $2,343,723'Tot. stir. Dec. 311912- _$18,188,135 ity to consolidate with the Hampden RR. Corporation
under an agreement entered into between the two companies
BALANCE SHEET DEC. 31 1912-TOTAL EACH SIDE $28,556,714.
on March 14 last.-V.96, p. 789, 715.
Plant acct. (less deprec.),
Capital stock
$5,000,000
$10,390,925; other inBoston & Worcester Street Ry.-$150,000 Bonds.Notes payable, $3,000,vest., $7,600
$10,398,525
000; accts. pay.. $2,The Mass. RR.Comm.has been asked to sanction the issue for extensions
152,092; insurance acand equipment of $150,000 20-year 1st M.44s of 1903, authorized by the
as
cel
ir5a7elet r .
count, $216,487
8,368,579 shareholders March 26, making, it is understood, $2,410,000 of the $2,& mat-is, R11,836,833_ 18,158,189 Surplus Dec.31 1912_ _ _ 18,556,714 500,000 issue outstanding.
-V. 92, p. 659.
-V.94,p. 700.

Hart-Parr Co. (Gas & Oil Tractors), Charles City, Ia.
(Report for Period Jan. 1 1912 to Jan. 4 1913.)
The net profits from Jan. 1 1912 to Jan. 4 1913 were
$378,311, compared with $295,770 for the calendar year1911
The net profitsfrom Jan. 1 to May 11 1912 were $106,385;from May 11 to
July 27, $80,934, and from July 27 to Jan. 4 1913 $190,992; total net
profits in 1912, as above, $378,311.
BALANCE SHEET.
Jan.4'13. Ju1y27'12.
Jan. 4 '13. July27'12.
AssetsLiabilliies$
$
$
Factory buildings_ _ _ 452,201 431,669 Preferred stock
1,500,000 1,500,000
Equipment
849,029 836,791 Common stock
1,000,000 1,000,000
Real est.atCharles C. 203,183 125,643 Bills payable
154,8001 79,037
Brch. house real est_ 80,867
53,823 Accounts payable..._ 17,288J
Bills receivable
240,1531 141,017 Agents' commis'ns_ _ 96,680
90,286
Accounts receivable_ 251,931j
Suspense and collecCash
tions
433,914 802,436
26,464
8,510
Stock in other cos_ _ 100,000 140,707 Contingent fund__
38,221
Deferred charges_
2,520 Surplus
478,412 359,360
MM,prod. dc supp__ 900,488 702,587
Total
-V. 95, p. 621.

3,311,885 3,037,194

Total

3,311,865 3,037,194

California Wine Association, San Francisco, Cal.
(Report for Fiscal Year ending Dec. 31 1912.)
RESULTS FROM OPERATION.
1912.
1911.
1910.
Profits for year
$290,071
$407,820
$490,255
Preferred dividends (6%).. 85,576
85,575
85,575
Balance, surplus
$404,680
$322,245
$204,495
BALANCE SHEET DECEMBER 31.
1912.
1912.
1911.
Assets$
Invent.of wines,&c.2,429,639 2,569,442 Common stock.. _ _ 4,754,200
Bills & accts. rec. _ 1,323,714 1,328,192 Preferred stock_ _ 1,426,260
Invests.in oth. cos. 5,867,058 5,180,060 Bonds
1,612,000
Plant, mach., &c_ 1,666,146 1,568,038 Conting. reserve_ _ 130,962
Taxes&insur.accts.
30,112
31,096 Notes payable_ _ 1,413,909
Bonds unsold_ _ _ _
186,000 Grape accounts_ _ _
88,000
83,072
Sinking fund
400 Bond interest.. _ _ _
275
28,433
Insurance fund.._ _
84,295
73,217 Sundry acc'ts___ _ 351,812
Cash in banks_ _ _ 411,639
204,544 Due to other cos_ 330,393
Pref. div.for Year.
85,576
Pref. div., Jan_ _ _
21,394
Deprec. reserve_ _ 727,543
933,324
Surplus

1909.
$183,150
$183,150
1911.
4,754,200
1,426,260
1,723,000
80,482
885,370
225,052
26,766
385,985
85,576
21,394
708,096
728,828

11.898,878 11,140,989
Total
11,898,878 11,140,989 Total
Compare new bond issue on a subsequent page.-Y. 95, p. 45.

International Silver Co.
(Statement for Fiscal Year ending Dec. 31 1912.)
The company reports as follows for the years ended Dec.31
EARNINGS, CHARGES, &c.
1911.
1912.
1910.
1909.
Earnings for year
$1,326,245 $1,595,844 $1,788,480 $1.881,536
Interest on bonds
$313,912
$315,864
$317,020
$321,352
Divs, on pref. stock_ _ _ _
602,860(8%)482,288(8%)482,288(5%)331 ,573
Total deductions...... $916,772
$798,152
$799,308
$652,925
Balance, surplus
$989,172 $1,228,611
$797,692
$409,473
From these surpluses the amounts following have been written off for
depreciation: In 1909, $269,911; in 1910, $295,726 (also $45,201 for adjustment in value real estate and fixtures); in 1911 and 1912, $267,173 and
$301,610, respectively, (also, respectively, $17.964 and $16,707 for adjustments of plant and investments and $1,000,000 and $500,00) from trademarks and patents).
BALANCE SHEET DEC. 31.
1911.
1912.
1912.
1911.
AssetsLiabilities$
a
$
5
Plants,patents,&c. 6,722,343 7,158,454 Common stock... 685,362
685,362
Stock on
_ 4,166,351 4,304,415 Pref.stock
6,028,588 6,028,588
hand__- 1,371,844 1,287,155 First mtge. bonds_ 3,342,000 3,399,000
Other investments
2,969 Debenture bonds_ 1,862,000 1,867,000
1st M.bds.in treas.
2,969
Sk.fd. lat M.bds_
60,000 Accts.& notes pay. 1,501,593 1,187,978
56,489
Cash
726,069 Dividends
790,419
120,572
120,572
Accts.& notes rec. 3,449,962 3,173,544 Surplus
3,015,262 3,424,106

Brooklyn Rapid Transit Co.-Proposed Purchase.-The
company has applied to the P. S. Commission for authority
to purchase through its subsidiary, the Coney Island & Gravesend Ry., $2,583,100 of the $2,983,900 outstanding stock,
of the Coney Island & Brooklyn RR. Co., and also to acquire
the remainder of the stock in the future. The Coney Island
& Gravesend By. also applied for permission to make a mortgage to secure $3,000,000 bonds to purchase the stock.
The $2,583,100 stock has been standing for some time in the name of
W. H. Ludlum ,a clerk in the employ of the Central Trust Co. in which
which Anthony N.Brady has a large interest.-Y.96, p.862,715.
'

Central Illinois Public Service Co.-New Officers.-

F. S. Peabody has been elected Vice-Prest., to succeed C. H. Cox.
R. B. Donnelly, Treas., was made Secretary in addition, succeeding E. C.
Beatty, who becomes Asst. Sec. Samuel Insull, Chairman, A. J. Authenreith, George W.Hamilton, Martin J. Insull and F. S. Peabody have been
elected directors to succeed L. F. Ter Bush, C. II. Cox and A. J. Stahl.V. 95, p. 1744.

Chesapeake & Ohio Ry.-New Secretary.-Carl Remington has been appointed Secretary of the company and also
of the Hocking Valley Ry.,to succeed James Steuart MacKie,
who resigned. Mr. MacKie continues as Treasurer of both
companies.-V. 96, p. 553, 175.
Chicago Milwaukee & St. Paul Ry.-Electrification.See Montana Power Co. under "Annual Reports."
Privilege of Extending Milwaukee & Northern Bonds Due
June 1 1913 Till June 1 1934 at 43-%.-Holders of (a) $2,155,000 Mil. & Northern RR. Co. 1st M. extended 43"2%
bonds due June 1 1913 and (b) $4,003,000 Mil. &Northern
RR. Co. consol. M.6% bonds-due June 1 1913, twi notified
by advertisement on another page that, pursuant tatii agreement with Potter, Choate & Prentice and Harris; Forbes &
Co., New York, the mortgages securing these botidg will be
extended to June 1 1934, with interest at the rate of 4M%
per annum, payable semi-annually at the office of the company, 42 Broadway, N. Y. City. The liens of the mortgages will continue unimpaired, the payment of principal and
interest having been assumed by the Ch. M. & St. P. By. Co.
Holders of these bonds who desire to avail themselves of the
privilege of extension must deposit their bonds before 3 p.m.
on April 17 1913 at the Farmers' Loan & Trust Co., N. Y.
City, as agents for the bankers on the following terms:
Depositors
of the 1st M.bonds to pay $15for each $1,000 bond so depos'd.
Depositors of the consol. M.bonds to pay $10 for each $1,000 bd. so dep.
Depositing bondholders will retain the coupon due June 1 1913.-V. 96.
P. 789, 715.

Claremont (N. H.) Ry. & Lighting Co.-Control.--

See Eastern Power & Light Corporation below.

Columbia (S. C.) Railway, Gas & Electric Co.-Bond
Offering-Earnings.--Redmond & Co., who by adv. on
another page are offering a block of the outstanding $2,454,000 1st M. 5% sinking fund gold bonds of 1911 at 95 and
int., yielding about 5.40%, report:
Gross earnings
Net, after taxes
Interest charges

Calendar YearsYear end.
1911.
Feb. 28 1913. 1912.
1910.
$671,627 $601,991 $538,914 $486,307
300,977 272,199 261,346
319,061
102,952
107,443
132,506
132,506

Bal. for dividends, impts., &c_$186,555 $168,471 $164,756 $158,394
Dividends at the rate of 6% are being paid on $831,600 pref. stock and
approximately 6% is being earned on $2,000,000 common stock. Compare V. 92, p. 229.-V. 95, p. 112.

Coney Island & Brooklyn RR.-Sale of Control.-

See Brooklyn Rapid Transit Co. abovo.-V. 95

1122,

Denver Northwestern & Pacific Ry.-Sale April 18.The foreclosure sale has been set down for April 18. Compare V. 96, p. 863.

Total
18,560,377 16,712,606
16,560,377 16,712,606
Total
Prof. stock issued, $6,607,500; in treasury, $578,912; outstanding,
As a preliminary for the same and the taking over of possession by New$6,028,588. Common stock issued, $9,944,700; in treasury. $9,259,338; man Erb and associates, Judge Cavender in the U. S. District Court on
March 24 discharged W. W. Watson (who filed his report) as receiver of
outstanding Dec. 311912, $685,362.--V. 96. ro• 719.
the Denver Ry. Securities Co. It is expected that the Denver & Salt Lake
Ry. Co., the successor company, will assume control on or about May 1.
Newman Erb has already been elected President of the new company.
W.E. Morse,formerly Assistant General Manager of the Chicago & North
GENERALINVESTMENT NEWS.
Western Ry., has been appointed General Manager for the receivers of the
old company and will be the Vice-President and General Manager of the
new company.-V. 96, p. 863, 486.
RAILROADS, INCLUDING ELECTRIC ROADS.

Algoma Central Terminals, Ltd.-Guar. Bonds Offered.
-The Canadian Agency, Ltd. offered in London at 96%
till March 28 £527,300 1st M.5% 50-yr. gold bonds, making
£1,027,300 outstanding. Guar., p. & i., by the Lake
Superior Corporation by endorsement.

Eastern Power & Light Corporation, New York.Convertible Bonds Offered.-Wm. P. Bonbright & Co.,Inc.,
and Spitzer, Rorick & Co. are offering, by adv. on another
page, at 95 and int., yielding 6A%,the unsold portion of the
total closed issue of $2,350,000 5-year 5% convertible gold
bonds dated Mar. 1 1913 and due Mar. 1 1918.

An adv. says: The proceeds of the bonds now issued will be utilized for
the completion of terminal facilities at Sault Ste. Marie, Michlpicoten and
Subject to call at 101 on 30 days' notice, on any int. date. Convertible
Little Current, and particularly in the construction of coal docks at these at par, at option
of holder, at any time on or after Mar. 1 1917,into the 7%
points. Track-laying on an additional 51 miles of Algoma Central & Hud- cum. participating
pref. stock. Par. $1,000 and $500. Int. M. & s,
son Bay By. to the junction with the Canadian Northern Ry. was finished Trustee, Equitable Trust
Co. of New York. Tax refundable in Pennsylv.
In Dec. 1912, making a main line of 272 miles. The final section to the
National Transcontinental Ry. should be completed and in operation by Digest of Letter from W.S. Barstow, Inc., Managers, N. 1(., Mar.1'13.
Nov. 1913, when the total length of the railway will be 336 miles. The
Organized in Virginia in 19131 to acquire, improve and develop electric
railway company aslo has in operation branch lines connecting the Magpie light and power, and gas properties, street and interurban railways, water
and Helen iron ore mines with the Michipicoten division of the main line. and other companies of similar character. Properties have been acquired
The railway company owns and operates on the Great Lakes a freight in Vt., N. H., Pa., W. Va. and Ind., which show, without exception,
steamship line with a tonnage of 27,000, mainly carrying iron ore, coal, pro miselof future development and growth, particularly for the sale of °leesteel rails, grain, &c. See V. 95. p. 1540; V.96.P.651.
trIcity. Will begin business with $500,000 for working capital and other




APR. 51913.]

THE CHRONICLE

1021

The Georgia Ry. & Power Co. (see annual report in last week's
proceeds
corporate purposes and will from time to time add to this fund thetreasury.
issue,p.941) has acquired water-power sites in Northeastern Georgia capable
of $600,000 of6% pref. stock of Reading Transit & Lt. Co. held in
an ultimate development of over 300,000 h. p. A large plant at Tallulah
of
Issued.° Falls
Authorized.
Capitalizationof a capacity of about 90,000 h. p., with transmission lines to Atlanta
10,000,000 $5,000,000 and
Common stock (par value $100)
to other distributing points, is nearly completed, and several smaller
10,000,000
2,350,000 plants have been in profitable operation for
Preferred stock (par value $100)
some time, and other plants
2,350,00_ will be built as the business requires. The
Five-year 5% convertible gold bonds (this issue)_ _$2,350,000
plant at Tallulah Falls is believed
These bonds are a first charge on all the assets of the corporation and are to have one of the best sites east of the Rocky Mountains, possessing a head
secured by a trust indenture under which will be pledged all of the securities of 600 ft., and the cost of installation is relatively small compared with the
acquired as hereinafter stated, except the pref. stock of Reading T.& L.Co• power developed. This plant is expected to be delivering power in Atlanta
Of the Eastern Power & Light Corp. pref. stock $2,350,000 will be re- in the summer of 1913, wbtich should largely increase the net earnings of the
served for the conversion of the bonds. Additional stock may be issued and Georgia Ry.& Elec. Co.through the elimination of steam-generated power,
disposed of as the directors deem advisable from time to time to provide except for emergency use.
for the growth of the business, &c.
• These bonds have been sold to us to pay in partfor additions and improveSurplus Earnings Applicable to These Bonds-1913 Estimated.
ments made during 1912. Population of Atlanta in 1900, 89,872; in 1910,
Est.1913. 154,839; 1913, est., over $175,000.-V. 96, p. 716.
1912.
Net earnings of the Vermont and New Hamp. prop's_ $60,5711 $131,430
Georgia Railway & Power Co., Atlanta.-Earnings.-Indiana properties
do
Do
36,9951
See Georgia Ry. & Electric Co. above and compare V. 96, p. 941.
169,7061 280,570
Surplus earnings, Reading properties
'
West Virginia properties
do
86,000
Do
Hampden RR. Corporation.-Consolidation.See Boston & Maine RR. above.-V.96, p. 359.
Total (equiv. in 1912 to over 3 times the 6117,500
• interest on these bonds)
6353,272 $412,000
Hocking Valley Ry.-New Secretary.Economies and an efficient unified management should result in susbtanSee Chesapeake & Ohio Ry. above.-V. 95, p. 1403.
tial increase in surplus earnings, estimated for 1913 at $412,000. The
the
for
earnings are given above as reported by public accountants, except
Houston & Brazos Valley Ry.-Sale.earnings ($7,500 in 1912) of Springfield, Vt., property since acquired by
See Missouri Kansas & Texas Ry. below.-V.96. p. 789.
the Colonial Power & Light Co.
Huntingdon & Broad Top Mountain RR. & Coal Co.Securities Pledged to Secure These Convertible Bonds.
The greater part of the stock has, it is stated, been deposited with
[Or cash at established ratios in lieu thereof with power to substitute securiDrexel & Co. of Phila., as depositary,'under the voting trust agreement
ties for cash.)
Stock and underlying providing that the common stock shall not be sold for less than $25 a share
(I) Pa. et- W.Va. Props.
Pledged
Bonds held by
nor the pref. for less than 650 a share. New certificates representing the
(Physical Valuation,
1st M. 5s, Common Preferred
Public.
voting trust certificates will be printed and issued in exchange for the
Stock.
Stocks.
hc.(z)
$16,802,176)Reading Transit & Light Co_ x$750,000 $2,650,000See above Bonds _ _$6,911,000 regular shares, and application, it is said, will probably be made to list the
Pref. stock see above now certifs, on the Phila. Stock Exch. Compare V. 96, p. 420.-V. 96.
Cora. stk., see below P. 652, 420.
Pref. stock $560,000
1,250,000
West Va. Trac. & Elec. Co__
Bonds, &c.4,577,000
International Traction Co. (of N. J.), Buffalo N. Y.
(2) New Eng.and Ind.Prop.-6% Notes.-Bertron, Griscom & Co. have sold e500,000
(Phys. Val., $1,427,639)None
serial 6% debenture gold notes to Teller & Evers, Buffalo,
Colonial Pow. & Lt. Co.(Vt.) y350,000 y270,000
None
Claremont Power Co.(N.H.) y200,000 y600,000 $100,000 Stock y$14,000
who are offering the same at prices ranging from par for the
y146,000
y150,000
Ltg.Co.(N.H.)
Clarem. Ry.&
1914 maturity to 96% for the series due in 1923-thus yieldNone.
300,000
City Eleo.Ltg.Co.,Vincennes. 175,000
None
40,000
Vincennes Elec. Co. (led.).
ing from 6% to 63/
2%. The issue is dated Feb. 1 1913 and
due $50 000 annually Feb. 1 1914 to 1923, but redeemable
x$1,625.000 85,256,000 $100,000
Total par value
x All 1st M.30-year 5s except $750,000 10-year 6% dabs. of Reading T.& L. Co. at 100 and int. on any int. date. Par $1,000 (c). Int. payti Issue subject to approval P.S. Commissions of Vermont and New Hampshire.
able F. & A. at Chase National Bank, New York City, or at
The securities pledged constitute the entire issue of each outstanding.
except (a) in case of West Virginia Trac. & Elec. Co., of which the Cor- Fidelity Trust Co. of Buffalo, trustee.
CapitalizationAuth. et. Issued.
poration will acquire a largo majority, if not all, the corn. stock out$18,335,000
standing) and (b) 140 shs. of Claremont R y. & Ltg.Co. stock outstanding. Collateral trust 4% bonds
The physical valuation of the five New England and Indiana companies Car trust certificates ($335,000 Internat. By. Co. ref. & imp.
335,000
5% bonds are reserved to pay off these
is estimated at 61,427.639. The present physical valuation of the Penn500,000
sylvania and West Virginia properties is $16,802,176, against which there Serial 6% debenture gold notes (this issue
15,000,000
are held by the public 66,911,600 underlying bonds of the Pennsylvania Capital stock ($5,000,000 is preferred 4% stock)
At market quotations the pref. and corn. shares exceed a valuation of
properties ($2,310,000 issued by Metropolitan Electric Co, V. 88, p. 1134,
leaving $4,001,600 bonds against the 200 miles of urban and interurban $8,000,000, or over 16 times the amount of the serial 6% debenture note
traction system, or $23,000 per mile), and $4,577,000 underlying bonds and issue. Annual dividends at the rate of 4% are now being paid upon pref.
Property.-Owns the entire capital stock of the International Ry. Co. of
notes, and $560,000 7% pref. stock a the West Virginia properties.
Buffalo, which company owns and controls the street railway system in
Description of Constituent Properties.
Reading Transit & Light Co.-Operates under 900-year leases from April 10 Buffalo, and electric lines connecting Buffalo with Niagara Falls, Lockport,
1910 all the electric lighting and power business in Reading and Lebanon, North Tonawanda and Tonawanda, etc.
In opinion of counsel, the franchises for the lines on the most important
population about 200,000. and also 200 miles of electric urban and interare for long-term
urban railway track in four counties of Southern Pennsylvania, namely business streets and main avenues of travel in Buffalo
periods or without time limit, having on only 47 miles of minor trackage
Lebanon, Barks, Montgomery and Philadelphia serving a population of less
than 25 years to run. The franchises outside of Buffalo are either for
about 350,000, and affording direct connections with the Lancaster, Harris- various
long-term periods or are perpetual.
burg and Allentown transit systems, and at Chestnut Hill with the electric
Earnings, as Officially Reported for the Following Calendar Years.
railway system of Philadelphia. Population of territory served increased
contain
leases
important
1912.
the
1910.
All
1911.
1910.
and
about 20% between 1900
$6.393,796 $6,218,351 $5,985,365
options to purchase; also satisfactory provisions for refunding underlying Gross earnings
$2,177,625 $2,202,270 $2,020,592
obligations and for meeting interest thereon. Four power houses; the Net earnings, after taxes
1,458,206
1,451,903
1.453,132
largest of modern design, at West Reading, has capacity of 15,000 h. P. Fixed charges
(See
Franchises perpetual and unrestricted-exceptions not important.
Sec.)
$749,138
$719,419
surplus
$568,689
Balance,
Ry.
"Elec.
of
99
and
98
pages
and
below
Co.
Lt.
&
Reading Transit
Officers.-Rodman E. Griscom, Pres.; Edward G. Connette, V.-Pres.;
New England Properties.-These companies own and operate steam and
hydro-electric generating stations, transmission and distributing systems W.C. Dunbar,Comp.& Sec.; N.P. Baker, Treas.
at Cavendish, Manchester and Springfield, Vt., Claremont, N. H., and
Bonds Called.-The few remaining 50-year 4% collateral
vicinity, serving a population of about 140,000. The Colonial Power Co.
owns additional valuable water rights having an estimated capacity of trust gold bonds of 1890 which did not assent to the plan of
coming
the
which
development will be commenced during
6,000 h. p., upon
called and will be
season. Power is now furnished for many industries. The Claremont readjustment (V. 94, p. 911) have been
Ry. & Ltg. Co. does a general passenger, freight-handling and switching paid on July 1 1913 at 110 and int. at company's office,
free
and
business for various manufacturing plants. Franchises unlimited
23 Wall St.-V.96, p. 285, 135, 63.
from objectionable features. [Claremont Power Co., see V. 95, P. 1125.1
Vincennes Properties.-These two companies own and operate the entire
Ithaca (N. Y.) Street Ry.-Reorganization. Plan.electric lighting business in Vincennes. Ind., a manufacturing city, populaSee New York Auburn & Lansing RR. below.-V.94, p. 123.
tion 16,000, increase nearly 50% between 1900 and 1910. Satisfactory
1927.
and
Kansas City Railway & Light Co.-Committee to Reprefranchises expiring 1931
West Virginia Traction et Electric Co., Wheeling, etc.-Owns a part of the
Refunding 5s.-Holders of the $10,200,000
electric railways in Wheeling, the railways, electric lighting, gas and water sent First Lien
utilities in the residential Elm Grove suburban district of that city, an first lien refunding 5% bonds which mature next month
amusement park of 33 acres and valuable real estate adjacent to Wheeling. (May 15) are requested, by adv. on another page, to deposit
Owns leases on some 27,000 acres of natural gas fields about one-quarter
developed, lying between Wheeling and Morgantown, from which the their holdings for mutual protection on or before May 1 with
company derives its supply of natural gas. Mso owns and operates the the New York Trust Co., 26 Broad St., N. Y., or the Old
in the city of
water, electric light and gas utilities and an electric railway
of Wheeling and Colony Trust Co., Boston.
Morgantown, W. Va. The manufacturing interests
The committee consists of John B. Dennis, Acosta Nichols, James J.
Morgantown are unusually varied, including iron, steel, coal, brewery and
distilling, lumber, glass, canning and tobacco. Population tributary to Storrow and Paul M. Warburg, with C. M. Travis, 24 Broad St., as Sec.
company's properties, about 114,000, increase 25% between 1900 and 1910. Several of these are members of the committee representing Metrop.
Satisfactory franchises which, with unimportant exceptions, are long or Street Ry. of Kansas City 5% bonds and are therefore already familiar
with the situation. No plan of readjustment which does not involve full
unlimited. [See p. 129 of Electric Railway Section.
Directors.-Pres. W. S. Barstow and V.-Pres. J. B. Taylor [respectively payment of the amount due on the first lien refunding 5s will be accepted
Pres. and V.-Pres. of W.S. Barstow & Co., Inc.; V.-Pres., G. H.Walbridge, by the committee until the same shall have been submitted to the deposlSec.-Treas. A. P. Tallaferro, and F. V. Ilonshaw, all of Wm.P. Bonbright tors.-V. 96, p. 789, 653.
& Co., Inc.; Henry E. Cooper and A. Ludlow Kramer, Vice-Presidents of
Knoxville (Tenn.) Ry. & Light Co.-Earnings,
Equitable Trust Co. of New York.)-V.96, IL 716.
See American Cities Co. under "Annual Reports."-V. 96, p. 716.
Easton (Pa.) Consolidated Electric Co.-Sale.Hahn's Peak & Pacific Ry.-Plan.-The reLaramie
See Lehigh Valley Transit Co. below.-V.96, p. 780.
Empire United Railways.-Power Houses-Contract.- organization committee, consisting of Samuel L. Powers,
See Niagara Lockport & Ontario Power Co. under "Annual Reports" Joseph H. O'Neil, J. J. Desmond, Wallace Hackett and
above.-V. 96, p. 553.
J. W.Mackintosh,Sec., has issued a circular to the holders
Full-Crew Laws.-New York and New Jersey Laws.of junior securities and unsecured claims, proposing that said
Legislative
News";
also
Editorial on a previous page.
See "Banking and
holders raise the $500,000 needed to prevent, foreclosure
Co.,
Electric
Atlanta, Ga.-Bonds through the organization of a new company in Wyoming and
Georgia Railway &
&
Jr.
Harrison
Co.,
Phila. are placing at
Offered.-Chas. C.
the payment of assessments indicated below.
their new block
98M and int., yielding about 5.10% income,'
Capitalization of Proposed New Company in $10 Shares.
sinking
fund gold 5% bonds." Prof. stock, 6% non-cum., no voting rights for 3 years, but
of $800,000 "ref.& impt. mtge.
temporary rights, provided the dividends for any
thereafter
There are now outstanding $2,801,000 of this issue and
$2,000,000
year is passed
3,000,000
(1ommon stock
$10,524,000 of prior liens. A circular says:
The company serves, without competition and under perpetual franchises,
in
Stock
Exchange.
New
and
Assessment
Pro osed
an exceptional territory. Direct equity back of these bonds, as indicated
And Receive
Pay
Amount
by quotations for junior securities, is over $15,000,000; total market value
Preferred Stock. Common Stock.
Assessment.
Holders of- Out.
of all junior securities about $21,000,000. The Georgia Railway & Power Unsec. notes_$1,000,000 10%-$100,000 11O%-$1,100,000
effective
Jan.
Co., under terms of a 999-year lease
1912, guarantees all Unsec.claims. 430,000 10%- 43,000 110
fixed charges and dividends of 5% and 8%.respectively, upon the preferred Prof. stock__
54,000 50%- $50,000
100,000 4%- 4,000 54%and common stocks.
Corn. stock__ 9,000,000 4%- 360,000 4%- 360,000 20%-1,800,000
Earnings of Georgia Ry. & Electric Co.for Cal. Years-(1) Income Account.
$1,850,000
51.987,000
$507,000
1911.
1912.
1912.
Total
1911. I
Gross
The new company would leave the old bonds outstanding for the time
$4,968,790 $4,493,309 Interest charges_ -$633,101 $605,139
Net,after taxes 2,270,789 2,151,682 Dividends
801,168 801,168 being in their present form, viz.: $240,000 1st 6s, 51,536,000 1st ref. Os,
Balance, surplus after 5% on $2,400,000 pref. and 8%
$450,000 coll. trust 7% notes due 1915 and $500,000 gee. mtge. 58.
on $8,514,600 common ($514,600 corn. In treasury) __,836,520 745,375
The $500,000 from the assessments "is needed to take care of the overdue
interest on the four sets of securities now outstanding, to wit, 1st M. 6s,
(2) Long
1912.
1906.
1904.
1902.
1910.
•1908.
ref. M.6s. coll. tr. notes and gen. M.58; and also to take care of the interest
rcr Record$
$
the period
4,988,790 4,043,886 3,339,021 2,894,924 2,11/973 1,623,690 which will accrue up to but not including April 1 1915, the end ofworking
Gross
of
2,548,892 2.132,441 1.689,026 1,467,072 1.024,892 766,002 which the committee regards as sufficient to demonstrate the
Net




1022

THE CHRONICLE

[Vor.. xcvi.

their plan." The assessments will be payable 50% April 17 1913, 25%
New Orleans (La.) Ry.'85 Light Co.-Earnings, &c.Sept. 17 1913 and 25% March 17 1914 at the Federal Tr. Co., Boston,
See American Cities Co. under "Annual Reports."-V. 06, p. 360, 203.
the depositary. Address of Secretary John W.Mackintosh,85 Devonshire
St., Boston.
New York Auburn & Lansing RR.-Plan.-An appliIt is expected that the earnings of the road when the proposed improvements are made will bo sufficient to pay off by maturity two years hence cation is pending before the P. S. Commission, 2d Dist., for
the $315,000 receiver's certificates that have now been negotiated in order the approval of a plan of reorganization
proposed by the
to provide for the discharge of liens for,equipment, supplies and labor and
committee under whose deposit agreements 90% of the
to complete the necessary-equipment and construction.
Hiram J. Slefir, Gen. Mgr. Chicago Great Western RR. In Sept. 1912 bondholders of this road and 80% of the bondholders of
the
estimated the grcss earnings after two years at: Gross, gi,146,000; net,
$401,100.
Under the plan the interest charge would remain as now, Ithaca Street By. have deposited. The adjourned hearing
$163,060; 6% on $2,000,000 pref. stock would call for $120,000, and 4% is set for April 24 at Ithaca.
on $:3,000,000 common stock for $120,000.-V. 96, p. 203.
The plan provides that the successor company, which would take over
the properties after foreclosure sale, shall be authorized to issue new se44 Lehigh Valley Transit CO.-Purchase-Bonds.----The curities
as follows: (a) $1,450,000 corn. pref. stock in exchange, $ for $,
company
. has purchased, through E. B. Smith & Co., a con- for such of the $475,000 consol. 5s of the Ithaca Street
By. Co. and the
1st M. bonds of the N. Y. Auburn & Lansing RR.as shall assent
trolling interest in the stock of the Easton Consolidated $975,000
to the plan; (b) $1,000,000 common stock to be sold along with $900,000
Electric Co. (See "El. Ry. See." and V. 96, p. 789.) The new bonds,(c) and
$4,000,000 first and refunding 5% gold bonds, of which
would be sold forthwith and $310,000 would be reserved to retire
minority stockholders are offered the right within 30 days $900,000
at maturity $275,000 underlying bonds of the Ithaca Street By. and $2,from Apr. 1 to sell their holdings at the price paid for the 700,000
would be held for future extensions and additions. 'rho proceeds
majority interest, viz., $30 33 per share (total issue $1,500,- of the immediate issue of $900,000 bonds are to be used to take up:the recertificates, cover costs of reorganization, the acquirement of a
000, par $50, 50% paid in) in 6% collateral trust bonds of ceivers
power plant, the purchase of now equipment, &c. Tho N. Y. Auburn &
Lansing owns and operates 34% miles of steam road from Auburn to
the Lehigh Valley Transit Co.-V.95, p. 947, 360.
Renwick; the Ithaca Street Ry. Co., 834 miles of trolley track.
Little Rock (Ark.) Ry. & Electric Co.-Earnings, &c.- Reorganization committee: H. W. Fitz, Pawtucket, R. I., Chairman;
Edward Gunster, Wilkes-Barre, Pa., Secretary; James H. Caldwell, Troy,
See American Cities Co. under "Annual Reports."-V. 95, p. 1746.
N. Y.•
Bayne, of Colum.-Knickerb. Tr. Co., N. Y.; Hugh R.
Louisville & Nashville RR.-Bonds Offered.-Kissel, Chaplin,Howard
Bangor, Me.; Jared T. Newman, Ithaca, N. Y.; A. H. Flint,
New
York City.-V.94, p. 123.
Kinnicutt & Co. and Harris, Forbes & Co. will shortly make

N. Y. Westchester & Boston Ry.-New Directors.a public offering of the unsold portion of their Nock of
T. DeWitt Cuyler and George F. Baker have been elected directors to
$4,500,000 Atlanta Knoxville & Cincinnati Division 4% succeed
Lewis Cass Ledyard and 0. M. Miller, who resigned.-V.96,p.420.
gold bonds dated April 1905 and due May 1 1955. AuthoPennsylvania RR.-Bonds.----The $165,000 Bells Gap
rized $50,000,000; outstanding $24,745,000, being at the
6s, due April 1, were paid on and after maturity.
rate of $28,449 per mile of road on the Cincinnati-Atlanta RR.
The Phila. Stock Exchange on Mar.25 struck off the regular list $745,000
Cambria & Clearfield RR. let M. 5s, due 1941, canceled and destroyed,
main line, including important terminals, A circular says:
The mportanco of the above mileage has been greatly increased by the leaving listed $534,000.-V. 96, p. 948, 720.
development of the extensive Elkhorn coal field in Eastern Kentucky.
Pere Marquette RR.-Payment on Notes.-The collateral
In order to move this traffic economically, grades have been reduced and
extensive double-tracking between Winchester and Covington, Ky., a dis- securing the $8,000,000 5-year 6% collateral gold notes
tance of 95 miles, has been undertaken and is now nearing completion, at an dated March 1 1911 was bid in by the committee
representing
estimated cost of more than $5,000,000 [See Consolidation Coal Co. under
$7,944,000 of these notes. The cash distribution which is
"Reports" above.)
In February 1913 $12,000,000 new stock was subscribed for by the stock- being made at the Guaranty Trust Co.of New York
out of
holders at par, thus creating an additional cash equity of $12,000,000.
For the four years ended June 30 1912 the surplus after all charges was the proceeds of the sale applies only to the remaining $56,000
about $9,500,000 per annum. For the seven months ended Jan. 311013, of notes, their distributive share being $799 40, not $977 40,
without receiving the benefit from the coal traffic from the Elkhorn field,
gross earnings increased $2,300,000, or 7% over 1911-12. Dividends of on each $1,000 of face value.-V.96, p. 948, 863.
7% per an. have been paid since July 1909.
Portland (Ore.) Ry. Light & Power Co.-President
Data from Letter of Pres. M. H. Smith, March 10 1913.
has resigned as President, effective
Mileage.-These bonds, besides being the direct obligation of the L. & N. Resigns.-B. S. Josselyn'
RR. Co., are a mortgage on its entire main line between Cincinnati and July 1, when he will have served 6 years.
Atlanta. On

244.73 miles of this division they arc a direct first mortgage
and on 544.90 miles they are a mortgage subject to prior liens outstanding
at the rate of only about $15.000 per mile. Of this division 34.76 miles
have double track. Since June 30 1911 the following mileage has been conveyed to the mortgage trustee. Harriman Knoxville & Eastern RR.,
Allingham, Tenn., to Harriman, Tenn., 17.54 miles, and Athens & Tellico
By., Athens, Tenn., to Tellico Plains, Tenn., 22.42 miles. The total
mileage operated is 869.79.
The main line is the short line between Cincinnati and Atlanta. It is a
line of low grade from Corbin, Ky., to Atlanta. Ga_ thus facilitating the
handling of traffic from the coal fields of Eastern Ky. and Tenn. to and
from those of Southwestern Virginia. A revised line with low grades,
double track, yard facilities,'&c., between Covington, Ky.,and Winchester,
Ky., 94.9 miles, is now approaching completion at an estimated cost of
more than $5,000,000. On March 1 last 64.27 miles had been completed
and placed in operation, leaving 30.63 miles yet to be completed. This
work is being prosecuted as rapidly as practicable.
This mortgage covers the trackage rights over the Western & Atlantic
RR. between Cartersville, Ga., and Atlanta, Ga., about 48 miles, which
are enjoyed by virtue of a contract entered into between the Atlanta
Knoxville & Northern By. Co. and the Nashville Chattanooga & St. Louis
By., as lessee of the Western & Atlantic RR.
Terminal Property.-The mortgage also covers all of the company's
extensive terminal properties at Cincinnati, Ohio, Atlanta, Ga., and Knoxville Tenn., having a large and steadily increasing value.
Divisional Earnings.-For the three fiscal years ended June 30 1910,
1911 and 1912, the average annual income of the Atlanta Knoxville & Cincinnati Division applicable to the payment of interest charges was about
twice the amount required to pay interest on all liens prior to and including
the $24,866,000 bonds of this issue. The contemplated extensions and improvements will largely increase the earning capacity and add considerably
to the surplus. (See also V. 02, p. 1565.)-V. 96, p. 716, 947.

Memphis (Tenn.) Street Ry.-Earnings, &c.-

See American Cities Co. under "Annual Reports."-V. 96, p. 863.

Missouri Kansas & Texas Ry.-Acquisition.-The co.
has acquired Houston & Brazos Valley Ry.-V. 95, p. 1403.

President Schaff also announced in connection with the purchase that the
company has purchased extensive terminal grounds at Freeport, in addition
to those already owned by the Houston & Brazos Valley By.. including
wharf and warehouse facilities along the Freeport ship channel and harbor
-V.96, p. 863. 790.

Missouri Oklahoma & Gulf RR.-Extension Financed.The company has, it is stated, notified the Texas State RR.
Commission that it has succeeded in financing in Paris the
construction of an extension of its line south from Denison to
a point on the Gulf of Mexico.
A special dispatch to the St. Louis "Globe-Democrat" says that recently
representatives of the French syndicate which has agreed to take the bonds
to be issued for the extension made an inspection trip over the complete
part of the road between Waggoner and Denison, accompanied by Pres.
William Konefick. The French financial representatives were G. Fagot,
Theodore Revillon, Louis Rene Bazine and M. Parville. In building the
line to the coast the lowest possible grade, it is said, will be followed.V. 95. p. 618.

Mobile & Ohio RR.-Purchase-New Mortgage.-The
general mortgage bondholders will vote Apr. 23 on authorizing the trustee (as holder of old debentures) to approve the
proposed purchase of the St. Louis & Cairo RR.(leased) and
the making of a mtge. thereon to secure 83,000,000 Mobile
& Ohio-St. Louis division 5% mtge. gold bonds dated Aug. 1
1913 and payable Dec. 11927. See V. 96, p. 554, 863.
Montreal Tramways.-First Dividend-New Stock.-The
"Montreal Gazette" April 2 said in substance:
Directors of the Montreal Tramways Co. announced yesterday that an
interim dividend of 57 had been declared on the paid-up capital stock.
This dividend is believed to be preliminary to placing the stock on a settled
dividend basis and the Street recently has heard gossip of a 10% per annum
rate. The Street understands that the Montreal Tramways & Power Co.,
the holding company, owns approximately nine-tenths of the $2,000,700
Montreal Tramways Co. common stock now outstanding.
The directors announced further that a now issue of $1,000,000 stock
at par is to be made immediately in the proportion of one share of new for
every two shares of old, rights to subscribe going to shareholders of record
April 15, and subscription lists to close May 15. A first payment of 10%
will be due June 20; later payments asdecided by the directors, but not to
exceed 10% per month. Broken lots of Tramways stock sold yesterday
at 175.-Compare V. 96. P• 653,790.




Mr. Josselyn desires a rest and will later engage in Oho' business.V. 06, p. 654.

Porto Rico Railways, Ltd.-Earnings.-For cal. years:

YearGross.
Net.
Otli.Rev. Bd. Int. Pf.Div. Com.Div. Sump.
1012
$828,048 $303,313 $70,092 $160,016 $35,000 $120,000 $58,389
1911
748,802 348,681 31,103 145,225 35,0(10
60.000 139,559
From the surplus as above in 1912,$58,389, there was deducted $135,000
for depreciation reserve, $25,920 for contingent account and $65,000 for
property account, leaving a deficit of $167,531.-V. 95. p. 1473.

Reading (Pa.) Transit & Light Co.-Successor Co.-

This company, controlled by the Eastern Power & Light Co.(see above).
was incorporated in Delaware on Mar. 29. as successor of the Reading
Transit Co.(see page 98 of "El. By. Sec."). Total auth. stock is $4,150 000 in $100 shares, viz.: $2,650,000 common, all outstanding, and $1,500,000 67 cum. pref., of which $600,000 has been issued. Bonded debt.
$750.000 10-yr.6% debentures,owned by Eastern P.&Lt.Co.-V.94,D.209,

Republic Railway & Light Co., N. Y.-Flood Damage
Slight.-Pres. Oren Root, N. Y., Mar.29, wrote in substance:

Norman McD.Crawford, Pres.of the Mahoning & Shenango Ry.& Light
Co., and other subsidiaries, states that the direct damage to the property
will be less than $6,000; that no dams and only one small county bridge
affecting the operations of the subsidiary companies have given way,and
that practically the only loss will be from the interruption of the service for
three or four days. The property of none of our large power customers has
been damaged. It, therefore, appears that the effect upon our earnings
for 1013 will be insignificant.-V.96, p. 654.

St. Louis & San Francisco RR.-New Trackage Agreement.-A new 99-year contract has been made for trackage
over the Yazoo & Mississippi Valley Ry.from Baton Rouge,
La. to a connection with the Now Orleans Terminal Co.
Stilt has been brought to cancel the trackage arrangement made some time
since with the Louisiana By. & Navigation Co. between the same points,
which has been found unsatisfactory.-V.06, p. 203.

Seattle (Wash.) Renton & Southern Ry.-Decision.Peabody, Houghteling & Co. of Chicago on April 3 received
a telegram from Higgins & Hughes, their attorneys, regarding the decision of Judge Kauffman of the Superior Court
of King County, Wash., in the suit brought on April 30 1912
by former President William R. Crawford and tried before
him in Feb. and Mar. 1913, asking for a receiver of the road
and for $1,000,000 damages against the firm,on the ground
of conspiracy and fraud. The full text of the opinion is not
at hand, but the last paragraph of the same reads as follows:

It is my opinion that Peabody, Houghteling & Co. have acted with the
good richest faith towards Crawford and this property; that the charges
of fraud have not been proven, but on the contrary have been overwhelmingly disproven; that they do not now want the property and never have
wanted it; that their only object throughout their entire connection with
this property has been to help it pay its debts, and to this ond they have
devoted their time, their efforts and their money, and that this suit is
unwarranted and should never have been brought. Let Judgment and
decree be drawn and entered accordingly.-V. 96, p. 791, 555.

Toledo (0.) Traction, Light & Power Co.-Voting
Trust Certificates Ready.-The reorganization committee of
the old company, the Toledo Rys. & Light Co., announces
that the voting trust certificates for the common and pref.
stocks of the new company, the Toledo Traction Light &
Power Co., are now ready in temporary form, and will be
delivered to depositing stockholders by the New York Trust
Co. upon surrender of the certificates of deposit.-V. 96, 1).
555, 420.
Wages.-Arbitration of Eastern Firemen's Demands.-

W. W Atterbury, a Vico-President of the Pennsylvania RR., and Albert
W. Phillips. 3d Vice-Pros. of the Brotherhood of Locomotive Engineers.
were recently appointed under the Erdman Act as two of the three arbitrators of the demands of the firemen of the Eastern roads. Not being able to
agree on the third member of the board of arbitration, Presiding Judge
Martin A. Knapp of the U. S. Commerce Court and Acting U. S. Labor
Commissioner
W. W. Hangar, in accordance with the provisions of the
law, on Monday named as the third member William L. Chambers or
Washington. formerly a member of the Spanish Treaty Claims Committee.
Hearings are expected to begin on Monday next.-V.95, p. 1474.

APR. 5 19131

THE CHRONICLE

1023

Bethlehem Steel Corporation.-New Officers.-AnWest Penn Traction Co.-Bonds Offered.-J. S. & W.S.
April 1:
Kuhn,Inc., are offering at 97 and int. 1st M.5% gold bonds nouneement
On
account of the very large increase in the business of the Bethlehem
(tax-free in Pennsylvania), dated June 1 1910 and due June 1 Steel Co.,it is found necessary to make some changes in the positions of the
personnel without any material change in their respective duties beyond
1960. A map of the system will be found in our "Electric adding
greater responsibilities.
report:
Railway Section." The bankersviz.:
E. G. Grace has been elected President of the Bethlehem Steel Co. (sucof
bonds
retire
Reserved to
Total authorized issue, $25,000,000.
outstanding Dec. 31 1912, $7,449,500;
constituent companies, $9,175,000;
acquisitions at
reserved for extensions, betterments, improvements and
90% of cost, $8,375,500.
Only in 1912)
Earnings for Cal. Years (Wheeling Traction Co. Incl.for 3 Mos
Net (after -Bond Interest- Surp.for
Gross
Taxes). ConstitCos.W.Pa.Tr. Co Divs.
Earnings.
Year$245,567
$1,551,138 $691,874 $446,307
1908
326,748
786,575
459,827
1,767,915
1909
583,855
461,356 $9,149
2,042,002 1,054,360
1910
619,730
66,651
461,625
1,148,006
2,260,287
1911
604,845 189,903 784,37
3,408,586 1,579,126
1912
35.29%
128.24%
Four-year increase__ 119.75%
et
k%
Ar2
9a
21m
This issue precedes listed securities which on April 1 1913 had a
value in excess of $14,000,000.
Data Furnished by W. S. Kuhn. Pres. of Traction Co., April 1 1913.
119.38
On Dec. 31 1908 the system comprised 157.2 miles of track, had
a capacity
miles of transmission lines, operated a central power station with
municipalities.
50
about
to
power
and
and
furnished
light
h.p.
of 16,750
Net earnings in excess of interest charges for 1908 were $245,568. BY acquisitions, new construction and extensions the system has since been expanded to 299 miles of track, 266 miles of transmission lines (exclusive of
distributing systems in towns and cities) and to 49,641 h.p. of generating
to
capacity. Light, power and street railway service is now furnishedthe
about 125 municipalities within a radius of 70 miles of Pittsburgh, and was
surplus for dividends in 1912, after payment of all interest charges,
3784,379. Comparative figures on Dec. 31:
1908. 1912.
1908. 1912.
266
299 High-ten,lines (pole m) 119
157
Track operated, miles_
326 Connected load (h.p.) 26,055 55,510
162
Cars owned
16,042
Consumers
9,906
49,641
capac.(h.p.)..16,750
Generat.
shares
The company on June 1 1910 to Dec. 311012 spent $7,537,000 for
of sub. companies and for extensions and imof capital stock and bonds
provements. Practically all of the stock of the newly acquired companies
has been pledged under the mortgage. Against these total expenditures
there were issued $6,783,000 West Penn Traction bonds on the basis of 90%
of cost. These bonds are a first lien on 28.44 miles of street railway lines
In operation and on 19.50 miles under survey and construction and on all
new construction. surveys are being made for additional lines. The
bonds are a first mortgage on 126.18 miles of transmission lines and 96 miles
under survey and construction; on power houses at Washington, Waynesburg, Leechburg, Garrets Run and Kittanning; on high-tension substations at Kittanning, Freeport, Butler, Vandergrift, Saltsburg and Sewickley, and on terminal property at Uniontown.
The company also owns 75% of the capital stack of the Hydro-Electric
Co. of West Virginia, which will have an ultimate machinery installation
of 150,000 h.p., of which 48,000 h.p. is under contract for delivery to the
company befcre Jan. 1 1914. (V. 94, p. 984; V. 95, p. 237.)
The model steam power house at Connellsville, had on Dec. 31 1912 a
maximum generating capacity of 42,000 h.p., which is being increased to
66,000 h.p. Tile railway lines are practically all of steam railroad construction and the bridges are of steel and concrete. During 1912 new contracts for power totaled 18,256 h. p., most of which was taken late in the
year. The Census Bureau's reports show that, within a 70-mile radius of
our central station, over 2,000,000 h.p. is now being developed by steam.
-V. 94, p. 1187.

ceeding Charles M. Schwab). Archibald Johnstone has been made 1st
V.-Pres. of the Bethlehem Steel Corporation, in addition to his duties as
V.-Pres. of the Bethlehem Steel Co.; II. S. Snyder, 2d V.-P. of the Bethlehem Steel Corporation and V.-P. of the Bethlehem Steel Co., will be in
charge of the subsidiary companies of the corporation, as well as the development of the new steamship company to transport our ore from Chile.
Ile will also have general supervision over our new acquisition, the Titusville Forge Co. A vice-presidency has been added to the Bethlehem Steel
Co., which is to be filled by C. A. Buck, the well-known expert on all
metallurgical matters. He will have charge of the mines in Chile as well
as other technical matters pertaining to the development ofthe company.
It is not the Intention of Mr. Schwab to lose any of his close personal interest in or contact with Bethlehem or the Bethlehem Steel Co., and the
office of Chairman of the board of Bethlehem Steel Co. has been created
for him. Mr.Schwab,of course,remains Chairman of the board and President of the Bethlehem Steel Corporation.

Acquisitions.-Mr. Schwab at the annual meeting on
Tuesday said:
The Tofo iron mines in Chile, which were acquired for the company during
Mr. Schwab's recent trip to Europe, will probably take 3 years for their
proper development. About 50,000
of ore a year can now be mined,
but it is hoped to increase this to 200,000 tons by 1915. The estimated ore
supplies in sight in these mines are at least 60,000,000. All the ore is
Bessemer. The corporation recently purchased for about $500.000 the
Titusville Forge Co. of Titusville, Pa. About $600,000 was spent last
yemr in building new car works at the Harlan & Hollingsworth plants at
Wilmington, Del. It is planned to spend about $6,500,000 in new construction at Bethlehem during the current year.-V. 96, p. 944, 865.

British Columbia Copper Co.-Report.Proceeds of Operating Custom Ore DinYear ending
Bal., Surp.
MetalShip's. Expenses. Purch.,&c. dends.
Nov. 30.
72
° D
1911-12
4d8r.
$2,491,288 $1.570.205 3495.087 9177,513 sur.$2
def.14,002
147.931
1,533,263 300,966
1.968.158
1910-11
Total surplus Nov. 30 1912, $965,736. During the year 1911-12 there
was produced 11,259,140 lbs. of fine copper, 25,863 oz. of gold and 142,085
oz. of silver, against 9,941,907 lbs., 31,144 oz. and 134,266 oz., respectively,
in 1910-11.

New Directors.Joseph B. Dulany, C. I. Stralem and William T. Henry have been elected
directors to succeed Frederick Lewisohn, Harry Bronner and John H. Seaman, who retire.-V.96, p. 948.

Burns Bros.-First Dividend.-An initial dividend has
been declared on the 7% pref. stock, payable May 1 to holders of record April 1, at the rate of 7% per annum for the
period from Jan. 13 1913 (date of issue) to May 1 at the rate
of 7% per annum. Checks will be mailed.-V. 96, p. 363.
California Wine Association, San Fr.-Debentures.V.-P. C.0.0.Miller in a circular dated Mar. 18 says in subst:

The company, for the purpose of paying a portion ofthe cost of new property, reducing the amount of the floating debt of the corporation and Re
companies, and for other purpo.ses, has sold to an underwriting
constituent
West Virginia Trac. & Elec. Co., Wheeling.-Control.-- syndicate 33.000.000 of a $5,000,000 issue of 6% convertible debenture
bonds maturing in 1925. and has arranged that the holders of its capital
See Eastern l'ower & Light Corporation above.-V.96, p. 918.
stock (both pref. and common) of record March 20 1913 may subscribe
Youngstown & Ohio River RR.-Dividends.180 Townsend St., San Fr., on or before April 20 at
of 1% therefor at the office,
a quarterly dividend of
Tho company on March 31 1913 paid against
the price of $980 for each $1,000 bond in the proportion of ono $1,000 bond
13/s% quarterly in 1912, for each 20 shares ($2.000) of stock then standing in their names,respectiveon the 31,000.000 5% pref. stock, as
is
it
present,
at
available
making 4%% during that year. The surplus
ly. Subscriptions are payable 25% April 20, 25% June 20, 25% Aug. 20
stated, would be sufficient to continuo the old rate for the first quarter and 25% Oct. 20 1913. or may be paid in full at once, in which case the
of 1913, but as the stock becomes cumulative on July 1, it was deemed bonds will be issued about Aug. 1.
far
as
passible,
advisable to conserve resources with the view of making
At the option of the holder the bonds are to be exchanged for common
as can be now provided, the payment of the 5% rate after July 1. The stock for periods ending Sept. 10 as follows: 1913 to 1914 at $66 2-3 per
first dividend at the 5% rate is payable Sept 30. Compare V. 96, p. 948. share, equal to 15 shares of stock for each $1,000 bond; 1914 to 1916 at
to 1918
$71 42 per share, equal to 14 shares of stock for each bond; 1916
at $76 92+ per share, equal to 13 shares; 1918 to 1921 at 383 1-3 per share,
equal to 12 shares. All right to convert bonds into stock will absolutely
INDUSTRIAL, GAS AND MISCELLANEOUS.
cease on Sept. 10 1921.
Further Details of Bonds as Reported in San Francisco Papers.
Adirondack Electric Power Co.-Earnings Cal. Yr. 1912.
Total authorized issue to be 35,000,000; to be presently issued, $3,000,Gross earnings, $110,356; operating expenses, $66,841; taxes and uncol- 000; bonds to be dated June 10 1913 and duo Sept. 10 1925 (Interest M.& S.
lectible bills, $7,565; net-earnings, $35,950; interest charges and income de- 10). but red. at 105 and int. either as an entire issue at any time after
ductions, $21,222; balance, surplus. $14,728. Construction charges during Sept. 10 1914 or for the sinking fund, which, beginning Sept. 10 1914, will
thereafter,
receive yearly 214% for 3 years; then 3%% for 3 years and 5
the year were 325,529.-V. 95, p. 112.
plus in each case an amount equal to any excess above 5% paid in dividends
Alabama Co.-New Company Incorporated.-The com- on stock. But debentures converted into stock to be considered as payto the sinking fund. The present issue ($3,000,000) has been underpany was incorporated ill Delaware on April 2 as successor of ments
written by a syndicate headed by J. Barth & Co. and Sutro & Co. of Sall
Iron Co.,per plan V.95,p.1685. Fran.
the Alabama Consol.Coal &
95%,and it is thought in San Francisco will pave the way to diviat
The total capitalization, it is stated, will be $6,919,000. The decree dends on the stock.
ratifying the sale of the property to the stockholders' committee will be
Aug. 10 1894. Owner and handler of its own brands and
[Incorporated
approved by the Federal Court at Birmingham, Ala., as soon as it is drawn of the brands of Kohler & Frohling, B. Dreyfus & Co., Napa Valley Wine
by the trustee in bankruptcy. The price paid for the property was $300,000 Co.. S. Lachman Co., C. Carpy & Co. and Kohler & Van Bergen.of
the
obligations
old
company.
and assumption by the committee of the
V. 95, p. 45.

Alabama Consolidated Coal & Iron Co.-New Company.

Calumet & Hecla (Copper) Mining Company.Earninvs.-The balance sheet of Dec. 31 1912 shows a deAmer. District Telegraph Co. of New Jersey.-Earns. crease IR surplus of $546,693 over last year's figures. There
Dividends Balance,
Net
Calendar
Gross
Operating
Surplus. was produced during the year 67,856,429 lbs. of refined
YearEarnings.
Expenses. Earnings. . Paid.
$2,351,347 $1,481,029 $870,318 $398,554 $471,764 copper against 74,130,977 in 1911. The price per lb.
1912
394,375
398,552
792,927
2,162,784
1911
1,369,857
received for copper sold was 16.65c. in 1912, against 12.82e.
-V.94, p. 1315.
Dividends amounting to $4,200,000 were paid during the
American Fuel Co.-Receivership.Judge Nell S. Graham at Boulder, Colo., on ?Aar. 17 granted the applica- year aggregating 168%, against $2,400,000 (96%) paid in
Anna
Jackson
of
Mrs.
M.
G.
appointed
Denver
for a receiver, and
tion of
1911.-V. 96, p. 556, 138.
Williams of Boulder and Denver .
Carnegie Coal Co. of Pittsburgh, Pa.-New Stock.The company is said to owe its miners $20,000. Some time ago the minSee Alabama Co. above.-V. 96, p. 948, 655.

ers agreed to work on half wages until last Saturday, when they were
supposed to receive all they had earned in addition to the usual pay checks.

A certificate has been filed at Harrisburg, increasing the capital stock
from $800,000 to $1,657,000. See V. 96, p. 490.

ior.-American Smelters Securities Co., N. Y.-Director.---

Cities Service Co. New York.-Pref. Stock.-Henry L.
a block of 6% cum. pref. stock.
'
Doherty & Co. are offering
A circular says in brief:

Samuel Guggenheim has been elected a director, increasing the board
from 21 to 22, and a member of the executive commi:tee, increasing it
from 15 to 16.-V. 95. re 819.

American Smelting & Refining Co.-New Director.-

The board having been increased from 25 to 26 and the executive committee from 16 to 17, Simon Guggenheim has been elected as the new member of each body.-V.96, p• 942, 865.

American Zinc, Lead & Smelting Co.-Earnings.-

Int. on
DiviCalendar
Balance,
General
Net
dends.
YearExpenses. Bot?ds, &c.
Surplus.
Earnings.
$37,965
1912
3294,880
3400,300
367,455
73,082
166,400
1911
168,771
63.720
471,973
From the surplus as above in 1912 was deducted $65.701 transferred
to special reserve fund for additions and betterments to properties, against
$150,000 in 1911.---V. 94, p. 984, 828.

Arkansas Natural Gas Co., Pittsb., Pa.-Earnings, &c.

Cal. Year-.
Gross.
Net,after Taxes. Interest, &c. Bal., Sur.
$345,704
1912
3675,287
33/4,205
$28,500
129,301
1911
285,343
168,856
39.555
"Interest, &c.," in 1912 includes bond and other interest, field developcharged
off, &c. Balance sheet Dec. 31 1912,: Investment,
ment work
$11,715,070; cash, $38,307; total assets, $11,753,377. Offsets: Capital
stock, $6,500,000; bonds outstanding, $4,057,000; bills and accounts payable (less accts. receivable), $1,167,572; surplus, $28,805. Compare
V. 06, P. 865; V. 91, P. 1449, 1329.




Authorised. Outstanding.
Capitalization$30,000,000 $12,695,360
Preferred stock (6% cumulative)
8,051.430
20,000.000
Common stock
Statement of Earnings for 12 Months ending Feb. 28 1913.
$1,284,869 Dividends on pref stock__ $636,564
Gross earnings
250,160
$1.218,367!Divs. on common stock__
Net earnings
$331,637
Surplus for 12 months
Net earnings for the 12 months ending Oct. 31 1912 were 31,085,819,
against 3885.987 in 1910-11. Dividends aro paid monthly at rate of 6%
per annum on pref. stock and 5% per annum on common stock. Dividends on common aggregated 3% per annum to Jan. 1912;4% during 1912.
s,74
and beginning with Feb. 1 1913 5% per annum.
A holding company for the stocks of public utility companies, and now
controls through stock ownership the following companies, serving a population of over 950,000: Denver (Col.) Gas & Electric Light Co., Denver;
Empire District Electric Co., Joplin, Mo., and adjoining territory; Brush
Electric Co., Galveston,: St. Joseph (Mo.) Railway, Light, Heat & Power
Co.; Danbury and Bethel (Comm.) Gas & Electric Co.; Empire District
Gas Co., Kansas, Missouri and Oklahoma.-V.96, p. 718,656, 205.

City Electric Lighting Co., Vincennes, Ind.-Control.

See Eastern Power & Light Corporation above.

1024

THE CHRONICLE

Claremont (N. H.) Power Co.—Control.—

See Eastern Power & Light Corp. under "Railroads" above.—V.95,p.1125

ft

Connecticut Power Co., Boston.—Conso idation.—
Stone & Webster, Boston, have consolidated under this title
the Middletown Electric Light Co., New London Gas & Electric Co., Eastern Connecticut Electric Power Co. and Connecticut Power Co.,(the last-named owning the Berkshire
Power Co. at Canaan, the Norfolk El. Lt. Co. and the
Sharon Electric Light Co.)and will develop at once a hydroelectric plant at Falls Village, on the Housatonic River, with
an installation of 12,000 h. p., utlimate capacity 16,000
h. p. To cover the cost of the properties acquired and the
aforesaid plant, there will now be issued pref. stock, $1,250,000; common stock, $1,000,000, and bonds, $2,445,000.
A public offering will probably be made at an early day.
A

[VOL. xcvi.

Sinking fund must retire $475,000. Par of collateral, $625,000. Since
1904 has issued $8,500,000 collat. trust 5% bonds; canceled to Apr. 1913
$4,577,000; bal. out, $3,923,000. Capital stock, $1,000,000 5% pref.
and $2,500,000 common, the latter owned by General Electric Co. Assets,
cash, $335,478; securities appraised at 87,973.„500.
Collateral for this issue, Consol. Power & Lt. Co. of S. Dak. 1st consol.
5s, due 1929 (V. 95, p. 51), $100,000; Great Western Power Co. 1st M. 5s,
due 1946, $100,000; Yadkin River Pow. Co. 1st M. 5s, due 1941 (V. 93, p.
1267). $100,000; Great Nor. Power Co. 1st M. 5s, 1935 (V. 92, p. 1036),
$100,000; Anniston (Ala.) El. & Gas 1st 5s, 1929, $100,000; Wash. Bait. &
El. 1st 5s, 1941, $125,000. (For last two issues see "El. Ry. Sec.")
Profit and loss cal. year 1912: Interest received and accrued, $431,450:
dividends received, i75,219; total, $506,669. Deduct: Bond interest
paid, $182,448; expenses (incl. taxes), $82,532. Bal., surp., $241,689.
Profit from sales securities, $709086; less disct. and prem. on coll. trust
bonds, 1131,640; net, $677,445. In 1912, in addition to dividends of 5%
on $1,000,000 pref. stock and 8% on $2,000,000 common stock, stock dividend of $500.000 was paid and 3123,876 added to surplus, making same
Dec. 31 1912 $1,227,647. Compare V.95, p. 682. 1748.

Goldfield Consolidated Mining Co.—Earnings.—

Period
Net
DepreDividends
Gross
paid.
Balan
ce,
transmission line, principally on steel towers, will connect the plant
Covered— Revenue. Earnings. ciation.
Surplus.
with Torrington, Thomaston, Bristol and possibly Middletown. There is 14 mos. end'g
a modern steam plant of about 2,700 h. p. capacity at Middletown, another
Dec.31'12 $7,518,935 $4,886,399 $140,790 (16%)$5,694,637 def.$949,028
of about the same capacity in New London and a small hydro-electric and Year ending
steam relay plant at Canaan.
Oct. 31 '11 9,890,029 7,526,846 147,195 (20%)7,118.296 sur.261,355
Directors: Charles A. Stone. Edwin S. Webster, Russell Robb, Henry
There was produced during the year ending Dec. 31 1912 415,786 tons,
G. Bradleo, Eliot Wadsworth, Dwight P. Robinson and John W. Hallowell against 330,549 tons lathe year ending Oct. 31 1911.—V.
96, p.656,422.
of Stone & Webster; Winthrop G. Bushnell and Samuel C. Morehouse of
Grasselli Chemical Co., Cleve.—New Stock.—Hayden,
New Haven and Frederick P. Royce, V.-Pres. of the Stone & Webster
Management Association.
Miller & Co., having underwritten the recent issue of $1,500,H. C. Warren & Co. of New Haven in November last, when offering a
small block of Connecticut Power Co. 1st M. 50-yr. gold 5s of 1906, due 000 6% cum. pref. stock, offered on March 27 a limited
July 11956, said: "The charter granted by the General Assembly of Con- amount at 104 and div. Dividends Q.-M. 30. Par $100.
necticut in 1899 is very liberal in its provisions and permits the company to
Data from Letter of Pres. C. A. Grasselli, March 12 1913.
make and distribute electricity by any known means throughout the
Business started in Cincinnati in 1839, moved to Cleveland in 1867.
State. The company has acquired by purchase practically all of the 6,000
shares of the capital stock of the New London (Conn.) Gas & Electric Co. Incorporated in 1885 [an Ohio corp.]. Net quick assets are over three
and has acquired by deed the entire property and franchise of the Falls times the pref. issue; total assets over ten times the pref. issue. For past
Village (Conn.) Water Co. This company has a partial hydraulic develop- ten years the company has paid dividends at rate of 8% per annum on its
ment of a natural waterfall of64 ft.[at Great Falls]on the Housatonic River, outstanding [common] stock. Has never had any mortgage or bonded
supplemented by 30 ft. additional head in the rapids 2,000 ft. below the debt. The proceeds of the sale of this stock are to be used to pay for
base of the main cataract making a total available head of 94 ft. The extensions and improvements made in 1912 and contemplated in 1913, and
Stone & Webster Engineering Corporation of Boston has recently acquired to increase the working capital. Directors (12 of whom have been with the
control. The income from the New London Gas & Electric Co. alone is company for over 10 years) are: C. A. Grasselli, Pres.; T. S. Grasseli,
sufficient to pay all existing operating expenses, interest charges and a fair 1st V.-Pres.; E. R. Grasselli, 2d V.-Pres. and Treas.; I. W. Mansfield, 3d
return upon the stock." See also V. 93, D. 532.
V.-Pres.; E. R. Bailey, See.; W. T. Cashman, Daniel Bailey, W. J. Bever,
H. C. Grant, E. W. Furst, G. E. Fisher, J. II. D. Rodier, J. II. Dempsey
Consumers' Co., Chicago.—Bond Issue.—The company and J. H. Wade.
lThe directors in Cleveland on Feb. 27 voted that there be disbursed from
has made a mortgage to Augustus S. Peabody and the Cen- the
surplus and undivided profits to stockholders of record Feb. 27 1913
tral Trust Co. of Illinois, as trustees, to secure an issue of 50% (83,750,000) in common stock,
certificates for which were mailed
on
or
about April 1 1913 by the Citizens' Savings & Trust Co. of Cleveland.
$1,500,000 of 6% bonds, dated Mar. 1 1913 and maturing
In view of this increase of stock it is stated that the directors
deem it
Mar. 11928.
advisable to reduce the com, dividends from 2% qu. to 136% after April 1.
The directors also voted to sell $1,500000 of the $5,000,000 auth.
The proceeds will be used to pay floating debt and supply additional
working capital. The loan is secured by 75 pieces of real estate in Cook 6% cum. pref. stock, to cover extensions and improvements made in
County and also by real estate in 6 other counties in Illinois and a dozen and contemplated in 1913, and to increase working capital. Such stock1912
was
counties in Indiana and Wisconsin.
offered to the stockholders of record Feb. 27 1913 at par ($100 per share)
Peabody, Houghteling & Co. have, it is stated, placed the $1,500,000 6% in amounts equal to 20% of their respective holdings of the common capital
bonds in Scotland, where they were over-subscribed.—V. 96, p. 792, 556.
stock. Subscriptions must be made on or before March 14 1913, and are
exchange
April
1918
Curtis Publishing Co., Philadelphia.—Stock Increase.
t
ei9E%
lu
oacnkd A05
%
A certificate has been filed at Harrisburg increasing the capital stock 000,000 common and $5,000,000 pref.; to be outstanding July 1 1913.
$11,250,000 common and $1,500,000 preferred.
from $10,000,000 to $20,000,000.—V. 96, p. 138.
Manufactures: (a) Acids.—Sulphurlc, muriatic, nitric, aqua fortis
acetic, oleum and oxalic. (b) Salts, &c.—Acetate of soda, phosphate and
Dayton, 0. Breweries Co.—Dividend Withheld.—
of soda, tri-scdium phosphate, chloride of ammonia, chloride of
r President Schantz has sent a letter to stockholders announcing that,on sulphate
account of the recent flood, the company would be compelled to withhold zinc, acetate of lead, soldering flux, &c. (c) Miscellaneous.aqua ammothe checks for the quarterly dividend of 13,6% on the $1,249,125 6% non- nia, silicate and sulphide of soda, soda ash, iron oxide, caustic potash,
cumulative preferred stock, which would have been payable April 1. The arsenate of lead, &c.] See plants, V. 96, p. 422.
letter stated that 80% of the company's property is flooded and its personal
Great Falls Power Co.—Now Fully Controlled.—
holdings in them destroyed, and that it cannot be predicted when the comSee Montana Power Co. under "Annual Reports" above.—V.96, p. 138.
pany can resume business. Quarterly payments of 136% were regularly
made from Oct. 1910 to Jan. 1913, the same amounts having been paid in
Great Western Cereal Co., Chicago.—Status.—
May 1910 and July 1907.—V.94, p. 489.
The Continental & Commercial Trust & Savings Bank, mortgage trustee,
on Mar. 18 by order of Judge Tuthill, turned over $155,400 to the receivers,
Denver (Col.) Union Water Co.—Control.—Control of Wm. A. Tilden and James F. Fielder. The trustee retained 34.600 to
retire the remainder of the bonds not yet paid off. The last-named amount,
the Mountain Water-Works Construction Co. which owns as
well as the
to be obtained from the sale of the 2 remaining plants
most of the capital stock of the Denver Union Water Co. is at Muscatine,proceeds
Ia., and Nebraska City, Neb., will be used to pay the claims
which have been allowed, any remainder to be divided among the
being acquired by a Denver syndicate headed by Boettcher,
stockholders. It is not possible to state at the present time when the receiverPorter & Co. The "Denver Post" of Mar. 24 says in subst.: ship
will be wound up.—V. 94, p. 1387.
John Evans, Pres. of the Mountain Water-Works Construction Co., and
Chairman of the Board of the Denver Union Water Co., is ca-oporating
Hillcrest Collieries, Ltd.—Earnings.—For year 1912:
with Boettcher, Porter & Co. Mr. Evans represents the Cheesman stock
Net profits, after all expenses, $100,101: rents on
&c., $3,300:
The purpose of the syndicate in seeking control is to eliminate all chance total net profits, $103,401; Montreal expenses, $330;building,
interest on loans and
of complications in re-financing the company when the $8,000,000 of bonds bonds, $21,060; pref. dividends, $49,350; balance, surplus, $32,661.
of the Denver Union Water Co. mature on July 1 1914, and, in the event
Houston (Tex.) Lighting & Power Co.—Earnings &c.—
of an unfavorable decision by the U. S. Supreme Court in the pendinff
See American Cities Co. under Annual Roports."—V. 94, p. '
litigation with the city, to leave the property in the hands of men financially
211.
able to preserve the equity of the shareholders in the settlement with city.
Hudson River Electric Power Co.—Payment from ProWhen the growth of the city required extensive improvements and additions to the plant of the Denver Union Water Co., the Mountain Water- ceeds of Foreclosure Sale (See V. 93, p. 348, 799)
on UndeWorks Construction Co. was organized to finance the undertaking. This
concern issued its stock at the rate of one share for each five and a fraction posited Bonds with All Overdue Coupons Attached.—
shares of the original company,financed the loans needed, and built CheesNow. Previous. ToDate
man dam and much of the work entailed in the enlargement of the distribu- 1. Hudson River Elec. Power Co. 1st M. bonds_375 19 $274 66 $349 85
ting system from Cheesman and Marston lakes (compare V.78, p. 105, 231, 2. Hudson River Power Transm.Co.ref. M.bds. 9 82
789 78
799 60
289). All the stock was not taken over and the syndicate is gathering same. 3. Hudson River Electric Co. 1st M.bonds
13 02 976 32
989 34
Should the Supreme Court determine that the city must renew the franNos. 1 and 2 at Columbia-Knickerbocker Trust Co.; No. 3 at Guaranty
chise of the Water Co. for a term of 20 years, the men who are buying will Trust Co.. N. Y. This is a revised statement. See also V. 94. 13. 1699.
be in a position to negotiate a bond issue on favorable terms to replace the
issue which is approaching maturity. On the other hand, should the SuIdaho-Oregon Light & Power Co.—Default—Plan.—
preme Court hold the company bound to sell at the appraised valuation of
$14,400,000 plus the amount expended since the appraisal in extensions and The interest due April 1 on the first and refunding bonds
improvements. about $1,800,000, the now owners will negotiate the sale. remains unpaid, and a protective committee composed of
[The Denver "Republican" on March 25 said: "After seven months' Charles E. Bockus of Boston, L. B. Franklin, Samuel L.
study of the Denver Union Water Co.'s stock, Boettcher, Porter & Co. Fuller,
Daniel E. Pomeroy and Stacy C. Richmond of New
yesterday completed the purchase of 6.000 shares. Some of the stock
bought was the property of the holding company, which owns 807
0 of Den- York; Homer W. McCoy of Chicago, and William Mainland
ver Union stock and some was a portion of the remaining 20%."—V. 96,
of Oshkosh, Wis., is calling for deposits of the bonds with the
ri• 492.

Ytairg141'3Crtellitenednt?rre amount

Guaranty Trust Co. of New York, the State Bank of Chicago
Electric Co. of Missouri, St. Louis.—New Name— or the Old Colony Tr. Co. of Boston. The committee say:
Controlled by the Idaho Ry., Light & Power Co., which owns $718,000
Bonds, &c.—The Suburban Electric Light & Power Co. of
1st and ref. bonds, $854,000 consol. 1st and ref. bonds,$250,000 notes, $2,St. Louis, a subsidiary of the North American Company 148,400
pref. and $6,415,100 common stock. If the Idaho-Oregon Co. can
(see V. 96, p. 944) on or about March 20 1913 changed its be placed in a position
where its properties may be convoyed to the Idaho
Ry., Light & Power free from liens, except underlying divisional bonds, the
name to the Electric Company of Missouri and increased latter
company will cancel the $718,000 1st and ref. bonds which it holds
its capital stock from $750,000 to $3,750,000 of which $1,750,- and will create an adjustment mortgage, covering all its properly, rights
and franchises to secure an issue of 5% bonds which it will exchange par
000 is 7% cumulative preferred stock, and $2,000,000 for
for the $2,494,000 1st and ref. bonds of Idaho-Oregon held by others
is common; outstanding $750,000 pref. and $1,250,000 andpar,
also issue to such holders its common stock at par to the extent of 25%
common. The company has also made a mortgage to the of the face value of bonds oxchanged.—V. 94, p. 1630.
Bankers Trust Co. of N. Y. and Charles S. Ruffner as trusIndianapolis Light & Heat Co.—Bonds, &c.—Miller &
tees to secure an issue of 1st M. 40-year bonds, of which Co., Indianapolis,
are offering consol. M.5s of 1905 at 993/i
31,750,000 5 per cents will now be issued.
Officers same as for Suburban Electric Light & Power Co. The com- and int., part of the $3,132,000 recently reported outstandpany will take over certain electric light and power properties of the North ing (see V. 96, p. 866).
America Co. in Missouri and also the property, business and franchises of
the Suburban Electric Light & Power Co. (V. 92, p. 1114.)

Electrical Securities Corp.—Bonds Offered.—Jackson &
Curtis are placing at par and interest 8500,000 collat. trust
s. f. gold 5% bonds, 12th series, dated Feb. 1 1913, due
Feb. 1 1943, but redeemable, all or part, at 103% and int.
on any int. day. Int. F. & A. at Guaranty Trust Co.




Data Furnished by Pres. C. C. Perry, I n diana polis, March 3 1913.
Incorporated in Indiana and furnishes electricity for light and power in
Indianapolis and its suburbs, also steam heat in the business district.
The oldest company in the city selling and generating electric current for
domestic and municipal uses. Distributing systems for one mile square
are underground. Has two central generating stations. The turbine
station at Mill St. and 18th St. Is thoroughly modern, capacity 15,000
k.w.; buildings are being erected sufficient for a 37,500 k.w, addition, which
will make it the largest central station in the State. Yearly growth of the
business (output) 15 to 26%. The additional storage battery now being

Arn. 51913.1

THE CHRONICLE

Installed will give us sufficient storage capacity to supply our peak load in
Dec. in the business district for 20 minutes with both power plants
closed down. We are furnishing service to over 27,000 customers. Rates
moderate. [Population of Indianapolis: 1880, 75,056; 1890, 105,436;
1900, 169,164; 1910, 233,650; 1913, 266,935. See also V. 96, P. 866.

Indian Refining Co.-Statement.-See "Reports."
Plan of Reorganization Dated April 1 1913.-The shareholders' committee has adopted the plan outlined below and
has extended until and incl. April 30 the time for making
further deposits with the Lawyers' Title Ins. & Trust Co.

1025

natural gas was recently piped to Little Rock, a distance of 169 miles by
another company at a cost of about $3,000,000, and is delivered to the
company at the city limits. A large amuont of money has recently been
expended in extending the distribution system. Has now in service 118
miles of mains and 7,213 meters. Entire plant designed according to the
best current practice of artificial gas companies. Original artificial gas
franchise has been amended to permit of the distribution of natural gas,
an entirely satisfactory franchise running until 1940.
Auth. Outstandina
Capitalization Feb. 28 1913Common stock
$1,000,000 $1,000,066
Preferred stock
450,000
600,000
Pulaski Gas Light Co. 1st M. 6s, due July 1 1917
(Mortgage closed)
250.000
Refunding mortgage 6s (this issue)
900,000
3,000,000
This issue is followed by an Authorized issue o $400,000 10-year 6%
debentures, due Dec. 11922, of which $287,000 are outstanding, representing part of the equity over and above these bonds.
The refunding bonds are a direct mortgage on all of the property, rights
and franchises, subject only to 2250,000 6% bonds. due July 1 1917, and
will also cover all property hereafter acquired; $1,850,000 escrow bonds
may be issued only for 80% of the cost of permanent extensions and
additions and, except for additional artificial gas manufacturing plants
or extensions of the present manufacturing plants, no bonds can be issued
unless the annual net earnings after deducting all operating expenses,
maintenance and taxes are 1% times the annual interest charge, including
the underlying bonds and the new bonds applied for. The. remaining
$250,000 refunding bonds are reserved to refund, at or before maturity, the.
underlying bonds due in 1917, upon the retirement of which this refunding
issue will be secured by an absolute first mortgage.
Earnings for the Six Months ended Feb. 28 1913, with Six Months' Interest
on all Bonds Now Out.
Gross earnings
$257,392 I Present interest charge_ __- 934,500
$27,219
Net earnings after taxes
$61,719 I Balance, surplus
The net earnings are over 1/ times the.interest charge, and it is estimated that the net earnings for the cal. year 1913 will be over $125,000.
Sinking Fund.-Until the company shall resume the manufacture and
distribution of artificial gas, $25,000 yearly, beginning Sept. 1 1913, must
be used in retiring bonds or for extensions, enlargements and additions,on
account of which no new bonds may be issued.
Business Field.-Little Rock is the capital of the State, and together with
Argenta, the population [65,000] has shown an increase of over 40% in
the last ten years. The new Capitol Building recently completed, cost
about $4,000,000. Little Rock is the leading financial, manufacturing and
Jobbing centreof the State, serving a territory with a population of over
1,500,000. The city's aggregate annual commerce is estimated at about
$150,000,000. The shops of the Rock Island and Iron Mountain roads are
located at Argenta. The two cities have 21 banks with resources of
$18,000.000.
1912.
1911.
1910.
Little Rock's
1908.
1909.
-$
GrowthBank clearings,
cal. year __ _71,022,489 86,772,372 91,995,248 97,316,822 110,330,075
Postal receipts,
266,758
241,917
238,700
'April 1 year_
205,447
191,751
Equity.-On basis of the cost of the property and the value of the junior
securities and stock,there is a very large equity over and above these bonds.

Digest of Committee's Introductory Statement.
In October 1911 a loan of $2,300,000 was obtained from a syndicate
headed by a trust company in N. Y. City, which loan was later increased
to $2,600,000. At this time the company's business was unprofitable.
The company is now making substantial earnings. During the six months
ending Feb. 28 1913 the net earnings amounted to $657,000, and important
economies have since been introduced. The 1st M. sinking fund now
amounts to about $50,000 per month, thus reducing the bonded debt very
rapidly and the overdue loan of the trust company has been reduced to
$2,184,000. The reduction in the indebtedness of the company during the
six months' period was nearly $1,100,000.
•The plan now submitted provides that the company shall issue $2,550,000
secured notes. While this issue has not been underwritten, the committee is assured that upon subscription by depositors and stockholders to
the extent of $1,200,000 par value,which at 85.will realize $1,020,000 in
cash, the balance of the present loan and the expenses of the plan can be
provided for by the remaining $1,350,000 of the issue, comprising the earlier
maturities thereof, sufficient of which to pay off the balance of the existing
loan will be taken by'the trust cbmpany under an arrangement made with
the committee. If the issue of notes is not subscribed,for the trust company has indicated its intention to collect its debt by legal process.
The company's Auditor estimates the earnings for 1913 and 1914,
after providing $1,000,000 for the 1st M. sinking fund for those two years,
and for car trusts, interest, &c., at $2,500,000, based on the business done
during the last six months of 1912, without taking into account economies
In operation not then in force. • If this estimate is even substantially correct, the company should be able to pay the notes out of earnings before
maturity. [See 'AnnualiReports" on a preceding page.]
Outline of Plan-$2,556,000 New 7% Secured Serial Notes.
The company shall issue $2,550,000 secured 7% notes dated May 1 1913
and secured by a second mortgage or deed of trust of certain physical properties of the company and otherwise as the committee may deem advisable.
Par $100 and multiples; interest payable half-yearly. Principal to mature:
Nov. 11913. May 11914. Nov.1 1914. May 1 1915. May 1 1918. Total.
$500,000
$250,000
$300,000
$300,000 $1,200,000 $2,550,000
Also redeemable on any interest day at company's option either as an
entire issue or in part in order of maturity.
The company shall covenant that no dividend be paid on stock while any
of such notes maturing May 1 1915 or earlier shall be unpaid; and, commencing June 1 1915 shall pay into a sinking fund $33,000 per month for
the redemption at par of notes drawn by lot. The entire issue will become
due upon default of any part of the principal or of any interest due on or
before May 1 1915 and also after default for six months'either on any inLouisville (Ky.) Gas 84 Electric Co.-Ordinances Signed.
terest due after May 1 1915 or on sinking fund payments.
If this plan shall become, effective, the shareholders, whether or not -Mayor Head has signed the amended ordinances permitdepositors hereunder, will be entitled to subscribe at 85% of the par value
thereof for notes of such issue due May 1 1918 to the extent of $20 par value ting the proposed merger of lighting properties as planned
for each share of their stock. Subscriptions to be paid in full on or before by Byllesby & Co.
May 1 1913 either at Lawyers' Title Ins. & Trust Co., 160 Broadway,
The merger, it is stated, will include every gas and electric lighting propN. Ir., or at Market Nat. Bank, Cincinnati, with discount at 6% on pay- erty in Louisville except one, the property of the Kentucky Heating Co.
ments madebpfore May 1.
being taken over, as well as the Louisville Gas Co., the Louisville Ligating
If the plan becomes effective, all deposited stock assenting to the plan Co., the George H. Fetter Lighting & Heating Co. and the Camp
will be deposited under a voting trust agreement to continue for not ex- Electric Co., hich were already controlled by the Mississippi Valley Gas
ceeding five. years, and voting trust certificates will be issued to the de- & Electric do., a subsidiary of the Standard Gas & El. Co. Vol. 96, 9.556.
positors against the same. Depositors who do not file assent within the
time required will be presumed to have assented.
(The) Manufacturers' Co., Boston.-Secured Gold Notes.
[Signed by Evans R. Dick, Chairman; E. Clifford Potter, Robert H.
Gibson, Louis V. Bright, James M. Hutton, Max C. Fleischmann, Lazard -Jackson & Curtis, Boston and N. Y., made an advance
Kahn. Archibald Forbes, 160 Broadway, is Secretary to the committee.] offering on Feb. 27 of $1,000,000 secured 5% 3-year gold
See also "Annual Reports" above.-V. 95, p. 1405, 1334.
A circular shows:
notes at 98- and int., to yield 5
Auth. $1,000,000, all outstanding. Dated Mar. 1 1913 and due Mar. 1
International Salt Co.-To Reduce Cap. Stock.-The 1916,
but redeem. as a whole or in part on any int. day at 102A and int.
shareholders will vote April 21 on decreasing the auth. cap. Par $1,000 (c4). Int. M. & S. in Boston.
Secured by deposit with Old Colony Trust Co., trustee, Of 5,000 shares
stock from $30,000,000 to $6,077,130, all in $100 shares,
Mills, 2,000 shares Saco-Lowell Shops, 800 shares Ludlow Mfg.
caneeling the $1,604,610 of treasury stock and reducing Pacific
Associates and 300 shares Walter Baker & Co., Ltd., representing a total
the outstanding stock ($18,231,390) by 66 2-3% to the afore- market value of over $1,300,000. The market value of the collateral must
all times equal 125% of the notes outstanding. Substitutions or withsaid $6,077,130. The resolution of the board as shown in at
drawals of collateral only with the approval of Jackson & Curtis.
circular of March 31 says in substance:
Organized in Mass.[early in 1913] with Robert F. Herrick as President,
Practically all of the largo stockholders have notified the board that in to purchase and hold for investment, securities, particularly dividendtheir opinion the capital stock should be reduced to an amount more nearly paying shares of conservative established Massachusetts industrial comapproximating the total amount of outstanding bonds and floating debt. panies. It is capitalized at $200,000 6% pref. shares and $300,000 corn.
The present capitalization is largely in excess of the fair and reasonable shares, and holds assets, incl. those pledged, of a value of over $1,500,000.
value of the stocks now owned, owing, among other things, to the inMinneapolis General Electric Co.-Additional Power
solvency and dissolution of the National Salt Co., for whose stock a large
amount of the stock of this company was originally issued. The proposed Assured-Lease of Proposed Plant.
the
reduction
of
annual
franchise tax.reduction will result in a large
See Northern Mississippi River Power Co. below.-V.95, p. 424, 180.
V. 96, p. 42.

International Steam Pump Co., New York.-Pref.
Dividends Suspended.-The directors on Apr. 1 decided not
to pay at present the quarterly dividend due May 1 on the
$11,350,000 cumulative preferred stock. This stock has
always heretofore paid its full 6% per ann. An official statement says in substance:
Business conditions since Jan. 1 last have been of a disappointing nature.
The volume of new business has decreased and the prices obtained for our
machinery have declined. No new competition has arisen but the existing competition is, if anything, sharper than at any time in the history
of the company.
For the first half of the current fiscal year, partly estimated, the net earnings were well in excess of bond interest requirements and pref. dividends of
subsidiary companies.-V. 96, p. 139.

Island Creek Coal Co.-Earnings.-For calendar years:

Adm.& Interest
Net
Divs.
Calendar
Reserve
Balance
Piad.
Fund. Sur.or Def.
Year- Earnings. Gen.Exp. Receiv.
$811,048 $57,253 $18,693 $699,939 $95,356 def.$22,806
1912
60,421
9,916
298,255
582,117
1911
sur.233,357
-V.94, p. 1630, 1624.

Isle Royale Copper Co.-New Director.-

C. Q. Whitten has been elected a director to succeed T. N. Perkins.V.96, p.492.

Lindsay Light Co.-Stock Increase.-

The directors have recommended that the stock be increased from $200,000 to $1,000000, consisting of $400,000 7% pref. and $600,000 common
stock. A dividend of 200% in new pref. and 300% in new common, it is
said, is proposed.-V. 94, P. 1701.

Little Rock (Ark.) Gas & Fuel Co.-Bonds Offered.Cooke, Holtz &
Inc., Chicago, are offering at par,
Co.,
(see advertisement) the unsold portion
yielding 6% interest
of $900,000 refunding mtge. 6% sinking fund gold bonds
dated Nov. 1 1912 and due Nov. 11937, but redeemable on
or after Nov. 1 1914 at 101 and int. Interest (M. & N.)
at Cent. Tr. Co. of Ill., Chic., trustee. Par $500 & $1,000e*.
Digest of Letter from Pres. J. C. Markley. Chicago, March 25 1913.
Business and Property.-Does the entire gas business in the adjoining
cities of Little Rock and Argenta, combined population 65,000. Owns the
original artificial gas manufacturing and distribution plant and is now delivering natural gas, through its artificial gas distribution system. This




Mississippi River Power Co.-Bonds.-Lloyd's Bank,
Ltd., London, was authorized until noon Mar. 27 to receive
applications on behalf of the contractors for the purchase of
$3,000,000 1st M. 5% 40-year gold bonds at £91 per $500
bond, making $18,000,000 of the auth. $25,000,000 issued or
agreed to be issued.

The technical papers have recently described the plant at length. See
"Iron Trade Review" of Cleveland, Feb. 13.
Condensed Letter from Pres. Edwin S. Webster, Feb. 25 1913.
[Addressed to Sperling & Co., London.]
Calculated on the minimum recorded flow of the river, with proper steam
auxiliaries, it is estimated that 200,000 h. p. will be ultimately available
on a 50% load factor. The first installation will consist of 15 turbines with
a rated capacity of 10,000 h. p. each. It is expected that the company will
be in a position to deliver power by July 11913. The work in connection
with the completion of the dam and power-house for the ultimate installation has been so far completed that only the machinery and superstructure
are required in order to bring the capacity of the plant up to 200,000 h. p.
The dam is of massive concrete 4,650 ft. long; the power-house, when
completed for the total development, will be about one-third ofa mile long.
A transmission line 143 miles long has been built to St. Louis to carry
current at 110,000 volts. This will connect with Hannibal, Quincy
and Alton, and with the plant of the Atlas Portland Cement Co. at Ilasco
(near Hannibal). A low voltage line is under construction north to Burlington and Fort Madison.
Contracts.-A contract has been signed to furnish power for the use of
the public utility companies of St. Louis which alone assures the company,
an annual income of over $1,000,000, and, together with other contracts
already executed, will yield sufficient revenue to pay operating expenses
and all interest charges.
Cost of Construction.-It was originally estimated that the company
would be able to build the dam and power-house and install turbines sufficient to supply 120,000 h. p. by the issue of $15,000,000 bonds, $6,000,000
prof. stock and $16,000,000 com. stock. As the construction has progressed it has seemed advisable to make the following changes: (1) Changes
n generating plant to increase the efficiency and capacity of the plant;
(2) the purchase of more flowage and other lands, a large part of which
will require time to re-sell; (3) the purchase of land for factory sites, &c..
near Keokuk; (4) additional work on power-station substructure; (5) substations at Hulls, Basco and for the Alton line, which it has been decided
to install to enable us to obtain better prices by selling direct to some of
the larger customers rather than to distributing companies; (6) distributing
lines to Alton, Fort Madison, Burlington and West Burlington.
The changes and work above outlined will require about $4,500,000.
Allowances for excess in construction costs and interest charges during construction will amount to approximately $2,000,000, making in total requirements for new funds about $6,500,000. These funds will be partially
provided by the sale of the $3,000,000 of bonds now offered,

1026

THE CHRONICLE

[Vora. gran:

Earnings.-Prom contracts already concluded the company has an
Old Dominion Copper Mining & Smelting Co. of N. J.
assured annual income of $1,565,000. Future earnings are est. as follows:
1Vhen200,000 -Earnings.1914.
1915.
h. p. Is Sold Cal. YearTotal Earns.
Net Profits.
Dividends Paid.
Bal., Sur.
Gross earnings
$1,750,000 $2,000,000 $3,750,000 1912
32,888,203
$1,004,186
(18%)$729,000
$275,186
Oper. exp., taxes and int. on bonds
1,300,000
1,400,000
2,000,000 1911
2,453,679
621,964
(12%) 486,000
135,984
Total surplus Dec. 311912,3962,229.-V. 94, p. 1570.
Surplus after bond interest
.$450,000
$600.000 $1,750,000
--showing bond interest covered nearly 1 4 times during thefirst year, over
Omaha (Neb.) Water Co.-Payment of Premium Certif's.
1% times during the second year, and interest on total auth. bond issue
The New York State Court of Appeals having decided that the
covered approximately 21i times when final installation is complete and the tion of the purchase by the city of the company s water works doescomplenot refull output of power sold. Compare V. 92, p. 729.-V. 95, p. 683.
lieve it from the payment of a 5% premium on its consolidated M. and
lien bonds, the holders of the laond premium certificates dated July 1
Mt. Whitney Power & Elec. Co., Visalia, Cal.-Notes. prior
1912 are notified to present the same for payment on or before May 1 1913
Louis Sloss & Co., San Francisco, offer 3100,000 12-months' notes, dLs- with $2 08 accrued interest
the Farmers Loan & Trust Co. and Guarcoughed at 6%. John Hays Hammond personally guarantees the payment anty Trust Co., respectively.at Compare
V.96, p. 950; V.94, p. 1630.
of 0.4.se notes at maturity. Operates in Tulare County, Cal. selling elecRemington
tric power for irrigation pumps, &c. Gross earnings in 1900,
Typewriter Co., New York.-Dividend
337,954; for
'
year ending Jan. 1913, $450,903. These notes provide temporarily for Prospects.-The
committee representing common stocknew construction expenditures. Bonds are issuable for 80% of cost of new
holderslhas issued a report stating in part:
construction, but only when completed.-V. 96, p. 290.
"We called on Pres. Earle and urged him to resume dividends on the
New York Dock Co.-Subsidiary Stock Authorized.common stock on April 1. Ile told us that while he appreciated the
The P. S. Commission on April 1 granted the application of the New necessity of commencing dividends
at an early date, he did not feel justified
York Dock Ry. for permission to issue $500,000 capital stock, of which in recommending that the directors
declare a dividend at this time. Ile
$450,000 is to be 6% cum. pref. and $50,000 corn. stock. Compare V. 95, stated, however, that if nothing of an
alarming nature took place in the
p. 1477. As to possible purchase of the property of the New York Dock meantime he would strongly recommend to the directors
Co. (not New York Terminal Co.) by the city, see Bush Terminal Co. of dividends be resumed on Oct. 1."-V. 96, p. 943. 866.that the payment
item. V. 96, p. 865.-V. 95, p. 1687.

Niagara Falls Power Co.-Combined Income Account.-

3 los. end.
Gross
Dec. 31- Earnings.
1912
$658,101
-V. 95, p. 1125.

Net
Earnings.
$555,402

Other
Income.
$62,278

Fixed
Balance,
Charges,&c. Surplus.
$333,496
$284,185

North American Co. N. Y.-Sub. Company Bonds.-

See Electric Co. of Missouri
'
above.-V. 96, p. 943.

Northern Mississippi River Power Co.-Bonds OfferedNew Hydro-Electric Plant to Be Leased to Minneapolis General
Electric Co.-H. F. Bachman & Co. Phila. and N. Y., are
placing at 95 and int. $2,100,000 1st
' M. 5% bonds, dated
Mar. 15 1913 and due June 1 1938, but redeemable at 1023/2'
and int. at any in period after June 11914. Continental
& Commercial Trust & Savings Bank, Chicago, trustee. Par
$500 and $1,000. Int. J. & D. A circular shows:
Outstanding Capitalization.
Capita stock, all owned by Northern States Power Co. (auth.,
$1,000,000), outstanding
$750,000
First mtge. 55, auth., $2,500,000; reserved for 80% of cost of
further development, $400,000
2,100,000
A first mortgage on all the lands, rights and property now owned or
hereafter acquired, and additionally secured by a•48-year lease of the property to the Minneapolis General Electric Co. at a minimum rental sufficient
to meet the interest on the bonds as it accrues and the principal at maturity.
The rental obligation ranks immediately after $7,930,000 first and closed
mortgage 5% bonds, and is followed by the Minneapolis General Electric
Co.capital stock, which was recently acquired by the Northern States Power
Co.at a cash cost of $7,950,000 (see Consumers'Power Co.in V.96, p. 288).
Surplus earnings of the Minneapolis General Electric Co. for calendar year
1912, after all fixed charges, were five times the int. charges on this issue.
The Power Co. operates under a U. S. Govt. permit running until
Sept. 18 1961. [Incorporated in Minnesota in March 1913.1
Organization.-Organized in the interest of the Minneapolis General Electric Co. to meet its increasing demand for power. The site of the proposed
• hydro-electric development is at Coon Rapids on the Mississippi River, 11
miles above Minneapolis. The high-tension transmission lines will be
directly connected with the steam plant of the Minneapolis Gen. Elec. Co.
The power house will be of modern design and construction, fireproof
throughout, with a capacity of 14,700 h. p., and an immediate installation
of 10,500 h. p. The dam will have an average working head of 18 ft. and
total length of 2,070 ft., viz.: (a) Spillway section 1,000 ft. long; (b) Power
house and retaining section 470 ft., including sluice-gates, log-chutes and
fishway, of concrete and steel; (c) embankments at end of dam reinforced
with concrete core-walls, 600 ft.; On the spillway section there will bo
steel Tainter gates, 28 in number, each having an opening of 33 ft. for the
purpose of controlling the elevation of the water in the reservoir. The
construction is under the supervision of H. M. Byllosby & Co. of Chicago
(who will also -manage the property) and Col. Potter, U. S. Govt.
engineer. The completion of the plant is guaranteed by the Northern
States Power Co.,and power will be ready for delivery about Dec. 11913.
Lease.-The Minneapolis General Electric Co. has leased the entire property for 48 years, agreeing to operate the plant to its full capacity, pay all
operating expenses and taxes, make necessary repairs and replacements,
and,at the termination of the lease, to deliver the plant in as good condition
as when received, reasonable wear only excepted, and in the meantime to
pay as rental 7 mills for each and every k. w. hour of current generated,
with a minimum of not less than the following, payable in monthly installs.
Minimum Rental Sufficient to Pay Accruing Int. and Principal at Maturity.
1914-17.
1918-21.
1922-25.
1926-29.
1930-33.
Thereafter.
$125,000
$175,000
$225,000
$250,000
$275,000
$325,000
Annual Earnings of the Minneapolis General Electric Co., the Guarantor
Gross.
Fixed Chgs.
Net.
Bal.,Sur.
1912
$1,001,394
$1,734,546
$372.601
$628,793
1911
1,489,186
850,125
324,802
525,323

Northern States Power Co.-New Subsidiary.-

See Northern Mississippi River Power Co. above.-V.96, p. 719.

Norton Co., Worcester, Mass.-Bonds, &c.Respecting the $420.000 1st M.5% serial coupon bonds, dated March 1
1913 (Worcester Trust Co.,trustee; par $1000), recently offered by Kinsley
& Adams of Worcester (V. 96, p. 866), Pres. George I. Alden March 17
wrote in substance:
These bonds, of which $630.000 are authorized, are an absolute 1st M.
on all the real estate of the company situated in Massachusetts, consisting
of over 84 acres of land and 25 substantial manufacturing buildings located
in Worcester, Mass., which have an assessed valuation of over $630,000.
Furthermore, being a direct obligation of the company, they are protected
by net assets of over $1,693.000.
Incorporated in Mass. in 1885. Manufactures grinding wheels and
abrasive products of all kinds. The abrasives,"alundum" and "crystolon,"
which are products of the electric furnace, are made in the company's own
plants in Niagara Falls, New York and Chippewa, Canada. Also owns
a controlling interest in a company in Wesseling, Germany, engaged in the
manufacture of grinding wheels, and which is valued at over $250,000.
Our product is shipped to all parts of the world. To accommodate its
increasing business, the company has recently been obliged to enlarge its
facilities at Niagara Falls and Worcester, and, furthermore, contemplates
the establishment of a grinding-wheel plant in England.
Assets Dec. 311912.-Real estate, $816,911; machinery. $262.340; merchandise, $520,054; cash and debts receiv., $397,663; outside investments,
$336,978; total, $2,333,946. Offsets-Capital stock. $816,000; accounts
payable, $105,369; notes payable. $535,133; surplus, $877,444.
Average annual net earnings for 10 years ending Dec. 31 1912 have been
over 5 times the yearly interest requirements on the issue of 8630,000 1st
M. bonds. The sales have about doubled in volume in the past 5 years.
Employs in Worcester 1,060 persons and about 100 more in its works in
Niagara Falls, N. Y., and Chippawa, Canada.
Directors.-George I. Alden (Pres.), Charles L. Allen (Trans. and Gen.
Mgr.), John Jeppson (Supt.), George N. Jeppson (works manager), Aldus
0. Higgins (Sec. and Counsel), Fred. H. Daniels and R. Sanford Riley.
See also V. 96, p. 866.

Nova Scotia Steel & Coal Co.-Sale of Deb. Stock, &c.-

President Harris at the annual meeting on March. 26 announced that the
debenture stock issue ,referred to in the annual,report had been sold at a
satisfactory figure. The proceeds will be used to open a new colliery at
Sydney Mines and enlarge the Wabana plant. W. H. Chaos of Woirville
and Frank Ross, Quebec, had been elected to the board of directors.V. 96, p. 556.




(R. J.) Reynolds Tobacco Co. Winston-Salem, N. C.-

The stockholders on April 2 auth. the lime of $10,000,000 7% cum. prof.
stock.-V.96, p. 945, 731.

(M.)Rumely Co.,La Porte,Ind.--Report.--See"Reports."
Officers.-The following changes in officers are announced,
giving the bankers who recently financed the company better
representation:
Emmett Scott has been made Treasurer to succeed Edward A.Rumely,
formerly Treasurer and General Manager. Mr. Rumely continues as
Vice-Pres. and Gen. Mgr. J. H. Guy has been elected a Vice-Pres. in
charge of the company's finances. A finance committee has been appointed consisting of E. A. Rumely and Max Horwitz and Elisha Walker,
the last-named two representing the banking firms who recently financed
the company.-V.06, p. 657,557.

Sears, Roebuck & Co.-Sales.--

1913-March-1912.
$8,124,594
$7,322,552
-V. 96, p. 423, 356.

Increased
1913-3 Months-1912. Increase.
8% 1823,635,949 $20,679,282 14.26%

Southern California Edison Co.-Earnings.Calendar
Year-

Gross
Net
Int.
DepreEarnings. Earnings. Amort. elation.
$
$
1912
4,337,441 2,001,355 708.796 650,000
1911
3,738,165 1,902,280 624,829 650,000
-V.96, p. 423, 207.

Pf. Div. Com.Div. Bal..
(5%). (5%). Sztrp.
$
$
3
200,000 430,000 19,559
200,000 371,250 56,201

Standard Steel Co.-New Company.-

The referee in bankruptcy of Southern Iron & Steel Co. has executed a
deed of the property to the new company, the Standard Steel Co., which
has taken over the same and elected the following officers:
Pres., James llowron; V.-Pres. and General Sales Agent, It. Sanbora
Smith; Sec. and Treas., R. R. Forsyth. The offices will be located in
Birmingham, Ala. (V. 96, p. 423, 140.)

Steel Co. of Canada.-Listed.The Montreal Stock Exchange has listed an additional $500,000 of the
company's bonds.-V. 95, P. 1750.

Suburban Elec. Lt. & Pow. Co., St. Louis.-Name,

See Electric Co. of North America above and compare report of North
American Company in V. 96, p. 944.-V. 92, p. 1114.

Thomas Iron Co., Easton, Pa.-Changes in Officers.B. F. Fackenthal Jr., who has been Pres. and Gen. Mgr.
since 1893, has tendered his resignation as of May 1. Edwin
Thomas of Catasauqua has been made Vice-Pres. to succeed
Wm.H. Hulick, who also resigned on account of the pressure
of duties as Vice-Pres. of the Warren Foundry & Machine
Co. of Phillipsburg, N. J. Mr. Thomas also has been
appointed Gen. Mgr., pending the election of a President,
which will probably not be held until the annual meeting of
the stockholders in September. Both Mr. Fackenthal and
Mr. Hulick remain directors.-V. 95, p. 485.
Union Bag & Paper Co., New York.-Annual Report.The pamphlet report now at hand gives the final figures for
the year ending Jan.31 1913 as follows (compare V.96, p.942).
RESULTS FOR YEARS ENDING JANUARY 31.
1910-11.
1912-13.
1911-12.
1909-10.
Profits per year
$554,251 $1,017,835 $1,038,112 $1.055,400
Interest on bonds
$173,285
$170,146
$167
7:0
53
74
$200.217
7
Int. on pur. mon. oblig_
23,850
37,034
53,562
Preferred dividends_ _ _ _ (3)330,000 (4)44
334 (4)440,000 (4)440,000
30
2,000
Depreciation, &c
120,987
122,265
149,925
x122,585
Sinking fund for bonds..
110,745
134,925
114.095
107,605
Surplus or deficit _ _ _ _def$286,007 sur$138.995 sur$169,245 sur$153.258
The balance sheet of Dec. 31 1912 is approximately as shown in V. 96
p. 942.

United Gas Improvement Co.-Suit Dismissed.-Judge
Coxe in the U. S. District Court in this city yesterday dismissed the complaint in the suit brought under the Sherman
Law by William N. Sleitman, as a stockholder of the Consolidated Street Lighting Co., against the United Gas Improvement Co., the United Lighting & Heating Co., he Welsbach Street Lighting Co. of America, the donsolidated
Street Lighting Co. and 5 individual officers and directors
of the defendant companies, for triple damages aggregating
$3,000,000.
The complaint alleges that the defendants formed a socalled lighting trust ,prior to 1906, and that the defendants
entered into a conspiracy to control the business of securing
contracts for municipal lighting throughout the United States,
and that the conspiracy was carried out by the formation of
other companies, apparently for purposes of competition, but
which were in reality under their control; also that the defendants wrecked the property of the Consolidated Company,
valued at $1,000,000.
The Court holds that an equity suit cannot be maintained under Sec. 7
of the Anti-Trust Act by a single stockholder to recover threefold damages
for injuries sustained by his corporation. This,it is said, has been uniformly construed to refer only to an action at law for threefold damages in which
the defendants would have a right to trial by a jury. The corporation itself can bring an equity suit. A. law which grants such drastic relief must,
It is said, be strictly construed.-V. 96, p. 657, 558.

*United States Finishing Co.-New Officers.-The following statement was issued Mar. 28:

As is generally known,through the co-operation of the banks holding paper of the company, a creditors' committee has been organized, consisting

APR. 5 1933

THE CHRONICLE

of C. L. Bausher, George S. Mumford and Herbert J. Wells. This committee has recommended that the business of the company be continued.
As an initial step to that end, the board has accepted the resignation of
Joseph H. Wright as President and a director, and Franklin S. Jerome as
Treasurer and a director. These resignations extend, also, to the subsidiary companies. Henry B. Thompson was elected President and Treasurer and immediately entered upon the duties of his office. Mr. Thompson
will be remembered as having served for 23 years as Treasurer of Joseph
Bancroft & Sons Co. and during the last year hag been asSociated with the
United States Finishing Co. in an advisory capacity. He now takes upon
himself the full executive management of the company. The future operation of the company is thus assured.-V.90, p.867, 794.

United States Rubber Co.-On 6% Basis.-A quarterly
dividend of 13/2% has been declared on the $36,000,000 common stock, payable Apr. 30 to holders of record Apr. 15,
comparing with 1% quarterly from Oct. 1911 to Jan. 1913,
inclusive. The regular quarterly dividends of2%and 1%%,
respectively, are also payable on the first and second pref.
stock at the same time.
Dividend Record Since 1899.
'99. '00. '01. '02.'03. '04. '05. '06-'10. 11. '12.
1913
None
Common 2 2
4 Jan., 1; Apr., 1
1
1 None 434 8 8 y'ly 8 8 Jan., 2: Apr.,2
1st prof_ 8 8
134 6 y'ly 6 6 Ja.n.,1%APr.,1%
2d prof_ _-Issued in 1905
President Colt is quoted as saying that, although all of the April 1 inventories have not yet been completed, it is known that the net earnings for
the year would be from $1,500,000 to $2,000,000 in excess of all dividends
declared, including the increased dividend on common stock. President
Colt also said that more than nine-tenths of the 2d pref. stock had boon
exchanged under the recent offer of 3 shares of 1st pref. for 4 shares of 2d
pref. stock.-V.96, p. 867, 731.
ifi

United States Smelting, Refining & Mining Co.-

Common
Balance,
Net
Cal.
Exp. & Divs.Min. Preferred
Yr. Earnings. Deprec. Sub.Cos. Dios.(7%) Dividends. Surplus.
$1,702,120 5%)$877,762 $1,653,083
1912-$5,497,965 $1,265,000
1,702,120 4%) 702,210
435,744
1911_ 3,961,103 1,120,690 $339
The balance surplus for 1912, after deducting $235,000 for additional reserve, was $1,418,082.
Output of copper, load, silver and gold, 21,152,620 lbs., 56,385,769 lbs.,
12,059,829 ozs. and 140,183 ozs. in 1912, respectively, against 22199.141
lbs., 49,022791 lbs., 10,285,150 ozs. and 118,703 ozs. respectively in 1911.
Average prices received. 16.237c. copper per lb., 4.529c. lead per lb.
and 61.291c. sliver per oz. in 1912, against 12.459c. per lb. for copper,
4.428c. per lb. lead and 54.003c. per oz. silver in 1911.-V. 95, p. 822.

'Upham Bros. Co. (Shoe Mfrs.), Stoughton, Mass.Pref. Stock.-Frank R. Keith & Co., Boston, are placing
at 1023 $50,000 7% cum. pref. stock. Divs. Q.-J. Redeemable, all or part, at any div, date after 60 days' notice
at $110 per share and divs. A circular shows in substance:

Massachusetts corporation. Capitalization in $100 shares: (a) Com.
stock, auth., $150,000; issued, $120,000; (h) pref. stock., auth., $100,000
issued, $78,000. No bonded debt. Established in 1880 as a partnership;
incorp. 1903. Manufactures high-grade men's shoes of the better class.
Extensive modern plant at Stoughton, erected at cost of $140,458(including
machinery, &c.), but carried on books at only $39,845.
Average dive. on the com.stock during the past 10 years over 19% annually. Tho pref. shares are prof. as to 7% cum. divs.,are entitled to $110
per share upon dissolution, and will have exclusive voting power if their
divs. for ono year are not paid. No divs. on com, stock unless aggregate
net assets are 175% of the pref. stock. No bonded debt and no additional
prof. stock without consent of 75% of pref. stock. Cumulative sinking fund
to retire pref. stock begins in 1915-a sum annually equal to 3% of the
outstanding pref. stock. Certified accountants report: Quick assets,
$231,933; bills payable, $118,675; net surplus, $113,258, adding that
$50,000 prof. stock and the book value of the plant ($39,845) make total net
assets ofover $259 per share for the issued pref. stock. Average earnings
for past 8 years, $21,661, or over 3 times the dividend requirements of the
total pref. stock.

Utah Consolidated Mining Co.-Earns.-For cal. year:
Total
Total
Calendar
Net
Prey.
Gen'l
Dividends
Year. Profits.
Profits. Surplus.
Res've. Surplus.
Paid.
*5591,268
1912 ...._ _$1,677,919 $603,923 $474.329 (30%)$450,000
1911 ___ 1,549,790 438,430 322,239 (10%) 150,000 $40,000 474.329
*After deducting expend. during year on plant written off, $36,985.
Copper bullion and supplies on hand Doc. 31 1912, $401,430, against
648,867 in 1911. There were prodiuced in 1912 6,506,814 lbs. of copper
against 9,162.023 lbs. in 1911), 230.004 ozs. of silver (against 160,367 ozs.),
4,042 ozs. gold, and 8,734,398 lbs. of lead.-V.95, p. 1335.

!

Vulcan Detinning Co., New York.-Earnings.--

Year end. 9 Mos.end. -Yrs.end. Mar. 31Dec. 31 '12. Dec. 31 '11. 1910-11.
1909-10.
Net profit over depr., &c_$162,270
$155,791
$110.056
$208.685
Dividends, preferred_(75)105,000 (44)71,250 (53.082,500 (6%)90.000
$84,541
$57,270
Balance, surplus
$27,556
$118,685
-V. 96, p. 66.

Washington Oil Co.-Earnings for Calendar Year.-

Calendar
Total
Oil
Tot.Surp.
Net(aft. TaulorCos.
Net Inc.
YearDeprec.) Profits.
Dec.31.
Revenue.
$33,837
1912
$4,020
$2559:98920
1
$29,817
$84,045
15,963
1911
7,209
8,754
71,637
Tho report also shows the following valuation of oil and gas lands, wells,
leases and rights after adjustment: Adjustment for depreciation .$67,C67;
other assets, including plant equipment, investments and quick assets,
$97,853; gross assets, $167,920; accounts payable, $5,100; net assets, $159,820.-V. 96, p. 140.

Youngstown (0.) Sheet & Tube Co.-Increase of Stock.

The stockholders will vote on May 1 on increasing the common stock
from $10,000,000 to $20,000,000. There are rumors of a stock dividend of from 40 to 50%, the remainder of the new stock to be held
in the treasury for future neods.-V. 95, p. 1626.

-Isaac N. Powell and E. A. Garard of Chicago have
organized the firm of Powell, Garard t.Cc, Co. to engage in the
bond business in Chicago. The new firm will deal in municipal and public service corporation bonds and mortgages.
They have opened an office at 39 South La Salle St., Chicago.
Mr. Garard has been with Cooke, Holtz & Co. of Chicago
since their organization as II. T. Holtz & Co. and was a
member of that firm and manager of the sales department.
Mr. Powell was Treasurer of the City of Chicago at one time
and has been President of the Ashland State and the Washington Park National banks of that city. He remains
Chairman of the board of directors of the Washington Park
National Bank and is also a director in the South Side State
Bank.
-The partnership heretofore conducted under the firm
name of Smith, Heck & Co. expired on the 31st ult. and the
succeeding firm of F. H. Smith & Co. was formed on the 1st
inst. at 71 Broadway, this city. The new partnership of
F. H. Smith & Co. is composed of Frederick H. Smith 3rd,
member of the N.Y.Stock Exchange, and Charles C. Hoge.
F. H. Smith & Co. will continue to transact a general commission business in stocks and bonds, specializing in United
States Government and N. Y. City bonds. Daily quotations
sheet on application.




1027

-In a recent issue of "Sunshine," the official organ of
the Sun Life Assurance Co. of Canada (head office Montreal),
we note that that company will shortly begin the construction of a new building which will rank among the handsomest and most serviceable office structures in the Dominion. The company has acquired for this purpose one of the
most prominent sites in Montreal, facing Dominion Square,
the plot taking in both the Y. M. C. A. building and Knox
Church, in all 344x220. It is the intention to utilize for
the building proper 144 feet on Dominion Square, with a
depth of 220 feet extending through to Dorchester Street,
thus giving plenty of light and air, and also keeping out
undesirable neighbors, although the other 200 feet facing the
square will be sold at a fitting opportunity. The new head
office building will be 109 feet high, built of gray granite
after a tasteful classical design, and will embody the latest
developments in modern commercial architecture. The
Sun Life has enjoyed a most prosperous growth in its business;
in 1912 it wrote in new business alone $37,974,757, an increase of 85,571,351 over 1911. Robertson Macauloy is
at the head of the company, and associated with him in its
management are S. H. Ewing, Vice-President; T. B. Macaulay, managing director, and Secretary; Arthur B. Wood,
Actuary; E. A. Macnutt, Treasurer, and F. G. Cope, Assistant Secretary and Superintendent of Agencies.
-Hornblower & Weeks, 42 Broadway, this city,and also
of Boston, Chicago and Detroit,are offering fifteen active
listed 4%,432% and 5% bonds maturing from 1920 to 2002,
secured in many cases, the firm states, by first mortgage
on properties of increasing value and with margin of safety
averaging high. These bonds are now selling at an average
price nine points below the high prices of 1908 and yielding
at present prices 5.40% on the investment. Information
on request to the bond department.
-N. W. Halsey & Co. of N. Y., have announced that
after March 31 1913 their business in the New England
States will be handled by Halsey & Co., Inc., 55 Congress
Street, Boston, Mass. Halsey & Co., Inc. will act as fiscal
agents for municipalities, corporations and
'estates and will
deal in Government, municipal, railroad and public utility
bonds, with especial reference to the requirements of the New
England market. F. Monroe Dyer and George A. Lyon Jr.
will be in charge of the Boston office.
-"Prices of Representative Railroad Bonds, 1900 to
1913," is the title of a new booklet which has been issued by
the Baltimore banking firm of Mackubin, Goodrich & Co.
at 110 E. German St. This pocket booklet gives the range
of prices of 25 representative high-grade railroad bonds
during the years 1900 to 1913, and is of special interest to
investors at this time. The firm has a limited number of
copies for general distribution, which will be mailed upon
request.
-The new firm'of Spalding & Close, 52 Broadway, this
city began business last Wednesday. The co-partnership
consists of Edward Elbridge Spalding and Edward Bennett
Close and will do a general business in investment securities, making a specialty of high-grade bonds suitable for investment by institutions and private investors.
-William P. Bonbright & Co., 14 Wall St. and Spitzer,
Rorick & Co.,5 Nassau St., this city, are jointly offering for
sale a total closed issue of $2,350,000 Eastern Power & Light
Corp. 5-yr. convertible bonds at 95 and accrued int. yielding
over 6N%. Tax refundable in Pennsylvania. See advertisement for particulars.
-Walter C.Rauscher and Avent Childress, formerly with
Bigelow & Co., 49 Wall St., this city, announce that they
have formed a partnership under the firm name of Rauscher
& Childress at 64 Wall St. The new concern will conduct a
general investment and brokerage business in bonds and unlisted securities.
-J.S.&W.S. Kuhn ,Inc., of Pittsburgh, have just issued
a now circular on West Penn Traction Co. first mortgage 5%
bonds due 1960, which they own and offer, subject to prior
sale, at 97 and interest. Copies of this circular will be mailed
on request to the bankers' main offices, 345 Fourth Ave.,
Pittsburgh.
-Freeman& Co.,member of the N.Y. Stock Exchange, at
34 Pine St., this city, have just issued a circular "Safer than
first mortgage bonds", describing the merits of equipment
trust bonds. The firm are specialists in equipment bonds
and car trusts. Copy of this circular will be mailed upon
application.
-Edward B. Smith & Co. of N. Y. and Philadelphia
have issued their circular of offerings for April investment.
Included in the circular is a brief review of present conditions.
-C. E. Denison & Co., 4 Post Office Square, Boston, are
offering by circular a selected list of municipal and corporation bonds suitable for savings banks, trustees, guardians
and investors.
-Joseph Walker & Sons have issued for distribution an
interesting investment circular describing 25 different issues
of long-term bonds, convertible bonds and short-term notes.
-Gude, Winmill & Co., 20 Broad St., have removed their
offices from the 10th floor to larger quarters on the 11th floor
of the same building.
-Sidney W. Keith will hereafter be associated with
Cramp. Mitchell & Co. of Philadelphia.

1028

[VOL. xcvi.

THE CHRONICLE

cArports and pacltlittlItS.
AMERICAN CITIES COMPANY.
SECOND ANNUAL REPORT OF THE PRESIDENT—TWELVE MONTHS ENDED DECEMBER 311912.
Jersey City, N. J., March 4 1913.
To the Stockholders:
Herewith are submitted statements of the business of your
Company as follows:
Statement A. Condensed Balance Sheet as of Dec. 31
1912;
Statement B. Income and Expenditures for the twelve
months ended Dec. 31 1912;
"Statement C. Combined Income of Constituent Companies American Cities Company twelve months ended Dec. 31
1912;
Statement D. Gross Earnings all Sources Constituent
Companies, 1902 to 1912, inclusive.
The income of the Company, as set forth in Statement B,
is derived wholly from dividends declared and paid upon the
stocks of the various constituent companies, except a comparatively small amount received as interest upon loans and
cash balances. The constituent companies do not declare
in dividends their entire applicable surpluses, and as the undivided surplus earnings of the constituent companies are
not taken into the income or assets of the American Cities
Company, Statements A and B do not,set forth full earnings
of the properties controlled by the Company, but only such
portion thereof as actually reaches your company through
the medium of interest on loans and dividends on stocks.
. If the proportionate interest of your Company in the undivided surplus earnings of the constituent companies were
added to the surplus earnings as shown in Statement B,the
results for the year 1912 would be as follows:
$93,284 84
Surplus of American Cities Company
American Cities Company's proportionate share of undivided
dividends
surplus earnings over
456,098 97
Total
$549,383 81
Equivalent rate on Common stock of American Cities Co. 1912..
3.4
Equivalent rate on Common stock of American Cities Co. 1911..
2.1

THE CONSTITUENT COMPANIES.
The American Cities Company now owns in the aggregate
85.83% of the Preferred and 94.54% of the Common stock
of the following companies:
New Orleans Railway & Light Company,
Birmingham Railway, Light & Power Company,
The Memphis Street Railway Company,
Little Rock Railway & Electric Company,
Knoxville Railway & Light Company,
Houston Lighting & Power Company, 1905.
Appended to this report is a brief description of each of
these properties.

All Constituent Companies

—Years Ending December 311912.
1911.
1910.
52.23
53.3
51.64

The slight changes in the 1911 figures from those reported
last year are due to changes in accounting.
Maintenance charges have been increased and rates reduced as previously noted. After including larger maintenance, as well as sustaining operating costs at lower gross
rates, the operating ratio for all companies, all departments,
was 51.64% for 1912, as compared with 52.23% for 1911,
a difference of .59%, which, applied to gross revenue for
1912 of $13,846,310, is equivalent to a saving in operating
costs of $81,693 22.
FINANCES.
Your Company has had no occasion to borrow to finance
either its own requirements or to assist the constituent companies. In general the floating indebtedness of the constituent companies has been nominal, and has consisted principally of obligations of the constituent companies to the
American Cities Company, taken pending sale of securities by the constituent companies.
Respectfully submitted,
GEORGE H. DAVIS.
HASKINS & SELLS,
Certified Public Accountants.
30 Broad Street.
New York,
CHICAGO—Harris Trust Building.
ST. LOUIS—Third National Bank Building.
CLEVELAND—Williamson Building.
PITTSBURGH—Farmers'Bank Building.
BALTIMORE—Equitable Building.
SAN FRANCISCO—Crocker Building.

LONDON,E. C.
30 Coleman Street.
Cable Address "HASKSELLS."

AMERICAN CITIES COMPANY.
CERTIFICATE.
We have made an audit of the books and accounts of the
American Cities Company for the period from July 1 1911
to Dec. 311912, and
WE HEREBY CERTIFY that the accompanying Condensed Balance Sheet as at Dec. 31 1912 and Summary of
Income and Profit and Loss for the six months ended Dec. 31
1911, and for the year ended Dec. 31 1912, are correceand
RESULTS OF OPERATION IN 1912.
agree with the books.
(Signed) HASKINS & SELLS,
The gross earnings increased at a rate of 4.7%, operating
Certified Public Accountants.
including
deductions,
interest
3.2%
and
expenses and taxes
New York, March 4 1913.
charges, 5.3%, leaving an increase in net corporate income
of 9.1%.
The Birmingham Railway, Light & Power Company, STATEMENT A.—CONDENSED BALANCE SHEET DEC. 31 1912.
Liabilities.
Assets.
Jan. 1 1912, established a 5c. fare between Birmingham and
Cost of Securities Owned
$45.778,819 12
Ensley in lieu of a 100. fare previously prevailing. March 1 Cash
477,947 02
1912 it reduced its electric light rates in all classes of service. Bills Receivable
696.861 17
Expenses
Advances
for
90 73
The New Orleans Railway & Light Company Jan. 1 1912
Deposits for Interest and Dividends
870,192 50
reduced its electric light rates in the residential section of Preferred Capital Stock
$20,553,500100
16,264,700 00
the city and March 1 1912 in the wholesale section. April 1 Common Capital Stock
10,000,000100
Collateral
Trust
Gold
Bonds
8-year
5-6%
1912 it reduced its gas rates. In addition to the above re- Matured Interest and Dividends
870,192 50
135,518 04
ductions, in the first quarter of 1912 the wholesale power Profit and Loss (surplus)
rates of all the constituent companies operating electric de54
$47,823,910
54
$47,823,910
partments were reduced. These reductions were necesSTATEMENT B.—INCOME STATEMENT YEAR JAN. 1 TO
sary for the best ultimate development of the business of the
DEC. 31 1912.
$1,832,336 00
departments. However, the additional business obtained on Dividends on Securities Owned
18,446 32
account of reductions was not sufficient during 1912 to com- Interest on Bank Balances
30,806 25
Interest on Bills Receivable
largely
will
be
pensate for losses sustained. This, however,
Total Receipts ____---_____________________________ $1,881,588 57
retrieved during the next eighteen months. If rates pre- Operating
55,093 73
Expenses and Taxes
vailing in the past in the railway, electric and gas departments
Net Earnings______________________ $1,826,494 84
had been continued through the year 1912, not considering Interest
on $10,000
--,00
0-8-year 5-6
-% Collateral -Trust Gold
any additional business obtained on account of rate reducBonds ____________________________
500,000 00
tions, estimated gross earnings over and above those indiNet Income
$1,326,494 84
cated in Statement C, to the extent of approximately $325,- 6% on 20,553,500 Preferred Stock
1,233,210 00
000, would have been realized.
Surplus for period
$93,284 84
Surplus Jan. 1 1912
42,233 20
The efficiency of operation of_the constituent companies
$135,518:04
is, as indicated by operating ratios, as follows:
Surplus Jan. 1 1913




APH.E5 1913.1

THE CHRONICLE

STATEMENT C.-INCOME STATEMENT COMBINED CONSTITUENT COMPANIES TWELVE MONTHS TO DEC.31.
-Increase1911.
1912.
Amount. %
$13,878,961
Sources
Earnings,
$13,257,549
all
$621,412 4.7
Gross
8,179,079
7,928,675 250,404 3.2
Operating Expenses and Taxes
5,699,882
5,328,874
371,008 6.0
Net Earnings
Interest, Bond Discount, Amor3,168,333
160,477 5.3
tization and Miscellaneous _
3,007,856
Amounts applicable to Dividends
2,513,549
210,531 9.1
2,321,018
on Stocks
Note.-Figures for 1911 differ somewhat from those previously published,
accounting.
due to changes in
STATEMENT D.-GROSS EARNINGS OF LOCAL COMPANIES.
Gross Earnings
% Inc. % Increase
All Sources.
over 1902.
Year.
1902
$6,597,807
1903
10.9
10.9
7,319,631
21.4
1904
8,010,120
9.4
1905
35.2
11.4
8,922,643
57.3
1906
10,381,708
16.3
72.5
1907
9.6
11,381,908
71.3
.7
1908
11,300.151
1909
77.6
3.7
11,720,661
91.6
1910
7.9
12,642,269
100.9
1911
4.9
13,257,549
110.4
1912
4.7
13.878,961
Note.-Flgures for 1911 differ somewhat from those previously published.
due to changes in accounting.

1029

of the property is sufficiently great to handle a large increase
in business.
THE MEMPHIS STREET RAILWAY COMPANY.

The Memphis Street Railway Compan owns and operates
the entire street railway system in the City of Memphis,
Tenn., the population of which, with the suburban sections
served, is at present about 160,000.
Memphis is the largest city in Tennessee, the county seat
of Shelby County, and is located at the head of navigation
throughout the year on the Mississippi River. It is one of
the most important railroad centres in the Southern States,
having eleven trunk line railroads radiating in all directions.
It is the largest imland primary cotton market in the world,
handling about one million bales of cotton per annum, and
it is the largest hardwood lumber market in the world, and
one of the most important jobbing centres in the country.
The Memphis Street Railway Company operates under
franchises extending to November 1945, confirmed in all of
their terms by a recent decision ot.the Supreme Court of
Tennessee. The company has expended within the past 8
years over $4,885,000, thereby putting its property into excellent physical condition and providing sufficient capacity
to care for a large increase in business.
LITTLE ROCK RAILWAY & ELECTRIC COMPANY.

APPENDIX.
The Little Rock Railway & Electric Company owns and
DESCRIPTION OF THE CONSTITUENT COMPANIES. operates all the street railway, electric light and power busiNEW ORLEANS RAILWAY & LIGHT COMPANY.
ness in the City of Little Rock, Ark., and the electric lightThe New Orleans Railway & Light Company operates ing in a portion of Argenta and Pulaski Heights, Ark. The
and controls the entire street railway business of the City of population of these cities and suburbs is estimated as 65,000.
Little Rock is the capital of Arkansas,!the county seat of
New Orleans, consisting of 200 miles of track; the entire gas
business of the city and also the entire electric light and Pulaski County, the largest city and the commercial, finanpower business of the city, with the exception of that fur- cial and railroad centre of the State. It is situated on the
Arkansas River, which is navigable to this point all the year.
nished by one smaller electric company.
It is the fourth greatest interior cotton market in the United
The population served is about 360,000.
The franchises are either perpetual or extend for long States, and one of the most important jobbing centres of
periods with the exception of two unimportant ones, which the Southwest.
The company operates its lighting department under
will expire in 1917 and 1918. The franchises of the New Orleans Gas Light Company and of the New Orleans Lighting franchises which are unlimited in time, and the railway deCompany are perpetual, that of the Gas Company is partment under franchises which extend to Sept. 28 1951.
exclusive until 1925, its exclusive feature having been af- It has expended more than $1,484,000 upon its property
firmed by a decision of the Supreme Court of the United within the past eight years. The plant and equipment are
States. The Company has expended over $8,322,000 in consequently in the best of condition and adequate to handle
the reconstruction and extension of its property in the past a large increase in business.
8 years.
KNOXVILLE RAILWAY & LIGHT COMPANY.
New Orleans is the largest city in the South, and is exThe Knoxville Railway & Light Company owns and operceeded only by New York and Philadelphia in tonnage of ates all the street railway and electric light and power busi;
vessels cleared in foreign trade. Its location makes it natur- ness in Knoxville, and serves in addition the outlying incorally the southern gateway to the Mississippi Valley, and its porated cities of Park City, Lonsdale and Mountain View,
principal outlet. There are at least nine railroads , with and the suburb's known as Fountain City, Oakwood, Lin50,000 miles of track, having terminals in New Orleans, coln Park and South Knoxville. The population of this
which a public belt railroad along the river front places on the territory is about 75,000.
Knoxville is the centre of a population of about 300,000
same basis of entrance to the city. The Southwest Pass to
within a radius of fifty miles. It is the financial and bankthe Gulf has at present a minimum depth of 30 feet and will ing
centre of a very large part of the Southern
have upon completion a depth of 35 feet. There are almost region, the resources of which are now rapidlyAppalachian
developing.
unlimited deep-water docking facilities, consisting of miles It is the commercial centre of a very extensive area covered
of wharves equipped with modern storage sheds and freight- with hardwood and containing great deposits of coal and iron
handling apparatus. In recognition of these commercial ore. It is an important manufacturing and jobbing centre,
advantages, there are at present about 35 steamship lines situated on the Tennessee River, which is navigable during
engaged in coast and transatlantic trade that terminate in a considerable portion of the year to a point above Knoxville.
All franchises are unlimited in time, except those coverNew Orleans.
ing the operation of one and one-half miles street railway
The largest sugar refinery in the world and immense grain tracks on two unimportant streets, which of
expire Nov. 28
elevators are located in New Orleans. It is one of the largest 1946.
coffee,
rice
and bananas in the
markets for cotton, sugar,
The company has expended for reconstruction and extenUnited States, and its lumber market is the largest in the sion within the past eight years over $2,345,000. In consequence, the physical condition of the property is the best
South.
that can be had and its capacity is sufficient to take care of
BIRMINGHAM RAILWAY,LIGHT & POWER COMPANY.
the growth of business which is assured in the immediate
The Birmingham Railway, Light & Power Company owns future.
and operates the entire street railway, gas, electric light and
HOUSTON LIGHTING & POWER COMPANY 1905.
power and steam heat business of all the municipalities reThe Houston Lighting & Power Company 1905 owns and
cently incorporated into the City of Birmingham, except an operates the entire municipal and commercial electric lightinterurban railway at present operating between Ensley and ing and power business in the City of Houston, Tex.
Birmingham and the municipal lighting in North BirmingHouston is the largest city of Texas, having a population,
ham, and serves the adjoining municipalities of Brighton, including suburbs, and near-by points served, of 100,000.
Bessemer, Jonesboro and Boyles. The population of the The city limits embrace sixteen square miles. It is the
county seat of Harris County and is the gTeatest railroad centerritory served, according to estimates, is 160,000.
The natural resources of the Birmingham district are tre of the State, having fifteen lines of railroad with the finest
south of St. Louis.
phenomenal. Nowhere else in the world are coal, iron ore terminals
The ship channel, now undergoing improvement by
and limestone, the three essential elements which enter into United States Government, gives direct connection with the
the
the production of iron, found in such close proximity or in sea. Houston handles more cOtton than any other city in
such extensive quantities or can pig iron be manufactured the world, and is one of the greatest lumber markets of the
South. It is the centre of the oil-producing district of Texas,
so cheaply.
All of the company's franchises are unlimited in time ex- and it does the greatest jobbing and manufacturing business
cept those covering the operation of comparatively small and of any city in Texas.
The company operates under perpetual franchises. It has
unimportant portions of trackage.
expended more than $1,022,000 on its system within the past
The company has expended over $7,102,000 in the recon- eight years, placing
the property in excellent physical construction and extension of its property within the past 8 dition, and of sufficient capacity to handle a largely increased
years. Its physical condition is excellent and the capacity business.




1030

THE CHRONICLE

The Touxutercial Times.
COMMERCJAL EPITOME.

44

Friday Night, April 4, 1913.
Trade is good, but .tempered by uncertainty regarding
tariff changes and a disposition to keep within conservative
bounds in the matter of future engagements. Retail trade
is larger. Prospects for the winter-wheat crop are excellent.
Railroad traffic has been impeded by recent floods. Yet
the damage turns out to have been exaggerated. The foreign
trade situation is gratifying. Though easier here, money
is still high in many parts of the country. Collections as
a rule are only fair. Stocks of merchandise at New York;
Coffee, Brazil
Coffee,Java
Coffee, other
Sugar
Hides
Cotton
Manila hemp
Sisal hemp
Flour
* Bags.

[VOL. xcvi.
COTTON.

Friday Night, April 4 1913.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
110,473 bales, against 86,051 bales last week and 79,805
bales the previous week, making the total receipts since
Sept. 1 1912, 8,705,220 bales,against 10,700,614 bales for the
same period of 1911-12, showing a decrease since Sept. 1 1912
of 1,995,394 bales.
Receipts at-

Sat.

Galveston -----6,192
Texas City
Port Arthur_
Aransas Pass,-ate
___
Apr. 1 '13. Mar. 1 '13. Apt. 1 '12. New Orleans_ _ _
1,894
Gulfport
bags 1,910,061 1,849.579 1,760,234 Mobile
224
21,765
mats
18,208
42,400 Pensacola
____
221,531
225,678
bags
246,151 Jacksonville, &c. •
23
2,164
4.440
tons
*68,460 Savannah
1,253
Nil.
3,883
No.
2,135 Brunswick
-127,996
117,286
bales
137,551 Charleston
oii
10,999
bales
11,744
3,425
4,948
bales
7,322
620 Wilmington
281
75,700
bbls.
87,100
44,800 Norfolk
708
Newpt News,&c.
---New York
Boston
8
steady; prime Western $11 60; refined Baltimore
__.
____
South America $12 40; Brazil in kegs Philadelphia

Man.

Tues.

Wed.

2,335
298
___
384
6,805

8,320
884
__-_-1,806

5,893
2
---_
-3,477

201
6,511

----

'
------

Thurs.

-----_

1,686 2F,t-W5 1-,5i5 2F,555
155
551
514
;i68
520
880
3,348

Total.

Fri.

6,478 5,011 34,229
426
806 2,416
_--- 15,135 15,138
__ 2,146 2,830
3-i11 1,710 18,803
---___

fkii

6,511
23
2r,iiii 12,085
3.100 3,100
376 1,937

206
639
400
583 2425
1
(
14)
5,180
---___
---------------3,348

5
59
11
96
111
290
LARD has been
441
---_
------140
881
Continent $11 90;
$13 40. Lard futures have latterly been somewhat easier, 'Tntala thia wfulk. ln.an 24.000 15.872 12 747 14 414 :12 ARA lln .47.1
owing to the increasing receipts of hogs. Some of the packThe following shows the week s total reeeipts, the total
ing interests have been selling May lard and buying September. The cash trade is expected to increase at the West since Sept. 1 1912, and the stocks to-night, compared with
when the floods subside. To-day prices were easier on long last year:
liquidation and lower prices for hogs.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
May delivery
cts_11.073. 11.15
Holt- 11.12% 11.05 10.97%
July delivery
10.92% 10.95
day. 10.97% 10.92% 10.92%
September delivery_ _10.85
10.90
10.90
10.874 10.87%

1912.13.
Receipts to
April 4.

1911-12.

This'Since Sep This Since Sep
Week. 1 1 1912. Week. 1 1911.

Stock.
1913.

$ 1912.

34,229 3,580,983

Galveston
40,828 3,308,030 204,487 252,079
PORK steady; mess $22(022 50; clear $21@$22 50; Texas
2.416 658,765 2,750 578,575
City
18,497
3,842
Arthur
15,135 123,980 17,286 241,780( 1
family $22 50(024 50. Beef steady; mess $19@$20; packet Port
Pass,&c
2,530 121,195
1
851
$21(022; family $22@$24; extra India mess $35@$36. Aransas
New Orleans.. _ _ _ 18,803 1,237,038 3,419 1,600,134 106,26
153,529
62,134
Cut meats strong; pickled hams, 10 to 20 lbs., 13Xi@147443.; Gulfport
17,600
Mobile
1,676 183,148 5,531 357,446
16.79
28,743
bellies, clear, f.o.b. New York, 6 to 12 lbs., 15 ©15Ysc. Pensacola
6,511 113,782 5,073 193,217
23
14,189
Butter, creamery extras, 343'@35e. Chesee, State whole Jacksonville, &c_
48.955
1,500
Savannah
12,085 1,145,290 29:5'78 2,233,444
87,221 146,241
milk colored specials, 17@l7V4c. Eggs, fresh gathered Brunswick
3,100 221,375 4,000 389.570
4,961
10,462
Charleston
1,937 287,609 4,871 401,929
extras, 19M @200.
33.053
31,393
Georgetown
110
919
100
OILS.-Linseed has continued in fair demand and steady. Wilmington
2,629 325,218 6,528 521.987
20,807
8,525
Norfolk
5.180 473,614 14.992 668,633
50,933
50,418
City, raw American seed, 47@48c.; boiled, 48@49c.; Cal- N'port
News, Scc.. 3,348
97,690 2,410
28,814
cutta, 65e. Cottonseed oil stronger; winter, 6.75c.; summer New York
13,431
102
5,319 126,7171 162,020
290
42,069 1.930
50,513
white, 6.75c. Cocoanut oil in good demand and steady; Boston
9,6751
8,903
Baltimore
63,273 2,194 108,310
581
7.9171
5,248
Cochin, 11@,11.3440.• Ceylon, 10©103c. Chinawood in Philadelphia
2,461
64
901
2,027j
3,002
good demand at 7M
' og8c. Corn firmer at 5.80@5.85c.
110,473 8,705,220!161,483 10700614 691,206 882,005
Total
Cod lower at 40@41o.
COFFEE has been quiet and latterly rather weaker;
In order that comparison may be made with other years,
No. 7 Rio 114
7 @,12e. Mild grades have continued quiet, we give below the totals at leading ports for six seasons:
fair to good Cucuta 133/2@14c. Coffee futures have declined at home and abroad. Sao Paulo receipts have been Receipts at- 1913.
1912.
1911. I 1910.
1909.
1908.
liberal. Large interests are said to have been switching
Galveston ___
34,229
40,828
15,523
23,365
34,105
43,225
from May to later months. Support has been given bylead- Texas
City,&c
20,081
10,036
11,065
, 300
ing bulls, but it has not been very aggressive. The visible New Orleans.. 18.803 23,419
9,881
23,040
18,967
27,690
Mobile
1,676
5,531
3,102
697
4,522
4,635
supply decreased during March about as much as expected, Savannah
29,375
4,041
7,789
16,053
13,847
i. e., 340,118 bags. The total world's stocks are now 11,- Brunswick_ _ _ 12,085
3,100
744
4,000
1,080
1,262
4,971
897
1,937
456
1.398
664,077 bags, against 12,240,215 a year ago. Of the above Charleston,&c
Wilmington__
2,934
598
3,640
2,i,29
6,528
947
some 3,100,000 bags are held off the market by the new val- Norfolk
6,445
3,344
6,407
14,992
6,180
2,872
208
2,410
3.348
orization plan. The general sentiment is bearish in expec- N'port N.,&e.
97
1,920
1,773
9,363
1,374
7,405
6,021
tation of large supplies and no very anxious demand. To-day All others_ --81,845
37,853
Total this wk. 110,473 151,453
prices were lower.
86,666
99,600
Naary
i1
June
July

11.24@11.26
11.44 11.45
11.54 11.55
11.64©11.65

August _ _ _11.74 11.75
September 11.83 11.84
October_ _ _11.83 11.84
November 11.83 11.84

December_11.83 11.84
January _ _11.83 11.84
February _11.83 11.84
March ---11.83 11.84

Ofelnamillnnf

1

0 7AK 0011 iwynnalA 7 Roll AAA

R.401 _21R R688.4:10 7.49R

915i

The exports for the week ending this evening reach a total
SUGAR.-Raw,lower; Centrifugal,96-degrees test, 3.450.; of 124,032 bales, of which 35,385 were to Great Britain,
muscovado, 89-degrees test, 3.05c.; molasses, 89-degrees 6,534 to France and 82,113 to the rest of the Continent.
test, 2.70c. Refined continues dull and unchanged; granu- Below are the exports for the week and since Sept. 1 1912:
ulated, 4.30c.
Week ending April 4 1913. From Sept. 111912 to April 4 1913.
PETROLEUM steady; barrels, 8.506j9.500.; bulk,4.80@Exported toExported to5.80c.; and cases 10.80@11.80e. Naptha steady; 73 to 76
Exports
COStiGreat 1
ContiGreat
degrees, in 100 gallon drums 253'c.; drums $8.50 extra. from- Brimin.iFrance.
sent.
nent. Total. Britain. France.
Total.
Gasoline, 86 degrees 293/20.; 74 to 76 degrees, 2530.; 68 to
25,016 6,480 21,012 62,5081,213.341 377,120 1,255,701 2,846,162
70 degrees 223'c. and stove 21c. Spirits of turpentine Galveston__
100
Texas City_
550
650 390,462 146,793 82,336 619,591
45(:)45 Mc. Common to good strained rosin $5.50.
Pt. Arthur_
15,135 15,135 31,445 24,892 67,643 123,980
.Pass .
16,048
12,921
8,606 37.575
TOBACCO.-Prices have been steady both for binder and Ar
Orl's__ 3,575
54 14.786 18,415 608,256 131,436 340,826 1,080,518
leaf. It is feared that the recent floods may have done New
Mobile
47,172 25,562 32,311 105,045
Pensacola
8,511 6,511 22,258 34,791 56,733 113,782
considerable harm. Large tobacco warehouses are stationed Savannah
12,085 12,065 118,724 62,869 530,761 712,364
at and near Dayton, Ohio. The loss in Ohio seems likely Brunswick
1,701 1,071 105.419
90,768 196,187
60,292
5,000 132,559 197,851
to be large; much tobacco is raised in the flooded sections. Charleston..
Wilm'ton
93,466 59,673 138,985 292.124
Still the actual damage is not as yet definitely known. Norfolk
14,996
500 53,453 68,949
General trade is quiet. New Sumatra is quiet but firm. N'p't News
291
291
New York_ 4,094
2,273 6,367 191,889 41,095' 120,127 353,109
The quality is excellent.
Boston _ _ _ _ 2,600
2,600 130,038
8,246 144,284
COPPER has been stronger, with a better demand at home Baltimore
3,994
1,85S 28,310 34,154
-- 100 34,261
100
7,050 41,311
and abroad; higher London quotations have been a noticeable P'tiand,
Me,
507
507
factor in the rise. Of late the demand has slackened some- San Fran
5,464 5,464
177,899 177,899
78,193 79,193
2,516 2,516
what; Lake 1534@153/o.; electrolytic 15%@15Yo. Tin Pt. T'nsend
has been firmer at 480. here on the spot; latterly, however, s Total__ _ _ 35,385 6,534 82,113 124,0323,085,732 927,6273,211,5077,224,866
offerings have increased. Lead 4.35c.; spelter 5.85c. Tot. '11-'l2106.882 5,556 126,094238,5323,820,552 1,047,5704,837.579 9,205,701
falling both here and in St. Louis. Pig iron has been steady
Note.-N.Y.exports since Sept. 1 include 19,350 bales Peru, dm., to Liverpoce
as recent floods have reduced the output. In the Central
West trade has been at a standstill. Steel has been in active
In addition to above exports, our telegrams to-night also
demand. Much sooner than expected, work has been re- give us the following amounts of cotton on shipboard, not
sumed at the flooded iron and steel plants in West Virginia, cleared, at the ports named. We add similar figures for
Pennsylvania and Ohio.
New York.




------------

APR. 5 1913 I

THE CHRONICLE

On Shipboard, Not Cleared forGreat
GerOther CoastLeaving
April 4 at- Britain. France. many. Foreign wise. Total.
Stock.
Now Orleans__ 6,687 1,052 2,255 7,263
482 17,739
88,526
Galveston ____ 19,960 3,305 37,920 14,142 1,735 77,062 127,425
Savannah ____
____
____ 3,800
-_-_
4,00 4,200
83,021
Charleston __------------------33,053
Mobile
.4,543
____ 8,261
____
500 13,304
3,491
Norfolk
18,000 18,000
32,933
100
400
New York..
700 1,800
____ 3,000 123,717
4,000
Other ports
-___ 9,000
500
___- 13,500
52,235
35,290 4,757 61,936 23,705 21,117 146,805 544,501
Total 1913
Total 1912.._ 90,237 24,046 39,600 24,410 22,828 101,121 680,884
Total 1911
10,608 2.244 29.514 24.942 DA2fl 7R 02s 429 :IRA

Speculation in cotton for future delivery has been on a very
restricted scale, but events have taken such shape that an
advance of fair proportions has occurred. This was due
largely to the recent wet weather and fears of floods in the
Mississippi River. Also the firmness of the March delivery
counted for a time. It reached a premium of 61 points over
May. Some signs of an increasing premium on May over
July also helped the rise. This suggested the possibility
of a deal in May similar in character to that in March.
and January. The trend of events in the Balkans, moreover, has seemed to point to an early peace. Spot markets have been firm. At times there have been indications of a somewhat better demand for the actual cotton
in the Atlantic States. Exports have increased somewhat. Spot interests have been buying July and selling
May. Some of the Wall Street shorts neglected to cover
their March engagements until almost the last moment.
Indeed, the month went out at a premium of 60 points. The
May premium over July a short time ago was only 6 points.
Indeed,considerable traddle business was done between May
and July at a difference of only about two points a while
back. On Wednesday of the present week May moved up
to a premium over July of 15 points. Crop preparations in
parts of the Atlantic States have been retarded by the recent
heavy rain. Engineers predicted that the stage of the Mississippi River at Memphis would exceed the maximum in
1912, which was 45.3 feet. A maximum of 45 to 46 feet has
been predicted this spring. The danger point is 35 feet.
Liverpool and Wall Street and the South at times have
bought quite freely, partly, however, to cover
shorts.
Room traders bought on quite a liberal
scale. On the other hand, doubts are expressed in some
quarters whether the Mississippi will rise as high as it did
in 1912. It is pointed out that the river during the winter
was at an unusually low stage, and also that its tributaries,
the Red, Tennessee and Arkansas rivers, were also said to be
unusually low. The inference from this is that the lower
Mississippi could receive even a large quantity of water from
the North without necessarily reaching a dangerously high
stage. Also, it is pointed out that even big floods in the
Mississippi, such as occurred last year, have not prevented
the raising of large crops. Of late there has been a good deal
of selling of May contracts. They lost the 15-point premium.
Also, the Balkan situation has been complicated to some extent by fear of trouble with Montenegro. French Rentes
have fallen. Military preparations by Germany have
evoked comment. The present high prices for cotton foreshadow a big acreage. Spot markets have latterly been
quiet. Spinners ,with tariff revision facing them,and money
more or less stringent, seem inclined to stick to the policy of
buying on only a very moderate scale. Latterly Liverpool,
New Orleans, Memphis, Wall Street and Waldorf-Astoria
interests have sold. To-day prices were irregular, ending
without much net change for the day. The Mississippi at
Memphis rose 1.5 feet and reached the stage of 40.9 feet.
Week-end statistics were considered rather bullish. Spot
cotton closed at 12.60e. for middling uplands, showing a decline for the week of 10 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:

1031

FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
t4 ..,„
p v
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12 i2 12 12 i2 12 12 12
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THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
April 4Stock at Liverpool
Stock at London
Stock at Manchester

1912.
' 1913.
1911.
bales.1,281,000 1,274,000 1,139,000
3,000
6,000
6,000
95,000 107,000
86,000

Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks

1,373,000 1,372,000 1,252,000
14,000
7,000
7,000
498,000 660,000 280,000
381,000 354,000 325,000
2,000
4.000
2,000
33,000
24,000
22,000
24,000
57,000
54,000
28,000
5,000
9,000
980,000 1,111,000

699,000

1910.
774,000
5,000
56,000
835,000
7,000
303,000
345,000
3,000
8,000
23,000
5,000
694.000

Total European stocks
2,353,000 2,483.000 1,951,000 1,529,000
India cotton afloat for Europe
72.000
99.000 237,000 215,000
Amer. cotton afloat for Europe
263,659 687,688 233,334 341.430
Egypt,Brazil,&c.,aflt.for Europe.. 37.000
52.000
49,000
18,000
Stock in Alexandria, Egypt
232,000 236,000 203.000 134,000
Stock in Bombay, India
889,000 660,000 570,000 753,000
Stock in U. S. ports
691,206 882,005 506,263 525,693
Stock in U. S. interior towns
568.341 402,379 457,596 463,709
U. S. exports to-day
20,721
19,089
12.217
18,689
Total visible supply
5,126,927
5,521,161
4,119,410
3,971.521
March 29 to April 4Sat. Mon. Tues. Wed. Thurs. Fri.
Of the above, totals of American and other descriptions are as follows*
iddling uplands
12.90 12.60 12.60 12.60 12.60 12.60
AmericanLiverpool stock
bales.1,099,000 1.159,000 1.019,000 705,000
NEW YORK QUOTATION FOR 32 YEARS.
Manchester stock
59.000
58,000
87,000
43.000
stock
Continental
952,000 1,084,000 652.000 653,000
The quotations for middling upland at New York on American afloat for Europe
263,659 687,688 233,334 314,430
April 4 for each of the past 32 years have been as follows:
U. S. port stocks
691,206 882.00'; 506,263 525,693
U.S. interior stocks
568.341 402-.379
57,596 463,709
1913_c
12.60 1905_c
8.15 1897_c
7.3811889_c
10.25 U. S. exports to-day
19,089
12,217
20,721
48,689
1912
11.00 1904
15.45 1896
7.88 1888
9.88
14.50 1903
1911
10.25 1895
6.38 1887
10.62
Total American
3,650,927 4,292,161 2,967.410 2,723,521
14.80 1902
1910
9.19 1894
7.75 1886
9.19
East Indian, Brazil, &c.
10.00 1901
8.44 1893
1909
8.44 1885
11.19 Liverpool stock
182,000 115,000 120,000
69,000
9.69 1892
1908
10.50 1900
6.69 1884
11.56 London stock
6,000
3,000
6,000
5,000
6.19 1891
1907
11.00 1899
9.00 1883
10.00 Manchester stock
30,000
37,000
20,000
13,000
6.19 1890
1906
11.65 1898
11.44 1882
12.05 Continental stock
28,000
27,000
47,000
41.000
Europe
for
afloat
India
72,000
99,000 237.000 215,000
MARKET AND SALES AT NEW YORK.
Egypt Brazil, &c., afloat
37,000
52,000
49,000
18.000
Stock in Alexandria, Egypt
232,000 236,000 203,000 134,000
The total sales of cotton on the spot each day during the Stock
in Bombay. India
889.000 660,000 570.000 753,000

week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Saturday..__
Monday ___
Tuesday ___
Wednesday
Thursday __
Friday __

Futures
Market
Closed.

Quiet
Wet 20 pts. adv
Steady
Quiet 30 pts. dec _ Barely steadySteady
Steady
Steady
Quiet
Steady
Quiet
Steady

Total - -




SALES.
Spot. Contr'ct Total.
295
100

(066
4,500

6,200
4,795
100

395 10,7(10 11.095

Total East India, &c
Total American

1.476.000 1.229.000 1.152,000 1,248.000
3,650,927 4,292,161 2,977,410 2.723,521

5,12',927 5,521,161 4,119,410 3,971,521
Total visible supply
6.17d.
Middling Upland, Liverpool
6.96d.
7.83d.
7.92d.
12.60c.
Middling Upland, New York
11.00c.
14.60c.
15.25c.
10.55d. 9 13-16d.
Egypt, Good Brown, Liverpool
10%d. 16 9-16d.
Peruvian, Rough Good, Liverpool 9.90d.
9.10d. 11.25d. 11.00d.
64d. 5 13-16d. 7 7-16d. 7 9-16d.
Broach, Fine, Liverpool
6 %d.
Tinnevelly, Good, Liverpool
5%d. 7 5-16d.
7%d.

Continental imports for the past week have been 75,000
bales.
The above figures for 1913 show a decrease from last
week of 198,785 bales, a loss of 394,234 bales from 1912, an
excess of 1,007,517 bales over 1911 and a gain of 1,155,406
bales over 1910.

AT THE INTERIOR TOWNS the movement-that
is, the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year-is set
out in detail below.
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Movement to April 4 1913.

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* Last year's figures are for Louisville, Hy.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
-1912-13--- -1911-12----Since
Since
April 4Week. Sept. 1
Week. Sept. 1.
Shipped12.151 539,643
9,283 467,580
Via St. Louis
a3,975 a221,165
3,109 218,252
Via Cairo
175
5,762
1,157 19,705
Via Rock Island
4,973 135,307
778 68,886
Via Louisville
3,416 108,295
1,336 118,251
Via Cincinnati
1,189 172,469
1,437 112,947
Via Virginia points
29,013 387,892
5,965 300,107
Via other routes, &c
54,892 1,570,533
23,065 1,305,728
Total gross overland
Deduct Shipments4,290 165,043
Overland to N. Y.,Boston, &c_ _ _ 871 121,234
11,692 82,047
9,694 101,487
Between Interior towns
9,040 39,967
4,451 76,586
Inland, &c., from South
25,022 287,057
15,016 299,307
Totalto be deducted
29,870 1,283,476
8,049 1,006,421
Leaving total net overland*
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 8,049 bales, against 29,870 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 277,055 bales.
-1912-13- -1911 12
Since
Since
In Sight and Spinners'
Week.
Sept. 1.
Week.
Sept. 1.
Takings.
110,473 8,705,220 151,453 10,700,614
Receipts at ports to Apr. 4
8,049 1,006,421 29,870 1,283,476
Net overland to Apr.4
58,000 1,734,000 56,000 1,564,000
South'n consumption to Apr.4
176,522 11,445,641 237,323 13,548,090
Total marketed
*34,336 471,305 *41.538 301,942
Interior stocks in excess
195.785
Came into sight during Week_ __142,186
1f:- 916,f)
13,850,032
Total in sight Apr.4
North'n spinners' takings to Apr.4 34,229 2,127,340 55,613 2,103,997
* Decrease dully,week.
Movement _at° sight in previous years.
1

'44

Or
°

Bales.

1Vetk-

Fdi

AA

Bales.

Since Sept. 1-

10,682,663
74,665 1910-11-Apr.7
1911-Apr.7
9,210,188
104,473 1909-10-Apr.8
1910-Apr.8
11,868,177
124,630 1908-09-Apr.9
1909-Apr. 9
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.-Below are the closing .quotations
of middling cotton at Southern and other principal cotton
markets for each day of the week.
Closing Quotations for Middling Cotton onWeek ending
April 4.

Sat'day. Monday. Tuesday. Wed'day. Thursd'y. Friday.

Galveston
12%
New Orleans_ 12%
Mobile
12%
Savannah
12%
Chareston
12 5-16
Wilmington
12%
Norfolk
12 7-16
Baltimore
125i
Philadelphia _ _ 13.15
Augusta
12%
Memphis
12%
St. Louis
12%
Houston
12 11-16
Little Rock_
12%




12%
12
12
12
12
12
12
12
12.85
125
12
12
12 16
12%

12 11-16
12 9-16
12%
12%
12%
12%
12
1254
12.85
12%
12%
12%
12%
12%

NEW ORLEANS OPTION MARKET.
Sarday, Monday, Tuesday, Wed'day. Thursd'y. Fridgy,
Mar. 29. Mar. 31. April 1. Apri12. April 3. April 4.
April-

Range
Closing
Range
Closing
July--

May-

Closing
Augustflange
Closing
October-

Range

December-

Range
losg
Spot

Tone-

Ontinn a

3OOO
tig
V:808g8g30302;101:54%gTigic

'ciA21"=8:41==.4144.'OgriN
co
oi
'4a;
cnet Cl

.F)

[VOL. xcvi.

THE CHRONICLE

1032

12 11-16
12 11-16
12
125
12%
12%
12%
125.4,
12.85
12%
12%
12
12
12

12 11-16
12 9-16
12%
12%
12%
125
12 8
12%
12.85
12%
12%
12%
12%
12%

12 11-16
12 9-16
12%
12%
12%
12%
1231234
12.85
12 9-16
12%
12
125.
12%

12.40-..70 12.32-.35 12.51-.53 12.49 - N.3 -.43 12.3 -.41
12.30-.43 12.29-.37 12.35-.55 12.49-.62 12.46-.59 12.43-.53
12.40 -12.32-.33 12.51-.52 12.51-.52 12.46-.47 12.45-.46
12.21-.33 12.20-.27 12.25-.40 12.35-.47 12.33-.44 12.33-.43
12.30-.31 12.22-.23 12.36-.37 12.37-.38 12.36-.37 12.36-.37
12.00 - 12.06-.16- 12.22 12.15-.22 12.12-.19
12.08-.10 12.01-.02 12.15-.17 12.16-.17 12.12-.14 12.14-.16
11.58-.69 11.53-.58 11.55-.66 11.58-.66 11.55-.64 11.56-.63
11.64-.65 11.53-.54 11.61-.62 11.58-.59 11.58-.59 11.58-.60
11.58-.70 11.55-.59 11.57-.68 11.62-.68 11.58-.67 11.-60.65
11.65-.66 11.55-.56 11.64-.65 11.63-.64 11.60-.61 11.62-.63
Quiet. !Zit/An/Iv
Steady. !atone-1v
Steady.
Steady. Quiet.
Quiet. 44ton/iv
Qtoorlv
nolo.
gtonriv

DOMESTIC EXPORTS OF COTTON MANUFACTURES.-We give below a statement showing the exports
of domestic cotton manufactures for February and for the
eight months ended Feb. 28 1913, and, for purposes of comparison, like figures for the corresponding periods of the previous year are also presented:
8 Mos. end. Feb. 28
1912-13. 1911-12.
1913. I 1912.
yards 39.857,851 51,839,551 283.024,893 30/.939,826
Piece goods
value $2,800.498 $3,290,795 $19,484.414 $20,264,591
Piece goods
Clothing,&c.,knit g'ds val. 201,349 153,094 1,766,442 1,219,545
Clothing,&c.,all other val. 792,525 653,833 5,163.998 4.148,882
Waste cotton, Scc_ __ _value 317,022 261,694 3,175,027 2,009,791
384,951
value
432,827
57,184
36.726
Yarn
value 594,164 563,722 4,283,701 3,993,1 1
All other
Total manufac's of_value $4,762,742 $4,959,864 $34,306,412 $32,020,941
COTTON CONSUMPTION AND OVERLAND MOVEMENT TO APRIL 1.-Below we present a synopsis of the
crop movement for the month of March and the seven
months ended March 31 for three years:
Manufactures of
of
Cotton Exported.

Mo. end. Feb. 28

1912-13. 1911-12. 1910-11.
Gross overland for March
bales_
98,743 251,087 101,410
Gross overland for 7 months
1,297,892 1,536,654 1,140,745
Net overland for March
70,816
65,022 192,621
Net overland for 7 months
1,002,459 1,256,343 905,799
Port receipts in March
450,548 802,084 279,822
Port receipts in 7 months
8,629,519 10.582,458 7,853,522
371,914 1,114,822 419,521
Exports in March
7,138,158 9,037,788 6,613,294
Exports in 7 months
716,900 9i7,322 530,806
Port stocks on March 31
Northern spinners' takings to April 1___ _ 2,106,492 2,048,727 1,791,067
1,696,000 1,516,000 1,417,000
Southern consumption to April 1
Overland to Canada for 7 months (in112,092 126,479
cluded in net overland) months_ _ _ _ 102,419
143
125
22
Burnt North and South in 7
10,581
24,170
20,258
markets April 1_
Stock at North. interior
651,229 1,068,705 458,285
Camein sight during March
11,824,978 13,692,801 10,607,998
Amount of crop in sight April 1
2,350,515 1,524,334
Came in sight balance of season
16,043,316 12,132,332
Total crop
Average gross weight of bales
514.72
517.55
510.52
Average net weight of bales
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
advices to us this evening from the South are to the effect
that on the whole the weather has been favorable the past
week and farm work is now making better progress but is
backward at many points. The Mississippi River is at a
very high stage at Memphis and rising.
Galveston, Tex.-Preparations for the next crop are being
rushed to completion, planting being already several days
behind a normal year. It has been dry all the week. Average thermometer 65, highest 74 and lowest 56.
Abilene, Tex.-We have had no rain the past week. Minimum thermometer 40.
Palestine, Tex.-There has been rain on one day during
the week, the rainfall being seventy-six hundredths of an
inch. Lowest thermometer 48.
San Antonii, Tex.-No rain all the week. Minimum
thermometer 50.
Taylor, Tex.-There has been rain on one day the past
week, the rainfall reaching four hundredths of an inch.
Lowest thermometer 48.
New Orleans, La.-There has been no rain the past week.
Thermometer has averaged 69.
Vicksburg, Miss.-There has been rain on one day the
past week, the rainfall reaching two inches and eight hundredths. The thermometer has averaged 66, ranging from
42 to 83.
Helena, Ark.-The river is rising. Rain has fallen on one
day of the week, the rainfall reaching one inch and forty
hundredths. The thermometer has ranged from 37 to 82,
averaging 62.1.
Little Rock, Ark.-There has been rain on one day the past
week, to the extent of ninety-four hundredths of an inch. The
thermometer has ranged from 40 to 80, averaging 60.
Memphis, Tenn.-The river is 40.9 feet on the gauge, or
5.9 feet above the flood stage, and rising. Rain has fallen
on one day of the week, the rainfall reaching thirty-eight
hundredths of an inch. The thermometer has ranged from
33 to 80, averaging 62.
Mobile, Ala.-Some planting has been done on uplands,
but on account of the condition of the soil work Is badly
behind in bottoms. There has been rain on one day of the
past week, the rainfall being eight hundredths of an inch.
The thermometer ranged from 37 to 80, averaging 63.

APR. 5 1913.)

THE CHRONICLE

Montgomery, Ala.-Weather conditions are improving and
farmers are catching up. It has rained on one day during the
week, the rainfall reaching sixteen hundredths of an inch.
Mean thermometer 61, highest 84, lowest 32.
Selma, Ala.-We have had rain on one day of the past
week the rainfall reaching three hundredths of an inch. The
thermometer has ranged from 32 to 84, averaging 62.5.
Madison, Fla.-There has been rain on one day the past
week the rainfall reaching forty hundredths of an inch. The
thermometer has ranged from 44 to 82, averaging 68.
Savannah, Ga.-Ther has been rain on one day the past
week to the extent of thirty-four hundredths of an inch. The
thermometer has averaged 63, ranging from 39 to 80.
Charleston, S. C.-We have had rain on one day of the past
week the rainfall reaching seventeen hundredths of an inch.
The thermometer has ranged from 47 to 79, averaging 63.
Charlotte, N. C.-There has been rain the past week to the
extent of eight-six hundredths of an inch. Thethermometer
has ranged from 38 to 80, averaging 59.
The following statement we have also received by telegraph, showing the height of the rivers at the•points named
at 8 a. m. of the dates given:
April 4 1913. April 5 1912.
Feet.
Feet.
Above zero of gauge_
15.3
16.7
Above zero of gauge_
44.3
40.9
Above zero of gauge_
44.1
45.1
Above zero of gauge_
16.0
8.6
Above zero of gauge_
42.0
47.7

New Orleans
Memphis
Nashville
Shreveport
Vicksburg

RECEIPTS FROM THE PLANTATIONS.-The following table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.

033

WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since
Sept. 1 for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amounts gone
out of sight, for the like period:
Cotton Takings.
Week and Season.

1912-13.
Week.

1911-12.

Season.

Season.
Visible supply March 28
5,325,712
5,610,859
Visible supply Sept. 1
2,135,485
1,603,418
American in sight to April 4._ _ 142,186 11,916,946 195,785 13,850,032
Bombay receipts to April 3.....
53,000 1,802,000
54,000 1.693,000
Other India ship'ts to April 3_ _ _
26,000
205,000
4,200
97,000
Alexandria receipts to April 2._
4,000
979,000
8,000
941,000
Other supply to April 2*
8,000
234,000
2,000
186.000 '
Total supply
5,558,898 17,272,431 5,874,844 18,370,450
DeductVisible supply April 4
5,126,927 5,126,927 5.521,161

5,521,161

Total takings to April 4a
Of which American
Of which other

431,971 12,145,504
271.971 9,631,504
160,000 2,514,000

foreign spinners, 10,411,504 bales in 1912-13 and 11,285,289 bales
in
1911-12. of which 7,897.504 bales and 8.846,289 bales American.

MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
firm for both yarns and shirting's. The demand for India
is improving. We give the prices for to-day below and
leave those for previous weeks of this and last year for
comparison.

1912

Stock at Interior Towns. Receiptsfrom Plantations.

1911

1913

1912

1911

1913

1912

320 Cop
Twist.

1911

Feb. 14 109,474 303,385 134,382 752,636 726,985 616,803 103,294 261,576 125.676
" 21 114.107 288,510 101,224 721,689 639.908 605,145 83,160 255,055
" 28 117,320 283,687 91,599 706,377 595,089 576,457 102,008 238.868 89,566
Mch. 7 110,183 203,159 72,362 674,428 573,122 552,964 78,234 181,192 62,911
" 14 108,397 184,055 58,244 658,890 537.288 524,674 92,859 148,221 48,869
29,954
" 21 79,805 175,215 48,770 638,511 488,692 505,636 59,426 126,619 29,732
" 28 86.051 140,646 60,182 602,677 443,917 482,425 56,390 95,871 36,971
April 4110,473 15 ,
7,
6 , 1 0 ,379 457,596 76,137 109,915 _13,024

1912.

83( lbs. Shirt- Cot's
lags, common
to finest.
Uprs

8.
8. 8. 8.
8. a.
Feb.
14 1034
11 6 4 @II 6
21 10
10% 6 334@11
28 10
1014 6 334@l1 6
Mch
1014 6 334@11 6
7
14 914
10% 8 3 @11
21 10
11 8 3 @)11 6
28 1031
1134 8 3 @11
Apr.
4 103-168113-16 6 3 ig11 8

@SOS GOO

1913

353,683 12.849,289
302,483 10,410.289
51,200 2.439,000

*Embraces teceipts in Europe from Brazil, Smyrna, West India, Sze.
a This total embraces the estimated consumption
by Southern mills
1,734,000 bales in 1912-13 and 1,564,000 bales in 1911-12
-takings not
being available-and the aggregate amounts taken by Northern
and

1913.
Receipts at Ports.
Week
ending.

Week.

814 lbs. Shirt- C0811
ing:, common Mid.
to finest.
Opel

32: Cop
Twist.

Q. 6.

d. s.0.

6.93 9
@10
6.77 9
@10
6.898 15-1615 10

s.d. 0.

5 734@11 1
5 7%811 1
5 7141511 1

5:83
5.93
5.91

6.81 9 1-16 @) 104 5 9 @II 2% 6.03
6.85 9 3-16 0103-16 5 1034611 214 6.18

6.91 9 3-16 0103-16 5 1014011 214 6.11
The above statement shows: 1.-That the total receipts
6.949 5-16 (4) 103.4 8 0 @II 3
6.17
from the plantations since Sept. 1 1912are 9,176,525 bales;
6.96 9 5-16 15 103.4 6 0 @II 3
in 1911-12 were 11,002,556 bales; in 1910-11 were 8,298,223
6.17
bales.
SHIPPING NEWS.-As shown on a previous page, the
2.-That although the receipts at the outports the past
week were 110,473 bales, the actual movement from planta- exports of cotton from the United States the past week have
tions was 76,137 bales, the balance being taken from stocks reached 124,032 bales. The shipments in detail, as made
at interior towns. Last year receipts from the plantations up from mail and telegraphic returns, are as follows:
Total bales.
for the week were 109,915 bales and for 1911 they were NEW YORK-To Liverpool-Mar.28-Carmania, 1,614_ _
_April 1
13,024 bales.
-Coyle, 960.....April 2-Celtic, 20
2,594

INDIA COTTON MOVEMENT FROM ALL or TS.The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Sept. 1 for three years have been as follows:
1912-13.
April 3.
Receipts atWeek.

Since
Sept. 1.

1011-12.
Week.

1910-11.
Week.

Since
Sept. 1.

53,000 1,802,000 54,000 1,03,000 76,000 1,670,000

Bombay

For the Week.
Exports
from--

Since
Sept. 1.

6o
r reaitu.

Since September 1,

Conti- Japan
Great
nent. &China Total. Britain.

ContiJapan
nent. & China. Total.

Bombay1912-13__
15,000 49,000 64,000
1911-12... 1,000 22,000 24,000 47,000
1910-11_
____ 122,000
22,000
Calcutta1912-13._
1,000 1,000 2,000
1911-12_
1,000
500 1,500
1910-11__
3,000
3,000
Madras1912-13_ _
1,000
1,000
1911-12._
1910-11_
All others1912-13._
15,000 8,000 23,000
1911-12._
2,000
700 2,700
12,000
1910-11_ _
12,000

10,000 102,000
5,000 54,000
27,00
170,000

Total all1912-13_
1911-12_
1910-11._

32,000 339,000 605,000 976,000
14,000 239,000 570,000 823,000
62,000 781,000 366,3051,209,305

32,000 58,000 90,000

1,000 25,000 25,200 51,200
37,000

37,000

15,000 211,000 545,000 771,000
5,000 171,000 550,000 726,000
25,000 569,000 352,000 946,000
3,000
2,000
2,000

9,000
9,000
24,000

10,000
2,500
13,000

22,000
13,500
39,000

4,000
2,000
8,000

17,000
5,000
18,000

800

21,000
7,800
26,005

5

50,000 162,000
16,700 75,700
1,300 198,300

To Manchester-April 1-Titian, 1,500
1,500
To Bremen-Mar. 28-Brandenburg, 323
323
To Genoa-Mar. 28-Berlin, 1,200; Calabria, 200
1,400
To Naples-Mar. 28-Berlin, 350
350
To Leghorn-Mar.28-Calabria, 200
200
GALVESTON-To Liverpool-April 2-Antillian, 7,681___Aptil 3
-Cuthbert, 5,300
To Manchester-Mar. 29-Mercedes de Larrinaga, 3,214; NI- 12,981
cute de Larrinaga. 8,821
12,035
To Havre-Mar.31-Bowes Castle,6,480
To Bremen-Mar. 29-St. Andrew, 4.132.._April 1-Cassel, 6,480
58E6
10,018
To hamburg-April 1-Atlantian, 5,960
5,960
To Antwerp-April 1-Hornby Castle, 3,642
3,642
To Ghent-April 1-Hornbv Castle, 1,31)2
1,392
TEXAS CITY-To Liverpool-Mar. 31-Antillian, 100
100
To Mexico-Mar. 26-Antares, 550
550
PORT ARTHUR-To Bremen-April 4-Anglo-Californian, 15,000, Sally Ma,ersk, 135
15,135
NEW ORLEANS-To London-Mar. 28-Colonian, 100
100
To Belfast-April 1-Carrigan Head,3,475
3,475
To Marseilles-April 3-Ida, 54
54
To Bremen-Mar. 31-Japanese Prince, 5,959
5,959
To Hamburg-April 2-Elbe, 673
673
To Rotterdam-April 2-Indian, 286
286
To Antwerp-Mar. 29-Colonian, 200.._Mar. 31-Japanese
Prince, 128
328
To Barcelona-April 3-Ida, 1,451
1.451
To Genoa-April 2-Monviso, 3,398
3.398
To Venice-April 3-Ida, 1,741
1,741
To Triests-April 3-Ida, 550
550
To Mexico-April 4-Hero,400
400
PENSACOLA-To Bremen-Mar. 31-Nessian, 6,511
6,511
SAVANNAH-To Bremen-Mar. 29-Dacre Hill, 1,870-April 1
-Inca, 3.245
5,115
To Hamburg-April 1-Inca, 650
650
To Barcelona-Mar. 28-Kobe, 6,300
6,300
BRUNSWICK-To Bremen-April 2-Dacre Hill, 1,701
1,701
BOSTON-To Liverpool-April 1-Bohemian, 2,045
2,045
To Manchester-Mar. 28-Iberian, 555
555
PHILADELPHIA-To Genoa-Mar. 29-Verona, 100
100
SAN FRANCISCO-To Japan-Mar. 29-Siberia, 5.464
5,464
PORT TOWNSEND-To Japan-April 1-Chicago Maru,2,516.. 2,516

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
April 2.
Receipts (cantars)This week
Since Sept. 1
Exports (bales)

Total

124,032

1911-12.

191041.

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:

7,343,488

60,000
7,057,256

65,000
7,374,071

New York__
Galveston

This Since
Week. Sept. 1

This Since
Week. Sept. 1.

This Since
Week. Sept. 1.

1912-13.

25,000

To Liverpool
2,500 176,835 5,000 166,718 3,000 186,113
To Manchester
3.500 182,354
189,150 6,750 192,158
To Continent and India_ 8,000 307,338 9,'"i80 285,068
11,000 319,418
To America
2,000 107,098 3,250 79,720 3,000 98,386
Total exports
16,000 773,625 18,000 720,656 23,750 796,075
Note.-A cantar is 99 lbs. Egyptian bales weigh about 756-11.
3s.

Great French Ger- -Oth.Europe- Mex.
Britain. ports. many. North. South. &c. Japan. Total.
. .,094
_ __
323
_
6.367
25,016 6 2
5' 5
--------------- ---- 52,508
100 -----------____
_ __ _
------550
____
650

Texas City
Port Arthur_
_
New Orleans_ _ _ 3,575
Pensacola

__ __

Savannah
Brunswick
Boston
2,6C0
Philadelphia __ _ ___ _
San Francisco _ ____
Port Townsend_ ____
Total

____M

15,135

6,632
6,511
5,765

-6ii

1128

f,i;i6 -466 ::::
&,51:145 :::: :::: ANA

1
------------------------2,600
.
.
. __ __
:
TOO
100
---- ---- 4,564 5,464
------- ____ 2,516
2,516

35,385 6,534 52,045 5,648 15,490

950 7,980 124,032

The statement shows that the receipts for the week were
The exports to Japan since Sept. 1 have been 256,773 bales
25,000 oantars and the foreign shipments 16,000 bales.
from Pacific ports and 5,500 bales from New York.




i 03t

THE CHRONICLE

xciri.

Cottonifreights at New York the past week have been as said to be of inferior quality. These things have their
weight. .The world's stock of wheat decreased for the week
follows, quotations being in cents per 100 lbs.:
Sat.
Mon.
Fri.
Tues.
Wed. Thurs.
3,514,000 bushels, against a decrease in the same week last
25
25
25
'
Liverpool
25
25
25
year of 535,000 bushels. These figures excited considerable
25
25
Manchester
25
25
25
25
comment. On the other hand, the crop reports from the
33
Havre
33
33
33
33
33
Bremen
35
35
30
30
35
30
West have been for the most part favorable. Only a few
Hamburg
50
60
50
50
50
50
reports of Hessian fly have been received. They have had
Antwerp
40
40
40
40
40
40
Ghent, via Antwerp
40
40
40
40
40
40
a tendency to check short selling without actually having
Revel
40
40
40
40
40
40
any very direct or positive influence on prices. The weather
Barcelona
55
55
55
55
55
55
Genoa
28
30
28
30
30
30
at the Northwest has been favorable. The crop movement
Trieste
45
45
50
45
50
45
there has consequently been liberal. Not only has the crop
Japan
60
60
60
60
60
60
Bombay
60
60
60
60
60
60
outlook in this country been favorable, but the advices from
foreign countries have also been of the same tenor. The
LIVERPOOL.-By cable from Liverpool we have the winter-wheat crop in the United Kingdom is dofollowing statement of the week's sales, stocks, &c., at ing
although the
well,
spring-wheat
is
crop
that port:
Mar. 14. Mar. 21. Mar. 28.
April 5. is in need of warmer weather. In France the outlook is
30,000
32,000
48,000 generally favorable, despite the fact that the weather has
Sales of the week
44,000
2,000
3,000
h Of which speculators took_ _
7,000
3,000 latterly been too wet. Cheerful crop reports also come from
1,000
f Of which exporters took _
---Germany, Russia, Italy, Australia and India, as well as from
26,000
Sales, American
40,000
26;666
37656
-,
11,000
4,000
11,000
6,000 Spain, Hunga y, Roumania and North Africa. FurtherActual export
89,000
45,000
64,000
97,000
Forwarded
1.375,000 1,352,000 1,331,000 1,281,000 more, the world's shipments showed some increase last week.
Total stock-Estimated
1,214.000 1,185,000 1,142,000 1,099,000 They reached a total of 13,520,000 bushels, against 12,776,Of which American
27,000
53,000
53,000
'Total imports of the week..
75,000
14,000
18,000
39,000 000 in the previous week and 11,376,000 last year. Argen60,000
r Of which American
122,000
117,000 tina shipments increased noticeably. They were 6,104,000
118,000
116.000
Amount afloat
84,000 bushels, against 4,968,000 in the previous week and 3,264,000
77,000
88,000
75.000
Of which American
The tone of the Liverpool market for spots and futures last year. Shipments from the Danube were also larger,
'each day of the past week and the daily closing prices of i. e., 1,112,000 bushels, against 768,000 in the previous week.
Nevertheless the market has shown considerable strength.
spot cotton have been as follows:
Strength in foreign ,markets has been one of the principal
factors, offsetting liberal receipts and favorable crop prosSpot. I Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
pects on this side of the water, as well as the lack of export
Market,
trade in American markets. To-day prices were stronger
Moderate
Quiet.
More
Quiet.
Quiet.
Quiet.
12:15
demand. demand.
P.M.
on higher cables, smaller receipts and covering.
Mid. upi'd

6.98

6.99

6.91

6.99

6.99

6.96

•Sales
'Spec.&exp.

5,000
300

7,000
700

7,000
500

8,000
500

8,000
600

6,000
500

Quiet,
Steady, Quiet,unch. Steady,
Steady,
Steady,
Futures.
Market 1 3 points 2M(43 pts. to 3 point 3®4 pts. 2®2li pts. 2 points
decline.
decline.
advance. advance. advance. advance.
.opened
Easy at Very sty., Steady,
Steady,
Quiet,
Quiet,
Market,
2(43 pts. 2©334 pts. 1%@5% 35.0;0% unch.to 1;,6 1®334
4
pts. adv. pts. adv. pts. dec.
P.M. t advance. decline.
decline.

DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
cts_112
112
112
113
113
113
May delivery in elevator
9734 98
9834 9834 9834 9834
July delivery in elevator
9634 9634 97
9734 9734 9734
September delivery in elevator..
96
9634 9634 9634 9634 97
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
eta.. 8934 9034 Holl- 91
9134 9134
July delivery in elevator
8934 8934 day. 9034 90X 9034
September delivery in elevator..
89% 89% 9034
89
8934

Indian corn has also advanced, partly through the aid of
The prices of fututes at Liverpool for each day are given the rise in wheat. Moreover the crop movement has been
below. Prices are on the basis of upland, good ordinary rather light. Large interests have been buying quite freely
clause, unless otherwise stated.
at Chicago. Cash corn has been noticeably firm, and this
The prices are given in pence and 100ths. Thus: 6 71 means 6 71-100d.
fact has reacted on futures. Interior markets have been
•
firmer because of a lack of any great pressure to sell. A fair
Fri.
Wed.
Thurs.
Tues.
Mon.
Mar. 29
Sat.
export demand has prevailed at times of late, though earlier
to
4 1234 4 1234 4 1234 4 1234 4
'Apr. 4. 1234 1234 12341p.m.
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. in the week it was conspicuously lacking. Floods at the
p.m. p.m. p.m.
West have interfered with the movement of the crop to some
d. d. d. a. d. d. d. d. . d
d.
d.
cash prices,
- -- ---- -- -- extent. Yet, aside from the influence of strong
-__
March ------6 71 7334
the firmness of corn, as already intimated, has been largely
ffi-,i la n3,5 'is,5 73 'iO fl
0
.6 68 70 0
Mar.-Apr.
6 6634 69 6434 64 6934 7234 7334 71 72 6834 69
Apr.-May
traceable to the influence of wheat. The world's shipments
6 6534 68 6334 6334 6834 72 73 7034 72 68 6834
May-June
reached the liberal total of 4,308,000 bushels last week,
6 63 6534 61 61 65% 69 70 67% 69 65 66
June-July
6 58 61 5634 56% 60 63% 64% 62 ,63% 60% 61
July-Aug_
against 9,244,000 in the previous week and 3,358,000 in the
6 47 59% 45% 45% 48% 52 53 50 151% 48 4934
Aug.-Sep_
6 34 35 31 3134 33 353437 3434 37 3434 3534 same week last year. Some leading shorts have been buying,
.Sep.-Oct
6 2534 2634 2234 23 24 2634 28 2554 2734 2534 2634 but other very heavy operators at Chicago are believed to be
•Oct.-Nov.
_ 6 22 23 19 19% 21 23 24% 22 124 22 23
Nov.-De
6 21 22 18 18%49% 21% 23 20% 2234 20% 21% still short of the market. To-day prices advanced slightly
Dec.
-Jan--------- 6 20 21 17 1734 183.4 2034 22 1934 2134 1934 2054 and then reacted. Wet weather prevailed at the West.
Jan.-Feb_
22 18 1834 1954 2134 23 2034 2254 2034 2134
Feb.-Mar.
23 19 19 •20 221.4 24 2114 2314 21A 22A It may cut down receipts.
helskr.-Anr
..1=01.

BREADSTUFFS.
Friday Night, April 4 1913.
Flour has continued in light demand. Minneapolis mills
'state that business is without snap, although sales are almost
equal to production. Prices suffer from buyers' indifference.
'There has been a fair trade at Chicago. At Kansas City
the sales have been very light. At St. Louis there has been
.a slight increase in the demand, coincident with a rise in
wheat. But, take it for all in all, trade continues to be unsatisfactory. Buyers obviously prefer to continue, as a rule,
to buy from hand to mouth. The market has therefore got
into a kind of rut. What is to take it out of the rut is a matter of pure conjecture. During the week some low prices
have been made at the West. The production last week at
Minneapolis, Duluth and Milwaukee was 356,190 barrels,
.against 352,760 in the previous week and 331,700 last year.
Wheat has advanced. The squeeze in March wheat in
Liverpool had some effect, and stocks have been decreasing. Liverpool reports that the Continental demand has
increased. It is even said that Russia has purchased two
.cargoes of River Plate wheat to be shipped to Odessa. Also,
.and singularly enough, two cargoes of the same kind of wheat
have been taken by North Africa. All near-by available
River Plate wheat, it is stated, has been purchased and
Europe has been buying considerable Australian. The
French wheat reserves turn out to be even smaller than they
were supposed to be. Germany's offerings of native wheat
are smaller than they have been hitherto. It
looks as though Germany will have to continue to buy
largely of foreign wheat, owing to the poor quality
•of its native wheat. The stocks of Germany's
importers are light. Russia's interior reserves are said
to be small. Much of the wheat available in Russia is also



DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
now. nom. ',nom. nom. nom. now.
Cash corn
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
eta.. 53
5334 Holi- 5434 5434 5434
May delivery in elevator
54% 5434 day. 5554 56
July delivery in elevator
555/,
5634 57
57
September delivery in elevator...-. 55% 5534

Oats have risen in sympathy with the advance in other
grain. Elevator concerns at Chicago have been buying
good oats for storage purposes. Stocks at Chicago are
now 4,755,000 bushels, against 6,012,000 bushels a year ago.
Large operators have been covering shorts at Chicago. Cash
prices have advanced there under the stimulus of a pretty
good demand. In a word,the general situation has been such
that shorts in many cases deemed it advisable to cover, not
only because of the strength of other grain but also because
of the unmistakable firmness of cash oats. To-day prices
advanced slightly. Chicago receipts were light.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
40
40
Standards
eta.. 38
3834 3834 39
3834 now. now.
38
38
No. 2 white
38
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
eta.. 3334 3434 Holi- 3434 3434 3434
July delivery in elevator
3334 3i'day. 34r 3454 34%
34
3434 34%
September delivery in elevator__ _ _ 3331 33

The following are closing quotations:
FLOUR.
$3 80@)34 15
Winter. low grades____$3 35§$3 75 Spring clears
Winter patents
5 25 5 75 Kansas straights, sacks.. 4 10 430
Winter straights
4 50 4 60 Kansas clears, sacks__ 3 75 4 00
Winter clears
5 95 6 25
4 25 4 30 City patents
Spring patents
3 65@ 3 90
4 50 4 75 Rye flour
Spring straights
4 00 4 75
4 40 4 60 Graham flour
GRAIN.
Corn, per bushelWheat, per bushel-f. o. b.
No. 2
$1 0134
elevator Nominal
N. Spring. No. 1.
now. Steamer
N. Spring, No. 2.
elevator 58@58%
No. 3
113
Red winter, No. 2,
e.l.f.5834©59
1 0254 Rye, per bushelHard winter, No.2
Cents.
No.
2
06
Oats, per bushel, new40
State & Pennsylvania__ Nominal
Standards
now. Barley-Malting
55©65
No. 2, white
39®3954
No. 3
For other tables usually given here, see page 990.

THE CHRONICLE

In ThousandsAmerican
Canadian

22 9,851
50 _
---____
20 9,706
49
_
6 7,483
90 ____
---9 7,025
77 ____
---SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
bush, bush, bush, bush. bush. bush, bush. bush.
58,996 3,025 21,494 13,115
698 1,063 2,558
316
25,223 __
22 9,851
__50 __--

Total Mar.29 1913__84,219 3,625 21,516 22,066
698
Total Mar.22 1913_85,405 3,493 22,705 22,629
530
Total Mar.30 1912_80,167 6,601 15,920 20,913 2,864
Total April 1 1911_46,118 ____ 11,175 20,154

1,063 2,608
1,062 2,429
850 2,333
114 1,267

316
270
331

THE DRY GOODS TRADE.
New York, Friday Night, April 4 1913.
Dry goods markets have been very quiet during the past
week, with goods moving slowly in all departments. While
a slightly easier tendency is noticeable on some lines, particularly cotton goods, prices are generally steady. Most
manufacturers are pretty well booked for the coming two
or three months, and are consequently paying no attention
to offers at prices under the present market. In all lines
buyers are confining their purchases mainly to spot and
near-by requirements,as they are fairly well covered and therefore do not care to operate ahead. The convening of the
special session of Congress next week to revise the tariff
is responsible for the conservatism displayed on all sides.
Reports are current that imports of foreign goods have greatly
increased and are being held here in anticipation of drastic
cuts in the tariff. There is also some talk of financial difficulties on the part of some large jobbers and retailers, and
manufacturers are closely examining credits on all orders
received. The effects of the recent floods have also been
severely felt in the market and have greatly restricted business. While early reports of the damage done were greatly
exaggerated, many merchants were hard hit and will not be
able to handle the volume of spring business they had expeeted to. Some cancellations have been received but they
are not as numerous as had been expected when the floods
were in progress. More cancellations will undoubtedly
follow when communications are .again thoroughly established and the merchants in the afflicted territory have ascertamed their exact position. In cotton goods, business is
quiet, and buyers are confining their attention to securing
delivery of goods already due them for the spring and summer seasons. Lines of heavy cottons are firmly held, but
goods in the gray and print cloths are easier. Further
reductions in the prices of cotton yarns, while inducing little
new business in yarns, have encouraged buyers of manufactured goods to seek still lower prices from manufacturers.
Export trade is quiet .aside from a moderate business in
sheetings for Red Sea account. The situation is unchanged
so far as China is concerned and exporters are not in a position to give any definite reports regarding that market.
There is talk of Chinese merchants being well covered
for the present, but,considering the poor market in that
quarter since the revolution, it seems safe to assume that
eventually a heavy business will come forward.
WOOLEN GOODS.-Markets for men's wear have been
less active as reports of reductions in the price of some of
the heavyweight lines, together with the tariff uncertainties,
have tended to make buyers conservative. Mills making
dress goods, however, are well provided with business. Prices
are steady and retailers have been buying freely.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending March 29 were
7,768 packages, valued at $610,024, their destination being
to the points specified in the tables below:




Total

7,768

86,613

5.263

105,756

The value of these New York exports since Jan. 1 has been
$6,708,429 in 1913, against $7,297,169 in 1912.
It has been generally quiet in markets for domestic cotton
goods during the past week and while an easier undertone
has been reported in some quarters, prices as a rule have been
well maintained. Advices from the flooded districts in
the West are coming in slowly and many show a desire to
cancel orders for goods due during the current month,or
else defer shipments until conditions become more settled.
As a result of the floods, business in many sections of Ohio
is at a standstill; in fact quietness prevails in all quarters, as
in view of the uncertainties in connection with the approaching tariff revision, most buyers do not care to operate ahead
and are confining purchases to small lots to supply immediate
needs only. Ginghams are among the goods that are in
steady request, although no large quantities are taken.
Bleached cottons are being purchased in a small way at
steady prices, while duck rules firm and some lines scarce
for prompt delivery, this being particularly true of wide
duck. Regarding fancy cottons these goods are in better
demand than plain goods, such lines as voiles, crepes and
goods of lawn construction selling well. Wash fabrics are
also moderately active, with repeat orders numerous. Bedspr.eads and cotton damask table coverings are in fair demand.
Print cloths continue to rule quiet, although a moderate
business has been transacted in twills and sateens. Buyers
in most cases are inclined to hold off, believing that the bottom has not yet been reached. Gray goods,38M inch standard, are quoted 53c.
FOREIGN DRY GOODS.-The influence of the prospective tariff revision is beginning to be felt in the markets for
linens, and jobbers are less disposed to operate beyond the
fall season. It is not likely that there will be much change
in prices during the current year, as mills are well booked
with business and the position of raw material is firm.
During the past week retailers have displayed considerable
interest in colored dress linens, but owing to light supplies
have found it rather difficult to place orders for prompt
shipment. Housekeeping lines are in moderate demand.
The situation in burlaps has remained about unchanegd
during the past week. Business in heavyweights has been
moderately active with stocks in dealers' hands light.
Lightweights are quoted at 6.100.and heavyweights at 8.75c.
Importations & Warehouse Withdrawals of Dry Goods.

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'ZI6T CENV CM

Total Mar.29 191325,223
Total Mar.22 191324,919
Total Mar.30 1912 29,125
Total April 1 1911-11,966

m

OW'S

Total Mar.29 1913__58,996 3,625 21,494 13,115
316
698 1,063 2,558
Total Mar.22 1913__60,486 3,493 22,685 12,923
270
530 1,062 2,380
Total Mar.30 1912....51,042 6,601 15,914 13,430 2,864
331
850 2,243
Total April 1 1911__34,152 ---_ 11,166 13,129
114 1.190
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley
In Thousandsbush, bush, bush, bush. bush. bush, bush. bush.
Montreal
162
22 1,648
____
50 __
___
Ft.Wi1liam&1't.Arthur_13,542
____ 5,456
__ _
7,498
440 ____
afloat
"
4,021
2,307 -- _ Other Canadian

-1913-1912
Since
Since
Week. Jan. 1.
Week. Jan. 1.
13
324
23
930
260
15
25
283
14.46624,498
6,063
9
6,254
-5
.4
851
14,151
1,594
9,084-7,686
4,094
.
11,329
739
1,28114,633
64
837
836
183
4,407
4.338
318
1,539
20,171
15,256
2.685
2,761
16,901
15,568
790

New York to Marrh129.
Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries

2,96'02,Vg

In ThousandsNew York
'Boston
Philadelphia
Baltimore
New Orleans
'Galveston
Buffalo
afloat
"Toledo
Detroit
,Chicago
"
afloat
Milwaukee
Duluth
"
afloat
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha

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.
940
199
473 1,059
70
35
65
48
245
561
465
29
5
2
3
60
123
406
113
511
31 2,414
213
1,088
455
154
570
158
1,090
1,416
925
____
199
105
611
256
685
-iai 314
337
180
16
69
6,311
9,389 4,756
116
89
444
274___
962 -iia
--Li --46
14,381 2,7
1 1
821 -iio
36
471 -64i
68
3,458
611
361
72
21,726
646
343
--56 1,383
2,239
13
324
8
496
3,496
916
94
4
--ii
431
297
265
776
66
31
705
76
1,850 1,480

1035

£9V803 60V8E9'3

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports March 09 1913, was as follows:

999'9"O'

APR. 51913.1

1036

THE CHRONICLE

CITY DEPAITTMENT.

!NiSm

The Timinicte:'
PUBLISHED WEEKLY.

Terms of Subscription-Payable in Advance
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months (including postage)
7 50
Annual Subscription in London (including postage)
22 14s.
21 11 s.
Six Months Subscription in London (including postage)
Canadian Subscription (including postage)
$11 50
Subscription includes following SupplementsB.NK AND QUOTATION (monthly)! RAILWAY AND INDUSTRIAL(3 times yearly)
RAILWAY EAR‘INGE;(monthly) ELECTRIC RAILWAY(3 times yearly)
STATE AND CITY (semi-annually) BANKERS'CONVENTION (yearly)

Terms of Advertising-Per Inch Space
Transient matter per inch space(14 agate lines)
4 20
(8 times)
22 00
Two Months
29 00
Standing Business Cards Three Months (13 times)
50 00
neigaironths(5S times)
87 00
ClilcAco OFFICE-Geo. M.Shepherd,513 Monadnock Block;Tel.Harrison 4012
LONDON OFFICE-Edwards cils Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
P.O. Box 958. Front. Pine and Depeyster Sts., New York,

MUNICIPAL BOND SALES IN MARCH.
The distinctive feature of last month's municipal bond
market was the failure of a large number of municipalities
to sell their securities. The loans offered without success
reached a total which actually exceeded by about 3 millions
the amount of loans negotiated. In many cases the bonds offered failed to attract any bids, while in others the offers
submitted were deemed unsatisfactory. The larger and more
important bond issues which failed to find takers were as
follows: $5,144,000 5s and $144,000 43's of San Francisco,
Cal., $1,000,000 4s of Harris County, Tex., $1,125,000
4s of Toledo, Ohio, $675,000 4s of Cincinnati, Ohio, and
55,000 43.is of Cleveland, Ohio. The Cleveland bonds
were eventually taken by the sinking fund. The city of
Pittsburgh advertised $5,310,500 bonds to be sold on March
27, but this offering was withdrawn prior to that date,
owing to the poor condition of the market.
The amount of permanent bonds placed in March was
$12,455,139. In addition there were sold temporary obligations aggregating $26,665,622. Canadian municipal
securities amounting to $3,449,978 were also disposed of.
In the following we furnish a comparison of all the various
forms of obligations put out in March of the last five years:
1909.
1910.
1912.
1913.
1911.
$
$
Permanent loans (U. S.)_12,455,139 21,138,269 22,800,106 09,093,390 32,080,227
Temporary loans(U. S.)_26,665,622 23,143,527 22,392,467 14,482,588 5,630,069
Canadian loans (perm't)_ 3,449,978 31,011,034 5,727,550 7,230,210 3,925,403
Total

42,570,739 75,292,830 50,920,219 90,812,188 42,241,099

The number of municipalities emitting permanent bonds
and the number of separate issues made during March 1913
were 189 and 254, respectively. This contrasts with 228 and
366 for February 1913 and 306 and 432 for March 1912.
For comparative purposes we add the following table,
showing the output of long-term issues for March and the
three months for a series of years:
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903

Month of
March.
$12,455,139
21,138,269
22,800,198
69,093,390
32,680,227
18,912,083
10.620,197
20,332,012
17,980,922
14,723,524
9,084,040

For the
Three Mos.
970,422,486
75,034,179
123,463,019
104,017,321
79,940,446
90,769,225
58,326,063
57,030,249
35,727,806
46,518,646
30,176,768

1902
1901
1900
1899
1898
1897
1890
1895
1894
1893
1892

Month of
March.
$7,989,232
10,432,241
8,980,735
5,507,311
6,309,351
12,488,809
4,219,027
4,915,355
5,080,424
6,994,246
8,150,500

For the
Three Mos.
$31,519,538
23,894,354
34,492,468
18,621,580
23,705,733
35,571,062
15,150,208
21,020,942
24,118,813
17,501,423
22,264,431

In the following table we give a list of March loans to the
amount of $12,455,139 issued by 189 municipalities. In
the case of each loan reference is made to the page in the
"Chronicle" where an account of the sale is given.
Rate. Maturity.
Name.
Page.
890.._Ada School District, Ohio.. _ _ _ 4(
1920
d1918-1923
963....Afton, Iowa
a1926
739_ _Akron School District, Ohio__ 4A
a1926
890-..Akron School District, Ohio__ 4
1038__Albany County, N.Y
1935
44
1038_Albion, N. Y
4.65 a1925
d1918-1943
1038__Allentown. Pa
4
1931
739__Alliance. Ohio
4A
1930
739„Alliance, Ohio
4%
1038_ _Ansonia, Conn
434
890_ _Apalachicola, Fla
6
890__Arcadia Sch. Dist., Cal
a1918
963.- _Archbold, Ohio
4%
1038....Baker, Ore
1933
5
1915-1924
739- _Ballard County, Ky
6
818_ _Beaverhead County, Mont.._
1933
1038- _Berlin Heights S. D., Ohio ..
__
a1925
964__Biglerville. Pa
434
964_ _Binghamton, N. Y
4
1038- _Bisbee H.S. D. No.2, Ariz
534 1916-1923
1038--Buffalo, N.Y
4
1938
891- _Caldwell, N. J
5
a1928
891.._Calhoun County, Texas
5
4
1923-1924
811--Califosnia




Amount. Price.
315,000 100
4,000 y100
60,000 100.8458
50,000 100.66
100,000 100
150,000 y100.10
55,000
5,500 100.66
15,600 100.92
99,000 101.11
15,000 102.366
25,000 100.848
19,800 100
8,826 101.132
24,000 100
30,000 y101
12,000
7,000
3,500 100.054
80,000 102.715
13,700 z100
90,000 102.82
135,000 100
800,000

[VOL. xcvz.

Page.
Name.
Rate.
daturity.
1038.- _Cambridge Springs,Pa
4
811-..Canonsburg.'Pa
4
1925
891-Cary, Montreal and Vaughn
Joint Sch. Dist. No. 1, Wis..5
a1917
964_ _Cascade Co. S. D.63, Mont 6
d1920-1922
811....Cass County, No Dak
5
1916-1924
891 ...Cass County, No. Dak
5
739_ _Celina, Ohio
5
a1933
811_Central Clay Dr. Dist., Ark.... 534
964.._Centralia, Wash
6
964....Chagrin Falls, Ohio (2 issues)_ 5
964....Chagrin Falls, Ohio (2 issues) 5
1038_ _Charlotte, Mich
891_ _Chehalis Co S. D. 62, Wash.._ 534 d1914-1918
891.._Chicago-South P.D.,I11.(2 iss.) 4
1914-1933
964.. _Chouteau Co. S. D.56, Mont.. 6 d1918-1923
964.._Clarington S. S. D., Ohio..__- 6
a1921
811_ _Clark County, Miss
5
d1918-1933
1039_ _Clayton, Mich
5
1914-1922
891_ _Cleveland Heights S. D., Ohio 5
891_ _Columbiana County, Ohio_ _ _ _ 5
a1918
964_ _Corbin, Ky
5
1039_ _Crafton Sch. Dist., Pa
434
811_Cranford Sch. Dist., N. J___ _ 5
812_ _Cuyahoga County, Ohio
4
891_ _Cuyahoga Co., Ohio (2 issues) 4
812__Dairyville S. D., Cal
891__Danville, Ky.(2 issues)
4%
812.. _Dayton, Ohio (3 issues)
5
891....Delta County, Mich
1039_ _Denver. Colo
6
1926
965.._Detrott, Mich
4
1039_ _Donora,Pa
434
891__Dubuque, Iowa
5
812_ _Duluth. Minn
1943
434
1039.._Epworth,Iowa
534 1918-1933
965.._Eufaula, Okla
1039_ _Everett, Wash.(2 issues)
7
891_ _Fairbury S. D., Neb
6
740_-Fall River, Mass
14
1923
1923
Iti
1039.._Forsyth Co., No. Caro
5
1923-1943
965....Fullerton, Cal
7
965„Fullerton S. D., Cal
965....Fulton, Ky
1039.. _Fulton, Ky 6
812_ _Gallipolis, Ohio
5
al918
1039_ _Geneva, Ohio (6 issues)
5
891_ _Glendale, Ohio
434 1918-1921
891_ _Goodrich S. D., Mich
5
a1922
965.. _Grant's Pass. Ore
5 d1928-1943
1040_ _Granville, Ohio
5
1040_ _Hamburg, Pa
1040_ _Harg Spec. Rd. Dist., Mo ___ 6
891_ _Harris Twp., Ohio
5
a1940
965....Hopewell Twp., Ohio
a1926
434
812_ _Horse Cave S. D., Ky
5
1937
740.._Iredell Co., No. Caro
534
a1919
813_ _Ireton, Iowa
1923-1933
434
965„Jarkson, Ohio (2 issues)
4
1933
740_ -Tamper, Ind
4
1914-1918
892_ _Jersey City, N. J
1963
434
965.. _Jordan S. D Cal
6
a1919
1040...Kansas (4 issues)
5&534
1040....Kansas City, Kan
5
1914-1923
892_..Kansas City, Mo
6
1914-1923
965_ Kansas City, Mo
6
1040_ _Kansas City, Mo
6
813_ _King Co., Wash
5
1040_ _Kingston S. D., N.Y
43C
892_ _Knox County, Ohio (2 issues).. 5
740.._Lake County, Ohio
434
892_ _Lake County, Ohio
434
740_ _Lakewood, Ohio (14 issues)
5
965_ _Lansdowne, Pa
434
892.._Lauderdale County, Miss_ _ _ _ 5
965_ _Lenoir City, Tenn
6
892.._Lexington, Ky
6
1040_Lincoin Co.S. D.No.31,Wash.5
1040...Lincoln, Neb. 3 issues)
5
740_ _Long Branch, N. J
434
813__Lorain, Ohio
434
1041__Lordsburg, Cal
5
813_ Lyme Twp. Ohio
5
er
,
4%
965::Nradison Co., Ohio(2 issues).... 5
740_ _Marion. Ohio
5
740„Marion Ohio
5
965_ _Mason County, Mich
813_ _Maxwell G. S. D., Cal
813_ _Mexico S. D., Mo
434
966_ _Middletown, Ohio
454
740_ _Mississippi C. S. S.D., Miss_ _
966__Monrovia S. D.,Cal
740....Montgomery County, Ohio_ _ _ 5
966....Montgomery County, Tenn
5
966_ _Mountain S. D.,cal
6
813_ _Mount Hope, N.Y
968.._Newcastle, Del
5
966.._Newport, 'Wash
534
966_ _Newport, R. I
4
813.._Newton, Mass
4
1041_New York City
3
5
892_Nichola.sville, KY
966_ Norwalk Twp.,Ohio
5
1041_ Norway S. D., Mich
5
966_ Oakdale Irr. Dist., Cal
5
966_ Ogden, Utah
434
893_ _Palestine S. D., Ohio
6
741_Palmer, Mass
4
893__Patterson S. D., Cal
1042_ _Paulding,Ohio(2issues)

a1925
1943
a1930
1943
19134922
d1923-1933
1918
1933
1949
a1923
1935

1914-1937
a19111

1924-1933
1915-1924
d1923-1933
1914-1023
1913
d1918-1933
1914-1928
19334943
1933
1913-1919
19164943

26,000 102.183
1,000 100
19,500 100
16,000
22,000 104.28
500,000
300,000 95.777
7,883 100.875
30,849 100.486
1,000
3,600 100
620,000 96.074
4,500 100.33
3,000 107.22
50,000
2,600 100
200,000 103.30
29,736 101.75
31,500 100
110,000 102.765
98,000 101.836
6,400 100.218
59,749
2,000 102
28,000 100.053
21,600
100,000 101.155
44,000 101.64
144,000
76,000
15,000 100
100,000 100
10,000
75,000
3,525 103.84
13,000 101.10
190,000 100
90,000 100
150,000 102.69
26,400 100
70,000
40,000
26,221 100
3,000 100.95
20,430
var.
4,000 100.431
10,000 102.50
200,000 100
12,500 100.856
16.000
20,000 100
18,000 103.02
22,000 100.05
12,000 100
30,000 102.135
3,000 100
9,000
2,500 102.20
95,000 102.531
4,800 104.06
40,116 100
30,098 101
26,162 100.50
75,778
117,268 100.25
950,000 101.38
151,500 100
1 4,000 101
75,000 101.52
62,000 100.80
40,000 100.61
180,925
75,000
100,000 100.11
40,000 106.275
20.000 100
40,000 100
18,800 100.026
14,000 z100
12,133 100.875
36,000 101.416
10,000 101.81
22,000 100
19,000 101.953
34,744 101.997
84,937 101.729
21,000
24,000 100.0625
25,000 100
15,494
10,000 100.525
25,000 100.848
6,000 100.25
72,500 100.31
20,000
7,000
10,000 100
7,500 y100
30,000 97.33
11,000 100
1,000 z100
30,000 101.256
8,000 102.056
65,000 102.08
160,000 100
100,000 97.234
15,000 104.904
21,000 100.16
35,00 I
5,100 103.29
5,000 100.39
000 101.081
3,900 101.01
70,000 101.409
197,000 z101
1 3,000 102
3,000 100.50
60,000 101.695
2,000 103.40
2,000 103.40
15,000 100.186
6,998 100.11
15,000 100.07
50,000 101.73
75,000 103.07
36.000 100

1iI2,

966_ _Paulding County, Ohio
5
966.._Paulding County, Ohio
5
741_ _Perry County, Ind
434
4
967_ _Petersburg, Va
967_ _Pike Twp. S. D., Ohio
5
1042....Pocahontas County, Iowa.... _ -

al924
1953
a1917
1918-1928

5
5
434
5
5
434
5
534

1929-1930
1939-1940
1915-1929
1918
a1915
1923
a1918
1930

741-..Port Chester, N. Y

Amount. Price.
$15,000 100
12,000

893_ Port Chester, N Y
741_ Poughkeepsie. N Y
893__Pultney Twp., Ohio
893_ Readlyn, Iowa
967..Richmond & Riley Twps. Frac.
Sch. Dist. No. 1, Mich
5
893_ Riclunond Twp., Ohio
5
814- Rosebud County, Mont
5 d1923-1933
1042....Running Lake Dr. Dist., Ark_ 6 d1918-1933
1042.. Sacramento County, Cal
6
1935
4
967- St. Bernard, Ohio
1933
967.._St. Johns. Ore
6
d1914-1923
893- St. Louis, Mich
967_ _St. Paul, Minn.(3 issues).._ _ 1916
893_ San Diego, Cal
967_Sandusky, Ohio
4
1042_ _Seattle, Wash
434
1933
1042_ _Seven Palms Sch. Dist., Cal 6
1018-1922
1042.._Sewickley Sch. Dist., Pa
434
1933
1042-_Shaker Heights, Ohio (3 iss.).... 5

18,700
20,000
123,000
85,000
305,000
6,000
21,592
16,000
17,124
120,000
42,500
300,000
2,500
50,000
238,386

102.34
103.055
100
100
100.973
100.75
100
100
100
100.56
101.288
100

APR. 5 1913,1
Name.
Page.
742- _Shelby County, Ky

THE CHRONICLE
Rate.

Maturity.

{R
893--Sigourney Ind. S. D., Iowa_ _ _ 4%

967--Springfield, Ohio (3 issues)_ _
893__Stark County, Ohio (3 Issues). 5
893....Statesboro, Ga
5
1042__Suffolk County, N.Y
4%
5
1042_ _Suisin, Cal
5
893.._Sullivan Twp., Ohio
967__Sulphur Springs, Ark
7
893__Sumas, Wash
6
1043....Taft, Cal. (2 issues)
5
742.._Talbot County, Md
742__Terrace Park, Ohio
51-i
742__The Oak Run Twp.S. D.,Ohio 5%
893__Tilden S. D. No.80, Neb
742__Titusville, Fla
5
815__Topashaw Swamp L. D.,Miss_ 6
1043 __Townsend Twp. S. D., Ohio 5
967__Tulsa, Okla. (3 issues)
5
743_ _Union County, Ohio
5
743_ _Union County Sch. Dist., Ore.. 5
816 Vineland, N.J
5
816....Waco, Texas (3 issues)
5
743__Wakefield, Mass
4
967__Wainut Sch. Dist., Iowa
5
967__Waltham, Mass
43i
894„Washington Ga
5
894--Wayne County, Mich
4
1043__Wharton Co. Dr. D. 2, Tex _ _ 5
894__Whitman Co. S. D.59, Wash.. 5
968__Wichita Falls S. D., Texas.. _ _ 5
816__Yellowstone Co. S.D.33,Mont. 6
816_ _Yolo County, Cal
6
895_ _Yonkers, N. Y.(2 issues)
4%
968_ _Youngstown, Ohio (8 issues
5

1923

1914-1933
a1923
a1923
1914-1928
1919-1923
1919
1941
1914-1943
1917
d1923-1933
1918
1943
a1918
1914-1933
a1942
a1921
1914-1933
d1923-1933
1953
1933
1913-1923

Amount. Price.
$1,000 103
74,000 101.61
15,000
37,520
185,000 101.81
54.000 100.138
55,000 101.33
20,000
25,000
25,000
18.000
41.000 100.002
30,000 102.27
2,500 102.10
10,000 103.536
20,000
29,000 95
42,500
3,000 101.80
165.000 100
10,900 100.183
30,000 y100.53
5,000
245,000 102
25,000 100.14
30,000 100
20,000 102.71
30,000 100
78,500
50,000
25,000 100
50,000 100.21
2,000 100
340,000 100
120,000 101.07
21.445

Total bond sales for March 1913 (189 municipalities
1412,455,139
covering 254 separate issues)
a Average date of maturity. d Subject to call in and after the earlier
year and mature in the latter year. k Not including $26,665,622 of temporary loans reported, and which do not belong in the list. z Taken by
sinking fund as an investment. y And other considerations.

REVISED TOTALSIFOR PREVIOUS MONTHS.
The following items, included in our total for February ,
should be eliminated from the same,as the sales have not been
carried to completion. We give the page number of the
issue of our paper in which the reason for the failure to con
summate the sale may be found.
Page.
Name.
954....Asheville, No. Caro
1038.._Charlotte, Mich
1043„Town District School District, W Va

Amount
$30,000
6,000
50,000

We have also learned of the following additional sales for
previous months:
Page.
Name.
Rate. Maturity. Amount. Price
1038.. _BernalilloCo.S.D.No.5,N.M__ 6 d1923-1933
$2,400 95
964__Colorado (January)
3
1,980,000
965_ _Glendale, Ore
6 d1922-1932
12,000 95
965....Lawrence, Nan.(2 sue). i
5
1914-1923
79,805 100.557
966_ _North Dakota (5 issues Jan.)..
67.500 100
966_ _North Dakota (4 issues)
12,800 100
1042__Spokane, Wash.(10 iss., Jan.) 6
51,973
1042_Spokane, Wash.(10 issues)___ 6
51,798
1043 Taylor County, Wis
60,000
4%

All the above sales (except as indicated) are for February
These additional February issues will make the total sale
(not including temporary loans) for that month $28,187,576
DEBENTURESSOLD BY CANADIAN MUNICIPALITIESIN MARCH
daturity. Amount. Price.
Rate.
Pa_Berlin, 04Tame.
$30,000
5
968....Dutton, Oat
969..-Maisonneuve, Qua
5
895_ _Maple Creek, Sask
5
895_ -Montmarte,Sask
6
969--North Battleford (R. M. No.
347), Sack
51-i
744__Peel Co., Ont
5
1044-_Pralriedale S. D. No.2567,Sask 8
895...Prince Edward Co., Oat
43
1044 __Regina, Sask
5
969_ _St. Hyacinthe, Qua
5
969.._Springside, Sask
8
969_ _ Toronto, Ont
1044_ _Transcona, Man
6
1044 _Welland, Ont.(3 issues)
5
895_ _Wetaskiwin, Alta
1044 __Wymer Sch. Dist., Sask
64
Total debentures sold in March

1953
1933-1943
1914-1933
1943
1943
1933
1953
1928

1923

8,346
700,000
17,500
1,500

85.80

15,000
30,000 97.836
200 100
30,000 94.35
300,000
100,000
1,500
2.000,000
89.50
17,000
149,598
48,334
1.000
97.50
$3,449,978

News Items.
Colorado.-State Supreme Court Delivers Opinion Concerning Iniitative and Referendum.-In a unamimous opinion delivered by the State Supreme Court on February 28 in
answer to certain questions propounded to it by the State
Senate, it is held that the Legislature has the power to
repeal initiative or referred measures adopted by the voters.
At the last general election two "eight-hour' bills were
favorably voted upon, one a referred measure and the other
initiated by petition. The laws differ in only two chief
respects: one regarding the kinds of mining work that are
to be termed dangerous and the other in regard to the
repealing of other Acts. At the present session of the
Legislature Senator Bellesfield introduced an eight-hour
bill in the Assembly which provides for the repeal of the two
laws passed by the people and is in substance the referred
law. The Senate passed his bill on second reading and then
adopted resolutions presented by the Senator asking the
Court to answer four specific questions concerning the situation. According to the Denver "Republican", these questions in substance were as follows:
Was the eight-hour bill passed by the Eighteenth General
and
referred to the people at tho last election an Act that could Assembly
be referred to
the people?
If the eight-hour referred bill was an Act that could be referred, could
there legally be submitted to the people by initiative at the same election
another measure containing a repealing clause that would repeal the
referred Act? In other words, was it legal to submit at tho election an
initiated bill which would repeal the referred measure and
what was the
legal effect, if any, of the repealing clause in the initiatedimeasure?




1037

What was the legal effect of the adoption'by the people of both the
referred law and the initiated bill at the election? Did both measures
become law, or only one of them, and if only one of them, which one?
Is there any duty now devolving upon the General Assembly under the
constitutional provision which requires the Assembly to pass an eight-hour
law for miners? Or, has the duty of the Assembly been fully performed?

The opinion of the Court is given below.
We cannot express any opinion with respect to the validity of the referred
and initiated Acts, which, if either, is in force, or when they took effect, or
what was the legal effect of the repealing clause in the initiated measure.
for the reason that both purport to be completed legislation; that under
them rights may have arisen or attached which should not be determined
in purely ex-parte proceeding, and for the further reason that so far as the
validity of legislation is involved in response to legislative questions it is
confined to proposed Acts, in order that unconstitutional legislation may
be avoided and cannot call for a construction of Acts already passed.
The results which would follow any other rule demonstrates that the
validity of completed legislation cannot be made the subject of legislative
inquiry; otherwise this Court at the request of the legislative department
could be called upon to determine• the validity of any number of Acts
which have been upon the statute books for many years, and under which
rights, public and private, have attached.
That we should not determine in any respect the validity of the referred
and initiated Acts, however, does not prevent us from furnishing the information at least impliediy sought which will enable the Honorable Senate
to clear the situation.
The proposed Act (the Bellesfield Bill now pending before the Senate)
expressly repeals the Act of 1905 and also the one initiated and all other
Acts in conflict therewith. There can be no question about the authority
to repeal the Act of 1905. The question regarding the power to repeal the
initiated Act turns upon a construction of the constitutional amendment
usually spoken of as "the initiative and referendum." That is: "Does this
provision prevent the General Assembly from repealing an initiated Act
or one which has been referred?'
We think not, for it expressly provides: "This section shall not be construed to deprive the General Assembly of the right to enact any measure.
This language is broad and comprehensive. An Act repealing an Act is
a measure and as the General Assembly is not deprived of the right to
enact any measure it clearly has the power to repeal any statute law,
however adopted or passed.
The next question is: "Can the General Assembly lawfully prevent the
proposed Act from being referred by the declaration contained in Section 6
thereof?"
To answer this, reference must again be had to the constitutional provision under consideration. It provides that the power reserved, designated the "referendum", "may be ordered except as to laws necessary for
the immediate preservation of the public peace, health and safety."
Whether a law is of this character is for the General Assembly to determine, and when it so determines, by declaration to that effect in the body
of a proposed Act, we are of the opinion that such declaration is conclusive
upon all departments of government, and all parties. Such a declatation
is a part of the Act and may be passed by majority required to pass an Act,
and is in no sense an emergency clause as contemplated by Article 5, Section 19.
The tribunal holds that the query as to whether or not the Assembly1 as
performed the duties imposed upon it by the constitution is one solely to
be determined by the Assembly itself and is outside of the province of the
tribunal. In this regard the Court takes occasion to say that none of the
departments of government can call to account any other department fcr
action of that department within its own province.

Donaldsonville, Ascension Parish, La.-Commission
Form of Government Adopted.-An election held Mar. 25 resuited in favor of the question of establishing a commission
form of government (V. 96, p. 889). The Vote, it is stated,
was 151 to 88.
Flood Situation Improved.-The past week witnessed
considerable improvement in the situation arising from
the floods in the Ohio Valley. Railroad service has been
practically restored and reconstruction work is being
pushed vigorously. Original estimates of losses have been
greatly reduced and insurance experts now appraise the
property damage in the States of Ohio, Indiana and Kentucky at between 40 and 50 millions. In discussing the
floods last week (V. 96, p. 963), we neglected to mention
that Governor Cox of Ohio on March 27 had declared the
following 10 days legal holidays through out the flood district to take care of notes and negotiable paper falling due
until the banks could do business (see item in our banking
news on a preceding page).
With a recession of the waters in the Ohio Valley a threatening situation has developed in the Mississippi Valley, the
waters having already.covered lowland towns in Illinois,
Kentucky and Missouri. A newspaper despatch from New
Orleans saysIthat the entire Mississippi levee system from
Vicksburg south is to be made two feet higher than the record
of the flood last year. It is expected the work will be completed before the crest of the Ohio River flood reaches the
lower Mississippi Valley.
Horsefly Irrigation District (P. 0. Bonanza),Klamath
County.
, Ore.-Bonds Declared Valid.-On March 25 Judge
Benson in the Circuit Court declared valid the election held
Nov.6 1912 which resulted in favor of the issuance of $785,000 bonds (V.96, p. 301.).
Massachusetts.-Amendment to Savings Bank Investment
Law.-Chapter 291, Acts of 1913, approved Mar. 14, amends
Section 68 of Chapter 590, Acts of 1908, so as toTprovide
that bonds of certain Massachusetts railroads, street railways or telephone companies which are now legal investments shall not be rendered illegal by reason of a temporary
failure to meet dividend requirements. The Act has reference to the Boston & Maine situation. The Act in full follows:

ll"[Chapter7291.!
AN ACT RELATIVE TO INVESTMENTS OF SAVINGS BANKS AND
INSTITUTIONS FOR SAVINGS.
Be it enacted, etc., as follows:
Section 68 of Chapter 590 of the Acts of the year 1908 as amended s
hereby further amended by inserting after Clause 13 thereof the following:
Bonds Not to Become Illegal by Reason of Temporary Failure to Meet Legal
Requirements.
14th. Bonds which at any time hereafter have been for ten successive
years legal investments under the provisions of subdivisions a, b, c or d of
Clause 3, Clause 5 or Clause 6 of this section shall not be rendered illegal
although the corporation issuing, assuming or guaranteeing such bonds shall
fail for a period not exceeding two successive years to comply,as to dividends on its capital stock, with the requirements of the clauses specified
above; but no further investment in the bonds issued, assumed or guaranteed by such corporation shall be made during said period. If after the
expiration of said period, such corporation complies for the following fiscal
year with the r uirements of the clauses s ecified above. it shall be regarded
as having comp ed therewith during sal period. provided that it shall not
I have so failed to comply during any other period within the next preceding
• ten years. [Approved Mar. 14 1913.1

i OS

THE CHRONICLE

Millville, N. J.-Commission Form of Government Approved.-Local papers state that the question of establishing
a commission form of government carried by a vote of 877
to 439 at the election held April 1.
New Jersey.-Legislature Adjourns-Special Session.The regular 1912 session of the New Jersey Legislature
ended April 3. Governor Fielder has announced that he
will call a special session to convene May 1 for the purpose of passing measures to redeem platform pledges,
particularly that of jury reform. A bill for jury reform
without a referendum is desired by President Wilson, and
while both branches of the Legislature declared themselves in
favor of jury reform, they disagreed on the referendum feature.
Racine, Wis.-Commission Form of Government Rejected.Local papers state that the question of establishing the commission form of government failed to carry at the election
held April 1 (V. 96, p. 503).
Raleigh, No. Caro.-Commission Form of Governman
Adopted.-Reports state that a favorable vote was cast ont
April 1 on the question of adopting a commission form of government (V. 96, p. 810).
Tennessee.-Supreme Court Holds That State Cannot
Exempt Bonds From Taxation.-In a majority opinion delivered by Associate Judge Williams, the State Supreme
Court holds unconstitutional that provision of the refunding
bond bill recently passed by the Legislature which exempts
the bonds from taxation. This reverses the ruling of Chancellor Allison, which was referred to in V. 96, p. 810. Associate Justices Lansden and Greene dissented from the majority
opinion of the Court.
Tulare, Cal.-Voters Authorize Purchase of Water Plant:
The proposition to purchase the plant of the Tulare City
Water Co. for $44,000 carried an Mar. 10 by a vote of 379 to
67. The directors of the water company met Apr. 3 to provide for making the transfer to the city.
Wheeling, W. Va.-Commission Form of Government Defeated.-The election held March 25 resulted in the defeat of
the question of accepting an Act recently passed by the
Legislature providing for a new city charter embodying the
commission plan of government, recall, initiative and referendum (V. 96, p. 890). The vote, according to reports,
was 2,563 "for" and 5,416 "against."

[VOL. xcvi.

that day. Denom.(7) $600,(1) $300. Date Mar. 1 1913. Int. M.& S.
Due$500 yearly on Mar. 1 from 1914 to 1920 incl. and $300 on Mar. 1
1921. Certified check for $200, payable to City Treasurer, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest. The city will furnish all blank bonds.
G. Davis is City Auditor.
BEARDSLEY SCHOOL DISTRICT, Kern County, Cal.-BOND
OFFERING.-Proposals will be received until 11 a. m. April 10,it is stated.
by I. L. Miller Co. Clerk (P. 0. Bakersfield), for $20,000 6% 2-11-yr.
(ser.) school bonds. Int. semi-ann. Cert. check for 10% required.
BENKELMAN, Dundy County, Neb.-BONDS VOTED.-Reports
state, that the propositions to issue $20,000 water and $5,000 Electric light
bonds carried at a recent election. The vote was 95 to 44 and 97 to 41
respectively.
BERLIN HEIGHTS SCHOOL DISTRICT (P. 0. Berlin Heights),.
Erie County, Ohio.-BOND SALE.-The following bids were received
on Mar. 29 for the $12,000 5% 1234-year (avge.) high-school-building
bonds offered on that day (V. 96, p. 890):
Sidney Spitzer & Co., Tol_ _ _$12,204 I Spitzer, Bolick & Co., Tol_ _$12,062'
Hoehier & Cummings, Tol__ 12,151 Citizens' Banking Co., BerTerry, Briggs & Slayton,Tol- 12.123
lin Heights
12,000,
BERNALILLO COUNTY SCHOOL DISTRICT NO, 5, N. Mex.DESCRIPTION OF BONDS.-The $2,400 6% 10-20-year (opt.) building
bonds, awarded on Feb. 28 to Wm.E. Sweet & Co. of Denver at 95 and int.
(V. 96. p. 890) are in the denom. of $400 each and dated Jan. 2 1913.
Int. J. & J.
BILLINGS, Mont.-BONDS VOTED.-An election held Mar. 25 resulted in favor of the proposition to issue $575,000 5% municipal water96, p. 221). The vote was 507 to 66. Due
plant-construction bonds
in 5 years, $200,000 in 10 years, $275,000
20 years, subject to call $100,000
(V.
in 15 years.
DISTRICT
NO.2, Cochise County, Ariz.BISBEE HIGH SCHOOL
BIDS.-The other bids received on Mar. 15 for the $80,000 534% 3-10-year
(serial) coupon high-school-building bonds awarded on that day, 340,000
to the Bank of Bisbee and $40,000 to the Miners' & Merchants' Bank of
Bisbee at 102.715 and int.(V. 96,p. 964), were:
Hoehler & Cununings,Tol.$80,617 50!John Nuveen & Co.,Chic_880,576 00
Farson, Son & Co., Chic__ 80,601 001
BLACKFORD COUNTY (P. 0. Hartford City), Ind.-BOND
OFFERING.-Proposals will be received until 12 in. April 7, reports state,
by G. H. Newbauer, County Treas., for $4,300 Casterline and $4,200
Bugh No. 2 Washington Township 434% road bonds. Int. A. & 0.
BLANCHESTER, Clinton County, Ohio.-BOND SALE.-We are
advised by the VII Treas. that the $2,500 4% 14-yr. armory bonds offered
without success on May 6 1912 (V. 96, p. 150) were awarded on Aug. 27
1912 to local parties at 101.778.
BLOOMINGTON SCHOOL DISTRICT (P. 0. Bloomington), Mc.
Lean County, Ill.-BONDS VOTED.-According to local newspaper reports, the proposition to issue $250,000 high-school-constr. bonds carried
at a recent election by a vote of 1304 to 1122.
BONHAM, Fannin County, Tex.-BOND ELECTION.-An election
will be held April 8, reports state, to decide whether or not this city shall
issue $75,000 high-school-constr., $6,500 crematory and $3,000 fire-apparatus bonds.
BOULDER, Boulder County, Colo.-BOND ELECTION.-The
proposition to issue $70,000 municipal lighting plant bonds will be submitted to the voters at the April election, according to reports.
BRAWLEY, Imperial County, Cal.-BONDS NOT SOLD.-No bids
were received on Mar. 21 for the $15,000 5 % city-hall bonds offered on
that day.
BRAZORIA COUNTY (P. 0. Angleton), Tex.-BONDS REGISTERED.-An issue of $47,000 5% Drainage District No. 9 bonds was
registered by the State Comptroller on Feb. 24.
BRISTOL COUNTY (P. 0. Taunton), Mass.-BONDS NOT SOLD.
ADRIAN SCHOOL DISTRICT (P. 0. Adrian), Grant County, -No bids were received on April 1, it is stated, for the $30,000 4% 3-yr.
r4
.).)Independent Agricultural School bonds offered on that day (V. 96.
p.v9e6
Wash.-BONDS VOTED.-It is reported that the issuance of $10,000 school (a
constr. bonds was voted at the election held Mar. 22.
BRISTOW INDEPENDENT SCHOOL DISTRICT (P.,O. Bristow),
AKRON, Ohio.-BONDS VOTED.-The election held April 1 resulted
in favor of the question of issuing the $1,250,000 water works bonds (V. 96, Butler County, Iowa.-BONDS DEFEATED.-The question of issuing
p. 581). The vote was 5,330 to 836. The bonds will be offered about the $15,000 school-constr. bonds failed to carry at the election held March 10
(V. 96, p. 581. The vote was 84 "for" and 90 "against."
June 1.
BRYAN COUNTY (P. 0. Durant), Okla.-BOND ELECTION PROAKRON CITY SCHOOL DISTRICT, Ohio.-BOND OFFERING.
Proposals will be received until 2 p. m. Apr. 15 by J. F. Barnhart, Clerk POSED.-A petition is being circulated, reports state, asking an election
Bd. of Ed., for $25,000 4%% school-equip. and constr. bonds. Auth. to vote on the proposition to issue court-house and jail-construction bonds.
Secs. 7625, 7629 and 7630, Gen. Code. Denom. $1,000. Date Apr. 15
BUFFALO, N. Y.-BONDS AUTHORIZED.-Ordlnances were re1913. Int. A. & 0. at office of Treas. of Bd. of Ed. Due $5,000 yriy. cently passed providing for the issuance of the following 43i% bonds:
on Apr. 15 from 1933 to 1935 incl. and $10,000 on Apr. 15 1936.
$145,200 water-works refunding bonds. Due May 1 1938.
75,000 Buffalo & Jamestown RR. refunding bonds. Duo $3,750 yearly
ALBANY COUNTY (P. 0. Albany), N. Y.-BOND SALE.-On
on May 1 from 1914 to 1933 inclusive.
Mar. 31 the $100,000 4y,% 22-year court-house-construction bonds (V. 96
Date May 1 1913. Int. M. & N. at Hanover Nat, Bank, New York
p. 890) were awarded at par as follows: $36,000 to the Albany County
Savings Bank, Albany; $14,000 to the N. Y. State Nat. Bank, Albany, City, or at office of City Comptroller.
Local papers state that the Council on March 19 authorized the issuance
and $50,000 to Horace S. Bell, Albany. Both the N. Y. State Nat. Bank
of $100,000 Playground-improvement, $500,000 public-bidgs. and $500,000
and Horace S. Bell bid par for the whole issue.
bonds.
water-main-extension
ALBION, Orleans County, N. Y.-BOND SALE.-On Mar. 24 the
BOND SALE.-The following 4% bonds, aggregating $31,094 23, were
$150.000 12-yr. (ay.) coup. sewer bonds (V. 96, p. 811) were awarded to
the month of March to the Comptroller for the
during
disposed
par
of
at
Spitzer, Rorick & Co. of New York at 100.10 and blank bonds for 4.65s.
city's various sinking funds
ALLENHURST, Monmouth County, N. J.-BOND OFFERING.
- Amount.
Purpose-Date.
-Due.
Purpose
Proposals will be received until 12 m. Apr. 12, reports state, by G.B.Cade, $13,700 00 Water refunding
Mar.
Mar. 1 1938
Boro. Clerk, for $20,000 5% 30-yr. beach-impt. bonds. Int. semi-ann.
Mar. 15 1913 Mar. 15 1914
7,394 23 Monthly local work
ALLENTOWN, Lehigh County, Pa.-BOND SALE.-On Mar. 11
10,000 00 Certificates of indebtedness_ __ _Mar. 15 1913 July 1 1914
the $55,000 4% 5-30-year (opt.) impt. bonds (V. 06, p. 739) were sold, it is
CALIFORNIA.-BOND OFFERING.-E. D. Roberts, State Treas.,
stated, to local investors.
will, reports state, offer at auction on Apr. 17, at Sacramento, $800,000
ALLIANCE, Stark County, Ohio.-BOND ELECTION.-An election 4% State road bonds. Due 1925-1926.
will be held Sept. 2 to submit to a vote the question of issuing $60,090
CAMBRIDGE SPRINGS, Crawford County, Pa.-BOND SALE.
hospital site-purchase and construction bonds.
On Mar. 24 $15,000 434% bonds were awarded to the First Nat. Bank of
1)ate April 11913. Int. A.& 0.
ALLIANCE SCHOOL DISTRICT (P. 0. Alliance), Box Butte Cambridge Spgs. at par. Denotn. $500.
County, Neb.-BOND OFFERING.-Proposals will be received until
CANADIAN, Hemphill County, Tex.-BONDS REGISTERED.-On
12 m. May 1 for the $22,000 5% 20-year coupon building bonds authorized March 20 the State Comptroller registered the $27,000 water-works and
by vote of 418 to 15 at the election held Feb. 18 (V. 96, p. 664). Denom. $4,000 sewer 5% 20-40-year (opt.) bonds awarded to J. H. Wood at par
$1,000. Date July 1 1913. Int. J. & J. at the fiscal agency of the State on Feb. 15 (V. 96. p. 581).
of Nebraska in New Yo-k. D. W. Hughs is Sec. Board of Education.
CASTANA SCHOOL DISTRICT (P. 0. Castana), Monoma County,
AMERICUS, Sumter County, Ga.-BONDS VOTED.-According to Iowa.-BOND ELECTION.-An election will be held April
25 to vote on
local newspapers,the question of issuing the $35,000 school-impt. bonds the question
of issuing $2.000 school bonds.
(V. 96, p. 963) carried at an election held March 31.
Hamlin
County,
So. Dak.-BOND ELECTION
CASTLEWOOD,
ANSONIA, New Haven County, Conn.-BOND SALE.-On Mar. 29
-Reports state that an election will probably be held shortly
the $99,000 434% gold coupon bridge bonds (V. 97, p. 664) were awarded PROPOSED.
to vote on the proposition tp issue water-works-construction bonds.
to A. B. Leach & Co. of N. Y. at 101.11 and int. Other bids follow:
CHARLESTON INDEPENDENT SCHOOL DISTRICT (P. 0.
Spitzer, Rorick & Co., N. Y_100.697( Harris, Forbes & Co., N. Y_ _100.052
Estabrook & Co., Hartford_ _100.127 Say. Bk. of Ansonia, Ansonia*100.00 Charleston), Kanawha County, W. Va.-BOND OFFERING.-ProMerrill, Oldham & Co., Bos_100.089 Hincks Bros. & Co., Bridgeposals will be received until 8 p. m. April 8 by W.0. Daum, Sec., for the
port
Hayden,Stone&Co.,Newilay.100.070
$300,000 5%,_ 25-34-year (opt.) coupon site-purchase and building bonds
96.25
voted Dec. 17(V. 95,p. 1761). Denom.$1,000. Date Jan. 11913. Int.
* With privileged conditions to c ty.
J. & J. at the County Sheriff's office in Charleston. Ceritfied check for
Bonds to be delivered
ASCENSION PARISH (P.O.Donaldsonville), La.-BONDS VOTED. $3.000, payable to Board of Education, required.
to pay accrued
-According to local papers, the quest. of issuing 335,000 5% gravel-road- and paid for within 10 days from day of sale. Purchaser
litigation pending or
no
is
there
circular
states
that
Interest.
Official
construction bonds carried at the election held Mar. 25. Int.semi-annual,
threatened affecting in any manner this issue of bonds, and that no previous
Due in not exceeding 20 years.
have been contested.
ATHENS, Clarke County, Ga.-BONDS VOTED.-The questions of Issues
CHARLOTTE, Eaton County, Mich.-BONDS REFUSED.-REissuing the $100,000 school and $75,000 street-impt. 414% 30-year bonds
AWARDED
IN PART.-We see it stated that John Nuveen & Co. of
(V. 96, p. 890) carried at the election held Mar. 25. The vote was 867 to
Chicago refused the $6,000 street-impt. bonds awarded to them on Feb. 10.
69 and 853 to 78, respectively.
581),
on account of an irregularity found in the election notice.
P.
96,
(V•
BAGLEY SCHOOL DISTRICT (P. 0. Bagley), Guthrie County,
new issue has been authorized and of this $1,000 has already been taken
Iow a.-LONDS VOTED.-The proposition to issue the $18,000 5% school- A
local parties.
by
bldg. bonds (V. 96, p. 964) carried at the election held March 29 by a vote
CHARLOTTE, Mecklenburg County, No. Caro.-BOND ELECof 142 to 41.
TION.-An election will be held May 6, reports state, to vote on the
BAKER, Baker County, Ore.-BOND SALE.-On Mar. 24 the questions of issuing $100,000 paving and $50.000 South School constr. bonds.
$8,826 36 5% 20-year street-impt. bonds (V. 96, p. 811) were awarded to
CHICAGO, 111.-BONDS VOTED.-The election held April 1 resulted
the city for $8,926 36-making the price 101.132. Other bids follow.•
Baker L.& Tr. Co., Baker_$8,956 36 Weil, Roth & Co., hic_ _ _$8,932 36 in favor of the question of issuing the $2,880,000 4% general corporate
First Nat. Bank, Baker__ 8,976 36 Wm. E. Sweet, denver___ 8,926 36 bonds (V. 96, p. 891). Date July 1 1913. Int. J. & J. Due $160,000
yearly Jan. 1 from 1916 to 1933 incl. The Comptroller states that while
Denom. $1,000. Date -Mar. 1 1913. Int. M. & S.
BARBERTON, Summit County, Ohio.-BOND OFFERING.-In no immediate offering of these bonds is contemplated they will probably
addition to the $39,700 5% Storm Sewer District No.3(assessment) bonds be sold before July 1. The vote is reported as 121,202 to 118,883.
to be offered for sale on April 14 (V. 96, p. 890), an issue of $3,800 5%
CLAIBORNE COUNTY (P. 0. Fort Gibson), Miss.-BOND OFFERStorm Sewer District No. 3 (city's portion) bonds will also be offered on /NO.-Proposals will be received until 2 p.
April 7, it is stated, by B. H.

Bond Proposals and Negotiations this week
have been as follows:




A.PR. 5

3.j.

THE CHRONICLE

Morehead, Co. Clerk.for $25,000 general refunding and $25,000 road-inpt.
5% 20-yr. bonds.
CLARENDON INDEPENDENT SCHOOL DISTRICT (P. 0.
Clarendon), Douley County, Tex.-BONDS REGISTERE
D.-The State Comptroller on Mar.28 registered the $25,000 5% school-bldg.
bonds
offered
for
sale on Apr. 1 (V.96, p. 582).
CLARKE COUNTY (P. 0. Vancouver), Wash.-BOND
ELECTION
PROPOSED.-Reports state that an election will be held
shortly to submit
to a vote the question of issuing $500,000 4% 15-30-yr.
(opt) (county's
share) Pacific highway bridge bonds.
CLARKS SCHOOL DISTRICT (P. 0. Clarks), Merrick County,
Neb.-BONDS DEFEATED.-The proposition to
bonds were defeated at an election held recently. issue $16,000 building
CLAYTON, Lenawee County, Mich.-BOND
-On Mar. 17
$2,600 5% electric-light-plant bonds were awarded SALE.
to private "parties at
par. Denom. (1) $200, (8) $300. Date Mar. 17 1913.
annually
on Mar. 17. Due $200 Mar. 17 1914 and $300 yearly Mar.Int.
17 from 1915
to 1922, inclusive.
CLAY TOWNSHIP SCHOOL DISTRICT (P.
0. Portsmouth),
Scioto County, Ohio.-BONDS VOTED.
-According to reports, this
township voted in favor of the proposition
to
issue
school bonds.
$18,000
The vote was 89 to 88.
CLEAR LAKE, Deuel County, So. Dak.-BON
D
ELECTION.
-An
elec`ion will be held April 15 to
5-20-year (opt.) building bonds. vote on the question of issuing $10,000 5%
CLEVELAND, Ohio.-BOND SALE.-No bids were
received on Mar.27
for the five issues of 4%% coupon
bonds aggregating 3855,000,
offered on that day (V. 96, p. 6651.refunding
is stated, however, that the bonds
will be taken over by the City Sinking It
Fund Commission.
BONDS NOT SOLD.-Reports state that no bids
were received on March
28th for $500,000 tax-free light-pla
nt
bonds offered on that day. These
are not new securities
bonds purchased by the Sinking Fund Commission on Sept. 6 1912. but
They are part of the issue of $2,000,000 voted in
November 1912.

1039

DULUTH SCHOOL DISTRICT (P. 0. Duluth), St. Louis
County,
Minn.-NO ACTION YET TAKEN.-We are advised by the
Clerk of the
Bd. of Ed., under date of Mar. 31, that no action
has yet been taken looking towards the issuance of the $200,000
% 20-30-yr. (opt.) gold coup.
school-bldg. bonds voted Feb. 1 (V. 96, p. 504).
EAU CLAIRE, Eau Claire County Wis.-BONDS VOTED.-The
proposition to issue $75,000 Chippewa River bridge constr. bonds
carried
at the election held Mar. 25.
ELLSWORTH INDEPENDENT SCHOOL DISTRICT (P.
0. Ellsworth), Hamilton County, Iowa.-BOND ELECTION PROPOSED.
According to newspaper reports, an election will
be held in the near future
to vote on the question of issuing $15,000 school-const
r. bonds.
ELMORE, Ottawa County, Ohio.-BOND SALE.-On April 1
the
$25,000 5% 1134-year (aver.) coupon water-works purchase
bonds (V. 96.
p. 665) were awarded to the First Nat. Bank. Elmore. at 100.64
and int.
EPWORTH, Dubuque County, Iowa.-BOND SALE.-Reports
state
that $10,000 534% coup. water-works-plant-constr. bonds
have been
awarded to Geo. M. Bechtel & Co. of Davenport. Denom.
$500. Date
Apr. 1 1913. Int. J. & J.

ESCAMBIA COUNTY (P. 0. Pensacola), Fla.-BOND OFFERING.
According to reports, proposals will be received until 10 a. m.
29 by
James MacGibbon, Clerk Bd. of Commrs., for $101,500 434% April
bonds.
EUREKA, Lincoln County, Mont.-BOND ELECTION.-On April 7,
reports state, an election will be held to submit to the voters the proposition to issue $7,000 sanitary-storm-sewer-system-constr. bonds.
EVERETT, Snohomish County, Wash.-BOND SALE.-On Mar. 15
$1,976 62 1-5-yr. (opt.) Local-Impt. Dist. No. 269 and $1,548 03 1-10-yr.
(opt.) Local Impt. Dist. No. 2767% bonds were awarded to the Citizens'
Bank & Trust Co.of Everett for $3,660-making the price 103.84. Denom.
$100. Date Mar. 22 1913. Int. ann. on March 22.
FAIRFIELD TOWNSHIP (P. 0. North Fairfield), Huron County.
Ohio.-BOND OFFERING.-Proposals will be received until 12 m.Apr.26.
by F. H. Rumsey, Twp. Clerk, for $25,000 of an issue of $40,000 5% coup.
CLINTON, Rock County, Wis.-BOND ELECTION.-An election road-impt. bonds voted Mar. 15 1913. Auth. Secs. 7033 to 7052 incl., Gen.
Code. Denom. $500. Date Apr. 1 1913. Int. A. & 0. at No. Fairfield
will be held April 24 to submit to a vote the proposition
to issue $8,000 Says. Bank, No. Fairfield. Due $500
city-hall bonds.
on Apr. 1 and Oct. 1 1914 and
$1,000 each six months from Apr. 1 1915 to Oct. 1 1926 incl. An uncondiCOLFAX COUNTY SCHOOL DISTRICT NO. 58 (P. 0. Clarkson), tional cert. check on a bank other than
the one making the bid, for 5%
Neb.-BOND OFFERING.-Proposals will be received until
of
bonds
bid for, required. Bonds to be delivered and paid for within 10
8 P. m•
Apr. 16 by Jos. Krahulik, Director, for $24,500 5% school bonds.
Date days from time of award. Purchaser to pay accrued int.
May 1 1913. Due 20 yrs., with option of paying $500 or any multiple
FALL RIVER, Mass.-BOND SALE.-On April I the $60,000 434%
thereof after 5 yrs. Cert. check for 5% of bonds bid for, payable to
Direc- 1554-year (avge.) special sewer bonds (V.
tor, required. Bonds to be paid for May 1.
96,
965) were awarded to
R. L. Day & Co. of Boston at 101.349 and int. p.
Other bids were:
CLOVIS, Fresno County, Cal.-BONDS VOTED.-Propositions to Blodget & Co., Boston
100.728!Blake Bros. & Co., Boston100.14
Issue sewer and water bonds carried, reports state, at the election
Interest A. & 0.
held
Mar. 25. The vote was 189 to 89 and 182 to 89, respectively.
FARRAGUT, Fremont County, Iowa.-BONDS DEFEATED.
COLORADO COUNTY (P. 0. Columbus), Tex.-BONDS
DE- Papers state that a proposition to issue $8,000 water-works bonds failed
FEATED.-According to local papers,the proposition to
to
meet the approval of the voters at an election held on March 5. The
issue
the
$100,000
road-impt. bonds (V. 96. p. 665) was defeated at the election
vote
is
given
held
as
144
in
Eagle
81-a
to
two-thirds
majority being necessary to carry.
Lake Justice Precinct on Mar. 26 by a vote of 190 "for"
to 132 "against,"
FARRELL, Mercer County, Pa.-BOND ELECTION.-The question
a two-thirds majority being necessary to carry.
of issuing $125,000 434% 30-yr. water bonds will be submitted to a vote
COLUMBUS, Muscogee County, Gi.-BOND
EGE^TIOV.-An elec- on April 8.
tion will be held June 7 to vote on the question of issuing
$40,000 5% addiFENNVILLE, Allegan County, Mich.-BONDS VOTED.-The questional lower-bridge bonds. Due $4,000 yearly
in Oct. from 1914 to tion of issuing $11,606
1923 inclusive.
water-works-constr. bonds (V. 96, P. 740) carried.
reports state, at an election held recently.
BOND ELECTION PROPOSED.-An election will also
be
held,
according
to reports, to submit to a vote the proposition to issue
FENTON,
Genesee
County, Mich.-BONDS DEFEATED.-The
$60,000 5% hospitalsite-purchase-construe, and equip bonds.
proposition to issue $25,000 light-plant bonds (V. 96, p. 582) was defeated
at an election held recently.
COTTONWOOD ,Idaho County Idaho.-NO ACTION YET
TAKEN
-We are advised by the Clerk that no
FLINT, Genesee County, Mich.-BOND OFFERING.-Proposals will
action has yet been taken looking
towards the issuance of paving bonis.
be received until 3 p.m.Apr. 10, by D. E. Newcombe, City Clerk, for $25,COUDERSPORT, Potter County, Pa.-BOND ELECTION PRO- 000 434% general obligation bonds. Int. ann. Due $1,000 yrly. from 1
POSED.-An election will be held to vote on the proposition to issue $45,- to 25 yrs. incl. Cert. check for 5% of bonds bid for required.
000 water-system bonds. We are advised, however, that the date has
OF BOND ELECTION.-An election held March 20 resulted
not asRESULT
yet been determined.
follows:
Bonds Voted.
CRAFTON SCHOOL DISTRICT (P. 0. Crafton), Allegheny
County, Pa.-BIDS.-The other bids received on March 26 for the $110,For. Against.
$120,055 Pavements
000 43% tax-free high-school bldg. bonds awarded
1,482
725
that
on
day
the
to
Dol93,175 Sewers
lar Savings Bank of Pittsburgh for $113,042 (102.765) and int.
1,694
476
(V. 96, p.
40,918 Graveling
964) were:
1,572
590
25,000
Willson
Park
Western Reserve Investment Co., Cleveland
1,095
1.051
$111,777 77
Bonds Defeated.
J. S. & W. S. Kuhn, Inc., Pittsburgh
110,856 90
$4,750 Dort Park
Mellon National Bank, Pittsburgh
853
1,265
110,503 88
19,000 Fair Grounds Park
857
1,288
CRETE, Saline County,
REJECTED.-Only one bid was
Taney County, Mo.-BOND ELECTION PROPOSED.received on March 25 for theNeb.-BID
$19,000 5% 5-20-yr. (opt.) water bonds of- AnFORSYTH,
election will be held in the near future, it is stated, to decide whether
fered on that day (V.96, p. 891),
this being rejected.
this place shall issue between $7,000 and $10,000 electric-light and waterCROSBY COUNTY COMMON SCHOOL DISTRICT
NO. 5 (P. 0. plant-constr. bonds.
Crosbyton), Tex.-BONDS
D.-On Mar. 10 33.5005% 20-yr.
FORSYTH COUNTY (P. 0. Winston-Salem), No. Caro.-BOND
school bonds were registered REGISTERE
by the State Comptroller.
SALE.-On Mar. 6 3150,000 5% funding bonds were awarded to the SeCUYAHOGA COUNTY (P. 0. Cleveland), °Mo.-BON
curity
Trust Co. of Spartanburg, S. C., at 102.69-a basis of about 4.79%.
DS
NOT
SOLD.-No bids were received on Mar. 26 for
the two issues of 44% Other bids follow:
coupon road-impt. bonds, aggregating $39,095,
offered on that day (V. 96, Wachovia Bk. & Tr. Co.,
I Terry. Briggs & Slaton,Tol_$153,045
p. 739). We are advised that the bonds will be
• Winston
re-advertised.
$153,751 Baker, Watts & Co., Balto_ 152,725
DAVIE COUNTY (P. 0. Mocksville), No. Car.-BOND
Merch. Nat. Bank, Winst'n 153,705 A. J. Hood & Co., Detroit__ 152,019
ELECTION.
-Local papers state that an election will be held April 24
W.N.Coler & Co., N. Y.__ 153,300 John Nuveen & Co.,Chicago 151,827
to vote on the R.
proposition to issue $175,000 road bonds.
M. Grant & Co., N. Y
153,162 Veople's Nat. Bk., Winston 151,825
Seasongood & Mayer, Cinc_ 153,111 N. W.Halsey & Co., N.Y..
DAWSON COUNTY COMMON SCHOOL DISTRICT NO.
_150,865
Denom. $1,000. Date Apr. 1 191 . Int. J. & J. in New York. Due
BONDS REGISTERED.-The State Comptroller registered 11,'Tex.on Mar. 10 $50.000 Jan. 11923, 1933 and 1943.
$2,000 5% 10-20-yr. (opt.) school-bldg. bonds.
FORT LARAMIE, Shelby County, Ohio.-BONDS DEFEATED.
DEER WOOD, Crow Wing County, Minn.-BONDS
VOTED.-The At an election held Mar. 3 the proposition to issue $10,000 public-hall-bldg.
question of issuing the $15,000 5% water-works
and
site-purchase bonds (V. 96, p. 376) was defeated. The vote was 60
bonds
(V.
96,
p.
891)
carried at the election held Mar. 26 by a vote of 101 to 53.
"for"
to
"against"
42
-a
two-thirds
Due
majority being necessary.
$3,000 yrly.
from 1928 to 1932 incl.
FRANKLIN VILLE, Cattaragus County, N. Y.-BONDS DEB9NDS DEFEATED.-At the same election the proposition to issue the FEATED.
-The. question of issuing water plant bonds failed to carry
$10,000 sewer bonds (V. 96, p. 891) was defeated
by a vote of 85 "for" to at an election
held March 18. the vote being 25 "for" to 234 "against.'
59 "against." A five-eighths majority was necessary to carry.
FREbIONT, Dodge County, Neb.-BONDS VOTED.-Reports state
DELTA, Delta County, Colo.-BONDS DEFEATED.-A
that
the
proposition
proposition
to issue the $40,000 5% 20-yr. paving bonds (V. 96. p.
to issue $45,000 electric-light bonds was, according to reports,
defeated at 965) carried at the election held Apr. 1.
an election hold In this city on March 4.
FREMONT,Sandusky County, Ohio.-BONDS A UTHORIZED.-An
DENVER, Colo.-BIDS.-The other bids received on
Mar. 18 for the ordinance was pa.ssed Feb. 18 providing for the issuance of $40,000 coup.
$44,000 6% 13-yr. Impt. Dist. bonds awarded on that
day to Wm. E. West State Street impt. (city's portion) bonds at not exceeding 5% int.
Sweet & Co. of Denver for $44,726 (101.64)(V.96, p.965) were:
Denom. $500. Date May 15 1913. Int. A. & 0. Due $2,000 each six
James N. Wright & Co.
months from Oct. 1 1915 to Apr. 1 1925 tad.
$44,686 Wilson, Granmer & Co
Inter-State Trust Co
44,495 Edwin M.Bosworth & Co.._ _$4
FRIO COUNTY (P. 0. Pearsall), Tex.-BONDS REGISTERED.-On
44
4,
444
65
2
Hibernia Bank & Trust Co
44,495 International Trust Co
Fob.
28 the State Comp. registered the $80,000 5% 10-40-yr. (opt.) road
44,330
Federal National Bank
44.480
bonds sold to J. R.Sutherlin & Co.at 100.25 and int.(V.96, p. 740).
BOND ELECTION PROPOSED.-Reports state that an election
will be
FULTON, Fulton County, Ky.-BOND SALE.-The City Clerk adheld in May to vote on the issuance of $200,000 bonds for taking
over and vises us that the $26,221 6% street-hupt. bonds
operating the Union Pacific Blake Street tracks.
offered without success
on Feb. 3 (V. 96, p. 432) have been awarded privately to the Katterjalm
DETROIT, Mich.-BONDS AWARDED IN PAkTjf t
ts7aIrs Con. Co. of Paducah at par and hit.
of 4% 30-yr. coup. or reg. tax-free bonds aggregating $400,000,
GENEVA, Ashtabula County, Ohio.-BOND SALE.-On Mar. 27
Apr. 1 (V. 96, jo. 965), $24,000 have been purchased by private offered on
six ssues of 5% coup. street-impt. bonds, aggregating 520.430 (V. 96.
par and int. We are advised that the balance of the bonds will beparties at the
p.
812), were awarded, it is stated, to Tillotson & Wolcott Co. of Cleveland
sold
over
the:counter at par and int.
as follows
$12,000 Walnut St. paving (assess.) bonds at 101.39 and int.
DIVIDE COUNTY (P. 0. Crosby), No. Dak.-BOND OFFERING.
1,500 Walnut St. paving (village's portion) bonds at 101.88.
Proposals will be received until 2 p. in. Apr. 7 by W. E. Vadnals,
2,200 Chestnut St. sanitary-sewer-constr. (assess.) bonds at par and int.
Aud. for $18,500 5-yr. coup. or reg. refunding bonds. Auth. County
Art.
21,
1,200 Eastwood St. sanitary-sewer-constr. (assess.) bonds at 100.27.
Chap.
'28, Codes of 1905. Denom.$500. Date Apr. 7 1913. Cert. check
900 Vine St. sanitary-sewer-constr. (assess.) bonds at par.
for 3500, payable to County Auditor, required.
2,630 SanItary-sewer-constr. (village's portion) bonds for $2,634 74DODGE CITY SCHOOL DISTRICT (P. 0. Dodge City), Ford
making the price 100.172.
County, Kan.-BOND ELECTION PROPOSED.-An election will be
GEORGETOWN, Copiah County, Miss.-BOND ELECTION PROheld, it is
stated, to vote on the question of issuing school-building-site
purchase bds. POSED.-According to reports the question of voting on the issuance of
$7,500 water-works-constr. bonds is being discussed.
DODGE INDEPENDENT SCHOOL DISTRICT
Walker C minty, Tex.-BONDS REHSTERED.-An (P. 0. Dodge),
GIRARD SCHOOL DISTRICT (P. 0. Girard), Trumbull County,
of $2,500 5% Ohio.
5-10-year (opt.) school-bldg. bonds was registered byissue
-BONDS DEFEATED.-At an election hold Feb. 27 the question
the State Comptroller on March 10.
of issuing $60,000 school-bldg. bonds(V.96, p. 505) was defeated by a vote
of 215 "for" to 243 "against".
DONIPHAN SCHOOL DISTRICT (P. 0. Doniphan),
Ripley
GLADWIN, Gladwin County, Mich.-BOND ELECTION'.-An elecCour ty, MO.-BONDS VOTED.-At a
325,00) high school constr. bonds carried. recent election, reports state, tion will be held April 7, according to reports, to vote on the question
of
issuing street-improvement bonds.
DONO"A, Wrshirgton County, Pa.-BOND SALE.
-The Western
GLENDALE
,
Maricopa
County,
Ariz.
-BOND
12c-serve In
ELECTION
PROent Co. of Cleveland has been awarded an issue of
$75,000 POSED.-An election will be held shortly to submit to a vote the prosposi% tax-free improvement bonds.
tion to issue $35,000 water-works bonds.




1040

THE CHRONICLE

[VOL. xcvi.

HUNTINGTON PARK, Los Angeles County, Cal.-BONDS AUGLOVERSVILLE, Fulton County, N. Y.-BOND OFFERING.-Furhas been
ther details are at hand relative to the offering on Apr. 18 of the $53,500 THORIZED.-According to newspaper reports, an ordinance
% reg. tax-free local-impt. bonds (V. 96, p. 965). Proposals for these passed providing for the issuance of $45,000 municipal impt. bonds.
City
Everest,
L.
0.
by
day
bonds will be received until 2 p. m. on that
HURON SCHOOL DISTRICT (P. 0. Huron), Beadle County,
Chamberlain. Auth. Chap. 275, Laws of 1899. Denom. (53) $1,000 So. Dak.-BONDS VOTED.-According to local newspaper reports, the
and (1) $500. Date Apr. 1 1913. Int. ann. on Apr. 1 at Fourth Nat. proposition to issue $45,000 high school constr. bonds carried at a recent
Bank, N. Y. Due on Apr. 1 as follows: $12,000 1914, $11,000 1915, election.
$10,500 1916 and $10,000 1917 and 1918. No deposit required.
HUTCHINSON, Reno County, Kans.-BOND ELECTION.-An
GOLDTHWAITE INDEPENDENT SCHOOL DISTRICT (P. 0. election will be held April 1, reports state, to vote on the proposition tq
- issue $12,000 B Avenue and $8,000 West First Ave. bridge-constr. bonds.
Goldthwaite), Mills County, Tex.-BOND ELECTION PROPOSED.
An election will be held, it is stated, to submit to a vote the propositions
IBERIA PARISH (P. 0. New Iberia), La.-BOND ELECTION PROto issue $15,000 repair and 312,000 school-construction bonds.
POSED.-Reports state that an election will be held within 40 days to subGRAFTON TOWNSHIP (P. 0. Grafton R. F. D.), Lorain County, mit to a vote the proposition to issue $120,000 5% road-construction
Ohio.-BOND OFFERING.-Proposals will be received until 2p. m. Apr.12 bonds (V. 95, p. 1635).
by J. B. Kroesen, Twp. Clerk, for the $32,000 5% road-impt. bonds voted
INGRAM SCHOOL DISTRICT (P. 0. Ingram), Allegheny County,
at an election held Feb. 24. Denom. $1,000. Date May 1 1913. Int. Pa.
-BOND ELECTION.-An election will be held May 3 to submit to a
M.& N. at Savings Dep. Bank & Trust Co., Elyria. Due $1,000 each six vote
the question of issuing $125,000 site-purchase and school-constr. bonds.
months from May 1 1914 to May 1 1929 incl.
IOWA FALLS SCHOOL DISTRICT (P. 0. Iowa Falls), Hardin
GRAND RAPIDS, Kent County, Mich.-BOND ELECTION.-An County, Iowa.-BOND ELECTION.-A proposition to issue $75,000
election will be held April 7, it is stated, to decide whether or not this city school-construction bonds will be submitted to a vote on April 7.
shall issue $1,000,000 school and 8100,000 water-pump purchase bonds.
JACKSONVILLE, Morgan County, Ill.-BOND ELECTION.-Local
GRANGER SCHOOL DISTRICT (P. 0. Granger), Williamson papers state that an election will be held April 15 to decide whether or not
County, Texas.-BONDS REGISTERED.-The State Comp. on Feb. 27 this
city shall issue 350.000 light-plant-impt. bonds.
registered the $10,0005% school-bldg bonds voted Jan. 11 (V.96, p.505).
JACKSONVILLE, Cherokee County, Tex.-BOND ELECTION.
GRANT SCHOOL DISTRICT (P. 0. Grant), Montgomery County, An election will be held April 15, it is stated, to decide whether or not this
Iowa.-BOND ELECTION PROPOSED.-An election will be held, reports city shall issue $25,000 sanitary-sewer-constr. and $10,000 water-supply
school-construction
state, to submit to a vote the question of issuing $40,000
bonds (V. 96. p. 301).
bonds.
JOHNSTOWN TOWNSHIP (P. 0. Hastings), Barry County, Mich.
GRANVILLE, Licking County, Ohio.-BOND SALE.-On March 31 -BOND ELECTION.-The proposition to issue $35,000 good-road bonds
the $12,500 5% 9-yr.(ay.) water-works bonds(V.96, p. 583) were awarded will be submitted to a vote at the spring election, it is stated.
to the New First Nat. Bank of Columbus for $12,607.50 (100.856) and int.
JOPLIN, Jasper County, Mo.-BOND ELECTION POSTPONED.
Other bids follow:
$12,506.25 The election which was to have been held Mar. 11 to vote on the question
Terry, Briggs & Slayton Tol. $12,6021W.E.Fox & Co.,Cin
of issuing $60,000 electric-light-impt. bonds (V. 96. p. 666) has been postGranville Bank Co.,Grany'lle12.525
poned until April 22, reports state.
GREENFIELD TOWNSHIP, Huron County, Ohio.-BOND OFFERJOPLIN, Mo.-BOND ELECTION PROPOSED.-An ordinance providING.-Further details are at hand relative to the offering on April 22 of the
of 5175,000
440,000 5% coup. road-impt. bonds (V. 96, p. 965). Proposals for these ing for an election to be held April 30 to vote on the issuance
C.
by
D. Wheeler, Two. park and boulevard constr. bonds has been passed on second reading.
bonds will be received until 12 m. on that day
Clerk (P. 0. Chicago Junction). Auth. Secs. 7033-7052 incl., Gen. Code.
-,--BONDS PURCHASED BY STATE.-The following bonds.
KANSAS.
Denom. $500. Date April 11913. Int. A. & 0. at Home Say. Bank Co., aggregating $40,116 35, were purchased by the State last month at par
Due.
Chicago Junction. Due $1,000 each six months from April 1 1914 to Oct. 1
Int,
Purpose.
Amount.
Place issuing bondsJan. 1 1933
1918 incl. and $1,500 each six months from April 1 1919 to Oct. 1 1928 incl. Baxter Springs
5%
$12,000 00 RR. aid
Cert. check on a bank other than the one malting the bid,for 5% of bonds Bonner Springs
5,188 65 Improv. 5 % Aug.10'14-'23
1 1932
July
bid for, payable to Twp. Clerk, required. Bonds to be delivered and paid Great Bend Sch. Dist
17,500 00 Building 5 0
for within 10 days from time of award. Purchaser to pay accrued interest. Olathe
5,42770 Improv. 5% Mar. 1 '14-'23
Bonded debt, $3,600. Assess. val. 1912, $1,266,280.
The above bonds are subject to call at any interest-paying period.
GREENVILLE, Greenville County, So, Caro.-BOND OFFERING.
KANSAS CITY, Kans.-BOND SALE.-The 330.098 5% street-impt.
Proposals will be received until 9 p. m. April 8 by G. F. League, City Clerk, bonds (V. 96, p. 505) have been awarded to the Commerce Trust Co. of
and,Treas., for $15,000 5% 30-yr. coup. refunding bonds (V. 96, p. 666). Kansas City, Mo., at par, int. and 1% premium. The bonds mature
Denom. $1,000. Date Mar. 1 1913. Int. M.& S. at Fourth Nat. Bank. one-tenth yearly.
N.Y.City. Cert. check for 234% of bid, payable to G.F. League,required.
KANSAS CITY, Mo.-BOND SALE.-On Mar. 31 the $117,268 09 6%
GROTON TOWNSHIP (P. 0. Castalia R. F. D. No. 2). Erie County, park bonds (V. 96, p. 965) were awarded to the Travelers' Ins. Co. of KanOhio.-BID REJECTED.-The only bid received on Mar. 28 for the $15.- sas City at 100.25. There were no other bidders. Denom. $1,000. Date
000 4 % 69 -year (avge.) coupon road-impt. bonds offered on that day Nov. 19 1912. Int. J. & J. Due 1932, subJect to call at any time.
(V. 96, p. 583) was $15,010 from Sidney Spitzer & Co. of Toledo. As this
KEARNEY, Buffalo County, Neb.-BONDS DEFEATED.-It is rebid did not conform to terms of sale, same was rejected.
ported that the $40,000 park-site-purchase and constr. bonds (V. 96, p.
GIIIITON, Effingham County, Ga.-BOND ELECTION.-Reports 892) were defeated at the election held Apr. 1.
state that an election will be held April 15 to vote on a proposition to issue
KENNEDY HEIGHTS (P. 0. Cincinnati), Hamilton County, Ohio.
$10,000 water-works and $5,000 electric-light bonds.
-BOND ELECTION.-The question of issuing $6,000 street-impt. bonds
HA.DDON HEIGHTS, Camden County, N. J.-BOND ELECTION will be voted upon on April 7.
PROPOSED.-An election will be held, reports state, to vote on the quesKENSINGTON Smith County, Kans.-BOND ELECTION PROtion of issuing $30,000 st. paving bonds.
POSED.-An election will be held in April to vote on the proposition to
HAMBURG, Berks County, Pa.-BOND SALE.-We are advised that issue $7,000 electric-light-plant bonds.
bonds
(V.
504)
p.
96,
this town has sold the $16,000 funding
KERR COUNTY (P. 0. Kerrville), Tex.-BOND ELECTION PRO- POSED.-A petition is being circulated, in Precinct No. 1, reports state,
HAMMONTON, Atlantic County, N. J.-BOND ELECTION.
Reports state that an election will be held April 29 to decide whether or calling an election to vote on the question of issuing $40,000 5% 10-yr.
not this town shall issue $86,000 sower-system and disposal-plant bonds.
road district bonds.
HARDIN COUNTY COMMON SCHOOL DISTRICT NO. 8, Tex.KINGSTON SCHOOL DISTRICT (P. 0. Kingston), Ulster County,
BONDS REGISTERED.-An issue of 32,000 5% 20-year school bonds was N. Y.-BOND SALE.-On March 29 the $55,500 4 3.4 % reg. high-schoolto
registered by the State Comptroller on March 10.
site-purchase bonds (V. 96, p. 892) were sold at public auction, $51,500
HARDIN COUNTY COMMON SCHOOL DISTRICT NO. 16, Tex.- the Rondout Say. Bank of Kingston at par and 34,000 to A. E. Winne at
BONDS REGISTERED.-The State Comptroller registered on March 10 101.
$1,000 5% 10-20-year (opt.) school bonds.
KOPPERL SCHOOL DISTRICT (P. 0. Kopperl), Bosque County,
HARG SPECIAL ROAD DISTRICT (P. 0. Columbia), Boone Coun- Tex.-BONDS VOTED,-According to newspaper reports, this district
voted 34 to 10 to issue $7,500 school-constr. bonds.
-We
are
BONDS.
advised
FOR
recently
the
that
price
ty Mo.-PRICE PAID
paid for the $20,000 6% road bonds awarded recently to local banks (V. 96,
LAKE TOWNSHIP SCHOOL DISTRICT (P. 0. Bellefontaine),
p. 964) was par. Denom. $500. Date Dec. 1 1912. Int. ann. in Dec. Stark County, Ohio.-BONDS VOTED.-The proposition to issue $3,500
Due in 10 years. subject to call at any time.
school-constr. bonds carried at an election held Mar. 28 by a vote of 22 to 9.
HARRIETSTOWN UNION FREE SCHOOL DISTRICT NO. 1
LAMAR, Darlington County, So. Caro.-BONDS VOTED.-The
(P. 0. Saranac Lake) Franklin County, N. Y.-BONDS DEFEATED. question of issuing $7,000 railroad-aid bonds carried, reports state, at an
-The question of issuing $100,000 school-bldg. bonds (V. 96, p. 223) at election hold Mar. 14.
not ecxeeding 6% int. was defeated at an election held Jan. 22 by a vote
LARUE INDEPENDENT SCHOOL DISTRICT (P. 0. Larue), Henof 215 "for" to 544 "against."
derson County, Tex.-BONDS REGISTERED.-The State Comptroller
HARRISON TOWNSHIP, Pulaski County, Ind.-BOND OFFER- registered on Mar. 10 $4,000 5% 10-40-yr. (opt.) school-constr. bonds.
ING.-Proposals will be received until 10:30 a. in. April 19, reports state,
LAWRENCE, Essex County, Mass.-LOAN OFFERING.-Reports
by Chas. Miller, Twp. Trustee, for $10,000 4 % 1-10-year (serial) school
state that proposals will be received until 11 a. in. April 8 by the Treasurer
bonds. Denom. $500. Date April 19 1913.
a temporary loan of $300,000 maturing October 24.
for
HART COUNTY (P. 0. Munfordville), Ky.-BONDS DEFEATED.
LAWRENCE COUNTY (P. 0. Lawrenceburg), Tenn.-BOND
The question of issuing $200,000 road-constr. bonds (V. 96, p. 376) was dePOSTPONED.-The election which was to have been held
feated at an election held March 4 by a vote of 139 "for" to 2,400 "against." ELECTION
Mar. 22 to vote on the question of issuing $200,000 road-constr. bonds
- (V. 96, p. 666) has been indefinitely postponed.
HASKELL COUNTY (P. 0. Stigler), Ark.-BOND ELECTION.
According to newspaper reports, the question of issuing $80,000 5 %
LE MARS, Plymouth County, Iowa.-BONDS DEFEATED.-The
'20-year jail and court-house-constr. bonds will be submitted to a vote on
question of issuing $65,000 water-works bonds was defeated at the election
April 26.
HASKELL COUNTY (P. 0. Santa Fe), Kans.-BONDS TO BE OF- held March 20.
FERED SHORTLY.-We are advised by the Clerk that this county will
LEWISTOWN, Fergus County, Mont.-BOND ELECTION.-An
Issue shortly $1,500 5% 20-yr. coup. funding bonds. Denom. $500. Int. election will be held April 7, it is stated, to vote on the questions of issuing
J. & J.
eity-hall-impt. and auto-fire-truck-purchaso bonds (V. 96, p. 505.)
HASTINGS, Barry County, Mich.-BOND ELECTION.-According
LIMESTONE COUNTY (P. 0. Groesbeck), Tex.-BONDS REGISto reports, an election will be held April 7 to submit to a vote the question TERED.
-On Feb. 27 the State Comp. registered the $150,000 5% 10-40of issuing $90,000 municipal lighting-plant bonds.
(opt.) Road Dist. No. 4 bonds awarded to the City Loan & Tr. Co. of
yr.
HAVEN, Reno County, Kan.-BOND ELECTION.-According to Gainesville on Dec. 9 (V. 95. 1:.• 1763)•
local papers an election will be held April 7 to vote on the proposition to
LIMESTONE COUNTY COMMON SCHOOL DISTRICT NO, 14,
Issue 315.000 municipal water-works-system-construction bonds.
-On Mar. 10 the State Comptroller regisREGISTERED.
H AXTUM, Phillips County, Colo.-PURCHASER OF BONDS.-We Tex.-BONDS 10-20-yr. (opt.) school bonds.
tered
$1,000 5%
waterof
(opt.)
the
-year
purchaser
330.000 6% 10-15
are advised that the
works bonds sold on Feb. 18 at par (V. 96, p. 812) was has. A. Smith of
LINCOLN, Lancaster County, Neb.-BOND SALE.-On Mar. 18
Haxtum. Denom. $500. Date March 1 1913. Int. M.& S.
the three issues of 5A-Yr. (ay.) paving assess. bonds aggregating $18,800
- (V. 96, p. 740) were awarded to W. E. Barkley of Lincoln for $18,805
HAYS COUNTY (P. 0. San Marcos), Tex.-BOND ELECTION.
According to newspaper reports, an election will be held April 11 to submit (100.026) as 5s.
to a vote the question of issuing $100,000 Kyle Precinct road bonds.
LINCOLN COUNTY SCHOOL DISTRICT NO. 36, Wash.-BOND
HAYWARD, Alameda County, Cal.-BOND ELECTION.-News- SALE.-On March 29 the $40,000 10-20-vr. (opt,) coup. tax-free sitepaper reports state that an election will be held April 10 to vote on the purchase and school.bidg. bonds were. awarded to the State of Washington
proposition to issue $14,000 fire department improvement bonds.
at par for 5s. Other bids follow:
- Keeler Bros., Denver, par for 5s.
HENDERSON COUNTY(P.O. Athens), Tex.-BOND ELECTION.
An election will be held in Precinct No. 1 (Athens Precinct) on April 5, 0. H. Coffin, Chicago, par and a premium of $201 for 5 y6s,
according to reports, to vote on the question of issuing $100,000 road-impt. Hoehler & Cummings, Toledo, par and a premium of $161 for 5%s.
bonds.
Spokane & Eastern Trust Co., Spokane. par and a prem. of $116 for 5%s.
BOND ELECTION PROPOSED.-Reports state that an election will be Union Tr. & Say. Co. Bk., Spokane, par and a premium of $44 for 53-is.
held In the near future to vote on the issuance of court-houseconstr. bonds. Wm. D. Perkin & Co., Seattle, par for 5Hs.
HERMOSA BEACH, Los Angeles County, Cal.-BOND ELECTION Well, Roth & Co., Chicago, par and a premium of $1,408 for Os.
PROPOSED.-Reports state that an election will be held in the near future A. J. Hood & Co., Detroit, par and a premium of ¶1,141 for (Is.
to vote on the Issuance of bonds for park, city-hall-sito-purchase and Causoy, Foster & Co., Denver, par and a premium of $431 for 6s.
constr., sewerage-system and fire-apparatus purposes.
Ulen & Co., Chicago, par and a premium of $404 for 6s.
City, Mo., par and a prem. of $200 for 6s.
HOUSTON COUNTY COMMON SCHOOL DISTRICT NO. 29 (P. 0. J. R. Sutherlin & Co., Kansas
Denom. $2,000. Int. ann. at the Co. Treas. office.
the
State
-BONDS
Comp10
March
Crockett), Tex.
REGISTERED.-On
troller registered $5,000 5% 5-20-year (opt.) school bonds.
LOCKHART SCHOOL DISTRICT (P. 0. Lockhart), Caldwell
HIIGHSON SCHOOL DISTRICT (P. 0. Hughson), Stanislaus County, Tex.-BONDS DEFEATED.-The question of issuing $20,000
County, Cal.-BONDS VOTED.-Reports state that the question of 6% school-bldg. bonds (V. 96, P. 505) was defeated at an election hold
issuing the $25.000 school-constr. bonds (V. 96, p. 812) carried at the elec- March 4 by a vote of 92 "for" to 103 "against".
tion,held Mar. 22 by a vote of 118 to 23.
LOCKWOOD IRRIGATION DISTRICT (P. 0. Billings), Mont.
HUNTERSVILLE SCHOOL DISTRICT (P. 0. Huntersville), Meck- BONDS NOT TO BE SOLD.-We are advised that the $19,000 6% bonds
lenburg County, No. Caro.-BOND ELECTION.-An election will be (the unsold portion of an issue of $100,000) (V. 96 p. 223) will not be sold
held April 8,reports state, to vote on the proposition to issue $20,000 school- as the system can be completed with the funds derived from the sale of the
building-construction bonds (V. 96. P. 301).
$81.000 issue.




APR. 5 1913 ]

THE CHRONICLE

1041

LOHRVILLE SCHOOL DISTRICT (P. 0. Lohrville), Calhoun
5% 1-16-year (serial) school bonds (V496,
County, Iowa.-NO BOND ELECTI
p. 966). Interest annually.
AT PRESENT.-Owing to an Cert. check for
2% required.
error in the election notice the questionON
issuing
$25,000
of
building
bonds
was not submitted to a vote on March 10.
MOLINE, Elk County, Kans.-BONDS VOTED.-By
a vote of 326
to 59 cast at the election held Mar.
LORDSBURG, Los Angeles County, Cal.-BOND
25, this city authorized the issuance
Mar. 24 the $36,000 5% 36-yr. street-paving bonds (V. 96, SALE.-On of the $40,000 water and light bonds (V. 96, p. 813).
p. 892) were
awarded to the State Bank of Pomona for $36,510
MONON
A, Clayton County, Iowa.-BOND ELECTION.-An elec-making the price
tion will be held April 7 to decide whether
101.416. H. L. Kuno of Lordsburg bid par. Denom. $1,000.
Date water
or not this place shall issue $18,000
Aug. 1 1912. Int. F.& A.
-works bonds.
MONTAGUE SCHOOL DISTRICT (P. 0. Montagu
LORIMOR SCHOOL DISTRICT (P. 0. Lorimor), Clinton County.
e), Siskiyou
County, Cal.-BOND ELECTION PROPOSED.
Ia.-BONDS NOT SOLD.-No sale was made on March
of the $20,000 In
-An election will be held
the near future, reports state, to vote on
5% school-bldg. bonds offered on that day(V.96, p.892). 31Denom.
$1,000. construct
the question of issuing schoolDate July 1 1913. Int. J. & J.
ion bonds.
MOODY COUNTY (P. 0. Flandreau),
LOS ANGELES, Cal.-BONDS NOT SOLD.
bids were received on
So. Dak.-BOND OFFERING.
Mar. 17 for the 516.804 7% street-impt. bonds-No
als will be received
offered on that day (V. 96, -Propos
1 p. m. May 1, it is reported, by G. A.
Chorpening, Co. Aud., for until
p. 813).
7 5-20-yr. (opt.) court-house
the $85,000 50
bonds offered without success
LOST HILLS SCHOOL DISTRICT, Kern
County, Cal.-BOND Cert. check for 5% required. on Mar. 3 (V. 96, p. 813). Int. semi-ann.
OFFERING.-Proposals will be received until
reported), reports state, by I. L. Miller, Clerk,Apr. 8 (not Apr. 9 as first
MOUNT MORRIS,Livingston County,
Bd. of Supervisors (P. 0. -The
N.Y.-BONDS DEFEATED.
Bakersfield) for $10,000 8% school
propositions to issue
bonds. (V. 96, p. 892)•
water-works and $45,000 sewerinstallation bonds was defeated$140,000
LOUP CITY SCHOOL DISTRICT (P.
, it is stated, at the election held Mar.31,
0.
Loup
City),
Sherma
n
County,Neb.-BONDS DEFEATED.
MUSKINGUM COUNTY (P. 0. Zanesville),
-According to reports the proposiOhio.-BOND OFFERtion to issue $30.000 high-school-constr
.,bonds submitted to the voters on ING.-Proposals will be received until 10 a. m. April 15 by the Board of
March 1. was defeated.
County Commrs., H. H. Kennedy, Clerk, for the following
434% roadimprovement bonds:
LUCAS COUNTY (P. 0. Toledo)
, Ohio.-BOND OFFERING.-Pro- $23,500 Rix Mills road-impt.
posals will be received until
bonds. Due on April 1 as follows: $3,500 in
a. m. April 18 by C. J. Sanzenbacher, Auditor, for the $90,697 67 5%10
1915,
$5,000
in
1916
and
$7,500
in
1917
and
1918.
road-impt. bonds. Auth. Sec. 7433, Gen.
Code. Denom. (90) 31.000 and
22,000 Madison Twp, road-impt. bonds. Due on April
1 as follows:
(1) $697 67. Date April 29 1913. Int.
semi-ann. at Co. Treas. office.
$4,000 in 1915 $5,000 in 1916 and $6,500 in 1917 and
1918.
Due in one yr. and six mos. A deposit in
cash or cert. check on some Toledo
6956-15,
Auth.
Sec.
Code.
Gen.
Denom.
$500. Date April 1 1913,
bank for 51.000 required. Conditional Int. A.& 0. Cert. check
bids will not be considered. Purchase
on Muskingum County national bank (or cash)
r
pay
to
accrued
interest.
Bonds to for 2% of bonds bid for.payable to Board of County Commrs.
be delivered April 29.
, required.
Purchaser to pay accrued interest.
LUNENBURG COUNTY (P. 0. Lunenburg), Va.-BO
NDS DENASHVILLE, Davidson County, Tenn.-BOND OFFERING.
FEATED.-The question of issuing $40,000
road-impt. bonds in Pleasant
Grove District was defeated, it is stated, at an
election held Feb. 28, by a Attention is called to the official advertisement elsewhere in this Departvote of 79 "for" to 92 "against."
ment of the offering on April 28 of the $200,000 reservoir-repair and.$100
,000
BONDS VOTED.-The question of issuing $30,000 road-imp
t. bonds electric-light-extension
% 20-year bonds. For details and terms of
in Plymouth District carried, according to reports,
at an election held offering, see V. 96. p. 966.
Feb. 28 by a vote of 46 "for" to 10 "against."
The $150,000 434% 30-yr. street-opening and ext. bonds which were
LUVERNE INDEPENDENT SCHOOL DISTRICT NO.
also
verne), Rock County, Minn.-BONDS DEFEAT,ED.-T 2 (P. 0. Lu- to be offered on Apr. 28 have been withdrawn.
election held
NAVARRO COUNTY (P. 0. Corsicana), Tex.-BOND VOTED.
Mar. 25 resulted in the defeat of the question of issuing he
S
to
the State of According to reports, the question of
Minn. the $60,000 4% high-school-bldg. bonds (V. 96,
issuing the $400,000 5% 40-yr. road
p. 892). The vote bonds (V. 96.p. 966) carried
was 92 "for" and 350 "against."
at an election held in Dist. No. 1 Mar. 29'
by a vote of 1,337 to 270.
LYON COUNTY (P. 0. Rock Rapids), Iowa.-BOND
S DEFEATED.
NEW PHILADELPHIA SCHOOL DISTRICT (P. 0. New Philadel
-An election held Mar. 15 resulted
in defeat of the proposition to issue phia),
the $140,000 court-house-constr. bonds
Tuscara
County, Ohio.-BOND ELECTION.-An election(V. 96, p. 813). There were 545 will be held Aprilwas
votes "for" and 1.400 "against."
10 to submit to a vote the question of issuing $130,000
school-site-purchase and construction bonds.
MABEL INDEPENDENT SCHOO
L DISTRICT NO.6(P. 0.
Fillmore County, Minn.-BOND
NEWPORT, Newport County, R.I.-BIDS.-The other bids."7"ev"M
S VOTED.-The proposition Mabel),
re
to issue on Mar. 27 for the $30,000 4% athletic
$20,000 4% school-bldg. bonds
field bonds, awarded on that day to
carried
at
vote of 116 to 2. We are advised that the election held Mar. 25 by a Curtis & Sanger of Boston at 97.33 and
int. (V. 96, p. 966), were:
these bonds will be sold to the
State of Minnesota.
R. L. Day & Co., Boston_ _ _ _97.090 I Blodget & Co., Boston
97.003
Merrill, Oldham & Co., Bos_ _97.089 I
MADISONVILLE, Madison County, Tex.
-BONDS REGISTERED.Interest M.& S.
The State Comptroller on March 19 registere
d
$16,000 5% 20-40-year
(opt.) water-works bonds (V. 96. p. 506).
NEWPORT BEACH, Orange County, Cal.-NO ACTION
YET
TAKEN.-We are advised by the City
MARIETTA, Washington County, Ohio.
Clerk that no action has yet been
-NO ACTION YET taken looking toward the re-offering
TAKEN.-We are advised by the City Aud.
of the $25,000 electric-light bonds
under
date
offered
of
without
March
success
4
that
on
Dec.
30 1912(V. 96, p. 152).
no action has yet been taken looking toward the issuance
of $7,500 4%
NEW YORK CITY.-BOND SALE.-The Sinking
street-impt. (city's portion) bonds (V. 96, p. 81.)•
Fund of this city
purchased at par during March an issue of 81.000
MARINETTE SCHOOL DISTRICT (P. 0. Marinette),
3% assessment bonds
Marinette maturing in 1913.
County, Wis.-BONDS DEFEATED.-The question of
The
following
issuing
short
-time
the
securitie
$130,s
(revenue*
bonds, bills and corporate
000 high-school-constr. bonds (V. 96, p. 892) was defeated
at the election stock notes) were also issued during March:
held Apr. 1 by a vote of 925 "for" to 1,288 "against
Rev.Bds. 13 Int.
."
Amount.
Rev.Bills(Con.)Int.
Amount.
MARION, Marion County, Ohio.-BOND OFFERI
Current
exp__4
$2,074,8
15-16
16 44 Current exp_*4
NG.-Proposals
81.974,75343
will be received until 12 m. May 3 by
E. Mason, City Aud., for Current exp_ _44 •
200,000 00 Current exp_*5
x3,577,54864
$13,500 5% police-station and fire-engiHarry
Current
exp:_4
ne-hou
13-16
400,000
se-erecti
Current
00
on and equipping
exp_*4
z1,324,006 50
bonds. Denom. $500. Date Mar. 11913.
M.& N. Due $5015 each Current exp_ _44
3,360,000 00 Current exp_*4
z1,044,215 23
six months from Mar. 1 1926 to Mar. 1 1939Int.
incl. Cert. check for $500. Current exp_ _4 9-16
1,600,000 00 Current exp_*4 11-16 z474,317 64
payable to the City Treas., required.
Current exp_ _44
250,000 00 Current exp_*4
z282,133 26
Current
exp_ _4 A
MARION COUNTY (P. 0. Buena Vista), Ga.-BO
2.800,000 00 Current exp_*4 9-16
z236,614 37
ND ELECTION Special
44
RESCINDED.-We are advised by the Co. Clerk
65,000 00
Corp. Stock Not'sthat the election which Special
was to have been held Mar. 10 to veto on the propositi
43,000 00 Water
44
$2,000,0
00 00
on
to
issue!
$50,000
Special
104
road bonds (V. 96, p. 666) has been "called off indefinit
137,000 00 Water
3
1,000,000 00
ely.'
Rev. Bills, 1913Rapid transit_4
MARSHALL, Calhoun County, Mich:
500,000 00
Current
-BOND
exp
.*5
ELECTI
a1,124,823 04
ON.-The
question of issuing $50.000 20-yr. sewer
Total
and paving bonds (V. 96, P. 666)
at not exceeding 4%% int. will
$24,468,228 55
be submitted to a vote on April
7.
MARSHALL COUNTY (P. 0. Moundsvi
*
Rate
discount;
of
figures in "Amount" column represent proceeds of
lle), W. Va.-BOND OFFERING.-Proposals will be received until April
loan after deducting discount. a Payable in francs. z Payable
in sterling.
County Court for the $50,000, of an issue of 10 by J. E. Chase, Clerk
$150,000, 5%
NILES, Trumbull County, Ohio.-BOND OFFERING.-Propos
District road-impt. bonds voted Nov.
Union
5. Denom. $1,000. coupon
Date Jan. 1 will be received until 2 p. m. April 27 by Homer Thomas, City Clerk,als
1913. Int. annually on Jan. 1 at Mercantile
for
Bank & Trust Co. Mounds- the following 5% street-impt. (assessment) bonds:
ville. Due 86,000 yearly on Jan. 1 from 1923 to 1930,
incl. and$2,000 on $5,449 Church St. impt. bonds. Denom.(8) $500.(1) $449.
Jan. 1 1931. Cert. check on a bank or trust company
Due $1,000
in
yearly
on
Oct.
1
from
Moundsvi
1914
lle
1917,
to
incl., and $449 on Oct. 1 1918.
for 2% of bonds bid for, payable to B. B. Mechen,
President County 13,420 Cedar St. impt. bonds. Denom.(26) $500,(1)
Court, required. These bonds were previously offered on
$420. Due $2,500
Mar. 25 (V. 96,
yearly on Oct. 1 from 1914 to 1917,incl., and $3,420 on Oct.
p. 666), but the bids received were rejected as none were
1 1918.
6,540
in
Beaver
conformi
St.
impt.
ty
bonds.
Denom.(13) $500,(1) $40. Due $1,040
with the advertisement.
on Oct. 1 1914, $1,000 on Oct. 1 1915 and $1,500 yearly on Oct.
1
MATTHEWS SCHOOL DISTRICT (P. 0. Matthews), Mecklen
from
1916
1918,
to
incl.
burg
County, No. Caro.-BOND ELECTION.-On
dig
Auth. Sec. 95, Municipal Code. Date April 1 1913. Int.
April 8, reports state, an Cert.
A.
&
0.
election will be held to vote on the propositi
on to issue $15,000 high-school- Bondscheck for 2% of bonds bid for, payable to City Treas., required.
extension bonds.
to be delivered and paid for within 10 days from time of
award.
Purchaser to pay accrued interest.
McCULLOCH COUNTY COMMON SCHOOL
DISTRICT NO. 20,
Tex.-BONDS REGISTERED.-On Mar. 10 the
NORFOL
K, Madison County, Neb.-BONDS VOTED.-Accord
ing
tered $2,000 5% 10-20-yr. (opt.) school bonds. State Comptroller regis- to reports, the question of issuing
the $33,000 paving bonds (V. 96, p. 814)
carried at the election held Mar. 24 by a vote of 971 to
MEADVILLE, Crawford County, Pa.-BOND
171.
ELECTI
ON
POSED.-Reports state that
PROBOND ELECTION.-An election will be held May
an election will be held in the near future to
5, it is stated, to
vote on the question of issuing 860.000
submit to a vote the proposition to issue
street, sewer and paving bonds.
the $10,000 water-works-ext.
bonds (V. 96, p. 814).
MECKLENBURG COUNTY (P. 0. Charlott
e),
No.
Caro.
-BOND
OFFERING.-According to reports. proposals
NORTH
CAROLI
NA.-BONDS AUTHORIZED.-An Act was
will be received until 11
April 28 by W. M.Long, Chairman
reof Commrs.,for $325,000 a. m cently passed by the Legislature, reports state, providing for the
30-year funding and impt. bonds. Board
issuance of
not more than $1,142,500 coup. tax-free bonds. The
Cert. check for $3,250 required4)4%
proceeds
.
of
the
bonds
MEDINA, Orleans County, N. Y.-BOND
will
be
used
as follows
S DEFEATED.-The question of issuing West Center St. paving and
To cover the deficit In the State Treasury, $600,000
.
was defeated at an election held Mar. 18. fire-truck bonds (V. 96, p. 813)
For equipping and painting new administration bldg.,
$75,000.
Remodeling and refurnishing the Supreme Court bldg. and
MEIGS TOWNSHIP SCHOOL DISTRI
refurnishing
Muskingum County, the office of the State Treasurer, $40,000.
Ohio.-BOND OFFERING.-Proposals will beCT,
received
For
until
a
central
12 m. Apr. 21
heating plant, $40,000.
by C. S. Morris, Clerk Bd. of Ed. (P. 0. Route 7,
For permanent improvements at several State institutIon.s as
Cumberland), for the
$4,000 534% high-school-constr. bonds voted Mar.
follows
3 (V. 96, p. 892). State Hospital, Morganton ..$50,000 State Hospital, Goldsbor
Auth. Secs, 7625, 7626 and 7627, Gen. Code. Denom.
o..-$25 000
$250. Date A. & M. College, Raleigh.... 25,000 University of No. Carolina_ _100,000
Apr. 21 1913. Int. A. & 0. at office of Dist.
Due $500 yrly. on Nor.& Ind. Coll., Greensboro 50,000 A.&M.Coll(col'd).Greensbo
Apr. 21 from 1914 to 1921 incl. Cert. cheek Treas.
ro 17,500
for 10% of bonds bid for, Appalach. Train. Sch.,Boone 15,000 Cullowhe
payable to Bd. of Ed., required. Bonds to be delivered
e Training School__ 15,000
and paid for within State Hospital for Treatment
East. Train. Sch. at Greenv_ 40,000
5 days from day of sale, or as soon thereafter as
can be made ready for deTuberculosis at Montrose- 20.000 Purchase
livery. Purchaser to pay accrued interest.
of land for School for
-4
Blind,
Raleigh
30,000
MERIDIAN, Lauderdale County, Miss.-BOND
Denom. $500 and $1,000. Int. (rate not tonear
S VOTED.-A favor- Due
exceed 4%) semi-annual.
able vote was cast on March 27,it is stated, on
July
1
1953.
the
question of issuing $150,000 funding,$100,000 water-works refunding, 525,000
NORTH WILDWOOD (P. 0. Anglesea), Cape
street equipment and
$25,000 school bonds.
May County, N. J.
BOND SALE.-According to reports,this borough,
on Apr. 1 sold the $30.MILWAUKEE, Clackamas County, Ore.-BOND
S VOTED.-The 000 5% gold coup. tax free board-walk bonds (V. 95, p. 1,636)•
question of Issuing the
$20,000
-year
water5%
20
works
NORTH
WILDW
OOD (P. 0. Anglesea), Cape May County,
-installa
(V. 96, p. 667) carried at an
bonds
J.
election held Mar. 18 by a vote oftion
Interest semi-annual.
120 to 55. -BONDS VOTED.-Reports state that $15,000 school-constr. bondsN.
have
recently been voted.
MILWAUKEE, W15.-BOND
S AUTHORIZED.-An ordinance was
NORWAY SCHOOL DISTRICT (P. 0. Norway)
passed Mar. 17 providing for
the issuance of $30.000 44% coup,
Mich.-PURCHASER OF BONDS.-The purchase , Dickinson County,
librar-impt. bonds.
rs of the $65.000
(20) 81,000. (20) $500. Date Jan. 1publicInt. J"& J. at office ofDenom.
1913. 1-15-yr. (ser.) high-scbool-bldg. bonds recently sold (V. 96. p. 966) 5%
City Treas. Due $1,500
was
yrly. on Jan. 1 from 1914 Hoehler & Cummings of Toledo at 102.08.
to 1933 incl.
Denom.
$1,000. Date Mar. 1
1913. Int. M.& S.
MILWAUKEE, Wis.-BONDS
VOTED.
NORWO
-Accord
OD
CITY
ing
to local newspapers
SCHOOL DISTRICT (P.O.
the question of issuing the $1,650.000
Norwood), Hamilton
school and 375,000 bath 44% 1-20County, Ohio.-BOND OFFERI
yr. serial bonds (V. 96, p. 966)
NG.-Proposals will be received
until
at the election held Apr. 1 by a vote 12 m. April 14 by H. Ryland,
of 13,478 to 3,917 and 10,463 tocarried
Clerk Bd. of Ed., for the following 434%
4,847, respectively.
bonds:
MISSION SAN JOSE SCHOOL DISTRI
$40,000
high-school
-erection
bonds.
Due
$10,000
CT, Alameda County, Cal.on April 30 1915, 1916.
BOND OFFERING.-Reports state that proposals
1917 and 1918.
10,000 Marion St. school-bldg. bonds. Due
11 a. m. April 7 by J. P. Cook, County Clerk (P.0.will be received until
85,000 on April 30 1919
Oakland).for $16,000
and 1920.




1042

THE CHRONICLE

[VOL. xcvi.

Levee Board (P. 0. Memphis, Tenn.), for $1,500,000 5% 50-Yr. levee
Auth. Sec. 7629. Gen. Code.- Denom. $500. Date April 30 1913. bonds.
Int. A. & 0. at the First Nat. Bank, Norwood. Bonds to be delivered
bid,
of
5%
for
check
Cert.
SANGER UNION HIGH SCHOOL DISTRICT, Fresno County,
award.
of
time
of
days
10
within
and paid for
will be received until 2 p. m. April 101
p .vble to the Clerk Bd. of Ed., required. Purchaser to pay accrued int. Cal.-BOND OFFERING.-Proposals
j
the Clerk Bd. of Co. Sup.(P. 0. Fresno) for the $50,000 5% gold coup.
by
propo-The
VOTED.
ONTARIO, Malheur County, Ore.-BONDS
Denom. $1,000. Date Mar.22
p.377).
96,
.18
(V.
Jan
voted
bonds
bldg.
state,
sitions to issue city-hall-constr, and drainage bonds carried, reports
1913. Int. ann. in March at Co. Treasury, Fresno. Cert. check for 10%
at a recent election.
bid for, payable to Chairman Bd. of Sup., required.
bonds
of
ORLANDO, Orange County, Fla.-BONDS NOT SOLD.-No award
SANTA CRUZ COUNTY(P.O. Santa Cruz), Cal.-NO ACTION YET
was made on Mar. 27 of the $140,000 5% sewerage-system bonds offered TAKEN.-The County Clerk advises us that no action has yet been taken
on that day (V. 96, p. 741). The bonds mature $35,000 in 10, 20, 30 and looking toward the issuance of the road bonds (V. 96, p. 377)•
40 years.
SANTA ROSA COUNTY(P.O. Milton), Fla.-BONDS DEFEATED
-ProOSSINING, Westchester County, N. Y.-BOND OFFERING.
Village Clerk, The question of issuing bridge constr. bonds was defeated on Mar. 25,
posals will be received until 8 p. m. April 8 by D.0. Decker,
state.
reports
not exceeding 5%
for $75,000 coupon or reg.is. municipal-building bonds&at
at Village Treas.
SCOTLAND NECK GRADED SCHOOL DISTRICT (P. 0. Scotland
int. Denom. $1.000. Date Mar. 11913. int. M. S.
to
from
1918
1
1942,
Oct.
Neck), Halifax County, No. Car.-BONDS VOTED.-The question of
office in N. Y. exchange. Due $3,000 yearly on
incl. Cert. check on an incorporated bank or trust compan for 2% of issuing the $16,000 school bonds(V. 96, P. 967) carried at the election held
to
pay
Purchaser
required.
Treasurer,
April 1 by a vote of 173 to 2.
bonds bid for, payable to Village
furnished by village.
accrued int. Bids must be made on blank forms
COUNTY (P. 0. Benton), Mo.-BONDS VOTED.-Accordby the Columbia-Knicker- ingSCOTT
These bonds will be certified as to genuineness
to early returns, the question of issuing $125,000 court-house completion
by Hawkins, Delabocker Trust Co. of N. Y., and their legality approved
at the election held Mar. 25.
carried
bonds
will be furnished successful
field & Longfellow of New York, whose opinionand
SEATTLE, Wash.-BOND SALE.-Local papers state that the $300,000
awarded on that day to
bidder. These bonds were offered on Mar. 4
city-elec.-railway bonds offered without success on
coupon
gold
20-yr.
owing
4.40s
p.
but
for
741),
(V.96,
'E. H. Rollins & Sons of N. Y. at 100.315
March 15 (V. 96, P. 967) have been purchased by the State of Washington
to a technical error in the advertisement, the sale was not consummated.
interest from May 1 1913.
4%s;
for
par
at
•
OYSTER BAY, Nassau County, N. Y.-BONDS DEFEATED.
SEVEN PALMS SCHOOL DISTRICT, Riverside County, Cal.The question of issuing $240,100 road and town-hall bonds was defeated BOND
19 $2.500 6% building bonds were awarded to the
Mar.
-On
SALE.
at the election held April 1.
First Nat. Bank of Barnesville, Ohio, at 100.56. Denom. $500. Date
Due $500 yearly from Feb. 1 1918 to 1922, inclusive.
OXFORD SCHOOL DISTRICT (P. 0. Oxford), Granville County,
will be Feb. 19 1913.
No. Caro.-BOND OFFERING.-According to reports, proposals
SEWICKLEY SCHOOL DISTRICT (P. 0. Sewickley) Allegheny
School
of
Board
Jr.,
Treas.
Lewis
H.
R.
by
21
April
m.
12
received until
County, Pa.-BOND SALE.-On Mar. 28 the $50,000 4j% 20-year
Trustees, for $20,000 5% 30-year school bonds. Cert. check for $500 serial tax-free school bonds (V. 96, p. 967) were awarded to the Western
required.
Reserve Investment Co. of Cleveland for $50,641 44-making the price
received 101.288.
Other bids follow:
PATERSON, N. J.-BIDS REJECTED.-The following bids
aggregating
bonds,
coup.
gold
30-yr.
%
4M
of
issues
two
the
for
3
Ussing,Scoville&Co.,Pitts.$50,600 601J. S. & W. S. Kuhn, Inc.
April
on
$50,250 00
_ _ 50,491 001 Pittsburgh
Safe Deposit Co.,
$565,000 (V. 96, p. 966) were rejected:
$165,000
$400,000
Date May 1 1913. Int. M. & N.
Denom. $500. PittsIssue
Issue
SHAKER HEIGHTS, Cuyahoga County, Ohio.-BOND SALE.
$401,764 $165,727.50
aggregating $288,386
Harris, Forbes & Co., New York
On March 17 the three issues of 5% coup. bonds,
at
Cleveland
of
Co.,
&
A. B.Leach & Co., and N. W.Halsey & Co., N.Y.
Miller
165,445.50 (V. 96, p. 585), were awarded to Hayden,
401,080
(jointly)
165,900.00 par and int.
Adams & Co., New York
-ProposSheridan County, Wyo.-BOND OFFERING.
City Clerk, for
PAULDING, Paulding County, Ohio.-BOND SALE.-On Mar. 24 alsSHERIDAN,
will be received until 10 a. m. April 7 by J. J. Withrow, Donom.
$500.
*the two issues of5% bonds aggregating $10,100(V.96,p.667) were awarded $95,000
District No. 2 assessment bonds.
Paving
6%
103.29
at
bonds
refundng
$5,100
to Mayer, Deppe & Walter, Cincinnati,
from 1915 to 1924,
1
Aug.
on
Due
$9,500
annual.
Int.
11913.
June
Date
the
and int. and $5,000 street-paving bonds at 100.39 and int.
making
one
the
than
other
bank
Y.
N.
a
incl. Cert. check or draft on
PAWLING, Dutchess County, N. Y.-BOND SALE.-On April 3 bid, for $1,500, payable to City Treasurer, required. These bonds were
the $10,000 5% 53i-yr.(ay.) road impt. bonds(V.96, p.966) were awarded offered on Mar. 17 (V.96, p. 667) but tho bids received on that day were
to Isaac W. Sherrill & Co. of Poughkeepsie at 101.47 and int. Other rejected.
ACTION YET TAKEN.-We aro advised by the City Clerk that
bids follow:
100.53 noNO
Douglas, Fenwick & Co.. N. Y.....- 100.891Adams & Co., N.
action has yet been taken looking toward the issuance of cemetery
bonds (V. 96, p. 82).
-PENNINGTON COUNTY (P. 0. Rapid City), So. Dak.-BOND
OFFERING.-Proposals will be received until 12 m. April 12, according to
SIDNEY, Shelby County, Ohio.-BOND OFFERINO.-Proposals
for
'reports, by J. G. Hopkins, Aud., for $44,000 5 1-3-yr. (ay.) coup. bridge will be received until 12 in. April 21 by J. L. Van Riper, City Auditor.
Sec. 3914,
bends. Cert. check for 5% required.
$79,900 5% coupon street-impt. (a.ssessmont) bonds. Auth.
1
April
Date
$300.
(6)
and
(4) $400
PETROLEUM SCHOOL DISTRICT, Kern County, Cal.-BOND Gen. Code. Denom. (156) $500,
as follows:
OFFERING.-Proposals will be received until April 8 (not April 9 as first 1913. Int. A. & 0. DueApr.
'22
1
Oct.
$2,500
20
1
Apr.
$6,500
'17
1
(P.
0.
$4,500
$4,500 Apr. 1 '14
reported), it is stated, by I. L. Miller, Clerk 13d. of Supervisors
Apr. 1 '23
3,000 Oct. 1 '14 2,000 Oct. 1 '17 2,000 Oct. 1 '20 3,000
Bakersfield) for $7,000 6% school bonds. (V. 96, p. 893).
1 '21 3,500 Oct. 1 '23
3,000 Apr. 1 '15 5,000 Apr. 1 '18 3,000 Apr. 1
Oct. 1 '23
1,600
'21
Oct.
POCAHONTAS COUNTY (P. 0. Pocahontas), Iowa.-PRICE PAID
3,500
1
'18
Oct.
4,000 Oct. 1 '15 3,500
FOR BONDS.-The price paid for the $60,000 5% 9-year (ay.) bridge
3,000 Apr. 1 '16 3,000 Apr. 1 '19 6,500 Apr. 1 '22 1,800 Oct. 1 '23
of Davenport
'19
1
funding bonds awarded on Mar. 15 to Geo. M.Bechtel & Co.Jan.
Oct.
4,500
'16
1
Oct.
6,000
1 1913.
of bonds bid for, payable to
(V. 96, p. 893) was 101.69.5 and int. The bonds are dated
Certified check on a Sidney bank for 5%
be delivered and paid for within 10
PORT OF SEATTLE,Wash.-BOND OFFERING.-Attention is called "City of Sidney," required. Bonds toto
accrued interest.
pay
Purchaser
award.
offering
of
the
time
of
from
days
Department
this
in
'to the official advertisement elsewhere
(P. 0. Slaton)
SLATON INDEPENDENT SCHOOL DISTRICT
on April 17 of $200,000 Smith's Cove and $150,000 East Waterway-impt.
are advised that this district
-We
SALE.
-BOND
Tex.
Lubbock County,
bonds. For details and terms of offering see V.96, p.967.
has disposed of $15,000 building bonds.
PORTSMOUTH SCHOOL DISTRICT (P. 0. Portsmouth), Scioto
OFFERING.-This
SMITHVILLE, Wayne County, Ohio.-BOND
County, Ohio.-BOND ELECTION.-An election will be held Apr. 27, place
, % street bonds.
will offer for sale on May 26, $9,500 556
$100,000.
Issue
shall
this
district
reports state, to decide whether or not
County, Ohio.Cuyahoga
SOLON TOWNSHIP (P. 0. Solon),
Lincoln school constr. bonds.
until 1 p. m. May 5 by
OFFERING.-Proposals will be received
. bonds.
PRINCETON, Bureau County, Ill.-BOND ELECTION.-According BONDBrown,
highway-impt
coupon
%
4
$10,000
Twp. Clerk, for
II.
April 1 1913. Int.
to local papers. an election will be held April 15 to vote on the question of J.
Auth. Sec. 3295, Gen. Code, Denom. $1,000. Date
on
issuing $20,000 water-works-well-constr. blonds.
yearly
$1,000
Duo
Cleveland.
Co.
Trust
&
Say.
Superior
A. & 0. at
check on a bank other than the one
QUEEN ANNE'S COUNTY (P. 0. Centerville), Md.-BOND OFFER- Oct. 1 from 1914 to 1923, incl. Cert.'
ING.-Further details are at hand relative to the offering on April 15 of the making the bid, for 10% of bonds bid for,'payable to Twp. Clerk. required.
$75.000 ($25,000 school and $50,000 road and bridge) 5% tax-free general Bonds to be delivered and paid for within 10 days from time of award.
impt. ponds (V. 96, p. 967). Proposals for these bonds will be received Purchaser to pay accrued interest. A similar issue of bonds was offered
until 12 m. on that day by the Co. Commrs., E. J. Merrick, Clerk. Do- on Mar. 18 (V. 96, p. 585).
mom. $1,000. Int. from July 11912, payable .1. & J. Due $3,000 yrly
Me.-LOAN OFFERSOUTH PORTLAND, Cumberland County, will
be received until
on July 1 from 1913 to 1937 incl. Cert. check or bank draft for 2% of ING.
-According to newspaper reports, proposals
loan of $60,000 in
bonds bid for, payable to Co. Commrs., required.
the Town Treasurer for a temporary 00
by
8
April
m.
a.
11
, on Nov. 1 and
$20,0
Duo
1913.
16
April
Date
taxes.
RAMSEY, Bergen County, N. J.-BOND OFFERING.-Proposals
of
anticipation
will be received until 8 p. m. April 14, it is stated, by H. R. Parvin, Born Dec. 1 1913 and $20,000 on Jan. 1 1914.
Clerk, for $65,000 5% 17 2-3-yr. (ay.) water bonds. Cert. check for 2%
following 6% special imSPOKANE, Wash.-BOND SALES.-The
required. These bonds were previously offered on Mar. 17 as 43's (V• 96,
this city:
provement bonds have been issued by
p. 667)•
Disposed of in January.
Ten Issues, Aggregating $51,973,
RANDOLPH COUNTY (P. 0. Ashboro), No. Caro.-BOND ELECDue.
Date.
election will Amount.
Purpose.
TION PROPOSED.-Reports state that in the near future anbonds.
2 1913 Jan. 2 1923
Jan
$9,287 Sixth Avenue paving, 962
be hold to vote on the question of issuing $300,000 good-road
2 1913 Jan. 2 1923
Jan
grading
Street
Stevens
3,021
Jan. 2 1913 Jan. 2 1918
REHOBOTH BEACH, Sussex County, Del.-BOND OFFERING.2,139 Garfield Street grade
Jan. 2 1913 Jan. 2 1914
Proposals will be received until 8 p. m. April 10, according to reports, by
301 Sherman Street walk
Jan. 2 1913 Jan. 2 1923
F. A. Rase, Pres. Bd. of Conunrs., for the $30,000 5% 5-30-yr. (opt.)
sewer
3,885 Alley
Jan. 2 1913 Jan. 2 1923
water bonds voted Mar. 22 (V. 96, p. 967). Int. semi-ann. Cert. check 15,218
Alley sewer
Jan. 2 1913 Jan. 2 1923
'for 3% required.
Street sewer
Arthur
1,280
2 1913 Jan. 2 1923
Jan.
sewer
Street
REUBENS, Lewis County, Ida.-BOND OFFERING.-It is stated
4,142 Spokane
Jan. 15 1913 Jan. 15 1918
L. Fisher, Town
that proposals will be received until 2 p. m. April 14 by A.
3,470 Alley sewer
Jan. 15 1913 Jan. 15 1923
Clerk. for $10,500 6% 10-20-year (opt.) water-works bonds. Int. semi9,230 Maxwell Avenue sewer
in February.
annual. Cert. check for $500 required.
Ten Issues, Aggregating $51,798, Disposed of
Due.
e.
Baker, Watts Amount.
Purpose.
RICHMOND, VA.-BOND SALE.-Reports state that
Feb.
1
Feb. 1 1918
bonds.
1913
impt.
'public
4%
$338,000
$468 Alley paving
& Co., of Baltimore have purchased
Fob. 1 1913 Feb. 1 1918
paving
Avenue
-Pro-BOND
Main
OFFERING.
Pa.
2,992
County,
RIDLEY PARK, Delaware
Feb. 1 1913 Feb. 1 1923
Aventio paving
posals will be received until 6 p. m. April 8 by J. H. Devine, Chief Burgess, 23,982 Sumner
Feb. 1 1913 Feb. 1 1918
1,869 Thirty-third Avenue grading
for $35,000 4% 30-yr. bonds. Cert. check for $500 required.
Feb. 1 1913 Feb. 1 1918
Boulevard walk
Manito
1,783
Butte
Feb. 1 1913 Feb. 1 1923
RIO BONITO SCHOOL DISTRICT (P. 0. Rio Bonito),
6,424 Ninth Avenue walk
vote was
Feb. 1 1913 Feb. 1 1923
'County, Cal.-BONDS VOTED.-Reports state that a favorable
3,548 Alley sewer
Feb. 1 1913 Feb. 1 1923
cast at the election held March 22 on the proposition to issue the $5,000
Art Avenue sewer
1,000
Feb. 1 1913 Feb. 1 1923
school-equip.-and-constr. bonds (V, 96, p. 893.)
4,328 Alley sewer
Feb 1 1913 Feb. 1 1923
5,404 Alloy sewer
ROBSTOWN SCHOOL DISTRICT (P. 0. Robstown), Nueces
int.-bearing date.
any
highat
call
to
are
subject
that
bonds
state
$25,000
papers
All
above
the
-Local
VOTED.
County, Tex.-BONDS
DEFEATED.-The
school-construction bonds were voted at a recent election.
STONE COUNTY (P. 0. Galena), Mo.-BONDS
at
D.- proposition to issue $25.0005% court-house constr. bonds was defeated
ROSEDALE, Wyandotte County,Eans.-BONDS AUTHORIZEIssu"against.'
821
to
the election held Mar. 29 by a vote of 710 "for"
Reports state that an ordinance was passed Mar. 27 providing for the
-BOND
Cal.
County,
Tulare
1913.
1,
Apr.
Date
bonds.
refunding
2-yr.
5%
DISTRICT,
$60,400
ance of
STRATHMORE SCHOOL
April 8, it is stated,
a.
-Proposals will be received until 10 for *17,0006% 5-21-year
RUNN NG LAKE DRAINAGE DISTRICT, Randolph County,
coup. OFFERING.
by A. M. Coburn, County Clerk (1'. 0. Visalia),
Ark.-DESCRIPTION OF BONDS.-The 385,000 5% 5-20-yr. (opt.)
10% required.
for
check
Cert.
-Goldman
(serial) school bonds. Int. semi-annual.
tax-free drainage-system bonds awarded on March 12 to Lesser
Ohio.-BOND OFFERING._..
Co. of St. Louis at par(V.96,
Cotton Co.and Lewis W.Thomson Su
LLE, Jefferson County,
STEUBENVI
Int.
W.
H.
by
ate
1913.
of
date
bear
5
14
April
eachand
Patterson, City
April
671.are in the denom. of $500
8,
:9
Proposals will be received until 12 in. -works bonds authorized
Jan. 7
Auditor, for the $200,000 0,5% water
Code.
Denoin.
(len.
$1,000. Date
Caro.
on), No.
(V. 96, p. 377). Auth. Sec. 3939,
RUTHERFORD COUNTY (P. 0. Rutherfordt
April 26, reports state, to April 1 1913. Int. semi-annual. Duo $10,000 yearly on Sept. 1 from 1916
BOND ELECTION.-An election will be heldbonds.
3% of bonds bid for, payable to City
to 1935, inclusive. • Cert. check fordelivered
vote on the question of issuing $250,000 road
and paid for within 10 days
to be
Cal.-BONDS Treasurer, required. Bonds
pay accrued interest.
to
SACRAMENTO COUNTY (P. 0. Sacramento), that
Purchaser
from
award.
of
time
of an issue
AWARDED IN PART.-We are advised by the Co. Treas.
Riverhead), N. Y.-BOND SALE.
SUFFOLK COUNTY (P. 0. reg.
of $339,000 6% Reclamation Dist. No. 551 bonds $305,000 have been dishighway-impt. (County's portion)
$55,000 4 %
posed of at par up to the present time. Denom. $1,000. Date Oct. 15 On March 31 tho
bonds(V. 96, p.814) were awarded, it is stated, to Curtis & Sanger of Now
1909. Int. J. & J. Due Jan. 11935.
York at 101.33. Other bids were:
_100.189
ST. CLOUD, Stearns County, Minn.-BONDS DEFEATED.-The I. W.Sherrill, Poughkeepsie_101.07 'Harris, Forbes& Co., N.Y_ 100.09
,proposition to issue $4,000 sower bonds was defeated at the election held Yonkers Say.Bank, Yonkers.101.02 [Remick, Hodge & Co., N.Y..
100.6061
Adams & Co., N. Y
March I:.
OF BONDS.-The
SUISUN, Bolan() County, Cal.-DESCRIPTION awarded
pi ST. FRANCIS LEVEE DISTRICT, Ark.-BOND OFFERING.-Proto G. G.
(serial) water bonds recently
posals will be received until June 15, reports state, by 0. N. Killough, Pres. $20,000 5% 1-40-year

5




APR. 51913

THE CHRONICLE

Blymyer & Co. of San Francisco at par and a nominal premium (V. 96,
p.893) are in the denom. of $500 each and dated Mar. 1 1013. Int.M.& S.
TAFT, Kern County, Cal.-BOND SALE.-On Mar. 4 the $25,000
sewer and $16,000 fire 6% 104-year (avge.) bonds offered without success
on Jan. 6 (V. 96, p. 304) were awarded to G. G. Blymyer & Co. of San
Francisco for $41,001-making the price 100.002. Denom. (sewer) $1,000
and $500 (fire) $250, $200 and $100. Date Dec. 15 1912. Int. J. & D.
The sale of the $25,000 bonds was previously noted in the "Chronicle" of
Mar. 15. See V. 96, p. 815:
TAYLOR COUNTY (P. 0. Abilene), Tex.-BONDS VOTED.According to reports the question of issuingthe $150, 00 court-house-constr
bonds (V. 96, p. 668) carried at the election held March 29 by a vote of
1,291 to 771.
TAYLOR COUNTY (P. 0. Medford), Wis.-BOND SALE.-The Co.
Clerk advises us that on Feb. 15 the $60,000 434% court-house bonds
(V.96, p. 507) were awarded to the State Bank of Medford.
TEHAMA COUNTY (P. 0. Red Bluff), Cal.-BOND ELECTION.
The question of whether this county shall issue $250,000 court-house and
jail-constr. bonds (V. 96, P. 893) will be submitted to a vote on May 6
(date changed from April 21), it is stated.
TOWN DISTRICT SCHOOL DISTRICT (P. 0. Beckley), Raleigh
County, W. Va.-BONDS REFUSED.-We are advised that the $50,000
5% 10-30-year (opt.) high-school-building bonds awarded on Feb. 5 to
Seasongood & Mayer of Cincinnati (V. 96, p. 435) have been declined by
the purchasers.
TOWNSEND TOWNSHIP SCHOOL DISTRICT (P. 0. East Townsend), Huron County, Ohio.-BOND SALE.-On Mar. 26 the $3,000
.5% 4 yi-year (avge.) school property bonds (V. 96,p. 815) were awarded
to M. S. Pond of Somerset at 101.80 and int. A bid of par wasyeceived
from Spitzer, Rorick & Co. of Toledo.
VISALIA, Tulare County, Cal.-BOND ELECTION PROPOSED.
The question of issuing $25,000 sewer bonds will be submitted to a vote in
the near future, according to reports.
WALTON, Delaware County, N. Y.-NO ACTION YET TAKEN.We are advised by the Vil.Cierk, under date of April 1, that no action has
yet been taken looking towards the issunace of the $30,000 village-hall
bonds voted Jan. 28(V. 96, p.379.)
WANETTE, Pottawatomie County, Okla.-BONDS DEFEATED.
The question of issuing $8,000 light bonds was defeated at an election held
Mar. 4.
WATERTOWN SCHOOL DISTRICT (P. 0. Watertown), Rock
Island County, Ill.-BOND ELECTION.-According to newspaper reports, an election will be held to-day (Apr. 5) to vote on the issuance of
$7,500 school-constr. bonds.
WHARTON COUNTY DRAINAGE DISTRICT NO. 2, Tex.-DESCRIPTION OF BONDS.-The $50,000 54% drainage system bonds recently
purchased by the Commonwealth Trust Co. of Houston (V. 96. p. 968), are
In the denom. of $1,000 and bear date of Dec. 10 1912. Int. A & 0. Due
on Dec. 110 as follows: 51;1,000 yrly from
to 1917, incl., $2,000 yrly.
from 1918 to 1923, incl.; $3,000 yrly.from 1914
1924 to 1929, incl., and $4,000
yrly. from 1930 to 1933, incl.
WHITE, Brookings County, So. Dak.-BOND ELECTION.
-The
question of issuing $13,000 water-works-installation and
$5,000 municipal
electric-light-system bonds will be submitted to a vote
on
April
15,
report
State.

REDEMPTION CALL
-- To the holders of

Territory of Arizona
FUNDING BONDS
Issue

of July 15, 1892

'043

WILLSBURG SCHOOL DISTRICT (P. 0. Milwaukee), Clackamas
County, Ore.-BOND ELECTION PROPOSED.-Reports state that an
election will be held shortly to submit to a vote the proposition to issue
$10.000 20-yr. school-construction bonds.
WINNEBAGO COUNTY (P. 0. Oshkosh), Wis.-BONDS VOTED.
It is reported that this county has recently voted $30,000 tuberculosis
sanitarium bonds.
WISNER, Cuming County, Neb.-BONDS VOTED.-Reports state
that this place recently voted to issue electric light bonds.
XENIA, Greene County, Ohio.-BONDS AUTHORIZED.-An ordinance .was passed Mar. 19 providing for the issuance of $12,000 5%
coupon fire-department site-purchase, equipment and construction
bonds.
Denom. $500. Date June 1 1913. Int. J. & J. Due June 1 1933.
YOUNGSTOWN SCHOOL DISTRICT (P.O. Youngstown), Mahoning County, Ohio.-BONDS NOT SOLD.-No bids were received on
Mar. 27 for the $100,000 434% 1034-year (avge.) coupon bonds offered on
that day (V. 96, p. 816).

Canada, its Provinces and Municipalities.
BLAIRMORE, Alta.-DEBENTURE OFFERING.-This town is
offering for sale at 90 $15,000 6% water-works-exten. debentures
(V. 95.
p. 1228). Due in 20 ann. installments of principal and interest. C.
E. F.
Hiscocks is Secretary-Treasurer.
CALGARY, Alta.-DEBENTURE
-Reports state that an
election will be held shortly to vote onELECTION.
a by-law to raise $12,000 publicity
debentures.
CARIEVALE, Sask.-DEBENTURE OFFERING.-This villaoffer for sale, reports state, $3,500 permanent-impt. debentures. 0;7M1
A. T.
Taylor is Secretary-Treasurer.
CANNINGTON, Ont.-DEBENTURE ELECTION.-Reports state
that an election will be held April 15 to vote on a by-law providing for the
issuance of $12,000 hydro-electric-power-plant debentures.
CLINTON, Ont.-DEBENTURE OFFERING.-Proposals will be received until 6 p.m. April 11 by D. L. Macpherson, Treas., for the $25,1300
5% 25-year hydro-electric-light-plant debentures. Date Apr.
1 1913.
ESQUIMALT, B. C.-DEBENTURE ELECTION
-An
election will be held in the near future, reports state, to PROPOSED.
vote on a by-law
providing for the issuance of $15,000 municipal-hall-constr.
debentures.
ESSEX COUNTY (P. 0. Sandwich), Ont.-DEBENTURE BY-LAW
DEFEATED.-We are advised by the County Clerk that
by-law
providing for the issuance of the $45,000 road debentures (V.the
96, p. 509)
was defeated by the County Council. We are further advised
that
an
issue of $200,000 will probably be issued in June.
ESTAHAZY, Sask.-ELECTION PROPOSED.-Reports state it has
been decided to submit to a vote a by-law whereby $6,000 may be raised
for school purposes.
FENWOOD,Sask.-DEBENTURE OFFERING.-This village has been
authorized to borrow $1,800 for permanent-impt., according to reports.
G. K.Chatterton is Secretary-Treasurer.
GRANDVIEW, Man.-DEBENTURE OFFERING.-Proposals will be
received until 12 m. April 15 by Wm. Dickie, Secretary-Treasurer,for $16,350 5% 20-yr. debentures. Int. ann. on Feb. 1.

NEW LOANS.
$2,100,000

CITY OF TACOMA, WASHINGTON,
REFUNDING BONDS
Notice is hereby given that on SATURDAY. Said bonds will be general bonds of sal d City
THE 19TH DAY OF APRIL, 1913. at the hour of the par value of $1,000 each, and will bear interof eleven o'clock in the forenoon, at the office of est at not exceeding five per cent per annum,
paythe City Treasurer of the City of Tacoma, Wash- able semi-annually, at the fiscal agency
ington, sealed bids will be received by the cor- State of Washington in New York City. of the
porate authorities of said City for the followingSaid Bridge Bonds and said Water Refunding
described issues of municipal bonds, viz.:
Bonds are guaranteed as New York Savings
1. $100,000 of Bridge Refunding Bonds of Bank Securities.
1913, authorized by Ordinance No. 5251, passed
The opinion of Messrs. Dillon, Thompson &
March 6, 1913; principal payable as follows:
Clay, Attorneys at Law, of 195 Broadway, New
Nos. 1 to 10 inclusive, June 1, 1914;
York, certifying the legality of all of said bonds,
Nos. 11 to 30 inclusive, June 11915;
and the sufficiency of said Bridge and Water
Nos. 31 to 60 inclusive, June 1, 1916;
Refunding Bonds as New York Savings Bank
Nos. 61 to 100 inclusive, June 1, 1917.
Securities will be furnished to bidders and pur2. $250.000 of Light Refunding Bonds of 1913, chasers.
authorized by Ordinance No. 5252, Passed March
Bids for said bonds will be received based on
6, 1913, principal payable as fellows:
the interest rate proposed by the bidder, which
50 Bonds, Nos. 1 to 50 inclusive, June 1, 1918; cannot exceed five per cent.
50 Bonds,Nos.51 to 100 inclusive,June 1, 1919;
Bids will be received for one or more of said
70 Bonds,,Nos.101 to 170 inclusive,June 1,1920; Issues.
80 Bonds, Nos. 171 to 250 inclusive, June 1,
Each bid, except a bid of the State of Washing1921.
ton, must be accompanied by the check of the
3. $1,750,000 of Water Refunding Bonds of bidder, certified by some bank other
than itself,
1913, authorized by Ordinance No. 5253. passed for a sum equal to five per cent of the
bid, but
March 6, 1913, principal payable as follows:
not exceeding $10,000 with any one bid. The
100 Bonds, Nos. 1 to 100 inclusive, June 1, 1922: check of the purchaser will be retained
until the
100 Bonds, Nos. 101 to 200 inclusive, June 1 bonds covered
by
it have been taken up.
1923:
The successful bidder will be required to take
110 Bonds, Nos. 201 to 310 inclusive. June 1, and
pay for the bonds purchased by him on or
1924;
before
1st, 1913. by depositing the par value
120 Bonds, Nos. 311 to 430 inclusive, June 1, of the June
bonds with the fiscal agent of the State of
1925:
Washington, in the City of New York, to the
130 Bonds, Nos. 431 to 560 inclusive, June 1, credit
of the City of Tacoma, for the redemption
1926;
of bonds to be refunded, and by paying any excess
140 Bonds, Nos. 561 to 700 inclusive, June 1, of bid to the
City Treasurer; Provided, that any
1927;
other convenient method of payment may be ar150 Bonds, Nos. 701 to 850 inclusive, June 1, ranged for between the City and the bidder.
1928;
The City reserves the right to reject any or hl
160 Bonds, Nos. 851 to 1010 inclusive, June 1, bids.
1929;
Dated Tacoma. Wash., March 12, 1913.
170 Bonds, Nos. 1011 to 1180 inclusive, June 1,
SINKING FUND BOARD OF TACOMA,
1930;
W. W. SEYMOUR,
19301.18 Bonds, Nos. 1181 to 1360 inclusive, June 1,
Mayor.
J. F. MEADS,
1932;190 Bonds, Nos. 1361 to 1550 inclusive, June 1.
City Controller,
RAY FREELAND,
1933200 Bonds, Nos. 1551 to 1750 inclusive, June 1,
Commissioner of Finance.
March 15 to April 19 inclusive.

NOTICE is hereby given that by
authority of an Act of the Legislature
of the State of Arizona and pursuant to
resolution of the Board of Loan Commissioners of said State, the State of
Arizona will, on the 15th Day of April,
1913, at the office of the Guaranty Trust
Company of Now York (formerly known
as the New York Guaranty & Indemnity
Co.) No. 30 Nassau Street, City of
New York, N. Y.(the place of payment
designated in the bonds), pay and redeem Territorial Funding Bonds Nos. 1
to 2,000, inclusive, dated July 15, 1892,
which bonds were issued by the Loan
Commissioners of the Territory of
Arizona pursuant to Act of Congress
approved Juno 25, 1890, entitled "An
Act approving, with amendments, the
Funding Act of Arizona, and Acts of
Congress and of the Territory of Arizona
amendatory thereof and supplemental
thereto. The said payment and redemption will be made by virtue of the
provision of the said Act of Congress
of June 25, 1890, that "Said Territory
reserves the right to redeem at par any
of said bonds in their numerical order
at any time after twenty years from the
date thereof," which right of redemption
is also expressly reserved by the terms
of said bonds. Upon presentation of the
said bonds, with all unpaid coupons
ESTABLISHED 1885.
MUNICIPAL AND RAILROADia
attached, payment will be made at the
said place of the principal of said bonds H. C. SPEER & SONS CO.
BONDS
and of all accrued interest thereon to
First Nat. Bank Bldg., Chicago
LIST ON APPLICATION
the said 15th day of April, 1913. InSCHOOL,
terest upon said bonds will cease from
SEASONGOOD & MAYER
and after the said 15th day of April, COUNTY AND MUNICIPAL BONDS
Ingalls Building
1913.
CINCINNATI
Phoenix, Arizona, March 11, 1913.
By order of
STACY & BRAUN
GEO. B. EDWARDS
The Loan Commissioners of the
Tribune Building, NEW YORK, N. Y.
The State of Arizona,
FOR SALE-Timber, Coal, Iron, Ranch and
D. F. JOHNSON,
other properties.
Investigations, Settlements
State Treasurer.
Toledo
Cincinnati Negotiations,‘
Purchases of Property. Information.



Investment Bonds

[VOL. xcvi.

THE CHRONICLE

1044

GUELPH, Ont.-DEBENTURE ELECTION.-On April 28, reports
state, an election will be held to vote on a by-law to raise $30,000 hospitalaid debentures.
HERBERT, Sask.-DEBENTURE OFFERING.-Proposals will be received until April 15 by J. E. Unruth, Sec.-Treas., for $7,850 fire-hall and
apparatus and $1,150 local-impt.6% debentures(V. 95, p• 1229). Due in
15 annual installments.
LACOMBE, Alta.-DEBENTURE OFFERING.-Proposals will be
received until 8 p. m. May 1 by E. J. Tett, Sec.-Treas., for the following
debentures:
5% skating and curling rink debentures. Int. from Sept. 17
ea $6,500
1912. Due in 15 ann. installments of prin. and int.
7.135 50 6% local-impt. (assess.) debentures. Due in 20 ann. installments of prin. and int. Int. from Jan. 1 1913.
LIBERTY, Sask.-DEBENTURE OFFER/NO.-This village has been
authorized to borrow $4,400 for permanent-impts, reports state. A. J.
Smith is Secretary-Treasurer.
MANITOBA.-NEW LOAN.-A cable from London dated April 3
states that the Union Bank of Canada has placed in that city £400,000
434% Government of Manitoba registered stock at 102. The issue, it
is said, was quickly over-subscribed.
MEDICINE HAT, Alta.-DEBENTURES AUTHORIZED.-According to newspaper reports, the City Council has passed on third reading a
by-law providing for the issuance of $56,000 street-grading debentures.
MEIGHEN SCHOOL DISTRICT NO. 1906 (P. 0. Viking), Alta.
DEBENTURES NOT SOLD.-No award has been made of an issue of
$12,000 6% debentures recently authorized.
NATIONAL PARK PUBLIC SCHOOL DISTRICT NO. 102 (P. 0.
Banff), Alta.-BOND OFFERING.-This district is offering for sale
$30,000 6% school-construction and equipment debentures. Denom.
$1,000. Date April 1 1913. Due in 20 annual installments of prin. and
int. on Sept. 30 from 1914 to 1933, incl., at the Imperial Bank, Banff.
These bonds were offered without success on Mar. 25 as 5s (V. 96, P. 436)•
OAKDALE (Rural Municipality), No. 320, Sask.-DEBENTURE
OFFERING.-This municipality will offer for sale, reports state, $3,500
permanent-impt. debentures. H. E. Close is Secy.-Treas. (P. 0. Ednaburg).
PINCHER CREEK, Alta.-DEBENTURES NOT SOLD.-No sale was
made on Mar. 24 of the two issues of debe tures, aggregating $45,000,
offered on that day (V. 96, p. 744).
PRAIRIEDALE SCHOOL DISTRICT NO. 2567 (P. 0. Dewar Lake),
Sask.-DEBENTURE SALE.-An issue of $200 8% debentures has been
awarded to the Western School Supply Co. of Regina at par.
PRINCE ALBERT, Sask.-DEBENTURE ELECTION PROPOSED.
Twelve by-laws, a gregating $708,640, will be submitted to a vote shortly,
reports state.
REGINA, Sask.-DEBENTURE ELECTION PROPOSED.-According
to reports, by-laws will be submitted to a vote shortly to raise $35,000 firehall-constr. and $50,000 water-works, sewer and electric-light-completion
debentures.
DEBENTURE SALE.-Wood, Gundy & Co.of Toronto have purchased,
it is reported, $300,000 5% local-impt. debentures.
ST. CATHERINES, Ont.-DEBENTURES DEFEATED.-The question of issuing the $250,000 bridge-constr. debentures (V. 96, p. 818) was
defeated, reports state, at the election held March 28.

NEW LOANS.

ST. HYACINTHE,1Que.-BIDS REJECTED.-Reports state that the
three bids received on Mar. 13 for the $100,000_5%_40-year coupon refunding debentures (V. 96, p. 969) were rejected.
ST. PETERS (Rural Municipality), No. 369, Sask.-DEBENTURE
OFFERING.-This munielpalityi has been granted authority, reports
state, to borrow $15,000 for permanent-impts. M. T. Reynolds, is Secy.Treas. (P. 0. Annahelm)...„
SALMON 7ARM,OB.sc.-DEBENTURES DEFEATED.-The proposition to issuel$10,000 debentures for current:expenditures was defeated,_it
is stated, at alrecentolection.
r
SARNIA (Rural Municipality), No. 221, Sask.-DEBENTURE
OFFERING.-The Council Board has been authoriied to borrow $5,000 for
impts, it is stated. 0.113..White is Secy.-Treas.(P.0. Holdfast.)
SAS ATOON,'Sask.-DEBENTURE ELECTION PROPOSED.-Wis
reported that an election will be held in the near future to vote on theproposition to issue $300,000 hospital debentures.
SPY HILL (Rural Municipality) No. 152, (P. 0. Spy Hill), Sask.DEBENTURE OFFERING.-Proposals will be received until April 10 by
J. H. Watson, Secy.-Treas., for $10,000 534% debentures. Due in 20 ann,
installments of principal and interest.
SWIFT CURRENT, Sask.-DEBENTURES VOTED.-AccordIng to.
newspaper reports the questions of issuing $40,000 property-purchase and
$10,000 fire-hall-site-purchase debentures were favorably voted upon_at a
recent election
THOROLD, Ont.-DEBENTURE OFFERING.-Proposals will be.
received until Apr. 18 by D. J. C. Munro, Treas. for the following 5%
debentures offered without success on Feb. 28 (V.'96 p. 969):
' 1913.;; Int.
) ann.
!
s. debentures. Date Jan. 15
lidated
so2
D neoyr
$15,000 00 cou
4i Id
'0
Dec. 15 1912. Int.' ann [Due
TRAN
9,527 37 local irnpt. debentures. DateSC.
;
rs
0NyA
10
Man.-DEBENTURE SALE.-Reports state tharan
issue of $17,0006% debentures has been awarded to the city of Winnipeg.
WADENA, Sask.-DEBENTURES NOT SOLD.-No sale has yet been,
made of the two issues of 6% debentures aggregating $30,000, offered on
Feb. 20 (V. 96, p. 436).
WELLAND, Ont.-DEBENTURE SALE.-On Mar. 31 the three issues
of 5% coupon debentures, aggregating $149,598 63 (V. 96, P. 818) were
awarded to Spitzer, Rorick & Co. of Toledo, Ohio.
WESTON, Ont.-DEBENTURE OFFERING.-Proposals will be received until 12 m. April 12 by J. H.Taylor, Clerk, for the following debentures:
% coup. sewerage debentures. Due in 30 ann. Installments.
$40,000
10,000 5% water-works debentures. Due in 10 ann.installments.
WOODSTOCK, Ont.-DEBENTURE OFFERING.-Proposals will bereceived until 12 m., Apr. 16 by John Morrison, City Clerk,for the following debentures:
collegiate purpose debentures. Dnr Dec. 31 1942.
$30,000.00 6
school and college debentures. Due June 30 1942.
7,800.00 5%
7,000.00 434% consolidating debentures. Due Nov. 30 1942.
waterworks debentures. Due Dec. 31 1942.
1,629.79 5%
Int. payable annually.
WYMER SCHOOL DISTRICT NO. 1287 (P. 0. Grayson), Sask.DEBENTURE SALE.-The Flood Land Co., of Regina has been awarded
% 10-yr. bldg. debentures.
at 97.50 $1,000

NEW LOANS.

NEW LOANS
.••••••••••/...0.

$350,000

$300,000
CITY OF NASHVILLE,TENN.

$45,000
WILMINGTON, DELAWARE,

Port of Seattle, Washington,

SINKING FUND LOAN

GOLD 4M% BONDS

4%% BONDS

The undersigned will receive sealed bids until
2 P. M. APRIL 17, 1913, at its office, 843 Central Building, Seattle, Washington, for the purchase of $350,000 of general bonds of the Port of
Seattle District proceeds to be used for harbor
development, viz.:
$200,000
Smith's Cove Improvement
East Waterway Improvement
150,000

Sealed bids will be received by the undersigned
until 3 o'clock P. M., APRIL 28, 1913, for all or
any of $200,000 Reservoir Emergency Repair
Bonds and $100,000 Electric Light Extension
Bonds of the City of Nashville, Tennessee. Bonds
dated March 1, 1913, due March 1, 1933, without
option, interest 434%, payable March 1 and
September 1 in Nashville or New York, at
holder's cption. Approving opinion of Caldwell,
Masslich & Reed, New York, will be furnished
purchaser without charge. Further information,
including conditions affecting bidding, will be
furnished on application to said attorneys or the
undersigned.
BOARD OF COMMISSIONERS OF NASHVILLE, TENNESSEE.
By WM. L. MURRAY, City Recorder.
Marck27..1913.

Sealed bids will be received for all or any part
thereof of $45,000 Sinking Fund Loan of Wilmington, Delaware, until 12 o'clock noon,
THURSDAY, APRIL 10TH 1913.
These will be Registered Bonds and will date
from April 1st, 1913, and be issued in denominations of $50 or multiples thereof, and bear
interest at the rate of 4 per cent per annum,
payable semi-annually on October 1st and April 1st
each year thereafter, and will mature as follows:
$42,850 on October 1st, A. D. 1935
$2,150 on April 1st, A. D. 1936
These bonds are issued for the purpose of refunding bonds of the Water Department, $30,000
maturing May 1st, 1913, and $15,000 maturing
June 1st, 1913, and issued under authority of an
Act of Legislature, approved March 31st, 1903.
All proposals must be accompanied by a certified check payable to the order of "The Mayor
and Council of Wilmington," for two per centum
of the amount of bonds bid for, same to be forfelted if the bidder fails to accept and pay for
bonds awarded.
The successful bidder or bidders will be required
to settle for the bonds awarded with accrued
interestfrom April 1st, 1913,at or before 12 o'clock
noon on Thursday, April 24th, 1913.
The right is reserved to reject any and all bids.
Address all bids in sealed envelope to William S.
Lednum, City Treasurer, Wilmington, Delaware,
marked "Proposals for Sinking Fund Loan."

Total
$350,000
Full particulars furnished on application.
THE PORT COMMISSION OF THE PORT
OF SEATTLE,
By H. M.CHITTENDEN,President,
C. E. REMSBERG, Secretary.

F. WM. KRAFT
LAWYER,
Specialiizng

Municipal

in Examination of

and Corporation Bonds

1037-9 FIRST NATIONAL BANK SLIM.,

CHICAGO, ILL

FIRST NATIONAL BANK BLDG.
CHICAGO

Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.

29 South La Salle St.,

CHICAGO

HODENPYL, HARDY & CO.
14 Wall St., New York
Railway, Street Ry.,Gas & Elec. Light

SECURITIES



The United States Life
Insurance Co.
IN THE CITY

or

NEW YOR

Issues Guaranteed Contracts.
N, N. B., President.

Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS

1913

1850

BLODGET & CO.
BONDS
60 STATE STREET, BOSTON
30 PINE STREET, NEW YORK

STATE, CITY & RAILROAD BONDS

Finance Committee.
CLARENCE H. KELSEY,Pros. Title Gu.&Tr.Ca.
WILLIAM H. PORTER. Banker.
Trad. Nat Bank.
ED.TOWNSEND.Pres.
life insurance
GoodImen, whether experienced in
with this Comor not, may make direct contracts
and secure
desired,
if
Pliny, for a limited territory.
to first year's commisror themselves, in addition
income for the
an
insuring
interest
sion, a renewal
at its Home
future. Address the Company
York City.
Office, No. 277 Broadway, New

Adrian H. Muller & Son,
AUCTIONEERS

ACCOUNTANTS.

Regular Weekly Sales

PARK, POTTER & CO.

OF

CERTIFIED 1'U13LIC ACCOUNTANTS.

STOCKS and BONDS

New York, Chicago, Cincinnati and
London, England.

EVERY WEDNESDAY

AUDITORS FO re FINANCIAL INSTITUTIONS INDUSTRIAL AND
MINING COMPANIES.
Investigations. Financial Statements,
Periodical Audits and Accounting

Office, No, 55 WILLIAM STREET,
Corner Pine Street.